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	<title>Digest of Miami Athletics News</title>

  Baseball Opens Season With Tennessee

    Junior right fielder Kevin Mannix and the Hurricanes get set for Tennessee this weekend at Mark Light Stadium.

  The Defending National Champion Miami Hurricanes (0-0), ranked as high as No. 2 in the by Baseball Weekly/ESPN Coaches Poll, opens the 2002 season with CWS-rival Tennessee in a three-game series beginning Friday, February 1 at Mark Light Stadium.  Friday night's game is at 7 p.m., while Saturday and Sunday are both scheduled for 1 p.m.

Fox Sports Net Florida is slated to televise the Friday and Sunday games live with Frank Forte and Wicho Hernandez on the call.  Sports Radio 560 WQAM will carry the Friday and Saturday games with the "Voice of the Hurricanes" Marc Vandermeer and Joe Zagacki.  As always, the student voice of the Miami Hurricanes, WVUM 90.5 FM, will carry every game, home and away, during the 2002 baseball season.

  More Headlines

Turn the Hurricane Triple Play this Weekend

Bring tickets from baseball or basketball games for chance to  win Hurricane gear!
Men's Basketball Drops Decision To Boston College, 70-65

James Jones leads the Hurricanes with  19 points and 12 rebounds.
Women's Basketball Falls To Villanova, 80-52

The Hurricanes return home to host Pittsburgh Saturday at 3 p.m.
Rice Named BIG EAST Co-Player Of The Week

Sophomore is the third Hurricane to win the award this season.
Jim Burt Named Academic All-Star

Business Administration major stands out in classroom and baseball field.
Meghan Saake named Academic All-Star

Guard stands out in classroom and on basketball court.
Courtney Caples Named Academic All-Star

Business Administration major stands out in classroom and pool.
Luke DeBold is Academic All-Star

Reliever played a role in College World Series
Laura West Named Academic All-Star

West a mainstay on the women's soccer team.

In The Spotlight

Hurricane FANStore
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Canes Corner

Basketball BIG EAST Pick 'n Roll Mini-plans Now Available !
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REMINDER... birthday celebration today at 3:00 PM in EB 38C2.

Holly Keiser
Enron Wholesale Services
Legal Department
Phone: 713-345-7893
Fax: 713-646-3490
Location: EB 3887
Holly.Keiser@enron.com


Attached is a revised Credit Watch listing for the week of 11/19/01.   The Yuma Companies (Inc.) has been added to this week's "Call Credit" column.
If there are any personnel in your group that were not included in this distribution, please insure that they receive a copy of this report.
To add additional people to this distribution, or if this report has been sent to you in error, please contact Veronica Espinoza at x6-6002.

For other questions, please contact Jason R. Williams at x5-3923,  Veronica Espinoza at x6-6002 or Darren Vanek at x3-1436.


GN -

I don't know Cuzin' Eric's new e-mail, so you'll have to pass this on to him
. . .
this weekend Buckcherry is one of the bands playing for a local radio
station's Memorial Day bash.  I guess you guys came to Des Moines on the
wrong weekend . . .

Matthew R Gillaspie
Public Finance Associate
U S Bancorp Piper Jaffray
700 Walnut Street, Ste 1300
Des Moines, Iowa  50309
(515) 247-2353
(800) 333-6008
mgillaspie02@pjc.com

______________________________________________________________________

http://www.piperjaffray.com

Investment products purchased from or through U.S. Bancorp Piper Jaffray:

    ---------------------------------------------------------
    * Not FDIC-insured * No bank guarantee * May lose value *
    ---------------------------------------------------------

http://www.piperjaffray.com/disclosure.asp - See For Additional Disclosure
Information
______________________________________________________________________


In order to improve the video conferencing services offered to the Enron
community, the Video Conference Group will be implementing the following
procedural changes.  These changes will be effective immediately.

Conference Scheduling:
Please route all video conference requests via email to 'VideoConference'
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----- Forwarded by Jeff Dasovich/NA/Enron on 05/22/2001 07:46 PM -----

	"Ken Smith" <ken@kdscommunications.com>
	05/22/2001 07:27 PM
	Please respond to "Ken Smith"

		 To: "Hedy Govenar" <hgovenar@govadv.com>, "Mike Day" <MDay@GMSSR.com>, "Bev
Hansen" <bhansen@lhom.com>, "Jeff Dasovich" <jdasovic@enron.com>, "Susan J
Mara" <smara@enron.com>, "Paul Kaufman" <paul.kaufman@enron.com>, "Michael
McDonald" <Michael.McDonald@enron.com>, "Sandra McCubbin"
<Sandra.McCubbin@enron.com>, "Rick Shapiro" <rshapiro@enron.com>, "Jim
Steffes" <james.d.steffes@enron.com>, "Alan Comnes" <acomnes@enron.com>,
"Steven Kean" <Steven.J.Kean@enron.com>, "Karen Denne" <kdenne@enron.com>,
<Harry.Kingerski@enron.com>, "Leslie Lawner" <Leslie.Lawner@enron.com>,
"Robert Frank" <rfrank@enron.com>, "Janel Guerrero"
<Janel.Guerrero@enron.com>, "Miyung Buster" <Miyung.Buster@enron.com>,
"Jennifer Thome" <Jennifer.Thome@enron.com>, "Eric Letke" <eletke@enron.com>,
"Mary Schoen" <Mary.Schoen@enron.com>, "David Leboe" <David.Leboe@ENRON.com>,
"Ban Sharma" <ban.sharma@enron.com>, <Mark.Palmer@enron.com>
		 cc:
		 Subject: Burton Presentation and Press Conference

The following are summaries of today's appearance by Sen. John Burton to the
Sacramento Press Club and of his news conference this afternoon announcing a
lawsuit against FERC.

John Burton held what amounted mostly to a Q&A session at a lunch with the
Sacramento Press Club today. He started by talking about the Edison MOU,
which he said will be assigned to the Senate Utility Committee for review,
the Judiciary Committee will look at the legal elements, and the Natural
Resources Committee will look at issues surrounding easements.  (One
columnist commented that Burton would "love it to death," meaning it would
get so much attention it will be hard for it to advance.)

The MOU, he said, includes language that eliminates oversight by the PUC.  He
said that will not be the case when it leaves the Senate.

Burton is obviously troubled by the MOU; he said "some people" say it doesn't
just make Edison creditworthy, it makes them whole.  He said the following
would have to take place for the MOU to be acceptable:

Back debt must be verified;
All creditors must take a 30% "haircut";
The transmission lines would need to be purchased for an amount close to what
the governor has mentioned;
$400 million (or more) must come from Edison's parent to pay back debt.

When asked whether $400 million was enough, he said "no" and that he feels
the parent should pay "a ton."  That led to a discussion of the dedicated
rate component, which he doesn't like. He used the example that if
electricity costs $20 and the dedicated rate component is $5, if prices drop
to $10 people will unnecessarily pay higher rates.  A larger infusion of cash
from Edison's parent could eliminate the need for the dedicated rate
component.

Burton called the dedicated rate component a "big problem" and said it could
be the strongest argument for use in an initiative campaign.

He said he planned to tell the governor this afternoon that the state should
set an acceptable purchase price for power and not pay anything more (note:
this is a populist approach that is getting a lot of support from radio talk
shows and other media).  He later threw out the number $200.  The state is
going to have blackouts whether or not it pays top dollar, he said, so this
is one way he sees to fight back.  It's tough medicine, but as he put it,
"You've got to take castor oil and it tastes crappy, but two days later
you're over it and your stomach's OK."

Burton also used a quote from his late brother, Phil, on how he believe the
situation should be handled:  "The only way to deal with exploiters is to
terrorize the bastards."

Asked how long the committee process would take re: the MOU, Burton said the
MOU sets August 15 as a deadline but that if there is ongoing progress there
are allowances that would let the process go as long as into December.

LAWSUIT PRESS CONFERENCE

Shortly after the lunch, Burton held a press conference to announce a lawsuit
against FERC was filed today in the U.S. Court of Appeals for the Ninth
Circuit.  A copy of the brief and press release was faxed earlier this
afternoon to Jim Steffes and should be available in his office.  If
additional copies are needed, please contact me or Scott Govenar.

The plaintiffs are Burton, individually and on behalf of the Senate; Bob
Hertzberg, individually and on behalf of the Assembly; and the City of
Oakland.  At the event were Burton, Hertzberg, Oakland Mayor Jerry Brown,
atty. Joe Cotchett of Cotchett, Pitre & Simon (in Burlingame); atty. Clark
Kelso, a constitutional scholar from McGeorge School of Law; Sen. Liz
Figueroa; and Joan Breuner, vice mayor of Oakland.

The suit asks for FERC to respond within 7 days and a ruling within 21 days.

Burton opened by explaining that they were suing FERC for not fulfilling its
statutory authority to maintain fair and justifiable rates.  Hertzberg added
that FERC had ignored the law and that they were compelled to file suit for
Californians' relief.

Joe Cotchett said the suit is "very basic" and is based on the Federal Power
Act, which he says limits power costs to "fair and justifiable" rates.  A
primary strategy in this suit is to present it as a "health and welfare" and
public safety suit; he noted that there are 3 million disabled children and
12,000 convalescent homes in CA who can be adversely affected by blackouts.
He said it is "not an economic lawsuit -- it's about senior citizens,
disabled kids and convalescent facilities."  Today also happened to be the
legislative day for the California Association of Health Facilities (the
nursing home trade assn.), and several nursing home workers were apparently
asked to sit at the back of the room for effect.

Cotchett said FERC has been told for 3 years that there were opportunities to
exert market power.  He also claimed that a Redondo Beach facility (obviously
AES) was fined $8 million by FERC for taking its plant off-line and
substituting higher rates.  He said, however, that this order had been sealed.

He cited an industry report that predicts 260 hours of blackouts this summer,
which could mean four hours a day.  That could be, he said, "potentially the
ruination of a lot of medicine in refrigeration."  Cotchett noted that only
hospitals with more than 100 beds are exempt from blackouts, which does not
protect surgical centers or many health facilities.

Jerry Brown added that "prices are unjust and people are suffering."
Continued high prices could mean "potential civic disruption," and that there
will be "more actions to mobilize" Western mayors.

Liz Figueroa spoke briefly to reiterate the health aspects of the lawsuit.

Burton had mentioned Clark Kelso, who regularly appears on TV here as a legal
expert and I believe was a colleague of Justice Anthony Kennedy, in his Press
Club appearance.  He said Kelso had appeared regularly in the media early on
to say that the state had no standing to file the suit. Burton's lawyer's
sent him the brief, and Kelso thought enough of it to join the legal team.

Kelso reiterated that FERC has been aware of potential market power for three
years, and that the commission has delayed action unreasonably.  It has
failed to define "fair and justifiable"; that failure, he said, violates the
Equal Protection and Due Process clauses of the Constitution.

Kelso said this is not a partisan issue, and called upon "fellow Republicans"
to support the effort.

Joan Breuner (sp?), Oakland's vice mayor, said only that she believed that if
the energy situation were happening in Texas rather than California, the
president and FERC would have acted long ago.

During the Q&A session, Cotchett said the urgency filing is necessary because
"5 generators supply 90%" of the electricity in CA and all five have rate
renewals before FERC.  He also said one of the cases that is relevant is Bush
v. Gore, in which the Supreme Court found that failure to set standards
(regarding elections, obviously, in that case) violates the Equal Protection
clause.  He also said six states have expressed interest in the case and have
requested briefs:  Oregon, Nevada, Arizona, Washington, Minnesota and one
other he didn't name.  None of these states has yet committed to joining the
suit.


Start Date: 3/5/01; HourAhead hour: 5;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.
Variances detected in Energy Import/Export schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001030505.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 5 / Preferred:  29.00 / Final:  15.60)
  TRANS_TYPE: FINAL
  SC_ID: ARCO
  MKT_TYPE: 2
  TRANS_DATE: 3/5/01
  UNIT_ID: CARBGN_6_UNIT 1
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 5 / Preferred:  18.00 / Final:   9.60)
  TRANS_TYPE: FINAL
  SC_ID: DELANO
  MKT_TYPE: 2
  TRANS_DATE: 3/5/01
  UNIT_ID: PANDOL_6_UNIT

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 5 / Preferred: 100.00 / Final:  53.40)
  TRANS_TYPE: FINAL
  SC_ID: ECTstCA
  MKT_TYPE: 2
  TRANS_DATE: 3/5/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_5001
  ENGY_TYPE: FIRM
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 5 / Preferred:  75.00 / Final:  17.28)
  TRANS_TYPE: FINAL
  SC_ID: ECTstNW
  MKT_TYPE: 2
  TRANS_DATE: 3/5/01
  TIE_POINT: SYLMAR_2_NOB
  INTERCHG_ID: CISO_EPMI_3000
  ENGY_TYPE: FIRM
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 5 / Preferred:  75.00 / Final:  17.40)
  TRANS_TYPE: FINAL
  SC_ID: ECTltNW
  MKT_TYPE: 2
  TRANS_DATE: 3/5/01
  TIE_POINT: SYLMAR_2_NOB
  INTERCHG_ID: CISO_EPMI_6000
  ENGY_TYPE: FIRM
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 5 / Preferred: 100.00 / Final:  53.40)
  TRANS_TYPE: FINAL
  SC_ID: ECTstSW
  MKT_TYPE: 2
  TRANS_DATE: 3/5/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_5000
  ENGY_TYPE: FIRM


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lets meet tonight at 8


Volume won't affect relative profitability.  It just scales the profit or
loss.  Increasing the number of transactions always results in more profit.
Increasing volume just makes the numbers bigger.

----Original Message-----
   >From:      Zimin Lu/HOU/ECT
   >To:          Greg Whalley/HOU/ECT@ECT,John J Lavorato/Corp/Enron@Enron
   >Cc:          Vince J Kaminski/HOU/ECT@ECT,Stinson Gibner/HOU/ECT@ECT
   >Bcc:
   >Subj:      EOL WTI Historical Trade Simulation - more profitable trading
strategy
   >Sent:     Wednesday, January 03, 2001 3:45 AM
   >
   >Please ignor my previous mail regarding the same issue, which contains
some typos.
   >
   >
   >
   >Greg and John,
   >
   >I found that by reducing the volume per trade and increasing daily number
of trades ( keeping the
   >total volume per day constant), we can be more profitable.  This is
partially because in a trending market
   >we lose less money by following the market more closely. For example,
suppose market move from
   >$30 to $35. If per trade volume is 10,000 BBL and the half bid-offer
spread is $1 for simplicity, we take 5
   > trades of short positions, the total MTM for that day is
(-5-4-3-2-1)*10,000=-$150,000 and total trading
   >volume is 50,000 BBL short.  If per trade volume is 50,000 BBL, we take
one trade, the total MTM is
   >-5*50,000= -$250,000.   Thus the net difference between the two trading
strategies is $10,000 for that
   >particular day.
   >
   >Therefore it seems that by reducing per trade volume and increasing the
number of trades, we can be more
   >profitable as a market maker.
   >
   >I rerun a scenario that
   >
   ><truncated...>


Glad to hear things are going so well.  No, I haven't spoken with Ted since
my return...but, I did go out a few of the nights I was in London with an
undergrad/grad school friend of his (among other people of course).
Surprise, surprise he didn't have many supportive words for Ted as dating
material either.  In summary he found Ted to lack attentiveness to his
partners and maybe even fidelity.  He said the break up of Ted's marriage
wasn't "ALL his fault", which is a decidedly different slant than the one Ted
gave me the night of our chat.  I also heard that he has worked his way
around Enron a bit.  All in all very disheartening information.  Regardless,
I'm still glad I dated him and think I learned a lot from the whole
situation.  Tell Brendan I said, "Hello" and good luck with the new role at
work.

Susan

I have a hold on travel plans to Korea right now as work may interfere.  Oh,
well.


Hi Vince,

The following has been organised for you:

Sunday
6.45pm  Dinner at Diverso restaurant 85 Piccadilly 0207 491 2222 with Ben,
Steve, Anjam

Monday
Clear until Noon
12pm  Lunch with Dale Surbey at Olivetto or Olivo
2.30pm  Interviews start
6.30pm
or 7pm  Approximate time for end of interviews

Tuesday
Clear until 10am
10am to 12pm  Energydesk.com meeting with Mikael Nordstrum
Afternoon clear

Wednesday
9am to 10.30am  RiskCare meeting in NE1002 with Michael Curran, Anjam and Dale
11.30am to 12pm  Meeting with John Sherriff

Regards,

Anjam
x35383


Here is a slightly reformatted note (1 page) that also adds Competitive
Default Supply.  Give me your comments ASAP.

It sure doesn't look too good for the forces of "right".

Jim

----- Forwarded by James D Steffes/NA/Enron on 02/28/2001 08:32 AM -----

	John Neslage@ENRON_DEVELOPMENT
	02/27/2001 07:53 PM

		 To: James D Steffes/NA/Enron@Enron, Harry Kingerski/NA/Enron@Enron, Janel
Guerrero/Corp/Enron@Enron, Mark Palmer/Corp/Enron@ENRON, Karen
Denne/Corp/Enron@ENRON
		 cc: Richard Shapiro/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron,
sgovenar@govadv.com>, Sandra McCubbin/NA/Enron,
		 Subject: Issues for Mtg with Delainey on 2-28-01

Attached below are talking points for tomorrow morning's meeting with Dave
Delainey.  Please let me know if you have anything additional to add, or if
you want to make a suggestion regarding what already is there.  I know there
is a very slight formatting error on the second page, but we will get that
corrected first thing in the morning.

Thanks

John


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The Dow Industrials trended lower by 89.13 points, at 10821.31, while
the S&P 500 trended lower by 9.51 points, last seen at 1245.67. The
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E X T R E M E   M A R K E T   C O M M E N T A R Y
_____________________________________________________________________

The STOCK INDEXES were lower on Friday as investors continue to mark
time ahead of next Tuesday's FOMC meeting. Light pressure came from
today's retail sales report that came in above consensus along with
an unexpected rebound in consumer sentiment. Both markets are likely
to remain range bound for the time being. It will take closes above
last week's highs or below the late-April reaction lows to clear up
near-term direction in these markets.

The Dow closed lower on Friday and below this spring's uptrend line
due to light profit taking ahead of the weekend and next week's FOMC
meeting. The latest economic data suggests that any further cuts in
interest rates by the Fed next week might be their last for the time
being. The Dow has become extremely overbought and overdue for a
correction. Closes below last week's low crossing at 10,673.20 would
signal that a larger-degree decline might be unfolding this spring.

INTEREST RATES June bonds plunged to new lows for the year following
the release of the University of Michigan's May consumer sentiment
that came in at 92.6 verses 88.4 in April. Additional pressure came
from April's retail sales data, which came in above pre- report
estimates. Odds of a 50-basis-point cut in interest rates next
Tuesday are now estimated at 73% verses 83% last Friday. Today's
breakout below the 50% retracement level of the 2000-01 rally
crossing at 99- 30 opened the door for a likely test of the 62%
retracement level crossing at 98-07 later this month. Short-term
momentum indicators have turned bearish signaling that additional
weakness is possible.

The CRB INDEX closed out the week near session lows as it extended
its decline off last Friday's high. This week's breakout below
April's uptrend line along with a downturn by a number of momentum
indicators confirmed that last week's high marked a double top while
opening the door for sideways to lower prices for the last half of
May. Weakness in grains, meats, precious metals, some foods and
energies weighed on the CRB today.

ENERGY MARKETS closed mostly lower on Friday due to profit taking
ahead of the weekend. Today's sell off in the product markets was
triggered by rumors that President Bush will take early action to
provide relief from higher energy prices. Additional pressure came
from talk that other states will follow California and attempt to opt
out of the reformulated gasoline program.

June crude oil posted a quiet inside day with a slightly higher close
on Friday as it consolidated some of this week's gains. However, June
crude remains range bound leaving the door open for two-sided action.
Momentum indicators are neutral to bullish signaling that sideways to
higher prices near-term are possible. However, it will take closes
above 30.13 or below 26.75 to clear up near-term direction in the
market.

June heating oil closed lower on Friday due to profit taking
following Thursday's test of minor resistance crossing at 77.80.
Closes above this resistance level or below 73.10 are needed to
confirm a breakout of a three-week old trading range. Momentum
indicators are neutral to bullish hinting that sideways to higher
prices near-term are possible.

June unleaded gas closed sharply lower on Friday following rumors
that President Bush will take action to provide relief from high
gasoline prices. Friday's setback led to a test of this spring's
uptrend line crossing near 105.10. Multiple closes below the uptrend
line and last week's low crossing at 101.90 would confirm a top and
trendline breakout. Momentum indicators have been showing bearish
divergence, which is often a precursor to a top and trend change.

June Henry Hub natural gas posted a downside reversal on Friday
thereby ending Thursday's short covering bounce. Additional weakness
on Monday is needed to confirm today's bearish reversal pattern as
the door remains open for a test of the 75% retracement level of the
1999/2000 rally crossing at 3.625 later this spring. The rising ADX
signals that additional weakness during May is possible.

CURRENCIES The June Dollar closed higher on Friday thereby confirming
Thursday's key reversal up. Momentum indicators are bullish signaling
that additional gains are possible next week. If this month's rally
continues, this spring's double top crossing at 117.89 is June's next
target.

The June Swiss Franc and D-mark closed out the week at or near
session lows against the Dollar following the release of the latest
U.S. economic data. Both markets are poised to test their April lows,
which mark key support levels. Closes below these lows would confirm
a downside breakout of this spring's trading range while renewing the
larger-degree downtrends. Momentum indicators remain bearish
signaling that additional weakness near-term appears likely.

The June Canadian Dollar closed sharply lower on Friday after forming
a small bear flag earlier in the week. Today's resumption of the
decline off last Friday's high sets the stage for additional weakness
during the last half of May with April's conservative uptrend line
crossing near .6414 being the next likely downside target. Momentum
indicators remain bearish signaling that additional weakness
near-term is possible.

The June Japanese Yen closed steady on Friday in two- sided trading
as it consolidated some of this week's losses. Session lows fell just
short of testing April's uptrend line, which crosses near .8166.
Multiple closes below this support level would open the door for
sideways to lower prices during the last half of May. Momentum
indicators have turned bearish and warn traders that additional
weakness near-term is possible.

PRECIOUS METALS June gold closed lower on Friday as it extended
Thursday's setback due to light profit taking ahead of the weekend.
Nevertheless, this week's upside breakout of the 2000-01 downtrend
line has confirmed that a major bottom and trend change has taken
place. Momentum indicators remain bullish signaling that sideways to
higher prices near-term are possible. If this spring's rally
continues, March's high crossing at 276.20 is June's next upside
objective.

July silver posted an inside day with a lower close as it
consolidates above the lower boundary of this spring's trading range
crossing at 4.31. Closes below 4.31 are needed to confirm a trading
range breakout and trend change. However, momentum indicators are
oversold warning bears to use caution as a short-term bottom might be
in or near. Closes above this week's high at 4.425 are needed before
a low can be confirmed.

July copper posted an inside day with a higher close due to light
short covering following Thursday's test of April's low crossing at
75.60. Multiple closes below this support level are needed to confirm
a breakout and resumption of this spring's decline. If a breakout is
confirmed, weekly support crossing at 74.10 is July's next target.
Momentum indicators are bearish signaling that additional weakness
near-term is possible.

GRAINS July corn closed out the week on a low note and near session
lows due to spillover selling following Thursday's bearish
supply/demand report. This week's breakout below key weekly support
crossing at 2.02 has both renewed this year's decline and set the
stage for the next level of weekly support crossing at 1.91 1/2 later
this month. Today's losses were limited, as traders were cautious
ahead of Monday's planting progress report and this afternoon's
extended weather forecasts. Planting delays continue plague farmers
in the western Corn Belt while dry parts of the eastern Corn Belt
received some rains during the week. I would not be surprised to see
a short covering bounce on Monday however, the bearish tone that has
engulfed the corn market will continue to limit upside potential
near-term.

July wheat closed higher on Friday as the smaller- than-expected U.S.
winter wheat crop and all-wheat production forecasts from Thursday's
supply/demand report continues to underpin the market. Gains were
limited due to weakness in the corn market. Traders will be closely
watching Monday's planting progress and crop conditions reports for
near-term direction. Closes above broken trendline support crossing
near 2.72 would temper the bearish outlook in July wheat while
increasing the odds that this week's lows marked a double bottom.

SOYBEAN COMPLEX July soybeans closed fractionally higher on Friday
due to light short covering ahead of the weekend. However, Thursday's
bearish supply/demand report and corn planting delays in the western
Corn Belt continue to limit upside potential. Momentum indicators
have become overbought and are turning neutral to bearish signaling
that May's correction in time might have come to an end. I am looking
for sideways to lower soybean prices during the last half of May with
April's low being a possible target.

July soybean meal posted an inside day with a higher close on Friday
as it consolidated some of Thursday's losses. However, upside
potential remains limited in the face of bearish soybean
fundamentals. Momentum indicators have become overbought and are
turning neutral to bearish warning traders to use caution as this
spring's corrective rebound might have come to an end. Closes below
this week's low would likely trigger additional long-liquidation next
week.

LIVESTOCK June hogs closed steady on Friday, as gains were limited
due to sharp losses in bellies. Commercial buying prompted by strong
cash bids that were up $0.50 to $1.00 higher on the day supported
prices. Sluggish hog movement and inadequate packer inventories
continue to support the cash market, which has underpinned the
late-week rally. Technically, June hogs continue to rebound off the
2000-01 uptrend line, which is to be expected following April's sharp
decline. Until this support level is broken, this spring's setback is
nothing more than a correction within a bull market.

June cattle closed lower on Friday as it posted a downside reversal.
Session highs spiked above broken support crossing at 70.52.
Additional weakness on Monday is needed to confirm today's bearish
reversal pattern. If this spring's decline resumes, last September's
low at 69.72 then weekly support crossing at 69.25 are potential
targets. Both weekly and daily momentum indicators are bearish but
nearing their respective oversold zones hinting that an important low
might be near.

FOOD & FIBER July coffee posted a downside reversal on Friday erasing
Thursday's gains. Momentum indicators have become very overbought
warning traders to use caution as a short-term top might be in or
near. July's inability to fill March's gap at 70.25 underscores the
weak tone of the market. Closes below Thursday's low at 66.25 would
confirm that this spring's short covering bounce has likely come to
an end.

July cocoa posted a huge key reversal down on Friday due to profit
taking that erased much of this week's gains. Additional weakness on
Monday is needed to confirm today's bearish reversal pattern. From a
broader perspective, July cocoa needs to close above 1103 or below
955 to confirm a breakout of this spring's trading range.

July sugar closed modestly higher on Friday as it continues to form a
small symmetrical triangle. A breakout in either direction of this
consolidation formation will point the direction of the next trending
move. If this spring's rally resumes, January's high at 941 is July's
next target. Closes below this week's low at 890 would increase the
odds that a short-term top has likely been posted.

July cotton posted a key reversal up on Friday due to short covering
ahead of the weekend. Nevertheless, Friday's high did nothing more
than test broken support crossing at 45.50. Multiple closes above
this broken support level are needed to temper the bearish outlook in
the market. If this spring's decline continues, psychological support
crossing at 40 cents is July's next downside target later this month.

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T O P   N E W S
_____________________________________________________________________

STOCKS

Japan Stocks: Nikkei climbs 0.19% for first gain in 4 days
   http://news.ino.com/summary/?id=25464
Add1:US Equities Review: Down on perception next rate cut may be last
   http://news.ino.com/summary/?id=25471
UK Stocks Review: FTSE lower in uninspiring end to the week
   http://news.ino.com/summary/?id=25470

FOREX

US FX Review: Euro extends losses on strong US data, ECB rate cut
   http://news.ino.com/summary/?id=25466
Asia FX Review: Yen in tight range amid lack of stock price moves
   http://news.ino.com/summary/?id=25463
Europe FX Review: Euro extends recent losses against dollar
   http://news.ino.com/summary/?id=25465

CREDIT

US Credit Review: Plummets on reduced rate cut expectations
   http://news.ino.com/summary/?id=25461
Europe Credit Review: Curve steepens sharply on surprise ECB cut
   http://news.ino.com/summary/?id=25467
Japan Credit Review: June up on strong medium-term cash bonds
   http://news.ino.com/summary/?id=25469

COMMODITIES

US Futures Summary: Gasoline traders worry about federal action
   http://news.ino.com/summary/?id=25468

EXCHANGES

SGX Announces 3rd Quarter Results
   http://news.ino.com/press/?release=24444
NYMEX To Amend Post-Close Trading Rules
   http://news.ino.com/press/?release=24443
NYBOT Changes Index Trading Hours
   http://news.ino.com/press/?release=24442
Record April For IPE
   http://news.ino.com/press/?release=24441
HKEx Sign MOU With The Stock Exchange Of Thailand
   http://news.ino.com/press/?release=24440
CBOT/MIDAM Memorial Day Holiday Trading Schedule
   http://news.ino.com/press/?release=24439
Last Trading Day Changed For Kansas Wheat Options
   http://news.ino.com/press/?release=24438
Gerstenschlager Takes Over As Chairman Of Germany's EEX
   http://news.ino.com/press/?release=24437

____________________________________________________________________________

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

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

WINNERS

ZM1    U.S. Treasury 6% Bond Jun 2001          103 184/256   4 17/32  +4.57
LBU1   Random Length Lumber Sep 2001              303.70      9.70  +3.30
SMK1   Soybean Meal May 2001                       163.6       4.7  +2.96
SIN3   Silver Jul 2003                             4.604     0.088  +1.91
YM1    U.S. Treasury 6% 10yr Note Jun 2001     104 184/256     1 3/4  +1.70
XEK1   Soybean Meal May 2001                       161.3       2.4  +1.51
XSK1   Soybeans May 2001                             450     5 1/2  +1.23
XWN1   Wheat Jul 2001                            271 1/4     3 1/4  +1.21
KWN1   Wheat Jul 2001                                331     3 3/4  +1.15
WN1    Wheat Jul 2001                            271 1/4     2 3/4  +1.02

LOSERS

PBG2   Frozen Pork Bellies Feb 2002               67.250    -2.950  -4.20
CCZ1   Cocoa Dec 2001                               1014       -34  -3.24
HUN1   New York Harbor Unleaded Gasoline Jul 20    0.9719   -0.0291  -2.90
LHJ2   Lean Hogs Apr 2002                         51.175    -1.250  -2.39
PNZ1   Propane Dec 2001                           0.5350   -0.0125  -2.30
XHV1   Lean Hogs Oct 2001                          52.57     -1.20  -2.25
BDU1   Oriented Strand Board Sep 2001             225.00     -5.00  -2.17
DBK1   Butter May 2001                           185.000    -4.000  -2.12
USZ1   U.S. Treasury Bond Dec 2001              97 30/32  -1 27/32  -1.85
RRN1   Rough Rice Jul 2001                         5.610    -0.100  -1.75
____________________________________________________________________________

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

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

WINNERS

RSTA   ROSETTA INPHARMATICS                        17.34      7.41  +74.77
UCOR   UROCOR INC                                  15.39      3.18  +26.28
DYAX   Dyax Corp                                    9.90      2.00  +25.38
PENX   PENFORD CORP                                13.35      2.42  +22.62
GISX   GLOBAL IMAGING SYS                           7.40      1.30  +21.85
PMSI   PRIME MEDICAL SERVICES                       6.88      1.16  +20.17
SQNM   SEQUENOM INC                                16.00      2.64  +19.70
NNBR   NN INC                                       8.79      1.40  +18.92
GIII   G-III APPAREL GROUP                          9.35      1.43  +18.38
NATR   NATURE'S SUNSHINE PROD                      10.18      1.47  +16.37

LOSERS

FLCG   FRONTLINE CAP GRP                            5.85     -2.83  -32.57
MAXC   MAXCO INC                                    7.50     -1.43  -19.07
WJCI   WJ COMMUNICATIONS                            8.15     -1.70  -17.91
CWON   CHOICE ONE COMMUNIC                          6.59     -1.43  -17.83
PGTV   PEGASUS COMMUNICATIONS'A'                   21.90     -4.23  -16.22
RBAK   REDBACK NETWORKS INC                        16.40     -3.10  -15.90
ARBA   ARIBA INC                                    6.90     -1.24  -15.21
TWDE   DECS TRUST V 2002                           18.00     -3.16  -14.87
QLTI   QLT INC                                     20.25     -3.51  -14.74
INGN   Introgen Therapeutics                        6.13     -1.05  -14.66

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I'm leaving for Houston at noon today, but could participate by phone.  Just
let me know.

	Andrew Wu@EES
	10/25/2000 08:19 AM

		 To: Susan J Mara/SFO/EES@EES, Jeff Dasovich/NA/Enron@Enron, Mona L
Petrochko/NA/Enron@Enron
		 cc: Edwin Essandoh/HOU/EES@EES, Tim Carter/HOU/EES@EES
		 Subject: Re: CTC definition

Sue, Mona, and Dasovich--

Would one of you be available for about 30 mins or so tomorrow p.m. (Thurs)
to square away this issue (maybe around 3 or 4 or so)?  My recollection of
our original contract language was to capture all of the post-transition
period CTCs as set forth in AB1890, so maybe we just need to broaden or
clarify what we mean by "residual CTCs".  I'll actually be at 101 Cal
starting in the p.m. tomorrow, so this could work out pretty well.
Otherwise, I'll be in SR on Friday and then in SoCal next week but back in
SFO on next Weds for a two day LSI seminar (Dasovich you're speaking at it?)
Thurs and Fri so we could discuss then too.

Sorry for the short notice and I hope I'll at least be able to say hi to
everyone tomorrow.

Andy

---------------------- Forwarded by Andrew Wu/HOU/EES on 10/25/2000 08:14 AM
---------------------------

Edwin Essandoh
10/24/2000 02:41 PM
To: Tim Carter/HOU/EES@EES, Andrew Wu/HOU/EES@EES
cc:
Subject: Re: CTC definition

Sorry Guys, should have cc'd you.

Ed
---------------------- Forwarded by Edwin Essandoh/HOU/EES on 10/24/2000
02:40 PM ---------------------------

Edwin Essandoh
10/24/2000 02:27 PM
To: Roger Yang/SFO/EES@EES, Susan J Mara/SFO/EES@EES, Jeff
Dasovich/NA/Enron@Enron, Mona L Petrochko/NA/Enron@Enron
cc:
Subject: Re: CTC definition

Roger,
Thanks for the input.  It does need some refinement.  For that matter, do you
consider the definition of "CTC charges" adequate?  Andy Wu is going to be in
San Francisco on Thursday, and has agreed to discuss the language with Susan,
Jeff and/or Mona in Gov't Affairs.

Ed

Roger Yang
10/24/2000 01:19 PM
To: Edwin Essandoh/HOU/EES@EES
cc: Susan J Mara/SFO/EES@EES, Jeff Dasovich/NA/Enron@Enron, Mona Petrochko
Subject: Re: Contract for Gart Sports

Attached is a version of AB1890.  I refer you to pages 31 through 36 which
discusses Sections 367 through 368.

Residual CTCs may have two connotations.  The first connotation is the type
of CTC recovery during the rate freeze period.  For example, the California
IOUs bill customers based on frozen rates.  From those frozen rates, delivery
and procurement costs are subtracted.  What is left over residually is the
recovery of CTCs.  The interpretation that you are implementing is the CTCs
that are recovered after the frozen rate period.  Due to these two possible
interpretations, I believe that either the term "residual CTCs" needs to be
defined or a better definition of the "Pre-Rolloff Period" and "Post-Rolloff
Period."

After reading the cites that I referred to above, if you believe the
definition incorporates the guidelines implemented through Sections 367 and
368, then I will be comfortable with the current language.  My concern was
that the CPUC may adopt changes to the recovery plan per Section 368 that
would disadvantage ESPs and DA customers, and only benefit and protect
Standard Offer customers.  Pursuant to Section 368, the IOUs implemented cost
recovery plans to recover costs that meet the criteria in Section 367.  I am
worried that customers may be confused by plans that may be implemented in a
the Post-Rolloff periods that may look like the original cost recovery plans
(i.e. SDG&E's rate cap).

You can contact Susan Mara, Jeff Dasovich, or Mona Petrochko in Government
Affairs for better clarification if needed.

Edwin Essandoh
10/24/2000 09:21 AM
To: Tim Carter/HOU/EES@EES
cc: Roger Yang/SFO/EES@EES
Subject: Re: Contract for Gart Sports

The reference to "but not including any extension pursuant to Section
3(g)(ii)" should have been deleted from the contract.   It was in a previous
contract which provided for an extension period, but is not applicable here.

Tim:  We could forward corrected page to customer, but I agree that it may
not be necessary as it does not add anything but may unnecessarily alarm
Customer.

Roger:   Can you suggest a definition you'd be comfortable with, which
references the code section  - I have not seen the code, but your point is
valid (although I was under the impression "residual CTC's" is understood in
the industry, and the second issue (as raisesd by Tim previously) would be to
maek sure an amendment to AB 1890 does not extend the Pre-Rolloff Period.

My initial suggestion would be along the lines of:

    &Pre-Rolloff Period8 shall mean, with respect to each Facility, the
period of time commencing with the
    Effective Date and ending on the last day the UDC for such Facility is
authorized to collect CTCs (other than residual CTCs
    it remains authorized to collect after said date) in its service
territory under AB1890 (as in effect on the Effective Date), but in      any
event not later than March 2002.

Ed

	Enron Energy Services

	From:  Tim Carter                           10/24/2000 10:15 AM
	Phone No: tel:  713-853-5496
  fax:  713-646-3284
  pgr:  888-620-2350

To: Edwin Essandoh/HOU/EES@EES
cc:
Subject: Contract for Gart Sports

Ed, please see comments below regarding the Gart Sports contract.  How should
we handle?
---------------------- Forwarded by Tim Carter/HOU/EES on 10/24/2000 10:15 AM
---------------------------

Roger Yang
10/23/2000 04:19 PM
To: Tim Carter/HOU/EES@EES
cc: Scott Stoness/HOU/EES@EES
Subject: Re: DASH for Gart Sports

Tim,

Thanks for forwarding me the contract.  In Section 3(a), there is a
definition for "Post-Rolloff Period" which states, "shall mean, with respect
to each Facility, the period of time commencing with the day after the last
day of the Pre-Rolloff Period.....but not including any extension period
pursuant to Section 3(g)(ii).  The problem is that I cannot find Section
3(g)(i) in the contract.

Further, the definition of "Pre-Rolloff Period" which states, "...ending on
the last day the UDC for such Facility is authorized to collect CTCs (but
excluding residual CTCs) in its service territory under AB1890," is
ambiguous.  There are two possible solutions.  One possible solution is to
define the term "residual CTCs".  Another solution is to redraft the language
to be more specific referencing the PU Codes Section 367 and 368 enacted by
AB1890.

Roger

	Enron Energy Services

	From:  Tim Carter                           10/19/2000 02:21 PM
	Phone No: tel:  713-853-5496
  fax:  713-646-3284
  pgr:  888-620-2350

To: Roger Yang/SFO/EES@EES
cc: Scott Stoness/HOU/EES@EES
Subject: Re: DASH for Gart Sports

You are correct regarding the impact to the mark if the transition period
ends differently than we expect.

The contract specifies that the transition period ends in accordance with
AB1890, as noted in the attatched Gart contract.  We have, however,
instructed the attorney to change the contract template to also specify that
under no circumstances is the transition period to be later than 3/2002.  I
have not received a version of that contract.

Roger Yang
10/19/2000 04:10 PM
To: Tim Carter/HOU/EES@EES
cc: Scott Stoness/HOU/EES@EES
Subject: Re: DASH for Gart Sports

I like this deal structure because it provides a hedge for our current book
in California.  Correct me if I am wrong, but if the end of the transition
period ends earlier than priced, then our mark for this deal should increase
because we are providing the discount off the frozen bundled price for a
shorter period than expected.  Conversely, if the rate freeze ends later than
how we priced it, then the mark for this deal will decrease because we will
have provided a discount off of the frozen tariff for a period longer than we
had priced.  This impact on the mark is converse to the current risk profile
of our California portfolio.

My main concern is the contract language on how the transition period is
defined.  It is important that this language is crafted to leave no loose
ends.  Can you please send me a copy of the clauses that define the end of
the transition period, which is a critical date because the delivery risks
hinge on that definition.  I just want to do some preventative maintenance,
such that we do not enter contract dispute over this issue in the future.
However, we may proceed signing this contract if necessary.  I would just
like to follow up on the issue for future deals if it is too late for this
deal.  As a matter of fact, I would not even try to change the contract
language on this deal because the customer may become overly concern.

I recommend that Scott signs the DASH for Gart Sports for now.

Roger

	Enron Energy Services

	From:  Tim Carter                           10/19/2000 08:16 AM
	Phone No: tel:  713-853-5496
  fax:  713-646-3284
  pgr:  888-620-2350

To: Roger Yang/SFO/EES@EES
cc:
Subject: DASH for Gart Sports

Roger, I think Valerie tried to fax this to you.  Here's an electronic copy.
Take a look, if you have any questions, please call me.

Thanks,
Tim


Good Afternoon All!

Cheryl Nelson will be out of the office tomorrow, 10/18, from 9 am until 11 am for her wedding gown fitting.  She will be in the office early tomorrow and will return after the fitting.  If you should need immediate assistance, please feel free to contact me directly.  Thank you!

Kind Regards,
Keegan Farrell
EB3875
713-345-3317


Municipal Bond Overview Conference Call:

Due to the recent volatility in the Stock Markets, we believe that it is of
the utmost importance to keep you abreast of  PaineWebber's outlook on the
overall Markets. With this in mind, we have arranged an exclusive opportunity
for you to get this information straight from UBS/PaineWebber's  analysts via
a series of ongoing conference calls set up for your benefit.

On Wednesday, March 14, 2001, you are invited to participate in a conference
call with Michael Ryan, Fixed Income Strategist for UBS PaineWebber, and John
Bagley, Managing Director of the Municipal Securities Group at UBS
PaineWebber. The subject of the call will be Mike Ryan's outlook on the
overall municipal bond market, and the impact of President Bush's tax plan.
Under Presidents Bush's proposal, the top two marginal rates would be
combined into a lower 33% top bracket, while the next two rates would also be
consolidated into a single 25% bracket. The 15% bracket would remain intact,
but a new 10% bracket would be added. Following is the information you will
need to dial into the call:

Telephone#: (800)-450-9667
Confirmation Code: 559005#
Date: 03/14/2001
Time: 10:00am Central Time (11:00am EST, 8:00am PST)
Length: 30 minutes
Title: Mike Ryan Municipal Bond Market Overview

To help ensure the conference begins in a timely manner, please try to dial
in 5-10 minutes prior to the start time

Sincerely,

Hank Emery
Financial Advisor
Private Client Group
Emery Financial Group
UBS/PaineWebber Incorporated
109 N. Post Oak LN, Suite 150
Houston, TX 77024
713-957-7060

Notice Regarding Entry of Orders and Instructions: Please
do not transmit orders and/or instructions regarding your
PaineWebber account(s) by e-mail. Orders and/or instructions
transmitted by e-mail will not be accepted by PaineWebber and
PaineWebber will not be responsible for carrying out such orders
and/or instructions.  Notice Regarding Privacy and Confidentiality:
PaineWebber reserves the right to monitor and review the content of
all e-mail communications sent and/or received by its employees.


I just heard from Chris Lue, UBS HR, regarding the UBS New Hire paperwork.  All New Hire paperwork must be completed before 3:00 PM TODAY, Friday, 1/25/02 or UBS will be unable to process your payroll.

These forms were distributed during the HR Benefit meetings held yesterday.  If you were unable to attend these meetings and are unsure about what forms need to be completed, please see either Grace or I ASAP.

Thanks!

Julie Kearney
ENA Human Resources
503) 464-7404
julie.kearney@enron.com


----- Forwarded by Jeff Dasovich/NA/Enron on 03/22/2001 10:32 AM -----

>

>
>  <<NewsRelease.Cohen.doc>>

 - NewsRelease.Cohen.doc


I need to do the unthinkable and read something else for a little while, so I
thought I would send this to you as is.  Let me know if you want it redlined
against something, and if so, which version.

Kay


I've raised some of the issues with NW.  We are working on some of it.  A
meeting is a good idea.

Kay

	From:  Ben F Jacoby @ ECT                           04/12/2001 04:20 PM

Sent by: Ben Jacoby@ECT
To: Kay Mann/Corp/Enron@Enron, Chris Booth/NA/Enron@Enron, Herman
Manis/Enron@EnronXGate
cc:

Subject: Northwestern

Folks:

With respect to the Northwestern transaction, I'd like to understand what it
would take in the letter agreement to allow us to recognize the entire $8MM
upon execution of the letter agreement. In my conversation today with Kay, we
talked about making sure we could at least recognize the $8MM in equal
instalments between the execution of the letter agreement and September 1,
2001 (the outside date for closing). If at all possible, I'd like to take
this one step further so that the entire amount could be recognized in Q2.
Let's plan to talk about this on Monday. Any thoughts on this prior to Monday
would be appreciated.

Regards,

Ben


The draft will be held Tuesday Sept. 4th and Wednesday Sept. 5th starting at 5pm.  It should only take about 1 - 1 1/2 hours each day

Draft order selection:

Matt Lenhart
Jason Williams
Eric Bass
Steve South
Mike Grigsby
Tori Kuykendall
Hunter Shively
McKay/Neal
Martin Cuilla
Russell Murrell
Frank Ermis
Bryan Hull


This order issued Friday. Click to hyperlink. Note:  Summary is attached
below and comments are due within thirty days of this order.

http://cips.ferc.fed.us/Q/CIPS/RULES/RM/RM01-9.000.TXT

 -----Original Message-----
From:  Butler, Janet
Sent: Friday, May 18, 2001 5:12 PM
To: Allegretti, Daniel; Bagot, Nancy; Benner, Martha; Bily, Donna; Blair,
Lynn; Boatman, Jack; Bradley, Rob; Branney, Theresa; Brennan, Lorna; Briggs,
Tom; Butler, Janet; Comnes, Alan; Cordes, Bill; Corman, Shelley; Culwell,
Christi; Daniel, Shonnie; Darveaux, Mary; Dietz, Rick; Dornan, Dari;
Dushinske, John; Farrell, Sharon; Fossum, Drew; Fulton, Donna; Goodpasture,
John; Hammond, Pearce; Harris, Steven; Hartsoe, Joe; Hass, Glen; Hayes,
Robert; Hayslett, Rod; Heckerman, Bambi; Hess, Theresa; Hill, Robert;
Holtzman, Staci; Hopkins, Tamara; Horton, Stanley; Huber, Lee; Janousek,
Martha; January, Steven; Kean, Steven; Kilmer III, Robert; King Jr., Frazier;
Kirk, Steve; Kissner, Tim; Lantefield, Laura; Lawrence, Linda; Lichtenwalter,
Blair; Linnell, Elizabeth; Lokey, Teb; Lowry, Phil; Mara, Susan; Martens,
Donna; McCoppin, Dorothy; McGowan, Mike W.; Miller, Mary Kay; Nacey, Sheila;
Nelson, Kimberly; Neppl, Ray; Neubauer, Dave; Neustaedter, Robert; Nicolay,
Christi; Novosel, Sarah; Paladino, Ranelle; Palmer, Maureen; Paschal, Zelda;
Patterson, Geneva; Pavlou, Maria; Petersen, Keith; Place, Janet; Pribble,
Dan; Pryor, Tony; Raker, Colleen; Rice, Randy; Ringblom, Kathy; Robertson,
Linda; Saunders, James; Sawyer, Lisa; Scott, Donna; Shafer, John; Shapiro,
Richard; Smith, Mike; Soldano, Louis; Stanton, Lon; Steffes, James; Sullivan,
Kathleen; Talcott, Jim; Taylor, Gina; Tu, Denis; Van Norden, Michael; Veatch,
Stephen; Vignaroli, Donald; Warner, Jody; Watson, Kimberly; Wilkie, Kim;
Wilson, Jane; Wilson, Rob; Winckowski, Michele; Yoho, Lisa
Subject: RM01-9 Order Proposing Reporting Requirement on Natural Gas Sales To
California Market and Requesting Comments
Importance: High

I have just received an order proposing new reporting requirements on natural
gas sales to California markets. Issued today, FERC is proposing a collection
of information (Appendix consisting of a series of questions to be answered
by sellers to the California markets, interstate pipelines and LDCs) that
will assist in understand the disparity that has occurred and continues to
exist.The information to be reported would include data relating to the
volumes and prices of sales to California including transporation rates,
daily operational capacity of pipelines to and in the California markets, and
the actual volumes flowing to and in California and gas sales and
trasnportation requirements of LDCs.

FERC intends to analyze the information and determine what percentage of the
volumes sold into California is domestically produced gas sold by marketers
affiliated with pipelnies and LDCs in sales for resales. (These are only
sales FERC can regulate). This will also give FERC the average gas costs
being incurred by purchasers moving to California.

FERC states certain entities, while not regulated by FERC, will need to
provide the information requested under the authority vested in NGA section
14 to collect information regardless of whether they are "natural gas
pipelines."

FERC is proposing that this report be submitted quarterly and submitted
within thirty days at quarter end. There will be an electronic format
developed for submission. Responses will be required to be verified under
oath. Parties may request confidential treatment of their responses.

This is being requested under emergency processing of the Office of
Management and Budget auspices. Comments are to be submitted within thirty
days of this order.

I will send the order electronically on Monday. It is not on FERC's systems
yet.


I am in class until 4:30.  I will review the Engage matters following class
with Tana.  Mary


---------------------- Forwarded by Kay Mann/Corp/Enron on 09/19/2000 05:05
PM ---------------------------

"Duncan, Allyson" <aduncan@kilstock.com> on 09/19/2000 05:01:00 PM
To: "'Reagan.rorschach@enron.com'" <Reagan.rorschach@enron.com>, "'Mann Kay'"
<Kay.Mann@enron.com>, "'Chapman Tom'" <tom.chapman@enron.com>, "'Keenan
Jeffrey'" <Jeffrey.M.Keenan@enron.com>, "'Kroll Heather'"
<Heather.Kroll@enron.com>
cc: "Fine, Jonathan" <JFine@kilstock.com>

Subject: FW: Enron

This is helpful to know, and we all need to discuss.

-----Original Message-----
From: Gisele Rankin [mailto:Gisele.Rankin@ncmail.net]
Sent: Tuesday, September 19, 2000 5:42 PM
To: Allyson Duncan
Subject: Enron
Importance: High

I got your message earlier about the order on the extension of time, but
didn't recall that the order dealt with the due date for rebuttal
testimony.  Since you said you were going to call Sammy Kirby anyway, I
didn't call back.

We had a meeting today to try to finalize our testimony.  We plan to let
you see it before we file it.  To start with, we do not want to reveal
any confidential information and secondly, Enron may be able to offer
input into the solutions for our concerns that would obviate any
official disagreements.

We currently have two alternative recommendations in our testimony.  One
gives Enron (EDC) a certificate conditioned on it filing a signed PPA
and evidence showing it has a long-term right to have its plant on the
site (such as a lease with Rocky Mount).  The other alternative doesn't
give you the certificate until you file those things, we review them,
etc..  We currently are favoring the first one and I'm sure Enron would
prefer the first one.

The control of the site is a little bit problematic.  In the
application, you say Enron has an option on the land.  In a data
response, you say you intend to give it (or sell it) to Rocky Mt. and
that it will own the land.  However, no arrangements have apparently
been made for Enron to have a long-term right to keep the plant on the
site. We have no objection to Rocky Mt. owning the land.  I hope that is
clear.  But we do have a problem with giving a certificate to Enron if
Enron has no long term right to be on the land.  (Control of the site
has always been one of the cornerstones of the requirements.  It is hard
to award a certificate for the construction of a plant on the basis of a
definite need for the capacity if the owner of the land could require
the plant owner to dismantle the thing the next year.)  This is
something that could be met later - after the order had gone out, if
Enron doesn't have a problem with that.  I can't imagine Enron being
willing to invest much money in the plant before it has a long term
lease or other arrangement.  It may be enough for your witness to state
that it won't give up the option or the ownership of the land unless and
until it has a long-term lease (or whatever).

Another issue is the status of EDC.  Your amendment says you're going to
create an LLC. EDC needs to exist before the certificate is awarded
because obviously we can't award a certificate to a nonexistent person.
You don't need to file anything necessarily, but we need a showing
before the hearing that EDC has been or very shortly will be created. We
also need some assurance that Enron will capitalize EDC properly, which
I could get by asking your witness a couple of questions, if that is the
easiest way to do it. (This is not a big deal, but necessary to dot all
the i's and cross all the t's.)

Bob Hinton has been trading calls with Kay Mann (spelling?) about the
creation of the LLC and maybe some other things.  I wanted you to know
about these issues also, however, to keep you in the loop and also
because you may can get things done a little faster!

The only other issue is a rather complicated one.  Under the terms of
the PPA as currently drafted, Enron has until 10/31/01 to complete
construction, unless specifically excused. (This is in section 2.3.) If
Enron hasn't completed construction and declared Commercial Operation
before 10/31/01 (as extended due to excusable delays), then Enron has to
buy rights in Vepco's control area to capacity equal to the contract
capacity within 30 days.  If Enron doesn't fulfill that obligation,
Vepco, in its sole discretion, can terminate the Agreement.

Because Enron filed this application on the basis of the Vepco contract
and also because we do not have any guidelines on merchant plants yet,
we are using the contract (even though it is so short term) to justify
the need and hence the certificate.  (Otherwise, I'm afraid we go off
into a quagmire in terms of how to define a definite need in this brave
new world.  Obviously, Enron doesn't have time to wait until the generic
issues are resolved.)  Because the contract can be terminated however we
are uncomfortable with an open-ended certificate.  By rule, QF contracts
have to be renewed (rejustified) after five years if construction (isn't
begun or completed - I don't remember which).  We've taken the same
position by analogy except for a shorter amount of time with other
certificates, although I don't think we've officially had to take the
position.  (We told the Power Agency its certificate for this site was
too old, for example.)  We are leaning toward taking the position that
if the plant hasn't achieved commercial operation by November 30th (to
take into account the extra 30 days Vepco gives Enron to get rights to
capacity), unless excused, then the certificate expires and Enron will
have to rejustify it. We've discussed tying it to "significant
construction" having occurred, but anything other than commercial
operation is too subjective. We've also discussed having the certificate
become null and void, but thought that sounded too harsh and was perhaps
unfair if construction was well under way.  You may remember the
LG&E-Westmoreland Partners case, in which its first plant (ROVA I) gave
its QF host to a sister plant, with the first plant becoming an EWG (and
not a QF).  It basically had to rejustify its certificate and the
Commission reissued the certificate.  The construction of that plant was
well along at the time.

I hope to have a copy of our testimony to you early Thursday.  I know it
can take awhile to get through all the channels at Enron, but that's
probably as early as I can do it.  (I'll try for Wednesday p.m., but I
think that is too optimistic.)  We'd prefer to work things out or at
least reduce the degree and/or extent of any disagreements.  Please let
me know what Enron can or wants to do on the PPA, the option/lease, and
the creation of EDC. Supplemental testimony prefiled or done from the
stand would work on the latter two as would cross-examination.  For the
first one, we need a signed contract before the order goes out at the
VERY latest.  It would be nice to have it before the hearing..


Could we possibly RESCHEDULE the time for 2 pm (Sao Paulo) time?  There is
currently a four (4) hour time difference with Houston and we will need to
conference in several people.  Thanks.  Sara


Greg,

Transport Deals/Transport Model
OA
Relationships between systems (Tagg, Sitara, Portcalc, MetaCalc, Curveview,
Excel, Access, Pub Posting, TDS)

These are mostly basic.

DG

Greg Couch
04/17/2001 01:16 PM
To: Kam Keiser/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON, David
Baumbach/HOU/ECT@ECT, John Valdes/HOU/ECT@ECT, Martha Stevens/HOU/ECT@ECT,
Russ Severson/HOU/ECT@ECT
cc:
Subject: RE: Revival of the Risk brown bag sessions

Just a reminder to each of you that I requested this info by tomorrow.  I've
received only one response so far.

Let me know if you have questions.

Greg

---------------------- Forwarded by Greg Couch/HOU/ECT on 04/17/2001 01:13 PM
---------------------------

Greg Couch
04/10/2001 05:36 PM
To: Kam Keiser/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON, David
Baumbach/HOU/ECT@ECT, John Valdes/HOU/ECT@ECT, Martha Stevens/HOU/ECT@ECT,
Russ Severson/HOU/ECT@ECT
cc: Irena D Hogan/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT
Subject: Revival of the Risk brown bag sessions

I have decided to revive the risk brown bag training sessions.

I need, from each of you, a list of the topics you would like to see
covered.  I would like to see topics ranging from the most basic, up -
whatever you feel is necessary for your group.  Please provide these to me no
later than 04/18.  Feel free to offer anything.  Think about the concepts in
the training modules while you are compiling your lists.

Once I have the topics, I will work with you to arrange a logical order to
cover them in.  After that  Irena and I will set up a calendar, with
approximately one session per month.  I am targeting mid-May for the first
session.

The format of each session is up to the presenter, but a couple of
suggestions are: a short presentation followed by Q&A, or an open forum.
Each session will be led by one of you, a suitable substitute, Jeff, or I,
depending on the topic.  I will schedule, with your input and cooperation,
who will present each topic.

I am also sending this note to John and Russ.

John, I ask that you think about OA concepts that you feel will benefit the
risk group, help our personnel work better with your group, and help us
understand your duties better.  I would like for you to present at least a
couple of topics to us.

Russ, if you think there are Sitara issues that would benefit the group,
please let me know.

I am open to whether these sessions are mandatory or not.  My feeling is that
some should be and others (the ones of a more basic nature) should only be
mandatory for those people you feel need that month's subject matter.  Let me
know your opinion on this.

With a small investment of your time, I believe this will be an excellent
vehicle to get (and keep) topics of interest and training in front of your
people.

I look forward to receiving your lists.  Let me know if you have any
questions.

Greg


Updated questions and answers for Enron employees have just been posted to http://home.enron.com/updates/qa.html
We recognize that as active employees you have special concerns and questions related to Enron's bankruptcy filing.  We regret that we are not able to answer all of your questions as quickly as you deserve, but we are working to provide accurate responses to your most important questions about employee benefits, expense payments and so on.  We appreciate your patience as we continue to try to provide timely and reliable information to you.


BREAKING NEWS from CNN.com

-- "Significant new phase" involving combat forces under way in Afghanistan, senior administration official tells CNN. Details soon.

Watch CNN or log on to http://CNN.com /AOL Keyword: CNN for the latest news.
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each weeknight at 10 p.m. ET with Aaron Brown
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CNN Interactive email id:393520070224403


does tomorrow work?


Leslie -

There was a correction to the Reliant collateral annex that we made on Thursday afternoon after you had already left.  The "Rounding Amount" and "Minimum Transfer Amount" were both shown as $25,000 but should have been $250,000.

I made the correction to the electronic version and we have sent the revised hard copies to Reliant.  Please call me with any questions.

JRW


call when u can.  IOUs jointly filed w/PUC saying "no assignments."  Jeff


calendar
---------------------- Forwarded by Steven J Kean/NA/Enron on 04/20/2001
03:00 PM ---------------------------

Kelly Johnson
04/20/2001 09:47 AM
To: Steven J Kean/NA/Enron@Enron, Mary Joyce/Enron@EnronXGate
cc: Maureen McVicker/NA/Enron@Enron, Teresa Wright/Enron@EnronXGate

Subject: Special Comp Committee Meeting Notice - May 1st

Attached is a notice of special meeting of the Compensation and Management
Development Committee on May 1st at 3:00 p.m. until 5:00 p.m. This meeting is
addition to the April 30th meeting.


Neil,

I would like to apologize for the confusion regarding Anshuman.
We have floated a number of possible scenarios regarding his
trip to Houston and there was a lot of confusion
regarding the terms (given that I was talking to Sandeep
every few days).

Currently, we expect Anshuman to come   to Houston for one month
to work on the DPC  project (at Jeff Shankman's request). The lawyers advised
me that we need an L1  visa  for him, irrespective of the duration
of  his stay.

Sorry for the confusion.

Vincent Kaminski
Managing Director - Research
Enron Corp.
1400 Smith Street
Room EB1962
Houston, TX 77002-7361
Phone: (713) 853 3848
Fax  :  (713) 646 2503
E-mail: vkamins@enron.com


Art:

Here it is.  Hope all's well with you and yours.

Best,
Jeff

"The California Public Utilities Commission has a choice. It can adopt the
same, common sense natural gas policy for Southern California that,s been in
place for several years in PG&E's service territory and has worked very well
for consumers.  Or it can stick with the status quo, which the industry
agrees is at least partially responsible for bottlenecks and high prices in
California.  The proposed decision opts for the status quo.  That's not going
to solve California,s natural gas problems, and it,s likely to make matters
worse in California's electric industry."

	"Arthur O'Donnell" <aod@newsdata.com>
	11/30/2000 04:36 PM
	Please respond to aod

		 To: Jeff.Dasovich@enron.com
		 cc:
		 Subject: Re: FW: Bilas PD

Yes, email is fine. Sorry about rush; today is deadline. Keep it brief
and I'll hold space for you.
Arthur O'Donnell
California Energy Markets
(415) 824-3222, (415) 824-3223 [fax]


Thanks for making this time change.

----Original Message-----
   >From:      Brenda Flores-Cuellar/NA/Enron
   >To:          Thomas D Gros/NA/Enron@Enron; CN=Susan
Harrison/OU=HOU/O=ECT@ECT; CN=Brad Romine/OU=NA/O=Enron@Enron; CN=Carrie
Slagle/OU=HOU/O=ECT@ect; CN=James Whitehead/OU=Corp/O=Enron@ENRON; CN=Molly
Sumrow/OU=HOU/O=ECT@ECT; CN=Patrick Scales/OU=NA/O=Enron@Enron; CN=Kristin
Cantu/OU=Corp/O=Enron@Enron; CN=Douglas Fuehne/OU=NA/O=Enron@ENRON; CN=Tommy
J Yanowski/OU=HOU/O=ECT@ECT; CN=Mary Solmonson/OU=HOU/O=ECT@ECT; CN=Maria
Sandoval/OU=HOU/O=ECT@ECT; CN=Brenda Flores-Cuellar/OU=NA/O=Enron@Enron
   >Cc:          Maria Sandoval/HOU/ECT@ECT; CN=Patti
Thompson/OU=HOU/O=ECT@ECT
   >Bcc:
   >Subject:      CommodityLogic Weekly Team Mtg. Update
   >Date:     Wednesday, November 08, 2000 8:02 AM
   >
   >Notice -Meeting Change For Tomorrow Only
   >
   >The weekly CommodityLogic Team Meeting will take place tomorrow morning
   >(November 9th) at 10:00am in EB 32C2.  If you have any questions, please
   >feel free to contact me at x31914.
   >
   >Thanks,
   >Brenda
   >x31914


Please make sure that the Corp Planning requests come through me, Rod, or Stan before they go to Corp.  We need to make sure that Stan approves the numbers and is not surprised in Executive committee meetings, etc..

Thanks

Tracy

 -----Original Message-----
From: 	Kaster, Mei-Ling
Sent:	Friday, October 19, 2001 9:54 AM
To:	Schwarzbach, Stephen; Adams, Gregory
Cc:	Tran, Agatha; Geaccone, Tracy
Subject:	3CE

 << File: 3CE to Corp.XLS >>
Our 3CE numbers exclude Azurix but include Middle East, Margaux and E Power transferred from Europe.  We assume no gain/loss from disposition of assets.

Mei-Ling


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

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

Crude     http://www.carrfut.com/research/Energy1/crude21.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas21.pdf

Dec/Red Dec WTI Spread
http://www.carrfut.com/research/Energy1/clz2-clz3.pdf
April Heat Crack     http://www.carrfut.com/research/Energy1/heatcrack.pdf
April Gas Crack     http://www.carrfut.com/research/Energy1/gascrack.pdf
Feb Gas/Heat Spread     http://www.carrfut.com/research/Energy1/hug-hog.pdf
June Gas/Heat Spread
http://www.carrfut.com/research/Energy1/HUM-HOM.pdf
March Gas/Heat Spread
http://www.carrfut.com/research/Energy1/HUH-HOH.pdf
Feb/May Unlead Spread
http://www.carrfut.com/research/Energy1/HUG-HUK.pdf
April/Dec Crude oil Spread
http://www.carrfut.com/research/Energy1/clj-clz.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG21.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG21.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL21.pdf

Scott Mollner Recommendation
http://www.carrfut.com/research/Energy1/recom1-19-02.pdf

Mean Reversion Data on CL & Products Spreads
http://www.carrfut.com/research/Energy1/crude01-24-02.pdf


As well, when will positions be in this book?

 -----Original Message-----
From: 	McLaughlin Jr., Errol
Sent:	Wednesday, October 24, 2001 5:53 PM
To:	McIntyre, Burton; McClure, Zakiyyah; Velasco, Jennifer; Trevino, Susan
Cc:	Hernandez, Nancy
Subject:	BOOKREQUEST NG-X-OPTY.xls

Attached, please find the book request in response to Nancy's e-mail.  Please call w/ any questions.

Thanks,

Errol, X5-8274

 << File: BOOKREQUESTNG-X-OPTY.xls >>


Per his request, we weren't able to video Gary Hamel's presentation at the
Management Conference.  However, he was kind enough though to send along his
PowerPoint presentation -- I understand that he doesn't typically do this.  I
thought you would like to have it for your files.

Take care,
Terrie James
Sr. Director, Corporate Communication
Enron Broadband Services
713-853-7727 (phone)
713-646-8887 (fax)
terrie_james@enron.net
----- Forwarded by Terrie James/Enron Communications on 12/06/00 05:09 AM
-----

	greim@strategos.com
	12/05/00 01:43 PM

		 To: Terrie James/Enron Communications@Enron Communications
		 cc:
		 Subject: Gary Hamel's slide set

Hello Terrie,

I understand you were hoping to get a copy of Gary Hamel's Powerpoint slide
presentation.  It is attached.

Our apologies that it took so long!

Best to you,
Grace
650.851.2095


Guenther:

Thanks for the response.  I'll wait to hear from Richard Sage as to who owns
the information.
Only officers at the VP level or higher may execute binding contracts for all
Enron U.S. companies (bylaws).  I do not know the "rule" for non-U.S.
companies (although I suspect the articles of association would contain that
information).

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

	Guenther Klar
	02/16/2001 08:24 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Janine Juggins/LON/ECT@ECT, Richard Sage/LON/ECT@ECT, Denis
O'Connell/LON/ECT@ECT, Tana Jones/HOU/ECT@ECT
		 Subject: Re: Confidentiality Agreement with Scana

Sara

You are right about the tax issue - in fact, we are in the process of
replacing the UK directors and officers of Enron Credit Inc with US directors
and officers.

The entity that signs up to the confidentiality agreement ought to be the one
that owns the information to be supplied.  Based on conversations I have had
with Richard Sage, I had formed the impression that the owner of the
information was Enron Credit Ltd.  If this is right, we should pursue your
first suggestion.  Otherwise, given that the tax issue is being rectified and
this should therefore be an isolated incident, I think we can wear the tax
risk inherent in your second suggestion.  Though I do wonder whether an
officer of Enron Credit Inc, such as Richard Sage (currently), could sign,
rather than a director?

Kind regards

Guenther Klar


---------------------- Forwarded by Todd Peterson/ENRON_DEVELOPMENT on
03/06/2001 01:51 PM ---------------------------

Coralina Rivera
07/07/2000 05:55 PM
To: Todd Peterson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nancy
Corbet/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Daniel R Rogers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: Revised Draft Cabot Letter

My comments are redlined.

Thanks,

Coralina.

Nancy Corbet
07/07/2000 05:43 PM
To: Todd Peterson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Daniel R Rogers/ENRON_DEVELOPMENT, Rick
Bergsieker/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Wayne
Perry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Doug
Rotenberg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, masseye@arentfox.com, Coralina
Rivera/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kniemann@edisonmission.com

Subject: Revised Draft Cabot Letter

Further to Dan's meeting with Rick late this afternoon I have amended the
previous draft sent to Todd et al this morning .

 I have also included language to refute the claim made by Cabot that the
facility is "infirm"  because it is not capable of receiving at the contract
rate  during this commissioning period. Although there is no express
provision regarding commissioning rate in the contract , according to
industry practice the  rate at this time may be understandably  lower but
this does not give them the right to direct the vessel elsewhere as long as
we are paying demurrage. TODD , I AM ASSUMING THIS TO BE THE CASE, SO PLEASE
DELETE/MODIFY THIS PARAGRAPH IF THERE ARE RATE/ OTHER ISSUES OF WHICH I AM
NOT AWARE.

   Attached please find the draft which should, per Rick's instructions, be
sent to Cabot via fax Saturday morning in accordance with the notice
provisions of the LNG Sales Contract. I have not forwarded this revised draft
to EdisonMission. In the mean time any further comments should be directed to
Todd.
---------------------- Forwarded by Nancy Corbet/ENRON_DEVELOPMENT on
07/07/2000 05:10 PM ---------------------------

Connie Castillo
07/07/2000 05:07 PM
To: Daniel R Rogers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nancy
Corbet/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Revised Draft Cabot Letter


> A first grade teacher was having trouble with one of her students.   The
> teacher asked, "Johnny what is your problem?"
> Johnny answered, "I'm too smart for the first grade. My sister is
> the  third grade and I'm smarter than she is!  I think I should be in
> the
> third  grade too!"     The teacher had had enough. She took Johnny to the
> principal's
> While Johnny waited in the outer office, the teacher explained to the
> principal what the situation was.  The principal told the teacher he would
> give the boy a test and if he failed to answer any of  his questions  he
> was   to  go back to the first grade and behave. The teacher agreed.
> Johnny was brought in and the conditions are explained to him and  He
> agrees  to take the test:
> Principal: "What is 3 x 3?"
> Johnny: "9"
> Principal: "What is 6 x 6?"
> Johnny. "36"
>
> And so it went with every question the principal thought a third grader
> should know.      The principal looks at the teacher and tells her, "I
> think Johnny can  go  to  the third grade."
> The teacher says to the principal, "Let me ask him some questions?"
> The principal and Johnny both agree.
> The principal's eyes open really wide and before he could stop the
> answer,
> The teacher asks, "What does a cow have four of that I have only two
> Johnny, after a moment, "Legs.
> Teacher: "What is in your pants that you have but I do not have?"
> The principal's eyes open really wide and before he could stop the answer,
> Johnny replied, "Pockets."
> Teacher: "What does a dog do that a man steps into
> Johnny: "Pants"
>
> Teacher: "What starts with an 'F' and ends in 'K' that means a lot of
> excitement?"
> Johnny: "Fire truck."
> The principal breathed a sigh of relief and told the teacher, "Put Johnny
> in   the fifth grade, I missed the last four questions myself."
>
>
>


Ruth, Chris, & Fitz,

Frank Vickers has asked me to set up a meeting for us to discuss the Boston Gas situation - how we can restructure (upstream and/or downstream) the deal, what positions are struggling on the North American side, what is our current position, etc.   Ruth and Chris, the above-mentioned time is just a suggestion - Loftus and I are fairly flexible for the remainder of today and/or tomorrow - except 10:00 am and 2:00 pm tomorrow).  Please let me know if another time will work better for either of you.  Basically, we need you to please lay out for us some of the history behind the deal, address some of the issues mentioned previously, and help brainstorm how Loftus and I can go forward from this point.

Thanks very much for your help,

Jim Willis
ENA - East Gas Origination
(713) 853-7912
jim.willis@enron.com


---------------------- Forwarded by Sarah-Joy Hunter/NA/Enron on 12/12/2000
08:03 AM ---------------------------

Patrick_Tucker@enron.net on 12/08/2000 04:39:50 PM
To: shunter2@enron.com
cc:

Subject: Todays Meeting

----- Forwarded by Patrick Tucker/Enron Communications on 12/08/00 02:42 PM
-----
|--------+----------------------->
|        |          Dale Clark   |
|        |                       |
|        |          12/08/00     |
|        |          11:10 AM     |
|        |                       |
|--------+----------------------->

>----------------------------------------------------------------------------|

|                                                                            |
  |       To:     daniel_morgridge@hp.com,
gerry_cashiola@hp.com               |
  |       cc:     Patrick Tucker/Enron Communications@Enron
Communications,    |
  |       Matt Harris/Enron Communications@Enron
Communications                |
  |       Subject:     Todays Meeting
 |

>----------------------------------------------------------------------------|

Gentlemen:

Thank you for your time this morning. Patrick and I feel this call swayed a
bit
off track, and would like to make some corrections to the messages that were
delivered today.

Enron is looking for a much deeper and more strategic relationship with HP
than
a quick storage trade. We see  value in working to define a big picture which
both HP and Enron find rewarding. Ravi did a great job explaining our trading
model, so now you understand the role of the trading desk. Our job is to
uncover
how best to use the trading desk in whatever strategic structure we build
together.

As we are both Fortune 20 companies, we feel there is a world of opportunity
for
us together. Your internal initiative of "always on", fits well with our
bandwidth and storage on demand initiatives. We look forward to working with
you
to figure out the best way to put them all together.

***********************************************************

Dale Clark
Manager:  Enterprise Marketplace Solutions
Phone:   (503) 886-0493
Fax:  (503) 886-0441
Cell:  (503) 708-6909
dale_clark@enron.net


Hi Gregg,

Per your request:

See ya,

Kay

From: Gregg Penman on 10/20/2000 03:08 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Waiver

Kay - please review this letter and let me know if you think it needs any
edits.

Gregg
----- Forwarded by Gregg Penman/Corp/Enron on 10/20/2000 03:08 PM -----

	Mary Lynne Ruffer@ECT
	10/20/2000 01:00 PM

		 To: Gregg Penman/HOU/ECT@ECT
		 cc: Tracey Irvin/HOU/ECT@ECT
		 Subject: Waiver

Per our discussion...

Thanks!


D'Arcy, sorry I missed you last week. I am going to be down in Rio mid
November for some meetings with the S American team. Maybe we can have a
discussion then?

I would very much like to get your opinion.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 10/28/2000
12:31 PM ---------------------------

D'Arcy Carroll@ENRON
10/25/2000 04:30 PM
To: David W Delainey/HOU/ECT@ECT
cc: Monica Matias/SA/Enron@Enron
Subject: Re: CV - Ex-pat realocation

David, I am in Houston for meetings on Thursday afternoon and Friday, Oct
26-27.

Do you have 30 minutes for me for some discussion on commercial opportunities
in regards to electricity in Brazil, regional natural gas and crude oil and
products - including some perspective on our present execution capability and
competitive profile.

David W Delainey@ECT
10/20/2000 11:12 AM
To: David Oxley/HOU/ECT@ECT
cc: D'Arcy Carroll/SA/Enron@Enron

Subject: CV - Ex-pat realocation

David, can you point D'Arcy in the right direction in ENA or ESA.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 10/20/2000
09:11 AM ---------------------------

D'Arcy Carroll@ENRON
10/18/2000 04:14 PM
Sent by: Monica Matias@ENRON
To: David W Delainey/HOU/ECT@ECT
cc:
Subject: CV - Ex-pat realocation

I would like to introduce myself for consideration to working within your
respective groups, but also including some commercial ideas relative to the
South American region and elsewhere.

I would ask at your convenience for confirmation of your interest, or not,
and availability for meetings during the week of Oct 16th-20 in Houston.

I am available, in the meantime, to respond to any information you need,
including clarifying any of my experience at or prior to Enron.

Thank you in advance for any effort extended in my behalf.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/27/2000
12:17 PM ---------------------------

"Btu" <subs@btu.net> on 11/22/2000 03:57:15 PM
To: "Btu Weekly" <>
cc:
Subject: Btu Weekly

Attached is the latest issue of Btu Weekly.

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

 - wg112700.pdf