FYI
----- Forwarded by Mark E Haedicke/HOU/ECT on 06/26/2000 05:16 PM -----

	Travis McCullough
	06/23/2000 06:03 PM

		 To: shodgson@velaw.com
		 cc: Mark E Haedicke/HOU/ECT@ECT
		 Subject: MG plc

Steve:

Attached is a series of press releases by MG Plc regarding their metals
website, the first of which was launched on or about October 4, 1999.

I also have a message in to the attorneys at Enron that worked closely on the
acquisition, but one of our commercial people understands the site to be an
on-line brokerage system (like E*Trade) -- the press release on the launch of
the system (at the bottom of this message) indicates that the site is an LME
trading and execution system.  I'll forward over any other information I can
find.

USA: Metal exchanges hold firm as Web trading blooms.

06/22/2000
Reuters English News Service
(C) Reuters Limited 2000.

NEW YORK, June 22 (Reuters) - The world's two largest metal exchanges said
they will retain their roles despite the rapid expansion in Internet trading
and as another major metal dealer announced the launch of an online trading
system on Thursday.
The London Metal Exchange (LME) is carefully planning its introduction of
electronic trading in the second-half of this year and refuses to be
"spooked" by those "urging action, any action, as long as it is now,"
Jonathan Haslam, LME director of corporate affairs, told a conference in New
York.
His comments were echoed by Patrick Thompson, president of the New York
Mercantile Exchange (NYMEX), who said it would be very difficult for the new
online trading systems to bring together those elements that underpinned the
success of the traditional exchanges.
Thompson told the Metal Bulletin E-Commerce 2000 conference that said these
elements included the handling of counterparty credit risk, the clearing of
trades and the existing pools of liquidity provided by the different segments
of the metals market which use the exchanges.
Haslam compared the LME's trading turnover averaging $8 billion a day with
the around $1.5 billion a day traded online by U.S. energy giant Enron Corp.
.
Enron's expansion in the e-commerce market was earlier referred to by Thomas
Pimpinelli, senior vice president of MG London Inc. part of U.K.-based metals
trading group MG Plc . In May, MG agreed to a 300 pence per share cash offer
from Enron.
Pimpinelli said MG's own MITS online metals trading system, launched in
October 1999, has to date processed over 135,000 contracts with an overall
value of $5.25 billion.
He told the meeting that between 65 percent to 80 percent of MG's order flow,
mostly from small metals clients, was now done over the Internet.
Pimpinelli said the success of its "Market Maker" real-time trading facility
within MITS for tonnages of up to a 1,000 tonnes, had encouraged the company
to create a new product for the Managed Futures industry called "CTA Trader."
The product will differ from Market Maker in that the customer can trade
larger volumes, request a volume quote on-line, and then have the facility to
book the resulting live on-line quote.
"Once executed the customers will need to breakdown or allocate the
transaction to his individual or multiple pre-approved clearing houses by way
of a dropdown menu," he said. Pimpinelli added that CTA Trader would be
launched in the next month or so.
Sharing a platform with Pimpinelli, Karl Hackert, head of e-commerce at U.S.
trader Koch Metals, announced the impending launch of his company's own
online metals trading system by the end of June. Koch metals is a unit of
Koch Industries Inc. .
Hackert said the issue of the LME's daily forward prices valuation at 5.30
p.m. in London, meant that the level of these quotes wasn't clear during the
rest of the trading day. Under the new Koch system prices will be updated
every five seconds and out to 27 months.
"Koch are the first to do this (offer near real-time forward prices) and it
is a big step forward in terms of market transparency," he said.
Hackert said Koch had built its system to better communicate with its clients
and it did not intend to go into direct competition with the LME.
"Making a generic mass system? I don't think that's the business we're in,"
he said.
((Steve Hays, New York Commodity desk, 212 8591640)).

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UK: UPDATE 2-MG to widen access to online metals trade.
By Andy Blamey

06/13/2000
Reuters English News Service
(C) Reuters Limited 2000.

LONDON, June 13 (Reuters) - U.K.-based metals trading group MG plc said on
Tuesday it would broaden access to its online metals trading systems as the
battle for web pre-eminence comes to the boil.
MG, one of the world's leading metals traders, said it would allow London
Metal Exchance clearing members to use the system, which had been restricted
to clients, with immediate effect.
The move comes in response to strong demand for access to the system, an MG
spokesman said. MG has so far signed up 14 Category One (ring dealing) and
Category Two (associate broker clearing) members of the LME.
"We have decided to broaden the availability of Market Maker following the
rapid increase in volumes and substantial uptake by both existing and new
clients," said Michael Hutchinson, CEO of MG's Financial Services Division in
a statement.
"We are confident that we have an online product which will meet demand from
other clearing members of the LME."
The wider access to MG's system need not necessarily pose a threat to other
online marketplaces, said Gavin Gross, head of LME metals at brokerage
Spectron Futures Ltd. Spectron plans to launch online systems to trade London
Metal Exchange contracts later this month.
"They're very different models. MG is a principal in the market, so you're
looking at MG prices only. Spectron is neutral, we're just providing a
platform. It's a multilateral system with lots of dealers interacting with
each other," Gross said.
"The two can exist side by side," he added.
Over 80 percent of MG's clients are now using its online services, the
company said. Market Maker turnover stood at 3,000 contracts in May - a
growth rate of approximately 50 percent per month since the launch in January
of this year.
Online deals still make up a low proportion of MG's total trading turnover,
however.
MG's MITS system launched in October 1999 and has now processed over 95,000
contracts with a dollar value in excess of $3.8 billion and a monthly
turnover in excess of $1 billion.
"We are using it (MITS) for the one or two lot small stop orders that you
previously missed and had the customer ringing up asking if we had done his
trade," said one user of an MG system at an ABCM.
However, it would appear that MG is now limiting the size of the orders it
will accept on MITS from its non-customers, he said.
Metals e-commerce sites are proliferating, but they follow no single business
model. There are portals run by single principals quoting their own prices;
intranets where big market players are cooperating; different rules for
access; and a wide variation in revenue models, the key to profitability.
The company announced in March it had joined Internet Capital Group and
Safeguard International Fund to form the EMETRA joint venture, in which MG
has a 25 percent stake.
EMETRA is building a worldwide business-to-business (B2B) e-commerce
marketplace for the non-ferrous metals markets, including physical trading a
futures and options contracts.
MG contributed its Internet systems to EMETRA and continues to use MITS and
Market Maker under a licence agreement with EMETRA.
In May, MG agreed a 300 pence per share cash offer from U.S. energy and
communications group Enron, a major player in the e-commerce market through
Enron Online, which trades around 840 products in some 13 countries in 11
currencies.

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US Enron Bid For MG May Signal End Of LME Outcry Trading
By Adam Aljewicz

05/23/2000
Dow Jones International News
(Copyright (c) 2000, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- Enron's (ENE) offer to buy London Metal Exchange ring
dealing firm MG PLC (U.MGA) could bring the exchange one step closer to
ending open outcry trading, dealers say.
Both the U.S.-based energy and communications group, and MG have pioneered
electronic trading and are widely seen as being among the only participants
on the LME trading floor capable of making the transition to on-screen
trading. The LME, meanwhile, is also seeking to introduce on-screen
technology for out-of-ring trading sessions.
"We're not surprised in the least to see this tie-up take place," an analyst
at Deutsche Bank told Dow Jones Newswires. "Everything we see now is pointing
toward the removal of the ring-dealing sessions, and it's just a matter of
time before it ends all together," she said.
MG's chairman Tom McKeever said the company won't abandon its position as an
LME ring dealing member, but market watchers doubt whether - after 123 years
- open outcry can survive on the LME as fast-paced technological change
sweeps through the industry.
Enron has made a GBP300 million cash offer for London-based MG in a bid to
gain a foothold in the $120 billion-a-year world metal market. The U.S.
company already has a substantial market share in natural gas and electricity
markets, and with its electronic trading platform, Enron On Line, it has
already executed more than 110,000 transactions valued at over $45 billion
since its launch in November.
"It's not surprising to see a strategic link up between an energy and metals
company because they're both very big in industrial commodities," said an
analyst for a U.S.-based commission house. "I think it's almost inevitable
that open outcry trading will be a thing of the past," he said.
Enron's move into the metals market has also been linked to the LME's growing
interest in initiating an automated trading system, and has lead some market
watchers to suggest that the Enron-MG tie-up will lead to greater
consolidation among LME members.
Metals trading companies and brokerage firms are struggling to survive as
profits wane amid the growth of banks and funds in the metals trading arena.
"Out of the 13 ring dealing firms on the LME, I think only six will be able
to make the transition to on-screen trading," said a dealer for a
London-based bank. "And that's only because we have a banking background," he
said.
The six cited are MG, the metals trading arm of the Bank of Nova Scotia,
U.S.-based brokerage Refco Inc., Credit Lyonnais Rouse, Barclays Capital and
Fimat Metals.
The LME's existing system involves the trading of eight metals within its
circular trading floor. Around 35% of the LME's trading takes place there,
but this figure could drop if the LME decides to abandon open outcry, traders
say. "Market participants will have to decide whether to use the ring
or go through the Internet," said a dealer. "That's how it will start
and will probably lead to the trading floor being bypassed
altogether."

MG, which was spun off from Germany's Metallgesellschaft last September, has
pioneered the use of metals trading on the Internet with the launch in
October of MITS and MARKET MAKER, its Internet trading system.
MG is the second-largest physical merchant of copper, nickel and aluminum in
Europe after Switzerland's Glencore.
"When profit margins are narrowing and so many LME companies are looking more
and more uncertain about their future, MG (is) arguably the pick of the crop
in terms of stability and profitably," said a dealer for a North
American-owned ring dealing firm. LME Considers Screen Trading

Separately, the LME has considered a series of moves that would also hasten
the demise of open outcry trading.
It has repeatedly said it is looking to develop an electronic screen-trading
system for use in out of ring trading sessions, and that it plans to press
ahead with changes to its ownership structure by demutualizing in favor of
becoming a shareholder entity.
"We've made very clear that there are proposals for consequential changes to
the LME's governance," said Jonathan Haslam, director of corporate affairs at
the LME.
The LME set up an eight-member committee in February which comprised four
ring dealing members and four associate broker members to map out a strategy
for the implementation of new technology.
However, it has so far declined to comment on how this technology will be
executed, although Haslam has said the LME is looking at around 20 companies
with the requisite knowledge and background to provide and implement the
on-screen technology.
"We said we would look into setting up an interoffice screen trading system
but we have yet to come to a decision on who our technical partner will be,"
he said. "But we should come to a decision in a couple of weeks."
-By Adam Aljewicz; 44-20-7842-9353; adam.aljewicz@dowjones.com -0- 23/05/00
12-56G

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Financial Post
MG exceeds $1B Internet trade target
Martin Hayes
Reuters

04/05/2000
National Post
National
!@SERIES=
C14
(c) Copyright 2000 Financial Post from National Post (formerly The Financial
Post Company). All rights reserved.

LONDON - International metals trader MG PLC said yesterday that business on
its six-month old Internet trading systems had comfortably exceeded its
transaction value target of $1-billion (all figures in U.S. dollars).
"We are at $1.5-billion as of this morning. We are are very pleased with the
progress and the rate of growth," said Tom McKeever, MG chairman.
He noted that online trading in metals is seen growing rapidly, according to
a recent study by Anderson Consulting. Just 2% to 3% of business in the
non-ferrous industry is currently conducted online, while in three to five
years it will be 40% to 60%, he said.
Since the launch in October, volumes on MG's internet systems, known as MITS
and MARKET MAKER, have increased by 50% a month and cumulatively exceed
30,000 contracts now.
MG said it had also gained customers as its systems are the only ones that
currently offer online trading. "When we launched the system, we had requests
from many new customers to register. We registered quite a few new customers.
It is beyond our expectations," Mr. McKeever added.
The increase in on-line business on MITS has been seen round the clock as
customers have become increasingly comfortable with the system.
"We were the first to start the system. It has been late coming to the metals
business, but we think it is good for the industry," he said.
Last month, MG announced it had joined Internet Capital Group and Safeguard
International Fund to form an eMetra joint venture in which it has a 25%
stake.

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MG PLC - Trading Update

04/04/2000
Regulatory News Service
Copyright (C) 2000 Regulatory News Service; Source: World Reporter (TM)

MG INTERNET TRADING UPDATE
MG announces that in the first six months of trading on its Internet systems,
MITS and MARKET MAKER, it has surpassed its target of US $1 billion in value
of transactions. The volume of transactions has been increasing by 50% a
month since October and cumulatively exceeds 30,000 contracts.
The trading systems have attracted new customers as well as MG's existing
customers because it is the only system currently available that offers them
an on-line LME trading and execution service.
The launch of MITS was announced in October 1999 by MG. In February, MG
announced that it had joined with Internet Capital Group and Safeguard
International Fund to form the eMetra joint venture, in which MG has a 25%
stake. eMetra is in the process of establishing a worldwide
business-to-business (B2B) e-commerce marketplace for the non-ferrous metals
markets, including physical trading and the trading of futures and options
contracts. MG contributed its Internet systems to eMetra and continues to use
MITS and MARKET MAKER under a licence agreement with eMetra. Once eMetra is
fully operational later this year, MG will become a user of eMetra's
platform.
Michael Hutchinson, Joint Chief Executive of MG plc, said: "We are delighted
that so many customers to date have transferred their business on to the
Internet - we see this trend as increasing significantly in the coming
months. It is proving attractive to new customers and enables us to give our
existing customers a more efficient service."
For further information:
Michael Hutchinson, Joint Chief Executive MG plc Tel: 0171 488 2244
Nick Denton/James Longfield Hogarth Partnership Tel: 0171 357 9477

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City: MG plans to launch metals website
James Ashton

02/11/2000
The Daily Telegraph
Copyright (C) 2000 The Daily Telegraph; Source: World Reporter (TM)

MG, the international metals trader, yesterday unveiled plans to develop an
internet marketplace for trading non-ferrous metals, in direct competition
with the London Metals Exchange (LME).
The joint venture with the Internet Capital Group (ICG) and private equity
fund Safeguard International will establish a worldwide business-to-business
e-commerce platform for non-ferrous metals. This will include physical
trading and the trading of options and futures contracts.
MG shares soared 140 1/2 to 337 1/2 p.
"We didn't go into this venture intending to put anyone out of business,"
said chairman Thomas McKeever.
He added that the as-yet-unnamed new venture would attract new clients,
particularly small and medium-sized companies who regard conventional LME
trade as too costly and complex.
He said he also hoped to open up the derivatives market to smaller players.
"When you develop a global marketplace you attract, presumably, most industry
participants," he added.
Safeguard and Nasdaq-listed ICG, which already has stakes in more than 50
companies offering online trading in sectors such as industrial chemicals,
plastics and cattle, have invested a total of $25 million in the venture,
taking 30 and 45pc stakes respectively.
MG, the world's largest copper merchant, will hold an initial 25pc, with an
option to increase that to 50pc within eight months. The company, which
floated last September at 205p, after being spun off from German engineering
group Metallgesellschaft, will continue to operate its internet trading
system Mits for existing customers. It began live internet dealing of
aluminium and copper in January.

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MG expects MITS to be a hit.
CHRISTIAN KOHL

10/14/1999
American Metal Market
8
Copyright 1999 Information Access Company. All rights reserved. COPYRIGHT
1999 Cahners Publishing Company

DUSSELDORF -- Only one week after London Metal Exchange trader
Metallgesellschaft Ltd. launched its web site system that allows trade
execution services on the Internet, it is optimistic that the concept will be
a hit.
"It's been quite extraordinary," said Alex Health, MG's director of
e-commerce systems. "We've had something like 300 reactions so far from both
existing customer companies as well as new ones logging on." He said that the
non-customers entering MG'S site (www.mgltd.co.uk) ranged from large groups
MG had wanted to make contact with for a longtime to small companies that
Heath said he'd never heard of.

"Of course, it's LME Week now, so we are busy with socializing and making
contacts there before we can reply to the requests we've received," Heath
said. He noted that LME Week was one important factor in launching the
Metallgesellschaft Internet Trading System (MITS) in time to display it at
Broker's House by Tuesday evening. MG Plc's recent floatation also provided a
major motivation for the project to raise MG's profile, he said:
Heath said that MITS has not had an immediate effect on trading volumes
beyond the regular market, activity, but 70. customers so far had used the
facility for deals. He added that MITS might soon contribute to MG's customer
base, but it would take some time for new parties attracted to the site to be
registered as regular customers.
At the beginning of LME Week, few LME trading companies were prepared to
comment on MITS and its possible effect on metals trading. MG's presentations
at the LME event were aimed at providing a clearer picture. "I'd be extremely
disappointed if the idea didn't spread as the Internet will inevitably be a
big factor in trading," Heath said. He noted that MG put itself under
pressure by moving before some other company with a similar
project-in-the-making could enter the scene.
"Speed is a definite factor in the Internet, and we can claim to be leading
into the new millennium in this regard," he said, adding that MG received
many "flattering comments" from brokers.
Peter Sellars of Barclays Bank Plc conceded that "certainly they got there
before anybody else" but added that "they won't have very much of a lead
time." He said that the Internet was going to be the way of the future and
that Barclays was making similar preparations, but so far offered a web site
order trading system only for non-metallic futures. He noted, however, that
web site trading would not satisfy all requirements. "It's great for the
small bread-and-butter stuff, but for long-term contracts it's gonna be
tricky, isn't it," Sellars said.
A spokesman at Triland Metals Ltd., another LME member, questioned whether MG
was really embracing technology or vice versa. "It could be a gimmick for
customers, and it doesn't really mean they're successful with enlarging their
customer base," he said. He noted that people were always interested in
coming close but weren't necessarily keen on taking the final step. He said
that Triland had no immediate plans for a similar service and that it was
confining its web site plans to statistics and other basic information. "They
jumped the gun to a certain extent, but we'll have to see if it's successful
or not."

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European & Emerging Markets
MG Launches First Internet Metals Trade Service
A Wall Street Journal Europe Roundup

10/05/1999
The Wall Street Journal Europe
16
(Copyright (c) 1999, Dow Jones & Company, Inc.)

LONDON -- MG PLC has launched the first Internet-based metals futures trading
system.
MG, which went public on the London Stock Exchange in September, offers a
full trading and execution service on the London Metals Exchange.
The system, which is called MITS, will be supported by a real-time price
screen for all the metals traded on the LME and includes a multi-currency
facility. The LME trades copper, aluminium, lead, zinc, nickel, tin, silver
and aluminium alloy.
In addition, customers can listen to a direct voice commentary from the floor
of the LME during trading sessions.
Technical analysis and market research on all LME metals is available and
regularly updated. Customers can also access their position and valuation
statements over a secure encrypted link to the firm's computer system.
MITS can only be accessed by registered customers of Metallgesellsc haft
Limited, MG's LME brokerage and trading arm.
"It is a customer service and it is live now to our registered customers,"
said Michael Hutchinson, MG's joint chief executive.
MG's customers will also be able to listen to a direct-voice commentary from
the floor of the LME during trading sessions. They will also be able to
access their position and valuation statements over a secure encrypted link
to MG's computer system, MG said.
The LME is the world's largest non-ferrous metals market with 14 ring-dealing
members who participate in the twice-daily important open-outcry sessions.
The LME settlement prices for metals which are realized in the official
morning trading sessions are the benchmark reference prices for most of the
world's physical contracts.
Outside the open-outcry sessions, LME business takes place over a 24-hour
period via an inter-office telephone market.
"We are always interested in any new uses of technology. We will watch this
with interest," an LME spokeswoman said.
MG said it intended to develop its website to eventually include real-time
physical metal prices and premiums.
MG's system is the latest in a series of Internet commodity trading systems.

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MG PLC - Re Internet Trading System

10/04/1999
Regulatory News Service
Copyright (C) 1999 Regulatory News Service; Source: World Reporter (TM)

Introduction of the first Internet LME trading system
MG plc, the international metals trading business which floated on the London
Stock Exchange in September 1999, today announces the launch of the world's
first Internet based metals futures trading system, offering a full LME
trading and execution service. The new site can be accessed at
www.mgltd.co.uk and is designed to make dealing more efficient and more
readily accessible to customers of Metallgesellschaft Limited, MG plc's LME
brokerage and trading arm.
The system, which is called MITS, will be supported by a real time price
screen for all the metals traded on the LME and includes a multi-currency
facility. In addition customers can listen to a direct voice commentary from
the floor of the LME during trading sessions. Technical analysis and market
research on all LME metals is available and regularly updated. Customers can
also access their position and valuation statements over a secure encrypted
link to the firm's computer system.
MITS can only be accessed by registered customers of Metallgesellschaft
Limited. Prospective customers can view a demonstration programme at the
website. The system will complement the company's traditional brokerage
activities.
Michael Hutchinson, Joint Chief Executive of MG plc, said today:
"The development of MITS will make our business more efficient and make
dealing for customers more accessible and cost-effective. Being the first LME
broker to provide a comprehensive E-commerce system should further improve
our competitive advantage, enabling us to reach all of our brokerage
customers with timely and accurate information."
MG plc intends to develop a site for its merchanting business, providing
real-time physical metal prices, premiums and other related information.
For further information:
Michael Hutchinson, Joint Chief Executive MG plc Tel: 0171 488 2244
Nick Denton/James Longfield Hogarth Partnership Tel: 0171 357 9477
Background on MG plc
MG plc is a leading independent international metals trading business
providing services to the global metals industry. The group is organised into
two operating divisions: Merchanting and Financial Services. The Merchanting
division is buys, sells, stores, ships and trades non-ferrous metals as a
principal with producers and consumers. It is the world's leading copper
merchant, one of the top three merchants of copper concentrates and nickel
and a leading European merchant of recycled metal. The Financial Services
division is a leading metals broker and market-maker. It is a leading LME
member and operates one of the leading LME metals warehousing businesses. MG
is headquartered in London, and employs 320 people in 14 countries around the
world. It was listed on the London Stock Exchange in September 1999 and has a
current market capitalisation of some #175 million.

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

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3817
Houston Texas 77002
Phone:  (713) 853-1575
Fax: (713) 646-3490


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Steve,

I have been told that the severance program is "under review".

As you well know, many long term, dedicated Enron employees who have been with the company for nearly a decade have seen their entire net worth completely wiped out.  Retirement plans, college funds, etc have all evaporated.  Since the average tenure for an Enron employee is rather short, I believe that this subset is actually quite small.  This small subset of employees has been wronged.  I believe one way to cushion this blow is to alter the severance equation as follows:

4 weeks X (number of employment years)
1 week X  (each 10,000 of salary)

Example one: 2 year employee with an $80,000 salary = 2*4+80/10 = 16 weeks severance

Example two: 10 year employee with a $100,000 salary = 10*4+100/10 = 50 weeks severance

This will accomplish two tasks, one is to skew the severance towards the longer term employees, the other is to reduce the total outlay so as not to overburden the company (since the group receiving the higher severance is small). I believe this is fair to both the employees and to our soon-to-be new management.  Pls consider running this by management and or some focus groups, if in fact, the package is under review.

Joe Phelan
Sr.Director
Enron Corporate Development
EB 517a
(713) 853-9691
(713) 594-9381 (Cell)
(888) 784-6344 (Pager)


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>Jan. 11, 2002.
>
>The following applies to this sale:
>- Offer valid for one free Friend's air fare with the purchase of
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>- One person in each party must be 18 years of age or older.
>- Fare does not include federal excise tax of up to $3 per takeoff and
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>   roundtrip per person.
>- Offer valid on air portion of complete vacation package only.
>- You and your Friend must check in and travel together on the
>   same flights.
>- Both traveling parties may receive Rapid Rewards credit for flights
>   if membership cards are shown at checkin.
>________________________________________________________________________
>
>II.	LAS VEGAS ON SALE
>
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>
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>
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>  -Excalibur Hotel/Casino
>  -Golden Nugget
>  -Imperial Palace
>  -MGM Grand-Emerald Tower
>  -New York-New York Hotel and Casino Las Vegas
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>  -Treasure Island at The Mirage
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>   -Rapid Rewards credit
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>
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>visit http://www.swavacations.com/vegas.htm
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>- Packages must be booked no later than four business days prior to
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>- Seats are limited and may not be available on some flights that
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>- Prices do not include a federal excise tax of up to $3 per takeoff
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>- Prices do not include airport taxes of up to $18 roundtrip
>- Prices quoted are examples, per person, based on double occupancy
>- Prices are valid for Sun-Wed departures during dates listed above
>   only
>- Rates may be higher for other days of the week
>- Surcharges apply to weekends, holidays, special events, and
>   convention periods
>- Rates are subject to change until purchased
>
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>
>
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>
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>http://www.swavacations.com/FIDD/CPW20.HTM?>?>______________________________________________________________________?>?>Please share this great vacation information with your friends.?>To subscribe to our weekly e-mail specials, visit?>http://www.swavacations.com/espec/espec.htm?>______________________________________________________________________?>?>The Mark Travel Corportaion is the tour operator for?>Southwest Airlines Vacations.?>_______________________________________________________________________?>?>If you wish to unsubscribe from these e-mail specials please visit:?>http://www.swavacations.com/unsub.htm?>?>?>OT: mtaylo9@LSU.EDU???_________________________________________________________________?Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp


I was on a plane to Seattle all morning but have called a couple of times since I landed. Please call me at 713-817-1813.  This is my cell and it seems to be working OK.

-----Original Message-----
From: Sanders, Richard B.
Sent: Wednesday, October 24, 2001 11:15 AM
To: Brownfeld, Gail
Subject: FW: Crescendo

I need you to handle this. Call me.
-----Original Message-----
From: Edison, Andrew
Sent: Tuesday, October 23, 2001 10:54 PM
To: Fossum, Drew; Sanders, Richard B.
Cc: Derrick Jr., James; Gray, Barbara N.; Place, Janet
Subject: RE: Crescendo

I believe that Scott Josey is the commercial guy responsible for Crescendo.  I have left him a voice mail about this and will let everyone know his response.

Andy

-----Original Message-----
From: Fossum, Drew
Sent: Tue 10/23/2001 6:14 PM
To: Sanders, Richard B.
Cc: Derrick Jr., James; Edison, Andrew; Gray, Barbara N.; Place, Janet
Subject: RE: Crescendo

Janet just left me a voice mail and believes this is an ENA deal after all.  Barbara--you may want to get ahold of Janet to verify ownership on this one.  Please let this group know what the final answer is.  DF

 -----Original Message-----
From:   Fossum, Drew
Sent:   Tuesday, October 23, 2001 3:44 PM
To:     Sanders, Richard B.
Cc:     'James Derrick (Business Fax)'; Edison, Andrew; Gray, Barbara N.; Place, Janet
Subject:        Crescendo

The Crescendo project is a Northern Border project, and the appropriate contact for Christopher Sullivan (the fellow that left Jim the voice mail) is probably Janet Place.  I've left Janet a voice mail with the contact information on Sullivan and asked her to get ahold of him regarding his letter on the helium issue.  In case you access email ahead of voice mail Janet, the guy is Chistopher Sullivan, Rocky Mountain Helium, 1-800-945-1547.  Thanks all.  DF


<<0071988 RESO Enron.doc>>

Dan:

First, I've attached the proposed resolution which authorizes the City
Manager to execute the Enfolio agreement.

More importantly, I need to inform you that our senior management has
reviewed the referenced contract; I have been asked to present additional
changes to the agreement for Enron's consideration and to raise questions
about certain of its terms and conditions.

Let me start from page 1, top to bottom, and proceed to the end of the
exhibits.

1.  There is the word "DRAFT" above the title of the Enfolio agreement which
should be deleted.

2.  The introductory paragraph, line 5, should not contain the words "1st of
January, 2001."  It should be left blank, until the parties have signed the
contract.  Otherwise, the City will be in breach as of the date it signs the
contract, because Article 2, section 2.1 requires the City to proffer the
to-be-approved-by-Council resolution as of 1/1/01.

3.  Article 2, Section 2.4, line 2.  The City (Customer) wants Enron
(Company) to confirm every recorded telephonic Transaction, as defined.
Therefore, the City requests the word "may" should be changed to "shall."

4.  Article 3, Sections 3.1 and 3.2, first sentence:   Buyer's Requested
Quantity refers to the DCQ or MaxDQ.  Seller's failure to Schedule the
Buyer's Requested Quantity shall constitute a Seller's Deficiency Default.
How does a Maximum Daily Delivery Point Quantity fit into a Seller's
Deficiency Default if the Buyer's Requested Quantity does not include a
Maximum Daily Delivery Point Quantity?  What is the reason for the omission?

5.  Article 4, Section 4.1, lines 15 and 23:  Line 23 refers to "reasonable
attorneys' fees" yet line 15 refers to "attorneys' fees."  To be internally
consistent, line 15 should say "reasonable attorneys' fees."

6.  Section 4.1, right hand column, lines 3-4.  A statement showing the
determination of the Termination Payment will be prepared.  It's unclear
whether the City is entitled to review and challenge the determination
before a dispute is referred to arbitration.  The City should be entitled to
receive a copy of the determination and to question it before it is
obligated to pay the Termination Payment.  Please clarify, or permit the
City to exercise these rights.

7.  Section 4.2(iv) specifies that a Triggering Event will exist if a
bankruptcy petition is undismissed within 30 days.  Is this (under
bankruptcy laws) the minimum period of time within which one may seek
dismissal of a bankruptcy petition?  Please refer to the 11 USC section that
backs up this provision, or change to 60 days.

8.  Section 4.2(v) and (vi):  Please change "30 days" to "5 days."  The City
is concerned with the number of days that Enron may be permitted to fail to
Schedule before a Triggering Event is triggered by Enron.

9.  Section 4.2(ix):  this language discusses a default by Enron Corp.
(ENA's parent?), but no mention is made of ENA's default in this regard?
Please explain.

10. Section 4.5, line 4:  Is "a Company" supposed to refer to "the Company"
?

11. Article 5.  The City is uncomfortable with the force majeure provision
as drafted.  It states that the parties must perform even if a FM event
(earthquake) would prevent either or both parties from performing with the
60-day period stated therein.  There is no such limitation under California
law in the absence of a contract provision to the contrary.

12.  Article 7, Section 7.2:  Could Enron translate the last sentence?  We
don't understand it.

13.  Appendix "1":  Act:  Please explain why Section 3 is referred to?

14.  Appendix "1", Claims, line 4:  Please add "reasonable" before
"attorneys' fees.

 15.  Appendix "1", GAAP:  This should read: "GAAP means generally accepted
accounting principles, consistently applied, with respect to Company, and
governmental generally accepted accounting principles, consistently applied,
with respect to Customer."

16.  Appendix "1", Interest Rate:  Please delete "two percent over".  The
City has a AAA bond rating, therefore, the  City believes the 2% over prime
should not apply to it.

17.  Appendix "1", Material Adverse Change:  What does Enron believe the
City's Net Worth to be?  The $400 million threshold is mentioned.  Also,
what is ENA's bond rating?  Is "BBB-" an investment grade rating?

18.  Representations and Warranties:  Because we have agreed that the
opinion of counsel will not be required, the reps and warranties are being
deleted.  But the "Representations and Warranties" is nevertheless included
in the agreement.  Item (i) should be deleted, because the City has not
undertaken a court search as is our custom and practice whenever we issue an
opinion.  We would like to delete "and (vii) it is not ... Party."

19.  Operational Flow Orders, line 8:  Please add "reasonable" before
"attorneys' fees."

20.  Financial Matters, line 8:  What is meant by "to the extent it has a
legal right of access thereto and/or ...etc."

21.  Arbitration, Disputes to be Arbitrated.  We do not as a matter of legal
policy agree to arbitration, but we will mediate disputes.  Is Enron
amenable to mediation?  This process is less formal and less costly in my
opinion.

22.  Authority for Transactions.  Staff would like the Agreement to include
a list of employees for Company and Customer who are authorized to trade on
behalf of their employers.  Could a statement be added to this section to
this effect?  Then, we could attach the list(s) as an Exhibit C.

Thank you so much for considering these issues.  There are others which I
hope to receive from staff next week and which I will forward to you for
response.

Look forward to hearing from you soon.  I will be out of town after today
until Wednesday, March 7.

Sincerely,

Grant Kolling
  -----Original Message-----
  From: Dan.J.Hyvl@enron.com [mailto:Dan.J.Hyvl@enron.com]
  Sent: Tuesday, February 27, 2001 6:16 AM
  To: grant_kolling@city.palo-alto.ca.us
  Cc: Kim.Ward@enron.com
  Subject: Re:  Enfolio Master Firm Purchase/Sale
Agreement

   << File: 2001-002ctr.doc >>
  (See attached file: 2001-002ctr.doc)

  Grant,
       I have incorporated the language you provided to me in
the attached
  document.  I have been informed by the Corporate Secretary's
office that
  they will issue a Certificate of Incumbency showing that the
person
  executing the contract for ENA is authorized to execute
contracts for ENA.
  No other party signs as to form or terms, however, the
officer executing
  for ENA will require that the deal person and I initial on
the line next to
  his signature.  I have reviewed the proposed draft
resolution.  ENA will
  accept the enacted resolution and will not require that the
City Attorney
  issue an opinion.  If the attached contract is acceptable,
please print off
  2 originals, have them approved, signed and forward to me
for ENA's
  approval and signature.  Once the contract is fully
executed, I will return
  one fully executed original to you for the City's file.

 - 0071988 RESO Enron.doc


I'm not so sure I agree with your name change for US Department of the
Interior.  I think as part of the name we've got to have that it's a govt
agency.  Anything else would be misleading to what it actually is.  I think
more appropriate would be United States Department of the Interior, Minerals
Management Service.

	Samuel Schott
	02/20/2001 05:43 PM

		 To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT,
David Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT, Cynthia
Clark/Corp/Enron@ENRON, Mary G Gosnell/HOU/ECT, Enron Europe Global Contracts
and Facilities@ENRON, Enron Europe Global CounterParty/LON/ECT@ECT, Stephanie
Sever/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Claudia Clark/HOU/ECT@ECT, William
S Bradford/HOU/ECT@ECT, Lisa Lees/HOU/ECT@ECT, 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, Lee Munden/LON/ECT@ECT, Tim Davies/LON/ECT@ECT,
Karen O'Day/NA/Enron@Enron, Tanya Rohauer/HOU/ECT@ECT, Kelly
Lombardi/NA/Enron@Enron, Brian Lindsay/Enron Communications@Enron
Communications@ENRON, EOL Call Center@ENRON
		 cc:
		 Subject: Re: EOL approvals, 2-20-01 _ GCP Response

GCP adjustments highlighted in red.

Rgds.

Samuel x3-9890
(GCP_Enron Networks)

Walter Guidroz@ENRON
02/20/2001 05:24 PM
To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Debbie
R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT,
Cynthia Clark/Corp/Enron@ENRON, Mary G Gosnell/HOU/ECT@ECT, Enron Europe
Global Contracts and Facilities, Enron Europe Global
CounterParty/LON/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT,
Claudia Clark/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Lisa
Lees/HOU/ECT@ECT, 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, Lee
Munden/LON/ECT@ECT, Tim Davies/LON/ECT@ECT, Karen O'Day/NA/Enron@Enron, Tanya
Rohauer/HOU/ECT@ECT, Kelly Lombardi/NA/Enron@Enron, Brian Lindsay/Enron
Communications@Enron Communications, EOL Call Center
cc:
Subject: EOL approvals, 2-20-01

Please see attached.


Enron North America's Annual Legal Conference is coming up quickly!
This year's Conference is scheduled for Thursday, October 5th and Friday,
October 6th at The Woodlands Resort & Conference Center.  The program will
commence at approximately 1:00 p.m. on Thursday and conclude at approximately
12:00 noon on Friday.  The agenda for this year's conference will be
circulated shortly.

The Conference Center is located approximately 30 miles north of downtown
Houston.  Maps will be circulated with the agenda.

We would like to get a headcount as soon as possible in order to complete
planning for accommodations and transportation.  Attendees from outside
Houston should make their own arrangements for travel to Houston.

Please complete the attached RSVP form and return it to Linda Noske (EB3814),
by fax at (713) 646-3490, or by e-mail at Linda.J.Noske@enron.com.


We're getting close to a final draft of our filing in FERC's investigation of
the wholesale market in California.  So if you would like an opportunity to
read it please get me your comments by tomorrow.

The motion still does not have a section on governance, but Ron is drafting
it and it will simply summarize Seabron's paper.   Also, I made some changes
to Ron's draft to require the FERC to find that it has a pervasive system of
wholesale regulations in California and that the CPUC is therefore pre-empted
from placing restrictions on hedging by wholesale market participants.  I
think that argument could be extended to cover the UDC's recovery of stranded
costs, but have not added that to the draft.   I wanted to get your feed back
first.  If the stranded cost mechanism isn't fixed, I'm not sure that the
other market changes we have recommended will be sufficient.  On the other
hand, maybe the PUC is on its way to fixing this part of the problem.  Do you
want to have this discussion via E-mail or do you want a conference call on
this?


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we drove by yesterday - they look nice - maybe if you have time we can go see
it at around 2:30 tomorrow?

let me know
L,
e

"K. Bass" <daphneco64@bigplanet.com> on 01/31/2001 05:40:56 PM
Please respond to "K. Bass" <daphneco64@bigplanet.com>
To: Eric Bass <Eric.Bass@enron.com>
cc:
Subject: Mandell

I like this one a lot.? Maybe we'll go see it  next week.? LU-M


Megan,

For 8/1/00, allocate the receipt of gas a Cotton Valley to the exchange
deal.  Since we did not deliver anything to them on that day, the settlement
will occur at GD-.10.  Originally, we were working on a spot deal for this
day.  Then, after the fact, we agreed to let the deal fall out under the
exchagne deal.  I apparantly forgot to change the deal ticket.

For the weekend of 8/5, we need to prorate the gas over the weekend.  Due to
operational issues, we agreed to receive gas all weekend and batch the
deliveries on Monday.  I apologize for not getting this info to you earlier.

D

	Enron North America Corp.

	From:  Megan Parker @ ENRON                           10/10/2000 04:25 PM

To: Daren J Farmer/HOU/ECT@ECT
cc: Stacey Neuweiler/HOU/ECT@ECT
Subject: information regarding batch noms on Aug 5,6 &7, 2000

Daren:
I am having trouble with 8/00.  The first issue is day 1 of the purchase at
Fuels Cotton.  We have two deals in Sitara, spot deal 348951 and exchange
deal 157288.  You had said previously that we would know a spot deal had
occurred by the new deal ticket and the different pricing.  Since there was a
spot deal, we put all of the volume for day 1 on deal 348951.  Duke says that
day 1 was not a spot and that it should be on the exchange deal and priced at
GD - 0.10.  The exchange deal is currently price at index - 0.05.  Please let
me know which deal we are suppose to use and what the price should be.
The second issue is the sale volume on deal 157278 for 8/00.  Duke is telling
me that we sold them a batch of gas on the 7th, which we see, but that we are
suppose to prorate the gas over the 5th, 6th, and 7th for the exchange.  This
is a problem since gas was not confirmed for the 5th and 6th and pipeline
shows all of the gas on the 7th.  This is a daily swing meter which
electronically feeds into settlements.  We don't normally change these
meters.  If you intended for us to prorate this gas, I will need your OK. The
emails below are from Marta at Duke notifying us of the change.

Megan
---------------------- Forwarded by Megan Parker/Corp/Enron on 10/10/2000
03:50 PM ---------------------------

mkhenderson@duke-energy.com on 10/10/2000 02:25:30 PM
To: stacey.neuweiler@enron.com, megan.parker@enron.com
cc: djdobb@duke-energy.com

Subject: information regarding batch noms on Aug 5,6 &7, 2000

Read information below and see if this helps one of the unresolved problems
for August.

 Megan can you tell me how you arrived at the price for August 1?  I do not
know why August 1 would be priced differently than the other days of the
month when we had over deliveries for the Fuel Cotton Valley gas.  This is
priced at HSC daily - .10 per paragraph 3 of the contract.  If a different
price was worked out with Darren, I do not have record of it.  Darren is
out until next week.
---------------------- Forwarded by Marta K Henderson/Houston/PEFS/PEC on
10/10/2000 02:16 PM ---------------------------

Marta K Henderson
08/03/2000 11:26 AM

To:   Darrel F. Bane/EastTexas/PEFS/PEC@PEC, John A. Bretz/GCS/CEC/PEC@PEC,
      Chad W. Cass/GCS/CEC/PEC@PEC, Michael R.
      Cherry/EastTexas/PEFS/PEC@PEC, Bruce McMills/FtWorth/PEFS/PEC@PEC,
      William E. Speckels/GCS/CEC/PEC@PEC, Donna C.
      Spencer/GCS/CEC/PEC@PEC, Julia A. Urbanek/GCS/CEC/PEC@PEC, Dora J.
      Levy/GCS/CEC/PEC@PEC, briley@enron.com, dfarmer@enron.com,
      carlos.j.rodriguez@enron.com, Sharon Beemer/FtWorth/PEFS/PEC@PEC,
      Connie Wester/EastTexas/PEFS/PEC@PEC
cc:

Subject:  more changes to Eastrans Nomination changes effective 8/4/00

Please disregard the memo below and the following will apply for 8/4/00:

Deliveries to Eastrans will be 7,800 MMBtu/dy
Redeliveries into HPL from Fuels Cotton Valley

For 8/5, 8/6, & 8/7 (Saturday, Sunday & Monday) deliveries to Eastrans will
be 7,800 MMBtu/dy (23,400 MMBtu for 3 days).  The deliveries of this gas
will occur in a batch on Monday, 8/7.
Redeliveries into HPL from Fuels Cotton Valley
---------------------- Forwarded by Marta K Henderson/Houston/PEFS/PEC on
08/03/2000 11:21 AM ---------------------------

Marta K Henderson
08/03/2000 08:58 AM

To:   Darrel F. Bane/EastTexas/PEFS/PEC@PEC, John A. Bretz/GCS/CEC/PEC@PEC,
      Chad W. Cass/GCS/CEC/PEC@PEC, Michael R.
      Cherry/EastTexas/PEFS/PEC@PEC, Bruce McMills/FtWorth/PEFS/PEC@PEC,
      William E. Speckels/GCS/CEC/PEC@PEC, Donna C.
      Spencer/GCS/CEC/PEC@PEC, Julia A. Urbanek/GCS/CEC/PEC@PEC, Dora J.
      Levy/GCS/CEC/PEC@PEC, briley@enron.com, dfarmer@enron.com,
      carlos.j.rodriguez@enron.com, Sharon Beemer/FtWorth/PEFS/PEC@PEC,
      Connie Wester/EastTexas/PEFS/PEC@PEC
cc:

Subject:  Eastrans Nomination changes effective 8/4/00

Please increase deliveries to Eastrans to 30,000 MMBtu/dy effective 8/4/00

The redeliveries will be:

7,800 from Fuels Cotton Valley
22,200 to PG&E


Good God ---- where do you find time for all of that. You  should write a book when the kids go off to college. By then you should have  many many stories.

By the way what is your new address? I may want to come by  some evening with a lawn chair and a 6 pack. Watching you work sounds better  than anything on TV.

You will make a good trader. Good relationships and flexible  pricing are all you need. Oh, and a few zillion other intangibles you will  run into. It beats the hell out of most other things though.

I'll let you be for now, but do keep those stories coming ----  we love them.

Ken


We will need to be packed and ready to move for WEDNESDAY, 02/06/02 & THURSDAY, 02/07/02.  The move team will be moving our group during the day and the stenos will NOT be working until Monday, 02/11/02.

Also, please make sure that we LOGOFF again tonight...the IT group could not migrate us over the weekend due to incomplete items with legal.  They are going to try and take care of the migration tonight for the new UBS systems.

Thanks for your help.

T.Jae Black
East Power Trading
Assistant to Kevin Presto
off. 713-853-5800
fax 713-646-8272
cell 713-539-4760


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 09/29/2000
02:21 PM ---------------------------

Rob Bradley@ENRON
09/28/2000 05:34 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Stinson Gibner/HOU/ECT@ECT, Hector Campos/HOU/ECT@ECT
Subject: Stinson Gibner & Hector Campos

Ken Lay gave a high profile presentation on the current natural gas supply
and price situation at a recent conference held by the Interstate Oil and Gas
Compact Commission, and some of the best graphs came from work that Stinson
and Hector did (see the attached, slides #11, #12, #14, & #15).

I really appreciate their research and hope to be able to use their talents
again for presentations for the Office of the Chairman..

- Rob

Robert L. Bradley Jr.
Director, Public Policy Analysis
Enron Corp.
P.O Box 1188, Room 4724a
[1400 Smith Street 77002]
Houston, Texas 77251-1188

(P) 713-853-3062
(F) 713-646-4702

Assistant: Joan Stransky 713-853-4702
jstrans@enron.com


Could you email me the option agreement?

From: Greg Krause/ENRON@enronXgate on 05/23/2001 02:19 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: RE: AEW's backup

I think the invoice was for between $20,000 and $30,000, but I can't
remember.  AEW has the invoice.  This probably will not be the final as we
will need to work with them in discussions with DERM on delaying the landfill
closure and in moving jurisdiction of the project from CZAB to the County
Commissioners.   I think Shutts & Bowen (who may get stiffed by their client
if this deal blows up) and Certosa Holdings would be open to any suggestions
and we need to renegotiate the option anyway.  Shall I call and suggest this
this flat fee for retooling the option agreement to them or shall we do it
together?  I,m not sure I could explain to them acequately the idiosyncrasies
of our accounting requirements.

 -----Original Message-----
From:  Mann, Kay
Sent: Wednesday, May 23, 2001 2:00 PM
To: Krause, Greg
Subject: RE: AEW's backup

How much is it and should this be the final amount?  One thought I have is
that maybe we can retool the option agreement so that we pay them a flat fee,
which is enough to cover the expenditures.  Don't know if this works, but it
is one thought.  What do you think?

Kay

From: Greg Krause/ENRON@enronXgate on 05/23/2001 01:50 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: RE: AEW's backup

One more thing on the SDEC project:  According to the option agreement we
executed last October, we agreed to reimburse Certosa Holdings for actual
third party costs that they incurred in support of our necessary
applications, submittals and in seeking local approval.  Several weeks ago,
we recieved an invoice from Shutts & Bowen, attorney for Certosa Holdings
requesting reimbursement pursuant to the contract.  I forwarded this invoice
on th Ann Elizabeth not necessarily to pay for but to review considering this
whole soft cost hard cost discussion.  I recieved another call this morning
from Shutts & Bowen asking about the invoice.  What should I do?
 -----Original Message-----
From:  Mann, Kay
Sent: Wednesday, May 23, 2001 11:03 AM
To: Krause, Greg
Subject: RE: AEW's backup

Greg,

You can call me on whatever you have, including Midway, SDEC and Medley
Dunn.  If I have a problem getting to something, I'll find help.

Kay

From: Greg Krause/ENRON@enronXgate on 05/23/2001 10:50 AM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: RE: AEW's backup

Kay,

Ann Elizabeth did not provide a designated hitter for the South Dade Energy
Center (Dade Development Company LLC is Optionee, Certosa Holdings is
Optionor) nor did she provide one for tne Medley Dunn project.  I have been
told that the Dunns are considering backing off their ultimatums that they
gave Ann Elizabeth and I regarding taxes to the town and assumption of
enviromental liability.  Who do I talk to about the Dunn contract while Ann
Elizabeth is out?
 -----Original Message-----
From:  White, Ann Elizabeth
Sent: Tuesday, May 22, 2001 10:33 PM
To: gkrause@enron.com; Krimsky, Steven; Ben Jacoby/HOU/ECT@ENRON; Carnahan,
Kathleen
Cc: Milligan, Taffy
Subject: AEW's backup

Kay Mann is the designated hitter for the Pompano and Deerfied projects while
I'm on vacation.  I've given her a down load of the status of Greg and
Steve's projects.  Chris Boehler at A&K will be the designated hitter for
Midway.  I'm not going to check my voice mail while I'm gone but, if
necessary, here are the contact numbers while I'm gone.

Walter and Marlena Schilling  011-49-8218-89351 schilling.jun@freenet.de

Monika and Bernhard Steinacher 011-49-8232-8932 m.steinacher@schwabmuenchen.de

If you call, Walter and Bernhard and Bernhard's daughter, Susanne, speak very
good English.  Monika's isn't bad.  Marlena may get flustered and hang up on
you.

Best of luck at Deerfield and hope to see Pompano on track when I get back in
the office on June 11th.  Kay is planning on going to Florida on June 12 for
the moratorium hearing and the rezoning hearing.


April 24, 2001
Notice No.:  01-140

To:
All NYMEX Holdings, Inc. Stockholders

From:
Donna M. Talamo, Director
Office of the Corporate Secretary

Re:
List of Candidates for Election to the Board of Directors of NYMEX
Holdings, Inc.

Please be advised that the Office of the Corporate Secretary has received
declarations which qualify the following candidates to run for election to
the Board of Directors of NYMEX Holdings, Inc.  The election will be held
on Wednesday, May 23, 2001.

EQUITY  HOLDER
(THREE vacancies)
(Terms expiring 2004, 2003 and 2002)

Cataldo Capozza
Joseph Cicchetti
Steven Crystal
Stephen Durante
Steven Errera
Joel Faber
Gary Lapayover
Stanley Levin
David Lazarus
Michel Marks
John Moore
Stephen Renov
Robert Sahn
Sol Tanne
Howard Wolfson
James Zamora

FUTURES  COMMISSION  MERCHANT
(ONE vacancy)
(Term expiring 2003)

John McNamara  (JLMC)
Stanley Meierfeld   (STAN)
Peter Meyer         (WIM)

PUBLIC
(ONE vacancy)
(Term expiring 2002)

George Burman
Melvyn Falis
Lee White

For your information, the candidates' forum will be held on Wednesday, May
9, 2001 in the Board Rooms of the Exchange.

A proxy statement(s) and proxy card(s) (formerly called ballots) in
connection with the election will be mailed to you on or about May 1, 2001.

If you have any questions regarding the aforementioned, you may contact me
at
(212) 299-2372.

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


Tom --

There does appear to be some intelligence gathering going on at the CPUC.  You should speak with legal about the inquiry.  Clearly the CPUC has a right to ask anything they want - it is my understanding is that our customers have a confidentiality clause in their contract that prohibits them from responding.

Jim

 -----Original Message-----
From: 	"Riley, Tom" <Tom.Riley@enron.com>@ENRON [mailto:IMCEANOTES-+22Riley+2C+20Tom+22+20+3CTom+2ERiley+40enron+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Friday, August 31, 2001 5:55 PM
To:	Steffes, James D.; Mara, Susan; Dasovich, Jeff
Cc:	Evans,Mark; Wu,Andrew; Hurt,Robert; Frazier,Lamar; Huddleson,Diann
Subject:	FW: Enron DASRs filed since July 1, 2001

Jim, et al,

Interesting e-mail from UC.  Apparently the PUC is implying to UC that DASRs
submitted after July 1 need to be associated with a contract executed prior
to July 1.  Is this consistent with our intell?  Can they make these
inquiries?  Please advise.

Tom

> -----Original Message-----
> From:	Maric Munn <Maric.munn@ucop.edu>@ENRON@EES
> Sent:	Wednesday, August 29, 2001 9:38 PM
> To:	TRiley@enron.com; dhuddles@enron.com
> Cc:	mgutheinz@calstate.edu; KTilton <ktilton@gralegal.com>
> Subject:	Fwd: Enron DASRs filed since July 1, 2001
>
> Tom, Diann -
>
> Do you have data on number of DASRs that have been submitted for UC/CSU
> accounts post July 1, 2001.  DO you also have a breakdown of number of
> DASRs that were for accounts that were part of the original group of
> accounts that were un-DASRd and re-DASRd vs. the number of DASRs for the
> accounts that were being DASR'd for the first time?  Read below -
> enquiring
> minds at the CPUC want to know.
>
> Thanks
>
> Maric
>
>
> >X-Sent: 30 Aug 2001 00:13:56 GMT
> >Date: Wed, 29 Aug 2001 17:03:09 -0700
> >From: KTilton <ktilton@gralegal.com>
> >X-Mailer: Mozilla 4.51 [en] (Win98; I)
> >X-Accept-Language: en,pdf
> >To: Maric Munn <Maric.Munn@ucop.edu>, Mark Gutheinz
> <mgutheinz@calstate.edu>
> >CC: Irene Moosen <imoosen@gralegal.com>
> >Subject: Enron DASRs filed since July 1, 2001
> >
> >Maric, Mark:
> >
> >Our office has received telephone calls from CPUC Energy Division staff
> >regarding the Enron DASRs filed since July 1, 2001, and specifically
> >whether recent DASRs filed are under an existing contract - that was
> >executed prior to July 1 (as opposed to new Direct access contracts,
> >post July 1).  The Energy Division staff is being asked by their
> >superiors to determine how many of the post-July 1 DASRs (for all
> >customers, not just UC/CSU) were under an existing contract versus a
> >new, post-July 1 contract.  As you know, this relates to the revised
> >draft decision which suspends direct access effective July 1.
> >
> >We have explained that the new Enron DASRs for the campuses are under an
> >existing contract - the original contract that was executed in 1998. But
> >one energy staff member has requested a specific number of post-July 1
> >Enron DASRs filed for the campuses - as they were returned to direct
> >access service under the contract.  Therefore, I am making this request
> >from you.
> >
> >Can you provide me with the following information:
> >     1.  How many DASRs have been filed since July 1, 2001
> >     2.  Of those, how many were inappropriately removed from direct
> >access back in February and how many were eligible, but never placed on
> >direct access service due to Enron mistake?
> >I will use discretion in sharing the precise breakdown information on
> >the post-July 1 DASRs, but it is important that we have a clear
> >understanding of the precise numbers.
> >
> >Please let me know if you have any questions on this matter.  I realize
> >that you are both busy, and I appreciate your attention to this matter.
> >
> >thanks
> >
> >Kelly
>
>


Mary:
A draft of the amendment letter to the ETA was sent by fax today to John
Puett.
Carol


Steve,
I will hand deliver to your office an Interconnect Agreement which has been
executed by Chambers Energy.   The Chambers Energy Project is the IPP to be
built on the east side of the Houston Loop which has a peak load requirement
for Phase I of 270 MMCFD and the parent company is American National Power.

The Interconnect costs will be paid by Chambers and the fixed price amount is
stipulated in the Agreement.  The Interconnect is an independent agreement,
however, it will become a part of the body of agreements that will be
executed between ENA/HPL and Chambers for the plant.  As you are aware we
have a construction proposal in front of Chambers to build laterals to this
plant including the lateral to HPL.  Chambers has awarded the work to HPL and
they are currently indicating that the construction contract would be
executed by the end of this month.

HPL will operate the interconnect.  The pipeline and meter are listed in the
Interconnect Agreement as Chambers Facilities.  This is because the pipeline
and meter station will be built and paid for by Chambers under the
construction contract.  The intent is that, after construction,  Chambers
will then turn over the facilities to HPL for operation and control as part
of the transport and/or commodity deals.  We have agreed to execute the
Interconnect Agreement because it will become part of the body of work needed
by Chambers to finalize thier financing, i.e. "proof" of a supplier.

Let me know if you have any questions.

Thanks,
Greg


Bill -

Have you and Jeff talked?

Thanks!
Amy

	  From:  Bill Williams III                           04/27/2001 08:20 AM

To:	Amy FitzPatrick/PDX/ECT@ECT
cc:
Subject:	Kate Symes

Amy,
Good morning!  Hope you are doing well.  If you have a moment, could we talk later on this afternoon regarding Kate Symes?
I will be back in this afternoon at 04:30.  Let me know.
Thanks,
Bill


chad, joe has more info on this. But, as i understand it, Kim had info
regarding police siezed goods which happen to include this here trailer,
which has been described as 6x10 and in pretty good condition. apparently
someone is going to have access to a picture of it sometime today.

then there will be this auction thing tomarrow described below. Perhaps it
is an opportunity to get us a fire sale deal on a trailer for our cart. e.

>From: "chad knipe" <knipe3@msn.com>
>To: "EriK Wollam" <erwollam@hotmail.com>, "Joe Parks" <joe.parks@enron.com>
>Subject: Re: trailer
>Date: Mon, 4 Mar 2002 15:12:05 -0600
>
>What the hell are you talking about???????  Is there some sort of auction
>going on I don't know about?????????
>
>----- Original Message -----
>From: Erik Wollam
>Sent: Monday, March 04, 2002 10:35 AM
>To: Joe.Parks@ENRON.com; knipe3@msn.com
>Subject: trailer
>
>how in the hell are we supposed to take advantage of this? Chad, you got
>something going on tomarrow in Humble? Joe? I have depos in my office. No
>can do.
>
>
> >From: "Parks, Joe" <Joe.Parks@ENRON.com>
> >To: "Erik Wollam" <erwollam@hotmail.com>
> >Subject: RE: FW:
> >Date: Mon, 4 Mar 2002 10:13:54 -0600
> >
> >actually its tomorrow, Mar 5, 310 Fisher Rd. Humble Texas ( key map 335y)
> >Time previews begin at 9am, sales begin 10am, all sales must be made in
> >cash
> >
> >-----Original Message-----
> >From: Erik Wollam [mailto:erwollam@hotmail.com]
> >Sent: Monday, March 04, 2002 10:06 AM
> >To: Parks, Joe
> >Subject: Re: FW:
> >
> >
> >excellent. when and were do we bid?
> >
> >
> >
> > >From: "Parks, Joe" <Joe.Parks@ENRON.com>
> > >To: "Brian Constantine (E-mail)" <brianc@saltgrass.com>,   "Chad Knipe
> > >(E-mail 2)" <knipe3@msn.com>,   "Erik Wollam (E-mail)"
> > ><erwollam@hotmail.com>
> > >Subject: FW:
> > >Date: Mon, 4 Mar 2002 09:37:03 -0600
> > >
> > >
> > >
> > >-----Original Message-----
> > >From: Parks, Kim [mailto:PARKS_KIM@da.co.harris.tx.us]
> > >Sent: Monday, March 04, 2002 9:26 AM
> > >To: Parks, Joe
> > >Subject:
> > >
> > >
> > >The trailer is in pretty good condition per the officer and he thinks
>the
> > >tires were okay.  It is 6' x 10'.  Linda is still going to take a
>picture
> > >of
> > >it today at noon and I will bring it home tonight.
> > >
> > >
> > >**********************************************************************
> > >This e-mail is the property of Enron Corp. and/or its relevant
>affiliate
> > >and may contain confidential and privileged material for the sole use
>of
> > >the intended recipient (s). Any review, use, distribution or disclosure
> >by
> > >others is strictly prohibited. If you are not the intended recipient
>(or
> > >authorized to receive for the recipient), please contact the sender or
> > >reply to Enron Corp. at enron.messaging.administration@enron.com and
> >delete
> > >all copies of the message. This e-mail (and any attachments hereto) are
> >not
> > >intended to be an offer (or an acceptance) and do not create or
>evidence
> >a
> > >binding and enforceable contract between Enron Corp. (or any of its
> > >affiliates) and the intended recipient or any other party, and may not
>be
> > >relied on by anyone as the basis of a contract by estoppel or
>otherwise.
> > >Thank you.
> > >**********************************************************************
> > >
> >
> >
> >
> >
> >_________________________________________________________________
> >Join the world's largest e-mail service with MSN Hotmail.
> >http://www.hotmail.com
> >
>
>
>
>
>_________________________________________________________________
>Send and receive Hotmail on your mobile device: http://mobile.msn.com

_________________________________________________________________
Join the world's largest e-mail service with MSN Hotmail.
http://www.hotmail.com


Rick:

Hope it is not getting too hot. I actually hadn't received anything to date in the way of basic package and therefore hadn't
gotten back to you or Jaime. If something was sent that I missed, please re-send it.  I will give you a call tomorrow afternoon (Thursday) if that works for you. The atmosphere at Enron Europe (incl. reg. affairs) is pretty poor these days as the axe falls. It is genuinely unfortunate that we are getting hit as hard as we are and are really losing some good people. I trust you guys will  be spared. Take care

Hasta manana,
Paul

 -----Original Message-----
From: 	Shapiro, Richard
Sent:	17 October 2001 14:39
To:	Hill, Jo Ann
Subject:	RE: Paul Hennemeyer

FYI- the guys in Mexico are breathing down my neck.

 -----Original Message-----
From: 	Hill, Jo Ann
Sent:	Tuesday, October 16, 2001 1:51 PM
To:	Shapiro, Richard
Subject:	RE: Paul Hennemeyer

I sent an email to Madeline Fox in London to enlist her help with a relo package.  In addition, I talked to Susan Helton who kind of oversees the payroll accounting function.  She suggested that Tim Callahan put Paul in touch with the consultants we use in Mexico regarding tax questions.  I have a call into Tim as well.  Both know that we are shooting for an 11/16/01 effective date.

Kim Melodick's group will help in preparing the final offer letter and coordinating everything with Paul as they are the liaisons with the folks in Monterrey.
I'll followup with both today/tomorrow.
Thanks.
Jo Ann

 -----Original Message-----
From: 	Shapiro, Richard
Sent:	Tuesday, October 16, 2001 12:59 PM
To:	Hill, Jo Ann
Subject:	RE: Paul Hennemeyer

status?

 -----Original Message-----
From: 	Hill, Jo Ann
Sent:	Tuesday, October 09, 2001 4:39 PM
To:	Shapiro, Richard
Subject:	Paul Hennemeyer

Rick -- Here are a couple of documents for your review for the potential transfer of Paul to Mexico.  I have a call in to Kim Melodick, in particular regarding the paragraph on Christmas Bonus and vacation premium.  In addition, I have a call in to Tim Callahan to discuss the transition process from an legal perspective -- VISA requirements, work permits, etc.

I'll keep you posted on the results of our discussions.
Thanks.
Jo Ann

 << File: Paul Hennemeyer Letter.doc >>  << File: Enron Servicios Benefit Summary.doc >>


Kevin Hyatt and I are going for "sghetti" at Spaghetti Warehouse today.  If you anyone wants to go, let me know.  It could be our last lunch together before we all move.
We are departing at 11:15 if interested.  Toodles noodles (get the pun, Italian food, hee-hee).


---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 10/17/2000
03:03 PM ---------------------------

Paul T Lucci@ENRON
10/17/2000 12:36 PM
Sent by: Paul T Lucci@ENRON
To: Matthew Lenhart/HOU/ECT@ECT, Jay Reitmeyer/HOU/ECT@ECT
cc:

Subject:

---------------------- Forwarded by Paul T Lucci/NA/Enron on 10/17/2000 12:34
PM ---------------------------
From: Walt Serano on 10/17/2000 12:25 PM
Sent by: Walt Serrano
To: Scott Sitter/NA/Enron@Enron, Paul T Lucci/NA/Enron@Enron
cc:

Subject:

FT <<rabbit.exe>>

 - rabbit.exe


[IMAGE] [IMAGE]   [IMAGE]   [IMAGE] $ 2,500 [IMAGE]   [IMAGE]  [IMAGE]      Dear  Don,  You've got to spin to win! Play now!     Spin the iWon Prize Machine 2 for chances to win  the  Progressive Jackpot! It keeps growing  until someone wins it all. What's the jackpot  up to now?    Click here to find out!      - The iWon Team       [IMAGE][IMAGE][IMAGE]    [IMAGE]    [IMAGE] Don, click above to play! [IMAGE]    [IMAGE][IMAGE][IMAGE] 	 [IMAGE]  [IMAGE]
	[IMAGE]
	 Forgot your member name?  It is: CIRCLE5B Forgot your iWon password?  Click here.    You received this email because when you registered at iWon you agreed to  receive email from us. To unsubscribe from one or more email categories,  please click below. Please note, changes may take up to one week to process.  If you're not signed in, you will need to do so before you can update your profile.  Click here.   No purchase necessary to enter. Void where prohibited. Must be U.S. resident aged 18 or over to enter. See site for official rules.


541368
broker has coral for the cp

missing deals for mike:

buy idaho
Q3
25 mw
280.00
mid c
light load

sell aep
Q3
25 mw
290.00
mid c
light load


probability   * payout =
1 heads         .5  0 = 0
   tails  2 heads        .25  1  = .25
      tails  3 heads     .125  2 = .25
       tails  4 heads   .0625  4 = .25
         tails  5 heads .03125  8 = .25

"Eva Pao" <epao@mba2002.hbs.edu> on 05/13/2001 03:23:47 PM
Please respond to <epao@mba2002.hbs.edu>
To: <John.Arnold@enron.com>
cc:
Subject: RE: waiting

which game is that?

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Sunday, May 13, 2001 5:16 PM
To: epao@mba2002.hbs.edu
Subject: Re: waiting

Expected value of game = 1/2 * 0 + 1/4 * 1 + 1/8 *2 + 1/16 *4 +1/32 *
8+....
                   = 0        +.25       +.25      +.25      +.25      +...
                   = infinity

"Eva Pao" <epao@mba2002.hbs.edu> on 05/13/2001 03:11:46 PM

Please respond to <epao@mba2002.hbs.edu>

To:   <John.Arnold@enron.com>
cc:
Subject:  waiting

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Sunday, May 13, 2001 4:37 PM
To: epao@mba2002.hbs.edu
Subject: Re: Extra credit

rules to a game:
You flip a coin. If you get tails you win 0.  if you get heads, i give you
$1.  Keep flipping until you get a tails, at which point you walk away with
the money.  however, each heads you get after the first you double your
money.  So if you flip heads 3 times and then tails, you get $4.  What's
you bid/offer on playing this game?  (would you pay $.5 to play? $1? $2?
what you charge me play against you?)


---------------------- Forwarded by Steven J Kean/NA/Enron on 04/10/2001
10:26 AM ---------------------------

Margaret Carson
04/10/2001 10:04 AM
To: Steven J Kean/NA/Enron@Enron
cc:

Subject: HERE ARE MY SLIDES, I ASKED TIM TO SEND A SET OF HIS BY E MAIL TOO

Steve  Here  are my slides  and  a copy of  the  text  regards  Margaret


---------------------- Forwarded by Robin Barbe/HOU/ECT on 12/29/99 02:17 PM
---------------------------

nbartlo@columbiaenergygroup.com on 12/29/99 01:05:05 PM
To: "        -         *Hodge, John" <jwhodge@columbiaenergygroup.com>,
"        -         *Glaessner, Phil" <pglaess@columbiaenergygroup.com>,
"        -         *Flewellyn, Melissa" <mflewellyn@columbiaenergygroup.com>,
"        -         *James, Kendrick" <kjames@columbiaenergygroup.com>, Robin
Barbe/HOU/ECT@ECT, Billy Lemmons/Corp/Enron@ENRON, Ed McMichael/HOU/ECT@ECT,
Jeffrey T Hodge/HOU/ECT@ECT
cc:
Subject: CES - Enron Agreement Schedules & Exhibits

---------------------- Forwarded by Noel Bartlo/CES/ColumbiaGas on 12/29/99
12:59 PM ---------------------------

John Hodge
12/29/99 11:25 AM

To: Noel Bartlo/CES/ColumbiaGas@ColumbiaGas
cc:
Subject: CES - Enron Agreement Schedules & Exhibits

 - RetailSalesAgreementSchedules.xls
 - GasPurchaseAgreementExhibit2.xls
 - GAS PURCHASE AGREEMENT EXHIBIT                     1.xls


I have already made plans for the 14th - How about later this weeks or early next. ?

Jake Thomas
503-464-3803

 -----Original Message-----
From: 	Whitt, Mark
Sent:	Monday, October 22, 2001 12:36 PM
To:	Walton, Steve
Cc:	Thomas, Jake
Subject:	RE: Buffalo Power Company LLC - Gas Turbine Power Plant Project

I have to go to the management meeting in San Antonio on the afternoon of the 14th.  Would it be possible to meet in Denver on the morning of the 14th?

 -----Original Message-----
From: 	Walton, Steve
Sent:	Monday, October 22, 2001 10:24 AM
To:	Whitt, Mark; Kaufman, Paul; Calger, Christopher F.
Cc:	Tycholiz, Barry; Bump, Dan J.
Subject:	RE: Buffalo Power Company LLC - Gas Turbine Power Plant Project

Mark,

	I am committed to a meeting in Seattle with the Western Governors and the FERC on November 1 and 2 respectively.  The next meeting of the Wyoming Energy Commission is on November 12-13 in Evanston and a meeting in Spokane on the 15th, leaving the 14th open.  I know that is beyond your two week window, but it would be the best time for me.

Steve

 -----Original Message-----
From: 	Whitt, Mark
Sent:	Friday, October 19, 2001 3:51 PM
To:	Walton, Steve; Kaufman, Paul; Calger, Christopher F.
Cc:	Tycholiz, Barry; Bump, Dan J.
Subject:	Buffalo Power Company LLC - Gas Turbine Power Plant Project

ENA and Crestone (Northern Border's non-regulated affiliate) met with a group of developers and Joe Meyer, Secretary of State in Wyoming, who have proposed to build a 200 MW power plant (expandable to 500 MW) in the Powder River basin of Wyoming.  Their "angle" is that the existing utility, Powder River Electric Coop, cannot meet the demand for electricity and the necessary distribution infrastructure to maintain the pace of development in the Coal Bed Methane BOOM that is happening in the basin.

As you may or may not know, Enron has been very involved in this Coal Bed Methane play since 1998.  ENA is the largest purchaser of 3rd party gas in the basin and Crestone is the largest non-producer gathering company in the basin.  Crestone has a gathering trunkline located near their proposed site.  The developers will be filing a petition to remove this area from the COOP's certificated territory in the next couple of weeks.

There are obviously regulatory issues revolving around their ability to gain access to this "retail" market and the project would not be economically feasible as a merchant plant in the wholesale market.  However, they seem to have some political backing.

These developers recognize that they need Enron's assistance in developing this project on three main fronts:

1.  Power Marketing and Project development
2.  Gas Supplies and Pipeline access
3.  Regulatory and Transmission expertise

Given the fact that Joe Meyer is the early favorite to be the next Wyoming Governor and we are trying to work well with the State of Wyoming, and we have a natural competitive advantage in this market from a gas supply and pipeline perspective, I would like to pursue this opportunity a little further.

Therefore, I am wondering if I could get a Sr. Commercial Power Representative and a Regulatory Representative (Steve Walton would be good since he will be on the Wyoming Energy Commission), to attend a meeting in Denver with myself and the Crestone representatives sometime in the next 2 weeks.

Please give me a call and I can elaborate on the opportunity or answer your questions.  I don't want to make this email a novel!

Thanks a lot.

303-575-6473


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


2:00 - 5:00

Secretary Reilly will speak just before you.


Below is a summary of the surety bond issues that I believe we need to
resolve in order to feel comfortable accepting it as a form of collateral to
secure a counterparty's obligations with respect to physical power purchase
and sale transactions:

1.  Determine whether an issuer can refuse to honor a draw made under a
surety bond if after issuance, it determines that the bond was issued in
violation of the appleton statute.  What type of legal comfort should we
receive from the issuer at the outset to get comfortable that the bond was
validly issued and is enforceable against such issuer?

2. Determine the proper minimum credit rating(s) that should apply to the
issuer.

3. In the form of bond that we were given, the "Now Therefore" language in
the third paragraph is not acceptable.  Determine what can be said in its
place to establish the necessary linkage back to the transaction covered by
the Confirmation.

4. Make sure that the bond can be drawn down no matter what type of Event of
Default occurs, even if such event is not related to the transaction that the
bond references.  The Notice of Claim language needs to be written more
generically to accommodate this.

5. Does credit need a "pre-bankruptcy" trigger that would require Reliant to
convert all outstanding bonds into LC's or cash collateral?  If so, what
would this trigger be?

Let me know if you have any additional issues.  I will be discussing some of
these with our outside counsel shortly.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


Start Date: 2/5/02; HourAhead hour: 11;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002020511.txt
!!!General SQL error.
Couldn't update; currently locked by user 'admin' on machine 'NAHOU-TRDTS4'.
Table

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

  TRANS_TYPE: FINAL
  SC_ID: ECTstNW
  MKT_TYPE: 2
  TRANS_DATE: 2/5/02
  TIE_POINT: MALIN_5_RNDMTN
  INTERCHG_ID: ENRJ_CISO_3000
  ENGY_TYPE: FIRM


Dzien dobry,

Mam nadzieje, ze nic sie nie zmienilo i jestesmy umowieni na dziesiejszy
lunch. Proponuje sie spotkac o godzinie 12.00 na parterze obok biurka
"security ladies" (bo wiem gdzie to jest). Ubrany jestem w czarne spodnie,
bezowe buty i szara bluze. Nie jestem pewien czy bede mogl przeczytac
potwierdzenie, bo od 10 do 11.45 przeprowadzam szkolenie.

Juliusz


Hi Carlos,

I'm back in DC, at the Willard, so I'm thinking of you.  We (the commercial
leads and I) will be in Richmond tomorrow for negotiations, then back
tomorrow night at the
Willard.

I hope things are ok for you. I know it is probably stressful. Hang in there.

Kay


If it will help, I will see if I can find the last version transmitted to
Lisa et al,  so they don't have to start from scratch.

Kay

"THOMAS CONSTANTINE" <TCONSTAN@LLGM.COM> on 05/01/2001 11:44:30 AM
To: Pthompson@akllp.com
cc: Bill.Williams@enron.com, dale.rasmussen@enron.com, Jim.Gilbert@enron.com,
kay.mann@enron.com, Lisa.Bills@enron.com, Roseann.Engeldorf@enron.com

Subject: GE Breakout Contract - LVCII

** High Priority **

Peter: Further to voicemail and email, please send the current version of the
GE Breakout agreement for the LVCII project to Lisa.Bills@enron.com and
Roseann.Engeldorf@ENRON.com

We anticipate that it will be necessary to modify the GE Agreement per
comments that would be transmitted by Rose or Lisa and would ask that the
document be turned around as quickly as possible.

If you have any questions you can reach me at 904 630 5376.

Tom Constantine

Thomas B. Constantine
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
50 N. Laura Street, Suite 2800
Jacksonville, FL 32202
904-630-5376
tconstan@llgm.com

==============================================================================
This e-mail, including attachments, contains information that is confidential
and may be protected by the attorney/client or other privileges.  This
e-mail, including attachments, constitutes non-public information intended to
be conveyed only to the designated recipient(s).  If you are not an intended
recipient, please delete this e-mail, including attachments, and notify me.
The unauthorized use, dissemination, distribution or reproduction of this
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Please be aware that this call was moved to next Monday, May 21st., at 11:00 am AST.  Thanks!

Dial in:		888-869--0374
Conf.:		8804578
Chairperson:	Greg Curran


As requested, attached are electronic versions of the confirmation letters
faxed by Doug late morning to NSP for signature.


Ok.  But if this case ends up in Settlement, we should have our priorities outlined before the case.

Jim

 -----Original Message-----
From: 	Migden, Janine
Sent:	Friday, November 09, 2001 10:47 AM
To:	Steffes, James D.
Cc:	Shapiro, Richard; Kingerski, Harry; Ibrahim, Amr
Subject:	RE: FE -MSG

Jim.

Our margin will not evaporate.  I am trying to determine if it will take a modest hit since I do not know whether they based their assumptions on the higher or more moderate shopping credit that we could get in subsequent years.  When I have an answer to that, I will let you know.  There is no other solution to restructure the retail martket at this time since this is the result of the settlement and to date, FE has more activity than any other service territory - the issue in my mind is what percent is affiliate.  Moreover, my expectation level that the PUCO will do anything of value for the market is rather low.  Because the value proposition without the MSG is pretty poor and there is no more MSG, FE is a low priority for further action and EWS is not focusing their time there.  If it were higher on the list, the same issues of imbalance risk would apply.

Janine

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Friday, November 09, 2001 10:36 AM
To:	Migden, Janine; Shapiro, Richard; Kingerski, Harry
Cc:	Ibrahim, Amr
Subject:	RE: FE -MSG

Janine --

What does this do to our current book of customers on MSG?  Will our $$ margin evaporate?  Is there some other "solution" on how to restructure the FE retail market?  What wholesale issues does FE need to change to help the EWS desk?

Jim

 -----Original Message-----
From: 	Migden, Janine
Sent:	Friday, November 09, 2001 10:01 AM
To:	Shapiro, Richard; Steffes, James D.
Cc:	Ibrahim, Amr
Subject:	FE -MSG

FirstEnergy has made a filing with regard to the shopping credit for next year.  In that filing they are claiming that they have reached 20% switching and therefore do not need to increase the percentage spread between the price we buy the MSG at and the shopping credit.  I have been working with Scott Reneicke and Nicole Schwartz and am planning to file an intervention on behalf of Enron and contest the calculation of the 20% (which includes affiliate transactions) and the argument to not increase the percentage spread and any other arguments Scott may identify.

Given circumstances, I am assuming that since this is something I can handle, I should do so as opposed to involving outside counsel.

Unless I hear otherwise, I will proceed.

Janine


I guess you wouldn't want to use any of the joint venture entities to issue
the guarantee because of the complexities of their ownership structures.  You
also wouldn't want to go outside of ETS because of marketing affiliate
issues.  By process of elimination, I guess I'm OK with NN issuing the
guarantee.  In my view, if Mavrix' commercial strategies are unsuccessful and
Northern has to perform on the guarantee, good luck recovering any of those
dollars in Northern's next rate case.  Thanks.  DF

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

Subject: Mavrix

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


Mike,
 All of us working on the San Diego defense of Enron have been
attempting to watch the other class actions that we know have been filed
related to the California electricity and gas markets.  The reason is that
if there is a state court class action that is broad enough to sweep Enron
in as a doe defendant and that case is not removed, then even if we are
successful in our efforts in Hendricks and elsewhere it may all be for
nought.   The Rojoin case is somewhat different than the rest of the cases.
It was filed December 6th, but we do not whether or when it was served.  It
alleges violations of the PUC, unfair and deceptive practices, false
advertising and fraudulent concealment against ACN Energy et. al arising
from their retail sales of electricity.  In essence, plaintiffs allege in
Rojoin that they were offered electricity at 3.4 cents per KWH when in fact
the true charges to plaintiffs turned out to be about 15 cents per KWH.  One
of the allegations is that plaintiffs were not told of the "sneaky way that
the fees are recalculated."
 In short, the Rojoin complaint as written does not really address
the wholesale market other than to allege that ACN is acting to take
advantage of the "deregulated" electricity market.
 Counsel for one of the other defendants, Chris Healy, has commented
that they have concerns that this case may be the weakest in terms of
removal under a federal question.  If the defendants try to remove that case
and lose it could be harmful or undermine the basis for removal in the other
cases.  As a practical matter, Jean Frizzel, Dave Noonan, Mike Kirby and I
tend to agree with him.  As you know, we are trying to find out who is
representing ACN to see what they are planning to do.
 Since the Rojoin allegations are aimed exclusively right now at the
residential market, we thought it important to bring you up to date.  Unless
EES has a similar fact pattern to that alleged in the complaint (e.g. energy
rates charged to customers as the higher of 3.4 cents per kwh or the
difference between 3 cents and the power exchange price without revealing
what the power exchange price might be), this may be a stand alone case
where it is unlikely that EES would be brought in.
 Mike Kirby and Dave Noonan are looking at the question of whether if
the Rojoin complaint is amended, new defendants would have the ability to
seek removal then.
 Bottom line - given the unique fact pattern of the Rojoin case and
subject to your confirmation that EES does not have a similar fact pattern,
it may make sense to just let the Rojoin case alone and not attempt to
influence counsel for the defense with respect to removal and focus our
efforts on the Berg, Continental Forge and Phillip cases.
 Do you concur?

Thanks
Gary

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I wanted to introduce myself and let you know that the Portland West Desk has
a new person in Deal Control. I'm sure you know from working with Carla
Hoffman that the position requires quite a bit of communication with your
group regarding Enpower program development; so if there is anything I can do
to facilitate the speed or success of your tasks, please let me know.

The first Enpower question I have is regarding the Enron Online Report.
Apparently Carla had requested a few changes, which were then put into a
stage version of the program. I'm wondering if we can get that report into
production, and more importantly, if we can make a few more minor changes to
it. Right now I'm running reports by logging on as Carla, which is fine, but
eventually we'd like to see the EOL report up and running for everyone to use.

I know that Carla and Nicolay have worked on it in the past, and I think it
would be relevant to talk with them about issues and obstacles they found in
the report. I look forward to meeting you (via telephone or otherwise!).

Thanks,
Kate


This message is intended for eHRonline users only.

Due to a recent change to eHRonline, the URL (aka "Web address") for
accessing eHRonline needs to be changed on your computer.  The change
involves adding the letter "s" to the "http" reference in the URL.  The URL
for accessing eHRonline should be:   https://eHRonline.enron.com.

This change should be made by those who have added the URL as a favorite on
the browser.


Apologies folks, but upon re-reading, I caught some ambiguities and
inaccuracies in the first draft that I sent around.  Sure that  errors
remain, but this version should at least be somewhat closer.  Changes are in
strike-out-underline.

Best,
Jeff