T U E S D A Y   E V E N I N G   E X T R E M E   M A R K E T S
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Tuesday: The CRB Index has eased 0.98 points to 189.09. The
US Dollar Index gained 0.05 points to 117.71.

The Dow Industrials slipped 58.05 points, at 9713.80, while
the S&P 500 dropped 8.27 points, last seen at 1119.31. The
Nasdaq Composite retreated 47.80 points to 1882.54.
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E X T R E M E   M A R K E T   C O M M E N T A R Y
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The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes

Stock indexes closed sharply lower on Tuesday due to suspicions about
earning prospects in technology stocks during the first quarter of
this year dim. The NASDAQ closed sharply lower on Tuesday breaking
out below December's reaction low crossing at 1918.50, which
coincides with the 25% retracement level of the rally off last
September's low. The door is open for additional weakness with the
38% retracement level crossing at 1826.96 being the next likely
downside target later this winter. The NASDAQ closed down 47.81
points at 1882.53. The March S&P 500 index also closed lower on
Tuesday as it posted a key reversal down and finished the day below
the 25% retracement level of the rally off September's low crossing
at 1122.57. Multiple closes below this support level and December's
low at 1115 would open the door for a larger-degree decline during
the last half of January. The March S&P 500 closed down 6.90 points
at 1121.70.

The Dow closed lower on Tuesday and is challenging key fib support
crossing at 9706.20. The Dow closed down for the eleventh time in the
past thirteen trading sessions as earnings forecasts seen do not
justify the gains we saw in the fourth quarter of last year. The Dow
is at an important crossroads. Closes below 9706.20 would open the
door for a larger-degree decline into late winter. At the same time,
short-term momentum indicators are bearish but becoming oversold
hinting that at the very least we could see a short covering bounce
possibly into the end of January. Today's low-range close sets the
stage for a steady to weaker opening on Wednesday.

INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

March T-bonds posted an inside day with a lower close on Tuesday
thereby leaving last Friday's upside reversal unconfirmed. Last
week's breakout below January's uptrend line has increased the odds
that a short-term top has been posted. Closes below last Friday's low
crossing at 102-17 are needed to confirm the trendline breakout is
for real. Momentum indicators are overbought and turning neutral to
bearish hinting that we could see sideways to lower prices near-term.

The CRB INDEX http://quotes.ino.com/exchanges/?c=indexes

The CRB index closed lower for the third day in a row on Tuesday due
to weakness in grains, precious metals, some foods and fiber. Last
week's breakout below the fall uptrend line crossing near 191.15 has
opened the door for sideways to lower prices into the latter part of
January. If the decline continues, December's reaction low crossing
at 187.73 is the CRB's next likely target. Momentum indicators are
bearish signaling that sideways to lower prices are possible into the
end of January.

ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy

The energy markets closed higher on Tuesday due to short covering
ahead of the release of this afternoon's API inventory reports. Gains
were limited due to expectations for builds in crude oil and product
inventories last week.

March crude oil closed higher on Tuesday as it rebounded off
December's reaction low crossing at 18.45. Today's anemic bounce
under scores the weak tone of the market, which remains vulnerable to
additional weakness into the later part of January if this week's API
inventory report comes in neutral to bearish. Stochastics and the RSI
are bearish signaling that additional weakness is possible near-term.

March heating oil closed slightly higher on Tuesday but ended the day
near mid-range as it consolidates above trading range support
crossing at 51.30. Closes below this key support level would confirm
a trading range breakout while opening the door for a possible test
of weekly support crossing at 49.30 later this winter. Mild temps
across high demand regions of the country and weak industrial demand
continues to weigh on prices. Momentum indicators are bearish but
oversold while trend-following indicators are in position to confirm
a trading range breakout.

March unleaded gas closed modestly higher on Tuesday due to light
short covering as it rebounded off last fall's uptrend line crossing
near 55.05. Closes below this support level would open the door for a
likely test of last fall's lows beginning at 53.00 and extending down
to 51.90. Stochastics and the RSI are bearish signaling that
additional weakness is possible into the last half of January. Closes
above 58.70 would temper the near-term bearish outlook in the market.

March Henry Hub natural gas closed into new contract lows on Tuesday
as above normal temps across high-demand regions of the U.S. and
limited industrial demand continue to weigh on prices. Today's
breakout into new contract lows has renewed the larger-degree
downtrend. If the decline continues, weekly support crossing at 1.76
is March's next downside target later this winter.

CURRENCIES http://quotes.ino.com/exchanges/?c=currencies

The March Dollar closed higher on Tuesday thereby negating last
Friday's key reversal down. However, today's low-range close leaves
the market vulnerable to a softer opening on Wednesday. Nevertheless,
stochastics and the RSI remain bullish signaling that a test of
December's high crossing at 118.85 is possible later this month.

The March Swiss Franc posted a quiet inside day with a slightly lower
close on Tuesday as March continues to consolidate above last fall's
trading range support crossing at .5973. Multiple closes below this
support level or above neckline resistance crossing near .6067 are
needed to clear up near-term direction in the market. Stochastics and
the RSI remain bearish signaling that sideways to lower prices are
still possible into the end of January.

The March Canadian Dollar closed higher on Tuesday due to light short
covering as they consolidate some of last week's losses. However,
momentum indicators are turning neutral to bearish hinting that
additional weakness is possible into the end of January. It would
take closes above broken support crossing at .6230 to temper the
near-term bearish outlook in the market.

The March Japanese Yen broke out below key weekly support crossing at
.7558 on Tuesday thereby renewing the larger- degree downtrend. A
short covering bounce late in the session tempered some of today's
loss leaving the door open for additional short covering on
Wednesday. Nevertheless, today's breakout into a new contract low has
opened the door for a possible test of the next level of weekly
support crossing at .7371. Momentum indicators are turning bearish
with today's sell off signaling that additional weakness is likely
into the end of January.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

February gold closed lower on Tuesday as it tested December's uptrend
line crossing near 282. Closes below this support level would confirm
a top and trend change has taken place. I would not be surprised to
see a short-covering bounce on Wednesday as February might try to
consolidate some of its losses of the past three trading sessions
before attempting to move lower into the end of January. Momentum
indicators are bearish signaling that sideways to lower prices are
possible near-term.

March silver closed sharply lower on Monday and below the 62%
retracement level of November's rally crossing at 4.327. If the
decline continues, fib support crossing at 4.221 is March's next
targets. Momentum indicators are bearish signaling that sideways to
lower prices are possible during the last half of January. A short
covering rebound late in the day tempered some of today's loss
leaving the door open for additional short covering on Wednesday that
could lead to a test of broken support crossing at 4.327.

March copper closed higher due to technical short covering late in
the day. Early weakness spiked below minor support crossing at 69.50.
March copper remains locked in a downtrending channel that began
earlier this month. Closes above 72.40 or below 69.50 are needed to
breakout of this channel and clear up near-term direction in the
market. Momentum indicators are turning neutral to bearish warning
traders to use caution as downside risk is increasing in the market.

GRAINS http://quotes.ino.com/exchanges/?c=grains

March corn gapped down and closed lower on Monday amidst a lack of
fresh market supporting news. Today's export inspection report came
in at 31.374 million bushels, up 1% from last week but 9% below year
ago levels. Year to day shipments are running behind year ago levels
by 8.5%, which the main reason that corn prices have been unable to
sustain much strength this winter. Today's close below minor support
crossing at 2.10 1/4 is short-term bearish as the door is open for
another test of January's low at 2.07 3/4 later this month.
Short-term momentum indicators have turned neutral to bearish with
today's sell off signaling that sideways to lower prices are possible
into the end of January.

March wheat gapped down and closed lower on Monday triggered by
expectations that Argentina's wheat exports will begin to pickup
soon. Losses were exaggerated as sell stops were triggered below last
week's low. The breakout below initial trendline support last week
has set the stage for a test of December's uptrend line crossing near
2.92 later this week. Closes below December's uptrend line would open
the door for a possible retest of December's low crossing at 2.77
later this winter. Weak export demand continues to the driving factor
behind the sell off, which began last week. Stochastics and the RSI
are bearish signaling that sideways to lower prices are likely into
the end of January.

SOYBEAN COMPLEX http://quotes.ino.com/exchanges/?c=grains

March soybeans broke out below January's uptrend line on Tuesday
thereby confirming that last week's high marked a short-term top.
Improving chances for precip across portions of southern Brazil later
this week triggered aggressive selling by locals. Additional pressure
came from weakness in soybean meal. Today's low fell just short of
filling the January 10th gap at 4.37, March's next target. I am
looking for this support level to be tested on Wednesday but would
not be surprised to see a higher close tomorrow due to technically
related short covering. Longer-term, I am looking for sideways to
lower prices into the later part of January as most momentum
indicators turned bearish with today's sell off signaling that
sideways to lower prices are possible near-term.

March soybean meal closed sharply lower on Tuesday due to increased
chances for rain across portions of South America later this week.
Today's low fell short of filling the gap crossing at 154.80. I am
looking for this support level to be tested on Tuesday but would not
be surprised to see a higher close tomorrow due to light technical
short covering. Short-term momentum indicators have turned bearish
signaling that a sell off into the later part of January is possible.
Closes below initial gap support crossing at 154.80 would open the
door for a larger-degree decline and possible test of the January
10th gap crossing at 147.90 later this month.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

April hogs posted a huge key reversal down on Tuesday and closed
below the December-January uptrend line crossing near 60.80 thereby
confirming that a short-term top has likely been posted. Today's sell
off was triggered by profit taking amidst ideas that cash bids could
fade this week as packer margins are beginning to shrink. I would not
be surprised to see a short covering bounce on Tuesday on ideas that
today's sell off was overdone. However, it is unlikely that April
futures will exceed today's high ahead of Friday's monthly hogs and
pigs report. Today's sell off turned a number of momentum indicators
bearish thereby increasing the odds that we could see sideways to
lower prices near-term as futures and cash bids try to realign
themselves. If the setback off today's high continues, last fall's
uptrend line crossing near 57.50 is a potential target later this
month.

April cattle also posted a key reversal down on Tuesday. The market
gapped higher on the open following last Friday's friendly monthly
cattle on feed report. However, old concerns regarding seasonal beef
demand and futures stiff premium over cash bids returned soon after
April failed to extend its opening gains. Spillover pressure from the
sell off in the hog pit also weighed on prices. Today's high marks a
potential double top with last week's high however, closes below
trading range support crossing at 72.90 are needed before this can be
confirmed. Additional weakness on Tuesday is needed to confirm
today's bearish reversal pattern however, closes below last fall's
uptrend line crossing near 73.00 are needed to confirm that a
short-term top has been posted. Momentum indicators are bearish
signaling that sideways to lower prices are possible near- term.

FOOD & FIBER http://quotes.ino.com/exchanges/?c=food

March coffee gapped down and closed lower on Tuesday as fund selling
continues amidst near ideal weather in Brazil's coffee region.
Expectations for more aggressive selling by Mexico, Central America
and Vietnam are also weighing on prices. Momentum indicators are
bearish signaling that sideways to lower prices are likely into the
end of January. This sets the stage for a possible test of this
winter's low crossing at 44.75 later this month.

March cocoa closed higher on Tuesday and filled last Friday's gap at
1311 but fell short of testing last week's high at 1344. At the same
time, March remains below broken trendline support and gap resistance
crossing at 1355. Closes above 1355 or below 1260 are needed to clear
up near- term direction in the market. Momentum indicators are
bearish signaling that additional weakness is possible near- term.

March sugar posted an upside reversal on Tuesday due to technical
short covering after testing last fall's uptrend line crossing near
721. I would not be surprised to see follow-through short covering on
Wednesday following today's high-range close. Closes below last
fall's uptrend line would confirm a top and trend change has taken
place. Momentum indicators remain bearish signaling that sideways to
lower prices are still possible during the last half of January.

March cotton closed lower on Tuesday thereby confirming last Friday's
key reversal down. Today's close below January's uptrend line opens
the door for additional weakness into the end of the month. However,
I would not rule out a short covering bounce on Wednesday as March
might try to consolidate some of its losses of the past two weeks
before heading lower later this week. Stochastics and the RSI are
turning bearish with today's sell off thereby increasing the odds
that March cotton will trend sideways to lower into the end of the
month. Downside risk appears limited to trading range support
crossing at 34.91.

Daily Extreme Commentary is brought to you by GLOBALcharts,
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I N O   N E W S
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Pacific Exchange To Trade Options on Principal Financial Group, Inc.
   http://news.ino.com/press/?release=27727
NASD Dispute Resolution Has Record Year
   http://news.ino.com/press/?release=27726
Amex Increases Position Limits For QQQ Options
   http://news.ino.com/press/?release=27725

____________________________________________________________________________

E X T R E M E   F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/

WINNERS

HUF3   New York Harbor Unleaded Gasoline Jan 20    0.5710    0.0446  +7.85
CLK3   Light Sweet Crude Oil May 2003              20.38      1.10  +5.47
LBH2   Random Length Lumber Mar 2002              272.70     10.00  +3.81
CCZ2   Cocoa Dec 2002                               1230        45  +3.80
SIZ3   Silver Dec 2003                             4.360     0.114  +2.60
SBH2   Sugar #11 World Mar 2002                     7.43      0.14  +1.92
HOK3   Heating Oil May 2003                       0.5556    0.0099  +1.80
OK2    Oats May 2002                             177 1/2     2 1/2  +1.43
XOK2   Oats May 2002                             177 1/2     2 1/2  +1.43
EJH2   Euro/Japanese Yen Mar 2002                 118.04      1.58  +1.36

LOSERS

AGF2   Silver 1,000 oz. Jan 2002                   4.030    -0.308  -7.10
NGG2   Henry Hub Natural Gas Feb 2002              2.106    -0.111  -4.96
PAH2   Palladium Mar 2002                         398.00    -16.85  -4.06
DBK2   Butter May 2002                           139.000    -5.000  -3.47
YIN2   Mini NY Silver Jul 2002                     4.320    -0.150  -3.36
NDM2   NASDAQ 100 Index Jun 2002                 1562.00    -50.00  -3.20
XHJ2   Lean Hogs Apr 2002                          59.70     -1.72  -2.80
QLG2   Central Appalachian Coal Feb 2002           28.00     -0.75  -2.68
LHJ2   Lean Hogs Apr 2002                         59.700    -1.625  -2.65
SMV2   Soybean Meal Oct 2002                       148.5      -3.2  -2.11

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E X T R E M E   S T O C K S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

BFR    BBVA BANCO FRANCES SA                        5.21      1.97  +55.49
AMZN   AMAZON.COM                                12.6000    2.4400  +24.02
CACH   CACHE, INC                                 6.6500    1.2200  +23.02
AGIL   AGILE SOFTWARE CORP                       15.2710    2.2900  +17.27
WLL    WILLAMETTE INDUSTRIES INC                   55.12      8.01  +17.01
NMSS   NMS COMMUNICATIONS CORPORATION             5.1600    0.7500  +16.67
RH     ROTTLUND CO                                  8.91      1.16  +14.97
ENMD   ENTREMED INC                               7.8300    1.0000  +14.71
PC     PEREZ COMPANC S.A.                          10.15      1.26  +14.21
GEG    GLOBAL POWER EQUIP GRP                      10.95      1.25  +12.82

LOSERS

CYBX   CYBERONICS INC                            12.8300  -16.4700  -56.37
KM-T   K MART FINANCING I 7.75% PFD                 5.27     -4.61  -46.66
OSUR   ORASURE TECHNOLOGIES INC                   7.0000   -3.3600  -32.46
EOT    EOTT ENERGY PARTNERS L.P.                   10.19     -4.86  -32.29
RHB    REHABCARE GROUP                             20.25     -5.06  -20.07
PCIS   PRECIS INC                                10.1500   -2.4500  -19.07
GY     GENCORP                                     11.50     -2.72  -19.03
NWRE   NEOWARE SYSTEMS                            5.5400   -1.2100  -17.79
BYBI   BACK YARD BURGERS                          6.7500   -1.3975  -17.47
DUSA   DUSA PHARMACEUTICALS                       5.6000   -1.1500  -16.43
_____________________________________________________________________

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Yes, the utilities can pass through the gas costs. They face an "incentive
ratemaking mechanism" that includes a "market benchmarket" that they must
meet or beat.  The benchmark's a composite of spot indeces.  So as long as
they buy spot, they can meet the benchmark and pass everything through.
(Ill-conceived procurement incentive, particularly in these days when prices
are going north, but at least there's no price cap creating gas
undercollections like there is on the electric side.)  If you need anything
else, just holler.

Jeff

	James D Steffes
	01/11/2001 06:25 PM

		 To: Jeff Dasovich/NA/Enron@Enron, Andre
Cangucu/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc:
		 Subject: HOW DOES THE COST RECOVERY FOR THE GAS UTILITY WORK?

Jeff --

Wanted to confirm that the Gas Utility has a PGA that allows for pass through
of its gas purchase expense?  Is that right?

Jim


SAP System Outage Notification

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

SYSTEM OUTAGE NOTIFICATION

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

FOR:    SPR5DB00 - BBP 2.0 Production

Date & Time of Outage:

Outage Commences:    November 30, 2001 at 06:00 PM CST

Outage Ends:               December 2, 2001 at 05:00 PM CST

Outage Abstract:             System will be unavailable for Production Build Activities

Outage Description:       System will be unavailable for Production Build Activities

Outage Implication:           No access during outage

Contact:                            713-345-7282

Contact:

Contact Information:

Basis On-Call

713-345-7282

ISC Customer Care	 713-345-4727

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

SYSTEM OUTAGE NOTIFICATION

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

FOR:    PR2 - HR Production

Date & Time of Outage:

Outage Commences:    November 30, 2001 at 06:00 PM CST

Outage Ends:               December 2, 2001 at 05:00 PM CST

Outage Abstract:             System will be unavailable for Production Build Activities

Outage Description:       System will be unavailable for Production Build Activities

Outage Implication:           No access during outage

Contact:                             713-345-7282

Contact:

Contact Information:

Basis On-Call

713-345-7282

ISC Customer Care	 713-345-4727

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

SYSTEM OUTAGE NOTIFICATION

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

FOR:    PR1 - Apollo Production

Date & Time of Outage:

Outage Commences:    November 30, 2001 at 06:00 PM CST

Outage Ends:               December 2, 2001 at 05:00 PM CST

Outage Abstract:             System will be unavailable for Production Build Activities

Outage Description:       System will be unavailable for Production Build Activities

Outage Implication:           No access during outage

Contact:                             713-345-7282

Contact:

Contact Information:

Basis On-Call

713-345-7282

ISC Customer Care	 713-345-4727


Stinson

Thanks

P.S.

At the end of the term of each simulation do we assume that we close the position on that date and take a hit or do we leave the simulation with an open positon.


----- Forwarded by Jeff Dasovich/NA/Enron on 04/26/2001 10:26 AM -----

	Ray Alvarez
	04/25/2001 11:58 PM

		 To: Tim Belden/HOU/ECT@ECT, Mike Swerzbin/HOU/ECT@ECT, Michael M
Driscoll/PDX/ECT@ECT, Matt Motley/PDX/ECT@ECT, Robert Badeer/HOU/ECT@ECT,
Diana Scholtes/HOU/ECT@ECT, Sean Crandall/PDX/ECT@ECT, Chris
Mallory/PDX/ECT@ECT, Jeff Richter/HOU/ECT@ECT, Tom Alonso/PDX/ECT@ECT, Mark
Fischer/PDX/ECT@ECT, Phillip Platter/HOU/ECT@ECT, Carla Hoffman/PDX/ECT@ECT,
Christopher F Calger/PDX/ECT@ECT, Michael Etringer/HOU/ECT@ECT, Steve C
Hall/PDX/ECT@ECT, Christian Yoder/HOU/ECT@ECT, Tim Heizenrader/PDX/ECT@ECT,
Stephen Swain/PDX/ECT@ECT, Jeff Dasovich/NA/Enron@Enron, Susan J
Mara/NA/Enron@ENRON, Joe Hartsoe/Corp/Enron@ENRON, Ray
Alvarez/NA/Enron@ENRON, Elliot Mainzer/PDX/ECT@ECT, Bill Williams
III/PDX/ECT@ECT, Paul Kaufman/PDX/ECT@ECT, James D Steffes/NA/Enron@Enron,
Phillip K Allen/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Don Black/HOU/EES@EES,
Neil Bresnan/HOU/EES@EES, Jubran Whalan/HOU/EES@EES, Dennis
Benevides/HOU/EES@EES, Jess Hewitt/HOU/EES@EES, Louise Kitchen/HOU/ECT@ECT,
John J Lavorato/Enron@EnronXGate, Greg Whalley/HOU/ECT@ECT, Richard
Shapiro/NA/Enron@Enron, Steven J Kean/NA/Enron@Enron, Linda
Robertson/NA/Enron@ENRON, Rebecca W Cantrell/HOU/ECT@ECT, Leslie
Lawner/NA/Enron@Enron, rcarroll@bracepatt.com, Sarah
Novosel/Corp/Enron@ENRON, Mark Palmer/Corp/Enron@ENRON
		 cc:
		 Subject: FERC's Prospective Mitigation and Monitoring Plan for CA Wholesale
Electric Markets

The following report is comprised of what was discussed at the Commission
meeting held tonight at approximately 7 PM EST and additional intelligence
gathered from FERC staffers after the meeting by Joe Hartsoe:

Physical Withholding -- To prevent physical withholding, the plan will
require sellers with PGA's to offer all their available power in real time.
All California generators, even those not subject to FERC price regulation,
will be required to sell into the ISO's real time market as a condition of
their use of the ISO's interstate transmission lines. Hydroelectric
facilities will be exempted. (24-7 for 1yr)

Price Mitigation -  The plan will establish a single market clearing price
auction for the real time market.  During Stage 1, 2 and 3 emergencies in the
ISO's real time market, each generator (other than hydro) with a
participating generator agreement is required to offer all available power
and bid its marginal cost based on the generator's heat curve, emission
rates, gas costs and emission costs, plus $2 for O&M.  The gas cost will be
the average daily cost of gas for all delivery points in California;
emissions are to be based on Cammon Fitzgerald(?).  The gas cost and
emissions will be published the day after, for use on the following day.  A
single market clearing price is determined in real time for all generators.
Highest bid sets the clearing price.  Each gas fired generator must file with
FERC and the ISO, on a confidential basis, heat and emission rates for each
generating unit.  The ISO will use these rates to calculate a marginal cost
for each generator, including maintenance and operating costs.  In the event
a generator submits a bid higher than the proxy price, the generator must,
within 7 days of the end of each month, file a report with FERC and the ISO
justifying its price.  FERC has 60 days to review/act.  No opportunity costs
in real time.  Marketers are in the same boat, as they must be prepared to
justify bid at purchased cost based on specific purchases or portfolio with
no opportunity cost.  However, credit sleeves are permissible.

Demand Response - Beginning June 1, only public utility load serving entities
must submit demand side bids to curtail load and identify the load to be
curtailed under those bids.  FERC is attempting to break the demand curve.
(24-7)

Outages -- PGA generators will coordinate planned outages and report forced
outages in accordance with the Commission Staff proposal adopted by FERC.

Term - Order expires one year from date of issuance.

RTO Filing - California ISO and two Utilities must make RTO filing by June 1
or Order lapses with no further effect.

ISO Reporting - On September 14, 2001, ISO must file a status report on how
things are working and how much generation has been built.  Comments are due
in 15 days.  Quarterly reports thereafter.

Revocation of Market Based Rate Authority and Refunds - The market based rate
authority of all public utilities is conditioned on 1) no physical withhold
of capacity, and 2) no inappropriate bidding behavior.  Inappropriate bidding
behavior includes bidding unrelated to known characteristics of the
generation unit or without an input cost basis or bidding not based on unit
behavior.  An increased bid based on increased demand could apparently be
inappropriate.  In addition, "hockey stick" bids are expressly prohibited
(i.e.  bidding 95% at marginal cost and 5% at a much higher level).

Limited 206 filing - Applies to sales in the WSCC, outside California.
Refund conditions apply in real time spot markets when contingency within a
control area falls below 7%.  Control areas are not required to publish when
this condition occurs.  Apparently anything over marginal cost must be
justified.  All marketers and non-hydroelectric generators must offer to sell
contractually and physically available capacity/energy to a location within
WSCC.  FERC is attempting to mirror the rules applied in California.
Comments are due in 10 days on the 206 investigations.  The refund effective
date is 60 days from publication of the Order.

Nox Limits in California --  Must sell requirements do not apply if a unit is
prohibited from running by law.  However, it appears that incurring fines
does not overcome the must sell requirement- just include the fines as part
of the price bid.  Also if Nox is limited, may seek to show that generation
would have been sold elsewhere or at different times for determining price.

Surcharge to pay past amount due -- Comments are due in 30 days on 1) whether
FERC should require the ISO to surcharge parties for payment into an escrow
account to pay past costs and 2) the effect this surcharge would have on the
PG&E bankruptcy filing.

No mention was made at the meeting as to issue of exports of power from
California.  The Order is not finally drafted as of yet, and the status of
the foregoing items could change upon issuance of the Final Order.  We will
keep you posted.

RA


Phil,

Attached is a very crude spreadsheet to calculate the hedge ratio needed to
hedge your power short in SERC.  The calculations that I am using is written
up in an article that is at research's website in their technical corner.
Call me and I will direct you to the article.  Also call with any questions
or concerns.

Have you talked to your VAR people?  Where do you stand with this?

I look forward to hearing from you.  Thanks.

John


hey,
long time no hear! how have you been? how was the trip?  i had fantastic time
on my cruise. unfortunately, i got back on sunday and it was straight to work
on monday.

i'm assuming you didn't take up permanent residence in Belize, so, if you
didn't, drop me a line.

-e


var in john's booked dropped by $8MM but the var on the gas desk went up by $12MM - volatility increased also 2%
most of the reduction was in cal 03 where we don't have much risk anyway - hence not much change
there is nothing wrong with the model

 -----Original Message-----
From: 	Buy, Rick
Sent:	Tuesday, November 27, 2001 12:51 PM
To:	Port, David
Subject:	FW:

This is what you are talking about?  Rick

 -----Original Message-----
From: 	Lavorato, John
Sent:	Tuesday, November 27, 2001 12:02 PM
To:	Buy, Rick
Cc:	Whalley, Greg
Subject:	FW:

we bought 15000 contracts and our VAR didn't fall.  Something is wrong with the model

 -----Original Message-----
From: 	Port, David
Sent:	Tuesday, November 27, 2001 11:56 AM
To:	Beck, Sally
Cc:	Lavorato, John
Subject:	FW:

FYI - this is out there as a possible reason why Americas VaR did not come down to within limits as we expected.
In the absence of a fix it looks as though we have another VaR violation.

 -----Original Message-----
From: 	Hayden, Frank
Sent:	Tuesday, November 27, 2001 11:36 AM
To:	Port, David
Subject:	FW:

 -----Original Message-----
From: 	Hayden, Frank
Sent:	Tuesday, November 27, 2001 8:12 AM
To:	Reeves, Kathy
Cc:	Gossett, Jeffrey C.; Davenport, Lacrecia; Khanna, Bharat; Victorio, Tom
Subject:

Kathy,
It looks like the Canadian positions didn't hit VAR last night.  Can you re-check?
Also, I understand Zufferli bot a ton of NG and I thought he was short? (Why is system showing he is long?)

Frank

EFF_DT	PORTFOLIO_ID	COMMODITY_CD	SumOfDELTA_POSITION
11/23/2001	J_ZUFFERLI	NG	8241559.1328
11/26/2001	J_ZUFFERLI	NG	8568832.813

EFF_DT	PORTFOLIO_ID	COMMODITY_CD	SumOfDELTA_POSITION
11/23/2001	CANADA-PWR-BU	NG	8298324.949
11/26/2001	CANADA-PWR-BU	NG	8691997.5495

EFF_DT	PORTFOLIO_ID	COMMODITY_CD	SumOfDELTA_POSITION
11/23/2001	CANADA_PWR_GAS	NG	8298324.949
11/26/2001	CANADA_PWR_GAS	NG	8691997.5495


>
>
>

 - turkey hunt.exe


This week, we present a series of fact sheets on Renewable Energy, published
by the United Nations Environment Programme (UNEP).  These provide a concise
synopsis of the benefits and issues surrounding some of the different types
of renewable and alternative energies.  Scroll down to find the link to the
complete page.

Also, we are privileged to have added the final speaker to the Green
Convention 2001, representing Enron Wind as well as the EWEA... find out
more below.

As always, please send any comments or enquiries to
mailto:bruno@eyeforenergy.com

CONTENTS:

   -  RENEWABLE ENERGY FACT SHEETS:
      from UNEP (United Nations Environment Programme) Energy

   -  EVENTS UPDATE: Final Speaker from Enron Wind and the EWEA announced
                     to complete the Green Convention 2001 line-up

   -  RECENT HEADLINES

RENEWABLE ENERGY FACT SHEETS

UNEPs Energy Programme addresses the environmental consequences of energy
production and use, such as global climate change and local air pollution.
It assists decision-makers in government and the private sector to make
better, more informed energy choices which fully integrate environmental and
social costs.

One of the areas UNEP Energy (www.uneptie.org) is concerned with is
renewable energy issues, and has published a series of Renewable Energy
Technology fact sheets on various types of renewable energies.

You can download a selection of them here:
http://www.eyeforenergy.com/content.asp?news=22168

EVENTS UPDATE

* Eyeforenergy Green Convention 2001
  Brussels, 5-6 November

Eyeforenergy has just secured our final speaker for the Eyeforenergy Green
Convention: Mr Andreas Wagner of Enron Wind.  Andreas, as well as being the
Director of Government and Regularory Affairs for Enron Wind, is also
Vice-President of the European Wind Energy Association.  On behalf of both,
he will bring his insight to the green debate as Chairman of the first day
of the Convention.

He joins a host of top-level speakers, set to bring you their expertise in
green commercial markets at this exclusive forum.  BP, Nuon, Essent, Erga,
the EC, Scottish Power, Birka Energi, RWE Power, to name just a few, will
all be there.  Can you really afford to miss out?

Remember that, as an Eyeforenergy reader, you qualify for a 20% discount -
with just over a week before the conference, make sure you secure your place
today!

Visit www.eyeforenergy.com/green for full details or contact Meabh Quoirin
at mailto:mquoirin@eyeforenergy.com

* EEO Europe: Energy Trading in the New Economy
  Amsterdam, 19-21 February 2002

Following up for our sell-out conference in Phoenix, December 2001 that was
attended by over 250 CEO's, senior executives and press, and Energy
Exchanges Online II:  Energy Trading in the New Economy USA (September
2001), Eyeforenergy brings you the premier networking and discussion
conference for the energy trading community.  Meet, do business and discuss
the big issues over 2 days with the leaders in energy trading in Amsterdam.

To find out more information, including discounts for pre-registration,
speaking, sponsoring and exhibiting opportunities, click here:
http://www.eyeforenergy.com/eurotrading/

* Emissions Trading 2002
  Okura Hotel, Amsterdam, 19-21 February 2002

Emissions trading options are ripe for the picking - so how can you make
sure you're ready to profit from GHG?  Let's face it - you can't really
afford not to be, especially as the World Bank has estimated demand in the
international GHG trading system to be in the order of US$20 billion per
annum by 2010.

Eyeforenergy is delighted to bring you this event which will focus on how
you can best seize this exciting nwe market opportunity.  As ever, the
conference will be driven by the industry leaders in this arena, backed up
by expert advice from those helping the indsutry make the right moves in
emissions.

Click here for further information:
http://www.eyeforenergy.com/emissions/

* Weather Trading 2002
  Okura Hotel, Amsterdam, 19-21 February 2002

Today's business is all about risk and how to mitigate it. Weather
derivatives has become one of the key tools industries as wide ranging at
utilities, airlines, and agriculture have at hand to off-set risks
associated with temperature and precipitation.  With over 70% of Europe's
companies facing weather-related risk, knowing about the latest advances in
weather trading is a necessity.

Eyeforenergy's latest event will be run in conjunction with our European
online trading conference, Energy Trading in the New Economy, and
Eyeforenergy's Emissions Trading 2002 event, so you can learn about the
latest developments in energy and emissions trading all under one roof.

Click here for further information:
http://www.eyeforenergy.com/weather/

LATEST HEADLINES

Germany's EEX and LPX Plan Merger
http://www.eyeforenergy.com/content.asp?news=22160

Dynegy and Enron Square Off, vie for Market Dominance
http://www.eyeforenergy.com/content.asp?news=22159

Pennsylvania's Two Newest Wind Farms Begin Supplying Clean Energy
http://www.eyeforenergy.com/content.asp?news=22156

Kiodex Launches Groundbreaking Web-Based Risk Application
http://www.eyeforenergy.com/content.asp?news=22118

EU Set to Begin Emissions Trading in 2005
http://www.eyeforenergy.com/content.asp?news=22110

Europe Attractive Market for U.S. Power Companies
http://www.eyeforenergy.com/content.asp?news=22109

------------------------------------------------------------
This update is provided as part of the Eyeforenergy Briefing service.  In
addition to these updates, you will receive a comprehensive newsletter every
other week, with fresh in-depth analysis, reports and insights into the
issues currently affecting different areas of the energy industry.

To subscribe,
email:   <mailto:energynews-subscribe-request@peach.ease.lsoft.com>
or alternatively send a message to
         <mailto:bruno@eyeforenergy.com?Subject=BriefingSubscribe>

To unsubscribe,
email: <mailto:energynews-signoff-request@peach.ease.lsoft.com>
or alternatively send a message to
       <mailto:bruno@eyeforenergy.com?Subject=BriefingUnSubscribe>


COLUMBIA GULF TRANSMISSION COMPANY
                        NOTICE TO ALL INTERESTED PARTIES
                                NOVEMBER 19, 2001

Notice ID: 3279
5 - NO RESPONSE REQUIRED

For after hours business on weekdays a Columbia Gulf Representative will be
available to assist you at the below phone numbers.

For the weekend of November 22nd through November 25th, which includes the
Thanksgiving holidays, the Columbia Gulf Representative available to assist you
will be:

                             Carla Williams

The following phone numbers can be used to contact Columbia Gulf:

                            713-305-1469
                                 or
                            713-267-4550

Please note that the Columbia Navigator system is unavailable every Sunday from
11:00 p.m. (Eastern) until Monday at 6:00 a.m. (Eastern) for routine system
maintenance.


Attached please find the Activity Survey for the month of June, 2000.

The attached survey drives your costs from your activities to the commercial
teams.  Please select your RCs, and fill in the driver quantity for the
requested driver for the month of June. Please fill out the attached activity
driver survey with June numbers for your RC and return to Shari Mao by end of
day Friday, July 7,

If your group currently generates a standard report that captures the
surveyed data, please send the report to Jennifer Reside and Shari Mao.  This
will eliminate your need to fill out this survey every month.  If you would
like us to collect this information from someone within your team beginning
next month, please let Jennifer know.

Please contact Jennifer Reside x3-5971 or myself with questions or if you are
unable to complete the survey within the allotted time.

Thanks,
Shari
3-3859


John,

For your information.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 07/28/2000
12:34 PM ---------------------------

Tom Halliburton@ENRON
07/28/2000 12:23 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: SDDP

Vince,
I'll send him one of the manuals, and perhaps a paper on SDDP.

Tom

Vince J Kaminski@ECT
07/28/2000 10:53 AM
To: Tom Halliburton/Corp/Enron@Enron
cc: Vince J Kaminski/HOU/ECT@ECT

Subject: Re: SDDP

Tom,

Can you send the info regarding SDDP to John?

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 07/28/2000
10:52 AM ---------------------------

Vince J Kaminski
07/19/2000 06:41 PM
To: "O'Brien John" <jobrien@snowyhydro.com.au> @ ENRON
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Re: SDDP

John,

I shall E-mail the information about SDDP  from Houston.

Vince

"O'Brien John" <jobrien@snowyhydro.com.au> on 07/18/2000 01:47:41 AM
To: vkamins@enron.com
cc:
Subject: SDDP

Vincent,

You kindly suggested that I email you with regard to some information you
have on the SDDP system (I'm not sure if I've got the abbreviation correct,
but it's something that is currently used in South America).

Your presentation was very interesting and informative.

Kind regards,

John O'Brien
Manager, Treasury & Risk Management
Snowy Hydro Trading Pty Ltd
Level 17, Bligh House
4 Bligh Street
Sydney NSW 2000


Vince,
This morning I got a call from Richard Bryant, director of computational
finance
program at Carnegie Mellon University (the program Kevin and I went through).
He's interested in getting Enron involved with their program designing and
(more critically I guess) campus recruiting effort. I gave him your phone
number
and email. You can expect to hear something from him soon.

Best,
Alex


When: Tuesday, February 05, 2002 10:00 AM-10:30 AM (GMT-06:00) Central Time (US & Canada).
Where: ECS  6990

*~*~*~*~*~*~*~*~*~*

If you have any questions, please call Lisa Kinsey @ x37628.

Thank you,

Irena Hogan


Dear Dr. Kaminski:
Thank-you once again for inviting me to  interview for a position in your
Corporate Research group. I very much enjoyed  meeting you and your
colleagues. I was quite? impressed by the excellent  quality of the people
and the entrepreneurial spirit at Enron. The ongoing  projects in support of
energy and broadband? marketing as well as  insurance? are very interesting
to me. I definitely would like to be a part  of these efforts. Thank-you
again for the opportunity to interview with your  group.
?
Sincerely,
Rodney Greene


---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 04/12/2001
07:06 AM ---------------------------

"Matt Lenhart" <mlenhart@houston.rr.com> on 04/11/2001 06:00:57 PM
To: <matthew.lenhart@enron.com>
cc:

Subject:

?
 - Rap - Rapping Duke - Da Ha Da Ha.mp3


Professor Ronn:
Thank you for your reply.  I have a meeting at 9:00 am, but I am free from
10:00 am to 1:00 am.  If you could let me know what the best time for me to
stop by your office I would appreciate it.  I look forward to meeting you
tomorrow.

Ben Rogers


fyi
---------------------- Forwarded by Steven J Kean/NA/Enron on 05/24/2001
02:10 PM ---------------------------
From: Lisa Yoho on 05/24/2001 12:40 PM
To: Steven J Kean/NA/Enron@Enron
cc: Maureen McVicker/NA/Enron@Enron

Subject: You're On!

Steve:

The NARUC panel will be held on July 16th from 8 - 10 am.   They have invited
DOE Secretary Abraham, and Senators Murkowski and Bingaman to participate.

Lisa


Jim, we need to get this cleared up in light of what has happened in recent weeks.  The remaining dollars are the last of the allocation for the share of the PGAS projects committed to by HPL and paid for by ETS.  HPL/AEP has been running in a PGAS stand alone production mode since October.  I do not want to do an invoice but would like to do an intercompany charge.  There already was a work order set up to accept the PGAS charges  - C.007054.  It seems to me that it would easier to have all the charges in one place to get reimbursement from AEP than to have them spread out all over.  The sale of HPL did not negate the obligation HPL/ENA had to ETS for the cost of this project.  Even when the sale was being contemplated in Dec 2000, Jan 2001 timeframe ENA told ETS to continue on with the project for HPL.
Caroline Barnes

 -----Original Message-----
From: 	Coffey Jr., Jim
Sent:	Thursday, November 01, 2001 12:14 PM
To:	Koerselman, Lisa; Barnes, Caroline
Subject:	RE: Request to Open WSB C.007054.03.09

I remember what this is now.  As soon as you send the info to me I will get back with you.

 -----Original Message-----
From: 	Koerselman, Lisa
Sent:	Wednesday, October 31, 2001 4:20 PM
To:	Coffey Jr., Jim
Subject:	FW: Request to Open WSB C.007054.03.09

I talked to Karen about this (and she has evidently talked to you) - I told Caroline to send you an invoice and support for the additional charges.

thanks
Lisa

 -----Original Message-----
From: 	Barnes, Caroline
Sent:	Wednesday, October 31, 2001 2:23 PM
To:	Koerselman, Lisa
Cc:	Lin, Judy; Lev, Jennifer
Subject:	Request to Open WSB C.007054.03.09

Lisa, it is my understanding that you are now in charge of "old" HPL projects per Karen Gruesen.  Project C.007054 is the old J50127 PGAS Software  Measurement project set up in 2000 to accept the allocation of PGAS charges for HPL's share of the project.  The PGAS project is an ETS/HPL project to replace the MIPS measurement system.  PGAS went into projection for both ETS and HPL/AEP June of this year.  This project has been allocated all but the final allocation of $194,000.  The previous allocations where charged to C.007054.03.09 through May of this year.  This WBS is not accepting charges so I assume that it is locked.  Please unlock it so that we can make the final allocation of HPL's share and close out ETS's PGAS project.  Please call Judy Lin (37193) when unlocked so she can make the entry and notify you when it is complete so that you may relock the WBS element.  Thank you for your help.
Caroline Barnes
Director Finance and Planning
Enron Transportation Services
713 853-6375


Additional information on the regulatory context.
---------------------- Forwarded by Steven J Kean/HOU/EES on 08/02/2000 06:19
PM ---------------------------

Richard Shapiro
08/02/2000 05:54 PM
To: Steven J Kean/HOU/EES@EES
cc:
Subject: Regulatory issues memo: Revised

---------------------- Forwarded by Richard Shapiro/HOU/EES on 08/02/2000
05:53 PM ---------------------------

Richard Shapiro
08/01/2000 11:59 AM
To: Cheryl Lipshutz/HOU/ECT@ECT, Lisa Mellencamp/HOU/ECT@ECT, Nicole
Alvino/HOU/ECT@ECT, lbrasher@skadden.com, cstill@skadden.com
cc: wweiland@velaw.com
Subject: Regulatory issues memo: Revised

Enclosed is revised regulatory " issues" memo that  served as the basis for
discussion at yesterday's regulatory  review  meeting--- the only outstanding
issue , as I just communicated to Charles Still at Skadden, is confirmation
of  the fact that there are no antitrust approvals required in South Korea
relative to SK- that confirmation should be forthcoming from local counsel
this evening.  Lisa- I assume you will see this gets to Bill Gathmann
immediately so he can  forward on to regional general counsel for final
sign-off.
---------------------- Forwarded by Richard Shapiro/HOU/EES on 08/01/2000
11:47 AM ---------------------------

"Weiland, William" <wweiland@velaw.com> on 08/01/2000 11:44:10 AM
To: "'Shapiro, Rick'" <rshapiro@enron.com>
cc:
Subject: Attached Files

Rick, please find attached clean and marked versions of the regulatory
issues memo.
 <<Regulatory Issues.DOC>>  <<compare 4v2.DOC>>

 - Regulatory Issues.DOC
 - compare 4v2.DOC


Here is the wh data.  I have included the file for February only.  Keep in
mind that some deals, such as Costilla, have multiple tickets in the system
so it is impossible to estimate accrual revenue/expense in the system
accurately.  I have made top level adjustments to these deals.


get online (msngr) if you get a chance...i'm still at work.

 -----Original Message-----
From: 	Scott Charles <cscott_korea@yahoo.com>@ENRON [mailto:IMCEANOTES-Scott+20Charles+20+3Ccscott+5Fkorea+40yahoo+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, July 30, 2001 6:16 PM
To:	Scott, Susan M.
Subject:	Re: visit

Susan,
If you leave on Tuesday the 14th, you will arrive on the 15th here.  That part is fine.  However, if you leave on the following Sunday, you'll be back into Houston Sunday.  Here is the tenative itenerary:
Looks like Continental leaving Tues Aug 14 going from Intercontinental to LAX 0940-1105.
Korean Air from LA to Korea at 1230.  You would arrive on Wed evening (the 15th) at 5:05pm.
Leaving Sunday would put you on a flight leaving Korea at 5:30 pm on the 26th and arriving to LA at
1:00 in the afternoon and leaving again on Continental at 3:30 and arriving in Houston at 9:00pm
Sunday night.
Let me know how that sounds.
-Chris
  Susan.M.Scott@enron.com wrote:  Sorry I didn't call this weekend, but I was swamped Saturday and
subsequently exhausted on Sunday. I basically rotated from my bed to the
couch to the pool to the couch and back to bed. Pitiful but much needed.
Anyway, I was just going to tell you to go ahead and buy the ticket for me.
Departing the 14th and returning the 26th...which I believe puts me into
Seoul Wednesday night and departing on a Sunday. You can either call or
email if you have any questions for me. And, I'll decide where I'd like to
go for the long weekend. I may pick two and just let you two decide the
final destination.
Sue
**********************************************************************
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 r! eview, 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.
**********************************************************************

Do You Yahoo!?
Make international calls for as low as $.04/minute with Yahoo! Messengerhttp://phonecard.yahoo.com/ << File: http://phonecard.yahoo.com/?.refer=mailtagline >>


If it ever comes up, I do call Susan's number first - i get no anwser then I
call Steve.


that was the one, oh well.
PL


John,

Enron owns two GE 7EA turbines, which may be sold in a structure similiar to
the CA Development structure.  We would like to update the letter agreements
to address this possibility, and would appreciate K & S's assistance in that
regard.

The counterparties are not yet known, but I have heard Evista and Cayuga
mentioned.

If this sounds good to you, I will initiate the approval process for your
retention in this matter.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 01/05/2001 08:52
AM ---------------------------

	From:  Ben F Jacoby @ ECT                           01/04/2001 08:43 PM

Sent by: Ben Jacoby@ECT
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: 7EA Deals

Kay:

As you know, I just love to pile on. I took what I think are the latest form
docs and made some changes to incorporate additional commercial terms I want
to go out with. Please review the attached clean and redline drafts. In the
interest of time, would it be OK for Caroline to review (I've really got
people chomping at the bit).

Thanks,

Ben


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Copyright 2000 Infonautics Corporation http://www.infonautics.com


Does that take into account that more money may be going into the spending
account?  I think we have a total of $2500 allocated for the year.  My
records indicate that I've put in $1900 as of my last paycheck.

Love,

Kay

"Neil Mann" <nmann@erac.com> on 10/16/2000 01:08:08 PM
Please respond to <nmann@erac.com>
To: "C. Kay Mann (E-mail)" <Kay.Mann@Enron.com>
cc:

Subject: reimbursement

I just received the EOBs back on Sharon Seals. They will not pay. If the
reimbusement account pays it will leave about $900.00 in the account. I will
try to get the form completed tonight and in the mail tomorrow.
NM


----- Forwarded by James D Steffes/NA/Enron on 03/16/2001 11:13 AM -----

	"Ronald Carroll" <rcarroll@bracepatt.com>
	03/16/2001 09:51 AM

		 To: <gfergus@brobeck.com>, <jsteffe@enron.com>, <mary.hain@enron.com>,
<rsanders@enron.com>, <smara@enron.com>, <sbishop@gibbs-bruns.com>
		 cc:
		 Subject: Fwd: AP - Edison Creditor Secures Plant Lien

----- Message from "Tracey Bradley" <tbradley@bracepatt.com> on Fri, 16 Mar
2001 09:01:51 -0600 -----
To:	"Paul Fox" <pfox@bracepatt.com>
cc:	"Alfredo Perez" <aperez@bracepatt.com>, "Jeffrey Watkiss"
<dwatkiss@bracepatt.com>, "Mark Evans" <mevans@bracepatt.com>, "Ronald
Carroll" <rcarroll@bracepatt.com>
Subject:	AP - Edison Creditor Secures Plant Lien
Thursday March 15, 9:14 pm Eastern Time

Edison Creditor Secures Plant Lien

By LESLIE GORNSTEIN
AP Business Writer

LOS ANGELES (AP) -- Breaking away from a pack of creditors owed billions by
Southern California Edison, Caithness Energy got permission Wednesday to
secure a lien against one of the utility's plants.

The judgment lets the New York-based electricity supplier to attach a partial
claim on an Edison facility in Laughlin, Nev. -- a move that could spur
bigger creditors to launch similarly aggressive approaches or even force
Edison into bankruptcy.

Caithness, which has two Nevada plants owed $20 million by Edison, was
allowed to attach the lien by U.S. District Judge Lloyd George of Las Vegas.

Once it becomes final in the next few days, the claim will be the first lien
successfully placed against an Edison asset since California's energy crisis
began last year.

An Edison spokesman said the utility will seek a stay of the order next week.

A lien allows a creditor a better chance of getting paid by laying claim to
all or a portion of any future sale of a property. The judge allowed
Caithness to file for a 56 percent interest in the plant, which employs 309
people and is valued at $530 million.

The energy was used by Edison to feed California's energy grid, Caithness
attorney Philip Korologos said Thursday.

Edison owes Caithness a total of $100 million, and another $20 million bill
will come due at the end of March, Korologos said.

``They took delivery of the power and they are supposed to pay us for the
power,'' Korologos said.

But whether Caithness will go after Edison's California assets is far from
certain. Korologos said he believed that some form of additional mediation is
required for California liens that might make such an option less attractive
in the utility's home state.

Edison's bigger creditors, including Reliant Energy of Houston, declined to
speculate on whether they will employ a similar tactic.

But industry experts said that the Caithness move could cause other, bigger
creditors to feel pressure to act more aggressively on behalf of
shareholders. The law requires only three major creditors to band together to
force Edison into involuntary bankruptcy; the utility has said it does not
intend to file on its own.

So far, most creditors have chosen to simply wait, or ``forbear,'' on the
Edison debts, having fielded repeated pleas by Edison to do so. At least four
creditors or groups of creditors have sued the utility for money owed but
have taken no further action.

A New York-based creditor last month unsuccessfully tried to attach a lien to
an Edison bank account without success, an Edison spokesman said.

Edison's problems began last year when, under California's 1996 deregulation
law, investor-owned utilities were forced to buy power on the soaring spot
market while limiting the rates they could charge consumers.

Edison and fellow utility Pacific Gas & Electric say they owe creditors a
combined $14 billion.


Here is what I want to do on this. I need to review and approve all bills. I
do not have to the sign off on the required documentation. If it makes Britt
more comfortable, fine I'll do it. But I do not need to do so.
---------------------- Forwarded by Richard B Sanders/HOU/ECT on 05/05/2000
04:41 PM ---------------------------

Becky Zikes@ENRON
05/05/2000 09:36 AM
To: Linda R Guinn/HOU/ECT@ECT
cc: Richard B Sanders/HOU/ECT@ECT, Britt Davis/Corp/Enron@ENRON, Becky
Stephens/Corp/Enron@ENRON
Subject: Grynberg and Quinque Invoices

Linda,

Just wanted to follow up regarding signatures on the invoices.  Becky
Stephens cannot process the invoices without an authorization signature, so
we need to know how you want to handle this.  Since there were no questions
noted on the invoices, we have assumed that you found them to be in order.

Please contact me as soon as possible.  I received an email from Holland and
Hart this morning regarding their invoices and Beatty's office has contacted
me about their January invoices.

Thanks for your help.

Becky

--------------------- Forwarded by Becky Zikes/Corp/Enron on 05/05/2000 09:18
AM ---------------------------

Becky Zikes
05/02/2000 04:53 PM
To: Linda R Guinn/HOU/ECT@ECT
cc: Britt Davis/Corp/Enron@ENRON, Becky Stephens/Corp/Enron@ENRON

Subject: Grynberg and Quinque Invoices

Linda,

Becky Stephens received a stack of invoices for the above cases today that
appear to be ones you sent to us for processing.   However, they do not have
approval signatures.  Do either you or Richard want to sign off on them, or
do you want Britt to do so with your authorization?

Please let me know as soon as possible so we can get them processed.

Thanks,

Becky


http://www.stoft.com/x/cal/index.shtml

http://icg.fas.harvard.edu/~ec1661/lectures/HoganHandoutA.PDF


When do you leave next week?

Kay


Do not update links when opening file.

Thanks
TARA


Attached is a copy of GE's proposed warranty language on which I have
highlighted my comments.  If you can review and provide me with feedback
sometime on Monday, I'll consolidate our thoughts and launch back to GE on
Monday so that we can discuss with them on Tuesday.

Re Tuesday's conference call, I spoke to Steve late today about setting the
call for 11:00 am CST which works fine for his schedule but he had not heard
back from Mike.  I'll keep you posted if we are a go for Tuesday.

Scott


ANR/ML7-GDM
PL


I will bring some to London as you requested.  See you soon.

Regards,

Mark


Daren - Is there a reason there is a nom of 20.000/day at meter 385?  This is
a non-allocatable meter.

AL


I still have two tickets.  Let me know soon.
PL


Gerald,  Can you please get with Bob and Ken and draft an assignment,
assigning all these permits to Enron Midstream Services, L.L.C.  Thanks.
Shonnie
----- Forwarded by Shonnie Daniel/HOU/ECT on 07/18/2000 07:26 PM -----

	Shonnie Daniel
	07/18/2000 07:26 PM

		 To: Ken Choyce/DEN/ECT@ENRON
		 cc: Robert Walker/HOU/ECT@ECT, Gerald Nemec/HOU/ECT@ECT
		 Subject: Re: ownership change

Ken,  This looks fine..as long as we are certain that only notification is
required to effectuate this change.  Send a copy of each letter to Bob
Walker.

Shonnie

	Ken Choyce@ENRON
	07/18/2000 04:56 PM

		 To: Shonnie Daniel/HOU/ECT@ECT
		 cc:
		 Subject: ownership change

Shonnie,

I plan to put this on Enron letterhead and put my name and number on it.
Could you please review it and let me know if you have any comments?

Thanks
Ken
 ---------------------- Forwarded by Ken Choyce/DEN/ECT on 07/18/2000 04:40
PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  joe_lundeen@urscorp.com                           07/18/2000 03:07 PM

To: kchoyc2@enron.com
cc:
Subject: ownership change

Ken,

Take a look and let me know if you have corrections or if you want to send
in under your letterhead.

(See attached file: Enron change of ownership.xls)(See attached file:
Change of ownership.doc)

Joe Lundeen
Senior Engineer
Radian International/URS Corp.

303.675.2615 (office)
303.292.5860 (fax)
303.378.8537 (mobile)
 - Enron change of ownership.xls
 - Change of ownership.doc