I will be available.

> -----Original Message-----
> From:	jsmollon@newwestenergy.com [SMTP:jsmollon@newwestenergy.com]
> Sent:	Tuesday, November 27, 2001 1:35 PM
> To:	RSchlanert@electric.com; JSMOLLON@newwestenergy.com;
> arem@electric.com
> Cc:	douglass@energyattorney.com; Jeff.Dasovich@enron.com
> Subject:	RE: Proposal AREM response to UDC Joint Filing -
> Implementation o f Su spension DA
>
> how about 4:00 p.m. conference call?
>
> -----Original Message-----
> From: Rebecca Schlanert [mailto:RSchlanert@electric.com]
> Sent: Tuesday, November 27, 2001 2:33 PM
> To: 'jsmollon@newwestenergy.com'; arem@electric.com
> Cc: douglass@energyattorney.com; Jeff.Dasovich@enron.com
> Subject: RE: Proposal AREM response to UDC Joint Filing - Implementation
> o f Su spension DA
>
>
> I would be open to this as well.
>
> Rebecca
>
> > -----Original Message-----
> > From:	jsmollon@newwestenergy.com [SMTP:jsmollon@newwestenergy.com]
> > Sent:	Tuesday, November 27, 2001 11:21 AM
> > To:	arem@electric.com
> > Cc:	douglass@energyattorney.com; Jeff.Dasovich@enron.com
> > Subject:	Proposal AREM response to UDC Joint Filing - Implementation
> > of Su spension DA
> >
> > I have had an opportunity to talk to most of you regarding the attached
> > proposal.  I apologize I ran out of time yesterday and didn't catch
> > everyone.
> >
> > NWE would like to propose a slightly different take on our AREM filing
> > having had a chance to think more about it.  I wanted to run it by
> > everyone
> > to get your thoughts before submitting a redline.  If you feel this
> > warrants
> > a conference call I will gladly set one up for today.  Time is of the
> > essence and would appreciate your feedback as soon as possible.  If we
> all
> > agree, I would like to get the re-write with everyone's blessing to Dan
> by
> > tomorrow at 8:00 am. or sooner.
> >  <<arm-puc-plan.doc>>
> > Proposal Benefits
> >
> > 	1.	We look more reasonable and agree to much of what UDCs are
> > proposing.
> > 	2.	Accommodates most, if not all, of ESP and customer concerns.
> > 	3.	Strong argument for avoiding any contract review.    Our
> > verification proposal could backfire; PUC could accept our approach, but
> > add
> > details which goes toward ESPs submitting contracts to the PUC for
> review
> > and validation
> > Thank you,
> > Janie Mollon
> > Manager, Legislative and Regulatory Affairs
> > Office:  602-629-7758
> > FAX: 602-629-7772
> > Mobile:  602-625-3892
> >  << File: arm-puc-plan.doc >>


----- Forwarded by Mark Taylor/HOU/ECT on 02/23/2001 03:03 PM -----

	Kevin Meredith@ENRON
	02/22/2001 10:51 AM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: US Gas Spread

Mark,

Please review the following Spread description and comment on the changes.
The changes highlighted in red are your changes.  The changes in blue text
are changes advised by Dave Forster and Suvita Puthigai.  Please let me know
what you think.  3-9555

Thank you.
Kevin


Hi Sara
Thanks for update. PLease keep me informed of developments and see if we can
put in place the various agreements as speedily as possible.
Many thanks
Aaron.

From: Sara Shackleton on 01/06/2001 09:06 CDT
To: Aaron Armstrong/LON/ECT@ECT
cc:

Subject: update

I received an email from Tanya:

I have credit for Morgan and can draft the ISDA.

No response on a conference call to discuss Chase and the collateral
situation.

Also, I spoke with Carr Futures and resolved ENA's issue.  I'm waiting to
receive the give-up agreements.

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


Good morning.

Following-up yesterday's discussion regarding the ISDA Notebooks, I am
preparing to have extra sets of the ISDA Notebooks printed.  Please advise
how many sets you need, if any.

Taffy


Credit has reviewed the financials of Merrill, Lynch, Pierce, Fenner & Smith,
Inc. and Merrill Lynch Government Securities Inc.  We approve entering into
the proposed repo agreements with these entities due to 1) the secured nature
of Enron's potential exposure, 2) their very strong balance sheets and 3) the
relatively short term nature of our positions.  Potential exposures of up to
$500 Million with each of these entities is within our credit risk tolerance
for these counterparties.  We understand that there will be no guarantees
required from either counterparty.


>  <<ENRON1.wav>>  <<ENRON2.wav>>

 - ENRON1.wav
 - ENRON2.wav


---------------------- Forwarded by Darron C Giron/HOU/ECT on 02/12/2001
09:14 AM ---------------------------

From:  Veronica Espinoza @ ENRON
               02/12/2001 09:10 AM

To: Larry Joe Hunter/HOU/ECT@ECT, Bob Bowen/HOU/ECT@ECT, Kim S
Theriot/HOU/ECT@ECT, Melinda Whalen/CAL/ECT@ECT, Dianne Seib/CAL/ECT@ECT,
Janie Aguayo/HOU/ECT@ECT, Derek Bailey/Corp/Enron@ENRON, Kevin
Meredith/Corp/Enron@ENRON, Ellen Wallumrod/NA/Enron@ENRON, Celeste
Cisneros/NA/Enron@Enron, Diane Anderson/NA/Enron@Enron, Tiffany
Williams/NA/Enron@Enron, Cindy Feldman/CAL/ECT@ECT, Patricia
Boulanger/CAL/ECT@ECT, Linda Sietzema/CAL/ECT@ECT, Sharon
Crawford/CAL/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Tanya
Rohauer/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT,
Russell Diamond/HOU/ECT@ECT, Lesli Campbell/HOU/ECT@ECT, Nidia
Mendoza/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT,
David Baumbach/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON, Darron C
Giron/HOU/ECT@ECT, Walter Guidroz/NA/Enron@Enron, Leslie Reeves/HOU/ECT@ECT,
Veronica Gonzalez/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Jean
Bell/HOU/ECT@ECT, Ken Curry/HOU/ECT@ECT
cc:
Subject: Credit Report--2/12/01


Here is my first cut at taking the existing budget numbers to a desk-level.  Here are the key assumptions behind my cost allocations:
Direct costs for each group went to that group.
Gas Ops was allocated to Houston gas.
Power Ops was allocated to East and West Power based on commercial headcount.
Most other costs were allocated to Gas, East Power, West Power, Canada, OOC based on commercial headcount.
There are a hundred ways you could do this exercise, I'm not saying that this is the right way, but at least I was able to break the costs down.

I then calculated an EBIT by desk, funded a bonus pool, paid bonuses to all the non-commercial people, and figured out what a bonus pool would look like by desk based on the proforma values.  I am not necessarily saying that this is the way that we should do it, but I think that it is one way to view the world upon which we can make whatever changes/adjustments we deem necessary.  Here are my initial conclusions / reactions:
The proforma produces bonuses for commercial employees equal to roughly 6% of their gross margin.
This number is high relative to the 1-2% we are used to, but considerably lower than the 8% to 12% that appears to be available in the market.
Our costs are way too high.  For every dollar of direct commercial expenses there are four dollars of allocations.  That just seems way out of hand.
This model sells with lower costs.  With current costs, I have a hard time convincing people in Portland that this looks good relative to people's alternatives.

I think that we need to have a lot of discussions next week on how this new organization would be managed.  I don't see why we couldn't debate, if not nail down, a bunch of things next week.  For example:
How do we allocate VAR to the best performing traders and the market that offers the best opportunity at the time?
Do we need to incent desk heads based on netco earnings while compensate traders based on desk earnings?
How will we carve up the bonus pool?  What are our choices?  What gets the VAR to the right places and properly incents teamwork?
How do we best manage costs?  How do we send appropriate cost signals for sunk costs?  For variable costs?
We need a very strong, professional, operations manager who is steeped in cost accounting, efficiency, quality control, and leadership.  There is a science to operations management that I haven't seen applied at Enron.  For example, what does it cost us to schedule a MW - average and marginal?  What does it cost us to run a book?  What does it cost us to settle transactions?
What package are we going to be able to offer to incent people to stay?  When can we start talking about it?  Who should we discuss this with?
What does our management team look like?  Is it three people?  Five people? Ten people?

I want to make this thing work.  My clear first choice for 2002 is to be on this team.  I want to be as contructive and helpful as possible in achieving this end.  I can't commit unequivically (sp?) until we sort out all of the numbers, I feel like I can sell this to the Portland team, and I know what comp looks like for me and the key people in Portland.  I feel like some adjustments to the proforma and a clear understanding of 2002 comp will probably get us there.

When do you want me in Houston (for a visit - not to move)?

Tim


Sometimes it's the little things that make the biggest impact.

Maybe you've never stopped to think about it, but for many of us, Post-it
notes may be one of our most frequently used communication tools at Enron.

Because of this, every employee received, or soon will receive, a packet of
Post-it notes with a thought-provoking quote about communication.  These
Post-it notes reinforce the importance of communication at Enron.  The
individuals who are quoted on the notepads personify the true meaning of
communication.

We hope that as you use these notepads in your daily work, you will think
about the importance of communication to the continued success of Enron and
work just a little harder at communicating more openly at Enron.

Please email Gina Taylor (gtaylor@enron.com) for Post-it note distribution
inquiries.


FYI

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/18/2000
03:21 PM ---------------------------

Shirley Crenshaw
10/18/2000 12:58 PM
To: Toni Graham/Corp/Enron@Enron, Stephanie Summers/NA/Enron@ENRON
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Interview for the Research Group

Hello everyone:

Vince would like to bring Jaesoo Lew in next week for an exploratory interview
with the Research Group.  The dates that would work best for us are:
Wednesday,
the 25th (AM), Thursday, 26th  (AM) and Friday, 27th (AM).  Please see if Mr.
Lew
is available for any of these times.

Thanks!

Shirley
3-5290

 - vitae2.doc

---------------------- Forwarded by Shirley Crenshaw/HOU/ECT on 10/18/2000
12:51 PM ---------------------------

Vince J Kaminski
10/18/2000 12:29 PM
To: Stinson Gibner/HOU/ECT@ECT, Shirley Crenshaw/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: position

Shirley,

I would like to  invite him to an interview next week. We should use his home
phone
number and/or private E-mail address.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/18/2000
12:33 PM ---------------------------

"Jaesoo Lew" <pontgyn@hotmail.com> on 10/17/2000 09:59:01 PM
To: vkamins@enron.com
cc:
Subject: position

Dear Dr. Kaminski

My name is Jaesoo Lew and I am referred by Dr. Wayne Lee.

Currently I've been working at Aquila Energy in Kansas City as an pricing
analyst since July 2000.  Since then, I have developed a natural gas storage
valuation model applying the swing options (forest method) pricing approach.
The price processes would be considered critical for the storage valuation
since a trinomial forest is required to value storage. Also the c++
programming using Excel DLL has been developed, too.

I attached my resume to this message for your consideration and am looking
forward to talking about an opportunity at Enron.

My home phone number is 913-649-0578, Dr. Kaminski, I will wait your call in
this week as Dr. Lee informed me.  If possible, please let me know your
expected calling day through the mail.  I appreciate your consideration.

Thank you very much.

Sincerely,

Jaesoo Lew
_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.

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

 - vitae2.doc


These days are fine by me.

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


----- Forwarded by Shonnie Daniel/HOU/ECT on 08/21/2000 10:39 AM -----

	Mark Whitt@ENRON
	08/21/2000 09:31 AM

		 To: Shonnie Daniel/HOU/ECT@ECT, Eric Thode/Corp/Enron@ENRON
		 cc:
		 Subject: Project 20/20 Press Release

This needs immediate attention.  They would like to release on wed.  My
concern is including the price.

Mark
---------------------- Forwarded by Mark Whitt/DEN/ECT on 08/21/2000 09:31 AM
---------------------------

Martha Sumner-Kenney
08/18/2000 04:54 PM
To: Jerry Peters/NPNG/Enron@ENRON, Janet Place/NPNG/Enron@ENRON, Robert
Hill/NPNG/Enron@ENRON, Paul Miller/NPNG/Enron@ENRON, Greg
Schlender/NPNG/Enron@ENRON, Ellen Konsdorf/NPNG/Enron@ENRON, Patricia
Wiederholt/NPNG/Enron@ENRON, Gaye Lynn Schaffart/NPNG/Enron@Enron, Beth
Jensen/NPNG/Enron@ENRON, Larry DeRoin/NPNG/Enron@ENRON, Bill
Cordes/ET&S/Enron@ENRON, Scott Vonderheide/Corp/Enron@ENRON, Paula
Rieker/Corp/Enron@ENRON, Mark Koenig/Corp/Enron@ENRON, Stanley
Horton/Corp/Enron@Enron, Hardie Davis/Corp/Enron@ENRON, Lisa
Olson/NPNG/Enron@Enron, Brian Bierbach/DEN/ECT@Enron, Mark
Whitt/DEN/ECT@Enron, jim.c.moore@williams.com, cuba.wadlington@williams.com,
mark.c.moench@wgp.twc.com
cc: Cynthia Mayes/NPNG/Enron@ENRON, Connie Alvis/NPNG/Enron@ENRON, Susan
Gensichen/NPNG/Enron@ENRON, Linda Iske/NPNG/Enron@ENRON, Phyllis
Miller/NPNG/Enron@ENRON, Dee Svatos/NPNG/Enron@ENRON, Virginia
O'Neill/ET&S/Enron@Enron, Cindy Stark/Corp/Enron@ENRON, Jean
Mohring/NPNG/Enron@ENRON
Subject: Project 20/20 Press Release

I have attached the above referenced press release for your review and
comments.  Please return your comments to me via email (msumner@enron.com) or
by fax (402) 398-7972 by 4:30 p.m. (CST) on Monday, August 21.  If we don't
hear from you by that time, we will assume you have no comments and proceed
accordingly.

MSK


You expressed interest in ecn's about nine months ago.  Here is the first
coverage initiation inspired deluxe research report on instinet which
recently went public.  If this is no longer of interest to you, feel free to
delete this email.

regards
Mark


Brenda wuld you please fill this out and send to Zal.
---------------------- Forwarded by Elizabeth Sager/HOU/ECT on 11/02/99 09:22
AM ---------------------------

	Enron North America Corp.

	From:  Zal Masani                           11/01/99 05:41 PM

To: Jeffery Ader/HOU/ECT@ECT, Kristin Albrecht/HOU/ECT@ECT, Daniel
Allegretti/HOU/EES@EES, Berney C Aucoin/HOU/ECT@ECT, Fred
Cohagan/HOU/ECT@ECT, James B Fallon/HOU/ECT@ECT, Chris Gaffney/HOU/ECT@ECT,
Vladimir Gorny/HOU/ECT@ECT, Heather Kroll/HOU/ECT@ECT, Carl
Livermore/HOU/ECT@ECT, Ozzie Pagan/HOU/ECT@ECT, Paul H Racicot/HOU/ECT@ECT,
William Reed/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT
cc:
Subject: Contact List

To U.I. Working Group:

I am trying to compile a contact list of all working group members.
In order to do that I will require the following information from each of you.

Phone
Fax
E-mail
Pager
Mobile
Address

Regards

Zal
x37488


This request has been pending approval for  12 days and you are the alternate.  Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000037058&Page=Approval to review and act upon this request.

Request ID          : 000000000037058
Approver            : stinson.gibner@enron.com
Request Create Date : 5/24/01 1:27:34 PM
Requested For       : schiavone.paul@enron.com
Resource Name       : \\enehou\houston\common\Research - [Read/Write]
Resource Type       : Directory


somebody posted a 2000 bmw for sale on the enron message board for $30k.   i
think you should get it.


We have confirmed that there is no current agenda item pending for the CPUC
to act on banning direct access.  Having said that, there are reports from
highly placed staff that an item to implement the AB-1X ban is being held in
Bilas' office, as he would like to see the legislative process run its
course, but there is a possibility that Lynch will reassign the matter to
another commissioner who opposes direct acess (Wood)in an effort to kill DA
before any other legislation is passed.  Please note:  The foregoing is
internal speculation/gossip from within the commission, and should not be
considered as confirmed.  Notwithstanding the controversy over implementing
AB 1X, Commissioner Brown has written a letter to Bowen endorsing direct
access and her bill, and publicly supported direct access in the Commission
meeting today.  That means 3 commissioners have voiced support for DA, and
only 2 opposed.  This again raises doubts over the accuracy of Bowen's
statement--which may have been designed to scare opponents into supporting
her bill.  We are attempting to get a copy of the letter sent by Brown and
will forward it to the lobbyists if we obtaining.  Stay tuned.  Mike Day

-----Original Message-----
From: Scott Govenar [mailto:sgovenar@govadv.com]
Sent: Thursday, May 24, 2001 12:29 PM
To: Hedy Govenar; Mike Day; Bev Hansen; Jeff Dasovich; Susan J Mara;
Paul Kaufman; Michael McDonald; Sandra McCubbin; Rick Shapiro; Jim
Steffes; Alan Comnes; Steven Kean; Karen Denne;
Harry.Kingerski@enron.com; Leslie Lawner; Robert Frank; Ken Smith; Janel
Guerrero; Miyung Buster; Jennifer Thome; Eric Letke; Mary Schoen; David
Leboe; Ban Sharma
Subject: SBX 27 - PASSAGE

SBX2 27 (Bowen) passed out of the Senate Appropriations Committee on a
7-5 party-line vote.  In her closing, Senator Bowen said that if the
supporters of direct access do not want to help her with her bill she
would just as soon let if fail.  She also stated that the CPUC was going
to terminate direct access next week.  There was one additional
amendment taken which specifies that DWR must inform customers within 30
days of an inquiry what the projected exit fee will be.


Lynn,

Thanks a lot. I appreciate the information I am receiving from you.

Vince Kaminski

"Lynn Sieben" <Lynn_Sieben@carrfut.com> on 03/21/2000 12:30:59 PM
To: "Lynn Sieben" <Lynn_Sieben@carrfut.com>
cc:  (bcc: Vince J Kaminski/HOU/ECT)
Subject: Agency Futures

I wanted to pass along our latest research note to you.  The topic is the
new agency futures contracts.  Open the .pdf file to read it.  The .xls
file contains the daily report that we will be releasing on our web page
that will enable the user to analyze the basis for richness-cheapness of
the contracts or to create the DV01s to figure hedge ratios.
(See attached file: AgencyFutures.pdf)(See attached file: AgencyPrint.xls)

 - AgencyFutures.pdf
 - AgencyPrint.xls


FYI
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15:58:33 -0500
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X-Mailer: Novell GroupWise Internet Agent 5.5.4.1
Date: Mon, 23 Jul 2001 16:54:44 -0400
From: "Jeffrey Sherman" <JSherman@skadden.com>
To: <dshaffer@akllp.com>,<kminesinger@akllp.com>, <imoreno@BCJLaw.com>,
<rrich@bracepatt.com>, <jhmcgrew@brudergentile.com>,
<jmmarcoux@brudergentile.com>, <jab@cpuc.ca.gov>,
<daniel.collins@elpaso.com>, <greg.jones@elpaso.com>,
<judy.heineman@elpaso.com>, <mark.cook@elpaso.com>,
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<jmoriarty@fw-law.com>, <kbedwards@gkrse-law.com>, <jfagan@hewm.com>,
<PMohler@hewm.com>, <DLBeresford@HHLAW.com>, <GSterling@HHLAW.com>,
<bjost@huberlaw.com>, <dhuard@manatt.com>, <jgregg@mbolaw.com>,
<lochsenhirt@mbolaw.com>, <dmcwash@mshpc.com>, <frl3@pge.com>,
<sandrar@prestongates.com>, <GBaker@Sempra.com>, <wlansinger@Sempra.com>,
"Doug Robinson" <DROBINSO@skadden.com>, "Gerald Richman"
<GRICHMAN@skadden.com>, "Jeffrey Sherman" <JSherman@skadden.com>, "William
Scherman" <WSCHERMA@skadden.com>, <ryspeed-bost@verner.com>
Subject: RP00-241-000
Mime-Version: 1.0
Content-Type: multipart/mixed; boundary="=_E1BB8B60.24458160"

Attached is the rebuttal testimony of Mark. T. Mitchell and cover letter
being filed today on behalf of El Paso Merchant Energy, L.P. at the Federal
Energy Regulatory Commission.

Hard copies are being served to all parties.

 - was1_358403_1.pdf
 - was1_357785_1.pdf


We need to ensure that any Brokers (TrueQuote's own included) have no access
to transactions entered into by Enron with other counterparties.  Also no
access to the information behind the prices that isn't available to others
using the website (ie stacks etc).  This would also apply to all of the
others in fact I don't think we have restricted this in terms of the price/
volume information available to other equity players in the site.

Louise


Did our $MM Supreme Court attorneys have any heartburn?

Jim

 -----Original Message-----
From: 	Hawkins, Bernadette
Sent:	Monday, August 20, 2001 11:16 AM
To:	Hartsoe, Joe; Steffes, James D.
Subject:	From Sarah

Sarah Novosel asked me to re-send this document.


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

Owner: Beth W Apollo
Report Name: General Expenses - Sept & Oct
Days In Mgr. Queue: 4

Owner: Kevin G Sweeney
Report Name: 11/09/2001
Days In Mgr. Queue: 4


Let me know what curve the following deals are being marked against.

Deal  Comment
709610  IF buy from Spinn
 646513  Z2 wh to St 45
709620  IF sell at St 45

709703  Z2 Wh IF buy
637093  Z2 wh to St 45
709704  If sell at St45
709706  GD buy at St 45
646529  Z2 wh to St 65
709708  GD sell at St 65

710458  Buy at Utos
726967  Utos to St 65
726064  Sell at ST 65

709722  Z3 wh buy at IF
637107  Z3 to St 65
709723  IF sell at St 65


The DOE order requiring gas suppliers to supply gas to PG&E expires at 3:00
a.m. EST on February 7.  In view of the DOE warnings that the order will not
be extended, PG&E has received permission from the CPUC to grant to certain
gas suppliers a security interest in certain of its receivables, and a draft
security agreement and other documents were circulated over the weekend.
Here is a summary of the proposal and associated risks:

Summary of Proposal:

The security interest will be granted only to those gas suppliers that
execute the security agreement.  If we don't sign the agreement, we will
remain unsecured (there are reasons to refuse to sign -- see below).
PG&E is granting  a security interest in core customer receivables, and will
also grant a security interest in its natural gas inventory designated for
core customers if the value of its A/R falls below the amount owed to gas
suppliers.  PG&E's figures indicate receivables in excess of payables for
each of October, November, and December, with $491 million in receivables and
$329 million in payables in December.
However, the security interest is subject to the prior lien of its First
Mortgage Indenture, under which approximately $3 billion is outstanding (not
currently in default).  PG&E believes the total collateral available to
creditors under that Indenture is from $12 to $30 billion, and that creditors
under that Indenture would be required to "marshal" assets in the event they
foreclosed on their security (meaning that a court would require those
creditors, who have ample access to security other than these receivables,
would be required to go against that other collateral and leave the security
for the gas suppliers alone).
U.S. Trust Company will act as collateral agent (essentially, a trustee).
The security interest is in place until April 30 (per the CPUC order); PG&E
could seek an extension of the CPUC order if necessary.
The collateral secures obligations for future deliveries only (the collateral
will not secure PG&E's payment obligations for past supplies).
Suppliers executing the security agreement are committing to "negotiate in
good faith" to sell natural gas to PG&E on "market" terms; a refusal to sell
to PG&E on market terms presumably places a supplier in default of the
security agreement, and the supplier would loses the benefit of the
collateral.
For as long as the security agreement is in force, suppliers executing the
security agreement are required to waive provisions in their existing supply
agreements permitting them (i) to suspend performance on account of PG&E's
failure to demand additional performance assurance, (ii) to demand payment or
parent company guarantees, (iii) to declare a default under, terminate or
suspend performance under, its supply agreement in the event of a bankruptcy,
insolvency, appointment of liquidator, or failure to pay debts as the become
due (no supplier is required to waive rights with respect to deliveries prior
to the date of the security agreement).
PG&E will be required to deliver weekly reports on the value of its
receivables at the end of the preceding week.

Risks:

Essentially, Enron's choice is (A) execute the security agreement, get the
benefit of the security for future deliveries under existing commitments and
any new deals we enter into, and subject ourselves to restrictions on our
ability to refuse new deals or to exercise our rights under existing
commitments, or (B) refuse to execute the agreement and remain unsecured, yet
free of the restrictions and limits that the agreement will place upon us.

If we sign the agreement, we will be a secured creditor to the extent of
PG&E's obligations covered by this agreement.  If not, we will be an
unsecured creditor, potentially behind all of the suppliers that did sign the
agreement.  This is assuming that this arrangement survives any bankruptcy of
PG&E (it's reasonable to assume that it will).
Signing the security agreement does give Enron security for PG&E's payment
for future deliveries of gas under existing contracts.  Should Enron decide
to enter into new deals for additional volumes, PG&E's payment obligations
would also be secured.  However, Enron will be required to negotiate in good
faith to supply PG&E on market terms; PG&E has stated that this means that
Enron will have to supply PG&E in a manner consistent with our dealings with
PG&E over the past year.  This probably requires Enron to enter into new
deals, and means that Enron will not have complete discretion in deciding
whether to enter into new deals if Enron wants to keep the benefit of the
collateral (if Enron refuses to enter into a new deal with PG&E, PG&E may
have cause to terminate the security agreement as to Enron).
The security agreement requires Enron to waive certain rights under its
supplier agreements, including the right to declare a default upon a PG&E
bankruptcy, as long as the security agreement is in place.  This could limit
our flexibility to deal with our overall exposure to PG&E across contracts
and affiliates in the event of a "meltdown".
There can be no guarantee that the courts would require the creditors under
the First Mortgage Bond to marshal assets; this means that suppliers signing
the security agreement may still end up subordinated to those creditors.
The security agreement is governed by California law, and suppliers are
required to submit to the jurisdiction of California courts.  This means any
dispute under these agreements will be decided by a California judge.

Please call me at X31575 if you have any questions.

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3817
Houston Texas 77002
Phone:  (713) 853-1575
Fax: (713) 646-3490


ACCOMPLISHMENTS:

Since joining the Enron Real Time Group in January, I feel that I have become a valuable, knowledgeable member of the Team.  I consistently show a willingness to learn and take on new responsibilities, whether it be training new members of the group or developing new ideas.

I have learned all the major responsibilities in a short period of time which include cut management, balancing reports, and taking responsible and favorable risk to reward opportunities.

I participate in all extracurricular activities such as onsite training to further my knowledge of the power trading business.

I have demonstrated the ability to keep a two-way market on both the bloomberg and the APX Trading Platforms.

I have learned all the major and some minor transmission points and have demonstrated my ability to wheel power around the WSCC grid.

I feel my leadership abilities have helped the newer members of the group learn their duties by following my example in every day tasks.

I have built a good rapport with most of the cash and term trading members, and support staff.  This includes taking time to understand how my job affects others.

I know all the functions of Enpower.

I know to schedule transmission on all the Oasis websites.

I know how to tag on a real time basis and am ready for the implementation of no-tag, no-flow.

I know how to schedule power on CAPS and CISO WORKSPACE.

GOALS:

Become more effective at trading power and eventually earn a trading position with Cash or Term.

Have a zero tolerance for errors in my daily work which includes note taking, empower, and cut management.

Become manager of Real Time Group in 6 mos. to 1 year.

Learn more about the fundamentals web site (ie.reading transmission constraints, weather reports, etc.)

Join the Analyst pool.


If you haven't filed yet - the reference should be to gas logistics and not market services.  Thanks

 -----Original Message-----
From: 	Paschal, Zelda   On Behalf Of Lokey, Teb
Sent:	Wednesday, October 03, 2001 3:28 PM
To:	McCoppin, Dorothy; King Jr., Frazier; Corman, Shelley; Hartsoe, Joe; Kilmer III, Robert; Brown, Elizabeth; Dietz, Rick
Subject:	Response to FERC on Electronic Contracting

Per Teb, two changes were made.  Change date and at end of letter "without condition" was eliminated.  Please review.

 << File: 0460.doc >>


Isabel and Greg,

I'm having a logistical problem.  The only managing director of Salmon is not
in the office today.  I can have the membership certificates signed by (1) a
vice president or (1)  the managing member or (3) elect a new managing
director.  What's your preference?

Kay


We are taking a poll on how you like the messaging board system.  Please
reply to this email if you have signed on to it and let me know your thoughts
about it.

Thank you,
Amanda Huble
Ext: 34384


We have looked into the issue of whether Enron should be able to keep the
merger credits or whether they must be passed through to the customer.

The Commission decision (D. 98-03-073) which approved the merger and
directed SDG&E and SoCalGas to share the merger savings with "each" of their
customers through annual bill credits does not directly mention direct
access customers or how (or if) those credits must be passed through to DA
customers by their ESP.  The intent of the Commission's directive appears to
be that all of SDG&E's and SoCalGas' customers  share in the savings.

In the advice letter filed by SDG&E to implement the credits, it states,
with respect to residential customers, that they will receive a fixed amount
"per active meter".  An active meter is defined as that receiving service on
the day a one-time scan of the customer data base is performed.  With
respect to non-residential, the bill credit is based on billed them and Kwh
usage.  SDG&E states very specifically with respect to non-residentials that
"a  customer's bill credit will not be affected should the customer opt for
direct access."

Given the ambiguity in the Commission's decision, and the fact that SDG&E
made no specific directive with respect to how the credit should be handled
for residential DA customers, an argument could be made that the ESP should
be allowed to keep the credit.  However, given the current political
environment down in San Diego, we do not believe that keeping the credit,
rather than passing it through to the residential consumers, is in the long
term interest of Enron.

Jeanne Bennett


----- Forwarded by Mark Taylor/HOU/ECT on 05/31/2001 11:57 AM -----

	Mark Taylor
	05/24/2001 03:02 PM

		 To: raislerk@sullcrom.com
		 cc:
		 Subject: Limit Order Brochure & Help Text for Review

Here is the first draft from the EnronOnline folks.
----- Forwarded by Mark Taylor/HOU/ECT on 05/24/2001 03:01 PM -----

	Erica Bess/ENRON@enronXgate
	05/24/2001 02:40 PM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc: Kal Shah/ENRON@enronXgate
		 Subject: Brochure & Help Text for Review

Mark -

The attached files contain the text to be reviewed. The Limit Order Brochure
Text is for the printed piece that will be mailed to EnronOnline users; the
Online Help is accessed from the Submission window, during the transaction
process.

Regards,
Erica


Absolutely.

From: Sheila Tweed@ECT on 05/15/2001 06:02 PM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Override letter

Good point!  Can Peter start to draft an override letter?

	Kay Mann@ENRON
	05/15/2001 05:55 PM

		 To: pthompson@akllp.com
		 cc: Sheila Tweed/HOU/ECT@ECT, Roseann Engeldorf/Enron@EnronXGate, Scott
Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, John G
Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: Override letter

As a reminder to all of us, we will need a form override letter to go with
the form turbine contract.

Kay


SHEA DUGGER of I2 TECHNOLOGIES, INC sent Kenneth L. Lay of Enron Corporation
a Priority Overnight FedEx Envelope.

This shipment is scheduled to be sent on 31OCT00.

The tracking number is 790388683062.

To track this shipment online click on the following link:
http://www.fedex.com/cgi-bin/tracking?tracknumbers=790388683062&action=track&l
anguage=english&cntry_code=us

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

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FedEx has not validated the authenticity of any email address.


Lucky you!!!!!!!!!!

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

	Kaye Ellis
	02/02/2001 08:51 AM

		 To: sstack@enron.com@ECT, Sara Shackleton/HOU/ECT@ECT, Peggy
Banczak/HOU/ECT@ECT, Debra Perlingiere/HOU/ECT@ECT
		 cc:
		 Subject: Off-Site for Administrative Assistants - EWS Legal

Looks like I will be out of the office next Friday afternoon.
----- Forwarded by Kaye Ellis/HOU/ECT on 02/02/2001 08:50 AM -----

	Janette Elbertson
	02/01/2001 07:15 PM

		 To: Suzanne Adams/HOU/ECT@ECT, Kaye Ellis/HOU/ECT@ECT, Pat
Radford/HOU/ECT@ECT, Becky Spencer/HOU/ECT@ECT, Brenda Whitehead/HOU/ECT@ECT,
Connie Castillo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Margaret
Doucette/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Holly
Keiser/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Taffy Milligan/HOU/ECT@ECT, Sheri
L Cromwell/HOU/ECT@ECT, Carolyn George/Corp/Enron@ENRON, Linda J
Simmons/HOU/ECT@ECT, Dina Snow/Corp/Enron@Enron, Twanda Sweet/HOU/ECT@ECT
		 cc:
		 Subject: Off-Site for Administrative Assistants - EWS Legal

The Half Day of Beauty spa arrangements have been confirmed.  As mentioned in
my earlier e-mail, you will need to arrive at Tova's by 12:00 Noon on your
scheduled day.  Please plan on leaving the office at 11:30 AM.  Arrangements
will be made to have a temporary fill in at your desk for the afternoon.
Tova's address is:  1409 South Post Oak Lane (next to the original Post Oak
Grill).  You will receive lunch, manicure, pedicure, full body massage, and
facial.  The gratuity has already been taken care of so you do not need to
tip.

You are scheduled as follows:

Friday, February 9  Friday, February 16 Friday, March 2  Friday, March 16
Suzanne Adams  Connie Castillo  Carolyn George  Sheri Cromwell
Kaye Ellis  Margaret Doucette  Linda Simmons
Pat Radford  Holly Keiser  Dina Snow
Becky Spencer  Taffy Milligan  Twanda Sweet
Brenda Whitehead

Relax and enjoy!

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


-----Original Appointment-----
From: 	Snow, Dina
Sent:	Thursday, January 10, 2002 1:23 PM
To:	Snow, Dina; Zisman, Stuart; Miller, Don (Asset Mktg); Curry, Randall
Subject:	Bridgeline
When:	Friday, January 11, 2002 9:00 AM-10:00 AM (GMT-06:00) Central Time (US & Canada).
Where:	ECS 05118


Here is an excerpt from the latest AEP Press Release:

AMERICAN ELECTRIC POWER DECLARES
QUARTERLY DIVIDEND ON COMMON STOCK

The Board of Directors of American Electric Power Co. (NYSE: AEP) today declared a regular quarterly cash dividend of 60 cents a share on the company's common stock.

View the entire story at http://www.aep.com/default.asp?ID=858

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