PBS's Frontline to Air First Television Investigation of California Energy
Crisis
PR Newswire, 06/01/01

Energy wholesalers on PG&E committee accused of conflict
Associated Press Newswires, 06/01/01

CANADA: Delays could unplug Enron's Ontario power plans.
Reuters English News Service, 06/01/01

USA: NewPower sees savings from smart energy technology.
Reuters English News Service, 06/01/01

Amer Elec Power Completes Houston Pipe Line Buy >AEP ENE
Dow Jones News Service, 06/01/01

California Lawmakers Weigh Plan to Let Business Shoulder Burden of Utility
Rescue
Dow Jones Business News, 06/01/01

Williams CEO fears bankruptcies in California
Associated Press Newswires, 06/01/01

Saudi Gas Ventures May Offer Promise, Small Returns (Update1)
Bloomberg, 06/01/01

PBS's Frontline to Air First Television Investigation of California Energy
Crisis

06/01/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

'Blackout' is a FRONTLINE co-production with The New York Times
BOSTON, June 1 /PRNewswire/ -- FRONTLINE and The New York Times join forces
to investigate the story behind the California energy crisis in "Blackout," a
new documentary airing Tuesday, June 5, at 10 P.M. on PBS (check local
listings). Through interviews with utility executives, industry insiders, and
state and federal officials, the one-hour documentary examines how profits of
both power companies and energy-trading giants have soared amid a
deregulation process that has produced blackouts and rate hikes for
consumers. The program also explores why the federal government refused for
months to intervene in the California crisis, as well as the rationale for
dismantling the old system of utility regulation.
"Blackout" examines the importance of a new kind of megacorporation: giant,
national holding companies that trade electricity and gas much like any other
commodity. With names like Enron, Dynegy, Reliant, and El Paso -- and with
close ties to high-ranking Republican and Democratic officials -- these
energy traders have seen their profits explode in recent years even as
consumers endured power shortages and rate hikes.
FRONTLINE and The New York Times interview key figures on both sides of the
energy debate, including Vice President Dick Cheney, California Governor Gray
Davis, Enron CEO Jeff Skilling, and Curt Hebert, chairman of the Federal
Energy Regulatory Commission (FERC). State utility executives and citizens'
advocates, who charge that California's deregulation fell prey to market
manipulation, are also interviewed.
Following the broadcast, viewers can learn more about the energy crisis by
logging on to FRONTLINE's companion "Blackout" Web site --
http://www.pbs.org/frontline/shows/blackout. In addition to articles and in-
depth interviews on the power crunch, the site will feature graphs and
timelines illustrating the origins of the California crisis, America's
historical and projected power usage, and the profits of the major power
companies and energy-trading giants. The site also will offer an analysis of
the Bush administration's energy plan.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X68531669

/CONTACT: Erin Martin Kane of FRONTLINE, 617-300-3500,
erin_martin_kane@wgbh.org; or Diane McNulty of The New York Times,
212-556-5244 mcnuldc@nytimes.com/ 12:40 EDT

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

Energy wholesalers on PG&E committee accused of conflict
By KAREN GAUDETTE
Associated Press Writer

06/01/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

SAN FRANCISCO (AP) - Two of the same energy wholesalers accused of driving
Pacific Gas and Electric Co. into bankruptcy with high power prices asked a
federal bankruptcy judge Friday to let them keep selling electricity to the
utility.
Critics say that could result in higher bills for ratepayers and less money
for the rest of PG&E's creditors to share, if the wholesalers' high prices
keep whittling away at the utility's remaining money.
"We certainly don't believe they should get a safe harbor order so that they
can do what they've done in the past," said Irving Sulmeyer, an attorney
representing the city and county of San Francisco.
Houston-based Enron Corp. and Dynegy Inc., like other power wholesalers, have
denied gouging Californians on the price they pay for power.
On Friday, the two companies asked U.S. Bankruptcy Judge Dennis Montali to
let them keep selling electricity to PG&E's customers via the state
Department of Water Resources, which has bought electricity on PG&E's behalf
since January.
Dynegy and Enron sit on the 11-member creditors committee that will play a
huge role in how PG&E's fortunes are divided among the more than 50,000
banks, energy companies and cities to whom the utility owes money.
The "safe harbor" would shield them from conflict of interest accusations.
The committee members would be honor-bound not to share information with any
branches of their companies able to profit from it.
"They want to be absolved in advance," Sulmeyer said. "What are they so
concerned about if they're not doing anything wrong?"
Robert Moore, an attorney representing the voluntary creditors committee,
said other committee members such as Bank of America and Merrill Lynch also
are requesting safe harbors so they can continue trading stock and remain
members.
"At least four members of the committee would have to resign without it,"
Moore told the judge.
Montali asked each committee member to file a declaration with the court
requesting to trade either commodities (electricity) or securities (stock),
and scheduled another hearing on the issue for June 12.
---
http://www.pge.com
http://www.canb.uscourts.gov

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

CANADA: Delays could unplug Enron's Ontario power plans.
By Scott Anderson

06/01/2001
Reuters English News Service
(C) Reuters Limited 2001.

TORONTO, June 1 (Reuters) - A planned C$200 million ($130 million) power
plant for southwestern Ontario may be in jeopardy if the provincial
government continues to drag its feet on deregulating the province's
electricity market, the head of Enron Corp.'s Canadian unit said on Friday.
Enron, the Texas-based energy firm, is slated to build the 400-megawatt Moore
project near Sarnia, Ontario. But construction of the plant is contingent on
the government's date for opening the market to competition and time may be
running out, Ron Milnthorp, president of Enron Canada, told Reuters in a
telephone interview from Calgary.
"I think we are really looking for a fall date as an optimum time for us to
align our interests with Ontario," Milnthorp said.
"If it's put off until spring, I do believe that the project is somewhat in
jeopardy and would need to be assessed from an operational standpoint against
all other opportunities that Enron has on its plate."
Ontario said in April that deregulation would be brought into effect by the
late spring of 2002, but was accused of raising market uncertainty by not
setting a specific target date.
The government may have a better idea of its timetable in September, after a
key study by the Independent Electricity Market Operator (IMO) and the
Ontario Energy Board (OEB) is finalized. The two have set up a joint task
force to prepare for an open the wholesale and retail electricity market.
Milnthorp said Enron still holds out hope the province will give a target
date soon after the September study is released.
"The problem is date certainty. The way things are structured, they have a
conditional announcement," he said. "We would really like to have a date so
that we can start investing further capital in that project."
Although Milnthorp said Enron is "still committed to Ontario," he said the
company will not invest any further until there is greater certainty.
"We're on hold at this point," he said. "You can't conditionally invest
capital. Capital investment is unconditional and we're looking for a date
that is unconditional also, and I think that is consistent with Enron and
other outside investors who are going to have the same opinion."
The company needs about six to 12 months to build the new plant, he said. The
turbines and most of the required permits are already in place.
Ontario, Canada's most populous province, has already pushed back its
original deregulation deadline of November 2000 by one year to try to avoid
the kind of problems encountered in California and to a lesser extent in
Alberta.
California's electricity deregulation has been plagued by skyrocketing costs,
bankruptcy and rolling blackouts as power demand has increased dramatically,
while little new generating capacity has been added in the past 10 years.
In Alberta, consumers have been hit with a series of cost increases as the
province deregulates its power sector.
Enron officials say Ontario should not be viewed in the same light as
California or Alberta. While California's concerns are purely one of supply
and demand, Ontario already has adequate generating facilities to fuel the
needs of the province.
"There are significant differences between Ontario and California and there
is absolutely no expectation that the scenario that is unfolding in
California now will unfold in Ontario," said Aleck Dadson, senior director of
governmental affairs at Enron.
($1=$1.53 Canadian).

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

USA: NewPower sees savings from smart energy technology.

06/01/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, June 1 (Reuters) - NewPower Holdings Inc. said it will conduct
three pilot programs in Philadelphia to test consumers' reaction to "smart"
energy saving technology.
With the restructuring of the electricity industry, energy companies expect
to offer customers new products and services designed to save money and
conserve energy.
These new products, however, require "smart" meters that tell "smart" device
to operate when the cost of generating electricity is cheapest.
Some of these "smart" meters and devices are now available to large
commercial and industrial consumers but, for the most part, are either too
expensive or in the development stage for the average homeowner, pending
testing in pilot programs like the NewPower program.
"Energy restructuring leads to technological innovation, efficiency and
environmental benefits," said H. Eugene Lockhart, The New Power Co.'s
president and chief executive officer.
Almost all utilities still sell power to residential customers at flat rates
throughout the day regardless of what that power costs in the wholesale
market.
"These pilots are a wonderful example of control being shifted from the
utility to the consumer. The nation's move to energy restructuring makes it
possible for consumers to better manage their energy needs," Lockhart said.
THE PILOT PROGRAMS
The three pilots consisting of 100 households each will include: a
time-of-use metering pilot; an HVAC (heating, ventilation and air
conditioning) load control pilot, and an interactive pilot allowing consumers
to remotely access their thermostat from any Internet-enabled device.
New Power said it will install meters in consumers homes in the time-of-use
metering program. the meters record daily energy use and will enable NewPower
to better understand typical energy consumption patterns.
In the HVAC load control pilot, NewPower will install air conditioning
programmable thermostats in 100 homes to gauge customers' reaction to having
NewPower remotely alter their thermostat setting by 2 to 6 degrees to help
the homeowner better manage their energy usage and costs.
In the remote energy management system pilot, consumers can change their
thermostat setting from any Internet-accessible device. However, unlike the
HVAC load control pilot, NewPower said the customer always remains in control
and may override the adjustment at any time from the Web or a wireless
device.
The pilot programs will run from early June to the end of September - the
peak season for energy consumption when air conditioning pushes electric
demand to annual peaks.
NewPower Holdings, based in Purchase, N.Y., through its subsidiary The New
Power Co., is the first national provider of electricity and natural gas to
residential and small commercial customers in the U.S.
- Scott DiSavino, New York Power Desk, +646-223-6072, fax +646-223-6079,
e-mail scott.disavino@reuters.com.

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

Amer Elec Power Completes Houston Pipe Line Buy >AEP ENE

06/01/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

COLUMBUS, Ohio -(Dow Jones)- American Electric Power Co. (AEP) completed the
purchase of Houston Pipe Line Co. from Enron Corp. (ENE) for $726.6 million.
In a press release Friday, American Electric said it will raise the money for
the acquisition by issuing a noncontrolling, preferred equity stake to
private investors.
The acquisition included Houston Pipe Line's inventory and a 30-year pre-paid
lease for the Bammel storage facility. American Power now has daily gas
capacity of about 3.2 billion cubic feet and more than 6,400 miles of natural
gas pipeline across Louisiana and Texas.
New York Stock Exchange-listed shares of American Electric closed Friday at
$49, down $1.20, or 2.4%, on composite volume of 1 million shares, about 12%
higher than average daily volume.
Company Web site: http://www.aep.com
-Pamela Tate; Dow Jones Newswires; 201-938-5400

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

California Lawmakers Weigh Plan to Let Business Shoulder Burden of Utility
Rescue
By Jason Leopold

06/01/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Dow Jones Newswires
LOS ANGELES -- Lawmakers in California are mulling yet another set of ideas
for rescuing embattled utility Southern California Edison, and this time
businesses would be on the hook.
In an attempt to deflect charges of a bailout that have thus far stymied
efforts to restore the Edison International (EIX) unit to solvency,
legislators are now considering ways to shift the burden of financing the
rescue from residential ratepayers to the state's largest businesses, aides
to key state lawmakers said this week.
The ideas being worked over by Senate President Pro Tem John Burton, Assembly
Speaker Robert Hertzberg and Assemblyman Fred Keeley have yet to take shape
as formal proposals. But an aide to Mr. Burton said some key lawmakers are so
"desperate" to keep Southern California Edison from following PG&E Corp.
(PCG) unit Pacific Gas & Electric Co. into a bankruptcy filing that they are
willing to consider anything that will take residential consumers out of the
equation.
"The idea is that the large industrial customers are the ones who pushed for
deregulation in the first place, so they should be responsible for bailing
out Edison," the aide said. "We're looking to take the burden off of
residential ratepayers."
The premise of a plan discussed by lawmakers Thursday is to designate
Southern California Edison's largest commercial ratepayers as non-core
customers. Those customers -- some 3,600 users of more than 500
kilowatt-hours a month -- would be responsible for financing the cost of
power the utility must purchase or have purchased for it in the wholesale
market. The non-core customers would also help the utility recoup most of its
$5.5 billion in unrecovered power costs through a surcharge on their bills.
Core residential customers would be protected from the wholesale power market
as the primary beneficiaries of the low-cost power the utilities generate
themselves or have locked up in long-term contracts.
The core/non-core proposal is one of several being discussed by lawmakers as
alternatives to a memorandum of understanding California Gray Davis struck
with Edison in April. The pact -- which doesn't vary much from an agreement
in principle reached in February - - has been called dead on arrival by some
lawmakers, who have been mulling various alternatives rather than moving the
agreement forward.
Dominic DiMare, a lobbyist with the California Chamber of Commerce, said the
chamber has told the Davis administration that shifting the burden of the
Southern California Edison bailout to businesses is "a very bad idea" that
could cost the state billions of dollars in economic activity.
"This (plan) would really screw businesses," Mr. DiMare said. "We just got
hit with a 50 to 90% rate increase. We're dangerously close to losing our
businesses to other states."
Separately, Enron Corp. (ENE) has been lobbying lawmakers for several weeks
to win approval to sign power-supply contracts with Southern California
Edison's largest commercial customers, leaving the utility to serve just its
residential customers and small businesses, aides to Gov. Gray Davis, Mr.
Burton and Mr. Hertzberg said.
An Enron executive confirmed that the company sent a four-page proposal to
Hertzberg proposing that Southern California Edison's large industrial
customers sign so-called direct-access contracts with Enron. Enron also has
recently made a presentation about direct access to some members of the
California Chamber of Commerce.
Under the proposal, heavy users would be required to contract directly with
companies like Enron for their power.
Direct access was a key part of the state's 1996 deregulation plan, but was
scrapped early this year when the state started buying wholesale power in
place of the utilities.
Write to Jason Leopold at jason.leopold@dowjones.com
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.

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

Williams CEO fears bankruptcies in California

06/01/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

TULSA, Okla. (AP) - Allegations of price fixing are locking energy suppliers
out of efforts to solve California's power squeeze, the head of a Tulsa-based
energy provider says.
"We have been demonized to the point that we are not a credible voice
politically," said Keith Bailey, chairman, president and chief executive
officer of Williams.
California energy regulators say they are close to finishing probes into
whether electricity wholesalers illegally manipulated the power market,
driving up prices.
The Federal Energy Regulatory Commission earlier this year alleged that
Williams profited from the closure of two Southern California power plants
owned by a business partner, Arlington, Va.-based AES Corp.
Williams admitted no wrongdoing but refunded $8 million to settle the
charges.
California's inv-estigations are examining the conduct of Williams, as well
as that of other wholesalers, including Houston-based Enron Corp., Dynegy
Inc., and Reliant Energy, Charlotte, N.C.-based Duke Energy and Atlanta-based
Mirant Corp.
Bailey said California owes Williams more than $600 million for electricity
sold to the state.
He said California lawmakers must act soon if they want to keep the state's
struggling electric utilities from going bankrupt. Bailey said the matter
could be assigned to a bankruptcy judge if lawmakers fail to establish a plan
to restore the financial health of those utilities.
Williams supports short-term price controls to get the utilities back on
track. The company also supports Gov. Gray Davis' efforts to pass legislation
that would help Southern California Edison, the state's second-largest power
provider, pay its debts.
California's largest utility, Pacific Gas & Electric, rejected a similar deal
and filed for bankruptcy protection.

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

Saudi Gas Ventures May Offer Promise, Small Returns (Update1)
2001-06-01 14:26 (New York)

Saudi Gas Ventures May Offer Promise, Small Returns (Update1)

     (Updates first, second paragraphs to reflect that Enron quit
the project. Adds quote in 18th paragraph.)

     London, June 1 (Bloomberg) -- Exxon Mobil Corp., BP Plc,
Royal Dutch/Shell Group and four other energy companies are set to
spend $25 billion on Saudi Arabian natural gas ventures that some
analysts say may barely meet managements' profit targets.
     Along with Total Fina Elf SA, Conoco Inc., Phillips Petroleum
Co. and Occidental Petroleum Corp., the partners are scheduled to
sign agreements this weekend for the three projects. Their annual
return on investment may at best be 15 percent, a level some
companies call the minimum to justify spending, analysts said.
     ``Fifteen percent might be a limit,'' said Jon Wright, an
analyst at Merrill Lynch & Co. ``But maybe they are taking the
view that, `We need to be here, we have to be here and it's a
major, important area.'''
     Flush with cash -- Exxon, Shell and BP alone posted net
income of $41.5 billion last year -- oil companies are seeking the
best ways to meet annual growth in energy demand while maximizing
profits. Saudi Arabia has said those who help now will likely get
first crack at the nation's oil fields, the world's largest,
should they open to foreigners.
     Executives from the seven partners are scheduled to sign the
agreements Sunday in the Red Sea coast city of Jeddah, ending
years of talks and marking the return of Western oil companies to
the kingdom for the first time in two decades. Financial terms of
the ventures are to be negotiated later this year.
     ``It's unlikely to contribute to the bottom line in the short
term,'' said Roger Richards, who helps manage more than 3 billion
pounds ($4.26 billion) in the U.K. for Prudential Bache Ltd.
clients. Still, ``it's important to the majors to be in such an
important gas province when it's potentially the door to getting
back into Saudi oil.''

                           Further Talks

     Development of gas fields to fuel power plants and water
desalination factories is part of Saudi Arabia's plan to convert
its power industry from running on oil to gas. The nation wants to
free more crude oil for export and provide jobs for the estimated
15 percent of the population who are unemployed.
     Many analysts said the return on investment will barely match
the companies' targets -- in Shell's case, 15 percent return based
on oil prices at less than half of today's levels.
     U.S. brokerage Fahnestock & Co. estimates returns from the
Saudi projects at 10 percent to 15 percent. Deep-water oil and gas
drilling can pay back 40 percent a year, said J.J. Traynor, an
analyst at Deutsche Bank AG in Edinburgh, Scotland.
     ``The line in the sand for the major oils is a 15 percent
return -- they won't go below that,'' Traynor said. ``In the long
term, maybe oil becomes available. That's 10 or 20 years away, but
you have to be there now.''
     Lee Raymond, Exxon's chairman and chief executive, has said
he expects returns from the Saudi ventures in the ``mid to high
teens.'' That's lower than the 20.6 percent return on capital
Exxon posted last year and rival BP's 23 percent return, when
adjusted for special items.

                         Little Risk

     The benefits of going into Saudi are twofold, analysts said.
Firstly, the winners will have a lead should the country open
access to its crude oil reserves.
     Secondly, the projects carry little risk compared to
exploratory drilling that can cost millions for nothing more than
a hole in the ground. Much of the Saudi reserves are already
mapped, and the government understands it needs Western capital
and expertise.
     ``It's in the Saudis' interests to get Western oil companies
involved again,'' said Will Claxton-Smith, director of U.K.
equities at Clerical Medical Investment Group Ltd., which owns BP
and Shell shares. ``You wouldn't want them to be left out.''
     The kingdom has not yet named the leaders of the $17 billion
South Ghawar gas project, the centerpiece of its plan, or the $4
billion Shaybah field.
     Companies selected for these two developments include Exxon,
Shell, BP, Phillips, Conoco and Total. Saudi Arabia picked Exxon
to lead the estimated $4 billion Red Sea gas development project,
with Occidental and Enron Corp. as junior partners.

                            Enron Quits

     Enron today withdrew from the venture, leaving partner
Occidental to absorb its role, Enron spokesman Alex Parsons said.
He declined to say why Enron pulled out. The company has been
moving away from large infrastructure projects to focus on trading
natural gas, electricity and other commodities.
     ``If we have a continued association with this project, it
will be to provide services under a separate contract directly
with Occidental,'' Parsons said.
     Once the ink dries this weekend, financial negotiations
between the kingdom and the companies should take months, analysts
said.
     ``The companies are keen to get their foot through the door
but they're not going to throw shareholders' money away,'' said
Leo Drollas, deputy executive director of the Centre for Global
Energy Studies, which was founded by former Saudi oil minister
Sheikh Zaki Yamani. ``They are not philanthropic institutions. If
they're not happy, they won't do it.''


Gerald,

Per my previous e-mail.

Chris
----- Forwarded by Chris Hilgert/HOU/ECT on 01/04/2001 10:41 AM -----

	"Danner, Ernie" <EDanner@universalcompression.com>
	01/04/2001 10:07 AM

		 To: "Chris Hilgert (E-mail)" <chris.hilgert@enron.com>
		 cc: "Snider, Steve" <SSnider@universalcompression.com>, "Carlton, Mark"
<MCarlton@universalcompression.com>
		 Subject: FW: Confagree-Enron

Attached is our suggested confidentiality agreement to allow us to proceed
with discussions.  Please direct any "legal" typw comments back to Mark
Carlton, our atty, but Steve or myself can handle any "business" questions.

Ernie

-----Original Message-----
From: Gilliland, Janice
Sent: Friday, December 22, 2000 3:12 PM
To: 'edanner@universalcompression.com'
Subject: Confagree-Enron

   <<Enroncorp-confidagree-121800.doc>>

 - Enroncorp-confidagree-121800.doc


After discussions with Elizabeth Sager and Leslie Hansen, we have developed a few additions to the EOL Paperless Confirm Amendment form to clarify that (1) neither party shall (not just that neither party is required to) send paper confirms, and (2) the transaction's records on EOL control over any conflicting terms in the underlying Governing Agreement. I have attached a draft below of a Consent and Agreement for Idacorp with the proposed changes in italics (see Para. 1(a)(i) and 3). We made this last change in anticipation of revised EOL power product definitions, which new definitions will conflict with important terms (such as the force majeure clause) in the Power Master.  If you don't want any of these proposed changes to be made to the form as a whole, and would prefer that they be handled in the Power Annex so as to apply only to Power, please let me know.

Janet


There will be a meeting today in conf. room 06106 from 3:30pm - 4:30pm with Kevin Presto and Elizabeth Sager.  Please plan to attend and your calendars are blocked out for this time.

Thanks,

T.Jae Black
East Power Trading
Assistant to Kevin Presto
off. 713-853-5800
fax 713-646-8272
cell 713-539-4760


Return Receipt

 Your        RE: FW: Stepenovitch
 document:

 was         Linda Stepenovitch/USA/BAC
 received
 by:

 at:         10:55:21 AM EDT Today


This e-mail is confidential and may well also be legally privileged. If you
have received it in error, you are on notice of its status.  Please notify us
immediately by reply e-mail and then delete this message from your system.
Please do not copy it or use it for any purposes, or disclose its contents to
any other person:  to do so could be a breach of confidence.  Thank you for
your co-operation.  Please contact our
IT Helpdesk on +44 (0) 20 7936 4000 Ext.2000 or email ITHelp@freshfields.com
if you need assistance.

We attach clean copies (blacklines will follow in a separate e-mail) of the
final forms of the following:

(a) Secretary's certificate for Salmon Energy LLC (naming members of ENA
board and attaching resolutions of ENA Board);
(b) GE Consent and Agreement;
(c) GE acknowledgement of receipt of funds;
(d) GE legal opinion;
(e) Salmon Promissory Note;
(f) Salmon Security Agreement.

We shall ask Paul Hastings to send to you the final forms of:

(i) the GE Guarantee;
(ii) the GE Letter of Credit;
(iii) the secretary's certificate for Salmon Energy LLC, (naming members of
Pegasus board and attaching resolutions of Pegasus Board).

The Salmon UCCs and continuation statements will follow this e-mail, as will
blacklines of the attached documents.

Kind regards
Isabel

 - NY003699692.DOC
 - NY003701084.DOC
 - NY003700033.DOC
 - NY003701281.DOC
 - NY003699615.DOC
 - NY003700898.DOC


Please find attached the latest draft of the Brattle Group's recommendations
for the Japanese power industry and the accompanying appendices.

You will find changes in emphasis and structure, which make the paper more
convincing, comprehensive and readable. We have tried to include a global
view of market objectives in keeping with your approach in Houston, to give
better explanations of why our recommendations are right for Japan at this
stage and to address potential objections from deregulation's critics in
Japan.

In addition to its earlier content, the new draft:

includes a new section setting up the objectives of a competitive market and
defining a workably competitive market, before making specific
recommendations to achieve those objectives in Japan;

addresses objections by utilities, etc. in Japan to our proposals. Current
opinions or issues circulating in Japan include: California crisis,
discrediting of a tight pool, success of PJM ensured by lack of requirement
to unbundle, nuclear power development;

emphasizes the need for a strong, independent regulator given METI's recent
inability to provide clear rules to support its recommendations and lack of
expertise in the Fair Trade Commission;

de-emphasizes final section on public policy issues to emphasize market
structure, by merging the public policy issues into one section, placing
reliability at the top of the list and providing alternatives to achieve
nuclear policy issues;

proposes implementation timetable in keeping with Japanese review process;

takes a punchier, more urgent approach in the executive summary and the paper
as a whole.

The paper will be published as a Brattle Group paper commissioned by Enron
Japan. Much input has been provided by Enron Japan but the economic arguments
and general approach are in keeping with Brattle's written positions and
standards. The written style of the paper is, of course, theirs.

We would appreciate any comments you might have on the contents of this
paper. Since we will release the paper on 15 May and will create completed
published versions in both English and Japanese by 11 May, please send us any
comments by the end of this week, i.e. Friday, 4 May.

Best regards
Mark Crowther
Public Affairs
Enron Japan


Melba,

Thank you for your assistance.  These look good.

Mike


The Teco meeting will be held Monday at 2:00 pm in room 3125.  If you have
any questions please give me a call.  The main issue will be the current
assumptions in the models and the output prices from those models.  Thanks!

Ben Rogers
3-7998


REMINDER:

Thursday, April 26, is the deadline to sign up for 1-unit courses here in
the Evening MBA office (not Telebears).

If you cannot come in, please call (510) 642-1406 and we'll sign your name
to the list (Speaking for Management, Diversity Management, Non-Profit
Boards).

Thanks!
TJ


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**** MASTERDISC 2002 CONTENTS ****

We've gone out of our way to insure that this product is the finest of its kind available.  Each CD (ver.4.01 to ver.4.10) contains approximately 1% of the 150 million records distributed with the following files, directories and databases:

**411: USA white and yellow pages data records including the following states, and database record fields;

Included States...(Alaska, Arizona, California, Colorado, Connecticut, Hawaii, Idaho, Illinois, Iowa, Kansas, Maine, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Dakota, Texas, Utah, Vermont, Washington, Wisconsin, Wyoming)

Included Fields...(ID, NAME, CONTACT, ADDRESS, CITY, STATE, ZIP, PHONE, TYPE, SIC1, SIC2, SIC3, SIC4, LATITUDE, LONGITUDE, POSTAL)

#64,588,228 records

**DISCREETLIST: Adult web site subscribers and adult webmasters email addresses.

Subscribers (Email Address) #260,971 records

Webmaster (Email Address) #18,104 records

**DOCUMENTS: This directory contains very informative discussions about marketing and commercial email.

Library:	Online e-books related to marketing and commercial email
Reports:	Useful reports and documents from various topics

#7,209 Files

**EMAIL: This directory contains the email address lists broken down by groups such as domain, and more than one hundred categories into files with a maximum size of 100,000 records each for easy use. As well as several remove files that we suggest and highly recommend that you filter against all of your email lists.

#31,414,838 records and #13,045,019 removes

**FORTUNE: This database contains primary contact data relating to fortune 500, fortune 1000, and millions more corporations sort able by company size and sales. The fields that are included are as follows;

Fortune #1
Included Fields...(ID, Company, Address, City, State, Zip, Phone, SIC, DUN, Sales, Employee, Contact, Title)

#418,896 records

Fortune #2
Included Fields...(EMAIL, SIC CODE, Company, Phone, Fax, Street, City, ZIP, State, Country, First Name, Last Name)

#2,019,442 records

**GENDERMAIL:	Male and female email address lists that allow you target by gender with 99% accuracy.

Male (Email Address) #13,131,440 records
Female (Email Address) #6,074,490 records

**MARKETMAKERS: Active online investors email addresses. Also information in reference to thousands of public companies symbols, and descriptions.

#104,326 records

**MAXDISC: Online website owners, administrators, and technical contacts for website domain name owners of the ".com", ".net", and ".org" sites. This database has information from about 25% of all registered domains with these extensions.

MaxDisc_Canada_2.txt
Included Fields...(ID, Domain, Contact, Admin Handle, Admin Name, Admin Email, Admin Phone, Admin Fax, Billing Handle, Billing Name, Billing Email, Billing Phone, Billing Fax, Tech Handle, Tech Name, Tech Email, Tech Phone, Tech Fax)
#74,550 records

MaxDisc_City_State_Zip_1.txt
Included Fields...(ID, City, State, Zip)
#39,175 records

MaxDisc_Country_Codes_1.txt
Included Fields...(ID, Country, Abv)
#253 records
MaxDisc_Email_Removes_1.txt
Included Fields...(ID, Email)
#163,834 records

MaxDisc_Foreign_1.txt
Included Fields...(ID,Domain,Contact,Address1,Address2,Country)
#1,924,127 records

MaxDisc_Foreign_2.zip
Included Fields...(ID, Domain, Company, Address, Admin Handle, Admin Name, Admin Email, Admin Phone, Admin Fax, Billing Handle, Billing Name, Billing Email, Billing Phone, Billing Fax, Tech Handle, Tech Name, Tech Email, Tech Phone, Tech Fax)
#2,412,834 records

MaxDisc_Meta_1.zip
Included Fields...(ID, Domain, Company, Address, City, State or Province, Zip, Country, First Name, Last Name, Email, Phone, Fax, Title, META Description, META Keywords, Body)
#293,225 records

MaxDisc_Meta_2.zip
Included Fields...(ID, Domain, Email)
#188,768 records

MaxDisc_Sic_Codes_1.zip
Included Fields...(Code, Description)
#11,629 records

MaxDisc_USA_1.zip
Included Fields...(ID, Domain, Company, Contact, Address, City, State, Zip, Phone, Fax, Sic, Email)
#1,389,876 records

MaxDisc_USA_2.zip
Included Fields...(ID, Domain, Company, Address, Billing Name, Billing Email, Billing Phone, Billing Fax, Admin Name, Admin Email, Admin Phone, Admin Fax, Tech Name, Tech Email, Tech Phone, Tech Fax)
#2,998,891 records

MaxDisc_USA_3.zip
Included Fields...(ID, Domain, Company, Address, Billing Name, Billing Email, Billing Phone, Billing Fax, Admin Name, Admin Email, Admin Phone, Admin Fax, Tech Name, Tech Email, Tech Phone, Tech Fax)
#2,005,887 records

**NEWSPAPERS: National directory of newspapers from small local papers to large metro news agencies.
Included Fields...(ID, Phone, Newspaper, City, State, Circulation, Frequency)
#9,277 records

**PITBOSS: Avid Online casino and sports book players, and casino webmasters.

Players Included Fields...(ID, FIRSTNAME, LASTNAME, ADDRESS, CITY, STATE, ZIP, COUNTRY, PHONE, EMAIL, PMTTYPE, USERID, HOSTNAME, IPADDRESS)

#235,583 records

Webmaster Included Fields...(domain, date_created, date_expires, date_updated, registrar, name_server_1, name_server_2, name_server_3, name_server_4, owner_name_1, owner_address_1, owner_city, owner_state, owner_zip, owner_country, admin_contact_name_1, admin_contact_name_2, admin_contact_address_1, admin_contact_city, admin_contact_state, admin_contact_zip, admin_contact_country, admin_contact_phone, admin_contact_fax, admin_contact_email, tech_contact_name_1, tech_contact_name_2, tech_contact_address_1, tech_contact_city, tech_contact_state, tech_contact_zip, tech_contact_country, tech_contact_phone, tech_contact_fax, tech_contact_email)
#82,371 records

**SA: South American mailing databases from more than a dozen countries. Each mailing address belongs to a Visa or MasterCard credit card holder. Available countries such as;

ARGENTINA, OSTA RICA, PERU, BRASIL, PUERTO_RICO, CHILE, PANAMA, URUGUAY, COLOMBIA, 		PARAGUAY, VENEZUELA

Included Fields...(ID, NAME, ADDRESS, CODE)

#650,456 records

**SOFTWARE: This directory contains 86 software titles, some are fully functional versions and others are demo versions. Many suites of commercial email tools as well as many other useful resources will be found here to help extract, verify, manage, and deliver successful commercial email marketing campaigns.

So overall the complete MasterDisc2002 will provide you with well over #150 million records which can be used for traditional marketing such as direct mail, fax transmission, telemarketing, and internet marketing such as commercial email campaigns. We look forward to providing you with the databases and software needed for your success!!!

We are currently shipping our October 2001 release.

Due to this incredibly discounted promotional price, we are accepting only credit card or check orders. Complete the buyer and shipping info, print and fax this form with a copy of your check attached or the completed credit card information.

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Attached is the Termination List for Dec. 26, as well as the Master Termination Log, which incorporates all terminations received through Dec. 26 (with the exception of Dec. 20 and 21, which are still under review).

Stephanie Panus
Enron Wholesale Services
ph:  713.345.3249
fax:  713.646.3490


fine w/ me but I can't speak to Sara and Aaron's availability -- Bob

 -----Original Appointment-----
From: 	Sweeney, Kevin
Sent:	Tuesday, March 12, 2002 12:15 PM
To:	Bruce, Robert
Subject:	Declined: Global CP info
When:	Tuesday, March 12, 2002 4:00 PM-4:30 PM (GMT-06:00) Central Time (US & Canada).
Where:	ECN 3801a (Sara's office

Can we reschedule to 4:30?  There is a conference call with Weil I need to sit in on at 4 pm.


Mark,

Thanks for the good news on Friday.

Can you please outline the pocedures we should follow for our Online LME
business.

regards
bruce


the second email
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 01/13/2000
09:26 AM ---------------------------

	Enron North America Corp.

	From:  Marie Heard                           01/12/2000 04:28 PM

To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: Brokerage Account/CIESA Transaction

FYI!
---------------------- Forwarded by Marie Heard/HOU/ECT on 01/12/2000 04:28
PM ---------------------------

Bruce Harris@ENRON_DEVELOPMENT
01/12/2000 03:52 PM
To: Nancy Muchmore/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Rick Hopkinson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Andrea
Bertone/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Glenn E
Matthys/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marie Heard@ECT
Subject: Re: Brokerage Account/CIESA Transaction

I do not know who should buy the shares.  Rick and Glenn, how do you want the
shares to be purchased and where do you want them owned?  Keep in mind that
if EPCA buys the shares and then sells them same day EDIDE (for example), we
will I believe need to open 2 accounts.  In addition, if the shares trade
over the exchange, I am not sure exactly how we will execute a private sale
between those 2 companies.  It seems to me that you may want to have the
ultimate owner actually make the purchase and then try to structure your
cashflows to accomplish your tax goals, rather than to accomplish those goals
by moving around the shares.  We can talk about this tomorrow but the sooner
we have the structure in place the sooner the account(s) can be opened.  We
will need to coordinate this structure with Corp. Treasury (Cathy Moehlmann
and Robin Veariel).

Regards,  Bruce

Nancy Muchmore
01/12/2000 02:25 PM
To: Bruce Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rick
Hopkinson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Andrea Bertone/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Glenn E
Matthys/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marie Heard@ECT

Subject: Brokerage Account/CIESA Transaction

Please let me know which company needs to open a brokerage account in
connection with the CIESA transaction.  Once you tell me which company it
should be, we can start the corporate authorization process and I will
coordinate with Marie Heard of ENA concerning other information she'll need
in connection with opening the account.

Please bear in mind that it will take some time (I'm not certain exactly how
long--I will find out) to get all of the proper authorizations and other
paper work into place, once you have decided on the company.

Nancy


Thanks for your help, we appreciate it.

JK

 -----Original Message-----
From:  Nemec, Gerald
Sent: Monday, April 30, 2001 6:28 PM
To: Kiani-Aslani, John
Subject: Draft CSA for TGP

Attached is the latest draft of the CSA based on our discussion.  Please
forward to the appropriate individuals for review and comment.

 << File: EP comp agmt3.doc >>


No trades with PG&E until further notice.

Kayne


Thanks alot.  Look forward to working with you.

 -----Original Message-----
From: 	Keiser, Kam
Sent:	Friday, November 16, 2001 9:52 AM
To:	Alonso, Tom; Badeer, Robert; Belden, Tim; Clark, Chad; Cowan, Mike; Dorland, Chris; Foster, Chris H.; Heu, Mog; Huang, Jason; Lucci, Paul T.; Mallory, Chris; Miller, Stephanie; Motley, Matt; Tycholiz, Barry; Ward, Kim S (Houston); Whitt, Mark
Subject:	Natural Gas Prices

Good morning,

For those of you who don't know me I have taken Anne Bike's place as manager of the West risk desk.  I am in the process of loading the Natural Gas Prices reports your currently getting by e-mail onto a website.  Once this is ready you will be able to access this website daily to view these reports.

In order to grant you access I will need to get your NT login ID and your e-mail address.

Can you please reply with this information and any questions or concerns you may have.

Thanks

Kam
x3-5781


Kay,

 This may not be the most up-to-date version of the Fuel Cell Team Contact
List, but its a start.  It needs to be updated anyway.  Take care.

Stephen


FYI.. this is to insure a smooth transition.

Regards, Mrha

 -----Original Message-----
From: 	Druzbik, Lisa
Sent:	Friday, June 22, 2001 1:19 PM
To:	Josey, Scott
Cc:	Mrha, Jean
Subject:	PLUTO

Scott,
It is my understanding that you will be taking the Mariner/Burlington Pluto transaction into your portfolio in the 3Q01.  I am available next week to train the appropriate person in your group on the deal background, current status, deal valuation, accounting, etc.

Please advise.

Thanks,
Lisa A. Druzbik
3-9620


Introduction
Yesterday afternoon I met with executives from Columbia of Ohio, the Ohio
Manufacturers Association and Honda of America Manufacturing and discussed a
property tax bill that COH, EOG, Ohio's Counties and the schools wish to
introduce tomorrow through the Senate Ways and Means Committee.  They are
expecting their sponsors to be Senators Blessing and Motley.  They may also
concurrently introduce the bill through the House Public Utilities Committee
through Chair Lynn Olman or David Goodman.  Columbia expects the first
hearing to be May 2nd.

When asked why the hurry...COH is in litigation concerning disparate
treatment as it relates to taxes (they are currently in the Ohio appellate
and believes if this bill goes forward they will be able to reach settlement
with regards to the litigation before the court of appeals).  The Judge is
expected to come out with a ruling in May.  However,  if this legislation
looks promising Columbia may very well reach settlement with the
counterparties on the litigation prior to the courts ruling.  (I believe the
counterparty is the Ohio schools)

I asked who they have discussed the bill with at this point and where they
felt each party stood.  Columbia said they have talked with Senator Finan
(President of the Senate) (no problem of course), Rob Tongren, Ohio's
Consumers Counsel (but they haven't met with the OCC staff to go over the
detailed analysis of impacts based on revenue class), they have sent a copy
over to the PUCO, Cinergy (who didn't think they had a problem) took it back
for review, the IEU (Industrial Endusers of Ohio)  said they weren't overly
pleased but didn't say they would get in the way, the counties and the
schools.  They have not discussed this with DP&L.  COH and EOG do not play
well in the sandbox with DP&L and didn't feel they needed to give them a
heads up.  COH also met with the Department of Taxation.  Although the Tax
Department did not have any particular concerns as of yet they were concerned
about what the electric utilities would want to do in light of what the gas
utilities would have as a result.

The Bill
The bill only addresses property tax which is based on rate base revenues.
It does not address gross receipts tax.  At first glance and after my
follow-up discussions with Columbia I would say that the bill does not have
any disparate treatment between transporting customers and those on system
supply. Any tax or corresponding base rate reduction would be treated the
same for sales and transport.  With that said , there is a base rate impact
on different classes of customers and each utility will be effected
differently due to the fact that they customers contribution to base rates
revenues and allocation methodologies.  Below please find the impacts as
suggested by Columbia:

Rate Class	Columbia of Ohio (total yearly $ impact)	East Ohio Gas
		new rate per mcf 	Cinergy
			Do not have Cinergy numbers as the computations were not provided
Residential	 decrease ($.67) per year	increase $.1532/mcf	increase
Commercial/GTS	increase $9.59 per year	increase $.0892/mcf for usage of up to 2000
mcf per year	COH wasn't sure but felt it would most likely be an increase
Industrial/LGTS	increase $2,937.91 per year	decrease (industrials that use over
2000 mcf over what they are currently contributing
		but a rate of $.0650	decrease
Large Industrials with whom Columbia has flexed its distribution rates to
$.25/LGTS	increase: none
	Columbia will flex their rates down to $.13 to compensate for the tax
increase so the impact is zero	$.02/mcf for flexed rate customers	decrease

Columbia of Ohio and East Ohio Gas represent roughly 80 % of the states gas
volumes.  Rough estimate:  with the reduction in the property tax rate from
88% to 25% this represents approximately $34 million dollars to Columbia
based on their 1994 case in which their base rates were set and their tax
obligation was roughly $53 million approx.)Section VIII of the bill discussed
the corresponding reductions in base rates that will be made and discussed
the allocation.
If and when the legislation goes through,  COH and EOG would file schedules
with the PUCO.  If the bill is passed as written the rate reductions would be
effective 1/1/01 and the tax would become effective 7/1/01.

For risk management and deal structuring purposes we will want to watch the
bill carefully, as any changes made to allocation methodologies could have an
impact on our business going forward.   In addition,  the bill originally has
language that address the gross receipts tax on commodity in Ohio and we will
want to make sure the utilities do not change their mind and insert gross
reciepts language back in.

I will be sending the supporting documents to Howard Petricoff, Dayem
Khandker, Dennis Benevides, and Paul Tate.  If you do not receive a copy of
the bill or the computation sheets and would like a copy, please give me a
call and I will send them.


ADDITIONAL INTERVIEWER PARTICIPATION IS REQUESTED FOR OCTOBER 28 & NOVEMBER
4.

Also, please note the school/date changes (in red).  This change was
necessary due to the number of candidates participating in Super Saturday.
If you have a change in your participation as a result of the date change,
please contact John Harrison, ext. 3-7811 for revisions.

Thank you
Shelly Jones

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

Enron Managing Directors, Vice Presidents, Directors, and Managers  Who
Utilize the Associate/Analyst Pool

As a follow up from a "SAVE THE DATE"  email regarding your participation in
the  Associate and Analyst  Super Saturday process, now is the time to select
your dates to attend and participate.

Below are the dates for Super Saturday weekends during the upcoming
recruiting season.  If you are Houston-based or if you know you will be in
Houston on business at the appropriate times please click the link below to
volunteer.

http://axis.enron.com/notice/ssinvite.asp
(When selecting dates please avoid selecting to interview candidates who
attend the schools for which you are a team member.)

Associates     Analysts
October 27-28, 2000    November 3-4
Thunderbird, UT, Georgetown, Rice  Rice, UT, Baylor, A&M, OU, Florida, LSU,
UHCL

November 10-11, 2000    November, 17-18, 2000
Columbia, Stern NYU, UCLA, Darden, Cornell Penn, UVA, Vanderbilt, Michigan,
Howard, AUC,
Vanderbilt, Michigan    UHMain and Clear Lake, LSU

December, 1-2, 2000    December 8-9, 20000
Chicago, Kellogg, Harvard, Wharton, MIT Wellesley, overflow and re-schedules
from previous s/s
-
Friday, December 15, 2000
Carnegie Mellon
Yale off-cycle candidates

Thank you for your support of the Associate and Analyst Programs.
Shelly Jones
Recruiting Manager


The phone call to Intermesa and Votorantim should emphasize the following
points:

1. The transaction was never consumated.  We have consistently stated that we
do not consider the transaction a   "done deal" until final documents are
executed.

2. We are no longer willing to consider the proposed transaction.  The reason
is simple:  the market has moved and they failed to act quickly.

3. All markets,pet coke markets in particular, are time sensitive.  Because
Votorantim has delayed in the execution of final   documents, it accepted the
risk that, over time, market prices would change and Enron would no longer be
willing to sign a deal.

4. Again, we never had a final, enforceable deal. Their only claim is that we
misrepresented to them our willingness to do the deal and therefor they
didn't pursue negotiations with a third party. Our response is: we never made
any misrepresetation and it is not reasonable to  rely on our negotiations as
a basis to forego discussions with third parties when Enron never sent them a
binding offer.


Sally,

As of this date our assistant tells me that the following pre-PRC meetings
are scheduled:

Brent Price will meet on 6/15
Brenda Herod will meet on 6/13
Sheila Glover stated she will have the meeting ad hoc.
Kristin Albrecht stated that she had it last week
Leslie Reeves is not scheduled as of today

Others that have scheduled for a pre-PRC:

Bob Supurty will meet on 6/15
Mary Solmonson will meet on 6/16
Jeff Sorenson will meet on 6/9
Bryce Baxter will meet on 6/13

Let me know if there is any other information that I can provide.
Hector


MALCOLM Greg -CONTROLLER <greg.malcolm@ontariopowergeneration.com>
	10/12/2000 08:19 AM

	Let me know if you still don't get the attachment.

		 To: "'Tana.Jones@enron.com'" <Tana.Jones@enron.com>
		 cc:
		 Subject: RE: Draft ISDA-Ontario Power Generation, Inc.

Tanya

I will call.  Didn't receive attachments though

Greg

  -----Original Message-----
  From: Tana.Jones@enron.com [mailto:Tana.Jones@enron.com]
  Sent: Wednesday, October 11, 2000 5:03 PM
  To: MALCOLM Greg -CONTROLLER
  Cc: Edward.Sacks@enron.com; Robert.Bruce@enron.com;
Tom.May@enron.com
  Subject: Draft ISDA-Ontario Power Generation, Inc.

  Dear Greg,

  As we discussed, I am attaching our proposed form of ISDA
Schedule and
  Credit Support Annex for your review.  If you have any
comments or
  questions, please do not hesitate to call me at
713/853-3399.  We look
  forward to hearing from you.

  cc:       Tom May
       Ed Sacks, Credit
       Bob Bruce, Senior Counsel


The Commission issued an order on May 8, 2001 in Illinois Power Co. Docket No. ER01-123 (as well as ComEd, Ameren and Alliance) that accepted the Settlement filed by the Alliance and MISO on 3/31/01.  The Settlement:
provided for the continuation of two separate RTOs in the Midwest - ARTO and MISO - to be operational by 12/15/01
provides for a single, non-pancaked Super-Regional rate for transactions with sources and sinks within the two- RTO Super Region
provides that ARTO and MISO will negotiate with PJM to develop a joint rate methodology
includes an Inter-Regional Cooperation Agreement committing the ARTO and MISO to develop compatible protocols and formats, share information and data, develop a combined reservations and scheduling system, coordinate on TLRs, and develop procedures for real-time operational disputes.
allowed withdrawal of IP, ComEd and Ameren from MISO to join ARTO with an exit fee of $60 million to cover start up costs.

Enron had filed comments opposing the settlement arguing that it failed to resolve the issues of the Midwest market.  Enron argued the the settlement did not provide for sufficient RTO scope, did not resolve rate pancaking, parallel path flow, and other operational and seams issues.

The Commission's order on the settlement continues the Hebert "incremental approach" to RTO's that it has exhibited in its prior RTO orders.  The Chief Judge had certified the settlement over Enron's opposition, claiming  Enron was asking the FERC to go beyond the scope of Order No. 2000.  Some of the important findings in the order are summarized below.

Accepted the Alliance stakeholder process over objections of Enron and several marketers.  Alliance will file its stakeholder plan by May 15 and parties may raise concerns at that time.  This does seem a late filing given that the RTO is to be operational by 12/15/01.  In the meantime, Alliance has held three meetings, focusing on interconnection procedures and congestion management.  They are continuing to meet with stakeholders every two weeks - this seems better than required by this order.
The Super-regional rate is not applicable to imports of generation into the Region.  This is definitely an example of the "incremental approach."  The Commission was very impressed that the Alliance and MISO represented the largest areas ever proposed for elimination of rate pancaking.  The order did recognize the competitive advantage this gave to generators within the Super Region vis-a-vis those located outside the Region, but noted that absent the settlement, transactions would incur two separate transmission rates.
 Sufficiency of scope and configuration will be determined in the respective RTO dockets.  Although the settlement provided that the scope of ARTO and MISO were sufficient, the Commission refused to make that determination in this order.   Note that the Alliance scope and configuration has been found to be sufficient to comply with Order No. 2000 in the Alliance January 24, 2001 order.
Enron argued the Midwest transmission grid should be under the control of a single operator to provide for a seamless market.  The FERC finds that issue to be premature.  This is again the "incremental approach;"  the Commission encourages further efforts to build on the framework of the settlement to develop common processes and move toward an ultimate goal of a single operational RTO for the Midwest.  This open-ended issue may provide a good opportunity to set up a meeting with FERC staff to discuss future steps to work toward this ultimate goal.
Enron had argued that the IRCA was not a sufficient commitment to a seamless Midwest market.  The order accepts this aspect of the settlement, but allows that Enron and all parties can raise further concerns once coordination proposals are filed.
The Commission will not require joint energy imbalance and congestion management mechanisms at this time.  FERC found no basis in Order No. 2000 to find that multiple systems could not be compatible.  The order did not address Enron's argument that the settlement should provide for a real-time energy market, rather than just a balancing market.
A market monitoring committee is to be formed which will agree upon an independent market monitor for the Cooperating RTOs.
The settlement provides for a moratorium on the transitional pricing structure through 2004, subject to an exception for new investment..  The FERC accepts this provision due the rate certainty it provides.

If you want a copy of the order, let me know.


sorry about that - misdirected to you.
---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
06/23/99 01:51 PM ---------------------------
To: Mark EI.London Taylor@Enron
cc:
Subject: Trading Web Site

I hope ours looks better than this:

http://www.unioncal.com/


Kay and Ben,

I would like to send the following to Jeff Darst at GE via e-mail.

Dear Jeff,

Pursuant to you letter dated May 9, 2001 we are prepared to pay the deduct
for liquidated damages ($536,000) and retention deduct ($965,885) withheld
from the April 25, 2001 invoice.  Payment of the deduct for the liquidated
damages claim does not constitute a withdrawal of the claim, hence, we are
not waiving our rights afforded under the contract.  As stated in our letter
dated May 3, 2001, we are prepared to pay the final 5% payment for Unit 1
upon receipt of the Letter of Credit for $965,855 (5% of the price for Unit
1) and a lien release.

Regards,

Chris


---------------------- Forwarded by David M Gagliardi/TTG/HouInd on
08/15/2000 07:51 AM ---------------------------

"Michael Gagliardi" <mggagliardi@duke-energy.com> on 08/15/2000 07:17:25 AM

To:   DGagliardi@reliantenergy.com, David_ricks@GSDM.com
cc:

Subject:  True Orange Fax/E-Mail #68

---------------------- Forwarded by Michael
Gagliardi/Hou-ComOps/EnergyTrading/PEC on 08/15/2000 07:26 AM
---------------------------

TruOrange@aol.com on 08/14/2000 10:25:12 PM

To:   undisclosed-recipients:;
cc:    (bcc: Michael Gagliardi/Hou-ComOps/EnergyTrading/PEC)
Subject:  True Orange Fax/E-Mail #68

True Orange Fax/E-Mail Service
Volume 8, Fax/E-Mail #68, Monday, August 14, 2000
Jerry Scarbrough's True Orange, P. O. Box 26530, Austin, Texas 78755 -
Phone
512-795-8536

Roy Williams Leads Outstanding Freshman Class in Workouts
The heralded Longhorn freshman class had its first two workouts Monday, and
several players looked very good, but big, fast WR Roy Williams was almost
too impressive to believe.
He's big, at about 6-3 or maybe 6-4 and a little over 200 pounds (we should
get official heights and weights Tuesday) and he is fast (10.03 100 meters
last track season) and no one could cover him Monday. He caught so many
long
passes I lost count.
Pitty poor Nathan Vasher, the lone scholarship DB among the freshmen. He
had
to try to cover Williams, B. J. Johnson, Sloan Thomas and Tony Jeffery, the
best group of freshman wide receivers in the country. As soon as he got
through with one and got a little breather, it was on to the next one.
Vasher
actually did a good job most of the time on everybody except Williams, who
was just too big and too strong for him to handle. Vasher does a good job
of
man coverage, getting right with the wide receiver and staying with him on
most occasions.
Also pity poor QB Chance Mock, who probably threw more passes Monday than
he
did in his whole career at The Woodlands. He showed great accuracy and
touch
on long and short passes, and offensive coordinator Greg Davis,
complimented
him for having "a quick release." But I'll bet his arm is sore Tuesday.
Coach Mack Brown said he doesn't normally want to play freshmen,
particularly
early in the season, but he said it is easier for wide receivers to play
early than for most other players.
"Take our two freshmen defensive ends, Kalen Thornon and Adam Doiron,"
Brown
said. "They are very good prospects, but they have never lined up against
anybody like Leonard Davis, and that's what they'll start doing when the
veterans show up. Their learning curve goes up pretty drastically, and they
probably will need some time to cope with that."
But he said it's a different story with wide receivers. "If a receiver can
run, jump, catch and do something after he catches it, Brown said, "we can
make the offense simpler for him,"
Darryl Drake, the wide receiver coach, phrased it another way, saying, "If
a
guy is 6-3 or 6-4, can run close to a 10-flat hundred meters and high jump
seven feet (Williams did all that last year at Odessa Permian), we'll just
tell him to run down the field and, if anybody can keep up with him,
they're
probably short cornerbacks and he can outjump them for the ball. We'll
coach
him next year, but he can get by with the speed and jumping ability this
year." Drake was only partially kidding.
When Williams has to try to get off the line against big-time correrbacks
like Quentin Jammer and Roderick Babers, the two UT starters, it will be
harder, but Brown said all the receivers are going to get a lot of work
against bump-and-run coverage. He also said he expects at least two of them
to play a lot early in the season;
Thomas, Johnson and Jeffery also had some good plays. Thomas made one great
catch of a high ball that appeared to be out of his reach.
One UT assistant coach told me today he has never seen back-to-back classes
as outstanding as the two the Longhorns have put together the last two
years.
The freshmen will have their final workouts as a group Tuesday. The varsity
reports Wednesday and the first full team workouts will be Friday.
* * * *
RECRUITING NOTES: The news got as little better today on the state's best
quarterback, Matt Nordgren, 6-5, 217, 4.62, of Dallas Bishop Lynch. He
visited Colorado unofficially last weekend and came back very impressed and
saying he wants to delay his decision on picking a college.
But he told me today the Longhorn coaches are recruiting two quarterbacks
(Bret Rawls of Louisiana powerhouse Shreveport Evangel is the other one)
"and
they gave us both a deadline of October 15 and told us to look around and
be
sure what we want to do. I think that is a real sign of class," he said.
"I'll probably take some official visits before that, maybe to Colorado,
Kansas, LSU and Tennessee, and then I'll take an official visit to Texas. I
still say Texas will be hard to beat, but I just want to be real sure
before
I make a decision."
* * * *
My next fax will be Tuesday, August 15.
* * * *
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


[IMAGE] [IMAGE]
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http://news.bbc.co.uk/hi/english/world/letter_from_america/newsid_216000/21699
4.stm


Karla,

The wording you have below sounds reasonable as we would only use the code
for internal valuation purposes.

I also checked with Vince regarding the issues we discussed by phone
yesterday.   He would like to specify a 2 day response time for the software
support.  Also, he would like to specify that the payment schedule be:  50%
at time of initial contract and 50% at the time when the software is
released.   This would give them an incentive to release the software before
the full year is over if they want to accelerate the payment.

Thanks again for all the help,

Stinson

From: Karla Feldman on 09/06/2000 10:30 AM
To: Stinson Gibner/HOU/ECT@ECT
cc:
Subject: D-G Energy

Stinson,

While trying to put  together the agreements for D-G Energy, I have an
additional question:

I need to know exactly what yall plan to do with the Source Code once you
have it after the initial one year period is up?  There are still limitations
as to what you can do with it, so I will need to know so we can try to revise
the contract so that you will be legal.

For example, in the language regarding release of the source code from
escrow, it states that once you have the source code, you just have the
"right to use, copy and modify the Source Code, solely for our internal
purposes in connection with support, maintenance and operation of the
Software".

Do yall plan to reverse engineer, decompile, etc?  Do you plan on using any
of their code to create our own product?  If so - I think these are going to
be a problem.  The latter would be an infringement issue, unless we were to
contract to do so.

Please let me know more details of your plan so I can see how we need to
proceed in this area.

Thanks,
Karla
x67554


---------------------- Forwarded by Jim Schwieger/HOU/ECT on 03/22/2001 03:06
PM ---------------------------

Jim Schwieger
09/25/2000 09:13 AM
To: Brad Blevins/HOU/ECT@ECT
cc:
Subject: Estimation of Potential KVSR fuel expense

Brad:
Right now we have to assume that we will be withdrawing Nov. 2000 through
March, 2001 with a goal of emptying the facility down to 60 BCF.  This will
require the injection of approximately 55 BCF of gas from April 1, 2001
through October 31, 2001.  Available run time should be no lower than 98%.
Why would it be greater?
The rest will have to be answered by someone else.

 Swig

---------------------- Forwarded by Jim Schwieger/HOU/ECT on 09/25/2000 09:03
AM ---------------------------

	Enron North America Corp.

	From:  Brad Blevins                           09/22/2000 09:26 PM

To: Greg Brazaitis/HOU/ECT@ECT, James McKay/HOU/ECT@ECT, Jim
Schwieger/HOU/ECT@ECT, Jack Simunek/HOU/ECT@ECT, Emma Kam Welsch/HOU/ECT@ECT
cc:
Subject: Estimation of Potential KVSR fuel expense

Hanover Compression has given me a revised fuel consumption number of 7150
BTU/horsepower-hr for the KVSRs once they have been converted to Clean Burn
technology.  This compares to the present 7500 BTU/horsepower-hr.  We need to
come to a consensus on the assumptions that will be used with this figure.
These assumptions will need to be as follows:

How many hours a year do we really think that these units will run?  I am
assuming that they will not be running if Bammel is on withdrawal.  Correct
or not?
How much horsepower will really run?  This will be determined by how much
market HPL will hope to capture from ANP and possibly Equistar.  It will also
be affected by the suction pressure of the gas, which is, in turn, determined
by how much HPL is injecting and pressures at Katy.
Finally, what available run time do we want to assume here?  90%?

I have no preconceived notions of what these assumptions should be;
therefore, I am soliciting input from each of you.  We need to be in
agreement before Emma starts her work.  Thank you.


Art,  Per our phone conversation, attached is the revised language for Section 4.4 of the Master Firm Agreement.  Please review and if acceptable, we will prepare executables and forward for signature.
"Notwithstanding anything to the contrary contained herein, this Section 4.4 shall only allow for offset, set off, or recoupment between Company and Customer, excluding Customer's PNM Gas Services division."


Mark,

Attached is some cusory information and related news article on insurance
coverage currently being touted in the market  for IP risks.  Coverage is
avaialable for both offensive (enforcement) and defensive actions.

If you're interested in exploring specific applications for Enron Networks,
I'm happy to arrange a meeting with the underwriter.  Jsut let me know.

Thanks,
David Marshall
3-6847

 - IParticle.PDF
 - App2 - Defensive.pdf
 - IP Defense & Pursuit Summary.pdf


This is a copy of the e-mail I sent out on Friday.  I am looking forward to hearing from you soon.  If you are unable to submit a bid, please let me know.
Thanks,
Aiysha M. Billings

Hello,
I need to lock in TCO pool supply for my customer starting April 02 through July 04. Yes, this term is correct and they in fact want to lock this in soon (at the latest Tuesday morning). I have attached their load profile below. They are looking for a Nymex plus applicable basis quote. BUT, they want seasonal pricing (i.e. a winter quote and a separate summer quote). In other words they want to see 5 different prices (Apr02-Oct02, Nov02-Mar03, Apr03-Oct03, Nov03-Mar04, and Apr04-Jul04). I hope this makes sense and if you have any questions please call me at 502-214-6364 or send me an e-mail. Thanks for your help in advance.

Sincerely,
Aiysha Billings
Alliance Energy Services

 - CC_TCO~1.XLS


---------------------- Forwarded by John Arnold/HOU/ECT on 02/05/2001 07:30
AM ---------------------------

SOblander@carrfut.com on 02/05/2001 07:11:21 AM
To: soblander@carrfut.com
cc:
Subject: daily charts and matrices as hot links 2/5

The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  , 2000 Carr Futures

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

Crude     http://www.carrfut.com/research/Energy1/crude11.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas11.pdf
Distillate     http://www.carrfut.com/research/Energy1/hoil11.pdf
Unleaded     http://www.carrfut.com/research/Energy1/unlded11.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/Stripmatrix11.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG11.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL11.pdf

Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606  USA
Tel:  312-368-6149
Fax:  312-368-2281
soblander@carrfut.com
http://www.carrfut.com


Thanks for your response.  Brian Dawson had them.
FYI...per Brian's question/suggestions I will be implementing a file check
out policy procedure for our files that will help control their whereabouts.
Starting with the E-schedules and tax files there will be an additional
hanging file folder inside the cabinet with sign out forms inside.  Everyone
will be expected to govern themselves accordingly for file usage.  Thanks for
your cooperation.

Dana

From: Brian Schwertner@ENRON on 01/31/2001 10:09 AM
To: Dana Davis/HOU/ECT@ECT
cc:
Subject: Re: E-Schedules

i do not have them.

	From:  Dana Davis @ ECT                           01/31/2001 09:37 AM

To: Brian Schwertner/NA/Enron@Enron, Rosalyn Lum/Corp/Enron@Enron, Lisa
Best/Corp/Enron@Enron, Lisa King/HOU/ECT@ECT, Kristi
Fredericks/NA/Enron@ENRON, Laynie East/HOU/ECT@ECT, Susan
Rance/NA/Enron@Enron, Stacy Hardy/Corp/Enron@ENRON, Brian K
Dawson/NA/Enron@ENRON, Dana Davis/HOU/ECT@ECT, Tammy Barta/HOU/ECT@ECT,
Rufino Doroteo/HOU/ECT@ECT, Brad Carey/NA/Enron@Enron, Stephen
Wolfe/HOU/ECT@ECT
cc:

Subject: E-Schedules

Who has the E-schedules for co. 1n2 and 272?  Marnie is looking for them and
the aren't in the file cabinet.  Call me and I'll take them to her.

Thanks.

Dana


are they curtailing your volumes?  counterparties backing off yet?


Joe,

The following is a list of the curves needed in the Keyspan valuation.

IF-TENN/LA
IF-TENN/LA_OFF
IF-TENN/TX
IF-TETCO/ELA
IF-TETCO/ETX
IF-TETCO/STX
IF-TETCO/WLA
IF-TRANSCO/Z1
IF-TRANSCO/Z2
IF-TRANSCO/Z3

Thanks,
Pat


Bruce/Dan , my only comment on th AOS contract is that Enron needs a ROFR on
any volumes post 9:00 AM.  If Enron does not want the gas then, Keyspan  / BP
has the right to market the gas to any other counter party.

Cheers,

Grant

"Bruce Kohrs" <Bruce_Kohrs@keyspancanada.com> on 04/25/2001 08:20:07 AM
To: grant.oh@enron.com
cc:
Subject: proposed amendment to CEMC/Enron Alliance AOS agreement

Grant, just to follow up on a few issues:

1) I talked to Dan last Thursday and he stated he was going to follow up
with you on the wording below.
2) I still have not seen a transaction confirmation regarding our St.Claire
deal
3) Have you had a chance to look at numbers regarding our
Alliance/Malin/St. Claire conversation

Please let me know where we are at with the above issues
------

Bruce Kohrs
Phone: (403)205-7684
Fax: (403)266-1947
e-mail:bruce_kohrs@keyspancanada.com
----- Forwarded by Bruce Kohrs/Keyspan/ca on 04/25/2001 08:07 AM -----

                    Bruce Kohrs
                                         To:     dan.j.hyrl@enron.com
                    04/19/2001           cc:     grant.oh@enron.com, Michael
Kleiner/CRESTAR1/Crestar
                    07:59 AM             Energy@Exchange, Brian
Houghton/CRESTAR1/Crestar Energy@Exchange, Jim
                                         Pearson/Keyspan/ca@Keyspan
                                         Subject:     proposed amendment to
CEMC/Enron Alliance AOS agreement

Dan, after talking to Mike Kleiner from Gulf and Grant Oh we determined the
wording in the contract handcuffs Crestar to move volumes after 9:00am MST
if additional volumes become available that Crestar did not have prior to
9:00am MST. Mike came up with the wording below to give Crestar the option
to move gas after 9:00am.

Please review and if you are in agreement please make the change to the
subject agreement.

Thanks,
------

Bruce Kohrs
Phone: (403)205-7684
Fax: (403)266-1947
e-mail:bruce_kohrs@keyspancanada.com

RE: Transaction No. 1a; March 22, 2001

We are writing to obtain your waiver of certain requirements under the
subject agreement.

The specific circumstance of concern arises where, prior to 9:00 am on a
Nomination Day, CEMC advises Enron that it will not deliver gas or will
deliver less than the maximum DCQ, because CEMC does not expect to have
sufficient volumes available on the next Gas Day to enable it to utilize
all
of Customer's AOS.  Should circumstances change after 9:00 am on a
Nomination Day such that CEMC expects to have additional volumes available
on the next Gas Day, CEMC wishes to be authorized to utilize Customer's AOS
to deliver those additional volumes.

If you agree to allow CEMC to deliver volumes in the circumstance outlined
above, we request that you confirm your agreement on the duplicate copy of
this letter provided for that purpose.

------

Bruce Kohrs
Phone: (403)205-7684
Fax: (403)266-1947
e-mail:bruce_kohrs@keyspancanada.com


Dear Eugenio,

I did not want to say this when everyone else was around, but I am concerned
that no attempt was made to meet the deadline of this morning that we
discussed last Friday. (to decide on a name for the database).  Only Maria
Teresa had her information to me this am as requested. The deadline could
have been easily met by working diligently this morning, but Jennifer did not
come in until 8:30 and MT until 8:15.

I thought we had discussed the urgency of this - to have something to present
at the 10am meeting.  We need to discuss this to ensure it does not happen
again.

Best regards

Shona


I'd love to receive all three publications by e-mail.

Thanks,
Kate

Kathryn Sheppard
03/16/2001 03:21 PM
To: Kate Symes/PDX/ECT@ECT, Bill.Williams.III@enron.com
cc:

Subject: E-mail publication preferences

Please indicate if you would like to receive the following publications by
hard copy or by email:   We would like to have the preference list complete
and functional by Monday.

Gas Daily

Electric Power Daily

Megawatt Daily

Thanks,
Kathy


Approved.
----- Forwarded by Mark Taylor/HOU/ECT on 01/05/2001 04:44 PM -----

	Mark Greenberg@ENRON
	01/05/2001 02:59 PM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Flat Computer Screen

Mark -

Please let me know if it would be possible to get a flat computer screen for
my office.

Thanks.

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com


Howdy all!

We currently have an opening in the Real Time Trading Group reporting to Bill Williams III.

If you have any questions about this position, please see Bill at the Real Time Desk. A list of responsibilities and candidate requirements can be found below.

If you would like to be considered for this position, please contact Julie Kearney (x7404) or Grace Rodriguez (x8321) by close of business on Friday, October 19th, 2001.

Regards,
Grace
x8321

===============================================
Open position - REAL TIME TRADING

Description of Group
Real Time Trading is responsible for the physical and financial integrity of prescheduled energy transactions.  Specifically, this includes managing curtailed schedules and preserving Enron's financial rights with non-performing trading counter parties.  The group is required to maintain records and update databases that explain such supply/market interruptions in order to minimize customer billing dispute issues.

In addition, Real Time Trading is responsible for the hourly trading of energy in the California ISO and bilateral markets.  Traders are expected to initiate profitable trades while maintaining an acceptable amount of risk exposure to the company.  The group is expected to know all settlements requirements and charges related to each type of trade.  Each trader is capable of interfacing with customers and responding to internal and external billing inquiries.

Real Time is required to administer terms of Service Desk contracts, which may include the selling of excess generation and purchasing energy for customer's load requirements.  Also, each trader is responsible for gathering and reporting information on unit outages, transmission line durations and other information that is useful for all West Desk trading activity.

Description of Function
Confirm purchases and sales of power for Enron Power Marketing.
Protect EPMI from financial risk and fulfill physical power obligations.
Trade energy in hourly markets, including California ISO.
Gather essential market information for cash traders.
Aid in the preparation of price and deal reports and assist in the resolution of volume/price discrepancies.

Requirements
Bachelors in Finance, Business, Accounting or related field.
1 to 2 years of previous power industry experience in western region is preferred.
Excellent problem solving and communication skills.
Ability to make quick decisions under pressure.
Strong PC skills.
Work rotating shift including holidays and weekends.
Self-motivated.
Detail oriented.


You're e-mailing me on Greg's address book.  It's because I responded to your
first address from his e-mail and I thought I was in my address book.

Honey,  please feel better soon.  I'm saying a prayer for you right now.  I'm
glad I put a smile on your face (and what a handsome face it is).    Liz

"Hoskins, Kenneth" <khoskins@dlj.com> on 01/29/2001 12:00:24 PM
To: "'Greg.Whalley@enron.com'" <Greg.Whalley@enron.com>
cc:
Subject: RE:

 Going
forward, you're getting "fine or not so fine." - I don't understand.

I'm having a poor day.  Got to have thick skin in this business.
Hey, thinking of your beautiful "happy" smile makes me smile.  You certainly
deserve someone that brings that special kind of joy to your life.

-----Original Message-----
From: Greg.Whalley@enron.com [mailto:Greg.Whalley@enron.com]
Sent: Monday, January 29, 2001 12:52 PM
To: khoskins@Dlj.com
Subject: RE:

He asked me to table it til this week.  Last week was full of activities
planning for the Analyst conference and tons of meetings about our problems
in CA (Power).

Sorry you're not feeling well.  Take care of yourself.    I had a lovely
weekend, thank you.  Edmond and I did dinner & dancing on Saturday night.
We had a picnic @ Allen Parkway on yesterday afternoon.  Followed by a
Super Bowl party for two.  This was a lot of fun.  We ate junk food and
drank cokes all night.  By 3:30a.m. this morning we both had a stomach
ache.

Am I sharing enough, to much?  I think I like me old way better.  Going
forward, you're getting "fine or not so fine."

Liz

"Hoskins, Kenneth" <khoskins@dlj.com> on 01/29/2001 11:02:55 AM

To:   "'Greg.Whalley@enron.com'" <Greg.Whalley@enron.com>
cc:
Subject:  RE:

I had a so, so weekend.  I'm tired, half ill, and working for some new
accounts.  Any word yet?

How was your weekend?

I'm sure you and Edmund had a blast - what did you do?

-----Original Message-----
From: Greg.Whalley@enron.com [mailto:Greg.Whalley@enron.com]
Sent: Monday, January 29, 2001 11:21 AM
To: Hoskins, Kenneth
Subject: Re:

Good Morning Ken,

Good weekend?

liz

"Hoskins, Kenneth" <khoskins@dlj.com> on 01/29/2001 10:11:18 AM

To:   "'whalley@enron.com'" <whalley@enron.com>
cc:   "'liz.m.taylor@enron.com'" <liz.m.taylor@enron.com>
Subject:

Please see below a summary of E&P weekly from CSFB research team.  The
complete report is attached for your review.

> 1) Group rebounds from over-sold position advancing 4%, leaders include
> Swift, Ocean, Mitchell, Louis Dreyfus and Canadian Natural.
> 2) Despite weather related selling pressure on near month natural gas
> prices, the out months remain strong between $5.50 and $6.00.
> 3) With 20% of US gas production reporting, volumes declined 1.6%
> sequentially and 5.5% versus 4Q99. Volumes declined 4% in 2000 versus
> 1999.
> 4) Value creation update: 5 companies reported increasing value by 29%
> on average, leaders include Pogo, Ocean and Pioneer.
>
>
 <<EnP012901.pdf>>
Regards,

Kenneth F. Hoskins
Private Client Services
Credit Suisse First Boston

Donaldson, Lufkin & Jenrette Securities Corporation
 an affiliate of
CREDIT SUISSE FIRST BOSTON CORPORATION

401 City Avenue, Suite 110
Bala Cynwyd, PA 19004-1122

office: (610) 660-8914
   cell: (301) 922-9932
email: kenneth.hoskins@csfb.com

The information contained herein is provided, at your request, for
informational purposes only.  We make no representation as to its accuracy
or completeness.  Also, this information does not supersede confirmations
or
statements sent to you by DLJ.  Further, it does not constitute an offer to
buy or sell these securities.

(See attached file: EnP012901.pdf)


What people know:

Hertzberg (et al's) bill (82XX)was heard in an "informational" hearing today
and still sits in the Assembly Energy Committee.  It will be heard again
tomorrow (perhaps beginning at 10 AM) , at which time parties will have a
chance to support/oppose and ask for amendments.  Most, including us, oppose
unless significantly amended.
The Wright (D) -Richman (R) bill (83XX)was heard in an "informational"
hearing today and still sits in the Assembly Energy Committee.  It will be
heard again tomorrow, at which time parties will have a chance to
support/oppose and ask for amendments.  From our perspective, this is the
best bill out there yet, though it still has serious problems---it isn't
available electronically yet, but should be tomorrow, and I'll distribute
then.  The chances of the joint D-R bill being successful are slim, however,
since it's up against the Speakers competing bill.  There is talk that the
Speaker will try to negotiate with Wright/Richman tonight and include any
agreement in his bill (82XX).
The original version of the Governor's MOU bill sits in the Senate.  Most
believe that Burton will put it up for a vote this week and it will fail.
The Senate's version of the MOU (Sher-Peace-Kuehl) (78XX)came out today.  It
will likely be heard in the committee tomorrow or the next day.  Notably, it
kills Direct Access completely and makes Edison shareholders responsible for
that portion of Edison's debt owed to suppliers.  In short, a very bad bill.
Burton's 18XX, which would de-link the bond issuance (to pay back the General
Fund) from the DWR contracts is likely to pass the Senate tomorrow or the
next day.  Many--including Enron--support the bill (though we are supporting
it behind the scenes).

What people don't know:
Whether there's the time or the will in the Assembly and Senate to achieve by
Friday a single, comprehensive bill that can be sent to the governor for his
signature.
Whether the Legislature would postpone its month-long recess if the
Legislature hasn't finished a bill by Friday (most folks think they will not
postpone).
Whether it's true that, irrespective of the energy issue, the Legislature
will fail to get the budget completed by Friday and therefore have to
postpone their recess anyway, in which case they might continue to work on
the energy legislation at the same time.

Odds-makers still say it's better than 50-50 that the Legislature does not
get the Edison bills done by Friday and leaves on on its 30-day vacation.

Best,
Jeff

Sacramento is one goofy place.