Paul,

Thanks for the update.  With regard to further interference from the PUCN,
and the comment that the PUCN must approve each generation divestiture of
Sierra, do we anticipate any of these (the generation divestitures) closing
prior to the Sierra/PGE closing?

I'll check with CSFB to get their perspective.

Thanks,

Mitch

Paul Kaufman@ECT
03/14/2000 07:23 PM
To: kfullenweider@velaw.com, Ann Ballard/Corp/Enron@ENRON, Mitchell
Taylor/Corp/Enron@ENRON, awalia@ei.enron.com
cc: Steven J Kean/HOU/EES@EES, Richard Shapiro/HOU/EES@EES, Joe
Hartsoe/Corp/Enron@Enron, Sarah Novosel/Corp/Enron@Enron

Subject: Project Granite Update

Here's the update for March 14.


Start Date: 3/3/01; HourAhead hour: 19;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.
Variances detected in Energy Import/Export schedule.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001030319.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 19 / Preferred:  11.00 / Final:   4.00)
  TRANS_TYPE: FINAL
  SC_ID: Wheelabrat
  MKT_TYPE: 2
  TRANS_DATE: 3/3/01
  UNIT_ID: MARTEL_2_AMFOR

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 19 / Preferred:  75.00 / Final:  71.40)
  TRANS_TYPE: FINAL
  SC_ID: ECTstNW
  MKT_TYPE: 2
  TRANS_DATE: 3/3/01
  TIE_POINT: SYLMAR_2_NOB
  INTERCHG_ID: CISO_EPMI_3000
  ENGY_TYPE: FIRM
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 19 / Preferred:  75.00 / Final:  71.57)
  TRANS_TYPE: FINAL
  SC_ID: ECTltNW
  MKT_TYPE: 2
  TRANS_DATE: 3/3/01
  TIE_POINT: SYLMAR_2_NOB
  INTERCHG_ID: CISO_EPMI_6000
  ENGY_TYPE: FIRM

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 19 / Preferred:  76.69 / Final:  76.51)
  TRANS_TYPE: FINAL
  LOAD_ID: SCE1
  MKT_TYPE: 2
  TRANS_DATE: 3/3/01
  SC_ID: EPMI


<<Comps_DCF1.xls>>

This has the sources for all of the projects as we discussed.  If you have
any questions give me a call at 713-220-6791.

Randy Bayless

This message is for the named person's use only.  It may contain
confidential, proprietary or legally privileged information.  No
confidentiality or privilege is waived or lost by any mistransmission.
If you receive this message in error, please immediately delete it and all
copies of it from your system, destroy any hard copies of it and notify the
sender.  You must not, directly or indirectly, use, disclose, distribute,
print, or copy any part of this message if you are not the intended
recipient. CREDIT SUISSE GROUP and each of its subsidiaries each reserve
the right to monitor all e-mail communications through its networks.  Any
views expressed in this message are those of the individual sender, except
where the message states otherwise and the sender is authorised to state
them to be the views of any such entity.

 - Comps_DCF1.xls


(1)  Please change Consolidated Papers Inc. to "medium" priority.
(2)  Please follow up on James Hardie and enter into Lotus Notes.


It's the week-end!  This is just a general overview , if anyone wants detail, please give me a ring.

In general we are doing OK.  In terms of cash out the door today, we were actually going to be positive until Kinder Morgan refused to send our cash back.  We should be ($5.81mm).

Cut us off:
1. 	FPL (balance of month transactions only)
2.	Enbridge (Consumers)
3.	Proliance
4.	Con Agra
5.	Los Angeles Department of Water
6.	Apache
7.	PSEG (physical gas sales only)
10. 	PowerEx (Cash and Real time only)
11. 	Salt River Project
12.	Pacificorp (NorthWest Cash only)

Issues:
1.	PJM Interconnection LLC - want $30mm LC, we are working with them on their calculation methodology.  Awaiting a letter before we react.
2.	AEP  - We completed $50mm of assignment transactions with them on Friday night.  We also sent them $50mm earlier in the week when they had no contractual rights to it.  They'll be back on Monday!!!!!!!!  They have not cut us. They blinked first!!!!!
3.	Mirant - Still want the physical gas collateralized.  We have offered to sell it to them.  They are still scheduling.
4.	NGX -  They have taken our lines to zero.  Peter Keohane is working on it.
5.	Sempra - Sempra are still trading but wanting to take their positions to zero.
6.	Spinnaker - We MAY have agreed to monetize a position and therefore pay out $3mm plus.
7.	Kinder Morgan - Asked for collateral for the first time ($39mm).  Sent a letter suggesting material breach of contract, we have responded by letter to Park Shaper CFO.
8.	Conoco Contract - Equiva (we gave it to them), Apache, Conoco, Pogo, Sempra, ConAgra, Vitol have all attempted to get collateral under the adequate assurance clause.
9.	GISB - We appear to have been confirming some transactions under the GISB rather than the Masters.  This is causing problems as it includes the 'adequate assurances' clause.  W&T Offshore Inc, Mirant, Devon, Sequent.  Letters have been sent.

LCs to Cash this week
1. 	Sempra - 50mm
2. 	Reliant - 78.5mm
3. 	Engage - 19mm
4. 	BP - $46.5mm

OTC Margin this week

Monday 10/29 = ($62,486,000)
Tuesday 10/30 = ($88,580,000)
Wednesday 10/31 = ($32,940,000)
Thursday 11/1 = ($13,390,000)
Friday 11/2 = ($5,891,000)

Number of Transactions:

TRADE DATE	TRADE CNT
10/3/2001	5953
10/4/2001	6487
10/5/2001	5854
10/6/2001	17
10/7/2001	53
10/8/2001	5117
10/9/2001	5280
10/10/2001	6261
10/11/2001	5950
10/12/2001	6107
10/13/2001	16
10/14/2001	19
10/15/2001	5428
10/16/2001	7155
10/17/2001	7425
10/18/2001	7654
10/19/2001	7988
10/20/2001	4
10/21/2001	34
10/22/2001	7916
10/23/2001	8567
10/24/2001	8001
10/25/2001	8405
10/26/2001	6792
10/27/2001	12
10/28/2001	8
10/29/2001	7152
10/30/2001	5761
10/31/2001	7141
11/1/2001	6575
11/2/2001	5853

Privlieged and Confidential
Attorney Work Product


$20

DG

"Brent Wallace" <bwallace@zahrsecurities.com> on 12/18/2000 09:54:54 AM
Please respond to <BWallace@zahrsecurities.com>
To: <Darron.C.Giron@enron.com>
cc:
Subject: RE: Stock

How cheap?

-----Original Message-----
From: Darron.C.Giron@enron.com [mailto:Darron.C.Giron@enron.com]
Sent: Monday, December 18, 2000 8:58 AM
To: bwallace@zahrsecurities.com
Subject: Stock

Quick, give me a cheap stock that looks promising.

DG


this is fine.  thanks.

 -----Original Message-----
From:  Cason, Sharen
Sent: Thursday, May 31, 2001 1:57 PM
To: Ngo, Tracy; Sacks, Edward; Gonzalez, Veronica; Sager, Elizabeth; Conwell,
Wendy; Radous, Paul
Subject: West deal

Please review for credit approval.

Thanks!

 << File: sample.doc >>


It is OURS, all OURS.  So what's the whopping balance now?

Kay

hashworth@technip.com on 09/05/2000 08:31:37 AM
To: TurnerGerry@bek.com, Kay.Mann@enron.com
cc:

Subject: Anglers

FYI,  someone in our group must be living right,  the Anglers have
experienced a windfall.  Received a check today for $13,664.45 related to
the reimbursement of the maintenance tax surcharge for tax years 1991
through 1996 to insurance companies by the Texas Workers Comp Insurance
Fund.  A couple of weeks ago I received another check for 257.91 also TWC
fund related.  Both checks reference periods prior to the sale to KTI.  Let
me know if you think these should go to KTI but they appear to me to be
Anglers money.


Hey Jeff:

What's going on at Enron and, more importantly, what does it mean for you?

How are you in general and what's up?

Stefanie

P.S. WHAT THE HELL IS DAVE HERMAN'S E-MAIL ADDRESS???!!!!!


Attached are clean and marked versions of our proposed natural gas purchase
and sale agreement.  This has not been fully reviewed by Enron and remains
subject to change in all respects.  The marked attachment shows changes
from the crude oil agreement sent earlier today.

(See attached file: Gas Ver 2 marked from Oil Ver 6.doc)
(See attached file: Gas Ver 2 marked from Oil Ver 6.wpd)

(See attached file: Natural Gas Purchase and Sale Agreement Ver 2
clean.doc)     (See attached file: Natural Gas Purchase and Sale Agreement
Ver 2 clean.wpd)

John W. Rain
Thompson & Knight L.L.P.
1700 Pacific Ave.
Dallas, Texas 75201
Phone: 214.969.1644 (Dallas)
Phone: 713.653.8887 (Houston)
Fax:       214.880.3150

This email and any attachments to it may contain legally privileged
information or confidential information, which are not intended to be
disclosed.  If you are not the intended recipient of this email, please do
not read or print any attachments or forward or copy this email or any
attachments.  Instead, please permanently delete this email and any
attachments and notify the sender of his mistake.  Thank you very much.

 - Gas Ver 2 marked from Oil Ver 6.doc
 - Gas Ver 2 marked from Oil Ver 6.wpd
 - Natural Gas Purchase and Sale Agreement Ver 2 clean.doc
 - Natural Gas Purchase and Sale Agreement Ver 2 clean.wpd


I spoke to the fellow at legalanywhere.com today.  He will only be in the
office Mon. and Tues. of next week, so if possible, he would like to set up a
demonstration with us together at your desk on the computer so he can work us
through the software.  Let me know when a convenient time would be for you,
maybe Tuesday sometime?


Send in request for a B2B logon.
Assigned to: CN=Jeff Arnold/OU=GCO/O=Enron
Updated by: CN=Jeff Arnold/OU=GCO/O=Enron


Start Date: 1/21/02; HourAhead hour: 4;  HourAhead schedule download failed. Manual intervention required.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002012104.txt
Error: dbCaps97Data: Cannot perform this operation on a closed database
!!!Unknown database.
Alias: dbCaps97Data
!!!Unknown database.
Alias: dbCaps97Data
!!!Unknown database.
Alias: dbCaps97Data
Error: dbCaps97Data: Cannot perform this operation on a closed database
!!!Unknown database.
Alias: dbCaps97Data
!!!Unknown database.
Alias: dbCaps97Data
!!!Unknown database.
Alias: dbCaps97Data
Error: dbCaps97Data: Cannot perform this operation on a closed database
!!!Unknown database.
Alias: dbCaps97Data
!!!Unknown database.
Alias: dbCaps97Data
Error: dbCaps97Data: Cannot perform this operation on a closed database
Error: dbCaps97Data: Cannot perform this operation on a closed database
Error: dbCaps97Data: Cannot perform this operation on a closed database
!!!Unknown database.
Alias: dbCaps97Data
!!!Unknown database.
Alias: dbCaps97Data
!!!Unknown database.
Alias: dbCaps97Data
!!!Unknown database.
Alias: dbCaps97Data
!!!Unknown database.
Alias: dbCaps97Data
!!!Unknown database.
Alias: dbCaps97Data
Error: dbCaps97Data: Cannot perform this operation on a closed database


Would you have any free time if I came to New Mexico?  I know it is close to
impossible to get a room during the balloon thing?

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


PATRICE MIMS-THURSTON,

The PEP system closes on Friday, May 25, 2001.

Our records indicate that you have not selected reviewers.  Please suggest a list of reviewers as quickly as possible - the feedback process cannot begin until your list of reviewers has been reviewed and approved by your supervisor.

To suggest your reviewers, access PEP at http://pep.enron.com and select 'Suggest Reviewers' from the Main Menu.

If you have any questions regarding the PRC process or the PEP system, please contact the PEP Help Desk at:
Houston:  1.713.853.4777, Option 4 or email: perfmgmt@enron.com
London:  44.207.783.4040, Option 4 or email: pep.enquiries@enron.com


Steve,  Here is an email from Mike.  Are you up to speed on this?  What do
you think?  Please provide some quick feedback via email.

Thanks,
mike
---------------------- Forwarded by Mike McConnell/HOU/ECT on 07/11/2000
04:53 PM ---------------------------

	Enron North America Corp.

	From:  Michael Guerriero @ ENRON                           07/08/2000 10:04 AM

To: Mike McConnell/HOU/ECT@ECT
cc:
Subject: Nodocero.com

Here is the information we discussed regarding Nodocero. Let me know when is
a good time to do a secondary discussion. They will be in Houston late next
week and early the following week. I will give you a call Monday.

MFG
---------------------- Forwarded by Michael Guerriero/SA/Enron on 07/08/2000
12:02 PM ---------------------------

Patrick Hansen
07/07/2000 12:39 PM
To: Michael Guerriero/SA/Enron@Enron
cc:

Subject: Nodocero.com

Michael, I have the following comments to the Nodocero.com project.

Currently works as a platform where buyers and sellers agree on a price
through an auction process (brokerage fee)
They aim at becoming a regulated market with standardised contracts. (subject
to market and regulatory evolution)
Their value drivers are the "Payment Guarantee" (through an insurance
company) and "Backoffice" (registration before regulatory authorities). None
of these issues are definitely solved (no agreement with Insurance Co. and if
any transaction is done now, all the backoffice procedures have to be done
manually with their employees).
No technological partner yet. They have developed the web site platform (you
can see it at www.nodocero.com), but I understand that they don't have the
rest of the technological components required (database, operations, clearing
system, other).

Apart from this, I would consider the following issues:

Currently there is no regulated market for this sector of the economy
(Argentina and the rest of Latin America). Therefore their idea of becoming
one is good.
The competitors in this race are: Nodocero.com - aXesoEnergia.com -
EnergyVex.com - Rofex (Rosario Futures Exchange) - other.
No competitor has yet taken an important lead in this race. aXesoEnergia.com
is doing an important investment in marketing, but it currently works via an
auction process and does not provide any further service like guarantee or
backoffice.
One of the competitors will eventually succeed in becoming the reference
market.
Nodocero.com has no strategic partner yet. (this could be taken as positive
or negative)

The attached file is their business plan

Patrick


This is an automatic confirmation of the order you have placed using IT
Central.

Request Number:   ECTH-4S5TZN
Order For:               Jeff Youngflesh

Compaq iPAQ handheld PC, H3650 Pocket PC.  CPQ Item number:  170294-001.
Compaq iPAQ PKT PC Expansion Jacket for H3650.  CPQ Item number:  170338-B21.
Compaq iPAQ USB CRADLE.  CPQ Item number:  176481-B21.
Sierra wireless modem:  "Aircard 300".  Item # unknown. Enron IT Purchasing


---------------------- Forwarded by Eric Bass/HOU/ECT on 03/16/2001 09:26 AM
---------------------------

	From:  Julie Brewer @ ENRON                           03/16/2001 09:26 AM

To: Kam Keiser/HOU/ECT@ECT, Victor Guggenheim/HOU/ECT@ECT, Phillip M
Love/HOU/ECT@ECT, Sandy Olitsky/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT,
Susan M Scott/HOU/ECT@ECT, Janie Aguayo/HOU/ECT@ECT, Larry Joe
Hunter/HOU/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Kara L Boudreau/HOU/ECT, Jean
Bell/HOU/ECT@ECT, Jeff Royed/Corp/Enron@ENRON, Anne Bike/Corp/Enron@Enron,
Errol McLaughlin/Corp/Enron@ENRON, Laura Vargas/Corp/Enron@ENRON, Luchas
Johnson/NA/Enron@Enron, Sherry Dawson/NA/Enron@Enron, Derek
Bailey/Corp/Enron@ENRON, Ellen Wallumrod/NA/Enron@ENRON, Michelle
Nelson/Corp/Enron, Stewart Range/NA/Enron, Shifali Sharma/NA/Enron, Keynan
Dutton/NA/Enron, Carole Frank/NA/Enron@ENRON, Bruce Mills/Corp/Enron@ENRON,
Veronica Hill/NA/Enron, Bianca Ornelas/NA/Enron@Enron, George Huan/NA/Enron,
Amy Cavazos/NA/Enron@ENRON, Elizabeth Shim/Corp/Enron@ENRON, Ryan
O'Rourke/ENRON@enronXgate, Eric Bass/HOU/ECT@ECT
cc:
Subject: Rebook Items

If your name is in the right hand column, please rebook as indicated by
Credit.

Thanks.

Julie Brewer


Checked the file....I believe Shonnie is right; I must've been thinking of
amendments to the gathering agreement.
---------- Original Text ----------

From: "Gerald Nemec" <Gerald.Nemec@enron.com>, on 5/30/00 10:34 AM:

Lori,  Thanks for the diskettes.  The one disk did have the final version of
the
Agreements.  The other disk had earlier versions of the docs.   I will use the
final versions to develop the amended and restated agreements.  Should have
drafts for BR's review later this week.  Do you want these diskettes returned?

I talked to Shonnie about any amendments to the LLC and Capacity Allocation
Agreements, and she wasn't aware of any.  I don't think those 2 agreements
were
revised unless you have other information.  Let me know.

Thanks,
Gerald

|--------+----------------------->
|        |          "Lori        |
|        |          Marlatt"     |
|        |          <lmarlatt@br-|
|        |          inc.com>     |
|        |                       |
|        |          05/22/2000   |
|        |          02:32 PM     |
|        |          Please       |
|        |          respond to   |
|        |          lmarlatt     |
|        |                       |
|--------+----------------------->

>----------------------------------------------------------------------------|

|                                                                            |
  |       To:
<gerald.nemec@enron.com>                                     |
  |       cc:     "April Williams"
<awilliams@br-inc.com>                      |
  |       Subject:     Lost Creek
documents                                    |

>----------------------------------------------------------------------------|

Gerald:

I checked my computer and couldn't find any evidence of the files on my hard
drive; however, I did find two diskettes that, at first glance, appear to
contain the same documents, some of which look like they might be the
finals.  If you'll email your street address back to my assistant, April
Williams, at awilliams@br-inc.com, we can have the diskettes sent to you via
courier.  You can take a look at them and see if in fact they are identical
and have the information you need on them.  If you find them to be exactly
alike, just send one back to me for safekeeping here.

Thanks!
Lori


Internet Service is now available for ordering! ?As a Pilot 3 Invitee of the
ClickAtHome program, you can now order your PC and Broadband Internet Service
through the ClickAtHome Pilot website, which may be accessed at
http://clickathomepilot.enron.com (launch through Internet Explorer only). ?
All Pilot participants are encouraged to place their PC order by January
25th.

Many of our Internet Service vendors are ready to begin providing service to
you today, while all vendors will be ready by late February. ? The
ClickAtHome Internet Service Providers whom are currently available for
internet service are:
?

Time-Warner in Houston, (cable modem)
Kingwood Cable, (cable modem)
AT&T - Portland. ?(cable modem)

MSN, providing both dial-up and DSL service nationwide, and Cox Cable -
Omaha, providing cable modem service, ?will be available in late February.
?We will provide further communication as soon as MSN and Cox Cable - Omaha
orders can be placed. We appreciate your patience in advance.

To pre-qualify and sign up for service in your area today with Time Warner
Houston, Kingwood Cable or AT&T- Portland, refer to
http://clickathomepilot.enron.com for specific provider information and
instructions on how to place your order. ?If you have problems launching the
site, please copy and paste http://clickathomepilot.enron.com directly into
Internet Explorer.

The ClickAtHome Team is excited to bring you these options.

ClickAtHome Team


%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
Mon Jun 4, 2001 2:26 pm                                       From: "Joseph G.Galea" <ga

Subject: Re:
To: <JONCH@magic.pmh.on.ca>
From: "Joseph G.Galea" <galea@mcgown.com>
Date: Mon, 4 Jun 2001 14:03:59 -0400

Chris Headley Lamarr:

#1: Arnott's confirmed as a go for tonight

#2: Yes, I've seen the commercial and your reference is HILARIOUS, perhaps
your best quip ever! The imagery hit me hard and I'm still literally
laughing!!!!!!!!!

Joe.

----- Original Message -----
From: <JONCH@magic.pmh.on.ca>
To: <galea@mcgown.com>
Sent: Monday, June 04, 2001 2:51 PM

>
> Hey Joe,
>
> Too bad re. Arnott.  BOO HOO!!!
>
> Chris
>
> PS. Have you seen that comercial yet for Microsoft XP yet?  The one where
the guy at the
> desk is racing thru the desert?  Every time I see it, all I can think is
MMMMMACKERRRR!!
> I laugh every time I see it.
>

--------------------------------------------------------------------------------
Return-Path: <"Joseph G.Galea" <galea@mcgown.com>>
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Message-ID: <005c01c0ed20$bb795000$0200a8c0@workgroup>
From: "Joseph G.Galea" <galea@mcgown.com>
To: <JONCH@magic.pmh.on.ca>
References: <106041851.MOX259601@magic.pmh.on.ca>
Subject: Re:
Date:  Mon, 4 Jun 2001 14:03:59 -0400
MIME-Version: 1.0
Content-Type: text/plain; charset="iso-8859-1"
Content-Transfer-Encoding: 7bit
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%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%


We have received the executed EEI Master Power Purchase and Sale Agreement
dated 1/26/01 from the referenced CP.  Copies will be distributed to Legal
and Credit.


Good luck and let us know, including Rebecca and her team.
thanks,
m

Rick Bergsieker@ENRON_DEVELOPMENT
02/08/2001 06:52 AM
To: Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman@ECT
cc: Clay Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Dabhol/Oma

Oman LNG is now taking a 5-person delegation, including 2 relatively high
level government officials, to Bombay to have dinner with DPC on Friday and
to meet formally on Saturday.  The Denton Hall lawyer that represented Oman
in the LNG negotiations, will also be there.

Clay is in Australia and cannot attend, but I will be there for both the
dinner and the meeting to manage/referree the discussions.  I will return
Saturday night and will visit Adgas/Adnoc on Sunday to update them.

Rick


---------------------- Forwarded by Hunter S Shively/HOU/ECT on 08/22/2000
09:38 AM ---------------------------

	Invitation
Chairperson: John P Tollefsen
Sent by: Terry Furches

Start: 08/30/2000 01:30 PM
End: 08/30/2000 02:30 PM

Description: Weekly Market Intelligence Status Meeting
EB32c2 (Invite for Reoccuring Meetings)

This meeting repeats every week on Wednesday starting on 08/30/2000 for 6
months.
Meeting Dates: 08/30/2000, 09/06/2000, 09/13/2000, 09/20/2000, 09/27/2000,
10/04/2000, 10/11/2000, 10/18/2000, 10/25/2000, 11/01/2000, 11/08/2000,
11/15/2000, 11/22/2000, 11/29/2000, 12/06/2000, 12/13/2000, 12/20/2000,
12/27/2000, 01/03/2001, 01/10/2001, 01/17/2001, 01/24/2001, 01/31/2001,
02/07/2001, 02/14/2001, 02/21/2001

Hunter S Shively/HOU/ECT@ECT
Chris Gaskill/Corp/Enron@Enron
Geoff Storey/HOU/ECT@ECT
George Hopley/HOU/ECT@ect
Lloyd Will/HOU/ECT@ECT
Madhup Kumar/Corp/Enron@ENRON
Colin Tonks/LON/ECT@ECT

Detailed description:


Winds May Be Shifting For Big Turbine Makers --- Renewable-Energy Use Is Poised to Spread --- But the Most Lucrative Markets Have Little Breathing Room
The Wall Street Journal Europe, 08/13/01

Bush stance on greenhouse gases prods interest in state controls
Houston Chronicle, 08/13/01
UK: Enron says still undecided on Teesside power plant.
Reuters English News Service, 08/13/01
India ONGC Offers $400M For Enron's Oilfield Stake-Report
Dow Jones International News, 08/13/01
BHP Billiton To Form Singapore Energy Trading Unit-Report
Dow Jones International News, 08/13/01
INDIA PRESS: Enron To Exit Dabhol Pwr Project From Nov 19
Dow Jones Asian Equities Report, 08/13/01
INDIA'S ONGC BIDS FOR ENRON'S 30 PCT STAKE IN PANNA-MUKTA
Asia Pulse, 08/13/01
INDIAN GOVT NOT TO ASK NTPC TO BUY ENRON STATE IN DABHOL
Asia Pulse, 08/13/01
INDIA'S TATA POWER TO BUY ENRON STAKE IN DPC 'IF IT MAKES SENSE'
Asia Pulse, 08/13/01
POWER PRIVATISATION: REFORM UNPLUGGED
India Today, 08/13/01

Winds May Be Shifting For Big Turbine Makers --- Renewable-Energy Use Is Poised to Spread --- But the Most Lucrative Markets Have Little Breathing Room
By Keith Johnson
Staff Reporter

08/13/2001
The Wall Street Journal Europe
9
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Wind energy is hardly back in the doldrums that nearly devastated the sector in the middle of the 1980s.
Most of the world has agreed in principle to a version of the Kyoto climate accords, and the European Union has approved its long-awaited directive, albeit in a watered-down form, aiming to double the use of renewable energy. Meanwhile, growth rates in the industry continue above 20%, and even laggard countries from England to Brazil to India say they will step up investment in new wind farms.
So why isn't the outlook for Europe's big wind turbine makers rosier?
Dresdner Kleinwort Wasserstein last week downgraded Vestas Wind Systems, the world's leading turbine maker, citing slower growth rates next year, even as Morgan Stanley Dean Witter got bullish, upgrading its recommendation on Denmark-based Vestas.
Meanwhile, despite good first-half results for Gamesa SA, Credit Suisse First Boston trimmed the target price for the Spanish company to 28 euros from 30 euros. (The stock finished last week at 24.66 euros) Who's right?
"They all are, in a way," says Robin Batchelor, who heads a renewable-energy fund for Merrill Lynch. A short-term slowdown looks inevitable, but "things are looking quite favorable for the group, especially with some version of Kyoto and the EU directive," he says.
In part, the three leading turbine makers -- NEG Micon of Denmark is No. 3 -- are victims of the bursting technology bubble. Valuations that looked conservative in the middle of the technology craze now seem expensive. Vestas, at last week's closing price of 359 Danish kroner (48.24 euros), trades at a ratio of 48 times its projected earnings for 2002, more than double the average ratio of stocks included in the Euro Stoxx 50. Even Gamesa, which trades at a discount due to its lower-margin aeronautical business and more limited international presence, wields a 2002 price-to-earnings ratio of 26, higher than that of most companies included in Madrid's IBEX-35 blue-chip index.
The stocks are paying the price, even if they have weathered the storm better than most telecommunications or technology companies. Over the past three months, shares in Vestas have slipped 3.7%, Gamesa stock is down 2.2%, and NEG Micon shares, at 353 Danish kroner (47.43 euros), are up 3.6% though they were battered in July.
"The outlook's not negative, but it's not fantastic, either," says Adrian Coxson, a London-based analyst with Credit Suisse First Boston. "The share prices imply growth rates that simply aren't there."
Growth rates in the industry had topped 30% annually since 1999 as wind power made a comeback, driven by a renewal of government subsidies, from its near-death experience the decade before. Vestas, which makes about 30% of all wind turbines sold world-wide, saw its sales rise fivefold between 1997 and 2001, while bottom-line profit rose 20-fold. Gamesa went public last fall with Spain's most successful initial offering in the past two years; Vestas holds 40% of its wind power division. And even Nordex, a German manufacturer, has rebounded from a dismal April debut on the Neuer Markt to post one of the year's biggest turnarounds.
But now, it seems, the glory days may be past. Saturation in such key markets as Denmark and Germany has limited growth forecasts and prompted regulators to take a closer look at wind power's subsidies. It also has helped spur an ecological backlash -- environmental groups oppose wind power, arguing it kills migrating birds and spoils the landscape -- already familiar in England, Ireland and Spain, and compelled the industry to start building offshore wind farms, which are still unproven and more expensive than the onshore installations.
Meanwhile, in the U.S., the world's second-biggest wind market, after Germany, question marks still surround the renewal of the Production Tax Credit for wind farms. Analysts expect wind power to take a breather next year in the U.S. after a record-setting 2001, when about 2,000 megawatts of capacity are due to be installed, as much as in the previous 20 years combined.
Add to the mix growing competition from Enron Corp.'s wind division and hints that big electrical engineering firms like ABB and General Electric Corp. are poised to start making turbines themselves, and it is no wonder that Europe's turbine makers are desperate to find a new growth recipe.
Analysts expect the industry to grow between 20% and 25% annually over the next five years, bringing world-wide capacity from about 17,700 megawatts at the end of 2000 to around 53,450 megawatts by 2005. But few think France, Italy or other countries newly won over to wind power will take up the slack from the coming slowdown in Spain, Germany and the U.S.
Which puts the onus on the likes of Brazil, North Africa, India and China -- all of which need new sources of electricity. Bu unlike Western Europeans, these countries aren't prepared to offer generous subsidies to promote clean generation.
"We're moving from environmentally driven markets to electricity-driven markets," says James Stettler, a renewables industry analyst with Dresdner Kleinwort Wasserstein in London. "That's the kind of landscape you want to see, without government subsidies."
Those subsidies have created juicy returns (between 15% and 20%) for wind-farm operators. In large part, that spurred an excess of wind turbine installation in Germany and encouraged a storm of proposed new wind farms in Spain. But operating margins for wind power will be cut to the bone as the technology is forced to compete on equal terms with natural gas and coal-fired plants.
And that in turn requires larger, more efficient turbines that can operate at full capacity even in areas with lower wind speeds. That's bad news for NEG Micon, once the world leader and still recovering from a bankruptcy scare that followed troubles with its products' gear boxes and a series of poorly digested acquisitions in 1999. For starters, the company won't have ready until the end of next year a turbine using pitch technology, which maximizes efficiency by adjusting blade angle depending on wind conditions. And the fastest-growing segment of the market is for turbines between 1.5 megawatts and two megawatts, which aren't NEG Micon's strong suit.
Gamesa won't be selling a 1.75-megawatt turbine until next year, but for the windy and wide-open Spanish plains, that isn't a problem over the short term. Gamesa's biggest headache is its relationship with Vestas, which provides it with crucial technology but severely limits its international expansion. Recent contracts in Greece and China -- outside of Gamesa's original deal with Vestas -- may have been one-time deals, and analysts fear Gamesa will have trouble compensating for the industry's slowdown in Spain with aggressive international expansion unless the agreement is renegotiated.
Vestas looks well positioned to take advantage of a move into new markets. It has been using pitch technology for 15 years, and has a two-megawatt machine in production. Last year, a quarter of its 870 million euros in sales came outside the core markets of Scandinavia, Germany, Spain, and the U.S.
But analysts are afraid next year's dip in the U.S. market will slow sales growth at Vesta to 8% or 9%, after revenue grew an estimated 48% this year and 37% last year. And its market-leading position has given Vestas a premium valuation, which could work against the stock in the medium term.

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

Aug. 12, 2001, 10:55PM
Houston Chronicle
Bush stance on greenhouse gases prods interest in state controls
By BILL DAWSON
Copyright 2001 Houston Chronicle Environment Writer
If Texas ends up with state regulations to curb emissions blamed for global warming, President Bush will be partly responsible.
Bush's opposition to the Kyoto Protocol's international mandates for reducing carbon dioxide and other greenhouse gases is being credited with renewing interest in cutting emissions -- not just among environmentalists but also in Congress and some U.S. corporations.
Meanwhile, a study that Bush's state appointees ordered last year, while he was governor, promises to stir debate over the need for a Texas greenhouse-gas plan. This analysis is to be completed at the Texas Natural Resource Conservation Commission in December.
"Hopefully, we'll present meaningful options of how the state could move forward," said TNRCC Executive Director Jeff Saitas.
The state's engagement with the issue has far-reaching implications. Oil and other fossil fuels produce carbon dioxide. Environmentalists say energy-dependent Texas would rank as the seventh-largest producer of greenhouse gases if it were an independent nation.
Tentatively, officials working on the TNRCC study have calculated that about 80 percent of the state's greenhouse emissions come from power plants, other industrial plants and transportation activities.
The three Bush-appointed TNRCC commissioners decided to undertake the study because Texas environmental groups petitioned them for a plan to cut greenhouse gases. The environmentalists timed the request so state law would require a response during last year's presidential campaign, when Bush's environmental record was being criticized.
Instead of introducing a plan, however, the commissioners asked for recommendations about how Texas could help fight global warming.
Saitas said TNRCC officials may conclude that new state actions specifically targeting greenhouse emissions are not warranted, because pollution-cutting efforts already under way are also eliminating a large volume of these gases.
In any event, environmentalists are planning to campaign for a formal state program, complete with new regulations, to achieve extra cuts in greenhouse emissions. The Legislature authorized such rules in 1991.
Environmentalists will team up this fall with religious and other groups to sponsor public meetings where citizens can present ideas for a Texas greenhouse-gas plan, said Tom "Smitty" Smith, state director of Public Citizen.
"There are clearly a number of things the state could do by rules," he said, "and hopefully we want this to become an issue in the next governor's race."
The Sierra Club's state director, Ken Kramer, said Bush's stance on the Kyoto pact, and the absence of an alternative proposal by his administration so far, appears to be backfiring. Despite U.S. opposition, the treaty was endorsed by 178 nations last month in Bonn, Germany.
"An ironic aspect of President Bush's failure to come to grips with the global warming issue is that other people, who definitely see this is something that can't be ignored, are rising to the occasion and putting in extra effort because they can't rely on the present administration for leadership," Kramer said.
Others see evidence that this reaction is emerging nationally -- and in some unexpected quarters.
One is Eileen Claussen, president of the Pew Center on Global Climate Change, which sponsors a coalition of major businesses. The group, which includes Houston-based Enron as well as oil giants Shell and BP, calls the Kyoto pact "a first step" in acting against global warming.
Claussen said she was afraid the administration's hard-line opposition to the Kyoto treaty might encourage some companies to pull out of the Pew Center's Business Environmental Leadership Council, but it seems to have had the opposite effect.
The Bush team's stance not only helped catalyze the agreement on the treaty, but it is now inspiring wider U.S. congressional and corporate interest in limiting greenhouse gases, she said.
"We really do have the president to thank for that," Claussen said.
Last month, for instance, Republicans and Democrats on the Senate Foreign Relations Committee voted 19-0 for a resolution that called on Bush to develop specific ideas for a binding climate treaty when negotiators revisit the issue this fall. It said the United States should act "to ensure significant and meaningful reductions in emissions of greenhouse gases from all sectors."
This latest chapter in the U.S. debate over global warming has again exposed the divisions among leading energy companies on the subject, many of which are based in Texas or have extensive operations here.
"It's definitely a live issue," said Jeffrey Keeler, director of environmental strategies for Enron, a natural-gas and electric-power company that is also involved in renewable energy sources like wind power.
The Bush administration, he said, will "have to get a plan together and really have some details."
Natural gas produces less carbon dioxide than oil or coal, and Enron regards efforts to reduce greenhouse gases as a business opportunity.
In contrast, Exxon Mobil's outspoken opposition to the Kyoto accord is often seen as a reflection of its self-described position as "the world's premier petroleum and petrochemical company."
In 1997, Exxon's chairman told leaders from developing nations they should not worry too much about global warming and increase use of fossil fuels.
But one top official said the company now believes "there is a substantial risk of climate change having adverse results, and we very much favor strong action to address those risks."
The "most appropriate actions" are technology improvements and other energy-saving measures, like Exxon Mobil's cogeneration projects, said Frank Sprow, the company's vice president for safety, health and environment.
While there are clearly "practical issues" at stake for different energy companies -- with some believing they can benefit from mandated cutbacks in greenhouse gases -- their differences on the issue "are more philosophical than anything else," the Pew Center's Claussen said.
"You ask (energy industry) people off the record if the world is going to end up addressing the issue and constraining carbon," she said, "and most say yes."
The TNRCC study will estimate the reductions in greenhouse gases that will occur because of pollution cuts Texas has already ordered. They mainly include new TNRCC rules to reduce smog in Houston, Dallas and other cities, as well as associated emission limits the Legislature set in 1999 and 2001.
Carbon dioxide is not a smog-forming gas itself, but it can be reduced as a result of some actions taken to lessen pollutants that do form smog -- switching to fuels that emit less carbon dioxide or increasing energy efficiency.
Texans should focus on the economic benefits of energy efficiency, said Jurgen Schmandt, director of The Woodlands-based Mitchell Center for Sustainable Development, a research organization founded by oilman and developer George Mitchell.
Energy-saving measures will be especially important in this state if a U.S. "carbon tax" is ever enacted to reduce carbon dioxide emissions, Schmandt said. "I believe an argument can be made that a place like Houston, with its heavy concentration of refineries, needs to be better prepared than the rest of the country."

UK: Enron says still undecided on Teesside power plant.

08/13/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Aug 13 - U.S. energy company Enron said on Monday it had not yet decided when its fire-hit UK power plant at Teesside would resume electricity generation.
The 1,875 megawatt plant in the Grangetown district of Middlesbrough, northern England was shut after an explosion on Wednesday in which three people died.
"The majority of the plant has now been handed back to operators Enron by the Health and Safety Inspectorate," the company said in a press release.
"No decision has yet been made on when power generation will begin," it added.

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

India ONGC Offers $400M For Enron's Oilfield Stake-Report

08/13/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW DELHI -(Dow Jones)- India's state-owned Oil & Natural Gas Corp. (P.ONG) has put in a $400 million bid for acquiring U.S. energy major Enron Corp.'s (ENE) 30% stake in the Panna-Mukta and Tapti oil and natural gas fields, the Press Trust of India news agency reported Monday.
Enron is unlikely to settle for anything less than $600 million for its stake in the venture, the report said.
India's privately-owned Reliance Industries Ltd. (P.REL) had quoted about $350 million for Enron's stake in the $900 million exploration venture, the PTI quoted its sources as saying.
The spokesmen of both Reliance Industries and ONGC said their companies had expressed interest in buying out Enron in the Panna-Mukta and Tapti oil and gas fields, but refused to give details about the price they were willing to pay, the report added.
The U.S. energy firm Marathon Oil Co. is also keen on acquiring Enron's stake in the two oil and gas fields, the report said.
ONGC holds 40% stake in the fields, which currently produce around 29,000 barrels of crude oil a day. The remaining 30% is owned by Reliance, the report added.
Enron declined to comment, the PTI said.
-By Himendra Kumar, Dow Jones Newswires; 91-11-461-9426; himendra.kumar@dowjones.com

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

BHP Billiton To Form Singapore Energy Trading Unit-Report

08/13/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- Australia's BHP Billiton Ltd. (BHP) is setting up an energy trading business in Singapore, U.K. daily The Times reported Monday.
The move signals BHP Billiton's commitment to its oil and gas assets, the newspaper reported, adding that the trading unit will seek to balance the company's exposure to energy markets across its oil, gas and mining businesses.
BHP Billiton's strategy is to emulate U.S. power giant Enron (ENE), which used its long position in electricity to sell hedging and derivative products to energy users, the report said.
-By Jim Efstathiou, Dow Jones Newswires; 44-20-7842-9250; jim.efstathiou@dowjones.com

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

INDIA PRESS: Enron To Exit Dabhol Pwr Project From Nov 19

08/13/2001
Dow Jones Asian Equities Report
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW DELHI -(Dow Jones)- U.S. energy company Enron Corp. (ENE) may formally exit the Indian market from Nov. 19, and serve a termination notice to the Maharashtra State Electricity Board if a buyer isn't found for the $2.9 billion power project in the western Indian state of Maharashtra, reports the Business Standard.
"We are not in the business of litigation but of selling energy worldwide. Nov. 19 is our exit path..." the newspaper quoted Enron India Managing Director K. Wade Cline as saying.
Cline said that after terminating its power purchase agreement with MSEB, Dabhol will take the arbitration route to realize $48 million owed by MSEB for electricity it supplied.
"My options are very clear - either the center (federal government) finds a buyer for the project or we renegotiate or terminate the PPA," Cline said.
As reported, Dabhol, the operator of a 740-megawatt power plant, is embroiled in a long-standing payment dispute with its sole buyer, the MSEB. MSEB stopped drawing power from the naphtha-fired DPC plant May 29, saying the "DPC tariffs were unaffordable." The DPC-MSEB dispute is in court.
Dabhol Power Co. is the single largest foreign investment in India to date.
Web site: www.business-standard.com
-By Himendra Kumar; Dow Jones Newswires; 91-11-461-9426; himendra.kumar@dowjones.com

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

INDIA'S ONGC BIDS FOR ENRON'S 30 PCT STAKE IN PANNA-MUKTA

08/13/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

NEW DELHI, Aug 13 Asia Pulse - Oil and Natural Gas Corporation (ONGC) has put in a US$400 million price bid for acquiring Enron's 30 per cent stake in Panna-Mukta and Tapti oil and gas fields even as the US company is believed to have decided not to settle for anything less than US$600 million.
Reliance Industries has quoted about US$350 million for Enron's stake in the US$900 million venture, sources familiar with the divestiture said.
When contacted both Reliance Industries and ONGC spokespersons said their companies expressed interest in buying out Enron in Panna-Mukta and Tapti oil and gas fields, but refused to give details about the price they were willing to pay.
Besides ONGC and RIL, who are partners with Enron in Panna-Mukta and Tapti fields, US energy giant Marathon Oil is the other company in running for acquiring Enron's stake.
ONGC holds 40 per cent stake in the fields, which produce around 300 million cubic meters of gas and 29,000 barrels of oil per day, while the remaining 30 per cent is with Reliance.
Enron officials are tight-lipped about the whole process saying "it is not the company's policy to comment on divestiture proceedings."
Earlier, state-owned Indian Oil Corporation and Hindustan Petroleum Corporation Ltd also expressed interest in stepping into Enron's shoes but their bids were rejected by the Huston-based company during the preliminary round itself, sources said.
(PTI) 13-08 2015

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

INDIAN GOVT NOT TO ASK NTPC TO BUY ENRON STATE IN DABHOL

08/13/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

NEW DELHI, Aug 13 Asia Pulse - Centreon Sunday said that it would not ask National Thermal Power Corporation (NTPC) to buy stake of US energy major Enron in the US$3 billion Dabhol power project, which is in the midst of a legal battle over cost of power and payment of bills.
The Centre's rejection comes within a day of Tata Power Chairman Ratan Tata evincing interest in the Enron's stake, reported to be around US$1 billion.
"NTPC's hands are full. It has its own commitments of adding 20,000 mw capacity by 2012. We are now asking it to hike the target to 30,000 mw," Power Ministry Suresh Prabhu told PTI when asked about Enron's offer to the Centre.
"There are reports of some private companies showing interest in Dabhol project. Other foreign companies could also come forward," Prabhu said while terming Enron's offer as part of its 'global strategy'.
Prabhu emphasised that the Enron imbroglio did not demonstrate disenchantment of foreign investors with India and said "only Enron has decided to withdraw from India. Even AES which wants to opt out of its tie-up in Orissa is keen to enter distribution and privatisation process in the country."
Besides, the government would offer transmission projects totalling upto four billion dollar for private participation at a transmission conference to be held in Mumbai next week.
(PTI)
13-08 1604

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

INDIA'S TATA POWER TO BUY ENRON STAKE IN DPC 'IF IT MAKES SENSE'

08/13/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

MUMBAI, Aug 13 Asia Pulse - City-based power utility Tata Power Company (TPC) (BSE:TTPW) said Saturday it will be interested in buying US energy major Enron's stake in the US$3 billion Dabhol Power Company (DPC) 'if it makes sense for the company to buy'.
"We are watching Dabhol developments very closely and will concievably think of buying it, if it makes sense for us", chairman Ratan Tata informed the shareholders at TPC's 82nd annual general meeting here on Friday.
He said DPC's 2,184 mw was a liquified natural gas based with costly tariff and that somebody had to buy the project, if its promoters were getting out of it.
Tata was answering shareholders' persistent queries and suggestions that TPC should take up the energy major's US$1 billion 'at cost' offer and buy out the power plant which was ideally located near Mumbai.
Later, while speaking to reporters TPC managing director Adi Engineer said the power utility was "waiting in the wings" for a proper opportunity after which the company "will definitely look into buying the Enron stake in DPC".
He said TPC would involve itself in this matter only afte the imbroglio over payment of USD 48 million between DPC and its estranged partner Maharashtra State Electricity Board were sorted out.
"DPC's asset is good. It is in fact a national asset which cannot be wished away", Engineer said.
(PTI) 13-08 1029

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

BUSINESS
POWER PRIVATISATION: REFORM UNPLUGGED
RUBEN BANERJEE

08/13/2001
India Today
42
Copyright 2001 Living Media India Ltd

All's not well and it is going to get worse. The much-admired power reforms in Orissa have come unstuck barely six years after they were hailed as a beacon for the rest of the country. Instead of bringing light and prosperity, the reforms have spelt gloom, bitterness and uncertainty. Privatisation was supposed to end the subsidy regime and stem transmission losses. So far it has resulted only in heavy losses, unhappy consumers and acrimony among the players.
Matters came to a head last week when AES Corporation, the US power major that has a 49 per cent stake in the Orissa Power Generation Company (OPGC) and a 51 per cent stake in CESCO, the distribution company for central Orissa, threatened to pull out. Dennis Bakke, AES president and CEO, in a terse press statement, warned of drastic measures. The message "enough is enough" sent Orissa in a tizzy.
This is not the first time that the private sector players have pulled the plug. In May this year, the managing director of a power generation company switched off its generating stations to pressurise the government-owned GRIDCO into clearing its dues. The Government in desperation sought to bring about order by threatening to arrest the managing director. The bad blood continues to linger.
Foreign power companies locking horns with state governments is nothing new. Enron's Dabhol Power Company feud with the Maharashtra government has run on for years. But the hostility and distrust among Orissa's power players go a step further. The AES has initiated arbitration proceedings against GRIDCO for non-payment of dues and has threatened to pull out of CESCO if tariffs are not increased. With CESCO losing several crores every month in high costs and low tariffs, the implicit message is loud and clear: AES is not into charity and it cannot be expected to lose perennially.
The fact that the power corporations are still in the red after six years bodes ill for the privatisation process. Orissa was the only state to privatise distribution. Generation was partly privatised with AES picking up a stake in OPGC. The four distribution companies-the AES-owned CESCO and the BSEs-owned NESCO, WESCO and SOUTHCO for different zones of the state-were to buy power from GRIDCO, collect tariffs from the consumer and pay GRIDCO, which in turn had to pay the generating companies, including the OPGC. All this and more was envisaged by the Orissa Electricity Reforms Act of 1995 that saw the unbundling of the government-owned state electricity board. But the ground situation now presents an entirely different picture.
Instead of a chain of supply and payment, it has become a series of losses and non-payment. The distribution companies have begun to crack the whip on consumers, disconnecting power lines in case of non-payment. But these distribution companies themselves owe GRIDCO around Rs 800 crore. They claim they are still in the red. AES's CESCO owes Rs 250 crore but that has not deterred AES from initiating legal proceedings against GRIDCO for the Rs 160 crore it owes OPGC. "When CESCO pays us, we would square up with OPGC the next day," says GRIDCO Chairman Priyabrata Patnaik.
While the war of attrition is on among the players in power sector, the public is ready to retreat. The general feeling is that the reforms have failed. "Enough is enough. It's time that the reforms process is rolled back," declares Janardhan Pati of the CPI(M). Angry consumers ransacked the CESCO office on learning that it is still to pay its dues to GRIDCO despite charging higher tariffs. With reforms making a bigger hole in the consumers pockets, the reformists are on the defensive.
Breaking away from the subsidy regime was bound to be painful. The Rs 250-crore annual subsidy was supposed to be offset by cutting down on distribution losses and improving collections. But it's not going as per plan. The private companies are defaulting on payments to GRIDCO, which as a result is reeling under liabilities of over Rs 2,700 crore. "The power business here has grown into a very complicated affair," admits R. Mishra, finance director of GRIDCO. "
The whole episode puts the reforms in a quandary. If AES walks out, it will be difficult to find someone to fill the breach in CESCO. While monthly power bills amount to Rs 52 crore, CESCO manages to collect only Rs 40 crore. And if salaries and other administrative costs are added, its losses mount to more than Rs 12 crore.
Privatisation, however, has not been a total loss. The reforms have already yielded results: Andhra Pradesh pays over Rs 1,500 crore annually to prop up its power sector, while the Orissa Government pays not even a rupee. Revenues also flowed in when the companies paid several hundred crores of rupees to get licences. The stumbling block which threatens to overturn the reforms is that the distribution companies are unable to cover their costs. Reformists say that it would balance out eventually when transmission losses are minimised and the collection goes up. The immediate need is that the private players like AES must keep their commitment of bringing in capital.
Recent developments have put a question mark on AES's role. Even the World Bank that goaded the state onto the reforms track has not delivered on its promise. It had foreseen a 5 per cent reduction in transmission losses every year, but after six years losses are still high at 43 per cent. From being a model in power sector reforms, Orissa's experience is now a lesson on how not to go about privatising the core sector.

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


This has been changed.

Thanks,
Kate

Evelyn Metoyer@ENRON
11/20/2000 07:56 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: deal 461779

Can you please change the bottom start/end date to reflect 11/21 - 11/30.
The top start/end date shows 11/21 -  11/30 and the bottom shows 11/21 -
11/21.

Thanks!


-----Original Message-----
From: Nicolay, Christi L.
Sent: Wednesday, October 17, 2001 4:29 PM
To: Steffes, James D.; Kingerski, Harry; Novosel, Sarah; Fromer, Howard;
Landwehr, Susan M.; Guerrero, Janel; Allegretti, Daniel; Roan, Michael;
Hoatson, Tom; Shapiro, Richard; Kean, Steven J.; Presto, Kevin M.;
Belden, Tim; Herndon, Rogers; Black, Don; Misra, Narsimha; Brown, Jeff;
Aucoin, Berney C. ; Maurer, Luiz; Twiggs, Thane; Lavorato, John;
Kitchen, Louise; Dietrich, Janet; Delainey, David; Duran, W. David;
Calger, Christopher F.; Nord, Sue
Subject: Enron's FERC filing opposing icap

Today at FERC, Enron filed a pleading requesting the complete elimination of "icap" as a product (including any "reserve type" products) based on the fact that the real time spot markets of the RTOS can effectively price this in the cost of energy.  The pleading also includes a proposed interim approach (with a two year sunset date).  This pleading was made in response to FERC's request for comments on "Ensuring Sufficient Capacity Reserves In Today's Energy Markets."

The pleading and affidavit of Larry Ruff, PhD are attached.


Sara, Susan,

Attached is a credit worksheet for Markwest.  Susan Flynn and Carol had been
working on this before they left.  I do not know who would handle this now,
but please foward as appropriate.  If you read in the Lotus Notes database,
Susan F.  left a comment that credit was reviewing and would resend a new
worksheet.  Attached is this worksheet.  It is suggested that a new ISDA is
put in place instead of amending the agreement.

Thanks
Russell


---------------------- Forwarded by Mary Hain/HOU/ECT on 02/01/2001 10:16 AM
---------------------------

Cynthia Sandherr@ENRON
02/01/2001 07:26 AM
To: Linda Robertson/NA/Enron@ENRON, Tom Briggs/NA/Enron@Enron, Joe
Hartsoe/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT, craiggannett@dwt.com, James
D Steffes/NA/Enron@Enron, Paul Kaufman/PDX/ECT@ECT
cc:
Subject: Re:Questions you requested

Linda:  Mary Hain and Tim Beldon have been working with Oregon PUC
Commissioner Ronnie Euchas on electricity information disclosure.    From
yesterday's hearing, there was some consensus to include legislative language
in the energy bill to address transparancy issues.  As you know, Senator
Wyden and Steve Kean had a positive exchange on this issue during the hearing
due to the questions we had drafted.  I can work on the bipartisanship issue
and gain support for federal bill inclusion from Murkowski, but we need a
state federal nexis on drafting the legislative language to assure it meets
both the federal and state needs.  please advise.  many thanks.
----- Forwarded by Cynthia Sandherr/Corp/Enron on 02/01/2001 10:25 AM -----

	Joshua_Sheinkman@wyden.senate.gov (Joshua Sheinkman)
	02/01/2001 10:03 AM

		 To: Cynthia.Sandherr@enron.com
		 cc:
		 Subject: Re:Questions you requested

Cynthia,

Thanks for getting me the Q&As for the hearing.  Senator Wyden is interested
in
following up on the issue of electricity information disclosure and would like
to work with Enron on this.  I would appreciate any input you could provide on
how best to go about this through legislation, what sort of information should
be disclosed, to whom and when, whether financial information as well as
operating information should be included, and any suggestions for a Republican
on the Committee who you think would be good for Senator Wyden to work with on
legislation.

Thanks again for your help and I look forward to working with you further on
this.

- Joshua


Rick, please send me the schedule so I can foward it on to our lead trader in
Japan.  Thanks.  Mark


Here is the indemnity information in the ENA articles of incorporation.  Once
you open it, there is a place on the bottom of your screen to go to page 32,
which contains the indemnity.

Let me know if you have any questions.

Michelle
---------------------- Forwarded by Michelle Cash/HOU/ECT on 10/26/2000 01:25
PM ---------------------------

Cynthia Mangels@ENRON
10/26/2000 01:19 PM
To: Kate Cole/Corp/Enron@ENRON
cc: Michelle Cash/HOU/ECT@ECT
Subject: Re: D&O Information

Michelle,
    I have attached the electronic file of ENA which contains the Article (go
to page 32) Kate referenced.     Thanks,          Cynthia

	Kate Cole
	10/25/2000 02:57 PM

		 To: Cynthia Mangels/Corp/Enron@ENRON
		 cc: Michelle Cash/HOU/ECT@ECT
		 Subject: Re: D&O Information

Cynthia - Would you please email Michelle a copy of the Cert. of Inc. for
Enron North America Corp.  thanks Kate

Kate B. Cole
Director, Corporate Services
Enron Corp.
Tel: (713) 853-1624
FAX: (713) 646-8007
Email: kate.cole@enron.com
----- Forwarded by Kate Cole/Corp/Enron on 10/25/2000 02:59 PM -----

	Michelle Cash@ECT
	10/25/2000 11:46 AM

		 To: Kate Cole/Corp/Enron@ENRON
		 cc:
		 Subject: Re: D&O Information

Kate, it is for ENA/ECT.  I guess this is what I am looking for.  The folks
in insurance suggested I contact you.  Thanks!!!  Michelle

Kate Cole@ENRON
10/25/2000 11:33 AM
To: Michelle Cash/HOU/ECT@ECT
cc:
Subject: Re: D&O Information

Michelle - Are you referring to the Art. XII (4) of the standard Articles of
Incorporation of Enron subs.?  If so please specify which company is in
question and I will make available a p/copy of the certified articles as
filed with the Delaware (?) Sec. of State.  I don't think I have any other
document  that refers to indemnity.  Regards Kate

Kate B. Cole
Director, Corporate Services
Enron Corp.
Tel: (713) 853-1624
FAX: (713) 646-8007
Email: kate.cole@enron.com

	Michelle Cash@ECT
	10/25/2000 11:19 AM

		 To: Kate Cole/Corp/Enron@ENRON
		 cc:
		 Subject: Re: D&O Information

Kate, do you have a copy of this?  Thanks.  Michelle

---------------------- Forwarded by Michelle Cash/HOU/ECT on 10/25/2000 11:19
AM ---------------------------

Earline Kendall
10/25/2000 11:03 AM
To: Michelle Cash/HOU/ECT@ECT
cc:
Subject: Re: D&O Information

I looked around here and could'nt find one-- Corp Indemnity.  Please contact
Kate Cole in the office of the Corporate Secretary for the indemnity.

Earline

Michelle Cash
10/24/2000 03:37 PM
To: Earline Kendall/HOU/ECT@ECT
cc:
Subject: Re: D&O Information

could I get copies of the indemnity?  who would have them?  Thanks.  Michelle

Earline Kendall
10/24/2000 03:20 PM
To: Michelle Cash/HOU/ECT@ECT
cc:
Subject: Re: D&O Information

Yes,  it will cover former officers.  The officer has two routes of
protection.   First he has the Enron Corporate indemnity that will pay for
his defence and any judgements according to the indemnity agreement (between
him and Enron) He needs to see the indemnity agreement given him when he
became an officer.   The insurance policy will reimburse Enron for the
defence and judgements made against the officer paid under the indemnity  .
To recap the officer should be provided a copy of the Corporate Indemnity and
a summary page of the D&O policy.

If it were me I would be very comfortable with an Enron Indemnity in my hands
and the D&O insurance  as back up.     The indemnity is very broad.  There
may even be things that the Corporation has agreed to pay for that the D&O
policy does not.

Since I do not know the nature of the allegations - the protection afforded
the officer is subject to the terms of the indemniy and the D&O policy.
Criminal acts are excluded

Does this help?

Earline Kendall

Michelle Cash
10/24/2000 10:17 AM
To: Earline Kendall/HOU/ECT@ECT
cc:
Subject: Re: D&O Information

Earline, does this apply to former officers for acts taken during their
employment here at Enron?  Do we have a problem in giving a former officer a
copy of either your summary of the relevant provisions of the policy itself
to alleviate any concerns he may have about cooperating in litigation based
on actions that occurred during his employment?

There is high interest in getting this resolved asap.

Thank you!

Michelle

Earline Kendall
10/20/2000 02:15 PM
To: Michelle Cash/HOU/ECT@ECT
cc:
Subject: D&O Information

The D&O policy is designed to respond to claims alleging wrongful acts of the
directors and officers.  "Wrongful acts:, as defined in the policy include
actual or alleged:

 Breach of Duty
 Neglect
 Error
 Misstatement
 Misleading Statement
 Omission

of a director or officer while acting individually or collectively in their
capacity as a director or officer or claimed against them solely by reason of
being a director or officer."

Any of the above could potentially support a claim of negligence but the
legal requirements to prove negligence, i.e., duty, breach of duty, cause,
proximate cause and damages would have to be met.

Claims against directors and officers which could relate to negligence
include:
 Negligent Misrepresentation
 Corporate Mismanagement
 Breach of Fiduciary Duty
 Waste of Corporate Assets
 Negligence Per Se from violation of statute or
  regulation

These are as you know general comments.  Claims and coverage therefore must
be considered in light of the facts at hand as they relate to the terms and
conditions of the entire insurance policy.


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[IMAGE][IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	The world this week
				Apr 26th 2001
				From The Economist print edition

				New face for Japan

				AP

				Junichiro Koizumi became Japan,s prime minister after winning the clear
support of the Liberal Democratic Party, the main partner in the ruling
coalition.

				See article: Japan,s new prime ministerE+

				Having annoyed the Chinese by agreeing to sell destroyers, submarines and
much else to Taiwan, George Bush further upset them by stating that America
had an obligation to do &whatever it took8 to help the island defend itself.

				See article: Arms for TaiwanE+

				Joseph Estrada, the deposed president of the Philippines, was taken to jail
pending his trial on corruption charges.

				See article: Estrada arrested in the PhilippinesE+

				India and Bangladesh were reported to be sending extra troops to their
ill-defined border after the deaths of 19 Indian soldiers in a skirmish.

				Australia is considering cutting the quota of 12,000 asylum-seekers it takes
each year because thousands are entering the country illegally.

				Scott Waddle, the captain of an American submarine that sunk a Japanese
fishing boat with the loss of nine lives, was reprimanded for not following
&proper procedures8. He left the navy with his rank and pension intact.

				Independence delay

				Parties wanting independence for Montenegro, the junior partner with Serbia
in the Yugoslav federation, won a general election but failed to win the
two-thirds of the seats in parliament needed to change the constitution. It
is unclear if and when a referendum on independence will take place.

				See article: More uncertainty in the Balkans

				The French government announced plans to oblige any employer laying off 1,000
or more workers at a time to pay double the present amount of severance pay
and offer six months of retraining.

				See article: Rewriting French labour lawE+

				AP

				In a bid to draw attention to Chechen rebels fighting for independence from
Russia, a dozen gunmen, most of them Turks, took around 120 people, most of
them foreign, hostage in a hotel in Istanbul, but later released them
unharmed. The gunmen were put in prison.

				Ukraine,s parliament voted out the country,s pro-western reforming prime
minister, Viktor Yushchenko.

				See article: Ukraine,s reformer goesE+

				Reform of the EU,s common agricultural policy was set back when a majority of
EU farm ministers rejected a plan gradually to remove subsidies from
sugarbeet growers.

				Plot thickens

				Internal quarrels within South Africa,s ruling party broke into the open.
Steve Tshwete, the security minister, said that three of the most prominent
ANC members outside the government, Cyril Ramaphosa, Tokyo Sexwale and
Mathews Phosa, were under police investigation regarding an alleged plot
against President Thabo Mbeki.

				See article: South African scandalsE+

				At a conference on AIDS, attended by some 50 African heads of state, the UN,s
secretary-general, Kofi Annan, called for a war chest of $7 billion-10
billion a year over an extended period. More than 25m Africans live with HIV
but current spending on the epidemic in poor countries is only $1 billion a
year.

				The heads of Nigeria,s army, navy and air force all retired amid speculation
that President Olusegun Obasanjo might be trying to rid the armed forces of
men loyal to the previous regime.

				Israel imposed a total blockade on the West Bank and Gaza before its
independence celebrations on April 26th. Earlier violence brought the death
of an Israeli doctor in a suicide bombing inside Israel and that of a
12-year-old Palestinian at a funeral in Gaza.

				See article: Israeli settlements and the intifada

				A feminist writer, Nawal el-Saadawi, risks being charged with apostasy in
Egypt for calling for the abolition of the Islamic inheritance law, and for
criticising the annual pilgrimage to Mecca. But a French court has thrown out
a case brought by the presidents of Congo-Brazzaville, Chad and Gabon against
Fran?ois-Xavier Verschave for writing a book criticising their regimes.

				At the summit

				EPA

				The leaders of 34 countries met at the third Summit of the Americas in Quebec
city. All of them except Venezuela,s Hugo Chavez backed plans for a
free-trade area of the Americas by 2005, and to exclude from future summits
any country in which democracy had been overthrown. Some 25,000 opponents
demonstrated against free trade. A few hundred battled police.

				See article: Free traders meet in QuebecE+

				Bob Kerrey, a former Senator and presidential candidate, admitted that he led
a mission in the Vietnam war that killed at least 13 unarmed civilians.

				The United States suspended its drugs-surveillance flights in Latin America
after a civilian aircraft was shot down by the Peruvian air force, killing an
American missionary and her baby. An American spy plane had identified the
aircraft as possibly carrying drugs, but American officials blamed Peru for
the incident.

				The United States Supreme Court ruled that individuals could not sue states
to prevent infringements of federal civil-rights regulations. The suit was
prompted by Alabama,s English-only driving exam which contradicted federal
discrimination laws.

				A former Ku Klux Klan member went on trial in Alabama charged with a 1963
church bombing that killed four black girls. The bombing came only months
after Governor George Wallace had proclaimed &segregation forever8 at his
inauguration.

				Mexico,s Senate unanimously approved a constitutional bill granting autonomy
to 10m Indians, in an important step towards peace talks with the Zapatist
rebels.

				Argentina,s president sacked the central-bank governor, ostensibly over a
money-laundering scandal. The new governor, Roque Maccarone, is close to
Domingo Cavallo, the economy minister.

				See article: Cavallo,s crunchE+

				SURVEY: SOFTWARE

				 Find thought-provoking articles about the future of software in the
Economist's survey. This essential reading provides a history of open source
software, details the growing trend towards software leased via the Internet,
and explains the battle of operating system platforms. Click here to read
about the future of software.

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Anna:

I have not seen the executed Enron Corp. guaranty this afternoon and I'll
check with Enron Corp. when we reopen for business.  We should talk first
thing on Tuesday.  A couple of items:

(1)  The Securities Loan Agreement is between Bear, Stearns & Co. Inc. and
Enron North America Corp.  You requested The Bear Stearns Companies Inc. as
the guaranty beneficiary (although that party is incorrectly stated as being
party to the Securities Loan Agreement).  I just wanted to verify your
preference and we may want to modify the first page to be accurate.

(2)  As you requested that I prepare the Schedules A and B, I ask the
following:

 (i)  as to Schedule A, please submit your notice information

 (ii) as to Schedule B, we propose the default interest rate to be the
Federal Funds Rate as defined in your agreement.

Please respond and we can finalize the agreement.  Please let me know if
there is anything further you require.  Regards.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com


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7:00 Saturday,,,2633 cason in West U


Several recent developments, and in the interest of economy (mine!), I am
copying all of you, who will have varying interests in this.

First, as soon as the upper house of parliament passes legislation, Austria
will have accelerated their market oppening, to 100% in power by 2001,
October, and by 2002, October for gas.  Sadia, you will want to reflect this
in what you are doing for Kyran/EES, and Kathryn, you will want to note this,
if Investor Relations is updating this data for analysts.  Margaret, FYI to
you, too.

Second, I note that this decision was reached after being supported by a
studyby the Austrian Institute of Economic Research (WIFO), saying
liberalisation would bring down prices by 12-15%.  Paul H., suggest you have
Viviana get a copy, and if in English, send copies to Margaret Carson.

Belgian cabinet has approved draft regulation lowering power threshold to
20GWh p.a.   This goes to 10 GWh on 31 December 2002.  Sadia, I think this is
again an acceleration, to be reflected in your updated numbers.  Margaret and
Kathryn, also note.

Finally, Kyran, I see that EnergieNed has issued a study saying that there is
"not a direct relationship between efficiency and deregulation".  I may take
issue with this, depending upon what the full text says.  Can you work with
Teun/Sadia to obtain a copy, and, if not too lengthy, get it translated for
my review (and presumably your's, too)?  thanks

Please do not hesitate to contact me should any of you have any questions.
thanks  mcs


sorry i plan on squandering all that money and more all to get a few prints that favor my positions.  damn it sucks going on vacations!

-----Original Message-----
From: Denver Plachy [mailto:dplachy@hotmail.com]
Sent: Thursday, October 11, 2001 2:27 PM
To: Williams, Jason (Trading)
Cc: Cuilla, Martin
Subject: Is this J Willy?

Jason,
Hey man just wanting to see what's going on. From what I've heard you've
been doing an okay job with my P&L. Only been able to check the market a
couple of times-it doesn't look like too much has happened. How's the Mid
Continent? Can't wait to get back-I hope you didn't take my job back. I'm
here at the London School of Economics and their sytems won't aallow me to
get on enrononline. Well, have a fun trip down to Beaurevage(sp?) see you I
guess on Tues.(I'll be there Mon) Tell Martin not to lose all of that P&L
you made me seeing how he is trading on triple coupon day.

Later,
Denver

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp


Sara,

Maybe a conference call with Gregg would be the most productive way to go.

Kay

From: Sara Shackleton@ECT on 08/23/2000 05:19 PM
To: Kay Mann/Corp/Enron@Enron
cc: Gregg Penman/Corp/Enron@Enron

Subject: Midwest Energy Hub LLC ("Midwest")

Kay:  I left you a voice mail yesterday at Sheila's suggestion regarding
Midwest.  Greg and I discussed the use of ENA's format of ISDA documentation
by Midwest and I have a couple of questions about how our docs will be used,
whether Midwest will be competing with us and who will be negotiating hedge
agreements on behalf of Midwest (i.e., will ENA swap lawyers be involved?).
Please call me so that I can comply with Greg's request..
Thanks.  Sara

Greg:  I will have the boilerplate sent to you separately.


How's Tues, may 1, or wed may 2, work for dinner?  sorry it's two weeks out,
but i'm in serious crunch time for school (and work).


Virginia,

Not sure who handles the PGE account, but I have completed the settlements for the year 2001.  I am still working on Dec 2000 issues and should have those complete this week.  Can you please forward this to the appropriate people in Houston.

Thanks,

Diana Scholtes


What do you think of Boogie Woogies? If not there, someplace relatively close
would work--Rock Bottom, Fernando's, etc. Let me know!

To: Grace Rodriguez/PDX/ECT@ECT
cc:
Subject: Re: Tonight

You betcha,  I get off around 5:30-5:45 where were you thinking.


Maureen,

Your presentation:

Vince


Scott:  Could you forward a copy to me and Bill? Thanks.

Best,
Jeff

	William Gang@EES
	03/20/2001 05:34 PM

		 To: Jeff Dasovich/Na/Enron@ENRON
		 cc:
		 Subject: Re: [Fwd: Air Force Talking Paper of Direct Access]

Sounds like it ought to be shared, but I haven't seen the base document.  It
appears, however, that sharing the info is what the USAF is encouraging, from
reading between the lines.  Please send me the document.

Regards,
Bill

From: Jeff Dasovich@ENRON on 03/20/2001 04:57 PM
Sent by: Jeff Dasovich@ENRON
To: Scott Govenar <sgovenar@govadv.com>
cc: Janel Guerrero <Janel.Guerrero@enron.com>, Jeff Dasovich
<jdasovic@enron.com>, Karen Denne <kdenne@enron.com>, Susan J Mara
<smara@enron.com>, wgang@enron.com
Subject: Re: [Fwd: Air Force Talking Paper of Direct Access]

I think we ought to "share it" with folks.  Bill Gang, do you have any
objections?

Jeff

	Scott Govenar <sgovenar@govadv.com>
	03/20/2001 04:52 PM

		 To: Karen Denne <kdenne@enron.com>, Jeff Dasovich <jdasovic@enron.com>,
Janel Guerrero <Janel.Guerrero@enron.com>, Susan J Mara <smara@enron.com>
		 cc:
		 Subject: [Fwd: Air Force Talking Paper of Direct Access]

We can use the Air Force DA document under the Freedom of Information
Act.  We could also distribute it to the Administration and Legislature
anonymously.   Please advise.

----- Message from Wells Bill LtCol HQ AFCESA/ULT <Bill.Wells@tyndall.af.mil>
on Mon, 19 Mar 2001 23:18:12 -0600 -----
To:	Scott Govenar <sgovenar@govadv.com>
Subject:	RE: Air Force Talking Paper of Direct Access
If you had filed a Freedom of Information Act request, I would have sent it
to you, so I treated your request as the functional equivalent of a FOIA
request.  That basically means that it is in the pubic domain.  While you
can not say you are distributing it on the behalf of the Air Force, you can
certainly share it with anyone you wish.

Bill C. Wells, Lt Col, USAF
Chief, Utility Litigation Team
DSN 523-6347; 850-283-6347

Note new e-mail address:
    bill.wells@tyndall.af.mil

-----Original Message-----
From: Scott Govenar [mailto:sgovenar@govadv.com]
Sent: Monday, March 19, 2001 1:58 PM
To: Wells Bill LtCol HQ AFCESA/ULT
Cc: J. Mara Susan. (E-mail)
Subject: Re: Air Force Talking Paper of Direct Access

Bill,

Thank you for the terrific fact sheet.  Is this something you have
distributed or
would you like me to distribute it?  I would of course not submit it on
behalf of
the Air Force?

Wells Bill LtCol HQ AFCESA/ULT wrote:

> As requested
>
>  <<Direct Acccess TP(16 Mar 01).doc>>
>
> Bill C. Wells, Lt Col, USAF
> Chief, Utility Litigation Team
> DSN 523-6347; 850-283-6347
>
> Note new e-mail address:
>     bill.wells@tyndall.af.mil
>
>   ------------------------------------------------------------------------
>                                        Name: Direct Acccess TP(16 Mar
01).doc
>    Direct Acccess TP(16 Mar 01).doc    Type: Download File
(application/msword)
>                                    Encoding: base64


sign me up

 -----Original Message-----
From: 	Rangel, Ina
Sent:	Tuesday, October 30, 2001 5:07 PM
To:	Arnold, John
Subject:	San Antonio Management Conference

John:

Do you want me to sign you up for Management Conference?   It is Nov. 14-16.  It has not been cancelled yet.

-Ina


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/07/2000
04:55 PM ---------------------------

John Peyton
01/07/2000 01:45 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Chris Hilgert/HOU/ECT@ect
Subject: Day Rate Hedge

Vince,

Included is the rest of the prices for 4th and 5th Generation
Semi-submersibles in the Gulf of Mexico.  The only additional Data is from
Sept 99 through Dec 99.

Chris and I look forward to your analysis on Tuesday.


From Rick:
1. $1mm approval authorization request needs to be completed (Lisa is
tracking down signatures)
2. PRC is 12/1
3. Audit committee will view internal control recaps this year by business
unit (Lisa is coordinating ETS data)
4. Tod has developed a proposed capital structure by business unit for
prospective capital charging (separate document to Rod)
5. Mark Lindsey needs 2000 Goal status (separate documents to Rod)
6. Mark Lindsey needs 2001 revised plan for ETS (Tracy to provide?)


JUST A FRIENDLY REMINDER IF YOU HAVE NOT YET FILLED THIS OUT.


----- Original Message -----
From: "Mattilou Kooken" <hmptk@yahoo.com>
To: "Carol Byrd" <cbyrd@huntsville-isd.org>; "Iva P OSullivan"
<iva@tenet.edu>; "Joe Machac" <qjmachac@lcc.net>; "Parker Kooken"
<whtskookin@yahoo.com>; "Sue Hardy" <suebhardy@yahoo.com>; "Terri Harvey"
<ADM_TAH@shsu.edu>; "Teresa and Dale Dickman" <teresadickman@hotmail.com>;
"Debbie Drost" <stddab12@shsu.edu>; "Patty Robson" <smitten14@yahoo.com>;
"Jana Clint Wilson" <cjwilson@lcc.net>; "Andy Gardner" <andygsfa@yahoo.com>;
"Nona Gardner" <nonagardner@edmail.com>
Sent: Friday, September 14, 2001 10:46 PM
Subject: Fwd: Amazing Shots......

> Dear Friends and Family,
>
> If you have seen all of the pictures of the tragedy in
> New York and DC that you can stand, then don't open
> this.
>
> However, this really gave me more of a feel for what
> it must have been like to actually be there.
>
> Mattilou
>
>
>
>
>
>
> Note: forwarded message attached.
>
>
> __________________________________________________
> Terrorist Attacks on U.S. - How can you help?
> Donate cash, emergency relief information
> http://dailynews.yahoo.com/fc/US/Emergency_Information/

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