PLEASE NOTE SPECIAL HOURS

Notice No. 01-349
October 23, 2001

TO:       All NYMEX Members/Member Firms
          All NYMEX Clearing Members
          All NYMEX Floor Traders
          All NYMEX Operations Managers

FROM:     George Henderson, Vice President

RE:       CORRECTED: Options Expiration Operational Procedures for the
Trading             Floor and Clearing Members - Revised Hours
________________________________________________________________

The expiration date for the November 2001 options contract for Unleaded
Gasoline (GOX1), Heating Oil (OHX1) and Natural Gas (ONX1) is Friday,
October 26, 2001.

GENERAL OPERATIONAL PROCEDURES

All Clearing Members and Qualified Floor Traders that carried an options
position as of the close of business day prior to the expiration day, or
engaged in trading activity on Expiration Day in the expiring options
contract will be required to have a knowledgeable, duly authorized
representative present at their normal work station promptly at 4:40 p.m.
until released by the Exchange staff as specified below.  All adjustments
and/or corrections, must be accompanied by relevant supporting
documentation
prior to being incorporated into expiration processing, in essence making
the expiration processing an extension of the afternoon trade resolution
procedures.  All input to the NYMEX Clearing Department will conclude no
later than 30 minutes after floor representatives are released.

Exchange Clearing (299-2110), Floor Trade Processing (299-2068 and
299-2169)
personnel, as well as a representative of the Floor Committee will be
available to assist with the processing of notices of Exercise and
Abandonment, position transfers, trade corrections and other questions or
problems you may have.

CLEARING DEPARTMENT OPERATIONAL PROCEDURES

The Option Expiration process is a screen based process for which all
information is provided on the screens on C21 terminals. No Option
Expiration Reports will be provided. The following screens will assist you
through the Option Expiration process:

MEMBER TRADE INQUIRY
Contains real-time top day trade information, trade information for the
previous 4 business days and trade=s adjusted for the previous 4 business
days by adjustment date.

SINGLE POSITION MAINTENANCE
Contains a real-time snapshot for each option series from the start of day
position to the projected end of day position.

REVIEW ACCEPT REJECT TRANSFERS
Contains all trade and position transfers TO your firm and the status of
each transfer.

REVIEW SUBMITTED TRANSFERS
Contains all trade and position transfer FROM your firm and the status of
each transfer.

EXERCISE NOTICE SUBMISSION
Contains your available long position and an input field to enter the
number
of long positions you wish to exercise.

DO NOT EXERCISE SUBMISSION
Contains your available long position and an input field to enter the
number
of long positions you wish to abandon.

POSITION CHANGE SUBMISSION
PCS may be submitted either by manual input or by electronic transmission.
Any PCS input on a Clearing 21 terminal will be the input processed by the
system.  This input may be made at any time prior to 5:55 p.m.  Any PCS
input via transmission for that contract series will be disregarded.

ALL POSITIONS ARE DEEMED FINAL
Upon completion of all PCS input, all positions will be deemed final.

EXERCISE/ASSIGNMENT INFORMATION
Will be available to you on the Single Position Maintenance window by
contract series or the Assignment List window which contains all your
Assignments on one window. You will be notified of its availability by C21
E-Mail and by Fast Facts. This should occur within 1 hour of the last PCS
input.

All Clearing Members are required to have an authorized representative(s)
at
their C21 workstations in preparation for any communication during the
expiration process.

FAST FACTS
Clearing Members should call the Fast Facts information service 301-4871,
access code 700 for event messages advising Members of the event status.

E-MAIL
Clearing Members should read their C21 E-Mail messages immediately to be
aware of event status.

The standard event Fast Facts and/or E-Mail messages and the sequence in
which they will be announced are:

STANDARD EVENT           APPROXIMATE TIME            USUAL   FAST
FACTS(F)
  MESSAGES                       OF MESSAGE        EVENT TIME
E-MAIL    (E)
                           AVAILABILITY
BOTH      (B)

Announce Out-of-the                 4:45PM          4:45PM        F
Money Exercise and In-the-Money
Do Not Exercise Submissions

Announce Final Input to C21         5:40PM          5:55PM        E
Cutoff Time

All positions are deemed final      7:00PM          7:00PM        F

Announce Exercise/Assignment        7:30PM          7:30PM        B
Information Available on the Single
Position Maintenance Windows

All Report Distribution is         10:00PM         10:00PM        F
completed

The times appearing in the Usual Event Time column are based on normal
operational conditions and could vary.

If you have any questions concerning these procedures, please contact
Anthony Di Benedetto at 299-2152 or John Ramos at 299-2142 prior to the
expiration date.

 <<EXPFORMSPEC.XLS>>

(See attached file: EXPFORMSPEC.XLS)

 - EXPFORMSPEC.XLS


fyi
---------------------- Forwarded by Kay Mann/Corp/Enron on 12/21/2000 07:27
AM ---------------------------
   Enron Americas - Office of the Chairman
From: David Delainey and John Lavorato on 12/21/2000 02:02 AM
Sent by: Enron Announcements
To: ENA Employees
cc: Joe Kishkill/SA/Enron@Enron, Orlando Gonzalez/SA/Enron@Enron, Brett R
Wiggs/SA/Enron@Enron, Remi Collonges/SA/Enron@Enron, Jeffrey A
Shankman/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT, Jeffrey
McMahon/HOU/ECT@ECT, Raymond Bowen/HOU/ECT@ECT, Louise Kitchen/HOU/ECT@ECT,
Philippe A Bibi/HOU/ECT@ECT, Rebecca
McDonald/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James A
Hughes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark Frevert/NA/Enron@Enron, Greg
Whalley/HOU/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Steven J
Kean/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Ben F
Glisan/HOU/ECT@ECT, Mark Koenig/Corp/Enron@ENRON, Rick Buy/HOU/ECT@ECT, John
Sherriff/LON/ECT@ECT, Jeff Skilling/Corp/Enron@ENRON, Kenneth
Lay/Corp/Enron@ENRON, Cliff Baxter/HOU/ECT@ECT, Michael R Brown/LON/ECT@ECT,
Mark Palmer/Corp/Enron@ENRON
Subject: Re-Alignment

Thanks to all of you, Enron North America has had an outstanding year in
2000.  Some of the more notable accomplishments include:
a) 100% plus increase in EBIT from 1999 actuals to 2000 forecast;
b) significant rationalization of the balance sheet including the sale of the
(i) Wind River/Powder River gathering assets, (ii) East Coast Power
generating assets, (iii) HPL and (iv) five of the six Eastern Peakers;
c) ENA is the leading energy merchant by a factor of two;
d) physical electricity volume grew by 34% YTD 1999 to YTD 2000 forecast;
e) natural gas volumes grew by 82% YTD 1999 to YTD 2000 forecast;
f) 500% growth in daily transactions from November 1999 to November 2000 due
to the highly successful Enron OnLine distribution channel; and
g) ENA reaching its 25% ROCE target.

These are truly outstanding accomplishments and our expectations for growth
and opportunity in Enron North America for 2001 are consistent with that
success.  In order to reach these goals, we felt it necessary to re-align a
number of our organizations. A number of these changes are completed.  The
goals of such re-alignment include:
a) increase overall productivity with the goal to ensure that every employee
is in a position to contribute regardless of skill set;
b) increase overall market coverage, deal flow and information generation
with the goal to increase bid/offer income, increase the velocity of deal
flow, improve customer coverage and promote quality information transfer to
our trading organization;
c) increase deal quality and earnings quality with the goal to (i) allocate
our resources towards the best transactions and (ii) significantly increase
our &mid-market8 originated transactions in our portfolio;
d) promote real time decision making and a closer tie between our trading and
origination (mid-market and structured) organizations in order to better
align those functions to reduce the amount of un-productive internal focus;
e) increase the overall velocity of the capital being utilized consistent
with our goal of a 25% plus return on capital employed; and
f) identify and recognize a host of new leaders in the organization that are
critical to meeting our goals next year.

With these objectives in mind, patterned after the successful business models
in Calgary and Portland, effective immediately the following changes are
being implemented:
a) East Power ) a single East Power Team incorporating trading, mid-market
and origination will be formed under the co-leadership of Kevin Presto and
Janet Dietrich who will report to the Enron Americas - Office of the Chairman
(EA OOC).  This team will have one income statement, one book and a joint
accountability. However, a clear delineation of responsibilities inside these
teams will continue to exist in which the trading organization will manage
the risk, income statement and product development aspects of the
partnership. The originators will have the primary responsibility to generate
origination income, provide coverage, deal flow, lead strategy formulation,
provide information and generate strategic positions.  Overall, the team will
be rewarded based upon increasing the value of the book, meeting
coverage/deal flow targets and meeting its strategic/growth goals in the
Eastern power markets. The team will be responsible for covering the IOU,s,
muni,s/co-ops, industrials and IPP,s and will utilize all ENA,s product
capabilities including the power commodity, assets and capital. The team will
further be broken down into several key strategic regions and business units
including:
  (i) ERCOT ) managed by Doug Gilbert Smith and Bruce Sukaly;
  (ii) NE ) managed by Dana Davis and Jeff Ader;
  (iii) Midwest ) managed by Fletch Sturm and Ed Baughman;
  (iv) SE ) managed by Rogers Herndon and Ozzie Pagan;
  (v) East Power Development ) managed by Ben Jacoby;
  (vi) East Power Structuring  - managed by Bernie Aucoin; and
  (vii) East Power Fundamentals and the &Genco8 ) managed by Lloyd Will

b) West Power ) there will be no changes to the Portland office which is
managed by Tim Belden and Chris Calger .  Both Tim and Chris will continue to
report to the EA OOC.
c) Canada and Mexico ) there will be no changes to the Canadian or Mexican
offices which are managed by Rob Milnthorp and Max Yzaguirre respectively.
Both Rob and Max will continue to report to the EA OOC.
d) U.S. Natural Gas ) there are several changes anticipated in this business
consistent with the goals and objectives described above. The changes
primarily affect the East, Central, West and Texas gas regions. Each region
will consist of a single gas team incorporating trading, mid-market and
origination. Each team will have one income statement, one book and a joint
accountability. However, a clear delineation of responsibilities inside these
teams will continue to exist in which the trading organization will manage
the risk, income statement and product development aspects of the
partnership. The originators will have the primary responsibility to generate
origination income, provide coverage, deal flow, lead strategy formulation,
provide information and generate strategic positions. Overall, the team will
be rewarded based upon increasing the value of the book, meeting
coverage/deal flow targets and meeting its strategic/growth goals in the
Eastern, Western, Central and Texas gas markets.  The team will be
responsible for covering the LDC,s, muni,s/co-ops, industrials, IOU,s, IPP,s
and the producers.  There will be an increasing focus on the upstream side of
the business including the producers, transporters and storage providers in
addition to market area opportunities. The team will utilize all of ENA,s
product capabilities including the gas commodity, assets and capital. Each of
these groups will report directly to the EA OOC;
East Gas ) a single East Gas Team incorporating trading, mid-market and
origination will be formed under the co-leadership of Scott Neal and Frank
Vickers who will be returning from Portland to join this team.
West Gas  ) in a similar manner, a West Gas Team will be formed co-managed by
Phillip Allen and Barry Tycholiz, who will be joining us in Houston from the
Canadian team. The Denver office under Mark Whitt will be integrated under
this team.
Central Gas )  in a similar manner, a Central Gas Team will be formed
co-managed by Hunter Shively and Laura Luce. The Chicago office will be
integrated into this team.
Texas Gas ) the Texas Gas Team will be managed by Tom Martin. This team will
continue to manage the gas trading business around HPL until the pending sale
is concluded in Q2 2001.  After the sale of HPL, this team will build a Texas
gas business without ownership of the HPL assets.
Financial ) this group will continue to be managed by John Arnold with no
significant changes.
Derivatives ) this group, lead by Fred Lagrasta, will offer derivative and
financial mid-market products and services to the natural gas market
specifically targeting CFO,s and treasury departments.  Fred will continue to
maintain certain existing mid-market accounts with a number of producer and
industrial accounts where relationships are well formed. Otherwise,
mid-market coverage will gravitate to the regions. The New York office gas
marketing efforts will continue to be managed by Fred.
Upstream Products ) this group, lead by Jean Mrha, will develop several
distinct product offerings for the upstream segment of the gas market.  This
group will develop and market the product in conjunction with the regions.
This is consistent with our desire to have a broader product offering and
greater market penetration in the upstream segment.  These products include
producer outsourcing, similar to our successful Petro-Canada and Suncor
relationships in Canada, physical storage re-engineering, compressor
services, wellhead liquidity products and offshore asset and capital
products.  In addition, Jean will manage our Bridgeline joint venture with
Texaco.
Gas Structuring ) this group will be lead by Ed McMichael, reporting to Frank
Vickers, will provide structuring and deal support to all the gas teams.
Gas Fundamentals ) this group will be lead by Chris Gaskill, reporting to
Hunter Shively, will provide fundamentals to all the gas teams.

Julie Gomez will continue to support the gas floor through several identified
projects including long-term supply/demand analysis and, natural gas
transportation capacity trading opportunities.

There is an expectation of some customer overlap between the gas and power
groups; for example, the combination utilities and the IPP,s.  The teams will
coordinate with regard to the combination utilities like Con. Edison or
PG&E.  With regard to the IPP,s, to the extent that the product offering
involves an underlying power position, the power teams will manage. We have
asked Janet Dietrich to coordinate such overlaps between the two
organizations in Houston.

e) Technical/Restructuring - In the effort to consolidate and centralize our
technical resources (engineering, development, operations, pipeline) to
ensure that this skill base is available to all ENA groups and utilized
productively across the organization, Brian Redmond will form and manage the
Technical Services Group.  This group will manage ENA,s technical risks and
will provide, on a cost basis, technical services for the entire ENA
organization. This group will manage the interface with EE&CC and OEC.  In
addition, the Restructuring Group, currently managed by Dick Lydecker, will
report to Brian Redmond.  This group is currently monetizing a large portion
of the merchant investment portfolio given our current strategies.  This
group will have continuing responsibility to manage troubled commodity and
capital transactions that need considerable time and attention to manage risk
and monetize.

In addition to these responsibilities, Brian will manage the pending sale and
transition of the HPL asset over the next couple quarters as regulatory and
securities approvals are obtained in order to complete the sale.  Brian will
report to the EA OOC.

f) Principal Investing  )  with the departure of Jeff Donahue to new
opportunities in EBS, ENA,s venture capital function will be managed by
Michael L. Miller.  This group makes small investments in distributed
generation, power quality and technology companies that can benefit from
Enron,s distribution channels and expertise.  Michael will report to the EA
OOC.

g) Corporate Development ) Tim Detmering will assume the corporate
development responsibilities for ENA as Jeff transitions to his new role and
will report to the EA OOC.

h) Generation Investments ) there will be no changes to this group managed by
Dave Duran. Dave will continue to report to the EA OOC.

i) Energy Capital Resources ) there will be no changes to this group
currently lead by C. John Thompson and Scott Josey.  John and Scott will
continue to report to the EA OOC.

As a final note in the interest of keeping things simple, Enron Americas will
have two operating divisions  - Enron North America and Enron South America.
As a result, we will continue to conduct business under these two operating
companies; therefore, eliminating the need to change legal entities et al.
If you are currently a commercial employee of ENA or ESA you will continue to
conduct business in that company.

We look forward to another exciting year in the North American energy
market.  This is certainly a company unrivaled in the marketplace with the
most talented employees.  The opportunities are endless.  We wish you and
your family a very happy and safe holiday season.


OUTLOOK EMAIL NOTIFICATION

Your Date of Migration is: May 15th

YOU WILL BE UNABLE TO SEND E-MAIL unless you take the following action:
Please go through your Notes email and clean out as many old/un-needed email
items as possible BEFORE your date of migration.? After you are migrated to
Outlook you will only be allocated 100MB of total Mailbox space.?? If more
than this amount of data is migrated to Outlook YOU WILL NOT BE ABLE TO SEND
E-MAIL until it is below the 100MB limit.? Cleaning up your Notes email now
will prevent this from happening to YOU.

Enron,s messaging platform is migrating from Lotus Notes to Microsoft Outlook
2000 worldwide.  You will be accessing Outlook for all of your email
functions.

WHY IS ENRON MIGRATING TO OUTLOOK 2000?

Many factors contributed to the decision to migrate from Lotus Notes to
Microsoft Exchange/Outlook.  The most prominent factors were:

? Significant advantages to moving to a product that is more integrated with
current Enron apps (Windows 2000, Office and Internet Explorer)
? More efficient Shared PC and Roaming User features
? Improved support and integration for Palm/CE devices
? Instant Messaging capabilities

WHAT IS BEING MIGRATED TO OUTLOOK 2000?

? Email Messages.  From the date of your scheduled migration, the last (30)
thirty days of your Email will be converted for use in Outlook.
? All your folders in Notes you use to store email messages in.
? To Do Items
? Journal Items
? Calendar Entries dating from (1) one year in the past to (10) ten years in
the future will be converted.
? Address Books, but NOT your Distribution Lists that you created.  You will
need to re-create these in Outlook.

Thank you,

Outlook 2000 Migration Team


Marc,

Unfortunately, today is not going to work for the revenue model for mid &
back office services meeting.  How about this coming Monday, Feb 26 from 1:00
- 2:30 pm?  I have penciled in that time for Sally, Mary Solmonson & James
Scribner.  Please let me know if that will work for you.

Thanks,
Patti x39106


Section III:

(See attached file: 286647-SECTION 3.doc)

 - 286647-SECTION 3.doc


<<One-way NDA.doc>>

Cameron Sellers
Vice President, Business Development
PERFECT.COM
1860 Embarcadero Road - Suite 210
Palo Alto, CA 94303
cameron@perfect.com
650.858.7719 (direct dial)
650.858.1095 (fax)
650.208.9455 (cell)

 -----Original Message-----
From:  Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Monday, April 17, 2000 12:05 PM
To: Cameron.Sellers@enron.com
Subject:

Hi.  Could you please send me another copy of the NDA.  I want Amir (the
instructor) to sign it tonite before he starts seeing any of our stuff.
Thanks.

 - One-way NDA.doc


Jarek

I have discussed this with Jacek.  The reason for increasing Jacek's package is retention.

Adam

 -----Original Message-----
From: 	Astramowicz, Jarek
Sent:	15 November 2001 16:24
To:	Cattigan, Ed; Overfield, Adam; Forycki, Krzysztof; Edgley, Anne; Wantschek, Lloyd; Derrick Jr., James
Subject:	RE: Resolution No 9

Has this package been discussed with Jacek yet at all ?

 -----Original Message-----
From: 	Cattigan, Ed
Sent:	15 November 2001 16:56
To:	Overfield, Adam; Astramowicz, Jarek; Forycki, Krzysztof; Edgley, Anne; Wantschek, Lloyd; Derrick Jr., James
Subject:	Resolution No 9

Hi

Attached is resolution 9 filled in with Jacek's remuneration for you perusal prior to the Board meeting.

regards

Ed

 << File: RESOLUTION NO 9.doc >>


Hello! Rick,

Today Dr. Jaime Alatorre told me about an Energy Convention in Mexico, where Enron is going to be a Gold sponsor. After this I spoke by telephone with Carlos Camacho who is Director of CRG, the company that is organizing this event.

Attached below please find the contract for the sponsorship. The contract is in Spanish, if you like I could get it translated. Carlos has told me that the contract should be signed in Spanish. You will sign two contracts one for you and the other for CRG Consultores.

In this contract the information that is missing from Enron is:

- Principal address, where they can send notifications
- The name of the person, who will sign this contract
- Legal representative, in their case, Jose Diego Palafox, who is their legal representative, is going to sign the contract on behalf of CRG Consultores.
- Our legal name (Enron Corp or just Enron ?)

Carlos is preparing a file for you with the sponsorship contract, brochures and information related to the event, he will send this information to you.

Regards,

Kikumi
-----Original Message-----
From: Carlos Camacho [mailto:ccd_crg@alo.com]
Sent: Wednesday, July 11, 2001 2:43 PM
To: Kishigami, Kikumi
Subject: Re: Datos Enron

Lic. Kishigami:

Por instrucciones del Lic. Carlos Camacho D?valos, le env?o el
borrador del Contrato de Patrocinio Oro y Participaci?n para el
Congreso "Sector El?ctrico Mexicano: Cambio y Desarrollo" para sus
comentarios y modificaciones.

Agradeciendo sus atenciones, reciba un cordial saludo.

ATENTAMENTE

Teresa G?mez
Gerente de Administraci?n
CRG Consultores, S.C.

Carlos Camacho D?valos
Socio Director
CRG Consultores, S.C.

World Advisory Today, S.A. de C.V.
Direcci?n de Operaciones

http://www.alo.com
Enviado por Correo Alo


The eagle has landed.

 -----Original Message-----
From: 	Wang, Yan
Sent:	Monday, September 24, 2001 3:36 PM
To:	Sanchez, Monique
Subject:	RE: EPNG Map

Monique, I have moved the map under Desks->West Desk-> West Map. Please check it out, let me know if there is anything else. Yan

 -----Original Message-----
From: 	Sanchez, Monique
Sent:	Monday, September 24, 2001 1:22 PM
To:	Wang, Yan
Subject:	EPNG Map

Yan,

Will you please release the map out of testing into the main west ops area.  I have checked the data on a test basis and everything appears to be working properly.

Thanks
Monique


Thanks Richard,

The reason I asked was because our IT people in Houston have told us that we
cannot transfer emails that we need beyond the retention period to word
documents.  That seemed a bit strange, but they were quite emphatic.   I have
clarified the rule with our IT head.

Thanks a lot, and take care,

Limor

Enron Global Markets
520 Madison Avenue
New York, NY 10022
Tel: 212.715.5283
Fax: 212.715.5608
E-Mail: Limor.Nissan@Enron.com

 -----Original Message-----
From:  Sanders, Richard
Sent: Tuesday, June 05, 2001 7:15 AM
To: Nissan, Limor
Subject: Re: Question re: Email retention policy

Sorry for the late reply. You are correct about  the policy.

	Limor Nissan/ENRON@enronXgate
	05/29/2001 01:01 PM
		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: Question re: Email retention policy

Hi Richard,

Someone made an inquiry to me regarding the policy.

It is my understanding that if email is not deleted or copied into a word
document in order to avoid deletion, then it will be (or should be) destroyed
automatically after the expiration of the retention period.  We have been
telling our people to only move information from Outlook to Word documents if
they feel that they need to retain it for more than the appropriate retention
period.

Please let me know if this is consistent with the policy.

Thanks, and hope all is well with you.

Limor

Enron Global Markets
520 Madison Avenue
New York, NY 10022
Tel: 212.715.5283
Fax: 212.715.5608
E-Mail: Limor.Nissan@Enron.com


- Supplemental Presentation for Temp PT Atty 10.25.01.dot
 - Resume of Robert McMillin.doc


Further to your letter to us (addressed to Mr. Tim Belden)  dated August 14,
2000:

Enron thinks that the elimination of physical risk during the month of August
will be of commercial benefit because Enron expects that during the month of
August there will be transmission line derations affecting the hour ahead
market which will lead to TO debit charges by the CAISO.   The elimination
of  TO debit charges is a commercial benefit to Enron.


Let me know if you want to give her away!!!!   She is precious.

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


4 things:

1. You are right ---something is off about this guy. His behavior is
irrational.
2. You are right--- you are obsessing about this too much. Relax and go back
on vacation.
3. I handle personal matters for people all the time. This one is pretty
minor. If it becomes more involved, we can talk about it then.
4. Relax and go back on vacation.

I will talk to you on Tues.

	David W Delainey
	07/13/2000 08:53 PM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: Various

Richard, I think I am starting to obsess and I really don't want you guys
working on this; however, it think that it is very odd that this Griffin guy
over an eight week process, two registered letters and a phone conversation
does not send a letter or bring up this "Chrome Dreams" issue from 1986 with
us until this lawsuit is filed without our knowledge.

This guys sounds a little off.

Regards
Delainey


I'm just sending the sheets that are saved in our system. Bill Williams told
me he cleared everything up on the Real Time side yesterday, but if the
volumes in these documents still look wrong, please let me know.

Thanks,
Kate Symes
Trading Support
503-464-7486


I am out of the office travelling 11/12, returning 11/13.  Let me know if you have an alternate time/day and what topic you would like to meet about.

-----Original Message-----
From: Peitulsa@aol.com [mailto:Peitulsa@aol.com]
Sent: Wednesday, November 07, 2001 2:31 PM
To: Hartstein, Roy; Mayes, Josh; Will, John;
darrell.cleveland@enron.com; Taylor, Gina; Hyatt, Kevin; Miceli, Keith
Subject: Houston Visit

HELLO,
I will be in Houston next week.  I would like to stop by to visit with you on
Monday morning, November 12th.  Please let me know if this meets your
schedule.

Thanks,
Jack Lollis
Pipeline Equipment, Inc.
(918) 224-4144
(918) 224-4455 fax
PEITulsa@aol.com
Visit our website @ www.pipelineequipment.com


TFF Participants,

We are looking forward to seeing everyone in San Antonio this Friday.
Attached is a welcome letter that indicates the meeting room and describes
the two evenings (Friday dinner and tour of the Alamo and Saturday barbeque
dinner at a ranch outside of San Antonio).  We have arranged for five
horses for the brave at heart and a hayride for the interested so come with
jeans and boots.

See you Friday

John
 - Welcome1.doc

John D. Martin
Carr P. Collins Chair in Finance
Finance Department
Baylor University
PO Box 98004
Waco, TX 76798
254-710-4473 (Office)
254-710-1092 (Fax)
J_Martin@Baylor.edu
web:    http://hsb.baylor.edu/html/martinj/home.html


Roy Anne-

Will the last brownie meeting be on the afternoon of May 9?  We have early
dismissal that day.  The recognitions for the cookie sale may not be
available until the evening of the 9th.  I've emailed the coordinator to see
if we can get them earlier.

Thanks,

Susan


---------------------- Forwarded by Dan Masters/HOU/ECT on 03/07/2001 09:37
AM ---------------------------

Dan Masters
03/05/2001 09:34 AM
To: "Joseph McKechnie" <jmckechnie@cabotlng.com> @ ENRON
cc: "Christopher Skinner" <cskinner@cabotlng.com>@ENRON,
Jaime.Sanabria@enron.com@ENRON, Paul.Y'Barbo@enron.com@ENRON,
Todd.Peterson@enron.com@ENRON, "Rudy Adamiak" <radamiak@cabotlng.com>@ENRON,
"Jane Michalek" <jmichalek@cabotlng.com>@ENRON
Subject: Re: Feb 12 delivery of "Methane Arctic"

Joe-
It would have been preferable to work these numbers out in advance rather
than after the fact, especially considering that it seems we already had by
our phone conversations and my email to you dated February 7.  Since we
received no correspondence to the contrary, I assumed the numbers to be used
would be per that email.  Please revert with your response.

Dan

"Joseph McKechnie" <jmckechnie@cabotlng.com> on 03/05/2001 08:22:30 AM
To: Dan.Masters@enron.com
cc: "Christopher Skinner" <cskinner@cabotlng.com>, Jaime.Sanabria@enron.com,
Paul.Y'Barbo@enron.com, Todd.Peterson@enron.com, "Rudy Adamiak"
<radamiak@cabotlng.com>, "Jane Michalek" <jmichalek@cabotlng.com>
Subject: Re: Feb 12 delivery of "Methane Arctic"

Dan:  We have rechecked our numbers and offer the following.  Based on The
Matthew's original delivery to Eco in July 2000 she delivered 2,744.094
mmbtu's.
This is the base number we are working with.  The Arctic delivered 1,415,921
mmbtu's 5/6 feb 2001, She then delivered 1,389,086 mmbtus on the 12/13th of
feb
2001, for a total of 2,805,007 mmbtus delivered.  We subtract 2,744,094
(matthew
base number) from 2,805,007 and get 60,913 mmbtus remaining, which we will
bill
at the $3.483097 rate.
We will be re-submitting the invoice upon receipt of you comments

Brgds
Joe McKechnie

Dan.Masters@enron.com on 02/27/2001 09:18:11 PM

To:   Joseph McKechnie/Cabot LNG@Cabot LNG, Christopher Skinner/Cabot
LNG@Cabot
      LNG
cc:   Jaime.Sanabria@enron.com, Paul.Y'Barbo@enron.com,
Todd.Peterson@enron.com
Fax to:
Subject:  Re: Feb 12 delivery of "Methane Arctic"

Joe/Chris-
I have received your invoice for the Feb 13 delivery of the "Methane
Arctic".  I do not agree with the split as it appears on the invoice.  For
the Winter Cargo portion billed at $4.323264, there should be 55,924.321m
(superscript: 3) which corresponds to 1,252,745 MMBtu.  The remainder to be
billed at $3.483097 is 6,086.467m(superscript: 3) which corresponds to
136,341 MMBtu.  Please recheck your figures and revert.

Thank you,
Dan Masters

Dan Masters
02/07/2001 04:07 PM

To:   jmckechnie@cabotlng.com
cc:
Subject:  Feb 12 delivery of "Methane Arctic"

Joe-
Confirming our conversation, since the "Winter Cargo" is being delivered on
two Methane Arctics, we need to paper split the volumes on the 2nd one
between the winter cargo price and normal price.  Using the volumes for a
standard cargo from the contract, the winter cargo should be 119,000 m
(superscript: 3).  The delivery that just finished was 63,075.679 m
(superscript: 3).  That leaves 55,924.321m(superscript: 3) on the next
delivery to be priced at the winter cargo rate and the remainder to be
priced at the normal rate.

Thanks,
Dan Masters
Office:   713-345-5498
Fax: 713-646-6560
Cell:     832-326-9590
Email:    dan.masters@enron.com

 - att1.eml


FYI

gngr
713-853-7751
----- Forwarded by Ginger Dernehl/NA/Enron on 12/13/2000 03:06 PM -----

	Marcia A Linton
	12/13/2000 03:06 PM

		 To: Ginger Dernehl/NA/Enron@Enron
		 cc:
		 Subject: Sophia Abigail Maisashvila

Robin and Gia became the proud parents of Sophia Abigail on Monday, December
11, at 9:50 am.  She weighed 9 and 1/2 pounds and is 21 inches long.  Robin
and Sophia are both doing well, as is Gia, although he reports being a bit
"sleep deprived".


My lucky day; Bernie Glatzer called me tonight.  He wants to know what we
plan to do re his proposal.  I told him we were still considering how to
respond.  That took thirty seconds.  The rest of the twenty minute
conversation was not too different than an acid trip, as you can imagine.

Highlights:

1.  He may re-hire Boies & Schiller because Andy really likes the case
still.

2.  He just learned that the guy in the 2nd circuit clerks office whose
statement is in dispute was not really an employee or lawyer but rather a
student intern.

3.  He is preparing a "very complicated" motion, that may take some time.  I
can't wait.

He coughed a lot.  I told him we would probably get back to him week after
next.

Neal S. Manne
(713) 653-7827
nmanne@susmangodfrey.com

 - C.DTF


Gregg,

It is my understanding that Enron and Peoples intend to discuss the most
appropriate form of ISDA documentation for enovate to use. Peoples has
forwarded a form for our information, and we would like to reciprocate.

Therefore, attached per your request are sample ISDA documents as a starting
point for discussions.  Since these are forms, there will certainly be
aspects which will need revision based on discussions between Peoples and
Enron.  These documents should be treated as confidential.

Kay


Call Steve Williams at EOG Resourses in Denver or Barry Hunsacker in Houston

	Linda R Guinn
	08/02/2000 09:08 AM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: Re: Payment for Motion to Dismiss/Other Than Personal Jurisdiction

Please only send the Enron check to us.  I'll check and see who the
appropriate person at EOG is and will forward that information as soon as
possible.

Linda Guinn
Enron North America
1400 Smith Street
Houston, Texas  77002
(713) 853-6104
(713) 646-3393 (fax)

	Richard B Sanders
	08/01/2000 01:34 PM

		 To: Linda R Guinn/HOU/ECT@ECT
		 cc:
		 Subject: Payment for Motion to Dismiss/Other Than Personal Jurisdiction

Please respond
----- Forwarded by Richard B Sanders/HOU/ECT on 08/01/2000 01:34 PM -----

	"Dayle Petrillo" <dpetrillo@hollandhart.com>
	08/01/2000 11:37 AM

		 To: <Richard.B.Sanders@enron.com>
		 cc:
		 Subject: Payment for Motion to Dismiss/Other Than Personal Jurisdiction

Regarding above in the Kansas case, I am preparing the pro rata reimbursement
checks from the Holland & Hart trust account to Enron and EOG.  To whom shall
I send the EOG check?  Shall I send both checks to your attention?


What is the collateral requirement for these TCCs?  Edison Mission is inquiring because they would need to post with the NYISO.  Nick

 -----Original Message-----
From: 	Thomas, Paul D.
Sent:	Thursday, November 29, 2001 2:16 PM
To:	Heintzelman, Pete; Politis, Nick; Llodra, John
Subject:	TCC Portfolio

 << File: TCC portfolio.xls >>


---------------------- Forwarded by Frank Ermis/HOU/ECT on 04/07/2000 01:45
PM ---------------------------

Matthew Lenhart
04/07/2000 01:45 PM
To: Frank Ermis/HOU/ECT@ECT
cc:
Subject: The Joys of Marriage

---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 04/07/2000
01:44 PM ---------------------------

Shirley Elliott <shelliott@dttus.com> on 04/07/2000 09:54:13 AM
To: jjohnson@daewoous.com, kmcgallion@king-ranch.com,
Terri@EDIarchitecture.com, waldron50@yahoo.com, Sablica@compuserve.com,
scody@acplasticsinc.com, sclarkson@tractebelpowerinc.com,
Chad.Landry@enron.com, Matthew.Lenhart@enron.com, matthew.overbeck@ac.com,
JohnWheeler@PZLQS.com, hallieklassen@usa.net, j.cruthis@mail.utexas.edu,
AChang01@coair.com, Liz.Mortenson@chron.com, Allison Damon
<adamon@dttus.com>, Michael Lednicky <mlednicky@dttus.com>, Todd Rimmer
<trimmer@dttus.com>, Chris Strain <cstrain@dttus.com>
cc:

Subject: The Joys of Marriage

> I've got game....'Ole!
>
>
>
> Subject:      FW: The Joys of Marriage
>
>  <<cuddles>>
>

 - FARTINGI.AVI
 - RFC-822.TXT
---------------------------------- Forwarded
----------------------------------
From: mwilkerson@ajilon.com at Internet-USA
Date: 4/7/00 8:50AM -0500
To: Shirley Elliott at DTT.US.HOUSTON
*To: AMorse@EMJMETALS.COM at Internet-USA
*To: hymela@netsolve.net at Internet-USA
*To: bretts@mail.utexas.edu at Internet-USA
*To: brian.sorensen@chase.com at Internet-USA
*To: vmw@ispchannel.com at Internet-USA
*To: Elrhea.stockton@dcicorp.com at Internet-USA
*To: jdryer@kpmg.com at Internet-USA
*To: jwaldman@ers.state.tx.us at Internet-USA
*To: jim_stiffler@dell.com at Internet-USA
*To: keith.hatley@allegiancetelecom.com at Internet-USA
*To: sablica@compuserve.com at Internet-USA
*To: mark_hooper@dell.com at Internet-USA
*To: Michael_Ecklund@hines.com at Internet-USA
*To: r8834c@email.sps.mot.com at Internet-USA
*To: dmehta@uth.tmc.edu at Internet-USA
*To: mdeshotels@rightnowtech.com at Internet-USA
*To: pavri@bplaw.com at Internet-USA
*To: pconnor@us.ibm.com at Internet-USA
*To: RMoser@EMJMETALS.COM at Internet-USA
*To: ryane@tocquigny.com at Internet-USA
*To: Schoelpple@yahoo.com at Internet-USA
*To: swlh@excite.com at Internet-USA
*To: hookem@ev1.net at Internet-USA
*To: wwindom@aol.com at Internet-USA
*To: waldron50@yahoo.com at Internet-USA
Subject: The Joys of Marriage
------------------------------------------------------------------------------
-


Jane:  I forgot to mention that I will need to have our Japanese outside
counsel review the "credit section."  Who should I be dealing with?  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 11/27/2000 12:51 PM -----

	Sara Shackleton
	11/27/2000 12:39 PM

		 To: Jane McBride/AP/Enron@ENRON
		 cc: John Suttle/HOU/ECT@ECT
		 Subject: Re: IBJ ISDA MASTER AGREEMENT - 1. Credit matrix and 2. Threshold
amount

Jane:  Sorry for the delay.  I'm preparing a "cash only, two-way" section for
the ISDA.  I will try to get it to you this week.  Sara

	Jane McBride@ENRON
	11/27/2000 03:54 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Re: IBJ ISDA MASTER AGREEMENT - 1. Credit matrix and 2. Threshold
amount

Hi Sara,

How are you going - did you have a good Thanksgiving?  Coincidentally
Thursday was also a holiday here - we were celebrating Respect for the Aged
Day though.

Actually, Sara, I was wondering how we are going in getting some drafting
together for the credit provisions discussed recently with John Suttle and
Jonathan Whitehead.

Thanks and sorry for the trouble.

Jane

	Sara Shackleton@ECT
	11/09/2000 12:48 AM

		 To: Jane McBride/AP/Enron@ENRON
		 cc: John Suttle/HOU/ECT@ECT, Alan Aronowitz/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, John Viverito/Corp/Enron@Enron, Jonathan
Whitehead/AP/Enron@Enron
		 Subject: Re: IBJ ISDA MASTER AGREEMENT - 1. Credit matrix and 2. Threshold
amount

Jane:

If you have time in the morning (Nov. 9 Tokyo), I would like to discuss ENA's
view of the CSA/Schedule relationship.  In a nutshell, we provide that a
ratings downgrade is an Additional Event of Default in the Schedule (normally
a MAC in the CSA).  John's preferance, of course, would be a unilateral event
triggering an IBJ default (which I am sure would be difficult to negotiate).

I am not certain of the time difference but perhaps you could call me at the
office after 4 pm (Nov.8 in Houston) and I could then conference in John.
Alternatively, please feel free to contact me at home (after 7 pm Houston
time on Nov. 8) at 713-664-3207.

I look forward to hearing from you.  Regards.  Sara

	Jane McBride@ENRON
	11/07/2000 04:03 AM

		 To: John Suttle/HOU/ECT@ECT, Alan Aronowitz/HOU/ECT@ECT
		 cc: John Viverito/Corp/Enron@Enron, Jonathan Whitehead/AP/Enron@Enron, Mark
Taylor/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
		 Subject: IBJ ISDA MASTER AGREEMENT - 1. Credit matrix and 2. Threshold
amount

Dear John,

Jonathan and I met with IBJ today to try and push our negotiations through to
the end.  They are still unwilling to do a CSA with us but very significantly
their back / mid office is currently looking at getting systems support in
place which would permit them to do a CSA with us in due course.  They
acknowledged to us of their own volition that the market trend is towards
CSAs even in transactions where the counter party is not a bank.  They did
say though that it would be a few months before they would be set up to do
so. Pls note that they did not agree to do a CSA with us as soon as they are
set up to do so but they now know we will come knocking at some stage to ask
them to do it so I think we have gone as far as we can on this for now.

We will therefore move forward on the credit matrix in the meantime, if you
are still willing to do so.  The bank has a credit rating of A, so I guess
this means US$15 million credit limit.

On the assumption that it is possible to draft these terms into a contract
without a full CSA, I wonder who is best to do this drafting.  I should be
able to do the negotiations but I am not sure that I am able to do the
drafting .... Alan, do you have any suggestions?

Most of the other issues are sorted now but they still want to change the
"Threshold Amount" definition to US$10 million.  Is there any flexibility on
this?

Thanks.

Jane McBride

	John Suttle@ECT
	09/27/2000 12:39 AM

		 To: Jonathan Whitehead/AP/Enron@ENRON
		 cc: Jane McBride/AP/Enron@Enron, John Viverito/Corp/Enron@Enron, Kevin
Cordesman/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Morten E
Pettersen/AP/Enron@Enron, Steven Kleege/HOU/ECT@ECT, Tom
Bruce-Jones/LON/ECT@ECT
		 Subject: Re: Fw: IBJ ISDA MASTER AGREEMENT

Jonathan,

One thing we might be able to propose is a "Credit Matrix" which prescribes a
Credit Line under which each counterparty can transact - with collateral
rights and collateral thresholds tied to the credit rating of each
counterparty.  We have used credit matrixes in several contracts here and
they are appealing in that there are no Material Adverse Change (MAC)
clauses.  This is appealing to the counterparty in that we cannot
automatically drop their collateral threshold to zero when a MAC occurs.  We
are comfortable because as the counterparty's credit quality deteriorates,
the amount of exposure to which we are subject decreases.  I would propose to
IBJ something like the following in lieu of a full CSA.  Jane and John - is
it possible to draft these collateral/credit terms into the contract without
using a full CSA?  (I think every matrix I have used here has been part of a
CSA).

Rating (S&P)     Credit Line
AA or above    $20MM
BBB+ to AA-    $15MM
BBB     $10MM
BBB-     $7MM
BB- to BB+    $5MM
Below BB-    $1MM

These terms are subject to negotiation.  Once again, the matrix removes MAC
clauses and the stress counterparties associate with such, but effectively
reduces the potential exposure we have (or THEY have) to a counterparty with
diminishing credit quality.

What do you all think?

John

Jonathan Whitehead @ ENRON   09/25/2000 08:18 PM

To: John Suttle/HOU/ECT@ECT
cc: Jane McBride/AP/Enron@Enron, John Viverito/Corp/Enron@Enron, Kevin
Cordesman/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Morten E
Pettersen/AP/Enron@Enron, Steven Kleege/HOU/ECT@ECT, Tom
Bruce-Jones/LON/ECT@ECT
Subject: Re: Fw: IBJ ISDA MASTER AGREEMENT

Sorry, Pressed send too early:

John, Have had a conversation with IBJ re the CSA, and they have asked us to
consider proposing a solution that does not involve a CSA. I propose to meet
with them again to try and explore why, but I would like to be prepared to
offer them a solution whereby we don't enter into a CSA, and we would limit
the types of trades that we could enter into with IBJ. My feeling is that we
would be unlikely to enter into any long term transactions (over 2 years) at
this stage anyway, and would prefer to get the relationship going, as I am
not sure they are going to budge on this issue yet. They appear to be quite
willing to discuss all the other points. We can always press for a
renegotiation at a later stage if we do want to enter into longer term deals.
I also want to keep the loan facility completely separate.

What are your thoughts on this, and what limitations would you want to put on
trades if we do not have a CSA?

Thanks,
Jonathan

	John Viverito
	09/22/2000 12:04 PM

		 To: John Suttle/HOU/ECT@ECT
		 cc: Jane McBride/AP/Enron@Enron@ECT, John Viverito/Corp/Enron@ENRON@ECT,
Jonathan.Whitehead@enron.com, Kevin Cordesman/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Morten E Pettersen/AP/Enron@Enron@ECT, Steven
Kleege/HOU/ECT@ECT, Tom Bruce-Jones/LON/ECT@ECT
		 Subject: Re: Fw: IBJ ISDA MASTER AGREEMENT

John-

During our last meeting with IBJ, we pushed hard for the implementation of
the CSA.  I believe that they have the systems capability to handle the
requisite activities relating to the CSA, as we understand that they utilize
same with certain financial institution counterparties.  We expressed our
view on these matters and also raised other issues that we had discussed in
our recent conference call.

IBJ informed us that they have never entered into a CSA with a non-financial
institution counterparty and my response was that Enron can then be the
first.  We requested that they raise this issue with their respective
superiors.  As you know, their response to our discussions relating to this
issue was "In terms of CSA, as we are not ready for running collateral
operations, we still do not prefer to use the CSA."  The legitimacy of this
statement is certainly debatable and the underlying reason may actually be
something entirely different, including the possibility that they merely do
not want to enter into a CSA with a non-financial institution.

We will continue to attempt to persuade IBJ to enter into the CSA with Enron,
however it is uncertain if this is achievable.


DUE TO THE SCHEDULING CONFLICT WITH THOSE PARTICIPATING IN THE SEMINAR ON
INTERNATIONAL BUSINESS THE "OCR BOOT CAMP" WILL BE HELD ON 7/28

(SORRY FOR THE OVERSIGHT)
?
If you have sent me an email already and the date change still works for you,
no need to reply again.? If the date change means you cannot attend please
let me know.? I will send everyone a confirmation notice.


The trading systems workshop will be held in Room 46C1 from 10:00 to 17:00 tomorrow, August 15th.  Please note the room change.  Below is a revised agenda.

Opening remarks - Kevin Presto/Lloyd Will
East Power project team, roles and responsibilities - Debra Bailey
Networks team and capability - Steve Nat
EES team and capability - Anthony Dayao
Regulatory status across the North East, Mid West, South East and Ercot markets - Andy Rodriguez/Lloyd Will
Discussion: determine first market for project to focus on; North East, Mid West, South East or Ercot (initial indications are that PJM is the preferred market area) - All
Review systems gaps identified by business owner:
	Risk - Stacey White
	Settlement and Volume Management - Thresa Allen
	Scheduling and Trading - Corry Bentley
Final remarks/Wrap-up - Lloyd Will

Lunch will be provided.
See you tomorrow.

Debra

 -----Original Message-----
From: 	Lloyd Will
Sent:	Thursday, August 02, 2001 11:27 PM
To:	Casey Evans; Thresa A Allen; Debra Bailey; Steve Nat; Mani Vadari (E-mail) ; Phil Crosby (E-mail) ; Corry Bentley; Madhup Kumar; Rebecca M Grace; Dave Nommensen; David Poston; Andy Rodriquez
Cc:	Tom May; Kayne Coulter; Leslie Reeves; Kevin M Presto; Christi L Nicolay; Louise Kitchen; Beth Perlman; Tamara Jae Black; Claudia Guerra; Anthony Dayao; Sally Beck; Bob M Hall
Subject:	Trading Systems Workshop.

We will be holding a trading systems workshop on Wednesday August 15th from 10:00 to 17:00 in meeting room 42C1.

The following areas will be reviewed with the objective to create a common vision on what the project team will be accomplishing in the next 6 months.  Note this is an informational meeting only and will be followed with decisional/scoping meetings in the following weeks.

General Areas that will be reviewed.

?	Introductions.
?	Opening remarks. - Kevin Presto/Lloyd Will
?	Review East Power project team, roles and responsibilities. - Debra Bailey/Lloyd Will
?	Review Networks team and capability - Steve Nat
?	Review Regulatory status across the North East, Mid West, South East and Ercot markets. - Andy Rodriguez/Lloyd Will.
?	Discuss the market that we will be worked on first; North East, Mid West, South East or Ercot.  Initial indications are that PJM is the preferred market area.- All
?	Review risk system gaps identified by business owner.  - Casey Evans
?	Review settlement and volume management system gaps identified by business owner. - Thresa Allen
?	Review scheduling & trading system gaps identified by business owner. - Corry Bentley
?	Review next steps and project schedule. - Debra Bailey

Lunch will be arranged - Claudia Guerra - Please send any special diet requests to Claudia.

Please notify me of any additional items or changes we will need for this meeting.  Please invite additional additional staff that will assist with this business owners informational meeting.

Attached is an initial org chart and mission statement for your review and refinement.  Please indicate if you require a copy of the accenture report to prepare for this workshop.

Thanks.

 << File: East_Power_System.ppt >>


----- Original Message -----
From: Peter M. Kelly
Sent: Wednesday, February 13, 2002 4:21 PM
To: Feder1, Todd; CharlesJeremiah
Subject: Fw: David's Valentine

> >>>   >Where is the Love?
> >>>   >
> >>>   >Little David comes home from first grade and tells his father that
> >>>   >they
> >>>   >learned about the history of Valentine's Day. "Since Valentine's
day
> >>>   >is
> >>>   >for a Christian saint and we're Jewish," he asks, "will God get mad
> >>>   >at
> >>>   >me for giving someone a valentine?"
> >>>   >David's father thinks a bit, then says "No, I don't think God would
> >>>   >get
> >>>   >mad.
> >>>   >Who do you want to give a valentine to?"
> >>>   >"Osama Bin Laden," David says.
> >>>   >"Why Osama Bin Laden," his father asks in shock.
> >>>   >"Well," David says, "I thought that if a little American Jewish boy
> >>>   >could have enough love to give Osama a valentine, he might start to
> >>>   >think that
> >>>   >maybe we're not all bad, and maybe start loving people a little
bit.
> >>>   >And if other kids saw what I did and sent valentines to Osama, he'd
> >>>   >love
> >>>   >everyone a lot. And then he'd start going all over the place to
tell
> >>>   >everyone how much he loved them and how he didn't hate anyone
> >>>   >anymore."
> >>>   >His father's heart swells and he looks at his boy with newfound
> >>>   >pride.
> >>>   >"David, that's the most wonderful thing I've ever heard."
> >>>   >"I know," David says, "and once that gets him out in the open, the
> >>>   >Marines could blow the shit out of him."
> >>>
> >>
> >>
> >
>
>
>


FYI, this is the copy of the "business process patent presentation" given
today by Larry Chaney of V&E.
----- Forwarded by Barbara N Gray/HOU/ECT on 09/11/2000 02:37 PM -----

	"Chaney, Larry" <lchaney@velaw.com>
	09/11/2000 11:21 AM

		 To: "'Gray, Barabara'" <BGray@Enron.com>
		 cc:
		 Subject: Here is the ppt presentation to make the hard copies.

Please call if there are problems downloading.  Thanks!

>  <<MSTR_CLE3p.PPT>>
> +++++++++++++++++++++++
> CONFIDENTIALITY NOTICE
> +++++++++++++++++++++++
> The information in this email may be confidential and/or privileged. This
> email is intended to be reviewed by only the individual or organization
> named above. If you are not the intended recipient or an authorized
> representative of the intended recipient, you are hereby notified that any
> review, dissemination or copying of this email and its attachments, if
> any, or the information contained herein is prohibited. If you have
> received this email in error, please immediately notify the sender by
> return email and delete this email from your system. Thank You
>
>

 - MSTR_CLE3p.PPT


In my new role as social secretary for James, I wanted to let you know that
he will be in London next week on business.  He will arrive on Monday morning
(February 5) and should be in the Enron office  most of the day on Monday,
Tuesday and Wednesday.  He will fly back to Houston on Thursday.  He has
dinner plans for Wednesday evening, but would love to get together with you
for dinner on Monday or Tuesday, if you are in town and available.  He will
be staying at the Sheraton Belgravia Hotel - walking distance to Enron
House.  Best way to contact him at Enron's London office would be through
Mike Jordan or his assistant.  Mike's number (don't know how many of these
digits you actually need to call from there) is 011-44-207-783-4703.

Hope you guys get to see each other.  Have a great weekend.  --Sally


Who is going to take over this master from Rod?  They send it in comments and
are calling for a response.


To all A-team members:

Check out the nice recognition note below

I also receive numerous verbal high fives from the other desk heads as well

We had a great year

Kudos to all members of the team

- - - Mike
---------------------- Forwarded by Mike A Roberts/HOU/ECT on 12/21/2000
03:29 PM ---------------------------

Vince J Kaminski
12/21/2000 03:00 PM
To: Jim Schwieger/HOU/ECT@ECT
cc: Jeff Skilling/Corp/Enron@ENRON, Greg Whalley/HOU/ECT@ECT, David W
Delainey/HOU/ECT@ECT, John J Lavorato/Corp/Enron@Enron (bcc: Mike A
Roberts/HOU/ECT)
Subject: Re: Your Encouragement Would Be Appreciated

Jim,

Thanks a lot. It is difficult to find a better example example of commitment
to Enron and to professional excellence
than  our weather guys.

Vince

Jim Schwieger
12/21/2000 10:32 AM
To: Jeff Skilling/Corp/Enron@ENRON, Greg Whalley/HOU/ECT@ECT, David W
Delainey/HOU/ECT@ECT, John J Lavorato/Corp/Enron@Enron
cc:  (bcc: Vince J Kaminski/HOU/ECT)
Subject: Your Encouragement Would Be Appreciated

The Gas and Power Trading organizations have had a tremendous year.
Sometimes we as traders forget some of the crucial parts of the organization
that significantly contributed to that success.  I believe the Weather Group
comprised of Mike Robert's, Jose Marquez, Stephen Bennett and Dave Ryan from
Power are one of those groups.  These individuals have done a tremendous job
of predicting summer weather along with the route hurricanes would take.  The
greatest achievement has been the November and December winter forecast.
They held fast to their cold forecast even when outside services were
moderating.  On a score card with all other services they definitely deserve
an "A+".  When you are down on the 32nd floor it would be nice if you would
stop and congratulate them on a tremendous job and their contribution to our
success.

 Thanks,  Jim Schwieger


----- Forwarded by Dan J Hyvl/HOU/ECT on 04/27/2001 12:22 PM -----

	Jenny Helton
	04/27/2001 10:56 AM

		 To: Steve Venturatos/HOU/ECT@ECT, Kelly Lombardi/NA/Enron@Enron, Tammie
Huthmacher/NA/Enron@Enron, Donna Consemiu/HOU/ECT@ECT, Willie
Harrell/HOU/ECT@ECT, nrinke@cepcarlisle.com, Michael Eiben/HOU/ECT@ECT, Dan J
Hyvl/HOU/ECT@ECT, Stacy E Dickson/HOU/ECT@ECT, Pat Radford/HOU/ECT@ECT
		 cc:
		 Subject: Fwd: Morning Meeting

This says it all my friends!!!!!!

 - staff-Meeting (1).jpg


I know we've made good progress with respect to morning reports for EGM.
However, I continue to receive most reports after 9:00 a.m., which is too
late into the trading day.  Please let me know if there are resources you
need, so this aspect of EGM can run as smoothly as ENA gas.

Thanks.

Jeff


(See attached file: HPLN1206.xls)

 - HPLN1206.xls


A position has become available as an Administrative Assistant working in
West Power Trading reporting to Debra Davidson.  You will be responsible for
the following complex administrative duties.

? Compose memos, reports and other correspondence from a brief outline,
&sketchy8 draft or verbal instruction.
? Greet external clients.
? Code invoices, process complex expense reports, and manage employee
timekeeping through SAP.
? Make travel/meeting arrangements based on minimal instruction and
periodically make independent decisions on details such as travel schedules,
mode of   transportation, and accommodation.
? Monitor and control filing systems ensuring accuracy and efficient
retrieval of data.
? Occasionally prepare presentations in Microsoft PowerPoint.
? Provide backup switchboard support for Receptionist during periods of
absence.
? Work closely West Power Trading administrative staff to provide coverage
and assistance during periods of employee absences.

The successful candidate will be detail oriented, have good organizational
skills, and possess the ability to work in a fast-paced environment with
multiple concurrent assignments.  At least 5 years of
secretarial/administrative experience and above average communication and
interpersonal skills is required.  Excellent typing, proofreading, spelling
and grammatical skills, and strong PC skills with Word, Excel, and PowerPoint
are a must.  Experience with Access would be beneficial.  The ability to work
well within a team environment, identify work priorities and function with
very little supervision is essential.

We will be considering internal candidates as well as external candidates for
this position.  If you are interested, please let Amy FitzPatrick know no
later than close of business on Monday, April 23, 2001.

If you have any questions, please feel free to see Amy or Debra.


I will attend.

Thank You

 -----Original Message-----
From: 	Fitzpatrick, Amy
Sent:	Tuesday, June 19, 2001 8:24 AM
To:	Tchernokojeva, Marina; Oh, Jeffrey; Mallory, Chris; Salisbury, Holden; Bland, Todd; Williams III, Bill; Morris, Jeremy; Hyde, Crystal; Solberg, Geir; Stokley, Chris; Driscoll, Michael M.
Subject:	Associate and Analyst Meeting - July 5, 2001 at 11:00 am in Mt Hood (Lunch will be provided!)

Grace is trying to finalize numbers for the above meeting on Thursday, July 5.  Can you please let me know as soon as possible if you will be able to attend?

Thanks!
Amy


Start Date: 4/30/01; HourAhead hour: 9;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001043009.txt
Error: Invalid variant type conversion

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

  TRANS_TYPE: FINAL
  SC_ID: ECTstCA
  MKT_TYPE: 2
  TRANS_DATE: 4/30/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_5001
  ENGY_TYPE: FIRM


Here you go:

There is no banking mechanism.    If A&B are net long,  they receive the balancing energy price for all of their mw's.   If C & D are short,   then their short position is covered by the Ercot ISO;    C & D are charged the balancing energy price plus replacement reserve /mw.

If the money, at the end of the day,   is insufficient to pay A&B,  then this full cost will be allocated on a load share ratio basis.     This charge will be allocated under the UFE (unaccounted for energy) charge type.
If C & D serve load,  then they will share the expense of paying for the balancing energy price to A & B.      A & B escapes this expense allocation, as they do not serve load.

JForney

 -----Original Message-----
From: 	Maheu, Peter
Sent:	Wednesday, August 08, 2001 8:28 AM
To:	Forney, John M.
Subject:	Re: ERCOT SETTLEMENTS

---------------------- Forwarded by Peter Maheu/HOU/EES on 08/08/2001 08:27 AM ---------------------------

Peter Maheu
07/30/2001 12:55 PM
To:	John M Forney/ENRON@enronXgate @ ENRON
cc:	Kenneth Farrar/HOU/EES@EES, Gary Galow/HOU/EES@EES
Subject:	Re: ERCOT SETTLEMENTS   << OLE Object: StdOleLink >>

Example assumptions:
Market consists entirely of 4 QSEs who have the following schedule-actual variances in a particular hour; A=+50MW; B=+50MW; C=-25MW & D=-25MW.
Market energy price is $100/MWH.

Since money paid by C & D is insufficient to fully reimburse A & B (5000+5000-2500-2500=5000), what happens in the settlement?  Do A & B get proportionally less than they otherwise would have gotten?  Or, is there a banking mechanism that builds up in hours where there are overages and is drawn down in hours where there are shortages (such as example above)?

<Embedded Picture (Device Independent Bitmap)>


AGENT CS/CS BOOKING REF ZHJOP5

                                          SCHWIEGER/JAMES

  ENRON
  1400 SMITH
  HOUSTON TX 77002
  JAMES SCHWIEGER EXT 37705

  DATE:  MAY 30 2001                   PERSONAL

MISCELLANEOUS         09AUG COPENHAGEN
                      THU   HOLLAND AMERICA

                                          CRUISE FARE            2604.00
                                         PORT CHARGES             235.89
                                    CRUISE PROTECTION             227.85
                                     DEPOSIT RECEIVED            -727.85
                               FINAL PAYMENT RECEIVED           -2339.89

                                        INVOICE TOTAL               0.00

PAYMENT: CA

CRUISE LINE - HOLLAND AMERICA
CRUISE SHIP - NOORDAM
DEPARTURE DATE FROM COPENHAGAN - AUGUST 9, 2001
RETURN DATE FROM COPENHAGEN - AUGUST 19, 2001
CRUISE INTINERARY -
AUG - COPENHAGAN / AUG 10 CRUISING THE BALTIC / AUG 11
TALLIN, ESTONIA / AUG 12 ST. PETERSBURG / AUG 13 ST. PETERBURG
/ AUG 14 HELSINKI / AUG 15 STOCKHOLM / AUG 16 KALMAR
AUG 17 WARNEMUNDE / AUG 18 - 19 COPENHAGEN
CRUISE INCLUDES - ACCOMMODATIONS ON BOARD THE SHIP
IN CATEGORY B CABIN NUMBER 136 / ALL MEALS ON BOARD THE
SHIP / NON-ALCOHOLIC BEVERAGES (EXCLUDING SODAS) / NIGHTLY
ENTERTAINMENT / PORT TAXES / CRUISE PROTECTION
THE CRUISE PROTECTION WILL ALLOW YOU TO CANCEL THE
CRUISE FOR ANY REASON UP TO 24 HOURS PRIOR OT SAILING
ND RECEIVE A 90 PERCENT OF THE CRUISE FARE IN A CREDIT.
THIS CREDIT CAN BE APPLIED TOWARDS ANOTHER CRUISE WITH HOLLAND
AMERICA (VOID DATE WILL BE ON THE CERTIFICATE).
IF YOU CANCEL FOR A REASON NOT COVERED BY THE INSURANCE
THEN YOUR FUNDS WILL BE REFUNDED TO YOU.
****VALID PASSPORT IS NEEDED FOR TRAVEL***
VISAS ARE NEEDED IN SOME AREAS PLEASE CALL VIP SERVICES
FOR ASSITANCE AT 800-856-8472.

=====
Vitol Travel Services
1100 Louisiana Suite 3230
Houston, Texas 77002
Phone - 713-759-1444
Fax - 713-759-9006

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I had some problems with the atty at Vinson & Elkins who I sent your file to
originally. I sent it to Josh McMorrow at Bracewell & Patterson. He will be
up to speed on Monday-- he is doing his homework on the corporate entities
today. His telephone # is 713-223-2900.


Tana:
Here is the Enron Guaranty .  It is in my specproj/J Aron file named as Enron
Guaranty FINAl.

Carol


Business; Financial Desk
California Concern Still Surges Over State's Energy Power: CalISO gets
authority to contract for new plants; PG&E seeks $2 billion in
'undercollections.'
NANCY RIVERA BROOKS

10/05/2000
Los Angeles Times
Home Edition
Page C-2
Copyright 2000 / The Times Mirror Company
California's top electricity traffic cop on Wednesday took on new
responsibilities for providing the state with more emergency power as it
again warned that the state probably won't have enough electrons to keep
everyone's lights on next summer without significant new sources of
electricity.
Separately, Pacific Gas & Electric Co. filed an emergency petition asking the
California Public Utilities Commission to pass on to consumers at least $2
billion in extraordinary electricity costs the utility has paid this summer.
The action, which was expected, follows a summer in which the PG&E Corp. unit
and the state's two other investor-owned utilities racked up at least $5
billion in "undercollections"--the difference between the record wholesale
electricity prices they paid and the retail rates they are allowed to charge
customers.
At the heart of both developments Wednesday is a lag in new generation needed
to keep up with the state's growing demand for electricity.
California narrowly dodged statewide rolling blackouts this year but might
not be as fortunate next year, when demand for electricity will exceed supply
by more than 5,000 megawatts on the hottest summer days, Terry Winter,
president and chief executive of the California Independent System Operator,
said at a contentious meeting of the agency's board of governors.
The board of the Folsom-based nonprofit, which controls about 75% of the
state's electricity grid, voted to give the ISO staff authority to contract
with generators to build new power plants to serve peak demand.
The new generation program puts the ISO in a curious role reminiscent of a
pre-deregulation utility, with some control over both transmission and
generation.
The ISO is charged with making sure there is enough electricity available to
meet demand--a task that left the agency scrambling again and again this
summer to round up enough power. In August, the state endured a power
emergency every 18 hours on average. (Customers of the Los Angeles Department
of Water and Power do not face shortages.)
"We never anticipated the ISO would take on the responsibility of stimulating
development of generation resources this directly," Winter said. "However, if
we do not assume this role, we will be increasingly challenged in our efforts
to protect consumers from suffering rotating blackouts next summer."
The ISO solicited proposals for power plant projects that could be operating
by June, and received bids representing about 2,000 megawatts of generation,
or enough to serve about 2 million homes. The electricity would be sold into
the California Power Exchange or through separate contracts, but the ISO
would have the right to call on those plants to provide emergency power to
the grid for up to 500 hours each summer when supplies are tight. The ISO
would pay generators as much as $255 million a year for that right.
Board members expressed reservations about the cost of the power from the
peak-generation units.
"These are very important issues to the state of California. We need to know
before decisions are made what these costs are," said Gary Heath, executive
director of the California Electricity Oversight Board, which oversees the
ISO.
PG&E's petition states that since June, the San Francisco-based utility has
paid an average of $1 million every hour, 24 hours a day, that it has not
been allowed to recoup from customers under a 1996 rate freeze imposed by the
Legislature.
The petition, which might be considered as early as Oct. 19, asks the PUC to
reconsider a 1999 decision that forbids the utilities to pass on costs to
customers after the rate freeze ends, in either March 2002 or whenever the
utilities have paid off billions of dollars in "stranded" costs resulting
from now-uneconomical investments in nuclear power plants and alternative
energy contracts.
Southern California Edison, a unit of Edison International in Rosemead, will
soon file a similar petition with the PUC, said Bob Foster, a senior vice
president. As of the end of August, Edison's undercollections had reached
$1.9 billion.
*
Times staff writer Nancy Vogel in Sacramento contributed to this report.


FYI...I'll keep you informed.
  dave
---------------------- Forwarded by Dave Schafer/ET&S/Enron on 03/03/2000
11:15 AM ---------------------------

Shanna Funkhouser
03/03/2000 11:06 AM
To: Dave Schafer/ET&S/Enron@ENRON
cc:

Subject: Confidential - Job Description

Dave,

I had a short conversation with Scott this morning and explained the job, why
we have vacancies, etc.  He is going to evaluate the job description and see
if there would be any ties in this job to his future career goals.  In other
words, he doesn't see himself taking a long-term departure from Investor
Relations, but possibly there are some skills he would gain in this job that
would make him even more valuable in a future IR role.  For example, when he
was with El Paso, IR and PR were combined.

He said that he would follow up with me this afternoon or Monday and let me
know if he has interest in discussing further.

Shanna
---------------------- Forwarded by Shanna Funkhouser/HR/Corp/Enron on
03/03/2000 11:10 AM ---------------------------

Shanna Funkhouser
03/03/2000 11:03 AM
To: Scott Vonderheide/Corp/Enron@ENRON
cc:

Subject: Confidential - Job Description

Scott,

I'll talk to you this afternoon or Monday.

Thanks,
Shanna


well hello to my beloved kinsmen and token Basque-in-law.  tonight i have
set aside Ralph Ellison to send a brief missive to all y'all in the hopes
that it may atone for anything bizarre which may have occurred in the most
recent communique.  i vaguely recall some coherency at the beginning, but by
four thirty in the morn God only knows what was written.

mother are you listening to that tape?

not a whole lot to report on the itinerary front, though i hope for a
gathering on either Easter weekend or the one after.  does that present a
problem for anyone?  let me know por favor and be quick about it - tickets
muy inflexible will be purchased as soon as i hear from a woman in ye olde
boston towne.

wrote said woman a love letter the other day - nay, the other week as it
took about five revisions - and just now my heart is in my throat as we are
waiting for the reply.  never, never reread a love letter - how could what
must surely be the #1 rule of writing those things have been unknown to me?

upon recollection it has occurred to me that my older male siblings did not
learn me jack shit about the amorous side of life - pitching woo and goin'
courting.  thanks for nada, boys - your collective inattention left me in
the rather hapless position of having to make a study of mack daddy murry
trying to smooth talk danna, and strangely enough it was none other than the
Paternal Unit who imparted the most influence on me.  so basically that
letter reads like pops talking to Arthur and borrows heavily from the time
he tried to talk my ass into going to the palo pinto county prom with candy
hodgkins.

makes us just about cringe out loud even fourteen years removed, that memory
does.  yuck.

well next month am headed to guam for a few days of fun in the sun with an
ozzie mate and a new yorker.  not the most exotic locale, but should be
packed with enough randy nubile nipponese lasses to bring out the sexual
Tyrannosaurus in yours truly.  yeah baby!

so sad about tom landry, but not quite as sad as watching phil collins make
a laughingstock of himself in that absurd super bowl halftime show.  john,
you used to make excuses for him, but i will stomach them no more!

by the way, has anyone actually received an email from the Great She-
Elephant, or does she just read them?  since when did the path of passivity
suit you best, camille-san?  for pete's sake turn off the petula clark
record, stop watching the stock market channel as if something immediately
discernible is about to happen, stub out the ciggie and give a holler!

well there is a whole lot more to say but i reckon it just might be better
done in a matter of weeks in person, face to face, mano a mano

and soul to soul (SRV!)   and so it is until then, sans the comfort of the
bosom of my clan, that i remain much like the proverbial dog without a bone,
the gook without a bowl of rice, chico without the man and a pimp without
his bitches.  see y'all soon - miss y'all heaps

rollina

______________________________________________________
Get Your Private, Free Email at http://www.hotmail.com


You may have seen one of these before...
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/27/2001 11:27
AM ---------------------------

Rhonda L Denton@ECT
04/27/2001 10:08 AM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Long form


fyi.  df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 01/29/2001
04:09 PM ---------------------------

	From:  Dan Fancler                           01/26/2001 10:34 AM

To: David Port/Market Risk/Corp/Enron@ENRON
cc: Vernon Mercaldo/ET&S/Enron@ENRON, Jerry Peters/NPNG/Enron@ENRON, Bob
Chandler/ET&S/Enron@Enron, Drew Fossum@ENRON, James Saunders/FGT/Enron@ENRON,
Lisa Sutton/FGT/Enron@ENRON, Debbie Moseley/ET&S/Enron@Enron, Lee
Ferrell/ET&S/Enron@Enron

Subject: Risk Management Caminus

David Port, ETS is purchasing a trading system from Caminus to track their
transactions.  Included in this system are position reports which the
Accounting Department will be using to report and determine compliance with
the attached policy and procedures, including open positions, VAR, MTM,
approval limits, Greeks, credit risk, stress testing, basis positions,
confirmations and invoicing.  The ETS Risk Management policy requires that
our reporting conform to the corporate standards, accordingly your name was
given to me as the person who could help direct some of the more technical
reporting standards.

Caminus is doing an introduction to their system today from 12:00 am to 3 pm
in 49c2, however I know you will not be back in town until next week.  Vernon
Mercaldo is coordinating the installation of the system and will be needing
your input relating to Corporate reporting standards.  As the project
progresses he will be contacting you.

Attached are drafts of the ETS Policy and Procedures.


---------------------- Forwarded by Eric Bass/HOU/ECT on 11/20/2000 04:46 PM
---------------------------

<ticket@swbellcottonbowl.org> on 11/20/2000 04:39:35 PM
To: ticket@swbellcottonbowl.org, ebass@enron.com
cc:
Subject: Ticket Order Confirmation

[IMAGE]
											THANK YOU? Eric Bass

												This       is your order confirmation, please print this page for your
records.       For questions concerning your order, please call
1-888-SWB-BOWL or       email at ticket@swbellcottonbowl.org

												Order Number: 1030

		Qty.
							Selections
									Unit Price
														Item Totals

			2				Gate 2 - Upper Level - SEC		$60.00					$120.00

														[IMAGE]
					* NO EXCHANGES OR REFUNDS
									Subtotal
														$120.00
									Handling
														$7.00
									Total
														$127.00


Hi,

This is from Bill Sonnenschein, the instructor for E291B-1 Speaking for
Management.

Hello all.

And welcome in advance.

I want to pass on some information to you to prepare you for the first
class session.  Class will meet on February 3 & 24, 2001, from 9:00 a.m. to
6:00 p.m.  The time is very short for a speech course.  I am asking you to
prepare a little before the first session, to assure you get as much as you
can out of the course.

Please come to the first day of class with a prepared persuasive speech (a
speech that moves the audience to action).  The speech should be three to
five minutes in length, and on a topic you feel very strongly about.  I do
not care if the topic concerns business.  It could be political, social,
moral, or even spiritual.  The most important thing is that you believe
strongly in the message.  Leaders must learn to speak "from the heart."
The focus of the course will be on speaking in a business context, but it
is important to speak with feeling first, and learn to transfer that skill
to a business context.   I do not care if you write the speech out, or
create an outline and rehearse giving the speech extemporaneously.  The
idea is to be prepared.  I will talk about delivering from a manuscript as
well as the advantages of extemporaneous speaking as part of one lecture.

You may also want to buy a blank video tape.  You will not need it till the
second Saturday, and even then using it will be optional.  Videotaping
speeches is an excellent learning tool, but can be counter-productive if
students get too nervous doing it.  I never use tape the first class
session, and you choose if you want to be taped the second session.

If you have any questions, please feel free to call me at 510-336-1239, or
e-mail me at sonnen@haas.berkeley.edu.

Thanks.  I am looking forward to working with you.

Bill

=======================================================
William Sonnenschein
Communications Group Faculty
Haas School of Business
University of California, Berkeley
510-643-8005 (Office) or 510-336-1239 (Home)
=======================================================


State's Outlays for Electricity May Be Hard to Recover Without a Rate Hike
By REBECCA SMITH, MITCHEL BENSON and JOHN R. EMSHWILLER
Staff Reporters of THE WALL STREET JOURNAL
SACRAMENTO, Calif. -- Earlier this year, Gov. Gray Davis made what may be the
biggest bet in the history of the nation's biggest state: that he could tame
an out-of-control electricity market and avoid devastating blackouts without
busting the state's budget, antagonizing its consumers or derailing his own
political career.

His wager is still on the table, but the assumptions that underlie it are
looking increasingly shaky these days. The governor has already spent around
$2 billion of public money buying hugely expensive wholesale power, taking
over the role formerly played by the state's near-bankrupt electric
utilities. And California will probably be obliged to spend billions more
before its electricity market stabilizes and those utilities are restored to
some semblance of financial health.
Under the governor's plan, California aims to recoup the money it is using to
buy electricity by issuing $10 billion in bonds. That way it would still have
a healthy budget surplus to finance new spending on roads, schools and other
public services. But there's a potentially big obstacle to this plan. The
state Legislature, worried about racking up billions in new debt, has put
limits on the size of any bond offering. In broad terms, the Legislature's
action would allow the state to borrow only four times as much as it can
recover annually from utility customers.
Right now that doesn't appear to be much. Under the current rate structure,
essentially set in place by California's flawed 1996 electricity-deregulation
plan, consumers pay far less for power than the cost of acquiring it on the
wholesale market. Preliminary estimates submitted by utilities last month to
the California Public Utilities Commission show the state's share of the
proceeds from electricity sales this year could be as little as $241 million
-- not enough to support even $1 billion in bond sales under the
Legislature's formula.

That would leave the state on the hook for much of the money it has already
paid for power -- not to mention the billions more Gov. Davis will need to
spend. That, in turn, raises the prospect that California's economy and its
credit rating both could deteriorate significantly. But state finance
officials say that, based on their own projections, they will be able to
extract enough money to support a $10 billion bond issue.
Walking a careful line between fiscal prudence and political survival, Mr.
Davis and others in his administration are scrambling to come up with ways to
get around the legislative restrictions without raising rates for consumers.
"If I wanted to raise rates, I could solve this problem in 20 minutes," Mr.
Davis says.
The governor says he believes that the state can obtain enough affordable
power through long-term power-supply contracts to avoid the need for a big
rate increase. The billions of dollars the state hopes to borrow would be
used to help pay for power until electricity prices drop, as they are
expected to do when new power plants come online over the next few years.
The Davis administration fears that what may be its only other option -- a
big increase in retail electric rates -- could prompt angry consumer groups
to seek new electricity laws through a statewide ballot initiative during
next year's election. That's when Mr. Davis is expected to run for a second
term as governor.
But trying to save California without rate increases is forcing Mr. Davis to
make some colossal gambles with the state's money. State officials estimate
that in the next several months, California will need to spend as much as $6
billion on power purchases -- equivalent to the state's entire fiscal
surplus. Mr. Davis is also looking to spend several billion more to buy the
transmission assets of three investor-owned utilities in order to restore two
of them to credit-worthiness. He also has announced plans to spend several
hundred million dollars more on conservation programs designed to reduce
demand while new power plants are being built in the state.
In order to limit the state's financial exposure in the meantime, the
governor and his aides have, in some cases, ignored state law. They have
threatened appointed officials who have stood in the way. And they have
sharply restricted the flow of information to the public.
None of those steps is expected to do much to reduce state spending on power
in the coming months. In a few weeks, power usage is expected to begin a
sharp seasonal rise as Californians switch on their air conditioners with the
coming of warmer weather. By various estimates, demand during peak periods
this summer could outstrip supply by 10%, or several thousand megawatts. That
could produce more rolling blackouts like the ones that hit Northern
California earlier this year. It is also likely to put strong upward pressure
on wholesale electricity prices.
Steven Zimmerman, managing director of Standard & Poor's Corp., says Mr.
Davis and his aides don't "have a lot of time" to put a cap on the state's
financial exposure to the crisis. The credit-rating agency has put the state
on credit watch for a possible downgrade, which would affect the value of all
of California's outstanding public debt. Moody's Investor Service Inc. is
also concerned. It said in a recent report that the power crisis could soon
"seriously threaten the health" of the state's economy.
Mr. Davis, a Democrat and career politician, was dealt a bad hand when he
took office in 1999. The deregulation plan that sparked the state's
electricity crisis was enacted under his predecessor, Republican Pete Wilson.
But Mr. Davis was slow to react to early signs of trouble this past summer
and alarms sounded by members of the state Legislature. By the time Mr. Davis
finally sprang into action earlier this year, a troublesome power-supply
squeeze had escalated into a crisis.
In a Jan. 17 declaration of emergency, the governor designated the state
Department of Water Resources to take the utilities' place as the daily buyer
of huge quantities of electricity. His hope: that by making the state the
dominant player in California's power sector, he would ease electricity
producers' concerns about getting paid and give the state enough clout to
negotiate lower long-term power prices.
Squeaky Summer
Earlier this week, Mr. Davis announced final or tentative agreements with 20
power suppliers to furnish the state with a total of 8,900 megawatts for
periods of as long as 20 years. But the supply situation remains extremely
uncertain for this summer, when demand probably will top 45,000 megawatts. If
the state can secure enough power under contract and push down demand through
aggressive conservation, it might be able to squeak through the summer
season. If not, it will be forced to keep buying huge amounts of costly power
in the cash market.
Under deregulation, retail electric rates were frozen for several years,
while wholesale-power costs were free to fluctuate. When the plan was
conceived, wholesale prices were low and expected to go lower. However, a
combination of unexpected growth in power demand and a lack of new generating
capacity helped produce a supply squeeze. Average wholesale prices more than
tripled last year from 1999. And in January those prices were up 10-fold from
a year earlier.
By then, California's two biggest investor-owned utilities -- the Pacific Gas
& Electric unit of PG&E Corp. and the Southern California Edison subsidiary
of Edison International -- faced imminent financial collapse. They had racked
up billions of dollars in wholesale power bills they couldn't afford to pay.
As generators began shying away from selling to the two utilities, the
Clinton administration forced them to sell power into the California market,
an order left in place during the first weeks of the Bush administration.
Still, northern California was hit by rolling blackouts on several days in
early January.
Learning by Doing
Since then, the DWR, which does some electricity trading as an adjunct to its
main mission of managing the state's giant system of aqueducts and
reservoirs, has had to learn the ins and outs of power markets on the run. It
hasn't been easy.
David Mills, trading-floor manager for the federal Bonneville Power
Administration, says the water agency has at times offered to pay $50 to $100
per megawatt hour more than the available market price. "They agree to prices
that make you wonder," says Mr. Mills, whose organization markets electricity
from federal dams in the Pacific Northwest. "You'd at least think they'd
check to see what the prevailing price is before throwing out their offer."
Mr. Mills says that "to cut California some slack," he occasionally has
instructed his traders to sell at prices lower than the DWR had offered to
pay.
Ray Hart, the water agency deputy director responsible for the power
purchasing, says he isn't aware of any cases in which the DWR has overpaid.
He says his team has been "extremely successful by all measures."
Ultimately, the DWR's trading acumen is far less important than the overall
arithmetic of power supply and demand in California. With the price of
natural gas that feeds many of the region's generating plants at near record
levels and some suppliers reluctant to sell into the troubled California
market, wholesale electric prices remain stubbornly high and, in recent days,
have again been rising.
The Legislature has advanced the DWR about $3 billion from the state's
general fund for power purchases. Under emergency legislation passed by the
Legislature and signed by Mr. Davis on Feb. 1, the general fund is to be
reimbursed from a planned bond sale later this year. But under terms of the
emergency law, the water agency would have to wrest $2.5 billion a year in
revenue from retail electricity rates in order to sell the $10 billion worth
of bonds sought by Mr. Davis.
Assembly Speaker Robert Hertzberg, a Southern California Democrat, says the
formula was created to ensure that there would be a way to repay the bonds
without draining the state's coffers. "We didn't want to just open our
wallets," he says.
According to the language of the Feb. 1 law, the water agency gets what's
left of revenue collected from ratepayers after the utilities pay certain of
their own power-supply bills and other expenses. And, in their filings with
the PUC last month, the utilities reckoned, under their worst-case scenarios,
that there would be only $241 million available to the DWR this year.
Changing the Formula
State officials are quietly pushing the PUC to rejigger the formula so that
the water department gets more money -- even though that would clash with
terms of the Feb. 1 law. Robert Miyashiro, deputy director of the Department
of Finance, says the emergency law was "drafted poorly" and has led people to
believe the DWR "only gets the leftover money." He predicts there will be
"cleanup legislation."
At the request of the Davis administration, the PUC is considering a plan to
use a different revenue-sharing formula than the one in the state law. The
proposed new formula was written "in close consultation" with Mr. Davis's
Finance Department, says PUC President Loretta Lynch, who supports the
initiative and is hoping to rush it through.
The effort has drawn some opposition. Commissioner Richard Bilas at a recent
PUC meeting questioned the legality of the commission attempting to change a
formula set by the Legislature. PG&E is even more emphatic, since the DWR's
extra money could come at the utility's expense. The formula "threatens to
undo the very financial protections for the utilities that [the new law]
attempted to provide," the utility said in a recent filing with the PUC.
Balking at Buying
As politicians and regulators wrestle with that issue, the Davis
administration has taken a step to reduce the outflow of state cash that also
seems to conflict with the Feb. 1 law. It was widely assumed that the law
required the DWR to buy any electricity the state needed to keep its lights
on. However, on many occasions, the DWR has refused to buy power on the
grounds that it was too expensive, citing a portion of the new law that urges
the agency to hold down costs.
The task of covering any remaining shortfall has passed to the California
Independent System Operator, which manages the state's energy grid and is
charged with buying power when necessary to avert shortages. However, the ISO
doesn't have any power-purchasing money of its own, and the major parties it
would normally bill are PG&E and Edison, whose inability to pay their power
bills was the reason the state started buying electricity in the first place.
Amid criticism of its stance from generators, utilities and Wall Street, the
DWR says it has started covering more of the utilities' electricity costs.
The water agency is now buying 95% to 99% of what California needs in a given
day, says the agency's Mr. Hart. But increased buying only adds to the
uncertainty about the eventual tab.
The state's legislative analyst, Elizabeth Hill, recently recommended that
lawmakers hold off considering more than $2 billion in state spending on
items ranging from college construction to beach cleanups because of
continuing questions about the financial impact of the electricity crisis.
Like others, Ms. Hill complains that the governor's office and state agencies
haven't been forthcoming with information.
Indeed, the DWR refuses to say precisely how much power it is purchasing and
at what prices, though it has on several occasions gone back to the
Legislature for more money. State officials say that data on its purchasing
activities would give suppliers an advantage in continuing electricity-supply
contract talks.
State Controller Kathleen Connell, who is running for mayor of Los Angeles in
an April election, recently announced plans to post state power-spending
information on her department's Web site. But within 24 hours, Ms. Connell
suspended that plan after discussions with senior Davis administration
officials. "I feel very strongly that this information should be publicly
released," says Ms. Connell. "I just don't want to do anything that would
weaken the state's effectiveness in negotiating."
In an effort to more tightly control events, the governor obtained
legislative approval to abolish the 26-member ISO board, which was made up of
everyone from utility executives to representatives of consumer groups. He
then appointed a new five-member board. To ensure a quick transition, the
California attorney general threatened the old board members with fines of as
much as $5,000 each if they didn't immediately relinquish their positions.
All did. "I was offended" at the "heavy-handed" treatment, says Karen
Johanson, a former ISO board member.
One of the first acts of the ISO's new board was to close a meeting about the
electricity crisis. The former ISO board routinely held such meetings in
public. ISO attorneys say the meeting was largely designed as a private
briefing for new board members and that the organization is committed to
keeping its deliberations as open as possible. The Wall Street Journal and
other news organizations have unsuccessfully challenged the closure in
Sacramento state court.
Write to Rebecca Smith at rebecca.smith@wsj.com, Mitchel Benson at
mitchel.benson@wsj.com and John R. Emshwiller at john.emshwiller@wsj.com


Greetings from Amazon.com.

We wanted to let you know that there is a delay with one or
more items in the order you placed on November 18 2001 08:16 PST
(Order# 102-9335707-9675313).

You'll need to approve this delay so that we can continue processing
this part of your order. To do so, visit the following Order Update
page in Your Account:

http://www.amazon.com/o/ya/D86SFF4RVTAPWP/

If clicking the above link doesn't work, you can copy and paste the
link into your browser's address window, or retype it there.

You can also access this Order Update page by clicking the Your Account
button in the upper right corner of any page at Amazon.com.  Once there,
you can make changes to unshipped orders, cancel unshipped items, track
shipped packages, modify your account settings, and do much more.

Please note: This e-mail was sent from a notification-only address
that cannot accept incoming e-mail. Please do not reply to this message.

Thanks for shopping at Amazon.com, and we hope to see you again.

Sincerely,

Customer Service Department
Amazon.com
http://www.amazon.com
Earth's Biggest Selection


October 19, 2000

     Teco Tap  30.000 / Enron ;    120.000 / HPL Gas Daily


This request has been pending your approval for  4 days.  Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000079989&Page=Approval to review and act upon this request.

Request ID          : 000000000079989
Request Create Date : 12/26/01 9:53:43 AM
Requested For       : brian.redmond@enron.com
Resource Name       : eConnect - VPN  Tier 2 - Full Access
Resource Type       : Applications


Second try, this time with the attachement

-----Original Message-----
From: Donohoo, Ken
Sent: Friday, May 18, 2001 4:47 PM
To: 1 CSC Working Group; 1 WMS and others(Wholesale Market Sub.); 1 2001
TAC and others
Cc: 1 MockMarket
Subject: CSC MRS Presentation

Attached to this email is a presentation made at yesterday MRS meeting.? The
last slide indicates calculated TTC limits between zones for the on peak
summer base case.? Have a great weekend.

?
Kenneth A. Donohoo, PE
Manager of System Planning, Technical Operations
ERCOT
2705 West Lake Dr.
Taylor, TX 76574-2136
(512)248-3003, FAX(512)248-3082

?
 - KenDCSCMRS7.ppt


Mark:

Apparently our people are already working with Louise Kitchen.  The issue I
described yesterday is described below.  Basically we want to make reference
to Enron Online in an informational site we will possibly be participating in
Colombia.  Please let me know if you see any problem with this.

Thank you.

FPL
---------------------- Forwarded by Francisco Pinto Leite/ENRON_DEVELOPMENT
on 01/20/2000 11:24 AM ---------------------------

Shawn Cumberland
01/19/2000 06:16 PM
To: David Haug/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Frank
Stabler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Francisco Pinto Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: Web side for Colombia

FYI, cont.
---------------------- Forwarded by Shawn Cumberland/ENRON_DEVELOPMENT on
01/19/2000 06:20 PM ---------------------------

Maria E Garcia
01/19/2000 04:53 PM
To: Shawn Cumberland/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gabriel
Sanchez-Sierra/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Pedro Fernando
Manrique/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, German
Mutis/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Dinos
Gonatas/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marie
Newhouse/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Dennis
Vegas/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Thomas
Pullen/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Re: Web side for Colombia

I talked to Louise Kitchen (MD Enrononline) about how our group could
leverage on  enrononline for  our plans of a first step with an informational
site in Colombia  to move  later to a transactional site as Enron stars
trading activities in Colombia.

What I proposed to Louise is to  get  ISA to include enrononline in the
"other sites of interest" data  for  Colombia and to also have enrononline to
include data on Colombia in the enrononline informational site .  She says
that it is very easy to include this information  and that in principle she
doesn't  think there is a problem in linking enrononline to ISA if it is
going to be only for the informational site.

She referred me to Rahil Jafry (content) to discuss the process to make the
Colombia information to be included in the site. I talked to him and we
scheduled a meeting for Friday at 8:30AM.

Please confirm ASAP if you will be available for this meeting

Thanks, Maria Elena


I removed New Year Day's Holiday Monday January 2, 2006 as business day.

I removed Memorial Day(s) as business days for the years from 2002 to 2025
for ERMS/TAGG Production and Stage databases.
          The days are:
    27-MAY-2002
    26-MAY-2003
    31-MAY-2004
    30-MAY-2005
    29-MAY-2006
    28-MAY-2007
    26-MAY-2008
    25-MAY-2009
    31-MAY-2010
    30-MAY-2011
    28-MAY-2012
    27-MAY-2013
    26-MAY-2014
    25-MAY-2015
    30-MAY-2016
    29-MAY-2017
    28-MAY-2018
    27-MAY-2019
    25-MAY-2020
    31-MAY-2021
    30-MAY-2022
    29-MAY-2023
    27-MAY-2024
    26-MAY-2025

Truong Vu
Enron Net Works, LLC
truong.vu@enron.com
(713)345-3416


Jennifer - just wanted to give you a quick SAP update - we have some traction
still with them. We are going to provide them with a proposal for the
4-eurpoean cities mentioned during the last conference call. On the low-end
it is a $2.09M deal with the high-end (lower probability) could be $8M-plus.

We hope to have firms numbers to them late next week. We also had a conf-call
with Commerce One that did not go well with respect to bandwidth, however we
are still going to pursue the reseller potential with them for next quarter.

-------------------------------------------------------------
Gary Waxman
Director, Enterprise Group
Enron Broadband Services
2100 SW River Parkway
Portland, OR 97201
Mobile: 503-807-8923
Desk:   503-886-0196
Fax:     503-886-0441
-------------------------------------------------------------