Frank:
I spoke with her attorney yesterday and believe that I addressed her concerns
with the ETA, GTC and Password Application forms.  She is going to add
language to the Password Application that makes it clear that any GTC is
considered to be "signed" and "in writing" if they are required by the
Website to click on it.  Her main concern given the fact that we now have a
Master in place with them is that they are not asked to accept the terms of a
GTC and I assured her that so long as she has a Master in place that covers
the product that she wants to trade that they will not be asked to accept a
GTC.  Anyway, putting this language in the PA seemed to make her feel
better.  Once you receive the PA from her why don't you fax it to me  and I
will let you know if it is acceptable.

Also, as I discussed with Stephanie yesterday, they wanted to do a "test" run
on the Website to check to make sure that they would not be asked to accept a
GTC.  I told her that the only way to do this would be to click on a product
description once they get their password.  I understand that you and Tana
will coordinate with each other when the time comes to make sure that the
ISDA Master that they executed gets coded into the Website at the proper time
so that when they do click on a product description, no GTC appears.

Please call me if you have any questions.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


Following please find the Daily EnronOnline Executive Summary.

<Embedded Picture (Metafile)>
<Embedded Picture (Metafile)>


It's out ...

FOR IMMEDIATE RELEASE	September 20, 2001
CONTACT: PG&E News Department (415) 973-5930

PACIFIC GAS AND ELECTRIC COMPANY AND PG&E CORPORATION FILE PLAN OF REORGANIZATION
Plan Pays Claims in Full, Does Not Call for Retail Rate Increases or State Bailout
(San Francisco, CA)- PG&E Corporation (NYSE: PCG) and its utility unit Pacific Gas and Electric Company jointly filed a Plan of Reorganization in U.S. Bankruptcy Court today that enables Pacific Gas and Electric Company to pay all valid creditor claims in full and emerge from Chapter 11 bankruptcy proceedings. The official creditors' committee supports the plan.
"This plan is an achievable solution that will enable Pacific Gas and Electric Company to move out of Chapter 11 as a financially strong business positioned to continue safe, reliable and responsive delivery of gas and electricity to its customers, pay all valid creditor claims in full, and do so without asking for a rate increase or a state bailout," said Robert D. Glynn, Jr., Chairman of Pacific Gas and Electric Company and Chairman, CEO and President of PG&E Corporation.  "And, the plan will enable us to provide long-term growth prospects to shareholders."
The plan reorganizes Pacific Gas and Electric Company and PG&E Corporation into two separate, stand-alone companies no longer affiliated with one another. The reorganized Pacific Gas and Electric Company will continue to own and operate the existing retail electric and natural gas distribution system.  The electric generation, electric transmission, and natural gas transmission operations currently under Pacific Gas and Electric Company will be part of PG&E Corporation. The common shares of the reorganized Pacific Gas and Electric will be distributed to PG&E Corporation shareholders.
The electric generation, electric transmission and gas transmission operations, when reorganized as new businesses under PG&E Corporation, will have the ability to issue debt that will be combined with new financing at Pacific Gas and Electric and used to help pay creditors' claims. The plan also restructures certain existing debt and uses $3.3 billion in cash on hand to satisfy creditor claims.
Under the plan, all valid creditor claims will be paid in full, using a combination of cash and long-term notes.  In total, the plan will provide creditors with about $9.1 billion in cash and $4.1 billion in notes. The vast majority of creditors-those with allowed claims of $100,000 or less-will receive cash payments for the full amount of their allowed claims on the effective date of the plan.  Most secured creditors will also receive 100 percent of their allowed claims in cash.  Finally, unsecured creditors with allowed claims in excess of the $100,000 threshold will be paid 60 percent in cash and 40 percent in notes.
 	Following the restructuring, Pacific Gas and Electric Company and PG&E Corporation will be organized as follows:

?	Pacific Gas and Electric Company will be a separate California corporation focused on providing electric and natural gas distribution service to its customers in Northern and Central California.  It will hold 70 percent of the current utility assets (in terms of book value) and will employ 16,000 people.  Pacific Gas and Electric Company will continue to provide the full range of utility services to one out of every 20 Americans.

?	PG&E Corporation, in addition to its existing National Energy Group business, will have three new businesses that will own and operate the electric generation, electric transmission and gas transmission operations formerly under Pacific Gas and Electric Company.

The new electric generation business will be a California company established to own and operate the hydroelectric and nuclear generation assets and associated lands, and to assume the power contracts with irrigation districts, now held by the utility.  In total, the unit will have approximately 7,100 megawatts of generation.  The facilities will be operated in accordance with all current FERC and Nuclear Regulatory Commission licenses, and in keeping with sound environmental stewardship policies.  The generating business will sell its power back to the reorganized Pacific Gas and Electric Company under a 12-year contract at a stable, market-based rate.
The new electric transmission business will be a California company established to own and operate the transmission system currently operated by the utility.  The system comprises 18,500 circuit miles of electric transmission lines and cables.
The new gas transmission business will be a California company established to own and operate the natural gas transmission assets currently operated by the utility, including 6,300 miles of transmission pipelines and three gas storage facilities.
Following the reorganization, the California Public Utilities Commission will continue to regulate the reorganized Pacific Gas and Electric Company, including retail electric and natural gas rates.  The Federal Energy Regulatory Commission (FERC) will continue to have jurisdiction over the licenses for the hydroelectric assets, and the rates, terms and conditions of service provided by the electric transmission business.  FERC will also assume jurisdiction over rates for the power generated by the Diablo Canyon Nuclear Power Plant, and over the rates, terms and conditions of service for the gas transmission system, which will become an interstate pipeline.
Glynn said, "This plan, without raising retail rates, provides a safe, reliable and long-term electric supply to California customers.  It enables our company to maintain a qualified workforce.  And it enables us to keep our generating assets intact and integrated, rather than selling them piecemeal to pay creditors."
The company expects that roles and responsibilities for the vast majority of its workforce will be unaffected by the plan. The reorganized Pacific Gas and Electric Company and the newly established entities will employ essentially the same people who operate the various assets under the current organization.
"We envision essentially the same experienced, dedicated team continuing to do their jobs with a comparable level of pay and benefits programs," said Glynn.  "We believe these businesses should be operated and maintained by the people who know how to run them best."
In addition to resolving creditors' claims and maintaining stability for customers and employees, the plan also provides long-term benefits to the state.  It provides the state with a path to exit the business of buying power for customers, by identifying conditions under which Pacific Gas and Electric Company would be financially able to re-assume the procurement responsibility that is currently being fulfilled by the state Department of Water Resources.
The Chapter 11 process requires that the plan of reorganization ultimately be confirmed by the Bankruptcy Court before it can be implemented.
Paul Aronzon, legal counsel for the Official Committee of Unsecured Creditors, said "This plan provides a comprehensive and responsible framework to resolve creditors' claims and restore PG&E's creditworthiness.  It has our full support, and we look forward to an expeditious resolution of the Chapter 11 process."
"With this plan filed," said Glynn, "we are now focused on bringing the Chapter 11 process to completion, reaffirming the financial health and creditworthiness of our operations through this reorganization, restoring customers' confidence, and rebuilding value for our shareholders."
- 30 -

At 10:00 AM Pacific Time today, PG&E Corporation and Pacific Gas and Electric Company will discuss the plan of reorganization on a conference call for members of the media.  The dial-in number for the call is 1 (877) 691-0877 or 1 (800) 521-5461.  Passcode 7234.

At 11:30 AM Pacific Time today, PG&E Corporation and Pacific Gas and Electric Company will discuss the plan on a conference call for members of the financial community.  The call will be webcast. To access the webcast, go to www.pgecorp.com.

On Monday, September 24, at 5:30 AM Pacific Time, PG&E Corporation and Pacific Gas and Electric Company will make a presentation to financial analysts on the plan.  The presentation will be webcast.  To access the webcast, go to www.pgecorp.com.

This release contains forward looking statements about the proposed plan of reorganization (Plan) under Chapter 11 of the Bankruptcy Code for Pacific Gas and Electric Company (Utility). These statements are necessarily subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward looking statements.  Although PG&E Corporation and the Utility are not able to predict all of the factors that may affect whether the Plan will be confirmed, or whether, if confirmed, it will become effective, some of the factors that could affect the outcome materially include: the pace of the Bankruptcy Court proceedings; the extent to which the Plan is amended or modified; legislative and regulatory initiatives regarding deregulation and restructuring of the electric and natural gas industries in the United States, particularly in California; whether the Utility is able to obtain timely regulatory approvals or whether the Utility is able to obtain regulatory approvals at all; risks relating to the issuance of new debt securities by each of the disaggregated entities, including higher interest rates than are assumed in the financial projections which could affect the amount of cash raised to satisfy allowed claims, and the inability to successfully market the debt securities due to, among other reasons, an adverse change in market conditions or in the condition of the disaggregated entities before completion of the offerings; whether the Bankruptcy Court exercises its authority to pre-empt relevant non-bankruptcy law and if so, whether and the extent to which such assertion of jurisdiction is successfully challenged; whether a favorable tax ruling or opinion is obtained regarding the tax-free nature of the internal restructurings and  spin off contemplated by the Plan; and the ability of the Utility to successfully disaggregate its businesses;

Please visit our websites: www.pgecorp.com and www.pge.com


Luigi,

No problem. We shall be glad to have you as an associate.
What about a lunch next week?

Vince

 -----Original Message-----
From: 	"Luigi Calabrese" <luigical@rice.edu>@ENRON
Sent:	Tuesday, October 23, 2001 8:07 PM
To:	Vincent kaminski
Subject:	First rotation

Hi Vincent:

Super Saturday is coming and I am so happy to move toward the end of the recruiting process.  During the interviews that I have had so far, I expressed my desire to have my first rotation in your group.  Last spring I really enjoyed the work environment and the people I met.  I like modeling and I think I can do well from the very beginning.  Let me know what you think about it.

On another note, Jason gave me two names for the Energy Club.  I will contact them shortly after finals next week.

Thanks in advance for your consideration.

I am looking forward to seeing you again.

Luigi Calabrese
MBA Candidate, Class of 2002
Jones Graduate School of Management
Rice University - Houston, TX
http://www.ruf.rice.edu/~luigical


----- Forwarded by Tana Jones/HOU/ECT on 04/25/2001 04:56 PM -----

	Walter Guidroz/ENRON@enronXgate
	04/25/2001 04:53 PM

		 To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/ENRON@enronXgate,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/ENRON@enronXgate, Cynthia Clark/ENRON@enronXgate, Enron Europe
Global CounterParty/LON/ECT@ECT, Stephanie Sever/ENRON@enronXgate, Tom
Moran/ENRON@enronXgate, Claudia Clark/ENRON@enronXgate, William S
Bradford/ENRON@enronXgate, Lisa Lees/ENRON@enronXgate, Juana
Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron, Trang Le/HOU/ECT@ECT,
Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim Davies/LON/ECT@ECT,
Karen O'Day/ENRON@enronXgate, Tanya Rohauer/ENRON@enronXgate, Kelly
Lombardi/NA/Enron@Enron, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center@ECT, Bill D Hare/HOU/ECT@ect, Amy
Heffernan/Enron Communications@Enron Communications, Molly LaFuze/Enron
Communications@Enron Communications, Danny Clark/Enron Communications@Enron
Communications, Stephanie Panus/NA/Enron@Enron, Teresa
Mandola/ENRON@enronXgate, Bill Kyle/ENRON@enronXgate, Amber Ebow/HOU/ECT@ECT
		 cc:
		 Subject: EOL approvals, 04-25-01

Please see attached.


How about some new carpet?  I HATE THE CARPET IN THE BEDROOM, although it
does hide dog hair well.  If we want to stick with dark carpet, I like the
green upstairs.

ckm


Mary Cook is scheduled to attend:

Basics of Risk Management
Class Days and Times:
  7/25/2000  08:00:00 AM - 05:00:00 PM
  7/26/2000  08:00:00 AM - 12:00:00 PM

If Mary Cook is unable to attend this class, the registration must be
canceled by 5:00 p.m. on July 20, 2000 to prevent a charge of $ 600 to your
RC number.

Thank you for your support in providing quality and cost effective
development opportunites at Enron.
Please call the Development Center Team at 713-853-0357 if you have any
questions.

 Thank you.


My description is as follows:

The litigation group manages all litigation, including international,
federal, and state lawsuits, as well as arbitrations, mediations and other
alternate dispute resolution proceedings.  The litigation group also analyzes
and gives advice concerning the litigation risks associated with commercial
transactions.


As requested, please see the attached GISB draft for your review.

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


-----Original Message-----
From: 	Chen, Hai
Sent:	Friday, October 26, 2001 3:48 PM
To:	Black, Tamara Jae
Subject:	options market update
Importance:	High

T. J.,

Please forward attached Option Market Update to all traders and mid marketers in Monday morning.  Thanks!


Attached is the document we've drafted that we wish to send to Steve Tick in
the morning.  Please provide your comments or approval to send this out as
quickly as possible.

RH


Market Surveillance Committee report is smallest file, oldest doc (August),
and probably the best message from our prespective, particularly the
solutions.  PX report is the biggest file and the newest (11.1.00).


7:45 is ok with me.  I am at 14623 River Forest.  Let me know if you need
directions.  Mark


Please see attached.

Michelle Lawless
Enron Litigation Unit
Tel:  (713) 853-6298
Fax:  (713) 853-6576


Bob,

Two things:

1.  Send these sentence to the Cal Px:

"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. "

I will call them and discuss this with them when I get back on next Tuesday.

2.  Do not do any financial BF trades in September.  Let's sort it back
through with them.  The letter is surprising and we need to figure out why
they sent it.  One month of financial at 50% is ok, but lets not do any more
till we talk to them. ----cgy


remove from list.  no longer with gas desk.

LC


Look at the last article .... any idea what the "rude awakening" might be?
----- Forwarded by Steven J Kean/NA/Enron on 10/22/2000 07:30 PM -----

	Ann M Schmidt
	10/20/2000 07:58 AM

		 To: Mark Palmer/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON, Meredith
Philipp/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron, Mary
Clark/Corp/Enron@ENRON, Laura Schwartz/Corp/Enron@Enron, Eric
Thode/Corp/Enron@ENRON, Elizabeth Linnell/NA/Enron@Enron
		 cc:
		 Subject: Enron Mentions

Business/Financial Desk; Section C
Study Finds That Many Large Companies Pay No Taxes
By DAVID CAY JOHNSTON
?
10/20/2000
The New York Times
Page 2, Column 1
c. 2000 New York Times Company
Goodyear, Texaco, Colgate-Palmolive, MCI WorldCom and eight other large
corporations earned more than $12.2 billion in profits in 1996 through 1998,
but none of them ended up owing corporate income taxes over that period,
according to a study released yesterday. Indeed, as a group, the companies
received $535 million in credits or refunds, the report found.
The study of 250 large publicly traded companies showed that 24 owed no tax
or received credits against past or future tax obligations in 1998, up from
13 in 1997 and 16 in 1996. The study also found that 71 of the 250 companies
paid taxes at less than half the official 35 percent corporate rate during
the three-year period.
The study was conducted by the Institute on Taxation and Economic Policy, a
Washington research organization associated with Citizens for Tax Justice, a
nonprofit group supported in part by labor unions. The group argues that the
tax system favors the rich and politically connected.
Corporate profits overall soared 23.5 percent during the three-year period,
but corporate tax revenues grew just 7.7 percent, a disjunction that has
drawn intense interest from the Treasury Department and some members of
Congress who are concerned about the growing market for tax shelters and
their abuse.
In recent years, Congress has watered down the 1986 overhaul of the tax laws,
which lowered rates and eliminated most tax shelters, and was supposed to
simplify reporting. The recent changes have opened fresh opportunities for
corporations to cut their taxes, the study found.
''Corporate taxes are not rising along with profits because companies have
found all sorts of ways to get around the reforms in the 1986 tax act,'' said
Robert S. McIntyre, the director of Citizens for Tax Justice. ''Companies
also have gotten a lot of help from Congress, especially in gutting the
minimum tax rules.''
Mr. McIntyre said that he and T. D. Coo Nguyen, the co-author, spent more
than two years examining financial statements the companies sent to
shareholders.
All but 18 of the companies studied are on the Fortune 500 list, and the
others are in the Fortune 1000. He said companies were excluded if they lost
money or their tax disclosures ''were crafted so that you could not figure
them out.''
At least two companies objected to the study's methodology.
Keith Price, a spokesman for Goodyear, said the study did not appear to
consider an accounting rule affecting its sale of a pipeline subsidiary in
1998. It made no objection to the 1996 and 1997 figures.
Michael N. Ambler, Texaco's chief tax counsel, said that his company had tax
disputes with the Internal Revenue Service that were unresolved after more
than a decade. If those disputes are settled with a refund, he said, that can
easily distort the figures for any one year. He said that even the three-year
study period was too short to give an accurate picture.
Timothy McCormally of the Tax Executives Institute, which represents
officials at large companies, told Bloomberg News that the companies named in
the report did nothing wrong. ''There is nothing in the report that suggests
that any of this results from any illegal or improper activity,'' he said.
The study by the Washington institute showed that the corporate tax burden
was falling in many cases because of the growing use of stock options, which
are an expense for tax purposes but do not count against profits reported to
shareholders.
Recent annual reports filed by Microsoft and Cisco Systems indicate that they
paid no federal income taxes in 1999 because stock options exercised by
employees wiped out profits for tax purposes.
The study found that General Electric, I.B.M., Pfizer, Intel and
Bristol-Myers Squibb also sharply reduced their tax rates because of stock
options without having to show reduced earnings to shareholders.
The most significant factor in the easing corporate tax burden, Mr. McIntyre
said, can be traced to actions in Congress, which relaxed the corporate
minimum tax in 1993 when the Democrats were in control of both the House and
Senate, and again in 1997, after the Republicans had taken over. Congress
made it easier for corporations to spread tax breaks and profits over many
years, including reaching back to past years to get tax breaks that could not
be used at the time.
In at least one of the three years studied, 41 of the 250 large companies
studied paid no federal income tax. Those 41 companies reported $25.8 billion
in profits to shareholders in the years they paid no taxes. If they had been
obligated to pay the full 35 percent corporate rate, the tax bill would have
been $9 billion, but the companies received $3.2 billion in refunds.
In total dollars, General Electric was the biggest beneficiary of tax breaks,
the study said, saving $6.9 billion in three years. The company paid $2.1
billion in income taxes on $25.8 billion in profits, for a tax rate of 8.1
percent.
The highest tax rate for the three years was paid by Winn-Dixie Stores, which
paid an average of 35.7 percent of its 1996 through 1998 profits in federal
income taxes. It was one of two companies that paid more than the 35 percent
statutory rate because of multiyear tax rules. The other was Paccar.

Chart: ''Profits Without Pain'' In a study of 250 large and profitable
companies, these 17 paid the least in corporate taxes -- or got the biggest
refunds -- as a percentage of profits from 1996 to 1998. Goodyear 1996-98
PROFITS, IN MILLIONS: $657 TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS:
-$ 65 EFFECTIVE TAX RATE: -9.9 Texaco 1996-98 PROFITS, IN MILLIONS: 3,447
TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS: - 304 EFFECTIVE TAX RATE:
-8.8 Ryder 1996-98 PROFITS, IN MILLIONS: 489 TOTAL TAX REFUNDED OR PAID,
1996-98, IN MILLIONS: - 30 EFFECTIVE TAX RATE: -6.2 El Paso Energy 1996-98
PROFITS, IN MILLIONS: 818 TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS: -
36 EFFECTIVE TAX RATE: -4.4 MedPartners 1996-98 PROFITS, IN MILLIONS: 184
TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS: - 4 EFFECTIVE TAX RATE:
-2.1 Tenneco 1996-98 PROFITS, IN MILLIONS: 731 TOTAL TAX REFUNDED OR PAID,
1996-98, IN MILLIONS: - 14 EFFECTIVE TAX RATE: -1.9 Colgate-Palmolive 1996-98
PROFITS, IN MILLIONS: 777 TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS: -
14 EFFECTIVE TAX RATE: -1.7 MCI WorldCom 1996-98 PROFITS, IN MILLIONS: 3,578
TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS: - 61 EFFECTIVE TAX RATE:
-1.7 Corporate Express* 1996-98 PROFITS, IN MILLIONS: 214 TOTAL TAX REFUNDED
OR PAID, 1996-98, IN MILLIONS: - 4 EFFECTIVE TAX RATE: -1.6 WestPoint Stevens
1996-98 PROFITS, IN MILLIONS: 339 TOTAL TAX REFUNDED OR PAID, 1996-98, IN
MILLIONS: - 3 EFFECTIVE TAX RATE: -0.7 Kmart 1996-98 PROFITS, IN MILLIONS:
978 TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS: - 2 EFFECTIVE TAX RATE:
-0.2 Enron 1996-98 PROFITS, IN MILLIONS: 816 TOTAL TAX REFUNDED OR PAID,
1996-98, IN MILLIONS: + 2 EFFECTIVE TAX RATE: +0.2 Transamerica 1996-98
PROFITS, IN MILLIONS: 2,199 TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS:
+ 5 EFFECTIVE TAX RATE: +0.2 Suiza Foods 1996-98 PROFITS, IN MILLIONS: 295
TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS: + 2 EFFECTIVE TAX RATE:
+0.8 Navistar 1996-98 PROFITS, IN MILLIONS: 742 TOTAL TAX REFUNDED OR PAID,
1996-98, IN MILLIONS: + 13 EFFECTIVE TAX RATE: +1.8 McKesson 1996-98 PROFITS,
IN MILLIONS: 473 TOTAL TAX REFUNDED OR PAID, 1996-98, IN MILLIONS: + 10
EFFECTIVE TAX RATE: +2.1 Pfizer 1996-98 PROFITS, IN MILLIONS: 3,367 TOTAL TAX
REFUNDED OR PAID, 1996-98, IN MILLIONS: + 104 EFFECTIVE TAX RATE: +3.1
*Purchased by Buhrmann in October 1999. (Source: Institute on Taxation and
Economic Policy)

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

Business; Financial Desk
Legal Breaks Lower Some Corporate Tax Rates
?
10/20/2000
Los Angeles Times
Home Edition
Page C-3
Copyright 2000 / The Times Mirror Company
WASHINGTON -- Dozens of America's most profitable companies enjoyed tax-free
years during the 1990s largely because of legal tax breaks, an independent
study released Thursday found.
The report by the nonprofit Institute on Taxation and Economic Policy found
that 250 companies paid an effective tax rate of 20.1% in 1998, down from
22.9% just two years before. The federal income tax rate for corporations is
supposed to be 35%.
Of the 250 companies studied, 41 enjoyed at least one year of no income taxes
or an actual rebate from the federal government, despite pretax profits of
$25.8 billion from 1996 to 1998.
If all 250 companies had paid the full 35% on $735 billion in pretax profits,
the study estimated the total income tax would have come to $257 billion. But
tax breaks put into law by Congress lowered those companies' tax bills by $98
billion over the three-year period.
Companies getting tax rebates in 1998 alone included Texaco Inc., Chevron
Corp., PepsiCo Inc., J.P. Morgan & Co., Enron Corp. and General Motors Corp.,
the report found.
The study's chief author, Robert S. McIntyre, said companies lower their
taxes through such breaks as depreciation write-offs, tax credits for
research and development and deductions they take when employees exercise
stock options.
The report also found that the petroleum industry paid the lowest tax rate
from 1996 to 1998, at 12.3%, followed by electronics at 13.1%, forest and
paper products at 13.9% and transportation at 14%. At the other end of the
spectrum, publishing and printing companies paid 31.6%, gas and electric
utilities paid 28.1% and retail and wholesale trade companies paid 27.6%.

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

Oct. 19, 2000, 10:23PM
Houston Chronicle
Arena boosters tout 3 benefits
Some question property/sales tax numbers, new development
By ERIC BERGER
Copyright 2000 Houston Chronicle
Enron Field sparked the redevelopment of downtown's east side, boosters say,
and an arena would crown the revitalization of the long-neglected area.
A strongly pro-arena business organization, Central Houston Inc., released a
flurry of positive economic numbers to back its contention that Enron Field
is a boon to downtown as well as to city, county and school tax coffers, and
that the arena would be as well.
"There's no better way to measure the impact of sports facilities on downtown
than to look at the one we already have," said the organization's president,
Bob Eury, as he crooked a finger toward the ballpark.
Eury and other boosters outlined three economic benefits to Houston they say
are related to sports facilities: increased property tax revenues, a wealth
of new development in the area and a boost in sales tax collected.
But economic analysts questioned some of their conclusions.
When Enron Field was built, nine blocks were taken off the tax rolls at a
cost of about $284,000 in lost property taxes.
Eury said, though, that it was not a bad trade.
He noted that properties around the ballpark have leaped in value since the
Enron Field project began in the mid-1990s. In turn, the annual property tax
collected on land and buildings within four blocks of the ballpark is $2.4
million greater now than in 1995.
But Harris County Tax Assessor-Collector Paul Bettencourt said those figures
are due in part to the boom in land values across downtown, including the
central business district, since 1995.
Bettencourt said he hoped to have an analysis finished today to determine
whether land values around Enron Field had increased at a greater rate than
land in the rest of downtown.
The boosters also highlighted more than $700 million worth of private
developments planned -- but not yet completed -- near the ballpark, including
the $90 million, 37-story Ballpark Place Tower across Crawford Street from
Enron Field.
"Without a doubt, if Enron Field was not there, Ballpark Place would not be
there," said John Holland, an executive vice president for the Trammel Crow
Co., which expects to break ground on the project in early 2001.
Because the arena would be built in an urban core, even academics who are
skeptical about the economic benefits of sports stadiums agreed that spin-off
development is likely nearby.
But independent economists who have studied such issues, including Brad
Humphreys, an assistant professor at the University of Maryland-Baltimore
County, say development near a stadium usually has a negative impact on
development and businesses in other parts of a city.
The focus must be on the entire market, Humphreys said, not just in the
vicinity of a sports facility.
"Public subsidization of stadiums and arenas isn't necessarily a bad thing,"
he said. "But when they sell them as economic engines, it's just absolutely
wrong. The research doesn't show that."
A recent study Humphreys co-authored, which appeared in the fall 1999 issue
of the Journal of Policy Analysis and Management, found that the presence of
professional sports teams in a market, on average, actually reduced the
per-capita income in those markets, compared with similar markets without
such teams.
Given Houston's strong economy, Eury said he does not believe downtown
development will detract from other areas of the city, as Humphreys' studies
have shown in other markets.
A third major economic benefit offered Thursday was that a new arena, with
the Houston Rockets and Houston Comets as tenants, would generate $13 million
a year in sales tax revenues.
About $2.7 million of that would go into local coffers, with the remainder
going to the state, according to the study performed for Eury's group by CSL
International, a consulting firm.
Yet even in the absence of a new arena and both teams, many economists say a
large portion of those expenditures would be spent in the area anyway. That
is known as a "substitution effect."
Instead of a family going to a game, it might go to the movies or local zoo.
And corporations are likely to sponsor other local events out of their
advertising budgets, the economists say.
The CSL study did not account for this substitution effect in calculating the
sales tax impact, said Bill Rhoda, the firm's director.

Study: Dozens of corporations pay little or no income tax
By CURT ANDERSON
AP Tax Writer

10/19/2000
Associated Press Newswires
Copyright 2000. The Associated Press. All Rights Reserved.

WASHINGTON (AP) - Dozens of America's most profitable companies enjoyed
tax-free years during the 1990s largely because of legal tax breaks, an
independent study released Thursday found.
The report by the nonprofit Institute on Taxation and Economic Policy found
that 250 companies paid an effective tax rate of 20.1 percent in 1998, down
from 22.9 percent just two years before. The federal income tax rate for
corporations is supposed to be 35 percent.
Of the 250 companies studied, 41 enjoyed at least one year of no income taxes
or an actual rebate from the federal government, despite pretax profits of
$25.8 billion from 1996-98.
If all 250 companies had paid the full 35 percent on $735 billion in pretax
profits, the study estimated the total income tax would have come to $257
billion. But tax breaks put into law by Congress lowered those companies' tax
bills by $98 billion over the three-year period.
Companies getting tax rebates in 1998 alone included Texaco, Chevron,
Pepsico, J.P. Morgan, Enron and General Motors, the report found.
The study's chief author, Robert S. McIntyre, said companies lower their
taxes through such breaks as depreciation write-offs, tax credits for
research and development and deductions they take when employees exercise
stock options.
"We hope our findings will encourage lawmakers to re-examine this important
area of taxation," McIntyre said.
The report also found that the petroleum industry paid the lowest tax rate
from 1996-98, at 12.3 percent, followed by electronics at 13.1 percent,
forest and paper products at 13.9 percent and transportation at 14 percent.
At the other end of the spectrum, publishing and printing companies paid 31.6
percent, gas and electric utilities paid 28.1 percent and retail and
wholesale trade companies paid 27.6 percent.
"Anyone who worries about our economy's long-term growth has to wonder why
the tax code is being used to favor some industries and some kinds of
investments over others, rather than letting market forces decide," McIntyre
said.
----
On the Net:
Institute on Taxation and Economic Policy site: http://www.itepnet.org

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

US Rep Drafts Bill To Impose Windfall Tax On Pwr Companies.
By JASON LEOPOLD

10/19/2000
Dow Jones Energy Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

OF DOW JONES NEWSWIRES
LOS ANGELES -(Dow Jones)- California's summer of soaring wholesale
electricity prices helped boost the stock price of many energy companies in
the third quarter.
But if U.S. Rep. Bob Filner, D-Calif., gets his way, those companies will be
forced to pay back hundreds of millions of dollars in profit to utilities,
customers and the government.
Filner introduced a bill in the House of Representatives last week that would
impose a windfall profit tax on wholesale power sold throughout the western
U.S.
The bill, which was referred to the House Committee on Ways and Means, may be
discussed in December or January, according to Filner, and if he gets enough
support by the mostly Republican caucus, companies like Enron Corp. (ENE),
Duke Energy North America (DUK), Southern Co. (SO). Reliant Energy (REI) and
Dynegy (DYN), would only be allowed to show a certain amount of profit and
anything over that amount would be taxed 100%.
Filner said the amount of profit hasn't been determined but his bill calls
for a baseline that would be a "just and reasonable" amount of profit.
The congressman's San Diego constituents were paying market-based electricity
rates in the summer which resulted in triple-digit utility bills. He said
generators are gouging California customers and need to be held responsible.
"This is not just a problem of supply and demand," Filner told Dow Jones
Newswires. "This is stealing. And we want our money back."
State and federal regulators are conducting separate investigations into
California's wholesale power crisis. The findings, expected to be complete in
about two weeks, are aimed at determining if generators or other key players
manipulated the state's wholesale energy market.
At least two major energy companies are being investigated by California
Attorney General Bill Lockyer. A high level source working on the probe with
the Attorney General said third-quarter earnings statements will play a major
role in finding out if generators manipulated the market.
Their investigation isn't turning up much evidence but earnings statements
are showing that profits are up significantly largely due to wholesale prices
in California, the source said.
At least one Federal Energy Regulatory Commissioner, who spoke on the
condition of anonymity, said the wholesale electricity market in California
will be in for a "rude awakening" when the agency completes its
investigation.
"There will be some serious structural changes to the market," the
commissioner said.
Representatives from energy companies told Dow Jones Newswires that higher
profits weren't the result of illegal activity or manipulating the market.
Energy Cos. Say Summer Crisis Boosted 3Q Earnings
On Wednesday, Duke Energy, which owns and operates power plants in
California, said in an earnings statement that third-quarter profit rose 74%,
due in part, to high wholesale prices in California in the summer. Enron and
several other companies reported similar third-quarter increases based on
California's summer of skyrocketing power prices.
The congressman doesn't want to limit the proposed windfall tax to
California, but where generators sell power in the western U.S.
But even Filner admits that forcing generators to refund part of their
profits isn't getting the early support it needs to become law.
"If the democrats were in charge I'd have this bill voted on already," Filner
said.
Filner said if the bill is passed some of the money would be refunded to
consumers and utilities, the victims, as he refers to them.
Meanwhile, he's also working on getting the House to pass a separate bill to
roll back electricity rates in the western U.S. to pre-deregulation levels
and he's trying to gather support for a wind power initiative.
Regardless of the outcome, the congressman is dead set on making noise.
"If nothing happens, I'm thinking about holding a press conference with the
San Diego District Attorney," he said. "We'll press criminal charges against
the energy companies." -By Jason Leopold; Dow Jones Newswires; 323-658-3874;
jason.leopold@dowjones.com

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


Please see the attached.    John,  I think the only other issue was inserting
the reference to Paragraph 6 in both Paragraphs 8 and 9.

Let me know if you have any questions.


To:; Mark Frevert;Greg Whalley;John Lavorato;Louise Kitchen;Mike
McConnell;Jeff Shankman;Philippe Bibi;Greg Piper;Jeff McMahon;Ray
Bowen;Rebecca McDonald;Jim Hughes;David Oxley;Robert W. Jones;Wes
Colwell;Mark Haedicke;Vince Kaminski;Phillip Allen;Tim Belden;Chris
Calger;Joe Deffner;Tim Detmering;Dave Duran;Joe Kishkell;Rob Milnthorp;Brian
Redmond;Gary Hickerson;George McClellan;Sally Beck;Brian Stanley;Keith Dodson;
;
Cc:; Niki Daw;Liz Taylor;Kim Hillis;Tammy Schoppe;Cathy Phillips;Jennifer
Burns;Peggy McCurley;Tina Spiller;Sue Ford;Marsha Schiller;Loretta
Brelsford;Connie Blackwood;Julie Clyatt;Lisa Costello;Shirley
Tijerina;Janette Elbertson;Shirley Crenshaw;Ina Rangel;Deborah
Davidson;Mollie Gustafson;Megan Angelos;Susan Fallon;Tina
Rode;G.G.Garcia;Manuela Cappelletto;Lillian Carroll;Judy Zoch;Angie
Collins;Patti Thompson;Nicola Blancke;Barbara Hooks;
;
Bc:; Sheila Knudsen;Carol Coats;


John:

We executed the transmission connection contract with Light (local
distribution company) yesterday for the project.  Based on completing this
agreement and our conversation, we are moving forward with the shipment of
the turbines.  Initial loading of loose items will start this afternoon and
turbines tomorrow with a planned departure of the ship on Sunday.  Let me
know if you have any questions or comments?

Thanks,
Brett


Please Note:

We have changed the correlation of the Transwestern's hedges to the same
index(El Paso Permian) that the derivatives were transacted.  We feel it is
appropriate to make this correlation change due to management's anticipation
to make the 2001 sales at an El Paso Permian index.  Due to this change TW
has a perfect correlation, therefore the associated Value at Risk  will be
zero.


was it fun?  was the area nice?  were you in the mountains of oaxaca, or
something?


Dear YPO Couple Retreat Attendees.

These attachments are duplicates of hard copies that have been mailed to
your homes.
Please respond to Cheryl Hester in Larry Del Papa's office.

 <<YPO COUPLE RETREAT ACTIVITY LETTER.doc>>  <<Off sites - mail out
copy.doc>>  <<Offsite Sign Up Sheet.xls>>

 - YPO COUPLE RETREAT ACTIVITY LETTER.doc
 - Off sites - mail out copy.doc
 - Offsite Sign Up Sheet.xls


Mark:

Just thought I'd touch base with you to see if there is a convenient time for us to get together this week so that I can bring you up to speed on what I've been doing since my arrival. As you know, I was supposed to be in Tuscany this week and part of next but the trip has been cancelled due to my father's health. If it is okay with you, I would still like to be out of the office this Thursday and Friday because my daughter will be out of school.

I will be here and available to meet with you at your convenience today up until about 3:00 and tomorrow from 8:30 until 4:00. On Wednesday, GSS is having their quarterly business review and I have been asked to attend that.

Please let me know (a) if my proposed time out of the office is okay with you and (b) if and when you would like to meet this week.

Thanks-

Kim

Kimberley A. Jacobson
Senior Counsel
Enron North America Corp.
1400 Smith Street
Houston, Texas 77002-7361

Tel:	(713)345-1829
Fax:	(713)646-3490
E-Mail:	kimberley.jacobson@enron.com


Dave

It sounds like the urgency on the Wind Power decision wasn't a reality.
Kevin says that they are working on it.  If you need me to do anything let me
know.

Lavo


The report named: West Power Desk Daily Price Report <http://erv.corp.enron.com/linkFromExcel.asp?report_cd=25&report_name=West+Power+Desk+Daily+Price+Report&category_cd=6&category_name=WEST&toc_hide=1&sTV1=6&TV1Exp=Y&current_efct_date=10/25/2001>, published as of 10/25/2001 is now available for viewing on the website.


In all week (as best I can tell right now).

	Joseph Alamo
	04/23/2001 11:58 AM

		 To: Susan J Mara/NA/Enron, Jeff Dasovich/NA/Enron, Alan Comnes/PDX/ECT@ECT
		 cc: Lysa Akin/PDX/ECT@ECT
		 Subject: Schedules Request for Week of April 23 - 27

Second request:  please forward your schedules to me for this week today.

Thank you!

---------------------- Forwarded by Joseph Alamo/NA/Enron on 04/23/2001 09:56
AM ---------------------------

	Joseph Alamo
	04/19/2001 03:47 PM

To: Paul Kaufman/PDX/ECT@ECT, Susan J Mara/NA/Enron, Sandra
McCubbin/NA/Enron, Jeff Dasovich/NA/Enron, Alan Comnes/PDX/ECT@ECT, Mona L
Petrochko/NA/Enron
cc: Lysa Akin/PDX/ECT@ECT

Subject: Schedules Request for Week of April 23 - 27

Please forward your *anticipated* schedules for next week to
me at your earliest convenience.

Thanks in advance for your assistance.

Joseph Alamo
Sr. Administrative Assistant
Government Affairs - The Americas
San Francisco CA


ANNOUNCING: DAILY POWER REPORT GOES HTML!

"Starting on Monday, April 9, the PowerMarketers.com Daily Power Report will
be sent to you in HTML Format. This means you will be able to click on the
headlines and go straight to the stories! Many of you have been clamoring for
this for a long time-- it's coming!!! But for those who can't read html, you
can still get the text version (or both text and html for that matter). Just
go to: http://www.retailenergy.com/headsel.htm

Thanks for reading"

======================================================================
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Attend

  PROJECT FINANCE: THE TUTORIAL
        April 23-25 2001 NY NY

*The Best Available Introduction to Project Finance for Developers, Lenders
and Other Project Participants

* Voted Best in Its Field by Over 2500 Attendees

* Fully Updated for Today's Merchant Power Environment!

and

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        April 26-27 NY NY

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* Designed for the Active Market Participant

* Gain Insights from Nationally Recognized Financiers: Richard D. Grant &
Robert O. Gurman

 EARLY BIRD DISCOUNT EXTENDED UNTIL MARCH 30!  REGISTER NOW!

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

NEW!!!

THE CHARTWELL NEW PRODUCTS AND SERVICES REPORT, 2001

*  See first hand why Pepco chose to provide a fee-based service called
Chief Energy Officer Online that helps energy managers at large companies
keep track of load data.

*  Learn about some of the difficulties Avista Services faced when it began
offering a satellite-based television and Internet service

*  Find out how Energy United chose both a vendor and a joint venture
partner, as well as how it set up a separate organization with a separate
board of directors for its segue into the home security business.

*  Understand some of the holdups that can affect product launches based on
Alliant Energy's experience in the Green Power market.

*  Learn about FirstEnergy Services Corp.'s energy and facilities services,
including lighting retrofits, facility automation and energy conservation
measures.

Download brochure at:

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

--------------------T O P S T O R I E S--------------------

Top Stories (March 28)

CALIFORNIA PUC OK'S POWER RATE HIKE
California regulators Tuesday approved a plan to raise electricity rates by
around 40 percent for customers of the state's two largest utilities to help
the state weather the chronically tight power market.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/comtex/2
001/03/28/up/0000-4214-.dstenergy_04

CALIFORNIA ISO DECLARES STAGE TWO ELECTRICAL EMERGENCY; CONSERVATION EFFORTS
IMPORTANT AS SUPPLIES REMAIN LIMITED
The California Independent System Operator called a Stage Two Emergency at
11:20 a.m. today, Wednesday, March 28, 2001, as the ISO-controlled Power Grid
responds to the loss of nearly 1,000 megawatts of electricity in the southern
region.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/comtex/2
001/03/28/bw/0000-3691-ca-cal-iso

CON ED MAY EARMARK $200M FOR GRID WOES THIS SUMMER
Consolidated Edison Inc. is considering setting aside $200 million to buffer
the effect of soaring electricity prices if trouble strikes the New York
power grid this summer.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
03/28/eng-djn/eng-djn_140056_231_389707569033

NIAGARA MOHAWK NEW YORK ELECTRIC SUPPLIES SUFFICIENT FOR SUMMER
Niagara Mohawk Holdings Inc.'s Niagara Mohawk Power Corp. unit expects
supplies of electricity in its upstate New York service area this summer to
be adequate to meet demand.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
03/28/eng-djn/eng-djn_120053_160_796991640236

TURBO GENSET UNIT IN PACT TO DEVELOP 1.2MW GENERATOR SET
Turbo Genset Inc.'s Turbo Genset Co. unit signed a memorandum of
understanding with DTE Energy Co.'s DTE Energy Technologies unit and United
Technologies Corp.'s Pratt & Whitney Power Systems unit to develop a
1.2-megawatt generator set.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
03/28/eng-djn/eng-djn_150049_72_6556002977304

ALSTOM WINS MAJOR ORDER FOR CLEAN COAL-FIRED POWER PLANT IN THE US
ALSTOM has won a major order to supply Reliant Energy Seward, LLC, an
unregulated unit of Reliant Energy's Wholesale Group with a 520 MW coal-fired
power plant to be built at Seward in Indiana County, Pennsylvania (US).
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/prline/2
001/03/28/eng-prline_prfrance/eng-prline_prfrance_010354_3440995255349700280

----------------------------------------------------------------------
DOW JONES NEWSWIRES
----------------------------------------------------------------------
Access stories online at:
http://199.97.97.79/IMDS|PMADJN0,PMADJN1,PMADJN2,PMADJN3,PMADJN4|index

NorthWestern To Build 240-MW Pwr Plant In Montana By 2002

Amerigon/Ferrotec -2: Grants Rts In Asia For 10 Yrs >ARGN

Turbo Genset/Generator Devt -2:Subject To Definitive Pact

REPEAT: Con Ed May Earmark $200M For Woes This Summer

Turbo Genset In Pact With DTE Energy, Pratt & Whitney

Turbo Genset Unit In Pact To Develop 1.2MW Generator Set

Oil Industry Still Hanging Out The 'Help Wanted' Sign

Con Ed May Earmark $200M For Grid Woes This Summer

Nuon Enters US Water Mkt, More Acquisitions Likely>N.NUN

Niagara Mohawk/Supply -2: Sees Upstate NY Supply Adequate

Revised Palo Verde Futures Vol. Mar. 27, 3

Niagara Mohawk NY Elec Supplies Sufficient For Summer

SoCal Ed To Make Part Payments On Bonds, CP, To Banks

Ferrotec To Buy $1M Of Amerigon Stk, Pay Added $2M >ARGN

Amerigon Grants Climate Control Sys Rights To Ferrotec

EU Clears Shell Jt Control Of Siemens, E.ON JV

EU/Shell/Siemens/E.ON -2: Will Face Strong Competition

AES/Sri Lanka/Pwr Proj -2: CEB In 20-Yr Pwr Purchase Deal

INDIA PRESS: Enron Aims To Enter Wind Power Ops

FREE TRIAL: For a free trial of the Dow Jones Energy Service go to
www.dowjonesnews.com, and click "create account," or call
1-800-223-2274.

----------------------------------------------------------------------
N A T I O N A L
----------------------------------------------------------------------
Access stories online at: http://www.powermarketers.com/pma-nat.htm

Cypress Energy Inc - Share And Cash Purchase Offer And Election

New World Power Corporation Sets Record Date And Annual Shareholders Meeting
Date

Nuclear Energy Promoted

Top Energy Summaries - Wednesday, March 28, 2001 - 5:06 PM

California Puc Ok's Power Rate Hike

Nui Corporation Completes Acquisition of Virginia Gas Company; Natural Gas
Storage And Pipeline Assets Create New Profit Opportunities for Nui in The
Mid-Atlantic Region

US/Canada Spot Natural Gas: Up in Gulf, Midwest; Topock Soars

California ISO Declares Stage Two Electrical Emergency; Conservation Efforts
Important As Supplies Remain Limited

Energy Producers Inc: Life Energy Technology Holdings Inc - Energy Producers
And Life Energy Agree to Proceed Ahead

New Scana Website Will Save Time, Money And Energy

Teamsters Support Opening Arctic National Wildlife RefugeTapping Alaskan
Resources Eases Economic And Energy Needs Hoffa Says

Repeats: Energy Volume And Open Interest Totals-Mar 28

Ecom-Energy to Use Ebidenergy.Com's Energy Procurement System Agreement Will
Enable Customers to Access More Competitive Rates

Governor Declares April 'Texas Electric Choice Month'; Capitol Event Leads
Tour of Events Across the State

Top Energy Summaries - Wednesday, March 28, 2001 - 2:09 PM

Gasco Energy Inc: New Energy West Corp - Gasco Energy, Inc. Agrees to Acquire
New Energy West Corp.

Westcoast Energy Inc - Finalizes Acquisition of Empire State Pipeline

Lawmakers Debate Energy Bills

Power Woes: Assembly Tries to Halt Utility Sales

American Energy Services (Aeys) Update: Facility Sales to Pemex of Mexico

Top Energy Summaries - Wednesday, March 28, 2001 - 12:25 PM

Energy Update/Los Angeles Department of Water And Power Issues Daily Energy
Update for Wednesday, March 28, 2001

Late-night Electricity Costs May Be Halved - Nonpeak Utility Cuts Could Take
Effect by mid-April

Socalgas to Increase Natural Gas Delivery Capacity

PSE Proposes 50 Percent Rate Decrease for Nonpeak Power Usage - Extra Bonus
Offered If Monthly Usage Is Cut by 10 Percent

Allenergy Selects Energy Services Group; Increased Market Activity Fuels
Demand for Ecommerce Services

Utility Asks to Cut Power Rates for Those Who Cut Back Use

San Joaquin Resources Changes Its Name to Gasco Energy, Inc. And Obtains New
Trading Symbol

H Power Corp. Forms Alliance with Kurita Water Industries Ltd.; H Power Gains
Access to Key Water Purification Technology for Fuel Cells

Transalta Expands Relationship with Praxis Engineers, Installs Dynamic
Coal-Blending Software to Save $2 Million AnnuallySuccessful Implementation
at Transalta's Alberta Plant Leads to New Installation in 1340-Mw Facility in
Washington State

Ensource Energy Services Inc - to Acquire Columbia Gas Turbine And Columbia
Power

Power Efficiency's New Motor Controllers Can Ease California Power Rate Hike

Cbi's 4th Annual Managing Taxation; Structures And Negotiations for A
Competitive Energy Marketplace - Unbundling, Divestitures, Mergers And
Acquisitions

Top California Office Landlords Form Consortium to Address Energy Issues

Luminant Leverages Industry And Technology Strengths to Develop New Solution
for Natural Gas Pipeline Industry

Aes Newenergy Helps Mid-Atlantic Customers Increase System Reliability And
Reduce Electric Bills This Summer

Electric Power Demand Growth in the Peninsula, During February, Reached 4,2%

Bush Nominates Two for Energy Panel

Provident Energy Buys Maxx Petroleum

Woodside and partners sign LNG supply agreement with Kyushu Electric

Constellation Energy Source, W.R. Grace & CO. Partner to Secure Department of
Energy Funding for Plant-Wide Energy Assessment

Innoveda: Transbridge Interface Links Innoveda`S Transdesign, Sdrc`S I-Deas;
Enables Concurrent 3-D Packaging, Full Electrical Connectivity Verification

Lifestyle, Energy Drive Growth Biggest-gaining City Is Jackson

N.Y. Mayor Wants Cap on Power Fees

Mitsubishi Electric Introduces New Family of Battery-Saving, Low-Power
Synchronous Drams

Energy Woes Lacking a Clear Solution

Alstom Wins Major Order for Clean Coal-fired Power Plant in the US

New Energy West Corp - Gasco Energy, Inc. Offers to Buy New Energy West
Corporation

----------------------------------------------------------------------
I N T E R N A T I O N A L
----------------------------------------------------------------------
Access stories online at: http://www.powermarketers.com/pma-intr.htm

Power Output Totals 1.33 Trillion kWh in 2000, Up 10.70% from 1999

Russian Coal Exports Up 18.6% in Jan-Feb

Dutch Utility Nuon to Acquire Utilities Inc.

Environment-Argentina: Winds of Hope for Alternative Energy

Power Issue a Concern

Westcoast Energy Finalizes Acquisition of Empire State

February Generation Rises 3.93% - Chile

Intergen Executes Major Power Purchase Agreement with Brazilian Utility;
Company Partners with Cpfl to Develop 945 Mw Carioba II Project in Sao Paulo

Turbo Genset, DTE Energy, Pratt & Whitney sign power generation MOU

Brazil: Country to Face Ration of Energy

Scotiabank - Commodity Price Index Falls in February As Natural Gas Prices -
Retreat from Record Levels

Municipalities to Lose on Free Power

Enron's Unit Presents Thermal Power Plan to Aomori Gov.

Top Energy Summaries - Wednesday, March 28, 2001 - 9:27 Am

Franco-German group buys stake in Polish power station

Dutch Utility Nuon to Acquire Chicago-Based Utilities, Inc.; Acquisition of
Largest Privately-Owned U.S. Water Company Reflects Nuon's International
Growth Strategy

EDF/EnBW consortium buys 35 pct in Polish power station for 120 mln usd

Top Energy Summaries - Wednesday, March 28, 2001 - 7:40 Am

US-British consortium wins Emirati power project: paper

Lanna Lignite buys extra 5 mln shrs in Gulf Electric to maintain 50 pct stake

Kuwait fund lends Syria $65 million for power project

Moslem rebels attack power barge, army post in southern Philippines

Xinjiang Tebian Electric Apparatus Posts Usd 11.25 Mln in Profits for 2000,
Up 2.6% from 1999

Singapore creates Energy Market Authority

Mitsubishi to Raise Stakes in Australian Coal Businesses

Positives Seen in Loss of NZ Energy Assets

----------------------------------------------------------------------
KRT DAILY ENERGY NEWS
----------------------------------------------------------------------
Access stories online at http://www.powermarketers.com/pma-krt.htm

Firm Eyes Torrington, Conn.-Plant to Build Fuel Cells

Idaho Power Company AIDS Farmers with High Electric Bills

Fuel Cells Could Alter the Way Power Is Supplied

Chicago Tribune David Greising Column

Scottish Energy Firm Prepares to Buy Regional British Electricity Company

Britain And France in Energy Reform Clash

`Exemption Areas' Set to Expire As Rolling Blackouts Continue in California

Modesto, Calif., Area Markets Cheaper Power As Alternative for High-Tech Firms

Stockton, Calif.-Area Residents Criticize Proposed Electricity Rate Hike

California Commission Considers Electricity Rate Hike

Energy Troubles Push Stockton, Calif., Business Toward Conservation

San Jose, Calif., Mayor Pleads with Energy Firm to Build Center Elsewhere

Orlando, Fla., Utility Commission Likely to Increase Power Rate

California Consumers Express Outrage at Utility Rate Hike

Experts Explain the Specifics of Southern California Utility Rate Increase

Nevada Power Authorities Clamor to Re-Regulate Industry

The Kansas City Star, Mo., Rick Babson Column

Texas Official Gets Seat on Federal Energy Regulatory Commission

California Energy Company Threatens Legal Action Against State

Bush Nominates Texas Public Utility Commission Chair to Federal Energy Post

Members Seek Seats on Alaska-Based Electric Cooperative's Board

----------------------------------------------------------------------
REUTERS
----------------------------------------------------------------------
Access stories online at:
http://news.powermarketers.com/news/articles/ElectricPower.html

Canada natgas rises with U.S. physicals, early NYMEX

Enron CEO says stock hit because of high multiple

FERC's Massey says despite power rate hikes, West needs cap

FERC chief downplays power price caps for Northeast

UPDATE 1-Turbine woe forces Czech nuclear plant to cut output

UPDATE 6-German nuclear waste train reaches destination

US House panel sets April hearings on Calif crisis

Imperial Valley aims to start partial zinc production

Tractebel seeks to double Polish power share to 15 pct

Dutch Nuon buys U.S. Utilities Inc for $402 mln

FERC approves expansion of Transco's Sundance pipeline

Nigeria will break up state power monopoly - minister

TEXT-Moody's rates Public Service Enterprise Group unit

FERC chief says would block any vote on Calif price caps

France's La Hague plant no stranger to protests

FERC says proposed southwest RTO must make changes

U.S. FERC approves GridFlorida regional power system

US FERC approves Coastal Corp natgas pipeline project

Nuclear waste shipments a must - German industry

TECO Energy says to beat Wall Street Q1 estimates

Slovakia to set up energy regulation body in 2003

Arch Coal sees profits exceeding estimates

UPDATE 1-French EdF-led consortium buys Polish power plant

FACTBOX-Key facts on German nuclear waste shipments

Norway urges UK to shut Sellafield nuclear plant

UPDATE 1-Lithuania plans gas utility tender in May

UPDATE 2-Protests halt German nuclear waste train

California's PG&E Co. condemns action by regulators

UPDATE 1-SoCal Edison says to start paying debt interest

*********************************************************
NEW on the POWERMARKETERS.COM TRAINING PAGE
*********************************************************
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Hotel, Las Vegas, March 15-16, 2001.

Don't forget you can choose to stream the presentation immediately over the
web, or download it to your computer for later viewing-- Free!

RealVideo-based powerpoint-based presentations, with the accompanying audio.
Running about 30 minutes each, selections include:

ELECTRONIC TRADING. Power is following natural gas to become an
electronically-traded commodity. The products, the technology and the future
of electricity transactions. Kevin Sluder, Vice President, HoustonStreet
Exchange.

NUTS AND BOLTS OF RETAILING. What it takes to put an energy retailing
operation together-- the cash and credit requirements, back office,
information technology, staffing, marketing, sales and organizational
considerations. Andrew Serri, Vice President, AmerenEnergy Marketing.

RETAIL: WHAT WENT WRONG, HOW TO FIX IT. Retail electric deregulation has thus
far been an underwhelming success, but a great deal has been learned, and it
is eminently fixable. By Dr. John O'Brien, Principal, Skipping Stone

MANAGING BILLING. The complex requirements for managing billing and
commodities in the deregulating energy industry cannot be met with current
CIS and CRM technology. Energy Retailers must embrace the next evolution of
energy customer management (ECM) solutions. Paul Grey, Chief Technology
Officer, Peace Software.

THE INTERNET AND THE VELOCITY FACTOR. Greater price transparency, faster
execution, reduced transaction costs, increased number and frequency of
transactions and increased specialization are just some of the changes to
energy markets wrought by the web, and it's just beginning. Implecations of
the internet for energy markets. E. Russell "Rusty" Braziel, Chairman and
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TASK ASSIGNMENT

Status:		completed

Task Priority:		1
Task Due On:		5/1/2000
Task Start Date:	5/1/2000


The report named: Violation/Notification Memo <http://erv.corp.enron.com/linkFromExcel.asp?report_cd=60&report_name=Violation/Notification+Memo&category_cd=2&category_name=ENRON%20CONSOLIDATED&toc_hide=1&sTV1=2&TV1Exp=Y&current_efct_date=10/25/2001>, published as of 10/25/2001 is now available for viewing on the website.

(Revision: 3)

Publisher's Notes:

Preliminary, with draft explanations


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/10/2000
03:23 PM ---------------------------
From: Kevin Garland@ENRON COMMUNICATIONS on 10/10/2000 01:06 PM
To: Richard Reichardt/Enron Communications@Enron Communications
cc: Ken Rice/Enron Communications@Enron Communications, Larry Lawyer/Enron
Communications@Enron Communications, Mike McConnell/HOU/ECT@ECT, Richard
DiMichele/Enron Communications@Enron Communications, Tom Gros/Enron
Communications@Enron Communications, Vince J Kaminski/HOU/ECT@ECT, Jon
Adler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: Seismic Data on Oil & Gas field Development via Satellite

There may be a business opportunity with this company, but I would not advise
making an investment.
Kevin Garland

	Richard Reichardt
	10/10/00 12:30 PM

		 To: Mike McConnell/HOU/ECT@ECT
		 cc: Larry Lawyer/Enron Communications@Enron Communications, Tom Gros/Enron
Communications@Enron Communications, Vince J Kaminski/HOU/ECT@ECT, Kevin
Garland/Enron Communications@Enron Communications, Richard DiMichele/Enron
Communications@Enron Communications, Ken Rice/Enron Communications@Enron
Communications
		 Subject: Seismic Data on Oil & Gas field Development via Satellite

Mike,

Using NASA satellite transmission of maritime data and establishing a Houston
Data Center to consolidate and centrally process 3D seismic data surveys for
oil and gas extraction, exploration and development could save the petroleum
industry more than $300 million dollars annually through reduced operational
expenses.  Added value in shortening the time to process and deliver the
finished surveys should generate more than $26 million per site (based upon
$15/barrel for average oil well production to market 30 days sooner)in
revenue.  By re-selling this data to market analysts or by internally using
this data for forecasting future oil/gas production Enron could increase the
accuracy of forecasting reserves and production capabilities globally.  By
holding the data as exclusive (or partially exclusive), Enron would have a
significant market advantage in futures pricing for oil and gas.(Vince's team
is quantifying the valuation of this information)

Attached please find an updated version of the business case for seismic data
transfer via satellite, by a geophysicist at SpaceData - William K. Aylor,
calculated using $22/barrel oil.

Based upon your availability, Jon Adler and I would like to make a
presentation to you (or your designated representative) on the Enron
potential of this opportunity, sometime next week (17-20 October).

 - SDT Business Case4.pdf

V.R.,

Richard Reichardt
Enron Broadband Services
(713)-345-8377 (Office)
(713)-907-3767 (Mobile)
1400 Smith Street, Suite EB 4364
Houston, Texas  77002


- 12-4-2001.xls


Watch for her call.  Ask her to send me a resume to review and set up a
meeting when convenient.  Thanks.
---------------------- Forwarded by Sally Beck/HOU/ECT on 02/02/2001 09:48 AM
---------------------------

Paula Rieker@ENRON
02/01/2001 03:59 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Candidate

Sally - I had a chance to meet with Norma Tidrow today.  Norma is currently
the Corp. Secy. at Azurix.  I worked closely with her in the International
business and have a very high regard for her work.  Norma's background is as
a senior legal specialist.  She has advanced to a Director level at AZX.   I
believe she would be a very strong candidate for the right job within Enron.
She is a very quick learner, and her documentation and process-oriented
skills are exceptional.  Pls. expect a call from her to discuss
opportunities.  Thanks for your consideration!  Paula


Upon becoming a NEPOOL member, EESI chose to satisfy the Financial Assurance Policy requirement by
issuance of Performance Bond(s) via Fireman's Fund Insurance Company, which issued a Performance Bond
in the amount of $8,000,000.

On or about October 12, 2001, EESI received a letter from ISO New England dated October 10, 2001, indicating
that EESI's current Performance Bond was insufficient and that EESI needed to increase the amount to
$11,703,018.75 to cover EESI's current activity level.

In telephone conversations with ISO-NE, EESI was informed that in order to avoid Financial Assurance Default
the matter needed to be resolved within ten (10) days of the date of the October 10, 2001 letter (October 19, 2001).

By October 16, EESI had requested a bond increase in the EESI NEPOOL Performance Bond to $20,000,000,
but encountered delays in working with the bond company.

EESI Credit Department personnel sent ISO-NE personnel on October 19, 2001, via FAX, a copy of the request
to the bond company for revisions to the Performance Bond, and indicated EESI was working diligently to resolve
the matter.

Following resolution of delays with the bond company, a bond increase was issued by the bond company on
October 23, 2001, executed by EESI on October 23, 2001 and forwarded via FAX and Overnight Mail to ISO-NE
on October 23, 2001.

EESI was unable to comply with the October 19, 2001 deadline to resolve the Financial Assurance Default due
to delays with the bond company as mentioned above.

On October 19, 2001 another letter was sent to EESI by NEPOOL indicating that EESI had not maintained the
required level of financial assurance for 10 days or more and that this information was being forwarded to the
NEPOOL Membership Subcommittee for action.

However, according to Protocol for the Initiation of Membership Termination Proceedings the issue should be
resolved with the receipt on October 24, 2001 of the Performance Bond by ISO-NE.


I have the tickets set aside for Weds. May 23.  I will buy dinner.

BT


------------------------------------------------------------------------------------------------------
W E E K E N D   S Y S T E M S   A V A I L A B I L I T Y

F O R

June 1, 2001 5:00pm through June 4, 2001 12:00am
------------------------------------------------------------------------------------------------------

ECS to ECN Network Interconnection, June 9th 2001

This is a notification that the Enron Corp. I/T Networks team will be connecting the new building network infrastructure located in Enron Center South (ECS) to the existing Enron Center North (ECN) backbone network.  While this activity is not expected to produce a disruption to network services, this notice is designed to alert the organization to our activities.  No network hardware or systems are anticipated to be shutdown.  The actual physical interconnection of the networks will be performed in the EB 34th floor Data Center.

Interconnection activities are scheduled to occur the evening of June 9th 2001 starting from 7:00 p.m.(CT) and completing around 11:00 p.m. (CT). Application testing activities will begin at 11:00 p.m. (CT) once all network testing has completed.

If you have any further questions, please contact Pete Castrejana at 713-410-0642 for more information.

SCHEDULED SYSTEM OUTAGES:

ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

AZURIX: No Scheduled Outages.

EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

EDI SERVER: No Scheduled Outages.

ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages

ENRON NORTH AMERICAN LANS:
Impact:  ENS
Time:  Fri 6/1/2001 at  11:00:00 PM CT thru Fri 6/1/2001 at  11:45:00 PM CT
	Fri 6/1/2001 at    9:00:00 PM PT thru Fri 6/1/2001 at     9:45:00 PM PT
	Sat 6/2/2001 at  5:00:00 AM London thru Sat 6/2/2001 at  5:45:00 AM London
Outage:  Enable routing on new router ecn-34-cor-ccr1
Environments Impacted:  ENS
Purpose: This router will be used to connect to the new building
Backout: remove routing on the router.
Contact(s): 	Scott Shishido    713-853-9780

Impact:  AEP
Time:  Fri 6/1/2001 at  8:00:00 PM CT thru Fri 6/1/2001 at  8:30:00 PM CT
	Fri 6/1/2001 at  6:00:00 PM PT thru Fri 6/1/2001 at  6:30:00 PM PT
	Sat 6/2/2001 at  2:00:00 AM London thru Sat 6/2/2001 at  2:30:00 AM London
Outage:  Shutting off the internal link to 1201 Louisiana
Environments Impacted:  AEP
Purpose: Company occupying that space has been sold.
Backout: None
Contact(s): 	Garhett Clark         713-345-9953
                        Robert Humlicek   713-853-6366   713-406-8293

Impact:  ENS/GCO
Time:  Fri 6/1/2001    thru Wed 7/4/2001
Outage:  HPL migration to AEP
Environments Impacted:  GCO
Purpose: Sites sold
Backout: None
Contact(s): 	Garhett Clark         713-345-9953
		Robert Humlicek   713-853-6366   713-406-8293

FIELD SERVICES:  No Scheduled Outages.

INTERNET:
Impact:  Internet
Time:  Fri 6/1/2001 at  10:30:00 PM CT thru Fri 6/1/2001 at  10:45:00 PM CT
	Fri 6/1/2001 at    8:30:00 PM PT thru Fri 6/1/2001 at     8:45:00 PM PT
	Sat 6/2/2001 at  4:30:00 AM London thru Sat 6/2/2001 at  4:45:00 AM London
Outage:  Reboot Enron.com edge routers
Environments Impacted:  Internet
Purpose: Regular reboot to prevent such problems as memory corruption. Intermettent disruption to last about five minutes.
Backout:
Contact(s): 	John Shupak          713-853-7943
		Bryan Aubuchon    713-345-8446

MESSAGING:
Impact:  Corp Notes
Time:  Fri 6/1/2001 at  9:00:00 PM CT thru Sat 6/2/2001 at  1:00:00 AM CT
	Fri 6/1/2001 at  7:00:00 PM PT thru Fri 6/1/2001 at 11:00:00 PM PT
	Sat 6/2/2001 at  3:00:00 AM London thru Sat 6/2/2001 at  7:00:00 AM London
Outage:  cNotes Server Reboots
Environments Impacted:  All users on any of the mailservers listed below
Purpose: Scheduled @ 2 week interval
Backout: Make sure server comes up.
Contact(s): 	Trey Rhodes  (713) 345-7792

Impact:  EI
Time:  Fri 6/1/2001 at  9:00:00 PM CT thru Sat 6/2/2001 at  1:00:00 AM CT
	Fri 6/1/2001 at  7:00:00 PM PT thru Fri 6/1/2001 at 11:00:00 PM PT
	Sat 6/2/2001 at  3:00:00 AM London thru Sat 6/2/2001 at  7:00:00 AM London
Outage:  EI Notes Server Maintenance
Environments Impacted:  EI Local/Domestic/Foreign Sites
Purpose: Scheduled @ 2 week interval
Backout: N/A
Contact(s): 	David Ricafrente    713-646-7741

MARKET DATA: No Scheduled Outages.

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS: No Scheduled Outages.

SITARA:  No Scheduled Outages.

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY: No Scheduled Outages

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:  No Scheduled Outages.

-------------------------------------------------------------------------------------------------------------------------------------
								FOR ASSISTANCE

(713) 853-1411   Enron Resolution Center

Specific Help:
Information Risk Management			(713) 853-5536
SAP/ISC                                                                               (713) 345-4727
Unify On-Call 					(713) 284-3757  [Pager]
Sitara On-Call					(713) 288-0101  [Pager]
RUS/GOPS/GeoTools/APRS			(713) 639-9726  [Pager]
OSS/UA4/TARP				(713) 285-3165  [Pager]
CPR						(713) 284-4175  [Pager]
EDI Support 					(713) 327-3893  [Pager]
EES Help Desk					(713)853-9797 OR (888)853-9797
TDS -Trader Decision Support On-Call                    (713) 327-6032 [Pager]


I will be out of the office next week on vacation.

Monday July 30    out
Tuesday                in
Wednesday          out
Thursday              out
Friday                  out

I will be packing and beginning to move into our new house if you have any questions
just page and I will get back with you or voice mail or E:mail.

Thanks DS


Attached is the latest issue of Btu's Weekly Power

mail: info@Btu.net
phone: 732-758-8222
fax: 732-758-8286

 - wp012802.pdf


FYI.  This is receiving close scrutiny by the Commission.  RA

---------------------- Forwarded by Ray Alvarez/NA/Enron on 07/26/2001 05:59
PM ---------------------------

Nancy Bagot
07/26/2001 05:54 PM
To: Ray Alvarez/NA/Enron@ENRON
cc:

Subject: TW neg. rate order summary

(1) Transwestern Negotiated Rates proceeding, RP97-288 et al.:  The order
calls for an expedited hearing to explore four primary issues (listed
below).  The draft order passed at the meeting by a vote of 5 ) 0, and
language on revisions to TW's tariff and posting policy were added to the
final order to assuage concerns expressed in the discussion of the case at
the meeting.

The case was called for public discussion by Commissioner Breathitt, who
wanted to highlight that the additional &limited scope8 fast track hearing
is the &right way to go8 to understand why negotiated rates that were seventy
times the maximum recourse rate are just and reasonable.  Breathitt,s
additional question in this case is why shippers would agree to such rates
when lower rates were available.

In the final order, Breathitt,s concerns about the posting of the operational
capacity as such were reflected in language ordering TW to revise its tariff
and web postings to provide clear identification of operational capacity and
to post and contract such capacity on each day of its availability (i.e., on
a day-to-day basis) unless it can demonstrate that operational capacity will
be available for some longer period of time.

At Wednesday,s meeting, Wood noted that &we bumped into something here,8
though he did not mention possibilities but instead agreed that a procedural
schedule to &vet the issues in the light of day8 was the best route.   The
four issues set for hearing are:
  ? whether the transportation capacity was advertised and awarded in an
accurate and fair    manner consistent with Transwestern,s tariff;
  ? whether the transportation rates(were the product of an exercise of
market power (i.e., did    TW withhold capacity that otherwise could have
been made available under recourse service    in order to make the capacity
available under negotiated rate charges at substantially higher    rates);
  ? why the shippers agreed to these rates when significantly lower recourse
rates should have    been available under our negotiated rate program; and
  ? why the awarded capacity appears to be available without interruption
while firm     transportation service under Transwestern,s recourse rate was
not.