Vince:

I'd like to send you some articles on the fleet card business.

If you have some time, I'd like to discuss the meeting that we had with
Comdata (which has a 60% market share of the fleet card business).  They have
some live data that potentially could be very interesting; however, I'd like
to discuss it with you.

Shawn

What a Mess!(Statistical Data Included)
JOHN D. SCHULZ
03/26/2001
Traffic World
Page 25
Copyright 2001 Gale Group Inc. All rights reserved. COPYRIGHT 2001 Journal of
Commerce, Inc.
Truckers still waiting for signs of pent-up freight demand; earnings
shortfalls, layoffs loom
If you are waiting for trucking to kick-start the nation's economic recovery,
pull up a chair and wait awhile. Trucking CEOs say they haven't seen this
slow a first quarter in a decade.
"Perhaps the weakest first quarter for freight demand since Swift became a
public company in 1990," Phoenix-based Swift Transportation Chairman and CEO
Jerry Moyes said.
The first-quarter trucking mantra historically has been this: everybody loses
money in January, hopes for a break-even February and earns whatever profit
there is in the quarter in March. That formula may not hold this year.
Gregory L. Quesnel, president and CEO of Con-Way Transportation Services and
Emery Worldwide parent CNF Inc., said the current slowdown was first detected
late in the third quarter last year and has become "more pronounced in each
successive quarter." March, he said, has been "as disappointing as the first
two months this year."
Layoffs already are occurring at the major LTL carriers. Yellow Freight
System has idled as many as 1,000 Teamsters and hundreds of white-collar
back-office workers. Most large carriers are warning of profit shortfalls
that will cause them to miss analysts' first-quarter estimates. But there are
deeper fears, too. Marginal players may be forced into bankruptcy. Small,
family-owned carriers may be unable to exit the industry on their own terms
because of the shocking decline in the value of used trucks that is causing
some companies to be valued at less than half their worth of just two years
ago.
Swift's volume drop-off began with shipments originating on the West Coast in
January and February and it is continuing in March, Moyes said. Coupled with
reduced demand from the Southwest, Moyes said Swift will not meet analysts'
first-quarter earnings expectations. Swift is not alone.
"We hauled less freight in February than February a year ago," said Bob
Hammel, executive vice president of Pittsburgh-based Pitt Ohio Express, a
leading privately held Eastern regional LTL carrier. "The slowdown in
manufacturing began in the middle of last year and it was precipitous. Nobody
anticipated the speed in which manufacturing demand fell off."
Even Con-Way, the most profitable LTL operation in the past five years, said
it would have a decline in first-quarter operating income compared with the
year-ago period. Con-Way's tonnage declines were estimated in the
"mid-single-digit" percentage range.
Roadway Express estimated that its current tonnage levels are running 10 to
11 percent below those a year ago, which will result in an approximately
one-half of 1 percent (0.5 percent) decline in its operating ratio. (see
sidebar)
Pat Hanley, Overnite Transportation's senior vice president and chief
financial officer, said freight figures were flat in February year over year
but rose slightly in March. Overnite is the exception to the LTL industry
with as many as 24 new terminals scheduled to be opened this year.
"January was pretty good to us, but February was flat. It's coming back in
March. We're probably up in low single digits, 3 to 4 percent. We're picking
back up. The economy has hurt us. If you had asked us at the start of the
year, we'd have said we'd be up double-digits," Hanley said.
The national economic picture is "a big concern," Hanley said. "We're not
seeing pressure on prices, at least not so far. We're seeing customers ship
10 pallets a day instead of 20. The shipment size is coming down. Certainly
we're concerned. We'll do O.K., but not as great as we'd like."
Forget consumer confidence surveys or the producer pricing index or whatever
stars align in Federal Reserve Board Chairman Alan Greenspan's world. The
genuine leading indicator of any national economic trend is trucking, which
is always a first-in, first-out industry in any economic slowdown.
To hear trucking industry leaders tell it, get comfortable with beans and
franks for dinner. It's going to be awhile before it's filet mignon time
again.
Shippers see what's happening as well but say it's still too early in the
year for carriers to start cutting rates to fill empty trucks.
"All the carriers we talk with report flat or slightly declining business
levels -- definitely slower than early last year," said Bill Huie, assistant
vice president of corporate transportation for NCH Corp., Irving, Texas.
"With a couple of exceptions, carriers we talk with have no plans for
expansion in the next few months. We are getting feelers about some possible
lane adjustments to boost revenue. But generally it appears a little early in
the economic downturn for much price movement."
The national LTL carriers are seeing the same things. "Our business is down
pretty substantially for the first quarter," said Roger Dick, spokesman for
Yellow Corp., parent of Yellow Freight System and two large regional LTL
carriers, Jevic Transportation, Delanco, N.J., and Saia Motor Freight,
Duluth, Ga.
USFreightways Corp., citing what it called the nation's "serious economic
slowdown," said it expects first-quarter earnings to fall "very substantially
below" current Wall Street consensus.
Extreme weather conditions also contributed to the already weakened operating
environment, USF Chairman, President and CEO Samuel K. Skinner added.
"Traditionally, the first quarter builds momentum slowly, with March being
the strongest month of the period," Skinner said in a statement. "This year,
the economic slowdown of the fourth quarter of 2000 accelerated in January
and February, softening even the normal modest expectations for those two
months."
It's not just the LTL industry that's hurting. The Morgan Stanley Dean Witter
truckload freight index continues to show the worst demand-supply
relationship since analyst James J. Valentine began tracking the data in
April 1994. Two events can cause weakness in the index, according to
Valentine. They are either an abundance of excess trucks on the road or weak
freight demand.
"So far in 2001, we have seen the confluence of both factors, but the
fall-off in demand has far outpaced the increase in supply," Valentine wrote
in his most recent "Trucking Snapshot" for early March.
Year-to-date measurement for truckload demand is down 25 percent year over
year, according to Valentine's index, while supply is up only 7 percent. That
would indicate the over capacity was a significant issue last year but was
"masked by the strong economy," Valentine says.
In a more ominous note, Valentine believes overcapacity will continue to
plague the truckload industry for the next one to two years. Only a
reaccelerating national economy can bring the demand-supply back in balance
for the truckload sector in the near term, Valentine predicts.
The overproduction of new Class 8 trucks from early 1998 through early last
year has put too many trucks on the roads and caused supply to back up at
manufacturers, wholesalers and other retailers. Used trucks have lost on
average more than 30 percent of their value over the past 18 months.
Anecdotally, one used truck dealer, Music City Truck & Equipment, in
LaVergne, Tenn., is holding a "two-for-one" sale on three- to five-year-old
Class 8 Freightliners. You can buy two for around $30,000, less than a brand
new Chevy Suburban SUV.
What that means is a trucker who bought a 1998 Class 8 truck for $70,000 and
depreciated half the value over three years has a piece of equipment on the
books this year at $35,000. But assuming it has lost 30 percent of that
value, it may only be worth $24,500 in actuality. For a carrier with a
100-truck fleet, that equates to a loss of more than $1 million on assets.
The glut may last for a while, according to Valentine's analysis. Assuming a
three-year trade-in cycle, most of the Class 8 tractors in the truckload
sector are just now rolling over to the used-truck market. That means that
overcapacity will plague the truckload industry for at least the next year.
That will result in some of the marginal carriers exiting the business, as
did nearly 1,900 carriers last year that either closed or declared
bankruptcy.
"We can see from indexes, surveys and other information available to us that
it is unlikely there will be any significant improvement in March and freight
demands will continue to be soft throughout the month. Based on all of these
factors, we expect USFreightways' profits for the first quarter to be very
substantially less than published analysts' forecasts," Skinner said.
In addition, severe weather conditions including an earthquake in Seattle,
rainstorms in California and blizzards in the Northeast have added cost and
decreased efficiencies, Skinner added.
Expectations at each of USF's operating companies have been affected, some
more than others. The LTL, logistics, reverse logistics and
freight-forwarding units are all showing decreased revenue and volume over a
similar period last year, Skinner said.
Further job cuts at USF Worldwide, its freight forwarder, would be in the
offing as cost controls at the unit would be "accelerated" in the wake of the
softening economy, Skinner said. Late last year, Skinner said the rebuilding
process at USF Worldwide would be a two-year process. But the worsening
economy has made that rebuilding job harder, he said.
"We are seeing evidence that the slowing economy is, in fact, further
impeding progress in this area," Skinner said. "During the fourth quarter of
2000 and continuing into the first quarter of 2001, the company has taken
steps to increase cost efficiencies. Among these actions are a substantial
cutback in capital spending and significant reductions in the labor force.
These cost-control efforts will be accelerated to partially counterbalance
the damaging impact of the current economic and weather conditions."
In the 2000 first quarter, USF posted $22.3 million net income, a 27 percent
rise from the $17.5 million earnings in the 1999 first quarter. At the time,
that was USF's 15th straight quarter-over-quarter earnings increase. It came
on $608.2 million revenue, an 18.5 percent rise in from the $513.2 million
revenue in the 1999 first quarter. Analysts had been estimating USF to earn
about $3.50 a share earnings for 2001, compared with actual $3.61 earnings
per share for all of last year. In the fourth quarter last year, USF earned
$23.7 million, or 91 cents a share.
                          Trucking in a Snapshot
Market             What's Going On
MSDW [*] truckload Remains in record-low territory, indicating
freight index      the worst demand-supply relationship since MSDW
                   began tracking the date in April 1994.
Diesel prices      Diesel prices in the first quarter of 2001
                   have come down 6% sequentially from 4Q00. However,
                   the average price for the quarter remains 6%
                   above that of 1Q00.
WTI oil            OPEC recently agreed to reduce supply by 5% and
                   has stated a price objective of $25 per barrel.
Capacity           Retail sales of Class 8 tractors (new trucks
                   entering the market) came down in January, but
                   inventory (trucks that will enter the market at some
                   point) to sales ratio hit a new high of 3.4 months
GDP                4Q00 GDP increased 1.1% and economists see U.S.
                   recession in 2001 with +0.5% and -1.4% GDP forecast
                   for 1Q01 and 2Q01, respectively.
Retail sales       Retail sales rose 0.7% in January. While this
                   was better than forecast, the upside was likely
                   the result of excessive clearance sales after a
                   disappointing holiday season.
Consumer           The Conference Board's measure of consumer
confidence         confidence fell again (nine points) in February
                   after registering the largest one-month decline
                   in 10 years in January (14 points).
NAPM               The February NAPM rose slightly to 41.9.
                   However, it still indicates a contracting
                   manufacturing sector.
Leading            The index of leading economic indicators
economic           rose 0.8% in January, while
indicator          MSDW had forecast a 0.6% increase. This
                   represents the first rise in four months.
Stock              After a recent pullback, trucking stocks remain
perfonnance        up year-to-date with TL stocks up 5%, regional
                   LTL stocks up 9% and national LTL stocks up 13%.
Investor           For the week ended February 28, mutual fund
                   outflows totaled $309 million, compared with
                   inflows of $2 billion in the prior week.
Market             Implications
MSDW [*] truckload Negative for all TL carriers.
freight index
Diesel prices      The downward trend is Positive for all
                   carriers, especially TL carriers, which have
                   greater exposure to fuel than LTL carriers.
WTI oil            Negative for all carriers, as $25 per
                   barrel is still 25% higher than the $20 per
                   barrel average since 1990.
Capacity           Negative for TL carriers, not a major
                   concern for LTL carriers, which measure
                   capacity by the number of terminals.
GDP                Negative for all carriers.
Retail sales       Negative for both TI and LTL carriers.
Consumer           Negative for all carriers
confidence
NAPM               Negative for all carriers.
Leading            Positive for all carriers.
economic
indicator
Stock              Positive, however, stocks could pull
perfonnance        back further in the short term as
                   fundamentals catch up.
Investor           Negative.
Source: Morgan Stanley Dean Witter Research


Thanks for the message.  It's good to hear from you again.  We have already
hired Racicot (who now works for Bracewell and Patterson), but I'm not sure
that our arrangement would include what you may need, so I'm copying Linda
Robertson in our DC office.  Also, I'll copy Jim Derrick so he knows we might
expand our relationship there.
Linda and Joe - thoughts on BPA and EOL?

	Pamela Lesh/ENRON@enronxgate
	03/05/2001 04:04 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc: Paul Kaufman/PDX/ECT@ECT
		 Subject: Several matters

Hi, Steve!  Long time no talk.  I hope you are well - I KNOW you are busy!  I
just have a couple of matters for your attention:

1.  We, as part of a group of Northwest IOUS, are exploring the possibility of
retaining former Montana Governor Racicot to work BPA issues on our behalf.
PGE will continue with Mike Andrews as our lobbyist but Racicot would work for
the IOUs as a group.  Does this cause you any concerns?  Incidentally, we may
step up our efforts somewhat in the general area of BPA because of the
situation out here.  Please let me know if I or Mike should be coordinating
what we do with any of your folks in DC.

2.  One of the major Northwest issues is who will be the next BPA
Administrator.  For a variety of reasons, there really aren't any good
candidates from the Northwest and we're probably all to close to the situation
anyway.  I was wondering if the Enron net could come up with any good ideas
for someone with good energy and policy experience from outside the Northwest?
 Someone who would appeal to the Bush administration?

3.  With the delay in closing our sale to Sierra, we would very much like the
ability to use Enron Online for trading.  I believe we can get the regulatory
approvals necessary but apparently when we raised this some months ago, there
was strong opposition from within Enron, particularly Joe Hartsoe.  Do you see
an issue with pursuing this?  How do you suggest I move this forward?

Thanks, Steve.  As you may hear from time to time, things are going well here
in Oregon.  We are proceeding on our restructuring, which is beginning to get
notice from NARUC and others as a possible model for states that have not yet
proceeded.  It's an interesting world.  I look forward to hearing from you.


THIS MESSAGE IS BROUGHT TO YOU BY ELIZABETH BOUDREAUX,
OUR NEW EVENTS COORDINATOR OF THE ENRON CYCLING CLUB

Hello Enron Cycle Club members!

Mark your calendar:  the Second Annual Holiday Ride of Lights and Dinner Celebration will be Sunday, December 9, beginning at 5pm!

Decorate your bike and/or person with festive decorations and lights, and come ready to party!

Invite your family to join us on the ride, as it will be a leisurely tour of Houston's decorated homes.  The total ride distance will be about 7 miles.

We will eat dinner together before the ride- stay tuned for details on WHERE. (the next email will also include a ride map)

The West U Schwinn Bike Shop will lead us on the ride once again- thanks to Jeff and his team!

Do NOT forget your helmet, and a light for your bike!  We will be riding in the dark, and we want safety first!!

RSVP to Elizabeth Boudreaux, via email, BY WEDNESDAY, NOVEMBER 21, and include the number of people you will be bringing from your family.

See you there!!

Amelia Alder
Enron Transportation Services
P.O. Box 1188
Suite 3AC3120
Houston, TX 77251-1188
Tel: 713-646-6569
Fax: 713-345-5755
amelia.alder@enron.com


---------------------- Forwarded by Rob G Gay/NA/Enron on 12/11/2000 04:01 PM
---------------------------

Rob G Gay
12/11/2000 04:24 PM
To: Richard A Lammers/SA/Enron@Enron, John Novak/SA/Enron@Enron, Laine A
Powell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Tracee Bersani/HOU/ECT@ECT, Felipe Ospina/NA/Enron@ENRON

Subject: OPIC/KFW Next Steps

I spoke with Mary Mervene this morning and the llenders declined to convene
this week although we will arrange an ECA call for Thursday or Friday.  Mary
has requested that we do the following:

1) Send the Lenders and S&W the new budget info and the revised change order
summary.

2) Revise the model to reflect the new costs and the new timeline.

3) S&W will review the model and then we will repeat the exercise of
calculating fuel oil and Furnas penalty exposures.

4) Finalize sponsor support elements.

This can all occur fairly quickly except I am concerned because we have not
resolved the budget with Shell,  and theoretically the lenders can take 30
days to review the model and budget when submitted.

We also need to discuss strategy because we may want to delete the
contingency from the budget since the lenders are going to want the sponsors
to commit to some general contingency supporty anyway.


---------------------- Forwarded by Chris Dorland/CAL/ECT on 07/26/2000 03:28
PM ---------------------------

	Enron Capital & Trade Resources
	Canada Corp.

	From:  Ryan Watt                           07/26/2000 03:24 PM

To: Chad Clark/CAL/ECT@ECT, Chris Dorland/CAL/ECT@ECT, Jason
Biever/CAL/ECT@ECT, Michael Cowan/CAL/ECT@ECT, Chris Lambie/CAL/ECT@ECT, Jeff
Sears/CAL/ECT@ECT, Jonathan McKay/CAL/ECT@ECT
cc:
Subject: Perfect day for a woman and a man

Not bad....

Perfect Day for a Woman

Wake up to hugs and kisses.
Weigh 5 lbs. lighter than yesterday.
Breakfast in bed, fresh squeezed orange juice and croissants.
Soothing hot bath with fragrant lilac bath oil.
Light workout at club with handsome, funny personal trainer.
Facial, manicure, shampoo, and comb out.
Lunch with best friend at outdoor cafe.
Notice ex-boyfriend's wife, she has gained 30 lbs.
Shopping with friends. Nap. A dozen roses delivered by florist. Card is from
a secret admirer.
Light workout at club followed by a gentle massage. Primp before mirror.
Candlelight dinner for two followed by dancing.
Home to bed. Make love. Pillow talk, light touching and cuddling.
Fall asleep in his big, strong arms.

Perfect Day for a Man

Alarm. Blowjob. Massive dump while reading sports section of USA Today.
Filet mignon, eggs, toast and coffee. Limo arrives.
Bloody Mary en route to airport. Private jet to Augusta, Georgia.
Limo to Augusta National Golf Club. Play front nine, finish 2 under par.
2 dozen oysters on the half shell. 3 Heinekens. Blowjob.
Play back nine, finish 4 under par. 2 Bombay martinis.
Private jet to Nassau, Bahamas. Nap.
Late afternoon fishing excursion with topless female crew.
Catch world record light tackle marlin - 1249 lbs. Massage by naked Kathy
Ireland.
Lobster appetizers, 1963 Dom Perignon, 20 oz. New York strip.
Relax after dinner with 1789 Augler Cognac and Cohiba Cuban cigar.
Have sex with two 18 year old nymphomaniacs. Massage and jacuzzi.
Go to bed. Let loose a 12 second, 4 octave fart.
Watch dog leave bedroom. Laugh yourself to sleep.

  _____


Geir -

Our records indicate that you have not taken your pre-employment drug test for UBS.  Can you please do so ASAP, or if you have already completed, can you please let me know the date that you went so that we can update our records.

Thanks!
Amy


Dan --

Please review the attached redline version which includes my suggested
revisions; let me know what you think.

Thanks for the quick turnaround; it seems very important and appreciated by
Westport.

Mike


Please provide the confirm desk with appropriate language to satisify the
terms of this credit worksheet.

Thanks
Brant


Kristin,

The problem with this guy is that we maxed out on the number of interns we
can gainfully employ and provide adequate supervision. So, we have to pass on
him.

Vince

	Enron North America Corp.

	From:  Kristin Gandy @ ENRON                           02/16/2001 07:54 AM

To: Stinson Gibner/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Vandy Student

I hear that you have been in contact with this student.  Do you have any
interest in hiring him for a summer position?  If not please just let me know
and I will call him to let him know.

Regards,
Kristin
---------------------- Forwarded by Kristin Gandy/NA/Enron on 02/16/2001
07:49 AM ---------------------------

Dmitri Villevald <Dmitri.Villevald@owen2002.vanderbilt.edu> on 02/15/2001
04:00:51 PM
To: "'kristin.gandy@enron.com'" <kristin.gandy@enron.com>
cc:

Subject:

Dear Ms. Gandy:

Thank you for taking time out of your busy schedule to visit the Owen
Graduate School of Management at Vanderbilt on January 23-24 for on-campus
interviews for the Summer Associate positions at Enron. It was a pleasure
talking with you, and I hope I conveyed to you how excited I am about the
prospect of applying my skills at Enron.

I realize that Enron offers a limited number of positions and greatly
respect your choice of Summer Associates. I would like to ask you if there
is any opportunity for me to work at Enron during this summer for free. I am
confident that my sincere interest in derivatives will allow me to greatly
contribute to Enron during this summer. I am particularly interested in
Enron Research Group. (I had a phone interview with Mr. Gibner on January
31st, and I sent him email yesterday asking for the opportunity to work for
free during this summer).

I am looking forward to hearing from you. If I can provide more information
or answer additional questions, please feel free to contact me either by
telephone (615-496-1132) or via e-mail
(Dmitri.Villevald@owen2002.vanderbilt.edu). Also, I am always ready to fly
to Houston for additional interviews.

Again, thank you for your time and consideration.

Sincerely,
Dmitri Villevald
OWEN MBA 2002


Here is the basic info on the other projects discussed on the phone the other day.

 -----Original Message-----
From: 	Donoho, Lindy
Sent:	Monday, November 26, 2001 10:50 AM
To:	Hayslett, Rod; Geaccone, Tracy
Cc:	Harris, Steven
Subject:	California Proposed Projects

Attached is the slide detailing expansions to California as of 11/7/2001.  Please review and forward as needed to JPMorgan.


you better have you big jerk

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 9:20 AM
To:	Maggi, Mike
Subject:	RE:

yes, i did you spoiled brat

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 9:12 AM
To:	Nelson, Michelle
Subject:	RE:

really why not

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 9:11 AM
To:	Maggi, Mike
Subject:	RE:

nope

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 9:11 AM
To:	Nelson, Michelle
Subject:	RE:

yep

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 9:10 AM
To:	Maggi, Mike
Subject:	RE:

what do you think

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 9:06 AM
To:	Nelson, Michelle
Subject:	RE:

i dont know yet, did you drive today

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 9:05 AM
To:	Maggi, Mike
Subject:	RE:

i will not tell you when i fell asleep.   :)  it is getting cold outside.  what time is your dinner tonight mr. big shot!  :)

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 8:59 AM
To:	Nelson, Michelle
Subject:	RE:

im ok i didnt go to sleep until 2:30 last night but i feel pretty good, dont get so stressed, it will all work out in the end

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 8:52 AM
To:	Maggi, Mike
Subject:	RE:

i can't deal with this crap.  i'm just not going to care anymore.  how shitty is that.  i know, but i will tell you tomorrow.  whatever.  anyway, how are you doing?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 8:50 AM
To:	Nelson, Michelle
Subject:	RE:

i know im only kidding, tell him its your bday and you want to know now

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 8:49 AM
To:	Maggi, Mike
Subject:	RE:

what are you talking about!  so, errol told us that he will talk to us individually tomorrow about whether we will be leaving or not.  that was a nice greeting.  you haven't seen me today.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 8:46 AM
To:	Nelson, Michelle
Subject:	RE:

you look a little different, i cant figure out what it is

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 8:43 AM
To:	Maggi, Mike
Subject:

hi!


Start Date: 4/19/01; HourAhead hour: 12;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041912.txt

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 12 / Preferred:  16.00 / Final:  15.97)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/19/01
  TIE_POINT: FCORNR_5_PSUEDO
  INTERCHG_ID: EPMI_CISO_DESERT
  ENGY_TYPE: FIRM
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/19/01
  TIE_POINT: SLVRPK_7_SPP
  INTERCHG_ID: EPMI_CISO_ZEBRA
  ENGY_TYPE: NFRM


Mike,

This is what some people in  the industry see.

Vince

 -----Original Message-----
From: 	enerfaxdaily@enerfax.com@ENRON [mailto:IMCEANOTES-enerfaxdaily+40enerfax+2Ecom+40ENRON@ENRON.com]
Sent:	Friday, August 03, 2001 1:19 AM
To:	Kaminski, Vince J
Subject:	[enerfaxdaily] Storm on Track to Disrupt Gulf Production

To unsubscribe send a blank mailto:leave-enerfaxdaily-801798P@relay.netatlantic.com Scroll completely down to view, Outlook users it will take a minute to appear.   OUTLOOK users please wait a minute for today's power and gas prices & news to appear, scrolldown to view, if necessary. If you can not view, reply and ask for text version. -----Pure Text & Lotus Users subscribe to the pure text version by clicking  http://www.modernmediaohio.com/subscribe/enerfax.htm

Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
Friday, August 3, 2001 No. 796
Visit our website at: http://www.enerfax.com/
For Oil Prices & News write enerfaxgold-subscribe@egroups.com
or go to http://www.enerfaxgold.com/

PHYSICAL NATURAL GAS PRICES
Gulf/Eastern Region
| Agua Dulce              | 3.09  |
| ANR SE                  | 3.11  |
| Carthage TG             | 3.10  |
| Chicago Citygate        | 3.17  |
| Columbia Gulf Onshore   | 3.12  |
| Dominion South Point    | 3.28  |
| Henry Hub               | 3.15  |
| Houston Ship Channel    | 3.23  |
| Katy Hub                | 3.21  |
| NGPL - Midcontinent     | 3.04  |
| NGPL STX                | 3.09  |
| NGPL TX/OK              | 3.13  |
| Niagara                 | 3.25  |
| Sonat Tier 1            | 3.10  |
| TCO IPP Pool            | 3.30  |
| Tetco ELa               | 3.11  |
| Tetco M-3               | 3.47  |
| Tetco STX               | 3.05  |
| TGP Zone 0              | 3.04  |
| TGP Zone 1              | 3.05  |
| TGT Zone SL             | 3.13  |
| New York Citygate       | 3.50  |
| Transco Station 65      | 3.16  |
| Transco Zone 6 (NY)     | 3.50  |
| Trunk ELa               | 3.11  |
| Western Region
| California Border       | 3.87  |
| El Paso Permian         | 3.16  |
| El Paso San Juan        | 3.63  |
| Waha Hub                | 3.17  |
| Canadian/Rockies Region
| Nova/Aeco (in C$/GJ)    | 3.63  |
| Dawn Hub/Union          | 3.19  |
| Northwest Stanfield     | 2.70  |
| Wyoming Pool            | 2.55  |
| Opal/Kern River         | 2.56  |
| PGT-Malin               | 3.34  |
| Sumas                   | 2.52  |
----------------------------------------------
NATURAL GAS FUTURES
Henry Hub
12 Month Strip  3.5333 UP 0.0775
18 Month Strip  3.6123 UP 0.0690
| Month | High  |  Low  | Close | Change  |
| SEP   | 3.210 | 3.051 | 3.192 | +0.111  |
| OCT   | 3.250 | 3.115 | 3.232 | +0.107  |
| NOV   | 3.495 | 3.370 | 3.477 | +0.097  |
| DEC   | 3.720 | 3.617 | 3.722 | +0.087  |
| JAN   | 3.820 | 3.720 | 3.822 | +0.087  |
| FEB   | 3.760 | 3.650 | 3.757 | +0.082  |
| MAR   | 3.650 | 3.560 | 3.647 | +0.072  |
| APR   | 3.480 | 3.410 | 3.462 | +0.062  |
| MAY   | 3.470 | 3.427 | 3.465 | +0.058  |
| JUN   | 3.490 | 3.450 | 3.505 | +0.058  |
| JUL   | 3.570 | 3.490 | 3.547 | +0.055  |
| AUG   | 3.570 | 3.510 | 3.572 | +0.055  |
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POWER FUTURES
| Month |   COB   | Change |   PV    | Change  |
| SEP   |  60.25  | +0.00  |  59.50  |  +0.50  |
| OCT   |  52.00  | +0.00  |  51.00  |  +2.00  |
| NOV   |  49.00  | +0.00  |  42.00  |  +0.00  |
| DEC   |  68.00  | +0.00  |  44.00  |  +0.00  |
| JAN   |  62.00  | -3.00  |  45.00  |  +1.00  |
| FEB   |  53.00  | +1.00  |  43.00  |  +1.00  |
| MAR   |  42.00  | -3.00  |  41.00  |  +1.00  |
| APR   |  40.00  | +0.00  |  38.00  |  +0.00  |
| MAY   |  40.00  | +0.00  |  40.00  |  +2.00  |
| JUN   |  40.00  | +0.00  |  52.00  |  -2.00  |
| JUL   |  67.00  | +1.00  |  70.00  |  +2.00  |
| AUG   |  67.00  | +1.00  |  70.00  |  +2.00  |
| Month | Entergy | Change | Cinergy | Change  |
| SEP   |  31.25  | +0.65  |  28.35  |  -0.15  |
| OCT   |  29.70  | +0.20  |  28.00  |  +0.25  |
| NOV   |  29.70  | +0.20  |  27.35  |  -0.15  |
| DEC   |  29.70  | +0.20  |  29.45  |  -0.05  |
| JAN   |  32.50  | +0.50  |  32.00  |  +0.25  |
| FEB   |  32.50  | +0.50  |  32.00  |  +0.25  |
| MAR   |  31.70  | +0.20  |  31.00  |  +0.50  |
| APR   |  31.70  | +0.20  |  31.00  |  +0.50  |
| MAY   |  34.50  | -0.25  |  33.75  |  -0.25  |
| JUN   |  44.50  | -0.75  |  44.25  |  -0.50  |
| JUL   |  58.25  | -1.25  |  58.50  |  -1.50  |
| AUG   |  58.25  | -1.25  |  58.50  |  -1.50  |
--------------------------------------------------------------
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POWER FUTURES
| Month |  PJM  | Change  |
| SEP   | 31.30 |  +0.20  |
| OCT   | 30.15 |  +0.00  |
| NOV   | 28.70 |  +0.00  |
| DEC   | 31.85 |  +0.00  |
| JAN   | 35.70 |  -0.30  |
| FEB   | 35.70 |  -0.30  |
| MAR   | 32.80 |  -0.30  |
| APR   | 32.80 |  -0.30  |
| MAY   | 34.70 |  -0.30  |
| JUN   | 44.70 |  +0.20  |
| JUL   | 59.50 |  -1.50  |
| AUG   | 59.50 |  -1.50  |
-------------------------------------------------------------

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---------------------------------------------------
NATURAL GAS OPTIONS
       | Closing | Days | Implied ATM  |
| Month |  Price  | Left |  Volatility  |
| SEP   |  3.192  |  27  |    70.18%    |
| OCT   |  3.232  |  55  |    72.55%    |
| NOV   |  3.477  |  86  |    67.23%    |
| DEC   |  3.722  | 118  |    63.86%    |
-----------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average  |
|            | $/MWh | $/MWh |  $/MWh   |
| Cinergy    | 49.00 | 44.00 |  46.30   |
| ECAR       | 52.50 | 45.55 |  48.45   |
| ERCOT      | 80.00 | 65.00 |  70.45   |
| Entergy    | 46.00 | 44.00 |  44.55   |
| TVA        | 50.70 | 48.10 |  49.80   |
| ComEd      | 53.00 | 43.00 |  46.65   |
| PJM West   | 70.00 | 61.50 |  64.70   |
| Main       | 53.50 | 45.50 |  48.85   |
| MAPP       | 53.50 | 45.50 |  48.85   |
| Palo Verde | 54.50 | 49.00 |  51.45   |
| Mid C      | 55.00 | 49.00 |  52.10   |
| COB        | 55.00 | 50.00 |  51.25   |
| 4 Corners  | 52.00 | 50.00 |  51.00   |
| Mead       | 50.00 | 47.00 |  48.50   |
| NP 15      | 53.00 | 44.00 |  46.35   |
| SP 15      | 51.00 | 44.50 |  45.95   |
| APX-Cal    |  n/a  |  n/a  |   n/a    |
-------------------------------------------------
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--------------------------------------------------------
Today's Power Bulletins
* Appeals Court Upholds Surface Transportation Board in Case Involving Coal Movements to Indianapolis Power & Light's Stout Station
* California Pitches $12.5 Billion Power Bond to Wary Investors
* S&P Cuts AES Gener Ratings from 'BBB' to 'BBB-'
* Brazil's Poor Northeast May Get Electricity Blackouts
* California May Challenge FERC Power Refund Decision Soon, Before Conclusion of Case
* American Corn Growers Association Survey Finds Overwhelming Support for Wind Power Development Among Farmers
* Calpine Begins Construction of 115 MW Peaking Facility in Polk County, Florida
* Electric Fuel Completes Electric Transit Bus Performance Testing
* APX Launches Only Independent Scheduling Service and Physical Power Market in ERCOT with 9 Major Customers
* Western Electricity Prices Fall with Reduced Weekend Demand
* Northeast Spot Power Prices Continue Higher with Heat and Outage
* Mid-Continent Spot Power Prices Drop on Weather and Transmission Woes
* Southeast Power Prices Mixed Amid Texas Heat and Humidity
-------------------------------------------------------
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--------------------------------------------------------
Today's Gas Bulletins
* Peoples Energy to Implement Voluntary Early Retirement Program
* Fitch Cuts Peoples Energy Senior Unsecured Debt Ratings from 'AA-' to 'A+'; Outlook Stable
* Canada Provincial Premiers Agree on Energy
* Offshore Workers Evacuated as Storm Hits Gulf of Mexico
* Anadarko President Sees Natural Gas Prices Rising Above $4 per MMBtu If Economy Improves
* NYMEX to Launch 2 Brent Options Contracts
* Canada Opposed US Plans to Drill in Arctic National Wildlife Refuge
* AFL-CIO Calls for Shareholder Vote on Amerada Hess's Acquisition of Triton
--------------------------------------------------------
Natural Gas Futures Jump on News of Tropical Storm Barry
    Natural gas futures for September delivery on the NYMEX gained 3.6% yesterday, up $0.111 to $3.192 per MMBtu on hot weather across much of the nation and the approach of a tropical storm in the Gulf of Mexico off the coast of Florida. The October contract rose $0.107 to $3.232 per MMBtu. Tropical Storm Barry is expected to strengthen today and move into the north-central Gulf of Mexico. Some weather forecasts expect that the storm will turn into a hurricane, and the growing likelihood that workers will soon have to be taken off Gulf of Mexico natural gas platforms has put traders on alert. But, despite the storm risk, there was only limited short-covering and volume was fairly light. However, strength in crude and products as well as Tropical Storm Barry encouraged buying by both trade, commercial accounts and the locals. Fundamentally, the market is still bearish, but that could change quickly if the storm does impact production. Sell stops were triggered as prices moved through the $3.20 level late in the session, bringing the market off its highs. On Wednesday, the market dropped over $0.20 following the release of AGA report data showing an injection of 77 Bcf last week. Hot weather is forecast for much of the nation early next week, with the West Coast returning to hot weather next week. Natural gas for next day delivery across the US and Canada was generally $0.10 to $0.15 per MMBtu lower yesterday, except out West where spot price climbed. Natural gas for next day delivery at the Henry hub lost $0.17 to $3.15 per MMBtu. Look for cash prices to jump higher today.
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Storm on Track to Disrupt Gulf Production
    Tropical Storm Barry formed off Florida's Gulf coast on yesterday and could become a hurricane today as it churns its way through the oil and natural gas fields of the Gulf of Mexico this weekend. The storm is most likely to make landfall on Sunday in Louisiana. Companies with offshore production have already taken steps to protect workers by moving them onshore until the storm passes but they added that they had not yet suspended any production. The National Hurricane Center forecasters predicts that Barry would move slowly to the northwest, taking it through the main producing areas of the central Gulf with a 55% chance that it would attain hurricane strength as it heads toward New Orleans. Chevron has evacuated 700 workers from offshore platforms as a precaution against the storm and will make further evacuations today. The Gulf of Mexico provides about one quarter of nation's production of both natural gas and crude oil; about 13 Bcf of natural gas per day and 1.4 million barrels of oil.
--------------------------------------------------------
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--------------------------------------------------------
House Bill Addresses Energy Bond Status
    The House of Representatives has passed a wide-ranging energy bill that includes measures to permit tax-exempt bond financed public power utilities more access to deregulated power markets. Public utilities which are located in competitive markets would no longer be bound by existing tax law strictly limiting private use of facilities financed with tax-exempt bonds. However, they can continue to issue tax exempt financing for a limited amount of generation to serve their own load, but not for service outside their local area. Private and public utilities say they are satisfied with the bill, nut private utilities are disappointed that the bill left out a provision eliminating taxes on contributions in aid of construction. The bill includes measures that allow public power systems to join RTOs in order to improve the national transmission grid, without endangering outstanding bonds. The bill also makes an exception for prepaid natural gas contracts, which would apply only if at least 85% of the purchased volumes were for use by governmental utilities in the state where the bond issuer was located.
--------------------------------------------------------
 PNW 2001:
Current Realities, Future Expectations
Pacific Northwest Gas Strategies Conference
October 2,2001 Portland,Oregon (at the Hilton Portland)
Hear Commissioner Wilson Condon, State of Alaska, describe how Alaska gas supply will energize the Pacific Northwest supply portfolio. And let Joe Marushack, VP, ANS Gas Commercialization for Phillips Alaska, tell you about
the plans to make these supplies a reality.
Get additional gas supply updates from Art Eastly, President & CEO, Canadian Forest Oil Ltd. (NWT) and Lanny Outlaw, President & CEO, Western Gas Resources (Rockies).
Our keynote speaker on transportation will be Michael Stewart, Executive VP,Westcoast Gas Pipeline. Also discussing pipeline expansions will be: Peter Lund, PG&E Transmission, NW; Kirk Morgan, Williams Gas Pipeline West; Donald Zinko, Colorado Interstate Gas; and Randy Jespersen, BC Gas Utility Ltd.
You'll also have an opportunity to hear the latest on Questar's new salt cavern storage facility - available to the PNW - from Questar's Gary Schmitt.
Find out views on future demand growth in the PNW from keynote speaker Dick Reiten, Chairman & CEO, NW Natural. Hear how the Bonneville Power Administration plans to reconnect with its supply contracts from Acting Administrator & CEO, Steve Wright. Also hear what Paula Pyron, Executive Director, NW Industrial Gas Users, has to say about her constituents' needs.
For more information please visit:
http://www.ziffenergyconferences.com
call 1-800-853-6252,
or email us at gasconference@ziffenergy.com
----------------------------------------------------------
Natural Gas NYMEX Volume
01SEP   37,090
01OCT    7,538
01NOV    4,934
01DEC    3,257
02JAN    2,672
02FEB    1,499
02MAR    1,922
02APR    2,341
02MAY      791
02JUN      140
02JLY       75
02AUG      126
02SEP      152
02OCT       24
02NOV       35
02DEC      205
03JAN       40
03FEB       58
03MAR       38
03APR       19
03MAY       12
03JUN       10
03JLY       10
03AUG    2,024
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El Paso Chairman to Testify Again
    El Paso Chairman, President and CEO William Wise will testify for a second time Monday in FERC's investigation into alleged manipulation of California's energy market. The California PUC claims that El Paso unfairly awarded 1.2 Bcf per day of firm capacity to its affiliate, El Paso Merchant Energy. Before the start of testimony, the FERC ALJ said that an April 2000 memorandum sent between Wise and another  official relates the minute details of everything that is happening in the company, showing that Mr. Wise was well aware of everything. That seems to run contrary to Wise's testimony at the previous May  hearing, where testified he did not micromanage the affairs of El Paso's subsidiaries. The California PUC testified that El Paso awarded the capacity in question by skewing the rules of an open season, saying it biased the open season in favor of the 'total package' bid. If a single bid for all of the capacity exceeded $37.5 million, then individual bids could only succeed if they exceeded the value of the total package bid to El Paso.  Therefore, even if they submitted partial package bids at reasonably high rates, their success was totally dependent upon the other partial package bids by other shippers. A total of 24 shippers submitted partial bids, and none of them were awarded any capacity, the PUC said. But El Paso disputed those claims, saying that it made the minimum economic criteria before the open season, thus giving no one an advantage.
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-------------------------------------------------------
Ladyfern Discovery May Yield Tcf of Natural Gas
   Canadian Natural Resources is the latest to drill in what is being touted as one of the richest natural gas discoveries in Canada. The Ladyfern area, located in an isolated section of northeastern British Columbia, is estimated to contain up to 1 Tcf. Murphy Oil and Apache jointly drilled the first discovery well in the region a year ago, which is about 60 miles northeast of the oil hub, Fort St. John, BC. Acreage in the Ladyfern region has sold for 17 times the median paid for acreage in other parts of BC. It is likely second in size to the 1.8 Tcf Caroline, Alberta field in terms of Canadian onshore discoveries. Production is estimated at 480 MMcf per day. Canadian Natural is now producing 55 MMcf per day from one well, which is restricted by pipeline capacity. It expects to be producing 200 MMcf per day by the end of the year. Alberta Energy's output is about 170 MMcf per day.
-----------------------------------------------------
Enerfax Job Center & News
New Openings include:
* Pipeline Compliance Specialist
* Software Sales
* Jr/Sr Derivative/Risk Analyst
Visit http://www.enernetenergy/  for these and more new job listings.
--------------------------------------------------------
* Principal Sales Executive - Viking Gas Transmission, A Subsidiary of Xcel Energy
This position is located in St. Paul, Minnesota and is responsible for the development and implementation of all gas transportation sales activities, customer contacts, customer service and increasing market share.
Accountable for annually increasing transportation revenue and improving company profitability. Provide technical support to scheduling, operations and engineering staff.
Undergraduate degree in Business or Engineering. Master's Degree in Business preferred. Minimum of five (5) years experience in natural gas or wholesale electric industry with a minimum of two (2) years of experience dealing directly with interstate natural gas pipelines and services. Experience as a lead negotiator. Significant travel required.
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--------------------------------------------------------
Conflict of Interest Charged in California
    One California energy official has a stock portfolio full of big energy firms, while holds a million dollars in Enron stock. Even the governor's chief spokesman has $12,000 invested in Calpine. Consumer groups and Republicans are claiming conflict of interest among top Democratic officials charged with helping California out of its energy crisis. But the governor says it is a politically inspired witch hunt aimed at smearing his administration by implying something is illegal. Whatever, but it is still another pie in the face the governor whose political viability seems to be fading almost as fast as his friend, Gary Condit. Charges of conflict of interest surfaced last month as the Secretary of State called for a probe of consultants negotiating long-term energy deals designed to protect California from price swings on the spot market. The governor fired five consultants last weekend after belatedly asking them to file required economic disclosure statements. Journalists have been busy digging up financial details on a bunch of Davis appointees that create the impression personal greed was driving California's official energy policy. In one case, the chairman of the California Energy Commission owned as much as $510,000 in energy company stock at one point last year, it was reported.
--------------------------------------------------------
                Progas Storage Services, Inc
Was recently organized to offer specialized natural gas storage services to marketers and end users servicing the upper Midwest and Northeast market regions along the major transmission systems in Indiana, Illinois, Kentucky, and Michigan. PGSMI has 10 bcf of potential working capacity which will offer service along TXG, ANR, Midwestern, and is currently evaluating for purchase another 21 bcf of potential working capacity which can be serviced by these and other systems in the region. PGSMI also explores for natural gas in the Gulf Coast region through a wholly owned subsidiary. Progas intends to go public through a route of private industry offerings, and an IPO or registration. For more information on services or the company mail to: gastorage@aol.com or for AOL mail to gastorage@aol.com ; web site currently under construction at: http://www.progas.net/wip .
The company's executive and administrative office is located in Abilene, Texas with storage operations in Owensboro, KY and exploration operations in Corpus Christi, TX.
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8610 S. Hwy 277
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Ph 915 698 3699
Fx 915 698 2859
--------------------------------------------------------
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--------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 rose 14.82 points to 7756.19
The CRB Index decreased 0.21 points to 201.07
The US Dollar declined 0.25 points to 116.25
The Dow gained 41.17 points to 10551.18
The S&P 500 climbed 4.82 points to 1220.75
The Nasdaq was up 19.00 points to 2087.38
September NYMEX Crude Oil rose 0.94 to 27.71
Canadian-US Exchange gained .0054 to 1.5412
------------------------------------------------------
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Enerfax Daily is North America's gas and power information source. it is sent to you free of charge. Enerfax Daily may be copied and redistributed in its entirety to all interested energy professionals.Please e-mail us at subscribe@enerfax.com .
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For information on advertising, please write to advertise@enerfax.com


I corrected it.  Thanks for the heads up.

Errol


The views expressed below are not those of Enron Corp. or any of it's
subsidiaries.

---------------------- Forwarded by Susan M Scott/HOU/ECT on 03/28/2000 11:59
AM ---------------------------

Purvi Patel
03/28/2000 11:17 AM
To: Kori Loibl/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON, JD
Buss/HOU/ECT@ECT, Monique Sanchez/HOU/ECT@ECT, Susan M Scott/HOU/ECT@ECT,
Dutch Quigley/HOU/ECT@ECT, Laura Vargas/Corp/Enron@ENRON, Burton
McIntyre/HOU/ECT@ECT
cc:
Subject: The life of an egg....

This is Funny...
---------------------- Forwarded by Purvi Patel/HOU/ECT on 03/28/2000 11:15
AM ---------------------------

Sheetal Patel
03/28/2000 11:12 AM
To: Michael Kolman/HOU/ECT@ECT, Purvi Patel/HOU/ECT@ECT, Sheetal
Patel/HOU/ECT@ECT, Alicia Perkins/HOU/ECT@ECT, Justin Rostant/HOU/ECT@ECT,
Jennifer Reside/HOU/ECT@ECT, Heather Alon/HOU/ECT@ECT, Simone La
Rose/HOU/ECT@ECT, Otis Wathington/HOU/EES@EES, Mason Hamlin/HOU/ECT@ECT,
jmorace@tctcompanies.com, msergides@powermerchants.com
cc:
Subject: The life of an egg....

hey guys, hope u have a good one...sheetal :)

 - egges.exe


Ned,  Looks fine.  Let me know when you get the originals and I will initial.

	Ned Higgins
	06/22/2000 11:05 AM

		 To: Gerald Nemec/HOU/ECT@ECT
		 cc:
		 Subject: FW: Enron conf agrm

Attached is the latest draft C/A  from  Intergen for their Deweyville plant.
Please take a look and advise.
---------------------- Forwarded by Ned Higgins/HOU/ECT on 06/22/2000 10:28
AM ---------------------------

"Rogers, David" <DRogers@INTERGEN.com> on 06/22/2000 09:18:23 AM
To: "'Ned Higgins'" <Ned.Higgins@enron.com>
cc:
Subject: FW: Enron conf agrm

Here is the final. We'll get the orignal to you this week.

-----Original Message-----
From:?? Pedigo, Doug
Sent:?? Thursday, June 22, 2000 8:47 AM
To:???? Powell, Kathy
Cc:???? Rogers, David
Subject:??????? Enron conf agrm

Attached is the final version of the Enron conf agrm.? Please run two
originals for Dave Rogers.

If time is of the essence, we can consider this to be my "electronic
intitials" and we can have any VP in Houston sign off on it.? I can initial
the hard copies when they circle back after signature by Enron.

 <<Enron conf agrm.doc>>

 - Enron conf agrm.doc


Given the negativity toward Enron at the CPUC, should we not file comments if
these express our position?

 -----Original Message-----
From:  Mara, Susan
Sent: Friday, June 22, 2001 9:47 AM
To: Williams, Robert C.
Cc: Kean, Steven; Dasovich, Jeff; Steffes, James; Kingerski, Harry; Sharp,
Vicki; Curry, Wanda; Kaufman, Paul
Subject: AReM/WPTF Comments on Draft Decisions Regarding PX Credit and Direct
Access

Dan Douglass has drafted joint comments for two coalitions in which Enron is
a member -- Alliance for Retail Energy Markets and Western Power Trading
Forum.  Robert, feel free to contact Dan directly with your comments.  Let me
know your thoughts as well.  I am out of the office at a WPTF meeting. Dan is
here as well. If you need to contact me, you can leave me a message on my
office phone or try my cell (415 -- 902-4108), but I'm not sure the cell is
working all the time.

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 06/22/2001 07:35 AM -----

	"Dan Douglass" <douglass@energyattorney.com> 06/20/2001 10:59 PM 	   To: "ARM"
<arem@electric.com>  cc:   Subject: Comments on Draft Decisions Regarding PX
Credit and Direct Access

Attached for your review and comment is my first draft of comments to be
filed on Monday with regard to the draft decisions of ALJ Barnett and
Commissioner Bilas.  Please review it carefully, as I have thrown in
everything I can think of on a rush basis, and it may require some
significant  editing.  Pay particular attention to Section V dealing with
Bilas' request  for parties to discuss alternatives to DA suspension.  The
draft offers a  compromise to the DWR's concerns, as expressed in the
Angelides memo.   Also, notice that Section VI urges the Commission to
bifurcate the DA and PX  credit issues, acting quickly on the first, if it
must, but more leisurely on  the PX credit subject.

Finally, I have a suggestion in the form of a question.  How  would AReM
members feel about making this a joint filing with WPTF?  There  is
cross-membership between the two groups and the same issues would be raised
in the separate filings which I am otherwise prepared to draft.  This draft
would requires some modifications so as to refer to the "Joint Parties" as
opposed to solely mentioning AReM, and I might  add a section dealing more
explicitly with WPTF's contribution to getting the zero minimum bill
stipulation  signed in the first place.  Otherwise, the document would stay
much as it  is (subject to your input over the next few days, of course).
Please let  me know what you think asap, as I am already working on a WPTF
draft.   Incidentally, I will also be filing comments on behalf of ABAG which
will  support the positions taken in the attached document, but I am not
proposing  that ABAG also be a party to this filing.  Thanks for your help!
Comments as soon as possible would be very much appreciated!

Dan

Law Offices of Daniel W. Douglass
5959 Topanga Canyon Blvd.  Suite  244
Woodland Hills, CA 91367
Tel:   (818) 596-2201
Fax:   (818) 346-6502
douglass@energyattorney.com << File: file://C:\Program Files\Common
Files\Microsoft Shared\Stationery">
<STYLE>BODY {
 MARGIN-TOP: 25px; FONT-SIZE: 10pt; MARGIN-LEFT: 25px; COLOR: #000000;
FONT-FAMILY: Arial, Helvetica
}
P.msoNormal {
 MARGIN-TOP: 0px; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; COLOR: #ffffcc;
FONT-FAMILY: Helvetica, mailto:douglass@energyattorney.com >>

 - Blank Bkgrd.gif << File: Blank Bkgrd.gif >>
 - 6-25-01 AReM Comments - Draft 1.doc << File: 6-25-01 AReM Comments - Draft
1.doc >>


<<Mergers and Operational Risk --FT Mandate.pdf>>

new article.  trust things are ok under circumstances.   this too will pass.

call or write as needed.

charles

*****************************************************************************
The information in this email is confidential and may be legally privileged.
It is intended solely for the addressee. Access to this email by anyone else
is unauthorized.

If you are not the intended recipient, any disclosure, copying, distribution
or any action taken or omitted to be taken in reliance on it, is prohibited
and may be unlawful. When addressed to our clients any opinions or advice
contained in this email are subject to the terms and conditions expressed in
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*****************************************************************************


print and file.  discard the one I just gave you.
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 01/09/2001
11:07 AM ---------------------------

	From:  Mike McConnell                           01/08/2001 12:55 PM

To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Global Markets presentation

FYI, here is the latest updated presentation.
mike
---------------------- Forwarded by Mike McConnell/HOU/ECT on 01/08/2001
12:51 PM ---------------------------

Jason Rios@ENRON
01/08/2001 09:48 AM
To: Cathy Phillips/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT
cc:
Subject: Global Markets presentation

As requested...


calendar
---------------------- Forwarded by Steven J Kean/NA/Enron on 06/07/2001
05:20 PM ---------------------------

Linda Robertson
06/07/2001 02:55 PM
To: Steven J Kean/NA/Enron@Enron
cc: Richard Shapiro/NA/Enron@Enron

Subject: Your June 21 Trip

We have confirmed a meeting for you with Senator Feinstein.  In addition, we
are presently trying to schedule you with Senators Lieberman, Landrieu,
Hagel, Domenici, Johnson, and Cantwell.   You will be here at a very
important time.

In addition, Ken Lay is slated to be in New York on June 15.  We are trying
to get appointments for him with Senator Schumer and Rep. Rangel.  If we are
unsuccessful in lining up anything for him in NY, we have "penciled in" Ken
on Chairman Bingaman's calendar for 10:30 am that day, here in DC.  Ken is in
NY Thursday night for an award, and I understand is planning to be in NY
Friday night, but his calendar at present is clear during the day.  If we
don't get the Schumer appointment in NY, I will being asking you to see if
Ken is willing to make a quick trip during the day on Friday to DC to see
Bingaman and, if we can get him, Leader Daschle.  I think it would be worth a
quick trip from NY and will still allow him to be in NY that night.


TXU Fuel Company and Guadalupe Power Partners, L.P.

	Barbara N Gray
	05/30/2001 05:02 PM

		 To: Dan J Hyvl/HOU/ECT@ECT
		 cc:
		 Subject: Assignments to ENA and LODISCO.

Dan, which of these still need consents to assign
----- Forwarded by Barbara N Gray/HOU/ECT on 05/30/2001 05:01 PM -----

	Robert Walker
	05/30/2001 04:51 PM

		 To: Anne C Koehler/HOU/ECT@ECT, Barbara N Gray/HOU/ECT@ECT, Sandi M
Braband/HOU/ECT@ECT
		 cc: Cyndie Balfour-Flanagan/Corp/Enron@ENRON, George Weissman/HOU/ECT@ECT,
Bob M Hall/Enron@EnronXGate, Kimberlee A Bennick/HOU/ECT@ECT
		 Subject: Assignments to ENA and LODISCO.

Here are the latest documents for the assignment from ENA to LODISCO and
HPL.  Please note the last sentence in Article 1, concerning those agreements
that require consent, for which consent has not yet been granted.

Please let me know if these are ok to send to Anthony Wills at V&E.

Thanks,


That is weird.  I received your first message.

Dave, Exhibit A of the O&M agreement is a description of the Compressor Motor
Facilities.  Do you have this?
Exhibit C is insurance coverages; I assume I need to get that from Nemec.

Martha, please send me by interoffice mail copies of the executed documents
Drew has; mine seem to have vaporized.

Thank you!

	From:  Drew Fossum                           01/25/2000 01:05 PM

To:
cc: Susan Scott/ET&S/Enron@ENRON, David Foti/ET&S/Enron@ENRON, Martha
Benner/ET&S/Enron@ENRON

Subject: Re: Transwestern Contracts

Thats weird, my computer just deleted the recipients from the email below.
I'll try again--do you guys still work here?  DF

	From:  Drew Fossum                           01/25/2000 01:02 PM

To:
cc: Susan Scott/ET&S/Enron@ENRON, David Foti/ET&S/Enron@ENRON, Martha
Benner/ET&S/Enron@ENRON

Subject: Transwestern Contracts

You guys probably don't remember this (I didn't until I checked the file) but
there were a couple of exhibits to the Transwestern Gallup contracts that we
left to be attached to the final contracts after execution.  My recollection
is that we were in such a hurry to get the Compression Service Agreement
signed and sent to FERC that we left a couple of these things to do later.
Now that we have the FERC order, I want to get these contracts off my desk
and off to Corporate Records or whereever original contracts go to die.   On
my originals, I'm missing Exhibit B to the CSA (which is the CDEC Rate
Schedule No. 21),  and Exhibits A and C to the O&M Agreement.

Susan, please coordinate with Gerald to get these exhibits in our respective
files and we can send these contracts off to the central rathole and be done
with it.  Thanks to you all.  DF


This week's Lite Bytz presentation will feature the following BIZ speaker:

Bob McAuliffe
Command Center
Thursday, May 31, 2001

If you have not already signed up, please RSVP via email to litebytz@enron.com by the end of the day Tuesday, May 29, 2001.

*Remember: this is now a Brown Bag Event--so bring your lunch and we will provide cookies and drinks.

Click below for more details.

http://home.enron.com:84/messaging/litebytzemail529.jpg


What do you mean funds are being told...?

	Enron North America Corp.

	From:  Clayton Seigle                           12/11/2000 09:11 AM

To: John L Nowlan/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Don
Schroeder/HOU/ECT@ECT, David J Botchlett/HOU/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT
cc: Scott Tholan/Corp/Enron@Enron, Robert Johnston/HOU/ECT@ECT
Subject: word on the street

According to sources, funds are being told this morning that OPEC is likely
to cut production by 800,000 - 1 million b/d in Q1 2001, no later than the
end of February.  Most likely scenario as of now is that OPEC will hold an
extraordinary meeting in February to make the decision.  In the unlikely
event that prices continue to slide significantly, the decision might be
moved up to the January 17 meeting.


----- Forwarded by Jeff Dasovich/NA/Enron on 11/14/2000 10:19 AM -----

	Melissa Cortez <mcortez@govadv.com>
	11/13/2000 07:15 PM

		 To: hgovenar <hgovenar@govadv.com>, sgovenar <sgovenar@govadv.com>,
mday@gmssr.com, jeff.dasovich@enron.com, joseph.alamo@enron.com
		 cc:
		 Subject: Senate Energy and Utilites Hearing

 - Senate Energy1.doc


for your review
---------------------- Forwarded by Bob Shults/HOU/ECT on 12/13/2000 05:39 PM
---------------------------
From: Mark Taylor on 12/13/2000 05:08 PM
To: Bob Shults/HOU/ECT@ECT
cc:
Subject: Fee Agreement


MAKE PLANS NOW to ATTEND the PREMIER ENERGY EVENT of 2002!

12th ANNUAL NESA ENERGY EXPO
April 29 through May 2, 2002
George R. Brown Convention Center
Houston, Texas

NEW TO the PROGRAM
*	Monday evening Black Tie Gala featuring VIP Keynote Speaker, The
Honorable George Bush, forty-first President of the United States, and live
entertainment from Aaron Neville
*	Exhibits and Conference portions will be held in Exhibit Hall A
*	Opening Reception in Exhibit Hall A for all delegates
*	Thursday morning Continental Breakfast in the Exhibit Hall sponsored
by Cinergy

AVAILABLE JANUARY 31
*	Individual Gala Registration Information
	LIMITED GALA TICKETS available at $500.00 per NESA Member, includes
trade show admission
*	Agenda for the 2002 Expo General Session
	Keynote Address by Chairman Michael Williams, Texas Railroad
Commission
*	Conference and Trade Show Delegate Registration Information

The Conference and Exhibit Committees are already planning for the 2002
event and brochures outlining meeting activities are available for your
review. Visit our web site at www.nesanet.org <http://www.nesanet.org>  for
the Sponsorship and Advertising Opportunities and Exhibit Reservation
brochures.  Delegate registration materials will be posted on our web site
and emailed to all NESA Members on January 31.  A flyer containing
additional NESA Energy Expo 2002 information is attached below for your
review in an Adobe Acrobat PDF file.

Thank you for your consideration of participation at NESA's Energy Expo 2002
- THE Energy Services Trade Show of the Year!

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Vice President of Education
(713) 856-6525
tracy.cummins@nesanet.org <mailto:tracy.cummins@nesanet.org>

 <<Energy Expo 2002 Email #2.pdf>>

To UNSUBSCRIBE from the NESA / HEA Member Email Blast list please respond to
this email with the word UNSUBSCRIBE typed into the subject field.  This
will preclude you from receiving any email blasts in the future, but hard
copies of the material will be sent to your attention.

 - Energy Expo 2002 Email #2.pdf


Fitch downgrades credit outlook for California IOUs

09/20/2000
Megawatt Daily
(c) Copyright 2000 Pasha Publications, Inc. All Rights Reserved.
The credit rating agency Fitch yesterday downgraded its ratings outlook for
all three of California's investor-owned utilities (IOUs) from stable to
negative.
The company cited high wholesale electricity prices that could contribute to
a liquidity crunch for the utilities and the uncertainty of California's
deregulation process in the wake of this summer's market upheavals as reasons
for the revised outlook.
"Uncertainty affects all the utilities," a Fitch analyst said. Although each
of the utilities has slightly different circumstances, there are underlying
problems impacting them all, the Fitch report says.
The three IOUs - San Diego Gas and Electric (SDG&E), Pacific Gas and Electric
(PG&E), and Southern California Edison (SoCalEd) - all face high prices in
the wholesale market where they must buy power, but are limited in their
ability to pass on costs to their customers.
PG&E's and SoCalEd's prices are frozen under the state's restructuring
legislation for a transition period lasting through March 2002 at the latest.
SDG&E, which completed the transition period earlier this year, initially was
able to charge its customers market rates, but had its prices capped
retroactive to June by state legislation and regulatory orders.
Under the price controls, the IOUs are unable to cover their immediate costs,
and the political and regulatory climate has left the question unanswered as
to if or how the IOUs will be allowed to recover their costs.
In addition, PG&E and SoCalEd must use the transition period to pay off
stranded costs through the sale of their generation assets. SDG&E has already
paid off its stranded costs and was able to charge market rates to its
consumers until the current price cap went into effect.
Taking all of these aspects into consideration, Fitch felt the ratings
downgrade was necessary to reflect the companies' future positions. The
update is "our indication of where ratings may go," the analyst said. "Over
the long term there are negative aspects [in the IOUs situations]."
Still, "these are all high[ly] rated utilities," he said, adding that he did
not expect the revision to affect the companies' ability to raise money or
the cost they pay for borrowing.
Fitch's ratings outlook downgrade mirrors a similar downgrade of the IOUs'
ratings outlook by Moody's, another credit rating agency, last week. ADP


in the case that you want to call him!

Kim
 -----Original Message-----
From: 	"Douglas Dyer" <DouglasDyer@msn.com>@ENRON
Sent:	Monday, November 12, 2001 10:15 AM
To:	Ward, Kim S (Houston)
Subject:	Info

Kim,

Per our conversation:

Phone:  415.831.5964
Cell:  415.999.5704
email:  douglasdyer@msn.com  (I will get another when I hook into CMS' system)

Laird


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 07/14/2000
08:54 AM ---------------------------

Regina Blackshear@ENRON
07/13/2000 08:44 PM
To: vblack4538@aol.com, l_carter61@hotmail.com,
sonia_l_castorena@reliantenergy.com, Yolanda Clay<yoclay@flash.net>,
Amber.Ebow@enron.com, Loneta Edison<Loneta.Edison@wcom.com>,
NAGILL443@aol.com, Tammy Green <tcgreen@flash.net>, GRHRDH@aol.com, "BENEDICT
PETERS"<bouncing98@hotmail.com>, rosemary.a.reynolds@usa.xerox.com,
"WhiteBL(Barbara)"<BLWhite@equiva.com>, Diane Salcido/Corp/Enron@Enron,
Angela Barnett/HOU/ECT@ECT, Judy Hernandez/HOU/ECT@ECT, Eve
Puckett/Corp/Enron@ENRON, Pamela Mitchell/HOU/ECT@ECT, Sandra R
McNichols/HOU/ECT@ECT, Warren Perry/Corp/Enron@Enron
cc:
Subject: Fwd: Taste My Jesus

this is very nice
-
>>Thought you'd like this...
>>
>>Edmund J. Petry
>> > Taste My Jesus!
>> > At the University of Chicago Divinity School each year they have what
>>is
>> > called "Baptist Day." On this day each one is to bring a lunch to be
>>eaten
>> > outdoors in a grassy picnic area.  Every "Baptist Day" the school would
>> > invite one of the greatest minds to lecture in the theological
>>education
>> > centre. One year they invited Dr. Paul Tillich. Dr.Tillich spoke for
>>two
>> > and
>> > one-half hours "proving" that the resurrection of Jesus was false. He
>> > quoted
>> > scholar after scholar and book after book.  He concluded that since
>>there
>> > was no such thing as the historical resurrection, the religious
>>tradition
>> > of
>> > the church was groundless, emotional mumbo-jumbo, because it was based
>>on
>> > a
>> > relationship with a risen Jesus, who, in fact, never rose from the dead
>>in
>> > any literal sense. He then asked if there were any questions. After
>>about
>> > 30
>> > seconds, an old, dark skinned preacher with a head of short-cropped,
>> > woolly
>> > white hair stood
>> > up in the back.
>> >
>> > "Doctah Tillich, I got one question," he said as all eyes turned toward
>> > him. He reached into his sack lunch and pulled out an apple and began
>> > eating
>> > it.
>> >
>> > "Doctah Tillich..." CRUNCH, MUNCH "My question is a simple
>>question,..."
>> > CRUNCH, MUNCH... "Now, I ain't never read them books you read..."
>>CRUNCH,
>> > MUNCH.. "and I  can't recite the Scriptures in the original Greek..."
>> > CRUNCH, MUNCH ... " I don't know nothin' about Niebuhr and
>>Heidegger..."
>> > CRUNCH, MUNCH... He finished the apple.
>> >
>> > "All I wanna know is: This apple I just ate,------was it bitter or
>>sweet?"
>> > Dr. Tillich paused for a moment and then answered in exemplary
>>scholarly
>> > fashion: "I cannot possibly answer that question, for I haven't tasted
>> > your
>> > apple." The white-haired preacher dropped the core of his apple into
>>his
>> > crumpled paper bag, looked up at Dr. Tillich and said calmly, "Neither
>> > have
>> > you tasted my Jesus."
>> >
>> > The 1,000 plus in attendance could not contain themselves. The crowd
>> > erupted
>> > with applause and cheers.  Dr. Tillich thanked his audience and
>>promptly
>> > left.
>> >
>> >
>> >
>>________________________________________________________________________
>> > Get Your Private, Free E-mail from MSN Hotmail at
>>http://www.hotmail.com
>>
>>
>>
>

________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com


Ben,
I have to email the Head of School and schedule a
meeting with her before she leaves.  When do you
suggest I tell her?????  Have you talked to your dad?

Megan

__________________________________________________
Do You Yahoo!?
Send FREE video emails in Yahoo! Mail!
http://promo.yahoo.com/videomail/


THE TIME HAS COME TO CLEAN HOUSE!!!!   PLEASE USE THE INFORMATION BELOW TO HELP YOU DETERMINE WHAT TO SAVE AND WHAT TO THROW AWAY.

REMEMBER...YOU WILL ONLY BE TAKING AND PACKING FOUR (4) BOXES!!!!

Thanks for your help,

Power Admin. Team

OPERATION CLEAN SWEEP

Dates:
Friday, October 19th
Friday, October 26th
Friday, November 2nd
Friday, November 9th

Times:
1 PM to 5 PM

Purpose:
Minimize packing for move to Enron Center South
Disposal of all non-vital items
Proper disposal of confidential/sensitive materials (shredding)
Transfer of records to off-site storage
Clean area/leave in good order

What to Consider:
All items currently on floor
Any extra/unused supplies
Outdated equipment
Files in file cabinets
All items currently stored in boxes
Posters, plants, pictures

Disposal Options:
Take home (pictures, plants, etc.)
Trash
Shred (all sensitive documents)
Archiving/Records Retention
Recycling 1) paper; 2) extra office supplies/equipment (to be donated to area schools)

Resources available:
Trash Dumpsters
Paper recycle bins
Recycle/donation tables


Sorry Vince I have been out of town.  Please give me a call tomorrow.


Then, just order for 3.  Bryan Hull, Dave Baumbach, and I will attend.

Thanks,

Eric

To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Re: P/L Review

Eric,

Strictly intramonth.

Martha


Ta da...
---------------------- Forwarded by Kay Mann/Corp/Enron on 10/20/2000 12:40
PM ---------------------------

	Enron North America Corp.

	From:  Kay Mann                           09/28/2000 09:16 PM

To: ppipitone@andrews-kurth.com
cc:

Subject: ABB Purchase Agreement - Final Version

Hi Paul,

This will need the same facilities agreement treatment as the GE contract we
are working on.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 09/28/2000 09:14
PM ---------------------------
From: Kathleen Clark@ENRON_DEVELOPMENT on 07/24/2000 03:05 PM
To: kay.mann@enron.com
cc:

Subject: ABB Purchase Agreement - Final Version

Kay:

Attached is the final version:


I will tell them.  Thanks.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


FYI

 -----Original Message-----
From: 	Dewar, Donette
Sent:	Friday, September 28, 2001 2:54 PM
To:	Locklear, Essie
Cc:	Vasconcellos, Brent
Subject:	Raptor unwind tax accounting

Essie:

The purpose of this message is to communicate to you, for co-ordination with the appropriate "MARC" personnel, the relevant facts of the transactions that closed on Friday, September 28, to unwind the Raptor structures.  As I likely will not return to the office until just at the time of September close, I thought it might make sense for you, with Brent's assistance, to make sure that the appropriate reporting personnel are notified of the tax adjustments that should be made to book these transactions.

Each of the "top tier" Raptor entities (Harrier, Roadrunner, Pronghorn, and Grizzly) "purchased" from LJM the membership interest that LJM owned in the "bottom tier" Raptor entities (Talon, Bobcat, Porcupine, and Timberwlf, respectively).  Harrier paid $6 mil, Roadrunner and Grizzly each paid $15 mil, and Pronghorn paid $1,000.  As a result of these transactions, the purchased entities became book consolidated with Enron. Also as a result of these transactions, a total book loss of around $600 mil was recorded (divided among the books of each one of the four structures).

For tax purposes, the purchasing and purchased entities are all disregarded entities of Enron Corp. (or EES, in the case of Pronghorn and Porcupine).  The repurchases are to be treated as merely a final payment made by Enron Corp. (or EES, as the case may be) on a contingent debt instrument.  Accordingly, the entire book loss should be reversed for tax, and instead an interest deduction recorded on the tax books of each purchasing entity for the amount that was paid to purchase the bottom tier entity.  For examply, Harrier will record an interest expense deduction for $6 mil.

We have not been told yet exactly how the book loss will be spread among the four structures, and whether it will be booked on the top tier or bottom tier entities' books.  Ron Baker likely will have an answer on this issue by the time you see this message.

Please leave me a voice mail if you need assistance before I return to the office on October 10.  Thanks!

DMD


I spoke w/ Brian Russo today to determine whether he sent payment as he indicated on 3/13/02.  He admitted that BG&E dropped the ball and would get the payment via wire to ENA tomorrow.  He also said there are a few invoices wherein ENA owes BG&E.  If they are all post-petition he is planning to net the amounts.

I provided Brian w/ wire instructions.

Brian again stated he is willing to pay default interest when the rate is provided.  That issue is in my court.

Susan: DLL update please.

Cynthia:  Hopefully this money shows up this time.

Louis R. DiCarlo
ENA Gas Structuring
Phone: 713-345-4666
Email: louis.dicarlo@enron.com


-----  The following text is an automated response to your message  -----
Thanks for your message,
I am on maternity leave.  In my absence, please contact;
Trudy Edelson, tedelson@arpartners.com
Edwin Lyngar, elyngar@arpartners.com
Judi Palmer, jpalmer@arparters.com


Brad,

I was extreamly busy yesterday.  Sorry for answing your question till now.

Although I am not exactly sure how  the system handle gamma, this is what I
think the system is doing:

Curve shift = today's price - yesterady's price

P/L due to curve shift = today's market value using today's price curve (with
everything esle the same as yesterday's) - yesterday's market value using
yesterday's price curve.

So P/L due to curve shift contains both delta and gamma and higher order
terms.
We then use theoretical gamma (meaning option model gamma: 0.5*gamma * (price
change)2 ) for gamma contribution and?define delta = curve shift - theoretical gamma.??Therefore, the gamma may not be very accurate to explain the delta change, ?especially when you have big price change due to higher order contribution. ??Let me know your thoughts on this.???Best wishes,??Zimin?????????   Brad Horn                10/12/2000 07:11 AM??To: Zimin Lu/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT?cc: Vince J Kaminski/HOU/ECT@ECT, Vladimir Gorny/HOU/ECT@ECT, Robert ?Shiring/HOU/ECT@ECT, Jay Knoblauh/HOU/ECT@ECT ?Subject: Option P&L??Gentleman:?        The ERMS system, as you know, has an excellent capability for ?decomposing option P&L into the following components:??new deals?curve shift?gamma?vega?theta?rho?drift?2nd order adjustments??What i dont understand is the gamma component which is reported in dollars.  ?The unit of measure suggests that incremental changes in a contract position ?is being associated with specific prices.  These prices are the effective buy ?or sell prices associated with the dynamic delta position.  ??Stated differently, the standard taylor expansion has incorporated a price ?variable in such a way as to convert the unit of measure from gamma's ?standard contract count to total gamma dolalrs.  This is something I dont ?understand.  To date, inquiries to the risk management accounting group has ?further revealed that the gamma component of P&L is not well understood.  ??This is what concerns me: Bridgeline has 2 books with option exposures (NYMEX ?and Gas Daily).  Both books dynamically hedged its positions during ?yesterdays large price move and, through anticipitory hedging in advance or ?during the large price move, secured sufficient coverage to neutralize ?expected changes in delta.  However, our P&L from our underlying position did ?not offset our gamma P&L.  Consequently, I have to ask WHY?  Im hoping that a ?brief look at the why gamma dollars are calculated may reveal something which ?will better guide our hedging decisions.??Any help is appreciated??


W E E K L Y    F I N A N C I A L    U P D A T E
INO.com - Trusted by Traders the World Over
http://www.ino.com/
- Saturday, November 17, 2001
_____________________________________________________________________

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Dear Andrew:

Traders needed to be nimble and quick this week to take
advantage of sudden, sharp moves in the commodity markets
highlighted by gains in Cattle, Cocoa, Coffee and Wheat and
declines in Crude Oil, Gold and Hogs.  Meanwhile, the Dollar
stood strong and Stocks put in another solid performance
helped by progress in the U.S.-led campaign in Afghanistan,
although another sharp drop in U.S. industrial production
tempered enthusiasm.  Export rumors fired up Wheat as well
as Soybeans which racked up five-week highs.  While
confusion over OPEC's output intentions dominated the
headlines, the soft global economy was the underlying factor
weighing on Crude, while Natural Gas came under pressure
from unusually warm weather conditions.  Copper was firm,
but tentative, Gold was weak, and a rally in Orange Juice
fizzled out.

Alex McCallum, Editorial Director & Forum Moderator

_____________________________________________________________________

<2>	FREE: VANTAGEPOINT MARKET FORECAST SOFTWARE REPORTS
_____________________________________________________________________

How To Gain An Unfair Advantage In Commodities Trading
- Predict The Markets With Up To 80% Accuracy

http://www.ino.com/specials/mkttech/vantagepoint.html

Vantagepoint Software

_____________________________________________________________________

<3>	TIME, PRICE and PATTERN (video, book AND alerts!)
_____________________________________________________________________

FORECAST THE FUTURE,
PROJECT HIGHS & LOWS AND
DISCOVER HOW THE 1,2,3 METHOD REALLY WORKS!
http://store.ino.com/sale/1DC1C/INTPP-TimePrice

Dear Andrew:

Introducing TIME, PRICE and PATTERN from trading war room
veteran John Crane.

All-new 90-minute video and book offer shows you how to:

>> Pinpoint market entry and exit signals
>> Rely on internal market forces - not guesswork
>> Learn to overcome the 7 biggest mistakes traders make.

This incredible new method is nothing short of amazing.
It combines price levels, market timing and confirmation
patterns to strengthen the predictability of market moves
- and your bottom line!

It is simple to implement, yet accurate enough to pinpoint
exact timing signals. Best of all, this technique does not
require large investment capital.

Order your special edition copy today and get . . .

>> EXCLUSIVE 90 MINUTE VIDEO - Time, Price and Pattern
>> COMPLETE BOOK - The Reversal Day Phenomenon
>> FREE NEWSLETTER - 3-Month Subscription to 'The Reversal Day'
>> FREE SUPPORT - Talk to a live person or go online!

AVAILABILITY LIMITED - Order Today!

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Click for TIME, PRICE and PATTERN!

_____________________________________________________________________

<4> 	FREE OFFERS FROM INO.com
_____________________________________________________________________

NOVEMBER 2001 SWEEPSTAKES IS UNDERWAY -- FREE ENTRY --
WIN A $500 PERSONAL SPENDING SPREE BLOWOUT !!!

CHECK IT OUT at: http://free.ino.com/

FREE OFFERS FROM INO.com

* 	FREE OPTIONS INVESTOR KIT-- CD, Video, or Audiocassette
	Specifically designed for futures & option traders.
	http://www.ino.com/specials/barkley/invpackage.html

* 	FREE 2002 Commodity Reference Calendar
	http://www.ino.com/specials/rjo/calendar.html

* 	FREE: MANAGED FUTURES and IRA KIT
	AUDIO and VIDEO, reports,
	and info on Trading Futures and Options in IRAs
	http://www.ino.com/specials/icm/manfut.html

*	TWO FREE VIDEOS ON OPTIONS TRADING!
	Learn How To Optimize Your Stock Portfolio With Options
	http://www.ino.com/specials/oic/video.html

* 	FREE: 38 PAGE BOOKLET - "TRADING TACTICS of the PROS"
	A must read!! Written by a legendary trader.
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<5>	STRAIGHTFORWARD BUY AND SELL ADVICE
_____________________________________________________________________

Trader Chuck LeBeau and INO.com Team Up For CELEBRITYstocks!
http://store.ino.com/sale/1DC1C/SUBCELS-TopPicks

Dear Andrew:

Short on Time?

...then prepare yourself for a few well-spent minutes per
day as Chuck LeBeau teams up with INO.com in a first class
stock selection service.

Get clear trading signals and daily market guidance.
Trade with precise, well-researched short- and
medium-term trades.

Get winning short-term trades like these:

BMC Software (BMC : NYSE)
Long on October 16 at $15.50
Exit on October 26 at $17.38
12.13% Profit in 9 days!

IVAX Corp (IVX : AMEX)
Short on November 2 at $20.18
Exit on November 7 at $18.25
9.56% Profit in 4 days!

Starwood Hotels (HOT : NYSE)
Short on October 17 at $24.10
Exit on October 22 at 21.85
9.34% Profit in 4 days!

Try CELEBRITYstocks for a month.  You can cancel at
any time.  Powerful trading signals delivered by the
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charts to keep you on top of Chuck's market selections.

RESERVE YOUR SPACE NOW AT:

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CELEBRITYstocks - click to learn more!

_____________________________________________________________________

<6>	SHORT ON BONDS?
_____________________________________________________________________

Andrew - On Tuesday, November 13th, members of 'extreme SIGNALS'
were advised by trader and Iowa farmer Ken Seehusen:

FOR WEDNESDAY, SELL 1 DEC. MID-AM T-BOND AT 109-28 STOP.
PLACE A PROTECTIVE STOP AT 110-15

Wednesday's market opened at 109-14. Today, the Mini Bond
Closed at 104-30.  Are you short Bonds?

'Extreme Signals is extremely accurate. For what I trade ?
wheat, corn, soybeans - they've all made money. Of all the
trades I've taken since I started the service, I've never
lost a dime. He's right on the ticker! My broker even asked
me where I was getting my information!'

- Robert M., Texas (November 15, 2001)

Reserve Your Space Now and Avoid Disappointment!
More info at:

http://store.ino.com/sale/1DC1C/SUBXSIG-Signals

extreme SIGNALS from Ken Seehusen
__________________________________

DISCLAIMER - CFTC RULE 4.41 - HYPOTHETICAL OR
SIMULATED PERFORMANCE RESULTS HAVE CERTAIN
LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD,
SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING.
ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE
RESULTS MAY HAVE UNDER- OR-OVER COMPENSATED FOR THE
IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS
LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN
GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE
DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR
IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO
THOSE SHOWN.

_____________________________________________________________________

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