guys, I am out of town - John you will have to represent EA.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 02/09/2001
10:04 AM ---------------------------

	Tracy L Arthur

	02/08/2001 09:16:35 AM

To: Stanley Horton/Corp/Enron@Enron, David W Delainey/HOU/ECT@ECT, Louise
Kitchen/HOU/ECT@ECT, Jeffrey McMahon/HOU/ECT, Colleen Sullivan/HOU/ECT@ECT,
John Thompson/LON/ECT@ECT, Mike McConnell/HOU/ECT@ECT, Christopher B
Hunt/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Dan Leff/HOU/EES@EES, Tim
DeSpain/HOU/ECT@ECT
cc: Celeste Roberts/HOU/ECT@ECT, Shelly Jones/HOU/ECT@ECT, Donna
Jones/HOU/ECT@ECT, Cindy Stark/Corp/Enron@ENRON, Kimberly Nelson/OTS/Enron,
Kay Chapman/HOU/ECT@ECT, Tammie Schoppe/HOU/ECT@ECT, Sue Ford/HOU/ECT,
Kimberly Brown/HOU/ECT@ECT, Karin Ahamer/EU/Enron@Enron, Cathy
Phillips/HOU/ECT@ECT, Ann Brown/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kathy
Dodgen/HOU/EES@EES, Carol Ann Brown/Enron Communications@Enron
Communications, Marion Sczykutowicz/HOU/ECT@ECT
Subject: CONFIRMATION - Associate Orientation Business Unit Presentations

Thank you all for agreeing to participate with the Associate Orientation -
Introduction  Enron's Businesses presentations.  The presentations will be
conducted on the dates and times listed below, as previously scheduled.  All
presentations will take place at the Doubletree Allen Center in the Dezavala
room.

If you have any questions or require any additional information, please feel
free to contact me at 713-345-7853.

Thank you again,
Tracy Arthur
Communication Specialist

LOCATION:
Doubletree Allen Center
Dezavala Room

WEDNESDAY, FEBRUARY 14
ETS  Stan Horton  Wednesday, February 14 9:15 a.m. - 9:45 a.m.
EA  Dave Delainey  Wednesday, February 14 9:45 a.m. - 10:15 a.m.
ENW  Louise Kitchen  Wednesday, February 14 10:30 a.m. - 11:00 a.m.
EIM  Jeff McMahon  Wednesday, February 14 11:00 a.m. - 11:30 a.m.
Trading Simiulation  Colleen Sullivan Wednesday, February 14 1:30 p.m. - 2:00
p.m.
EEL  John Thompson Wednesday, February 14 2:00 p.m. - 2:30 p.m.
EGM  Mike McConnell  Wednesday, February 14 2:30 p.m. - 3:00 p.m.
EGA  Chris Hunt  Wednesday, February 14  3:00 p.m. - 3:30 p.m.

THURSDAY, FEBRUARY 15
EES   Dan Leff Thursday, February 15  8:45 a.m. - 9:15 a.m.
EBS   Kevin Hannon Thursday, February 15  9:15 a.m. - 9:45 a.m.
Global Finance  Tim Despain Thursday, February 15  10:15 a.m. - 10:15 a.m.


Your new floor cards are in your mail slots now.  Sorry for the delay!

If you need extras, please let me know.
--Erin


----- Forwarded by Gerald Nemec/HOU/ECT on 03/26/2001 09:52 AM -----

	Gerald Nemec
	03/23/2001 04:56 PM

		 To: Stephanie Miller/Corp/Enron@ENRON
		 cc:
		 Subject: Kern Guaranty Forms

----- Forwarded by Gerald Nemec/HOU/ECT on 03/23/2001 04:55 PM -----

	Eric Gillaspie
	03/23/2001 04:40 PM

		 To: Stephanie Miller/Corp/Enron@ENRON
		 cc: Gerald Nemec/HOU/ECT@ECT
		 Subject: Kern Guaranty Forms

Stephanie,

Pursuant to Gerald Nemec's request I have attached the Guaranty Forms for
your further handling.

Thanks,

Eric Gillaspie
713-345-7667
Enron Building 3886


This is fine by me. Do you need hard copy of signature. Rick


Louis Fernandez was wonderful to work with.  His work was top notch, his
subcontractors did a great job.  For instance, I put in central air and one
of the old window units we took out was in the brick in  front of my house.
I thought when the brick got repaired I would  have this mismatched brick box
they would look ugly from the front.  Louis's brick guy was so good that you
cannot even tell the brick was repaired.  Also, his sheetrock guy did a
wonderful job.  You cannot tell where he repaired sheetrock holes.

Louis is also a good businessman.  He gives you a weekly bill spelling out
the exact number of hours he or his subcontractors worked and also listing
any supplies he was billing you for.  A lot of contractors are not good
businessmen.  I think Louis is honest about the time it will take to do a
job, he communicates when he has a problem and how that might effect the
cost, and I also think a lot of homeowners when they do construction have a
lot of add ons they ask of the contractor, that they don't figure in his
additional time or money on.

To sum it up, I think with Louis you will get a good job for the money you
pay.


I understand how things get taken out of context and I don't want us to
overreact. However, there are ways to head this kind of comment off before
it is raised. We developed some MESSAGES for Jeff to use in his travels. We
should try to put those back in front of him now and then reinforce those
in our follow-ups with the press after his interviews. I believe Kathy gave
a copy of these to Mark Palmer and Peggy Mahoney as well as the results of
the focus group research we did on the topic.


----- Forwarded by Tana Jones/HOU/ECT on 05/15/2001 04:39 PM -----

	ARSystem <ARSystem@mailman.enron.com>
	05/15/2001 03:44 PM

		 To: "tana.jones@enron.com" <tana.jones@enron.com>
		 cc:
		 Subject: Request Closed: Access Request for paul.johnson@enron.com

The request has been completed with all resources requested either completed
or rejected. You can view the details of the  request by clicking
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000034916&Page=
MyReq.


---------------------- Forwarded by Carla Hoffman/PDX/ECT on 08/23/2000 08:24
AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Pergher, Gunther" <Gunther.Pergher@dowjones.com>
     08/23/2000 07:42 AM

To: "Golden, Mark" <Mark.Golden@dowjones.com>, "Leopold, Jason"
<Jason.Leopold@dowjones.com>
cc:  (bcc: Carla Hoffman/PDX/ECT)
Subject: DJ Clinton To Direct Govt To Help Calif On Electricity Woes

14:22 GMT  23 August 2000
 DJ Clinton To Direct Govt To Help Calif On Electricity Woes

 WASHINGTON (Dow Jones)--U.S. President Bill Clinton will direct federal
agencies
 Wednesday to provide financial assistance to low-income families and small
 businesses in Southern California to help them cope with high electricity
bills, the White
 House said in a written statement.

 Clinton also ordered the release of $2.6 million from the Low Income Home
Energy
 Assistance Program to help low-income families in Southern California. The
Small
 Business Administration will urge its lending partners to use SBA credit
programs to
 help small businesses with their energy costs.

 Clinton is taking the action because of a steep rise in the wholesale price
of electricity,
 the statement said.

 In addition, Clinton has called on Energy Secretary Bill Richardson to ask
the Federal
 Energy Regulatory Commission to speed up an investigation into the bulk
market for
 electricity "so that state and federal regulators and policy makers can
have the
 information they need to protect consumers in a timely fashion."

 Clinton's actions marks the second time this summer the president has
stepped in to
 help California cope with its electricity shortages. Earlier, Clinton
called on all federal
 facilities in California to cut their power usage and to direct power back
into the
 electricity grid.

 -By Alex Keto, Dow Jones Newswires; 202 862 9256; alex.keto@dowjones.com

 Copyright (c) 2000, Dow Jones & Company Inc

G_nther A. Pergher
Senior Analyst
Dow Jones & Company Inc.
Tel.  609.520.7067
Fax. 609.452.3531

The information transmitted is intended only for the person or entity to
which it is addressed and may contain confidential and/or privileged
material.  Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you received
this in error, please contact the sender and delete the material from any
computer.

 <<Gunther Pergher (E-mail).vcf>>
 - Gunther Pergher (E-mail).vcf


We just need people to give us a week.  Surely they'll give us that long.

How are the new designs coming?

Did you and Avril have a nice Christmas - I am trying to reconnect my UK cell phone - I have been on the phone for 1 and half hours.

-----Original Message-----
From: Forster, David
Sent: Monday, December 31, 2001 9:34 AM
To: Kitchen, Louise
Subject: RE: Proposed Retention Bonuses for Netco
Sensitivity: Confidential

Jennifer doesn't know it yet, but when I submitted final numbers to HR, I kept her suggested increases and did not apply her suggested decreases (which she did to balance the increases).

I expect we are going to lose some people. I hope the ones that go are not the best ones. Obviously, the more we are willing to spend in bonus, the fewer the people we will lose.

When would you like to get together to discuss?

Dave

 -----Original Message-----
From: Kitchen, Louise
Sent: Monday, December 31, 2001 9:21 AM
To: Forster, David
Subject: FW: Proposed Retention Bonuses for Netco
Sensitivity: Confidential

-----Original Message-----
From: Denny, Jennifer
Sent: Friday, December 28, 2001 6:42 AM
To: Kitchen, Louise
Subject: Proposed Retention Bonuses for Netco
Sensitivity: Confidential

Louise,
I am sorry to bother you at such a critical time, because I know you are doing everything you can to salvage the remaining pieces at Enron and are working long & tiresome hours to achieve this difficult matter.
However, I felt like I had to at least let you know my thoughts on the following.

Dave Forster & I met a couple of weeks ago on his initiative to discuss the proposed retention bonuses for my group. I was asked to review the preliminary numbers by individual. I was allowed to move dollars but NOT allowed to increase the total dollar figure for my group. Frankly, the numbers seemed pretty low.

Assuming the goal is to retain key employees for Netco, I am not confident these numbers will achieve this.
I know several people in my group are interviewing outside of the company. I have asked them to be patient, not make any quick decisions, and give us a chance to see this through.

Dave told me the figures were based on mid year evaluations. As you know, mid year evaluations are typically lower than year end. The mid year evaluation allows the employee time to improve in order to get to the desired level by year end. I understand the need for a reference point of some sort and mid year was the latest figure available. However, because the retention numbers were based on this, they are significantly lower.

My intentions are not to show any disrepect to Dave by discussing this with you but I wanted to make sure my thoughts /opinions were communicated to you. If Dave has already discussed this with you, I apologize for the duplication.

If you have any questions, please feel free to call me. I am on holiday & will be traveling today but can be reached on my cell at 713-446-9669.

Thank you for your time.
Jennifer


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Hello, Everyone -

This Notice confirms our next RTO West Regional Representatives Group (RRG)
meeting for Friday, June 1.  The meeting will be held at our usual place -
the Portland Sheraton Airport Hotel, Columbian Rooms, from 8:30 a.m. to
11:30 a.m.

The working agenda for the meeting is:

1.      Congestion Management

        The Congestion Management work groups have performed indefatigably in
developing a consensus model that we envision will be the basis for the very
substantial amount of congestion management work that lies immediately
ahead. The model will be presented by Kristi and Barney for full RRG
discussion as the first agenda item.

2.      Stage 2 Filing Plan and Schedule

        We're still putting the plan and schedule together for your review.
We
appreciate the helpful comments on scheduling that many of you gave us at
our May 4 RRG meeting. We've tried to accommodate your views as much as we
could.  Here are the assumptions that are guiding the Stage 2 Filing Plan
and Schedule:

        a.      There will be an August 31 interim filing and a December 1
completion
filing.

        b.      The August 31 filing will include information about key
components of
RTO West, such as the congestion management model, an "illustrative" pricing
model, planning/expansion principles, and lists of facilities for inclusion.

        c.      Work will continue to be sequenced. For example, after
essential
congestion management work is completed, work on losses, and ancillary
services will commence as soon as possible.  This sequencing will require a
major effort on congestion management with tight deadlines over the next
five weeks.  Work on all items needed for a completion filing in December
will commence as determined appropriate.

        d.      Work on underlying RTO liability issues will continue in
parallel
throughout the near-term schedule.

We'll have a fuller plan and schedule for your review on June 1.

3.      Report on RTO West Technical Conference with FERC on Liability

        We will give you a report on the RTO West technical conference that is
being held today at FERC on liability.  As you know, in the April 26 RTO
West order, the Commission rejected the entire liability program.  An
objective of the technical conference is to explain the filing utilities'
concerns about risk allocation and liability and try to find an approach
that can resolve these concerns.

4.      Benefit Cost Analysis

        As we previewed at our May 4 RRG meeting, we have initiated
discussions
with some potential contractors who could assist in developing a new RTO
West benefit-cost analysis.  We will report to you on the status of those
discussions and the next steps to move ahead on this important issue.

This Notice is being sent to you via our new "exploder" system, so I hope it
goes only to those who have told us they want to receive it. Please do not
reply to this e-mail as your reply will go to the entire RRG list of 400+
folks. We've already annoyed enough of you as it is.

Thanks very much, and we look forward to seeing you on June 1.

- Bud


taken care of.  Sorry for the delay!

ds

 -----Original Message-----
From: 	Chang, Fran
Sent:	Wednesday, November 07, 2001 10:53 AM
To:	Scholtes, Diana
Cc:	Crandall, Sean
Subject:	NCPA deal review for Nov 01'
Importance:	High

Diana:

Today I reviewed NCPA related deals for 11/1-11/6 and found:

11/1 => good
11/2 => somehow the lightload sale side (deal 517676.1) is only showing HE1-HE6 in the scheduling system now.  I wonder if someone deleted HE23-HE24 afterwards (*on the lightload purchase side we have both HE1-HE6 and HE23-HE24, deal 517673.1).
11/3 => good
11/4 => annuity missing (no power delievered)
11/5 => annuity missing (no power delievered)
11/6 => annuity missing (no power delievered)

Please let me know if you could restore the HE23-HE24 for 11/2 back in the scheduling system if they should be there, also please let me know when the missed annuities are entered.  I have also attached my worksheet for your convenient reference.

 << File: NCPA NOV 01' CHECKSHEET.xls >>
Thanks,
Fran Chang
West Power Risk Management
503.464.7973 (phone)
503.464.3740 (fax)


Last Friday, Amerada Hess opted to proceed first with getting the ISDA Master Agreement between ENA and Amerada Hess Corporation ("AHC") completed before addressing the Master Netting Agreement, which they believe is subject to fraudulent transfer issues, etc.  The following has occurred:

a.	Enron Corp. multiproduct guaranty in amount of $75,000,000 executed and sent to AHC on 10/29/01, as was Certificate of Incumbency attesting to authority of Mary Perkins to  sign the guaranty;

b. 	Initial draft of our comments to AHC's form Schedule was sent to AHC on 10/30/01;

c.	Draft Paragraph 13 to Credit Support Annex received from AHC;

d.	Assignment and Novation of Transactions document agreeing to assignment of financial trades previously done by Hess Energy Services Company, LLC ("HESCO") to AHC executed and sent to AHC for execution on 11/2/01 (originals sent out 11/5/01);

e. 	First Amendment to Hess Energy Trading Company, LLC ("HETCO") ISDA Master Agreement setting collateral threshold for both parties at $5,000,000 executed and sent to HETCO by fax on 11/2/01; originals were sent to Hess for execution of 11/5/01;

f.	Conference call with Chuck Cerria and Dana Dellacona to review Schedule;

g.	 Letter agreement agreeing to assignment of physical gas trades previously done by Hess Energy Services to AHC executed and sent returned to AHC on 11/6/01;

h.	Received request on 11/6/01 from Chuck Cerria at AHC to look at form of Assignment and Novation of Transactions document used for HESCO assignment for use in assigning all of AHC's financial trades to HETCO.  Reviewed document and, after confirming that I did not have any authority to sign off on the documents or the structure of the assignment until after I received the approval of Bill Bradford and our credit group, I told Mr. Cerria that they looked ok to me but probably would have to be expanded to include a statement that the transactions in question would fall under HETCO ISDA Master Agreement.  Mr. Cerria is amending the documents accordingly;

i.	On 11/6/01 sent rough draft of mark-up of Paragraph 13 to Credit Support Annex to Dana Dellacona with caveat that ENA credit had not reviewed the document, the document was being sent merely to expedite the ISDA negotiation process and the document was subject to change by ENA after credit review; also worked through it with Dana and John Butala.  Dana will be redrafting it and sending a new draft;

j.	Received redraft of Schedule to ISDA from Dana Dellacona for review during afternoon of 11/6/01.

I have told everyone at AHC that I will be out of the office on 11/7/01 but can be reached until 11:30 am at my home [(713) 942-0007].  Copies of all of the above are on my desk in a file marked "Hess".


Derek-

Here is the notice that was sent out by PG&E on Friday.  This notice would
not allow cycle 4 gas to flow.
---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 05/14/2001
11:10 AM ---------------------------
To: Matthew Lenhart/HOU/ECT@ECT
cc:

Subject: FW: NOTICE TO SHIPPERS ON THE PG&E SYSTEM

---------------------- Forwarded by Daniel Lisk/NA/Enron on 05/14/2001 11:05
AM ---------------------------

"Wadle, Rick" <rick.wadle@mirant.com> on 05/14/2001 10:21:47 AM
To: "'DANIEL.LISK@ENRON.COM'" <DANIEL.LISK@ENRON.COM>
cc:

Subject: FW: NOTICE TO SHIPPERS ON THE PG&E SYSTEM

-----Original Message-----
From: GTS/INSIDEtracc Administrator
[mailto:forte3@accord01.comp.pge.com]
Sent: Friday, May 11, 2001 2:01 PM
Subject: NOTICE TO SHIPPERS ON THE PG&E SYSTEM

Due to high inventory on the PG&E system, any new nominations placed in the
Intraday 1 cycle will be cut to zero for gas day 05/11/2001.  System
constraints will be held to Evening scheduled volumes.

If you have any questions, please call the Gas Scheduling Hotline at (415)
973-2424 or the CGT Helpline at 1 (800) 343-4743 and then press 2 for
scheduling assistance.

CGT Schedulers
PG&E - California Gas Transmission


Hello all,

We received a returned envelope addressed to a Todd F. Heckel in Seattle, WA. If you are the sender, please pick up the envelope at the front of the office by the mail slots by the end of the week.

If you have any questions, please let me know!

Thanks,
Grace
x8321

---------------------------------
Grace Rodriguez
Enron North America (Portland)
Human Resources
503.464.8321--direct
503.464.7553--fax
grace.rodriguez@enron.com


There are discussions ongoing today.  Karen Jones and Sheila are working it,
and I haven't seen a recent draft.  It should be ready by Friday.

Kay


Attached for your use in pricing deals and in minimizing Enron's U.S. taxable income is a set of U.S. tax guidelines for the activities of Enron LNG Marketing LLC.   As guidelines the outline covers most situations, but not all.  One of the critical matters the outline does not cover is local country taxes and tariffs and customs.  Accordingly, while I trust the guidelines will be helpful to you, please don't use them as an excuse for not being neighborly and calling or dropping by to say hi on your transactions.

Please pass the guidelines on to anyone I may have missed on the distribution list that can benefit from them.

Best regards to all,

Ken


No replying this late at night.  Then I don't have an excuse for not doing my
job.


John,

I can't answer your questions with any degree of confidence.  I don't know if
it has ever been done, but I don't know of any prohibitions.  For example,
many essential emergency facilities such as hospitals have back-up
generation.  The only difference in this case is that there would still be
energy
delivered from the grid.  However, this type of physical interconnection is
accommodated for Standby customers.

Additionally, there currently is an open distributed generation proceeding in
California.  You can contact Harry Kingerski on the status of that proceeding.

With respect to your question about the EPA, that seems more like a
siting/environmental issue which is way beyond my expertise.  You can try
calling
Jeff Dasovich.  He will be able to put you in contact with other projects and
people who may have had to address similar issues.

In the meantime, you can access SCE's I-6 Tariff and Rules through
http://www.sce.com/regulatesca/index_re.htm.

Roger

John Wack
09/11/2000 04:07 PM
To: Roger Yang
cc: Brad J Snyder/HOU/EES@EES
Subject: I-6

Roger,  We are working with a customer in California (Starwood) who we have a
longer term deal with.   Some of their Hotels are on I-6 rider.

The customer is on I-6 and are considering installation of diesel generation
to run when called for curtailment under I-6.   Can they run the DG or is
this not allowed under California rules?

I believe that if a customer elects to be on I-6,  the customer cannot claim
that an emergency condition exist that allows them the use of the DG when
curtailed under I-6.  In some states the EPA allows DG use in price or
emergency times.   Or in California will the EPA allow specific under their
rules?


Start Date: 4/18/01; HourAhead hour: 6;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041806.txt

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

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/18/01
  TIE_POINT: FCORNR_5_PSUEDO
  INTERCHG_ID: EPMI_CISO_DESERT
  ENGY_TYPE: FIRM

---- SC Trades Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/18/01
  TRADING_SC: NCPA
  PNT_OF_INTRC: ZP26
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1


No input from Chris


Diana Scholtes
deal 456717
error:  Please ch name to Pinnacle West Capital Corp instead of Arizona
Public Service

Chris Mallory
Missing the following Index deal per Prebon:
Enron sells to Calpine Nov 15-30    100 mw   at NP-15 + $.35.


Did they have anything later than 900?

"Neil Mann" <nmann@erac.com> on 12/21/2000 09:02:05 AM
Please respond to <nmann@erac.com>
To: "C. Kay Mann (E-mail)" <Kay.Mann@Enron.com>
cc:

Subject: Dr C

I just spoke with Delores. She will call in the Rx for us. She said they are
working a short day Friday am. I told her Paige would be in with Michael at
9am...She hadn't heard about Shane. NM


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Hi,
 I am working on a postcard for price limit orders and was hoping you could
review the text and let me know if there are any changes to be made.

Thanks,
Heather


-----Original Message-----
From: 	Valdes, John
Sent:	Wednesday, February 06, 2002 3:58 PM
To:	Cheung, Cecilia
Subject:


We had to amend the agreements to give us more time.  The new version I sent
you fixed that.
---------------------- Forwarded by Kay Mann/Corp/Enron on 03/01/2001 01:07
PM ---------------------------

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 01/04/2001 10:30:14 AM
To: "'gkutzschbach@fulbright.com'" <gkutzschbach@fulbright.com>
cc: "'kay.mann@enron.com'" <kay.mann@enron.com>, "'dpedigo@intergen.com'"
<dpedigo@intergen.com>, "'ben.f.jacoby@enron.com'" <ben.f.jacoby@enron.com>,
"'fred.mitro@enron.com'" <fred.mitro@enron.com>, "Keffer, John"
<JKeffer@KSLAW.com>

Subject: Amendments to Letter Agreements

 <<2SX8RED.DOC>>  <<2T2901!.DOC>>  <<2T2$01!.DOC>>

We have enclosed drafts of the following documents:

1.  Amendment No. 1 to Letter Agreement for CA Energy Development I (marked
to reflect revisions from the draft circulated 01/02/01);
2.  Amendment No. 1 to Letter Agreement for CA Energy Development II -
Turbine (clean copy identical to the amendment for CA/ED-I except for the
name of the LLC in the reference clause); and
3.  Amendment No. 1 to Letter Agreement for CA Energy Development II -
Transformer (marked to reflect revisions from the amendment for CA/ED-I);

Please advise of any further comments at your earliest convenience.  Thank
you.

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>

Enclosures: 130796vR2/1
  130977v1
  130979v1 R 130796v2

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.

 - 2SX8RED.DOC
 - 2T2901!.DOC
 - 2T2$01!.DOC


McClellan wants you as the keynote speaker


-----Original Message-----
From: Robertson, Linda
Sent: Thursday, December 06, 2001 2:41 PM
To: Kean, Steven J.; Shapiro, Richard
Subject: FW: one more impt name

-----Original Message-----
From: Jack Quinn [mailto:JQuinn@QuinnGillespie.com]
Sent: Thursday, December 06, 2001 2:39 PM
To: Robertson, Linda
Subject: one more impt name

tom green from sidley & austin -- fabulous.


please print
----- Forwarded by Jeffrey A Shankman/HOU/ECT on 02/20/2001 01:19 PM -----

	Alan Aronowitz
	02/16/2001 07:28 PM

		 To: Mark Frevert/NA/Enron@Enron, Mike McConnell/HOU/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT, Greg Whalley/HOU/ECT@ECT
		 cc: Larry Lawyer/NA/Enron@Enron, Daniel R
Rogers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Janette Elbertson/HOU/ECT@ECT
		 Subject: Enron Global Markets LLC Monthly Legal Report (February 2001)

For your information, attached is the Enron Global Markets LLC Monthly Legal
Report for February 2001.

Please call me if you have any questions.

Regards, Alan


----- Forwarded by Steven J Kean/NA/Enron on 01/18/2001 01:11 PM -----

	David Merrill@ENRON_DEVELOPMENT
	01/10/2001 11:55 PM

		 To: Mark Schroeder@ECT, Anthony Duenner@ENRON COMMUNICATIONS
		 cc: Craig Clark@Enron Communications, Jane
Wilson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jan Haizmann@ECT, Michael
Grimes/AP/Enron@Enron, <donald_lassere@enron.net>, <xi_xi@enron.net>, Justin
Cornett@ENRON, <roger_estrada@enron.net>, Leroy Ho@ENRON COMMUNICATIONS,
Kenneth Wang@ENRON COMMUNICATIONS, Tom Wei@Enron Communications, Wayne
Gardner/Enron Communications@Enron Communications, James Ginty@Enron
Communications, Kristina Mordaunt@Enron Communications, Robbi Rossi@EES,
Marie Heard@Enron Communications, Stephen D Burns/Corp/Enron@ENRON, Sue
Nord@Enron, Richard Shapiro@Enron, Steven J Kean/NA/Enron@Enron, Don
Hawkins/OTS/Enron@Enron, Scott Yeager@Enron Communications, Amr
Ibrahim/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mike
Dahlke/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Carmen
Perez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Elizabeth Linnell/NA/Enron@Enron,
Ginger Dernehl@EES, <laura.lannarone@enron.com>, Lindsay
Meade/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Miyung
Buster/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: Final Status Report of EBS East Asia Regulatory Matters

 As many of you know, I am going to be leaving Enron to pursue new
opportunities.
  I am leaving with regret,  as I have enjoyed working with all of you, and I
believe EBS
  is poised for great success in Asia.   To assist in a smooth transition,  I
have prepared
  this report on  the status of all EBS East Asia regulatory affairs actions
I am working on,
  and my thoughts about next steps.    A list of key contacts is also
provided.    Mark
  Schroeder will reassign pending actions.

   Again, many, many thanks for your support and encouragement and for what I
have
   learned about broadband and EBS from each of you.

1.   Singapore

 (a)  SBO License Application:

        The application was completed in draft in December.   Dan Arzola of
EBS Asia
        has a copy in Houston.   We cannot proceed further on the application
until we
        decide what  legal entity to use.   We have a legal entity (Enron
Broadband
        Services Pte Ltd) set up that encompasses all EBS activities
including bandwidth t
        trading.

        The legal entity that we use in the application will have to pay a 1%
annual gross
        turnover fee unless we get it waived by the regulator on the grounds
that the
        turnover fee was never intended to capture bandwidth trading
revenue.   This
        is a possible option in my opinion as the regulator (IDA) does not
want to be working at cross
        purposes with other parts of the government that wish to provide EBS
with incentives.
        See below.

    (b)  Legal Due Diligence:

        However, before pursuing a waiver from IDA,  we were planning to
complete legal due
        diligence to examine any options for avoiding the fee without a
waiver.
        Donald is of the view (see his Jan 9 e-mail ) that bandwidth trading
has to be
        licensed by the regulator.  ( In Europe, bandwidth trading usually
does not
        require telecom licensing.)   If Donald is correct as he probably is,
there may be
        less need of further legal research  on that point unless perhaps to
confirm absolutely
        that there is no way to shield EBS bandwidth trading from the
turnover fee apart from
        a waiver or reduction of the fee.    For example it is possible  that
Jan Haizmann
        or others may figure out a way to have actual trades escape the fee
(done offshore
        for example).   Jan I believe has some ideas on this that he adanced
in the context
        of Korea.

        I believe it would still be prudent  to proceed as we had planned to
engage
        a law firm here in Singapore (as we have in Hong Kong and Japan) for
the purpose
        of guiding us through these sorts of questions (or at least
confirming our reading)
        and answering the many other questions posed in a matrix developed by
a working
        group headed by Wayne Gardner.   We will likely be needing the firm
anyway at
        some point.

        I have prepared a list of seven law firms engaged in telecoms
practice in Singapore.
        EBS General Counsel is planning to examine its Asia strategy and whom
to send and
        when to engage a firm to complete Wayne's questionnaire and for other
purposes.

         My advice is, after the due diligence is completed or we have at
least confirmed
         that bandwidth trading is required to be in the licensed entity,
probably to go to the IDA and
         discuss the implications of the fee for us.   The contacts I would
suggest discussing this
         with are Andy Haire and Fiona Yeo (see contact list).]      IDA does
not wish to prevent
         EBS's coming to Singapore, and the fee was of course set up without
bandwidth trading
         specifically in mind as a revenue source.   Bandwidth trading was
referenced in the
         Code only later as a result of Enron's comment letters.

  (c)  Arthur D Little consultant proposal to support EBS Pioneer Status
Application

         This 75k proposal is now with us in final form, after undergoing
changes by me
         and two by our Houston tax lawyers.   I was to have gone to ADL
Singapore next
         for a meeting to question them on how much of this they are able to
         do independently without reliance on us.   This was a suggestion
made by
         Jim Ginty of EBS tax to make sure they would not be reprocessing our
info,
         I also intended to get them to pinpoint which of the products would
be quantified,
         rather than a "where appropriate."     Assuming we proceed with this
proposal,
         someone else will need to do this conversation with ADL Singapore.

         I have forwarded the final proposal to Wayne Garder and Mark and
most other
         interested parties earlier this week.

        NB:   Someone needs to be appointed to contact Simon MacCormac at ADL
and explain
        at least our timing and process for getting back to him, as a
courtesy.   I have not
        replied to his final submission as of now.   See contact info at end
of e-mail.

         For background,  the reason I believe EBS needs this work and sought
a consultant
         proposal is that Pioneer Status is typically awarded  to companies
that make major
         dollar, infrastructure, and job-creation expenditures in
Singapore.   Our business
         model does just the opposite.   So, to be awarded Pioneer Status,
which the EDB is
         very willing to consider us for after many months of persuasion,  I
believe we need to
         help EDB demonstrate what the quantitative spin-off benefits are for
Singapore from our
         developing bandwidth trading here (e.g. increased efficiencies of
capacity utilization,
         effect of lower bandwidth prices on attracting investment).   This
is a job for a  development
         economist teamed with someone who knows about bandwidth trading.
To my mind,
         if ADL cannot produce the bandwidth trading specialist we want, it
might be worth it
         to have one of our experts assigned to liaise with  them, and adjust
the contract
         accordingly to reflect what part we are providing.

         One thing the ADL scope of work does not provide for is the actual
completion of
         the Pioneer Status Application - only the supporting economic
analysis.  That is because it is
         proper for us to be the ones outlining our business plan for
Singapore, rather than
         running that information through ADL and charging its overhead.  The
idea is to get
         ADL to perform the quantitative economic development analysis we
cannot do in-house.

    (d)   Direct contact with EDB on EBS's plans

         EDB (Chelsia Lim ) has this week asked EBS to update her on its
business
         plans for Singapore.    I have made sure Craig Clark will take the
responsibility
         for seeing this is handled.   While a courtesy call is fine, I would
advise
         not to brief her formally until EBS has really decided what our
plans are,
         with staffing, etc.   They have been asking for our plans for a
while, and
         are waiting for some specifics when we have them.

2.    Hong Kong

        We have  2 licenses:   IVANS (value added services) and ETS (external
        telecoms services (includes bandwidth trading).

        There are several documents in draft and clearance which need to be
filed
        under these licenses before we are able to operate in Hong Kong.
        The principal ones are (a)  the system configuration plan,   (b) the
tariff for
        sale and trading of circuits under the ETS license (c) the tariff for
Mediacast
        services under the IVANS license, and (later) (d) a tariff for
VOD/EOD to
        be filed under the IVANS license.

        (a)  status of system configuration plan:

        The plan is done in draft and is being held pending a decision to be
         communicated by Roger Estrada within the next week or two as to
whether
         the Lucent 10G equipment described in the plan will be changed to
other
         equipment.    The HK lawyers  (Michelle Chan of Clifford Chance)
have said
         that if we plan to provide other equipment at the outset, we ought
to just
         wait and send in the correct description rather than revise.   If we
do stick with
         the Lucent equipment , we will also need to revise our orginal
license
         application as well (says Michelle Chan)  to include description of
related
         Cisco equipment that was not mentioned in our orginal license
application.

         When the system configuration plan is done in final, we also need to
         change the listed destination in the diagram from "San Jose"  to
"West Coast
         USA,  Japan, Singapore, and Australia".

         There are two copies of the present draft submission typed on the
OFTA forms.
          I have given one to Craig Clark of EBS to carry back to Houston.
The other
         copy is with Annie Ng in our Singapore office.

         When we know what equipment we are going to be using, Tom Wei needs
to
         revise the diagram and also make the changes in destination referred
to above.
         Other small edits need to be made in Appendix A (see Dec 28 e-mail
referenced
         below).   My successor should review the whole package once more
with Michelle
         Chan in final.    Then the final package needs to be cleared by
Anthony Duenner
         and our EBS lawyers before going to Ken Rice or another qualified
Director of
         our Hong Kong company for signature.   After that it goes back to
Michelle Chan
         for filing with OFTA.

         NB:   See Michelle Chan's e-mail of Dec 28, being repeated
separately, for
                  further information.

       (b)   Tariffs for BWTrading under ETS License

        In December in Houston I worked with Bill White and his staff on a
tariff plan for
        bandwidth trading in HK.   Based on a meeting I had with the
regulator in Hong
        Kong,   we agreed to file pro forma ceiling prices rather than an
entirely new
        and variable system which the regulator insisted we not do.
Ceiling  prices
        were developed and submitted to Michelle Chan for review.

        Along with the prices we are required to submit our Terms and
Conditions.   For
        that I used EBS General Terms and Conditions (GTC's) for trading
obtained from
        Robbi Rossi and Michelle Heard.  Mike Grimes  has a set as well.

        Present status:  Right now a dialogue is under way between Michelle
Chan and
        Robbi Rossi as to whether it is sufficient to file the GTC's alone or
whether
        certain exhibits, service level agreements, and confirmations
referred to in
        the GTC's must also be filed.   There are other questions being
discussed in
        that channel  such as how to handle variations in the terms based on
        commercial dynamics.     All these e-mails will be  forwarded.   Once
these
        issues related to the GTCs are resolved, the tariff for bandwidth
trading should
        be filed, going through Michelle Chan.

        NB:  See Michelle Chan e-mail of 1/09/01 which being forwarded
separately.

     (c)  Tariff for Media Cast under IVANS license:

       I worked with Leroy Ho and Ken Wang in December and we submitted the
main
       part of the Media Cast tariff to Michelle Chan.   However, we still
need to get the
       Terms and Conditions for Media Cast from Robbi Rossi or Michelle Heard
and
       attach them to the tariff diagrams and submit them to Michelle Chan.

       NB:   See my e-mail to Michelle Chan of Dec 21 which being repeated.
       Someone needs to work with EBS legal to get the T and C's for Media
Cast to Michelle
       or to set up direct channel between EBS legal and Michelle Chan as in
       the case of the exchanges on the T and C's for Bandwidth trading
referred
       to above.

      (d)   Overall change of responsibility for EBS Regulatory HK

        Michael,  or whomever will be taking over these responsibilities,
should
        get from Michelle Chan of Clifford Chance Hong Kong a fresh copy of
        Alison Lindsay's letter to Xi Xi of October 2000 stating that we
received
        our licenses and setting forth in detail all of the requirements.
This is the
        master document ("bible") on compliance under our licenses and will
catch any
        detail not included above.   For example:

            - my successor should also file a new form with OFTA,  the Hong
Kong
              regulator (form is included in the attachments to the letter)
naming
              himself the point of contact, replacing me.    Michelle Chan
can forward
              the letter to the regulator.

           -  we will need to be selecting an independent auditor to certify
certain routine
              reports we may need to file in future.   I have not started on
that.

3.    Korea

       Robbi Rossi needs to call Kim and Chang (law firm we use in Korea)
       to authorize them to research and provide advice to us on how to
handle
       the apparent regulatory impediment to Bandwidth Trading in Korea that
       we identified during my November trip.

       Once Kim and Chang starts work on this, someone from regulatory should
       be made available to help guide Kim and Chang on our regulatory
       questions, in coordination with Robbi Rossi.

       The key e-mails are (a) one from me outlining the overall problem and
        some suggestions for dealing with it ;  (b) one from Jan Haizmann
with
        some additional and in some cases alternative suggestions on how
        to deal with it,  (c)  two from Jae Moo Lee in Korea with additional
        points of view.  These will be forwarded.

  4.   Japan

       Our regulatory consultant is Art Yanagawa.   Contact info below.  Mike
Grimes
       and I have been in meetings with him and  Mike is fully briefed to
carry on the
       on-the-ground  part of contacts with Art.   Art also responds to
Donald and
       Roger Estrada and relies on them for guidance and input.

      At some point it should be thought through who should be the point
person
      to manage  this contract and approve payments, or decide to leave things
      as they are with approvals done in Houston.    The present system works
but
      it is not clear to me who is responsible for what.

      Art has prepared the amendment to our Special Type 2  license to add
      service to other destinations.   The latest status was that he was
holding
      the amendment over the holidays while clarifying some points raised by
      Mike Grimes.    Someone needs to be assigned responsibility for
      getting the amendment through.

      General Concern:

      A more general regulatory concern for us in Japan is that our
consultant
      advises us that we cannot use the term bandwidth trading  in
      communications with the government because it is not something
      contemplated in the Telecom Business Law,  so is prohibited if
      stated as we would state it elsewhere.

      We therefore are having to go through elaborate contortions to make
      what we are planning to do actually look like we are doing something
      else.    I admit that I agree with the approach we are taking for now
and
      can offer nothing better for the immediate term.

      However, I would say that long term we are running some risks.    If we
      are going to make Japan  one of the centerpieces of our  Asia EBS
      strategy,   I think we need to consider devoting more full time EBS
      regulatory resources to Japan exclusively.

       The allocation problem is that whatever regulatory resources we apply
       have to focus on  immediate license amendment  and operational
       questions that drive out time to work effectively on long term
       issues such as how to go about amending the Telecommunications
       Business Law  to allow bandwidth trading explicitly.    This would seem
       important to reduce long term risks to our business strategy.

5.    "Digital Divide"

       I had been giving intermittent support to helping Scott Yeager and
Justin
       Cornett of EBS, and Will Reed of Technology for All, figure out how
       to expand the concept of Technology for All to Asia.    The strategy
       was to utilize some of Japan's $15 billion pledge of funds to support
       digital divide activities in Asia - to support the expansion into Asia
of
       the EBS-supported TFA model.    This work will cease unless it can
       be picked up by Laura Lannarone of corporate social responsbility
       or Steve Burns of the DC office.

6.   KEY CONTACTS for operational items in this memo:

(a)   SBO License:  InfoCom Development Authority of Singapore

        (1)  Ms. Fiona Yeo, Asst Dir Competiton  - 211-1824
        (2)  Mr. Andrew Haire - Senior Director Policy and Regulation -
211-1731
        (3)  Ms Hema Ramnani - Manager- Policy   211-1860
        (4)  Ms Aileen Chia, Deputy Director, Economic Regulation - 211-1883
        (5)  Ms Ng Cher Keng, Director, Policy - 211-1828

(b)  Pioneer Tax Status:  Economic Development Board

       (1)  Chelsia LIM - Senior Officer Infocomms and Media - 832-6676
              <chelsial@edb.gov.sg>
       (2)  Bernard NEE -  Head, Infocomms and Media - 832-6964
       (3)  Sean LOW - Senior Officer Infocomms and Media - 832-6260
              <seanlow@edb.gov.sg>
       (4)   LEE Eng Keat - same as above - 832-6006

(c)  Arthur D Little proposal

        (1)  Simon MacCormac - Associate Director
              297-2300
              <maccormac.simon@adlittle.com>

        (2) Peter J Connell - Vice President
               207-2300
             <connell.peter@adlittle.com>

(d)  Hong Kong License filings:

       (1)  Michelle Chan  852-2825-8888
              <michelle.chan@cliffordchance.com>

       (2)  Alison Lindsay
               <alison.lindsay@cliffordchance.com>

        (3)  OFTA:  M.H. Au
               Senior Asst Director (Regulation)
               852-2961-6688
               <mhau@ofta.gov.hk>

(e)  Japan Telecom regulatory consultant to  EBS:

       Art Yanagawa
       81-3-5418-7056
       <arthur@asianet.co.jp>

David

       for example, the option of whether we can break bandwidth trading
functions
       out of the entity


I have updated the attached Emergency call list again for this month due to
the large volume of corrections received today. The next scheduled update is
the first week of June. If you have any corrections or additions, please get
them to me before the end of the current month.

Please do not make changes to the spread sheet. Forward all additions etc. by
e-mail.

Thanks,
Randy


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equity markets after digesting this morning's economic news, which
was less supportive than initially though. Stochastics and the RSI
are turning neutral to bullish with Friday's rally hinting that
sideways to higher prices are possible next week.

The CRB INDEX http://quotes.ino.com/exchanges/?c=indexes

The CRB index closed sharply higher on Friday supported by strength
in hogs, bellies, precious metals, fiber, some foods and energies.
Today's rally confirmed Thursday's upside reversal and sets the stage
for a test of Monday's high crossing at 190.29. If this minor
resistance level is cleared, January's downtrend line, which
coincides with the 50% retracement level of last month's decline
crossing at 191.18 is the CRB's next target. Short-term momentum
indicators are oversold but turned bullish with today's rally thereby
increasing the odds that a short-term bottom has likely been posted.

ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy

The energy markets closed sharply higher on Friday in a knee-jerk
reaction to news that Kuwait has lost production of 600,000 barrels
per day due to a fire at its Rawdatian oil field on Thursday.
However, Kuwait indicated that there will be no shortage as oil from
stockpiles will replaced the halted production until its other oil
fields can raise their production to compensate for this loss.

March crude oil posted a new high close for the week on Friday
thereby renewing its rebound off the mid-January low. Momentum
indicators remain bullish signaling that sideways to higher prices
are possible during the first half of February. Additional strength
on Monday is needed to confirm today's breakout above the previous
reaction high. If today's breakout is confirmed the door would be
opened for a possible test of the upper boundary of this winter's
trading range crossing at 22.50 later this month.

March heating oil closed sharply higher on Friday in reaction to the
oilfield explosion in Kuwait on Thursday. Today's close above minor
trading range resistance crossing at 54.30 confirms that a triple
bottom was posted with Wednesday's low while opening the door for
additional short covering during the first half of February.
Stochastics and the RSI are bullish signaling that sideways to higher
prices are possible near-term. Longer-term, I am looking for a
possible test of the double top crossing at 59.20.

March unleaded gas closed into new highs for the week on Friday.
Additional strength on Monday is needed to confirm today's breakout
above the previous reaction high crossing at 59.90. Stochastics and
the RSI are bullish signaling that sideways to higher prices are
possible. Longer-term I am looking for a possible test of January's
high crossing at 64.35.

March Henry Hub natural gas closed steady on Friday but remains above
this winter's initial downtrend line crossing near 2.08. Closes above
broken support crossing at 2.155 are needed to confirm this week's
trendline breakout, which would then open the door for a
larger-degree rebound during February. Momentum indicators have
turned bullish signaling that sideways to higher prices are possible
near-term.

CURRENCIES http://quotes.ino.com/exchanges/?c=currencies

The March Dollar posted an inside day with a lower close thereby
ending the bounce off Wednesday's low. However, it will take closes
below this week's low crossing at 119.51 and then initial trendline
support crossing at 119.27 to confirm that a short-term top has been
posted. Until then, the door remains open for a possible test of
weekly resistance crossing at 121.29 later this winter. Stochastics
and the RSI are very overbought and turning neutral hinting that a
top is in or near. On the weekly chart the Dollar is forming a
potential double top.

The March Swiss Franc posted an inside day with a higher close due to
light short covering ahead of the weekend as it consolidated some of
this week's losses. Nevertheless, the door remains open for a test of
December's low crossing at .5797 in the near future. The daily ADX is
bearish signaling that additional weakness is possible while momentum
indicators are oversold hinting that a double bottom might be
forming.

The March Canadian Dollar posted an inside day with a lower close on
Friday due to light profit taking ahead of the weekend. Today's sell
off left Thursday's key reversal up unconfirmed. If the rally resumes
next week, fib resistance crossing at .6355 is March's next target.

The March Japanese Yen posted an inside day with a higher close on
Friday due to short covering ahead of the weekend. Until March closes
above last fall's downtrend line and broken support at .7558, the
door remains open for additional weakness near-term. If the decline
continues next week, long-term support crossing at .7371 is March's
next target.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

February gold closed sharply higher on Friday due to short covering
triggered by weakness in the equity markets and a lower Dollar.
February posted its highest close since January 16th. Profit taking
ahead of the close tempered some of today's gains leaving the door
open for a possible inside day on Monday. However, stochastics and
the RSI have turned bullish signaling that a test of January's double
top at 289.90 is possible in the near future.

March silver closed higher on Friday due to short covering following
Thursday's spike of the 75% retracement level of the November-January
rally crossing at 4.22. Closes above broken support crossing at 4.32
are needed to signal that a short-term bottom has been posted.
Momentum indicators are oversold signaling that additional short
covering is possible early next week.

March copper extended Thursday's rally today spiking above November's
high crossing at 73.70 before light profit taking ahead of the close
trimmed gains. Rising optimism over the countries economic outlook
triggered Thursday's short covering rally, which was exaggerated as
buy stops were triggered on the way up. Momentum indicators have
turned bullish signaling that sideways to higher prices are possible
near-term. If the rally continues during the first half of February,
weekly fib resistance crossing at 76.88 is March's next upside
target.

GRAINS http://quotes.ino.com/exchanges/?c=grains

March corn closed lower on Friday as it spiked below weekly support
crossing at 2.04 1/2 amidst a lack of supportive news. If this
long-term support level fails to halt the decline, psychological
support crossing at 2.00 is March's next downside target. Short-term
momentum indicators are bearish but have entered their respective
oversold zones hinting that a low might be near. This suggests that
we could see the February low come early in the month especially if
we get a setback in the U.S. Dollar. With little incentive for
foreign buyers or end users to extend coverage much past 30-days at
least until we get into early spring, prices are likely to drift
sideways to lower ahead of the February supply/demand report.

March wheat closed fractionally higher on Friday as it continues to
consolidate just above minor support crossing at 2.83. If this
support level fails to halt this month's decline, a test of the
December low crossing at 2.77 is likely by early-February. Momentum
indicators are bearish signaling that additional weakness is possible
into early- February. The decline off January's high has seen funds
liquidate their long positions just as the seasonal trends begin to
turn bearish. This leaves the door open for lower prices during
February if funds decide to build a short position in wheat.

SOYBEAN COMPLEX http://quotes.ino.com/exchanges/?c=grains

March soybeans posted an inside day with a lower close on Friday as
it closed out the week consolidating above the 75% retracement level
of January's rally crossing at 4.24 3/4. Lack of supportive news and
early harvest beginning in portions of Northern Brazil erased
Thursday's gains. Momentum indicators are becoming oversold but
remain bearish signaling that additional weakness is possible during
the first half of February. I would not be surprised to see March
soybeans try and test January's low crossing at 4.15 3/4 to post a
possible double bottom on the daily chart before the February low has
likely been posted. The market has largely ignored this week's strong
export pace of U.S. soybeans as it has chosen to focus on the bearish
aspects of another record South American crop. The market dynamics
have changed significantly over the past four years to where end
users and importing countries always have an abundant supply of new
soybeans every six months. This fact alone have shifted their buying
pattern to hand to mouth while giving them little reason to build
much of a weather premium into prices.

March soybean meal posted an inside day with a lower close on Friday
amidst a lack of supportive news. Today's close below minor fib
support has opened the door for a possible test of gap support
crossing at 147.90 possibly next week. Short-term momentum indicators
signal that sideways to lower prices are likely during the first half
of February. I would not rule out the possibility of March meal
testing this winter's low at 142 before the February low is posted
later this month.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

April hogs closed into new contract highs on Friday amidst steady to
higher cash bids. Today's new contract high confirmed that bulls have
regained control of the market. Additional strength next week could
lead to a test of weekly resistance crossing at 63.60. Short-term
momentum indicators are turning neutral to bullish with today's rally
indicating that we should see one more leg up in this winter's rally.

April cattle gapped down on the open but quickly turned higher and
filled the opening gap after follow-through selling failed to
materialize. However, profit taking ahead of this afternoon's cattle
inventory report pressured the market into the close as April remains
below the 75% retracement level of last year's decline, which crosses
at 76.00. This afternoon's inventory report showed that total
cow/calf inventory was at 99% of year ago levels at 96.7 million
head. The 2001 calf crop came in at 99% of year ago levels at 38.3
million head. This report was inline with pre-report estimates and
should not be a major factor in Monday's trading. If this winter's
rally resumes on Monday and clears fib resistance crossing at 76.00,
the bottom of last summer's trading range crossing at 77.10 is a
potential target later this winter. Momentum indicators are bullish
but diverging warning bulls that a short-term top might be near.
Closes below initial trendline support crossing near 74.40 would
signal that a short-term top has likely been posted.

FOOD & FIBER http://quotes.ino.com/exchanges/?c=food

March coffee gapped down on the open due to renewed fund selling.
However, a lack of follow-through selling triggered a short covering
rebound, which led to an upside reversal on the day. Closes above
this week's high at 45.80 would increase the odds that a short-term
bottom might have been posted with today's spike low as momentum
indicators are very oversold.

March cocoa closed slightly higher on Friday in lackluster trading as
it continues to correct more in time than price indicating that
supply/demand fundamental are evenly matched for the time being.
Close above 1422 or below 1260 are needed to confirm a breakout of
this winter's trading range and point the direction of the next
trending move.

March sugar posted an inside day with a lower close on Friday as it
tried to consolidate some of this week's losses and breakout below
November's reaction low crossing at 661. However, the door is open
for a test of last October's low crossing at 611 possibly next week.
Momentum indicators have entered their respective oversold zones but
remain bearish signaling that additional weakness is possible
near-term.

March cotton gapped up and closed sharply higher on Friday as a
higher than expected opening call triggered aggressive early trade
buying. Buy stops above the market were tripped, which exaggerated
today's rebound although a short-term bottom was confirmed by the
rally. Stochastics along with other momentum indicators turned
bullish today signaling that sideways to higher prices are possible
next week. Longer-term the burdensome supplies will likely limit
upside potential to the upper boundary of this winter's trading range
crossing at 39.80.

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I N O   N E W S
_____________________________________________________________________

CME Posts Best January Volume On Record, Up 40%
   http://news.ino.com/press/?release=27759
Additional CFTC Relief For Firms Affected By 9/11
   http://news.ino.com/press/?release=27758
CFTC Announces Agency Restructuring
   http://news.ino.com/press/?release=27757
German Stock Exchange Volume Jumps 40% In January
   http://news.ino.com/press/?release=27756
Eurex Off To Good Start -- 65M. Contracts In January
   http://news.ino.com/press/?release=27755
Deutsche Borse And Cedel International Agree Terms
   http://news.ino.com/press/?release=27754

____________________________________________________________________________

E X T R E M E   F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/

WINNERS

SBN3   Sugar #11 World Jul 2003                     5.99      0.35  +5.88
CTH2   Cotton Mar 2002                             37.45      2.02  +5.69
HUH2   New York Harbor Unleaded Gasoline Mar 20    0.6034    0.0268  +4.67
CLH2   Light Sweet Crude Oil Mar 2002              20.38      0.90  +4.62
AGG2   Silver 1,000 oz. Feb 2002                   4.160     0.159  +3.97
HOJ2   Heating Oil Apr 2002                       0.5552    0.0209  +3.92
PNH2   Propane Mar 2002                           0.2950    0.0100  +3.51
SIU2   Silver Sep 2002                             4.346     0.120  +2.82
YIK2   Mini NY Silver May 2002                     4.360     0.100  +2.35
GIJ2   Goldman Sachs Commodity Index Apr 2002     173.50      3.50  +2.06

LOSERS

NKH2   Nikkei 225 Stock Avg Mar 2002                9700      -265  -2.66
RRH2   Rough Rice Mar 2002                         3.650    -0.075  -2.01
SMK2   Soybean Meal May 2002                       146.1      -2.6  -1.75
CLF3   Light Sweet Crude Oil Jan 2003              21.04     -0.33  -1.61
OK2    Oats May 2002                                 182    -2 3/4  -1.48
HOF3   Heating Oil Jan 2003                       0.6087   -0.0086  -1.45
DBN2   Butter Jul 2002                           139.000    -2.000  -1.42
NDM2   NASDAQ 100 Index Jun 2002                 1542.00    -22.00  -1.41
SEH2   Sugar #14 Domestic Mar 2002                 20.94     -0.25  -1.18
LBX2   Random Length Lumber Nov 2002              276.00     -3.00  -1.08

FREE TRADING KIT-- CD, Video, or Audiocassette
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E X T R E M E   S T O C K S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

ENER   ENERGY CONV DEVICES                       23.2700    3.9100  +20.22
UCOMA  UNITED GLOBAL COM INC CL A                 6.1000    0.9400  +18.08
PLUG   PLUG POWER                                11.2000    1.5800  +16.11
ASV    AG SERVICES OF AMERICA                      14.00      1.94  +16.09
EXLT   EXULT INC                                 11.1600    1.5100  +15.60
SIPX   SIPEX CORP                                12.4800    1.7000  +15.38
ESST   ESS TECHNOLOGY INC                        22.8900    2.8900  +14.52
FCEL   FUELCELL ENERGY INC                       18.0800    2.2200  +13.94
STST   SENSYTECH INC                              6.9700    0.8500  +13.89
ERES   ERESEARCH TECH INC                        12.9025    1.5025  +13.18

LOSERS

DYII   DYNACQ INTL                                7.6200   -3.3800  -30.76
LMNX   LUMINEX CORP                              13.0400   -4.2700  -24.85
CYCL   CENTENNIAL COMMUNICATIONS CORP             6.8500   -1.5000  -18.75
CGO    ATLAS AIR WORLDWIDE HLDGS INC               13.72     -2.23  -13.98
WMI    WASTE MANAGEMENT                            25.13     -3.73  -12.94
PIO    POINEER CP ADR                              18.35     -2.64  -12.58
NIPNY  NEC CORP ADR                               7.0100   -0.9400  -12.21
HYTDE  MAXTOR CORP DECS 2002                      6.1000   -0.8100  -12.07
CMIN   COMMONWEALTH INDUSTRIES                    5.1500   -0.6800  -11.72
SE     7-ELEVEN INC                                10.42     -1.35  -11.49
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T H A N K   Y O U
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Kim, Sheila would like to meet with John Lavorato for about 30 minutes
on Monday, if possible.  The topic is VP salaries.  Would you please
let me know when he is free?  She has available the following times:

	11:00 (this would work best, if he is free then, since she is already on your floor for a 10:00 meeting in 3321)
	1:00
	1:30
	3:00
	3:30
	4:00

Thanks so much, Kim!
Carol
3-6613


- dorgan Breakfast.doc


At 10:45 am today, Jan 6th, we sent a notice to TVA advising them that a
Triggering Event under the MOPA had occurred.  As a result of the Triggering
Event, EPMI has the right to suspend deliveries and/or to terminate the
MOPA.  At this point, we have not elected to suspend deliveries or to
terminate the MOPA.  Accordingly, our performance under the MOPA at this
point will not be impacted and we will continue to perform under the terms of
the MOPA.

 The letter also sets forth a proposal to TVA pursuant to which EPMI would be
willing to continue performing under the MOPA.  This proposal is conditioned
on  TVA allowing EPMI to seek a judicial determination of its rights and  TVA
paying market-based rates for the energy delivered by EPMI to TVA under the
MOPA  pending the judicial proceedings.

If you have any questions, please call me at 36349.


I am in Washington all week (until Friday) but may be available by phone. Rick
Rick Buy
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


missing deals for mike:

buy morgan
210.00
25 mw
Q3 02
mid c
peak

sell el paso
380.00
50 mw
Q3 01
mid c
peak

sell mirant
310.00
25 mw
march
mid c
peak

buy morgan
315.00
25 mw
april
mid c
peak

thanks


Dear all,

Please see attached spreadsheet - we will have to think of a way to automate
the position update - right now it's a manual process to convert the text
file that Andreas sends us to proper spreadsheet format and then pivot table
the results - only takes about 20 minutes to do this however.  Note that the
version 1a VaR model links via VLOOKUP to the spreadsheet attached (as you
know, we have to use VLOOKUP because MG does not necessarily have positions
in all forward months, whilst the pivot table only produces numbers for
forward months with a position).

Regards,

Anjam
x35383

POSITIONS AS OF 19th JULY

---------------------- Forwarded by Anjam Ahmad/LON/ECT on 25/07/2000 20:41
---------------------------

	Enron Europe

	From:  Anjam Ahmad                           25/07/2000 19:17

To: Cantekin Dincerler/HOU/ECT@ECT
cc: Tanya Tamarchenko/HOU/ECT@ECT, Kirstee Hewitt/LON/ECT@ECT, Grant
Masson/HOU/ECT@ECT, Andreas.Barschkis@mgusa.com @ ENRON

Subject: Re: Positions Data

Our pivot table; we noticed that copper position for 19th July has option
included but this is not reported in Mercur - I guess we should include the
5,248 tonnes for the copper option for 2000.09, but we won't show any gamma.

---------------------- Forwarded by Anjam Ahmad/LON/ECT on 25/07/2000 19:18
---------------------------

	Enron Europe

	From:  Anjam Ahmad                           25/07/2000 19:14

To: Tanya Tamarchenko/HOU/ECT@ECT
cc: Cantekin Dincerler/HOU/ECT@ECT, Andreas.Barschkis@mgusa.com @ ENRON

Subject: Re: Positions Data

Hi Tanya,

We are using the data for 19th July from Andreas - see file attached.  We are
using this because we can reconcile to Mercur print out that we got from
Andreas last Wednesday.  If you don't mind, perhaps Cantekin can try again
with this new sheet attached.  We already looked at it, but would like to see
what Cantekin can come up with independently.  I think the positions changed
a lot from 3rd July (your data) to 19th July.

Thanks,

Anjam & Kirstee


---------------------- Forwarded by Darron C Giron/HOU/ECT on 11/14/2000
04:01 PM ---------------------------

Jackson Logan
11/14/2000 03:16 PM
To: Phillip M Love/HOU/ECT@ECT, B Scott Palmer/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, Victor Guggenheim/HOU/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, jlogan@hough.com, plogan@grubb-ellis-tx.com,
jennifer.stelling@gtedc.gte.com, jwooton@keystonemortpartners.com,
cshi@dynegy.com, John_biegel@dell.com, bgalligan@mail.utexas.edu,
carey.t.ford@us.arthurandersen.com, gkaminski@dttus.com,
Brian_Thorp@AIMFUNDS.COM, JAMES.SIVCO@chase.com, tifftalbot@hotmail.com,
jmwooton@yahoo.com, njw4@worldnet.att.net, KHunter75@aol.com,
ttalbot@bmoh.com, RCOLLINS@graubassett.com, cameron.moates@us.pwcglobal.com,
atransou@wsgr.com, onion@pdq.net, shack4@alumni.utexas.net,
ECard10007@aol.com, ryaf@softchoice.com, Madeofmetal@Sprintmail.Com,
LtColby.H@att.net, Stefanie_Wagenfeld@AIMFUNDS.COM
cc:
Subject: To Awesome not to forward

Subject: Story of the ant and the grasshopper

THE CLASSIC VERSION -
    The ant works hard in the withering heat all summer long, building his
house and laying up supplies for the winter. The Grasshopper thinks he's a
fool and laughs and dances and plays the summer away. Come winter, the ant
is warm and well fed. The grasshopper has no food or shelter so he dies out
in the cold.

THE MODERN VERSION -
 The ant works hard in the withering heat all summer long, building his
house and laying up supplies for the winter. The Grasshopper thinks he's a
fool and laughs and dances and plays the summer away.
    Come winter, the shivering grasshopper calls a press conference and
demands to know why the ant should be allowed to be warm and well fed while
others are cold and starving. CBS, NBC and ABC show up to provide pictures
of the shivering grasshopper next to a video of the ant in his comfortable
home with a table filled with food.
    "America" is stunned by the sharp contrast. How can this be, that in a
country of such wealth, this poor grasshopper is allowed to suffer so?
Kermit the Frog appears on Oprah with the grasshopper, and everybody cries
when they sing "It's Not Easy Being Green."
    Bill and Hillary Clinton make a special guest appearance on the CBS
Evening News to tell a concerned Dan Rather that they will do everything
they Can for the grasshopper who has been denied the prosperity he deserves
by Those who benefited unfairly during the Reagan summers, or as Bill
refers
to it as "Temperatures of the 80's."
    Jesse Jackson stages a demonstration in front of the ant's house where
the news stations film the group singing "We shall overcome". Jesse then
has
the group kneel down to pray to God for the grasshopper's sake.
    Al Gore exclaims in an interview with Peter Jennings that the ant has
gotten rich off the back of the grasshopper, and calls for an immediate tax
hike on the ant to make him pay his "fair share".
    Finally, the EEOC drafts the "Economic Equity and Anti-Ant Act",
retroactive to the beginning of the summer. The ant is fined for failing to
hire a proportionate number of green bugs and, having nothing left to pay
his retroactive taxes, his home is confiscated by the government.
    Hillary gets her old law firm to represent the grasshopper in a
Defamation suit against the ant, and the case is tried before a panel of
federal judges that Bill appointed from a list of single-parent welfare
recipients who can only hear cases on Thursday's between 1:30 and 3:00 PM
when there are no talk shows scheduled. The ant loses the case.
    The story ends as we see the grasshopper finishing up the last bits of
The ant's food while the government house he is in, which just happens to
be
the ant's old house, crumbles around him since he doesn't maintain it. The
ant has disappeared in the snow. And on the TV, which the grasshopper
bought
by selling most of the ant's food, they are showing Bill Clinton standing
before a wildly applauding group of Democrats announcing that a new era of
"fairness" has dawned in America.
    The grasshopper is found dead in a drug related incident and the house,
now abandoned, is taken over by a gang of spiders who terrorize the once
peaceful neighborhood.

Remember to Vote .!!


Vasant,

Can you send me the electronic version of the documents for Ben Gleason
(cost of capital)? I would like to play with the numbers and check a few
ideas.

Vince


Is an RCR still necessary since Sue said Ron is doing this for Richard?  Tell
me when you see me tomorrow.

From: James D Steffes@ENRON on 03/21/2001 09:22 AM CST
To: Mary Hain/HOU/ECT@ECT
cc: Alan Comnes/PDX/ECT@ECT, carrrn@bracepatt.com, Christian
Yoder/HOU/ECT@ECT, Donna Fulton/Corp/Enron@ENRON, gfergus@brobeck.com, Joe
Hartsoe@Enron, Ray Alvarez/NA/Enron@Enron, Richard B Sanders/HOU/ECT@ECT,
Sarah Novosel/Corp/Enron@Enron, sbishop@gibbs-bruns.com,
steve.c.hall@enron.com, Susan J Mara/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron
Subject: Re: Emergency Motion of City of San Diego

I agree that someone should file. Curious if we can send in our message
through EPSA or WPTF?

Mary's last point about the non-ISO and PX markets is a key point.  We need
to keep any FERC action contained to those markets.

Mary - pls submit an RCR.

Jim

	Mary Hain@ECT
	03/20/2001 07:44 PM

		 To: Susan J Mara/NA/Enron@Enron,  Alan Comnes, Joe Hartsoe@Enron, James D
Steffes/NA/Enron@Enron, Ray Alvarez/NA/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON, Donna Fulton, Richard Sanders,
sbishop@gibbs-bruns.com, Christian Yoder/HOU/ECT@ECT, steve.c.hall@enron.com,
gfergus@brobeck.com
		 cc: carrrn@bracepatt.com
		 Subject: Emergency Motion of City of San Diego

Due to the risk of wholesale market participants becoming bankrupt and
therefore unable to flow refunds through to customers, the City of San Diego
has asked FERC to direct sellers of wholesale power in the "California"
markets to sequester any amounts collected from sales that are in excess of
costs and to maintain those amounts, with interest, adequate to pay potential
refund obligations.  It also asks FERC to clarify that these amounts are
being retained by the sellers in trust to fulfill refund obligations.

I think we should make the following arguments at FERC:

In the In re Columbia Gas Systems Inc. case relied on by San Diego, FERC had
ordered, and Columbia had received, refunds from upstream pipelines, but had
not specified that Columbia was to hold those refunds in trust for its
customers.  To my knowledge, none of the refunds FERC has recently required
would be paid to EPMI, nor has FERC required EPMI to make any refunds, it has
merely conditioned its rates "subject to refund."  Accordingly, it is
inappropriate for EPMI to be required to sequester any of its profits.
San Diego seeks to apply this requirement to every participant in the market,
although it has not proven that refunds would put EPMI on the verge of
insolvency.  It has simply said that "there is no assurance that the actual
wholesale sellers , , , are capable of paying the refunds that potentially
may be ordered."
San Diego also alleges that the potential refund obligation is immense.  This
allegation is based on San Diego's allegation that the refund liability
calculated by FERC's March 9 order (of $69 million) is vastly understated.
This is suppostion, on supposition, not to mention a collateral attack on the
Commission March 9 order.
The pleading is in essence a request for cost-of service based rates given
that market participants would be deprived of any benefit of participating in
the market for years - "pending a final nonappealable order in these
proceedings."  Therefore, it is a collateral attack on FERC's December 15
order finding that it would not order cost based rates.
This pleading also seeks refunds beyond what could be required pursuant to
FERC's December 15 order in that its would apply sequestering to sellers of
wholesale power "in the California markets" not just for sales in the ISO and
PX markets.


Lucy:

Tana tells me you are looking for some guidance as to which Enron entity
should be used for booking trading transactions with various counterparties.
There are a couple of general rules that apply to "normal" trading
circumstances and I'll spell them out below, but remember that these are not
hard and fast rules and may go straight out the window when circumstances
vary (even just a little bit) from "normal."  For example, abnormal
situations exist where the trading transaction is in connection with another
transaction with an Enron company (e.g. a financing or equity investment),
the counterparty has a legally justifiable desire to trade with a certain
Enron company, the product being traded is only traded by a particular Enron
company or the counterparty is in a jurisdiction outside the country where we
are trading (except as spelled out below).  Having said all that, the
following rules (generally tax driven) can be used as general guidelines:

1. If there is no master agreement in place between the counterparty and an
Enron company, the trade should be entered into on behalf of the Enron
company based in the country where the Enron trader is when the trade is
concluded and, if there is any hope of further trading with the counterparty,
Credit and Legal should be notified to negotiate a master agreement.  Of
course, if the counterparty is outside the country where we are trading,
Legal should be consulted ahead of time (there are some countries where
derivatives are actually illegal, special procedures must be followed or
can't be done by us from the U.S.).

2. If there is a master agreement between the counterparty and either ENA or
Enron Canada, and the Enron trader is in the U.S. or Canada, the trade should
be entered into by the trader on behalf of the Enron company that is party to
the master agreement.  If the trader is outside of the U.S. or Canada, other
rules may apply.

3. If there is a master agreement between the counterparty and ECT
International (usually only European counterparties), and the Enron trader is
in the U.S. or the U.K., the trade should be entered into by the trader on
behalf of ECT International.  Note that there are special considerations if
the trader is in the U.K. based on U.K. regulatory issues (the trade is
actually "arranged" by Enron Europe Finance and Trading Ltd. on behalf of ECT
International).  If such a master exists but the trader is not in the U.S. or
U.K., the trade should be handed off to a trader located in one of those two
countries for final negotiation and execution.  It would be a good idea to
consult with Legal or Tax if this comes up for more specific advice.

These general rules relate to which Enron entity should be the legal
counterparty to the transactions.  This doesn't determine where within the
Enron family the actual risk should ultimately reside.  If we want the risk
to be in an Enron company other than the Enron counterparty for contractual
purposes, an intercompany transaction should be booked (probably through RMT)
to get the risk in the right place.


FINE WITH ME

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


Dan --

Your amendment is fine.  I did want to have an EnronOnline confirmation as
"exh B," however, and attach an exh B to this amendment.

Is it possible for you to fax a confirm showing a deal will be subject to
this "master gas purchase and sale agreement."  I would like to assure
myself of what it looks like and what language it contains.

Thank you so much.  (Fax: 415-973-5520)

Dave Anderson 415-973-6659

-----Original Message-----
From: Dan.J.Hyvl@enron.com [mailto:Dan.J.Hyvl@enron.com]
Sent: Thursday, March 29, 2001 2:12 PM
To: Anderson, David W (Law)
Cc: Welch, Ray; Baxter, Charlotte; 'travis.mccullough@enron.com'
Subject: Enron OnLine/ENA-PG&E Supplier Agreement

Dave,
     I have taken your word file that you forwarded to Travis McCullough
and merged it into the Amendment that I had previously forwarded.  The only
item that needs explanation is your comment concerning Paragraph 11.4.  The
signed version of the contract that was provided after signature by
Charlotte goes directly from the SDP language to paragraph 11.5.  As such I
would like the language inserted that you indicate is already in the
contract.  I agree that the language was in the versions prior to the final
version.  Please call me at (713)853-6895 if you have any questions.  If
not, please have PG&E sign two copies and forward to me.  I will have them
signed by ENA and will return a fully executed original for your files.

(See attached file: 2001-001amd.doc)


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Some data on Coke and Quaker.  More to follow.