-----Original Message-----
From: 	Atwood, Mechelle
Sent:	Friday, May 04, 2001 3:01 PM
To:	Hodges, Georganne; Myers, Thomas; Killen, Faith; Ueckert, Allen W.
Cc:	Colwell, Wes; 'john.j.boudreaux@andersen.com'; 'kate.e.agnew@us.andersen.com'; Mendez, Nicole
Subject:	Financial Operations Audit Notification

The Financial Operations Audit is scheduled to begin May 11, 2001 and is expected to take approximately one month to complete.  The audit will be executed by Arthur Andersen and led by Kate Agnew.

We will schedule an opening meeting with you the week of May 7, 2001 to discuss audit scope and any concerns or suggestions you may have.

The objective of the audit will be to determine whether procedures and controls exercised over activities are adequate and operating effectively.

Results of the audit will be discussed with you and other appropriate personnel both during the audit and at the audit closing meeting.

We will endeavor to conduct this audit in a manner that will minimize interruption of your normal business activities and we look forward to working with you and your personnel. Please call me at x5-4554 if have any questions.

Mechelle Atwood
Director, Enron Assurance Services
Enron Wholesale Services
713.345.4554; Location:  EB2383
Mechelle.Atwood@enron.com


Mike still has about 6 deals to put in, and those are two of them. It should
just be a minute.

I'm killing a deal right now so my deal entry is tied up - who's the trader
on 541368?

Kerri Thompson@ENRON
03/08/2001 01:44 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: natsource checkout

541368
broker has coral for the cp

missing deals for mike:

buy idaho
Q3
25 mw
280.00
mid c
light load

sell aep
Q3
25 mw
290.00
mid c
light load


Several employees have asked about the exercise policy on stock options.
Specifically, they want to know what the exercise policy is on i) termination
eg as a result of the prc process, ii) voluntary departure, iii) retirement,
or iv)resignation; and to what extent do the rules vary across plans: i)
AESOP, LTIP, deferred bonus etc.  The main focus is on the length of time to
exercise.  I am concerned that there may be some odd incentives in the
structure -- eg are severed employees allowed more time to exercise than
employees who just leave voluntarily ( ie if you want to have a full three
years to exercise options are you better off becoming a performance issue and
getting severed than you would be if you simply left the company?


Frank,

Great idea. I think it will be an opportunity to brainstorm about the problem.

Vince

"Francis X. Diebold" <fdiebold@sas.upenn.edu> on 11/06/2000 04:08:26 PM
To: Vince.J.Kaminski@enron.com
cc:
Subject: Re: Your visit to Enron

Vince,
Now that's an interesting idea -- the problem is that I don't really HAVE any
work yet, as I am just now beginning!  But yes, why don't I put a talk
together
as to what I'm thinking about, why it's important, why existing methods may be
inadequate, and how I think econometricians can contribute.  Does that sound
ok?
F.

Vince.J.Kaminski@enron.com wrote:

> Frank,
>
> Thanks a lot. Are you planning to make a general presentation on your work
> in the weather area? If this is the case, I would
> invite to our lunch meeting the traders from the Weather Derivatives
> desk.
>
> Vince
>
> "Francis X. Diebold" <fdiebold@sas.upenn.edu> on 11/04/2000 08:47:41 AM
>
> To:   Shirley.Crenshaw@enron.com
> cc:   Vince Kaminski <vkamins@enron.com>
> Subject:  Re: Your visit to Enron
>
> Shirley,
>
> The 21st is perfect.  I will go ahead and purchase my plane tickets.  Would
> you
> please make me a hotel reservation for the night of the 21st?
>
> Many thanks,
>
> Frank Diebold
>
> Shirley.Crenshaw@enron.com wrote:
>
> > Good morning Professor Diebold:
> >
> > I am Vince Kaminski's assistant and he has forwarded your emails to me
> > for scheduling purpose.  Unfortunately, we have a conflict on December
> > 14th.  Can you possibly come on the 21st?
> >
> > I hope you have not already made your reservations.  If I can do anything
> > to assist you, please let me know.
> >
> > Best regards,
> >
> > Shirley Crenshaw
> > Administrative Coordinator
> > Enron Research Group
> > 713-853-5290
> >
> > ---------------------- Forwarded by Shirley Crenshaw/HOU/ECT on
> 11/03/2000
> > 09:29 AM ---------------------------
> >
> > Vince J Kaminski
> > 11/02/2000 04:30 PM
> >
> > To:   "Francis X. Diebold" <fdiebold@sas.upenn.edu> @ ENRON
> > cc:   Vince J Kaminski/HOU/ECT@ECT, Shirley Crenshaw/HOU/ECT@ECT
> > Subject:  Re: visit?  (Document link: Shirley Crenshaw)
> >
> > Frank,
> >
> > Dec 14   would be  better for us. We have already scheduled
> > an internal presentation on December 7.  Please, go ahead and make a
> > reservation.
> > The best place to stay is Hyatt Regency Downtown or Doubletree Downtown
> > (within a walking distance to Enron). It is important to specify the
> > downtown
> > location for both hotels.
> >
> > Vince
> >
> > "Francis X. Diebold" <fdiebold@sas.upenn.edu> on 11/02/2000 03:00:49 PM
> >
> > To:   Vince.J.Kaminski@enron.com
> > cc:
> > Subject:  Re: visit?
> >
> > Sounds good, Vince.  How about Dec 7?  The roundtrip coach fare,
> regardless
> > of
> > airline, is about $1900.  I hope that won't break the bank.  Once I have
> > your
> > approval, I'll go ahead and book it.  Best, Frank
> >
> > Vince.J.Kaminski@enron.com wrote:
> >
> > > Frank,
> > >
> > > Yes, I would be very interested in meeting with you in Houston in
> > December.
> > > The best day for visit would be Thursday when my group has a lunch
> > meeting
> > > and you could meet the rest of the research unit.
> > >
> > > Please, let me know what day would work for you. We shall be very glad
> to
> > > cover the cost of your trip.
> > >
> > > Vince
> > >
> > > I
> > >
> > > "Francis X. Diebold" <fdiebold@sas.upenn.edu> on 10/31/2000 01:01:11 PM
> > >
> > > To:   Vince Kaminski <vkamins@enron.com>
> > > cc:
> > > Subject:  visit?
> > >
> > > Hi Vince,
> > > Are you still interested in my visiting for a day, perhaps in Dec or
> > > Jan?  I have begun a project on unobserved-components modeling of
> > > weather patterns, so it would be productive and fun to compare notes.
> > > Best,
> > > Frank
> > >
> > > --
> > > Francis X. Diebold
> > > WP Carey Professor
> > >
> > > Department of Economics
> > > University of Pennsylvania
> > > 3718 Locust Walk
> > > Philadelphia, PA 19104-6297
> > >
> > > fdiebold@sas.upenn.edu
> > > http://www.ssc.upenn.edu/~diebold
> > >
> > > (215) 898-1507  telephone
> > > (215) 573-4217  fax
> >
> > --
> > Francis X. Diebold
> > WP Carey Professor
> >
> > Department of Economics
> > University of Pennsylvania
> > 3718 Locust Walk
> > Philadelphia, PA 19104-6297
> >
> > fdiebold@sas.upenn.edu
> > http://www.ssc.upenn.edu/~diebold
> >
> > (215) 898-1507  telephone
> > (215) 573-4217  fax
>
> --
> Francis X. Diebold
> WP Carey Professor
>
> Department of Economics
> University of Pennsylvania
> 3718 Locust Walk
> Philadelphia, PA 19104-6297
>
> fdiebold@sas.upenn.edu
> http://www.ssc.upenn.edu/~diebold
>
> (215) 898-1507  telephone
> (215) 573-4217  fax

--
Francis X. Diebold
WP Carey Professor

Department of Economics
University of Pennsylvania
3718 Locust Walk
Philadelphia, PA 19104-6297

fdiebold@sas.upenn.edu
http://www.ssc.upenn.edu/~diebold

(215) 898-1507  telephone
(215) 573-4217  fax


Don
Did you manage to re-enable my IT access for a couple of days?
Regards
Dave
home    (713) 526 4067
Mobile (713) 598 8785


No wonder the SEC is able to get good recruiting classes.

http://www.gomemphis.com/newca/011001/means.htm


To register your Palm Computingc organizer electronically, you must have an
Internet connection or a modem connected to your computer.

Or if you prefer, you can fill out and send the mail-in registration card
included in your Palm Computing package.

Special rewards only for registered users:

-FREE software programs *
-FREE technical support **
-Upgrade information
-Important updates

* For a complete list of free software, go to www.palm.com/eregdownload
** Subject to change without notice


---------------------- Forwarded by Scott Neal/HOU/ECT on 06/29/2000 04:25 PM
---------------------------

"Conrad Neal" <cneal@bc-arch.com> on 06/29/2000 02:57:58 PM
Please respond to <cneal@bc-arch.com>
To: "'Bill Neal'" <billnealmd@hotmail.com>, "'John Neal'"
<muddywaters@hubserv.com>, "'Randy Porter'" <service@hotdodge.com>, "'Scott
Neal'" <sneal@enron.com>, "'Todd Neal'" <todd.neal@chron.com>, "'Stephanie
Porter'" <stephanie.porter@compaq.com>
cc: "'Conrad home'" <fcn111@earthlink.net>
Subject: Nancy and Conrad's Vacation

We are going on vacation starting tomarrow and our schedule is as follows:

6/30/00 and 7/1/00 New Orleans (Hampton Inn Metairie 504-831-7676)

7/2/00 Biloxi,MS (Hampton Inn Ocean Springs 228-872-6370)

7/3/00 and 7/4/00 Destin,FL ( Hampton Inn Mary Esther 850-243-7700)

7/5/00 Hattiesburg, MS (Hampton Inn 601-264-8080)

7/6/00 Natchez,MS (Comfort Inn 601-485-4646)

7/7/00 Layfayette, LA (Hampton Inn 337-236-6161)

7/8/00 HOME

Hopefully no one will need us, but just in case you will know where we are!

Conrad
 - winmail.dat


They are both: doomat!1

Denise Williams
06/28/2002 03:48 PM
To: GE_Benefits
cc:

Subject: Tehachapi Only - Desktop and Dell laptop Users

We will be working this weekend to coreload as many machines as we possibly
can.  Please send me your network and lotus notes password.  If we do not
have your passwords, I will reset them to password.  We will start with the
South facility, and if all goes well, proceed to the north.  Please leave
your machine logged on.  NOTE:  If you are an Expedition user, we can not
load your machine yet, as the current version of Expedition does not run
properly on Windows 2000.  A new version of Expedition will be installed on
July 8.

--D


Mark:

Here is the org  chart; however, it occurred to me Cheryl Nelson is not
listed under your group.  Also, Eddie Daniels started in Lance's group
yesterday and Andy Edison is supposed to start December 27th.

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


Gentlemen-

 Please verify the language in the attached document, make any necessary
changes and return to me.

Thanks,

DMM


---------------------- Forwarded by Chris Dorland/CAL/ECT on 06/29/2000 02:53
PM ---------------------------

Derek Davies
06/29/2000 09:25 AM
To: Chris Dorland/CAL/ECT@ECT
cc:
Subject: Fishin

---------------------- Forwarded by Derek Davies/CAL/ECT on 06/29/2000 09:25
AM ---------------------------

Howard Sangwine
06/12/2000 05:55 PM
To: Derek Davies/CAL/ECT@ECT, Ulf Ek/LON/ECT@ECT
cc:
Subject: Fishin

You need sound ability with this one......

lew <<fishin.exe>>

 - fishin.exe


I have asked that you be placed on the distribution list--the system is down,
or I would attach copies of the other documents; however, we expect new
drafts from A&K tonight and I do not think it would be profitable for you to
review the drafts we have of the other documents, unless you have a lot of
free time on your hands (which I doubt).

Sara Shackleton@ECT
12/16/99 04:09 PM
To: Joel Ephross/Corp/Enron@ENRON
cc:

Subject: Blackbird

Please make sure that I am on the distribution list for ALL documentation.  I
only have the swap confirm/schedule.  Thanks.  Sara


I have a very early appointment in the Med Center for tests in the morning.
I expect to be in the office no later than 10:00.

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 David M Gagliardi/TTG/HouInd on
06/29/2000 09:58 AM ---------------------------

"Michael Gagliardi" <mggagliardi@duke-energy.com> on 06/29/2000 07:04:07 AM

To:   Bobandit@lcc.net, DGagliardi@reliantenergy.com, David_Ricks@GSDM.com
cc:

Subject:  True Orange Fax/E-Mail #60

---------------------- Forwarded by Michael
Gagliardi/Hou-ComOps/EnergyTrading/PEC on 06/29/2000 07:12 AM
---------------------------

TruOrange@aol.com on 06/28/2000 08:04:03 PM

To:   TruOrange@aol.com
cc:    (bcc: Michael Gagliardi/Hou-ComOps/EnergyTrading/PEC)
Subject:  True Orange Fax/E-Mail #60

True Orange Fax/E-Mail Service
Volume 8, Fax/E-Mail #60, Wednesday, June 28, 2000
Jerry Scarbrough's True Orange, P. O. Box 26530, Austin, Texas 78755 -
Phone
512-795-8536

QB-Athlete Kendal Briles Becomes Horns' 10th Commitment

No other state has  two players who produced almost 8,000 yards and nearly
100 touchdowns between them  last season, but Texas does, and UT has picked
up a commitment from one of them and has a good chance to get a pledge from
the other one this weekend.
QB Kendal Briles, 5-10, 175, 4.5, of Wollforth Frenship, said he called
coach
Mack Brown late Tuesday and told him he wanted to play for the Longhorns.
Briles led Stephenville to the Class 4A State Championship last year, but
moved to the Lubbock area when his father, Art Briles, who coached
Stephenville to three perfect 16-0 seasons and state titles in the '90s,
took
an assistant coaching job at Texas Tech.
"I called coach Brown last night and told him I was committing," Briles
said.
"I have always liked Texas. They have a great academic reputation and I'm
excited about playing for the Longhorns."
Briles was the Class 4A offensive player of the year and it is easy to
understand why when you look at his statistics. All he did last year
offensively was complete 207 of 356 passes for 3,115 yards and 28
touchdowns
and use his quick feet to run for 1,331 more yards and 16 more TDs. That's
an
incredible 4,446 yards of offense and an equally incredible 44 touchdowns.
The other half of that prolific duo is RB Cedric Benson, 5-11, 195, 4.4, of
Midland Lee, who ran for a Class 5A record 3,526 yards and another record
51
touchdowns last season in leading the Rebels to their second straight State
Championship.
Benson is flying to Austin Saturday  with his mother to meet with the UT
coaches. He is a long-time UT fan who says he wants to commit to a college
this summer so he can concentrate on his upcoming senior season.
I asked him if he will commit to Texas this weekend. He replied, "Maybe.
We'll see."
Benson also told me he runs a consistent 4.4 40 on grass and has run a 4.3
on
a track.
When you add their junior statistics, it comes out to 7,972 yards and 95
touchdowns. I don't think there have ever been two players in the Texas
high
school ranks, even in six-man footballs, where yardage and touchdowns are
the
name of the game, who have ever had offensive totals like that in a single
season. Class 5A and Class 4A include the largest schools in Texas, and
seasons like they had as juniors never happen  in those classifications.
Benson rushed for more than 2,000 yards his sophomore year in Lee's 15-1
championship season and led the Rebels to a perfect 16-0 season in 1999.
Briles, who became the Longhorns' 10th early commitment, turned down an
offer
to be an option quarterback at Nebraska to be a safety at Texas. He
attended
summer camps at both schools before selecting the Longhorns. It was a wise
choice if he wants a chance to play in the NFL. There are some starting
5-10
defensive backs in the NFL, but there are no starting 5-10 quarterbacks.
The Longhorns other commitments include MLB Yamil Lebron of Killeen
Ellison,
OLs Mike Garcia of Galena Park (who switched from A&M to Texas), Jonathan
Scott of Dallas Carter, Abe Robinson of Houston Jersey Village, Roman
Reeves
of Livingston, Will Allen of Houston Cypress Falls and Alfio Randall of
Blinn
JC and DBs Braden Johnson of Euless Trinity and Brian Carter of The
Woodlands.
* * * *
QB Quon Cosby of Mart is another 5-10 signal caller who will move to the
defensive backfield in college. He visited Texas last Wednesday and talked
to
Brown and several UT assistant coaches. He said the Longhorn coaches
offered
him a scholarship and told him they want him to be a cornerback and kick
returner. In leading Mart to the Class 2A state title last year, Cosby
passed
for 1,328 yards and 17 TDs, ran for 1,510 yards and 27 scores and had nine
kick returns for TDs. That's 53 TDs for this explosive young man, who lists
Texas No. 1.
* * * *
UT junior center Chris Mihm was the No. 7 pick in the NBA draft Wednesday
by
the Chicago Bulls, who then swapped him to Cleveland for No. 8 pick Jamal
Crawford of Michigan and an undisclosed amount of money. The Bulls had two
of
the first seven picks in the draft. They had been expected to pick Mihm No.
4, but they went instead for Big 12 Player of the Year Marcus Fizer of Iowa
State. Forward Kenyon Martin of Cincinnati was the No. 1 pick by the New
York
Nets, followed by LSU forward Stromile Swife at No. 2 by the Vancouver
Grizzlies. The Los Angeles Clippers picked third and took East St. Louis
high
school star Darius Miles. Picking fifth, Orlando chose Florida forward Mike
Miller, and Atlanta took DerMarr Johnson, another Cincinnati player, at No.
6.
* * * *
My next fax will be whenever events warrant.
* * * *
The True Orange Fax Service includes  at  least  99 faxes  a year and costs
$99 ($79 by E-Mail). The True Orange Newsletter includes  26 newsletters
and
is published weekly during football season and twice monthly during most of
the other months. It costs $45. Save by subscribing to both for $130 (or
$110
if you take the faxes via E-Mail  or $99 if you take the faxes and
newsletter
via E-Mail). Send check  to address at the top of page. I also  update my
900 number

- 1-900-288-8839
- frequently with recruiting news. My E-Mail
address is: truorange@aol.com


Carey,
 Please review and notify Richard Sanders and me of any necessary changes.
Should the letter be from EnronOnline or Enron North America Corp.?  I will
let Richard put his legalese to the letter before he sends it to Mieco.
Also, let him know if it should be addressed to someone other than
T.J.Sattler.


Hi, Greg!

Mary Cook asked me to contact you regarding locating documents in connection with a couple of prepays.  The first is a prepay (December 13, 1999)  among ENA, Citibank, Barclays, Royal Bank of Scotland and Toronto Dominion.  Is this Yosemite II?  If so, I have copies of the ISDA, swap confirms, etc.  Would you have copies of any other documents, or are there any other documents?  Also, they are looking for documentation in connection with the Corp. prepay for December 2000.  This was among ENA, Toronto Dominion, Credit Suisse First Boston and Morgan Stanley.  Do you happen to have copies of these documents or do you know the project name in case they were prepared here?

Thanks!

Marie


Viacom Drops Blockbuster Split-Off Plan --- Rebound in Video Business
Produces an About-face In Strategy for the Unit
The Wall Street Journal, 03/28/01

Bush Names 2 to Panel Monitoring Energy Markets
The New York Times, 03/28/01

Enron pays Lay $7 million bonus for 'strong' year
Houston Chronicle, 03/28/01

JAPAN: Enron presents power plant plan to Japan govt.
Reuters English News Service, 03/28/01

Enron's Japan Venture Submits Pwr Proj Plan To Local Govt
Dow Jones Energy Service, 03/28/01

Dubai "Desperate" For Gas To Power Its Industries - ENOC
Dow Jones International News, 03/28/01

India: Centre may bar States' direct access to funds
Business Line (The Hindu), 03/28/01

PowerGen, Enron exit race for Vijayanagar project pie, L&T wooed
Business Standard, 03/28/01

Enron foraying into wind power via subsidiary
Business Standard, 03/28/01

Big Rate Hikes
Los Angeles Times, 03/28/01

CEO says Texas in good shape for electricity deregulation
Associated Press Newswires, 03/27/01

Power companies gear up for deregulation pilot program
Associated Press Newswires, 03/27/01

USA: Enron CEO says Calif. rate hike will help.
Reuters English News Service, 03/27/01

USA: Enron rewards Lay with $7 mln bonus.
Reuters English News Service, 03/27/01

Powergen, Innogy Look to Profit From New Power System (Update1)
Bloomberg, 03/27/01

Enron CEO Sees 2001 Revenue at $160 Billion to $170 Billion
Bloomberg, 03/27/01

U.S. Companies Push for Private Lenders to Finance Exports
Bloomberg, 03/27/01

Viacom Drops Blockbuster Split-Off Plan --- Rebound in Video Business
Produces an About-face In Strategy for the Unit
By Martin Peers
Staff Reporter of The Wall Street Journal

03/28/2001
The Wall Street Journal
A3
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -- Viacom Inc. is finally giving up on its long-stalled plan to
split off its Blockbuster Inc. unit, saying that the video-rental giant's
business has turned around so well in the past few years that it wants to
keep it.
For more than a year Viacom has said it was waiting for a recovery in
Blockbuster's stock -- long stalled below its offering price -- before it
went ahead with previously announced plans to split off the remaining 82.3%
of the publicly traded unit. But Viacom now has "no plans" to do the
split-off, Viacom President Mel Karmazin said in an interview. Mr. Karmazin
said the change in Viacom's attitude largely reflects a significant
turnaround in Blockbuster's core video-rental business.
"Blockbuster has been picking up market share and growing the business," Mr.
Karmazin said, adding that Viacom was "very enthusiastic about its future
prospects."
Viacom will formalize its new stance in its 10-K annual report, expected to
be filed with the Securities and Exchange Commission in the next couple of
days.
Viacom's change of mind is likely to spark speculation that the company will
make an offer to buy the 17.7% of Blockbuster stock outstanding that is in
the public's hands, to make it easier to tap the cash now being generated by
the chain. Mr. Karmazin declined to comment on that yesterday.
It is the latest twist in Viacom's long saga with Blockbuster. When Viacom
originally acquired the business in 1994, it hoped it would be a cash cow
that would help pay for the Paramount Communications acquisition that year.
But instead, Blockbuster turned into a problem child, as growth in the video
market ground to a near halt and the unit spent most of its cash on building
new stores. By 1997, it was a drag on Viacom's stock.
But the situation has turned around. Blockbuster's video-rental business is
growing strongly while many of Viacom's advertising-dependent businesses,
especially television and radio, are likely to be affected by the weakening
economy. Blockbuster has been able to grab market share, reflecting fading
competition from other chains and independent stores. It also has scaled back
its store-building plan, so it is generating cash.
Although Viacom started talking about creating a separate stock for
Blockbuster in 1997, it wasn't until August 1999 that Viacom sold a minority
stake in an initial public offering. At the time Viacom planned to unload
within about a year of the IPO its remaining Blockbuster holding by offering
Viacom shareholders a chance to exchange their shares for stock in the
video-rental unit.
But the IPO didn't do as well as expected. With new technologies on the
horizon such as video-on-demand, Blockbuster was seen as vulnerable, and
investors weren't attracted to the stock. Within months of the offering,
Blockbuster stock was trading below the $15-a-share offering price, which
damped Viacom's enthusiasm for proceeding with the rest of the split-off. By
the end of 1999, Viacom said it wouldn't proceed with the split-off unless
Blockbuster's stock price rose above $20.
Blockbuster's stock remains considerably below the $20 mark, meaning that the
unit might not have been fully split off in the near term anyway. And Viacom
could always change its mind if conditions shift again. But for now,
Blockbuster appears to be solidly part of the Viacom family.
Blockbuster stock rallied sharply in the first couple of months of this year,
from around $8 at the end of last year to a high of $15.10 in late February.
Its shares rose six cents to $13.30 as of 4 p.m. yesterday in New York Stock
Exchange composite trading. Salomon Smith Barney analyst David Riedel said
the rally reflected Blockbuster's performance and expectations that it will
report a "phenomenal" first quarter.
Mr. Riedel said he expects Blockbuster to report EBITDA of $582 million this
year, including losses on new media, on revenue of $5.36 billion. Last year
the unit generated EBITDA of $534.8 million on revenue of $4.96 billion. By
comparison, in 1997 Blockbuster had EBITDA of $207.9 million on revenue of
$3.3 billion. EBITDA, often referred to loosely as operating cash flow, is
earnings before interest, taxes, depreciation and amortization.
John Antioco, who took over as chief executive of Blockbuster in mid-1997 and
is credited with overseeing the comeback, said Blockbuster's U.S. market
share has risen to 36% at the end of last year from 26% in 1997. He said the
company expects Blockbuster's share to approach 40% by the end of this year
and to rise to 50% over the next three years.
Meanwhile, the specter that new electronic services would hurt Blockbuster
has faded. Blockbuster's own efforts to roll out a video-on-demand service
with energy concern Enron Corp. were recently terminated, although
Blockbuster says it continues to experiment with VOD.
Business is so strong that Blockbuster now is having to deal with a new
problem: long check-out lines at stores, where in some cases customers have
had to wait for 45 minutes. Mr. Antioco said Blockbuster was working to
relieve capacity problems, noting that the amount of business in the average
Blockbuster store has grown 35% in the past three years.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

National Desk; Section A
Bush Names 2 to Panel Monitoring Energy Markets
By JOSEPH KAHN

03/28/2001
The New York Times
Page 14, Column 2
c. 2001 New York Times Company

WASHINGTON, March 27 -- President Bush named two new commissioners today to
the federal agency that oversees electricity markets, a move that could lead
to a shift in the agency's largely hands-off approach to California's power
crisis.
Mr. Bush named Patrick H. Wood III, head of the Texas Public Utility
Commission and a longtime ally of the president, to fill a vacant seat on the
Federal Energy Regulatory Commission. The president also named Nora M.
Brownell, who serves on the Pennsylvania Public Utilities Commission, to fill
a second open slot on the commission.
Both appointees, who face confirmation by the Senate, are Republicans who
support free markets for natural gas and electricity. But Mr. Wood has said
he believes that the agency needs to do more to ensure well-functioning
energy markets in California and other places or risk seeing deregulation
fail entirely.
''On our best day as regulators, we cannot deliver benefits to customers as
well as a functional market can,'' Mr. Wood said in a statement today, ''but
the market must work right first.''
Mr. Wood, who has overseen the restructuring of the electricity industry in
Texas, supported the imposition of a price cap of $1,000 per megawatt-hour
for wholesale electricity sales there. The measure was designed to ensure
that prices did not spiral out of control in periods of high demand or low
capacity, as they have in California. At times in the last year, wholesale
electricity in California has sold for thousands of dollars per
megawatt-hour.
Mr. Wood also supervised deregulation of telecommunications in Texas, an
effort that earned him a reputation for working to ensure a competitive
market.
Curt Hebert Jr., a fellow Republican who is the federal commission's
chairman, has consistently opposed price caps. Mr. Hebert has contended that
high prices in California reflect supply and demand, not price gouging by
power companies, though he has recently supported his agency's policy to
curtail the highest prices charged during hours of the most acute electricity
shortages.
Many Congressional officials and energy industry lobbyists said they expected
Mr. Bush to name Mr. Wood to replace Mr. Hebert as chairman in the coming
weeks. But his administration took no action on that front today.
''At this time, the makeup and leadership of the commission will stay as it
is,'' said Anne Womack, a White House spokeswoman.
The question of who will lead the agency has led to a political tug-of-war
between the president and the Senate majority leader, Trent Lott, several
Congressional and industry officials said. Mr. Lott has strongly backed Mr.
Hebert, who like the majority leader is from Mississippi.
Mr. Hebert issued a statement welcoming the new commissioners. His spokesman
declined to comment on whether Mr. Hebert expected to stay on as chairman,
calling it speculation.
The appointments come as the low-profile agency has come under heavy pressure
to intervene in California, where wholesale electricity prices have risen
more than tenfold in the last year.
The agency has the mandate to ensure ''just and reasonable'' electricity
prices. But it has wielded its regulatory club with great reluctance, in part
because Mr. Hebert has opposed intervention in the marketplace.
The agency staff has often decided against investigating power generating
companies, though state regulators in California and elsewhere have charged
that companies routinely manipulate experimental auction markets for
electricity.
The agency took its first substantial enforcement action in California
earlier this month, asking generators to justify some of their prices or pay
refunds that could total $124 million for January and February. But one of
the three sitting commissioners and many outside analysts criticized that
action as arbitrary and limited in scope.
Some critics of the agency expressed optimism that Mr. Wood would bring a
fresh perspective.
''Pat Wood has an entirely different approach than Hebert,'' says Mark Cooper
of the Consumer Federation of America, a watchdog group. ''He's committed to
markets, but he is willing to do things to make sure the markets work. He not
just an ideologue.''
He was less supportive of Ms. Brownell, who he said has been ''unwilling to
recognize'' problems in a Pennsylvania electricity restructuring program that
has led to higher prices there.
Energy industry officials said they supported both new appointments. Joseph
Hartsoe, vice president for federal regulatory affairs at the Enron
Corporation, said that under Mr. Wood, Texas did a better job of
restructuring its electricity markets than California has.
He said Mr. Wood's ties to Mr. Bush could give him the credibility to push
through changes to energy markets around the country.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

March 28, 2001
Houston Chronicle
Enron pays Lay $7 million bonus for 'strong' year
Reuters News Service
WASHINGTON -- Electricity and natural gas marketing company Enron Corp.,
coming offan "extremely strong" 2000, rewarded Chairman Kenneth Lay with a 79
percent boost to his bonus, Enron said Tuesday.
Lay's 2000 bonus shot up to $7 million from $3.9 million in 1999, the
Houston-based company said in its annual proxy statement filed with the
Securities and Exchange Commission.
"In recognition of Enron's extremely strong performance during 2000 relative
to recurring after-tax net income and other financial measures, Mr. Lay
received a cash annual incentive award of $7,000,000," the company said.
Lay's base salary last year was $1.3 million, unchanged from 1999.
He also received $7.5 million in restricted stock awards as well as options
for 782,830 shares that could be valued at $35 million if Enron's stock
appreciated 10 percent annually.

JAPAN: Enron presents power plant plan to Japan govt.

03/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

TOKYO, March 28 (Reuters) - U.S.-based Enron Corp on Wednesday presented
plans to build a liquefied natural gas (LNG) fired power plant in northern
Japan, aiming to become the first foreign company to build such a plant in
Japan.
The move brings Enron one step closer to realising its plan to build a power
plant with an initial capacity of two million kilowatts in Aomori prefecture.
"We submitted our basic plan to build the plant to the governor of Aomori
prefecture today in line with last November's announcement," Tatsuro Seguchi,
president of Enron Corp's Japanese affiliate Encom Corp, told a news
conference.
"We are aiming to start construction of the plant in 2004 and start
operations by 2007 since Japan's power market is one of our highest
priorities," he said.
The company still needs to clear several hurdles, including an environmental
assessment.
In November last year, Encom announced it would spend about 20 billion yen
($163.8 million) on the new plant.
Seguchi said, however, that the cost of purchasing land and building
LNG-related facilities was adding up to more than initial estimates.
He said the company now expected to spend far more than 20 billion yen and
possibly over 100 billion yen, but he declined to provide specific figures.
Seguchi said a plant with an initial capacity of two million kilowatts would
require the equivalent of two million tonnes of LNG per year.
The plant, to be built by E Power Corp - a wholly-owned unit of Encom - could
eventually expand capacity to 3-4 million kilowatts if there is enough
demand.
North America's leading buyer and seller of electricity and natural gas set
up Encom Corp in 1999 with leading Japanese firm Orix Corp to look into
entering the market.
Since March last year, non-utility firms have been allowed to sell
electricity to large-lot industrial users, opening up the cozy industry to
newcomers.
Several foreign firms, including U.S. oil major Texaco Inc , and the
Royal/Dutch Shell Group have also said they are keen to gain a foothold.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Enron's Japan Venture Submits Pwr Proj Plan To Local Govt

03/28/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

TOKYO -(Dow Jones)- EnCom Corp. (Japan), a New-York based power venture set
up by Enron Corp. (ENE) of the U.S. and Orix Corp. (IX), said it submitted a
basic plan for a large-scale thermal power project in northern Japan to the
local government of Aomori Prefecture Wednesday.
According to the plan, EnCom plans to build a gas-turbine combined cycle
power plant with an initial capacity of 2,000 megawatts in the Mutsu Ogawara
industrial area in Aomori in the northern part of Japan's main island.
The company also plans to build a liquefied natural gas terminal, including a
sea berth capable of accommodating 135,000-cubic-meter tankers and LNG
storage tanks.
Construction is scheduled to begin in 2004, following an environmental
assessment and approval from relevant authorities, for commercial operation
in 2007 or later.
"We have completed a preliminary study (on the project) that started in
December," said Tatsuro Seguchi, president of EnCom's Tokyo-based
wholly-owned subsidiary, E Power Corp. Seguchi, who was speaking to
reporters, declined to estimate the total cost of the project, which industry
observers say would cost a few hundred billion yen.
The Aomori government reiterated that it welcomes the move by EnCom.
"Building a large power plant that is relatively environmentally-friendly in
the Mutsu Ogawara area would contribute to the economy and employment in the
prefecture," Governor Morio Kimura said.
The proposed project would also help lure enterprises of various kinds to set
up operations in the area, Kimura said in a statement.
However, industry sources say there is a large hurdle for EnCom to clear -
how to secure a massive capacity for power transmission to supply electricity
to customers.
Seguchi said EnCom has made a request to Tohoku Electric Power Co. (J.THE or
9506), a regional power utility serving northern Japan, for leasing its
transmission lines. EnCom is waiting for a reply from Tohoku, he said.
EnCom is considering other sites in Japan on which it may build large-scale
power plants. Candidate sites include Ube in Yamaguchi prefecture, western
Japan, and Fukuoka Prefecture on the southwestern island of Kyushu. - -
28/03/01 10-39G

Up until now, E Power hasn't entered Japan's partially deregulated retail
power market, Seguchi said.
Since Japan opened the retail power market for large-lot high-volume
industrial and commercial users - which represent roughly 30% of total power
demand - to free competition in March 2000, a number of new entrants have
been tapping into the country's Y15 trillion industry.
Seguchi said that other than building its own power stations, E Power is also
in talks with factories to purchase their excess electricity or revamp their
aging small generators for resale of the power. Retail power sales via Enron
Japan Corp., a wholly-owned unit of the Houston-based Enron, is possible, he
added.
In August 1999, the U.S. energy and communications giant Enron and Orix
formed EnCom, in which Enron owns more than 60%, then set up E Power in a bid
to get a foothold in Japan's power industry.
-By Maki Aoto, Dow Jones Newswires; 813-5255-2929; maki.aoto@dowjones.com -0-
28/03/01 10-49G

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Dubai "Desperate" For Gas To Power Its Industries - ENOC

03/28/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

DUBAI -(Dow Jones)- Dubai is "desperate" for natural gas supplies for power
generation and industrial use, Hussain Sultan, group chief executive of the
Emirates National Oil Co., said Wednesday.
Hussain, speaking at an oil and gas conference, said it is "costing a
fortune" for Dubai, the United Arab Emirates' second-largest emirate, to run
its 20,000-megawatt power station with liquid fuels.
Dubai's industrial free port at Jebel Ali and the Dubai Aluminium Co. Ltd.,
which expanded its annual capacity last year to 536,000 metric tons, are in
extremely short supply of gas, said local observers.
Hussain said the recently signed "term sheet agreement" between the U.A.E.
Offsets Group, or UOG, and Qatar Petroleum, to supply 2 billion cubic feet of
gas a day to Abu Dhabi and Dubai, is a step in the right direction.
Three weeks ago, QP and UOG signed a $3.5 billion agreement to export 2 bcf a
day of Qatari natural gas to the U.A.E.
The project, which will be undertaken by Dolphin Energy Ltd. - in which
TotalFinaElf (TOT) and Enron Corp. (ENE) each hold a 24.5% stake - plans to
drill first wells at Qatar's giant offshore North Field in the second half of
2001 and come onstream in early 2005.
About 1-1.5 bcf a day of the gas will be consumed by the al-Taweelah power
plant in Abu Dhabi and the remainder by the Jebel Ali terminal.
Sources told Dow Jones Newswires Wednesday that Abu Dhabi is considering
subsidizing the gas supplied to Dubai by Dolphin. However, comprehensive
pricing and other details of the whole project aren't expected to be
finalized for another few weeks.
-By Dyala Sabbagh, Dow Jones Newswires; 9714 3314260;
dyala.sabbagh@dowjones.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

India: Centre may bar States' direct access to funds

03/28/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

NEW DELHI, March 27. THE Centre is planning to prevent access to funds from
multilateral agencies by State Governments whose financial positions are
precarious.
Further, States will not be allowed to directly negotiate on their own
sectoral loans with the World Bank or any other multilateral institution.
The move is being considered in view of the sudden deterioration in the
finances of several States, including those with a reputation for fiscal
discipline.
Officials here cite the case of Kerala, which is in line for assistance from
the Asian Development Bank (ADB) under the Public Resource Management
Programme. This is a State which has a reasonably sound record at additional
resources mobilisation, but is now facing an unprecedented resource crunch.
Indeed, so acute is the current situation that the State Treasury is only
able to pay salaries to Government employees. There have also been instances
of cheques issued by the State Government bouncing.
Similar is the case of Maharashtra, which till a couple of years ago, was
considered the role model for fiscal rectitude, but whose finances have taken
a severe beating of late, with the Enron payment crisis only accentuating the
situation. "If we have reached a situation where even so-called
well-performing States are on the brink of financial emergency, allowing them
to negotiate loans from multilateral funding agencies on their own is simply
not prudent," the officials added.
States which intend accessing sectoral loans will now have to route their
proposals through a high-level committee constituted recently to monitor the
States Fiscal Reform Facility.
The panel, comprising representatives from the Finance Ministry, Planning
Commission, Reserve Bank of India and State Governments, will essentially be
the 'one-stop shop' for clearing such proposals. Finance Ministry officials
said this was being done to avoid the burden of the repayment of the loans
from falling upon the Central Government, which provides guarantee for
funding from the World Bank and the ADB.
Under the present dispensation, multilateral loans are first routed to the
Centre which, in turn, on-lends them to States. State Governments in effect
cannot access such loans directly.
"However, the practice of allowing States to negotiate directly with funding
agencies often leaves the Centre with no option but to approve such loans as
it virtually becomes a fait accompli," said officials.
They said the Centre had already sounded out the World Bank and other
multilateral agencies on its decision to debar States from entering into
direct negotiations.
Earlier, the Finance Ministry was also planning to harmonise core reform
milestones set out for States by various funding agencies to ensure
monitoring authorities did not work at cross purposes.
Based on the recommendations of the EFC, the Finance Ministry recently
outlined the broad action points for fiscal correction in States encompassing
reforms in the power sector, public sector and budgetary reforms.
States have been given the flexibility to draw up their own medium term
fiscal restructuring policy (MTFRP) based on these action points.
Officials said the Centre now decided to shelve the exercise of harmonisation
of reform milestones with the World Bank and other funding agencies as it
apprehended that such a move could have political ramifications.
Hema Ramakrishnan
Shaji Vikraman

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

PowerGen, Enron exit race for Vijayanagar project pie, L&T wooed
Rajesh Unnikrishnan MUMBAI

03/28/2001
Business Standard
4
Copyright (c) Business Standard

Enron and PowerGen, global power majors, have decided to withdraw their bids
for picking up a 26 per cent stake in the 500 mw Vijayanagar Thermal Power
Project (VTPP).
Following their withdrawal, KPCL has initiated talks with domestic power
equipment giant Larsen & Toubro (L&T) to pick up the stake.
VTPP is promoted by Karnataka Power Corporation (KPCL), the generation arm of
the Karnataka government.
An Enron spokesperson said, "In India, Enron will not make any further
investment till the power sector becomes economically viable". A PowerGen
spokesman said, "We did not submit the bid."
However, PowerGen sources said that the company is pre-qualified but decided
against bidding. The move is in line with the company's decision to get out
of India.
Senior officials with L&T said, "We have initiated talks with KPCL for
picking up a controlling stake in VTPP. Talks are in an advanced stage and an
agreement will be concluded within a month."
L&T does not operate any power project in the country, and is the
engineering, procurement and construction (EPC) contractor for many power
projects in the country.
The cost VTPP is estimated at Rs 2,100 crore with a 75:25 debt-equity ratio.
KPCL is planning to hold a 26 per cent stake in the project. The balance will
be held by the public and financial institutions. If the ongoing talks
materialise, L&T as well as KPCL will have to bring in Rs 136.5 crore each as
equity.
Sources with financial institutions said that if L&T is finalised as the
joint venture partner, it may also be the engineering, procurement,
construction contractor. This might result in L&T picking up a higher stake.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Enron foraying into wind power via subsidiary
Partha Ghosh NEW DELHI

03/28/2001
Business Standard
4
Copyright (c) Business Standard

Enron, the US-based multinational energy and communications major and the
promoter of the naphtha-based Dabhol power project, is making a foray into
wind power in India.
Enron Wind, a group company, has applied to the government seeking approval
to set up a wholly owned subsidiary for assembling, installation, operation
and maintenance of wind turbines and development of wind farms, said sources.
The company has proposed to make an initial investment of $2 million in the
new subsidiary which will be increased subsequently. The proposal will be
considered by the foreign investment promotion board tomorrow, and the
administrative ministry the ministry of non-conventional energy sources has
given its consent, the sources said.
Wind power is not a popular mode of energy generation in the country, and
previous attempts by private players have not been successful. Enron's
initiative in the field will be watched with interest, a government official
said.
The company has an installed wind power generator adjacent to its Dabhol
project in Maharashtra which has been continuously gauging the nature of wind
and the possibilities of using wind as a perennial source of power in the
country.
According to the company's official website, the western coast of the country
has been identified as a possible area of proposed projects. However, the
site map does not have any information on the exact location of the project.
On earlier occasions, companies have tried wind power generation in Tamil
Nadu. The investment in the proposed Indian subsidiary will be made by Enron
Wind GmbH, Germany. The arm will be based in Mumbai, where Enron's main
subsidiary is headquartered.
Enron Wind is one of the largest players in the modern wind power industry.
Over the last few decades, the company has designed and constructed wind
power facilities around the world comprising more than 4,500 wind turbines
and 1,600 mega watts of capacity.
Enron Wind offers wind turbine technology, skilled project development,
creative financing options, accomplished power plant design and engineering,
and experienced and responsive support services.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Metro; Letters Desk
Big Rate Hikes

03/28/2001
Los Angeles Times
Home Edition
B-8
Copyright 2001 / The Times Mirror Company

* The Public Utilities Commission's reasons for the rate hike are a joke
(March 27). It appears that the PUC blames the consumers for the current
power problems and not the greedy power companies or the lame-duck
politicians in Sacramento. Greedy people artificially generate this problem.
Electricity is not a luxury item, but it appears to be becoming one for many
people. This rate hike is another reason for business to stay out of
California or to leave. California has driven many companies out already.
California's economy will suffer and will pay the penalty for this artificial
mess.
ED WOO
Long Beach
*
I have sat back looking at what the electrical system has been deregulated to
in the last five years. Loretta Lynch, president of the PUC, now says we have
to pay over 40% more on our bills. (Cheap power under deregulation.) What
spot is she looking for in Bush's Cabinet? The PUC, state Energy Commission,
FERC and Legislature all have their hands in the pot making it worse by the
day.
The private companies were doing just great until those loud-mouthed consumer
advocates got hold of the public ear and lied through their teeth. The public
better look at what's going on real close so they know whom to vote for next
election.
JOHN KELLY
Yucca Valley
*
Cal-ISO, the independent electrical system operator, has recently released
figures which show that between December 1999 and December 2000 demand for
electricity increased by less than 1%. Our bills have already gone up, and
now the knuckleheads at the PUC are suggesting that we raise rates by 40%!
What are these people doing, and who is representing the interests of the
citizens over the interests of Duke Energy, Reliant Energy, Enron Corp., et
al.? We've been robbed for a year by these gougers, and now they want to
raise our rates so the robbers can reap even bigger profits than the 200% to
500% gains this year? I smell a revolution coming.
BRYAN HAYS
Saugus
*
Re "Davis Ducks Reality on Electricity 'Overcharges,' " Commentary, March 27:
Trying to blame Gov. Gray Davis' management of the power extortion game that
is going on just doesn't work. Try to shift attention as much as Benjamin
Zycher and Gary Ackerman want, but they cannot hide the fact that the
generation companies made good profits when they sold energy for as little as
10% of what they are able to charge now. I don't buy it. And I don't buy the
argument that gas "costs" have gone sky-high. Gas "costs" are the same. The
gas companies have also found ways to just charge more for the same thing.
Now, with a bought-and-paid-for administration in Washington, they are bold
enough to just keep on doing it while denying everything.
I am for canceling deregulation until this group of energy company executives
are prosecuted, jailed, replaced, made examples of what executives should not
become, and are just a bad memory.
BOB GILBERG
San Diego
* Economist Ross C. DeVol [of the Milken Institute] is quoted: "Somebody's
got to pay. We'll pay either as consumers or as taxpayers" (March 26).
Perhaps he can inform me which of these I am not.
ANN C. CHISOLM
Oxnard

PHOTO: PUC President Loretta Lynch; ; PHOTOGRAPHER: Associated Press

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

CEO says Texas in good shape for electricity deregulation
By BETSY BLANEY
Associated Press Writer

03/27/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

DALLAS (AP) - Enron Corp.'s chief executive and president said Tuesday he
believes that Texas energy markets are in good shape as the state prepares
for deregulation.
Jeffrey Skilling told an audience of about 400 business people at a downtown
hotel that California "has given the term deregulation a terrible name."
Electric deregulation in Texas officially starts Jan. 1. "In Texas, I think
we've got a pretty good system," Skilling said.
In San Francisco on Tuesday, the California Public Utilities Commission
unanimously approved electricity rate increases of up to 46 percent to try to
head off blackouts this summer by keeping the state's two biggest utilities
from going under.
When California officials set up deregulation they allowed the price of
wholesale electricity to rise but capped the amount companies could charge
customers, Skilling said. SoCal Edison and Pacific Gas & Electric say they
have lost more than $13 billion since last summer because they haven't been
able to pass on the high cost of wholesale electricity.
Skilling said Texans are in a much better position and shouldn't worry that
their state's deregulation would be like the California experience.
"California, they just put together a crazy system," Skilling said in his
first public comments since becoming the Houston-based company's chief
executive officer in February. "The markets in California are the most
regulated markets in North America today. And that's what is causing the
problem."
Enron, the largest energy trader, has been attacked by Californians who
accuse it of price-gouging. In a swipe at Enron and other traders, Gov. Gray
Davis said the state should never again allow "out-of-state profiteers to
hold Californians hostage."
In Texas this week, lawmakers picked apart the economics of their 1999
electric-deregulation law that allowed utilities to charge customers
higher-than-necessary rates to make up for money they were expected to lose
through investments in nuclear power and coal plants.
Although nuclear and coal plants were expected to lose value in an
unregulated market, their value instead increased as soaring natural gas
prices made gas-fired power plants more expensive to operate. Utilities with
coal and nuclear plants have reaped extra profits for utilities.
One legislator is sponsoring a bill to force utility companies to refund
customers an estimated $7 billion in overcharges allowed under the
electric-deregulation law passed last session.
Deregulation is expected to attract close to 20 power companies - including
newcomers from outside Texas - who will compete for a slice of the
residential, commercial and industrial market.
---
On the Net:
Enron: http://www.enron.com
Texas PUC: http://www.puc.state.tx.us

AP Photo DN102

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Power companies gear up for deregulation pilot program

03/27/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

AUSTIN (AP) - Power companies are jockeying for the next phase in electric
deregulation - a pilot program to let some customers pick their own power
company beginning June 1.
In Dallas, competitors hope to lure customers from TXU Corp. are advertising
heavily in newspapers and over the air waves.
About 20 companies have signed up with state officials to become electricity
providers, ranging from existing companies to new entrants to the market such
as New Power Co. and Shell Energy.
New Power, a spinoff of Enron Corp. established to attract mostly residential
and small business customers, has signed up more than 5,000 customers in the
past two weeks.
TXU, which plans to go outside its North Texas base to compete for customers
in Houston, professes not to be concerned about advertising designed to lure
its customers away during the 8-month trial program.
"Why do you want to spend your advertising dollars when at most only 5
percent of your customers can choose?" spokesman Chris Schein told the Austin
American-Statesman. He said TXU will launch a major campaign in January, when
markets open more broadly.
"These customers are very astute, and they're going to make every company
earn their business," Schein said.
During the trial program beginning June 1, up to 5 percent of a utility's
customers can switch to another utility.
Just three weeks into advertising for the pilot program, TXU has more than
9,000 customers in its service areas interested in other electricity
providers - about 10 percent of the total that could switch before Jan. 1.
Houston-based Reliant Energy Inc. has also seen substantial numbers of
customers switch.
Only investor-owned utilities such as TXU and Reliant Energy are required by
Texas law to open their markets to competition on Jan. 1. City-owned
utilities such as Austin Energy and rural electric cooperatives can choose to
compete.
The pilot program has drawn the most interest among large commercial
customers, said Gary Rasp, a manager in the Austin office of
Burson-Marsteller, a public-relations agency that the state hired to explain
deregulation to Texans.
Smaller businesses have been much slower to embrace electric choice because
electricity is not as big an expense for them, Rasp said.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

USA: Enron CEO says Calif. rate hike will help.

03/27/2001
Reuters English News Service
(C) Reuters Limited 2001.

DALLAS, March 27 (Reuters) - Enron Corp. , North America's biggest buyer and
seller of electricity and natural gas, on Tuesday said a 40 percent hike in
California electricity rates would help reduce shortages there but more
deregulation is needed.
Enron CEO Jeffrey Skilling said he expected California's power shortfalls
this summer to drive prices for natural gas above $10 from current prices
around $5 per thousand cubic feet.
"This summer under standard weather conditions that shortfall is likely to be
5,000 megawatts," Skilling told a Dallas luncheon hosted by Southern
Methodist University's Cox School of Business.
Skilling said the rate hike, approved by California's Public Utilities
Commission, could reduce that power shortfall. But power generators will
still be scrambling for natural gas for power plants, driving the price
higher and drawing supply away from industrial uses.
"That could mean very high prices. I can easily conceive of something north
of $10, potentially around $15," Skilling said.
Asked by reporters about the impact of the California rate hike, Skilling
said it was "a huge step forward in reducing the odds of shortfalls".
"To date I don't think anyone has been willing to let prices rise to help
balance supply and demand.... This is step number one," he said.
But he said a permanent fix to the state's power crunch would require genuine
deregulation, which he said had not been achieved under California's current
system.
Skilling said he expected demand pressure to keep natural gas prices high for
several years until demand can be curbed or new production be brought into
play, possibly by increasing the import of liquefied natural gas.
Building new facilities for shipping liquefied gas, storing it and returning
it to gaseous form for burning would be expensive but could be attractive as
long as natural gas prices remain above $3.50 per thousand cubic feet, he
said.
"That will take the edge off prices in four or five years," he said.
Skilling reaffirmed Enron's projected earnings per share of $1.70-$1.75 in
2001. "We're on track. We're very comfortable" with that estimate, he told
reporters.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

USA: Enron rewards Lay with $7 mln bonus.

03/27/2001
Reuters English News Service
(C) Reuters Limited 2001.

WASHINGTON, March 27 (Reuters) - Electricity and natural gas marketing
company Enron Corp., coming off an "extremely strong" 2000, rewarded Chairman
Kenneth Lay with a 79 percent boost to his bonus, Enron said on Tuesday.
Lay's 2000 bonus shot up to $7 million from $3.9 million in 1999, the
Houston-based company said in its annual proxy statement filed with the
Securities and Exchange Commission.
"In recognition of Enron's extremely strong performance during 2000 relative
to recurring after-tax net income and other financial measures, Mr. Lay
received a cash annual incentive award of $7,000,000," said the company.
Enron determined the figure by taking into account the pay level for the head
of a company of comparable revenue size as well as increases in total
recurring net income and earnings per share, according to the proxy.
Lay's base salary last year was $1.3 million, unchanged from 1999. He also
received $7.5 million in restricted stock awards as well as options for
782,830 shares that could be valued at $35 million if Enron's stock
appreciated 10 percent annually over the life of the options.
Most of the options expire on January 10, 2007 and can be exercised at $47.31
a share.
Enron's stock was at $60.08 in afternoon trading on the New York Stock
Exchange, down $1.40. Over the past 52 weeks the shares have been as low as
$51.55 and as high as $90.56.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Powergen, Innogy Look to Profit From New Power System (Update1)
2001-03-27 06:19 (New York)

Powergen, Innogy Look to Profit From New Power System (Update1)

     (Adds company comment in 17th paragraph.)

     London, March 27 (Bloomberg) -- Powergen Plc, Innogy Plc and
other large generators will benefit from a new system of trading
power in the U.K., while nuclear and renewable-energy producers
may find the rules harder going, analysts and executives said.
     The New Electricity Trading Arrangements, or NETA, start
today after a five-month delay. Powergen, Britain's third-biggest
generator, Innogy, the top power supplier, and U.S. rivals such as
TXU Corp. are hoping their mix of coal and natural gas-fired
generation will allow them to make more money trading electricity.
     ``There will be winners and losers,'' said Angelos
Anastasiou, an analyst at Williams de Broe. ``Companies best
placed to survive and thrive under the NETA system are the ones
that have a flexible portfolio of generation.''
     Unlike California, where a shortage of generation has led to
surging prices and blackouts in recent months, the U.K. has more
capacity than it needs. The market regulator, Ofgem, hopes NETA
will increase competition in an electricity market it values at
7.5 billion pounds ($6.7 billion) a year, leading to lower prices.
     Wholesale power prices have fallen about 15 percent in the
last year as companies prepared for NETA, though there is room for
further declines, according to Ofgem.
     ``Since privatization, generating costs have come down by
between 25 percent and 40 percent, but this has not been reflected
in prices,'' Ofgem Chief Executive Callum McCarthy said in a
statement issued by Regulatory News Service.
     Under previous rules, generators facing a temporary supply
interruption weren't penalized if they didn't deliver. Under NETA,
a company that can't produce power it agreed to supply must buy it
on the market. As a result, generators able to supply power from
different sources are most likely to benefit, analysts said.

                    Interruptions

     In addition, the biggest utilities with excess capacity will
also profit from supplying other generators with short-term power
-- at high prices -- when they must buy to meet NETA obligations.
Nuclear plants, which must be run at full output, and companies
that generate power from wind and sun are not so flexible.
     The previous ``pool'' trading system, set up in 1990 when the
U.K. started selling power assets to the public, is run by the
National Grid Group Plc, operator of the country's high-voltage
transmission network.
     National Grid combines all offers from generators to sell
electricity and picks the lowest-priced offers until demand is
filled. The system is restricted to filling market imbalances
about three-and-a-half hours before they appear.
     ``The issue is the flexibility of plant,'' said Carolyn
McAdam, a spokesman for Scottish and Southern. ``Our dual-turbine
gas plants are designed to be easy to switch on and off.''
     British Energy Plc, the U.K.'s biggest generator, has been
looking to diversify its production away from a reliance on
nuclear energy. In March last year, it bought Eggborough coal-
fired power-station for 615 million pounds.

                    Pork Bellies

     The agreements will allow electricity to be traded in much
the same way as pork bellies, gas or any other commodity, industry
officials said.
     Innogy, the U.K. generator spun off from National Power Plc
last year, employs 70 people on its trading floor in Swindon,
England. TXU Europe also hopes to make money trading electricity
contracts, as does Enron Corp., the world's largest energy trader.
     ``We'll be trading across the board under NETA,'' said TXU
Europe spokesman Chris Judge.
     Powergen spent 25 million pounds over two years to prepare
for NETA, Chief Executive Nick Baldwin said in an RNS statement.
The company's systems are ``interfacing well with the central
system and that of the National Grid Company'' today, he said.
     Designed and to address concerns the price of electricity was
being manipulated under the ``pool'' system, smaller producers say
the new arrangements are biased towards bigger companies.
     ``The NETA program has always said it will create a level
playing field but that's a load of hot air,'' said Steve Garrett,
commercial manager of Slough Heat and Power Ltd. ``From a small
generators point of view, (today) is the not `go live' date but
the `go dead' date.''

                    Wind Power

      Martin Edwards, owner of a Wind Electric Ltd., a wind power
plant in Cornwall, England, which supplies enough energy each year
for 2,700 households, says the new system will reduce the price
that he charges for electricity by as much as 50 percent.
     ``Wind farms will just about be able to cover their costs
under NETA,'' and nothing further, he said.
    To be sure, Ofgem said last week it will investigate the
effect of NETA on small generators, and the government has said
10 percent of all electricity consumed by 2010 will come from
renewable generation sources.

                    Market Conditions

     With its abundant generation, some companies argue that NETA
isn't necessary because the market situation it was created to
address no longer exists.
     The electricity market, once dominated by National Power
and Powergen, has become more competitive, with foreign rivals
taking a bigger slice of the market and driving prices down.
     National Power and Powergen have seen their market share
shrink over the past 10 years. Companies such as ScottishPower
Plc, which last year bought a natural gas-fired power station from
Powergen for 220 million pounds, have also increased rivalry.
     And there's no reason to fear California-style shortages
resulting from NETA, said Ofgem. There haven't been blackouts in
Britain that weren't weather related in almost 30 years.
     ``In terms of the average price achieved, the advent of NETA
will probably not make much difference,'' said Williams de Broe's
Anastasiou. ``We will get more price volatility, but it remains to
be seen what NETA's real impact will be.''

--Nick Nabarro and Mathieu Robbins in the London newsroom
(44) 20 7673 2392 or nnabarro@bloomberg.net /cor

Enron CEO Sees 2001 Revenue at $160 Billion to $170 Billion
2001-03-27 14:55 (New York)

Enron CEO Sees 2001 Revenue at $160 Billion to $170 Billion

     Dallas, March 27 (Bloomberg) -- Enron Corp. Chief Executive
Jeffrey Skilling said revenue at the world's biggest energy trader
will rise to $160 billion to $170 billion this year from $100.8
billion last year.
     Skilling spoke in Dallas at Southern Methodist University's
lecture series. Enron is based in Houston.

--Margot Habiby in Dallas, (214) 740-0873, or
mhabiby@bloomberg.net, through the Princeton newsroom,
(609) 279-4000/pjm

U.S. Companies Push for Private Lenders to Finance Exports
2001-03-27 18:32 (New York)

U.S. Companies Push for Private Lenders to Finance Exports

     Washington, March 27 (Bloomberg) -- Enron Corp., Lucent
Technologies Inc. and other U.S. companies are pressing the Export-
Import Bank to let private lenders offer export financing, a
system that could provide billions of dollars in additional
funding for U.S. sales overseas.
     The Ex-Im bank should counter the ``market window'' financing
used by Canada and other U.S. trading partners that enables banks
to offer export loans at the lower costs government agencies
offer, the companies told an Ex-Im Bank advisory panel.
     The bank, an independent federal agency, hasn't taken a
position on the practice, which would require congressional
approval.
     ``Ex-Im is behind the curve,'' said Rebecca McDonald,
chairman and chief executive of Enron Global Assets, a division of
Enron Corp. that develops power projects in Latin America and
Asia. ``There needs to be a fundamental change in Ex-Im's
philosophy and business practices.''
     Businesses are seeking the change, at the same time they are
fighting a 25 percent cut in the Ex-Im Bank budget proposed by
President George W. Bush. Bush wants to reduce funding for the
bank, which lends to foreign buyers of U.S. goods, to $699 million
from $927 million.

                        Growing Concern

     Concern about the budget ``only magnifies the other concerns
that exporters have with respect to ensuring that the agency is
competitive,'' said Mary Irace, vice president at National Foreign
Trade Council. ``Without money, who can be competitive?''
     The trade council represents 500 companies, including
engineering company Bechtel Group Inc. and Enron, the world's
largest energy trader, and U.S. units of foreign companies such as
Asea Brown Boveri AG, the world's biggest electrical-engineering
company.
     If Ex-Im used market-window financing as much as Canada and
Germany, which use the practice most, the agency could increase
the scale of its operations by more than 50 percent to about $20
billion, said Gary Hufbauer, a senior fellow at the Institute for
International Economics, a Washington research group.
     Market window financing wouldn't cost the U.S. government
more money, yet current law would require additional funding in
case some of the loans need to be written off, Hufbauer said.
     The Ex-Im Bank supported foreign transactions worth $12.6
billion with loans, guarantees and export-credit insurance in
2000.
     Bush's plan to cut funding faces opposition from Republicans,
the majority party in Congress. House Speaker Dennis Hastert, an
Illinois Republican, said lawmakers will probably restore the
funding, and 30 Republican senators have asked Bush to change
course.
     The agency's top official said he expects an increased focus
on market-window financing, which Peter Derrick, Lucent's
assistant treasurer said has grown during the past decade in other
countries.
     ``Market windows will get a lot of attention in the months
ahead,'' said James Harmon, Ex-Im's chairman and president.
``Everybody will focus on it.''

--Emily Schwartz in Washington (202) 624-1927 or


Larrry,

I realize you are disappointed about the project.  It is not my desire for
you to be left with out of pocket expenses.  The only item from your list
that I need further
clarification is the $15,000 worth of extensions.  You mentioned that this
was applied to the cost of the land and it actually represents your cash
investment in the land.  I agree that you should be refunded any cash
investment.  My only request is that you help me locate this amount on the
closing statement or on some other document.

Phillip


---------------------- Forwarded by Steven J Kean/NA/Enron on 07/06/2001
07:29 AM ---------------------------

David W Delainey@EES
07/05/2001 05:24 PM
To: Steven J Kean/NA/Enron@Enron, Greg Whalley/HOU/ECT
cc:

Subject: Regulatory Policy Committee

Guys, we have a unique capability at this time (ie) me in EES and Greg in EWS
to have a singular voice in the regulatory market.  I would recommend a
policy committee be formed including Greg, Dave, Janet Dietrich, John
Lavorato, Tim Belden, Kevin Presto, Rick Shapiro and Steve Kean that meets on
a regular basis to review and approve our regulatory agenda, policy and
tactical moves on a regular basis.

Thoughts.....?

Regards
Delainey


Start Date: 4/10/01; HourAhead hour: 11;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041011.txt

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 11 / Preferred:  24.00 / Final:  23.97)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/10/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_DESERT
  ENGY_TYPE: FIRM


I extended deal 93481 for another year.

D

	From:  Sherlyn Schumack                           02/16/2000 04:50 PM

To: Daren J Farmer/HOU/ECT@ECT
cc: Stella L Morris/HOU/ECT@ECT
Subject: Re: Copano Line Gain Contract Needed at Meter 5310

Daren,

Deal 93481 expired 12/31/99, is there a new deal to replace it.

---------------------- Forwarded by Sherlyn Schumack/HOU/ECT on 02/16/2000
04:48 PM ---------------------------

Fred Boas
02/16/2000 04:46 PM
To: Sherlyn Schumack/HOU/ECT@ECT
cc:
Subject: Re: Copano Line Gain Contract Needed at Meter 5310

To: Fred Boas/HOU/ECT@ECT
cc: Howard B Camp/HOU/ECT@ECT, Robert E Lloyd/HOU/ECT@ECT
Subject: Re: Copano Line Gain Contract Needed at Meter 5310

Done.

Thanks, Stella

Fred Boas
08/20/99 06:53 PM
To: Stella L Morris/HOU/ECT@ECT
cc: Howard B Camp/HOU/ECT@ECT, Robert E Lloyd/HOU/ECT@ECT
Subject: Re: Copano Line Gain Contract Needed at Meter 5310

Stella:

I set up the accounting arrangement on the HPLR transport contract
012-64610-02-052 for January through June per Daren's instructions below.
The tracking ID for all 6 months is 34500.

I also set up accounting arrangement on the HPLC transport contract
012-41500-02-015 for July per Daren's instructions below.  The tracking ID
for July is 34501.  If you would, please put the transport contract in POPS
on Monday morning and call me when your done so that I can reallocate the
meters.  I need to call Copano to tell them that their payment is on the way.

I need the transport contracts, HPLR and HPLC put in for all 31 days of each
of the respective months.

As always thanks in advance for your help,

Fred

Daren J Farmer
08/20/99 04:50 PM
To: Fred Boas/HOU/ECT@ECT
cc:
Subject: Re: Copano Line Gain Contract Needed at Meter 5310

Fred,

I had the typed the deal numbers incorrectly.  July forward is on 93481.
January-June is on 69176.

Daren

Fred Boas
08/20/99 12:56 PM
To: Daren J Farmer/HOU/ECT@ECT, Stella L Morris/HOU/ECT@ECT
cc: Robert E Lloyd/HOU/ECT@ECT, Howard B Camp/HOU/ECT@ECT, Charlene
Richmond/HOU/ECT@ECT
Subject: Copano Line Gain Contract Needed at Meter 5310

Daren:

I looked in Path Manager and I see two deals - 93480 and 93481, but I don't
see deal 69176 for July forward that you mentioned below.  Also, please
verify that the deal for January through June is 93481 and if the 69176 deal
is correct for July forward.

Stella:

I will need to set up accounting arrangements for these deals from January
forward.  From Daren's note below it appears that for January through June I
will need an HPLR transportation contract put in POPS.  When Daren and I get
the deal number issue resolved for July forward I will need an HPLC contract
put into POPS.  Also for July forward, I will need the HPLC contract in POPS
every month through December to allocate Copano line gain to if it occurs.

Thanks to both of you,

Fred

Daren J Farmer
08/19/99 11:16 AM
To: Fred Boas/HOU/ECT@ECT
cc: Stella L Morris/HOU/ECT@ECT, Robert E Lloyd/HOU/ECT@ECT, Howard B
Camp/HOU/ECT@ECT, Charlene Richmond/HOU/ECT@ECT
Subject: Re: Copano Line Gain Contract Needed at Meter 5310

Fred,

I have pathed the purchase from Copano for 1999 in MOPS.  Jan-Jun is under
HPLR (Sitara 93481).  July forward is under HPLC (Sitara 69176).  I
understand that I cannot renom this to the pipe for prior months, because the
callout allocations will be affected.  So, you will need to set up accounting
arrangements to get the nom into POPS.

Let me know if you have any questions.

Daren

Fred Boas
08/19/99 08:01 AM
To: Stella L Morris/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ECT
cc: Robert E Lloyd/HOU/ECT@ECT, Howard B Camp/HOU/ECT@ECT, Charlene
Richmond/HOU/ECT@ECT
Subject: Re: Copano Line Gain Contract Needed at Meter 5310

Stella/Daren:

What is the status of this request?  Please let me know when I can reallocate
this meter, the customer has not been paid for 3 months and is complaining.

Fred

To: Robert E Lloyd/HOU/ECT@ECT
cc: Fred Boas/HOU/ECT@ECT, Mary M Smith/HOU/ECT@ECT
Subject: Re: Copano Line Gain Contract Needed at Meter 5310

Thanks for your help Robert.

Thanks again, Stella

	From:  Robert E Lloyd                           08/12/99 04:29 PM

To: Stella L Morris/HOU/ECT@ECT
cc:
Subject: Copano Line Gain Contract Needed at Meter 5310

 fyi

---------------------- Forwarded by Robert E Lloyd/HOU/ECT on 08/12/99 04:29
PM ---------------------------

Lauri A Allen
08/12/99 04:02 PM
To: Daren J Farmer/HOU/ECT@ECT
cc: Fred Boas/HOU/ECT@ECT, Robert E Lloyd/HOU/ECT@ECT
Subject: Copano Line Gain Contract Needed at Meter 5310

Daren- FYI.  There are deal tickets in Sitara to cover this transaction-
#69176 for HPLR and #93481 for HPLC- but they have zero volume and were not
pathed in Unify.  Could you get someone in your group to set these up for
Fred, please?  Let me know if you have any questions.  Thanks.
---------------------- Forwarded by Lauri A Allen/HOU/ECT on 08/12/99 03:59
PM ---------------------------

Fred Boas
08/12/99 11:19 AM
To: Stella L Morris/HOU/ECT@ECT
cc: Lauri A Allen/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Howard B
Camp/HOU/ECT@ECT, Robert E Lloyd/HOU/ECT@ECT
Subject: Copano Line Gain Contract Needed at Meter 5310

Stella:

I need the above referenced contract put into POPS for January, May, June ,
July, and August 1999 forward.  I need the contract in POPS for August
forward because I never know when Copano will allocate line gain to itself.

In 1998 a spot contract was set up between HPLR and Copano Pipeline/South
Texas, L. P. with a Synergi contract number 078-62210-101 and a Global number
of 96016880 by Karen Lambert.  Per Karen this old agreement was terminated by
Dan Hyvl due to HPLR business change to ECT.  In 1999, when Copano began
allocating line gain to themselves again I contacted Lauri, Karen, and
yourself to see if I could get the contract in POPS.  Karen sent me an e-mail
indicating that she set-up a new contract for this HPLC line gain purchase -
Global # 96022367 (I don't have a "Synergi" contract number).  I know that in
3/99 Lauri contacted Bernard Widacki at Copano to discuss this issue.

I need Lauri to review this and then I need the contract to be put in POPS so
that I can correctly allocate the gas at this meter.  I have not allocated
any line gain in 1999 and the volumes are small.  Karen is the most
knowledgeable about this contract, so I suggest that any questions be
directed to her regarding contract issues.  Karen worked with Bernard Widacki
at Copano to set up the contract originally.

Thanks,

Fred


Steve/Maureen,

Attached is a draft memo to Ken Lay re: follow up calls to invitees for the
Business Council events February 21-22 in DC.
Call if you have any questions.

Linda
202-466-9159


FYI, I just wanted to make sure we had CES's approval.

---------------------- Forwarded by Chris Germany/HOU/ECT on 04/06/2000 10:26
AM ---------------------------

mflewellyn@columbiaenergygroup.com on 04/06/2000 10:04:06 AM
To: " - *Chris.Germany@enron.com" <Chris.Germany@enron.com>
cc: " - *Perrone, Brian" <bperron@columbiaenergygroup.com>, " - *Dalphon,
Charles" <cdalpho@columbiaenergygroup.com>, " - *Kinney, Doug"
<dkinney@columbiaenergygroup.com>, " - *Colleen.Sullivan@enron.com"
<Colleen.Sullivan@enron.com>
Subject: Re: Don Kirkendall

Yes Chris, you may share the below information with Don Kirkendall.

Chris.Germany@enron.com on 04/06/2000 10:26:20 AM
Please respond to Chris.Germany@enron.com

To: Melissa Flewellyn/CES/ColumbiaGas@COLUMBIAGAS
cc: Colleen.Sullivan@enron.com, Doug Kinney/CES/ColumbiaGas@COLUMBIAGAS,
Charles
Dalphon/CES/ColumbiaGas@COLUMBIAGAS, Brian Perrone/CES/ColumbiaGas@COLUMBIAGAS

Subject: Don Kirkendall

Melissa, am I at liberty to discuss pricing information and to provide my
price
calculation worksheets (transport capacity and pricing worksheet) with Don
Kirkendall?


Bob, can you send me a copy of the EnronOnline confirm so I can prepare
this.  Thanks!
---------------------- Forwarded by Tana Jones/HOU/ECT on 04/11/2000 03:31 PM
---------------------------

From:  Jennifer deBoisblanc Denny
                04/11/2000 02:53 PM

To: Tana Jones/HOU/ECT@ECT
cc: Frank Ermis/HOU/ECT@ECT, Karie Hastings/HOU/ECT@ECT, Elizabeth L
Hernandez/HOU/ECT@ECT, Sheri Thomas/HOU/ECT@ECT
Subject: Termination on EOL deal

Tana,
Sheri has asked me to send you the following information in order to prepare
a termination agreement for the following EOL deal.  On Monday, April 10th,
the day the transaction occurred, Enron had network issues that caused some
external connection issues. During this time, the customer accidently hit the
same product twice . I verified that there was 2 exact transactions by the
noted counterparty.

 We were not aware that our trader let them out of the second transaction
until late afternoon or else we would of mandated an OTC transaction to net
out the second EOL transaction. Please call me with any questions.
Thanks!
Jennifer
3-5824

EOL #  147345
Sitara #  240324
Seller  ENA
Buyer  U.S. Gas
Volume  5,000
Price  $3.17
Delivery Pt PG&E Ctygte
Period of Del 4/11

Frank Ermis is the Enron trader.  Please call me if you need any additional
information.

Sheri


Hello all,

I just wanted to let all of you know that my last day at Enron is October 31,
2000.  I have decided to take a position with Deloitte and Touche.  It's an
excellent opportunity and I'm looking forward to getting started.  I hope all
of you will keep in touch.  My home number is 713-799-2774 and my home e-mail
address is ashaunte@aol.com.  Feel free to call any time.

I'll be in touch once I get settled in at Deloitte and Touche.

Have a great weekend!

Alysia


Notice No. 01-75
March 5, 2001

TO:
All NYMEX Division Members/Member Firms
All NYMEX Division Clearing Members
All NYMEX Division Floor Traders
All NYMEX Division Operations Managers

FROM:
George Henderson, Vice President

RE:
Options Expiration Operational Procedures for the Trading Floor and Clearing
Members
________________________________________________________________

The expiration date for the April 2001 options contract for Platinum (POJ1)
is Friday, March 9, 2001.

GENERAL OPERATIONAL PROCEDURES

All Clearing Members and Qualified Floor Traders that carried an options
position as of the close of business day prior to the expiration day, or
engaged in trading activity on Expiration Day in the expiring options
contract will be required to have a knowledgeable, duly authorized
representative present at their normal work station promptly at 5:30 p.m.
until released by the Exchange staff as specified below.  All adjustments
and/or corrections, must be accompanied by relevant supporting documentation
prior to being incorporated into expiration processing, in essence making the
expiration processing an extension of the afternoon trade resolution
procedures.  All input to the NYMEX Clearing Department will conclude no
later than 30 minutes after floor representatives are released.

Exchange Clearing (299-2110), Floor Trade Correction (299-2068 and 299-2169)
personnel, as well as a representative of the Floor Committee will be
available to assist with the processing of notices of Exercise and
Abandonment, position transfers, trade corrections and other questions or
problems you may have.

CLEARING DEPARTMENT OPERATIONAL PROCEDURES

The Option Expiration process is a screen based process for which all
information is provided on the screens on C21 terminals. No Option Expiration
Reports will be provided. The following screens will assist you through the
Option Expiration process:

MEMBER TRADE INQUIRY
Contains real-time top day trade information, trade information for the
previous 4 business days and trades adjusted for the previous 4 business days
by adjustment date.

SINGLE POSITION MAINTENANCE
Contains a real-time snapshot for each option series from the start of day
position to the projected end of day position.

REVIEW ACCEPT REJECT TRANSFERS
Contains all trade and position transfers "TO" your firm and the status of
each transfer.

REVIEW SUBMITTED TRANSFERS
Contains all trade and position transfer "FROM" your firm and the status of
each transfer.

EXERCISE NOTICE SUBMISSION
Contains your available long position and an input field to enter the number
of long positions you wish to exercise.

DO NOT EXERCISE SUBMISSION
Contains your available long position and an input field to enter the number
of long positions you wish to abandon.

POSITION CHANGE SUBMISSION
PCS may be submitted either by manual input or by electronic transmission.
Any PCS input on a Clearing 21 terminal will be the input processed by the
system.  This input may be made at any time prior to 6:45 p.m.  Any PCS input
via transmission for that contract series will be disregarded.

ALL POSITIONS ARE DEEMED FINAL
Upon completion of all PCS input, all positions will be deemed final.

EXERCISE/ASSIGNMENT INFORMATION
Will be available to you on the Single Position Maintenance window by
contract series or the Assignment List window which contains all your
Assignments on one window. You will be notified of its availability by C21
E-Mail and by Fast Facts. This should occur within 1 hour of the last PCS
input.

All Clearing Members are required to have an authorized representative(s) at
their C21 workstations in preparation for any communication during the
expiration process.

FAST FACTS
Clearing Members should call the Fast Facts information service 301-4871,
access code 700 for event messages advising Members of the event status.

E-MAIL
Clearing Members should read their C21 E-Mail messages immediately to be
aware of event status.

The standard event Fast Facts and/or E-Mail messages and the sequence in
which they will be announced are:

Standard Event Message: Announce Out-of-the Money Exercise and In-the-Money
Do Not Exercise Submissions
Approximate Time of Message Availability: 5:45 PM
Usual Event Time: 5:45 PM
Announced via Fast Facts

Standard Event Message: Announce Final Input to C21 Cutoff Time
Approximate Time of Message Availability: 6:30 PM
Usual Event Time: 6:45 PM
Announced via e-mail

Standard Event Message: All positions are deemed final
Approximate Time of Message Availability: 7:30 PM
Usual Event Time: 6:45 PM
Announced via Fast Facts

Standard Event Message: Announce Exercise/Assignment Information Available on
the Single Position Maintenance Windows
Approximate Time of Message Availability: 8:25 PM
Usual Event Time: 8:30 PM
Announced via Fast Facts and e-mail

Standard Event Message: All Report Distribution is completed
Approximate Time of Message Availability: 11:00 PM
Usual Event Time: 11:00 PM
Announced via Fast Facts

The times appearing in the Usual Event Time column are based on normal
operational conditions and could vary.

NYMEX EXPIRATION DAY PROCESSING OVERVIEW OF MEMBER REQUIREMENTS

Time: 5:30 PM
Activity: Exercise Notice Submission
Event: Input to C21 Cutoff Time
Reference Number: 1

Time: 5:30 PM
Activity: Do Not Exercise Submission
Event: Input to C21 Cutoff Time
Reference Number: 2

Time: 5:45 PM
Activity: Announce Out-of-the-Money Exercise and In-the-Money Do Not Exercise
Submissions
Event: Fast Facts Notice
Reference Number: 3

Time: 6:30 PM
Activity: Announce Final Input to C21 Cutoff Time
Event: C21 E-mail
Reference Number: 4

Time: 6:45 PM
Activity: Final Input to C21 Cutoff Time
Reference Number: 5

Time: 7:30 PM
Activity: All Positions are Deemed Final
Event: Fast Facts Notice
Reference Number: 6

Time: 8:25 PM
Activity: Announce Exercise/Assignment Information Available on the Single
Position Maintenance Windows
Event: Fast Facts Notice and C21 E-mail
Reference Number: 7

If you have any questions concerning these procedures, please contact Charles
V. Bebel at 299-2130, Angel Rivera at 299-2150 or Anthony Di Benedetto at
299-2152 prior to the expiration date.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com&
refdoc=(01-75)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


Tana:

This would be handled by someone in Alan's group.

Jeff

	Tana Jones
	09/08/2000 09:43 AM

		 To: Jeffrey T Hodge/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT
		 cc: Andrea Hauser/NA/Enron@Enron
		 Subject: EOL-Marathon Ashland Petrolleum

Andrea Hauser w/EnronOnline called and said that Marathon has a problem with
the terms of the online GTC's (default language) for LPG, petrochems, and
refined products and would like to talk to one of our lawyers.   Marathon's
lawyer is Rhonda Stinemyer and her # is 713/296-2408.  Can you let Andrea
know who will be handling this.

Thanks.


Things are ok.  How is the new family addition doing?

 -----Original Message-----
From: 	Postlethwaite, John
Sent:	Tuesday, August 14, 2001 4:35 PM
To:	Zufferli, John
Subject:	checking in

Hey, just checking in and seeing how things were going. What do you think about Skilling. Are you next in line for that job?

John


---------------------- Forwarded by Sally Beck/HOU/ECT on 08/25/2000 03:49 PM
---------------------------

	Kathryn Cordes
	08/22/2000 09:04 AM

To: Sally Beck/HOU/ECT@ECT
cc: Brent A Price/HOU/ECT@ECT
Subject: Global Systems Matrix

Please see attached


Yo!
 -----Original Message-----
From: 	Symes, Kate
Sent:	Tuesday, July 31, 2001 8:42 AM
To:	Williams III, Bill
Subject:	APS Line Loss Payback

For 7/31:

Tag is 28433.
Deals are 711170 and 711190.

Let me know if we run into any problems with these.

Thanks,
Kate


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/23/2001
01:19 PM ---------------------------

"Wydawnictwa Naukowo-Techniczne" <marketing@wnt.com.pl> on 01/22/2001
05:07:53 AM
To: <Vince.J.Kaminski@enron.com>
cc:
Subject: forma platnosci z "Inzynierie finansowa"

Uprzejmie informuje, ze przyjmujemy czeki, ale  niechetnie. Wysokie koszty
przy realizacji czekow.
Gdyby rodziana Sz.Pana wplacila naleznosc w  zlotowkach, to odpadna koszta
bankowe - 5$. Naleznosc w zl wynosi 81 zl lub 99  zl (LOT).
W liscie pomylilam sie? - zamiast 25,25$  napisalam 15,25 $. Przepraszam.
Wplacenie pieniedzy w Polsce znacznie  przyspieszy wysylke.
Ewentualny czek prosze przyslac na sume 25,25$  lub 29,75 $
Pozdrawiam serdecznie
Grazyna Piesniewska