Do you want to send it to Roeline or do you want me to?

 -----Original Message-----
From: 	Diamond, Russell
Sent:	Tuesday, October 02, 2001 5:55 PM
To:	Heard, Marie
Subject:	RE: Torch

Thanks Marie,  I have no issues with this letter.

Thanks,
Russell

 -----Original Message-----
From: 	Heard, Marie
Sent:	Tuesday, October 02, 2001 5:33 PM
To:	Diamond, Russell
Subject:	Torch

Hi, Russell:

Attached for review is the draft of the proposed fee letter in connection with the Torch deals.  Let me know if you have any questions or comments.

Thanks!

Marie

		 << File: 060ltr (torch).doc >>


---------------------- Forwarded by Dana Davis/HOU/ECT on 10/19/2000 09:32 AM
---------------------------

	Enron North America Corp.

	From:  Dana Davis                           10/19/2000 09:29 AM

To: Lisa King/HOU/ECT@ECT, Lisa Best/Corp/Enron@Enron, Rosalyn
Lum/Corp/Enron@Enron, Brian Schwertner/NA/Enron@Enron, Stacy
Hardy/Corp/Enron@ENRON, Susan Rance/NA/Enron@Enron, Laynie East/HOU/ECT@ECT,
Tammy Barta/HOU/ECT@ECT, Kevin Jolly/HOU/ECT@ECT, Stephen Wolfe/HOU/ECT@ECT,
Brad Carey/NA/Enron@Enron, Michael S Galvan/HOU/ECT@ECT, Pam
Becton/HOU/ECT@ECT, Hope Vargas/HOU/ECT@ECT, Marnie Lamb/NA/Enron@Enron
cc:
Subject: Rufino

Rufino will be out sick today; however in his absence,  I will be here to
support your needs.


MEMO FROM DICK AMABILE

With the many organizational changes that have taken place recently, we have
decided to cancel the P&D Facilitator training that was scheduled for Monday,
11/13/00.  It is not likely that such training will take place before next
year and we will keep you up to date as those plans are finalized.
            Dick Amabile


Did you get Dr. Bob for this week?

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp


Let me know if you need anything else.


-----Original Message-----
From: Julee Malinowski-Ball [mailto:jmball@ns.net]
Sent: Thursday, September 07, 2000 10:45 AM
To: Karen Edson
Cc: Jan Smutny Jones; Steven Kelley
Subject: Gov wants to meet with generators

An excerpt from a SD Union Tribune article this morning, and I quote:

The governor will spend most of this month signing and vetoing hundreds of
bills passed by the Legislature before adjournment last week. He said he
will meet with power generators and "immerse" himself in the electricity
issue next month before proposing reforms in November.

"If people don't act responsibly I am going to name names and publish a list
out in my reception area," Davis said. "We have to do this together."

The governor said that ratepayers, utilities and power generators will all
have to "accept their fair share of pain." He called on all Californians,
including businesses and environmentalists, to act responsibly to bring
electricity supply and demand into balance.

Hinting at reforms, Davis said there may have to be a restructuring of the
industry-dominated Independent Systems Operator, created under deregulation
to run the transmission system and make some power purchases needed to keep
the grid operating.

"Over time I think deregulation will reduce bills," Davis said. "I wasn't
part of putting it in place. I have inherited this. But I believe it can
work."

Julee Malinowski-Ball
Associate
Edson+Modisette
916-552-7070
Fax- 552-7075
jmball@ns.net


This is a good web site which has a decent explanation of the power markets and is also divided in chapters.

http://www.stoft.com/x/book/index.shtml


James,

Section 13.5 With regards to choice of law,  this is a Texas contract.  We
will agree to New York or Texas law.   The gas is to be delivered in the
United States?

Before we go further, let us resolve this point then proceed.

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


-----Original Message-----
From: 	Exchange Information <Marketing@NYMEX.com>@ENRON
Sent:	Monday, November 26, 2001 1:39 PM
To:	Exchange Information
Subject:	(01-393) MARGIN RATE CHANGE FOR CENTRAL APPALACHIAN COAL FUTURES 	CONTRACTS

Notice No. 01-393
November 26, 2001

TO:
ALL NYMEX DIVISION MEMBERS AND MEMBER FIRMS
ALL NYMEX DIVISION CLEARING FIRMS
ALL NYMEX DIVISION OPERATIONS MANAGERS

FROM:
J. Robert Collins Jr., President

SUBJECT:
MARGIN RATE CHANGE FOR CENTRAL APPALACHIAN COAL FUTURES CONTRACTS

Effective Date:		Tuesday, November 27, 2001 (close of business)
Futures Contract:		Central Appalachian Coal Futures
Contract Months:		All Outright Futures Months
Rate:

NYMEX Division Margins for Central Appalachian Coal Futures Contracts
Clearing Member (Maintenance Margin):	New:  $2,000	Old: $3,000
Member Customer 	(Initial Margin):		New:  $2,200	Old:
$3,300
Non-Member Customer (Initial Margin):	New:  $2,700	Old: $4,050

Should you have any questions regarding these changes, please contact Arthur
McCoy at (212) 299-2928 or Joe Sanguedolce at (212) 299-2855.


i am available any time when not traveling. i am here this week. and most
likely part of next week. i always try to minimize my travel time. i may be
downtown in the next two weeks and we could have lunch or you can come up to
the woodlands. will be happy to talk with you and help out.
----- Original Message -----
From: <Benjamin.Rogers@enron.com>
To: <charles@capstoneenergy.com>
Sent: Tuesday, October 17, 2000 6:25 PM

> Charlie:
>      It was a pleasure meeting you yesterday afternoon at the Columbia
> Business School information session.  As you probably noticed through my
> enthusiasm, I really enjoy working in the energy-finance industry,
> especially with Enron.  Working in this sector, at this time, has created
> many new opportunities.  I am interested in talking with you to see if we
> can do some type of transaction with you guys.  It sounds like you have a
> lot going in areas that we might be interested in.  If you could send me a
> business proposal or summary of what your doing, that would be helpful.
>
>      With regards to Columbia Business School, I applied last year and did
> not get in due to my GMAT score.  I decided to take a graduate level
> finance class this summer, which I received an A.  I am currently taking
> another graduate finance class this semester.  I am also retaking the
GMAT,
> with the hopes of increasing my quantitative score.
>      Last year, I was asked back for an interview, which I felt was a good
> sign.  I heard from one of my recommenders that the only thing that I
> needed to improve on was my GMAT score.  Recently, I wrote a brief letter
> to the Dean of Admissions, Linda Meehan, informing her of my recent
actions
> as well as my continued interest with Columbia.  I hope that these actions
> will help me get into Columbia this year.  My desire to go to Columbia,
> stems from their network, location, reputation and curriculum.  Since
> growing up in Pelham,  it would be nice to get back to New York for a
> little while.
>      As you can see, my desire to go to Columbia is very strong.  I hope
> this brief e-mail has provided some insight into what I'm doing to get
into
> Columbia.  I hope we can meet for lunch sometime soon either up in the
> Woodlands or downtown.  Again, thank you for your interest and I look
> forward to talking with you about Columbia and future energy transactions.
> Regards,
>
> Ben Rogers
>


Roger.  Mums the word on the gov.

	Steven J Kean
	10/11/2000 03:03 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Re: Meeting w/Sempra

sounds good.  I think we should not talk about the conversations with the
governor . . . I'd rather not prompt them to go to the gov (presumably to
object to the gov talking to us without talking to them at the same time).

	Jeff Dasovich
	Sent by: Jeff Dasovich
	10/11/2000 02:54 PM

		 To: Richard Shapiro/NA/Enron@Enron, skean@enron.com, Sandra
McCubbin/SFO/EES@EES, Paul Kaufman/PDX/ECT@ECT, James D
Steffes/NA/Enron@Enron, Harry Kingerski/NA/Enron@Enron, Susan J
Mara/SFO/EES@EES, Mona L Petrochko/SFO/EES@EES, mpalmer@enron.com, Karen
Denne/Corp/Enron@ENRON
		 cc:
		 Subject: Meeting w/Sempra

FYI.  Recently, Chris Calger has asked me to set up a meeting with Sempra.
ENA's seeking deals with the two big CA gas IOUs (PG&E and SoCalGas) that
would give ENA access to their assets.  In short, ENA wants to offer a
complete outsource deal for the IOUs' core gas load (i.e., rez and small
commercial customers).  ENA would take responsibility for providing service
for delivery at the city gate and in return would manage all of core's assets
(upstream of the city gate).  We're meeting with Sempra's "Chief Regulatory
Office" (Bill Reed) and Sempra's CFO next Thursday to discuss.

Given the fact that Sempra's primarily focused on electricity, the plan is to
lead off the meeting with a couple of electricity solutions as a bridge to
the gas offer.  For electricity, the plan has two pieces:  1) a commodity
offer that beats the 6.5 cent cap (i.e., nothing fancy) and 2) "Deal Bench"
services with the intent of establishing a procurement mechanism for SDG&E
that the California PUC could pre-approve (thereby eliminating some of the
immense regulatory risk SDG&E now faces).

Wanted to run this by folks to gauge reactions.  We'll distribute the slides
we're putting together as soon as they're drafted--hopefully by COB Friday.

Best,
Jeff


Cecil,
I've spoken with Charlene just now and she sounds very helpful.
Can you give her a call tomorrow morning to iron out exactly how
you want to access the Enpower Data base? I've left your name
with her so she's expecting your call.

Best,
Alex

---------------------- Forwarded by Alex Huang/Corp/Enron on 05/01/2001 05:31
PM ---------------------------

Vince J Kaminski@ECT
05/01/2001 05:13 PM
To: Michelle D Cisneros/HOU/ECT@ECT
cc: Alex Huang/Corp/Enron@ENRON, Vince J Kaminski/HOU/ECT@ECT

Subject: DBA Administrator

Michelle,

The name of the DB Administrator for Enpower is Charlene Fricker,
5-3487. Alex will contact her regarding the access to the curve.

I think it's a problem many layers below Gary Hickerson's level
of responsibility and I hope we can handle it without using his valuable
time.

Vince


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

Dear Market Participants,

Please note the changes below are planned for the indicated
OASIS/MIS/CSS systems on the dates shown.  Updates and
revisions will follow as needed to keep you informed.
Please direct any questions or comments back to me.

Thank you,
Pete Morrison
Customer Relations
518-356-6060

##################################################################
Scheduled for 12/06/00
Change type - Enhancement
Description:
On December 6, the NYISO Scheduling & Commitment Department
intends to modify the web posting of  NYISO Transfer
Limitations for scheduled transmission facility maintenance
outages to include the values of total transfer capabilities
for the outage condition as well as the impact of
transmission facility outages on NYISO transfer capability.
##################################################################


Introduction

In response to feedback received from Enron traders worldwide, we have
upgraded and improved the Stack Manager to include new functionality which we
hope will improve its effectiveness and usefulness in the management of your
products.

This new release will be automatically installed within the next few days.
Please ensure you log out at night in order to receive the upgrade.

Summary of New Features

Multiple Children - A "Child" product can be the "Parent" of another Child
(multiple links in a chain) and different types of links can be placed
against a single Parent.

Static Product Bar Prices - When you change a price in the Product Bar and
hit the "+" or "-" button, the price stays - it does not reset to the amount
in Product Properties until you logout.

Sorting - You can sort by any field on the Products Tab simply by clicking on
the title of the field. For multiple sorts, hold down your "shift" key.

Parent Products which are at the top of a stack do not have their basis
relationship identified. (e.g. The Product bar might before have said: "Basis
Link - Parent" and now would say "Stand Alone, Parent").

Detailed Feature Descriptions

Multiple Children

The new version of EnronOnline allows you to link several products together
in a long chain. For example, Child Product A can be linked to Parent Product
B, which is in turn linked to Parent Product C.

Warning: Although there is no absolute limit to the number of links in a
chain, system performance is degraded by large chains. This is because when a
customer attempts a transaction, the database must "lock" each and every
product in the chain before it can process the transaction request. The
database must then update the stack for each product before releasing the
locks. "Vertical" chains (multiple parents and children in one long link) are
much slower to process than "Flat" chains (One parent with many children).
Large vertical chains should be avoided.

Related to this feature is the ability to have several types of links on the
same parent. For example, Child Product A can have a Basis link to Parent
Product B. At the same time, Child Product C can have a Syncopated Basis link
to the same Parent Product B. Parent B is the parent for both a Syncopated
Basis link and a regular Basis Link.

Static Product Bar Prices

The new version of EnronOnline provides for "sticky" Product Bar price and
volume changes. When you change a number on the Product Bar, it does not
reset to the number contained in the Product Properties menu until after you
have logged out. This makes it easier to update prices, volumes, spreads or
offsets in a changing market without repeated hits to the "+" or "-" buttons.

One of the benefits of setting these numbers to appropriate levels is that it
reduces repeated price movements. With the old version of Stack Manager, if
the price delta was too small, traders would often repeatedly hit the price
movement buttons. Each of these price changes must be communicated across the
website to customers and consumes valuable bandwidth. This makes it harder
for customers to transact with us - each time they try, a new price update
moves the price, resulting in an increased transaction failure rate. Entering
an appropriate price into the Price Delta field and then pressing the price
movement button means that fewer (but larger) price movements are necessary,
improving overall system response and reducing customer transaction failure
rate.

You may also notice a new addition to the Product Bar prices - a new field
for Offset to Last Trade. This allows you to update the offset for Products
which have Offset to Last Trade selected from the Product Properties Menu.

Sorting/Selecting

The new version of EnronOnline provide significant additional sorting
functionality over the old. You can now choose any field heading (Type,
Location, Reference Period,  etc.) and sort by that item. You can do multiple
sorts by holding down the shift key. Example: If you select Type and then
Location while holding the shift key, you will see your products sorted first
by Product Type and then within each Product Type, by Location (in
alphabetical order).

If you right click on the Product menu, you can choose from the same sort
criteria, plus you can select "Sort by Web Order", which allows you to see
your products in the same order as they would appear to a customer on the
website (note however, that a customer on the website might be also seeing a
number of products in addition to the ones you are managing).

When you select products, you can drag your mouse while holding down the left
mouse button as always, but now you can also hold down the <ctrl> key while
making your selections. This allows you to highlight products which are not
necessarily adjacent to one another.

Parent Products and F/X Products

One of the differences in the way that the new version works is in its
treatment of how parent products are displayed. The old version showed the
type of link associated with the parent in the Product Bar (to the left of
the main Product Bar update buttons above the products tabs). The new version
does not show the type of link. This is because the new version allows for
more than one type of link on each parent product.

Some traders may notice that  their  products which have f/x links are now
identified with a stylised "fx" in the Product list. This is to enable easy
identification of products which are run as a Foreign Exchange link to the
parent, rather than managed individually.

Assistance

As always, if you have any problems with any EnronOnline functionality,
please contact the 24 hour Help Desk (Houston: 713 853 4357, London: +44 (0)
20 7783 7783, Australia: +61 2 9229 2300).

General Feedback

If you have any comments on the new functionality, or suggestions for further
functionality, please call David Forster on 713 853 1861. If you had
previously suggested new functionality which didn't make it into this
release, rest assured that you have not been forgotten - we are working hard
to improve all elements of EnronOnline and will try to incorporate your
requests into the next release of the EnronOnline Stack Manager.


Hi Mum!  No, tickets were hard to come by.  Tried to get some they released a
couple of weeks ago, but didn't realize everyone would send their secretaries
and interns downstairs to hold places in line!  I'm sure the VPs will get
tired of going to the games, and start giving tickets away.

Tonight is the big CAM gala.  Bill was in trial all week and had no time to
go shopping, or even to get measured for an ordinary tux rental, so he
borrowed one from Andre (who owns 4).  Andre is a couple of inches shorter
than Bill.  Depending on the overall look, I may or may not acknowledge that
Bill is my date.  My 60's dress I got at Wear It Again Sam looks fabulous.
It is a sleeveless gown with an empire waist; the top is maroon velvet and
the rest is very heavy pink satin.  Since it wraps in the back I was able to
move the hooks over to get it to fit.  Dress was $38 but it cost $35 to get
it hemmed!  Ann and I were considering asking Mema to do our hair, but I'm
really going to be pressed for time this afternoon.  Too bad the party is not
on a Saturday.

Our plans for the rest of this weekend are still up in the air.  What are you
doing the weekend of the 16th?  Bill has signed up for the MS150 again that
weekend.  If you are free that weekend why don't I plan to come either Fri.
or Sat. a.m.  Let me know.

Our law conference begins Thurs. a.m. in San Antonio.  Dot (Staci's boss) is
having a party at her house on Lake McQueeney on Wednesday, so I'm driving
Frazier and Tony in the Dentmobile that morning.  We really do have a fun
group; it should be a good time.  If K&J want company I'll drive over to see
them on Thurs. night instead of going to the awards dinner, which was a big
drag last year.  I'll call them this weekend and see what Jim's travel plans
are.

Today we'll find out about settlement in the California proceeding...this
will decide whether I will be tied up in hearings for most of May.  Keep your
fingers crossed!

Love,
Sooz

Camp2scott@aol.com on 03/31/2000 09:08:17 AM
To: Susan.Scott@enron.com
cc:

Subject: ballpark

Hi, Sooz--Big article about the Enron ballpark today--did the company treat
you to the opening?

I'm up to my ears in jobs around the house in preparation for Eric's visit.
It's always a good thing to have company--you get all kinds of things done
you should have done a long time ago.  I painted half of my bedroom last
night, and the other half will have to wait until I decide what to do with
the windows.  But, I needed to paint over the patch on the fireplace wall,
and the holes left by the blinds I took down ages ago.  Didn't know what
color I had used, so I chose a new one.  You can't really tell that I've
stopped at the corners.

Jim is still unsure about his business trip rescheduled and rescheduled for
next week, the 4th and 5th.  I'm hoping it's canceled because Karin asked if
I would come, and that really puts me in a bind with Eric coming in on the
6th as far as cooking, and last minute things.  Sally is coming on the 8th,
so if the trip is postponed until that week, she'll be around.

Are you still going to SA for your continuing ed?

Did I tell you I bought 4 rocking chairs for the back porch?  They're not as
comfortable as I thought they'd be.

Hope you have a good weekend.  love, mum


eSource presents free Dow Jones Interactive training

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Learn about the content available through Dow Jones Interactive, and how to
quickly put it to work for you. Including setting up your own custom clips
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June. 8   9:00 - 10:00 AM  EB560

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Learn how to be more efficient on Dow Jones Interactive.  Put some power
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   June. 8   10:00 - 11:00 AM  EB560
  June. 8     11:00 - 12:00 AM  EB560

Seats fill up fast! To reserve a seat, please call Stephanie E. Taylor at
5-7928

? No Shows will be charged $50.00

Check the eSource training page at http://esource.enron.com/training.doc for
additional training sessions and vendor presentations

http://esource.enron.com


Richard - in case you need it for the venue transfer, this is the list that EOL prepared that demonstrates the lack of trading activity with entities based in the Eastern District --

Travis C. McCullough
Enron North America Corp.
1400 Smith Street EB 824
Houston, Texas 77002
Phone:  (713) 853-1575
Fax:      (713) 646-8860

-----Original Message-----
From: Webb, Jay
Sent: Wednesday, October 03, 2001 3:26 PM
To: McCullough, Travis
Subject: trades by cp - confidential

please see enclosed spreadsheet

-----Original Message-----
From: McCullough, Travis
Sent: Wednesday, October 03, 2001 1:41 PM
To: Taylor, Mark E (Legal); Webb, Jay; Forster, David
Cc: Sanders, Richard B.
Subject: EnronOnline Patent Infringement litigation

Vinson & Elkins is collecting information regarding EnronOnline in connection with preparing Enron's defense of the patent infringement suit filed against Enron last week.  Peter Mims, an intellectual property lawyer with Vinson & Elkins, would like to speak with each of you regarding certain aspects of EnronOnline.  I suggested that he contact each of you directly to set up a time to meet with you.

Any assistance that you can provide to Peter would be greatly appreciated.  Please let me know if you have any questions or

Travis C. McCullough
Enron North America Corp.
1400 Smith Street EB 824
Houston, Texas 77002
Phone:  (713) 853-1575
Fax:      (713) 646-8860


Here are the picks for the week.  If you want to use the spreadsheet to see
the results of the games as they are being played, enter a "W" (no quotes)
in the column above the winning team name (Row 5) and the winning points
will total in Column G.  You can also do points lost by unhiding Column H
and entering an "L" in the column above the name of the losing teams.

Last person standing team votes are:

New York Giants
Oakland Raiders
Philidelphia Eagles
San Francisco 49'ers
and
Barry Bonds


Feb. 5th. CIG is wanting to run another smart pig which will affect flow at Garden city for about 5 hour. CIG will work with the Holcomb Plant on cordinating the flow time.

Gary


Completed your request and kept the file at the same place under o:\_dropbox\kam

File name is kk3Request.xls

If you have any questions, let me know

Thanks
Sanjeev
x5-3816

 -----Original Message-----
From: 	Keiser, Kam
Sent:	Thursday, January 24, 2002 4:54 PM
To:	Gupta, Sanjeev
Subject:

 << File: New post id's.xls >>
Sanjeev,

Could you run the detail for these post-id's in grey.  These are the physical post-id's that were excluded from the original request.  You don't need to run the other post-id's, just the new column I.

Thanks again,

Kam


I would like to have this same monthly reporting for all offices of the US.
This sort of piggybacks off the discussion we had yesterday on the need for
office information.

Do you have someone in your group who would have time to take on this
project?  Should this project reside in your group or somewhere else?

If  you could give me your thoughts I'd appreciate it.

Regards

Shona
X39123

---------------------- Forwarded by Shona Wilson/NA/Enron on 08/15/2000 10:22
AM ---------------------------

Rob Sexton@ECT
08/15/2000 09:57 AM
To: Shona Wilson/NA/Enron@ENRON
cc:

Subject: Re: August monthly status report for MG

Shona

As per my voicemail I attach a copy of July's report in order to give you an
indication of the type of comments included.  Also, I can confirm that the
report is circulated throughout the management of commercial and transaction
support.

If you have any further queries please do not hesitate to contact me either
by e-mail or by phone on +44 20 7783 5551.

Best regards

Rob

	From:  Shona Wilson @ ENRON                           15/08/2000 15:34

To: Rob Sexton/LON/ECT@ECT
cc:

Subject: Re: August monthly status report for MG

I can write up something for you.  What subject matter would you like me to
cover?  The overall integration in the US?  Who is the audience for it
(commercial, commercial support only), and what time frame do you need it?

You can reach me at 713 853 9123 if you would like to talk.

Regards

Rob Sexton@ECT
08/15/2000 09:23 AM
To: Shona Wilson/NA/Enron@Enron
cc:

Subject: August monthly status report for MG

Shona

I am working within European Financial Operations on integrating the MG
companies within the monthly status report for Enron offices - please see
attached.  The data held so far on this document has been obtained from our
records but may contain inaccuracies/ommissions due to the disparate nature
of information.

In order to obtain an update on the progress made with the integration of the
North American Trading and the Americas Origination companies I was hoping
that you, or someone within your department, could add a short paragraph
summarising the status of work taking place on each of the above companies
and ensure that the details as noted are correct.

Many thanks for your assistance.

Best regards

Rob


I would greatly prefer Wednesday.

Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693

	Carol St Clair@ECT
	04/05/2001 04:30 PM

		 To: Mark Taylor/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Mary
Cook/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron, Tana Jones/HOU/ECT@ECT, Robert
Bruce/NA/Enron@Enron, Anne C Koehler/HOU/ECT@ECT, Cheryl
Nelson/NA/Enron@Enron, Francisco Pinto
Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Susan Bailey/HOU/ECT@ECT, Samantha
Boyd/NA/Enron@Enron, Stephanie Panus/NA/Enron@Enron, Mark
Greenberg/NA/Enron@ENRON
		 cc:
		 Subject: Offsite

We would like to hold a 1/2 day offsite either on Wednesday, May 23 or
Thursday, May 24.  Please let me know what your preference would be.

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


Shirley,

Looks good. Please, let the Research team, except for me, Krishna, Stinson,
that it is not mandatory.

Vince

Shirley Crenshaw
03/17/2000 11:41 AM
To: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Ravi
Thuraisingham/Enron Communications@Enron Communications
cc:
Subject: EBS/Research Offsite - List of Participants

The list of participants for the EBS/Research Offsite is as follows:

EBS/Upper Management	Research/EBS Support	Research
Jeff Skilling
Kevin Hannon
Ken Rice
Joe Hirko
Scott Yeager
John Griebling
John Bloomer
Tom Gros
Jean Mrha
Dorn Hetzel
Diane Hetzel
Kenny Burroughs
Kelly Williams
Jim Irvine
Dayne Relihan
Ted Seitz
Phil Sisneros
Ming Li
AHI Representative
Kristy Carnes	Ravi Thuraisingham
	Samer Takriti
	Chonawee Supatgiat
	Shalesh Ganjoo
	Roman Zadorozhny
	Martin Lin
	Samar Khleif	Vince Kaminski
		Stinson Gibner
		Grant Masson
		Vasant Shanbhogue
		Mike Roberts
		Krishna Krishnarao
		Zimin Lu
		Maureen Raymond Castaneda
		Tanya Tamarchenko
		Shirley Crenshaw

If you think of anyone else, please let me know.

Shirley


The following file contains a graphical view of the North American Gas
average deal count by Trader and Product for EOL. This information is for
comparative analysis only.  Do not update links when opening this file.

If you have any questions regarding this breakout, please let me know .

Thanks,
Adam Johnson
x54877
EnronOnline


Following are the errors I came across while uploading Real Time inc sheets for this year:

Feb Trading: Run-time error '-2147217904 (80040e10)':
	         Procedure 'AUDIT_SP_Delete_INC_MASTER_For_Date' expects parameter '@DEAL_DATE', which
	         was not supplied.

Mar Services: Run-time error '13':
	          Type mismatch.

Jun Trading: Error number 3001: Arguments are of the wrong type, are out of acceptable range, or are in conflict 	         with one another...
	         Object Source: ADODB.Parameter

Jun Services: Error number 3001: Arguments are of the wrong type, are out of acceptable range, or are in conflict 	          with one another...
	          Object Source: ADODB.Parameter

Please let me know how we can address these problems.

Thanks,
Kate


Attached is your S&P Market scope for Wednesday, November 7. Please feel free to contcat us if there is anything we can help you with.

Thank You,

Hank Emery
Emery Financial Group
of First Union Securities
Rocky Emery-Managing Director


Start Date: 4/24/01; HourAhead hour: 1;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042401.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 1 / Preferred:   0.00 / Final:   0.00)
  TRANS_TYPE: FINAL
  SC_ID: EES
  MKT_TYPE: 2
  TRANS_DATE: 4/24/01
  UNIT_ID: BADLND_7_PL1X2


Fred,

I have finished a model we talked about a few days ago.

The option we try to price is a digital on on an Asian Strip.
If the average price of the prompt month crude oil in a specified time window
falls below the strike price, the option pays a lump sum of money secified by
the "digital payout" in the model.

 As a comparison, I also included European option on the Asian Strip.

Let me know if you have any questions.

Zimin
x36388


Tana:  I added several brokerage agreements to the database yesterday and all
ended up in the "Other Agreements" section.  Except for one, which is an
"electronic trading agreement".  Can I call our developer?  Thanks.  Sara


Dear Pilot Participant,

The ClickAtHome Team has received an invoice for the Enron subsidized portion
of your ClickAtHome Computer.  This email is to verify that you have received
your Dell PC successfully.  If so, you can disregard this message and enjoy
your computer.

If you have not received your PC, or you returned it and have chosen to not
participate in the ClickAtHome program, PLEASE reply to this email or email
the ClickAtHome Team at clickathome@enron.com to notify us of this billing
error.

Thank you,
ClickAtHome Team!


Daren-
Rates for September:
T-ville interconnects to Equistar Channelview $.15
Agua Dulce interconnects to Equistar Channelview $.13
Let me know if you get something done or need quotes on something else!  Term rate on #6461 to follow.


Positive Living Tip of the Day
		Monday January 29, 2001

		Your Environment

		Do you live or work in an environment that creates undue stress in your life?

		If so, realize your environment plays an important role in your life. Hostile
environments create defensiveness, and an individual's negative behavior can
directly affect others who are trying to maintain a healthy attitude.

		For example, if you are working with a supervisor who constantly berates
those under him/her in front of others, this negative behavior affects
everyone in the office. And hanging around negative friends and family
members can reinforce your own negative traits. (For example, your temper is
under control as long as you are not around your older brother.) In addition,
negative people can induce others into developing the same negative attitudes
and behaviors that they possess. It is true the company you keep is a
reflection on you and can influence your behavior. Steer clear of negative
environments and begin building a positive life.

		- CG, Licensed Clinical Professional Counselor


Kevin,

I've organized a meeting tomorrow with Rob K, Teb L, and Blair L to explore the feasibility of publishing a separate fuel retention factor.  Several pieces of info I need in preparation for this meeting-

Actual fuel consumption on TW for the last several years
Method of calculating TW's fuel retention rate
Estimated fuel consumption associated with Sun Devil shippers
- SJ lateral
- ML
- Phoenix

Let's get together this afternoon and discuss.


I have recieved the feedback forms that were completed by several people for
Connie.  If you have any additional feedback
to add you can email it to me.   Thanks.

Connie F Estrems@ENRON
07/11/2000 10:39 AM
To: Scott Neal/HOU/ECT@ECT
cc:
Subject: Re: Associate PRC

I'm sorry, I have been on vacation and unaccessible via email.  In what form
do you need the feedback?

Connie

Sent by: Kimberly Brown@ECT
To: Scott Neal/HOU/ECT@ECT
cc:  (bcc: Connie F Estrems/NA/Enron)

Subject: Associate PRC

Scott Neal will be represting an associate in your group.  Please forward
feedback to him no later than July 7.

Many Thanks

If you have more than one associate please contact Kimberly Brown x35193.


BLOOMBERG
569021 - changed to Bloomberg

PREBON
Tom Alonso
checked with broker - Tom Alonso did not do this deal - Jeff Richter did a
similar one but it is with Williams, not Reliant......???

Jeff Richter
closest deal I can see is 569178 - all same terms except it's at NP not SP

AMEREX
Mike Swerzbin
569315 - added Amerex as broker

Evelyn Metoyer@ENRON
04/03/2001 02:20 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 4/3 Checkout

BLOOMBERG

deal 569021
I think the broker should be Bloomberg instead of APB

PREBON  WEST

Tom Alonso
I am missing the following deal
Enron sells to Reliant 25mw 4/5-4/30 SP-15 at $263

Jeff Richter
I am missing:
Enron sells to WESCO 25 mw 4/5-4/30 SP-15 at $286

AMEREX WEST

Mike Swerzbin
I am missing:
Enron sells EES 50mw May-Dec NP-15 light at $200.


All

Here is my schedule for the following three weeks.

Please feel free to pick the day and time slot you prefer to meet up with me.
I look forward to hear from you.

Regards
Jan-Erland


calendar
---------------------- Forwarded by Steven J Kean/NA/Enron on 09/13/2000
08:07 AM ---------------------------

Rob Bradley
09/12/2000 11:01 AM
To: Kenneth Lay/Corp/Enron@ENRON
cc: Alhamd Alkhayat/NA/Enron@ENRON, Shelley Corman/ET&S/Enron@ENRON, Stinson
Gibner/HOU/ECT@ECT, Gil Muhl/Corp/Enron@ENRON (bcc: Steven J Kean/NA/Enron)

Subject: Thursday Meeting on Winter Gas Prices

Ken:

I have invited the following individuals to join us at the 3 pm Thursday
meeting to review the draft of your Columbus speech on the natural gas
situation.

Hamd Alhkayat--Hamd has replaced Andrew Miles in the rotation and will be
helping me with your presentations as well as being the lead with Jeff's
speeches.

Shelley Corman--Shelley has been developing messages for the current and
anticipated gas situation and pipeline safety for the gas pipeline group.
(The safety issue could come up in your Q&A.)

Stinson Gibner--Stinson is with the research group that has generated some of
the more complex slides in your draft dealing with volatility and historic
futures pricing.

Gil Muhl--Gil markets gas products to customers and is speaking at an AGA
conference on the gas supply and price situation the day before your talk.
His group is focusing on new products to help end-users with winter
volatility.  I have asked Gil to send you his presentation as well for the
meeting.

Back to your presentation (the draft slides of which I am delivering to you
today), Dan Yergin thought it would be appropriate for you to give an
overview of the situation as the "teacher" or "professor."  Some questions
that you could address would include:

Where has the industry come from, and what lessons have we learned?

How is the business different today?

What public policy conclusions are implicit in this history?

I think our comparative advantage over the specialists who will be presenting
before and after your keynote is that you have "been there" in the evolution
of the natural gas market, and Enron is at the forefront of helping customers
deal with price and supply uncertainty.  There is also a good opportunity to
stress the need for new industry "best practices" (more hedging) and the
right public policies to deal with this issue (from "do no harm" to expanding
incentives in the market).

- Rob


Hello All -- wanted to let you know that we have scheduled the next NA
Energy & Developing Products Committee meeting for Friday, November 2.
(Meeting details will be circulated to the entire Committee today but  I
have attached them for your information).

We are in the process of finalizing the agenda, which will largely focus on
documentation initiatives to address standardizing netting provisions across
energy commodities and to also address physical and financial trading.
However, I wanted to ask if there are any Canadian energy issues we should
include on the agenda.  Would you let me know your thoughts?  Meg gave an
update on the Ontario Electricity Market at the July 27 meeting -- is an
update in order for the Nov. 2 meeting?  Thank you. -- Stacy

 <<Meeting Details - Nov 2.doc>>

Stacy Carey
Policy Director
International Swaps and Derivatives Association
600 5th Avenue, 27th Floor
Rockefeller Center
New York, NY  10020
(212) 332-1202 ph
(212) 332-1212 fax
(917) 543-9622 cell
scarey@isda.org


I just wanted to let you know that I sent this letter to Dr. Harris addresses
his concerns and stating my commitment to succeeding at The Texas Graduate
School of Business.  I hope I have done what it takes to prove that I can
succeed at the School.  Thanks again for your help and interest.

Sincerely,
Ben


Jack,
We have located your Fed Ex.  sorry for the confusion.  I have skimmed
through your comments.  Looks like most of them are credit-related.  Could we
schedule a call with the lawyers and credit folks to wrap this up and then
you and I can discuss remaining legal issues?  Let me know what you think as
well as times that would be good for you and your folks.  I would guess that
we need about 1-11/2 hours.

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

	"Falconi, Jack (TIFS)" <Jack.Falconi@guarantygroup.com>
	05/22/2001 09:07 AM

		 To: Carol.St.Clair@enron.com, "Falconi, Jack (TIFS)"
<Jack.Falconi@guarantygroup.com>
		 cc: Jim.Crump@enron.com
		 Subject: RE: Comments

I fed'exed my comments to Susan Bailey for receipt 5/17, and I notified you
of this in an e-mail sent on 5/16.  Let me know if it did not arrive.

-----Original Message-----
From: Carol.St.Clair@enron.com [mailto:Carol.St.Clair@enron.com]
Sent: Tuesday, May 22, 2001 9:04 AM
To: Jack.Falconi@guarantygroup.com
Cc: Jim.Crump@enron.com
Subject: Comments

Jack,
Did you send over your comments?  I have not received anything by fax or
messenger and our business folks are anxious to move this forward.  Please
let me know where things stand.  Thanks.

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


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/09/2000
11:13 AM ---------------------------

"Martin Jermakyan" <martin@electrapartners.com> on 10/09/2000 10:55:34 AM
Please respond to "Martin Jermakyan" <martin@electrapartners.com>
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Updated resume

Dear Vince,

Attached please find my upgraded resume.  Look forward to hearing from you.

Regards,
Martin

 - martin .doc


John,

This is a resume I received today from  my friend.
Please, take a look at it. What follows below is a copy of his message to
me:

Dear Vincent,

I very much would like to ask you for a career advice. I am looking for new
challenges and new professional opportunities. Possibly there would be such
opportunity around yourself  at Enron Corporation.

I trust that my strongest asset is my intellectual capital and ability to
look from new angles into complex issues. Beside of the experience of
working under Jacob Goldfield an Paul Jacobson at Goldman on the interest
rate swaps and proprietary desks, I was a part of research effort of John
Meriwether group at Salomon Brothers, I headed the European interest options
desk at DKBI in London and I have managed a small hedge fund in partnership
with Albert Friedberg.

 I hold Ph.D. in mathematics from MIT and I have studied under Nobel
Laureate in Economics, Bob Merton.

I very much would like to apply my knowledge of capital markets, trading and
research in the field of energy markets.

With my very best regards and personal wishes,

Mark Kierlanczyk
Godel Partners LLC
67 Wall Street, Suite 1901
New York, NY 10005
Tel 212 943 5300
mkierlanczyk@fmginy.com


Careers        |      Homes        |      Autos        |       Yellow Pages   '); document.write(''); document.write(' '); document.write(''); document.write(''); document.write('');    Thursday, June 07, 2001

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Max - Complete.
Note: At POI 62137 the dates are from 12/01 - 12/12???  Is this okay?
Let me know -  thanks
James Hungerford
713.345.4117
james.hungerford@enron.com

 -----Original Message-----
From: 	Doner, Max
Sent:	Friday, January 11, 2002 4:32 PM
To:	Hungerford, James
Cc:	Love, Phillip M.
Subject:	Sitara price changes for December 2001

James,

Please change the prices in Sitara for December 2001 as follows:

Deal No.	POI	Price

643945		23059	$2.21055   xx

1057660	25412	$2.35241 xx
1057660	96251	$2.35241 xx
1057660	810160	$2.35241 xx
1057660	23059	$2.35241 xx
1057660	62137	$2.35241 xx Flow is only from 12/01 - 12/12??? Is this Okay???

Thanks,
Max


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

The NYISO is reserving hour beginning 14:00 in the July 18,2001 Real-Time
market as well as the following hours per ECA20010608B to verify prices:

HQ:  00:00, 05:00, 07:00, 12:00, 22:00, and 23:00
OH:  00:00, 05:00, 07:00, 22:00, and 23:00
NE:  00:00, 05:00, 07:00, 22:00, and 23:00
PJM: 00:00, 05:00, 07:00, 22:00, and 23:00

Prices in the July 19, 2001 Day-Ahead Market are correct.

This e-mail information is a copy of the official posting, which can be
found at the following address on our website:
http://mis.nyiso.com/public/htm/OperMessages/CurrentOperMessages.htm#mm


Message-ID: <794826DE8867D411BAB8009027AE9EB907638878@FMSMSX38>
From: "Sama, Anil" <anil.sama@intel.com>
To: "'vavrek@haas.berkeley.edu'" <vavrek@haas.berkeley.edu>,
"'dasovich@haas.berkeley.edu'" <dasovich@haas.berkeley.edu>,
"'guinney@haas.berkeley.edu'" <guinney@haas.berkeley.edu>
Subject: FW: DB's Research on Pepsi/Quaker Oats
Date: Mon, 9 Apr 2001 10:18:39 -0700
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2653.19)
Content-Type: text/plain; charset="iso-8859-1"

-----Original Message-----
From: michael.j.napolitana@db.com [mailto:michael.j.napolitana@db.com]
Sent: Monday, April 09, 2001 8:44 AM
To: anil.sama@intel.com
Subject: RE: Help with Research on Pepsi/Quaker Oats

Anil,

Our firm re-launched coverage right before the acquisition, they issued two
First Call notes, no report.  I hope these help.  How is your handspring
stuff coming?

Mike
PEPSICO INC. [PEP] "BUY"
"Actual Results May Vary Materially From Expectations Described Herein"
----------------------------------------------------------------------------
---
Date:            12/04/2000    EPS          1999A       2000E       2001E
Price:           43.81         1Q           0.25        0.29        0.32
52-Wk Range:     49 - 30       2Q           0.31        0.38        0.43
Ann Dividend:    0.56          3Q           0.34        0.40A       0.44
Ann Div Yld:     1.28%         4Q           0.33        0.38        0.45
Mkt Cap (mm):    63,240        FY(Dec.)     1.24        1.45        1.64
3-Yr Growth:     13%           FY  P/EPS   35.3X       30.2X       26.7X
CY    EPS      NE     NE          NE
Est. Changed     No            CY  P/EPS        NM       NM            NM
----------------------------------------------------------------------------
---
Industry:            CONSUMER PRODUCTS
Shares Outstanding(Mil.):  1443.516
Return On Equity (1999) :    30.0%
----------------------------------------------------------------------------
---

DETAILS:
"Quaker Acquisition Meets the Lion's Share of Criterion"

Yesterday PepsiCo announced Quaker would be acquired for stock at an
exchange rate of 2.3 shares per OAT share with quasi collars around $40-$45
per PEP share.  CEO Roger Enrico stated the deal as modeled would boost the
"big 4" financial metrics:  1- Top Line to 7%+, 2 - EBIT Growth to 11-12%,
3- EPS to 13-14% and 4 -ROIC + 200 basis points.  In our view, this one
appears more likely to go 2 for 4 or 3 for 4, with higher returns on our
calculations providing the most significant challenge.  As we stated in our
11/29 note, the mere act of doing the deal on a pooling basis does not
change the fact that $13.5 billion in stock will be floated (@$43.5/PEP
share)- thereby boosting the capital base by which ROIC is measured.  In
addition, we believe earnings accretion relies to some degree on integration
savings which may be "un-bundled" as non-strategic food businesses (and
their distribution systems) are eventually sold.

"Add More To the Core"

PEP has long maintained the higher degree of on-the-go food consumption
necessitates increased product offerings around Frito-Lay in North America.
Quaker's grain based snacks and nutrition bars may fit the bill - but can
they produce enough turns to make it inside Frito's vaunted DSD (direct
store delivery) trucks?  If so, why has PEP not previously attempted to
carve its own niche?  We expect a volume pop as newly freed up system
capacity pushes the new snacks, but do not know whether the Gatorade power
bar and Quaker Rice Cakes can produce a sustainable channel presence.  For
example, in most core products (Fritos, Doritos, Lays) PEP is the undisputed
industry leader where a viable number two player really does not exist.
Many of the newly acquired "add more" ideas target the morning day part and
are likely to face formidable competition from Kraft, General Mills and
Kellogg.  In short, we believe food expansion outside of salty snacks is
laudable (i.e., it may be difficult to growing at the same historic rate as
the last ten years), but PEP's impressive supply chain power and value to
retailers may not readily overcome significant execution risk and heightened
competition.

The Gator Gumshoes.

The clear-cut  winner appears to be the Pepsi bottlers.  Management is
justifiably muted in defining the Gatorade  - PBG/WH opportunity in broad
terms, why disprupt OAT's established warehouse distribution?  More to the
point, we believe management recognizes that much like SOBE, its new, albeit
smaller alt beverage brethren, significant distribution retooling at the
outset risks disruption at retail.  However, we expect the system bottlers
to create volume opportunities immediately.  For example, if only PBG's
vending and "up and down" street distribution capabilities were deployed,
the incremental case volume contribution could create 2% additional growth
points in the first year.  Given such new portal potential, we are therefore
puzzled by management's 9% guidance for Gatorade sales - nearly 3% lower
than anticipated 2000 results.  Is the bar being re-set to make numbers?
Might the mighty green bottle be facing saturation in existing channels as
it closes in on 85% market share? Or might the Pepsi system,  looking to
improve Gatorade margins by gradually transitioning to lower slotting fees,
be anticipating minor volume disruptions?  On this last point, we say
"minor" because the slotting issue we allude to most likely applies to the
convenience and gas channel where Gatorade's indelible brand equity makes it
a must stock for retailers.  We believe that lower CSD volumes in 2000 are
highly instructive: Even the strongest brands face execution risk.

Do food retailers really want to empower bigger suppliers?

PEP's profit contribution to retail is well documented.  Aided by strong
brands in three categories and a very efficient distribution system, it is a
major provider of returns.  Gatorade as well as the non-snack food
businesses only augment this role.  In this light, management expects it's
relatively underutilized Tropicana ambient juice brands (Twister) to get a
boost.  Pure economics make this one inviting, but from a retailer
standpoint, (think Bentonville, Arkansas) does giving up leverage to
manufacturers matter?  Again, CSD's are illustrative of the potential risk.
Faced with an arguably better economic profit from higher CSD prices for the
category, certain retailers siezed the opportunity to boost private label
shares at lower prices.  We note that The Twister portfolio's brand equity
is not nearly as strong as Tropicana Pure Premium's, making the logically
appealing distribution opportunity somewhat easier for retailers to resist.

Coin of the Realm: Why does a company use its stock as deal currency?

Because it is likely fairly valued or even overvalued relative to debt based
alternatives.  If there is such as thing as a "cheap way" to spend $13.5
billion, stock swaps in GAAP world is it.  When book value equity is used,
PEP return on capital actually rises 50 via the OAT deal.  (We impact ROIC
for both Quaker's Snapple charge and this deal's anticipated write-off).
However, a share issuance, which equates to much more, will be floated.  We
estimate the consideration of this cost on an economic basis (i.e., what was
spent) would negatively impact return on capital by 400 basis points.  In
addition, while a model based on the present value of future cash flows
might produce a more favorable valuation, we see three hurdles to building
it:

1- No clear visibility on capital allocation or growth prospects for
Gatorade outside the U.S.  In our view this aspect of the deal alone may be
the ultimate arbiter of success or failure.

2- The integration of much of Quaker's food businesses may be only
temporary.

3- Execution issues on the domestic snack and isotonic businesses may yield
a bumpy set of cash flows over the next two years.

On this last point, we believe PEP's experience in restructuring during the
1997-1999 period bears some consideration.  A more brand focussed,
horizontal business model would indeed prove superior to a more vertically
integrated one that included restaurants and bottling.  However, it took
investors quite some time to realize stock price appreciation.  In the
current transaction, OAT also portends strategic value, but the benefits may
not be immediate.

Maintain BUY rating.

For the next 6 months, we see deal integration trumping PepsiCo's many
positive operational attributes.  We see the stock as range bound between
$40-45 until the close in the spring.  At that point, many of the margin
opportunities should become more apparent.  Therefore, we maintain our
12-month price target of $49.

----------------------------------------------------------------------------
--
PEPSICO INC. [PEP] "BUY"
PEPSICO: TRIPPING ON THE ELECTROLYTE FANTASTIC--MEETING WITH CFO INDRA
NOOYI
----------------------------------------------------------------------------
---
Date:            11/29/2000    EPS          1999A       2000E       2001E
Price:           45.38         1Q           0.25        0.29        0.32
52-Wk Range:     49 - 30       2Q           0.31        0.38        0.43
Ann Dividend:    0.56          3Q           0.34        0.40A       0.44
Ann Div Yld:     1.23%         4Q           0.33        0.38        0.45
Mkt Cap (mm):    65,507        FY(Dec.)     1.24        1.45        1.64
3-Yr Growth:     13%           FY  P/EPS   36.6X       31.3X       27.7X
CY    EPS      NE     NE          NE
Est. Changed     No            CY  P/EPS        NM       NM            NM
----------------------------------------------------------------------------
---
Industry:            CONSUMER PRODUCTS
Shares Outstanding(Mil.):  1443.516
Return On Equity (1999) :    30.0%
----------------------------------------------------------------------------
---

HIGHLIGHTS:
Yogi Knows Best
Yesterday, we met with PepsiCo CFO Indra Nooyi, the de facto keeper of the
company's rigorous financial discipline.  Without the ability to make direct
inquiries regarding Quaker, (it only elicits a "no comment" in a Reg. FD
world), our discussion helped build the oatmeal/electrolyte mosaic to the
point where the company's interest may best be capsulated as a
"non-denial/denial". In other words, that great pinstriped poet and
philosopher may be right on with PEP/OAT - "It ain't over till it's over."

Round Up the Usual Suspects
Following the rumored, and in our view, temporarily aborted plays for OAT by
PEP, KO and Danone, a faint Swiss whisper is being heard from Nestle.  Why
not just throw in Cadbury, Kraft and any other food/beverage company with an
unlevered pulse?  Not a bad thing for Quaker, in our opinion, but after
paying so much for Gatorade - we estimate a $105 takeout implies an EBITDA
multiple north of 23 times for the green stuff - only a company with a well
established global distribution system has any shot at attaining enough
return to make it work.  That leaves three - KO, PEP and MO (Kraft) with the
latter perhaps a tad preoccupied at this time.  And if Coke really is
done...

Framing Deal Criterion in a Place Called Purchase
Nooyi remains steadfast that any deal would not dilute earnings or impair
return on capital.  From our standpoint, here's the rub: these metrics point
to stock based pooling which is arguably inferior to a debt based purchase.
PEP's significant cash flow and underlevered balance sheet argue
compellingly for using debt - the after-tax capital cost is cheaper and it
would be free to dispose of non-strategic assets.  We believe such an
approach would produce more attractive returns, but cause earnings dilution
- PEP no-no.  Alternatively, a tax-free stock swap may be accretive to
earnings while the true capital cost is hidden thanks to the vagaries of
GAAP accounting.  In fact, equity capital cost in our analysis is higher and
the company would be holding a portfolio of food businesses for two years
that are for the most part lower returning assets (hot cereal being an
exception).  Hence, we believe a stock-based play for Quaker faces an uphill
battle to value creation.

AmBevolution?
We discussed Pepsi's burgeoning relationship with AmBev, the Brazilian beer
and soft drink giant.  Given PEP's relatively small (6%) soft drink share,
AmBev's distribution is critical to success.  Despite a lower implied profit
for AmBev as a Pepsi bottler vs. its own brands, Nooyi sees significant
opportunity once market execution matches that of AmBev's leading brands
such as Antarctica Guarana.  The trump card here may be AmBev's attraction
to "Power of One" style initiatives with PepsiCo's snacks operations.  Such
developments are encouraging, in our opinion, but our Latin beverage team
sees domestic beer as AmBev's most compelling near-term opportunity.

> -----Original Message-----
> From: Sama, Anil [SMTP:anil.sama@intel.com]
> Sent: Thursday, April 05, 2001 10:45 PM
> To: michael.j.napolitana@db.com
> Subject: Help with Research on Pepsi/Quaker Oats
>
> Hi Mike,
>
> For our Financial Info Analysis class project, we are looking
> for analyst reports on the Pepsi / Quaker Oats acquisition
> that was announced in January.
>
> Would your firm have any analysis/reports on this merger?
> If so, could you provide us some of that analysis?
>
> Thanks,
> - Anil.


---------------------- Forwarded by John Pavetto/Corp/Enron on 07/31/2000
02:59 PM ---------------------------

"Meyer, Peter" <pmeyer@SLK.com> on 07/31/2000 01:18:03 PM
To: "'john.pavetto@enron.com'" <john.pavetto@enron.com>
cc:

Subject: Follow up

John:
I just thought that I would touch base after our conversation of July 20th.?
I have not received the executed copy of the non-disclosure from Leslie
Hansen and we were just wondering where we stood.? If I can be of any help,
please do not hesitate to contact me.

Peter J. Meyer
Senior Vice President
Spear, Leeds & Kellogg
212-433-4376


Jean:  per our conversation, attached is a draft template.  Thanks.  Sara


FYI.  Forgot to cc: you on this.

PT
---------------------- Forwarded by Sally Beck/HOU/ECT on 01/25/2001 05:32 PM
---------------------------

	Enron North America Corp.

	From:  Sally Beck                           01/25/2001 05:31 PM

To: Bob M Hall/NA/Enron@Enron, Brent A Price/HOU/ECT@ECT, Leslie
Reeves/HOU/ECT@ECT, Mary Solmonson/HOU/ECT@ECT, Beth Perlman/HOU/ECT, Peggy
Hedstrom/CAL/ECT@ECT, James Scribner/Corp/Enron@Enron, Sheri
Thomas/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Brenda F
Herod/HOU/ECT@ECT, D Todd Hall/HOU/ECT@ECT, Thresa A Allen/HOU/ECT@ECT, Scott
Earnest/HOU/ECT@ECT, Kevin Sweeney/HOU/ECT@ECT, Todd Busby/NA/Enron@Enron,
Shona Wilson/NA/Enron@Enron, Robert Superty/HOU/ECT@ECT, Michelle
Bruce/HOU/ECT@ECT, Vanessa Schulte/Corp/Enron@Enron, Jennifer deBoisblanc
Denny/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Wanda Curry/HOU/EES@EES, Laura E
Scott/CAL/ECT@ECT, Beth Apollo/HOU/ECT@ECT, Mike Jordan/LON/ECT@ECT, Steve
Whitaker/LON/ECT@ECT, John Paskin/LON/ECT@ECT, Richard Sage/LON/ECT@ECT,
Andrew Cornfield/LON/ECT@ECT
cc: Heather Choate/HOU/ECT@ECT, Chantelle Villanueva/HOU/ECT@ECT, Zionette
Vincent/NA/Enron@Enron, Marvia Jefferson/HOU/ECT@ECT, Cherylene
Westbrook/Enron@EnronXGate, Adrial Boals/Corp/Enron@Enron, Jennifer
Rosado/NA/Enron@ENRON, Yvette G Connevey/Corp/Enron@ENRON, Mercy
Gil/NA/Enron@Enron, Salisha Ramos/NA/Enron@Enron, Sue Foust/HOU/ECT@ECT,
Braedi Craig/NA/Enron@ENRON, Pamela Sonnier/HOU/ECT@ECT, Fiona
McNaught/LON/ECT@ECT
Subject: ASE on February 12-13, 2001 in Dallas, TX

On January 12, I hosted a brainstorming session at the Four Seasons hotel in
downtown Houston in which we assembled a number of ideas regarding mid and
back office services we could offer to the commodity industry.  To complete a
plan for launching this strategic commercial venture, we are hosting an
integrated design session facilitated by Cap Gemini Ernst & Young (CGEY) at
their Accelerated Solutions Environment in Dallas, Texas.

I am personally extending an invitation to you to participate in this design
session.  This is a critical two-day event to be held February 12th and 13th
in Dallas, Texas.   This work session is based on a unique approach called a
DesignShopv.  It is a very focused, activity-driven event that is composed of
various modules and exercises performed in small and large groups. If you
have not attended one of the DesignShops related to SAP, you will likely
regard this session as different from any working session you have previously
experienced. The prior DesignShops held in conjunction with SAP have proven
to be very successful.  Therefore, we have elected to utilize this same
methodology on this very critical and strategic venture.

A limited number of representatives from Enron will be attending.  You were
selected to be one of approximately 30 key individuals to participate in the
DesignShop. You are being asked to participate in the full two days with as
little distraction or interruption as possible.  The quality of our results
depends on each participant being fully engaged and participative for the
entire event.   Additionally, you will be relied on in the future to support
and communicate our commercial strategy as it is defined at this session.
This date was specifically selected to avoid critical operational periods so
that your participation can be maximized. Therefore, please make all
necessary arrangements at the office to minimize your distractions during
these two days.

Please review the attached information regarding hotel, flight information,
and transportation.  Preliminary information as to schedule and environment
has also been included.  You may direct any additional questions concerning
the event to Mary Solmonson at (713)-853-6079.

I hope that you will be able to participate.  Please confirm your attendance
for the two days with Marvia Jefferson at 713-853-9165 by January 29th 5:00
p.m.  If you are unable to attend, it may be appropriate to select someone
else to participate.  Please do not extend an invitation to anyone else to
take your place until you and I have discussed this.

I thank you in advance for your participation and look forward to seeing you
in Dallas!


<<2RZ502!.DOC>>  <<2rz602!.DOC>>  <<2rz802!.DOC>>

Kay:

We have enclosed the most recent drafts of the following "prototype"
documents:

1.  Letter Agreement for the turbine transaction;
2.  Letter Agreement for the transformer transaction
3.  Limited Liability Company Agreement fur the turbine/transformer
transaction.

These documents were last revised on 12/15/2000.  Since that time, we made a
number of changes to the letter agreement in the InterGen transaction that
you might also wish to consider for the prototype.  These items include (i)
provisions for submission and approval of the facility agreement, (ii)
requirement that the entire purchase price be funded into escrow upon
approval of the facility agreement, (iii) pro-ration of property taxes, (iv)
requirement for liability insurance through date of commercial operation,
and (v) tweaks in the termination language that would provide a right to
terminate, rather than automatic termination.  Let me know if we can be of
any assistance.  Thank you.

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

Enclosures: 129569v2
  129570v2
  129572v2

                    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.

 - 2RZ502!.DOC
 - 2rz602!.DOC
 - 2rz802!.DOC


Jake mentioned Delta but not Panda.  I'm with you - go Delta.  Who wants to
mess with the broker issue?

Ciao,

Kay

From: Carlos Sole on 03/09/2001 05:30 PM
To: ccampbell@kslaw.com, jkeffer@kslaw.com, kay.mann@enron.com,
mreuter@kslaw.com
cc:

Subject: Salmon Update -- No Cmts until Monday

Steve Thome just called with an update:

- Panda will be providing comments next week

- Sunlaw dropped out because California rescinded its fast track permit
approval process and thus Sunlaw will not have permits for the facilities it
wants

- Delta will provide comments on Monday

Have a good weekend.  Go Delta they're the remaining high bidder.


EFF_DT PORTFOLIO_ID DOWN95
12/4/00  MANAGEMENT-CRD 0
12/4/00  MANAGEMENT-GAS 2,989,591
12/4/00  MANAGEMENT-PWR 336,966
12/4/00  AGG-MANAGEMENT 3,189,446


Per our discussion this morning, below is a summary of items to discuss with
Glynn:

Adding Enron's "negative CTC claim" to the list of claims: PGE's filing
included a list of top twenty creditors.  Our negative CTC claim was
apparently not taken into account in compiling that list.  The list is
nonbinding, however.  PG&E will be required to file schedules of creditors on
April 20.  Our negative CTC claim should be on Schedule F (for unsecured
claims).  You may want to remind Glynn of your previous conversations and
state our expectation that the negative CTC claim will appear (preferably as
uncontested) in the April 20 filing. (Note: if PG&E does not include the
claim we have an opportunity to file a proof of claim and ultimately the
court determines the validity of the claim).
Including Enron on the Creditors' Committee:  PG&E may have the opportunity
to influence representation on the creditors' committees.  There are several
reasons to suggest to Glynn that we be included: 1) we are a big creditor, 2)
we could be helpful in crafting a broader solution, and 3) we are one of the
real parties in interest behind the PX and ISO (who were listed as
significant creditors but are really just "passthroughs" for the suppliers
... and PG&E likely would not want to have those political bodies serving on
the creditors committee anyway).


Rafal,

Dziekuje za odpowiedz. Bede bardzo wdzieczny za ksiazke:

Wincenty Kaminski
10 Snowbird
The Woodlands, TX 77381
Phone: (281) 367 5377
Cell : (713) 898 9960

Wicek

Rafal Weron C-11 <rweron@mazur.im.pwr.wroc.pl> on 01/29/2001 08:11:48 AM
To: vkamins@enron.com
cc: Aleksander Weron C-11 <weron@im.pwr.wroc.pl>
Subject:

Dear Vince,

bardzo dziekuje za podeslana literature, szczegolnie drugie wydanie
ksiazki. Bylismy w Londynie w czerwcu zeszlego roku, ale w ksiegarni
znalezlismy tylko piersze wydanie. Obaj z Alkiem (ojcem) wspolpracujemy z
energetyka (glownie Polska) od kilku lat. W zeszlym roku wydalismy ksiazke
"Gielda Energii: Strategie zarzadzania ryzykiem", a obecnie pracujemy nad
jej angielskim wydaniem. Na jaki adres Ci ja przyslac?

Serdeczne pozdrowienia,

Rafal


-----Original Message-----
From: 	"UNDREA HINES" <uhines@gardere.com>@ENRON [mailto:IMCEANOTES-+22UNDREA+20HINES+22+20+3Cuhines+40gardere+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Thursday, August 09, 2001 2:01 PM
To:	dhill@bracepatt.com; gdial@bracepatt.com; Sweet, Twanda; RLanford@ielectric.com; hwatson@jenkens.com
Cc:	CINDY TAYLOR; DELMAR ROBERTS; KRIS WHITE; LISA SOUTHERLAND; MARISA SWEENEY; PARNEVA RICHARDSON; WINNIE HURSTON
Subject:	Fwd: FW: Lawyer Jokes

Content-Transfer-Encoding: 7bit
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From: "DAVID IRVIN" <dirvin@gardere.com>
To: "DELMAR ROBERTS" <droberts@gardere.com>,	"UNDREA HINES" <uhines@gardere.com>,	"WINNIE HURSTON" <whurston@gardere.com>
Subject: Fwd: FW: Lawyer Jokes
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not bad!
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From: "Swain, Sharon" <swain@copn.com>
To: "'sgriffin@velaw.com'" <sgriffin@velaw.com>,	"'pfalvella@gardere.com'" <pfalvella@gardere.com>,	"'pwiggins@gardere.com'" <pwiggins@gardere.com>,	"'dirvin@gardere.com'" <dirvin@gardere.com>,	"'smtakacs@aol.com'" <smtakacs@aol.com>
Subject: FW: Lawyer Jokes
Date: Thu, 26 Jul 2001 12:37:31 -0500
MIME-Version: 1.0
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Content-Type: text/plain;  charset=windows-1252

-----Original Message-----
From: Carol Martin [mailto:Carol.Martin@chamberlainlaw.com]
Sent: Thursday, July 26, 2001 10:30 AM
To: anne_davis@administaff.com; Karen_Palmer@administaff.com;
lreiff713@aol.com; Debra Langard; Delores Cunningham; Deanna Geschke;
Linda Higginbotham; Jacilyn Pryce; Evans, Susan; Graham, Lita; Swain,
Sharon; moonrydermusic@earthlink.net; Theresa.Zucha@enron.com;
Barbara.A.Taylor@marshmc.com; asalazar@mdck.com; dbebell@mdck.com;
kjenkins@mdck.com; LSSMITH@mdck.com; Anne.Corbet@oceanenergy.com;
pkwild@onebox.com; rebecca.deluca@sylvania.com
Subject: Lawyer Jokes

Did you hear that the Post Office just recalled their latest stamps?
They had pictures of lawyers on them and people couldn't figure out which
side to spit on.

How can a pregnant woman tell that she's carrying a future lawyer?
She has an uncontrollable craving for baloney.

How does an attorney sleep?
First he lies on one side, then he lies on the other.

How many lawyer jokes are there? Only three.
The rest are true stories.

How many lawyers does it take to change a light bulb?
How many can you afford?

How many lawyers does it take to screw in a light bulb?
Three. One to climb the ladder. One to shake it.  And one to sue the ladder
company.

If a lawyer and an IRS agent were both drowning, and you could only save one
of them, would you go to lunch or read the paper?

What did the lawyer name his daughter?
Sue.

What do you call 25 skydiving lawyers?
Skeet.

What do you call a lawyer gone bad?
Senator.

What do you call a lawyer with an IQ of 50?
Your Honor.

What do you throw to a drowning lawyer?
His partners.

What does a lawyer use for birth-control?
His personality.

What happens when you cross a pig with a lawyer?
Nothing. There are some things a pig just won't do.

What's the difference between a lawyer and a vulture?
The lawyer gets frequent flyer miles.

What do you get when you cross a bad politician with a crooked lawyer?
Chelsea Clinton.

This communication may be protected by the attorney/client privilege and may
contain confidential information intended only for the person to whom it is
addressed.  Any views or opinions expressed are solely those of the author
and do not necessarily represent those of Chamberlain, Hrdlicka, White,
Williams and Martin.  Any use, dissemination, forwarding, printing, or
copying of this e-mail without consent of the originator is strictly
prohibited.  If you have received this e-mail in error, please immediately
notify Carol Martin by telephone at (713) 658-1818.

This e-mail and any attached files may be confidential and subject to
attorney/client privilege.  If you received it in error, please immediately
notify the sender by return e-mail or by calling (713)654-7600.


http://info.sen.ca.gov/pub/bill/sen/sb_0001-0050/sbx1_1_bill_20010423_amended_
sen.pdf

Chris Micheli, Esq.
Carpenter Snodgrass  & Associates
1201 K Street, Suite 710
Sacramento, CA?  95814
(916) 447-2251
FAX: (916) 445-5624
EMAIL: cmicheli@carpentersnodgrass.com


Tom and Sean,

I have confirmed with Valerie Curtis, the ENA settlements coordinator for Duke Field Services, that deal # 1027152 belongs to Duke Field Services.  Valerie has been in touch with her counterpart at Duke and they are expecting to be billed for this gas; she can confirm this information or provide further detail from Duke if needed.

Upon your confirmation of this, please change the CP name on this deal.

Thank you,
Scott
5-7213

 -----Original Message-----
From: 	Donohoe, Tom
Sent:	Tuesday, October 23, 2001 12:44 PM
To:	Dozier, Scott
Subject:	RE: CMS Deal #1027152

There is a possibility that the counterparty should be Duke Field Services,  We are checking it out.

 -----Original Message-----
From: 	Dozier, Scott
Sent:	Tuesday, October 23, 2001 12:31 PM
To:	Donohoe, Tom; Chang, Bonnie; Love, Phillip M.
Cc:	Valderrama, Lisa; McFatridge, Thomas
Subject:	RE: CMS Deal #1027152
Importance:	High

I am not sure if they have confirmed either deal.  However, deal #1034254 was never pathed by us, whereas 1027152 was.  Therefore, nothing billed out under 1034254.

Bonnie - I am including you on this note in case you can add anything about the pathing of the two deals mentioned in this note.  Niether CMS orgaination shows anything on Trunkline that matches this.  We spoke briefly about this last week.

Phillip - I am including you in case you can add any clarity or determine who we did this deal(s) with.

Thank you,
Scott
5-7213

 -----Original Message-----
From: 	Donohoe, Tom
Sent:	Tuesday, October 23, 2001 12:02 PM
To:	Dozier, Scott
Subject:	RE: CMS Deal #1027152

if they are not confirming this deal are they confirming 1034254?

 -----Original Message-----
From: 	Dozier, Scott
Sent:	Tuesday, October 23, 2001 9:24 AM
To:	Donohoe, Tom
Cc:	Valderrama, Lisa; McFatridge, Thomas
Subject:	RE: CMS Deal #1027152
Importance:	High

Tom,

In contacting our scheduler and subsequently a CMS scheduler, neither CMS Field Services nor CMS Marketing, Services, and Trading are able to identify the deal.  Currently, I am preparing to fax a copy of our confirmation on the deal to CMS Field Services,  Again, it is not an executed copy, but I am assuming they may not have sent it back.  Furthermore, the CMS Field Services scheduler has told me that they don't even schedule any Trunkline deals.

Considering all of this, I am assuming the worst - that unless we can provide a trader name etc. they will short pay on this deal.  So, do you know who represented us with CMS on this deal any one that might know who their trader is or how this deal was booked?  We are getting ready to settle for Sep prod so any help asap would be appreciated.

Scott
5-7213

 -----Original Message-----
From: 	Dozier, Scott
Sent:	Thursday, October 18, 2001 12:21 PM
To:	Donohoe, Tom
Subject:	RE: CMS Deal #1027152

They do not recognize that deal at all.

The most recent name and number is a Conoco trader.  I have a confirmation on this deal with CMS.  However, it is not an executed copy (i.e. sent back or confirmed by CMS).  Is there some one who represented us with CMS on this that might know who their trader is or how this deal was booked?  I will attempt to contact the scheduler in the mean time but any help would be good.

thanks.

 -----Original Message-----
From: 	Donohoe, Tom
Sent:	Thursday, October 18, 2001 11:44 AM
To:	Dozier, Scott
Subject:	RE: CMS Deal #1027152

I never talk to these people so the numbers I have are old. Do they not recognize this deal?  It was scheduled so I assume the counterparty is correct. I have another number for Mike at 281-293-2203.  It could be old also.

 -----Original Message-----
From: 	Dozier, Scott
Sent:	Thursday, October 18, 2001 11:20 AM
To:	Donohoe, Tom
Subject:	RE: CMS Deal #1027152

Tom,

The below number is for a Duke Energy trader.  So, either this deal is booked wrong or this is not the correct trader name.  Please advise.

 -----Original Message-----
From: 	Donohoe, Tom
Sent:	Thursday, October 18, 2001 10:59 AM
To:	Dozier, Scott
Subject:	RE: CMS Deal #1027152

Tony ? at 713-6276215

 -----Original Message-----
From: 	Dozier, Scott
Sent:	Thursday, October 18, 2001 10:10 AM
To:	Donohoe, Tom
Subject:	CMS Deal #1027152

Tom,

Please inform me of the CMS Field Services trader on deal #1027152 plus any additional information that you might have.

Thank you,

Scott Dozier
Client Services - Settlements
Enron Net Works LLC
office: 713.345.7213
fax: 713.646.8420
email: scott.dozier@enron.com


Trying to set up conference call with Tiger (will advise).  Enron Corp.
lawyer out of town until tomorrow afternoon; trying to find another Corp.
lawyer to review the guaranty.  Also, received e-mail from Harvard asking
when I'd respond.  Is this just a routine request?  SS


Audrey D. Robertson
Transwestern Pipeline Company
email address:  audrey.robertson@enron.com
(713) 853-5849
(713) 646-2551 Fax

 -----Original Message-----
From: 	Lohman, TK
Sent:	Friday, January 25, 2002 4:16 PM
To:	Robertson, Audrey; Donoho, Lindy; Moore, Jan
Subject:	FW: Enron Song

Here's the latest!
 -----Original Message-----
From: 	Ward, Linda
Sent:	Friday, January 25, 2002 8:39 AM
To:	Rivers, Cynthia; Lohman, TK
Subject:	FW: Enron Song

 -----Original Message-----
From: 	Buehler, Craig
Sent:	Friday, January 25, 2002 8:26 AM
To:	Ward, Linda; Eldridge, Dale; Kowalke, Terry; Bastida, Nancy
Subject:	Enron Song

Check out the latest on Enron.  Think it will make the top 40?


Never mind!  Frank Sayre is looking at it.

 -----Original Message-----
From: 	Anderson, Diane
Sent:	Monday, September 17, 2001 11:31 AM
To:	Bailey, Susan; Heard, Marie; Jones, Tana; Panus, Stephanie
Subject:	Hess assignment

Legal whizzes -

I received a call from a woman at Hess who is looking to see whether we executed a recent assignment they sent to us in August.  Joe Hunter told me that one of you folks would know about this.

Does anyone know about this assignment?

Thanks,

Diane
30443


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your league's site.  Go to http://fantasy.sportsline.com and sign in!

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Russell Murrell requests the following transaction:.

		Drop John Carney.

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Meeting to discuss the project time estimate and Third Party (Gannett & Fleming) cost estimate.
The underlying objective is to assure approval to commit to Gannett & Fleming to proceed with study.

Mary Kay, please advise your location if you wish to join this meeting via Video Conference.


Stinson,

No problem.

Vince

Stinson Gibner
03/31/2000 05:28 PM
To: Vince J Kaminski/HOU/ECT@ECT, Shirley Crenshaw/HOU/ECT@ECT
cc:
Subject: Stinson Vacation plans

Vince,

I would like to plan on taking 6 days of vacation on June 2 through June 9th.

thanks,
--Stinson


PLEASE TREAT AS CONFIDENTIAL

A source had a meeting today with California state treasurer Phil Angelides.
Here are the main points from their conversation

1. Anglelides Certain that SoCal Will Go Bankrupt

Corroborating our line over the past four months, Anglelides stated with
confidence that SoCal would go bankrupt and that "he was surprised they
hadn't already."  He noted that the only reason they haven't yet is that
"they were too stupid to ring-fence the parent" and that "their two biggest
equity holders were screaming not to do it."

He added that the Davis/SoCal MOU is dead and that all the "Plan B's" are
"speculative" at best.  He also thought that SoCal was being "naive if they
thought they would get a better deal from the legislature than from the
bankruptcy court."

2. Bond Issuance- $12B Not Enough

Angelides conceded that a $12B bond issue would not be enough to buy power
for the summer and that the true costs would probably be $18-24B.   The only
reason they didn't issue more is that Angelides felt that "$12B was all the
market could handle."  The current game plan for bonds assumes an average
peak price for power of $400/MWh, which Angelides said explains the
difference between his estimates and the higher estimates from State
Comptroller's Kathleen Connell's office.

3. New Generator Construction

Anglelides was explicit that the California Public Power Authority
(authorized by the legislature last week) will "build plants and not stop
until we [California] has a 10-15% capacity cushion above expected demand.
Angelides expects the state to be "5-10% short on power all summer."


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Please respond to The Motley Fool
===================== FOOLWATCH - THE MOTLEY FOOL ===============
                        Wednesday, May 23, 2001
benjamin.rogers@enron.com
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MsgId: msg-28651-2001-05-23_17-14-59-6209916_1_Plain_MessageAddress.msg-17:19:21(5-23-2001)
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Message-Recipient: benjamin.rogers@enron.com


Hello,

I can't imagine how dark you guys are. Hope you are soaking up your last
couple of days. Have a cubra libra for me!

Love Chris