-----Original Message-----
From: 	Polsky, Phil
Sent:	Tuesday, November 20, 2001 8:32 AM
To:	Ward, Kim S (Houston)
Subject:	Enron Wire Articles

04:33 20Nov2001 RSF-Platt's: Enron sees cash drain, warns on survival

New York (Platts)--20Nov2001/533 am EST/1033 GMT Enron filed Q3 financials late Monday, revealing a huge cash drain, despite last week's $1.5-bil asset-backed infusion from merger partner Dynegy. Enron said its cash Friday had fallen to $1.2-bil, even with the Dynegy payment three days earlier, $550-mil drawn on a new bank line last week and $3-bil drawn on existing lines earlier this month to pay off $1.9-bil of commercial paper. Enron blamed operating costs, trade settlements and collateral deposits paid to trading partners. Enron said it expects $800-mil soon from asset sales and got another $440-mil bank line Monday. But it warned it might not be enough to keep its investment-grade credit rating or restructure debt coming due. That could have a "material adverse impact on Enron's ability to continue as a going concern," it warned.

For Related News, Double Click on one of these codes:
[nPL2779110] [CRU] [ENE.N] [US] [PGF] [MRG] [ELG] [NGS] [PLTN] [LEN] [CRU] [ENE] [US]
 Tuesday, 20 November 2001 04:33:58
RSF [Historical News] {C}
ENDS

19:23 19Nov2001 RSF-Enron sounds debt alarm, reduces reported earnings

    By C. Bryson Hull
    HOUSTON, Nov 19 (Reuters) - Humbled energy giant Enron Corp. <ENE.N> on Monday warned that it could be forced to pay a $690 million debt by next week and reduced its already-abysmal third-quarter earnings.
    The Houston company sounded the debt and credit alarms once again in a filing made on Monday with U.S. Securities and Exchange Commission.
    Among the new information included is the disclosure that Enron is up against a short deadline to meet a $690 million debt obligation triggered by a credit downgrade last week.   That marked the start of a nine-day period that expires on Nov. 26, during which Enron must lay down collateral against the debt owed to a third party in one of its myriad partnerships.
    If not, the partner has the right to liquidate all of the assets of the partnership, which includes a Brazilian natural gas company that Enron was counting on selling to raise $250 million in cash.
    The company is working to make alternative payment arrangements, since it can ill-afford to pay the debt now. Enron has already already maxed out its $3 billion credit line, secured roughly $2 billion in loans and is looking for more cash to stay afloat.
    Enron also reduced previously reported 2001 third-quarter earnings by 3 cents per share and increased previously reported earnings for the first 9 months of the year by a penny per share. The move reflects adjustments made after the quarter's end, Enron said.
    On Oct. 16, Enron reported a loss of $638 million or 84 cents per share for the third quarter of 2001. On Nov 8, Enron said it had restated earnings for 1997-2000 and that net income for the four-year period was more than a half a billion lower than originally reported.
    It also warned that a further drop in its credit rating could force it to pay $3.9 billion to other partnerships, the bulk of it to Osprey Trust and Marlin Water Trust.
    Such an outcome would keep Enron from paying its revolving credit accounts and "would likely have a material adverse impact on Enron's ability to continue as a going concern," the company wrote.
    Enron had released those figures earlier, but had yet to state in such stark terms the dire risk the debts pose to its viability.
    CREDIT COULD BE A KILLER
    Moody's Investors Service and Standard & Poor's this month cut their respective senior unsecured debt ratings for Enron to "Baa3" and "BBB-minus," just one notch above "junk" status. Each warned it may cut its respective ratings again. Moody's also cut Enron's short-term debt rating, which affects  commercial paper, to "Not Prime," a junk rating.
    In nearly all of its partnership deals, Enron guaranteed the financing it received with a promise to issue Enron shares to its partners if its credit fell below investment grade and its stock price was under certain levels. At the close of trading Monday on the New York Stock Exchange, Enron shares were at $9.06 - well below the trigger prices.
    All of the partnerships, which Enron used to finance projects in a way that kept them off the balance sheet, have become the once-proud company's bane. The SEC is investigating potential conflict-of-interest issues involving two such partnerships on which ousted Chief Financial Officer Andrew Fastow served as general partner.
    Enron had to extract itself from those partnerships, which led to a $1.2 billion reduction in Enron shareholder equity.
    The revelation of the equity reduction started one of the more stunning and rapid corporate collapses in recent memory, leaving Enron to be bought on Nov. 9 by smaller cross-town rival Dynegy Inc. <DYN.N> for the fire-sale price of $9 billion in stock.
    In an unusual note, Enron said that its financial statements in the filing were not audited by an independent accountant, per SEC regulations, because of "the need of Arthur Andersen LLP, Enron's independent auditors, to complete their review procedures."
    Arthur Andersen had no comment, but Enron said the ongoing investigation by a special committee appointed by Enron's board of directors to look into its partnership dealings precludes the audit's completion.
    (Additional reporting by Andrew Kelly in Houston and Jonathan Stempel in New York)
    ((Houston bureau, 713 210 8522, bryson.hull@enron.com))

For Related News, Double Click on one of these codes:
[nN19116158] [ENE.N] [DYN.N] [E] [U] [O] [OIL] [ELN] [BRZ] [G] [RNP] [PGE] [US] [ELG] [DBT] [USC] [RESF] [RES] [NEWS] [NGS] [BR] [MRG] [LEN] [RTRS] [ENE] [DYN]
 Monday, 19 November 2001 19:23:57
RSF [Historical News] {C}
ENDS


Kate Symes
Trading Support
503-464-7486


At 03:12 PM 11/19/2001 -0600, you wrote:
>sorry about this - my computer has been down for awhile.  i've also lost my
>password, can
>you tell me the password for an account under the name "cooper" ?

Your password has been reset to "uict8805"  (username is still
"cooper").  Let me know if you need anything else..

Thanks,
Michael Grafft
Llama Communications
mike@llamacom.com


---------------------- Forwarded by John Arnold/HOU/ECT on 04/19/2001 11:28 AM ---------------------------

SOblander@carrfut.com on 04/19/2001 10:50:12 AM
To:	soblander@carrfut.com
cc:
Subject:	option candlesticks

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

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

Option Candlesticks
http://www.carrfut.com/research/Energy1/candlesticks25.pdf

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


John,
Per our phone conversation, here is how to get in touch with me.  I will follow up tomorrow with a quote.

Thanks.

Darron Giron
Manager

Telephone:	713-853-9573
Cellular:		832-524-6091
Fax:		713-646-8453
Email		darron.c.giron@enron.com


FYI - see below.  Deb

Deb Korkmas
EWS Legal Dept.
1400 Smith Street, Room 3819
Houston, TX  77002
Phone:  713-853-5448
Fax:  713-646-3393
----- Forwarded by Deb Korkmas/HOU/ECT on 04/09/2001 01:37 PM -----

	Nicki Daw/ENRON@enronXgate
	04/04/2001 02:47 PM

		 To: Deb Korkmas/HOU/ECT@ECT, Lois Hendricks/ENRON@enronXgate, Jeffrey T
Hodge/HOU/ECT@ECT
		 cc: Janette Elbertson/HOU/ECT@ECT
		 Subject: Signing for Mark Frevert

Mark will be out of the office on vacation April 9th-20th, returning on April
23rd.  I am not expecting him to have access to a fax machine so if you have
anything urgent, can you get it to me by Friday lunch time please?

Regards,

Nicki


that is correct


Sorry its taken a little time, but I'm talking to structuring this morning.
I will hopefully get you that information today.
Ben


********************[ A D V E R T I S E M E N T ]****************
Like the diversification of mutual funds but not the fees and
taxes? Try FOLIO investing and easily buy portfolios based on
indices, sectors or any group of stocks you like, even the Money 30.
Take advantage of our HALF-PRICE Offer for Money Readers. CLICK Below
http://www.foliofn.com/content/lp/lp.jsp?id=monyem00031000y
*****************************************************************
SIVY ON STOCKS from money.com
November 24, 2000

Frequently asked questions

Is it bullish if my stock is added to the S&P? Can stock splits and
buybacks increase total returns? What should I do with a spinoff?

By Michael Sivy

Q: Does being included in an index like the Dow or the S&P 500 increase a
stock's returns?

A: Just being in an index doesn't have much long-term effect. But stocks
typically receive a quick boost when they're added to a major index and go
down a little when they're kicked out. That's because many mutual fund
managers tie their performance to the Dow or the S&P 500, leading them to
hold many of the same stocks. As a result, money managers frequently load
up on new additions and dump stocks that are removed.

Q: Are stock splits good for shareholders?

A: Studies confirm that splits are good for share prices. According to one
study, stocks that split two-for-one outperform the market over the
following year by an average of four percentage points. That may not seem
logical, since a split has no fundamental impact on value: You simply get
more shares that are worth proportionately less.

But there are explanations for the outperformance. By reducing the share
price, splits make it easier for small investors to buy 100-share round
lots, boosting demand for the stock. In addition, no company wants to split
its stock and then watch it crash. So a company's top managers aren't
likely to authorize a split unless they are optimistic about the future. Of
course, management confidence means more for blue chips than for start-ups,
which may well disappoint even their own insiders.

Q: How beneficial are stock buybacks?

A: Companies that regularly buy back their own shares can outpace
comparable stocks by as much as three or four percentage points a year, on
average. In simplest terms, buybacks ensure that earnings -- and earning
increases -- are divided among a smaller number of shares. As long as the
cost of the buyback is less than the benefit of shrinking the number of
shares outstanding, earnings per share will rise.

As a result, buybacks are most effective when a company has at least 12
percent annual growth and a P/E below 20. Of course, those are the same
characteristics that conservative growth investors look for (see "Investing
for growth" [
http://www.money.com/money/depts/investing/sivy/archive/001009.html ]). So
you should first choose stocks based on fundamentals, and only count
buybacks as a bonus. Two cautions: Buybacks of high-priced stocks may not
help much. And not all companies that announce buybacks actually follow
through and repurchase shares.

Q: Should you hang on to a spinoff?

A: When a large corporation spins off some of its operations as an
independent firm, the new stock may fall in the first month or so. Reason:
Many existing shareholders who receive a spinoff dump it. Index funds, for
example, won't hold it if it's not in their index. And individual investors
may sell because the company doesn't fit their investing style. Following
the initial dip, however, spinoffs often go on to be stellar performers. In
fact, one study found that spinoffs outperform comparable stocks by as much
as 20 percentage points over the first 18 months.

If you own a stock in a company that is going to grant you shares in a
spinoff, it may be smart to wait at least a year before selling the new
shares. On the other hand, if you aren't a shareholder and the spinoff is a
stock you'd like to own, consider waiting until after the initial dip.

###

Post your comments on Michael's column at:
http://www.money.com/depts/investing/sivy/index.html

To subscribe or unsubscribe to Sivy on Stocks, go to:
http://www.money.com/email/

Earning Releases and Calls
For the latest corporate earnings releases and online conference
calls click on: http://money.ccbn.com

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

Special Internet Offer!!!

Sign up for a RISK-FREE issue of MONEY MAGAZINE at
http://www.money.com/subscribe2

Or if you prefer call our toll-free number 1-800-544-4594

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

We may, from time to time, contact you with offers for Time Inc.
products and services which we think may be of interest to you.
If you would prefer us not to contact you in this manner, AND
YOU DID NOT INDICATE THIS PREFERENCE AT THE TIME YOU SIGNED UP
for the Sivy on Stocks online newsletter or any other Time Inc.
online newsletters, please let us know by sending us an e-mail
at <no_solicit@money.com>.

Additionally, from time to time we may provide your e-mail
address to carefully chosen companies whose offers we think may
be of interest to you.  If you would prefer us not use your
e-mail address in this manner, AND YOU DID NOT INDICATE
THIS PREFERENCE AT THE TIME YOU SIGNED UP for the Sivy on Stocks online
newsletter or any other Time Inc. online newsletter, please let
us know by e-mailing us at <no_transfer@money.com>.


The deal number in Sitara was changed because of an internal book name
change.  It had nothing to do with the monetization status of the deal.  If
this has caused a problem, let me know.  I didn't think that just changing
the deal number would have this effect.   Thanks.

DG    3-9573

	Enron Global Finance

	From:  Steve Ross                           09/19/2000 10:07 AM

To: Melissa K Ratnala/HOU/ECT@ECT
cc: Darron C Giron/HOU/ECT@ECT
Subject: Re: short fall $971,443.11 for Wis Elect Power

Any word?  I am going to send in the water fall today so please let me know.
Thanks

	Enron North America Corp.

	From:  Melissa K Ratnala                           09/15/2000 09:06 AM

To: Darron C Giron/HOU/ECT@ECT
cc: Steve Ross/HOU/ECT@ECT
Subject: Re: short fall $971,443.11 for Wis Elect Power

Darron,

Sitara indicates that the below deal #10129 was changed to deal #312218.
Steve Ross with Company 103 and my records indicate that this deal should
have been monetized until September prod.  Please let me know if you show
otherwise, as monetized volume stopped flowing as of July production.

Thank you, Melissa

To: Melissa K Ratnala/HOU/ECT@ECT
cc: Audrey Cook/HOU/ECT@ECT, Shielah Castro/Corp/Enron@Enron
Subject: Re: short fall $971,443.11 for Wis Elect Power

Melissa,
We are missing the CIG/NNG pull for deal 10129.  The 232,500 is south TX deal
10132 which is booked.  Past history
has the 10129 deal pulling the same quantity as the 10132.   I am just trying
to figure out were the other half of the monthly pull might be if in fact
there is any.

Thanks

	Enron North America Corp.

	From:  Melissa K Ratnala                           09/14/2000 01:26 PM

To: Steve Ross/HOU/ECT@ECT
cc: Audrey Cook/HOU/ECT@ECT, Shielah Castro/Corp/Enron@Enron
Subject: Re: short fall $971,443.11 for Wis Elect Power

Steve,

Please field all monetized questions/requests through me.  We have many new
faces, most of which have not yet been trained on monetizations.  We are
actually restructuring which coordinators will be handling the monetized
contracts and once completed, we will have firm contacts for you.

To answer your question, Wisconsin Electric Power deal #10132 and 10129 are
still valid until 9/00, but I booked invoice #13470SA on your books in Doc
#1600000445 for 232500 mmbtu and $1,011,549.39.  Is this not what you were
looking for?  Please explain further.

Thanks!  Melissa

To: Shielah Castro/Corp/Enron@Enron
cc: Melissa K Ratnala/HOU/ECT@ECT
Subject: short fall $971,443.11 for Wis Elect Power

Is the CIG/NNG DUMAS contract expired?  My water fall is still looking for
monthly MMBtu and there is none for July production
yielding  the above short fall.  Please let me know today as I am procesiing
this months' payment.

Thanks


Fine - I will follow up with Jennifer and Torrey before convening with the
legal team at 11 am (5 UK).

m

David Forster
15/09/99 09:50
To: Mark - ECT Legal Taylor/HOU/ECT@ECT, Mark Dilworth/LON/ECT@ECT
cc:
Subject: Re: Long Descriptions - Indexes

Thanks for your recent emails. My response to various issues raised:

Before Torrey Moorer and Jennifer deBloisBlac Denney met with the confirms
people, I said:

1) The GTC + Long Description should cover all of the elements necessary to
form an unambiguous contract. The paper confirmation should just be a written
record of what has already been agreed and should not introduce any new
concepts.

2) The Long Descriptions should cover everything which a trader would (both
explicitly and implicitly) discuss over the telephone.

At this point, I have received all of Torrey and Jennifer's comments and they
have been incorporated. I have also received comments from Andy Thomas, which
he says incorporates everything which he received. Therefore, all feedback
which was given to any of the above three individuals should now be reflected
in the spreadsheet and the database.

In some cases, certain items of feedback were ignored because they were
incorrect - e.g. the addition of a "price" field to the PAI list.  There were
also some cases when multiple requests to language changes occurred to a
single data item, or certain items of feedback were superceded by others. If
someone says that they provided feedback which you believe is valid for
inclusion and which has not been incorporated, please let me know the details
of the change and who the request was passed to.

Thanks,

Dave

To: David Forster/LON/ECT@ECT
cc:
Subject: Long Descriptions - Indexes

Dave:

One item that was left open after my meeting with Mark D. this morning was
what the Index should look like and how much input we have had from the
confirm desk.  My inclination was that the index should be the same language
that we currently use in the confirmation on the theory that the GTC taken
together with the long description should result in a complete, unambiguous
contract.  Mark felt that the index should provide a more complete
description than the short description abbreviation but that the full legal
text could wait for the paper confirm.

Given Mark's view as to how this field should be dealt with, it may be that
the confirm desk has in fact looked at all of these and said they look fine
as far as they go and has not attempted to correct them with the full legal
language.

Mark said he would be contacting you himself but I thought it might make
sense to give you my version as well.

What are your thoughts?  If you'd like to discuss, I will be in by 9:00
tomorrow but have a meeting at 10 and then the meeting with all of the
lawyers and Mark to discuss the further long description review at 11.

Mark


TJae

Do you know what my mail stop # is? This person has some mail that doesn't
seem to be finding me.

Thanx

Chris
---------------------- Forwarded by Chris Dorland/HOU/ECT on 10/30/2000 12:55
PM ---------------------------

Rebecca Torres
10/30/2000 11:39 AM
To: Chris Dorland/HOU/ECT@ECT
cc:
Subject: Re: Mail

It has on there to be sent to 3116e but it came here instead. So can I have
your mail stop # to send this to you.

Thanks,
RT

Chris Dorland
10/30/2000 12:35 PM
To: Rebecca Torres/HOU/ECT@ECT
cc:
Subject: Re: Mail

Can you send it to my desk at 3116e please.

CD
3-1663


Here is Stephanie's response re Ejasent and AfricaOne.  Not Offline related.

----- Forwarded by Kay Young/HOU/ECT on 04/19/2001 09:47 AM -----

	Stephanie Segura/ENRON@enronXgate
	04/17/2001 03:19 PM

		 To: Kay Young/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT
		 cc: Travis McCullough/HOU/ECT@ECT, Mark S Palmer/ENRON@enronXgate
		 Subject: RE: Offline Agreements

Kay--

These agreements pertain to telecom deals that are currently dormant.

Stephanie

P.S. When sending email to our group, please be sure to send messages to
"Mark S. Palmer", as "the other" Mark Palmer is a VP in the PR department.
Thank you!

 -----Original Message-----
From:  Young, Kay
Sent: Tuesday, April 17, 2001 2:08 PM
To: Jones, Tana
Cc: McCullough, Travis; Segura, Stephanie; Palmer, Mark
Subject: Offline Agreements

Tana et al:  This list indicates the agreements that I have as relating to
the Offline Project.

 I thought we had come to an agreement with Sun Microsystems, Inc.
(separately from iPlanet)  Let me know if anyone has an executed version.

I'm not sure AfricaOne and Ejasent are Offline agreements.  Stephanie and
Mark , let me know.

 << File: Offline.rtf >>

Kay C. Young
Legal Specialist
Enron North America Corp.
713-853-6794 Phone
713-646-3393 Fax
kay.young@enron.com


---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000
12:08 PM ---------------------------

	Invitation
Chairperson: Richard Burchfield
Sent by: Cindy Cicchetti

Start: 09/27/2000 11:30 AM
End: 09/27/2000 12:30 PM

Description: Gas Trading Vision Meeting - Room EB2556

This meeting repeats   starting on    (if the date occurs on a weekend the
meeting ).
Meeting Dates:

Phillip K Allen/HOU/ECT
Hunter S Shively/HOU/ECT
Scott Mills/HOU/ECT
Allan Severude/HOU/ECT
Jeffrey C Gossett/HOU/ECT
Colleen Sullivan/HOU/ECT
Russ Severson/HOU/ECT
Jayant Krishnaswamy/HOU/ECT
Russell Long/HOU/ECT

Detailed description:


Hi, Brent

I have a potential house for you to see if you are interested. It is very
large and is in a beautiful location right near Hampstead Heath. The current
occupiers are moving out most likely at the beginning of April and Enron
holds the lease until the end of June. The commute is approx 35 mins to the
office.

It is in an incredible area and is very spacious with a large garden so I
would recommend seeing it. Cost is o1400 p/w plus I would need to arrange
furniture which would not be a problem.

Are you interested and if so, can you see it on Tuesday afternoon? If so,
what time would be best?

Sorry I can't offer it to you, Sally, but we won't have it long enough unless
the landlord would allow us to extend which is a possiblity.

Regards
Tara


BUSINESS HIGHLIGHTS

Enron Industrial Markets
EIM has recently formed a Forest Products Origination team led by Rob Saltiel
to pursue structured transactions.  Typically, these deals employ a
combination of physical supply/offtake, price risk management and/or finance
to bring value to Enron and our customers.  Priority commodities include
pulp, newsprint, recycled papers, linerboard, and lumber.  Response to the
new team,s efforts has been positive, as many of the Forest Products
companies have needs for commodity and capital solutions that are currently
unavailable.

Enron Freight Markets
During its first month in the over-the-road (OTR) trucking business, Enron
Freight Markets has completed over 120 spot OTR trades.  On Friday, March 18,
there was a shortage in the Houston outbound market and capacity was selling
for $1.65 per mile.  By comparison, average market price has stayed in the
$1.05-$1.10 per mile range in recent weeks.

EnronOnline
On May 23, Enron Corp. announced that it completed its one-millionth
transaction on EnronOnline, the world,s largest web-based e-commerce platform
for commodities. As an online extension of its successful wholesale energy
business, EnronOnline began transacting natural gas and electricity on
November 29, 1999.  Since that time, the company has extended the platform to
approximately 1500 wholesale commodity products ranging from energy-related
commodities to bandwidth, metals, forest products, plastics, petrochemicals,
and weather and credit derivatives.

Approximately 60 percent of all Enron transactions are now conducted online,
and the cost of processing the transactions has been reduced by 75 percent.

EnronOnline Statistics

Below are the latest figures for EnronOnline as of May 23, 2001

?  Total Life to Date Transactions   > 1 million
? Life to Date Notional Value of Transactions   > $600 billion

IN THE NEWS
Enron Corp. Chief Executive Officer Jeff Skilling likes to say that the
nation,s leading energy merchant was ready for the Internet long before there
was anything.com. Enron,s business of buying and selling commodities - by
phone or fax - was a natural fit for the Web. The challenge now is to get the
new broadband Internet trading unit on solid footing by proving that
bandwidth can be traded like a commodity. BusinessWeek e.biz/May 14,2001.

WELCOME
New Hires
EGM - Gregory Sharp, David Cho
EIM - Rosie Carrizal-Moulinet, Thomas Mathieu
ENA - John Poppa, Brandy Powell

Transfers (to or within)
EGM - Rhonna Palmer

NUGGETS & NOTES

Travel tips of the week:
1) Fly Coach.  Elite members of frequent flyer programs are often upgraded to
first class at no additional charge.
2) Consider Alternate Airports. If you live within driving distance of two or
more airports, examine fares for each airport carefully.  Sometimes special
fares are offered for flights into specific airports.

LEGAL STUFF
The information contained in this newsletter is confidential and proprietary
to Enron Corp. and its subsidiaries.  It is intended for internal use only
and should not be disclosed.


Louise and John:

Please note that starting from 5/21/2001 the west desk will start publishing the West and Canada VaR report onto Executive Report Viewer.  IT and Risk Control are working on getting west gas positions set up for the report and getting all VaRs calcuated for all books with positions.  As soon as the set up is accomplished, we will start presenting complete data on the intranet.

Please let me know if you have any questions.

Thanks,
Fran Chang
503.464.7973


Today was the first day of FERC's "RTO Week" in Washington, D.C.  The topic of today's panel was "RTO Markets and Design:  Required Markets and Optional Markets."  The issues in both panels were quickly merged and the two panels discussed all of the issues.

Panel One:  Mandatory RTO Markets

The morning panel consisted of the following participants:  Peter Cramton (University of Maryland), David Hadley (Indiana PSC), Mark Kleinginna (Ormet), John Meyer (Reliant), John O'Neal (Mirant), and Roy Shanker (consultant for generators in the Northeast).

Energy Spot Market

There was unanimous agreement among these panelists that the RTO must run a real time energy, or spot, market.  Most panelists agreed that the spot market should be a bid-based, security-constrained system with economic dispatch.  In response to a question from Pat Wood, most also agreed that nodal (LMP) pricing should be used in the spot market, although John Meyer from Reliant stated that zonal pricing is used in ERCOT and that works also.

Day Ahead Market and Balanced Versus Unbalanced Schedules

Most of the panelists said that the RTO should not require balanced schedules.  Peter Cramton said that with a day-ahead market, no need for balanced schedules because the real time market prices will discipline behavior.  John Meyer agrees, saying if there is no balanced schedules requirement, then there might be a need for a day-ahead market.  John notes that ERCOT has a balanced schedule requirement.  John also said that imbalance penalties could be appropriate for imbalances that hurt the system.   Roy Shanker also said FERC needs either a balanced schedules requirement (which he does not recommend) or have a day-ahead market.

ICAP Requirement

Most of the panelists (except Peter Cramton -- University of MD) support an ICAP requirement.  However, none of the panelists could point to an effective ICAP market (Roy Shanker says he has an idea of what would work - we will probably see this in comments in the ICAP proceeding due later this week).

Mark from Ormet kept bringing the message back to the need to know the rules and know that the rules will not change substantially over time.  Mark said liquidity in PJM does not help him move power to the Midwest since the rules are undefined outside of PJM.  He cannot enter into long-term contracts because he does not know what the rules will be one or more years out.  He also said you can have an ICAP market but market participants have to be able to meet ICAP requirements through load response.

 Standardized Markets

 Most of the panelists agreed that the mandatory markets should be real time and day-ahead energy markets, spinning and non-spinning reserves and regulation should also be required and be standardized.

Massey asked if the costs to standardize are outweighed by the benefits.  Roy Shanker said the Northeast works so FERC should not change it.  Even if FERC does not require standardization between the RTOs, creating large RTOs and fixing the problems within the RTOs will be a big improvement.  Mark with Ormet and the Indiana Commissioner both urged FERC to standardize the mandatory markets among the RTOs.

Panel Two:  Optional RTO Markets

The afternoon panel consisted of the following participants:  Fiona Woolfe (lawyer with experience in England and Wales pool); Roy Thilly (Wisconsin Public Power Inc.); Richard Pierce (professor at George Washington); Glen Arthur (Connecticut PSC); Steve Naumann (Commonwealth Edison); Ed Cazalet (APX).

This panel was intended to cover optional market issues, including whether a day-ahead market is needed and whether there should be ICAP markets.  This panel addressed these issues as well as the need for a real time market, market monitoring, and other issues.

Mandatory Markets

Other than Ed Cazalet (APX), the other panelists for the most part agree that the RTO should run a real time and day-ahead energy market, ancillary services markets, and there must be an ICAP requirement.  Ed Cazalet believes that there only needs to be a small balancing market (perhaps with balanced schedules requirements) and leave the creation of any other markets to independent entities to create.

 ICAP

 Most of the panelists believe that the RTO should provide a day-ahead market, congestion management and ancillary services.  Most also favor an ICAP requirement and market.

Pat Wood said he is not convinced that a blanket ICAP requirement is needed on Day One.  He has been considering an ICAP requirement that does not apply until triggers are reached, and perhaps that should be considered here as well.  He has also been talking with a Northeast regulator about having different requirements for states depending on whether they have retail access or not.

Shelton Cannon (Staff) asked the panelists to assume one Midwest RTO - can there be different ICAP requirements within the RTO?  Most panelists agree that if the ICAP rules are the same within the RTO, that there could be percentage requirement deviations.

Day Two of RTO Week focuses on Congestion Management in the morning and Transmission Planning and Expansion in the afternoon.  We will get summaries out on these panels tomorrow.

Please call me with questions or comments.

Sarah


I will be there...
PL

 -----Original Message-----
From: 	Hull, Bryan
Sent:	Monday, November 05, 2001 10:58 AM
To:	Bass, Eric; Baumbach, David; Blanchard, Timothy; Hiemstra, Nick; Love, Phillip M.; Mathews, Reagan; Plachy, Denver; Winfree, O'Neal D.
Subject:	Game Wed

Our game is 9 Wednesday. Let me know if you're in.


Looks good.

Regards
Delainey


Per,

What's the deal he's talking about?  I also do not think we could put ENA and
Enron Metals Ltd. trades under the same master.  When you have a mingute give
me a ring.

Tana
----- Forwarded by Tana Jones/HOU/ECT on 09/29/2000 07:24 AM -----

	Craig Young
	09/29/2000 07:16 AM

		 To: Alan Aronowitz/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Per
Sekse/NY/ECT@ECT, tj.pimpinelli@mglondon.com, Justin Boyd/LON/ECT@ECT
		 cc: Craig Young/NY/ECT@ECT
		 Subject: Swap Document

Name Catequil
MD  Paul Touradji (X Tiger)

We were advised that a swap document is in the works through Per Sekse Enron
New York. We would like this document to cover all products and Enron Metals
Ltd. ---not just North America.

My guess--- we trade with most of Per Sekse funds and this issue should be
clarified

Craig


Teb, in the midst of the holiday frenzy, take a
moment to see who's new on your class list:

Ray High School
59 new classmates have joined.
View these classmates now!
http://www.classmates.com/go/e/74243541/CC122401BT/CM08/1625

Are These Your Wonder Years?
Do you spend a lot of time these days wondering what happened
to your study buddies, roommates, and pals? Become a Gold
member today and find out!
http://www.classmates.com/go/e/74243541/CC122401BT/JN70T

Movies, Music, Sports, and More!
Classmates Interest Groups make it easy to find new friends
who share your passions. Visit Classmates and add a little
interest to your day.
http://www.classmates.com/go/e/74243541/CC122401BT/CM148T

Missed Someone on Your List?
It's not too late to send holiday greetings in a Hi Note to
your old friends. Become a Gold member to send your merry
best today.
http://www.classmates.com/go/e/74243541/CC122401BT/CM09T

Reap the Rewards
A Gold membership more than pays for itself with our exclusive
Member Rewards. Get Delta vacation discounts, Buyer Assurance,
and bargains galore. Find out more!
http://www.classmates.com/go/e/74243541/CC122401BT/CM72T

Come back to Classmates and make old friends new again.
http://www.classmates.com/go/e/74243541/CC122401BT/CM15T

Best Wishes,

Wendy Dickerman,
Director of Member Care
____________________________________________________________

We hope you've enjoyed receiving this message from Classmates.
For details on all our email services, visit your email
subscriptions page.
http://www.classmates.com/go/e/74243541/CC122401BT/CM18T

Please do not reply to this email. If you need help or have a
question, visit our online Help area.
http://www.classmates.com/go/e/74243541/CC122401BT/CM06T

Classmates Connections is a trademark of Classmates Online, Inc.


John:

I am the attorney with Enron that has been working on this matter.  I have
worked off and on with both Wolf Frenkel and Michele Zaffarano at Sun.  We
will send to you by e-mail the most recent version of the Confidentiality
Agreement that we were discussing with them.

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3882A
Houston Texas 77002
Phone:  (713) 853-1575
Fax: (713) 646-3393/3490


EMAZING Home[IMAGE]Edit Your ProfilePrivacy

		Advice and Living - Brain Candy - Business and Money - Comics - Daybreakers -
Entertainment
		Espaol - Games - Good Thoughts - Grapevine - Greetings - Health - Hobbies -
Horoscopes
		Household Hints- Kitchen - Music - Sports - Style - Technology - Travel -
Wireless

		[IMAGE]

		  Fad diets?
		Yuck. Try the Asimba Nutrition Pro-weight loss for life. Click  here for more
details.

		Health & Fitness Tip of the Day
		Friday November 10, 2000

		Hikers' Hints

		Fall is a great time to hit the trail and take advantage of great scenery and
still-comfortable temperatures. Make sure you have supportive hiking boots,
though, so that your feet don't give out before you're ready to call it a
day. Leather is generally the preferred boot material since it breathes and
softens, unlike some synthetics. Make sure your toes don't hit the boots' end
(especially down hills), but also that your feet don't slide around much.
Take another step against blisters by wearing thin liner socks inside of your
hiking socks.

		- Mariam Ballantine

		Email  this tip to a friend - Browse  the Archives
		[IMAGE]

		 HEALTH BOOK OF THE DAY
		David Schrieberg: Eat, Drink, and Be Merry

		Election inDecision got you down?
		Sign-up for Emazing's inDecision 2000 Grapevine to vent your frustrations or
discuss the most exciting, confusing and contested election in American
History!

		Got something to say?
		Hello...I love you...Congratulations...Thinking of you...Happy birthday.
Whatever you wanna say, let Emazing's e-greetings say it for you! We have
hundreds of the coolest greetings around. They're fun, FREE, and easy to
send. Click here for more information.

		2000 Ford Taurus, yellow and black, 600HP V8, 5 speed, No AC, No AM/FM.
		Sign-up today for your FREE subscription to EMAZING.com's Auto Racing
Daybreaker and you could win Matt Kenseth's NASCAR Winston Cup racecar.

		Want Coupons, Free Stuff, Rebates and More?
		Visit CoolSavings. We've got great deals on everything from CDs and groceries
to car insurance and school supplies -- all from your favorite online and
neighborhood stores.

		Our e-greetings aren't turkeys...
		But we have plenty with turkeys on them to celebrate your holiday
get-togethers and feasts!

		     QUOTE OF THE DAY
		You can fool too many of the people too much of the time.
		- James Thurber

		 [IMAGE]

		  Election inDecision got you down?
		Sign-up for Emazing's inDecision 2000 Grapevine to vent your frustrations or
discuss the most exciting, confusing and contested election in American
History! Click  here for more details.

		[IMAGE]
		?
		Advertise - Company Info - Feedback - Help - Jobs - Privacy Policy - Terms &
Conditions
		Archives - Edit Your Profile -?Unsubscribe

		EMAZING.com is a service of EMAZING, INC. Copyright 2000. All Rights Reserved.
		EMAZING.com - Whatever you're into, we email it to you. FREE!
[IMAGE]


Vince,

Here are the feedback forms for the following:

VP and MD

Manager and Professional

Administrative Support

Let me know if you have any other questions.

Norma
X31545


Please join the Rates group in a presentation for Transportation Rates.

There will be two sessions.  Both will be held in EB30C2.

The first one is Wednesday, September 12 from 1:30 - 2:30

The second class will be Thursday, September 13 from 1:30 - 2:30

Refreshments will be served

Please RSVP to Brandee Jackson (ext. 54013) to let her

know which class you will be attending.

Thank You


Do you want to do this?
-----Original Message-----
From: Engler, Adrianne
Sent: Tuesday, November 06, 2001 5:03 PM
To: Curry, Mike; Forster, David; Kitchen, Louise; Kroll, Heather; Lagrasta, Fred; Luce, Laura; Mrha, Jean; Redmond, Brian; Tricoli, Carl; Tycholiz, Barry; Vickers, Frank
Cc: Martinez, Judy; Shoemake, Lisa; Schoppe, Tammie; Harvey, Claudette; Young, Becky; Hogan, Irena D.; Jones, Melissa; Holcombe, Tina ; Presas, Jessica; Buckley, Karen; Solis, Felicia; Berry, Lara
Subject: Origination Track

All -

Please note on your calendars we are anticipating holding the Origination Track interviews Wednesday, November 28 from 11am - 2pm with a debrief session to follow.

Further details to follow (location and resumes of candidates).

Thank you for your participation in these interviews.

Please contact either Karen Buckley (x54667) or myself with any questions.

Kind regards,

Adrianne Engler
x57302


Attached are the significant events for Government and Regualtory Affairs for
the first three weeks of February:


I get in too late tonight, but maybe dinner or drinks on Thurs?

Linda Robertson
06/19/2001 06:39 PM
To: Steven J Kean/NA/Enron@Enron
cc:

Subject: Dinner Plans

You are here Wed and Thur nights.  Do you have plans?  Do you want to do
something with some of the DC staff?


CALENDAR ENTRY:	REMINDER

Description:
	Holiday

Date:		11/23/2000
Time:		7:00 AM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Attached is the letter.  Please review.  I am still giving it one read over.


Enron to Sell Portland General to Northwest Natural (Update9)
Bloomberg, 10/08/01

Northwest Natural Gas to buy Portland General for $1.8 billion
Associated Press Newswires, 10/08/01
UK Pwr Mkt: Spot Dn On High Interconnector Flow
Dow Jones News Service, 10/08/01
USA: NW Natural sees "double digit" earnings growth.
Reuters English News Service, 10/08/01
NW Natural Gas's Portland General Buy Has No Breakup Fee
Dow Jones News Service, 10/08/01

Northwest Natural's CEO on Portland General Purchase: Comment
Bloomberg, 10/08/01

Enron to Sell Portland General to Northwest Natural (Update9)
2001-10-08 16:21 (New York)

Enron to Sell Portland General to Northwest Natural (Update9)

     (Adds closing share prices in fifth paragraph.)

     Houston, Oct. 8 (Bloomberg) -- Enron Corp. agreed to sell
Portland General Electric to Northwest Natural Gas Co. for
$2.9 billion in cash, stock and assumed debt, ending a more than
two-year effort to shed its Oregon utility.

    Enron, the largest energy trader, no longer needs Portland
General to sell electricity in the West and wants to spend on more
promising businesses, Chief Executive Ken Lay said in a statement.
Enron bought the utility for $3.21 billion in 1997 to gain
knowledge on selling power to neighboring California.

     ``Portland General is a 5 percent bottom-line growth rate
company,'' said Anatol Feygin, a J.P. Morgan analyst who rates
Enron ``buy.'' ``On wholesale and retail energy operations, Enron
has had 35 percent growth in earnings before interest and taxes,
and bottom-line growth of just under 20 percent.''

     Shares of Enron rose $1.72, or 5.4 percent, to $33.45.
Northwest fell 42 cents to $22.99.

     Enron will get less than it hoped from the sale, though
spokeswoman Karen Denne said the Houston-based company expects to
break even.

     A November 1999 agreement to sell the utility to Sierra
Pacific Resources of Nevada for $3.1 billion fell through in April
of this year because California banned sales of power plants
serving the state.

     Regulators had required Sierra Pacific to sell a stake in a
plant that sells power to California as a condition of its
purchase of Portland General.

                         Oregon Regulators

     Both Northwest and Portland General are based in Portland,
Oregon, which should make it easier for Enron to win clearance of
the sale. Oregon regulators can be expected to approve the
purchase in as little as nine months, Northwest Chief Executive
Richard Reiten said.

     ``No other combination of companies could achieve as much
political, regulatory, and general support of the citizens,''
Reiten said. ``We operate in essentially the same geographic
area.''

     Northwest, a gas utility, will pay $1.55 billion in cash,
$200 million in preferred stock and $50 million in common stock,
Enron said. Northwest will assume $1.1 billion in debt and give
$75 million in customer discounts previously agreed upon by Enron.

    Northwest has 525,000 natural-gas customers in Oregon and
Washington. Portland General has 730,000 customers in Oregon.

    Over the past 10 years, Lay has transformed Enron from a gas
pipeline operator into a company that gets most of its profit
growth from commodities trading.

     Enron no longer wants to own expensive assets such as power
plants that are under the control of regulators, who limit
profitability and often make the assets difficult to sell,
analysts say.

     ``This is a sign Ken Lay is tightening up the ship,'' said
Mark Baskir, manager of the $15 million Strong Energy Fund, which
holds 2,400 Enron shares. ``I feel better about the stock now.''

                           Retail Sales

     Enron's road to becoming a top energy trader in California
has been bumpy. It delayed attempts to sell electricity to
California residential customers in 1999, saying the state's
deregulation law made it impossible to profit from small power
sales. It transferred its retail electricity sales business in all
states to NewPower Holdings Inc., a separately traded company
formed by Enron in October 2000.

     When power prices in western state's soared late last year
and early this year, some utilities stopped paying for wholesale
power. Enron has estimated it's owed as much as $500 million for
energy sales in California.

     California's two largest utilities, PG&E Corp.'s Pacific Gas
& Electric and Edison International's Southern California Edison,
are insolvent after racking up billions in debt buying power at
prices far exceeding what state officials would allow them to pass
to customers.

                         California Battle

     California officials have accused Enron and other power
traders of manipulating the state's market. Enron also has
struggled with Oregon regulators.

     It was forced to cut power prices to Portland General's
customers by $141 million over eight years, more than double what
the company had anticipated when it bought the utility. Oregon
also rejected Enron's plans to sell its utility's 14 generating
plants.

    Enron will keep its stake in Northwest for at least 30 months,
the company said in a statement. It will have voting rights
limited to 4.9 percent of Northwest's common stock and will have
representation on Northwest's board.

    Northwest said the sale is expected to close this quarter and
add to earnings next year. Northwest expects to maintain its
annual dividend of $1.25 a share through this year.

    Job cuts are planned, Northwest said, without saying how many
positions would be eliminated. Northwest said it won't renegotiate
union contracts.

    Merrill Lynch and Credit Suisse First Boston will arrange
loans to finance the cash portion of the purchase, Northwest said.
Credit Suisse advised Enron on the sale.

     Enron last week agreed to sell oil and gas fields in India to
the U.K.'s BG Group Plc for $388 million. In May, the company
withdrew from a gas-pipeline project in Qatar.

Northwest Natural Gas to buy Portland General for $1.8 billion
By WILLIAM McCALL
AP Business Writer

10/08/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

PORTLAND, Ore. (AP) - Northwest Natural Gas said Monday it will buy Portland General Electric for $1.8 billion in a deal that will combine the largest natural gas and electric utilities in Oregon.
The purchase comes about four years after Enron Corp., one of the largest energy companies in the nation, paid $3.2 billion for Portland General Electric in a bid to expand into the Pacific Northwest and California.
But the slow pace of deregulation in Oregon and the California energy crisis prompted Houston-based Enron to start shopping for another buyer shortly after the takeover.
Northwest Natural Gas said it expects to close the purchase late next year, pending approval by regulators and its shareholders.
Enron will receive $1.55 billion cash and $350 million in securities.
The deal will create a Portland-based holding company with $5 billion in assets and more than 1.25 million customers. The new company would own more than 2,000 megawatts of generation, 26,000 miles of electric transmission and distribution lines and 12,000 miles of gas mains.
Northwest Natural Gas Chairman Richard G. Reiten said the deal would "help ensure that assets critical to Oregon's economy and environment will be locally-owned."
There will be an undetermined number of job cuts, he said, although all union contracts will be honored.
The deal brought immediate criticism from one of the state's leading consumer watchdog groups.
Bob Jenks, executive director of the Citizens Utility Board, said he was concerned about the heavy debt Northwest Natural Gas will carry under the deal and the gas company's recent efforts to lobby the Legislature to bypass regulators.
"They've tried to politicize rate proceedings," Jenks said. "If that's going to happen, and PGE rate cases are fought out in the Legislature and the governor's office, then I don't think that's going to be in the interest of PGE customers."
Analysts said the deal makes sense because the two utilities can cut a lot of costs in their overlapping service areas.
But Dan Fidell of A.G. Edwards & Sons said analysts and investors also are wary of the heavy debt load on NW Natural.
"Their balance sheet is going to suffer, at least in the near term," Fidell said. "They're probably looking at downgrades in their credit rating."
Enron earlier attempt to sell Portland General Eelctric fell through last March. It has seen stock prices fall in recent months as it moved into investments outside its core business, including an Internet company that took a beating in the stock market. But in morning trading Monday, Enron shares rose 77 cents to $32.50, which analysts said was partly due to heavier investment in strategic energy companies following news about the U.S. attack on terrorist outposts in Afghanistan.
---
On the Net:
Enron: http://enron.com
Northwest Natural Gas: http://northwestnatural.com
Portland General Electric: http://www.portlandgeneral.com

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

UK Pwr Mkt: Spot Dn On High Interconnector Flow

10/08/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- U.K. spot electricity prices Monday were down on a high volume of power from the intercontinental interconnector despite cooler weather,
while trade in forward contracts was too thin to site a trend, traders said.
Helping prices fall was the ready availability of cheap power through the in terconnector. All available capacity on the interconnector was used on Monday, c ompared with only half on Friday.
Also influencing prices was that, like last week, Enron started the day shor t, and then tried to push prices down before buying in large volumes, traders sa id.
"Basically it looks like Enron have gone into the winter short, thinking tha t pre-NETA jitters would make everyone else go long, and so far it looks like th ey're winning that bet," said a trader.
No one at Enron was immediately available for comment.
Day-ahead base load traded at GBP17-GBP17.35/MWh, down from Friday's trading
for Monday base load at GBP17.30-GBP17.70/MWh.
Day-ahead peaks traded at GBP18.50-GBP19.50/MWh.
Day-ahead extended peaks traded at GBP19.30-GBP19.50/MWh.
Weekend base load traded at GBP16.30/MWh, down from Friday's prices for last
weekend at GBP17/MWh.
Week 42 traded at GBP17.50-GBP17.55/MWh, down from Friday's prices at GBP17. 70-GBP17.75/MWh.
Enron's visible buying in the spot market is all the more striking given tha t its own 2000MW facility at Teesside is runing at just over half its maximum ou tput.
This likely reflects the high price of natural gas relative to electricity, a trader reckoned.
Plant has been in flux recently with a 400MW unit at Seabank II struggling t o maintain consistent output, while British Energy's 581MW unit at Heysham 1 cam e back online on Friday, and was generating 500MW by Monday afternoon. Both 535M W units at Dungeness B remain offline, while traders expect at least one to come
back online soon.
Forward market prices were down beginning with November, but not trading in volumes large enough to identify a trend.
On the U.K. Power Exchange, within-day prices peaked during settlement perio d 39 at GBP36.95/MWh. Lowest prices were for settlement periods 7-11 at GBP1/MWh . Volume was 12,412MWh in 24,824 contracts. On the Automated Power Exchange, the
average weighted day-ahead price was GBP18.63/MWh, up from Friday's price of GB P16.01/MWh.
The Meteorological Office expects Tuesday's temperatures to be 2 degrees Cel sius warmer in the southeast and Yorkshire and Lincolnshire. Countrywide, temper atures are forecast to in line with historical norms.
The Balancing Mechanism Reporting System said demand will peak Tuesday at 38 ,094 MW, with off-peak demand hitting a low of 25,908 MW. Demand peaked Monday a t 39,094 MW.
The following forward contracts traded Monday. Figures are in GBP/MWh: Contract Monday Friday
Nov 2001 base 19.33-41 19.50
Jan base 21.50-21.66 ---
Apr base 17.88-18.00 ---
Winter 2002 base 20.10 ---
Summer 2002 base 17.44 17.50
Summer 2003 base 17.58-17.59 17.60
Q1 2001 19.85-19.92 ---
Winter 2003 20.38 ---
-By Sarah Spikes, Dow Jones Newswires; +44-(0)20-7842-9345;
sarah.spikes@dowj ones.com
-0- 08/10/01 17-52G

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

USA: NW Natural sees "double digit" earnings growth.

10/08/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 8 (Reuters) - Northwest Natural Gas Co. said on Monday that the acquisition of Portland General Electric from Enron Corp would enhance its earnings by "double digits" from the first year.
Earlier on Monday Northwest said it was paying $1.8 billion for the firm and the deal was expected to completed by last quarter of next year.
Speaking to financial analysts on a conference call after announcing the deal, executives said the deal had all necessary financing and a new holding company which will be created to accommodate the assets will have debts of up to 80 percent of its capital structure.
Northwest said it expects the new holding company to receive an investment-grade credit rating after three years.

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

NW Natural Gas's Portland General Buy Has No Breakup Fee
By Christina Cheddar

10/08/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Of DOW JONES NEWSWIRES
NEW YORK -(Dow Jones)- Northwest Natural Gas Co.'s (NWN)
planned acquisition of Enron Corp.'s (ENE) Portland General Electric
Co. unit doesn't contain a provision for a breakup fee, Northwest
officials said Monday during a conference call.

Earlier, Northwest Natural, of Portland, Ore., and Enron, of Houston, announced the companies agreed to the terms of the sale. The transaction was anticipated since Friday when the companies confirmed a Wall Street Journal that the two were talking.
Under the terms of the planned sale, Northwest will acquire the Enron unit for $1.55 billion in cash and $250 million in seller-financing securities. Northwest also agreed to cancel a $75 million payment obligation from Enron to Portland General that was related to Enron's purchase of Portland General in 1996.
Northwest also is assuming $1.1 billion in existing Portland General debt and preferred stock.
During the conference call, Northwest officials said they expect the acquisition to close in the fourth quarter of 2002, following approval of Northwest's shareholders and regulatory agencies, including the Federal Energy Regulatory Commission.
The company has already secured the necessary financing, officials said.
Northwest shares recently traded at $23.10, down 31 cents, or 1.3. On Friday, the stock closed down 9.9% to $23.41 in anticipation of the acquisition.
Enron shares, meanwhile, have gained $1.41, or 4.4%, to $33.14.
Enron had previously agreed to sell Portland General to Sierra Pacific Resources (SRP) for $3.1 billion, but the deal was called off six months ago, in part because of complications stemming from the California power crisis.
Enron's decision to sell Portland, an electric utility with $5 billion in assets and $3.9 billion in enterprise value, is an example of Enron's strategy to sell its physical assets and focus on its energy trading activities.

Northwest Natural Gas Chairman and Chief Executive Richard Reiten said the acquisition of Portland General will have "solid accretion" under old accounting rules, and "double-digit accretion" under the new accounting rules pertaining to the treatment of goodwill. Under the former accounting rules, goodwill was amortized to expense.
Reiten didn't provide any specific estimates for the earnings of the combined companies.
In an interview, Reiten said the ability of the transaction to increase the combined company's earnings potential will be helped by a number of factors including the companies' overlapping service areas and combined customer bases.
Reiten expects to consolidate customer billing, call centers and meter reading.
Prior attempts by Northwest and Portland General to initiate joint meter reading for about 350,000 customers already have yielded about $1 million in cost savings, Reiten said.
Also, the acquisition gives Northwest the ability for non-speculative trading around the combined company's natural gas and electric assets, he added.
"The opportunities are exceptional for a utility in the Northwest. That's why we are so confident about the ability of this transaction to add to the bottom line," said Reiten, who served between 1989 and 1996 as the company's president and chief operating officer and as a member of its board.
The combination will result in staff reductions, but Reiten said he couldn't quantify how many. He said some of the reductions would occur through early retirement incentives and though attrition.
-Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

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

Northwest Natural's CEO on Portland General Purchase: Comment
2001-10-08 13:36 (New York)

     Portland, Oregon, Oct. 8 (Bloomberg) -- Richard Reiten, chief
executive of Northwest Natural Gas Co., comments on the company's
agreement to buy Portland General Electric Co. from Enron Corp.
for $2.8 billion in cash, stock and assumed debt.

     The transaction would consolidate the natural gas and
electric utilities in Portland, Oregon. Enron bought Portland
General for $3.1 billion in 1997. A 1999 agreement to sell the
utility to Sierra Pacific Resources of Nevada for $3.1 billion
failed in April because of regulatory delays.

     How Northwest, which has a market capitalization of about
$580 million, will finance the $2.8 billion purchase:

     ``We will issue $150 million of common equity at close. Our
Financial plan calls for another $150 million, three years out, in
2005.'' The company also expects to borrow $1.4 billion, and it
will assume $1.1 billion in Portland General's debt.

     On regulatory approval:

     ``We expect a nine-month to 12-month regulatory approval
period. Our first full year as a combined company would be 2003.
We expect to begin paying down debt that first full year, and we
expect double-digit accretion to earnings the first full year.

     ``No other combination of companies could achieve the
efficiencies these companies can, because we operate in
essentially the same geographic area. No other combination of
companies could achieve as much political, regulatory and general
support of the citizens.''

     On potential cost savings:

     ``We expect significant efficiencies. Common meter reading,
common call centers (customer service). All support services and
administrative functions that are duplicated, we can bring them
together.

     ``We have a wonderful match of the gas utility's interstate
pipeline and gas storage that can be used to enhance the gas-fired
generation facilities of Portland General.

     ``We have a storage field 15 miles from a 550-megawatt
generating plant. We'll be able to trade around those assets, in
non-speculative trading, something that Portland General has
become very good at under its ownership by Enron. Those assets
will enhance trading to bring costs down for the gas-fired
generation and give us more options.''

     On the investment profile of the holding company that will be
formed to own the two utilities:

     ``We see ourselves as a strong, combination utility with a
good, secure dividend, a fair price paid for our assets, and good
growth in earnings. We're confident we'll get regulatory support
for our structure.''


Tracee:

Attached is CO#1 which was signed and executed:

Attached is a draft of CO#2 which may or may not have been signed:

Kay:  Please forward an executed copy of CO#2 so we can continue issuing
Change Orders.

Thanks.
Kathy


I tried to call you this week about this, but I understand from your
voicemail that you are out. Then I ran into Jeff and he said it was being
handled and that there was nothing for me to do. I will be in Portland next
week if you want to talk about this matter. As far as the request to Avista,
I think that we should make such a request, preferably from our business
contact--a short and sweet letter should do.

	Dale Rasmussen
	01/04/2001 03:11 PM

		 To: Jeffrey T Hodge/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: APEA/Clark County PUD

Re-sending.  Hopefully you can print this one.

In connection with the APEA matter, we have been informed that Avista (Avista
manages Clark County PUD's gas supplies for its facility) has transaction
tapes related to Clark's declaration of force majeure that may be of
interest.

It is possible that we should send a request to Avista to retain the tapes
for the dates 12-6-00 through today in case a dispute arises over the
declaration of force majeure.  Do you think that would be prudent, and if so,
how would you like to go about making the request?


fyi, rick
---------------------- Forwarded by Rick Buy/HOU/ECT on 12/19/2000 12:24 PM
---------------------------

	From:  Sheila Glover                           12/19/2000 11:45 AM

To: Rick Buy/HOU/ECT@ECT
cc: Gary Hickerson/HOU/ECT@ECT, Shane Dallmann/LON/ECT@ECT, James
New/LON/ECT@ECT
Subject: UK Submission of Positions

Rick,
Shane Dallman and I are trying to speak with James to discuss the Libor Curve
and its impact on London's reporting.  The Libor curve is published daily in
Houston at 3:00 pm (CST) at the close of US Trading.

The Global Products books are now final closed from Houston so their areas
should not be impacted.

We will update you when we have spoken to James regarding his areas and
possible ways Rate & Currency can assist.

Sheila
---------------------- Forwarded by Sheila Glover/HOU/ECT on 12/19/2000 11:35
AM ---------------------------

	From:  Gary Hickerson                           12/18/2000 09:40 AM

To: Sheila Glover/HOU/ECT@ECT
cc:
Subject: UK Submission of Positions

---------------------- Forwarded by Gary Hickerson/HOU/ECT on 12/18/2000
09:43 AM ---------------------------

James New
12/18/2000 03:10 AM
To: Rick Buy/HOU/ECT@ECT
cc: John Sherriff/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT, Fernley
Dyson/LON/ECT@ECT, Mike Jordan/LON/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Gary
Hickerson/HOU/ECT@ECT
Subject: UK Submission of Positions

Rick,

Thanks you for your note below. We are today implementing a flash P&L
process. We aim to report daily numbers at 7am Houston time and will start
today with the P&L. We will build on this and hope to have draft positions
and VAR for most books within a week or so. There will be a reconciliation of
flash to final numbers which will be included in our return to Houston.

I will put together a note on the London DPR production process which goes
into the process we currently have, the process we actually need to have, and
the obstacles that are in the way. I would expect this to be finalised
tomorrow. Obtaining the USD interest rate curve on a more timely basis is
just one of our problems but it is unfortunately by no means our only or most
serious problem.

James

From:  Rick Buy
15/12/2000 21:59

To: John Sherriff/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT, Mike
Jordan/LON/ECT@ECT
cc: Gary Hickerson/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT

Subject: UK Submission of Positions

Need your help on the following: Each day we are delayed in finalising var,
p&L and positions because the UK must wait for a USD  interest rate curves
before submitting their data to Houston. I am also told that it is really not
necessary to wait for this curve and the data could be submitted close of
business London. Even if there was some minor inaccuracy from this method it
would be better than what we have now. This would greatly improve the
efficiency (by 4 to 6 hours) in reporting to senior management. Can you guys
initiate this change or get me to the right person there. Thanks, Rick


Ken, I would like to like to schedule a meeting with you to discuss your
corporate customer service initiatives.  eAssist is the most highly sought
after customer service solution within the Global 500 arena.  eAssist's
value proposition will provide you and your executive team the ability to
consistently increase revenues, decrease operational costs, improve customer
service and increase shareholder value.  I look forward to hearing back from
you as to your availability.

Regards,

Thomas A. Chuckel
Vice President
eAssist Global Solutions
847-274-8879 (cell)
5005 Wateridge Vista Dr.
San Diego, CA, 92121
tchuckel@eassist.com
http://www.eassist.com/


---------------------- Forwarded by Darron C Giron/HOU/ECT on 03/19/2001
12:54 PM ---------------------------
From: Russell Diamond/ENRON@enronXgate on 03/06/2001 04:46 PM
To: Barry Tycholiz/NA/Enron@ENRON, Tracey Irvin/HOU/ECT@ECT
cc: Darron C Giron/HOU/ECT@ECT, William S Bradford/ENRON@enronXgate, Tanya
Rohauer/ENRON@enronXgate
Subject: AEC Marketing -Credit Reserve

Tracey,

Please take a credit reserve for the transaction detailed below.

Counterparty: AEC Marketing (USA) Inc.
TAGG #: QT5176.1
Enron Entity: ENA
Transaction: 5-year Physical Nat Gas Purchase , 55,000 mmbtu/day (avg.),
Fixed Basis Price $-.305
Originator: Barry Tycholiz
Credit Reserve Amount: $75,000.00


You should reply ASAP. Don't make Peters and Co. wait.

Chris


Please join me in congratulating Paul Quilkey in his new role as Vice
President leading our efforts in Australia.  Joe Hirl has assumed a leading
role in the formation of our business in Japan.  Joe also has regional
responsibility for trading activity.

Paul's appointment is in recognition of the critical role Paul has played in
Enron Australia's successful commencement and the body of outstanding work he
has accumulated to date in his career with Enron. It is worth noting that
Paul joined Enron as recently as the Associate intake of 1995.  In the short
time since then Paul has developed and grown through various positions to his
current Trading and Origination role, a position of great responsibility in a
dynamic young business making aggressive inroads into the Australian market,
and far from Enron's traditional US markets.

Please join me in congratulating Paul on his appointment.

Rebecca


Per our long, rambling voice mail.
----- Forwarded by Stacy E Dickson/HOU/ECT on 04/03/2001 01:04 PM -----

 -----Original Message-----
From:  Laura Falk <lfalk@NUI.com>@ENRON
[mailto:IMCEANOTES-Laura+20Falk+20+3Clfalk+40NUI+2Ecom+3E+40ENRON@ENRON.com]
Sent: Monday, April 02, 2001 7:28 AM
To: Rohauer, Tanya
Subject: FW: Portion of Short term credit agreement

 - 00.DOC


593949
broker has duke as the cp


"paulhastings.com" made the following annotations on 05/02/01 12:20:02
------------------------------------------------------------------------------
NEW E-MAIL ADDRESSES AT PAUL, HASTINGS, JANOFSKY & WALKER LLP

We have changed our e-mail address.  Our new domain name is
paulhastings.com.  In most cases, our address is composed of
conventional first name and last name plus @paulhastings.com.  Here are
two examples: janesmith@paulhastings.com and danjones@paulhastings.com.
If you have any questions, please contact us at noc@paulhastings.com.

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

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

Attached please find the Insurance  Certificates
______________________
John  Staikos
Direct Dial:?  203.961.7523
Direct Fax:?  203.674.7723
E-mail:?  johnstaikos@paulhastings.com
?
?
 - Stamford.pdf


John makes a good point about Bain

One of their senior partner recently wrote an article in the italian
largest financial newspaper where he provides (subjective) arguments
that none of the most recently developed  methodologies can be used
for valuing hith tech firms

Moreover (and surprisingly) he concludes by saying that "...the
value of an high tech firm is like the beauty at the lover's eyes"!!!

Alberto

> Date:          Thu, 27 Apr 2000 20:55:36 -0400
> From:          "John Mccormack" <jmccormack@sternstewart.com>
> To:            <gordonsick@mac.com>, <faizs@texaco.com>
> Cc:            <114463.3226@compuserve.com>, <vince.j.kaminski@enron.com>,
>                <jes9@mail.duke.edu>, <tomcopeland@monitor.com>,
>                <atriantis@rhsmith.umd.edu>, <lgc@roce-inc.com>,
>                <alberto.micalizzi@sda.uni-bocconi.it>, <jmatheson@sdg.com>,
>                <martha_amram@sdg.com>, <lenos@ucy.ac.cy>,
>                <adam.borison@us.pwcglobal.com>,
<gardner.walkup@us.pwcglobal.com>,
>                <timothy.luehrman@us.pwcglobal.com>
> Subject:       Re: Real Options - A Management fad? Economist Article

> I agree with Gordon. There are a couple other things to keep in mind. Bain
is a "strategy" firm with a very limited capacity to provide seriously
quantitative analysis. I doubt that they would have b>
> >>> "Gordon Sick" <gordonsick@mac.com> 04/26/00 10:55PM >>>
> Soussan,
>     The article is interesting but I have to wonder how serious the Bain
> study is. Most of the graphs of adoption rates look pretty flat to me, so I
> doubt that the results have much statistical significance. They had lots of
> management systems to ponder and only reported the most dramatic changes,
> and the changes aren't dramatic.
>     Moreover, real options differs from the other management systems in one
> very important respect: it is built upon an intellectually sound model that
> is designed to add value to corporations. The others are based more upon pop
> culture and don't have an intellectual basis.
>     Of course, academic integrity doesn't necessarily gain mind share or
> market share for real options. There is an important network effect and the
> large number of quality people working in the field has the effect of
> enhancing the mind share for real options. I think we are headed in the
> right direction--there is enormous interest in seminars and for consulting
> work. We'd all want more, but the trend is unmistakably in favour of real
> options.
>     Thus, I'd love to see the actual Bain study. I tried to log onto their
> site, but needed a password that I don't have.
>     Thanks for sending it.
> --cheers, Gordon
> ------------------
> Gordon Sick, Professor of Finance
> Faculty of Management, Scurfield Hall 150
> University of Calgary
> 2500 University Drive NW
> Calgary, Alberta, Canada T2N 1N4
> sick@ucalgary.ca
> Tel: +1 (403) 220-7165, Fax: +1 (403) 284-7903 (Calgary)
> Preferred fax: +1 (425) 732-1248 (US)
>
> Other activities:
> Book Review Editor Journal of Finance
>
> Course on Managing Not-for-Profit Organizations
> http://www.ucalgary.ca/~sick/cobra
>
>
> ----------
> >From: "Faiz, Soussan" <faizs@texaco.com>
> >To: "'114463.3226@compuserve.com'" <114463.3226@compuserve.com>,
> "'adam.borison@us.pwcglobal.com'" <adam.borison@us.pwcglobal.com>,
> "'alberto.micalizzi@sda.uni-bocconi.it'"
> <alberto.micalizzi@sda.uni-bocconi.it>, "'atriantis@rhsmith.umd.edu'"
> <atriantis@rhsmith.umd.edu>, "'gardner.walkup@us.pwcglobal.com'"
> <gardner.walkup@us.pwcglobal.com>, "'gordonsick@mac.com'"
> <gordonsick@mac.com>, "'jes9@mail.duke.edu'" <jes9@mail.duke.edu>,
> "'jmatheson@sdg.com'" <jmatheson@sdg.com>, "'jmccormack@sternstewart.com'"
> <jmccormack@sternstewart.com>, "'lenos@ucy.ac.cy'" <lenos@ucy.ac.cy>,
> "'lgc@roce-inc.com'" <lgc@roce-inc.com>, "'martha_amram@sdg.com'"
> <martha_amram@sdg.com>, "'timothy.luehrman@us.pwcglobal.com'"
> <timothy.luehrman@us.pwcglobal.com>, "'TomCopeland@monitor.com'"
> <TomCopeland@monitor.com>, "'Vince.J.Kaminski@enron.com'"
> <Vince.J.Kaminski@enron.com>
> >Subject: Real Options - A Management fad?
> >Date: Tue, Apr 25, 2000, 12:59 PM
> >
>
> > Not sure whether you've come across the attached article in the latest
> > Economist?!
> >
> >  <<Fading_Fads.pdf>>
> > If the stated survey claim is true (and BTW I don't agree with their
> > definition of "real options analysis"), the "message" doesn't seem to be
> > getting across.  I personally don't think that ROA is a fad.  However, as
> > Tim Luehrman has stated, we have a major "language" and "practical
> > application" issue.
> >
> > I certainly encourage rectifying the "hopeless" message of this article by
> > proposing a "counter-point" article in The Economist.  In my view, ROA
isn't
> > everything, however, it provides a powerful nucleus for the creation,
> > protection, and delivery of value (Navigant - thanks for your focal
chart!).
> > We should also learn from the lessons of the other so-called "management
> > fads"!!
> >
> > Soussan Faiz
> > Texaco Inc.
> > (914) 253-4187
> >
> >
> >
> >
> >
>
>


-----Original Message-----
From: 	Bob Peebler <Bob.Peebler@Halliburton.com>@ENRON
Sent:	Sunday, December 16, 2001 12:07 PM
To:	'SloanConsulting@aol.com'; everett.s.gibbs@us.andersen.com; vkamins@enron.com; mfkeeth@shellus.com; gerald.w.mcelvy@exxonmobil.com; dph@swbell.net; donna.p.mcginnis@dynegy.com; Bob Peebler; tina.sivinski@eds.com; bruce.sukaly@cinergy.com; TNTipton@marathonoil.com; bawilliamson@duke-energy.com; bwillia6@us.ibm.com
Cc:	warga@uh.edu; bobcasey@uh.edu; pkumar@uh.edu
Subject:	RE: Proposed Fee Structure

I find the proposal OK.  I think it's premature to get into the support of
conferences and would therefore propose not to include them in the value
proposition at this time.

Although I liked the idea of the levels being tied to energy, I don't like
the titles.  I would like to see some additional options.  I will also put
some thinking into alternatives.

Bob

-----Original Message-----
From: SloanConsulting@aol.com [mailto:SloanConsulting@aol.com]
Sent: Tuesday, November 20, 2001 9:24 AM
To: everett.s.gibbs@us.andersen.com; vkamins@enron.com;
mfkeeth@shellus.com; gerald.w.mcelvy@exxonmobil.com; dph@swbell.net;
donna.p.mcginnis@dynegy.com; Bob.Peebler@halliburton.com;
tina.sivinski@eds.com; bruce.sukaly@cinergy.com;
TNTipton@marathonoil.com; bawilliamson@duke-energy.com;
bwillia6@us.ibm.com
Cc: warga@uh.edu; bobcasey@uh.edu; pkumar@uh.edu
Subject: Proposed Fee Structure

Included is a draft of a proposed fee structure arrangement for the
"partnership membership" in GEMI.  Rather than focusing on discounts and
credits for the certificate fees, we thought the simpler concept would be to

have a certain number of slots provided at no charge for the different
membership levels. We have tried to allow maximum participation in the
seminars and forums but providing a pro-rationing mechanism if needed.   On
conferences, we have suggested discounts which grow in size depending on the

membership level. It would be helpful if you could respond by Dec. 15th if
you like the proposal or have any suggestions.Thanks for taking the time to
review.
Lane


(See attached file: ng042902.pdf)

This message and any attachments (the "message") is
intended solely for the addressees and is confidential.
If you receive this message in error, please delete it and
immediately notify the sender. Any use not in accord with
its purpose, any dissemination or disclosure, either whole
or partial, is prohibited except formal approval. The internet
can not guarantee the integrity of this message.
BNP PARIBAS (and its subsidiaries) shall (will) not
therefore be liable for the message if modified.

                ---------------------------------------------

Ce message et toutes les pieces jointes (ci-apres le
"message") sont etablis a l'intention exclusive de ses
destinataires et sont confidentiels. Si vous recevez ce
message par erreur, merci de le detruire et d'en avertir
immediatement l'expediteur. Toute utilisation de ce
message non conforme a sa destination, toute diffusion
ou toute publication, totale ou partielle, est interdite, sauf
autorisation expresse. L'internet ne permettant pas
d'assurer l'integrite de ce message, BNP PARIBAS (et ses
filiales) decline(nt) toute responsabilite au titre de ce
message, dans l'hypothese ou il aurait ete modifie.


These are deals for Jeff Richter traded 11-09-00 and the correct name should
be Calpine Energy Services, L.P.   Please change the names and let the
traders know that they should now be choosing this name instead of Calpine
Power Services Company

Thanks!


----- Original Message -----
From: <Barbara_Field@prenhall.com>
To: <jackh@rmdfw.com>
Sent: Friday, October 26, 2001 8:37 AM
Subject: FW: The Solution

>
> Jack;
> I just might qualify for this ---- minus the SPF15 in the moisturizer of
course.  Have a great day.
>  Barbara
>
>
>  Subject: The Solution
>
>      Take all American women who are within five years of menopause -train
> us
>  for a few weeks, outfit us with automatic weapons, grenades, gas masks,
>  moisturizer with SPF15, Prozac, hormones, chocolate, and canned tuna -
>  drop us (parachuted, preferably) across the landscape of Afghanistan, and
>  let us do what comes naturally.
>       Think about it. Our anger quotient alone, even when doing standard
>  stuff like grocery shopping and paying bills, is formidable enough to
make
> even
>  armed men in turbans tremble.
>       We've had our children, we would gladly suffer or die to protect
them
>  and their future. We'd like to get away from our husbands, if they
haven't
> left
>  already. And for those of us who are single, the prospect of finding a
> good
>  man with whom to share life is about as likely as being struck by
>  lightning. We have nothing to lose.  We've survived the water diet,the
>  protein diet, the carbohydrate diet, and the grapefruit diet in gyms and
>  saunas across America and never lost a pound. We can easily survive
months
> in
>  the hostile terrain of Afghanistan with no food at all!
>      We've spent years tracking down our husbands or lovers in bars,
>  hardware stores, or sporting events...finding bin Laden in some cave will
> be
>  no problem.
>       Uniting all the warring tribes of Afghanistan in a new government?
>  Oh, please ... we've planned the seating arrangements for in-laws and
> extended
>  families at Thanksgiving dinners for years ... we understand tribal
> warfare.
>       Between us, we've divorced enough husbands to know every trick there
>  is for how they hide, launder, or cover up bank accounts and money
> sources.
>  We know how to find that money and we know how to seize it ... with or
>  without the government's help!
>       Let us go and fight. The Taliban hates women. Imagine their terror
as
>  we crawl like ants with hot-flashes over their godforsaken terrain. I'm
>  going to write my Congresswoman. You should, too!
>
>


Merchant Assets have recalculated their VaR, and I have enclosed it above.

Regards,

Eugenio


Eric,
Of course, the answer is yes.  The consideration of potential impacts to "Cultural Resources" is taken into account within the National Environmental Protection Act (NEPA); therefore, to say TW is "commited" to environmental stewardship would include that resource (although it is not generally understood that NEPA would include it).  On the other hand, you make a great point.  If you want to expand the TW's sensitive consideration with another sentence to include other interests at this point (e.g., interested parties, landowners, regualtory bodies, etc.) that would be more reflective of the open concept we want to portray with the Sun Devil Project.  As a suggestion you could probably say something to the effect that: "TW will consider suggestions and comments made by interested parties (e.g., environmental groups, landowners, agencies and others) in the development of a potential route for the pipeline. This includes TW's commitment to develop the route in an environmentally sensitive manner."   John

-----Original Message-----
From: Gadd, Eric
Sent: Tue 9/4/2001 6:30 PM
To: Shafer, John; Taylor, Gina; Cebryk, Doug; Kilmer III, Robert; Hyatt, Kevin; Pryor, Tony; Lokey, Teb; McCarty, Danny; Martin, Jerry D.; Mayeux, Gay; Corman, Shelley; Veatch, Stephen
Cc: Haden, Sarah
Subject: RE: Draft 2 - TW Sun Devil Successful Open Season Press Release

I'm with John in spirit.  My concern is that you might be "excluding" other stakeholders by highlighting environmental stewardship (and not preservation of cultural heritage, etc.)  Can you generalize to "TW will initiate studies to carefully consider routes/corridors in consultation with relevant parties, eg landowners, regulatory bodies, etc." ?

 -----Original Message-----
From:   Shafer, John
Sent:   Tuesday, September 04, 2001 5:27 PM
To:     Taylor, Gina; Cebryk, Doug; Kilmer III, Robert; Gadd, Eric; Hyatt, Kevin; Pryor, Tony; Lokey, Teb; McCarty, Danny; Martin, Jerry D.; Mayeux, Gay; Corman, Shelley; Veatch, Stephen

Cc:     Haden, Sarah
Subject:        RE: Draft 2 - TW Sun Devil Successful Open Season Press Release

Gina,
Being that about half of this project includes "greenfield" area that cross several sensitive watersheds, I have taken the liberty to offer a sentence that reflects the environmental stewardship commitment that TW is including in its planning of the route for this line.  John Shafer

 << File: TW - Sun Devil Press Relase (Revised).doc >>

 -----Original Message-----
From:   Taylor, Gina
Sent:   Tuesday, September 04, 2001 3:30 PM
To:     Cebryk, Doug; Kilmer III, Robert; Gadd, Eric; Hyatt, Kevin; Pryor, Tony; Lokey, Teb; Shafer, John; McCarty, Danny; Martin, Jerry D.; Mayeux, Gay; Corman, Shelley; Veatch, Stephen

Cc:     Haden, Sarah
Subject:        Draft 2 - TW Sun Devil Successful Open Season Press Release
Importance:     High

 << File: TW - Sun Devil Press Relase results of  open season.doc >>

Please review draft 2 of the Sun Devil press release.  Steve Harris' quotes changed and the q&a has been added to the bottom of the release.  Please let me know what changes you have to Draft 2 by 10am, Wed., Sept. 5.

Draft 2 includes changes from Eric, Rob Kilmer and Kevin.  After I receive your feedback, I will forward to Stan, and the Corp. PR folks for approval.

Thanks for your immediate attention.

Gina
x37681


Attached are the volumes for 1999 that I sent to FERC in response to data
request number 8.  I don't know if I kept a copy of the E-mail with which I
forwarded these data responses.

Also, I'm forwarding the response concerning the 2000 volumes.  FERC staff
gave us additional time to provide this response as it took us a while to
pull the WSCC information out of our national numbers.  As mentioned in the
earlier E-mail I forwarded from Brian Harrington, FERC gave us confidential
treatment of these numbers.
---------------------- Forwarded by Mary Hain/HOU/ECT on 10/11/2000 09:00 AM
---------------------------

Mary Hain
10/11/2000 08:51 AM
To: Brian.Harrington@ferc.fed.us
cc:
Subject: Response to FERC data request for bulk power investigation

8. Q. Provide cumulative transaction volumes (million of Mwh) of electricity
(by calendar quarter) for 1999 and 2000.

A.  EES transactions are included in EPMI transaction volumes.

Volumes for WSCC for 2000 are as follows:

1st qrtr 29,619
2nd qtr 44,617
3rd qtr 87,708


Here are our final tracking results. Our last day was Sunday.

Dave Walden
----- Original Message -----
From: Michael D. Baselice <mikeb@baselice.com>
To: George Postolos (E-mail) <georgep@rocketball.com>; Angela Blakeney
(E-mail) <angelab@rocketball.com>; Dave Walden (E-mail) <savont@msn.com>;
Glenn Smith (E-mail) <gsmith@pstrategies.com>; Dale Laine (E-mail)
<dlaine@pstrategies.com>
Sent: Monday, November 06, 2000 9:27 AM
Subject: Timeline Charts

MICHAEL BASELICE
Baselice & Associates, Inc.
4131 Spicewood Springs Road
Suite O-2
Austin, TX  78759
Phone: (512) 345-9720
Fax: (512) 345-9740
email: mikeb@baselice.com

 - 290NOV5.ppt


Please increase my volume by 60/d.


We all knew about this concept--its Danny's "Newco" idea.  The only thing
that is new is they finally decided on a name and got the paperwork for the
new corporate entity out of the Corporate Secretary's office.  I knew about
the name a couple weeks ago.  As far as I know, no one has signed off on any
particular transaction or on a procedure to follow when "Mavrix" starts
transacting business.  We all better understand at that point that this may
be a "lose lose" deal--if Mavrix makes a ton of money, everyone will come
after it (as soon as they find out) and claim we arre playing games with
confidential information if Mavrix is trading capacity on the Enron pipes.
If Mavrix loses money, tough cookie--there's no way to plow the losses back
into some regulated entity.  It is probably now time to have a prayer meeting
with Danny, Steve, and probably Stan, just to make sure everyone knows what
we all think about the risks before they charge off and start doing deals.
DF

	From:  Mary Kay Miller                           02/01/2001 07:37 AM

To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: Re: Mavrix

Were you involved?  MK
---------------------- Forwarded by Mary Kay Miller/ET&S/Enron on 02/01/2001
07:37 AM ---------------------------

Susan Scott
01/31/2001 09:42 AM
To: Mary Kay Miller/ET&S/Enron@ENRON
cc: Shelley Corman/ET&S/Enron

Subject: Re: Mavrix

I thought the officers had discussed this with Danny quite some time ago, as
the organization of the company was set in motion in early Dec.

Mavrix Transportation Trading Corp. has been organized as a wholly-owned
subsidiary of ETS for the purpose of transportation capacity management.  The
officers are the same as the slate of officers of Transwestern.   The company
will neither buy or sell gas nor use transportation capacity.  However, it
does plan to enter into natural gas transportation contracts (and resell the
capacity thru capacity release).  That is why the creditworthiness question
has come up.
I really don't have any information so send you, unless you want to see the
organizational documents.  Steve Harris can answer any business-related
questions you have.  Or, I'll be happy to try to answer any other questions.

	From:  Mary Kay Miller                           01/31/2001 07:16 AM

To: Susan Scott/ET&S/Enron@ENRON
cc: Shelley Corman/ET&S/Enron

Subject: Re: Mavrix

Susan, maybe I'm the only one, but I hadn't heard of this new company and
what it is to be used for until Mondauy's staff meeting.  What details do we
have on this?  can you send me some info on this?  thanks  MK

Susan Scott
01/30/2001 02:27 PM
To: Drew Fossum@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, Steven
Harris/ET&S/Enron@ENRON, Rod Hayslett/FGT/Enron@ENRON, Tracy
Geaccone/GPGFIN/Enron@ENRON
cc:

Subject: Mavrix

Mavrix Transportation Trading Corp., which is a subsidiary of ETS, needs to
satisfy TW's creditworthiness requirements in order to enter into a
transportation agreement with TW.  Paul Cherry has suggested that Northern
Natural Gas issue a guarantee.  Please let me know whether you think this
would be acceptable.  If Mavrix wanted to hold NNG capacity, TW could issue
the guarantee.


I couldn't agree with you more.  Mike missed the point of our phone call this
week.  It was not to discuss the fine points of doorstep process or
etiquette!  The point was ownership of an integration process and deadlines
that were missed.  And how telling that when asked bluntly about his comfort
level with controls for US operations that Mike's response was a deferral to
Marcelo.  I have a one-hour conference call set up with Mike tomorrow.  This
is one of the things that we will discuss.  --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 11/09/2000 05:56 PM
---------------------------

From:  Cassandra Schultz @ ENRON
               11/09/2000 02:50 PM

To: Sally Beck/HOU/ECT@ECT, Shona Wilson/NA/Enron@Enron
cc:
Subject: Re: Jordan's comments on Doorstep meeting

From Ted...
---------------------- Forwarded by Cassandra Schultz/NA/Enron on 11/09/2000
02:47 PM ---------------------------

From:  Ted Murphy @ ECT
      11/09/2000 05:52 AM

To: Cassandra Schultz/NA/Enron@ENRON
cc:

Subject: Re: Doorstep meeting

Cassandra,
I think Michael's issue is just one for you and Shona to worry about and try
to simultaneously come up with a way to diffuse without bastardizing the
process. .  I continue to say the we need to maintain the theme that speed
and "gut reaction" is preferable to consensus and prosecutable evidence,  I
feel so strongly about this that I would consider removing my team from
involvement if politically correct, grammatically sound and properly
researched reports that do not say anything or are stale or are full of
ambiguity are the end result (see the internal audit report on
Helsinki!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!).   I think the solution is make it clear that these reports are not to
be used for prosecution but frank discussion.
I am right about this.
Please forward this to Shona/Sally/Mike or anyone else at your discretion
(this is a compromise between Evil Ted and Zen Ted)

Ted


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 05/12/2000
02:00 PM ---------------------------

"Jennifer Cutaia" <jcutaia@tupac.com> on 05/12/2000 12:47:27 PM
To: judy.hernandez@enron.com
cc:
Subject: Alex's resume

Try to send this to Steve at this e-mail address:
Salisha.Ramos@enron.com
Thanks!

------------------------------------------------------------
Tupac: the man, the legend...the free e-mail service.
Click here -------------------->  http://www.tupac.com

 - Alejandro R.doc


---------------------- Forwarded by Angie Zeman/Corp/Enron on 08/02/2000
09:34 AM ---------------------------
To: Beverly Beaty/HOU/ECT@ECT, Robert Allwein/HOU/ECT@ECT, Joann
Collins/Corp/Enron@ENRON, Angie Zeman/Corp/Enron@ENRON
cc:
Subject: Appalachian Update & Scheduled 8/15/00 Meeting

FYI.......
---------------------- Forwarded by Victor Lamadrid/HOU/ECT on 08/02/2000
09:28 AM ---------------------------

MARY THERESA FRANKLIN
08/02/2000 09:24 AM
To: Nelson Ferries/Corp/Enron@ENRON, Victor Lamadrid/HOU/ECT@ECT, Bryce
Baxter/HOU/ECT@ECT, Katherine L Kelly/HOU/ECT@ECT, Gloria G
Barkowsky/HOU/ECT@ECT, Wade R Price/HOU/ECT@ECT, LaShanda
Poledore/Corp/Enron@ENRON
cc: John M Singer/Corp/Enron@ENRON, James T Javins/DUB/EES@EES, Jeanne
Wukasch/Corp/Enron@ENRON, Brent A Price/HOU/ECT@ECT, Fred
Lagrasta/HOU/ECT@ECT, William Kelly/HOU/ECT@ECT
Subject: Appalachian Update & Scheduled 8/15/00 Meeting

After reviewing the Action Items from 07/17/2000 and more thoroughly
analyzing the &validation task8 assigned to John Singer and myself, we have
changed our approach.  Instead, I recruited Jeanne Wukasch to help pull
together a more effective strategy and assist with the cleanup process.  We
are calling on Jim Javin and John Singer to rule only on exceptions or
conflicts in data. Also, we are meeting with Logistics and IT to establish a
workable solution to clear-up paths with more than one deal.  Our review of
the Appalachian data is based primarily on wellhead activity from the
following sources:

Path Manager Supply ) This gives us the ability to sort data easily, provide
views of deals and path relationships.  This screen allows us to identify
duplicate deals under the same meter and incorrect trading desk assignments.
We can also trace purchase information to the transport detail.
Unify Transaction List ) This is an extract of Apr-00 production data out of
Unify Purchase and Transport files.  This list permits us to compare purchase
price deducts vs. transport payments by meter.  (Manual payments and the
inconsistencies in the Unify set-up of pipe structures will require
additional effort in this area.)  The end result of our efforts will provide:

a deal reference for meters listed more than once
consolidation of wellhead deals by pipe
correct Market East regional designation
purchase deducts not corresponding to pipeline payments
meters without purchase payments
incorrect price adjustments for transport cost

 A status update has been scheduled for August 15 at 1 PM in room EB 3014.
Our goal is to have completed Gatherco and CNR wellheads.  To date our
progress has revealed:

Meters with multiple deals     73
Meters not on Market East deals    167
Different counter-parties with the same meter   13
Deducts missing from the purchase price   47
Purchase prices with incorrect deducts   85
Meters missing purchase expense    16