I was waiting but he did not bring it up.  Probably saving it.

From: Ben Jacoby/ENRON@enronXgate on 05/23/2001 02:14 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: RE: Blue Dog

Did Jeff say anything on payment of the invoices?

-----Original Message-----
From: Mann, Kay
Sent: Wed 5/23/2001 2:11 PM
To: Jacoby, Ben
Cc:
Subject: RE: Blue Dog

 Steve Swift and Jeff Darst, although Jeff is off the call now.

 From: Ben Jacoby/ENRON@enronXgate on 05/23/2001 02:08 PM
 To: Kay Mann/Corp/Enron@Enron, Fred Mitro/ENRON@enronXgate
 cc:

 Subject: RE: Blue Dog

 OK. We can push back on the TECO term sheet call. Let Fred and me know what
works.

 Who at GE are you talking to?

 -----Original Message-----
 From: Mann, Kay
 Sent: Wed 5/23/2001 2:03 PM
 To: Jacoby, Ben
 Cc:
 Subject: Blue Dog

 I'm on the phone with GE.  Their initial response to the assignment stuff is
positive.  They want a letter which sets out the ownership of the LLC and
what we are doing on payment.

 I've been working on TECO term sheet, but I'm not sure I'll be done by 300,
depending on this call.

 Kay


Only couple brief comments on the version that includes Edison's comments:

Under the definition of "Spot Market Service" it now reads:

This service is available for Large Customers and Medium Customers whose service from a Direct Access provider has been interrupted, or who have failed to elect or be deemed to elect either Direct Access, Core Service or Term Service.

I don't understand the meaning of the phrase "or be deemed to elect."  If inserting the phrase serves an important purpose, then perhaps it's appropriate to leave it in.  But we haven't discussed any reason for needing it.  As such, given the last-minute nature of the change, it should be deleted.

There is one heckuvalot of detail in the rate-related language that Edison provided that we didn't have a chance to discuss in our negotiations.  It may turn out that it's all fine, but I frankly haven't haven't had the chance to adequately wrap my meager mind around the language, so I just want to let folks know that many more comments on those pieces may pop up from my end in the near term.
Finally, I just want to raise a flag on section 25465 (a) (6) regarding the green portfolio standard.  We never discussed/analyzed those additional percentages and consequently we never established a "zone of comfort" around including those numbers.  That may become an issue (and may not, just wanted to briefly flag it).

Thanks again for all the effort.

Best,
Jeff


this is my idea of vacation...


Texans News
May 14, 2001

Capers to join fans Friday
Join us for a special autograph appearance by Texans Head Coach Dom Capers
Friday at the club's concept store, in the Pennzoil-Quaker State Company
Store at Pennzoil Place, located in the downtown Houston tunnel level, at
700 Milam. Capers will be on hand from noon until 1 p.m. and 95.7 KIKK-FM's
Lisa Dent will be there to give away exciting Texans prizes!

Check out the web site for more information:
http://www.houstontexans.com/home/general.cfm?cont_id=59999&NSLN=051401

---
You are currently subscribed to texansnews as: GWHALLE@ENRON.COM
To unsubscribe send a blank email to
leave-texansnews-179392T@newsletter.houstontexans.com


We have received the executed EEI Master Power Purchase and Sale Agreement dated 3/15/2001 from the referenced CP.  Copies will be distributed to legal and credit.


Frank,

Thanks. I have given your name to the employee  Energy and Power Risk
Management
magazine who organizes Power2001 Conference in Houston (May of 2001).

Vince

"Frank A. Wolak" <wolak@zia.stanford.edu> on 11/28/2000 09:04:42 AM
To: Vince.J.Kaminski@enron.com
cc:
Subject:

Vince,

   Sorry about the delay in responding.   It's the end
of the quarter and I'm teaching 3 courses, so things are
very busy, plus I had to work on a response to the FERC
Proposed Order for California.  Here is my student's CV.

   Please let me know if you need more information.

Frank Wolak
 - jmyan_cv_new1.pdf


Per your request, I will start providing a daily status report on the Wind PPA MTM value.  As of the close of Thurs. 9/13, the PPA value was approx. $24.0 MM (after reserves).  When I receive the $100MM guaranty cost I will start incorporating this into a net calculation for an Enron Corp. view of the value.

Regards,

Mike Curry
Enron Power Marketing, Inc.
(713) 853-4258
Fax (713) 646-8272


Northwest Natural Buys Enron Unit For $1.9 Billion in Cash and Stock
The Wall Street Journal, 10/09/01
NORTHWEST NATURAL GAS ANNOUNCES DEAL WITH ENRON
The New York Times, 10/09/01
COMPANIES & FINANCE THE AMERICAS - Enron to sell utility - NEWS DIGEST.
Financial Times (U.K. edition), 10/09/01
COMPANIES & FINANCE UK: Budge digs deep and saves Hatfield Colliery
Financial Times; Oct 9, 2001

Enron Sells Oregon Utility
The Washington Post, 10/09/01

Enron Seals deal to sell Portland General utility
Houston Chronicle, 10/09/01

United States
The Globe and Mail, 10/09/01
CoalPower buy
The Independent - London, 10/09/01
NW Natural Gas Chmn & CEO
CNNfn: Street Sweep, 10/08/01

CHINA: PetroChina to boost gas output in southwest.
Reuters English News Service, 10/09/01

Northwest Natural Buys Enron Unit For $1.9 Billion in Cash and Stock
By Robin Sidel
Staff Reporter of The Wall Street Journal

10/09/2001
The Wall Street Journal
A4
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Enron Corp., as expected, agreed to sell its Portland General Electric utility to Northwest Natural Gas Co. for nearly $1.9 billion in cash and stock in a transaction that will unite the largest gas and electric utilities in Oregon.
Northwest Natural also is expected to assume $1.1 billion in debt. For Enron, the move comes about five years after it bought Portland General as part of a plan to break into the nation's deregulating power markets. Since then, Enron has backed away from that strategy, in part because of the California energy crisis. Enron agreed to sell the utility to Sierra Pacific Resources, of Reno, Nev., for about $2 billion in 1999, but that transaction fell apart this year.
Meanwhile, little-known Northwest Natural, of Portland, Ore., is betting that buying Portland General's operations will give it more muscle on its home turf. The combined company, with $5 billion in assets, will have more than 1.25 million electric and gas customers and will own more than 2,000 megawatts of generation, 26,000 miles of electric transmission and distribution lines, as well as 12,000 miles of gas lines. Northwest Natural supplies natural gas to more than 500,000 residential and business customers in Oregon and Vancouver, Wash. Portland General is an electric utility serving more than 1.4 million customers in Oregon.
Terms of the transaction call for Enron to receive $1.55 billion in cash, $200 million in Northwest Natural preferred stock, and $50 million in Northwest Natural common stock. Enron has agreed to hold the securities for at least 2 1/2 years. The common equity stake will give Enron voting rights amounting to 4.9% of the total number of Northwest Natural shares outstanding. Enron, a Houston energy-trading concern, also will receive as many as two seats on Northwest Natural's board, which has 12 members and the authority to boost that number to 13. It isn't clear if Enron would seek two seats.
"This sale is consistent with our overall objective of selling assets that are not strategic to our wholesale and retail energy business," said Kenneth L. Lay, Enron's chairman and chief executive.
The cash portion of the transaction will be raised through loans arranged by Merrill Lynch & Co. , of New York, and Credit Suisse First Boston, a unit of Switzerland's Credit Suisse Group. Enron was advised by Credit Suisse First Boston, and Northwest Natural's financial adviser was Merrill Lynch.

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

Business/Financial Desk; Section C
COMPANY NEWS
NORTHWEST NATURAL GAS ANNOUNCES DEAL WITH ENRON
AP

10/09/2001
The New York Times
Page 4, Column 1
c. 2001 New York Times Company

As expected, Northwest Natural Gas said yesterday that it would buy Portland General Electric from the Enron Corporation for $1.55 billion in cash and $350 million in securities in a deal to combine the largest natural gas and electric utilities in Oregon. Northwest Natural said it expected to close the purchase late next year, pending approval by regulators and its shareholders. An undetermined number of jobs will be cut.

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

COMPANIES & FINANCE THE AMERICAS - Enron to sell utility - NEWS DIGEST.
By SHEILA MCNULTY.

10/09/2001
Financial Times (U.K. edition)
(c) 2001 Financial Times Limited . All Rights Reserved

Enron, the US energy giant, has agreed to sell electricity utility Portland General Electric to Northwest Natural Gas for $1.88bn. NW Natural, a regional utility, will also assume about $1.1bn in PG debt and preferred stock. Enron had been seeking to dispose of the utility for some time because it is no longer core. It is also attempting to dispose of up to $5bn in other assets - primarily international infrastructure projects in developing countries where Enron believes there is little chance of building its wholesale and retail business around them. Sheila McNulty, Houston.
(c) Copyright Financial Times Ltd. All rights reserved.
http://www.ft.com.

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

COMPANIES & FINANCE UK: Budge digs deep and saves Hatfield Colliery
Financial Times; Oct 9, 2001
By ANDREW TAYLOR

Brian Wilson, energy minister, yesterday welcomed the decision to restart coal production at Hatfield Colliery following the mine's rescue by Richard Budge, former chief executive of UK Coal. The Coal Authority, responsible for licensing mining, formally approved the takeover of Hatfield by Mr Budge's new company, Coal Power, paving the way for production to restart next month. Mr Budge, who earlier this year was ousted as UK Coal's chief executive, beat his former company and Enron, the US energy group, to buy Hatfield for about Pounds 5m. He was last month named preferred bidder for the colliery which went into liquidation in August. The government, in a bid to keep the pit alive, provided Pounds 6.69m of aid.
Hatfield is estimated to have coal reserves of 15m-23m tonnes. Recent rises in gas prices with more competitive electricity trading have encouraged generators to switch to more flexible coal-fired plant. Sales of domestically produced coal had risen by 20 per cent in each of the past three years, while prices paid by power stations had risen from Pounds 22.50 a tonne 18 months ago to about Pounds 35, said Mr Budge.

Financial
Lehman Buys N.Y. Building

10/09/2001
The Washington Post
FINAL
E02
Copyright 2001, The Washington Post Co. All Rights Reserved

Enron Sells Oregon Utility
Enron agreed to sell Portland General Electric to Northwest Natural Gas for $2.9 billion in cash, stock and assumed debt, ending a more than two-year effort to shed its Oregon utility. Enron no longer needs Portland General to sell electricity in the West and wants to spend its money on more promising businesses, chief executive Ken Lay said.

http://www.washingtonpost.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

Oct. 9, 2001
Houston Chronicle
Enron seals deal to sell Portland General utility
By LAURA GOLDBERG
Copyright 2001 Houston Chronicle
Investors reacted positively to Enron Corp.'s announcement Monday that it sealed a deal to sell utility Portland General Electric for almost $1.9 billion.
Shares in the Houston-based energy traded finished the day up $1.72 at $33.45.
"It's definitely an important catalyst for the stock," said Raymond Niles, an analyst who follows Enron for Salomon Smith Barney.
Northwest Natural Gas Co. agreed to buy Portland General from the Houston-based energy trader, which has been trying to sell the utility for months.
Under the deal, Enron is to receive $1.55 billion in cash, $200 million in NW Natural preferred stock and $50 million in NW Natural common stock.
NW Natural will take over Enron's $75 million balance toward consumer rate cuts Enron agreed to when it bought Portland General in 1997.
In addition, NW Natural, based in Portland, Ore., will assume about $1.1 billion in Portland General debt and preferred stock.
The common equity stake in NW Natural will give Enron voting rights limited to 4.9 percent. Enron, which has agreed to hold its securities in NW Natural for at least 2 1/2 years, also will receive up to two board seats.
The deal, subject to regulatory approvals, is expected to close by the fourth quarter of 2002.
It's the second time Enron reached a deal to sell Portland General. Nevada-based Sierra Pacific Resources agreed to buy the utility in November 1999.
The deal, valued at about $2 billion plus assumption of $1.1 billion debt and preferred stock, was officially called off in April, although it had been considered dead months before.
Sierra Pacific planned to sell some of its Nevada assets to raise cash for the deal, but Nevada's move to electricity deregulation was delayed and Sierra couldn't carry out the sales.
NW Natural is Oregon's largest natural gas utility, with more than 525,000 customers in northwest Oregon and southwest Washington.
Portland General serves more than 730,000 customers and owns 2,015 megawatts of electricity generation.
Enron is moving away from owning large physical assets so it can focus on trading and making markets in a variety of commodities.
"This sale is consistent with our overall objective of selling assets that are not strategic to our wholesale and retail energy business," Ken Lay, Enron's chairman and chief executive, said in a statement.
Enron bought the utility in 1997 in a deal worth $2 billion, plus it assumed $1.1 billion in debt and preferred stock.
The NW Natural deal represents "a break-even transaction from a gain-loss standpoint," Enron spokeswoman Karen Denne said.
Enron could use the proceeds to pay down debt, repurchase stock or invest in the company's high-growth businesses, she said.
Enron, when the deal gets closer to completion, must assure investors that the money will be invested in a higher-return opportunity to avoid earnings dilution, said Carol Coale, an analyst with Prudential Securities in Houston.
Investor confidence in Enron suffered after CEO Jeff Skilling, citing personal reasons, unexpectedly resigned in August. Even before then, Enron's stock had come under pressure for a variety of reasons.
The Portland General deal "should add one notch in management's credibility belt," Coale said, adding: "They have several notches to go."

Report on Business: The Wall Street Journal
WHAT'S NEWS
United States
Wall Street Journal

10/09/2001
The Globe and Mail
Metro
B15
"All material Copyright (c) Bell Globemedia Publishing Inc. and its licensors. All rights reserved."

Enron Corp. agreed to sell its Portland General Electric utility to Northwest Natural Gas Co. for nearly $1.9-billion (U.S.) in cash and stock in a transaction that will unite the largest gas and electric utilities in Oregon. Northwest Natural is also expected to assume $1.1-billion in debt. For Enron, the move comes about five years after it bought Portland General as part of a plan to break into deregulating U.S. power markets. Since then, Enron has backed away from that strategy, in part due to the California energy crisis.

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

Business
CoalPower buy

10/09/2001
The Independent - London
FOREIGN
21
(Copyright 2001 Independent Newspapers (UK) Limited)

COALPOWER, THE company set up by the former chief executive of RJB Mining, Richard Budge, has bought and reopened the Hatfield coal mine in South Yorkshire, four weeks after it was mothballed. "The mine has re-opened and we have got men underground now," said CoalPower. CoalPower, which was named the preferred bidder by the Government a month ago, beat Enron and UK Coal to buy Hatfield.

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

Business
NW Natural Gas Chmn & CEO
Susan Lisovicz

10/08/2001
CNNfn: Street Sweep
(c) Copyright Federal Document Clearing House. All Rights Reserved.

SUSAN LISOVICZ, CNNfn ANCHOR, STREET SWEEP: As we told you earlier Enron (URL: http://.www.enron.com/) has agreed to sell its Portland General Electric unit to Northwest Natural Gas (URL: http://www.gasco.com/) for $1.9 billion. Richard Reiten is chairman and CEO of Northwest Natural Gas. He joins us from Portland, Oregon to discuss the deal. Welcome and congratulations.
RICHARD REITEN, CHMN & CEO, NORTHWEST NAT. GAS: Thank you.
LISOVICZ: Well the investors have spoken and so far it`s negative. Your stock is down about 40 cents. Why do you think the market`s not thrilled about what they`ve heard so far?
REITEN: Well I don`t think being down 40 cents is really any indication in a market like today. In fact we`ve got a great transaction. Good for us, Northwest Natural Gas and certainly good for Enron. We`re able to create a five billion asset company headquartered here in Oregon. It`s going to have great growth as well as great shareholder value for Northwest National shareholders. So it`s a combination gas and electric company being created. Really we`re very excited about it.
LISOVICZ: $1.9 billion in cash and stock. Fair price?
REITEN: Yes. Fair for us and fair for Enron. It gives us great cash flow, great accretion to our earnings in the first year, a transaction that I think really benefits both parties.
LISOVICZ: Will it be accretive to the bottom line in the first year?
REITEN: Yes it will.
LISOVICZ: OK. Tell me what shareholders can expect immediately if anything.
REITEN: Well it`ll take a year for regulatory approval, nine to 12 months anyway. And then our first year as a combined company will most likely be 2003. We made it clear to our investors and shareholders that the transaction will be accretive in the first year even applying the old accounting rules amortizing good will. Without the good will amortization it`s double digit accretive. So it`s a very good transaction for us and our shareholders.
LISOVICZ: How did gas prices play into this? Did they speed up or did -did they influence at all how these talks proceeded?
REITEN: No they did not. You know gas prices have been declining rather dramatically over the last three months from highs over the previous year. But they`re coming down now and will be more moderate we think out over the next year but didn`t play any role in this. We passed through the gas cost without margin to our customers as most local gas distribution utilities do. They will play a real role because we could bring the gas supply asset storage and so on of our company to Portland General Electric`s gas-fired generation. So the combination of those assets are really a powerful set.
LISOVICZ: What was most attractive about this property?
REITEN: Well I think you have a almost total overlap of geography. Eighty percent of Portland General Electric`s customers are located inside Northwest Natural Gas service territory. Ninety five percent of the assets are all in Oregon. We have a small gas distribution property in southwest Washington. But there`s terrific overlap, a lot of savings for customers as we move forward to bring the companies together and certainly the accretion for our shareholders as well.
LISOVICZ: OK. Richard Reiten, the chairman and CEO of Northwest Natural Gas. Congratulations. Thanks for joining us.
REITEN: Thank you very much.

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

CHINA: PetroChina to boost gas output in southwest.

10/09/2001
Reuters English News Service
(C) Reuters Limited 2001.

BEIJING, Oct 9 (Reuters) - China's oil major PetroChina has made three natural gas discoveries this year in the southwest Sichuan Basin and aims to boost output in the area by 50 percent, company officials said on Tuesday.
Natural gas output in the Sichuan Basin was expected to rise to 12 billion cubic metres (bcm) in 2005 from 8.0 bcm in 2000, an official of PetroChina's subsidiary, Southwest Oil and Gas Co, said from the Sichuan capital of Chengdu.
To fulfil this target, the southwest company would add an annual gas production capacity of 4.2 bcm over the next four years, which would be focus on the Datianchi and Baimamiao gas fields, the official told Reuters.
"The gas recovery rate in Sichuan basin was not very high. We will try hard to incease our production capacity in the coming years," he said.
The Sichuan Basin is PetroChina's biggest gas producing area.
The three discoveries PetroChina made so far this year in Sichuan had a combined possible gas reserves of 25.2 bcm, another official said.
The Nanchong structure in central Sichuan had a gas reserve of 17.8 bcm, the Jinzhuping structure in the east contained 2.88 bcm of reserves and the Longquan structure in the west had 5.5 bcm, the official said.
The three structures cover a total area of 447 square km (172.6 sq miles), he said.
Experts have predicted gas reserves in the Sichuan Basin were likely to be one trillion cubic metres by 2005.
PetroChina has also speeded up construction of several natural gas purification plants in Sichuan, including one in the Zhongxian county of Chongqing, where a planned gas pipeline to the neighbouring province of Hubei starts, he said.
Gas purification capacity in the basin would rise to 9.0 bcm in 2004 from 5.5 bcm in 2000.
GAS PIPELINES
PetroChina is at the preparation stage of the Zhongxian-Hubei pipeline, China's first joint venture gas pipeline.
The Chinese company holds a 55 percent stake in $400 million project and U.S. energy firm Enron the remainder.
The two companies, which finished a feasibility study and got state approval for building the pipeline last year, were busy doing a market survey, the official said.
The 680 km (420 mile) pipeline, designed to transfer 3.0 bcm of natural gas a year, may be extended to the province of Hunan later, he said.
The Southwest Oil and Gas Co is cooperating with French firm Sofregas to upgrade more than 1,000 km of gas pipelines in Sichuan.
The $230 million upgrade, including repairs, cleaning and extending pipelines, would enable the trunk lines to transfer 8.0 million cubic metres per day upon completion in mid-2003, the official said.

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


Absolutely.  I'll be right by presto on 6 in a week.
--------------------------
Jim Steffes
Enron


Fuel and variable amounts to roughly $.31. Therefore, our revised numbers should be $1.52 for April - October and $1.74 for April - January.

Sorry for the confusion!

Stephanie
---------------------- Forwarded by Stephanie Miller/Corp/Enron on 03/19/2001 04:45 PM ---------------------------

Stephanie Miller
03/19/2001 04:14 PM
To:	Michelle Lokay/ET&S/Enron
cc:

Subject:	ENA Bid

I realize we never talked about how the bids were stated - ours was inclusive of fuel and all variable charges. This will make a big difference in the ultimate rate to your shipper. Do you need me to break this out?


Julie,

I  forwarded  your message to the weather desk.
I think you can cancel Hyatt and save some money.

Vince

"Julie" <julie@lacimagroup.com> on 02/19/2001 03:19:45 PM
Please respond to "Julie" <julie@lacimagroup.com>
To: "VinceJKaminski" <Vince.J.Kaminski@enron.com>
cc:
Subject: Re: weather course

Vince,
Enron is fine (although I think we have to pay for the Hyatt anyway).
?
Good discount (I have a feeling that my idea of a good discount and the
weather desk's idea is probably different?):? for the one day, $1100 per
person.? If you think that there will be?around 10 people or more,  then we
can offer a day rate, regardless of the number of people.?
?
Thanks Vince
?
Julie
?
PS - Of course when I announced that we were cancelling, people started
responding that they wished to attend.? Ugh!
?
----- Original Message -----
From:  Vince.J.Kaminski@enron.com
To: Julie
Cc: Vince.J.Kaminski@enron.com
Sent: Friday, February 16, 2001 4:05  PM
Subject: Re: weather course

Julie,

Enron location makes more sense. No reason to  pay for the hotel.
Also, I think that one day makes more sense.

I  contacted the weather desk about including other people at the  training
course. I think that they would be interested if they got a good  discount.

Vince

"Julie" <julie@lacimagroup.com> on  02/16/2001 09:39:37 AM

Please respond to "Julie" <julie@lacimagroup.com>

To:??  <Vince.J.Kaminski@enron.com>
cc:
Subject:?  Re: weather course

Vince,

Great. Just to let you know,  we decided not to wait on the indecisive
ones, and postponed the open  course. It's yours, whatever you want: ? 1
day (specific to what you  feel will be of the most benefit), 2 days, Hyatt
or? Enron, or not at  all. I hope this doesn't cause problems for you.
Special deal, for sure. I  owe my godfather.

Julie

----- Original Message  -----
From:? Vince.J.Kaminski@enron.com
To:  Julie
Cc: Joseph.Hrgovcic@enron.com
Sent:  Thursday, February 15, 2001 3:16? PM
Subject: Re: weather  course

Julie,

That's definitely an option.

We  can? provide the room. Maybe we can cut with you a special deal  for
Enron
and? increase the # of people attending. I am forwarding  your message to
our? weather  desk.

Vince

Joe,

What do you think about?  it?

Vince

"Julie" <julie@lacimagroup.com> on?  02/15/2001 08:20:24 AM

Please respond to "Julie" <julie@lacimagroup.com>

To:  ? "VinceJKaminski" <Vince.J.Kaminski@enron.com>
cc:
Subject:  ? weather course

Vince,

We just wanted to let you  know? that we only have 3 people signed up for
the
weather  derivatives course? (all from Enron) so far. We have a couple  more
that have expressed strong? interest, but we are awaiting their  final
decision. If no one else signs? up, Chris and Les thought that  you guys
could probably get through the? first day pretty easily, and  thus thought
it
may be an option to teach just? the 2nd day  material (pricing) only at
Enron
(doing it at the Hyatt is an?  option as well but the room might be on the
large side)? We would?  obviously reimburse you for the day not taught. We
can teach both days  as? well, but thought you may want to save some time.

I just  wanted to give? you some time to think about it. We will know where
we  stand on final? numbers by next?  Wednesday.

Julie


fyi.

-----Original Message-----
From: Boudreaux, Shanna
Sent: Monday, November 26, 2001 7:37 AM
To: Townsend, Judy; Neal, Scott; Versen, Victoria; Lamadrid, Victor;
Ordway, Chris; Pritchard, Michael
Subject: FW: TE Request for TABS-2 Assistance

FYI

-----Original Message-----
From: infopost@duke-energy.com [mailto:infopost@duke-energy.com]
Sent: Sunday, November 25, 2001 12:00 AM
To: infopost@duke-energy.com
Subject: TE Request for TABS-2 Assistance

November 25, 2001

Due to continued unseasonably mild weather and shippers filling contract
storage inventories in anticipation of the coming winter heating season,
Texas Eastern has virtually no storage capacity or linepack available
for system operational purposes and cannot continue to absorb imbalances
left on the system.

Pursuant to Section 3.3 of Rate Schedule TABS-2, Texas Eastern offers to
permit TABS-2 Parties to decrease physical receipts of gas into the
system by an aggregate quantity of 300,000 Dth/d.  Any decreases in gas
receipts pursuant to Rate Schedule TABS-2 will not reduce such TABS-2
Parties? scheduled deliveries, whether at a TABS-1 Service Point or city-
gate markets.  This request for decreased receipts under TABS-2 is
applicable for the STX, ETX, WLA, and ELA TABS-2 Service Points.  All
requests for decreased receipts under Rate Schedule TABS-2 will be
accepted on a first-come, first-served basis.  After Texas Eastern?s
operational need for decreased receipts has passed, Texas Eastern will
notify all participating TABS-2 Parties and such parties will have a
reasonable time to come back into balance.  Any TABS-2 party willing to
decrease physical receipts into the system should contact their Account
Manager.

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

NOTE:

Duke Energy Gas Transmission respects your online time and privacy.
You have received this email because you elected to subscribe. To
unsubscribe, login to the E-mail Notification Subscription page at
http://www.link.duke-energy.com/script2/Notification.asp
uncheck the appropriate checkbox, and click the Submit button.


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.


Susan Bellinghausen and Pat Cagney would like to meet with each of you to
discuss the GPG SAP Reporting needs.  Based on discussions at the ASE,
"Project Jumpstart" is being initiated to develop a plan for addressing the
reporting needs of GPG. Please plan to attend this meeting to learn what
support is being offered and to provide your input into what you need from
the reporting team.  EB 30C2 is a video conference room.  We are trying to
get a video conference room in Omaha also.  We will let you know on Tuesday
where the Omaha meeting room will be.


Just an FYI, if you want to alter procedures in production already, you can use the command Alter Procedure, instead of Create Procedure.  Everything else would be as you have it in your scripts.  All it does is change the code of the procedure without touching dependencies or permissions.  I'll change that in these so that you don't have to.

Thanks, :)

Chris Wiebe
Staff, Data Technologies
Enron Canada Corp.
Phone: (403) 974-6929
Cell: (403) 650-7224
Pager: (403) 212-9989
Pager email: chriswiebe@epagenet.net
Email: Chris.Wiebe@Enron.com

 -----Original Message-----
From: 	Richey, Cooper
Sent:	Thursday, October 18, 2001 1:48 PM
To:	Wiebe, Chris
Subject:	development stored procs to prod

can you update the following procs in prod with these scripts while (maintain existing set of permissions?

 << File: sp_poolprice.sql >>  << File: sp2.sql >>  << File: sp3.sql >>
thx,
cooper


I am able to get you 3 bottles of CSR today if you want them.

Nancy
(707) 251-4870 (phone)
(707) 265-5446 (fax)
"Plus je bois, mieux je chante"


Good afternoon!

No, this isn't a new tip - just a follow-up on the one I sent this
morning. I received some good responses and wanted to pass a couple of them
along.

Kevin wrote to say that this tip works like a charm, except for one thing:
he's had trouble with the router bit not being perfectly centered on the
base, so his dadoes have ended up less than perfect. I referred to this
briefly at the end of the tip, but here's a quick solution for avoiding
the problem.

Before routing the dado in the gauge, first mark a point on the base of
your router. (I simply add a piece of masking tape since it's easy to
see.) Then when routing the gauge (and later, the panel), always keep
this mark against the straightedge. Your dadoes should be right on.

Another email came in from Mike, who suggested making two alignment
gauges. Then you can clamp one at each end of the workpiece before you
clamp the straightedge fence down. This prevents the "wiggling" that
often occurs when one end is clamped before the other. Great tip!

A big thanks to all who have been sending in suggestions. It's great to
hear that so many people are enjoying the tips.

Talk to you again in a few weeks.

Jon Garbison
On-line Editor
Woodsmith

Visit our other woodworking and home improvement sites:
100+ Woodworking Plans:  <http://www.PlansNOW.com/>
Woodsmith Magazine:      <http://www.Woodsmith.com/>
ShopNotes Magazine:      <http://www.ShopNotes.com/>
Workbench Magazine:      <http://www.WorkbenchMagazine.com/>
Kits, Jigs, Tools, Project Plans: <http://www.WoodsmithStore.com/>
Back Issues:             <http://www.BackIssueStore.com/>
Woodworking Forums:      <http://www.Forums.WoodNet.net/>

<------------------------------------------------------->

TO CHANGE YOUR EMAIL ADDRESS or resubscribe, sign up again at
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TO UNSUBSCRIBE, send EMPTY email message to:
       <leave-woodtips-30771C@listserv.augusthome.com>

NOTE: Your subscribed email address is
       <dfarmer@ect.enron.com>


I think we were under the impression that this was a name change.

From: Tana Jones on 11/14/2000 03:12 PM
To: Tanya Rohauer/HOU/ECT@ECT, Bradley Diebner/HOU/ECT@ECT
cc:
Subject: Calpine Power Services/Calpine Energy Services

This Counterparty is on the 11/9/00 EOL List.  We have received documentation
that reflects that Calpine Power Services Company, an entity where we have an
ISDA Master in place, has merged with and into Calpine Energy Services, L.P.,
an entity where we don't have an ISDA in place with.   Is Credit OK with this
merger?


Photo Sessions for Next Pictorial Roster Set for June 19-20, August 14-15

 The Houston Bar Association has contracted with a new publisher for
the 2002 edition of the HBA Pictorial Roster, and photography sessions have
been scheduled for members who would like to have a new picture taken for
the Roster -- free of charge.
 Any member who would like to have his or her photo taken may come by
the Houston Bar Association office between the hours of 8:30 a.m. and 5:00
p.m. on June 19 or June 20. Another session will be scheduled August 14 and
August 15. There is no charge for the photo, no appointment is necessary,
and the photo sessions will take only a few minutes. The Houston Bar
Association office is located downtown at 1001 Fannin, Suite 1300.
 Members may also submit their own photo for the Roster, or use an
existing photo already on file with the HBA.
 Legal Directories Publishing Company, Inc. will begin publishing
annual editions of the Pictorial Roster, rather than every two years. The
HBA hopes to have as many current photos as possible in the new Roster, so
please take advantage of this opportunity.


Here is the presentation I was talking about.  No changes need to be made to
it.  We need 15 color copies, bond at the top with a spiral binding and clear
front cover.  We need it by 6:00pm tonight.  Thanks

Ben Rogers
3-7998


All,

Please mark you calendars, you  have been selected to participate in the  ENA Trading Track recruiting event Monday, October 29th , 3 pm - 7 pm.     If you are unable to interview on this date please advise.

A selection of you will telephone screen 18 external candidates, and decide whether or not they should proceed to the final round on the above date.    A separate e:mail will be sent in relation to this.

Any questions let me know.

Regards,

Karen
x54667


Yuesum To
107 artino street
Eureka, CA 95503
summyto@hotmail.com

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

Yuesum To


Stuart:
These are the questions we have answered for them.  Please review and make
sure that they are in accordance with ENA's information policies.  We are
sending this out to them today.  Thanks
Ben


----- Forwarded by Jeff Leath/NA/Enron on 12/04/2000 01:57 PM -----

	"Johnson, Beverly" <Beverly.Johnson@the-woodlands.net>
	12/04/2000 01:48 PM

		 To: "'jeff.leath@enron.com'" <jeff.leath@enron.com>
		 cc: "Wallin, Kelli" <Kelli.Wallin@the-woodlands.net>, "Hudson, Coleman"
<Coleman.Hudson@the-woodlands.net>
		 Subject: Strategic Sourcing Conference

ENRON STRATEGIC SOURCING
FOLIO # 336135
10/8-11/00
MR. JEFF LEATH
PHONE: 713-646-6165
FAX: 713-646-6313

Jeff,

Per our conversation this morning, I will list the items in question.  I am
also forwarding this to Kelli Wallin in our accounting department to follow
up on as well.

* ACCOUNTING:  Please see that all service charges were posted as 18%,
per contract
* JEFF: I will fax you the comp ticket showing the 1 hour reception
posted to The Woodlands House account.
* ACCOUNTING: Please fax Jeff the back up for the package handling
charges. $451.35
* ACCOUNTING: Please adjust (1) wireless mouse charge for a total of
$156.41
* JEFF: In regards to the lunch charges, we charged a day guest rate
to include lunch in The Woodlands Dining Room @ $57.00 for  40 day
attendees.  You had 80 persons on the Complete Meeting Package.  However,
when coordinating with Tracey Kozadinos, she ordered and guaranteed 100 box
lunches @ $5.50 per person surcharge for the golf.  Thus, 80+40=120 - 100
(box lunches) would leave 20 persons permitted to have lunch in The
Woodlands Dining Room.  We billed you for the total amount of persons over
the 20 permitted in the Woodlands Dining Room.
* JEFF: Breakout charges were for (2) rooms.  Enron had a guarantee of
120 attendees.  We allow (1) breakout per 40 attendees.  This particular
day, (5) breakouts were ordered.  The audio visual in the additional
breakouts is based on a-la-carte pricing and is not included in the package.
Only av is included in the rooms that are part of the allocation.

Jeff, I will see that the adjustments are forwarded to you as soon as
possible in order to remit for payment.  Please feel free to call me should
you have further questions.  Thank you for your business!

Beverly J. Johnson
Conference Planning Manager
The Woodlands Resort & Conference Center
(281) 364-6234 -- Direct Dial
(281) 364-6338 -- Fax


I believe the following should be used. Robert please concur.

1875 psi should be used for the MAOP in both cases.
Completion date should be 06-30-2001.
It is outside of corporate limits.


oh - i invited your rocket power dancer friend. was i not supposed to do that?

To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Re: Happy Hour

in - and make sure neil and bob don't make any crass jokes about my past
experiences.


We have received an executed financial master agreement:

Type of Agreement:		ISDA Master Agreement (Multicurrency-Cross Border)

Effective Date:			June 4, 2001

Enron Entity:			Enron Canada Corp.

Counterparty:			Encore Energy Solutions, L.P.

Transactions Covered:		Approved for all transactions with the exception of:  Foreign Exchange

Confirming Entity:		Enron Canada Corp.

Governing Law:			Alberta

Special Handling Requirements:	No special handling requirements

Copies will be distributed.

Stephanie Panus


Admittedly the BCS rankings for top eWooglin.com is doing the tighten up
(remember when we had Archie Bell and Drells at a Beta party?).
But I can't let this one go.  According to the SMU 73 yearbook, Doug Dyer
was in your freshman class and in your pledge class.  Not that the SMU
yearbook is a definitive archival record.  But you may have been referring
to Doug Denham class of 73. I say no more.
-kai-
----- Original Message -----
From: <camdenway@aol.com>
To: <smu-betas@yahoogroups.com>
Sent: Thursday, October 25, 2001 9:38 PM
Subject: Re: [smu-betas] 76ers - it's time to hump it

> Brother Benson,     Congratulations on taking over the top spot in the
> Best-of-ewooglin.com-contest.   Those pathetic losers of '75 have been
> shoving our faces in it for too long.  After all, whose class was Doug
Dyer
> in after all?  Sorry I can't come to D this w/e.  Got to go to parents
> weekend for my college freshman.  Don't forget to tune in to the Sooners
> stomping Nebraska.
>
> -kai-
> B Miller
>
> At Homecoming 2000, the BETA TENT had the biggest crowd by far.  Stay
connected and consider a future homecoming BETA reunion.  It's
incredible...forget the 20 years in between...everyone just seems to pick it
up right where they left off years ago.
>
>
>
> Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
>
>

At Homecoming 2000, the BETA TENT had the biggest crowd by far.  Stay connected and consider a future homecoming BETA reunion.  It's incredible...forget the 20 years in between...everyone just seems to pick it up right where they left off years ago.

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/


Start Date: 4/17/01; HourAhead hour: 17;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.
Variances detected in SC Trades schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041717.txt

Error retrieving HourAhead price data - process continuing...
---- Energy Import/Export Schedule ----
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_ERNIE
  ENGY_TYPE: WHEEL
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TIE_POINT: SLVRPK_7_SPP
  INTERCHG_ID: EPMI_CISO_ERNIE
  ENGY_TYPE: WHEEL
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TIE_POINT: SLVRPK_7_SPP
  INTERCHG_ID: EPMI_CISO_SPP
  ENGY_TYPE: NFRM
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_SOUTH
  ENGY_TYPE: NFRM
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: ECTstSW
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_7000
  ENGY_TYPE: WHEEL
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: ECTstSW
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TIE_POINT: FCORNR_5_PSUEDO
  INTERCHG_ID: EPMI_CISO_4000
  ENGY_TYPE: FIRM
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: ECTstCA
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TIE_POINT: FCORNR_5_PSUEDO
  INTERCHG_ID: EPMI_CISO_4001
  ENGY_TYPE: FIRM
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: ECTstSW
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TIE_POINT: FCORNR_5_PSUEDO
  INTERCHG_ID: EPMI_CISO_7000
  ENGY_TYPE: WHEEL

---- SC Trades Schedule ----
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: AEI1
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: AEI1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: AEPS
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: AEPS
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: APX1
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: APX1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: AQPC
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: AQPC
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: AZUA
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: CALP
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: CPSC
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: CRLP
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: DETM
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: DETM
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: ECH1
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: ECH1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: EPPS
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: EPPS
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: IPC1
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: IPC1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: KET3
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: MIEC
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: MIEC
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: NCPA
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: NES1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: PETP
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: PETP
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: PSE1
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: PWRX
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: SCEM
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: SCEM
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: SEL1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: SETC
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: SETC
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: WAMP
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: WESC
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: WESC
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: AEI1
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: AEI1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: AEPS
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: AEPS
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: APX1
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: APX1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: AQPC
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: AQPC
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: AZUA
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: CALP
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: CALP
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: CDWR
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: CPSC
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: CPSC
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: CRLP
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: CRLP
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: DETM
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: DETM
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: ECH1
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: ECH1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: EMMT
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: EPPS
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: EPPS
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: IPC1
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: IPC1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: KET3
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: MID1
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: MID1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: NCPA
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: NEI1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: NES1
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: NES1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: PAC1
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: PAC1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: PETP
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: PETP
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: PWRX
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: PWRX
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: RVSD
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: SCE1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: SCEM
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: SCEM
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: SDG3
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: SDG4
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: SEL1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: SETC
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: SETC
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: WAMP
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: WESC
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
+++ Hour 17 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/17/01
  TRADING_SC: WESC
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1


The dual payroll arrangement would imply dual benefits, which is not the intent.  We haven't included them in the US ERISA plans.  Since the UK benefits are a better deal, we need to document that they have waived the right to the US benefits.  Depending on how the conversation goes, you could use the discrimination rules as well.

Tim
-----Original Message-----
From: Oxley, David
Sent: Monday, October 22, 2001 12:48 PM
To: Callahan, Timothy
Cc: Cash, Michelle; Fox, Madeline
Subject: RE: Waiver of US Benefits

So my line to Louise and Mark is?

-----Original Message-----
From: Callahan, Timothy
Sent: Monday, October 22, 2001 12:04 PM
To: Oxley, David
Cc: Cash, Michelle; Fox, Madeline
Subject: RE: Waiver of US Benefits

I'll get duplicate copies to you for signature. The reason for doing this is more the former than the latter mentioned below.  However, there is a concern that other UK nationals remaining on the UK payroll could try to use the US non-discrimination rules to obtain US benefits, if you were provided both. Their success in such a challenge is questionable.

Tim
-----Original Message-----
From: Oxley, David
Sent: Monday, October 22, 2001 11:27 AM
To: Callahan, Timothy
Cc: Cash, Michelle; Fox, Madeline
Subject: RE: Waiver of US Benefits

OK. Much better. Explain to me again why we have to do this? Is it purely to confirm we don't get stuff twice or is there a concern that our participation in both causes a sub-space paradox which may create a time vacuum into which the entire world population may be sucked?

David

-----Original Message-----
From: Callahan, Timothy
Sent: Monday, October 22, 2001 10:22 AM
To: Oxley, David
Subject: Waiver of US Benefits

David,

Let me know if this latest version is acceptable and I'll prepare a waiver for Louise and Mark, as well.

Regards,

Timothy J. Callahan
Director, Global Employee Services
Enron Corp
333 Clay Street, Suite 2025
Houston, Texas 77002
Telephone:  713.646.9565
Fax:  713.646.9501


We have received an executed financial Master Agreement:

Type of Contract:		ISDA Master Agreement (Multicurrency-Cross Border)

Effective Date:			April 4, 2001

Enron Entity:			Enron Canada Corp.

Counterparty:			Cavell Energy Corporation

Transactions Covered:		Approved for all products with the exception of:   Foreign Exchange

Confirming Entity:		Enron Canada Corp.

Governing Law:			Province of Alberta

Special Handling Requirements:   No special handling requirements

Copies will be distributed.

Cordially,
Susan S. Bailey
Enron North America Corp.
1400 Smith Street, Suite 3803A
Houston, Texas 77002
Phone: (713) 853-4737
Fax: (713) 646-3490
Email: Susan.Bailey@enron.com


http://www.fas.org/irp/program/process/991116-echelon.htm
The project has five "ear-in-the-sky" satellites capable of monitoring sounds from thousands of miles away. They allow Echelon to intercept virtually any internationally-transmitted phone call, fax, e-mail or data transfer for the ostensible purpose of tracking international terrorist groups or drug cartels. But unlike many spying relics of the Cold War, Echelon is aimed at surveillance of civilian communications, such as business and personal e-mails. Barr's office estimates Echelon intercepts up to 2 million transmissions per hour.

http://www.fas.org/irp/program/process/docs/000219-echelon.htm
A former employee of Canada's security agency has charged that Canadian spies once managed to overhear the American ambassador to Canada discussing a pending trade deal with China on a mobile telephone and used that information to undercut the Americans in landing a $2.5-billion Chinese grain sale.


Please respond to The Motley Fool
===================== FOOLWATCH - THE MOTLEY FOOL ===============
                          Monday, May 14, 2001
benjamin.rogers@enron.com
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MsgId: msg-6906-2001-05-14_17-28-48-6292829_1_Plain_MessageAddress.msg-17:39:24(5-14-2001)
X-Version: mailer-sender-master,v 1.84
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Message-Recipient: benjamin.rogers@enron.com


Mr. Titman:
I have not heard back from Professor Ronn, so I am not sure as of now whether
or not I can meet with him.  I will give him another call today to see if he
is available.  Thanks
Ben


Ray, if Mark does not have any other comments - lets go ahead and send the
memo out ASAP.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 07/12/2000
02:41 PM ---------------------------

Raymond Bowen
07/12/2000 12:48 PM
To: David W Delainey/HOU/ECT@ECT, Mark Frevert/NA/Enron
cc: Jeff Donahue/HOU/ECT@ECT, Janet R Dietrich/HOU/ECT@ECT, Joseph
Deffner/HOU/ECT@ECT, Marsha Schiller/HOU/ECT@ECT, Kay Chapman/HOU/ECT@ECT
Subject: Revised Organization Memo

Dave/Mark,

Attached is a revised memo reflecting Dave's comments.  Please let me know if
you have any further thoughts.  For the rest of the week, I am going to be at
Edward Ondarza's offsight, but I can be reached via cell phone (713-416-6429)
or via email.  Marsha (x33356) can also track me down.

Thanks,

Ray


See Squawk box

 -----Original Message-----
From: 	Schmidt, Ann M.
Sent:	Thursday, October 25, 2001 1:22 PM
Subject:	Enron Mentions

Fitch Puts Enron On Rating Watch Negative
Bloomberg, 10/25/01

STOCKWATCH Enron higher after dismissing CFO Fastow
AFX News, 10/25/01

DJ Concerned Energy Cos Make Few Changes In Enron Dealings
2001-10-25 14:13 (New York)

Calif Guarantees Allow Williams To Book Power Revenues
Dow Jones Energy Service, 10/25/01
Stocks Expected to Open Lower, Hurt By Weak Economic News
Dow Jones Business News, 10/25/01

Kaplan Fox Seeks To Recover Losses For Investors Who Purchased E
Bloomberg, 10/25/01

Enron CNBC: Squawk Box,
10/25/01

Fitch Puts Enron On Rating Watch Negative
2001-10-25 13:49 (New York)

Fitch Puts Enron On Rating Watch Negative

Fitch-NY-October 25, 2001: Fitch places the following Enron
securities on Rating Watch Negative: senior unsecured debt
`BBB+'; subordinated debt `BBB'; preferred stock `BBB-`;
and commercial paper `F2'. Pipeline subsidiary `A-` rated
senior unsecured debt at Northern Natural Gas Co. and
Transwestern Pipeline Co., are also placed on Rating Watch
Negative.

The rating action primarily relates to the negative capital
market reaction to recent disclosures by the company. The
loss of investor and counterparty confidence, if it
continues, would impair Enron's financial flexibility and
access to capital markets, therefore, impacting its ability
to conduct its business. On Oct. 16, 2001, Enron announced
a $1 billion after-tax charge to earnings to be taken in
the third quarter of 2001 and a reduction of balance sheet
equity by $1.2 billion relating to the unwinding of
structured transactions. Since that time, there have been
several damaging news reports on the company and its
management. More importantly, investors have voiced
concerns. Enron's common stock price has plummeted and
spreads on its debt have widened.

The company has attempted to quell rumors and has publicly
stated that it has adequate liquidity to conduct its
business. Approximately $1.5 billion of unused liquidity is
available under committed bank lines.

An additional concern is that certain structured
transactions of the company including Marlin Water Trust II
and Osprey could unwind. While various sources of repayment
exist, such as the sale or liquidation of underlying
assets, or an equity offering, primary credit support is
derived from the Enron obligation to remarket mandatorily
convertible preferred stock if an amount sufficient to
repay the notes has not been deposited with the trustee 120
days prior to the maturity date or upon a note trigger
event. In the event that the issuance of the preferred
stock yields less than the amount required to redeem the
senior notes in either case, Enron is required to deliver
additional shares. If Enron cannot or does not deliver on
its obligation, then the amount of the deficiency becomes a
payment obligation of Enron, representing a general
unsecured claim. While trigger events include a downgrade
of Enron's senior unsecured debt below investment grade by
one of the major rating agencies in conjunction with
specified declines in Enron's closing stock price over
three consecutive trading days, Enron would have a
forebearance period of 60 days as long as an attempt was
being made to register the shares. The total amount of
Marlin and Osprey debt is approximately $3.2 billion. Enron
has not verified that the underlying assets have adequate
market value to fully pay down the associated debt.

While capital market uncertainties have escalated, Fitch
has no information to indicate that there are any
fundamental problems with Enron's core wholesale, retail,
and pipeline businesses. Fitch expects to be in contact
with the company on a continuing basis to both monitor
ongoing events and address strategic, longer-term issues.

STOCKWATCH Enron higher after dismissing CFO Fastow

10/25/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

NEW YORK (AFX) - Share of Enron were higher in opening trade, after the company dismissed its chief financial officer, Andrew Fastow, due to his past involvement in running two partnerships, in which Enron had invested, dealers said.
At 9.56 am, Enron was up 1.13 usd, or 6.95 pct, at 17.55. The DJIA was down 138.60 points at 9,207.52, the S&P 500 index was down 15.95 pts at 1,069.00 and the Nasdaq composite down 39.02 at 1,692.52.
Enron said it named Jeff McMahon CFO to replace Fastow, after announcing Monday that the Securities and Exchange Commission is looking into the Fastow-related transactions.
"In my continued discussions with the financial community, it became clear to me that restoring investor confidence would require us to replace Andy as CFO," said chief executive Kenneth Lay in a statement.
Enron shares have fallen sharply in recent days on concerns over financial transactions made with the two partnerships, LJM Cayman LP and LJM2 Co-Investment LP, which analysts said could affect future earnings and which have prompted class action suits against the company.
McMahon, who had been serving as chairman and CEO of Enron's Industrial Markets group, had quit his job as treasurer last year, after voicing concerns within the company about Fastow's role in running the two partnerships, according to the Wall Street Journal.
This morning, Salomon Smith Barney analyst Raymond Niles downgraded Enron to "buy- speculative," from "buy-high risk", to reflect his concerns that "lingering uncertainty over financial practices may begin to impair Enron's commercial operations."
"This is the least likely outcome, in our view, but one whose likelihood has increased over the last week as questions continue to be asked," he said.
ng/lj For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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

=DJ Concerned Energy Cos Make Few Changes In Enron Dealings
2001-10-25 14:13 (New York)

   By Mark Golden, Kristen McNamara, Jon Kamp and John Edmiston
   Of DOW JONES NEWSWIRES

  NEW YORK (Dow Jones)--Energy trading companies have concerns about the credit
quality of troubled Enron Corp. (ENE), but they have made almost no changes in
policies concerning the top trader of North American power and gas, the
companies said Thursday.

  The concerns have arisen because Enron, which accounts for about a quarter of
the trade in the country's power and gas markets, has seen its share price fall
by a third this week due to uncertainties about its extremely complex financial
structure.

  Moody's has put Enron's credit on watch for possible downgrade, and some of
the company's debt is trading like junk bonds in the secondary market this
week.

  "We have made no changes to our credit policy concerning Enron," said John
Sousa, chief spokesmann for Dynegy Inc. (DYN). "It's business as usual."

  Williams Cos. (WMB) spokesman Jim Gipson said that his company, too, has made
no changes and has no concerns about Enron's credit. Another Top 10 power and
gas trading company, Aquila (ILA), has also left Enron credit unchanged.

  Other companies expressed concern, though they've taken little if any action.

  "Like everyone else in the marketplace, we're proceeding with caution," said
Lora Kinner, director of credit for Tractebel Energy Marketing, the North
American subsidiary of the Belgian company Tractebel S.A.

  Kinner said the company is just looking for more information and doesn't
expect to make any drastic changes.

Calif Guarantees Allow Williams To Book Power Revenues
By Andrew Dowell
Of DOW JONES NEWSWIRES

10/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -(Dow Jones)- Clarifications by California as to what electricity transactions the state will back enabled Williams Cos. (WMB) to book $180 million in power sales from the previous period as third-quarter revenues, the company said Thursday.
The revenues came from power Williams sold through the California Independent System Operator, which runs the state's wholesale power market and clears and settles transactions.
The state of California has paid more than $11 billion for power bought directly from suppliers, but has yet to pay for any ISO power since it took over the job of buying power for the state's ailing utilities in mid-January. Two weeks ago, however, the state made clear for the first time which ISO transactions it would back.
"It's that fact that has allowed us for the first time to recognize dollars from sales to the California ISO," Williams Chief Operating Officer Steven Malcolm said on a conference call Wednesday.
Williams reported third-quarter net income of $221.3 million on revenues of $2.81 billion, up from $121.1 million on revenues of $2.33 billion in the same period the year before.
Williams is now in talks with California to secure payment for its ISO sales. The process is complicated by the state's role as guarantor of transactions undertaken on behalf of the utilities, which aren't creditworthy enough to buy power for themselves. The ISO didn't envision third-party guarantors when it set up its settlement process, and state accounting rules require more detailed bills than those sent out by the ISO each month, state power officials have said.
The state says it has set aside $1.2 billion to cover ISO transactions.
As reported, suppliers including Williams had charged the state with deliberately muddling the repayment issue to keep power flowing for free.
Willing To Renegotiate

Separately, Williams' officers also said the company was willing to discuss reworking its long-term contracts with California, provided the result benefited both parties.
California Gov. Gray Davis is under heavy fire for having locked the state into contracts running as long as 20 years at prices negotiated at the peak of a market that has since collapsed.
Both sides could potentially benefit from changes to the length of the term of the contracts or the specifics of power-supply obligations - perhaps freeing up supply that Williams thinks it could get more money for on the spot market, Malcolm said.
"We're always willing to sit down with a customer," Malcolm said.
Williams hasn't been approached by the state to renegotiate the contracts, Malcolm said.
Any attempt by California to force through one-sided changes is unlikely and could backfire for the state by disrupting plans for new power plants, he said.
"To the extent contracts are changed, financing is going to go away," he said.
Downplaying Enron Opportunities

Williams downplayed its ability to capitalize on the recent troubles of market-leader Enron Corp. (ENE), saying it focuses on large, long-term structured deals, not the high-volume, physical-market transactions that Enron dominates, Malcolm said.
Also, TradeSpark - the Internet-based energy exchange in which Williams is a partner - is limited for now in its ability to expand and take volume from Enron's proprietary system EnronOnline because of the horrific losses operator Cantor Fitzgerald (X.CFZ) suffered in the attacks on the World Trade Center.
"That's interrupted the rapid growth we were seeing," Williams Chief Executive Keith Bailey said on the call.
Enron, which accounts for about a quarter of the trade in the country's power and gas markets and which makes a market for those commodities on EnronOnline, has seen its share price fall by a third this week due to uncertainties about its extremely complex financial structure.
Those concerns have raised questions about the business model of EnronOnline, a platform on which Enron is the counterparty in all trades. Those concerns could eventually boost volume on neutral exchanges like TradeSpark.
"We continue to believe in the neutral platform that TradeSpark offers," Malcolm said.
TradeSpark LP was formed by eSpeed Inc. (ESPD), Cantor Fitzgerald (X.CFZ), Shell (RD) unit Coral Energy, Dominion (D), Koch Energy Trading Inc., TXU Corp.'s (TXU) TXU Energy unit and Williams Cos.' Williams Energy Marketing & Trading Co.
-By Andrew Dowell, Dow Jones Newswires; 201-938-4430; andrew.dowell@dowjones.com

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

Stocks Expected to Open Lower, Hurt By Weak Economic News

10/25/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Wall Street Journal Online News Roundup
Stocks are expected to open with losses Thursday, weighed down by disappointing U.S. economic news and the European Central Bank's decision to leave interest rates unchanged.
About an hour before the New York Stock Exchange opened, futures on the Standard & Poor's 500-stock index were sharply lower, suggesting that the Dow Jones Industrial Average will post a 94-point loss at the opening bell.
In one of a trio of negative economic reports, the Commerce Department said orders for durable goods, or products expected to last more than three years, tumbled 8.5% in September. That was a much steeper drop than the 0.9% decline forecast by economists surveyed by Thomson Global Markets.
Meanwhile, the Labor Department reported that the number of Americans filing new claims for state unemployment insurance rose to 504,000 for the week ended Oct. 20. That was more than the 500,000 jobless claims expected by economists.
The Labor Department also said that the employment-cost index rose 1% in the third quarter, slightly more than expected. The indicator measures changes in compensation costs, including wages and salaries, as well as costs for employee benefits.
Later, at 10 a.m. EDT, the National Association of Realtors is expected to say that 5.26 million existing homes were sold last month, down from the 5.5 million sold in August.
Prior to release of the economic news, S&P futures had pointed to a weaker opening on Wall Street, after the ECB left rates alone despite growing political pressure for another rate cut to help the stumbling European economy.
In addition to pouring over Thursday's economic reports, investors will spend much of the session sorting through a mountain of earnings reports, said Peter Cardillo, director of research at Westfalia Investments.
Among companies that announced quarterly earnings so far, Dow Chemical said third-quarter net income plunged 84%, hurt by weak demand, substantial price declines and a slew of charges mostly related to acquisition expenses and restructuring at Dow Corning.
Among other stocks to watch, Enron on Wednesday replaced its finance chief, Andrew Fastow, capping a tumultuous day in which the Houston powerhouse saw its stock price continue to fall sharply.
States suing Microsoft are hiring one of the nation's top trial lawyers, signaling they may seek a harsher antitrust remedy than the White House. Meanwhile, the software giant's Windows XP formally makes its debut Thursday.
In key overseas markets, stocks were mixed. London's Financial Times-Stock Exchange 100-Share Index was down 1.2% in intraday trading, while Frankfurt's DAX was 0.9% lower. Earlier in the day, Japan's Nikkei 225 average closed with a gain of 0.7%, and Hong Kong's Hang Seng Index rose 0.2%.
In Wednesday's session, Wall Street continued to shrug off disappointing earnings news, and focused instead on hopes that low interest rates and the government's economic-stimulus program will produce a recovery.
Technology issues saw much of the buying, with the Nasdaq Composite Index rising 27.10 points, or 1.6%, to 1731.54. The Dow industrials inched 5.54 points, or 0.1%, higher to close at 9345.62, despite substantial losses in two of its components, Eastman Kodak and AT&T, which issued weak outlooks.
In major U.S. market action Wednesday:
Major stock indexes advanced. But on the Big Board, where 1.34 billion shares traded, 1,374 stocks rose and 1,743 fell. On the Nasdaq, 1.89 billion shares changed hands.
Bonds gained. The 10-year Treasury note rose 13/32, or $4.0625 for each $1,000 invested. The yield, which moves inversely to price, fell to 4.588%. The 30-year bond was up 23/32 to yield 5.330%. Early Thursday, the 10-year note was up 10/32 to yield 4.553% while the long bond was 17/32 higher, yielding 5.303%.
The dollar was mixed. Late in New York, it traded at 122.87 yen, up from 122.68, while the euro rose against the dollar to 89.35 U.S. cents from 89.07. Early Thursday in New York, the dollar bought 123.17 yen and traded at 88.27 cents to the euro.
For continuously updated news from The Wall Street Journal, see WSJ.com at http://wsj.com.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.

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

Kaplan Fox Seeks To Recover Losses For Investors Who Purchased E
2001-10-25 12:07 (New York)

Kaplan Fox Seeks To Recover Losses For Investors Who Purchased Enron
Corp. Common Stock

NEW YORK, NY -- (INTERNET WIRE) -- 10/25/01 -- Kaplan Fox
(kaplanfox.com) has filed a class action against Enron Corp. and
certain of the Company's officers and directors in the United States
District Court for the Southern District of Texas.  The suit is
brought on behalf of all persons or entities who purchased the common
stock of Enron Corporation ("Enron") (NYSE: ENE) between January 18,
2000 and October 17, 2001, inclusive (the "Class Period").

The complaint charges Enron Corp. and certain of its officers and
directors with violations of the Securities Exchange Act of 1934.
The complaint alleges that during the Class Period, defendants
engaged in asset and securities sales to closely related affiliates
and interested parties, which disguised Enron's true financial
position.  Many of the details of these transactions were hidden from
the public.  Defendants used these asset sales to falsely improve
Enron's balance sheet, thereby maintaining Enron shares at an
artificially inflated price.  Certain Enron executives, who held
positions in the affiliates that presented clear conflicts of
interest, reaped millions of dollars in personal gains from these
transactions.

The complaint further alleges that during the Class Period, Defendants
made misleading statements regarding the potential value of Enron's
Broadband business, in order to artificially boost Enron's share
price.  With knowledge that Enron's Broadband business would never
post a profit and was seriously overvalued, Defendants continued to
make misleading statements about the Broadband business in order to
maintain the share price at its artificially inflated levels.
Defendants used the artificially inflated value of Enron's Broadband
business to hedge against, in order to gain millions of dollars in
financing.  Defendants failed to disclose the risk of these financing
arrangements.  Defendants hid the true nature of Enron's earnings,
its hedging, its businesses, and the correct state of Enron's
finances from its investors and the market, further artificially
inflating Enron's share price.  While the stock was artificially
inflated for the above reasons, Enron executives engaged in extensive
insider trading, gaining personal proceeds of approximately $482
million during the Class Period, before the public became aware of
the above practices.

Plaintiff seeks to recover damages on behalf of the Class and is
represented by Kaplan Fox & Kilsheimer LLP.  Our firm, with offices
in New York, San Francisco, Chicago and New Jersey has many years of
experience in prosecuting investor class actions and actions
involving financial fraud. For more information about Kaplan Fox &
Kilsheimer LLP, you may visit our website at www.kaplanfox.com

If you are a member of the Class, you may move the court no later than
December 21, 2001 to serve as a lead plaintiff for the Class.    In
order to serve as a lead plaintiff, you must meet certain legal
requirements.

If you have any questions about this Notice, the action, your rights,
or your interests, please e-mail us at mail@kaplanfox.com or contact:

Kaplan Fox & Kilsheimer LLP - 805 Third Avenue,  22nd Floor - New York,
NY 10022

Kaplan Fox & Kilsheimer LLP - 100 Pine Street, 26th Floor - San
Francisco, CA 94111

Contact: Frederic S. Fox, Esq., Kaplan Fox & Kilsheimer LLP
Phone: 800-290-1952
Fax: 212-687-7714
Email: mail@kaplanfox.com

    Date      October 25, 2001
    Time      07:00 AM - 08:00 AM
    Station   CNBC
    Location  Network
    Program   The Squawk Box

              Mark Haines, co-anchor:

              Joe Kernen, what's going on?

              Joe Kernen, co-anchor:

              We've got to shift gears into this Enron situation which
              has just been--you've been talking about it quite a bit,
              David--how could you not talk about it?  Seventy-six
              million shares yesterday, down fifty percent in the last
              two weeks.  This is a company with--what?--a hundred
              million in revenues.

              James Cramer, guest market commentator:

              Maybe.

              Kernen:  Yeah, right.  Anyone who does any trading in
              energy apparently, you know, uses Enron Online, so anything
              that destabilizes Enron to a great extent could destabilize
              the whole energy trading arena and...

              Cramer:  Go ahead, say it!  Say what you're thinking!  No
              one has said it yet.  We know the truth.  We believe that
              Enron caused a national short squeeze.  They knew every
              single number in this gas situation.  They wrecked the
              California utility system and profited from it.  That's my
              bet.  My bet that this--they had--look, they were the
              market maker.  Imagine if Instinet knew what you were going
              to be buying and took it ahead of you.  I think they
              cornered the market for electricity for about four months,
              made a huge fortune and now the company is unraveling and
              when someone--when the Justice Department gets in there
              we're going to discover this.

              Kernen:  Let's see what happened...

              Haines:  Now, wait a second...

              David Faber, co-anchor:

              Whoa, whoa, whoa!  The Justice Department, Jim?  Now, is
              that new?  Is that something--

              Cramer:  No, that would be, if I were a prosecutor,
              something...

              Faber:  OK, so they are not being investigated?

              Cramer:  Well, no, I'm actually being a little forward
              thinking.

              Kernen:  The SEC wants documents about the limited
              partnership transactions of Mr.--

              Faber:  Which is very different from what Jim is talking
              about.

              Cramer:  No, I'm saying that this is what, if I were an
              enterprising prosecutor, I would say, Did we have a
              nationwide short squeeze in electricity caused by one
              company that had access to all the screens and knew exactly
              what was happening with the electricity market which then
              wrecked the California utility system, cost the consumer
              billions of dollars, and is now being hushed up?

              Kernen:  Well, let's talk about the actual news.  Here's
              yesterday's trading--

              Haines:  Wait a minute.

              Kernen:  Well, I just want to say that the guy is gone now.
              That's the new news here.  Did you read--did you know that
              Fastow, after four--

              Faber:  Late yesterday.

              Kernen:  Yeah, after four o'clock, Fastow is gone.  What's
              interesting--

              Faber:  He's the CFO--

              Kernen:  But he's a new CFO.

              Faber:  --who benefitted personally from some of these
              off balance sheet partnerships.

              Cramer:  Mark, you know, I'm not on thin ice here, I'm not
              on thin ice.

              Haines:  I just want to make sure we understand that this
              is your theory.

              Cramer:  This is my theory.

              Haines:  OK.

              Cramer:  It is just a theory.  It is my opinion.  But I
              think we've got to find out more about that short squeeze
              that occurred.

              Haines:  OK.

              Cramer:  We need to find out whether it was orchestrated.

              Kernen:  The new CFO might help regain some credibility for
              the company because he was the old treasurer who left that
              position a year or so ago because of some disagreements
              with how Mr. Fastow was doing business apparently.  So now
              he's back as CFO and we'll whether that calms the market
              down.

              Faber:  Well, what they need to do-- Joe, they need to come
              clean.  I mean, that is what all the investors in Enron and
              those who've left the company as investors over this last
              week have wanted.  Let's see everything; be as transparent
              as you possibly can be; tell us exactly what we need to
              know.  And as much as they need to come clean with their
              investors, they need to come clean with their trading
              counterparties because that is really what people are
              concerned about.

              Kernen:  Why is the credit worthiness issue such a big
              deal?  Anyone who does trading with them, if their credit
              worthiness were to go--if their credit rating were to go
              down, how would that affect energy trading?

              Faber:  Well, you want to know that they're going to be
              there on the other side and make good on the trades.

              Kernen:  I guess you would, wouldn't you?

              Faber:  Right.  Not that they aren't, but why would you--if
              you can trade with seven other guys--seven other companies,
              maybe you cut back a little bit on your exposure there.

              Kernen:  Now, why would--

              Faber:  And that would hurt their core business.

              Kernen:  Why are people expecting some type of action from
              the credit agencies, not because of the stock price, right?
              Because of something that could unravel--

              Faber:  Because of something related to these liabilities
              they may have--

              Kernen:  That they don't know about at this point.

              Faber:  --that they may have with regard to funding some of
              these off balance sheet partnerships that they backstopped
              in terms of borrowing that went on at the project level at
              the off balance sheet partnership.  Will it be a liability?
              They don't know.  But that's one of the reasons--

              Kernen:  We're talking hundreds of millions or billions?

              Faber:  They don't know.

              Kernen:  But there were billions of dollars in limited
              partners?

              Faber:  Yes.  About three billion in financing, I think is
              what some analysts estimated.

              Kernen:  This is a pretty big number.

              Faber:  Yeah, they can get to most of that with the assets
              that they have in the partnerships themselves.

              Kernen:  I use a six month chart to show what's happened
              over the last two weeks.  You got to look at here.  But if
              we went back a year, you'd see eighty as far as the high
              for Enron.  Now we're at sixteen.

              Faber:  Everybody else took a hit yesterday.  Dynegy got
              hurt.

              Kernen:  Well, I got Dynegy next.  Don't--  Here we go.

              Faber:  I'm sorry.  I'm getting a little excited.

              Kernen:  You are.

              Faber:  Enthusiastic about your charts.

              Kernen:  There's a weekly chart of Dynegy, and you know
              what's coming next, don't you?  Now I'm worried about the
              utility average.  I've worried about the transportation
              average a lot in my career.  Mark, now the utilities have
              replaced my worries.  I'm angst-ridden.  Did you see this
              chart?  We're breaking below the--

              Cramer:  That's a positive, not a negative, Joe.

              Kernen:  What's wrong with Cramer today?  What happened?

              Cramer:  I'm all fired up!

              Faber:  He really is.  My, God, he's got the DOJ getting
              all crazy, the FBI, the CIA.  You going down to En--you
              going down to Houston yourself?

              Cramer:  I may just have to.  I may have to clean up that
              whole city.

              Kernen:  Jim, why would the--that's the--now getting down
              to the lows, I mean, the other averages have come back
              quite a bit from the post-attack lows, the utilities are
              retesting those.  That's not something to worry about?

              Cramer:  No, because I think there's a lot of money going
              into more cyclical issues.  I think the economy is showing
              signs of getting better.  The consumer is certainly much
              stronger than we thought.  The base book didn't say the
              corporate was strong, but the consumer is strong.  Much
              stronger than before.

              Kernen:  All right.  In the past people have worried about
              the utility averages being a leading indicator, though.  I
              don't--we're talking about four hundred to two-ninety at
              this point.  That's a long way.

              Cramer:  This average has got a lot of problems to it, but
              I still think that--

              Kernen:  It's no longer the--

              Cramer:  --you sell this as safety.  We don't want safety
              as much as we want a little bit more reciprocality.

                        # # #


Shirley Manzon

 - FW Memo and information to Investors.rtf