-----Original Message-----
From: 	"Baumes, Harry" <harry.baumes@dri-wefa.com>@ENRON [mailto:IMCEANOTES-+22Baumes+2C+20Harry+22+20+3Charry+2Ebaumes+40dri-wefa+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Friday, May 11, 2001 4:50 PM
To:	Fraser, Jennifer
Cc:	Andrews, Jeff; Reed, Andrea V.; mraymon@enron.com; Koepke, Gwyn; Kaminski, Vince J; Farney, Kemm; McNabb, Peter; Ulmer, Mark; Raymond, Michelle
Subject:	Agriculture Materials

Ms. Fraser -

Let me briefly introduce myself. My name is Harry Baumes and I head the
Agriculture Services area at DRI-WEFA. I have been working with Peter McNabb
regarding ENRON's interest in our agriculture and fertilizer capabilities.
He has asked me to forward samples of some of our short-term oriented
agriculture publications to you.

Peter has forwarded material to you and your colleagues already. The
materials attached are in PDF format. These products include:

US Agriculture Executive Summary
Corn Commodity Update
Cotton Commodity Update
Rice Commodity Update
Soybean Commodity Update
Wheat Commodity Update
Fertilizer Market Assessment

In addition I am also including a recent "Agriculture Commentary". This is a
product that we release on an as needed basis. When there is a major USDA
publication release or a major event that impacts agricultural markets, we
typically release an assessment of the event or publication. For example, on
March 30, the USDa released it Planting Perspective report, we provided our
clients with an Commentary. The outbreak of Foot & Mouth Disease in the UK
earlier this year was an event that led us to release a Commentary. The
Commentary is DRI-WEFA's quick response newsworth items.

Also, to help support clients. We make available to our clients, Planting
and and Harvest Progress Reports. this information is available to
individuals and/or organizations through USDA. The value DRI-WEFA provides
is that we include graphics that enable a comparison of the current year's
progress with the 10 year average and the PROGRESS high and low over the
past 10 years. This detail is available at the national and for each
reporting state.

If you have any questions after reviewing the attached material, please feel
free to contact either Peter or me.

I look forward to the opportunity to work with you and your colleagues at
ENRON.

Have a  nice weekend.

Harry Baumes
Sr Vice President
Industry & Agriculture
(610) 490-2521
 <<013001exsum.pdf>>  <<020801FMArev.pdf>>  <<corn0101.pdf>>
<<cot0101.pdf>>  <<rce0101.pdf>>  <<soy0101.pdf>>  <<SRcommentary.pdf>>
<<wht0101.pdf>>

 - 013001exsum.pdf
 - 020801FMArev.pdf
 - corn0101.pdf
 - cot0101.pdf
 - rce0101.pdf
 - soy0101.pdf
 - SRcommentary.pdf
 - wht0101.pdf


Start Date: 4/11/01; HourAhead hour: 18;  No ancillary schedules awarded.
Variances detected.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041118.txt

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 18 / Preferred:   7.08 / Final:   7.07)
  TRANS_TYPE: FINAL
  LOAD_ID: SCE1
  MKT_TYPE: 2
  TRANS_DATE: 4/11/01
  SC_ID: EPMI


FYI.

---------------------- Forwarded by Vasant Shanbhogue/HOU/ECT on 01/23/2001
09:06 AM ---------------------------

Ben Parsons
01/23/2001 08:51 AM
To: Nigel Price/LON/ECT@ECT, George Albanis/LON/ECT@ECT, Markus
Fiala/LON/ECT@ECT, Jean-Sebastien Fontaine/Corp/Enron@Enron, Katherine
Siig/EU/Enron@Enron, Amitava Dhar/Corp/Enron@ENRON, Vasant
Shanbhogue/HOU/ECT@ECT, Ilan Hershkovitz/LON/ECT@ECT, Greg
Hedger/LON/ECT@ECT, David A Wall/Risk Mgmt/LON/ECT@ECT, Simon
Brooks/LON/ECT@ECT
cc: Bryan Seyfried/LON/ECT@ECT, Steven Leppard/LON/ECT@ECT
Subject: Risk article

Everyone should read the attached Risk article about calculating def probs
from CDS quotes.

Amazingly it is in pretty close agreement with our own methodology for both
CDS valuation and reverse engineering def probs. The only extension in the
reverse engineering is that instead of linearly interpolating CDS quotes,
they propose minimising an error measure based on 'smoothness' of def prob
curve and difference between model and market prices.

What is also amazing is the fact that this article has been published in
Risk, given that it is essentially the same as my credit pricing paper, plus
one excellent idea. Given extra time, resources and brainpower, there is no
reason why we shouldn't have similar work published ourselves.

Ben

(thanks Steve for pointing this article out)
---------------------- Forwarded by Ben Parsons/LON/ECT on 23/01/2001 14:40
---------------------------

London Fax System2
23/01/2001 14:09
To: Ben Parsons/LON/ECT@ECT
cc:

Subject: New fax received (Likely sender: +44 20 7783 8076).

You have received a new fax from +44 20 7783 8076

The image contains 3 page(s).


Your RSVP form for the 2000 Enron Law Conference has been received.  Thank you
for your attention to this matter.


James Flanigan LA Times Article on 8/27/2000.


I also want to see how your house is coming along...

	"Patti Young" <pyoung@cliverunnells.com>
	02/09/2001 02:44 PM

		 To: <Tana.Jones@enron.com>
		 cc:
		 Subject: RE: this weekend

I am going to lay low this evening, but may be up for a movie on Sunday.
See how your weekend goes and yell at me sometime.  I know you sometimes
work or nap on Sundays.  I certainly understand if that is your choice.

-----Original Message-----
From: Tana.Jones@enron.com [mailto:Tana.Jones@enron.com]
Sent: Thursday, February 08, 2001 10:14 AM
To: pyoung@cliverunnells.com
Subject: RE: this weekend

I've got the theater w/lucinda's mom on saturday.  How does fri night or
sunday sound to you?

                    "Patti Young"
                    <pyoung@cliverun        To:     <Tana.Jones@enron.com>
                    nells.com>              cc:
                                            Subject:     RE: Tuesday
                    02/06/2001 05:50
                    PM

Are all the moms, dads, and babies doing o.k.?  Aunts?

I was just kidding about Hannibal.  What's on your mind?

-----Original Message-----
From: Tana.Jones@enron.com [mailto:Tana.Jones@enron.com]
Sent: Tuesday, February 06, 2001 1:15 PM
To: pyoung@cliverunnells.com
Subject: Re: Tuesday

I've been booked up lately for various things (mainly people's new babies
and home improvement tasks).  I've been wondering where you disappeared to.
Do you want to do something this weekend.  There are a few new chick flicks
I wouldn't mind seeing...

                    "Patti Young"
                    <pyoung@cliverun        To:     "Tana Jones"
<tana.jones@enron.com>
                    nells.com>              cc:
                                            Subject:     Tuesday
                    02/06/2001 04:53
                    PM

Ms. Jones,

I know you are working hard, but I needed to just check in and see how you
are.

Also, I just talked to Gale Ford, massage lady, and she said she will be
working on Sat., March 3 in the afternoon.  I know weekdays are hard for
you
to make appointments and surely you are in need of a massage by now!!!!

Let me know how you are when you come up for air!!

  Patti


Chris:
Thanks for your prompt response.  I think that we do need to register the
charge document which in this case would be the confirmation that will be
executed. Can you provide me with an estimate of the total cost?

Does everyone at Enron agree?

Caroline,
I will redraft the Bermuda confirm to change from LC's to cash and send to
you.  Please make sure that the counterparty is aware that we plan to
register/file the confirm in Bermuda.

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

	"Chris Garrod" <CGGarrod@cdp.bm>
	04/18/2001 09:50 AM

		 To: <Carol.St.Clair@enron.com>
		 cc: <Brent.Hendry@enron.com>, <Caroline.Abramo@enron.com>,
<Paul.Radous@enron.com>, <Sara.Shackleton@enron.com>
		 Subject: Re: Cash Collateral

Dear Carol

Under Bermuda law, there is no real concept of "perfecting" security since it
is not necessary to ensure the enforceability in Bermuda that a charge be
registered in Bermuda.  However, although it is not necessary for a security
interest to be registered in order for it to be valid, the charge document
itself can be registered in Bermuda in the Register of Charges in accordance
with Section 55 of the Companies Act 1981 in order to ensure the priority in
Bermuda of the charge.  On registration, any charge evidenced in the charging
document will have priority over any unregistered competing charge or any
subsequently registered competing charge in respect of the assets which are
the subject of the charge (i.e. the cash).

If the agreement will be governed by either Texas or New York law, it will be
a matter of the laws of either Texas or New York as to the actual nature of
the security interest which is created by the charge.

If you would like us to effect the registration of the charge, we would need
an original (or a certified true copy) of the executed document which creates
the security interest.  There is no time limit on such registration.
However, please note that, in addition to our professional fees, there is a
filing fee of $446 which is payable in respect of the registration.

I trust that the above is of some assistance.  If you have any questions
please do not hesitate to contact me.

Kind regards.

Chris Garrod

Christopher Garrod
Conyers Dill & Pearman
Clarendon House, 2 Church Street
Hamilton HM 11, Bermuda
Direct dial  441 299 4923
Fax:  441 292 4720
email  cggarrod@cdp.bm

>>> <Carol.St.Clair@enron.com> 04/17/01 06:54PM >>>
Christopher:
We have done a trade with a Bermuda hedge fund and have negotiated
collateral provisions that may require them to post csah to us.  The
agreement will be governed by either Texas or New York law.  We need your
advice on how to perfect our interest in any cash posted to us that we
would hold in an account in the United States.  Could you please call
either me or Sara Shackelton (713)853-5620 if possible tomorrow or you can
send me an e-mail if that is easier.  I'm hoping that our possession of the
cash is enough.  Sorry for the short fuse on this.  If you need any
additional information, please contact me or Sara.  I will be unavailable
from 9-11 and 2-3 tomorrow Houston time.

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


This is to alert you that FERC has put both the Amoco/Burlington complaint
about Topock and the KN complaint about east end mainline capacity on the
agenda for next Wednesday's meeting.  Specific sub-dockets include Enron's
and Cook Inlet's protests of the allocation procedure for released capacity,
i.e., SoCal's assignment to its replacement shippers of only non-SoCal/Topock
rights.

I will get a copy of the draft order as soon as it is available and advise
you of FERC's decision.  Based on the inclusion of the KN complaint, they may
be ready to decide whether or not to require El Paso to address allocation of
receipt point rights.


3133 Buffalo Speedway Apt. # 8206
Houston, TX  77098


Mark:
Let's keep the present system for the short-term.  I would like to continue
looking at your work for another couple weeks.  We'll talk later,
John

"Mark Sagel" <msagel@home.com> on 10/03/2000 02:29:47 PM
To: "John Arnold" <jarnold@enron.com>
cc:
Subject: Natural update

John:
?
The price behavior of the past couple days has been  disappointing.? My
short-term market patterns suggested a more robust price  rally and natural
appears to be waning at present.? Volume on this rally is  poor, particularly
since yesterday was a decent day to the upside.? The  market appears to be
using a lot of its energy but spinning its wheels.? If  we are at these same
price levels in another two weeks, that would be extremely  bullish.? Right
here, the risk/reward to being long is not so great.?  Recommend a neutral
stance short-term on natural.? Bigger picture is still  very bullish.?
However, this market needs another 1-2 weeks of what I would  call horizontal
price action to set the stage for a big move to the  upside.
?
Let me know if this stuff is useful for you.? I certainly  don't want to
waste your time.? In addition, if you prefer I call when I  have something to
pass along, let me know.? I don't know how often you  check/see your e-mail.?
Thanks,
?
Mark Sagel


Apologies to anyone I did not include on the mail I sent earlier today...

As a recap, we had some issues this weekend with Questar, Overthrust, and
one cycle each of Kinder Morgan and Transcolorado.

I reset all failed jobs this afternoon, and Overthrust appears to still be
having problems as I write this...cycles 1 and 3 for Overthrust have failed
again, due to web site errors.

As stated previously, we should look into attempting to recover missed data
for the afforementioned pipes as soon as possible.  Also, a call to
Overthrust might be in order, to see if they expect any more down time.

Thanks,
Chris