Enron Hits Back At Indian State In Long Dispute Over Power Fees
The Wall Street Journal, 05/21/01

Saudis Signal Bigger Is Better In Gas Project
The Wall Street Journal, 05/21/01

Corrections & Amplifications
The Wall Street Journal, 05/21/01

Power: Bush Plan, Davis Reactions
Los Angeles Times, 05/21/01

Enron pulls out of multi-billion-dollar Gulf gas network
AFX News, 05/21/01

UAE: UPDATE 2-Enron sells stake in Dolphin project.
Reuters English News Service, 05/21/01

UK PRESS: Energy Grps May Express Interest In Montedison
Dow Jones International News, 05/21/01

INDIA: India's Enron lenders to lobby for government help.
Reuters English News Service, 05/21/01

Dabhol project suffers $400-m cost overruns
The Economic Times, 05/21/01

The mouth that roared
The San Francisco Chronicle, 05/21/01

COMMENT & ANALYSIS: India's power struggles: Enron's plight could mark a
turning point in India's attempts to attract foreign investment, says David
Gardner: Financial Times; May 21, 2001

Enron Withdraws From U.A.E.'s $2 Bln Gas Project (Update1)
Bloomberg, 05/21/01

Lenders to Enron's Indian Unit Hoping for Solution (Update1)
Bloomberg, 05/21/01

State Bank, ICICI Decline as Enron Plans to Pull Out of India
Bloomberg, 05/21/01

ANZ Investment's Rangnekar on Loans to Power Companies: Comment
Bloomberg, 05/21/01

International
Enron Hits Back At Indian State In Long Dispute Over Power Fees
By Jesse Pesta
Staff Reporter of The Wall Street Journal

05/21/2001
The Wall Street Journal
A14
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW DELHI -- Enron Corp.'s troubled Indian power project turned up the heat
in its battle with its only customer, the Maharashtra State Electricity
Board, by taking a formal step toward ending its contract in six months.
Dabhol Power Corp. also outlined the key points it says should underpin
future negotiations in the dispute over unpaid bills.
The fight between Dabhol and Maharashtra is closely watched because the $3
billion power plant near Bombay is India's largest foreign investment.
Dabhol, of which Enron owns 65%, says it's owed $48 million in unpaid bills
by the state electricity board for December and January. However, the
cash-strapped electricity board counters that Dabhol owes it four billion
rupees ($85 million) in fines for a service lapse around the same time, which
Dabhol disputes.
On Saturday, Dabhol issued a preliminary termination notice, the first of
several prescribed steps toward ending the contract. It triggers a six-month
cooling-off period.
"After months of working with Maharashtra State Electricity Board, government
of Maharashtra and government of India to find solutions, it is apparent that
MSEB and [Maharashtra] are unwilling to honor their...commitments," Dabhol
said. The statement also blasted India's central government, saying it
recently failed to send a representative to the first round of talks over the
dispute. Dabhol holds a guarantee from the central government to cover
payment defaults.
Vinay Bansal, chairman of the Maharashtra State Electricity Board, said he
received Dabhol's notice and will respond, although "we will take some time;
we have the six-month suspension to work with," he said. In the meantime, he
expects negotiations to continue. The state government has set up a panel,
the Godbole Committee, to study the contract between Dabhol and the
electricity board. Dabhol's critics say its rates are unreasonably high.
Dabhol has said its rates aren't out of line.
Dabhol's weekend statement also outlined its terms for resolving the problem,
saying a solution can occur only if the parties contractually bound to
purchase Dabhol's power -- the electricity board, with guarantees from the
state and national governments -- "are willing to either purchase themselves
or find other creditworthy entities" willing to buy electricity from Dabhol's
2,184-megawatt plant. Those requirements "should form the basis for any
future discussions," Dabhol said, "and not the Godbole Committee report."
Mr. Bansal, electricity-board chairman, responded yesterday that the "Godbole
Committee is the forum available for negotiations." He added that "all
discussions should be without prejudice and precondition, and all solutions
will have to be explored."

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

Economy
Saudis Signal Bigger Is Better In Gas Project
By Thaddeus Herrick
Staff Reporter of The Wall Street Journal

05/21/2001
The Wall Street Journal
A2
(Copyright (c) 2001, Dow Jones & Company, Inc.)

In tapping some of the world's largest oil companies to help build a
multibillion-dollar natural-gas infrastructure, Saudi Arabia is signaling
that bigger really is better in competing on the world stage.
The oil industry has been notable for its huge mergers in recent years as
Exxon Corp. joined with Mobil Corp., British Petroleum PLC gobbled up two big
American companies, and TotalFinaElf SA of Paris was formed from three
European companies. In consolidating, the companies said that they needed
heft and deep pockets to bid for projects like Saudi Arabia's and match
effectively with national oil companies.
Friday, Saudi Arabia said it picked just eight companies to participate in
three projects that are expected to total $25 billion over several years, and
most of the companies selected have grown by mergers or acquisitions in the
past two years.
"This is really a game for the big boys," says Roger Diwan, an analyst with
the Petroleum Finance Co., a consulting firm in Washington, D.C. Mr. Diwan
says the largest companies are willing to take bigger risks, have more
capital and can take a longer view.
Exxon Mobil Corp. of Irving, Texas, and the Anglo-Dutch Royal Dutch/Shell
Group each will participate in two of the three projects. Other participants
include London-based BP PLC, TotalFinaElf and Enron Corp. of Houston, the
only nonoil company chosen. Chevron Corp. of San Francisco, Rome-based ENI
SpA and USX-Marathon Group of Pittsburgh made the short list, but weren't
selected. "Not everyone wanted this badly," Mr. Diwan says. "But no one
wanted to be left out."
The selection comes more than two years after Saudi Crown Prince Abdullah
invited major oil companies to return to the kingdom. For Saudi Arabia, the
gas projects promise to bring in foreign investment that will help create
jobs for the country's booming work force.
Oil companies, however, are hopeful that the foot in the door will someday
lead to a piece of Saudi's oil business as well. Saudi Arabia sits atop more
than a quarter of the world's oil reserves. While oil has been off limits
since the mid-1970s, when the Saudis nationalized the industry, the
international companies are eager to be in position should oil open up again.
"Ultimately, it's oil that everyone is eyeing," said Fadel Gheit, an analyst
with Fahnestock & Co.
While Exxon Mobil was tapped to lead a project along the Red Sea coast,
leaders for the Ghawar and Shaybah projects aren't expected to be chosen
until June. After that, negotiations on terms for the three ventures will get
under way; it may be months before final agreements are signed.
State oil company Saudi Aramco will hold equity in the projects and oversee
them. Though the projects may include some natural-gas exploration, the main
thrust of the ventures is to build natural-gas infrastructure, such as
petrochemical, desalinization and power plants.
Occidental Petroleum Corp., Los Angeles, will join Enron and leader Exxon
Mobil on the Red Sea project. Both Exxon Mobil and Shell were chosen for the
marquee $15 billion Ghawar project, along with BP and Phillips Petroleum Co.
of Bartlesville, Okla. The Shaybah project in the kingdom's Empty Quarter
will include Shell, TotalFinaElf SA and Conoco Inc. of Houston.
Chevron, which has agreed to acquire Texaco Inc., said the Saudi gas
initiative didn't meet the company's business objectives. Chevron bid on the
Ghawar project and hoped to make exploration and production as well as
petrochemical investments, said spokesman Fred Gorrell. But apparently such
investment opportunities weren't offered. Chevron is still thought to be
well-positioned in Saudi Arabia because of Texaco's exploration and
production activity in the so-called neutral zone between Saudi Arabia and
Kuwait.
Industry analysts say Saudi Arabia is also hoping to give Washington more
incentive to protect the kingdom from its Middle East adversaries, while at
the same time allowing the country to keep political distance from the U.S.

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

Corrections & Amplifications

05/21/2001
The Wall Street Journal
A2
(Copyright (c) 2001, Dow Jones & Company, Inc.)

ENRON Corp. and its employees contributed a total of $1.3 million during the
2000 presidential campaign to George W. Bush's presidential effort, the
Republican Party and the presidential inauguration. A chart accompanying a
page-one article Friday on Enron's political connections mislabeled the total
amount as $1.3 billion.
(See accompanying illustration -- WSJ May 18, 2001)

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

California; Letters Desk
Power: Bush Plan, Davis Reactions

05/21/2001
Los Angeles Times
Home Edition
B-10
Copyright 2001 / The Times Mirror Company

Davis is spouting pure hypocrisy as he takes on Reliant Energy (May 17). He
mentions no word of Enron, another "gouger." Why? Because the state public
employees' retirement system is heavily invested in Enron, and, in fact,
CalPERS has a billion-dollar business deal with Enron aside from stock. The
state and Enron are business partners. CalPERS is also invested in many other
energy companies. If one studies the energy sector of the financial world,
CalPERS is in the midst of everything. And CalPERS, because of its large
stock holdings, has the power of influence over corporate boards.
So Davis, who has spent the past two years raising campaign funds, is really
just laying down a diversion. The state is an energy gouger and profits from
it.
Andy Levinson
Thousand Oaks

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

Enron pulls out of multi-billion-dollar Gulf gas network

05/21/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

ABU DHABI (AFX) - Enron Corp pulled out of a project to deliver Qatari gas to
the United Arab Emirates (UAE) by selling its 24.5 pct stake in the Dolphin
Energy Project to its partner, the state-run UAE Offsets Group (UOG).
No price was disclosed.
UOG will own 75.5 pct of DEL, which was set up in July 2000 to implement the
gas project, while TotalFinaElf continues to hold the remaining 24.5 pct.
"The project has evolved into a strong upstream and gas transportation and
delivery project. Enron is not an upstream company," the managing director of
Enron Middle East explained to reporters.
DEL's chairman Ahmad Ali al-Sayegh said new partners would be brought into
the venture to transport 2 bln cubic feet per day (20 mln cubic metres) of
Qatari natural gas by undersea pipeline to the UAE and on to Oman.
Patrick Rambaud, a TotalFinaElf vice president, said his company wanted to
increase its own equity in DEL. "This project fits perfectly with our
strategy for long-term presence in these countries," he said.
The first phase of the gas project has a price tag of between 3.5-4 bln usd.
str/kl/cmr
For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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

UAE: UPDATE 2-Enron sells stake in Dolphin project.
By Ghaida Ghantous

05/21/2001
Reuters English News Service
(C) Reuters Limited 2001.

ABU DHABI, May 21 (Reuters) - U.S. Enron Corp has bowed out of a $3.5 billion
project to route Qatari gas to the United Arab Emirates and sold its stake in
Dolphin Energy Ltd (DEL), the project chairman and U.S. firm announced on
Monday.
Enron sold its stake to the UAE Offsets Group (UOG) for an undisclosed amount.
Richard Bergsieker, the U.S. firm's Middle East managing director, told a
news conference in Abu Dhabi that Enron did not believe it could add much to
the project in its current stage.
"As the project had evolved into a strong upstream gas supply project and gas
transport and delivery, we don't believe there is a lot of value that Enron
can add," he explained.
"The project requires longterm equity investment in upstream and Enron is
frankly not an upstream company."
DEL Chairman Ahmed Ali al-Sayegh had earlier said that Enron had agreed to
transfer its 24.5 percent stake in Dolphin to UOG for an undisclosed amount,
raising the UAE firm's stake to 75.5 percent. TotalFinaElf holds the
remaining stake.
Patrick Rambaud, TotalFinaElf's senior vice president for the Middle East,
said his firm has formally asked UOG to increase its own stake in the
project. Sayegh, however, said UOG was seeking a different partner.
"We are studying the TotalFinaElf request... (but) there will be another
partner in the project," he said. "Starting tomorrow, we will begin
negotiations with the international firms who have shown interest in
acquiring a state. They are more than eight companies."
He refused to name the firms but said "everybody who is working in the Gulf
is interested. We are not in a hurry to choose a partner."
PRODUCTION SHARING DEAL ON SCHEDULE
Qatar and DEL in March signed a "commercial term sheet agreement" which
outlined the conditions of the upstream agreement for the long-awaited $3.5
billion project.
The two sides aim to sign a production sharing agreement by the end of the
third quarter 2001. Sayegh said they would stick to that deadline. "The
latest date is mid-September," he added.
Qatar, which sits on the world's third largest gas reserves, is seeking to
boost its natural gas exports to the Gulf region after investing billions of
dollars to tap its vast gas riches.
The gas deal would entitle DEL to develop a tract of Qatar's giant North
Field and produce up to two billion cubic feet per day (cfd) of gas. UOG is
to invest $2 billion in developing the tract, drilling and setting up
production facilities.
The remaining $1.5 billion would be invested to lay a pipeline and set up
receiving terminals at Dubai's Jebel Ali and Taweelah in Abu Dhabi.
First gas is targeted to reach the UAE capital Abu Dhabi by late 2004 or
early 2005. About one billion to 1.5 billion cfd of Qatari gas would be used
by utilities in Abu Dhabi and the remainder supplied to Dubai.
DEL has started inviting local, regional and international companies to
prequalify for five contracts between May 19-23 following the establishment
of a technical project team to oversee the implementation of the first
cross-border gas pipeline project in the Middle East.
Engineering and construction management firms will have two weeks to submit
their prequalification statement for each contract after the date of the
official announcement.

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

UK PRESS: Energy Grps May Express Interest In Montedison

05/21/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

MILAN -(Dow Jones)- Electricite de France's (F.EDF) purchase of 4% of
Montedison SpA (I.MNT) may soon force other large energy groups to express an
interest in the Italian holding company, the Financial Times reported Monday.
Enron (ENE), Vivendi SA (F.VVN), Electrabel (B.ELE), RWE AG (G.RWE) and Eon,
British Gas and others also could make a move to acquire Montedison's Edison
SpA (I.EDS) and Sondel SpA (I.SON) units, industry executives and analysts
say.
Newspaper Web site: http://www.ft.com
-Milan bureau; Dow Jones Newswires; 39(0)2-7601-5386

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

INDIA: India's Enron lenders to lobby for government help.
By Anirban Nag and Sriram Ramakrishnan

05/21/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, May 21 (Reuters) - Indian lenders want the federal government to
intervene after a threat by U.S. energy giant Enron Corp, the country's
largest foreign investor, to walk out of a giant power project put their
loans in jeopardy.
"We want the government to step in and resolve the matter with lenders'
interests in mind. We are continuously monitoring the situation," a senior
official at one of the lenders told Reuters late on Sunday. The official did
not want to be named.
Local lenders including the Industrial Development Bank of India, ICICI Ltd
and the country's largest commercial bank, State Bank of India, stand to lose
if Enron pulls out.
They have lent $1.4 billion out of the project's total cost of $2.9 billion.
The rest of the project is being funded through equity and by loans from
foreign banks led by ABN AMRO
Shares of the local lenders fell in early trade on Monday with IDBI sliding
9.39 percent to 24.60 rupees, SBI dipping 1.1 percent to 233.60, while ICICI
was down six percent to 84.90. The 30-share Bombay index was up 0.17 percent
at 3,661.19 points.
The project is now 90 percent complete, but faces an uncertain future after
Enron's Dabhol Power Company (DPC) on Saturday issued a preliminary notice to
terminate power sales from the plant.
DPC cited payment defaults by the buyer, the Maharashtra State Electricity
Board (MSEB) and non-cooperation from the federal and state government as the
reason behind the move. The notice leaves the door open for negotiations for
six months.
The latest move is likely to further tarnish India's poor image as a place to
set up power projects.
The federal government has so far not reacted to the termination notice,
although analysts say the country needs to tap more foreign investment in the
power sector.
OTHER CUSTOMERS
"This is a complex problem and cannot be solved instantly. The basic issue is
the cost of power and there needs to be an agreement on a reasonable tariff,"
the official said.
MSEB has said the power produced by DPC is expensive and has refused to buy
the output from the second phase. The contract between the two signed in the
mid-1990s had called for MSEB to buy the entire capacity of 2,184 MW. The
first phase of 740 MW began operations in May 1999.
Enron has said it is open to negotiations and that the cost of power would
fall once the second phase of 1,444 MW starts operations.
The lenders would like the government to clear MSEB's defaults of $48 million
and also find a buyer for electricity from the second phase.
But the banker said roping in other customers to buy the second phase's
output could be difficult to achieve.
"If the first phase is generating excess power, who will buy the power from
the second phase?" he asked.
TO BLOCK FURTHER LOANS
The official said Indian lenders had decided to block further loans to the
second phase till an agreement was reached. The SBI, for instance, had
sanctioned about 20 billion rupees ($425.9 million), but has disbursed only
14 billion rupees so far.
Both ICICI and IDBI officials declined to comment, but sources said the
domestic lenders were acting together.
Indian lenders said they were hopeful the matter could be resolved given
there was a window of six months for negotiation.
"There is no reason to panic. We are hopeful that talks will resolve the
issue," said the official.
Indian media speculated at the weekend that the balance sheet of the lenders
would be under pressure if the dispute was not resolved quickly. ($1 = 46.96
Indian rupees).

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

Dabhol project suffers $400-m cost overruns
Anto T Joseph

05/21/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)

MUMBAI
AS IF the current dispute with the Maharashtra government was not enough, the
Dabhol project now has to deal with cost overruns.
The Enron-promoted Dabhol Power Company has experienced a cost overruns to
the tune of $400 million, taking the total project cost to $3.3 billion.
DPC, which issued a preliminary termination notice to Maharashtra State
Electricity Board on Saturday (May 19), is in a fix as both domestic and
offshore lenders have refused to increase their exposure in the controversial
power project, the largest-ever foreign direct investment, so far, in India.
After Indian lenders stopped disbursements as a fallout of a long payment
crisis, DPC is believed to have scouted for foreign debt, albeit
unsuccessfully, to maintain the debt-equity status quo at 70:30 ratio.
DPC's issuance of PTN has compounded the problem. According to the power
purchase agreement between the MSEB and Enron, issuing a PTN would mean
fixing a deadline of six months for pulling the final plug on the project.
"As of now, the FIs have held back $250-million debt to the project. Once the
PTN is served, DPC can't expect lenders to make any more disbursements, and
it has almost sealed the fate of the project," said a financial institution
source.
While the 740-mw phase I is operational, the second phase of 1,144 mw was
expected to be fully operational by the year-end. One unit of 740 mw (part of
the second phase) is undergoing trial-runs, and was expected to be
commercially operational in June.
Sources said the huge cost overruns had been a major deterrent in project
completion. Worried by the mounting payment defaults, the EPC (engineering,
procurement and construction) contractor of the project -- Bechtel -- is
believed to have threatened to pull out of the project by mid-June.
The cost overruns stem from devaluation of the rupee vis-a-vis the dollar and
an increase in equipment cost. Indian FIs are now wary of further cost
overruns owing to the delay in project execution.
"Indian FIs, who have contributed 40 per cent of $2.9 billion (earlier
project cost), had refused to take more exposure. DPC was forced to approach
foreign lenders for raising funds to cover the cost overruns. They have also
taken a negative stand," said sources. The ABN-AMRO led offshore consortium
is believed to have refused to contribute any more debt to the project.
The only way out for DPC is for the promoters to increase their equity
contributions. Proportionately, Enron, which holds around 65 per cent in DPC,
will have to shell out a major chunk if this were to happen.
DPC's move to issue PTN has considerably irked Indian institutions. Lenders
were planning to cast a confidential vote on PTN this week. However, armed
with the required mandate from offshore lenders, DPC went ahead and issued
the PTN.

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

NEWS
ROB MORSE
The mouth that roared
Rob Morse

05/21/2001
The San Francisco Chronicle
FINAL
A.2
(Copyright 2001)

Last week I was watching the TV news and saw a frightening sight. An angry
Gray Davis was declaring war on Texas.
"We are literally in a war with energy companies who are price- gouging us,"
the governor said, shaking with something that looked an awful lot like
emotion. "Many of those companies are in Texas."
In typical Davis style, the governor is a little late in declaring war on
Texas. If he had been president in 1942, he would have spoken of that day of
infamy in 1941.
It also was a typical Davis half-measure. He didn't declare war on all of
Texas, just the Texans who poll badly in California.
Those would be George W. Bush and his friends and contributors who cut off
our power, robbed us, and then used us as an example of why the nation needs
holes punched in Alaska and hundreds of Homer Simpsons put in charge of
nuclear fuel rods.
Davis isn't the type to boldly declare unlimited war on all of Texas,
certainly not "Austin City Limits," chili and the Texans we love, like Willie
Nelson, Tommy Lee Jones, Charlotte Mailliard Shultz and Willie Brown.
But Davis had a Texas stereotype in mind as he spoke of the hardscrabble
hombres in Houston high-rises who are smart and mean and are holding us up
long-distance. Yep, it's as if Texas is saying to California, "Your money or
your lifestyle."
Davis said he would retaliate each month by naming a Texas corporation "pig
of the month."
Yeah, that'll hurt those guys at Reliant Energy and Enron.
-----------------------
HAVING GRAY DAVIS ON YOUR SIDE IN A DUSTUP WITH A BUNCH OF TEXANS IS LIKE
HAVING THE HEAD OF THE HIGH SCHOOL AV CREW ON YOUR SIDE IN A RUMBLE WITH THE
CRIPS.
Right now the gashouse gangsters in Houston are having a jeweler make
14-karat gold pigs they can wear proudly in their lapels while they eat steak
and laugh at Californians deprived of their sushi because of the loss of
refrigeration. Texas kids will have bumper stickers on their fuel-
inefficient scooters saying, "My dad is a proud pig of the month in
California."
We have to do better than this pig of the month stuff. Slogans won't do when
you're fighting guys who are cutting off the electricity to read them by.
Texans have a better slogan, "Don't mess with Texas," and they're a tight
bunch who won't take kindly to Davis messing with any of their citizens, no
matter how rich.
How is Davis going to match "Don't mess with Texas"? Sorry, but "Californians
are people, too" won't cut it.
-----------------------
LONG BEFORE DAVIS DECLARED HALF-WAR ON TEXAS, a couple of readers suggested
that California retaliate by cutting off the supplies of our products to
Texas, specifically wine.
This, of course, is indication of Californians' isolation from mesquite
reality. There may be six guys in Texas who ever order wine with their
T-bones, and they're all in Austin. The menus say, "One: red. Two: white.
Three rose. Please order by number." And they all might as well be from
upstate New York.
If California were the world's only producer of beer and tequila, then we
might have a chance of beating Texas by cutting off the essentials of life.
There's only one way to defeat Texas short of an outright shooting war
pitting our kids armed by junk-gun manufacturers against their citizens with
concealed-carry permits. We have to declare an embargo on the one thing that
Texans really need from California -- entertainment.
Texans are shutting down our televisions and movie theaters, so we'll cut
them off from movies and TV shows made in California. Hey, they're all made
here. Until we get affordable power, it's no sitcoms and no J-Lo for them.
They won't even get Westerns, since those are shot in parts of California
blighted enough to look like Texas used to look. Nowadays much of Texas looks
like Beverly Hills, hold the hills.
We'll also embargo that branch of entertainment known as California itself.
At the border crossing into California on I-70, a heavily armed guard will
peer into each car and truck looking for pointy boots and ask, "Are you
carrying any fruit, vegetables or Texans?"
Should any Texans turn up, they'll be sent packing toward El Paso, never to
taste seared ahi, never to see the weirdos on the Sunset Strip, and never to
feel the natural air-conditioning they can never shut off in San Francisco.
They'll have to go to Florida if they want to see a guy in a mouse head.
There's a governor there who won't call them pigs.

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

		COMMENT & ANALYSIS: India's power struggles: Enron's plight could mark a
turning point in India's attempts to attract foreign investment, says David
Gardner: Financial Times; May 21, 2001
By DAVID GARDNER

		The soap opera of Enron in India has reached a critical moment. Once again,
the US energy company is pitted against the state of Maharashtra, in western
India. But the twist this time is that Enron is threatening to pull the plug
on the Dabhol Power Company, the single largest foreign investment in India.
		It is, at first sight, a wearisome repetition of earlier episodes. The
Dollars 2.9bn Dabhol deal has been in trouble before. In 1995, a rightwing
Hindu nationalist coalition of the Shiv Sena and Bharatiya Janata party - now
the majority of the ruling coalition in New Delhi - ousted the Congress party
government in Maharashtra and tore up the contract its predecessors had
signed. The project went ahead after Enron secured a sovereign guarantee from
the government of India to cover any failure to pay by the Maharashtra State
Electricity Board, Dabhol's sole customer.
		The first 740MW Dabhol plant is now functioning and a second 1,444MW phase is
close to completion. But MSEB has been defaulting on payments since last
December and wishes to renegotiate the contract with Enron, claiming the
electricity tariffs are unjustifiably high.
		This weekend Enron began proceedings to terminate the agreement. The move
triggers an arbitration process that could begin as soon as Wednesday between
Dabhol and the MSEB. But Enron's actions are beginning to look like the first
step towards withdrawal from the project, in which it has a 65 per cent
stake.
		In the past 18 months, Cogentrix of the US, National Power of the UK, Daewoo
of South Korea and Electricite de France have all withdrawn from the Indian
power sector. Of eight so-called "fast track" power projects authorised by
New Delhi in the past decade, Enron's is the only one to have been
commissioned.
		Whatever the outcome, a great deal is at stake. The imbroglio could further
deter a barely detectable trickle of foreign direct investment into India. It
could blight India's urgent need to double its electricity generation. And it
raises the question of the extent to which contracts are enforceable in India
- which alone could raise the risk premium future investors may seek.
		Unless carefully handled, the controversy could damage India's ambition to
raise growth by creating an investment-friendly environment, in spite of the
success of industries such as software and pharmaceuticals.
		Kenneth Lay, Enron's chairman, said earlier this month that while his company
had no immediate plans to sell its Dabhol stake, the dispute "sends a very
bad signal to the rest of the world as to the difficulties of investing in
India, which is not what India needs right now".
		Several ministers, including Yashwant Sinha, finance minister, have said they
see no reason why Enron's experience should deter foreign investors. That is
true only in the sense that there is very little foreign investment anyway.
"The government is in denial," one minister admits. Publishing foreign direct
investment figures has become "an annual embarrassment", he adds.
		India received an estimated Dollars 2.6bn in inward investment last year, or
0.24 per cent of worldwide foreign direct investment flows. Complete figures
for 1999 show it received Dollars 2.2bn. China, its regional rival, received
Dollars 63.4bn - including Hong Kong - according to the United Nations.
		In just as telling a contrast, Electricite de France, which pulled out of
India after battling for seven years to advance its 1,000MW Bhadravati
project, is proceeding with a series of power plants in China, Egypt and
Mexico.
		"We say we want foreign investment in the power industry and the policy says
'yes, yes, yes'," says one civil servant who has soldiered long and hard to
introduce reform. "But the practice, I'm afraid, is 'no, no, no'."
		The Enron project, its critics say, is particular. Although Dabhol's power
purchasing agreement with the MSEB is confidential, it is widely believed to
embody a "hurdle rate of return" - the after-tax, internal rate of return on
equity in dollars - in excess of 20 per cent. The normal rate sought by the
dwindling investors in India's power industry is 16-18 per cent.
		In addition, Dabhol's charges per kilowatt hour are higher than anticipated
because its "load factor", or capacity usage, is much lower. The financially
strapped MSEB is buying less and Enron's contract allows it to apply variable
charges over the fewer units of output, raising the cost.
		There is an important sense, however, in which all this is academic. India's
state electricity boards are de facto bankrupt. Whether the cost per unit is
one rupee or 10, they cannot pay.
		The problem is user charges. Most Indian farmers get free power, much of
India's urban middle class steals power and too many of India's populist
politicians are frightened of agreeing on a minimum common tariff that might
begin restoring the solvency of the state electricity boards and thus
facilitate investment.
		Many industrial users that could pay, angered by cross-subsidies they are
charged for the inefficient system, have switched to secure "captive"
capacity of their own, an estimated 10,000MW of which is now in place. While
India needs to boost installed capacity by about 100,000MW by 2010, with no
one to pay for electricity a mere 464MW was commissioned last year, according
to Power Line, an industry newsletter.
		"It is self-defeating to try to attract an Enron without first putting your
house in order," one minister says. "It was always obvious that within the
present set-up Maharashtra would never be able to pay."
		Hari Dhaul, head of the Independent Power Producers of India, says restoring
the solvency of "the (state electricity boards) is priority number one;
unless we do that, all talk of power and infrastructure is academic."
		The government made a start when Mr Sinha, in the February budget, announced
a still-to-be-determined package of soft loans for states that reform their
electricity boards and begin introducing more realistic tariffs. But since
then the government has floundered over a series of scandals - not a
propitious climate for reform.
		The Enron case has the potential to become, if not another scandal, at least
a blight. As a senior executive at a foreign power company puts it: "India
needs modern infrastructure if it is ever to become a modern country. It
needs foreign investment to do part of it but that will only come if the
perception becomes that it is easy to invest in India."
		Copyright: The Financial Times Limited

Enron Withdraws From U.A.E.'s $2 Bln Gas Project (Update1)
2001-05-21 06:04 (New York)

Enron Withdraws From U.A.E.'s $2 Bln Gas Project (Update1)

     (Add comments from Dolphin's chairman in the second
paragraph, and background throughout)

     Abu Dhabi, May 21 (Bloomberg) -- Enron Corp., the world's
biggest energy trader, withdrew from Abu Dhabi's $2 billion
project to import natural gas from Qatar and sell it to other
Persian Gulf emirates, the project's chief said.
     The Houston-based company, which had held almost 25 percent
of Dolphin Energy Ltd., will sell its stake back to the Abu Dhabi
government, said Ahmed al-Sayegh, the chairman of state-
controlled Dolphin,
     ``We have started negotiations with a number of international
players keen to become shareholders'' in the company, he said.
     An Enron spokeswoman declined to comment.
    The announcement comes two months after Dolphin, a venture
between Abu Dhabi, Enron and Total Fina Elf SA, agreed with Qatar
to develop its North Dome field, the world's largest natural-gas
deposit, and build a pipeline under the Persian Gulf to the United
Arab Emirates and Oman.
     Governments in these Gulf states plan to use the gas for
industrial development, after a collapse in oil prices in 1998
reinforced their need to reduce dependence on crude oil sales.
     Abu Dhabi had owned 51 percent of Dolphin, with Enron and
Total splitting the remainder. The development of the Qatari gas
field will require investment of $2 billion to $3 billion, while
the pipeline to Abu Dhabi costs another $1 billion to $2 billion,
Dolphin has said.

                         Mystery

     Al-Sayegh didn't say why Enron had withdrawn from the
project. This is the second time in five years that the U.S.
company has withdrawn from a multibillion natural gas project
involving Qatar. Enron earlier pulled out of negotiations to build
a plant for turning gas into liquid form and exporting it to
India.
     Gas from the North Dome field, discovered in 1971, has so far
been liquefied and exported by tanker to Asia. Shipping by
pipeline is cheaper.
     Enron's shares have fallen 34 percent this year to close on
Friday at $54.90.

Lenders to Enron's Indian Unit Hoping for Solution (Update1)
2001-05-21 04:38 (New York)

Lenders to Enron's Indian Unit Hoping for Solution (Update1)

     (Adds comment from lender in seventh paragraph, fund manager
comment in ninth paragraph, updates share price in last.)

     Mumbai, May 21 (Bloomberg) -- State Bank of India, ABN Amro
and others that loaned money to a unit of Enron Corp. of the U.S.
are hoping a settlement will still be reached to prevent the $3
billion project from being scrapped in a row over unpaid bills.
     Dabhol Power, which borrowed about $2 billion from local and
international lenders to build a 2,184 megawatt power plant in
western Maharashtra state, issued a notice Saturday saying it
would cancel its power supply contract with the local government
because of unpaid bills.
     ``The notice does not mean that the project is off,'' said
Janki Ballabh, chairman of State Bank of India, the country's
biggest commercial bank and one of the largest lenders to the
project. ``All parties are making attempts to find an acceptable
solution.''
     Indian banks, which made rupee loans worth $1 billion to
Dabhol, are at the most risk from a possible termination of the
project as their loans were not guaranteed by the federal
government. They were seen as safe because of Enron's 65 percent
stake in the project. Should the world's largest power supplier
walk away from its investment, the risk of these loans turning bad
would increase.
     Foreign currency loans, made by lenders including ABN Amro
Holding NV and Bank of America Corp as well as State Bank of
India, are guaranteed.
     ``I won't call it a panic situation, though lenders including
us have to keep a watch,'' said Ballabh at SBI, who declined to
specify a figure for the bank's exposure. He also said it was
premature to comment on the impact of a possible termination of
the Dabhol project on the bank's balance sheet.
     ICICI Ltd., the country's second-largest lender to companies,
is ``covered back-to-back by state government guarantees,'' said
Kalpana Morparia, executive director at ICICI.
     Still, investors viewed the termination notice as bad news
for lenders, which saw their share prices fall.
     ``The banks will take a big hit on their balance sheet if the
Dabhol project is stalled,'' said Deepak Malhotra, who helps
manage $88 million in assets at Max India Ltd. in New Delhi.
     The so-called ``preliminary termination notice'' is being
seen as an attempt to force the central and Maharashtra state
governments to the negotiating table to resolve a standoff over
payments to the company, which is owed 3 billion rupees ($64
million) for power supplies in December and January.

                         Negotiating Ploy

     The notice was issued so that all parties to the dispute come
to the negotiating table, said an official at ICICI, who requested
anonymity.
     The fate of Dabhol, the biggest single foreign investment in
India, holds the key to further overseas investment in India's
power industry. Four foreign power companies, including
Electricite de France, Europe's largest, have pulled out of Indian
power projects worth $3 billion, citing long delays and the slow
pace of reforms.
     A failure of further negotiations may lead Enron to pull out
of the country. Parties involved in the project have six months
from the issuance of the preliminary termination notice to reach a
settlement. In case the project is scrapped, the Maharashtra
electricity board, the state government and the central government
face 170 billion rupees in liabilities.
     ``It's too big a project to fall off the ground,'' said
Sachin Sawrikar, fund manager at SBI Fund Management Ltd. ``If
Enron does back out, another promoter may step in to take over the
project and take over the liabilities after negotiations.''

                         Meeting Wednesday

     To end the impasse, DPC and the Maharashtra government plan
to meet on Wednesday. Dabhol said that if the government of India
stays away from the meeting, like it did the last time on May 11,
and if the federal and state governments don't come up with fresh
proposals ``further meetings will not be productive.''
     The Maharashtra State Electricity Board says it hasn't paid
the money it owes as the price of Dabhol's electricity is more
than double the rate it pays for power from other Indian
generators. Under the terms of the supply agreement it agreed to
pay a fee whether it used all the electricity or not, which has
meant rates have risen as high as nine times the price of power
bought from alternative sources such as Tata Power Co.
     The defaults spurred Dabhol to invoke payment guarantees by
the Maharashtra state and federal governments. The company on
April 25 authorized its management to cancel contracts to sell
power to the board.
     ICICI shares fell 4.25 rupees, or 4.75 percent, to 85.15
rupees on the Mumbai stock exchange. Industrial Development Bank
of India Ltd., the largest lender to Enron, fell 2 rupees, or 7.4
percent, to 25.15 rupees while State Bank shares were down 3.7
rupees, or 1.57 percent, to 232.5 rupees.

State Bank, ICICI Decline as Enron Plans to Pull Out of India
2001-05-21 03:02 (New York)

     Mumbai, May 21 (Bloomberg) -- State Bank of India and ICICI
Ltd., lenders to Enron Corp.'s Dabhol Power Co., fell after Enron
served a notice on India's Maharashtra State Electricity Board to
end its power supply contract because of unpaid dues. The state
electricity board owes 3 billion rupees ($64 million) to Dabhol
for supplying power in December and January. ``The banks will take
a big hit on their balance sheet if the Dabhol project is
stalled,'' said Deepak Malhotra, who helps manage $88 million in
assets at Max India Ltd. in New Delhi.
     State Bank of India, India's biggest commercial bank, fell
2.7 rupees, or 1.1 percent, to 233.5 rupees after earlier falling
as much as 2 percent. ICICI Ltd., India's second-largest lender,
fell as much as 7.1 percent. ICICI declined 4.35 rupees, or 4.9
percent, to 85.05 in recent trading on the Mumbai Stock Exchange.
Industrial Development Bank of India Ltd., India's biggest lender,
fell as much as 2.75 rupees, or 10 percent, to 24.4 rupees. IDBI
shares dropped 2 rupees, or 7.4 percent, to 25.15 in recent
trading.

ANZ Investment's Rangnekar on Loans to Power Companies: Comment
2001-05-21 05:36 (New York)

ANZ Investment's Rangnekar on Loans to Power Companies: Comment

     New Delhi, May 21 (Bloomberg) -- Abhay Rangnekar, director
and head of project finance and corporate advisory services at ANZ
Investment Bank in India, speaks on the impact on lending to power
companies after Enron's Dabhol Power Co. served notice it may
cancel its power supply contract with the Maharashtra State
Electricity Board.
     Dabhol on Saturday started a procedure to end its contract by
serving a ``preliminary termination notice'' on the electricity
board, with which it has been in dispute over 3 billion rupees
($64 million) of unpaid power bills for December and January.

     ``Pace of investments in the power sector is already slow.
It'll get slower.''

     ``Lender sentiment has definitely been affected. Making sure
that the contracts are watertight is not enough anymore'' for any
private power project.

     ``Lenders will need to ensure that power projects will have a
continuing ability to offer competitive tariffs, which would
(give) incentive (to) the state electricity boards to dispatch
them.''

     ``Lenders will also be cautious about accepting the demand-
supply estimates in different states.

     ``The track record of state electricity boards in paying
private power producers will also be stringently monitored.''

     ANZ Investment is one of the four global coordinators that
helped raise overseas loans for the $2.8 billion second phase of
the Dabhol project.


FYI.


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Here are the answers to your latest questions.  Again, please give us a call
if you have any more questions.  Thanks!
Ben Rogers


Saturday, October 27, 2001

Dear Jane,

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Here's the letter with some slight changes.
Drew and I thought it better to mention the interconnect for regulatory
reasons.  Questions? let's chat.
Thanks.


ETS             102.0
PGG              54.7  Includes GW adjustment $5.2
EGAS           (29.8)  Includes tranfers in and out of other groups.  Do we need to go over this to make sure the other groups are
			adjusted appropriately?
EEOS           (35.9)
EREC            51.2
AZURIX         (19.0)
Clean Fuels   (21.1)
                   ---------
                    103.6


In addition to World Markets Energy information  <http://esource.enron.com/worldmarket.asp>
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YOU HAVE ACCESS TO COME IN THE BUILDING ON SUNDAY BETWEEN 2:00 PM AND 6:00 PM. YOU'RE NAME WILL BE ON A LIST AT THE DOOR ON THE 6TH FLOOR.   THERE WILL BE IT  SUPPORT ON THE FLOOR TO HELP YOU IF YOU HAVE ANY PROBLEMS WITH YOUR SYSTEMS.

THANK YOU
Ina Rangel
Administrative Coordinator
Enron North America
713-853-7257 Voice
713-646-3604 Fax


This date change means that I won't be able to make it to the open house.  I
will be out of town on April 27.


- energy111901.doc


I want to cancel the wire to Dominion Oklahoma that was set to go out today and I'm going to revise the $70,000.00 wire to Reliant.

The other wires to Reliant, the $701,760.00 and the $40,000.00, are good to go.

I will have this completed before lunch but I estimate that the $70,000.00 wire to Reliant will be revised to approximatly $995,000.00.
This net impact is an increase in cash outflows of $280,000.00 (cancel the $646,860 and increase the $70,0000to $995,000).

 -----Original Message-----
From: 	Germany, Chris
Sent:	Wednesday, March 27, 2002 3:19 PM
To:	Hamic, Priscilla; Dhont, Margaret; Sewell, Doug
Cc:	Polsky, Phil; Boyt, Eric; McMichael Jr., Ed; Parks, Joe; Mann, Kay; Mark Ellenberg (E-mail)
Subject:	Prepays to Reliant and Dominion

I am requesting the following prepays to Reliant and Dominion for tomorrow.  All of these request are signed and on Doug's desk.

Prepay to Reliant for April Trunkline deal (sitara #1202698)   6,800 dth x 30 days x $3.44 per dth = $701,760.00

Prepay to Reliant for swing supply on Florida and Trunkline  $40,000.00

Prepay to Reliant for intraday backup supply in case Dominion does not perform under the contract
		10,000 dth x 2 days x $3.50 per dth = $70,000.00

Prepay to Dominion Oklahoma for April baseload activity 10,000 dth x 30 days x $2.1562 per dth = $646,860.00

 << File: Reliant Prepay (2.8.02).doc >>  << File: Reliant 2 Prepay (2.8.02).doc >>  << File: MCV_Reliant Cash Request.doc >>  << File: Dominion Prepay (1.29.02 for $603,736)_update.doc >>

 -----Original Message-----
From: 	"Mark Ellenberg" <Mark.Ellenberg@cwt.com>@ENRON
Sent:	Wednesday, March 27, 2002 12:58 PM
To:	Mann, Kay
Cc:	Germany, Chris; McMichael Jr., Ed; Boyt, Eric
Subject:	RE: Dominion gas supply Tallahassee deal on Florida

i agree with kay's suggested approach.

if we are purchasing gas from another source at a higher price, i would put
dominion on notice that we are doing that and stating we will hold them
responsible.

Mark C. Ellenberg
Cadwalader, Wickersham & Taft
1201 F Street, NW
Washington, DC  20004
202.862.2234

                    "Mann, Kay"
                    <Kay.Mann@ENR        To:     "Germany, Chris"
                    ON.com>              <Chris.Germany@ENRON.com>, "Boyt, Eric"
                    Office:              <Eric.Boyt@ENRON.com>, "Mark Ellenberg (E-mail)"
                                         <Mark.Ellenberg@cwt.com>
                    03/27/02             cc:     "McMichael Jr., Ed"
                    01:47 PM             <Ed.McMichael@ENRON.com>
                                         Subject:     RE: Dominion gas supply Tallahassee
                                         deal on Florida

I've left a message for Dominion's counsel, telling him that we disagree
with their position that they can terminate the gas contract, and asking
him to educate us as to why they don't think that action is stayed.

We can follow up with a letter suggesting that we believe their termination
is wrongful, unless Mark disagrees.

Second issue is whether we should attempt to pay for the gas anyway, since
they have to deliver gas paid for prior to termination.

Kay

>  -----Original Message-----
> From:         Germany, Chris
> Sent:         Wednesday, March 27, 2002 11:14 AM
> To:           Germany, Chris; Boyt, Eric; Mann, Kay; Mark Ellenberg
(E-mail)
> Cc:           Parks, Joe; Concannon, Ruth; Polsky, Phil; McMichael Jr.,
Ed; Dhont, Margaret; Hamic, Priscilla
> Subject:           RE: Dominion gas supply Tallahassee deal on Florida
>
>
> The Tallahassee deal still has value so we want the Dominion deal to stay
in place.  I'm concerned about the 1st because all the money needs to be
wired tomorrow.  At this point, I believe Dominion should supply the gas
for April at the contract price regardless.
>
> Let me know where we stand with Dominion by 1:30 PM today.
>
> Thanks
>           -----Original Message-----
>          From:          Germany, Chris
>          Sent:          Tuesday, March 26, 2002 11:04 AM
>          To:       Germany, Chris; McMichael Jr., Ed; Boyt, Eric; Mann,
Kay
>          Cc:       Parks, Joe; Concannon, Ruth; Polsky, Phil
>          Subject:       RE: Dominion gas supply Tallahassee deal on
Florida
>
>          The contract number assigned to this deal in Sitara is 96003121.
>          The contract number in Sitara for the Tallahassee deal is
96003663.
>
>                     -----Original Message-----
>                    From:          Germany, Chris
>                    Sent:          Tuesday, March 26, 2002 11:01 AM
>                    To:       McMichael Jr., Ed; Boyt, Eric; Mann, Kay
>                    Cc:       Parks, Joe; Concannon, Ruth; Polsky, Phil
>                    Subject:       Dominion gas supply Tallahassee deal on
Florida
>
>                    Dominion Oklahoma Texas Exploration & Production, Inc
(successor to Louis Dreyfus Natural Gas Corp) is supplying ENA 10,000 dth
per day at a Florida Zone 1.  This supply is matched up with ENA's sale to
The City of Tallahassee.  I believe both deals go through March 2013.  I
prepay Dominion for the supply each month.
>
>                    This morning, I had a voicemail from my contact at
Dominion, David Walker (405-749-5240).  His voicemail stated that Dominion
was terminating their contract with ENA and Dominion would not be supplying
any gas effective April 1, 2002.  Paul Vrana (713-752-4514) with Jackson
Walker is representing Dominion, he prepared the termination letter.
>
>                    Just spoke with Paul (10:55 AM) - he has not spoken
with anyone representing Enron but he has worked with Harlam Murphy?? in
the past.  He will fax a letter to me.
>
>                    Kay, I will leave a copy of the letter in your chair.

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate
and may contain confidential and privileged material for the sole use of
the intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or
reply to Enron Corp. at enron.messaging.administration@enron.com and delete
all copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************

==============================================================================
NOTE:  The information in this email is confidential and may be legally privileged.  If you are not the intended recipient, you must not read, use or disseminate the information.  Although this email and any attachments are believed to be free of any virus or other defect
that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by Cadwalader, Wickersham
& Taft for any loss or damage arising in any way from its use.

==============================================================================

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NOTE:  The information in this email is confidential and may be legally privileged.  If you are not the intended recipient, you must not read, use or disseminate the information.  Although this email and any attachments are believed to be free of any virus or other defect
that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by Cadwalader, Wickersham
& Taft for any loss or damage arising in any way from its use.

==============================================================================


Ben has asked me to prepare a draft Bill of Sale - Equipment schedule to
support the closing of the Intergen transaction.

I have generated the attached spread sheet showing the following information
for the two LM6000 turbines and the one ABB transformer:

 Unit Description (Column A)
 Unit Number (Column B)
 Unit Serial # (Column C)
 Unit Delivery Date (Column D)
 Physical location of the units as of the date of schedule (1/5/01) (Column E)
 The equipment and all rights provided to Buyer under Agreement dated ____
(Column F)

I have filled in descriptions for each piece of equipment (Column A).  I need
help with the following:

Chris:  Please fill in Columns B, C, D & E with current information from our
equipment contracts.

Rebecca:  Please obtain the information for Columns A, B, C, D, E, & F  from
Catherine in Global Finance.  This should be the information that was
recorded in the TurboPark financing documents when the equipment option
agreements were moved into TurboPark from West LB.

Kay:  Please fill in the dates for Column F and let me know if any additional
information is required to complete this schedule.

Please forward me a revised copy of this spreadsheet once you have completed
the relevant information.  I welcome your input on the information contained
within this schedule.

Our goal here is to create a schedule which is factually correct (based on
all of the relevant agreements) and does not create any
inconsistencies/conflicts with the TurboPark documents.  We need to deliver a
draft of this schedule to the TurboPark banks tomorrow  for their review.
This schedule represents one of four documents required to effect a smooth
transfer of the relevant equipment interests from TurboPark into the
respective CA Development entity and close this transaction prior to the
1/15/01 deadline.

Call me to discuss any of this information.

Fred


Scott,

We have outside counsel looking at this.  Thanks for the update.

Kay


In order for UBS Warburg to timely process your paycheck, I am requesting that all employee's accepting offers return any outstanding forms to my new desk location at  05852 on the 5th floor of ECS (Look for the Hamburg Flag) by noon this Friday  2/01/02.  This will prevent any benefit deductions from having to be "Double Deducted" on future checks.  Please attach a deposit slip or voided check stub to your direct deposit form.  Attached below are the forms needed for payroll/benefits, in case you did not turn these in at Orientation.  Lastly, please verify that your EHRonline home address is showing your current home address because all live checks will be mailed to your home residence.

Thanks, Tony Jarrett
Benefits
Ext. 3- 7829


You will have several opportunities in the next few days to see a taped interview with Jeff Skilling on The Players segment of "Business Unusual," a program that captures the insights of the world's prominent corporate leaders.  "Business Unusual" will appear on CNN networks in select regions around the globe.  Jeff will discuss why Enron is destined to be the world's leading company, developing a culture that rewards change, the principles of a "loose/tight" organization and more.

Broadcast Schedule:

CNN
Saturday, May 19
11:30 a.m. Pacific Standard Time

Sunday, May 20
5:30 Central Standard Time (a.m. and p.m.)

CNNfn
Monday through Friday, May 21-25
7 p.m. and 10:30 p.m. Central Standard Time

CNN International
Europe:
Saturday, May 19,  1130 CET
Sunday, May 20,  1930 CET

Asia:
Saturday, May 19,  1030 HK

Latin America:
Saturday, May 19,  930 BA
Sunday, May 20,  1030 BA


yes, John is picking us up in 3 minutes downstairs.

-----Original Message-----
From: Adams, Suzanne
Sent: Tuesday, December 11, 2001 11:50 AM
To: Mann, Kay
Subject: Ben wants to know if you guys are having lunch with Keffer today


Mark,

We have customers who are now filling out the new form of the Australian PA.
As a result, we will need an Online Australian ETA very shortly.

Can you please approve/disapprove of the ETA form forwarded by David Minns?
(copy attached). Once we have your approval, we will put it on the system.

Thanks,

Dave


Kristin will not be riding.

Thanks,
Joannie

Amelia Alder
03/29/2001 03:05 PM
To: Jeff Skilling/Corp/Enron@ENRON
cc:

Subject: Re: THREE WEEKS TO SHOWTIME !!

P.S.  We need to get his daughter registered before next week's end if she is
going to ride.  Thanks.

	From:  Jeff Skilling                           03/29/2001 02:34 PM

Sent by: Joannie Williamson
To: Amelia Alder/OTS/Enron@ENRON
cc:

Subject: Re: THREE WEEKS TO SHOWTIME !!

Amelia, where can I pick Jeff's rider package for the MS150?

Thanks,
Joannie

Amelia Alder
03/29/2001 01:56 PM
To: Amelia Alder/OTS/Enron@ENRON
cc:  (bcc: Jeff Skilling/Corp/Enron)

Subject: THREE WEEKS TO SHOWTIME !!

Here's some good riding for the weekend.  I've heard on the street that the
Enron team is looking really good out there!  If you've picked up your rider
packet from us and are sporting the new green and yellow official water
bottle you'll stand out in the crowd.  They are not into general distribution
yet.  If you don't have yours yet, come see us tomorrow.  (Reminder
announcement to follow).

DON'T FORGET TO SPRING FORWARD SATURDAY NIGHT ONE HOUR INTO DAYLIGHT SAVINGS
TIME!!

Sunday - April 1 - Tour d'Cypress - 7:15 AM - 53, 62, 85 miles
If you haven't yet registered for the Tour de Cypress, you can get more
information at http://www.bicycletexas.com/houston.htm.
$20 before January 31 , $25 after, $15 group or family of 4+. T-shirts and
goodie bag guaranteed to all pre-registrants.
Ride Start:  Cypress High School
Highway 290 to Barker Cypress exit, go left after exit, and then turn right
on Highway 529 which takes you to the high school.
Questions:  Northwest Cyclery - 713-466-1240.

Saturday, March 31 - 8:00 AM - 23 or 51 miles (NOTE PERMANENT LOCATION CHANGE)
This weekly ride now starts at Zube Park. From Telge and HWY 290, keep going
north on 290 for 12 miles.  At the 11.5 mile mark you will see a Texaco
Station to your right.  Keep going past the intersection by the Texaco
station and turn right at your next opportunity (i.e. Roberts Road).  You
will see an "Oakwood Homes" pre-fab housing lot on the corner of 290 and
Roberts Road.  Turn right at Roberts
Road, and go about 8/10 of a mile to Zube park (on your right).
Park in the Northwest corner of the parking lot.

GROUPS OF 10-15 RIDERS ARE SENT OUT BASED ON RIDE SPEED, STARTING WITH THE
FASTER RIDERS AND WORKING DOWN TO THE MORE LIESURLY PACED RIDERS.  THERE ARE
SEVERAL ROUTES TO CHOSE FROM, 33, 48, 62 . . . ITS YOUR CHOICE. IF YOU ARE
NEW TO OUR RIDE, PLEASE PICK UP A MAP. MAPS ARE PROVIDED AT EVERY RIDE.

THE NEW RIDER GROUP IS GEARED FOR NEW RIDERS. THE RIDE COORDINATOR WILL TAKE
THE GROUP OUT ON A ROUTE DETERMINED AT THE START OF THE RIDE. NO RIDER GETS
LEFT BEHIND IN THIS GROUP. THIS IS A GREAT GROUP TO RIDE WITH IF YOU ARE NEW
TO CYCLING.  Questions:  Northwest Cyclery at 713-466-1240

Saturday - March 31 - Columbus - 8:00 AM - 56 miles - (hilly)
Here is the Conoco series, sponsored by Steve Moskowitz - This is ride #12,
and there are 14 in the series, at a cost of $20 total.  Questions:  Patrick
Scales at Enron - 713-345-3673.

You read the note right - it says we're starting from COLUMBUS, Tx!

Sorry this note is a day late and still missing a key detail - the exact
starting location - but due to the Round Top/Warrenton Antique Fair (100,000
visitors/day), we felt we needed to modify our route this Saturday.  There
is a hilly 56 mile route which starts in Columbus and covers many of the
same challenging hills as the ride originally planned but stays away from
Round Top, Warrenton, and Fayetteville and the busy roads immediately around
these towns.

Weekly Ride - Columbus, TX, Sat, 3/31 - 8 am

This week, we'll still get our hill training in and will have the
opportunity to climb the same hill (Lone Oak) that we would have had to
climb on the New Ulm route.  This ride is a 56 mile loop starting in
Columbus, hitting Lone Oak and Frelsburg and picking up beautiful
Zimmerscheidt Road going the other direction.  The Rides Around Houston book
gives this ride a score of "9" for exercise potential so look for some
hills.

The ride will start at 8:00 am sharp.  Columbus is an hour from the Sam
Houston Tolway/I-10 intersection so please allow yourself time to arrive in
Columbus by 7:15 am.

Directions to the Start - Beason's Park
We have permission to use Beason's Park as the starting off point.  Someone
is using the pavilion from 2:00pm to 7:00pm, and I told Judy that most of us
would be gone by then and we didn't really need the pavilion.  Beason's Park
does have restrooms, however, I will not vouch for the condition.

Beason's park is on US 90 just east of Columbus.  The most direct way is to
take I-10 to exit 698 (US 90 exit) and take US 90 west.  The park is on the
left hand side of the road just before the bridge over the Colorado river.
For those of you (like us) coming from Magnolia/The Woodlands the best way
is to take FM 949 to I-10.  We stay on the feeder which becomes US 90 at
exit 698.

If you want to pick up food or go to the bathroom before the ride, stay on
I-10 until exit 696 (Hwy 71).  There are convenience stores and bathrooms at
this exit.  At this point you can either take Hwy 71 north to US 90 and turn
right (east) to get to the park (which will be on your right just after the
bridge) or get back on I-10 to exit 698.

NOTE - As we get out into the country, I highly recommend stopping at the
local stores for your sport drinks, water, and a quick rest stop.  Your
drinks will be colder this way, you will have a timely rest stop, and the
local business will look forward to our return.

Here's a few reminders for those of you who are new to the list or have a
short memory:

Starting Time - 8:00 am - SHARP!
There were a lot of riders pulling into Cat Springs at 7:55 last Saturday.
If you arrive in Columbus after 7:30 and aren't fast at bike prep and
signing in, you'll get left at the start this week.  PLEASE allow time to
get to Columbus between 7:15 and 7:30.  Even though we're not riding to
Warrenton, we want to be off the roads as early as possible.

Check-in Process
Every rider is expected to sign in to indicate that they have started the
ride and sign-out on their return.  We have no way of knowing that you are
on the road and may need assistance if you don't sign in.  PLEASE arrive
early enough to sign in and remember to sign out when you finish the ride.

If you have completed the online or paper waiver, your name will appear on
the alphabetical sign-in sheets.  They are split up into groups of 5-6
sheets to speed up the sign in process so look for the clip board with your
name.  If this is your first ride and you haven't signed up online, you need
to complete a paper waiver and fill in your name on the blank sign-in sheet.
If you completed a paper waiver last Saturday and your name is not listed on
the alpha list, it's because you didn't sign the waiver (3 of you), you
signed one but didn't provide any emergency information, or I just couldn't
read your handwriting (5 VERY sloppy waivers last week!).  PLEASE arrive
early enough to fill out a legible waiver or slow down a minute when filling
it out.

I hate to harp on these details but it is vital that everyone help out to
ensure that you have a safe and fun ride.

Thanks!
Stephen Moskowitz
Conoco Inc.
(281) 293-2599
steve.e.moskowitz@usa.conoco.com


541226 - changed to APB

Kerri Thompson@ENRON
03/08/2001 02:09 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: apb checkout

missing deal for mark:

sell williams
129.50
25 mw
may
paloverde
off peak


Bruce:
This is an e-mail from Rochester to Oscar discussing the transaction. Thought
it would be helpful.
Ben
---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 02/15/2000
10:06 AM ---------------------------

Jason R Wiesepape
02/14/2000 08:35 AM
To: Benjamin Rogers/HOU/ECT@ECT
cc:
Subject: Additional information for Rochester

FYI - Could you please input this information into the model we are
developing for the Rochester Project.  Thanks.

Russ
---------------------- Forwarded by Russ Porter/Corp/Enron on 02/14/2000
08:22 AM ---------------------------

Oscar Dalton@ECT
02/10/2000 02:54 PM
To: Russ Porter/Corp/Enron@ENRON
cc:

Subject: Additional information for Rochester

We can respond outside of the formal RFP if we get something to them soon.
They want to see if we have anything to offer.  In the meantime, they will go
forward with their RFP.

Do not factor in any cost for the gas pipeline.  The local distribution
company will absorbe the cost and go at risk for new incremental load.

The cost to go through the LDC is 15 cents/mmbtu on a variable or usage
basis.  10 cents for transport and 5 cents for service fee.  Peoples gas
aggregates gas purchases for a number of customers in the region and
purchases gas month to month.  RPU pays a fixed gas price that changes month
to month.

We would need to add 15 cents/mmbtu to gas price from our curves.

Substation work should be approximately $5.8MM and no higher than $6mm.

As a point of reference, RPU's estimate for a fully installed LM-2500 is
$17MM.  They break this out to $11.8MM for turbine and generator, $1.2 MM
engineering cost, $400k winter package and $3.6MM other stuff.

RPU will have a gas pressure guarantee of 300# so we need to have a
calculation done on the cost of compression to step up from 300 to 600.  My
guess is that it will be around $1mm.

I would like to have something to Rochester by mid next week.  We can use the
routine 2 page proposal format.


Ricardo -- Per your request, here is some general information about Enron
that should be helpful in providing background materials for the Lay/Fox
meeting.
I've attached the corporate fact sheet, second quarter earnings analyst
presentation, EBS profile and recent news articles about Enron.  Please let
me know if you need additional information.

Thanks.
Karen
713-853-9757

http://www.businessweek.com/2000/00_30/b3691034.htm?scriptFramed

http://www.fortune.com/fortune/2000/08/14/pre.html

http://www.fortune.com/fortune/technology/2000/01/24/eco.html

http://www.fortune.com/fortune/fortune500/enr.html

http://www.forbes.com/forbes/00/0724/6517145a3.htm

http://www.businessweek.com/common_frames/bws.htm?http://www.businessweek.com/
2000/00_20/b3681075.htm

http://www.businessweek.com/common_frames/bws.htm?http://www.businessweek.com/
ebiz/0007/0713skilling.htm

http://www.business2.com/content/magazine/indepth/2000/06/01/11888

http://www.forbes.com/tool/html/00/jul/0720/mu4.htm

http://cbs.marketwatch.com/archive/20000410/news/current/diligence.htx?source=
htx/http2_mw

http://eeshou-etv02.ees.enron.com/moneyline/moneyline.ram


Please see attached a credit worksheet as requested.

Thanks
Russell

 -----Original Message-----
From: 	Tycholiz, Barry
Sent:	Wednesday, May 30, 2001 9:13 AM
To:	Diamond, Russell
Cc:	Nemec, Gerald
Subject:	RE: Mexican de Cobre -Deemed ISDA Credit Worksheet

Russell, pls set up credit terms for customer for transactions under the physical, which may include pricing amemdments. i.e. the MTM risk may sit under the physical agreement.

At this time, we are not going to pursue the execution of a deemed ISDA and any price amendments will be handled physicaly.

Call if there are any questions.

BT

 -----Original Message-----
From: 	Diamond, Russell
Sent:	Tuesday, May 29, 2001 1:07 PM
To:	Leite, Francisco Pinto
Cc:	Tycholiz, Barry; Nemec, Gerald
Subject:	Mexican de Cobre -Deemed ISDA Credit Worksheet

Francisco,

Attached is a credit worksheet for a draft deemed ISDA.

Thanks
Russell

 << File: Mexicana de Cobre_ENA.xls >>


Dear Sara:

Thank you for your message below. Please find attached hereto free
translation into English of new foreign investor's regulations in Brazil. We
are preparing a memo to you in connection with such new regulations and are
finalizing the matrix prepared last year. We will send them to you shortly.

Kind regards,

Marcelo Rodrigues

>>> "Sara Shackleton" <Sara.Shackleton@enron.com> 05/04 12:08 pm >>>

AFAC and Marcelo:  I hope this message finds you both well.  I would like to
finalize the matrix which was prepared last year so that we can create a
"baseline" for future updates.  Please feel free to date the matrix as of
December, 1999, if you wish.  Please forward any recent changes to me for
comment  and I will respond immediately.  Then we can move on to other things!
Thanks for your help and attention to this mattter.  Regards.  Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 05/04/2000
10:34
AM ---------------------------

"MBTOS - Marcelo Rodrigues" <Mbtos@tozzini.com.br> on 03/13/2000 06:27:26 PM

To:   Sara.Shackleton@enron.com
cc:   Brent.Hendry@enron.com, Lynn.Aven@enron.com, afac@tozzini.com.br
Subject:  Re: Financial Trading in Brazil

Dear Sara:

Thank you for your E-mail below. We will be reflecting the new changes in the
regulations in the chart and will be sending it to your review as soon as
possible.

Kind regards,

Marcelo Rodrigues

>>> "Sara Shackleton" <Sara.Shackleton@enron.com> 03/13 2:29 pm >>>

Greetings to you both!  It has been awhile since we last spoke.  I would like
to
finalize the matrix which we have been discussing since the latter part of
1999.
Although we were awaiting new Central Bank regulations, I am beginning to
think
that the Central Bank revisions will not impact the matrix except with respect
to transactions which may be entered into by entities that are the subject of
the Central Bank regulations.  Please let me know whether or not you agree or
can offer any suggestions.  Thanks and regards.  Sara

 - Res2689a.doc
 - Ins325a.doc


George, I have a baseball ticket for you and would like to make arrangements
to have it couriered to you.  Please let me know where I can send the
ticket.  Thanks very much.

Regards,
Sherri Sera
Assistant to Jeff Skilling
713.853.5984
713.646.8381 (fax)
sherri.sera@enron.com

GKoutani@aol.com on 09/24/2000 05:41:34 PM
To: Jeff.Skilling@enron.com
cc:

Subject: Re: Astros Game

I'll be calling you monday to arange picking up the tickets or arranging
something


Dear Board Task Force:

Please disregard the previous note with the same subject.

At meetings with EEI recently, they asked Jim Buccigross, Jim Templeton and I
if we could send them (Larry Brown) a letter indicating that the GISB
organization did not intend to impede the progress of EEI/CUBR in developing
Uniform Business Rules, and further that we would support such a product if a
new organization were created.  Attached is a draft letter, carefully worded
-- and probably not everything that they want.  I will try to set up a
conference call later in the week to discuss this letter, the status report
sent to you previously, and white paper, a strawman, and commitment letter to
be forwarded to you shortly.  Best Regards,  Rae

 - eei letter.pdf


I believe Wabash has also terminated.

Don,
As you know, we had a meeting like this the week prior to Christmas and had an accurate list at that time.   Our group can do nothing about delays between actual termination notification by the counterparty and communication to trading that termination has occurred.   I think the meeting is warranted, however, we are not going to completely eliminate the timing issues.

I will see you on Wednesday at 2:00 pm.

-----Original Message-----
From: Miller, Don (Asset Mktg)
Sent: Fri 12/28/2001 3:12 PM
To: Presto, Kevin M.; Davis, Mark Dana; Burnett, Lisa; Miller, Jeffrey; Reeves, Leslie; Evans, Casey; White, Stacey W.; Gilbert, Gerald; Bentley, Corry; Sager, Elizabeth; Nettelton, Marcus; Bradford, William S.; Sacks, Edward; Portz, David; Choate, Jason; Sturm, Fletcher J.; Racicot, Paul; Panus, Stephanie; Murphy, Harlan
Cc: Fallon, Jim
Subject: East Power Meeting

We need to meet on Wednesday, the 2nd, at 2:00 pm (in the big conference on the sixth floor in ECS) to go back through the East Power contracts that we will continue to serve either through the pools or under bilateral deals.  Given the drill we went through today in preparing for the January schedules in PJM and NEPOOL, it became apparent we need to get all the team members on the same page and make sure we have a good system for notifying all relevant parties of terminations, changes, etc.

Bill/Ed - Can you please run the most recent DPR for non-terminated East Power contracts.

Casey and Stacey - will you please update the spreadsheet that you ran for Kevin last week.

Let's make sure we all agree on contracts that have been terminated.  As most of you probably have seen, a number of terminations have been received in the past several days (see below).

United Illuminating - effective January 1, 2002
HQ Energy Services - effective January 1, 2002
First Energy Solutions - effective January 2, 2002
Old Dominion - effective January 10, 2002 - we should schedule in PJM through the 10th of January (do we have any other positions with Old Dominion).

Ameren Energy
GPU Energy - effective January 21, 2002 - we should schedule in PJM through the 21st of January (they may push back, but we should remind them that they will be subject to LDs).

Thanks,

Don
3-0492


I hope Bruce's explanation is sufficient!  Please call me if you have any
other questions.  Thanks.  Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 01/17/2000
04:34 PM ---------------------------

Bruce Harris@ENRON_DEVELOPMENT
01/17/2000 02:08 PM
To: Sara Shackleton/HOU/ECT@ECT
cc: Nancy Muchmore/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Glenn E
Matthys/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rick
Hopkinson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bruce
Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: Enron Pipeline Company - Argentina S.A. ("EPCA")

The purpose of the account is to buy 0.5% of TGS shares.  By buying those
shares, Enron will be able to utilize NOLs that are currently trapped in
CIESA, the parent company of TGS.  Jeff Kinneman's group will handle actual
market execution.  Glenn, please forward to Ted and Sara a  copy of the
signed DASH.

Regards,  Bruce

Sara Shackleton@ECT
01/17/2000 02:03 PM
To: Bruce Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nancy
Muchmore/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Enron Pipeline Company - Argentina S.A. ("EPCA")

Would someone please provide me with an explanation of the purpose of this
account.  Thanks.  Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 01/17/2000
02:02 PM ---------------------------

Susan Bailey
01/17/2000 01:11 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Enron Pipeline Company - Argentina S.A. ("EPCA")

Sara,

Ted Murphy has executed the documents relating to the opening of a brokerage
account for EPCA @ Morgan Stanley.  Ted has asked that you send him an e:mail
message as to the purpose of the EPCA brokerage account.

Thanks.


did she try your patience?

	Enron North America Corp.

	From:  Shanna Husser @ EES                           08/30/2000 10:31 AM

To: Eric Bass/HOU/ECT@ECT
cc:
Subject:

I got my little review today.  It was a positive experience.  She didn't
really say anything negative at all- and she even commented that she felt bad
not giving me any constructive criticism- but that she was really surprised
at how good of a job I did- with only being a rotator and having such limited
work experience.  She said that after I finish my third rotation in EES she
would like for me to consider taking a permanent position in her group.  We
will talk about it more towards the end of this rotation.

So- I am currently NOT irritated.

Shanna


Should I appeal to Skilling.

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 02/15/2000
12:52 PM ---------------------------

Lee Wright@ENRON
02/15/2000 10:48 AM
To: Phillip K Allen/HOU/ECT@ECT
cc: Amelia Alder/OTS/Enron@ENRON
Subject: Storage of Cycles at the Body Shop

Phillip -
I applaud you for using your cycle as daily transportation.  Saves on gas,
pollution and helps keep you strong and healthy.  Enron provides bike racks
in the front of the building for requests such as this.  Phillip, I wish we
could accommodate this request; however, The Body Shop does not have the
capacity nor can assume the responsibility for storing cycles on a daily
basis.  If you bring a very good lock you should be able to secure the bike
at the designated outside racks.

Keep Pedalling - Lee


All,

The below is the final list  of candidates that I have recieved to interivew for the Origination Track.   All names have either been recommended or approved by their manger.  Each candidate will be contacted tomorrow and we will proceed with a late November interview date.   You, as the managment team will be expected to interivew candidates.    If there are any final additions you would like to make to the below, please let me know asap.

Kind regards,

Karen.
x54667

Candidates:		Referred/Manager Approval

Marks Jimmy		Mitch Robinson
Martin Gregory		Carl Tricoli
Quinn Kristin		Carl Tricoli
Edmonds Marcus		Lisa Bills
Brian Kolle		Lisa Bills
Buss JD		Brian Redmond
Little Kelly		Brian Redmond
Hinze Ryan		Brian Redmond/Jean Mrha
Ben Freeman		Jean Mrha
Oh Jeffrey		Todd Perry
Olsen Michael		Daren Farmer
Cardens Catalina		Chris Gaskill
O'Malley Justin		Chris Gaskill
Lauren Schlesinger		Chris Gaskill
Bart Burk		Chris Gaskill
Hoff Jonathan		Don Miller


Hello Everyone.

AEP has been very cooperative with us when we have posted numbers in error on EOL.  Please extend them back the favor if an issue comes up on their side.  Also please e-mail me if an issue comes up.

Thanks

John


Went home and went to bed buddy!  So which of the lovely young ladies did you
spend time with?

Chad Gronvold
06/26/2000 07:11 PM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject:

So, what did you end up doing Saturday night?  Did Ingrid come over?  You
should have gone to the Black Swan!


Attached is a revised Credit Watch listing for the week of 3/5/01.  Please
note that PG&E Energy Trading-Gas Corp. is back on the Watchlist for "NO
TRADES".
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, or Brant Reves at x3-9897.


Dear InvestorPlace.com Member,

I've just revealed a BRAND-NEW wireless recommendation
to my subscribers, and I'm SO excited about this
opportunity that I want to share the details with you,
too.

You see, wireless growth is simply exploding around
the world -- especially after the September 11
terrorist attacks.  Cell phone giant Nokia, for
example, has skyrocketed 41% just since October
1st...worldwide wireless traffic is projected to grow a
whopping 30% in 2001 alone...China plans to spend $151
BILLION on its telecom infrastructure by 2005...and
that's just the very BEGINNING of what lies ahead for
this monstrous market!

Quite simply, the profit potential is huge, and I want
to make sure that my subscribers -- and now you -- get
a piece of the phenomenal gains ahead.  That's why I'm
so excited about my newest recommendation.  I expect
it to leap 50% in the next 12 months ALONE, and I'm
looking for more incredible gains after that.  Let me
show you why.

First, you might not even know about this, but there
has been an INTENSE tech competition over the last
couple of years for the new digital wireless standard.
That battle is now over -- and this company has WON!
That means their proprietary technology will be used
in most 2.5G cell phones (set to be deployed early in
2002), and in practically ALL of the next generation
3G phones.  That alone is a terrific boon for this
stock...but keep reading, because this opportunity gets
EVEN BETTER.

Not only does this company get paid for every one of
its chips used in 2.5G or 3G cell phones...but it also
gets paid a license fee from every single company that
wants to sell or market a cell phone based on its
winning technology.  And I'm not talking about a
simple one-time fee either-these royalties get paid on
a QUARTERLY BASIS, for as long as the technology is
used.  One day, thanks to the strength of their
technology, I fully expect this company to get paid
for EVERY single cell phone in use!

And with projections for 1.3 billion cell phone
subscribers by 2003 and continued steady growth in the
following years, this is an absolutely EXPLOSIVE
opportunity for my stock.  This is a $42 billion
company growing an incredible 27% per year and
spending an impressive 17% of revenues on research and
development -- EXACTLY the type of commitment to
future growth that makes me so confident they will
maintain their competitive edge and DOMINATE their
market space for years to come.

I can almost guarantee that you'll be kicking yourself
for years to come if you don't buy this stock now.
DON'T LET THAT HAPPEN TO YOU!  I revealed the name of
this company -- including my buy price, target price
and full profit details -- in the December issue of
Technology Investing, which just got released.

To make sure that you're on board for ALL the profits
we expect to make with this wireless dominator, all
you have to do is accept a RISK-FREE trial to
Technology Investing today.  (Just visit
http://www.ppi-orders.com/index.htm?promo_code=0VN167
to do so now.)  When you do, you'll get the December
issue of Technology Investing immediately, and I'll send
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Friday Nov 23, 2001 10:27:50


Scott,
The wife is out of town until Saturday night.    I can play alot of golf on Saturday,  but I need to spend time with the wife on Sunday.     I will be available for the golf marathon on Saturday.    I have one player for Saturday morning,  but I dont have a player for Sat. afternoon yet, although I have another co-worker who is interested.
Should I fill this spot as well?

JMF

 -----Original Message-----
From: 	"Jacobucci, Scott" <Scott.Jacobucci@ElPaso.com>@ENRON [mailto:IMCEANOTES-+22Jacobucci+2C+20Scott+22+20+3CScott+2EJacobucci+40ElPaso+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Thursday, August 02, 2001 8:29 AM
To:	Forney, John M.
Subject:	RE: golf

John,  I am setting up a tee time for Sunday 8/5 around 8-9 AM at Augusta
Pines.  I just wanted to confirm if you could play Saturday afternoon at TPC
or Sunday morning at Augusta Pines?

Talk to you soon,

Scott

-----Original Message-----
From: John.M.Forney@enron.com [mailto:John.M.Forney@enron.com]
Sent: Wednesday, August 01, 2001 12:16 PM
To: Jacobucci, Scott
Subject: RE: golf

Scott,
I heard that the TPC was in decent shape.    Are you planning on playing on
Saturday in the morning or afternoon?
How many people do you have in the group?

JForney
713-853-7160

    -----Original Message-----
   From:   "Jacobucci, Scott" <Scott.Jacobucci@ElPaso.com>@ENRON

[mailto:IMCEANOTES-+22Jacobucci+2C+20Scott+22+20+3CScott+2EJacobucci+40ElPas
o+2Ecom+3E+40ENRON@ENRON.com]

   Sent:   Wednesday, August 01, 2001 8:13 AM
   To:     'jforney@enron.com'
   Subject:  golf

   John,

   Just checking to see if I have your email address correct.  Did you find
   out
   anything on TPC?

   Scott

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_____________________________________________________________________

Enron Law Conference
2001

May 2-4, 2001
Westin Riverwalk
San Antonio, Texas

Look for RSVP forms the end of February via e-mail.

_______________________________________________________________________


The summary for the Las Vegas LM 6000 turbines is attached.  This reflects
GE's final comments on the numbers (both performance and dollars), and is
ready to deliver after attaching the following:

 (1)  I have overnighted to Ron's attention the 1" or so stack of exhibits
from the master contract.  Pricing and spares have been deleted.
 (2)  The payment schedule for the 4 machines.  Kent Shoemaker said that Ben
J. should have the payment schedule.

Bill:  The performance numbers have been changed from those in the master
agreement to adjust for altitude and the decrease in water injection.  Please
confirm that these are correct.

P.S.  Sheila is right--you just have to stay on these guys until you get what
you want out of them.  Kind of like bull riding, I guess . . . .


This is a post only message. Click here http://www.aei.org/inv020207.htm to register online or print this e-mail, fill it out, and fax it to 202.862.7171.  Please do not reply to this e-mail.

HEALTH POLICY DISCUSSION
The OxyContin "Crisis"-Who's to Blame?

Thursday, February 7, 2002, 10:30 a.m.-12:30 p.m.
Wohlstetter Conference Center, Twelfth Floor, AEI
1150 17th Street, N.W., Washington, D.C.

The pharmaceutical drug OxyContin is a potent pain reliever, often the only help for hundreds of thousands of patients who suffer serious, relentless aches. The drug has recently been in the spotlight for its use as a street narcotic, sold on the black market and responsible for addiction and overdose deaths. In nearly all cases OxyContin addicts are established substance abusers and not patients suffering from pain. In order to obtain a heroin-like high, these addicts crush the pill to make it more powerful and fast-acting.
	The Drug Enforcement Administration and several state attorneys general are blaming "aggressive marketing" by OxyContin's manufacturer (Purdue Pharma) for what has been called an "Oxy abuse epidemic." Trial lawyers are filing class action suits against the company. Who is responsible for the abuse of OxyContin? This AEI discussion will include:

10:00 a.m.
Registration

10:30
Panelists:
JOHN E. CALFEE, AEI
WILLIAM ESTEP, Lexington Herald-Leader (invited)
J. DAVID HADDOX, Purdue Pharma L.P.
ERIKA KING, Covington & Burling
SALLY SATEL, AEI

Moderator:
JAMES K. GLASSMAN, AEI

12:30 p.m.
Adjournment

You may register online at www.aei.org/inv020207.htm, or you may fax this form to 202.862.7171, or mail this form to: American Enterprise Institute, Conferences, 1150 17th St., N.W., Washington, D.C. 20036.

I will attend the health policy discussion on February 7.

Name:

Title:

Affiliation:

Address:

City/State/Zip:

Telephone:

E-mail:
__Please check if this is a new address.

Registration fee for this event is $5.
Method of payment:

__Check payable to the American Enterprise Institute is enclosed

__I will pay at the door

__Fee waived (member of media, U.S. government employee, AEI supporter)

Charge my:

__Visa __MC __AmEx
Account number: ____________________
Expiration date: _____________________
Signature: _______________________________

For additional information, call the health policy events line at 202.862.5865.


Melba,

Will you please take a look at the term non-texas index products greater than
one year and activate them?  The section is numbered (1126) in product
manager.

Thanks,
Mike


How does Wednesday look for a conference call?

Kay