I thought that you might be interested in our new monthly newsletter, ENERGY COMPETITION STRATEGY REPORT. It contains detailed strategies on how to tackle the complex challenges of deregulation. Topics covered include customer education; retail marketing; telecom and other value creation strategies; investor relations; marketing programs that land big commercial accounts; CIS and related information technology
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I will review and get back to you by no later than tommorrow.

	Stephanie Miller@ENRON
	07/07/2000 01:30 PM

		 To: Gerald Nemec/HOU/ECT@ECT
		 cc:
		 Subject: Williston Basin PA

I asked Fannette to deliver a PA from WBI that needs to be executed and
returned by July 14.  Can you please review and add the standard "management
out" on our side.  I briefly reviewed and noticed that WBI has a couple of
unilateral "outs", but nothing for us.

Please advise.

Thanks

Stephanie


Happy Hump Day!

 <<Southpoint Gas Model.xls>>

Lisa Reichel
Mgr., Corporate Risk Management
Calpine Corporation
700 Louisiana Street, Suite 2700
Houston, Texas  77002
713-830-8841 Direct
713-830-8902 Fax

 - Southpoint Gas Model.xls


Thanks, Glen. I'll plan to attend.

 -----Original Message-----
From: 	Hass, Glen
Sent:	Tuesday, October 30, 2001 3:01 PM
To:	Kilmer III, Robert; Harris, Steven; Watson, Kimberly; Lindberg, Lorraine; Lokey, Teb; Lichtenwalter, Blair; Pryor, Tony; Rapp, Bill
Cc:	Fossum, Drew; Porter, Gregory J.; Miller, Mary Kay
Subject:	SoCalGas BCAP Application

A meeting to discuss Transwestern's position in SoCal's BCAP proceeding has been scheduled for Tuesday, November 6, 2001 from 1:00 - 3:00 PM in Conf. Rm. 1336 in Houston.  Dan Douglass and Gregg Klatt will also attend to review their memo on both SoCal and SDG&E's BCAP applications.  If anyone needs another copy of either the memo or the applications, Blair and I have copies for distribution.  gh


Please complete an eRequest to reestablish a VPN connection, this is due to recent system changes from Corp.

John Buchanan

 -----Original Message-----
From: 	Smith, Chris A.
Sent:	Tuesday, December 04, 2001 3:33 PM
To:	Buchanan, John
Subject:	VPN Access

John, please forward this note to anyone who previously had VPN access.  We would like to focus on reestablishing their access first.  Then, we can address any new requests after that.  If you have any questions, please give me a call.

We have been notified that in order to reestablish our VPN access, we must submit an eRequest.   Instructions for completing the eRequest are on the Solution Center website under Quick Reference on the left, and the link to the eRequest system is on the right side of the page.  Please assure that you check the manager's name that appears in the Manager Approval blank.  If this information is not correct, your request will be rejected.

If you need any assistance, please give us a call at X54745.

Chris
33270


-----Original Message-----
From: 	Brostad, Karen
Sent:	Friday, June 29, 2001 10:06 AM
To:	Winckowski, Michele; Buchanan, John; Johnson, Robert L.; Panzer, Robin; Trevino, Linda; Zadow, Raetta; Spraggins, Gary; Aschwege, Doug; Schoolcraft, Darrell; Kowalke, Terry; Vignaroli, Donald; Fritch, Bret; Call, Josie; Ramsaran, Gale; Jaquet, Tammy; Draemer, Mary ; Studebaker, James ; Steele, Patricia; Carter, Zuela; Sebesta, Chris
Subject:	Richland Master Meter

As a follow up, the Richland Master Meter will be available for nominations effective 7/1/01. DRN number and Meter # are now available.

The POI Number is	78170
DRN#			296952
Meter #			749460

Karen Brostad


Sara, as per your request, here is one of the paper trails regarding my
repeated request to folks at Bear for the guaranty.  The most recent request
is from today but previous requests are attached.  There were two others but
I may have erased them.  I will doublecheck and forward them since you'd like
copies.

Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693
http://gss.enron.com/
----- Forwarded by Cheryl Nelson/NA/Enron on 05/31/2001 05:14 PM -----

	"Meytina, Anna Confidential Memo-Counsel (Exchange)" <ameytina@bear.com>
	05/31/2001 04:37 PM

		 To: "'Cheryl.Nelson@enron.com'" <Cheryl.Nelson@enron.com>
		 cc:
		 Subject: RE: Assignment & Assumption Agreement

Apologies!  I will call you tomorrow to discuss.

Regards,

Anna

> -----Original Message-----
> From:   Cheryl.Nelson@enron.com [SMTP:Cheryl.Nelson@enron.com]
> Sent:   Thursday, May 31, 2001 5:04 PM
> To:   ameytina@bear.com
> Subject:   RE: Assignment & Assumption Agreement
>
> Hi Anna, I still have not heard back from you about getting the guaranty
> back.  Remember that we have also talked about this over the phone but I
> do
> not believe that you ever sent the document back.
>
> Cheryl Nelson
> Senior Counsel
> EB3816
> (713) 345-4693
> http://gss.enron.com/
> ----- Forwarded by Cheryl Nelson/NA/Enron on 05/31/2001 04:02 PM -----
>
>
>                     Cheryl Nelson
>
>                     Sent by:             To:     "Meytina, Anna
> Confidential Memo-Counsel
>                     Cheryl Nelson        (Exchange)" <ameytina@bear.com>
>
>                                          cc:
>
>                                          Subject:     RE: Assignment &
> Assumption
>                     05/21/2001           Agreement(Document link: Cheryl
> Nelson)
>                     10:11 AM
>
>
>
>
>
>
>
>
> Anna, I hope you had a good vacation.  As per our previous conversations,
> I
> still need the original Guaranty from you - i.e., the one we did not use.
>
> Cheryl Nelson
> Senior Counsel
> EB3816
> (713) 345-4693
> http://gss.enron.com/
>
>
>
>
>                     "Meytina,
>
>                     Anna                 To:
> "'Cheryl.Nelson@enron.com'"
>                     Confidential         <Cheryl.Nelson@enron.com>
>
>                     Memo-Counsel         cc:
>
>                     (Exchange)"          Subject:     RE: Assignment &
> Assumption
>                     <ameytina@bea        Agreement
>
>                     r.com>
>
>
>
>                     04/03/2001
>
>                     12:35 PM
>
>
>
>
>
>
>
>
> yes, i did. see you in NY.
>
> > -----Original Message-----
> > From:         Cheryl.Nelson@enron.com [SMTP:Cheryl.Nelson@enron.com]
> > Sent:         Tuesday, April 03, 2001 1:03 PM
> > To:           Meytina, Anna Confidential Memo-Counsel (Exchange)
> > Subject:           Re: Assignment & Assumption Agreement
> >
> >
> > Hello Anna,
> >
> > Cheryl Lewis says that I should send the guaranty to you, not to her.  I
> > will send the original overnight to you but you got the faxed copy
> right?
> >
> > When I am in New York, I will call you to take you to lunch.
> >
> > Cheryl Nelson
> > Senior Counsel
> > EB3816
> > (713) 345-4693
>
>
> ***********************************************************************
> Bear Stearns is not responsible for any recommendation, solicitation,
> offer or agreement or any information about any transaction, customer
> account or account activity contained in this communication.
> ***********************************************************************
>
>
>
>
>

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


FYI  Michelle

 -----Original Message-----
From: 	Daffin, Margaret
Sent:	Wednesday, October 31, 2001 11:35 AM
To:	Milenia <misoto (E-mail)
Cc:	Cash, Michelle
Subject:	Permanent Residency - Pinnamaneni Krishnarao

Milly:  I have been asked to contact you to determine the status of the Permanent Residency application for Mr. Krishnarao.

On checking an old file for Mr. Krishnarao, I see that you started his Green Card application, based on Outstanding Researcher, in November, 1995.  There are also copies of the I-765 in the file, which I assume means that Mr. Krishnarao is already in the Adjustment of Status stage of the process?

I would appreciate you letting myself and Michelle Cash know where we are with the application at this time?  Hopefully, we are very close to completion!

Many thanks
Margaret
713-345-1529


Stand up, Texas, against California's bullying
Houston Chronicle, 05/24/01

Markets / Your Money Senate Shift to Ripple Across Industries Politics:
Jeffords' decision could broadly affect range of sectors, from drugs and HMOs
to tobacco and energy.
Los Angeles Times, 05/24/01

Brazil asking power users to cut back
Houston Chronicle, 05/24/01

California Official Cites Evidence of Electricity Price Manipulation
KRTBN Knight-Ridder Tribune Business News: Contra Costa Times - Walnut Creek,
California, 05/24/01

Shrugging off energy ties / GOP gubernatorial hopeful downplays his Texas
investments
The San Francisco Chronicle, 05/24/01

India Appoints Nominee To Dabhol Power Dispute Panel
Dow Jones Asian Equities Report, 05/24/01

INDIA: New Delhi aims to help Enron patch up with utility.
Reuters English News Service, 05/24/01

POLAND: ANALYSIS-Central European gas markets head for shake-up.
Reuters English News Service, 05/24/01

India: A 'hurt' Godbole quits, persuaded to stay on
Business Line (The Hindu), 05/24/01

INDIAN GOVT TO ACCEPT PROPOSALS TO SETTLE POWER DISPUTE
Asia Pulse, 05/24/01

Endesa to sell coal-powered plants operated by Electra de Viesgo (Endesa
incluye una mayoria de centrales de carbon en Viesgo antes de venderla)
Expansion, 05/24/01

Is Pawar playing power politics with Enron?
The Economic Times, 05/24/01

Godbole does a Mamata; quits, then back
The Economic Times, 05/24/01

COMPANIES & FINANCE THE AMERICAS: Dynegy on the lookout for deals
Financial Times; May 24, 2001

May 24, 2001
Houston Chronicle
Stand up, Texas, against California's bullying
By JONATHAN WILCOX
LADIES and gentlemen: May I present to you the Hon. Bill Lockyer, attorney
general of the state of California, from the May 22 Wall Street Journal:
"I would love to personally escort (Enron Corp. Chairman Kenneth) Lay to an 8
x 10 cell that he could share with a tattooed dude who says, `Hi, my name is
Spike, honey.' "
When you stop gagging, join me in celebrating Lockyer's crude, lewd and
unsubdued behavior. It has stripped away whatever veneer of respectability
California officials had by virtue of the offices they hold and exposed them
as braggarts and bullies of the first order. But they also wield enormous and
destructive power -- and they intend to use it.
The sooner Texans realize this the better.
As citizens of the state that is home to much of the nation's energy
production, the people of Texas are intimately familiar with the booms and
busts of the oil and natural gas industries. Sometimes, prices are high, new
supply is nigh and willing buyers can only sigh.
Other times, gluts occur, demand fluctuates, competition grows ruthless and
revenues seep out like the last remnants of black crude from a stripper well.
These are the principles of American capitalism, free market forces and the
give-and-take and push-pull that separate this nation's economic capacity
from all others. It is a fundamentally fair system, it has served us
remarkably well and every time we have tampered with it, it has been to our
ultimate detriment.
Witness California's partial "deregulation" of its electricity market.
The Golden State, for all its vanity, pride and preening machismo, actually
knows very little of tough times. Sure, we can handle the occasional
spectacular episode, like an earthquake or wildfire. That's part of the
thrill of living in California.
But when it comes to our economic expectations and their interrelationship
with our desired lifestyle, we only know the California way: more, more often
and with no end in sight.
And if we don't get what we want, when we want it, it's someone else's fault.
In that light, it is no surprise that we are saddled with our current
governor, Gray Davis, and our current law enforcement chief, the
aforementioned Lockyer.
Despite his frequent jittery appearances on national television, Davis is a
politically shrewd man. He may not know which public policy choices are best
for the state's future, but that's not his highest priority.
Item No. 1 on Davis' "To Do" list is to get re-elected next year. But this
has been complicated by the state's year of energy woes, Davis' ineffectual
response and the fact that California is a largely one-party state.
Of California's eight statewide elected offices, seven are held by Democrats,
including Davis and Lockyer. You don't have to be a Delphic oracle to discern
that if Davis gets tossed out, he will take more than a few of his political
brethren with him.
So, as California tiptoes toward its long, hot summer of rolling blackouts
and unprecedented electricity shortages, Davis is busy digging his personal
bomb shelter. He's preparing for the big one, calculating that while the
damage will be great, and the fallout potentially lethal, he and the other
cockroaches, like Lockyer, will survive.
How will they do this? By finding some fall guys to take the rap.
Call it the Texas two-step: First, Davis declares "war" on Texas energy
producers. Next, Lockyer says he expects to file civil charges against
suppliers, with, he hopes, criminal counts to follow.
For a demonstration of how not to deal with Lockyer and other California
aggressors, examine the rejoinder of Mark Palmer, Enron's vice president for
corporate communications. Lockyer's comment about Lay, he said, "is so
counterproductive that it doesn't merit a response."
Wrong. Weak. Ineffective. Decency in the face of demagoguery may be
dignified, but it's little more than an invitation to further abuse and, for
Enron, public villainy.
Enron had a chance to do something corporations under hostile government fire
only dream about: Embarrass, disarm and neutralize a corrupt public official
out to smear their good name.
By challenging Lockyer to either reassess or renounce his remarks, Enron
could have injected common sense and rare truth into a debate that has become
twisted and warped by the tirades of California officials. Best of all, Enron
could have extracted the kind of retraction that would have adorned Lockyer
with the scarlet "A" of contrite politicians: apology.
Lockyer and other state officials may not yet know the ceiling of scorn Enron
will tolerate from them. But they surely know the floor: Joking with
journalists of the pleasure they would take from the arranged assault of
Kennth Lay in a California prison.

Business; Financial Desk
Markets / Your Money Senate Shift to Ripple Across Industries Politics:
Jeffords' decision could broadly affect range of sectors, from drugs and HMOs
to tobacco and energy.
JOSH FRIEDMAN
TIMES STAFF WRITER

05/24/2001
Los Angeles Times
Home Edition
C-1
Copyright 2001 / The Times Mirror Company

The expected defection of Sen. James M. Jeffords of Vermont from the
Republican Party could markedly affect the drug, HMO, defense, credit card
and tobacco industries, money managers and investment analysts said
Wednesday.
"I don't see any upside for the [stock] market. This looks like gridlock of
the worst possible kind," John Carey, manager of the Pioneer Fund, said of
the switch, which would give the Democrats control of the Senate for the
first time since 1995 and increase their ability to slow President Bush's
legislative agenda.
"The market was beginning to feel confident that the regulatory burden on
business would ease," he added, "and there was even hope for
business-friendly legislation. But no longer."
Analysts said the clearest winners in a switch to a Democratic Senate could
be lenders Fannie Mae and Freddie Mac, whose status as government-sponsored
enterprises is expected to remain intact. Both stocks were up strongly
Wednesday despite a weak market.
Still, most analysts said it's unlikely that a change in the balance of
congressional power would lead to what Carey termed "radical anti-business
legislation." And President Bush's income tax cut, passed by both houses and
headed for a conference committee, also is expected to remain intact.
"But I wouldn't expect another tax cut next year, not anymore," said Greg
Valliere, chief political analyst in Charles Schwab's Washington Research
Group. "The Jeffords defection, if it happens, doesn't mean the Bush agenda
is in tatters. It does mean gridlock for a lot of businesses."
Here's how some major industries could be affected:
* Drug makers
A Democratic Senate could produce a public relations nightmare for the
pharmaceutical industry, already under scrutiny over the pricing of some
medications.
"They can apply more heat to the pharmaceutical industry and inflame issues,
such as [supposedly] charging too much for drugs," said Tom Miller, a policy
analyst with Cato Institute, a conservative think tank.
"There's a headline risk. You know, 'Ted Kennedy Holding Hearings on Drug
Companies,' " added Valliere. Kennedy (D-Mass.) is in line to be chairman of
the Senate Health Committee.
Analysts said such tactics aren't likely to result in legislation, given
Republican control of the House.
Still, Andy Laperriere, a political economist at International Strategy &
Investment Group in Washington, said Democratic Senate control at least would
revive the "potential threat of price controls in some form."
* HMOs
Those stocks were hard hit Wednesday, perhaps as investors envisioned
industry critic Kennedy shaping a so-called patient's bill of rights or
Medicare reform.
Still, a power shift could work in Bush's favor if Kennedy and fellow
Democrats were to block administration health-care proposals at every turn,
said Alan Skrainka, chief market strategist at brokerage Edward Jones. The
GOP could end up gaining seats in the midterm election next year, he said, by
campaigning against stonewallers.
* Defense and aerospace
Most analysts said the expected shift would probably have little impact on
the defense industry, even if the leadership changes in the key committees
such as Armed Services and Appropriations, since both sides of the aisle
agree on the need for more defense spending.
But debate over already contentious issues such as missile defense and
whether to restart production on the B-2 Stealth bomber could intensify.
"These would be bones of contention anyway but maybe more so with the
Democrats' added power in the Senate," said Paul H. Nisbet, analyst with JSA
Partners.
Some analysts said defense stocks have run up since last summer on hopes of
increased spending, perhaps leaving them vulnerable.
* Credit card issuers
The bankruptcy reform bill approved by both houses, considered a boon for
major credit card issuers like MBNA and Bank One, could be watered down or
even killed, Laperriere said.
* Energy
Some money managers suggested environmental restrictions pushed by emboldened
Democrats could hinder a variety of energy companies.
"This news is good for the caribou, that's about it," said Pioneer's Carey,
referring to the chances that a Democratic Senate could block efforts to
drill for oil in sensitive arctic areas. "They can breathe easier."
But a Senate shift might not hurt energy companies as much as some expect,
analysts said. If the Democrats use their Senate control to block elements of
the president's new energy plan, it could be a plus for wholesale power
merchants and traders such as Enron, Reliant Energy and Duke Energy, said
Merrill Lynch analyst Donato J. Eassey.
"With gridlock you're going to have uncertainty, and uncertainty causes
volatility, which is good for [traders]," Eassey said.
Bush's plan to open the Arctic National Wildlife Refuge to limited oil and
gas exploration was politically dicey even before the possible Senate change,
several analysts said.
The majority of oil field services firms might actually do better if the
Alaskan proposal failed, according to analyst Poe Fratt of A.G. Edwards. Only
a handful of such companies stand to benefit from development of the wildlife
refuge tract, he said.
If exploration is blocked there, "more companies will benefit from drilling
elsewhere," he said.
* Tobacco
Huge jury verdicts against cigarette makers in recent years "really started
when industry executives got dragged before the Senate," Laperriere said, so
tobacco companies wouldn't look forward to another round of hearings. He
called new hearings "a real possibility" if the Democrats are running the
Senate.
* Fannie and Freddie
Laperriere said the threat of policy changes that would affect regulation of
Fannie Mae and Freddie Mac would be diminished under a Democratic Senate.
He noted that instead of Phil Gramm (R-Texas) leading the Senate Banking
Committee, it would be led by Paul S. Sarbanes (D-Md.), a major supporter of
the popular lending agencies.
* Telecommunications
Some analysts said chances for deregulation--for example, allowing the Baby
Bells fully into the long-distance market--won't survive a power shift in the
Senate.
"There was hope that the Telecommunications Act, which has actually impeded
competition, might be revisited," Carey said. "If this [Jeffords situation]
is bad news for any industry, it's telecom."
But several analysts and investors said the market impact of the Jeffords
defection already has been overblown. "The biggest thing we needed from this
administration was the tax cut, and it looks like we're getting it," said
Robert Nichols, chairman of Windward Capital Management in Los Angeles.
*
Times staff writers Denise Gellene, Thomas Mulligan and Peter Pae contributed
to this report.
RELATED STORIES
Switch: Jeffords has told aides he will quit the GOP today. A1
Markets: Stocks fall as investors mix caution with confidence. C4

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

May 24, 2001
Houston Chronicle
Brazil asking power users to cut back
Officials want to pare consumption by a fifth
Copyright 2001 Houston Chronicle News Services
SAO PAULO, Brazil -- The towering offices of Banco Itau and Microsoft Corp.
in Brazil's financial heartland greeted nightfall with their trademark lights
turned off.
Store owners celebrated astronomic weekend sales of energy-saving lamps.
That's good news as the government asks the nation to chop 20 percent off
energy consumption to avoid widespread blackouts and to haul South America's
biggest country and economy out of a chronic power shortage sparked by
drought.
"We are in the hands of the public. If people manage to economize 20 percent,
the likelihood of blackouts will be very small," said Mauro Arce, Sao Paulo
State energy secretary and member of an anti-crisis task force.
The plan to stave off California-style electricity cuts has borne encouraging
results so far. The program asks consumers, companies and industry to cut
electricity use by 15 percent to 25 percent, with the threat of price
surcharges of 50 percent to 200 percent. But it will come at a cost.
Economists fear rationing and its consequences could knock Brazil's economic
growth to less than 3 percent from expectations of 4 to 4.5 percent.
Government officials only say it will slow the economy but will not predict
how much.
And it may trigger moves by the government to encourage the aggressive power
plant program that has long been needed. Power plant builders, including
companies with big presences in Houston, have delayed plans to build plants
because they fear losses from the risk from local currency devaluations.
Rationing officially begins June 1 across most of Brazil, although its
biggest cities have already dimmed street lighting, and consumers have turned
to candles.
The government estimates it needs to expand the country's generation capacity
by 50 percent, or 31,000 megawatts, by 2008 at a cost of about 33 billion
reais, or $14 billion.
Brazil's power shortage has been hidden over the years by overuse of
reservoirs. The government increased generation in years with good rain by
failing to let the reservoirs fill to capacity. Hydroelectric power is
responsible for about 85 percent of Brazil's generation capacity.
"In the last 40 years there have been plenty of droughts, but we've never
been forced to ration energy," said Lido Luis Sauer, an energy-studies
professor at the University of Sao Paulo.
Reservoirs, the professors said, were often allowed to fill only to 70
percent of capacity. Reduced rainfall has cut the reservoir levels to as low
as 30 percent.
"We're on the verge of trying to generate power with mud," Sauer said. "We've
been warning them for years that this risk exists, but they told us `don't
panic.' "
For now, the power grid here depends on the weather and the cooperation of
the public.
If water levels fall farther, the country may need to cut up to 40 percent of
consumption, Arce said. Rationing is set to last through November, when the
rainy season resumes.
With cooperation and the weather on its side, the energy task force will just
need some understanding from the public.
In an early sign of irritation, Sao Paulo Internet company ATN Internet filed
a lawsuit seeking a judicial ban on power cuts. And Supreme Court President
Marco Aurelio Mello said some of the government's measures violated the
constitution.
"Unfortunately, the filing of injunctions and lawsuits has become a national
sport," said Pedro Parente, head of the task force. "The situation today is
serious. We need this to be understood by the judiciary."
If the public cooperates, Parente said the government could relax some of its
rationing measures. The task force had banned energy contracts for new
commercial or industrial projects.
Brazil's government realizes it has to end the drought in power plant
construction and is considering a program to protect some electricity
utilities from currency risk to attract the $14 billion it needs for new
power plants.
Companies such as AES Corp., Duke Energy Corp. and El Paso Energy Corp. have
delayed or limited expected investment in natural gas-fired generation plants
on concern that government rules limit their ability to pass along increases
in dollar-denominated fuel costs to electricity consumers who are billed in
reais, the local currency.
Devaluations cut the revenues of the power plant builders, but not their
expenses.
"The government hasn't had a policy to attract investment to generation,"
said Frank McGann, an oil analyst with Merrill Lynch & Co. in New York. "An
adjustment in gas prices is a major step forward, which should have been
taken two years ago."
The failure to build plants has come despite natural gas supplies piped in
from Bolivia, Argentina and fields of Brazil's Atlantic coast and a national
"emergency plan" to encourage the building of dozens of new plants to make up
the shortfall.
A new natural gas supply contract with power producers may spur some
much-needed construction.
Under the currency guarantee proposal, which could be adopted as government
policy as early as this week, Petroleo Brasileiro SA, the state-controlled
oil company, which is the lead investor in the country's major pipelines,
would sell gas to generators under a one-year contract with a fixed price in
reais, said Energy Minister Jose Jorge de Vasconcelos Lima.
If the dollar price of gas rose during the contract, Petrobras would charge
the difference to a special account. The generator would pay off that
account, plus interest and Brazilian inflation, by including them as part of
the next one-year, fixed price contract at the same time that the government
raises consumer power rates, a spokeswoman for the Energy Ministry said.
A utility now has to pay Petrobras and other distributors the market rate,
but is limited in the amount of the increase it can pass on to consumers.
With rationing likely to raise distributors' costs -- slashing profits more
-- these companies are reluctant to invest in any new venture, including
generation.
"It has never been decided who will pay for foreign exchange losses in the
gas contracts," said Luiz Maurer, vice president for the Brazilian
association of energy trading companies, as well as head of regulatory
matters for Enron in Latin America.
Enron, for its part, is moving ahead with plans to build about 800 megawatts
of new generation capacity. The move, as well as plans by Petrobras to become
a minority investor in a series of gas-fired plants, is a direct result of
the same problem.
With other companies holding back on generation projects, Enron and other gas
distributors need a market for their natural gas. AES said recently it may
cancel $240 million in investments in three plants.
"If we don't build plants or help others build them, we will be in an even
worse situation," said Ron Vaz Moreira, chief financial officer of Petrobras.
"We won't have any market for our gas."

California Official Cites Evidence of Electricity Price Manipulation
Mike Taugher

05/24/2001
KRTBN Knight-Ridder Tribune Business News: Contra Costa Times - Walnut Creek,
California
Copyright (C) 2001 KRTBN Knight Ridder Tribune Business News; Source: World
Reporter (TM)

An investigation into electricity prices has turned up evidence that
generators are throttling their power plants up and down to drive up prices,
according to California's top utility regulator.
Loretta Lynch, president of the state Public Utilities Commission, said
Wednesday that an investigation started last year to examine electricity
prices, and which later turned to examine unprecedented numbers of power
plant outages, has found instances where generating units were backed down
until electricity emergencies were declared and then brought back up in such
a way as to maximize profits.
"What we saw was a pattern of individual behavior," Lynch said.
Generators acknowledge that they vary the output from their power plants, but
say they do so for legitimate business reasons. Included among those reasons
is a little-known tactic to insure themselves against breakdowns that would
be limited under a federal order that is to take effect next week.
Although Lynch would not reveal more specifics, her comments, which echoed
revelations she made before a state Senate committee last week in Southern
California, come as accusations, legal threats and rhetoric are all swirling
to a boil.
Earlier this week, Attorney General Bill Lockyer, whose office is working
with the PUC in one of several ongoing electricity market investigations,
reportedly said that he wanted to escort Enron Corp. Chairman Kenneth Lay to
a prison cell "that he could share with a tattooed dude who says, `Hi, my
name is Spike, honey."'
The heated rhetoric and continuing legal threats have infuriated generators,
who continue to trot out figures showing that they are running power plants
harder than ever.
"There's nothing that gets under our skins more than somebody --some
government official -- who is ill-informed making those judgments," said Tom
Williams, a spokesman for Duke Energy, a North Carolina-based company that
owns three major power plants in California and is building a fourth.
Duke generated 50 percent more electricity from those plants last year than
it did the previous year, Williams said. And the company is on track to
generate even more this year, he added.
But Lynch and other state leaders are becoming increasingly hostile in their
remarks about the half- dozen out-of-state power companies that bought
utility-owned power plants in 1998 and 1999 as the state moved to restructure
the electricity industry.
Lynch said state regulators are at least a month away from taking legal
action, but she also said that in addition to looking at power plant outages,
the investigation was looking at patterns in the way power plants are run,
allegedly to influence prices and then capitalize on them.
"There are several ways the generators game the system," she said.
The companies acknowledge they might limit output because of environmental
restrictions and in situations where the cost of running a plant is higher
than the price they could get for electricity at a given point in time.
But there is another reason, too. It is a practice that has troubling
implications because it sets up a situation where the higher prices go, the
more incentive companies have to hold back power.
Documents filed with the Federal Energy Regulatory Commission show that some
companies ease off their units' throttles in order to insure themselves
against the possibility of a breakdown at another unit. Their logic is this:
Energy companies typically sell electricity in advance, so they have an
obligation to provide that electricity to their buyers. If they are running
at 100 percent capacity and a unit breaks down, the company has to scramble
to buy electricity at high, last-minute prices in order to meet its
contractual obligations.
Last summer, for example, a large, 750-megawatt unit at Duke's Moss Landing
power plant broke down, and Duke found itself spending $1.2 million an hour
to meet its contracts.
By holding some of their power-generating capacity in reserve, the companies
can insure themselves against a breakdown somewhere else. And the higher
prices go, the more insurance they might want to keep.
"That is a rationale they are using," said PUC energy division director Paul
Clanon.
Duke, Mirant Corp. and Pacific Gas & Electric were among the companies who
objected to a draft order from federal regulators that would put an end to
the practice of withholding power from the spot-market to cover the
possibility of a breakdown.
In papers that Mirant filed with FERC, the Atlanta-based generator said that
if its ability to withhold power in that way was restricted, then regulators
should allow the company to charge even more for its electricity.
But FERC shot that argument down, saying that although it is reasonable for a
company to not sell all of its electricity ahead of time, there is no reason
to hold back power from the hour-to-hour spot market, as Mirant wanted to do.
The federal commission said that, contrary to Mirant's claims, "the generator
faces no financial risk" if it is forced to sell all its available power on
the spot market.

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

NEWS
Shrugging off energy ties / GOP gubernatorial hopeful downplays his Texas
investments
Carla Marinucci
Chronicle Political Writer

05/24/2001
The San Francisco Chronicle
FINAL
A.3
(Copyright 2001)

Wealthy GOP gubernatorial hopeful Bill Simon Jr., on a campaign stop
addressing California's power crunch yesterday, kicked off his own personal
energy crisis when he confided to an energy executive, "I'm an oil and gas
man from way back."
Simon, son of the late Nixon Treasury Secretary William E. Simon, later
insisted that he misspoke.
But in his first open campaigning in Northern California, the Los Angeles
businessman and philanthropist acknowledged both energy investments and his
role as a former board member of Houston's Hanover Compressor Co. The
publicly traded energy-related firm is a market leader in natural gas
compression and counts among its partners the Texas energy giant Enron.
Simon, who has also invested in educational technologies, Internet firms and,
most recently, South of Market real estate in San Francisco, stressed
yesterday that stocks in energy-related firms are only a small part of his
portfolio.
But ties to a Texas energy firm could negatively affect his first run for
public office in California. A Field Poll released this week showed an
increasing number of Californians holding energy firms responsible for power
shortages.
And, as President Bush prepares to visit the state next week, Texas oil and
gas firms have specifically been the target of Gov. Gray Davis, who asserts
that their hunger for profits accounts for the crisis.
Hanover Compressor, traded on the New York Stock Exchange under the symbol
HC, has 2,700 employees and had an estimated worth of $2.6 billion on April
30, according to a recent financial report.
A 1996 report in Oil and Gas Investor magazine described Hanover as a
fast-growing, profitable innovator in technologies to compress and transport
natural gas. The firm signed a $130 million deal with Enron Capital and Trade
Corporation in 1995, according to the magazine.
Yesterday, Simon insisted that he is not strongly tied to the firm, and said
that if he runs, he will release financial statements showing his holdings.
"I'm not an oil and gas man," Simon told The Chronicle. "Speaking loosely, I
said I have experience in looking at oil and gas investment opportunities.
"I was one of a group. I was on the board for a little bit," he said of his
relation to Hanover. "I still have a small piece. . . . We still have some
ownership of it . . . (but) I'm not active, never really was."
The focus on Simon's energy holdings came as the prospective candidate toured
Lawrence Livermore National Laboratory.
Simon also heard presentations -- and pitches for venture capital - - from
two energy executives: Rick Jeter, who heads X.L. Operating, a Fort Worth,
Texas, oil and gas producer; and Steve Doyle, chief executive of Clean Energy
Systems. As Simon met with them after their presentations, his greeting to
Doyle, overheard by reporters, was, "I'm an oil and gas man from way back."
"Hanover Compression was one company that we started 10 years ago now," he
explained to reporters. "It promotes the efficient use of gas. It helps it
come out of the ground. It helps it be transported. It's good technology.
"We have to continue to focus on these kinds of energy efficiencies," he
said. "This is our way out, ultimately, of the energy crisis."
Asked the extent of his financial interest in that and other energy-related
firms, Simon could not provide specifics. "I'd have to get you those
numbers," he said.
But he said, "We've looked at a broad variety of opportunities in virtually
every industry in the country. Oil and gas is one. . . . I'm not specific to
this industry. I'm an eclectic investor."
On energy issues, Simon said he would be "willing to look at" expanding oil
drilling in California, though he said he was opposed to offshore drilling.
He said he could support "temporary" price caps on the wholesale costs of
energy, but insisted any details would require more study. "You have to know
how urgent the problem is with respect to the supply and balance," he said.
Asked if Davis has been fair in criticizing Texas firms, Simon said, "I think
he ought to quit pointing fingers and start focusing on solutions."
But he said he did not yet have a detailed energy plan, adding, "We're
putting it together right now."
Simon, 50, said he expects to make his announcement about a gubernatorial run
the first week in June.
He told potential volunteers yesterday he would be a "major investor" in his
campaign, but would also raise funds for the estimated $40 million to $60
million needed in a gubernatorial race.
Simon said he is exploring his first political run because "I'm always
interested in being of service. I think here's a place I could be of some
help."
But "the reason I'd like to seek the office of governor, as opposed to
controller or even run for the Assembly, is that's where we have to focus our
attention," he said. "If you have a weak top of the ticket, you have less of
a chance at being elected further down on the ticket. Normally, I'm just
working my way up, paying my dues, but in this situation, I don't know we
have that option."

PHOTO (2); Caption: (1) Bill Simon Jr. listened to a presentation at Lawrence
Livermore National Laboratory while former U.S. Energy Secretary John
Herrington sat behind him., (2) On a campaign swing through Northern
California, Bill Simon Jr. got a lesson in forensic science at Lawrence
Livermore National Laboratory. / Photos by Michael Macor/ The Chronicle

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

India Appoints Nominee To Dabhol Power Dispute Panel

05/24/2001
Dow Jones Asian Equities Report
(Copyright (c) 2001, Dow Jones & Company, Inc.)

BOMBAY -(Dow Jones)- The Indian government Thursday announced measures,
including the appointment of a retired senior official as its nominee on the
negotiating panel that is sitting with Enron India Pvt. Ltd., to resolve the
Dabhol power supply dispute.
Retired Telecom Secretary A.V. Gokak has been appointed as the government's
nominee on the negotiating panel - set up by the state government of
Maharashtra - that's made up of state and federal government officials and
officers of Maharashtra State Electricity Board, or MSEB.
The long-standing dispute is over power tariffs on electricity generated from
a plant of the Dabhol Power Co., the Indian unit of U.S.-based Enron Corp.
(ENE). The plant that will generate 1,444 megawatts of power when the second
phase is completed later this year is India's biggest foreign investment to
date at $3 billion.
In a further move Thursday, New Delhi has set up a committee of senior
officers from various ministries to examine any proposals that might emerge
from the negotiating panel.
The panel was set up after last month's delivery to Maharashtra government of
the Godbole Report, a 198-page document prepared by a five-member team headed
by former federal home secretary, Madhav Godbole.
A key recommendation of the report included the renegotiation of a power
purchase agreement between the Dabhol Power Co. and the MSEB.
The negotiating panel was due to meet Wednesday for a second round of talks
with senior executives of the DPC but was cancelled after Godbole resigned
over criticism levelled by leader of the National Congress Party Sharad Pawar
that implied the panel had negative attitudes. Godbole subsequently withdrew
his resignation.
A further meeting has been scheduled Tuesday.
Meanwhile, federal Minister of Power Suresh Prabhu confirmed Thursday that
the Indian government is ready to consider any worthwhile idea emerging from
the negotiating panel.
- By Steve Percy, Dow Jones Newswires, 91 22 2884211; steve.percy@dowjones.com

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

INDIA: New Delhi aims to help Enron patch up with utility.

05/24/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW DELHI, May 24 (Reuters) - India's federal government will help Enron Corp
and Maharashtra state resolve their wrangle over the U.S. energy giant's
troubled $2.9-billion power project, an official statement said on Thursday.
Dabhol Power Co, 65 percent owned by Enron, and the Maharashtra State
Electricity Board (MSEB) have been embroiled in a dispute over payments for
six months.
The dispute provoked the Houston-based Enron Corp to issue a preliminary
notice last week to terminate its contract to sell power to the utility.
"The government of India will assist in the implementation of any agreed
proposals, which have the support of the concerned parties," the statement
said.
The federal government has nominated a representative in the state's panel
negotiating with Enron.
Another committee of senior officials has been set up in New Delhi to assess
the outcome of the negotiations, the statement said.
"The (junior) power minister, Suresh Prabhu, has confirmed that the
government of India is ready to consider any worthwhile idea emerging out of
the negotiating committee for the settlement of the dispute."
The statement said the federal government wanted the state to resolve the
dispute.
"The government of India is of the view that a quick settlement of the
dispute is essential for the power sector of Maharashtra."
The 2,184-MW power project was regarded as a test case of India's plans to
encourage private investment in the power sector.
The first phase of 740 MW of the project is up and running, while the second
phase of 1,444 MW is slated to be completed next month.

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

POLAND: ANALYSIS-Central European gas markets head for shake-up.
By Marta Karpinska

05/24/2001
Reuters English News Service
(C) Reuters Limited 2001.

WARSAW, May 24 (Reuters) - Central Europe's gas market is heading for a
shake-up as Poland nears the go-ahead for a disputed transit pipeline and the
neighbouring Slovak and Czech republics launch key sector sell-offs, analysts
say.
The Polish government plans to examine an industry-backed proposal for a gas
link connecting Belarus and Slovakia-based transit systems which would carry
fresh Russian supplies to western Europe.
"The recommended route is not the worst possible, and I do not rule out that
the cabinet will approve it, although we may need some small adjustments,"
Economy Minister Janusz Steinhoff told reporters on Wednesday.
Russian Prime Minister Mikhail Kasyanov, who arrives later on Thursday in
Warsaw for a three-day visit, is due to meet Economy Ministry officials and
is expected to try to talk up the Russia-favoured pipeline project.
The decision - which could terminate an alternative plan by Russia's giant
Gazprom to lay a more pricey pipeline along the bed of the Baltic Sea - may
affect a key gas sell-off pending in neighbouring Slovakia, analysts said.
"Gazprom is very interested in the region, particularly in the Slovak transit
system, but its decision will partly depend on whether the new transit will
run across Poland," said Evgeny Solovyov, sector analyst at SG Securities in
London.
SLOVAK TRUMP CARD
Analysts say the sale of the Slovak SPP gas group, including a powerful and
highly lucrative gas transit system, is sure to attract heavy investor
interest and become the largest ever sale in the country.
"The national businesses in central Europe are all like individual pieces of
one puzzle, and Slovakia's SPP is the most important piece of that picture,"
said Bidzina Bejuashvili, oil and gas analyst at Raiffeisen Zentralbank in
London.
Last year SPP shipped almost 90 billion cubic metres (bcm) of Russian natural
gas to western Europe, making Slovakia the top cross-region gas transit
route.
The state wants to sell 49 percent of SPP - also a gas distribution and
transportation monopoly - all of which will likely go to a strategic
investor. A rough price tag put by analysts on the entire SPP varies from $2
billion to $8 billion.
So far, Gazprom and a consortium of Ruhrgas, Gaz de France PR and Italy's
Snam - a gas distribution arm of Eni - have expressed interest in acquiring
the stake.
Germany's RWE Gas and Wintershall have also said recently they would jointly
bid for the gas group.
The German consortium said it would bid too for SPP's neighbour, Czech gas
import monopoly Transgas, which the government wants to sell with eight gas
distributors, in a sale which attracted 14 preliminary bids earlier this
week.
"Czech and Slovak national markets are simply too small, and whoever pursues
the respective gas assets is likely to be looking for their transit pipelines
connecting Russian supplies and western consumers," said Bejuashvili.
POLISH LINK
Analysts say that Gazprom, Snam, Gaz de France, as well as Ruhrgas and
Wintershall - all involved in a consortium to build the Polish transit link -
will likely be the frontrunners in the regional gas asset acquisitions.
The consortium is now carrying out a feasibility study on a powerful transit
pipeline route running mostly along Poland's eastern border, but avoiding
most of its eastern national parks, due to link Belarussian and Slovak
pipelines.
Poland had initially opposed the transit project fearing the new volumes
would be complemented with Russian gas from the pipelines of its strategic
ally, Ukraine. But it has surrendered to pressure from both its commercial
partners and the European Union - which it is negotiating to join.
The government had hoped the new pipeline, likely to replace a previously
planned second stretch of the existing east-west Yamal pipeline running
across Poland, would be used to supply some Russian gas imports to its
industrial southwest.
The Yamal pipeline, which now has a capacity of 18 billion cubic metres (bcm)
per year, needs $350 million for three compressor stations to boost its
capacity to a planned 32 bcm.
POLISH POTENTIAL
Analysts said that Poland's 39-million-consumer market and relatively low gas
usage - only 8.5 percent of total primary fuel consumption - make the
domestic gas market growth potential much higher than that of its neighbours.
"It is quite reasonable to assume that Polish gas consumption will grow at a
faster pace than its economic growth in coming years," said Solovyov.
Poland's gas monopoly PGNiG expects last year's consumption of 10.9 bcm to
grow by five percent per year over the next three years to reach almost 13
bcm by 2003.
The government's long-range forecast - which a lot of analysts say is too
high - sees annual gas consumption up to 18.4 billion cubic metres by 2010.
In a highly disputed plan the Polish government wants to sign a long-term
agreement with Norway later this year which would enable it to diversify from
its currently mainly Russian gas supplies, and boost import volumes by 5 bcm
as of 2007.
"There is absolutely no guarantee the consumption will grow as expected, and
signing a new long-term contract may result in PGNiG being highly
overcontracted," the head of Enron Polska, Jaroslaw Astramowicz, told a
recent industry seminar in Warsaw.
Poland already has a 25-year deal with Russia under which it must buy up to
14 bcm annually, and analysts warn that a new long-term deal may seriously
dent the financial standing of Polish gas distribution firms ahead of their
planned sell-off.
Poland does not plan to start selling its four gas distributors until next
year, but analysts say that September general elections, strongly tipped to
be won by the opposition social democrats, may delay those plans further.

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

India: A 'hurt' Godbole quits, persuaded to stay on

05/24/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

MUMBAI, May 23. DR MADHAV Godbole, Chairman of the Enron renegotiation panel,
resigned this morning but the Maharashtra Government persuaded him to stay
back and continue the renegotiation process with Enron. Dr Godbole withdrew
his resignation in the evening. The second meeting of the panel which was
scheduled for today with Enron representatives did not take place because of
the Chairman's resignation.
When contacted, Dr Godbole said: "I am withdrawing my resignation in the
light of the Chief Minister's letter to me in which the Cabinet has
unanimously asked me to take back my resignation. They have placed complete
faith in me and the committee. The Cabinet has asked me to carry on with the
complex and onerous task of negotiating with Dabhol Power Company."
Dr Godbole also said he had received calls from different political parties
and various other organisations asking him to reconsider the decision to
quit. He considered it a vote of their confidence in the committee and its
working.
Dr Godbole had quit in reaction to "derogatory remarks" made by the
Nationalist Congress Party (NCP) leader, Mr Sharad Pawar.
Last night, Mr Pawar had reportedly made a statement saying he was
"apprehensive of the outcome of discussions with Enron as those leading the
talks from the Government's side are working with a negative approach".
Dr Godbole submitted his resignation to the Chief Minister saying he was
"hurt" by Mr Pawar's statement. The NCP is one of the leading partners in
Maharashtra's Government.
"We will try and clear this misunderstanding. He (Godbole) has been appointed
by the State Government. And the Government has no doubt about the
committee's working. We want him to continue on the panel," Mr Chhagan
Bhujbal, Deputy Chief Minister and NCP leader, said.
- Our Bureau

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

INDIAN GOVT TO ACCEPT PROPOSALS TO SETTLE POWER DISPUTE

05/24/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

NEW DELHI, May 24 Asia Pulse - The federal government will accept
recommendations of the renegotiating committee headed by the Madhav Godbole
for the settlement of the dispute between Dabhol Power Company (DPC) and the
Maharashtra State Electricity Board (MSEB).
A government statement quoted Power Minister Suresh Prabhu as saying, "The
Government of India is ready to consider any worthwile idea emerging out of
the renegotiating committee for the settlement of the dispute."
The proposal, Prabhu said, has to be acceptable to the parties to the dispute
- MSEB and Enron-promoted DPC - adding that a quick settlement of the
differences was essential for the power sector of Maharashtra.
DPC had last week slapped a preliminary termination notice (PTN) on MSEB
following the dispute over payment of power bills.
While former telecom secretary, A V Gokak, has been appointed as the federal
government's nominee on the Godbole Committee constituted by the Maharashtra
Government, a committee of senior officers of the concerned ministries has
been set up to quickly examine the proposals emerging out of the negotiating
committee, the statement said.
The committee officers comprise officials of Ministries of Finance, Power and
Petroleum.
(PTI) 24-05 2000

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

Endesa to sell coal-powered plants operated by Electra de Viesgo (Endesa
incluye una mayoria de centrales de carbon en Viesgo antes de venderla)

05/24/2001
Expansion
Copyright(C) 2001 Abstracted from Expansion in Spanish, Source: World
Reporter (TM)

Endesa, the Spanish electricity company, has decided which assets to sell and
it will auction its Electra de Viesgo subsidiary, which has 560,000 clients
in the Cantabria region. This company has 2,610MW of generation assets and 36
per cent of its plants are coal powered. Electra de Viesgo is estimated to be
worth over 2bn euros (Pta332bn). Endesa is carrying out the sale in order to
raise funds which will finance operations in other European countries and it
has invited European and US energy companies to the auction. These include
Hidrocantabrico, of Spain; Eon and RWE, of Germany, and Enron and AES, of the
US. The winner will gain 3 per cent of the Spanish electricity distribution
market and 5 per cent of the generation market.
Hidrocantabrico is regarded as the favourite to acquire Electra de Viesgo.
Its market, Cantabria, borders Asturias and the cost of integrating the two
companies will enable it to make a higher offer than its rivals. However,
Hidrocantabrico's complicated shareholder situation (EDP, EnBW, CajAstur and
Ferroatlantica have to agree on the company's management), may be a
hindrance. In order to carry out the sale, Endesa will transfer a series of
power plants located throughout Spain to its subsidiary. These plants will
represent a quarter of the generation assets to be sold by Endesa. The
decision to sell follows Endesa's failed merger attempt with Iberdrola and
will enable the company to invest without increasing its debts. According to
market sources, Endesa may resume plans to merge with Iberdrola following the
sale.

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

Is Pawar playing power politics with Enron?
Girish Kuber

05/24/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)

MAHARASHTRA'S former chief minister Sharad Pawar's statement criticising
Madhav Godbole, the head of the renegotiation team, and the timing chosen by
him to air his views, has focused attention on his role in the Enron
controversy.
Pawar, who had first inked the Enron deal as the chief minister of
Maharashtra in 1992, was at the center of controversy when the Opposition
accused him of "favouring" the US energy giant.
The issue of Rs 64 crore being spent by Enron on "educating" Indians had
become a political issue in the 1995 state Assembly elections which Pawar
lost.
In more recent times, Pawar has repeatedly intervened at crucial junctures.
On the eve of Wednesday's session of the Godbole panel, Pawar criticised
Godbole of having " a negative attitude" about Enron. Though Pawar did not
name Godbole, the message was loud and clear.
His statement comes at a time when the Maharashtra State Electricity is
planning to issue a pre termination notice to Enron after the Godbole panel's
scheduled meet on Wednesday.
The board officials had discussed the issue with the state's advocate-general
and were believed to have received a go-ahead from chief minister Vilasrao
Deshmukh.
Last October, when the state government had decided not to pay Enron's bills,
Pawar convinced the state government to release Enron payments. It was after
his intervention that the state government decided to appoint a committee to
review the project.
Surprisingly, last month, when Deshmukh had a meeting with Yashwant Sinha and
Suresh Prabhu at Delhi, Pawar was seen accompanying the chief minister though
his name did not figure on the official list of invitees.
However, subsequently, the committee could not be formed since the faction
loyal to Pawar in the state government was clearly against Godbole's
appointment.
State energy minister and Pawar's trusted aide, Padmasinh Patil, had publicly
expressed his ire against Godbole. It was only after the Janata Dal, Peasents
and Workers Party, CPI (M) and other anti-Enron groups threatened to withdraw
support of the government, the Godbole Committee came into being. But not
bofore a month was lost in a wrangling. Even after the committee's formation,
Patil continued his tirade against Godbole.
It was only chief minister Deshmukh's support that the Godbole Committee
could survive the opposition from within. Political observers believe that it
was the Congress' strategy to support the Godbole Committee that at the end
could expose the wrongdoings of the earlier governments.
As expected, the Godbole Committee, in its first report, exposed what it
called the "lack of governance at every stage" in finalising the Enron deal.
Godbole even suggested a judicial probe to pin those guilty for this "faulty
deal".
It was against this backdrop that Pawar's views on Godbole created a flutter
on Wednesday. Although Godbole withdrew his resignation, it has certainly
widened the rift between the NCP and Congress.

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

Godbole does a Mamata; quits, then back
Our Bureau

05/24/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)

IT'S not a comparison that springs naturally to mind. But Madhav Godbole, the
former home secretary in charge of renegotiations with Enron, on Wednesday
managed a passable imitation of Mamata Banerjee by resigning in the morning
and withdrawing his resignation later in the day.
In a day marked by considerable drama that briefly threatened the
renegotiation process with Enron, Godbole decided not to press for his
resignation after chief minister Vilasrao Deshmukh personally expressed "full
faith and confidence" in his ability to "handle the complex and onerous task
of renegotiation".
Earlier in the day, Godbole, who took offence to former chief minister Sharad
Pawar's "derogatory" remarks, decided to walk out of the panel.
Pawar had last on Tuesday night said he was doubtful about the outcome of the
ongoing renegotiations between the state and DPC as those heading the state
government's panel did have a positive approach to resolve the issue.
Godbole's swift decision to quit the panel sent shock waves at the Mantralaya
-- headquarters of the state government -- as it seemed to threaten the
existence of the government.
The Janata Dal, Peasants and Workers Party and other splinter groups went to
the extent of saying they would pull out of the nine-party coalition if
Godbole's resignation was accepted.
Following these development, the state government had to cancel the crucial
second round of renegotiations with DPC slated for Wednesday. Enron and the
Centre's representative were to attend the meet.
"I have resigned due to the derogatory remarks made against me by Sharad
Pawar last night," Godbole said on Wednesday morning.
Godbole said instead of strengthening the negotiator's hands, such statements
"loosen the concerned authority's grip over the fragile situation".
However, chief minister Vilasrao Deshumukh appealed to him to reconsider his
decision. "Godbole's in-depth knowledge and experience makes him
indispensable for handling vexed issues such as renegotiation with the US
energy giant," Deshmukh said.
Deshmukh, after the Cabinet meet, sent a letter to Godbole expressing full
confidence in him. "Godbole should not respond to statements from those
outside the government," said Deshmukh.
Meanwhile, Pawar, too, tried to control the damage. "It was my personal
opinion that was not aimed at any particular person. Godbole should not have
resigned. He should complete his task."
Interestingly, Chagan Bhujbal, the state's deputy chief minister, was put on
a re-fighting mission and asked to express faith in Godbole on behalf of the
NCP, led by Pawar.
Later in the evening Godbole decided not to press for the resignation. "I
have received a letter from the chief minister expressing full confidence in
my abilities. It also states the views expressed by Sharad Pawar were his
personal views. He has said the state government had appointed me and they
had no complaints against me. I, therefore, see no reason to press for my
resignation," Godbole said.
Meanwhile, the next meeting of the renegotiating panel has been convened on
May 29.

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

		COMPANIES & FINANCE THE AMERICAS: Dynegy on the lookout for deals
Financial Times; May 24, 2001
By JULIE EARLE

		Dynegy, the US gas and electricity supplier, has told analysts it will make
large imminent acquisitions or mergers in the US and overseas.
		The company told analysts at a conference in Texas on Tuesday that it was
keen to make mergers and acquisitions in the near future.
		The deals could include generation assets, gas pipeline and storage
infrastructure, entire utilities and communication assets. Dynegy's customers
are in North America, the UK and elsewhere in Europe.
		Dynegy, which is Houston-based, was tight-lipped yesterday about any possible
deals, saying only that it was "always looking for opportunities to enhance
shareholder value".
		The company told analysts it had an active oil, liquids, gas and power group
fully integrated with its US operations, and was "poised to exploit
opportunities".
		It said it would like to own more European assets, but added that prices
remained high, despite an oversupplied market.
		Jay Yannello, an analyst for UBS Warburg in New York, said Dynegy could
leverage aggressively any assets within its network infrastructure.
		"We would not rule out substantial transactions," he said.
		Dynegy told analysts it was looking for 10 per cent of the US power market
and an ongoing 15 per cent share of the US gas market.
		Dynegy and its competitors, including Enron and El Paso, have been recording
big profits in the past two quarters, and and have come under fire from
regulators over the California power crisis.
		Copyright: The Financial Times Limited


-----Original Message-----
From: 	Armstrong, Julie
Sent:	Thursday, December 06, 2001 3:42 PM
To:	McCarty, Danny
Subject:	FW: Invitation to Attend Utah Business Reception in Houston

Danny:
Please note that Amelia will be honored and the Committee will thank you for sponsorship (see below).  Amelia asked if you were being a guest.  Did you check with Judy and the kids?

 -----Original Message-----
From: 	Alder, Amelia
Sent:	Thursday, December 06, 2001 3:34 PM
To:	Armstrong, Julie
Subject:	Invitation to Attend Utah Business Reception in Houston

Julie, here is an email invitation, and I'll bring the hard copy tomorrow.  I have registered Danny on the website, so you'll get a confirmation (or he will) by email.  Here's the basic program:  There are only four private nominations from Houston on the torch relay.  The four companies asked to submit a nomination were Enron, Texas Instruments, Motorola, and a technology group from Rice University.  These four companies have one torchbearer each (me from Enron) who will be briefly honored at the reception.  Then the Lieutenant Governor of the State of Utah will thank Danny for Enron's nomination of a torchbearer (me), and three other companies will receive the same honor, and that's it, so it shouldn't be very time consuming for him.  They said the presentations would begin at 7:15 pm.

If he would care to participate in the torchbearing event itself, I will be running the torch from Washington @ Roy Street to Durham @ Rose, on Monday, December 10, at 2:30 PM.

Thanks for your help with this  (The RSVP link below gives you about the same info that you see here.)

  Amelia

The State of Utah
Requests the pleasure of your  company at a private reception
In celebration of the 2002 Olympic  Winter Games
Monday, December 10,  2001
6:30 pm to 9:00 pm
Renaissance Houston Hotel  6  Greenway Plaza East
Houston, Texas

[IMAGE]

The Olympic Torch Relay will be in  the Houston area on December 10th.
Select Torchbearers will be honored  at the reception.
The Olympic Torch Relay is presented  by Coca-Cola and Chevrolet.

RSVP to the Utah Technology  Alliancehttp://www.utah.gov/tech/rsvp.html1

 - C.DTF


He never ccs Ben. Ben could tell him about Pompano. You might forward the email to Ben,

I think Pompano has a queue spot.

I'm at the drs office, should be in later.

Mrs. Cornelius Dudley Neil Mann (Kay)
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


---------------------- Forwarded by Carla Hoffman/PDX/ECT on 01/12/2001 08:10
AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  ClickAtHome Project Team @ ENRON                           01/11/2001
07:12 PM

Sent by: Enron Announcements@ENRON
To: ClickAtHomePilot3 mailing
cc:
Subject: ClickAtHome Pilot 3 Program - An Invitation

Want to Get Innovative at Home?

We are excited to extend an invitation to you to participate in Pilot 3 of
Enron's new ClickAtHome program.

The ClickAtHome program is Enron's innovative solution to provide eligible
employees with a high-end computer and high-speed internet connection.

If you are interested in participating in the ClickAtHome pilot program,
please read about  "How to get started in Pilot 3" by clicking the link below.

http://home.enron.com:84/messaging/pilot3.ppt

Details pilot member expectations, commitments, and a tentative pilot time
table.

Ordering will begin on Friday, January 12th.    To get more information about
the program or place your order, visit http://clickathomepilot.enron.com

Dell will be in Houston to assist you with any questions you may have :
 1/16/2001  8:00:00 AM-5:00:00 PM
 1/17/2001  8:00:00 AM-5:00:00 PM
 1/18/2001  8:00:00 AM-5:00:00 PM
 1/19/2001  8:00:00 AM-2:30:00 PM
 Location: EB568 and EB560

If you have questions, please send them to clickathomepilot3@enron.com.

We look forward to enabling you to Get Innovative at Home!

ClickAtHome Project Team


John--
Thanks so much for the information you provided to me yesterday.  It was most helpful (although I have to tell you that the people here defended their prices and still feel they are appropriate).

Anyway, since we are trying to move them toward a "market based" approach to the valuation of capacity (rather than an average cost of what they have paid), I would appreciate it immensely if you could look at the attachment and give feedback.  The attachment shows a one year transport curve for each of the various zones/market areas where EES is currently doing business.  Hopefully this will give you a better picture of what they really have in their system, and help resolve or dispute their argument that the shape of EES' curve justifies the fact that they may be off in just the one month of data that I gave to you yesterday.

I'm trying to finalize COH's curve validation early next week, so let me know if you can get to it by then or not.  By the way, this would be much easier if you'd just come to Retail and do the transport here...!!!

Thanks again for your help

.


I'm relying on  you to make some judgments as we move forward on what
meetings to attend re: CCF.  Okey dokey?  The list of dates looks expansive
... I don't know that we have the resources to fully participate in each
meeting.
---------------------- Forwarded by Paul Kaufman/PDX/ECT on 11/21/2000 04:35
PM ---------------------------

Mona L Petrochko@ENRON
11/06/2000 10:08 AM
To: Gary Mirich/HOU/EES@EES, George Waidelich/SFO/EES@EES, John
Woodman/SFO/EES@EES, Ronald G Mentan/SFO/EES@EES, Brian
Dafferner/HOU/EES@EES, Ken Detina/HOU/EES@EES, Douglas Condon/SFO/EES@EES,
Greg Cordell/HOU/EES@EES, Edward Hamb/HOU/EES@EES, Chris Hendrix/HOU/EES@EES,
Roger Persson/HOU/EES@EES, Jennifer Rudolph/HOU/EES@EES, Martin
Wenzel/SFO/HOU/EES@EES, James M Wood/HOU/EES@EES, Jeanette Reese/HOU/EES@EES,
Greg Nikkel/HOU/EES@EES, Peter Vint/HOU/EES@EES, Michelle Juden/HOU/EES@EES,
Melinda Winn/HOU/EES@EES, Marianne Castano/HOU/EES@EES, Lyle
White/HOU/EES@EES, Marcus Dotson/HOU/EES@EES, Suzanne Farrow/HOU/EES@EES,
Rami Vij/Western Region/The Bentley Company@Exchange, Harry
Kingerski/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Natalie
Bondareva/HOU/EES@EES, Stephanie Kimble/HOU/EES@EES, Elizabeth
Peters/HOU/EES@EES, Tasha Huang/HOU/EES@EES
cc: Susan J Mara/NA/Enron@Enron, jdasovic@.enron.com, Sandra
McCubbin/NA/Enron@Enron, Joseph Alamo/NA/Enron@ENRON, Marcie
Milner/Corp/Enron@ENRON, Paul Kaufman, Lysa Akin/PDX/ECT@ECT, Mary
Hain/HOU/ECT@ECT, Alan Comnes
Subject: CCF Large Customer Program --- Next Steps

FYI.
---------------------- Forwarded by Mona L Petrochko/NA/Enron on 11/06/2000
12:10 PM ---------------------------

"Patterson, Allison" <APatterson@SDGE.com> on 11/02/2000 06:41:09 PM
To: "'bchen@newenergy.com'" <bchen@newenergy.com>,
"'katherine_hammack@apses.com'" <katherine_hammack@apses.com>,
"'tjho@dynegy.com'" <tjho@dynegy.com>, "'ken@tenderland.com'"
<ken@tenderland.com>, "'lmiles@amdax.com'" <lmiles@amdax.com>,
"'gmirich@enron.com'" <gmirich@enron.com>, "'jmolinda@sel.com'"
<jmolinda@sel.com>, "'jsmollon@newwestenergy.com'"
<jsmollon@newwestenergy.com>, "'tjon@dynegy.com'" <tjon@dynegy.com>, "'Mona L
Petrochko'" <mpetroch@enron.com>, "'athomas@newenergy.com'"
<athomas@newenergy.com>, "'aweller@sel.com'" <aweller@sel.com>
cc: "Clay, Lora" <LClay@SDGE.com>, "Osborne, Dawn" <DOsborne@SDGE.com>,
"Acuna, Teresa G." <TAcuna@SDGE.com>, "Stoyanoff, Angie"
<AStoyanoff@SDGE.com>, "Janke, Rick" <RJanke@sempra.com>, "Patterson,
Allison" <APatterson@SDGE.com>

Subject: CCF Large Customer Program --- Next Steps

Everyone,

Attached is a new schedule with next steps for the Large Customer component
of the CCF Program.?? Although we are not targeting implementation until
January, you'll see that we still have several key dates and items to
finalize.

Please review this schedule as we have a meeting scheduled in San Diego for
November 14th from 10am - 3:30pm as well as several conference calls in the
next two months.?? The 11/14 meeting will be at SDG&E's Century Park
facility.

If you have any questions or wish to discuss further please give me a call.

Thanks!?

 <<CCFP-NextStps.doc>>

Allison Patterson
Strategic Lead - Direct Access
8306 Century Park Ct. #42L
San Diego, CA 92123
Phone (858) 654-1284
Fax (858) 654-1794
Pager (888) 799-7576
E-Mail? apatterson@sdge.com
??

 - CCFP-NextStps.doc


Attached is a newly revised Credit Watch listing.  If there are any
personnel in your group that were not included in this distribution, please
insure that they receive a copy of this report.

To add additional people to this distribution, or if this report has been
sent to you in error, please contact Veronica Espinoza at x6-6002.

For other questions, please contact Bill Bradford at x3-3831, Russell Diamond
at x5-7095, Brant Reves at x3-9897, or Veronica Espinoza at x6-6002.


FYI,
It has been a valiant effort but as soon as we free up space on the Notes
server it fills back in.
So as a result we will be shutting down the notes server tonight from 8:00 PM
until 12:00 AM to rebuild the data drives. This will provide more space to
work with and allow for room to grow.
We will also be turning on a purge agent in 2 weeks that will eliminate mail
from your Inbox, Sent Mail and Trash after it reaches 30 days of age.
Please shut down Lotus Notes before you leave to night to help ensure we do
not lose any data.

Thanks,
Mike Mc.


CXY Energy Marketing has changed its name to Nexen.  The following entities
were overlayed yesterday 11/28.

Former Name      New Name
CXY Energy Marketing     Nexen Marketing
CXY Energy Marketing (U.S.A) Inc.   Nexen Marketing U.S.A. Inc.
Canadian Occidental Petroleum Ltd.   Nexen Inc.

Today, the final entity will change over.
CXY Energy Marketing Inc. is now  Nexen Petroleum Sales U.S.A. Inc.

Thanks,
Brad


Attached is another draft of the organizational memo, for your review.


----- Forwarded by Tana Jones/HOU/ECT on 04/27/2001 11:50 AM -----

	Walter Guidroz/ENRON@enronXgate
	04/27/2001 11:40 AM

		 To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/ENRON@enronXgate,
Debbie R Brackett/ENRON@enronXgate, David Hardy/LON/ECT@ECT, Lesli
Campbell/ENRON@enronXgate, Cynthia Clark/ENRON@enronXgate, Enron Europe
Global CounterParty/LON/ECT@ECT, Stephanie Sever/ENRON@enronXgate, Tom
Moran/ENRON@enronXgate, Claudia Clark/ENRON@enronXgate, William S
Bradford/ENRON@enronXgate, Lisa Lees/ENRON@enronXgate, Juana
Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron, Trang Le/HOU/ECT@ECT,
Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim Davies/LON/ECT@ECT,
Karen O'Day/ENRON@enronXgate, Tanya Rohauer/ENRON@enronXgate, Kelly
Lombardi/NA/Enron@Enron, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center@ECT, Bill D Hare/HOU/ECT@ect, Amy
Heffernan/Enron Communications@Enron Communications, Molly LaFuze/Enron
Communications@Enron Communications, Danny Clark/Enron Communications@Enron
Communications, Stephanie Panus/NA/Enron@Enron, Teresa
Mandola/ENRON@enronXgate, Bill Kyle/ENRON@enronXgate, Amber Ebow/HOU/ECT@ECT
		 cc:
		 Subject: EOL approvals, 04-27-01

Please see attached.


Suzanne:
There is a savings bond program that Enron sponsors for year 2000 newborns.
Could you please find out what I need to do to apply for one.  I thought that
i saw something in workperks about it.  Thanks.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


Attached, please find ABX 67 (Cardoza) which would make it a felony to
sell power for unjust or unreasonable rates.

http://info.sen.ca.gov/pub/bill/asm/ab_0051-0100/abx1_67_bill_20010424_amended
_asm.pdf


---------------------- Forwarded by Phillip M Love/HOU/ECT on 05/11/2000
01:02 PM ---------------------------

Jim Little
05/03/2000 09:24 AM
To: Troy Klussmann/HOU/ECT@ECT, Cynthia Hakemack/HOU/ECT@ECT, Diane H
Cook/HOU/ECT@ECT, Mark Friedman/HOU/ECT@ECT, Mechelle Stevens/HOU/ECT@ECT,
Cathy De La Torre/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Melba A
Bowen/HOU/ECT@ECT, Mary Theresa Franklin/HOU/ECT@ECT, Wade R
Price/HOU/ECT@ECT, David Oliver/HOU/ECT@ECT, Carrie Hollomon/HOU/ECT@ECT,
Janie Gallegos/HOU/ECT@ECT, Gregory A Mausser/HOU/ECT@ECT, Bryan
Hull/HOU/ECT@ECT, Dawn C Kenne/HOU/ECT@ECT, Elizabeth L
Hernandez/HOU/ECT@ECT, Cathy Sprowls/HOU/ECT@ECT
cc:
Subject: April Physical Liquidations


Tana:

Please finalize the ERS Holdings LLC NDA attached below for execution at your
earliest convenience.

Thanks,

Leslie


Start Date: 4/26/01; HourAhead hour: 18;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042618.txt

---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/26/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: CISO_EPMI_DESERT
  ENGY_TYPE: NFRM


Susan, attached is a spreadsheet detailing how the Sonat volumes for August 2001 are allocated in our system.  However, Superior does not think this allocation is correct.  Can you please take a look at this spreadsheet and let me know how I should have Vol Mgmt reallocate?  Thanks.

Laurie Ellis
Specialist - Gas Settlements
Enron Net Works LLC
Phone: (713) 345-9945
Fax:  (713) 646-8420
email:  laurie.ellis@enron.com


fyi
---------------------- Forwarded by Michael Tribolet/Corp/Enron on 12/13/2000
07:10 AM ---------------------------

	From:  Vladimir Gorny @ ECT                           12/12/2000 06:28 PM

To: Ted Murphy/HOU/ECT@ECT, Michael Tribolet/Corp/Enron@Enron
cc:

Subject: EES Update - Task Force Issues

1. EES P&L Recap - Last 5-days:

  Trading P&L   Total P&L (included origination, prudency changes, etc.)
 12/5 Loss of 31.9 million  Loss of 27.3 million
 12/6 Loss of 30.1 million  Loss of 28.2 million
 12/7 Loss of 16.4 million  Loss of 16.2 million
 12/8 Loss of  28.6 million  Loss of 28.7 million
 12/11 Loss of  16.8 million  Loss of 23.5 million
 12/12 likely more losses (~$25 million)

 Total Loss of  123.8 million  Loss of 123.9 million

As of 12/11 EES VaR was $6.7 MM

2. Hedging Positions:

On Sunday night, December 10th, Tim Belden and John Lavorato have offered Don
Black to flatten EES 2001 West positions at a given price (I suspect in the
range of $100 million). EES declined.

In the last few days Belden has helped EES flatten their Jan/01 positions and
is currently working on hedging remaining Q1/01 exposure. In Belden's view,
it is going to be rather difficult to substantially lay-off EES exposure to
third parties in the next few weeks. Liquidity has completely dried-up, most
trading counterparties have flattened their books and are not willing to take
on a lot of exposure. Nonetheless, EES is trying hard to hedge their exposure
and have been taking off positions (2001 NP/COB Spread) in the last few days
and will continue to do so as liquidity permits.

3. Deal Analysis - the following deals are expected to close before year-end:

  VaR  Incremental VaR
Eli Lilly  $1.57 MM TBD by Minal
Pilkington $0.7 MM TBD by Minal
ECS  $1.0 MM TBD by Minal
CHE  TBD by Minal TBD by Minal
JC Penney waiting for positions

I have asked Dennis to estimate how much of the market risk embedded in these
deals they will be able to hedge in the market or through ENA. Then, we will
be able to determine whether EES requires a temporary VaR increase and
process a request, accordingly (the $2 million allocation expires after
12/15).

JC Penney is estimated to be the largest deal ever executed by EES with 6300
sites, behind some 200 utilities, over 240 models and significant positions.
It is my understanding that current deal NPV is estimated at $10 million,
before credit reserve. Given that this deal will add significant incremental
market, credit and EAM (rather iffy engineers' estimates) risks to the
portfolio, I suggest to discuss deal economics with the deal team before
committing more resources to it.

Vlady.


Taffy
We need the attachment
CArol


Please go ahead and change it. -Thanks!

   Kate Symes @ ECT                12/07/2000 05:24 PM

To: Kimberly Hundl/Corp/Enron@ENRON
cc:

Subject: Re: Deal #471740 Mieco

This should be changed to CAISO energy. Please let me know what you'd like me
to do - change the deal or wait.

Thanks,
Kate

Kimberly Hundl@ENRON
12/07/2000 03:25 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Deal #471740 Mieco

This deal is in "Pending - revised after sent to Ctrpty" status.  Some
changes have been made to the deal, but it still has an SP-15 delivery point
with Firm Energy.  Can you please find out whether it's the delivery pt. or
the energy type that is wrong?
Thanks for your help!
Kim


Jeff / Michelle,

Please see attached January 4th IGS Daily Update report.

Suzanne

 - IGSUpdate.xls


I'm still holding on by a thin thread here in Portland, but I wanted to send you my vitals as I'm experiencing advanced symptoms of the travel bug. Needless to say, you're one of the major reasons I have no regrets about having worked at Enron. Definitely stay in touch.

Elliot

Elliot Mainzer
2797 SW Greenway Ave.
Portland, OR  97201
(503) 227-8531
emainzer@home.com


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/08/2001
04:01 PM ---------------------------

Vince J Kaminski
03/08/2001 11:21 AM
To: Greg Whalley/HOU/ECT@ECT, Liz M Taylor/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Celeste Roberts/HOU/ECT@ECT
Subject: Stanford MBA Recruiting

Greg,

This is the agenda for the recruiting trip to Stanford next week.

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/08/2001
11:21 AM ---------------------------

Althea Gordon@ENRON
03/07/2001 04:30 PM
To: vince.kaminski@enron.com, brad.romine@enron.com, brad.alford@enron.com,
martin.lin@enron.com, theresa_riedman@enron.net, matt_harris@enron.net,
michael.smythe@enron.net, benjamin.bell@enron.com, mauricio.mora@enron.com,
celeste.roberts@enron.com
cc: shirley.crenshaw@enron.com, paula.austin@enron.com,
dolores.muzzy@enron.com, cathy.lira@enron.com, patricia.payton@enron.com
Subject: Stanford MBA Recruiting

Thank you for agreeing to participate in the Associate Program's recruiting
efforts at Stanford Graduate School of Business.

The itinerary for the trip is as follows:

Wednesday, March 14, 7:00 p.m. to 9:00 p.m. Dinner with students selected to
interview
       Il Fornaio, the Sala Del Canaletto Room
       520 Cowper Street, Palo Alto
       (650) 853-3888

Thursday, March 15, 8:30 a.m. to 4:45 p.m.  Round 1 interviews for both
Summer and Full Time Associates
       Stanford GSB Career Services Center
       Interviewers:
       Theresa Riedman
       Brad Romine
       Brad Alford
       Martin Lin
       Michael Smythe - to be confirmed
       Benjamin Bell - to be confirmed
       Mauricio Mora - Greeter/Alternate Interviewer

Thursday, March 15, 12:15 p.m. to 1:30 p.m. Lunch with Dean George Parker
(Associate Dean of Academics) and
       Sherrie Taguchi (Director of Career Services).
       Stanford GSB Career Services Center
       We will be ordering lunch in.

Friday, March 16, 8:00 a.m. to 12:00 p.m.*   Round 2 interviews for both
Summer and Full Time Associates
       Stanford GSB Career Services Center
       Interviewers:
       Vince Kaminski
       Matthew Harris

* Please note that this is an approximate time that will be based on the
number of candidates who successfully pass Round 1 interviews on Thursday.

Your hotel information is as follows:

       Stanford Park Hotel
       100 El Camino Real
       Menlo Park
       (650) 322-1234

Upon confirmation of your participation you will receive your hotel
confirmation number.  In the event that you have not received your hotel
confirmation number please contact my assistant, Cathy Lira, at x54049.

Attire for the trip will be business casual.  If you have any questions
please feel free to give me a call at x53860.  In case of emergency (and
during the trip itself) I can be reached at (713) 416-6250.

Thank you for your support of the program.


so we are set to play golf at cypress lakes on sunday at 12:30.  we can meet
up at 11:15 and get out there early to hit balls.  it is a pretty fun course
to play and it has a lot of water on the front 9.  the back 9 is kind of
dry.  should be fun.


-----Original Message-----
From: 	Huang, Alex
Sent:	Wednesday, July 11, 2001 8:19 AM
To:	Kaminski, Vince J; Lu, Zimin; Kohli, Sandeep; Krishnarao, Pinnamaneni; Feng, Youyi; Halliburton, Tom
Subject:	FW: Hedging full requirement deals (PDF file attached)

Three approaches are proposed:
1. Maximizing profit.
2. Minimizing variance.
3. Minimizing value at risk (in progress, but not very promising).


Gonzalez, Esmeralda would like to recall the message, "".


AEP relationship:

AEP Energy Services, Inc.
	Financial trading with ENA (ISDA:  96021110)
	Physical natural gas business with ENA (GTCs)
	Physical natural gas business with ECC (GTCs)
	Physical liquids business with EGLI (GTCs)

	Guaranties:	Incoming
			$150 MM incoming from American Electric Power Company Inc.
				Covers physical and financial natural gas transactions with ENA, ENA Upstream, and ECC
			$1 MM incoming from American Electric Power Company Inc.
				Covers physical liquids transactions with EGLI
			35 MM Pounds incoming from American Electric Power Company Inc.
				Covers physical transactions of all commodities with ECTRIC, ECTRL, and Enron Coal Services Limited

			Outgoing
			$15 MM outgoing from Enron Corp.
				Covers financial trading with ENA
			$5 MM outgoing from Enron Corp.
				Covers physical trading of all commodities with ECTRL
			$6 MM outgoing from Enron Corp.
				Covers financial trading with ECTRIC
			$20 MM outgoing from Enron Corp.
				Covers physical natural gas trading with ENA Upstream Company, ECC and ENA

American Electric Power Service Corporation
	Financial power trading with ENA (GTCs)
	Physical power trading with EPMI (???)
	Physical coal trading with ENA (GTCs)
	Physical synfuel trading with ENA (GTCs)

	Guaranties:	Incoming
			None

			Outgoing
			$35 MM outgoing from Enron Corp.
				Covers financial trading with ENA
			$250 MM outgoing from Enron Corp.
				Covers physical trading of power with EPMI

Credit terms to follow.

JRW


ok


Dave:

Can you give me a status report?

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490


We also need to check reporting for post Jan 1.  Gloria can you make sure that Rebecca Fite knows this.

Jim

 -----Original Message-----
From: 	Hetrick, Nancy
Sent:	Monday, October 29, 2001 9:00 AM
To:	Steffes, James D.
Cc:	Ryall, Jean; Ogenyi, Gloria
Subject:	RE: PUCT Reporting Requirements - FINAL

Yes, all REPS are required to report this information on the pilot.  In the pilot there is no PTB, that becomes effective on January 2, 2002, market opening.  These requirements are defined in Substantive Rule 25.431(j)(3)(B) and Project 22384 - Implementation Issues Related to Retail Competition Pilots.  Rebecca Fite is the EES point person who is working with EES internal resources and CSC to obtain the required data.  Please let me know if you have additional questions or concerns.

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

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Monday, October 29, 2001 7:21 AM
To:	Hetrick, Nancy
Cc:	Ryall, Jean; Ogenyi, Gloria
Subject:	RE: PUCT Reporting Requirements - FINAL

Do all REPs have to report this information - including our customer complaints?  Even if we only serve non-PTB customers?  Who is tracking this internally assuming we have to file it?  Do the business people understand this obligation?

Jim

 -----Original Message-----
From: 	Hetrick, Nancy
Sent:	Saturday, October 27, 2001 1:32 AM
To:	Fite, Rebecca; 'ahafner2@csc.com'
Cc:	Keene, Patrick; Lindberg, Susan; Nicolay, Christi L.; Ogenyi, Gloria; Ryall, Jean; Steffes, James D.; Twiggs, Thane
Subject:	PUCT Reporting Requirements - FINAL

Attached is the final report requirements and reporting template to be used for the draft report to the PUCT on October 31st and the November 15h report to be filed with the PUCT.  I had provided due dates in the previous email, but please have the October 31st information to me so I can send to the PUCT by 2:00 p.m., October 30th.  I would like to have the November 15th report by COB November 12th so we can properly prepare the filing.  Thanks.
 << File: PilotStatusReportAtt1.doc >>  << File: PilotStatusReportTemplate1.doc >>

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


-----Original Message-----
From: 	Exchange Information <Marketing@NYMEX.com>@ENRON
Sent:	Wednesday, November 28, 2001 3:37 PM
To:	Exchange Information
Subject:	(01-401) MARGIN RATE CHANGE FOR LIGHT SWEET CRUDE OIL FUTURES CON	TRACTS

Notice No. 01-401
November 28, 2001

TO:                 ALL NYMEX DIVISION MEMBERS AND MEMBER FIRMS
                       ALL NYMEX DIVISION CLEARING FIRMS
                       ALL NYMEX DIVISION OPERATIONS MANAGERS
FROM:            J. Robert Collins, Jr., President
SUBJECT:       MARGIN RATE CHANGE FOR LIGHT SWEET CRUDE OIL FUTURES
CONTRACTS.
Effective Date: 	Thursday, November 28, 2001 (close of business)
Futures Contracts:    Light Sweet Crude Oil Futures

Contract Months:      All Months
Rate Change:

NYMEX Division Margins on Light Sweet Crude Oil Futures Contracts
Clearing Member (Maintenance Margin):		Old:  $2,000
New:  $2,500
Member Customer (Initial Margin):			Old:  $2,200
New:  $2,750
Non-Member Customer (Initial Margin):		Old:  $2,700
New:  $3,375
The margin credit for NYMEX Light Sweet Crude/IPE Brent Crude Oil futures
spread positions will also be increased, from $1,500 to $2,000 (at the
Clearing Member level), as of Thursday, November 28, 2001.  The net margin
after the spread will remain unchanged.
NYMEX Light Sweet Crude/IPE Brent Crude Oil Futures Spread
NYMEX Light Sweet Crude:
Clearing Member (Maintenance Margin): 	$2,500
Member Customer (Initial Margin):		$2,750
Non-Member Customer (Initial Margin):		$3,375

Less: NYMEX Light Sweet/IPE Brent Crude Spread Credit:
Clearing Member (Maintenance Margin): 		$2,000

Member Customer (Initial Margin):			$2,200
Non-Member Customer (Initial Margin):		$2,700
Net Spread Margin:
Clearing Member (Maintenance Margin): 		$500
Member Customer (Initial Margin):			$550
Non-Member Customer (Initial Margin):		$675
Should you have any questions regarding these changes, please contact Arthur
McCoy at (212) 299-2928 or Joe Sanguedolce at (212) 299-2855.  This notice
supersedes all previous notices regarding outright margins for the NYMEX
Light Sweet Crude Oil Futures Contracts and the margin credit for the NYMEX
Light Sweet Crude Oil/IPE Brent Crude Oil futures spread positions.


Hi Diana & Kate,

    You are not wasting our time, you make our time valuable. You should be
able to see ver 3.0.0.36 in production and ver 3.0.0.38 in stage,
    if not phone David Poston for support. Ver 3.0.0.38 is newer and includes
insignifficant changes on the form for selection desks, which
    Corry Bentley requested here. They don't allow us to promote now things
like that to production the last five days and the first day of the month.

   Now the report is able to show both the term and schedule (liquidation)
data. The term data are the way the deal was entered with
   Deal Entry, Deal Blotter or EOL bridge, signed and confirmed. The schedule
data should be very much the same with all the changes
   in Deal Scheduling. There is no difference between schedule and
liquidation data, schedule data is a subset of liquidation one in time and
   it is about 2-3 weeks. At the moment the schedule strips for WEST contain
data from 3/22/2001 to 4/5/2001, and the liquidation
   the same data from 4/2/1996.

   Because we don't schedule normally desk-to-desk deals (I think we schedule
between EAST and WEST only) we don't have schedule
   (liquidation) data for desk-to-desk. I hided the check box to avoid
confusions. The option Show Desk is very simple, changes the format
   of the header for Region, nothing else.

   Kroum

 -----Original Message-----
From:  Scholtes, Diana
Sent: Wednesday, April 04, 2001 12:34 PM
To: Kroumov, Kroum
Subject: Forward Obligation Report

Kroum,

I was running the new version of the Obligation Report.  I was not included
in the testing phase of the new version and apparently the report is still
not doing what the "fix" was initiated for.  Originally, my discussions with
Doung Luu was for the Obligation report to capture: 1. All deals with any
changes made in Deal Scheduling and  2.  All Desk to Desk deals.  Number
(2),   I believe was the difficult one.  When selecting the option on "Show
Deals"  in order to capture schedule changes you must select "Liquidate".
This does work, but it does not give you the option to select "Show Desk to
Desk", which like I said before, was the intent of the changes.  Please
contact me for further discussion.  I apologize for not participating and
wasting your time.

Sincerely,

Diana Scholtes
(503) 464-3807

 -----Original Message-----
From:  Symes, Kate
Sent: Wednesday, April 04, 2001 12:06 PM
To: Pate, Brett; Kroumov, Kroum
Cc: Duong Luu/HOU/ECT@ENRON
Subject: Forward Obligation Report Question

Good afternoon, IT Wizards -

I'm curious about a feature on the new Forward Obligation Report. It is now
possible to run the report showing term, scheduled, or liquidated deals. In
the past I've always run the report showing term deals, then entered my
desk-to-desk deals from those numbers. Now I believe the report is designed
to pull data from our scheduling database, so I'm wondering what the
difference is between the term deal report and the scheduled deal report.
Each produce completely different numbers! Please let me know when you get a
chance.

Thanks,
Kate Symes
Trading Support
503-464-7486


Grigsby would like to make an offer to Bob Badeer.  If you are ok with extending him an offer I think we should offer the same terms as his Portland deal.  Do you remember what we offered?


Try the 24-hr. # 803-217-1400.  Are you working today?


Could I get a copy of the revised LOI which was sent to TECO?  I want to
update my electronic file.

Thanks,

Kay


Lloyd,
I spoke with Steve directly about Kevin's e-mail and concerns.    Steve said that Dan of C.O.B contacted him,  inquiring about job opportunities here.     Steve did mention to Dan that "someone" from their shop had already inquired.   He was not specific.    Dan,  evidently,  figured who this was (not very hard)  and spread the word at the COB office.   Subsequently,   Dan and Brandon sent their resumes.

I have spoken directly with Steve about this issue.  I also have put out a note to the group which I copied you on.    Clearly,  this is unacceptable and Steve has apologized.

How do you feel about this:
if we hire Kevin,  then this problem somewhat goes away.    I need someone immediately and Kevin could be plugged right in,  similar to Alex.     I know that Kevin may not be a solid fit for the trader track program,  but I am needing some help pretty quick.

Let me know - sorry for the very awkward  situation.

JMF


I'm generally around, but tomorrow night I have a black tie shindig beg. at 7
or so.  Who's birthday parties?

	Alma Martinez@ENRON
	01/26/2001 01:20 PM

		 To: Jeffrey A Shankman/HOU/ECT@ECT
		 cc:
		 Subject: Re:

I'm studying and coordinating birthday parties this weekend.  I'll give you a
buzz.
---------------------- Forwarded by Alma Martinez/OTS/Enron on 01/26/2001
01:25 PM ---------------------------
From: Jeffrey A Shankman@ECT on 01/26/2001 01:21 PM
To: Alma Martinez/OTS/Enron@ENRON
cc:

Subject: Re:

I'm out of here by 3 today--if I don't hear from you, have a great weekend.
(But we should have dinner sometime)


Michelle:

ok we are all set up.  We are going to do a snow shoe trip on Tuesday at 10:30 a.m. for 2 hours.  Supposedly easy trail, just enough to work up a sweat.  Then we are going to drive (45 minute scenic drive) to Hot Springs, Co.  Probably have time for a lunch.  Our messages are set up for 3:00 p.m. and we get to soak in any one of 21 sulphur pools at our leisure.  Sounds divine doesn't it?

Since they have to put salt on the pavement the guy suggested that we bring our own flip flops.  He says we can rent towels and robes but if I remember I'll bring them for us as backups if they don't have any available.

So looks like you just need warm clothing and flip flops.  Oh yeah, do you have a warm pair of boots.  We can rent the snowshoing equipment but we have to have a good pair of warm boots.  If you don't think you have a pair let me know and I can bring an extra pair along.  Hopefully they won't be too big for your tiny feet.  But boots are usually big anyway just wear lots of socks!

Let me know,

Terri Dickerson


FYI.
---------------------- Forwarded by Jeff Dasovich/SFO/EES on 08/29/2000 03:58
PM ---------------------------

MBD <MDay@GMSSR.com> on 08/29/2000 03:41:11 PM

To:	Sandra McCubbin/SFO/EES@EES, "'Scott Govenar, Enron lobbyist'"
<sgovenar@govadv.com>
cc:	Susan J Mara/SFO/EES@EES, Mona L Petrochko/SFO/EES@EES, Jeff
Dasovich/SFO/EES@EES

Subject:	X16185.DOC

 <<X16185.DOC>>
Here is the amendment for Keeley.  Allan Thompson gave verbal approval to
the language.  Mike

 - X16185.DOC


I would like to send the email out announcing this master and have a few
questions.  First, about the approved products, as best as I can determine,
we don't have the pulp & paper language in, and don't have the weather rep
in.  Seeing as tho' they probably won't trade pulp & paper, I won't worry
about that.  However, with respect to weather, since the weather rep is
always added into the confirm, I don't think not having it in the master
would necessarily mean they can't trade weather.  Unless you know of a reason
to the contrary, I would think we want to open them for weather.

Second, looking at the agreement to see if there is anything else we want to
mention to the general distribution group, I don't see anything in particular
out of the ordinary with respect to trading issues, except in the Netting of
Payments section which appears to allow payment netting amongst PG&E and it
Core Procurement Department and California Gas Transmission Department.  Will
they be financially trading separately under those departments?  And if so
should we instruct the Settlements group to net the payments?

Anything else special you think I need to mention?