To ease your mind, Stephanie said that this is on her "block out" list.....
no worries.

From: Tana Jones on 12/08/2000 01:44 PM
To: Lisa Lees/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT
cc:
Subject: European Physical Power

I'm just sitting here worrying about one of my side deals with Frank, so just
to reiterate a global shut down (like-no one does Credit Derivatives unless
we really mean it), no non-European based counterparty (in all probability,
no counterparty originating from U.S. Credit) should be approved to trade
European physical power products.  They have licensing requirements similar
to our FERC licensing.

Thanks!


i doubt cros will end up going.  sat night is val's engagement party.  i just
want to stay there for maybe an hour.  where are you watching the game
tonight?


We have arranged for John Griffith to go to Chihuahua with you. I have given
him the El Paso rate information (there are conflicts with your spreadsheet)
and provided the big picture overview.  I advised Agustin that there is still
no capacity available on El Paso, therefore, we may need to purchase gas from
an existing shipper to make this work (Burlington?)

Please let me know if  you have any questions - I am in PRC meetings on
Monday.

Regards,

Stephanie


Note the new ATC features below.
 -----Original Message-----
From: 	"Stuart Wright" <stuart@friedwire.com>@ENRON [mailto:IMCEANOTES-+22Stuart+20Wright+22+20+3Cstuart+40friedwire+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, July 30, 2001 2:58 PM
To:	productalert@friedwire.com
Subject:	Traffic Report outage and new product enhancements

To Our Valued  Traffic Report Clients,

Today, FriedWire's  Traffic Report experienced a disruption in service as a result of network and  general connectivity problems caused by third parties.  We apologize for  this inconvenience and are working with all of our partners to insure that this  does not happen again.  As always, we remain committed to providing you  power markets information around-the-clock.
Product Update
FriedWire has just added significant new content and  capability to the Traffic Report, which areoutlined below.  Please contact us for  brief, online tutorials on how to use the new features.
NOAA Climate Prediction Center (CPC) Weather  Forecasts
    3-7 day Maximum Temperatures
    6-10 day Outlook and Temperature Probability
    8-14 day Prognostic Temperature Anomaly
    Excessive Heat Outlooks (for the same time periods listed  above)
    Precipitation Outlooks and Anomalies
***You may also be able to set up e-mail notification  services to alert you when the new forecasts become available so that you don't  have to continually check to see if the new data have been posted.
Available Transmission Capacity
FriedWire has developed a new interface that will allow you to search for  available transmission by path.  The new geographic interface will allow  you to choose a path and then view the detailed ATC offerings and then navigate  to easily see reverse-path information, thru-path offerings, offerings from  non-path providers and more.
***E-mail and wireless text-paging notification  services are now available along with the new ATC interface.  Now, you can  be automatically notified when new ATCs are posted by providers or on paths that  you track ongoingly.  You can custom define your alerts according to the  provider, path, service increment, time period, class, etc.that you're  interested in, as well as define when you want to be contacted (days of the  week, time of day, times per day, etc.).
The following additional product upgrades have been  deployed:
All hourly offerings are now reflected in military  time designations.
Hourly ATC selection reflected now as a range  (i.e.; 13:00 - 14:00) instead of hour-beginning 1:00 PM.
Eight new flowgates have been added for  Sierra-Pacific Power and 74 for MidAmerican Energy.  They all have  Intertie Profiles and can be located by selecting "View All Interties".   All will be located and plotted on the power flow maps in the next couple of  weeks.
 You can now add one (or multiple) e-mail and  text-page addresses easily in order to get Alerts from the Traffic  Report.  Simply click on the link that says "My Account" at the top  right-hand corner of any Traffic Report screen and look for the link just to  the right of the E-mail * input field that says Enter additional  e-mails.  Go to the Add an E-mail Contact link at the bottom of the next  screen.

We hope you enjoy and find useful the new version of  the Traffic Report.  Please stay tuned for more exciting additions in the  near future.
Sincerely,
Bill Townsend
President
FriedWire Inc.


I didn't know about this one.  I'm going to follow up with Brent on this one
and I will get back to you in a day or so.  We'll save the Scott Mills
discussion for a later date!

On another note, I enjoyed lunch today.  Let me know when you want to get out
of the building again sometime.  --Sally

Louise Kitchen
06/05/2000 04:59 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Aghh!

Brent Price just stole Jennifer Denny - no discussion or anything.  So I
obviously will get Scott Mills in return!
Louise


---------------------- Forwarded by Sara Shackleton/HOU/ECT on 08/02/99 10:58
AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Patricia Cini                           08/02/99 10:58 AM

To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: Duke Energy International ISDA

We have not received anything yet.  Carol Gravener is my new Duke contact for
this ISDA and I left a message today with her to see exactly when she sent it
out.  She is out of her office until Wednesday so, I may not receive a
response before then.

When I spoke to her on July 28th, she said that they were sending the
comments to us so, I assume that we should be seeing them this week,

Regards,

Pat

Sara Shackleton
08/02/99 10:22 AM
To: Patricia Cini/HOU/ECT@ECT
cc:
Subject: Re: Duke Energy International ISDA

FYI - We have not received anything.  Have you?  ss

	Enron Capital & Trade Resources Corp.

	From:  Patricia Cini                           07/28/99 06:07 PM

To: Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Sara Shackleton/HOU/ECT@ECT, Marie Heard/HOU/ECT@ECT
Subject: Duke Energy International ISDA

Duke did not send comments back to us like Julie Dill had advised a couple of
weeks ago.  However, they will be sending these to us tomorrow.

Regards,

Pat


Last month all of your donations helped Enron raise a grand total of $6 million for the United Way, including our corporate match.  Once again Enron employees made a difference and contributed more than any other pacesetter company in Houston. Also, congratulations to Elaine Brown with Enron Global Markets who won the drawing for two round-trip airline tickets for participating in this year's campaign.  Thanks to everyone at Enron for your generosity!

This week Enron and the United Way of the Texas Gulf Coast have entered in to yet another exciting partnership. Beginning with the Astros vs Giants game on Tuesday, October 2, one of Enron's primary signs at Enron Field will feature the United Way logo alongside the Enron logo.

The decision to include United Way's logo on the sign marks the first time in history that a naming rights partner is sharing exposure on one of its primary in-stadium signage locations with a non-profit partner.  This sign is also a free, innovative way to demonstrate Enron's support of the United Way and promote the agency's role in our community.

The millions of fans who attend Astros games each season will see the sign.  Be sure to look for this history-making sign hanging high above the outfield.


John Zurita     (eesi)<jzurita@enron.com> at Enron Energy Services, Inc. has been given access to the following MUI applications:

eData Energy Contracts

If you have any questions please contact your account manager(s):

Richard  Ring     (eesi)


Start Date: 1/22/02; HourAhead hour: 5;  HourAhead schedule download failed. Manual intervention required.


Ina,
 Please sign me up for this course whenever Hunter is signed up. Thanks


Is this on Vanessa's update list?  Are users happy with the results?
---------------------- Forwarded by Sally Beck/HOU/ECT on 04/04/2001 01:39 PM
---------------------------
From: Zhiyong Wei/ENRON@enronXgate on 04/04/2001 01:07 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Update for Executive Report Viewer project

Sally,

I just want to give you an update on the Executive Report Viewer project in
case you are not aware of the status. The development of the ERV project has
been completed and delivered on schedule. The feedback from the demo was very
positive. The application has been handed over for user acceptance test.

Thanks

Zhiyong


I received a message from your brother Mark Shillings. He mentioned that he would be working with you in managing some of your personal accounts and wanted to communicate with me about such.
Do I have your authority to discuss your banking business and accounts with him ? Also is there anything in particular you and he are looking to do that we may be able to help with ?
CONFIDENTIALITY NOTICE:
************************************************************************
The information contained in this ELECTRONIC MAIL transmission
is confidential.  It may also be privileged work product or proprietary
information. This information is intended for the exclusive use of the
addressee(s).  If you are not the intended recipient, you are hereby
notified that any use, disclosure, dissemination, distribution [other
than to the addressee(s)], copying or taking of any action because
of this information is strictly prohibited.
************************************************************************


Here are my initial comments:

There's no clear triggering event which would expedite the internal approval
process.  For instance, paragraph 3 is a current obligation (re
landscaping).  It would be easier to process this agreement if the
effectiveness of this agreement commences when we  file for a building
permit.  I understand that we would have to pay some of this prior to the
time the permit is issued, but again, magic words help.

Paragraph 6 on right of first refusal for power.  Looks like a free call for
the next 30 years.  Just want to make sure you've bought in on this.  Other
than the obvious valuation impact, it could impact a purchaser's ability to
obtain project financing.

Kay


jsavitt@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List:

The NYISO is reserving hours-beginning 1, 2, 16, 17, and 20-23 in the 25
November 2000 real-time market to verify prices.
The prices in the 26 November 2000 Day-Ahead market are correct.
Pursuant to ECA20001006B the NYISO is reserving prices for the following hours
at the following buses:
PJM: 00:00-05:00, 09:00-14:00, 19:00-23:00
HQ: 23:00
OH: 23:00
NE: 23:00


Please see below the latest edition of GlobalFlash!

Thanks,
Tracy
---------------------- Forwarded by Tracy Ralston/EU/Enron on 27/09/2000
15:16 ---------------------------

Enron Europe General Announcement@ECT
27/09/2000 14:57
Please respond to Jackie Gentle/LON/ECT
To: ECT Europe, ECT Asia Pacific
cc:

Subject: Newsletter: GlobalFlash!

EUROPEAN ALL STAFF UPDATE TODAY - HOW TO SUBMIT QUESTIONS

Following is a reminder on how to submit questions for today's Q&A session.

- Join the audience in the auditorium
- Send an email to (Enron Europe Office of the Chairman) prior to or during
the presentation
- Ask a question via telephone during the Q&A session (please call ext. 30550)

Please note that it can be viewed live on IPTV in London, Amsterdam,
Stockholm, Frankfurt and Madrid.

Videos will be available after the event, if you would like a copy please
contact Mary Gopalan on +44 207 783 6856 or by email.

Chairman's Award Promotion prior to All Employee Meeting

The deadline for submitting your nominations for the Chairman's Award is fast
approaching.  Nomination forms will be available throughout Enron House today
from 4.00 pm until 5.00 pm at the central pitstop on each floor.  Please
collect a form and at the same time help yourself to a pastry.  Your input
into this important process is appreciated.

ENRON SAILING DAY - Victory for UK Power

An outstanding day racing Sunfast 36 boats for Analysts and Associates took
place on the Solent on Saturday 2nd September.  Boats crewed by members of
Global Finance, Legal, UK Power and Gas, EBS, Enron Metals and Global Fuels
all took part.  It was a bright sunny day, perfect big boat conditions with a
fresh force 4/5 from the west.  After an exhilarating day racing all the
boats returned safely to the port with recognition going to UK Power, overall
winners with two first places; Enron Metals for a sporting performance in a
much bigger boat and putting in a few extra miles from the Hamble; and the
EBS 'Booze Cruisers'.

ONSITE PHYSIOTHERAPY

The Tone Zone now has an onsite physiotherapist who can treat the following
problems/injuries:

Lower back pain  Tennis/golfers elbow
Neck/Shoulder pain  Muscles/tendon/ligament tears
Nerve Entrapments  Biomechanical and overuse injuries
Headaches/Whiplash

Also on offer is a free GP/Physio referral service for Enron staff who have
opted for the Norwich Union Healthcare Scheme, together with free mini
consultations to ascertain the need for treatment, which could entitle you to
10 physio sessions tailored around your working day.

Please contact Robin Holland on ext 30999 or email RobinHolland/LON/ECT@ECT
if you would like to book an appointment.

ENRON HOUSE HELPDESK

Enron House Helpdesk offering their services.....

We are here to answer any queries you have regarding Enron House.  We can
help with any cleaning issues, problems with chairs, shelves to be  moved,
ordering keys for pedestals, desk returns or cabinets, faulty kitchen
equipment.  Any building maintenance problems i.e., lighting, temperature,
blocked toilets and anything you have seen that is in need of repairing. We
can help with office moves i.e., extra crates or crates to be moved. Any
security problems including car/bike/motorbike parking or auction
information.  Do you require any large boxes to be picked up or collected? or
do you require a vase? or if there's anything your not sure of give us a
call.....34040 Enron House Helpdesk option 3 on your telephone..........
[I wonder if they can do anything about the state of Newcastle Utd's defence
.......Ed.]

NEW STARTERS

A warm welcome this week to William Morley (Doc. & Deal Capt), Andrea Hoey
(Trade Accounting), Stewart Forsyth (Fin Ops Ext Rptg), Glen Howitt, Andy
Williams (EES EAM Devt & Eng), Julie Swaysland (EOL Marketing), Angelo Corbo
(EBS-Orig/ENT-UKBWT), Claire Sargent (HR), Deepak Sehmi (EBS Enterprise
Orig.), Bruno Gaillard (European Government Affairs), Thomas Rice (Fin Ops
FP&A Income), Rudy Dautel (Gas Trading), Brent Storey (Global Transaction
Clearing), Vatche Mindigian (Energy Operations), Maggie O'Meara (UK
Origination), Sarah Davidson, Saskia Martinska (Enron Metals).

OSLO OFFICE NEW STARTERS

In the last few months the following people have joined the Enron office in
Oslo.  A warm welcome to Line Alfarrustad (Oslo Trading), Bjorn Wennberg,
Georg Artmann, Bard Andersen (Oslo Origination), Hege Kleven (Oslo support)

AND THE WINNER OF LAST WEEK'S QUIZ IS........

Congratulations to Cyrus Kazak for being last week's Quiz of the Week winner.
 The answer was smile.

AND FINALLY ...... IS THIS THE FUTURE FOR THE GIGABITE?


(See attached file: Delta11-28.xls)

_____________________________________________________________________________________________________________________________________

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Toute utilisation de ce message non conforme a sa destination, toute diffusion ou toute publication, totale ou partielle, est interdite, sauf autorisation expresse.

L'internet ne permettant pas d'assurer l'integrite de ce message, BNP PARIBAS (et ses filiales) decline(nt) toute responsabilite au titre de ce message, dans l'hypothese ou il aurait ete modifie.
	----------------------------------------------------------------------------------
This message and any attachments (the "message") are intended solely for the addressees and are confidential. If you receive this message in error, please delete it and immediately notify the sender.

Any use not in accord with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except formal approval.

The internet can not guarantee the integrity of this message. BNP PARIBAS (and its subsidiaries) shall (will) not therefore be liable for the message if modified.
_____________________________________________________________________________________________________________________________________

 - Delta11-28.xls


james r barker ees      patricia downey ees

donnie myers/na/enron

ENA sold EES 5,000 dth a day delivered on Iroq Zone 1.  The price is $3.14.
The total volume is 150,000 for the month.  Patricia is only showing a
purchase in your system of 140,000 for the month.  I think you forgot to put
in some of the buy/sale activity.

My system shows ENA delivered 130,000 to Canajoharie and 5,000 to Tenn-Wright
one day (you though little ol' ENA was taking advantage of you).  For 3 days
we bought the gas back from you and we are showing the buy/sale activity at
Tenn-Wright.  The total buy/sale volume is 15,000.  I think you need to add
another 10,000 to your buy/sale activity.

Let me know if you have any questions.  Buddy


they will call in, however their number is 505-992-3660


Return Receipt

 Your
 document:

 was received Liane Kucher/ST/FIS
 by:

 at:          03:21:44 PM Today


I'd send to Leff for distribution.

	Karen Denne
	02/12/2001 03:52 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Info request

Any idea who this would go to?
---------------------- Forwarded by Karen Denne/Corp/Enron on 02/12/2001
03:48 PM ---------------------------
From: Cindy Derecskey on 02/12/2001 08:52 AM
To: Karen Denne/Corp/Enron@ENRON
cc:

Subject:

----- Forwarded by Cindy Derecskey/Corp/Enron on 02/12/2001 08:51 AM -----

	"M. Kavanaugh" <kavanaughm@interquest.de>
	02/10/2001 12:04 PM
	Please respond to kavanaughm

		 To: <public-relations@enron.com>
		 cc:
		 Subject:

Hello, and thank you for taking time to answer my question.

Your company was recently awarded $1,650,000 from a project called AB 970
(Demand Responsiveness Program) from the California Energy Commission. I
have read the simple paragraph of the overall concept of the program.
But,can you please provide me specifics on what you plan to do with that
money?

I am also looking for information that you can provide concerning if you
will be working with a company named Conectisys Corp with regards to this
program and two way communications devices or advanced metering devices.

Thank you for you time with this matter.

Sincerely,

Michael Kavanaugh
mkavanaugh@hotmail.com


Deal that matches 505118 is in - #504970.

Thanks for waiting,
Kate

Kerri Thompson@ENRON
01/25/2001 02:12 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: apb checkout

505118
term should be 26-27

missing deal just like deal 505118

505223 price should be 300.00

misssing 2 deals for bob, will get details.

thanks


Charles --

My final edits.  Let's talk.  Also, please let John Shelk and Sarah look at before sending to EPSA.

Jim

 -----Original Message-----
From: 	Yeung, Charles
Sent:	Friday, October 26, 2001 9:26 AM
To:	Steffes, James D.; Bestard, Jose; Rodriquez, Andy
Cc:	Shapiro, Richard
Subject:	Enron Support for One Stop Shop

Here is a new version of the document I plan to provide EPSA and NERC.

I wish to get this to Mark Bennett today and to Dave Nevius.

 << File: Enron Principles on New SSO ver2.doc >>


Attached is the preliminary agency agreement related to the Cleburne Plant.
This is strictly confidential, so please do not pass this info on to others.
I will let you know when we have finalized the contract and send you a copy.

D
---------------------- Forwarded by Daren J Farmer/HOU/ECT on 12/08/2000
01:04 PM ---------------------------
From: Sandi M Braband on 11/21/2000 10:36 AM
To: Garrick Hill/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Gas Management Agreement

Attached is the red lined draft of the Gas management Agreement with the
changes we discussed. Please review and give me your comments. If you can
supply any of the needed Notice info in Section 8 please let me know---


We are headed for the abyss here, but we cannot keep this from the banks.
Let's go ahead and get it on the table.

Richard A Lammers
02/20/2001 02:28 PM
Sent by: Richard A Lammers
To: Rob G Gay/NA/Enron@Enron
cc: John Novak/SA/Enron@Enron, Jose Bestard, Peter E Weidler/NA/Enron@Enron,
Eddy Daniels/NA/Enron@Enron, crankin@velaw.com

Subject: Re: Dear Sirs,

I think the way this letter ends will most likely cause the banks more
heartburn. Rob-please confirm if you will send it to the banks along with
jose's note.Thanks

John Novak
02/20/2001 01:55 PM
To: Rob G Gay/NA/Enron@Enron, Richard A Lammers/SA/Enron@Enron, Peter E
Weidler/NA/Enron@Enron, Eddy Daniels/NA/Enron@Enron, crankin@velaw.com
cc:
Subject: Dear Sirs,

---------------------- Forwarded by John Novak/SA/Enron on 02/20/2001 04:54
PM ---------------------------

"MLN - Mila Leite Nascimento" <Mln@tozzini.com.br> on 02/20/2001 03:59:44 PM
To: <john.novak@enron.com>, <Jose.Bestard@enron.com>
cc: "CEB - Cl?udia Bonelli" <CEB@tozzini.com.br>

Subject: Dear Sirs,

Dear Sirs,

As requested, please find attached the translation of the letter received by
Mr. Laine Powell from Furnas on February 8, 2001, which refers to the EPE
letter of January 29, 2001.
If you need any clarification, please contact us.

Best Regards,

Mila L. Nascimento

 - FURNLET.DOC


Rogers,

From the short term, my belief is in the current deregulation environment that we only do physical service.  I think Standard Offer Service  will be changing a lot as states work through deregulation issues.

Jay

Rogers Herndon@ECT
05/21/2001 09:38 AM
To:	Sean A Holmes/HOU/EES@EES, James B Wood/EWC/Enron@ENRON, James W Lewis/HOU/EES@EES, Jeremy Blachman/HOU/EES@EES
cc:	Kevin M Presto/HOU/ECT@ECT, John J Lavorato/Enron@EnronXGate, Don Black/HOU/EES@EES
Subject:	Pending Reg Switch Option Deals?

Everyone -

Are there any Reg Switch Option Deals currently in the pipeline?  Specifically, I mean deals whereby we offer a near term index that goes away either date certain or upon de-reg date and switches to an Index plus adder.  The assumption historically being that we offset the near term discount by purcahsing standard offer service post dereg which is valued lower than index + adder.

On a broader note, do we have ANY deals coming down the pipe that are predicated on us receiving the benefit of Standard Offer Service (date certain or otherwise).

Jay -  can you come up with a game plan for identifying our potential current MTM-P&L exposure relating to date certain de-reg and standard offer assumptions.

Thanks,
Rogers


I am out of the office from Thursday 25 October returning on Monday 29 October.  Please contact my assistant Nina Edmonds on 0207 783 6739 if you require urgent assistance.  Thanks.


does this mean that on a volatility basis he thinks the options are attractively priced?  if so, i don't want him having any input to their pricing.

-----Original Message-----
From: Lavorato, John
Sent: Mon 7/30/2001 10:45 AM
To: Whalley, Greg
Cc:
Subject: FW: How are we doing on the contracts?

Greg
I you want a laugh read the Motley section about gamma trading.
 -----Original Message-----
From:   Belden, Tim
Sent:   Thursday, July 26, 2001 2:02 PM
To:     Kitchen, Louise
Cc:     Lavorato, John; Fitzpatrick, Amy
Subject:        RE: How are we doing on the contracts?

Crandall done
Badeer done
Swerzbin submitted comments on Monday;  feedback will be given to him today - some met some not;  Mike's comments on our feedback due on Monday;  should be in a position to execute next week.
Heizenrader is good on numbers and still talking language.  Final issues relate to language about breaking laws or regulations and all of the accusations that are out there about Enron and it's employees breaking laws and regulations.  Michele Cash has talked to Sanders and Haedicke about this stuff.  Tim H., Michele, Amy Fitzpatrick (HR Generalist in PDX) and I met today.  We think that we have arrived at language that will work for everyone.  Ball is in Michele's court to turn another draft around to us.
Belden - I am good on the numbers.  I have have concerns about indemnity against California and West Power related lawsuits.  I also want to formalize the arrangement that I have with Haedicke with respect to Enron covering my legal fees associated with the west power investigations.  Michele is going to take a cut at some language.  She also needs to convince me that I am covered by the Directors and Officers indemnifications which are part of Enron's bylaws and Delaware law.
Richter - he's been lame about giving me his comments.  I've been lame about riding him on it.  I will do that today.
Wolfe - Greg currently is considering offers from Calpine, AEP, and Enron.  AEP is offering significantly more money.  Greg needs to decide where he wants to work and who he wants to work with.  There is a very real chance that we lose him.  However, we've shown his a great bid, so we will just have to get by if he leaves for a lot of money.  When I say a lot, he is talking about guaranteed 600k per year, roughly.
Motley - has declined our offer.  The total numbers looked good, but he doesn't like Enron options.  If we took his Option value and put it into cash or restricted stock he would be done.  I mentioned it to John and he didn't want to do that.  On the one hand, if that will get him done I think that it's a great outcome.  On the other, we showed him some good numbers and I respect the fact that John wants to keep things consistent.  Tough call.  He did mention that if Enron's Treasury department would let him gamma trade his options withodd lots and no margin requirement that he would take the options.  He has a legitimate point that he has no way of assuring that he can achieve the value of the options.  It's also very hard to argue with an options trader on this point.

 -----Original Message-----
From:   Kitchen, Louise
Sent:   Thursday, July 26, 2001 11:23 AM
To:     Belden, Tim
Subject:        How are we doing on the contracts?

Keep hearing silence.............................


Return-Path: <monfan@ruf.rice.edu>
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Reply-To: <monfan@rice.edu>
From: "Felix Feng Lu" <monfan@ruf.rice.edu>
To: "Jason Sokolov" <jason.sokolov@enron.com>
Cc: "Vince Kaminski" <VKaminski@aol.com>
Subject: Project for Energy Derivatives
Date: Mon, 30 Apr 2001 17:27:19 -0500
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Dear Jason and Dr. Kaminski,

Attached are files for our project. The word section is in .pdf format and
excel models are zipped to reduce size. You need to unzip the file first to
view the models. When reading the excel file, press "F9" to initiate
calculations.

Our team members are also interested in meeting with Dr. Kaninski to talk
about the models and visit Enron's trading facility.

We appreciate the excellent class Dr. Kaminski has brought to us.

Felix Feng Lu
on behalf of our team

********************
Felix Feng Lu
MBA Candidate, Class 2001
Jesse H. Jones Graduate School of Management
Rice University
phone - 713.942.8472 / fax - 714.908.7914
monfan@rice.edu
********************

 - winmail.dat


depelschen children's home dinner


Just so you don't forget me.  I know its early but I'm interested in coming back.  I'm sure you don't know what you will need until after we find out what happened today.  Tom Martin was asking me if I would be interested in going to the Texas Desk to take Daren Farmer's place, Daren is going to AEP.  I told him I would like to talk to you about the East Desk first.  Tom would like an answer by Monday.

Let me know.

Thanks
chris


Attached is the into Cinergy Hourly index for November, 14, 2001
Lisa Lawson
Markets Editor
Platts -- Megawatt Daily
713 - 939-5802
lisa_lawson@platts.com
 - CinergyHourlyTableNov14.xls


Julie,

I need to know if the following deals have evergreen provisions to roll into
Jan 2000.

Cokinos / 9676  95912
Cokinos / 6373  128952
Coral / 4120  93883
Encina / 6392  93487
Midcoast / 5097  92956
United O&M / 5053 93728
Vintage / 2540  93750

Thanks.

D


"Robb, Kathy" <KRobb@hunton.com> writes to the NYISO_TECH_EXCHANGE Discussion List:

Joe, I am sure Mr. Mah would be happy to discuss, among many other ICAP
issues, further with you at the ICAP Working Group meeting on Monday.

-----Original Message-----
From: Kirkpatrick, Joe [mailto:joe.kirkpatrick@nrgenergy.com]
Sent: Friday, September 21, 2001 11:08 AM
To: market_relations@nyiso.com; nyiso_tech_exchange@global2000.net
Subject: RE: Sept. 24 ICAPWG Mtg--Revised Norman Mah materials

"Kirkpatrick, Joe" <joe.kirkpatrick@nrgenergy.com> writes to the
NYISO_TECH_EXCHANGE Discussion List:

$22,000 for O&M??

I am not sure how in the world this can be considered a typical example.
Where are the taxes?
Where are the interest payments?
Return on Investment?

If the objective is to grossly misrepresent the cost of a GT then this
is a typical example.

-----Original Message-----
From: Robb, Kathy [mailto:KRobb@hunton.com]
Sent: Friday, September 21, 2001 9:41 AM
To: 'nyiso_tech_exchange@global2000.net'
Subject: FW: Sept. 24 ICAPWG Mtg--Revised Norman Mah materials

Attached is a revised presentation from Norman Mah for the Sept. 24 ICAP
Working Group meeting. The presentation is three pages long. The change
made
in this version is on page 2: the "O&M" number has been lowered to
$22,000
from the previous version, in response to comments received by Mr. Mah.
Otherwise, the presentation mirrors the one previously circulated.

 <<Benefits of ICAP.ppt>>


I like the demo, could be really useful as we track our competitors and what they're doing or how they are progressing through the FERC process.  What's the cost?  Do we get a discount if other Enron groups are already using it?

 -----Original Message-----
From: 	Wadle, Susan
Sent:	Wednesday, October 31, 2001 1:01 PM
To:	Hyatt, Kevin
Subject:	FW: Inside FERC's Pipeline Project Tracker

This has Florida on it
 -----Original Message-----
From: 	chris_newkumet@platts.com@ENRON
Sent:	Wednesday, October 31, 2001 8:36 AM
To:	Wadle, Susan
Subject:	RE: Inside FERC's Pipeline Project Tracker

Have you checked out the demonstration version?

http://www.platts.com/gas/products/808/demo/index.html


Mill Run ErrDev is loaded.

The following Turbines are missing:

Jan 22 - #1
Jan 24 - #7
Feb 11 - #1, 5, 9
Feb 8 - #4

Turbine #8 for all of January and most of February had to be rebuilt.  The
most recent ErrDev files from Turbine #8 are good so the problem has been
corrected.

---------------------- Forwarded by Patricia Hunter/EWC/Enron on 03/29/2002
11:08 AM ---------------------------

Patricia Hunter
03/27/2002 11:08 AM
To: Mark Fisher/EWC/Enron@Enron
cc: Jeff Marecic/EWC/Enron@Enron, Hollis Kimbrough/EWC/Enron@ENRON

Subject: Somerset ErrDev

The first loading of ErrDev is complete.   All of the ErrDev for Somerset
have been loaded (29,334 records).  Many duplicates were rejected.

I will be anxious to know if the data in the table meets your needs.

I am working on Mill Run ErrDev as I write this email.


I'll take care of it today.  Michelle

Karen E Jones
11/16/2000 06:05 PM
To: Michelle Cash/HOU/ECT@ECT
cc: Samuel Wehn/HOU/ECT@ECT, Eric Thode/Corp/Enron@ENRON
Subject: Pastoria - Consulting Agreements

Michelle,
Sam told me that Gene Tackett and Kathy Russeth have approved the form of
consulting agreements you prepared, and everyone is ready to sign.  Please
send initialled, execution copies to Sam, and we will have Dave Parquet sign
them.  I need to request urgency on this, as the documents are relevant (from
a due diligence perspective) to our larger Pastoria transaction.  Thanks.


Gentlemen

Attached is a fairly comprehensive list of companies in various sectors of the petroleum complex.  It is by no means comprehensive and I am sure there are several players that have been left out inadvertently.  I broke it down as follows:

Oil & Refined Products
Trading & Marketing Companies (Physical & Financial)
Financial Traders (Generally Financial only)
North American Refiners
Foreign Refiners w/ US Marketing Cos.
Asian Trading Houses
Convenience Store Operators (For rack marketing idea)
Crude Oil Producers (main business, not really into trading)
Oil Products Pipelines

Petchem, Chemical, and NGL
Gas Liquids Companies
Chemical & Petrochemical Companies
Industrial Gas Companies

Product List
List of products with perceived commodity products bolded

It is a bit difficult to put some companies into one bucket or another due to the cross over, but I tried.  I also should receive much better information tomorrow on the NGL companies that is more granular.  The list is intended to be a beginning and my intent was to begin eliminating companies to focus in on who are the dominant players in the major products in the various parts of the country.  Some players such as Global and Northville, for example are dominant in the Northeast, but not as much elsewhere.  Methanex, for example is the dominant Methanol producer/trader.  Enterprise is a big importer/storage owner in Mt. Belvieu so should be a good company to approach for the NGLs.  Once we refine the list a bit more, we will have a basis on who are the most likely candidates.

Let me know what you think, be forgiving of errors, and be mindful that this is a working document.  Before we start researching specific companies, let's whittle this list down considerably.

JC


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

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001043004.txt
Error: Invalid variant type conversion

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

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


yeah - he can play if he doesn't mind playing only def

To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Re: GAME WEDNEDSDAY @ 7:00

i am in.  do you need anyone else to play b/c chad wants to play if we have
room.  we could always use another pass rusher.


Thanks for your note.  I will copy Patti on this reply and ask her to set us
up for lunch when I am back from London.  --Sally

To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Congrats

Sally,
Congratulations!!  Very much deserved!
I hope everything else is going well.  Let's try to do lunch soon.
Kristin


On the Tennessee side this deal was handled as a Back to Back and was
therefore
not 'scheduled' so I really never dealt with the particulars of this deal.  I
will try and dig up whatever info I can find on this issue.

Phil


Bob,

Attached is the document that I sent to the ISO last month.

Carl

 - CAISO-CRM-Feedback-ENA-CFI-072800.doc


Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
Friday, June 8, 2001 No. 757
Visit our website at: http://www.enerfax.com,
if you would like to receive our daily free email write Enerfax-subscribe@egroups.com.

For Oil Prices & News write enerfaxgold-subscribe@egroups.com
or go to http://www.enerfaxgold.com

Please view in a fixed-width font such as Courier.

GAS FUTURES
Henry Hub
12 Month Strip  4.0102  -0.0022
18 Month Strip  3.9748  -0.0009
| Month | High  |  Low  | Close | Change |
| JUL   | 3.845 | 3.748 | 3.790 | -0.011 |
| AUG   | 3.922 | 3.840 | 3.877 | -0.011 |
| SEP   | 3.950 | 3.880 | 3.921 | -0.007 |
| OCT   | 3.990 | 3.930 | 3.967 | -0.003 |
| NOV   | 4.345 | 4.115 | 4.152 | -0.001 |
| DEC   | 4.374 | 4.290 | 4.335 | +0.002 |
| JAN   | 4.451 | 4.360 | 4.405 | +0.002 |
| FEB   | 4.330 | 4.250 | 4.295 | +0.002 |
| MAR   | 4.160 | 4.090 | 4.130 | +0.000 |
| APR   | 3.810 | 3.740 | 3.780 | +0.000 |
| MAY   | 3.735 | 3.680 | 3.710 | +0.000 |
| JUN   | 3.770 | 3.720 | 3.760 | +0.000 |

PHYSICAL GAS PRICES
| Gulf/Eastern Region              |       |
| Agua Dulce                       | 3.54  |
| ANR SE                           | 3.60  |
| Carthage TG                      | 3.57  |
| Chicago Citygate                 | 3.73  |
| Columbia Gulf Onshore            | 3.61  |
| Dominion TTT South(CNG S. Point) | 3.87  |
| Henry Hub                        | 3.69  |
| Houston Ship Channel             | 3.67  |
| Katy Hub                         | 3.64  |
| NGPL - Midcontinent              | 3.52  |
| NGPL STX                         | 3.56  |
| NGPL TX/OK                       | 3.58  |
| Niagara                          | 3.78  |
| Sonat Tier 1                     | 3.58  |
| TCO IPP Pool                     | 3.82  |
| Tetco ELa                        | 3.59  |
| Tetco M-3                        | 3.96  |
| Tetco STX                        | 3.50  |
| TGP Zone 0                       | 3.53  |
| TGP Zone 1                       | 3.61  |
| TGT Zone SL                      | 3.62  |
| New York Citygate                | 3.98  |
| Transco Station 65               | 3.71  |
| Transco Zone 6 (NY)              | 3.98  |
| Trunk ELa                        | 3.56  |
| Western Region                   |       |
| California Border                | 5.81  |
| El Paso Permian                  | 3.45  |
| El Paso San Juan                 | 2.50  |
| Waha Hub                         | 3.54  |
| Canadian/Rockies Region          |       |
| Nova/Aeco (in C$/GJ)             | 4.42  |
| Dawn Hub/Union                   | 3.77  |
| Northwest Stanfield              | 2.84  |
| Wyoming Pool                     | 2.23  |
| Opal/Kern River                  | 2.25  |
| PGT-Malin                        | 3.10  |
| Sumas                            | 2.70  |

POWER FUTURES
| Month |   COB   | Change |   PV    | Change  |
| JUL   | 160.00  | +0.00  | 173.00  | -49.00  |
| AUG   | 197.00  | +0.00  | 220.00  | -32.00  |
| SEP   | 131.00  | +0.00  | 131.00  | -16.00  |
| OCT   | 148.00  | +0.00  |  95.00  |  +0.00  |
| NOV   |  95.00  | +0.00  |  75.00  |  +0.00  |
| DEC   | 145.00  | +0.00  |  75.00  |  +0.00  |
| JAN   |  95.00  | +0.00  |  70.00  |  +0.00  |
| FEB   | 145.00  | +0.00  |  60.00  |  +0.00  |
| MAR   | 145.00  | +0.00  |  60.00  |  +0.00  |
| APR   |  62.00  | +0.00  |  55.00  |  +0.00  |
| MAY   |  62.00  | +0.00  |  55.00  |  +0.00  |
| JUN   |  62.00  | +0.00  |  75.00  |  +0.00  |
| Month | Entergy | Change | Cinergy | Change  |
| JUL   |  88.25  | +0.75  |  79.25  |  +1.25  |
| AUG   |  82.25  | +0.75  |  71.25  |  +1.50  |
| SEP   |  42.75  | +0.35  |  36.70  |  +0.45  |
| OCT   |  36.75  | +0.50  |  34.30  |  +0.25  |
| NOV   |  36.75  | +0.50  |  34.30  |  +0.25  |
| DEC   |  36.75  | +0.50  |  34.30  |  +0.25  |
| JAN   |  39.00  | +0.25  |  37.75  |  +0.50  |
| FEB   |  39.00  | +0.25  |  37.75  |  +0.50  |
| MAR   |  36.00  | +0.50  |  34.75  |  +0.50  |
| APR   |  36.00  | +0.50  |  34.25  |  +0.50  |
| MAY   |  41.00  | +0.50  |  39.00  |  +0.25  |
| JUN   |  52.00  | +0.75  |  49.50  |  +1.00  |

POWER FUTURES
| Month |  PJM  | Change |
| JUL   | 77.50 | +1.00  |
| AUG   | 69.50 | +0.50  |
| SEP   | 39.00 | +0.00  |
| OCT   | 36.10 | +0.10  |
| NOV   | 36.10 | +0.10  |
| DEC   | 36.10 | +0.10  |
| JAN   | 41.50 | +0.10  |
| FEB   | 41.50 | +0.10  |
| MAR   | 37.25 | +0.25  |
| APR   | 37.25 | +0.25  |
| MAY   | 39.25 | +0.25  |
| JUN   | 49.75 | +0.25  |

NATURAL GAS OPTIONS
|       | Closing | Days |Implied ATM |
| Month |  Price  | Left | Volatility |
|  JUL  |  3.801  |  21  |   58.11%   |
|  AUG  |  3.888  |  51  |   59.43%   |
|  SEP  |  3.928  |  84  |   60.30%   |
|  OCT  |  3.970  | 112  |   60.39%   |
|  NOV  |  4.153  | 143  |   60.07%   |
|  DEC  |  4.333  | 175  |   60.01%   |

PHYSICAL POWER PRICES
|            |  High   |  Low  | Average |
|            |  $/MWh  | $/MWh |  $/MWh  |
| Cinergy    |  28.00  | 26.00 |  27.15  |
| ECAR       |  34.15  | 30.70 |  32.25  |
| ERCOT      |  36.00  | 35.00 |  35.55  |
| Entergy    |  34.00  | 34.00 |  34.00  |
| TVA        |  28.50  | 28.00 |  28.35  |
| ComEd      |  28.00  | 27.50 |  27.90  |
| PJM West   |  29.25  | 27.75 |  28.25  |
| Main       |  33.25  | 29.00 |  31.30  |
| MAPP       |  30.00  | 26.00 |  27.70  |
| Palo Verde | 100.00  | 67.00 |  77.35  |
| Mid C      |  58.00  | 49.00 |  54.45  |
| COB        |  50.00  | 50.00 |  50.00  |
| 4 Corners  |  50.00  | 47.00 |  48.50  |
| Mead       |  70.00  | 60.00 |  65.00  |
| NP 15      |  68.00  | 53.00 |  57.00  |
| SP 15      |  75.00  | 55.00 |  63.15  |
_______________________________________________

Today's Power Bulletins
 * Dynegy Plans 680 MW Natural Gas Fired Peaking Power Plant in Carson City, Michigan
 * California PUC Delays Vote to Pay 15% of Back Power Payments
 * PG&E CEO Smith Attempts to Defend $17.5 Million Executive Bonus Plan Amid Growing Hostility
 * No New US Nuclear Power Plants Likely Anytime Soon
 * Morgan Stanley Raises US Growth Forecast
 * India's Private Power Producers Expect End Soon to Dispute Between Enron and Local Utility After Prime Minster Says He Is Optimistic of Solution
 * Texas Supreme Court Upholds PUC Ruling Allowing Central Power and Light to Securitize $797 Million
 * Cleco Corporation's CFO Howlin Resigns
 * Reliant Energy Declares Quarterly Dividend of $0.375 per Share of Common Stock
 * FPL's Online Home Energy Survey Designed to Help Residents Keep Bills Down
 * National Grid's US Transmission System Earns ISO 14001 Registration
 * June 11th, 2:15 PM Webcast of FirstEnergy CFO Presentation at Deutsche Banc Alex Brown Electric Power Conference at:
www.firstenergycorp.com/ir/presentations
 * Emission Reduction Credits Grow in Importance as More Companies Take Actions to Cut Greenhouse Gas Emissions
 * Western Spot Power Prices Fall for 4th Consecutive Day Amid Less Weekend Demand

More stories with bulletins at http://www.enerfactsdaily.com
____________________________________________________

PJM Expands Grid

    PJM Interconnection plans to spend more than $420 million on the 2nd phase of a transmission infrastructure plan to increase reliability. This will be in addition to a $300 million transmission investment PJM initiated last summer. With a total of about 40,000 MW proposed for construction in the region, PJM last year implemented a Regional Transmission Expansion Plan to ensure the system continues to comply with regional reliability standards. The 2nd phase of the RTEP calls for transmission upgrades to accommodate 43 generation projects PJM expects to have online by the end of 2006, with a total of more than 12,500 MW of new capacity.
___________________________________________________

GET REAL about energy risk management with KWI

In today's fast moving energy markets you need to be able to manage risk in real time.

That means knowing before you hit a risk problem, not afterwards when it may be too late to prevent big losses spreading right through your enterprise.

With kW3000(tm), our multi-commodity, integrated front to back office software, you can monitor your Profit At Risk(tm), counterparty risk and mark-to-market all in real time.

Keep alert to risk. Do it in real time. Call KWI - http://www.kwi.com

Americas: +1-281-681-3301 / Europe: +44 (0) 20-7386-2700 / Asia Pacific: +61(0) 2-9976-6111
________________________________________________

Today's Gas Bulletins
 * EIA Warns Oil May Jump $6  $10 per Barrel If Iraqi Exports Not Replaced
 * Williams Sells $480 Million 30-Year Bonds
 * Meteorologist at Colorado State University Revises Outlook for Hurricane Season, Now Calls for Above Average Activity
 * House Republicans Move to Restore Energy Spending Cuts
 * Kinder Morgan and Calpine Report Successful Open Seasons for Sonoran Pipeline; More than 1 Bcf per Day for Phase 1 from San Juan Basin to Needles and Topock; Another 1.5 Bcf per Day for Phase 2 from California Border to San Francisco
 * TransCanada Files Fair Return Application with NEB Seeking Approval of After-Tax Weighted Average Cost of Capital of 7.5%
 * Torch Offshore Announces Pricing of IPO at $16 per Share
 * Tengasco Completes 36th and 37th Oil and Natural Gas Wells in Swan Creek

More stories with bulletins at http://www.enerfactsdaily.com
__________________________________________________

PGS ENERGY TRAINING

The last public seminars that PGS Energy Training will be offering until October have been scheduled at the Downtown Houston Hyatt Regency on June 12, 13, 14 &15
For more information, call 412-279-9298 or visit http://www.pgsenergy.com/schedule.html
1)Fundamentals of Energy & Electricity Futures, Options & Derivatives
2)Fundamentals of Electric Power Trading
3) Gas-to-Electricity Arbitrage & How to Maximize the Profitability of Electric Generation Assets
4) Fundamentals of Statistical Analysis for the Energy & Electric Power Markets
5) How to Value Electric Generation Assets in a Deregulated Market
____________________________________________________

Natural Gas Futures Slip Lower

    Natural gas futures on the NYMEX wandered lower yesterday in uninspired trading as the market consolidated following Wednesday's surprising high storage injection. Much of the trading was conducted by local and short-term traders willing to trade for small gains, compromising price discovery. El Paso and Enron were trying to coax the market up so they could initiate sales. Traders anticipate todays activity to be similar to yesterdays lackluster pace. The July contract fell $0.011 to $3.79 per MMBtu and August also dipped $0.011 to $3.877 per MMBtu. On Wednesday the AGA reported storage levels at 1,398 Bcf, virtually identical to the 5-year average, and 46 Bcf more than a year ago. After several days of cool, rainy weather, much of the eastern half of the nation will have more summer-like weather this weekend and early next weeks. Demand use will increase significantly, but will not be unusually high for early June. Hot weather in the southwestern states will begin to mo!
ve!
 into Texas and the Plains this weekend. Look for the market to continue to slip lower in the absence of any significant driving force. There needs to be something to change the dynamics of the market, but in the meantime, most everybody is on the same page, and the locals are simply trying to pick each other's pockets. The next key level of technical support is $3.60, with $4.00 and $4.20 offering resistance. Natural gas for next day delivery across the US dropped $0.05 - $0.15 per MMBtu, except out west where prices continued to tumble. Canadian spot prices rebounded from yesterdays sharp decline. Natural gas for next day delivery at the Henry hub lost $0.07 to $3.69 per MMBtu.
__________________________________________________

North American Gas Storage Conference
Storage 2001 - 2002:
Source of Stability or Chaos?
June 22, Houston

Find the answers at Ziff Energy's natural gas storage conference.  A blockbuster roster of industry leaders from the utility, trading, pipeline and storage sectors in each of the North American storage regions will present timely, relevant information you can use. This conference will assist you in making critical decisions about your natural gas storage strategy for peaking and the remaining seasonal base fill. The game has changed - storage strategy has been kicked up a notch from buying for seasonal fill to real-time risk management.

Session 1	Supply Shortage or Storage Inefficiencies: Last Winter's Saga
El Paso Corporation - Byron Wright, VP
Energy Information Administration, DOE - Jim Thompson, Industry Analyst
Keyspan Energy - David Manning, Senior VP, Corporation Affairs
Axia Energy - David Modesett, VP

Session 2	The Changing Storage Paradigm:
Dynamic Storage Service vs Seasonal Fill
AEC Storage & Hub Services Inc. - Rick Daniel, President
Williams Energy Marketing & Trading - Blake Herndon, Director, Risk Management
NiSource Inc. - T.J. Aruffo, VP Energy Supply Services
Enron North America - Paul Bieniawski, Director
Duke Energy Gas Transmission - David Nightingale, VP MHP

Session 3	Pricing it Right and Reducing Risk:
Can We Expect Stability or Chaos in Winter 2001 - 2001?
Aquila Energy - Mark Cook, VP The Exchange Center Conoco Gas and Power Marketing - Brad King, VP Storage
Sempra Energy Trading - Dan Guertin, Meteorologist

For more information or to register visit
http://www.ziffenergyconferences.com, call 1-800-853-6252,
or email us at gasconference@ziffenergy.com
________________________________________________

DOE Seeks Input on Research Programs

    The DOE plans a series of town hall-style meetings next week across the nation to hear from the public, elected officials and energy experts on federal research programs that promote energy efficiency and more use of renewable fuels. The input at these meetings will help the DOE identify opportunities for future research and investment while assessing our past effectiveness. The meetings are part of a comprehensive review of the department's multibillion dollar research programs as called for in the Bush administration's new national energy plan. Environmental and consumers groups have opposed the administration's proposed budget cuts in the research programs. The first two public meetings will take place on June 12th in Atlanta and Chicago, followed by June 19th meetings in Boston and Seattle, June 21st in Denver and Philadelphia and a June 26th meeting in Washington. Each meeting will last from 9 AM to 9 PM local time.
________________________________________________

VISIT http://www.enernetdaily.com/restruc.pdf
TO SEE YOUR ABSOLUTELY LAST  FREE ISSUE OF RESTRUCTURING TODAY, UNLESS YOY SUBSCRIBE.
A partial copy  is on the bottom of the newsletter or view the complete newsletter visit http://www.enernetdaily.com/restruc.pdf
Call 504-893-9225 TODAY or email  enerfax1@aol.com to order at the discounted prices of $437 per year for individual, $974 for 5 readers, or $4,000 for your entire corporation.
_________________________________________________

Natural Gas NYMEX Volume
01JLY   30,426
01AUG    5,961
01SEP    3,353
01OCT    5,620
01NOV    4,739
01DEC    3,997
02JAN    1,881
02FEB    1,732
02MAR    2,502
02APR    1,308
02MAY      160
02JUN      255
02JLY       42
02AUG       70
02SEP       69
02OCT      106
02NOV      116
02DEC       37
03JAN      237
03FEB      238
03MAR       32
03APR      384
03MAY       33
03JUN        4
______________________________________________

DOE Seeks Input on Research Programs

    The DOE plans a series of town hall-style meetings next week across the nation to hear from the public, elected officials and energy experts on federal research programs that promote energy efficiency and more use of renewable fuels. The input at these meetings will help the DOE identify opportunities for future research and investment while assessing our past effectiveness. The meetings are part of a comprehensive review of the department's multibillion dollar research programs as called for in the Bush administration's new national energy plan. Environmental and consumers groups have opposed the administration's proposed budget cuts in the research programs. The first two public meetings will take place on June 12th in Atlanta and Chicago, followed by June 19th meetings in Boston and Seattle, June 21st in Denver and Philadelphia and a June 26th meeting in Washington. Each meeting will last from 9 AM to 9 PM local time.
_______________________________________________

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main phone number:  1 510-548-6200
email address: info@fea.com
_________________________________________________

EIA FORECAST

EIA forecast for the 2nd and 3rd quarters of 2001, with last month's estimates and actual year-ago figures:

                        Q2-2001                           Q3-2001
                June   May    2000              June   May    2000
                Est    Est    Actual            Est    Est    Actual
DEMAND   			5.04   5.08   5.00             4.90   4.85   4.72        SUPPLY   			4.77   4.99   5.02(R)          5.13   5.03   4.94(R)
STORAGE  			1.80   1.61   1.71             2.66   2.59   2.47
WELLHEAD PRICE   4.35   4.57   3.06             3.95   4.73   3.87
($ per MCF)
________________________________________________

"New Horizons Solutions for the 21st Century"

An Energy Efficiency Workshop and Exposition
Kansas City, Missouri
June 3 - June 6, 2001

For more information go to http://www.energy2001.eee.doe.gov
_________________________________________________

Senate Democrats to Investigate High Energy Prices

    The new Democratic chairman of the  Senate Governmental Affairs Committee says he will examine FERCs refusal to cap wholesale power prices in western states. Following the recent shift in control of the Senate to Democrats, Senator Lieberman of Connecticut has charged that the FERC has failed to do its job, and will hold a June 20th hearing on the matter. President Bush and FERC chairman Hebert are against electricity price caps, arguing they would discourage firms from building new power plants and do nothing to encourage conservation. California represents 15% of the economy and any major downturn there would have rippling effects across the nation, Lieberman warned. He will also hold a June 13th hearing on the impact of deregulation of the electricity and natural gas industries. A subcommittee of the governmental affairs panel is planning a separate investigation into the oil industry's record profits and high retail gasoline prices.
_________________________________________________

SUNGARD

Solutions for Success in Energy Trading

Epsilon and Panorama Energy
Risk and complexity are inevitable components of every trading transaction within today's volatile energy market.  Having the right tools to manage and control those risks has become a determining success factor.  SunGard provides those tools with Epsilon and Panorama Energy - comprehensive solutions designed to create measurable competitive advantages for energy trading organizations and utility companies worldwide.

To receive more information or a free demonstration, we invite you to contact us at 713-266-7771 or visit our web site at http://risk.sungard.com/energy.
________________________________________________

Calpine Arizona Power Plant Connected

    The western power market received a welcome addition yesterday as Calpines new 540 MW power plant in Arizona began commercial operations. The natural gas fired South Point power plant has been connected to the grid and for markets in Arizona, Nevada, and California. Calpine The facility is at the Fort Mojave Indian Reservation in Mohave County, and is Calpines first major power plant to start commercial service in the West. It is developing nine power plants in California that are under construction or in various stages of permitting, and two new plants under construction in Oregon and Washington. Together, these new power plants will produce more than 3,400 MW.
______________________________________________

Progas Storage Services, Inc

was recently organized to offer specialized natural gas storage services to marketers and end users servicing the upper Midwest and Northeast market regions along the major transmission systems in Indiana, Illinois, Kentucky, and Michigan. PGSMI has 10 bcf of potential working capacity which will offer service along TXG, ANR, Midwestern, and is currently evaluating for purchase another 21 bcf of potential working capacity which can be serviced by these and other systems in the region. PGSMI also explores for natural gas in the Gulf Coast region through a wholly owned subsidiary. Progas intends to go public through a route of private industry offerings, and an IPO or registration. For more information on services or the company mail to: gastorage@aol.com or for AOL mail to gastorage@aol.com; web site currently under construction at: http://www.progas.net/wip.

The company's executive and administrative office is located in Abilene, Texas with storage operations in Owensboro, KY and exploration operations in Corpus Christi, TX.

Progas Storage Services, Inc
8610 S. Hwy 277
Abilene, TX 79606

Ph 915 698 3699
Fx 915 698 2859
_____________________________________________

Canadian Producers Investigate Coal Gas

    Canadian producers are counting on obtaining big natural gas volumes from shallow coal seams. Alberta Energy, Nexen, PanCanadian Petroleum and Penn West Petroleum are spending millions of dollars to investigate whether natural gas trapped in coal beds less than 3,300 feet deep can be produced economically.  The US derives 7% of its natural gas production from coal seam gas. Western Canada is estimated to have between 135 Tcf and 260 Tcf of recoverable coal gas. Natural gas fields containing at least 17 Tcf have been discovered in Canada's Far North, but bringing them to market will cost billions to build new pipelines and other facilities. Advocates say many coal deposits sit near existing processing plants and transmission lines, meaning coal gas fields will be cheaper to connect and produce than Arctic reserves. The Alberta Research Council has spent several years researching ways to enhance coal gas production and is looking for C$12 million to proceed with a pilot pr!
oj!
ect.
______________________________________________

TRENTON/BLACKRIVER "BOOM" IN WEST VIRGINIA

Land and Mineral Development LLC., Vienna, West Virginia, owns 85,000 acres of mineral rights in Southeastern West Virginia. The first Trenton/Blackriver production found in the state, was in a well drilled in 1962 by Tidewater Oil Company adjoining our property. We need an industry
partner. Geophysicist report and other information available.  The 85000 acres would also make a great gas storage field.

We also have another small storage field for sale near the new Trenton Wells.

Email - Driller@wirefire.com
Qualified Industry Principals only please.
This is not an offer to sell anything to anyone.

Land and Mineral Development LLC.,
P.O. Box 5370
Vienna, West Virginia, 26105
(304) 295-3333
_______________________________________________

El Paso Market Power Abuse Investigation Continues

    FERC's investigation into alleged market power abuse by El Paso is still proceeding a month after it began. Both El Paso and the California PUC have painted contradicting versions of events, and the hearing looks no closer to conclusion than when it began. El Paso is attempting to discredit a study prepared by The Brattle Group, a Massachusetts consultant hired by Edison to find evidence that El Paso Merchant wielded market power. It dutifully concluded that soaring California prices were not caused by regular market forces and pointed to a conspiracy to widen border-basin price spreads. As part of El Paso's effort to tarnish the study, a professor of political economy at Harvard's Kennedy School of Government testified that Brattle's tale doesnt add up. In order to prove market power, he said 3 conditions must be met: * The system for getting gas to California must not be full; * El Paso Merchant must have unutilized, but available, delivery rights; and * Other shippers!
 m!
ust have fully utilized their delivery rights. The final condition, he says proves that market power is impossible to establish.
_______________________________________________

CAMINUS
ENERGY SOFTWARE
SHOWCASE 2001
HOUSTON, TEXAS

You're Invited
To a four hour exposition of software and services that will set the new standard for the energy trading, scheduling, and risk management. Join us and compare your existing system with our latest product offerings.

Thursday, June 14, 2001. 3p.m. to 7p.m.
Houston Petroleum Club
800 Bell Avenue, 43rd Floor

For more information or to register on-line, visit http://www.caminus.com. You may invite up to two qualified colleagues to join you.

Nucleus Software . ZaiNet Software
ZaiNet Gasmaster 2 . ZaiNet WeatherDelta
___________________________________________________

Fuel Cell Expo on Capitol Hill

      Leaders of the fuel cell industry will be exhibiting at the 2001 Congressional Fuel Cell Expo to be held Tuesday, June 26th in the Cannon Caucus Room of the Cannon House Office Building on Capitol Hill in Washington, DC. Energy Secretary Abraham will provide welcoming remarks. The Expo will provide an opportunity for members of Congress, Congressional staff, federal agency officials, and news media representatives to learn about these technology advancements directly from the leaders in the industry. The Expo will be open from 11 AM. to 3 PM. The event is free, open to the public, and no pre-registration is required. It is being sponsored by the US Fuel Cell Council, the trade association dedicated to fostering the commercial introduction of fuel cell technology. Exhibitors will include: Ballard Power Systems; California Air Resources Board; California Fuel Cell Partnership; DCH/Enable Fuel Cell; Delphi Automotive Systems; De Nora North America; DuPont Fuel Cells; Fuel!
Ce!
ll Energy; Fuel Cells 2000; H-Power; International Fuel Cells; Mechanical Technology; Methanol Institute; Nuvera Fuel Cells; Plug Power; Porvair Fuel Cell Technology; Quantum Technologies; Renewable Fuels Association; Siemens Westinghouse; Syntroleum Corporation; Texaco Energy Systems, DOE; US Fuel Cell Council; and ZeTek Power Corporation.
____________________________________________________

EnerfactsDaily Job Center at http://www.enerfactsdaily.com

New Job Postings Include:
 * Sales-Business Development
 * Operations Specialist
 * Account Director -Marketing/Transportation
_____________________________________________________

Need a past issue of Enerfax Daily or Enerfax GOLD. Past issues are available on Sagewave at
http://www.sagewave.com/D2/autolog/common/log.asp?KEY=enerfax
______________________________________________________

FINANCIAL SUMMARY
The TSE 300 dropped 2.90 points to 8191.49
The CRB Index slipped 0.63 points to 209.13
The US Dollar decreased 0.22 points to 119.11
The Dow gained 20.50 points to 11090.74
The S&P 500 climbed 6.93 points to 1276.96
The Nasdaq was down 46.27 points to 2264.00
July NYMEX Crude Oil climbed 0.03 to 27.75
Canadian-US Exchange lost .0037 to 1.5209

Please welcome our advertisers by visiting these websites.
http://www.kwi.com
http://www.fea.com
http://www.caminus.com
http://www.progas.net/wip
http://risk.sungard.com/energy
http://www.energy2001.eee.doe.gov
http://www.ziffenergyconferences.com
http://www.enernetdaily.com/restruc.pdf

Enerfax Daily is North America's gas and power information source. it is sent to you free of charge. Enerfax Daily may be copied and redistributed in its entirety to all interested energy professionals. Please e-mail us at enerfax@enerfax.com, or for AOL e-mail to enerfax@enerfax.com with the e-mail addresses of other energy professionals that would like to be added to Enerfax Daily's growing distribution list of thousands of energy professionals in the US and Canada, or to be removed. The information contained herein was obtained from sources which Enerfax Daily believes to be reliable, but does not guarantee its accuracy. Your support of our advertisers is greatly appreciated and will keep Enerfax Daily free. Thank you. Your comments are welcome.

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Deal No. Q44767.1
Does this letter look okay.  Our legal department in Calgary does not do
financial termination letters.  I got a copy of this from Joe Hunter.
Thanks,
Cindy

	Enron Canada Corp.
	3500 Canterra Tower
	400 Third Avenue S.W.
	Calgary; Alberta, Canada
	T2P 4H2
	Phone (403) 974-6700
	Fax (403) 974-6706

TERMINATION AGREEMENT
NK7821.1
 This TERMINATION AGREEMENT, dated as of October 17, 2000 (the "Agreement")
is entered into between Enron Canada Corp. (&ECC8) and Due West Resources
Inc. ("Counterparty")

W I T N E S S E T H
WHEREAS, ECC and Counterparty entered into a[n] Agreement (together with the
General Terms and Conditions of Confirmation as set forth in Annex A and any
other attachments hereto, collectively the &Confirmation8) dated as of
October 17, 2000

 WHEREAS, ECC and Counterparty have entered into Contract No.NK7821.1 dated
May 31,, 2000 (the &Transaction8); and

 WHEREAS, ECC and Counterparty desire to terminate the Transaction.

 NOW, THEREFORE, in consideration of the premises and of the mutual
agreements herein contained, the parties hereto agree as follows:

1.   Termination and Release. As of and from October 17, 2000 (the
&Termination Date8), the Transaction shall be terminated, and once the
Termination Fee is paid, both ENA and Counterparty shall be fully released
from all rights, duties and obligations under the Transaction.

2. Termination Consideration. In consideration for such Termination and
Release, ECC and Counterparty agree to enter into Transaction number
Q44767.18.1 as attached hereto.

3.   Representation. Each party hereby represents and warrants to the others
that the execution, delivery and performance hereof by it are within its
corporate powers, and have been duly authorized by all necessary corporate or
other action and that this Agreement constitutes its legal, valid and binding
obligation.

4. Governing Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Texas.

5. Counterparts.  This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

ENRON NORTH AMERICA CORP.

By:_________________________________
Name:_______________________________
Title:________________________________

[COUNTERPARTY]

By:_________________________________
Name:_______________________________
Title:________________________________


kate, i don't think this deal should have a broker.

kerri


Just a reminder.

Join Amy Oberg on eSpeak this morning at 9:00 a.m. Houston time to discuss
global water, energy and social trends for 2000-2050 and how they might
impact Enron.  Go to ethink.enron.com to participate in Amy's eSpeak event.
Can't make the event time?  Go into eSpeak now and pre-submit your
question(s) for Amy to answer during the scheduled event.
How to sign up for eSpeak:
If you want to ask a question during the eSpeak event, you will be required
to register.  Register ahead of time ) it's fast and easy.
You will be asked to enter your email address and operating company.
A "User ID" and password will be automatically sent to your email address.
Use the "User ID" and password to log onto the site.  (An easy way to enter
the password into the required field is to copy and paste it from your email.)
You will be immediately prompted to change your password once you are in
eThink.
Each time you participate in eThink forums you will be asked to log on, so
keep your password simple!

eSpeak your thoughts today!


Sara:
Whoever inherits the Deutsche Bank file from me needs to look at this latest
draft.  I will indicate this on the updated memo that I send around shortly.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 07/19/00 12:48 PM -----

	steven.kessler@db.com
	07/11/00 02:10 PM

		 To: Carol.St.Clair@enron.com
		 cc:
		 Subject: DB/Enron ISDA

Hi Carol:

Enclosed is latest draft.  Please note that I changed DB's Threshold at A+
to bring it into line with Enron's rating.  I also added a sweep-in clause
to deal with the BT Transactions (Section 18).  Please let me know if those
provisions are acceptable.  Subject to internal DB approvals, I think the
other substantive points still open are (i) a Moody's rating for the MAC
clause, (ii) the demand section in the Guaranty, and (iii) determining the
L/C provisions and mechanics.  Please let me know who your replacement on
this matter will be and, if we don't speak before you leave, good luck and
congratulations.

Regards,

Steve

---------------------- Forwarded by Steven Kessler on 07/11/2000 03:09 PM
---------------------------

07/11/2000 01:49 PM
Kelly Habenicht
Kelly Habenicht
Kelly Habenicht
07/11/2000 01:49 PM
07/11/2000 01:49 PM

To:   Steven Kessler@Bankers_Trust
cc:
Subject:

(See attached file: ENRON SCHEDULE (NEW VERSION).DOC)(See attached file:
ENRON PARAGRAPH 13.DOC)

 - ENRON SCHEDULE (NEW VERSION).DOC
 - ENRON PARAGRAPH 13.DOC


Enron Law Conference

San Antonio, Texas    May 2-4, 2001    Westin Riverwalk

                   See attached memo for more details!!

? Registration for the law conference this year will be handled through an
Online RSVP Form on the Enron Law Conference Website at
http://lawconference.corp.enron.com.  The website is still under construction
and will not be available until Thursday, March 15, 2001.

? We will send you another e-mail to confirm when the Law Conference Website
is operational.

? Please complete the Online RSVP Form as soon as it is available  and submit
it no later than Friday, March 30th.


FYI - this is out there as a possible reason why Americas VaR did not come down to within limits as we expected.
In the absence of a fix it looks as though we have another VaR violation.

 -----Original Message-----
From: 	Hayden, Frank
Sent:	Tuesday, November 27, 2001 11:36 AM
To:	Port, David
Subject:	FW:

 -----Original Message-----
From: 	Hayden, Frank
Sent:	Tuesday, November 27, 2001 8:12 AM
To:	Reeves, Kathy
Cc:	Gossett, Jeffrey C.; Davenport, Lacrecia; Khanna, Bharat; Victorio, Tom
Subject:

Kathy,
It looks like the Canadian positions didn't hit VAR last night.  Can you re-check?
Also, I understand Zufferli bot a ton of NG and I thought he was short? (Why is system showing he is long?)

Frank

EFF_DT	PORTFOLIO_ID	COMMODITY_CD	SumOfDELTA_POSITION
11/23/2001	J_ZUFFERLI	NG	8241559.1328
11/26/2001	J_ZUFFERLI	NG	8568832.813

EFF_DT	PORTFOLIO_ID	COMMODITY_CD	SumOfDELTA_POSITION
11/23/2001	CANADA-PWR-BU	NG	8298324.949
11/26/2001	CANADA-PWR-BU	NG	8691997.5495

EFF_DT	PORTFOLIO_ID	COMMODITY_CD	SumOfDELTA_POSITION
11/23/2001	CANADA_PWR_GAS	NG	8298324.949
11/26/2001	CANADA_PWR_GAS	NG	8691997.5495


Hello

My name is John Poundstone. I manage my family's farm in
Northern California.

The attached Excel file details ERCs our family has for sale in
Colusa County, California. Under California law, phasing out the
burning of rice straw, our family was able to certify our emission
tonnage.

We are in an "attainment area" and if the Rice portion of the
credits are sold to a "non attainment area", EPA phases that
portion of our tonnage down to 38%. If sold within the area, EPA,
hopefully, is not involved and there is no phase down.

We have been negotiating with Reliant Energy to sell our PM10 and
SOx for use at their proposed 500 mw plant to be built in Colusa
County. Our PM10 will meet approximately 20% of their facility's
needs. We have been negotiating with a local vegetable oil
company for our ROG and NOx.

I have heard your company has been active in the California market
and I wanted to see if your company might have interest in our
credits.

I may be reached at the following phone numbers:
Mobile 530-304-0083 - will get quickest response
Ranch Office 530-437-2486
Home Office 530-662-9244
email: jlbstone@sbcglobal.net  <mailto:jlbstone@sbcglobal.net>

I look forward to your response.

Sincerely,
John Poundstone


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Tuesday, December 25, 2001
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Houston, TX - Hilton Houston Westchase and Towers - $65
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Lafayette, LA - Hilton Lafayette and Towers - $69

Newark, NJ - Hilton Pearl River, Pearl River, NY - $85/Night, 12/29-30
Newark, NJ - Hilton Parsippany, Parsippany, NJ - $109
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Good idea to give them a heads up.

	From:  Ben F Jacoby @ ECT                           10/10/2000 06:59 PM

Sent by: Ben Jacoby@ECT
To: Janet R Dietrich/HOU/ECT@ECT, David W Delainey/HOU/ECT@ECT
cc: Kay Mann/Corp/Enron@Enron

Subject: SW 501D5A Damage Claim

Janet and Dave:

As I believe you both know, the generator for the former CALME 501D5A for
which we are now responsible was damaged beyond repair during shipping. Under
the turbine purchase contract, I believe we have a strong LD claim against
Westinghouse which could amount to a couple million dollars or so. I am
currently in the process of working with EE&CC on transitioning commercial
responsibility for this turbine and any LD claims from EE&CC / CALME to ENA
East Originations. Unless you direct me otherwise, I intend to pursue the LD
claim we are due under the contract. Of course, I will be working in
conjunction with ENA legal (Kay Mann) and EE&CC.

I wanted to make you both aware of this as one or both of you may receive a
phone call from EE&CC who might have a different view as to the appropriate
course of action.

Please let me know if you have any questions or concerns.

Regards,

Ben


Enron in Action can be accessed through the new Community Relations web site at http://cr.enron.com/eia.html .  In this week's issue you will find out information regarding:

Enron Happenings
BEAR Holiday Fundraiser
2001 Holiday Shopping Card benefiting the American Cancer Society
Enron Kids 2001 Holiday Program
Support the Museum of Natural Science at the Crate & Barrel Opening Night Preview Party
Enron Night with the Houston Aeros
Free Carwashes for Enron Employees
American Heart Association "Heart Walk"

Enron Volunteer Opportunities
Volunteer for the 2001 Nutcracker Market "A World of Holiday Shopping"

Enron Wellness
CPR/First Aid Training
Mammogram Screening
November is Lung Cancer Awareness Month

Involved Employees
Par "Fore" Pets Golf Tournament

In addition, Enron in Action is available through a channel on my.home.enron.com.  To add this channel to your set-up click on the channels link at the top of the screen and under announcements check the Enron in Action box.

If you wish to add an announcement to Enron in Action, please fill out the attached form below and submit it to mailto:eia@enron.com no later than 12 PM Thursday each week.


As per our discussion yesterday, please find below some information on our
past discussions with i2, our current status and our suggested course of
action for your call with i2.  If you have any questions, please contact me
at extension 36635 or my assistant is Tina Spiller at 35746.

Thanks.

Greg Piper

 -----Original Message-----
From:  Shelby, Rex
Sent: Friday, May 25, 2001 8:56 AM
To: Piper, Greg
Cc: Shelby, Rex
Subject: EnronOnline Opportunity with i2

As background for Mr. Lay's call to Sanjiv Sidhu of i2 concerning the
EnronOnline opportunity, here is a brief summary of where we stand and our
suggestions:

History of Enron/i2 Discussions

? i2 was one the initial companies contacted by Enron Net Works (ENW) for the
EnronOnline commercial discussion.
? The focus of the Enron/i2 discussion earlier this year was a complete sale
of the software asset that drives EnronOnline to i2.
? i2 expressed considerable interest in the opportunity below the executive
level, but ENW had difficulty getting a concrete bid or proposal from i2.
? In order to get the discussion started, ENW provided an offer to i2.
? i2's response to the Enron offer was that they considered it high and that
they would prefer to partner with Enron in some manner in addition to some
form of purchase.
? ENW expressed interest in talking with i2 about this and requested that
they outline their preferred deal to Enron.
? ENW never received a term sheet or other information on a new price and
partnering concept from i2.

Current Status of EnronOnline Commercial Initiative

? Since those early discussions with i2, ENW has discussed the EnronOnline
opportunity with other selected technology companies, and is now considering
bids from several potential counterparties.
? Generally speaking the deal structure that appears to provide the best
opportunity for both parties entails involvement by ENW after the
transaction, in the form of equity participation or royalty payments or both,
as well as the transfer of some Enron people.
? This seems to move us into the realm of a "partnership" structure that
could fit the initial i2 interest.

Current Enron/i2 Status

? Rex Shelby talked briefly with Greg Brady, i2 CEO, at a conference in NYC
two weeks ago.
? Greg Brady expressed interest in renewing talks around the EnronOnline
opportunity.

Current Status of the Sale Opportunity

? We are now reaching the point in the process at which we need to determine
whether there is an interest from i2.
? We want to make sure we give i2 the opportunity to outline a proposal with
a price as well as outline their needs for a relationship going forward, or
to confirm that they are not interested.

Suggested Message to Sanjiv Sidhu

Our suggested message to Sanjiv is:
.
1. Enron remains interested in exploring this opportunity with i2 if there is
a genuine interest from i2.
2.   Enron is open to considering deal structures that provide incentive for
participation by Enron after the transaction.
3.   Enron is moving down the path with other parties, so if i2 has an
interest, we would need to start working with them soon.

Thank you for your assistance on this.  Please let us know if you need more
information.


Please see attached revised PowerPoint and excel file.

- I added a chart on KO's stock price for the last 5 years (past 15) and a
new "market reaction" slide showing KO, PEP, OAT and S&P500 performance over
last 12 months.
- In the "data" worksheet of the new excel file I added the deal multiples.
All look reasonable except for the TEV/EPS.  Looks like it should be taken
down by a factor of 10, but I'm not sure how to justify that.  Can  someone
take a second look at please?

Anil - let me know if you need help with anything.  I know you have a lot
going.
- cv

Carolyn M. Vavrek
Manager - Human Capital Advisory Services
Deloitte & Touche
50 Fremont Street
San Francisco, CA  94105

phone: 415-783-5137
fax: 415-783-8760
e-mail: cvavrek@deloitte.com

-----Original Message-----
From: Guinney, Mark [mailto:Mark_Guinney@watsonwyatt.com]
Sent: Wednesday, April 25, 2001 11:02 AM
To: "Vavrek; Carolyn (US - San Francisco)" ; "Jeff.Dasovich@enron.com" "

Cc: "Anil Sama" " "
Subject: FIA presentation

Here are my edits and most recent model

**********************************************
Mark D. Guinney, CFA
Consultant
Watson Wyatt Investment Consulting
345 California Street, Ste. 1400
San Francisco, CA  94104
(415) 733-4487 ph.
(415) 733-4190 fax

This message (including any attachments) contains confidential information
intended for a specific individual and purpose, and is protected by law.  If
you are not the intended recipient, you should delete this message and are
hereby notified that any disclosure, copying, or distribution of this
message, or the taking of any action based on it, is strictly prohibited.

 - oatvalua 4 25.xls
 - Quaker presentation 4 25.PPT


TAKING A HARD LINE
PG&E Insists ratepayers pick up $3 billion tab for deregulated electricity
David Lazarus, Chronicle Staff Writer
Friday,?October 27, 2000
,2000 San Francisco Chronicle
URL:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2000/10/27/B
U47723.DTL&type=business

San Francisco's Pacific Gas and Electric Co. plans to come out with guns
blazing today when it makes its case to state regulators for why ratepayers
should be saddled with about $3 billion in unforeseen power costs.
But while the utility insists it is guided first and foremost by a sense of
what is right and fair, the reality is that PG&E is maneuvering with its back
to the wall.
Wall Street, that is.
``No one wants to hold stock in a company that is subsidizing its
customers,'' said Paul Patterson, an analyst at Credit Suisse First Boston in
New York. ``If PG&E has to swallow this $3 billion, investors will run in
droves.''
``The whole idea of Wall Street is to enhance shareholder value,'' agreed
Carol Coale, an analyst at Prudential Securities in Houston. ``PG&E's
management has to be seen to be doing that.''
In documents filed with the California Public Utilities Commission late
Wednesday, the utility said it will not be left ``holding the bag'' for
outstanding electricity costs accrued when wholesale power prices spiked
sharply higher during the summer.
Because of a current rate freeze, the utility has been unable to pass along
those additional costs in monthly power bills. Customers of San Diego Gas &
Electric saw their bills triple this summer after SDG&E became the first
California utility to qualify for an early end to the rate freeze.
A senior PG&E official, requesting anonymity, told The Chronicle yesterday
that there is virtually no room for compromise on whether the company will
swallow even a portion of that $3 billion in unexpected costs.
He said PG&E intends to recoup its expenses either from customers or -- and
this is a longshot -- in the form of refunds from power companies.
``There is a strong feeling here that we have every right to collect every
dime, either from generators or customers,'' the official said. ``We have a
pretty strong leg to stand on, under federal law, to get all of the money
we've had to pay out.''
Analysts were mixed on whether federal law does indeed favor PG&E and fellow
utility Southern California Edison on this question. Some agreed with the
companies that electricity distributors cannot be held accountable for
surging wholesale power prices and that ratepayers must pay for the power
they use.
But others pointed out that electricity customers were told when California's
energy market was deregulated in 1996 that they would be protected by a rate
freeze until early 2002 and that this rate freeze precludes utilities from
passing along any extra charges until that time.
Legal matters aside, no one doubts that the stakes are high for investors
and that this is very much on the minds of PG&E executives as they go into
today's PUC hearing.
``If you're an owner of the stock, you want management to take a position
that minimizes loss,'' said Paul Fremont, an analyst at Jefferies & Co. in
New York.
PG&E's share price dipped 44 cents yesterday to $27.13, still well above its
52-week low of $19.69.
``PG&E has to stick to its guns to maintain financial stability,'' said
Patterson at Credit Suisse First Boston.
Prudential's Coale stressed that shareholders would not take kindly to any
solution that involves a big hit on PG&E's bottom line.
``What shareholders do not want to see is a huge write-down,'' she said.
``You would hope for the solvency of the company that PG&E's management would
care most about shareholders, not ratepayers, at this point.''
That seems to be the case. The senior PG&E official said the only thing the
utility is prepared to negotiate is the length of time ratepayers should be
given to pay off the $3 billion.
He said four years of surcharges atop customers' regular monthly bills is one
possibility but quickly added that PG&E could be flexible on how long the
surcharges are imposed.
``That's where we see room for compromise,'' the official said.
Until recently, the PUC had been unwilling to even discuss whether utility
customers, and not the utilities, should be paying the unforeseen power
costs.
That changed when the commissioners recently agreed to accept a request from
PG&E and Southern California Edison that they revisit the matter. Today's
public hearing is the first step in that process.
For its part, Edison wants to pass along to customers about $2.3 billion in
costs over a five-year span. PUC President Loretta Lynch said commissioners
are trying to keep an open mind about how best to resolve the dispute, which
threatens to explode from a regulatory issue into a political hot potato.
``A lot of folks are pitching a lot of ideas,'' she said. ``No decisions have
been made.''
In fact, a major wild card is what the Federal Energy Regulatory Commission
will do, if anything, to stabilize California's electricity market. The
commission is scheduled to issue a draft report Wednesday outlining its
intentions.
Federal commissioners refused yesterday to discuss the contents of their
draft report, saying only that they have been working hard to determine
whether California's power prices are ``just and reasonable,'' and, if not,
what to do about it.
``The California situation has been incredibly difficult and thought
provoking and time consuming,'' said Commissioner Linda Key Breathitt.
While federal regulators have authority to demand that power generators
refund consumers if found to have illegally manipulated prices, few observers
expect such a harsh step to be taken.
Rather, the commissioners are widely expected to impose new restrictions on
wholesale electricity prices for a limited period of time. California
wholesale prices are now capped at $250 per megawatt.
Ironically, surging wholesale prices could also benefit PG&E customers. The
utility reaps profit from selling power it generates into the wholesale
market and has proposed that revenue from its network of dams and the Diablo
Canyon nuclear power plant be shared in the future with ratepayers.
If such a scheme were to get the green light from the PUC, the senior PG&E
official said this could shave about one-fourth off the $3 billion and
``lessen the pain a little bit'' for ratepayers.
Ultimately, however, the utility will have to convince not just the PUC but
also its customers that passing along billions of dollars in extra charges is
the most appropriate solution.
``It's going to be a difficult sell, public relationswise,'' said Herbert
Hart, an analyst at Redwood Securities Group in San Francisco. ``PG&E just
got done reporting an excellent quarter.''
The utility's parent company, PG&E Corp., reported this week that its
quarterly operating income jumped 34 percent to $248 million (68 cents per
share) from $185 million (50 cents) a year ago.
Whatever else, Hart said, ``it's important to maintain good relations with
your customers.''
E-mail David Lazarus at dlazarus@sfchronicle.com.
,2000 San Francisco Chronicle ?