In light of Walt's message, we'll need to elect a new chairman from the
existing Board members.  SWD

	Walt Zimmerman
	05/05/2000 11:52 AM

		 To: Steve Duffy/Houston/Eott@Eott
		 cc: Michael Burke/Houston/Eott@Eott, Stanley Horton/Corp/Enron@Enron,
rbaird@velaw.com
		 Subject:  Annual Election of EOTT Directors and Committees

EOTT's bylaws currently require that we have a Chairman of the Board.  As a
result of amendments to the bylaws that were made in 1994, the duties of the
Chairman of the Board are quite limited.  The bylaws provide that "the
Chairman of the Board shall preside at all meetings of the stockholders and
of the Board of Directors.  The Chairman of the Board shall act as a liaison
between the officers of the Corporation and the Board of Directors."

	Steve Duffy
	05/05/2000 10:59 AM

		 To: Michael Burke/Houston/Eott@Eott
		 cc: Stanley Horton/Corp/Enron@Enron, Walt Zimmerman/Houston/Eott@Eott
		 Subject: Re: Annual Election of EOTT Directors and Committees

Ted Gaylord has advised that he no longer wishes to serve as Board Chairman,
although he does intend to remain on the Board.  There appear to be no other
changes.  Suggest the four of us discuss the " Board Chairman"  situation as
soon as possible. I have a call into Baird to explore (1) whether we need a
Board Chairman per se, and (2) whether there will be any "disclosure" issues
around Ted stepping down as Board Chairman.  SWD

	Michael Burke
	05/05/2000 09:14 AM

		 To: Walt Zimmerman/Houston/Eott@Eott
		 cc: Stanley Horton/Corp/Enron@Enron, Steve Duffy/Houston/Eott@Eott
		 Subject: Re: Annual Election of EOTT Directors and Committees

Walt, I am not aware of any Board changes being considered but you should
call Stan and Ted to see if they have any suggestions.
I would like to see a draft today.

	Walt Zimmerman
	05/04/00 06:49 PM

		 To: Michael Burke/Houston/Eott@Eott
		 cc: Stanley Horton/Corp/Enron@Enron, Steve Duffy/Houston/Eott@Eott
		 Subject: Annual Election of EOTT Directors and Committees

Prior to the distribution of materials for the May 15 EOTT Board of Directors
meeting, the sole shareholder (Enron Liquids Holding Corp.) needs to reelect
EOTT's Board of Directors.  This will be accomplished by a written consent
that will be executed on behalf of Enron Liquids Holding Corp.

Also, at the May 15 meeting, EOTT's directors will elect the members of the
Audit Committee and the Compensation Committee for the next year.

Are you aware of any changes to the EOTT Board, the Audit Committee, or the
Compensation Committee?  In some past years, Ted Gaylord has polled the
outside directors to ensure that they intended to continue their service on
EOTT's Board and committees.  If you would like, I will ask Ted to poll the
outside directors again this year as to their intentions for continued
service.

Also, we need to start preparing an agenda for the May 15 meeting.  If you
would like, I will forward to you tomorrow a draft agenda that is based on
last year's "annual meeting" agenda.

Please let me know your thoughts on these matters.   Thanks.


Please approve the following product type in Data Manager after 11:00 A.M.
Attached are the GTC and long description.

CAN Newsprint Phy

CAN Newsprnt Phy 48.8 gm East Canada     Jul01           CAD/Mt

STEPS FOR APPROVAL:

click the  START button
select  PROGRAMS
select  TEST APPLICATIONS
select ENRONONLINE CLUSTER(PROD)
 PROCEED WITH USUAL LOGIN/PASSWORD
click the Enron Online Production Cluster "START" button
select EnronOnLine (this is the EOL Datamanager)
 PROCEED WITH EOL LOGIN/PASSWORD
click on the "+" for EnronOnLine
click on the "+" for Product Types
click on the "+" for "Awaiting Approval" (OR  "Partially Approved")
select the product requiring review as stated in e-mail above
Right "mouse" click on "properties" to view product set-up
TO APPROVE:  Right mouse click on "Approved"


. . . STAR WARS IS COMING TO HOUSTON!

Click Here For More Details

http://home.enron.com:84/messaging/starwars.jpg


Greetings-
I will be passing out a report of settlements issues that have come from
Volume Mgmt.     If your name appears on the report, then you are responsible
for clearing this discrepancy.
You may not have been actually working during this time period,  ie,  a deal
may have been extended in scheduling under your name.
However,  I am holding each person who's name appears responsible for
clearing this  issue.   If you are required to pull tapes,  come see me for
approval.

Several issues on the list have been cleared previously.   We must
communicate this info to Caroline so that she can make the appropriate
entries into the
DMS (Dispute Management System).      You may be asked to complete other
settlements discrepancies as well.

This is a huge issue,  as our trading strategies were a bit hard to follow
from Settlements viewpoint.    We need to assist this process to make sure
that Enron gets the actual money that Real Time claimed that we made.

I want everyone to understand that just because we have a discrepancy with a
customer,  I am certainly not assuming that you/we are in the wrong.
In more than one half of all disputes,  we are correct.    In this case,  we
need to prove our position with tapes,  etc.

Thanks,

JMF


Hi Terri:

I'll be glad to add you to the email list.  Thanks for letting us know.

   Maureen McVicker
   Steve Kean's Asst.

"Hamby, Terri" <Terri.Hamby@ElPaso.com> on 05/17/2001 08:52:56 AM
To: "'Skean@enron.com'" <Skean@enron.com>
cc:

Subject: Conf Call...

Mr. Kean, please add my name/email address to your distribution list.  I am
John Harrison's assitant. (I am afraid he might have missed a call or two.)

Thanks a bunch!

Terri.Hamby@elpaso.com

******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************


Ed

I fully support settling the claim as you have outlined.

Regards

Adam

-----Original Message-----
From: Cattigan, Ed
Sent: 26 November 2001 14:30
To: Astramowicz, Jarek; Overfield, Adam; Forycki, Krzysztof; Edgley,
Anne; Wantschek, Lloyd; Derrick Jr., James
Cc: Glowacki, Jacek; Martin, Sophie; Hackett, Christian; Willott, Carys;
Muscroft, Brian; Parrish, Paul E.
Subject: FW: ENS - Draft Form of Acceptance

Good Afternoon

Attached are 2 documents in relation to final Settlement of the outstanding Delay in Start up (relating to the replacement of the previously damaged rotor) claim. One is a detailed history of the claim and the other a final acceptance notice proposed by the brokers.

I have been negotiating the outstanding portion of the claim now for nearly 9 months and believe that due to the circumstance surrounding the late delivery of the rotor and the advice of external council this settlement is acceptable to ENS. Will you please advise wether you agree with accepting this sum as full and final settlement.

In way of context this settlement is $750k of a possible $901k an 83% success on a claim we had been advised would not have been worth taking to arbitration if the insurers had become difficult.

regards

Ed

Sophie. Could you please confirm that you are happy with the wording of the acceptance notice.
NOTE I would really like to complete this by Wednesday this week as this is my last week.

-----Original Message-----
From: BODIMEADE, Alfred [mailto:ABodimeade@heathlambert.com]
Sent: 26 November 2001 10:34
To: 'Ed Cattigan'
Subject: FW: ENS - Draft Form of Acceptance

Ed
Let me know a.s.a.p. if you have any problem.
I think the figures are correct.
Alf


Tom,

I am an analyst with Metals Origination in London and got your name from
David Oliver.  Enron Metals is in the process of dealing with White Pine
Copper Refinery in the Upper Peninsula of Michigan.  One of the options we
are reviewing is returning a dormant generator to operation and selling the
excess power.  Natural gas is delivered to White Pine through an Enron
pipeline.  The generator can run on either natural gas or coal.  Several
years ago ('96 or '97), Enron contacted White Pine (previously owned by BHP
Copper White Pine Refinery) on numerous occasions about running the
powerhouse on gas and they would get the excess power to market.  The idea at
the time was they had excess natural gas and wanted White Pine to run the
generators on gas.  Would you know anything about this deal or who the
originator was?  If so, could you or the originator please contact me
regarding the details.  If not, could you please direct me to someone who may
know about the original proposal?

Regards,

Bucky Dusek
44 20 7783 2328


My particular concern is that the large majority of Enron's derivatives
business is in North America.  We are growing rapidly in derivatives in
Europe, but still quite small.  In terms of derivatives, we are not a factor
on other continents.  That is different than major equity, currency or
interest rate traders.

Mark


FYI

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/04/2001
02:58 PM ---------------------------

	From:  Cathy Phillips                           01/04/2001 09:23 AM

To: Mark Frevert/NA/Enron@Enron, Mike McConnell/HOU/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT, Doug Arnell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Alan
Aronowitz/HOU/ECT@ECT, Pierre Aury/LON/ECT@ECT, Sally Beck/HOU/ECT@ECT, Rick
Bergsieker/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kathryn
Corbally/Corp/Enron@ENRON, Jeff Donahue/HOU/ECT@ECT, Stephen H
Douglas/HOU/ECT@ECT, Jennifer Fraser/HOU/ECT@ECT, Shanna
Funkhouser/Corp/Enron@ENRON, Eric Gonzales/LON/ECT@ECT, Gary
Hickerson/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Larry
Lawyer/NA/Enron@Enron, Chris Mahoney/LON/ECT@ECT, George
McClellan/HOU/ECT@ECT, Thomas Myers/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT,
Jere C Overdyke/HOU/ECT@ECT, Beth Perlman/HOU/ECT@ECT, Brent A
Price/HOU/ECT@ECT, Daniel Reck/HOU/ECT@ECT, Cindy Skinner/HOU/ECT@ECT, Stuart
Staley/LON/ECT@ECT, Mark Tawney/HOU/ECT@ECT, Scott Tholan/Corp/Enron@Enron,
Lisa Yoho/NA/Enron@Enron
cc: Nicki Daw/NA/Enron@Enron, Cathy Phillips/HOU/ECT@ECT, Jennifer
Burns/HOU/ECT@ECT, DeMonica Lipscomb/Corp/Enron@ENRON, Yvonne
Francois/Corp/Enron@Enron, Angie Collins/HOU/ECT@ECT, Donna
Baker/HOU/ECT@ECT, Helen Marie Taylor/HOU/ECT@ECT, Chantelle
Villanueva/HOU/ECT@ECT, Betty J Coneway/HOU/ECT@ECT, Patti
Thompson/HOU/ECT@ECT, Cherylene R Westbrook/HOU/ECT@ECT, Candace
Parker/LON/ECT@ECT, Joya Davis/HOU/ECT@ECT, Sharon Purswell/HOU/ECT@ECT,
Gloria Solis/HOU/ECT@ECT, Brenda J
Johnston/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kim
Hickok/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Susan McCarthy/LON/ECT@ECT, Paula
Forsyth/Corp/Enron@ENRON, Kristy Carnes/NA/Enron@ENRON, Shirley
Crenshaw/HOU/ECT@ECT, Jody Underwood/NA/Enron@ENRON, Kathleen D
Hardeman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stuart
Cichosz/Corp/Enron@ENRON, Joyce Dorsey/HOU/ECT@ECT, Judy Zoch/NA/Enron@ENRON,
Sunita Katyal/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: EGM Staff Meeting - Reminder

Just a reminder that the next EGM weekly staff meeting will take place on
Monday, January 8th, from 8:30 - 9:30 a.m., in video conference room EB
32C2.  Due to the company holiday in observance of Martin Luther King day on
Monday, January 15th, the staff meeting has changed dates and locations for
that week only.  The staff meetings will resume their regular schedule on
Monday, January 22nd, in EB 32C2, and will continue on a weekly basis on
every Monday at the same time and location unless notified otherwise.  The
schedule for the next three weeks is as follows:

 Monday, January 8th  8:30 - 9:30 a.m.  EB 32C2
 Tuesday, January 16th 8:30 - 9:30 a.m.  EB 30C1
 Monday, January 22nd  8:30 - 9:30 a.m.  EB 32C2

Please let me know if you will be unable to attend the meeting on Monday,
January 8th.  Thank you.

Cathy Phillips
X-36898


Do you want to come to my office for the call?  If so, could you PLEASE
PLEASE bring me a caffeine free diet coke?

Thanks,

Kay


ENA sold the 10,000 dth of EOG pool supply from Power Gas Marketing to EES
for the month of August at CNG IF flat - this is the same thing we did for
July.


Charles was my mother's dad's name and Eugene is my dad's name.

	Suzanne Adams
	06/01/2000 11:01 AM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Re: baby's Name

Oh, that's a nice name.  Is Charles your dad's name?

	Carol St Clair
	06/01/2000 10:17 AM

		 To: Suzanne Adams/HOU/ECT@ECT
		 cc:
		 Subject: baby's Name

Suzanne:
In case anyone asks you, we have decided to name the baby Charles Eugene.
carol


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/27/2000
08:48 AM ---------------------------

Robert Brooks <rebrooks@earthlink.net> on 03/22/2000 12:45:20 PM
Please respond to "rebrooks@rbac.com" <rebrooks@rbac.com>
To: "'GPCM Distribution'" <rebrooks@rbac.com>
cc:  (bcc: Vince J Kaminski/HOU/ECT)
Subject: GRI and Gas Storage

Gri Study Documents Changing Role of Natural Gas Storage
( March 21, 2000 )

(reported in http://powermarketers.com 3/22/2000)
(forwarded to you by Bob Brooks, RBA Consultants)

ARLINGTON, Va., March 21 /PRNewswire/ -- Regulatory changes coupled with
steady growth in U.S. natural gas consumption are expected to trigger a 21
percent increase in gas storage capacity over the next 15 years, according
to a new GRI study.
The study -- Natural Gas Storage Overview in a Changing Market Environment
(GRI-99/0200) -- estimates that lower 48 storage capacity for working gas
will grow from 3.8 trillion cubic feet (Tcf) in 1998 to 4.6 Tcf in 2015.
About 75 percent of the capacity additions are expected to occur after
2005, as gas demand grows more rapidly than storage capacity requirements
during the next five years.
Part of the new capacity will provide storage operators with increased
operating flexibility and augment changing needs of the power generation
and industrial sectors. These two sectors are expected to account for
nearly 80 percent of growth in gas consumption between 1998 and 2015. (GRI
projects the nation's gas demand will increase 50 percent, from 21.3 Tcf in
1998 to 32.8 Tcf in 2015.)
The added storage capacity will require a gas industry investment of nearly
$5.0 billion (1998 dollars) between 1998 and 2015, or about $270 million
per year, the study estimates.
The study, conducted for GRI by Energy and Environmental Analysis Inc.,
Arlington, Va., identifies several trends that will drive future storage
requirements, including:
* High consumption by power generation and industrial markets dampens
seasonal volatility. Since these sectors have relatively flat
year-round load profiles, they act to compliment rather than
stimulate short term demand swings in traditional residential and
commercial applications which drive the need for increased storage
capacity to overcome seasonal differences.
* Increases in the value of market-area storage to accommodate significant
growth in gas usage for power generation are anticipated. Due to
improvements in technology, favorable economics, and low emissions,
natural gas is expected to be the preferred incremental fuel for
power generation for the foreseeable future.
* Pipeline restructuring is changing the role and value of storage. Most
notable are the development of secondary markets for storage and
pipeline capacity, growth of market hubs and gas marketers, and a shift
toward market-based rates.
* Storage services are likely to become more efficient as a result of
local distribution company restructuring. Storage operators are
expected to have a direct profit motive to maximize the value of storage
and are likely to offer new services that use existing facilities more
effectively.
"These trends are already beginning to have a major impact on gas storage
operations and will only be magnified in the future," said John Cochener,
GRI project manager and principal analyst-resource evaluation. "We are
already seeing increases in the value of well-placed storage facilities,
particularly those able to capitalize on regulatory changes that allow for
greater operating flexibility. The reduction in regulatory constraints will
allow storage market players even greater latitude in the future to
experiment with innovative competitive tools. This will result in greater
flexibility in the timely movements of gas to where it's required.
Conversely, high-cost storage operators, who fail to respond to the
changing market by offering more flexibility, may eventually find
themselves at a competitive disadvantage in the future and may see the
value of their storage asset stagnate."
The study is GRI's most comprehensive look at gas storage markets. Included
is an analysis of changes in storage capacity, services, customer usage
patterns and costs, as well as proposed storage projects. LNG and
Propane-Air are covered in addition to traditional types of storage
facilities. The study also reviews future storage requirements, costs
associated with expanding different types of storage capacity, and the
merits of different storage locations.
The study also looks at storage capacity under existing contracts. One
finding is that the average length of time until contract expiration for
firm storage contracts has declined from 6.8 years in 1996 to 6.2 years in
1999. More than half of the existing contracts in spring 1999 will expire
by 2004. By 2006, 70 percent of existing contracts will have expired.
Further, storage operators will generally be replacing storage contracts
negotiated by local distribution companies (with guaranteed rates of
return) with contracts negotiated by the growing ranks of gas marketers,
who are under competitive pressure to hold down costs.
The number of years remaining under existing storage contracts varies by
customer type, according to the study. Currently, cogenerators and
independent power producers have the longest remaining contract lengths,
followed by pipelines, gas utilities and marketers. Electric utilities and
industrial customers have the shortest average contract lengths remaining.
Listed in the study are the top 50 storage capacity holders.
Questions about the study or ordering should be addressed to Kelly Murray,
GRI Baseline Center, Arlington, Va., at 703-526-7832; by fax at
703-526-7805; or by E-mail: mailto:baseline@gri.org <<a href=> The study
(GRI-99/0200) can be ordered directly from the GRI Document Fulfillment
Center by fax at 630-406-5995. The report is $250 for GRI members and $325
for nonmembers, plus shipping and handling.


Since Zac opens a spot, Jason Jennaro is a good candidate.

 -----Original Message-----
From: 	Grigsby, Mike
Sent:	Thursday, January 31, 2002 1:45 PM
To:	Slone, Jeanie; Lavorato, John; Shively, Hunter S.
Subject:	Zach McCarroll

Zach has gone to great efforts to evaluate his situation and experience going forward and he has decided to work with the liquidation of the EBS assets.  After seeking opinions from various business people, the overwhelming conclusion was to work with the Estate prior to entering business school in the fall.

Thank you for offering him a position and an option to join UBS, but he will officially decline the offer.

Mike


BANDWIDTH BEAT: Master Trading Agreement 3.0
Dow Jones Energy Service, 04/16/01

Sierra Pacific Shares Slump After Utility Suspends Dividend
Dow Jones Business News, 04/16/01

Energy Traders Raise Ante In Power-hungry California
Dow Jones Energy Service, 04/16/01

Independent Power Producers Expect to Meet or Exceed Forecasts
Dow Jones Business News, 04/16/01

Seattle City Utility Racks Up $92 Million in Power Purchases in March
KRTBN Knight-Ridder Tribune Business News: The Seattle Times - Washington,
04/16/01

Sierra Pacific Shares Fall After Dividend Canceled (Update2)
Bloomberg, 04/16/01

BANDWIDTH BEAT: Master Trading Agreement 3.0

04/16/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

. By Michael Rieke
. A Dow Jones Newswires Column .

HOUSTON -(Dow Jones)- Carriers and trading companies worked for more than
nine months last year, missed four deadlines and couldn't produce a master
bandwidth trading agreement.
Now they seem to be coming out with something new every other month or so.
Since mid-December, two master trading agreements have been posted on the
Competitive Telecommunications Association Web site, and there's a third one
circulating. Who's behind it, however, is a mystery.
The first thing to understand in a discussion of master trading agreements
for the bandwidth market is that few, if any, sources want to be quoted on
the subject.
Enron Corp. (ENE) and Williams Communications Group (WCG) are about the only
companies willing to have their names attached to a trading contract. But
it's safe to assume that at least El Paso Corp. (EPG), Utilicorp United Inc.
(UCU) unit Aquila, Koch Industries and Reliant Energy Inc. (REI) worked with
Enron on first contract. Universal Access Inc. (UAXS) and unnamed carriers
are said to have worked with Williams on the second.
The new contract is being referred to in the market as the "Universal Access"
contract.
"This is not a Universal Access contract," Pam Whitehead, vice president of
global bandwidth markets for Universal Access, told Bandwidth Beat. Her
company was one of about 10 carriers that worked on the third contract, she
said.
When asked for a copy of the third contract, Whitehead referred Bandwidth
Beat to CompTel, saying she was sure the group had a copy.
Another source, when asked for a copy of the third contract, said, "Why don't
you talk to Pam? It's her document." Less Firm Or More Flexible?

The third contract is "less firm" than the other two contracts, people in the
trading market said. But a person who worked on it described it in a way that
makes it sound more flexible than the other two.
"It does have a check box on the front that allows you to totally opt out of
the firmness that's described (in the contract), said the source. "But if you
don't check that box, it's completely firm."
Firm contracts leave parties liable for damages if the terms aren't met, and
trading companies say bandwidth has to be traded on a firm basis for the
market to work. Carriers, on the other hand, say the best-efforts basis on
which they've always done business should be fine for bandwidth trading as
well.
This split has frustrated attempts to create a common contract. But the whole
debate over firm versus best-efforts is at least a little bogus.
Despite traders' hard-line position, there's always room for flexibility in
markets. When Enron buys natural gas, it doesn't always use a firm contract.
If it's going to resell the gas under an interruptible - or best-efforts -
contract, it doesn't need to buy with a firm contract.
In the winter, when delivery of gas is crucial, 95% of the business is done
with firm contracts, a veteran gas trader told Bandwidth Beat. In the summer,
when delivery isn't so crucial, 75% of the business is done with firm
contracts. Special Deals No One Talks About

When carriers say they've always done business on a best-efforts basis,
they're not telling the whole truth either. Case in point are individual case
basis, or ICB, contracts.
ICB contracts aren't standardized. A buyer can get just about anything in an
ICB deal, including firm delivery, but the buyer can't tell anyone about it.
The arrangements are private and confidential.
So who can get ICB contracts? It's determined by how much a buyer is
spending, how much he knows about the market and how good he is at
negotiating, Ron Harden, director and chief operating officer of PointOne
Telecommunications in Austin, Texas, told Bandwidth Beat.
"You can always get an ICB deal if you push them hard and ... if you know
where the market is priced," he said.
So energy traders don't always do business on a firm basis, and carriers
don't always do business on a best-efforts basis.
But there's no arguing that fact that trading with a firm contract makes any
market, including the telecom market, more efficient. Buyers need to know
when their crucial orders will be filled.
Now let's go back to the fact that, at least on the carriers side of the
argument, companies don't want their names associated with the effort to
produce a standard trading agreement.
The reluctance stems from internal and external concerns. Carriers'
traditional sales staff fear bandwidth trading could cause them to lose
customers and bonuses to their company's bandwidth trading desk. And carriers
hoping to do business with both other carriers and trading companies don't
want to endanger their relations with either group.
But Jon Merriman, president and chief executive of RateXchange Corp. (RTX),
has predicted that carriers won't always shy from being mentioned in
connection with bandwidth trading. Sometime soon a telecom analyst will put a
buy rating on a carrier that uses the bandwidth market to sell unused network
capacity and increase its revenues, giving companies an incentive to open up,
Merriman said.
We'll see how long that takes.
On the Web: http://www.CompTel.org
-By Michael Rieke, Dow Jones Newswires; 713-547-9207; michael.rieke@wsj.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Sierra Pacific Shares Slump After Utility Suspends Dividend
By Elena Molinari

04/16/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Dow Jones Newswires
NEW YORK --- Interpreting Sierra Pacific Resources' suspension of its
dividend payment as a sign of poor financial health, investors sold off
shares of the utility on Monday.
At 4 p.m., shares of Sierra Pacific (SRP) were off $1.21, or 8.3%, to $13.29
after earlier falling by as much as 12% in New York Stock Exchange trading.
Sierra Pacific, which owns two Nevada utilities, said last week it cancelled
the dividend payment scheduled for May 1. The company cited high power costs
and other fallout from the energy crisis afflicting the western part of the
U.S.
The move will save the Reno, Nev.-based utility less than $20 million, it
said. The dividend policy will be reviewed at the next board meeting May 21,
the company added.
Sierra Pacific has paid a quarterly dividend of 25 cents a share in recent
quarters.
Caught between regulated retail electric prices and rising wholesale energy
costs, Sierra Pacific's situation is similar to that of California utility
PG&E Corp., which filed for bankruptcy protection on April 6.
"The company's earnings in the past few quarters have been hurt severely by
the high cost of wholesale electric power," said Barry Abramson, an analyst
with UBS Warburg. "Even though the company has been allowed to gradually
increase its retail electric rates each month, these rate hikes have not kept
up with the cost of power."
Sierra Pacific received relief in February when the Nevada Public Utilities
Commission approved a 17 percent rate increase, equal to about $300 million
of additional revenue.
The company said it still hopes to complete a $2 billion agreement to
purchase Enron Corp.'s Portland General Electric unit. The transaction, which
will also include the assumption of $1 billion in debt, has been delayed
partly because of a new California law that has blocked Sierra Pacific from
raising funds through planned sales of certain power-generating assets.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Energy Traders Raise Ante In Power-hungry California

04/16/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK (AP)--In Houston, it's known as "the power corner." Separated by
just a few city blocks, four major power wholesalers run trading exchanges
that have a strong influence on energy prices nationwide.
The trading floors run by Enron Corp. (ENE), Reliant Energy Inc. (REI),
Dynegy Inc. (DYN) and Duke Energy Corp. (DUK) represent ground zero in a
power crisis threatening the quality of life in much of the western United
States this summer.
By seizing upon opportunities created by deregulation, the energy traders
have turned up the juice in the electricity business in ways similar to how
junk bond traders ignited Wall Street in the 1980s and venture capitalists
fueled Silicon Valley last decade.
And thanks to an exemption granted in the early 1990s, nobody monitors daily
trading to detect unfair or illegal practices.
Utility bills in California have gone up nearly fourfold in the past year, to
$27.1 billion. Without fundamental changes in the energy market, this year's
bill will rise to $70 billion -more than $2,000 for every person in the
state, according to operators of the state's power grid.
The staggering electricity price increases have pushed the state's largest
utility, Pacific Gas and Electric, into bankruptcy and left No. 2 Southern
California Edison on the brink of insolvency. California's once-ample budget
surplus also has shriveled, as the state is spending about $50 million a day
to buy enough power to keep the lights on.
The energy wholesalers say they're doing nothing wrong.
They blame the high prices on the rising price of natural gas, burned to
generate electricity, and the state's botched deregulation plan. By failing
to line up reliable power ahead of time and by imposing price caps for
consumers, the state put itself into this mess, the companies say.
"There have been accusations of wrongdoing for eight months now and there
isn't a shred of evidence to support the allegations," said Gary Ackerman,
executive director of the Western Power Trading Forum, a Menlo Park, Calif.,
trade group. "People are very angry and frustrated about electricity right
now and attorneys are trying to take that anger out on us."

Anti-trust Probes

Attorneys general in Washington, Oregon and California are probing whether
the wholesalers have violated antitrust laws or engaged in unfair business
practices. A California state senate committee may issue subpoenas for
records and the testimony of top energy executives, and at least five
lawsuits accuse energy companies of market abuses.
"This is the best fraud I have ever seen," attorney Michael Aguirre of San
Diego, who is involved in one of the class-action suits. "The generators are
doing everything that you think that they might be doing, only it's worse
than you ever imagined."
The lawsuits and investigations allege that generators have conspired to
hijack billions of dollars from consumers and taxpayers by withholding
electricity from energy-starved California until the last minute, and then
supplying it at exorbitant prices.
At Enron's headquarters in Houston, energy specialists among the company's
1,500 traders swap electricity and natural gas contracts like stocks and
bonds. Mathematicians, meteorologists and economists make complex
calculations to identify where to buy the cheapest power and where to deliver
it at the greatest profit.
"They are extremely good at what they do," said Severin Borenstein, director
of the University of California at Berkeley's energy institute.
The Internet has provided the traders with the tools to do their jobs even
better. Online marketplaces and password-protected exchanges provide them
with invaluable real-time information on the buying and selling patterns of
their rivals.
Two lawsuits allege that traders have parlayed the sensitive information
collected online to fix prices artificially high, a violation of antitrust
laws.
Aguirre has spent six months assembling reams of data about traders and their
activities, but he has yet to develop concrete evidence to prove his
price-fixing allegations.

A March 21 report by California's electricity grid managers concluded that,
between last May and November, 98% of trading bids were driven up by
noncompetitive patterns of behavior.
The California Independent System Operator report stopped short of accusing
wholesalers of illegal market manipulation, but it did determine that the
wholesalers collected as much as $6.9 billion in "unjust and unreasonable"
rates.
Enron says its trading system, particularly the online exchange, has resulted
in fairer and more efficient markets. The allegations of market abuse are
"just some sour grapes from people who didn't come up with the idea in the
first place," said Enron spokesman Eric Thode.
The online exchanges and other industry Web sites provide the energy traders
with a window to see the energy availability and bids in markets around the
country.
Power industry critics, however, contend the Web's instant access provides
the traders a way to exploit a delicate supply-demand balance. If the scale
is tipped even slightly toward an inadequate supply, they say, prices soar
and energy traders reap huge gains.
"The whole trading thing is just a front that lets them game the market,"
Aguirre said. "They can get away with it because no one (outside the
industry) can figure out what they are doing."
Whatever the energy traders are doing, it's not closely monitored by
government regulators.

Blanket CFTC Exemption

In 1993, the trading of energy products received an exemption from oversight
by the Commodity Futures Trading Commission, a federal agency that oversees
commodity and options trading to protect markets from fraud and manipulation.
Energy is the only commodity that has received a blanket CFTC exemption.
The exemption was shepherded beginning in 1992 by then-CFTC chairwoman Wendy
Gramm, wife of Texas Sen. Phil Gramm. She left the CFTC three months before
the exemption received final approval in 1993. That same year, she joined the
Enron board of directors, a post that last year earned her $50,000.
Gramm, an economist at the Mercatus Center at George Mason University, said
she doesn't recall talking with Enron about the exemption, which she
characterized as a routine matter triggered by an antitrust case involving
crude oil.
"It really didn't have anything to do with Enron or any specific company,"
said Gramm. "It had to do with a general market problem."
In granting the exemption, the CFTC accepted the industry's contention that
it shouldn't be subjected to the government's usual commodities regulation
because its markets are dominated by "large sophisticated commercial
entities" capable of protecting themselves - in short, that there would be no
little people to hurt.
At the time, then-CFTC commissioner Sheila Bair scoffed at the reasoning,
comparing energy traders to boiler room sales operations that had the
potential to violate federal anti-fraud laws.
"Is it really that much of burden on market participants (for the CFTC) to
retain a sliver of authority regarding fraudulent activity?" Bair wrote in a
dissenting opinion.
Wholesale electricity prices negotiated by the traders are eventually
compiled in quarterly reports and reviewed by the Federal Energy Regulatory
Commission. And while FERC by law is supposed to prevent unfair prices, a
majority of its commissioners have advocated a hands-off approach to
California's energy crisis, insisting that the market can correct itself.
That posture may finally be changing somewhat. On Wednesday in San Jose,
Calif., FERC chairman Curt Hebert told lawmakers that his agency hopes to
begin "monitoring and mitigating" the wholesale electricity market by May 1.
This could allow FERC to preemptively influence prices.
Energy economists who have studied the market see signs of ruthless, but
perfectly legal, behavior.
Paul Joskow, an MIT economist, concluded in January that electricity
producers deliberately withheld power to drive up prices.
"Every business exercises market power when it can, so I don't know why
people are so surprised that (the generators) used their market power,"
Joskow said. "I didn't see any evidence of collusion in what they did ... It
was just good business."
Enron's specific trading methods remain a mystery even to industry analysts,
partly because the company considers its techniques to be proprietary. But it
yielded a big payoff last year - an operating profit of $1.6 billion, up 160%
from $628 million in 1999.
When electricity and natural gas prices soared to record highs in the fourth
quarter, Enron's trading profit more than tripled to $538 million.
Without providing specifics, Enron officials said the profits poured in from
all over the country.
"Our success is linked to efficient markets, not higher prices in California,
or anywhere else for that matter," Steve Kean, an Enron executive vice
president, said in January testimony before the U.S. Senate. "What we are
interested in is competitive and well-functioning markets. Our financial
success is not built on California's back."

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Independent Power Producers Expect to Meet or Exceed Forecasts
By Kaja Whitehouse

04/16/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Dow Jones Newswires
NEW YORK -- Prepare for stellar earnings among independent power producers
this quarter, because it is no surpise higher energy prices have fattened
their first-quarter numbers.
A number of electricity generators already have raised their earnings
forecasts to almost twice last year's numbers, resting fears that problems in
California would drag down earnings figures. Underlying growth has been
widening profits on volatile trades of electricity contracts.
The contracts, which trade like a commodity on the spot market, have been
fetching high prices as demand for electricity outpaces supply. Trading
volumes also have contributed to pumped-up prices because such contracts can
change hands several times before they actually end up with a retail
customer.
Strong natural-gas prices also should buoy the group's earnings this quarter.
In January, power producers were able to fetch $10 per million British
thermal units, or BTUs, on wholesale natural-gas prices. While that number
has since fallen to around $5.50, it is still well above January 2000 levels
of about $3 per BTU.
Williams Cos. (WMB), Calpine Corp. (CPN), Dynegy Inc. (DYN) and Mirant Corp.
(MIR) are among those expecting first-quarter numbers to exceed analysts'
expectations. Enron Corp. (ENE) and Reliant Energy Inc. (REI) have assured
investors they are on track to meet fiscal 2001 earnings views.
Before the slew of positive preannouncements, investors worried the group's
earnings might be dragged down by California's hurting utilities. The
utilities have been unable to pay for electricity supplied by the generators,
citing legislation preventing them from passing those costs to consumers.
Analyst Plays Down Risk From California Problems

Neal Dingman, analyst at , is among those who are dismissing the California
risks for the first quarter. The generators shouldn't write off money owed by
California yet because they largely expect to recoup it at "some point down
the line," he said. The generators have been building cash reserves to
cushion potential losses while they wait for a solution.
"In the worst case scenario, (power producers) wouldn't get paid 100 cents on
the dollar," but it's still too early to tell if that will happen, he said.
Earlier this month, it seemed investors' worst fears were realized when PG&E
Corp.'s (PCG) Pacific Gas & Electric Co. filed for Chapter 11 bankruptcy
protection. But a number of generators smoothed concerns by saying the
bankruptcy would have no effect on their numbers.
Earlier Monday, Reliant Energy reported net income of $262.5 million, or 90
cents a diluted share, up from $133 million, or 47 cents a share, a year
earlier. Revenue soared to $13.3 billion from $4.21 billion.
Earnings from continuing operations came to $208.2 million, or 72 cents a
share, two cents better than analysts' expectations, according to a survey by
Thomson Financial/First Call.
At the time Pacific Gas & Electric filed bankruptcy, Reliant assured
investors the filing wouldn't reduce its first-quarter results. In fact, the
company, which is owed about $370 million for power sold in California, said
the filing was merely a means to getting the company's receivables paid.
Pacific Gas' bankruptcy filing also pushed Calpine to say it wouldn't alter
its full-year earnings guidance. Two weeks before the Pacific Gas bankruptcy
filing, Calpine boosted its full-year 2001 guidance to $1.80 a share from
$1.50.
As of March 31, Calpine recorded about $267 million in money owed by Pacific
Gas & Electric, plus a $68 million note receivable. Calpine is still
considering how it will treat these debts on its first-quarter financial
results. Unlike the other power producers, Calpine didn't reserve any cash to
cover unpaid debts.
Some analysts have said Calpine may have to take charges in coming months if
the Pacific Gas debts aren't paid. But most agree that the charges wouldn't
affect the first quarter. Analysts expect Calpine to post earnings of 23
cents a share, three times last year's seven cents a share but below last
quarter's 34 cents a share. Refunds Could Hurt Future Quarters

The group seems to have escaped a looming first-quarter concern over demands
that some of the hefty profits made on trades in times of low supply be
returned. Earlier last month, the Federal Energy Regulatory Commission
ordered 13 power producers to either justify the steep prices they charged in
California or refund million of dollars to the utilities.
Hardest hit were Dynegy and Williams, which are fighting orders to refund
$45.8 million and $29.6 million, respectively. But even in the midst of
troubles with FERC, the companies raised their first-quarter forecasts above
Wall Street estimates.
Citing improved performance in energy trading and gas exploration, Williams
said it expects first-quarter earnings of between 65 cents and 75 cents a
share.
Dynegy raised its outlook for the quarter to 40 cents a share, citing success
in its core convergence business.
Barry Abramson, analyst at UBS Warburg, is among those who think refunds on
the overcharges aren't severe enough to dramatically hurt future earnings.
"This is still a small portion of the money made out of California," he said.
"It's a small risk."
Only Dominion Resources Inc. (D) of Richmond, Va., is considered safe from
California's price wars because it focuses on the Eastern states. Analysts
expect the company to earn $1.14 a share for the quarter, only 10 cents a
share above last year.
Analysts predict Mirant Corp. (MIR) will post 47 cents a share for the
quarter. The company anticipates earnings in the range of 46 cents a share to
48 cents, compared with earnings of 28 cents a share a year earlier.
Enron, however, hasn't provided guidance for the first quarter, but sees an
"outstanding quarter" because gas and power trading volumes are up. The
company, which earned 40 cents a share in the year-earlier quarter, sees
full-year 2001 earnings of 45 cents a share.
While the generators will likely brush aside the risks of California in the
first-quarter, some suspect troubles could catch up to them in months to
come.
The imbalance between supply and demand in an unregulated market has boosted
the generators' profits, but whether they will continue to roam free remains
to be seen. There is still the risk that FERC may cap wholesale prices to
appease California legislators, and there also is the potential for
California to seize low-cost electricity contracts to control what they see
as an outrageous market.
"It is a positive story, but there is still that black cloud out there until
these issues can be cleared," Dain Rauscher's Mr. Dingman said.
-- Write to Kaja Whitehouse at kaja.whitehouse@dowjones.com
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Seattle City Utility Racks Up $92 Million in Power Purchases in March
Jim Brunner

04/16/2001
KRTBN Knight-Ridder Tribune Business News: The Seattle Times - Washington
Copyright (C) 2001 KRTBN Knight Ridder Tribune Business News; Source: World
Reporter (TM)

Seattle City Light spent a record $92 million buying power on the market in
March, more than any month in its 91-year history.
City Light officials say the cost of buying power for local residents and
businesses eclipsed the previous records -- $84 million set in February and
nearly $80 million in January.
To put that in perspective: In 1999, before the current power crisis, the
utility's total power bill for the entire year was $90 million. "We're
spending that every month now. The dollars that are involved are staggering,"
said Paula Green, deputy superintendent of City Light.
It's a cash hemorrhage brought on by Washington's drought, which means less
water in the reservoirs at city-owned dams. That increases Seattle's need to
purchase electricity on a market where prices have zoomed to unprecedented
levels.
Adding to the frustration for Seattle city officials is the fact that most of
that money is flowing to out-of-state utilities and power brokers who are
profiting enormously from the energy crunch.
Last month alone, the bill from Enron, a Houston-based corporation, was $25.5
million, putting it well ahead of the No. 2 seller, California's Sempra
Energy, which sold $7.4 million worth of electricity to City Light.
City Light still gets most of the 1,200 megawatts necessary to serve its load
from city-owned dams and from its contract with the Bonneville Power
Administration (BPA). The utility buys only about 15 percent of its power on
the market. But that thin slice now accounts for more than 90 percent of its
power costs.
Part of the explanation for March's record power-buying binge was City
Light's recent decision to store up extra water behind Ross Dam on the Skagit
River instead of spilling it through the dam's power turbines.
In a normal water year, City Light officials would be spilling water for
energy and expecting it would be replaced with spring runoff. Now, they're
saving the water so it can be spilled later to help salmon runs and to
generate power for Seattle this summer, when energy prices are expected to
surge even higher, to more than $400 per megawatt hour.
"We're insulating ourselves. By putting out one eye now, we're avoiding
cutting off our head later," said Bob Royer, City Light spokesman.
Seattle ratepayers are feeling the pain, with a 28 percent City Light rate
increase so far this year. More rate increases are likely on the way.
Higher rates have also led to plant closures and layoffs in Bellingham and
Spokane.
Meanwhile, Enron's revenues more than doubled last year, to $101 billion. Its
stock prices surged to end the year at $88 a share, up from $44 the year
before. The stock was trading at $57 a share last week.
"It doesn't just feel unfair, but immoral that these major companies like
Enron are making billions of dollars at the expense of everyday people and
businesses," said City Councilwoman Heidi Wills, who chairs the Council's
Energy and Environmental Policy Committee.
"There's this enormous transfer of wealth from our ratepayers to the
shareholders of these companies," Wills said.
Northwest leaders have called for the Federal Energy Regulatory Commission to
impose price caps. But opponents say price caps would do nothing to encourage
the construction of new power plants, or energy conservation.
Karen Denne, an Enron spokeswoman, said it's unfair to fault the company for
selling power at prices dictated by the free market. "Enron is providing
electricity to a market that needs it," Denne said. "It's unfortunate when
regulators are pointing fingers, looking to fix blame, when this is a problem
of supply and demand."
The company hails from President George W. Bush's home state of Texas, and is
one of the top "soft money" donors to political campaigns. Enron and its
executives gave $435,000 to the Democrats and $1.2 million to Republicans
last year, according to Common Cause.
Its chairman, Kenneth Lay, has consistently been one of the top donors to
Bush's presidential and gubernatorial campaigns.
Enron doesn't own a lot of dams or power plants. Instead, the company makes
money as a middleman -- buying power from utilities and then reselling it for
a profit. The company, formed in 1985 from the merger of two pipeline
companies, has become the largest trader of wholesale electricity in North
America.
Part of its success in the energy market stems from its groundbreaking use of
the Internet to make buying electricity as easy as ordering a book online.
You just point, click and spend.
"It's easier than Amazon," said Steve Lewis, a power marketer with City
Light, demonstrating the company's Web site. It lists available power
"products" and the asking price for both buyers and sellers.
Lewis and other power marketers monitor City Light's projected power needs
and then use the phone or Internet to schedule electricity for the next hour,
next day or months ahead. They try to find the best price available, but it's
clearly a sellers' market.
Utilities routinely buy power that used to cost $30 per megawatt hour for
more than $200. At times last month, City Light was buying power for $450 a
megawatt hour. And it's not because the cost of generation has gone up.
"This is pure profit," said Green, deputy superintendent of City Light.
There is evidence that the Northwest is in some ways being hit even harder
than California, whose experiment with deregulation is blamed for roiling the
power markets. A recent analysis found that Pacific Northwest utilities are
paying the highest prices in the nation for the next-day delivery of
wholesale power.
However, regional utilities also sell power for extraordinarily high prices.
In fact, some of the highest average prices paid by City Light last month
were to neighbors.
Puget Sound Energy, Western Washington's largest electric utility, charged
City Light the highest average price of any seller last month, at $303 per
megawatt hour, according to City Light's preliminary billing estimates.
Spokane's Avista Energy charged $281.
That compares with Enron's average price of $173 per megawatt hour and an
overall average of $194.
The BPA, by comparison, charges City Light $22 per megawatt hour.
City Light typically relies on local utilities more when it needs power
delivered immediately. And prices for short-term deals can be higher
depending on the time of day. The city has only a long-term contract with the
BPA.
Despite the record-setting month, city officials hope they'll be in better
shape before the year is out. Mayor Paul Schell has taken to calling Oct. 1
Seattle's "energy independence day" because that's when the city will begin
receiving more hydroelectric power under a new contract with the BPA.
The historically cheap BPA power, combined with a contract with a gas-fired
power plant in Klamath Falls, Ore., should reduce the city's reliance on the
open market, city officials say.
But the BPA, too, has been stricken by higher market power costs and may have
to increase its rates to City Light by 250 percent. The City Council has
already agreed to pass those higher costs on to Seattle ratepayers although
it's unclear how much that would raise the bill of the average person.
Even at a higher rate, City Light officials regard the BPA power as a good
long-term strategy for getting power costs under control. If they succeed,
the rate increases approved this year could eventually be rescinded.
Until then, local ratepayers will have to keep writing bigger checks to City
Light with the knowledge that some of their money will find its way to Texas.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Sierra Pacific Shares Fall After Dividend Canceled (Update2)
2001-04-16 16:17 (New York)

Sierra Pacific Shares Fall After Dividend Canceled (Update2)

    (Updates with closing share price. For more on the California
electricity crisis, see {EXTRA <GO>}.)

     Reno, Nevada, April 16 (Bloomberg) -- Sierra Pacific
Resources shares fell 8.3 percent after the owner of Nevada's two
largest utilities canceled its May quarterly dividend because it
may need the money to buy electricity.
     Shares of Reno, Nevada-based Sierra Pacific fell $1.21 to
$13.29. They've dropped 17 percent this year.
     Sierra Pacific, which sold power plants last year to win
regulatory approval of the merger that created the company, has
lost ``hundreds of millions of dollars'' buying power at prices it
can't pass on to customers, Chief Financial Officer Mark Ruelle
said Friday. He declined to be more specific.
     Nevada regulators allowed the company's utilities to raise
rates by 17 percent in February, though the increase won't end
losses, Ruelle said.
     The company, which has more than 300,000 customers in Nevada
and California, has paid a quarterly dividend of 25 cents since it
was created in the July 1999 merger of Sierra Pacific Resources
Inc. and Nevada Power Co. It lost $18.2 million, or 23 cents a
share, in the fourth quarter because of the surge in power prices.
     The average price of electricity in the west rose more than
ninefold last quarter from a year ago.

                        Nevada Legislation

     The Nevada legislature is considering letting the company
recover debt by keeping rates high after power costs drop, Sierra
Pacific spokeswoman Faye Andersen said. The measure also would
block Sierra Resources from selling a 14 percent stake in the
Mohave coal-fired power plant in Laughlin, Nevada, Andersen said.
     Sierra Pacific had agreed to sell its Mohave stake to
Arlington, Virginia-based AES Corp. to win regulatory approval for
its $3.1 billion purchase of Portland General Electric from
Houston-based Enron Corp.
     The sale of Portland General, which has 700,000 customers in
Portland, Oregon, was stalled in January after California
regulators barred utilities from selling generators until 2006
because of the state's energy crisis. Southern California Edison
had agreed to sell its 56 percent stake in the Mohave plant to AES
as part of a joint transaction with Sierra Pacific.
     Southern California Edison, California's second-biggest
utility, is owned by Rosemead-based Edison International. Edison
agreed last week to sell its power-transmission lines to the state
for $2.76 billion to avoid bankruptcy. Edison has $5.4 billion in
losses from buying power at prices far exceeding what it could
charge customers.


oh joy.

-----Original Message-----
From: Mara, Susan
Sent: Thursday, November 08, 2001 1:58 PM
To: Dasovich, Jeff
Subject: RE: Retail Energy Foresight--FREE Trial Issue

This is where Julie works now

-----Original Message-----
From: Dasovich, Jeff
Sent: Thursday, November 08, 2001 11:57 AM
To: Mara, Susan
Subject: FW: Retail Energy Foresight--FREE Trial Issue

FYI.

-----Original Message-----
From: Foresight [mailto:foresight@xenergy.com]
Sent: Thursday, November 08, 2001 1:40 PM
To: foresight@xenergy.com
Subject: Retail Energy Foresight--FREE Trial Issue

Dear Colleague:

Need information on retail energy markets?

Retail Energy Foresight, a bimonthly publication with switch
rate predictions and thoughtful analysis, is what you need
to understand today's volatile retail energy markets.

Download FREE trial issues from XENERGY's web site at
http://www.xenergy.com/foresight

Every issue of Retail Energy Foresight presents:

 --> Switch rates by utility service territory and customer
class from around the nation;

--> Predictions of switch rates for Pennsylvania, Illinois,
and other markets;

--> An intimate look at markets and related topics; in the
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--> All of the above served up with our own brand of humor
to make retail energy markets actually fun to read about.

Take a look at what Retail Energy Foresight has to offer.
We think you'll agree it's a valuable and unique analysis
publication, and hope that you're tempted to subscribe.  To
do so, print out and fax back the order form on the last
page of any issue (from our Web site) or call me at
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Regards,

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Editor - Retail Energy Foresight
sweber@xenergy.com
Tel. 781.273.5700 x387
Fax 781.273.9368

About Us:  Retail Energy Foresight is published by XENERGY,
an energy consulting firm with 25 years experience,
specializes in understanding the retail energy markets. With
the help of our clients, we have invested over $8 million
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to provide the analysis and predictions you need to thrive
in this new arena.

If you would like to have your e-mail address removed from
this mailing list, please reply with "remove name" in the
subject field.


----- Forwarded by Tana Jones/HOU/ECT on 05/09/2001 03:40 PM -----

	Mark S Palmer/ENRON@enronXgate
	05/02/2001 09:32 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: FW: NDA for Citigroup

Input info for the NDA
--------------------------------

Legal name of the company:
 Citigroup Inc.

Business contact name at the company (who will receive the NDA):
 Paul S. Galant

Business contact email & phone (& fax, if applicable):

Company's address:
 388 Greenwich Street
 39th Floor
 New York, NY 10013

Nature of discussion:
 Project Offline

NDA delivery format? (soft copy, hard copy printout):
 email soft copy to Mark S. Palmer
 Mark will print and Philippe Bibi's office will deliver

Delivery method? (send email, send hard copy by mail, Fedex, fax, deliver
hard copy to Originator):
 Please email to Mark S. Palmer

Legal contact at the company (optional but helpful):
 Not known


Tana:
Mark has asked me to handle the Mexico issues in connection with EOL
trading.  I understand that you have copies of what has been sent to and
received from Mexican counsel.  Could you before you leave tomorrow give me
copies of all correspondence as well as copies of the more current
questionnaires taht we have been sending out so that I can start following up
with them on Monday?  Thanks.
Carol


what happened to you at CAT"S?  we could not find you.

CKL

 -----Original Message-----
From: 	Lenhart, Matthew
Sent:	Monday, October 22, 2001 10:59 AM
To:	Landry, Chad
Subject:	RE: TheStreet: Trusts Keeping Enron Off Balance

this is unbelievable.  seems like the worst is yet to come.  if they have to end up issuing more stock this thing can go to $10.

 -----Original Message-----
From: 	Landry, Chad
Sent:	Monday, October 22, 2001 10:27 AM
To:	Lenhart, Matthew; Bass, Eric; Plauche, Stephen
Subject:	FW: TheStreet: Trusts Keeping Enron Off Balance

hey plauch, still think it is impossible for this stock to take on a one-handle.  just read below.

ckl

 -----Original Message-----
From: 	Kiani-Aslani, John
Sent:	Monday, October 22, 2001 8:33 AM
To:	Gonzalez, Andrea
Subject:	TheStreet: Trusts Keeping Enron Off Balance

 << File: Trusts Keeping Enron Off Balance.htm >>


Jeff -
okay,  here's an earlier outbound -- please review -- these are getting
ticketed today one way or the other!

Outbound:
UNITED AIRLINES #492 Departs Wed. 13JUN SFO @ 12:20PM Arrives Denver 3:49PM

Return: (same as before)
UNITED AIRLINES #533 Departs Fri. 15JUN DENVER @ 2:35PM Arrives SFO 4:04PM

Re: your Hertz rental car -- Cynthia says just return it when you're done
with it -- they'll readjust the rate accordingly!

THanks,
Joseph


I am talking to GFI for North America.  GFI originally called us concerning Europe but backed down and didnt want to pay. I will ask again if they want Europe.

Natsource Europe is in contract discussions with us for Europe and UK Gas and Power.  They asked us to throw in coal and the coal group said no.  I have tried to get them to change their position as this will add liquidity.  Ask them why they do not want Natsource. They pay nothing for executions by Natsource.

TFS has not been contacted concerning Europe.  Feel free to contact them and try to get a deal.  Call me to discuss.

 -----Original Message-----
From: 	Goddard, Paul
Sent:	Tuesday, June 05, 2001 1:23 PM
To:	Shults, Bob
Cc:	Zipper, Andy
Subject:	Int'l Coal & Broker Client

According to the International Coal desk, the three brokers that have expressed interest are:

-	TFS
-	GFI
-	NatSource

Apparently the desk is not as enthusiastic about NatSource from their perspective, though they would be happy to see the other two getting access.

Let me know if I can further assist.

Thanks,
Paul


---------------------- Forwarded by Don Miller/HOU/ECT on 11/17/2000 12:56 PM
---------------------------

	From:  Chris Meyer                           09/26/2000 04:13 PM

To: Don Miller/HOU/ECT@ECT
cc:
Subject: ENA Plants


We arrive in Denver on Saturday evening (the 10th).  We will stay that night
and leave sometime on Sunday for Silvercreek.  We will return to Denver on
Friday the 16th and stay the night.  Our plane back to Houston is early
Saturday morning.  We are staying at a place in Silvercreek (I had not heard
of this place before Kristi's friends made the plans) for 5 nights.  I think
we want to ski there and possibly in Winter Park (it is supposed to be within
15 miles).  How's the weather in Denver these days?  We look forward to
seeing the two of you.  Thanks.

DG

"Sean Mayers" <smmayers@earthlink.net> on 02/17/2001 10:21:28 AM
To: <Darron.C.Giron@enron.com>
cc:
Subject: Re: March

Let me know again what the days are.  Also, let me know what you guys what
to do.  I can get lift tickets for about $43 at the grocery store.  Talk to
you later.

Sean


CALENDAR ENTRY:	APPOINTMENT

Description:
	Larry Davis/ Flash Mtg.  conference room 42C2

Date:		11/29/2000
Time:		2:30 PM - 3:30 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


---------------------- Forwarded by Angie Zeman/Corp/Enron on 01/26/2001
08:24 AM ---------------------------

"Angie Zeman" <angiez_1@hotmail.com> on 01/26/2001 08:17:20 AM
To: angie.zeman@enron.com
cc:
Subject: Fwd: sooty
_________________________________________________________________

 - sooty.jpg


Mark:

First, the new version of VisuPro (Version IV) will use standard local time,
not daylight time. This means that during the year it will be off by one hour
for 1/2 of the year.

Second, the plant pc cannot have more then one version and copy of VisuPro
running at one time. If it does then strange things happen. I will ask our
SCADA people to make sure that Joe does not run more then one copy of VisuPro
on any plant pc.

Regards

KLC

Mark Fisher
06/17/2002 09:18 AM
To: Ronald Brzezinski/EWC/Enron@ENRON
cc: Kevin Cousineau/EWC/Enron@ENRON, Joe Chapman/EWC/Enron@ENRON, Alaadin
Suliman/EWC/Enron@Enron, Hollis Kimbrough/EWC/Enron@ENRON

Subject: Questions/Observations about VisuPro

Ron,

While I was at Mill Run/Somerset last week a few things came up about
visupro.

First a question about the new version. As I understand it, the new version
is going to use "local time". Is this local STANDARD time or local time
(taking Daylight Savings time into account)? The owner's representative
indicated a preference for local standard time.

Now for a couple of things Joe Thorpe at the site mentioned. He has observed
that if two copies of visupro are running at the plant, then 10-minute data
does not get written. Second if visupro (at the plant) has the errdev file
open, then new data does not get written to the file. Are you aware of these
observations? If not you might want to contact Joe Thorpe and see if he has
additional examples, and do some kind of testing. These are probably issues
with the way that Paradox locks files.

Mark Fisher


Dear Priority Investor,

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found this brochure to be helpful in evaluating and refining your
investment plan.

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allocation, dollar cost averaging, and diversification, you may visit us
online at http://www.americancentury.com/info/tools.

It is a pleasure to have you as an American Century Priority Investor.
Please feel free to contact us at
https://www.americancentury.com/contact

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Senior Vice President
American Century Investment Services, Inc.

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David,

I am  sending you the questions submitted by Petronas for our meeting on
Feb 8.

Are you going to invite additional RAC people to the meeting (Bill Bradford
would be helpful with credit questions, Bjorn may be interested as well).

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/23/2001
09:43 AM ---------------------------

KhairuddinBMJaafar@petronas.com.my on 01/22/2001 09:34:16 PM
Please respond to khairuddin_mjaafar@petronas.com.my
To: vkamins@ect.enron.com
cc: azminab@petronas.com.my
Subject: Benchmarking questionnaires

Vince,

Attached are two sets of benchmarking questionnaires for your kind perusal.

Regards,
Khairuddin
(See attached file: q_bench_rms.doc)(See attached file: Feb 5-17,2001.doc)

 DISCLAIMER  : This e-mail and any files transmitted with it ("Message")
 is  intended  only  for the use of the recipient(s) named above and may
 contain  confidential  information.   You  are hereby notified that the
 taking  of  any action in reliance upon, or any review, retransmission,
 dissemination, distribution, printing or copying of this Message or any
 part thereof by anyone other than the intended recipient(s) is strictly
 prohibited.  If  you  have  received  this Message in error, you should
 delete this Message immediately and advise the sender by return e-mail.
 Opinions, conclusions and other information in this Message that do not
 relate  to  the official business of PETRONAS or its Group of Companies
 shall be understood as neither given nor endorsed by PETRONAS or any of
 the companies within the Group.

(Embedded image moved to file: pic24962.pcx)
 - q_bench_rms.doc
 - Feb 5-17,2001.doc
 - pic24962.pcx


luv you too

dq

 -----Original Message-----
From: 	Quigley, Kay
Sent:	Thursday, November 29, 2001 9:31 AM
To:	Quigley, Dutch
Subject:	ily

hey hon- just wanted to let you know I love you and
thank you for your support and good spirits with everything
that is going on...please let me know if I can do anything for you today
little Rex slept in my lap this morning while I watched Today show- he's so sweet
kq


Michelle Lokay,

Fellow HEA Members:

Please read the attached letter carefully and forward any comments or
suggestions you may have to the HEA office.  Your input in this regard is
critical to the HEA continuing to serve its members.

-----------------------------------------------------------
This message was sent by:

Steve Becker, President
Houston Energy Association (HEA)
Phone: (713) 651-0551
Fax: (713) 659-6424
sjbecker@columbiaenergygroup.com

If you would like to have your email address removed from our mailing list,
please click the link below to the HEA Home page, where you will find a
mini-form to remove your name automatically.

http://www.houstonenergy.org/
?O1.-?:?


There are 2 sheets in the following attachment that contain Enron transactional data for the Intercontinental Exchange (ICE) and Dynegy Direct, labeled as follows:
"Enron Activity - Dynegy Direct"
"Enron Activity - ICE"

Note: Total activity for Dynegy Direct is not available, therefore Enron's Percentage can not be calculated.

Let me know if you have any questions or comments.

Matt Motsinger
EnronOnline
713-853-5221

<Embedded Picture (Metafile)>


In Rice Village.  Take a left off of Kirby onto University.  It is on the
Second Floor on the Left side ( Across from Mi Luna).

Christa Winfrey
01/10/2000 02:56 PM
To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Re: Saturday night follow up

where is Two Rows?


Jeff (CES) and I just had a nice chat about the Choice program. Jeff
mentioned the "famous contracts" that should be used for Choice Peaking
outside the SST. I double checked with Joann and these contracts are being
used for CES Endusers (C&I customers) as follows:

37956 600 CES EU
61822 4000 CES EU
61825 8000 CES EU
61838 1000 CES EU
61990 2000 CES EU
65402 13400 CES EU (contract total is 20,000)
65418 500 CES STOI
66931 4000 Jeff this is Enron's transport. The Paulding contract went away
effective 4/1/2000.
67693 1200 CES EU
 Rest  CHOICE
38021 19041 CES EU (note... we are using Dayton, because not enough capacity
for CES EU)
38021 27,000 STOI

If you want us to use these contracts for Choice, we would have to cut the
CES EU volumes to 0. This would impact about 40 nominations on TCO side. You
would have to ask Kara/Heidi/Kim/Donna... how many nom's on their side.
Because of the labor involved and the general consensus not to cut CES EU
markets, we have always left these nom's alone. We have found other capacity
for Choice gas above the SST capacity (54,000 now and 134,000 in the winter).
There are many different options... and we can discuss them over a conference
call.

The other item to consider, the Choice program requires us to have some STOW
to use to balance Choice burns. Currently, I have been doing 50/50 to 60/40
split (pool/stow). The baseload target is 20,000. Actual STOW for April has
been 2400 to 42,000 depending on mother nature. This is up for discussion...
I used to discuss this with Paul and Noel on daily basis. Now, I'm just doing
it on my own.

Lastly, our target for net STOI is 36,000 a day. We have been calling for
overinjections, caused by mother nature and choice actuals. My understanding
is that CES had a different goal for net STOI... we just need this clarified
and can move forward for the rest of the month. We have typically tried to
meet the EOM goal, not necessarily a daily goal because of choice actuals
cause havoc. Therefore, we can get the net STOI back in line... with the
remainding days.

Hope this covers it.

Chris Germany@ECT
04/11/2000 02:01 PM
To: dkinney@columbiaenergygroup.com, jporte1@columbiaenergygroup.com
cc: Joan Veselack/Corp/Enron@ENRON, Molly LaFuze/HOU/ECT@ECT

Subject: Storage

Hey gang.  Joanie is still working on current day activity.

Joanie, please call Jeff Porter at 703-561-6447.

I will try to update this worksheet every other day if not every day.
---------------------- Forwarded by Chris Germany/HOU/ECT on 04/11/2000 01:26
PM ---------------------------

Chris Germany
04/11/2000 07:31 AM
To: dkinney@columbiaenergygroup.com
cc:
Subject: Storage

Here is a quick and dirty worksheet.  I've been trying to come up with a
total daily activity worksheet on "Sheet 2".  The storage numbers and choice
numbers are on "Sheet 3" and the proxy numbers with the daily storage volumes
are on "Sheet 1".


My proposed changes.
----- Forwarded by Steven J Kean/NA/Enron on 01/21/2001 05:01 PM -----

	Elizabeth Ivers
	01/21/2001 03:23 PM

		 To: Mark Palmer/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron
		 cc: Mark Koenig/Corp/Enron@ENRON
		 Subject: California

A starting point for the California section of the Conference Call script.
Please comment.  Thanks.


I updated that systems matrix recently, in preparation for our much
rescheduled meeting with AA on risk controls.  That is on my calendar for
Friday morning this week, so I will bring copies with me to that meeting.

I have been publishing an ENA operations report monthly since June.  To date,
I have been reviewing it with Dave Delainey, fine-tuning each month the types
of information and format that he likes.  I will bring you a copy tomorrow
and would like your input on content and format as well.  With the recent
reorganization, I am working with EGM and EIM to create the same report.
After we have mastered that here in Houston over the next month or so, I plan
to share the format with London so that all of our wholesale businesses can
use the same format.

In addition to these monthly operating reports, we are working on a daily
report to be operational by the end of the fourth quarter that will track
compliance with our fundamental operating standards.  We are in the phase of
determining the source of reporting (systematic or manual) and the frequency
of reporting (daily, weekly, monthly) for all commodities and locations
against the operating standards.  As we get this to a first draft stage, I
will share this with you, as well as the timeline for full implementation.
--Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 09/21/2000 05:55 PM
---------------------------

Richard Causey@ENRON
09/21/2000 05:27 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Global Systems Matrix

is this the latest?  Also, how are we coming on an operational position
report?  I know it would be rough but I would like to start producing
something sooner rather than later.  Thanks
---------------------- Forwarded by Richard Causey/Corp/Enron on 09/21/2000
06:22 PM ---------------------------

Brent A Price@ECT
06/09/2000 06:08 AM
To: Richard Causey/Corp/Enron@ENRON, Sally Beck/HOU/ECT@ECT, Ted
Murphy/HOU/ECT@ECT
cc:

Subject: Global Systems Matrix

Rick - You had asked a while back for a matrix that captures all of the
different systems used by commodity, by office and by functional group.  This
(draft) version encompasses Houston and London activities.  We will expand
this document to include other offices and products in the next few months.
Let me know your questions and comments.


----- Forwarded by Shonnie Daniel/HOU/ECT on 08/22/2000 01:26 PM -----

	Jeff Gilliam@ENRON
	08/22/2000 12:04 PM

		 To: Shonnie Daniel
		 cc: Ken Choyce
		 Subject: Equipment descriptions

Shonnie,

Let me know if this is what you need.  If this does not work let me know via
my cell phone (720) 635-8054.

Jeff Gilliam


I've heard some mumbling about problems with EES deals, so this doesn't come
as much of a surprise. Here's what I've done:

On the first deal, #481619, I'd feel more comfortable if Mike Swerzbin, the
trader who did the deal, gave his okay to change the price. I've left a
message with him to verify the price, and at the very latest I'll see him
tomorrow morning.

Deal #480433 cannot be killed because it contains liquidated strips; however,
it looks like Phil Platter, the Short Term California scheduler, has alreday
zeroed out the deal. Will this work? Or is there another method by which I
can go about killing a deal? (Sorry to ask so many questions, but 90% of our
office is already gone for the holidays and quite difficult to get ahold of.)

I've changed #481620. I think the trader just overcompensated for the change
back from Daylight Savings Time. I'll remind these guys to always enter PPT
for the time zone, to be on the safe side.

I hope this solves at least some of the problems for now. I'll let you know
as soon as I talk to Swerzbin tomorrow. Let me know if there's anything else.

Kate

	From:  Sharen Cason                           12/20/2000 12:48 PM

To: Kate Symes/PDX/ECT@ECT, Kimberly Hundl/Corp/Enron@Enron
cc:

Subject: problems!

Happy Holidays!

We have a few problems with deals with EES.  We have tried to get them
straightened out here, but I think it has come to the traders duking it out.
Our contact at EES, Judy Dyer has checked these deals with her traders and
they won't come around to our way of thinking on these deals.

Deal #481619 should be $145.00 even.  The trader says the deal was done
direct and they are not paying the 5 cent charge

Deal # 480433 should be killed.

Deal # 481620 is not input correctly.  This is another one where the hours
have been duplicated.  The first strip and the last strip repeat 10/29 for
the same hours.  This makes the total Mws on the deal doubled by the amount
that flows that day which is 400.

Thanks and you have a Merry Christmas, ya' hear!


It will be on the Calp invoice... which Enron was reimbursing Calp. So... we
will probably now need to get $$$$ back from Calp. What a joy!!!!!!!!!!!!

Mark Feldman@ECT
05/12/2000 04:23 PM
To: Joan Veselack/Corp/Enron@ENRON
cc:

Subject: Re: TCO PENALTIES - REVERSED!!!!!!!!!!

I do not see any credits on this current bill which is 4/00 production.

Joan Veselack@ENRON
05/12/2000 09:53 AM
To: Mark Feldman/HOU/ECT@ECT
cc:
Subject: TCO PENALTIES - REVERSED!!!!!!!!!!

FYI... please pass on to others that I missed in your arena.

---------------------- Forwarded by Joan Veselack/Corp/Enron on 05/12/2000
09:51 AM ---------------------------

Joan Veselack
05/12/2000 09:50 AM
To: Scott Neal/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT, Robin
Barbe/HOU/ECT@ECT, Maureen Smith/HOU/ECT@ECT, Sarah Mulholland/HOU/ECT@ECT,
Scott Hendrickson/HOU/ECT@ECT, Robert Superty/HOU/ECT@ECT, Katherine L
Kelly/HOU/ECT@ECT, vlamadr@enron.com, Scott Goodell/Corp/Enron@ENRON, Chris
Germany/HOU/ECT@ECT
cc: Joann Collins/Corp/Enron@ENRON, Robert Allwein/HOU/ECT@ECT

Subject: TCO PENALTIES - REVERSED!!!!!!!!!!

TCO decided to reverse the penalties Enron incurred in January and February.
The credit is on the TCO's invoice for April.

January = $13,424
February = $13,775

Total Credit = $27,199

TCO Team discussed this penalty situation with TCO's VP, Marsall Lang. TCO
decided that Enron had not abused the system and did not overrun the TFE
(Total Firm Entitlement). YEAH!!!!!!!!!!!!!!!!!!!!!!!!!!!!


On Friday night we discovered that the planned maintenance at Palo Verde for
Sunday was  a "go" again.     The cash traders/preschedulers had been told
that the work was cancelled.

R. Slinger and Leaf rerouted 150mw's of onpeak energy  that was routed/tagged
to go to the PX,   saving the company $48,096.   The PX cleared for zero's
much of the onpeak hours, as there was major cong. at PV.    They sold to LA
directly 100 mw's and also booked out 50mw's with the generator (TEP) of one
of the preschedules.    Our desk retained the majority of the savings, as
indicated below.

This was a good exercise,   as it demonstrates how we can "jump chain" on
certain curtailed paths and settle directly with the generator's to avoid
inadvertancy.
This was done and the system balanced perfectly.

Good job!!

JMF

---------------------- Forwarded by John M Forney/HOU/ECT on 10/23/2000 02:21
PM ---------------------------
From: John M Forney on 10/23/2000 08:37 AM
To: Mark Fischer/PDX/ECT@ECT
cc:
Subject: Sunday Palo Verde Preschedules

Mark,
As discussed,   we've rerouted your onpeak Palo Verde (150 mw's) schedules
that were destined to go to the P/X,    We sold 100 mw's to LADWP for $38 -
see deal #440641.   We also booked out 50mw's at $50 with TEP - see deal
#440642.
For ease of accounting,  these sales were entered under your book,  ST SW,
so you are flat for this day.

The P/X onpeak average was, as I calculated,  $21.96.
The wt. avg price of the bookout/ sales agreements was $42.   The net,  of
course,  is $20.04.

Enron saved:

$20.04 * 150mw's  * 16 hrs =  $48,096

Our split was 70%,  so we should enter an annuity for this amount,
$33,667.20.

If you agree,  let me know and I will enter the deal.

Thanks for the "heads up."  This was a good call for the company.

JMF


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?

CRISIS... AND OPPORTUNITY?
Power Markets 2001

March 14-16 | Aladdin Hotel | Las Vegas

Click here to view?
 CRISIS AND OPPORTUNITY: POWER MARKETS 2001
http://www.pmaconference.com/0103Agendah.pdf

[IMAGE]

February 26, 2001:
Crisis and Opportunity Update

If you're like the tens of thousand of others who read the Power Marketing
Association's Daily Power Report, you know that our industry faces
unprecedented crisis.? Blackouts, credit crunch, electric and gas price
volatility, low hydro levels--? and we're not even near the summer.?? What
are we facing??

Now is the time to think, to plan, to solve tomorrow's problems before they
arise.?? Join us at the Power Marketing Association's Seventh Annual Spring
Meeting: Power Markets 2001: CRISIS AND OPPORTUNITY:? MARCH 14-16, 2001,
Aladdin Hotel, Las Vegas, NV.

Crisis grabs the attention, but the opportunities are almost palpable.? Just
click on the headline for the full story at powermarketers.com:

Duke Energy North America Breaks Ground on New Merchant Power ?Facility
 Duke Energy North America (DENA) ?breaks ground on a new $250 million
electric power generating facility in Arlington Valley, Ariz. The Arlington
Valley Energy Facility, a 570-megawatt merchant power plant, will supply
electric power to the wholesale market by summer 2002.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/comtex/2
001/02/20/pr/0000-3437-tx-kinder-morgan

Federal Power Agency Issues Largest Wind Solicitation Ever?
The Bonneville Power Administration's (BPA) decision to solicit proposals
Feb. 21 for 1,000 megawatts (MW) of new wind energy generating capacity is a
"major breakthrough" for the increasingly-competitive clean energy
technology, the Washingon, D.C.-based American Wind Energy Association?
(AWEA) said today.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/writersd
esk/2001/02/23/eng-powerm-000001/eng-powerm-000001_161950_109_801785273012

THE POWER OF PEAK SHAVING -- and LIFE-CYCLE COSTING
With peak-demand-controlled rates, businesses can realize as much as a
60-percent discount on monthly demand charges if they agree to reduce the
electric power demand to a predetermined level when the utility imposes a
control period.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/cahners/
2001/02/23/eng-cahners_specifyingengineer/eng-cahners_specifyingengineer_19205
6_184_352937249932

A POWER GRAB BY POLITICIANS
...Where power plants were to be built, or where high-voltage lines would be
strung, might well depend on who could, and could not, bring political
influence to bear, rather than what the system needed to work efficiently.
...With the threat of further blackouts looming, legislation is being drafted
to designate which customers will suffer and which will not -- ?Should
farmers be cut off, or biotechnology facilities, or computer chip plants, or
schools?
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/sacbee/2
001/02/23/eng-sacbee_politics/eng-sacbee_politics_124330_96_9265580526553

TAX LAWS REWARD ENERGY-SAVING INVESTMENTS
The Internal Revenue Service business energy investment credit is equal to 10
percent of the cost (or basis) of energy-saving property -- equipment or
facilities -- placed in service during the year.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/comtex/2
001/02/22/bw/0000-2827-ca-society-of-cpas

?
Click here to view?
 CRISIS AND OPPORTUNITY: POWER MARKETS 2001
http://www.pmaconference.com/0103Agendah.pdf

?

Join the Power Marketing Association at its annual spring meeting to discuss
the crises and opportunities which are, and will soon be facing us:?

California: What's in store for the summer?

Gas PriceVolatility-- Why?

Power Market Risks-- Explained

The Texas Retail Market-- Will it Work?

New Powerplants-- How big is the opportunity?

Credit Risk-- How to manage it

Real Prices-- is the retail market ready to live without price caps?

Weather risk-- is it a market yet?

Transmission constraints-- are they completely intractable?

Provider of Last Resort-- is this a dumping ground?

The web-- what's real, what isn't-- beyond the hype.

Retail billing-- Getting it right before you're bankrupt

Powerline Telecom-- The next big thing?

Rolling Blackouts--? Peak shaving?

Distributed Generation-- Has the time come?

Coal- fuel of the future-- and present.? and

Where is your career going?-- What's hot today, tomorrow.

And don't miss our most popular seminar-- a must for the newbies out there,
or if you just feel a need to step back and see where you fit into the big
picture:

FUNDAMENTALS OF POWER MARKETING
March 14, 2001

Click here to view?
 CRISIS AND OPPORTUNITY: POWER MARKETS 2001
http://www.pmaconference.com/0103Agendah.pdf


"If everybody is thinking alike, then somebody isn,t thinking.8  - George S.
Patton, Jr.

Keeping with our Mind,s Eye Madness week, be sure to check out the Enron Mind,
s Eye Motorcade
on Friday, April 27th from 11:30am to 1:00pm at the Big E Cafe.  This art car
convoy will spend the day visiting
Enron-designated stops in the community to promote innovation and
creativity.  Mirroring Enron,s innovation,
these artists think about the way things could be and are not limited by the
way things are.

Featuring:
Lunch by Escalantes Mexican Grille - choice of beef, chicken or veggie
fajitas with trimmings, dessert and a drink for $5.
Live salsa music will be provided by Tropicrew, featuring Enron,s own Ms.
Alex Villarreal as the lead singer.
Non-profit organizations represented will include the March of Dimes, SEARCH
and the Lupus Foundation of America.
Get lunch free if you're dressed "freaky"!

Word of the Day
Zeitgeist \TSYT-guyst; ZYT-guyst\, noun:  The spirit of the time; the general
intellectual & moral state or temper characteristic of any period of time.


Rob,

I have passed your resume on to Barry and to Frank Vickers, who is Barry's equivalent for the East and Central desks.  I hope you hear from one of them - Frank is an awesome guy and I would work for him anywhere! I will keep you posted as I hear of other opportunies you might be interested in.

I will do whatever I can to take care of Robbie Mac!

Kim
 -----Original Message-----
From: 	Ward, Kim
Sent:	Friday, November 16, 2001 10:41 AM
To:	Ward, Kim S (Houston)
Subject:	FW: Jobs

Hi Kim,

One for you ?.

Cheers Bye, Kim

 -----Original Message-----
From: 	McDonald, Rob
Sent:	16 November 2001 15:48
To:	Ward, Kim
Subject:	Jobs

Kim,

How's the hiring climate over in Barry's world?  The future here in broadband obviously is bleak.  I'm trying to generate job leads at a company that is quickly shrinking.  Not an enviable position.

Attached is a resume.  Any inquiries on my behalf are appreciated. As for added comments to hiring people: although I've spent my entire 2 1/2 year Enron career at EBS, I've been in trading, structuring, and origination roles the entire time. I can model and sell w/ the best of them.  I also know Jean Mrha and Tom Gros well. (If that's worth anything.)

Any help is much appreciated.

Thanks

-Rob


Please use the Transco Zone 6 NON New York curve for the transaction we were
talking about for Don Black.
Thanks
Ben
3-7998


Helen,

FYI.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/25/2001
09:40 AM ---------------------------
From: Lee Ferrell/ENRON@enronXgate on 04/24/2001 06:20 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: RE: Job posting

Hi Vince,

This posting is for my group.  Thanks for the referral.

 -----Original Message-----
From:  Kaminski, Vince
Sent: Tuesday, April 24, 2001 5:31 PM
To: Goodpasture, John; Watson, Kimberly; Ferrell, Lee; Kaminski, Vince
Cc: Krishnarao, Pinnamaneni
Subject: Job posting

I am teaching a class at Rice and one of my very bright students sent her
resume
in response to this posting. Do you know who posted this job?

Vince Kaminski

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/24/2001
05:27 PM ---------------------------

"Helen Demianenko" <demianen@hydrant.ruf.rice.edu> on 04/24/2001 02:11:05 PM
Please respond to <demianen@rice.edu>
To: <Vince.J.Kaminski@enron.com>
cc:
Subject: Job posting

Dear Vince,

Thanks for talking to me this morning about the Sr. Risk Analyst position.
Here is where you can find the job description for that position:

http://www2.enron.com/jobs/cgi-bin/get_details.pl?id=0000108729&b=4x

Also, I have cut and pasted it down below, just in case.

I appreciate your assistance in this matter and will start working on my
cover letter right away.
I would also like to talk to somebody to get a better feel for the position
(Is this really an MBA level position and how much of the in-depth learning
opportunities for the derivatives market does it entail?)

Sincerely,

Helen Demianenko

P.S. I have attached my resume (one more time).

SR RISK ANALYST
ESSENTIAL FUNCTIONS: Primary accountability for managing the ETS Risk Book
structure and processes from a pipeline (front office) perspective. Work
within current NNG and TW Marketing organizations to effectively integrate
risk books into daily marketing and structured product activities. Provide
feedback to management regarding overall and specific risk positions.
Provide support for consistent and accurate deals entry/reporting for stand
alone risk management system. Create ad-hoc reports to assist management in
risk analysis. Responsible for managing and providing enhancements to the
Capacity Books :? Maintain functionality and provide leadership for new
functionality from a users perspective. Provide support and direction for
integration of Capacity Books and Revenue Management Project.Support Revenue
Management Team
ESSENTIAL REQUIREMENTS: BA/BS in Finance or Accounting (MBA preferred).
Minimum of two years financial instruments experience. Excellent
quantitative/analytic and systems skills. Knowledge of commodity risk book
concepts. Understanding of physical natural gas market, interstate
transportation and financial derivatives. Ability to interface with
structuring/marketing groups in order to define business requirements.
Ability to provide leadership for business and system processes. Excellent
communication skills with an ability to communicate across organization with
varied skill sets and ideas. Must be self-motivated with a high level of
energy

PREFERRED SKILLS: NA.

SPECIAL CHARACTERISTICS: This job functions in a team-oriented, fast-paced
environment with multiple concurrent assignments and constantly changing
priorities.

CONTACT: Responses will be accepted through May 3, 2001. Respond to Enron
Corp., Human Resources 235, P O Box 3330, Omaha, NE 68103-0330 or e-mail:
dea.crum@enron.com as a .doc or .txt attachment. Please include this
requisition number.

Job ID  0000108729
Department  RISK MANAGEMENT & REPORTI
Company  ENRON TRANSPORTATION SERVICES
ENRON TRANSPORTATION SERVICES
Location  HOUSTON, TX
Type
Posting date 19-APR-01

 - Helen_D_resume.doc << File: Helen_D_resume.doc >>


Paul,

Attached is a link to the OFAC website, which indicates that Serbia and Montenegro are still sanctioned. <http://ofaccompliance.com/BlockedCountries.htm>

Relatedly, if you are specific about the list of countries in your GTCs, you may want to consider being less specific, as you correctly point out that the list will change from time to time.

When I last spoke with our external counsel on this matter, she advised me that in large part it is the knowing act of dealing with product destined to or originating from sanctioned countries.  We talked about a soft-peddled rep that does not specifically mention trade sanctions or the countries, but does rep generally about non-violiation of US law.  This is the direction in which I have gone.  Of course, the traders are aware of the list of sanctioned countries, and will be updated from time to time.

Limor

Enron Global Markets
520 Madison Avenue
New York, NY 10022
Tel: 212.715.5283
Fax: 212.715.5608
E-Mail: Limor.Nissan@Enron.com

 -----Original Message-----
From: 	T Paul Johnson (Legal)
Sent:	Thursday, September 06, 2001 12:37 PM
To:	Nissan, Limor; Aronowitz, Alan; Taylor, Mark E (Legal)
Cc:	Simons, Paul; Champion, John
Subject:	FW: Trade Sactions

Guys - do you know/has there been any internal briefing in Houston on whether these sanctions are or are about to be lifted? This effects the "compliance with US laws" clause in the physical metals GTCs.

Another related question from the same trader concerns Canadian origin Nickel, but known to be made from Cuban material. I set this out below, and would be grateful fr your views.

Many thanks

Paul J.

QUOTE
Paul,

Thanks for your quick response, and I am awaiting your final evaluation of the Canadian production.

Obviously I have no interest to enter into any talks with the supplier without a clear go ahead from your end - I have been made aware of the company policy towards 'grey areas' already.

Another issue I noticed is that the Federal Republic of Yugoslavia and the Republic of Serbia are still on the list of prohibited countries - are we sure this is the latest, as most international sanctions against those two countries have been lifted over the past 12 months.

Rgds
Ruediger

 -----Original Message-----
From: 	T Paul Johnson (Legal)
Sent:	Wednesday, September 05, 2001 4:28 PM
To:	Mueller, Ruediger
Cc:	Simons, Paul
Subject:	Compliance with US laws - cl. 16 of the GTC. Cuba origin nickel

Ruediger

Herewith cl 16 from the metals GTCs. Will speak internally re Enron policy on Canadian produced (and certified origin) nickel, known to be made from Cuban raw material. In the meantime assume NO.

Paul J.

 << File: 10831-Final Version-SaleandPurchase Physical Non-Ferrous Metals.doc >>
UNQUOTE

 -----Original Message-----
From: 	Mueller, Ruediger
Sent:	06 September 2001 16:42
To:	T Paul Johnson (Legal)
Cc:	Simons, Paul
Subject:	Trade Sactions

Paul,

Further my query re the situation on Yugoslavia/Serbia, below message seems to indicate that international sanctions against the both countries have been lifted or are about to be lifted, and that the lifting of Un sanctions is being supported by the US government.

Please revert with your clarification.

Thanks
Ruediger

 << OLE Object: Picture (Device Independent Bitmap) >>


Cherly,

I have been promoted out of the Associate program last PRC.  As a result, if
you could take me off the Analyst/
Associate distribution list I'd deeply appreciate it.  Thanks and let me know
if you have any questions or if you
haven't been notified of the promotion.

Kevin Ruscitti
x3-6320


Stick this in your pipe and smoke it, you uppity OU   #@$%.  Predictions on ?the OU-NU game?????Despite a constant barrage of distracting gossip and innuendo, maybe the most ?famous backup quarterback in college football history is staying put. ?Rumormongers, put that on your Web site and read it. ?"People don't understand that I have no interest in transferring, and I don't ?want to transfer,'' Simms said. "I'm happy here." ?Simms insists he isn't joining his best friend and former high school ?fullback Greg Toal at Boston College, as was rumored by a wildly off-base ?ESPN report on Tuesday. He isn't going to Georgia as speculation at that SEC ?outpost suggested last week. He isn't going to Tennessee, his original first ?choice out of high school before changing his mind and signing with Texas. He ?isn't going to other rumored destinations Penn State or Marshall. ???????	Paul.Pfeffer@bakerbotts.com?	10/27/2000 09:31 AM?		 ?		 To: gerald.nemec@enron.com?		 cc: ?		 Subject: Simms???Gerald,??Chris Simms is disgruntled and is going to transfer to Boston College at the?end of the season.  Pass it on.???


Below are the nominal outputs for the 2000 turbines at ISO (59 F, 60% Hum,
14.696 psi).

Wheatland
  Type  Power(kW) Heat Rate (Btu/kWh LHV)
Unit 1  W501D5A 131,415  10,301
Unit 2  W501D5A 131,415  10,301
Unit 3  W501D5A 131,415  10,301
Unit 4  W501D5A 131,415  10,301

Lincoln Center

Unit 1  PG7121EA 81,180  11,035
Unit 2  PG7121EA 81,180  11,035
Unit 3  PG7121EA 81,180  11,035
Unit 4  PG7121EA 81,180  11,035
Unit 5  PG7121EA 81,180  11,035
Unit 6  PG7121EA 81,180  11,035
Unit 7  PG7121EA 81,180  11,035
Unit 8  PG7121EA 81,180  11,035

Gleason

The Gleason nominal values are not available.  We will have to use corrected
numbers unless more information becomes available.

Rick


please forward to all East Desk members
---------------------- Forwarded by Scott Neal/HOU/ECT on 03/09/2001 12:01 PM
---------------------------

	From:  Mike A Roberts                           03/09/2001 11:43 AM

To: Cary M Carrabine/HOU/ECT@ECT, Richard Tomaski/Corp/Enron@Enron@ECT, Lee
Fascetti/Corp/Enron@Enron, Paul Burgener/Corp/Enron@ENRON, James
Simpson/HOU/ECT@ECT, Per Sekse/NY/ECT@ECT, Caroline Abramo/Corp/Enron@Enron,
Candace Spencer/CAL/ECT@ECT, Terri Brian/CAL/ECT@ECT, Lisa
McIsaac/CAL/ECT@ECT, Carlee Gawiuk/CAL/ECT@ECT, Gregory
Schockling/Corp/Enron@ENRON, Ragan Bond/Corp/Enron@ENRON,
dan.mccairns@bhlp.com, Brad Horn/HOU/ECT@ECT, Jay Knoblauh/HOU/ECT@ECT, Vince
J Kaminski/HOU/ECT@ECT, Jonathan McKay/CAL/ECT@ECT, Jean Mrha/NA/Enron@Enron,
Sunil Dalal/Corp/Enron, Stephanie Miller/Corp/Enron@ENRON, Charles
Varnell/NA/Enron@Enron, Tyrell Harrison/NA/Enron@Enron, Kevin G
Moore/HOU/ECT@ECT, Mike A Roberts/HOU/ECT@ECT, Theresa
Staab/Corp/Enron@ENRON, Nicole Cortez/NA/Enron@Enron, Eric Scott/HOU/ECT@ECT,
Gregory Schockling/Corp/Enron@ENRON, Ragan Bond/Corp/Enron@ENRON,
dan.mccairns@bhlp.com, Brad Horn/HOU/ECT@ECT, Jay Knoblauh/HOU/ECT@ECT,
Eileen Peebles/ET&S/Enron, Jeff Nielsen/ET&S/Enron, Mike Barry/ET&S/Enron,
Michael Nguyen/HOU/ECT, Joseph Hrgovcic/HOU/ECT, Rajib Saha/HOU/ECT, Brando
Hayden/HOU/ECT@ect, Todd Kimberlain/NA/Enron, David Ryan/Corp/Enron@ENRON,
Todd DeCook/Corp/Enron@Enron, Andy Pace/NA/Enron@Enron, Dean
Sacerdote/NA/Enron@Enron, David J Botchlett/HOU/ECT@ECT, Bill F
Briggs/HOU/ECT@ECT, Phil Clifford/HOU/ECT@ECT, Jim Goughary/HOU/ECT@ECT,
Mario de la Ossa/NA/Enron@ENRON, John J Lavorato/Corp/Enron, John
Arnold/HOU/ECT@ECT, Mike Maggi/Corp/Enron@Enron, Hunter S
Shively/HOU/ECT@ECT, Patrice L Mims/HOU/ECT@ECT, Brad McKay/HOU/ECT@ECT,
Scott Neal/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Phillip K
Allen/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Jim Schwieger/HOU/ECT@ECT,
Steven Vu/HOU/ECT, Geoff Storey/HOU/ECT@ECT, gateway1@pdq.net,
Rjenkins13@aol.com
cc:
Subject: Research's Summer Outlook

The Research Weather Group has posted the 2001 Summer Outlook on Research
Intranet Page, under the Afternoon Video Report.

The links are:
http://gasfundy.corp.enron.com/Gas/sections/weather/InHouse/MorningComents/dis
cussionContent.asp?item=Afternoon

and  http://enaresearch.corp.enron.com/research/framework/default.asp