Poland-Norway Gas Deal Might Hit Mkt Liberalization
Dow Jones Energy Service, 04/27/01
Peoples Energy Reports Second Quarter Results Reaffirms Fiscal 2001 Estimate
PR Newswire, 04/27/01
Report: Enron official given authority to end power project in India
Associated Press Newswires, 04/27/01
State employees' retirement funds benefitting from power crisis
Associated Press Newswires, 04/27/01
DHABOL BOARD EMPOWERED TO END POWER CONTRACT WITH INDIAN STATE
Asia Pulse, 04/27/01
NO ADVERSE FALLOUT TO COME FROM ENRON DECISION: INDIAN MINISTER
Asia Pulse, 04/27/01
India: Starving oneself to stuff others?
Business Line, 04/27/01
HEADING
The Times of India News Service, 04/27/01

Success of state bandh isolate BJP
The Times of India, 04/27/01

Additional power for Delhi promises Prabhu
The Times of India, 04/27/01

Enron ready to pull out, but lenders say wait
The Times of India, 04/27/01

India's single largest foreign investor threatens to pull out
Agence France-Presse, 04/27/01

Indian Utility Pays $28 Million March Bill To Enron
The New York Times, 04/27/01

DAILY BRIEFING
The Atlanta Constitution, 04/27/01

Business Brief -- Enron Corp.: Sale of Utility Subsidiary To Sierra Pacific
Is Canceled
The Wall Street Journal, 04/27/01

Indian State to Pay Enron for March Supply
Asian Wall Street Journal, 04/27/01

Colombia Suspends Isagen Sale Pending Court Ruling, Papers Say
Bloomberg, 04/27/01

Poland-Norway Gas Deal Might Hit Mkt Liberalization
By Joe Harper
Of DOW JONES NEWSWIRES

04/27/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

WARSAW -(Dow Jones)- Poland will limit its chances of developing a flexible
and diversified gas market if the government goes ahead with a long-awaited
gas import deal with Norwegian and Danish companies, said a participant at
the Power in Poland conference in Warsaw this week.
"Entering into long-term guaranteed take-or-pay contracts with Norwegian and
Danish partners would result in the incumbent contract holders having an
incentive to delay domestic gas market liberalization at any cost," said
Jarek Astramowicz, president of Enron Poland, the Polish unit of the U.S.'s
Enron Corp. (ENE).
The incumbent contract holder - Poland's gas monopoly Polskie Gornictwo
Naftowe i Gazownictwo (R.PGN), or PGNiG - said recently it will sign a
long-term, guaranteed take-or-pay contract with Norway's state oil company
Statoil AS (Y.DNS) and Danish state-owned oil and gas utility DONG in May.
The three parties are negotiating a trade deal that could see between five
and eight billion cubic meters (bcm) a year exported from Norway and Denmark
to Poland by 2007.
According to Polish press reports Statoil reportedly wants financial
guarantees from the Polish government before signing any sales agreement with
PGNiG. The Norwegians also said they need to sell at least eight bcm of gas a
year to Poland to make the project financially viable, while the Polish side
has said it wants to import only 5 bcm a year.
PGNiG president Andrzej Lipko said this week PGNiG and Statoil were
"negotiating intensively," but didn't say when a deal might be signed.
Astramowicz said the deal would reduce the Polish side's room for maneuver in
future gas importation and corner Poland into accepting gas at higher prices
than it could find on E.U. markets when the Polish and E.U. grids are fully
interconnected.
Enron, like other traders, operates best in markets where there is greater
liquidity, and the Norway deal would dry up considerable amounts of potential
liquidity.
Astramowicz added that the Polish market would be oversupplied if the deal
goes ahead, pushing up end-user prices.
And it's the projected increases in demand for gas in Poland over the next 10
years that presents the major problem.
Barbara Litak-Zarebska, Deputy Treasury Minister, said this week gas demand
projections were largely based on an expected rapid shift from coal-powered
to gas-powered electricity generation in Poland.
Poland's Economy Ministry estimates the country's current annual gas
consumption at 10.5bcm-11 bcm, and expects this total to reach 18.4 bcm by
2010, including 6.1 bcm to be consumed by the newly constructed, gas fired
power plants.
Astramowicz said this projection was too high, claiming the power sector was
likely to take only 2.5bcm-3.5 bcm by 2010.
"Furthermore, power generated from gas cannot compete with power generated by
coal-fired power plants in price terms. Therefore, this source of increase in
gas demand will not materialize in the near future," he said.
As an alternative to the Norway deal Astramowicz pointed to western European
gas trading hubs already offering flexible gas supply contracts with terms of
up to ten years.
"For example, competitively priced gas supplies based on the contracts
executed in Zeebrugge (Belgium) or Emden (Germany) are already reaching
customers in eastern Germany today and, as Polish gas consumption grows,
could easily be used to source any additional gas supplies needed for
customers in Poland," said Astramowicz.
He also pointed to potential import price advantages from the E.U. He said
gas imported from the E.U. would cost about $135/1000cm, against a price on
the current Yamal contract of $120/1000cm and a Norwegian gas price
(including the estimated transmission charge to the Polish border of
$20/1000cm), of $150/1000cm.
PGNiG's Lipko said that imported Russian gas prices would not be $30 cheaper
than Norwegian supplies once a pipeline linking the two countries had been
built.
By Joe Harper, Dow Jones Newswires; 48-22 622-2766; joe.harper@dowjones.com

Peoples Energy Reports Second Quarter Results Reaffirms Fiscal 2001 Estimate

04/27/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

CHICAGO, April 27 /PRNewswire/ -- Peoples Energy (NYSE: PGL) reported today
that its second quarter earnings for the three month period ended March 31,
2001 were $62.5 million, or $1.77 per share, up from $57.4 million, or $1.62
per share for the same period a year ago. For the most recent six month
period, earnings were $98.8 million or $2.80 per share, compared to $87.0
million, or $2.45 per share for the same period last year.
Quarterly and fiscal year-to-date results were positively impacted by weather
that was colder than the prior year periods by 19% and 23%, respectively,
offset by the negative impact of gas prices that were at record levels. The
combined effect of these two factors is reflected in current accounts
receivable balances, which are significantly higher than a year ago. The
company has implemented several flexible payment programs and is actively
pursuing collection of past due amounts.
"We are pleased with the results from our gas distribution business despite
challenging circumstances and with the continuing growth from our diversified
business segments," said Richard E. Terry, chairman and chief executive
officer. "We are reaffirming our earlier fiscal 2001 earnings estimate of
$3.05 to $3.15 per share, assuming normal weather and planned utility
performance for the rest of the year. The South Texas oil and gas property
acquisition that we announced today will add $.10 to $.15 per share to that
projection."
Peoples Energy reported second quarter and fiscal year-to-date results for
its primary business segments:
Gas Distribution. Operating income was $101.6 million for the second quarter
and $180.0 million for the six month period, as compared to $98.9 million and
$156.3 million, respectively, in the prior year. The increases were mainly
due to colder weather, reduced depreciation expense, and the positive effects
of pension benefit accounting, offset by increases in the provision for
uncollectible accounts and customer conservation resulting from higher gas
costs in the current periods.
Power Generation. Operating income and equity investment income grew to $5.6
million and $6.0 million for the current quarter and fiscal year-to-date
periods compared with $572,000 and $3.9 million, respectively, in the
previous fiscal year. These increases of $5.0 million and $2.1 million,
respectively, are primarily due to a gain on the liquidation of financial
hedges associated with Elwood's gas supply requirements and increased
capacity revenues during the second quarter, offset in part by higher gas
costs in both current periods. Effective March 1, 2001, the power sales
contracts on the Phase I Elwood units were restructured as tolling
agreements.
Midstream Services. Operating income and equity investment income was $5.0
million and $10.6 million for the current quarter and six month periods,
compared to $5.8 million and $8.1 million, respectively in the year-ago
comparable periods. Results in the current periods were positively impacted
by equity income from our enovate partnership with Enron, offset by lower
operating income from hub and peaking activities. Operating income from
wholesale activities benefited in the prior periods from a nonrecurring
pipeline construction project. Retail Energy Services. Operating income in
the second quarter grew to $2.2 million, an increase of $2.3 million over the
year-ago period. Fiscal year-to-date results reflect an increase of $1.9
million over the prior period loss of $1.6 million. The current periods
benefited from increased gas and electric margins, partially offset by higher
operating expenses related to growth. Both current periods also benefited
from a one-time change in inventory accounting methods.
Oil and Gas Production. Operating income and equity investment income was
$2.8 million and $6.6 million for the current three and six month periods, up
from $1.7 million and $2.7 million, respectively, in last year's comparable
periods. These increases were primarily due to the impact of reserve
acquisitions subsequent to the year-ago periods, positive results from
drilling programs and higher sales prices on production volumes. The most
recent six month period reflects increased equity income from our EnerVest
partnership.
In addition to the above business segment operating results, net income for
the current periods reflect higher financing costs resulting from long-term
debt issued to fund diversified growth and short-term debt incurred for
utility working capital needs, offset by lower interest on utility long-term
debt due to prior-year refinancing. The current six month period reflects the
mark-to-market pricing of unrealized liabilities for stock appreciation
rights granted to certain employees under the company's long-term incentive
compensation plan.
Peoples Energy is a diversified energy company comprised of five primary
business segments: Gas Distribution, Power Generation, Midstream Services,
Retail Energy Services, and Oil and Gas Production. The Gas Distribution
business serves about 1 million retail customers in Chicago and northeastern
Illinois. Visit the Peoples Energy web site at PeoplesEnergy.com .
Forward-Looking Information. This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934, such as expectations
of development and growth arising out of the company's diversified energy
businesses. Actual results could differ materially from such expectations
because of many uncertainties, including, but not limited to: the company's
success in identifying diversified energy opportunities on financially
acceptable terms and generating earnings within a reasonable time; adverse
resolution of material litigation; developments in the company's utility
subsidiaries' mercury inspection and remediation program; general U.S. and
Illinois economic conditions; business and competitive conditions resulting
from deregulation and consolidation of the energy industry; the timing and
extent of changes in energy commodity prices and interest rates; and
regulatory developments in the U.S., Illinois and other states where Peoples
Energy has business activities. Some of the uncertainties that may affect
future results are discussed in more detail under "Item 1 - Business" of
Peoples Energy's Form 10-K for the year ended September 30, 2000. All
forward-looking statements included in this press release are based upon
information presently available, and Peoples Energy assumes no obligation to
update any forward-looking statements. PEOPLES ENERGY CORPORATION
FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended March 31,
2001 2000
Total Operating Revenues $1,073,789,000 $525,248,000
Operating Income $102,370,000 $102,254,000
Equity Investment Income $11,006,000 $1,972,000
Net Income $62,491,000 $57,428,000
Earnings Per Share $1.77 $1.62
Diluted Earnings Per Share $1.76 $1.62
Basic Average Shares Outstanding 35,388,000 35,510,000
Dilutive Average Shares Outstanding 35,450,000 35,511,000
Six Months Ended March 31,
2001 2000
Total Operating Revenues $1,790,771,000 $937,146,000
Operating Income $173,000,000 $155,928,000
Equity Investment Income $15,804,000 $6,050,000
Net Income $98,848,000 $86,999,000
Earnings Per Share $2.80 $2.45
Diluted Earnings Per Share $2.79 $2.45
Basic Average Shares Outstanding 35,363,000 35,512,000
Dilutive Average Shares Outstanding 35,414,000 35,517,000
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X86138293

/CONTACT: Luis Diaz-Perez, 312-240-4567, or Mary Ann Wall, Investor
Relations, 312-240-7534, both of Peoples Energy/ 07:00 EDT
Report: Enron official given authority to end power project in India
By RAMOLA TALWAR BADAM
Associated Press Writer

04/27/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

BOMBAY, India (AP) - A top official of U.S. energy giant Enron Corp. was
authorized to issue a termination notice to pull out of a controversial power
project in western India, the largest foreign investment in the country, a
newspaper reported Friday.
The board of the Dabhol Power Company, the Indian subsidiary of Enron, met in
London on Wednesday and authorized the company's managing director to issue a
preliminary notice to terminate the project, billed as the world's largest
natural gas fired power plant, The Times of India reported.
"The board has given powers to the management to issue the pre-termination
notice. But the meeting unanimously felt the need of the hour was not to
terminate the project but to initiate a re-negotiation process," Vinay
Bansal, chairman of the Maharashtra State Electricity Board, was quoted as
saying by the newspaper.
Enron officials have refused comment.
The notice is the first of three steps that could end in the abandonment of
the dlrs 3 billion project. A six-month reconciliation period would follow
any move by the Dabhol Power Company to issue the termination notice, Bansal
said.
Indian lenders, present at a meeting with foreign financial institutions in
London earlier this week, have said they favor renegotiation.
The project has been in trouble since December when the Maharashtra state
government, where the Dabhol project is located, said the tariff was
exorbitant and demanded a new price agreement.
The state power utility said it could not pay Dabhol's monthly electricity
dues, which prompted the company to invoke a federal guarantee in February.
This was the first time in India that a federal guarantee was invoked. As
part of the 1995 agreement between the company and the state government, the
federal government has to pay in case of a state default.
But before the federal government stepped in, the state government paid
dlrs17 million in outstanding bills. Since then, the state power utility has
confirmed that all pending bills have been paid.
But a dispute over payment of dlrs 48 million for December and January bills
is pending.
Several political parties had earlier demanded the project be scrapped, since
the costs had increased from 1.8 rupees (four cents) per unit agreed six
years ago for electricity generated by the 740-megawatt naphtha plant, to 7
rupees (15 cents).
Enron has maintained that work will be completed by year-end on the 1,444
megawatt liquified natural gas plant.
Houston, Texas-based Enron has a 65 percent stake in Dabhol Power, and is the
project's largest shareholder. Other shareholders include the Maharashtra
State Electricity Board with 15 percent and General Electric Co. and Bechtel
Enterprises with 10 percent each.
(rtb, nnm, kgo)

State employees' retirement funds benefitting from power crisis

04/27/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

OAKLAND (AP) - Dozens of state legislators, more than a million state workers
- and even Gov. Gray Davis may be indirectly profitting from California's
power woes. Calpers, the state retirement and pension system, has more than a
billion dollars invested in power generators.
KTVU reports Calpers holds more than $250 million of Enron stock, almost $153
million of Duke Energy, $90 million of El Paso Energy and $62 million in
Reliant Energy.
The governor and other lawmakers have threatened to investigate power
producers for gouging California consumers. Many energy producers have been
reporting record profits during the power crisis.
Jim Knox, of California Common Cause, said Calpers should look at divesting
its stock if the companies are profiting at the expense of California
consumers.
"I assume their Enron and Reliant stock has done quite well in the last
couple of years, but it has done well at the expense of California
consumers," he said.
But Pat Macht, a Calpers spokeswoman, says if Calpers were to divest of every
stock that had a critic, it would be impossible to manage.
Senator Don Perata (D-Oakland) agreed with Macht.
"We have been through this before - and it is a very complicated thing," he
said. "But for us to divest of all the energy stocks, I mean, we would be
using candles."
In the past, Calpers has divested from South African and tobacco stocks.
Macht said the decision was a purely financial one and that Calpers is so
large it has investments in every sector - not just energy.
It is important to point out that there is no direct conflict of interest for
the governor or for any legislature, KTVU reports. When they eventually
retire, those officials' monthly payments from the state will be "doled out"
according to a pre-set formula.
(KTVU, San Francisco Bay Area)

DHABOL BOARD EMPOWERED TO END POWER CONTRACT WITH INDIAN STATE

04/27/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

LONDON, April 27 Asia Pulse - The management of Enron's Indian affiliate, the
Dhabol Power Company, has been empowered by the board to sever the power
supply agreeement with the Maharastra State Electricity Board, a move that
could inflict a financial liability of about Rs 2.84 billion (US$6.06
million) on the Indian government.
A decision to authorise DPC President Neil McGregor to issue a termination
notice to MSEB for sale of power was taken by the Board at its meeting here
yesterday by a vote of six to one after Maharastra government representatives
were prevented from voting on ground of 'interested party'.
Dubbed as 'unfortunate' by the Maharashtra Chief Minister, Vilasrao Deshmukh,
the decision was the culmination of the bitter fight between the US energy
giant Enron and the state government over price of power from the US$3
billion project, the first one to get the federal government's counter
guarantee.
(PTI) 27-04 1940

NO ADVERSE FALLOUT TO COME FROM ENRON DECISION: INDIAN MINISTER

04/27/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

NEW DELHI, April 27 Asia Pulse - The Indian government wore a brave face on
Thursday, following the Enron promoted Dhabhol Power Company (DPC) board's
decision to empower management to terminate an agreement with the Maharashta
State Electricity Board.
Federal power minister Suresh Prabhu said there would not be any adverse
effect on foreign investment within the country's power sector a a result of
the decision.
Following an Economic Affairs meeting, Prabhu said "We are expecting
cooperation from many Scandivian countries as well as European nations in the
power sector."
On Tuesday, the board of DPC, in which Enron has a 65 per cent stake, decided
to take the step after a bitter feud with the state government over a payment
issue.
(PTI) 27-04 1803
India: Starving oneself to stuff others?

04/27/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

NEW DELHI, April 26. THE Food Corporation of India (FCI) has identified 10
locations for creation of 20 lakh tonnes (l.t.) bulk storage capacity on
build-own-operate (BOO) basis by the private sector. These include
establishing godowns/silos of three l.t. capacity each in Nabha, Barnala and
Moga in Punjab and Sirsa and Kaithal in Haryana and one l.t. each in Hooghly,
Chennai, Coimbatore, Bangalore and Mumbai.
Besides, FCI has invited 'expression of interest' for the construction of
conventional godowns of 1,000 to 20,000 tonnes capacity each through the BOO
route. In this case, it is proposed to build nearly six l.t. of aggregate
capacity in around 80 locations all over the country.
Private parties investing in these facilities would store and maintain
foodgrains procured by FCI, for which they will be paid storage costs.
Under the National Policy on Handling, Storage and Transportation of
Foodgrain, notified on July 4, 2000, FCI will 'guarantee' utilisation of
these facilities up to 100 per cent for the first 10 years and 75 per cent
for the next 10 years.
Further, the 2001-02 Budget has granted a five-year tax holiday and 30 per
cent deduction of profits for the next five years to "enterprises engaged in
the integrated business of handling, transportation and storage of
foodgrains."
The policy also provides for deduction of 40 per cent of profits derived by
institutions financing these projects - prompting the likes of ICICI and IDFC
to enter the fray and offer their advisory and funding 'expertise' in the
area.
The move to involve the private sector in the creation as well as operation
of storage facilities on FCI's behalf has been defended mainly on two counts.
Firstly, it would tackle the Government's spiralling food subsidy problem
through reduction in grain handling and operating costs - something that FCI
cannot achieve on its own.
Secondly, there is a massive dearth of storage capacity with Government
agencies, which neither have the resources to make fresh investments.
To address the first point, one needs to consider the real cost dimensions
involved. Conservative estimates are that private investors would incur a
cost of roughly Rs 15,000 per tonne for constructing bulk silos. Thus,
creation of 20 l.t. storage capacity entails investments of Rs 3,000 crore.
Assuming a 1:1 debt-equity ratio, the annual interest outgo on investment
would come to at least Rs 1,000 per tonne. The investor also has to spend on
labour, fumigation, storage, interest on grain, turnover of stocks, etc., -
all of which adds to another Rs 1,500 per tonne.
Besides, annual maintenance costs are reckoned at about Rs 500 per tonne.
If over and above this, investors are to be given a 'decent' 15 per cent
return on equity, FCI would have to fork out nothing less than Rs 4,000 per
tonne for sub-contracting its storage operations to private parties. And on
20 l.t. capacity, the annual outgo works out to about Rs 800 crore.
Compare this to FCI's own current annual 'carrying cost' of Rs 2,300 per
tonne for its grains. In 2000-01, FCI held about 200 l.t. of buffer stocks
over and above the normative requirement, on which it incurred carrying costs
(interest plus storage) of nearly Rs 5,000 crore. In the proposed regime, it
would end up coughing over one-sixth of these sums for a tenth of the
capacity!
That raises the issue of inadequate storage capacity with Government
agencies. According to the Ministry of Consumer Affairs and Public
Distribution's latest Annual Report, storage capacity with FCI as on December
31, 2000 stood at 30.06 million tonnes, of which covered godowns accounted
for 22.70 m.t. and CAP (Cover and Plinth) 7.36 m.t..
The Central Warehousing Corporation (CWC) had eight m.t. capacity, of which
covered godowns comprised seven m.t.. The aggregate storage capacity of CWC's
16 associate State Warehousing Corporations came to another 14 m.t.,
including 13 m.t. of covered godowns.
If one adds to this the estimated 17 m.t. of capacities available with State
Governments, the public sector has almost 70 m.t. of storage capacity, which
is more than sufficient to cater to the existing 46 m.t. of foodgrain stocks
in the Central pool. And contrary to general belief, the proportion of crude
CAP structures, which are ostensibly vulnerable to rodent attack and moisture
ingress, is hardly 20 per cent.
That the pronouncements of public godowns bursting at their seams are
somewhat exaggerated is also borne by the fact that CWC godowns today operate
at around 80 per cent of their capacity. On the other hand, the Government is
committed to ensuring 100 per cent capacity utilisation for bulk storage
capacity built by private agencies, including leading grain handling entities
from Australia and Canada.
Whether this would lead to a 'mini-Enron' situation - remains to be seen.
Harish Damodaran

HEADING
The Times of India News Service

04/27/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)

Crucial meeting of DF allies on Enron issue postponed
Mr Deshmukh is heading the group demanding a judicial inquiry into the first
and second phases of the Enron power project. He is supported by the Peasants
and Workers Party, the Janata Dal (secular), the Samajwadi Party and the CPM.
This group of smaller parties of the Democratic Front have already told chief
minister Vilasrao Deshmukh that they would reconsider their support to the
ruling front unless a judicial probe is ordered on the lines of Srikrishna
Commission. Mr Deshmmukh has requested the group not to take any hasty
decision.
Prof Gopal Dukhande, spokesperson of the Janata Dal (secular) told this
newspaper that the group had not given up its main demand to order a judicial
probe into the way the Power Purchase Agreements (PPAs) were singed with
Enron. He said the group would meet on May 2 to take into considerations all
the developments taking place regarding the Enron power project. The official
coordination committee of the DF government is also scheduled to meet at the
state guest house, Sahyadri, on the same day.
N.D. Patil of the PWP, who is the convener of the DF coordination committee,
is also opposed to renegotiations and wants the government to appoint an
inquiry commission.
``We are opposed to the way the PPAs were signed with Enron ignoring the
interests of the state. The inquiry commission will bring out the truth,'' a
senior minister said.
``Even if Enron now wants to withdraw from the project, we should not let it
go without investigating the matter,'' he added.
Meanwhile union finance minister Yashwant Sinha has agreed to depute a
high-level representative of the Union government to represent finance,
power, petroleum, and other union government agencies on the renegotiation
team. These departments will set up their own internal coordination committee
to review the situation from time to time and guide the renegotiation team to
be set up by the Maharashtra government.

Success of state bandh isolates BJP

04/27/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)

MUMBAI: The state unit of the Bharatiya Janata Party (BJP) finds itself
politically isolated following the Maharashtra bandh on Wednesday. The
protest was jointly organised by the Shiv Sena, an ally of the BJP, the left
parties and several trade union organisations. Even a section of the Congress
backed the bandh.
The bandh was specifically targeted at the BJP, which heads the National
Democratic Alliance (NDA) at the Centre. Even though the Sena is a part of
the NDA, it seems to have cleverly sensed the mood of the people, which is
clearly against the economic policies of the Centre, and joined hands with
the left and democratic parties to organise the bandh.
A BJP office-bearer said, ``The Sena finds the ground slipping from under its
feet, and hence it is indulging in gimmicks like sponsoring bandhs.''
However, Sena leader Uddhav Thackeray said, ``We have, unambiguously,
demonstrated that we are on the side of the workers, farmers and the middle
class. We have prioritised our commitments and our first priority is to the
people and not to cabinet berths.''
Sources in the Sena said the party does not want to be punished by the people
during elections for the blunders made by the BJP. ``The deleterious effects
of globalisation are there for everyone to see. Thousands of looms have
fallen silent because of textile imports; apples and chocolates from New
Zealand and Switzerland and toys, chemicals and dyes from China and Taiwan
are edging out Indian products in local markets. Not only workers, even
middle-class employees are being fired by their employers. Are we to mutely
watch the crushing of thousands of families under the wheels of the
globalisation juggernaut,'' asked a Sena leader.
Interestingly, many in the BJP concur with this viewpoint, but are afraid to
speak out lest they are accused of violating the party discipline. In
private, BJP activists are extremely critical of the Vajpayee government's
``non-response'' to the torture and killing of 16 jawans of the Border
Security Force by Bangladesh Rifles.
``Our foreign minister Jaswant Singh personally escorts top Pakistani
terrorist Maulana Masood Azhar from a jail to Afghanistan and sets him free.
Mr Vajpayee, unilaterally, declares a ceasefire in Kashmir. And, now he does
nothing when our jawans are killed by a small nation like Bangladesh,'' a
senior BJP leader observed. Senior leader of the Vishwa Hindu Parishad (VHP)
Ashok Singhal, who was in the city recently, openly stated that the Vajpayee
government has come to a standstill. However, party spokesperson Atul
Bhatkhalkar said, ``We do not want to do anything that will complicate the
situation for Bangladeshi prime minister Hasina Wajed, who is pro-India.
People should appreciate the ground realities.''
Meanwhile, the Enron issue is likely to emerge as a test of the recent unity
between the Sena and parties of the left. The controversial power project of
the U.S. MNC was endorsed by the Sena when it, along with the BJP, was in
power in the state. But the left parties want the project to be scrapped.
Sena chief Bal Thackeray has gone on record stating that his government was
under pressure from the U.S. to sign the accord with Enron. With Enron in a
confrontationist mode vis-a-vis the state and Central governments, the Sena's
response is being keenly watched in political circles here.

Additional power for Delhi promises Prabhu
A Staff Reporter

04/27/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)

NEW DELHI: Union power minister Suresh Prabhu on Thursday assured chief
minister Sheila Dikshit that the Capital would be provided an additional 150
MW of electricity starting first week of May.
Dikshit met Prabhu to apprise him of the power situation in the Capital. She
told Prabhu that the city was facing a power deficit of about 300 MW and
desperately needed an additional supply to meet the increasing demand.
The Centre promised that the additional power would be made available from
the Eastern Grid. Dikshit told Prabhu that the Delhi government was
negotiating with the Chhatisgarh government to buy 100 MW. She said the Delhi
government was facing severe problem in getting power from Himachal Pradesh
Electricity Board due to reduction in the power generation in the state.
The government is now contemplating talks with West Bengal to purchase power.
Dikshit said her government was negotiating a deal with Enron, but was
reluctant to buy electricity due to the high tariff quoted by the company.
Dikshit said additional power was also expected from the three units at
Dadri, Badarpur and Raj Ghat power stations which would be become functional
by May 10.
Besides Dikshit, Delhi power minister Narendra Nath and principal secretary
power Ashok Pradhan and Delhi Vidyut Board chairman Jagdish Sagar were also
present.

Enron ready to pull out, but lenders say wait
Business Times Bureau

04/27/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)

MUMBAI: The Dabhol Power Company board, which met on Wednesday in London,
authorised the company management to issue a termination notice to the
Maharashtra State Electricity Board. The company, however, may not pull out
of the project yet, considering its lenders, who met on Monday, opposed such
a move and favoured renegotiations.
Sources present during both the meetings said that though foreign lenders
supported Enron on the termination issue, domestic financial institutions,
led by the Industrial Development Bank of India, prevailed over the
deliberations to oppose any such drastic move. Enron needs the lenders'
consent to file a pre-termination notice for pulling out from the project.
The decision to empower DPC chief Wade Cline to issue a termination notice
was taken with six votes in favour against a single IDBI vote against such a
move.
Another significant development during the entire proceedings was that the
financial institutions made it clear that further funding of Phase II of the
project will depend on the Government of India assuring payment mechanisms.
Institutions are yet to disburse about 30 per cent of the sanctioned package,
which is crucial for completing the Phase II expansion project.
``The board has given powers to Wade Cline to issue a pre-termination notice.
But the meeting quite unanimously felt the need of the hour is not to
terminate the project but to initiate serious re-negotiation proceedings,''
said MSEB Chairman Vinay Bansal, who attended the board meeting. ``MSEB
presented their views to the board members and it was understood by Enron
which also included the Rs 401 crore penalty issue which is heading for
arbitration proceedings. ``We have also made it clear that the tariff
structure of Enron is quite high and a downward revision of tariffs is
unavoidable," Bansal added.
``They cannot issue a termination notice without our consent since our
exposure in the project is quite large and the lenders should approve any
plans in that direction,'' said a top banker who was present during the
lenders' meet. ``There is a general consensus that the project must be
completed and the proposal to terminate the PPA should be kept in abeyance,''
he added. The global arrangers for the DPC include ANZ Investment Bank,
Credit Suisse First Boston, ABN-AMRO, Citibank and the State Bank of India,
where all these parties conducted separate meetings with the company
officials. However, some bankers said the company can file a termination
notice even if one lender with a minimum 5 per cent exposure on the project
favours such proceedings.
Meanwhile, in a clear reversal of roles, Maharashtra Chief Minister Vilasrao
Deshmukh said that the state government was not keen on terminating the PPA.
``We will ask them to refrain from taking any such harsh steps since that
would be bad news for all of us, including DPC,'' Deshmukh said. Deshmukh was
echoing Union Power Minister Suresh Prabhu's sentiments, who said that the
government wanted an amicable settlement of the payment row. He, however,
added that termination of the project would not hurt foreign investments, and
dismissed warnings by analysts that winding up the $2.9 billion project would
be a blow to India's efforts to woo foreign investors.
The DPC has already slapped one conciliation notice on the Centre and three
arbitration notices on the state government over non-payment of dues
amounting to Rs 213 crore and interest towards the bills due for December
2000 and January 2001.
Meanwhile, MSEB officials said in Mumbai that the March bills amounting to Rs
134 crore was paid on Thursday as protest payment, despite the dispute over
the amount.
When asked on the future course of action, Bansal said it was up to the DPC.
The Enron issue was also raised in the Lok Sabha on Thursday, when Prabhu
said that scrapping of the agreement would cost Rs 2,840 crore to the Centre,
whose liability in the project agreement was limited. Centre's liability in
case of termination is one year's electricity bill and a termination fee of
$300 million, he said.

India's single largest foreign investor threatens to pull out
Madhu Nainan

04/27/2001
Agence France-Presse
(Copyright 2001)

BOMBAY, April 27 (AFP) - The biggest single foreign investor in India,
US-based Enron Power Corp., is threatening to pack its bags in frustration --
a move that would cast doubts over the country's investment-friendly
credentials
Enron's Indian subsidiary Dabhol Power Co. (DPC) is putting up a
2.9-billion-dollar power station in India's industrial heartland Maharashtra
state.
At a meeting in London on Wednesday, the DPC board of directors authorised
chief executive officer Neil McGregor and Enron India chief K. Wade Cline to
serve a "preliminary" termination notice for sale of power, within the next
four weeks, to the Maharashtra electricity board.
The two-part power station is being erected at the port town of Dabhol, some
200 kilometres south of the state capital Bombay. Payments for electricity
have been guaranteed by the state and federal governments.
Part one began generating power in May 1999, but the project has been mired
in controversy and acrimony, with the state government arguing it could not
afford the high electricity bills.
"This is a drastic and unfortunate decision the board of directors has taken,
even though we made it clear that we want to find a solution to the impasse,"
Maharashtra energy minister Padamsinh Patil told AFP.
Patil said a decision had been taken by the state and federal governments
last week to set up a panel to renegotiate the power purchase agreement.
"Enron knew about the decision. We have no animosity towards Enron. We have
paid the February bill under duress and we told them we are ready to pay the
other bills also under protest."
Vijay Kalantri, president of the All India Association of Industries
described the Enron move as "unbusinesslike".
"They have done this to build up the pressure on the state and federal
governments. Economic disputes are not resolved by threats, but by sitting
down to discuss and re-negotiate contracts."
Kalantri agreed that if Enron carried out its threat, the consequences would
be "bad" for all parties.
Ashok Khinvasara, director at the Ispat group, said India could suffer as a
foreign investment destination, especially in the power sector.
The Ispat group's plans to put up a 1.4 billion-dollar power project in
Maharashtra have been put on hold in the wake of the Enron controversy.
"Since the state electricity board is not paying its dues, Enron is within
its rights to serve a termination notice," Khinvasara said.
"The board will not be hit initially as it buys very little power from DPC
now, but the size of Enron's claims and the speed with which it sets in
motion a recovery process could turn out to be worrisome. Enron's claims
could be more than 30 billion rupees (652 million dollars)."
Khinvasara said the Enron episode showed that future investors should take
care to see that tariffs are "affordable" and should not take comfort merely
in contracts and government guarantees.
The DPC board of directors' decision is the second in a series of moves to
increase the pressure on the government.
Early in April DPC served the state electricity board a notice of political
"force majeure" which is a legal manoeuvre that enables a party to break a
contract in the case of events beyond its control.
The Dabhol project has had a turbulent ride ever since it was signed in 1992.
Allegations of corruption and high costs led to the scrapping of the contract
in 1995, but it was re-negotiated the same year.
In February a state government panel recommended fresh re- negotiations to
bring down the tariffs and charged Enron with inflating costs.
man/gh/lh

Business/Financial Desk; Section C
COMPANY NEWS
INDIAN UTILITY PAYS $28 MILLION MARCH BILL TO ENRON
Reuters

04/27/2001
The New York Times
Page 4, Column 1
c. 2001 New York Times Company

The Maharashtra State Electricity Board in India paid its March power bill to
the Enron Corporation yesterday, a day after Enron said it might stop selling
power to the utility. The utility gave Enron's 65-percent-owned Dabhol Power
Company 1.34 billion rupees ($28.6 million) for electricity it bought last
month, a utility official said. But the utility still owes the company 2.26
billion rupees for power purchases in December and January. It has refused to
pay, saying Dabhol should adjust that amount with the penalty of 4 billion
rupees it has levied on the company for what it says was a failure to meet
capacity targets.
Business
DAILY BRIEFING
STAFF REPORTS AND NEWS SERVICES

04/27/2001
The Atlanta Constitution
Home
C.2
(Copyright, The Atlanta Journal and Constitution - 2001)

> Denotes item of particular local interest.
UTILITIES/ENERGY: Enron, Sierra Pacific cancel Portland deal
Houston --- Enron Corp.'s $3.1 billion sale of Portland General Electric Co.
to Sierra Pacific Resources was canceled by mutual agreement, the companies
said. Enron said last month that the sale probably wouldn't be completed
because of California's energy crisis.
Business Brief -- Enron Corp.: Sale of Utility Subsidiary To Sierra Pacific
Is Canceled

04/27/2001
The Wall Street Journal
B8
(Copyright (c) 2001, Dow Jones & Company, Inc.)

HOUSTON -- Enron Corp. and Sierra Pacific Resources said they ended their $2
billion agreement for Sierra, of Reno, Nev., to buy Enron's electric utility
subsidiary, Portland General Electric. The collapse of the pact was expected
after Jeffrey K. Skilling, Enron's president and chief executive, said last
month the sale wasn't likely to go through. "As we have discussed in the past
few weeks, the energy markets in California and Nevada have led to a
regulatory and legislative environment that has made this transaction
increasingly difficult to complete," said Mr. Skilling in a news release.
International News
Indian State to Pay Enron for March Supply
Associated Press

04/27/2001
The Asian Wall Street Journal
7
(Copyright (c) 2001, Dow Jones & Company, Inc.)

BOMBAY -- The Maharashtra state power utility will pay outstanding
electricity bills for March as part of a dispute over tariffs with U.S. power
company Enron Corp.
"We will make the payment of 1.34 billion rupees ($28.7 million) today for
the March bill. The February bill of 1.1 billion rupees was already paid up
last month," Krishna Rao, a member of the Maharashtra State Electricity
Board, said on Thursday. "As far as we are concerned, there are no more
payments outstanding."

Colombia Suspends Isagen Sale Pending Court Ruling, Papers Say
2001-04-27 09:47 (New York)

     Bogota, April 27 (Bloomberg) -- Colombia suspended its sale
of state electric generator Isagen until a high court can rule on
An injunction request filed by Empresas Publicas de Medellin, the
country's largest municipal utility, newspapers said.
     Finance Minister Juan Manuel Santos said the sale of Isagen,
the No. 3 power generator, was suspended on the order of a
Medellin court, pending a ruling by the Council of State, a high
court that oversees state entities, the daily El Tiempo said.
     Santos said the decision wouldn't affect government financing
plans for this year because it has lined up most of its financing,
La Republica said. The government said it wanted to raise $450
million from the sale, which has repeatedly been postponed since
1999 due to limited investor interest stemming from guerrilla
attacks on the power grid and legal wrangling.
     The government planned to sell the company this month, La
Republica said. The Council of State in September ruled in favor
of an energy regulator measure that barred EPM, as the Medellin
utility is known, from taking a majority stake in Isagen, clearing
the way for the sale to go ahead.

(4/27; Tiempo; Sec. 1; P. 10; {TMPO <GO>})
(    ; Republica; Sec. 1; P. 2 {LRPB <MGO>})

--Robert Willis in Bogota (571) 317-4000 bwillis@bloomberg.net,
through the New York newsroom (212) 318-2300 /rhj

Story illustration: For news on employment in Colombia, enter
{COUETOTL <Index> CN <GO>}.


Good Afternoon:

I have created PSW documents for all 4 of my regions for June 21, here are my findings today:

In PreSchedule Workspace:

What worked:
I was still able to successfully copy and paste large amounts of excel data into the PSW.
I was able to query build route successfully for each delivery point I needed.
I was able to change the color of text and fonts at will.
When running the Confirm function:
I was able to print the error log, which was helpful when I had to fix a few counterparty errors.
The routing speed was still very good.

What needs improvement:
The run time for the Confirm function is still far too slow to be useful in production. The rockies sheet alone took 2 hours to upload, the Mid C sheet took over two hours. I have not been able to populate the full data set because of this speed issue. I will continue uploading today, and try tomorrow to look at the full data set in confirm. I could not import the Palo Verde sheet in to confirm. I got this error message :ERROR:Access violation at address 004ED7E3 in module 'PreSchedWS.exe'. Read of address 00000000.
We need the ability to check for errors before running the sheet, I used another half hour fixing the errors and re-running the sheet.
A spot check of routing shows that the routes are still not showing the appropriate flag for physical vs non-physical. Everything shows non-physical.
Routing still did not happen on the Northwest Delivered deals that were moved in scheduling to multiple delivery points.

Question: Will the sheet support the capability of our transmission legs showing up where the E is now?  the weakness with having the path show from transmission 1, 2, etc, is it does not give the POR/POD or the firmness of the transmission.
( The way a path should look is like this: SRP@PV-E-APS(T)PV/WW O#23305 F-WALC(T)WW/MEAD O#464521 MNF-EPMI-NEVP,  the way this same path would show if put in to the sheet as it is now will be :  SRP@PV-E-APS(23305)-WALC(464521)-NEVP.  This is incomplete information.)

OR, would it be possible to modify the sheet to accept the following information in the Trans and Oasis number cells? Instead of APS,  put APS(T)PV/WW and in the OASIS cell put 23305 F.

In Path Confirmation:

What worked:
I was able to choose and reset colors that help me read the information better.
The speed to pull up an individual path is MUCH BETTER.
I was able to select a group of paths in the line view and attempt to confirm them. The save takes too long, but it worked.

What still needs work:
I still cannot sort by Global ID or Tag number. Would a different tag logic work, instead of "PWX Tag 123"  show "123 (PWX TAG)?" Some marketers use letters for tags.
The cell with the path in the expanded view must auto-size to contain all of the path.
The program needs to insert a dash in the path when each cell boundary is passed.Upstream-Supply-E-Trans-Trans-Trans-Market-Downstream.Right now some run together.
The path cut needs work, it is cumbersome, unclear on some entry requirements, and does not seem to recognize any number I put in it. This app seems like guess-work.

New path needs work as well.
	The POR and POD needs to be a type and complete field( like in build route selection) not a first letter drop down list.
	The Counterparty list is just too confusing and cumbersome to be practical. It should mimic the deal entry list.
	The new record should be three tiered.  Supply first, then market,(both mandatory entry), then transmission as an optional third. To allow a Supply without a Market 	record is going to create many problems.
	How are these new records going to be routed?
	Also, our original intent was that the new path and path cut would drive deal entry, not deal entry being done and then numbers populated into Path Cut.

I will continue testing tomorrow, the hotspots I see now are the upload speed to Path confirmation, and a close look at how we need the Path Cut and New Path to work.

We are getting there, I am very encouraged!

Cara


http://www.hyatt.com/usa/san_diego/hotels/photo_a_sanis.html

here is our new hotel - it is the hyatt islandia

flight number is #1133


It is the "and any other offices where we might have trading affiliates"
portion of your message that still has me concerned.  I can send the message
to all ENA and, if we don't have one already, have HR provide a list of
employees in the other cities you listed.  However, I don't know the answer
to the any other offices.  Do you want to send it to every employee
worldwide?

Sorry to be difficult but I still don't have a good idea of your desired
audience.

Erika

From: Tana Jones@ECT on 06/19/2000 02:44 PM
To: Enron Messaging Administration@ENRON
cc:

Subject: Re: Company Wide Email

I do not have an individual list.  It will have to got to all the employees
in the cities, and or countries where we have trading offices, which is
pretty much the list I had below.

	Enron Messaging Administration@ENRON
	Sent by: Erika Vaughan@ENRON
	06/19/2000 02:24 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: Company Wide Email

Tana,

We have a recent group with all of ENA.  However, we do not have anything set
up for trading affiliate offices or a way to determine that information.
Please provide any names/addresses that are needed other than the ENA.

If you do give me names that are not already in a Notes address format, I
will need you to provide them in an Excel spreadsheet with First Name, Last
name, Social Security number and department to help resolve conflicts.

Please contact me if you have any questions.

Erika

From: Tana Jones@ECT on 06/19/2000 01:42 PM
To: Enron Messaging Administration/Corp/Enron@Enron
cc:

Subject: Company Wide Email

I need to send out the attached memo ASAP to all employees of Enron North
America and its trading affiliate offices.  This includes Houston, Calgary,
London, Denver, New York, Oslo, Singapore, Portland, Australia, Buenos Aires,
and any other offices where we might have trading affiliates.  Can someone
with your team get back to me ASAP so we can be clear about who we send this
to.  Thanks!


Vasant,

I spoke with Norma about getting a special reward for Sevil, in lieu of bonus.

Please, send to Norma the list of projects Sevil worked on.

Vince


Would you get me all the contract details on this capacity and email it to me?

thanks
---------------------- Forwarded by Chris Germany/HOU/ECT on 11/22/2000 12:13
PM ---------------------------

	Enron North America Corp.

	From:  Victor Lamadrid                           11/21/2000 01:27 PM

To: Angel Fuller/NA/Enron@ENRON, Chris Germany/HOU/ECT@ECT, Scott
Goodell/Corp/Enron@ENRON, Steve Gillespie/Corp/Enron@ENRON
cc: Joann Collins/Corp/Enron@ENRON, Alvin Thompson/Corp/Enron@Enron,
Katherine L Kelly/HOU/ECT@ECT, Brenda H Fletcher/HOU/ECT@ECT, Sherry
Anastas/HOU/ECT@ECT
Subject: Re: Virginia Natural Gas...Columbia Gas

Angel,

Steve Gillespie is managing the day to day operations of the VNG asset mgt.
deal for our logistics group.  Please include him with your queries.  It is
my understanding that we are agents for all of their contracts and we pay all
their transport costs.  In turn, we invoice them and they re-imburse us for
that transport.

Chris Germany and Scott Goodell in the Transportation Trading Group  are
responsible for setting these contracts in UNIFY.  All of these contracts in
question are storage or transportation tied to storage. Chris/Scott please
set up the 5 valid contracts below in UNIFY as soon as possible....Contract
37634 is terminated effective 8/31/1999.

If you have any questions please let us know.
Victor

Angel Fuller@ENRON
11/21/2000 09:47 AM
To: Joann Collins/Corp/Enron@ENRON, Alvin Thompson/Corp/Enron@Enron
cc: Victor Lamadrid/HOU/ECT@ECT, Katherine L Kelly/HOU/ECT@ECT, Brenda H
Fletcher/HOU/ECT@ECT, Sherry Anastas/HOU/ECT@ECT
Subject: Virginia Natural Gas...Columbia Gas

Hi Joann and Alvin,

As you know, effective October 1, ENA became agent for Virginia Natural Gas.
Here in Volume Management, as I try to load beginning balances and actualize
volumes (so that I can pay VNG's transportation charges) for 10/2000, it
appears that the following contracts for VNG/Cgas are not in Unify.

Contract Number  Type
38079    FSS...Master Contract
35889    x-133 LNG Storage
60536    SST
37634    ISS
53004    FSS
60537    FSS

I would appreciate any help you can give me in getting these contracts in
Unify as soon as possible.  If you have any questions or need additional
information, please let me know.

Thanks,
Angel


Liz could you please confirm your address (especially the zip) for the fedex package.

16816 Mouse Trap Dr
Round Rock, TX 78686


Tom has informed me that we will not be working on Monday, January 15th for
Martin Luther King Day.  It is both an Enron Holiday and a NYMEX Holiday, so
have a nice, 3-day weekend!

Laura


Legislative Weekly
                            November 2, 2001
                           Issue 43, Volume 3

                     A weekly publication from the
           California Manufacturers & Technology Association
     detailing legislative and regulatory developments in Sacramento

CMTA PARTICIPATES IN GOVERNOR'S ECONOMIC SUMMIT
Press Release

Today at Governor Davis? Economic Summit at Walt Disney Studios in
Burbank, California, the California Manufacturers & Technology
Association (CMTA) proposed three recommendations to help bring
immediate relief to the state's faltering economy.

?California is in a dramatic economic decline,? said CMTA President Jack
M. Stewart.  ?Manufacturing employment is down 63,000 this year and by
more than 10,000 jobs in September alone. The state's unemployment rate
has risen steadily for the eight consecutive months, peaking at its
present 5.4 percent.?

?It's time for the state to implement new policies that will incent
investment sooner rather than later,? said Stewart.

CMTA today will introduce proposals to:

   * Implement a Sales Tax Exemption
     (http://www.cmta.net/press/salestax110201) on Manufacturing,
     Processing and Telecommunications Equipment
   * Reduce Electricity Rates
     (http://www.cmta.net/press/electricrates110201) and Provide
     Customer Choice in Energy
   * Declare a Moratorium on New and Increased Regulatory Fees
     (http://www.cmta.net/press/stopfees110201) and Taxes

These initiatives will comprise the association's focus in the coming
months, and were a collaborative effort among CMTA members.

?The costs associated with a battered business community are not only
measured by stock-tickers and cable financial networks.  They are the
human toll of jobs that are lost, mortgages that fail and families that
go with less,? added Stewart.  ?These measures will restore confidence
in every manufacturers? ability to remain productive and allow them to
reinvest in the state's workforce.?

California's manufacturing sector currently produces:

   * 80 percent of state exports
   * One sixth of state payroll
   * 40 percent higher wages than the statewide average
   * And for every manufacturing job, an additional 1-3 jobs are
     produced

?These proposals are common sense ideas that will send a strong message
to the largest and most important sector of our economy that the state
will provide the critical relief they need to help themselves and help
California through this economic crisis,? concluded Stewart.

BAY AREA VENTURE INVESTMENT FALLS

According to just released data from Venture Economics and  the National
Venture Capital Association (NVCA), venture capital investment in the
Bay Area during the 3rd quarter dropped 27 percent over the 2nd quarter
of this year. Investment has slowed significantly this year and the 3rd
quarter investment is 74 percent lower than the $9.3 billion high
reached during the 2nd quarter of 2000.

The Bay Area drop in investment nearly matched the national trend for
the 3rd quarter. Venture capitalists invested $7.7 billion nationally
during the quarter, down 31 percent from the previous quarter, and 73
percent from the $28.5 billion high of last year.

?Although these are clearly difficult times for all business sectors,
the venture industry will persevere. Veterans in our industry recognize
this downturn as part of the long-term venture capital cycle. Real value
can be created in down cycles by sticking with committed entrepreneurs
with strong business models and the tenacity to see their ideas
through,? commented Mark Heesen, NVCA President.

CMTA GETS VETO ON BILL RESTRICTING SICK LEAVE

At the urging of the California Manufacturers and Technology Association
(CMTA) and other employer organizations, Governor Gray Davis vetoed SB
1197 by Senator Gloria Romero (D-Los Angeles). The bill would have
prohibited an employer to count any sick leave taken by an employee to
tend to a sick child, parent or spouse in any absence control program

Current law permits an employee to use half of their annual accrued sick
leave in a calendar year to attend to the illness of a child, parent, or
spouse who would not otherwise qualify under the family medical leave
act that only applies to serious health conditions.  The provision
covers brief illnesses such as colds, high temperature, sore throats
etc., that are more likely to be associated with children and is less
likely to involve physician or hospital care.  However, employers
opposed the bill because many employees take advantage of the easy
threshold and use it to avoid workplace sanctions.

When employees don't show up or show up late for work, it negatively
impacts production.  In order to mitigate this problem, employers have
implemented absentee control programs that may include counseling,
suspension and termination.  After the above provision became law,
employers began to see a steady rise in the use and abuse of sick leave
under this provision, so employers decided to include sick leave in
their employee absence control programs in order to eliminate the
abuse.  SB 1197 would have eliminated that option and could have forced
employers to take a more drastic action to resolve the problem.

In addition to insuring that production schedules are met, the main
reason for an employer's absence policy is to provide a fair way to
identify and deal with those employees who have trouble coming to work
as scheduled and/or on time.  Making a decision to sanction an employee
under an absence control policy is not taken lightly by employers and
must be based on sound reasoning.  For example, if an employee's
attendance records were examined and patterns of use involving sick
leave were to show unusually high usage on Fridays, Mondays and holiday
weekends and the employee were to declare that the absences were for
family member sick leave purposes, no disciplinary action could be
taken. In other instances, it is used to cover for tardiness that would
otherwise be sanctioned under the employer absence control program by
calling in just before the shift begins in order to start the shift
late.

SB 1197 would have provided for new lawsuits for violation of the
statute where an employer has an absence control policy.  Consider that
employers are not required to provide sick leave and the bill would only
apply to those employers who voluntarily provide sick leave for their
employees.  CMTA discussed with legislators the counter-productive
nature of restricting an employer's ability to manage a voluntarily
provided benefit. When laws become overly restrictive or very difficult
to comply with and the employer is facing sanctions for violations, it
provides a strong incentive for the employer to simply eliminate their
sick leave program.

CMTA believes that it would be poor public policy to protect those
employees who have trouble getting to work under SB 1197 and could end
up eliminating the benefit for all employees.  CMTA applauds Governor
Davis's veto of the bill.

www.cmta.net
California Manufacturers & Technology Association
980 9th Street, Suite 2200
Sacramento, CA  95814
(916) 441-5420 phone
(916) 447-9401 fax

You are receiving this message today because your company is a valued
member of the California Manufacturers & Technology Association (CMTA).
While we'd be pleased to continue to tell you about CMTA's efforts to
make California a better place for manufacturing you can unsubscribe by
e-mailing a message to members@cmta.net


Forwarded as we discussed.  Likewise, I will check with Gary regarding the
status.
----- Forwarded by Dan J Hyvl/HOU/ECT on 04/19/2001 09:08 AM -----

	Dan J Hyvl
	02/02/2001 08:37 AM

		 To: Gary W Lamphier/HOU/ECT@ECT
		 cc:
		 Subject: Re: Westhollow Technology Center Bid Confirmation

Gary,
 Please review the foregoing to see if it is your understanding of the deal.
We have no documentation from Shell Chemical Company to evidence their
assignment of the contract to Shell Chemical L.P., so I have left the
Transaction under Shell Chemical Company.  I assume that you are having Steve
Van Hooser work on the Lease Amendment.  Call me if you need anything further.


The games continue in California.

The date of suspension now being considered in 83xx is July 12.  We are still working (1) to define this in a way that is favorable to getting our recent DASR group authorized for DA service or (2) supporting some other solution.

Will keep everyone informed as information comes in.

By the way, I've asked Evan Hughes for a detailed listing of how moving the date impacts our success ratio.

Jim

---------------------- Forwarded by James D Steffes/NA/Enron on 07/18/2001 03:43 PM ---------------------------
From:	Harry Kingerski/ENRON@enronXgate on 07/18/2001 11:47 AM
To:	Kevin Keeney/HOU/EES@EES, Vicki Sharp/HOU/EES@EES, Marty Sunde/HOU/EES@EES, Bert Frazier/ENRON@enronXgate, Lamar Frazier/HOU/EES@EES, Don Black/HOU/EES@EES, James W Lewis/HOU/EES@EES, Dennis Benevides/HOU/EES@EES
cc:	James D Steffes/NA/Enron@Enron

Subject:	FW: California Update--0717.01

Both 82XX and 83XX are to be discussed in committee today.  Significantly, an amendment that is expected to be included in 82XX would establish July 12 as the start date for when the PUC may not authorize any new or replacement direct transactions.

By contrast, 83XX directs the commission to authorize direct transactions on an open enrollment basis not less than 2 times each year, conicident with the expiration of DWR purchases.

Nothing more yet from the CPUC on its intended action.

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Tuesday, July 17, 2001 7:31 PM
To:	skean@enron.com; Shapiro, Richard; Steffes, James; Mara, Susan; Kingerski, Harry; Lawner, Leslie; Tribolet, Michael; Walsh, Kristin; Denne, Karen; mpalmer@enron.com; Guerrero, Janel; Kaufman, Paul; Susan M Landwehr/Enron@EnronXGate; Robertson, Linda
Subject:	California Update--0717.01

What people know:

Hertzberg (et al's) bill (82XX)was heard in an "informational" hearing today and still sits in the Assembly Energy Committee.  It will be heard again tomorrow (perhaps beginning at 10 AM) , at which time parties will have a chance to support/oppose and ask for amendments.  Most, including us, oppose unless significantly amended.
The Wright (D) -Richman (R) bill (83XX)was heard in an "informational" hearing today and still sits in the Assembly Energy Committee.  It will be heard again tomorrow, at which time parties will have a chance to support/oppose and ask for amendments.  From our perspective, this is the best bill out there yet, though it still has serious problems---it isn't available electronically yet, but should be tomorrow, and I'll distribute then.  The chances of the joint D-R bill being successful are slim, however, since it's up against the Speakers competing bill.  There is talk that the Speaker will try to negotiate with Wright/Richman tonight and include any agreement in his bill (82XX).
The original version of the Governor's MOU bill sits in the Senate.  Most believe that Burton will put it up for a vote this week and it will fail.
The Senate's version of the MOU (Sher-Peace-Kuehl) (78XX)came out today.  It will likely be heard in the committee tomorrow or the next day.  Notably, it kills Direct Access completely and makes Edison shareholders responsible for that portion of Edison's debt owed to suppliers.  In short, a very bad bill.
Burton's 18XX, which would de-link the bond issuance (to pay back the General Fund) from the DWR contracts is likely to pass the Senate tomorrow or the next day.  Many--including Enron--support the bill (though we are supporting it behind the scenes).

What people don't know:
Whether there's the time or the will in the Assembly and Senate to achieve by Friday a single, comprehensive bill that can be sent to the governor for his signature.
Whether the Legislature would postpone its month-long recess if the Legislature hasn't finished a bill by Friday (most folks think they will not postpone).
Whether it's true that, irrespective of the energy issue, the Legislature will fail to get the budget completed by Friday and therefore have to postpone their recess anyway, in which case they might continue to work on the energy legislation at the same time.

Odds-makers still say it's better than 50-50 that the Legislature does not get the Edison bills done by Friday and leaves on on its 30-day vacation.

Best,
Jeff

Sacramento is one goofy place.


Approved.
----- Forwarded by Mark Taylor/HOU/ECT on 06/07/2000 09:53 AM -----

	Becky Tlucek
	06/07/2000 09:00 AM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Laptop Order

Mark:  Here's the message that the systems has been having trouble getting to
your mailbox.-Becky
----- Forwarded by Becky Tlucek/HOU/ECT on 06/07/2000 08:58 AM -----

	Becky Tlucek
	05/22/2000 03:29 PM

		 To: Mark Taylor/HOU/ECT
		 cc: Janette Elbertson/HOU/ECT@ECT
		 Subject: Laptop Order

Mark:  This still needs your approval.  If you approve, please forward to
Janette Elbertson so she can place the order.  Thank you!-Becky
----- Forwarded by Becky Tlucek/HOU/ECT on 05/22/2000 03:27 PM -----

	Becky Tlucek
	05/09/2000 03:06 PM

		 To: Mark Taylor/HOU/ECT
		 cc: Brent Hendry/ENRON_DEVELOPMENT
		 Subject: Laptop Order

Mark,

I have researched and provided Brent with information regarding the two
"Enron standard" laptops that are now being utilized.  We have decided on the
Compaq M700 which has a little bigger keyboard (better for  a man's hands)
and weighs a little less than the M300 model.  Please approve this order by
forwarding this message to Janette Elbertson.  Thank you!

Janette:

Please order a Compaq M700 Laptop for Brent Hendry.  Charge it to Mark
Taylor's group (Co. 413 / Rc. 1157).  Brent will be here officially the first
week of July but will be "in and out" of the office the last week of June.
If we could have his computer up and running by June 23rd that should cover
it.  Let me know if you need any additional information.

Thanks to both of you!
-Becky


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It is a shame that Chairman Powell has waited so long to set an agenda for the FCC.  Some of these issues would be of interest to EBS, but I am afraid the timing may be too late.

-----Original Message-----
From: Pisciotta, Aileen [mailto:APisciotta@KelleyDrye.com]
Sent: Tuesday, October 23, 2001 6:16 PM
To: Petrochko, Mona L.
Cc: Leibman, Lara; 'sburns@enron.com'
Subject: Powell Doctrine -- Read This One

Mona -- Sorry; I sent the wrong clipping the first time.  Here's the
relevant excerpt.  Aileen.

****************************************************************
POWELL OUTLINES 5-POINT
AGENDA FOR COMMISSION

FCC Chairman Michael K. Powell today said he would apply his
deregulatory, market-based philosophy to address a host of issues,
the most important of which will be spurring deployment of
broadband services.  "The widespread deployment of broadband
infrastructure has probably become the central communications
policy objective today," he said at a press briefing in Washington.

He stressed the importance of the FCC taking actions to spur the
"digital broadband migration."  That could be an "arduous" process,
he said, but is "essential to survival."  He outlined five areas
that he said would drive the FCC's agenda for the next several
years:  (1) broadband deployment, (2) competition policy, (3) spec-
trum allocation policy, (4) a reexamination of the foundation of
media regulations, and (5) homeland security measures.

Shortly after he took over as chairman, Mr. Powell said he didn't
have a list of specific regulatory objectives that he planned to
pursue.  But today he sounded a different note.  "It really
stresses me that we don't have a more coherent, cognizant vision of
what we're doing here," he said.  "We're just running around
reacting to the latest" issues.  The initial work to act on his
agenda will be started within six months and will be "substantially
underway" within a year, he said.

Various proceedings will be used to address his agenda, he said.
"What we're going to try to do is create clearly identifiable
vehicles where key policy issues will be debated."  Otherwise, he
said, "the agency gets machine-gunned" with petitions and other
filings from companies, trade groups, and other interested parties
trying to get action on particular issues.

Regarding broadband services, Mr. Powell stressed the importance of
limiting regulations that inhibit deployment.  "It is clear that
substantial investment is required to build out the new networks,
and we should limit regulatory costs and regulatory uncertainty,"
he said.  "Our focus should be on demonstrable and competitive
risks and discriminatory provisioning."

As it mulls broadband regulations, the FCC plans to continue
studying the market and working with states, he said.  The agency
will "clarify regulatory classification and access obligations
expeditiously," he said.  He cited three proceedings that would
focus on broadband services:  (1) the ongoing new networks pro-
ceeding, (2) the cable open-access proceeding, and (3) the third-
generation (3G) wireless spectrum allocation proceeding.

Regarding competition, Mr. Powell said the Commission needed "to
make prudent course corrections in our policies" to spur
competition.  "Facilities-based competition is the ultimate
objective," he said.  He stressed the need for "simplified
enforceable connection rules."

More specifically, the chairman said the Commission would conclude
outstanding "phase I" pricing flexibility proceedings and initiate
a set of new proceedings over the next six months "that will pro-
vide vehicles for rethinking our current framework."

He said a "triennial review" would provide the principle docket for
evaluating unbundled network elements policy.  The Commission will
initiate a proceeding focusing on performance measurement and
enforcement in an "attempt to streamline the essential performance
measures used for making judgments about compliance with the local
competition provision," he added.

He also said the agency would initiate a "dominance and non-
dominance" proceeding to "ask how do we develop a framework that
might be used to deregulate on a carrier-specific or service-
specific basis, depending on the level of competition and market
power."

On spectrum allocation, Mr. Powell found plenty of fault with the
way the government doles out valuable frequencies.  "The nation's
approach to spectrum allocation is seriously fractured," he said,
adding it was "a politicized, reactive process."  He called for a
more comprehensive, market-driven policy that would allow spectrum
users to decide the best uses of bands.

The chairman said the Commission should encourage the development
of secondary spectrum markets, improve interference protection
standards, back the development of unlicensed frequencies, map out
the uses and users of all spectrum, promote spectral efficiency,
and protect frequencies used for public safety.

-- Paul Kirby, pkirby@tr.com

Aileen A. Pisciotta
Kelley Drye & Warren LLP
1200 19th Street, N.W. Suite 500
Washington, D.C. 20036
Tel:  202-955-9771
Fax: 202-955-9792
apisciotta@kelleydrye.com

The information contained in this E-mail message is privileged,
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damage arising in any way from its use.


James:
Here is the latest Contact list.  We sent out CA's and T's to Reliant, Kinder
Morgan nad PSEG Global this morning.
Ben


Greg,

With the recent changes in the E&C organization, I am interested in exploring
other opportunities within the Wholesale group.  I would greatly appreciate
the opportunity to introduce myself to you and to get any suggestions you
might have in this regard.

Attached, for your information, is a copy of my resume.  If you have a few
moments this week, please let me know.

Thank you,

Peter


I sneaked in 10 minutes of reading.  The book made me think that we shouldn't
let Kaley growl about food.  I'll double check.

How's your day?

Kay


<<NDA - Deloitte & Touche>> Your message

  To:      bmaxant@deloitte.com; Gtravers
  Cc:      Michael.Bridges@enron.com; Mark.Greenberg@enron.com
  Subject: NDA - Deloitte & Touche
  Sent:    Fri, 23 Feb 2001 17:58:04 -0500

was delivered to the following recipient(s):

Travers, George (US - New York) on Fri, 23 Feb 2001 17:58:29 -0500
    MSEXCH:MSExchangeMTA:US:USESTNT420

Message-ID: <OFDE6C4E3F.0210EC12-ON862569FC.007DF9A2@enron.com>
From: Tana.Jones@enron.com
To: bmaxant@deloitte.com, Gtravers <gtravers@deloitte.com>
Cc: Michael.Bridges@enron.com, Mark.Greenberg@enron.com
Subject: NDA - Deloitte & Touche
Date: Fri, 23 Feb 2001 17:58:04 -0500
Return-Receipt-To: Tana.Jones@enron.com
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2650.21)
X-MS-Embedded-Report:
Content-Type: text/plain; charset="iso-8859-1"


C1 was up 10 points today.  I figure that means you signed a deal with them
yesterday....


Jane,

you need to submit a request via the eRequest system.  (itcentral.enron.com)

Search for west power under "applications" and select general access,
just note that you're in west gas.

That should do it.

Cooper

Jane M Tholt
01/03/2001 12:35 PM
To: Cooper Richey/CAL/ECT@ECT
cc:
Subject: Access to west power

I currently trade on the west desk gas desk and would like to get access to
the westpower.enron.com website.  Phillip Allen thought that maybe you could
help me.  Please advise.  Thank you.


It's currently  46.25 @ 46.75.


Issue 99
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Step # 1 has been completed.
Sherlyn, verify step # 2 tomorrow and call me when completed.

Jackie, verify the nom on Oct 4 & 5.  It appears there is still a volume for
meter 6892 until Oct 6.

If there are any questions or issues, contact me at 37649.  I am the contact
person while Clem is out (through Friday).
HC
---------------------- Forwarded by Howard B Camp/HOU/ECT on 10/04/2000 01:01
PM ---------------------------

Romeo D'Souza
10/04/2000 12:40 PM
To: Clem Cernosek/HOU/ECT@ECT
cc: Michael Eiben/HOU/ECT@ECT, Howard B Camp/HOU/ECT@ECT
Subject: Re: Tetco/HPL (Enerfin) Meter #986892

Clem,

I have completed setting the confirm = 0 for 986892 and reallocated
all the days. They are all zero now, however 10/4/2000 and 10/5/2000
still have a non-zero BAV, these should get set to 0 by 10/6. Since
allocation will not allocate these days till 10/6 gas date.

r.d

Clem Cernosek
10/03/2000 05:19 PM
To: Donna Consemiu/HOU/ECT@ECT, Romeo D'Souza/HOU/ECT@ECT, Sherlyn
Schumack/HOU/ECT@ECT, Jackie Young/HOU/ECT@ECT
cc: Michael Eiben/HOU/ECT@ECT, Rita Wynne/HOU/ECT@ECT, Pat
Clynes/Corp/Enron@ENRON, Daren J Farmer/HOU/ECT@ECT, Gary A
Hanks/HOU/ECT@ECT, Victor Lamadrid/HOU/ECT@ECT, Howard B Camp/HOU/ECT@ECT
Subject: Tetco/HPL (Enerfin) Meter #986892

Step I.

Romeo:   Please do Step 1 today, 10/4/00.

1.  Please change the confirmed noms to zero for all contracts that have be
nominated for period 1/1/00 thru 10/31/00 for the above meter.
2.  Change the allocation method to "Not Allocatable" effective 1/1/99.
3.  Please reallocate the meter for period 1/1/99 thru 10/31/00.
4.  Call me after the above tasks have been completed.

Step  II.

Sherlyn:  Please check the following tommorrow, 10/5/00.

1   Verify with Settlements that the zero BAV adjustment were received  for
all Contract Activities at Meter 986892 for period 1/1/99 thru 9/30/00.
2.  After verification is complete, please call me.

Step III.

Donna:  I will call you tomorrow, 10/5/00 to inform when you can make the
following changes:

1.  Change the meter # and DRN # at Facility # 501026.  This facility should
be Trade and Nom "YES".
2.  Change the meter # and DRN # at Facility # 515136.  This facility should
be Trade and Nom "No".
3.  After completion, please call me as well as Romeo (x-34544).

Step IV.

Romeo:   Upon receiving a call from Donna:

1.  Please make the appropriate changes or corrections in POPs System for the
Facility Changes made by Global Facilities Dept.  My understanding is that
these changes can not be done automatically.
2.  Upon completion, please call me.

Step V.

Jackie:

1.  Tomorrow, 10/05 /00, after I am informed that Romeo has made his changes,
I will let you know and you may begin scheduling Meter #0980439 which is the
meter replacing #0986892.
2.  After completion, please let me know.

********

Gary:

This could create some problems for Gas Control, because all confirmed
volumes will be zeroed including October, 2000 activities at meter 986892
today (10/4/00).   This should correct itself within 24 thru 48 hours at
meter #980439.

Daren:

This could also create some issues for you, but remember, these issues should
clear within 24 to 48 hours.

Victor:

This is just for your information, since this should not create and changes
for you.

IF ANYONE HAS ANY QUESTIONS, PLEASE FEEL FREE TO CALL ME AT X-3665O.

THANKS, CLEM


Greetings:

Sue Landwehr will be sending around a more comprehensive summary of what
happened at today's FERC hearnig in Boise but asked me to pass along the
following.

Each state was only allowed to have two people at the table.  For California
it was Assembly Speaker Hertzberg and Geoff Brown (newly appointed CA PUC
Commissioner).

Hertzberg did a credible, matter-of-fact job of explaining what California's
doing to resolve the crisis (nice to know that there's someone out there who
can explain what the heck California's doing).  Hertzberg then asked that
FERC do "its part" by imposing price caps in Western wholesale markets.

Hertzberg didn't mention the PG&E bankruptcy or Davis' deal with Edison.

Overall, the "no price cap" message won the day (though Breathitt seems to be
under considerable pressure to give in to caps).

The Governor of Arizona (Jane Hull) had a staffer deliver a letter signed by
9 republicant governors opposing price caps.  Sue will be distributing the
letter.

Best,
Jeff


Jerry, this may be news to you.  I would like for the 3 of us to have dinner
Thursday evening and you are buying.

Comments - questions?


Rick

As per your request, I checked the accuracy of press news about  Eletrobolt Contract.

There is nothing concrete yet. There are ongoing negotiations with the government. The recently created, government owned trading company will pay Enron R$ 180/MWh until June 2002 to eliminate MAE's credit risk (due to delays in settling contracts). There is a compensatio mechanism involved. Joal expects to have this contract signed by the end of this week. He still thinks we should continue hammering to fix the uncertainties related to price formation, which is an item I have been providing ad hoc support.

LM

 -----Original Message-----

 -----Original Message-----
From: 	Albuquerque, Joao Carlos
Sent:	Monday, October 08, 2001 3:43 PM
To:	Maurer, Luiz
Cc:	Wiggs, Brett; Cunha, Ricardo; Sampaio, Fred; Bestard, Jose; Assad, Sergio; Klinger, Debora
Subject:	Re: FW: Preco 684 versus 336 - Em resposta

Luiz,

Complementando o email abaixo, ou melhor, respondendo as suas indaga??es anteriores:

Penso que fecharemos com a CBEE esta semana, mas a proposta que temos na mesa n?o nos elimina o risco de pre?o, s? nos garante o risco MAE ( contabiliza??o e liquida??o ) at? junho de 2002, com pagamento cash de 180 R$/MWh  e conta de cr?dito/compensa??o para a diferen?a entre este valor e o pre?o MAE. Em havendo saldo positivo nesta conta,  este seria usado para complementar os R$180 , caso o pre?o MAE fosse inferior, ou nos seria  pago quando o MAE liquidar, ou em Jun/02, o que ocorrer primeiro.

Assim, a discuss?o metodol?gica ? fundamental para n?s. Eletrobolt tem 5 anos de contrato ( embora tenhamos floor) e o seu upside ? fundamental.

Qualquer d?vida me telefone 5503-1307

Um abra?o,

Jo?o Carlos
---------------------- Forwarded by Joao Carlos Albuquerque/SA/Enron on 10/08/2001 05:33 PM ---------------------------

Joao Carlos Albuquerque
10/08/2001 05:32 PM
To:	Luiz Maurer/ENRON@enronXgate
cc:	Brett R Wiggs/SA/Enron@Enron, Ricardo D Cunha/SA/Enron@Enron, Fred Sampaio/SA/Enron@Enron, Jose Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sergio Assad/SA/Enron@Enron, Debora Klinger/SA/Enron@Enron

Subject:	Re: FW: Preco 684 versus 336 - Em resposta

Luiz,

Pelo que entendi da RES 54 de 05/10/01, os pre?os est?o mantidos at? 30/11/01.
Neste per?odo ser? discutida metodologia de c?lculo  ( fun??o de custo do d?ficit, dentre outras coisas) para que os pre?os passem a ser calculados j? em dez/01.
Temos, portanto, que nos posicionarmos e sermos parte integrante desta nova proposta.

Jo?o Carlos

From:	Luiz Maurer/ENRON@enronXgate on 10/08/2001 03:09 PM CDT
To:	Joao Carlos Albuquerque/SA/Enron@Enron
cc:	Brett R Wiggs/SA/Enron@Enron, Ricardo D Cunha/SA/Enron@Enron, Fred Sampaio/SA/Enron@Enron, Jose Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sergio Assad/SA/Enron@Enron, Debora Klinger/SA/Enron@Enron

Subject:	FW: Preco 684 versus 336  - Em resposta

Joao

A Resolu'cao 54 da GCE (5/10), que trata do pre'co do MAE, muda alguma coisa em relacao a este assunto, em termos de relevancia ou sentido de urgencia?

LM

 -----Original Message-----
From: 	Maurer, Luiz
Sent:	Friday, October 05, 2001 6:10 PM
To:	Albuquerque, Joao Carlos
Cc:	Assad, Sergio; Bestard, Jose; Sampaio, Fred; Wiggs, Brett
Subject:	Preco 684 versus 336  - Em resposta

Joao

A pedido, teci comentarios sobre o texto em anexo.

Confesso que ainda nao estou confortavel para escrever o white paper. Isto porque nao sei bem que linha de defesa utilizar. Parace-me que seria melhor enfatizar a  robustez da regra (um primo irmao da contract sanctity), ao inves de entrar em grandes discussoes sobre o merito de um valor versus patamar ou de que 684 e ou nao uma boa media. Ver meus comentarios no texto.

Posso elaborar melhor, mais antes gostaria de teu imput quanto:

a) Ainda 'e um assunto relevante ou estamos prestes a assinar contrato de com CBIEE ?
b) Se for relevante, temos que conhecer em detalhes as premissas por tras da reducao do 684. Foi um julgamento de valor em relacao ao custo do deficit ou resultado de  novas premissas que inputadas no modelo geraram o 336? Isto e importante para a linha de argumento

Aguardo instrucoes

LM

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matt said this got bounced back so this may be duplicate or not.
note the credit event letters (see brian's email to you with electronic
version) are referenced and attached to the tranaction agreement which el
paso signed and refer to the swap monetization.
the spread calculations referenced were tied to el paso medium term notes
that had just been issued as the most comparable public debt with a term
similar to those of the swap.
Lisa J. Mellencamp
Enron North America Corp. - Legal
1400 Smith St.
Houston, TX  77002
Tel:  (713) 853-7986
Fax: (713) 646-3393
E-mail:  Lisa.Mellencamp@enron.com
----- Forwarded by Lisa Mellencamp/HOU/ECT on 04/26/2001 06:41 PM -----

	"Cook, Matt" <mattcook@velaw.com>
	04/26/2001 06:17 PM

		 To: "'richard.sanders@enron.com'" <richard.sanders@enron.com>
		 cc: "Lisa Mellencamp (E-mail)" <lisa.mellencamp@enron.com>
		 Subject: Transaction Agreement

Per Lisa  Mellencamp's request, attached is the electronic version of the
Transaction  Agreement between East Coast Power and Mesquite.? Two copies of
the  executed TA along with the Exhibits will be couriered to you  shortly.
?
S. Matthew  Cook
Vinson & Elkins L.L.P.
1001 Fannin, Suite 3307
Houston, TX 77002
Ph:? (713) 758-4530
Fax: (713) 615-5759
?
 - TA.doc


Just a heads up from Chris Foster -

---------------------- Forwarded by Kate Symes/PDX/ECT on 04/18/2001 11:47 AM
---------------------------

	From:  Chris H Foster                           04/17/2001 12:17 PM

To: Bill Williams III/PDX/ECT@ECT, John Malowney/HOU/ECT@ECT, Paul
Choi/SF/ECT@ECT, Stewart Rosman/HOU/ECT@ECT, Holli Krebs/HOU/ECT@ECT, Stanley
Cocke/PDX/ECT@ECT, Greg Wolfe/HOU/ECT@ECT, Lester Rawson/PDX/ECT@ECT, Anna
Mehrer/PDX/ECT@ECT, Kate Symes/PDX/ECT@ECT
cc: Christian Yoder/HOU/ECT@ECT, Steve C Hall/PDX/ECT@ECT

Subject: APX Deal Confirms

The APX called me today.  They are concerned we are sending them confirms on
deals that we are doing with them.  Legally this is incorrect as we are
transacting purusuant to the APX Master, not the Enron Master.  So, please
try to remember to check the box for no confirms when you transact with the
APX.

C


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- FIN group project.xls


Thanks.  I'm on the California 8:30 (pst) call till about 9:30.

Best,
Jeff

-----Original Message-----
From: Shapiro, Richard
Sent: Monday, November 19, 2001 10:10 AM
To: Dasovich, Jeff
Subject: Re: Couple questions

Will call later
--------------------------
Rick S.

-----Original Message-----
From: Dasovich, Jeff <Jeff.Dasovich@ENRON.com>
To: Shapiro, Richard <Richard.Shapiro@ENRON.com>
Sent: Mon Nov 19 09:53:35 2001
Subject: Couple questions

Greetings:
Left you a voicemail over the weekend.  Was traveling Thurs/Fri, but got a chance to look at your reorg memo, and listened in on the call on Friday.  I've got a few questions.  You have 15-20 minutes today to discuss a bit?  Greatly appreciated.

Best,
Jeff


Thanks for your help!

 -----Original Message-----
From: 	Reed, Taria
Sent:	Monday, October 29, 2001 11:16 AM
To:	Jones, Tana
Subject:	Datasheet

Attached are datasheets for:
Enron North America Corp.
Enron Canada Corp.
Enron Power Marketing Inc.
ECT Investments, Inc.
Enron Credit Inc.
(all on one document)

Taria Reed
Corporate Secretary Department
ext. 57628

 << File: datasheets.doc >>


I talked to Yvonne Caudillo at the Doe concerning the quarterly reports on
which the Emerson point showed NBPL  as the transporter, she indicated that
the DOE does not pick up the pipes on their reports.  She said it was not a
big deal.  I am to send her a letter indicating the period for which I am
changing the pipe and attach a revised copy of the last filing at Emerson.
Let me know if you have any questions.
Thanks,
Juanita


This counterparty looks OK to trade all products right now.  We have the ISDA
master out for signature.

	Camille Gerard@ENRON
	08/25/2000 10:11 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Brandon Wax/HOU/ECT@ECT
		 Subject: Media General

Tana,

We are needing a quick Legal blessing for Media General today.  Tom should be
emailing us
today but I wanted you to know before this.

Media General, Inc.
333 East Grace Street
Richmond, VA
CPID  79935

Let me know if you need more details.

Thanks!
Camille


Thanks Lisa.  Is the $2 a fixed rate for every month or does it vary.  Also, do we buy that daily, monthly, or longer term than that?  Are there ever any problems with availability of the transmission (history of curtailments)?  Finally, what do we do with the extra power on the days Air Products doesn't take it (I think I remember the deal being for every day but Tuesdays and Wed or something strange like that)?  I know that is a lot of questions... Thanks for your help.

Steve

 -----Original Message-----
From: 	Sewell, Doug
Sent:	Monday, June 03, 2002 4:52 PM
To:	Luong, Steven
Subject:	FW: MID C Question

here you go
 -----Original Message-----
From: 	Gang, Lisa
Sent:	Monday, June 03, 2002 4:37 PM
To:	Sewell, Doug
Subject:	FW: MID C Question

I purchase Snohomish Transmission to deliver power from MID C to Montana sys. The Transmission cost is $2.00 per mw. This cost is added in addition to the power price at MID C. The Air Products deal is at MID C.  We fill this position by purchasing at MID C.  I hope this helps.

Lisa
 -----Original Message-----
From: 	Luong, Steven
Sent:	Monday, June 03, 2002 12:16 PM
To:	Gang, Lisa
Cc:	Irani, Eric
Subject:	MID C Question

Hi Lisa,

I am working on a Hedging Activity Report that will be sent to E&Y on a weekly basis.  I think Mo is out of the office so I heard that you might be the right person to ask for help.  For the first week, I am using a spreadsheet that Mo sent where he bought some July power at MID C.  It looks like the MID C power along with our NW Del length makes us flat for July at MID C and Montana System Border as well.  My questions are:

How does power flow between MID C and the other delivery points (like Montana)?
Do we incur a transmission cost on top of what he bought the power for?
We are actually a little long (960 MWh) b/c of the Air Products deal that is a little unique ... what happens to this length?

If it's easier to explain over the phone, please give me a call at 713-853-4748.  Thanks for your help.

Steve