Grid Lock Our energy transport system is horrible. Just the way many
utilities like it.
Forbes, 05/11/01

US Sen. Feinstein Urges Hearings On FERC 'Improprieties'
Dow Jones Energy Service, 05/11/01

U.S. Physical Gas Cash Prices Fall; No Load Weekend
Dow Jones Energy Service, 05/25/01

FOCUS Brazil real to remain pressured due to energy crisis/political concerns
AFX News, 05/25/01

Vice Pres Cheney Sees Wood As New FERC Chairman - NYT
Dow Jones Energy Service, 05/25/01

INDIA: Enron's woes make Indian power firms anxious.
Reuters English News Service, 05/25/01

Enron Unit's Sales, Costs Rise With Power Prices, Paper Says
Bloomberg, 05/25/01

India Enron Panel Lacks Authority to Solve Dispute, Expert Says
Bloomberg, 05/25/01

Companies People Ideas
Grid Lock Our energy transport system is horrible. Just the way many
utilities like it.
BY Daniel Fisher and Lynn Cook

06/11/2001
Forbes
080
Copyright 2001 Forbes Inc.

Our energy transport system is balkanized and horribly inefficient.
Unfortunately, many of the incumbent utilities want to keep it that way.
The Bush energy plan hits hard on increasing production. That alone won't
solve the nation's power crunch. "Supply is not the only issue," says
Michelle Michot Soss, director of the Energy Institute at the University of
Houston. "The issue is bottlenecks."
Some of these bottlenecks are political. A lot of them are created by
incumbent utilities that do not welcome competition.
Florida, for example, whose demand for electricity is growing at about 3.7% a
year, is a net importer of energy. It generates around 24% of its power in
aging oil-fired plants that should be replaced with more efficient
combined-cycle generators. These burn natural gas in a turbine and use the
hot exhaust gases to create steam, which spins a second turbine; they spew
out less particulate and consume about a third less energy.
So why doesn't Florida get efficient power plants? First, the state has only
one main gas pipeline, though others are working their way through the
regulatory process. More vexing is a state law, zealously defended by Florida
utilities, that bans outside competitors from building combined-cycle plants
larger than 75 megawatts--enough to juice 75,000 households--on the dubious
theory that they waste water. Duke Energy tried to challenge the law with a
500-megawatt plant in New Smyrna Beach. FPL Corp. (parent of Florida Power &
Light) fought the plant all the way to the Florida Supreme Court and won.
Florida's screwy power-plant law is just one example of the byzantine
regulations that stymie efforts to make the nation's energy grid more
efficient and prices more competitive. From laws that protect utilities
against more efficient rivals to outdated state regulations that discourage
the construction of transmission lines, these choke points either waste
energy or make it impossible for energy to get where it should go.
A series of state laws in the 1920s laid down the monopolies on grids. They
were codified in the Public Utility Holding Company Act of 1935, a populist
law that identified bigness with badness in the electricity business: To
avoid federal scrutiny and regulation, most utilities decided not to operate
outside their own state boundaries; rate setting fell to the states. But even
as wholesale electricity markets have been deregulated, utilities can still
bat away outsiders by reserving their own transmission lines for "native
load." This allows them to keep an open lane on the energy highway, as it
were, to rush electricity to certain customers when their demand suddenly
spikes.
In such areas as the Southeast, the owner of a transmission line has a pretty
free hand in calculating what its native load is. So Southern Co., which owns
utilities in Georgia and four neighboring states, can determine how much
power to let into its territory.
Southern Co. defends the rule, saying its primary job is ensuring customers
get all the power they need. "The marketers would like to schedule another
10,000 megawatts of power to go across our lines tomorrow," says William
Newman, a senior vice president. "It's not going to happen. The system wasn't
designed for it."
Enron disagrees. Utilization of its natural gas pipeline system increased 50%
in the five years after the gas market was deregulated. Steven Kean, head of
government regulations at the Houston-based giant, thinks similar gains are
possible in electricity if companies like Southern are forced to hand over
control of the grid to independent regional boards that will determine how to
allocate power flows and where to build new lines. The utilities "don't want
to accept the economically pure solution," he says. "Once utilities have been
adequately compensated for their stranded costs, then it's time for them to
shut up, sit in the corner and let the economists and lawyers work out the
details."
Lawyers and economists making decisions for us? That doesn't sound like
deregulation. But there is a case to be made for separating control of power
lines from control of other utility assets. Phillip G. Harris is chief
executive of PJM (it stood for Pennsylvania-Jersey-Maryland), a regional
power line organization. Since this independent system operator was formed in
April 1997 and six local utilities ceded control over transmission lines,
reliability has gone up and prices down, he says. Where Southern Co. will
only add transmission capacity if it has a firm contract in hand, PJM can
order lines to be built. Its member companies are spending $311 million over
the next three years on new lines to increase the flow from power-rich to
energy-poor areas.
Last May temperatures hit the highest levels since 1930 at the same time as
15,000 megawatts of PJM's 59,000 megawatts were out of service for
maintenance. As the peak load rose to 51,000 megawatts--7,000 more than was
available within PJM--power streamed in over a dozen entry points. Prices
topped out at $432 a megawatt hour. That's about four times what you are
probably paying for residential service, but it stands in contrast to spikes
in the thousands of dollars in California and the Midwest during similar
crises.
Unfortunately, what works inside PJM doesn't transfer to Los Angeles, much
less to Manhattan. Different rules regarding electricity transactions and a
shortage of transmission lines make it difficult to export electricity across
the Hudson River. When Hydro-Quebec tried to build a power line across Long
Island Sound in 1999, Connecticut nixed the idea. Ostensible reason: the
possibility of harm to oyster beds. Real reason: Folks in New Haven asked,
what's in it for us--and didn't see any clear benefit to them. There is,
unfortunately, no mechanism for buying off losers in these deals, such as
property owners near, but not under, the power line. So they hire lawyers and
talk solemnly about oysters.
California's bottleneck is on Path 15, a 500,000-volt transmission line that
links the northern and southern halves of the state. Path 15 can't
accommodate the flows of power needed when the weather is cool in San
Francisco and hot in L.A. But the legal and financial chaos in California,
with the state on the verge of taking over much of the transmission system,
discourages investors from backing an increase in capacity. "If we put in
good rules on how to operate transmission systems, you would see investment,"
says Lawrence Makovich, an analyst with Cambridge Energy Research Associates.
"The problem is right now there is no such plan."
Enron is trying to force the Federal Energy Regulatory Commission to take
charge, so far to little avail. In a case pending before the U.S. Supreme
Court, Enron accuses FERC of abdicating its responsibility to do for
interstate trading of electricity what it did for trading of gas.
But forcing FERC down that path will be difficult. Natural gas producers
needed interstate pipelines to get to big markets in the North, which needed
the gas. But incumbent (and politically connected) electric companies have no
such incentive to stimulate a national market in electricity. "There's not a
single incentive in the entire U.S. to relieve congestion," states Jeanine
Hull, president of Strategic Energy Advisors and a former power-company
lawyer. "Ask yourself this question: If you had a chance today to retain your
monopoly or compete, which would you choose?"

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

US Sen. Feinstein Urges Hearings On FERC 'Improprieties'

05/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

WASHINGTON -(Dow Jones)- U.S. Sen. Dianne Feinstein, D-Calif., called Friday
for Senate hearings to investigate "possible improprieties" involving the
Federal Energy Regulatory Commission's relations with the industry it
regulates.
"Despite evidence of manipulation and price gouging in both the electricity
and natural gas markets in California and the West, and a finding by FERC
last November of 'unjust and unreasonable' (electricity) rates, the
commission has failed to take the actions necessary to bring reliability and
stability to the marketplace," Feinstein said in a letter to Sen. Joe
Lieberman, D-Conn., seeking hearings by the Senate Governmental Affairs
Committee.
Feinstein cited a report in The New York Times Friday in which FERC Chairman
Curt Hebert related a phone conversation with Ken Lay, chairman of Enron
Corp. (ENE). Hebert alleged that Lay offered to bring his influence to bear
with the Bush administration to maintain Hebert as chairman if the regulator
would adopt policy positions favored by Enron.
Hebert is quoted as saying he was "offended" by the conversation. Lay
disputed Hebert's account.
The Times article also quoted Vice President Dick Cheney as saying Texas
utility regulator Pat Wood has "got to be the next chairman of the FERC" to
address problems in electricity markets. Cheney's remark is slated for
broadcast by the public television program "Frontline."
"While Mr. Lay's account (of the conversation) differs, it is clear that the
citizens of the United States, especially the people of California, who are
suffering from FERC's failure to do its job, deserve an investigation and
full public hearing into what happened," Feinstein said in the letter to
Lieberman.
"FERC is a $175 million-a-year agency charged with regulating the energy
industry, and it would be unconscionable if any of the nation's electricity
traders or generators were in a position to be able to determine who chairs
or becomes a member of the commission," Feinstein wrote.
"Since FERC has refused to fulfill its legally mandated function under the
Federal Power Act to restore 'just and reasonable' electricity rates, we need
to ask whether undue influence by the companies that FERC regulates has
resulted in its failure to act," the letter said.
Feinstein seeks a broad investigation into FERC, and not just an airing of
the Lay-Hebert exchange, which Feinstein said she sees as an example of "a
definite problem," the senator's spokesman, Howard Gantman, said.
"There are very close relationships between FERC and the industry it
regulates. Some of those relationships could be improper," Gantman said.
Lieberman, who has requested that the General Accounting Office investigate
FERC's response to the California electricity crisis, will become chairman of
the Governmental Affairs Committee when Democrats assume the Senate majority
in about two weeks.
There was no immediate response from Lieberman's office regarding Feinstein's
letter.
-By Bryan Lee, Dow Jones Newswires, 202-862-6647, bryan.lee@dowjones.com

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

U.S. Physical Gas Cash Prices Fall; No Load Weekend

05/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

HOUSTON -(Dow Jones)- U.S. natural gas physical prices fell Friday ahead of a
no-load holiday weekend, widening considerably the differential to the New
York Mercantile Exchange futures board.
Traders saw storage buying providing the only hint of demand.
Also, several pipelines in Texas, along with El Paso's Tennessee Gas and PG&E
Citygate, held system-wide operational flow orders on the high inventory
resulting from storage. Those orders also sent prices downward, traders said.
Demand remains slight with only hints of sustained hot weather sighted in the
next two weeks,traders said.
With few demand fundamentals in place, traders saw few utilities in the
market.
The Nymex June futures contract settled at $3.973/MMBtu, down 8.1 cents, the
first time the front contract has fallen below $4/MMBtu in nearly 10 months.
Traders pointed to 17,000 option puts at $4/MMBtu supporting the June
contract. Options expired Friday; the June contract expires Tuesday after the
Memorial Day weekend. Traders expect a $3.80-$4/MMBtu range on Tuesday for
expiration.
Also, Enron Online will keep its trading boards open for the holiday.
Prices for the June contract are in the same range as they were a year ago,
when driving heat and competition for gas during May pushed prices upward.
At the benchmark Henry Hub in south Louisiana, prices were in a
$3.76-$3.90/MMBtu range, down 25 cents-35 cents.
Deals at Transcontinental Gas Pipe Line Station No. 65 were done at
$3.82-$3.94/MMBtu, down 25 cents-32 cents.
At the Arizona-California border, El Paso's prices fell $1.40-$2.55/MMBtu to
a $9.80-$11.50 closing range. Western electricity prices weakened again
Friday for the holiday, and traders said pipelines into California were
showing high inventories.
At the PG&E Citygate, prices fell $4.25-$5.50 to a $3.90-$4.40/MMBtu closing
range on the reported operational flow order.
Buyers paid $3.74-$3.90/MMBtu at the Katy hub in East Texas, down 23 cents-32
cents. At Waha in West Texas, buyers paid $3.59-$3.75, down 30 cents-39
cents.
-By John Edmiston, Dow Jones Newswires,713-547-9209;
john.edmiston@dowjones.com

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

FOCUS Brazil real to remain pressured due to energy crisis/political concerns

05/25/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

SAO PAULO (AFX) - The real is likely to remain under pressure in the
short-to-medium term due to concerns about the impact of the energy shortage
crisis on the economy and ongoing political worries, analysts said.
They said the energy shortage problems are scaring away direct foreign
investment, while political concerns ahead of the presidential elections next
year are expected to come much more to the forefront once the Argentine debt
swap operation is completed at the start of next month.
The real was at 2.3480 against the dollar in afternoon trade, down about 20
pct from the end of last year.
Analysts said the weakness of the real combined with a generally-accepted
slowdown in GDP growth as a result of the energy crisis has complicated the
task of the central bank's monetary policy committee Copom.
The Copom raised its base interbank Selic rate to 16.75 pct from 16.25 pct
earlier this week, in what was regarded by many analysts as a preventive move
against the inflationary impact of the real's depreciation.
In a recent report, Banco Santander Central Hispano SA said it has revised
its forecast for Brazil's 2001 GDP growth to 2.2 pct from 4.1 pct previously
due to the possible impact of the government's energy rationing plan.
BSCH said it is also cutting its 2002 GDP growth estimate to 3.0 pct from 4.5
pct previously.
BSCH also revised its forecast for the real's level against the dollar to
2.30 by end-2001 from 2.13.
"Argentina's problems and their effects on the flow of capital to Brazil...
added to energy rationing and stronger perceptions of political risk hinder a
significant appreciation of the real, although we consider a possible gradual
solution to the Argentine crisis," BSCH said.
Analysts said central bank intervention yesterday and today in the foreign
currency market in an effort to stem the real's depreciation is clear
evidence of the central bank's concerns about the local unit.
The central bank today sold 2.0 mln dollar linked-bonds maturing on March 14,
2002 after selling 1.0 mln dollar-linked bonds yesterday.
"We don't know how far the real will go. Everything points to a situation in
which the dollar will move to the 2.45 level against the real in the short
term and never return to the 2.0 level it was at at the start of the year,"
Brazilian Institute of the Economy (IBRE) director Renier Garcma said.
Direct foreign investment has slowed down this year as a result of the
concerns surrounding Brazil.
The government has already revised its estimate of direct foreign investment
in Brazil this year to 19 bln usd from 24 bln previously. Direct foreign
investment in the four months to April was 6.6 bln usd, about half the levels
posted a year earlier.
Enron Corp recently suspend investments of 600 mln usd in the Brazilian
energy sector, citing regulatory concerns, while the government decided to
postpone indefinitely the privatisation of Cia Energetica earlier this month
due to the energy crisis.
The minimum price for the sale of Cesp Parana was set at 1.7 bln reals, with
a number of foreign companies lined up to bid.
"Investors are shying away from carrying out operations in the country. The
energy crisis has had a disastrous impact on Brazil's image; the country risk
has risen and companies are opting for saver markets," IBRE's Garcma said.
Analysts said the energy crisis has strongly affected the image of President
Fernando Henrique Cardoso and has therefore strengthened the opposition's
position ahead of next year's presidential elections.
They said corruption allegations involving former and current senior
officials in the government and the alleged breach of vote secrecy rules at
the Senate resulting in proceedings for the dismissal of former Senate
chairman Antonio Carlos Magalhaes and senator Jose Roberto Arruda have
complicated the political scenario.
Yesterday, Senator Arruda resigned from the Senate, while a local TV news
channel reported Magalhaes will resign next week and attack Cardoso.
"The government seems to have lost direction," one analyst said.
Earlier this month, Congress rejected a petition presented by the left-wing
Workers Party (PT) to set up a joint Congress-Senate commission to
investigate corruption in the private and public sectors after 20
parliamentarians belonging to parties within the ruling coalition withdrew
their support for the motion.
Opposition deputy Aloizio Mercadante at the time said the PT was preparing
legal action against the government and the deputies who withdrew their
support for the petition, alleging they were offered financial incentives to
do so.
Analysts said fears remain that the opposition will attempt to revive the
corruption commission issue, further complicating the governability of the
country in an already delicate moment.
bl/cdo/lbc/as For more information and to contact AFX: www.afxnews.com and
www.afxpress.com

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

Vice Pres Cheney Sees Wood As New FERC Chairman - NYT

05/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

WASHINGTON -(Dow Jones)- Vice President Richard Cheney expects Texas Public
Utilities Commission Chairman Pat Wood to become chairman of the Federal
Energy Regulatory Commission, according to Friday's New York Times.
In an interview for an upcoming episode of the PBS series Frontline, Cheney
says, "Pat Wood's got to be the new chairman of the FERC, and he'll have to
address" various problems in electricity markets, according to the Times
article, part of a joint effort with the Frontline program.
The article says current Republican FERC Chairman Curtis Hebert received a
call from Enron Corp. (ENE) Chairman Kenneth Lay this year prodding him to
back a national push for retail electricity competition and faster access to
the power transmission grid in exchange for Enron's support of Hebert in his
new job.
It quotes Hebert as saying, "I was offended."
Lay, one of President George W. Bush's largest campaign contributors,
provided the White House with a list of preferred candidates for FERC posts
and had access to the White House energy policy task force chaired by Cheney,
the article says.
Wednesday the Senate Energy and Natural Resources Committee approved Wood and
Nora Brownwell of the Pennsylvania Public Utilities Commission, Bush's
nominees to fill two empty seats on FERC's five-member board. The full Senate
has yet to approve them.
It would be up to the president whether to replace Hebert as chairman. In the
Times article, Hebert said no one has told him he would be replaced.
-By Campion Walsh, Dow Jones Newswires; 1-202-862-9291;
campion.walsh@dowjones.com

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

INDIA: Enron's woes make Indian power firms anxious.
By Himangshu Watts

05/25/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW DELHI, May 25 (Reuters) - India's private power producers demanded on
Friday that the federal government intervene in Enron Corp's bitter row with
a local utility and state clearly if it wants the U.S. energy giant to stay
in India or quit.
"The government needs to decide whether we want Enron or not. In case they
don't want Enron, they should spell out the reasons for it," Harry Dhaul,
director-general of the Independent Power Producers' Association of India,
told Reuters.
But Federal Power Secretary A.K. Basu said Enron and the Maharashtra State
Electricity Board (MSEB) had to resolve their differences over the $2.9
billion project themselves.
"Basically the Maharashtra government and Dabhol have to sort it out," Basu
told reporters after a meeting with Wade Cline, the chief executive officer
of Enron India.
Basu stuck to the federal government's stand that it would help implement any
proposal emerging from negotiations between the Dabhol Power Co, 65-percent
owned by Enron, and the MSEB.
Dhaul said the fate of Dabhol, India's largest direct foreign investment and
biggest power project, would determine the future of domestic and foreign
private investment in power and other infrastructure projects.
"It is an important issue. It is a benchmark for all future infrastructure
investments of $1 billion plus."
On Thursday, Enron said the MSEB cancelled a disputed power-buying contract
just five days after the Houston-based energy firm moved to pull out of the
project.
WANT PRO-ACTIVE APPROACH
Dhaul said the federal government should intervene in the dispute between
Enron and the utility. "We want a pro-active approach in supporting
independent power producers."
Basu said the government had advised Enron to thrash out the matter with the
negotiation committee set up by the Maharashtra government. The committee is
due to meet on May 29.
Cline refused to answer questions from reporters and only said the company
would not renegotiate the power-buying contract on the basis of a committee
set up by the state government.
"We won't renegotiate on the basis of the Godbole Committee report," he said.
The committee, chaired by a former bureaucrat Madhavrao Godbole, has
suggested that the tariff be re-negotiated to make it cheaper and to remove
the dollar linkage which resulted in a steep increase each time the rupee
fell against the dollar.
Dabhol has come under fire because of the relatively high cost of its power.
Critics object to it charging 7.1 rupees per kilowatt hour versus 1.5 rupees
charged by other suppliers.
Dabhol Power Co is building India's largest power plant with a total capacity
of 2,184 MW.
The first phase of the $2.9-billion project with a capacity of 740 MW began
operating in May 1999. The second phase that will add 1,444 MW of capacity,
is expected to be completed this year.

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

Enron Unit's Sales, Costs Rise With Power Prices, Paper Says
2001-05-25 13:00 (New York)

     Portland, Oregon, May 25 (Bloomberg) -- Enron Corp.'s
Portland General Electric reported first-quarter earnings rose
10 percent as high electricity prices pushed up both sales and
costs for the Oregon power producer, the Oregonian reported.
     The company earned $43 million, the paper said. Revenue from
wholesale power sales was $480 million, three times the year-
earlier period, even as costs to buy electricity almost doubled.
     PGE's power plants produce less than half the electricity
needed to supply its 728,000 Oregon customers, forcing the company
to buy power on the same markets into which it sells, the paper
said. Dry weather is cutting hydropower resources, and easing
wholesale prices could make it more difficult for the company to
profit from power sales outside the state, the paper said.
     Edison International's Southern California Edison, which has
filed for bankruptcy, and two California agencies, one of which is
now defunct, owe the company $128 million, the paper said. The
company is pursuing collection, the paper said, citing Chief
Financial Officer James Piro.

India Enron Panel Lacks Authority to Solve Dispute, Expert Says
2001-05-25 07:16 (New York)

India Enron Panel Lacks Authority to Solve Dispute, Expert Says

     Mumbai, May 25 (Bloomberg) -- Indian negotiators lack the
authority to solve a dispute that has shut down Enron Corp.'s $3
billion power plant, India's single biggest foreign investment,
said a former member of the negotiating committee.
     The negotiators will meet Enron officials on Tuesday next
week, though any proposals made will not be binding on either
Dabhol Power Co., 65 percent owned by Enron, and the Maharashtra
State Electricity Board, the official said. Maharashtra, Dabhol's
sole customer, has refused to pay some of its power bills.
     ``Where is the guarantee Enron and the government will accept
what the committee recommends,'' said R.K. Pachauri, director-
general at the Tata Energy Research Institute, a research
organization. Pachauri said he quit the committee because it was
being asked to renegotiate the project, when it was set up to
solve the payment dispute.
     Maharashtra yesterday served Dabhol notice canceling the
power purchase contract, six days after Dabhol gave the board
notice it was set to pull out of the project in six months.
     The board has refused to pay Dabhol 3 billion rupees for
power supplied in December and January, saying the bills should
reflect a 4 billion rupee penalty it imposed on the company Jan.
28 for failing to supply power at full capacity.

                            Meeting

     Other India officials said the two parties can't afford not
to negotiate as there is too much at stake.
     Mahrashtra and Dabhol serving each other notices is ``simply
legal maneuvering,'' said Kirit Parikh, an economist on the prime
minister's economic advisory council.
     ``It won't affect the process of finding a solution because
``the ground reality is neither Enron nor Maharashtra can afford
not to find a compromise'' to the dispute, Parikh said.
     The government needs a solution as it could be left footing
the bill.
     India's federal and state governments, which have guaranteed
the board's payments for power and some of the loans to help fund
the project, may have to pay Dabhol more than 170 billion rupees
($3.6 billion) if it terminates the 2,184 megawatt power project.
     ``We are going back to Maharashtra tomorrow to work on the
problem.'' Dabhol managing director Wade Cline said. Cline was in
New Delhi to meet A. K. Basu, secretary to the ministry of power.


No, we live about 2-3 mi. off I-10.  It is really easy to get to our house from Austin by taking 71 to I-10 east.

Here is a turn by turn:

Exit 1-10 at Highway 6 (17 mi. West of Downtown Houston).

Go South on Hwy 6 to the 3rd stop light (Chevron station on SE corner).  Take right onto Briarforest Drive.  Take first left onto Briarhome (Meadowbriar subdivision).  We live on Scarborough Fair -- third street off Briarhome.  Our home is 2-story red brick & is in the NE corner.

14126 Scarborough Fair
Houston TX 77077
281-531-0385

Also last night I emailed Sergei a brief note regarding what Ginger was telling us yesterday. I didn't want to jump ranks or push him for an earlier date -- but I wanted to make certain that he knew that all our paperwork is in.

-----Original Message-----
From: LGras91577@aol.com [mailto:LGras91577@aol.com]
Sent: Monday, October 22, 2001 5:01 PM
To: Corman, Shelley
Subject: Re: Nov. 3

Shelley,
That sounds good. Fred and Marisa may go to the zoo. Do you live off of 290?
That is the way we usually come.

Liz


Christie and Vince:

On behalf of Enron Team 1, we would like to thank you for being such gracious
hosts.  The trip far exceeded our expectations and we appreciate the fact
that so many people took time out of their busy schedules to meet with us.  A
special thanks to the both of you for spending all day Friday with us.  We
look forward to our telephone conference on Thursday and to working with you
in the future.

Team 1:

Kim Whitsel
Nick Levitt
Vincent Chen
Jack Rejtman
Deepa Mallik
Tulika Bhalla


We have received the executed EEI Master Power Purchase and Sale Agreement
dated 5/11/2001 from the referenced CP.  Copies will be distributed to Legal
and Credit.


Kim, Kelli and Jeff -

I have taken a look at the Northern California Power Agency deal, and it looks pretty good from a credit standpoint.  We currently have some exposure to NCPA on the power side, but it rolls off by the end of the year, so I think that we can still get this deal done.  Some outstanding issues:

1.  We MUST have a Master Firm in place with NCPA to transact on this deal.  I can begin working on this, but I need to get NCPA's latest financial results to determine an appropriate collateral threshold for NCPA.  This shouldn't be a huge hurdle.

2.  We need to ask Jeff Hodge for his opinion with respect to NCPA transacting a deal of this tenor.  There are sometimes tenor limits placed on municipal entities to limit the term under which they are authorized to transact.  Jeff:  How do we research this issue?  NCPA has provided us a brief statement that indicates that "NCPA will work expeditiously to execute a definitive contract and has all the necessary approval authorities", but my feeling is that we need something a little more substantial than that.

3.  Kelli:  Have you spoken with Global Finance to price the embedded loan in this deal?

4.  Kim:  I don't think a credit reserve will be needed on this deal.

5.  Kim:  From the document that NCPA sent out, it appears that your Monday bid is preliminary and conditional.  We need to make sure that NCPA understands our requirements with respect to executing a Master.  Can your contact at NCPA help me get a copy of their latest financials so we can expedite that process?

6.  Kim:  ONE VERY IMPORTANT NOTE:  NCPA's credit ratings have remained solid throughout the California power crisis, for a number of reasons.  As such, I am pretty comfortable moving forward with this deal, given the above requirements.  However, if their financial results indicate some problems, we may need to include some stringent credit requirements in the Master.  I'm pretty sure that their results will look good, but this is a contingency to bear in mind as your prepare your bid.

Please give me a call with any questions.  Thanks,

JRW


Is this something you or Doug F., or someone should attend?  Jeff
----- Forwarded by Jeffrey A Shankman/HOU/ECT on 02/26/2001 01:26 PM -----

	Jennifer Burns
	02/26/2001 10:58 AM

		 To: Jeffrey A Shankman/HOU/ECT@ECT
		 cc:
		 Subject: National Refiners Party Wekkend

FYI - Would you be interested in this?
----- Forwarded by Jennifer Burns/HOU/ECT on 02/26/2001 11:03 AM -----

	Jennifer Fraser/ENRON@enronXgate
	02/26/2001 11:00 AM

		 To: Jennifer Burns/HOU/ECT@ECT
		 cc:
		 Subject: National Refiners Party Wekkend

http://www.npradc.org/

Jen Fraser
Enron Global Markets Fundamentals
713-853-4759


Just to alert you.  The new CPUC proposed decision to suspend DA to be voted on next week has some language of concern and I wanted you to be aware of it  This new language, which was circulated today, implies some retroactive action by the CPUC -- but not on the suspension issue.  So, some financial risk is possible.  The language follows.  We will endeavor to get the language removed (long-shot) or clarified (also long-shot).

The new draft says ..."we suspend the right to enter into new contracts for direct access effective today.  All other issues dealing with contracts signed before today remain under consideration by the Commission (in response to the comments already received) and will be resolved in a subsequent decision.  In other words, no contracts for direct access may be signed after today; the effect to be given to contracts signed before today, including renewals of such contracts, will be addressed in a subsequent decision."

The "Conclusions of Law include:

"2.  The right to enter into new contracts for direct access should be suspended as of the date of this order.

3.  The effect to be given to contracts signed before today, including renewals of such contracts, as well as comments of the parties will be addressed in a subsequent decision."

And the "Ordering" paragraph states:

"[3.]  The right to enter into new contracts for direct access is suspended as of the date of this order."

"5.  This phase of the proceeding remains open for further consideration of comments of the parties, including the effect to be given to contracts signed before today, including renewals of such contracts."


----- Forwarded by Steven J Kean/NA/Enron on 01/18/2001 01:04 PM -----

	Leslie Lawner
	01/11/2001 10:15 AM

		 To: Steven J Kean/NA/Enron@Enron
		 cc: Paul Kaufman/PDX/ECT@ECT, Rebecca W Cantrell/HOU/ECT@ECT, Shelley
Corman/ET&S/Enron@ENRON
		 Subject: Gas Issues Paper

Paul asked me to email this document to you.  It is the paper analyzing gas
delivery issues into the NY, California and Chicago markets, and an
attachment which summarized interstate transportation and penalty rules.  Let
us know if you have any questions.


Thanks.  I'll see what I can dig up.

From: Tana Jones on 07/07/2000 05:17 PM
To: Jeff Blumenthal/HOU/ECT@ECT
cc:
Subject: Re: U.S. income tax treaties

The page out of the book we were sent last year says "Treaty Withholding Tax
Rates" , and under it is says "The following are US withholding tax rates for
dividend, interest and royalty payments from the United States to residents
of various treaty countries.  Then below there it has a list which shows the
Country, Dividends %, Interest%, Patent and Know-how Royalties.

	Jeff Blumenthal
	07/07/2000 05:11 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: U.S. income tax treaties

What type of income is potentially subject to w/h tax?  I assume you're
looking for the interest w/h tax rates.

From: Tana Jones on 07/07/2000 05:07 PM
To: Jeff Blumenthal/HOU/ECT@ECT
cc:
Subject: Re: U.S. income tax treaties

Jeff,

We are also usually sent a page from some tax book that show the rate of
withholding for each of the treaty countries.  Their rate of withholding will
impact which form we may or may not need.  Can you send it to me?  Thanks!

	Jeff Blumenthal
	07/07/2000 04:53 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Stephen H Douglas/HOU/ECT@ECT
		 Subject: U.S. income tax treaties

Tana,

Steve Douglas asked that I forward to you the following list that sets forth
those countries with which the United States has entered into income tax
treaties that are currently in effect:

Australia
Austria
Barbados
Belgium
Canada
China
Cyprus
Czech Republic
Denmark
Egypt (United Arab Republic)
Estonia
Finland
France
Germany
Greece
Hungary
Iceland
India
Indonesia
Ireland
Israel
Italy
Jamaica
Japan
Kazakstan
Korea
Latvia
Lithunia
Luxembourg
Mexico
Morocco
Netherlands
New Zealand
Norway
Pakistan
Philippines
Poland
Portugal
Republic of South Africa
Romania
Russian Federation
Slovak Republic
Spain
Sweden
Switzerland
Thailand
Trinidad and Tobago
Tunisia
Turkey
Ukraine
United Kingdom
U.S.S.R.
Venezuela

Please call me at ext. 35777 if you have any questions.

Best regards.


Declines in Houston and replacements are noted below:

	Declined				Replaced by

Chris Chang (Financial Settlements)		Gordon Heaney

Kelli Little (Gas Risk Management)		Matt Olney

Anna Kulic (Gas Risk Management)		Monte Jones

Susan Scott (Gas Scheduling)			Shannon Groenwald

I do not have updated information on acceptances or declines from Portland or Calgary Operations at this time. --Sally

 -----Original Message-----
From: 	Curless, Amanda
Sent:	Thursday, January 24, 2002 5:08 PM
To:	Beck, Sally
Subject:	Declines
Importance:	High

Sally,
We are trying to track declines and I wanted to make sure I have all the accurate information. I know that we had at least three declines:
Chris Chang
Kelli Little
Sladana Kuclic

I know that we made an offer to Shannon Groenwald(sp) but I am not sure who declined so we could make an offer to her. Please let me know these names. Thanks Sally!

Mandy


Now accepting bids as low as $19.99 on KICK push scooters, Bid Today!

Electricruizer bike with motor kits, only 5 left, bid today!

Sale Items:
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If you wish to be removed from our mailing list, please click here:
http://www.nexternal.com/unsub/?CS=zap


sounds like a silverhouse. not to mention that is "the hood."

-----Original Message-----
From: Erik Wollam [mailto:erwollam@hotmail.com]
Sent: Tuesday, February 19, 2002 12:54 PM
To: corrier@cox-internet.com; knipe3@msn.com; chet_fenner@bmc.com;
c.r.zander@att.net; Parks, Joe; john.chambers@bisys.com;
brianc@saltgrass.com; lawfeder@msn.com; c.r.zander@worldnet.att.net
Subject: LOCATION FOR MAN NIGHT

THIS IS THE PLAN, THEN. THURSDAY 2/28/02 @ RESTRAUNT IDENITIFIED BELOW. Z OR
PIG PLEASE PROVIDE DIRECTIONS. TIME 7:15. E.

>From: "Brian Constantine" <brianc@saltgrass.com>
>To: "Erik Wollam" <erwollam@hotmail.com>
>Subject: RE: Man Night
>Date: Wed, 13 Feb 2002 12:59:32 -0600
>
>I had horrible liquid pudding, accompanied by incessant stomach cramps,
>fever, and general malaise all last week...along w/ my "ass grape"!!!
>Needless to say, I was unavailable for comment. I am now, however, back
>to full health and the grape has vanished....So, I would love to be WITH
>MEN. I vote to go to a new secret dive that Zander is howling about.
>It's called Tampico Seafood. It's some Mexican Seafood type joint on
>Airline Drive, close to the Farmers Markets that Z says is
>"unfuckinbelievable". IM IN.
>
>-----Original Message-----
>From: Erik Wollam [mailto:erwollam@hotmail.com]
>Sent: Wednesday, February 13, 2002 12:42 PM
>To: bcorrier@cox-internet.com; knipe3@msn.com; chet_fenner@bmc.com;
>c.r.zander@att.net; Joe.Parks@enron.com; john.chambers@bisys.com; Brian
>Constantine; lawfeder@msn.com; c.r.zander@worldnet.att.net
>Subject: Man Night
>
>Men:
>
>Hunting season is over. It is now working season. All email threads are
>gone. No one talks to one another. This is wrong.
>
>I therefor propose man night February 28th, 2002 at some location yet to
>be
>determined, such as Tony's mexican food...on Ella.
>
>e.
>
>
>
>_________________________________________________________________
>Chat with friends online, try MSN Messenger: http://messenger.msn.com
>

_________________________________________________________________
MSN Photos is the easiest way to share and print your photos:
http://photos.msn.com/support/worldwide.aspx


---------------------- Forwarded by Sally Beck/HOU/ECT on 01/30/2001 10:36 AM
---------------------------

derick keeling <write2derick@yahoo.com> on 01/29/2001 01:18:47 PM
To: Sally.Beck@enron.com
cc:
Subject: Re: Dinner Invitation

S. Beck,

Thank you for the invitation. Yes, I will be there for
the tour and dinner. I believe most of us will be
there.

Derick Keeling

--- Sally.Beck@enron.com wrote:
> (See attached file: OU Invitation.pps)

> ATTACHMENT part 2 application/octet-stream name=OU
Invitation.pps

__________________________________________________
Do You Yahoo!?
Yahoo! Auctions - Buy the things you want at great prices.
http://auctions.yahoo.com/


Just making sure everyone reads their emails.  The term is 4/15/2000 -
3/31/2001.

Brenda H Fletcher
04/24/2000 10:02 AM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Cove Point Storage

Are you sure about the term?

Chris Germany
04/24/2000 09:45 AM
To: David Oliver/HOU/ECT@ECT, Crystal Hyde/HOU/ECT@ECT, Alex
Perkins/LON/ECT@ECT, Victor Lamadrid/HOU/ECT@ECT, Katherine L
Kelly/HOU/ECT@ECT, Joan Veselack/Corp/Enron@ENRON, Joann
Collins/Corp/Enron@ENRON, Robert Allwein/HOU/ECT@ECT, Angie
Zeman/Corp/Enron@ENRON, Mark Feldman/HOU/ECT@ECT, Brenda H
Fletcher/HOU/ECT@ECT
cc: Scott Goodell/Corp/Enron@ENRON, Dan Junek/HOU/ECT@ECT, Molly
Johnson/HOU/ECT@ECT, Judy Townsend/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT,
Scott Hendrickson/HOU/ECT@ECT, Sarah Mulholland/HOU/ECT@ECT, Robin
Barbe/HOU/ECT@ECT, Maureen Smith/HOU/ECT@ECT
Subject: Cove Point Storage

We have a new Cove Point Storage deal, here are the details;
Term: 4/15/2000 - 3/31/2000
MSQ 360,000
MDWQ 36,000
Demand $.65
Demand Charge for April  $117,000.00
Demand Charge for May - March    $234,000.00/month
Contract  FPS1024

The CPR storage injection deal is 246517, the withdrawal ticket is 249409.  I
entered all the withdrawal volumes to come out of storage the last 10 days of
March,.


I will explain it to you.  We are trying to simplify it.  Detmering is now out.

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Wednesday, September 05, 2001 7:59 AM
To:	Vetters, Charles
Cc:	Miller, Don (Asset Mktg)
Subject:	RE: Congentrix CA language

Why are there so many people outside of EA involved in this?

 -----Original Message-----
From: 	Vetters, Charles
Sent:	Tuesday, September 04, 2001 6:23 PM
To:	Kitchen, Louise
Subject:	Congentrix CA language

Louise:

I have given to your admin a copy of the Cogentrix CA and have bracketed the language that needs your approval.  Legal had originally told me that I needed Detmering and Donahue to sign off.  Detmering has told me that either you or Lavorato need to sign off.  Per my conversation with Donahue, he is o.k. because Kristina Mordaunt has signed off on the language.

We have a little over a week to get a preliminary, non-binding bid in, if the original schedule holds, and we have held off as long as we can signing any language along these lines, but we are now starting to be backed against the wall.  This language represents the best we are going to be able to accomplish in this situation.

Regards,

Charlie


Can someone help Karen?
Thanks,
Brent
----- Forwarded by Brent Hendry/NA/Enron on 03/28/2001 11:55 AM -----

	Karen A Cordova@EES
	03/28/2001 11:20 AM

		 To: Samantha Boyd/NA/Enron@Enron, Brent Hendry/NA/Enron@Enron
		 cc: Rob Rice/HOU/EES@EES, Marianne Castano/HOU/EES@EES, Sarah
Dietrich/HOU/EES@EES, Denise Furey/Enron@EnronXGate
		 Subject: IMC

Samantha -

Back in February you kindly forwarded to Sylvia Barnes, a redlined Schedule
to the ISDA Master (2.7.01) you were negotiating with IMC Canada Ltd.  EES is
moving forward to put an ISDA in place with IMC's U.S. company.  Would you
please forward the final version of the attachments to the ISDA, in order to
assist us in preparing one for IMC, U.S.?

I appreciate your assistance, and call me with any questions.  Thanks, Karen


---------------------- Forwarded by Errol McLaughlin/Corp/Enron on 03/12/2001
09:09 AM ---------------------------

Phillip M Love@ECT
03/12/2001 09:10 AM
To: Souad Mahmassani/Corp/Enron@ENRON, Victor Guggenheim/HOU/ECT@ECT, Bruce
Mills/Corp/Enron@ENRON, Andres Balmaceda/NA/Enron@ENRON, Sladana-Anna
Kulic/ENRON@enronXgate, Eric Bass/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT,
Bryan Hull/HOU/ECT@ECT, Timothy Blanchard/HOU/EES@EES, Jimmy
Simien/Corp/Enron@ENRON, Kevin Bosse/HOU/ECT@ECT, Jeffrey C
Gossett/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT,
O'Neal D Winfree/HOU/ECT@ECT, Patrick Ryder/NA/Enron@Enron, Ryan
O'Rourke/ENRON@enronXgate, Jason Wolfe/NA/Enron@ENRON, Gregory A
Mausser/HOU/ECT@ECT, John Valdes/HOU/ECT@ECT, Kyle R Lilly/HOU/ECT@ECT, B
Scott Palmer/HOU/ECT@ECT, Jeff Royed/Corp/Enron@ENRON, Bradley
Jones/ENRON@enronXgate, Jody Crook/Corp/Enron@ENRON, Denver
Plachy/NA/Enron@Enron, Jackson Logan/HOU/ECT@ECT, Gary W
Lamphier/HOU/ECT@ECT, Willie Stewart/HOU/ECT@ECT, Martin Cuilla/HOU/ECT@ECT,
Errol McLaughlin/Corp/Enron@ENRON, Luchas Johnson/NA/Enron@Enron, Anne
Bike/Corp/Enron@Enron
cc:

Subject: NCAA tournament

I am getting a tournament bracket together for the group. Here are the
important details - $10 per entry, bonus points per upset predicted are the
differential between the seeds(i.e. 12 beats a five you get 1 pt for the
victory and seven points for the upset), first round games worth 1 pt., and
the points for each subsequent round are the round plus 1 pt. (championship
game worth 7 pts., sixth round plus 1 pt.), tie breaker is total points
scored in final game.  Brackets are due on my desk or in my email box by 8
a.m. CST Thursday March 15th.  Here is a link to a bracket.  Please forward
to anyone you think may be interested.
PL

http://cbs.sportsline.com/u/madness/2001/brackets/men_printable.htm


Michael Albers, Head of unit for Energy in DG Competition gave a talk on
competition priorities in Brussels yesterday.

Highlights:

Priorities for DG Comp are:  1) foster supply competition; for examlpe, new
candidate for DG Comp's help has been identified in Belgium and it would be
necesary to intervene to help this new competitor. In merger control,
emphasis will be on supply solutions and not transmission market issues. 2)
Crossborder Network Access: proceedings will be initiated after the summer
re. French/Spanish and Dutch/Belgian borders. General policy will be spelt
out in an Art. 19(3) notice on Viking Cable. [If we want to influence general
policy we should make a submission on this before it appears: an Art 19(3)
notice is a Commission Decision and constitutes a binding legal precedent.
Although comments on Viking Cable can be made after the event, we would not
be in a position to influence the policy published in the Notice. BD to
follow up.] 3) Eligible customers should be able to choose their suppliers:
most cases are resolved informally. 4) State Aid especially stranded costs;
also environmental policy notice will have impact in this area (Nailia:please
follow up.)

Specific cases:

On UK Gas Interconnector: no news.

Long term Agreements (gas and electricity): "dominant firms cannot have
exclusivity caluses, and long-term contracts as such may be a problem".

SNAM/GAZPROM contracts: destination clauses are illegal, Commission to
initiate proceedings after the Summer break; there will be no blue lining,
meaning that in a contract where a clause is illegal, the Commission will
press for the contract to be terminated, and not allow the contract to
continue intact but the offending article 'blue lined' out. [This suggests we
ought to offer some thoughts on draft model long term contracts.BD to follow
up.]  Applicable mutatis mutandisto GFU contracts.

A gas case that will specify the limits of gas TPA regimes will be "heard
more of after the summer break". (Access to Pipelines Case, TPA ex.-Emden, is
my guess.)

Gas Release Programmes: no indication that this was an emerging issue: Albers
offered no views.

Art 86(3) Directive -- cannot achieve what one can with an Art 95 Directive
(I will write a separate explanation of this -- basically an Art 86(3)
Directive cannot force regulatory structures on countries, i.e. a regulator,
but can change a company's behaviour, i.e. account unbundling.)

Any views welcome

Brendan


At the request of Jake Staffel, I am enclosing our proposed form of
Non-Disclosure Agreement.  If you have any comments or questions you would
like to discuss with me, do not hesitate to call me at (713) 853-3399.  If
the NDA meets with your approval, please return a copy to me via fax no.
(713) 646-3490.  We look forward to hearing from you.


Please handle.  Thanks!
----- Forwarded by Tana Jones/HOU/ECT on 07/20/2000 04:14 PM -----

	Larry Joe Hunter
	07/20/2000 03:55 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Confirmation Letter

Tana,

Can you have someone send copies of the Master Agreements for the below CP's
down to me?

Bank One (formerly FNB)
Bankers Trust Company
Barclays Bank PLC
The Chase Manhattan Bank
Citibank, N.A.
Credit Suisse Financial Products
Elf Trading S.A
J.Aron & Company
Paribas
Phibro Inc.
Royal Bank of Canada

Thanks,
Joe

---------------------- Forwarded by Larry Joe Hunter/HOU/ECT on 07/20/2000
03:54 PM ---------------------------

	From:  Diane Anderson @ ENRON                           07/20/2000 01:56 PM

To: Larry Joe Hunter/HOU/ECT@ECT
cc:
Subject: Confirmation Letter

---------------------- Forwarded by Diane Anderson/NA/Enron on 07/20/2000
01:56 PM ---------------------------

	Enron North America Corp.

	From:  Diane Anderson                           07/13/2000 12:35 PM

To: Tana Jones/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT
cc:

Subject: Confirmation Letter

Hi there.  Will either one of you be able to help me with
this?

Thanks,
Diane

---------------------- Forwarded by Diane Anderson/NA/Enron on 07/13/2000
12:35 PM ---------------------------

Susan Flynn@ECT
07/06/2000 11:42 AM
To: Tana Jones/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT
cc: Diane Anderson/NA/Enron@Enron, Larry Joe Hunter/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT

Subject: Confirmation Letter

 Tan and Susan - can one of you handle this?  I called Diane Anderson and
told her that I'll be leaving Enron and won't be able to help her.  I told
her I would foreward the email on to you.   Thanks!

Susan D. Flynn
Enron North America Corp.
1400 Smith Street, EB3806
Houston, Texas  77002
Phone:  713-853-0975
Fax:  713-646-3490
----- Forwarded by Susan Flynn/HOU/ECT on 07/06/2000 11:34 AM -----

	Diane Anderson@ENRON
	07/06/2000 10:58 AM

		 To: Susan Flynn/HOU/ECT@ECT
		 cc: Larry Joe Hunter/HOU/ECT@ECT
		 Subject: Confirmation Letter

Susan,

I am working with Joe Hunter to prepare the individual letters to our
counterparties
for the below detailed project.   In order to fill in the blanks in the first
paragraph
of Carol's template, it is necessary for me to know the appropriate section
in
each counterparty's Agreement that references the existing confirmation
procedures
(the "Confirmation Procedures").

Would it be possible for you to provide me with copies of the Master
Agreements
for each of the following counterparties, so I can fill in the blanks and get
these letters
out the door:

Bank One (formerly FNB)
Bankers Trust Company
Barclays Bank PLC
The Chase Manhattan Bank
Citibank, N.A.
Credit Suisse Financial Products
Elf Trading S.A
J.Aron & Company
Paribas
Phibro Inc.
Royal Bank of Canada

I would be happy to come up and retrieve them as soon as you have them ready.
If you have any questions, please give me ( 3-0443) or Joe ( 3-3316) a call.

Thanks - we're looking forward to being able to implement this procedure.
-Diane

---------------------- Forwarded by Diane Anderson/NA/Enron on 07/06/2000
10:25 AM ---------------------------

	Enron North America Corp.

	From:  Larry Joe Hunter @ ECT                           07/06/2000 08:41 AM

To: Diane Anderson/NA/Enron@Enron
cc:

Subject: Confirmation Letter

---------------------- Forwarded by Larry Joe Hunter/HOU/ECT on 07/06/2000
08:40 AM ---------------------------
   Carol St Clair                06/16/2000 09:25 AM

To: Sara Shackleton/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Stacy E
Dickson/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT,
Elizabeth Sager/HOU/ECT@ECT
cc: Larry Joe Hunter/HOU/ECT@ECT
Subject: Confirmation Letter

Joe Hunter has asked me to draft a form of confirmation reply letter that we
could send to our counterparties in lieu of signing their confirmations.
This form of letter with the appropriate chnages could also be used by those
counterparties that we confirm.  Please let me know if you have any comments
on this form or any concerns about implementing this process.  Thanks.
Carol


Attached for your review are the fundamental operating standards and controls
that have been developed by the Wholesale Services group.  These standards
are to be met by all Enron offices and by each functional group within the
operations process.  Qualitative standards should be viewed as the basic
measures to be taken when opening a new office or trading a new commodity.
Statistics measuring compliance with quantitative standards will be monitored
on a daily basis and any issues that arise will be addressed immediately.

As business unit heads, you play a critical role in working with Operations
to ensure that proper controls are in place and working effectively.  Please
review this document and let me know if you have any questions or wish to
discuss further.

Regards,

Brent


Bit unfair this - it wasn't all Wheezlet's work - i did the back end.....

http://news.bbc.co.uk/hi/english/business/newsid_1684000/1684503.stm


Can't you just make changes to the one we did for ENA?

Marie Heard@ENRON COMMUNICATIONS
11/20/2000 10:06 AM
To: Tanya Rohauer/HOU/ECT@ECT
cc: Michael Moulton/Enron Communications@Enron Communications
Subject: Micron

Tanya,

Will you send me a worksheet?

Thanks!

Marie Heard
Senior Legal Specialist
Enron Broadband Services
Phone:  (713) 853-3907
Fax:  (713) 646-8537
Marie_Heard@Enron.net
----- Forwarded by Marie Heard/Enron Communications on 11/20/00 10:09 AM -----

	Michael Moulton
	11/20/00 09:56 AM

		 To: Marie Heard/Enron Communications@Enron Communications
		 cc:
		 Subject: Micron

Marie,

Can you put together an ISDA for Micron Technologies.  I hope you had a great
weekend.
Please let me know if you need any additional information.

Thanks, ,

Mike


I am sorry that you won't be here to join us for the lunch for Kristin.  It
was a trick getting a date that worked for her schedule and mine.  Since this
is her last official week with ENA, I did want to do this before she starts
her new assignment.  --Sally

	From:  Sheila Glover                           08/13/2000 05:54 AM

To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Going away luncheon for Kristin

sally,
I had sent this to patti to say I was expected to be here another week.
sg
---------------------- Forwarded by Sheila Glover/HOU/ECT on 08/13/2000 05:48
AM ---------------------------

	From:  Sheila Glover                           08/11/2000 02:36 AM

To: Patti Thompson/HOU/ECT@ECT
cc:
Subject: Going away luncheon for Kristin

Patti,
I am currently flying back from London Friday afternon.
I am sorry I will miss it and Sally's luncheon this afternoon.
thanks. sheila
---------------------- Forwarded by Sheila Glover/HOU/ECT on 08/11/2000 02:30
AM ---------------------------

	Enron North America Corp.

	From:  Patti Thompson                           08/10/2000 06:22 PM

To: Kristin Albrecht/HOU/ECT@ECT, Scott Earnest/HOU/ECT@ECT, Sheila
Glover/HOU/ECT@ECT, D Todd Hall/HOU/ECT@ECT, Bob M Hall/NA/Enron@Enron,
Brenda F Herod/HOU/ECT@ECT, Brent A Price/HOU/ECT@ECT, Leslie
Reeves/HOU/ECT@ECT, James Scribner/Corp/Enron@Enron, Mary
Solmonson/HOU/ECT@ECT, Sheri Thomas/HOU/ECT@ECT, Shona Wilson/NA/Enron@Enron,
Scott Mills/HOU/ECT@ECT
cc: Yolanda Ford/HOU/ECT@ECT, Sue Foust/HOU/ECT@ECT, Kelly
Templeton/Corp/Enron@ENRON, Lynn Tippery/HOU/ECT@ECT, Yvette G
Connevey/Corp/Enron@ENRON, Chantelle Villanueva/HOU/ECT@ECT, Adrial
Boals/Corp/Enron@Enron, Marvia Jefferson/HOU/ECT@ECT, Cecilia
Olvera/HOU/ECT@ECT, Maria Sandoval/HOU/ECT@ECT
Subject: Going away luncheon for Kristin

We have picked Wednesday, Aug 16 for Kristin's luncheon.  Please RSVP to me
as soon as possible.  More details will be forthcoming.

Patti x39106


David , if this is going to cause you political flack with Mary Joyce lets
just kill it - we have revised the original plan and this is probably not
needed.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 09/06/2000
03:29 PM ---------------------------

Mary Joyce@ENRON
09/05/2000 02:51 PM
To: David Oxley/HOU/ECT@ECT
cc: Cindy Olson/Corp/Enron@ENRON, Sheila Knudsen/Corp/Enron@ENRON, David W
Delainey/HOU/ECT@ECT
Subject: Re: ENA Comp suggestions for Project Raptor

David,

  I need more information on the project and who exactly the individuals are
who you feel should participate in this program.  Generally, developers and
deal people throughout the company are not provided with additional incentive
since this type of work is part of their job.  However, this project may be
an exception.  Please call and lets discuss.

Thanks!

MAry

David Oxley@ECT
08/30/2000 09:21 AM
To: Cindy Olson/Corp/Enron@ENRON, Mary Joyce/HR/Corp/Enron@ENRON, Sheila
Knudsen/Corp/Enron@ENRON
cc: David W Delainey/HOU/ECT@ECT
Subject: ENA Comp suggestions for Project Raptor

I have been discussing with Dave Delainey how we might align the
compensation/rewards for the group of 4 or 5 VP's and Directors we have
assigned to disposing of our large portfolio ($650mm). The project is due to
complete in June 01 and Dave and my concern is whether we can make sure they
are motivated to close on time and get the best possible price for us. Dave
believe the up side could be as much as $150mm and the downside as much as
$300mm (the difference between best and worst prices/sales).

My suggestion is that we do the following and I would like your comments or
concerns if any:

Enter into contracts or an agreement (the later would be one way - us to them
and obviously easier) with each of them outlining the following:

Bonus targets based on financial targets and PRC performance for calendar 01
(ie if you rank in top 3 categories and you realise over $650 from this
project we will pay you not less than $300k)

Equity award on closing, on the basis of successful closure and above line
value (ie only in the event that this closes in June 01 and realises more
than $650mm we will grant you $200k in options, if above $800m then $350k in
options.)

Dave would like for me to get back to him on this asap.

David


Russell, I think it will be Kenneth.Lay@Enron.com.  Do we capitalize all the
words, but com?  I noticed that mine is Rosalee.Fleming@Enron.com.  I had
sent something to my home e-mail address.  This may not be a good test as I
am sending it from my home computer, from his mail-box, but not from his
computer.  Oh, well, we'll see!!

Rosie


Start Date: 4/22/01; HourAhead hour: 16;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.
Variances detected in SC Trades schedule.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042216.txt

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 16 / Preferred:  12.00 / Final:  11.98)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/22/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_ERNIE
  ENGY_TYPE: WHEEL

---- SC Trades Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/22/01
  TRADING_SC: CRLP
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 16 / Preferred: -20.00 / Final: -19.97)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/22/01
  TRADING_SC: SETC
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 16 / Preferred:  64.73 / Final:  64.61)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE3
  MKT_TYPE: 2
  TRANS_DATE: 4/22/01
  SC_ID: EPMI


----- Forwarded by Richard B Sanders/HOU/ECT on 12/27/2000 02:54 PM -----

	"Slaughter, R. James" <rjslaughter@mdbe.com>
	11/15/2000 07:32 PM

		 To: "Sanders, Richard B. Esq." <Rsander@ect.enron.com>, "Yoder, Christian
Esq." <cyoder@enron.com>, "'esager@enron.com'" <esager@enron.com>
		 cc: "Pickett, Donn" <dpickett@mdbe.com>
		 Subject: City of Vernon

PRIVILEGED AND CONFIDENTIAL -- ATTORNEY/CLIENT COMMUNICATION

Richard, Elizabeth and Christian:

Attached are memoranda concerning (1) the authority of the City of Vernon's
power buyer to bind the City to a purchase agreement with Enron and (2)
California's Tort Claims Act, which governs all actions against
municipalities in California.  Donn and I look forward to talking with you
tomorrow morning.

Jamie

 <<Memo re authority.DOC>>   <<Memo re tort claims act.DOC>>

E-MAIL NOTICE

This e-mail message is for the sole use of the intended recipient(s) and may
contain confidential and/or privileged information. Any review, use,
disclosure or distribution by persons or entities other than the intended
recipient(s) is prohibited. If you are not the intended recipient, please
contact the sender by reply and destroy all copies of the original message.
Thank you.

To reply to our E-mail Administrator directly, send an email to
Postmaster@mdbe.com or call (415) 393-2000 and delete this email.

McCUTCHEN, DOYLE, BROWN & ENERSEN, LLP

http://www.mccutchen.com

 - Memo re authority.DOC
 - Memo re tort claims act.DOC


Dar, are you on-line?  If so, please answer back.  I have questions.  Well,
I'll ask them.  Did you get the wedding pics?

me


Stevens-

The contract was mailed to Molly yesterday(9/11/00).  Let me know if she
doesn't get it by tomorrow.

Thanks,

Susan

Stevens_Hollister@eott.com on 09/12/2000 07:40:02 AM
To: Susan.W.Pereira@enron.com
cc: Dan_Cole@eott.com
Subject: Re: Gas Daily v. Inside FERC

Susan,

We are getting very close to the start up of the Bazor Ridge plant.. When I
talked to you Friday, you were going to request that Stacy "generate the
paper".  Has this been done yet?  The invoicing does not appear to be an
issue any more, our controller would like us to invoice Enron and Rebel to
invoice EOTT on all products.  Also, I am assuming that you changed the
September pricing to Gas Daily, as you implied below, on August 25.  Right
now we are looking at a start up on the last 10 days or so of September.

If there are problems with any of the above, please call me a soon as you
can today at (601)969-1568.  I will be out the rest of the week.  If
anything comes up after today please contact Dan Cole at the same number.

Thank you,

Stevens

                    Susan.W.Pereira
                    @enron.com             To:     Stevens
Hollister/Remote/Eott@Eott
                                           cc:
                    08/25/00 12:44         Subject:     Re: Gas Daily v.
Inside FERC
                    PM

Stevens-

I've been trying to get in touch with our attorney Stacy Dickson to see if
the confirmation is signed.  The last version of the confirmation reflected
gas daily pricing for August and index pricing for Sept, Oct and Nov.  I
think we will need to amend this if the time periods are going to be
different.

I'll let you know when I hear back from Stacy.

Susan

Stevens_Hollister@eott.com on 08/24/2000 07:54:00 AM

To:   Susan.W.Pereira@enron.com
cc:   Dan_Cole@eott.com, Molly_Sample@eott.com
Subject:  Re: Gas Daily v. Inside FERC

Susan,

As I understand it (which could be dangerous), if it comes on in 1st, 2nd
week of September we have to use Gas Daily, is this correct?  Our comtract
calls for the time period to be 3 months, after the 1st day following the
first month of production.  This would carry the contract through,
December.

Also, the operator of Destin pipeline is still telling the operator of the
well that Enron does not have a shipping agreement in place.  I have told
them that Enon is telling us they are ready to recieve.

Stevens

                    Susan.W.Pereira
                    @enron.com             To:     Stevens
Hollister/Remote/Eott@Eott
                                           cc:
                    08/22/00 12:12         Subject:     Re: Driver Training
and Plant Start-up
                    PM

Stevens-

Do you want to change the contract to reflect Gas Daily pricing for
September and Inside FERC pricing effective Oct & Nov?

Susan Pereira

Stevens_Hollister@eott.com on 08/22/2000 07:14:39 AM

To:   Dan_Cole@eott.com, Molly_Sample@eott.com, John_Ogden@eott.com,
      Lynn_Brannon@eott.com, Susan.W.Pereira@enron.com
cc:
Subject:  Re: Driver Training and Plant Start-up

As you can see the do not expect the plant to be up and running until after
Labor Day.

Stevens

---- Forwarded by Stevens Hollister/Remote/Eott on 08/22/00 07:10 AM -----

                    KahunaGas@aol
                    .com                 To:     Stevens
Hollister/Remote/Eott@Eott
                                         cc:
                    08/21/00             Subject:     Re: Driver Training
                    05:52 PM

EOTT driver training has been rescheduled for the mornings of 9/5 and 9/6.
DuFore driver training has been rescheduled to the afternoon of 9/5.  I
expect to have residue gas for sale between 9/2 and 9/6, depending on how
well plant commissioning goes.

Let me know if you require any additional information.

Gary


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Gifts to give all year 'round
http://www.daily-blessings.com/ch41.htm

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It's getting to be that time of the year again.
---------------------- Forwarded by Cindy Stokes/HOU/ECT on 05/01/2000 12:01
PM ---------------------------

	From:  Irma Alvarez                           04/28/2000 10:04 AM

You've guessed it!  Mid Year PRC is around the corner and we must start
preparing for it.

In preparation for the upcoming Mid Year Review Process, we will need your
assistance with the Communication to your groups!  Therefore, we, the Human
Resources Team for ENA, are requesting your assistance in generating all the
communication materials needed to your group to make sure we don't leave
anyone uninformed.   The first two pieces of communication coming your way,
besides  the e-mail announcements that have recently been distributed, is the
ever so famous Quick Reference Guides & the new PEP cards.  This time around,
the Global Performance Mgmt team has decided not to have so many hard copies
distributed  of the Quick Reference Guides because you are receiving the
e-mail version copy, as you will find attached below.  The reason behind this
is that ENA has been through this process for the last few years and the
Quick Reference Guides contain alot of the same information as in the past,
and seem to come in much more handy for employees tha are new to the company
and to the process.

Next, the Global Perf Mgmt team has created this nifty PEP Card that has very
minimal highlighted information for everyone.
Please anticipate the PEP Cards in your group this Friday afteroon.  We will
also get out a few hard Copies of the Reference Guides, but again, it is
attached below, so please don't anticipate a copy of the Quick Reference
Guides for everyone in your group.

We will be sending a follow up e-mail to you all to advise you of the
schedule for any training classes that will be available before the
Performance Mgmt system opens on May 15th.

We ask that you assist us in this process by distributing detailed e-mails
such as this (addressed to all the Admn Asst's) to your group.  Your
assistance and cooperation is critical, but most importantly greatly
appreciated.

Please feel free to contact your HR rep with any questions you may have, and
also, the PEP Hotline is already currently available to provide all employees
with Perf Mgmt Assistance.

Thanks again.

Irma Alvarez
ENA HR Coordinator
Ext. 3-1543


HAVE YOU GUYS READ THIS STORY BEFORE AND WHAT DO YOU THINK?

>  26 Guards
> >
> > Here's a message that will bring chills. Have
> you ever felt the urge to
> > pray for someone and then just put it on a list
> and said, "I'll pray for them
> > later?  Or has anyone ever called you and said,
> "I need you to pray for me,
> > I have this need?  Read the following story that
> was sent to me and may it
> > change the way you think about prayer and also
> the way you pray. You will
> > be blessed by this.
> >
> > A missionary on furlough told this true story
> while visiting his home
> > church in Michigan. "While serving at a small
> field hospital in Africa, every
> > two weeks I traveled by bicycle, through the
> jungle, to a nearby city for
> > supplies.
> > This was a journey of two days and required
> camping overnight at the halfway
> > point.  On one of these journeys, I arrived in
> the city where I planned to
> > collect money from a bank, purchase medicine and
> supplies and then begin my
> > two day journey back to the field hospital.
> >
> > Upon my arrival in the city, I observed two men
> fighting, one of whom had
> > been seriously injured.  I treated him for his
> injuries and at the same
> > time talked to him about the Lord.  I then
> traveled two days, camping
> > overnight
> > and arrived home without incident.  Two weeks
> later, I repeated my journey.
> >
> > Upon arriving in the city, I was approached by
> the young man I had treated.
> > He told me that he had known I carried money and
> medicines.  He said,
> > 'Some friends and I followed you into the
> jungle, knowing you would camp
> > overnight. We planned to kill you and take your
> money and drugs, but just as
> > we were about to move into your camp, we saw
> that you were surrounded by 26
> > armed
> > guards.'   At this I laughed and said that I was
> certainly all alone in that
> > jungle campsite. The young man pressed the
> point, however, and said,  'No
> > sir, I was not the only person to see the
> guards. My five friends also saw
> > them and we all counted them.  It was because of
> those guards that we were
> > afraid and left you alone.'"
> >
> > At this point in the sermon, one of the men in
> the congregation jumped to
> > his feet and interrupted the missionary and
> asked if he could tell him the
> > exact day this happened. The missionary told the
> congregation the date and the
> > man who had interrupted told him this story:
> "On the night of your incident
> > in
> > Africa, it was morning here and I was preparing
> to go play golf.  I was
> > about to putt when I felt the urge to pray for
> you.  In fact, the urging of
> > the
> > Lord was so strong, I called men in this church
> to meet with me here in the
> > sanctuary to pray for you.  Would all of those
> men who met with me on that
> > day stand up?"  The men who had met to pray
> together that day, stood up.
> > The missionary wasn't concerned with who they
> were, he was too busy counting
> > how many men he saw.  There were 26.
> >
> >
>
> > This story is an incredible example of how the
> Spirit of the Lord moves in
> > mysterious ways.  If you ever hear such
> prodding, go along with it.
> > Nothing is ever hurt by prayer except the gates
> of hell.  I encourage you to
> > forward this to as many people as you know.  If
> we all take it to heart, we
> > can
> > turn this world toward God once again. As the
> above true story clearly
> > illustrates, "with God all things are possible"
> and more importantly, how
> > God hears and answers the prayers of the
> faithful.
> >
> >
>
> > After you read this, please pass it on and give
> God thanks for the beautiful
> > gift of your faith, for the powerful gift of
> prayer and for the many
> > miracles He works in your daily life...
> >
> http://profiles.msn.com.


I just had a discussion with GFI concerning Broker Client.  There seems to be a difference of opinion within the company as to whether they should use broker client.  The desk level appears to want to however they have been overuled at the executive level.

Don Fewer explained their position as this:

We cannot receive and pay for Enron information because they have committed to their investors and board that they are an independent provider of liquidity.  They have made a significant investment in GFI.net which is their electronic platform and they are going to the capital markets to raise money for this.  they feel it would be a conflict of interest to go against their commitment.

I warned Don of the inherent danger of pursuing a single avenue of success in a very uncertain environment which is full of "independent platform" wannabe's.

You may want to have a conversation with Don to see if you can change their opinion.  I would be happy to set up a call between you and Don.

For your information GFI was the original interested broker you talked to in London.

GFI does want us to stream our prices to them at no cost.  Nice offer on their part.


Also, there is 5000/day of Leach to BG&E space at max rate for a term of
11/1/99 - 4/30/01.  Is this considered retail or wholesale?
I don't see any matching CGLG space to go with it.  Is that correct?

---------------------- Forwarded by Chris Germany/HOU/ECT on 01/11/2000 09:14
PM ---------------------------

Chris Germany
01/10/2000 08:01 PM
To: pdrexel@columbiaenergygroup.com @ ENRON, nbartlo@columbiaenergygroup.com
cc: Dan Junek/HOU/ECT@ECT, Mark Breese/HOU/ECT@ECT
Subject: CGAS k#62039

Contract 62039 was replace with contract 65402.  It's 20,000 day with a
primary receipt of Maumee and a primary delivery of COH.  The term is 11/1/99
- 10/31/2000.  Should I bill the retail group for this contract or does this
belong to wholesale??  Also, I'm showing a demand charge of $.15.


Cooper,

 Can you give access to the new west power site to Jay Reitmeyer.  He is an
analyst in our group.

Phillip


calendar.
Also, I would like you to set up a meeting with me, Cindy Olson, Beth Tilney,
Kelly Kimberly, Mark koenig, Rick Causey, and Rick Buy.  I was thinking the
easiest way to get us all together would be to get a room at a restaurant for
6 or 6:30 some evening.  I have contacted Beth and Cindy already, so they
know what it is about, and I will leave messages for the others.  I just need
to check schedules for now.

Also,  I think it would be a good idea to have a get together after work once
a month or so for the Public Affairs organization.  Nothing fancy . .  .
Cadillac Bar or something similar. . .  spouses and significant others
invited.  Talk it over with a couple of people in the group and let me know
what you come up with.
---------------------- Forwarded by Steven J Kean/HOU/EES on 08/03/2000 06:47
PM ---------------------------

Marie Hejka@ENRON on 08/02/2000 05:51:00 PM
To: Maureen McVicker/HOU/EES@EES, Jo Ann Matson/Corp/Enron@ENRON, Peggy
McCurley/HOU/ECT@ECT, Amy Rios/HOU/ECT@ECT, Margarite
Cunningham/Corp/Enron@ENRON, Bobbie Power/Corp/Enron@ENRON
cc: Steven J Kean/HOU/EES@EES, Melissa Becker/Corp/Enron@ENRON, Philippe A
Bibi/HOU/ECT@ECT, Rick Buy/HOU/ECT@ECT, Richard Causey/Corp/Enron@ENRON,
Jeffrey McMahon/HOU/ECT@ECT, Cindy Olson/Corp/Enron@ENRON, Andrea
Yowman/Corp/Enron@ENRON
Subject: Knowledge Management Meeting

Good afternoon.  Cindy Olson requested a meeting with the following
attendees.  Would you be so kind as to review their calendars and let me know
if they are available during any of the suggested meeting times?

Meeting Topic:  Knowledge Management

Meeting Purpose:  Answer the following questions
What is Knowledge Management?  What Knowledge Management efforts are
established at Enron?  What is the value of a formal approach to Knowledge
Management?  What is essential to make a Knowledge Management effort at Enron
a  success?  Is it time to formally establish a KM group?  Is it time to
inaugurate a person to formally direct Enron KM initiatives?
Attendees:
Melissa Becker
Philippe Bibi
Rick Buy
Rick Causey
Marie Hejka
Steve Kean
Jeff McMahon
Cindy Olson
Andrea Yowman

Suggested Meeting Dates and Times:
Thursday - August 17 10:00 -11:00 a.m. or 11:00 a.m. - 12:00 p.m.
Friday - August 18  8:30 - 9:30 a.m. or 1:00 - 2:00 p.m. or 3:00 - 4:00 p.m.
Monday - August 21 Open (except 11:00 a.m. - 1:00 p.m.)


FYI
---------------------- Forwarded by David W Delainey/HOU/ECT on 02/06/2001
07:32 PM ---------------------------

Mitchell Taylor@ENRON
02/03/2001 10:22 AM
To: David W Delainey@ECT, Cliff Baxter@ECT, mmetts@enron.com
cc:
Subject: Re: PGE's '02 and beyond

Dave,

Here is PGE's response to the question you raised about how its plans to
cover its short position in '02 and beyond.  Part of Pamela's response does
not make sense to me and I will follow up with her for additional details.

Let me know if you have additional questions.

Mitch
---------------------- Forwarded by Mitchell Taylor/Corp/Enron on 02/03/2001
10:17 AM ---------------------------
From: Pamela Lesh/ENRON@enronxgate on 02/02/2001 02:00 PM
To: Jim Piro/ENRON@enronxgate
cc: Mitchell Taylor/Corp/Enron@ENRON

Subject: Re: PGE's '02 and beyond

Hi, Mitch!  As of today, Oregon is sill moving forward with our version of
open access.  As you may recall, this is a fairly consevative approach.  Only
non-residential customers are eligible for direct access.  Utilities need not
sell any generating resources.  We will use a technique called "ongoing
valuation" to allow non-residentials to elect other suppliers while still
receiving the benefits/paying the costs of our current supplies.  We are
planning to be in balance (or long) for 2002 on a full load basis.  Thus,
while non-residential customers may elect new suppliers, they are essentially
fully hedged with our portfolio of long- and short-term supplies.  We have
also begun to raise the question for discussion whether we should fill a full
load position for years beyond 2002.  Those discussions will probably continue
the next couple of months.  One possible outcome is that we would fill all of
our load except perhaps customers over 1-5 MWs.  They would have the right to
"opt-out" by giving us notice 1/1/02 not to plan for them beginning 1/1/03.
Then, the Commission might phase in this option for consecutively smaller load
customers on a set schedule.  This would allow us some certainty and ability
to make longer-term commitments and also give the market some certainty about
what load might be available when.  Everyone is well-aware of our short
position and the implications of that.  We are seeking an amendment to
Oregon's restructuring law that would eliminate any date restriction on our
ability to treat resource commitments as eligible for transition treatment.  I
think this is a critical piece to ensuring that Oregon doesn't set up a cliff
like California did or Nevada appears to be doing.  All this being said,
whether Oregon's restructuring moves forward is ultimately an
emotional/political issue.  Bad news, even if unrelated to direct access,
could spook the Legislature enough to give momentum to the several bills
already introduced to delay/reverse it.  We will keep you informed.
Meanwhile, our power supply folks are proceeding as if we will need to plan
for almost everyone indefinitely.

>>> Jim Piro 01/26/01 02:26PM >>>
I think based upon your discussions with staff and the commissioners you are
the best one to respond to this question.  Thanks

>>> <Mitchell.Taylor@enron.com> 1/26/01 8:49:09 AM >>>
Jim,

In the resource plan that you sent me earlier this week, you indicated that
PGE was short anywhere from 400 to 700 MW, going out to 2006. What
sentiment are you hearing in Oregon about open accesss? (In Nevada, where
I have been focused of late, the drums are beating louder for longer
delays). If open access (customer choice) is deferred beyond this year,
how do you plan to cover this short position, especially in '02? Does the
OPUC appreciate that you are short in anticipation of open access?

Thanks,

Mitch


I left  another message w/ Abrams   today re gty!!!!!!!!!!!!!!!!!!

Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


Peter/Kay-

Based on Lee's mark-up, he's caught on to the fact that I was trying to put
in site conditions and performance guarantees that were specific to Austin as
opposed to the generic ones we had in the original West LB contract.  At this
stage of the game, I can live with the original guarantees.  He's changed all
of the performance guarantees and some of the Basis Conditions in Exhibit A.
To make everything agree, please make the following changes to Exhibit A:

Ambient Temperature should be 91 not 101 (Lee forgot to change this)

Elevation should be 0 not 435 (Lee's changes are okay here)

Barometric pressure should be 14.7 not 14.47 (Lee mismarked this one)

Ambient relative humidity should be 45 not 35 (Lee forgot to change this)

Exhaust Loss should be 6 not 12 (Lee's changes are okay here)

Hope this helps.  If you need to feel free to call me.  I will be in Austin
on my cell phone all next week.  I'm in the office today.

Thanks,
Eric Booth
(713) 345-4683 (W)
(713) 412-6873 (c)

 -----Original Message-----
From:  "Thompson, Peter J." <pthompson@akllp.com>@ENRON
[mailto:IMCEANOTES-+22Thompson+2C+20Peter+20J+2E+22+20+3Cpthompson+40akllp+2Ec
om+3E+40ENRON@ENRON.com]
Sent: Thursday, May 10, 2001 10:49 AM
To: Mann, Kay; Booth, Eric
Cc: Pipitone, Paul
Subject: FW: City of Austin Agreement

Attached is an e-mail that Lee circulated on February 12 regarding
Exhibit A to the City of Austin Agreement.  It makes changes to the
values in the 2/12 draft and the values that Kay faxed to me yesterday.
Eric, please let me know which values to insert in the agreement and
also please provide me with the addresses and contacts for Sections 25.1
and 25.3.

-----Original Message-----
From: lee.johnson@ss.ps.ge.com [mailto:lee.johnson@ss.ps.ge.com]
Sent: Monday, February 12, 2001 5:33 PM
To: Thompson, Peter J.; kay.mann@enron.com; kent.shoemaker@ae.ge.com;
lee.johnson@ss.ps.ge.com
Cc: Pipitone, Paul; Cobb, Chris
Subject: RE: City of Austin Agreement

Ooops, forgot the redline for changes in Exhibit A.

-----Original Message-----
From: Thompson, Peter J. [mailto:peterthompson@akllp.com]
Sent: Monday, February 12, 2001 4:02 PM
To: Kay Mann (E-mail); Kent. Shoemaker (E-mail); Lee. Johnson (E-mail)
Cc: Pipitone, Paul; Cobb, Chris
Subject: City of Austin Agreement

Attached please find a clean copy of the most recent version of the City
of Austin Agreement (the first document below), as well as a blackline
showing changes from the February 8 version circulated earlier today.
The Agreement reinstates the prior specific performance guarantees in
Section 10.  To complete the agreement, we need to include the date of
execution, the addresses and contacts for Sections 25.1 and 25.3, and
Exhibit H-2.
 <<Gas Turbine Agreement Draft of 12/13/00.DOC>>  <<Enron/GE Agreement -
Blackline of 4 to 5.DOC>>

 - redline_21201_00.DOC << File: redline_21201_00.DOC >>


thank ;you very much

Kam Keiser
05/08/2001 01:20 PM
To: Nelson Ferries/Corp/Enron@ENRON
cc: Scott Neal/HOU/ECT@ECT
Subject: TDC

Nelson,

I have booked the TDC deal for the remainder of the term.  It is now in the
Gulf3 book at Tenn/Zone1.  If locations need to change, and I'm sure they
will, please let me know and I will make sure it is hedged correctly.

sitara #778201

also,  if you could use the same sitara number every month for the central
gas it would help make our reconciliation process much smoother.

Thanks,

Kam


Sharon Brown
ETS Gas Control
713-853-5660


Power & Natural Gas
Mark-to-Market Brouhaha; Buy Energy Marketers

* Recent press has questioned accounting practices of energy
marketers.  Concerns center on use of "mark-to-market" accounting
* Stocks down 8.7% since Monday
* View concerns as unfounded
* Reiterate 1H (Buy, High Risk) ratings on Enron (ENE), Dynegy (DYN)
and 2M (Outperform, Medium Risk) on Duke Energy (DUK)

 <<trc71789.pdf>>

Raymond C. Niles
Power/Natural Gas Research
Salomon Smith Barney
(212) 816-2807
ray.niles@ssmb.com

s

 - trc71789.pdf


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-----Original Message-----
From:  Lawrence, Linda L.
Sent: Friday, July 13, 2001 10:04 AM
To: Linnell, Elizabeth; Nicolay, Christi; Scott, Susan
Subject: FERC RTO Orders, Part 2


This request has been pending approval for  2 days and you are the alternate.  Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000080623&Page=Approval to review and act upon this request.

Request ID          : 000000000080623
Approver            : sandeep.kohli@enron.com
Request Create Date : 1/8/02 4:24:19 PM
Requested For       : zhiyong.wei@enron.com
Resource Name       : \\enehou\houston\common\Research - [Read]
Resource Type       : Directory


John and Michael would like to put together training for London-based traders
on the "dos and don'ts" of using recorded telephone lines - As part of this
we're listening to tapes to pick up on some "don'ts" (eg racist comments,
harrassment, breach of SFA rules etc) which we can possibly use as case
studies (you'll be pleased to hear that so far we haven't found anything of
this nature!).

Have you given any training on this subject to traders in Houston?  Any
materials you may have used or thoughts you have on this would be very much
appreciated.  Thanks a lot.

Paul


Alberta?


See if there is anythiing of use in here for your high tech group messages.
----- Forwarded by Steven J Kean/NA/Enron on 09/27/2000 05:21 PM -----

	Rob Bradley
	09/25/2000 10:31 AM

		 To: Margaret Carson/Corp/Enron@ENRON, James D Steffes/NA/Enron@Enron
		 cc: Mark Palmer/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron
		 Subject: Digital Power Demand: JP Morgan Report

The JP Morgan report below gives further credence to the Mills/Huber thesis
of digital-age power growth.  The in-the-trenches story is different from
some of the academic studies by the conservation mavens.

- Rob

 - jp morgan.pdf


- 1_22_02LO.xls


done

 -----Original Message-----
From: 	"Eva Pao" <epao@mba2002.hbs.edu>@ENRON [mailto:IMCEANOTES-+22Eva+20Pao+22+20+3Cepao+40mba2002+2Ehbs+2Eedu+3E+40ENRON@ENRON.com]
Sent:	Thursday, September 13, 2001 6:12 PM
To:	John Arnold
Subject:	gad caspy

thanks for contacting him.  you are tops.
ep


USA: RESEARCH ALERT - Enron price target raised.

 01/12/2000
 Reuters English News Service
 (C) Reuters Limited 2000.

 NEW YORK, Jan 12 (Reuters) - Schroder & Co Inc said Wednesday it raised
Enron Corp's price target to $75 from $60 and cut
 2000 earnings per share estimates.

 - raised price target because "as the bandwidth trading market unfolds over
the next 12 months, we anticipate that an additional $15 of
 value will be created for shareholders, with considerably greater value
possible as the market develops."

 - cut 2000 estimates to $1.45 per share from $1.55 "due to fine-tuning."

 - introduced 2001 EPS of $1.75.

 - "Bandwidth trading will be a critical value creator in 2000. Enron has
built a critical base in the emerging bandwidth commodity
 industry, which is poised to achieve rapid growth in 2000."

 - "Bandwidth trading keys off Enron's market dominant skills developed in
trading electricity and natural gas. After executing the first
 key bandwidth trade in 1999, Enron appears poised to begin posting rising
transaction volumes, establishing the credibility of this new
 industry."

 - "The ultimate value of bandwidth trading is likely to exceed the total
value of Enron's existing electricity and gas franchise."

 ((-New York Newsdesk (212) 859-1700)).


Elizabeth, FYI,

I have chosen you all as reviewers for my Performance Review .   The feedback
response time for Human Resources has been
excelerated.  Please review me no later than this Friday, May 19th, 2000.

Thanks,
Nedre
31659


I will be there.

Thanks,

Charlie Weldon