Joseph at joseph.alamo@enron.com has recommended an article from the myOC.com
network to you:

http://www.ocregister.com/news/04chickens1cci.shtml

Sender's comments to you:

hmmmm....is this pertinent to send to Miyung????!
I'm KIDDING!!!


Oneal Hoover 2, Hanson 2, Hall 1, R. Anderson 1
Gary Proehl 1, Ward 1, Jurevicius 1, Streets 1, Fletcher 1


We will plan on Meeting at Al's Formal Wear at 1PM on that Saturday.  I will
see you all then.

Jason


when do i have baseball tix for?


Mark

Engineer reviewed Agaves list and this is the comments.

Earl

 -----Original Message-----
From: 	lkunkel@trigon-sheehan.com@ENRON [mailto:IMCEANOTES-lkunkel+40trigon-sheehan+2Ecom+40ENRON@ENRON.com]
Sent:	Thursday, October 04, 2001 1:16 PM
To:	Chanley, Earl
Subject:	RE: Atoka Interconnect

Earl,  Here is a partial list of what I don't see on Agave's list:

PIPING
2" pipe for blowdown
Overpressure switch on Bettis Actuator
Leveling saddles
Insulating kits to isolate meter run - (there is one kit - probably to
isolate piping from TW)
Orifice meter safety sleeve - KLAK Engineering

INSTRUMENTATION
Pressure transmitters
Temperature transmitter & thermosync RTDS
Valve manifolds & Coplanar
Genie probe regulator
Genie probe (w/o regulator)
Gas detection system, alarm & strobe light
Solenoid box for shut-in upon gas detection
Printer
Timer & relay box for H2S shut-in
Calibration gas
Carrier gas
Carrier gas regulators
Surge arrestors
Stainless Steel hoses for carrier gas & calibration gas
1/4" Heat trace tubing, thermostat & end connections
Battery charge/UPS
Cables, tubing, conduit, wire, swagelok fittings, needles valves, j-boxes,
hoffman box
Grounding Anodes and cables
Desk, chair, cabinet, paper, trash can

Some of this equipment is probably included with the Delmars or the
Danalyzer, but that information is unknown from this list.  In addition,
some of this equipment like conduit & wire, tubing & fittings, can be
supplied by the contractor that builds the interconnect.

Laura J. Kunkel
Project Manager
Trigon-Sheehan, LLC
505/627-9124
lkunkel@trigon-sheehan.com

-----Original Message-----
From: Chanley, Earl [mailto:Earl.Chanley@ENRON.com]
Sent: Wednesday, October 03, 2001 10:37 AM
To: LKUNKEL@TRIGON-SHEEHAN.COM
Subject: FW: Atoka Interconnect

LK

Just received this, Please review for all equipment that is required to
be installed at I/C.

Thanks

EC

-----Original Message-----
From: McConnell, Mark
Sent: Wednesday, October 03, 2001 10:29 AM
To: Chanley, Earl; Abdmoulaie, Mansoor
Subject: FW: Atoka Interconnect

-----Original Message-----
From: David Lanning [mailto:dlanning@ypcnm.com]
Sent: Wednesday, October 03, 2001 10:22 PM
To: McConnell, Mark
Cc: Watson, Kimberly
Subject: Atoka Interconnect

The attached file is our latest cost estimate for Agave's portion of the
interconnect.

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


Yes, agree that another call to weave in the comments we received from the
biz units would be useful.  Can we shoot for Wednesday, when Mr. Kaufman will
be here in the SF office?

	Harry Kingerski
	09/25/2000 08:58 AM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Re: PG&E strategy

----- Forwarded by Harry Kingerski/NA/Enron on 09/25/2000 08:56 AM -----

	Harry Kingerski
	09/25/2000 08:54 AM

		 To: Paul Kaufman/PDX/ECT@ECT, Jeff Dasovich/SFO/EES@EES, Susan J
Mara/SFO/EES@EES, Mona L Petrochko/SFO/EES@EES, James D Steffes/HOU/EES@EES
		 cc:
		 Subject: Re: PG&E strategy

More feedback from Dennis .... I think this requires some
scrutiny/scrubbing.  Also, I don't think it adheres to the "compromise" that
was struck among EES participants in the earlier discussion.   I will pursue
conflict in EES.   Jeff - think we need another conference call soon?

----- Forwarded by Harry Kingerski/NA/Enron on 09/25/2000 08:48 AM -----

	Dennis Benevides@EES
	09/24/2000 09:36 PM

		 To: Harry Kingerski/NA/Enron@ENRON
		 cc: Scott Gahn/HOU/EES@EES, James M Wood/HOU/EES@EES, Scott
Stoness/HOU/EES@EES, Roger Yang/SFO/EES@EES, Marty Sunde/HOU/EES@EES
		 Subject: Re: PG&E strategy

Please see comments on PG&E strategy.  I have made some modifications to be
more consistent with the three main messages of the ISO MSC report dated
9/6/00.  Any proposal should address the three messages of this report 1)
Eliminate mandatory UDC day ahead purchase requirement from PX (this may
allow generators to exercise mkt power during time periods of high demand)
and allow utilities to hedge forward purchases in bilateral markets at
shareholder risk, 2) Provide demand price signals in PG&E/SCE service
territories ASAP but no later than 10/1/2001 and 3) eliminate incentive for
large SCs to under schedule in ISO real time market (adopt ISO proposals for
imbalances in excess of 250 MW per hour).

Dennis

From: Harry Kingerski@ENRON on 09/21/2000 02:18 PM
To: Scott Gahn/HOU/EES@EES, Dennis Benevides/HOU/EES@EES, James M
Wood/HOU/EES@EES
cc:
Subject: PG&E strategy

Let me know how this looks.  I'll be shopping it around Govt Affairs.


It's Texas Independence Day and to celebrate, you and a guest can win a trip
to attend the Texas Cultural Trust Medal of Arts Awards Celebration in Austin
if you answer the attached Texas Test correctly!

Eight Houston Enron employees and their guests will be chosen to attend the
Texas Cultural Trust Texas Medal of Arts Awards and Celebration in Austin on
the evening of March 20th. This includes transportation to Austin, attendance
to the Awards Ceremony at the Paramount Theatre and one night's lodging at
the Historic Stephen F. Austin Hotel in downtown Austin.

Tommy Lee Jones and Willie Nelson are among those Texans being honored.

Don't miss this chance to spend An Evening with Texas Stars featuring Lyle
Lovett.

The deadline to enter the contest is midnight on Tuesday, March 6th.

Brought To You By Community Relations And Government Affairs

Please click on the link below.

Experiencing technical problems?  If this link does not automatically launch
the questionnaire:
1.  Launch by copying the URL address into your browser, or
2.  If you continue to have technical difficulties, please contact Milton
Brown at x34734.
3.  Please do not forward this link to anyone else as it is unique for each
respondent.

http://etcsurvey.corp.enron.com/wi/p0423476/i.asp?r=7617&s=YQGYEEZQ&l=9


Can you guys help try to resolve these differences?  We may have to write them off anyways, but we need to know what they relate to.  I think Phyllis Kennedy should be able to provide some more detail.  Thanks

Richard

 -----Original Message-----
From: 	Penman, Gregg
Sent:	Wednesday, January 09, 2002 4:36 PM
To:	Koerselman, Lisa
Cc:	Tomaski, Richard
Subject:	RE: potential write offs 12/01 gl

Richard and I will discuss this tomorrow and probably give you a call.

Thanks - Gregg

 -----Original Message-----
From: 	Koerselman, Lisa
Sent:	Wednesday, January 09, 2002 3:28 PM
To:	Penman, Gregg
Cc:	Kennedy, Phyllis R.
Subject:	potential write offs 12/01 gl

Attached is a spreadsheet with the potential write offs in 12/01 general ledger.  In addition, I think Phyllis talked to you about other changed - i.e. we will not be booking UA4 or FTA in 12/01 general ledger.

Please let me know if you have any questions.  I am not sure of the process on our end, I have submitted this information to Greg Whiting who is going to submit it to his boss, etc.  I will let you know when I hear something back from them and please let me know if there is a problem on your end.

thanks
Lisa
 << File: Dec01 Potential Writeoffs-penman.xls >>

Lisa Koerselman
x-53128


Steve - Here's the latest draft of the presentation for your review.  I have not yet made the changes I mentioned in the voicemail, and will wait for your direction.  I also have not yet changed the last slide with the HR trends graph.

I'll be in the office on Sunday to triple check the numbers and to compile a background packet for reference, so if you have anything you'd like clarified or changed please leave me a message or send a note.

One item of note - Rick has shaved an additional $1.2M off his budget, so that definitely makes the Gov't & Reg Affairs number look better.

I'm also forwarding this draft file to Dawn Derr, as Rick Causey wants to take a copy of the complete notebook home this weekend to review.  Dawn - We'll just be using the first three slides in the presentation, the others are for us to use as background info.

Have a good weekend everyone!


I know Ben wants us to substitute the one signed by the other guy.  I'll take
care of it.

	From:  Rebecca Walker                           12/19/2000 09:17 AM

To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Signed Change Notice - LM6000 Contract

Kay

Can you please fax Karla Hesketh at ABB a copy of the signed change order?  I
have a copy of the change order with Mike Sandridge's signature on it, but
I'm not sure which signature page we're using as the final official document
and therefore which version I should fax to Karla.

Thanks,
Rebecca
---------------------- Forwarded by Rebecca Walker/NA/Enron on 12/19/2000
09:11 AM ---------------------------

karla.hesketh@ustra.mail.abb.com on 12/19/2000 08:14:22 AM
To: rebecca.walker@enron.com
cc: michael.o.sandridge@ustra.mail.abb.com

Subject: Signed Change Notice - LM6000 Contract

Hi  Rebecca,

By any chance did Ben leave a copy of the signed contract change order with
you?
If so could you fax a copy to me at 713-821-3526.

Thank you,
Karla

Karla Hesketh\ABB
Ph: 713-821-4016, Fx: 713-821-3526


Changes to the Report Starting this Week:

-   The Financial Desk in North American Gas only shows values without
exchange traded future transactions.

Notes for this Week's Report:

*   North American Gas has already increased its overall average daily EOL
deal count by almost 1,000 trades a day since November.  There are now
approximately 4,040 trades a day in North American Gas alone which are being
traded on EOL.

*  The Financial Desk in North American Gas has increased its average daily
EOL deal count by about 45% since October, from 494 to 714 deals per day in
November.  In December, the average daily EOL deal count is up another 60%,
from 714 to 1,141 deals per day.  In addition, the average daily EOL volume
has increased significantly as well.

* US Power has increased its average daily EOL volume by 100% since
November.  The average daily EOL Deal Count has increased slightly as well.

*  Midwest, Southeast, and Northeast Power has increased its average daily
EOL volume by about 100% since November.  In addition, the average daily EOL
deal count for these Power regions has increased by about 50% since November.

*  Coal trades have decreased significantly from the levels seen in October.
The total monthly EOL deal count for November was only about 23% of the total
in October.  The total monthly EOL volume for November was only about 33% of
the total in October.

*   LPG's has steadily increased its total monthly EOL deal count from 281 in
September, 398 in October, 444 in November, to 181 deals already in
December.  The total monthly EOL volume has increased similarly as well.

*  Gasoil Financial has increased its total monthly EOL deal count from 11
trades in October to 26 in November.  The total monthly EOL volume has
increased by about 100% as well.

*  Brent Financial has decreased significantly from the levels seen in
October.  The total monthly EOL deal count for November was down to about 220
from a level of about 400 in October.  The total monthly EOL volume for
November has decreased similarly as well.

*  Heating Oil Financial has had few, if any, NYMEX look-a-like trades on EOL
over the past few months.  Out of a total of about 1,200 trades in November,
less than 40 have been done on EOL.  Heating Oil Physical has yet to do a
trade on EOL.

*  Kero US Financial has decreased significantly from the levels seen in
October.  The total monthly EOL deal count for November was only about 24% of
the total in October.  The total monthly EOL volume for November was only
about 25% of the total in October.  However, already in December there have
been about half as many trades as the entire month of November.

---------------
The following files contain a graphical view of the average deal count and
volumes per month by Commodity for EOL and OTC transactions since the launch
of EnronOnline. This information is for comparative analysis only.  Do not
update links when opening these files.

AVERAGE DEAL COUNTS FOR COMMODITIES (excluding Global Products, which
displays monthly totals)

NA GAS BREAKOUT BY REGION (Non-Averaged, including Volume and Notional Value)

If you have any questions regarding this breakout, please contact one of the
following:

Torrey Moorer x3-6218
Matt Motsinger x3-5221
Pete Berzins x5-7594

Pete
EnronOnline


Shirley

Another trip to schedule at some point.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 09/19/2000
08:58 AM ---------------------------

VKaminski@aol.com on 09/11/2000 08:27:24 AM
To: vkamins@enron.com
cc: scrensh@enron.com
Subject: Fwd: MSCF Speaker Series -November 3rd confirmation

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From: "Pierre-Philippe Ste-Marie" <stemarie@icubed.com>
To: <VKaminski@aol.com>
References: <46.a69e8bc.26ed1011@aol.com>
Subject: MSCF Speaker Series -November 3rd confirmation
Date: Mon, 11 Sep 2000 08:13:49 -0400
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Dear Mr. Kaminski,

 It is a great pleasure and a great honor to schedule you on the MSCF
Speaker Series list for November 3rd, I will make reservation for 8 persons
at a restaurant in Pittsburgh for that evening. Also, if you want I can book
an hotel for you.

Let me know if you have anything in mind  for the topic of the presentation.
There is no real guidelines as we like our speakers to have as much room as
possible. Here is one of the past presentations that had an impact. One of
our speakers divided the presentation in two, the first part was technical,
the second was more general, explaining what his firm was looking for when
hiring new employees.

Thank you very much for accepting our invitation.

Sincerely,

Pierre-Philippe Ste-Marie
--------------------------------------
pstemarie.homestead.com


Attached is the final standings for the pool.  Please verify your score.  We
had a little drama for second place, Chuck won the tie breaker due to a total
of 158 versus Wolfie's 145(total score was 154).  Special congratulations to
Matt Lenhart for bringing up the rear(nice pick on the last game too).  Hope
to see you guys next year.
PL


FYI.  Info on Gov Davis meeting with Wall Street.

Jim

----- Forwarded by James D Steffes/NA/Enron on 03/01/2001 01:17 PM -----

	Michael Tribolet/ENRON@enronXgate
	03/01/2001 11:30 AM

		 To: Rick Buy/ENRON@enronXgate, James D Steffes/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON, Vicki Sharp/HOU/EES@EES,
Don Black/HOU/EES@EES, Travis McCullough/HOU/ECT@ECT,
jklauber@llgm.com@SMTP@enronXgate
		 cc:
		 Subject: FW: PCG, EIX: Governor Davis Updates Wall Street

This is one of the better overviews of all the issues from CSFB.

.

 - ppp030101.pdf


FYI.

This is the list of the Petronas executives visiting Enron on Feb 8.
I have invited them to lunch. Would you like to join me for lunch.

I would like to propose a short courtesy meeting at 10  with Jeff/John (5 -
10 minutes),
followed by RAC/Research presentation till 11:30.

Vince

P.S. I shall reserve a conference room for this meeting

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/08/2001
10:02 AM ---------------------------

azminab@petronas.com.my on 01/07/2001 06:37:33 PM
To: Vince.J.Kaminski@enron.com, Shirley.crenshaw@enron.com,
KhairuddinBMJaafar@petronas.com.my
cc:
Subject: Re: Meeting on Feb 8, 2001

Dear Kaminski

4 members from Corporate Risk Management Unit

1. Iqbal Abdullah   - General Manager
2. Nur Azmin Abu Bakar   - Head, Risk Assessment & Controls
3. Zulkifli A Rahim - Head, Risk Measurement & Systems
4. Adnan Adams - Head, Special Projects

Regards

Vince.J.Kaminski@enron.com on 03/01/2001 09:45:02 PM

To:   azminab@petronas.com.my
cc:   Vince.J.Kaminski@enron.com, Shirley.Crenshaw@enron.com
Subject:  Re: Meeting on Feb 8, 2001

Dear Mr. Nur Azmin Abu Bakar,

Thanks for your prompt reply.

Please, let us know how many members of your team will
visit Enron.

I look forward to our meeting on February 8.

Vince Kaminski

azminab@petronas.com.my on 01/02/2001 06:38:33 PM

To:   Vince.J.Kaminski@enron.com, KhairuddinBMJaafar@petronas.com.my,
      Shirley.crenshaw@enron.com
cc:
Subject:  Re: Meeting on Feb 8, 2001

Dear Kaminski,

  Happy New year and thank you for the reply.  We are honored to have
lunch with you and your team however we have another appointment at
2.30p.m.

Regards

Vince.J.Kaminski@enron.com on 03/01/2001 07:38:19 AM

To:   azminab@petronas.com.my
cc:   Vince.J.Kaminski@enron.com, Shirley.Crenshaw@enron.com
Subject:  Meeting on Feb 8, 2001

Dear Sir,

I would like to apologize for the delay in responding to your fax.
I was on vacation for the last few days.

I shall be honored to meet your delegation on Thursday, February 8 at 10:00
a.m.
Please, let me know if you will be free for lunch after the meeting.

Vince Kaminski


http://www.treasuryandrisk.com/issues/Nov01/01NOdriv.html

E-FINANCE

Driving Direct CP Issuance
New Product Lets Issuers Build Real-Time Market Picture

By Susan Kelly

Last December, Julie Nickoley, senior manager of commercial paper
operations at DaimlerChrysler, agreed to work with Prescient Markets to
develop a Web-based subscription technology service to help companies price
and manage their commercial paper issuance. The goal: a system to provide
real-time flow of short-term prices and a way to track investors and
competing issuers. At the time, the global automaker and long-time direct
CP issuer saw the possibilities as interesting, but not necessarily a
priority.

All that changed two months later, when DaimlerChrysler's CP was downgraded
to A2/P2. Suddenly, big money-market funds, which once constituted 85% of
DaimlerChrysler's market, were no longer buyers. Nickoley had an immediate
need to figure out what other buyers existed out in the market to take
their place, but it took her a day or two to get investor information out
of the mainframe-based system she used to manage CP issuance.

In October, the kind of capability Nickoley sought finally became available
with the introduction of Prescient Funding Desk.  Now we know for all
customers what time of day they trade, what size of trade they normally do,
if they come in through cpmarket or on the phone,  says Nickoley.  The
customer analytics was the key.

With the development of Funding Desk, companies can get information on
prices, including fluctuations in competitors? CP rates and what investors
are looking for in the market on a real-time basis. Funding Desk's pricing
module provides short-term market rates from Prebon Yamane and CP rates
from cpmarket.com, Prescient?s online platform for direct issuance of CP.

In Tune with Market
The advantages? Trades done on cpmarket.com flow automatically into Funding
Desk, and Prescient says it is working on a link with Bloomberg that will
bring in data on trades done on Bloomberg's CP platform. Companies can save
on funding costs by using the data to target less yield-sensitive
investors. They can also save money by knowing when competitors move rates
and then matching those moves. Using Funding Desk,  we're much more in tune
to whether pricing is changing in the market,  DaimlerChrysler's Nickoley
says. Besides cost savings, issuers may simply want to keep tabs on their
investors to ensure that no one investor holds too large a chunk, in order
to lessen the risk of having to scramble to find other buyers if a big
investor exits suddenly.

Targeting New Issuers
Laurent Paulhac, Prescient's president, won't give the price of Funding
Desk, but says it varies based on the size of a corporation's CP program.
So far only DaimlerChrysler and ChevronTexaco are using Funding Desk.
Paulhac defines the market for Funding Desk as the 500 U.S. companies with
more than $1 billion of CP outstanding. About 40 of those companies now
sell some or all of their CP directly. But given the ease of electronic
issuance and the support available on Funding Desk, Paulhac expects more
companies will move toward direct issuance via the Web. In fact, officials
at both Prescient and Bloomberg say they were already seeing more interest
in their platforms for direct issuance from companies that traditionally
placed their CP through dealers - even before Funding Desk's debut.

If those companies are going to sell paper directly, they're going to need
something on the funding desk or treasury operations side to account and
process and transact, says Craig Dukes, North American manager for
short-term funding at Ford Motor Credit. Funding Desk is a perfect fit for
those people.

Laurent Paulhac

Prescient Markets, Inc         914-989-3111  (W)
445 Hamilton Avenue          914-422-3693  (F)
White Plains, NY 10601      914-715-4060  (M)

Please visit us at http://www.cpmarket.com


Alberto,

You're best bet is to send a resume to Chris Gaskill.  Chris is starting a
new fundamental analysis group.  I know he
is looking for a few more people to get this group off the ground.  If you're
interested in trading, it's probably the best
way to get involved in this side of the business.  I'm not sure if you have a
long term interest in trading or if you're just
looking for a rotation.  Give me a call also after 4pm and I could provide
you with some insight into the area.

Until then send Chris an email with your resume attached or you could talk to
me first if you'd like.

Kevin


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/27/2001
06:00 PM ---------------------------

Zofia Grodek <zofiagrodek@usa.net> on 04/27/2001 05:32:41 PM
To: vkamins@ect.enron.com
cc:
Subject:

Drogi Vincenty. Skoro Ty byles na tyle mily ze zadzoniles osmielam sie i ja
zaimejlowac do Ciebie . W dniach 29.04 do 7.05 bede w USA. Cel turystyczny do
moich znajomych z roku. W programie mam wiele. Glowna baza Idahi Springs. Lece
z mija corka i kolegami z roku. Nie znam Twojego miejsca zamieszkania, ale
moze . Tefon moich znajomych chyba 303 567 0190, adres e-mailowy
<Wgoleb@aol.com> Pzdrawiam Zofia Grodek. Oni maja na nazwisko Golebiowscy.

____________________________________________________________________
Get free email and a permanent address at http://www.netaddress.com/?N=1


Ezequiel,

I have forwarded your resume to our Analyst/Associate program with a request
to accept you as summer intern. If the summer program is full, my group
will hire you directly for the summer.

Vince

Ezequiel Luis <squiel@infosel.com> on 11/13/2000 04:23:23 PM
To: vkamins@enron.com
cc:
Subject: Summer internship

Dear Mr. Kaminski

I am currently pursuing the M.S. in IEOR at UC Berkeley. I attended the
speech you gave some weeks ago.

I am interested in summer internship positions available in Enron. You will
find enclosed my resume.

Sincerely,

Ezequiel Luis

Este mensaje fue enviado desde http://CommCenter.infosel.com

__________________________________________________
Internet Gratis
http://www.terra.com.mx/terralibre

 - Resume ELM.doc


I have a pretty cool portable play pen you can have if you want.


Please find attached MPR #29 (incl. photos) which is in Adobe Acrobat 4.0
file format and covers project activities up to end April 2001.

Regards ,

Gary Monk


Tanya,

Yes, we were talking about Wednesday.  My mistake.
Wednesday, April 19 works for me. Let's do it then.

Vince

Tanya Tamarchenko
04/10/2000 02:13 PM
To: Shirley Crenshaw/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Re: Lunch with IT and credit

Shirley,
here is the list of people who is going to attend this lunch:
Credit: Bill Bradford, Tanya Rohauer, Debbie Bracket (3);
Research: Vince Kaminski, Grant Masson, Vincent Tang, Tanya Tamarchenko (4);
IT: Jonathan Le, Ganapathy Ramesh, Winston Jia, Virendra Patel, Andrew
Champion
 (and may be a few more, Jonathan promised to get back with me with the
headcount);
Risk Control: Rudi Zipter, Ted Murphy (2).

I understand that we were going to go not on 14th, but next week.

Vince: would you like to do it on Wednesday, April 19, or Friday, April 21?
Shirley, can you, please, make a reservation after Vince's reply?

Thank you,

Tanya.

Vince J Kaminski
04/05/2000 02:51 PM
To: Tanya Tamarchenko/HOU/ECT@ECT
cc: Shirley Crenshaw/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT
Subject: Lunch with IT and credit

Tanya,

Can you coordinate, in my absence, the lunch with IT
and credit.

We need the body count and reservation at the restaurant for the 14th.

Vince


- powerpolitics012301.pdf


Hey Ashley,

Just thought I'd drop you a line to let you know that I will be in London
this Friday through next Tuesday.  I'm visiting a friend of mine who is
attending Sotheby's graduate program.  I know it's short notice, but I would
love to see you at some point while I'm over there.  If you get a chance
email me back and let me know if you're free any of those days and how I can
get a hold of you while I'm over there.  Hope all is well.

Susan


Enron Fights To Find Near-Term Sellers,But Still Trading
Dow Jones Energy Service, 11/27/01
USA: UPDATE 3-Dynegy says in talks on Enron merger structure.
Reuters English News Service, 11/27/01
RPT Dynegy confirms in talks on structure of Enron merger deal
AFX News, 11/27/01
Merger Traders Wary Even If Enron, Dynegy Cut New Terms
Dow Jones News Service, 11/27/01
Dynegy confirms in talks on structure of Enron merger deal
AFX News, 11/27/01
STOCKWATCH Enron slightly higher on hopes for new deal price
AFX News, 11/27/01
IN THE MONEY: Hedge Funds Say Yes To New Enron Terms
Dow Jones News Service, 11/27/01
Dynegy Confirms Talks On Enron Deal Structure - Source
Dow Jones News Service, 11/27/01
USA: Enron shares down despite talk of new Dynegy deal.
Reuters English News Service, 11/27/01
Enron Credit Rating to Remain Unchanged for Today, Moody's Says
Bloomberg, 11/27/01

Enron Turned Down by Investors Alwaleed, Blackstone, Carlyle
Bloomberg, 11/27/01

Liberty Funds Analyst Paik Comments on Dynegy and Enron Talks
Bloomberg, 11/27/01

A.G. Edwards Analyst Heim Comments on Dynegy and Enron Talks
Bloomberg, 11/27/01

Commerzbank Analyst Meade Comments on Dynegy's Talks With Enron
Bloomberg, 11/27/01

ENRON SHARES RECOVER FROM A.M. SLUMP
CBS.MarketWatch.com, 11/27/01

Enron In Free Fall
Forbes.com

Enron Fights To Find Near-Term Sellers,But Still Trading
By Mark Golden
Of DOW JONES NEWSWIRES

11/27/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Enron Corp. (ENE) continued to struggle Tuesday to find willing sellers of near-term gas and power in North America, but the one-time market maker was still able to trade on a limited basis, according to market sources.
"It's not getting any better," said one major energy broker.
Many energy trading companies aren't selling to Enron and are only buying from it near-term. These include Aquila Inc. (ILA), Mirant (MIR), Royal Dutch/Shell Group (RD) subsidiary Coral Energy, Sempra Energy (SRE), and Morgan Stanley Dean Witter's energy trading subsidiary, said the broker. The broker estimated Enron's over-the-counter trading volume to be about 25% of what it was a month ago. Companies are willing to buy from Enron in the spot gas and power markets, because taking delivery on commodity and paying for it a month later poses no credit risk for the buyer.
Some other companies, like Dynegy Inc. (DYN), Duke Energy Corp. (DUK) and BP PLC. (BP), continue to trade with Enron fairly freely, the broker said. Dynegy has reached an agreement to acquire Enron, though the terms of that deal are being renegotiated. The trading subsidiaries of troubled California utility-holding companies PG&E Corp. (PCG) and Edison International (EIX) also are trading with Enron.
The third and largest group of companies are trading with Enron on a very limited basis to reduce exposure by taking off-setting trades against deals done long ago. These include El Paso Corp. (EPG), Reliant Resources (RRI), Tractebel SA's (B.TRB) U.S. trading unit and regulated utilities, the broker said.
Several energy traders said that both power and gas were being sold at prices lower than Enron was offering.
"They've been cut off from so many people," said one electricity trader.
Enron Says Just Slight Reduction In Transactions

An Enron spokesman said he has seen a slight reduction in transactions but not to 25% of the one-month-ago level.
The notional value of Enron's 30-day rolling average of transactions is $2.8 billion, said Enron spokesman Eric Thode. Thode declined to give volume data for Tuesday or Monday, although the company was giving daily information two weeks ago.
"We're not doing daily information. We're only speaking in terms of 30-day rolling averages. ... It's not fair to speak in terms of daily because of daily volatility," Thode said.
Traders and brokers said they hope Dynegy will offer some kind of guarantee to Enron's trading to restore confidence. But, after Enron's ability to transact took a severe turn for the worse Nov. 20, Dynegy said that the companies must continue to operate independently until their merger is approved and completed.
Energy companies began shying away from Enron over the past month, as concerns about its finances precipitated a 75% drop in its stock price and left its bonds trading at levels typically associated with junk-rated debt.
But Enron saw its ability to trade seriously damaged last week following the late release of its quarterly financial report with the U.S. Securities Exchange Commission. For the first time since Enron's troubles began a month ago, energy companies stopped selling to Enron in the spot markets for fear that Enron might not be able to pay its bills as soon as next month based on the quarterly filing.
Moody's Investors Service and Standard & Poor's all rate Enron one notch above speculative grade. Moody's has Enron's ratings on review for a downgrade, and S&P has Enron on negative credit watch. Fitch calls Enron's credit rating "evolving." Enron's ability to do business in the energy markets depends on its maintaining investment-grade ratings.
-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com
(John Edmiston in Houston and Jon Kamp in Chicago also contributed to this article.)

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 3-Dynegy says in talks on Enron merger structure.
By C. Bryson Hull

11/27/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Nov 27 (Reuters) - Energy trader Dynegy Inc. confirmed on Tuesday it was in talks with floundering rival Enron Corp. over their proposed merger, as sources familiar with the negotiations indicated the final buyout price may be slashed some 40 percent.
"I can confirm that we are in discussions with the parties involved in the transaction related to the deal," Dynegy spokesman John Sousa told Reuters. He declined to give further details.
Dynegy had planned to buy its Houston rival for $9 billion in stock and is currently in a "due diligence" examination of Enron's complex financial books that began before the Thanksgiving holiday last Thursday.
The buyout offer, finalized Nov. 9, would have had Dynegy paying about $10.41 for each share of Enron, but Enron's shares have since cratered to near $4, stoking investor fears the merger will not go through as planned - if at all.
The stock exchange ratio under discussion could fall from the originally proposed valuation of 0.2685 of each Dynegy share for each Enron share to around 0.15 instead, sources familiar with the matter told Reuters. Enron is willing to accept the lower valuation, given the pressure on its stock price, the sources said.
Enron's shares bounced on Dynegy's confirmation of the restructuring talks, trading up 22 cents at $4.23 in late afternoon action on the New York Stock Exchange. The shares had dipped as low as $3.84 in late-morning dealings and as high $4.49. Dynegy's shares gained 4.7 percent or $1.83 to move to $41.08 on the NYSE.
Also on the table were negotiations to extend maturation of Enron's debt past the close of the merger, expected in the third quarter of 2002. The sources said an announcement was possible on a new infusion of at least $500 million in cash, which Enron has said it was seeking.
There also seemed to be an accord over who gets first crack at the Northern Natural Gas Pipeline, which would be Dynegy's consolation prize if the deal fell apart, a source said. Published reports have said that investment banks J.P. Morgan and Salomon Smith Barney had already accepted the pipeline as collateral in other loans, and may dispute Dynegy's ownership if the deal breaks up.
"The pipeline is far more valuable than what has already been collateralized. There's a solid earnings stream from that thing," said one source familiar with the discussions.
ONE TRADING UNIT SHUT DOWN
Two sources confirmed to Reuters that Enron's equity trading unit has been told it is being closed and that the roughly 60 employees there are being laid off. Enron was not immediately available for comment.
Those layoffs, part of broader job cuts expected as part of the Dynegy buyout, point to an acute problem for Enron - the loss of volume in its premier trading franchise. Enron's trading partners have been cutting back transactions with North America's largest energy trader because of credit concerns.
"This business is hugely dependent on volumes and volume growth. It is the principal reason that Dynegy is making the deal. If it's worth a lot less then Enron is worth less. It's vital to stop the bleeding in its core trading and marketing business," said Commerzbank analyst Andre Meade.
But as Enron's stock continued to lose value, down over 50 percent since Dynegy's initial bid, it seemed likely the purchase price would fall as well. Enron has seen its market capitalization drop to around $3 billion, from $60 billion at the start of 2001. (additional reporting by Jeff Goldfarb, Janet McGurty and Jonathan Stempel in New York).

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
RPT Dynegy confirms in talks on structure of Enron merger deal

11/27/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
(Repeating to clarify lead)
NEW YORK (AFX0 - Dynegy Inc confirmed it is in talks with Enron Corp on the terms of their two week-old acquisition deal.
"I can confirm that we are in discussions with the parties involved in the transaction related to the structure of a deal," Dynegy spokesman Steve Stengel said.
Enron declined to comment.
Citing people familiar with the matter, the Wall Street Journal reported today that Enron is in advanced talks with Dynegy to cut the price of the all-stock transaction by more than 40 pct to about 5 bln usd.
Enron is also trying to extend the maturity dates of some of its borrowings to stem a growing liquidity crisis, the Wall Street Journal said.
lwl/gc

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Merger Traders Wary Even If Enron, Dynegy Cut New Terms
By Christina Cheddar
Of DOW JONES NEWSWIRES

11/27/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Even if Dynegy Inc. (DYN) revises the terms of its acquisition of Enron Corp. (ENE), some takeover traders say the stock remains too risky.
Earlier Tuesday, a Dynegy spokesman confirmed the company was in talks to restructure the Enron acquisition. Separately, a person familiar with the negotiations said the talks are centered on creating a package that includes a lower exchange ratio for Enron shareholders, a provision for additional funding for Enron, and the refinancing of Enron's existing debt.
Even with the boost Enron shares have received from the reports, they continue to trade at a sharp discount to the original deal's value. Enron shares recently traded at $4.30, up 29 cents, or 7.2%, while Dynegy shares changed hands at $41.50, up $2.25, or 5.8%.
Under the original terms of the deal, Enron shareholders will receive 0.2685 of a Dynegy for each share outstanding, or $9.47 billion. At current trading levels, Enron shares are at a 61% discount to the offer price.
According to The Wall Street Journal, Dynegy and Enron are contemplating an exchange ratio of less than 0.15 of a Dynegy share, or about $5.29 billion.
The rejiggered deal is an attempt to restore confidence in Enron's ability to carry on its core energy marketing and trading business as the deal moves toward completion, the person said.
As the market waits for more details from the two companies, some say it will take more than a revised offer to provide takeover traders, also known as arbitrageurs, with enough confidence to play the deal in the typical fashion.
Often arbitrageurs bet on pending mergers by selling short shares of the acquiring company and buying shares of the target. In this way, the traders hope to profit as the target's share price moves toward the buyer's offer.
But according to some traders, there is too much risk, even for those accustomed to uncertainty, to play the Dynegy-Enron deal in this way.
Several traders said they were still wary that the deal could collapse and potentially push Enron into bankruptcy.
Enron's fortunes took a sharp turn for the worst after investors began to realize the company liberally used accounting loopholes to move its debts into off-balance-sheet financing vehicles, including partnerships run by its former chief financial officer, Andrew Fastow.
"There's nothing like accounting to scare people," said one trader, who said there is still a perception in the market that there is more bad news yet to come from Enron.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy confirms in talks on structure of Enron merger deal

11/27/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX0 - Dynegy Inc confirmed it is in talks with Enron Corp to renegotiate the terms of a deal with Dynegy Inc in an attempt to save their two week-old acquisition deal.
"I can confirm that we are in discussions with the parties involved in the transaction related to the structure of a deal," Dynegy spokesman Steve Stengel said.
Enron, meanwhile, declined to comment on the report.
Citing people familiar with the matter, the Wall Street Journal reported that Enron Corp is in advanced talks with Dynegy to cut the price of the all-stock transaction by more than 40 pct to about 5 bln usd.
Enron is also trying to extend the maturity dates of some of its borrowings to stem a growing liquidity crisis, the Wall Street Journal said.
lwl/gc

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
STOCKWATCH Enron slightly higher on hopes for new deal price

11/27/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Shares of Enron Corp were slightly higher in midsession trade on reports that the company is trying to renegotiate the terms of a deal with Dynegy Inc, by cutting the price of the all-stock transaction to 5 bln usd, or 40 pct, from 9 bln usd, dealers said.
At 12.19 pm, amid broad declines in the market, Enron shares were trading up 5 cents at 4.04 usd. Dynegy was up 1.26 usd, or 3.26 pct, at 40.51.
The DJIA was down 111.48 points at 9,871.28. The S&P 500 was down 10.40 points at 1,147.02. The Nasdaq composite was down 20.25 points at 1,920.98.
Earlier, the Wall Street Journal said Enron was in advanced talks with Dynegy in an attempt to salvage their two week-old acquisition deal. The companies are discussing a new price for the all-paper deal, following the sharp fall in Enron's share price of the past few weeks.
Enron had hoped to finalise the deal and make an announcement yesterday that would calm investors -- the shares are trading at a small fraction of their record high last year of 87.50 usd.
As of today, however, the revised deal still has not been formalised.
The current agreement with Dynegy contains a "material adverse change" clause, which could be invoked to call the deal off.
As part of its due diligence, Dynegy is examining details of Enron's filing with the Securities and Exchange Commission last week, which reportedly contained information it had not received previously.
"Enron is a black hole, and I don't know how deep the bottom is," said Fadel Gheit an analyst at Fahnestock & Co.
Only four weeks ago, Enron's stock was trading at the 8 usd mark, Gheit said, noting that if the Dynegy had done their homework the stock would not have continued to collapse.
"The market sees this and somebody has to figure out the potential exposure, it could be several billion dollars," said Gheit.
If the deal is to go through then the two companies must arrive at a new stock-exchange ratio, said Gheit. Under the current acquisition agreement, Dynegy would exchange 0.2685 share for each Enron share tendered.
According to the Wall Street Journal, the new ratio is expected to be less than 0.15 share of Dynegy stock for every share of Enron stock, which would value Enron at less than 6 usd a share, or about 5 bln usd.
blms/cl/gc

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
IN THE MONEY: Hedge Funds Say Yes To New Enron Terms
By Carol S. Remond

11/27/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- News that Enron Corp. (ENE) and would-be suitor and savior Dynegy Inc. (DYN) are working to renegotiate their merger agreement has done little to assuage market jitters about Enron's fate.
And so far, even professional arbitrageurs, who normally thrive on placing bets on whether a merger is going to go through, continue for the most part to stay clear of Enron's stock and bonds because of the uncertainty surrounding the once mighty energy trader.
Still, reports that the equity swap ratio offered by Dynegy could be revised down to below 0.15 from 0.2685, has some hedge funds, often willing to take more risks, looking to place trades on the deal.
"We're trying to figure out a good play," said a trader at a New York hedge fund.
So far, bets under consideration seem to be those that would include a combination of stock and debt trading, somehow hedging a short position on Enron's shares with a long position in some of its bonds.
"People that are playing the debt are definitely playing the stock against it," a hedge fund manager at another fund said. This manager added, "We're still trying to evaluate different risk/reward scenario on the debt and equity sides."
Investors that sell stock short borrow shares in the hopes of replacing them later by purchasing them at a lower price.
Arbitrageurs typically sell short shares of the acquirer, while taking long positions in the stock of the target company. But there is nothing typical about Enron's financial woes and the rescue efforts launched by Dynegy and large banks like J.P. Morgan Chase & Co. and Citigroup Inc.
Traders reported increased activity in the still mostly illiquid Enron debt market. "Some bids are coming in, especially on the lower priced bonds," said a trader at a large New York investment bank that makes a market in Enron's bonds.
Enron bonds, which had fallen in value in recent weeks, gained five to seven points early Tuesday as investors continue to await confirmation from Enron and Dynegy that their merger deal remains on track, albeit at a lower price. Enron's 6.4% bonds due 2004 were recently trading at about 55 cents on the dollar, up from 48 cents Monday.
Under the original terms of the deal, Enron holders would have gotten 0.2685 of Dynegy shares for each of their Enron shares. Quoting people close to the discussions, The Wall Street Journal reported Tuesday that the new ratio is expected to be less than 0.15 share of Dynegy stock for every share of Enron stock. That lower exchange was also mentioned in a Dow Jones Newswires story last Friday. At current prices a 0.15 exchange ratio would value Enron at less than $6 a share.
Essentially this new value, if true, means that it has now become easier for hedge funds and other risk takers to play the merger odds.
When a hedge fund shorting Enron stock at $4 a share risked losing more than $6 if the merger went through at the 0.2685 ratio, it now stands to lose only $2 a share (based on the $6 value of Enron stock under the new 0.15 ratio). At the same time it has become much easier to hedge that loss potential by going long on Enron bonds. If the merger doesn't happen, Enron is seen by many as heading for bankruptcy with an ultimate share value of 0. That means that hedge funds shorting Enron at $4 stand to benefit by that amount.
Hedge fund managers and traders said that current thinking puts the value of Enron bonds at about 20 cents on the dollar if the merger fails and about 80 cents on the dollar if it goes through. Meanwhile, the value of Enron stock is capped at about $6 a share if the merger goes through with a new conversion ratio of 0.15.
"A lot of the guys are still very skeptical," said a bond trader at a New York bank. "But this is really making the hedge trade easier and we've seen more customers short the stock and buy the bonds."
Still, this type of bets isn't for the faint of heart, and most investors are likely to wait for more news before taking a position.
"We're nibbling a little bit at the bonds right now. But the situation is so volatile that it's difficult to be aggressive," the manager of a large New York hedge fund said.
Carol S. Remond; 201-938-2074; Dow Jones Newswires
carol.remond@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy Confirms Talks On Enron Deal Structure - Source
By Christina Cheddar
Of DOW JONES NEWSWIRES

11/27/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Dynegy Inc. (DYN) confirmed the company is in talks with a number of parties regarding the structure of its transaction with Enron Corp. (ENE).
"I can confirm that we are in discussions with the parties involved in the transaction related to the structure of the deal," said John Sousa. "I can't elaborate any further at this time."
An Enron official wasn't immediately to comment.

Earlier Tuesday, a report in The Wall Street Journal quoted people familiar with the matter who said Enron and Dynegy were in advanced discussions to cut the price of the all-stock transaction by more than 40% to about $5 billion. Sousa, the Dynegy spokesman, didn't comment on the newspaper report.
Dynegy shares recently traded at $40, up 75 cents, or 1.9%, while Enron shares changed hands at $3.94, down 7 cents, or 1.7%.
Under the original terms of the transaction, Enron shareholders are to receive 0.2685 of a Dynegy share, or $10.78, for each share outstanding, or about $9.14 billion, based on Dynegy's recent stock price.
According to the Journal report, the new terms could be below 0.15 of a Dynegy share.
The deal is critical for Enron, which also simultaneously carrying out talks to receive between $500 million to $1 billion in additional funding to support its operations, while carrying on negotiations to restructure its debt, which totals about $13 billion.
While Dynegy has already provided Enron with a cash infusion, it is uncertain how long Enron's current funds will allow it to remain solvent.
Meanwhile, a third employee lawsuit has been filed against Enron over lost 401(k) retirement savings due to the recent collapse of Enron's stock, which has declined more than 90% in the trailing 12 months. The suit claims Enron "locked down" the plan, which prevented employees from being able to sell the shares, and seeks $850 million for plan losses.
Although the other recently filed employee suits didn't disclose the amount of compensation the plaintiffs are seeking, it is possible the suits seek a similar level of damages, a CreditSights report said.
If this is true, the CreditSights report said, it is possible the clause that allows Dynegy to walk away from the deal if the liabilities from "pending"' or "threatened" litigation may exceed $3.5 billion may be invoked.
In addition, to the employee lawsuits, more than a dozen shareholder suits have been filed against Enron.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

The discussions between Enron and Dynegy aren't merely focused on revising the consideration Dynegy will pay. They are also aimed at providing Enron with additional funding and at restructuring its debt, said a person familiar with the negotiations.
The moves are aimed at restoring confidence in Enron and relieving "the perceived liquidity crisis," the source said.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron shares down despite talk of new Dynegy deal.

11/27/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 27 (Reuters) - Shares of financially troubled energy trading giant Enron Corp. slipped back into the red on Tuesday after gaining in opening trade following news of a new rescue deal from Dynegy Inc. .
Enron shares were down 2 cents at $3.99 after rising 19 cents, or 4.7 percent, to $4.20 in early dealings on the New York Stock Exchange.
Analysts questioned the viability of the original proposal for Dynegy to acquire Enron in a deal worth about $9 billion.
The Wall Street Journal reported that the companies were discussing reducing the price of the all-stock deal by more than 40 percent, to about $5 billion.

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

Enron Credit Rating to Remain Unchanged for Today, Moody's Says
2001-11-27 16:12 (New York)

Enron Credit Rating to Remain Unchanged for Today, Moody's Says

     New York, Nov. 27 (Bloomberg) -- Enron Corp.'s credit rating
will remain at ``Baa3,'' the lowest investment grade, by Moody's
Investors Service, which said it won't take any ratings action
today on the largest energy trading company.

     David Stimpson, Moody's managing director for ratings
communication, said although there was speculation in the market
that Moody's would make a ratings change, the company won't take
any action on Enron today. Stimpson declined further comment.

     Moody's had been expected to make a statement on Enron's
credit as bankers sought to raise as much as $2 billion for the
energy trader in private equity.

     Bankers led by J.P. Morgan Chase & Co. Vice Chairman James B.
Lee have been unable for two weeks to raise the money because of
concern Enron won't be able to meet its obligations. That concern
was heightened after Enron disclosed a $690 million payment due
this week. Enron needs the money to operate as it completes an
acquisition by Dynegy Inc.

Enron Turned Down by Investors Alwaleed, Blackstone, Carlyle
2001-11-27 15:16 (New York)

Enron Turned Down by Investors Alwaleed, Blackstone, Carlyle

     New York, Nov. 27 (Bloomberg) -- Enron Corp.'s bankers,
seeking to raise as much as $2 billion for the energy trader, have
been turned down by investors including Prince Alwaleed Bin Talal,
the Carlyle Group Inc. and Blackstone Group LP.

     ``I was approached by several people to invest in the
company, but we declined,'' said Alwaleed, a billionaire investor
from Saudi Arabia. The fall in Enron's shares, which have declined
95 percent this year, didn't necessarily make it a good
investment, he said.

     Bankers led by J.P. Morgan Chase & Co. Vice Chairman James B.
Lee have been unable for two weeks to raise the money because of
concern Enron won't be able to meet its obligations. That concern
was heightened after Enron disclosed a $690 million payment due
this week. Enron needs the money to operate as it completes an
acquisition by Dynegy Inc.

     The prospect that Enron will fail to line up financing,
jeopardizing its plan to be acquired by Dynegy, has weighed on its
stock and bonds. The company's securities gained today as talks
between Enron and Dynegy to renegotiate terms of the transaction
convinced some investors the takeover was more likely to take
place.

     Enron 6.4 percent bonds that mature in 2006, which closed
yesterday at 48 cents on the dollar, rebounded to trade at about
55 cents on the dollar. At that price, the bonds yield 22.5
percent. Enron shares rose 21 cents, or 5 percent, to $4.22. The
stock finished yesterday at $4.01, its lowest level in 14 years.

                        Declining to Invest

     J.P. Morgan and Citigroup Inc., Enron's largest lenders, plan
to provide $250 million to Enron each as part of a $2 billion
package. The bankers have been seeking additional investments,
which would be made in the form of convertible stock, for more
than two weeks.

     Questor Management Co., a $1 billion private-equity fund that
invests in troubled companies, and buyout funds such as Carlyle
Group and Blackstone have balked at investing, said people
familiar with the situation. Blackstone and Questor declined to
comment. Christopher Ullman, a spokesman for Carlyle, said: ``We
are not in discussions with Enron about financing.''

   ``More equity would leave Enron with a stronger balance sheet,
which should reassure their trading partners,'' said Kathleen
Vuchetich, who helps manage $1.4 billion in assets at the Strong
American Utilities Fund. Vuchetich has 4.2 percent of her
portfolio invested in Dynegy shares.

     Enron and Dynegy discussed revising the terms of their merger
over the weekend, said Steve Stengel, spokesman for Dynegy. Dynegy
is now talking about paying less than 0.15 share for each of
Enron's, valuing the company's equity at about $5 billion, or less
than $6 per share, the Wall Street Journal reported, citing people
close to the discussions.

                               Terms

     ``The concern is that the Dynegy deal breaks down,'' said
Paul Tice, co-head of U.S. high-grade credit research who covers
the energy market for Deutsche Bank.

     Current terms call for an exchange ratio of 0.2685 share of
Dynegy stock for each Enron share. Given recent disclosures about
Enron's debt and the drop in the stock price, a fairer ratio would
be 0.15 share of Dynegy, said Ronald Barone, a UBS Warburg analyst
who rates Dynegy a ``strong buy.''

    Under current terms, the deal makes sense for Dynegy only if
Enron earns 85 cents or more next year, said Gordon Howald, an
analyst at Credit Lyonnais who rates Dynegy a ``buy.'' UBS
Warburg's Barone has reduced his estimate of Enron's 2002 earnings
to 75 cents a share from $1.65.

     Enron needs an infusion in part because it has $9 billion of
payments due before the end of 2002 and less than $2 billion in
cash and credit lines. The decline in reserves has also raised the
prospect that Moody's Investors Service may cut Enron's credit
rating. A lower rating would trigger $3.9 billion in debt
repayments for two affiliated partnerships.

                           Cash Question

     ``The main question is: `What is the cash position right
now?''' said Tice at Deutsche Bank. ``Is the falloff in the cash
position of the company stabilizing or not?''

     Moody's hasn't issued a report on Enron since the company
filed a quarterly report with the Securities and Exchange
Commission last week announcing it had a $690 million note due
this week. On Wednesday, Enron got a three-week reprieve from
lenders on the $690 million note and closed on a $450 million
credit line. Dynegy Chief Executive Officer Chuck Watson said he
was ``encouraged'' by the developments.

Liberty Funds Analyst Paik Comments on Dynegy and Enron Talks
2001-11-27 11:56 (New York)

     Boston, Nov. 27 (Bloomberg) -- Edward Paik, an analyst at
Liberty Funds Group, comments on Dynegy Inc.'s proposed
$23 billion acquisition of Enron Corp., the largest energy trader.

     Paik has Enron shares among the $3.6 billion in assets he
helps manage at Liberty.

     Dynegy may renegotiate terms of its bid for Enron, people
familiar with talks between the Houston-based companies said
yesterday.

     ``The stock market is clearly 100 percent certain the Dynegy
deal won't go through as negotiated,'' Paik said. ``We're just
waiting.''

     ``If they announce they've renegotiated the deal, it will be
implicit that due diligence has been done, and that Dynegy won't
walk away for anything that's happened up until now. If they were
to impose more conditions, what good is that? Dynegy needs to
resuscitate Enron back to health.''

A.G. Edwards Analyst Heim Comments on Dynegy and Enron Talks
2001-11-27 11:00 (New York)

     St. Louis, Missouri, Nov. 27 (Bloomberg) -- A.G. Edwards &
Sons Inc. analyst Michael Heim comments on Dynegy Inc.'s proposed
$23 billion buyout of Enron Corp., the largest energy trader.

     Dynegy may renegotiate terms of its bid for Enron, people
familiar with talks between the Houston-based companies said
yesterday. Heim rates Enron ``sell'' and Dynegy ``hold'' and
doesn't own shares of either company.

     The market is waiting for confirmation and details of a
renegotiated bid, Heim said.

     ``We'd need to know why they'd agreed to a new price,'' Heim
said. ``It also needs to be combined with some sort of shoring up
of Enron's trading business, which needs to be stabilized for the
deal to have real value.''

Commerzbank Analyst Meade Comments on Dynegy's Talks With Enron
2001-11-27 10:42 (New York)

     New York, Nov. 27 (Bloomberg) -- Commerzbank Securities
analyst Andre Meade comments on Dynegy Inc.'s proposed
$23 billion buyout of Enron Corp., the largest energy trader.

     Dynegy may renegotiate terms of its bid for Enron, people
familiar with talks between the Houston-based companies said
yesterday. Meade rates both companies ``hold'' and owns no shares.

     ``If they are renegotiating, it confirms our fears that
Enron's crown jewel, its marketing and trading business, is
deteriorating,''

      Investors are waiting for a sign on the state of the
business, Meade said.

      Enron's trading business was worth more than $10 billion
before partners began shunning it on credit concerns, Meade said.
A lower price struck by Dynegy may reveal how much business has
fallen, and whether Dynegy believes Enron can regain it, Meade
said.

     A New York Times report that banks may extend payments on
some loans until after Dynegy purchases Enron ``raises concern
that Dynegy will be hurt by taking on the vast liabilities of
Enron,'' Meade said.

ENRON SHARES RECOVER FROM A.M. SLUMP
By Lisa Sanders
CBS.MarketWatch.com

4:10 PM ET Nov 27, 2001

HOUSTON (CBS.MW) -- Shares of Enron recovered from the morning's sub-$4
a share level Tuesday amid reports that the embattled energy merchant is
working with Dynegy to renegotiate its takeover offer.

Enron (ENE), which once hit $84.88 during the last holiday season,
added 13 cents to close at $4.14 on volume of 68.4 million shares. The
stock was the most actively traded on the New York Stock Exchange
Tuesday.

Dynegy shares added $1.64 to close at $40.89.

The New York Times reported that Houston-based Dynegy (DYN) and Enron
are renegotiating Dynegy's bid, once valued at $9 billion in stock.
According to the report, Dynegy is worried that Enron's core business --
energy trading -- is deteriorating. See full story.

Getting it done

_______________________________________________________________________

Glen Hilton, portfolio manager of the Montgomery New Power Fund, said
it's a "crapshoot" as to whether the deal gets done.

"I think that regardless of the outcome Dynegy is still in a good
position for the long-term," he said. His fund liquidated its Enron
holdings completely in mid to late-October. "Enron was the leader (in
energy trading), and it's clearly suffering so Dynegy is in a good shot
to take up the mantle."

Hilton pointed to Enron's 10-Q, filed last Monday with the Securities
and Exchange Commission, and the falling share price as potential
triggers of the deal's material adverse affect clause. Those two things
could very well make Dynegy walk away from the merger. If that happens,
Hilton said, an Enron bankruptcy is a very real possibility.

"Very few companies understand what Enron does and Dynegy is one of the
few that could make something out of it," Hilton said. "If Dynegy can
restore confidence in Enron's trading business and get Northern Natural
Gas, it looks like it might be worth the headache."

Dynegy has the rights to Enron's Northern Natural Gas, a pipeline
system, whether the merger goes through or not.

Enron wasn't immediately available for comment. Dynegy, through a
company spokesman, confirmed that it was in discussions with "the
parties involved in the transaction" related to the structure of the
deal.

Top Of The News
Enron In Free Fall
Dan Ackman <javascript:newWindow('Ackman')>, Forbes.com <http://www.forbes.com/news>, 11.27.01, 9:00 AM ET

NEW YORK - If not for Sept. 11, Enron would be a major scandal; as it stands, it's a minor scandal. The Houston-based energy company, whose Chairman Kenneth Lay is a personal friend of and top fundraiser for President George W. Bush <http://www.forbes.com/2001/10/12/gwbush.html> and Vice President Dick Cheney, is in free fall. The bailout by rival Dynegy made public three weeks ago appears to be unraveling.

Dynegy's (nyse: DYN <http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=DYN> - news <http://www.forbes.com/markets/company_news.jhtml?ticker=DYN> - people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=DYN>) buyout of Enron (nyse: ENE <http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=ENE> - news <http://www.forbes.com/markets/company_news.jhtml?ticker=ENE> - people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=ENE>) was originally valued at $9 billion. But just as the deal was announced, Enron said its prior financial reporting was inaccurate and that it had overstated earnings by $586 million over the past four years.

While the companies have not said the merger is off, investors don't believe it will happen, at least not at the stated price; they have bid Enron shares down to the point where the company has a market value of less than $3 billion. The shares closed yesterday at $4.01, down from $78 a year ago.

The situation is in flux, as it has been for months. During that time, several top Enron executives have been forced to resign. Jeffrey Skilling, Enron's former chief executive officer, left in August for "personal reasons."

Company officials said they hope to announce, perhaps as early as today, a series of changes: a lower price for the takeover; a cash infusion of $500 million; new, extended loan terms by Enron's bankers; and somehow, an agreement that prevents Dynegy from walking away in the face of litigation over Enron's devastated employee-retirement plan. Lawsuits by shareholders are sure to follow, considering Enron's restatement and the pay it lavished on executives, including Lay who received $135 million from salary, bonus and the exercise of stock options in 2000 alone.

For now, Dynegy says it still wants to do a deal for its crosstown rival with 2000 revenue of $101 billion.

Even more alarming than the deterioration in the share price is the crisis of confidence in Enron's reliability as a trading partner in worldwide energy markets. Last year, Enron was the dominant player in natural gas and electricity trading--a fast-paced, complex business quite removed from the company's history as a gas- and oil-pipeline builder and operator. The fear now is that other companies will refuse to trade with Enron out of trepidation that it will file for bankruptcy and not pay its bills.

The company had $10.5 billion in debt as of its last annual report, and that number has likely grown by 20%. Already, credit agencies have cut their ratings on Enron debt.

Dynegy and its partner, ChevronTexaco (nyse: CVX <http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=CVX> - news <http://www.forbes.com/markets/company_news.jhtml?ticker=CVX> - people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=CVX>), may pump billions of dollars into Enron's operations if the purchase goes through. But the deal will certainly undergo regulatory scrutiny and will take months to close. Investors and energy traders are increasingly doubtful that Enron can hang on by itself.

Enron bills itself as one of the world's leading energy, commodities and services companies. It says it "markets electricity and natural gas, delivers energy and other physical commodities, and provides financial and risk management services to customers around the world." While all this may be true, its popularity with investors was based largely on its fast-growing revenue--much like the Internet companies whose collapse it mirrors.

Few shareholders had any understanding of what Enron did to generate that revenue, and indeed Enron's own auditors at Arthur Andersen were confused. Most of the revenue was generated from trading, but the company's shares sold as if it was still an industrial company and not a financial firm.

Enron was famous for being famous. Before the start of the 2000 baseball season, it purchased the rights to have its name on Houston's new ballpark. By 2002, Enron Field may need a new name.

The name Enron itself sounds like it has something to do with energy, but it means nothing. At the time the company was formed from the merger of InterNorth of Omaha and Houston Natural Gas, the idea was to call the company Enteron. But the namers then looked in the dictionary and found out that Enteron means "intestines;" they decided to drop the "te" in the middle and go with Enron. Soon Enron may be part of Dynegy, a much smaller company in terms of revenue. If the deal falls apart, it may want to go back to Enteron.


----- Forwarded by Jeff Dasovich/NA/Enron on 06/22/2001 07:10 PM -----

	Tom Ross <tross@mcnallytemple.com>
	06/22/2001 05:02 PM

		 To: Jean Munoz <jmunoz@mcnallytemple.com>, "'Andy Brown (E-mail)'"
<ABB@eslawfirm.com>, "'B Brown Andy (E-mail)'" <andybrwn@earthlink.net>,
"'Baker Carolyn (E-mail)'" <cabaker@duke-energy.com>, "'Bob Escalante
(E-mail)'" <rescalante@riobravo-gm.com>, "'Bob Weisenmiller (E-mail)'"
<rbw@mrwassoc.com>, "'Curtis Kebler (E-mail)'"
<curtis_l_kebler@reliantenergy.com>, "Dean. Nistetter (E-mail)"
<Dean.Nistetter@dynegy.com>, "'Douglas Kerner (E-mail)'" <DKK@eslawfirm.com>,
"'Greg Blue (E-mail)'" <gtbl@dynegy.com>, "'Jan Smutny-Jones (E-mail)'"
<smutny@iepa.com>, "'Jeff Dasovich (E-mail)'" <Jeff.Dasovich@enron.com>,
"'Joe Ronan (E-mail)'" <joer@calpine.com>, "'John Larrea (E-mail)'"
<john.g.larrea@williams.com>, "'Julee Malinowski-Ball (E-mail)'"
<jmball@ns.net>, "'Kassandra Gough (E-mail)'" <kgough@calpine.com>, "'kent
Palmerton (E-mail)'" <kent.palmerton@williams.com>, "'Lynn Lednicky
(E-mail)'" <lale@dynegy.com>, dpeters@mccabeandcompany.net, "'Marty Wilson
(E-mail)'" <mwilson@pstrategies.com>, "'McNally Ray (E-mail)'"
<rmcnally@mcnallytemple.com>, "''Nam Nguyen' (E-mail)'"
<nam.nguyen@powersrc.com>, "'Norton Kelli (E-mail)'"
<knorton@mcnallytemple.com>, "'Paula Hall-Collins (E-mail)'"
<paula.hall-collins@williams.com>, "'Pigott Jack (E-mail)'"
<jackp@calpine.com>, "'Richard Hyde (E-mail)'" <rwhyde@duke-energy.com>,
"'Roger Pelote (E-mail)'" <roger.pelote@williams.com>, "'Stephanie-Newell
(E-mail)'" <stephanie-newell@reliantenergy.com>, "'Sue Mara (E-mail)'"
<smara@enron.com>, "Tom Williams (E-mail)" <tcwillia@duke-energy.com>, "'Alex
Sugaoka (E-mail)'" <alex.sugaoka@uaecorp.com>, "'Bill Carlson (E-mail)'"
<william_carlson@wastemanagement.com>, "'Bill Woods (E-mail)'"
<billw@calpine.com>, "'Bob Ellery (E-mail)'" <bellery@spi-ind.com>, "'Bob
Gates (E-mail)'" <bob.gates@enron.com>, "'Cody Carter (E-mail)'"
<cody.carter@williams.com>, "'Curt Hatton (E-mail)'"
<Curt.Hatton@gen.pge.com>, "'David Parquet'" <david.parquet@enron.com>,
"'Dean Gosselin (E-mail)'" <dean_gosselin@fpl.com>, "'Doug Fernley (E-mail)'"
<fernley.doug@epenergy.com>, "'Duane Nelsen (E-mail)'"
<dnelsen@gwfpower.com>, "'Ed Tomeo (E-mail)'" <ed.tomeo@uaecorp.com>,
"'Eileen Koch (E-mail)'" <eileenk@calpine.com>, "'Eric Eisenman (E-mail)'"
<eric.eisenman@gen.pge.com>, "'Frank DeRosa (E-mail)'"
<frank.derosa@gen.pge.com>, "Frazier Blaylock (E-mail)"
<frazier_blaylock@ogden-energy.com>, "'Hap Boyd (E-mail)'"
<Hap_Boyd@enron.com>, "'Hawks Jack (E-mail)'" <jack.hawks@gen.pge.com>, "'Jim
Willey (E-mail)'" <elliottsa@earthlink.net>, "'Joe Greco (E-mail)'"
<jgreco@caithnessenergy.com>, "'Jonathan Weisgall (E-mail)'"
<jweisgall@aol.com>, "'Kate Castillo (E-mail)'" <CCastillo@riobravo-gm.com>,
"'Kelly Lloyd (E-mail)'" <kellyl@enxco.com>, "'Ken Hoffman (E-mail)'"
<khoffman@caithnessenergy.com>, "'Kent Fickett (E-mail)'"
<kfickett@usgen.com>, "'Lynn Lednicky (E-mail)'"
<lynn.a.lednicky@dynegy.com>, "'Marty McFadden (E-mail)'"
<marty_mcfadden@ogden-energy.com>, "'Paula Soos'"
<paula_soos@ogden-energy.com>, "'Randy Hickok (E-mail)'"
<rjhickok@duke-energy.com>, "Rick S. Koebbe (E-mail)"
<rskoebbe@powerworksinc.com>, "'Rob Lamkin (E-mail)'"
<rllamkin@seiworldwide.com>, "'Ross Ain (E-mail)'" <ain@worldnet.att.net>,
"'Steve Iliff'" <siliff@riobravo-gm.com>, "'Steve Ponder (E-mail)'"
<steve_ponder@fpl.com>, "'Tony Wetzel (E-mail)'" <twetzel@thermoecotek.com>,
"'William Hall (E-mail)'" <wfhall2@duke-energy.com>,
trusso@mcnallytemple.com, sadlersa@earthlink.net, mstultz@epsa.org,
rtemple@mcnallytemple.com, tracy.fairchild@edelman.com,
megan.beiser@edelman.com, deborah.fiorito@dynegy.com, lchurch@epsa.org, Katie
Kaplan <kaplan@iepa.com>, tcwillia@duke-energy.com, rwhyde@duke-energy.com,
tmcmorrow@manatt.com, Suzy.L.Rodriguez@dynegy.com, ppitts@wiredworld1.com,
mnobili@cal-lobby.com, sscsus@aol.com, kvellandi@pstrategies.com,
kelly@hnks.com, kirk@cea.com, jbkinney@duke-energy.com
		 cc:
		 Subject: Smutny Letter to Senator Dunn

June 22, 2001

The Honorable Joseph Dunn
Chair, Senate Select Committee
California State Senate
Room 2080
California State Capitol
Sacramento, CA 95814

Dear Senator Dunn:

Earlier this year, you met individually with IEP and various other parties to
explain the purpose of the Senate Select Committee?s hearing and the process
under which they were to be conducted.  You made it very clear that you were
planning to have fact-finding hearings based upon fundamental fairness and
due process.  You made a further commitment that there would be no
surprises.  Prior to today, the hearings have been conducted consistent with
that representation.

Unfortunately, today it appears that the Committee has set a new course that
radically departs from these previous commitments.  Today, the Committee is
hearing testimony from several surprise witnesses.  These witnesses are
former employees of San Diego Gas and Electric (SDG&E) under contract with
Duke Energy for an interim period during which Duke Energy operated the
facilities in San Diego.   It is our understanding that these former contract
employees are alleging that the company failed to properly maintain these
facilities, and they are alleging that Duke Energy cycled these facilities
differently than the former owner, SDG&E.  It is also our understanding that
Duke Energy will not be afforded the opportunity to contemporaneously
challenge these allegations and/or provide an explanation as to the
operational behavior of the facilities.  In short, the hearings are being
reduced to a media event, giving credence to the unsustainable allegations of
disgruntled ex-employees.

Respectfully, it would appear that the Committee has wandered far afield of
its stated goals.  These hearings have the potential of identifying what went
wrong with California?s energy policy and how to fix it.  However, this will
only occur if this inquiry is based on informal facts and complete
information, not innuendo and unsubstantiated allegations.  It is the pursuit
of facts, not headlines, which will solve California?s energy crisis.  These
facts will be revealed only in a fair process, where allegations made are
subject to contemporaneous response.

It is our hope that today?s process is an aberration, and not a departure
from your commitments.  The Committee is at a crossroads.  It can choose to
engage in fact-finding and analysis, or it can be reduced to a witch-hunt in
pursuit of headlines.  For the benefit of all Californian?s, the Committee
should focus on fact-finding and analysis.

Sincerely,

Jan Smutny-Jones
Executive Director


Info on generating plants in cal and southwest

 -----Original Message-----
From: 	Hyatt, Kevin
Sent:	Monday, November 26, 2001 3:01 PM
To:	Harris, Steven; Donoho, Lindy; Geaccone, Tracy; Hayslett, Rod
Subject:	WSCC Power AZNMNV.xls

attached is the info for JP Morgan.  Let me know if you have questions.
kh


Here is the latest version.  Please check your latest version and what you
have sent out recently to make sure everything fits.  Thanks
Ben


We have no record of such an ISDA Master or any other financial master being
in place with this counterparty.  Could it be drugs?!!


Susan,

I believe this is all of the Enovate/EMW books that are officialized each
night.

IM-EMWNSS1-PRC
IM-EMWNSS1-BAS
IM-EMWNSS1-IDX
IM-EMWNSS1-PHY
IM-EMWNSS2-PRC
IM-EMWNSS2-BAS
IM-EMWNSS2-IDX
IM-EMWNSS2-PHY
FT-IM-ENOV-PRC
FT-IM-ENOV-BAS
FT-IM-ENOV-IDX
FT-IM-ENOV-GDL
FT-IM-ENOV-PHY
INTRA-ENOV-PRC
INTRA-ENOV-BAS
INTRA-ENOV-IDX
INTRA-ENOV-PHY
TP-EMWNSS-PRC
TP-EMWNSS-BAS
TP-EMWNSS-IDX

Call me with any questions.

DG    3-9573


he can go - hoskins already has to buy a ticket - he just will need to buy a
ticket in austin and then come sit with us at our seats

To: Eric Bass/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT
cc:
Subject: UT

Val would like to go if someone needs to back out (it won't be me this time)
or if there are tickets still available.


FYI....we have added Dan Dienstbier to the Northern Border Partners' Audit
Committee.

SEC rules dictated that we add another member, and Dan Whitty and Gerald
Smith wanted someone with an operations background.

Dan also serves on Dynegy's Board, but neither Bill Cordes (President of
Northern Border) nor I saw a conflict.

Stan


ok sounds good

 -----Original Message-----
From: 	Jai Hawker <JHawker@petersco.com>@ENRON
Sent:	Thursday, January 31, 2002 10:23 AM
To:	Richey, Cooper
Subject:	RE:

I would go if you were going at that time.

-----Original Message-----
From: Cooper.Richey@enron.com [mailto:Cooper.Richey@enron.com]
Sent: Thursday, January 31, 2002 9:11 AM
To: JHawker@petersco.com
Subject: RE:

i'm flexible, but i'm guessing it will be more crowded then.  y?

    -----Original Message-----
   From:   Jai Hawker <JHawker@petersco.com>@ENRON
   Sent:   Thursday, January 31, 2002 9:09 AM
   To:     Richey, Cooper
   Subject:  RE:

   Not around 12:30 then?

   -----Original Message-----
   From: Cooper.Richey@enron.com [mailto:Cooper.Richey@enron.com]
   Sent: Thursday, January 31, 2002 9:08 AM
   To: JHawker@petersco.com
   Subject: RE:

   probly around 2 or after work around 4:30.

       -----Original Message-----
      From:   Jai Hawker <JHawker@petersco.com>@ENRON
      Sent:   Thursday, January 31, 2002 9:02 AM
      To:     Richey, Cooper
      Subject:

      What time do you think you will be going to the gym today?
      Jai Hawker
      Peters & Co. Limited
      (403) 261-2259

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


what is the significance of these pictures?

----- Original Message -----
From: Baughman Jr., Don <Don.Baughman@enron.com>
To: Bat Oggero (E-mail) <batoggero@yahoo.com>; Christian Kvorning (E-mail)
<ckdk@hotmail.com>; Clint Wilson (E-mail) <cjwilson@lcc.net>; David Nobles
(E-mail) <david_nobles@ewingcc.com>; Eric Korth (E-mail) <ejkorth@ev1.net>;
Gerald Snapka (E-mail) <snapka@pdq.net>; Jay Purdom (E-mail)
<j.purdom@worldnet.att.net>; Jeff Lenamon (E-mail) <lenamonj@aol.com>; Joe
Ebert (E-mail) <jebert@eadslink.com>; Joe Kuehler (E-mail)
<jkuehler@wecon.com>; Kari Tracey (E-mail) <KTracey111@aol.com>; Kenneth
Schall (E-mail) <Kenneth.d.schall@US.ArthurAndersen.com>; Lalena Stavinoha
(E-mail) <lalena@flow-zone.com>; Marc Stewart (E-mail) <stewart@mallia.com>;
Mark Doggett (E-mail) <doggettmark@hotmail.com>; Matt Doggett (E-mail)
<matt_doggett@dell.com>; Mike Newman (E-mail)
<michael_j_newman@reliantenergy.com>; Patricia Baughman (E-mail)
<baughmanpatricia@hotmail.com>; Patty Polensky (E-mail) <patpol@aol.com>;
Sent: Thursday, November 15, 2001 8:15 AM
Subject: A beautiful thing

<<aimdf14112001181420a[1].jpeg>>

 <<amdf85615[1].jpeg>>

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


Good idea.

	Enron North America Corp.

	From:  Tana Jones                           10/08/99 04:28 PM

To: Mark E Taylor/HOU/ECT@ECT
cc:
Subject: Online Canadian GTC's

So I don't forget for Monday, Shari just send around the Canadian "eligible
swap participant" language to be inserted in all Canadian confirms.  Don't we
also need to add that to the Canadian online GTC's?


From: "Kathy Bowers" <kathybowers@hotmail.com>
To: "Wendy" <anwen@acd.net>
Subject: Fw: (U//FOUO) I LUV YOU
Date: Fri, 31 Aug 2001 23:24:13 -0500

----- Original Message -----
From: "Martinez Milissa GG-05 CPSG/LGLP" <milissa.martinez@LACKLAND.AF.MIL>
To: "Caroline Mora" <Caroline.Mora@brooks.af.mil>; "CJM"
<Jimmie.Martinez@philips.com>; "Erica" <erica_licon@hotmail.com>; "Eyra
Perez" <eyraperez@earthlink.net>; "Licon, Chris" <Chris_licon@dell.com>;
"lkr" <lisakaykay@hotmail.com>; "mom@chs" <mvasquez@cueroisd.org>
Sent: Friday, August 31, 2001 9:49 AM
Subject: (U//FOUO) I LUV YOU

>Classification: UNCLASSIFIED Security Control Marking: FOR OFFICIAL USE
>ONLY
>
>Small but Powerful Message: > > If God brings you to it-He will bring you
>through it. > > Lord I love You and I need You, come into my heart, Today.
> > > For without You I can do nothing. > > Pass this message to 7 people
>except you and me. You will receive a > miracle tomorrow. > > Don't ignore
>and God will bless you.
>
>
>

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


Start Date: 1/9/02; HourAhead hour: 14;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002010914.txt


---------------------- Forwarded by Andrea Ring/HOU/ECT on 02/13/2001 12:25
PM ---------------------------

	From:  Karen D McIlvoy                           02/07/2001 10:13 AM

To: Barry.Belcher@PSS.boeing.com
cc:  (bcc: Andrea Ring/HOU/ECT)
Subject: Extreme Sports

Subject: Extreme Sports

 - Extreme Sports.jpg


Annitta Granado - 39724


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/22/2000
04:47 PM ---------------------------

"Laura Ide" <lide@riskwaters.com> on 12/22/2000 11:54:31 AM
To: <vkamins@enron.com>
cc:
Subject: Energy & Power Risk Management 2001

Dear Vince,

I would like to confirm the invitation for you to participate at our annual
congress in Houston. Following our conversation, I would be most interested
in  including a presentation on 'Modeling price volatility in US power
markets'  in the pricing, hedging & trading stream on the 14th May,  2001.

I am keen to confirm each speaker and session by the end of next week, which
will then allow time to work with each presenter on titles and points that
will  provide an accurate summary for the session.

If you have any overall views or suggestions regarding the conference feel
free to email me at pbristow@riskwaters.com or call me on  212 925 6990,
extn. 225. I look forward to confirming your participation at  Energy & Power
Risk Management 2001. IMPORTANT: Due to system problems I am  using another
system. Please do not reply to this email. Please reply to the  address given
above.

Yours sincerely,

Paul Bristow

Manager of Conferences, USA

Risk Waters Group
 - spktemp2.doc


I'm glad I'm in the west - I know who to call about gas deals?you and ader!

-----Original Message-----
From: Enron Announcements/Corp/Enron@ENRON On Behalf Of Enron Americas - Office of the Chairman@ENRON
Sent: Wednesday, October 24, 2001 7:22 PM
To: All Enron Employees North America@ENRON
Subject: Natural Gas Origination

Our natural gas business continues to benefit from effective account management and resource allocation focused on identifying and responding to the needs of our varied customers.  In order to keep our organization optimally structured and to facilitate additional growth, we are making the following changes:

Producer/Wellhead Group
The current mid-market, origination and wellhead pricing activity currently within the Central and Eastern Gas Regions will be consolidated with the Derivatives group under Fred Lagrasta.  This will create a single business unit focused upon the needs of the producing industry within the Eastern U.S.  The producer focus in the Western U.S. and Texas will remain unchanged reporting  to Mark Whitt and Brian Redmond respectively.

Strategic Asset  Development
Laura Luce will move from her role in the Central Region to lead an effort focused strictly on identifying and entering into long-term strategic arrangements within the Central and Eastern Regions.  This initiative will focus on a limited number of selected markets that provide strategic opportunities for partnering in asset development, asset management and optimization.  This effort will continue to work very closely with the regional leads.

Central Origination and Mid-Market
Frank Vickers will continue his current role in the Eastern Region and will assume the leadership role for Mid-Market and Origination activity in the Central Region.

There will be no changes to the West and Texas Origination groups headed respectively by Barry Tycholiz and Brian Redmond.

Please join us in congratulating Fred, Laura and Frank in their new roles.

Louise & John


Thank you for your request. You will be notified by email when your request
has been processed. You can check the progress of your request by clicking
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000008061&Page=
MyReq.


Attended classes and meetings and gave input on the Livelink
system.
          Trained new employees as well as co-workers on various systems such
as Tagg, Decaf II,Livelink, Verify and Attribute,and QA.


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From: "Edwin Fitts" <edwinfitts@hotmail.com>
To: efitts@webtv.net
Subject: Fwd: New State Quarter Design
Date: Sat, 24 Mar 2001 23:48:49 -0600
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>From: "Owen Sears" <osears@hotmail.com>
>To: charris1369@hotmail.com, edwinfitts@hotmail.com, jsears@wescosps.com
>Subject: Fwd: New State Quarter Design
>Date: Tue, 20 Mar 2001 19:07:57 -0600
>
>
>
>
>>From: Gary Eastwood <eastwoodgl@yahoo.com>
>>To: AJ Field <big_dog_50@hotmail.com>,  Doris Barrett
>><dorisbarrett@hotmail.com>,  Kerry King <kking@texasonline.net>, Linda
>>Browning <LJB@NTS-ONLINE.NET>,  Miranda Eastwood <m_r_e_2000@yahoo.com>,
>>Owen Sears <osears@hotmail.com>,  Toni Barrett <barrett32@hotmail.com>
>>Subject: New State Quarter Design
>>Date: Mon, 19 Mar 2001 19:12:17 -0800 (PST)
>>
>>
>>Note: forwarded message attached.
>>
>>
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 - Arkie_Quarter.jpg


In case you had not heard, Lou Pai has done some fundraising for Franks and
both he and his(Lou's) sister know him fairly well.  Keep it in mind if at
some point we need to get in to see him.

	From:  Jeffrey Keeler                           08/23/2000 03:44 PM

To: Clayton Seigle/HOU/ECT@ECT
cc: Steven J Kean/NA/Enron@Enron, Richard Shapiro/HOU/EES@EES, Michael
Terraso/OTS/Enron@ENRON, David L Johnson/OTS/Enron@ENRON, Shelley
Corman/ET&S/Enron@ENRON, Joe Hillings/Corp/Enron@ENRON, Cynthia
Sandherr/Corp/Enron@ENRON, Allison Navin/Corp/Enron@ENRON

Subject: Re: pipeline aftermath

Clayton:

Here are some preliminary answers to your questions (and I have copied GPG
and Government Affairs folks as well to share this information):

1)  I am currently assessing the situation regarding pipeline safety
legislation.  This week has been very quiet on Capitol Hill as all of the
members are back in the states on August recess running for re-election and
it is a big vacation week for staff...but here's what I am hearing:

As you may or may not know, we have been been very active this year trying to
temper pipeline safety legislation that was fairly reactionary in the wake of
last summer's liquid pipeline accident in Bellingham, WA.

SENATE:  In June, Senators John McCain (R-AZ) and Slade Gorton (R-WA) led the
charge to pass a pipeline safety bill (S. 2438) out of the Senate Commerce
Committee, and that bill is awaiting floor action in the Senate.   Because of
the hasty way in which S. 2438 was drafted and passed, there was a
realization by both Republicans and Democrats in the Senate that the bill
could not make it to the floor for a vote until some serious changes were
made -- mostly things that were deal breakers for industry.  Enron and El
Paso were leading the charge and we had a number of Senators backing our
efforts to negotiate changes, including Majority Leader Trent Lott (R-MS),
Kay Bailey Hutchison (R-TX), John Breaux (D-LA), and Sam Brownback (R-KS).
From what I've learned since the accident, these Senators are not changing
their strategy and are still asking for the same improvements.  Fortunately,
most of the changes we were looking to make were fairly technical and not the
types of things that would be seriously compromised by the accident.
Industy was already in the position of having to accept a number of things
they never would have if not for he Bellingham incident...the El Paso
incident just reinforces those.   The biggest potential effect I see from the
El Paso accident is an increased effort to pass something before the Congress
adjourns in early October.  The New Mexico Senators are already calling for a
floor vote on the McCain/Gorton legislation, and I there will certainly be
greater pressure on leaders to wrap up negotiations, get agreement from all
sides on a bill, and move it unanimously through a vote on the Senate floor.

HOUSE:   The House is moving a bit more slowly, but again, I'd expect the El
Paso situation to expedite things somewhat.  There were several bills
introduced in the House that were not moving anywhere, including an identical
copy of the McCain legislation introduced by Rep. Bob Franks (R-NJ).  Franks
is now anxious to move legislation, as he is running for Senate and would
love to take credit for helping out on an issue of national visibility.
Before the accident, House Tranportation Committee leaders on both the
Democrat and Republican side were working on a "consensus" bill that they
could introduce in early September and move quickly through the Committee and
to the House floor.   I'm told that negotiations on that legislation are
moving forward and a draft bill will be produced shortly.  Unlike our
experience in the Senate, we have had significant input into the bill in
advance, and expect something that we can live with -- and something more
reasonable than the McCain bill.   With that said, there may be an effort to
expand the bill in a few areas because of the El Paso accident, so we'll have
to see what kind of hand we're dealt in the next few weeks.

Overall, I'd expect pipeline safety legislation to be given higher priority
when Congress returns after Labor Day.  In the absence of this accident, I
would have given it slim odds of passing in the few short weeks until
adjournment, with appropriations bills taking up most of Congress' precious
time.   Now there will be greater pressure to come to consensus and move
bills through by an expedited process, so that everyone running for election
in November can show that they've done something about this terrible
tragedy.   With that said, there's still not that much time to get
legislation through, so I'd say that there's still a chance it may not get
done this year.   If I had to attach a number to it, I'd say that the El Paso
accident improves the chances of legislation going all the way to probably
50-60%.

2)  Gas supply to California:   I'll have to do some more checking in this
area and get back to you.   All I've heard so far is that the safety
questions that remain may slow the speed of restarting flow on the line,
notwithstanding that El Paso thinks it can have things running again fairly
quickly.   I'm sure the power crunch in California will put some
counter-pressure on, but I just don't have good intelligence on this yet.

With all this said, I'm on vacation this week and parts of next week
finishing up some leave I've taken for the birth of our new baby daughter, so
I may not have an additional report for you until early to mid next week.

If you have questions, please respond by e-mail, or leave a message on my
voice mail at 202-466-9157.

Regards,

Jeff Keeler

	From:  Cynthia Sandherr                           08/23/2000 09:48 AM

Sent by: Allison Navin
To: Clayton Seigle/HOU/ECT@ECT
cc: Jeffrey Keeler/Corp/Enron@ENRON, Cynthia Sandherr/Corp/Enron@ENRON

Subject: Re: pipeline aftermath

Jeff Keeler in our office handles pipeline safety issues and I am copying him
on this e-mail so that he may reply to you directly.  Also, Cynthia is out of
the office through the end of the week but will be reachable tomorrow and
Friday.  Thanks.

Allison

Clayton Seigle@ECT
08/22/2000 06:29 PM

To: Cynthia Sandherr/Corp/Enron@ENRON
cc:

Subject: pipeline aftermath

Hi Cynthia:

The commercial officers here are very concerned with the El Paso pipeline
explosion in New Mexico.  We would love to get some input from your group on
the following questions if possible:

1.  What is the status of pipeline safety legislation on the Hill, and what
is the outlook for action between now and the end of the year?

2.  What are people from California saying about the added pressure on gas
supplies, and what are people from New Mexico saying about restarting the
flow of gas while safety questions remain?

These questions come straight from the top, and any information you could
provide would be very helpful.  Please write me back or call and let me know
if/when you think we might be able to get some initial answers.

Thanks very much!

Clay


Hey Guys!

I went through all the templates and removed the RT prefix for all the templates. You can now sort them alphabetically making the process of finding the right template a lot easier. From now on please do no use the RT prefix when creating new templates.

Geir


Louise:

I have revised what I sent you earlier per our discussions on Friday and have already started working with Tom Martin on Texas Gas Orig.  Please let me know when you have spoken with Jean about my assuming P/L responsibility for Bridgeline and I will get started on that activity.

Regards,
Brian


Team,

The attached spreadsheet identifies the manual entry points for each pipeline.  Please send me additional points for your respective pipelines and highlight in green.  Make particular note of any information that will be tracked on a schedule other than the standard cycle schedule of the relative pipeline.  The blue highlighted meters already exist in the database.  Where appropriate add the IHS DRN.  If it does not exist, leave blank and the IT group will create an ID using the description provided.  Please let me know if you cannot get this done by the end of the day, since I'd like Hyde to incorporate these first thing tomorrow.  Call me if you have any questions.

Mat


CALENDAR ENTRY:	APPOINTMENT

Description:
	EB3747 - Get-to-know-you Mtg. w/Beth Appollo

Date:		3/1/2001
Time:		1:30 PM - 2:30 PM (Central Standard Time)

Chairperson:	Stacey W White

Detailed Description:


no attachment

	  From:  Ted C Bland @ ECT                           11/29/2000 01:36 PM

To:	Sally Beck/HOU/ECT@ECT, Mike Carson/Corp/Enron@Enron, Keith Holst/HOU/ECT@ect, Geoff Storey/HOU/ECT@ECT, Fred Lagrasta/HOU/ECT@ECT, Edward D Baughman/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT, Mark Dana Davis/HOU/ECT@ECT, Fletcher J Sturm/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Jim Schwieger/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Berney C Aucoin/HOU/ECT@ECT, Jonathan McKay/CAL/ECT@ECT, Rogers Herndon/HOU/ECT@ect, David Oxley/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Frank Hayden/Corp/Enron@Enron, Chris Dorland/HOU/ECT@ECT, Lloyd Will/HOU/ECT@ECT, Karen Buckley/Corp/Enron@ENRON, Cindy Skinner/HOU/ECT@ECT, Andrew H Lewis/HOU/ECT@ECT
cc:	John J Lavorato/Corp/Enron@Enron, Ted C Bland/HOU/ECT@ECT

Subject:	Friday Trading Track interviews 37th floor 3 Allen Center

Please be advised that you will need to be at Three Allen Center, 37th Floor no later than 12:45 for the Trading Track interviews.  I have attached a preliminary schedule for your review.  We will be in the Dover Room at the Doubletee for the decision round.  The Dover Room is located on the first floor of the Doubletree and you need to be there no later than 5:15 pm.  I anticipate we should be finished with the reviews about 6:30 to 7:00 pm.  Thanks again for all your help.  Ted


Jim's a wuss!
---------------------- Forwarded by Chris Germany/HOU/ECT on 11/29/2000 08:34
AM ---------------------------
From: Jim Homco on 11/29/2000 08:04 AM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Teal Lodge

Per my wife - if someone shoots an animal (or bird or duck), she should have
the right to shoot that person.

Chris Germany
11/29/2000 07:47 AM
To: Jim Homco/HOU/ECT@ECT
cc:
Subject: Teal Lodge

According to Mr. Goodell, Tetco has Teal Lodge on the seller's block.  I
think you should buy it.