INDIA: Enron, India panel to meet on May 23.
Reuters English News Service, 05/11/01

INDIAN RENEGOTIATION COMMITTEE MEETS WITH DABHOL POWER CO
Asia Pulse, 05/11/01

Enron's Dabhol to Meet Indian Panel Again on May 23 (Update1)
Bloomberg, 05/11/01

No more track pants its a whole new line
The Economic Times, 05/11/01

Enrons Broadband Solutions to seek new IDC partner
The Economic Times, 05/11/01

COMPANIES & FINANCE UK: BG benefits from increased energy prices
Financial Times; May 11, 2001

India: DPC-MSEB slugfest: Needed, a conciliatory approach
Business Line (The Hindu), 05/11/01

Enron to relocate DPC managers abroad
The Economic Times, 05/11/01

India: Dabhol: Back to the table
Business Line (The Hindu), 05/11/01

DPC mounts pressure on lenders for PPA termination
Business Standard, 05/11/01

Military nominees say corporate ties won't influence decisions
Associated Press Newswires, 05/10/01

INDIA: Enron, India panel to meet on May 23.

05/11/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, May 11 (Reuters) - The Indian unit of Enron Corp and an Indian
government panel will meet again on May 23 to continue talks on the U.S.
energy giant's embattled $2.9 billion Dabhol Power Project.
"We discussed issues for two hours and have agreed to meet again on May 23 to
discuss them further," said Vinay Mohanlal, energy secretary of the
government of the western state of Mahrashtra, where Dabhol is located.
Dabhol officials on Friday met a special committee appointed by the Indian
government to renegotiate the Dabhol project which has been mired in
controversy over high costs and payment defaults.
Wade Cline, chief executive of Enron India, told newsmen he had no comments
to offer.

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

INDIAN RENEGOTIATION COMMITTEE MEETS WITH DABHOL POWER CO

05/11/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

MUMBAI, May 11 Asia Pulse - The renegotiation committee, headed by former
bureaucrat Madhav Godbole, has held a meeting lasting over two hours with
Enron-promoted Dabhol Power Company (DPC) officials to renegotiate the Power
Purchase Agreement (PPA) and agreed to meet again on May 23.
Soon after the meeting, Enron India managing director K Wade Cline told
waiting reporters that "discussions with the panel went on fine".
Asked if pre-termination notice was being issued, Wade said "no comments".
Wade was accomanpanied by DPC president Neil McGregor and vice presidents
Sanjeev Khandekar and Mukesh Tyagi.
Lal said that DPC lenders were not present at today's meeting but had
nominated an observer, A G Karkhanis, a former executive director of
Industrial Development Bank of India.
Asked if DPC was ready for renogtiations, Lal said "the very fact that we are
meeting again means a lot".
The federal government's representative A V Gokak could not attend the
meeting as he had been given very short notice about his appointment, Lal
said.
(PTI) 11-05 1956

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

Enron's Dabhol to Meet Indian Panel Again on May 23 (Update1)
2001-05-11 07:23 (New York)

Enron's Dabhol to Meet Indian Panel Again on May 23 (Update1)

     (Adds details starting in the fourth paragraph.)

     Mumbai, May 11 (Bloomberg) -- Enron Corp.'s Dabhol Power Co.
will meet with a negotiating committee from India's Maharashtra
state regarding a dispute over 3 billion rupees ($64 million) in
unpaid bills on May 23, an official said.
     ``We met today and have agreed to meet again on May 23,''
said Vinay Mohan Lal, the principal energy secretary from
Maharashtra. ``They (Enron officials) have agreed to come.''
     The two-hour meeting ended without agreement. Lal denied that
Dabhol Power Co., 65 percent owned by Enron, the world's biggest
energy trader, threatened to cancel power supply contracts. Dabhol
managing director Wade Cline and chief executive Neil Mcgregor,
who attended the meeting, wouldn't comment.
     The fate of Dabhol, the biggest foreign investment in India,
holds the key to further overseas investment in India's power
industry. Four foreign power companies, including Electricite de
France, Europe's largest, have pulled out of Indian power projects
worth $3 billion, citing long delays and the slow pace of reforms.
     Dabhol, which runs a 740 megawatt plant, is owed unpaid bills
for December and January by the state's electricity board, its
only customer.
     The board said Dabhol's electricity price is more than double
the rate it pays for power from other Indian generators. Because
it must pay for power whether it uses it or not, rates have risen
as high as nine times the price of power from alternative sources
such as Tata Power Co.

                             Defaults

     The defaults spurred Dabhol to invoke payment guarantees by
India's federal and the state government. The company on April 25
authorized its management to cancel contracts to sell power to the
board, a move Dabhol is yet to make.
     India wants to double its power capacity to 200,000 megawatts
over the next ten years. It needs $100 billion to do that, and is
relying mainly on foreign companies.
     Construction of Dabhol's power project was delayed for about
three years until December 1996 because of legal battles with
local governments and environmentalists.
     The project was canceled after a change of state government,
though Enron revived it after agreeing to cut power prices by 22
percent and to sell a 30 percent stake to the state.

--Ravil Shirodkar and Sumit Sharma in the Mumbai newsroom (91-22)
233 9029 or rshirodkar@bloomberg.net /mmd/rb

No more track pants its a whole new line
J Padmapriya

05/11/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)

RAILWAYS IS now poised to chug along on a different track. Cashstrapped, it
sees huge untapped potential in its plans of building a long-term telecom
business.
Chances of the railways setting up cyber cafes, bagging a cellular licence or
getting into rural telephony are, therefore, not too farfetched.
Though a beginning has been made with the railways creating a public sector
unit and christening it Railtel, the new business is still to get off the
drawing board.
The delays notwithstanding, McKinsey & Co have come out with a detailed
gameplan for Railtel to cash in on Railways huge right-of-way advantage.
Mckinsey has been appointed by the Railways to prepare a financial and
technical plan for Railtel.
The fate of Railtel is stuck at the Group of Ministers level, who are
debating whether to allow the Railways to hold 51 or 26 per cent stake in its
subsidiary.
The consultants say that a strong strategic partner is critical for Railtels
success and delays in getting into the business would lead to Railways losing
the early bird advantage.
As it is, national highways also offer similar right of way options to
private players keen on establishing their own infrastructure. Besides, state
highways offer right of way for free.
Forecasting a business of over Rs 1,500 crore by 2005, the consultants say
Railtel should focus on long-distance bandwidth, corporate and wholesale
voice and ISP/data services markets.
The first phase would involve laying the optic fibre cable network across
33,000 km, of which only about 15,000 km would be commercially viable.
The second course would be to enter the voice and ISP markets by acquiring
the national long distance operations and ISP licences as soon as its
commercially viable linkage of metros is completed. The consultants have
proposed a smart-build strategy for building the OFC backbone.
According to this, Railtel would auction the contract to lay fibre along
packages of specific routes on an exclusive but time-bound basis to private
players in return for dark fibre strands to build a low-cost backbone.
Several players like BPL, Tata, Enron and Bharti are believed to be keen on
this arrangement, Mckinsey says.
Railways USP is its 64,000 km route, 7,000 railway stations of which hundreds
are in the commercial business districts. Mckinsey says that the last mile
success for Railtel would be to establish customized services for corporate
clients in these CBDs.
For instance, Railways can establish links at Nariman Point, Worli, Navi
Mumbai or Bandra thanks to the presence of railway stations or terminals.
Similarly, the commercial districts and software parks in Hyderabad,
Bangalore, Pune and Chennai could be targeted for corporate clients with
value-added services.
Projections of earnings from ISP/data services is at Rs 517 crore over the
next five years and revenues from long distance voice services stand at Rs
516 crore over the same period of time, the report says.
Thats not all. Railways core position in long distance bandwidth, voice and
data services creates a strong platform for step out businesses. Here, the
consultants say Railtel could branch out into systems and network services,
retail, basic and mobile telephony and retail physical infrastructure
services.
Quite clearly, Railways have a natural advantage in going ahead full steam in
the telecom sector.

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

Enrons Broadband Solutions to seek new IDC partner
Sangeeta Kulkarni & Anto T Joseph

05/11/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)

MUMBAI
BROADBAND Solutions, Enrons 100 per cent subsidiary, is struggling to sell
the stake in the companys Mumbai Internet Data Centre. Early this year, BSPL
was in dialogue with Asian Frontiers, a company backed by venture capital
fund Walden International, for seeking partnership in its Mumbai IDC.
However, talks with Asian Frontiers have been called off and BSPL is now on
the look out for a new partner for its Mumbai IDC. Asian Frontiers, it is
learnt, has plans to set up a data centre of its own.
We are on the look-out for a new partner for building our data centre
business, as talks with Asian Frontiers have not fructified. If the company
fails to identify a new partner for the IDC at this stage, it will continue
with its plans for IDCs in Mumbai and other metros, Enron Indias senior
vice-president, Hemant Luthra told ET
Broadband Solutions has a 80,000 sq ft server farm in Mumbai at its lower
Parel facility that offers services such as web-hosting, co-location,
mirroring, data management and storage facilities.
After folding up its optic fibre cable business, Enron transferred several
officials to its IDC in Mumbai.
Pugmarks Interweb, a domain-based web hosting services company that Enron
allied with, has a partnership with the latter for marketing its services
through Enrons IDC. Pugmarks is currently hosting its services from the
Exodus data centre in Chicago.
According to the non-exclusive memorandum of understanding with Enron India,
Pugmarks can market Web development and ecommerce services through the IDC.
However, Enron officials have a different story to tell. They state that
Pugmarks is the companys channel partner that will help them with customer
acquisition.

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

		COMPANIES & FINANCE UK: BG benefits from increased energy prices
Financial Times; May 11, 2001
By MATTHEW JONES

		BG, the oil and gas exploration and production company, reported a 12 per
cent rise in underlying first-quarter profits on the back of continuing high
energy prices, production growth and cost reductions.
		Profit after tax but before exceptionals rose from Pounds 121m to Pounds 136m
- at the high end of analysts' expectations - on turnover up from Pounds 555m
to Pounds 726m.
		The outcome was buoyed by gas prices that have more than doubled in the past
year.
		Nevertheless, Frank Chapman, chief executive, said he was "very pleased" with
the underlying growth. "Excluding the impact of changes in oil and gas
prices, our operating profit would have risen 21 per cent," he said.
		He said BG was on track to achieve its targets for production growth and
capital returns. The company has pledged to deliver a 20 per cent pre-tax
return on average capital employed and a 16 per cent rise in average annual
production compared with 1999 levels by the end of 2003.
		Operating profit in the quarter increased 30 per cent from Pounds 178m to
Pounds 232m.
		BG demerged from its regulated pipelines business last October to concentrate
on growth overseas. Comparisons with the first quarter of last year were
based on pro forma figures for continuing operations.
		The company took a one-off gain of Pounds 51m following the sale of a 24.5
per cent share of Phoenix Natural Gas, the Northern Ireland distribution
company, and post-tax compensation of Pounds 36m following a dispute with a
subsidiary of Enron, the US energy trader.
		This compared with an exceptional gain of Pounds 285m in the first quarter of
last year on the sale of a 25 per cent stake in Dynergy, the US energy
company.
		The results were also aided by significant increases in liquefied natural gas
and transmission and distribution sales, together with a 4 per cent reduction
in lifting costs for oil and gas.
		Operating profit from LNG rose from Pounds 5m to Pounds 20m while
transmission and distribution profits jumped from Pounds 1m to Pounds 8m.
Exploration and production operating profits were Pounds 171m (Pounds 152m).
		Total hydrocarbon production volumes grew by a modest 2 per cent to the
equivalent of 27.2m barrels of oil. However, Iain Reid, analyst at UBS
Warburg, pointed out that production would accelerate during the rest of the
year. The group's 12.5 per cent share of the Elgin field in the UK North Sea
and 40 per cent stake in the Rosetta field in Egypt both came onstream during
the quarter.
		"Unlike the oil majors, BG's earnings will remain at or above current levels
as the oil price comes down," he said.
		Capital expenditure grew from Pounds 177m in the first quarter of last year
to Pounds 219m, in line with BG's plan to spend Pounds 5bn on development
between 1999 and 2003.
		The shares rose 2p to 271 3/4p.

India: DPC-MSEB slugfest: Needed, a conciliatory approach

05/11/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

THE ROW between Dabhol Power Corporation (DPC) and the MSEB/Maharashtra
Government/Union Government has reached a flashpoint. At a DPC board meeting
in London, the Managing Director and President/CEO were authorised to take a
decision to wind up the project at an "appropriate time".
Though the DPC team agreed to meet the Godbole Committee on re-negotiating
the terms of the Power Purchase Agreement (PPA), things are far from clear.
The project's termination will place huge payment liabilities on the
MSEB/Maharashtra Government/Centre by way of compensation claims (running
into several thousand crore rupees), the aggravation of the power deficit in
the State, increased NPAs in financial institutions, adverse impact on
companies/units with business links with DPC, loss of employment and
attendant social problems.
It may be recalled that DPC was the only project, among the eight fast track
IPPs that has seen the light of day. If this is also wound up, it will have a
debilitating effect on foreign direct investment (FDI) which has already
suffered on account of policies and delays in various approvals/clearances.
Enron is currently implementing an ambitious project to set up a terminal for
handling imported LNG. Apart from replacing naphtha in DPC-I, this will be
used as fuel in phase II which is likely to be commissioned next year. The
project involves import of 5 million tonnes of LNG, 2 million tonnes of which
will be used by DPC I and II and the remainder will be made available to
other projects, including the fertiliser sector.
Due to a severe shortage of domestic gas and the exorbitant cost of other
fuels such as naphtha, imported LNG is a favourite considering its low cost.
In the fertiliser sector, the ERC has recommended that all naphtha and
fuel-oil-based plants switch to imported LNG to improve cost-competitiveness
in the emerging liberalised environment. LNG will also help gas-based units
feeling the pinch of short supply domestically.
Against this backdrop, if the DPC power project is terminated, a major source
of guaranteed offtake of LNG on a long-term basis will disappear from the
scene. For, it is not likely that the LNG project will be taken up. This will
affect the overall availability of LNG, hurting the fortunes of industries
such as fertilisers and power.
The genesis of the present crisis lies in the high cost of power supplied by
DPC and the MSEB's inability to pay its bills. It is the inevitable outcome
of a cost plus system of power tariff - both with respect to the fixed and
the variable component - incorporated in the PPA.
The MSEB/Maharashtra Government signed the deal with eyes open and the Centre
also provided a counter-guarantee!
Having consciously become a party to the deal, things need to be taken in
stride. It would be imprudent, at this stage, to lay the blame for the
consequential problems on DPC/Enron. Unfortunately, our side has adopted a
confrontationist attitude, amply reflected in the MSEB's decision to lodge a
claim for Rs 401 crore with DPC because the latter could not supply
electricity for a couple of hours in January.
Considering that the termination of the Dabhol project will be detrimental to
Indian interests, a conciliatory atmosphere should replace the present mood
of mutual bitterness. The setting up of a committee on re-negotiating terms
with DPC is a good thing. But there is also the need to avoid frequent
outbursts, charges/accusations and so on.
In the circumstances, the vexatious problem of high cost power should be
approached in two parts. First, we need to carefully assess the role of the
MSEB/Maharashtra. Second, the need for necessary adjustment/changes in
various charges to reduce the tariff should be impressed upon DPC.
Needless to say, both parties should take that action concurrently in a
spirit of mutual accommodation.
We need to clearly understand that under the PPA, the fixed charges have to
be necessarily paid irrespective of the quantum of power drawn by the MSEB.
For DPC Phase-I, these are Rs 1,050 crore per annum or Rs 87.5 crore a month.
After the commissioning of Phase-II, the charges will be Rs 3,500 crore per
annum or Rs 292 crore a month.
Depending on the quantum of the power drawn, the incidence per unit basis
will vary. Thus, at 80 per cent generation capacity of DPC-I, or 5,186
million units per annum, the fixed charges will be Rs 2.02 per kWh. For both
DPC-I and II, at 80 per cent load, or 15,067 million units per annum, these
will work out to Rs 2.32 per kWh.
If, on the other hand, the offtake of power is only a third of the generation
capacity, or 2,139 million units on an annualised basis, then for DPC-I the
fixed charges would be Rs 4.91 per kWh. Under a similar scenario, with the
operation of Phase-II, the per unit incidence would be Rs 5.63 per kWh.
DPC-I now uses naphtha as fuel. On the basis of its prevailing price, the
variable cost component works out to about Rs 2.2 per kWh. Together with
fixed charges corresponding to drawal at 80 per cent load, the total cost to
the MSEB is Rs 4.2 per kWh. However, if the offtake is restricted to a third,
the cost would zoom to Rs 7.1 per kWh.
From next year on, the entire project would operate on imported LNG.
This being cheaper ($3.75 per million BTU against about $6 per million BTU
for naphtha), the variable cost will go down to Rs 1.3 per kWh.
Together with fixed charges at 80 per cent, the total cost of power will be
Rs 3.62 per kWh. In the event only a third of the capacity is drawn, the cost
will zoom to Rs 6.93 per kWh.
Clearly, it is possible to contain the cost of power supplied by Dabhol at Rs
3.5-4 per kWh if, the MSEB draws the optimum load. There seems to be no other
way of bringing about a meaningful reduction in cost, other than a
significant increase in the offtake of electricity by the MSEB from the
present low level.
The demand-supply scenario for power in Maharashtra justifies the
accommodation of entire supplies from DPC at optimum load. For 2001-02, the
total requirement is estimated at 70,127 million units. Supply from MSEB's
own generating stations and sources other than DPC being about 57,000 million
units, there will still be an uncovered gap of 13,127 million units, which is
higher than the supply from DPC-I at 80 per cent load.
Notwithstanding the above, if the MSEB is not able to lift power at the
optimum load, it is because its precarious financial health limits its
ability to make payments. This, in turn, is because of supply of electricity
to agriculture and households at subsidised rates and high transmission and
distribution losses (power theft). Without tackling these two problems on a
war footing, we cannot easily come out of the Dabhol imbroglio.
Besides yielding benefits by significantly lowering per unit cost, the above
steps will also help build confidence with DPC, especially considering its
consequential ability to optimally utilise generating capacity. The
negotiating committee can then leverage this to seek from DPC a meaningful
reduction, particularly in the fixed charges.
Under the PPA, all liabilities towards foreign capital - servicing of loans
and return on equity - are denominated in dollars/forex.
In the event of the rupee's depreciation, this automatically results in the
increased burden on the MSEB. This is contrary to established business
practices the worldover and needs to be rectified by freezing all foreign
currency liabilities with reference to the exchange rate prevailing at the
time of commissioning of the project.
Likewise, with fuel cost, efforts should be made to protect the variable
component of tariff from the rupee's depreciation. The DPC should be in a
position to absorb its effect especially considering that the actual fuel
consumption is lower than the norm used for arriving at variable cost.
- Uttam Gupta
(The author is Chief Economist, Fertiliser Association of India. The views
expressed are personal.)

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

Enron to relocate DPC managers abroad
Anto T Joseph

05/11/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)

MUMBAI
WITH confrontation with the Maharashtra State Electricity Board deepening by
the day, Enron is starting the process of re-locating senior officials to its
operations in other countries.
Company sources said its multinational parent is working towards absorbing
manegerial talent at its Indian subsidiary in its operations abroad. The
company is expected to give a choice to its remaining staff whether to
continue with the company abroad or opt for a golden handshake.
Many senior officials currently working with Enron are planning to stay with
the company, no matter which country they are re-located to.
Enron is a professionally-run company, and tops the chart of the best-run
global companies, annually brought out by Fortune. Unfortunately, the company
could not pursue its projects in India, and has decided to fold up its
operations in the country, said a senior Enron official, who expects to be
transferred either to Houston or London.
The whole process of re-locating the Indian staff is expected to be completed
within a month or two.
An Enron spokesperson refused to comment on these developments.
Company sources also said a new VRS is on the anvil for the Dabhol Power
Company staff.
The Houston-based energy giant has pulled out of all its existing projects in
India except the Dabhol power project, which is currently in the thick of
controversy.
The other group companies Metgas (which was setting up a liquefied natural
gas pipeline in Maharashtra ), and Enron Broadband Solutions (which was
laying an optic fibre cable network across the country) have already
virtually folded up operations.
The other group company Enron Oil & Gas (India) which is a joint venture
between Reliance and ONGC, is currently in the process of selling its stake.
Enron, which had earlier proposed to set up a few more power projects in
India, has already decided to drop these plans, after it ran into a series of
payment problems with MSEB.
Enron has already got rid of around 50-60 people by way of a successful
voluntary retirement scheme. Enron India now has a little over a dozen
employees on its rolls.
The focus of Enron Corp, which occupies the seventh position on the Fortune
500 list in terms of revenues (with over $100 bn) has shifted to trading. A
lions share of its turnover came from its trading activities all over the
world, especially in the US market.

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

India: Dabhol: Back to the table

05/11/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

MUMBAI, May 10. MANY turbulent years later, when Enron sits across the
negotiating table tomorrow, several people would remember the day it stepped
into the "liberalised" India, promising power, growth and greenbacks.
They would also remember 1995, when Ms Rebecca Mark, the high-profile
go-getter of Enron, talked out the "sinking project clear out of the Arabian
sea". Undoubtedly, throughout the decade it has been here, Enron has shown
tremendous tenacity and stamina in completing the Dabhol power project.
And now, just as the stacks of the second phase of the project were about to
begin spewing smoke, the players are back at the table - "let's talk what's
wrong".
This time, however, Enron makes its "courtesy visit" to the Godbole panel
knowing fully well it can afford to talk holding an axe over the project.
In 1995, when the Shiv Sena Government cancelled the DPC project, Enron
pulled arbitration and simultaneously started renegotiating the power
purchase agreement with the Negotiating Group of the Maharashtra Government.
Several "hard bargains" later, the project was revived with a "$330-million
reduction in capital cost and a 201-MW increase in the gross output".
However, nothing had changed fundamentally and most of the "problems"
continued to plague the project. The negotiation details were not available
and only a summary report was given.
Even though there were protests, and cases filed against the company, the
project went on and things quietened for a while. That is, till phase I of
the plant went on stream and MSEB started paying through its nose for the
power purchased (or not purchased).
As one anti-Enron activist put it: "The enormity of the trap fully manifested
then." Inevitably, the board defaulted and that triggered off another chain
reaction.
It has come a full circle to arbitration, conciliation and negotiation.
However, this time around it appears Enron has the upper hand especially
since the damage wreaked will be most on Indian financial institutions and
Governments.
The financial institutions are going ape because they had committed funds to
the project, not strictly considering its merits but bowing to political
pressure, say officials. They say that the Government backing was
"instrumental" in their taking the exposure. They want the project to
continue because that is the best way for them to get their money back.
MSEB is really cheesed off because it is caught between carrying out the
"social obligations" of those in power and the rigours of doing business in
the open market. Adding insult to injury are the barbs of being inept and
unbusinesslike and talk of reform school.
In the melee, the Centre - the one player capable of making any decisive
difference to the issue - has maintained more or less a studied silence.
It is understood to be reluctant to get too deep into the matter for fear of
contracting another "headache". It wants the other three - the State
Government, MSEB and DPC - to thrash it out among themselves.
But they want the Centre to talk shop. Enron does not appear interested in
hanging around running a multi-billion- dollar power plant, even though it
has consistently denied so. It also has not categorically ruled out the
sell-out option.
The end-game is getting more convoluted with all the players clinging on to
even the pawns. Enron has already said it does not agree with the interim
report of the Energy Review Committee headed by Dr Madhav Godbole, which had
suggested some workable solutions, never mind if they were really tough.
Enron is hesitant to compromise on its returns, institutions cannot reduce
interest rates beyond a limit, MSEB is adamant on "going by the book", and
the Centre is mum. The going is getting tougher...the tough should get going.
- Dinesh Narayanan

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

DPC mounts pressure on lenders for PPA termination
S Ravindran Mumbai

05/11/2001
Business Standard
3
Copyright (c) Business Standard

The Enron-promoted Dabhol Power Company (DPC) has stepped up pressure on
lenders to permit it, without further delay, to terminate the power purchase
agreement (PPA) with the Maharashtra State Electricity Board (MSEB).
The company has reportedly told the lenders that there should not be any
delay in serving the termination notice as the engineering procurement and
construction (EPC) contractor Bechtel has threatened to pull out of the
project on June 11. Bechtel holds 10 per cent stake in the project.
The lenders are, however, not yet ready to back DPC's demand. They are of the
opinion that phase two of the project should be completed first. The MSEB
decision to clear the April bill (Rs 139 crore) has also come as a shot in
the arm for lenders.
"Financially, phase two is 93 per cent completed while 97 per cent of the
physical construction is over. The lenders want the project to be completed
without any cost and time overrun. At this juncture, if the PPA termination
notice is served, it will preclude any further disbursements by the lenders,"
a source said.
A DPC spokesperson declined to comment on the development.
A fully completed phase two will be in the lenders' interest as they will
inherit the project if it is terminated.
The lenders have first charge on the assets of DPC. A fully completed project
will enable the lenders to find a buyer and secure a better valuation.
The domestic lenders however argued against termination as their exposure to
the project is not backed by the counter guarantee.

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

Military nominees say corporate ties won't influence decisions
By CHRISTOPHER NEWTON
Associated Press Writer

05/10/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

WASHINGTON (AP) - Three top executives of major corporations nominated by
President Bush as civilian heads of the nation's armed forces said Thursday
that their corporate ties would not influence how the Pentagon doles out big
defense contracts.
At their confirmation hearing before the Senate Armed Services Committee, all
three testified that they would consider disqualifying themselves from
decisions that involved their corporate connections after Sen. John McCain,
R-Ariz., raised the issue.
"If there's a conflict with prior knowledge or involvement, then I would
certainly recuse myself," said Gordon England, the executive vice president
of General Dynamics and Bush's pick to be Navy secretary. "But if there is no
conflict, I certainly would not plan to do that, sir."
James G. Roche, Bush's pick for Air Force secretary, and retired Brig. Gen.
Thomas E. White, nominated as Army secretary, also agreed to recuse
themselves if they felt there was a clear conflict of interest.
Roche is the corporate vice president of Northrop Grumman Corp. and White is
the vice chairman of Enron Energy Services. General Dynamics and Northrop
Grumman are among the nation's top defense contractors.
Democrats were not so certain the nominees could remain impartial.
"This is just more of the president filling posts with big business buddies
who, without question, will make sure that the nation's contracts benefit
their mutual friends," said Marcy Woodman, a Democratic policy analyst based
in Washington. "Even if they recuse themselves, their underlings will know
which company they better award a contract to."
Roche, a 23-year Navy veteran, was a Democratic aide for the Senate Armed
Services Committee from 1983 to 1984, and was a senior staffer for the Senate
Select Committee on Intelligence from 1979 to 1981.
White, who served in the Army for 23 years, has served as chairman and chief
executive officer of Enron Operations Corp. and as chairman and chief
executive of Enron Power Corp. since joining Enron in 1990. He was executive
assistant to Secretary of State Colin Powell when Powell headed the Joint
Chiefs of Staff in the first Bush administration.
England, the Navy nominee, has worked for General Dynamics since 1980, except
for four years when he served as president of Lockheed Fort Worth, as a
program manager for Amecom (Litton Industries) and as chief executive of GRE
Consultants.
Rear Adm. Craig Quigley, a Pentagon spokesman, said recusal might be the best
option in some cases.
"There needs to be a sense of confidence by the American people that these
are honorable men that are making these decisions," Quigley said. "If there
comes a point where there's a recusal or something like that necessary to
create that public confidence, I'm sure that will be the case. I also think
there's all kinds of checks and balances built into the system to make sure
that the public confidence in those officials remains high."
The hearing will continue into next week.

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


Dear Michael,  The Washington bureau will have the latest on the anthrax scare on Capitol Hill on Thursday.  Washington Bureau Chief Peter Cook says the decision to shut down the House of Representatives until Tuesday means at least one energy hearing on MTBE will be delayed.  The Senate remains in session and we hope to hear from Senators on Thursday about the situation.   Peter also says the bureau will have more reaction to the news that Department of Energy official Joe Kelliher has been picked by  President Bush to fill the vacant seat at the Federal Energy Regulatory Commission.  Kelliher's name has been on the top of the list for some time, and now the decision is official.   PSE?Director of Interregional Transmission Laura Manz will also join us from the Washington bureau on Thursday.  Manz has been participating in the FERC RTO workshop, and she'll give us her take on what might come out of the weeklong meetings.  Join us during the  10:00 a.m. ET newscast for the Manz interview.   IBM Chemical and Petroleum Industry Vice President of Marketing Craig Hodges is penciled in from the Houston bureau on Thursday. IBM has been selected by Shell Oil to create the prototype for a wireless gas station named the e-Station.  Catch Hodges during the  noon ET newscast.   West Coast Bureau Correspondent Kym McNicholas reports, Energy Secretary Spencer Abraham will be in California to announce a new public-private partnership regarding "Path 15," a transmission bottleneck in California.  Abraham will also give a keynote address at Hoover Institution's Conference on California's Electricity.     Also from the West Coast bureau on Thursday, Kym talks with a Spokesperson about the Valero refinery's plan to build one power plant to operate the refinery and one to sell energy to off-site customers.  The California Energy Commission is expected to decide Wednesday night whether to grant the Valero refinery, located in Benicia, a permit to build.   From the NASDAQ in New York, NYMEX President Robert Collins will join us.  He'll discuss the status of NYMEX operations and trading following the September 11th attacks during the 9:00 a.m. ET newscast.    Keep in mind things are subject to change at a moment's notice. Occasionally guests cancel or change time slots.  We'll continue to do our best to keep you updated on future interviews and events.     Be sure to watch our newscasts every business day - 9 a.m. to 5 p.m. ET, at the top of each hour.

	 	Jay Rickerts, EnergyNewsLive.com Anchor  View today's Energy Wrap video   (Requires Windows Media Player or Real Player )   Experience all that Williams Energy News Live has to offer!   If you are receiving this letter for the first time and wish to continue, subscribe now    To stop receiving this letter, unsubscribe now    If you are having trouble receiving this e-mail, please let us know  or  call (800) WILLIAMS (800-945-5426) weekdays, 7am-7pm CST.    Comments? Suggestions? Let us  know  or  call (800) WILLIAMS (800-945-5426) weekdays, 7am-7pm CST.    Copyright 2001 Williams Energy News Live, LLC. All  Rights Reserved.


TO:     MARK EDWARD TAYLOR
FROM:   Michael De La Rosa, Esq., CLEonline.com
RE:     Online CLE Seminars Available in November

As a fellow Texas legal professional, I would like to apprise you of the
following CLEonline.com seminars taking place in the month of November,
in which you or some of your colleagues or associates may be interested.
All of these seminars are fully accredited for PARTICIPATORY CLE credits
(not self-study) by the State Bar of Texas, and all are open and available,
24-hours a day, through the last day of this month.  Most will also be repeated
next month.

    There is NO LIMIT on the number of CLE credits you can earn
    through CLEonline.com seminars under the Texas MCLE rules.
    So you can now satisfy ALL of your annual MCLE requirements
    through our convenient online CLE seminars, without
    sacrificing valuable time away from your practice.

   *  NEW THIS MONTH:

   --> HBA Presents: "Toxic Mold Litigation: Hype or Hazard? -- An
         Overview"
       Moderators:  James Cornell (Houston)
                    Andrew L. Fono (Houston)
       Credits:     1.5/0.0
       Fee:         $29

   --> NBI presents "Trial Advocacy"
       Moderators:  Thomas B. Hight (Bloomfield, NJ)
                    Arthur Ian Miltz (Livingston, NJ)
                    Charles J. Stoia (Morristown)
       Credits:     3.0/0.0
       Fee:         $75

   --> Ethics in Patent Prosecution and Litigation
       Moderator:   David Hricik (Austin)
       Credits:     3.0/3.0
       Fee:         $59

   --> NBI presents "How to Get Results in Collection of Delinquent Debts
         in Texas (Parts 1 and 2)
       Moderators:  Charles E. Lobb Jr. (Houston)
                    Travis G. Newport (Houston)
                    Carolyn A. Taylor (Houston)
       Credits:     Part 1: 3.0/0.0  Part 2: 3.0/0.50
       Fee:         $75 each part

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

                       NOVEMBER SEMINAR LISTING

The following is a complete listing of all of our online CLE seminars
that will be taking place on our Web site (www.CLEonline.com) during the
month of November.  We would ask that you please share this list with
your colleagues and associates who may be interested in one or more of
our online CLE seminars for this month.

1.  A Review of Recent Decisions Concerning Ethics and Disqualification
    in New York Civil Litigation [1.5 ETHICS]
2.  Additional Ethical Issues Facing In-House Counsel [3.0 ETHICS]
3.  Anticipating Will Contests and How to Avoid Them [3.0]
4.  Avoiding Malpractice Claims: Things to Do (and NOT Do) on the First
    Day You Represent a Client [1.0 ETHICS]
5.  Confidentiality and Privileges in Electronic Communications (Audio
    included) [3.0 ETHICS]
6.  Conflicts of Interest: Joint Representational Conflicts in Texas
    (Audio included) [2.0 ETHICS]
7.  Consumer Bankruptcy Law: Nuts & Bolts for the Non-Specialist [1.0]
8.  Corporate Counsel Wrongful Discharge Claims: Ethics, Policy and
    Practice [1.0 ETHICS]
9.  Criminal Constitutional Law in New York - A Survey of Topics for the
    Practitioner and Scholar Alike [1.0]
10. Damages in Texas Insurance Litigation: Evaluating, Pleading, and
    Proving [1.0]
11. Disqualification and Conflicts of Interest in IP Practice - with CCE
    (Audio included) [2.0 ETHICS]
12. Effective Negotiation and Mediation Advocacy [3.0]
13. Elimination of Bias in the Legal Profession [1.0 ETHICS]
14. Engagement Letters for Texas Litigators: Forms, Issues, and Analysis
    [2.5 ETHICS]
15. Estate Planning Clients With Special Circumstances -- Those with
    Minor Children and Those with Communication Challenges [1.0]
16. Estate Planning Practicum -- Suggestions for Interviewing Clients and
    Helping Them Select Fiduciaries [1.0]
17. Estate Planning for Clients With Special Circumstances -- Lottery
    Players/Winners and Pet Owners [1.0]
18. Ethical Considerations in Estate Planning for Spouses [1.0 ETHICS]
19. Ethical Considerations in Mass Tort and Class Action Litigation in
    Texas [1.0 ETHICS]
20. Ethical Issues Arising From Using Experts in Litigation [1.0 ETHICS]
21. Ethical Issues and the Associate -- Or -- And You Thought Law School
    was Bad! [2.0 ETHICS]
22. Ethical Pot-Holes on the Information Highway and How to Avoid Them
    [1.0 ETHICS]
23. Ethics in Patent Prosecution and Litigation [3.0 ETHICS]
24. Family Law Update: What You Don't Know CAN Hurt You [Video included]
    [1.0]
25. Government Lawyer Ethics: Conflicts, Confidentiality, and... Common
    Sense? [3.0 ETHICS]
26. HBA Presents: "Appearing Before the Texas Board of Pardons and
    Paroles - or - 'How to Deal with a Three-Headed Monster'" (Video
    Included) [1.5]
27. HBA Presents: "Identity Theft -- Strategies for the Information Age"
    (Video included)  [1.5]
28. HBA Presents: "Texas Legal Ethics and Malpractice" (Video Included)
    [3.0 ETHICS]
29. HBA Presents: "Toxic Mold Litigation: Hype or Hazard? -- An Overview"
    (Video included)  [1.5]
30. How to Collect Child Support in Texas [3.0]
31. ICANN / WIPO Domain Name Disputes: Procedures And Analysis [1.0]
32. IP Litigation Issues: Trade Secrets, Patents, Copyrights and
    Trademarks [3.0]
33. Improve Your Legal Writing: Ten Plain-Language Tips [1.0]
34. Internet Legal Issues - together with CCE [Video] [1.5]
35. Law Practice Management: How to Enhance Your Clients' Interests when
    Dealing with the Media [Audio] [1.0]
36. Legal Ethics for Corporate and In-house Counsel (Audio
    included) [3.0 ETHICS]
37. Legal Writing: Meet the New Citation Manual [1.0]
38. Legal Writing: Ten Tips for Better Letters [1.0]
39. Legal Writing: Eight Tips for Successful Motions [1.0]
40. Legal Writing: Eleven Tips for Formal Agreements [1.0]
41. Litigating the Link Between Cellular Phones and Cancer [2.0]
42. Living Trusts ? Making a Wise Decision [1.0]
43. Local Rules Seminar -- Austin: A View from the Bench -- with Live Oak
    CLE (Audio included) [2.0]
44. Malpractice Avoidance for Probate Lawyers: Common Non-Tax Estate
    Planning Errors [1.0 ETHICS]
45. More Selected Ethical Issues Facing Texas Litigators [1.0 ETHICS]
46. NBI presents "Advanced Internet Use for Attorneys and Paralegals"
    [2.0]
47. NBI presents "Boundary Law in California" [3.0/0.50 ETHICS]
48. NBI presents "Fundamentals of Bankruptcy Law and Procedure in New
    York - Part 1" [3.0]
49. NBI presents "Fundamentals of Bankruptcy Law and Procedure in New
    York - Part 2" [3.0/0.50 ETHICS]
50. NBI presents "Fundamentals of Bankruptcy Law and Procedure in Texas -
    Part 1" [3.0]
51. NBI presents "Fundamentals of Bankruptcy Law and Procedure in Texas -
    Part 2" [3.0/0.50 ETHICS]
52. NBI presents "How to Get Results in Collection of Delinquent Debts in
    Texas - Part 1" [3.0]
53. NBI presents "How to Get Results in Collection of Delinquent Debts in
    Texas - Part 2" [3.0/0.50 ETHICS]
54. NBI presents "How to Litigate Your First Civil Trial in Texas -
    Part 1 (Plaintiff's Perspective)"  [3.0/0.25 ETHICS]
55. NBI presents "How to Litigate Your First Civil Trial in Texas -
    Part 2 (Defendant's Perspective)" [3.0/0.25 ETHICS]
56. NBI presents "Internet Basics for Attorneys and Paralegals" [2.0]
57. NBI presents "Land Use Law Update in Texas - Environmental Concerns
    for Developers" [3.0]
58. NBI presents "Land Use Law Update in Texas - Regulation, Ethics and
    Land Use Litigation" [3.0]
59. NBI presents "Personal Injury Claims and Bankruptcy" [1.0]
60. NBI presents "Practical Legal Ethics in Colorado: Issues and Answers"
    [3.0 ETHICS]
61. NBI presents "Premises Liability: Preparation and Trial of a
    Difficult Case in Texas - Part 1" [2.0]
62. NBI presents "Premises Liability: Preparation and Trial of a
    Difficult Case in Texas - Part 2"  [2.0/0.50 ETHICS]
63. NBI presents "Recent Amendments to the Federal Rules of Civil
    Procedure and Evidence for Washington Practitioners" [3.0]
64. NBI presents "Trial Advocacy in Texas - Defense Perspective"
    [3.0/0.25 ETHICS]
65. NBI presents "Trial Advocacy in Texas - Plaintiff Perspective"
    [3.0/0.25 ETHICS]
66. NBI presents "Trial Advocacy" [3.0]
67. NBI presents "Trying the Wrongful Death Case in California - Part 1"
    [3.0]
68. NBI presents "Trying the Wrongful Death Case in California - Part 2"
    [3.0/0.50 ETHICS]
69. New Twists on the Traditional Intellectual Property Enforcement
    Paradigm - with CCE (Audio included) [1.0]
70. Nobody's Bulletproof: Legal Ethics and Legal Malpractice Issues
    (Audio included) [3.0 ETHICS]
71. Offshore Trusts: Uses for Asset Protection Purposes [3.0]
72. Operator & Royalty Issues in a New Century - Part 1 -- with Live Oak
    CLE (Audio included) [3.0]
73. Operator & Royalty Issues in a New Century - Part 2 -- with Live Oak
    CLE (Audio included) [3.0/0.75 ETHICS]
74. Presuit Discovery and Discovery from Nonparties in Texas Litigation
    [1.0]
75. Privacy Issues in the Workplace: Internet Porn, E-mail, Chat Rooms
    and more [2.0]
76. Professionalism in Corporate Litigation: From Discovery Through
    Appeal [3.0 ETHICS]
77. Punitive Damages: Preparing Plaintiff's and Defendant's Case for the
    Punitive Damage Phase [3.0]
78. Recent Developments In Texas Probate: 2001 Legislative Update [2.0]
79. Selected Ethical Issues in Intellectual Property Licensing [1.0
    ETHICS]
80. Selected Issues in Ethics for California Lawyers [2.0 ETHICS]
81. Selected Issues in Ethics for Texas Lawyers [3.0 ETHICS]
82. Substance Abuse and Depression: An Overview for Lawyers [1.0 ETHICS]
83. Summary of Texas Legal Malpractice Law (Video included) [1.0 ETHICS]
84. TLIE Presents: "Law 2001 - Business or Profession?" (Audio included)
    [3.0 ETHICS]
85. Texas Family Law: 2001 Legislative Update [2.0]
86. Texas Law of Eminent Domain [3.0]
87. Texas Legislative Update -- Significant Bills of the 77th Texas
    Legislature Affecting Real Estate, Lending and Other Commercial
    Matters [3.0]
88. Texas Real Estate Law - Recent Case Update [3.0]
89. The ABC's of Appellate Practice for California Litigators [1.0]
90. The Complete Internet Seminar for Lawyers [3.0]
91. The Mobile Lawyer: A Roadmap for Beginners - with CCE (Audio
    included)  [1.0]
92. The Organizational Client: Attorney-Client Privilege and the
    No-Contact Rule [3.0 ETHICS]
93. The Rewards of Decency (Audio Included) [2.0 ETHICS]
94. The Uniform Computer Information Transactions Act: (UCITA): An
    Introduction and Exploration of its Impact on Contracting Practices -
    with CCE (Audio included) [1.5]
95. Wills, Estates, and Trusts: Case Law Developments in Texas - 2001
    [1.0]

---------------------------------------------------------------------

For more details on any of these CLEonline.com seminars, please visit:

                      http://www.CLEonline.com

Thanks for your time and consideration.  We would greatly appreciate it
if you could pass this information along to any of your colleagues and
associates who may also be interested in these CLEonline.com seminars. If
you need further information, please reply back or give us a call, and we
will be happy to provide such information to you.

[PLEASE NOTE:  If you are not interested in receiving CLEonline.com
seminar announcements, we apologize for the interruption, and we will
gladly remove your name from future mailings if you would simply
reply back to this message with the word REMOVE in the subject heading.]

Regards,

Michael De La Rosa, Esq.
CLEonline.com
(512) 310-9618
info@CLEonline.com
http://www.CLEonline.com


You are invited and we hope you can make it to this Brown Bag Session.
;
Hector G. McLoughlin, PHR
Human Resources
Enron Net Works
Office: 713-853-6703
;


Major breakthrough, we have 16 tickets.  Now we need to win 'em.  After the
f'''aggies near victory vs. ou, these tickets are now priceless.  Therefore,
we must win at all cost THIS Saturday, the 18th.

The team to date is as follows:

Stephen
Eric
Luis
Paul
Sarah
Myself
Christopher Chenoweth - new addition (recruited away from Webb Jennings' team
at no small cost)

One other unnamed guy (Luis, I need this name).

===

To do:

1.   I need all of you to confirm (by voice or email) that you will be able
to play on Saturday.  If I don't hear from you, I will have to replace you.
If you think there is a chance that you won't make, please contact me ASAP.

2.   We need to deliver $2,000 in donations.  If you haven't started bringing
in donations, please do so immediately.  I have the donation envelopes,
contact me and I'll have one sent to you.

3.  We will have a scrimmage this Wed. or Thurs.  so mark your calender.  I
encourage you all to take whatever steps necessary to see to your physical
preparation for this game.

My extension is 37842.   Home phone is 713-864-6229.

---------------------- Forwarded by Michael Simmons/HOU/ECT on 11/13/2000
09:56 AM ---------------------------

WE HAVE 16 TICKETS FOR THE WINNING TEAM!!!

Thanks to Brandon Houston and the Andersen Consulting team for finding the
tickets!!!!!  Brandon will bring the tickets to the game on Saturday for
distribution to the event winners.

The tickets will cost $560.  Enron will need to pay for half of the tickets.
Ted, please coordinate with Karen Marshall in community relations to have a
check for Brandon.

Thanks everyone!  We are now in excellent shape for the game on Saturday.
Keep collecting those donations this week.  All Enron donation packets
received by Brad Mauritzen by 5pm Friday night will be counted towards the
kick or receive ball option at the game.

Thanks,
Shelly


Attached is the credit worksheet for the above-referenced Counterparty.

Samantha M. Boyd
Sr. Legal Specialist
Enron North America, Corp.
1400 Smith, EB3802A
Houston, TX  77002
Phone:  (713) 853-9188
Fax:  (713) 646-3490
email:  samantha.boyd@enron.com

----- Forwarded by Samantha Boyd/NA/Enron on 08/22/2000 03:33 PM -----

	Nidia Mendoza@ECT
	08/21/2000 03:28 PM

		 To: Susan Bailey/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron
		 cc: Tom Moran/HOU/ECT@ECT
		 Subject: Voest-Alpine Intertrading U.S.A. Inc.

Here is a revised ISDA worksheet.

Please call me if you have any questions.

Thanks,

Nidia
x3-4868
---------------------- Forwarded by Nidia Mendoza/HOU/ECT on 08/21/2000 03:27
PM ---------------------------

From:  Nidia Mendoza
   08/21/2000 03:00 PM

To: Susan Bailey/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron
cc: Tom Moran/HOU/ECT@ECT, Mary Tudon/HOU/ECT@ECT
Subject: Voest-Alpine Intertrading U.S.A. Inc.

Attached is a ISDA worksheet for Voest-Alpine Intertrading U.S.A. Inc.

Please let me know if you have any questions.

Thanks,

Nidia
x3-4868


- cubicle hurdles.mpeg
 - Hallway races.mpeg
 - Rowing.mpeg


John,

george.hopley@enron.com

Vince

"John Adamiak" <john@pgsenergy.com> on 11/21/2000 09:26:00 AM
To: <Vince.J.Kaminski@enron.com>
cc:
Subject: Re: PGS On-site Derivatives/Electric Power Training

Vince,

Thank you.  Do you happen to know his email address?

John

----- Original Message -----
From: <Vince.J.Kaminski@enron.com>
To: John Adamiak - President <john@pgsenergy.com>
Sent: Tuesday, November 21, 2000 10:00 AM
Subject: Re: PGS On-site Derivatives/Electric Power Training

>
> John,
>
> Please, contact George Hopley at Enron.    (713) 853-9463
>
> Vince
>
>
>
>
>
>
> John Adamiak - President <john@pgsenergy.com> on 11/17/2000 01:49:30 PM
>
> Please respond to John Adamiak - President <john@pgsenergy.com>
>
> To:   <Vince.J.Kaminski@enron.com>
> cc:
> Subject:  PGS On-site Derivatives/Electric Power Training
>
>
> Do you know of anyone who could benefit from on-site
> training in energy derivatives or electric power trading during
> the coming twelve months?   www.pgsenergy.com
>
> John Adamiak
> PGS Energy Training
>
>
>
>
>
>
>


just needs a few minutes of your time.

Note to VES:  Call him at 3:15 when Mark is off call.  5-7702


update:

we are scheduled to sign the transaction agreement at ve on monday at 2,
i believe that we have worked out getting the sub notes off balance sheet for
year end if do not close the transaction till january.
i almost hate to put this in email, as every time we say this hit a snag,
but.......all i will say if this does not happen on monday i may have to go
awol.

Lisa J. Mellencamp
Enron North America Corp.
1400 Smith St.
Houston, TX  77002
Tel:  (713) 853-7986
Fax: (713) 646-3393
E-mail:  Lisa.Mellencamp@enron.com


Here's the email. Any questions, give me a call. Per
---------------------- Forwarded by Per Sekse/NY/ECT on 08/21/2000 10:50 AM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Per Sekse                           08/10/2000 02:56 PM

To: John J Lavorato/Corp/Enron@Enron
cc: Fred Lagrasta/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT
Subject: Hedge Fund Update & Summary

Fred asked me to pull together an update for you on our dealings with Hedge
Funds. Look forward to seeing you at 2PM today.

We have active trading relationships with two hedge Funds, Tudor & Ospraie,
and have documentation negotiations under way with 11 others. In addition, we
were trading with Tiger earlier in the year before they closed down. The
commodity traders I dealt with at Tiger (Paul Touradji & Rob Ellis) are in
the process of setting up their own hedge fund and will trade with us again
in late Autumn once they get their paper work in order.

2000 Hedge Fund Origination Summary

Tiger   $112,000  (began trading in Dec 99 and stopped in Mar 00)
Tudor   $384,700 (began trading in Mar 00)
Ospraie  $589,940 (began trading in May 00)

Total year to date $1,086,640 (My budget est for 2000 is approx $2mm)

I've attached two files. The first is a spread sheet with all our hedge fund
trades year to date in detail. In there you will see a tab for work in
progress, these are the funds I am targeting to get signed on for trading
with us and the state of play with each.  The second is a word document
listing the hedge funds I have had contact with.  While the Hedge Fund
universe is large, 1500-2000 easily, the ones that trade commodities and more
specifically trade OTC rather than futures are limited. The entire universe
is probably no more than 30-50 names, many of which are too small to bother
with. For the most part I look for them to have $100mm under management since
the allocation to energy commodities is usually a small percent of that, e.g.
10-15%. A few of them, however, specialize in commodities and represent my
priority target clients.

Per


With Greg Piper's transition into the ENW Office of the Chairman, John
Cummings will be responsible for the continuing operation, development and
marketing of Clickpaper going forward, with the Clickpaper team reporting to
John Cummings.  John will continue to report to Greg Piper.


done

	Enron North America Corp.

	From:  Steve Venturatos                           10/26/2000 03:57 PM

To: Eric Bass/HOU/ECT@ECT
cc:
Subject: FFL Lineup

Since I am not going to be here tomorrow, could you please approve my
pick-ups for this week today or do I need to pay you first????????????????????


I just approved the 13th and 14th.

DG

From: Richard Tomaski@ENRON on 02/15/2001 09:50 AM
To: Anita Luong/HOU/ECT@ECT
cc: Darron C Giron/HOU/ECT@ECT, Kevin P Radous/Corp/Enron@Enron
Subject: Re: Prelim Enovate DPR for 2/14/2001

Did you ever send out the DPR for Feb 13th?


NDN

Senator Bingaman (D-NM) chaired the New Democratic Network (NDN) energy breakfast this morning. He told me he was looking forward to meet with Ken later in the day.   He talked about how his Committee plans to proceed, beginning with the release today to Senators of a document that identifies issues that were included in both the Murkowski and Bingaman drafts of energy legislation.  He hopes to make this the starting point for bipartisan comprehensive legislation.
Bob Simon, Committee Staff Director, told me he was interested in working with Enron.

After Sen. Bingaman departed, Reps. Cal Dooley (D-CA), Ron Kind (D-WI), Adam Smith (D-WA), and Rick Larsen (D-WA) talked about the New Dems energy plan.  They restated their intent to focus on policy and not the rhetoric being spread by the Democratic Leadership.  They also say they want a "goal" to reach, for instance, energy independence by 2020.    I mentioned open access on the electricity grid as a mid-term energy policy goal.

Follow up:  I spoke to Rep. John Larson's staff about our investment in  fuel cell technology in Connecticut.  They called and want to meet with us next Wednesday.

DLC

The DLC is currently considering energy policy and Peter Fox Penner is leading the drafting.  They hope to have the plan developed and released in the next month or so. Their proposal will focus on the following issues:

The pre-California regulatory environment clearly did not work as it should.  How can we improve FERC, state and local regulatory regimes to avoid another California.

Mandate a "Clean Quarter":  Ensure that at least a quarter of all new energy production come from "clean" energy  sources defined by low emissions output.  The goal is to increase renewable energy, but it is unrealistic to deny the need for fossil fuels.  So the DLC would look to mandate renewables and cleaner burning fossil fuels.

Encourage deregulation and competition,  through support and transition funds.  The goals is to ease the transition into deregulate markets and the volatility that often accompany such a transition.  Create investment funds (like a Freddie Mac and Fannie Mae) to make a move to competitive markets easier and less threatening.

Create a market to tradeable Corporate Average Fuel Economy (CAFE) standard units.

 On transmission, the DLC would expand transmission by creating binding Regional Electricity Siting Compacts that would ease eminent domain issues.

4P and 3P trading programs.  The DLC would support efforts  to expand emissions trading beyond S02, to NO2 and Mercury (and possibly CO2).  I spoke to Pat Shortridge and Lisa Jacobsen and will offer them up to the DLC as experts on these programs.

Full-scale reexamination of Nuclear as a viable energy source.

Encourage real-time pricing to avoid reliance on spot markets.

Mandate new buildings be constructed "smart" and provide incentives to encourages large industrials and buildings to outsource their energy needs.

Follow up:  The DLC is going to look to Enron for ideas on how to structure these proposals over the coming weeks.  Perhaps Rick Shapiro could spend some time with Peter Fox Penner and Will Marshall when he is in town next week.


thanks

>>> <Tana.Jones@enron.com> 10/13/00 10:09AM >>>

76-0318139

                    "JASON PETERS"
                    <PETEJ@andrews-        To:     <tana.jones@enron.com>
                    kurth.com>             cc:
                                           Subject:     ENA
                    10/13/2000
                    10:07 AM

What's ENA's tax id #?


Attached is davis.doc, a quick & dirty report from today's news
conference from Gov. Davis, et al.,

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no.

	Anthony Campos
	02/13/2001 02:54 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Meeting Scheduled; Re: Financial Procedures

Tana,

I did not mean to leave anyone out, but should anyone else be present?

Brent Hendry
Sara Shackelton
Carol St. Clair
Samantha Boyd
Susan Bailey
Stephanie Panus

Just Curious,
Anthony

---------------------- Forwarded by Anthony Campos/HOU/ECT on 02/13/2001
02:44 PM ---------------------------
Holly Keiser @ ENRON_DEVELOPMENT   02/13/2001 02:07 PM

To: Mark Taylor@ECT, Tana Jones@ECT, Anthony Campos@ECT, Kim S Theriot@ECT,
Linda S Bryan@ECT, Stephanie Sever@ECT, Lisa Lees@ECT, Jennifer deBooisblanc
Denny@ECT
cc:
Subject: Meeting Scheduled; Re: Financial Procedures

A meeting has been scheduled for 2:00 PM on Wednesday, February 14,
Conference Room 38C2, to discuss financial procedures.

Thank you,

Holly Keiser
Enron Americas
Legal Department - EB 3887
713-345-7893 (ph)
713-646-3490 (fx)
Holly.Keiser@enron.com


CALENDAR ENTRY:	APPOINTMENT

Description:
	Larry/Reservation Close Ava-35842

Date:		1/2/2001
Time:		1:00 PM - 1:30 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


What is in the plan?
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


Attached is the referenced list.  I am responsible for those counterparties
originating from Houston Credit.  Edmund Cooper is responsible for the UK
Credit based counterparties.  I am still resolving issues on about 8-10
counterparties.  If something doesn't make sense, let me know.


I knew you would like that

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, May 24, 2001 11:07 AM
To:	Huble, Amanda
Subject:	RE:

that was a good comeback

 -----Original Message-----
From: 	Huble, Amanda
Sent:	Thursday, May 24, 2001 11:05 AM
To:	Maggi, Mike
Subject:	RE:

maybe I like trouble

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, May 24, 2001 11:05 AM
To:	Huble, Amanda
Subject:

you better be careful about drinks I think you might be in trouble


woo hoo!!!!!!

---------------------- Forwarded by Kam Keiser/HOU/ECT on 12/05/2000 07:41 AM
---------------------------

Errol McLaughlin@ENRON
12/05/2000 07:30 AM
To: Jeffrey C Gossett/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, William Kelly/HOU/ECT@ECT
cc:
Subject: (00-412) Early Exchange Closing for 12/22 and 12/29/2000

 I just received this from one of the floor brokers and thought everyone
would like to here the good news.  Fridays, Dec. 22 & 29, the Exchange will
close at 12 Noon CST.

Errol
---------------------- Forwarded by Errol McLaughlin/Corp/Enron on 12/05/2000
07:20 AM ---------------------------

SOblander@carrfut.com on 12/04/2000 09:20:56 AM
To: soblander@carrfut.com
cc:

Subject: (00-412) Early Exchange Closing for 12/22 and 12/29/2000

Notice # 00-412
December 4, 2000

TO:
ALL NYMEX/COMEX MEMBERS
ALL NYMEX/COMEX MEMBER FIRMS
ALL NYMEX/COMEX CLEARING FIRMS
ALL NYMEX/COMEX OPERATION MANAGERS

FROM: Stu Smith, Senior Vice President, Operations

RE: Exchange Early Closing Schedule for December 22, 2000 and December 29,
2000

Please be advised that the Exchange will close markets earlier on Friday,
December 22 and Friday, December 29, 2000, the days preceding Christmas Day
and New Years Day respectively.  The following early contract closing
schedule will be implemented:

NYMEX DIVISION

Commodity and Closing Range for December 22, 2000

Palladium Futures: 11:58 a.m. - 12:00 noon

Platinum Futures and Options: 12:08 p.m. - 12:10 p.m.

Heating Oil Futures and Options: 12:58 p.m. - 1:00 p.m.

Unleaded Gasoline Futures and Options: 12:58 p.m. - 1:00 p.m.

Propane Futures: 12:58 p.m. - 1:00 p.m.

Crude Oil Futures and Options: 12:58p.m. - 1:00 p.m.

Henry Hub Natural Gas Futures and Options: 12:58 p.m. - 1:00 p.m.

Permian Pool Natural Gas Futures: 12:58 p.m. - 1:00 p.m.

Alberta Natural Gas Futures: 12:58 p.m. - 1:00 p.m.

Gulf Coast Gasoline Futures: 12:58 p.m. - 1:00 p.m.

Commodity and Closing Range for December 29, 2000

Palladium Futures: 11:58 a.m. - 12:00 noon

Platinum Futures and Options: 12:08 p.m. - 12:10 p.m.

Heating Oil Futures and Options: *12:58 p.m. - 1:00 p.m.

Unleaded Gasoline Futures and Options: *12:58 p.m. - 1:00 p.m.

Propane Futures: *12:58 p.m. - 1:00 p.m.

Crude Oil Futures and Options: 12:58 p.m. - 1:00 p.m.

Henry Hub Natural Gas Futures and Options: 12:58 p.m. - 1:00 p.m.

Permian Pool Natural Gas Futures: 12:58 p.m. - 1:00 p.m.

Alberta Natural Gas Futures: 12:58 p.m. - 1:00 p.m.

Gulf Coast Gasoline Futures: *12:58 p.m. - 1:00 p.m.

COMEX DIVISION

Commodity and Closing Range for December 22, 2000

Aluminum Futures and Options: 11:59 a.m. - 12:00 noon
Copper Futures and Options: 12:04 p.m. - 12:05 p.m.
Silver Futures and Options: 12:04 p.m. - 12:05 p.m.
Gold Futures and Options: 12:09 p.m. - 12:10 p.m.
The Eurotop 100 & 300 contracts will conduct normal trading hours.

Commodity and Closing Range for December 29, 2000

Aluminum Futures and Options: 11:59 a.m. - 12:00 noon
Copper Futures and Options: 12:04 p.m. - 12:05 p.m.
Silver Futures and Options: 12:04 p.m. - 12:05 p.m.
Gold Futures and Options: 12:09 p.m. - 12:10 p.m.
The Eurotop 100 & 300 contracts will conduct normal trading hours.

The NYMEX Division Late Submissions Area is scheduled to close at 2:30 p.m.
and the NYMEX Division Trade Correction Area will close at 3:15 p.m., the
TMS trade allocation screens will be available until 4:30 p.m.  The COMEX
Division's OLTE System will be available for corrections until 2:30 p.m.
In the event that you require additional time to process work, or have
questions regarding early close procedures, please call Fred Tantao
299-2045, Rob Stasi 299-2067, George Henderson 299-2071, Les Faison
299-2070 (NYMEX Division) or David Sherman 299-2061, Michael Campanelli
299-2072 (COMEX Division).

* Last Trading Day Spot Month - Half Hour Closing Range (12:30 pm ? 1:00
pm)
* All Electricity Future and Option contracts traded on NYMEX Access will
close at 1:00 p.m.

      Carr Futures
      150 S. Wacker Dr., Suite 1500
      Chicago, IL 60606  USA
      Tel:  312-368-6149
      Fax:  312-368-2281
      soblander@carrfut.com
      http://www.carrfut.com


Tim,

In Oct 2001 I produced the attached reports for Michael Paine. I hope these
are helpful.

Mark


Sundeck (713-983-8100) and California Closets (713-785-0111) are both
scheduled for Monday afternoon on February 18th.


Thursday or Friday sounds good to me.  Hey, Dawn I noticed there were a few
people from the group missing from your email.  Did you want me to forward it
to them??

RR