Hi Denise, Kay, and Dutch,
i thought i'd say hi before i logged off - 12:42 am.  Amanda has been home sick the past two days and i have been rescheduling appts and putting away christmas decorations. she is doing better and will head to school tomorrow.
Denise i hope you are taking care of yourself.
Kay and Dutch - thanks for sending your address, the kids are in the process of writing holiday thank you's.  Any chance you could send or email a picture of the puppy Rex, they would love it and me too.
Kevin and Jo came for dinner last friday and kevin loaded some cool picture scanning software - hopefully i'll get some photos out this year on the web.
Life is going good here - i am going to the  annual mardi gras committee meetings and setting boundaries and have NOT volunteered to head a committee. I just answer questions and give details and just talk to people about details.  I am loving IT!! and not overwhelmed. My big decision will be what dress to wear.  Larry is right back into working HARD on these sprint deals after our ski trip.  The kids are asking to go again - even Kyle after altitude sickness- they both want to be in breckenridge!! Larry talked to a friend that has a condo in i think winter park. said we could use it sometime.  any other news:  Kyle was star student last week - made a huge poster with tons of pictures to share with his class.  Amazing to me that he is almost 7 years old.  The art teacher told me that after class last monday he just spontaneously gave her the biggest hug  and it made her day.  He is one special little boy.
Hugs and love to each of you,
Michele
PS Hey mom thought you'd enjoy reading this too.


Per Jim Steffes request, this is what I talked about in Houston.

I had particularly emphasized the need to define the functions of Control Areas that we want independent from the vertical utilities so that we can leverage that to push for single control areas.


you must bet sugar and orange bowls

John J Lavorato@ENRON
01/02/2001 07:25 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject:

current including tb -500 equals 4170


Could you please provide an analysis of the attached bill, HB 918, and how it
effects Enron?  Please email your response back so that we can input your
analysis into our legislative tracking system.

Thanks,

Jean Ryall


(See attached file: HPLN0223.xls)

 - HPLN0223.xls


No.  That's not the gossip.  I probably have you more excited than you should
be now.  It's not as interesting as you're probably thinking now.  I spent
three hours dozing through defensive driving this afternoon.  It's horrible.
They just keep saying the same things over and over.

What time do you think you'll get out of here tonight?  At the rate we're
going I'm never going home.  No one is finished yet.  Talk to ya later.

Gabriel Monroy
12/11/2000 04:40 PM
To: Robin Rodrigue/HOU/ECT@ECT
cc:
Subject: Re: I FINISHED!

I hope the gossip is not about Jennifer  finding out about you know what.  We
did not have Spanish. Even though I am not busy we were kind of determined to
finish fixing the model. We are tired of it.  I am also tired of looking at
it. Did you start watching Defensive Driving?


FYI, Kim.

 -----Original Message-----
From: 	Graves, Jerry
Sent:	Thursday, November 15, 2001 6:03 PM
To:	Alvarado, Jesse; Armitage, Roy; Artesia, Team; Asante, Ben; Bailey, Arnie; Bandel, Bob; Barnes, Rodney; Barry, Richard; Boothe, David; Braswell, Keith; Brown, Sharon; Calhoun, Rory; Carlsbad, Team; Chanley, Earl; Coash, Steve; Cochran, Jeffrey; Cummings, Helen; Ellington, Michael; Flagstaff, Team; Flagstaff-Sta2, Team; Flagstaff-Sta3, Team; Gallup, Team; Gallup-Sta4, Team; Gallup-Sta5, Team; Goradia, Pallavi; Graves, Jerry; Hall, Margaret; Hardy, Crandal; Hendricks, Jonny; Henley, Gaynel; Hood, Colleen; Howell, Dennis; JalCompressors, Team; January, Steve; Jolly, Rich; Kermit, Team; Kermit-WT2, Team; Kingman, Team; Kingman-Needles, Team; Kingman-Sta1, Team; Kowalke, Terry; Laguna, Team; Laura Kunkel; Macpherson, Sigrid; Maestas, Gary; Martens, Donna; Matthews, Ron; McCracken, Mike; McIlwain, Greg; Monahans, Team; Monahans-FtStockton, Team; Monden, Bart; Moore, Jan; Moore, Jeff; Morse, Ronnie; Mountainair, Team; Munson, Robert; Panhandle, Team; Panhandle-P2, Team; Pribble, Dan; Pyle, Carl; Ratliff, Dale; Roensch, David; Roswell, Team; Roswell-Capitan, Team; San-Juan, Team; San-Juan-LaPlata, Team; Schoolcraft, Darrell; Sims, Peggy; Smith, Rick; Sommer, Carol; Spain, Ron; Spraggins, Gary; Watson, Kimberly; Welsh, Edward; Williams, Jo; Young, Kenneth
Subject:	Albuquerque Region Outage Report Through December 2002

Please review the attached outage report.

Jerry Graves
713-345-8923


From Enron Corp Business Controls

Operations in Enron's Crisis Management Center will cease at the close of business in Houston on September 12.  All inquiries or information pertaining to the events of the last two days should now be directed to Enron Corp Business Controls at 713.345.2804.  In the event immediate assistance is required after hours, the Business Controls telephone number will be answered by the 24x7 security desk which can have a representative from Business Controls return your call immediately.

With respect to employees stranded around the United States, we regret that these employees should make their way back to Houston or their home office as best they can via commercial airlines, train, or rental car.  Unfortunately, corporate and other private aircraft will not be flying until sometime after restrictions are lifted on commercial carriers.  Therefore, Enron corporate aircraft should not be counted on to provide assistance in this situation.


In yesterday's prepared testimony before Barton's subcommittee, Chairman
Hebert stated:  "Finally, I emphasize that the Commission's open access
program for natural gas transportation has resulted in a vibrant,
transparent, liquid competitive market for natural gas.  It is critical that
we continue to develop the same type of competitive, comparable markets for
electric energy and transmission as well, and to do so as expeditiously as
possible."


Is everything OK?


Vince,
 Per the dialogue below, there seems to be some agreement between our two
groups that a subscription to the "Institute for International Finance" is
worth receiving, but to do so in one central subscription and split the
cost.  Is a $16K share OK for your group?  We'll do $32K on our end, and then
try and sell some of our share to my European counterpart once he gets better
established with a bigger budget.
--Scott
---------------------- Forwarded by Scott Tholan/Corp/Enron on 02/26/2001
06:21 PM ---------------------------

Robert Johnston@ECT
02/26/2001 07:51 AM
To: Scott Tholan/Corp/Enron@Enron
cc:

Subject: Re: IIF/OxAn

Scott- could you give Vince a call or an email to recommend that he kick in
16K for the Institute for International Finance?  We would pay 32K (maybe get
Jim Roth to pick up some down the road).

RJ
---------------------- Forwarded by Robert Johnston/HOU/ECT on 02/26/2001
07:50 AM ---------------------------

Gwyn Koepke@ENRON
02/23/2001 06:18 PM
To: Robert Johnston/HOU/ECT@ECT
cc:
Subject: Re: IIF/OxAn

I haven't heard back from VInce yet on the price, but we definitely need to
continue our access to IIF.  Can you count us in for a slice of the cost and
advise me how many others depts you can recruit to help pay the annual fees.
Once you have a final count, it may reduce our costs in Research.  Thanks,

GEK

Robert Johnston@ECT
02/16/2001 04:31 PM
To: Gwyn Koepke/NA/Enron@ENRON
cc: Maureen Raymond/HOU/ECT@ECT

Subject: Re: IIF/OxAn

If you need access to consensus data occasionally let me know and I can pull
it for you.  Let me know when you get an answer on IIF.  I will also be
looking for others to buy in.

RJ

Gwyn Koepke@ENRON
02/13/2001 01:55 PM
To: Robert Johnston/HOU/ECT@ECT
cc: Maureen Raymond/HOU/ECT@ECT, Scott Tholan/Corp/Enron@Enron
Subject: Re: IIF/OxAn

Robert,

Thanks for itemizing the costs.  We have decided to cancel the Oxford
Analytica, as we receive a consensus forecast for currency and inflation from
another source.  Regarding IIF, it is an important source for us.  I will
discuss the costs within the Research Group and advise you of how we will
proceed.

Gwyn

Robert Johnston@ECT
02/13/2001 09:46 AM
To: Maureen Raymond/HOU/ECT@ECT, Gwyn Koepke/NA/Enron@Enron
cc: Scott Tholan/Corp/Enron@Enron

Subject: IIF/OxAn

Hi Maureen and Gwyn-

On the Oxford Analytica front, I'm glad you have found the service useful.
Our contract with them has expired and we are currently negotiating for more
users to have access.  Our current contract is for $50K or $10K per user per
year.  We can charge $10K back to you.

On the IIF front, the invoice for $47K is due at the end of the month.  Here
I would propose that we pay two thirds (to cover our costs and the costs of
our Competitive Analysis colleagues in London), leaving $15K for you to cover.

Since we took on these services last year, we have expanded our range of
sources and projects and are consequently trying to do more with less. Thus I
need to allocate some of our costs from OxAn and IIF to other projects.

Let me know what you think about this proposal.  Maureen, congratulations on
your secondment to Enron Metals (Gwyn mentioned it to me).  FYI, our
colleague Jim Roth is providing Competitive Analysis support to Joe Gold and
John Sherriff on that project from London.

RJ


---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 08/25/2000
03:57 PM ---------------------------

Stacy Chang <Schang@cook-inlet.com> on 08/25/2000 02:49:15 PM
To: Matthew Lenhart <Matthew.Lenhart@enron.com>
cc:

Subject: Do not try this at home - its more painful then it looks. :)

 Do not try this at home - its more painful then it looks. :)

  <<pool.mpg>>

 - pool.mpg


-----Original Message-----
From: 	Patsy Barker <barker@rice.edu>@ENRON
Sent:	Friday, January 18, 2002 11:26 AM
To:	(Recipient list suppressed)@ENRON
Subject:	All Faculty Meeting-January 28

The January 2002 All Faculty Meeting will be held:

Monday, January 28, 2002
9:45 a.m. to 10:45 a.m.
Room 124

Attached for your convenience is the All Faculty Meeting Schedule, Revision
3 dated December 4, 2001

Patsy Barker
Executive Assistant to the Dean
Jones Graduate School of Management
Rice University
6100 Main Street, MS-531
Houston, Texas 77005
Tel:  713.348.4838
Fax: 713.348.5110
barker@rice.edu

 - AFMFall01-Spr02_Rev.3.doc


Tana:

Under the entry for  Broadwing Telecommunications, the notation is that it
should roll up under the parent "Broadwind" Communications Services.  It
should be "Broadwing" Communications Services, Inc.

Marie

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

	Tana Jones@ECT
	03/29/01 09:06 AM

		 To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Marcus
Nettelton/NA/Enron@ENRON, Harry M Collins/HOU/ECT@ECT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Marie Heard/Enron
Communications@Enron Communications, Robbi Rossi/Enron Communications@Enron
Communications, John Viverito/Corp/Enron@Enron, Jane McBride/AP/Enron@Enron,
Andrea Calo/SA/Enron@Enron, Peter Keohane/CAL/ECT@ECT
		 cc:
		 Subject: EOL approvals, 03-28-01

----- Forwarded by Tana Jones/HOU/ECT on 03/29/2001 09:06 AM -----

	Walter Guidroz/ENRON@enronXgate
	03/28/2001 04:42 PM

		 To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/ENRON@enronXgate,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/ENRON@enronXgate, Cynthia Clark/ENRON@enronXgate, Enron Europe
Global Contracts and Facilities@ENRON, Enron Europe Global
CounterParty/LON/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tom
Moran/ENRON@enronXgate, Claudia Clark/HOU/ECT@ECT, William S
Bradford/ENRON@enronXgate, Lisa Lees/HOU/ECT@ECT, Juana
Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron, Trang Le/HOU/ECT@ECT,
Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim Davies/LON/ECT@ECT,
Karen O'Day/NA/Enron@Enron, Tanya Rohauer/ENRON@enronXgate, Kelly
Lombardi/NA/Enron@Enron, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center@ENRON, Bernice Rodriguez/HOU/ECT@ECT, Bill D
Hare/HOU/ECT@ect, Amy Heffernan/Enron Communications@Enron Communications,
Molly LaFuze/Enron Communications@Enron Communications, Danny Clark/Enron
Communications@Enron Communications
		 cc:
		 Subject: EOL approvals, 03-28-01

Please see attached.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/15/2000
05:04 PM ---------------------------

"Btu" <subs@Btu.net> on 12/15/2000 04:53:24 PM
To: "Btu's Weekly Power Report" <>
cc:
Subject: Btu's Weekly Power Report

Attached is the latest issue of Btu's Weekly Power Report

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

 - wp121800.pdf


Ground pictures from various angles will do.   My expectation is that I will continue to get weekly updates and the booklet I described will contain the info I requested in an organized manner.

Thanks.


One morning Dick Cheney and George W. Bush were having brunch at a
restaurant.

The attractive waitress asks Cheney what he would like and he replies, "I'll
have a bowl of oatmeal and some fruit."

"And what can I get for you, sir?" she asks George W.

He replies, "How about a quickie?"

"Why, Mr. President," the waitress says, "How rude . . . you're starting to
act like Mr. Clinton and you haven't even been in office for a month yet!"

As the waitress storms away, Cheney leans over to Bush and whispers, "It's
pronounced "quiche."


Per your request, historical California throughput data for TW and competitive pipelines.


No problem with the plan to send a demand letter to El Paso on the
measurement issue.  Please include me on distribution for the draft.
Thanks,  DF


EFF_DT PORTFOLIO_ID DOWN95
2/21/01  MANAGEMENT-COAL 0
2/21/01  MANAGEMENT-CRD 0
2/21/01  MANAGEMENT-GAS 251,274
2/21/01  MANAGEMENT-PWR 174,714
2/21/01  AGG-MANAGEMENT 378,904


I have included Drew's recommendations and have amended the 11/6/2000 drafts
of the ETS Risk Policy and Risk Procedure.  The significant change made was
to take out references to Hedging and Non-Hedging Transactions (II A. & B.
have been taken out).  We will just call them all Derivative Transactions.  I
would like Tony Pryor to arrange a meeting with all parties to move these
documents forward, an alternative is to continue to use the Corporate Risk
Management Policy and just set the trading limits as part of the Corporate
Policy.

Cassandra Schultz in RAC has not responded to the policy and I plan to
follow-up with her after we meet to discuss.

Dan


As all of you know, Philip Mayor is a Summer Intern and will be leaving Enron
this Friday, Aug. 10th.

The Flying Saucer is located on 705 Main. (Corner of Main and Capital).

Thanks,
Rain


sorry i didn't get back to you last night.  i didn't get your message until
this morning.


I would like to place a $33 bid for Prentice


Just a "heads up" ... Ken may get a call from Gov Gilmore regarding the
Republican Governors' Association.  Below are Sue Landwehr's recommendations
(with which I concur).  Let me know if he calls and let us know if you need
any additional information.
----- Forwarded by Steven J Kean/NA/Enron on 10/04/2000 09:20 AM -----

	Richard Shapiro@ENRON
	10/04/2000 07:17 AM

		 To: Susan M Landwehr/HOU/EES@EES
		 cc: Elizabeth Linnell/NA/Enron@Enron@EES, Steven J Kean/NA/Enron@Enron@EES
		 Subject: Re: RGA request

I agree w/ your recommendations.

Susan M Landwehr@EES
10/03/2000 09:50 PM
To: Richard Shapiro/NA/Enron@Enron
cc: Elizabeth Linnell/NA/Enron@Enron, Steven J Kean/NA/Enron@Enron

Subject: RGA request

Rick--you may have seen a recent  letter from Gov Jim Gilmore and the RGA
requesting that we make an additional contribution in the next few weeks to
the RGA for their polling/advertising/grassroots efforts on the upcoming
November elections.  They list a fundraising goal of $1,660,000 (just a bit
aggressive!)  If we are not able to make an additional contribution,  he asks
that we renew our 2001 annual membership of $40,000 now instead of in January
of 2001.  If we do anything, my recommendation would be to cut a check now
for our annual membership (the downside of doing that, of course, is that
they will hit us a number of times in 2001 for incremental contributions to
specific events/causes).

I bring this to your attention for two reasons-one is that if I know Governor
Gilmore, he will probably make a call directly to Ken Lay and you and Steve
may want to have an answer available if Mr. Lay gets the call.  Secondly,
what are your thoughts on my response to RGA?  My preference would be to not
commit to any additional dollars, with a fall back that if Gilmore does call
Lay and he wants to respond positively, we then commit to renewing our
membership early.

I think you are pretty busy over the next few days--please respond as your
schedule allows.  THanks.


I will be there at noon


Following please find the Daily EnronOnline Executive Summary.

EnronOnline Executive Summary for 12/12/00
Transaction Summary
External Transactions Today	3,853
Average Daily External Transactions (30 day Trailing Avg)	4,363
Total Life to Date Transactions	519,543

EnronOnline Daily % of Entity's Total Transactions for 12/12/00	Trans	Percent
Enron North America	3,139	76%
Enron Europe Limited	186	36%
Global Products	103	24%
Enron Metals	425	14%

EnronOnline Percentage of Total Corporate Transactions
(30 day Trailing Avg)	55%

Gross Notional Value of EnronOnline Transactions	Total
Today	2,907,809,629
MTD	33,542,282,802
LTD	312,712,699,847
Average Daily Notional Value (30 Day Trailing Avg)	3,421,867,459

Notional Revenue from Physical Flows to Date	20,686,492,328

Counterparties, Users, and Products Offered
Counterparties having transacted to date	607
New Counterparties transacting for the first time today	4
Number of Products Offered Today	1,046
Total Number of External Users Logged on Today	3,256
Average # of External Users logged on (30 day Trailing Avg)	2,979


Margaret:
As you can imagine, most information and procedures on the floor are
extremely confidential.  We look at the gas market uniquely and using
different tools than anybody else.  It is one of our competitive advantages.
I'm hesistant to approve the use of any documents for external purposes.
If you provide more information about what you're trying to show, who the
target audience is, and what format it will be presented, I may be able to
help you.
John

Margaret Allen@ENRON
07/13/2000 11:09 AM
To: Ann M Schmidt/Corp/Enron@ENRON, John Arnold/HOU/ECT@ECT
cc:
Subject: Screen shots

Did you get this?  My computer registered that it didn't go....delete if you
already did.

---------------------- Forwarded by Margaret Allen/Corp/Enron on 07/13/2000
11:03 AM ---------------------------

Margaret Allen
07/13/2000 10:45 AM
To: Ann M Schmidt/Corp/Enron@ENRON, John Arnold/HOU/ECT@ECT
cc:

Subject: Screen shots

John,

Please look over this file and let me know if it is okay for us to use it as
the screen shot that is on all the monitors in the commercial.  Please
include Ann on your response, as she will be passing it through legal since
I'm out of the office.

Ann,
Once he gets this back to you, please run it by Mark Taylor.  If he is okay
with it, email the final version back to me, because the crew in Toyko needs
it ASAP.

Thanks!  Margaret

---------------------- Forwarded by Margaret Allen/Corp/Enron on 07/13/2000
10:35 AM ---------------------------

	From:  Kal Shah @ ECT                           07/13/2000 09:17 AM

To: Margaret Allen/Corp/Enron@ENRON
cc:

Subject: Screen shots

Margaret -- It's critical that you get John Arnold's permission before using
the attached spreadsheet and graphs.  They contain curves through July 12th.
Also, you may want to get legal permission from Mark Taylor.

kal

---------------------- Forwarded by Kal Shah/HOU/ECT on 07/13/2000 09:12 AM
---------------------------

	Heather Alon
	07/13/2000 09:08 AM

To: Kal Shah/HOU/ECT@ECT
cc:
Subject: Screen shots

Hi Kal,
 Here are some screen shots, let me know if they will work for you.  I think
we may need to double check with John Arnold- the trader- before using them
for sure.  But I was told they would be okay.

Heather


Pearson's June 9, 2000 letter questions why $.10 or $.11 were deducted from
the Transco and Koch indices in connection with the sale of Mobile Bay Block
870 gas.

We responded in detail on October 3.  In addition to those answers, we
should keep in mind that market value cannot necessarily be calculated with
mathematical precision.  Market value is often described in terms of a
range.  Indeed, the Inside FERC's Gas Market Reports publishes not only an
index price, but also a range of prices for each pipeline pricing point.

In looking at the applicable indices for those two pipelines for some of the
sample months, it is clear that, if $.10 or $.11 were deducted from the
index price, then the resulting price would still be in the range as
published by Inside FERC.

For example, in December 1996, the Transco Zone 3 index price was $3.82.
The published range was $3.38 to $3.95.  So adjusting the index by 10 cents
still keeps you well within the range.

Similarly, for the 1996 Koch So. La. index.  The index price was $3.82.  The
range was $3.55 to $3.94.  Again, an 11 cent adjustment is still well within
the range.

A quick review of other months shows that sometimes the range was narrower,
and the adjustments would take you outside the range.  Nonetheless, we
should keep this background information in mind in case Justice continues to
pursue this point.

Charles D. Tetrault
Vinson & Elkins L.L.P.
1455 Pennsylvania Ave. N. W.
Washington, D.C. 20004
ctetrault@velaw.com
202.639.6551 [voice]
202.639.6604 [fax]

 - att1.unk


We are part of a retail coaltion called ARM.  ARM has hired a PR Firm,
Edelman.  At the first meeting today, one of Edelman's VPs mentioned that
Nancy Vogle is preparing a BIG report on the current deregulation situation.
She is excited about talking to some retailers.  We are in the process of
putting our collective message points together, which I will pass along.  A
few ARM members will then meet with Nancy in the next two weeks.  Will keep
you apprised.

Sue


Jeff, I have an Enron Board of Directors Meeting that may extend until
approximately 1:30 p.m., and I have another meeting that begins at 3 p.m.  We
could meet in my office from 2 to 3 on that date.  If an hour is not
sufficient, we would need to select another date.  All the best.  Jim

Jeff A Sokoloff <jeffsok@juno.com> on 12/07/2000 11:29:19 AM
To: James_Derrick@enron.com
cc:

Subject: Meeting on Tuesday, December 12 at 2 p.m.

Jim,

Carrin asked me to see if you would be available to meet on Tuesday,
December 12 at 2 p.m.   We would meet downtown to begin discussing plans
for the Karen H. Susman Jurisprudence Award Luncheon, now confirmed for
Monday, April 23, 2001.

Jeff Sokoloff
________________________________________________________________
GET INTERNET ACCESS FROM JUNO!
Juno offers FREE or PREMIUM Internet access for less!
Join Juno today!  For your FREE software, visit:
http://dl.www.juno.com/get/tagj.


Forwarded at the request of Mr. Mahoney at Hunton & Williams

----- Forwarded by Peter Morrison/NYISO on 05/17/2001 06:17 PM -----

                    "Mahoney,
                    Matthew"             To:     "'pmorrison@nyiso.com'"
<pmorrison@nyiso.com>
                    <MMahoney@hun        cc:
                    ton.com>             Subject:     May 24 BIC Agenda 5B
ICAP

                    05/17/2001
                    06:08 PM

>
> Attached in support of Agenda item 5B of the May 24, 2001 Business Issues
> Committee meeting are the following documents:
>
> 1. A clean version of the proposed Stage 2 Tariff, consisting of all
> modifications made by the ICAPWG over the course of their deliberations
in
> the last few months, including changes reflecting a conversion to (1)
UCAP
> and (2) one month OPP;
>
> 2.  A blacklined version of the proposed Tariff, marked to show changes
> from the current Tariff;
>
> 3.  A clean version of the proposed Stage 2 ICAP Manual, consisting of
all
> those modifications made by the ICAPWG over the course of their
> deliberations in the last few months, including changes reflecting a
> conversion to (1) UCAP and (2) one month OPP;
>
> 4.  A blacklined version of the proposed ICAP Manual, marked to show
> changes from the current Manual;
>
> 5.  A clean version of the proposed ICAP Market Description, which
repeats
> section 5 of the proposed Stage 2 ICAP Manual, to replace the existing
> description filed with the FERC.
>
> 6.  A blacklined version of the proposed ICAP Market Description, marked
> to show changes from the current       ICAP Market Description;
>
>
> Please call or write with questions or comments.  Many thanks.
>
> Kathy Robb
> Hunton & Williams
> 212.309.1128
> krobb@hunton.com <mailto:krobb@hunton.com>
>
>
>
>
>
>
>
>  <<Clean Draft Stage 2 Manual.PDF>>  <<Manual Blacklined for BIC-.PDF>>
>  <<Clean Stage 2 Tariff.pdf>>
>
>
>
>
>
>     <<Tariff Blacklined for BIC.PDF>>             <<Clean Proposed 2
> Auction Description.PDF>>               <<Blacklined Proposed Stage
> 2 Auction Description.PDF>>
>
>
>
>
>

(See attached file: Clean Draft Stage 2 Manual.PDF)

(See attached file: Manual Blacklined for BIC-.PDF)

(See attached file: Clean Stage 2 Tariff.pdf)

(See attached file: Tariff Blacklined for BIC.PDF)

(See attached file: Clean Proposed 2 Auction Description.PDF)

(See attached file: Blacklined Proposed Stage 2 Auction Description.PDF)

 - Clean Draft Stage 2 Manual.PDF
 - Manual Blacklined for BIC-.PDF
 - Clean Stage 2 Tariff.pdf
 - Tariff Blacklined for BIC.PDF
 - Clean Proposed 2 Auction Description.PDF
 - Blacklined Proposed Stage 2 Auction Description.PDF


Good point.  I'll put it in the forma nd be sure to discuss with her.  df

Michael Moran
01/22/2001 04:58 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: Re: Review Forms

These look good to me. My only question relates to Susan Scott and the
suggestion that she sometimes bends over too far to satisfy her clients and
thus might lose here effectiveness as the lawyer. This point is not
mentioned. If you plan to cover this in the sitdown that is fine. I think it
is a point that deserves mentioning to her.


PRC is just around the corner and Dave has not been provided the
accomplishment/self evaluation from some of you. This serves as a reminder to
please provide Dave with a list of accomplishments/self evaluation for the
past six (6) months as soon as possible.

Thanks in advance for your prompt attention to this matter.  If you have any
questions, please feel free to call Kay  3-0643.

Thanks,

Kay


The report named: West VaR and Off-Peak Position Report By Trader <http://erv.corp.enron.com/linkFromExcel.asp?report_cd=27&report_name=West+VaR+and+Off-Peak+Position+Report+By+Trader&category_cd=6&category_name=WEST&toc_hide=1&sTV1=6&TV1Exp=Y&current_efct_date=10/18/2001>, published as of 10/18/2001 is now available for viewing on the website.

(Revision: 2)


I want to make sure that we address all audit points we can during the
implementation process for 133.  Are there any points related to affiliate
books, accrual books, hedging or policies related to that?  I know there was
one on the affiliate or hedging policy.   Please send it to me and Ron
Baker.  Thanks.


Received yr message in good order.  I've put a call in to Mark (though he was
in
a meeting and has not yet returned such) and spoken already to Jacqueline
Hamilton (our European General Counsel as well).  She drafted a letter, based
on
initial discussions prior to yours & mine, which may cover only the simple
situation of John trading here w/ a separate terminal but specifically as an
employee directly of Enron Capital Inc. or whichever foreign (to the UK) Enron
entity you wished which was also already an existing client of ours in the
U.S.
(i.e. it probably doesn't, as now drafted, cover one U.S. entity authorising a
non-U.S. corporation/entity as its agent).  Jacqueline will get back to me w/
a
sample of other letters we have used to cover that latter type of situation,
which I will provide to you via return.

 Kind regards/


I believe the dog is in the back of the KMB express truck along with all the flees I picked up from Pierre's circus

dutch

 -----Original Message-----
From: 	"Martinez, Ernesto Jr" <martier@cpchem.com>@ENRON
Sent:	Tuesday, November 13, 2001 10:02 AM
To:	Henry Quigley (E-mail); HILLROD (E-mail); Joe Ramirez (E-mail); John R Riches (E-mail); Kevin Crawford (E-mail); My golf bitch (E-mail); Richard Smith (E-mail); Wolphguy (E-mail)
Subject:	Who's Next?

Once again, someone thought they could hang with the big DOG and ended up
with Canine Teeth marks on his ass.  Sorry Richard!  Marshall Faulk just
wasn't enough.  Don't take it personnal it's just the way it is.  Who dare
try to come to my yard next?

Fear the DOG!

Is anyone on the Red Division ever going to take control?

BTW Mark - You got knocked the f**k out!!


Please see attached. Thank you.

Donna M. Cagle
Executive Administrator to President & CEO
Mariner Energy, Inc.
580 WestLake Park Blvd., Suite 1300
Houston, TX  77079
281/584-5511 (phone)     281/584-5515 (fax)
dcagle@mariner-energy.com

 <<Special BOD Mtg. Notice - 12-19-01.doc>>  <<Adoption of the Amendment and
Restatement of the Mariner Energy.doc>>


I'll let you know later.  thanks,
m


As you are painfully aware, we had a power outage Wednesday morning in the
Enron Building.  This outage was caused by localized structural failure of
the raised floor in our 34th floor Data Center.  This resulted in disruption
to the power distribution system servicing the phone switch and a number of
ENA servers.

As a cautionary move, Enron OnLine was interrupted while the extent of the
failure was assessed, resulting in the system being unavailable from 11:23 to
11:39.  All Enron Building telephones and voicemail were unavailable for
approximately one hour and 20 minutes and certain ENA trading systems were
unavailable for over two hours.  During this time the power was stabilized
and systems were restored.  Immediate steps are being taken to correct this
problem.

We apologize for this inconvenience.

If you have any questions in regard to this outage, please call Philippe Bibi
at x37698 or Bill Donovan at x35459


(See attached file: g050301.pdf)

______________________________________________________________________________
_______________________________________________________

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dans l'hypothese ou il aurait ete modifie.

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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,
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The internet can not guarantee the integrity of this message. BNP PARIBAS
(and its subsidiaries) shall (will) not therefore be liable for the message
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 - g050301.pdf


The last two LTNW deals - 349864 and 318870 are changed to correct time
zones. They gave me the option to choose "no" for rerouting of schedules.
They were both EOL deals.

Kate

Cara Semperger
03/23/2001 01:39 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: A whole bunch of deal errors that I want your opinion on .

I just ran a forward ob for April 2 to check for deals that are in PST when
they should be PDT.

Do you want to change all of these to PPT deals, or do you have time
constraints today?  I need these changed today because we are already setting
up for April.

SW Regions
347721
353734
353813
407053
352524
361210
352809
346646
346647
352628
360473
360475
360477
360483
361244
366541
366543
346822
348162

NW Regions
318870
349864

I am particularly worried about how these are corrected because they are long
term transmission deals that cannot be autoscheduled.
503107
503112


Group,.

I will be out of the office on Friday November 2nd, I will return on Monday November 5th. If you have questions, please call me on my phone at 503-887-3449.

Thanks,
Bill


Kay, I will be out attending a seminar -- but, don't hold it up for me.
Thanks!  Michelle

	From:  Kay Chapman                           10/13/2000 12:52 PM

To: Tana Cashion/NA/Enron@ENRON
cc: Daniel Brown/NA/Enron@Enron, Gerry Gibson/Corp/Enron@Enron, Andrea
Yowman/Corp/Enron@ENRON, Bob Sparger/Corp/Enron@Enron, Tim
O'Rourke/Corp/Enron@Enron, Ted C Bland/HOU/ECT@ECT, Tana
Cashion/NA/Enron@ENRON, Cindy Olson/Corp/Enron@ENRON, Vince J
Kaminski/HOU/ECT@ECT, Kay Chapman/HOU/ECT@ECT, Sarah A Davis/HOU/ECT@ECT,
Marla Barnard/Enron Communications@Enron Communications, Pam
Butler/HR/Corp/Enron@ENRON, Michelle Cash/HOU/ECT@ECT, Brian
Schaffer/Corp/Enron@ENRON, Suzanne Brown/HOU/ECT@ECT, Robert
Jones/Corp/Enron@ENRON, Neil Davies/Corp/Enron@ENRON
Subject: Re: Mission Impossible - HR Associate Groups Recommendation and next
steps

How does next Friday October 20, 2000, look for everyone ??? I have morning
and afternoon available.  I even have a 10:00 am if you just want to move the
date and not the time.

Kay

Tana Cashion @ ENRON   10/12/2000 02:28 PM

To: Kay Chapman/HOU/ECT@ECT
cc: Daniel Brown/NA/Enron@Enron, Gerry Gibson/Corp/Enron@Enron
Subject: Re: Mission Impossible - HR Associate Groups Recommendation and next
steps

What is the first availbale day that David can be at the meeting?  Let's try
to schedule a time that day.  THanks - Tana

	Enron North America Corp.

	From:  Kay Chapman @ ECT                           10/12/2000 02:24 PM

To: Andrea Yowman/Corp/Enron@ENRON, Bob Sparger/Corp/Enron@Enron, Tim
O'Rourke/Corp/Enron@Enron, Ted C Bland/HOU/ECT@ECT, Daniel
Brown/NA/Enron@Enron, Tana Cashion/NA/Enron@ENRON, Rhonna Palmer/HOU/ECT@ECT,
Cindy Olson/Corp/Enron@ENRON, Vince J Kaminski/HOU/ECT@ECT, Kay
Chapman/HOU/ECT@ECT, Sarah A Davis/HOU/ECT@ECT, Marla Barnard/Enron
Communications@Enron Communications, Pam Butler/HR/Corp/Enron@ENRON, Michelle
Cash/HOU/ECT@ECT, Brian Schaffer/Corp/Enron@ENRON, Suzanne Brown/HOU/ECT@ECT,
Robert Jones/Corp/Enron@ENRON, Neil Davies/Corp/Enron@ENRON, Gerry
Gibson/Corp/Enron@Enron
cc:

Subject: Mission Impossible - HR Associate Groups Recommendation and next
steps

The Monday October 16, 2000 meeting at 10:00 am needs to be moved again.
Sorry for the inconvenience, but David Oxley is going to be traveling..

Thanks,

Kay


Gentlemen,

We have put together a template to help with the conceptualization of
eBusiness opportunities for the Enron Net Works Group.
This is a broad attempt to put some structure around the multitude of issues
that must be addressed to validate and correctly
conceive these ventures (in addition to reducing redundancy).

In regards to the legal analysis that must be conducted, I have attached the
relevant excerpt below.  Essentially, the list is to help
internal sponsors and managers understand the issues at hand prior to and
during the formation of these businesses, and
be able to talk to legal experts such as yourselves about the business' role
in the context of material legal issues.  I would
appreciate your comments--any and all are welcome.

Potentially, triggers or thresholds for "classification" may be relevant, but
I defer to your judgement those issues that may be of
relevance to the non-legal businessperson.  I look forward to your responses.

Regards,
Darren Maloney
36661

Legal Analysis
- Anti-Trust Risks
 - Concentrated Industry Ownership
 - Concentrated "Channel"Ownership
- Regulatory Risks (CFTC)
 - Clearinghouse Function
  - Open versus Member Community
  - Qualified Participants/Users
  - Post General Terms and Conditions, Member of Exchange?
  - Post General Terms and Conditions, Specific Product Contracts?
 - Corporate Organizational Issues
  - Flexibility to Accommodate Strategic Partnering
  - Value Maximizing Alternative
- Contractual Terms and Language
 - Product Definitions, Both Financial and Physical
 - Delivery and Performance
 - Related Remedies
- SEC Registration
 - Requirements and Implications for Corporate Organization
 - S-1 or Related Filings
- Other Risks and Exposures?


i'm in!!!!


Kate,

Please approve and autoschedule deal # 533948.

Les


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/19/2000
02:49 PM ---------------------------

"John D. Martin" <J_Martin@baylor.edu> on 12/19/2000 12:46:59 PM
To: vkamins@enron.com
cc:
Subject: New documents

Vince,

here's the latest set of interview notes as well as the latest "version" of
the paper.  I will be working more this afternoon (if I can) and send an
updated version.

Talk to you later tomorrow or Friday.

John

 - Enron Transformation Paper12_17_00.doc
 - EnronInterviewNotes.doc

John D. Martin
Carr P. Collins Chair in Finance
Finance Department
Baylor University
PO Box 98004
Waco, TX 76798
254-710-4473 (Office)
254-710-1092 (Fax)
J_Martin@Baylor.edu
web:    http://hsb.baylor.edu/html/martinj/home.html


A full backup of our Lotus Notes Server was provided to Enron at the close of
sale.  Please delete any and all old information that you no longer require.
Our server is nearly full.

Thank you.

--D


Per Paula Reiker's Office


This warning is sent automatically to inform you that your mailbox is approaching the maximum size limit.
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Constance Trantow
230 N. Owen Dr.
Madison, WI 53705
cbt@medicine.wisc.edu

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

Constance Trantow


Energy Committee Members and Liaison Representatives:
Attached is the PowerPoint presentation that Alex McEachern will speak from
at this afternoon's Committee meeting presentation on Power Quality.  Please
let me know if the attachment does not translate.


Howdy everybody,

I've cut and pasted in below a piece that should be published in the Turkish
Daily News (the English language paper here) later this week.  It's a first
person piece about my experience of a Christmas service here last year, a
lot of which you'll recognize from last year.  (Ugh, I'm already repeating
myself and I've just started [though really had no choice, as needed to get
it out before the holiday itself].)  Since this year Christmas again fell
during the Muslim Holy Month of Ramadan, the piece is sort of year neutral.

Happy holidays,

Mark-O

*  *  *

     Christmas Day, Istanbul

     The priest mutters his deeply accented English into the microphone,
which amplifies and further distorts his voice.  His bluntly pronounced
words rebound through the vast, freezing hall of Saint Antoine Cathedral.
They tell a story familiar to me, about the Son of God being sent to earth
to die for our sins.  But here, in the middle of this enormous Muslim City,
the story sounds strange and almost subversive.
     And, indeed, the Christ story is at the center of the great Christian
and Muslim divide.  Muslims accept only that Christ was a prophet sent by
God, rejecting vehemently that Christ is his son.  They see Mohammed's
prophecy, and the Koran, as prompted by the need to correct the mistaken
elevation -- by the Gospel -- of Christ from the flesh to the divine.
     The priest appears relieved to turn things over to an African man who,
in a bizarre contrast to the priest?s gold embroidered robe, is wearing a
big, stuffed yellow ski jacket.  His English is much better as he announces
that we are now to sing a hymn.  The song?s words, handwritten and in
English, are flashed up onto a screen by an overhead projector.  The lyrics
are basic.  There are several identical stanzas that simply invite Jesus ?to
come?.  I grimace slightly when I see that these are followed by a poorly
translated chorus, which asks for the Son of God "to come will be born in
our heart?.
     I glance over at Ismail, a Muslim friend who has come with me to the
service.  He smiles, gives me a wink.  His English is excellent and I am
sure he notices the mistake.  I look around at the rest of the people in the
sanctuary.  The pews are not even a third full.  This is the first service
of the day, and is completely in English.  It will be followed by an Italian
and a Turkish one.  The crowd at the Turkish service, Ismail tells me, will
overflow into the courtyard in front of the Cathedral, and will consist
mostly of Muslims curious to see a Christmas service.  Apparently some
members of St. Antoine's permanent congregation are angry about this, since
many of them will be unable to find a place to sit.  Some may even being
forced to stand out in the cold.

     Christmas Day, this year, falls within the Muslim holy Month of
Ramadan, during which the faithful are to fast between sunrise and sunset,
or more precisely -- according to the Koran -- between the times one can
discern a white thread from a black one.  (Ramadan is celebrated during the
ninth month of the Muslim calendar, which is a lunar one; in the solar
calendar it occurs 11 days earlier each year.)  My day had started well
before dawn when I was awoken by our neighborhood's Ramadan drummer, who was
roaming the streets pounding his drum and hollering at the top of his lungs.
  Since Ramadan began several days ago, all over Istanbul similar drummers
have been setting out into the streets, some as early as 3 a.m.  A tradition
originating from a time when clocks were less prevalent, their aim is to
rustle the believers up out of bed in time for them to have a meal before
the sun comes up.
     Ramadan is by far the most important religious observance of the year
for Muslims.  Somewhat like the Jewish celebration of Yom Kippur, which some
say influenced it, Ramadan is a period of atonement and forgiveness.  Total
remission of sins can be achieved if one fasts with pure intentions.  I have
been told that in Turkey, which is 98% Muslim, well over 50% of all the
Turks fast during Ramadan.  That estimate is certainly consistent with what
I have seen and heard.  The majority of the Turks I come in contact tell me
they fast.  The streets of Istanbul are normally full of vendors selling all
sorts of food.  There are noticeably fewer of them now and they are
significantly less busy.  During the day some restaurants are closed, many
of the rest all but empty.  I myself have been careful to be respectful and
eat only indoors, avoiding among other things my usual practice of grabbing
a simit (a bagel like round of bread) and piece of fruit in the morning and
eating them on my way to work.

     Ismail leans over and asks if the service is similar to ones in the
States.  I whisper back that I was raised Protestant and had not seen enough
Catholic services in my life to say.  ?Raised? Protestant was really much
too strong a word to use.  My early religious education involved little more
than an hour each Sunday down in the basement of the local Presbyterian
Church (first in Westfield, New Jersey, later in Aurora, Illinois) with my
twin sister Sue.  There, during our Sunday school class, we often struggle
for the entire hour to suppress giggling fits to which we only seemed
susceptible in church.  Sitting now in St. Antoine?s, I check myself to see
if any of those fits still linger, am relieved to discover that none do.
     The priest has returned and is now saying something about light being
shown into the darkness, and about how the darkness was unable to defeat
that light.  The image of a light, tiny but robust, surrounded by infinite
darkness, is a particularly powerful one for me today, especially given that
I am so far from what I am most familiar.
     A new voice -- the priest had been replaced again -- asks us to rise.
The words of ?Come Let Us Adore Him? are projected onto the screen.  I lean
over toward Ismail, whisper that this is a very famous song.  He kids under
his breath that perhaps it?s one of God?s greatest hits.  I smile,
straighten back up, listen to the song begin.
     There is no choir, only a single guitar for accompaniment.  It takes a
while for the congregation?s singing to build up.  Though it never becomes
particularly loud, it is beautiful.  Eventually I join in too.  As if
something ethereal, our voices drift up through the tremendous space that
envelops us, seeming only to just barely penetrate the thick, cold air.  I
am moved by how wonderful our singing sounds and am surprised to feel a
tear, though already ice-cold, in the corner of my eye.  Most of the people
here are Westerners, I suppose, and I wonder how many came like me to be
reminded of home -- a few cold foreigners dwarfed by a Cathedral that is
itself dwarfed by the immense Moslem city surrounding it.  For the first
time since arriving in Istanbul, I feel a bit homesick.
     The song ends.  The priest returns, invites everyone up to take
communion. Thinking that Ismail might find it interesting, I suggest that we
walk to the front of the church to watch.  We do.  But when we get there I
am surprised that our way is blocked by a dozen or so television cameramen,
who have begun filming the ceremony.  I had not seen them before and wonder
where they might have been hiding.
Some, now with the powerful lights attached to their cameras turned on,
swing around and start filming those who have remained in the pews.  An
older woman, who is kneeling and praying, is caught in one of those lights.
The cameraman moves in closer and is soon no more than a couple feet away.
With her eyes closed, the elderly woman continues her praying.  I wonder how
she can concentrate and, indeed, if she can.  But she continues, or at least
pretends to, perhaps seeing it as an act of defiance.
     The cameramen get even bolder and are now moving freely about the
church, filming others at point blank range.  Ismail says he does not want
to be on the evening news and tells me he will meet me outside.  I return to
my seat and watch the end of communion, wrapped up like it is, so
incongruously, in the hectic filming.  And I wonder how God would view all
this, his two most successful religions bumping up against each other in
such an awkward fashion.  Which of the many ways these two religions have
come up with to worship him would he approve of, disapprove?

     This afternoon, in Istanbul, the few Christians families that live here
will be feasting and celebrating with their families and friends, perhaps
exchanging gifts.  Early in the evening, after the blast of the cannon shots
heard all over Istanbul that signal the end of the day's Ramadan fasting,
pious Muslims will sit down to their own post-fast celebratory meal, the
Iftar.  Later still, the mosques will be filled, though mostly by men, where
special Ramadan prayers will be said.  Istanbul itself is remarkable -- at
least to westerners -- for the many domes of its huge Ottoman mosques and
the hundreds of minarets that spike its skyline, as well as the calls to
prayer that pierce its urban din five times each day.
     Yet when the day ends, throughout Istanbul, each of us will fall asleep
under the same black sky.

"In him was life; and the life was the light of men.
And the light shineth in darkness; and the darkness comprehended it not." *

 * Translation from the Bible.

"Praise be to God, Lord of the worlds!
The compassionate, the merciful!
King on the day of reckoning!
Thee only do we worship, and to Thee do we cry for help.
Guide Thou us on the straight path,
The path of those to whom Thou hast been gracious; -- with whom Thou are not
angry, and who go not astray." **

 ** Translation from the Koran.

______________________________________________________
Get Your Private, Free Email at http://www.hotmail.com


Mark, thanks a 10E6, Val.


I was going to suggest that we inbed some wiggle in the specifications, but
no big deal.

Kay


I am sending out a second confirmation due to the additional attendees.

 Dan Leff and Randy Maffett will be calling in.

This is to confirm the monthly Industrials meeting for Thursday June 22, 2000
at 1:00 pm.

  Date:  June 22, 2000
    Thursday

  Time:  1:00 pm

  Location: EB 3316

  Topic:  Industrials

If you have any questions/conflicts, please feel to call me at 853-0643.

Thanks,

Kay


Due to some Year End work being done we are tentatively rescheduling to Wed
January 3rd.  I will keep you updated on any further changes.

Thanks,
Diana
---------------------- Forwarded by Diana Willigerod/PDX/ECT on 01/02/2001
09:13 AM ---------------------------

Diana Willigerod
01/02/2001 08:48 AM
To: Portland West Desk
cc: Dan Dietrich/CAL/ECT

Subject: Network Update

As most of you know we have been experiencing some problems with our
Network.  Tonight starting at 7:30 Cisco doing some troubleshooting with our
Networking team in Houston.  I have co-ordinated the outages with the Real
Time Schedulers.

Please feel free to contact me with any questions or concerns.

Thanks,
Diana


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/17/99
03:32 PM ---------------------------

Vince J Kaminski
12/09/99 03:33 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: CERA CERA Monthly Summary--November 1999 - Monthly Summary

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/09/99
03:32 PM ---------------------------

webmaster@cera.com on 12/06/99 04:05:27 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: CERA CERA Monthly Summary--November 1999 - Monthly Summary

**********************************************************************
CERA Monthly Summary:Mon, December 06, 1999
**********************************************************************

Title: CERA Monthly Summary--November 1999
Author: CERA
E-Mail Category: Monthly Summary
Product Line: Monthly Summary ,
URL: http://www.cera.com/cfm/track/eprofile.cfm?u=5166&m=1002 ,

Table of Contents

01] Western Energy Markets: Awaiting Normal Weather
02] Russian Gas to Turkey: Is Blue Stream in Trouble?
03] Will Russia Have Free and Fair Elections?
04] Who's Who in the Russian Election
05] Lukoil Buys Neftokhim: New Step in Russian Producers' Expansion into
Eastern Europe
06] European Energy Signpost--Marching to Market: The Zeebrugge Trade in Gas
07] Afloat but Adrift? Energy Markets and the Undercurrent of Change
08] Special Report: Africa's Emerging Electricity Markets
09] Comg?s (G?s Noroeste) Privatization: Oncoming Competitive Distribution
10] Argentina: Increased Water Flow Keeps Power Prices Soft
11] Brazilian Oil Markets: Finishing 1999 on an Upswing?
12] North American Natural Gas: CERA Long-term Outlook
13] North American Natural Gas Midmonth Report: The Late Start
14] A New Set of Demons? Threats to US Industrial Gas Demand
15] Rediscovering the Rockies: Challenges of a Major Gas Supply Region
16] Knocking More NOx Out of Power Generation: How Much? Who Pays?
17] Fuel Cells--A Paradigm Shift or Media Hype?
18] Refined Products Line--November 1999
19] Hints about the Tri-lateral Producer Meeting Next Week
20] World Oil Watch: Volatility with OPEC in the Driver's Seat
21] Iraq Turns the Oil Tap: The Politics of Defiance

CERA Monthly Summary: November 1999
The following message is a summary of all CERA research posted on our web
site (eprofile.cera.com) during the month of November 1999.

**********************************************************************
CERA Alert : 11/23/1999
**********************************************************************

Title: Western Energy Markets: Awaiting Normal Weather
Author: Zenker, Moritzburke
E-Mail Category: Alert
Product Line: California Energy
URL:
http://EPROFILE.CERA.COM/client/ce/alt/112399_18/ce_alt_112399_18_ab.html

Summary:
When the energy industry completes the chapter on 1999, two footnotes will
certainly have been made to record the two dominant weather events of the
year in the West: the abundant precipitation and the mild summer. Significant
year-over-year weather changes have always affected western energy markets,
with swings in hydroelectric generation and summer weather determining the
outputs of gas-fired, coal-fired, and even nuclear generation. The shift from
a dry year to a wet year can change annual gas use for power generation by as
much as 1 billion cubic feet per day or 36 percent of total generation
demand. Consequently, a return to normal summer weather in 2000 would
significantly boost gas flows for power generation, while also adding to coal
generation and increasing both power prices and volatility. Gas markets in
the West and across the continent in November have experienced unseasonably
low demand and--as in recent days--sudden drops in prices. CERA sees the
current weathe!
!
r effects as temporary and expects prices to rebound with the arrival of more
seasonally normal weather.

**********************************************************************
CERA Alert : 11/15/1999
**********************************************************************

Title: Russian Gas to Turkey: Is Blue Stream in Trouble?
Author: Gustafson
E-Mail Category: Alert
Product Line: Eurasia Energy
URL:
http://eprofile.cera.com/client/fsu/alt/111599_14/fsu_alt_111599_14_ab.html

Summary:
The momentum behind Russia's Blue Stream gas export pipeline to Turkey has
suddenly dissipated; because of delays on the key "protocol" on tax
concessions for contractors, project financing has hit a snag. Both sides
insist the delay is only "technical," but recent events suggest more serious
problems. Prime Minister Bulent Ecevit's decision not to sign the tax
protocol in Moscow last week could be a reflection of Turkish concern not to
embarrass the United States at the upcoming OSCE summit, or to endanger the
Baku-Ceyhan pipeline, which the Turks strongly favor. After the summit the
Turks could return to their own game plan--to nail down their future gas
supplies, whatever their source. But that may be too simple a reading. The
Turkish ruling coalition recently has shown signs of strain, and Blue Stream
has come under attack from several directions inside Turkey. Although once
the summit ends, the Turks and Russians could continue negotiations on Blue
Stream--but in the char!
!
ged political atmosphere in both Ankara and Moscow, nothing is certain.

**********************************************************************
CERA Alert : 11/15/1999
**********************************************************************

Title: Will Russia Have Free and Fair Elections?
Author: Colton
E-Mail Category: Alert
Product Line: Eurasia Energy
URL:
http://eprofile.cera.com/client/fsu/alt/111599_17/fsu_alt_111599_17_ab.html

Summary:
Russia's 1999-2000 election cycle is being closely watched to see who wins
and, more importantly, if the elections are held freely and fairly. Despite
allegations that Yeltsin's "Family" clique will find a way to subvert
elections, Russia looks more likely to stay on track, at least in next
month's parliamentary elections. Broader public discussion of the danger of
electoral corruption and fraud has taken place, a more balanced Central
Election Commission has been established, and the interaction of regional
players in the electoral process has occurred--all positive developments on
the eve of elections. Yet, despite the implementation of positive changes,
electoral abuses are likely to occur. Only time will tell how significant
such abuses will be and what they will mean for the future composition of the
Russian government.

**********************************************************************
CERA Alert : 11/24/1999
**********************************************************************

Title: Who's Who in the Russian Election
Author: Colton
E-Mail Category: Alert
Product Line: Eurasia Energy
URL:
http://EPROFILE.CERA.COM/client/fsu/alt/112499_10/fsu_alt_112499_10_ab.html

Summary:
Russia's nascent party system brings with it a complicated web of old and new
players and coalitions of players all hoping to cross the 5 percent threshold
in the December 19 parliamentary elections. The formation of a multitude of
parties and quasi-parties poses a challenge to constituents struggling to
develop an understanding of who makes up these parties, where they sit on the
political spectrum, and how they will best represent their interests if
elected to office. Yet some parties in the upcoming elections do enjoy the
benefit of some level of experience, with almost a third of this year's
candidates having run in the last election. Furthermore, the consolidation of
political factions since 1995 has helped establish more lucid political
categories with which to classify parties. Although immature, Russia's party
system has made headway since the 1993 and 1995 elections and will certainly
prove to be an interesting race to watch.

**********************************************************************
CERA Alert : 11/30/1999
**********************************************************************

Title: Lukoil Buys Neftokhim: New Step in Russian Producers' Expansion into
Eastern Europe
Author: Tabarovsky
E-Mail Category: Alert
Product Line: Eurasia Energy
URL:
http://eprofile.cera.com/client/fsu/alt/113099_17/fsu_alt_113099_17_ab.html

Summary:
Lukoil's acquisition of a controlling stake in Bulgaria's largest oil
refinery, Neftokhim, marked a new step in Lukoil's expansion into the East
European downstream. But Lukoil is not the only contender. Yukos has proved
to be a serious competitor, expanding into the markets that have
traditionally belonged to Lukoil. Despite availability of alternative sources
of supply, East European refineries continue to rely heavily on Russian
crude, putting Russian producers in a strong negotiating position vis-.-vis
the refineries and Western competitors.

**********************************************************************
CERA Alert : 11/29/1999
**********************************************************************

Title: European Energy Signpost--Marching to Market: The Zeebrugge Trade in
Gas
Author: Blakey
E-Mail Category: Alert
Product Line: European Gas & Power
URL:
http://eprofile.cera.com/client/egp/alt/112399_10/egp_alt_112399_10_ab.html

Summary:
Two months into the 1999/2000 heating season in Europe it is already clear
that a new basis for pricing and trading gas in the Continental business--the
march to market--has begun. Principal-to-principal gas trade at Zeebrugge is
taking place, with an increasing number of participants. A new "standard
contract" and a so-called Hub Services Agreement were launched last week,
under the auspices of Belgium's Distrigaz. Together these agreements provide
mechanisms for day-ahead and within-the-day trading.

**********************************************************************
CERA Watch : 11/04/1999
**********************************************************************

Title: Afloat but Adrift? Energy Markets and the Undercurrent of Change
Author: Global Energy Team
E-Mail Category: Watch
Product Line: Global Energy
URL:
http://EPROFILE.CERA.COM/client/ge/wch/110399_11/ge_wch_110399_11_ab.html

Summary:
Technology and geopolitics feature prominently in CERA's November 1999 Global
Energy Watch. E-commerce is growing exponentially, with the energy industry
contributing to this new revolution in information technology. A major
geopolitical shift is under way, with OPEC and participating non-OPEC
countries committed to limiting production by an additional 2.1 million
barrels per day to reduce excess oil inventories. The result--a near doubling
of oil prices in less than a year--assures that companies and oil-producing
governments will end 1999 with stronger balance sheets and budgets more in
line with societal and corporate needs. The Asia Pacific region's
recoveries--while not assured--look stronger than six months ago. China,
Japan, and Indonesia remain question marks, but Thailand, Malaysia, and India
look promising, and Korea is rebounding well. In the United States and Europe
restructuring continues in the electric power and natural gas sectors. As
corporate mergers continue!
!
 to increase in number, with new announcements almost weekly, these companies
as well as smaller, independent competitors increasingly turn to
technological innovation to stay ahead of the competition.

**********************************************************************
CERA Private Report : 11/09/1999
**********************************************************************

Title: Special Report: Africa's Emerging Electricity Markets
Author: Mitter
E-Mail Category: Private Report
Product Line: Global Energy
URL:
http://eprofile.cera.com/client/ge/pr/110599_16/ge_pr_110599_16_ab.html

Summary:
Substantial sections of Africa are now open for business within the global
power community, and early entrants have found rewarding opportunities up and
down the power value chain. But incomplete reform processes and
often-difficult operating conditions mean that investment in Africa comes
with substantial risks. CERA argues that successful investors will draw not
just on favorable skill sets and fuel supply positions, but also on localized
understanding of emerging regional markets, augmented crucially by
on-the-ground experience.

**********************************************************************
CERA Alert : 11/19/1999
**********************************************************************

Title: Comg?s (G?s Noroeste) Privatization: Oncoming Competitive Distribution
Author: Durbin, Mattos, Wrobel
E-Mail Category: Alert
Product Line: Latin American Energy
URL:
http://EPROFILE.CERA.COM/client/la/alt/111999_15/la_alt_111999_15_ab.html

Summary:
The successful privatization of the northwest region of the Comg?s concession
area indicates that private investors are responding to the government's
desire to create a competitive energy market. Agip, a part of ENI of Italy,
made a winning bid of US$143 million, or US$86 million above the base price.
Agip already tried to purchase Comg?s but lost to the consortium of British
Gas and Shell by US$231 million. Agip's purchase of the concession is central
to the creation of a competitive gas distribution network in S?o Paulo. This
greenfield concession is outside the congested metropolitan area, meaning
that it will have a lower cost per mile of construction to develop its
infrastructure-potentially resulting in lower tariffs than BG/Shell's
existing Comg?s concession.

**********************************************************************
CERA Alert : 11/19/1999
**********************************************************************

Title: Argentina: Increased Water Flow Keeps Power Prices Soft
Author: Wrobel
E-Mail Category: Alert
Product Line: Latin American Energy
URL:
http://eprofile.cera.com/client/la/alt/111999_14/la_alt_111999_14_ab.html

Summary:
Monthly power prices in October continued down September's lower price path.
Although demand levels were similar to September's, hydro output continued to
increase its share of output, but counteracting this increase was higher
unavailability of thermal generators. This low price path appears to be the
forecast for the months to come, with fluctuations around $15 per MWh being
the result of changes in demand, thermal unavailability, and hydro output.
Dramatic price spikes have not occurred and are not expected in the near term
without some unexpected loss of low-cost capacity. The price spikes that do
occur will likely be infrequent and around $30 per MWh. Looking ahead, the
concern of the market continues to be that if new low-cost capacity is added
to the already oversupplied market, power prices have only one way to
go--flatter and down.

**********************************************************************
CERA Alert : 11/23/1999
**********************************************************************

Title: Brazilian Oil Markets: Finishing 1999 on an Upswing?
Author: Scott, Mattos
E-Mail Category: Alert
Product Line: Latin American Energy
URL:
http://eprofile.cera.com/client/la/alt/112399_16/la_alt_112399_16_ab.html

Summary:
Brazilian oil product demand continues to be affected by the economic slump
in addition to higher product prices. Nevertheless, CERA expects that fourth
quarter demand will improve, with a significant recovery in the first quarter
of 2000. Regional product demand highlights include the south and southeast
regions, which account for approximately 70 percent of total product demand
in Brazil.

**********************************************************************
CERA Decision Brief : 11/10/1999
**********************************************************************

Title: CERA Long-term Outlook
Author: N. American Natural Gas Team
E-Mail Category: Decision Brief
Product Line: North American Gas
URL:
http://EPROFILE.CERA.COM/client/nag/db/110999_12/nag_db_110999_12_ab.html

Summary:
The natural gas industry faces the challenge of developing adequate supply
resources and infrastructure for what could become a 30 trillion cubic foot
(Tcf) market in the United States over the next decade. CERA assesses the
long-term impact of this challenge on the North American gas market through a
series of three distinct and internally consistent scenarios.

Although all three scenarios are highly plausible, market indicators as of
the winter of 1999 point to a longer-term path more consistent with the
Gas-Favored scenario, with a near- to midterm risk that the market could be
driven up to a balance more similar to the Supply Realignment scenario. Key
uncertainties to watch over the next year as signposts to the future path of
price include the extent of the supply response, the stability of the US
economy, and penetration of gas into the power generation market.

**********************************************************************
CERA Alert : 11/15/1999
**********************************************************************

Title: Midmonth Report: The Late Start
Author: N. American Gas Team
E-Mail Category: Alert
Product Line: North American Gas
URL:
http://eprofile.cera.com/client/nag/alt/111599_16/nag_alt_111599_16_ab.html

Summary:
A late start to the heating season temporarily releases pressure in the gas
market, but it does not change market fundamentals. The warm weather during
the first half of November has delayed storage withdrawals. However, it has
not endured long enough to allow storage inventories to offset the supply
decline of 1.0-1.5 Bcf per day, despite added imports. In the event that warm
weather persists for a few more weeks, natural gas storage inventory levels
will be adequate for the winter season. However, it is more likely that the
return of seasonal weather will bring with it a sharp rebound in prices and a
market scenario of tight supply.

**********************************************************************
CERA Decision Brief : 11/29/1999
**********************************************************************

Title: A New Set of Demons? Threats to US Industrial Gas Demand
Author: Hoffman
E-Mail Category: Decision Brief
Product Line: North American Gas
URL:
http://EPROFILE.CERA.COM/client/nag/db/112699_10/nag_db_112699_10_ab.html

Summary:
Amid the enthusiasm for growing gas use in power generation, there is a
downside risk to the future of industrial gas use that has gone largely
unnoticed. Indeed, the industrial sector's use of natural gas, the largest
source of demand for natural gas in North America, is in danger of not
growing at all or even declining over the next several years. A variety of
threats is set to act on North American industrial gas demand, not the least
of which is the potential for continued high gas prices throughout North
America over the next several years.

These threats have not received wide attention because they have been
obscured by the Asian financial crisis, which forced North American
industrial demand growth to a standstill beginning in 1998. While the worst
of the global commodities surplus may have passed, there is as yet no rebound
occurring in industrial gas consumption in North America. Instead, gas
consumption in several key gas-intensive industries is now being suppressed
by a different set of threats: global industrial competition, high domestic
gas prices, ample supplies of low-cost gas outside of North America,
continuous energy efficiency improvements, and structural change.

**********************************************************************
CERA Private Report : 11/30/1999
**********************************************************************

Title: Rediscovering the Rockies: Challenges of a Major Gas Supply Region
Author: Eynon
E-Mail Category: Private Report
Product Line: North American Gas
URL:
http://eprofile.cera.com/client/nag/pr/112999_14/nag_pr_112999_14_ab.html

Summary:
The rush to develop new sources of gas supply in North America is on-and the
Rocky Mountains could be at the forefront of new supply development. Overall
US natural gas productive capacity has declined recently through low prices
and depressed drilling activity. However, demand pressure in North America is
intensifying-driven by a wave of new gas-fired power plants currently under
construction. The resulting higher gas prices further spotlight the need for
additional supply capability from a number of regions-especially the Gulf of
Mexico, western Canada, offshore eastern Canada, and the Rockies, the focus
of renewed interest as an area of huge resource potential capable of meeting
a substantial portion of the demand growth. The Rockies (even without the San
Juan Basin) could be capable of sustaining a production level of up to 10 Bcf
per day by 2015, with sustained high gas prices and integration of the
pipeline infrastructure. This CERA report evaluates the resource base, ex!
!
amines the region's limited growth over the past decade, and identifies the
challenges facing Rockies' producers.

**********************************************************************
CERA Private Report : 11/05/1999
**********************************************************************

Title: Knocking More NOx Out of Power Generation: How Much? Who Pays?
Author: Goodman, Makovich, Robertson
E-Mail Category: Private Report
Product Line: North American Power
URL:
http://eprofile.cera.com/client/nap/pr/110399_15/nap_pr_110399_15_ab.html

Summary:
Knocking more NOx out of power generation is nothing new, but the move from
regulation to the marketplace means that the competitive impacts of
additional nitrogen oxide emissions reductions are as complex and significant
now as the environmental impacts. The potential tilt to the competitive
playing field has moved both old and new NOx regulations into the courts.
Industry restructuring also means that the market will determine who pays the
billions of dollars in NOx emission control costs. Pending court decisions
will determine how much NOx emissions are allowed in power production and
will also define one of the key attributes of the future competitive power
business landscape.

**********************************************************************
CERA Private Report : 11/29/1999
**********************************************************************

Title: Fuel Cells--A Paradigm Shift or Media Hype?
Author: Goodman
E-Mail Category: Private Report
Product Line: North American Power
URL:
http://eprofile.cera.com/client/nap/pr/111799_17/nap_pr_111799_17_ab.html

Summary:
Fuel cells have achieved some successes, but more in niche applications
rather than as a mass technology at this stage. Several divergent issues such
as power restructuring, technological developments, environmental issues,
power quality, and reliability are converging to give a boost to fuel cells
in commercial and possible residential applications. The technology still
suffers under economic constraints, however, and developments in the fuel
processing component of the fuel cell system will be critical to rapid
commercialization.

**********************************************************************
CERA Alert : 11/16/1999
**********************************************************************

Title: Refined Products Line
Author: Veno
E-Mail Category: Alert
Product Line: Refined Products
URL:
http://eprofile.cera.com/client/rp/alt/111699_16/rp_alt_111699_16_ab.html

Summary:
Differentials versus WTI for major refined products on the US Gulf Coast
increased during October3/4except for unleaded gasoline margins, which fell
for the second month in a row to reach $2.16 per barrel during October.
Responding to sharp increases in demand and declines in primary inventories,
high sulfur No. 2 fuel oil and jet kerosene margins versus WTI climbed to
$1.29 per barrel and $2.45 per barrel, respectively, during October.
Distillate apparent demand skyrocketed by 0.4 mbd to 3.88 mbd and jet fuel
apparent demand rose to 1.75 mbd during October, with the arrival of cooler
weather and the start of the home heating oil season adding strength to both
markets.

**********************************************************************
CERA Alert : 11/10/1999
**********************************************************************

Title: Hints about the Tri-lateral Producer Meeting Next Week
Author: World Oil Team
E-Mail Category: Alert
Product Line: World Oil
URL:
http://EPROFILE.CERA.COM/client/wo/alt/111099_17/wo_alt_111099_17_ab.html

Summary:
On November 16 and 17 the oil ministers from Saudi Arabia, Venezuela, and
Mexico are planning to meet in Riyadh to discuss the oil market and continue
the process of forging agreement on what to do about quotas once the current
production restraint agreement expires on April 1, 2000. Hints that these
ministers are considering proposing that the agreement be extended to June
are helping to support prices this week. WTI and Brent have climbed nearly
$1.50 per barrel so far this week.

**********************************************************************
CERA Watch : 11/16/1999
**********************************************************************

Title: Volatility with OPEC in the Driver's Seat
Author: Hittle; Stanislaw
E-Mail Category: Watch
Product Line: World Oil
URL:
http://EPROFILE.CERA.COM/client/wo/wch/111699_11/wo_wch_111699_11_ab.html

Summary:
As 1999 closes, OPEC and non-OPEC Mexico face the tricky task of determining
the next step after their success in reversing the price collapse of 1998. A
decision must be made on when and how to allow unused capacity back in the
market. The stakes are high: if they fail to bring on capacity in time, then
prices could soar upward even further and undermine much of the demand growth
that is helping the price recovery. CERA's new Autumn World Oil Watch
provides an updated price outlook for late 1999 and 2000 based on our
assessment of OPEC's possible choices. Adding upward price pressure this
quarter, we have revised our estimate of OPEC adherence to the March
production agreements to roughly 80 percent for the fourth quarter.

**********************************************************************
CERA Alert : 11/22/1999
**********************************************************************

Title: Iraq Turns the Oil Tap: The Politics of Defiance
Author: World Oil Team
E-Mail Category: Alert
Product Line: World Oil
URL:
http://EPROFILE.CERA.COM/client/wo/alt/112299_18/wo_alt_112299_18_ab.html

Summary:
Since mid-year, the UN Security Council--particularly its five permanent
members--has sought to reach consensus on a comprehensive resolution on Iraq.
Recently, progress toward a comprehensive resolution seemed to be being made,
until the effort unexpectedly became entangled with renewal of limited oil
exports, under resolution 986, for a seventh 180-day period upon expiration
of phase six on November 20.

**end**

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in whole or in part, is strictly prohibited.

Terms of Use: http://eprofile.cera.com/tos.html
Questions/Comments: webmaster@cera.com
Copyright 1999. Cambridge Energy Research Associates


Randy:
As I mentioned in my voice mail to you, we have accepted the CSP language
with the October 2002 date and with my other modifications which Susan sent
to you yesterday.  With respect to the Guaranty, the last draft that I saw
had a termination date of June 30, 2001.  Just want to make sure taht
whatever is signed has a different termination date (i.e. June 30, 2002).
Again, before we release our Guaranty I would like to see the final version
of your Guaranty.  Thanks.

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


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Steve,

I had the opportunity to work with you during the Rice University Day-2 interviews last month (I hope you remember).  It was our first time working together, and I enjoyed our interaction.

As we go forward with the Dynegy merger, I would like to offer my services as part of the transition team.  From April of 1999 until June of 2001, I was a key leader in EES's transition team for outsource contracts.  While I recognize that the EES contracts and the Dynegy merger are not the same, I have the fundamentals, know our businesses, and can make significant contributions, if given the chance.

If you are interested in having me as part of the team, great; and if not, as they say in basketball, "no harm, no foul."

Best Regards,

Kurt Wangenheim
Sr. Director
EES
Tel: 3-0316


Sean Crandall
Diana Scholtes
Jeff Richter
Chris Mallory
Mark Fischer
Tom Alonso


Hello Susan--

Great idea to initiate the email correspondence--I have a huge exam tomorrow,
and then I won't have internet access until December 22nd or so, so I just
wanted to let you know that an email with more detailed information will be
coming your way soon.  After my test tomorrow, I'm leaving for the
holidays--I'm going to meet Carter's family (the boyfriend you've apparently
heard about), and then we're going skiing with a bunch of friends from med
school until the 21st, so I'll email more when I get back!!  It was great to
hear from you!!

Love,
Elizabeth

>===== Original Message From Susan.M.Scott@enron.com =====
>As it appears I will be living and breathing the 32nd floor of the Enron
>building well through the first of the year, I've decided to break down and
>try to maintain my friendships via email.  You all know me well enough to
>know that this a huge step on my part ( I am not the world's best emailer).
>Anyway, I feel like I'm out of touch with what's going on in your
>collective lives and am thus missing out on some pretty wonderful, exciting
>and special things.  So when and if any of you get a chance shoot me back a
>quick note and let me know what's new in your life.
>
>Love you guys,
>Susan
>
>Jennifer - Hope work is going well.  I know this time of year has got to be
>crazy for anyone in your line of work, but I'm sure you're handling it
>well.  We really need to go grab coffee, dinner, a movie or something soon.
>I'm in need of a good chat.
>
>Jessica - I know you're in the midst of finals right now and probably about
>to pull your hair out.  Just focus on the fact that they'll be over soon
>and you'll be off to London to see Ashley and Lee ( I am so jealous).
>Please tell Clay I say hello and wish him good luck as well on y'alls
>exams.
>
>Lisa - Hey sweetie!  I am so sorry I couldn't make it to your shower in SA,
>but Jen said it went really well.  We need to get together soon I've missed
>seeing you and especially hearing about the wedding and all the fun goings
>ons in your life.  Tell Brad I say "Hi" and I'll be glued to the TV set
>just like him on the on the 29th rooting on the Horns.
>
>Emily - I really want to hear how your Thanksgiving went with Thomas and
>the "Fam".  Knowing Thomas it went great and your entire family (especially
>your Mom) is absolutely in love with him.  Keep me posted on your plans for
>the future ( I'm curious where you're going to end up geographically).
>Also, I thought you'd find it interesting that I may have an opportunity to
>work in your old hometown - Chicago.  Any thoughts?
>
>Elizabeth - I have really been out of touch with you and I am very mad at
>myself for letting that happen.  Please write back soon and let me know how
>school, your family and this new man in your life ( okay, I'm not
>completely out of touch) are all doing.  My guess is you're going through
>exams as well right now so I'll wish you the best of luck and infinite
>success.


Sara,

    I have amended the agreement.  I don't see the details of Annex A, but I
usually don't check that over
anyway.

Thanks,
Andrew

Sara.Shackleton@enron.com wrote:

> Andrew:
>
> Thanks for the email.
>
> I now have my facts straight.  The account is currently in the name of "ECT
> Investments, Inc." (and not Enron North America Corp.).  The specific ECT
> Investments, Inc. account at Morgan Stanley that is being transferred is:
> 038-08826-6 (which is the credit book).
>
> I thought you would want to modify the assignment agreement since it is
> your agreement.  I also wanted to be certain that the Annex A description
> is sufficient for you.
>
> Please call if you have any questions.  Thanks.
>
> Sara Shackleton
> Enron North America Corp.
> 1400 Smith Street, EB 3801a
> Houston, Texas  77002
> 713-853-5620 (phone)
> 713-646-3490 (fax)
> sara.shackleton@enron.com
>
>
>                     "H. Andrew Schwed"
>                     <Andrew.Schwed@morganst        To:
sara.shackleton@enron.com
>                     anley.com>                     cc:     Ketan Parekh
<Ketan.Parekh@morganstanley.com>
>                                                    Subject:     assignment
agreement
>                     05/21/2001 03:54 PM
>                     Please respond to
>                     Andrew.Schwed
>
>
>
> Sara,
>
>     Attached is the amended agreement.  Please call me with any
> questions.
>
> Regards,
> Andrew Schwed
>
> (See attached file: Enron Assignment.doc)
>
>   ------------------------------------------------------------------------
>                                   Name: Enron Assignment.doc
>    Enron Assignment.doc           Type: Microsoft Word Document
(application/msword)
>                               Encoding: base64
>                        Download Status: Not downloaded with message

 - Enron Assignment.doc


Tracy:

Please review attached closely.  Make sure I did it correctly.  Thanks!

Jan


What's happening over there?


Travis, please look into this per my voice mail and get back to both me and
Rick.  Mark
----- Forwarded by Mark E Haedicke/HOU/ECT on 11/22/2000 12:17 PM -----

	Rick Buy
	11/21/2000 11:20 AM

		 To: Mark E Haedicke/HOU/ECT@ECT
		 cc:
		 Subject: Cypress Exploration Program - Operator/Cash Call Issue

Mark- our fears came true on this. Well got "stuck" and costs will escalate
substantially. Now is necessary to sidetrack. Did your guys find anything on
this? Rick
---------------------- Forwarded by Rick Buy/HOU/ECT on 11/21/2000 11:17 AM
---------------------------

From:  Rick Buy
11/01/2000 01:13 PM

To: Mark E Haedicke/HOU/ECT@ECT
cc:
Subject: Cypress Exploration Program - Operator/Cash Call Issue

Mark- were you aware of this? Not a huge dollar  amount but does indicate a
naked risk we didn't know we had (I think). Rick

--------------- Forwarded by Rick Buy/HOU/ECT on 11/01/2000 02:11 PM
---------------------------

From:  Rick L Carson
   11/01/2000 11:28 AM

To: Rick Buy/HOU/ECT@ECT
cc: David Gorte/HOU/ECT@ECT, Bradford Larson/HOU/ECT@ECT, Don
Rollins/HOU/ECT@ECT
Subject: Cypress Exploration Program - Operator/Cash Call Issue

Rick:  I wanted to inform you about a situation where a Commercial Team has
subjected Enron to some material risk that did not get appropriate
approval.

 Here's the story:   On October 30, I received a funding request for my
approval of approximately $260,000 representing a cash advance request on
the Bernard No. 1 well, a 16,500 exploratory well in the Cypress Program.
The request appeared pretty routine but as is our procedure, I had Don
Rollins check it out .   Don discovered that we had already paid our cash
call and this cash call represented our working interest partner, Kelley
Oil's share, which is a highly unusual situation.  Checking further we
discovered that  the well is being drilled under a farmout agreement from
Kelley, who wanted to be operator.  Our guys (Thompson/Josey) wanted Enron
(not Kelley)  to operate the well during the drilling phase but did not want
to be official operator of record so they set up Rozel Onshore, our prospect
generator in Lafayette to be our surrogate operator.  Kelley was upset about
this and would not sign the Joint Venture Agreement unless the cash call
provisons were deleted.  Thompson/Josey and team agreed and signed the
agreement which has no initials from the Legal Department.   The effect of
this was that Rozel/Enron would have to incur all the costs then bill and
collect from Kelley.

Rick, as you are aware, the cash call provision in a JOA is the primary
credit risk mitigant that an operator has to ensure that his partners pay
their share of well costs before costs are incurred.  This can be
particularly good protection if a well gets in trouble with lots of cost
overruns that partners don't  want to pay.  In this case, our surrogate
operator, Rozel has no established credit with oil service companys and no
money of his own so all services including the drilling rig are having to be
prepaid by Enron 100%.  The well is heavily front end loaded with costs with
a total drill and complete exposure of over $4.0 million (if thing go ok!)

I discussed this with Dave Gorte and Brad Larson and we all agreed  that we
are forced to fund since the well is drilling and failure to fund would shut
down operations.   Also, keep in mind that this will be an ongoing obligation
(and risk exposure) during this entire drilling phase.

Lessons Learned:
   1) The E&P merchant finance team has no business operating a deep S.
Louisiana exploratory test.
   2)  Important provisions, like "cash call" should never be given away
without appropriate risk assessment and approval.

Please call if you have questions.


Gregg,

Sounds  good.  I will wait for your call.

Stacy


Barbara,
I had a chance to look at this again and I have left a note for Dan (he
wasn't in his office) indicating that if by "I think we should involve MidCon
in the discussions" Brian intends a joint meeting among ENA, MidCon and Entex
to discuss the correction fo nomination irregularities, I think that's an
acceptable proposal.  If, however, Brian intends a private meeting between
MidCon and ENA to discuss our respective contractual obligations to Entex,
then I think Dan needs fo advise Brian of the risks attendant to such a
meeting.

Do you agree?

Steve
----- Forwarded by Steve Van Hooser/HOU/ECT on 09/27/2000 05:00 PM -----

	Dan J Hyvl
	09/26/2000 03:18 PM

		 To: Steve Van Hooser/HOU/ECT@ECT
		 cc:
		 Subject: Re: Coogler's Response

Steve,
 Please see Brian Redmond note to Brenda below regarding meeting with MidCon
to talk about their imbalances with Reliant Energy.  This could possible open
both parties up to a torturous interference argument with Reliant Energy.  Do
you agree?  If so, we need to nix meeting idea.
----- Forwarded by Dan J Hyvl/HOU/ECT on 09/26/2000 03:14 PM -----

	Brian Redmond
	09/26/2000 10:03 AM

		 To: Brenda F Herod/HOU/ECT@ECT
		 cc: James I Ducote/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT, Thomas A
Martin/HOU/ECT@ECT, Janet H Wallis/HOU/ECT@ECT, Edward D Gottlob/HOU/ECT@ECT,
Steve HPL Schneider/HOU/ECT@ECT, Yvette G Connevey/Corp/Enron@ENRON
		 Subject: Re: Coogler's Response

Brenda,

Can you send me a copy of Bruce's response.  Also, we need to meet on Entex
this week as you suggest.  In my discussions with Bruce, he feels that Entex
can account for all of their gas nominations/takes - and that these
nominations are not related to intra-month price volatility.

We discussed having an initial meeting next week.  Then, if it makes sense, I
think we should involve MidCon in the discussions as their imbalances seem to
be a key factor in Entex changing their nominations.   These meetings would
be to seek to develop a working protocol that we could use to improve
communication and establish more definitive criteria for changing
nominations.

The end game would be a final meeting with Entex senior management to agree a
solution to past sins and a way forward.

Brian

	Enron North America Corp.

	From:  Brenda F Herod                           09/25/2000 10:53 PM

To: James I Ducote/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT, Thomas A
Martin/HOU/ECT@ECT, Janet H Wallis/HOU/ECT@ECT, Brian Redmond/HOU/ECT@ECT,
Edward D Gottlob/HOU/ECT@ECT, Steve HPL Schneider/HOU/ECT@ECT
cc: Yvette G Connevey/Corp/Enron@ENRON
Subject: Re: Coogler's Response

Please read the attached summary of Coogler's response to the audit
findings.  I would like to get the group together later this week to
determine next steps.

Jim, Dan and Janet:  I would appreciate you all paying special attention to
the claims.  Do you all know what Bruce is referring to?  If you all can do
some research before the meeting, I think we'll be able to get to our next
steps quicker.  Thanks.
---------------------- Forwarded by Brenda F Herod/HOU/ECT on 09/25/2000
10:44 PM ---------------------------

richard.j.feldmann@us.arthurandersen.com on 09/18/2000 08:29:49 PM
To: BHerod@Enron.com
cc: danny.d.rudloff@us.arthurandersen.com,
frederick.g.rhodes@us.arthurandersen.com,
matthew.l.thomas@us.arthurandersen.com
Subject: Re: Coogler's Response

Brenda,

Matthew reviewed Coogler's responses and brings up the following questions.

We can do one-of-two things at this point.  We can either add the Reliant
responses to our audit report as "Auditee Responses", or we can have Enron
provide answers and possibly have us do some additional work.  The additional
work is dependent on Enron's answers to the questions.

Please advise.

Rick

To:   Frederick G. Rhodes, Richard J. Feldmann
cc:
Date: 09/18/2000 04:29 PM
From: Matthew L. Thomas, Houston , (713) 237-2629
Subject:  Coogler's Response

Rick and Fred:

I hope things are going well up in Salt Lake City.  I have gone through all of
Bruce's numbers today.  I have come up with a few questions that Enron needs
to
answer.

1. Reliant claims that in East Texas the cut off for complementary customers
is
30 Mcf/ day,  does Enron agree?
2. Reliant claims that the "New Technology Contract" overrides  or is an
exception to the Enfolio Master Agreement.  Does Enron agree that this is a
legitimate exception?
3. Reliant claims that all off the industrial mis-classified gas in the
Houston
Division is under "special contracts" with special pricing, and even though
they
are using less than 100 Mcf /day they receive a lower price of 2.71 per MMBTU.
Does Enron agree that this is a legitimate exception?
4. In the Houston Division it appears that Louisiana Pacific only uses gas for
heating in the winter, about three months out of the year.  Is there total
divided by three to find their average usage, or is it divided by 12?  Bruce
divided by three, we divided by twelve.  They are a customer all year, and are
not a new customer, or a customer that has left.
5. Does Enron want to give Reliant leeway on the 100 Mcf rule?  What will the
actual cut off be?  Bruce backs out 137,000 Mcf that was close, but not quite
100 Mcf.

These are the issues that I see.  The first three questions are things that
Enron may have to ask Bracewell and Patterson.  We were not notified of any of
the special contracts that he mentions.  Let me know what I need to do.  If
you
guys have questions for me, it might be easier if we all got on the phone and
spoke about it.  Thanks,

Matthew

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Kim:

This is a gas generator with whom we are working.  We have an EEI.  Ed Sacks has been the credit point person.  They have a cogen plant, Yuba City Cogen, that is looking at a five year energy sale to PG&E and want to back it with a 5 year gas purchase.  Can you give him a call to discuss?  (Paul - Kim's number in Houston is 713/853-0685.

C

 -----Original Message-----
From: 	PZCummins@aol.com@ENRON [mailto:IMCEANOTES-PZCummins+40aol+2Ecom+40ENRON@ENRON.com]
Sent:	Tuesday, July 24, 2001 3:23 PM
To:	Foster, Chris H.
Cc:	hdittmer@wellhead.com; KBSSAC@aol.com; kmiles@wellhead.com
Subject:	Possible gas deal and Enron On-line

Chris,

Thanks for the discussion today. As we discussed, Our Yuba City project is
exploring and very interested in a long term (3 to 5 year) gas supply deal
with Enron.  We would like to speak with someone in your Houston office about
this.

Also, we would like to further understand the path to access of Enron Online.
 I'll call soon to discuss.

Sincerely,
Paul Cummins
916-447-5171 office
916-996-2291 cell


---------------------- Forwarded by Maria Sandoval/HOU/ECT on 11/21/2000
10:51 AM ---------------------------

Yolanda Sandoval <Yolanda.Sandoval@Halliburton.com> on 11/21/2000 07:34:27 AM
To:
cc:
Subject: FW: Have a wonderful thanksgiving!

Yolanda Sandoval
KBR Legal Dept.
*713-753-5986
 *713-753-7626
* yolanda.sandoval@halliburton.com

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