Charles Schwab & Co., Inc.
Email Alert

Midday Market View(TM)
for Tuesday, November 20, 2001
as of 12:30PM EST
Information provided by Schwab Center for Investment Research
and Bridge

U.S. INDICES
(12:30 p.m. EST)

----------------------------------
Market            Value     Change

DJIA           9,902.07    - 74.39
Nasdaq Comp.   1,901.93    - 32.49
S&P 500        1,144.84     - 6.22
----------------------------------
NYSE Advancing Issues        1,356
NYSE Declining Issues        1,570
NYSE Trading Volume        587 mln
NASDAQ Advancing Issues      1,278
NASDAQ Declining Issues      2,044
NASDAQ Trading Volume      953 mln

==================================

U.S. TREASURIES
----------------------------------
Value            Yield      Change

6-month bill      1.98%        n/a
5-year note       4.14%       unch
10-year note      4.81%     - 3/32
30-year bond      5.26%    - 13/32

The tables above look best when viewed in a fixed-width font,
such as "Courier."

================================================================

STOCKS LOWER MIDDAY

U.S. equities are lower midday following mixed second tier
economic data and retail sector earnings reports. The U.S. trade
deficit dropped sharply in September and the index of leading
economic indicators rose. Meanwhile, Target Corp. (TGT,36,f2)
and Staples Inc. (SPLS,18.76,f1) met profit estimates, while
Deere & CO (DE,38) beat expectations. U.S. Treasuries are
trading lower and European markets are posting declines.

As of 11:51 a.m. EST, the Dow Jones Industrial Average was down
0.65%, while the Nasdaq was down 1.22%. The S&P 500 Index was
down 0.43%. Semiconductors and communication equipment issues
paced the decliners while oil related shares led the advancers.

Shares of Deere & Co. are lower after the largest U.S. farm
equipment maker reported a 4Q operating loss of $0.45 per share,
$0.01 better than the First Call consensus, on a 6.5% drop in
sales as the weak economy hurt production and shipments. The
company also said it intends to eliminate a Tennessee plant and
its 300 workers, and cut 10% of its headquarters' employees amid
expectations for declining 1Q sales.

Target Corp. is trading lower after reporting release of 3Q
operating earnings of $0.25 per share, matching analysts'
expectations per First Call, driven by higher sales and profits
at the Target discount chain. The retailer reported sales rose
8.6% with same-store sales increasing 1.5%. Target's CEO also
said, "we believe our strategies position us well to deliver
reasonable growth in earnings per share in the fourth quarter."

Staples Inc., the second largest office-supply retailer, said
fiscal 3Q profits rose nearly 8% to $0.20 per share, matching
the First Call consensus estimate, on a 1.1% rise in sales to
$2.83 billion. The company credits the elimination of
unprofitable merchandise and its cost-management efforts for the
quarter's results, despite a slump following the September
attacks. Staples says it sees fiscal 4Q results of $0.25-$0.27
per share, as compared to the Street's $0.25 per share consensus
estimate.

----------------------------------------------------------------

TREASURY AND ECONOMIC SUMMARY

Treasuries are flat midday following this morning's economic
data. The U.S. trade deficit fell sharply in September to $18.69
billion from September's $27.11 billion due primarily to the
anomalous effects of insurance claims related to September's
attacks, which reduced services imports by $11 billion,
according to the Commerce Department. Analysts per Dow Jones
Newswires were expecting a narrowing in the trade deficit to
$26.00 billion. Overall, imports plunged 14.0% to $95.99 billion
while exports declined 8.5% to $77.29 billion.

The Conference Board's index of leading economic indicators for
October rose 0.3% following September's 0.5% decline, better
than the flat reading expected per Bloomberg. The index,
designed to measure economic performance over the upcoming 3-6
month period, saw seven of its 10 component measures record
positive readings. The index of coincident indicators, designed
to measure current activity, dropped 0.2% in October following a
flat reading in September, while the index of lagging indicators
fell 0.3% after September's 0.2% decline.

----------------------------------------------------------------

WORLD MARKETS

European markets are lower midday with the Bloomberg European
500 down 1.48% as of 11:51 a.m. EST. Telecom and financials led
the decliners while energy and travel/leisure issues paced the
advancers. Contributing to the decline, the Organization for
Economic Cooperation and Development lowered its growth forecast
for the euro-zone economy to 1.4% in 2002 from its previous 2.7%
estimate in May and said more monetary easing may be warranted.
The euro is higher against the U.S. dollar, potentially helped
by reports that China's central bank intends to add the currency
to its forex reserves, which are the second largest worldwide.
Crude oil got a boost after the Mexican energy minister said
that an agreement could soon be reached for non-OPEC producers
to reduce output by 500,000 barrels per day.

Jeffrey Reeve, Market Analyst

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FYI

 -----Original Message-----
From: 	Howard, Kevin A.
Sent:	Wednesday, December 19, 2001 6:05 PM
To:	Hayslett, Rod; Horton, Stanley
Subject:	FW: Bowen presentation

rod and stan:
The attached file below represents the presentation that was given to Ray Bowen yesterday regarding the TW bankruptcy filing.  We will have a follow up tomorrow morning.

Kevin

 -----Original Message-----
From: 	Boyle, Dan
Sent:	Wednesday, December 19, 2001 5:50 PM
To:	Howard, Kevin A.
Subject:	RE: Bowen presentation

Dan O. Boyle
Vice President
Enron Global Finance
Phone:        713-853-1532
Mobile:        713-417-3532
Pager:         877-390-2838
Skytel PIN:  880FBF5

 -----Original Message-----
From: 	Howard, Kevin A.
Sent:	Wednesday, December 19, 2001 5:40 PM
To:	Boyle, Dan
Subject:	Bowen presentation

Dan:
Could you email to me the presentation that was given to Ray? I want to make sure that Rod and Stan know the exact details of what was discussed.

Thanks,

Kevin


What's up
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)

-----Original Message-----
From: Delainey, David W. <David.W.Delainey@ENRON.com>
To: Schwarz, Angela <Angela.Schwarz@ENRON.com>
Sent: Thu Dec 06 10:04:49 2001
Subject: Call Kay Chapman at 30643 if you get this

--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


Chris, do you have a deal book -explaining the overall transaction, returns
and risk?

This will help me facilitate the process.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 10/09/2000
01:37 PM ---------------------------

Christopher F Calger
10/09/2000 12:16 PM
To: David W Delainey/HOU/ECT@ECT
cc:
Subject: PSCO

Dave,

Wanted to give you a heads up...

We are looking at a DASH for approximately $1.5MM for development of PSCO.
This includes cancellation charges of approximately $350K and soft
engineering/consulting costs through November 30 (expected receipt of air
permit).  The plan would be to DASH with Board/Exec Committee approval the
entire project in November.   Chip Schneider of RAC is OK with this approach
given his understanding of the project risks and economics.

The plan is to keep this off balance sheet through West LB -> Turbo Park
with exit to a third party no later than Sep 30, 2001.  there is likely a
need to bring in LJM to cover $2-3MM of hard costs (moving dirt) from Dec 1
through Jan 31.

We are planning on executing the PPA with PSCO this week - it has sufficient
conditions precedent to give ENA Legal (and me) comfort that we can walk if
there is any problem with permits or site costs (land, water, transmission,
fuel).  In addition, there is a Board out that ENA Legal drafted, negotiated
and feels is a tangible out (unlike most Board outs).  We will have a
definitive deal with NEPCO prior to execution of the PSCO PPA.  I spoke  with
Jacoby and  Janet and told them we are planning to take the remaining two
LM6000's for this project.

I am available to talk about it at your convenience.

Regards,

Chris
---------------------- Forwarded by Christopher F Calger/PDX/ECT on
10/09/2000 09:56 AM ---------------------------

Christopher F Calger
10/08/2000 05:13 PM
To: Chip Schneider/NA/Enron@Enron
cc: Stephen Thome/HOU/ECT@ECT, Jeff G Slaughter/PDX/ECT@ECT
Subject: PSCO

Chip,

PSCO has modified their position and has accepted some of our negotiating
points (heat rate, board out, permit conditions precedent) and will accept a
6-LM6000 project with a June 2001 start date.  The additional two LM6000's
materially improves our economics as both installed cost/kw and fixed o&m
decrease.  We plan on executing the PPA later this week (Monday 10/16 latest)
with inclusion of project permitting conditions and Board-out language
drafted by and satisfactory to ENA Legal.

In order to hit the June 01 deadline, we must order the following additional
equipment through West LB ASAP:

6 stacks  $1,188,000
3 Control Modules $375,000
1 CEMS  $675,000
4 230kv Breakers $340,000
Total:   $2,578,000

The above equipment is needed for our remaining LM6000's in any project.
More importantly, the cancellation charges for the above equipment are
minimal as follows:

Now through November 1:    $257,800
Now through November 30:  $340,000 (additional $83,000)

Additional soft costs prior to mobilization in December are estimated at:

EE&CC Tasking Letter Year to Date:  $175,000
EE&CC/NEPCO Engineering through October 20:  $75,000
EE&CC/NEPCO Engineering through Nov 30: $700,000

Based on the above, I will exceed $500K around October 18.  Given our Board
approval flexibility from PSCo and the timing of expediting the equipment
orders, I thought it might be a good idea to seek approval for a development
project through the end of November (or perhaps December 15). The amount
might be $1.5MM which allows for equipment cancellation and engineering
costs.  That would allow us to move forward aggressively and prepare a more
complete final project approval for the next regularly scheduled Board / Exec
Committe meeting in November.

How does this sound to you?

Regards,

Chris


Good to hear that you're still alive and kicking after your recent world
travels.

You're right about GW -- it wasn't pretty getting there and the big question
will be whether he made himself so ugly that he's too damaged for November.
Honestly, I'm extremely disappointed in a number of ways with the campaign
he's run and especially with some tactical decisions made by Karl and the
rest of the staff who I don't think have served him particularly well. We'll
see if they learned any lessons.

My other buddy, Rick Perry, is going to be in NYC at the end of the month
and I'm helping to raise money for the event. I can't escape.

Excellent choice for vacation. You all will love it. Not only is it great
for us adults, I think your girls will really enjoy it as well. The one
thing I would recommend (before I bring in my file and bore you with too
much) is to try and stay in one or maybe two places and not move to
different hotels. It's easy to do day trips via car or train and it's great
to come back to the same place. Granted, we were there for two weeks and
were staying at a beautiful hillside, 5 bedroom villa with a pool, but it
gives you more flexibility in your schedule, i.e. if you want to take it
easy one day and just walk around the town you're in and have a leisurely
lunch. Off the top of my head (and I will bring in my file) my favorite
places were some of the obvious such as Florence which is good for at least
one if not two full days and Siena, where Sue Mara and her family were there
for the famous horse races in the city square, but also some of the smaller
towns were just as interesting. San Gimignano is famous for its towers that
rise out of the landscape, sort of like the Houston skyline, and do a day
bike ride through the Chianti region and hit at least one winery. We did one
around Montepulciano where we stopped for lunch. There are bike tour groups
that will arrange all of it for you. I would also make the effort to go to
the Tuscan coast and specifically Portifino, one of the most beautiful ports
I've ever seen. And then if you're kids aren't susceptible to car sickness,
I would do the drive along the Chicutira (sp?) coast which is a series of
little fishing villages. This is probably more than you ever wanted to know,
but the more familiar you are with the area before you go over there, the
smoother it will be so I also recommend buying a Fodders, or whatever it's
called. They're well worth it. Also be forewarned that if you rent a car,
they are very small. Fortunately, the Kean family is also small.

Job is going great and settling into big city life very smoothly. Our stock
has been taking a beating thanks in part to your guy, Clinton, and his
interventionists statements that erased $50 billion from the biotech sector
in one day last week. But we'll make up for it when we roll out our cure.

Call if you're up this way. Greetings to everyone on the floor.

-----Original Message-----
From: Steven J Kean [mailto:skean@enron.com]
Sent: Tuesday, March 21, 2000 5:58 PM
To: gfoster@antigenics.com
Subject:

How's it going.  Have you cured cancer yet?
In other news, the Bob Jones/confederate flag strategy appears to have paid
off
for your buddy.

I'm taking the wife and kids to Tuscany this summer.  Any advice from your
trip
there?
Stay in touch.


Sheri -

I was only able to get to the public face pages.  I have not attempted access
in the last couple of days.

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com

	Sheri Thomas@ECT
	02/20/2001 10:02 AM

		 To: Mark Greenberg/NA/Enron@ENRON
		 cc: Tana Jones/HOU/ECT@ECT
		 Subject: Tradespark

Were you guys ever able to get into the site?  Just checking on the status.
thanks
Sheri


BUSINESS HIGHLIGHTS

Enron Global Markets
In a combined effort, Global Risk Markets (GRM), a unit of Enron Global
Markets, and Southeast Power Origination, part of Enron Americas, closed
Enron's first Contingent Call Outage Option in the 1st quarter 2001. The
product was created to provide customers with a cost effective risk
management tool to hedge against high commodity prices after experiencing an
unplanned power generation outage.

The transaction was entered into with UtiliCorp United to manage its
generation risk for summer 2001. This risk is associated with a forced outage
of their largest coal unit during peak summer demand. The transaction, which
was developed jointly with the Southeast Power group, highlights the benefits
of cooperation between business units within Enron. GRM is working with a
number of business units to integrate this risk management product into other
Enron businesses to enhance value to our customers.  For additional
information on the product, please call David Hoog in the New York office at
212 702 3920.

IN THE NEWS

WORTH Magazine Names the Top 50 CEO's
NEW YORK--(BUSINESS WIRE)--April 23, 2001--Fifty of the country's chief
executive officers have been chosen by WORTH magazine as the top business
leaders in the nation, it was announced by W. Randall Jones, CEO, Worth
Media.
The third annual listing of CEO's by WORTH is determined based on each
leaders "foresight, judgment, and competitive juice to make their investors
happy." Rounding out the top 5 are the following best leaders:
1. Steve Ballmer, CEO, Microsoft   2. Jeffrey Skilling, CEO, Enron   3.
Philip Purcell, CEO, Morgan Stanley   4. James Morgan, CEO, Applied
Materials
5. Margaret Whitman, CEO, eBay
"We selected this year's list based on our belief in the CEO's ability to
deliver long-term shareholder value," said Jones. "The real test is not to
recognize past achievements but to be able to look back in five or ten years
from now. As a matter of fact, some CEO's we've chosen haven't made money for
share holders in the past few years, but we believe they are poised to do so
now."  WORTH's methodology for selecting the 50 best CEO's strives to balance
their possession of a vision with a demonstrated ability to execute under
stress and when confronted by urgent challenges.

WELCOME
New Hires
EGM  - Chrishelle Berell, Paul Murray, Yong Yi
EIM   - Jeff Nutt
ENA  - Keegan Farrell

Transfers (to or within)
ENA - Joe Parks, Mike Purcell
EGM ) Samuel Enochian

NUGGETS & NOTES

Travel Tip of the Week:  Book non-refundable tickets. Airlines typically
allow unused non-refundable tickets to be applied towards subsequent travel.
Even if you need to make a change at a rate of $100, in many cases the change
fee plus the ticket price is still less than a refundable ticket.
 For example:  Houston to Washington, D.C.
      Refundable:  $ 1,447
      Non-refundable       $    540

LEGAL STUFF
The information contained in this newsletter is confidential and proprietary
to Enron Corp. and its subsidiaries.  It is intended for internal use only
and should not be disclosed.


FYI.  These folks are really, really nice people.

 -----Original Message-----
From:  "Jim Geringer" <GERINGER@state.wy.us>@ENRON
[mailto:IMCEANOTES-+22Jim+20Geringer+22+20+3CGERINGER+40state+2Ewy+2Eus+3E+40E
NRON@ENRON.com]
Sent: Thursday, June 07, 2001 5:35 AM
To: Kaufman, Paul
Cc: McVicker, Maureen; Steve Reynolds; Shawn Taylor
Subject: Re: Enron's Final Version-Wyoming

Paul -
Thanks for participating at the Wyoming Energy Commission meeting.  Your
presentation was very timely.   The Virtual Integration model really brought
the message home.
Our most sincere sympathies to Steve on the loss of his father.   A Dad is a
very special person.
Governor Jim

>>> <Maureen.McVicker@enron.com> 06/05/01 07:27AM >>>
Paul Kaufman asked that I forward this to you.

Here's a copy of the Wy presentation.

(See attached file: SK-Wyoming-0501.ppt)


Pam,

The last group.
Please, let me know if any name is missing.

Grade: A

Thanks a lot. It was a pleasure working with you.

Vince Kaminski


I thought she was asking about EIS charges?

 -----Original Message-----
From: 	Carpenter, Nancy
Sent:	Monday, November 05, 2001 10:26 AM
To:	'elaine.conklin@enron.com'
Cc:	Geaccone, Tracy; Barnes, Caroline
Subject:	EPSC charges to cost centers

Elaine,
I spoke with Pam Daily;  she said that due to all the recent moves & changes, it would probably be December before rent charges hit the cost centers directly, and that there would not be any 2001 true-ups.
Hope this answers your question.
Thanks,
Nancy


Last week you received the email announcing Enron's executive solicitation.
The process for donating is very easy by simply clicking on the United Way
link.  I did it myself!  Please make your donation this week and thank you to
those that have already pledged.

The Enron kick-off is next Wed and I ask you to encourage your groups to give
to this worthy cause.

Thanks.

Reminder - United Way Breakfast

Please RSVP if you have not already done so.

Date:  Thursday, August 3, 2000 (hosted by Joe Sutton)
   or
  Friday, August 4, 2000 (hosted by Jeff Skilling)
Time:  7:45-9:00 a.m.
Location: DePelchin Children,s Center
  100 Sandman (near Memorial and Shepherd intersection)
RSVP:  Reply directly to this email or call Jessica Nunez, 853-1918 by
Monday, July 31

Transportation:    Bus will depart from the Enron Building (Andrews Street
side) promptly at 7:30 a.m.  Bus transportation is encouraged, due to limited
onsite parking. However, if you should need to drive, directions to DePelchin
are below.

EXECUTIVE SOLICITATION

Executive Solicitation kicked-off on July 24 and is well underway. As you
know, participation by Enron,s executive team is vital to the success of the
campaign.  To make your contribution, please click on the United Way link,
http://unitedway.enron.com or go directly to Internet Explorer or Netscape
and type in http://unitedway.enron.com in the address field.  Either option
should take you to Enron,s United Way 2000 Campaign site where you should be
able to make your pledge within minutes.  Please call Kathy Mayfield, Enron,s
Campaign Coordinator at 713/853-3264 if you have difficulties at all
accessing the site.

We look forward to seeing you next week!

Directions to DePelchin Children,s Center ) 100 Sandman (713-861-8136)

From Downtown Houston
? Take Prairie (which turns into Memorial) or Allen Parkway WEST to Shepherd.
? Turn RIGHT on Shepherd.
? Turn LEFT on Feagan (which is the first light after Memorial.)
? Turn LEFT on Sandman and drive down a couple of blocks.

From the Galleria Area
? Take 610 North to the Woodway/Memorial Exit. Exit and turn RIGHT on Woodway.
? Woodway will turn into Memorial and stay on Memorial until you see the
Shepherd exit.
? Exit Shepherd and turn LEFT on Shepherd.
? Turn LEFT on Feagan (which is the first light after Memorial.)
? Turn LEFT on Sandman and drive down a couple of blocks.

From North of Downtown
? Take 45 or 59 SOUTH to I-10.  Go WEST on I-10.
? Take the Shepherd/Durham exit and go through the Shepherd intersection to
Durham.  Go SOUTH or LEFT under the freeway on Durham.
? Turn RIGHT on Feagan (which will be a light.)
? Turn LEFT on Sandman and drive down a couple of blocks.


Robin:

I anticipate that Enron may have some legal issues in New York similar to the
issues Enron has faced in California.  Can you recommend a top notch trial
lawyer (similar to yourself) at any firms in New York?


The National Bureau of Asian Research (NBR) is pleased to announce
the establishment of a moderated Japan-U.S. email Discussion Forum.
With full support and funding from the Japan-U.S. Friendship
Commission, NBR has launched an electronic discussion forum for
those interested in issues surrounding Japanese politics, economics,
and security, and U.S.-Japan relations.  This new forum will provide
an opportunity for in-depth and focused discussion and exchange of
information and ideas among individuals who seek to further their
understanding of contemporary Japanese affairs.  While the forum will
be open to all who wish to participate, it will be moderated to ensure
appropriate, relevant discussion.  Dr. Edward G. Griffin, former State
Department officer, serves as the moderator.

To subscribe, please visit the forum home page at
http://lists.nbr.org/japanforum and click on the "subscribe" link in the
upper left-hand corner.

NBR is a nonprofit, nonpartisan institution that conducts advanced
research on policy-relevant issues in Asia.  It also serves as the
global clearinghouse for Asia research conducted by specialists and
institutions worldwide through its program AccessAsia.

-----------------
If you do not wish to receive future email announcements from NBR,
please send an email to lists@nbr.org with the word "unsubscribe" in
the subject line.


As discussed.
---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
04/22/99 04:30 PM ---------------------------

Carol St Clair
04/22/99 10:31 AM
To: Jeffrey Keeler/Corp/Enron@Enron
cc: Jeffrey T Hodge/HOU/ECT@ECT, Mark - ECT Legal Taylor/HOU/ECT@ECT
Subject: Proposed Bankruptcy Amendments

Jeff:
I have reviewed the House and Senate versions of the proposed bankruptcy code
amendments as they pertain to derivatives and discussed them with Mark Taylor
this morning and here is our read on what they have done and the effect on
Enron :

1) Both versions added a concept of "master netting agreement" as a new
definition and as an add-on to the definitions of forward contract, swap
agreement, repo agreement  and securities contract..  This definition, I
believe, describes agreements like the ISDA Master  Agreement.

2) Both versions amend Section 362(b) (the exceptions to the automatic stay)
to provide for a concept that permits setoffs with respect to amounts due and
claims under one or more master netting agreements or any contract or
agreement that is subject to such master netting agreements.  Mark and I
think that through this provsion, cross-product netting would be permitted to
the extent our physical and financial contracts separately or collectively
come under a master netting agreement.  We wanted to confirm that that was
the intent of this language since it is not entirely clear from the drafted
language how this would work if for example we had separate netting
agreements for our physical and financial contracts.  In addition, as
currently drafted, the only caveat to this setoff right is that these rights
are derivative of the setoff rights that are permitted by Sections 362 (b) 6
(forward contarcts), 7 (repos) and 17 (swaps) with respect to each individual
contract.    This may still present some problems for us in that no
amendments were made to Section 362 (b) 6 which permits setoffs with respect
to forward contracts but only to the extent that our claim against the debtor
is for a margin payment or a settlement payment .  We were hoping to see an
amendment to this Section that  broadened this language to include any type
of payment that would be due from the debtor under a forward contract  since
we are still unclear as to what a "settlement" payment means.  If you look at
Section 362 (b) 17 which deals with swaps, this language is much broader and
it was our hope that the setoff language for forward contracts could track
the setoff language for swaps.  Also, we were hoping that the setoff language
for forward contarcts would apply to anyone taht was a party to a forward
contract and not just "forward contract merchants" as currently drafted.
Again, the swap setoff language has a concept of "swap participant" that is
much broader.

3) Finally, we like the fact that the definition of "swap agreement" was
expanded, but are concerned with the new language and how it would apply to
our newer products such as weather derivatives since in order to fit within
the new definition, it must be something that is currently or in the future
"regularly" entered into in the swap market.  There are some further
revisions to that definition which I want to discuss with you as well.

In summary, while this language gives us some stronger argumants with respect
to "cross-product" netting, we feel that it doesn't go far enough.  Mark has
called Cadwalader to get their read on the draft language.  Call me when
convenient so that we can discuss what the next step for us may be.

Carol


I believe they are waiting until they get paid from us before they pay us.

Do you know if they will get paid from us?

 -----Original Message-----
From: 	Parker, Megan
Sent:	Friday, November 30, 2001 9:44 AM
To:	Staab, Theresa
Cc:	Felling, Amy
Subject:	Crestone 10/01

Theresa:
Have you heard from Crestone?  I am going to be on vacation next week and wanted to have this forecasted before I left.

Megan


Please do not forget to send me the update on Canadian agreements.

Thanks, have a great weekend!

Debra Perlingiere
Enron North America Corp.
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


Could you please read this request and get back to Mark with the info ASAP?
Thanks.

DG
---------------------- Forwarded by Darron C Giron/HOU/ECT on 01/16/2001
03:36 PM ---------------------------

Mark C Austin@ENRON
01/16/2001 03:38 PM
To: Darron C Giron/HOU/ECT@ECT
cc:
Subject: Re: Monthly Natural Gas P & L Request

Darron,

Is there someone else that can direct us to?  I would like to get this
information as soon as it is possible.  Please let me know.

Mark

	From:  Darron C Giron @ ECT                           01/16/2001 03:33 PM

To: Mark C Austin/AA/Corp/Enron@ENRON
cc:

Subject: Re: Monthly Natural Gas P & L Request

Mark,

I'm in Chicago right now and will return on Thursday.  Let me know if you can
wait until then.  Thanks.

DG

Mark C Austin@ENRON
01/16/2001 10:57 AM
To: William Kelly/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT
cc: Sharon Smith/AA/Corp/Enron@ENRON, Jennifer Stevenson/AA/Corp/Enron@ENRON,
Kate Agnew/AA/Corp/Enron@ENRON
Subject: Monthly Natural Gas P & L Request

As part of our monthly testing we review the monthly Natural Gas P & L
Statement and identify specific regions for which we would like to review
additional documentation.  Please find below, the regions that we have
identified.  We are requesting that you supply the P & L top pages for the
last day of the month for those regions that are applicable to you.  Once we
have reviewed these top pages, we will be contacting you to discuss the
drivers of these regions.  Please let me know if you have any questions or
comments.

Thank You,

Mark Austin
Arthur Andersen
ext. 68680

November  December

IM-East   IM-East
IM-Central  IM-Central
IM-Texas  IM-Texas

FT-West  FT-East
FT--Nwest  FT-NY
FT-MGMT-West FT-West
   FT-Nwest
West Gas Daily  FT-MGMT-West
Storage
   NYMEX
   MANAGEMENT
   Henry Hub Gas Daily
   Texas Gas Daily
   West Gas Daily


Julie

Per Mark Bennett, I am forwarding to you a write up I have put together
outlining the need for EPSA representation and more importantly, member
participation at NERC.

Please distribute this to the participants at the April 18 EPSA - NERC
Summit.  I will be attending the meeting and will gladly expand on the
impacts of NERC policies on the market.

Charles Yeung
713-853-0348


I have flow at the meter everyday without a deal in Dec.  It is on the UA4
and needs a ticket.  Bob phoned Vance and Vance does not know of any activity
of theirs at the meter.  Any insight?

Mary


Fred:

Based on what Dave says below we should then structure our toll such that we
can dispatch each unit at whatever the part-load MW rating is that GE still
guarantees at 9PPM NOx on gas, and 42PPM NOx on oil.

-----Original Message-----
From: Kellermeyer, Dave
Sent: Mon 6/4/2001 10:07 AM
To: Jacoby, Ben; Mitro, Fred; Mann, Kay
Cc:
Subject: RE: Midway Toll term sheet & LOI - comments

No.....we can never exceed our NOx permit limits.  Some permits specifically
identify a range of normal operations and don't allow you to operate outside
of that range regardless of your emissions.  We don't have a similar
prohibition in the Midway permit.  My statement about operating between 50%
and 100% load was based on the belief that our NOx guarantee will be good
within this range and that we can pass one-time emission tests for CO, VOC
and PM10 at as low as 50% load factor.

Also, since this is a PSD permit, our hours are unaffected by the actual
emissions, only by the permitted hours of operation and fuel consideration
(i.e., the 2-for-1 trade above 250 hours of oil firing).

Dave

-----Original Message-----
From: Jacoby, Ben
Sent: Monday, June 04, 2001 9:44 AM
To: Kellermeyer, Dave; Mitro, Fred; Mann, Kay
Subject: RE: Midway Toll term sheet & LOI - comments

Dave:

Thanks for the info. I just want to make sure I understand your message
correctly. Notwithstanding wgat the emissions may be, you believe we can
operate between 50% and 100% load when firing either gas or oil. So, if gas
emissions are 50PPM NOx, and oil is 100PPM (obviously a hypothetical), our
operating hours would not be reduced to a greater extent that if we were at
100% load and 9PPM and 42PPM NOx. Is this correct?

Ben

-----Original Message-----
From: Kellermeyer, Dave
Sent: Mon 6/4/2001 9:32 AM
To: Mitro, Fred; Mann, Kay; Jacoby, Ben
Cc:
Subject: RE: Midway Toll term sheet & LOI - comments

FYI, there is nothing in the permit that provides an allowable lower limit on
the turbine load factor.  In the permit application, we provided emission
estimates for 50 to 100 percent load and termed this as the "expected range
of operating conditions".  We can operate below 50 percent load, but would
likely need to do initial stack compliance tests at the lowest load we would
operate the plant.

Since the emission guarantees from GE will likely be for a range of 50 to 100
percent load factors, I suggest that we adopt 50 percent load (approximately
85 MW per turbine) as the mimimum turbine load.

Dave

  -----Original Message-----
 From:  Mitro, Fred
 Sent: Friday, June 01, 2001 5:57 PM
 To: Mann, Kay; Jacoby, Ben
 Cc: Kellermeyer, Dave
 Subject: Midway Toll term sheet & LOI - comments

 Ben/Kay:

 Attached are my comments on the Midway Tolling term sheet and LOI.

 I will be out on Monday but will have my cell phone on.  My conversations
will be regularly interrupted by golf strokes, but I will do my best to be
available.

 Call me if you have specific questions/issues to discuss.  I have asked Dave
Kellermeyer to call either one of you on Monday with an answer to the minimum
block size for the tolling term sheet.  I am taking the air permit home to
review and will leave you a message if I determine the answer.

 Fred

  << File: Kay Mann Term sheet June 1(fred's marked).doc >>

  << File: Kay Mann Tolling Term sheet June 1(Fred'smarked).doc >>


These deals should be change to sells not buys.....they are already buys in
enpower

   Kate Symes @ ECT                04/09/2001 04:34 PM

To: Evelyn Metoyer/Corp/Enron@ENRON
cc:

Subject: Re: 4/9 Checkout

PREBON
Both Phil's deals have been changed to buys already, and Mike is entering the
AEP sale right now.

Thanks,
kate

Evelyn Metoyer@ENRON
04/09/2001 02:30 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 4/9 Checkout

AMEREX WEST
All deals are o.k.

PREBON

Phil Platter
deal 574394
Prebon show as a sell.....enpower has buy

Phil Platter
deal 574395
Prebon show as a sell.....enpower has buy

Mike Swerzbin
I am missing the following deal:
Enron sells to AEP Cal'02 NP-15 25 mw at $132.00 peak hrs.

BLOOMBERG
All deals are o.k.


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 08/29/00 08:10 AM -----

	"Curry, Alicia" <acurry@velaw.com>
	08/28/00 01:58 PM

		 To: "Kopper, Michael (Enron)" <michael.kopper@enron.com>, "Tiller, AnnMarie
(Enron)" <annmarie.tiller@enron.com>, "Schnapper, Barry (Enron)"
<barry.schnapper@enron.com>, "St. Clair, Carol (Enron)"
<carol.st.clair@enron.com>, "Sefton, Scott (Enron)" <scott.sefton@enron.com>,
"'kenton@rlf.com'" <kenton@rlf.com>, "'dj@lordspv.com'" <dj@lordspv.com>,
"'aw@lordspv.com'" <aw@lordspv.com>, "'aroberts@wilmingtontrust.com'"
<aroberts@wilmingtontrust.com>, "'martha_stuart@kirkland.com'"
<martha_stuart@kirkland.com>, "Chandler, Trina" <tchandler@velaw.com>,
"'kevin.d.jordan@enron.com'" <kevin.d.jordan@enron.com>, "Astin, Ronald T."
<RAstin@velaw.com>, "Spradling, Mark" <MSpradling@velaw.com>, "Osterberg,
Edward" <eosterberg@velaw.com>, "'Anne Yaeger'" <Anne.Yaeger@enron.com>,
"'Ian Schachter'" <ian.schachter@us.pwcglobal.com>, "'Michael Edsall'"
<michael_edsall@kirkland.com>, "'Brent Vasconcellos'" <bvascon@enron.com>,
"'Trushar Patel'" <trushar.patel@enron.com>, "'rsiurek@enron.com'"
<rsiurek@enron.com>, "'patty.grutzmacher@enron.com'"
<patty.grutzmacher@enron.com>, "'jennifer.stevenson@enron.com'"
<jennifer.stevenson@enron.com>, "'simpson@rlf.com'" <simpson@rlf.com>
		 cc: "Halbert, Elaine" <ehalbert@velaw.com>
		 Subject: Project Raptor III (1 of 2 emails)

Attached please find drafts of the following documents:

1. Master Derivatives Agreement

2. Roadrunner/Bobcat ISDA Master Agreement

3. Enron/Bobcat ISDA Master Agreement

4. Put Option Confirmation

5. Stock Purchase Agreement

6. Bobcat Revolving Promissory Note

7. Roadrunner Promissory Note

8. Enron Corp. Guaranty in favor of Bobcat

9. Enron Corp. Guaranty in favor of LJM2-Bobcat, LLC

10. Registration Rights Agreement

> Alicia L. Curry
> Vinson & Elkins L.L.P.
> 2300 First City Tower
> 1001 Fannin Street
> Houston, Texas 77002-6760
> Phone:  713-758-4428
> Fax:  713-615-5688
> (Licensed in New York only)
>
>
>
>
> +++++++++++++++++++++++
> CONFIDENTIALITY NOTICE
> +++++++++++++++++++++++
> The information in this email may be confidential and/or privileged.
> This email is intended to be reviewed by only the individual or
> organization named above. If you are not the intended recipient or an
> authorized representative of the intended recipient, you are hereby
> notified that any review, dissemination or copying of this email and
> its attachments, if any, or the information contained herein is
> prohibited. If you have received this email in error, please
> immediately notify the sender by return email and delete this email
> from your system. Thank You
>
PRIVILEGED AND CONFIDENTIAL:
Contains attorney-client communications and/or attorney work product.

 - Two.DOC
 - Four.DOC
 - Six.DOC
 - Eight.DOC
 - Ten.DOC
 - Nine.DOC
 - Seven.DOC
 - Five.DOC
 - Three.DOC
 - One.DOC


Steve -

Could you please escalate per our conversation

Thank you

Paula
---------------------- Forwarded by Paula Corey/Enron Communications on
01/21/2000 08:35 AM ---------------------------

Stinson Gibner@ECT
01/21/2000 08:09 AM
To: Timothy Morita-McVey/Enron Communications@ENRON COMMUNICATIONS@ENRON
cc: Paula Corey/Enron Communications@Enron Communications, Jean Mrha/Enron
Communications@Enron Communications

Subject: Re: ECI ID for Stinson

Timothy:

I still have a problem.   When I am on the ECI network I cannot receive
email, and, even worse,  I cannot even send email.     This is not an
acceptable situation.   I need to have a fully functional email account on
the ECI side as well as the ENA side.    Don't tell me that its against
policy because I know that Ravi Thuraisingham has already be set up this way
for months.    I don't care if mail from one network is forwarded to the
other as I will have access in Houston to both, but I can already see that I
need to have functional accounts on both sides, or it will be a continual
thorn in my side when travelling to Portland, etc...

Again thanks for your help on getting this set up correctly,

--Stinson Gibner
x34748

From: Timothy Morita-McVey@ENRON COMMUNICATIONS on 01/19/2000 10:20 AM PST
To: Stinson Gibner/HOU/ECT@ECT@ENRON
cc:
Subject: Re: ECI ID

Thanks Stinson,
That should give me what I need.
I understand that you will have two Notes ID's with the ECI mail forwarded to
your "Stinson Gibner/HOU/ECT@ECT@ENRON" address.
I should be able to complete this today (later today)

Thanks,

Timothy Morita-McVey
Lotus Notes Administrator
Enron Communications, Inc.
503.886.0390
Timothy_Morita-McVey@Enron.net

	Stinson Gibner@ECT
	01/19/00 09:07 AM

		 To: Timothy Morita-McVey/Enron Communications@Enron Communications
		 cc:
		 Subject: ECI ID

I  must have written down your phone number incorrectly,  it did not work.

Regarding my user ID on the ECI network,  I would be set up in the same way
as Ravi Thuraisingham with an ID on both the ENA and the ECI networks.   I am
in the Corp. research group but am spending about 80% of my time in support
of ECI in the trading and origination areas.

Feel free to contact me if you need any further info.

--Stinson
Houston x34748


Need to be there by noon to attend Ashok's staff meeting.
Fredericksburg A room

Your Continental flight leaves at 9:45.


Is anyone familiar with the requirement in providing sidewalks along
a public street?  The fellow that tore up our brand new Welch street
back in October has torn up the sidewalks on Welch and planted grass
in their place.  Isn't he required to keep the sidewalks that existed
before?  There are sidewalks on both sides of Welch all the way from
Taft to Montrose with the exception of the stretch in front of his
new townhomes.

Frank & Lorraine Zistler

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Right on, works for me, just call me when you get off and I can meet you there, or we can meet at the house, I live a couple blocks from there.
Just take Macadam south all the way out, it turns into Highway 43, and follow it through Lake Oswego.  Once you pass Marylhurst College, you'll see a Burgerville on your left, Buggati's will be just past the Burgerville about a block and 1/2 on the left. It has a green and white sign in front.  If there is no parking available in the front lot, you can park in the Starbuck's and McDonald's lot.

If you want to come to house  - go about a half a block past Buggatti's, you will see McDonald's, that's Walling Way, turn left and follow the road down to Old River Rd., turn left onto Old River and go over 3 speed bumps.  Robin View Drive will be the next street on your right, turn right and we are the third house on the right, 3680 Robin View Dr.  Blue/Green house with white trim and bricks lining the yard.

 -----Original Message-----
From: 	Gang, Lisa
Sent:	Monday, April 08, 2002 11:11 AM
To:	Cutsforth, Diane
Subject:	RE: dude

OKAY..HOW AOBUT TUESDAY

 -----Original Message-----
From: 	Cutsforth, Diane
Sent:	Monday, April 08, 2002 11:10 AM
To:	Gang, Lisa
Subject:	RE: dude

Whenever you are ready.  Mo is gone until Thursday, come out to Bugatti's in West Linn, you'd love the place, the food and drinks are awesome.  What's your MSN, I can't find it in the directory

 -----Original Message-----
From: 	Gang, Lisa
Sent:	Monday, April 08, 2002 11:08 AM
To:	Cutsforth, Diane
Subject:	RE: dude

MSN..WASSS UP???WHEN ARE WE GOING TO HAVE THAT DRINK??
 -----Original Message-----
From: 	Cutsforth, Diane
Sent:	Monday, April 08, 2002 11:03 AM
To:	Gang, Lisa
Subject:	dude

so do you have an msn or aol  ID?

Diane O'Neil
UBS Warburg Energy, LLC
Power Pre-Scheduling
503-464-3831 desk
503-702-7273 cell


Enron is forming a new organization - - the Enron Xcelerator - - to drive the
formation and development of new businesses at Enron.  Enron's unique ability
to start and develop new businesses has driven most of our growth over the
years.  Lou L. Pai, currently Chairman and CEO of Enron Energy Services, will
lead the Xcelerator.  Over his years at Enron, Lou has been key to the
creation and rapid growth of our wholesale gas, wholesale power and energy
service businesses.  The existing business units will continue their
development of core businesses, while the Xcelerator will be responsible for
developing new business opportunities that are natural extensions of Enron's
business model and core skills, but not currently under development elsewhere
in Enron.

Dave Delainey, currently President and CEO of Enron Americas, will become
Chairman and CEO of Enron Energy Services.  Dave brings a wealth of
experience and accomplishment from Enron Wholesale Services' businesses where
he led the growth of our Canadian business and our North American origination
activity and, most recently, had a great year in Enron Americas.

Dave is forming an Office of the Chairman in EES.  Joining Dave in the Office
of the Chairman are Dan Leff, President of EES, Global Energy Services, and
Marty Sunde, President of EES, Global Marketing and Services.  Dan and Marty
have been instrumental in the development and execution of the successful EES
business model.  Also joining the Office of the Chairman of EES is Janet
Dietrich as Chief Operating Officer.  Janet, currently is Managing Director
in Enron Americas, where she has been successful in many of Enron Wholesale's
core businesses, including gas trading, risk management and structural
origination.  Tom White will continue as Vice Chairman of EES and will focus
on the development and expansion of EES' customer relationships.  Lou, Tom,
Dan, Marty and the entire EES organization have developed a great business
model with great growth prospects.  EES has become an essential part of
Enron's market valuation and growth story.  This new leadership structure
will enable EES to continue on its path of sustained growth and increasing
profitability.

John Lavorato will succeed Dave as President and CEO of Enron Americas.  John
has been an essential part of Enron's energy trading success over the years
and is a key part of Enron Wholesale Services' continuing success story.
Joining John is Louise Kitchen, currently President and CEO of Enron
NetWorks.  Louise, who accelerated Enron's outstanding growth with the
deployment of EnronOnline, will take over as Chief Operating Officer of Enron
Americas.

Philippe Bibi, currently Chief Operating Officer of Enron NetWorks will take
over as President and CEO of Enron NetWorks.  Under Philippe's leadership,
Enron has become a technology leader and the leading e-commerce company.
Joining Philippe as Chief Operating Officer is Greg Piper, currently Managing
Director of Enron NetWorks.  Greg currently leads Enron NetWork's origination
activity and was responsible for the creation and deployment of ClickPaper,
Enron's successful online pulp and paper marketplace.

Please join us in congratulating all of these individuals on their
achievements and their new responsibilities.


I have to take care of my baby.

 -----Original Message-----
From: 	Larry Orsi <Orsi@tconl.com>@ENRON [mailto:IMCEANOTES-Larry+20Orsi+20+3COrsi+40tconl+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, August 21, 2001 12:49 PM
To:	Tholt, Jane M.
Subject:	snitch

yes


Dear Tim,

I apologize for the delay in getting this to you.  By far, your office had
the least amount of findings and, based on the work performed by the Doorstep
team,  I am very comfortable with the processes and procedures in place in
the Portland office.

 I look forward to discussing this with you.

Best regards

Shona


Chris/Mary, I have a few comments:

1.  To the extent that we are dealing with a BCA jurisduction, I am not sure
the issue is so much the common law"indoor management rule" as the "natural
person" powers of a BCA corporation.  In other words, the doctrine of "ultra
vires" does not apply to a BCA corpoartion, which can do anything that is not
specifically restricted by the BCA, and generally speaking entering into
physical or financial derivatives is not resticted.

2.  The "indoor management rule" is also more relevant and generally
incorporated in the applicable BCA (Section 18 of the ABCA, for example) and
is subject to a qualification that we knew or, by virtue of our position or
relationship, ought to have known that there was not proper corporate
procedure followed by the counterparty.  Our general practice has been,
however, that for an ordinary course BCA, as we do not have such actual or
imputed knowledge, we can reasonably rely on the "natural person" powers and
assumed corporate authority.  We also want to facilitate deal flow and avoid
ourselves having to give numerous legal opinions.  Accordingly, for a BCA we
do not generally require legal opinions, and this would be a fundamental
change to prctices and procedures.

3.  If the entity is a non-BCA jurisdiction corporation, a statutory
corporation (including a municipality or Crown corporation), a non-corporate
entity, a regulated entity, etc., we have cause to be more concerned, not so
much because of reasonableness defences to the common law "indoor management
rule", but because of the the "ultra vires" doctrine (or similar-type
defences). i.e.  These types of entities generally do not have "natural
person" person powers, and may only do that which is specifically authorized
by the governing document, statute, agreement, etc.  In other words, even if
the transactions have been properly approved, or we are entitled to assume
this is the case by the "indoor management rule", that does not save a
transaction that is void for being "ultra vires".  It is in these
circumstances that we should be obtaining legal opinions.

4.  As to enforceability, I think we are generally comfortable that, with
proper corporate authority, the Masters and the Transactions are enforceable,
and obtain reps. in the agreements to that effect.  Accordingly, for similar
reasons we avoid giving and do not ask for enforceability opinions for
ordinary course trading transactions.

I am copying Mark Taylor and Jeff Hodge to make sure that I am current on our
polidy for legal opinions.

From: Chris Gaffney on 01/25/2001 05:07 PM EST
To: Mary Cook/HOU/ECT@ECT
cc: Peter Keohane/CAL/ECT@ECT, Mark Powell/CAL/ECT@ECT
Subject: Swap Question

Mary - If you would like any further research on the matter, please let me
know.

Regards
CJG
----- Forwarded by Chris Gaffney/TOR/ECT on 01/25/2001 05:14 PM -----

	"Sellers, Ward" <wsellers@osler.com>
	01/25/2001 05:01 PM

		 To: "'Chris.Gaffney@enron.com'" <Chris.Gaffney@enron.com>
		 cc: "Ponder, Dale" <dponder@osler.com>
		 Subject: Swap Question

 Chris,

 I understand that Enron is contemplating entering into an ISDA
agreement with a Canadian corporation that is wholly-owned by an Ontario
pension plan. You have asked whether you need to get legal opinion as to
authorization, execution, delivery and enforceability or can rely on the
indoor management rule.
 While you have not asked for a formal legal opinion on this matter,
I understand that you would like me to confirm the discussion you and I had
on January 24, 2001 on this matter. The information set forth below is
essentially what you and I discussed, however, since we talked I have
received further input from on of my pensions partners, and which has led me
to be slightly more conservative on the enforceability opinion point.
 In brief,

 Even when dealing with an ordinary Canadian corporation, it we
generally recommend that our clients obtain a legal opinion from the
counterparty as to capacity, authority, execution, delivery and
enforceability as a matter of prudence and in order to minimize legal risk.
Without the opinion you must rely on the indoor management rule, as
enshrined in most of our corporate statutes, which is not 100% bullet-proof
-- you would not be able to rely on the indoor management rule if you knew
or ought to reasonably have known that the company or person did not have
the purported authority to act. While it may be difficult for a counterparty
to establish that the indoor management rule is not available in a given
circumstance, it does reduce a company's legal risk to take this argument
out of a plaintiff lawyer's hands by getting the opinion.

 You have informed me that on the basis of the foregoing, while a
legal opinion may be desirable, you would not view it as strictly necessary,
and while this is ultimately a decision based upon risk tolerance, as you
are aware, it is not unusual for those entering into swaps with "ordinary"
corporations to conclude that the risk in this area is more theoretical than
practical and to not go to the extent of requiring a legal opinion to
protect themselves.

 An additional issue, however, is whether the ownership of the
corporation by a pension fund raises any additional reasons to obtain a
legal opinion. I am not aware of any cases on this point, and our pension
rules have recently been amended to regulate indirect and direct investments
-- accordingly, this is a case which is to a great degree an issue of first
instance. However, my views are:
* as to capacity, authority, execution and delivery, the principles
relating to the sanctity of the corporate veil should prevail and it would
be an unusual result if the fact that the shares of the corporate entity are
owned by a pension fund adversely affected the indoor management rule:
accordingly,  obtaining a legal opinion on these matters should not be more
desirable when entering into a swap agreement with a company which is owned
by a pension plan than when entering into such a contract with a company
which is not;
* the status of enforceability is less certain since there may be a
number of additional factors which become relevant in assessing
enforceability, and while it would be somewhat of a surprise if the rules
governing the pension fund would taint the enforceability of a contract
entered into by a wholly-owned subsidiary thereof, I can not tell you that
enforceability would not be adversely affected: accordingly, an opinion as
to enforceability may be more desirable when entering into a swap agreement
with a company which is owned by a pension plan than when entering into such
a contract with a company which is not.

  .
 Please do not hesitate to contact me if you have any questions on
the foregoing or if you require any further information.

E.A. (Ward) Sellers
Osler, Hoskin & Harcourt LLP
tel: (416) 862-4226
fax (416) 862-6666
e-mail: wsellers@osler.com

Click to add my contact info to your organizer:
http://my.infotriever.com/wsellers
***********************************************************************
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Yeah, yeah, yeah.  How long have y'all been saying you were going to hit
500?  I'm still holding at 3 with the possibility of getting 6 more signed by
year end.

Marie Heard
Senior Legal Specialist
Enron Broadband Services
Phone:  (713) 853-3907
Fax:  (713) 646-8537
Marie_Heard@Enron.net

	Tana Jones@ECT
	10/17/00 03:21 PM

		 To: Marie Heard/Enron Communications@Enron Communications
		 cc: Susan Bailey/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Stephanie
Panus/NA/Enron@Enron
		 Subject: The Countdown Continues

Well, just mentioning the landmark levels now, we just hit 460...it's not
impossible that we won't get 40 more in by the end of the year...


who cares about the last 4 digits?  it is the area code that matters.


Notice No. 01-103
March 23, 2001
TO:
ALL NYMEX DIVISION MEMBERS AND MEMBER FIRMS
ALL NYMEX DIVISION CLEARING FIRMS
ALL NYMEX DIVISION OPERATIONS MANAGERS

FROM:
Neal Wolkoff, Executive Vice President

SUBJECT:
MARGIN RATE CHANGE FOR HENRY HUB NATURAL GAS FUTURES CONTRACTS
Effective Date:  Friday, March 23, 2001 (close of business)
Futures Contract: Henry Hub Natural Gas Futures
Contract Months: All Months
Rate Change:

NYMEX Division Margins on Henry Hub Natural Gas Futures Contracts
Clearing Member (Maintenance Margin): Old:  $4,500  New:  $3,500
Member Customer (Initial Margin): Old:  $4,950  New:  $3,850
Non-Member Customer (Initial Margin): Old:  $6,075  New:  $4,725

Should you have any questions regarding these changes, please contact Arthur
McCoy at (212) 299-2928 or Joe Sanguedolce at (212) 299-2855.  This notice
supersedes all previous notices regarding outright margins for the NYMEX
Henry Hub Natural Gas Futures Contract.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com&
refdoc=(01-103)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.