  <META NAME="GENERATOR" CONTENT="Adobe PageMill 3.0 Win">
  <META HTTP-EQUIV="Content-Type" CONTENT="text/html">
  <TITLE>FREE Racing</TITLE>
  <META NAME="Template" CONTENT="C:\PROGRAM FILES\MICROSOFT OFFICE\OFFICE\html.dot">

The
LDC Forum d Winter of 2002

April 18-19, 2002
- Boston, Massachusetts

Register
Today & Race Free!

Save $125

(offer
expires 12-31-01)

This year's Forum promises
to be the best yet, with a special focus on:

Adequacy of Northeast Supply ---Trading Post-Enron --- Supplying
Power Generators --- New Project Updates --- Industry Response
to September 11th --- Federal & State Updates

CLICK HERE!

To
register for The Boston LDC Forum.

To get more information, click
below: http://www.interchange-energy.com/boston/home.htm

* *
* * * * * * * * * * * * * * * * * * * *

The LDC Forum * Winter of 2002

April 18-19, 2002

The Westin Copley Place -- Boston, Massachusetts

Contact Person:
Jerry Ribnick, Interchange Energy Group 763-545-1515

If you prefer to not receive future e-mails
regarding The LDC Forums, please REPLY to this message
with REMOVE in the subject field. If you are unable to
clearly read this message format, please REPLY to this
message with RESEND in the subject field.


Please get me Pat Wood's phone number and post a reminder on my calendar to
call him ASAP


Steven

I will fax you now the revised Executive Agreement with the LTIP wording in
it. Also, the retention payments will be made via the EDRIP plan and I have
attached this.

If you have any questions, please let me know.

Regards
Tara

	Enron Europe

	From:  Melissa Laing                           14/04/2000 18:44

To: Tara Rozen/LON/ECT@ECT
cc:

Subject: Re:

David Oxley
14/04/2000 18:35
To: Shelly Pierce/HOU/ECT@ECT
cc: Michelle Cash/HOU/ECT@ECT, Melissa Laing/LON/ECT@ECT

Subject:

Shelley,

Please help with below?

David
---------------------- Forwarded by David Oxley/HOU/ECT on 04/14/2000 12:34
PM ---------------------------

Steven J Kean@EES
04/14/2000 11:05 AM
To: David Oxley/HOU/ECT
cc:
Subject:

Mark Frevert and I have been talking with Mark Schroeder about an extension
to his employment contract.  I believe you may have been involved.  Mark S
tells me that the contract did not include the long term comp that we had
been discussing.  My copy shows it, but he got his copy from Frevert.  It
apparently shows monthly salary on the Exhibit, but not the long term comp.
Frevert is out on vacation, so I am trying to wrap this up with Schroeder.
The contract Frevert sent me showed annual long term comp of 250 split evenly
between options and restricted stock.  Could you look into you records and
see what you show and if consistent with the above, fax a copy to schroeder
(44-207-783-8581).  Thanks


AEP will be in Houston conducting Benefit Meetings.  These meetings are
designed to give an overview of their medical, dental, savings and retirement
plans.  If you cannot attend the meeting you are assigned to, please feel
free to attend one of the others listed.

DATE   TIME    LOCATION     ATTENDEES

Feb. 7, 2001  1:00pm-3:00pm  Hyatt Regency, Cottonwood Rm  Last Name    A-E
    3:00pm-5:00pm  Hyatt Regency, Cottonwood Rm  Last Name    F-L

Feb. 8, 2001  9:00am-11:00am  EB 5C2      Last Name     M-S
    1:00pm-3:00pm  2AC, 12th Floor, Forum Room  Last Name      T-Z


Thanks for your response.

	"A William Urquhart" <awu@quinnemanuel.com>
	05/16/2001 12:01 PM

		 To: <Richard.B.Sanders@enron.com>
		 cc: "Gina Clavel" <gc@quinnemanuel.com>
		 Subject: Re:

Hi Richard--

I had dinner with Gilles August, the managing partner of the firm, on
Friday.  I think his firm is exactly what you are looking for.  They have a
number of partners who had high level partners in the Government.  However,
they also have a strong litigation group if that does not work out.  As I
said last week, their firm patterns itself after US firms.  Gilles himself is
a member of the New York bar.

I asked Gilles to send you information concerning his firm directly.  Gilles
tells me that he is going to be in Texas on business sometime soon.  He would
be happy to stop by and visit with your legal team.

Gina--Will you please e-mail Gilles Richard Sanders contact information,
including his e-mail address, his office address and phone contact
information.

>>> <Richard.B.Sanders@enron.com> 05/14/01 03:32PM >>>
Can you forward me some information regarding the French firm we discussed
last week?


we are not redrawing just b/c hoskins quit and the guy with the last pick
wants to get a better position.


Transwestern's average deliveries to California were 983 MMBtu/d (90%), with San Juan lateral throughput at 865 MMBtu/d and Rio Puerco at 0 MMBtu/d.  Total East deliveries averaged 467 MMBtu/d.

El Paso's average deliveries to California were 2282 MMBtu/d (78%) :
- PG&ETop, capacity of 1140 MMBtu/d, deliveries of 757 MMBtu/d (66%)
- SoCalEhr, capacity 1249 MMBtu/d, deliveries of 1030 MMBtu/d (82%)
- SoCalTop, capacity 540 MMBtu/d, deliveries of 495 MMBtu/d (92%)

Friday's posted Gas Daily prices:
	SoCal gas, large pkgs	 15.00
	PG&E, large pkgs	 12.105
	TW San Juan		   4.415
	TW Permian		   4.71

Friday's Enron Online bases:
		Jun-Oct		Nov-Mar	Apr-Oct
Perm-CA	8.13		5.50		1.90
SJ - CA	9.21		5.83	  	2.28
SJ-Waha	  .50		  .24		  .30
Perm-Waha	  .08	 	  .09	              .08


Just some more pictures boys.
Enjoy

-kai-
BEEK
 - Classof75.JPG
 - AnglerBeek.jpg


FYI- Terry is trying, at least with me.
---------------------- Forwarded by Richard Shapiro/HOU/EES on 02/10/2000
06:04 AM ---------------------------

Terence H Thorn@ENRON_DEVELOPMENT
02/10/2000 12:17 AM
To: Richard Shapiro@EES
cc:
Subject: Stamp Tax Dispute

We used the BIT threat once before when they tried to re-trade TGS's rates in
violation of the sales agreement. George Wasaff  can give you all of the
details. This time we may have to go all of the way and litigate.  Tax issues
in Argentina have also killed trading.  The problem is that the constitution
empowers the states with all kinds of taxing authority so if you want changes
in policies you have to have a constitutional amendment.  You can imagine the
eagerness of politicians to take on that battle.

I will be setting up some quality time with you the week of the 21st.  Again,
congratulations. This is an exciting and complex part of the world and I
can't think of anyone better to bring some focusand results here.
---------------------- Forwarded by Terence H Thorn/ENRON_DEVELOPMENT on
02/10/2000 12:10 AM ---------------------------

Robert C Williams
02/09/2000 02:44 PM
To: Terence H Thorn/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Michelle Blaine/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Laurie
Lee/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Stamp Tax Dispute

Terry, here is the summary of the dispute.  Let me know if you would like any
additional information, or if would would like me to put this into memo
form.

Argentine law imposes a stamp tax on written contracts.  In the past several
years, the provincial governments of several of the provinces have, in an
effort to raise desperately needed revenues, adopted a new and broader
interpretation of the tax's application.  These provinces--Rio Negro,
Neuquen, and Santa Cruz--have sought to apply this interpretation
retroactively, resulting in the imposition of staggering assessments.  For
TGS, the Enron company (40% owned) most affected, the assessments total $153
million in taxes, $172 million in interest, and $208 million in fines.  (See
attached chart for breakdown).

To date, court challenges to the taxes have been unsuccessful.  TGS has
pending before the Argentine federal Supreme Court an application to declare
the taxes unconstitutional and unlawful, but the Court has, as yet, not
acted.  Meanwhile, the provinces are free to attempt to collect the taxes, by
levy if necessary.

The federal government has, in documents filed in another case, expressed the
view that the imposition of stamp taxes in the manner folowed by the
provinces is illegal.  Energas has also expressed its view that the taxes are
illegal.  The federal Supreme Court, however, has recently denied an
application (filed by another company) to enjoin collection of the taxes.

On November 23, 1999, Enron notified the federal government that it regarded
the imposition of these taxes as in violation of the Bilateral Investment
Treaty between Argentina and the U.S.  Since that notification,
representatives of Enron and the government have held several meetings.
Substantive discussions, however, have not yet begun.  The Treaty mandates a
six-month cooling off period before arbitration can be initiated.  If the
negotiations with the government are unsuccessful, Enron intends to file an
arbitration with the International Center for the Settlement of Investment
Disputes (ICSID) in Washington, D.C.  By way of information, Endesa currently
has an arbitration underway at ICSID challenging the taxes, presumably under
a BIT between Spain or Chile and Argentina.


<<Agenda Board 11-07-00.doc>>  <<TAB 1 minutes.doc>>  <<TAB 2.doc>>

Please place your RSVP  in the SUBJECT LINE AND HIT REPLY.  The location and
time of the meeting is printed at the top of the agenda.  If you have
trouble opening these attachments, please call. I appreciate your response
so that we can have an accurate count for seating.

Arlene McCarty
Executive Assistant to the President and CEO
Greater Houston Partnership
(713)844-3602 Phone
(713)844-0202 Fax
amccarty@houston.org

www.houston.org

 - Agenda Board 11-07-00.doc
 - TAB 1 minutes.doc
 - TAB 2.doc


??????? Emerging Technologies Management Research Program
Mack Center on Technological Innovation *?The Wharton School??? ???????
???????
A SPECIAL INVITATION
FROM THE WHARTON SCHOOL

On behalf of the Wharton School and Insead, we are pleased to extend a
special invitation for you to participate in our 3rd semi-annual workshop on
best practices in HIGH TECHNOLOGY ACQUISITIONS-- Tuesday, December  at the
Wharton School in Philadelphia.?

This event will include presentations by our research team at Wharton and
Insead, as well as presentations and discussions by corporate managers
involved in M&A.? Typically, these are smaller events, with about 15-20
companies participating.

Twice each year, we invite approximately a dozen companies to join us at a
workshop in which we present our most recent research-in-progress from our
ongoing initiative on best practices and strategies in high technology
acquisitions.? This is part of our research activity and there is no
conference fee.

Our December 5 event will be of special value to senior decision makers
involved in planning or implementing growth through mergers and
acquisitions.? In case you are unable to attend or would like to include
another senior manager from the M&A sector, please feel free to forward this
invitation to a colleague.

An agenda for the symposium is attached, though we stress that the direction
of our discussions will be flexible and responsive to the interests of
participants.?

Accommodations are available at the Inn at Penn at the special rate of $164?
(tel: 215-823-6202 - Mention the Emerging Technologies Program at Wharton
when making reservations).?

To RSVP, please respond to this email or call 215-573-7722 before November
25.? Thank you.?

best regards,
Michael Tomczyk, Managing Director, Emerging Technologies Program
Harbir Singh, Co-Director, Mack Center for Technological Innovation

About The High Tech Acquisitions Research Project
A Research Collaboration of the Wharton School & Insead

The High Technology Acquisitions Research Project, jointly organized by The
Wharton School and INSEAD, has been conducting research to identify the
determinants of success in high technology acquisitions.?

Our research includes developing a portfolio of in-depth case studies,
building a unique acquisitions database, and hosting semi-annual workshops
for industry practitioners.? These tools allow? us to perform rigorous
analysis to determine success factors in high technology mergers and
acquisitions.? Firms that have participated in our research process so far
include Cisco, Cable & Wireless, Hewlett Packard, Lucent, Symantec, and Xerox.

Timely Insights for Company Decision-Makers.? One of the most unique aspects
of this project is the reporting of research in progress, to give industry
decision makers access to the insights from our research as they are
revealed.? To test and refine our findings, we host an ongoing series of
workshops that bring together practitioners from some of the most experienced
acquirers in the high tech arena, and academicians whose research interests
converge on the role of acquisitions in technology-based competition.

Our next workshop on December 5 will be the third in the series.? Prior
events were held in December 1999 at Wharton and June 2000 at INSEAD in
Paris, France. (Reports of these events are available on the ET website:
http://emertech.wharton.upenn.edu).

Objectives.? Our objective is to build a community of practice around the
complex phenomenon of managing acquisitions in high-tech environments.? A
major goal is to identify and validate new best practices and winning
strategies in mergers and acquisitions.? Most of our focus involves issues of
value and concern to large multinational corporations.? We are particularly
interested in how mergers and acquisitions are pursued as part of a company's
GROWTH STRATEGY.

Research Team.? The research team on this initiative includes:? Prof. Harbir
Singh, Chairmsn of the Management Department and Co-Director, Mack Center for
Technological Innovation (Wharton); Phanish Puranam, Project Director and
Ph.D. Candidate (Wharton); and Mauricio Zollo, Asst. Prof. of Management
(Insead).

Agenda - High Tech Acquisitions Workshop
Winter Workshop 2000- Tuesday,? Dec. 5, 2000
Location: The Inn At Penn, Philadelphia
Entrances on Walnut St. OR Sansom St., between 36th and 37th Street.

9.00 - 9.15a??? Welcome and Introductions (H. Singh)

9.15 - 10.30??? An overview of the project: Objectives and Outputs (M. Zollo)

10.30-10.45??????? Coffee break

10.45-12.00Round # 1 results from the Project (P. Puranam)

12.00-12.30????? Setting the agenda for Sub-Group discussions (H. Singh)
12.30-1.30p???? Working Lunch: Sub-group discussions

1.30-2.00?????? ??????? Free time

2.00-3.00?????? ??????? Sub-Group Reports: Sharing and Comparing Notes

3.15-4.15?????? Coffee Break

4.15-5.00?????? Speakers Panel: A View from the Trenches

5.00-5.15?????? ??????? Break

5.15-6.00?????? ??????? Where do we need to go from here? (H. Singh)

DIRECTIONS:? From Philadelphia Airport, the Inn At Penn is approximately 45
minutes by taxi, or 10 minutes from 30th Street Train Station.? If driving ,
there is valet parketing at the hotel.? The Inn At Penn is located on Sansom
Street (also an entrance on Walnut Street), between 36th and 37th Street.??
To make a reservation, call? 215-823-6202 and to get the reduced room rate of
$164, be sure to mention that this is for the Emerging Technologies Program
at Wharton.
--
Michael S. Tomczyk
Managing Director
Emerging Technologies Management Research Program
1400 SH-DH/6371
The Wharton School
Philadelphia, PA 19104-6371

Tel 215-573-7722
Fax 215-573-2129
website:? http://emertech.wharton.upenn.edu
 - P2F7E2472


I am still waiting for a copy of the signed agreement.  I will process the
wire as soon as I receive this.  My fax # is 646-8732.

theresa

 -----Original Message-----
From:  Robinson, Mitch
Sent: Tuesday, March 20, 2001 4:08 PM
To: Vos, Theresa
Cc: Miller, Don
Subject: Re: Westinghouse Settlement

Theresa -

Have we wired the money to SWPC?  They've been calling.

Thanks,

Mitch
---------------------- Forwarded by Mitch Robinson/Corp/Enron on 03/20/2001
04:13 PM ---------------------------

	Enron North America Corp.  From:  Mitch Robinson
03/15/2001 09:57 AM

To: Theresa Vos/ENRON@enronXgate
cc: Kay Mann/Corp/Enron@Enron, Jody Pierce/ENRON@enronXgate

Subject: Re: Westinghouse Settlement   << OLE Object: StdOleLink >>

Executed.  Should have let you know.  Yes, please process.  Kay, if you have
a signed version of the agreement, you may want to forward a copy to Theresa.

Thanks,

Mitch

From: Theresa Vos/ENRON@enronXgate on 03/15/2001 09:51 AM
To: Kay Mann/Corp/Enron@Enron, Mitch Robinson/Corp/Enron@Enron
cc: Jody Pierce/ENRON@enronXgate

Subject: Westinghouse Settlement

Any news on when the Westinghouse Settlement Agreement will be executed?  I
am responsible for processing the $1,567,099 payment from the peakers once it
is signed.

thanks,
theresa
x58173


Kimberley,

Further to your email of this morning:
- I totally agree with the protocol approach for the Euro annexes
- As to the intention to change the approach for the other annexes, i.e.
develop a new master agreement:  as already indicated in my previous mail,
we support this approach
- Force


are you talking about the sweatbands in there?  those are sweet.  are you ordering anything from there?

 -----Original Message-----
From: 	Jai Hawker <JHawker@petersco.com>@ENRON
Sent:	Wednesday, January 30, 2002 7:42 AM
To:	Richey, Cooper
Subject:

Dude,
Can I interest you in a pair of these. https://kapu.doublesecret.net/index.html << File: https://kapu.doublesecret.net/index.html >>
Jai Hawker
Peters & Co. Limited
(403) 261-2259


i can't go on wednesday -- i have a dinner interview -- it was the only time the guy could do it.  sorry.

-----Original Message-----
From: Dana R Richardson [mailto:drrichardson@cmsenergy.com]
Sent: Monday, November 12, 2001 7:40 AM
To: Hadix, Susan
Cc: Jennifer Lamprecht (E-mail); Pam Macaul (E-mail); Tori Kuykendall
(E-mail)
Subject: Re: Monthly Girls Night Dinner

Are we still on for Wednesday?

                    "Hadix, Susan"
                    <Susan.Hadix@e       To:     "Dana Richardson (E-mail 2)" <drrichardson@cmsenergy.com>,
                    lpaso.com>            "Jennifer Lamprecht (E-mail)" <jennifer_lamprecht@oxy.com>, "Pam Macaul
                                          (E-mail)" <pam_macaul@bmc.com>, "Tori Kuykendall (E-mail)"
                    10/18/2001            <tkuyken@enron.com>
                    10:17 AM             cc:
                                         Fax to:
                                         Subject:     Monthly Girls Night Dinner

Jennifer mentioned we should all do dinner together once a month.  I think
it's a great idea and would like to commit to the next date.  How about
you?
I was looking at Wednesday, November 14th.  This is definitely open to
suggestions.

Thanks!

Susan A. Hadix, Senior Volume Analyst
Tennessee Gas Pipeline Co.
832/676-6955 phone
713/508-0525 pager
832/676-1898 fax
832/676-4999 after hours
Susan.Hadix@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.
******************************************************************


Mark, please forward Texaco contract 012-87793-02-003 / 96011284 to Eric
Gillaspie on the 38th floor.
Eric, please prepare the amendment per Ed's request.  If you have any
additional questions, please let us know.

Thanks, Everyone.   Jackie  X 39177

---------------------- Forwarded by Jackie Morgan/HOU/ECT on 09/12/2000 01:57
PM ---------------------------

Edward D Gottlob
09/12/2000 01:02 PM
To: Jackie Morgan/HOU/ECT@ECT, Lauri.A.Allen@enron.com, Mary M
Smith/HOU/ECT@ECT
cc:
Subject: Texaco Gathering Contract

Jackie,

I recently rolled Texaco's gathering contract for .025/mmbtu for the next two
years beginning at the end of their current contract.  Could you amend the
contract to reflect this agreement?  Thanks EDG

Texaco contact - Margie Hadler 504.680.1403

Let me know if I need to do anything.  EDG


If you're not busy, I'll come in and check for you if you'de like.

Marnie Lamb@ENRON
10/17/2000 10:14 AM
To: Dana Davis/HOU/ECT@ECT
cc:
Subject: Re: Vacation

I don't see that icon, but I don't really know what I'm looking for.

	From:  Dana Davis @ ECT                           10/17/2000 10:05 AM

To: Marnie Lamb/NA/Enron@ENRON
cc:

Subject: Re: Vacation

Thanks!  I will be placing it on the calendar.  Do you have the icon on your
Lotus Notes workspace desktop?  It's the  "Merchant Finance on ECTHOU_..."
icon.

Marnie Lamb@ENRON
10/17/2000 09:45 AM
To: Dana Davis/HOU/ECT@ECT
cc:
Subject: Re: Vacation

That should be fine.  Just let us know for sure when you know.

	From:  Dana Davis @ ECT                           10/16/2000 02:45 PM

To: Marnie Lamb/NA/Enron@Enron
cc:

Subject: Vacation

Marnie -

I think I need to take a half day of vacation Friday, Oct. 20th.  I am
involved in some church activities next weekend and I won't find out if I
need this time off until tonight or Wednesday night.  Is that too short of
notice?


Applied Finance - May 31-June 1, 2001
in EB552   Cost:  $700.00

The objective of this program is not to teach you how to do a deal, but rather, to give you a better understanding of how basic financial principals contribute to the structure of a deal.    It will also provide you with insight to Enron deals in order that you can make a contribution to the work that goes into putting one together.

When you leave the program, you will have:

R	An understanding of basic financial and accounting issues relevant to Enron's transactions.
R	A basic understanding of how Enron structures deals - the "deal space" and how the financial principals discussed 	relate to 	Enron deals.
R	The ability to take the financial principals and apply them to an Enron deal.

Please login and enroll through the InvestInMe website, http://www.corptraining.com/index.cfm?company=enron.  If you have any questions, please call 713 853-0357.


No, we insist that the trader make credit aware of new counterparties or
unusual trades or opportunities prior to transacting.  Credit reviews trades
each morning and they know what's going on.  ss

	Enron North America Corp.

	From:  Shonnie Daniel                           09/16/99 06:13 PM

To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: trader guidelines

Sara,  Do you usually do guidelines relating to credit approval, size of
transaction a trader can effectuate and internal approval process?

Sara Shackleton
09/16/99 02:24 PM
To: Shonnie Daniel/HOU/ECT@ECT
cc:
Subject: trader guidelines

I am forwarding to you guidelines prepared for global products trading.  It's
a good starting point.  I am currently working on guidelines for Argentina
which will address both physical and financial trading.  Other "guidelines"
exist in limited form for the remote offices in Singapore and Australia.  I
am checking on London.
I'm not exactly certain as to what you are looking for.  Obviously the
foreign offices have issues that may not apply in the US (although LA. is
about as close as you can get to a third world country).  One thing that
doesn't show up in the attachment is the swap eligibility issue.   Let me
know how I can help further.  Sara

---------------------- Forwarded by Sara Shackleton/HOU/ECT on 09/16/99 02:14
PM ---------------------------

Janice Moore
09/03/99 01:57 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: trader guidelines

Here it is -- we printed this 2-sided and laminated it.  Becky will bring you
the hard copy version.  Lunch date later.


Hi Shari

Thanks for the message - I can do lunch next Thurs.  Are you still free?


I spoke with Scott Miller yesterday about several issues, so of course
California came up.  Scott expressed frustration with the California
situation and indicated that he thinks California will never be able to move
away from its current problems without a comprehensive solution, led by an
entity like the Administration.  Scott said he thinks all the parties need to
come to the table and reach some sort of agreement to net out the differences
between what suppliers are owed and what California thinks it is owed in
refunds.  Once that is accomplished, the parties would then agree to enter
into 1-3 year supply contracts at agreed-upon prices for the bulk of
California's power needs.

Scott has been floating this idea with his colleagues (unnamed) who countered
with "Would Ken Lay agree to something like that?"  I told him that I agree
there needs to be a comprehensive solution to California but I did not know
what Enron would agree to.  I asked him if he has heard anything about the
Vice President's task force and whether the report will propose something
like this.  Scott indicated that he and his group have had no contact with
the task force and he has no information as to what will be in the report.
This workout plan is just Scott's idea for now.

Scott said he thinks the current scenario is unworkable, that there is not a
lot of internal support for Hebert's approach, and that things will get
worse.  For example, Scott said that although generators are the only
suppliers subject to cost justification at present, if the problems continue,
marketers will be subject to the same cost justification in the future.

I thought you all would be interested in this conversation.  I told Scott
that since Joe has changed jobs, that he should feel free to call me with
questions or to talk about things like this, and he also told me to call him
whenever we need him.  Although Scott is not expecting a response from us on
his California idea, if we do have some sort of response, we may want to
convey it to him just to show our interest in working  with him and his group
and that we have a similar interest in resolving the problems in California.


Anne: It was great to see you, you look great and seem happy. I hope all goes
well for you in the year to come. BT


Vince-

1. We can detect "hoarding" of pipeline capacity as an elevated basis against
the actual inflow.

2. We can detect "market power" by dissociating the seller from the buyer,
distinguishing between the physical "cost" in gas to run the generators and
the transmission cost in dollars, i.e. the basis.

3. (As you noted) We can detect "storage" as the difference between inflow
and consumption.

It appears to me there are two time series needed for a straightforward model
of gas prices: flow rates at interconnects (from telemetry) and spot-market
prices. There is an elevated basis reflecting pipeline companies monopolizing
capacity, as well as hoarding of capacity by contracts. The dynamics of gas
prices reflect consumption demand changes due to changes in expectations for
the weather, as well as their impact on two highly strategic behaviors:
hoarding of pipeline capacity and storage of gas.  We can "calibrate" the
price elasticity of demands for consumption and storage, and the price
elasticities of demand for transmission, as well as the extent of hoarding,
from the two sets of numbers mentioned: flows and prices.  What the basis
trader needs to understand are the incentives, and disincentives, for storage
and capacity-hoarding, in terms of the calibrated price-elasticities, and
each of these are as-if exotic call options at the consumption hub.  Finally,
flows are "explained" by the model, and can be imputed from prices if
necessary, resulting in a purely stochastic model of the basis in terms of
the weather.

I believe the problem is quite tractable, and I would like to proceed with a
model.

Clayton


FYI.  I hope to have a conversation with GE today regarding finishing this
document, including the exhibits.

Kay

---------------------- Forwarded by Kay Mann/Corp/Enron on 11/27/2000 08:58
AM ---------------------------

"Thompson, Peter J." <peterthompson@akllp.com> on 11/22/2000 02:42:23 PM
To: "Kay Mann (E-mail)" <kay.mann@enron.com>
cc: "Pipitone, Paul" <paulpipitone@akllp.com>, "Cobb, Chris"
<chriscobb@akllp.com>

Subject: City of Austin Agreement

Attached please find a clean copy of the City of Austin Facility
Agreement, as well as a blackline showing changes to the document agreed
to by GE.  To complete the agreement the following needs to be inserted:

1. For the recitals, the kW capacity of its plant and  the location
of the plant.

2. All exhibits, including Exhibit N-3 (which is the original price
for each unit) and Exhibit U, which contains the Site specific material.
The Table of Contents should then be run to include all of the exhibits.

3. The agreement reference in 6.7.1

4. The payee and address for invoices in 6.7.2

5. The names, addresses, etc. for Sections 25.1 and 25.3
 <<Comparison of the Gas Turbine Agreement.DOC>>  <<Gas Turbine
Agreement Draft of 11/22/00.DOC>>
 - Comparison of the Gas Turbine Agreement.DOC
 - 00.DOC


The following would be used only in response to media questions regarding
PG&E credit exposure.

Enron does not comment on specific credit exposures.  We are confident we
have established adequate reserves related to energy issues in California and
regardless of what happens there we are also confident we will meet our 2001
(recurring) earnings per share estimate of $1.70-$1.75.

(If pressed on the accuracy of the amount listed in PG&E's declaration)
There are lots of numbers being tossed around for all parties that are owed
money by PG&E.  All of them are subject to to modification as information is
corrected or updated.  The numbers in PG&E's initial filing were estimates
based on six month old PG&E data that may have been assembled very quickly.

(If pressed on the amount in the creditor committee letter)  Enron will not
comment on specific credit exposures.  We will not confirm or deny any such
numbers rumored to be in confidential correspondence.  Any number presented
would need to be further examined relative to collateral, reserves and other
credit offsets available under the circumstances.  Again, we are very
confident that no event related to this issue will prevent us from meeting
our 2001 (recurring) earnings per share estimate of $1.70-$1.75.

If we are asked if we filed to be on the creditor committee, I would confirm
that we did, and we are.

Mark


Gerald,
Any more info on this contract??

Thanks,
Russell


U.S. Panel Proposes Big Market Change To Curb California's Electricity Prices
The Wall Street Journal, 11/02/00

U.S. Proposes Changes in Electricity Marketing in California
The New York Times, 11/02/00

The Cutting Edge U.S. Urges Major Fixes for State's Power Market Energy:
Federal panel says electricity crisis is product of flaws in deregulation,
but it stops short of ordering reductions in sky-high prices.
Los Angeles Times, 11/02/00

U.S. Panel Proposes Big Market Change
To Curb California's Electricity Prices
By Rebecca Smith
?
11/02/2000
The Wall Street Journal
Page A3
(Copyright (c) 2000, Dow Jones & Company, Inc.)
The Federal Energy Regulatory Commission proposed sweeping changes in
California's deregulated electricity market in a bid to push down high
electricity prices.
The proposed order, which will be open to industry and public comment before
being implemented, comes as Californians are suffering record high power
prices. The proposals go further than many industry watchers had expected but
stop short of ordering that profits be seized from generators and refunded to
consumers, as the state's utilities and many public officials had demanded.
The move also marks the first time the federal government has intervened to
make major changes in a state market since the era of electricity
deregulation began four years ago.
"California's market had become a threat to the health and financial
well-being of the average citizen," said FERC Chairman James Hoecker. "We had
to do something after the tsunami hit."
The draft order proposes to cap wholesale electricity prices for two years at
$150 per megawatt hour but to allow electricity-plant owners to receive
higher prices, on a case-by-case basis, if they can demonstrate they deserve
it. The cap in New York and New England, other deregulated markets, is $1,000
per megawatt hour. The cap has been set higher there because competition in
those markets has held down retail prices.
The four-member commission, in authorizing the new "soft cap" for wholesale
prices charged in California, dismissed a variable-price scheme adopted last
week by the California Independent System Operator, the organization
responsible for keeping enough electricity on hand to meet actual demand.
That scheme, which now won't be implemented, would have capped prices at
between $65 and $250 per megawatt hour, depending on demand.
An important element in FERC 's new pricing plan is that it makes it less
likely that a single generator will be able to effectively set the price that
everyone receives, as has previously been the case. Under the old regime,
even a small generator could ramp up prices for the entire spot market if it
could position itself as the last unit called into service to meet demand.
The commission came down hard in its interpretation of the high prices seen
in the California market last summer. It said the wholesale prices paid to
generators failed to satisfy the federal test that electricity rates be "just
and reasonable." But Mr. Hoecker, FERC 's chairman, also said the commission
had no authority to order profits seized from power generators and traders so
that refunds could be made to those who paid the high prices. "We exercise
such authority as Congress gives us," he said. "It's as simple as that."
Mr. Hoecker acknowledged that FERC 's decision not to seek refunds would
undoubtedly disappoint California regulators, utilities and consumer
advocates. "They expected a lynching and . . . the disgorgement of ill-gotten
gains," he said.
FERC 's decision to not take action on refunds, at least for now, leaves the
state of California with a major mess on its hands. Since June, wholesale
power costs have exceeded the amount utilities were able to charge their
customers by more than $5 billion. For now, utilities are footing the bill
since customer rates are frozen and it is impossible to pass those costs
along. But the utilities are lobbying state regulators for permission to dump
the cost on consumers, offering to soften the blow somewhat by stretching out
the collection period over four or five years. State regulators and
legislators, without help from FERC to retrieve profits from generators and
traders, now have an unpalatable choice: leave the burden on utilities or
back-bill consumers who never asked for deregulation in the first place.
While the FERC proposal does nothing to remedy the problem of past
shortfalls, the commissioners said they were doing their utmost to push down
prices in the future. FERC said it wants to eliminate a requirement that
California's investor-owned utilities buy and sell all their power through
state-sanctioned energy auctions -- regardless of the prices in those
markets. That is the law now. This simple change would enable utilities that
have sold most of their plants and buy power in the open market to hedge
their price risk by signing contracts with a variety of suppliers.
The commission also effectively issued a vote of no confidence to the
governance structure used by the state's market-making organizations, the
ISO, which operates the transmission system and runs a "balancing market" to
keep energy supplies in sync with fluctuating demand, and the California
Power Exchange, which runs a day-ahead market and a forward auction.
Both organizations have large,unwieldy stakeholder boards consisting of
representatives of different interest groups such as generators, utilities,
large consumers and others and have been accused of putting the parochial
interests of members ahead of the state's 35 million consumers. "They've
become a debating society among interest groups," says Curt Hebert, one of
the commissioners.
FERC said it wants the boards of the ISO and the power exchange dissolved,
most likely within 60 days. In their place, it wants smaller, disinterested
boards such as those that exist in the East, where New York, New England and
the mid-Atlantic states all have ISOs. It didn't, however, order the boards
merged as some members had speculated might occur.
Terry Winter, chief executive of the ISO, said he was an "avid supporter" of
the stakeholder boards that looked like a worthy experiment in democracy
"until all the heavy financial and political pressures caved in on them" last
summer. This year alone, the ISO board changed price ceilings three times as
different coalitions garnered the necessary votes, each time sending shock
waves through the markets.
In general, observers reacted positively to the FERC proposals, which will be
the subject of a public hearing on Nov. 9. Generators were relieved there
won't be refunds and were happy that the new "soft cap" system would allow
price variation among generators with different costs. Steve Bergstrom,
president of Dynegy Inc., which owns power plants in California, said he is
pleased " FERC has shown it isn't going to stop deregulation."
Utilities were pleased at the effort at cost containment and purchasing
flexibility. But Mike Florio, an attorney for a San Francisco consumer group
who sits on both the ISO and Power Exchange boards, said he finds it
impossible to reconcile FERC 's conclusion that prices weren't fair with its
reluctance to seize profits. "I thought `just and reasonable' rates were a
requirement of the law, not just some guiding principle," he said.

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

National Desk; Section A
U.S. Proposes Changes in Electricity Marketing in California
By NEELA BANERJEE
?
11/02/2000
The New York Times
Page 21, Column 1
c. 2000 New York Times Company
Citing the ''seriously flawed'' nature of the California electricity market,
which was plagued with price spikes and brownouts this summer, the Federal
Energy Regulatory Commission proposed changes yesterday in the sale and
pricing of electricity intended to overhaul deregulation in the state.
The commission's review was set off by widespread outrage after consumers in
San Diego saw their electricity bills triple this summer.
Once viewed as a pioneer in developing an efficient electricity market,
California is now thought to embody the many problems that can arise from
deregulation. States that are taking a go-slow approach to deregulation are
sure to follow closely the changes proposed for California.
Commission and industry analysts warned that the proposed measures, which
would affect 85 percent to 90 percent of the California market, were but a
first step to undoing the complicated knot of factors that led to high
prices. They said the measures were not a guarantee that prices would be
lower next summer.
''Some people want, to use a psychobabble word, closure on all this,'' said
Robert Michaels, a deregulation expert and professor of economics at
California State University at Fullerton. ''But the California institutions
are so complex that no one measure by F.E.R.C. will resolve it. The process
will go on for a long time.''
The commission oversees the progress of deregulation across the country
although states determine the specific conditions. The commission will accept
commentary on the proposals and issue a binding order in December, a
spokeswoman said.
California electricity prices rocketed last summer largely because consumer
demand for power outstripped supply. As a result, the commission warned,
California officials will have to find ways to build more power plants and
transmission lines.
The commission's recommendations center on the sale of power through
institutions set up as part of California's deregulation process. Many
investor-owned utilities no longer generate power, but buy it on the
wholesale market. Currently, utilities can buy and sell power only through
the California Power Exchange, a state-run electricity marketplace. The
commission has proposed eliminating that requirement so utilities can shop
around for long-term electricity contracts, a move most analysts welcomed.
''This gives us more flexibility to obtain affordable power for customers,''
said Shawn Cooper, a spokesman for the PG&E Corporation, the major utility in
Northern California. ''Right now, we're limited on the energy product we can
buy.''
Turning to the exchange, Mr. Cooper said, ''is like going to a car lot and
being able to buy only one or two models.''
But experts said the other proposals might be easily thwarted by
power-generating companies seeking top dollar. The commission proposed, for
example, to lower the price cap for a megawatt hour to $150 from $250. Power
suppliers that bid over $150 would be paid their price but would be required
to explain the reasons for their bid. Such a system, some experts say, would
prove a sizable loophole.
James Bushnell, a research associate with the Energy Institute of the
University of California, said, ''I think a clever engineer at any power
company could come up with a whole bunch of reasons for whatever they want
their costs to be.''
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Business; Financial Desk
The Cutting Edge U.S. Urges Major Fixes for State's Power Market Energy:
Federal panel says electricity crisis is product of flaws in deregulation,
but it stops short of ordering reductions in sky-high prices.
NANCY RIVERA BROOKS NANCY VOGEL; CHRIS KRAUL
?
11/02/2000
Los Angeles Times
Home Edition
Page C-1
Copyright 2000 / The Times Mirror Company
California's electricity crisis is the product of flaws in the deregulated
market and a long-term shortage of power in the state, federal regulators
said Wednesday, proposing sweeping changes to fix the $23-billion electricity
trade.
But the Federal Energy Regulatory Commission stopped short of ordering
retroactive reductions of the sky-high electricity prices paid since June,
saying it lacked the legal authority.
The commission, which found no evidence of individual companies driving up
electricity prices, left the door open for some sort of refund should it
uncover specific instances of such market abuses. That leaves undetermined
whether major utilities can pass on more than $5 billion in electricity costs
to consumers across the state.
The technical changes proposed to fix California's flawed market include
giving utilities freedom to buy power from sources other than the
state-mandated exchange and imposing loose price caps on power purchases.
Still, California faces years of high prices and threatened blackouts, the
commission said, unless legislators and regulators tackle problems beyond the
federal body's scope, particularly the faster building of power plants and
transmission lines.
"Ideally, some people would want us to round up the bad guys who manipulated
this market without restraint or conscience and order disgorgement of all
their ill-gotten gains. It's not as simple as that," Chairman James J.
Hoecker said at a special meeting of the four-member commission. "If
information that the market was or is being manipulated unlawfully comes to
us through complaint or as product of our own investigation--we will act on
that information, I guarantee you."
The commission's menu of proposed changes to the California market, which it
hopes to enact by the end of the year after public comment, drew scalding
criticism from consumer groups, tepid praise from utilities and power
generators, and a mixture of hot and cold responses from politicians.
Nonetheless, observers expect the proposals will be approved in their current
form.
Some lauded the commission's proposed order for what it didn't do, mainly
impose cost-based electric rates that would have represented a
"re-regulation" of the industry. Generators breathed a sigh of relief that
the commission--at least for the time being--did not judge the power
merchants as having wielded illegal "market power," and therefore subject to
refunds to the utilities and consumers they sold power to.
And even consumer advocates, angry as they are, were comforted by the
commission's finding that electricity rates at times this summer were "unjust
and unreasonable," legal language that could open the way for the California
Public Utilities Commission or the California Legislature to go after any
profits they consider excessive.
Gov. Gray Davis, during a news conference with U.S. Energy Secretary Bill
Richardson to unveil initiatives to improve electricity supply and
reliability, called the federal commission's proposal "a mixed blessing."
"They do recognize that we're operating in a dysfunctional market and they do
agree that rates are not just and reasonable," Davis said. "However, they did
not, as I encouraged, order rebates to the consumers and businesses in San
Diego who were literally gouged for the profiteering and market manipulation
San Diego had to suffer through."
Among the market changes proposed by the Federal Energy Regulatory
Commission:
* A temporary reworking for the next two years of the way prices are set for
electricity in the California Power Exchange, the primary market for
electricity. Currently, the highest bid for each hour sets the price for all
the bids during that hour. The commission would change that policy so that
bids higher than $150 a megawatt hour could not set the "market clearing
price" paid by all participants.
* Freeing the big utilities--Southern California Edison, Pacific Gas &
Electric and San Diego Gas & Electric--from the requirement that they
purchase most of their electricity from the Power Exchange. This would give
the utilities greater freedom to shop for the best deals on electricity.
* Requiring all market participants to schedule 95% of their transactions the
day before rather than--as happened repeatedly this summer--waiting until the
day the power is needed, buying at the last minute in an emergency market
operated by the California Independent System Operator. This nonprofit was
formed to schedule and transmit electricity, but found itself this summer in
the unexpected position of running a major market for electricity as
generators sought the best price for their electrons.
* Overhauling the boards of governors of the California Power Exchange and
the California Independent System Operator, which currently are composed of
"stakeholders" representing all parties to deregulation, including
generators, utilities and consumer advocates. Instead, the two nonprofit
corporations would have smaller, independent boards selected by the current
boards.
(Customers of the Los Angeles Department of Water and Power, which is not
participating in market deregulation and has escaped the state's power woes,
are not affected by these proposals.)
The commission based its proposals on a staff investigation that blamed high
electricity prices on a supply-demand imbalance and market design problems
that give electricity sellers the opportunity to drive up prices when
supplies are tight. But the commission found no evidence of specific attempts
by individual companies to drive up the price of electricity, partly because
there was not enough time to conduct such a thorough, formal investigation.
Curt Hebert Jr., the only Republican on the commission, offered the most
criticism of the proposed order.
"If it were up to me, today's order would be much, much different," Hebert
said. "However, on balance, it appears to be a step in the right direction."
Hebert said he could support the order only because it does not represent the
final order and may be changed after the three-week public comment period. He
said he would prefer that the order eliminate all price controls.
California's two biggest utilities--Southern California Edison and Pacific
Gas & Electric--commended the commission for its proposed fixes, calling them
"a sound beginning."
In particular, PG&E called the proposed reform of bidding "a creative attempt
to fix the market and moderate prices, while still allowing competition to
evolve."
Power players praised FERC 's decision to allow utilities to go outside the
PX to procure energy--a practice that a couple of years ago was deemed too
risky because it might give the big utilities the temptation and impunity to
self-deal: buying from their own affiliates.
Although utilities have had limited power to make long-term energy contracts
outside the PX, utilities have been reluctant to enter into them. That's
because state regulators reserve the right to review such deals and to force
companies and their shareholders to eat added costs if market rates decline
below the contracts.
Together, PG&E and Edison estimate that they have spent at least $5 billion
more on electricity this summer than they could pass on to customers who are
protected by a rate freeze imposed in 1996 as part of the deregulation law.
The Public Utilities Commission is weighing the utilities' requests to
eventually pass on those costs to customers.
But consumer groups were outraged by the lack of rebates to customers of San
Diego Gas & Electric, and, by extension, to the customers of SCE and PG&E,
who currently are protected by a rate freeze but could face sharply higher
bills if the utilities are allowed to pass along their uncollected
electricity costs.
"They are trying to give medicine for an incurable disease, and that's
electricity deregulation," said Doug Heller of the Foundation for Taxpayer
and Consumer Rights. " FERC has found that rates were excessive, yet they
failed to take action. That's like a judge that says we have all the evidence
in the world that this guy committed murder, but it's all inadmissible."
Mike Florio, a lawyer with the San Francisco-based consumer group called the
Utility Reform Network and a member of the Cal-ISO board, said the commission
took a step backward by nullifying Cal-ISO's recent decision to set a sliding
rate cap of as low as $100 per megawatt hour. The commission ordered that the
price cap in the Cal-ISO market remain at $250 a megawatt hour until the new
FERC pricing mechanism is finalized.
"I wasn't one of those that thought FERC was going to ride in on a white
horse and rescue us, but this appears to have made things worse," Florio
said.
San Diego County Supervisor Bill Horn said that county attorneys would review
the FERC order to assess the county's options for pursuing rebates.
"We're proceeding on our own," he said. On Tuesday, supervisors voted to
study creating a municipal utility district.

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


I know you are screwing with me.

If you are not.  NO!


Jon
Has your view that we are likely to see prices trending down changed based on the AGA numbers that we saw yesterday?  Or is that just a short term fluctuation?
KJ


Mary,

All those traps with security were worked out 4 years ago.  London can get
into the o: drive from there, the only directory they have access to in the
o: drive is the atty.fms bank.  If we put the swap forms back there, they can
get at them.  I know, because I've pulled them up myself from London.

	Mary Cook
	03/13/01 09:39 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: SWAP FORMS

Do you understand that this is the case?  There seems to be confusion.

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com
----- Forwarded by Mary Cook/HOU/ECT on 03/13/2001 09:38 AM -----

	Susan Bailey
	03/13/2001 09:08 AM

		 To: Mary Cook/HOU/ECT@ECT
		 cc:
		 Subject: Re: SWAP FORMS

Mary,

I have spoken to Taffy regarding this matter.  She said that even if we move
the forms within atty.fms, that the satillite office will still not be able
to access them.

The only way that the forms whether in stty.fms or SWAP FORMS can be only
accessed if one can access our "o" drive.
Therefore, each satillite office must contact computer security @ Enron an
request access to our "o" drive.

Thats the story.

Cordially,
Susan S. Bailey
Enron North America Corp.
1400 Smith Street, Suite 3806A
Houston, Texas 77002
Phone: (713) 853-4737
Fax: (713) 646-3490
E:mail:  Susan.Bailey@enron.com

	Mary Cook
	03/13/2001 09:02 AM

		 To: Susan Bailey/HOU/ECT@ECT
		 cc:
		 Subject: Re: SWAP FORMS

Thanks for sending out the redlines.  Where are we in moving the forms back
into atty.fms?  How is this done?

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com

	Susan Bailey
	03/13/2001 08:34 AM

		 To: Sara Shackleton/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Carol St
Clair/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Robert Bruce/NA/Enron@Enron, Brent
Hendry/NA/Enron@Enron, Mary Cook/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron,
Stephanie Panus/NA/Enron@Enron, Cheryl Nelson/NA/Enron@Enron, Francisco Pinto
Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc:
		 Subject: SWAP FORMS

All,

Last week we rolled-out new versions to our financial trading forms found in
the SWAP FORMS directory.   The new versions are located in the Current Forms
subdirectory, which is located within the SWAP FORMS directory.

For your convenience in tracking our changes, set forth below are redlined
version of such forms:

Further, there now exists a new version of Annex B for ECC.  The changes
therein coorespond to those made under the Annex B for ENA.

If any of you would like clean versions of such documents, please access them
through the SWAP FORMS directory.

Cordially,
Susan S. Bailey
Enron North America Corp.
1400 Smith Street, Suite 3806A
Houston, Texas 77002
Phone: (713) 853-4737
Fax: (713) 646-3490
E:mail:  Susan.Bailey@enron.com


-----Original Message-----
From: 	kdavis@manfinancial.com@ENRON
Sent:	Friday, November 02, 2001 10:48 AM
To:	Arnold, John
Subject:	RE: Positions

The answer would be yes if it were the only ex-pit instructions we received
today.

Given that you have instructed us already to ex-pit the 926 August 03
position, we would only want you to transfer 734 of the May 02 futures.

If you only do the 1660 May 02 or, if you do the 926 august 03 and 734 May
02 then YES, we will wire the money immediately after one or other of those
expits are achieved.

Kevin

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Friday, November 02, 2001 4:43 PM
To: kdavis@manfinancial.com
Subject: RE: Positions

Will you wire the money immediately when this is done?

    -----Original Message-----
   From:   kdavis@manfinancial.com@ENRON
   Sent:   Friday, November 02, 2001 10:10 AM
   To:     jarnold@enron.com
   Cc:     Wesner-Soong, Sarah; Deffner, Joseph
   Subject:  Positions

   Dear John

   In place of the original transfer of options that we sent you yesterday,
   I
   propose the following transfer instead. You will note that it includes
   no
   options at all.

   short 1660 May 2002 futures

   Please understand that this entire affair is making me as uncomfortable
   as
   it is clearly making you.

   Kind regards
   Kevin R Davis

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at enron.messaging.administration@enron.com and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************


Attached please find the referenced counterparty approval lists.  Per my
conv. w/Frank and Leslie Hansen's emails, on a going forward basis, U.S.
based counterparties should not be approved for European based physical power
products, and vice versa.  I don't know how you want to handle that, I have
not "Xed" out European physical power from the attached list.  What should we
do on a going forward basis?


----- Forwarded by Sara Shackleton/HOU/ECT on 06/23/2000 06:18 PM -----

	Jay Boudreaux
	06/23/2000 06:05 PM

		 To: Sara Shackleton/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT
		 cc: Richard T Robinson/HOU/ECT@ECT, Finley Biggerstaff/HOU/ECT@ECT, Peter
del Vecchio/HOU/ECT@ECT
		 Subject: ReBox ISDA

Please send the ISDA to Ron's attorney also.

Foley & Lardner
Firstar Center
777 East Wisconsin Avenue
Milwaukee, WI  53202-5367
Attn: Michael D. Regenfuss

email: mregenfuss@foleylaw.com

If you have any questions, do not hesitate to contact me.

JBB


Attached is the EGM Management Summary and Hot List that will be reviewed
with Mike and Jeff at their staff meeting on Monday morning.  Please give me
a call if you have any questions/comments.

Thanks,
Jeff
(39859)
---------------------- Forwarded by Jeff Smith/HOU/ECT on 09/15/2000 03:36 PM
---------------------------

Patricia Anderson
09/15/2000 03:21 PM
To: Jeff Smith/HOU/ECT@ECT
cc:
Subject: Hot List & Management Summary at 9/14

Patricia


Dear icruise Member,
ICRUISE SPECIALS FOR WEEK OF Friday , Jan 11, 2002

For even  more 7 day cruises under $500 go to http://www.icruise.com/incredible.htm

Carnival Cruise Lines, Carnival Destiny, from $ 710   (Port Charges Included)
Inside cabin or $849 Ocean View or $989 Balcony,
7 day Southern Caribbean cruise sailing roundtrip from San Juan ...
Sail date: 5/19/02
http://www2.i-cruise.com/Specials.htm?787
Limited time!

Celebrity Cruises Inc., Horizon, from $ 687   (Port Charges Included)
Inside or $696 Ocean View,
7 day Western Caribbean cruise sailing roundtrip from Miami ...
Sail date: 2/15/02
http://www2.i-cruise.com/Specials.htm?788
Limited time!

Carnival Cruise Lines, Carnival Pride, from $ 724   (Port Charges Included)
Inside or $882 Ocean View or $928 Balcony cabin ,
7 day Western Caribbean cruise sailing roundtrip from Pt. Canaveral ...
Sail date: 4/27/02
http://www2.i-cruise.com/Specials.htm?789
Limited time!

Cunard, Queen Elizabeth 2, from $ 1573   (Port Charges Included)
Inside Cabin..Includes Economy class one way air and $100 ship-board credit,
6 day Transatlantic crossing sailing from New York to Southampton ...
Sail date: 5/12/02,5/24/02
http://www2.i-cruise.com/Specials.htm?791
Limited time!

Norwegian Cruise Line, Norwegian Sun, from $ 599   (Port Charges Included)
Inside Cabin or $749 Ocean view or $999 Balcony,
7 day Western Caribbean sailing roundtrip from Miami ...
Sail date: 4/6/02,4/13/02,4/20/02,4/27/02
http://www2.i-cruise.com/Specials.htm?795
Limited time!

Carnival Cruise Lines, Carnival Victory, from $ 668   (Port Charges Included)
Inside with upper/lower or $854 Ocean view,
7 day Eastern Caribbean cruise sailing roundtrip from Miami ...
Sail date: 3/10/02
http://www2.i-cruise.com/Specials.htm?796
Limited time!

Celebrity Cruises Inc., Constellation, from $ 1447   (Port Charges Included)
Inside or $1591 Ocean View,
13 day European cruise sailing from Dover to Barcelona ...
Sail date: 8/31/02
http://www2.i-cruise.com/Specials.htm?797
Limited time!

Norwegian Cruise Line, Norwegian Wind, from $ 861   (Port Charges Included)
Inside Guarantee,
12 night sailing to Tahiti and Hawaii sailing from Papeete to Honolulu ...
Sail date: 3/17/02
http://www2.i-cruise.com/Specials.htm?798
Limited time!

Celebrity Cruises Inc., Millennium, from $ 1099   (Port Charges Included)
Inside or $1291 Ocean View,
11 night Caribbean cruise sailing roundtrip from Ft. Lauderdale ...
Sail date: 4/29/02
http://www2.i-cruise.com/Specials.htm?799
Limited time!

Norwegian Cruise Line, Norwegian Sky, from $ 1358   (Port Charges Included)
Inside Cabin,
16 day Panama canal cruise sailing from Miami to San Diego ...
Sail date: 4/6/02
http://www2.i-cruise.com/Specials.htm?800
Limited time!

Norwegian Cruise Line, Norwegian Sky, from $ 746   (Port Charges Included)
Inside Guarantee,
7 day cruise to Alaska sailing roundtrip from Seattle ...
Sail date: 4/28/02,5/5/02,5/12/02
http://www2.i-cruise.com/Specials.htm?803
Limited time!

Celebrity Cruises Inc., Celebrity Summit, from $ 979   (Port Charges Included)
Inside or $1123 Ocean View,
7 day cruise to Alaska sailing from Vancouver to Seward ...
Sail date: 5/24/02
http://www2.i-cruise.com/Specials.htm?804
Limited time!

Norwegian Cruise Line, Norwegian Dream, from $ 1724   (Port Charges Included)
Inside or $1799 Ocean View,
12 day cruise to Northern Europe (Baltic) sailing roundtrip from Dover ...
Sail date: 8/17/02
http://www2.i-cruise.com/Specials.htm?805
Limited time!

Carnival Cruise Lines, Elation, from $ 736   (Port Charges Included)
Inside with upper/lower birth or $821 port hole window,
7 day Mexican Riviera cruise sailing roundtrip from Los Angeles ...
Sail date: 6/2/02
http://www2.i-cruise.com/Specials.htm?806
Limited time!

To take yourself off our specials mailing list please go to
http://www2.i-cruise.com/unsubscribe.htm and follow instructions

All prices are per person, subject to availability, change without
notice, and are capacity controlled. Unless indicated, prices do not
include airfare, air taxes or government taxes/fees and port taxes. A
$11 shipping and handling fee will be added.


---------------------- Forwarded by Kay Mann/Corp/Enron on 12/08/2000 11:55
AM ---------------------------

Ben F Jacoby@ECT
12/08/2000 08:32 AM
Sent by: Ben Jacoby@ECT
To: "George Kutzschbach" <gkutzschbach@fulbright.com> @ ENRON
cc: Kay.Mann@enron.com@ENRON, CCampbell@KSLAW.com@ENRON,
JKeffer@KSLAW.com@ENRON, areynaud@coral-energy.com@ENRON,
dwhaley@coral-energy.com@ENRON, TSeigler@coral-energy.com@ENRON

Subject: Re: DeltaView Document Distribution

Because of schedules, we would like to cancel the 10 AM call, and proceed
with the noon call. I apologize for the inconvenience. Please let me know if
this does not work for you all.

Thanks,

Ben

"George Kutzschbach" <gkutzschbach@fulbright.com> on 12/07/2000 05:07:09 PM
To: Ben.F.Jacoby@enron.com, Kay.Mann@enron.com, CCampbell@KSLAW.com,
JKeffer@KSLAW.com
cc: areynaud@coral-energy.com, dwhaley@coral-energy.com,
TSeigler@coral-energy.com
Subject: DeltaView Document Distribution

Attached is a revised draft of the Letter Agreement which has been
redlined to show the changes from ENA's last draft.  I am also attaching
an insert which such be substituted for Section 6.2(e) of the LLC
Agreement.

 - Redline.rtf
 - 5wn6w01_.DOC


I got a bill in the mail for an annual IRA fee.  Can I just transfer from my
CMA?

DG


Zelda,

Tyler is copying these files to your h:\ drive today.

Internet_Tariff/html/TW/APPROVED (Internet Tariff files)
                                  /CURRENT
                                  /PROPOSED
                                  /Superseded,
Internet_Tariff/TW/Andre        (Internet Tariff files)
                           /Approved
                           /Current
                           /Proposed
                           /Rejected
                           /Superseded
                           /Temporary,
RSTELLY (Ray Stelly's TW files - moved to Omaha from Houston 2/6/97)
and
TW_RATE (U.S. Computer Consultant TW Tariff files - provided for informational purposes only)

I am sending you via overnight mail a CD of TW1/Vol3:Homedept/Rates.  These are the files that were on the TW Houston server at the time Omaha assumed responsibility for TW Rates and Certificates.

If you have any questions, please call me.

Naomi Bourg
Rates and Tariffs
Naomi.Bourg@enron.com
Phone: 402-398-7066
Fax:  402-398-7006


You did better than I did.  I was telling people I was 41 when I was 42.  I
felt terrible when I realized I was older than I thought!  Oh well, it just
goes to show you that it is all a state of mind.

I'm not sure how you don't focus on development, when it is all a part of the
same group and process. Neat trick, though.  I wish Carlos was here to do a
lot of this, though.

Kay

	From:  Kathleen Carnahan                           10/20/2000 12:19 PM

To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Re: Birthday

Thanks.  All last year I thought I was the age I am turning tomorrow, so I
feel like I really did gain a year.

Stuart just told me he will not be focusing as much on development.  Is that
the same for you too?
I just met Roger Balog (I think he was a little overwhelmed).

K-

To: Kathleen Carnahan/NA/Enron@Enron
cc:

Subject: Birthday

Is it true that tomorrow is your birthday?  If so, Happy Birthday!!!


When: Friday, June 08, 2001 3:00 PM-4:00 PM (GMT-06:00) Central Time (US & Canada).
Where: EB3269

*~*~*~*~*~*~*~*~*~*

Future of Commodity Fundamentals Meeting:  http://fundamentals.corp.enron.com/main.asp


-------------------- Forwarded by Lisa Shoemake/HOU/ECT on 05/10/2001 10:47
AM ---------------------------

David Ryan@ENRON
05/10/2001 10:41 AM
To: Lisa Shoemake/HOU/ECT@ECT
cc:
Subject: Earth Sat

Could you please forward this message to all of the Power Group

**** Reminder ****

Earth Sat will be at Enron tomorrow, Friday from 3 pm to 4 pm to give a
hurricane seminar, including a more in-depth look at this season, along with
updates to their Summer 2001 Forecast. The seminar will be held in 30C1 and
refreshments will be served.

Any questions,

contact Dave Ryan, x3-5462

Thank you


----- Forwarded by Richard B Sanders/HOU/ECT on 10/15/2000 10:00 AM -----

	Richard B Sanders
	10/15/2000 09:59 AM

		 To: <makris@emrecruiting.com>
		 cc: Twanda Sweet/HOU/ECT@ECT
		 Subject: Re: Cheryl Nelson

Mark Haedicke and I would like to talk to her. Lauren Prescott sent her
resume to Chuck Cheek and she is scheduled to talk to them. I have left a
message with him to find out when Cheryl is going to be in the building.
Please call Twanda Sweet to set up a time (853-9402)

	"Elaine Makris" <makris@emrecruiting.com>
	10/11/2000 12:12 PM
	Please respond to makris

		 To: <richard.b.sanders@enron.com>
		 cc:
		 Subject: Cheryl Nelson

Richard,

Now that I've recovered from your bad news --  here's Cheryl Nelson's
schedule as of this morning:

  she is still available any time next Wednesday (10/18), Thursday  (10/19),
or Friday  (10/20), or the following Monday (10/23).

Let me know what when you would like to schedule her.  She is very excited
about Enron -- keeps hearing great things about the company.

Thanks!

Elaine


Maria:
Could you please send me a redline of the Guaranty Agreements and LC (either
by fax or e-mail) that crosses through and/or underlines the changes that
were made?  Also, please send me a redline (either by fax or e-mail) of both
the CSA (when it is ready) and ISDA Schedules that underlines or crosses
through the changes that were made so that I can sign off on this.  The fax
that I received did not indicate all chnages that were made in this way.
Thanks.

Carol


SEE ATTACHMENT FOR CHANGES.

 -----Original Message-----
From: 	McIntyre, Burton
Sent:	Thursday, October 11, 2001 3:23 PM
To:	Love, Phillip M.
Cc:	Victorio, Tom
Subject:	Portfolio Hierarchy in RisktRAC for CENTRAL GAS DESK

Phil,

Please see the attached file with the current structure for Central Gas desk by trader.  For each trader, these are the books that he/she trades.  I am assuming that this list by trader has all books whether active / inactive.  Please review and ensure that all books with or without positions are being captured by traders.  Can you respond by Friday, Oct. 12th.   Thanks.

Burton
(x57197)

 << File: GAS-CENTRAL BOOKS.xls >>


The Enron Health Center has received its shipment of flu vaccine.  Shots will be given on a first-come, first-served basis.  NO APPOINTMENTS WILL BE ACCEPTED.

	When:	Beginning Tuesday, November 13
	Time:	8 a.m. until 4 p.m.
	Where:	Enron Health Center, EB-312
	Cost:	Free to Enron employees, spouses, retirees, and EDS
		$10 for contractors

For more information email:  mailto:health.center@enron.com.


Steve, per your request,
Here is a draft that addresses your question about external demand for
Enron's talent.
Information is still coming in from various sources but I wanted to show you
the direction this was taking so you can provide feedback. Thanks.


My guess is this was a holdover from last year's list.

	Brent Hendry@ENRON
	03/07/2001 07:53 AM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Enron Wholesale Services 2001 Legal Conference

It looks like Randy is invited but the rest of South America is not on this
list.  Should she check with John Novak to see if the South American
Attorneys are invited?
----- Forwarded by Brent Hendry/NA/Enron on 03/07/2001 07:51 AM -----

	Andrea Calo
	03/06/2001 08:51 AM

		 To: Brent Hendry/NA/Enron@Enron
		 cc:
		 Subject: Enron Wholesale Services 2001 Legal Conference

Sorry to bother you with this, but given the new situation, do you think I am
required to attend this meeting or is it a mailing error.  Thanks.

---------------------- Forwarded by Andrea Calo/SA/Enron on 03/06/2001 11:49
AM ---------------------------

Lisa Mellencamp@ECT
03/06/2001 11:21 AM
Sent by: Linda J Simmons@ECT
To: mark.e.haedicke@enron.com, Alan Aronowitz/HOU/ECT@ECT, Peggy
Banczak/HOU/ECT@ECT, Sandi M Braband/HOU/ECT@ECT, Robert
Bruce/NA/Enron@Enron, Teresa G Bushman/HOU/ECT@ECT, Bob Carter/HOU/ECT@ECT,
Michelle Cash/HOU/ECT@ECT, Barton Clark/HOU/ECT@ECT, Harry M
Collins/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, Nancy
Corbet/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ned E
Crady/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Eddy Daniels/NA/Enron@Enron,
Angela Davis/NA/Enron@Enron, Peter del Vecchio/HOU/ECT@ECT, Stacy E
Dickson/HOU/ECT@ECT, Andrew Edison/NA/Enron@Enron, Shawna Flynn/HOU/ECT@ECT,
Chris Gaffney/TOR/ECT@ECT, Robert H George/NA/Enron@Enron, Barbara N
Gray/HOU/ECT@ECT, James Grace/Corp/Enron@ENRON, Mark
Greenberg/NA/Enron@ENRON, Wayne Gresham/HOU/ECT@ECT, Leslie
Hansen/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT,
Karen E Jones/HOU/ECT@ECT, Anne C Koehler/HOU/ECT@ECT, Dan Lyons/HOU/ECT@ECT,
Bruce Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kay
Mann/Corp/Enron@Enron, Jane McBride/AP/Enron@Enron, Travis
McCullough/HOU/ECT@ECT, Lisa Mellencamp/HOU/ECT@ECT, Janet H
Moore/HOU/ECT@ECT, Janice R Moore/HOU/ECT@ECT, Julia Murray/HOU/ECT@ECT,
Cheryl Nelson/NA/Enron@Enron, Gerald Nemec/HOU/ECT@ECT, Marcus
Nettelton/NA/Enron@ENRON, Limor Nissan/NYC/MGUSA@MGUSA, Francisco Pinto
Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David Portz/HOU/ECT@ECT, Dale
Rasmussen/HOU/ECT@ECT, Coralina Rivera/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Michael A Robison/HOU/ECT@ECT, Daniel R
Rogers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Elizabeth Sager/HOU/ECT@ECT,
Richard B Sanders/HOU/ECT@ECT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lance Schuler-Legal/HOU/ECT@ECT,
Sara Shackleton/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT, Carol St
Clair/HOU/ECT@ECT, Carlos Sole/NA/Enron@Enron, Lou Stoler/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Sheila Tweed/HOU/ECT@ECT, Steve Van Hooser/HOU/ECT@ECT,
John Viverito/Corp/Enron@Enron, Ann Elizabeth White/HOU/ECT@ECT, Randy
Young/NA/Enron@Enron, Stuart Zisman/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT,
Kimberlee A Bennick/HOU/ECT@ECT, Martha
Braddy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sarah
Bruck/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Genia FitzGerald/HOU/ECT@ECT, Nony
Flores/HOU/ECT@ECT, Linda R Guinn/HOU/ECT@ECT, Ed B Hearn III/HOU/ECT@ECT,
Mary J Heinitz/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Kathleen
Carnahan/NA/Enron@Enron, Deb Korkmas/HOU/ECT@ECT, Laurie Mayer/HOU/ECT@ECT,
Matt Maxwell/Corp/Enron@ENRON, Mary Ogden/HOU/ECT@ECT, Debra
Perlingiere/HOU/ECT@ECT, Robert Walker/HOU/ECT@ECT, Kay Young/HOU/ECT@ECT,
Merrill W Haas/HOU/ECT@ECT, Andrea Calo/SA/Enron@Enron, Brent
Hendry/NA/Enron@Enron, David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Greg
Johnston/CAL/ECT@ECT, Peter Keohane/CAL/ECT@ECT, Justin Boyd/LON/ECT@ECT,
Edmund Cooper/LON/ECT@ECT, Mark Elliott/LON/ECT@ECT, Mark
Evans/Legal/LON/ECT@ECT, Denis O'Connell/LON/ECT@ECT, Robert
Quick/LON/ECT@ECT, Paul Simons/LON/ECT@ECT, Martin Rosell/OSL/ECT@ECT, Rahul
Saxena/LON/ECT@ECT, Greg Johnston/CAL/ECT@ECT, Christian Yoder/HOU/ECT@ECT,
Matthias Lee/SIN/ECT@ECT, Suzanne Adams/HOU/ECT@ECT, Connie
Castillo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Margaret
Doucette/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Janette Elbertson/HOU/ECT@ECT,
Kaye Ellis/HOU/ECT@ECT, Carolyn George/Corp/Enron@ENRON, Holly
Keiser/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jan M King/HOU/ECT@ECT, Taffy
Milligan/HOU/ECT@ECT, Pat Radford/HOU/ECT@ECT, Becky Spencer/HOU/ECT@ECT,
Linda J Simmons/HOU/ECT@ECT, Dina Snow/Corp/Enron@Enron, Twanda
Sweet/HOU/ECT@ECT, Brenda Whitehead/HOU/ECT@ECT, Yo Yamanishi/AP/Enron@Enron,
Michelle Blaine/Enron@EnronXGate, Gail Brownfeld/ENRON@enronXgate, Stephanie
Truss/Enron@EnronXGate
cc:
Subject: Enron Wholesale Services 2001 Legal Conference

The Enron Wholesale Services 2001 Legal Conference will be held on Thursday
afternoon and Friday, October 11 - 12, 2001 at the Woodlands Resort and
Conference Center north of Houston.
Please save the date!


Mitch:
More questions on Lincoln.  These guys are only looking at Lincoln, so all of
these should be just Lincoln questions.  Thanks again!
Ben
---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 10/24/2000
11:20 AM ---------------------------

"Michael P Cazaubon" <michael.cazaubon@exeloncorp.com> on 10/24/2000 11:06:42
AM
To: benjamin.rogers@enron.com
cc: "David L Stewart" <david.stewart@exeloncorp.com>
Subject: More Lincoln Questions

Ben,

Thanks for the response on the first set of questions on Lincoln.  Attached
are some additional ones that we would appreciate your help on

Thanks!
Mike Cazaubon

(See attached file: Exelon Lincoln Q&A 10-24-00.doc)

************************************************************************
This e-mail and any of its attachments may contain Exelon Corporation
proprietary information, which is privileged, confidential, or subject
to copyright belonging to the Exelon Corporation family of Companies.  This
e-mail is intended solely for the use of the individual or entity to
which it is addressed.  If you are not the intended recipient of this
e-mail, you are hereby notified that any dissemination, distribution,
copying, or action taken in relation to the contents of and attachments
to this e-mail is strictly prohibited and may be unlawful.  If you have
received this e-mail in error, please notify the sender immediately and
permanently delete the original and any copy of this e-mail and any
printout. Thank You.
************************************************************************

 - Exelon Lincoln Q&A 10-24-00.doc


Can you please send me Ida-West's fax # and Phone #.
Thanks
Ben


Attached  in response  to   your request  from Irvin Stelzer and Bob Zellig
is the look at recent   gasoline, natural gas and  electric price swings  and
trends  for the next year  out.   Let me know  if this  does the trick.
Margaret


Attached is the Transwestern Weekly Report for November.  Please call me if
you have any questions at (281) 647-0769.


Here's a conformed version:


Agent Guzman,
please excuse the falsified subject heading, it was a necessary measure to
ensure mission security.
Phase II has been completed: State-side
Will keep you informed as mission progresses.

Johnson

Get FREE Email/Voicemail with 15MB at Lycos Communications at
http://comm.lycos.com


Gee, and at $120/bottle, I can load up on a few cases.  At that price, the
Mondavi's must be hoping Bush wins so America can spend the tax break on that
tasty Reserve.  (Kidding!)

Do you qualify for the discount on the Reserve, too?

GO RALPH!

	Nancy Sellers <Nancy.Sellers@RobertMondavi.com>
	11/06/2000 01:01 PM

		 To: Cameron <cameron@perfect.com>, Jeff Dasovich <Jeff_Dasovich@enron.com>,
"Prentice @ Berkeley" <PSellers@haas.berkeley.edu>, Prentice Sellers
<PSellers@pacbell.net>, Scott Laughlin <scottwl@hotmail.com>
		 cc:
		 Subject:

1997 Robert Mondavi Winery Napa Valley Cabernet Sauvignon Reserve
(Exceptional) - Epitomizes Napa Valley Cabernet Sauvignon, the grape that is
the backbone of America's most important wine district. Even at Robert
Mondavi, which has produced its share of impressive cabs, the 1997 reserve
stands out. The 1997 vintage was the best of the 1990s in the Napa Valley,
yielding rich, concentrated red wines. Robert Mondavi Reserve's showy aromas
of spice, cassis, and cedar make a strong impression in the glass. On the
palate, the wine is deeply layered with pure dark-berry fruit flavors, has
firm, ripe tannins and an ultra-smooth finish with superb length. ($120)
Wine Enthusiast
November 2000 (Circulation: 79,000)
1997 Robert Mondavi Winery Napa Valley Cabernet Sauvignon Reserve - (91) Very
tight nose, with blackberry, coffee and cocoa notes, this is a big wine that
shows great intensity and depth. Quite closed now, the dark profile keeps its
cards close to the vest. One thing for sure: this definitely one for the
cellar. The finish is lengthy, with brisk tannins as well as espresso and
bitter-chocolate notes. Hold for eight to ten years; this wine should keep
till 2020. ($120)
Beverage Industry News
December 2000
HEADLINE: "Perfection in California"
AUTHOR: Wilfred Wong
SUMMARY:
Recommended:
1997 Opus One Napa Valley Red Wine (100) -- Could the 1997 Opus One be that
elusive wine that one never finds? In my continual pursuit for wine nirvana,
I have traveled to Bordeaux and back with stops in Italy and Australia and
for what? Besides losing my luggage, tracking through customs and using
non-functional phone cards, I have been searching for that wine of
perfection. Could this wine finally be the one? This just released Opus One
may be the absolute finest young red wine I have ever tasted in a bottle
(barrel samples don't count). Aristocratically structured the 1997 Opus One
magnificently perfumes the air with aromas of ripe, succulent fruit,
fragrant, sweet earth and delicate, white flowers. Persistent to the point of
perfection, this wine does not allow its captive audience to escape its web
of Cabernet ecstasy. Made with the five important varietals of Bordeaux (82%
Cabernet Sauvignon, 8% Cabernet Franc, 5% Merlot, 4% Malbec, and 1% Petit
Verdot), this spellbinding wine commands attention. This is my top wine of
the year. (Best Served 2002-2018). ($130)

WineToday.com
October 30, 2000
HEADLINE: "Wine Reviews"
AUTHORS: Tim Fish
SUMMARY:
Recommended:
1997 Robert Mondavi Winery Napa Valley Cabernet Sauvignon Reserve - (4

stars) Comments: A stunner. It brings out the best in the 1997 vintage. It
has deep, rich fruit with a ripe, silky texture; General Qualities:
Medium-full bodied, complex, dry, balanced acidity, strong oak impression,
fairly tannic; Color: Dark ruby; Aromas: Black cherry, cassis, chocolate,
coffee, licorice, pencil lead, toast, walnut; Other Descriptors: Balanced,
long finish, ripe, supple, velvety. ($120)

Nancy
(707) 251-4870 (phone)
(707) 265-5446 (fax)
"Plus je bois, mieux je chante"


Hi folks:

Since we have only one page, the write up for number 4 will have to be very
brief.  Before writing it, though, I wanted to offer a few bullets regarding
what angle we might take, and let folks respond, comment, counter, etc.
before writing it up.  I'll clean and beef up once we've agreed to the
approach we'd like to take to question #4.  Finally, I can work from my
office on this this evening, which means that I can use the conference call
capability of my office phone to patch everyone in if we'd like to do a
conference call. If that's what folks would like to do, I'd prefer to do the
call at around 7 PM.  Just let me know.

Best,
Jeff

The question for #4 is:

Stock price is down 23%, significant debt has already been tapped to support
massive growth and covenants on that debt restrict taking on a lot more
debt.

What should HD do w.r.t. current operations and future growth strategy?
 In the near term focus less on growth and more on getting margins and EBIT
growth back in line with results from previous years.  (Management,s Letter
to Shareholders alludes to this, but it,s difficult to determine whether
management is just paying lip service to the need to capitalize on the growth
spurt and grown earnings, or continue on the growth effort.)

 With respect to funding future (more moderate growth), the company does have
some room to increase long-term debt (e.g., current ratio for 1986 = 2.26).
It seems that HD would get better terms and have increased flexibility by
issuing additional debt rather than relying on lines of credit.  As such, HD
ought to look those sources of funding and fill in any &funding gaps8 with
funds from the line of credit.

 Given the significant drop in stock price, HD is likely better off in the
near term 1) moderating growth, 2) improving performance to generate cash
internally, and 3) using long-term debt issuance to provide the funds
needed.  Once performance and stock price improves, then HD should consider a
stock issuance.

How can company improve operating performance?
Reduce selling, store operating expenses and pre-opening expenses
Improve receivables turnover
Improve inventory turnover
Improve per store/sales
Consider closing poor-performing stores
All of which will improve margins

Should company change its strategy?  If so how?
Shift from meteoric growth to moderate, targeted growth, and focus on
generating positive cash flow from operations
Focus on improving performance at existing stores; specifically focus on
controlling costs and asset turnover and productivity
Consider another debt issuance rather than rely extensively on credit line in
order to decrease cost of funds and increase flexibility


In the past few months much focus has been put on understanding VAR and how
it is calculated (through RisktRAC).  However, everyone should note that the
credit department also receives our information.  Market risk and credit risk
are inherently different, with different requirements.  This memo serves as a
reminder of what some of the key differences are, how the credit system uses
RisktRAC differently from market risk, how this affects us, what some key
problems are in the credit system caused by our data, and changes to be made
by risk management groups.

differences are between credit and market risk - you all know this, but many
of your ba's don't.
when a book is flat it still has an effect on credit.  Flat books must be
officialized
market risk is keyed off positions and curves.  When we make money, market
risk is reduced.  Credit risk is keyed off positions with customers.  When we
make money, credit risk is increased, as people owe us more money.

how the credit system uses RisktRAC differently from market risk
Market risk picks up all officialized books.  If a book is not officialized
it does not pick the book up.
Credit picks up all officalized books.  If a book is not officialized, it
picks up the previous day's position.  Therefore, if positions in book A are
moved to book B, and A is no longer officialized, credit picks up the
previous day's position for book A.  As a result, if a book is no longer
used, please officialize it the first day it is no longer used, so credit
will pick up 0 on a go forward basis.
Market risk is not concerned with counterparty codes and names.
Credit needs correct counterparty codes and names.  In recent months, the
counterparty information has deteriorated.  Enron official counterparty names
need to be used so they flow properly to credit.

what are some key problems in the credit system caused by our data
As referenced above: correct counterparty names and books with 0 positions
not being officialized so credit picks up previous day info.
As a takeaway from this message please ensure only correct counterparty names
are used and that if a book has 0 positions that it is officialized the first
day it has 0 positions.

If you have specific questions about credit, please call Debbie Brackett, at
X35856.


-----Original Message-----
From: 	"iris mack" <irismmack@hotmail.com>@ENRON
Sent:	Tuesday, January 29, 2002 10:55 AM
To:	Black, Tamara Jae
Cc:	Burnett, Lisa
Subject:	Return to Harvard

Hi TJ and Lisa,
     Happy 2002!!  I hope this email finds you well.
     This brief note is to inform you that I will be returning to Harvard - where I received my doctorate in Applied Mathematics.
     I have accepted a job offer from the Harvard Management Company - which manages Harvard's endowment of $20 billion (and still counting).
     If you are ever in the Boston area, please do look me up.
     Also, will you please forward this email onto the power group so that some of my other friends will know how to get in touch with me in the future.
Best regards to you and yours in 2002,
Iris Marie Mack, MBA/PhD

P.S.:  During my first couple of months in Boston I will be staying in corporate housing.  Therefore the best way to reach me is via email:  irismmack@hotmail.com .  Thanks!!!

Join the world's largest e-mail service with MSN Hotmail. Click Here


FROM: Mark Whitney, TheLaw.net Corporation
HOMEPAGE: http://www.thelaw.net
REMOVE: http://www.thelaw.net/remove.htm

     Legal research often comes in waves, but as night follows day, that
onerous monthly commitment to West or Lexis is always there. But with so many
new options, it doesn't have to be this way.

--VIABLE ALTERNATIVES ABOUND

     True though it may be that your West or Lexis rep is out to put you on
that fat annual contract, both companies offer a variety of online
alternatives. A person can:

----log in and buy most any document for a few bucks
----Shepardize or Keycite for around $4
----subscribe to KeyCite for $35 a month
----rent a state for a week for $40
----conduct transaction based case law searches only when you have to
----Supreme Court case law from 1790 is now available on the web for FREE
----California state case law from 1934 is now available on the web for FREE
----the landscape continues to change rapidly

--CHOOSE THE RIGHT TOOL FOR THE JOB

     There can be no question that the commercial value of proprietary legal
research resources will continue to drop as more and more primary and
secondary materials migrate online. At TheLaw.net Corporation we advocate
choosing the right tool for the job. And one of the best single tools you can
own these days is our flagship software solution, TheLaw.net Professional
Legal Browser.

--LESS THAN $1 A DAY FOR EVERYTHING, UNLIMITED ACCESS

     For just $395 annually for an individual, TheLaw.net gives you a
remarkable foundation of primary and secondary resources, on an unlimited use
basis, with a national scope, including, but certainly not limited to, the
following:

----A great proprietary, searchable case law database that includes the U.S.
Supreme Court, the 13 Federal circuits, the 50 state supreme courts and
intermediate appellate courts. See, http://www.thelaw.net/caselawgrid.htm

----Literally millions of searchable cases, updated four times daily, offered
on an unlimited use basis

----Streamlined access to:
------Federal and state statutes, rules and regulations
------the CFR and Federal Register
------executive agency databases and bill trackers
------nearly 1,000 news resources
------another 1,000 reference desk tools
------nearly 10,000 practice area helpers and much, much more
------over 50,000 documents and databases
------all just a fast click or two away on your desktop 24 - 7 - 365

--THELAW.NET MAY OR MAY NOT BE ALL YOU NEED

     Depending on size, practice area and/or jurisdiction, TheLaw.net may
well have everything you need. If not, West and Lexis are available online, a
la carte for those times when you really need them. As an example, TheLaw.net
is not yet a great resource for Federal District Court opinions.

     It all depends on what you want your life to look like. If the
convenience and elegance of the gold standard is worth the rates charged by
the legal research cartel, you should keep doing what you've been doing and
renew that annual contract with Company A or Company B. If not, and you feel
like you continue to get hammered at a time when given the efficiencies of
computerized distribution of data, prices ought to be dropping, we can help.
Our number is toll free: 1.877.4.LAWNET [877.452.9638] or see us on the web
at: http://www.thelaw.net

--HOW TO GET STARTED - All rates are ANNUAL - no surprises!

     You may subscribe to TheLaw.net Professional Legal Browser and install
at work at home and on your laptop all with the security of a 30 day
unconditional money back guarantee and unlimited, world class tech and
reference support:

----Convenience Edition - $345 just for you - save $50
----Small Office Special - $575 for you and a colleague
----Workgroup Edition - $1195 for you and four colleagues
----Enterprise pricing is also available
----References: http://www.thelaw.net/references.htm
----Tutorials: http://www.thelaw.net/searchdemo/home.htm
----Frequently Asked Questions: http://www.thelaw.net/faqs.htm
----Subscription Terms: http://www.thelaw.net/subscribe.htm
----Order Online: http://www.thelaw.net/fulfillment.htm

     Stem the tide of the legal research wave with a low, flat-rate
subscription to TheLaw.net Professional today, and begin pocketing the
savings tomorrow!

     At your option, we can build your package and deliver it today via our
web site or we can ship CDs via U.S. Priority Mail or FedEx. We thank you for
your time and we hope to hear from you soon.

Regards,

MARK WHITNEY
CEO/President, TheLaw.net Corporation
Chicago - San Diego, USA
Toll Free: 1.877.4.LAWNET (1.877.452.9638)

******************************************

United States Supreme Court, 1900

Federal Circuit, 1982

U.S. Court of Appeals, D.C. Cir., 1950
  D.C. Court of Appeals, 1945

U.S. Court of Appeals, 1st Cir., 1930
  Maine Supreme Judicial Court, 1996
  Mass. Supreme Judicial Court, 1930
  Massachusetts Appeals Court
  New Hampshire Supreme Court, 1930
  Rhode Island Supreme Court, 1950

U.S. Court of Appeals, 2nd Cir., 1930
  Connecticut Supreme Court, 1950
  Connecticut Appellate Court
  New York Court of Appeals, 1955
  N.Y. Supreme Ct., App. Div. 1st
  N.Y. Supreme Ct., App. Div. 2nd
  N.Y. Supreme Ct., App. Div. 3rd
  N.Y. Supreme Ct., App. Div. 4th
  N.Y. Supreme Ct., App. Term 1st
  N.Y. Supreme Ct., App. Term 2nd
  Vermont Supreme Court, 1930

U.S. Court of Appeals, 3rd. Cir., 1930
  U.S. District Court, New Jersey, 1999
  Supreme Court of Delaware, 1950
  New Jersey Supreme Court, 1930
  N.J. Superior Court, Appellate Division
  U.S. District Court, E.D.Pa., 1997
  Pennsylvania Supreme Court, 1950
  Pennsylvania Superior Court
  Pennsylvania Commonwealth Court

U.S. Court of Appeals, 4th Cir., 1930
  U.S. District Court, Maryland, 1999
  Maryland Court of Appeals, 1950
  Maryland Special Court of Appeals
  North Carolina Supreme Court, 1945
  North Carolina Court of Appeals, 1968
  U.S. District Court, South Carolina, 1999
  South Carolina Supreme Court, 1996
  South Carolina Court of Appeals
  Virginia Supreme Court, 1930
  Virginia Court of Appeals
  W. Va. Supreme Court. of Appeals, 1991

U.S. Court of Appeals, 5th Cir., 1930
  Louisiana Supreme Court, 1980
  Louisiana Court of Appeals, 1st Circuit
  Louisiana Court of Appeals, 2nd Circuit
  Louisiana Court of Appeals, 3rd Circuit
  Louisiana Court of Appeals, 4th Circuit
  Louisiana Court of Appeals, 5th Circuit
  U.S. District Court, N. Mississippi, 1997
  Mississippi Supreme Court, 1954
  Mississippi Court of Appeals
  Texas Supreme Court, 1950
  Texas Court of Criminal Appeals
  Texas Court of Appeals, 1st District
  Texas Court of Appeals, 2nd District
  Texas Court of Appeals, 3rd District
  Texas Court of Appeals, 4th District
  Texas Court of Appeals, 5th District
  Texas Court of Appeals, 6th District
  Texas Court of Appeals, 7th District
  Texas Court of Appeals, 8th District
  Texas Court of Appeals, 9th District
  Texas Court of Appeals, 11th District

U.S. Court of Appeals, 6th Cir., 1930
  Kentucky Supreme Court, 1945
  Kentucky Court of Appeals
  Michigan Supreme Court, 1930
  Michigan Court of Appeals
  Ohio Supreme Court, 1950
  Ohio Court of Appeals, 1st District
  Ohio Court of Appeals, 2nd District
  Ohio Court of Appeals, 3rd District
  Ohio Court of Appeals, 4th District
  Ohio Court of Appeals, 5th District
  Ohio Court of Appeals, 6th District
  Ohio Court of Appeals, 7th District
  Ohio Court of Appeals, 8th District
  Ohio Court of Appeals, 9th District
  Ohio Court of Appeals, 10th District
  Ohio Court of Appeals, 11th District
  Ohio Court of Appeals, 12th District
  Tennessee Supreme Court, 1950
  Tennessee Ct. of Appeals, M. Grand Div.
  Tennessee Ct. of Appeals, E. Grand Div.
  Tennessee Ct. of Appeals, W. Grand Div.
  Tennessee Ct. of Crim. App., M. Grand Div.
  Tennessee Ct. of Crim. App. E. Grand Div.
  Tennessee Ct. of Crim. App. W. Grand Div.

U.S. Court of Appeals, 7th Cir., 1930
  Illinois Supreme Court, 1985
  Illinois Appellate Court, 1st District
  Illinois Appellate Court, 2nd District
  Illinois Appellate Court, 3rd District
  Illinois Appellate Court, 4th District
  Illinois Appellate Court, 5th District
  Indiana Supreme Court, 1940
  Indiana Court of Appeals, 1st District
  Indiana Court of Appeals, 2nd District
  Indiana Court of Appeals, 3rd District
  Indiana Court of Appeals, 4th District
  Indiana Court of Appeals, 5th District
  Indiana Tax Court
  Wisconsin Supreme Court, 1945
  Wisconsin Court of Appeals, District I
  Wisconsin Court of Appeals, District II
  Wisconsin Court of Appeals, District III
  Wisconsin Court of Appeals, District IV

U.S. Court of Appeals, 8th Cir., 1930
  Arkansas Supreme Court, 1957
  Arkansas Court of Appeals, 1995
  Iowa Supreme Court
  Iowa Court of Appeals
  Minnesota Supreme Court, 1930
  Minnesota Court of Appeals
  Missouri Supreme Court, 1960
  Missouri Court of Appeals
  Nebraska Supreme Court, 1965
  Nebraska Court of Appeals
  U.S. District Court, North Dakota, 1999
  North Dakota Supreme Court, 1930
  North Dakota Court of Appeals
  South Dakota Supreme Court, 1965

U.S. Court of Appeals, 9th Cir., 1941
  Alaska Supreme Court, 1960
  Alaska Court of Appeals
  Arizona Supreme Court, 1930
  Arizona Court of Appeals, 1st Division
  Arizona Court of Appeals, 2nd Division
  U.S. District Court, Central, California, 1998
  California Supreme Court, 1930
  California Court of Appeal, 1st Appellate Dt.
  California Court of Appeal, 2nd Appellate Dt.
  California Court of Appeal, 3rd Appellate Dt.
  California Court of Appeal, 4th Appellate Dt.
  California Court of Appeal, 5th Appellate Dt.
  California Court of Appeal, 6th Appellate Dt.
  Hawaii Supreme Court, 1930
  Hawaii Intermediate Court of Appeals
  Idaho Supreme Court, 1965
  Idaho Court of Appeals
  Montana Supreme Court, 1993
  Nevada Supreme Court, 1950
  Oregon Supreme Court, 1950
  Oregon Court of Appeals
  Washington Supreme Court, 1935
  Washington Court of Appeals, 1st Division
  Washington Court of Appeals, 2nd Division
  Washington Court of Appeals, 3rd Division

U.S. Court of Appeals, 10th Cir., 1930
  Tenth Circuit Bankruptcy Appellate Panel
  Colorado Supreme Court, 1930
  Colorado Court of Appeals
  Kansas Supreme Court, 1982
  Kansas Court of Appeals
  New Mexico Supreme Court, 1930
  New Mexico Court of Appeals
  Oklahoma Supreme Court, 1954
  Oklahoma Court of Criminal Appeals
  Oklahoma Court of Appeals
  Utah Supreme Court, 1950
  Utah Court of Appeals
  Wyoming Supreme Court, 1993

U.S. Court of Appeals, 11th Cir., 1981
  Alabama Supreme Court, 1955
  Alabama Court of Civil Appeals
  Alabama Court of Criminal Appeals
  Florida Supreme Court, 1950
  Florida District Court of Appeal, 1st District
  Florida District Court of Appeal, 2nd District
  Florida District Court of Appeal, 3rd District
  Florida District Court of Appeal, 4th District
  Florida District Court of Appeal, 5th District
  Georgia Supreme Court, 1940
  Georgia Court of Appeals

****************************************************************
PRIVACY STATEMENT: TheLaw.net respects your time and we believe this is the
fastest, least intrusive method of originating contact with busy
professionals. But we also provide several mechanisms allowing recipients to
remove themselves easily and at no cost. Simply go to:
http://www.thelaw.net/remove.htm OR reply to: remove@thelaw.net and enter the
email address that you would like removed in the subject line or call toll
free 1.877.452.9638. See also: http://www.thelaw.net and click "Privacy
Statement".
****************************************************************


I am open from 3:00 to 4:00 on Thursday - have to meet with Enron's legal
counsel from Sydney at 4:00, followed by a 4:30 meeting with Delainey on a
proposed asset sale.   I have rescheduled my meeting with the Sydney guy
several times this week, and I think this may be my last shot of meeting with
him during this trip.  Is an hour sufficient?  --Sally

Thomas D Gros@ENRON
10/18/2000 02:38 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: CommodityLogic Demos

Tomorrow at 3:00 works for the demo guys.  Is it still OK on your calendar?


In order to ensure that all computer-related equipment is being properly
capitalized and not expensed in your RC, I would like to centralize the
purchase of equipment for Energy Operations.  Going forward, if you need to
purchase equipment for a new employee or need to upgrade your existing PC
and/or monitor, please send me an E-mail containing the following information:

Employee Name (indicate if the employee is new)
Location
Phone Extension
Equipment you would like to purchase
Existing system number if upgrading your PC

I have set up an RC exclusively to capture purchases of computer-related
equipment.  This will make it easier to properly capitalize these assets.

One more thing I need for each of you to do.  Please review your RC reports
for January 2000 and make sure that there aren't any PC purchases charged to
your RC.  You can find them in Cost Category 601 "Non-Capitalized Hardware
and Software".  If you had any charges in this category for equipment, please
forward a copy of your RC report to me as soon as possible so that I can work
with Brian Heinrich to have the charges reversed from your RC in February.

If you have any questions, please call me at Ext. 3-6343.  Thank you in
advance for your help to ensure that your RC does not go over budget for
purchases of equipment that should be properly capitalized.

Lisa Cousino
x3-6343


Just a reminder, we are planning a TW Imbalance meeting on Thursday, January 3, 2002
	in 42C2 at 8:30, right after the NNG/TW morning meeting.

	Richard will bring updated reports for us to review.

	Thanks. Lynn


Sara,

Enclosed is the Draft document for EDEN.

Let me know how it looks.

Thanks,
Joe


Hope this is still on hold.  Did Janelle ever prepare a deal ticket?  SS


-----Original Message-----
From: 	Lee, Bob
Sent:	Monday, January 07, 2002 11:49 AM
To:	Kaminski, Vince J
Subject:	Cindy

Vince

Here's a start.  If you have some more examples, I can weave them in.

Bob