-----Original Message-----
From: soblander@carrfut.com [mailto:soblander@carrfut.com]
Sent: Tuesday, October 23, 2001 7:03 AM
To: soblander@carrfut.com
Subject: ALL daily charts and matrices as hot links 10/23

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

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

Crude     http://www.carrfut.com/research/Energy1/crude23.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas23.pdf
Distillate     http://www.carrfut.com/research/Energy1/hoil23.pdf
Unleaded     http://www.carrfut.com/research/Energy1/unlded23.pdf

Dec WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clz-qoz.pdf
Dec Heat Crack     http://www.carrfut.com/research/Energy1/heatcrack.pdf
Dec Gas Crack     http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread     http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread     http://www.carrfut.com/research/Energy1/hof-hog.pdf
Nov Gas/Heat Spread     http://www.carrfut.com/research/Energy1/hux-hox.pdf
Dec Gas/Heat Spread     http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Nov/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/hux-huh.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG23.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG23.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL23.pdf

Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606


Joe

First of all - blow me.

Second, my wife is expecting in early November so I might be able to slip away in September.  I would vote for anything that would require one flight from Houston.  I'm sure Rich would agree.  ie.  Timmins would be tough.  I would love to join you all and get mocked for an entire weekend.

Lav

or Lavo as the hacks down here call me.

 -----Original Message-----
From: 	"Joseph G.Galea" <galea@mcgown.com>@ENRON [mailto:IMCEANOTES-+22Joseph+20G+2EGalea+22+20+3Cgalea+40mcgown+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Friday, June 08, 2001 9:06 AM
To:	Richard.C.Glover@fritolay.com; Lavorato, John; mvanrassel@rpmtec.com; mitchmilestone@home.com; James Galea; james_mcdonnell@matthewscott.com; jonch@magic.pmh.on.ca; Charles Jones; chrismcconvey@on.aibn.com
Subject:	2001 ORANGINA CLASSIC

As anticipated when the constraints of having  the "luck of the draw" taken out of the equation, I have moved into a first  place draw with Headley Jones in our newly formatted hockey pool. I never  once drew first pick in all previous Uncle Buzzy pools (remember him?) , so  this feels particularly sweet. With one game left, all I need is one point  from either Jason Arnott or Beretta Blake to stand alone. My only worry is a  Brodeur shut-out.

I offered Don Headley a split earlier when I was 7  points back, but he chose to poke fun instead. Charles, whose not even in the  pool, cried collusion, to which I explained to him that for this to be the case,  1. Discussions would have had to be held "in camera"  and 2. Others would have to be negatively impacted.  Neither of these criteria were met. I was simply being a good  capitalist.

Regardless, our American friends have yet to pony  in, nor has Galea ll, and I want my clams immediately! McConvey ( in  perhaps the orangiest, sweetest moment of all), please send the $20 owing  to my employer's address below, I do not want you having  access to my home address.

On as totally separate note, I'm beginning to now  look past when my son Yanic arrives and hold true in my very public decree that  having a child will not totally change my life. As such, we should open up  discussions on a second annual road trip, perhaps in late September? I know  Glove is very interested this year, and I'm sure Lav could be pried away from  cooking his companies books for a long week-end. We could always do Tremblant  again, but I'm in Mack's corner (for the first time ever!) in stating that I  could care less if we golf!!! Perhaps we could do Vegas, visit Lav or Glove (  which their respective wives would love) or simply go to my cottage. It doesn't  really matter, as long as we're together for a few laughs!!!!!! Air Canada is  offering $235 flights to Norfolk and Charleston, but that would obviously mean  golf, which increasingly irritates me with all its gimmicky  bullshit!!

So the floor is open for discussion, and knowing us  , I hope you all have enough space in your hard drive for the written  diarrhea that you're about to be assaulted with over the next month, until we  can all agree on something! Are you ready Charles? (" If he's in, I'm OUT!)".  Hey McConvey, are you going live a little outside that Weston comfort zone of  yours and spend a few shillings elsewhere?

Let the witchypooing begin. I'll explain that to  you later Lav.

Joseph Galea
McGown Intermac Inc.
160 Bloor  Street East
Suite # 1124
Toronto, Ontario  M4W 1B9
Ph. #  416-966-1622
Fax. # 416-966-1434


- marks.xls


Does anyone else see any irony in this guy's name?  I swear I did not modify this in any way.

PERSPECTIVES
A tale of greed and hubris
Waldo Proffitt

11/18/2001
Sarasota Herald-Tribune
All
F2
(Copyright 2001)

For anyone not already disenchanted with the idea of total deregulation of public utilities, the most recent installment of the miserable Enron story as it unfolded last week should serve as a convincing example of the folly of relying on unregulated profit- driven enterprises to supply our energy.
A year ago Enron was the darling of Wall Street, the poster boy for the utility industry, its stock selling for about $85 a share. Last week its stock was worth about 10 percent of that and the company had agreed to be bought by a competitor. There was fear the company's bond rating might fall to the "junk" level.
What happened? It will take months, if not years, to untangle the details, but it is clear that the main culprit was greed, closely followed by hubris.
Not too many years ago Enron was a small, struggling, gas pipeline company in Houston. As deregulation spread to more and more states, Enron began acquiring pipelines, gas producers and utilities.
It also acquired friends in high places, especially the Bush family and their key political advisers. And, it discovered it could make money faster by selling and trading energy than by producing it. Enron sold many of its generating plants and became the biggest "power broker" in the nation.
Though it was by no means the largest winner in the con game that bilked California consumers of tens of billions of dollars, Enron was one of the first power barons to take advantage of California's flawed deregulation law -- virtually written by in-state and out-of- state utility companies.
The California fiasco soured (probably) most Americans on utility deregulation, but Enron was not singled out for calumny, and management saw no reason to examine its business ethics.
Contrarywise. management had visions of even greater profits, which it felt no obligation to share with ordinary stockholders. The chief financial officer and other high-ranking executives set up affiliated or subsidiary partnerships which made deals with Enron. I do not understand the details of these arrangements, but neither do independent accountants, the Securities and Exchange Commission or congressional investigators. It does seem clear that the Enron insiders made millions for themselves.
Enron acknowledges, without explaining, that stockholder equity dropped $1.2 billion in the last quarter and that it had for the last five years overstated profits by some $600 million. Whether this was by design or by mistake is in dispute, but it is the sort of thing which tends to undermine the confidence of investors.
So much for greed. Back to hubris. It seems not unlikely that Enron's leaders felt they might not be punished for a modest amount of corner-cutting because they had friends in high places.
The chief executive, Kenneth L. Lay, was and is a personal friend of George W. Bush and has easy access to the White House. For many months after the new administration took office, Karl Rove, Bush's top political strategist, owned Enron stock valued at $100,000 to $250,000, and sold it only after he had been able to secure a ruling that he did not have to pay capital gains tax immediately because he sold to avoid a conflict of interest. Lawrence Lindsey, the president's chief economic coordinator, and I. Lewis Libby, Vice President Cheney's chief of staff, owned stock in Enron, and Lindsey was paid $50,000 last year as a consultant for Enron.
Enron and its employees gave more than anyone else to Bush's four political campaigns -- one (unsuccessful) for Congress, two for governor and one for president. In 2000, Enron and its employees gave $113,000 to Bush's campaign, $250,000 to the Republican National Committee, and $300,000 to the Presidential Inauguration Committee.
Cabinet appointments affecting energy policy, key sub-Cabinet appointments, administration action or inaction in the California energy mess, and the overall energy policy of the administration could hardly have been more favorable to the interests of Enron.
And now a couple of questions: Is it possible the unusual financial maneuvers by Enron went unnoticed or even unsuspected by all the savvy Texas oilmen in the Bush administration? Were those of them with heavy investments in Enron unconcerned about the conduct of the company? Was Enron right in thinking its friends in government would not be in a hurry to investigate or to reprimand?
Or, in light of our preoccupation with terrorism, will the Enron case get much attention from the federal government? Or from voters?
Waldo Proffitt is the former editor of the Herald-Tribune.


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Margaret,

I was wondering if you sent my visa documents yesterday or today. I will be
out of the office this afternoon but I would come back if my visa documents
are going to me here.

Thanx,

Chris


hey guys

I know my limit goes done on Wednesday night.  I saw some memo a while ago
that said it goes to 70 until Jan 2 and then 60.  Is this correct or does is
go to 60 immediately.

John


I just wanted to check in with you before changing these deals, since it's
been a few days since your e-mail. Tom Alonso wasn't in the office today and
I tried reaching him by phone to confirm. These are the prices he has in his
trade log, so as far as I can tell they are correct. Are you saying that
these prices need to be switched? Please let me know, and I'll fix it right
up.

Thanks,
Kate

Stephanie Piwetz   12/22/2000 08:36 AM

To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Checkout for 12/22

Kate, checked out with Amerex
Tom Alonso:
484585.01   Enron sells Constellation               price: 260.00

484586.01   Enron sells Dynegy                         price: 250.00
price just flipped.

Thanks


Neil,

You have my proxy.  Please let Anthony know what you think.

Thanks,

Kay

Anthony,

Venison would be tough to swallow without teeth.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 12/07/2000 07:26
AM ---------------------------

ACastellese@Technip.Com on 12/07/2000 07:19:07 AM
To: Kay.Mann@enron.com
cc:

Subject: Re: deer

Since I bought Bobbi a spot on the deer lease we have a total of 6 deer to
kill this year. If you want more than one deer your welcome to it. 6 is way
more than we can eat. Unless we skip breast feeding and start the baby on
deer meat.

How do you want it processed?  1 or 2 deer?

Italian Sausage
Smoked Sausage - Mild-Medium-Hot
Pan Sausage - Mild-Medium-Hot
Hamburger

Kay.Mann@enron.com on 12/06/2000 04:08:12 PM

To:   ACastellese@Technip.Com
cc:
Subject:  Re: deer

yes please


---------------------- Forwarded by David W Delainey/HOU/ECT on 05/23/2000
11:11 AM ---------------------------

	From:  Beth A Ryan                           05/22/2000 04:00 PM

To: Dan Lyons/HOU/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT, David W
Delainey/HOU/ECT@ECT
cc: Suzanne Adams/HOU/ECT@ECT, Janette Elbertson/HOU/ECT@ECT, Marsha
Schiller/HOU/ECT@ECT
Subject: 5/24 1:00pm conference call.

This note is to confirm the 1:00 pm conference call on Wednesday, May 24
regarding Ecogas/Branson issues.  It will take place in EB3389 or by calling
in to  Randy's phone number at 713.853.3212.  Let me know if you have any
questions.  Thank you.


No problem! That's very sweet of you to thank me, though. It was my pleasure.

Kate

Emily Butler
04/26/2001 04:11 PM
To: Kate Symes/PDX/ECT@ECT
cc: Jeff Richter/HOU/ECT@ECT, Debra Davidson/PDX/ECT@ECT, Tim
Belden/HOU/ECT@ECT

Subject: Thanks, Kate!

Dear Kate,

Thank you for allowing me the opportunity to job shadow with you in Deal
Control.  I loved your metaphor for the wheels of the clock and how all the
cogs in the wheels need to match up.  I also enjoyed seeing how "scraps" are
used and that there is trading between desks within Enron.  You do such a
great job at being in the moment and keeping your cool when new tasks come
your way throughout the day.  Your time and patience in answering my
questions and helping me understand how it all fits together is much
appreciated.

With gratitude,
Emily


Dear Jeff:
>
>     It was great catching up with you and the other committee members
> Friday night. Thank you again for asking me to join the group. I
> thoroughly enjoyed our work and serving our city. I
> really hope we will have another opportunity to work together again in the
near future.
>
>   I have materials regarding Antonio Villaraigosa, the candidate for
> mayor of LA. The election is on Tuesday, June 5 and the polls show the
> race to be a toss up. The outcome will likely depend upon which candidate
> can use radio and TV most effectively over the last few days.  I
> understand that his campaign went into debt to purchase the advertising
> over this week end through election day. Contributions sent Monday
> overnight will certainly be noticed and appreciated. Contributions would
> be to Villaraigosa for Mayor, they are not tax deductible and are limited
> to $1,000 per person, including corporations, labor unions, PACs and
> individuals. Whether Villaraigosa wins or loses, you certainly should
> consider a fund raiser after the election. (It would need to be structured
> in a particular way.) Villaraigosa will remain a star and may eventually
> be elected either Mayor of LA and later Governor. He will remain very
> influential even if not elected.
>
>     Jeff, obviously, the overall issue for Enron and your brethren
> energy companies is how to turn around the terrible image of "predator"
energy companies in California and other states frightened by the perceived
effects of energy
> deregulation.  Unfortunately, too many energy spokesmen have used
> what I believe is the wrong tactic: espousing the theoretical virtues of
> free markets instead of conveying concern for the consumer.
>
>     All politicians in California are going to be somewhat wary of being
> perceived as "giving in" to the energy interests. However, I believe that
the Latino community in southern and northern California would be open minded
in the energy debate and would be impressed with support for Latino
candidates and causes. As you know, Latino elected officals now control the
California State Assembly.
      Before I moved my family to Houston four years ago, I had lived in Los
Angeles for seventeen years and I still have a pretty good network. I would
be pleased to help in any way I can, including  making introductions, and
discussing options.
>
>     Let me know if you are interested in any of this.  (cell:
 713-927-4865, h: 713-463-8138, o: 713-968-4500).
Take good care,
.>
> Roel


Thanks.  Didn't get it the first time.  Good comments.  I'm actually in
Vancouver today (Monday) and tomorrow.  Let's keep sending back and forth and
get together Wednesday morning to finalize.  I'll get a hold of Calger for
his comments.    You can leave messages on my voicemail, too.

Best,
Jeff

	Laird Dyer@ECT
	10/16/2000 09:15 AM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Sempra

Jeff,

I don't know if my e:mail from home got to you so I am applying the fail-safe
method.  Discard if you already got it.

Thanks,

Laird
----- Forwarded by Laird Dyer/SF/ECT on 10/16/2000 07:14 AM -----

	"Douglas Dyer" <dldyer@dellnet.com>
	10/15/2000 01:35 PM

		 To: <jeff.dasovich@enron.com>
		 cc: <ldyer@enron.com>
		 Subject: Sempra

Jeff,
?
I will not be in the office tomorrow - off to  Sacramento to see NCPA - but I
wanted to provide my comments regarding the  Sempra presentation.? First of
all, you did a great job.??I don't  know about "Partnership Solutions";
however, I can't think of a better  description of what we want so, let's
make it work.
?
Here are my comments:
?
1.? On the page, "Partnership Goals", under  2nd bullet.
?
??? Change "Enhance earnings" to  "Enhance earnings; Expand P/E Multiple"
?
2.? On the page, "Energy Solutions", remove  both 25 MW quotes.? They don't
have much meaning to Sempra; therefore, I  suggest we go with the two 500 MW
quotes only.
?
3.? On the page, "Energy Solutions", under the  2nd bullet.
?
??? Change "Sempra gets better...."  to
?
??? "Enhanced access to  markets"
??? "Open, liquid and  competitive"
??? "Defensible to oversight  entities"
?
4.? On the page, "Benefits of Online  Independent Auction", the 3rd and 4th
bullets?are not?benefits of the  auction.? They are benefits of?a fixed price
product. Do we need a  bullet to suggest that Sempra needs a portfolio
approach which includes some  fixed priced products?
?
5.? On the page, "Enron Can Help", under the  4th bullet, change Lot
formulation to Product Specifications.? After  Pre-Qualification:?
Experience,?Capability, Credit-worthiness,  Reliability
?
6.? On the page, "Gas Solution, Procurement  Outsourcing 1", under the 1st
bullet, indicate multi-year instead of 10  year.
?
7.? On the page, "Gas Solution, Procurement  Outsourcing 2", in the 2nd
bullet, pluralize service to services.
?
8.? On the page, "Benefits of Procurement  Outsourcing", under the 1st bullet
in the 3rd point (responsive to financial  community) - Add to the existing
statement, Reduce?regulatory risk tied to  procurement, "Enhance Earnings,
Expand P/E Multiple".
?
Thanks for your efforts in developing this.?  I'll be in late Monday and
Tuesday morning.
?
Laird


Here are the preliminary reports ready for your review.  I have not had a great deal of time to thoroughly review the data, so please review for accuracy.

TK - Please update the daily rates for contract 27495 (Astra) and verify the rates in blue.

I will be out of the office until Wednesday 11/28/01.  Therefore, please provide updates/comments by COB 11/27/01 so I can incorporate and forward to Omaha for filing with the FERC.

Thanks,
Elizabeth


Deadly Military Bomb Training Accident In Kuwait

http://www.abcnews.go.com/sections/world/

ABCNEWS.com:  Up to the Moment, Up to You (tm)
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The dept. conf. call scheduled for Friday, March 23 at 10:30am (CST) has been
cancelled.

gngr
713-853-7751


She is  having physical therapy 3 times a week and she says it's getting better.  I haven't seen her for acouple of weeks so I don't know for sure.  Hey-I will be calling you next week-the desk wants me to become more involved in regulatory updates so I will be calling you for your assistance.

 -----Original Message-----
From: 	Lawner, Leslie
Sent:	Friday, July 13, 2001 8:50 AM
To:	Tholt, Jane M.
Subject:

How is Deb's knee?  Did she ever go to a real doctor?


---------------------- Forwarded by Carla Hoffman/PDX/ECT on 08/23/2000 02:02
PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Pergher, Gunther" <Gunther.Pergher@dowjones.com>
     08/23/2000 12:26 PM

To: "Leopold, Jason" <Jason.Leopold@dowjones.com>
cc:  (bcc: Carla Hoffman/PDX/ECT)
Subject: DJ Calif Assembly Delays SDG&E Rate Roll-Back Vote To Thu

18:43 GMT  23 August 2000
 *DJ Calif Assembly Delays SDG&E Rate Roll-Back Vote To Thu

 Question About Who Will Pay Elec Bills

 NEW YORK (Dow Jones)--The California State Assembly has postponed until
Thursday
 a vote on restoring electricity rates for customers of San Diego Gas &
Electric Co. to
 pre-deregulation levels, according to a spokesman for Assemblywoman Susan
Davis
 (D-San Diego), who is sponsoring the bill.

 The bill was sent to the assembly's appropriations committee because some
 representatives are concerned about who - if not SDG&E customers - will pay
for
 electricity in the city this summer and past spring. The difference between
what SDG&E
 customers would pay under the legislation and what SDG&E is paying for
supplies in
 the skyrocketing electricity markets has been estimated at $1.5 billion.

 Assembly Passage Of Measure Uncertain

 The legislation would roll back electricity rates to June 1, 1999, levels
for customers of
 SDG&E, a unit of Sempra Energy (SRE). This spring and summer, the utility's
 customers have received electricity bills that are nearly triple what they
were last year.

 Electricity rates for the state's other utilities haven't been deregulated
yet, so their
 customers are receiving fixed prices per kilowatt-hour of power used.

 Prospects for passage of the bill, AB 2290, are unclear in the Assembly.
The California
 State Senate passed the bill unanimously last week. But it would need 54
votes to pass
 through the 80-member Assembly before Gov. Gray Davis could consider
signing it into
 law.

 If all 47 Democrats approve the measure, it would need at least seven
Republican votes
 to pass. But, as reported Tuesday, only three Republican lawmakers said
they would
 support the bill.

 The rollback would provide some economic relief to SDG&E's 1.1 million
customers,
 who have been paying market-based rates for electricity since June. If the
rollback is
 approved, utility bills for residential customers would be about $55 to $60
a month,
 according to SDG&E.

 Steve Maviglio, press secretary to Davis, said the governor hasn't decided
whether he
 would sign the bill into law if approved.

 Monday, the state's Public Utilities Commission rejected a proposal to roll
back rates,
 instead approving a stabilization rate plan that would reduce the cost of
electricity to
 about $68 a month for residential customers who conserve usage.

 -By Mark Golden, Dow Jones Newswires; 201-938-4604;
mark.golden@dowjones.com
 Copyright (c) 2000, Dow Jones & Company Inc

G_nther A. Pergher
Senior Analyst
Dow Jones & Company Inc.
Tel.  609.520.7067
Fax. 609.452.3531

The information transmitted is intended only for the person or entity to
which it is addressed and may contain confidential and/or privileged
material.  Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you received
this in error, please contact the sender and delete the material from any
computer.

 <<Gunther Pergher (E-mail).vcf>>
 - Gunther Pergher (E-mail).vcf


Eric

Can you re submit me the utilities in Alberta including gas.


Two additional advice letters came in from PG&E just after my last  email to
you.? Therefore, the summary has been expanded to include the two  new ones,
which can be ignored.
?
Dan
 - 11-15-00 PG&E AL Summary Chart.doc


Please make sure to accept or decline the invitation so I will be able to make an appropriate reservations

The lunch will be at Miyako  - 910 Travis Street at 11:45


Join Enron Federal Credit Union and The Foundation for Financial Literacy,
for our last Financial Wellness Workshop for this year:

     Living too Long, Dying too Soon, Disability or Impairment: Estate Plans

     Tuesday, October 24
     11:30 a.m. - 12:30 p.m.
     Doubletree - Allen Center  (LaSalle A Room)
     Cookies and soft drinks will be served.
     Please feel free to bring your lunch.

Seating will be limited, so please reserve your seat as soon as possible via
E-Mail to jennifer.wilson@enron.com.  We look forward to seeing you!

If you missed some of our workshops this year, please join us in 2001, when
we will repeat all five sessions of our Financial Wellness Workshop Series.
Dates are to be determined.


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We have the new software.  Rabi will load SPlus and Oracle on his and my
system to make sure he does not encounter any problems with the new GE Core
Load.  Once our test is complete, then you can coordinate with IT (Denise &
David Draper) to get your machine's Core Load.  Rabi will re-install S-Plus
(new version) and Oracle after the GE Windows 2000 Core Load.  You analyst
just need to coordinate your Core Load with Rabi so he can get Splus and
Oracle properly loaded on your new system.

Mark V Walker
06/28/2002 04:11 PM
To: Patricia Hunter/EWC/Enron@ENRON, Rabi Sahoo/EWC/Enron@ENRON
cc: Mark Fisher/EWC/Enron@Enron, Jeff Duff/EWC/Enron@ENRON

Subject: New 6.1 Version of SPLUS will be shipped soon.

FYI, a new version of SPLUS is coming.  I've been coordinating with Tech
Support at Insightful about some erratic or erroneous behaviour in timeDate
data.   One problem which limits what timeseries plots for Owner reporting we
can do is supposedly solved in the new 6.1 version of SPLUS that is shipping
this week or next.   Mark Fisher, Jeff, and I have all encountered
aggravating problems with time series data that may partly go away in the new
version.    It would be great to load the new version when your manpower
allows.    We know you are very busy.   Thanks.


Just a heads up!  ENA has finalized our Master Swap Agreement with Statoil.
You may recall that Statoil would now like to execute an agreement with
ECTRIC using the ENA agreement as a model.  I have been dealing with the
Statoil inhouse lawyer whose name is Chuck O'Brien.  Regards.  Sara


I believe that all of you have met Frank (whose last name I can't remember),
the HR generalist who is currently working with Hector to serve the HR needs
for Energy Operations in ENA.   Frank is working on a contract basis at this
time, and Sheila Walton is seeking feedback on his performance to date in
order to evaluate the duration of his work as a contractor and the
feasibility of bringing him in as an employee.  I have given Sheila my
feedback, but suggested to her that you may have had more contact with Frank
than I have had.  Please take the time to send Sheila an e:mail message or
voice mail to let her know what your experiences have been in working with
Frank.  Your input will be very valuable to Sheila.   Thanks for taking the
time to do this.


I agree with Bob that the reporting issues are important.  I also think that focusing on the "lessons learned" from the NE RTO and SE RTO mediation would be interesting.  Have people from different industry groups discussing their views of where the mediations concluded (assuming we are finished by October).  Any outstanding issues between EPSA members and between EPSA and other parts of the industry could be discussed.

Thanks,

Jim

 -----Original Message-----
From: 	"Reilley, Robert R." <breilley@coral-energy.com>@ENRON [mailto:IMCEANOTES-+22Reilley+2C+20Robert+20R+2E+22+20+3Cbreilley+40coral-energy+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Thursday, August 23, 2001 11:26 AM
To:	'Julie Simon'; jsteffe@enron.com
Cc:	Erin Perrigo; Jack Cashin; Jackie Gallagher; Mark Bennett; Michael Reddy
Subject:	RE: October Membership Meeting

I'll certainly give it more thought, but I think that a discussion of
reporting requirements would be timely.  The NOPR on power transaction and
contracts is out there, but has not got much attention yet due to the press
of California issues and the RTO negotiations.  Also, on October 1, entities
selling gas in California have to make their first monthly report to FERC on
purchases, sales, and transportation contracts.  Additionally, the DOE has
changed some of its annual reporting requirements.  In all cases,
confidentiality is an issue, and I believe that it is handled differently
for each of these reports.  A discussion of all these requirements from a
practical "how to" or "do's and don'ts" perspective might not be sexy, but
it would be useful to us preoccupied regulatory slugs...

-----Original Message-----
From: Julie Simon [mailto:JSIMON@epsa.org]
Sent: Thursday, August 23, 2001 11:14 AM
To: Reilley, Robert R.; jsteffe@enron.com
Cc: Erin Perrigo; Jack Cashin; Jackie Gallagher; Mark Bennett; Michael
Reddy
Subject: October Membership Meeting

Do either of you have any suggestions for topics to focus on at the
Regulatory Affairs Committee Meeting in October?  At the last meeting we
talked about market-based rate issues; the one before that, gas issues.  We
had thought of a "dialogue" with some senior FERC staff and a few of our
members about big picture issues, but haven't been able to organize it.  We
could try that again.  Or, what about interconnection issues or information
collection/disclosure, since those seem to be rocketing up FERC's priority
list.  Any suggestions?


Thanks for dealing with Tana on these issues.  It is not entirely clear to me
what you want the policy to be regarding which counterparties have access to
Australian power products.  You probably already know that the EnronOnline
people want every counterparty everywhere in the world to have access to
every product unless Credit or Legal can justify restricting their access.
Credit already performs a financial test on each counterparty to determine if
they meet the CFTC Eligible Swap Participant requirements.  Unfortunately,
that test is not as restrictive as the Australian tangible assets test.  It
sounds like there should be a US$6 million tangible assets test applied by
Credit before we give any counterparty access to Australian Power (this would
be a total pain but certainly possible).  On the other hand, if you feel
comfortable giving access to non-Australian counterparties  without that test
being performed, we can do that, too.  Pleas let me know if we should ask
Credit to start performing this test on all counterparties or if it should be
limited to Australian entities.


Wow.  I haven't seen Dan like that.  Thanks for the books.

From: Suzanne Adams@ECT on 05/16/2001 10:00 AM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: GE books

They are done, no problem.  Dan is in a bit of a rage this morning.

	Kay Mann@ENRON
	05/16/2001 09:48 AM

		 To: Suzanne Adams/HOU/ECT@ECT
		 cc:
		 Subject: Re: GE books

I suggested yesterday that you ask Sheila about the timeframe, and you told
me you would just go ahead and do it.  I'll just tell her it isnt' ready. It
doesn't matter to me.

Kay

From: Suzanne Adams@ECT on 05/16/2001 09:44 AM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: GE books

I asked you yesterday when you needed these binders.  It's a good thing I had
them almost done.  I would appreciate it in the future if you would give me a
heads up on what is happening.  This morning Dan, Sheila and you are all
needing things, and I'm only one person.

	Kay Mann@ENRON
	05/16/2001 08:57 AM

		 To: Suzanne Adams/HOU/ECT@ECT
		 cc:
		 Subject: GE books

There is a 130 phone call today regarding the stuff you are putting together
re GE.  It would be helpful if it was ready a couple of hours in advance.

Thanks,

Kay


FYI

Vince
 -----Original Message-----
From: 	Thode, Eric
Sent:	Friday, August 10, 2001 8:34 AM
To:	Frevert, Mark; Whalley, Greg; Lavorato, John; Kitchen, Louise; Piper, Greg; Pickering, Mark; Mcconnell, Mike; Shankman, Jeffrey A.; McMahon, Jeffrey; Bowen Jr., Raymond; Stanley, Brian; Dodson, Keith; Oxley, David; Jones, Robert W.- HR Exec; Colwell, Wes; Haedicke, Mark E.; Kaminski, Vince J; Deffner, Joseph; Detmering, Timothy J.; Fallon, Jim; Dimichele, Rich
Cc:	Grabstald, Kathie; Miller, Don; Schoppe, Tammie; Flores-Cuellar, Brenda; Sandoval, Maria; Shah, Kal; Alon, Heather; Lawyer, Larry; Funkhouser, Shanna; Burns, Jennifer; Battaglia, Tim; Reed, Andrea V.; James, Terrie; Stein, Stephen; Oliver, Marilyn; Clyatt, Julie; Conn, Philip; Seleznov, Ryan; Patrick, Michael K.; Myers, Thomas; Edmonds, Marcus; Fowler, Ellen; Mann, Kay; Lindeman, Cheryl; Mayfield, Kathy; Neale, Nelson; Daw, Nicki
Subject:	United Way Campaign Update - Friday, August 10

As of 8:00 am this morning, EWS had reached $685,125 in pledges, which is 53.69% of our campaign goal of $1,276,000 and our participation rate is 21.32%.  In comparison to last year, Enron, as a whole, had already reached over 70% of the campaign goal with participation in the 35 to 40% range across the business units.  We are well behind last year's campaign at this point.

If you are encouraging your direct reports to rally the troops, here are the instructions into the system.  Additionally, if employees are out of the office or do not have the time, they can call or e-mail me at ext. 3-9053 to complete their contribution.

Click on https://hrglobal.enron.com to make a contribution and learn more about this year's campaign. You will need your GIS ID (which is your "9" number, not your "P" number) and password.  If you are not sure what your ID and password are, please go to https://ehronline.enron.com, click the "Accept" button, and then click on "Forgot your User ID or Password?"  If you have questions regarding access, please call the HRGIM help desk at ext. 3-5666.

Please make your electronic pledge no later than Friday, August 17.

Below are the pledge totals and participation rates by business unit/functional group:

	GROUP			PLEDGES	% Participation
	EA			$112,208	19.40%
	EBS			$25,033		4.35%
	EEOS			$49,337		49.00%
	EEL			$6,326		19.05%
	EGM			$95,824		24.92%
	EIM			$73,254		37.04%
	ENW			$138,382	16.86%
	EWS Bus. Analysis	$34,562		61.46%
	EWS Bus. Dev.		$13,558		100.00%
	EWS HR		$14,117		32.39%
	EWS Legal		$48,780		41.30%
	EWS Research		$20,763		53.19%
	EWS Treasury		$17,981		100.00%
	EWS TOTAL		$685,125	21.32%

From a corporate perspective, EWS remains 4th in participation rate and 3rd in % of goal reached.  Here are the other groups' totals:

	GROUP			PLEDGES	% Participation		% of Goal
	ETS			$202,522	39.54%			58.53%
	Corporate		$456,530	21.59%			58.16%
	EES			$192,946	16.33%			39.14%
	Enron-wide		$1,537,123	XXXXX			53.00%

If you have any questions, please call me at ext. 3-9053.

Eric


Is there a reason we think we will need to run station 8.  I think with the volumes we will have to move to insure 6 miles and hour for the smart pig
will be approx. 100 to 200 m2.  If my thinking is wrong please let me know.

DS

From:	Max Brown/ENRON@enronXgate on 05/23/2001 09:13 AM
To:	Earl Chanley/ET&S/Enron@ENRON, James Moore/ET&S/Enron@ENRON
cc:	Rich Jolly/ET&S/Enron@ENRON, Darrell Schoolcraft/ET&S/Enron@ENRON, Perry Frazier/ET&S/Enron@ENRON, Jerry Graves/ET&S/Enron@ENRON, David L Johnson/ENRON@enronXgate, Rick Craig/ENRON@enronXgate, Randy Rice/ENRON@enronXgate, Arnie Bailey/ET&S/Enron@ENRON, Rick Smith/ET&S/Enron@ENRON, David Roensch/ET&S/Enron@ENRON

Subject:	Concern - Possible Change In Smartpigging Dates

This is to advise that if we are now actively looking at rescheduling the smartpigging dates that was previously agreed upon at our Albuquerque mtg on April 11th, we need to know ASAP.  We do not have alot of flexibility in juggling schedules based on smartpig tool availability, but we can sure check and see what shakes out.

Plz let me know at the earliest possible date what the plans are here.

Thanks - Max

(Comments extracted from Engineering and Construction Weekly by Arnie Bailey)
TW - Station 6-7 & Station 7-8 Smart Pigging - C.014524/C.014527
Project will conflict with Station 8 Automation Project if conducted in September or later.  Actively chasing TD Williams and PII for their cost estimates.  Must review costs to determine if dollars are sufficient.  Project should try to be a done in August or sooner if at all possible.
Contact:  Earl Chanley, Houston, (713) 345-6816/ James Moore, Houston,(713) 345-6815


Enron is in the process of re-negotiating our contract with Dow Jones
Interactive and we need to know if you are currently
accessing this data.  In the near future there will be a cost associated with
this information and you are currently listed as
having a license.

Please click on the below link and let us know if you need continued access
to this service.

http://nahou-webcl1.corp.enron.com/inquisite/DJI/DJI.html

Thank You,
Market Data


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BW2002  DEC 27,2001       2:00 PACIFIC      05:00 EASTERN

( BW)(TX-INDUSTRIAL-INFO-RES) French Chemical and Explosives Producer
Creates Measure to Self-Regulate, in an Advisory by Industrialinfo.com

    Business Editors

	   HOUSTON--(BUSINESS WIRE)--Dec. 27, 2001--The following in an
advisory by Industrialinfo.com (Industrial Information Resources,
Incorporated; Houston, Texas). Groupe SNPE (Paris, France) announced
plans on December 10, 2001 to regulate and improve safety at it three
plants in Toulouse, France. SNPE announced that it would spend several
million francs to improve plant safety at it Toulouse facilities. The
plan includes the formation of a commission of local delegates with
the authority to order investigations and acquire knowledge about
safety issues relating to the three plants. Included in SNPE's plan is
the limitation of storage tank capacity to two tons and limiting
access of non-authorized personel to the plant. The neighboring
Atofina Grande Paroisse fertilizer plant explosion in September
damaged SNPE's three plants. These plants have been shut down since
the explosion pending a decision by the French government as to
regulations concerning the proximity of industrial plants to
residential areas.
	   SNPE's announcement came a day before Yves Cochet, the French
Environmental Minister, conducted national debates with nearly 7,000
people regarding industrial site proximity to residential areas. On
November 13, 2001, SNPE opened its plants in Toulouse for neighboring
residents to tour. Tours involved explanations of SNPE's manufacturing
process as well as the practical applications of their products.
	   Groupe SNPE was founded in 1971 and produces fine chemicals plus
explosives and propellants used in the pharmaceutical, intermediates,
agrochemical, and defense industries. The company's products are
marketed in 70 different countries and have subsidiaries in Asia,
Europe, and North America.
	   Industrialinfo.com provides daily news related to the industrial
market place including industry alerts and databases for the energy
and industrial markets. For more information on trends and upcoming
construction activities for the Chemical Processing (CPI) industry as
well as other industrial sectors send inquiries to
chemicalgroup@industrialinfo.com or visit us at
www.industrialinfo.com.

    --30--DH/na*

    CONTACT: Industrialinfo.com, Houston
             Trey Hamblet, 713/783-5147

    KEYWORD: TEXAS FRANCE INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: ENVIRONMENT OIL/GAS CHEMICALS/PLASTICS
GOVERNMENT UTILITIES
    SOURCE: Industrialinfo.com

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permission.


Brian, Danny:

Rex and I are looking forward to our conference call this afternoon.

Attached is the proposed modified NDA that our attorney, Leslie Hansen,
forwarded to you yesterday afternoon.  Please let her know if you have
comments
or questions about it.

Best regards,

Mike

----- Forwarded by Mike Haney/Enron Communications on 10/18/00 08:46 AM -----
|--------+----------------------->
|        |          Leslie.Hansen|
|        |          @enron.com   |
|        |                       |
|        |          10/17/00     |
|        |          04:34 PM     |
|        |                       |
|--------+----------------------->

>----------------------------------------------------------------------------|

|                                                                            |
  |       To:
kristeno@nortelnetworks.com                                  |
  |       cc:     Mike Haney/Enron Communications@Enron
Communications,        |
  |
Tana.Jones@enron.com                                                 |
  |       Subject:     Nortel
NDA                                              |

>----------------------------------------------------------------------------|

Attached please find my proposed revisions to the NDA that you forwarded to
us on Friday.  I will be in the office in the morning after 10:30 am to
address any comments or questions you may have regarding these changes.
Please contact Tana Jones at (713) 853-3399 if you need assistance before
that time.

Regards,

Leslie Hansen
(713) 853-6121

(See attached file: Nortel NDA.doc)

 - Nortel NDA.doc


he was trying to get lucky

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Wednesday, January 16, 2002 2:16 PM
To:	Maggi, Mike
Subject:

laura had wine with dutch at lunch.  he must like her more than you like me.


Congrats!  I sent this on to the lawyer for Global Finance (TurboPark team),
also, as part of SOP.

ckm
---------------------- Forwarded by Kay Mann/Corp/Enron on 05/29/2001 08:11
AM ---------------------------
From: Herman Manis/ENRON@enronXgate on 05/29/2001 07:59 AM
To: Greg Krause/ENRON@enronXgate
cc: Kay Mann/Corp/Enron@Enron

Subject: RE: Proposed letter to FPL for further project development work for
a project in florida

Fits the bill.

 -----Original Message-----
From:  Krause, Greg
Sent: Friday, May 25, 2001 1:06 PM
To: Manis, Herman
Cc: Mann, Kay
Subject: Proposed letter to FPL for further project development work for a
project in florida

Herman,

please see attached for your comments and approval.  Does this fit the bill?

 << File: FPL Construction Letter Agreement - Midway Phase 1-a.doc >>


Bob:  we would be looking at El Paso and Northwest Pipelines.  Thanks.


Christian,
 Attached is the modified contract with the changes you requested.  Please
print off 2 originals and have them signed.  Please fill in the purchase
order number information on the invoices section of Exhibit A.  If the number
is not available, them please delete the information requiring the number
from the billing and payment provision.  Forward the signed copies to me or
Janet Wallis and we will proceed with execution by ENA.

	"Pfister, Christian W." <CWPfister@cps-satx.com>
	12/15/2000 04:16 PM

		 To: "'Dan.J.Hyvl@enron.com'" <Dan.J.Hyvl@enron.com>
		 cc:
		 Subject: RE: FW: Enfolio Contract with CPS

Unfortunately, we don't have a purchase order issued yet so I can't give you
a number.  I know that would make it easier for you guys, but I don't think
we can issue one until right before the first gas purchase.  First, a
purchase requisition needs to be issued.  Then, a purchase order will be
released following approvals by the various individuals authorized to sign
off on them.

-----Original Message-----
From: Dan.J.Hyvl@enron.com [mailto:Dan.J.Hyvl@enron.com]
Sent: Friday, December 15, 2000 4:13 PM
To: CWPfister@cps-satx.com
Cc: Janet.H.Wallis@enron.com
Subject: RE: FW: Enfolio Contract with CPS

Christian,
     If the purchase order number will be the same for all deals under the
contract, can you give me the number so that I can include it as a part of
your address for Invoices.


Starting tomorrow, 11/28/01 we will be included with the Gas Breakfast and Lunches.  However, there will be a cost of $5.00 each or $10.00 total when breakfast is provided.  They will have lunch everyday and breakfast only three days of the month, which will be during bid week.

I will come around every morning and collect your money...I will then have to provide a list to the Gas people who will be checking your name off as you enter the breakfast/lunch line.

Please let me know if you have any questions.

REMEMBER...ONLY THOSE WHO GIVE THE $5.00 WILL BE EATING.

Thanks for your cooperation,

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


Start Date: 4/12/01; HourAhead hour: 23;  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\2001041223.txt

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 23 / Preferred:  12.00 / Final:  11.98)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/12/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_DODGERS
  ENGY_TYPE: WHEEL


fyi
---------------------- Forwarded by David W Delainey/HOU/ECT on 11/30/2000
03:53 PM ---------------------------

Joe Kishkill@ENRON
11/28/2000 03:26 PM
To: David W Delainey/HOU/ECT@ECT
cc:
Subject: Key Folks on Cuiaba

Dave,

One more name for the "part timers" column on Cuiaba...Federico Cerisoli -
YPF gas contract negotiations.

Sorry for the oversight.

Kish
---------------------- Forwarded by Joe Kishkill/SA/Enron on 11/28/2000 06:27
PM ---------------------------

Peter E Weidler
11/28/2000 04:42 PM
To: Joe Kishkill/SA/Enron@Enron
cc:

Subject: Key Folks on Cuiaba

we forgot the negotiator with YPF  - could be Rick or Fede or Gaby.

Pete
---------------------- Forwarded by Peter E Weidler/NA/Enron on 11/28/2000
01:42 PM ---------------------------

Peter E Weidler
11/27/2000 05:17 PM
To: Joe Kishkill/SA/Enron@Enron
cc:

Subject: Re: Cuiaba Review

Joe - this is the list I asked Laine to put together. - I asked him not to
list all the folks under Laine - as I assume they stay with the project no
matter where it goes.

Jose Anson - he is the coordinator of permitting at IBAMA and ANP for the
pipeline.  He is also involved with working on the FUNAI issues a result of
his efforts on the IBAMA license.  Key person.

Joao Carlos A. - although he is working on the project on an ad hoc basis he
is key in terms of the FURNAS/Eletrobras relationship.  Not only does he know
folks but he also gets things done within the system.

Valeria Lema - She is the relationship manager with ANP.

Daiane Duarte - Daiane Duarte is on the PanEng payroll until the end of the
year after which she has been dialed out.  Have asked Rick several times
about her future with his group.  She is critical locally in Cuiaba due to
relations with FEMA and other agencies for obtaining the state permits that
are still outstanding as well as working with Anson et al.

Lucio Reis - he is very active in working with ANEEL/ONS/MAE and others.  He
has been a key to our success on the CCC account.  He is a must to making the
project successful.  Knows the contacts and basically understands the project
from the regulatory and CCC account point-of-view.

Two other people that are not involved in "our side" of fence on a daily
basis but are valuable are Jose Bestard and John Novak.  Jose knows the
history and John is the counsel with the longest tenure on the project.

Pete

Joe Kishkill
11/27/2000 06:16 AM
To: Peter E Weidler/NA/Enron@Enron
cc:

Subject: Re: Cuiaba Review

Pete,

But you (or does anyone) have a definitive team list for Cuiaba?  Need this
for transition planning purposes.  I agree with your sentiment that some
folks may be pulling double duty while we button up Cuiaba.   Just need to
know "how many" and "who".

Thanks,

Kish

Peter E Weidler
11/26/2000 09:07 PM
To: Laine A Powell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joe
Kishkill/SA/Enron@Enron, Richard A Lammers/SA/Enron@Enron, Brett R
Wiggs/SA/Enron@Enron, John Novak/SA/Enron@Enron, Rob G Gay/NA/Enron@Enron,
Jose Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Cuiaba Review

we can do this by phone.

Pete
---------------------- Forwarded by Peter E Weidler/NA/Enron on 11/26/2000
06:06 PM ---------------------------

Peter E Weidler
11/26/2000 05:59 PM
To: Laine A Powell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joe
Kishkill/SA/Enron@Enron, Richard A Lammers/SA/Enron@Enron, Brett R
Wiggs/SA/Enron@Enron, John Novak/SA/Enron@Enron, Rob G Gay/NA/Enron@Enron,
Jose Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Cuiaba Review

Rebecca has asked for a review of the Cuiaba project.   Her current thinking
is that it should be under one shop - not split responsibility.   Which shop
is not clear to me - I presume this will be decided pretty soon.

The review will take place the week of Dec 4th.   She wants a straight
forward  decription of what is left to be done and what the issues are.  I am
thinking the presenters are Laine, Rick, Jose.  In attendance are Rob and
John.     Can divide the presentation up into -

getting the construction finished/cost issues/EECC - subcontractor issues. -
Laine
Furnas/Electrobras issues - Rick
YPF - gas supply - Mark to market position - opportunities - Rick
MAE/ONS issues - current thinking.  - Jose
Current economics. - Rick

Everyone should have a page prepared ahead of time with the discussion topics
on it - she doesn't want a detailed presentation - just the facts.   Can we
send the page per topic around by this friday.

I will ask Rebecca for two hours the week of the 4th and let you know.

Joe - we should talk about where the project should best end up - I think
Rebecca is flexible -   don't really know what Dave is thinking.

Pete


Hi Donnis

I hope things have been well with you.  I would like an idea of when you will be repaying me the $11,500 you've borrowed.

Regards,

Jeff


Just making sure that you are aware.

 -----Original Message-----
From: 	Vu, Nancy H.
Sent:	Tuesday, August  14, 2001 9:54 AM
To:	Melodick, Kim; Callahan, Timothy
Subject:	FW: EES Toronto

FYI

 -----Original Message-----
From: 	Sabine, Marc
Sent:	Tuesday, August 14, 2001 9:15 AM
To:	Williams, Jaime; Irvin, Steve; Alatorre, Jaime; mduffy@enron.com; Perez, Agustin; Gonzalez, Victor; Lenci, Enrique; Reyes, Alejandra; Cantu, Gabriela; Cerezo, Pilar; Benavides, Julissa; Martinez, Barbara; Perez, Grace; Rodriguez, Miguel; Vu, Nancy H.; Rimbau, Robert W.
Subject:	EES Toronto

Hey everyone,

Just wanted to let you know that I have decided to accept a position with Enron Energy Services Canada in the Toronto office.  I will be moving back to "mi rancho" at the end of August.  I wish everyone the very best in their future endeavors.

Thanks,
Marc.


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I sent that file to you in error. Please disregard.

Thanks,

Eric


i get it


EES is trading them up.  Give me a call.
---------------------- Forwarded by John J Lavorato/Corp/Enron on 08/04/2000
12:09 PM ---------------------------

John Arnold@ECT
08/03/2000 03:51 PM
To: John J Lavorato/Corp/Enron@Enron
cc:

Subject:

The following is a summary of the trades EES did today:

  # buys  # sells
Sep  5 / day  5 / day
Oct  4 / day
Nov-Mar 3 / day  2 / day
Apr-Oct  1.5 / day 2.5 / day

Total contracts traded = 2045

Thought you should know...
John


The price cap goes in today at HE 17

The OOM/over $250 cost allocation will be effective  on Tuesday, Dec 12th

Katie Kaplan
Manager of State Policy Affairs
Independent Energy Producers Association
(916) 448-9499

-----Original Message-----
From: Katie Kaplan [mailto:kaplan@iepa.com]
Sent: Friday, December 08, 2000 3:12 PM
To: Allen Jensen (E-mail); Arlin Travis (E-mail); Beth Bowman (E-mail); Bill
Adams (E-mail); Bill Barnes (E-mail); Bill Carlson (E-mail); Bill Woods
(E-mail); Bob Ellery (E-mail); Bob Escalante (E-mail); Carolyn A Baker
(E-mail); Cody Carter (E-mail); Craig Chancellor (E-mail); Curtis Kebler
(E-mail); Dave Parquet (E-mail); Dean Gosselin (E-mail); Diane Fellman
(E-mail); Don Scholl (E-mail); Duane Nelsen (E-mail); Ed Maddox (E-mail); Ed
Tomeo (E-mail); Eileen Koch (E-mail); Floyd Gent (E-mail); Frank DeRosa
(E-mail); Frank Misseldine (E-mail); Glen Sheeren (E-mail); Graeme Donaldson
(E-mail); Greg Blue (E-mail); Hal Dittmer (E-mail); Hap Boyd (E-mail);
Heck-Doyle Janet (E-mail); Iliff Steve (E-mail); Jack Pigott (E-mail); James
Bishop (E-mail); Jan Pepper (E-mail); Jim Hinrichs (E-mail); Jim Willey
(E-mail); Joe Greco (E-mail); Joe Ronan (E-mail); John McConomy (E-mail);
John Prevost (E-mail); John Stout (E-mail); John Wood (E-mail); Jonathan
Weisgall (E-mail); Jorn Larsen (E-mail); Karen Munson (E-mail); Ken Hoffman
(E-mail); Ken Salvagno (E-mail); Kent Fickett (E-mail); Kevin Williams
(E-mail); Lynn Lednicky (E-mail); Marty McFadden (E-mail); Mike Hawkins
(E-mail); Paula Soos (E-mail); Phil Reese (E-mail); Rob Lamkin (E-mail)
(E-mail); Robert Frees (E-mail); Roger Pelote (E-mail); Stan Marks (E-mail);
Steve Ponder (E-mail); 'Sue Mara (E-mail)'; Tandy McMannes (E-mail); Tim
Loposer (E-mail); Tony Wetzel (E-mail); Trond Aschehoug (E-mail); William
Hall (E-mail); jmacias@calpine.com
Subject: ISO Filing
Importance: High

The ISO has just made this filing with FERC.  We will review and summarize
shortly.  Please give me a call with questions.

This filing asks for three actions:
- $250 soft cap with cost justification to go above;
- Allocation of OOM to under scheduled load and overscheduled generation;
and
- penalties for Participating Generators who fail to follow ISO Dispatch
> instructions.
This action sunsets when FERC's expected order on the California markets
becomes effective.

Thanks,

Katie Kaplan
Manager of State Policy Affairs
Independent Energy Producers Association
(916) 448-9499


Will do.

Errol


PG&E asked the FERC to establish cost-based pricing for all sales into
California, and until the FERC makes a final determination on whether rates
are just and reasonable, to subject all sales to a cost-based refund
condition.

From: James D Steffes@ENRON on 03/12/2001 03:29 PM CST
To: Mary Hain/HOU/ECT@ECT
cc:
Subject: Re: FERC Order and DWR

Mary --

Did anyone file for rehearing to "include" LT contracts into the review
process?

Jim

	Mary Hain@ECT
	03/12/2001 01:31 PM

		 To: Jeff Dasovich/Na/Enron@ENRON
		 cc: Joe Hartsoe/Corp/Enron@ENRON, jklauber@llgm.com@ENRON, Susan J
Mara/NA/Enron@ENRON, James D Steffes/NA/Enron@Enron, Christian
Yoder/HOU/ECT@ECT, Alan Comnes/PDX/ECT@ECT, Tracy Ngo/PDX/ECT@ECT
		 Subject: Re: FERC Order and DWR

In the Staff Recommendation on Prospective Market Monitoring and Mitigation,
March 2001, the FERC Staff stated that its proposed mitigation proposal is
designed to apply only to approximately 5% of the market that remains in
real-time and not to the bilateral and forward markets.  In addition, the
December 15 order only established a reporting requirement for sales into the
ISO and PX spot markets exceeding $150/MWh.  Under the order, the refund
potential closes after 60 days of a utility filing its cost justification
unless the FERC issues written notification to the seller that its
transaction is still under review.  Note well that this does not entirely
insulate EPMI concerning long term deals because the FERC's December 15 order
is still pending rehearing and parties can appeal that order once the
Commission rules.

From: Jeff Dasovich@ENRON on 03/12/2001 12:00 PM CST
Sent by: Jeff Dasovich@ENRON
To: Joe Hartsoe/Corp/Enron@ENRON, jklauber@llgm.com, Susan J
Mara/NA/Enron@ENRON, James D Steffes/NA/Enron@Enron, Christian
Yoder/HOU/ECT@ECT, Mary Hain/HOU/ECT@ECT, Alan Comnes/PDX/ECT@ECT
cc:
Subject: FERC Order and DWR

Quick question to Joe and/or Christian, John and Mary:

I'm assuming that any deal we sign with DWR that falls below the $150/MWH
soft cap is free and clear of the order FERC issued on Friday as well as any
other refund risk associated with FERC's December order.  Is that correct?
Thanks.

Best,
Jeff


I fully endorse Mark's suggestion to load up our ISDAs. A worldwide data
dase of this nature is a valuable resource.  I have access to the data base
and refer it. Getting our contracts on is on my to do list. What is the best
way forward.   Yes I will be over in October, I fact I will staying a month.
However, if there is anything we can do to get info loaded up sooner? We are
most willing to put in the resources.

When access is being granted could it also be given to my Admin assistant
Alison Keogh and also Rob McGrory who is also working under my direction on
ISDA documentation.

Thanks for taking the initative on this matter.

From: Tana Jones@ECT on 17-08-2000 09:43 CDT
To: David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Mark Taylor/HOU/ECT@ECT

Subject: Financial Trading Legal Database

David,

Mark Taylor asked me to talk to you about getting your ISDA Masters inputted
into our Financial Trading Database.  This databse is the central master
database where we keep records of the financial agreements in either draft
form or that have been executed.  London currently updates this database to
manage  its (and Singapore's) financial contracts and I would like to get the
Australian agreements plugged into the system.

This database serves a number of purposes.  First, it is our core memory of
contract negotiations.  Anyone in Legal and Credit around the world can take
a look at this database and determine who we have entered into contract with
and what negotiation issues may be at issue.  It is critical as we become a
global trading company that we are consistent in the legal positions we take
on these financial contracts.  For instance, it would be quite problematic if
someone in Houston was negotiating a contract with an ISDA counterparty and
asserted that a certain position was critical, if we find out a lawyer in
another office was negotiating with the same counterparty and gave on the
same position the day before.  We need to make a somewhat coordinated effort
on the counterparty front.

In addition, with so many masters and so many counterparties there is just no
way to keep track of what we have said or done unless we have a database.

Further, we use the information in the database to respond to inside
auditing, reporting and insurance inquiries.

For online trading, I check the database to see if we have a financial master
agreement and what trading restrictions we may or may not have in place.
Global contracts uses this database to confirm their financial contract
records and approval for online trading.

For both Houston and London we use the database to communicate with our
Clients, whether traders or  back office support people.  Employees outside
legal have  limited view access only to see all the information except the
confidential Legal and Credit comments.  They have no edit capabilities.  The
database also has some reporting functions that we and London Legal have
found helpful.

You should have gotten my email to Mike Neves, out database coordinator
requesting full edit access for you.  It usually takes a few days.  Once you
get access maybe you could find some time to surf the database, and we can
figure out how to get your ISDA data inputted..

Are you coming to the ENA Legal Conference in October?  That would be a good
time for me to do a full review of this database with you.


Amelia, Jeff is travelling this week.

Thanks,
Joannie

Amelia Alder
03/16/2001 03:34 PM
To: Amelia Alder/OTS/Enron@ENRON
cc:  (bcc: Jeff Skilling/Corp/Enron)

Subject: Enron Cycling Club Meeting

Enron Cycling Club Meeting
Tuesday, March 20
RSVP needed  !!
11:30 - 12:30
EB 49C1
Lunch will be available, so we need to know the headcount please!
respond by email or call Stephanie Strong at 31653
Please RSVP  by Monday, March 19 - Noon


Charles Schwab <http://schwab.ed4.net/htdocs/images/EMSchwabWhiMed.gif>

As of Friday, September the 14th the markets are preparing to reopen Monday, September 17. The financial exchanges and brokerage firms, including Schwab, are conducting extensive system testing over the weekend to ensure smooth operation Monday.

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As we have communicated earlier, there may be some short- term price volatility when the market opens. Accordingly, you may want to consider whether to use a limit order or a market order when placing a trade. (Click here <http://email.schwab.com/cgi-bin/gx.cgi/mcp?p=0397I039MI4CFd$012000mdtpjdtmD> for more information on order types). In addition, with potential strains on systems due to heavy volumes, you may experience operational or execution delays. (Click here <http://email.schwab.com/cgi-bin/gx.cgi/mcp?p=0398F039MI4CFd$012000mdtpjdtmD> for more information on market volatility).

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? 2001 Charles Schwab & Co., Inc. All rights reserved. Member SIPC/NYSE. (0901-0363)


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October 22, 2001

Enron's Departure from Core Business
Takes a Toll on Performance

By Will McNamara
Director, Electric Industry Analysis

  <http://secure.scientech.com/rci/wsimages/will100border_copy.jpg>

[News item from Reuters] Enron Corp. (NYSE: ENE) stock sustained further heavy losses on October 19 as investor confidence in the former Wall Street favorite remained at a low ebb after it reported its first quarterly loss in over four years. The energy giant's stock was off $3.32 or 11.45 percent at $25.68 per share at mid-day trade on Oct. 19, making a cumulative loss of 28 percent for a week in which it reported a third-quarter loss of $638 million. As of early morning trading on Oct. 22, Enron shares were priced at $21.99, a reflection of new developments (including a new Securities and Exchange inquiry) that have caused uncertainty about the company among investors.

Analysis: Enron's first financial report since the departure of former CEO Jeffrey Skilling in August has not done much to once again instill investor confidence in the company, which has experienced one of its most turbulent years in recent memory. While Skilling cited personal reasons for his departure, many analysts suspected that a significant drop in Enron's share price and financial losses in its diversified businesses also played a role. At the time of Skilling's departure, Enron's stock had tumbled to a 52-week low. However, based on the new 3Q report, it now appears that Enron's downward turn may be continuing despite the return of Kenneth Lay to the company's top spot. In essence, Enron's financial problems have been caused by businesses that the company has established as a way to diversify from its core focus on wholesale power sales. It appears that Enron is learning a costly lesson-namely that investors are not responding favorably to the company's innovation, especially if bottom line performance is in any way compromised. The road ahead may remain uncertain for Enron, as a good number of unresolved issues and a new Securities and Exchange Commission (SEC) inquiry into financial dealings of its chief financial officer continue to overshadow the company.

Let's first establish the financial losses that Enron has reported in the third quarter. As noted, as a whole the company reported $638 million in losses, after taking $1.01 billion in charges associated with several of its non-core businesses. When we break down the losses, it becomes clear that Enron is struggling with its operations in three businesses: water, broadband and the retail power market. Specifically, Enron reported $287 million in charges from Azurix, its water and wastewater business; $180 million in charges related to the downsizing of its broadband operations (including severance costs and losses on inventory sales and customer contracts); and $544 million in what the company is calling "investment losses." Evidently, about half of the $544-million figure is related to Enron's investment in NewPower Company, the retail electricity and natural-gas provider that Enron launched about two years ago with partners America Online and IBM. Enron owns 45 percent of NewPower. In addition, Enron's debt to total capitalization ratio reportedly will increase to about 50 percent, although Lay says that pending asset sales may reduce that amount to 40 percent by the end of 2002. However, it is important to note that Enron's 3Q recurring net income (before the write-offs) did increase 35 percent to $393 million, or 43 cents a diluted share, and revenue in the quarter rose to $47.6 billion from $30 billion in 3Q 2000.

The losses associated with NewPower are particularly interesting. As one of the leading investors in the company, Enron drove NewPower's aggressive business focus on retail residential power sales, despite ongoing concerns about the development of retail competition across the United States. NewPower went public last year at an opening price of $21, and in the early days of its initial public offering was trading above that price. However, the company's stock has experienced a devastating drop in value, and is currently priced at $1.25. NewPower is not scheduled to release its own 3Q financial statement until early November, but it is expected that the company will continue to incur significant losses for the foreseeable future. Specifically, NewPower recently reiterated its earlier expectations of a 3Q loss of $65 million to $70 million, or $1.12 to $1.20 a share. Third-quarter revenue reportedly will be slightly lower than the $60 million to $65 million that the company had forecast in August.

In analyzing NewPower's 2Q financial losses (see IssueAlert from 8/8/01 at www.scientech.com/rci <http://www.secure.scientech.com/IssueAlert>), I argued that the company is really struggling from a mix of positive and negative factors in its efforts to become the leading retail energy provider in residential and small business markets in the United States. On the positive side, NewPower has recently secured a large number of new customer accounts, most significantly from its purchase of customers and related assets from AES Corp. and DTE Energy. These purchases prompted an impressive growth spurt for NewPower, and the company reportedly now has a customer base in 22 markets in 10 states. However, the bad news for NewPower is that its losses continue to widen, apparently resulting from a combination of weather factors and financial hits absorbed in several of the states in which the company operates. This dichotomy does not appear to be getting any better, and the company's stock has continued to drop as a result.

In an effort to alleviate some of its financial woes, NewPower recently revised an existing master netting agreement with Enron Corp. and several of its subsidiaries. The revised agreement essentially lowers the amount of cash collateral that NewPower is required to post to the Enron subsidiaries through Jan. 4, 2002. With the lowered financial obligations that it must make to Enron, NewPower believes that it will have sufficient financial resources to conduct its business in the near term until it secures ongoing asset-based financing.

However, from Enron's perspective, the losses associated with NewPower (and, by the same token, the losses in water and broadband) have contributed to a steady drop in its own stock price. The message is clear: The businesses that Enron plunged into as a way to diversify have tainted the company as a whole. Further, what some analysts perceived as brash hubris on Enron's part has not translated into measurable profits, and consequently Wall Street has reacted by sending Enron's stock to a level that is about half of where it was a year ago. The individual sectors that Enron has pursued are all unique, but they share the common denominator of taking Enron away from what was a successful core business. Further, they are similar in that Enron aggressively sunk large sums of capital into new business lines for which it arguably had unrealistic expectations for growth. The problem with Enron's bandwidth unit is that the company has faced an unanticipated excess of fiber-optic lines, which has prevented the demand for the division's services from materializing as anticipated. The problem with Azurix, which has been losing money since its formation in 1998, is that privatization of the water sector has not materialized as quickly as Enron and other companies anticipated. In addition to these problem areas, Enron also faces challenges related to its investments in India (where it is locked into a legal battle with the state government) and California (from which Enron has yet to receive full payment for previous power sales).

In addition to the losses outlined in the 3Q report, there are new issues that are brewing at the start of this week. First, the SEC has requested that Enron provide information regarding "certain related party transactions." Not much additional information is presently available about this inquiry. However, it is probably connected to earlier reports about concerns related to the dealings of Enron's Chief Financial Officer Andrew Fastow, who up until very recently had run a limited partnership that bought assets from Enron. Ken Lay has said that Enron will cooperate fully with the SEC's request. In a separate development, several mutual funds (including AIM Constellation that once held large positions in Enron) have either liquidated or reduced their holdings in the company, which has further weakened Enron's stock value. Portfolio managers of the mutual funds have cited concerns about Enron's ability to balance its new businesses with its core strength as an energy trader.

The present challenge for Enron is to convince investors that the company remains on solid ground despite the losses. Thus, Lay has been quick to reiterate that earnings from the company's energy and gas-pipeline business are still strong. Further, Lay says that the charges reported in the third quarter should be seen as a way to "clear away issues that have clouded the performance and earnings potential of our core energy businesses." Nevertheless, the fact remains that Enron has invested huge amounts of money toward its diversification effort, and in addition to water and broadband the company has invested into the steel and pulp and paper sectors as well. Thus, several questions remain at this juncture. Are the losses reported in the third quarter only a temporary setback for Enron that will clear the way for the company to return to a primary focus on its core business of energy trading? Or, will the losses continue into the fourth quarter and 2002? Moving forward, will Enron once again reshape its business model and eliminate the various businesses to which investors have reacted less than favorably? Only time will tell as the industry continues to watch the developments at Enron, which is clearly a company in the midst of another wave of change.

An archive list of previous IssueAlerts is available at
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Sounds good.  I'll be around all week and weekend.

I'd love to see Johnson.  That guy is like educated and stuff now.

> -----Original Message-----
> From: Mark.Guzman@enron.com [SMTP:Mark.Guzman@enron.com]
> Sent: Tuesday, November 07, 2000 3:50 PM
> To: Pacewic Ben T
> Subject: RE: beaver game
>
>
> I switch back and forth from night to day shifts it depends on the week.
> I
> have been working day shifts this week.  I would say I would like to watch
> the game but I am actually going to the game.  What about a beer later in
> the week or this weekend.  I think Johnson might be in town soon, I
> reecieved an email from him this week.
>
>


Brant,  We need to ask PCS Nitrogen if they are a wholly owned subsidiary of
Potash.  If they are not, then Canadian law may prohibit them from providing
a guaranty for a less than wholly owned entity.

I will provide you my comments to the documents shortly after lunch.

	Brant Reves/ENRON@enronXgate
	04/19/2001 10:08 AM

		 To: Gerald Nemec/HOU/ECT@ECT
		 cc:
		 Subject: PCS

 Gerald,

Any update on that PCS guaranty review?  Exposures are pushing past $20MM, a
highly visible exposure.

brant


I would love to go.  I have to see which one it is.  BESIDES, it will
obviously be the Rose Bowl if the Huskies will just cooperate.

I will be in San Jose next week if you want to come visit.  I will actually
be hanging out in PDX or Corvallis the weekend of Dec 9.  I will probably be
found somewhere around the Mr. and Mrs. Jones residence.  Have a cold one
ready for me!

Marc
*(303)401-7054
*mleslie@amgen.com

> ----------
> From:  Mark.Guzman@enron.com[SMTP:Mark.Guzman@enron.com]
> Sent:  Friday, November 17, 2000 4:20 AM
> To:  mleslie@amgen.com
> Subject:  Re: E-Clips News Flash
>
>
> Whats up Lester.  Are you going to go to the Bowl game.  It looks right
> now
> like it might be the fiesta or the Holliday Bowl.  If it is the Holliday
> Bowl i will probably go however if it is the Fiesta bowl I wont be able to
> make it.  How is the family.  Are you guys planning on coming out anytime
> soon
>


I believe that, as you requested, I have now had executed and returned to you
by fax copies of the commodity swaps between Enron Canada and each of RBC, TD
Bank and Risk Management as well as the two rate swaps between Enron Canada
and each of RBC and TD.  I believe the only other confirm requiring Enron
Canada's execution in this transaction is the back-to-back rate swap between
Enron Canada and ENA, whereby Enron Canada swaps the floating rate for the
fixed rate with ENA.  You can send that confirm directly to my attention by
e-mail and I will get it signed and sent back to you.  I understand that you
will be attending to obtaining counterparty execution of these confirms.
Could you do me a favor and, when you receive the fully executed confirms
back from the respective counterparties, fax fully executed copies of all the
confirms to my attention at 403-974-6707.  I am aggregating copies of all the
documents relating to this financing for our files and will need the executed
confirms as part of that process.

Thanks

Greg Johnston


We'd expected the expansion to actually be in the 200 - 250 MMcf/d range,
although
as intimated in this press release, we might see a follow-on expansion notice
for more volumes later.
My gut feeling is that they're waiting for more certainty regarding
permitting/certification on a couple
of the Bakersfield area IPP projects first before proceeding with the second
phase.  The good news is that an expansion on the order they're describing
here should not materially affect the overall Western U.S. gas balance with
over 6.0 Bcf/d being consumed in California alone.

Gas Daily 11-15-00
Kern River casts its lot with California expansion
Looking to accommodate demand for gas-fired generation in California,
Williams has plans
under way to expand its Kern River Gas Transmission system. The company
announced
yesterday that it would file an application with FERC to add an additional
124,500 dth/d of
firm transportation capacity from Wyoming to California markets.
The proposal  called the California Expansion Project  would tap into
increased production
in the Rocky Mountain basin. And the California Expansion could pave the way
for a
second expansion of Kern River. According to a company release, Williams
plans on holding
an open season later this year to gauge interest in additional capacity on
the pipeline.
A combination of rapid growth and the development of new gas-fired power
generation
facilities in California is fueling expansion of the system, said Kirk
Morgan, director of business
development for Kern River and Northwest Pipeline. Kern River is
well-positioned to
pursue an economically attractive expansion of its mainline.
The $80 million project proposal calls for adding three new compressor
stations, as well
as boosting or retooling existing facilities in Wyoming and Utah. Williams
also plans to upgrade
two meter stations. The project,s anticipated in-service date is May 1, 2002.
Back in August, Kern River held an open season to determine interest in firm
year-round
gas transportation service in Nevada and California and to determine interest
for capacity relinquishment
by existing shippers (GD 8/18). The pipeline landed a number of contracts
providing
for delivery of Rockies supply into California.
According to Williams, demand for new capacity out of Wyoming is being driven
by a
number of factors, including a shift in downstream markets for Canadian
supply and strong
economic growth in Kern River,s market areas. Surging demand for gas-fired
generation has
also played a role.
Morgan said a ramp-up in Rockies production coupled with demand for
competitive transportation
promises a solid base for future expansion.  An expansion on Kern River in
2003
could help bring that production to market, he said.
The 922-mile Kern River system delivers Rockies and Canadian supply to
markets in California,
Nevada and Utah.  At present, the system has a design capacity of 700 million
cfd.


Set up with Eric Salinas 33968 - 10/3/00 jar


I'm still here--they're trying to kill me.

Alexandra Saler@EES
12/15/2000 10:05 AM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re:

find out when she is going to be on Sat. night live!!!

To: Alexandra Saler/HOU/EES@EES
cc:
Subject: Re:

Macy Gray was just on CNN singing--she is great!

Alexandra Saler@EES
12/15/2000 09:43 AM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re:

the play was adorable.  she was so good!  Of course during her solo my whole
family was crying.  we are such dorks!!

To: Alexandra Saler/HOU/EES@EES
cc:
Subject: Re:

got here around 9, hopefully leaving at 11.  I only did 8 abs last night.
I'm going to get to 20 though....How was the play?  Haven't be to Zula....

Alexandra Saler@EES
12/15/2000 08:22 AM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re:

it doesn't look that different.  it is just fun to do!  I hope that you were
comfy and cozy sleeping late this morning.  I dragged, I mean dragged myself
out of bed this morning and got on the treadmill.  Only for 35 minutes though
b/c I was so tired.  call me later.  have you been to Zula yet?  I am going
tonight and I wanted to know if it is good.

To: Alexandra Saler/HOU/EES@EES
cc:
Subject: Re:

I'm out of here at 4.  Good luck with the new hair--i'll talk to you later....

Alexandra Saler@EES
12/14/2000 02:57 PM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re:

we would have so much fun we wouldn't have to leave early!!!

To: Alexandra Saler/HOU/EES@EES
cc:
Subject: Re:

I'll have Jennifer put in the move order to get your desk into my office.

Alexandra Saler@EES
12/14/2000 02:26 PM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re:

you are as much of a slacker as me!!! want me to come entertain you for a
while?

To: Alexandra Saler/HOU/EES@EES
cc:
Subject: Re:

I've got a meeting at 3:30 (for an hour at most) then I'm leaving for the
day!  tomorrow, in about 10, out at noon.  I can't wait.

Alexandra Saler@EES
12/14/2000 01:49 PM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re:

I am in vacation mode.  I don't want to do anything.  what are you doing?

To: Alexandra Saler/HOU/EES@EES
cc:
Subject: Re:

What's up?

Alexandra Saler@EES
12/14/2000 08:18 AM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re:

what??????????

To: Alexandra Saler/HOU/EES@EES
cc:
Subject: Re:

oh.................my...............god..............


All fixed priced deals (esp. Calpine) have their risk assigned to the Price
Book.  Dutch Quigley confirmed that these deals were more than likely hedged
(although it is difficult to hedge 20 year deals since we are one of the few
playing out that far).  If we are under the assumption that we will be able
to transfer all hedges along with the deal(s), then these deals are not
underwater.  However, there will be some costs associated with transferring
the hedges.  When I get a better idea of these costs I will relay them to
you.

Dave

	Enron North America Corp.

	From:  Brenda F Herod                           08/25/2000 06:26 PM

To: Patrick Wade/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Edward D
Gottlob/HOU/ECT@ECT, Jim Schwieger/HOU/ECT@ECT, Brian Redmond/HOU/ECT@ECT,
Jim Coffey/HOU/ECT@ECT, Wes Colwell/HOU/ECT@ECT, Steve Jackson/HOU/ECT@ECT,
David Baumbach/HOU/ECT@ECT
cc: Sally Beck/HOU/ECT@ECT, Yvette G Connevey/Corp/Enron@ENRON
Subject: Project Triple Lutz

To date, my primary duties have been to oversee the internal valuation of the
contracts, and their unwind costs in our Risk books.  I have also been
involved with the Entex contract valuation.  Dave Baumbach has been the real
key to providing the data, and has all of the information.  Steve Jackson is
talking with Ed McMichael of Structuring on Monday to get some additional
eyes and resources looking at this also.  I feel we have done a thorough job,
but we do need everyone thinking of "what if's."  Our risk books are complex,
with many hand-offs internally.  Obviously our goal is to ensure that all of
the stones have been turned, and there are no surprises at the end of the
day.  I think Structuring will really be helpful in this arena.  After our
meeting yesterday, I believe everyone is much more comfortable in our
approach.  There were a couple of things that Dave was going to follow-up on
(Fixed-price deals, especially Calpine).

FYI:  I will be out of town on another project all of the week of 8/28 - 9/1,
and Tuesday, 9/5 and Wednesday, 9/6.  I have made arrangements to ensure that
I am in Houston on Thursday, 9/7 and Friday, 9/8 for the first visit to the
Triple Lutz data room.

In my absence next week, I want to reiterate to each of you that I am
available, and will have the Triple Lutz data with me.  If any issues come up
that you feel I can be helpful, please contact yvette Connevey @
713-853-5953, and she will get in touch with me.  Once again, DO NOT HESITATE
TO CALL ME!!!  I do not want anything falling through the cracks!


Mark,

Does this mean that you would prefer it to be Merrill Lynch?  If so I can
pass this on to Jeff Harbert and see if he and Bob Crane are OK with this.

 I'm not sure what the clearing problems they are having in Houston are but
it might mean that you will have more legal points to finalise.  I tried to
contact Jeff to get some more information for you but he is out of the office
until Monday.

I can try him again on Tuesday but if you have any legal question or queries
you might want to speak to him yourself, his no is 001 713 8536979.   Either
way please keep me updated.

Regards,
Maria.

Mark Elliott
30/04/99 12:19
To: Maria Nartey/LON/ECT@ECT
cc: Richard Sage/LON/ECT@ECT, Barry Pearce/LON/ECT@ECT, Mark - ECT Legal
Taylor/HOU/ECT@ECT
Subject: Re: Documentation from OM

Maria,

The Clearing docs we got in from the Exchange showed Merrill Lynch in London
as Houston's clearer.  This is not to say this is fixed, but for some reason
the OMLX were under the impression that it would be Merrills.  By the way, we
can have as many clearers as we like (provided, of course, that they are
General Clearing Members at the OMLX).

If you could let me now quite swiftly on this issue I would be very grateful
as we finalised the legal points on Clearing docs a couple of weeks ago and I
have already couriered the final  versions for signature to Houston.

Kind regards

Mark

Maria Nartey
04/30/99 09:00 AM
To: Richard Sage/LON/ECT@ECT, Mark Elliott/LON/ECT@ECT
cc:
Subject: Re: Documentation from OM

FYI
---------------------- Forwarded by Maria Nartey/LON/ECT on 30/04/99 09:03
---------------------------

Maria Nartey
29/04/99 19:22
To: Jeff Harbert/HOU/ECT@ECT
cc: Barry Pearce/LON/ECT@ECT
Subject: Re: Documentation from OM

Jeff,

We only use two London clearing houses, Bank Paribas and Carr.  The back
office at Carr was not very good when I used to deal with them but I've been
told that they are much better now.  Paribas was definitely the better of the
two from a back office point of view.

Let me know if you need anything else.
Regards,
Maria.

	Enron Capital & Trade Resources Corp.

	From:  Jeff Harbert                           29/04/99 18:45

To: Barry Pearce/LON/ECT@ECT
cc: Maria Nartey/LON/ECT@ECT
Subject: Re: Documentation from OM

Hi Barry,

Regarding our upcoming Pulpex "market maker" role, we're running into a few
problems with the clearing function.  I mentioned to Bob that it may make
more sense to use one of the existing London office clearing houses.  Under
an arrangement like that I would see the following:

a.  London uses an existing "clearing house" for the Pulpex margining
activity.  A new account would be required to separate paper from your other
business.
b.  London admin. maintains the account from a support standpoint on behalf
of ECT Houston Pulp & Paper including 1) daily margining requirements, 2)
cash account reconcilation, and 3) other accounting requirements.
c.  Houston office would be responsible for the electronic trading, reporting
positions, reconcile trading activity, report Profit/(Loss), etc.

ECT Pulp & Paper would reimburse London office for expenses incurred in
connection with support requirements.

Maria,  Would you provide me with a list of the "clearing houses" you use
today.  I'll give this to Bob Crane to see if he has a preference or other
comments.

Call or write if you have a chance early next week so we can figure this
out.  I'll be out of the office tomorrow (Friday).

Thanks for your help.

Jeff

	Enron Capital & Trade Resources Corp. - Europe

	From:  Barry Pearce                           02/24/99 11:22 AM

To: Bob Crane/HOU/ECT@ECT, Jeff Harbert/HOU/ECT@ECT
cc:
Subject: Re: Documentation from OM

Thanks

London Team in Support of your activities

Barry Pearce - Administration & Accounting
Maria Nartey - Settlements/Margining
Mark Elliott - Legal
Brigitta Millard - Documentation


Further to my converation with Mark Taylor, I understand that there are some
potentially substantial changes to the Australian GTC in the works.

Please advise as to when the redrafted GTC is expected to be available. If
necessary, we will come into the office this weekend to upload it.

Thanks,

Dave


The 9th Circuit of the U.S. Ct. of Appeals granted EES' request to stay an
injunction granted by the District Court in the UCS litigation, which would
have required EES to continue to directly serve UCS.  The stay allows EES to
return the customer UCS to PG&E and SCE for utility service and thereby save
the future accrual of an additional $144 million of negative CTC
receivables.  In approximately two months, the 9th Circuit will conduct a
further review of the stay, at which point the litigation will return to the
District Court for discovery and eventually trial.