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<mn49@msn.com> on 04/16/2001 11:09:55 AM
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Everyone, meet everyone else's email address.  Thanks to one and all for the
taking the time to discuss the issues.  Seems that the conensus is that the
meeting was useful.  Have a great weekend.

Best,
Jeff


Attached is a summary of the New York RTO Order issued by FERC late
yesterday. I apologize for the length, but I wanted to include a number of
quotes from the Order that repeat arguments that we have been making over the
past few years. In a procedural Order issued today, FERC has scheduled the
Northeast mediation process to begin next Thursday, July 19th.


THE FRIDAY BURRITO

"If you aren,t confused, then you don,t understand the problem."

At first, I refused to deliver this Burrito until the next President is
elected.  But I eventually gave up.  How much longer will this craziness
go on?  The events are firmly stitched into the fabric of our culture,
now and for decades hence.  You can,t go to a conference nor have a
casual conversation with someone without the topic arising.  Columnist
Dave Berry had the best solution to fix the Florida ballots.  Put a
picture of each candidate on the ballot, give the voter a hand-held hole
punch, and punch out the eyes of the candidate for whom you wish to
vote.  Naturally, there would be squabbles about double punching, holes
that didn,t penetrate the picture (hence, the intent to vote), and all
the other particulars which disqualify a ballot.

Speaking of elected officials, Governor Davis re-delivered his message
to FERC this week, live and in person in San Diego.  He spoke to three
of the FERC Commissioners in San Diego, Ms. Breathitt being absent.  I
wasn,t there, but I heard the reports of those who were.  The reactions
ranged from "so what,s new?", to "this is good news".  The Gov.
re-iterated the request for refunds.  I don,t think that is good news,
and I don,t think the State has a legal prayer to order such.  One power
marketer in the Pacific Northwest, not a WPTF member but who soon will
be, called me to ask if he was going to lose his bonus because the State
was going to order refunds from generators and power marketers.  If Mr.
Davis wants to settle nerves of the investment community, then this
isn,t the way to do it.

The Gov. also endorsed the implementation of load-differentiated price
caps.  Read our lips, Mr. Gov.  Price caps don,t work, and
load-differentiated price caps damage markets.  They throw unnecessary
burdens on the settlement of transactions, and would all but effectively
kill long-term forward contracts.  Forward contracts seem to the be the
preferred way to solve California,s problems, assuming the PUC doesn,t
give blanket reasonableness to any and all contracts.  There must be
appropriate mechanisms for the PUC to provide incentives for the UDC,s
to procure prudently, and to avoid self-dealing with their non-regulated
subsidiaries. (Clue: license the utility owned plants to be Exempt
Wholesale Generators under the Energy Policy Act of 1992)

The Gov. also claimed that he supports competitive markets, but that the
markets are dysfunctional at present, and need time to mature, and work
out the severe demand-supply imbalance.  Mr. Gov. is taking quite a risk
that the investment community will continue to invest while he tries to
cap prices.  I don,t think this is a wise bet, but, on the other hand,
it is his political future at risk, not mine.  Once upon a time, Mr.
Peace unsuccessfully tried to tame the power market hoping it would be
an arrow in his political quiver.  He thought it would be both fun, and
expedient.  I my estimation, the ploy exploded in his hands, and sullied
his reputation.  Mr. Gov. is headed in the same direction.  It will only
take one small slip, and then he will be trying eagerly to cleanse
himself of the power dilemma.  I don,t think Davis, advisor on energy
matters is at all up to the task of protecting his boss.

I wonder how you folks outside of California feel about this?  I mean,
California politics are definitely having an effect on your ability to
transact business in the West.  I guess that is the way it goes.  Mr.
Davis doesn,t need to solve California,s power problem to be re-elected
Governor.  He is a shoo in, best I can tell, and given the political
leanings of the State.  He is staging himself as a presidential
candidate.  As such, he must appear to be fixing problems of a much
larger scale, and guess what shows up on his radar screen?  If the
market survives the purge, then the Gov., and all the other politicians
will take credit for saving the world.

I had the privilege of speaking at two seminars this week, both hosted
by New West Energy, and one taped investigative interview at the local
NBC station in San Francisco. The speaking engagements gave me an
opportunity to test sound bites on real humans, and I am relaxing the
definition of human, a bit, to include TV reporters.  I was pleased with
the outcome.

The public speeches were in Oakland and Irvine, respectively.  When I
arrived at the hotel in Oakland, Enron Energy Services also was having a
customer seminar just down the hall.  I walked over to their room to see
if I could get my speaker,s fee bid up from $0.  Guess who was in front
of Enron,s very packed room?  Sue Mara, one of our Board members.  She,
like I in the adjoining room, started our presentation lamenting the
political stew in which our restructured power industry currently
simmers.  Great minds think alike.  The fact that two ESPs were holding
customer meetings simultaneously might signal a long-awaited turn around
in the business.  Have we reached the ebb of ESP existence?  I don,t
know.

Here are the themes that I believe struck a chord with the audiences,
and I hope with the investigative report.  First,  California started
the restructuring process from a system of regulated cost-based rates
that was controlled by a few people: the utilities, the PUC, and not
very many others.  The few-people system responded to the Arab Oil
Embargo crises in the early 1970's by dumping tons of money into
renewable energy, and signing long-term QF deals that embedded oil-price
escalators that assumed $100/bbl a decade hence.  Add a nuclear unit
into the portfolio, and the sum of those brilliant decisions led to
California retail rates being 50% higher than the national average.  The
response to higher prices led to a better idea.  That is, market-based
rates that come from competition could be utilized to pay off the
egregious excesses of the past, and open up the system to all who both
desired and could chart their own energy future.  It would either erase
or significantly lessen the influence of the few-people system, and
replace that old system with a well populated many-agent paradigm: e.g.,
ISO, PX, scheduling coordinators, direct access customers, merchant
generators, etc.

After almost three years of the many-people competitive system, where
not too many people opted for direct access (but we sure populated those
stakeholder governing boards, now didn't we), the situation remains
problematic.  Some would say the current dilemma is a signal that
competition can,t work (that is, until we have either more supply, or
more demand response, or both), and we would be better off if everyone
had stable cost-based rates, just like the good ol, days.  THEN, I ask,
do you believe that giving back the power grid to the control of a "few"
will solve today,s problems, or do you think a market based approach
will more quickly resolve the supply/demand imbalance?  If you don,t
want to make choices about your energy future, then give Mr. Davis and
the UDCs your support.  They will gladly turn back the hands of the
clock.  If you want the freedom to make economic choices, then speak out
publicly regarding your support for continuing the competitive markets
for power.  Using the latter approach, lower prices will come about much
quicker.

The problems we have are difficult, but not impossible to fix.

Sermon is over.  Here is what is on this week,s agenda.

>>> Things in the People,s Republic of California
@@@ WPTF Written response to the FERC Order of November 1
@@@ ISO files GMC Unbundled Rates
@@@ Data Subpoena for WPTF.  No Joke.
@@@ Some responses to last week's Burrito questions

>>> Things in the People,s Republic of California
@@@ WPTF Written response to the FERC Order of November 1

Everyone I talk to is preparing written comments to FERC,s Order of
November 1.  Or at least it seems that way.  Did you know that FERC,s
Order was immediate in that the time clock for notice started on
November 1?  I don,t understand why we are providing written comments to
the Order, unless amendments to the Order can be implemented without
disturbing the initial time clock.

WPTF plans to file a substantive document.  It seems this venue is the
appropriate one for laying out our version of the epic.  The Order, you
know, never says that wholesale power rates are unjust and
unreasonable.  It says that the markets rules that led to high prices
are unjust and unreasonable.  It sounds a little like reading between
the lines, so it would be helpful if FERC clarifies, someday, exactly
what it meant.

We will also highlight the fact that FERC should encourage California to
pursue competition for UDC procurement of forward energy.  The markets
need price transparency.  Regulators and market participants should know
the prices within a reasonable time after bilateral contracts are
signed.

Third, if FERC is going to "understand the story" of why prices rose
dramatically in California, then the generation component of the UDC,s
frozen rates needs to be compared to the monthly wholesale power rates
since competition began.  We calculated and reported such to FERC in our
October 31 reply to the PG&E and SCE emergency petitions.  In all but
the last five months, the UDC generation component (average of 6.3?/kWh)
was higher than the monthly wholesale power rates.  How is this a
dysfunctional market if it has worked so well prior to May of this
year?  And isn,t it still working well given the cost factors are
continuing to escalate, such as natural gas price and Nox emission
credits?  And from where did approximately one-half of the stranded cost
get collected, if not from the headroom between wholesale power prices
and the UDC fixed generation component?

Fourth, there is absolutely no room for a compromise solution on
governance of the ISO and the PX.  The CPUC should have no authority
over California's wholesale power markets.  The stakeholder boards must
disband, and be replaced per FERC,s recommended method.  Further, the
CEO's of each institution, respectively, and without the approval of the
stakeholder boards, should write the job descriptions for the
consultants who will be retained to create the slate of suitable
candidates. Unless FERC rids the ISO of pestering State influence, we
are never going to have well-functioning wholesale markets in
California, or the West.

Consumers are affected by wholesale prices in power, as in all
commodities and consumables.  However, that doesn,t mean consumers
representatives, vis a vis the State have jurisdiction over the
regulation of the markets that govern the rules for those markets. It is
impossible for any California consumer to request of the ISO any of the
ISO's services.  Consumers must make those requests through certified,
FERC-regulated agents, called Scheduling Coordinators.  FERC should take
note that single-state RTO,s are an anathema to FERC,s policy interests,
and the promotion of competitive markets, as directed in FERC,s Orders
888, and 2000.

Fifth, the proposed soft price cap is an inferior solution compared to
mandating pre-scheduling of load and supply in forward markets.  Caps
distort markets, and discourage both new supply, and demand responses.
Forward agreements can settle jittery nerves by locking in firm prices
during volatile price periods.  The remaining volume left to spot-market
purchase would be less damaging to consumers even if prices reach
extremely high levels.  The weighted average price of forward and spot
purchases would be easily more digestible to the public relative to
gobbling down the spot price every day.  Both the PX block forward and
over-the-counter markets amply provide evidence to that effect.  With
sufficient forward contracting, no price caps are necessary.

If there is a price cap as proposed by FERC, then FERC should reduce the
time under which the bids over $150, or whatever the cap happens to be,
are subject to refund.

Sixth, robust retail competition is the key to solving the State,s
woes.  The State should separate the default customer provision by the
UDC,s, and FERC should encourage the State to take that step.  Mr.
Hoecker asked at the San Diego hearing for parties to comment on how
more ESPs could enter the California market.  Consumers want rate
stability, of that there is little argument.  It boils down to the
choice of either saddling the UDC,s with the procurement responsibility,
or putting (large vs. small, core vs. non-core) consumers in charge of
their own energy procurement.  Today the TRA balances of the UDCs are
bursting with liabilities because the UDCs are unable to raise their
rates to collect the different between the frozen generation component,
and the wholesale rate.  The State regulatory system will never move
quick enough to balance these procurement accounts within a reasonable
time.  As a result, we have the UDCs playing the begging game for rate
relief.  It would make far more sense to reduce, or eliminate the UDC,s
responsibility to be the default provider.

>>> Things in the People,s Republic of California
@@@ ISO files GMC Unbundled Rates

If you have nothing better to do this holiday weekend, then you may want
to pick up a copy of the ISO's Grid Management Charge filing to the
FERC, dated November 1, 2000.  It is five inches thick, in two separate
volumes.

Although thick, the filing does not include the budget numbers for Year
2001.  I have heard, and read in independent reports, that the GMC
budget will escalate 25%, or so to cover the ISO's operating costs.  Is
it true the ISO ties the escalation of the GMC to the earnings of the
UDCs?  I just wonder how that mechanism works.

Hence, the unbundling of the GMC into cost components is the essence of
the filing.  The ISO develops billing determinants for ISO services into
three buckets: control-area and scheduling; inter-zonal scheduling; and
market operations, billing, and settlements.

The reason WPTF will intervene in this matter is that also at stake is
the refund we have sought for the different GMC rates applied at the
start of the market for some of the public power and municipal loads in
PG&E's service territory.  Our petition on this issue dates back almost
two years, and the refunds may reach back almost as long.

So, I thought it would be a good idea to alert you to the fact that
three big things are coming down the road.  One, the ISO has filed for
an unbundled GMC rate that is split into three buckets of costs.  Two,
WPTF will be seeking to collect the refund for the difference in GMC
application to different types of load. And, three, very soon, most
likely in December, the ISO will file it's budget estimates for 2001,
and I expect you all to go berserk when you see that.  Just a little
preparation, that's all.

>>> Things in the People,s Republic of California
@@@ Data Subpoena for WPTF.  No Joke.

Last week I received a telephone call from the local branch of the State
Attorney's General office in San Francisco.  Apparently, WPTF is among
the special groups in the State who have received a data subpoena.  Some
of you have suggested that this is a direct result of my meeting last
Thursday evening with Steve Peace.  Maybe, but I doubt it. In case you
have never been the lucky winner of the State Lotto, or a data subpoena,
here are the questions we received.  WPTF has until December 13 to
provide answers.

1.  All documents, written responses, and data produced in response to
any subpoena duces tecum, civil investigative demand for written reports
and answers to questions, or other demand for information issued by the
Federal Energy Regulatory Commission ("FERC") in relation to the
informal investigation into bulk power markets ordered by FERC on July
26, 2000.
2.  All documents, written responses, and data produced in response to
any subpoena duces tecum, civil investigative demand for written reports
and answers to questions, or other demand for information issued by FERC
in relation to FERC Docket Nos. EL00-95-000 and EL00-98-000.
3.   All documents, written responses, and data produced in response
to any subpoena duces tecum, civil investigative demand for written
reports and answers to questions, or other demand for information issued
by the California Public Utilities Commission ("CPUC") in relation to
CPUC Docket No. I.00-08-002.
4.  All documents, written responses, and data produced in response to
any subpoena duces tecum, civil investigative demand for written reports
and answers to questions, or other demand for information issued by the
Electricity Oversight Board ("EOB") in relation to  the EOB,s
investigation of California,s electricity grid and markets during summer
2000 and thereafter.
5.  WPTF corporate by-laws.
6.  Identify all WPTF members during the period, including the
organization name, contact person, address, phone number, and date
membership began.
7.  Organization charts of WPTF officers and staff, including job
descriptions, and employee rosters.
8.  List of WPTF committees, subcommittees, boards, and working
groups, and the membership of each.
9.  All documents, including agendas, minutes, circulated or
distributed materials, and notes, relating to meetings, in person or via
conference call, of the WPTF, its committees, subcommittees, boards, or
working groups, where the subject of electricity generation, pricing,
marketing, or congestion was discussed.
10.  All documents relating to antitrust training (including records
of members receiving such training), antitrust guidelines for operation,
or antitrust compliance procedures.
11.  All documents relating to antitrust complaints or threats of
antitrust litigation.
12.  Document retention policies and documentation, if any, of
document disposal.
13.  All documents relating to comments submitted or proposed to be
submitted to the Federal Energy Regulatory Commission, the California
Power Exchange, the California Independent System Operator, the
California Public Utilities Commission, or the Western Systems
Coordinating Council, including drafts and correspondence among WPTF
members and staff.
14.  All documents relating to petitions submitted or proposed to be
submitted to the Federal Energy Regulatory Commission, the California
Power Exchange, the California Independent System Operator, the
California Public Utilities Commission, or the Western Systems
Coordinating Council, including drafts and correspondence among WPTF
members and staff.
15.  All documents analyzing, discussing, or relating to proposals
before the California Independent System Operator to impose price caps
on electricity.
16.  All documents sent to, received from, or relating to the
Independent Energy Producers Association.
17.  All documents relating to the sharing or exchange of electricity
price or cost information among WPTF members or with WPTF staff.
18.  All documents, including notes of telephone conversations and
e-mails, analyzing, discussing, or relating to electricity bidding
strategies, bidding behavior, electricity pricing, auction rules,
reserve generation capacity, withholding of generation, or congestion.
19.  All documents relating to the WSCC EHV Data Pool.
20.  Electronic calendars, calendars, day-timers, and expense reports
for the WPTF executive director and executive staff.

Sufficiently broad, I was hoping the Attorney's General office would ask
me what I was thinking on any given day.  I can't wait for them to see
copies of the Burritos.  That will tie them up for a good long time.

I find the data subpoena both offensive, and a badge of honor.  Why
should we be left out when all of you folks have had to put up with the
same?  I play the martyr well.  It is a sad state of affairs, and I
guess the best thing for us to do is answer all the questions to the
best of our ability.  On the other hand, it will cost us more than a
handful of dollars to prepare the data.  Phew.  What an odor.

>>> Things in the People,s Republic of California
@@@ Some responses to last week's Burrito questions

Last week I wrote about the likelihood of a ballot initiative in
California to eliminate competition in the electric industry.  I
mentioned that "Environmentalists will be stuck between a rock and a
hard place.  They want conservation and demand management, which you
don't get without market prices. Environmentalists may be iffy. "

Our resident environmentalist, Dan "DKNY" Kirshner gave us his opinion
on the matter:

"Iffy is the right word.  Some of us consider the late 80s/early 90s the
good old days, when there were significant utility energy efficiency
programs, absent, one may note, market prices.  And we are reluctant to
fight the tide, whether the tide is going with or against a market.  But
I think reality dictates that the grander schemes (re-regulation, new
state energy utilities, etc.) are unlikely at best, and that markets can
help us  (imagine that -- charging customers the marginal cost of
resource use!).  This is all, of course, a topic of active discussion.
Think "default provider."  I think this is the most productive area to
work on -- there may be room for agreement across a wide range of
parties."

>>> Odds & Ends (_!_)

Blessed events are all over the place.  First, our congratulations to
Rob Lamkin , Chair of WPTF, as well as VP at Southern Energy.  Rob is
the proud father of a new baby girl, Jessa Nicole, who was born last
Monday.  Everyone in the family is doing well, we are happy to report.

The WPTF family is growing too.  At last week's Board meeting,
Constellation Power Source became our 13th Board member.  Constellation
is a subsidiary of Baltimore Gas & Electric, and headquartered in the
same location.  Their California based office is in Newport Beach, and
headed by Nam Nguyen, Manager of Strategic Planning.  We are very
pleased to have the Constellation people on our Board.

A new general member is also in our rank, Los Angeles Department of
Water and Power (LADWP).  No doubt their membership will limit some of
my more colorful editorials, but we are pleased to have LADWP with us.
It reinforces the fact that we are a broad-based membership with many
different points of view.

And while we are speaking of births, new members, and things family, let
me share with you a story about mine.

I took my parents to lunch after I was done speaking in Irvine, last
week.  Each time I play the good-son role, I reflect very early on
during the experience that I should have known better.  My parents are
retired, living a great life, spending my inheritance, travelling around
the globe, and doing what retired people should be doing.  The early
bird special is a big part of their life.

After my presentation in Irvine, I called the +rents in Laguna Hills at
12:10 p.m., and asked, "Do you want me to take you to lunch?"  I should
have known better.  "Well," my Mom answered, "we were just sitting down
to lunch.  Nothing special.  Really, it was only some left over bread.
I wouldn,t give it to a stranger, but we can put it away and have lunch
with you.  When are you coming?"  I said I,ll be there in fifteen
minutes.

When I arrive at their Leisure World retirement-village condo, their
residence since moving from Cleveland 11 years ago, a dialogue ensues
that my brain has suppressed.  I should know better.  There is a secret
part of one,s memory reserved for conversations with one's parents.  All
the dizzying and confusing parts of talking with one,s parents are
conveniently stored in that secret part of the brain, and you are
reminded of these conversations only after it is too late.  "Where do
you want to go?" she asks, knowing that my Father will defer to her
judgement: the secret of a 58-year marriage.  I suggest Mimi,s Cafe, a
local chain eatery with reasonably good food.  "What are you going to
order?"  I say I don,t know, but I remember I once had lamb shanks at
Mimi,s.  I state without pretense that I,ll order lamb shanks.  "Oh, you
can,t get lamb shanks at Mimi,s.  You have to go to the Greek restaurant
for lamb shanks.  Or you know who else has lamb shanks is ...." Ten
minutes later, I have explained at least three times that I really don,t
need to have lamb shanks.  We can go anywhere they want.  We,ll go to
Mimi,s, even if I can,t order lamb shanks.  At this point in the
conversation, if you were to put a heat recovery system and a glass of
water on my head, then you could generate enough waste heat to spin a
hand-held steam turbine.

We drive into the parking lot at the local strip mall where Mimi,s is
located.  Now we start Act II.  We have to drive all over the parking
lot looking for a space that is located not more than twelve seconds by
foot from the door of the restaurant.  Why?  I don,t know because both
of my parents are in good health.  I think the reason is they like to
argue, and parking space selection is an Olympic event for the retired.
Park over there, says my Mother, to which my Father says, who would want
to park there?  We can get closer, he insists.  Why would you want to
park closer, asks my Mother?  This is close enough she insists.  Not
wanting to take a side (that's a laugh), I keep driving around the
parking lot.  I glimpse a parking spot within the golden-ager perimeter,
and nab it.  See, says my Father.  We would have had to walk all that
way.  This spot isn,t much closer, my Mom warns him.  Now, I,m synched
to the grid and selling spinning reserve.

We are seated in the restaurant, and my Mother recalls each and every
time they have eaten at Mimi,s over the last ten years, who was with
them, and what each person ordered.  Your Mother never forgets a meal
says my Dad, a line that I have heard over 1 million times since I was a
kid.  The debate rages about what to order, and will it be too much
food.  I know with certainty that whatever they order, it will be too
much food.  I haven,t been with them once when they didn,t ask for the
boxes or Styrofoam containers to bring home the excess, the booty, the
loot, and the leftovers.  These are the meals that will last a
Depression-era couple at least a week.  Sure enough, they ask for the
instruments of portage.  Everything goes in.  The hot sauce for the
quesadillas, the bread rolls, and don,t forget the butter pats for the
bread.  I numbly ask, "Don,t you have butter at home?" No, says my Mom,
we have margarine.

With after dinner mints in mouth, and the excess inventory in
you-know-who,s purse, we head back to the car.  "Next time you come to
visit we can have lamb shanks at the Italian-Greek restaurant," says my
Dad.  "No," my Mom reminds him, "that place is out of business.  We,ll
have to go into LA to get lamb shanks."  Now I,m receiving EMS signals
every 4 seconds from the grid.

Come to think of it, I really don,t like lamb shanks all that much.  I
should have known better.  Maybe if I write this down, I,ll be reminded
for future reference.  On the other hand, the lack of memory is mightier
than the pen.
================
This week's cookie comes from Paul Gribik.  A little humor to usher in
the holiday season.

These are the nominees for the Chevy Nova Award.  This is given out in
honor of the GM's fiasco in trying to market this car in Central and
South America.  "No va" in Spanish means, "it doesn't go".

1.  The Dairy Association's huge success with the campaign "Got Milk?"
prompted them to expand advertising to Mexico.  It was soon brought to
their attention the Spanish translation read "Are you lactating?"

2.  Coors put its slogan, "Turn It Loose," into Spanish, where it was
read as "Suffer From Diarrhea."

3.  Scandinavian vacuum manufacturer Electrolux used the following in an
American campaign: "Nothing sucks like an Electrolux."

4.  Clairol introduced the "Mist Stick," a curling iron, into Germany
only to find out that "mist" is slang for manure.

5.  When Gerber started selling baby food in Africa, they used the same
packaging as in the US, with the smiling baby on the label.  Later they
learned that in Africa, companies routinely put pictures on the labels
of what's inside, since many people can't read.

6.  Colgate introduced a toothpaste in France called Cue, the name of a
notorious porno magazine.

7.  An American T-shirt maker in Miami printed shirts for the Spanish
market which promoted the Pope's visit.  Instead of "I saw the Pope" (el
Papa), the shirts read "I Saw the Potato" (la papa).

8.  Pepsi's "Come Alive With the Pepsi Generation" translated into
"Pepsi Brings Your Ancestors Back From the Grave" in Chinese.

9.  The Coca-Cola name in China was first read as "Kekoukela", meaning
"Bite the wax tadpole" or "female horse stuffed with wax", depending on
the dialect.  Coke then researched 40,000 characters to find a phonetic
equivalent "kokou kole", translating into "happiness in the mouth."

10.  Frank Perdue's chicken slogan, "It takes a strong man to make a
tender chicken" was translated into Spanish as "it takes an aroused man
to make a chicken affectionate."

11.  When Parker Pen marketed a ball-point pen in Mexico, its ads were
supposed to have read, "It won't leak in your pocket and embarrass you."

The company thought that the word "embarazar" (to impregnate) meant to
embarrass, so the ad read: "It won't leak in your pocket and make you
pregnant!"

12. When American Airlines wanted to advertise its new leather first
class seats in the Mexican market, it translated its "Fly In Leather"
campaign literally, which meant "Fly Naked" (vuela en cuero) in Spanish.

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

Have a great weekend, a wonderful holiday, and don't look for a Burrito
next week. I'm taking one week off.

gba


---------------------- Forwarded by Errol McLaughlin/Corp/Enron on 12/18/2000
08:38 AM ---------------------------

SOblander@carrfut.com on 12/18/2000 08:26:51 AM
To: soblander@carrfut.com
cc:

Subject: NYMEX HOLIDAY SCHEDULE

Friday, December 22 - Early close at 1PM EST
Monday, December 25 - NYMEX Closed
Friday, December 29 - Early close at 1 PM EST

Have a happy and safe holiday season.

Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606  USA
Tel:  312-368-6149
Fax:  312-368-2281
soblander@carrfut.com
http://www.carrfut.com


Phillip:  this should be to you instead of Bob Shiring.
---------------------- Forwarded by Randall L Gay/HOU/ECT on 01/05/2000 12:35
PM ---------------------------

Alex Saldana
01/05/2000 12:15 PM
To: George Smith/HOU/ECT@ECT, Edward Terry/HOU/ECT@ECT, Katherine L
Kelly/HOU/ECT@ECT, Robert Superty/HOU/ECT@ECT, Randall L Gay/HOU/ECT@ECT,
Hunter S Shively/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Robert
Shring/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT, Vince J
Kaminski/HOU/ECT@ECT
cc: Heather Choate/HOU/ECT@ECT, Kimberly Brown/HOU/ECT@ECT, Airam
Arteaga/HOU/ECT@ECT, Brenda Flores-Cuellar/HOU/ECT@ECT, Elizabeth
Rivera/Corp/Enron@ENRON
Subject: Enron On Line and Tracking

This meeting has been rescheduled for:

Friday, January 7th
2:15-3:15pm
EB 3084

If you have questions please call George Smith @36993
or Alex @ 57389.  I will keep you informed of any changes.

Thanks
Alex
---------------------- Forwarded by Alex Saldana/HOU/ECT on 01/05/2000 12:10
PM ---------------------------

Alex Saldana
01/05/2000 11:30 AM
To: George Smith/HOU/ECT@ECT, Edward Terry/HOU/ECT@ECT, Katherine L
Kelly/HOU/ECT@ECT, Robert Superty/HOU/ECT@ECT, Randall L Gay/HOU/ECT@ECT,
Hunter S Shively/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Robert
Shring/HOU/ECT@ECT
cc: Heather Choate/HOU/ECT@ECT, Kimberly Brown/HOU/ECT@ECT, Airam
Arteaga/HOU/ECT@ECT, Brenda Flores-Cuellar/HOU/ECT@ECT, Elizabeth
Rivera/Corp/Enron@ENRON
Subject: Enron On Line and Tracking

Please plan to attend the above mentioned meeting:

                  Thursday, January 6th
                        3:30-4:30pm
                          EB 3013

If you have any questions please call George Smith @ 36993,
for any scheduling conflicts call me at @ 57389.

Thanks
Alex


To All -

I am working on a Net Works project called CommodityLogic - an internet based
product which can be used to provide financial and logistical solutions for
commodity transactions.  The basic use of the product is to assist mid and
back office personnel with the completion of transaction details such as
confirmations, nominations and invoice reconciliations.

At the current time, the project is moving forward with four or five modules,
each focused on a different aspect of mid and/or back office operations.  The
module of primary concern (from a "legal buy-in" standpoint) is a module
entitled ConfirmLogic.

The basic idea behind this module is to enable counterparties to a commodity
transaction to complete the confirmation process electronically through an
electronic matching system - matching information obtained from both parties
to the transaction.  If the information matches, the CommodityLogic concept
is that no further action will be required by either party to confirm the
transaction.  If information is "published" to CommodityLogic by only one
party to a transaction (such that the automatic matching function is not
activated), the other party my manually within the electronic module match or
confirm the transaction information by clicking on the appropriate button
within the module, thereby confirming the transaction information and
alleviating the need for any further confirmation action between the parties.

This system will present the opportunity to move away from written
confirmations and enable both parties to a transaction to accomplish the same
manner of confirmation electronically.  Whether or not this will be an
acceptable legal method of confirming transactions within the Enron
environment is the key question I have been asked to address with each of you
relative to your specific trading areas.  Accordingly, I am going to be
setting up a meeting later this week to discuss the project in a bit more
detail and to canvass the general opinions/questions/concerns each of you may
have.  I intend to have CommodityLogic personnel available to address
specific questions about the product.

If any of you should have any questions, please feel free to call me.

Thanks.

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com


----- Forwarded by Richard B Sanders/HOU/ECT on 02/01/2001 01:13 PM -----

	"Hisert, George A." <GHisert@brobeck.com>
	02/01/2001 01:00 PM

		 To: "'richard.b.sanders@enron.com'" <richard.b.sanders@enron.com>
		 cc: "Fergus, Gary S." <GFergus@brobeck.com>
		 Subject: Notice to banks #3

Richard,  Here is the notice to Bank of America.
 <<395QF01!.DOC>>
George A. Hisert
Brobeck, Phleger & Harrison LLP
Spear Street Tower, One Market
San Francisco, CA 94105
ghisert@brobeck.com
phone 415-442-1746
fax 415-979-2596

=======================================================
This email message is for the sole use of the intended recipient(s) and may
contain confidential and privileged information. Any unauthorized review,
use, disclosure or distribution is prohibited. If you are not the intended
recipient, please contact the sender by reply email and destroy all copies of
the original message.

To reply to our email administrator directly, send an email to
postmaster@brobeck.com
BROBECK PHLEGER & HARRISON LLP
http://www.brobeck.com

 - 395QF01!.DOC


Thank you for choosing Time Warner Road Runner as your high speed online
provider. Your request has been received and it is currently being processed.
A customer service professional will be in contact with you within 48 hours.
While you wait, here are answers to some of the most commonly asked questions.

Q. If I am already a Road Runner customer what will happen to my account?

A. Your account will be transitioned to the new Enron ClickAtHome rate. This
process is transparent to the end user. The difference will be seen in your
monthly bill. Keep in mind that there may still be a prorated amount due from
the previous billing method. Also, an account that is currently delinquent
cannot be transferred until the previous balance is paid in full.

Q. I,m not currently a Road Runner customer. What is the process?

A. Your address will be checked to verify Road Runner serviceability. If
serviceable, a customer service professional will contact you to set up an
appointment for a new install. There are typically two time slot options a
customer may choose, 8am ) 12 noon or 1pm ) 5pm.

Q. Are there any installation charges?

A. All Enron customers will be charged a fee of $39.95 for a standard install
(network interface card not included). Keep in mind that if you are getting
your computer through the Click at Home project, a network interface card is
already included. A standard install is one that only requires the installer
to run the cable to an outside wall. There are extra fees for a network
interface card and running the cable between an inside wall.


Did you let Leslie know?

 -----Original Message-----
From: 	Williams III, Bill
Sent:	Monday, July 30, 2001 10:24 AM
To:	Williams, Bill
Subject:	RE: Hourly loadshapes for West Power

These look good from my end.  Thank you for the update.
Bill

 -----Original Message-----
From: 	Williams, Bill
Sent:	Monday, July 30, 2001 9:26 AM
To:	Williams III, Bill
Cc:	Hansen, Leslie
Subject:	FW: Hourly loadshapes for West Power

Bill - this was meant for you, not me.

 -----Original Message-----
From: 	Hansen, Leslie
Sent:	Monday, July 30, 2001 9:19 AM
To:	Walker, Chris
Cc:	Williams, Bill
Subject:	RE: Hourly loadshapes for West Power

Chris:

I made one change to each loadshape to correct the ending hour.  Otherwise, these are fine.

Leslie

 << File: West Pwr Hourly loadshapes.doc >>

 -----Original Message-----
From: 	Walker, Chris
Sent:	Monday, July 30, 2001 10:54 AM
To:	Hansen, Leslie
Cc:	Lozano, Melba; Meredith, Kevin; Cass, Robert B.
Subject:	Hourly loadshapes for West Power

Leslie,

Bill Williams in Portland has requested hourly products on EnronOnline for the hours ending 12-20.  Attached is the proposed loadshape language.  Please let us know if these look OK.

Thanks,

CW
3-7533

 << File: West Pwr Hourly loadshapes.doc >>


Kathy, I believe this model is now fixed.  Let me know if there are any other
troubles


Hi, Sami!  Sorry we missed the call yesterday.  I just wanted to update you
on some of the financial trading issues in Brazil (and I have added you to
the working group list).  I am going to finalize our "swap matrix" for
Brazil.  On the physical trading side, I had asked a physical trading lawyer
to call you and am wondering if Elizabeth Sager ever called or emailed.
Please let me know.  Thanks.  Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 05/04/2000
02:55 PM ---------------------------

"MBTOS - Marcelo Rodrigues" <Mbtos@tozzini.com.br> on 05/04/2000 01:21:59 PM
To: Sara.Shackleton@enron.com
cc: Andrea.Bertone@enron.com, Brent.Hendry@enron.com, Lynn.Aven@enron.com,
Rick.Hopkinson@enron.com, afac@tozzini.com.br, Krishna@tozzini.com.br
Subject: Re: Financial Trading in Brazil

Dear Sara:

Thank you for your message below. Please find attached hereto free
translation into English of new foreign investor's regulations in Brazil. We
are preparing a memo to you in connection with such new regulations and are
finalizing the matrix prepared last year. We will send them to you shortly.

Kind regards,

Marcelo Rodrigues

>>> "Sara Shackleton" <Sara.Shackleton@enron.com> 05/04 12:08 pm >>>

AFAC and Marcelo:  I hope this message finds you both well.  I would like to
finalize the matrix which was prepared last year so that we can create a
"baseline" for future updates.  Please feel free to date the matrix as of
December, 1999, if you wish.  Please forward any recent changes to me for
comment  and I will respond immediately.  Then we can move on to other things!
Thanks for your help and attention to this mattter.  Regards.  Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 05/04/2000
10:34
AM ---------------------------

"MBTOS - Marcelo Rodrigues" <Mbtos@tozzini.com.br> on 03/13/2000 06:27:26 PM

To:   Sara.Shackleton@enron.com
cc:   Brent.Hendry@enron.com, Lynn.Aven@enron.com, afac@tozzini.com.br
Subject:  Re: Financial Trading in Brazil

Dear Sara:

Thank you for your E-mail below. We will be reflecting the new changes in the
regulations in the chart and will be sending it to your review as soon as
possible.

Kind regards,

Marcelo Rodrigues

>>> "Sara Shackleton" <Sara.Shackleton@enron.com> 03/13 2:29 pm >>>

Greetings to you both!  It has been awhile since we last spoke.  I would like
to
finalize the matrix which we have been discussing since the latter part of
1999.
Although we were awaiting new Central Bank regulations, I am beginning to
think
that the Central Bank revisions will not impact the matrix except with respect
to transactions which may be entered into by entities that are the subject of
the Central Bank regulations.  Please let me know whether or not you agree or
can offer any suggestions.  Thanks and regards.  Sara

 - Res2689a.doc
 - Ins325a.doc


I don't know if you are in the loop on this one.
---------------------- Forwarded by Kay Mann/Corp/Enron on 10/11/2000 05:27
PM ---------------------------

	Don Hammond @ ECT

	10/11/2000

To: Dale Rasmussen/HOU/ECT@ECT
cc: Jody Blackburn/PDX/ECT@ECT, Kay Mann/Corp/Enron@Enron, Sheila
Tweed/HOU/ECT@ECT

Subject: Re: Change order for GE transformer--Pleasanton

Attached are files incorporating suggested revisions for the change order to
Contract 24-LM6K-2-99 for the purchase of a generator step-up transformer for
the Pleasanton Project.

In lieu of the Exhibit A of the draft you sent out, I have substituted
Exhibit A, the GE proposal dated October 9, 2000.

I have substituted Exhibit B, GE's standard specifications for generator
step-up transformers, for the EE&CC specifications in the earlier draft. GE's
proposal is quoted on the basis of their standard GSU transformer
specification. I have this only in hard copy and have a call into GE to
verify this is the applicable standard and whether it is available in
electronic form. I will give you a copy, Dale.

The two additional documents were transmitted along with GE's proposal and I
have referenced them in Part I, Paragraph 2.


did you watch your girl on tv last night?


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Should we reschedule when Scott Neal is available?

 -----Original Message-----
From: 	Jones, Melissa
Sent:	Thursday, October 11, 2001 9:17 AM
To:	Shively, Hunter S.; Grigsby, Mike; Neal, Scott; Mrha, Jean; Gomez, Julie A.
Cc:	Rangel, Ina; Villarreal, Alexandra; Brown, Kimberly; Coleman, Venita
Subject:	REMINDER - CAPACITY CENTER MTG TODAY AT 11
Importance:	High

REMINDER:

Please plan to attend the above referenced meeting.  Details as follows:

	Date:		Thursday, October 11
	Time:		11:00 AM
	Location:	EB 3567
	Subject:	Capacity Center
	Invitees:	Julie Gomez
			Jean Mrha
			Hunter Shively
			Mike Grigsby
			Scott Neal (Unable to attend)

If you have any questions, or are unable to attend, please give me a call.

Thank you,
Melissa Jones
x37960


No.  This must be the Pulp & Paper GTC to which they are referring.  They didn't specifically note it as a gas deal.  Thanks for your help.

 -----Original Message-----
From: 	Elledge, Susan
Sent:	Wednesday, December 26, 2001 10:53 AM
To:	Nemec, Gerald
Subject:	RE: I'm here...

No, there is a terminated Pulp & Paper GTC, but I can't find anything in Global or LiveLink for them for gas.  Should I put on my Sherlock Holmes hat?

 -----Original Message-----
From: 	Nemec, Gerald
Sent:	Wednesday, December 26, 2001 10:46 AM
To:	Elledge, Susan
Subject:	RE: I'm here...

Do you have anything for HomeTown Communications Network.  Looking for a gas  contract dated 6/14/01

 -----Original Message-----
From: 	Elledge, Susan
Sent:	Wednesday, December 26, 2001 10:16 AM
To:	Nemec, Gerald
Subject:	I'm here...

...but I was on the phone.  Do you need a contract?


Hey sugar, what is going on?  I love and miss you.  Today is the weekend.  Yippee.  I cant wait.  Enron stock is now below $5.  I think that that is not good, however, as long as our credit rating stays where it is, then we are okay.  We will see.

By the way sugar, Mike just asked me to play golf at 7:40 am friday morning.  Do you mind if I play?  It is not a big deal but I would like to spend some time with mike outside of work, especially in light of what is going on.  Just let me know.

Love you

The Pigs


Yes. Trading reports to Whalley.  He is Lavorato's boss.


Can you please let me know if there are other deals that go with the deal #
referenced above?  We have a total of 32 MW but this is only for 5.

Thanks
Judy


The following reports have been waiting for your approval for more than 4 days.  Please review.

Owner: Christopher J Gaskill
Report Name: Gaskill111301
Days In Mgr. Queue: 8


Attached is the MTM for the 3 Tudor entities as of 12/29/2000.

Thanks,

Errol

Jeffrey C Gossett@ECT
03/21/2001 09:54 AM
To: Kam Keiser/HOU/ECT@ECT, Darron C Giron/HOU/ECT@ECT, David
Baumbach/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON, Phillip M
Love/HOU/ECT@ECT
cc: Wendi LeBrocq/Corp/Enron

Subject: 12/29/2000 - MTM

Two more counterparties need MTM values for Dec. 29, 2000.

The Tudor BVI global portfolio
Osprey Portfolio Group

Please provide the total MTM value for that date within your region.

Thanks


Mike, were you ok with the 5% daily tolerance and the 50,000 Dth monthly tolerance?

 -----Original Message-----
From: 	Farrell, Sharon
Sent:	Tuesday, February 19, 2002 2:53 PM
To:	King Jr., Frazier
Subject:	RE: Trunkline OBA

I discussed wtih Mike before I drafted it.   Trunkline is completely different.   THey are smaller interconnects in constrained areas.    They have a tendency to underdeliver at one of the points.  We don't want to give them alot of slack, but netting together cuts our exposure.   Sheila is Director of Gas Logistics ---- that's who always looked at them before, if at all.

 -----Original Message-----
From: 	King Jr., Frazier
Sent:	Tuesday, February 19, 2002 2:28 PM
To:	Farrell, Sharon
Subject:	RE: Trunkline OBA

Sharon

I'm not sure Sheila is the one for sign off.
Also, I'm not sure we have our act together.
We need to do that before the draft goes out.
I am especially concerned about the suggested tolerances.
Given our recent discussions, they may be too low.
If anything, it seems like they are less then the recent Shelley/Mike guidelines.
(Maybe we need some more "official" guidelines.)
If Trunkline sees these numbers, it may be hard to change the tolerances.
Finally, Shelley and Mike may be concerned if we sent it out without their comments.
I will continue to press for input.

Frazier

 -----Original Message-----
From: 	Farrell, Sharon
Sent:	Tuesday, February 19, 2002 2:17 PM
To:	King Jr., Frazier
Subject:	RE: Trunkline OBA

Why can't we just get Sheila's signoff.    It isn't like we are doing anything radical here.   Trunkline hasn't even seen it yet, so they might make more changes --- it's just our standard GISB agreement.   I think Trunkline should actually review before Shelley anyway.   (for discussion purposes)

 -----Original Message-----
From: 	King Jr., Frazier
Sent:	Tuesday, February 19, 2002 1:45 PM
To:	Farrell, Sharon
Subject:	Trunkline OBA

Sharon,

I have placed several calls to Shelley about the Trunkline OBA.
I have not heard back and she is not in today.
So, I just sent the draft to Mike to get his input.

Frazier


Here is the spreadsheet for April....let me know if you have any questions.  I also sent it to Katherine Herrera, and I think Paul Couvillan will be taking it over pretty soon from Katherine.

Mark


I would like your insights.   Meredith, I'd like yours as well (particularly
in light of the messageyou received from Lawson and Jefferson).

Laura Schwartz@ENRON
08/02/2000 08:22 AM

To: Steven J Kean/HOU/EES@EES
cc:
Subject: Re: Downtown Arena- HHCC asked to give public comments to
Construction Committee this week

Steve,

Please let me know if there is anything you would like me to do regarding
this matter.

Thanks,
Laura
---------------------- Forwarded by Laura Schwartz/Corp/Enron on 08/02/2000
09:11 AM ---------------------------

	Enron Investment Partners

	From:  Mark Lay @ ECT                           08/01/2000 04:47 PM

To: Steven J Kean/HOU/EES@EES
cc: Laura Schwartz/Corp/Enron@Enron

Subject: Re: Downtown Arena- HHCC asked to give public comments to
Construction Committee this week

Steve,

I don't want to get caught in a crossfire here, so I thought your group could
give me some guidance.

I think the referendum is very important for the city and will help us
continue to show Houston as a significant metropolitan area.  I am not
convinced that the ultimate form of the deal for minority participation in
Enron Field was, in fact, what was intended.  In that agreement, Aramark owns
all of the concessions, but has a 30% profit share with minorities.  My
understanding is that there are no minority owned businesses in that deal.

I would like to communicate this sentiment, but I would also, certainly like
to reinforce Enron's position.

Thanks,
Mark

"Richard R. Torres" <rtorres@argolink.net> on 08/01/2000 03:44:25 PM
To: <ralvarado@betterbags.com>, <hcardenas@montylawfirm.com>,
<jcl1005@aol.com>, <ecolon@llgm.com>, <leo@boonedeleon.com>,
<irma@etchouston.com>, <Manuel.J.Espinoza@us.pwcglobal.com>,
<evelio.fernandez@goya.com>, <peccorp1@msn.com>, <Lupef@tejasoffice.com>,
<divagarza@aol.com>, <cgarza@admin4.hsc.uth.tmc.edu>,
<tgrijalva@gacompanies.com>, <John.Hernandez@chase.com>,
<shunsaker@lockeliddell.com>, <Rick.C.Jaramillo@bankofamerica.com>,
<Mark.Lay@enron.com>, <manuel_d_leal@txs.uscourts.gov>,
<yolanda.f.londono@chase.com>, <lmcmai@coair.com>, <pmendoza@staffmark.com>,
<highmark@neosoft.com>, <gmir@mfrgroup.com>, <cesarnav@aol.com>,
<alex@lopeznegrete.com>, <ramos_s@hccs.cc.tx.us>, <ricreyes@flash.net>,
<gsaenz@ogs-law.com>, <vanessa@friersoncpa.com>, <rtorres85@argolink.net>,
<drtrevino@trevinogroup.com>, <jatrevino@univision.net>,
<gougeks@texaco.com>, <randyvelarde@theplazagrp.com>, <massey@ptg.com>,
<mweitzman@aeromexico.com>, <rz2743@sbc.com>
cc:
Subject: Downtown Arena- HHCC asked to give public comments to Construction
Committee this week

Dear Board Member-

As you may already know, we have been working with the Harris County-Houston
Sports Authority to have included in their agreement with the Houston
Rockets a 30% minority participation goal in the design, construction and
operation of a downtown basketball arena.  This is the same commitment that
we received from the Rockets in 1999.  We received a commitment from the
sports authority and the mayor's office that the minority participation goal
of 30% will be included in the contract.  We have met with Celena Garza and
communicated with Al Luna our interests and they have expressed their
support for our position.  We have also asked Sen. Mario Gallegos for his
support and received it.

We are in the process of confirming that our language calling for such goal
has been included in the final document and that Al Luna and Celena Garza
are sufficiently satisfied with the language, which will be voted on later
this week.

Once confirmed, Sonny Flores, Chairman of the Economic Development Committee
has recommended to Massey that the Chamber be prepared to offer some sort of
public statement in support or not supporting a referendum to build the
arena.  (We have been asked to address the Construction Committee of the
sports authority by Billy Burge and Wayne Smith)  Sonny has indicated that
once we have a confirmation from Al and Celena, our interests should be
sufficiently covered and that supporting the referendum would be good for
Hispanic businesses.

Massey has asked that I poll the board for its input and get a majority
commitment from the board so as to move forward in offering support or no
support for the referendum.  Ordinarily, this would be discussed and
considered at a meeting of the Board of Directors, however, since the sports
authority posted its meeting notice (72 hours prior to meeting) and is ready
to proceed with its approval of the Letter Agreement with the Houston
Rockets we are seeking input in this manner.

I am attaching a copy of the Memorandum of Understanding between the Chamber
and the Sports Authority for you review.  There have been no revisions to
the last copy that was circulated at the past Executive Committee meeting at
Tony Grijalva's office.

Massey has asked that you respond with your input, suggestions and position
for or not for the chamber offering its support for the arena via e-mail
within 24 hours of this notice.  The chamber's position will be determined
by the majority of those respondents to this e-mail by no later than 4:00
p.m. CDT on Wednesday, August 2, 2000.

 - Sports Authority MOU, July 20, 2000.doc


The two canadian points (Dawn and Niagara) are quoted in US dollars so a
basis can be calculated.  We also need to add NIT (AECO).  John McKay manages
this product.  He should know the hours of trading and which day should be
selected for index calculation.

Hunter


You can view the all employee meeting today by running the IPTV viewer which
is under Start/Programs/IPTV viewer.  You may also reach the site by going to
iptv.enron.com in your web browser.  Click on IPTV Special Events Viewer and
then the All Employee Meeting.  Let us know if you require assistance.

Thanks,
Diana


Enclosed is an omnibus worksheet for some small options trades with e prime energy marketing inc.  Please prepare the omnibus and forward to confirms with a copy to me.

thanks,

Max

 -----Original Message-----
From: 	Espinoza, Veronica
Sent:	Wednesday, November 21, 2001 2:15 PM
To:	Sonnonstine, Max
Subject:	e prime omnibus


This is an email sent to me after my conversation with Rob last week.  I don't know where he is leading with this.  However will
every one please read the below and Jerry in my absense please work with everyone to try and come up with a solution that
TW is willing to live with as we go forward as TW and EMAR (operators for Citizens).
Sorry I won't be able to any help this week as I will be traveling to New Mexico for my Mom's funeral.  I will try and stay in the
loop as best I can.  Thanks for everyone's help in resolving this issue.

DS

 -----Original Message-----
From: 	"Franson, Rob" <RFranson@czn.com>@ENRON
Sent:	Friday, December 14, 2001 3:15 PM
To:	dschool@enron.com
Cc:	Schoolcraft, Darrell; Breen, Sean
Subject:	Requested pressure cut at Citizens Griffith TW Interconnect

Citizens had concerns about the amount of noise and vibration at our Citizens Plant Station and has recently had an expert on this subject visit the site and take measurements.  The preliminary report indicates that the current configuration could potentially fail at full load conditions with a inlet pressure exceeding 740 psig.  Since Citizens does not want to limit the capacity of the power-plant, we are asking that your delivery pressure be temporarily reduced to 700 psig.
I have attempted to document the different operation modes that we have observed your station operating under along with any back-ground information that I was able to document. As discussed, in the design phase of this interconnect, I was informed that batching would only occur under low flow conditions, and do not understand the benefit of batching in the manner that was done earlier this year.
Per our customers request (Griffith Energy) Citizens installed equipment capable of measuring down to extremely low flow rates that include three measurement runs.  A 10" Instrument Ultrasonic, a 4" Invensys Turbine meter, and a 2" Instrumet Rotary meter.  Although I questioned this requirement at the time, the low flow condition occurs so rarely, it is inconsequential.
I have analyzed our log files for the month of November (11/1/01-12/6/01) and found that the only time the smaller runs operate is momentarily as the power plant starts up.  The following volumes are accumulated totals per run for this time period.
Run Size        TW      Flow (Mcf)     Percent of Flow                              EPNG    Flow (Mcf)        Percent of Flow
2"                                   107.9              0.0089%                          0.2            0.0018%
4"                      1,280.8              0.1059%                                                 2.1                  0.0153%
10"                         1,208,076.9            99.8852%                                          13,714.4                99.9829%
My point is that in the event that you do not feel comfortable in setting your actuated valve immediately downstream of your flow control valve to take Citizens' requested pressure cut, consider temporarily using the flow control valve as  pressure control.  The month of November included considerable power-plant testing, and therefore the above numbers are higher that during commercial operation.
When TW found it's in a difficult situation in regards to finding a solution to measuring a low flow (which appears to be erroneous information), Citizens worked with you in good faith.  All we are asking is the same in return.
 <<Griffith-TW-Chrono.xls>>

 - Griffith-TW-Chrono.xls


I spoke with the "WebMeister" of the Colorado PUC today.  He did not think that the PUC would post on its website the filings by other parties in this docket.  He could only find one other party's filing (People's) and didn't see any other comments on file, either in the data base or on other analyst's desks.  I will continue to check with him.  The hearing is scheduled November 1.

Significant issues raised in People's comments are as follows:

Rules should be revised to include a Fixed Gas Cost option (without true-up) in addition to a traditional PGA-type offering - However the comments did not address administrative problems or cross-subsidization issues.
Rules did not go far enough in assuring utilties that hedging costs will be recoverable through the GCA
The calculation of interest on underrecoveries should be allowed.  Currently the interest calculation is asymmetrical.


-----Original Message-----
From: ZOOEY WHARTON [mailto:ZWHARTON@dawray.com]
Sent: Tuesday, July 17, 2001 4:14 PM
To: Bill Rasch (E-mail); Brian Gordon (E-mail); Cameron's life-long
friend (E-mail); Carl (E-mail); Chip (E-mail); Cookie (E-mail); Cuz
(E-mail); Dancin Chic (E-mail); Gina (E-mail); Husband (E-mail); Jason
(E-mail); Joan (E-mail); Joe Naples (E-mail); Johnny (E-mail); Jonas
(E-mail); Julie Jules (E-mail); Kiki (E-mail); Mike Contant (E-mail);
Mike Fuerst (E-mail); Mike McConnell (E-mail); Naddy (E-mail); Nicole
(E-mail); Ray Kerlick (E-mail); RBBB (E-mail); Spike Antolik (E-mail);
Steph (E-mail); Supahstahhh (E-mail); Todd Harlow (E-mail); Tres
(E-mail); Wendell (E-mail); Will (E-mail)
Subject: FW: Found by Border Patrol...

-----Original Message-----
From: JASON D. BATH
Sent: Tuesday, July 17, 2001 4:04 PM
To: ELAINA PIGGOTT; HEATHER GUMIENNY; HOLLY MELISSA WHEELER; JOSHUA C.
ANDERSON; KELLY M. KOWIS; KEITH WIER; LISA WOODS; ZOOEY WHARTON; TOM
VALENTINE, JR
Subject: FW: Found by Border Patrol...

Here're two photos actually taken at the US/Mexico border.
They caught this guy trying to be smuggled into the U.S.
I am still laughing!!!!!!!!!!


I thought you were working the night shift and sleeping during the day like
a vampire.  We need to get together soon.   What is your schedule this week?
Are you up for watching the Blazers loose again Thursday night somewhere?

Ben

> -----Original Message-----
> From: Mark.Guzman@enron.com [SMTP:Mark.Guzman@enron.com]
> Sent: Tuesday, November 07, 2000 10:07 AM
> To: chartman@nbsrealtors.com
> Cc: mark.guzman@enron.com; jones@mca-architects.com; Pacewic Ben T;
> kss@rdigroup.com; joev@ripcity.com; billc@rosequarter.com;
> sharkb8@teleport.com; andym@vlmk.com
> Subject: Re: beaver game
>
>
> My reccomendations would be either Silver Dollar or Sports Page.
>
>


Mike,

Does it sound right?

Vince
 -----Original Message-----
From: 	Fellers, Diane R.
Sent:	Wednesday, May 30, 2001 9:31 AM
To:	Kaminski, Vince J
Cc:	Crenshaw, Shirley
Subject:	EGM Charges for Avistar

Vince,

I have gotten notice from EGM that they want to charge your cost center for the use of a weather research system named Avistar that someone is your group is using.  The plan is to allocate part of the depreciation of the asset to your cost center.  The total cost will be $10,583 over a 3-year period so the cost will not be significant, but I wanted to be sure you were aware of and approved of this charge.  Please let me know.

Thanks,
Diane
X5-7996


Dear Leaf and Mark,

I'm researching a purchase deal for 25 MW @ $15 (probably ancillary charges)
on 11-30-00 for HE 24.

The counterparty is showing this deal, but we are not.

I have found deal # 469836 routed to El Paso deal # 469839, but the criteria
do not match completely.  I didn't find notes in either of your trade logs.
Is there possibly a deal out there at HE 24 for exactly 25 MW @ $15.00?

Please respond soon,

VA


i have to go to a work thing saturday night but i will be up for going out
after dinner

Stephen Plauche@ENRON
05/30/2000 11:01 AM
To: Matthew Lenhart/HOU/ECT@ECT, Brian Hoskins/HOU/ECT@ECT, Eric
Bass/HOU/ECT@ECT
cc:
Subject: ON LIKE DONKEY KONG

Fellas,

 Is everyone up for steaks, wine and cigars on Saturday night?  Then a little
cougar hunting at our normal jaunts?

Stephen
x 33890


Dunn better get busy, March elections are just around the corner.

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Monday, November 05, 2001 5:18 PM
To:	Steffes, James D.; Mara, Susan; Shapiro, Richard; Alvarez, Ray; Perrino, Dave; Shortridge, Pat; Hall, Steve C. (Legal)
Subject:	RE: CAISO NOTICE:  Delay In Publishing Real Time Energy Notices

In other interesting news, you may have heard that Senator Dunn subpoened the old ISO Board, and intended to question them in secret to uncover more evidence of conspiracies, etc. (if you haven't heard, the new scapegoat is the ISO staff and the Board).

The ISO staff and its CEO Terry Winter have announced that they want their testimony to be public rather than secret, with the press present.  In testimony last week, staff apparently told the subcommittee "that they felt pressured to provide DWR with market information not available to others."

We'll see if transcripts are available.  FERC Enforcement may have an interest.

Best,
Jeff

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Monday, November 05, 2001 5:12 PM
To:	Mara, Susan; Shapiro, Richard; Dasovich, Jeff; Alvarez, Ray; Perrino, Dave
Subject:	RE: CAISO NOTICE:  Delay In Publishing Real Time Energy Notices

We should inform FERC Enforcement.  No formal filings.

Jim

 -----Original Message-----
From: 	Mara, Susan
Sent:	Monday, November 05, 2001 5:07 PM
To:	Steffes, James D.; Shapiro, Richard; Dasovich, Jeff
Subject:	FW: CAISO NOTICE:  Delay In Publishing Real Time Energy Notices
Importance:	High

This is so-o-o blatant.

 -----Original Message-----
From: 	Perrino, Dave
Sent:	Monday, November 05, 2001 2:47 PM
To:	Comnes, Alan; Mara, Susan
Cc:	Alvarez, Ray
Subject:	FW: CAISO NOTICE:  Delay In Publishing Real Time Energy Notices
Importance:	High

Normally I'd say this is unbelievable...but considering who sent it, I can't say I'm surprised...

Ray,

Should we take this up with Bob Pease, or since it was inadequate to begin with, just forget it?

Dave

 -----Original Message-----
From: 	"Payton, Julia" <JPayton@caiso.com>@ENRON
Sent:	Monday, November 05, 2001 2:43 PM
To:	ISO Market Participants
Subject:	CAISO NOTICE:  Delay In Publishing Real Time Energy Notices

ISO Market Participants:
MARKET NOTICE
November 5, 2001
Publication of Real Time Energy Information
ISO Market Participants
SC Settlement Contacts
Last Friday, the ISO informed you that effective today it would begin
publishing on OASIS additional information about real time energy purchases.
Based on concerns and issues raised by CERS and the State of California, the
ISO is delaying this publication.  We will provide you with additional
information later this week.
If you have questions or would like additional information, please contact
Byron Woertz at bwoertz@caiso.com <mailto:bwoertz@caiso.com> or (916)
608-7066.
Client Relations Communications
CRCommunications@caiso.com <mailto:CRCommunications@caiso.com>


Tana/Kelly/Karen:

The product long descriptions below will fall under two new product types:
   US Residual Fuel Oil 1% Crack Spread
 US Residual Fuel Oil 3% Crack Spread

Credit (Tom Moran) has approved copying the profiles for the new product type
from the following:

 US Oil HSFO Fin Swap

Please respond no later than 10 a.m. on Wednesday, April 25.

Thank you.

 -----Original Message-----
From:  Moran, Tom
Sent: Tuesday, April 24, 2001 3:05 PM
To: Sever, Stephanie
Subject: FW: Product Type approval for 2 product types (US Residual Fuel Oil
1% and 3% Crack Spreads)

 -----Original Message-----
From:  Moran, Tom
Sent: Monday, April 23, 2001 1:08 PM
To: Lees, Lisa
Cc: Guidroz, Walter
Subject: FW: Product Type approval for 2 product types (US Residual Fuel Oil
1% and 3% Crack Spreads)

Lisa,

Please copy the existing counterparty profiles from: &US Oil HSFO Fin Swap8
and use it for these two new products:

US ResidOil Spd  NYH 1% Crack Spread
US ResidOil Spd  GC 3% Crack Spread

Regards,
tm

 -----Original Message-----
From:  Walker, Chris
Sent: Monday, April 23, 2001 12:17 PM
To: Blumenthal, Jeff; Musch, Susan; Hagelmann, Bjorn; Moran, Tom; Swinney,
John; Taylor, Mark
Cc: Lees, Lisa; Sever, Stephanie; Jones, Tana; Lambert, Karen; Lombardi,
Kelly; Sweitzer, Tara; Kenne, Dawn C.; Moorer, Torrey; Meredith, Kevin;
Lozano, Melba; Hunter, Larry Joe; Cass, Robert B.
Subject: Product Type approval for 2 product types (US Residual Fuel Oil 1%
and 3% Crack Spreads)

Your approval is needed for the following 2 product types in Datamanager:

US Residual Fuel Oil 1% Crack Spread
US Residual Fuel Oil 3% Crack Spread

Please do not approve between the hours of 6 am and 11 am..

US ResidOil Spd  NYH 1% Crack Spread     Jun01           USD/bl/m

A US Residual Fuel Oil financial Swap Transaction with Enron North America
Corp., under which the Seller pays a Floating Price and the Buyer pays the
price submitted by Counterparty on the Website (the Fixed Price) in each case
in respect of the Notional Quantity per Determination Period.  Each calendar
month during the term of the Transaction will be a Determination Period. The
Notional Quantity per Determination Period shall be the volume submitted by
Counterparty on the Website.  The Payment Date(s) will be 5 business days
after the Floating Price is determinable. The Floating Price shall be the
Index for the relevant Determination Period.
The term of the Transaction shall be from the Effective Date of 01 Jun 2001
to the Termination Date of 30 Jun 2001.
The Index for a Determination Period shall be the difference obtained by
subtracting (i) the arithmetic average of the daily settlement prices for the
prompt month NYMEX Light Sweet Crude Oil Futures Contract for each Pricing
Date in such Determination Period from (ii) the arithmetic average of the
mean of the daily quotations for No. 6, 1%S Max appearing under the heading
"New York/Boston Cargo" in the section entitled "Product Price Assessments"
for those issues of Platt's Oilgram Price Report published for each Pricing
Date in such Determination Period. "Pricing Date" means, a day on which
Platt's Oilgram Price Report is published and which is also a NYMEX trading
day.
The price is quoted in US Dollars per unit of volume, which will be the
Contractual Currency.
The unit of measure against which the price is quoted shall be Barrels per
month and the quantity shown shall be in Barrels per month.

US ResidOil Spd  GC 3% Crack Spread      Jun01           USD/bl/m

A US Residual Fuel Oil financial Swap Transaction with Enron North America
Corp., under which the Seller pays a Floating Price and the Buyer pays the
price submitted by Counterparty on the Website (the Fixed Price) in each case
in respect of the Notional Quantity per Determination Period.  Each calendar
month during the term of the Transaction will be a Determination Period. The
Notional Quantity per Determination Period shall be the volume submitted by
Counterparty on the Website.  The Payment Date(s) will be 5 business days
after the Floating Price is determinable. The Floating Price shall be the
Index for the relevant Determination Period.
The Effective Date is 01 Jun 2001. The Termination Date  is 30 Jun 2001.
The Index for a Determination Period shall be the difference obtained by
subtracting (i) the arithmetic average of the daily settlement prices for the
prompt month NYMEX Light Sweet Crude Oil Futures Contract for each Pricing
Date in such Determination Period from (ii) the arithmetic average of the
mean of the daily quotations for No. 6, 3%S appearing under the heading "U.S.
Gulf Coast Waterborne" in the section entitled "Product Price Assessments"
for those issues of Platt's Oilgram Price Report published for each Pricing
Date in such Determination Period.  "Pricing Date" means, a day on which
Platt's Oilgram Price Report is published and which is also a NYMEX trading
day.
The price is quoted in US Dollars per unit of volume, which will be the
Contractual Currency.
The unit of measure against which the price is quoted shall be Barrels per
month and the quantity shown shall be in Barrels per month.

STEPS FOR APPROVAL:

click the  START button
select  PROGRAMS
select  TEST APPLICATIONS
select ENRONONLINE CLUSTER(PROD)
 PROCEED WITH USUAL LOGIN/PASSWORD
click the Enron Online Production Cluster "START" button
select EnronOnLine (this is the EOL Datamanager)
 PROCEED WITH EOL LOGIN/PASSWORD
click on the "+" for EnronOnLine
click on the "+" for Product Types
click on the "+" for "Awaiting Approval" (OR  "Partially Approved")
select the product requiring review as stated in e-mail above
Right "mouse" click on "properties" to view product set-up
TO APPROVE:  Right mouse click on "Approved"


[IMAGE]
				[IMAGE]
[IMAGE]	[IMAGE][IMAGE] Go  Work Go  PlayGo  USA Click here to book online today    From sea to shining  sea, with over 300 unique destinations, we've got you covered. There's still time to See America  with Starwood Hotels & Resorts.  Stay at Westin
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             [IMAGE]  ?2001 Starwood  Hotels & Resorts Worldwide, Inc.
[IMAGE]

[IMAGE]


In an attempt to continue cross training on our desk,  Jackie and Susan will
be switching duties.
Jackie will start training on Susan's desk and Susan on Jackie's and the
transition will last most
of March and they will finalize it with April business.  It is important that
we start communicating the
changes to our customers and make it as smooth as possible on them.  Thanks,
Pat


__________________

__________________


Sheila,

I have jury duty on Wednesday.

ckm

From: Sheila Tweed@ECT on 02/12/2001 03:19 PM
To: Suzanne Adams/HOU/ECT@ECT
cc: Kay Mann/Corp/Enron@Enron

Subject: Re: Staff Meeting and GE Conference Call

I am OK with changing the time of the call if that makes the most sense.  Kay
should be available for the call.


Just a reminder:

  YOUR TIME ENTRY IS DUE TODAY.

  If you have log-in problems call the Integrated Solutions Center at
713-345-4727.

Kathy


Bill Howard from FERC just called me.  The Chairman of FERC is asking for the
following information by the end of the day today:

How much gas did we buy today by basin either: as of the beginning of the day
or as of midnight?
How much of the gas went into California?
What was the average price or the high and low price?

I asked him to if FERC wa asking other market participants.  He said more and
more every day and they would continue this until prices started going down.
I asked him if the Commission intended to keep this information
confidential.  He said he didn't know.  Christi - could you work with Phillip
on this?  Bill's number is (202) 208-1268.


Thank you.  I'm still working on the first wave of magnums, though.  How much
was the phone bill, m'lady?


I am taking off half a day PM on Dec 29th and Jan 1st - 3rd.

Please put this on Dicks calendar and the desk calendar.

thanks


Start Date: 2/5/02; HourAhead hour: 8;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002020508.txt
!!!General SQL error.
Couldn't update; currently locked by user 'admin' on machine 'ECTHOU-BPS3'.
Table

---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTstNW
  MKT_TYPE: 2
  TRANS_DATE: 2/5/02
  TIE_POINT: MALIN_5_RNDMTN
  INTERCHG_ID: ENRJ_CISO_3000
  ENGY_TYPE: FIRM


So when are we going to have the sale of the B-Ball Goal.  It is still here
and I am beginning to lose money as I play more, so I need to get it out of
here before I lose anymore money.
Ben


Dan,

Attached redline contract compares changes we discussed today to the
document I sent you yesterday.  If changes are acceptable, I will send the
contract to WPS for their review.

Thanks!
Kim

Gas Supply Consulting, Inc.
(281)558-0735
kdecell@gassupplyconsulting.com

 - WPS Enron 3 mo ANR Swing 12-8-00 COMPARE 12-6-00.doc


that what i said


Rahil will have a draft to me this afternoon, then he, Beth Apollo and I will
meet tomorrow morning at 8:30 to discuss and revise.  I don't want to "mass
mail" this on Friday.  (None of these guys will read it on Friday afternoon
or over the weekend anyway.)  Instead, I want to meet with Frank Vickers and
Ed Baughman (I have known both for years and we get both gas and power
covered) either Friday afternoon or Monday to go over the presentation in
person and get their thoughts and input (Rahil included).  They will likely
come up with questions that we have not thought of or where our presentation
could be tweaked.  With revisions from this session, then it makes sense to
set up one on one meetings with each orgination team (we spread the word to
the whole team, rather than just hitting the origination lead).  We can start
those next week and finish most next week.  I think that the logistics of any
offsite would be difficult with schedules and I don't really think that we
need one.

Calgary will need a special message, and we may have to go to Calgary to
deliver it.  You and I can discuss that in more detail.   Max will be in from
Mexico on April 20, and Beth Apollo has already booked some time with him on
that day for us to cover this information.  Laura Luce is here today and will
be back in Houston next Wednesday, April 11.  I have booked time with her
that afternoon to cover the presentation.  That will leave Portland as the
other "out of towner" to schedule.  I am planning a trip there the next time
that Stacey White heads up there.  Right now we are looking at April 17, 18
or 19.  We can send Chris info before that and plan to meet with him perhaps
in conjunction with that trip that I need to make around our west power risk
team.  I would  welcome your participation in any of the meetings here in
Houston or on the trips that we will need to make.  You and I can discuss the
appropriate make-up of the team for each of these presentations at lunch
tomorrow.

I think that this plan will be effective and will give us the best coverage
and input.  Are you comfortable with this plan of attack?  --Sally

From: Greg Piper/ENRON@enronXgate on 04/05/2001 03:25 PM
To: Sally Beck/HOU/ECT@ECT
cc: Louise Kitchen/HOU/ECT@ECT, Rahil Jafry/ENRON@enronXgate
Subject: FW: Costs/Mid Back office commercialization

Why don't you and Rahil agree on the draft ASAP and then let Rahil send it
out in draft form this Friday afternoon to all these individuals for their
review and comments.  Rahil can work with these people directly next week on
their comments.  Rahil is free from the day-to-day operations issues and has
the time to push the product menu to the EA Originators.

We can still set up an offsite to finalize, but we need to get something out
because these individuals are already out selling as we speak.

GP

 -----Original Message-----
From:  Kitchen, Louise
Sent: Thursday, April 05, 2001 11:15 AM
To: Beck, Sally
Cc: Piper, Greg; Jafry, Rahil
Subject: Re: Costs

Shukaly resigned and left.

But I assume the invitation will be extended to all of their groups so that
whoever they want can attend.

I would actually prefer that the presentation is actually circulated to the
groups on Friday rather than presented as we will wait forever on getting an
offsite together.  How about circulating the presentation and then letting
them refer all questions to Rahil - see how much interest you get.  One on
ones are much better and I think this is how Rahil should proceed.  We need
to get in front of customers in the next couple of weeks.

Let's aim to get a least three customers this quarter.

Louise

	Enron Capital & Trade Resources Corp.  From:  Sally Beck
     04/04/2001 07:08 PM

To: Louise Kitchen/HOU/ECT@ECT
cc: Greg Piper/Corp/Enron

Subject: Re: Costs

Rahil is working with me on a presentation that covers what our services are,
the creation of a pricing desk, how that will work (process and revenue
sharing), selling of services for others, our operations pricing model, the
DASH process, key contacts in operations, etc.  I expect to review a draft by
this Friday.  Tomorrow we will have the date set for such a meeting.  We are
checking travel schedules for Laura Luce and Max Y. to see if we can catch
both in Houston sometime next week.  Greg Piper suggests a meeting with all
origination heads at once (a mini offsite).  We will do that if we can set a
date that works for a majority.  If that doesn't work, we will simply do
one-on-ones over the next ten days to get everyone.  Targeted attendees are:

Gas   Frank Vickers (East)
   Laura Luce (Central)
   Barry Tycholiz (West)

Derivatives  Fred LaGrasta

Power  Dave Duran
   Ozzie Pagan
   Ed Baughman

Portland  Chris Calger

Calgary  Ladain

Mexico  Max Y.

When you and I met we discussed most of these names.  I added the Calgary guy
and Max.  I also want to share this info with Bob Shults and his EOL
marketing team.  They talk with a lot of customers and may have the
opportunity to bring up our services as well.  We have spent some time with
Jean Mrha and John Grass, and will share the presentation with them as well.

Do you want to add any names?   If we do wind up with one date that will work
for most, I will let you know that tomorrow so that you can attend if you
would like.  --Sally

Louise Kitchen
04/04/2001 03:50 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Costs

Weren't we supposed to be having a meeting on costs of back office services
with the Heads of Origination?  Are we close to having this?

Thanks

Louise


In connection with Tana Jones' e-mail of July 12, 2001, I am attaching revised forms of the Credit Confidentiality Agreements for use in requesting financial statements from a counterparty.  Please begin using the attached forms when preparing confidentiality agreements and please refer to Tana's e-mail regarding procedures for preparing and signing the agreements.

If you have any questions, please do not hesitate to call me at x33907.


Jeff,

We shall forward to you shortly a copy of the message from Sandeep with the
numbers you have
requested.  What follows below are the extracts from two recent articles on
the power situation in India
published by The Financial Times.

The first article describes recent power outage in northern India affecting
millions of people.
One possible line of defense is pointing out to the value of  output lost due
to  power
shortages. It is obvious that the value of lost production exceeds the cost
of power produced
by the Dhabol plant (expensive as it may be). The power cut affected 230
million people.

The second article is Enron specific.

Vince

                     ASIA-PACIFIC: Power failure hits north India
                     Financial Times; Jan 3, 2001
                     By ANGUS DONALD

                     Tens of millions of people were left without electricity
in northern India
                     yesterday after a power grid breakdown.

                     Electricity was gradually switched on in some areas and
most parts of the
                     capital New Delhi, with 60 to 70 per cent of supply
expected to be restored
                     by the end of the day, according to power grid
officials.

                     The Associated Chambers of Commerce and Industry
(Assocham), a
                     leading business organisation, expressed "deep concern"
and called for a
                     mechanism to prevent future disruption that could
"cripple the economy".

                     The power failure across eight Indian states, including
New Delhi, disrupted
                     train services, water supplies and the telephone network
and forced
                     hospitals to switch to emergency generators.

                     The fault occurred on the Northern Grid, which provides
electricity for 226m
                     people, and affected the states of Delhi, Haryana,
Punjab, Uttar Pradesh,
                     Himachal Pradesh, Madhya Pradesh, Rajasthan and Jammu
and Kashmir.

                     A breakdown at a sub-station in Kanpur in Uttar Pradesh,
India's most
                     populous state, caused an overload of power on other
lines, which then
                     failed as well.

                     Trains stopped running for most of the day and signals
systems were
                     damaged. New Delhi international airport was also
slightly affected before
                     its own power supply could be engaged.

                     "We will probe into the reasons for the failure. It is
most likely to be a
                     technical failure, but we will investigate why it
happened," Suresh Prabhu,
                     the power minister, was quoted as saying by Press Trust
of India.

                     India suffers regularly from power problems because of
lack of funding to
                     upgrade infrastructure. Theft of supplies is also a big
problem. Thirty per
                     cent of the country's electricity is stolen, according
to analysts. In New
                     Delhi as much as 50 per cent is stolen.

                     Two years ago, a power failure blacked out Uttar Pradesh
and Delhi for
                     hours.

                     Assocham issued a statement, saying that increasing
industrial demand
                     would exacerbate the problems already faced by India's
inefficient power
                     sector. "The slow progress, particularly in
strengthening the transmission
                     and distribution system, and ever increasing theft will
contribute to
                     worsening the power supply situation further."

                     Copyright: The Financial Times Limited

  , Copyright The Financial Times Limited 2000. "FT" and "Financial Times"
are trademarks of The Financial Times. Privacy Policy | Terms & Conditions.

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

                     ASIA-PACIFIC: Energy group launches image offensive:
Enron has a
                     plan to reverse its reputation as a profiteering
multinational
                     operating in India, writes Khozem Merchant

                     Financial Times; Jan 3, 2001
                     By KHOZEM MERCHANT

                     Enron, the US energy producer and a constant target of
criticism in India, is
                     hitting back with a campaign to reverse its image as a
profiteering
                     multinational.

                     Its "myth and reality" offensive in local newspapers
follows the west Indian
                     state of Maharashtra's decision to review the tariff it
pays the Texas-based
                     company, whose Dollars 2.2bn electricity generating
plant at Dabhol is
                     India's biggest single foreign investment.

                     Maharashtra's tariff has more than doubled since 1993
and is three times
                     greater than that charged by other independent power
producers (IPPs).
                     The tariff has risen because of the depreciation of the
rupee against the
                     dollar and the high but now falling price of naphtha
fuel. The state also pays
                     a fixed capacity charge of Rs970m (Dollars 21m) a month,
reflecting the
                     huge project cost and, controversially, irrespective of
consumption.

                     A showdown looks inevitable, reminiscent of a clash six
years ago that
                     damaged India's appeal to foreign investors. A former
official of the World
                     Bank, which has criticised the deal, says Enron is
emerging "as the East
                     India Company of the 21st century" - a reference to the
British trader that
                     colonised key areas of the Indian economy in the 19th
century.

                     The stand-off is the latest blot on India's power
sector. The UK's PowerGen
                     and Cogentrix of the US have quit India recently,
frustrated by long approval
                     procedures, inadequate payments mechanisms or because of
higher
                     returns elsewhere.

                     "India has lost time and opportunity and has driven
returns down by six
                     percentage points," says Gerry Grove-White, former India
general manager
                     of PowerGen, which has sold its 655MW plant in Gujarat
to China Light &
                     Power of Hong Kong.

                     India's national plan for the five years to 2002 says
generating capacity
                     must rise by 40,000MW to about 120,000MW. But since
1992, IPPs have
                     added only 3,000MW and 2,500MW remains under
construction. This is
                     insufficient to support official projections of 6 to 8
per cent economic
                     growth.

                     Enron was a bellwether of India's liberalisation,
winning fast-track project
                     approval in the early 1990s. Phase 1, a 740MW plant
fuelled by expensive
                     naphtha came on stream in May 1999, and phase 2, a
Dollars 1.87bn plant
                     of 1,624MW capacity that will run on cheaper liquefied
natural gas (LNG),
                     will be completed this year. Only two of seven other
fast-track proposals
                     have achieved financial closure.

                     From the outset Enron encountered attacks, culminating
in Maharashtra's
                     then nationalist government cancelling the project
before renegotiating
                     terms no less onerous. Vilasrao Deshmukh, chief minister
of the successor
                     government, says the power purchase agreement is
unaffordable.

                     Enron, whose attackers also include cultural
chauvinists, wants to maintain
                     good political relations in a hostile but lucrative
environment. Enron views
                     India as a testing ground for its evolution from a
traditional manager of
                     power plants to a broad-based trader of commodities,
such as energy, gas
                     and bandwidth.

                     To support these ambitions Enron hopes to trade energy
between power
                     surplus and deficit states, once legislation is passed
this year. It is building
                     an LNG terminal and pipelines to trade imported natural
gas. And it is
                     laying a 15,000km fibre-optic network to trade bandwidth
space in a country
                     desperately short of this new economy commodity.

                     In any event, Enron believes it has a watertight
contract. It is supported by
                     many that believe any subversion of the contract would
confirm investor
                     perception of Maharashtra, India's financial and
industrial hub, as an
                     unreliable destination for investment.

                     Mr Deshmukh - who has avoided the language of his
predecessor, which
                     threatened to "dump Dabhol into the Arabian Sea" - is
under pressure from
                     radical members of his wobbly coalition. But his options
are limited.
                     Scrapping the project would be ruinous for an
economically troubled state
                     that would have to compensate shareholders.

                     Maharashtra State Electricity Board, the local utility
and Enron's main
                     client, is obliged to dispatch or "off-take" 90 per cent
of Dabhol's output. Yet
                     MSEB has never honoured these guarantees. Its off-take
has averaged 60
                     per cent since the plant opened and, in effect, MSEB has
been paying a lot
                     more while consuming a lot less power.

                     One reason off-take is low is because the state's tough
new regulator has
                     told MSEB to buy from cheaper sources. Enron says the
tariff would be
                     Rs4.02/kWh if MSEB's off-take averaged 90 per cent. But
with off-take a
                     third lower, the average tariff is Rs4.94 per unit, and
often higher. In
                     October, the tariff was Rs6.91 per unit, when off-take
was about 49 per
                     cent. Enron says tariffs should come down when phase 2,
run on cheaper
                     LNG, starts.

                     These cost pressures have forced MSEB to take up only
half of a 30 per
                     cent equity option in phase 2. Enron has acquired the
balance and
                     mandated bankers to find a buyer.

                     Enron's difficulties have undermined the appeal of IPPs,
which have failed to
                     deliver the flood of investments. Potential IPPs feared
they would never be
                     paid by state generating boards that have become a
byword for corrupt
                     management of power.

                     Reform of state electricity boards, whose uneconomic
pricing means
                     industrial users subsidise poor farmers, as well as
transmission and
                     distribution (T&D) services to check huge theft and
technical losses, is
                     overdue. "Given the limited resources, money would be
better spent on T&D
                     rather than on new plant," says Oliver Blackaby,
managing director of N M
                     Rothschild in India, which is advising Karnataka on the
privatisation of its
                     distribution network.

                     For the moment, attention is fixed on Enron's ability to
satisfy the
                     competing interests of investors and clients. As Sanjay
Bhatnagar, chief
                     executive officer of Enron India, said in a recent trade
magazine, one of the
                     key lessons learned from phase 2 is "having flexibility
to deal with
                     externalities".

                     Copyright: The Financial Times Limited

  , Copyright The Financial Times Limited 2000. "FT" and "Financial Times"
are trademarks of The Financial Times. Privacy Policy | Terms & Conditions.


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