Vince,

My name is Jeanne Anne Klein and I am a financial modeler working with
Mingcheng Lian on a high profile pipeline project in China.

Zimin Lu referred us to you regarding questions we have on the Real Option
Valuation Approach.  We are very enthusiastic about what we have read and
heard about this valuation method.

We have been doing some preliminary research on the Real Option Valuation
approach and believe that integrating this approach into our financial model
would bring a significant increase to the value to the project.   We have
identified some deal aspects we believe would be ideal to valuate as real
options.  Our goal is to work with the development team to structure the deal
to incorporate the Real Option Valuation approach into the model enabling us
to arrange the contracts within the deal to optimize the project's value.

We would like to arrange a meeting with you at your ealiest convenience to
brainstorm on additional deal aspects that can be valued using the real
option approach as well as on ways to quantify these aspects using the Real
Option valuation Method.

Please advise if you will be able to meet with us within the next week or
two.

Thank you for your kind attention,

Jeanne Anne

X 6-6547


Sara, some time ago we forwarded Louisiana-Pacific (L-P) an ISDA for their
review and consideration.  They have responded with the following comments.
Can you give me a hand in addressing them?  John

 -----Original Message-----
From:  "Roger Dieringer" <Roger.Dieringer@LPCorp.com>@ENRON
[mailto:IMCEANOTES-+22Roger+20Dieringer+22+20+3CRoger+2EDieringer+40LPCorp+2Ec
om+3E+40ENRON@ENRON.com]
Sent: Wednesday, May 09, 2001 11:49 AM
To: Malowney, John
Subject: ISDA

John,

Listed  below are several issues we need to have addressed prior to signing
the  agreement!

1)  Curt Stevens name is consistently  misspelled throughout the documents.
We should also be sure that our new  corporate address is used.  805 SW
Broadway, Suite 1200,  Portland, Oregon 97205-3303.

2)  Enron doesn't like late payments or early termination of their
agreements.  Interest on amounts owing is compounded daily.  John - this
needs to be changed.  What other decent  arrangements can be put in here.  (I
thought only loan sharks compounded  daily?)

3)  Part 3 of the Schedule to the Master Agreement should be amended to
provide that  LP may satisfy its obligation to provide updated financial
information by  posting it to EDGAR or on the web. Enron now has that
ability.

4) We  don't have the 1991 ISDA Definitions or the 1993 ISDA Commodity
Derivatives  Definitions cited in Parts 5 and 6 of the Schedule to the Master
Agreement. I  wasn't able to locate them on the web. We will need these
provide  to LP.

5) The  Credit Support Annex is designed to apply to ISDA Agreements subject
to New York  law. Our Agreement is subject to Texas law. We may not have  the
proper form.

Let me know at your convenience.

Thanks
Roger


My brain is fried.  Can you remember what kind of opt in-out thing the CPUC
had?  I remember it being a fiasco.
----- Forwarded by Susan J Mara/NA/Enron on 11/21/2000 12:27 PM -----

	Lynnette Barnes
	11/21/2000 11:55 AM

		 To: Susan J Mara/NA/Enron@ENRON
		 cc:
		 Subject: California customer marketing question

---------------------- Forwarded by Lynnette Barnes/NA/Enron on 11/21/2000
01:54 PM ---------------------------

Lynnette Barnes
11/21/2000 01:54 PM
To: Susan J Mara/SFO/EES@EES
cc: Elizabeth Linnell/NA/Enron@Enron

Subject: California customer marketing question

Sue,
 Frank Rishe has ask me to search for the states that have allowed customers
to opt in or out of marketing lists. Does California require utilities to
offer a customer the opportunity to decide on who they want to market to them
for energy services? If so did we take a position on it?

 Thank you so very much,
 Lynnette


I agree with Stuart regarding the preference for the Assignment, Bill of Sale
and Conveyance.  It is a little confusing as to why AE, who was a party to
the original Participation Agreement, is not a party to a change in that
agreement.  This being said, the Conveyance, in my opinion, is cleaner and
has a better chance of being executed in a timely manner, which is the
essence of the property tax issue.

This is probably very minor, but do we need to address any equipment that has
not been purchased to date?  Jeff, what have not we purchased yet?

Regards,

Eric

From: Stuart Zisman@ECT on 12/12/2000 05:36 PM
To: Eric Boyt/Corp/Enron@Enron, Billy Lemmons/Corp/Enron@ENRON, James I
Ducote/HOU/ECT@ECT, Warren Schick/Corp/Enron@ENRON, Patrick
Maloy/HOU/ECT@ECT, Mike Coleman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kay
Mann/Corp/Enron@Enron
cc:

Subject: Austin Energy Amendments

In response to the attached email, I told Hal that I would prefer the
Assignment, Bill of Sale and Conveyance.  To me, that is easier and cleaner
(a tax auditor would likely be more comfortable with a simple document that
unconditionally demonstrates conveyance of title).  It is also consistent
with our discussion of the other day (except now ENA is conveying the
remaining interest in Enron Sandhill Limited Partnership (which actually
makes sense)).

Please provide any comments that you might have ASAP.

Stuart

----- Forwarded by Stuart Zisman/HOU/ECT on 12/12/2000 05:32 PM -----

	"Haltom, Hal" <halhaltom@akllp.com>
	12/12/2000 05:21 PM

		 To: <stuart.zisman@enron.com>
		 cc:
		 Subject: Austin Energy Amendments

Attached are two approaches to transferring title from ENA, as
contractor, to Austin Energy and Sandhill, as owner, to the equipment
and other materials to be incorporated into the project. I believe
either approach works.

1. Assignment, Bill of Sale, and Conveyance.  This document transfers
title from ENA to Austin Energy and Sandhill in the percentages that
they own the facility under the Participation Agreement. It would be
executed only by ENA.

2. Second Amendment to EPC Contract.  I have added a new paragraph 4 to
the existing proposed Second Amendment to EPC Contract. This paragraph
amends Section 7.8(a) of the EPC Contract to provide that title passes
when the owner pays ENA for the equipment but no later than December 15,
2000.

Please let me know which approach you believe would be preferable.

Thanks, Hal.

 <<Second Amend.doc>>  <<Asmt, Bos, Con.doc>>
 - Second Amend.doc
 - Asmt, Bos, Con.doc


Just bored and writting to say hi.  What do you have going on this weekend?


Hawk vote for California firm unanimous
Houston Chronicle, 05/15/01

INTERNATIONAL ECONOMY: Enron may cut stake in Gulf gas project
Financial Times; May 15, 2001

JAPAN: Enron says high power rates costing Japan.
Reuters English News Service, 05/15/01

Japan Must Speed Up Pwr Sector Dereg To Lower Rates-Indus
Dow Jones Energy Service, 05/15/01

SINGAPORE: ANALYSIS-No Asia fallout seen from Enron's India woes.
Reuters English News Service, 05/15/01

Saudi Won't Announce Winners Of Gas Projs Tue - Report
Dow Jones Energy Service, 05/15/01

MSEB refutes allegations by Enron, DPC
The Economic Times, 05/15/01

Saudi Supreme Petrol Council meeting to decide on huge gas project bids
Business Recorder, 05/15/01

May 15, 2001
Houston Chronicle
Hawk vote for California firm unanimous
Montgomery Watson pegged for water plant
By MARY FLOOD
Copyright 2001 Houston Chronicle
The Houston Area Water Corp. voted unanimously Monday to grant a $92 million
contract to a California-based firm to design, build and operate a Lake
Houston water plant.
City Council soon will receive the contract for its approval. The
administration of Mayor Lee Brown was believed to have favored Montgomery
Watson's chief competitor, Azurix Corp., an arm of local energy giant Enron
Corp.
The water corporation, known as "the Hawk," voted 5-0 to grant the contract.
If approved by City Council, the contract would give the company 2 1/2 years
to get the plant up and treating raw lake water.
It was initially expected that the plant, which will be designed to handle 40
million gallons of water daily, could cost as much as $150 million to build.
The Hawk board asked the vying companies to modify their bids several times,
and that caused the competitors to lower their prices.
The contract calls for the Hawk to pay a monthly operating fee of $157,000
when the plant is working. And Montgomery Watson could be required to
construct, at the Hawk's option, an additional 40 million-gallon-a-day plant
expansion for $32 million.
But the details of how the plant will be financed have not been determined.
The Hawk board discussed borrowing money using the city's credit rating on a
short-term basis until it could develop long-term financing by selling bonds
itself.
The initial customer for the water is the city of Houston, which would repay
the Hawk the cost of producing the treated water. The hope is that the plant
eventually will provide water to other entities in the area as well. This
plant is part of an area plan for the treatment of surface water that could
cost about $2 billion to implement.
City Councilman Carroll Robinson, who heads the council infrastructure
committee, said he expects to hold two hearings about the contract. One would
focus on how the Hawk board picked Montgomery Watson. A series of three
recommendations from City Hall staff recommended Azurix.
Hawk board members said Montgomery Watson's prices were lower by millions and
that Azurix plans to sell Azurix North America, the body that would oversee
this contract.
The second City Council hearing will focus on financing, Robinson said. "In
my mind, how the city will pay for this construction is as important as who
will do it," Robinson said.
The Hawk board, appointed by Brown and approved by City Council, has been
heavily lobbied by the contenders for the job.
Because City Council does not have to follow the Hawk recommendation, new
pressure has begun at City Hall. The third bidder, U.S. Filter Operating
Services, part of a French company, has been heavily lobbying some council
members to switch the contract to it.
Some members of the Azurix team -- people at companies that would have gotten
work had Azurix gotten the job -- have written letters complaining about the
Hawk procedures as well.
John M. Stokes, president and chief executive officer of Azurix, penned the
first such distressed missive. In April, he wrote to Hawk board Chairman
David Berg complaining of the "deleterious economic effect" on Azurix of the
board's decision to negotiate with Montgomery Watson. He requested that Berg
answer a series of questions in writing explaining why Azurix didn't get the
job. Berg didn't do so.
Although that letter had a threatening tone, Amanda Martin, president of
Azurix North America, said no threat was intended and the letter simply
indicated how upset the team was when it first learned Azurix wasn't chosen.
Azurix was the rumored front-runner for months.

		INTERNATIONAL ECONOMY: Enron may cut stake in Gulf gas project
Financial Times; May 15, 2001
By ROBIN ALLEN

		There are growing fears that Enron, the US power company, may withdraw or
sharply reduce its stake in the Gulf's Dollars 10bn Dolphin gas export
scheme, one of the most ambitious of its kind in the region.
		Enron officials have refused to comment on reports that the company is
reconsidering its position as a minority shareholder in Dolphin Energy, in
which France's TotalFinaElf (TFE) also has 24.5 per cent.
		However, one industry specialist said yesterday Enron was talking of
"selling" at least part of its shareholding.
		The threat raises critical issues for western companies seeking to profit
from accessing state-owned oil and gas in the Gulf.
		The project was launched two years ago by Abu Dhabi, the wealthiest of the
United Arab Emirates, to promote energy security for the Gulf. But Abu
Dhabiis seen as a prime example of a state where prestige and opaque domestic
political considerations can be as important as profitability in such a
large-scale project, especially in the early stages.
		Dolphin's majority owner is UAE's Offsets Group (UOG), an offshoot of Abu
Dhabi's defence procurement industry. In March, Dolphin, a relative newcomer
on Abu Dhabi's energy scene, signed a Dollars 3.5bn agreement with Qatar to
exploit and pipe up to 2bn cubic feet a day of gas from Qatar's prolific
North Field to Abu Dhabi.
		Qatari gas is the source of Abu Dhabi's long-term energy strategy, and Enron
's role was to develop, at a profit, the downstream section, primarily to
construct and lay the 350km pipeline from Qatar to Abu Dhabi.
		Enron is not a specialist in energy production or pipeline fabrication, but
one of its main aims, according to one analyst, was to gain access to the gas
accruing to it from the Qatar deal and then trade it on. Sheikh Zayed Bin
Sultan al-Nahyan, Abu Dhabi's ruler, disapproves of commodity trading.
		"If the Qatar-UAE gas deal was going to be profitable" for western energy
majors, asked one senior western diplomat, "then why are the serious US
energy majors not involved?" For more reports see www.ft.com/globaleconomy
		Copyright: The Financial Times Limited

JAPAN: Enron says high power rates costing Japan.

05/15/2001
Reuters English News Service
(C) Reuters Limited 2001.

TOKYO, May 15 (Reuters) - A senior executive of U.S. energy giant Enron Corp
said on Tuesday that Japan could save an estimated four trillion yen ($32.45
billion) in annual costs if electricity rates were cut to the average of
members of the Organisation for Economic Cooperation and Development (OECD).
"If you were to pare Japanese industrial electric rates to the OECD
average...savings to all...customers would be about four trillion yen per
year," Enron Corp Vice President Steven Kean told a seminar in Tokyo.
Speaking at a seminar on electric power deregulation, Kean said that
indigenous factors such as steep land prices and a lack of natural energy
resources were often blamed for Japan's high electricity rates.
But he said these factors were not sufficient to explain Japan's high
electricity rates.
A report commissioned by Enron Japan Corp showed that in 1998 Japan's
electricity rates for industrial users were 16.81 yen per kilowatt hour (kWh)
compared to a second highest rate of 12.44 yen in Italy.
Japan's business sector has expressed concern at the nation's high
electricity rates, saying that it blunts their competitive edge on the
international market.
Kean also drew parallels between Japan, in the midst of deregulation, and
California which has been suffering from a power shortage since deregulating
its market in 1998.
These included the length of time that authorities in Japan took to issue
permits to allow the construction of new power plants, he said.
"The regulatory structure in Japan is very strict...just like in California,"
Kean said.
North America's biggest buyer and seller of electricity, Enron gained its
first foothold in Japan in 1999 when it established affiliate E Power Corp.
In April of last year, it set up subsidiary Enron Japan Corp.
Kean urged Japan to step up measures to open up its power market, a process
he said held many benefits.
Japan is in the process of deregulating its power market. Since March last
year, large-lot consumers have been free to chose their suppliers. The
measure liberalised an estimated 30 percent of the power market and ended
Japan's 10 power utilities regional monopoly.
However, industry watchers note that there have been very few new entrants
and that further deregulation measures must be taken for rates to fall. The
Japanese government is due to review the process in 2003.

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

Japan Must Speed Up Pwr Sector Dereg To Lower Rates-Indus

05/15/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

TOKYO -(Dow Jones)- Japan should accelerate the ongoing electric power sector
deregulation to fully liberalize the retail market, in order to bring down
the country's high power rates while ensuring stable power supply, experts
said at an industry seminar Tuesday.
The pressure is mounting for Japan's 10 power utilities, which have long
enjoyed regional monopolies until a year ago, to become cost- effective and
performance-conscious after the government partially liberalized the retail
power market in March 2000.
However, the current scheme has so far failed to lure a large number of
potential entrants because of the high transmission fees they must pay to
conventional power companies.
"What happened in overseas (power industries) suggest that the liberalization
in Japan wouldn't only lower power rates but would also contribute to stable
power supply significantly," said Tatsuo Hatta, professor of economics at the
University of Tokyo.
Compared with the U.S., Japanese electricity charges are typically twice as
much for households and three times higher for industrial users.
"There is a large discrepancy (in rates), and that is why we should hurriedly
implement the liberalization," Hatta said.
He said Japan's steep seasonal peak-load curve - one of the reasons the power
companies cite as the cause of high power rates in Japan - can be altered
once the prices are liberalized. "If power rates are set higher during those
peak hours following the liberalization, users would refrain from using
electricity."
Steven Kean, executive vice president of the U.S. energy major, Enron Corp.
(ENE), told the same seminar that Japan's power costs remain on the upward
trend despite cost reductions in Europe and the U.S.
He said Japan could achieve a cost-saving of Y4 trillion a year if its power
prices fall to levels in Organization for Economic Cooperation and
Development countries following the liberalization.
Hatta and Kean were speaking at the seminar called "Reassessing Power
Deregulation," which was co-sponsored by the Houston-based Enron.

Hatta of the University of Tokyo said "it's very wise" that Japan has begun
the deregulation with the "bilateral supply, or trade" system under which
suppliers and users clinch deals directly.
Under the current reforms, the sector for high-volume, large-lot industrial
and commercial users - which represents only 30% of the Y15 trillion market -
is opened to free competition. The government is to review the partial
deregulation by 2003 for further deregulation.
Japan should then introduce spot electricity trading such as futures and
derivatives to alleviate risks of complicated price volatility for power
providers, Hatta said.
Hatta and other experts attending the seminar said further deregulation
should destroy the systems that have supported the country's high power rates
- regional monopolies and the fair rate return method, under which all costs
are levied on prices.
"There is absolutely no need to set the same (power) prices" nationwide,
Hatta said. Power companies should make the opaque transmission fees
transparent and set them accordingly with regional demand, he said.
Yoshinori Omuro, vice president of Takashimaya Co.'s (J.TKA or 8233)
management department, acknowledged the slow progress of the deregulation.
Takashimaya, a major department store operator, has shifted to Diamond Power
Corp., a wholly-owned subsidiary of Mitsubishi Corp. (J.MIB or 8058) as its
power supplier at two of its 18 stores, with "strong back-up" from the
Ministry of Economy, Trade and Industry.
"Despite the deregulation, the situation isn't where we can negotiate with
power utilities to reduce (electricity costs). We have no choice but select
independent power providers," Omuro said.
-By Maki Aoto, Dow Jones Newswires; 813-5255-2929; maki.aoto@dowjones.com

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

SINGAPORE: ANALYSIS-No Asia fallout seen from Enron's India woes.
By Cameron Dueck

05/15/2001
Reuters English News Service
(C) Reuters Limited 2001.

SINGAPORE, May 15 (Reuters) - A bitter payment battle between U.S. energy
giant Enron Corp and authorities in India will serve as a reminder to foreign
investors of the risks of putting money into emerging markets, analysts and
bankers say.
But it is unlikely to deter the flow of money into Asian electricity projects.
The pace of power privatisation and deregulation varies too greatly from
country to country for the controversy in India to chill investment activity
across Asia, they say.
It does, however, underline the risks companies take despite some security
offered by government payment guarantees.
"Independant power producers (IPPs) will see Enron and Dabhol as an
illustration of the dangers and possible risks of investing in an emerging
market, but it would be going too far to say that other markets will be
adversely affected because of it," said Philip Jackson, a banker with JP
Morgan Chase in Hong Kong.
Enron is on the verge of bailing out of an almost completed $2.9 billion
power project because of a decade-long dispute with the troubled Maharashtra
State Electricity Board (MSEB) over pricing and unpaid bills.
MSEB has fallen about six months behind in paying for electricity supplied by
Dabhol Power Co, the Indian unit of Houston-based Enron.
The utility said last month that it had repaid about $28.6 million of the
$48.2 million outstanding.
The board of Dabhol has authorised the management to stop selling power to
MSEB if the dispute is not resolved. Local media reports earlier in May said
Enron was pulling executives out of India and relocating them elsewhere.
Dabhol has invoked payment guarantees issued by the state and federal
governments, but neither has stepped forward to foot the bill.
GOVERNMENT GUARANTEES
Banks often demand sponsor or host government guarantees to lessen risk
before financing energy projects, which have long lead times and high capital
expenditure.
Governments are keen to provide guarantees to attract foreign investment.
Guarantees may cover shortfalls in production, default of customer payment or
even changes in market conditions.
But such guarantees do not always provide the desired safety net and analysts
said the legal systems in many emerging nations are simply not efficient
enough to back these agreements.
Enron's experience in India highlighted the risks of power investment in
emerging countries and the unpredictability of government guarantees, they
said.
"Guarantees like that are painful for companies and for polititicians they're
even more so," said John Vautrain, vice president at Purvin & Gertz in
Singapore.
"If the call is substantial, it's going to be bad."
Robert Booth, director of the Bardak Group in West Perth, Australia, was more
pessimistic and reckoned some companies might take a lead from Enron and shy
away from emerging Asian nations.
"Investors will pull back from these countries until they see that there is a
properly functioning legal system that gives them assurance if they have to
call in a government guarantee," Booth said.

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

Saudi Won't Announce Winners Of Gas Projs Tue - Report

05/15/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

MANAMA, Bahrain -(Dow Jones)- Saudi Arabia's supreme petroleum council is
expected to hold a meeting Tuesday evening, but it's unlikely to declare its
choice of international oil companies to participate in downstream gas
projects, Arabic al-Hayat newspaper reported.
The newspaper quoted sources at the government's technical committee
overseeing the proposed projects as saying that the committee hasn't
completed its final report concerning the oil companies' offers.
"Studies and recommendations haven't been completed yet and they need some
time in order to present the project at its final structure, attached with
recommendations from the technical committee," the sources said, according to
the newspaper.
However, the oil council "might endorse some balances concerning the offers,"
the newspaper said but didn't elaborate further.
Sources in Saudi Arabia have said the oil companies were expected to be
notified soon on whether they have been selected to participate in the gas
projects.
Saudi Arabia invited international oil companies in October 1998 to
participate in proposals for downstream gas projects and upstream gas
enhancement.
After a series of meetings between the negotiating committee and the oil
companies in the past year, several companies were shortlisted for each
project.
The companies shortlisted for Core Venture 1, the $15 billion South Ghawar
Area Development were Royal Dutch/Shell Group (RD), BP PLC (BP), Exxon Mobil
Corp. (XOM), Chevron Corp. (CHV), Total Fina Elf S.A. (TOT) and ENI SpA (E).
For Core Venture 2, the Red Sea Development, Enron Corp. (ENE) and Occidental
Petroleum Corp. (OXY) are bidding jointly and Exxon Mobil, Total Fina Elf,
Marathon Oil Canada Inc. (T.M), Shell and Conoco Inc. (COCA) were
shortlisted.
And for Core Venture 3, the Shaybah area, Total Fina Elf, Conoco, Phillips
Petroleum (P), Enron and Occidental, Exxon Mobil, Shell and Marathon Oil were
shortlisted.
-By Abdulla Fardan, Dow Jones Newswires; 973-530758;
abdullah.fardan@dowjones.com

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

MSEB refutes allegations by Enron, DPC
Girish Kuber

05/15/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)

MUMBAI
THE MAHARASHTRA State Electricity Board on Monday in a letter to Enron
refuted all allegations made against it by the company while invoking the
political force majeure.
Enron-promoted Dabhol Power Company on April 9 had invoked the political
force majeure clause. DPC had indicated it was not in a position to fulfil
its contractual obligations to MSEB because of political circumstances beyond
its control.
MSEB in a reply on Monday denied Enron's allegation of 'political
circumstances' and said there was no reason why it should have felt insecure.
"Such a step was necessary under the Power Purchase Agreement and related
security documents to notify the board of 'certain events and to enforce our
rights'," DPC had said. However, according to MSEB, such a step by DPC was
uncalled for.
For DPC, invoking the force majeure clause was necessary as 'certain events
occurred that are beyond the reasonable control of the affected party (DPC)'.
MSEB has expressed surprise in a letter on Monday.
The energy major had dispatched the notice to MSEB, as an affected party,
which had been subjected to "concerted, deliberate and politically motivated
actions of state government, the Government of India and the Board, which
will have a material and adverse effect on DPC's ability to perform
obligations under PPA".
"Given the cumulative effect of these political actions, DPC determined that
the political force majeure declaration is an appropriate mechanism for
providing that notice, and that is an appropriate and necessary step in
protecting DPC and its stakeholders' rights," the statement added.
However, for MSEB this was 'yet another move' from Enron to avoid paying Rs
402 crore penalty the MSEB has slapped on it for failing to supply
electricity as per the agreement.
MSEB, in today's letter, reiterated its suggestion to adjust December 2000
and Januray 2001 bills, against the Rs 800 crore penalty it has slapped on
Enron for not supplying electricity as per demand.
MSEB has refused to pay DPC's December 2000 and January 2001 bills worth Rs
213 crore.

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

Saudi Supreme Petrol Council meeting to decide on huge gas project bids

05/15/2001
Business Recorder
Copyright (C) 2001 Business Recorder; Source: World Reporter (TM)

RIYADH : Saudi Arabia's Supreme Petroleum Council (SPC) is holding meetings
on bids by 12 foreign oil majors for three giant gas projects and should take
a decision shortly, a top oil official said on Monday. "The SPC has been
discussing recommendations by the negotiating committee about the bids, and
the meetings will continues executive president of the committee Abdulrahman
al-Suhaibani told AFP.
"It is not clear yet when the discussions will be completed and wham a final
decision will be issued," added Suhaibani, who expected it to be soon. The
meetings began two weeks ago.
A senior foreign oil executive in the kingdom expected an answer to his
firm's bid by the end of this week or the start of next week.
"The SPC is holding a crucial meeting today (Monday) and tomorrow. bin were
told we would get an answer to our proposals either this weekend or early
next week," the executive told AFP.
The negotiating committee made detailed recommendations after meeting with
the representative of 12 international oil companies (IOCs) which are bidding
for the three multi-billion projects, the executive said.
The committee, comprising ministers who are also SPC members, is headed by
Foreign Minister Prince Saud al-Faisal.
The gas projects, which would be the first foreign investment
in the kingdom's energy sector since nationalisation in 1961, are located in
the South Ghawar field near Al-Hufuf in the Eastern Province, Shaybah in the
Empty Quarter desert, and the northern Red Sea area.
They cover 440,000 square kilometres (176,000 square miles), making it the
world's largest area for hydrocarbon investment.
US majors Enron and Occidental in a joint bid, as well as Chevron,
Conocokilometres, ExxonMobil, Marathon, Phillips and Texaco have been
shortlisted for the Saudi projects. Rounding out the list are European firms
BP Amoco, Eni, Royal Dutch Shell and TotalFinaElf.
ExxonMobil, Shell and TotalFinaElf are in the bidding for all three ventures.
The investment involves gas exploration and production, setting up
petrochemical industries and power and water desalination plants.
The projects, called the natural gas initiative, are to be carried out
simultaneously by consortia of two to three firms in cooperation with Aramco,
the national oil company, on long-term basis for up to 30 years, the
executive said.
Aramco has been working to double the Saudi gas network's capacity from the
current 3.5 billion cubic feet (105 million cubic metres) per day to seven
billion cubic feet (210 million metres) daily in 2004.
Saudi Arabia, which sits on top of the world's biggest oil reserves, has
proven natural gas reserves of 220 trillion cubic feet (6.6 trillion cubic
metres).-AFP

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


Thank you for your order with Scott Paul Wines!

Please keep this email for your records.

PRODUCT NAME, PRICE, QTY, SUBTOTAL
---------------------------------------------------------------------

1999 Pisoni Vineyard Pinot Noir,  $38.00,  12,  $456.00

  Sub-Total:  $456.00
               Tax:  $22.80
     Shipping:  $53.92
Grand Total:  $532.72

Your shipping information is as follows:

        Email:  sara.shackleton@enron.com
        Name:  Michael McKeogh
Address 1:  601 Poydras Street
Address 2:  Suite 2421
           City:  New Orleans
         State:  Louisiana
             Zip:  70130

Our wines are on a first-come, first-served basis, so kindly mail your check
promptly.  We may be unable to fulfill your order if payment is not received
by November 10th.  Also include with your check a copy of this email, or the
printout when you ordered your wine online.

The 1999 Chardonnay is scheduled to ship the week of November 13th, 2000.

The 1999 Pinot Noir - Pisoni Vineyard is scheduled to ship in late March,
2001.

Please note that shipping dates may be subject to change, should we encounter
extreme weather conditions that may adversely affect the wines.

If you have any questions, please contact us via email (martha@scottpaul.com)
or call us direct at 707-944-1188.

Thank you again.

Martha and Scott Wright
Proprietors
Scott Paul Wines, LLC


Things will work out.

I am going to Scott Chen's tomorrow with Mike and Kristi.  He mentioned that
we should all go out sometime.

I am showing George P. Bush around UT law school next year.  He is Jeb's
(Florida Governor) son.  Paul Doyle knows him from Rice.  He was just named
one of the 50 most eligible bachelors in People Magazine.  If things don't
work out with Ted... (or Doug for that matter).  I'm kidding, of course.  It
should be fun.

Anyway, let me know what you find out.

-Corey

-----Original Message-----
From: Susan.M.Scott@enron.com [mailto:Susan.M.Scott@enron.com]
Sent: Wednesday, August 02, 2000 10:21 AM
To: cleahy@Gibbs-Bruns.com
Subject: RE: Well...

Sorry for the short initial email.  He hasn't said anything to me yet.
We're going to dinner and Blanco's tomorrow night...so if he's ever going
to tell me I figure it'll be then.  I'm trying not to think about it too
much but Sunday was so great that in light of that the prospect of him
leaving makes me very sad.

 (Embedded     Enron Capital & Trade Resources Corp.
 image moved
 to file:      From:  Corey Leahy
 pic30191.pcx) <cleahy@Gibbs-Bruns.com>
               08/02/2000 09:00 AM

To:   "'Susan.M.Scott@enron.com'" <Susan.M.Scott@enron.com>
cc:
Subject:  RE: Well...

Any news?


Thanks

Vince

Shirley Crenshaw
04/11/2000 12:08 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: ANTHONY HAS A NEW BABY BOY!!!

I sent a basket of flowers to Anthony, Mama and the new baby.

Signed:
Congratulations!
"Vince Kaminski and the Research Group"


I added Jeff's slide, and threw in some more color
while I was at it...

__________________________________________________
Do You Yahoo!?
Send instant messages & get email alerts with Yahoo! Messenger.
http://im.yahoo.com/
 - E248_Presentation.ppt


I will be out of the office for most of the day on Friday, October 20.  My
dad is experiencing serious health problems, and he is coming to Houston for
a doctor's appointment with a specialist that I have arranged.  I will be
going with him to the appointment.  I will have my cell phone with me
(713-417-1591) and I will check messages throughout the day.

In my absence, please contact the following persons on Friday regarding
trading operations issues:

Gas Operations  Jeff Gossett  x37306
    Bob Hall  x36956
    Leslie Reeves x37962

Power Operations Jenny Latham x33982
    Leslie Reeves x37962

DPR    Mike Moscoso x35242

MPR    David Maxwell x36983


We are very excited to be able to welcome your ALP team to Enron.  We are
looking to working with you this semester.  To kick things off, we would like
to invite you to Cacciatore's this Thursday for dinner (1/25/01, 7pm).  If
you can't stand Italian cuisine, or would like to try a different day or
time, please feel free to make a suggestion.  We look forward to meeting you.

ken
713/345-4638


From http://www.enerfax.com :

AGA Natural Gas Storage Report

           Week                                     Prev
          Ending     Prev                   Prev    Year
| Region |12/21/01 | Week | Diff | % Full | Year | % Full|
| Prod   |  865    |  881 | -16  |  91%   |  473 |  50%  |
| East   | 1689    | 1742 | -53  |  92%   | 1175 |  64%  |
| West   |  426    |  438 | -12  |  84%   |  290 |  57%  |

| Total  |2980    | 3061 | -81  |  90%   | 1938 |  59%  |

Deep Waters Offshore Nova ScotiaSet for Drilling Boom

    The deep waters off of Nova Scotia's coast are likely to see a
drillingboom next year amid projections that the area could hold
massivereserves of oil and natural gas. Energy firms spent up to
C$527.2 million on 9 offshore exploration licenses in Nova Scotia
thisyear. PanCanadian, Murphy Oil, Marathon Oil and NorskHydro are
someof the companies that put out big bucks to test the waters off
thecoast of the Canadian province. Sable Island, Nova Scotia's first
offshorenatural gas development, began producing about 500 MMcfper
dayfrom shallow waters 2 years ago. Although Nova Scotiadoes not
currentlyhave a big presence in the Canadian energy sector, its
offshorefields could prove to be as significant as the Gulf of
Mexicoin terms of reserves.A recent report by FirstEnergyCapital
conservativelyput estimates of the province's offshore reserves at
12 Tcf of natural gas and 522 million barrels of oil.The potential
hasled El Pasoto consider a proposed C$2.9 billion, 720-mile
pipelineto transport up to a Bcf per day of natural gas from
offshoreNova Scotiato New Jerseyand New York. Many in the industry
arekeeping a close eye on a well called Annapolis, a 19,000 foot
prospectin 5,500 feet of water, which is scheduled to begin drilling
earlynext year. Nova Scotiais hoping that the offshore energy
developmentwill provide a much-needed boost to its economy. The
provinceexpects an application early next year for a 2nd offshore
naturalgas project. PanCanadianplans to spend C$1 billion on its
Deep Panukefield, which is expected to produce 400 MMcfof natural
gasper day by early 2005 from waters less than 150 feet deep.

Bob Brooks
GPCM Natural Gas Market Forecasting Systemhttp://gpcm.rbac.com


In anticipation of your meeting tomorrow, I have attached a summary of
Enron's credit exposure to PG&E Corp and its affiliates as of Friday, January
5th.  I will be happy to provide you updated numbers if necessary in the AM.

Please call if you have any questions.

Bill


Hey Paul - feel free to reply to this email...I will do what I can to help!

-T


Corrina Christensen
6320 Brookeview Court
Chesapeake Beach, MD 20732
cchristensen@bctgm.org

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

Corrina Christensen


I don't know, I guess Zack has never been to an apartment before and he
thought that it looked like a Hotel.

-----Original Message-----
From: Mark.Guzman@enron.com [mailto:Mark.Guzman@enron.com]
Sent: Thursday, April 19, 2001 6:35 AM
To: Katie.Trullinger@wfsg.com
Subject: Re: FW: hi!

So what is this "living in a hotel" shit?


Understanding there won't be a call on Monday, here's a draft of the auction
slides that we've been working on for folks to review.


Charles Schwab & Co., Inc.

Internet Daily for Tuesday, May 15, 2001
by Frank Barnako CBS MarketWatch.com

-----------------------------------------------------------------
United, MSN in Net access deal

UAL Corp.'s United Airlines and Microsoft's MSN announced a
marketing deal Tuesday that will include the airline launching a
co-branded Internet access service and a branded version of
Microsoft's Explorer browser software. United will become MSN's
"premier airline service provider" and be featured on its home
page. The custom Explorer will allow United customers one-click
access to their frequent flyer accounts, online booking, and
flight and gate information.

-----------------------------------------------------------------
Wireless deals

Microsoft Corp. will deliver MSN content and services to
Handspring's new Blazer Web browser for use in Visor personal
digital assistants and other handheld devices using the Palm
operating system. Blazer is priced at $19.95. The company says it
allows access to virtually any site on the Internet, not just
those tailored for mobile access. MSN Mobile provides the default
home page on Blazer.

Yahoo said Web-enabled telephone users can access personal
finance information accounts established on the portal. The
company said its mobile service allows users to view bank,
brokerage and credit card account balances through Yahoo
Finance.

-----------------------------------------------------------------
Juno profits from politics

Juno Online Services Inc. has found it can charge higher prices
for its online political ads because they get responses. "We have
been able to hold steady or raise our rates while increasing our
client base," Roger A. Stone, a Juno vice president and director
of the company's advocacy network unit, told the Dow Jones
Newswires. The ads most often encourage readers to send
issues-oriented e-mails to members of Congress or federal
administrators. Such ad sales have doubled each year since 1998,
Stone said.

-----------------------------------------------------------------
Ask Jeeves' top questions

Driving directions, someone's e-mail address and "how much is
that French franc worth in real money?" were the most popular
queries at AskJeeves.com last month. Consumer comparison shopping
questions also made the top 10 list, including searches for the
best deals on used cars and airfare specials. "Where can I find
pictures of the latest hair styles?" was the 10th-most-asked
question.

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

For late-breaking market news you can't afford to miss, go to
http://CBS.MarketWatch.com/

#################################################################

Log in using the links below to:

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Commercial use or redistribution in any form, printed or
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Distribution by Quris, Inc.


X-large( and getting larger by the minute)


Thanks.  I will try!   Mark

 -----Original Message-----
From: 	Harkness, Cynthia
Sent:	Tuesday, July 31, 2001 3:51 PM
To:	Haedicke, Mark E.; Schuler, Lance; Mellencamp, Lisa; St. Clair, Carol
Subject:	FW: Floor Meeting Schedule

Thought that you might want to attend one of these meetings.

Cynthia

 -----Original Message-----
From: 	Enron Announcements/Corp/Enron@ENRON [mailto:IMCEANOTES-Enron+20Announcements_Corp_Enron+40ENRON@ENRON.com]  On Behalf Of EBS Announcements@ENRON
Sent:	Tuesday, July 31, 2001 10:34 AM
To:	EBS Worldwide Special@ENRON
Subject:	Floor Meeting Schedule

Please plan to attend one of the following floor meetings with Jim Fallon.  At each of the meetings, Jim will discuss the changes occurring at EBS, provide insight to the near-term focus of the business, and address employee questions.

						EB4325 - 10:00 a.m. Wednesday, August 1

						EB4422b - 3:00 p.m. Wednesday, August 1

						EB4523 - 10:00 a.m. Thursday, August 2

						Shepherd Facility - 3:00 p.m. Thursday, August 2*

*EBS field employees can conference into the Shepherd meeting by dialing 800-713-8600, pass code 344546.


Fundamentals of Corporate Finance - May 24 & 25, 2001
in EB552   Cost:  $700.00

Do need to improve your understanding of Financial Statements?

Do you want to learn how Financial Statements disclosure is linked to Enron
activities?

Are you interested in learning about analysis of projections or
Improving your understanding of ratio analysis?

If your answer is yes, then this class is for you.

For registration, please login and enroll through the InvestInMe website,
http://www.corptraining.com/index.cfm?company=enron.  If you have any
questions, please contact us at 713 853-3057.


I just forwarded the voice mail to your extension.  Basically, she indicated that there is no hard contract, that all of the terms and information are posted on the website and what you see is what you get.  I guess you could print out the terms from the website.  Let me know if you need me to research further.

 -----Original Message-----
From: 	Sturm, Fletcher J.
Sent:	Tuesday, January 08, 2002 9:32 AM
To:	Denton, Rhonda L.
Subject:	RE: Nymex

she has not called me...would you please forward?  I need a hard copy this morning.  Thanks,

Fletch

 -----Original Message-----
From: 	Denton, Rhonda L.
Sent:	Monday, January 07, 2002 12:43 PM
To:	Sturm, Fletcher J.
Subject:	RE: Nymex

Did Tana call you?  I have a message she left me about the contract if you need me to forward it to you.  Let me know.

 -----Original Message-----
From: 	Sturm, Fletcher J.
Sent:	Monday, January 07, 2002 1:03 PM
To:	Denton, Rhonda L.
Subject:	RE: Nymex

yea, I went to the website and they don't have the actual contract there.  I need to get a hard copy.  I'll call Tana.  Thanks.

Fletch

 -----Original Message-----
From: 	Denton, Rhonda L.
Sent:	Monday, January 07, 2002 11:00 AM
To:	Sturm, Fletcher J.
Subject:	Nymex

I've got a meeting at 1:00 but here's the website.  Not sure if it has the actual contract.  When I get back I will look some more and I have a call into Tana Jones (paralegal) to see if she has a hard copy.

http://www.nymex.com/


Here are this week's survey results.

AVG            +87
AVG w/o High & Low       +88
Median              +88
Standard Deviation   9
# of responses                   49
High                     +106
Low                       +57
AGA Last Year       +105

Thank You!

Anthony Carroll
BNP PARIBAS

This message and any attachments (the "message") is
intended solely for the addressees and is confidential.
If you receive this message in error, please delete it and
immediately notify the sender. Any use not in accord with
its purpose, any dissemination or disclosure, either whole
or partial, is prohibited except formal approval. The internet
can not guarantee the integrity of this message.
BNP PARIBAS (and its subsidiaries) shall (will) not
therefore be liable for the message if modified.

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Ce message et toutes les pieces jointes (ci-apres le
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filiales) decline(nt) toute responsabilite au titre de ce
message, dans l'hypothese ou il aurait ete modifie.


I've made a change to a LTNW deal, per Mike Driscoll and John Malowney,
because it was entered against the wrong index yesterday. Cara asked me to
e-mail you with the specifics for any scheduling adjustments that need to be
made. And here they are -

563929 - KILLED

476578 - Legs 4, 5, and 6 added to extend deal through April

Because this is an index-forward deal, it needed to be entered against the
on-peak, off-peak, and Sunday indices, which explains the three new legs. Let
me know if you have any questions.

Kate


Start Date: 1/13/02; HourAhead hour: 15;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002011315.txt


Chris,

As I indicated on our call about a week ago, CES Retail is attempting to exit
a
number of current markets for Major Accounts business only.  The list that
we're contemplating includes CKY, CG&E, DP&L, East Ohio, Indiana Gas, Western
Kentucky, CVA, COH, and BGE.  Again, for those LDCs where we participate in
Choice programs, we will continue to serve those customers.

We are trying to have this accomplished prior to March flow so that we can
take
March 2000 forward out of our physical requirements from Enron.

I'll keep you apprised as additional information becomes available.

Thanks,

Melissa


Yes, Harold Powell is providing the clothes for the show.  Beverly Scott,
with Harold Powell, is coordinating and commentating.  She offered to call
all the girls to set times for them to come in and choose outfits.  I was
planning to do that as a go-between, but when she offered to coordinate that
I decided to take her up on it.  She just moved her daughter back to Baylor,
so she was to begin calling the girls on Monday this week (I had given her a
list of names and numbers).  I talked with Linda Smithey this morning and she
had not heard from Beverly yet, either, so I am concerned that she hasn't
called everyone on the list.  I took Meagan in on Monday night to choose
outfits, and Beverly had some great ideas on music, commentary, etc., so I
know that she is working on it.  Just a little more slowly than I would
like!

I have a call in to her to see if I need to take some time from work today
and make calls.  Why don't you call Beverly directly today and just
coordinate a time for Jenny to go by.  Her number at work is 281-444-0751.

Beverly Gibson <bgibson50606@yahoo.com> on 08/23/2000 10:31:41 AM
To: Sally Beck <sally.beck@enron.com>
cc:
Subject: fashion show

Sally:

Are you still planning on using Harold Powell for the
Fashion Show?  If so, when should the girls go to
choose something?  We are in a time bind this weekend
because my older daughter is moving back to UT.

Please let me know if you need any help.

Beverly Gibson
(281) 893-3718

__________________________________________________
Do You Yahoo!?
Yahoo! Mail - Free email you can access from anywhere!
http://mail.yahoo.com/


Suzanne,

I agree. Thanks for the time you spent on the structure.

Paul
 -----Original Message-----
From: 	Clapp, Suzanne
Sent:	Monday, May 21, 2001 4:33 PM
To:	Y'Barbo, Paul
Subject:	Re: PDVSA May LPG Cargo - Price Revision Proposal

Paul, we are done as per your proposal below.  We will invoice the full volume in four parcels, as follows:

2,600 MT @ 58.625 cents + (Average Mont Belvieu for 3 days around bill of lading minus Average Mont Belvieu for May 17, 18, 21)

2,800 MT @ 58.125 cents  (This will be a provisional invoice and will be adjusted to reflect Average June Non-TET Mont Belvieu plus 6.25 cents per gallon)

2,900 MT @ 58.125 cents (This will be a provisional invoice and will adjusted to reflect Average July Non-TET Mont Belvieu plus 6.00 cents per gallon)

1,768 MT @ 58.125 cents (Average Mont Belvieu for 3 days around bill of lading plus 7 cents per gallon  ($0.51125 + $0.07 = $0.58125))

Please confirm your agreement to the above by return.

Best regards,
Suzanne Clapp

From:	Paul YBarbo/ENRON@enronXgate on 05/21/2001 04:03 PM
To:	Suzanne B Clapp/HOU/ECT@ECT, Miguel Maltes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:	Greg Curran/CA/Enron@Enron
Subject:	PDVSA May LPG Cargo - Price Revision Proposal

Suzanne,

Based on price quotes that I received today from Lee Jackson, please advise if you can modify the pricing of the latest cargo as follows:

Current:		 2,600 MT (1,354,600 gallons)    @ 58.625 cents + (Average Mont Belvieu for 3 days around bill of lading minus Average Mont Belvieu for May 17, 18, 21)

		Remainder of Cargo	@ Average Mont Belvieu for 3 days around bill of lading plus 7 cents per gallon  ($0.51125 + $0.07 = $0.58125)

Proposed:	2,600 MT (1,354,600 gallons)    @ 58.625 cents + (Average Mont Belvieu for 3 days around bill of lading minus Average Mont Belvieu for May 17, 18, 21)

		2,800 MT (1,458,800 gallons)    @ Average June Non-TET Mont Belvieu plus 6.25 cents per gallon

		2,900 MT (1,510,900 gallons)    @ Average July Non-TET Mont Belvieu plus 6.00 cents per gallon

		Remainder of Cargo	@ Average Mont Belvieu for 3 days around bill of lading plus 7 cents per gallon  ($0.51125 + $0.07 = $0.58125)

Note:  Bill of Lading date was May 17, 2001

Basis:		521 Gallons/MT

Thanks,

Paul


Dad told about you changing the ticket, but thanks.

Um, i look forward to hearing about this little accident (at least  i hope it
was little).

"Jonathan Smith" <cuz2130@hotmail.com> on 03/14/2001 06:08:26 PM
To: matt.smith@enron.com
cc:

Subject:

yo yo

sorry i didn't write this sooner.  it sort of slipped my mind, i think
because it went so smoothly.  so, yes, i changed the ticket and everything
is all set.  i did have to put the $100 on my credit card, but don't worry
about it.

later-

jonathan

ps i got in another car accident that i didn't cause but still got blamed
for it.  but we'll get into another time.
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com


I agree that the plug T&D figures look too high.  Chip Schneider and I were
looking at another way, and they look too high.

Here is a revised chart (to include looking at the relative ratio of core/non
core cost).      I took the SDGE one up slightly (102%, from 100%) to reflect
the mid-point of Core/non core %.  Robert, let me know if you want to adjust
this.   I have attached a revised file.   Note also that at the bottom I took
the 10-K revenue and kwh, and subtracted the gen portion (per kwh) showing in
the MOU literature as yet another cut.   As per usual there is a difference.

	PGE	SCE	SDGE

Core Rate T&D (cents)	             4.888 	         5.250 	        6.379
Non Core T&D (cents)	             2.213 	         1.783 	        2.477
All T&D  (cents)	             3.910 	         4.200 	        6.230
 Total dollars T&D 	 $          3,206 	 $      3,519 	 $     1,072

Core T&D/non core T&D	221%	294%	258%
Core T&D/ All T&D	125%	125%	102%

 -----Original Message-----
From:  Neustaedter, Robert
Sent: Friday, May 18, 2001 9:10 AM
To: Tribolet, Michael
Cc: Kingerski, Harry; Steffes, James; Dasovich, Jeff; Soo, Jeffrey A.; Brown,
Kortney
Subject: RE: Updated Core/Non-Core Analysis

I would like to step back to the plug number for T&D and suggest another
method.  The plug, as I understand it, is calculated by building up
generation cost from the MOU presentation and substracting that number from
the total utility revenues reflected in the Lynch decision.  Unless the
generation component reflected in the MOU and Lynch's decision are the same
(and I don't think they are), this won't result in a proper number.

For PGE, I am very confident that their non-generation costs are equal to
$.0391 per kWh based upon PGE data filed in the rate design hearing.  That
rate multiplied by 81,991 results T&D cost of $3,206.  I think this is the
number that should be used for PGE.  I don't think you should tie to the
$11,400 number.  The T&D number would need to be adjusted for the
core/non-core adjustment factor (core = 125% of average).

For SCE, assuming that the system average generation rate is $.073 and that
the existing total system average rate is $.1132, that leaves a
non-generation system average rate of $.042 which equates to total T&D cost
of $3,519.  Because the PGE and SCE systems have a similar per unit rate for
T&D (4.02 v 3.91) and the mix between core and non-core are similar I think
using the 125% factor is reasonable for SCE.

Going through similar calculations and assumptions I come up with a T&D per
unit cost of $.0623 for SDGE.  Because their mix of core and non-core is
heavily tilted toward core the above factor would not be applicable.
Perhaps, not adjusting it at all would not be too far off.

Call me if you have questions.

	Michael Tribolet/ENRON@enronXgate 05/18/2001 08:27 AM 	   To: Kortney
Brown/ENRON@enronXgate, Jeff Dasovich/NA/Enron@Enron, Robert
Neustaedter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Harry
Kingerski/NA/Enron@Enron, James D Steffes/NA/Enron@Enron  cc: Jeffrey A
Soo/ENRON@enronXgate  Subject: RE: Updated Core/Non-Core Analysis

I re-set the Core to Non Core T&D (in cents)  ratio (see the bottom of the
spreedsheet for relative cost and attached the spreadsheet) to 200%.  As you
can see the analysis is very sensative to this apportionment.  Robert and
Harry, any additional ideas about apportioning this would improve the model's
accuracy.

	PGE	SCE	SDGE

Core Rate T&D	             5.721 	         7.240 	        7.616
Non Core T&D	             2.867 	         3.620 	        3.809
 Total 	 $          3,836 	 $      5,147 	 $     1,285

Core T&D/Non Core T&D	200%	200%	200%

By taking PGE's FYE 2000 10-K, I find the following:

Consumer Rev     $3008
All Other        $3658
Total            $6666

Estimated T&D    $3836
Gen portion      $2830

Consumer Kwh        28,753
Other               53,170
Total               81,923

If 45.1% of revenue is from consumer, and the T&D is estimated at $3836, you
can apportion T&D if you assume gen is apportioned pro-rata:

                Consumer   Other    Total
Gen                993      1837    2830
T&D               2015      1821    3836
Total             3008      3658    6666

T&D (cents)/kwh   7.01      3.42    4.68

 << File: m010508b.xls >>

 -----Original Message-----
From:  Brown, Kortney
Sent: Thursday, May 17, 2001 6:31 PM
To: Dasovich, Jeff; Neustaedter, Robert; Kingerski, Harry
Cc: Tribolet, Michael; Soo, Jeffrey A.
Subject: Updated Core/Non-Core Analysis

Attached is the revised Core/Non-Core Analysis per our discussion.  We have
updated to include the new CPUC rate schedules for PGE and SCE and a toggle
switch 20- year bond scenario to cover the past utility debt that is the
burden of Non-Core.  Please let me know if you have any questions.  Thanks.

Kortney

 << File: CoreNonCoreAnalysiswoDWRNewRates.xls >>


We are pleased to announce the creation of a new group - Asset Marketing - within Enron Americas. The Asset Marketing group will have responsibility for the asset divestment function within Enron Americas and work with Generation Investments on selected portfolio acquisitions as well as managing power origination funding requirements with Treasury.

Don Miller will head the Asset Marketing group and will report directly to the Office of the Chair, Enron Americas. Joining Don's group will be Stuart Zisman.  Stuart was formerly in ENA Legal, having most recently worked on the sale of ENA's peaker plants with Don.

Please join us in congratulating Don and Stuart in their new roles.


I'm up for Wed. pm assuming a flight from denver to dc is available .
Martha--please check and make sure there is a late flight from denver to
dc--leaving after 5 pm would be best.  pls coordinate with jeff.  thanks.
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 07/14/2000
11:06 AM ---------------------------

"George Briden" <gbriden.snakehill@worldnet.att.net> on 07/14/2000 09:17:50 AM
To: "Jeff Fawcett" <Jeffery.Fawcett@enron.com>
cc: "Drew Fossum" <dfossum@enron.com>

Subject: Fw: Denver Meeting

Jeff:
Please note the message below.  If you can help us out, that would be great,
but I have passed along the word that we need to wrap up with you by 3:30 or
so.
In any event, I'll see you there.
GB

----- Original Message -----
From: <TCPrenger@aol.com>
To: <gbriden.snakehill@worldnet.att.net>
Cc: <lcarpenter@caithnessenergy.com>
Sent: Friday, July 14, 2000 9:00 AM
Subject: Re: Denver Meeting

> George,
>
> The address is:
>
> Caithness Corporation
> 7887 E. Belleview Ave.  Suite 1100
> Englewood, CO   80111
> 303 228-1638
>
> I have reserved a conference room for Wednesday PM and all day Thursday.
> Our office is located in the Denver Tech Center. The Marriott, Hyatt, and
> Wyndam hotels are all located nearby.
>
> What time are we planning to meet Wednesday afternoon? Larry and I will
> becoming from a meeting in Keystone, CO (2 hours away) that day. I would
> suggest late PM,  say 3-4 PM.
>
> Tim
>


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


Stinson,

He keeps bugging us about it.
Any thoughts what we should do?

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/24/2001
05:22 PM ---------------------------

"Mike Curran" <mcurran@quantinleap.com> on 04/24/2001 10:03:24 AM
Please respond to "Mike Curran" <mcurran@quantinleap.com>
To: <vkamins@enron.com>
cc:
Subject: Willow and Pathstar evaluations

Hi Vince -

Hope all is well with you.

Sharad hasn't had time to evaluate our Willow Tree or Monte Carlo software
since the middle of last year.  Is there somebody else that could do it?

Please let me know who I should send the evaluation to.

Best Regards,

Michael Curran
CEO
Quantin' Leap Limited
Piercy House
7 Copthall Avenue
London EC2R 7NJ

Tel: +44 (0)20 7562 3450
Fax: +44 (0)20 7562 3411

mailto:mcurran@quantinleap.com

http://www.quantinleap.com


Sara, Laurel was sent the link on 6/1/00, I have no record of a request for
Sheila Glover, but I am sending this email to her also.

Link -->

----- Forwarded by Tana Jones/HOU/ECT on 06/28/2000 03:22 PM -----

	Sara Shackleton
	06/28/2000 11:13 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Lotus Notes Access

Tana:  I hope I'm not repeating myself here but Laurel Adams (confirm desk -
Hickerson) and Sheila Glover (Hickerson CFO) need access.  If it's been
provided already, my apologies for asking again.  Thanks.  Sara


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/07/2000
05:12 PM ---------------------------

"NW Security and Bug Patch Alert" <Security-BugPatch@bdcimail.com> on
11/07/2000 12:01:16 PM
Please respond to "Security and Bug Patch Alert Help" <NWReplies@bellevue.com>
To: <vkamins@enron.com>
cc:
Subject: Top 10 viruses

NETWORK WORLD FUSION FOCUS: JASON MESERVE on
SECURITY AND BUG PATCH ALERT
10/30/00 - TODAY'S FOCUS: Top 10 viruses

Dear Wincenty Kaminski,

In this
issue:

* Patches and alerts, including three from Microsoft
* New viruses, including a Sonic variant
* A Carnivore debate, and other interesting reading

~~~~~~ This newsletter sponsored by LUCENT TECHNOLOGIES ~~~~~~~

Voted "Best in Test" and a "Good Buy" for carrier/ISP
applications, Lucent Technologies' Secure VPN Solutions
garnered top ratings by Mier Communications' recent Independent
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Secure VPN Solutions, visit http://nww1.com/go/2029014a.html
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Did you know that Network World now has 36 newsletters?
Get the latest network news in NetFlash Daily. Keep up to date
with newsletters focused on your key technologies. Get bug
alerts, financial news, product reviews, seminar alerts and
much more - all in your inbox! Sign up today at:
http://www.nwwsubscribe.com/foc35/
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Today's Focus: Top 10 viruses
---------------------------------------------------------------
By Jason Meserve (write me at jmeserve@nww.com)

To start off the month of November, here is a list of the Top
10 reported viruses for October, courtesy of Sophos:

1. W32/Apology-B.
2. VBS/LoveLet-AS.
3. VBS/Kakworm.
4. W32/Qaz.
5. XM97/Jini-B.
6. VBS/LoveLet-G.
7. WM97/Marker-C.
8. W32/Pretty.
9. (tie) W32/Flcss.
9. (tie) WM97/Thus-T.

Today's bug patches and security alerts:

Microsoft releases patch for "Indexing Services Cross Site
Scripting" vulnerability

We reported this vulnerability in the last edition of the
newsletter - it was another Georgi Guninski find. Microsoft
Internet Information Server contains a security hole that could
allow a malicious user to inject code into a Web page that can
be used to access a remote computer. A similar problem was
discovered a few months ago in a previous version of the
software. For more information:
http://www.microsoft.com/technet/security/bulletin/fq00-084.asp

Patch available for "Netmon Protocol Parsing" vulnerability

The Network Monitoring tool that ships with Windows NT, 2000
and Microsoft System Management Server contains a flaw that
could allow a malicious user to gain access to the affected
system. The problem resides in Netmon's parsers, which have
several unchecked buffers that can be exploited by sending a
malformed frame to the server. For more information:
http://www.microsoft.com/technet/security/bulletin/fq00-083.asp

Patch available for "Malformed MIME Header" vulnerability

By passing specially formed MIME headers to Microsoft Exchange
Server 5.5, an external user can crash the server. The system
will need to be rebooted before it will work again. For more
information:
http://www.microsoft.com/technet/security/bulletin/fq00-082.asp
**********

Red Hat releases patch for kpackage

The kpackage module that comes with Red Hat Linux 7.0 crashes
when files are installed or uninstalled. Patches can be
downloaded from:
ftp://updates.redhat.com/7.0/i386/kpackage-1.3.10-7.i386.rpm
ftp://updates.redhat.com/7.0/i386/kpackage-1.3.10-7j1.i386.rpm

Updated svgalib package available

The svgalib that ships with Red Hat Linux Powertools contains a
bug that causes it to crash when the library is compiled into
other applications. Updates can be downloaded from:
ftp://updates.redhat.com/powertools/7.0/i386/svgalib-1.4.1-12.i386.rpm
ftp://updates.redhat.com/powertools/7.0/i386/svgalib-devel-1.4.1-12.i386.rpm

**********

HP reports vulnerability in dtterm

Hewlett-Packard has released a patch for the dtterm module
after it was discovered the module could be exploited to gain
root access. The alert does not mention how this could be
accomplished. Patches and workarounds can be found at the HP IT
Resource page:
http://itrc.hp.com
**********

Allaire issues patch for JRun DoS vulnerability

After a slew of patches last week for JRun, Allaire has
returned again this week with another patch. This one protects
against possible denial-of-service attacks. By sending
malformed URLs, the Java servlet handler leaks memory and could
consume all system resources. For more information and a patch:
http://www.allaire.com/handlers/index.cfm?ID=18085&Method=Full
**********

FreeBSD reports DoS vulnerability in getnameinfo() function

FreeBSD has issued a patch for the KAME project that fixes a
problem in the getnameinfo() function, a protocol-independent
name resolver library. By sending a malformed request to the
function, it is possible under certain circumstances to crash
the affected server. Patches can be downloaded from:
ftp://ftp.freebsd.org/pub/FreeBSD/CERT/patches/SA-00:63/getnameinfo.patch
ftp://ftp.freebsd.org/pub/FreeBSD/CERT/patches/SA-00:63/getnameinfo.patch.asc

Top allows reading of kernel memory

The top module, which displays system resource usage, contains
a format string vulnerability that could allow unprivileged
users to execute arbitrary code on the affected FreeBSD
machine. For patches:
ftp://ftp.freebsd.org/pub/FreeBSD/CERT/patches/SA-00:62/top.patch
ftp://ftp.freebsd.org/pub/FreeBSD/CERT/patches/SA-00:62/top.patch.asc
**********

USSR reports flaw in Ultraseek search engine

USSR Labs is reporting a denial-of-service vulnerability in the
Ultraseek search engine. By sending malformed URLs to port 8765
(Ultraseek's default port) it is possible to crash the search
engine. For more information and links to patches:
http://www.ussrback.com/labs56.html
**********

Today's virus alerts:
XM97/Divi-Y - A variant of the XM97/Divi-A Excel macro virus.
No other information was given in the alert. (Sophos)

XM97/Divi-W - Another variant of XM97/Divi-A. Puts the file
ODR.XLS in the XLSTART subdirectory. (Sophos)

XM97/Barisada-G - This Excel macro virus variant activates on
April 24, 2001 between 2 p.m. and 3 p.m. It leads the user
through a series of dialog boxes before attempting to delete
the content of the infected spreadsheet. (Sophos)

WM97/Class-FB - This Word macro virus is a morph of two
previous viruses, WM97/Class-B and WM97/Panther. No other
information was provided in the alert. (Sophos)

Win32/Sonic.B.Worm - A variant of the first Sonic virus, this
one spreads via e-mail and comes with the subject line of "I'm
your poison" and an attachment called "lovers.exe." (Computer
Associates, Sophos)

WM97/Bablas-AS - This Word macro virus infects the Tool/Macro
and Tools/Template menus. When they're accessed, a message will
appear. (Sophos)

WM97/Marker-FQ - Virus attempts to change the author
information in Word to "Ethan Frome." (Sophos)
**********

Fusion Face-off: Does Carnivore go to far?
James Dempsey of the Center for Democracy and Technology and
John Collingwood, of the FBI, debate the merits of Carnivore.
Read what they have to say and weigh in with your own opinion.
http://www.nwfusion.com/cgi-bin/WebX.cgi?230@@.ee6f90e

AOL 6.0 wreaks havoc with some PCs

AOL 5.0 was an unmitigated disaster for the online giant. Soon
after its release, users began complaining about network
settings getting blown away, key Windows files being rewritten,
and in some cases, PCs becoming utterly inoperable. Some of the
exact same problems are beginning to crop up with AOL 6.0,
launched last week. Network World, 10/31/00.
http://www.nwfusion.com/news/2000/1031aol.html
**********

Archives available

For those of you who love this newsletter so much that you want
to read it again and again, we keep all of them on Fusion in
HTML format. Click on over to: http://www.nwfusion.com/newsletters/bug/

To contact Jason Meserve:
-------------------------
Jason Meserve is a staff writer with Network World, covering
search engines, portals, videoconferencing, IP Multicast and
document management. He also oversees the "Security Alerts"
page on Fusion http://www2.nwfusion.com/security/bulletins.html.
Jason can be reached at mailto:jmeserve@nww.com.
-------------------------

Got a security alert or bug patch question related to your
corporate network? Post it at Experts Exchange on Fusion at
http://nwfusion.experts-exchange.com/. Another network
professional may have the solution to your problem.

~~~~~~~~~~~~~ This newsletter sponsored by Genuity ~~~~~~~~~~~~

Feeling insecure? Genuity's(TM) Site Patrol(TM) for FireWall-1
is a cost-effective managed firewall service based on industry-
leading Check Point software. Turnkey, custom, standard, or
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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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Network World Fusion is part of IDG.net, the IDG Online
Network. IT All Starts Here:
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Copyright , 2000 Network World, Inc.


Just in case you were thinking about doing this!

"Ten Reasons To Go To Work Naked"

10. No one ever steals your chair.

9. Gives "bad hair day" a whole new meaning.

8. Diverts attention from the fact that you also came to work drunk.

7. People stop stealing your pens after they've seen where you keep them.

6. You want to see if it's like the dream.

5. To stop those creepy programmer guys from looking down your blouse.

4. "I'd love to chip in... but I left my wallet in my pants."

3. Inventive way to finally meet that 'special' person in Human Resources.

2. Can take advantage of your computer monitor radiation to work on your
tan.

And...drum roll...the Number One reason to go to work naked :

Your boss will never say, "I wanna see your ass in here by 8:00!"
ever again.


Sara-

AnnMarie Tiller has asked for:

1) A copy of the ISDA Master Agreement with Bear Stearns.

2) 1997 ISDA Government Bond Option Definitions

I don't have copies of the above documents and would be grateful if you can
get copies to her.

Thanks

Jeff


Hello everyone,

My apologies for the mass e-mail but I have very
recently moved to Paris and I would like to give you
my new address and contact details.

Winus Steenhuisen
7, rue Rene Boulanger
75010 Paris
France

email: winus@rocketmail.com  (remains the same)

Home   + 33 (0) 1 42 06 46 54
Work   + 33 (0) 1 53 77 86 92 (direct line)
Mobile + 33 (0) 6 98 47 88 69

Please note that any regular mail sent to my previous
address in London will be automatically forwarded to
my new address.

I will in Paris for at least the next 3 to 6 months.

Hope to hear from you soon.

Winus

__________________________________________________
Do You Yahoo!?
Send FREE Valentine eCards with Yahoo! Greetings!
http://greetings.yahoo.com


Fellows:
OK, here's the beginning of the memo.  I'm still working on it, but work
cratered on me and I have to switch back to that now.  I'll have a draft
finished by tomorrow night and I'll redistribute.  Couple things.

Check the DuPont.  Asset turn needed to be changed, because the pro form
calcs hadn't taken the cash out of the assets.  That bumps the ROE up some.
See my attached file, I decompose ROE using an alternative method (Mark, the
one Tasker used in class) just to do a check, and the numbers turn out the
same.  I also ran some turnover ratios for AHP and Warner (understanding the
limitations of one year's numbers.)

Questions:
Don't we have to assume that covenants will force AHP to dump its divident
payout?  Folks likely to get unhappy about that?  Should we care, or should
we just expect a rotation out of the stock by dividend-loving investors and
rotation in by capital-gains loving investors?

Could we persuade the new management to lever up with an argument that with
all that cash on the books, AHP is ripe for takeover?

Anyway just some thoughts.  I'll finish it up tomorrow and re-distribute.

Herr Jackson:  I haven't had a chance to review your comments, but I'll
incorporate those in tomorrow as well.

Best,
Jeff


well, wouldn't you know it.  i now have a 9 am meeting.  but i've opened up
for lunch.  any chance of doing lunch?  i could also do coffee in the
afternoon.  (i don't leave for hewwston now until Thursday at noon).  My
apologies.  Hope one of these other times work?

your pal,
jeff

	"Gigi Coe" <gcoe@firstworld.net>
	03/06/2001 01:21 PM

		 To: <Jeff.Dasovich@enron.com>
		 cc:
		 Subject: Re: Fw: Fessler Fesses Up to What Went Wrong in California

Yup, the place just up from your office on CA.  g.
-----Original Message-----
From: Jeff.Dasovich@enron.com <Jeff.Dasovich@enron.com>
To: Gigi Coe <gcoe@firstworld.net>
Date: Tuesday, March 06, 2001 10:35 AM
Subject: Re: Fw: Fessler Fesses Up to What Went Wrong in California

>
>tomorrow at 9 it is.  the place on either battery or sansome at California,
>right?  can't wait.  see you then.
>
>jeff
>
>
>
>                    "Gigi Coe"
>                    <gcoe@firstwo        To:     <Jeff.Dasovich@enron.com>
>                    rld.net>             cc:
>                                         Subject:     Re: Fw: Fessler
Fesses Up to What
>                    03/06/2001           Went Wrong in California
>                    12:46 PM
>
>
>
>
>
>I'd love to have coffee, but don't think that I can make it downtown before
>9:00 what with kid dropoff, etc.  Meet at your little corner italian coffee
>place at 9:00?  G.
>-----Original Message-----
>From: Jeff.Dasovich@enron.com <Jeff.Dasovich@enron.com>
>To: Gigi Coe <gcoe@firstworld.net>
>Date: Tuesday, March 06, 2001 9:02 AM
>Subject: Re: Fw: Fessler Fesses Up to What Went Wrong in California
>
>
>>
>>hi!!!!!!!!!!!!!!!!!!!  gigi, o, gigi, you won't believe this.  i gave a
>>talk on california at the plaza hotel in nyc about a month or so ago and
>>guess who spoke on the panel before me?!?!?  you guessed it.  daniel
>>william hissself.  can't wait to tell you about it.  i, too, want to catch
>>up.  how's coffee early tomorrow morning---like 8:30 am work for you.
>>otherwise, i'm in heewwwston for the rest of the week.  hey, we each had
>>big birthdays--congratulations.  another decade well lived.  look forward
>>to seeing you real soon.
>>
>>best,
>>jeff
>>
>>
>
>
>
>
>
>


Thanks.  That certainly puts things in perspective.


"ATTENTION ANALYSTS SEARCHING FOR 2nd or 3rd ROTATIONS"
Joe Richards, the Executive VP at EOTT Energy Corp., is looking for an
analyst that will be rotating within the November/December, 2000 timeframe.
EOTT is located at 2000 W. Sam Houston Parkway South; therefore, if there is
anyone living out near the beltway and I-10 (West Sam Houston Tollway at
Briar Forest) and meet the requirements, this would be a great rotation for
you.  The information about the rotation is as follows:

Description of the Group:
EOTT Energy is engaged in the purchasing, gathering, transporting, trading,
storing and reselling of crude oil and natural gas liquids (NGL's) and
related activities.
EOTT Energy has been serving the oil industry's needs since 1946
Is one of the largest lease crude purchasers in North America and a major
marketer of crude oil and NGL's in the US and Canada.
Is an indirect, wholly-owned subsidiary of Enron Corp with approximately 770
employees
Operates in most major producing areas of the US, serving customers in 18
states; maintains district offices in over 25 different communities.

Description of Function:
Will conduct analysis to support the development of business opportunities
related to assets that enhance cash flow.
This includes:
Acquisition of strategic assets and optimization of existing assets;
Working closely with the Director of Business Development in co-ordinating
the input of business units to identify under-utilized assets and implement
plans for alternative disposition;
Assisting in formalizing and standardizing post audit procedures;
Analyzing and developing financial and tracking models for capital projects;
Screening proposals for completeness, consistency and accuracy and providing
required research data as applicable.

Anyone interested in this rotation should contact Lynette LeBlanc at
713-993-5014 or Steven Jungman at 713-993-5096 or fax or e-mail your more
recent resume to them at 713-993-5898 expressing your desire for this
rotation.

I may also be contacted at 713-853-6499 if you have questions.

Thank you.

Andrea Richards
Career Development
Associate and Analyst Program
x36499


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Nick,

We may have problems getting the VC location in Houston on  short notice.
We are currently on stand-by. We shall default, if we have no other choice,
to a phone interview.

Vince

	Enron Capital & Trade Resources Corp. - Europe

	From:  Nick Mooney                           04/18/2000 09:09 AM

To: Vince J Kaminski/HOU/ECT@ECT
cc: Mark Tawney/HOU/ECT@ECT
Subject: Video Conference with Ross McIntyre

Vince,

you should have received an invitation through lotus notes which outlines the
VC location for the conference call tomorrow.  It is schedule for 4:30pm UK
time (10:30am Houston time)

Ross's background is from Investment banking ex Dresner bank, he has a PhD in
Mathematical and is currently with speedwell weather derivatives where he has
been developing weather derivative pricing and portfolio optimisation tools
which they have been marketing to end-users with weather risks.
The attached word documents are articles that he has written for publication.

regards
Nick Mooney

 - MCS.doc
 - Analytic.doc
 - PAR.doc


The new schedule is out for April, if you have any conflicting dates please
let me know,

ryan


Hello everyone,

Sometimes it is necessary to figure out how certain costs can be distributed
evenly and fairly among our groups here at the Portland West Desk.  Below you
will find an attachment that will automatically calculate the percentage
breakdown for each group, after entering the total amount in the space
provided.  The cell above "enter bill total here" is the sum of the column to
its left.  It should equal the bill total.

Please let me know if you have any questions.

Kind regards,
Anna


This is an excellent summary of competition in the local loop prepared by
Kelley, Drye and Warren.

 - KDWWhitePaper.doc


Jeff and Bob,

At Tradition's request, I put together a one-page explanation of CAISO Firm
Energy.  I thought you might find it handy to have it to hand when discussing
this with counterparties.

----- Forwarded by Shari Stack/HOU/ECT on 08/07/2000 03:57 PM -----

	Shari Stack
	08/07/2000 03:56 PM

		 To: kkelly@tfsbrokers.com@ENRON
		 cc: Kerri Thompson/Corp/Enron@Enron
		 Subject: Re: FW: CAISO Energy vs. "Schedule C"

Here is the explanation for CAISO Firm Energy.  As discussed, if asked,
please tell people that it was prepared by a market participant at
Tradition's request.  I'd rather keep Enron's name out of it.

Thank you in advance for helping us with this.

Shari


Johnny, Don and I have interviewed James and he looks like a very good fit for us at this time.  Can we get the paper work started on making an offer.
 -----Original Message-----
From: 	Baughman Jr., Don
Sent:	Thursday, August 16, 2001 1:23 PM
To:	Palmer, Johnny
Cc:	Hernandez, Juan; Will, Lloyd
Subject:	Bring James Vasquez to Houston for Interview.

Johnny,

I would like to bring James down for an interview for a Real-time Power Trader position.

Give me a call if you have any questions.

Thanks,

Don Baughman
xt. 3-0392

 - Resume.doc


FYI

	Credit Suisse First Boston <Paul_Patterson@xmr3.com>
	01/25/2001 07:33 AM

		 To: chip.schneider@enron.com
		 cc:
		 Subject: Governor Gives Limited Information on Auction

Credit Suisse First Boston
Paul Patterson
Good morning,
Here are some of the recent developments in the California power crisis:
? Yesterday evening, Governor Davis revealed preliminary results of the DWR's
auction for long-term forward power contracts. 39 bidders participated, with
an average weighted bid of $0.069 per kWh excluding "Super Peak" periods.
? However, the governor did not discuss the quantity of power actually bid,
the breakdown between offers for base-load, peak, and off-peak power, or
provisions for ancillary services.  In our opinion, these are exceedingly
important issues that need to be known to adequately determine the "success"
of any auction.
? Republican Assembly leader Bill Campbell is reportedly working on an
alternative bill to Speaker Hertzberg's proposed bill. Reportedly Campbell's
bill would call for the state to arrange long-term contracts for the
utilities, in exchange for the option to purchase ownership stakes.
? We believe that the actual results of the long-term contract auctions
should be a key point of focus for investors and may help determine what
headroom, if any, the utilities could have. We believe that investors should
remain aware of the high risk still associated with shares of PCG ($9.94,
Hold) and EIX ($9.63, Hold).

Paul Patterson, 212-325-5876
Neil Stein, 212-325-4217
Wen-Wen Chen, 212-538-0223
Emily Lao Chua, 212-325-1982

----------------------------------------------
If you would prefer not to receive further messages from this sender, please
click on the following e-mail link and send a message with or without any
text:
Mailto:K-8-62573-297576-2-410-US2-34108E44@xmr3.com
You will receive one additional e-mail message confirming your removal
 - ppp012501.pdf


-----Original Message-----
From: 	"Linda Hayman" <LHAYMAN@skadden.com>@ENRON [mailto:IMCEANOTES-+22Linda+20Hayman+22+20+3CLHAYMAN+40skadden+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, September 24, 2001 9:08 AM
To:	mtaylo1@ect.enron.com
Subject:	Fwd: OHIOIAN

ya gotta love it..........

Linda Hayman
Skadden, Arps,Slate, Meagher & Flom, LLP
4 Times Square, 42nd Floor
New York, NY  10036
T:  212-735-2637
F:  917-777-2637
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Date: Tue, 18 Sep 2001 20:06:40 -0400
From: Ellen Fike <efike@raex.com>
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Subject: OHIOIAN
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After more than three decades of living in Ohio, I know how to be an
Ohioan.  While I was learning,
written guidelines would have been helpful. So I've written some to
assist others.

1.  Know the state casserole.  The state casserole consists of canned
green beans, Campbell's cream of
mushroom soup and dried onions. You can safely  take this casserole to
any social event and know that
you will be accepted.   In fact, Neil Armstrong almost took this
casserole to the moon in case
he encountered alien life there.  NASA nixed the plan out of concern
that the casserole would
overburden the Apollo rocket at liftoff.

2.  Get used to food festivals.  The Ohio General Assembly, in an effort
to  grow bigger offensive
linemen, passed legislation years ago requiring every  incorporated
community to have at least one
festival per year dedicated to  a  high-fat food.  Thus, Sugarcreek
honors Swiss cheese, Bucyrus  has a
bratwurst celebration and Gahanna, seeking an edge over other towns, has
recently introduced the
Triglyceride and Low-density Lipoprotein Festival.   It is your duty as
an Ohioan to attend these
festivals and at least buy an elephant ear.

3.  Know the geography.  Of Florida, I mean.  I've run into Ohioans who
couldn't tell you where Toledo
is but they know the exact distance from Fort Myers to Bonita Springs.
That's because all Ohioans go
to Florida in the winter.  Or plan to when they retire.  Or are related
to retired Ohioans who have a
place in Sarasota.  We consider Florida to be the Lower Peninsula of
Ohio.

4.  If you can't afford to spend the winter in Florida, use the state
excuse, which is that you stay here
because you like the change of seasons.  You'll  be lying, but that's
OK.  We've all done it.

5.  Speaking of Ohio weather, wear layers or die.  The thing to remember
about Ohio seasons is that
they can occur at anytime.  We have springlike days in January and
wintry weekends in October. April
is capable  of providing a sampling of all four seasons in a single
24-hour period. For these reasons,
Ohio is the Layering Capital of the World. Even layering, however, can
pose danger.  Golfers have been
known to dress for hypothermia  and end up dead of heat stroke because
they couldn't strip off their
layers of plaid fast enough on a changeable spring morning.

6.  Don's take Ohio place names literally.  Upper Sandusky is below
regular Sandusky.  Circleville is
square.  East Liverpool has no counterpart to the west.  Also, if a town
has the same name as a foreign
capital.....Lima or Berlin, for example......you must not pronounce it
that way lest you come under
suspicion as a spy.  Hence, it's not LEE-ma as in Peru, but LYE-ma as in
bean, and it's BER~lin, not
BerLIN, like in Germany.

7.  Become mulch literate.  Ohioans love mulch and appreciate its subtle
differences.  Learn the
difference between hardwood, cypress and pine bark at  a minimum.
Researchers think the state
affinity for mulch derives from its relatively flat terrain.  People
have a subconscious need for
topography,  and when it can't be supplied naturally, they are more
likely to make little mulch hillocks
in their front yards.

8.  In order to talk sports with obsessive fans in Ohio, you have to be
knowledgeable on three
levels-professional, college and high school. The truly expert Ohio
sports fan knows not only the name
of the hotshot quarterback at Abercrombie and Fitch High School, but
also what colleges he's
interested in, how much he bench-presses, who he took to the prom and
what he got on his biology quiz
last week.

9.  Remember that Ohioans are never the first to embrace trends. When we
do embrace them, we do so
with a Midwestern pragmatism. For example, if you see an Ohioan with a
nose ring, there's a good
chance he's had it undercoated  to guard against rust.

10.  The best way to sell something in Ohio is to attach the term
"Amish" to  it.  The product need not
be genuinely Amish.  This would explain the existence of Amish moo shu
pork.

I hope you found this guide to be useful.  If it offends you, please let
me know and I will bring green
bean casserole to your home to make amends.

 - Linda Hayman.vcf


http://games.espn.go.com/content/ffl/2001/story?page=waiverwirework5
What's up J,
coming in this weekend on Thursday.  Better see you, bud.
- S out.
>From: "Wolfe, Jason"
>To:
>Subject: FW: football
>Date: Thu, 6 Sep 2001 07:22:06 -0500
>
>
> > > > > > Round one
> > > > > > > 1) Molly Maguires - E. James
> > > > > > > 2) Boston Squash - R. Gannon
> > > > > > > 3) Snot Bubbles - M. Faulk
> > > > > > > 4) Jimmies - D. Culpepper
> > > > > > > 5) ESL Murder Dawgggs - P. Manning
> > > > > > > 6) Steelmania - Randy Moss
> > > > > > > 7) Bucs - Eddie George
> > > > > > > 8) Bronx Bombers - Jeff Garcia
> > > > > > > 9) Pump N Go Deep - Kurt Warner
> > > > > > > 10) Crack Stack - Fred Taylor
> > > > > > > 11) sealitup - Donovan McNabb
> > > > > > > 12) new - Brett Favre
> > > > > > >
> > > > > > > Round two
> > > > > > > 13) new - Marvin Harrison
> > > > > > > 14) sealitup - Stephen Davis
> > > > > > > 15) Crack Stack - Brian Griese
> > > > > > > 16) Pump N Go Deep - Curtis Martin
> > > > > > > 17) Bronx Bombers - Tim Brown
> > > > > > > 18) Bucs - Terrell Owens
> > > > > > > 19) Steelmania - Corey Dillon
> > > > > > > 20) ESL Murder Dawgggs - Tony Gonzalez
> > > > > > > 21) Jimmies - Ricky Williams
> > > > > > > 22) Snot Bubbles - Brad Johnson
> > > > > > > 23) Boston Squash - Issac Bruce
> > > > > > > 24) Molly Maguires - Trent Green
> > > > > > >
> > > > > > > Round Three
> > > > > > > 25) Molly Maguires - Keyshawn Johnson
> > > > > > > 26) Boston Squash - L. Tomlinson
> > > > > > > 27) Snot Bubbles - Cris Carter
> > > > > > > 28) Jimmies - Rod Smith
> > > > > > > 29) ESL Murder Dawgggs - Duce Staley
> > > > > > > 30) Steelmania - Derrick Alexander
> > > > > > > 31) Bucs - Matt Hasselback
> > > > > > > 32) Bronx Bombers - Lamar Smith
> > > > > > > 33) Pump N Go Deep - Ed McCaffrey
> > > > > > > 34) Crack Stack - Torry Holt
> > > > > > > 35) sealitup - Joe Horn
> > > > > > > 36) new - Ricky Watters
> > > > > > >
> > > > > > > Round 4
> > > > > > > 37) new - Eric Moulds
> > > > > > > 38) sealitup - Jamal Anderson
> > > > > > > 39) Crack Stack - James Stewart
> > > > > > > 40) Pump N Go Deep - Warrick Dunn
> > > > > > > 41) Bronx Bombers - Jimmy Smith
> > > > > > > 42) Bucs - Micheal Strahan
> > > > > > > 43) Steelmania - Amani Toomer
> > > > > > > 44) ESL Murder Dawgggs - David Boston
> > > > > > > 45) Jimmies - Wayne Chrebet
> > > > > > > 46) Snot Bubbles - Germane Crowell
> > > > > > > 47) Boston Squash - Ahman Green
> > > > > > > 48) Molly Maguires - Brian Urlacher
> > > > > > >
> > > > > > > Round Five
> > > > > > > 49) Molly Maguires - Michael Bennett
> > > > > > > 50) Boston Squash - Warren Sapp
> > > > > > > 51) Snot Bubbles - Robert Porcher
> > > > > > > 52) Jimmies - Shannon Sharpe
> > > > > > > 53) ESL Murder Dawgggs - Jerome Bettis
> > > > > > > 54) Steelmania - Chad Lewis, Phi
> > > > > > > 55) Bucs - Derrick Brooks
> > > > > > > 56) Bronx Bombers - London Fletcher - DL STL
> > > > > > > 57) Pump N Go Deep - Antonio Freeman
> > > > > > > 58) Crack Stack - Muhsin Muhammad
> > > > > > > 59) sealitup - Travis Taylor
> > > > > > > 60) new - Ray Lewis
> > >
> > >
> > > > > > > Round Six
> > > > > > > 61) new - Freddie Jones (TE--SD)
> > > > > > > 62) sealitup - Frank Wycheck
> > > > > > > 63) Crack Stack - La'Roi Glover
> > > > > > > 64) Pump N Go Deep - Tiki Barber
> > > > > > > 65) Bronx Bombers - Oronde Gadsden - WR MIAMI
> > > > > > > 66) Bucs - James McKnight
> > > > > > > 67) Steelmania - Aaron Brooks
> > > > > > > 68) ESL Murder Dawgggs - J Thrash
> > > > > > > 69) Jimmies - Ryan Longwell
> > > > > > > 70) Snot Bubbles - Jerry Rice
> > > > > > > 71) Boston Squash - Charles Woodson
> > > > > > > 72) Molly Maguires - Mike Brown , DB Chicago Bears
> > >
> > > > > > > Round Seven
> > > > > > > 73) Molly Maguires - Peter Warrick
> > > > > > > 74) Boston Squash - Michael Westbrook
> > > > > > > 75) Snot Bubbles - Jevon Kearse
> > > > > > > 76) Jimmies - Mark Brunell
> > > > > > > 77) ESL Murder Dawgggs - J Galloway
> > > > > > > 78) Steelmania - Tyrone Wheatley
> > > > > > > 79) Bucs - Byron Chamberlain
> > > > > > > 80) Bronx Bombers - Emmitt Smith
> > > > > > > 81) Pump N Go Deep -
>
>
>
>
>**********************************************************************
>This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you.
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Mark:  Please read the attached message.

(1)  Are there any issues with following the "custom" in countries not requiring an executed "executing brokerage agreement"?  Do we need to contact outside counsel in each country?

(2)  I anticipate that I will really need help on the brokerage agreement side.  I cannot keep up now on a "timely" basis.

Gary's world occupies about 50% of my time.
Enron Corp. occupies about 25% of my time.

Thanks.  Sara

 -----Original Message-----
From: 	Brogan, Theresa T.
Sent:	Monday, September 24, 2001 6:04 PM
To:	Lowry, Donna; Schultz, Cassandra; Bradford, William S.; Shackleton, Sara
Cc:	Hickerson, Gary; Heard, Marie
Subject:	Metzler Capital Markets - Executing broker agreement

To all,
	We have expanded equity trading into the European Markets.  Along with that, you will see an increase of executing broker agreements that specialize in foreign equities.  We plan on executing a broker agreement with Metzler Capital Markets for the purposes of order flow and specialty in Italian equities.  Currently no documentation is required and we would still clear all transactions with our existing Primebrokers, Goldman, Morgan Stanley and Bear Stearns.  In addition, Metzler clears their transactions through Paribas Milan.

Thanks,
Theresa


as discussed - we have yet to fully sign off this with MDs
---------------------- Forwarded by Mike Jordan/LON/ECT on 15/02/2001 19:46
---------------------------

Steve Whitaker
09/02/2001 13:00
To: Mike Jordan/LON/ECT@ECT
cc:

Subject: AS400 Technology Transfer

As promised

Steve


Marshall Peterson
394 Ansley Brook Drive
Lawrenceville, GA 30044
mdpeterson@siriusimages.com

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

Marshall Peterson