---------------------- Forwarded by Kay Mann/Corp/Enron on 11/09/2000 09:06
AM ---------------------------

Christi L Nicolay@ECT
11/07/2000 01:19 PM
To: Ozzie Pagan/HOU/ECT@ECT
cc: Heather Kroll/HOU/ECT@ECT, Bob Carter/HOU/ECT@ECT, Barbara N
Gray/HOU/ECT@ECT, Lloyd Will/HOU/ECT@ECT, Mitch Robinson/Corp/Enron@Enron,
Patrick Hanse/HOU/ECT@ECT, Ben Jacoby/HOU/ECT@ECT, Barton Clark/HOU/ECT@ECT,
Kay Mann/Corp/Enron@Enron, Larry Soderquist/HOU/ECT@ECT, Bill
Rust/HOU/ECT@ECT, James D Steffes/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, Sarah Novosel/Corp/Enron@ENRON, Joe
Hartsoe/Corp/Enron@ENRON, Donna Fulton/Corp/Enron@ENRON, Mary
Hain/HOU/ECT@ECT

Subject: Re: VEPCO files Interconnection Proc. at FERC

FYI.  The VEPCO attorney said that currently VEPCO is taking about 60 days
each for the System Impact Study and the Facilities Study.  Because of the
increase in study requests, VEPCO is filing for 90 days for Fac. Studies,
below.

	From:  Christi L Nicolay                           11/06/2000 02:29 PM

To: Ozzie Pagan/HOU/ECT@ECT, Heather Kroll/HOU/ECT@ECT, Bob
Carter/HOU/ECT@ECT, Barbara N Gray/HOU/ECT@ECT, Lloyd Will/HOU/ECT@ECT, Mitch
Robinson/Corp/Enron@Enron, Patrick Hanse/HOU/ECT@ECT, Ben Jacoby/HOU/ECT@ECT,
Barton Clark/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron, Larry
Soderquist/HOU/ECT@ECT, Bill Rust/HOU/ECT@ECT, James D
Steffes/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Sarah
Novosel/Corp/Enron@ENRON, Joe Hartsoe/Corp/Enron@ENRON, Donna
Fulton/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT
cc:

Subject: VEPCO files Interconnection Proc. at FERC

On 10/27/00, VEPCO filed interconnection procedures at FERC (Docket No.
ER01-247)(Protests due 11/17/00).  These largely mirror CP&L's
interconnection procedures that were recently approved by FERC.  Therefore, I
do not think that Enron should protest or intervene.

Customer is required to pay for the cost of a new system impact/facilities
study if the study information/interconnection/upgrade costs change due to a
customer higher in the queue losing its queue spot.
System impact studies should take 60 days or less.  Facilities studies should
take 90 days or less.


All,

I have looked over the U.S. credit GTC and the long descriptions. I see we
have decided to go with quarterly billing, rather than monthly. Will the
payment/collections cycle cause any heartburn for the back office?

I didn't spot any problems with the long descriptions.

A few relatively minor comments on the GTC's - which you may or may not want
to consider:

- Clause 2.(e) (i) (1) - Does this clause preclude us from doing business
with banks or other financial institutions? Could we append: "with regard to
the Transaction"?

- What happens if a Rep or Warranty is broken? Does that constitute
sufficient breach to terminate the contract? I'm thinking specifically about
sleeving, which is perhaps covered by Clause 2(e)(ii)(1)? I still think that
sleeving is one of the most significant commercial risks faced by online
trading of derivatives. If I were working for a third party, I'd immediately
look for ways to set up a sleeving service to sell credit protection to the
Reference Entities where the Reference Entity or its affiliate views its own
risk differently from Enron. If I were the Reference Entity in question, I'd
consider:
 a) Buying a load of protection via sleeving and then declaring bankruptcy -
then do a Phoenix (in the UK at least)
 b) Buy a load of protection via sleeving, then take the Credit Derivatives
to another third party financial institution and using the credit derivatives
as collateral to increase my line of credit - I'm no expert, but I suspect
there might be an interesting leverage effect here, which might actually
cause a significant increase in Enron's risk exposure.
 c) Like (b), only the financial institution could buy the credit derivative
with or without the need for sleeving - we probably need a restriction on
this? (I know financial institutions are not our preferred counterparts up
front, but if I were a financial insitution, I'd quickly find a way around
this limitation - Affiliates or Sleevers.

-  Do you think it would beneficial to strengthen our protection against
sleeving by adding something to Clause 2, like: "It is not entering into a
Transaction for the purpose of concluding a similar transaction with the
party (or any Affiliate of such party) which is the Reference Entity in the
Transaction".

- Should Def'n of "Contract Currency" be "Contractual Currency"?
("Contractual" is also used in the Long Descriptions)

- Def'n of "Credit Product" - after "Entity", should we insert "which is"?

- Are we being a bit too nasty by defining the Determination Agent as
"Enron"? As the reference to Determination Agent in the contract is in a
context similar to that of an arbitrator, it seems a bit cheeky to then
define ourselves as the arbitrator - would this be enforceable if we were in
court?

I'm assuming the other GTC's are very similar to the U.S. one and I have not
read them.

Dave


You won't believe this...Craig became obsessed with the idea of staying at
the Mondrian, so he booked one night there and one at Oceana.  I told him OK,
I guess I'm willing to stay at the Mondrian, on the condition that we can
have a party in our room on Saturday!!  Or at least invite you and Mark up
for champagne!  I think this is hilarious!  Craig is out of control!  He
really is not the pretentious Mondrian type.  I know you will like him.

I am staying over Sunday and leaving Monday for my meeting in San Francisco.
Unsure of Craig's departure plans at this point, but I'll let you know.

Hope you had a great weekend!


Kristin,

Here is some information requested from E&Y for gas.

Number of books				182
Number of people				55
Average number of transactions per day	1,674
Number of active transactions		126,878

Other than the rolls supporting the DPR which Scott Palmer is working on, this should be it for us.

Please let me know otherwise.

Thanks

Kam
x3-5781


I will be traveling quite a bit over the next few weeks.  I am here all
week, so it is good we are having several meetings this week, but I will be
in London all next week.  I will have access to both my E-Mail and Voicemail
from UK.  From Friday 11/17 through Thanksgiving week I will be out of town
but in the U.S. so in addition to E-Mail and voicemail, I will be reachable
by cell phone (713-515-3461).  I also will have my Blackberry so E-Mails
will get to me instantly. Thanks.

Neal S. Manne
(713) 653-7827
nmanne@susmangodfrey.com


OK to both.  Let's use Heather Choate too if is not too hard to coordinate between the three.
Ed

 -----Original Message-----
From: 	Germany, Chris
Sent:	Thursday, June 20, 2002 7:43 AM
To:	McMichael Jr., Ed; Concannon, Ruth
Subject:	RE: Assistant to print contracts

She is going to print all the Appalachian Producer contracts that she can pull up out of live-link from my master list.  I also asked Melissa if she could help and she said she would be glad too.  Let me know if that's ok.

 -----Original Message-----
From: 	McMichael Jr., Ed
Sent:	Wednesday, June 19, 2002 7:35 PM
To:	Germany, Chris; Concannon, Ruth
Subject:	RE: Assistant to print contracts

What specifically is she going to do?  Which contracts?

 -----Original Message-----
From: 	Germany, Chris
Sent:	Wednesday, June 19, 2002 4:53 PM
To:	Concannon, Ruth; McMichael Jr., Ed
Subject:	Assistant to print contracts

Ed, per our discussion, an assistant from Shemin Proctor's Houston office is coming over tomorrow to help print contracts from live-link.

She will be over around 11 AM.  I am going to log into Julie Gomez's computer with my ID.

Let me know if you have any comments / concerns.

Thanks.


Tom can you copy this e-mail and forward to Toorey Moorer.

Toorey,

Can you please change the book mapping of Cary Metz's EOL ID to GD-Texas?

Thanks


If you have any questions on comments, feel free to contact me.

Will Smith
EnPower IT
713-417-4679 (cell)


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please remind me

Ina Rangel
12/18/2000 10:25 AM
To: Matthew Lenhart/HOU/ECT@ECT, Kenneth Shulklapper/HOU/ECT@ECT, Jay
Reitmeyer/HOU/ECT@ECT, Tori Kuykendall/HOU/ECT@ECT, Paul T
Lucci/NA/Enron@Enron, Barry Tycholiz/NA/Enron@ENRON, Randall L
Gay/HOU/ECT@ECT, Patti Sullivan/HOU/ECT@ECT, Jane M Tholt/HOU/ECT@ECT,
Monique Sanchez/HOU/ECT@ECT, Keith Holst/HOU/ECT@ect, Mike
Grigsby/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT,
Mike Maggi/Corp/Enron@Enron, Larry May/Corp/Enron@Enron, Dutch
Quigley/HOU/ECT@ECT
cc:
Subject: FLU Vaccinations

The nurse from the health center will be here on Tuesday, December 19, 2000
to give flu vaccinations to anyone interested.

   EB3269
   3:00 PM - 4:00 PM
   Tuesday, 12/19/2000
   Cost: - free for Enron employees and $10 for contract employess.


I wasn't sure you had this summary page for UAE.  Thanks
Ben


Following up on my previous e-mail regarding ABX 128, I now expect it to
include the following provisions.

1.  The tax will be on excess gross receipts from electrical energy
distribution.
2. The tax will be imposed on the person making the first sale of
electrical power in or into CA for consumer consumption.
3. The tax will be based upon the amount by which the gross receipts
from the sale exceed the amount that would have
been received if the sale had been made at a specified "base price" (to
be determined by the PUC).
4.  There will be a rebuttable presumption that the base price
represents afair sales price.
5.  There will be a withholding mechnism of this excess tax from the
purchasers, other than purchasers who are residential
consumers or small business users.
6.  It will require sellers to file annual tax returns to report the tax
on excess gross receipts and pay any remaining taxes
due.
7.  It will allow sellers to file a claim for refund in an attempt to
rebut the presumption that the base price was a fair sales
price.
8.  Provide certain nexus standards to California to provide the basis
to impose tax liability.
9. Include a 5-year sunset date.


sorry i plan on squandering all that money and more all to get a few prints that favor my positions.  damn it sucks going on vacations!

-----Original Message-----
From: Denver Plachy [mailto:dplachy@hotmail.com]
Sent: Thursday, October 11, 2001 2:27 PM
To: Williams, Jason (Trading)
Cc: Cuilla, Martin
Subject: Is this J Willy?

Jason,
Hey man just wanting to see what's going on. From what I've heard you've
been doing an okay job with my P&L. Only been able to check the market a
couple of times-it doesn't look like too much has happened. How's the Mid
Continent? Can't wait to get back-I hope you didn't take my job back. I'm
here at the London School of Economics and their sytems won't aallow me to
get on enrononline. Well, have a fun trip down to Beaurevage(sp?) see you I
guess on Tues.(I'll be there Mon) Tell Martin not to lose all of that P&L
you made me seeing how he is trading on triple coupon day.

Later,
Denver

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


The report named: NG - Price P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=10&report_name=NG+-+Price+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y&current_efct_date=10/24/2001>, published as of 10/24/2001 is now available for viewing on the website.


I agree that the current Word document approval form will not be very
practical once we scale up. Going forward, we could be looking at some kind
of database solution as implemented for EnronOnline.

TV

Bryan Seyfried
20/05/2000 13:09
To: Tomas Valnek/LON/ECT@ECT
cc: William S Bradford/HOU/ECT@ECT, Denis O'Connell/LON/ECT@ECT, Paul
Simons/LON/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT,
Rod Nelson/HOU/ECT@ECT, Edmund Cooper/LON/ECT@ECT, Tana Jones/HOU/ECT@ECT,
ECT London Credit Trading

Subject: Re: Credit Trading - Approval Form

Although this makes a lot of sense, how are going to implement it?  We plan
to scale massively and I cannot imagine that this will be efficient enough to
facilitate the time frames and number of reference credits that we are
anticipating.  I think that we need to have a general policy that we can look
to instead of approving them on a one off basis.

Let's discuss

Tomas Valnek
19/05/2000 11:42
To: ECT London Credit Trading, Denis O'Connell/LON/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Paul Simons/LON/ECT@ECT, Edmund
Cooper/LON/ECT@ECT, William S Bradford/HOU/ECT@ECT, Debbie R
Brackett/HOU/ECT@ECT, Rod Nelson/HOU/ECT@ECT
cc:

Subject: Credit Trading - Approval Form

Attached is an Approval Form that will have to be completed to request if we
want to trade with a new counterparty or on a new reference credit. I have
incorporated comments from Origination, Credit and Legal. But should you have
any further comments please let me know ASAP, as I plan to introduce this
form by the middle of next week. (Note that there will be two forms, one for
bankruptcy swaps and one for other credit derivatives.)

Regards

Tomas


Clem:
North Carolina Power Holdings, LLC is a wholly owned sub of ENA and owns some
power plants in NC.  On March 26, 2001, NCPH sold a daily call option for May
through Dec 2001 to Carolina Power & Light Co. in March, and promised to
deliver an Enron Corp. guarantee.  But it hasn't been delivered yet, and the
counterparty has asked about its status.  The guarantee is attached --
standard form, describing the transaction.  Would you please date it and have
it executed early week of May 7 and have it delivered to Genia Fitzgerald for
delivery to the counterparty (Genia, the file is on your chair -- Paul Radous
has been in touch w/ CP&L on this recently).  If you have any questions,
please call Steve Van Hooser ( EB3877, ext. 37238).  Thanks so much -- hope
to be in touch soon.

Regards,
Janice

EB3861
Assistant General Counsel, Enron North America Corp.
713-853-1794 (Fax:  713-646-4842)


No problem here.  That price is making DWR's contracts look worse and worse every day.  Poor California.  Jeff, if you have questions or want to discuss further, don't hesitate to call me or Sue, though Paul can likely answer most questions.

Best,
Jeff

 -----Original Message-----
From: 	Kaufman, Paul
Sent:	Friday, September 28, 2001 10:34 AM
To:	Shields, Jeff
Cc:	Dasovich, Jeff; Mara, Susan
Subject:	RE: Notional NP15 5-year Price

I don't see an issue with this.  I've cc'd Jeff Dasovich and Sue Mara to check in with them (while I can see California's pulse on the monitor, they actually have their hand on California's throat)!!!

 -----Original Message-----
From: 	Shields, Jeff
Sent:	Thursday, September 27, 2001 1:44 PM
To:	Kaufman, Paul
Cc:	Calger, Christopher F.
Subject:	FW: Notional NP15 5-year Price

Mike & Paul,

I have been asked by a consultant to the San Francisco Local Agency Formation Commission to provide a notional number for a 400 MW power supply at NP-15 starting 01-01-02 for 5 years. I had Jeffrey Oh price this but I do not want to send a term sheet until I am sure your OK with this. The situation is that LAFCO has initiated a "30,000 ft. level feasibility study of a measure that is on the ballot to form a new muni in San Francisco and Brisbane.

Jeff

 -----Original Message-----
From: 	Oh, Jeffrey
Sent:	Thursday, September 27, 2001 1:29 PM
To:	Shields, Jeff
Subject:	Notional NP15 5-year Price

The price for 7x24 power for NP15 for Jan-02 through Dec-06, 400 MW, is $35.85.

Jeffrey Oh
Enron North America		503.464.7789
121 SW Salmon Street		503.708.1760 (cell)
3WTC 0306			503.464.3740 (fax)
Portland, OR 97204			Jeffrey.Oh@Enron.com


i do remember that.  i don't know.  probably not until next year.  fred doesn't want me to go until then.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 19, 2001 9:13 AM
To:	Nelson, Michelle
Subject:	RE:

so when are you going to ny

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 19, 2001 9:13 AM
To:	Maggi, Mike
Subject:	RE:

hmmm.  i thought that i was very nice.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 19, 2001 9:11 AM
To:	Nelson, Michelle
Subject:	RE:

you werent exactly innocent

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 19, 2001 9:09 AM
To:	Maggi, Mike
Subject:	RE:

i think that i am funny and you know what i'm talking about.  that's why you asked if kori was here.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 19, 2001 9:07 AM
To:	Nelson, Michelle
Subject:	RE:

i dont know what the heck you are talking about, and thank you for calling it babbling

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 19, 2001 9:03 AM
To:	Maggi, Mike
Subject:

i was just playing.  so do you remember what you babbled to me on friday?


Want a NEW high speed computer?

866 MHz Pentium III Processor FAST enough?

Want High Speed internet?
Broadband,
Cable Modem,
DSL,
Satellite.

Then Get READY...
All Eligible U.S. Employees get innovative at HOME beginning March, 2001.

Go to http://clickathome.enron.com to LEARN more about the offerings.

Non-U.S. Eligible Employees get innovative at home beginning late 2001 and
2002.


---------------------- Forwarded by Robin Rodrigue/HOU/ECT on 12/11/2000
08:43 AM ---------------------------
From: Sally Chen on 10/24/2000 12:24 PM
To: Robin Rodrigue/HOU/ECT@ECT
cc: Vern Vallejo/HOU/ECT@ECT
Subject: Re: Executive Reports Add-In

From: Vern Vallejo@ECT on 10/24/2000 12:17 PM
To: Sally Chen/NA/Enron@Enron
cc:

Subject: Re: Executive Reports Add-In

---------------------- Forwarded by Vern Vallejo/HOU/ECT on 10/24/2000 12:09
PM ---------------------------

Robin Rodrigue
10/23/2000 11:42 AM
To: Vern Vallejo/HOU/ECT@ECT
cc:
Subject: Re: Executive Reports Add-In

Vern,

I am now responsible for publishing the EES Gas Position Report.   It seems
that the websave version that I received in the attached email is not updated
to publish the EES report.  Could you please send me an updated version or
let me know what I need to do so that I can publish this report?

Thank you,
Robin
x57478

Gabriel Monroy
10/20/2000 07:56 AM
To: Robin Rodrigue/HOU/ECT@ECT
cc:
Subject: Executive Reports Add-In

---------------------- Forwarded by Gabriel Monroy/HOU/ECT on 10/20/2000
07:54 AM ---------------------------
From: Vern Vallejo on 07/12/2000 06:04 PM
To: John Jacobsen/HOU/ECT@ECT, Robert Richard/Corp/Enron@ENRON, Mason
Hamlin/HOU/ECT@ECT, Eric Groves/HOU/ECT@ECT, Mark Confer/HOU/ECT@ECT, Frank
Prejean/HOU/ECT@ECT, Gabriel Monroy/HOU/ECT@ECT
cc: Sally Chen/NA/Enron@Enron, Kristin Walsh/HOU/ECT@ECT, Christa
Winfrey/HOU/ECT@ECT
Subject: Executive Reports Add-In

Attached is the latest version of the Add-In for publishing Executive
Reports.  It contains the "Pulp & Paper P&L", "Pulp & Paper Position", "Pulp
& Paper Price", "Emissions Summary", and "Natural Gas Net Fixed Price
Positions By Book (Ignores Correlation)" subroutines.

John Lavorato is expecting to see these publish reports in the updated viewer
tomorrow morning!

To use this latest version of the Add-In:

Close all instances of Excel.
Detach the attached websave2.xla file into the Microsoft Office's Library
directory.  Usually this is C:\Program Files\Microsoft Office\Office\Library
Launch Excel.
Under the Tools menu selection, select Add-Ins...
In the "Add-Ins available" list, look for "Websave."  If present, uncheck
it.  This is the old version of the add-in.
There should be a "Websave2" in the list.  This is the current version of the
add-in.  Check it and click the OK button.

I've also attached a workbook containing a buttons for the new reports that
you can copy and paste into your production workbooks.

Here are the named range values and the sheet names for the reports:

Named Range	Sheet Name
nr_NGFixPB  	Natural Gas Net Fixed
nr_EmSum  	Emissions Summary
nr_PPPL  	Pulp & Paper P&L
nr_PPPos  	Pulp & Paper Position
nr_PPPrice  	Pulp & Paper Price


Thanks for all your help with Sempra.  Hard work, but certainly worth it.  On
another note, Mike and I have discussed this $2 million issue with American
Coal, and the interest rate hedge in the MPR.  Bottom line, we are not taking
this hit.  It seems it was a problem with Treasury, so send it to them.

Thanks.

Jeff


thanks

 -----Original Message-----
From: 	Saunders, James
Sent:	Monday, November 26, 2001 12:14 PM
To:	Geaccone, Tracy
Subject:	FW: Updated: Update on financings

kevin, left me a note saying he was unavailable today, so i rescheduled to wed (better fits your original plan)

 -----Original Appointment-----
From: 	Geaccone, Tracy
Sent:	Monday, November 26, 2001 12:11 PM
To:	Saunders, James
Subject:	Accepted: Updated: Update on financings
When:	Wednesday, November 28, 2001 3:00 PM-5:00 PM (GMT-06:00) Central Time (US & Canada).
Where:	eb21c2


Michelle:  I would like to recommend that when the H.R. Representative has an exit interview with a foreign national employee who is being laid off from Enron, that Enron offer them a consultation with Tindall & Foster.  This would enable the individual to talk to the attorneys about their individual immigration status and concerns, after they leave Enron's employment.  I believe it would also show that we are concerned about them.

The approximate cost of this is $150 per hour.

Do you see any problems with this?
Please advise
Margaret


Get ready.  Beginning in November, electronic pay stubs will be available to all employees who have their paychecks direct deposited into their bank account.  Electronic pay stubs are an easy, fast, and efficient way for you to get your payroll information.  They will also help Enron to realize a considerable savings in time and dollars spent over traditional printed pay stubs.

If you prefer to receive a hardcopy of your pay stub, click on the link below to complete a request form.  This form must be submitted to Payroll by October 15, 2001.  Unless you submit a form your pay stub information will default to electronic viewing.

Please click on the link below.

Name:             SHELLEY CORMAN
Personnel number: P00500553
Phone:            7138537083

If you have questions about electronic pay stubs, please contact Janice Priddy (Payroll) 713-853-7839 or Marie Newhouse (ClickAtHome) at 713-345-4185 or send an email to  Enron.Payroll@enron.com (Enron Payroll in Outlook).

Stay tuned for more details in the coming weeks.

http://etcsurvey.corp.enron.com/wi/p0810709/i.asp?r=19958&s=JJWVDHUB&l=9


Stan,
This my understanding of the proposal
In lieu of cash bonus for 1999:
Number of options on EOTT sub units:  Dana Gibbs 80,000  Mike Burke  100,000
Option on sub units @ $5.57/unit
50% awarded when EOTT meets distribution on common units on four consecutive
quarters
The balance awarded when EOTT meets and pays distribution on all units for
four consecutive quarters
(Theoretically this could all happen over the next four quarters)
When options on sub units are earned Gibbs and Burke will receive their share
of distributions that are paid for sub units ( to align Burke and Gibbs
interests with Enron)
Cost of this program will be paid by Enron.

Stan, I hope this captures the essence of the proposal.  Thanks for investing
time in this.


Western Coal Council -- Linda Bernson <lindaeb@westcoal.org> on 04/11/2000
04:37:11 PM
To: undisclosed-recipients:;
cc:
Subject: Western Coal Council - April Update

If you do not wish to receive this update in the future, simply reply to this
message by typing REMOVE in the subject area, and we will remove your email
address from future transmissions.
Thank You!

Dear Members,

Attached is the April WCC Member Update.? We hope you enjoy this "members
only"
benefit. You'll need Adobe Acrobat Reader to view this file.? This program is
available at no charge at Acrobat Reader.

Please let us know if you have suggestions or comments to improve upcoming
issues.

Cheers,

Janet Gellici
Executive Director
Western Coal Council
info@westcoal.org
 - apr2000.pdf


Rick:

As you know, Clinton should sign, over the next couple of days, legislation
on electronic signatures.  There is a big need to standardize the approach
with respect to e-signatures on trading contracts and maybe confirmations.  I
think this is an area that ISDA could provide leadership and possibly make
money through a protocol.  Let me know what you think.

Mark


Enron,s United Way 2000 Campaign is quickly drawing to a close.  If you have
already made your pledge, thank you for your gift.

Each year the campaign has two goals: to reach a financial goal as well as
reach 100% participation.  While we are happy to report we have exceeded our
financial goal, only 67% of Enron employees have participated in this year,s
campaign to date.  We are striving for 100% participation.  Imagine what we
could do if everyone participated at some level.  To make sure that everyone
has the opportunity to be a part of the campaign, we have extended it through
this Friday, August 25.

Please log on to http://unitedway.enron.com or go directly to Internet
Explorer or Netscape and type in unitedway.enron.com in the address field.
By doing this, you are helping to change lives right here in Houston.

If you have any technical questions, please contact the Enron Helpdesk at
x31411, and for general campaign questions please email Kathy Mayfield at
kathy.mayfield@enron.com.

Thank you, once again, for your generosity.


Jeff, lets try to get consensus in how the east desk might work and then
discuss next steps at that point.

thanks

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 06/20/2000
09:40 AM ---------------------------

	From:  Jeffrey A Shankman                           06/20/2000 08:36 AM

To: David W Delainey/HOU/ECT@ECT
cc:
Subject:

Dave,

I know you want to have a meeting about the east desk as a follow up to last
weeks meeting.  Do you think it would be helpful for me to have this
replicated for all desks for one meeting?  Or do you want just 1
presentation, and I will manage the rest of the rollout to the other desks?

Thanks.  Jeff


The request has been completed with all resources requested either completed
or rejected. You can view the details of the  request by clicking
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000034072&Page=
MyReq.


FYI:
This is to inform you that the proposed decision in the rate design phase in
the above proceeding will be issued tomorrow morning.  Comments on the
proposed decision may be electronically served by 6:00 p.m. on Thursday, May
10, and formally filed on Friday, May 11, 2001.  Final Oral Argument remains
scheduled for 9:00 a.m., Friday, May 11.

ALJ Christine Walwyn


---------------------- Forwarded by Susan M Scott/HOU/ECT on 10/02/2000 09:31
AM ---------------------------

	From:  William Kelly                           09/29/2000 10:15 AM

To: Susan M Scott/HOU/ECT@ECT
cc:
Subject: Fwd: Separated at Birth

 - McTwins.doc


This is to confirm the meeting setup for November 22nd at 9:00am w/Mechelle
Atwood and Shawn Kilchrist regarding Risk Assessment for 2001.  Location is
EB1962.  If you have any questions, please call me at x58174.

Thanks


I think it looks fine; will defer to Jeff's edits.

	Jeannie Mandelker@ECT
	09/21/2000 05:05 PM

		 To: Steven J Kean/NA/Enron@Enron, Jeff Dasovich/SFO/EES@EES, Yvette
Parker/Corp/Enron@ENRON
		 cc:
		 Subject: Mark Frevert's column for ENA's Exchange Magazine

Steve, this is the column I mentioned to you Monday. We do a column under
Mark's name for ENA's customer magazine, Exchange. This month's topic is
California. I'd like you to read it and see if we are getting the message
right. Jeff, please let me know if there are errors.

Once we get your comments, we'll show it to Mark.

Thanks,
Jeannie


CRENSHAW,SHIRLEY J   has suggested reviewers and submitted them for your
approval.  Your may review/modify this list of reviewers by logging on to PEP
at http://pep.corp.enron.com  and going to Supervisor Services.Please
remember, no feedback can be completed on CRENSHAW,SHIRLEY J   until you have
approved the list.


Hello Everyone,

Please provide me with your logon ID's and your password sometime today.

Thanks,

Alex V.


There will be a Staff Meeting for all Senior Administrative Assistants on
Wednesday, September 6,  in EB47C2 from 12:00 to 1:00 p.m.  Let me know if
you have any items to be placed on the Agenda.  Please plan to attend.  Lunch
will be served.

Janette Elbertson
Enron North America Corp.
Legal Department - EB3326
Telephone:  (713) 853-7906
Fax:  (713) 646-2600
janette.elbertson@enron.com


-----Original Message-----
From: 	Taylor, Liz
Sent:	Monday, November 19, 2001 4:35 PM
To:	McMahon, Jeffrey; Bowen Jr., Raymond; Sherriff, John; Fallon, Jim; Mcconnell, Mike; Lavorato, John; Delainey, David W.; Dietrich, Janet; Horton, Stanley
Cc:	Ford, Sue; Schiller, Marsha; Ferrari, Kerry; Phillips, Cathy; Brooks, Loretta; Marshall, Lucy; Stark, Cindy; Chapman, Kay
Subject:	 Stategic Planning Meeting -  Wedesday, 11/21 @ 11:00 a.m. in ECN 49C2
Importance:	High

The next Strategic Planning Meeting is scheduled for Wednesday, November 21 @ 11:00 a.m. in ECN 49C2.  London will participate via video conference.  Dial-in numbers have been arranged for those unable to attend the meeting.

			Domestic#	800.745.1000
			Int'l#		801.977.0648
			Access code#	8531935

Many Thanks,

Liz Taylor
Exec. Assistant to Greg Whalley
Office of the Chairman
Enron Corporation
Tel.   713.853.1935
Fax   713.853.1838


Thanks again for a truly fun New Year's.  I had a great time, and it was fun
spending it with you two.  When I think of all that talent, together in one
house---astounding!  Really fun.  Thanks.


-----Original Message-----
From: April Page [mailto:apage@oilstates.com]
Sent: Thursday, January 24, 2002 11:43 AM
To: Bill Garrett (E-mail); Enetric Williams (E-mail); Erica Mathis
(E-mail); Jody Autrey (E-mail); John Schwebel (E-mail); Lynn Laiche
(E-mail); Magdalena Weyrich (E-mail); Nolen Glaze Jr. (E-mail); Robert
Pearson (E-mail); Rudy Leal (E-mail); Tammie Stuckey (E-mail);
SAD1249@AOL.COM
Subject: FW: The Barber

-----Original Message-----
From:	Jennifer Tharp [mailto:prozacdiva@hotmail.com]
Sent:	Thursday, January 24, 2002 10:04 AM
To:	apage@oilstates.com; mistressbastet@hotmail.com; stout77@hotmail.com;
jcarras2@aol.com; rutledgejc@hotmail.com; csj3_99@yahoo.com;
fisherh@exp.net; ffflying@yahoo.com; hrcsite@cs.com; itzjusmehere@yahoo.com;
jdolanie@hotmail.com; jmorghana@hotmail.com; wbpb@msn.com;
damselnymph@hotmail.com; weaverwhatever@aol.com; tmlucas8@hotmail.com;
Treelo814@aol.com; tcorder@texas.net
Subject:	Fwd: The Barber

>From:	Sue Reno <Sue.Reeves-Reno@UBC.org>
>To:	"Agnes/Jim Glynn (E-mail)" <ACEJVG@aol.com>, "Debbie Reno-Wells
>(E-mail)" <renwells@flash.net>, "Gene Branch (E-mail)"
><grbranch@hal-pc.org>, "Janice Coursey (E-mail)"
><janice.coursey@verizon.net>, "Jennifer Tharp (E-mail)"
><prozacdiva@hotmail.com>, "Karen Turlington (E-mail)" <Kare4TX@aol.com>,
>"Kathy Pennington (E-mail)" <kmpennington@msn.com>, "Regina Ellis (E-mail)"
><GinaEL@SWBell.net>, "Rita Dean (E-mail)"  <jigsymom@hotmail.com  >,
>"Robert Creech (E-mail)" <rrcreech@swbell.net>, "Victoria/Dennis Johnson
>(E-mail)" <nutrhoney@hotmail.com>
>Subject:	The Barber
>Date:	Thu, 24 Jan 2002 07:36:05 -0600
>
>A guy sticks his head into a barber shop and asks, "How long  before I can
>get a haircut?" The barber looks around the shop  and says, "About 2
>hours."
>The guy leaves.
>
>A few days later the same guy sticks his head in the door and  asks, "How
>long before I can get a haircut?" The barber looks  around at shop full of
>customers and says, "About 3 hours." The  guy leaves.
>
>A week later the same guy sticks his head in the shop and asks,  "How long
>before I can get a haircut?" The barber looks around  the shop and says,
>"About an hour and half." The guy leaves.
>
>The barber looks over at a friend in the shop and says, "Hey,  Bill, follow
>that guy and see where he goes. He keeps asking  how long he has to wait
>for
>a haircut, but then doesn't come  back."
>
>A little while later, Bill comes back into the shop, laughing
>hysterically.
>The barber asks, "Bill, where did he go when he  left here?"
>
>.. Bill looks up, tears in his eyes and says, "Your house!"
>
>
>
>Sue Reno
>Childhood Education Assistant
>University Baptist Church
>281-488-8517 ext. 225
>sue.reno@ubc.org
>sue730@yahoo.com
>
>"Why is the alphabet in that order? Is it because of that song?" (George
>Carlin quote)
>
>
>
>
>
>

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src=http://content.communities.msn.com/isapi/fetch.dll?action=MyPhotos_GetPu
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mYe1>

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I have incorporated the following adjustments:

In the web description, David Forster is adamate that we use 'Fin Curr Swap'
in leiu of 'Curr Par Fwd'. In the event that we offer this product externally
we need to be poised to demonstrate that we offering the same Product both
internally and externally. We understand that this could be viewed as a
series of Forwards, but it is, in fact, a swap, as we are paying Fixed
Amounts vs Floating Amounts in a like currency.

In the web description 'CAD/USD' has become 'CAD/$-m' to designate USD per
month.

I have included a blurb on how we derive at the Notional Quantity per
Determination Period.

I have removed the 'CAD' from 'CAD Fixed Amounts' and 'CAD Floating Amounts;
because we state what the Contractual Currency is, it's redundant, and
removing it allows us to open up to other currencies.

I've indicated that the unit of volume is in 1,000,000 USD.

Comments, please; but I think we are there, and will commence building this
in Production today.

Dale


Dutch,

Attached is my volume schedule for the Calpine deal I told you about on the phone - I'm just looking for a notional offer.  Thanks!


Last week I left taped to your chair the referenced form of confirm that Bob
Bowen needed you to sign off on.  He says he never hear back.  Can you call
him and give him the sign off.  Thanks!


Just checking on the status of your review of the DynegyDirect Products (and
in the case of Marcus, the on-line GTCs)?  As soon as I receive clearance
from each of you, I can authorize the master user to set up execute passwords
for the traders in the respective groups.

Leslie


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I sent this information on to Bruce Golden so hopefully we can get something
back by tomorrow.  Thanks
Ben


Mike:

The presentation is a great idea!  Per our conversations tonight, let's keep
the EBS slides to 4-5 pages maximum; I have spoken to Chris Charbonneau and
he will have an even briefer discussion on EIN's pulp & paper initiative.
The purpose of the call is to introduce you to Kinko's decision makers who
can understand a brief overview of your questions then provide the phone
numbers of the appropriate Kinko's contact who could work with you on your
value proposition definition.  Subsequent to the call, you would then follow
up with meetings as you deemed appropriate.  This is not a call for
details!

Since you'll need additional time and we don't want to waste the time of the
other Enron participants (Chris Charbonneau and Ed Quinn), they will present
first then leave you with the balance of the time.  You noted that you'd be
forwarding your overview to me later this evening.  Thanks.  I'll  look
forward to receiving it.  Tomorrow, I'll add EIN's(Enron Industrial Markets)
piece then cc:mail you on what I send to James Thompson.

Thanks again for the excellent suggestion.

Sarah-Joy Hunter
Enron Corporation
Global Strategic Sourcing
Business Development
#(713)-345-6541

---------------------- Forwarded by Sarah-Joy Hunter/NA/Enron on 12/12/2000
07:41 PM ---------------------------

Mike Rabon@ENRON COMMUNICATIONS
12/12/2000 06:10 PM
To: Sarah-Joy Hunter/NA/Enron@ENRON
cc: Dorothy Woster/Enron Communications@Enron Communications

Subject: Re: Conference Call with Kinko's confirmed for 11 AM CST regarding
Kinko's/Enron Value Proposition

Sarah-Joy,
Dorothy and I have assembled a short PPT that is currently in Matt's hands
for review. Once finalized we will forward it to Chris Chabonneau who will
add Pulp and Paper slides. Total length to be around 12 - 15 slides. I spoke
to James Thompson who recommended this approach. We will have the
presentation to James by noon Wednesday. He will ensure that the Kinko's
participants have the presentation before the call.

Comments/concerns?

Michael Rabon
Director, Western Region Origination
Enron Broadband Services
mike_rabon@enron.net
303-256-8009 v
303-810-2376 c

	Sarah-Joy Hunter@ENRON
	12/12/00 09:00 AM

		 To: Matt Harris/Enron Communications@Enron Communications
		 cc: Jennifer Medcalf/NA/Enron@Enron, Mike Rabon/Enron Communications@Enron
Communications
		 Subject: Conference Call with KINKO's confirmed for 11 AM CST regarding
Kinko's/Enron Value Proposition

FYI:  Per our meeting this morning, I have noted the Kinko's participants on
the conference call scheduled for Thursday, 12/14.  Fred Herczeg is the
broadband contact.

Ross Waddell - Vice President of Purchasing
Fred Herczeg - Senior VP & CIO
James Thompson - Regional Sales Manager
Dan Thies - Regional Technology Specialist
Mike Allen - Corporate Account Manager

Sarah-Joy Hunter


please facilitate this.

Jennifer Burns

11/01/2000 05:47 PM

To: Jeffrey A Shankman/HOU/ECT@ECT
cc: Lorie Belsha/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT
Subject: LNG group move to Enron Building

Can we try and get these LNG guys on 29 when we move Nowlan's group????  I
think there are about 15 of them.

Jennifer
---------------------- Forwarded by Jennifer Burns/HOU/ECT on 11/01/2000
05:45 PM ---------------------------

Eric Gonzales
10/23/2000 06:15 AM
To: Jennifer Burns/HOU/ECT@ECT
cc: Brenda J Johnston/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: LNG group move to Enron Building

Jennifer,

Could you please co-ordinate with Brenda Johnston (Rick's Houston assistant)
to help facilitate the move of the LNG group to the Enron Building.  I
appreciate your help on this issue.  Send me note when you are able to
confirm timing etc.

Thanks
Eric


----- Forwarded by Richard B Sanders/HOU/ECT on 09/17/2000 09:41 AM -----

	Richard B Sanders
	08/05/2000 03:41 PM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: Arbitration Provisions for review

----- Forwarded by Richard B Sanders/HOU/ECT on 08/05/2000 03:40 PM -----

	Richard B Sanders
	06/26/2000 04:09 PM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: Arbitration Provisions for review

----- Forwarded by Richard B Sanders/HOU/ECT on 06/26/2000 04:08 PM -----

	Gil Melman@ENRON COMMUNICATIONS
	04/27/2000 03:01 PM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: Arbitration Provisions for review

Richard--we are so desperate for your expertise in the EBS hinterlands........
----- Forwarded by Gil Melman/Enron Communications on 04/27/00 03:01 PM -----

	Gil Melman
	04/12/00 09:42 AM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc: Kristina Mordaunt/Enron Communications@Enron Communications
		 Subject: Arbitration Provisions for review

You will love me after this request........

Richard, we have several form contracts being developed and used in EBS that
include arbitration provisions.  We thought it might be useful to get your
thoughts on our current forms to make sure we are consistent with up to date
arbitration provisions.  Attached are three of our forms for your review.
Please note that the Professional Services Agreement is a standard consulting
agreement that we typically use with service providers.  Please call me with
any questions or comments.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/13/2000
05:13 PM ---------------------------

Naveen Andrews@ENRON
09/21/2000 09:13 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Equity Extremes

Vince,
             Herewith is a write-up I gave at the Research Meeting yesterday
on the worst-case-loss efforts I have been working on for the Equities
portfolio.  It is based on Wilmott's CrashMetrics and delta-gamma portfolio
optimization.  The goal is to ascertain how much possible loss a portfolio
can have, based on historical data.  Comments are welcome.

Regards
Naveen


Southwest Gas currently views Enron Online but is afraid to transact physical
volumes on it because they are afraid the payment terms on Enron Online are
different than non-EOL trades.  They stated that they reveiwed the EOL
contract and that it does not address payment.  I told them that the payment
terms do not differ but they are asking for something in writing.  Can you
send them something.


Hi Vince,

Well I am speaking at Risk 2001 (which is the combination of Risk 2000 and
the Australian Energy Risk 2000)on the 20th, 21st and 22nd of August in
Sydney Australia. I was hoping to see you again but you are not speaking
this year.

Well I left iEnergy as a Risk Analyst (www.ienergyglobal.com) to Intelligent
Energy Systems as a Market Analyst (www.iesys.com) ~ who have a licence in
Enron Sydney for Prophet (Price Forecaster). After my probabation they
offered me a good salary and permanent position (this was an awesome job)
but I was offered an Associate Lecture in the School of Banking, Finance and
Accounting at Griffith University in Brisbane, Queensland, Australia. Maybe
I am following your starting career in Academia.

I had an interview with Enron Sydney with Raymond Yeow (but did not make the
grade) ~ pricing interruptible options. Well my other friend Quentin Kerr
who sent over his papers with (Professor Burrage and Professor Gray from the
University of Queensland) to you had an interview with your Houston office
(but he did not make the grade) also.By the way how were the papers?

Still I am determined to write more papers in this huge market and maybe I
will catch up with you on the American or European Conference Circuit.

Kind Regards

Glen Dixon
Associate Lecture
School of Banking, Finance and Accounting
Griffith University
Brisbane, Qld, Australia
Email: G.Dixon@mailbox.gu.edu.au

P.S I am doing some course on Dreamweaver so hopefully I will improve my
homepage in the future: Energy Exchange
(www.acmc.uq.edu.au/~gwd/EnergyExchange.html)


Thanks!


plugpower.com


My reccomendations would be either Silver Dollar or Sports Page.


Gentlemen,

I thought I would pull together a brief email outlining where we are on
certain tasks.  Here goes:

Hub Agency Agreement - Gregg recently met with Peoples to discuss some of the
outstanding commercial issues relating to the Hub Agency Agreement.  Roy is
putting together a summary of the outcome of that meeting.  Gregg and I
decided it would be better to not send Peoples the current draft of the
agreement which has been circulated internally, but instead will send a draft
which incorporates the outcome of these discussions.

Memo regarding restricted activities - David has prepared a draft for Enron's
review.  Here's the draft:

Gregg and I need to review it.

Gregg and Peoples have been working on the grandfathered transaction list.
Since both sides are running behind on this,  David prepared a very straight
forward amenment to the LLC agreement, exending the time frame for finishing
the task.  Here it is:

Policies - Gregg "Policy Man" Penman has been working on a credit policy,
cash management policy, risk management policy, and probably a couple of
others I'm forgetting.

Revolving line of credit - Gregg has been working the internal Enron system
to get approval for a $50mm line of credit for MEH.  He has raised the issue
of Peoples needing to provide a guarantee for their half.  Also, it may be
necessary or advisable to document that the line of credit will be paid
before any distributions are made to either member.  This is still under
internal review at Enron.  I will check around to see if Corp (the lender)
has a form of credit facility we should use.

Miscellaneous:
Decide about services agreement
Confidentiality agreements
Transfer pricing documentation
Other agreements (ISDA, GISB, Peaking Agency, Third Party Master)
Board resolution appointing officers/managers
Budget and marketing plan
Other administrative functions (per Gregg's Business Setup Items list)

Hope this is helpful.

Kay


Vince,

Greetings.

I have not been advised by Amy Lamonsoff of a planned Risk dinner next
Thur.  If there will not be such a dinner, would your schedule permit a
dinner next Thur.?

Best,
Ehud

==============================================
     Ehud I. Ronn
     Department of Finance
     McCombs School of Business
     University of Texas at Austin
     Austin, TX. 78712-1179
     Voice:  (512) 471-5853
      FAX:   (512) 471-5073
      Internet:  eronn@mail.utexas.edu
=================================================


I am - thanks for more of it!

-----Original Message-----
From: Mann, Kay
Sent: Monday, December 03, 2001 6:52 PM
To: Harkness, Cynthia
Subject: FW: Termination of IP Transit Agreement

Are you riding herd over this happy stuff?

-----Original Message-----
From: Tyrrell-Knott, Kim [mailto:ktyrrell@akamai.com]
Sent: Monday, December 03, 2001 5:45 PM
To: Sarkissian, Arshak; Racicot, Paul; Lafuze, Molly; Mann, Kay;
'Kay_Mann@enron.net'; 'james_derrick@enron.net'
Cc: Stefansky, Jonathan; Flanigon, Jim; Freedman, Avi
Subject: Termination of IP Transit Agreement

I am forwarding you a copy of Akamai's termination of the IP Transit
Agreement which has also been sent via Facsimile and Federal Express.

Please feel free to contact Jonathan Stefansky or Jim Flanigon if you wish
to discuss this matter further.

 <<Enron letter.doc>>

Thank you,
Kim Tyrrell-Knott


To ensure that we don't miss any of the reporting dates and requirements that
FERC has established, we asked Bracewell & Patterson to prepare a memorandum
laying out the various reporting times and requirements.  Andrea Settanni at
Bracewell has reviewed FERC's December 15 order and prepared the attached
memo.

Alan, it is my understanding that you will be responsible for ensuring that
we meet all of these reporting requirements.  I will call you to make sure
that we're on track for the first report which is due on January 2.

Please call me if you have any questions.

Sarah

----- Forwarded by Sarah Novosel/Corp/Enron on 12/27/2000 02:19 PM -----

	"Andrea Settanni" <asettanni@bracepatt.com>
	12/22/2000 12:32 PM

		 To: <snovose@enron.com>
		 cc: "Jeffrey Watkiss" <dwatkiss@bracepatt.com>, "Ronald Carroll"
<rcarroll@bracepatt.com>
		 Subject: FERC 12/15 Order on California Remedies - Reporting Requirements

Sarah -  Pursuant to your request, attached is a memo summarizing the
reporting requirements.  Let me know if you have any questions.  Thanks.

Andrea M. Settanni
Bracewell & Patterson, L.L.P.
2000 K Street, N.W.
Suite 500
Washington, D.C.  20006-1872
(202) 828-7631 (phone)
(202) 857-2128 (fax)
asettanni@bracepatt.com

 - california.doc


Thanks


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I have confirmed with Shane & Jurgen in London and William Stuart here in
Houston (Traders) that this FX Trade was done with Merrill Lynch
International Bank and NOT Merrill Lynch Capital Services Inc.. I have a call
in to Liz Fernandez with Merrill. I will follow up with Merrill's response.

Hope you are having a fabulous day!

Regards,

Jorge

From: Sara Shackleton@ECT on 10/25/2000 12:02 PM
To: Jorge A Garcia/NA/Enron@Enron
cc:

Subject: Merrill Lynch Investment Bank

Have you ever heard back from Liz Fernandez or Desiree Monroe?


---------------------- Forwarded by Kay Mann/Corp/Enron on 12/08/2000 11:58
AM ---------------------------

	From:  Rebecca Walker                           12/08/2000 11:56 AM

To: Ben Jacoby/HOU/ECT@ECT
cc: Kay Mann/Corp/Enron@Enron

Subject: Coral Energy LLC

Ben

This is the letter that Bob Long from Coral Energy sent me.  I asked him if
Shell would be a guarantor for Coral's debts, but he said that, no, Shell
does not guarantee the debts, but instead provides the liquidity that Coral
Energy needs in order to pay them.

Rebecca
---------------------- Forwarded by Rebecca Walker/NA/Enron on 12/08/2000
11:51 AM ---------------------------

"Long, Bob" <BLong@coral-energy.com> on 12/08/2000 11:44:47 AM
To: "'Rebecca Walker (Enron)'" <rebecca.walker@enron.com>
cc: "Whaley, Don" <DWhaley@coral-energy.com>, "Seigler, Tom"
<tseigler@coral-energy.com>

Subject: Coral Energy LLC

As discussed Coral Energy LLC is 100% (direct/indirect) owned subsidiary of
Shell Oil Company ("Shell").  As in the ordinary course of business Shell
provides liquidity support to its wholly owned subsidiaries.

Given the short term nature of this obligation we would hope that you concur
that there is little risk in accepting this Guaranty from Coral Energy LLC.

Regards,

Robert E. Long
Vice President Corporate Finance & Treasurer
Coral Energy
909 Fannin Street, Suite 700
Houston, TX 77010
Tel. 713.767.5410
Fax 713.265.5410
Cel. 713.545.4179
blong@coral-energy.com


NOAA ANNOUNCES NEW "ENVIRONOMICS" PROGRAM THAT
LINKS WEATHER, CLIMATE TO ECONOMY
Data Show Effect of Climate Conditions on Corn and Soybean Yield
and Residential Energy Needs
October 24, 2001 - NOAA <http://www.noaa.gov/> today unveiled two new indices that evaluate the effect of climate conditions on corn and soybean yield and on residential energy needs. The development of the indices is part of NOAA's "Environomics" program <http://lwf.ncdc.noaa.gov/oa/climate/research/environomics/environomics.html>, an effort to better understand the impact of weather and climate on socioeconomic sectors of the nation. The indices were developed by NOAA's National Climatic Data Center <http://lwf.ncdc.noaa.gov/oa/ncdc.html> in Asheville, N.C., which maintains the world's largest weather database. (Click NOAA image for larger view of standardized temperature index for Sept. 2001.)
Anecdotal statements about the weather are often used to explain variations in economic activity, and these statements are often based on perceptions about the weather that may or may not be valid. Through NOAA's Environomics program, relationships between the nation's climate and vital economic sectors of the nation are clearly defined using climate indices, which enhance the understanding of how year-to-year variations and trends in weather and climate affect associated sectors.
Thomas Karl <http://lwf.ncdc.noaa.gov/oa/about/welcomefromdirector.html>, director of NOAA's National Climatic Data Center, said, "Climate indices developed through the Environomics program provide quantitative information regarding climate's influence while providing historical perspective on how weather and climate conditions affecting our economy and society today compare with conditions of the past."
The period of high energy demand and prices of the late 1970s coincided with extremely cold winters that contributed to higher residential energy usage. The Residential Energy Demand Temperature Index (REDTI), which provides information related to climate sensitive residential energy demand, reflects this increased demand through historically high index values and can be used in part to explain the cause of the historically high energy demand of that time. By providing continuing updates to the index, a clearer understanding of future fluctuations in energy demand will be possible.
The REDTI tracks both unusually hot and unusually cold conditions. It varies from year to year due to variability and trends in temperature, and it responds most strongly to temperature conditions in heavily populated regions. REDTI values range from 0 to 100. Values greater than 90 indicate a much above average temperature-related energy demand and values less than 10 reflect much below average conditions.
The REDTI for the 2001 April-September season was 34, indicative of slightly below average residential energy demand for cooling and heating. Based on the 107 year record, the population-weighted REDTI value of 34 ranks as the 19th lowest value.
The nation's warm season (April-September) 2001 ranked as the fourth warmest such period since 1895, the first year of complete climate records. The preliminary national average temperature was 67.4 F (19.7 C), which was 1.6 F (0.9 C) above the long-term mean. Although the area-weighted national temperature gave the season a rank of fourth warmest on record, the persistence of average to cooler than average temperatures in some of the most heavily populated regions of the U.S. contributed to a REDTI that was below average. Energy usage statistics for 2001 will be available from the Department of Energy's Energy Information Administration in 2002.
While the REDTI provides information on the impacts of temperature on energy demand, the Moisture Stress Index (MSI), was developed to quantify the effect of soil moisture conditions on crop yield. It provides historical perspective on conditions such as moisture stress, that are closely associated with corn and soybean yields and is a source of information for explaining the cause of lower national yields.
The MSI ranges from zero to 100 and specifically measures the proportion of the nation's corn or soybeans affected by severe to catastrophic drought or catastrophic wetness. Values near zero indicate that few productive corn or soybean growing areas were affected by severe drought or catastrophic wetness. This index reflects conditions during July and August and is weighted by the mean (1991-2000) annual crop productivity within 344 climate divisions in the contiguous U.S. Although a number of factors affect the success of a single crop growing season, drought or excessive wetness during critical phases of crop growth have a significant impact on the nation's corn and soybean yield.
Although warmer than average temperatures coincided with drought in some parts of the country during the warm season months of 2001, conditions in the heart of the major corn and soybean crop growing regions were generally normal to wetter than normal. The corn MSI for the 2001 crop growing season was eight, and the soybeans MSI was seven. This means that severe to catastrophic drought or catastrophic wetness affected only 8 percent and 7 percent of the nation's corn and soybeans, respectively. Both index values were below average and reflect favorable soil moisture throughout a large part of the crop growing regions during July and August (the reproductive season).
The MSI for corn exceeded 40 during the drought-plagued growing seasons of 1983 and 1988 and 30 during the catastrophically wet summer of 1993, years in which corn yields were less than 75 percent of the 2000 yield. The 2001 growing season (May-September) followed several years in which national corn and soybean yields were generally high, according to the U.S. Department of Agriculture. The low values of this year's corn and soybean MSI indicate that conditions associated with this index were again favorable for good corn and soybean yields. National crop yields for 2001 will be available from the United States Department of Agriculture following the harvest season.
NOAA is dedicated to enhancing economic security and national safety through the prediction and research of weather and climate-related events and providing environmental stewardship of our nation's coastal and marine resources.


Oh why not.  You probably need to get an overview of the entire deal, as you
may want some outside help.  If we are building a plant and selling power,
there are lots of folks at Enron who weigh in on it.

Kay

From: Carlos Sole on 04/20/2001 09:08 AM
To: kay.mann@enron.com
cc:

Subject: term sheet template

Would I the one to handle a PPA term sheet with a potential offtake party for
a Wisconsin-based peaker facility that someone in Ben's group, Ron Tapscott,
is developing.

Carlos Sole'
Senior Counsel
Enron North America Corp.
1400 Smith Street
Houston, Texas 77002-7361

(713) 345-8191 (phone)
713 646-3393 (fax)
----- Forwarded by Carlos Sole/NA/Enron on 04/20/2001 09:05 AM -----

	Ron Tapscott@ECT
	04/20/2001 08:56 AM

		 To: Doug Sewell/Enron@EnronXGate, Carlos Sole/NA/Enron@Enron
		 cc:
		 Subject: term sheet template

Doug,

see attached term sheet for NMC (Arpin, WI site).  Please provide comments
and changes as appropriate (plus add language for your insurance product in
the place holder).

Carlos,

Doug and I will provide you background.  I am not sure if you are the
appropriate Legal Support (please direct us to the appropriate person if you
are not).

This is a starting point and is fairly general (to facilitate discussions
with NMC).

Thanks, Ron.


Sara: The second FPL entity is "FPL Energy Power Marketing Inc."  It is
the FPL entity that handles all trades for the non-regulated business
units of FPL.    We completed the ISDA agreements between Florida Power
& Light Co. (the regulated utility) and ENA in early January and I then
sent you on January 9th a red-line of the FPL Energy Power Marketing
Inc./ENA drafts vs. the final executed Florida Power & Light Co./ENA
agreements for ease of review, since the agreements were near twins
though you may also recall that we had added a guaranty of FPL Group
Capital Inc  (FPL Energy Power Marketing Inc. debt is unrated, FPL Group
Capital Inc debt is single A).  I appreciate you assistance in helping
to move this along.  Regards, -Serge

Serge G. Martin
smartin@steelhector.com
Steel Hector & Davis LLP
200 South Biscayne Blvd.
Miami, Florida 33131-2398
(305) 577-7097 phone
(305) 577-7001 fax

>>> <Sara.Shackleton@enron.com> 03/26/01 12:46PM >>>
Serge:

Sorry to take so long to respond.  A few things:

(1)  What is the correct legal name of the entity you are inquiring
about?
Is it the unregulated marketing arm of the regulated utility?

(2)  There has not been a commercial push from the ENA perspective to
set
up a new agreement with FPL which explains why I cannot get our credit
goup to react.  I'll broach the topic again when  I hear from you.

Please let me know if you have any other questions.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com


Anna:

Attached is your form of agreement.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com


We wrote him a letter rejecting his offer of $250,000 and asked for $1
million. It might be a good idea for you to call him and feel him out. We
would certainly take less than $1 million. What do you think?


Kate,

If you log in as myself, you can pull up the EOL JF Report that you were
using originally.

Carla

   Kate Symes                01/03/2001 05:42 PM

To: Monica Lande/PDX/ECT@ECT, Valarie Sabo/PDX/ECT@ECT, Fran
Chang/PDX/ECT@ECT, Tim Belden/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Mike
Swerzbin/HOU/ECT@ECT, Matt Motley/PDX/ECT@ECT, Tom Alonso/PDX/ECT@ECT, Mark
Fischer/PDX/ECT@ECT, Sean Crandall/PDX/ECT@ECT, Diana Scholtes/HOU/ECT@ECT,
Jeff Richter/HOU/ECT@ECT, Carla Hoffman/PDX/ECT@ECT, Phillip
Platter/HOU/ECT@ECT, Chris Mallory/PDX/ECT@ECT, Michael M
Driscoll/PDX/ECT@ECT, Jeremy Morris/PDX/ECT@ECT, Bill Williams III/PDX/ECT@ECT
cc:
Subject: EOL Summary - Still Under Construction

I'm continuing to work with IT in Houston in an attempt to restore the EOL
Report to its former glory. They are making several changes to the report
which seem to result exponentially in glitches. As of right now the
application will not create any kind of file with any kind of data; hence the
absence of any kind of report. I will keep you informed of our progress.

Thanks for your patience,
Kate


Well done on getting this far with ICE - uphill but worth it

From:	Andy Zipper/ENRON@enronXgate on 06/04/2001 01:46 PM
To:	Greg Piper/ENRON@enronXgate, Greg Whalley/HOU/ECT@ECT, Louise Kitchen/HOU/ECT@ECT, John Sherman/ENRON@enronxgate
cc:

Subject:	ICE

I met with Jeff Sprecher of the Intercontinental Exchange for almost an hour and a half and thought it would be a good idea to bring you up to speed on where they are heading.

1). We now have the complete API to them, but it is hooked up to their test environment. They will be sending us a contract to sign before they connect it to their production site. He assured me it will be the same contract that all the founders have to sign to get access to it. Esentially, if we trade or provide prices the API will be free; if we are voyeurs then we will have to pay for it.

2). He stated that charging commssion is not a denfensible business model. They will try to make their money through mid and back office services.

3). Their purchase of the IPE is directly related to implementing 2). his vision is to use the IPE infrastrucutre to make all derivative trades cleared and then use the FCM's to fulfill the back office movemment of funds tasks. In a nutshell he beleives the FCM's are all interconnected and used to moving money around for settlements and margins through the clearinghouse, so why not expand their role.

4). When I expressed some skepticism about 3). he asked if we would like to participate in a forum with other ICE members to discuss shared mid and back ofice services. I told him we would.

If anyone has any questions about this let me know.

AZ


I've been keeping track of this with Tracy Ngo, our credit gal, and the last
thing I heard on it this morning was that it's still pending credit. Tracy is
in a meeting right now, but I'll grab her as soon as she gets out (she sits
next to me) and find out what the status is. Unfortunately, Tracy said when a
deal is "pending credit approval" it's a little vague as to when the decision
will be made. Mike Swerzbin told her last night that he wasn't concerned
about whether or not the deal was approved, so without the trader on credit's
case, I think sometimes deals get lost in the shuffle. But I'll keep on top
of it and let you know this afternoon.

Thanks,
Kate

Evelyn Metoyer@ENRON
03/13/2001 11:22 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: Missing deal?

Hi Kate, what's the status of this deal?

   Kate Symes @ ECT                03/12/2001 10:57 AM

To: Evelyn Metoyer/Corp/Enron@ENRON
cc:

Subject: Re: Missing deal?

this deal is contingent on credit - he'll let me know later today whether or
not it's a good trade.

thanks,
Kate

Evelyn Metoyer@ENRON
03/12/2001 09:00 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: Missing deal?

sorry Friday, 3/9

   Kate Symes @ ECT                03/12/2001 10:52 AM

To: Evelyn Metoyer/Corp/Enron@ENRON
cc:

Subject: Re: Missing deal?

what was the trade date on this?

Evelyn Metoyer@ENRON
03/12/2001 08:58 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Missing deal?

Prebon sent over a confirm for a deal where:
Enron (Mike Swerzbin) buys from PPL Montana Cal'04-Cal'06 25 mw of Mid-C at
$45.00 off-peak hours.

They did not tell me about this deal during checkout.  Can you please check
with Mike.

Thanks!!


Sara,
Please see attached from Bear Stearns.

 ----- Forwarded by Stephanie Panus/NA/Enron on 05/29/2001 08:10 AM -----

	"Bruegel, Michael (Exchange)" <mbruegel@bear.com>
	05/29/2001 07:12 AM

		 To: "'Stephanie.Panus@enron.com'" <Stephanie.Panus@enron.com>
		 cc:
		 Subject: RE: Enron Credit Inc.

Stephanie,

I need a bank reference and the approximate net worth and income for Enron
Credit
so that I may complete the required paperwork for the account.  Would you
mind
emailing that to me today?

Thanks,

Mike

> -----Original Message-----
> From:   Stephanie.Panus@enron.com [SMTP:Stephanie.Panus@enron.com]
> Sent:   Thursday, May 24, 2001 11:37 AM
> To:   mbruegel@bear.com
> Subject:   Enron Credit Inc.
>
> .Mike,
> Can you send me your address for mailing the W-9 form for Enron Credit
> Inc.?
>
> Thanks,
> Stephanie Panus

#****************************************************************
Bear Stearns is not responsible for any recommendation, solicitation,
offer or agreement or any information about any transaction, customer
account or account activity contained in this communication.
***********************************************************************


Mount McKinley
----- Forwarded by Rick Suderman/Bakersfield/Eott on 01/26/01 07:19 AM
-----

                    Rick Suderman
                                         To:     Rich Jolly/ET&S/Enron@ENRON
                    11/27/00             cc:
                    11:35 AM             Subject:     I have an idea

Rich,

I have an idea. It is a little far fetched, but could potentially make
Enron 100MM in the first year so hear me out.

At the regional meeting this month, I was interested in the discussions
about the gas delivery's to the California border, and how the pipeline was
running at capacity. When I heard the potential of dollars that could be
made If we only had more capacity, I was shocked. This will hopefully be a
way to increase your MMBTU delivery without major expense. Someone might
have already looked at this, but if not, it might be worth the time.

Although the pipeline is full of MCF's it has room if you look at BTU's. I
received an analysis of the gas delivered to the border and found it was
running at 1015 BTU, with less than %.5 C3+. With the SoCal limit of C3+ at
%3, there is room to inject %2.5 C3+ and raise that BTU value.

The Idea is to use rail cars to transport Normal Butane (or any other NGL
that proves cost affective) to the California border, vaporize the liquid,
and inject the vapor into the pipeline up-stream of the custody meter to
SoCal Gas.

I know there is rail access in the area, so this should not be an issue. We
off-load the product, and vaporize it using heaters, or the more efficient
way is to use waste heat from a turbine engine. We then compress the vapor
and introduce it into the pipeline. My estimates are we can off-load up to
52 rail cars per day, vaporize the butane and compress the 50 MCF/day of
gas to pipeline pressure. This will raise the C3+ number to approximately
%2.75 just under the SoCal spec. The 52 rail cars of Butane will introduce
another 160,000 MMBTU per day but only raise your volume by 50MMCF, hardly
noticeable when you are at 2.2BCF. This idea will work at any facility
along the pipeline system that is a large delivery.

The C3+ that has the largest impact is Normal Butane due to is relatively
low cost and high BTU value. I am not sure what the Butane market is in
other areas, but we are selling Normal currently for .65c. /gal, and this
is abnormally high for California. The value of Normal Butane used in the
spreadsheet is .65c, the contract price currently used at the NCL plant.

I assumed .05c per gallon for operating cost. This number is conservative
as our operating cost at the NCL plant is .035c - .04c per gallon with full
fractionation. This number includes fuel necessary for vaporizing the
Butane, employees, etc. This operating cost number will drop dramatically
if we are able to use waste heat from a turbine. Most of the cost is fuel
necessary to run the heater.

The price used for sales gas is what I am not sure about. The price of
$8.50 /MMBTU is the number I have heard will hold for at least the next
year at the Cal. border, and possibly go up. No one knows if this is
sustainable for any length of time, but it is what I assumed for this
spreadsheet. (Notice the profit if you enter the gas value currently traded
at the Cal. border)

Take a look at the spreadsheet and hopefully it will clarify where I came
up with these numbers. All the BTU and MCF numbers for Normal Butane came
from the GPA Standard 2145 and all other numbers are my best guess. If you
find this an interesting idea, please forward to the appropriate people. I
would love to discuss it further so let me know what you think.

Rick

(See attached file: NGLasBTU.xls)

 - NGLasBTU.xls


Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Distillate     http://www.carrfut.com/research/Energy1/hoil23.pdf
Unleaded     http://www.carrfut.com/research/Energy1/unlded23.pdf

Scott Mollner Recomendation
http://www.carrfut.com/research/Energy1/recom11-21-01.pdf


Heather and I just had the sonogram yesterday,,,, and it is a boy!!!!   He is
due in October....

MC


Please take a moment to respond to the attached survey.

 - feedback_.doc


All,

Please note that IQ reports will be decommissioned tonight.  Please ensure that you can access the web reports at http://ermreports.corp.enron.com

If you have any problems or queries, please contact Kirti Patel at x33587.

Thanks & regards,

Karima Husain
Project Manager, TAGG/ERMS
(713) 345-7252

 -----Original Message-----
From: 	Husain, Karima
Sent:	Thursday, July 05, 2001 2:58 PM
To:	Chew, Carol; Gillis, Brian; Nicoll, Kenny; Reeves, Kathy; Tan, Gladys; Taylor, Dimitri; Wlodarski, Patryk; Abel, Chris; Araujo, Thomas; Baumbach, David; Brackett, Debbie R.; Brown, Matt A.; Dang, Thu; Gillis, Brian; Giron, Darron C.; Glover, Sheila; Gossett, Jeffrey C.; Hanson, Kristen J.; Harrell, Willie; Hernandez, Nancy; Ihrig, Chad; Jacobsen, John; Keiser, Kam; Lafave, Jill; Lim, Francis S.; Lombardi, Kelly; Love, Phillip M.; Mao, Shari; McLaughlin Jr., Errol; Prejean, Frank; Reeves, Kathy; Scales, Patrick; Sorenson, Jefferson D.; Sweeney, Kevin; Swinney, John; Vasan, Sue; Venturatos, Steve; Wei, Zhiyong; Wong, Jeremy
Cc:	Patel, Kirti
Subject:	Decommissioning of IQ reports

All,

This is a reminder that IQ reports will be decommissioned on Monday, July 9, 2001.  Please ensure that you have access to the web reports at http://ermreports.corp.enron.com.

If you have any problems or concerns, please contact Kirti Patel at x33587.

Thanks & regards,

Karima Husain
Project Manager, TAGG/ERMS
(713) 345-7252


thanks

 -----Original Message-----
From: 	West, Terry
Sent:	Tuesday, October 09, 2001 4:03 PM
To:	Kitchen, Louise; Lavorato, John
Subject:	RE: Whenever you get time

Attached is the final presentation.  Please let me know if you need anything else.

 << File: ENA rev.ppt >>

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Tuesday, October 09, 2001 1:41 PM
To:	West, Terry
Cc:	Lavorato, John
Subject:	Whenever you get time

Please send John and I a copy of our final presentation.

Thanks
Louise


We can continue the discussion in Tuesday's conference call, but I discussed
with Ben about the issues below, and here are some thoughts.  This is NOT a
complete approach, but only a starting point for discussion.

The main task is to build a pricing system for many names.
This has two components ---
1) How to price a single name?
 1.1) How to price a liquid single name?
 1.2) How to price an illiquid single name?
2) How to efficiently apply the methodology to multiple names?

The approach I would take for 1.1 is
a) Define a small set of liquid names
b) Apply each of the different models we have, say, the six models Ben has
mentioned below, to these names
c) Include market prices, if any, for these names
d) Sit with traders, get trader's intuition on where each liquid name should
price and note this on the spectrum of prices obtained in (b) and (c)
e) Try to determine attributes of the names that may explain the dispersion
of the trader prices across the models
f) Quantify these attributes, if possible
g) Try a different set of liquid names and repeat the process, and see if the
decisions in the last round still make sense

The approach for 1.2 may be
a) Define a small set of illiquid names
b) Apply each of the different models we have to these names
c) Sit with traders, get trader's intuition on where each illiquid name
should price and note this on the spectrum of prices obtained in (b)
d) Try to determine attributes of the names that may explain the dispersion
of the trader prices across the models
e) Check if these are similar to the attributes identified for liquid names
f)  Define a master set of liquid names
g) Look for relationships (by analyzing cross-section of data) between
attributes or prices of illiquid names to those of liquid names

Once a mapping has been defined for an illiquid name to a set of liquid names
and their attributes, then this mapping can be entered into a table, and the
pricing can be automated for all names (IN THEORY)!  The success will depend
on the success of the round-table sessions for the approaches for 1.1 and
1.2.

Building a new fundamental model is always a worthwhile task, but we can get
going with the above approaches immediately in parallel with developing any
new models that we may build.  New models can be added to the suite of
existing models. I do not believe there will ever be a single model that will
answer all questions for all names, but rather we can refine the mappings and
relative choices among models over time, which would mean continuing
round-table sessions with traders.  Limited data makes calibration very hard,
so I would continually ask the question "What do we calibrate?" throughout
the discussions for 1.1 and 1.2, and this may help guide us to new models.

Vasant

Benjamin Parsons
06/19/2000 04:11 AM
To: ECT London Credit Trading
cc: Vince J Kaminski/HOU/ECT@ECT, Vasant Shanbhogue/HOU/ECT@ECT, Amitava
Dhar/Corp/Enron@ENRON, Steven Leppard/LON/ECT@ECT, Grant Masson/HOU/ECT@ECT,
Dale Surbey/LON/ECT@ECT, David A Wall/Risk Mgmt/LON/ECT@ECT, Jitendra J
Patel/LON/ECT@ECT, Oliver Gaylard/LON/ECT@ECT
Subject: Pricing credit on thousands of names

All -

Our challenge for the next few months is to build an automated system to
provide differential pricing on thousands of credits [5,000 by year-end].
Most of these credits will be illiquid in terms of market price information,
making the challenge harder, and the end result more important in terms of
competitive pricing advantage. What we need is an overall strategy for how we
plan to achieve this from the quantitative perspective.

Currently we have several models for credit pricing either in use or under
development:
FMC Model (default probability approach). Using Bloomberg's Fair Market (par
yield) Curves, probabilities are generated from the risky-LIBOR, then
default/bankruptcy swap prices computed using expectation methodology.
FMC Model (credit spread approach). Using the FMCs, then directly taking the
LIBOR credit spread at each tenor, adjusting for basis and compounding
differences.
Bond Model (FMC approach). Taking the FMCs as benchmark curves, the model
regresses the input bonds (specific to a name) on the two best fitting
benchmarks. The result is a zero yield curve with the same shape as the FMCs,
but with the level tweaked for the specific issuer. Prices are then generated
using both spread and probability approaches. Under testing.
Bond Model (spline approach). Taking only the bonds specific to an issuer,
the model fits an exponential cubic spline to the zero-coupon price curve,
then builds a zero yield curve from this. Under testing.
Market Prices. For certain liquid names, or sectors/ratings, CDS market
prices are used, then recovery and event discount used to get bankruptcy swap
prices.
KMV. Using Expected Default Frequencies (EDFs) from the KMV model and
database, we will build a model to price default swaps, making appropriate
risk adjustments. KMV is being installed now, so model will be worked on next.

Each of these models returns a price (credit default and bankruptcy), and the
accuracy of the price depends on many factors - liquidity and regulatory
differences between bond and CDS markets, recovery assumptions, risk premia,
capital charges, etc. The aim will be to accurately price as many liquid
names as possible, based upon these models, then use these prices, alongside
other financial information, as the backbone to a full automated pricing
system.

Our inputs to the proposed pricing system for a specific name are model and
market prices for all issuers, alongside name-specific 'soft' data from
credit reports and financial statements. If the credit is liquid enough, a
price will be generated from their own information only. Otherwise, the
credit will be mapped onto a subset of liquid credits, with financial
information and historical price movements providing the mapping and weights.
The model price will then be periodically adjusted to align itself with
market (or trader) prices, and this adjustment will feed back into the
weighting and mapping composition. In loose terms, we could think of the
system price for an illiquid credit as being a weighted average of liquid
market prices (bonds, equities, default swaps), where the weightings are
calibrated using credit analysis, financial ratios, etc.

The key steps to implementing such a system will be:
Establishing what exactly we want to 'predict' - is it a price, a rating, a
probability, or a score? We will need a clean market history to calibrate to,
which we only really have for ratings. We will then need to develop a mapping
from rating/score to price.
Getting and cleaning the historical financial and credit data required to
calibrate the model.
Building the mechanics of the model, ie, the calibration methodology. Neural
nets/fuzzy logic seem the obvious candidates, but which exact methods and
software packages to use?
Determining an automated methodology for mapping names with limited
information into the model.
Getting the "true" market price, in order to feed back an error. At present
such a price exists for very few credits.
Allocating resources to the development. McKinsey claimed such a system would
take 6-10 man-months to develop.

Further ideas or comments are requested, as we need to develop our strategy
asap. The model description above is fairly vague, as we don't yet have the
knowledge needed to fill in the specific details. Further help will be
especially required on this if we are to continue to move at 'internet speed'.

Regards

Ben


Ditto Credit.

	Tana Jones@ECT
	05/07/2001 11:20 AM

		 To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Marcus
Nettelton/NA/Enron@ENRON, Harry M Collins/HOU/ECT@ECT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Marie Heard/Enron
Communications@Enron Communications, Robbi Rossi/Enron Communications@Enron
Communications, John Viverito/Corp/Enron@Enron, Jane McBride/AP/Enron@Enron,
Andrea Calo/SA/Enron@Enron, Peter Keohane/CAL/ECT@ECT
		 cc:
		 Subject: EOL approvals, 05-04-01

----- Forwarded by Tana Jones/HOU/ECT on 05/07/2001 11:20 AM -----

	Walter Guidroz/ENRON@enronXgate
	05/04/2001 02:52 PM

		 To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/ENRON@enronXgate,
Debbie R Brackett/ENRON@enronXgate, David Hardy/LON/ECT@ECT, Lesli
Campbell/ENRON@enronXgate, Cynthia Clark/ENRON@enronXgate, Enron Europe
Global CounterParty/LON/ECT@ECT, Stephanie Sever/ENRON@enronXgate, Tom
Moran/ENRON@enronXgate, Claudia Clark/ENRON@enronXgate, William S
Bradford/ENRON@enronXgate, Lisa Lees/ENRON@enronXgate, Juana
Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron, Trang Le/HOU/ECT@ECT,
Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim Davies/LON/ECT@ECT,
Karen O'Day/ENRON@enronXgate, Tanya Rohauer/ENRON@enronXgate, Kelly
Lombardi/NA/Enron@Enron, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center@ECT, Bill D Hare/HOU/ECT@ect, Amy
Heffernan/Enron Communications@Enron Communications, Molly LaFuze/Enron
Communications@Enron Communications, Danny Clark/Enron Communications@Enron
Communications, Stephanie Panus/NA/Enron@Enron, Teresa
Mandola/ENRON@enronXgate, Bill Kyle/ENRON@enronXgate, Amber Ebow/HOU/ECT@ECT,
Wendi Lebrocq/ENRON@enronXgate
		 cc:
		 Subject: EOL approvals, 05-04-01

Attached are EOL approvals for both today and yesterday.

Also, for future reference, please contact Wendi LeBrocq who will be assuming
my duties as the EOL administrator within the Credit Risk Group.  Thanks!


Did you see this?

Lorna
-----Original Message-----
From: marketing@desert-crossing.com [mailto:marketing@desert-crossing.com]
Sent: Thursday, January 10, 2002 2:51 AM
To: Brennan, Lorna
Subject: You are Invited to an Open Season Reception for Desert Crossing Gas Storage and Transportation System

Open Season has officially started today for the new Desert Crossing Gas Storage and Transportation System.

Allegheny Energy Supply, Salt River Project and Sempra Energy Resources invite you to visit with them at one of their Open Season Receptions.

You will be receiving in the mail over the next day or so an invitation to attend a Shippers Meeting for the new storage and pipeline facility.  These meetings are designed to communicate the benefits of contracting  for Desert Crossing capacity to potentially interested customers for this, the largest proposed gas storage facility in the US Southwest. We would like you to join us, along with the project's three sponsors---Allegheny Energy Supply, Salt River Project (SRP) and Sempra Energy Resources to discuss any issues or questions which you might have.

 The meetings will be taking place at key locations across the Southwest, during four consecutive afternoons next week, starting on Tuesday, January 15th , in San Diego. Wednesday and Thursday's meetings will be in Houston, and Friday's meeting in Phoenix.   All meetings begin at 2:00 pm, local time, with a cocktail reception commencing at 4:00 pm.

Representatives will be available to discuss reserving capacity on the Desert Crossing Gas Storage and Transportation System.

 The following are the dates and times of each of the Open Season Receptions:

Tuesday , January 15 , 2002 in San Diego
Hyatt Regency Islandia
1441 Quivira Road
San Diego, California
2-4 PM Reception
4-5 PM Cocktails

Wednesday, January 16, 2002 in Houston, Galleria
Hotel Derek
2525 West Loop South at
Westheimer
Houston, Texas
2-4 PM Reception
4-5 PM Cocktails

Thursday, January 17, 2002 in Houston, Downtown
The Four Seasons Hotel
1300 Lamar Street
Houston, Texas
2-4 PM Reception
4-5 PM Cocktails

Friday, January 18, 2002 in Phoenix
Phoenix Pointe South
Mountain Resort
7777 South Pointe Parkway E.
Phoenix, Arizona
2-4 PM Reception
4-5 PM Cocktails

Please RSVP to Skipping Stone at 1-281-987-8166 or toll-free 1-877-200-5229.

 The hotels have a limited number of rooms reserved at a discount. For more information, visit www.desert-crossing.com

 We look forward to seeing you at the Desert Crossing Shippers Meeting next week!


It has come to the attention of RMS that many items that had been
identified as requested/required ERCOT system changes were inadvertently
not included in the ERCOT 2002 budget.  I have attached a spreadsheet
with more detail regarding these items.

Three PRRs (258, 259, 260) and one PIP were included in the budget.  We
also had one PRR (261 - CR Notification) that had been returned to RMS
and TX SET for changes and resubmission that was not included.  This PRR
was a High Priority/High Impact RMS issue previously identified in our
RMS workshops.  PRRs 262, 263, 264, 265, and 266 were all approved by
TAC but we are unsure where these items fit in the budget process and
the status of the associated ERCOT system changes.

In addition, we also have the following items that were not included:
*	Three approved change controls (Nos. 155, 178 and 179)
*	Two emergency changes that ERCOT and MPs request be implemented
ASAP:  (1) CR cancellation of a switch and (2) Premise Info Rejects
*	Four additional items that require ERCOT system change requests

RMS also feels that once the market opens on January 2, 2002, there is a
huge potential that additional issues/problems requiring system changes
will become evident and that there needs to be some type of contingency
funding for these types of items that have not yet been identified.

The majority of changes on the retail side do not require protocol
revisions and as I have mentioned previously, there is no documented
process, procedures, or prioritization for ERCOT System Change Requests.
I feel like this is one reason that these items were not originally
included in the budget.

On behalf of RMS, I would appreciate your assistance in getting these
key items added to the ERCOT 2002 budget.  I have spoken to Cheryl
Moseley about these items also.   Please feel free to contact me if you
have any questions.  Thanks for your time and assistance.
 <<ERCOT Budget Future Releases_Retail Issues_102601.doc>>

Nancy A. Hetrick
Enron Corp.
Director, Government Affairs
Phone:  712-366-3399
Pager:   888-912-1426

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

 - ERCOT Budget Future Releases_Retail Issues_102601.doc


Ed,

I shall be available on both days. What about Wednesday,
July 12, between 1:30 and 4:00. Please, let me know
what time would work for you.

It will be nice to see you again.

Vince

P.S. By the way, did you have a chance to take a look at the EOL?

"Edward Krapels" <ekrapels@esaibos.com> on 06/28/2000 02:49:41 PM
Please respond to ekrapels@esaibos.com
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Next visit to Houston

Dear Vince,

I will be returning to Houston during the  week of July 10.

ESAI and Weather Services International have launched -- after more than 18
months of R&D --  our service, called Energycast Power Trader and Energycast
Gas Trader, for power traders in Nepool and PJM. I would be happy to review
the service with you as well as take you on a tour of our web site. Are you
available on July 12 - 13?

Sincerely,

Ed Krapels

 - 61900_WSIESAI_Energycast.doc


Does Vanessa know anything about this?  I know that we had a definite
interest several years ago in a system from Siebel.  We shelved it at the
time due to IT resource constraints and Philippe's concern over costs.  In
the meantime, EES bought a license and uses this system.  I know that Mary
was resurrecting this with someone on her team.  She had recently reviewed it
with Brenda Herod, I believe.  This is one of the items that we listed in
Dallas as a need if we were to get heavily into providing services for
others.  --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 04/04/2001 08:27 AM
---------------------------

Richard Sage
04/03/2001 05:25 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: CRM system

Sally,
I gather that Mary has taken extended leave.
Can you advise who might know anything about this system?

Thanks,
Richard

---------------------- Forwarded by Richard Sage/LON/ECT on 03/04/2001 23:22
---------------------------

Richard Sage
19/03/2001 15:59
To: Mary Solmonson/Enron@EnronXGate
cc:

Subject: CRM system

Mary,
Are you around - your voicemail message has said you were out for the day,
for weeks.
We have a need for a CRM system, but not a very complicated one, and I
thought that the one that Tony Mends demonstrated a couple of years ago might
fit the bill. He tells me that it is in your area of responsibilities!

Thanks,
Richard


Meter 0986315 Shawnee Spring Common Point was shut-in on 6/13/2000 due to
high dew point.  Repeated attempts by the pumper to dry out the gas have
failed.  The meter will remain shut-in until the dew point is within pipeline
quality specs.

Gary H.
---------------------- Forwarded by Gary A Hanks/HOU/ECT on 06/15/2000 10:47
AM ---------------------------

	From:  Sean J Smith                           06/14/2000 05:55 PM

To: Gary A Hanks/HOU/ECT@ECT
cc:
Subject: #986315

I received a call from Carl Drachenberg with HMS at approximately 1:45 PM on
6/13/00 stating that he pulled a stick on meter #986315 and it was wet and
flowing at 35 lb. I asked Gary Hanks what we want to do and he said to have
Carl notify the producer and shut it in.   I notified Carl and he got in
touch with the producer and they shut the compressor down at approx. 2 PM on
6/13 and at that time there wasn't any flow.  Carl came back out there at 8
AM on 6/14 and closed the valve and removed the chart. There was no flow
after they shut the unit down and it was flowing between 500 and 300 mcf.
The meter is now out of service.

Any questions - you know where to find me.


Steve:  we have already begun pulling together issues papers on NTIA, NOAA,
trade, etc. but wanted everyone to see the specific questions in order to
solicit additional input from everyone.  thanks.
----- Forwarded by Cynthia Sandherr/Corp/Enron on 01/05/2001 05:54 PM -----

	paul.scolese@bushcheney.gov
	01/05/2001 05:48 PM

		 To: rcole@vsadc.com, metzner@acgrep.com, jcicconi@att.com,
bkilberg@nvtc.org, dhanna@hannacap.com, dvandongen@nawd.org,
lpressler@oconnorhannan.com, gws@clickaction.com, haslamja@pilotcorp.com,
sol@graviton.com, bskladany@akingump.com, fkvamme@kpcb.com,
kmassey@gscapitalvc.com, johnsonp@fleishman.com, keneldred@aol.com,
blafuze@velaw.com, jwatkins@brook.edu, bonnie.hunter@paceco.com,
csandhe@enron.com, rick@rtaassoc.com, jack.faris@nfib.org, egan@emc.com,
fphandyman@aol.com, riuculano@metlife.com, lipsen@cisco.com,
bds02@sprynet.com, fnichols@nam.org, ctgood@udel.edu,
jspeyer@tishmanspeyer.com, rmeyer1@state.wy.us, tom.collamore@pmmc.com,
rlanderson@wms-jen.com, chris.hankin@sun.com, tonyvillamil@aol.com,
wberman@parkstrategies.com, mike.maibach@intel.com, chick82@msn.com,
kirsch006@aol.com, jprboss@aol.com, mdawson@wrf.com,
zenia.mucha@chamber.state.ny.us, gbw@nmrs.com, jkushan@pgfm.com,
brian.dowling@safeway.com, david.crane@autodesk.com,
carol.bartz@autodesk.com, powers@podesta.com, rob_bras@dell.com
		 cc:
		 Subject: Dept. of Commerce Advisory Committee

Dear Advisory Committee Member:

Thank you again for agreeing to serve on the Department of Commerce
Advisory Committee.

As we are in the process of developing transition materials for the U.S.
Department of Commerce, we would be very appreciative if you would consider
responding to the attached questions about the Department of Commerce.
Please feel free to address any additional issues that are not covered in
the questions.

Please send your response (as well as any other policy-related messages) to
me at:  paul.scolese@bushcheney.gov.  I have attached the questions as text
and as a Word format document.

The membership list is currently being finalized.  I will send you a
complete membership list as soon as it is available.

Thank you very much for your help.

Paul Scolese
202/513-7530 - direct
202/513-7540 - fax

       Discussion Question for Transition Advisory Committee Members
                          Department of Commerce

     The Department of Commerce considers broad range of issues in its role
as   the   lead   Department   in  promoting  trade,  economic  growth  and
technological  advancement.  These issues include:  Science and Technology,
Telecommunications,  International  Trade,  Export  Promotion,  Patent  and
Trademarks,   Economic   Development,   Competitiveness,  and  Oceanic  and
Atmospheric  Research.   With  this  information  in  mind, we ask that you
consider the following questions.

1.    Are  there  any critical issues handled by the Department of Commerce
that  you  believe might rise to the Presidential level for decision in the
first year of the new Administration?

2.   If a short list of issues facing the Department of Commerce were being
developed, what issues do you believe should be on that list?

3.    Are there any policy areas that have been neglected at the Department
of Commerce over the past eight years that need to be addressed?

4.    Are  there any management, administrative or organization issues that
need to be addressed?

5.    Are  there  any  significant  administrative  actions (organizational
changes,  executive  orders,  directives,  program letters, rulemakings, or
lawsuits) that should be reviewed early in the new Administration?

6.    Please  provide  any  other  information  on policy or administrative
issues you believe would be helpful.

(See attached file: DOC questions.doc)
 - DOC questions.doc


Attached please find the December,2001 Offer to Release Capacity Sheet.  This is currently what we have available.  This sheet will be updated should there be any changes.


Please see the two additions below.

	From:  Chris Booth                           04/03/2001 01:14 PM

To: Kay Mann/Corp/Enron@Enron, Ben Jacoby/HOU/ECT@ECT
cc:

Subject: Proposal to Siemens Westinghouse

Kay and Ben,

Per my conversation with Ben, I have revised the offer to now read:

Lynn ,

In an effort to expeditiously resolve our issues regarding the damaged
generator, we suggest the following offer, subject to ENA Management approval
and the execution of the appropriate documents:

Enron will pay Siemens Westinghouse $1,500,000 towards the cost of the
Replacement Generator.
Enron and Siemens Westinghouse agree to split the proceeds of the insurance
claim on a 50/50 basis up to the point where Enron has recouped their
$1,500.000 payment
Any insurance proceeds recovered in excess of $3,000,000 ($1,500,000 to
Enron, $ 1,500,000 to Siemens Westinghouse) are to Siemens Westinghouse
account.
By Siemens Westinghouse acceptance of this offer, Enron waives its claim to
Delivery Liquidated Damages

Example:

Enron Payment to Siemens Westinghouse:   $1,500,000

Insurance Proceeds from Damaged Generator   $4,000,000
 Enron's share of insurance proceeds:   $1,500,000  =($4,000,000 x 0.5) up to
$1,500,000
 Siemens Westinghouse's share of insurance proceeds: $2,500,000  =
($4,000,000 - $1,500,000)

This suggestion is for settlement purposes only, and is without prejudice to
any rights or positions of Enron or Siemens Westinghouse.


Start Date: 10/15/01; HourAhead hour: 7;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001101507.txt

Error retrieving HourAhead price data - process continuing...
---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 10/15/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_SRP
  ENGY_TYPE: FIRM