The meeting is in 3321.
 -----Original Message-----
From: 	Sanders, Richard B.
Sent:	Friday, October 26, 2001 11:47 AM
To:	Haedicke, Mark E.; Schuler, Lance (Legal); St. Clair, Carol; Murray, Julia; McCullough, Travis
Subject:

This will confirm that the meetings with Weil for Sat and Sun will begin at 10am. Mark wants the entire team to be present for the Sat meeting. We will decide after that meeting who needs to be present on Sun. I have sent Weil a number of materials, including the 3rd quarter results given to the analysts. We anticipate that Sat will be a lawyers only meeting to discuss the corporate structure and the bankruptcy issues related to the different business units. The meeting will probably last 4-5 hours.

The Sun meeting will include the commercial team. An agenda will be prepared, but most of the day will be devoted to information gathering and brainstorming.


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Date: Tue, 21 Nov 2000 15:51:32 -0600
To: VKaminski@aol.com
From: Carrie Miller <cmiller@rice.edu>
Subject: Re: ALP Proposal
Cc: castro@rice.edu
In-Reply-To: <2d.3c61319.2749fba9@aol.com>
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Vince,

I am on the road traveling right now and am just getting to check my
email.? Thanks for your messages.? The project idea looks great
-- it will be a challenging project for the students.? My only
request is that you follow you follow our sample format which is provided
in the brochure (there is a sample application) -- you can easily cut and
paste your description below into the standard format.? Please let
me know if you need the sample project and I can email it to you (it
should be with the brochure).

Thanks again for your interest in Rice and the ALP program.

Carrie Miller

At 10:59 PM 11/19/00 -0500, you wrote:

Carrie,

I am sending you, as promised, the draft of my proposal. Please, let me
know

if it meets your requirements. I shall be glad to revise it and send you
the

final version.

Vince Kaminski

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

**********

One of the most important trends in the energy industry during the last
year

was proliferation of electronic, Internet based, trading platforms for

wholesale markets and for retail operations. Websites such as

www.houstonstreet.com and
www.altranet.com
provide facilities for matching

buyers and sellers. The website operated by Enron Corp. (EnronOnline)

represents an alternative solution under which Enron acts as a principal in

every transaction. On the retail? side, many retail e-commerce companies

offering auctions, reverse auctions and platforms for creation of buyers? ?v

clubs challenge incumbent utilities. The objective of this project is to

evaluate the impact of e-commerce (both at the wholesale and retail levels)

on the energy industry. The study will start with comparative analysis of

different wholesale trading and retail e-commerce business models and

evaluation of their long-term viability. The next step will be assessment of

the impact of e-commerce on price dynamics, profit margins and the level of

competition in different energy markets. A separate section will be devoted

to analysis of reaction of companies and organizations affected by
e-commerce

(incumbent utilities, organized exchanges, energy brokers) to the new

competitive threat, and different strategies they implement to meet the

challenge. Organized exchanges have accelerated in many cases the transition

to screen-based trading that has been already replacing open outcry

technology. Power and natural gas marketers have created alliances (with

other industry players, software companies and electronic exchanges) to

create their own trading platforms. Gas and electric utilities embarked on

development of vertical and horizontal e-commerce platforms, offering

services to households and other companies in the energy industry. The

critical question is how quickly different companies should react to the

competitive threats and how fast they should exploit opportunities created
by

the Internet based economy. It's quite obvious that the Internet revolution

will change the energy industry's landscape during the next few years. The

objective of the project is to provide answers to the questions posed above,

based on the currently available information. Additionally, the participants

should come up with fallback strategies the energy companies should
implement

in case the currently? expected trends fail to materialize.

7e

======================================

Carrie Chamberlin Miller

Jesse H. Jones Graduate School of Management

Rice University

6100 Main Street, MS 531

Houston, Texas 77005-1892

Phone:? (713) 348-5260

Fax:? (713) 348-5251

E-mail:? cmiller@rice.edu

http://www.ruf.rice.edu/~jgs/


No problem Jeff.  Jennifer, could you please call me at (510) 981-3215 to
reschedule? Alternatively, my cell phone number is (510) 919-0042.

-----Original Message-----
From: Jeffrey.A.Shankman@enron.com [mailto:Jeffrey.A.Shankman@enron.com]
Sent: Wednesday, November 14, 2001 11:20 AM
To: lcraft@opt4.com
Cc: Jennifer.Burns@enron.com
Subject: RE: Opt4 Discussion/demo

Hi Laura,

I was just called into a meeting with Ken Lay, and Greg Whalley, the CEO
and President, respectively, of Enron at 3:00 pm central time.
Unfortunately we will have to reschedule our call.  I am copying my asst,
Jennifer Burns, on this, so she can facilitate our rescheduling the demo.

Thanks for understanding, and I look forward to speaking with you.

Jeff

    -----Original Message-----
   From:   Laura Craft <lcraft@opt4.com>@ENRON
   Sent:   Tuesday, November 13, 2001 12:00 PM
   To:     Shankman, Jeffrey A.
   Cc:     Robert Verratti
   Subject:  Opt4 Discussion/demo

   Hi Jeff.  Thanks to Jenne for the introduction. Bob Verratti tells me
   that
   we are confirmed for a call and web-ex demo at 1:30 Pacific tomorrow,
   Wednesday, November 14. I will call you at (713) 853-1761 and the demo
   will
   be directed to your email address. We have had extensive discussions
   about
   the Opt4 platform with Greg Whalley, Greg Piper, Jay Webb and a number
   of
   others at Enron and I look forward to having the opportunity to
   demonstrate
   it for you.  Although the Opt4 platform can be used for many purposes,
   its
   unique application is in the trading of customized (OTC style)
   derivatives
   for any underlying market. The platform itself  allows an infinite
   amount of
   deal customization which we have chosen to constrain through the use of
   "smart templates" each of which reflects a structure recognized and
   traded
   on the OTC.  Traders then specify all terms within the template and post
   bids, offers or RFQ's to the site. All activity on the site (both
   postings
   and trade match) are constrained by our "pre-permissioning" system which
   checks in real time the trade specific and portfolio VaR to assure head
   room
   limits would not be exceeded.   We have spent a year building out with
   BOTCC
   the first ever clearing interface capable of handling this level of
   trade
   customization.  All standard clearance and settlement services are
   available
   through our  strategic partnership with BOTCC.  The end result is a
   fully
   integrated solution bringing transparency and credit support to OTC
   markets,
   whether in emerging markets such as chemicals, weather, or steel, or in
   established commodity and financial markets.  Our target customers fall
   into
   three categories:  1) established exchanges wanting to expand into
   customized trades linked to their existing product lines, 2) dealers or
   market makers seeking to automate and expand their phone business, 3)
   B2B's
   wanting to offer risk management products to support their cash market
   trading. The attached documents are quite high level but may help to get
   you
   oriented before our call tomorrow. They include a brief description of
   the
   Company, product summary,  a synopsis of platform functionality and
   hosting
   services and a white paper on our proprietary permssioning and risk
   management systems. I'll look forward to speaking with you tomorrow.
   <<Trading Engine.pdf>>  <<Hosting and Ops.pdf>>  <<What is Opt4.pdf>>
   <<Risk White Paper.pdf>>

    - Trading Engine.pdf << File: Trading Engine.pdf >>
    - Hosting and Ops.pdf << File: Hosting and Ops.pdf >>
    - What is Opt4.pdf << File: What is Opt4.pdf >>
    - Risk White Paper.pdf << File: Risk White Paper.pdf >>

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


To Keith

$4676.18


Ellen:  When you have a minute, give me a call and let's discuss, especially
notice, assignability.  The BIG ENRON issue is limited liability (I have no
choice here).  Setoff can be compromised with credit's approval (Paul Radous
is credit).  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 11/01/2000 08:20 AM -----

	"Waskow, Andrew (OGC)" <AWaskow@exchange.ml.com>
	10/31/2000 06:33 PM

		 To: "'Sara.Shackleton@enron.com'" <Sara.Shackleton@enron.com>
		 cc: "Shin, Regina (OGC)" <Rshin@exchange.ml.com>
		 Subject: RE: Master Repurchase Agreement with Enron North America Corp.

Sara:

Thanks for the additional information and the recommended changes, each of
which we accept.

In order to accommodate the deletion of 9(b), we recommend revising your
number 6 to read as follows:

6. Substitution

 (a) Paragraph 9(b) is hereby deleted in its entirety.

 (b) Seller shall not retain custody of any Purchased Securities
under any Transaction governed by this Agreement.

NOTICES:  Your suggested language regarding notices is potentially
problematic.  Under the Paragraph 13 of the MRA, notices may made orally,
"to be confirmed promptly in writing....", and confirmation of delivery is
not expressly relevant.  The unquestionable ability to make oral margin
calls pursuant to Paragraph 4 is vital in fast-moving market conditions, and
was expressly included in the standard agreement to avoid any doubt as to
their validity.  In the default context (Paragraph 11), proof of delivery of
written notice is of no concern because the exercise of a party's rights
under that Paragraph is not contingent upon delivery of notice.  Notice must
be given "as promptly as practicable."  We believe that the proposed
language could cause confusion or uncertainty regarding the validity of oral
margin calls and would conflict with the operative provisions of Paragraph
11.  We therefore request deletion of your number 8.

NON-ASSIGNABILITY:  As we discussed earlier today, we have a general
aversion to assignments of repurchase transactions due to our regulatory
obligations as a broker-dealers.  For that reason, we must be free to
withhold consent to assignment with confidence that such withholding will
not be challenged as "unreasonable."  We therefore request deletion of your
number 9.

We are still reviewing your proposals regarding SETOFF and LIMITED
LIABILITY.  I will also have to review Section 5-1401 of the NYGOL before
commenting on that.

I look forward to the prompt completion of our negotiations.  Thanks again
for the information and recommendations.

Best regards,
Andy Waskow

> -----Original Message-----
> From: Sara.Shackleton@enron.com [SMTP:Sara.Shackleton@enron.com]
> Sent: Tuesday, October 31, 2000 6:22 PM
> To: awaskow@exchange.ml.com
> Cc: Ellen.Su@enron.com
> Subject: Master Repurchase Agreement with Enron North America Corp.
>
> Andy:
>
> In the spirit of "full disclosure", I thought I would let you know what
> ENA
> has agreed to on the ISDA side with various Merrill entities.
> ENA has ISDA's with Merrill Lynch International Bank (8/25/95), Merrill
> Lynch Capital Services Inc. (12/2/92) and Merrill Lynch International
> (8/25/95).
> There is no arbitration provision in any of these agreements; there is
> merely silence as to jurisdiction (ENA began negotiating arbitration
> around
> 1997).  All of these agreements contain our standard limitation of
> liability language (in boldface) and all permit some type of assignment to
> an affiliate (in general, without negative tax impact or with sufficient
> credit support).  All of the agreements provide for setoff (including
> affiliates of non-defaulting parties) and all contain confidentiality
> provisions.
>
> I would therefore propose the following changes to Annex I:
>
> change the margin deadline time to 10:00 a.m. (NY time)
> delete Par 9(b) - and you can send your additional no custody required
> language
> delete the arbitration provision in its entirety
>
> I hope that you can resond to the remaining issues tomorrow morning so
> that
> we can finalize docs by the afternoon.  Thanks for your assistance.
>
> Sara
>
>
>


Greetings:
Yesterday at the ISO several of us were successful in communicating the need
for a more diverse "Market Repair Team" that would include perhaps some
additional members and a "Stakeholder Advisory Committee".  We were also
successful in communicating our cost-benefit analysis and delaying the
immediate adoption of the team. The motion (approved 5-0) read:

Board of Governors Market Repair Team
MOVED, that the Board approve the concept of a Market Repair Team along the
lines described in the Florio memorandum of March 14, 2001, and directs ISO
management to provide a response to the proposal addressing among other
issues, issues of cost/ benefit, conflicts of interest, team composition at
the next Board meeting.

IEP, CMUA, SMUD, and Grid Services were all asked to submit some proposed
names by today to the ISO Management, please see below e-mail from Elaina:

Today during the Public Comment, you all indicated that you might have names
as potential members of the Advisory Group for the Market Repair Team.  It
is not clear at this point how the whole process will be structured, but we
have been asked to put together a proposed game plan including names for
potential members of the Advisory Group.  Please send them to me ask quickly
as you can:  Friday pm is what Chairman Kahn asked for.

We would like to be as responsive as possible to the request and have
thought of the idea of proposing someone that EPSA uses in a variety of
roles.  CMUA will also probably be proposing someone from their national
organization.  The name that has been suggested for IEP to submit is Craig
Roach of Boston Pacific consulting who has done extensive work for EPSA in
supporting a competitive market policy. There is more information on Dr.
Roach and Boston Consulting on their web site www.bostonpacific.com.  I
spoke with Julie Simon at EPSA this morning and she also gave him an
enthusiastic endorsement.

Another idea or an additional person to submit  would be an economist that
is involved heavily in California.  Since both Hogan and Joskow have
financial ties to market participants we may want to consider proposing our
own economist.  It is the plan to submit both names to the ISO as well as a
letter addressing the following:

1. Raise very gently the issue of potential conflict of interest, coupled
with cost/benefit analysis etc
2. Address structural issues, including how stakeholders will participate.
3. Propose more diversity for the Market Repair Team,
4. Propose a Stakeholder Advisory Group as a third box, and include
stakeholders, including a regional perspective like neighboring control
areas, and folks with operational and market experience

It is crucial that if this plan sends up any red flags for you that you get
back to me ASAP.  I will be sending this letter to the ISO this afternoon
after we get the logistics worked out.  IF you have problems with this
direction please supply additional names we can route with the group.  I
have talked to a few companies that were at the meeting yesterday and they
are comfortable but wanted to make sure everyone had a say.

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


State Regulations Forces Questar to Cancel Part of Southern Trails
Salt Lake City-based Questar Corp. went out to bid earlier this month on four new compressors to complete its conversion work on the east-of-California portion of its 705-mile Southern Trails Pipeline from the San Juan Basin to the Long Beach port area of Southern California. The portion of the converted oil pipeline between the California border and the Four Corners Area in New Mexico will open June 1 next year, a Questar spokesman said Monday.
It is unlikely the almost 300-mile portion of the former oil pipeline in California will be brought into natural gas service due to state regulatory provisions that make it uneconomic for prospect customers to leave their local supplier for part of their gas supplies. Questar currently is looking for optional uses and a potential buyer for that portion of the project.
Whether any of the pipeline's proposed 110 MMcf/d of supplies gets into California would depend on the takeaway capacity at the border and/or what a new operator on the California side might do with the pipeline, Questar's spokesperson said.


I just finished having lunch with Tobin and he filled me in a bit about this
morning's meeting.  I don't know how you reacted, if you were upset, etc.
but I wanted to offer this up if you were struggling with the situation.
Whatever happens and whatever is said about your move don't ever lose sight
of the fact that in every aspect of this situation you conducted yourself in
the best and most open manner possible.  In no way can or should your conduct
be called into question.  Bearing that in mind any criticism that was
expressed within the meeting this morning was beyond inappropriate.  I am
sure it reflected much more poorly on the accuser than it did any of those
being criticized.  Furthermore, just keep focused on what an incredible
opportunity this move is going to be for you and all of the doors it will
inevitably open.  There isn't a doubt in my mind that you are bound for great
things, you just have to seize the opportunities that will lead to that when
they come along (which is exactly what you've done).

Keep your chin up and whatever you do don't doubt yourself or your actions.


Vince,
Thanks for effort.  Let me know what we need to do on this end
Ted

Vince J Kaminski
11/10/2000 01:30 PM
To: Rick Buy/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Vasant Shanbhogue/HOU/ECT@ECT
Subject: VaR for EnronCredit.com

Rick and Ted,

It looks more like foxes building chicken houses as opposed to foxes guarding
chicken houses.

I shall send a message to Bryan saying that the Research has to look under
the hood and examine the mechanics
of the model in order to sign off on it. A dog and pony show is not
sufficient. In any case, the decision to approve
the model should not be left to Ben and Kirstee.

Please, let me know what your thinking is.

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/10/2000
01:31 PM ---------------------------

Bryan Seyfried
11/10/2000 03:20 AM
To: Vince J Kaminski/HOU/ECT@ECT, Steven Leppard/LON/ECT@ECT
cc: Ted Murphy/HOU/ECT@ECT
Subject: VaR for EnronCredit.com

Vince/Steve -- we are going to the Board in December to ask for formal
limits.  As you know one of the key limits at the Board level is Value at
Risk. To that end, it is imperative that you are comfortable with our
approach for calculating VaR.  We have implemented a third party risk system
which holds all of our positions and are in the process of putting the debt
positions in.  The system has a VaR engine which is being demo'd by the
vendor today.  Ben and Kirstee are attending the demo and if they find the
technology acceptable, I propose moving forward with implemantion of the
module.  Pls. let me know if this sounds reasonable and how you would
envision implementing.

thanks


DJ PG&E Says Won't Try To Escape Rate
                  Freeze For Now >PCG

                  Copyright , 2000 Dow Jones & Company, Inc.

                  SAN FRANCISCO (Dow Jones)--PG&E Corp. (PCG) won't try to
lift California's
                  state-mandated rate freeze before the end of the transition
to a deregulated market,
                  saying it wants to protect its customers from volatile
power prices, senior company
                  officials said Wednesday.

                       "We aren't moving at this time to end the rate freeze.
But that view might change in
                  the future," said a senior company official, who requested
anonymity.

                       PG&E invited reporters to its headquarters Wednesday
to discuss plans for repairing
                  a "not workably competitive power market" and several steps
the utility plans to file
                  with federal regulators to do that.

                       One proposal that is expected to be filed with the
Federal Energy Regulatory
                  Commission is a return to cost-based rates, where the price
for power would be
                  predetermined based on generation costs. The company wants
to temporarily put an
                  end to market-based rates.

                       The utility will also request that California's
independent system operator reduce the
                  wholesale power price cap to $100 a megawatt-hour from
$250/MWh.

                       Company officials said those steps would allow them to
recover billions of dollars in
                  unpaid power costs and would stabilize wholesale power
prices and protect retail
                  customers.

                       PG&E said generators would still be able to make a
profit on power sold in California
                  with the reduced cap, and the company doesn't believe the
state's power supply would
                  be in jeopardy from such an action.

                       -By Jason Leopold, Dow Jones Newswires; 323-658-3874;
                  mailto:jason.leopold@dowjones.com


Gerald, I got this but hadn't gotten it earlier in the week. There must
have been a problem with the e-mail connection.  I will ask Don Schultz
to contact you by tomorrow on this.  Thanks.

>>> <Gerald.Nemec@enron.com> 03/15/01 03:08PM >>>

----- Forwarded by Gerald Nemec/HOU/ECT on 03/15/2001 04:08 PM -----

                    Gerald Nemec

                                         To:
tbuffington@hollandhart.com
                    03/12/2001           cc:

                    03:53 PM             Subject:     Purchase Contract

Terry,  Attached is a typical form that was executed.   Specifically
Section 3.3 under which we will be curtail are takes from the Producers
and
any requirements to take pro rata from producers in Wyoming.  Thanks.
Any
possibility of getting feedback by tommorrow.  Thanks.

(See attached file: PetrogulfGPA1.doc)


Have we captured these dollars in our P&L?   Let's make sure we are getting
credit, if appropriate.

---------------------- Forwarded by Scott Neal/HOU/ECT on 08/04/2000 10:36 AM
---------------------------

Robert Superty
08/03/2000 04:02 PM
To: Sally Beck/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Brent A
Price/HOU/ECT@ECT, Bryce Baxter/HOU/ECT@ECT
cc: Molly Sumrow/HOU/ECT@ECT
Subject: CES Update

FYI - ongoing CES reconciliation. At this point we will be receiving app.
$5.4M (invoice sent on 7/27) with another $7.5M to be billed to them next
week.

Still more to come, for details read the attached from Molly.

Bob
---------------------- Forwarded by Robert Superty/HOU/ECT on 08/03/2000
03:52 PM ---------------------------

	From:  Molly Sumrow                           08/03/2000 03:47 PM

To: Robert Superty/HOU/ECT@ECT, Victor Lamadrid/HOU/ECT@ECT, Beverly
Beaty/HOU/ECT@ECT
cc:
Subject: CES Update

Attached is the current status of the CES reconciliation.  Please call me if
you have any questions.

Thank You,

Molly


Attached, in WordPerfect format, are the following documents, marked against
the comparable documents from McGarret C:

Series Certificate (258191)
Series Supplement (258196)
Drawdown Request (258198)
Total Return Swap Confirmation (258201)
Put Option Agreement (258202)
Put Option Assignment (258215)
Notice of Put Option Assignment (258218)
Second Amended & Restated LLC Agreement of McGarret IV (258239)
Second Amended & Restated LLC Agreement of Big Island IV (258206)
Receipt of Trust (258270)
Independent Auctioneer Letter Agreement (258302)
Am. No. 1 to Sale & Auction Agreement (258307)
Direction Letter to Owner Trustee (260012)

Please call or e-mail if you have any questions.

Muriel C. McFarling
Andrews & Kurth L.L.P.
1717 Main Street, Suite 3700
Dallas, Texas 75201
(214) 659-4461
(214) 659-4784 (fax)

Muriel C. McFarling
Andrews & Kurth L.L.P.
1717 Main Street, Suite 3700
Dallas, Texas 75201
(214) 659-4461
(214) 659-4784 (fax)

 - 260012.wpd
 - 258196.wpd
 - 258198.wpd
 - 258201.wpd
 - 258202.wpd
 - 258215.wpd
 - 258218.wpd
 - 258239.wpd
 - 258260.wpd
 - 258270.wpd
 - 258302.wpd
 - 258191.wpd


Let me know if you need anything else.


LA,

Can you look into the Transport piece?  We need similar numbers for Sep 2000.

D
---------------------- Forwarded by Daren J Farmer/HOU/ECT on 11/06/2000
11:06 AM ---------------------------

Patrick Wade
11/06/2000 09:56 AM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: zone transport, spot purchases

Daren - I'll call you about this at 10
---------------------- Forwarded by Patrick Wade/HOU/ECT on 11/06/2000 09:56
AM ---------------------------

Patrick Wade
10/31/2000 08:09 AM
To: kbarnett@aep.com, dkpenrod@aep.com
cc: Edward D Gottlob/HOU/ECT@ECT
Subject: zone transport, spot purchases

Doug - In addition to these files, we are finishing rounding up the employee
data that Stephen Thomas requested


Peggy Hedstrom will be out of the office from March 1 - 11 for vacation. Our
spring break week is March 13, so I have sent Peggy a note asking about
sometime the week of March 20 or 27.  I will let you know her reply and then
I would love to do a joint trip!

Wanda Curry
02/15/2000 04:25 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Re: Canadian Promotions/Trip

What a good idea.  I am in Canada today because of some changing of the guard
that needed to take place.  Could be persuaded to come with you when you
return.

Wanda


Kevin,

Ed is running a consulting firm in Boston that often tries to act as a boutique merchant bank.
He inquired if Enron could provide transmission hedges for the Neptune project.

Any interest. Please, feel free to contact Ed directly and let me know.

Vince

 -----Original Message-----
From: 	"Ed Krapels" <ekrapels@esaibos.com>@ENRON [mailto:IMCEANOTES-+22Ed+20Krapels+22+20+3Cekrapels+40esaibos+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, August 07, 2001 5:28 AM
To:	Vincent Kaminski \(E-mail\)
Subject:	Neptune

Dear Vince,

As you may know, FERC approved the Neptune transmission proposal on July 26
and the organizers (me among them) are now preparing to hold on open season
starting September 10 to sell 80 percent of the capacity on a firm basis. A
diagram of the system legs is on www.NeptuneRTS.com.

Some of the bidders in that open season will be gencos with little or no
experience in trading, some will be load-serving entities, some will be
power marketers.

There is likely to be interest in a Neptune hedge, and I wondered how we
could engage Enron in an exploration of its willingness to provide such
hedges. Essentially, bidders will be going long the various spreads (Nova
Scotia - New York, New Brunswick - Boston, PSE&G - Zone J, etc etc) and we
would like to encourage someone like Enron (I know there is no one quite
like Enron but you know what I mean) to be willing to offer transmission
hedges.

It may also interest you that FERC gave Neptune approval to hold 20 percent
of the capacity for sale in the short-term markets. We (the development
group) see that as a desirable exposure to these spreads for Neptune's
equity investors and are in the equity markets now securing a second tranche
of development capital, and will return in early 2002 for a sizeable amount
of permanent equity assuming the bids received in September - October yield
sufficient interest to finance the majority of the project in the debt
market.

That's the plan, the primary virtue of which is that the authorities have
allowed us to put it to a market test this fall. Let me know if you'd like
to pursue this. I will make similar initiatives to several other entities
later this week.

Ed

Edward N. Krapels, PhD
Director, Gas and Power Services
ESAI
www.esai.com
tel 781 245 2036

 - Notice.pdf


Gerald,
Please review and comment.
Thanks,
Greg
---------------------- Forwarded by Greg Brazaitis/HOU/ECT on 05/30/2001
09:07 AM ---------------------------

"Sanches, Freddy" <Freddy.Sanches@steagpower.com> on 05/25/2001 09:08:10 AM
To: "'greg.brazaitis@enron.com'" <greg.brazaitis@enron.com>
cc: "'hanshaws@paceglobal.com'" <hanshaws@paceglobal.com>
Subject: Guaranty Letter

Greg,
The attached file contains comments to the HPL Guaranty Agreement.  Please
review and let me know if the revisions are acceptable.

Thanks,

Freddy Sanches, P.E.
Vice President, Economics and Finance
STEAG Power LLC
Three Riverway, Suite 1100
Houston, TX  77056
(713) 499-1162  Direct
(713) 499-1167  Fax
(713) 569-4338  Mobile
freddy.sanches@steagpower.com

 <<HPL GUARANTY.doc>>

 - HPL GUARANTY.doc


Chris,

Yes, I mentioned it to both the US-editor and Robin.
They were very interested and I don't think there should be any problem
with this initiative.

I shall follow up with another message to Jane Locke and Robin Lancaster.

Vince

"Chris Strickland" <chris@lacima.co.uk> on 05/15/2000 06:00:00 PM
Please respond to "Chris Strickland" <chris@lacima.co.uk>
To: "Vince J Kaminski" <Vince.J.Kaminski@enron.com>
cc:
Subject: Re: Energy book and articles

Vince,

Thanks, I would be very interested to have a look.

My question was a bit vague - I meant to ask if you had spoken to the editor
about the series of articles?

Best regards.

Chris.

----- Original Message -----
From: Vince J Kaminski <Vince.J.Kaminski@enron.com>
To: Chris Strickland <chris@lacima.co.uk>
Cc: Vince J Kaminski <Vince.J.Kaminski@enron.com>
Sent: Tuesday, May 16, 2000 8:15 AM
Subject: Re: Energy book and articles

>
>
> Chris,
>
> Yes, I was a keynote speaker. I shall send you my presentation.
>
> Vince
>
>
>
>
>
>
> "Chris Strickland" <chris@lacima.co.uk> on 05/15/2000 06:31:14 AM
>
> Please respond to "Chris Strickland" <chris@lacima.co.uk>
>
> To:   "VinceJKaminski" <Vince.J.Kaminski@enron.com>
> cc:
> Subject:  Energy book and articles
>
>
>
> Dear Vince
>
> Thanks for your voice mail last week. Did you get  to talk to EPRM in
Houston
> last week?
>
> Best regards.
>
> Chris.
>
>
>
>
>
>
>
>


Any word on an executed CA??
Regards,
Pete

-----Original Message-----
From: Tana.Jones@enron.com [mailto:Tana.Jones@enron.com]
Sent: Thursday, July 13, 2000 7:22 PM
To: pgroetzinger@brentbroker.com
Subject: RE: BrentBroker Full Style

Thanks!.  I'll fax it back to you after it's signed.

                    "Pete Groetzinger"
                    <pgroetzinger@brentb        To:
<Tana.Jones@enron.com>
                    roker.com>                  cc:     "David Salomon"
<dsalomon@lab9.com>, <John.Pavetto@enron.com>,
                                                <Louise.Kitchen@enron.com>
                    07/13/2000 07:08 PM         Subject:     RE: BrentBroker
Full Style

Tana - I just sent the executed CA to your fax machine.

-----Original Message-----
From: Tana.Jones@enron.com [mailto:Tana.Jones@enron.com]
Sent: Wednesday, July 12, 2000 6:00 PM
To: pgroetzinger@brentbroker.com
Cc: Louise.Kitchen@enron.com; John.Pavetto@enron.com
Subject: Re: BrentBroker Full Style

Please find attached a copy of our proposed form of Confidentiality
Agreement.  Please call me if you have any comments or questions.  If the
agreement meets with your approval, please have an authorizied officer of
the company execute it and return the signed document to me at the fax
number below.  Thanks for your attention herewith.

I passed on your "regards" to Robbi Rossi.

(See attached file: brentbroker.doc)

Tana Jones
Paralegal
Ph:  (713) 853-3399
Fax:  (713) 646-3490

                    "Pete Groetzinger"
                    <pgroetzinger@brentb        To:
<tana.jones@enron.com>
                    roker.com>                  cc:
                                                Subject:     BrentBroker
Full Style
                    07/12/2000 05:01 PM

Tana -

The legal name is: Brent Broker.com LLC

I look forward to receiving your Confidentiality Agreement.

Regards,

Peter V. Groetzinger, COO
BrentBroker.com
One Riverway, Suite 2500
Houston, Texas 77056
USA
713.888.0500
www.brentbroker.com


Edmund:

(1)  I thought you said that there were specific transactions in the U.S. entities.  I need a list of trades booked in the names of Enron Credit Inc. and Enron North America Corp.

(2)  I need someone to walk me through the numbers appearing on the charts which you sent me.

(3)  I don't understand what happened with the Anker Coal position.  I know that London used that entity for the purpose of transferring this position to ECTEF Inc.

Sara

 -----Original Message-----
From: 	Cooper, Edmund
Sent:	Friday, December 07, 2001 12:56 PM
To:	Shackleton, Sara
Subject:	RE: Enron Credit Inc.
Importance:	High

 << File: ENA ECI ECTEF at 30 Nov 01.xls >>

 -----Original Message-----
From: 	Shackleton, Sara
Sent:	07 December 2001 18:26
To:	Cooper, Edmund
Subject:	Enron Credit Inc.

Edmund:

I have not received anything from anyone in London or anywhere else regarding positions, etc.

I did speak with a Weil bankruptcy lawyer and there were many issues especially with respect to ENA positions (and I don't know where the high value credit positions are booked).  They believe that we may have structuring issues working through London and not directly with a purchaser.

Can you send the information over here?

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490


Could you please put together a combined presentation : Enron's strategy and
the need for open access on the transmission system?
---------------------- Forwarded by Steven J Kean/NA/Enron on 05/24/2001
09:18 AM ---------------------------

"Steve Reynolds" <SREYNO@state.wy.us> on 05/23/2001 09:40:11 AM
To: <skean@enron.com>
cc: <sland@enron.com>

Subject: Wyoming Energy Commission subject

Steve, it was great to meet you and hear your remarks yesterday.  For the
speaking engagement next Wednesday, I would like you to focus upon the Enron
strategic model of virtual integration of market forces in the evolution of
energy development.  Wyoming represents a huge material resource base and the
commission is charged with the development and promotion of such.  But the
Governor's message is that we cannot see ourselves as producers and exporters
in the traditional sense.  We will continue to have the status of a colony if
we do not recognize the new dynamics of how these market places are
evolving.  If you set the stage with a presentation of Enron strategy, then
we will discuss how a state, with its agencies and auathority can play a role
in this evolution.  I have set your time for 45 minutes, which can include a
short Qand A period.  But your message can be as succint as you can make it
and get the point across.  You may have to present the Enron case a number of
different ways, but the Governor will give you latitude to make the point.
You will be welcome to participate in a following panel which will address
role playing by the state and the commission.  Plan to join us for lunch.  If
you need more detail, let me know.  Thanks!  Stephen


Mark, thanks for looking at the language.  Deleting the concept is fine.  If
you need another copy
of the draft, please let me know.

Thanks, Steve

Mark.Greenberg@enron.com wrote:

> Steve -
>
> I looked at the below language.  I guess I still have some concerns about
> the concept.
>
> Why don't we go back to your original suggestion and delete the concept
> entirely.  I am sure if either party believes strongly enough that a breach
> has occurred, it will pursue its available remedies.
>
> If this is acceptable, I will work off of the draft forwarded by Brenda and
> see if we can finalize a document for signature by Enron.
>
> Please let me know if this will work.
>
> Thanks.
>
> Mark
> Senior Counsel, ENA
> Phone:     713-345-8897
> Facsimile: 713-646-3940
> E-Mail:      Mark.Greenberg@enron.com
>
>
>                     Steve.Barry@s
>                     abre.com             To:     mark.greenberg@enron.com,
Brenda Crabtree
>                                          <brenda.crabtree@sabre.com>
>                     04/05/2001           cc:
>                     10:34 AM             Subject:     RESIDUAL KNOWLEDGE
PROVISION
>                     Please
>                     respond to
>                     Steve.Barry
>
>
>
> Mark, attached please find the proposed Residual Knowledge
> provision that we discussed.  If acceptable, please advise
> and I'll incorporate into the last version of the NDA.
>
> Thanks,
> Steve
>
> --
> CONFIDENTIALITY NOTICE
> This communication is intended solely for use by the
> addressee and may contain
> information that is privileged, confidential and exempt from
> disclosure under
> applicable law. Unauthorized interception of this
> communication violates the
> Electronic Communications Privacy Act of 1986. Any use,
> dissemination or
> copying of this communication other than by the addressee is
> prohibited. If you
> have received this communication in error, please
> immediately notify the sender
> and destroy the original and all copies of this
> communication.
>
> (See attached file: 1_Residual knowledge clause.doc)
>
>   ------------------------------------------------------------
>                                              Name: 1_Residual knowledge
clause.doc
>    1_Residual knowledge clause.doc           Type: Microsoft Word Document
(application/msword)
>                                          Encoding: base64
>                                   Download Status: Not downloaded with
message

--
CONFIDENTIALITY NOTICE
This communication is intended solely for use by the addressee and may contain
information that is privileged, confidential and exempt from disclosure under
applicable law. Unauthorized interception of this communication violates the
Electronic Communications Privacy Act of 1986. Any use, dissemination or
copying of this communication other than by the addressee is prohibited. If
you
have received this communication in error, please immediately notify the
sender
and destroy the original and all copies of this communication.

 - Steve.Barry.vcf


Letter to Board (created by Mary Clark/Corp/Enron on 2/7/2001)


JUST A REMINDER ABOUT THE BELOW INFO SESSIONS FOR TODAY!!!!!
---------------------- Forwarded by Amy FitzPatrick/PDX/ECT on 03/23/2001
12:18 PM ---------------------------

Amy FitzPatrick
03/22/2001 02:47 PM
To: Portland West Desk
cc:
Subject: Portland Job Opportunities

Listed below are several positions which may become available over the next
several months in the Portland office.  We will be holding information
sessions on Friday, 3/23 in Mt Hood.  Listed below are details regarding the
time of the information session, position, department and hiring manager.

Time Position   Department   Hiring Manager
10:00 Senior Specialist  Fundamentals Analysis  Tim Heizenrader
10:30 Specialist/Analyst  Real Time   Bill Williams III
11:00 Specialist/Senior Specialist Volume Management  Chris Stokley
12:00   Research Analyst  Renewable Power Desk Elliot Mainzer
2:30  Power Prescheduler  Scheduling   Cara Semperger

Please feel free to attend any of these sessions to learn more about the
available opportunities.

Attached are more detailed descriptions of the above mentioned positions.  We
will be considering internal candidates as well as external candidates for
the above positions.  If you are interested, please let Amy FitzPatrick know
no later than close of business Wednesday, March 28, 2001.


CALENDAR ENTRY:	APPOINTMENT

Description:
	Stan's Staff Mtg. Conference room EB49C2

Date:		1/8/2001
Time:		9:00 AM - 10:30 AM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


[IMAGE]
 Attention Fantasy Members! It's time to get an early start on that New Year's resolution. MVP.com is offering FREE Standard Shipping in our Fitness Shop until 1/17/02. Click here to see what we have to offer.   Save $.05 a gallon on the gas that keeps your car's engine clean. Click here  to apply online.  Win  a VIP Vegas Vacation! OR Win  $600 CASH!   Brought to you by   Sponsorship Bar You are receiving these e-reports because you have signed up for CBS SportsLine.com Fantasy Football.  To customize, reschedule, or turn off these reports please  click here    NFL Reports, Player Updates  [IMAGE]Latest NFL Player News  Jerome Bettis , RB PIT - El-Gato Updated 12/30/01 Bettis has been declared inactive for Sunday's game against the Bengals. Chris Fuamatu-Ma'afala will start in his place.   Jay Fiedler , QB MIA - Kar Bombs Updated 12/29/01 Fiedler has been added to Miami's injury report with a sore throwing elbow. He is listed as probable for Sunday's game against Atlanta, and is expected to start.  If you're desperate for a quarterback, Fiedler's matchup vs. the Falcons is a good one.   Steve McNair , QB TEN - Beegs Boys Updated 12/29/01 McNair was excused from practice on Friday due to a family illness. He is listed as questionable for Sunday's game against Cleveland, but he's expected to start.   Larry Foster , WR DET - Free Agent Updated 12/29/01 Foster (thigh) is expected to play in Sunday's game against Chicago. However, he is far too risky to start at this point in the Fantasy season.   Bert Emanuel , WR DET - Free Agent Updated 12/29/01 Emanuel (knee) is expected to play on Sunday against Chicago. However, he's too risky to start at this point in the Fantasy Football season.   Muhsin Muhammad , WR CAR - G money Updated 12/29/01 Muhammad (turf toe) will not play this week, and may miss the rest of the season. Isaac Byrd will likely start in his place again.    Seahawks  , DT SEA - G money Updated 12/29/01 CB Shawn Springs, who was suspended for the past four games, will not start on Sunday against San Diego. He may play a reserve role, however, but his playing time will likely be limited.   Todd Bouman , QB MIN - Free Agent Updated 12/29/01 Bouman will miss Sunday's game against Green Bay due to a thumb injury. Spergon Wynn will start in his place.   Spergon Wynn , QB MIN - Free Agent Updated 12/29/01 Wynn will start Sunday's game against the Green Bay Packers in place of the injured Todd Bouman. Wynn, who played in most of last week's loss to Jacksonville, is far too inexperienced to start this deep into the Fantasy season.   Drew Bledsoe , QB NE - El-Gato Updated 12/29/01 According to published reports, the Chicago Bears are interested in acquiring Bledsoe. With Tom Brady seemingly entrenched as New England's quarterback, it seems that Bledsoe has become expendable to the Patriots. The move would certainly improve the Bears' passing game, but no deals would likely be made until sometime in the spring.   Martin Gramatica , K TB - G money Updated 12/28/01 Gramatica has still not been ruled out for Saturday's game, although the Buccaneers have signed veteran kicker Doug Brien as insurance. Even if Gramatica can play, he will be a very risky Fantasy starter.   Warrick Dunn , RB TB - Perrito-style Updated 12/28/01 Dunn's status is day to day with a toe injury. He is expected to play this week, but Mile Alstott has been the most productive back on the team in recent weeks.   Michael Westbrook , WR WAS - El-Gato Updated 12/28/01 Westbrook's status is day to day with a knee injury. He is expected to play this week.   MarTay Jenkins , WR ARI - Free Agent Updated 12/28/01 Jenkins may miss his second consecutive game with an ankle injury this week. Arnold Jackson would replace him as Arizona's third receiver.  Brian Finneran , WR ATL - Free Agent Updated 12/28/01 Finneran is listed as probable with a knee injury. He is expected to play this week.   Tyrone Davis , TE GB - Free Agent Updated 12/28/01 Davis has been elevated to the No. 2 tight end slot over rookie David Martin. He will see a considerable amount of playing time now that he is healthy, because Green Bay employs many double tight end sets in the red zone.   Oronde Gadsden , WR MIA - Starboy Updated 12/28/01 Gadsden has been practicing this week and may be able to play. But his hamstring injury may limit his productivity.   Steve McNair , QB TEN - Beegs Boys Updated 12/28/01 McNair was limited in practice on Thursday. He is still expected to play this week, but he is a risky Fantasy starter because he will be less than 100 percent healthy.   Jimmy Smith , WR JAC - R-Diddy Updated 12/28/01 Smith (flu) has missed practice time this week. He is still expected to play.   Joe Horn , WR NO - Hurricanes Updated 12/28/01 Horn suffered a minor shoulder injury in practice on Thursday. He is expected to start this week.   Aaron Shea , TE CLE - Free Agent Updated 12/28/01 Shea (shoulder) has been placed on injured reserve. O.J. Santiago will continue to be Cleveland's No. 1 tight end while he is out.   Jason Brookins , RB BAL - Tacos Updated 12/28/01 Brookins has returned to practice and is listed as probable. But he still may not see any game action until Week 17.  Emmitt Smith , RB DAL - Hurricanes Updated 12/28/01 Micahel Wiley may miss this week's game with a hip injury. Smith is expected to appear on third downs this week as well as assuming his normal workload.   James Thrash , WR PHI - Perrito-style Updated 12/28/01 Thrash (ankle) returned to practice on Thursday. he is expected to play this week.   Wesley Walls , TE CAR - God Updated 12/28/01 Walls missed practice on Thursday with a knee injury. He may be a gametime decision this week.   Maurice Smith , RB ATL - Oper Error Updated 12/28/01 A banged-up Smith Toe/knee)  will continue to start for the Falcons. But Dan Reeves has indicated Rodney Thomas will continue to get some work at halfback.   Bob Christian , RB ATL - Free Agent Updated 12/28/01 Christian is day to day with a calf injury. He is expected to play this week.   Stephen Davis , RB WAS - Oper Error Updated 12/28/01 Davis (knee) has returned to practice. He is expected to start this week.   Todd Bouman , QB MIN - Free Agent Updated 12/28/01 Bouman took a few snaps Thursday but didn't appear to meet coach Dennis Green's "full strength" criteria for starting against Green Bay.   Spergon Wynn is likely to start Sunday, though coaches didn't discuss the issue after Thursday's practice. Bouman didn't participate in the team's morning walk-through, when players work on plays without fully suiting up. And during the portion of the regular practice that reporters were allowed to watch, Wynn took more snaps than Bouman. A trainer said Wynn continued to take more snaps later in the closed portion of practice.    Jerome Bettis , RB PIT - El-Gato Updated 12/28/01 Bettis, sidelined by a groin injury, returned to the practice field Thursday for the first time in a month. "Still questionable," coach Bill Cowher said. "He did more today. We'll see how he feels (Friday) and go from there. We'll take it day to day."   More Updates  Schedule, Breakdown  [IMAGE][IMAGE]  Copyright 2001 Commissioner.COM Inc and SportsLine.com Inc. Your site can be reached from http://fantasy.sportsline.com   FB10SP


---------------------- Forwarded by David W Delainey/HOU/ECT on 11/20/2000
10:26 AM ---------------------------

wcolwel@enron.com on 11/17/2000 12:56:27 PM
To: ddelain2@enron.com
cc:
Subject: Approval for reviewer

COLWELL,WESLEY  has suggested reviewers and submitted them for your
approval.  You may review/modify this list of reviewers by logging on to PEP
at http://pep.corp.enron.com  and going to Supervisor Services.  Please
remember, no feedback can be completed on COLWELL,WESLEY  until you have
approved the list.


OK.  It's done.  Got two places.  One sleeps 8 and is big and is where we can
have the party.  The other sleeps 6 and is very close by.  Right on the
beach, so surfing will be a must.  Who is on your list for invites so far?


Please confirm that the changes to change order #2 reflect NW's request.

Thanks,

Kay


I'll be reachable all afternoon at (713) 664-3207.  Please feel free to call
me.  Thanks.  Sara


Attached for your review is a draft of Transport Options filing that
incorporates the comments and suggestions I've received since last week.
Please provide any further suggestions/changes to me as soon as possible, but
in no case later than close of business, Friday, July 14.

The timeline I've discussed with TW Commercial for this project is as follows:

Final draft comments   Friday, July 14

Circulate draft to customers,
customer meetings, time for
customers to respond, informal
discussion with FERC   Mon. July 17 - Wed. July 26

Final internal review/edit of filing  Thursday, July 27

FERC filing    Monday, July 31

Please let me know your comments on this proposed timeline as well.  Thank
you.


---------------------- Forwarded by Don Miller/HOU/ECT on 12/04/2000 10:10 AM
---------------------------

"Tang, David" <dtang@Cinergy.com> on 11/30/2000 07:45:51 PM
To: "'don.miller@enron.com'" <don.miller@enron.com>
cc: "Whitehead, Robert" <rwhitehead@Cinergy.com>, "Hoyos, Sergio"
<sergio.hoyos@cinergy.com>, "Chaney, Tom" <tchaney@Cinergy.com>, "Vivar, Art"
<avivar@Cinergy.com>
Subject: Question 2

More Questions:

Both Plants

1.  What are the short term NOx and CO emissions during startups, and are
there limitations during start-ups.

2.  Are industrial stormwater permits required at either site?

Caledonia

3.  In Caledonia, what is the custom fuel sampling schedule?

Brownsville

4.  What is the agency's response to the Enron letter regarding the 2nd
stormwater NOV?

5.  Has there been any further action by the agency since the 1st stormwater
NOV was never responded to?

6.  One memo stated that the stormwater is channeled to a wetland.  Was that
during construction only or is it ongoing?

7.  Were there any further problems with the B T Readymix concrete dumping
issue?


Dear Richard Shapiro,

Thank you for shopping with 1-800-FLOWERS.COM.

The gift you selected  Mother and Child Diamond Pendant, is shipped via
Preferred Carrier . It will be delivered to Amy no later than 05/12/01.

The product you selected, Mother And Child Diamond Pendant, is shipped
Preferred Carrier . It will be delivered to Amy Lecocq on the date you
requested, 05/12/01, for an additional 10.00 Saturday Delivery fee. If you do
not want your order delivered on 05/12/01, please notify us today at
1-800-468-1141, 24 hours a day with an alternate delivery date.

Below is a summary of your order :

Recipient :
Amy Lecocq at:
78 Crowned Oak Ct.
The Woodlands, TX 77381

Order Summary :
Order number is 740701900.
Product : Mother And Child Diamond Pendant :    99.99
Service Charge        :   19.99
Tax(where applicable) :    8.70
Total Charge          :  128.68
Special Instructions  :Fri/Sat/Sun Acceptable

If you have any questions, please feel free to e-mail us at
customerservice@1800flowers.com, visit our online Customer Service Chat, or
call our Customer Service Department toll-free at 1-800-468-1141.

Sincerely,

Meredith McArdle
Director of Customer Service
1-800-FLOWERS.COM

Mother's Day is May 13th. Maybe your sister just had a baby and this is her
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grandmother, even a mother-in-law.  Click here to view our selection of great
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Larry,
?
How are things going?? Hope you didn't get  caught in the turbulent market
like I did.? I guess those stocks will be  long term investments.?
Anyway, a bunch  of?us (Karen, Roger, Viet, Chi, Grace?and me, and may some
others) are  planning a holiday dinner at Valone's on Sat. Dec. 23 about
7PM.? Would you  like to join us?

Regards,
?
Joe Jong
?
Thomason, Moser & Patterson, L.L.P.
3040  Post Oak Blvd. # 1500
Houston, Texas 77056
(713) 623-4844
fax (713)  623-4846
www.tmplaw.com
?
**CONFIDENTIAL INFORMATION**
This transmission  contains information from the law firm of Thomason, Moser
& Patterson,  L.L.P., which is confidential or privileged. The information is
intended to be  for the use of the individual or entity named on this
transmission. If you are  not the intended recipient, be aware that any
disclosure, copying, distribution  or use of the contents of this information
is prohibited. If you have received  this e-mail in error, please reply and
notify the sender (only) and delete this  e-mail. Unauthorized interception
of this e-mail is a violation of federal  criminal law.


TTotten@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List:

The NYISO is reserving hour beginning 17-20 in the July 13, 2001 Real-Time
market as well as the following hours per ECA20010608B to verify prices:

HQ:  11,20,23
NE:  11,20,23
OH:  11,20,23
PJM: 11,20,23

Prices in the July 14, 2001 Day-Ahead Market are correct.

This e-mail information is a copy of the official posting, which can be
found at the following address on our website:
http://mis.nyiso.com/public/htm/OperMessages/CurrentOperMessages.htm#mm


Sure.

	From:  Kay Mann @ ENRON                           09/11/2000 02:24 PM

To: Ben F Jacoby/HOU/ECT@ECT
cc:
Subject: Re: Change Order #3

Thanks.  I suspect I'll be in the loop on this one way or the other.  Do you
want me to send you emails so you know what's up?

Kay

Ben F Jacoby@ECT
09/11/2000 12:48 PM
Sent by: Ben Jacoby@ECT
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Change Order #3

Kay:

This needs to be handeled by Chris Calger's group. I think Bill Williams is
his point person (Chris will sign it, though).

Regards,

Ben

	From:  Kay Mann @ ENRON                           09/11/2000 12:27 PM

To: Ben Jacoby/HOU/ECT@ECT, Sheila Tweed/HOU/ECT@ECT
cc:
Subject: Change Order #3

---------------------- Forwarded by Kay Mann/Corp/Enron on 09/11/2000 12:27
PM ---------------------------

"Shoemaker, Kent (GEAE)" <kent.shoemaker@ae.ge.com> on 09/08/2000 04:25:33 PM
To: "Johnson, Lee L (PS, SSEP)" <lee.johnson@ss.ps.ge.com>,
"'chris.booth@enron.com'" <chris.booth@enron.com>, "'kay.mann@enron.com'"
<kay.mann@enron.com>
cc:

Subject: Change Order #3

Lee, Chris and Kay:

Attached is a draft of the Change Order #3 for the Las Vegas Cogen project.
Kay, I will be in Houston on Monday through Wednesday afternoon, but will be
busy most of Tuesday.  Lee had hoped that we could get together, or at least
talk, about this and the facility agreement and payment for Change Order #2.
How is your late Monday afternoon looking?

Kent

 <<Amendment Number 3.doc>>


The EES VaR for today is $11.1 million, up from yesterday's VaR of $8.2
million, due to the additional short positions added at NP and SP.   The VaR
will decrease once the short positions associated with the University of
California facilities are removed.


Caroline,
In order to try and meet your timing requirements on your other priority deal
I devoted my time at the end of last week to working on identifying
acceptable Anguillan counsel, getting them approved by Jim Derrick and
preparing a derivatives legal survey for counsel, which process can normally
take up to several weeks.  Please note my email sent Friday night for the
update on that project.  My comments on the latest Union Spring comments are
as follows:

With respect to item 1, I have made one slight modification for clarity, that
the new Manager be acceptable "to Party A".
With respect to item 2, I have further modified the tax representation to
conform it to the tax documents the counterparty is able to provide by
removing references to being able to transact from a location within the
United States.
With respect to item 3, I have agreed to their change.
With respect to item 5, we still require an opinion of counsel.
With respect to item 6, the changes are agreed to.
With respect to item 7, as I mentioned to you last time we spoke about Union
Spring, I cannot agree to their ERISA change.  Our outside counsel who is our
expert on these issues does not agree the change is acceptable.  We need a
citation to an applicable statute or regulation that would exempt the
arrangement  from the prohibited transactions prohibitions of ERISA.  You had
indicated you would get them to send their references to a code section so we
could have some new context in which to review the change.  As of now I have
not received any rational or code section references.
With respect to item 8, I have made the change.
All other marked changes not mentioned on the list were agreed to.

Attached please find a revised blackline draft of the Agreement which
incorporates Paul's and my comments.

Regards,
Brent Hendry

	Caroline Abramo
	03/30/2001 06:01 PM

		 To: Brent Hendry/NA/Enron@Enron
		 cc: Fred Lagrasta/HOU/ECT@ECT, Per Sekse/NY/ECT@ECT, Paul Radous/Corp/Enron,
William S Bradford/HOU/ECT
		 Subject: RE: Union Spring Fund Ltd. ISDA

hello???  brent- can you please look over and comment on erisa and outside
counsel issues and any others you have.. i want to rap this up monday... no
reason why this has to drag on....
---------------------- Forwarded by Caroline Abramo/Corp/Enron on 03/30/2001
06:59 PM ---------------------------
From: Paul Radous/ENRON@enronXgate on 03/30/2001 04:35 PM
To: Caroline Abramo/Corp/Enron@Enron, Brent Hendry/NA/Enron@Enron
cc:

Subject: RE: Union Spring Fund Ltd. ISDA

Caroline and Brent

My comments to items 1, 4, 9 and 10 follow:

1.  I am ok with Virginia's proposal
4.  Ok
9.  I would argue that Union Spring's position actually creates the
"administratively burdensome and somewhat silly" situation it nominally seeks
to avoid.  My suspicion is that Enron will not, in fact, always be holding
Union Spring's cash.  Please refer to the definition of "independent amount":

(A)  &Independent Amount8 means with respect to Party A, the amount specified
as such for Party A in each Confirmation, or if no amount is specified, zero
and means with respect to Party B the amount specified as such for Party B
which may be either increased or decreased from time to time in a
Confirmation, which amount as modified shall be the Independent Amount
applicable for all outstanding Transactions, provided, however, that in no
event shall Party B,s Independent Amount be less than $100,000 if there are
any outstanding Transactions

Further, Paragraph 3 determines the amounts of collateral to be exchanged.

So, if Enron was out of the money more than the Independent amount, all of
Union Spring's money will be returned.  As the transaction moved further in
Union Spring's favor, Enron could be called on to post margin.  Assume the
independent amount is $200,000 and Enron was out of the money $230,000.
Under Union Spring's $10,000 transfer rounding proposal, Enron would post
$30,000.  Under Enron's proposal, Enron would post $100,000.  Day 2 the
exposure increases to $240,000.  Under Union Spring's proposal, Enron would
need to post another $10,000.  Under Enron's proposal, no exchange of cash
would be warranted until another $100,000 of exposure had accumulated.  It is
precisely because Enron wants to avoid exchanging nominal amounts of cash
that we want the rounding amount to be $100,000.

10.  We can increase the guaranty amount to $10MM.  Given the expected
positions with Union Spring, we don't anticipate that they would ever have a
value at risk in excess of this amount.  As you know, Corp. will not provide
an unlimited guaranty....
 -----Original Message-----
From:  Abramo, Caroline
Sent: Thursday, March 29, 2001 11:40 AM
To: Hendry, Brent; Radous, Paul
Subject: RE: Union Spring Fund Ltd. ISDA

can we talk about this asap..
thanks,
ca
---------------------- Forwarded by Caroline Abramo/Corp/Enron on 03/29/2001
12:39 PM ---------------------------

Virginia Loebel <VLoebel@WILLOWBRIDGE.COM> on 03/29/2001 11:00:55 AM
To: "'Caroline.Abramo@enron.com'" <Caroline.Abramo@enron.com>
cc: Michael Franko <MFranko@WILLOWBRIDGE.COM>

Subject: RE: Union Spring Fund Ltd. ISDA

O.K. Caroline, I think we're just about finished with this.  I've marked the
attached Annex and Schedule and hope the changes are acceptable.  You will
see that we've accepted virtually all of the changes your counsel had made
to the last draft as well as the new language that he inserted.  There are a
few points that needed further clarification due to the additional new
wording as well as some clean up where previously agreed changes did not
appear in the document.

A very short re-cap:

1. Since you requested we specifically mention Phil's continued
involvement, we've added language to the "Additional Termination Events"
that allows for an acceptable replacement manager.  This would provide Enron
an out and also allow Phil to sell the company without all positions going
into immediate termination.  I think it gives you the flexibility you
require while still giving us a little room.

2. We agreed to all the new tax reps you inserted

3. We've deleted reference to providing W8-ECI - this is not applicable
for us.  We will provide the W8-BEN

4. We had previously agreed that audited annual financials would be
available within 150 days versus 120 as in the document.

5. Regarding request for legal opinion.  In the past, we've provided
copies of our constituent docs. showing we're allowed to enter into these
types of trades.  This has always been sufficient in the past.  We estimate
the cost for an off-shore legal opinion to be around $5,000.

6. We generally accepted the changed wording in Eligibility, but
deleted the reference to Commercial Entity - we are not a Commercial Entity
that uses the underlying product of the trade - like a utility company or a
refiner.

7. We need to make the ERISA change previously requested.  As written
it does not allow even $1.00 of ERISA assets - and we do have these.

8. As requested, we've added Phil's name as the Manager

9. Regarding the Annex, we've accepted the Initial Amount required, but
need to discuss the Minimum Transfer Amounts and Rounding - as written, if
we (or you), owe $10, we (or you) must wire $100,000.  This seems both
administratively burdensome and somewhat silly - especially in light of the
fact that for your part, you will always be holding at least $100,000 of our
cash.

10. Regarding the Enron guarantee - thanks for making some of the
changes.  I see that the guarantee remains limited to $2 mio., which is
something we can live with and will just keep it in mind as we book trades.

Let me know your thoughts,

Virginia M. Loebel
 <<ENRON ISDA 3.DOC>>

 -----Original Message-----
 From: Caroline.Abramo@enron.com [SMTP:Caroline.Abramo@enron.com]
 Sent: Friday, March 23, 2001 10:30 AM
 To: vloebel@willowbridge.com
 Subject: Union Spring

 V- give me a call at your convenience
 212 702 3910
 Thank you for your comments.  I am attaching a revised blackline
copy of
 the Schedule to the ISDA Master and Paragraph 13 to the Credit
Support
 Annex for your review.  Many of your comments were incorporated
either
 wholly or partially or otherwise modified as a suggested compromise.
 Please let me know if you have any other comments or questions.
Please
 call me if you would like an explanation of why Paragraph 6(h) of
the
 Schedule is included.

 (See attached file: 073a ctr (Union Spring - Hedge Fund).doc)

 Regards,
 Brent Hendry
 Senior Counsel
 Enron Wholesale Services
 1400 Smith Street
 Houston, Texas 77002
 Phone:    713 853 7124
 Fax: 713 646 3490

  << File: 073a ctr (Union Spring - Hedge Fund).doc >>

 - ENRON ISDA 3.DOC << File: ENRON ISDA 3.DOC >>


As you have probably observed, power markets have been severely tested this
summer.  There are many underlying causes (demand growth driven by a strong
economy, failure of regulators to quickly grant applications for new
generation, inadequate access to the grid, rate regulation which continues to
insulate end users from real time price signals, etc.).  But, the soundbite
on these troubles has been that deregulation has led to problems on the
grid.  The knee jerk policy response has been price caps and other threats of
re-regulation.

At the upcoming advisory council meeting, Ken and I were hoping that the two
of you could discuss the issue and help put it in perspective:

How great of a threat is re-regulation.
How might we respond.
How likely is this issue to play a significant role in election politics?


Sally asked that I forward the detail of the "killed" EOL transactions to
both of you.  We have emphasized the importance of stressing to our customers
that a deal transacted via EnronOnline is a binding/legal transaction, but we
have continued to see a few of these deals occur.  In summary, we have had a
total of 33 killed transactions since inception, the majority of which have
been with Aquila (5), Koch (8), and internal trades (13).  Obviously, the
ones that concern us the most are those transactions with third parties, and
most of these have been due to claimed web latency and transactions not
appearing on the customer's summary report.  It is important to stress to the
Commercial team that the way to "get out of a trade" is to do an offsetting
trade or have our Legal Dept prepare a termination agreement.  Please feel
free to pass my name on to your respective groups as a point of contact to
work with Legal in the case of a terminated deal.

Feel free to call me with any questions (x36557).

Sheri


Thanks for the memo.  I think the transaction makes a lot of sense.   Mark


---------------------- Forwarded by Lorraine Becker/HOU/ECT on 12/15/2000
02:05 PM ---------------------------

From:  Bob Shults
12/15/2000 12:09 PM

To: Mark Taylor/HOU/ECT@ECT
cc: Michael.bridges@enron.com, Andy Zipper/Corp/Enron@Enron,
Lorraine.Becker@enron.com
Subject: Power Merchants LOI

Attached is a copy an LOI for Power Merchants please review and if ok give to
Lorraine Becker so that she can forward to Power Merchants.  Thanks


Team,

We need to push forward on the next phase of the pricing model.  I sense that
we have lost some momentum so we need to pick it back up.

Enron needs to shed some of the risk of this deal in order to be able to do
more of them.  I think the insurance market is a great platform to accomplish
this.  I think our success potential is high as long as Enron is in a first
loss position and pro-rata loss for the balance.  However, I am not confident
that the insurance industry will be able to work up a meaningful offer.  My
solution is to calculate a bid for their services.

The loss I am trying to protect is associated with a bankruptcy process where
Enron seeks to gain control of the underlying asset and/or its liquidation.
I propose that the trigger for an insurance pay-out would be the sale of the
underlying project to a third party in a liquidation scenario for the benefit
of creditors (i.e. EPMI).

I would like to price a structure where EPMI takes the first $50/kw of Loss
and 10% of the balance.  Loss will be defined as Par amount of debt
outstanding plus Net Amounts owed EPMI less sale proceeds from plant.  Net
Amounts owed EPMI will include the net amount of MTM and accrued index
payments owed EPMI under both the Financial Buy and Financial Sell contracts
as of the date of sale.  For purposes of this analysis lets assume initially
that Net Amounts are $0.

One way to price this product would be as a put option of 90% (100% - 10%) of
the MW of the plant at a price equal to par amount of debt less $50/kw.  I am
open to other ideas.

I expect results to be presented in the form of reduction of the put premium
( equity's option to put plant to EPMI) that we have been calculating to date.

It is also essential that we update the pricing models to reflect different
start and end dates and different strike price calls for each year.

regards,

Don
3-4750


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Friday, November 23, 2001
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NATIONAL
=========================
U.S. Airport Task Starts With Staff

As the government takes over the nation's screening system,
experts say it will take more than higher salaries to turn
the screening process around.
http://www.nytimes.com/2001/11/23/national/23SCRE.html?todaysheadlines

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Breaking Law or Principles to Give Information to U.S.

Professionals in many fields are re-evaluating long-held
precepts of confidentiality in light of the terrorist
attacks of Sept. 11.
http://www.nytimes.com/2001/11/23/national/23LIBR.html?todaysheadlines

-----

U.S. Hunting Antiviral Drug to Use in Case of Smallpox

Government scientists are conducting studies to find out
whether any existing antiviral drugs  will work against
smallpox.
http://www.nytimes.com/2001/11/23/national/23POXD.html?todaysheadlines

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INTERNATIONAL
=========================
U.S. Hits Caves in bin Laden Hunt; Battle Rages in North

The American military continued its systematic hunt for
Taliban and Al Qaeda leaders in Afghanistan by working down
a target list of cave networks.
http://www.nytimes.com/2001/11/23/international/asia/23MILI.html?todaysheadlines

-----

NATO Plan Offers Russia Equal Voice on Some Policies

The NATO secretary general proposed Thursday to give Russia
equal status with the alliance's 19 permanent members in
devising and executing some policies.
http://www.nytimes.com/2001/11/23/international/europe/23NATO.html?todaysheadlines

-----

In Skirmish, Bold Rebel Attack Swerves to Retreat

Troops of the Northern Alliance scrambled away in sudden
retreat Thursday after launching a misbegotten attack
against a stubborn Taliban stronghold.
http://www.nytimes.com/2001/11/23/international/asia/23BATT.html?todaysheadlines

-----

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BUSINESS
=========================
Chase and J. P. Morgan's Paper Anniversary

One year after J. P. Morgan and the Chase Manhattan
Corporation merged, the money-making opportunities that
were supposed to justify the union have largely dried up.
http://www.nytimes.com/2001/11/23/business/23BANK.html?todaysheadlines

-----

Owner of Casual Corner Chain Seen in Deal for Brooks
Brothers

Brooks Brothers, the retailer of classic American men's
wear, is close to being sold to the owner of the Casual
Corner women's apparel chain for about $225 million.
http://www.nytimes.com/2001/11/23/business/23SHOP.html?todaysheadlines

-----

Fuel Targets for Sport Utilities Pose Difficulties for
Automakers

Some auto executives are casting doubt on whether Ford's
fuel economy goal set last year  a 25 percent improvement
by 2005  can be met.
http://www.nytimes.com/2001/11/23/business/23AUTO.html?todaysheadlines

-----

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TECHNOLOGY
=========================
Cyberspace Seen as Potential Battleground

Government officials are warning that cyberattacks are
likely as retribution for the United States campaign in
Afghanistan.
http://www.nytimes.com/2001/11/23/technology/23CYBE.html?todaysheadlines

-----

Attacks at Hubs Could Disrupt Phone Lines

Public safety experts and telecommunications executives are
growing increasingly concerned about the possibility of
attacks on the telephone system.
http://www.nytimes.com/2001/11/23/technology/23PHON.html?todaysheadlines

-----

What Did You Do Before the War?

New fears and new data tools are yielding a boom in
background checks -- even after you're hired.
http://www.nytimes.com/2001/11/22/technology/circuits/22CHEC.html?todaysheadlines

-----

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POLITICS
=========================
Inquiries Into Failures of Intelligence Community Are Put
Off Until Next Year

Congressional leaders have agreed to delay until next year
any major investigation into the government's failure to
stop the attacks on the World Trade Center and the
Pentagon.
http://www.nytimes.com/2001/11/23/politics/23INTE.html?todaysheadlines

-----

Saudi Says Bush's Words May Soothe Arab Feelings

Saudi Arabia's foreign minister said he was "very much
encouraged" by statements from the Bush administration on
reviving the quest for Middle East peace.
http://www.nytimes.com/2001/11/23/international/middleeast/23SAUD.html?todaysheadlines

-----

Utah G.O.P. Endangers a Democrat

Because of redistricting, Jim Matheson, a Democratic
representative from Salt Lake City, could be swept out of
Congress by next year.
http://www.nytimes.com/2001/11/23/politics/23UTAH.html?todaysheadlines

-----

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SPORTS
=========================
Lions Once Again on Short End in Long Season

The Lions made up all but 2 points of a 16-point deficit in
the final seven minutes with two touchdowns and a 2-point
conversion, before Green Bay survived with a win.
http://www.nytimes.com/2001/11/23/sports/football/23LION.html?todaysheadlines

-----

A Town Where Football Is the Glue and the Hope

Glades Central High School in tiny Belle Glade, Fla.,
provides football stars at all levels of the sport and
gives solace to a poor, rural town where football occupies
a complicated social position.
http://www.nytimes.com/2001/11/23/sports/ncaafootball/23BELL.html?todaysheadlines

-----

A Competitor Who Withdrew From the Game

Leon Gray, a former offensive tackle for the Patriots,
abruptly left football in 1983 after a distinguished
11-year career. For the rest of his life, he performed a
similar disappearing act in the lives of family and
friends.
http://www.nytimes.com/2001/11/23/sports/football/23GRAY.html?todaysheadlines

-----

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ARTS
=========================
Lifting the Veil on a Far-Off World

Several new releases  by Iranian filmmakers coincide with  a
surge of American interest in anything having to do with
Islam and the Middle  East.
http://www.nytimes.com/2001/11/23/movies/23ISLA.html?todaysheadlines

-----

Pop Embraces the Teleconcert

No longer just a pleasure sneaked in   between talk show
segments, popular music on television  finds other ways to
thrill.
http://www.nytimes.com/2001/11/23/arts/music/23POWE.html?todaysheadlines

-----

The Timeless Spell of Empire

"Eternal Egypt: Masterworks of Ancient Art   From the
British Museum" at the Brooklyn Museum of Art is a somberly
 beautiful exhibition.
http://www.nytimes.com/2001/11/23/arts/design/23SMIT.html?todaysheadlines

-----

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NY REGION
=========================
A Parade Steeped in Pageantry, With a Core of Patriotism

The 75th annual Macy's Thanksgiving Day Parade was partly
transformed by patriotic pomp and recast as an affirmation
of New York's resilience in the face of tragedy.
http://www.nytimes.com/2001/11/23/nyregion/23PARA.html?todaysheadlines

-----

An Exhaustive Search for Clues, Down to an Anthrax Victim's
Hairpins

F.B.I. agents and health officials spent Thanksgiving Day
poring through the Oxford, Conn., home of Ottilie W.
Lundgren, who died of anthrax on Wednesday.
http://www.nytimes.com/2001/11/23/nyregion/23ANTH.html?todaysheadlines

-----

Disaster Gives the Uninsured Wider Access to Medicaid

The need for health coverage is a vexing old problem that
has become much worse since Sept. 11.
http://www.nytimes.com/2001/11/23/nyregion/23INSU.html?todaysheadlines

-----

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OP-ED
=========================
Terrorist Software
By THOMAS L. FRIEDMAN
For Americans, Osama bin Laden is a mass murderer. But for
many young Arabs, bin Laden, even in defeat, is still Robin
Hood.
http://www.nytimes.com/2001/11/23/opinion/23FRIE.html?todaysheadlines

-----

Bravery at Home
By JEAN S. ARBEITER
President Bush says veterans should talk to children about
World War II. A fine idea, but those of us who were
children during that war have something to tell, too.
http://www.nytimes.com/2001/11/23/opinion/23ARBE.html?todaysheadlines

-----

We Have the Right Courts for Bin Laden
By HAROLD HONGJU KOH
If we should capture Osama bin Laden or his accomplices in
the days ahead, where should   we try them?
http://www.nytimes.com/2001/11/23/opinion/23KOH.html?todaysheadlines

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Harry:

Just give me or Steve Herrup a call and we'll get moving on the options.  My
number is 212 469 5673   - if I am not around Steve is at 212 469 5955.

Regards,

Nicholas

Nicholas Mayes Sopkin
Structured Transactions
Phone: 212 469 5673
Fax: 212 469 5630

Harry.Arora@enron.com on 12/04/2000 10:31:48 AM

To:   nicholas.m.sopkin@db.com, William.Stuart@enron.com,
Tina.Livingston@enron.com
cc:
Subject:  Option settings in structured note

Nick

Hope things are going well.

In the next few days we need to do two things.

1. Set the termination value of the existing options
2. Set the terms for new options for the next year.

Since the option is cash settled and not settled with actual currency
payments, while we need actual currency exchanges to mitigate our risk, we
would like to talk to you to manage that.

We also need to spend a few minutes, on the structure of the next set of
options, to ensure a good execution.

When you get  a chance give William Stuart ( 713-853-1507) our ccy trader
or myself (713-853-6750) a call, or point us in the right direction.

Thanks

Harry


As per Fred's suggestion it is much better to buy from TEP at Springerville rather than PV.  It is less costly to bring it home.  The tag is much shorter but should be an easy modification from the one we usually use when we buy from TEP.  Also this causes fewer problems for both TEP and EPE dispatchers.

Thanks,

Ryan


I think Denis is going to come over and cook at my crib before the game (or
before we go out to tailgate in the late afternoon). We can concelebrate
game day with Bourge's and Gooch's B'day (both this week). If anyone wants
to come over and eat, drink, and watch other good games on TV, please let
me know so that I can plan for it. Let 's say it will start at Noon, with
food to be ready around 1-2 o'clock, and beer to be ready all day. I figure
we can go to campus around 4-5pm......anyone interested?

Ross F. Berthelot
Underwriter
Commercial Real Estate
Ph:   (225) 332-4252
Fax: (225) 332-3154

This transmission may contain information that is privileged, confidential and/or exempt from disclosure under applicable law. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or use of the information contained herein (including any reliance thereon) is STRICTLY PROHIBITED. If you received this transmission in error, please immediately contact the sender and destroy the material in its entirety, whether in electronic or hard copy format. Thank you.


Friends and Co-Workers:

You are hereby cordially invited to a pre-holiday office lunch this Thursday at approximately 11:30 a.m, courtesy of the Trading Attorneys.

LEGAL NOTICE:  Christian Yoder and Steve Hall (hereinafter "we" or "our" or "us" ) intend to pay for the food (which will probably, but not necessarily, be pizza and salad) with post-petition Chapter 11 salary dollars that have already cleared our respective individual bank accounts and, therefore, by joining us in the meal ("Lunch") you will not be exposed to any retroactive claw-back risk by way of the Cash Account Committee.  We are also investigating the possibility of providing a limited quantity of a certain kind of beverage ("Beer") under a provisional waiver of the defunct pre-petition Company's drinking policies, subject to approval by the Estate's Liquor Control Board which is being sought on an expedited basis.

We feel like making this modest holiday gesture for several reasons:

1.  It has been a pleasure working with you all during the past year.
2.  We are optimistic about this office's prospects in the upcoming year.
3.  American Express forgot to cancel our Corporate Cards.

We hope you will join us for a free lunch as we look forward to a prosperous New Year.

Christian and Steve


Here's the final liquids descriptions!
---------------------- Forwarded by Tana Jones/HOU/ECT on 09/03/99 04:05 PM
---------------------------

Awais Omar
09/03/99 02:12 PM
To: Tana Jones/HOU/ECT@ECT, Steven J Kean/HOU/EES@EES
cc:
Subject: Re: EnronOnline Market Descriptions

Tana, Steven,  here are the last three descriptions

Steven I have a special favour to ask.  All the descriptions were written by
the commercial groups and they are a bit scanty on regulatory in places.
The following descriptions need some attention which I would appreciate if
someone from your dept could give.

LPG  This is missing a complete section.  Is it possible to insert a couple
of paragraphs here.
US Nat Gas A have written this anfroma alot of material I got fromt he
group.  However I still feel the reg section is more of a historical
recounter than a statement of the current environment.  The last paragraph
mentions about the reg bodies for LDC's.  Is it possible to add a little bit
more on the current reg bodies and regulations themselves.

Thanks

Awais

---------------------- Forwarded by Awais Omar/LON/ECT on 03/09/99 19:57
---------------------------

Awais Omar
03/09/99 18:34
To: Steven J Kean/HOU/EES@EES
cc:
Subject: Re: EnronOnline Market Descriptions

Steven,

attached in the document are the next four descriptions.  Only 3 o/s now ont
he liquids markets.  I will try to get these to you today as well.

Thanks

Awais
44 171 970 7377

---------------------- Forwarded by Awais Omar/LON/ECT on 03/09/99 18:34
---------------------------

Awais Omar
03/09/99 18:31
To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Re: EnronOnline Market Descriptions

Sorry for the delay.

Here are the next four descriptions.

Only the three liquids one waiting now.

I have sent these to David Forster in our Project group to review first
before I send them to yourself.  If I don't get them back today I will send
them over the weekend so they are there for you on Monday.

Could you please send me comments back on all the other descriptions today.
Is your fax machine at your end OK?  It's just that the other fax you sent
came through a dark background making the comments a little hard to read.

My fax is 44 171 316 5420.

Awais

	Enron Capital & Trade Resources Corp.

	From:  Tana Jones                           01/09/99 23:13

To: Awais Omar/LON/ECT@ECT
cc:
Subject: Re: EnronOnline Market Descriptions

Awais,

I have forwarded the descriptions you have sent us thus far to the respective
Legal Trading Lawyers to sign off as far any legal issues we may have with
the descriptions.  I understand your deadline is the end of the week.

When can I expect the remaining descriptions?


you're very welcome.


Gerald,

I intended to send you a copy of the attached.

Bill

-----Original Message-----
From: Bill Bryant
Sent: Monday, November 05, 2001 4:30 PM
To: Marchris G. Robinson (E-mail)
Subject: Gulf Rate Docket - Weather Derivatives

MR,

With information about Harry's testimony in Georgia and about the existing
Gulf revenue sharing program, I've changed my opinion about whether Enron
should intervene in the Gulf docket.  Enron may benefit from intervening in
the Gulf rate docket both by selling the Florida Commission on its weather
derivatives and by dissuading the Commission from raising the retail rates
charged to ECS/EES.

The Commission's order in the territorial dispute is due December 3.  To
avoid any adverse inferences in that docket as a result of intervening in
the Gulf rate docket, we should not file the intervention until after that
time.

There is a preliminary issue identification meeting in the Gulf rate docket
on Nov. 7, but this may be moved because a meeting in the RTO docket has
just been scheduled for the same time. We will attend both meetings.

Enron likely has standing to intervene in this docket.  Both the Florida
Cable Telecommunications Association and the Florida Industrial Power Users
Group (which has no significant member in Gulf's territory) have been
granted standing to intervene on the simple grounds that they are retail
customers of Gulf and electricity represents one of their largest variable
costs.  Gulf has not objected to the petitions of any persons seeking
standing.  The Federal Executive Agencies also have standing to represent
four military bases in Gulf's territory.

The existing and soon expiring revenue sharing mechanism makes this docket
ripe for pitching weather derivatives.  If we petition (after Dec. 3) and
are granted standing to intervene, it will be necessary to prepare and file
Harry's direct testimony and exhibits by December 21. The schedule of
remaining activities in the Docket is:

  issue statements due:  Jan. 2
  second issue identification meeting:  Jan. 14
  Prehearing statements:  Jan. 24
  Prehearing conference:  Feb. 8
  Hearing:  Feb. 25 - Mar. 1
  Briefs:  March 15

Natalie spoke to the Rates and Tariffs Division at the PSC about the usage
characteristics of the military bases.  As we discussed, I was curious about
whether they were also designated PX (Large High Load Factor Power Service).
Because a customer's designation is Gulf's proprietary (and very guarded)
information, one cannot know for sure whether the military bases have the
same designation as ECS.  However, Dave Wheeler, asst. director of rates,
said the military bases are probably designated LP (large power service) and
not PX.  PX designation applies for customers whose demand is 7.5 MW (7,500
kw), with an annual load factor of at least 75%, at any one meter.  The
military bases take delivery at multiple delivery points and probably have
different rates at the different delivery points.  They likely do not take
more than 7.5 MW at any one point.

The LP or LPT (large power time sensitive) designation is more likely
because that applies to customers with a demand of 500 kw, which the
military bases probably have at various delivery points. Still, it is very
likely that the rate increase, as proposed, does not affect the federal
executive agencies.

Dave Wheeler also guaranteed that Gulf's current rate proposal (that leaves
the PX rate unchanged) will not be approved by the Commission.  He said that
they will not permit a rate increase that affects only small customers. Bad
politics.

The level of effort required for this intervention will be greater than the
RTO Docket. There we had only to endorse positions asserted by others.
Although here we will merely be endorsing Gulf's rate methodology, we will
also be introducing the weather derivatives concept as relevant to Gulf's
rates. Gulf may be so excited by the potential of weather derivatives that
they carry the burden by themselves. However, we can't count on that until
we are sure that they understand and can sell the product to the Commission
and staff. Therefore, the Enron budget for this intervention will have to
assume that Enron carries the burden. We will be expected to advocate and
participate fully.

Based on these assumptions I think it likely that the KKH fee expense for
full participation in this Docket will be about twice that in the RTO
matter. In the RTO Docket we billed Enron $27,204 through October (after
writing-off $4,207 at your request). Therefore, a planning number for this
Docket (no guarantee that it will be limited to this amount) is $50,000.

Let me know what you decide.

Bill


---------------------- Forwarded by Darron C Giron/HOU/ECT on 11/30/2000
04:07 PM ---------------------------

"KRISTI GIRON" <KRISTI.GIRON@cfisd.net> on 11/30/2000 08:29:43 AM
To: <Darron.C.Giron@enron.com>
cc:
Subject: Fwd: FW: Santa Jams

Received: from relay1.sw.smtp.psi.net by gpwise01.cfisd.net; Wed, 29 Nov 2000
08:18:51 -0600
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Nov 2000 09:18:45 -0500
Subject: FW: Santa Jams
To: rose.marshall@cfisd.net, JOYCRAMER@aol.com, fstaats@aol.com,
margaret_heard@transwestern.net, thouse@wld-nursery.com, dive4sking@aol.com,
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Bcc:
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Date: Wed, 29 Nov 2000 08:13:49 -0600
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---------------------- Forwarded by Nancy Cramer/UrbanRetail on 11/29/2000
08:10 AM ---------------------------

"Krotofil, Debbie" <debbie.krotofil@natoil.com> on 11/29/2000 06:46:57 AM

To:   "Hooper, Annie" <annie.hooper@natoil.com>, "Longworth, Sharon"
      <sharon.longworth@natoil.com>, "Dwyer, Sheryll"
      <Sheryll.Dwyer@natoil.com>
cc:

Subject:  FW: Santa Jams

>  This one is nice... <<santajam.exe>>

(See attached file: santajam.exe)

 - santajam.exe


What's Happening?

How's it going?  I will not be at rehearsal tonight because I'm going to get
my hair done.  I figured that you all will be practicing (is that how you
spell practice) your Easter songs and I will be in Omaha for Easter so I
don't need to learn the songs, as we only sing them on Easter anyway.
Besides, just in case you didn't hear, we don't sing this Sunday (We switch
with the kids), since you all will sing on Easter for all 4 services.

This daylight savings time is nice.  It's so nice to be able to get home and
still habe daylight instead of feeling like you whole day is shot once it
gets dark.

Did you find any houses that you liked?  How long were you out?

Talk with you later!


Jeff -- Host Code:  243297
---------------------- Forwarded by Joseph Alamo/SFO/EES on 04/25/2000 03:28
PM ---------------------------

	Joseph Alamo
	04/25/2000 03:27 PM

To: deiching@enron.com, Tim Belden@ECT, Chris H Foster@ECT, Timothy J
Hamilton/HOU/EES@EES, Douglas Condon/SFO/EES@EES, Paul Kaufman@EES, Mona L
Petrochko/SFO/EES@EES, Susan J Mara/SFO/EES@EES, Sandra McCubbin/SFO/EES@EES,
Jake Thomas@ECT, Thomas S Reichelderfer/DUB/EES@EES, Susan T
Covino/HOU/EES@EES, James D Steffes/HOU/EES@EES, Julie A Gomez@ECT, Gregory T
Adams/HOU/EES@EES, Ray Hamman/HOU/EES@EES, Frank Wanderski/HOU/EES@EES, Bruno
Gaillard/SFO/EES@EES, Richard Shapiro/HOU/EES@EES
cc: Jeff Dasovich/SFO/EES@EES
Subject: Conference Call RE: Retail Opportunities Created by Sempra
Announcement?

On behalf of Enron host Jeff Dasovich, please consider this note an
invitation to participate in a conference call, as noted below, on the
above-referenced topic:

 Date:    Monday, May 1, 2000
 Time:   9:00 AM PDT/11:00 AM Central
 Dial-in number: 888.422.7124
 Pin code number: 117584

Thanks in advance for your participation.

Joseph Alamo
Sr. Administrative Assistant
California State Government Affairs


Thanks for this and agreeing to attend (my office).

CRC was Paul Waine's baby and no counterparty has agreed to it. It's complex
and not a real flyer.

My preference would be to live with the tax risk if you can bear it and put
in place the back-to-backs.

EEFT can arrange for anyone (including Sempra!). Until tomorrow.

Paul

Janine Juggins
05/24/99 02:04 PM
To: Paul Simons/LON/ECT@ECT
cc:
Subject: Re: Conference Call Tuesday 25 May 1999

Paul,
I am happy to attend - I assume your office ?

I had a quick chat with Paul Wallace, as far as I can see this "informal
procedure" has been put in place to achieve the effect of credit
consolidation. I wonder whether in fact bona fide credit consoldiation could
be put in place to deal with Sempra and Dapsa (an Argentinian counterparty
where the same things happen). This would involve, ECTRI doing the deal with
Sempra, the deal then being automatically novated to ECT Houston, with a back
to back to ECTRI. ECT Houston would bear the credit risk (and be compensated
at arm's length for this) and ECTRI would have the same economics as the
original transaction with Sempra.

With the informal procedure as it stands, there is the risk that ECT Houston
could have a PE in the UK (UK tax presence), although providing that the swap
back to ECTRI is respected the amount of the income subjected to UK tax ought
to be just the compensation for the credit risk. However on the other hand
there is also the wider concern that other ECT Houston activities may get
attributed to the UK PE (such as the currency desk).

Presumably from a regulatory perspective EEFT can act as arranger for ECT
Houston ???

Regards
Janine

Paul Simons
24/05/99 13:37
To: Janine Juggins/LON/ECT@ECT
cc:
Subject: Conference Call Tuesday 25 May 1999

I'll need you or a nominee to attend this one, please, to advise on tax --thks
---------------------- Forwarded by Paul Simons/LON/ECT on 05/24/99 01:41 PM
---------------------------

Nicola Beales
05/21/99 04:48 PM
To: Paul Simons/LON/ECT@ECT
cc:
Subject: Conference Call Tuesday 25 May 1999

Faye Ellis called to arrange a conference call for Tuesday. I put it in your
diary for Tuesday afternoon 4.30pm London time. The conference call is with
Sara Shackleton, Morris Clarke, Steve Douglas and it is regarding Sempra &
Regulatory Issues. They will call you.

Kim