John:  Have you seen this?  Please call me.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 11/10/2000 09:01 AM -----

	Jane McBride@ENRON
	11/09/2000 07:23 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Alan Aronowitz/HOU/ECT@ECT
		 Subject: Re: IBJ - Products

Sorry, a fairly basic question.

Background:

We have two legal entities here in Japan, Enron Japan Corp. ("EJC") and Enron
Japan Marketing Corp. ("EJMC").  EJMC is used just for physical trades for
reasons of US tax.

The draft ISDA schedule we are working on lists EJC as the Enron trading
entity.  I am still checking how the lumber, oil and pulp trades will be
settled but even if they are all to be settled physically, at some stage we
may want to do financially settled trades with IBJ in which case EJC will be
the relevant entity.

Question:

If we will be using two Enron trading entities, do we need two ISDAs with the
counterparty?

Thanks.

Jane

----- Forwarded by Jane McBride/AP/Enron on 11/10/2000 10:14 AM -----

	Susan Musch@ENRON_DEVELOPMENT
	11/10/2000 06:31 AM

		 To: Jane McBride/AP/Enron@ENRON
		 cc: Alan Aronowitz/HOU/ECT@ECT@ENRON
		 Subject: Re: IBJ - Products

Jane,

All trades settled physically should go into Enron Japan Marketing Corp.
What kinds of pulp, oil or lumber trades are we looking at?  Information on
this would be greatly appreciated.

Best regards,
Susan

P.S.  Had dinner with Heidi Mason while I was in London this week.  It
sounded like the opening was a success!

Jane McBride@ENRON
11/09/2000 03:19 AM
To: Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Alan Aronowitz/HOU/ECT@ECT

Subject: IBJ - Products

Dear Susan,

If we were to do any pulp or oil or lumber physical trading in Japan, should
this be done by Enron Japan Corp. or Enron Japan Marketing Corp.  I am not
clear on whether it is only electricity or all physical trading which needs
to go through EJMC.

Thanks.

Jane

----- Forwarded by Jane McBride/AP/Enron on 11/09/2000 06:15 PM -----

	Jane McBride
	11/09/2000 06:16 PM

		 To: Paul.TYO.Davis@BakerNet.com
		 cc: Jeremy.Pitts@BAKERNET.com, Alan Aronowitz/HOU/ECT@ECT
		 Subject: IBJ - Products

Dear Paul,

I have just found out that we will be doing back to back trades for other
Enron companies with IBJ.  IBJ has already been talking with UK and US Enron
entities re pulp, lumber and oil trading but wants to have its ISDA with a
Japanese Enron company so we are negotiating it.

What information do I need to give you so that you can check whether we are
authorized to do such trades?

Jane McBride
Senior Legal Counsel
Enron Japan Corp.

Otemachi 1st Square Bldg.
West 11th Floor
1-5-1 Otemachi, Chiyoda-ku
Tokyo 100-0004
Japan

URL:        www.enron.co.jp

Tel.:       81-3-5219-4500 (Main)
            81-3-5219-4553 (Direct)
Fax:        81-3-5219-4510

Assistant (Maggy Yamanishi)
Tel.:       81-3-5219-4554
Email:      Yo.Yamanishi@enron.com


Beth

Please respond with a plan to solve these problems.

Thanks John
---------------------- Forwarded by John J Lavorato/Corp/Enron on 07/06/2000
07:42 PM ---------------------------

	From:  Kevin M Presto @ ECT                           07/05/2000 07:39 PM

To: John Lavorato
cc: David W Delainey/HOU/ECT@ECT, Kristin Albrecht/HOU/ECT@ECT, Beth
Perlman/HOU/ECT@ECT

Subject: Power Port Calc Issues

Guys,
This Enpower calc issue is a joke.   How can we be the most Innovative
Company in the world and cannot fix a risk book calculation problem.
Furthermore, how can we effectively grow our volumes and complexity of our
power transactions when our back office (risk books, position management,
settlements) is so unreliable from an IT standpoint.

In addition, we will start losing all of our key people in this area because
they are here until 8:30-9:00 every night and 4:00 pm on "holidays".  This
whole issue is a significant business risk for Enron and needs to be dealt
with accordingly.

Please advise.  Thank you.
---------------------- Forwarded by Kevin M Presto/HOU/ECT on 07/05/2000
07:27 PM ---------------------------

	Enron North America Corp.

	From:  Kristin Albrecht                           07/05/2000 11:30 AM

To: Beth Perlman/HOU/ECT@ECT, Randy Matson/Corp/Enron@ENRON, Jarod
Jenson/HOU/ECT@ECT, Christine Nguyen/HOU/ECT@ECT, Zhiyong Wei/HOU/ECT@ECT,
Ravi Ramachandran/HOU/ECT@ECT, Stacey W White/HOU/ECT@ECT, Jenny
Latham/HOU/ECT@ECT, Jenny Rub/GPGFIN/Enron@Enron
cc: Sally Beck/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT, Tim
Belden/HOU/ECT@ECT
Subject: Power Port Calc Issues

The Power risk group continues to experience severe instability with the
power port calc.  The same memory allocation issue which I discussed in the
message below is not resolved (we have had this problem for about four months
now).  Due to business reasons, we calculated the east power books on Monday
(Enron holiday).  We received all of the required data to calc by 9:30 AM and
should have been completely done by 11:30.  However, the calc crashed six
times and finally completed on the seventh try.  We were able to leave by
4:00.  The point I am trying to make is that I feel that we are at such a
state that there is risk that we could not provide positions to the traders
by the start of the next business day.  This could have a financial impact on
our company.  Once again, I am urgently and desperately asking for resolution
of this problem.
Furthermore, it came to my attention on Friday that EES is now using EnPower
and the power port calc and they too are using the same server that we are.
I question this decision since we cannot seem to support the existing
business that is using that server.  Per discussion with Kevin Presto, the
agreement made regarding EES's use of EnPower was there would be no expense
or degradation to ENA's business process.  I think they need to move to
another server.
Please call to discuss when this will be resolved.  Thank You.
Kristin Albrecht
3-4763

---------------------- Forwarded by Kristin Albrecht/HOU/ECT on 07/05/2000
09:35 AM ---------------------------

	Enron North America Corp.

	From:  Kristin Albrecht                           05/15/2000 09:48 AM

To: Beth Perlman/HOU/ECT@ECT, Randy Matson/Corp/Enron@ENRON, Jarod
Jenson/HOU/ECT@ECT, Christine Nguyen/HOU/ECT@ECT, Zhiyong Wei/HOU/ECT@ECT,
Ravi Ramachandran/HOU/ECT@ECT, Stacey W White/HOU/ECT@ECT, Jenny
Latham/HOU/ECT@ECT
cc:
Subject: athena vs quark

With regards to the message below, we must have athena (server) to run our
nightly risk books for the power group.  We run one of our three east power
calcs on this machine (the second largest one).  Since an acceptable solution
for the big power calc has not been provided to us, athena CANNOT be taken
away from us.  The east power calc crashed 3 out of 5 days last week.  We
usually start calcing at about 4:00.  The calc time is now running at 1.5
hours and we have about 1.5 hours' worth of work after the calc's successful
completion.  So you do the math on what time my group leaves the building
when the calc crashes at 4:30.
Furthermore, the West power calc has crashed 3 out of 5 nights weekly for the
last 3 weeks.  This is not acceptable.
We are about to enter the busiest and most volatile time of the year and our
system is not stable.  I feel like we have been very patient at the expense
of many late nights.  I am going to speak to Kevin Presto and Tim Belden
today about these problems.
I think we need to meet immediately about this problem and I am exhausted
with the finger pointing between different IT groups.
Thanks.
Kristin Albrecht
---------------------- Forwarded by Kristin Albrecht/HOU/ECT on 05/15/2000
09:27 AM ---------------------------

Christine Nguyen
05/12/2000 01:01 PM
To: Ravi Ramachandran/HOU/ECT@ECT
cc: Randy Matson/Corp/Enron@ENRON
Subject: athena vs quark

Ravi,
       Please advise your users that athena will be completely unavailable
starting
Wednesday17May2000.  The production server is quark (12gb RAMx18procs).
quark is configured to our standard for your use.
Thanks,
-Christine


(1)  Met with Alan A. and Barbara G about disruption (physical and financial) at Alan's request.  Explained financial position and updated him on what we've discovered.
(2)  NYMEX did not operate today at all on new system.  Say they will try for tomorrow.
(3)  Am told that Platts published some indices today including crude.  Will publish MTBE (and other products) tomorrow irrespective of whether NYMEX publishes.  Will also publish methodology.
(4)  Emailed ISDA Gen. Counsel Kinberly Summe about including us in industry correspondence/conference calls about "Best Practices" statements.
(5)  Thus far, disrupted indices seem to include only the following dailies:
	NYMEX daily
	OPIS
	Platts
	spreads (common pricing issue)
(6)  Looks like MDE will occur if NYMEX fails to publish tomorrow.  We should identify affected counterparties.  Traders may want to negotiate anyway.  Seems like they are hoping for unified industry stance just for ease and solidarity.  I'll talk to Kim Theriot in the morning.

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490


The index forward is supposed to show no price so that is correct however the
swap should be chaqnged to 25MW at $130


You are cordially invited to attend an overview session provided by the ENA
Human Resource department regarding the Performance Evaluation Process
(PEP).  Employees who have not attended any previous PEP training or new
managers are strongly encouraged to attend this session.  However, all are
invited to attend.

What:   Overview of the Performance Evaluation Process
When:  Monday, October 30, 2000
   12:00-1:30 p.m. or 3:00 - 4:30 p.m.
   OR
   Tuesday, October 31, 2000
   10:00-11:30 a.m. or 12:00-1:30 p.m.
Where:  Doubletree (next to 2 Allen Center),  De Zavala Conference Room
Available seating: 50  per session
Bring your lunch. Drinks  and cookies will be provided.
If you are unable to attend, there will be a Technical and a Process guide
available through the web base site http://pep.corp.enron.com.  Also, there
is a PEP Help Desk hotline of (713)853-4777 option 4 should you have any
questions during the evaluation process.


Let's begin rolling out the cash products at 7:15 am.  We should also get
back to the cash strategy of the desk each morning.  Let's start testing the
market, find the support and resistance each day.  It would be nice to have
EOL change the stack manager so that we can switch a product from manage
market depth to last trade is mid with the click of a button, and not go
through the product properties.  I'll call them tomorrow.

Let's also decide on a time to close the products each morning.  We want to
send the message of reliability, but also allow our Ops group to balance and
nom.  I want to begin trading the next day cash by 11:01 am every day.  This
would stay active until 4:00.

The push is for PHYSICAL.  Our edge over the market will be phys.  From risk
to the ability to nominate and invoice, the other platforms will never see it
coming. What are the chances that ICE and espeed will deal with el paso
flows?  If information is the reason for EOL, then this will provide it.  It
all seems so simple - Fixed priced physical, just when you thought it was old
economy.  The reliable indices to big position trading to EOL market share,
all benefit under the new mantra.

Mike


Jeff,
I will work with Pat Boylston to get some comments.  We should, as you say,
push this along if we can. ----cgy


Alan --

1.	Is Sue Mara going with you?  Who else is going?  Anyone from commercial or scheduling?  My understanding is that Ray Alvarez is attending?

2.	Do we have a list of issues that we want to go through with the CAISO?  Maybe outlining our Top Ten before the meeting and getting internal agreement (maybe even with the other participants) makes sense?

Thanks

 -----Original Message-----
From: 	Comnes, Alan
Sent:	Monday, September 17, 2001 6:34 PM
To:	Steffes, James D.; Nicolay, Christi L.; Alvarez, Ray; Belden, Tim; Perrino, Dave; Hall, Steve C. (Legal); Williams III, Bill; Foster, Chris H.
Subject:	Invitation to Monday's meeting at CAISO

Ray Alvarez, Dave Perrino, and I are planning on going.  Any thoughts on issues/solutions to raise are welcome.

GAC

 << File: 092401 Meeting Notice.pdf >>


Sally,
Thanks for the voice-mail.  While we have selected a date, it is not cast in
stone.  If there is another date that works better and would allow more of
the individuals to participate, that is fine with me.  I just want to make
sure that the Program is being responsive.  Incidentally, I did not realize
that Rick would be out of town, so it is no problem to change the date.

You indicated that you would be willing to provide a few bullet points
regarding the issues you and the group would like for us to address.  That
would be great.  Please forward those at your earliest convenience.

I will assume that you will notify the other individuals of the date and time
of the meeting, Wednesday, April 19th at 10:00 a.m.   If this assumption is
not correct please provide the names of the other individuals who will attend
the meeting and I will call them.  Also if you decide it makes sense to
change the date, just let me know.

Thanks for your assistance.


-----Original Message-----
From: 	Jones, Brad
Sent:	Monday, December 03, 2001 8:57 AM
To:	May, Larry
Subject:	Option quotes

Larry,
Here it is.  Let me know if you need the same done for your pipe options.

Brad


yo ben....how are ya

my numbers:
h) 302-571-9889
c) 302-540-5814

Mike Gioffre
dgioffre@hotmail.com

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp


This would be analogous to every time you send me an e-mail, I forward it
directly to Drew and Maria.  How do you tactfully advise your coworkers about
corporate etiquette?  I wonder.
On a substantive note, I sincerely believe the analysis MKM wants is beyond
the scope of this letter, and would have no qualms about sending it.

Jeffery Fawcett
11/22/2000 08:22 AM
To: Susan Scott/ET&S/Enron@ENRON
cc:

Subject: Proposal to Caithness Big Sandy

Now do you see why I didn't want to send this to Keith Petersen???  Anytime
you send anything to Omaha, the MKM cult goes into their Satan worship
chamber, they sing a few chants, and then sacrifice the good commercial
effort to the demon regulatory god.

Jeez, next time I'm gonna just send it out to the customer and ask for
forgiveness later.

---------------------- Forwarded by Jeffery Fawcett/ET&S/Enron on 11/22/2000
08:10 AM ---------------------------

	From:  Mary Kay Miller                           11/22/2000 08:07 AM

To: Keith Petersen/ET&S/Enron@ENRON, Jeffery Fawcett/ET&S/Enron@ENRON
cc: Glen Hass/ET&S/Enron@ENRON, James Centilli/ET&S/Enron@ENRON

Subject: Re: Proposal to Caithness Big Sandy

Jeff,  do you have the information for the rate?  We would have to file a
certificate and the rate would need to be calculated in accordance with the
standard COS methodology-  I want to make sure that the rate you are planning
to quote matches what the rate derivation for the filing would be-  avoid a
potential issue-  maybe James could send us what he did- thanks  MK

Keith Petersen
11/21/2000 04:56 PM
To: Mary Kay Miller/ET&S/Enron@ENRON, Michele Winckowski/ET&S/Enron@ENRON
cc:

Subject: Proposal to Caithness Big Sandy

I have not yet reviewed, this is for your information.

Keith

---------------------- Forwarded by Keith Petersen/ET&S/Enron on 11/21/2000
04:53 PM ---------------------------

Jeffery Fawcett
11/21/2000 01:17 PM
To: Drew Fossum/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Kevin
Hyatt/ET&S/Enron@Enron
cc: Susan Scott/ET&S/Enron@ENRON, Keith Petersen/ET&S/Enron@ENRON, Ronald
Matthews/ET&S/Enron@ENRON, Rod Hayslett/FGT/Enron@ENRON, James
Centilli/ET&S/Enron@ENRON

Subject: Proposal to Caithness Big Sandy

Attached for your review and comment is a broad outline of a rate proposal to
Caithness for the construction and operation of the 40-mile lateral to the
Big Sandy project.  This non-binding proposal was requested by Caithness'
consultant, George Briden, as a starting point for modeling the economics of
the project's gas supply and a basis for further discussions aimed at
designing an appropriate deal structure.  For your information, James
Centilli calculated the transport rate based on the (+/- 30%) $20.33MM cost
estimate with a ten-year (contract) amortization.

I plan to put this in the mail by the close of business tomorrow.  If you
have any suggestions, please let me hear from you by mid-day.   Thanks.


Please print a color copy of this for me.  Thanks.
---------------------- Forwarded by Sally Beck/HOU/ECT on 02/08/2000 03:13 PM
---------------------------

Jean Spitzner@ENRON
02/08/2000 03:05 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: from Katherine Corbally


John,

I've spoken with Mark and I have received his resume.  Before I bring him in I just wanted to confirm that he is to interview with Crude and Products originators as well as one trader.  Please advise.

Thanks,
Johnny


too late.

-----Original Message-----
From: Nicolay, Christi L.
Sent: Tuesday, September 18, 2001 5:05 PM
To: Steffes, James D.
Subject: FW: EPSA Fall Membership Meeting, October 23-24, 2001

Didn't you tell EPSA to not use the Monarch?!

-----Original Message-----
From: Laurie Martin [mailto:LMARTIN@epsa.org]
Sent: Tuesday, September 18, 2001 3:52 PM
To: acomnes@enron.com; bmoore@enron.com; Yeung, Charles; Nicolay,
Christi L.; clong@enron.com; Allegretti, Daniel; Fulton, Donna; Whalley,
Greg; Eghneim, Gus; Boyd, Hap; Kingerski, Harry; jader@enron.com;
Guerrero, Janel; Scheuer, Janelle; jbrown1@enron.com; jhartso@enron.com;
jkeeler@enron.com; jmigden@enron.com; Shelk, John; jsteffe@enron.com;
Noske, Linda J.; Robertson, Linda; Will, Lloyd; Phillips, Marc;
mfrevert@enron.com; Terraso, Michael; mpalmer@enron.com;
mschoen@enron.com
Subject: EPSA Fall Membership Meeting, October 23-24, 2001

Attached is an updated schedule and registration form for the EPSA Fall Membership Meeting, October 23-24 at the Monarch Hotel in Washington, DC.  Please complete the registration and fax it back to Sherri Jackson at 202-628-8260.

I am pleased to announce that The Honorable Francis Blake, Deputy Secretary of Energy will be our keynote speaker on October 23rd.

The Monarch Hotel has extended a group rate of $269.00 to meeting attendees.  Please contact the hotel directly at 202-429-2400 to make your reservations.  The cut-off date for the special group rate is October 2.  After that date, we cannot guarantee either availability or rates.

If you have any questions regarding the meeting, please call Sherri Jackson at 202-628-8200.  I hope that you and your families are safe and well and I look forward to seeing you in October.

Laurie Martin
Director of Meetings & Membership
EPSA
lmartin@epsa.org
Phone: 202-628-8200 ext. 121
Fax: 202-628-8260


Kevin Ruscetti would like to trade Physical Index transactions for delivery
to ANR ML7 based on the above referenced Index. He tells me that it is widely
known that delivery at ANR ML7 is secondary firm, and states that if allowed
to transact on this the language would need to state that the parties would
employ their 'best efforts' to deliver.

Joe - can you try and find me some Confirm language for this.

Comments, please.


Start Date: 4/27/01; HourAhead hour: 10;  HourAhead schedule download failed.
Manual intervention required.


__________________________________

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Get a free cell phone today and digital PCS Wireless Services.  You can order online and the phone will be delivered right to your door!

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Click the link below to get your free cell phone today!

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pmguid:15q.xn2.jx32


Thank you for your interest in Truequote.com. You can access our web-enabled
trading platform by going to www.truequote.com <http://www.truequote.com>
using your Internet Explorer (5.01 or higher). Once you hit our home page
find the LOGIN tab. Here is your password information.
USER ID          joestep
PASSWORD            seminoles
 You may change your password anytime you like for increased security. If
you have difficulty ever logging into the system please contact Customer
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explain Truequotes new functionality:
<http://www.truequote.com/info/tech.htm> Tech Page outlining system
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<http://www.truequote.com/info/faqset.htm> Frequently Asked Questions
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Please feel free to contact Client Services at 1-800-327-1499 at any time or
you can reach me directly at (502)212-4912.
Thank you,
	Darci Gustafson

Darci Gustafson
Customer Service Representative
(502) 212-4900

 - Picture
 - truequote users guide 5-24.doc


very nice

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 03, 2002 11:23 AM
To:	Maggi, Mike
Subject:	RE:

2002 Jeep Grand Cherokee  - Silver  (the silver bullet)

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 11:23 AM
To:	Rybarski, Amanda
Subject:	RE:

what did you get

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 03, 2002 11:20 AM
To:	Maggi, Mike
Subject:	RE:

Well, when we get off, I will have to take you for a ride in my new car!

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 11:18 AM
To:	Rybarski, Amanda
Subject:	RE:

til about 3

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 03, 2002 11:15 AM
To:	Maggi, Mike
Subject:	RE:

I have plans to go to lunch with a friend.  How long are you going to be here?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 11:08 AM
To:	Rybarski, Amanda
Subject:	RE:

ok so lets get out of here

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 03, 2002 10:32 AM
To:	Maggi, Mike
Subject:	RE:

I've been thinking about you too!  I've missed you!

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 10:32 AM
To:	Rybarski, Amanda
Subject:	RE:

im only teasing, although i have been thinking about it

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 03, 2002 10:29 AM
To:	Maggi, Mike
Subject:	RE:

oh really, what did you have in mind?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 10:28 AM
To:	Rybarski, Amanda
Subject:

so that kind of ruins my plans for today


- 11_13_01ON.xls


Please add annexes B and B1 to the subject confirm pursuant to the same terms
as the attached ISDA worksheet.  Thanks.


Hello, Everyone -

This Notice (sent to you by blind copy to save trees) confirms our Regional
Representatives Group (RRG) meeting for this coming Friday, May 4, at the
Sheraton Portland Airport Hotel in Mt. Hood Room C.  Unfortunately, we
weren't able to reserve two Mt. Hood rooms, so it may be a little cramped.
The meeting will start at 8:30 a.m. and end by 12:00 p.m.

As most of you know by now, FERC issued its order on RTO West last Thursday,
October 26.  In case you have not located the order, you can find it by
clicking on the following RTO West website address that will take you to the
order. At the RTO West web page, click on "Link to Documents Submitted to
FERC..." and at the next page click on "FERC Order issued April 26, 2001 in
RTO West...."

www.rtowest.org

The first part of the meeting will be devoted to a discussion of the order
and answering questions.  Mike Coleman from FERC will attend the meeting and
will be pleased to provide his understanding of the meaning of various parts
of the order.

Our working agenda is:

1. Discussion of FERC Order on RTO West

2. Congestion Management Model - Description of Alternatives

3. Stage 2 FERC filing schedule

4. Interregional Coordination

We look forward to seeing you all this Friday.

Warm regards,

- Bud


Can you meet this guy if I'm off the desk?

 -----Original Message-----
From: 	"Stephen Yarger" <styarger@hotmail.com>@ENRON [mailto:IMCEANOTES-+22Stephen+20Yarger+22+20+3Cstyarger+40hotmail+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, October 02, 2001 1:24 PM
To:	Arnold, John
Subject:	Re: astros tix

OK, I'll give you a call around 3:15 or so, I'll be driving a dark green
Land Cruiser.

----- Original Message -----
From: <John.Arnold@enron.com>
To: <styarger@hotmail.com>
Sent: Tuesday, October 02, 2001 12:07 PM
Subject: RE: astros tix

> Sounds good.  I have cash.  I work at the old Enron building.  Just give
me
> a call when you're close and I'll meet you on the street right in front of
> the building.
>
>     -----Original Message-----
>    From:   "Stephen Yarger" <styarger@hotmail.com>@ENRON
>
[mailto:IMCEANOTES-+22Stephen+20Yarger+22+20+3Cstyarger+40hotmail+2Ecom+3E+4
0ENRON@ENRON.com]
>
>
>    Sent:   Tuesday, October 02, 2001 1:07 PM
>    To:     Arnold, John
>    Subject:  Re: astros tix
>
>    I get off work at 3:00 so I could bring them by your office at say 3:30
>    if
>    you could meet me at the ground floor (I'm assuming you work at one of
>    the
>    Enron buildings).  I'm new to this whole Ebay thing so I'm not sure
what
>    all
>    the payment options are, but I'm thinking the easiest would be cash,
but
>    if
>    you want to put it on credit card through Billpoint on Ebay that is
fine
>    also.
>
>    Good luck on catching the million dollar ball.
>
>
>
>
>    ----- Original Message -----
>    From: "Arnold, John" <John.Arnold@ENRON.com>
>    To: <styarger@hotmail.com>
>    Sent: Tuesday, October 02, 2001 11:43 AM
>    Subject: astros tix
>
>
>    Hello:
>    Wondering if we can meet to pick up the tix.  I work and live in
>    downtown.  Please advise or call me at 713-557-3330.
>
>
>    **********************************************************************
>    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.
>    **********************************************************************
>
>
>


Shirley,

No problem.

Vince

Shirley Crenshaw
01/20/2000 02:49 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Vacation

Vince:

I would like to take Tuesday, January 25 as a vacation day if possible.

Thanks!


This is a post-only message.  Please do not reply to this email.
------------------------------------------------------

A New Era in Taiwan's Democracy
Monday, October 23, 2000
9:00 a.m - 3:00 p.m.
Wohlstetter Conference Center
Twelfth Floor, AEI

On May 20, Taiwan entered a new era of democracy as the torch of government
was passed from a ruling party that has governed for the past 50 years to the
opposition.  In the spirit of cooperation and amity, the new president
appointed a KMT member to be his premier and sought to create an "all
people's government" composed of both ruling and opposition party members.
But that experiment ended when the premier resigned on October 3 due to bad
health.  Now, with both a DPP president and a DPP premier at the helm, Taiwan
enters a new era of governance and party politics.  How will this impact the
political environment in Taiwan?  Will U.S.-Taiwan relations be affected?

8:30 a.m.   Registration

9:00  Opening Remarks
  Speakers:  King-yu Chang, Eurasian Foundation
      Arthur N. Waldron, AEI

  9:30 The DPP as the Ruling Party and the Policies of the Chen Administration
 Presentation:   Chia-lung Lin, National Security Council  (Taiwan)
  Respondents:  Nat Bellocchi, Bellocchi & Co., Inc.
           Ralph Clough, SAIS
           I-Chung Lai, DPP Mission in the United States
  Moderator:       Arthur N. Waldron, AEI

10:30    Coffee Break

10:50  The Direction and Scope of Party Politics in Taiwan
  Presentation:   You-ping Cheng, National Policy Research Foundation
           Emile Sheng, Soochow University
  Respondents:  Richard Bush, American Institute in Taiwan
           Bruce Dickson, Sigur Center
           John Tkacik, China Business Intelligence
  Moderator:     Arthur N. Waldron, AEI

Noon  Luncheon
  Speaker:  James R. Lilley, AEI

1:50 p.m.                  America's Asia Policy: Where Does Taiwan Fit In?
  Discussants:  Peter Brookes, U.S. House Committee on International Relations
         Patrick Cronin, U.S. Institute of Peace
         Alexander Huang, Eurasian Foundation
         Douglas Paal, Asia Pacific Policy Center

3:00  Adjournment

You may register online at http://www.aei.org/calendar.htm or fax the
following form to 202.862.7171 by Friday, October 20, 2000.  For further
information about the conference, please contact Joanna C. Yu at 202.862.5806.

Registration Form

A New Era in Taiwan's Democracy
Monday, October 23, 2000
9:00 a.m. - 3:00 p.m.
Wohlstetter Conference Center
Twelfth Floor, AEI

Name

Title

Affiliation

Address

City/State/Zip

Telephone

Fax

Email


Here's something to look at.

I'm heading out soon for Master Whalley's birthday party at the Houstonian,
but I'll check messages later today.

Kay


Please join me and the Global Accounting leadership team in congratulating
the following individuals on their promotions to:

To Managing Director
 Sally Beck (EWN)
 Fernley Dyson (EEL)

To Vice President
 Beth Apollo (ENW)
 Janine Juggins (EEL Tax)
 Phillip Lord (EBS)
 Laura Scott (ENA)
 Chris Sherman (ENA)
 Wade Stubblefield (EES)

To Senior Director
 Buddy Aiken (EEL)
 Jim Coffey (ENA)
 Donette Dewar (Intl. Tax)
 Patricia Dunn (NEPCO)
 Mark Frank (ENA)
 William Gehle (EECC)
 Joseph Grajewski (EECC)
 Jan Johnson (Corp)
 Scott Mills (ENW)
 James New (EEL)
 Mary L. Ruffer (ENA)
 Richard Sage (EEL)
 Elaine Schield (Corp)
 Kevin Sweeney (ENW)
 Beth Wapner (EBS Tax)

Director
 Thresa Allen (ENW)
 Ron Baker (Corp)
 Misty Barrett (EES)
 Jeff Blumenthal (EWS)
 Trey Cash (Corp Tax)
 Karen Choyce (Corp)
 Cheryl Dawes (ENA)
 Lanette Earnest (EWS Tax)
 Jeffrey Gossett (ENW)
 Robert Guthrie (ETS Tax)
 Susan Helton (ENA)
 Ralph Jaeger (EEL)
 Andrea Kerch (EEL)
 Faith Killen (ENA)
 Johnna Kokenge (Corp)
 Matt Landy (EEL)
 Andy Lawrence (ISC)
 Connie Lee (EBS)
 Caroline Lothian (EEL)
 Meg Malone (Corp Tax)
 Gary Peng (Corp)
 Stephen Schwarzbach (Corp)
 Sally Seelig (EES Tax)
 Don Shackley (EES/London Tax)
 Patricia Shannon (Corp)
 Eddie Sikes (Intl. Tax)
 Jeffrey Smith ( EGM)
 Ron Smith (GSS)
 Kim Theriot (ENW)
 Hope Vargas (ENA)
 Tina Ward (EEL)
 Stephen Whitaker (EEL)
 Stacey White (ENW)
 Rob Wilcott (Corp)

To Manager
 Christopher Abel (ENW)
 Stacey Aune (ENA)
 David Baumbach (ENW)
 Maya Beyhum (ENW London)
 Patricia Bloom (ENA)
 Matthew Brown (ENW)
 Vince Cacaro (ISC)
 Clara Carrington (ENW)
 Carol Carter (ENA)
 Carolyn Centilli (ISC)
 Erin Copeland (EECC)
 Richard Cross (ENW)
 Rachel Davis (Corp)
 Michael Desbiens (ISC)
 David Dupre (ISC)
 Eileen Flanagan (EEL)
 Regina Figueroa (ISC)
 Rebecca Ford (ENW)
 Darron Giron (ENW)
 Julie Goodfriend (International Tax)
 Karen Gruesen (ENA)
 Kevin Hall (EEL)
 Kristen Hanson (ENW)
 David Horne (ISC)
 Larry Hunter (ENW)
 Todd Hunter (EES)
 Jim Ischy (GSS)
 Chris Jones (ISC)
 William Kasmervisz (ENW)
 Kam Kaiser (ENW)
 Kedar Kulkarni (ISC)
 Monica Lande (ENW Portland)
 Suzanne Lane (EEL)
 Vince Mack (ISC)
 David Maxwell (ENW)
 Emitra Nelson (ISC
 Caroline Nugent (EWS Tax)
 Mark Pope (ISC)
 Yiannis Poulopoulos (London Tax)
 Melissa Ratnala (ENW)
 Jason Sharp (Corp Tax)
 Stephanie Smith (Corp)
 Patricia Spence (ENW)
 Amy Spode (ENW)
 Patricia Sullivan (ENW)
 Lisa Sutton (ETS)
 John Swinney (ENW)
 Deana Taylor (Corp)
 Dimitri Taylor (ENW)
 Wayne Tencer (EES)
 Bernella Tholen (ENA)
 Theresa Vos (ENA)
 Blake Walker (EECC)
 Bob Ward (International Tax)
 David Williams (EEL)

To Senior Specialist
 Amelia Alland (ENW)
 James Armstrong (ENA)
 Carmen Ayala (GSS
 Cynthia Balfour-Flanagan (ENW)
 Gilda Bartz (Corp)
 Stacey Brewer (ENW)
 Marian Briscoe (Corp Tax)
 Aneela Charania (ENW)
 Patricia Clark (Corp)
 Chris Crixell (EES Tax)
 Diane Ellstrom (ENW)
 Heidi Griffith (EES)
 Marla Hernandez (ISC)
 Marlene Hilliard (ENW)
 Dave Hollick (London Tax)
 Rachel Jones (EEL)
 Dawn Kenne (ENW)
 Harry Kent (EWS Tax)
 Blanca Lopez (ENA)
 Brian Hunter Lindsay (EEL)
 Rachel Lyon (EEL)
 Stacy Hardy (ENA)
 Sally McAdams (ISC)
 Kelly McCain (Corp Tax)
 Errol McLaughlin, Jr. (ENW)
 Sylvia Martinez (ISC)
 Kevin Meredith (ENW)
 Meredith Mitchell (ENW)
 Winnie Ngai (Corp Tax)
 Thien-Huong Ngo (ENW)
 Brian Palmer (ENW)
 Bich Ann T Pham (ENA)
 Shelly Pierson (Corp)
 Lillie Pittman (ISC)
 David Rae (ENW)
 Dixie Riddle (ETS Tax)
 Salvador Dominguez (Corp)
 Mark Schrab (ENW)
 Stephanie Sever (ENW)
 Danielle Shafer (ISC)
 Shifali Sharma (ENW)
 Keith Simper (ENA)
 Christopher Spears (ENW)
 Caron Stark (ISC)
 Tara Sweitzer (ENW)
 David Vandor (ENA)
 Mary Womack (ISC)
 David Yang (International Tax)
 Sabrae Zajac (ENW)

To Specialist
 Kim Chick (EES Tax)
 Justin East (EEL)
 Joey Esperance (International Tax)
 Randi Howard (ISC)
 Melanie Hutchinson (EWS Tax)
 Mary Joseph (Corp Tax)
 Sherri Kathol (International Tax)
 Lex Lacaze (International Tax)
 Michelle LeBlanc (Corp Tax)
 Ling Li (EWS Tax)
 Kori Loibl (ENW)
 Alan Marsh (Corp Tax)
 Bruce Mills (ENW)
 Erika Moore (EEL)
 Matthew Motsinger (ENW)
 Sherry Meyers (ISC)
 Andrea Price (Corp Tax)
 Bernice Rodriguez (ENW)
 Tina Salinas (EES Tax)
 Brent Vasconcellos (Corp Tax)
 Brandi Wachtendorf (ENW)
 Patryk Wlodarski      (ENW London)

To Entry Specialist
 Stuart Sheldrick (EEL)

To Accountant I
 Becky Klussman (Corp)

To Accountant II
 Silvia Shelby (Accounts Payable)

To Staff
 Mary Behn (EES)
 Guy Freshwater (ENW London)
 Geralynn Gosnell (ENW)
 Richard Miley (ENW)
 Brent Storey (ENW London)
 Stuart Thom (ENW London)
 Judith Walters (ENW)
 Jonathan White (ENW London)
 Joan Winfrey (ENW)

To Senior Tax Analyst
 Emily Allwardt (International Tax)
 Leon Branom (EBS Tax)
 Shanna Husser (EES Tax)
 Shilpa Mane (Corporate/London Tax)
 Todd Richards (Corp Tax)
 Michelle Thompson (Corp Tax)

To Sr. Administrative Assistant
 Norma Chavez (International Tax)
 Sarah Knott (ENW London)

To Sr. Travel Administrator
 Cheryl Slone (GSS )

To Administrative Coordinator
 Heather Choate (ENW)
 Kayla Heitmeyer (GSS)

To Senior Clerk
 Angela Barnett (ENW)
 Matthew Davies (ENW London)
 Daniela De Lisi (ENW London)
 Rufino Dorteo (ENA)
 Mark Pilkington (ENW London)
 Narjinder Sandhu (EEL)
 Howard Sweasey (EEL)
 Laura Vargas (ENW)
 Jo Ann Woods (Corp Tax)

To Intermediate Clerk
 Maria Maldonado (Accounts Payable)
 Araceli Mondragon (Accounts Payable)
 Irma Rodriguez (Accounts Payable)
 Bernita Sowell (Accounts Payable)


Linda --

Please arrange a good time tomorrow or Thursday to talk with Aleck.

Jim

-----Original Message-----
From: Dadson, Aleck
Sent: Tuesday, August 21, 2001 10:35 AM
To: Shapiro, Richard; Steffes, James D.
Subject: FW: Ontario Market Opening - Strategy
Importance: High

As I discussed earlier with Rick, sasha Jacob is leaving GPC at the end of the month to join another firm.  sash is particularly valuable becuase of his impeccable connections with Jim Wilson (the Minister of energy) and the staffers on the government side of the Legislature.  What I wouldn't mind talking through with you is the continuing need for assistance re the media here, as Tom McLaren proposes. I think we need it and Peter Varley would be good to work with in that regard - he is the Premier's former Press Secretary and has conections with the major Toronto dilies that have proved helpful.

-----Original Message-----
From: McLaren, Tom [mailto:Tom.McLaren@gpcinternational.com]
Sent: Tuesday, August 21, 2001 9:34 AM
To: Dadson, Aleck
Subject: Ontario Market Opening - Strategy
Importance: High

Aleck:

Further to our phone call, as promised I am sending you this e-mail to
confirm our interest in ensuring that Enron Canada can secure the consulting
resources it requires at the current time to ensure an expeditious and
assured opening of Ontario's electrical power market. As well, as you know
we have superior resources in Alberta and elsewhere to augment your
government relations, media and public affairs resources.

I would like to meet with you today or early Wednesday to discuss an amended
going-forward task assignment for GPC, given the likelihood of assigning the
Queen's Park contact program to Sasha, or his new firm. I would ask that
should you be successful in concluding an engagement agreement with Sasha or
his firm that you inform us and I will have our in-house counsel confirm the
removal of any restrictive covenants that Sasha has with GPC that would
prevent him from doing consulting work with you.

While the contact program you want Sasha to work on is key to your
objectives, it is nonetheless only one element of a comprehensive campaign,
so whatever your arrangements with Sasha or his firm may be, we see GPC's
critical areas of support as follows.

	*	GPC would continue to provide strategic advice on the
overall program to secure Enron Canada's market opening in Ontario,
including advice to you on the Queen's Park Contact Program. Assuming that
you will be working with Sasha to execute the Queen's Park contact program,
we still believe that our assessment of the situation will be very valuable,
particularly with the opposition parties and for giving you an independent
back channel to gauge your success.

	*	GPC would also provide advice to you on the management of
other important stakeholders, such the municipal utilities, major power
consumers, consumer and environmental/social advocates and others who may
slow down or derail the market reforms.

	*	Regarding the opposition parties, we endorse your strategy
of maintaining the current support of the Official Opposition Liberals. GPC
is well positioned to assist in this political arena. It should be separated
from the government program in our view if possible.

	*	The media will also perform a pivotal role in shaping the
public's understanding of the issue. In this respect, we would recommend
that GPC's Peter Varley assist you. Our approach would be to ensure that the
major media outlets in key government constituencies are targeted to have an
accurate and favourable response to Enron Canada's position. Ideally, we
would work to ensure that these outlets are proactively supportive of the
market opening in their respective editorial positions and that Enron is a
preferred media contact. This would enable you be in a better position to
shape the media debate. To accomplish this we would recommend both a
proactive and reactive approach - i.e., media plan, contact program, program
delivery and day-to-day monitoring and rapid response (Aleck this is much
like we did for project Stanley).

	*	GPC would also develop all collateral materials for all
audiences including the media, government, regulators and market
stakeholders. This would include briefing notes, Q&A, media releases, policy
papers etc.

	*	Outside Ontario, there are other concerns, including some
current issues underway in Alberta, which Enron Canada should be alerted to
from time to time and GPC can help you understand those concerns as they
arise and assess the value of strategic intervention.

As we discussed, I will be the overall account manager for GPC and I
strongly recommend that you, Sasha and I meet as a team twice a month to
coordinate our efforts and to exchange intelligence.

I have also reviewed our current contractual arrangement with you (our
letter agreement from 08 June 2000) and I believe a new contract is not
required as our current contract would seem to be appropriate. It sets out a
comprehensive set of deliverables which covers all the points I have
outlined above, and an agreed understanding between you and me on a budget
will fit within the terms of that contract.

Once again Aleck, thanks for your support and patience and, as you can tell,
we value your business very highly.

I will call you to set up a convenient time to meet to ensure this overview
is consistent with our discussions and also to review with you the members
of the GPC team.

Tom McLaren
Executive Vice President
GPC International
416 598 0055
tmclaren@gpc.ca
website: http://www.gpcinternational.com

*******************************************************************
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Finished visiting with counsel ..... we will need to start with the buyback
for Global Octanes 9am tomorrow


Louise:
Here are the counterparties that have expressed some concern about any
potential conflict between what is in their ISDA Master and the long
descriptions on the Website:

1. Cargill - my legal contact is Mike Peterson.  I am awaiting his mark-up of
the ETA so let me see what if anything he does with Section 3(a) of the ETA.

2. Engage - my legal contact  is Luke Mickum and like Cargill, I am awaiting
his mark-up of the ETA.

3. Union Oil - my legal contact is Rosario Sindel (310-726-7767).  This was
her only comment.

I'll keep you posted no where Cargill and Engage stand on this issue after I
have received their mark-ups.

Carol (ext.33989)


Great news on the $ - cash is king.

Our toll on the other hand has been painful.  As of this morning, the remaining business issues were limited to the following:

Gross Negligence:  We have been unwilling to say that if the plant operator is grossly negligent, we will compensate them for their market damages.  In general, legal says that the law is vague and Haedicke does not want to set a precedent on these types of deals.  Basically, we have said if the plant is not available Allegheny reduces the capacity payment pro-rata.   The example used is:  The operator has a pick-up baseball game in the plant yard - foul ball is hit into the generator - plant goes down for a month - we say sorry, dont pay us this month - Allegheny says pay ld's.  We both agree that it is not gross negligence if the operator drops a wrench and the plant goes down for a month - Allegheny wants a bigger penalty so we proposed a larger discount in the capacity payment.

L/C - In the event we portfolio finance, they want a $25MM L/C to cover willful breach, gross negligence, etc.  They want it from a AA Bank with $2Billion of Net Worth, we want flexibility with A and smaller net worth - not a dealbreaker.

Qualified Entity: We want the right to assign the equity without their consent to certain qualified entities (large power companies).  We want to be able to sell to a company with min net worth of $200MM, 500MW of operations and at least one 150MW+ sized plant.  Allegheny wants a tougher standard - not a dealbeaker

Loan agreements:  They want copies of the loan agreements that would finance this asset - no.

All of this is very manageable and should be executable tonight.  However, each day this week we have been in this position and they have re-introduced new issues/comments which have resulted in negotiations till 4:00 - 5:00 AM.

One additional delay is that we just received very detailed comments from Finance.  We are going through them right now with Brian Kerrigan.

Overall, I think we will get there, but it may not be until next week.

Chris

Louise Kitchen
05/03/2001 12:06 PM
To:	Christopher F Calger/PDX/ECT@ECT
cc:
Subject:	How is our Allegheny deal?

We have our money!


Outstanding outcome- Ray, this was an incredible result given the challenging
context, to say the least....You should feel quite proud of this achievment-
Thanks!

Linda Robertson
05/14/2001 01:06 PM
To: Ray Alvarez/NA/Enron@ENRON
cc: Harry Kingerski/NA/Enron@ENRON, James D Steffes/NA/Enron@ENRON, Richard
Shapiro/NA/Enron@ENRON, Robert
Neustaedter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steven J Kean/NA/Enron@ENRON

Subject: Re: Tariffs Approved

Excellent, and congratulations.

	Ray Alvarez
	05/14/2001 12:34 PM

		 To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Linda
Robertson/NA/Enron@ENRON, James D Steffes/NA/Enron@Enron
		 cc: Harry Kingerski/NA/Enron@Enron, Robert
Neustaedter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: Tariffs Approved

The rate case that the governmental affairs group filed in January, on behalf
of Transredes, has come to a very successful conclusion and the new rates
will go into effect towards the end of this month.  The rates are not much
lower than what we filed for, and represent a very significant increase over
the previous rates.  The tariff methodology and revised regulations, put into
effect by the Supreme Decree, were followed to the letter by the regulator
despite political pressure to arbitrarily keep rates down.  The deliverables
here were to (1) obtain a tariff methodology via Supreme Decree that would
make the company finance-able / rescue it from dire financial straits and (2)
file a rate case and prosecute it to obtain hard rates in accordance with the
tariff methodology.  This second deliverable has now been completed.
Transredes has had a bond issue pending since last year due to the
uncertainty about rates; it is my understanding that the financial market
loved the ruling and that Transredes sold $40 million worth of bonds in about
5 minutes!  This ruling should also significantly increase Transredes's
market value, relative to Enron's efforts to sell its interest in the company.

---------------------- Forwarded by Ray Alvarez/NA/Enron on 05/14/2001 11:38
AM ---------------------------

Doug Farmer
05/11/2001 06:09 PM

To: Peter E Weidler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Hansvander.klink@shell.com.br, Hans.h.vanderklink@si.shell.com
cc: Jan van den Berg/TRANSREDES@TRANSREDES, John
Naphan/TRANSREDES@TRANSREDES, Cyro Camacho/TRANSREDES@TRANSREDES, Pedro
Elio/TRANSREDES@TRANSREDES, Fernando Gonzalez/TRANSREDES@TRANSREDES

Subject: Tariffs Approved

Gentlemen,

I am delighted to report that SIRESE approved substantial increases in TR's
tariffs consistent with the Law and Regulation.  The details are :-

     Existing Tariff SIRESE Approved % Increase TR/CLHB Proposed TR/CLHB %
Increase

Gas Export (including surcharges)  $0.18  $0.2205  22.5%  $0.26 (excluding
RG)  44.4%
Liquids Domestic    $1.05  $2.46  134.3%  $3.25    209.5%
Liquids Export     $1.55  $2.31  49%  $3.35    116.1%

CLHB's tariffs were also approved as follows $1.19  $2.20  84.9%  $3.528
196.5%

As you can see we did substantially better than CLHB (comparable with our
liquids domestic) !!

We will get a detailed report on the assumptions used by SIRESE to reach
their conclusions on Monday, but our inteligence suggests the following :-

1. Export gas volumes increased to 100% TR capacity, and 100% GSA + Cuiaba 2
assumed for SDA and TEMIN purposes
2. RG Compresion project deleted
3. Interest rate reduced to 10 or 10.5 % i.e. the rate in our bond issue
4. Liquids expansion in the South reduced
5. Some continuity of service CAPEX reduced
6. Unknown OPEX reduction and maybe a change to the OPEX allocation between
concesions
7. OCC in service date slipped from 2003 to 2004.
8. Debt/Equity assumption changed from 60/40 to 70/30

Our strategy to respond to each of these points is as follows :-

1. Volumes.  Covered by 8% rule, we can blete but can expect little back
here.  Clearly we will appeal if volumes exceed installed capacity in the
short term i.e. 2002/2003.
2. RG Compression - not worth fighting for since we don't even have the
support of BG
3. Interest Rate - We'll get this back when we do a tariff  revision and
actual rates are used.  When we get the detail we will appeal if Jan feels we
have concrete grounds i.e. commision costs etc. are omited.
4. Liquids Expansion in the South.  Here we intend to do a detailed analysis
of exactly what has been deleted and as a result what liquids/gas production
will be shut in.  If possible all assumptions to be agreed with the affected
producers (PB, BG, Vintage and Chaco).  We will then write to those
producers(copy SIRESE , VMEH etc.) stating that on their recommendation the
project scope was reduced by SIRESE.  We will give them an estimate of the
lost liquids/gas production (in both volume and cash terms) resultant from
this decision.  We will tell them that since they proposed these reductions
we have no intention of appealing them but invite them to appeal.
5. Continuity of Service Capex.  We need to see the detail here.  We will
take the moral high ground and be absolutely clear that we are not prepared
to compromise our safety and environmental standards.  We need to see exactly
what has been removed, but my thought is that if that means we are unable to
provide some services (e.g. LPG transportation) or the continued operation of
some liquids laterals, we should write to those producers affected suggesting
that if they wish these services to be continued they need to appeal the
decision.  Again since this is Capex we will get it back in the end on tariff
revisions as long as the expenditure is approved on an annual basis in the
SIRESE budget process.
6. OPEX - need to see the detail on Monday.
7. OCC - will not appeal - we need to do a detailed study to develop an OCC
strategy.
8. Debt/Equity ratio.  Strictly speaking what has been done is in accordance
with the Law/Regulation - the regulation says the maximum allowed equity is
40%.  However, we have very strong grounds to appeal since : a) we are
currently miles away from 60/40 let alone 70/30, b) we can only borrow for
CAPEX (as per bond issue and the policy of all/most banks/lending
institutions) with the case presented in the rate case if we borrow to cover
100% of CAPEX we can easily demonstrate that we are still miles away from
60/40.  We intend to fight this one very hard using all the
external/independant help we can get.

As you are all aware our big exposure with the rate case was that the much
needed substantial increase in liquids tariffs would not be approved and we
would be subjected to some form of arbitary cut.  This has not happened
SIRESE has now approved and hence owns these substantial increases.  Having
got the big hike our job is now to claw back as much as we can from the above
strategy in the full knowledge that the results of these efforts will be much
smaller and hence managable increases.

Attached is an analysis of the individual impacts on the tariff of the above
points and the corporate model using the new tariff with our volume
assumptions (i.e. the worst case).

Regards,
Doug


(See attached file: g051101.pdf)

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 - g051101.pdf


Subject: FW: New Ballot for West Palm Beach County

 - BallotWPBF11.11.00.doc


Please keep this confidential and internal to the company.  Thanks.

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 07/02/2001 10:12 PM -----

	"Delaney Hunter" <dhunter@s-k-w.com> 07/02/2001 06:00 PM Please respond to dhunter 	   To: "'Phil Isenberg'" <Isenberg@HMOT.com>  cc: Ann.Cohn@sce.com, brbarkovich@earthlink.net, cohnap@sce.com, cra@calretailers.com, debinorton@aol.com, derek.naten@roche.com, dominic.dimare@calchamber.com, drothrock@camfg.com, ek@a-klaw.com, fieldejr@sce.com, jdasovic@enron.com, john.redding@gene.GE.com, jstewart@cmta.net, kmccrea@sablaw.com, kt@a-klaw.com, lga@mother.com, liebmand@haynesboone.com, mdjoseph@adamsbroadwell.com, mflorio@turn.org, mkahl@ka-pow.com, Robert.Albergotti@asm.ca.gov, smutny@iepa.com, vjw@cleanpower.org, wbooth@booth-law.com, John.Fielder@sce.com, mkahl@ka-pow.com  Subject: FINAL Document/Letter

Hi all-
Here are the final document and letter. I will also be faxing everyone a
copy of the letter with signatures.

Thanks,
Delaney

 - FINAL DRAFT issues outline.doc
 - FINAL COVER LETTER.doc


I reveiwed the attached draft of the document for Project Green Light with Rick Buy today just to let him know that this has taken shape since he and I discussed this in August.  He asked that I forward a draft to each of you.  Please let Tom know if you have suggestions or comments.  Steve Stock is in London this week, and will be meeting with IT personnel and with Mike Jordan regarding this project.  Upon Steve's return, the plan is that Tom will be able to complete this document with a planned timeline.  Watch for this in final form next week.  --Sally

 -----Original Message-----
From: 	Victorio, Tom
Sent:	Monday, September  10, 2001 11:33 AM
To:	Beck, Sally
Subject:	RiskTrac project -- Project Green Light

Sally, attached are latest draft of the Vision document for Project Green Light. I also attached a spreadsheet listing all the sub-projects identified so far.

Please let me know if you need anything else.
Regards,
Tom


standard reply is that we will be working on the last day and no one knows what it will be like.  Make a reservation and we will do our best to get you out.  The problem is I am sure everyone wants to get out for New Year's Eve so you might generate hard feelings.  I have nothing to do because I consider it to be the most dangerous night of the year and I always stay home.  You decide what you want to do and we will work around it.  If you stay here, I have always heard the Hyatt has a great party and room rate all included.  I am sure other hotels have the same.
PL

-----Original Message-----
From: Brady, Edward
Sent: Wednesday, December 19, 2001 10:11 PM
To: Love, Phillip M.
Subject:

I'm trying to figure what kinds of plans to make for New Year'sEve, but i hear conflicting stories about work on Dec. 31...I hear that it's a half day of trading and half of zero is zero so I'm trying to understand what could make it a long night...Ideally I'd fly into New Orleans New Years Eve and com back the next day...What are the possibilities of making an evening flight out...

If I can't make it to N.O...what kinds of things do you know of to do around her for New Years? Remember, my little woman is not yet of legal drinking age so bars are out of the question...

thanks


Sandy,

Can you check with Robbi or Marie and compare this to an older version of our standard MSA.  It looks identical to what we used to use prior to Cynthia coming up with the U.S./Europe version.  It incoporates the concepts of contract value and replacement value.

Thanks,

Jane Wilhite
ext. 35063

-----Original Message-----
From: Haldeman, Sandy
Sent: Monday, October 22, 2001 11:06 AM
To: Wilhite, Jane
Cc: St. Clair, Carol
Subject: C&W MSA - redlined comparison you requested

JANE, attached please find the redlined comparison you requested of the Kevin Paley document (CW MSA V4.5(2).doc) compared to the standard MSA.  Hope this comparison is helpful and shows you all the changes made.

Call me please at Ext. 53879 if you need me to do anything else to assist you in comparing the documents.

Thanks,
Sandy (Ext. 53879)

Attachment

Sandy
Can you do this? Tracy or Robin should be able to send you our form?
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)

-----Original Message-----
From: Wilhite, Jane <Jane.Wilhite@ENRON.com>
To: Hawthorn, Jay <Jay_Hawthorn@ENRON.net>; St. Clair, Carol <Carol.St.Clair@ENRON.com>; Sidler, Shirley <Shirley_Sidler@ENRON.net>
Sent: Mon Oct 22 07:57:00 2001
Subject: RE: C&W MSA

Can we get this marked against our standard?  It looks like our old version.

Thanks,

Jane

-----Original Message-----
From: Hawthorn, Jay
Sent: Sunday, October 21, 2001 10:58 PM
To: St. Clair, Carol; Wilhite, Jane; Sidler, Shirley
Subject: FW: C&W MSA

All,

Doesn't look like he's too interested in our Master.  Can we take another look at theirs to see if they made any changes at all that we wanted?  I haven't yet had a chance to take a look at it.

Thanks, Jay.

-----Original Message-----
From: Paley, Kevin
Sent: Fri 10/19/2001 9:35 AM
To: Hawthorn, Jay
Cc:
Subject: C&W MSA

Jay,

Attached is our Final Version of our MSA.  We have looked at your new one,
but have decided that it will take us too much time to adjust for it.  We
have approved your guarantee.  I hope you choose to go forward with this
MSA.

Kevin <<CW MSA V4.5(2).doc>>

Kevin Paley
Senior Director, Trading & Risk Management
Service Providersl
Cable & Wireless
"Delivering the Internet Promise"
www.cw.com

kevin.paley@cw.com
Phone:  +1 703 667 6059
Fax:  +1 703 667 6004


Please assign to the list of new masters for preparation and execution.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 02/20/2001 08:43 AM -----

	Laurel Adams
	02/19/2001 09:10 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Intercompany counterparties

Sara,

Below is a list (hopefully comprehensive) of intercompany counterparties we
trade with, but do not have an RMT master agreement in place with:

Enron Metals Limited
Enron Metals Recycling
Enron Netherlands Holdings BV
Enron Development Funding limited
Enron Metals & Commodity Limited

LEt me know if  you need any more info.

Recycling & Metals & Commodity Limited have very little trade activity.


Hi Tana,

I was checking to see if the confidentiality agreement has been sent out.
Also I needed to clarify the process on this. When we say we are sending them
a draft is it a copy that can be signed by them if they are agreeable to the
language. If it is not we need to send them something that they can sign if
they agree with the language. It needs to go out within the next day or so. I
guess they need faster than I thought. Also the name of the person it needs
to be sent to is Jack Cogen not Jack Hogan. Thanks a lot for all your help.

Savita


281/364-5207

	"Patti Young" <pyoung@cliverunnells.com>
	05/18/2001 03:06 PM

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

How about her phone number, darlin.

-----Original Message-----
From: Tana.Jones@enron.com [mailto:Tana.Jones@enron.com]
Sent: Friday, May 18, 2001 10:36 AM
To: pyoung@cliverunnells.com
Subject: RE: Thursday

I don't have Holly's email address, I always call her.

                    "Patti Young"
                    <pyoung@cliverun        To:     <Tana.Jones@enron.com>
                    nells.com>              cc:
                                            Subject:     RE: Thursday
                    05/18/2001 01:05
                    PM

I will have your bike and helmet in the car and drop it by your house if
you
like.

What is Holly's email?

Looking forward to seeing you.

-----Original Message-----
From: Tana.Jones@enron.com [mailto:Tana.Jones@enron.com]
Sent: Friday, May 18, 2001 8:27 AM
To: pyoung@cliverunnells.com
Subject: RE: Thursday

Lucinda will be joining us.  I havent heard back from Holly.  Maybe you
might want to give her a call too.  I'm sure she's a little stressed out
right now!  Maybe you could bring my bike & helmet when you come.

                    "Patti Young"
                    <pyoung@cliverun        To:     <Tana.Jones@enron.com>
                    nells.com>              cc:
                                            Subject:     RE: Thursday
                    05/18/2001 12:14
                    PM

Good Morning!!

Phyllis, Carol and Monnie are all planning to make breakfast at 10 at BG.
Did you get in touch with Holly and Lucinda?  Call anyone else you want...

See you then.  I will bring your bike.

I think I am only working til mid-day today.

-----Original Message-----
From: Tana.Jones@enron.com [mailto:Tana.Jones@enron.com]
Sent: Thursday, May 17, 2001 1:56 PM
To: pyoung@cliverunnells.com
Subject: RE: Thursday

Please call Carol.  How about the Buffalo Grille, or is that too busy?

                    "Patti Young"
                    <pyoung@cliverun        To:     <Tana.Jones@enron.com>
                    nells.com>              cc:
                                            Subject:     RE: Thursday
                    05/17/2001 05:53
                    PM

Good!!  If you want to get Hollie, Lucinda, etc., to come, please feel free
to do so.  Is there any special place you want to go???

I have been thinking about you as well.  I have your bicycle and will
return
it to you when you are ready for it.  I can bring it on Saturday.  Will it
fit in your car?  If not, I can drop it by after breakfast.  Might need to
come by anyway to see what else you have done to it.

I will call Carol, too, if you don't care.

-----Original Message-----
From: Tana.Jones@enron.com [mailto:Tana.Jones@enron.com]
Sent: Thursday, May 17, 2001 1:36 PM
To: pyoung@cliverunnells.com
Subject: Re: Thursday

Breakfast at 10:00 sounds great!  Wherever you want to go...also, I need to
get my bike back from you, I might be doing some biking.  I've been
thinking about you.  Hope all is going well.

                    "Patti Young"
                    <pyoung@cliverun        To:     "Tana Jones"
<tana.jones@enron.com>
                    nells.com>              cc:
                                            Subject:     Thursday
                    05/17/2001 05:33
                    PM

Miss Tana,

Is there a chance you might like to try to get together this weekend?  I
thought I would check with you first and then see if Phyllis is available.

I have a hair appointment at 8 a.m. on Saturday.  We could do breakfast at
10, or whatever...

Let me know.

Patti

(


Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 05/15/2001 01:24 PM -----

	CRCommunications <CRCommunications@caiso.com>
	05/15/2001 10:50 AM
	Please respond to "Sole, Jeanne"

		 To: ISO Market Participants
<IMCEAEX-_O=CAISO_OU=CORPORATE_CN=DISTRIBUTION+20LISTS_CN=ISO+20MARKET+20PARTI
CIPANTS@caiso.com>
		 cc:
		 Subject: CAISO Notice: Freedom of Information Act Request

Market Participants and Scheduling Coordinators:

The CA ISO has received a number of calls from Market Participants asking to
review the confidential attachments to the CA ISO/EOB's March 1 motion
requested recently from FERC pursuant to the Freedom of Information Act
(request attached).  Market Participants argue that they require access to
the attachments in order to respond to the FOIA request.  The March 1 motion
requested confidential treatment for the attachments "although the ISO and
the EOB do not believe that confidential treatment is required under the ISO
Tariff" because they were nonetheless "concerned that release of the
information contained in the appendices at this time could adversely affect
the ngotiations currently underway between the State of California and the
generators".  Since these concerns exist, the CA ISO cannot release the
confidential appendices.  Attached however are the cover sheets to each
table which describe in detail what is contained in each table.  This
information should assist Market Participants interested in the matter to
prepare any response they may wish to submit to FERC.  Again, Market
Participants should not rely on the CA ISO to make their arguments for them.

Jeanne M. Sol,
Regulatory Counsel
California ISO
(916) 608-7144
____________________________________________________________________________
_______________________________________

The Foregoing e-Mail Communication (Together With Any Attachments Thereto)
Is Intended For The Designated Recipient(s) Only. Its Terms May Be
Confidential And Protected By Attorney/Client Privilege or Other Applicable
Privileges.  Unauthorized Use, Dissemination, Distribution, Or Reproduction
Of This Message Is Strictly Prohibited.

 - Tables.pdf
 - Swidler OEA.pdf


Please send the following e-mail addresses and telephone #s to bwhite@
pureresources.com:

me
Bruce Oakley at B&P
Steve Pruett at Enron


No.  Thanks again!  DF

	From:  Jean McFarland                           03/31/2000 09:36 AM

To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: Follow-up

Drew -- did you have any problems with your laptop last night?  JM


Ava, would you please designate these on my calendar.  Thanks. Lynn

 -----Original Message-----
From: 	Berger, Larry
Sent:	Thursday, July 26, 2001 9:00 AM
To:	Zadow, Raetta
Cc:	Dietz, Rick; Blair, Lynn
Subject:	Vacation Days in August

Raetta,

Per our conversation, I will be taking the following vacation days in August:

Monday, Aug 6
Tuesday, Aug 14
Monday, Aug 20

Larry


(See attached file: HPLN1230.xls)

(See attached file: HPLN0101.xls)

 - HPLN1230.xls
 - HPLN0101.xls


I usually use more bananas than that recipe calls for; also, no fruit
liquor.  Usually turns out well.  Is this approach OK or do you love the
standard?

Ray
----- Original Message -----
From: <Tana.Jones@enron.com>
To: <rayberyl.mack@worldnet.att.net>
Sent: Friday, May 11, 2001 9:11 AM
Subject: Re: May 19 Church Gourmet Cajun Dinner

>
> L:ovely choice!
>
>
>
>                     "Ray & Beryl Mack"
>                     <rayberyl.mack@worldne        To:
<Tana.Jones@enron.com>
>                     t.att.net>                    cc:
>                                                   Subject:     Re: May 19
Church Gourmet Cajun Dinner
>                     05/10/2001 09:32 PM
>
>
>
>
>
>
> Looking forward to being with the party.  I will make Banna's Foster.
>
> Ray Mack
> ----- Original Message -----
> From: <Tana.Jones@enron.com>
> To: <cttng@pdq.net>; <Alicia.Goodrow@enron.com>; <henryg@shellus.com>;
> <ah692217@bcm.tmc.edu>; <rayberyl.mack@worldnet.att.net>
> Sent: Wednesday, May 09, 2001 6:31 PM
> Subject: May 19 Church Gourmet Cajun Dinner
>
>
> > I look forward to having you all as guests for an evening of Cajun
> cooking
> > at my home on Saturday, May 19 at 7:00 pm.  Some of us (I won't name
> > names!) are hoping we might even have enough time to play a wicked game
> of
> > African Uno!
> >
> > Below is the list of the individuals attending the dinner at my home,
and
> > attached below are the recipes for the evening.  I will provide beer,
> wine
> > and soft drinks.  In addition, I will make a big pot of white rice to go
> > with the Red Beans & Rice, & Shrimp Etouffe.
> >
> > Please let me know as soon as possible which recipe you would prefer to
> > prepare.
> >
> > Laura Johnson (1)
> > Charles and Janice Thompson (2)
> > John Hagood (1)
> > Ann Hutson (1)
> > Henry and Alicia Goodrow (2)
> > Beryl and Ray Mack (2)
> > Tana Jones (1)
> >
> > The directions to my house are as follows:
> >
> > 1.  Take 59 to the Greenbriar exit (like you are going to Church)
> > 2.  Make a right on Greenbriar
> > 3.  Quickly get into the left lane because you will have to make the
> first
> > left possible onto a street called Milford
> > 4.  Then, make a left onto Shepherd (you need to go back one street in
> the
> > opposite direction)
> > 5.  The first right will be Banks Street (it is the street right next to
> > the 59 freeway)
> > 6.  On Banks, go past the first stop sign, I will be the 3 or 4th house
> on
> > the left, a taupe colored, ivy covered cottage, 1920 Banks
> > 7.  My phone number is (713) 529-1038
> >
> > (See attached file: Church Gourmet 51901.doc)
> >
> >
>
>
>
>


It's OK to delay the materials for Duffie. He is very busy anyway and is not
going to complain.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/24/2001
05:23 PM ---------------------------

Scott Salmon@ENRON
04/24/2001 01:23 PM
To: Amitava Dhar/Corp/Enron@ENRON
cc: Vince J Kaminski/HOU/ECT@ECT, Vasant Shanbhogue/Enron@EnronXGate, Ben
Parsons/LON/ECT@ECT, George Albanis/LON/ECT@ECT, Tomas Valnek/LON/ECT@ECT,
Bryan Seyfried/LON/ECT@ECT
Subject: Having Iris visit London

Hi Amitava,

We've been doing some thinking and discussing here regarding the information
on our modelling process we'll provide to Darryl Duffie.  We think it would
be extremely valuable for Iris to come out to London for a couple weeks to
gain a better understanding of the how the models integrate and are truly
employed.  I think this would greatly enhance the "product" we'll send to
Duffie as well as giving Iris a firm view of Enron Credit.  In addition, she
could also explore some of the data sources such as Amadeus and others that
might be helpful in private firm modelling.  If we're extremely
efficient/lucky in receiving data from D&B or Experian, she might be able to
begin analysis on that for the private model efforts.

I would recommend she plan on coming out for 2 weeks starting the week of 30
Apr perhaps.  Depending on the progress with the private firm data sources,
it probably makes sense to send her back to Houston to work on calibration
sets with a likely return visit to London as required.

Please let me know your thoughts.

Cheers,
Scott


______________________________________________________________________________
_______
Get more from the Web.  FREE MSN Explorer download : http://explorer.msn.com

 - TheHumanWaterFountain[1].mpg


Please find attached Credit's EOL responses for 1/31/00.

Regards
Molly


FYI.
----- Forwarded by Jeff Dasovich/NA/Enron on 02/15/2001 06:19 PM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	02/15/2001 06:11 PM

		 To: jdasovic@enron.com, skean@enron.com, Richard Shapiro/NA/Enron@Enron,
James D Steffes/NA/Enron@Enron
		 cc:
		 Subject:

Steve:
Here's a substantially more cleaned-version, with attachments.  There's a
hard copy on your chair.

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 02/15/2001 05:57 PM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	02/15/2001 05:56 PM

		 To: jdasovic@enron.com
		 cc:
		 Subject:

Jim:
It was a pleasure speaking with you yesterday.  Based on our conversation,
this email includes the following:

An Enron contact to discuss developing small-scale generation on Tribal lands.

Our views on the impediments to distributed generation and suggestions on how
to remove those impediments.

A description of the credit issues that continue to impede DWR,s ability to
sign contracts with power suppliers, and options to resolve them. Two
possible options for addressing the credit issue are 1) a California PUC
order clarifying that DWR will recover its power purchase costs through
rates, and 2) an amendment to AB1X designed to accomplish the same goal.  I
have attached talking points regarding the California PUC order and proposed
amendments to AB1X.  We believe that an amendment to AB1X is the preferable
option.

Our assessment of the supply/demand picture in California.

Our suggestions for a legislative package designed to solve both the near-
and long-term electricity crisis in California.  We will deliver to your
office tomorrow detailed legislative language.  In those materials we will
also identify existing bills that we believe can easily accommodate our
proposed language.

I hope that the information is useful.  Please do not hesitate to contact me
if you would like to discuss these materials further, or if there is anything
else that I can do to assist you.

Regards,
Ken

Contact Information to Discuss Interest Expressed by Native American Tribes
in Installing Small-scale Generation on Tribal Lands

David Parquet, Vice-President
Enron North America
101 California Street, Suite 1950
San Francisco, CA 94111
Phone: 415.782.7820
Fax: 415.782.7851

2. Key Barriers to Distributed Generation

Excessive and Unnecessary Utility Stand-by Charges

Solution: The executive orders issued by the Governor on February 14th took a
step in the right direction.  Utility stand-by charges have always been
designed by the utilities to protect their monopoly position, extract
monopoly prices from customers, or both.  But there is no reason to limit the
elimination of these charges to generation facilities that are less than
1MW.  These limits will only lengthen unnecessarily the time it takes for
California to close the significant gap between supply and demand and reduce
the risk of black outs this summer.  We would propose lifting the cap by
offering amendments to SB27X, which is designed to facilitate development of
distributed generation.

Excessive delays and costs related to interconnecting facilities with
investor-owned and municipal utilities

Solution:   The Governor,s executive order regarding interconnection is a
step in the right direction*D-D-26-01 requires utilities to complete
interconnection studies within 7 days.  California should ensure that this
requirement applies to all generation facilities, including distributed
generation.  In addition, the financial conflicts the utilities face when
interconnecting generation facilities are simply too powerful to overcome
through executive orders or other regulations.  To the greatest extent
possible, California should shift control over interconnection away from the
utility and place that control with the California ISO.  This could be
accomplished through amendments to SB 27X.

Permitting and Air Quality Issues
Developers of distributed (i.e., &on-site8) generation that is 50 MWs or
greater must receive certification from the California Energy Commission and
therefore face all of the impediments to development that large-scale
generation faces.

Solution: California should ensure that the executive orders (D-22-01 thru
D-26-01) issued by the Governor to expedite plant siting and maximize plant
output apply equally to smaller scale, &distributed generation8 facilities.
In addition, distributed generation that is less than 50 MWs continues to
face local opposition.  The State should ensure that local, parochial
interests cannot block otherwise beneficial distributed generation projects.
These objectives could be accomplished through amendments to SB27X.

3. Credit Concerns Regarding Authority Granted to DWR in AB1X to Purchase
Electricity on Behalf of the Utilities

Enron responded to the RFP issued by DWR to enter into power contracts with
suppliers.
Enron is in active discussions with DWR to establish contract terms with the
goal of entering into a power purchase agreement as soon as possible.
However, ambiguities contained in AB1X have created significant credit risk
concerns that need to be resolved in order to finalize contract terms.
We understand that the lion,s share of counterparties share Enron,s credit
risk concerns.
Enron has proposed several options for resolving the credit risk issues and
is working with DWR to arrive at a solution that is mutually agreeable to
both sides and that might serve as a template for power purchase agreements
going forward.

Summary of the Source of the Credit Risk Issue

Ambiguous Ratemaking Authority
The language in AB1X is ambiguous as to whether DWR has any authority to
charge California ratepayers for the costs of purchasing power.  From our
analysis of the bill, the language in AB1X appears to leave intact the
California PUC,s exclusive jurisdiction over ratemaking in California.  As
such, suppliers have no assurance that the PUC will agree to include in rates
adequate charges to cover DWR,s costs of power purchases.

Ambiguous Regulatory Authority Regarding Contract &Prudence8
The language in AB1X leaves open the possibility that the California Public
Utilities Commission could determine that power purchases made by DWR are
&imprudent.8  On the basis of such a finding, the CPUC could then refuse to
allow DWR to collect from ratepayers the costs associated with its power
purchases.  Consequently, suppliers have no assurance that the PUC will agree
to include in rates the charges to cover the costs of power contracts that
DWR has entered into with suppliers.

Ambiguous Language Regarding the Ratemaking Mechanism that Will Be Used to
Recover DWR,s Costs of Power Purchases
In addition to the ambiguity regarding ratemaking and regulatory authority
noted above, the language in the bill is equally ambiguous with respect to
the specific ratemaking &mechanics8 that AB1X directs the PUC to employ to
permit DWR to recover its power purchase costs. Based on our analysis, it is
extremely difficult to determine how the PUC would design the rates to ensure
DWR recovers its power purchase costs.  Moreover, as currently drafted, it is
difficult to determine whether AB1X would even permit the PUC to include in
rates all of the charges necessary to fully recover DWR,s power purchase
costs.  Again, this ambiguity raises significant credit risk concerns since
suppliers have little assurance that DWR will have the ability to recover
from ratepayers the costs of purchasing power.

Options to Resolve Concerns Regarding Credit Risk

We have been working diligently with DWR officials to resolve the credit risk
issues.  We have identified three options:

Amend AB1X
The amendments, which are attached to this email, would clarify that a) the
PUC would accept as &prudent and reasonable8 all purchase costs incurred by
DWR, and b) the PUC is obligated to include in rates the charges necessary to
ensure that DWR fully recovers its costs of power purchases.  This is the
preferred option, though we understand that the there may be some political
challenges standing in the way of amending AB1X.  (See attached file
entitled, &AmendAB1X.doc8.)

Clarify the Ambiguities in AB1X through an Order Issued by the PUC, and
through Contract Language
This is the option that we are currently working with DWR officials to
implement.  However, it is more complicated and could take significantly more
time to implement than the "legislative" fix.  We have attached electronic
copies of the talking points related to the order that the California PUC
would need to issue under this option.  (See attached file entitled,
&cpuctalkingpoints.doc.8)

Make Use of Other Instruments Designed to Address Credit Risk
As indicated in our letter responding to DWR,s RFP, we are willing to accept
other forms of credit from DWR.  Those options include a letter of credit,
cash prepayment, or an acceptable form of collateral.  DWR officials have
indicated to us that DWR prefers to pursue the second options. That is, DWR
prefers to clarify the ambiguities in AB1X through a PUC order and through
contract amendments.

4. California,s Supply-demand Picture Heading into Summer 2001

Both the California Energy Commission and Cambridge Energy Research
Associates (CERA), a private sector energy think tank, have issued reports
showing that California faces a severe supply-demand imbalance.  They differ
only on how much and how soon additional supply will be made available.  All
credible sources agree that supply will be very tight throughout the Summer
of 2001 and that unless a solution is found immediately, blackouts are
likely.

CEC and CERA both forecast that California will be short of supply this
summer by approximately 5,000 MW.   These numbers are in line with our
estimates.  California,s supply base currently has a 6% capacity margin, well
below the average 15-20%, which is recommended for reliable system operation
in the West.  Since the West relies more heavily upon hydroelectric power
than other regions, reserves are particularly important, owing to the
unpredictability of the weather and the dry year the West has experienced to
date. In the event of a low rain and snow period, the system must possess the
flexibility to respond to the reduced availability of power supply.
California,s very low reserve margin makes it especially susceptible to this
requirement.

Other reasons for reduced supply for the Summer of 2001 include the early
draw-down of reservoirs in the continual effort to manage California's severe
supply-demand gap; emissions restrictions on existing plants; and a reduced
number of customers who can be curtailed under their contracts with the
utilities.  Cambridge Energy Research Associates asserts that at the current
pace of siting, permitting and construction, adequate supplies will not be
added to correct the market imbalance until 2003 at the earliest.

CERA predicts that California is likely to face approximately 20 hours of
rolling black outs this summer.  The CEC paints a considerably more
optimistic scenario, betting that California will bring an additional 5,000
MWs on line to meet peaking summer demand.  It is our view that California
should view the CEC's "rosy scenario" with considerable skepticism.

5. Suggested Package of Legislative Proposals Designed to Solve California,s
Electricity Crisis

This email offers an overview of our proposed legislative solution.  We will
deliver to your office tomorrow specific legislative language and existing
bills that we believe can accommodate our proposals.

As we have suggested throughout the crisis, any solution to California's
crisis must focus on four issues:

Increase supply
Decrease demand
Establish a truly competitive retail electricity market
Return California,s Investor-owned utilities to solvency

Increase supply--Legislative vehicle: SB28X (Sher)
To site and construct a power plant in Texas takes approximately 2 years.
Enron and others have completed the entire process in other states in less
than a year.  In California, it takes about six years, or longer.

The Governor,s executive orders and Senator Sher,s siting reform legislation
are steps in the right direction.  Our suggested amendments can improve those
efforts by further addressing the difficulties that project developers face
in securing air emission reduction credits to meet the air permit
requirements included in the CEC's certification requirements.  Enron,s
proposal seeks to streamline the process for 1) obtaining credits and 2)
transfering credits between air districts.  In addition, it creates an
innovative emissions reduction bank to allow project sponsors to fund
emissions in advance of obtaining certification, and permits the affected air
districts to use those funds to finance projects that will produce the
required reductions in pollution emissions.

Decrease demand*Legislative Vehicle:   AB31X (Wright)
Because of the delay in getting a solution in place in California, closing
the supply-demand gap through energy conservation and efficiency offers the
best chance of avoiding blackouts this summer.  This can be accomplished most
effectively and quickly in two ways:

Buy-down demand
California is tapping into an enormous amount of money from the General Fund
to finance DWR,s power purchases.  California could likely reduce demand more
economically by running an auction to determine the payments businesses would
be willing to receive to reduce their demand for a sustained period (e.g.,
through the summer months).  DWR could easily run an on-line auction to
determine the price it could pay for these demand reductions.  To
participate, businesses would be required to have the metering equipment
necessary to monitor and verify that they are actually achieving the
reductions.  Enron has developed an on-line auction software package, &Deal
Bench,8 that it would be willing to contribute to the effort.

Use Price Signals to Incent Voluntary Curtailment
To be successful, customers need access to the following key elements:

An internet based hour-ahead price posting system to track the market price
for hour-ahead power in real time.
Real-time metering systems for baseline demand and voluntarily curtailment
verification.
Settlement process that allows for market clearing prices of energy to be
paid for load reduction (&Negawatts8).

The potential benefits of an effective demand response program would include:

&creation8 of additional summer peaking capacity in California, particularly
in the short term, without requiring construction of additional generation
resources.
reduction of  peak or super-peak load on the over-stressed California
electric system, thus potentially reducing the overall cost of electricity in
the state.
fostering of demand elasticity without subjecting customers to the full risk
of hourly market price volatility by passing market price signals to
customers and allowing them to voluntarily shed load and be compensated for
responding.

We estimate that we could generate a summer 2001 on-peak demand response in
excess of 400 MW during certain high cost hours, and a demand response for
summer 2002 on-peak hours that could exceed 1000 MW.  We further estimate
that the market response to this program from all ESPs could be 2 to 3 times
that amount.  We recommend that the State of California provide rebates
directly to customers to fund the installation of advanced metering and
control systems that would support load curtailment implementation.

Establish a truly competitive retail electricity market*Legislative vehicle:
SB27X
The only customers who were protected from price volatility in San Diego were
customers who chose Direct Access and signed fixed price deals with energy
service providers.  Ironically, AB1X takes that important option away from
customers and businesses.  It is critical that AB1X be amended to remove the
prohibition against Direct Access.

Enron's legislative proposal would give customers freedom to enter into a
direct access transaction, while simultaneously addressing the Department of
Water Resources' concerns about stranded power costs that might result from
customer migration.

In addition, California will only achieve a competitive retail market when
the utility is removed completely from the procurement function.  Procurement
is not a utility core competency, as evidenced by the dire financial
condition in which the utilities now find themselves.  California should
therefore begin immediately to phase the utility out of the procurement
function entirely, with the goal of having all customers served by a
non-utility provider within 36 months.  To execute the transition, California
should hold a series of competitive solicitations over the 36-month period in
which competing service providers would bid for the right to serve segments
of utility load.

Return California,s Investor-owned utilities to solvency*Legislative vehicle:
AB18X
Utility bankruptcy will not increase supply and it will not decrease demand.
In short, bankruptcy does nothing to solve California,s supply-demand
imbalance.  In addition, bankruptcy increases the likelihood that consumers
and businesses will bear the significant financial risks of having California
State government assume the role of &electricity buyer8 for an extended
period of time.  Finally, bankruptcy will undermine both investor confidence
in California's energy markets and the private sector's willingness to
participate in that market.

California can return the utilities to financial solvency by implementing a
series of staged rate increases.  California should design those rate
increases with the dual goal of returning the utilities to solvency without
&shocking8 the economy or household budgets For example, California could
amortize the recovery of the utilities, past debt over a 5-10 year period.
In addition, the magnitude of the rate increase can be reduced in two ways:
First, the utilities could absorb some portion of their existing debt in
recognition of the risk they accepted when they agreed to the structure of AB
1890.  Second, California can &net8 the revenues the utilities have received
from selling electricity into the Power Exchange against the debts they have
accrued due to the retail price cap.


louise and greg are in charge

 -----Original Message-----
From: 	Presto, Kevin M.
Sent:	Wednesday, January 16, 2002 3:50 PM
To:	Fitzpatrick, Amy; Lavorato, John
Subject:	Re-Allocaton of $'s

I would like to recommend to following allocations of retention $'s - THIS CREATES NO NET IMPACT ON TOTAL $'S ON THE SPREADSHEET

Gain 575 cash 450 equity (Rogers Herndon, John Forney, Joe Wagner, Tom May)

Re-allocate in the following manner:
			Cash		Equity
	Arora		+75k		+75k
	Gilb-Smith	+25k		+25k
	King		+25k		+25k
	Gupta		+25k		+25k
	Misra		+75k		+75k
	Suarez		+50k		+50k
	Carson		+25k		+25k
	Imai		+25k		+25k
	Steffes		+50k		+50k (we will lose key reg people if we don't pay)
	Nicolay		+50k		+50k ("                            "                            ")
	Novosel		+25k		+25k ("                            "                            ")

Please call with any questions.   I feel very good about keeping nearly all of these people at the levels above and we could lose some key ones if we don't do this.
Again, I am not spending any additional $'s - I am simply taking from other people who will not be part of UBS.

Kevin Presto
East Power Trading
Phone:  713-853-5035
Cell:  713-854-3923
Fax:  713-646-8272