Rick

Actions for IT contingency  - may I get back to you on this, as we had set
tomorrow as a deadline internally to discuss status of IT efforts on bug
fixing and the wider resourcing plan for inventory control coding.
Additionally, I am reviewing with my Middle Office staff our contingency plans

Actions for SAP - we have decoupled the Merchanting Business implementation
from the Financial Brokerage Business implementation ( where the greatest
operational risk and therefore SAP benefits exist ). We are still go live for
the brokerage business as at 1 April. I will forward the communication letter
re decoupling in due course

Regards

Mike

Richard Causey@ENRON
28/02/2001 21:39
To: Mike Jordan/LON/ECT@ECT
cc: Rick Buy/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT, Fernley Dyson/LON/ECT@ECT,
Michael R Brown/LON/ECT@ECT, Ted Murphy/LON/ECT@ECT

Subject: Re: Metals - Imminent Actions - an update

So what are the actions coming out of this?  Just pushing IT (who don't seem
to have the AS400 resources) won't fix the problem.  Also, what is the plan
re SAP?

Mike Jordan@ECT
02/26/2001 01:11 PM
To: Richard Causey/Corp/Enron@ENRON, Rick Buy/HOU/ECT@ECT, Sally
Beck/HOU/ECT@ECT
cc: Fernley Dyson/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT, Ted
Murphy/LON/ECT@ECT

Subject: Metals - Imminent Actions - an update

Rick / Rick / Sally

I attach the  'executive' summary of a note sent to the office of the chair
last week detailing current operational difficulties with the Metals
Merchanting business. Subsequently an 'all hands' meeting was called to
discuss the operational issues and the business imperatives of
Off Balance Sheet Facility ("OBSF") renegotiation
Minimising working captial
SAP implementation
The notes of that meeting are also attached at the bottom of this email

Should you require any further information please call, otherwise I will
forward updates as they are completed.

Regards

Mike

ISSUE

The Physical metals business implemented an Off Balance Sheet Structure
(OBSF) pre year-end to meet Enron requirements for gearing ratios.

Whilst this does not present undue problems for LME warrants, these being
bearer documents, it does present an issue when physical metal, the value of
which depends upon brand and location, is placed into the facility. Given the
hard deadline of year-end the operational support of this process initially
took place on spreadsheets.

The impact of the OBSF on the operational side of the physical business
should not be underestimated. The process of moving material off and on
balance sheet places considerable strain from trading through to settlements,
particularly when there is an absence of necessary control functionality in
the AS400. With the specified functionality it is believed that all
operational and trading issues arising from OBSF can be managed
satisfactorily.

The core functionality, which was due prior to the year-end, was released
during January but was subsequently found to have introduced +bugs, to the
integrated business control processes. Whilst an improvement on having no
OBSF functionality, the +bugs, have had an increasingly negative effect on
the control environment, compounded by the fact that IT can not provide a
guaranteed delivery for the +bug, fixes and non core ,reporting,
functionality.

This has given rise to the following concerns:

? There are insufficient experienced resources to fully reconcile stock at a
brand & location level to coordination records (the global position is
reconciled however).
? It is not possible to substantiate the DPR for EM&CL as:
? a) P&L on spread moves from Cash to 3 months positions (and related cash to
3 months provisions) can not be produced by the system and must be estimated,
and
? b) System bugs have created uncertainties over trial balance values.

These concerns are compounded by the following:

? The most experienced AS400 IT developer for the EM&CL business has
resigned. He is currently working his 6 months notice which will expire in
July 2001.
? The most experienced AS400 IT developer on the EML side of the business has
also resigned. He left in January 2001.
? There is no documentation for the AS400. It is therefore difficult for
experienced AS400 programmers to get upto speed on the system.

Conclusion

It is essential that we do not become hostages to the development of the
AS400 system and the renegotiation of the OBSF facility with Barclays. The
current situation has arisen due to non-delivery of IT developments and tight
timescales on the finalisation of the OBSF facility.

To meet Q1 end requirements (i.e. full production of the DPR and stock
reconciliation), IT and the OBSF deal team must make concrete commitments on
delivery timeline. The business will not be able to commit to successful
implementation of the facility and resubstantiation of the Trial Balance
without these

---------------------- Forwarded by Mike Jordan/LON/ECT on 26/02/2001 16:18
---------------------------

Mike Jordan
26/02/2001 16:18
To: Michael R Brown/LON/ECT@ECT, Fernley Dyson/LON/ECT@ECT, Joe
Gold/LON/ECT@ECT, Michael Farmer/EU/Enron@ENRON, Michael J
Hutchinson/EU/Enron@Enron, Anne Edgley/LON/ECT@ECT, Melissa
Allen/LON/ECT@ECT, Mark Pickering/LON/ECT@ECT, Paul Chivers/LON/ECT@ECT,
Robert Campbell/LON/ECT@ECT, Andrew Cornfield/LON/ECT@ECT, Howard
Carter/EU/Enron@Enron, Bill Appleby/LON/ECT@ECT, David P Tregar/EU/Enron@Enron
cc:

Subject: Metals - Imminent Actions - notes of meeting 23 rd Feb

To all

I seek to clarify the actions discussed at Friday's meeting and to emphasise
the critical importance of getting all the below completed as quickly as
possible to meet our Q1 requirements ( revenue targets, balance sheet
targets, interest expense minimisation etc ). The proposed tactical plan that
was circulated is not attached as it has already been superceded!

There was agreement on several broad areas of immediate focus with specific
objectives and accountabilities -

IT resourcing

Communicate priority to HR about the importance of obtaining skilled AS400
programmers - for tactical short term and for long term work - action MP
Resourcing for long term AS400 'off-load' initiative to be completed asap -
action MP
Merchanting resource focus to be on bug fixes impacting MO ability to update
OBSF options in AS400 and for traffic to update recent location movements of
stock in OBSF - action RC ( deadline 1 week )
Completion of inception document for full OBSF inventory control
functionality - action RC ( deadline 1 week )
Split of resources for SAP interface - only EML SAP implementation is now
planned for 1/4/01 - action RC to confirm resource reallocation 27/01
Immediate improvement in IT Operations support required ( including
completion of transfer of support responsibility from Dev. to Ops. ) - action
MP

Operational Support

MO risk/trade accounting resources to focus on rebooking all remaining
transactions on OBSF inventory spreadsheet - action HC ( deadline asap )
Validation of system generated p&l to commence following the above - action
HC ( deadline asap )
Timetable for catch up of traffic OBSF location movements to be completed
with John Lunzer 27/02 - action HC
Determine action for improvement in delivering metal to facility ( initial
assumption for recent working capital increase was that we had operationally
slowed down in placing qualifying material into facility ) - action HC / AC
(deadline asap)

Working Capital

Detailed daily analysis of working capital movements to be produced and
formatted in style of sources and uses of funds   ( including facility
headroom ) - action AC ( deadline asap )
Forward estimate of working capital to be produced for rest of quarter and
used for estimation of full interest expense - action AC, MJ & MA ( deadline
asap )
Analysis for trade receivables ( and reasons for recent increase ) and
investigation of possible factoring - AC/MJ and AE/BA ( deadline asap )
Determining extent to which pricing signals for working capital usage can be
communicated to traders, traffic and operations - action JG, MJ ( contingent
on above )

OBSF negotiation

Documentation of current negotiation issues ( including AA sign-off issues )
to be drafted and circulated with clear accountabilities  - action MA/DT/BA
(deadline 26/3)
Operational impact of agreement to be considered in parallel to negotiation -
action HC/AC/BA

LME relationship

Consider utilising a US subsidiary to book OBSF transactions to negate LME
reviewing facility as part of regulatory regime - action MA/FD
Monitoring notice of investigation issued by LME  -action FD/DT


-----Original Message-----
From: 	Lawner, Leslie
Sent:	Wednesday, September 05, 2001 12:07 PM
To:	Miller, Stephanie
Cc:	Cantrell, Rebecca W.
Subject:	FW: June 11 order on Rehearing: RP00-241-000 and RP00-241-004

I thought you understood from my email and phone call that I was going to track down El Paso's interpretation of the 24 hours recall rights.  Regulatory treatment of the 58 million by PG&E is a CPUC issue.  I just talked to Becky and I don't have a good response to the question of whether our capacity could replace expansion capacity in light of the dueling recall rights, but I will think about it and talk to Becky some more.

 -----Original Message-----
From: 	Lawner, Leslie
Sent:	Tuesday, September 04, 2001 11:04 AM
To:	Miller, Stephanie
Cc:	Cantrell, Rebecca W.
Subject:	RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004

As to the 24-hour recall, I can only tell you what the FERC order says, I have no special knowledge of how El Paso and the parties intended the 24 recall to work.  The order is fairly terse, and just says "and if it so recalled (by PG&E), that Enron may further recall the capacity for its own use in the PG&E  service territory upon 24 hours notice."  The language says to me that you can recall it 24 hours before you want to use it.  However, I can call El Paso and find out how they interpret it.

As to the "traditional rate making" valuation of the $58 million, I have to confess I don't understand what you mean.  PG&E paid the 58 million as part of a negotiated settlement.  Typically that is part of a black box settlement, meaning that revenue dollars are not tracked to particular costs.  We can pull the settlement and see if it stipulates some sort of treatment, but I would doubt it.  If your question relates to how PG&E is tracking that expense in a regulatory sense, perhaps Jeff Dasovich can find out.

 -----Original Message-----
From: 	Miller, Stephanie
Sent:	Tuesday, September 04, 2001 8:17 AM
To:	Lawner, Leslie
Subject:	RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004

When is the 24 hour notice on re-recall effective - 24 hours from the day of recall (varies depending on term) or 24 hours before the recall is supposed to start?

How would you value what's left of the $58 million that PG&E paid based upon traditional rate making policies? I believe there are at least 5 years left on the term of the settlement.

Please call if you have any questions,

Regards,

Stephanie

 -----Original Message-----
From: 	Lawner, Leslie
Sent:	Thursday, August 30, 2001 1:19 PM
To:	Miller, Stephanie; Cantrell, Rebecca W.
Subject:	RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004

Here is a short memo.  do you need more?
 << File: Stephaniememo.doc >>

 -----Original Message-----
From: 	Miller, Stephanie
Sent:	Thursday, August 30, 2001 11:28 AM
To:	Lawner, Leslie
Subject:	RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004

We you able to pull together a clear, definitive conclusion on how the RE-recall rights work?
I was not able to - hence my mission for greater clarification of specifics....

 -----Original Message-----
From: 	Lawner, Leslie
Sent:	Thursday, August 30, 2001 12:26 PM
To:	Miller, Stephanie; Cantrell, Rebecca W.
Subject:	RE: June 11 order on Rehearing: RP00-241-000 and RP00-241-004

I looked over all the orders and the contracts and I agree with both of your interpretation of the recall rights of Block II.  PG&E did not make a very smart deal for $58 million.
 -----Original Message-----
From: 	Miller, Stephanie
Sent:	Friday, August 24, 2001 8:27 AM
To:	Cantrell, Rebecca W.; Lawner, Leslie
Subject:	June 11 order on Rehearing: RP00-241-000 and RP00-241-004

Page 12 talks about Recall rights - good discussion but still short on re-recall rights.


------------------------------------------------------------------------------
------------------------
W E E K E N D   S Y S T E M S   A V A I L A B I L I T Y

F O R

April 20, 2001 5:00pm through April 23, 2001 12:00am
------------------------------------------------------------------------------
------------------------

SCHEDULED SYSTEM OUTAGES:

ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

AZURIX: No Scheduled Outages.

EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

EDI SERVER: No Scheduled Outages.

ENRON NORTH AMERICAN LANS:      SEE ORIGINAL REPORT

FIELD SERVICES:  No Scheduled Outages.

INTERNET: No Scheduled Outages.

MESSAGING:     SEE ORIGINAL REPORT

MARKET DATA: No Scheduled Outages.

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS:        ALSO SEE ORIGINAL REPORT
Impact:  CORP
Time:  Fri 4/20/2001 at  5:00:00 PM CT thru Mon 4/23/2001 at  8:00:00 AM CT
 Fri 4/20/2001 at  3:00:00 PM PT thru Mon 4/23/2001 at  6:00:00 AM PT
 Fri 4/20/2001 at  11:00:00 PM London thru Mon 4/23/2001 at  2:00:00 PM London
Outage:  SysAdmiral Maintenance
Environments Impacted:  SysAdmiral Users
Purpose: SysAdmiral terminal server icons on General Cluster will not be
available due to maintenance.
Once the maintenance is completed the icons will point to the new 2.3.11
production and development environments.
Backout:  None
Contact(s):  Rusty Cheves  713-345-3798

SITARA:  No Scheduled Outages.

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY: No Scheduled Outages

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:       SEE ORIGINAL REPORT

------------------------------------------------------------------------------
-----------------------------------------------
        FOR ASSISTANCE

(713) 853-1411   Enron Resolution Center

Specific Help:
Information Risk Management   (713) 853-5536
SAP/ISC
        (713) 345-4727
Unify On-Call      (713) 284-3757  [Pager]
Sitara On-Call     (713) 288-0101  [Pager]
RUS/GOPS/GeoTools/APRS   (713) 639-9726  [Pager]
OSS/UA4/TARP    (713) 285-3165  [Pager]
CPR      (713) 284-4175  [Pager]
EDI Support      (713) 327-3893  [Pager]
EES Help Desk     (713)853-9797 OR (888)853-9797


Vince:

Congratulations on your promotion!!

Barbara


Fish.


Steve,

Following up on discussion with Jeff over the weekend and last night I would
like to get together today if possible.  I am scheduled to travel back to
Brazil tonight.  I attach the highlights of Jeff and my discussion.

I am at 66524, or on my cell at 713-822-1374.

Jim


Done.

D

	Enron North America Corp.

	From:  Megan Parker @ ENRON                           02/09/2001 02:32 PM

To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Tenaska 11/00 and 12/00

We have the actuals for December 2000.  We need three demand fees.  Let me
know if you have any questions.
 Deal 529856 - $878,330.63 to offset price difference on Tenaska IV sale
 Deal 384258 - $459,483.51 to bill Tenaska IV for payable reimbursement
 Deal 514353 - change demand volume from 45,000 to 45,333 to update agency fee

Also, I need one more adjustment to Nov 2000 and then we will be done.

 Deal 529856, day 11/01 - change demand fee from $409,145.72 to $407,547.02

Thanks,
Megan


Ed:  In case you are wondering about Cargill-Alliant.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 04/12/2001 03:01 PM -----

	Mara_Alexander@cargill.com
	04/12/2001 12:15 PM

		 To: Sara.Shackleton@enron.com
		 cc:
		 Subject: RE: guaranties

Dear Sara,

Thanks for your agreement to the Set-Off language.  Do you have some
insights I can pass on to our attorney, who was wondering about the
reason behind the language in Part 5(B), the second Set-Off paragraph?

I had forwarded your comments to our Credit Manager, Andrzej
Kabarowski,
who works with our Corporate Treasury on the Cargill guarantees, but
have yet to receive a response.  I have, however, learned that our
Corporate Treasury has begun implementing a revised guarantee format
(and I am told they are absolutely inflexible about the new language).
We're trying to ascertain whether guarantees are also changing for
Cargill-Alliant, which is a joint venture rather than a subsidiary.
I will advise as soon as I know something definitive in this regard.

Unfortunately, it looks as though this Agreement will need to remain
in the "pending" stack for a little while longer.

Regards,
Mara Alexander
Cargill, Incorporated
Tel: 952.984.3417
Fax: 952.984.3872
e-mail: Mara_Alexander@Cargill.com

-----Original Message-----
From: Sara.Shackleton@enron.com [mailto:Sara.Shackleton@enron.com]
Sent: Monday, April 09, 2001 5:20 PM
To: alexander, mara /xtwn
Cc: Edward.Sacks@enron.com
Subject: guaranties

Mara:

Attached are blacklined versions based upon Cargill's comments to both
the
Enron Corp. and Cargill, Incorporated which I received from Ed Sacks.
Please note that I added a comma to guarantor's name in the Cargill,
Incorporated guaranty since that is how we executed the Cargill,
Incorporated ISDA Master Agreement.

Also, your change to the setoff language is fine.

Let's try to agree to everything this week.  Thanks.

(See attached file: ENEguarantyCargillR1.doc)(See attached file:
CargillguarantorR1.doc)

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com


Paula, please see the attachment.  Thank you. Jim


On popular demand, I have arranged to have Ed Chang, Lexis Corporate Attorney
back to Enron to do a presentation on "How to Search Public Records on
Lexis".  He'll also brief us on new features of Lexis.com.   Please see the
attached flyer for details.

Come see Certifinder & Company Dossier
LEXIS-NEXIS EASY SEARCH PAGES

Lexis Public Records Training
Date:   Wednesday, 9/27
Time:   11:30 Am - 1:00 PM
Place:   Conference Room EB47C2
Lunch will be provided by Lexis.
R.S.V.P. to Sylvia Hu x36775 by Noon, 9/26

Sylvia Hu
Corporate and Law Information Services
x36775

 <<enronpubrec.doc>>
 - enronpubrec.doc


On 10/27/00, FERC issued two orders that clarify procedures for requesting
long term transmission.  (Morgan Stanley v. Ill. Powerand Tenaska Power v.
SPP).  In both cases, the customer requested long term (year or greater)
transmission service and in both cases, the ATC was insufficient to award the
entire request.  Transmission Providers, Ill. Power and SPP treated partial
service differently.  In these orders FERC holds:

A transmission provider (TP) is NOT required to offer short term service in
response to a long term request.  Section 19.7 of the pro forma OATT only
obligates the TP to tell the customer how much partial Long Term service
could be provided.  Examples:
 -- Customer requests 300 MW long term transmission service for one year.  TP
replies that it can offer 200 MW for the entire year.
 -- Customer requests 2 year service for 300 MW.  TP replies that it can
offer 300 MW for one year.
 -- Customer requests 300 MW for one year.  TP can only provide 300 MW for
summer months.  TP is NOT obligated to provide customer the 3 months
service.  Furthermore, an annual request for 300 for some months and 0 MW for
others is NOT a valid long term request.  What Customer is then doing is
really submitting a short term request for 300 for summer only -- a new short
term request must be submitted to obtain the summer transmission.

While the TP is not required to respond with short term availability in
response to a long term request, FERC did footnote to Ill. Power that it
thinks it is a helpful idea for the TP to alert the customer to what ATC is
available so the customer can submit a short term request if it wishes.


Start Date: 4/29/01; HourAhead hour: 23;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042923.txt

---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTstCA
  MKT_TYPE: 2
  TRANS_DATE: 4/29/01
  TIE_POINT: FCORNR_5_PSUEDO
  INTERCHG_ID: EPMI_CISO_4C
  ENGY_TYPE: FIRM


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Hey, I talked with Paul Burkhart and he told me the woman at UT B-School is
Margaret Dutton, so if your still able to send an e-mail to her in support of
my application I would appreciate it.  Thanks again!

Ben


Edison Mission Energy Power Project Starts Construction After Expedited
Approval By California Energy Commission

Monday December 11 6:39pm
Source: Dow Jones

Operation Targeted for August

IRVINE, Calif., Dec. 11 /PRNewswire/ -- Edison Mission Energy (EME), an
Edison International company (NYSE: EIX), started construction of its new
Sunrise power plant on Thursday, December 7, having received expedited
approval from the California Energy Commission (CEC) to proceed. The
power generation facility will be located in Kern County, California, and
will bring both short- and long-term generation capacity to the state, which
is in
dire need of new power generation.

"From the onset of the California power crisis, we have sought to find
means to bring new power to the California market," said John E. Bryson,
chairman and CEO of Edison International. "This CEC approval will help
ensure that this critical new project will be able to provide a significant
amount
of new peaking power to the state as soon as next August. Our thanks and
appreciation go to the California Energy Commission, and the
environmental and regulatory agencies for their swift consideration of this
important project."

"This power has been offered by contract to the state so that the pricing
for it does not depend on California's broken deregulated power market,"
said
Alan J. Fohrer, president and CEO of EME. "Alternatively, EME will seek to
enter into a long-term, cost-based contract with either Pacific Gas &
Electric Company or San Diego Gas & Electric Company to further ensure that
California's consumers reap the benefit of this additional power
resource," Fohrer said.

The Sunrise Power Project will be completed in two phases. Phase 1 will
consist of a 320-megawatt (MW), simple-cycle peaking facility scheduled to
be in service during the summer 2001. Phase 2 will convert the peaking
facility to a 560-MW, combined-cycle operation with an in-service date of
summer 2003. The project will meet or exceed all pertinent environmental
and safety standards.

Final regulatory approvals have been received for Phase I of the project
only.

EME will be seeking expedited permitting approval for the Phase II
expansion in line with the fast-track approval process recently enacted by
the
California legislature.

EME has also negotiated an agreement with the labor unions for an adequate
supply of highly skilled labor in order to achieve an accelerated
construction schedule. The accelerated schedule is aimed at providing this
additional power to California by next summer.

Edison Mission Energy specializes in the development, acquisition,
construction management and operation of global power production facilities.
As
one of the world's leading global power producers, Edison Mission Energy
owns nearly 23,000 megawatts of generating capacity, including interests in
75 projects currently under construction or operating in Australia,
Indonesia, Italy, New Zealand, Puerto Rico, Spain, Thailand, Turkey, the
United
Kingdom and the United States.

Based in Rosemead, Calif., Edison International is a premier international
electric power generator, distributor and structured finance provider. With
a
portfolio of approximately 28,000 megawatts, Edison International is an
industry leader in privatized, deregulated and incentive-regulated markets
and
power generation. It is the parent company of Edison Mission Energy,
Southern California Edison, Edison Capita, Edison Enterprises and Edison
O&M Services.

/CONTACT: Kevin Kelley of Edison Mission Energy, 626-302-1033, Fax,
626-302-7827/ 21:35 EST

Katie Kaplan
Manager of State Policy Affairs
Independent Energy Producers Association
(916) 448-9499


Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
----- Forwarded by Carol St Clair/HOU/ECT on 06/06/2000 09:54 AM -----

	Carol St Clair
	06/06/2000 09:54 AM

		 To:
		 cc: Brant Reves/HOU/ECT@ECT, Susan Flynn/HOU/ECT@ECT
		 Subject: Transfer and Termination Agreement

To:
Don Dunkelberger
From:
Carol St. Clair

Don:
Enclosed for your review is the transfer and termination agreement that we
spoke about a few weeks ago.  I look forward to hearing from you.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


Dear PIRA Retainer Client:

Attached please find PIRA's latest Current News & Analysis article:

1) OPEC LOG: Thursday, November 15, 2001 - 1:15 Vienna Time - OPEC Demands
Non-OPEC To Cut

Regards,

PIRA Energy Group

 - opeclog111501.pdf


Enron in Action can be accessed through the new Community Relations web site at http://cr.enron.com/eia.html .  In this week's issue you will find out information regarding:

Enron Happenings
4th Annual Energize Houston Charitable Golf Tournament
Enron Bouquet Club
The College Fund / UNCF Walk-A-Thon
Ballroom Dance Lessons

Volunteer Opportunities
United Way Day of Caring
Crossroads: Mentor a Troubled Child

Wellness
Enron Weight Watchers
CPR/First Aid Training

In addition, Enron in Action is available through a channel on my.home.enron.com.  To add this channel to your set-up click on the channels link at the top of the screen and under announcements check the Enron in Action box.

If you wish to add an announcement to Enron in Action, please fill out the attached form below and submit it to eia@enron.com no later than 12 PM Thursday each week.


In response to your inquiry, Transwestern would first like to clear up the
terminology being used here.  As you know, currently SoCalGas doesn't assign
"primary rights" to deliveries off of any interconnecting pipeline.  The
establishment of tradeable rights for intrastate capacity is among the issues
currently under consideration in the GIR proceeding.   However, if what you
are asking about is what has been the historical or otherwise available
receipt capacity for Transwestern deliveries at North Needles, then let me
offer the following.

Transwestern has always operated on the premise that SoCalGas could
physically accept up to a maximum of 750 MMcf/d at its North Needles receipt
point.  Consequently, Transwestern has sold firm transportation to its
interstate customers for west flow deliveries to North Needles not to exceed
the 750 MMcf/d limitation.  Our west flow mainline capacity is 1.09 Bcf/d.

"Norman A. Pedersen" <napedersen@JonesDay.com> on 06/14/2000 08:12:05 PM
To: Susan.Scott@enron.com
cc: "ceyap" <ceyap@earthlink.net>

Subject: Re: Late-Filed Exhibit

_______________________________________________________________

This message and any attachments are intended for the individual or entity
named above.  If you are not the intended recipient, please do not read,
copy, use or disclose this communication to others; also please notify the
sender by replying to this message, and then delete it from your system.
Thank you.
_______________________________________________________________

To: Jeff Fawcett:

     Do Transwestern shippers to Transwestern's North Needles delivery
point have 1090 MMcfd of primary rights into ScCalGas, 750 of primary
rights. or some other number?


Hi Tana

Michael has asked me to get in touch with you to apologise for not contacting
you earlier and to say that unfortunately Clarissa is very ill and in and out
of hospital so he will not be able to contact for the next couple of weeks.
Consequently, he will not be in the office the  rest of the week and will
also not be in next week.  He is not picking up his emails but is picking up
voicemails.  If you would like me to pass any message on to him, please just
email me or call me on 0207 783 7212.

Thanks
Fiona


Per our conversation yesterday.

Dave
---------------------- Forwarded by David G Mally/HOU/ECT on 06/22/99 08:33
AM ---------------------------
From: David G Mally on 06/21/99 05:21 PM
To: Stephen H Douglas/HOU/ECT@ECT
cc: David Port/LON/ECT@ECT
Subject: On-line Trading Product Type List

The attached list contains the requested information regarding Commodity,
Enron Entity, Deal Type, Currency, etc.

Please let me know if this meets your needs.

Regards
Dave


Suneet (T) Sharma     (enron)<ssharma@enron.com>,

Your request for the following application access has been refused:

eData Energy Contracts

If you have any questions please contact your account manager(s):

Richard  Ring     (eesi)


Kevin,
Dean McCallister said he would be the point for this project.  You will need to get with Roger Westbrook(Houston) about the ROW records.  Dean will also contact Trevor Davidson in Albuquerque to get a print out of MCS that addresses all the other maintenance records.
Dean McCallister
Office 	915-943-3297 or 3298
Cell		915-940-7401
Pager	800-587-0631
The advisor that works with the Monahans Team is Randall Mobley:
Office	915-884-2586  ext. 10
Cell		915-638-5163
Pager	800-511-5382
However; do not hesitate contacting me anytime:
Office	915-943-2480
Cell		915-940-1515
Pager 	800-999-6710   pin 9929946
GUNG HO my friend~~
Bandel

 -----Original Message-----
From: 	Hyatt, Kevin
Sent:	Wednesday, February 27, 2002 11:57 AM
To:	Monahans, Team; Bandel, Bob; Baker, Robert
Cc:	Schoolcraft, Darrell; Gadd, Eric
Subject:	Potential sale of Gomez lateral pipe
Importance:	High

Dear Team--

	We are evaluating the potential sale of TW's existing 20-inch diameter Gomez lateral in Pecos and Ward County, Texas and have executed a confidentiality agreement with the proposed buyer (Pioneer Gas Pipeline).  The buyer would like to begin the due diligence process as early as possible and has asked to review  info related to the following:

	1) Maintenance records for last 3 years
	2) right-of-way / easement agreements

The potential benefits to TW of this transaction include 1) monetizing an asset that today is generating zero value and 2) creating a new source of gas supply into TW from the buyer.

Questions I have are:

	a) Can we designate a "point" person from the Monahans Team that I can coordinate with and who would that be?
	b) Where / who has the records & documents for the items above?

Your timely response is greatly appreciated.  Please coordinate with me all questions / concerns.  I ask that no information (verbal or written) be passed to any interested outside party without prior clearance with me.

thanks for your help!!  I can be reached in Houston at 713-853-5559.

Kevin Hyatt
Director, Asset Development


Bill,

I am currently working on hypothecation of securities specifically  focusing
on the Mahonia structure. We would also like to realise the benefit of being
able to rehypothecate securities that we receive under other transactions (at
the last count in the region of $60mm).

I am working with Clement to ensure that we can get the Chase Domestic
Custody Agreement executed ASAP, & also working with Sara & Teresa to ensure
that  the Chase ISDA & Mahonia docs reflect our ability to rehypothecate
securities.

Additionally I have been having discussions and assistance from Wendi & Molly:
To get CRM sign-off for Sara & Teresa so they can proceed with amendments to
Chase & Mahonia docs
Sign-off from you regarding what tenors of US Govts will be acceptable as
defined in our standard wording for 'Description of Collateral', when we
amend the docs.
What is anticipated will be required from an operational perspective once the
docs have been amended, to enable us to start posting securities.

 I additionally requested the following info, and am more than happy to
review/assist in reviewing the docs so that we are in a position to realise
the benefits before year end. Wendi has also been very helpful in offering to
provide the info/docs for the following:
Who are the counterparties where we have existing collateral agreements that
permit rehypotheaction of securities? Can we immediately start
rehypothecating these securities once we have signed the Domestic Custody
Agreement with Chase? If not, what do we need to?
Who are the other counterparties posting us securities?
Counterparties identified to whom we can rehypothecate securities
Who are we currently in dialogue with re. assignment of securities, & what
stage of negotiations are we at?

I'm booking in a meeting with you later today to discuss primarily what
approval levels is for US Govts,  & another transaction.

Regards,

Soma

---------------------- Forwarded by Soma Ghosh/HOU/ECT on 11/16/2000 04:58 PM
---------------------------

Soma Ghosh
11/06/2000 05:14 PM
To: Sara Shackleton/HOU/ECT@ECT
cc: Tana Jones/HOU/ECT@ECT, Cris Sherman/HOU/ECT@ECT, Clement
Abrams/Corp/Enron@ENRON, Tim Proffitt/HOU/ECT@ECT
Subject: Rehypothecation of securities

Sara,

I have already had a brief discussion with Tana on some of the points below &
would appreciate your feedback and clarification on some specific issues.

We are currently looking at ability of Enron to rehypothecate securities
(principally T-bills) received as collateral.

Clearly the ability to rehypothecate securities that we hold can provide
significant benefits. The free up of funds that are being used to post cash
collateral to counterparties increases our B/S liquidity & reduces the total
cost of borrowing associated with posting cash.

We are reviewing the use rehypothecation of all securities posting for all
counterparties. Clement is in the process of executing a domestic custody
agreement with Chase Manhatten Bank which will facilitate rehypothecation.

More specifically we are looking at the ability to rehypothecate collateral
related to the most recent Mahonia pre-pay structure (very similar to Alberta
pre-pay).
The collateral arrangement within Mahonia provides for back to back transfer
of collateral right through the structure. This results in a net zero cash
position if all parties post cash. However if Enron receives securities (from
Chase) that we cannot reassign (to Mahonia - an SPE), the cash collateral
calls we are seeing are in the region of $600mm (approx. $42mm/yr in interest
expense to Enron).

In the past Chase have interchangeably used securities & cash. They are
currently posting cash, however they intend to post securities going forward
for this specific deal.

The most pressing issues going forward:
Does the existing Chase ISDA permit rehypothecation of securities. We are
looking at this. If it does not, then we will need to negotiate an amendment
to the credit support annex.
Accounting treatment - there are issues around the accounting treatment for
rehypothecation under the Mahonia transaction, principally relating to the
acceptability of the same securities posted by Chase being posted  to Mahonia
SPE (Chase equity in SPE), thus linking all the swaps & potentially bringing
the pre-pay back on B/S.
We need to justify that we can rehypothecate Chase securities posted within
the structure. AA's key point is that linkage occurs as the securities posted
are most likely to be registered to Chase &  these are then posted back to
Mahonia SPE with Chase equity.

Our case to support the use of Chase securities within the Mahonia pre-pay
structure relates to:
T-bills are highly liquid instruments & effectively cash equivalent
Securities posted by banks are typically registered to a street name ie a
brokerage house (ie not registered to Chase), if there is no physical
delivery. We are verifying that this is the case with the securities posted
by Chase.
Market standard contractual terms permit use of these posted securities

Re the last point, I have looked at our the standard ISDA credit support
annexe para. 6 (c) relating to Use of Posted Collateral, section (i). It
appears to say that regardless of a default occurring, the Secured Party
(Enron) has the right to "sell, pledge, rehypothecate, assign, invest, use,
commingle or otherwise dipose of, or otherwise use in its business any Posted
Collateral it holds............." Please confirm that that I have not
misinterpreted this or missed out relevant exclusions
- Cris, this standard ISDA language should further support our case to AA?.

In addition, I would like to clarify ownership & title to securities that are
rehypothecated in the event of default if a) Enron receives securities that
are then rehypothecated & Enron defaults b) the third party receiving
rehypothecated securities defaults

We are aiming to have the Domestic Custody Agreement executed within the next
10 days, & we would like to be in a position to assign securities posted to
us shortly thereafter for the Mahonia deal.

Outside of the Mahonia transaction, there is currently an additional $65mm
approx. in securities being posted to us by our counterparties. Going forward
we will:
Establish who are the counterparties where we have existing collateral
agreements that permit rehypotheaction of securities.
If we are receiving securities from CP where we are not permitted to
rehypothecate, we intend to amend the ISDA.

I would very much appreciate you response on use of posted collateral &
ownership & title to securities in the event of default.

Many thanks,

Soma


Attached are Media Clips regarding the Blockbuster announcement.

Print Media:

Full Text from the following publications:

 The Wall Street Journal
 The Washington Post
 The Los Angeles Times
 The Globe and Mail
 The Houston Chronicle
 USA Today
 Wall Street Journal Europe
 Daily Variety

Forrester Research:

Online Media:

Inside.com
http://www.inside.com/story/Story_Cached/0,2770,6999_13,00.html

MSNBC
http://www.msnbc.com/news/435408.asp#BODY

CNET
http://news.cnet.com/news/0-1005-200-2299220.html?tag=st.ne.1430735..ni

ZDNet
http://www.zdnet.com/zdnn/stories/newsbursts/0,7407,2605674,00.html?chkpt=p1bn

Forbes.com
http://www.forbes.com/tool/html/00/Jul/0720/mu4.htm

Hoover's Online
http://www.hoovers.com/news/detail/0,2417,11_2725,00.html

WSJ.com (Wall Street Journal Online Edition)
Same text as print edition


You have received this email because you are listed as a security approver.
Please click
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000007590&Page=
Approval to review and act upon this request.

Request ID          : 000000000007590
Request Create Date : 11/16/00 11:19:34 AM
Requested For       : andrew.burks@enron.com
Resource Name       : EOL US Backoffice  Data Manager
Resource Type       : Applications


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.


The AA program is in need of interviewers for this weekend.  They could use your assistance in encouraging Managers and above from Net Works to participate.  They are short about 35 interviewers.

Please forward this info. to those you think might be interested or provide me with names and I will give them the details.  Thanks

 -----Original Message-----
From: 	Cashion, Tana
Sent:	Monday, October 29, 2001 5:16 PM
To:	Barnard, Marla
Subject:	AA Interviewing Details

Marla -

Outlined below are the details of the upcoming AA Interview sessions:

Nov 3 (Saturday) - Associates
Schools - UCLA, Michigan, UT, Georgetown, Darden, Rice, Owen, Tulane, Cal Berkeley, Wash - STL, A&M

Nov 16 (Friday) - Analysts
Schools - UT, Howard, AUC, OU, Penn, LSU, LA Tech, UH, Clark Atlanta, Michigan

Dec 1 (Saturday) - Associates
Schools - Harvard, Columbia, Kellogg, NYU, Chicago, Wharton, Howard MBA, Yale, Thunderbird, Stern, MIT, Cornell, Duke, SMU, UNC

By participating in these interviewing opportunities you will become key to the selection process that will ultimately become your talent pool.  In each Decision Meeting we will also track which business units/departments wish to bring a certain candidate into their area.  This will give you the chance to hand-pick your new talent.  Please confirm to me via e-mail the dates your team members will participate.

Thanks -

Tana Cashion
EGM & EIM  Career Development
Associate & Analyst Program


RealMoney.com's WEEKEND BULLETIN

November 16, 2001

http://www.realmoney.com
____________________________________
Companies in Today's Bulletin:

Coach (COH:NYSE)
Conseco (CNC:NYSE)
Philip Morris (MO:NYSE)
____________________________________
Market Features: What a Week: Markets Mount Their Own Disaster Recovery

Stocks withstood an airplane crash, shaky economic data and terrorism
fears to end the week higher.

http://www.thestreet.com/markets/marketfeatures/10004128.html
____________________________________
James J. Cramer: Stair-Steps to Perfection

We need a selloff so the market can go higher at year-end, but it's
unlikely next week.

http://www.thestreet.com/p/rmoney/jamesjcramer/10004125.html
____________________________________
The Night Watch: Big Tech Again Dominates After-Hours Charts

Andrx is higher after the FDA approves the company's generic drug
application.

http://www.thestreet.com/markets/nightwatch/10004126.html
____________________________________
Justin Lahart: Altria. What Were They Smoking?

Philip Morris' name change will be good for the crossword puzzles,
anyway.

http://www.thestreet.com/markets/justinlahart/10004112.html
____________________________________
Detox: Conseco's Numbers Grow More Mind-Numbing

Late-loan numbers continue to look weak as the company's problems
mount.

http://www.thestreet.com/markets/detox/10004123.html
____________________________________
Tim Arango: Put Me in Coach

The high-end fashion retailer continues to perform well despite
persistent economic worries.

http://www.thestreet.com/stocks/timarango/10003978.html
____________________________________
Roque's Gallery: Little Easy Money Left in the Semi Sector

Despite recent momentum, the SOX will probably start struggling for
gains.

http://www.thestreet.com/comment/roque/10004103.html
____________________________________
Christopher Edmonds: Under the Radar: Deconstructing the Homebuilders

Plus, Newmont's latest acquisition and why Russia won't play with OPEC.

http://www.thestreet.com/comment/chrisedmonds/10004118.html
____________________________________
Rebecca Byrne: Oil Investors Hum a Familiar Dirge

The nascent price war brings unpleasant memories to mind.

http://www.thestreet.com/markets/rebeccabyrne/10004115.html
____________________________________
Eric Gillin: The Name's Bond. I-Bond

The U.S. government's I-Bond is not very exciting, but it's
inflation-proof and guaranteed.

http://www.thestreet.com/markets/ericgillin/10004114.html
______________________________________________________________________
November 19

James J. Cramer will host TheStreet.com's radio show "RealMoney with
Jim Cramer." The show airs daily from 3-4 p.m. EDT. Got a question for
Jim Cramer? Call 1-800-862-8686.
______________________________________________________________________
Advertisement

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you big profits with less risk! Sign up for your FREE 2 week trial
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Further to my earlier e- and voice mails, I also am trying to put together a brief business description for ENA.  I prepared the following based upon most recent 10-K and annual reports but these cover wholesale services, not just ENA.  Accordingly, ENA may also be a holding company with some of these activities legally carried out by EPMI or other entities.  If so, can you share your thoughts on revisions to below to make it accurate for ENA?  Thanks again for your help.  Regards, NJD

Enron Wholesale Services (North America) (from 2000 10-K)

[Enron North America Corp. ("ENA")] purchases, markets and delivers natural gas, electricity and other commodities in North  America.  Customers include independent oil and gas producers, energy-intensive industrials, public and investor-owned utility power companies, small  independent power producers and local distribution companies.  [ENA] also offers a broad range of price, risk management and financing services including forward contracts, swap agreements and other contractual commitments.   ENA also develops, constructs and operates power plants in North America.

 -----Original Message-----
From: 	Dobin, Nora
Sent:	Sunday, November 25, 2001 3:35 PM
To:	Sager, Elizabeth
Subject:	EPMI Business

We need a brief description of EPMI's business as soon as possible; you were suggested.  Could you send me one by Monday morning?  Thanks, NJD

Nora J. Dobin
Senior Counsel
Enron Corp. - Global Finance
1400 Smith Street, Suite 2083
Houston, Texas 77002

Phone:  713/345-7723
Fax:      713/853-9252


This is late feedback, but wanted you to know that your presentation at the Directors Conference was well done. The expansion opportunities are exciting (and challenging), and I felt you used the opportunity well to thank and recognize some Operations folks who make the system work.

Mike Nelson
VP - ETS Pipeline Integrity Program Management
713 345 5241


i have to swing the other side of it , i'll let you know

"Bass, Jason" <Jason.Bass2@COMPAQ.com> on 08/16/2000 09:45:59 AM
To: "'Eric Bass'" <Eric.Bass@enron.com>
cc:
Subject: RE: trade

I will do that.

-----Original Message-----
From: Eric Bass [mailto:Eric.Bass@enron.com]
Sent: Tuesday, August 15, 2000 2:04 PM
To: Bass, Jason
Subject: trade

how about the final pick in the 2nd and my third for your 2nd and your 4th


How are you an baby doing?   I would like to see Ms. M.   We miss you here
look forward to your return.   I am in need of dog advice!!!!!!

Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


I'll click the ad from home.  Your newsletter is massively jumbled on my Outlook here at work.  not sure why.

Congrats on the IFR rating.

 -----Original Message-----
From: 	eberle@bullwinkle.jsc.nasa.gov@ENRON [mailto:IMCEANOTES-eberle+40bullwinkle+2Ejsc+2Enasa+2Egov+40ENRON@ENRON.com]  On Behalf Of Bobby Eberle <bobby.eberle@gopusa.com>
Sent:	Monday, June 04, 2001 10:27 AM
To:	Weldon, V. Charles
Subject:	howdy

Hey Dude,

Well, remember June 4, 2001 as the day we ran our first ad.  Also, don't
forget to click on the darn thing. :)

I'm still waiting on Bill to finish up the taxes.  These endless delays
are getting really old.

Bobby


I think the methanol plant is still down?

The buyback should apply for ANY volumes in July below their monthly nom of
36,000/d until the plant comes back up.

	From:  Robert E Lloyd                           07/11/2000 11:41 AM

To: Lee L Papayoti/HOU/ECT@ECT
cc: Pat Clynes/Corp/Enron@ENRON, Daren J Farmer/HOU/ECT@ECT, Robert
Cotten/HOU/ECT@ECT, Stacey Neuweiler/HOU/ECT@ECT
Subject: Plant Outage Affecting "meter # 8291" Enron Methanol

 Please advise me if you want the 36.0/day term deal bought back for days ;
July 4th & July 5th.

 Presently, the buyback deal {#139058} is being allocated 35,261mm for day
7/4th  & 35,903 for day 7/5th.

 Daily flow for 7/4th  = 739mm -&-  7/5th = 97mm.

 The term deal of 36.0 mm has been bought back for July 6th thru July 16th.


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Message-ID: <22A1F43A63F8D311BD4200508B8B666518EF4F@edmm21.bchydro.bc.ca>
From: "Menu, Cecile" <Cecile.Menu@BCHydro.bc.ca>
To: 1 <pfox@bracepatt.com>, 2 <hweg@pgwlaw.com>, 3
<dmbutz@butzdunn.com>,        4 <neil.bunker@ca.arthurandersen.com>,
David Facey <David.Facey@BCHydro.bc.ca>,        Douglas Little
<Doug.Little@BCHydro.bc.ca>,        Teresa Conway
<Teresa.Conway@BCHydro.bc.ca>
Subject: FW: Calif DWR Cut Off From Using State Funds To Buy Power
Date: Mon, 19 Mar 2001 07:47:04 -0800
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2448.0)
Content-Type: text/plain; charset="iso-8859-1"

> ----------
> From:  Chu, Henry
> Sent:  2001 March 19 7:35 AM
> To:  Christopher O'Riley; David Wong; Joan Hutchinson; Powerex - ETA;
> Powerex - Middle Office; Powerex - Trading; Renata Kurschner; Sheena
> MacDonald; Teresa Conway
> Subject:  FW: Calif DWR Cut Off From Using State Funds To Buy Power
>
>
>
> ----------
> From:  Onukogu, Ernest[SMTP:Ernest.Onukogu@dowjones.com]
> Sent:  2001 March 19 7:07 AM
>
> Calif DWR Cut Off From Using State Funds To Buy Power   08:16 ET  Dow
> Jones
> Energy Service  (Copyright (c) 2001, Dow Jones & Company, Inc.)  (This
> article was originally published Friday)      LOS ANGELES (Dow Jones)--The
> California Department of Water Resources will no longer be allowed to dip
> into the state's General Fund to borrow money to buy electricity for the
> state, the chair of the state's budget committee said Friday.  The budget
> committee will deny further requests for state funds to buy electricity
> unless state regulators immediately carve out a revenue stream to allow
> the
> Department of Water Resources to recover the money, according to a letter
> state Sen. Steve Peace sent to state Department of Finance Director Tim
> Gage.  In a copy of the letter, obtained by Dow Jones Newswires, Peace,
> D-El
> Cajon, said that he is "concerned about the prospect of continuing to
> approve deficiency requests for electricity purchases...in the absence of
> any discernible progress by the California Public Utilities Commission to
> provide for the recovery of these funds."  Gage was not available for
> comment late Friday.  A PUC Administrative Law Judge was expected to
> release
> guidelines Friday on the size of rate revenues that the DWR must collect
> from the state's three investor-owned utilities.  The guidelines were not
> released as of late Friday, and a spokeswoman for PUC President Loretta
> Lynch said she did not know the reason behind the delay.  PUC Commissioner
> Richard Bilas said the commission is expected to discuss at its March 27
> meeting exactly how much money the DWR will receive from PG&E Corp. (PCG)
> unit Pacific Gas & Electric, Edison International (EIX) unit Southern
> California Edison and Sempra Energy (SRE) unit San Diego Gas & Electric.
> Last Friday, the DWR secured another $500 million from the state's General
> Fund to buy power. The state has authorized $3.7 billion to purchase
> wholesale electricity and has already burned through more than $3 billion,
> spending upwards of $50 million a day on electricity in the volatile spot
> market.  AB1X, the legislation that authorized the DWR to purchase the
> state's bulk power needs on behalf of the cash-strapped utilities, was
> signed into law two months ago.  A provision in the bill also authorized
> the
> state to issue $10 billion in revenue bonds to finance the long-term power
> supply contracts the DWR has entered into with generators. But first, the
> PUC must carve out a a revenue stream for the DWR before the bonds can be
> issued.  State Treasurer Phil Angelides said that the $10 billion will
> finance wholesale power purchases through September if the average price
> for
> power paid since January, when the DWR first began buying electricity in
> the
> spot market, is $250 a megawatt-hour.  However, California has paid well
> above $300/MWh average in January and about $228/MWh at the end of
> February,
> Gov. Gray Davis said recently.  The PUC approved a measure last week that
> allows the DWR to recover all of the money it spends on power, even if it
> means raising electricity rates.  Peace, one of the lawmakers who helped
> push through the state's deregulation law, said in the letter that he will
> meet with the Joint Legislative Budget Committee on a daily basis "for the
> purpose of denying any such future deficiency requests unless immediate
> actions are taken to resolve this situation."  -By Jason Leopold, Dow
> Jones
> Newswires; 323-658-3874; jason.leopold@dowjones.com      (END) Dow Jones
> Newswires 19-03-01  1316GMT
>
>
>


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As I mentioned on the phone, SCE moved FERC (in the FERC docket investigating
the California market) for a subpoena to produce information from the ISO's
Market Surveillance Committee.  In particular, SCE is requesting information
that the MSC referenced in its December 4, 2000 report to the FERC, wherein
it stated that "MSC stands ready to provide the Commission with what we
suspect are instances of the exercise of significant market power by specific
market participants.  We encourage not only the Commission, but other law
enforcement agencies as well, to use their authority to request from these
market participants the necessary information to confirm whether these
suspicions about the exercise of significant market power are in fact
correct."  The MSC also stated that it "could provide a number of instances
of what it suspects are suspicious bidding and scheduling behavior during the
summer and Autumn of 2000."

Here's an outline of the positions I think we should make in an answer:

The Commission should reject SoCal Edison's request for a subpoena because
FERC did not set its investigation for hearing.  Therefore, SCE's request is
a collateral attack on the Commission's order establishing the process for
its investigation in this case.  Further, it would allow Edison to access
this information to pursue its case against power marketers while denying
marketers an opportunity to prosecute their cases by denying them an equal
opportunity to serve discovery upon others (including the UDCs).
In the alternative, the Commission should allow all parties full discovery
rights and establish an appropriate protective order.
There may also be an argument that, since the MSC has delegated its authority
by FERC, some of the information Edison requested might fall under the
deliberative process privilege.  Gary Fergus suggested this argument.  Not
having done any legal research, I don't know how good of an argument it is.

Are there any other arguments we should make?  Should we have a conference
call on this?  Jim suggested that we should try to have WPTF file this answer
and I agreed.  At first, I was thinking that it would be okay for Ron to
draft the answer for WPTF.  However, on further consideration, if we end up
wanting to argue that another member of WPTF exercised market power,
Bracewell would have a conflict of interest that would prohibit it from
representing us.  Accordingly, WPTF should use other counsel.
---------------------- Forwarded by Mary Hain/HOU/ECT on 12/12/2000 12:51 PM
---------------------------

Alan Comnes
12/12/2000 11:39 AM
To: Mary Hain/HOU/ECT@ECT
cc:
Subject: Questions on Joskow/Kahn

Mary,

Let me know if you think we can really data request SCE on this.  Here are
some questions that can surely be refined but give you an idea of the holes
in their study.

Appended to the comments of Southern California Edison Company ("SCE") is a
study prepared by Paul Joskow and Edward P. Kahn, "A Quantitative Analysis of
Pricing Behavior In California,s Wholesale Electricity Market During Summer
2000," Exhibit A (hereinafter referred to as "Joskow and Kahn Study").  With
respect to this study:

1) Please provide a complete set of workpapers.  Please provide all models
used and input assumptions in machine-readable format along with any
additional narrative required to explain the results presented in the papers.

2) What is the estimated confidence interval (at 95%) of the competitive
benchmark prices (marginal costs) estimated in the study.

3) To the extent not provided in question 1 response, explain in detail
assumptions retarding including:

a) Unit ramp-rate constraints;

b) Start-up costs including start-up fuel;

c) Minimum-run time costs; and

d) Costs of running over noncontiguous awarded hours schedules.

4) Provide the precise allocation of hydroelectric generation in GWh
allocated to each load decile by month.

5) Provide the exact allocation of planned or maintenance in the study.  Why
was not actual outage data used?

6) Provide all other information considered on the elasticity of imports used
in preparing the study other than the value chosen, which is derived
&loosely8 from BBW?  In the opinion of the authors, what is the confidence
interval of the elasticity estimate chosen?  Further, provide California
competitive benchmark prices (marginal costs) assuming an elasticity of net
imports of 0.175 and 0.66 (i.e., 1/2 and 2 times the value used in the
study).  Present results in a format similar to Table 1.


Samantha:

Will you either assign to take care of this?  I'm not sure what they need exactly.

Thanks!

Marie

 -----Original Message-----
From: 	Cisneros, Celeste
Sent:	Friday, November 09, 2001 12:35 PM
To:	Heard, Marie
Cc:	Anderson, Diane; Bell, Rebecca
Subject:	FW: AIG Weather Trades

Hey Marie, can you forward deemed isda for ltd?  Thanks.

 -----Original Message-----
From: 	Radous, Paul
Sent:	Friday, November 09, 2001 12:28 PM
To:	Cisneros, Celeste
Cc:	Anderson, Diane; Bell, Rebecca; Heard, Marie
Subject:	RE: AIG Weather Trades

Please confirm under the old deemed ISDAs.

Paul

 -----Original Message-----
From: 	Cisneros, Celeste
Sent:	Friday, November 09, 2001 12:19 PM
To:	Radous, Paul
Cc:	Anderson, Diane; Bell, Rebecca; Heard, Marie
Subject:	FW: AIG Weather Trades

Hey Paul.  Left you a vm earlier today.  The bottom portion of this email indicates what I was referring to.  I already have the Deemed ISDA for the LP that was approved mid October.  What I need is your blessing for the LTD.  I will be preparing two confirmations for each deal...for a total of four deals.  We bought at a strike of 650 October and now we have turned around to sell the same deal at 610.  They are both November 2001 deals.  No premium as they are swaps.

Unfortunately, I will be working from home this afternoon so please either call me at 281-485-6520 or simply respond to this email.  FYI,  Marie Heard originally fowarded the Deemed ISDA's this past October.

Thanks for your help.

 -----Original Message-----
From: 	Anderson, Diane
Sent:	Friday, November 09, 2001 11:04 AM
To:	Cisneros, Celeste
Subject:	FW: AIG Weather Trades

 -----Original Message-----
From: 	Ahmed, Ali
Sent:	Friday, November 09, 2001 11:01 AM
To:	Anderson, Diane
Subject:	FW: AIG Weather Trades

Hi Diane:
I just left you a voicemail about these deals. I have also inserted a comment on the actual deal ticket in the Tickets folder.
The payout from this deal basically has to be broken down between two different entities.

Thanks,
Ali
X. 31654

 -----Original Message-----
From: 	Dyk, Russell
Sent:	Friday, November 09, 2001 10:25 AM
To:	Ahmed, Ali
Cc:	Tackett, Scott; Abramo, Caroline; Zivic, Robyn
Subject:	AIG Weather Trades

AIG, a hedge fund that we deal with, has done 2 weather trades: an original trade on 10/29/01 (W1597) and an offsetting one yesterday.

Both trades need to be rebooked to reflect the fact that AIG allocates all its trades between 2 entities: AIG Commodity Arbitrage Fund Ltd and AIG Commodity Arbitrage Fund LP. The split between the 2 counterparties is: 77% to Ltd and 23% to LP.

At the moment, the original trade as well as (I'm assuming) the offsetting one are booked only to LP. Please rebook the trades, changing both the tick size and the cap amount, to reflect the above allocations. By my calculation, they should be as follows:

Entity				Tick Size			Cap
AIG Commodity Arb. Fund. Ltd	$1540				$308,000
AIG Commodity	Arb. Fund  LP	$460				$92,000

Once the deals are rebooked, please also reconfirm them this way. The confirmations will need to include a complete deemed ISDA (you can contact Diane Anderson if you need a copy of the specific deemed ISDA we use for DKR).

Thanks a lot for this.
Rgds,
Russ


To all:

Counterparty: The New Power Company - deals done by Sheetal Patel on 8/23/01

Deal Number: VY2586.4
-Credit Reserve: $8,000

Thank You


Can you ask Wes to bring the proforma too (15 copies)
--------------------------
Sent from my BlackBerry Wireless Handheld


Please see attached.
Regards,
Jim


Hey Errol,

I was just wondering if you could please get back to me about those two deals
that I've been trying to get some information on from you.  May Nymex is
being
invoiced today, April liquidations are being run either on Monday or Tuesday
next week, and I need to know how I'm supposed to invoice for QX0898 and
QX0899.

It is very important that this gets figured out as soon as possible as the
customer
is wanting to settle these deals, and we have nothing to show for it right
now.

Please let me know what you come up with.

Thanks
Stacey


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/18/2000
12:32 PM ---------------------------

Sevil Yaman@ENRON
10/18/2000 10:42 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: power conference

Vince,

Please check the University of California Energy Institute web site (
http://www.ucei.berkeley.edu/ucei/). You may already be aware of it but if
you are not, there are lots of paper that I am using as a reference and that
you might be interested in reading them. Also, every year they are holding a
one day power conference in UC Berkeley. I'd like to attend the one in March
of 2001. Is that fine?

Sevil,


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/22/2000
04:45 PM ---------------------------

"Btu" <subs@Btu.net> on 12/22/2000 03:44:47 PM
To: "Btu's Weekly Power Report" <>
cc:
Subject: Btu's Weekly Power Report

Attached is the latest issue of Btu's Weekly Power Report

e-mail: info@Btu.net
phone: 732-758-8222
fax: 732-758-8286

 - wp122500.pdf


Thanks for the kind words, Vince.  What a lovely way to start my Monday!

Molly

 -----Original Message-----
From:  Kaminski, Vince
Sent: Monday, April 02, 2001 7:40 AM
To: Magee, Molly
Subject: Re: Loan documents

Molly,

Thanks. You are the most dependable
person in Enron.

Vince

From: Molly Magee/ENRON@enronXgate on 03/31/2001 04:27 PM
To: Vince J Kaminski/HOU/ECT@ECT, Kenneth Parkhill/NA/Enron@ENRON
cc:
Subject: Loan documents

Just wanted to reassure both of you that I had not forgotten to draft these
documents.   I hope to have them complete some time during this next week and
will forward them for review.

Thanks,

Molly
x34804


Mercy,

Since there are so many new Credit people that we (Legal) do not know, it
would be very helpful if you could provide me with a new list of the Credit
Team and their phone numbers.  The last list we have is dated 6/5/00.
Thanks!


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Chance,

We need to prepare the morning reports for the last day of the year.  Biliana isn't here today, could you please take care of that today for her?

Thanks

Kam


Paulo,

FYI. I shall lok at it at home as well.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/27/2000
10:45 AM ---------------------------
From: Gillian Boyer@ENRON on 11/27/2000 10:25 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Arthur Andersen model validation request

Vince,

                  Our goal is to validate that the Enron Global Market book
administrators are accurately using the "spread option model" as developed by
the Research Group.    To determine this, we would like to provide you with
the inputs for a particular deal (as provided by a Global Markets book
administrator) and have you recalculate the deal value.   We will then
compare your results to the values calculated by Global Markets.

 Two Koch deals have been chosen due to their substantial P/L effect.  I have
attached the deal data in two forms: (1) the spread option model that Kara
Boudreau, Book Administrator EGM, provided and (2) an excel spreadsheet that
isolates the 2 deals.

 If there is anything more that we could provide, please don't hesitate to
call me at  x30968.

 Thank you so much for all of your help.

 Gillian

1.

2.


When: Thursday, August 23, 2001 9:00 AM-11:30 AM (GMT-06:00) Central Time (US & Canada).
Where: EB3567

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


Sam,

We are moving forward to execute the ITG Quantex agreement now that the final
revisions were approved.  Sheila has forwarded a revised version of the
document for Gary Hickerson to sign.  Please make sure that, once Gary signs
the two copies, they are both forwarded to Cassandra Shultz for signature.
Then, I think, Selena said she would send to ITG, but make sure.

I am hoping we get signatures tomorrow; I will be out of the office all day
tomorrow -- traveling to New York and will not return until 10 a.m. Tuesday
morning (Monday being a holiday).

Cheryl Nelson
Senior Counsel
EB3875
(713) 345-4693


Teco Tap       55.000 / HPL IFERC

Texoma         20.000 / HPL IFERC

LS HPL LSK IC       40.000 / Enron


----- Forwarded by Steven J Kean/NA/Enron on 10/31/2000 07:30 AM -----

	Kelly Kimberly@ENRON COMMUNICATIONS
	Sent by: Stacy Walker@ENRON COMMUNICATIONS
	10/30/2000 04:55 PM

		 To: Steven J Kean/NA/Enron@ENRON, Frank Smith/Corp/Enron@ENRON, Michael
Terraso/OTS/Enron@Enron, Henry Van/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Shafer/OTS/Enron@Enron, Susan Worthen/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Mary Schoen/NA/Enron@ENRON, Stacey Bolton/NA/Enron@Enron, Lauren
Goldblatt/NY/ECT@ECT
		 cc: Maureen McVicker/NA/Enron@ENRON, Laura Glenn/OTS/Enron@ENRON, Mary
Berg/Corp/Enron@ENRON, Laura Glenn/OTS/Enron@ENRON, Carol
Barcus/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: Citizens' Environmental Coalition - 2000 Synergy Awards ceremony

I am pleased to advise you that Enron will be one of the sponsors of the 2000
Synergy Awards, an annual event organized by the Citizens' Environmental
Coalition.  The Synergy Awards are given "in recognition of progress,
achievement, hard work and/or resourceful stewardship in a broad spectrum of
environmental endeavors."

The sponsorship will allow Enron 8 seats at the awards ceremony, which will
be the evening of Wednesday, November 8, at the Main Street Theater at
Chelsea Market.  They are describing it as "lighthearted and informal,
featuring comedians from Houston's Radio Music Theater."

Are you or any members of your team are interested in attending?  If so,
please respond to Stacy Walker at x3-3583.

Thanks, Kelly


Please respond
----- Forwarded by Richard B Sanders/HOU/ECT on 08/01/2000 01:34 PM -----

	"Dayle Petrillo" <dpetrillo@hollandhart.com>
	08/01/2000 11:37 AM

		 To: <Richard.B.Sanders@enron.com>
		 cc:
		 Subject: Payment for Motion to Dismiss/Other Than Personal Jurisdiction

Regarding above in the Kansas case, I am preparing the pro rata reimbursement
checks from the Holland & Hart trust account to Enron and EOG.  To whom shall
I send the EOG check?  Shall I send both checks to your attention?


That job is with Bob Williams, the litigation attorney for our international
company.  Bob is a great guy, probably one of the funniest people I have ever
known.  It also might be a good job for you because he promoted his last
administrative assistant to paralegal.

	"Patti Young" <pyoung@pdq.net>
	09/20/2000 11:51 AM

		 To: <Tana.Jones@enron.com>
		 cc:
		 Subject: Re: An Update

Thanks for writing back.  I could probably do the Saturday evening thing.  I
will let you know soon.

If you get a chance, check out Job No. 105738.  Know anything about it??

----- Original Message -----
From: <Tana.Jones@enron.com>
To: <pyoung@pdq.net>
Sent: Tuesday, September 19, 2000 2:47 PM
Subject: Re: An Update

>
> I was just about to call you when I got your email.  Holly called and she
> has a table to fill at an awards banquet (some women's professional group
> or something) and wants to know if you want to join us.  A bunch of her
> girlfriends are going, me, Lucinda, I think Carol....anyway, it's Saturday
> night at 7:00 pm.  She said it should be really boring (so I put it on my
> calendar as "boring awards banquet"), but with all the girls at one table
> we'll misbehave and have fun.  I hope you can join us.  Let me know and
> I'll reserve you a spot w/Holly.
>
> The thing on your house and townhome sounds exciting.  When can I see it?!
>
>
>
>                     "Patti Young"
>                     <pyoung@pdq.n        To:     "Tana Jones"
<Tana.Jones@enron.com>
>                     et>                  cc:
>                                          Subject:     Re: An Update
>                     09/18/2000
>                     05:44 PM
>
>

>
>
>
>
> The name of the plant I told you about last week is DURANTA.
>
> Think you will want it??
>
>
> ----- Original Message -----
> From: Tana Jones <Tana.Jones@enron.com>
> To: <pyoung@pdq.net>
> Sent: Monday, August 28, 2000 8:28 AM
> Subject: An Update
>
>
> >
> >
> > That job I passed on your resume to in our group, I checked, and they
> still
> > haven't started interviewing people yet, since Barbara is on vacation
> dropping
> > her daughter off at college.
> >
> >
>
>
>
>


Thank you.  I would have said "governor turkey."

 -----Original Message-----
From: 	Dernehl, Ginger
Sent:	Monday, October 22, 2001 4:15 PM
To:	Alamo, Joseph; Allegretti, Daniel; Allen, Joe; Alvarez, Ramon; Arefieva, Maria; Assaf, Lisa; Barnes, Lynnette; Bellas, Kirsten; Benson, Eric; Binns, Darran; Bolton, Scott; Boston, Roy; Briggs, Tom; Buerger, Rubena; Burns, Stephen; Canovas, Guillermo; Cantrell, Rebecca W.; Comnes, Alan; Connor, Joe; Cooney, Carolyn; Dasovich, Jeff; Decker, Larry; Dernehl, Ginger; Dressler, Jean; Floris, Vinio; Frank, Robert; Fromer, Howard; Fulton, Donna; Gottfredson, Bryan; Guerrero, Janel; Hamilton, Allison; Hardy Jr, John; Hartfield, Rita; Hawkins, Bernadette; Hemstock, Robert; Hetrick, Nancy; Hoatson, Tom; Huang, Karen; Hueter, Barbara A.; Hunter, Bevin; Huson, Margaret; Ibrahim, Amr; Kaufman, Paul; Kean, Steven J.; Keene, Patrick; Kingerski, Harry; Kishigami, Kikumi; Knight, Laurie; Landwehr, Susan M.; Lassere, Donald; Lawner, Leslie; Lawrence, Linda L.; Leibman, Lara; Leonardo, Sam; Levy, Alberto; Lindberg, Susan; Linnell, Elizabeth; Long, Chris; Mara, Susan; Maurer, Luiz; McVicker, Maureen; Migden, Janine; Miller, Terri; Montovano, Steve; Moore, Bill; Nersesian, Carin; Neustaedter, Robert; Nicolay, Christi L.; Nord, Sue; Noske, Linda J.; Novosel, Sarah; O'connell, Earlene; Ogenyi, Gloria; Palmer, Germain; Perez, Carmen; Perez, Gus; Perrino, Dave; Petrochko, Mona L.; Pharms, Melinda; Reyna, Margo; Rishe, Frank; Rizzo, Helen; Roan, Michael; Robertson, Linda; Robinson, Marchris; Rodriquez, Andy; Ryall, Jean; Shapiro, Richard; Shelk, John; Shortridge, Pat; Staines, Dan; Steffes, James D.; Stephens, Sharonda; Stransky, Joan; Stroup, Kerry; Sullivan, Kathleen; Sullivan, Lora; Thome, Jennifer; Tiberi, Fino; Twiggs, Thane; Walton, Steve; Warner, Geriann; Yeung, Charles; Yoho, Lisa
Subject:	FW: Governor Chicken

Below is an article that may be of interest to you.

Ginger Dernehl
Administrative Coordinator
Global Government Affairs
Phone# 713-853-7751
Fax# 713-646-8160

 -----Original Message-----
From: 	Schmidt, Ann M.
Sent:	Monday, October 22, 2001 4:04 PM
To:	Dernehl, Ginger
Subject:	Governor Chicken

REVIEW & OUTLOOK (Editorial)
Governor Chicken

10/22/2001
The Wall Street Journal
A18
(Copyright (c) 2001, Dow Jones & Company, Inc.)

The two politicians who've arguably benefited most from the national focus on war are both Californians -- Congressman Gary Condit and Governor Gray Davis. Too bad Mr. Davis is finding he still can't avoid his own chickens coming home to roost.
Only now are the folks in Sacramento learning that their Governor's "solution" to the energy crisis has been a political sham. A combination of collapsing budget revenues, foolish spending and bad credit ratings threatens to plunge the state into a full-fledged financial crisis.
Governor Davis's chickens left the roost back in May 2000, when California's botched scheme to deregulate electric power encountered a wicked price bubble. Wholesale prices, which had been deregulated, shot up, while retail prices, which were still regulated, didn't budge. This mismatch, along with other factors, generated huge supply disruptions and a first-class energy crisis.
The obvious response would have been to let retail rates rise with the market price. Mr. Davis said so himself in his now infamous observation that if he raised rates, the problem would be solved in 20 minutes. Mr. Davis preferred to play the blame game, including a lot of whining that he had inherited the situation.
While the Governor complained, California's two largest utilities were pushed into insolvency and neighboring states endured the double whammy of having their power sucked into California and seeing their electric rates shoot up. Californians suffered through rolling blackouts.
Finally, this past January -- eight months after the energy crisis began -- the Governor responded: Retail rates were increased twice, and the state started to purchase power directly from suppliers, using money from its general fund. At the same time, the state negotiated contracts with suppliers at prices that are now well above market prices and for terms as long as 20 years.
And then Mr. Davis got lucky. Although the forecast was for a summer of continued blackouts generated by a strong demand for power, the disaster failed to materialize. Not only was the weather cooler than normal, but higher rates produced immediate conservation; thus demand was moderate and power sufficient. Newsweek went out and hailed the Governor as a political Lazarus.
But now here come the chickens. It seems that almost one-quarter of California's budget revenues were provided by taxpayers with stock options and capital gains, mostly from Silicon Valley companies. When the dot-com industry started to implode, so did revenue projections -- to $12 billion this year, down from $18 billion last year. And this was before September 11 and the collapse in the Nasdaq market.
California would probably be able to absorb this revenue hit were it not for the still outstanding bills from the Governor's electric power fiasco. Consider the toll:
-- Somebody is going to have to pay for the $14 billion that the utilities owe to suppliers for power consumed before the state started buying electricity.
-- Somebody is going to have to repay the $12.5 billion bond issue that California hopes to float to replenish the money borrowed from its general fund.
-- Somebody is going to have to pay for those expensive, long-term contracts that the state negotiated.
-- Somebody is going to have to repay the bridge loan of $4.3 billion that California got from the banks hoping to underwrite the bond offering. (If this loan is not repaid by November 1, its interest rate jumps to 7% from 4%, resulting in an extra $250,000 in interest payments a day.)
Whether these bills are ultimately assumed by ratepayers or taxpayers, or some combination of the two, the impact on California's economy and its budget will be dreadful. Observers are estimating a budget deficit of almost $10 billion for next year.
As for Governor Davis, the problems of the "previous administration" are now his own. And Californians know it. A recent statewide poll showed that most voters preferred the former mayor of Los Angeles, Richard Riordan, the leading Republican challenger to Mr. Davis, by several points.
The Governor's response to the ever-worsening economic situation has been typical. He complains. He vetoes a few spending bills. He announces a $5 million campaign to persuade Californians to help the local economy by staying in-state for their vacations. We expect to see a lot of chickens on surfboards.

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


Hey folks,
Here's an agenda for Monday's OATI Presentation.
We're looking forward to seeing you or someone from your group (3AC 17C1).

(Kevin said):

 I know that some of the people there have seen many of our products so maybe if the
dial-up doesn't perform well we can retreat to a workstation for those that
may be interested in viewing some specific functionality of the products.
Attending from OATI will be Sasan Mokhtari, Manuel Santos, Ken Vormwald, and
myself.

Kevin Burns
Open Access Technology, Intl.
(763) 553-2725 office
(763) 286-3173 wireless
kevin.burns@oatiinc.com

 <<Agenda 102201.doc>>

 - Agenda 102201.doc


Jeff:

I am assuming that you will be handling this request. Let me know if I can
help in any way.

Alan
----- Forwarded by Alan Aronowitz/HOU/ECT on 06/29/2000 05:47 PM -----

	Edmund Cooper
	06/28/2000 03:03 PM

		 To: Alan Aronowitz/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT
		 cc: Tana Jones/HOU/ECT@ECT, Justin Boyd/LON/ECT@ECT
		 Subject: Metals cps

Dear Alan and Mark,

I have attached a spreadsheet containing two lists: one containing existing
EnronOnline counterparties; one containing existing Metalgesellschaft
counterparties.

Justin and I have been through these lists and have marked as unacceptable
(with an "X") those counterparties from jurisdictions with which we are
currently unable to trade physical commodities via EnronOnline.

In respect of US and Canadian counterparties we assume that there are no
difficulties with trading physically settled metals commodities, but we would
appreciate your thoughts and clearance on this issue.

Do let us know if you need any further information on this.

Best regards,

Edmund


Please see the Mar-00 spreadsheet which shows my IBSS withdrawals and what I'm
estimating to be the total capacity numbers from ETNG and Transco.

David

 - CES-AGL-Feb00.xls
 - CES-AGL-Mar00.xls


Caroline Abramo has initiated a new hedge fund family for financial trading.
I am anticipating up to 4 separate masters, but likely only one series of
negotiations (the others will likely duplicate the terms of the first one).
The paper has started flow in.  Would you please advise which attorney will
handle this?  The group is Wexford.  I need to start forwarding up to you
copies of the offering memoranda.

Thanks.


Sorry, but once again Tim has discovered a bug in the conversion of the Truequote data and has requested us to remain out of the files while they correct the program and rerun the job.  This should be complete by 1, at which time I will spot check the data and give the ok as to whether we can use the files.  In the meantime, if you could please try to update the progress reports with any data that you may have completed, it will be greatly appreciated.

Thanks,

Kathy