Subject:	What Enron Did Right

A great editorial in the Wall Street Journal today.

Manager's Journal:
What Enron Did Right
By Samuel Bodily and Robert Bruner

11/19/2001
The Wall Street Journal
A20
(Copyright (c) 2001, Dow Jones & Company, Inc.)

  This is a rough era for American business icons. Subject to the
vagaries of age (Jack Welch), product failure (Ford/Firestone tires),
competition (Lucent, AT&T), technology (Hewlett-Packard and Compaq), and
dot-bomb bubbles (CMGI), managers and their firms remind us that being
an icon is risky business. The latest example is Enron, whose fall from
grace has resulted in a proposed fire sale to Dynegy.

   Once considered one of the country's most innovative companies, Enron
became a pariah due to lack of transparency about its deals and the odor
of conflicts of interest. The journalistic accounts of Enron's struggles
drip with schadenfreude, hinting that its innovations and achievements
were all a mirage.
   We hold no brief regarding the legal or ethical issues under
investigation. We agree that more transparency about potential conflicts
of interest is needed. High profitability does not justify breaking the
law or ethical norms. But no matter how the current issues resolve
themselves or what fresh revelations emerge, Enron has created an
enormous legacy of good ideas that have enduring value.

   -- Deregulation and market competition. Enron envisioned gas and
electric power industries in the U.S. where prices are set in an open
market of bidding by customers, and where suppliers can freely choose to
enter or exit. Enron was the leader in pioneering this business.

   Market competition in energy is now the dominant model in the U.S.,
and is spreading to Europe, Latin America, and Asia. The winners have
been consumers, who have paid lower prices, and investors, who have seen
competition force the power suppliers to become much more efficient. The
contrary experience of California, the poster child of those who would
re-regulate the power industry, is an example of not enough
deregulation.

   -- Innovation and the "de-integration" of power contracts. Under the
old regulated model of delivering gas and electricity, customers were
offered a one-size-fits-all contract. For many customers, this system
was inflexible and inefficient, like telling a small gardener that you
can only buy manure by the truckload. Enron pioneered contracts that
could be tailored to the exact needs of the customer.

   To do this, Enron unbundled the classic power contract into its
constituent parts, starting with price and volume, location, time, etc.,
and offered customers choices on each one. Again, consumers won. Enron's
investors did too, because Enron earned the surplus typically reaped by
inventors. Arguably, Enron is the embodiment of what economist Joseph
Schumpeter called the "process of Creative Destruction." But creative
destroyers are not necessarily likable, pleasant folks, which may be
part of Enron's problem today.

   -- Minimization of transaction costs and frictions. Enron extended
the logic of de-integration to other industries. An integrated paper
company, for instance, owns forests, mills, pulp factories, and paper
plants in what amounts to a very big bet that the paper company can run
all those disparate activities better than smaller, specialized firms.
Enron argued that integrated firms and industries are riddled with
inefficiencies stemming from bureaucracy and the captive nature of
"customers" and "suppliers." Enron envisioned creating free markets for
components within the integrated chain on the bet that the free-market
terms would be better than those of the internal operations. The
development of free-market benchmarks for the terms by which divisions
of integrated firms do business with each other is very healthy for the
economy.

   -- Exploiting the optionality in networks. In the old regulated
environment, natural gas would be supplied to a customer through a
single dedicated pipeline. Enron envisioned a network by which gas could
be supplied from a number of possible sources, opening the customer to
the benefits of competition, and the supplier to the flexibility of
alternative sourcing strategies. Enron benefited from controlling
switches on the network, so that they could nimbly route the molecules
or electrons from the best source at any moment in time to the best use,
and choose when and where to convert molecules to electrons. This
policy, picked up by others in the industry, created tremendous value
for both customers and suppliers.

   -- Rigorous risk assessment. The strategy of tailored contracts could
easily have broken the firm in the absence of a clear understanding of
the trading risks that the firm assumed, and of very strong internal
controls. Enron pioneered risk assessment and control systems that we
judge to be among the best anywhere. Particularly with the advent of
Enron Online, where Enron made new positions valued at over $4 billion
each day, it became essential to have up-to-the-second information on
company-wide positions, prices and ability to deliver.

   The unexpected bad news from Enron has little to do with trading
losses by the firm, but with fears among trading partners about Enron's
ability to finance its trading activity. In a world where contracts and
trading portfolios are too complex to explain in a sound bite,
counterparties look to a thick equity base for assurance. It was the
erosion in equity, rather than trading risk, that destroyed the firm.

   -- A culture of urgency, innovation and high expectations. Enron's
corporate culture was the biggest surprise of all. The Hollywood
stereotype of a utility company is bureaucratic, hierarchical, formal,
slow, and full of excuses. And the stodgy images of a gas pipeline
company -- Enron only 15 years ago -- is even duller and slower. Enron
became bumptious, impatient, lean, fast, innovative, and demanding. It
bred speed and innovation by giving its professionals unusual freedom to
start new businesses, create markets, and transfer within the firm.

   Success was rewarded with ample compensation and fast promotion, and
an open-office design fostered brainstorming. The firm's organization
and culture was by all accounts not a safe haven for those who believe
the role of a large corporation is to fulfill entitlements for jobs.
This was a lightning rod for the firm's detractors. And yet, it could
serve as a model for more hide-bound enterprises to emulate.

   Enron was a prolific source of compelling new ideas about the
transformation of American business. It created a ruckus in once-quiet
corners of the business economy. It rewrote the rules of competition in
almost every area in which it did business. It thrived on volatility.

   The proposed sale of Enron to Dynegy risks the loss of a major R&D
establishment, especially given Dynegy's track record as a second mover
following Enron's lead. Beyond what is likely to be a difficult and
time-consuming antitrust review, Dynegy's greater challenge will be to
find a way to make Enron's spirit of innovation its own. Or so we all
should hope, because prosperity depends on the ability of firms to
reinvent themselves and remake their industries.

   ---

   Messrs. Bodily and Bruner are professors at the University of
Virginia's Graduate School of Business Administration.


Start Date: 2/2/02; HourAhead hour: 4;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002020204.txt


-----Original Message-----
From: 	Simmons, Linda J.
Sent:	Friday, October 19, 2001 3:49 PM
To:	Mellencamp, Lisa
Subject:	FW: PG&E

 -----Original Message-----
From: 	MDay <MDay@GMSSR.com>@ENRON
Sent:	Friday, October 19, 2001 3:46 PM
To:	Simmons, Linda J.
Subject:	RE: PG&E

Here is our settlement sheet on the one cent surcharge, attached below.
Mike Day

 - X28655.DOC


I think so, I would treat you better than she can

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:36 PM
To:	Rybarski, Amanda
Subject:	RE:

we will have to work on that in the future

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:36 PM
To:	Maggi, Mike
Subject:	RE:

No, I'm actually pretty happy about the deal.  Not as happy as I would be if I were working for you.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:35 PM
To:	Rybarski, Amanda
Subject:	RE:

thats not bad

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:35 PM
To:	Maggi, Mike
Subject:	RE:

Yeah, right.  I wish! I am working for Chris still and Scott Neal.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:34 PM
To:	Rybarski, Amanda
Subject:	RE:

perfect, are you working with me

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:32 PM
To:	Maggi, Mike
Subject:

We're going to be sitting kina close after the move.


ENA sold the 10,000 dth of EOG pool supply from Power Gas Marketing to EES
for the month of August at CNG IF flat - this is the same thing we did for
July.


1. i would guess notional value $2-3 bil per day including financial derivatives.
2. probably doubled market share in gas since eol
3. probably 25% of our trades are intl

 -----Original Message-----
From: 	epao@mba2002.hbs.edu@ENRON [mailto:IMCEANOTES-epao+40mba2002+2Ehbs+2Eedu+40ENRON@ENRON.com]
Sent:	Thursday, August 02, 2001 7:46 PM
To:	jarnold@enron.com
Subject:	enronline

we have the eol case today in Entrepreneurial Manager.
question:
what is the daily value of transactions done on eol?
how has eol increased market share in gas?
how has eol done internationally?

thanks,
ep

---------------------------------------------
This message was sent using Endymion MailMan.
http://www.endymion.com/products/mailman/


Shelley, I can take a stab at pulling together TW-related information today
and will run it by Jeff to see whether he has anything to add.  I am leaving
on vacation Saturday and have a lot of other work to finish up here before I
go.  Therefore it might be best to bring in someone else from
legal/regulatory to pull up the info for El Paso, Kern, etc.

Shelley Corman
12/06/2000 10:28 PM
To: Jeffery Fawcett/ET&S/Enron@ENRON, Susan Scott/ET&S/Enron@ENRON
cc:

Subject: Calif. Performance Issues

With concerns about curtailments and force majuere events in California,
Steve Kean has asked for the preparation of study of all possible types of
disruptions (e.g. curtailment, diversion, penalties, etc,) in the gas chain
flowing to Calif and who bears the legal/financial liability for each event.
Specifically, he has asked if ETS can assemble a description of such
provisions for the pipes delivering to Calif.

In particular, he wants a summary of following:

Curtailment - When do pipelines curtail?
Curtailment compensation
Imbalance Provisions
Penalties/OFOs
Allocations (For El Paso Only)

Help!  Do you guys have any materials explaining these provisions?  Steve
wants this all pulled together by Friday.


The 2000 Form W-2 will be mailed to your address of record by January 31,
2001. If you have not received your form by February 20th, you may request,
in writing, for a duplicate copy to be sent to you. Please note that a
written request, including authorized signature is required.

When requesting a duplicate form, please specify the year for which you need
a copy, sign your request, and include the following information:

 Name
 Complete Mailing Address
 Phone Number
 Social Security Number

You may mail your request to:
 ENRON CORP
 EB 1528
 P O BOX 1188
 HOUSTON TX   77002

Or you may fax your request to 713-646-3755.

Your request will be processed within one week of receipt.

If you have a question regarding the information on your Form W2, please
contact the Payroll Call Center at 713-345-5555 option 1.

Thank you


James:
Here is the latest version of the contact list.  Let's use this one as the
working list.  Thanks
Ben


Attached please find the updated power exposure report.

Thanks,
Veronica
3-0511


CALENDAR ENTRY:	APPOINTMENT

Description:
	Lynn - Oncall

Date:		12/22/2001
Time:		7:00 AM - 8:00 AM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Hello.  The west gas desk would like to send a mailout to our EOL customers
regarding the new opportunity to trade "odd lots" on every physical product.
EOL has been instrumental in providing liquidity to previously illiquid
physical delivery points in the west for standard volumes of 5000 mmbtu/d and
greater, but we would like to notify our customers that EOL will now
accommodate odd size lots, in 1 mmbtu increments.  This will allow us to
trade the "non-standard" volumes with all of the market.

Do we have a creative team that might be able to assist us in our efforts?
We were thinking about a one page mailout with a clear message.  We would
like it to be very upbeat and funny.

Thank you for your assistance.  I can be reached at x37031.

Sincerely,

Mike Grigsby
Director, West Gas trading
---------------------- Forwarded by Mike Grigsby/HOU/ECT on 10/08/2000 07:26
PM ---------------------------

10/02/2000 11:59 AM
Adriane Moratto@ENRON
Adriane Moratto@ENRON
Adriane Moratto@ENRON
10/02/2000 11:59 AM
10/02/2000 11:59 AM
To: Mike Grigsby/HOU/ECT@ECT
cc: Kal Shah/HOU/ECT@ECT
Subject: customer mailout

Per our conversation last week.  Sorry for the delay.  We can help you with
your mailout.  Please see the following and contact Kal Shah with additional
questions in regards to this project.  Let me know if I can do anything else
for you.

adriane
---------------------- Forwarded by Adriane Moratto/NA/Enron on 10/02/2000
11:57 AM ---------------------------
From: Kal Shah@ECT on 10/02/2000 11:45 AM
To: Adriane Moratto/NA/Enron@ENRON
cc:

Subject: Re: question

Will be happy to help this group.  They'll need to agree to the following:

1.  They pay for the cost (to be determined depending on the quality of the
mailing)
2.  They provide a mailing list with following separate columns:
First name
Last Name
Company Name
Address
City
State
Zip
3.  Give us a draft of the text for the mailing
4.  Give us 5 working days to get it out.  (we will try to do it faster, but
it depends on several factors)

Kal


It has become customary to prepare Unanimous Consents of Directors for many
transactions even if such actions are not required by the relevant By-laws
and/or Certificate of Incorporation.  Please consider carefully whether
Unanimous Consents of Directors are necessary or appropriate in a particular
transaction, i.e., the transaction is a significant transaction or evidence
of authority is required for a legal opinion.  When in doubt, please review
the By-laws and Certificate of Incorporation of the relevant entity and
discuss the matter with a member of the Office of the General Counsel.

Thank you.


In English this means that even if a book has no positions or value,  if it
has any deals with a counterparty it needs to be officialized so that credit
can calculate margin.
---------------------- Forwarded by Jeffrey C Gossett/HOU/ECT on 12/11/2000
10:40 AM ---------------------------

From: Shona Wilson@ENRON on 12/11/2000 10:35 AM
To: Bob M Hall/NA/Enron@Enron, Leslie Reeves/HOU/ECT@ECT, Jeffrey C
Gossett/HOU/ECT@ECT, Peggy Hedstrom/CAL/ECT@ECT, Kathy Reeves/CAL/ECT@ECT,
Stacey W White/HOU/ECT@ECT, Monica Lande/PDX/ECT@ECT, David
Maxwell/HOU/ECT@ECT, Martha Stevens/HOU/ECT@ECT, Scott Mills/HOU/ECT@ECT,
Scott Earnest/HOU/ECT@ECT, Michelle Bruce/HOU/ECT@ECT, Sheila
Glover/HOU/ECT@ECT, D Todd Hall/HOU/ECT@ECT, Brenda F Herod/HOU/ECT@ECT,
Michael E Moscoso/HOU/ECT@ECT, Kristin Albrecht/Enron Communications@Enron
Communications, Gary Stadler/Enron Communications@Enron Communications,
Meredith M Eggleston/HOU/EES@EES, James New/LON/ECT@ECT, Heidi
Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jan-Erland Bekeng/AP/Enron@Enron,
Jay Knoblauh/HOU/ECT@ECT
cc: Sally Beck/HOU/ECT@ECT, Brent A Price/HOU/ECT@ECT, Mike
Jordan/LON/ECT@ECT, Chris Abel/HOU/ECT@ECT, Kenneth
Thibodeaux/NA/Enron@ENRON, Michael Benien/Corp/Enron@ENRON, Burton
McIntyre/HOU/ECT@ECT, Susan D Trevino/HOU/ECT@ECT, Nancy
Hernandez/NA/Enron@ENRON, Debbie R Brackett/HOU/ECT@ECT, John D
Powell/HOU/ECT@ECT, Ganapathy Ramesh/HOU/ECT@ECT, Joel
Henenberg/NA/Enron@Enron, Matt A Brown/HOU/ECT@ECT
Subject: How do officialized books make it to credit?

In the past few months much focus has been put on understanding VAR and how
it is calculated (through RisktRAC).  However, everyone should note that the
credit department also receives our information.  Market risk and credit risk
are inherently different, with different requirements.  This memo serves as a
reminder of what some of the key differences are, how the credit system uses
RisktRAC differently from market risk, how this affects us, what some key
problems are in the credit system caused by our data, and changes to be made
by risk management groups.

differences are between credit and market risk - you all know this, but many
of your ba's don't.
when a book is flat it still has an effect on credit.  Flat books must be
officialized
market risk is keyed off positions and curves.  When we make money, market
risk is reduced.  Credit risk is keyed off positions with customers.  When we
make money, credit risk is increased, as people owe us more money.

how the credit system uses RisktRAC differently from market risk
Market risk picks up all officialized books.  If a book is not officialized
it does not pick the book up.
Credit picks up all officalized books.  If a book is not officialized, it
picks up the previous day's position.  Therefore, if positions in book A are
moved to book B, and A is no longer officialized, credit picks up the
previous day's position for book A.  As a result, if a book is no longer
used, please officialize it the first day it is no longer used, so credit
will pick up 0 on a go forward basis.
Market risk is not concerned with counterparty codes and names.
Credit needs correct counterparty codes and names.  In recent months, the
counterparty information has deteriorated.  Enron official counterparty names
need to be used so they flow properly to credit.

what are some key problems in the credit system caused by our data
As referenced above: correct counterparty names and books with 0 positions
not being officialized so credit picks up previous day info.
As a takeaway from this message please ensure only correct counterparty names
are used and that if a book has 0 positions that it is officialized the first
day it has 0 positions.

If you have specific questions about credit, please call Debbie Brackett, at
X35856.


saints suck.  tigers play the louisiana school for the deaf.  you wont miss
anything.  i thought you were a 49ers fan?

To: Chad Landry/HOU/ECT@ECT@ENRON
cc: "Nicholas A. Danna" <Nicholas.Danna@ey.com> @ ENRON,
jpelti@lsumc.edu@ENRON, val.generes@ac.com@ENRON, sdarrah@entergy.com@ENRON,
Aschott1976@cs.com@ENRON, Timothy_Blanchard@enron.com@ENRON,
bcambr@lsumc.edu@ENRON, tdietz@allstate.com@ENRON,
Chad.Landry@enron.com@ENRON, Matthew.Lenhart@enron.com@ENRON,
MMMarcantel@equiva.com@ENRON, Fiji4x4@aol.com@ENRON,
maziarz@bellsouth.net@ENRON, lcentol@lsu.edu

Subject: Re: Stick to 8/25-8/27

No way.  Labor Day=Tigers opener + Saints opener.  Stick to the 25th.

Chad Landry@ECT
06/02/2000 08:36 AM
To: "Nicholas A. Danna" <Nicholas.Danna@ey.com> @ ENRON
cc: jpelti@lsumc.edu@ENRON, val.generes@ac.com@ENRON,
sdarrah@entergy.com@ENRON, Aschott1976@cs.com@ENRON,
Timothy_Blanchard@enron.com@ENRON, bcambr@lsumc.edu@ENRON,
tdietz@allstate.com@ENRON, Chad.Landry@enron.com@ENRON,
Matthew.Lenhart@enron.com@ENRON, MMMarcantel@equiva.com@ENRON,
Fiji4x4@aol.com@ENRON, maziarz@bellsouth.net@ENRON
Subject: Re: Not 8/25-8/27

Labor day is the best b/c we have a day to recoup.

CKL


Attached is the Fuel Inventory Report.

Regards, Maricely


Thanks so much for getting back to me on this! I actually found the deal
number (after suffering a small heart attack) and the signed confirmation in
Livelink. It ended up being an Avista error that circled back to us. It's
cleared up with all involved parties now, but it was a little scary for a
minute there. Anyway, no need to do anything more, but thanks again for your
response - and I hope you feel better soon.

Kate

Kimberly Hundl@ENRON
04/26/2001 12:02 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Avista Futures Deal

Hi Kate!
I got your voice mail this morning (I was out sick yesterday).  I did a
search based on the info you left in your vmail and got deal #531742.  Is
this the deal you were looking for?  If so, this confirmation letter has been
executed by Avista Energy, Inc.  Would you like a faxed copy of this confirm?


Hi KC,

It would be a big help if you could take the NorthWestern guaranty sig pages
to Marissa after D Duran has signed them.

Thanks,

Kay


"US EIA not able to issue weekly U.S Nat Gas Storage data until 2004" - Pat Wood FERC Chairman, Reuters


Start Date: 1/3/02; HourAhead hour: 9;  No ancillary schedules awarded.  Variances detected.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002010309.txt

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 9 / Preferred:  19.88 / Final:  19.85)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE4
  MKT_TYPE: 2
  TRANS_DATE: 1/3/02
  SC_ID: ENRJ


Correction:  that should be Rick Hill, not Rich

---------------------- Forwarded by Mark McCoy/Corp/Enron on 09/01/2000 09:31
AM ---------------------------

Mark McCoy
09/01/2000 09:26 AM
To: Pat Clynes/Corp/Enron@ENRON, Daren J Farmer/HOU/ECT@ECT, Stacey
Neuweiler/HOU/ECT@ECT
cc: Rita Wynne/HOU/ECT@ECT

Subject: Cornhusker for Sept

I was informed by Nancy Stivers at Tenaska that Rich Hill with Enron called
Tenaska and requested that they continue to handle the nominations and
accounting for Cornhusker through September.  Have you heard this?


We have received the executed Master Energy Purchase and Sale Agreement dated
11/21/00 from the referenced CP.  Copies will be distributed to Legal and
Credit.


At Alan's request, please provide to me by e-mail (with a cc: to Alan) by
Wednesday of this week your suggested changes to the February 2001 Monthly
Report, so that we can issue the March 2001 Monthly Report by the end of this
week.  Thanks for your attention to this matter.

Nita


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  [IMAGE] June 6, 2001 [IMAGE]   [IMAGE] Volume IV, Issue 50 [IMAGE]     Email : info@otcjournal.com   URL : http://www.otcjournal.com    To OTC Journal Members:   Last week's Trading Alert on Petapeer Holdings (OTC BB: PETP) was a failure. We hoped the unique news of the company's intention to file a patent on its revenue generating technology would restore the stock to its previous high. Instead, the enhanced volume brought out sellers, and the stock dropped. This demonstrates the importance of selling quickly when these stocks we feature in Trading Alerts go against us. You should have sold the stock at $1.06 if you followed our advice, and gotten out with a small but manageable loss. It's always preferable to be out wishing you were in, rather than in wishing you were out.   In this edition we have a follow up on XML technology in the news, and coverage on Energy Power's earnings announcement which was issued yesterday.      [IMAGE] XML Global (OTC BB: XMLG) in Investor's Business Daily and Worth Magazine's Informative Article   Late last year we were contacted by an associate in the computer industry who told us we needed to find a microcap stock with leading edge technology in XML programming language. At the time we had no idea what XML was, but we learned, loved it, and found a pure play in the microcap arena to cover.   Information on the XML revolution is starting to appear in the main stream financial media. Last Thursday's edition of the Investor's Business Daily contained an article which referenced our choice, XML Global Technologies (OTC BB: XMLG). Many thanks to the members who emailed us concerning our typo in the weekend edition. We mistakenly printed the article was in the May 12th edition. It was actually in the May 24th edition.   It's of no consequence as we have the article available for you in its entirety. Investors Business Daily gave the company permission to post the article in PDF Format on its corporate web site. Simply click here  to go directly to it, or go XML Global's investor relations section at their web site- Click Here  for that section.    In addition to the Investor's Business Daily article, June's edition of Worth Magazine has a feature article entitled The XML Revolution. This article has an understandable explanation of XML- what it is, how it works, and how it will be used. This is a must read for anyone interested in the future of computer programming. Click Here  to read the article, or go to the following URL: http://www.worth.com/content_articles/0601_xml_revolution.html    XML Global Technologies has spent the last two years developing tools for programmers working on code for the XML revolution. We expect media attention to continue to grow in this arena, and hopefully we have identified an outstanding pure play for our members. Please read the articles and let us know if you agree. We are getting more excited as coverage of this new technology continues to accelerate.     [IMAGE] Energy Power Systems LTD (OTC BB: EYPSF) Announces 3rd Quarter Results   We believe there will be a bull market for North American energy related companies for the next two to five years. In the microcap arena, Energy Power Systems LTD is our contribution.   The company's market cap (only $18 million) leaves plenty of room for upside, and we are anticipating substantial growth in future quarters. New business will start to come out in the June and September quarters, and their M&M Subsidiary is embarking on $5.5 million in new projects right now.   On Tuesday nine month financial performance was announced by the company. Revenues were only up 9%, but the earnings turnaround was impressive. The company turned a small EBITDA profit of $100,000, but this compares to a $1.3 million loss in year 2000. This is very positive news as stocks generally trade on investor perception of the future, and this company is definitely headed in the right direction.   Here is the complete text of the press release for your review:     Tuesday June 5, 5:14 pm Eastern Time  Press Release   Energy Power Systems Limited - Announcement  TORONTO--(BUSINESS WIRE)--June 5, 2001--Energy Power Systems Limited (``EPS'' or the ``Company'') (NASD Bulletin Board: EYPSF) (CDNX: YPS - news; www.epsx.com) announces that it has issued unaudited consolidated financial statements for the nine month period ended March 31, 2001. These statements reflect the following activities of EPS and its subsidiaries:    consolidated revenues of $15.2 million for the nine months ended March 31, 2001 ($13.9 million -2000); consolidated gross profits of $1.5 million for the nine months ended March 31, 2001 ($2.3 - 2000); consolidated EBITDA of $0.1 million for the nine months ended March 31, 2001 ($1.3 million negative EBITDA -2000); consolidated loss from continuing operations of $0.5 million for the nine months ended March 31, 2001 ($2.0 million - 2000); and consolidated basic and fully diluted loss per share from continuing operations of $0.13 ($.63 per share - 2000).   EPS's consolidated revenues of $15.2 million for the nine month period ending March 31, 2001 increased by 9% from the $13.9 million reported during the same period the previous year. Increased activity from the Company's Engineering and Offshore Division and new sources of revenue from the Company's Oil and Gas Division that began operations February 1, 2001 contributed to this revenue growth.    Consolidated EBITDA of $100,000 for the nine-month period ending March 31, 2001 was positive versus consolidated EBITDA of $(1.3) million reported for the previous nine-month period. The consolidated EBITDA increase was largely due to the benefits of a corporate restructuring initiated at the end of fiscal 2000 as well as the additional cash flow from the introduction of the oil and gas division. ``It was our corporate objective at the end of last year to turn the Company cash flow positive this fiscal year,'' stated Scott Hargreaves CFO, ``to achieve this we eliminated two non-core subsidiaries and created the Oil & Gas Division. We are most pleased with the positive improvement in cash flow as EBITDA increased $1.4 for the nine month period ending March 31, 2001.''    The Engineering and Offshore Division is currently working on recently announced contracts of $5.5 million of work to carry itself over the fourth quarter and beyond. Construction of the 'floating production, storage and offloading' platform for the White Rose Oil Field expected to get the go ahead late this summer could feed further growth for the Engineering and Offshore Division in the fiscal year beginning July 1, 2001. In addition the Oil and Gas Division is adding positive cash flow to help fund corporate operations and future exploration and acquisition strategies. At present the Company is planning its summer exploration, drilling and development program to increase production and oil & gas reserves.    EPS is an Independent Power Project Developer, an Oil and Gas exploration company and a Contractor of infrastructure projects.    EPS issued and outstanding common shares: 5,663,419    Certain of the statements contained in this news release are forward-looking statements. While these statements reflect the Corporation's current beliefs, they are subject to uncertainties and risks that could cause actual results to differ materially. These factors include, but are not limited to, the demand for the Corporation's products and services, economic and competitive conditions, access to borrowed or equity capital on favourable terms, and other risks detailed in the Corporation's Form 20-F and Annual Report.    The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.       --------------------------------------------------------------------------------  Contact:         Energy Power Systems Limited       Sandra J. Hall, 416/861-1484       The OTC Journal is a proud partner of the SwingWire.com Online Investment Community . A next generation Online Analyst Exchange providing Members the ability to search, review, track and monitor some of the Internet's best Online CAs (CyberAnalysts). Members have the opportunity to potentially achieve higher returns by viewing top performing portfolios and receiving real-time alerts from favorite CAs.    SwingWire.com  also has a lucrative incentive model for experienced investors and traders who consistently outperform the market. Share market ideas with other like-minded investors, establish a proven track record, provide insightful commentary, attract followers and ultimately become one of the Internet's highest paid and most sought after CyberAnalysts!    Click here to receive your FREE 30-Day Trial Membership with no further obligation. Sign Up Today!        Disclaimer   The OTCjournal.com Newsletter is an independent electronic publication committed to providing our readers with factual information on selected  publicly traded companies. All companies are chosen on the basis of certain financial analysis and other pertinent criteria with a view toward  maximizing the upside potential for investors while minimizing the downside risk, whenever possible.  Moreover, as detailed below, this publication accepts compensation from certain of the companies which it features.  Likewise, this newsletter is owned by MarketByte, LLC.  To the degrees enumerated herein,  this newsletter should not be regarded as an independent publication.   Click Here  to view our compensation on every company we have ever covered, or visit the following web address:  http://www.otcjournal.com/disclaimer.html  for our full profiles and http://www.otcjournal.com/trading-alerts/disclaimer.html  for Trading Alerts. MarketByte LLC has been paid the following fee by XML Global for a year of representation: $100,000 cash, 60,000 shares of free trading stock, 60,000 shares of restricted stock, and 60,000 options exercisable at $2. The 60,000 shares of free trading stock have been contributed by a third party on behalf of the company. MarketByte LLC has been paid a fee of 125,000 shares of free trading stock of Energy Power Systems Limited for representing the company for one year. The fee has been paid by Fieldston Traders LTD acting on behalf of the company. Please review our policy on selling shares found within our Mission Statement at our home page.   All statements and expressions are the sole  opinions of the editors and are subject to change without notice. A profile, description, or other mention of a company in the newsletter is neither an offer nor solicitation to buy or sell any securities  mentioned. While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein.   The editor, members of the editor's family, and/or entities with  which they are affiliated, are forbidden by company policy to own, buy, sell or otherwise trade stock for their own benefit in the companies who appear in the publication.   The profiles, critiques, and other editorial content of the OTCjournal.com may contain forward-looking statements relating to the expected capabilities of the companies mentioned herein.   THE READER SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. INVESTING IN  SECURITIES IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. THE INFORMATION FOUND IN THIS PROFILE IS PROTECTED BY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, OR REPRODUCED IN ANY WAY WITHOUT THE EXPRESSED, WRITTEN  CONSENT OF THE EDITORS OF OTCjournal.com.   We encourage our readers to invest carefully and read the investor information available at the web sites of  the Securities and Exchange Commission ("SEC") at http://www.sec.gov and/or the National Association of Securities Dealers ("NASD") at http://www.nasd.com . We also strongly recommend that you read the SEC advisory to investors concerning Internet Stock Fraud, which can be found at  http://www.sec.gov/consumer/cyberfr.htm . Readers can review all public filings by companies at the SEC's EDGAR page. The NASD has published information on how to invest carefully at its web site.     Unsubscribe Here     You can unsubscribe from this list at any time by Clicking Here  and HITTING SEND. If you are having difficulty removing yourself or wish to change your address please go to http://listserv.otcjournal.com/opt.cgi?email=alewis@ect.enron.com .

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Attached is PIRA's latest "Gas Flash: Weekly Market Analysis."

Contact Client Services regarding delivery of your PIRA reports, address changes, or technical support at (212) 686-6808, email: support@pira.com <mailto:support@pira.com>.

If you have any questions regarding the contents of a PIRA Natural Gas report, please contact: Greg Shuttlesworth (email: greg@pira.com <mailto:greg@pira.com>), Richard Redash (email: rich@pira.com <mailto:rich@pira.com>), Nobu Tarui (email: nobuo@pira.com <mailto:nobuo@pira.com>) or Jane Hsu (email: jane@pira.com <mailto:jane@pira.com>), at (212) 686-6808.

You can access all your PIRA reports or search through a report archive by logging in to PIRA Online at www.pira.com <http://www.pira.com/>.

NOTE: Circulation of PIRA reports outside a Client's licensed distribution area is strictly prohibited. Clients that are unsure of their licensed distribution or require an extension of their current license should contact their PIRA sales representative, or email: sales@pira.com <mailto:sales@pira.com>.

PIRA Energy Group


I was thinking about taking Brenda to lunch on the 12th of Jan.  Let me know
if you are interested in coming.  If that date does not work for you, we can
go some other day.

-Eric


FYI
---------------------- Forwarded by Mary Hain/HOU/ECT on 03/13/2001 08:49 AM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Howard Shapiro" <HES@vnf.com>                           03/13/2001
08:27 AM

To: <nolan.steiner@avistacorp.com>, <dvermillion@avistaenergy.com>,
<asettanni@bracepatt.com>, <dwatkiss@bracepatt.com>, <kcurry@bracepatt.com>,
<rcarroll@bracepatt.com>, <gfergus@brobeck.com>,
<andrzej_kabarowski@cargill.com>, <phillip_fantle@cargill.com>,
<psteel@coral-energy.com>, <psteele@coral-energy.com>,
<rreilley@coral-energy.com>, <elizabeth.sager@enron.com>,
<mary.hain@enron.com>, <richard.b.sanders@enron.com>, <smara@enron.com>,
<snovose@enron.com>, <sstack@enron.com>, <jfrizzell@gibbs-bruns.com>,
<sbishop@gibbs-bruns.com>, <GErspamer@mofo.com>, <KIrvin@mofo.com>,
<KZeitlin@mofo.com>, <RLoeffler@mofo.com>, <jmcgrane@morganlewis.com>,
<mgriffen@morganlewis.com>, <bcurrey@omm.com>, <jstamper@omm.com>,
<mawilliams@omm.com>, <john.fryer@pacificorp.com>,
<nancy.loftin@pinnaclewest.com>, <Timothy.Bolden@pinnaclewest.com>,
<dmperlman@powersrc.com>, <rosteen@powersrc.com>, <hao@quinnemanuel.com>,
<dgarber@sempra.com>, <wdsmith@sempra.com>, <rbeitler@sempratrading.com>,
<paramfjord@stoel.com>, <rcjosephson@stoel.com>, <SJkaplan@stoel.com>,
<mbrosterman@stroock.com>, <mgoldstein@stroock.com>, <pjazayeri@stroock.com>,
<theftler@stroock.com>, <ayudkowsky@strook.com>, "Cheryl Feik Ryan"
<CFR@vnf.com>, "Gary Bachman" <GDB@vnf.com>, "Julie Richardson" <JRR@vnf.com>
cc: <Pmar@mofo.com>
Subject: Re: Bankruptcy Notification to FERC

Because Avista is on Pacific Standard Time, it can't consider and respond to
your invitation for comments by noon EST.  We will get back to you as soon as
we can.  Our question is whether the proposed  notice of bankruptcy should
categorically concede that FERC's charge back proceeding and all other
pending FERC proceedings against the CalPX are automatically stayed?  Or
should we leave room for the PX and the charge back complainants to work out
an agreement that the charge back case does not involve the PX's assets, and
thus is not subject to the stay?  We are seeking input from Avista's
bankruptcy counsel.

Howard E. Shapiro
(202) 298-1884
hes@vnf.com

>>> "Andrea Settanni" <asettanni@bracepatt.com> 03/13/01 10:49AM >>>
Attached is the letter that we intend to file at FERC today regarding the
bankruptcy petition.  Please let us know by noon today if you have any
comments.


Just a thought - but we will still be finishing up bid week on Nov. 29.  Any
ideas about the first week in December.

Jeanie Slone
11/02/2000 03:56 PM
To: Fred Lagrasta/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Scott
Neal/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT,
Phillip K Allen/HOU/ECT@ECT
cc:
Subject: Final Gas and Power Trading PRC meeting

Mark you calendars for the Gas and Power Trading PRC meetings to be held
Wed. November 29 (Commercial) and Mon. December 4(Commercial Support)  You
will receive specific information regarding times and locations soon.
If you would like additional members of your staff to attend the meeting to
provide feedback, please submit their names to me by November 10.
A formal Gas pre-ranking meeting is not scheduled.  However, if you are
interested in conducting a pre-PRC meeting, please contact me by November 10.

Best regards,
Jeanie
X5-3847


Clearing RAC for this DASH took considerably longer than I estimate in our March 5th meeting.  It should be circulating to you today or tomorrow.


FYI - SRS
---------------------- Forwarded by Sherri Reinartz/Corp/Enron on 09/24/99
11:35 AM ---------------------------

elcon <elcon@mail.elcon.org> on 09/23/99 01:24:32 PM
To: garfield@FirstEnergyCorp.com, hgut@chevron.com, cdurkin@npcc.org,
henry@cboe.com, dbevelhymer@Arlington.tnsk.com, dave.goulding@iemo.com, Dave
Mangskau/Corp/Enron@Enron, degrenn@nppd.com, erlenye@texasutilities.com,
kamole@nipsco.com, gvoigt@mis.aecc.com, hhawks@tenaska.com,
jdavis06@apsc.com, jrmcelhaney@bpa.gov, jmdonnell@duke-energy.com,
jjura@aeci.org, jgoodrich@worldnet.att.net, jbp6217@idahopower.com, Sherri
Reinartz/Corp/Enron@Enron, jerry.saacks@opc.com, jqa@mediaone.net,
jose.delgado@wepco.com, joseph.h.richardson@fpc.com, cpuadmin@clarksdale.com,
Enthovenm@ol.com, mike@wapa.gov, mike.gent@nerc.com, mgreene2@txu.com,
pete.landrieu@pseg.com, pjmulchay@nipsco.com, PaulB@CitizensPower.com,
paul_evanson@fpl.com, harrispg@pjm.com, rdrouin@mccarthy.ca,
rmidulla@seminole-electric.com, hiney.r@nypa.gov, bharbour@soyland.com,
bzemanek@csw.com, ron.threlkeld@bchydro.bc.ca, Rthilly@wppisys.org,
sharonnels@aol.com, spopowsky@paoca.org, Tberry8970@aol.com,
wreinke@duke-energy.com, bwhite@wedgegroup.com
cc:
Subject: ELCON Memorandum and attachments

Attached are the following documents:

- Memorandum on NERC Letters to Congress RE: NARUC Proposals
- Summary Comments of John Anderson at the NERC BOT - September 10, 1999
- Memorandum on Proposals for Regional Advisory Bodies and Savings Clauses
- Document concerning the NARUC Savings Clause Language
- Letter to The Honorable Joe Barton - September 22, 1999

If you have any questions or concerns regarding this matter or are unable
to open this document, don't hesitate to contact the ELCON office at
202-682-1390.

Thank you.
 - 923nercmailing.rtf
 - 923nercmailing.PDF


Sounds reasonable to me.

	Mary Cook
	08/30/2000 02:04 PM

		 To: Sara Shackleton/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Warrant Based Swaps

Based upon discussions with Andrea Reed, the res of the swap will be the
warrant itself, not the underlying stock.  The warrants are valued separately
with a "warrant model" and carry a price of their own differentiated from,
although affected by, the stock price.  I did not get into further detail on
the specifics of the modeling.  The will provide us the number of warrants,
the strike price as of August 3.  Otherwise they will work similarly to the
stock based swap I think.  She said they do not plan to exercise them, but
may sell them as warrants.  Let me know what you think.  Mary


Sorry, I got overwhelmed by California.  I have not talked to Ken yet and
will be in Japan until Friday.  Perhaps we can hook up then?

From: Rebecca McDonald/ENRON@enronXgate on 05/11/2001 02:46 PM
To: Steven J Kean/NA/Enron@Enron
cc:

Subject: Kissinger

Steve,

We never closed the loop on Kissinger.  If you are around next week, why
don't we talk and resolve what we want to do so that I can proceed?  Does
that work for you?

Rebecca


FYI
---------------------- Forwarded by Kathleen Carnahan/NA/Enron on 05/21/2001
09:03 AM ---------------------------

	From:  Ann Elizabeth White @ ECT                           05/18/2001 05:40 PM

To: Marchris Robinson, jsteffe@enron.com, Ben Jacoby
cc: gkrause@enron.com, Steven Krimsky/Corp/Enron@Enron, Kathleen Carnahan

Subject: Consulting Agreements with lobbyists

As you know, in the last few months we have had discussions regarding the
retention of lobbyists to perform services on our Florida Power Development
Projects.  It was decided that we would have the lobbyists retained through
the Government Affairs group.  Two recent agreements, one with Quantum
Results and another with Tripp, Scott, provided for payments to be made at
certain junctures of our development process.  It has come to our attention
that these payments were not timely made.   In order to make sure that we
don't inadvertently miss any future payments, I am proposing that:

1.  We continue to retain the consultants through execution of a consulting
services agreement signed by Government Affairs.  The consulting agreements
will be prepared in duplicate originals so that the lobbyist keeps one copy
and Enron keeps one copy.

2.  Legal will retain Enron's executed original and provide it to Kay Young,
who maintains a database of all consulting agreements and confidentiality
agreements entered into by ENA entities.

3.  Legal will distribute a copy of the executed document to government
affairs for their records.

4.  Legal will distribute a copy of the executed document to Kathleen
Carnahan who will set up a payment schedule.  Unlike our real property option
agreements that have a date certain for payment, these agreements often have
payment schedules dependent upon some approval process.  Thus, it will be
important for all of us to keep Kathleen in the loop as to dates of hearings
or approvals so that she will know if it is time for a payment.

5.  Kathleen will provide notices to government affairs that a payment is
due, and the amount of the payment and arrange for reimbursement of such
payment out of the development group's RC.

6.  Government affairs will make the payments and be reimbursed out of the
development group's RC.

Please advise if this system will work for you so that we can undertake to
have Kathleen begin setting up a payment schedule.

My strong preference is that we continue to keep things flowing through the
government affairs group so that we consistently maintain the lobbyist
relationship.  However, this will require government affairs have some way of
monitoring the agreements.  I think we fix that problem with having Kathleen
keep a consultant schedule just as she keeps an option schedule.

I'm going on vacation as of next Wednesday so your response by Tuesday will
be greatly appreciated.


Please visit our ETS IT Newsletter at:

http://www.ets.enron.com/ITNewsletter/


The referenced counterparty is on the 3/1/01 list.  You've got them shut down
for power, but Credit's notes are specifically opening them for power.
Should I open or shut down?


For the Bracewell part of the list.

---------------------- Forwarded by Kay Mann/Corp/Enron on 08/29/2000 10:34
AM ---------------------------

"Nancy Wodka" <nwodka@bracepatt.com> on 08/29/2000 10:34:45 AM
To: <kay.mann@enron.com>
cc:

Subject: Fwd: Patrick Dulany

Kay--I forgot to give you Pat's info (real estate--No. VA office).

----- Message from "Deborah Morris" <dmorris@bracepatt.com> on Tue, 29 Aug
2000 10:22:38 -0500 -----
To:	"Nancy Wodka" <nwodka@bracepatt.com>
Subject:	Patrick Dulany
Patrick Dulany
Bracewell & Patterson, L.L.P.
8300 Greensboro Drive, Suite 1000
McLean, Virginia  22102-3604
703/506-4008 (direct dial)
703/610-7368 (direct fax)
pdulany@bracepatt.com


Lora:

This is the new "Final" version.  The difference from the earlier version is
- a few slides were taken out and the order of the remaining slides were
rearranged.

Please get a copy of this new "Final" to Ken Lay.

Thanks.

----- Forwarded by Maureen McVicker/NA/Enron on 06/21/2001 02:53 PM -----

	Ursula Brenner
	06/21/2001 01:05 PM

		 To: Karen Denne/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron
		 cc: Maureen McVicker/NA/Enron@Enron
		 Subject: Last version

This is the final version, including the changes Jeff just requested.

Ursula


Let's schedule this please.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 06/05/2001 06:31 PM -----

	Christian Yoder/ENRON@enronXgate
	06/05/2001 05:45 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: RE: Schedule meeting with Mark Taylor for Thursday, June 7

Good.

 -----Original Message-----
From:  Shackleton, Sara
Sent: Tuesday, June 05, 2001 2:31 PM
To: Yoder, Christian
Subject: RE: Schedule meeting with Mark Taylor for Thursday, June 7

Christian:  How is 3 pm Houston/1 pm  Portland on Friday?

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

	Christian Yoder/ENRON@enronXgate 06/05/2001 11:07 AM 	   To: Sara
Shackleton/HOU/ECT@ECT  cc:   Subject: RE: Schedule meeting with Mark Taylor
for Thursday, June 7

3:30 Thursday, Central Time happens to fall exactly to the minute on a time
when I have to be on the phone with Mark Haedicke and Elizabeth Sager.  I
cannot move that time.  Can we go earlier or move it to Friday?  I am trying
to get the cases to you as soon as I can. ----cgy

 -----Original Message-----
From:  Shackleton, Sara
Sent: Tuesday, June 05, 2001 7:07 AM
To: Yoder, Christian
Subject: Re: Schedule meeting with Mark Taylor for Thursday, June 7

Christian:  Please mark this time on your calendar to speak with Mark T.:
3:30 Houston/1:30 Portland.  We'll call you.

Will Pat Boylston send over 1 or 2 cases for us to review prior to the call?

Thanks.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 06/05/2001 09:00 AM -----

	Holly Keiser@ENRON_DEVELOPMENT 06/05/2001 08:36 AM 	  To: Sara
Shackleton/HOU/ECT@ECT  cc:   Subject: Re: Schedule meeting with Mark Taylor
for Thursday, June 7 << OLE Object: StdOleLink >>

Sorry... you mentioned that in the subject line.

3:30 pm on Thursday.

Holly Keiser
Enron Americas
Legal Department - EB 3887
713-345-7893 (ph)
713-646-3490 (fx)
Holly.Keiser@enron.com

	Sara Shackleton@ECT 06/05/2001 08:19 AM 	  To: Holly
Keiser/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT  cc:   Subject: Re: Schedule
meeting with Mark Taylor for Thursday, June 7 << OLE Object: StdOleLink >>

I'd like to meet Thursday, June 7

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

	Holly Keiser@ENRON_DEVELOPMENT 06/05/2001 07:34 AM 	  To: Sara
Shackleton/HOU/ECT@ECT  cc:   Subject: Re: Schedule meeting with Mark Taylor
for Thursday, June 7 << OLE Object: StdOleLink >>

Sara -- I've scheduled 3:00 PM following today's Legal/Credit meeting.  If
you prefer later, please let me know.

Thanks!
Holly Keiser
Enron Americas
Legal Department - EB 3887
713-345-7893 (ph)
713-646-3490 (fx)
Holly.Keiser@enron.com

	Sara Shackleton@ECT 06/04/2001 06:12 PM 	   To: Holly
Keiser/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT  cc:   Subject: Schedule meeting
with Mark Taylor for Thursday, June 7

Does Mark have time in the afternoon to meet with me and Christian Yoder
(Portland - 2 hours earlier than CST)?  The topic is "Washington State
PUD's".  I'd schedule about an hour.  Thanks.

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


I'm taking a half day vacation Monday but I will be in after lunch; around 1pm.


Vince,
     In case you like to observe E-VaR, you are now fully set up on the RaC website, http://rac.corp.enron.com.
Regards
Naveen


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

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

Crude     http://www.carrfut.com/research/Energy1/crude18.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas18.pdf
Distillate     http://www.carrfut.com/research/Energy1/hoil18.pdf
Unleaded     http://www.carrfut.com/research/Energy1/unlded18.pdf

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

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG18.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG18.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL18.pdf

Mean Reversion Data on CL & Products Spreads
http://www.carrfut.com/research/Energy1/crude01-30-02.pdf


Please invite Steve Schwarzbach


Check Case 2, it seems like the gas cost to Enron could excced the floor
price as we would be charging pipeline costs.  Isn't the floor San Juan plus
$07 plus fixed plus variable pipeline cost plus fuel?


Go for it!

Rhonda L Denton
02/23/2001 01:16 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Deal No. 529589

I'm going to change this deal to TransAlta (US) if its okay with you.


Robin,
Please see the reconcilation I have prepared.  Our primary difference seems
to be with the first quarter.  It may have something to do with origination.
During Q2 I had Q1 restated so that the p&l was did not include orginated
income.  The p&l numbers that you have provided seem to include originated
income.
Kathy

Robin Rodrigue
11/20/2000 06:29 PM
To: Kathy Reeves/CAL/ECT@ECT
cc:
Subject: Re: Consolidated Canadian P&L by Month

July Firm  -7,306
July Intramonth  2,634

Kathy Reeves
11/20/2000 07:21 PM
To: Robin Rodrigue/HOU/ECT@ECT
cc:
Subject: Re: Consolidated Canadian P&L by Month

Robin,
There is a significant difference (640K) in July.  Can you further break it
out by intramonth and term.
Kathy

Robin Rodrigue
11/20/2000 06:10 PM
To: Kathy Reeves/CAL/ECT@ECT
cc:
Subject: Consolidated Canadian P&L by Month

Here is what we reported for consolidated Canada as of Nov. 17.   Listed
amounts are in thousands.

Jun July Aug Sept Oct Nov  YTD
274 -4,672 5,115 990 -2,517 -6,708  27,552

I'm still working on the first half of the year.

Thanks,
Robin


Haas Community,

This evening at about 5:00 p.m. we received a report that several piles of
white powder were placed throughout the Student Services Building and on
Gayley Plaza.  We barricaded as much of it as we could and the UCPD and the
Fire Department responded to our call.  We quickly discovered that the
white powder was plain flour that had been placed in Haas and across campus
by a student Ping Pong club on a cross campus footrace.

The student group is in the processing of cleaning up all of the piles of
white powder.  If you find any piles in the building that were missed,
please let us know so that we can get it all cleaned up right away.

------------------------------------
Teresa A. Costantinidis
Assistant Dean - Budget and Operations
Haas School of Business
University of California
S545 Haas #1900
Berkeley, CA 94720-1900
(510) 643-0341
(510) 643-9428 FAX
teresac@haas.berkeley.edu
http://www.haas.berkeley.edu/


David:
Here are answers to the second batch of questions.  Please give Don Miller a
call if you have any additional questions.  Thanks!
Ben


The Commission just voted out one half of the "Bilas Alternate."

The decision that got voted out included Bilas' DWR-based language stating
that the PUC 1) would not second-guess DWR purchases and 2) would pass
through DWR costs to customers.
However, in a move led by Commissioner Carl Wood, the decision removed the
Bilas language on Direct Access.  The decision therefore did NOT include the
Bilas language staying any Commission action on implementing the Direct
Access prohibition.  Carl Wood called including Direct Access "the height of
arrogance."
The decision was voted out 3-2, with the 2 remaining Republicans dissenting.
That said, the Commission has no proposal before it implementing the
prohibition, and there was no talk at the meeting of implementing the
prohibition any time soon.

Best,
Jeff


The 2000 Form W-2 will be mailed to your address of record by January 31,
2001. If you have not received your form by February 20th, you may request,
in writing, for a duplicate copy to be sent to you. Please note that a
written request, including authorized signature is required.

When requesting a duplicate form, please specify the year for which you need
a copy, sign your request, and include the following information:

 Name
 Complete Mailing Address
 Phone Number
 Social Security Number

You may mail your request to:
 ENRON CORP
 EB 1528
 P O BOX 1188
 HOUSTON TX   77002

Or you may fax your request to 713-646-3755.

Your request will be processed within one week of receipt.

If you have a question regarding the information on your Form W2, please
contact the Payroll Call Center at 713-345-5555 option 1.

Thank you


Stan:
Its been a very interesting ride these last four and a half years here.  I received an offer from UBS, but decided to turn it down for personal reasons.  These last few weeks I have been with the estate working on selling certain assets.  Tomorrow is my last day with the estate and then I am off to Ohio and Cinergy to continue trading.  I will also begin to learn the oprations of Cinergy as well as go back and get an executive MBA at Chicago.  Ultimately, I want to learn more about the overall operations and effective energy risk management.
I just wanted to thank you for all you have done while I have been here.  I look back and think that I should have spent time in the pipeline group.  Even after all that has happened I certainly wouldn't change what I have experienced.  Thanks again for being such a good friend.  Hope you are doing well and good luck with everything.  I will send you my new information at Cinergy.  My Dad would love to hear from you sometime.
Regards,
Ben


Please see the attached comparison of the Phase 6 that we have in the 2002-2006 Plan versus Dave's analysis.

For the Plan, we ran it with and without Phase 6 to determine the incremental change.  The worksheet attached also shows the Returns on Equity and Capitalization (with and without) based on the Plan runs.

You will have a reasonable apples-to-apples if you compare the amounts at the Operating Income level because Dave did not assume how it was financed in his analysis however my depreciation is GAAP but Dave's is Tax.

There are only two significant differences:

1)  For conservatism, Dave used the settled rate rather than the rate refund floor rate in 2004.  In Dave's calculations this made a difference of  about 2.9 cents (77.60 cts vs. 74.71 cts. ) for the customers other than FP&L in 2004.  There is no difference for FP&L because their 2004 rate cap is 74.60 cts, lower than either the settled or rate refund floor rates.  (Per Dave, in the risk analyses the rate refund floor impact WAS included.)

2)  We got a lower Ad Valorem tax estimate from Ted Ryan than what Dave used.


Over the last couple of years we have had numerous social events including
holiday parties, company-sponsored outings to Edgefield, post-quarterly
meeting outings, and going away parties.  While I hope that people thoroughly
enjoy themselves, I ask that you keep in mind that we all have to act
professionally and responsibly during and after these events.  I have been
working with Chris Calger and Amy Fitzpatrick to put together some guidelines
for company-sponsored social events:

The company will provide soft drinks, beer, and wine.  You may choose to
order other beverages at your expense.
Functions will run for a specified period of time.  If there is an open bar,
we will establish a time certain after which Enron will not pay for any
additional drinks.
If you require assisance getting home, please contact a taxi and submit the
fare for expense reimbursement with no questions asked.  The last thing in
the world we want is to have people break the law or put their safety and the
safety of others in jeopardy.

Let me know if you have any questions.  Thanks for your cooperation.


[IMAGE]

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---------------------- Forwarded by Kay Mann/Corp/Enron on 10/04/2000 05:35
PM ---------------------------

	Enron North America Corp.

	From:  Kay Mann                           10/04/2000 12:50 PM

To: kent.shoemaker@ae.ge.com
cc: Ben Jacoby/HOU/ECT@ECT, Chris Booth/NA/Enron@Enron

Subject: LM 6000 change order #2

Kent,

Here's a revised change order #2.  Please let me know if you have any
comments:

Thanks,

Kay


Jennifer,

Please see attached draft of GTC for Weirton.   I have included credit terms
as requested and elected to leave the Contract Price blank.  Please let me
know if you have any questions.

I will be out of the office the remainder of the day, and return tomorrow.

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


Please forward to anyone else who might be interested.
---------------------- Forwarded by Rebecca W Cantrell/HOU/ECT on 05/30/2001
06:11 PM ---------------------------

"Tracey Bradley" <tbradley@bracepatt.com> on 05/30/2001 05:59:43 PM
To: <jlimone@aeglobalmarkets.com>, "Charles Shoneman"
<cshoneman@bracepatt.com>, "Randall Rich" <rrich@bracepatt.com>,
<agold@coral-energy.com>, <rreilley@coral-energy.com>,
<Rebecca.W.Cantrell@enron.com>, <pat.cradock@huskyenergy.ca>
cc:
Subject: PG&E opens bids to add 1.2 bcf of natgas in Calif

FYI

Wednesday May 30, 3:55 pm Eastern Time
PG&E opens bids to add 1.2 bcf of natgas in Calif
(UPDATE: adds background in paragraphs 6-11)

SAN FRANCISCO, May 30 (Reuters) - Pacific Gas & Electric Co., in an effort to
determine interest in expanding its California natural gas pipeline system,
said it was accepting bids for up to 1.2 billion cubic feet a day (bcfd) of
gas transport capacity.

The move by the company, a subsidiary of San Francisco-based PG&E Corp.
(NYSE:PCG - news), responds to California's growing demand for natural gas to
run new power plants.

Gas suppliers and big industrial customers participating in the bidding
round, called an open season, have until July 31 to submit offers stating how
much pipeline capacity they are willing to purchase and the price they are
willing to pay.

Based on the results of this round, PG&E will decide whether to proceed with
the planned 1.2 bcf expansion -- enough to run seven 1,000 megawatt gas-fired
power plants -- or modify it to accommodate an even bigger volume of gas.

As it stands, PG&E's open season is offering firm capacity on its its
Redwood, Baja, and Silverado pipelines.

These lines transport gas from Malin, Oregon; Topock, Arizona, and California
gas production to the company's local transmission system and other pipelines.

PG&E's current intrastate pipeline system can transport more than 3 bcf of
gas a day throughout Northern and Central California.

Over the past year, utilization rates on many California pipelines have
jumped from 75 percent to near full capacity, limiting deliveries into the
state needed to drive gas-fired power plants.

Demand for gas, which already accounts for more than a third of California's
power generation, is expected to jump.

Since April 1999, California has approved 14 major gas-fired projects with a
combined generation capacity of more than 9,500 megawatts. Ten gas-fired
plants, with a total generation capacity of more than 6,000 megawatts, are
already under construction.

Over the past three months plans to build or expand interstate lines carrying
gas to California have been announced by Sempra Energy (NYSE:SRE - news) unit
Southern California Gas Co., Enron (NYSE:ENE - news) unit Transwestern,
Williams Cos' (NYSE:WMB - news) unit Kern River Transmission, El Paso Corp.
(NYSE:EPG - news) units El Paso Natural Gas Co. and Mohave Pipeline Co.,
Questar Corp. (NYSE:STR - news), Calpine Corp. (NYSE:CPN - news) and Kinder
Morgan (NYSE:KMP - news).


How is your wounded eye?


runs or robs?


Mark, this is the index I have prepared for the documents Alan brought back
from New York.  Our document clerk is placing the documents in binders right
now and if there are any additional copies you would like please let me
know.  Also, I am attaching the ENA telephone contact list.


he was already on someone's team

"Bass, Jason" <Jason.Bass2@COMPAQ.com> on 10/27/2000 08:10:30 AM
To: "'Eric.Bass@enron.com'" <Eric.Bass@enron.com>
cc:
Subject: RE: election night

Do I have Trent Green or does someone else?

-----Original Message-----
From: Eric.Bass@enron.com [mailto:Eric.Bass@enron.com]
Sent: Monday, October 23, 2000 5:11 PM
To: lwbthemarine@bigplanet.com
Cc: Bass, Jason; daphneco64@bigplanet.com
Subject: Re: election night

That sounds like a good idea.  I guess you will be taking the day off?

-Eric

"Larry W. Bass" <lwbthemarine@bigplanet.com> on 10/23/2000 11:26:59 AM

To:   jason <jason.bass2@compaq.com>, eric preston bass
      <Eric.Bass@enron.com>
cc:   KATHY BASS <daphneco64@bigplanet.com>
Subject:  election night

Hi Guys. How's it hanging? You still alive  Eric? Long time no see. I'm
thinking about grilling a few things, like chicken and scrimp, on election
night, Nov. 7. Are you guys interested in attending? Guests are included.
Let me know. Have a good week.-Dad


Can you please prepare a print out for us of all the financial masters your
records reflect and what type of agreement we have executed .  Thanks!


As requested, please see attached.


I was promoted effective February 1, 2001 to Managing Director of Global Risk
Management Operations for Enron Corp. in Houston.  In this role I manage all
mid and back office services for all commodities markets within Enron's
wholesale businesses: Enron Americas, Enron Global Markets, Enron Industrial
Markets and Enron Europe.  I received my BBA from UT-Austin in 1975 and my
MBA in 1977.  My maiden name while attending school was Sally White.


Mom -
I know how if feels when things start building like that. I'm finding that
"alone time" is really the only way to cope - especially during the holidays.
But don't worry about getting upset - you have every right. I am really sorry
that I haven't helped you with Anna's finances, but I've felt so overwhelmed
just making it to and from work everyday that I haven't managed to fit in
much more. Just when I think I might be getting on top of things, I do
something like lose my glasses, which then takes priority over everything
else I thought I would finally be able to do, as I cannot see a word I'm
typing at the moment. IThe madness is neverending! I hope it's comforting to
know that no one has it anymore together than you do.

Kate


Bob I will be out of the office Thur and Fri.  Can we meet next week?


FYI,

Please, take a look at this resume.

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/24/2000
07:47 AM ---------------------------

Robert C Williams@ENRON_DEVELOPMENT
01/21/2000 04:27 PM
To: Vince J Kaminski@ECT
cc:
Subject: Cameron Payne

Vince, congratulations on your promotion.  Hope the litigation lawyers are
leaving you alone.

I'm attaching a resume of a friend of mine, Cameron Payne.  I don't know if
you are looking for anyone but Cameron is pretty special, as you'll see from
his resume.   Call him or me if you're interested in talking to him.  I'm
forwarding his resume to Fastow and Whalley, too, in case they see a fit.
Take care.  Bob


I just received a copy of the executed Reliant agreement today.  Do you want a copy?

 -----Original Message-----
From: 	Germany, Chris
Sent:	Thursday, February 14, 2002 9:34 AM
To:	Richardson, Stacey
Subject:	RE: reminder:  Reliant GISB

Also, please let me know what the global contract number is.  I want to write it on my copy.

thanks

 -----Original Message-----
From: 	Richardson, Stacey
Sent:	Wednesday, February 13, 2002 5:10 PM
To:	Germany, Chris
Subject:	reminder:  Reliant GISB

Hi Chris,

This is just a reminder to please send me Shaun (?) Kilpatrick's info so I can contact her for a copy of the Reliant GISB we just signed.

Please let me know if you have any questions.

Thanks!
Stacey x30569
(713) 710-6084 Pager


Hello:
Integrity Realty Services has the following property available for sale:
1) 11815 North RR 620, Austin, Texas  78750 -- A one story retail strip center with an Exxon convenience store with fuel sales located in one of Austin's most rapidly growing areas.  Excellent visibility and access from both RR 620 and El Salido Parkway.
Purchase Price: $975,000 Improvements: 9,594 Square Feet  For More Information: www.integrityrs.com/inventory/index.cfm
Thank you.
Joe Linsalata
Integrity Realty Services
205 South Commons Ford Road, No.1
Austin, Tx 78733-4004
Office:  512.327.5000
Fax:  512.327.5078
email: joe@integrityrs.com
large email's: integrity1@austin.rr.com
==========================================================
IF YOU WISH TO NO LONGER RECEIVE EMAILS FROM ME PLEASE REPLY
TO THIS EMAIL MESSAGE AND I WILL REMOVE YOUR EMAIL.  THANKS.
==========================================================


Attached is a proposed decision addressing the CEC's two petitions to modify
Decision 01-05-064 (the rate design decision) with respect to Real Time
Pricing.

In its first petition, CEC asked that the Commission clarify that the meters
provided by CEC pursuant to ABX1 29 for customers whose usage is greater
than 200kW at peak demand must be accepted by the customer (i.e.,
installation is mandatory).  In addition, CEC asked that the Commission
remove the language from the decision which requires customers who receive
the meters be shifted to TOU rate schedules.  The PD grants the request in
part, clarifying that  the receipt of the meters is mandatory.  With respect
to mandatory TOU participation for customers who receive the meters, the PD
modifies the language to provide that for customers receiving an RTP meter
who are not already on a TOU schedule the choice of enrolling in a demand
reduction program, rather than being automatically shifted to a TOU schedule
(customers must make this election within 15 days of installation of the
meter or they will be automatically placed on a TOU schedule).

In its second petition, the CEC requested the adoption of a pro forma RTP
tariff.  The PD denies the petition, citing several concerns with the CEC's
proposed tariff.  Chief among the concerns are (1) it is not a true
real-time pricing program because it does not use a transparent real-time
price; (2) the level of complexity in the calculation of the customer
baseline loads; (3) the potential for gaming of the system which would
result in in large amount of payments for load reductions that either would
have occurred anyway or are phantom reductions;(4) the fact that there is no
authorization to make DWR the entity financially responsible for the payment
of incentive costs .

The PD goes on to give the Commission's thoughts as to what a real time
pricing program should look like. Thus the PD states that real time pricing
should be transparent to customers such that they know in advance how the
prices will be calculated.  The calculation should be based on real prices
(or if a forecasted price issues, it should be close enough to real prices
to achieve the proper price signal). The program should be administratively
simple.  The PD suggest that ease o administration argues for programs where
customers are charged a real time price based on actual usage and not by a
comparison of actual usage to either a forecasted or historical load.

The UDCs, and any other party who  wants to, are directed to submit real
time pricing proposals by August 17th which follow the guidance given in the
PD.

Comments on the proposed decision are due on July 26th.

Jeanne Bennett

-----Original Message-----
From: Gallardo, Teresita C. [mailto:tcg@cpuc.ca.gov]
Sent: Thursday, July 19, 2001 4:56 PM
Subject: ALJ Walwyn's Draft Decision in A.00-11-038 et al. - RE Real Time
Pricing Issues and Modifying D.01-05-064

<<CPUC01-#102727-v1-A0011038_et_al_Walwyn_Comment_Dec__(Item_H-21_for_8_2_01
_Meeting).DOC>> <<CPUC01-#102470-v1-A_00-11-038_et_al__Cover_Letter.DOC>>

 -
CPUC01-#102727-v1-A0011038_et_al_Walwyn_Comment_Dec__(Item_H-21_for_8_2_01_Mee
ting).DOC
 - CPUC01-#102470-v1-A_00-11-038_et_al__Cover_Letter.DOC


---------------------- Forwarded by Ami Chokshi/Corp/Enron on 01/28/2000
04:05 PM ---------------------------

royal_b_edmondson@reliantenergy.com on 01/28/2000 03:56:28 PM
To: Ami Chokshi/Corp/Enron@ENRON
cc:

Subject: hpl NOMS

(See attached file: egmnom-Jan.xls)

 - egmnom-Jan.xls


request_number:  DS-JCG:002
firstname:  Peter
lastname:  Richardson
e-mail:  peter@richardsonandoleary.com
exhibit_wp-02-e-:  JCG-002
page_numbers:  22, lines 11-14
request_text:  Please provide references from BPA's May Proposal, Amended
Proposal and Supplemental Proposal to support the statement, "BPA has
described two pools of augmentation power to serve its loads(."

response_text:  Please see WP-02-E-BPA-09 at 7, lines 6 -16; WP-02-E-BPA-38
at 12, line 20, through 13, line 12; WP-02-FS-BPA-05 at 69, lines 10 - 13.

The following information is from the web server:
1.  Logon: IUSR_GRANITE
2.  Remote Host:  dsl226.usw-1-224.pacifier.com
3.  Remote IP Address:  207.202.224.226
4.  Form URL:
https://secure.bpa.gov/power/secure/psp/ratecase/discovery/wp_02_response.html
5.  Browser Client:  Mozilla/4.76 [en] (Win95; U)


Attached please find the Fountain Valley/GE Facility Agreement and
Exhibits, as well as blacklines (the first two documents) showing
changes from the form documents.

To complete each, we will need:

1. The contact information for Sections 6.7.2, 25.1 and 25.3 of the
Agreement.

2. Please have the business team confirm the Purchase Amount and
the Guaranteed Delivery Dates.  The information that I pulled off of the
spreadsheet that you provided (which is the information incorporated in
the Agreement) is inconsistent with the information that Alan Larsen
provided.

3. Do we want to use the Exhibit B-1 (Specification) from the
original West LB Agreement for this deal?

4. Do we need Exhibit R (Schedule of Witness Test Points)?

5.  Exhibit H will be attached prior to execution.
 <<E-Next Generation Agt - Comparison of Form to Current.DOC>>
<<Fountain Valley Exhibits - Comparison of Form to Current.DOC>>
<<Fountain Valley Turbine Agreement.DOC>>  <<Fountain Valley/E Next
Generation Exhibits.DOC>>
 - E-Next Generation Agt - Comparison of Form to Current.DOC
 - Fountain Valley Exhibits - Comparison of Form to Current.DOC
 - Fountain Valley Turbine Agreement.DOC
 - E Next Generation Exhibits.DOC


Happy Holidays!


You're right. We cheated by trying to screw everyone who isn't fortunate
enough to work at Enron.

Give it a rest.  The order was determined by an impartial 3rd party.

LQCOLOMBO@aol.com on 07/12/2000 05:11:28 PM
To: Eric.Bass@enron.com
cc:
Subject: Re: Draft Order Determined

I"m not talking shit or anything, but i think its funny how the people you
said would be watching you got 4 of the top 5 picks.

Ramiro


I hear your deal blew up.  What happened?

ckm


FYI,
I wanted to let you guys know of an OA problem that I am seeing on the
central desk for december 2000.  It appears deals that are gas daily priced
deals are being priced incorrectly in Unify.  Two gas daily publications came
out at the end of the year.  The publication on the 29th was for trans. dated
the 28th and flowing the 29th.  The next gas daily publication  came out on
the 2nd of Jan. and was for trans. 29th flowing the 1st adn 2nd.  We flashed
gas daily prices for the 30th & 31st that equalled the GD publication of the
2nd.  This is correct, we should pay sat. and sunday based on Monday's
price.  Settlements paid the 30th & 31st at the 29th's price.  I am going to
give Bryce a call, I just wanted to share this with you since you should be
seeing OA forms starting today for Dec production.  If you disagree with my
logic, please give me a shout. Thanks.
PL


If any problems tonight Chip's cell # is 969 7635


fgvzdfbzdfbzdfb


Just a note so we are all on the same page... I just had a superseded and
replaced Enron Corp. guaranty that the counterparty returned to me, and I
asked Clem to verify what he wanted me to do with the old original guaranty,
and he said to send it back to him and he would have Cindy mark it
"canceled".


DEAR OU TEAM:

Here is the itinerary for interviews:

The Montford Inn
322 West Tonhawa
405/321-2200
Rooms reserved for:
Sunday night: Sally Beck, James Scribner, Angie Zeman, Stephen Plauche, Lexi
Elliott
Monday night: James Scribner, Mark McConnell, Lexi Elliott, Steve Venturatos

* Please call and cancel your room if you will not need an overnight stay

Sunday, October 8
Pre-Interview Reception
7pm, Business Casual
Legend's Restaurant
1313 West Lindsey
405/329-8888
Attendees:  James Scribner, Sally Beck, Tana Cashion, Lexi, analyst
candidates, former summer interns, and targeted interns for future interviews

Monday, October 9 and Tuesday, October 10
** Interviewers and greeters should be on campus by 8:00am to prepare for
interviews.  I will be in the breakfast area at 7:45 for anyone who needs a
ride to campus.
Round 1 and Round 2 Interviews:
OU Career Services Office
900 Asp Avenue, Suite 323
(Union Building)
8:30 am - 4:45 pm

Day 1 Interviewers:  Sally Beck, James Scribner, Stephen Plauche, Tana Cashion
Day 1 Greeter:  Angie Zeman

Day 2 Interviewers:  James Scribner, Mark McConnell, Steve Venturatos
 ** Still looking for 1 more interviewer ** (please let me know if you know
of anyone who would be available and qualified).

Thanks for all your help!

I can be reached on my cell phone:  281/793-1097

lexi


Mark/Greg,

Please find attached a post-mortem of our weekend problems...

Summary is last paragraph in red.

Regards

 -----Original Message-----
From:  Terech, Henry
Sent: Sunday, June 10, 2001 11:23 PM
To: Bibi, Philippe A.; Donovan, Bill
Cc: Kean, Steven
Subject: Enron Center North/Enron Center South Damage & Restoration Overview

Bill/Philippe-

Below is a summary of the major problems which occurred the past 96 hours and
the steps taken to mitigate the damage and risk.

Enron Center North (1400 Smith)

As a result of the flooding downtown, approximately six skyscrapers had their
electrical vaults flooded and began to cause cascading problemd in the
electrical grid downtown. The net result was the loss of one of the two 35kv
circuits which serve 1400 Smith. We (engineers, EES Maint, electrical subs)
believe at the time the circuits blew we shifted from three phase to single
phase power, which caused an imbalance in the load to the building.

Consequently, UPS "C" which serves a portion of the Lv 34 Data Ctr, the Rolm
phone switch, and a protion of the Traders floors lost a circuitboard, and
blew two internal fuses. This power degradation caused PDU "S" on Lv 34 to
trip its main breaker and shutdown power load to servers and equipment on
this PDU. This occurred shortly after Noon on Saturday.

Response/Restoration

> UPS "D" transferred load from UPS "C" as the N+1 back up and carried the
full load of the UPS loss as designed
> EPSC/electrical sub (Henderson Electric); EES Maint; IT worked together to
power down systems to begin repair work by 4:00pm Saturday
> EPSC/EES Maint coordinated with Pillar/Henderson Elec to obtain replacement
parts and begin the repairs. By 9:30pm all repairs to UPS"C" had been made
and the system bought back on line. As a measure of extra protection the back
up genset for Enron Ctr North  was in operation
> Reliant Energy restored the circuit at approximately 10:30pm Saturday
evening
> EPSC/EES Maint and subs conducted a thorough review of all electrical and
back up systems Saturday evening
> Enron Network IT Operations began restoration of all affected systems
Saturday evening
> EPSC/EES Maint obtained diesel fuel and topped off all gensets Saturday in
case of additional problems and due to fuel consumption during the outage

Other Building damage was limited to flooding in the tunnels, and water
damage/flooding to portions of the Body Shop on Lv B-1

Enron Center South (1500 Louisiana)

Impact/Damage Summary

> Levels 8 & 9  received very limited amounts of water from the core area
elevator shafts and exterior curtainwall. There was no exposure to water on
any systems or network cabling during the entire period. (Response) Crews
contained and cleaned all water as it traced into the building.
> ALL IDF closets on Lvs 3-5 Traders Floors remained dry throughout the
duration of the rains/flooding on Friday & Saturday
> Lv 6 received some water from Lv 7. (Response) The area was contained and
cleaned. No additional damage beyond Tuesday evenings flooding occurred
> Due to extreme street flooding and water pressure, a 10" sanitary sewer
line tied into ECS burst on Friday evening causing extensive flooding of Lv
B-1 area (approximately 4-6 inches of water in the basement. (Response)
Clark & Way Engr was able to install a temporary plug in the line to stop the
on going flood waters from penetrating the basement. Clean up has continued
throughout the weekend
> Due to the extreme flooding and water pressure, the water seal of the
Reliant Vault burst early Saturday and flooded the electrical vault room with
24-30" of water. This resulted in a complete loss of power at approximately
1:30pm on Staurday afternoon. The back up systems engaged and operated per
design to support the Data Ctr and Traders Floors. The temporary cooling
tower went off line. Prior to the flooding Clark had been in the process of
tieing in the temporary feed into the back up system by 7-1-01 in prep for
the migration (Response)
 * Clark used back up water pumps to pump out and clean the Reliant
electrical vault, as well as maintained operation of the back up systems
 * The Data Ctr AHU's were kept on line with the dehumidifiers/blowers to
modulate the airflow in the Data Ctr. EPSC had Way Engr techs use
temp/humidity probes
    to monitor the areas. The recordings indicated temps on Lvs 8 & 9 did not
exceed 78 degrees and relative humidity did not exceed 68% during the outage
 * Clark/Fisk Elec/EPSC coordinated desing efforts and obtained gear on an
emergency basis and completed the tie in off the temporary coolong tower to
the
    generators by 10:30pm
 * Reliant Energy is still cleaning and replacing gear in th vault room.
Presntly (AT 11:00PM Sunday) we have one circuit operational in the building
and 50% of the
              Reliant  gear on line). We are still operating all systems
safely on the back up sytems for the past 36 hours. It is expected Relaint
will be complete by 7:00am.
   Clark; the engineers and MEP subs shall be conducting a thorough system
review and repirs as required of all systems throughout the building during
the coming
   week.

In summary, the back up systems in both facilities did engage and operate as
designed; however, due to the extreme conditons and stress placed upon the
systems the facility held up extremely well. I would also like to note
throughout the ordeal beginning Friday evening through Sunday, everyone
(Enron NetWorks;EES FacilitiesClark Const;Way Engring;Fisk Electric;Henderson
Electric; KW-Pillar;Hines) did an outstanding job under enourmous pressure
and the most severe conditions I have seen in downtown Houston.
Communication, around the clock work  and cool heads managed to assess damage
and develop action/restoration plans to facilitate repairs for Monday business

Let me know if you need further details on specific issues or items.

regards-

Henry


Dear All,
The business units are operating on a lean G&A budget and cut costs whenever we can and making sure that we are efficient.  Are there any initiative to do likewise for all corp functions?  As an accountant in the business unit, we received corp allocations.  The total for corp was more than $700MM.  This, of course, excludes Enron Net Work, Enron Property, and Global Finance, which if we include those, the G&A to Enron could well be over $1Billion (not counting the business units G&A).

The number just blew me away.  I think we need to make sure all functions are needed and are run efficiently.  We cannot say it's OK just because we can allocate to the business units because the business units may not receive benefits for these costs.   We sure don't want Enron, as a whole, to be growing so fat and so fast that it will hurt our bottom line.  I'm sorry if I'm out of line, but I really do care about Enron and am very proud to be its employee.

Thank you for your time.


This is to advise you that we will have next Tuesday's ETS staff meeting from
10:00 to 11:00AM in 49C2.    Since we will have only one hour, please be
prepared to rapidly high-light only your key items for the week.

Thanks,
Cindy