As to your question about what's going on in California, I've done some
reading and here are my thoughts.

The Nov. 1 FERC order in Docket No. EL00-95-000, in which the Commission
ordered a $150/MWh price cap (among other things), was predicated on the
Commission's authority under Section 206 of the Federal Power Act.
Specifically, the FPA provides that if the Commission finds that "any rate,
charge or classification for jurisdictional services, or any rule,
regulation, practice or contract affecting such rate, charge or
classification" is unjust or unreasonable, the Commission shall determine the
just and reasonable rate, charge, classification, rule, regulation, practice,
or contract that should be in effect.  The Commission recognized that certain
areas of the flawed California market are not within its jurisdiction, but
"fixed" the areas within its jurisdiction.   Apparently the California
governor agrees with me that the Commission's jurisdiction in the area of
wholesale electricity prices is questionable...

In any event, if the Commission wanted to open a proceeding to investigate
the justness and reasonableness of negotiated gas transportation rates, its
authority to do so would be much clearer.  The Natural Gas Act expressly
authorizes FERC to declare unlawful any transportation rate that is not just
and reasonable.  "Just and reasonable" has been interpreted in many different
contexts and the Commission has significant discretion over what it means.
As we all know too well, the Commission sometimes acts unpredictably.
However, my feeling is that it will probably take more than 2 or 3
above-max-rate contracts to motivate the FERC to act to declare a negotiated
rate deal, struck within a pipeline's tariff authority, to be unjust and
unreasonable.  The California proceeding was initiated after entire
communities of individual consumers suffered 200-300% increases in their
electricity bills.  The prices for electricity in California were outrageous
across the board and affected everyone in the state.  By contrast, TW's
transport rates for its short-term deals are far removed from end user prices
and the practice of negotiating higher than max rate deals is probably not
widespread enough for anyone to notice.  It is far from being a consumer
issue, and besides, the elections are over.  However, as you and I have
already discussed, we must be wary of parties like Dynegy that do notice just
about everything and who might try to draw it to FERC's attention.  We do
need to watch to see whether other pipelines serving California are doing the
same types of deals.  Kathy, why don't you and I discuss a system of
monitoring the contract information postings of El Paso, Kern, PGT/NW.  Drew,
obviously I've only scratched the surface here so let's talk if you want a
more in-depth report.

	From:  Drew Fossum                           11/21/2000 10:36 AM

To: Susan Scott/ET&S/Enron@ENRON
cc: Kathy Ringblom/ET&S/Enron@ENRON

Subject: Re: gouging

That is by far the best line of the day!!  Unconscionability may be the thing
I'm remembering , but I think there is some more specific law related to
market dislocations--i.e., the Hurricane example.  Its sort of a twist on
market power law--i.e., if the fates hand you short term market power, you
better not use it.  DF

Susan Scott
11/21/2000 10:08 AM
To: Drew Fossum/ET&S/Enron@ENRON
cc: Kathy Ringblom/ET&S/Enron@ENRON

Subject: Re: gouging

I know there is some case law out there on contracts being voided because
they are "unconscionable."  There are several examples in consumer law and
employment law, in which one contracting party is a corporation and the other
is a West Palm Beach voter.  However, if my memory serves me correctly, none
of them involve contracts between 2 sophisticated business entities such as
TW and Sempra or PG&E.  Absent evidence of fraud, courts uphold bargains
struck at arms length.
Kathy, I'd be happy to take the oars on this but if you've already done some
looking, please let me know if you've found anything.

	From:  Drew Fossum                           11/20/2000 04:44 PM

To: Susan Scott/ET&S/Enron@ENRON, Kathy Ringblom/ET&S/Enron@ENRON
cc:

Subject: gouging

Stuck on the phone so I thought I'd email you.  Stan has asked Mike Moran if
TW has any potential exposure on the high value transport deals under "anti
gouging" statutes or common law.  You know, the laws that say you can't
charge $100 per sheet of plywood during a hurricane or $50 for a bucket of
water during a drought.  I think we need to research two things:
1.  are there any such laws applicable to our business?  (Cal. state law
would probably be the best place to start)
2.  could the political/regulatory fight in Cal about power and gas prices
ever expand all the way to our transport pricing?  I.e., if the CPUC whacks
the power sellers for taking unfair advantage of their monopoly power, its
not a big leap for the CPUC or FERC or even U.S. congress to whack gas
sellers for jacking prices up to $14/MMBtu, as happened on Friday.  If that
happens, its just another small jump to whack us for charging $1 for
transport, or so the logic goes.  I'd like to hear preliminary views by 8:30
Monday am so I can talk to Mike before Stan's staff meeting (no written memo
necessary).  Based on that prelim. research, we can decide what else need s
to be done.  Thanks df


Louise,

I know you are appropriately focused on the Netco sale, yet I had Tammie place me on your calendar for 4:30 p.m. today.  I want to discuss my withdrawal as a potential employee of Netco and my desire to remain with the Enron estate.  Consistent with my ongoing concerns regarding the Chicago office, I also want to ensure those employees remain with that business to preserve value to the estate.  They have done an amazing job on behalf of the joint venture and PEC has voiced their desire that they are retained on PEC's behalf, no matter the counterparty.

I wanted you to know my direction even if your schedule would not permit for our meeting today.

Thank you,

Laura


That will be great.  If you are available next Thursday or Friday would be
perfect for me since next Wednesday I have the last final.

Thanks for considering my request.

Best regards,

Luigi Calabrese
MBA Candidate, Class of 2002
Jones Graduate School of Management
Rice University - Houston, TX
http://www.ruf.rice.edu/~luigical

-----Original Message-----
From: Kaminski, Vince J [mailto:Vince.J.Kaminski@enron.com]
Sent: Wednesday, October 24, 2001 8:07 AM
To: luigical@rice.edu
Subject: RE: First rotation

Luigi,

No problem. We shall be glad to have you as an associate.
What about a lunch next week?

Vince

>  -----Original Message-----
> From:         "Luigi Calabrese" <luigical@rice.edu>@ENRON
> Sent: Tuesday, October 23, 2001 8:07 PM
> To:   Vincent kaminski
> Subject:      First rotation
>
>
> Hi Vincent:
>
> Super Saturday is coming and I am so happy to move toward the end of
> the recruiting process.  During the interviews that I have had so far,
> I expressed my desire to have my first rotation in your group.  Last
> spring I really enjoyed the work environment and the people I met.  I
> like modeling and I think I can do well from the very beginning.  Let
> me know what you think about it.
>
> On another note, Jason gave me two names for the Energy Club.  I will
> contact them shortly after finals next week.
>
> Thanks in advance for your consideration.
>
> I am looking forward to seeing you again.
>
> Luigi Calabrese
> MBA Candidate, Class of 2002
> Jones Graduate School of Management
> Rice University - Houston, TX
> http://www.ruf.rice.edu/~luigical
>

**********************************************************************
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.
**********************************************************************


when can i burn those cds?


Among other things they want an unlimited collateral threshold, and moreover
Sara has quite a legal objections to there format.  They have a loosely
written ISDA with J Aron, although Goldman provides them financing, so this
ISDA can be loosely written because they have recourse on the financing side.

Russell

---------------------- Forwarded by Russell Diamond/HOU/ECT on 11/21/2000
10:34 AM ---------------------------

	From:  George N Gilbert                           11/21/2000 10:25 AM

To: William S Bradford/HOU/ECT@ECT
cc: Russell Diamond/HOU/ECT@ECT, Fred Lagrasta/HOU/ECT@ECT
Subject: OUC

Bill, could Fred and I have a meeting with yourself and Russell to discuss
credit provisions for Orlando Utilities Commission.  We are trying to
finalize a master swap agreement.  OUC wants 4 counterparties to hedge with
and they have requested Enron be one of them.  We can go into particulars
when we meet.

Thank You for your time.
GNG


Stan - this is the list we spoke of this afternoon. I marked it confidential
because of the sensitivity of a few of the items.  Thanks, Rae

 - to do list with Jim.pdf


yes,

-----Original Message-----
From: Davis, Dana [mailto:Dana.Davis@ENRON.com]
Sent: Friday, November 09, 2001 3:33 PM
To: Frank Telemaque
Subject: What's happening? Are you still there?

I haven't heard from you in a while.

**********************************************************************
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.
**********************************************************************

INSIST UPON GENUINE FLEXITALLIC GASKETS!
Anything else is just a copy.


Hi Mark

Thanks for your prompt reply.
Just one question I'm anticipating from customers - "why can't the contracts
(PA and ETA) be governed by Japanese law - why did you choose NY law?"
Can we change these to be governed by Japanese law (this would be ideal)?

Regards
Rousseau

Mark Taylor@ECT
04/21/2000 11:02 AM
To: Rousseau Anai/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Re: FAQ - EOL Japan

We generally do not give legal advice to our counterparties - regarding tax
or other legal consequences to their trading.  The only thing we could safely
say would be something to the effect of "If you are concerned about the tax
consequences of your EnronOnline transactions, please consult your tax
advisor."

Rousseau Anai@ENRON_DEVELOPMENT
04/19/2000 09:18 PM
To: Mark Taylor@ECT
cc:
Subject: FAQ - EOL Japan

Mark

In your FAQ, could you please put something about the tax consequences for
Japanese counterparties

Also, sorry to rush you but we really need something by Friday Tokyo time so
that we can put in in for translation.

Regards
Rousseau


Good Morning All!

Cheryl will be out of town and is unable to attend this class.  She must have
someone to attend this class in her place; the deadline to cancel has already
passed.  Would anyone be interested in taking her place?  If so, please
contact me, and I will make the necessary arrangements.  Thank you for your
attention to this matter.

Regards,
Keegan Farrell
5-3317
----- Forwarded by Keegan Farrell/NA/Enron on 05/09/2001 11:22 AM -----

	Cheryl Nelson
	Sent by: Cheryl Nelson
	05/09/2001 11:11 AM

		 To: Keegan Farrell/NA/Enron@Enron
		 cc:
		 Subject: Class Enrollment

Keegan, can you forward this immediately to ALL in ENA Legal to see if anyone
would like to attend in my place?
Thanx tremendously.

Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693
http://gss.enron.com/
----- Forwarded by Cheryl Nelson/NA/Enron on 05/09/2001 11:10 AM -----

	Gracie S Presas/ENRON@enronXgate
	05/09/2001 10:42 AM

		 To: Youyi Feng/ENRON@enronXgate, Maria Garza/HOU/ECT@ECT, Gus
Hernandez/HOU/EES@EES, Rika Imai/NA/Enron@Enron, Christy
Lobusch/NA/Enron@Enron, Zhuoming Lou/ENRON@enronXgate, Kate
Lykes/ENRON@enronXgate, Souad Mahmassani/Corp/Enron@ENRON, Javier
Marrero/Corp/Enron@Enron, Darin Meyerson/HOU/EES@EES, Cheryl
Nelson/NA/Enron@Enron, Jennifer Nguyen/Corp/Enron@ENRON, Manfred
Roenz/ENRON@enronXgate, Sharon Smith/AA/Corp/Enron@ENRON, Tony
Valenzuela/HOU/EES@EES, Kim T Alexander/ETOL/EU/Enron@ENRON, Thomas
Araujo/ENRON@enronXgate, Tim Carter/HOU/EES@EES, Phil
DeMoes/Corp/Enron@ENRON, Dyanne Kellough/HOU/EES@EES, Sladana-Anna
Kulic/ENRON@enronXgate, Kevin Ruffcorn/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc:
		 Subject: Class Enrollment

REMINDER ! ! ! ! ! !

You are enrolled in the following.

What:     Structuring Natural Gas Transactions
When:    May 10 & 11, 2001
Where:  EB552
Time:     8:00 am - 5:00 pm  (Both days)

If available, please bring a financial calculator with you to class.


----- Forwarded by David M Gagliardi/TTG/HouInd on 05/29/01 08:46 AM -----

                    "Michael
                    Gagliardi"           To:     <dgagliardi@reliantenergy.com>, david_ricks@gsdm.com,
                    <mikegag@msn.        tony.a.rogers@fritolay.com
                    com>                 cc:
                                         Subject:     Fw: True Orange E-Mail/Fax #53
                    05/26/01
                    08:09 PM

 ----- Original Message -----
 From: TruOrange@aol.com
 Sent: Friday, May 25, 2001 10:48 PM
 To: TruOrange@aol.com; judy.roach@bakerbotts.com
 Subject: True Orange E-Mail/Fax #53

 True Orange E-Mail/Fax Service
 Volume 9, Fax/E-Mail #53, Friday, May 25, 2001
 Jerry Scarbrough's True Orange, P. O. Box 26530, Austin, Texas 78755 -
 Phone
 512-795-8536

 Horns Upset Long Beach in NCAA Baseball; Football Camps Start Soon

 No. 3 seed Texas (35-24) upset No. 2 seed Long Beach State (35-22), 11-2,
 Friday in the first round of the NCAA baseball regional at Stanford.
 The Longhorns will play in the winner's bracket finals of the
 double-elimination tournament at 5 p.m. Saturday, probably against
 top-seeded
 Stanford, which was playing No. 4 seed Marist in the second game Friday.
 Gerrit Simpson tossed his sixth complete game to lead the Longhorns to
 victory. He struck out 12 and allowed nine hits.
 Texas scored twice in the fourth and picked up five more runs in the fifth
 to
 take a 7-0 lead and coast to the win. Jeff Ontiveros had a two-run homer
 for
 Texas and Sam Anderson had three hits, three runs batted in and two runs
 scored.
 If the Horns win their 5 p.m. game Saturday, they will need only one more
 v
 ictory to win the sub-regional. But, if they lose, they will have to play
 again Saturday night in an elimination game to try to get another shot at
 the
 undefeated team Sunday. The team that emerges from the loser's bracket
 would
 have to beat the winner's bracket champion twice Sunday to advance.
 * * * *
 The Longhorns start their summer football camps a week from Saturday, and
 some of the top players in the state and in the nation plan to attend.
 DT Lyle Sendlein of Scottsdale, Arizona, and FB-LB Brandon Hancock of
 Clovis
 West, Cal., head the out-of-state prospects who plan to come to the UT
 camps.
 Sendlein told me he probably will commit to Texas after the June 3 camp,
 and
 Hancock says he is very interested in Texas, but probably won't commit to
 anyone prior to the football season.
 Sendlein is the top prospect in Arizona and Hancock is one of the top
 recruits in California after dazzling everyone at a Nike camp in his home
 state. He checked in at 6-1, 242, then ran a 4.49 40, had a vertical leap
 of
 39 inches and bench pressed 185 pounds 43 times. Hancock said he will come
 to
 the UT camp that starts on June 10.
 Top Texas players who plan to come to one of the UT camps include QBs Paul

 Thompson of Leander and Jamie Beeghley of Midland Christian, WR-TE David
 Thomas of Wollforth Frenship, OLs Jeff Lebby of Andrews and Tony Ugoh of
 Spring Westfield, DEs Travis Leitko of The Woodlands and Nick Owino of
 Alief
 Elsik, DT Earl Anderson of San  Marcos, LBs Marvin Byrdsong of Longview,
 Garnett Smith of Arlington  Lamar and Andy Matakis of Corpus Christi Flour

 Bluff, CB Donald Burgs of Houston Madison and RB-Athlete Paul Mosley of
 Austin Anderson.
 The state's top RB, Albert Hardy of Galena Park, says he hasn't decided
 whether to attend a summer camp, but don't be too surprised if he shows up

 for one of the UT mini-camps.
 Texas still has just one commitment ? fine OL Bret Valdez of Brownwood ?
 but
 the Longhorns will pick up several more in June. That's when the Texas
 coaches always jump start their recruiting and pick up eight or 10
 pledges.
 * * * *
 An internet site calling itself  Collegefootballnews.com has picked Texas
 to
 go 11-0 during the regular season and beat Nebraska in the Big 12
 Championship Game.
 I liked that part of it, but then it picked Oklahoma to have the best
 defensive line and Texas to have the best linebackers in the Big 12. Texas

 will have a better defensive line than Oklahoma, and I know OU and several

 other Big 12 teams have better linebackers than Texas, so that doesn't do
 a
 lot for the site's credibility.
 The Texas coaches are proud of their defensive line and secondary, but
 they
 worry a lot about their linebackers.
 The site also rated UT No. 1 at quarterback, wide receiver, offensive line

 and defensive secondary  in the Big 12.
 * * * *
 My next e-mail/fax will be whenever events warrant.
 * * * *
 The True Orange E-Mail/Fax Service includes  at  least  99 fax/e-mails  a
 year and costs $99 ($79 by E-Mail). The True Orange Newsletter includes
 26
 newsletters and is published weekly during football season and twice
 monthly
 during most of the other months. It costs $45. Save by subscribing to both

 for $130 (or $110 if you take the faxes via E-Mail  or $99 if you take the

 faxes and newsletter  via E-Mail). Send check  to address at the top of
 page.
 I also  update my 900 number ? 1-900-288-8839 ? frequently with recruiting

 news. My E-Mail address is: truorange@aol.com

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


---------------------- Forwarded by Scott Neal/HOU/ECT on 04/04/2001 07:09 AM
---------------------------

"scott neal" <sneal12@mindspring.com> on 04/04/2001 12:12:18 AM
To: <Scott.Neal@enron.com>
cc:
Subject: bear markets

Unnatural  History

After the last two horrible quarters, many of  us are probably telling
ourselves that it can't get much worse than it's been.  For those of us who
believe that as an unquestioned article of faith, let me  give you a little
history lesson. You'll see that it can get a lot worse  than this.

For our little history lesson we'll focus on the S&P 500, because that
pretty much represents the entire US equity market. Obviously the NASDAQ has
had  it a lot worse -- but that's only a subset of the total market, and it's
fairly  concentrated in a single broad sector: technology. In subsequent
commentaries  the NASDAQ will get its turn in the historical spotlight.

Over the last two quarters  the S&P 500 lost 19.23%. As horrific as that has
been, that actually only  ranks 78th out of the 2409 six-month periods since
1800. Believe it or not,  there have been 77 that were worse.

There were eight six-month  periods in which the S&P 500 lost more than 40%.
There were 18 in which it  lost more than 30%. The very worst single
six-month period was the one ending  May, 1932, in which the S&P 500 lost an
astonishing 52.92%.

Of the 77 six-month periods  worse than the most recent one, 21 were before
1900, and none of them were  during the Civil War. 33 (including the very
worst 4) were in the 1930s, in the  Great Depression that followed in the
wake of the stock market crash of 1929.

The worst six-month period  in the modern era ranks 13th overall. It was the
one ended September, 1974, with  the S&P down 32.39%. 4 others were in the
1970s.

The most recent period worse  than the last six months ranks 73rd. It was the
one ended March, 1988, with the  S&P down 19.56%. That means that in the
1990s there were no six-month  periods worse than the most recent six-month
period.

This shows that what we've experienced over the last six months is by no
means as bad as it could have been, or could still be. But at the same time
it  shows that market performance this bad is extremely rare. The S&P 500
has  done this badly (or worse) only 3.2% of the time over a span of 200
years. But  don't let any of that make you think it can't get worse.

It can. Of the 77 six-month periods worse than the most recent, the S&P  went
down further during the next six months 24 times -- losing an  average of an
additional 18.24%.

Okay, so the bad news is that, based on history, we've got about a 1/3
chance  of things still getting worse over the next six months. But of course
the good  news is that we've got, on the same basis, a 2/3 chance of things
getting  better.

But not that much better. Over the 53 times the S&P rose over the  next six
months, it only rose an average of 18.38%. Even if that happens now  over the
coming six months, that's not going to make up for the 19.23% loss of  the
last six months. And don't forget about the bad magic of compounding losses.
If you start with a dollar and you lose 19.23% of it, you've got 80.8 cents
left. It that then rises by 18.38%, you're only back up to 95.6 cents.

History class dismissed. Oh, and there will be a test tomorrow... (and every
day).

 - TOP.GIF
 - BOTTOM.GIF
 - audio.gif
 - vid.gif


I was incorrect.  The existing non-recourse debt for Las Vegas ($55MM) is off-balance sheet and off-credit.  It does not show up as a liability on our balance sheet and it is not part of our footnotes.   If the plant blew up, we would be out $24MM, not $79MM.  We get this treatment because it is a fair market value asset and we have a Friend of Enron minority investor that keeps our stated interest below 50%.  Our interest for control purposes is over 50% because we have a call option on the Friend of Enron shares.


Here's the guts of the deal.
---------------------- Forwarded by Kay Mann/Corp/Enron on 01/10/2001 11:15
AM ---------------------------

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 01/02/2001 09:07:05 AM
To: "'Kay.Mann@enron.com'" <Kay.Mann@enron.com>
cc: "Keffer, John" <JKeffer@KSLAW.com>

Subject: RE: CA Energy Development LLC documents

 <<2R6L18!.DOC>>  <<2RM309!.DOC>>  <<2RLS10!.DOC>>  <<2R6K13!.DOC>>
<<2RSW04!.DOC>>

Kay:

Electronic copies of execution drafts of the following documents are
attached:

 1.  Letter Agreement for CA Energy Development I LLC;
 2.  Letter Agreement for CA Energy Development II LLC for the
turbine;
 3.  Letter Agreement for CA Energy Development II LLC for the
transformer;
 4.  First Amended and Restated Limited Liability Company Agreement
for CA Energy Development I LLC; and
 5.  First Amended and Restated Limited Liability Company Agreement
for CA Energy Development II LLC.

The originals of these documents were forwarded by courier to your office on
Friday.  I will deliver the original Guaranty Agreements to you today.  Let
me know if you need anything else.  Thank you.

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>

  -----Original Message-----
  From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
  Sent: Tuesday, January 02, 2001 8:40 AM
  To: Campbell, Carolyn
  Subject: CA documents

  Hi Carolyn,

  Please email me the execution version of the documents
signed last week, as
  well as the current version of the other documents.  Were
the originals put
  in the mail?  My assistant isn't here, so I can't tell what
I have yet.

  Thanks,

  Kay

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.

 - 2R6L18!.DOC
 - 2RM309!.DOC
 - 2RLS10!.DOC
 - 2R6K13!.DOC
 - 2RSW04!.DOC


Hi Gregg,

It looks good for tomorrow.  I prefer not to schedule anything later than
300, if possible, just to give myself a chance to handle the end of the week
details/crises.

Kay


---------------------- Forwarded by John Arnold/HOU/ECT on 10/25/2000 07:34
AM ---------------------------

SOblander@carrfut.com on 10/25/2000 07:02:54 AM
To: soblander@carrfut.com
cc:
Subject: daily charts, perpetual gasoline and nat gas strip matrix as hot
links 10/25

The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  , 2000 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Crude     http://www.carrfut.com/research/Energy1/crude72.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas72.pdf
Distillate     http://www.carrfut.com/research/Energy1/hoil72.pdf
Unleaded     http://www.carrfut.com/research/Energy1/unlded72.pdf
Stripmatrix     http://www.carrfut.com/research/Energy1/Stripmatrix72.pdf

Perpetual Gasoline   http://www.carrfut.com/research/Energy1/perpetual
gasoline72.pdf


[IMAGE]  [IMAGE]     [IMAGE] 50 Pages of Holiday Reading from Scudder Publishing Group [IMAGE]   [IMAGE]     FREE!   New, Original Commentary from publishers of The Desk, New Power Executive, Risk Desk, Bandwidth Desk      [IMAGE]      [IMAGE]   [IMAGE]    Dear PowerMarketers.com Subscriber:   We're pleased to present the Special Year End Issue of Scudder Publishing Group. 50 pages of original commentary, market analysis and market outlook  by dozens of the energy industry's leading risk managers, traders, corporate execs and system vendors.        The special issue is organized by topic  as they relate to the four Scudder publications: The Desk, The Risk Desk, New Power Executive and The Bandwidth Desk. This download is free. This  issue is a courtesy to PowerMarketers.com subscribers by the Scudder Publishing Group.   Enjoy and have a great holiday!   Your PowerMarketers.com Staff   Click Here to Download  ?           ?   The Power Marketing Association  PowerMarketers.com   email: info@pmaconference.com  voice: 201 784 5389 web: http://www.PowerMarketers.com       [IMAGE]  [IMAGE] [IMAGE]  [IMAGE]   [IMAGE] This email was sent to vince.j.kaminski@enron.com, at your request, by PowerMarketers.com .    Visit our Subscription Center to edit  your interests or unsubscribe .  View our privacy policy .   Powered by  Constant Contact


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Request ID          : 000000000081289
Request Create Date : 1/18/02 2:40:10 PM
Requested For       : john.pritchard@enron.com
Resource Name       : ICE - External Intercontinental Exchange US Natural Gas
Resource Type       : Applications


Tax:
The Enron entity executing the FX transaction as principal is ENA.

However, note that for tax/legal the FX desk in London is run by Enron Europe
Finance & Trading Limited ("EEFT") as agent for ENA. Our position is that ENA
does not have a place of business in London. Therefore all the transactions
managed by the London FX desk are arranged by EEFT as agent for ENA.

Because of this there is a need to identify which FX desk arranged the
transaction and a possible solution to this is to have separate logins and
logoffs for each FX desk during their hours of responsibility. This would
enable transaction reports to be run which identify those transactions which
took place during the period for which each FX desk was responsible for
managing the FX positions.

Regards
Janine

Dale Neuner
11/10/2000 22:31
To: Amita Gosalia/LON/ECT@ECT, Justin Boyd/LON/ECT@ECT, Brent
Hendry/NA/Enron@Enron, Sara Shackleton/HOU/ECT@ECT, William
Stuart/HOU/ECT@ECT, Jeff Blumenthal/HOU/ECT@ECT, Shane Dallmann/LON/ECT@ECT,
Jason Althaus/Corp/Enron@Enron, Mark Dilworth/LON/ECT@ECT, Janine
Juggins/LON/ECT@ECT
cc: Sheri Thomas/HOU/ECT@ECT, Jennifer deBoisblanc Denny/HOU/ECT@ECT, Robert
B Cass/HOU/ECT@ECT, Melba Lozano/HOU/ECT@ECT

Subject: FX Issues

This e-mail is admittedly long, so I have classified the issues:

Legal/Tax Issue:

I have been told by the FX group here in Houston that London traders are able
to act on the behalf of the US FX Desk because the transactions they do are
for hedging purposes only (no proprietary trading). For example, the FX
transactions that are done by Trena McFarland in London are done on the
behalf of our Houston office, so Houston books the transaction, manages the
risk, and writes the Confirmation in the name of ENA.

This being the case, (i) can we apply the same logic on the internal FX
transactions that will be managed by both the US and UK traders and have the
transacting entity as ENA (ii) if we do does it gives us the necessary tax
relief, or (iii) should we stick the Metals structure where the transactions
are offered by Enron North America, acting through it's agent, Enron Europe
Finance and Trading Limited. While this may be an Internal Only Product Type
today, what effect, if any, would the choice of trading entities have on our
ability to offer these Products externally.

Technology Issue:

David - Stuart has explained to me that the US FX Desk now views these
currency exchange products as financial products. This is contrary to
previous discussions where we felt that any currency exchange involving an
Index would be considered financial, while any 'strict exchange' would be
considered a physical transaction. The change is based on conversations
Stuart has had with the Metals traders wherein they would like to see this
exchange product as a financial product. If we accept this logic, (i) do I
need to create a Deal Type for 'Par Forward Swap' for the first FX Index
Product Type that we did as well as a 'Forward Swap' for these transactions,
or is it acceptable to leave these both as swaps, and (ii) regardless of the
Deal Type classification discussed in (i), I will need to create a new
Product Type for the 'strict exchange' - either as a physical or financial
product. Additionally, if I set this up as Financial Product, I have the
Index attribute in the template to contend with, because there is no Index;
and if I set this up as a Physical Product, I have the Location attribute to
contend with, because there is no Location. Naturally we can put something
cheesy in to fill the gap since it's internal, but if we ever decide to go
external we will need a new template - and from experience with the PJM Power
(Weather Desk) Product Type, templates requires an 'and if' statement are
hard to develop.

Dale


Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 07/30/2001 08:36 AM -----

	"US Publishing" <season@wizard.net>
	07/27/2001 01:09 PM
	Please respond to season

		 To: "RT Reader" <season@wizard.net>
		 cc:
		 Subject: Restructuring Today Friday July 27 2001

(see attached file:  rt010727.pdf)

Thank you,

Season Hawksley
US Publishing
800-486-8201
202-298-8201
 - rt010727.pdf


-----Original Message-----
From: 	Kohli, Sandeep
Sent:	Monday, July 09, 2001 8:31 AM
To:	Kaminski, Vince J
Subject:	FW: From The Enron India Newsdesk - July 7-9th newsclips

Vince,

This makes interesting reading.

Regards,
Sandeep.

 -----Original Message-----
From: 	Varma, Nikita
Sent:	Monday, July 09, 2001 5:46 AM
To:	Varma, Nikita
Subject:	From The Enron India Newsdesk - July 7-9th newsclips

THE ECONOMIC TIMES
Monday, July 09, 2001, http://www.economictimes.com/today/09econ07.htm
Enron chairman coming today, Girish Kuber
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
BUSINESS STANDARD
Monday, July 09, 2001, http://www.business-standard.com/today/news.asp?Menu=67#4
Enron brass positive on resolving dispute, chairman to meet FM today
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE FINANCIAL EXPRESS
Monday, July 09, 2001, http://www.financialexpress.com/fe20010709/news2.html
Enron chairman to hold talks with Vajpayee, Sinha, Prabhu Sanjay Jog

The above article was also reported in the following newspaper:

THE TIMES OFINDIA
Monday, July 09, 2001, http://www.timesofindia.com/today/09busu6.htm
Enron chief to discuss Dabhol with Prabhu
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE TIMES OF INDIA
Monday, July 09, 2001, http://www.timesofindia.com/today/09busu7.htm
Enron India chief optimistic about Dabhol
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE ECONOMIC TIMES
Monday, July 09, 2001, http://216.34.146.167:8000/servlet/Form
Judicial probe sought into Enron imbroglio
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE TIMES OF INDIA
Monday, July 09, 2001, http://www.timesofindia.com/080701/08busi8.htm
BJP favours judicial probe into Enron controversy
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE ECONOMIC TIMES
Monday, July 09, 2001, http://www.economictimes.com/today/09infr03.htm
Privatise MSEB generation, distribution: Panel

The above article was also reported in the following newspapers:

BUSINESS STANDARD
Monday, July 09, 2001, http://www.business-standard.com/today/economy7.asp?Menu=3
MSEB should be privatised, says Godbole panel
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE TIMES OF INDIA
Monday, July 09, 2001, http://www.timesofindia.com/today/09busi5.htm
Godbole panel recommends privatisation of MSEB
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
MID DAY,
Monday, July 09, 2001, http://www.chalomumbai.com/asp/article.asp?cat_id=29&art_id=12941&cat_code=2F574841545F535F4F4E5F4D554D4241492F5441415A415F4B4841424152
Dabhol employees sure company will pull out, Deepak Lokhande
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
MID DAY
Sunday, July 08, 2001, 1http://www.chalomumbai.com/asp/article.asp?cat_id=29&cat_code=2f574841545f535f4f4e5f4d554d4241492f5441415a415f4b4841424152&art_id=12925
Villages suffer with Enron shutting shop
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE ECONOMIC TIMES, Monday, July 09, 2001
Enron chairman coming today, Girish Kuber

THERE would be renewed efforts to resolve the Dabhol dispute with Kenneth Lay, the high profile chairman of Enron Corp, arriving in Delhi tomorrow. Mr Lay is scheduled to meet Prime Minister Atal Bihari Vajapayee and finance minister Yashwant Sinha, besides power minister Suresh Prabhu. He will discuss the fate of Dabhol Power Company which is locked in a dispute with the MSEB. According to central government sources Mr Lay will take up the issue with none other than the Prime Minister and finance minister during his stay in Delhi. His itinerary remains a closely guarded secret with Enron officials unwilling to share any information on the issue. However, according to government sources Mr Lay's office had got in touch with the PMO to confirm the meeting. Mr Lay, flying in his Gulf Stream, would be reaching Delhi tomorrow. He is coming to India at a time when around six states have shown interest in buying the Enron power. However, these states are interested only if Enron makes it available at around Rs 2.50 per unit - which is unacceptable to the company.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
BUSINESS STANDARD, Monday, July 09, 2001
Enron brass positive on resolving dispute, chairman to meet FM today

Wade Cline, chief executive of the Indian operations of Enron Corp, said today in New Delhi that he was optimistic about working through the payment dispute with MSEB."There are a variety of options, and we are trying to work out solutions," he said after a meeting with the finance secretary."We are having good meetings with the ministry. So, we are optimistic," Cline said. He added he had briefed the finance secretary ahead of the meeting of Kenneth Lay, chairman of Enron, with finance minister Yashwant Sinha. Lay is also due to meet power minister Suresh Prabhu and other senior officials today in connection with the payment dispute between Enron's Dabhol Power Company and MSEB.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE FINANCIAL EXPRESS, Monday, July 09, 2001
Enron chairman to hold talks with Vajpayee, Sinha, Prabhu Sanjay Jog

The Enron chairman Kenneth Lay, during his closely-guarded India visit, will hold talks with the Prime Minister AB Vajpayee, the Union Finance Minister Yashwant Sinha, Union Minister for Power Suresh Prabhu and some of the upcountry contacts. Mr Lay, during his short visit commencing from late Sunday night, may also hold talks with the Congress president Sonia Gandhi and various political and business leaders in New Delhi. Informed sources told The Financial Express that efforts are on to organise a meeting with the Maharashtra chief minister Vilasrao Deshmukh and his colleagues in the ministry.The Dabhol Power Company (DPC) declined to give details about Mr Lay's visit. "We don't want to comment," said its spokesman Jimmy Mogal. Mr Lay's visit deserves special significance, especially when the Maharashtra State Electricity Board (MSEB) has stopped power purchase from DPC since May 29, after issuing a notice to rescind its power purchase agreement with DPC. MSEB has also got shot in the arm when the Mumbai high court dismissed a writ petition filed by the DPC challenging the jurisdiction of Maharashtra Electricity Regulatory Commission to adjudicate upon its dispute and difference with MSEB.

Mr Lay, who alongwith DPC's former chief executive officer Rebecca Mark had convinced the necessity for survival of Dabhol project to the previous Shiv Sena-BJP government in 1996 and 1998, may have to make similar efforts again. Mr Lay in early May had made it clear that "India can illafford the very public fight the Dabhol has become. It sends a bad signal to the rest of the world as to the difficulties of investors in India, which is not what India needs right now." Mr Lay further said that "India needs a lot of foreign investment if the country expects to build up its infrastructure." However, Mr Sinha had contested Mr Lay's claim and said that "there is no need for us to think that because there is a problem with Enron, it is necessarily going to act as a dampner to foreign direct investment.Mr Lay's visit is also crucial, especially when the the Congress president Sonia Gandhi during here recent US visit has assured the American leadership that the Congress-led government in Maharashtra will make every effort to amicably resolve the Enron controversy. The former union finance minister Dr Manmohan Singh, who was accompanying the Congress president, had told the US leadership that the effort now is to find an amicable and mutually satisfactory solution based on purely economic and business considerations.

Meanwhile, DPC has relaunched an advertisement campaign entitled " why do I then write to you today?" coinciding Mr Lay's visit. However, the anti-Enron lobby is quite amused to see the ad campaign as it alleged that the DPC is misleading the people. According to a senior leader of anti-Enron movement, it clearly shows that Enron had minted money during its operation since may 1999 and it has funds to spend on ad campaign, especially when the power generation has been closed since May 29. The anti-Enron lobby is expected to press for the judicial probe against Dabhol deal at the coordination committee meeting of the constituents of the ruling Democratic Front scheduled for July 11.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE TIMES OF INDIA, Monday, July 09, 2001
Enron India chief optimistic about Dabhol

The chief executive of Enron Corp's Indian arm said on Monday he was optimistic about working through the company's payment dispute with a local utility. "There are a variety of options facing us with the project. We are just trying to work through those," Wade Cline told reporters in the Indian capital after a meeting with the finance secretary. "We are having good meetings with the ministry, so we are optimistic," Cline said. He added he had briefed the finance secretary ahead of Enron Corp Chairman Kenneth Lay's meeting with Finance Minister Yashwant Sinha. Lay is due to meet Sinha, the power minister and senior officials in connection with the payment dispute between Enron's Dabhol Power Co and the Maharashtra State Electricity Board which has defaulted on payments of $48 million to Dabhol. Enron's project is the largest direct foreign investment in India. Its first phase of 740 MW was completed in 1998, while a second phase adding another 1,444 MW was almost complete when its contractor stopped work because of the dispute. (Reuters)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE ECONOMIC TIMES, Monday, July 09, 2001
Judicial probe sought into Enron imbroglio

THE STATE executive of the BJP in Maharashtra on Saturday passed a resolution favouring a judicial probe into all aspects of the 'controversial' agreement signed between the state government and the US energy major Enron. The resolution is perceived by political analysts as a move aimed at forcing the DF government to agree to a judicial probe into the Enron issue even though the ruling DF coordinating committee had earlier deferred a decision on the question to July 11. At a closed door meeting held at Dombivali in Thane district on Saturday, the BJP state executive stated that "it had nothing to hide and is in favour of a judicial probe." The resolution also lambasted the DF government for 'playing politics' and "trying to settle scores with the NCP chief Sharad Pawar," according to BJP spokesman B Atul. "If there is a demand for a judicial enquiry into the Enron issue, the BJP is not opposed to it," he said. The change in the BJP's stand on the Enron issue at this juncture is significant as the BJP national vice president Gopinath Munde had earlier opposed a judicial probe in the matter.

Coming down heavily on the ruling DF government for raking up old issues and pressing for reversal of the names of Sambhaji Nagar and Dharashiv to their original names, Atul alleged "the government is practising revengeful politics." Flaying the DF government for adopting a communal overtone, the resolution further stated that the state government's attitude is aimed at disturbing the social harmony of the state. The BJP's changed stand on contesting the local self-governing bodies election also figured at the meeting which passed a resolution calling for an alliance with the Shiv Sena during the zilla parishad and civic elections, deviating from its earlier stand of '100 per cent bjp', Atul said. Around 300 party workers, including BJP leaders, Gopinath Munde, Union ministers Ram Naik, Pramod Mahajan and Jaywantiben Mehta were among those who attended the meeting, presided over by the state BJP president, Pandurang Phundkar. The meeting will conclude on Sunday, Atul added. (PTI)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE TIMES OF INDIA, Monday, July 09, 2001
BJP favours judicial probe into Enron controversy

The state executive of the BJP in Maharashtra on Saturday passed a resolution favouring a judicial probe into all aspects of the controversial agreement signed between the state government and the US energy major Enron. The resolution is perceived by political analysts as a move aimed at forcing the DF government to agree to a judicial probe into the Enron issue even though the ruling DF coordinating committee had earlier deferred a decision on the question to July 11. At a closed door meeting held at Dombivali in Thane district on Saturday, the BJP state executive stated that "it had nothing to hide and is in favour of a judicial probe." The resolution also lambasted the DF government for 'playing politics' and 'trying to settle scores with the NCP chief Sharad Pawar,' according to BJP spokesman B Atul.
"If there is a demand for a judicial enquiry into the Enron issue, the BJP is not opposed to it," he said. The change in the BJP's stand on the Enron issue at this juncture is significant as the BJP national vice president Gopinath Munde had earlier opposed a judicial probe in the matter. Coming down heavily on the ruling DF government for raking up old issues and pressing for reversal of the names of Sambhaji Nagar and Dharashiv to their original names, Atul alleged, "the government is practising revengeful politics." Flaying the DF government for adopting a communal overtone, the resolution further stated that the state government's attitude is aimed at disturbing the social harmony of the state.

The BJP's changed stand on contesting the local self governing bodies election also figured at the meeting which passed a resolution calling for an alliance with the Shiv Sena during the zilla parishad and civic elections, deviating from its earlier stand of shatpratishat bha ja pa (100 per cent BJP), Atul said. Around 300 party workers, including BJP leaders, Gopinath Munde, union ministers Ram Naik, Pramod Mahajan and Jaywantiben Mehta were among those who attended the meeting, presided over by the state BJP president, Pandurang Phundkar. The meeting will conclude on Sunday, Atul added. (PTI)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE ECONOMIC TIMES, Monday, July 09, 2001
Privatise MSEB generation, distribution: Panel

EVEN as Maharashtra grapples over its energy crisis with US energy major Enron, Godbole Review Committee has recommended outright privatisation of the loss-making state electricity board's distribution network and generation unit in the second part of its report to be submitted on July 11. "The report outlines path breaking reforms, which not only suggests restructuring of MSEB, but also makes its clear that its once-a-very-good board will be destroyed, if it continues as a government body", official sources said here on Sunday. The report would be submitted to the state chief minister Vilasrao Deshmukh on Tuesday morning, sources said. "The committee has recommended that MSEB's government ownership should be dissolved, however, the control of transmission network should rest with it". "MSEB's current assets are close to worth Rs 12,000 crore and once Cabinet approves the proposal following submission of the report, process like inviting tenders from private parties may be taken up", officials said.

According to the report, the interested companies would have to infuse capital investment in the distribution and generation networks with an increased rate of return at about 4.8 per cent, sources explained. The 200-plus pages report draws a detailed road map for the need to privatise MSEB, a different model from what was implemented in other states, sources added. The sources said experiences of Orissa, Haryana, Karnataka and Andhra Pradesh were closely studied by the panel and then it decided to recommend this model of privatisation. "The mantra of privatisation of only distribution network has failed all over the country", official sources said. The report has emphasised on creating distribution network zones in the state's urban and rural areas respectively, bids for which could be invited for, they said. "The rural zones are very crucial for us", sources said adding, "the report recommends that these should be handed over to any private party, be it a co-operative like the Pravara Electricity or a non-governmental organisation with a clear cut subsidy payout". The committee has also worked out a subsidy model, which would intersperse with a special "transmisssion charge" levied by the state government after privatisation to the companies, official sources said. "The report suggests that the transmission company should levy a surcharge over an above the billing chargs, which would be used for recovering the cross-subsidies", the sources said. The aim to privatise only distribution and generation is to facilitate pure trade of power and avoid any kind of other interferences, mainly political, the sources added. (PTI)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
MID DAY, Monday, July 09, 2001,
Dabhol employees sure company will pull out, Deepak Lokhande

When Enron Chief Executive Officer Kenneth Lay arrives in India today to try to renegotiate the Dabhol power project, he will find that his employees are certain the company will pull out of the venture. " Everyday the government adopts a new stance. We have been given an indication that the company will pull out," said a senior officer working with Dabhol Power Company (DPC), Enron' s Indian subsidiary. " When the company was ready to renegotiate, the state government was adamant that it wouldn't hold any discussions. Now, when they are pressing for renegotiations and a reduction in tariff, the company is not willing. Lay will meet Prime Minister Atal Behari Vajpayee and apprise him of the state government' s changing stands," he said. The atmosphere at the Veldoor plant near Dabhol is one of gloom. Recently, several thousand workers were laid off when the plant was forced to shut down because the Maharashtra State Electricity Board (MSEB) refused to purchase electricity. MSEB claimed that DPC did not fulfil conditions of the Power Purchase Agreement (PPA). " There used to be 10,000 labourers working at the plant, either on the construction of the second phase, which is 90 per cent complete, or for the first phase generating electricity. Today, the plant looks like a smashaan (cemetery). Workers keep asking each other who is the next to go. It is sad," he said.Till recently, the main gate of the plant would be thronged by daily wage workers. Today, there are hardly any. Even those having permanent jobs with DPC are not sure if their jobs are safe. Stories of how even senior officers were shown the door in an unceremonious manner are making the rounds. " The other day a very senior officer was told that he was not required any more. By the time he reached his residence provided by the company, his phone lines were cut. He had to go out and phone relatives and friends. He was asked to collect his dues the next day. On arriving at the gate, he was in for another shock. He was asked to get himself a visitor' s pass with restricted access. It was shocking," said a contractor.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
MID DAY, Sunday, July 08, 2001
Villages suffer with Enron shutting shop

Enron is going back, and going back with it are the riches it brought to Guhagar and Dabhol talukas. Most hit are traders at Shringartali (Tali), a market that is 10 km away from Veldoor, where Enron built its 2000 plus mw thermal power plant. The crash here has been more severe than the dotcom crash as business volumes have reduced by more than 1000 per cent and the real-estate market has hit rock bottom.Says Uday Deolekar, who owns a building material shop at Tali, "It used to be Diwali time while the project was on. On Sundays, the four-lane road would throb with buyers." The party was over, however, with the state Government pulling the plug on Enron. Gloom took over as workers started leaving the project site around February. There has been little business activity since then.Deolekar used to run a small shop of pan-beedi and groceries till about eight years ago when Enron came to Dabhol. Construction activity picked up in the area and Deolekar, with his brother-in-law Mohan Sansare, seized the opportunity and started supplying building material. Business flourished and the Sansares took over a plot of land to open four more shops. Sitting at one of them, Deolekar is waiting for customers today."Villagers in Tali and nearby areas wanted to refurbish their houses to accommodate paying guests coming in hordes. There was great demand for accommodation and hardly any supply. While blue-collar workers were happy with dormitory-type arrangements, white-collar officials wanted one-room, kitchen, attached bath type apartments. Many villagers started constructing lodges and boarding houses to cater to demand. Little did they realise that the party would have come to an end in any case once the construction was over," says Deolekar.

However, his brother-in-law Mohan is happy that Enron is going back. "They were quite arrogant. They may have brought money to this area, but they also brought all the vices - booze, gambling and what not. Enron will go back, cash flow will dry up but these vices will now remain with us forever," he says. He wants an Indian company to take over the plant and run it. Naseemshet, owner of Kasam Mohammed Memon shop, is one of the biggest traders in Tali. "I used to work for the Bharatiya Janata Party (BJP). When Enron officers came here in 1994, they stayed in my guesthouses. I was pressurised by the party then to break off my ties with them, but I told myself I must keep politics out of business. I am happy I did that. See how BJP leaders are now backing the project to the hilt. I received bulk orders and business shot up. Last three years were crazy. Now we are back to square one - catering to around 6,000 buyers from nearby villages," he says.

The Memons rented out an entire building, accommodating around nine persons for Rs 21,000 a month during boom time. Now the building does not have any takers even for Rs 3,000 per month. The Memons had also started a transport business seeing the vast money involved. Dabhol Power Company (DPC) used to pay Rs 45,000 per month to hire a Tata Sumo. "Our drivers started their own business. After the crash, they have come back to us begging for Rs 2,500-a-month job. But now I can't afford them," he says. Nandu Bartakke, who owns a grocery shop in Guhagar, recalls how Rs 10 per kg rice would be termed as "expensive" by locals. "After they got jobs at DPC, however, their lifestyles changed. They wanted Surti Kolam rice, which costs Rs 24 per kg. If I said it was costly, they would tell me they couldn't digest the Rs 10 per kg rice. They forgot that they grew on that rice," he says. Most of these locals, who had suddenly become rich with their Rs 10,000-a-month jobs with DPC, are yet to get over the crash. Bartakke claims traders from Chiplun market, which is 35 km away from DPC site, reaped rich dividends. "They knew what an industry requires. They have been catering to MIDC's industrial estate at Lote Parshuram for years now. They carefully invested their money and focussed on what DPC needed. Hardly any of them ever indulged in temporary markets such as real estate or transport," he says.Agrees Shailesh Warwatkar, a shop-owner in Chiplun market. "We concentrated on chillar items such as plastic bags, ball pens and stuff like that. It was astonishing to see DPC paying Rs 5.25 for used gunny bag, otherwise priced at 60 paise in the market. DPC always wanted huge quantities in real quick time, and they paid any price that was quoted."

Not all have made money though. For Hari Babu of S N Instrumentation, the experience has come as a shocker. His company was awarded a sub-contract by Punj-Lloyd. Babu came in February and by April, DPC was sailing in troubled waters. Since mid-June Babu has hardly had any work. He has sent back 78 people from his team and is awaiting further instructions from his company's office in Kolkata. "We will sue them. How can they a terminate six months' contract just like that?" says a livid Babu. But he knows the futility of his anger. "We will sue Punj-Lloyd. Punj-Lloyd will slap case against Sanscra, the French company. Sanscra will start legal proceedings against Bechtel. Bechtel will file suit against DPC and DPC will go in arbitration against Maharashtra Government. It's a long and never-ending chain."

DPC auctioning jeeps, computers at throwaway prices

Dabhol Power Company (DPC) and several other companies who were involved in the setting up of Dabhol Power Project, have started auctioning four-wheelers, computers and are likely to put on sale refrigerators and air-conditioners.The buzz in the area is vehicles like Tata Sumos, Mahindra Armada, Commander and Jeeps are available at throwaway prices. "They are selling vehicles kilo ke hisaab se. I heard a jeep was available for just Rs 27,000," said Warwatkar. Indeed, there were a few vehicles put on sale at the site carrying a price tag of Rs 29,000 for 1997 Commanders. But the tag also mentioned of major breakdown of engine as known defects. Most other vehicles were available at a minimum bid price of Rs 60,000 onwards and looked in bad shape after a rough use in difficult terrain. Bodywork was required in most cases. Locals, however, believe it's still a good buy.

The goods are, however, are offered to employees first, who bid their price. Some of them have started selling these goods at higher prices to others. Naseem Memon bought a Mahindra Marshall for Rs 1.11 lakh through one of the employees who had bought it at company auction, and immediately got an offer of Rs 1.25 lakh. Memon is not selling it just now. "I will repair it and I am sure it will fetch at least Rs 1.75 lakh to Rs 2 lakh.," he says. The area is flooded with buyers from Mumbai, Karad, Satara and Pune. Shortly, computers, fridges and ACs will also be put on sale and DPC employees will have their hands full with requests from outsiders.


Transco confirmed that effective 2/1/2001, the forward haul and back haul
commodity rates will be the same on both IT and FT.
---------------------- Forwarded by Chris Germany/HOU/ECT on 02/01/2001 03:25
PM ---------------------------

	From:  Chris Germany                           02/01/2001 12:22 PM

To: Rebecca W Cantrell/HOU/ECT@ECT, Colleen Sullivan/HOU/ECT@ECT, Judy
Townsend/HOU/ECT@ECT
cc:
Subject: Trco Backhaul Rates

I left a message for the manager of Transco's Rates Department to call me.
If I'm reading this correctly, the forwardhaul and the backhaul commodities
are the same now.  In Jan, the "true backhaul" rate from Zone 6 to Zone 4 was
$.0448 plus surcharges, today its $.3037 plus surcharges.  We actually did
some deals based on the backhaul rate of $.0448 for the summer.

I suppose its too late, is there anyway this could be postponed until
October, after the summer period?

Media Inquiries: Chris Stockton
                 (713) 215-2010
Other Inquiries: Rate Dept. 1-800-248-0404, Option #7January 29, 2001

To:  Transcontinental Gas Pipe Line Corporation Customers and
Shippers

Re:  FT and IT Rates effective February 1, 2001

On January 24, 2001, the Commission issued an order in Docket
Nos. RP97-71-020 and RP97-71-021 which, among other things,
approved the pro forma tariff sheets included with the filing.
The Commission's order also directed Transco to file actual
tariff sheets to be effective February 1, 2001.  Transco intends
to file the revised tariff sheets with the Commission on February
1, 2001.  If accepted as proposed, outlined below for your
convenience are Transco=s Rate Schedule FT and IT rates effective
February 1, 2001.

Summary of Rate Schedule FT Demand Maximum Rates
(Excluding Surcharges)

Demand Rates ($/Dt)
                              Del. Zone

          Zone 1   Zone 2   Zone 3   Zone 4   Zone 5   Zone 6
Rec. Zone

Zone 1    2.1284   2.7625   3.6820   7.0221   9.4933   10.8315
Zone 2    2.7625   2.2262   3.1457   6.4858   8.9570   10.2952
Zone 3    3.6820   3.1457   2.5116   5.8517   8.3229    9.6611
Zone 4    7.0221   6.4858   5.8517   4.9322   7.4034    8.7416
Zone 5    9.4933   8.9570   8.3229   7.4034   4.0633    5.4015
Zone 6   10.8315  10.2952   9.6611   8.7416   5.4015    2.9303

Zone 4A (Mobile Bay) Demand Rate   $2.4072

Commodity Rates (cents/Dt)
                              Del. Zone

          Zone 1   Zone 2   Zone 3   Zone 4   Zone 5   Zone 6
Rec. Zone

Zone 1    0.24     0.50     0.75     1.86     2.74     3.20
Zone 2    0.50     0.30     0.55     1.66     2.54     3.00
Zone 3    0.75     0.55     0.29     1.40     2.28     2.74
Zone 4    1.86     1.66     1.40     1.15     2.03     2.49
Zone 5    2.74     2.54     2.28     2.03     0.92     1.38
Zone 6    3.20     3.00     2.74     2.49     1.38     0.50

Zone 4A (Mobile Bay) Commodity Rate   0.34

Summary of Rate Schedule IT Commodity Maximum Rates
(Excluding Surcharges)

Commodity Rates (cents/Dt)
Del. Zone

          Zone 1   Zone 2   Zone 3   Zone 4   Zone 5   Zone 6
Rec. Zone

Zone 1    06.37    08.72    12.00    24.10    33.10    37.96
Zone 2    08.72    06.76    10.04    22.14    31.14    36.00
Zone 3    12.00    10.04    07.69    19.79    28.79    33.65
Zone 4    24.10    22.14    19.79    16.51    25.51    30.37
Zone 5    33.10    31.14    28.79    25.51    13.41    18.27
Zone 6    37.96    36.00    33.65    30.37    18.27    09.27

Zone 4A (Mobile Bay) Commodity Rate   7.39

For additional information please contact your Customer Service
Representative or Rate Department Representative.

Charlotte Hutson
Manager - Rate Department
(713)215-4060


In order to bring better legal coordination and standardization to Enron's Risk Assessment and Control (RAC) group, we have formed a new legal group, which will initially include Lisa Mellencamp (Finance), Marcus Nettelton (Power Trading), Carol St. Clair (Broadband/Power Trading), Mary Cook (Financial Swaps), Peter Keohane (Canada), Ed Essandoh (Retail), Paul Darmitzel (Retail) and Elizabeth Sager (Power Trading) (Team Leader).  This group will focus on, among other things, managing Enron's exposures with bankrupt counterparties, working out credit solutions with distressed counterparties and standardizing our overall credit practices.  The initial members in this group have been drawn from Enron's numerous legal groups in order to gain a broader perspective.   Each of these members will provide support to this new group in addition to their current responsibilities.

	Within RAC, Michael Tribolet will focus on distressed counterparties, in conjunction with Bill Bradford, who continues to manage the Credit Risk Management group.

	Please join us in supporting the efforts of this new group.


Mike/Jeff:

Attached is the updated EJ deal pipeline report following Joe's note below. This is updated daily by the Originators here, so excuse some rough edges. I believe we've made good progress in our 1st Qtr in EGM; progress on accessing a diverse universe of target EGM customers, identifying customer needs, building a deal list, advancing / closing out documentation, developing RAC's understanding of our business and now quoting firm prices. This report + the traction we're beginning to achieve in the market here supports the budget numbers you discussed with Joe earlier today.

To reflect the Sato initiative which we're running independently of the Origination focus,  separate pages reflecting this have been added.

Happy to take questions.

Regards - Jeremy

-----Original Message-----
From: Hirl, Joseph
Sent: Wednesday, October 10, 2001 6:00 PM
To: Mcconnell, Mike; Shankman, Jeffrey A.
Subject: Sato MOU and Deal List

Mike/Jeff,
Jeremy will be sending you the updated internal deal list to give you a feel for the types of things we are working on and where we stand. We'd like to discuss this further with you. I think you will see from the types of transactions and the relative value that the 2002 plan numbers are not unrealistic. However, in order to achieve these numbers will require some strong support from Houston and additional expat staff. We have focused on reasonableness of the size of transactions that we are seeing to date and what we would additionally plan to see. We have also focused on trying to do more with less (Sato proposition) and shooting for just north of break even. Additionally, I am under the belief that you are stretching all of the groups and anything less than covering costs would not be acceptable. While Sato would not be required to achieve these numbers, it would certainly be easier with them. (... don't mean for this to be interpreted that we should have higher numbers with Sato...).
Sato:
We'd like to set a time to speak with you about Sato MOU your Thursday (our Friday). Our 0730 is your 1730. Would this work for you?
Joe


Any chance of postponing until Thursday afternoon - same time?

Steve

-----Original Message-----
From: Suzanne.Adams@enron.com [mailto:Suzanne.Adams@enron.com]
Sent: Monday, June 04, 2001 7:09 PM
To: Sheila.Tweed@enron.com; Ben.Jacoby@enron.com; Lisa.Bills@enron.com;
Roseann.Engeldorf@enron.com; Scott.Dieball@enron.com; Swift, Stephen L
(PS, CommOps); Barnas, Michael C (PS, Legal); Shoemaker, Kent (GEAE);
kay.mann@enron.com; Schroeder, John H Jr (PS, Sales);
Bill.Williams@enron.com; Ed.B.Hearn.III@enron.com;
John.G.Rigby@enron.com
Subject: Weekly GE Conference Call
Importance: High

The weekly conference call will take place at 1:30 p.m. CDT on Wednesday,
June 6, 2001.  EB38C1 has been reserved for those of you in Houston.

Dial In:       1-888-285-4585

Participant:   536220

Host:          121970 (Sheila)


--------- Inline attachment follows ---------

From:  <WDGERMANYJR@dow.com>
To: 'Trogg522@aol.com'
Date: Tuesday, June 11, 2002 11:46:57 GMT
Subject:

Hey Trogg,

How's Baby Trogg?  Hopefully I will be able to see her soon.  How is Mamma Trogg?  I hope all are well.  Take care.  My new home phone is 979 265 6139.  Onward through the duck weed!

Don Germany

Dow
W. Don Germany, Jr.
2301 N Brazosport Blvd
B 3611, Investment Recovery
Freeport, Texas 77541

Pager 1 800 451 0491 (0448)
Office 979 238 2102

<http://www.nextel.com/>

text messaging/phone 979 482 3219

radio/142*104456*1

-----Original Message-----
From: Trogg522@aol.com [mailto:Trogg522@aol.com]
Sent: Wednesday, May 15, 2002 1:35 PM
To: wdgermanyjr@dow.com; germanj@basf-corp.com
Subject: Audrey Immer Germany

http://hometown.aol.com/trogg522/myhomepage/index.html


I'm now in the pinch I expected to be in.  I've already got 16 checks in the
barn, but I'm missing yours.  I'm going to go ahead and put all of your
non-refundable green fees on my credit card since I haven't received your
checks.  The pro will be calling me any minute now wanting the final number
of players, along with my credit card number.  So let me know immediately if
you're bailin' out.  If any of you have already sent them and, for some
reason, I haven't gotten them, please disregard this message and the harsh
tone I'm using (if you can hear my tone over the Internet).  If any of you
back out, you'll be sticking me with $48.  That will be four less Mai Tais
for Sharon and me in Hawaii.  Please send your *$%#@! checks! Here's the?message I sent out about a month ago, in case you forgot:??Twenty-nine of you have said you want to play and I've got three or four?guys on the bubble that haven't received permission to play from their wives?or girlfriends.  Regardless, I reserved tee times for seven foursomes with?the first group going at 8:32 a.m. on Friday morning and the last at about?9:20 a.m. (eight minutes between each group).  I'm sure we can squeeze in?another group when the numbers round out.  I've put down an initial deposit?of $112 ($4 a head) that is only refundable for merchandise in the golf shop?or range balls (don't ask me why, but that's in the contract).  In addition,?I need checks from each of you for $48.00 by Aug. 1 (green fee, half a cart,?and $4 deposit).  Please send them to 3235 Cole Ave. #15, Dallas, 75204.  I?need to give the pro a final number and pull the trigger on the full deposit?(putting the remaining $44 per player on my credit card) by Aug. 3.  Your?check will reserve your spot and will enable me to get firm commitments from?everybody.  It will also enable me to round out the numbers and put you in?your foursomes.  Thanks; looking forward to it.???William S. Snyder?SAYLES, LIDJI & WERBNER??Confidentiality Notice: This email is not encrypted. For information on?secure, encrypted communication with the firm, visit the Secure Area of our?website at http://www.saylid.com.  This email is, however, confidential and?may be privileged; it is for the sole use of the named and intended?recipient.  Any review or distribution by others is strictly prohibited and?may be illegal.  If you are not the intended recipient, please delete all?copies received and notify Sayles, Lidji & Werbner, A Professional?Corporation.


A new version of CQG has been deployed to all current CQG users.  When you log out and log back in you may not initially see your saved layouts.
If this occurs, please follow the below instructions to retrieve your layouts.

If you need assistance please contact the resolution center at x31411 and your floor support technician will be able to assist.

Thank You.

Restoring user layouts after upgrades to 275.

once you are logged into CQG

goto SYSTEM
goto Auto Backup user setups
goto Restore from Archive tab
select most recent date prior to current day...... "its format is yyyymmddnn.zip
hit RESTORE NOW button
hit OK


We received the following executed ISDA Master Agreement:

Type of Contract:    ISDA Master Agreement (Multicurrency-Cross Border)

Effective Date:  November 29, 1999

Enron Entity:  Enron North America Corp.

Counterparty:  Public Service Electric and Gas Company

Transactions Covered: Approved for all products except:      pulp and paper,
weather and foreign exhange.


Jeff,

Here is a recent rentroll.  I understand another looker went to the
property.  I want to hear the feedback no matter how discouraging. I am in
Portland for the rest of the week.  You can reach me on my cell phone
713-410-4679.  My understanding was that you would be overnighting some
closing statements for Leander on Friday.  Please send them to my house (8855
Merlin Ct, Houston, TX 77055).

Call me if necessary.

Phillip

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 01/18/2001
08:06 AM ---------------------------

"phillip allen" <pallen70@hotmail.com> on 01/16/2001 06:36:15 PM
To: pallen@enron.com
cc:
Subject:

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

 - rentroll_investors_0112.xls


Rakesh,

HC stands for ...?

Vince

 -----Original Message-----
From: 	Bharati, Rakesh
Sent:	Wednesday, August 22, 2001 9:51 AM
To:	Kaminski, Vince J
Subject:	RE: Raptor Update

Vince,

I met with Gordon yesterday and have up-to-date information on the public and private hedges we placed in Raptors 1 and 2.  There has been value loss there.  The following are the current values for R1. I shall cross-check the values again before we model these into our liquidation valuation.
For R2, HC is the only remaining value, it appears.  However, we have already entered into a contract with Bear and Stearns who are shorting HC presently and wll settle with Enron around October, 2001, after Enron makes its sale.  So, it may not be relevant if we want to look at the liquidation value at maturity from a volatility perspective.

Thanks.

Public
	Number	Value
Active Power	    324,000 	        2,060,640
Avici Systems	 1,092,426 	        3,987,355
Catalytica After 12/14	 1,342,889 	      12,165,231

Private

Amerada Hess Exposure		        1,250,000 	commitment to fund by Dec which has not occurred
Ameritex		        1,209,030
Basic Energy Preferred		          770,245 	may have sale value
Black Bay		                   -
Brigham Secured SubDebt		                   -
Catalytica Before 12/14		                   -
City Forest IPC		                   -
Ecogas Loan & Equity		                   -
Geo. Pursuit (EBGB)		                   -
Heartland Common		                    0 	bankruptcy
Heartland Common (Condor)		                   -
Heartland Loan		          137,318 	cash received
Heartland Warrants		                   -
Hughes Rawls Loan		        1,100,000 	cash received, ?bankruptcy
Hughes Rawls Note		                   -
HV Marine Warrants		      10,125,000 	looking to sell
Industrial Holdings		        7,121,810
Invasion Energy		                   -
Juniper		      20,887,595
Juniper Committed Exposurer		        2,560,525
Keathley Canyon		                   -
LSI Preferred		                   -   	received some paper in banruptcy which has no value
LSI Warrants		                   -
Oconto Falls Common		        1,803,840
Oconto Falls IPC		        2,300,803
Texland		        8,971,988
Texland Committed Exposurer		        2,343,750
Vastar		      16,316,247 	Valuation is 1.9 asset and $14.4 cash received
Vastar Exposure		        1,050,000 	$1.05 cash received
Venoco Convertible		      44,836,040 	looking to sell
WB Oil & Gas		                   -
Merlin Credit Derivative		                   -
Merlin Credit Derivative		                   -

Chewco SLP Exposurer
3TEC Warrants		                   -
Place Resources		                   -
Avici Systems		                   -
Catalytica After 12/14		                   -
Quicksilver
Ameritex		      727,836.22
Hughes Rawls Note		                   -

Rakesh

 -----Original Message-----
From: 	Kaminski, Vince J
Sent:	Wednesday, August 22, 2001 8:45 AM
To:	Zipter, Rudi
Cc:	Bharati, Rakesh; Kaminski, Vince J
Subject:	RE: Raptor Update

Rudi,

Makes sense. Let's meet with Gordon. I shall ask Rakesh to set up a meeting.

Another question: do you know if the collar was hedged by the equity desk?

I would expect a cash event related to the exercise of the put that will affect Enron's
liquidity at some point.

Vince

 -----Original Message-----
From: 	Zipter, Rudi
Sent:	Wednesday, August 22, 2001 1:58 AM
To:	Kaminski, Vince J
Subject:	FW: Raptor Update

 -----Original Message-----
From: 	Zipter, Rudi
Sent:	Wednesday, August 22, 2001 7:57 AM
To:	Yuan, Ding
Cc:	Port, David; Murphy, Ted
Subject:	Raptor Update

Ding --

As ENE stock and the stock market in general has been hammered lately, perhaps it is a good time to call Gordon McKillup and determine how the various Raptor portfolios are postured.

As you may recall from the prior analysis, they placed a option collar around the collateral (ENE stock).  At that time, they felt that it would support the portfolio to around $20 / share.  The main assumption, however, was that the assets in the Raptor structure would not devalue.  Of course, for the public equities such as AVICI this is simply not the case.  At the time of the initial analysis in March, AVCI traded at roughly $17 / share and it now trades at $3.65 / share on approximately 1.1 million shares.  OOPS!

Rudi


You need to path the change at mtr 8055.  You should not path the buyback at
mtr 1040 (Only deals 538950 and 702826 should be pathed with volume.  All
other deals at mtr 1040 should be pathed with zero volumes.)

D

From: Juliann Kemp/ENRON@enronXgate on 04/02/2001 01:32 PM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Pathing question

Daren,
I have HPL Resources meter 988055 wasn't sure if I should path this for April
3rd's deal change.
and I have Mobil Oil meter 981040 that I pathed on the first for 30,000 that
change to 50,000 for the 3rd.
I didn't path them since they are industrials and Aimee's notes told me to
path Industrials -
except for a few exceptions.
Thanks, Julie
x58639


Set up wtih Eric Salinas 33968 - 10/3/00 - jar


Please send all personal e-mails to michelleeileenhicks@hotmail.com.  Thank you, meh


All,
Here is an updated program with a laundry list of speakers.  This afternoon at
5:30/2:30 we need to:

1)  Make introductions

2)  Agree on general format

3)  Agree on date.  Bill prefers October so we need to resolve that.

4)  Agree on initial list of speakers.

5)  Determine contacts most likely to get the speakers to accept, and assign
calling list.

For selecting speakers, Lee and I have discussed a cascading selection method
(in the spirit of cascading electricity ancillary service auctions I suppose)
by
which we try to get a commitment from our top choice then select our second
choice to ensure balance with the first, and each step of the way try to
ensure
the next selection provides balance to the existing slate.  Since we'll all be
on the phone together our first step should still be to establish a top list
and
assign responsibility for calling a few people.

Talk to you soon!  Bill can you set up the call and send around the call-in
number? Thanks.
Rob <<Draft  program 090500.doc>>

Rob Gramlich
PJM Market Monitoring Unit
(610) 666-4291
gramlr@pjm.com

 - Draft  program 090500.doc


<<AB Power Fax for 26/11/01>>  <<AB Power Fax for 27/11/01>>  <<AB Power
Fax for 28/11/01>>  <<AB Power Fax for 29/11/01>>  <<AB Power Fax for
30/11/01>>  <<AB Power Fax 3/12/01>>  <<AB Power Fax for 4/12/01>>

----------------------------------------------
Clinton Kripki
GFI Group Inc.
Phone:  212 968 2813
email:  clinton.kripki@gfinet.com
website:  www.gfinet.com

***************************************************************
Confidentiality note: This e-mail contains information from the
GFI Group Inc. and/or its affiliates, including GFInet inc.,
that is confidential and/or legally privileged.   This
information is intended only for the use of the individual or
entity named on this e-mail.  This e-mail and its content may
not be reproduced or retransmitted without the express written
permission of The GFI Group.
***************************************************************

Content-Transfer-Encoding: binary
Message-ID: <E4275B257C6CD411B6560090278D1268D8532E@SMTP2>
From: Clinton Kripki <Clinton.Kripki@GFInet.com>
To:
Subject: AB Power Fax for 26/11/01
Date: Mon, 26 Nov 2001 17:04:43 -0500
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2650.21)
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From: Clinton Kripki <Clinton.Kripki@GFInet.com>
To:
Subject: AB Power Fax for 27/11/01
Date: Tue, 27 Nov 2001 17:03:31 -0500
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From: Clinton Kripki <Clinton.Kripki@GFInet.com>
To:
Subject: AB Power Fax for 28/11/01
Date: Wed, 28 Nov 2001 16:57:27 -0500
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From: Clinton Kripki <Clinton.Kripki@GFInet.com>
To:
Subject: AB Power Fax for 29/11/01
Date: Thu, 29 Nov 2001 17:00:02 -0500
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From: Clinton Kripki <Clinton.Kripki@GFInet.com>
To:
Subject: AB Power Fax for 30/11/01
Date: Fri, 30 Nov 2001 16:26:03 -0500
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From: Clinton Kripki <Clinton.Kripki@GFInet.com>
To:
Subject: AB Power Fax 3/12/01
Date: Mon, 3 Dec 2001 16:46:47 -0500
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From: Clinton Kripki <Clinton.Kripki@GFInet.com>
To:
Subject: AB Power Fax for 4/12/01
Date: Tue, 4 Dec 2001 16:08:32 -0500
MIME-Version: 1.0
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 - AB Power Fax.xls


Keegan, I think the attached is a Word Perfect File.  Can you try to convert this file to an MSWord file.  Thanks.

 -----Original Message-----
From: 	"P. Keith Daigle" <pkdaigle@neosoft.com>@ENRON [mailto:IMCEANOTES-+22P+2E+20Keith+20Daigle+22+20+3Cpkdaigle+40neosoft+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, August 14, 2001 4:26 PM
To:	Nemec, Gerald
Subject:	Sale of Assumption parish property  Our File ENR-02

Gerald:

Attached is my draft "Purchase and Sale Agreement" based on the form
used in Texas.  The following are the major revisions which I made:

1.  I put the property description in the body of the agreement.  It is
short enough and I find this prevents problems which occasionally come
up when using Exhibits.  I also added a blank for the municipal address
of the improvements.  This is required by Louisiana law, IF the property
has an address.

2.  In paragraph "1"  and in the Act of Cash Sale, I added a reservation
of mineral rights.  If you are not concerned about this it can be taken
out.

3.  In paragraph "3"  I added language specifically waiving buyer's
claims under the Louisiana laws of Redibition  which are specific legal
warranties.

4.  I changed paragraph "5" to limit buyer's indemnity to matters
arising after the closing date.

5.  In paragraph "7"  I added a provision to allow the arbitrator to
order specific performance.  I also added provisions allowing the
parties to enforce the arbitrator's orders in court, and allowing the
parties resort to the courts for injunctive relief, if necessary.

6.  I added a provision for awarding attorney's fees in paragraph "13".

7.  I added paragraphs "12", "14", & "15" which are helpful boilerplate.

8.  I added Paragraph "16" to provide a drop dead date.  The length of
time is purely arbitrary.

Please call or e-mail me with any questions.

Would you like me to handle the closing also?

Keith

 - PURCHSALAGR


I actually got some info  for you for the 26th
jr

1,989,600 MWhs


Kate,

TFS just shows one trade with Matt motley, we have two entered 530551.01,
530557.01.
thanks

530263.01
Apb showed:  just ch cp to city of mcminnville > OKAY


Do you know the status on this?

Michael Slade
10/31/2000 09:49 AM
To: Bob Shults/HOU/ECT@ECT
cc: Tana Jones/HOU/ECT@ECT
Subject: Re: GFI Non disclosure

Hello Bob
Yes that's right - although it should all be done now, although I had a call
saying they hadn't received the doc , although I did courier it round.
Unfortunately I am having to work from home today because of flooding in
south of England - so I can't check the file - but will do so as soon as I
get back to the office
Michael

To: michael.slade@enron.com
cc: Tana Jones/HOU/ECT@ECT

Subject: GFI Non disclosure

I am working with Andy Zipper on the Broker Client application.  I talked to
Colin Hefron at GFI and his attorney is apparently working with you on the
Non Disclosure Agreement.  Please let me know the status so that I can move
forward on discussions with GFI.  My number is 713 853-0397.


Hello Fellow Elves.

Just a reminder that monetary donations need to be in this Friday so we can
buy the gifts this weekend and have them wrapped on Tuesday. Please give them
to me or Teri Whitcomb with the signup sheet.

There is a pizza/wrapping party on Tuesday, December 19th that y'all are
invited too.

Have a nice day.

Jeffrey Oh


Option terms are not reflected in the system. Trade date has been changed to
2/22 - reflects trade date in CDWR confirmation letter. I've left a copy of
the confirm letter on your desk just in case. Let me know if you have
questions.

Kate

Tim Belden
02/28/2001 12:42 PM
To: Kate Symes/PDX/ECT@ECT
cc: Carla Hoffman/PDX/ECT@ECT

Subject: Re: CDWR deal 530608.01

do not reflect the option in the system.  we will take care of that if we
exercise the option.  it would be good to get the proper transaction
execution date in there.

   Kate Symes                02/28/2001 12:11 PM

To: Tim Belden/HOU/ECT@ECT
cc: Carla Hoffman/PDX/ECT@ECT
Subject: CDWR deal 530608.01

Tim - would you like a copy of this deal's confirmation letter?

Carla - you entered this deal on 2/23/01. Should it be back-dated to match
trade date on confirmation letter?

Thanks,
Kate
---------------------- Forwarded by Kate Symes/PDX/ECT on 02/28/2001 12:13 PM
---------------------------
Stephanie Piwetz   02/28/2001 06:51 AM

To: Kate Symes/PDX/ECT@ECT
cc:

Subject: CDWR deal 530608.01

Kate,  we received the executed Confirmation Letter from Portland Legal
yesterday with Department of Water Resources a division of the State of
California -CDWR believe it is trade 530608.01.  The confirmation has special
terms to extend the terms of the trade by a specific date and time regarding
the option.
Needed to know if you need a copy of this confirmation to note this and we
have trade date on our confirmation letter as Feb. 22, 2001.  The trade in
enpower has a trade date of Feb 23, 2001 Trader: Tim Belden
   please let me know.

Thank you
Stephanie


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fyi. I am following -up on this.

 -----Original Message-----
From: 	Horton, Stanley
Sent:	Thursday, February 28, 2002 6:08 PM
To:	Harris, Steven
Subject:	FW: Follow Up - Amarillo Meeting

Can you follow up on this.

 -----Original Message-----
From: 	Vaughn, Ann
Sent:	Thursday, February 28, 2002 9:02 AM
To:	Horton, Stanley
Subject:	Follow Up - Amarillo Meeting

Stan................just a reminder to follow up with the commercial group regarding the question about gas going off the system.  While we have capacity, the field doesn't see much happening to bring customers back or to get new customers.  There was also the issue of better communication between the commercial group and the field.  They specifically mentioned a situation with ONEOK.  The customer told the field employees that ETS was releasing gas to them, not our commercial group.

Again...............you did an outstanding job yesterday.


Why is this necessary when we just executed a reduced price fuel supply
contract with PQP LLC and we are in the process of trying to sell the asset
and transfer the fuel contract to the new buyer and Glencore?

To: Doug Leach@ECT
cc: Dan J Hyvl@ECT, Ermes Melinchon/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Amendment to Fuel Supply

Doug:

Following our conversation of last week, attached is the draft of the
amendment to the fuel supply for your review and approval.  As you may
recall, this document became necessary after we became aware of the letter
agreement dated August 12, 1996.  If you have any questions, please give me a
call, otherwise please let me know you are okay with it so that I can send it
to the lenders for their review and approval.

many thanks

FPL


I also need to sign up for the executive impact and influence course

Thanks

---------------------- Forwarded by Hunter S Shively/HOU/ECT on 07/22/2000
08:13 PM ---------------------------

Becky Tlucek
07/20/2000 04:00 PM
To: Alonzo Williams/HOU/ECT@ECT, Andrea Ring/HOU/ECT@ECT, Andrew H
Lewis/HOU/ECT@ECT, Andrew R Conner/HOU/ECT@ECT, Ashton
Soniat/Corp/Enron@ENRON, Bhavna Pandya/HOU/ECT@ECT, Bill
Berkeland/Corp/Enron@Enron, Bill Rust/HOU/ECT@ECT, Bob Crane/HOU/ECT@ECT,
Brad McKay/HOU/ECT@ECT, Brian O'Rourke/HOU/ECT@ECT, Bruce
Hebert/GCO/Enron@ENRON, Caroline Abramo/Corp/Enron@Enron, Chad
Starnes/Corp/Enron@Enron, Charles H Otto/HOU/ECT@ECT, Charlie
Jewell/HOU/ECT@ECT, Chris Gaskill/Corp/Enron@Enron, Chris
Germany/HOU/ECT@ECT, Chris Lenartowicz/Corp/Enron@ENRON, Clint
Dean/Corp/Enron@Enron, Colleen Sullivan/HOU/ECT@ECT, Corry
Bentley/HOU/ECT@ECT, Craig Breslau/HOU/ECT@ECT, Cyril Price/HOU/ECT@ECT, Dan
Junek/HOU/ECT@ECT, Daniel Diamond/HOU/ECT@ECT, Daniel Reck/HOU/ECT@ECT,
Darren Delage/HOU/ECT@ECT, David J Vitrella/HOU/ECT@ECT, David
Ryan/Corp/Enron@ENRON, David Zaccour/HOU/ECT@ECT, Dean Laurent/HOU/ECT@ECT,
Diana Allen/Corp/Enron@ENRON, Dick Jenkins/HOU/ECT@ECT, Don
Baughman/HOU/ECT@ECT, Douglas Miller/ECF/Enron@ENRON, Douglas
SMITH/ENRON@Gateway, Ed Smith/HOU/ECT@ECT, Edward D Baughman/HOU/ECT@ECT,
Elsa Piekielniak/Corp/Enron@Enron, Eric Saibi/Corp/Enron@ENRON, Erik
Serio/Corp/Enron@Enron, Fletcher J Sturm/HOU/ECT@ECT, Frank
Ermis/HOU/ECT@ECT, Fred Lagrasta/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT,
Geoff Storey/HOU/ECT@ECT, George Hopley/HOU/ECT@ect, George
McClellan/HOU/ECT@ECT, George N Gilbert/HOU/ECT@ECT, George
Wood/Corp/Enron@Enron, Gerald Gilbert/HOU/ECT@ECT, Greg
Trefz/Corp/Enron@ENRON, Greg Whalley/HOU/ECT@ECT, Greg Woulfe/HOU/ECT@ECT,
Gretchen Lotz/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, James E
Terrell/HOU/ECT@ECT, Jane M Tholt/HOU/ECT@ECT, Janel
Guerrero/Corp/Enron@Enron, Janelle Scheuer/HOU/ECT@ECT, Jared
Kaiser/HOU/ECT@ECT, Jason Choate/Corp/Enron@ENRON, Jason
Crawford/Corp/Enron@Enron, Jay Reitmeyer/HOU/ECT@ECT, Jay
Wills/Corp/Enron@ENRON, Jeff King/Corp/Enron@Enron, Jeff
Kinneman/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT, Jennifer
Fraser/HOU/ECT@ECT, Jennifer Shipos/HOU/ECT@ECT, Jim Homco/HOU/ECT@ECT, Joe
Errigo/Corp/Enron@Enron, Joe Parks/Corp/Enron@ENRON, Joe
Stepenovitch/Corp/Enron@Enron, John Arnold/HOU/ECT@ECT, John
Berger/HOU/ECT@ECT, John Craig Taylor/HOU/ECT@ECT, John D Suarez/HOU/ECT@ECT,
John Grass/Corp/Enron@ENRON, John Greene/HOU/ECT@ECT, John
Kinser/HOU/ECT@ECT, John Llodra/Corp/Enron@ENRON, John M
Singer/Corp/Enron@ENRON, John Zufferli/HOU/ECT@ECT, John Zurita/HOU/EES@EES,
Juan Hernandez/Corp/Enron@ENRON, Judy Townsend/HOU/ECT@ECT, Kate
Fraser/HOU/ECT@ECT, Kayne Coulter/HOU/ECT@ECT, Keith
Comeaux/Corp/Enron@Enron, Keith Holst/HOU/ECT@ect, Keller
Mayeaux/Corp/Enron@Enron, Kelli Stevens/HOU/ECT@ECT, Kevin
Cline/Corp/Enron@Enron, Kevin M Presto/HOU/ECT@ECT, Kevin
McGowan/Corp/Enron@ENRON, Kyle Schultz/HOU/ECT@ECT, Larry
Jester/Corp/Enron@ENRON, Larry May/Corp/Enron@Enron, Larry
Valderrama/HOU/ECT@ECT, Laura Podurgiel/HOU/ECT@ECT, Lawrence
Clayton/Corp/Enron@Enron, Lisa Burnett/Corp/Enron@Enron, Lisa
Lees/HOU/ECT@ECT, Lloyd Will/HOU/ECT@ECT, Lucy Ortiz/HOU/ECT@ECT, Madhup
Kumar/Corp/Enron@ENRON, Madhur Dayal/HOU/ECT@ECT, Marc Bir/Corp/Enron@ENRON,
Maria Valdes/Corp/Enron@Enron, Mark Anthony Rodriguez/HOU/ECT@ECT, Mark Dana
Davis/HOU/ECT@ECT, Mark Smith/Corp/Enron@Enron, Mark Symms/Corp/Enron@ENRON,
Martin Cuilla/HOU/ECT@ECT, Matt Lorenz/HOU/ECT@ECT, Matthew
Arnold/HOU/ECT@ECT, Matthew Goering/HOU/ECT@ECT, Maureen Smith/HOU/ECT@ECT,
Michael W Bradley/HOU/ECT@ECT, Michelle D Cisneros/HOU/ECT@ECT, Mike
Carson/Corp/Enron@Enron, Mike Curry/HOU/ECT@ECT, Mike
Fowler/Corp/Enron@ENRON, Mike Grigsby/HOU/ECT@ECT, Mike
Maggi/Corp/Enron@Enron, Mitch Robinson/Corp/Enron@Enron, Nelson
Ferries/Corp/Enron@ENRON, Patrice L Mims/HOU/ECT@ECT, Patrick
Hanse/HOU/ECT@ECT, Paul Pizzolato/HOU/ECT@ECT, Per Sekse/NY/ECT@ECT, Peter F
Keavey/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Pushkar Shahi/HOU/ECT@ECT,
Randall L Gay/HOU/ECT@ECT, Richard Hrabal/HOU/ECT@ect, Robert
Benson/Corp/Enron@ENRON, Robin Barbe/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect,
Ronald Acevedo/LON/ECT@ECT, Sandra F Brawner/HOU/ECT@ECT, Scott
Goodell/Corp/Enron@ENRON, Scott Hendrickson/HOU/ECT@ECT, Scott
Neal/HOU/ECT@ECT, Steve Olinde/Corp/Enron@Enron, Steven Kleege/HOU/ECT@ECT,
Steven P South/HOU/ECT@ECT, Susan W Pereira/HOU/ECT@ECT, Susan
Wood/HOU/ECT@ECT, Sylvia S Pollan/HOU/ECT@ECT, Sylvia S Pollan/HOU/ECT@ECT,
Tammi DePaolis/Corp/Enron@ENRON, Terri Clynes/HOU/ECT@ECT, Theresa
Branney/HOU/ECT@ECT, Todd DeCook/Corp/Enron@Enron, Tom Donohoe/HOU/ECT@ECT,
Tom Dutta/HOU/ECT@ECT, Tom May/Corp/Enron@Enron, Tom Mcquade/HOU/ECT@ECT,
Tori Kuykendall/HOU/ECT@ECT, Troy Black/Corp/Enron@ENRON, Wayne
Herndon/Corp/Enron@ENRON, William Patrick Lewis/HOU/ECT@ECT, William
Stuart/HOU/ECT@ECT
cc: Jeffrey T Hodge/HOU/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT, Mark
Frevert/NA/Enron@Enron, David W Delainey/HOU/ECT@ECT, John J
Lavorato/Corp/Enron@Enron
Subject: Antitrust Training

Please see the attached memo regarding the Antitrust Training.


---------------------- Forwarded by Randall L Gay/HOU/ECT on 04/19/2000 11:14
AM ---------------------------

Marcos_Cunha@WestLB.com.br on 04/19/2000 07:56:17 AM
To: marcosgcunha@ajato.com.br
cc:
Subject: Brazil Daily Apr 19

(See attached file: bd000419.pdf)

 - bd000419.pdf