UTILICON AUSTRALIA 2001
_____________________________________________________

Is e-business your business?   If your company is involved e-business
strategies for the utility market contact us NOW!

Interested in building trust in e-utilities? - even better! Opportunities
exist to present to senior level delegates at this year's UTILICON Convention
on the topic of: Developing a sustainable e-business in utilities.  If you
are interested in coming on board as a sponsor contact
mailto:sally.deswart@terrapinn.com NOW!!

------------------------------------------------------------------------------
----------------------

Friday 19 April 2001
Issue 29

The UTILICON e-newsletter

Welcome to this week's edition of the UTILICON e-newsletter, delivering the
week's breaking news to customers, suppliers and professionals in the utility
industry.

Are you listed in the 2001 UTILICON business directory?  As you are all aware
we have recently changed the format of the UTILICON Portal.  The old Power
directory is being expanded to include details of gas, water and telecom
industry participants and suppliers!

So, if you already had a listing, this is an ideal opportunity for you to
update all your contact details and company information to be included in the
new edition of UTILICON.com's searchable online business directory!

If your company has not previously been listed, THIS IS YOUR CHANCE to
increase your profile! UTILICON.com is the biggest regional portal for
utilities, utility suppliers and customers, so you cannot afford not to take
advantage of this great marketing opportunity!

All you need to do is email us for a directory listing sheet, simply complete
all the company information and email it back to us by the 30 June 2001. To
receive your directory listing information sheet contact us today!

For FREE Standard Listings: mailto:utilicon@terrapinn.com
For an Enhanced Listing: mailto:sally.deswart@terrapinn.com

Zoe Ayliffe, Editor Online Communications
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----------------------
__________________________________________________________________

BREAKING NEWS:

SA GOVERNMENT LOOKS TO CUSHION PRICE HIKE
In new developments in the on-going row over contract electricity prices to
businesses in South Australia, the government has revealed it is looking at
providing some form of financial assistance in its May budget.
http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=3927&TCode=NW

ANOTHER NEW GAS FIELD IN OFFSHORE VICTORIA
Oil and gas major Santos Limited has announced its third new gas field
discovery in the Victorian section of the Otway Basin so far this year.
http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=3931&TCode=NW

ANOTHER $200 MILLION TIPPED FOR THE BUSH
There are widespread media reports today that the Federal Cabinet has decided
to spend a further $200 million on improving mobile phone services and
delivering faster Internet access to rural Australia.
http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=3932&TCode=NW

.
INDUSTRY NEWS

ENERGEX MOVES TO CAPTURE HOT WATER RECS
http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=3919&TCode=NW

DELTA TO REFURBISH 500MW UNIT
http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=3928&TCode=NW

ACCC CALLS FOR NATIONAL ACTION ON FRC
http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=3915&TCode=NW

OMBUDSMAN ISSUES WARNING OVER PRE-PAID MOBILES
http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=3917&TCode=NW

ACCC RELEASES QUALIFIED REPORT ON FIRST QLD GAS ACCESS REGIME
http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=3918&TCode=NW

MORE SUSTAINABLE ENERGY GRANTS
http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=3920&TCode=NW

ORIGIN SAYS IT IS NOW A KEY PLAYER
http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=3862&TCode=NW

AGL PRICING ROW CONTINUES
http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=3863&TCode=NW

NSW DOING BETTER
http://www.utilicon.com.au/Tmpl/article.asp?CID=11&AID=3864&TCode=NW

______________________________________________________________________________
_________

FOR YOUR DIARY:

TASMANIA POWER 2001
To find out just what lessons the Tasmanian sector can learn from the
California energy debacle and be given a full update of all the issues
affecting Tasmania's power industry, attend the 3rd Annual Tasmania Power
Conference (1-2 May).  You cannot afford to miss out on the great marketing
networking and marketing opportunities Tasmania Power 2001 offers. Contact
mailto:michael.turnley@terrapinn.com
http://www.utilicon.com.au/taspower2001aus/

QUEENSLAND POWER 2001
Don't let this marketing opportunity pass you by! Join key industry players
at the 5th Annual Queensland Power Conference, 21-23 May 2001 at Sheraton
Hotel and Towers.  Let the Utility Forum do all the work- advertising,
marketing, direct mail and on-line promotion.  Sponsor and Exhibit NOW(.join
our Luncheon Sponsor Mincom  and get noticed!!  Invest Today, contact Michael
Turnley Ph: +61 2 9210 5755 Fax: +61 2 9223 8216
mailto:michael.turnley@terrapinn.com

WESTERN AUSTRALIA POWER 2001
(28-29 June 2001) It's all happening in WA!!  While the gas industry awaits
the outcome of Shell's bid to become THE big state player, Government
attempts to juggle its commitment to popular projects with the wider need to
boost growth in the sector.  Green and renewable sources of energy, including
formative tidal and solar propositions, struggle for priority ratings
alongside the expansion of LPG and LNG processing.  The largest state
certainly does not do things by half! Contact
mailto:michael.turnley@terrapinn.com
http://www.utilicon.com.au/wapower2001aus/

CONFERENCE AND EXHIBITIONS

CABLING WORLD Australia 2001
Sydney Convention and Exhibition Centre, 4 - 6 June 2001 - the inaugural
conference and exhibition dedicated to Australia's booming network
communications and cabling infrastructure market. A highly focused three-day
programme covering all the major issues for cabling industry professionals
For more information contact - mailto:megan.mcgill@terrapinn.com
http://www.cabling-world.com/cabling_AUS2001

(((((((((((((((((((((((((((

Please forward any comments, queries or submissions to
mailto:zoe.ayliffe@terrapinn.com

We adhere to a "no spam" policy; if you wish to be deleted from this mailing
list, click here:  http://www.utilicon.com.au/Tmpl/register.asp?ID=5&CID=11

, 2000 Terrapinn Pty Ltd
((((((((((((((((((((((((


weekend was good,the place looks good,the boat was fun, we caught trash fish on bait.

 -----Original Message-----
From: 	"Danna Burkett" <dmburkett@houston.rr.com>@ENRON
Sent:	Monday, November 12, 2001 2:41 PM
To:	Mckay, Brad
Subject:	POC

How was your weekend? Did you think the place  looked good? How was the boat?......did you catch any fish? Back  atcha.....


Looks like ya'll figured this out... Joann please monitor STOI while I'm out.
The folder is on my desk with rachets. The MDIQ for storage in May is
48,405.  Please continue to get approval above this amount from TCO Gas
Control. Also, please keep the spreadsheet updated while I'm out... please
input May 3rd's entry... I'm sure this has already been done.

TCO TEAM is the Best!!!!!!!!!!!!!!!!

	Enron North America Corp.

	From:  Joann Collins                           05/02/2000 09:28 AM

To: Chris Germany/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT, Joan
Veselack/Corp/Enron@ENRON, Robert Allwein/HOU/ECT@ECT
cc:

Subject: STOI Overinjection for May 3rd

Rodney w/TCO gas control approved 52,000 overinjection for 5/3.

thanks
joann

---------------------- Forwarded by Joann Collins/Corp/Enron on 05/02/2000
09:22 AM ---------------------------

Joan Veselack
05/01/2000 09:34 AM
To: Joann Collins/Corp/Enron@ENRON, Robert Allwein/HOU/ECT@ECT, Chris
Germany/HOU/ECT@ECT
cc:

Subject: STOI Overinjection for May 2nd

Steve at TCO's Gas Control approved the 32,000 overinjection.

Total STOI Delivery for May 2nd is 80,000.

Thanks.


Reservation status has changed. Details of the reservation are listed below:
ASSIGNMENT_REF = 29713
SELLER_CODE = AZPS
SELLER_DUNS = 958982563
CUSTOMER_CODE = EPMI
CUSTOMER_DUNS = 848921276
AFFILIATE_FLAG = 0
PATH_NAME = W/AZPS/AZPS-AZPS/FOURCORNE345 - PNPKAPS230//
POINT_OF_RECEIPT = FOURCORNE345
POINT_OF_DELIVERY = PNPKAPS230
SOURCE = FOURCORNERS
SINK = PNPK
CAPACITY = 25
CAPACITY_REQUESTED = 25
SERVICE_INCREMENT = HOURLY
TS_CLASS = FIRM
TS_TYPE = POINT_TO_POINT
TS_PERIOD = OFF_PEAK
TS_WINDOW = FIXED
TS_SUBCLASS = WHEEL
NERC_CURTAILMENT_PRIORITY = Nerc Priority 1
OTHER_CURTAILMENT_PRIORITY = Default
START_TIME = 03/27/2002
STOP_TIME = 03/28/2002
CEILING_PRICE = 1.95
OFFER_PRICE = 1.95
BID_PRICE = 1.95
PRICE_UNITS = $/mW
PRECONFIRMED = YES
ANC_SVC_LINK = N/A
ANC_SVC_REQ = N/A
POSTING_REF = 0
SALE_REF =
REQUEST_REF =
DEAL_REF =
NEGOTIATED_PRICE_FLAG =
STATUS = CONFIRMED
STATUS_NOTIFICATION = lisa.gang@enron.com
STATUS_COMMENTS =
TIME_QUEUED = 03/26/2002

TIME_OF_LAST_UPDATE = 03/26/2002
PRIMARY_PROVIDER_COMMENTS =
SELLER_COMMENTS =
CUSTOMER_COMMENTS = please call (503)464-5070
SELLER_NAME = AZPS
SELLER_PHONE = 602.250.1128
SELLER_FAX = 602.250.1155
SELLER_EMAIL = oasisadm@apsc.com
CUSTOMER_NAME = Enron Power Marketing, Inc.
CUSTOMER_PHONE = (713)853-3801
CUSTOMER_FAX = (713)646-8272
CUSTOMER_EMAIL = bill.rust@enron.com
REASSIGNED_REF = 0
REASSIGNED_CAPACITY = 0


Andy:

You are my PRC Rep this year. I would like to drop by to introduce myself and
brief you on my roles and responsibilities. Please let me know what would be
a good time for you. I think 15-20 minutes should be enough.

Murli (X-33236)


Per the request of Caroline Abramo, attached for your review are drafts of
the ISDA Master Agreements between Enron North America Corp. and 1) CD
Holding Company, LLC and 2) Valentis Investors LLC.

Please contact either Sara Shackleton, Assistant General Counsel, at
713-853-5620 or myself at 713-345-3249 if you have any questions.  We look
forward to hearing your comments.

Stephanie Panus
Sr. Legal Specialist
Enron North America Corp.
1400 Smith Street, EB3806
Houston, Texas  77002
ph:  713.345.3249
fax:  713.646.3490


Attached for your approval is the form of Enron Corp. Guaranty in favor of
the referenced Counterparty, which guarantees the obligations of ENA under an
ISDA Master Agreement.  We will need the standard executed copy.

In addition, we will need the following closing documents:   Certificate of
Incumbency.

Upon approval and execution, please call me at x33399 to pick up the
documents.  Thank you for your assistance in this matter.


TECO TAP       72.084 / HPL IFERC
               .416 / HPL GAS DAILY

Charlie Stone
05/19/2000 11:39 AM

To:   Daren.J.Farmer@enron.com, crodrig@ect.enron.com, Melissa Jones/Texas
      Utilities@TU, Gary Green/Texas Utilities@TU, Ken
      English/LSP/ENSERCH/US@TU, ami_chokshi@enron.com,
      gary_hanks@ect.enron.com, earl.tisdale@enron.com, Tim
      Powell/LSP/ENSERCH/US@TU
cc:
Subject:  ENRON ACTUALS FOR MAY 18, 2000

May 18, 2000

     TECO TAP       69.167 / HPL IFERC
                      3.333 / HPL Gas Daily

     TEXOMA         30.000/ HPL Gas Daily

     LS HPL KATY         20.000/ Enron


Thank you for submitting your resume to Open Link Financial, Inc.  We appreciate
your interest in our organization!
We will be reviewing your resume, along with those of several other candidates,
in the next few weeks.  If we find a suitable match between your qualifications
and the position for which you applied, we will call you to talk further.
In the meantime, we'd like to invite you to learn more about us by visiting our
website at: http://www.olf.com
Again, thank you for taking the time to contact us - and good luck in your
career endeavors.
Sincerely yours,
Human Resources
Open Link Financial, Inc.


I have just received documentation to support the name change for the
following entity, and we have been requested by Credit to overlay the name in
GCP immediately.  This is to put all interested parties on notice that any
objections or concerns regarding these changes should be directed to me at
X3-3103 or Marilyn Colbert at X3-6517.  This change will appear as an
addition to the final name change/merger report due out next week.

Old Counterparty Name                           BA ID   CP ID   ERMS
Shortname   Eff. Date          New Counterparty Name    BA ID      CP ID
ERMS Shortname
Cook Inlet Energy Supply Limited Partnership    19923     11170
COOK                                03/16/00                 Cook Inlet
Energy Supply L.L.C.   N/C          N/C           N/C


It's funny the spreads in gas.  First, in gas, you can play the seasonality
game.  Does anybody want to buy M/N at 1 back.  No, of course not.  But in
crude, m/n at .10 back is normal.  definitely a game as you try to keep month
on month spreads somewhat within reason while preserving year on year spreads
and creating equilibrium for where cal 2 on back hedging and spec demand is.
that's why cal 2 is as high as it is.
when was the last time the most bullish part of the nat gas curve was prompt
month.  i can't remember w/o looking at charts.  it's always the mentality
of: if it's tight now what about July or what about winter.  i think that's
why the winter spreads are a piece.  the z/f/g fly is interesting.  i think
z/f can and will settle backw.  just a high prob it goes cantango first.
Still seeing sellside interest in term.  definitely a result of pira.  will
probably get absorbed in the next two weeks as everybody forgets about them
and watches the front of the curve.  previous to that conference, the
producers just didnt want to sell anything.  tired of writing us a big check
every month.
so not only am i in on weekends, but they just put a computer in my house so
i can work at home at night.  it's really my only time to sit and think
without the phones and eol going crazy.  they better pay me for the decline
in my lifestyle .

slafontaine@globalp.com on 10/15/2000 09:26:31 PM
To: John.Arnold@enron.com
cc:
Subject: Re: mkts

what is a young pup like you doing working on saturday? yea ill check again
the
numbers but pretty sure they said  +3 bcf by dec. ill let you  know/its been
along week/weekend of partying in ny so my memory mite be failing me. i know
this isnt same as crude-less mature but getting there so im always wondering
if/when the mentality will start to go more that way-ie inverses shud be for
only 1 reason-that supply/demand balance will get less tite than it is today.
    some length has gotten out of winter sprds but i know from a few i talk
too
they still in-im out even slitely short not much cuz i think growing
deliverabilty if it occurs is bearish the sprds-and 30 cts inverses will be
hard
to maintain unless we have crazy weather. we're only 2 weeks from withdrawel
period so unitl i see cash backwardate im not gonna be bullish these sprds
until
all the length bails.
    your rite on the mkt-the anticipation is in the mkt-you gotta have flat px
to make money,my approach in the short term as well. that said everyone at
pira
including pira all bull bull the winter-will be good i think for a
win/sum01/win02 inverse play even tho its not cheap.
   fyi-pira also bearish crude-not saying they rite but will have impact on
natgas producers sentiment short term-esp as mideast starts to fiad. for you
be
careful of the politics effecting heating oil, natgas watching too. there will
be some action in my opinion next 4 weeks by govt that cud impact ho futs
negatively and therefore may roll to natgas-ie if ho goes a big discount to
natgas before any major cold-gas will get hit i think. if i hear anything on
oil
side ill be happy to pass it on-apprec comment on producers not that im
surpirsed, wonder if they start going out further esp with forward sparks
getting hit lately??
   good luck man-talk soon. pira was good. you go next year ill set up you
some
interesting people,good to network cuz we never know where we'll end up.
    by the way-you bullish sum 02/win 02 or are you rolling a short? non of my
biz but i was on the other side-ill add if it narrows more. inkjections next
summer will be huge albeit from low stx-curve will mean revert eventually.


---------------------- Forwarded by Tana Jones/HOU/ECT on 11/10/99 08:46 AM
---------------------------

	Enron North America Corp.

	From:  Tana Jones                           10/18/99 06:23 PM

To: David Forster/LON/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Bob
Bowen/HOU/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT
Subject: Revised Online Weather GTC's

Attached are the revised drafts of the weather GTC's.


This looks pretty administrative. Are we required to send this to the banks?
If so please proceed, Christian.

Gabriela Aguilar
01/05/2001 06:55 AM
To: Rob G Gay/NA/Enron@Enron
cc:

Subject: Re: Yabog Amendment - Letter to SIRESE

Rob,
I want to fax you the letter mentioned down below. Could you give me your fax
number ?
Thanks, gaby

---------------------- Forwarded by Gabriela Aguilar/SA/Enron on 01/05/2001
09:55 AM ---------------------------

Richard A Lammers
01/04/2001 03:52 PM
To: Gabriela Aguilar/SA/Enron@Enron
cc: Federico Cerisoli/SA/Enron@Enron, dlefler@velaw.com, Christiaan
Huizer/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rob G Gay/NA/Enron@Enron
Subject: Re: Yabog Amendment - Letter to SIRESE

this looks fine to me. Please sure that Christiaan,Rob  and I receive final
copies for forwarding to the banks

Gabriela Aguilar
01/04/2001 02:10 PM
To: Federico Cerisoli/SA/Enron@Enron, dlefler@velaw.com, Richard A
Lammers/SA/Enron@Enron
cc:
Subject: Yabog Amendment - Letter to SIRESE

Find attached the english version of the letter (in spanish) that Transredes
sent to SIRESE. 99% of the letter sent to SIRESE reflects Dean%s draft.
Transredes only made slight changes.

Now we are waiting for SIRESE%s confirmation to the meeting.

 - Carta SIRESE-RespuestaTBStrd.doc

Regards,
gaby


Attached are the Canadian forms as they currently stand.  All of our forms
are currently under revision, so there may be some more changes coming out
soon.


FYI...

I just wanted to let you know that I have been working with the settlements group in order to put approx. $800,000.00 into the Central and East desk books for Devon penalties that have been incurred over the last year.  Settlements should be talking with the Risk group in order to get this done soon.   We are also working to determine the Pipeline cash out as a result of Panaco's imbalance over the last year.  After talking with legal it appears that we do have remedy to recoup cash out from Panaco. I'll keep you informed when I have more information.  If you have any questions please let me know.

Mark


Shirley,

I think it's a growing problem of junk mail
that is being sent indiscriminately to everybody.

Sometimes it comes from legitimate institutions,
sometimes it represents scams. I got a message today
about diamonds in Sierra Leone.

Vince

Shirley Crenshaw
01/02/2001 08:16 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Market

Vince:

Do you know who this is?  I have been getting this, but don't know why or
who he is.

Does it sound reputable?

---------------------- Forwarded by Shirley Crenshaw/HOU/ECT on 01/02/2001
08:09 AM ---------------------------

"Newton, Jeremy C (SUGARCREEK XGH 317)" <JCNewton@pclient.ml.com> on
12/29/2000 01:40:02 PM
To: "'shirley.crenshaw@enron.com'" <shirley.crenshaw@enron.com>
cc:
Subject: Market

12/28/00
The markets finally took a breather, as the light volume seemed to indicate
the tax loss season was mostly over, and investors were enjoying their
holidays and trying to forget a bad year for the markets. The week was
pretty god, with perhaps some last minute tax selling on Friday. It will be
interesting to see how next week fares.

I think tech will continue to suffer through the first half of the year. The
earnings are not likely to improve until sometime in the second half. At
that point, year to year comparisons will be more favorable. There will be
some successes, as so many have been beaten down too far. Energy looks
strong right now, but I would be cautious as we get past the winter and the
gas price comes down to a more reasonable level.

Merrill Lynch now predicts fed cuts of 100 basis points by the end of the
summer. These cuts will create a strong emotional push to the market, even
in the face of lower earnings. Merrill Lynch is also predicting a GDP growth
of 2.9%, down from the previous forecast of 3.3%. This certainly would
qualify as a "rough" if not "hard" landing. They expect the GDP growth in
the second half of 2001 to rise at a 3.5%-4% rate. They predict the
strongest earnings to come from Health and Energy at about 14%, with Tech
and Utilities at 10%.

Some of the market weakness and economy concern could stem from the
statements being made by the new Bush administration. They want to be sure
the public is aware of the slowing economy, so the issue will be seen as one
they inherited, not created. They don't want to be seen as the ones who
messed up the great boom. They also want justification for the tax cut plan
they had proposed, and a weaker economy is certainly a good reason to
stimulate the economy with cuts.

There are a number of tax law changes for 2001. The new capital gains rates
for investments held over five years begins- the new rates are 8% and 18%
versus 10% & 20%. The deductible interest on student loans rises from $2000
to $2500. The rate for auto business miles is rising from 32.5 cents/mile to
34.5. The expense deduction for business equipment in the first year rises
from $20k to $24k. The exemption on unearned in come for children has been
raised to $750, from $700. The second $750 in income is taxed at the child's
rate, up from $700. So now there is $1500 of preferential taxation for kids
under 14, up from $1400. For kids 14 and older, they now have $750 tax-free.
On the negative side, social security taxes will be assessed on the first
$80,400 of income, up from $76,200 this year.

Upcoming Splits
January 17 Idec Pharm IDPH 3 for 1

FOMC Schedule
January 20-21
March 20
May 15
Upcoming Seminars
January 10 in Rm. 5C2

Thanks & Regards
Mike Lee       Jeremy
Newton
Merrill Lynch        Merrill
Lynch
281-243-9337       281243-9328
Mike_Lee@ml.com      Jeremy_Newton@ml.com

Past Performance is no guarantee of future results
shirley.crenshaw@enron.com
 Investment Risk Rating: A = Low, B = Average, C =Above Average, D
=High
Investment Opinion: First Number = Intermediate Term (0-12 months)
Appreciation Potential
Second Number = Long Term (More than a year) Appreciation Potential
(Recommendations are: 1=Buy; 2=Accumulate; 3=Neutral; 4=Reduce; 5=Sell; 6=No
Rating)
Third Number = Income Rating -Expected dividend in relation to current
payment.
(Ratings are: 7=Same/Higher; 8=Same/Lower; 9=No Cash Dividend Paid)
Consensus Recommendation 1=Buy, 3=Hold, 5=Sell (1.5 or less coded GREEN,2 or
more RED)
Additional Color Coding PE over 50 is coded RED
PEG of 1.4 or less is coded GREEN. PEG of 2.5 or greater is coded RED.
If the stock is under it's 50 day avg, it is coded Green. If it is more than
20% over, it is coded RED.
Earnings upgrade are coded GREEN, Earnings downgrades are RED.
If all columns GREEN or BLACK, Company Name will be GREEN.
Past Performance is no guarantee of future results
____________________________________________________________

CAUTION: Electronic mail sent through the Internet is not secure and could
be intercepted by a third party.  For your protection, avoid sending
identifying information, such as account, Social Security or card numbers to
us or others.  Further, do not send time-sensitive, action-oriented
messages, such as transaction orders, fund transfer instructions, or check
stop payments, as it is our policy not to accept such items electronicall


PRIVILEGED AND CONFIDENTIAL:  ATTORNEY CLIENT COMMUNICATION, ATTORNEY WORK
PRODUCT

Please be advised that our attorneys have filed a motion for leave to file a
supplemental motion on behalf of MG Metals regarding Base Metals' belated
attempt to serve OJSC in the underlying lawsuit.  We make two arguments in
the underlying substantive motion supporting the legal conclusion that Base
Metal's attempt was invalid:  (a), the service was mailed by the plaintiffs,
rather than by the Court, the latter of which is required by the federal
rules of civil procedure, and (b), Base Metal failed to satisfy its burden
under the federal rules of showing that Russian law did not preclude service
in this manner.

We are hammering on this point because under applicable Maryland procedure, a
plaintiff such as Base Metals must serve the underlying lawsuit within 60
days of the attachment of a third-parties' goods.  Unfortunately, no Maryland
legal authority has thus far addressed what happens when someone like Base
Metals fails to do so, but we will of course argue the common-sense
proposition:  that Base Metals' failure to comply with this 60-day period is
lethal to its attempt to keep the escrow account open.

I will keep you advised.

Britt


Sara:

I am following up with you regarding a timetable for the top 20 customers.  Per our conversation last Friday we had discussed that you would coordinate with the other lawyers to review the top 20 list and draft amendments for using CommodityLogic's ConfirmLogic module for the purpose of confirmations.

The marketing team's goal for the timetable is to identify when the amendment can be ready for delivery to the customer.  Marketing will coordinate the actual delivery of the amendments to the customers at the appropriate time during the sales cycle.  Just to restate Tom Gros' goal, he would like the amendments to be drafted and ready to go so there will be no delays when the sales team reaches the point in the sales cycle to provide the documents to the customer.  The sales team's immediate focus is on the top 10 customers on this list and the amendments will need to be made available within the next couple of weeks for presenting to the customers.

If you could provide Jennifer, Kim and myself with your timetable that will help us set expectations with the sales team.  Jennifer will follow up with you on a weekly basis to get from you a status/update on the timetable to be incorporated in a marketing status report to Enron Networks senior management team.

Thanks,
KC

 -----Original Message-----
From: 	Theriot, Kim S.
Sent:	Tuesday, September 18, 2001 12:30 PM
To:	Shackleton, Sara
Cc:	Cordes, Kathryn; Taylor, Mark E (Legal); Greenberg, Mark; Hansen, Leslie
Subject:	ConfirmLogic Target Customer List-Legal Entity Name
Importance:	High

Sara,
See attached spreadsheet which shows the legal entity names by counterparty for each commodity.  Name differences between the commodities are highlighted in Blue.

Kim Theriot

 << File: Top20 Legal Entity Names.xls >>

 -----Original Message-----
From: 	Shackleton, Sara
Sent:	Monday, September 17, 2001 9:56 AM
To:	Theriot, Kim S.
Cc:	Greenberg, Mark; Cordes, Kathryn; Taylor, Mark E (Legal); Hansen, Leslie
Subject:	ConfirmLogic Target Customer List

Kim:

I am reviewing the list of 20 target customers dated 9/14/01 in an effort to set up a document drafting timetable.

For financial trading purposes, I need an accurate list of trading counterparties reflecting the complete name of each legal entity.  Also, if a company is split into more than one legal entity (such as power and gas) for financial trading purposes, I need the names of both entities.

Thanks.

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


On Wednesday, April 11, 2001, Enron, in conjunction with Junior Achievement,
will host 40 students from Westside High School and Kerr High School for a
day of Job Shadowing.  This program,s objectives are to demonstrate why a
sound education, interpersonal skills, and a strong work ethic are needed to
be successful in the workplace.

The Job Shadowing program consists of the following:

 8:45 AM  Students arrive
 9:00 - 10:30 AM Welcome, Overview, Video, and Tours
 10:30 - 12:00 N Individual Job Shadow Experience with Enron Employees
 12:00 - 1:00 PM Student Lunch with Closing Comments
 1:00 PM  Students return to schools

We need your assistance in identifying individuals within your area who would
be available to assist with the job shadowing experience.  Please contact
Nicki Daw ASAP with your recommendations.  More detailed information will be
supplied to the employees assisting.

Thank you for your support of the Enron/Junior Achievement Job Shadowing
program.


I have never seen the language requested before and have not signed off on
it.  Rob Taylor and I only discussed the concept because I had never seen a
draft of the Consent until a signed copy was delivered to me yesterday.

>>> <Kay.Mann@enron.com> 12/14/00 08:47AM >>>

This language is different that what GE was told was requested before.  I
am more comfortable going back to GE with what was requested previously.

Kay

"Timothy Oxley" <TOxley@winston.com> on 12/13/2000 08:38:52 PM

To:   <Kay.mann@enron.com>
cc:   <robtaylor@andrews-kurth.com>

Subject:  GE Release

Pursuant to the request of Rose Engeldorf, the following is the
suggested language for insertion into the GE Consent:

"Each of GE Packaged Power and GE acknowledge that WestLB is a third
party beneficiary of this Consent and shall be entitled to enforce its
provisions against GE Packaged Power and GE, respectively, as if a
party to this Consent."


Oh my gosh that is so sweet!  You caught me by surprise!

"Neil Mann" <nmann@erac.com> on 12/14/2000 11:32:21 AM
Please respond to <nmann@erac.com>
To: <Kay.Mann@enron.com>
cc:

Subject: RE:

I'm waltzing across Texas with you in my heart...

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Thursday, December 14, 2000 10:07 AM
To: nmann@erac.com
Subject:

How's Hop-a-long?


Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 03/01/2001 10:00 AM -----

	"David Porter" <David.Porter@glencore-us.com>
	02/27/2001 01:33 PM

		 To: Sara.Shackleton@enron.com
		 cc:
		 Subject: Re:

Sara,

A question for you:

Would it be possible to very quickly amend the existing ISDA to add the name
Glencore AG? Brant is unable to approve certain trades until this is done and
I
would rather not wait for the guarantee and credit issues to be resolved as
this
may take some time.

David


Jeff, I wish you would have cleared this through me first due to the
implications in India. Keep me in the loop on all further announcements. JOe

Jeffrey Sherrick@ENRON
10/13/2000 03:26 PM
To: Kenneth Lay/Corp/Enron@ENRON, Jeff Skilling/Corp/Enron@ENRON, Joseph W
Sutton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Cliff Baxter/HOU/ECT@ECT
cc:
Subject: EGEP Sale Announcement

Ken, Jeff , Joe & Cliff,

This is a copy a note I sent to PR(Steve Kean & John Ambler), IR(Mark Koenig)
and Enron India(Sanjay Bhatnagar & Jimmy Mogal) regarding our internal
announcement to  EGEP/EOGIL employees in Houston and India on October 13,
2000.

On Friday (last night Houston time) we announced to employees Enron's
decision to sell Enron Oil & Gas India Ltd. (EOGIL), our subsidiary that owns
a 30% interest in the Panna, Mukta and Tapti concession areas.    We now have
bankers involved and a data room is being prepared in Houston which  made it
extremely difficult to keep the deal quiet any longer.  There were numerous
rumors circulating through the office, but the reality of the announcement
was still a shock to most of the employees in India and Houston. Basically we
said the following:
 1) Selling assets or companies is a routine part of Enron's strategy to
redeploy capital in the higher return opportunities.  The company has
exposure to a number of tremendous opportunities today that were not
envisioned even twelve months ago.  In line with this strategy, we are
placing EOGIL in the market.
 2) Depending on the success of finding an acceptable buyer for EOGIL,  we
will be reviewing the balance of our portfolio for transfer to other Enron
entities or for sale as separate packages.  We anticipate closing the EOGIL
transaction and rationalizing the remaining portfolio by March 31, 2001.
 3) Pending the success outlined in item #2, we will eliminate Enron Global
E&P as an Enron business unit on March 31, 2001.
 4) We announced some interim staff changes to facilitate the process.
  a) Jeff Sherrick would re-focus his time largely on the sale process
  b) Mike Stewart will be responsible for all India activity except the sale
process
  c) Steve Harper will be responsible for EGEP's sale activity and
coordination with our bankers and Corporate Development
 5) Commented on the potential impact to employees in general terms.  We told
them it was pre-mature to outline all of the possibilities until we signed a
PSA with a buyer.  However, in general, there is a good likelihood that many
people will either have opportunities for future employment with the buyers
or through redeployment within Enron.  Those people that do not remain with
the assets or are not redeployed in Enron will be involuntarily terminated
March 31, 2001 unless they are needed to close a transaction or to provide
transition services to a buyer.

I would like to keep this as low-keyed as possible.  Last year when we were
for sale there were not a lot of comments, but you never know.  If anyone in
the media picks up on this I would expect it to happen early next week.  Mike
Stewart is currently in India in the Mumbai office (01191228395841) and can
be reached at the Mariott after-hours(01191228577878).  He is fully briefed
on our position regarding the activities within EGEP and EOGIL.  Mike will be
traveling offshore and to Baroda over the weekend and on Monday.  I will be
available all weekend and next week at the following numbers; (work)
713-853-5934, (home) 281-320-2198, (cell) 713-569-4713.  I would suggest
talking with Mike or I before making any comments to the media if possible.

This afternoon I notified our partners and the Gov't of India of our
intention to market our assets.  I will be making a trip to India soon to
visit with the appropriate people in these organizations within the next two
weeks.  While I wouldn't expect this to happen, please refer any inquiries
from our partners (ONGC and Reliance) or the GOI to Mike or me.  As you might
expect, we want to be careful and consistent in our message to these
groups.

I will keep you informed regarding any changes to the above.  If you have any
questions, contact me at the above numbers.

jeff


Thanks thanks thanks

	From:  Ed B Hearn III @ ECT                           04/26/2001 06:38 PM

To: Kay Mann/Corp/Enron@Enron
cc:

Subject: I'll have your Salmon Minute Books in the morning


You must have more fun at your office than we have here...that or you've just
lost your mind!!

Robin


At the request of Peter Thompson I have attached the most recent draft of the
GE Turbine Form Facility Agreement for your review.  I apologize for the
delay in getting this document to you.

The blacklines will be forthcoming shortly.

Thank you.

 - 554888_5.doc


Here is a draft that does not address the Enron Services deal on the
operating agreement.  Let me know how it looks like otherwise.

Thanks

C


I can't seem to print this.  Can you try.
---------------------- Forwarded by John J Lavorato/Corp/Enron on 08/04/2000
01:20 PM ---------------------------
Beth Perlman @ ECT   07/20/2000 05:25 PM

To: John J Lavorato/Corp/Enron@Enron, Sally Beck/HOU/ECT@ECT
cc:

Subject: Refined view of our plans

Here is an excerpt of a presentation that was given to Sally's group.  This
reflects the action plan for addressing the Unify performance problems.  If
you have any questions, please give me a call.

Beth


Enron to Sell Portland General to Northwest Natural (Update9)
Bloomberg, 10/08/01

Northwest Natural Gas to buy Portland General for $1.8 billion
Associated Press Newswires, 10/08/01
UK Pwr Mkt: Spot Dn On High Interconnector Flow
Dow Jones News Service, 10/08/01
USA: NW Natural sees "double digit" earnings growth.
Reuters English News Service, 10/08/01
NW Natural Gas's Portland General Buy Has No Breakup Fee
Dow Jones News Service, 10/08/01

Northwest Natural's CEO on Portland General Purchase: Comment
Bloomberg, 10/08/01

Enron to Sell Portland General to Northwest Natural (Update9)
2001-10-08 16:21 (New York)

Enron to Sell Portland General to Northwest Natural (Update9)

     (Adds closing share prices in fifth paragraph.)

     Houston, Oct. 8 (Bloomberg) -- Enron Corp. agreed to sell
Portland General Electric to Northwest Natural Gas Co. for
$2.9 billion in cash, stock and assumed debt, ending a more than
two-year effort to shed its Oregon utility.

    Enron, the largest energy trader, no longer needs Portland
General to sell electricity in the West and wants to spend on more
promising businesses, Chief Executive Ken Lay said in a statement.
Enron bought the utility for $3.21 billion in 1997 to gain
knowledge on selling power to neighboring California.

     ``Portland General is a 5 percent bottom-line growth rate
company,'' said Anatol Feygin, a J.P. Morgan analyst who rates
Enron ``buy.'' ``On wholesale and retail energy operations, Enron
has had 35 percent growth in earnings before interest and taxes,
and bottom-line growth of just under 20 percent.''

     Shares of Enron rose $1.72, or 5.4 percent, to $33.45.
Northwest fell 42 cents to $22.99.

     Enron will get less than it hoped from the sale, though
spokeswoman Karen Denne said the Houston-based company expects to
break even.

     A November 1999 agreement to sell the utility to Sierra
Pacific Resources of Nevada for $3.1 billion fell through in April
of this year because California banned sales of power plants
serving the state.

     Regulators had required Sierra Pacific to sell a stake in a
plant that sells power to California as a condition of its
purchase of Portland General.

                         Oregon Regulators

     Both Northwest and Portland General are based in Portland,
Oregon, which should make it easier for Enron to win clearance of
the sale. Oregon regulators can be expected to approve the
purchase in as little as nine months, Northwest Chief Executive
Richard Reiten said.

     ``No other combination of companies could achieve as much
political, regulatory, and general support of the citizens,''
Reiten said. ``We operate in essentially the same geographic
area.''

     Northwest, a gas utility, will pay $1.55 billion in cash,
$200 million in preferred stock and $50 million in common stock,
Enron said. Northwest will assume $1.1 billion in debt and give
$75 million in customer discounts previously agreed upon by Enron.

    Northwest has 525,000 natural-gas customers in Oregon and
Washington. Portland General has 730,000 customers in Oregon.

    Over the past 10 years, Lay has transformed Enron from a gas
pipeline operator into a company that gets most of its profit
growth from commodities trading.

     Enron no longer wants to own expensive assets such as power
plants that are under the control of regulators, who limit
profitability and often make the assets difficult to sell,
analysts say.

     ``This is a sign Ken Lay is tightening up the ship,'' said
Mark Baskir, manager of the $15 million Strong Energy Fund, which
holds 2,400 Enron shares. ``I feel better about the stock now.''

                           Retail Sales

     Enron's road to becoming a top energy trader in California
has been bumpy. It delayed attempts to sell electricity to
California residential customers in 1999, saying the state's
deregulation law made it impossible to profit from small power
sales. It transferred its retail electricity sales business in all
states to NewPower Holdings Inc., a separately traded company
formed by Enron in October 2000.

     When power prices in western state's soared late last year
and early this year, some utilities stopped paying for wholesale
power. Enron has estimated it's owed as much as $500 million for
energy sales in California.

     California's two largest utilities, PG&E Corp.'s Pacific Gas
& Electric and Edison International's Southern California Edison,
are insolvent after racking up billions in debt buying power at
prices far exceeding what state officials would allow them to pass
to customers.

                         California Battle

     California officials have accused Enron and other power
traders of manipulating the state's market. Enron also has
struggled with Oregon regulators.

     It was forced to cut power prices to Portland General's
customers by $141 million over eight years, more than double what
the company had anticipated when it bought the utility. Oregon
also rejected Enron's plans to sell its utility's 14 generating
plants.

    Enron will keep its stake in Northwest for at least 30 months,
the company said in a statement. It will have voting rights
limited to 4.9 percent of Northwest's common stock and will have
representation on Northwest's board.

    Northwest said the sale is expected to close this quarter and
add to earnings next year. Northwest expects to maintain its
annual dividend of $1.25 a share through this year.

    Job cuts are planned, Northwest said, without saying how many
positions would be eliminated. Northwest said it won't renegotiate
union contracts.

    Merrill Lynch and Credit Suisse First Boston will arrange
loans to finance the cash portion of the purchase, Northwest said.
Credit Suisse advised Enron on the sale.

     Enron last week agreed to sell oil and gas fields in India to
the U.K.'s BG Group Plc for $388 million. In May, the company
withdrew from a gas-pipeline project in Qatar.

Northwest Natural Gas to buy Portland General for $1.8 billion
By WILLIAM McCALL
AP Business Writer

10/08/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

PORTLAND, Ore. (AP) - Northwest Natural Gas said Monday it will buy Portland General Electric for $1.8 billion in a deal that will combine the largest natural gas and electric utilities in Oregon.
The purchase comes about four years after Enron Corp., one of the largest energy companies in the nation, paid $3.2 billion for Portland General Electric in a bid to expand into the Pacific Northwest and California.
But the slow pace of deregulation in Oregon and the California energy crisis prompted Houston-based Enron to start shopping for another buyer shortly after the takeover.
Northwest Natural Gas said it expects to close the purchase late next year, pending approval by regulators and its shareholders.
Enron will receive $1.55 billion cash and $350 million in securities.
The deal will create a Portland-based holding company with $5 billion in assets and more than 1.25 million customers. The new company would own more than 2,000 megawatts of generation, 26,000 miles of electric transmission and distribution lines and 12,000 miles of gas mains.
Northwest Natural Gas Chairman Richard G. Reiten said the deal would "help ensure that assets critical to Oregon's economy and environment will be locally-owned."
There will be an undetermined number of job cuts, he said, although all union contracts will be honored.
The deal brought immediate criticism from one of the state's leading consumer watchdog groups.
Bob Jenks, executive director of the Citizens Utility Board, said he was concerned about the heavy debt Northwest Natural Gas will carry under the deal and the gas company's recent efforts to lobby the Legislature to bypass regulators.
"They've tried to politicize rate proceedings," Jenks said. "If that's going to happen, and PGE rate cases are fought out in the Legislature and the governor's office, then I don't think that's going to be in the interest of PGE customers."
Analysts said the deal makes sense because the two utilities can cut a lot of costs in their overlapping service areas.
But Dan Fidell of A.G. Edwards & Sons said analysts and investors also are wary of the heavy debt load on NW Natural.
"Their balance sheet is going to suffer, at least in the near term," Fidell said. "They're probably looking at downgrades in their credit rating."
Enron earlier attempt to sell Portland General Eelctric fell through last March. It has seen stock prices fall in recent months as it moved into investments outside its core business, including an Internet company that took a beating in the stock market. But in morning trading Monday, Enron shares rose 77 cents to $32.50, which analysts said was partly due to heavier investment in strategic energy companies following news about the U.S. attack on terrorist outposts in Afghanistan.
---
On the Net:
Enron: http://enron.com
Northwest Natural Gas: http://northwestnatural.com
Portland General Electric: http://www.portlandgeneral.com

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

UK Pwr Mkt: Spot Dn On High Interconnector Flow

10/08/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- U.K. spot electricity prices Monday were down on a high volume of power from the intercontinental interconnector despite cooler weather,
while trade in forward contracts was too thin to site a trend, traders said.
Helping prices fall was the ready availability of cheap power through the in terconnector. All available capacity on the interconnector was used on Monday, c ompared with only half on Friday.
Also influencing prices was that, like last week, Enron started the day shor t, and then tried to push prices down before buying in large volumes, traders sa id.
"Basically it looks like Enron have gone into the winter short, thinking tha t pre-NETA jitters would make everyone else go long, and so far it looks like th ey're winning that bet," said a trader.
No one at Enron was immediately available for comment.
Day-ahead base load traded at GBP17-GBP17.35/MWh, down from Friday's trading
for Monday base load at GBP17.30-GBP17.70/MWh.
Day-ahead peaks traded at GBP18.50-GBP19.50/MWh.
Day-ahead extended peaks traded at GBP19.30-GBP19.50/MWh.
Weekend base load traded at GBP16.30/MWh, down from Friday's prices for last
weekend at GBP17/MWh.
Week 42 traded at GBP17.50-GBP17.55/MWh, down from Friday's prices at GBP17. 70-GBP17.75/MWh.
Enron's visible buying in the spot market is all the more striking given tha t its own 2000MW facility at Teesside is runing at just over half its maximum ou tput.
This likely reflects the high price of natural gas relative to electricity, a trader reckoned.
Plant has been in flux recently with a 400MW unit at Seabank II struggling t o maintain consistent output, while British Energy's 581MW unit at Heysham 1 cam e back online on Friday, and was generating 500MW by Monday afternoon. Both 535M W units at Dungeness B remain offline, while traders expect at least one to come
back online soon.
Forward market prices were down beginning with November, but not trading in volumes large enough to identify a trend.
On the U.K. Power Exchange, within-day prices peaked during settlement perio d 39 at GBP36.95/MWh. Lowest prices were for settlement periods 7-11 at GBP1/MWh . Volume was 12,412MWh in 24,824 contracts. On the Automated Power Exchange, the
average weighted day-ahead price was GBP18.63/MWh, up from Friday's price of GB P16.01/MWh.
The Meteorological Office expects Tuesday's temperatures to be 2 degrees Cel sius warmer in the southeast and Yorkshire and Lincolnshire. Countrywide, temper atures are forecast to in line with historical norms.
The Balancing Mechanism Reporting System said demand will peak Tuesday at 38 ,094 MW, with off-peak demand hitting a low of 25,908 MW. Demand peaked Monday a t 39,094 MW.
The following forward contracts traded Monday. Figures are in GBP/MWh: Contract Monday Friday
Nov 2001 base 19.33-41 19.50
Jan base 21.50-21.66 ---
Apr base 17.88-18.00 ---
Winter 2002 base 20.10 ---
Summer 2002 base 17.44 17.50
Summer 2003 base 17.58-17.59 17.60
Q1 2001 19.85-19.92 ---
Winter 2003 20.38 ---
-By Sarah Spikes, Dow Jones Newswires; +44-(0)20-7842-9345;
sarah.spikes@dowj ones.com
-0- 08/10/01 17-52G

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

USA: NW Natural sees "double digit" earnings growth.

10/08/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 8 (Reuters) - Northwest Natural Gas Co. said on Monday that the acquisition of Portland General Electric from Enron Corp would enhance its earnings by "double digits" from the first year.
Earlier on Monday Northwest said it was paying $1.8 billion for the firm and the deal was expected to completed by last quarter of next year.
Speaking to financial analysts on a conference call after announcing the deal, executives said the deal had all necessary financing and a new holding company which will be created to accommodate the assets will have debts of up to 80 percent of its capital structure.
Northwest said it expects the new holding company to receive an investment-grade credit rating after three years.

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

NW Natural Gas's Portland General Buy Has No Breakup Fee
By Christina Cheddar

10/08/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Of DOW JONES NEWSWIRES
NEW YORK -(Dow Jones)- Northwest Natural Gas Co.'s (NWN)
planned acquisition of Enron Corp.'s (ENE) Portland General Electric
Co. unit doesn't contain a provision for a breakup fee, Northwest
officials said Monday during a conference call.

Earlier, Northwest Natural, of Portland, Ore., and Enron, of Houston, announced the companies agreed to the terms of the sale. The transaction was anticipated since Friday when the companies confirmed a Wall Street Journal that the two were talking.
Under the terms of the planned sale, Northwest will acquire the Enron unit for $1.55 billion in cash and $250 million in seller-financing securities. Northwest also agreed to cancel a $75 million payment obligation from Enron to Portland General that was related to Enron's purchase of Portland General in 1996.
Northwest also is assuming $1.1 billion in existing Portland General debt and preferred stock.
During the conference call, Northwest officials said they expect the acquisition to close in the fourth quarter of 2002, following approval of Northwest's shareholders and regulatory agencies, including the Federal Energy Regulatory Commission.
The company has already secured the necessary financing, officials said.
Northwest shares recently traded at $23.10, down 31 cents, or 1.3. On Friday, the stock closed down 9.9% to $23.41 in anticipation of the acquisition.
Enron shares, meanwhile, have gained $1.41, or 4.4%, to $33.14.
Enron had previously agreed to sell Portland General to Sierra Pacific Resources (SRP) for $3.1 billion, but the deal was called off six months ago, in part because of complications stemming from the California power crisis.
Enron's decision to sell Portland, an electric utility with $5 billion in assets and $3.9 billion in enterprise value, is an example of Enron's strategy to sell its physical assets and focus on its energy trading activities.

Northwest Natural Gas Chairman and Chief Executive Richard Reiten said the acquisition of Portland General will have "solid accretion" under old accounting rules, and "double-digit accretion" under the new accounting rules pertaining to the treatment of goodwill. Under the former accounting rules, goodwill was amortized to expense.
Reiten didn't provide any specific estimates for the earnings of the combined companies.
In an interview, Reiten said the ability of the transaction to increase the combined company's earnings potential will be helped by a number of factors including the companies' overlapping service areas and combined customer bases.
Reiten expects to consolidate customer billing, call centers and meter reading.
Prior attempts by Northwest and Portland General to initiate joint meter reading for about 350,000 customers already have yielded about $1 million in cost savings, Reiten said.
Also, the acquisition gives Northwest the ability for non-speculative trading around the combined company's natural gas and electric assets, he added.
"The opportunities are exceptional for a utility in the Northwest. That's why we are so confident about the ability of this transaction to add to the bottom line," said Reiten, who served between 1989 and 1996 as the company's president and chief operating officer and as a member of its board.
The combination will result in staff reductions, but Reiten said he couldn't quantify how many. He said some of the reductions would occur through early retirement incentives and though attrition.
-Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

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

Northwest Natural's CEO on Portland General Purchase: Comment
2001-10-08 13:36 (New York)

     Portland, Oregon, Oct. 8 (Bloomberg) -- Richard Reiten, chief
executive of Northwest Natural Gas Co., comments on the company's
agreement to buy Portland General Electric Co. from Enron Corp.
for $2.8 billion in cash, stock and assumed debt.

     The transaction would consolidate the natural gas and
electric utilities in Portland, Oregon. Enron bought Portland
General for $3.1 billion in 1997. A 1999 agreement to sell the
utility to Sierra Pacific Resources of Nevada for $3.1 billion
failed in April because of regulatory delays.

     How Northwest, which has a market capitalization of about
$580 million, will finance the $2.8 billion purchase:

     ``We will issue $150 million of common equity at close. Our
Financial plan calls for another $150 million, three years out, in
2005.'' The company also expects to borrow $1.4 billion, and it
will assume $1.1 billion in Portland General's debt.

     On regulatory approval:

     ``We expect a nine-month to 12-month regulatory approval
period. Our first full year as a combined company would be 2003.
We expect to begin paying down debt that first full year, and we
expect double-digit accretion to earnings the first full year.

     ``No other combination of companies could achieve the
efficiencies these companies can, because we operate in
essentially the same geographic area. No other combination of
companies could achieve as much political, regulatory and general
support of the citizens.''

     On potential cost savings:

     ``We expect significant efficiencies. Common meter reading,
common call centers (customer service). All support services and
administrative functions that are duplicated, we can bring them
together.

     ``We have a wonderful match of the gas utility's interstate
pipeline and gas storage that can be used to enhance the gas-fired
generation facilities of Portland General.

     ``We have a storage field 15 miles from a 550-megawatt
generating plant. We'll be able to trade around those assets, in
non-speculative trading, something that Portland General has
become very good at under its ownership by Enron. Those assets
will enhance trading to bring costs down for the gas-fired
generation and give us more options.''

     On the investment profile of the holding company that will be
formed to own the two utilities:

     ``We see ourselves as a strong, combination utility with a
good, secure dividend, a fair price paid for our assets, and good
growth in earnings. We're confident we'll get regulatory support
for our structure.''


Julia & Mark --

FYI.  I am not sure who (if anyone) from your groups would be interested in
this topic, but I wanted you to know that Bob Frank has arranged a
presentation on the UETA / UCITA matter.

Jim

----- Forwarded by James D Steffes/NA/Enron on 12/12/2000 04:14 PM -----

	Robert Frank
	12/12/2000 11:51 AM

		 To: Mark Greenberg/NA/Enron@ENRON, Alan Aronowitz/HOU/ECT@ECT, Lisa
Yoho/NA/Enron@Enron, Sue Nord/NA/Enron@Enron
		 cc: James D Steffes/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron
		 Subject: UETA/UCITA presentation - Thursday 12/14 10 a.m. - Room 4741

Jeff Dodd will be here this Thursday (12/14) from 10 a.m to noon, to discuss
UETA, ESIGN and UCITA.  Jeff is a nationally recognized expert in these
areas.  Basically, this is an opportunity to get a free primer and to explore
how legal developments in these areas may affect your respective areas of
concern.
Feel free to invite others who may be interested.

I have attached a draft agenda prepared by Jeff.


Joe,

Below are articles that state that deregulation is better for everyone in the
long run and though the California issue is bad, currently, it is not because
of deregulation, but because of transmission and generation issues.

''A deregulated world is the right market for electricity,'' said Ron Walter,
senior vice president at Calpine, an independent power producer in San Jose
that is building three plants.

New York Times Article
------------------------------------------------------------------------------
--------------------------------------------------
The root cause of California's electricity crisis is regulation, not
deregulation.

------------------------------------------------------------------------------
------------------------------------------------------

Other States are learning from CA deregulation and believe that there
deregulation will be more successful. Electric utility deregulation is
sending up sparks in California, but that's not short-circuiting other
states' plans.
At least for now, many are pledging to learn from California's mistakes and
forge ahead by opening their own markets.
Texas, Ohio and Michigan are among 25 that have passed deregulation laws but
not yet put them into effect. The three heavy industrial electricity users
have big plans for competition.

------------------------------------------------------------------------------
------------------------------------------------------------------------------
-------------------

Enron is mentioned in this article along with Boeing stating that..."We've
certainly been exposed to the higher prices, and it's uncomfortable in the
short term," said Keith Warner, the energy manager at Boeing, which spends
about $200 million on power in the U.S. annually. "But in the long term,
deregulation and open access (to transmission from other electric companies)
is where we want to be. In every deregulation we've gone through in this
country, competition has lowered prices."

------------------------------------------------------------------------------
------------------------------------------------------------------------------
-----------------
This shows a more even view of deregulation stating its faults and its
advantages. "The lack of supply has to do with deregulation and the
uncertainty of a financial return on new investment of generation,"
Borenstein said. "But we still would have a supply problem under regulation
and prices would still be high."

------------------------------------------------------------------------------
------------------------------------------------------------------------------
----

Mercury News article states it is not time to re-regulate the markets and
provides the following solutions to solve the crisis. Article Below.
Matters will improve when California has:
-> More sources of power.
-> A more sophisticated electricity market.
-> Smarter consumers -- that is, consumers with the information they need to
be thrifty.
Also the article talks of the Power Exchange (PX) and the Independent System
Operators (ISO) and how these two groups are making the prices higher; i.e
market imperfections that result from the uniqueness of electricity as a
commodity and the immaturity of the new exchanges are enabling producers to
obtain higher prices than the underlying conditions dictate.
Article concludes by saying the deregulated market is just beginning and with
a few adjustments will work out fine


For Mar00, Siatar # 139055, you will need to make adjustments to the risk
assignments etc., as I have made some changes to the booked deal.

For March 1 to 10, Enron Methanol will take zero volumes (they will be down
for maintenance - a force majeure situation)

For March 11 to 31, they will take 33,000/d at a price of Gas Daily HSC mid
flat.

Thanks

Lee


Can you talk early Monday AM w/me & Tribolet re: core/noncore analysis for
Hertzberg?  Jeff


Here is a summary of the USEC transaction.

Thanks
Ben
3-7998


If you would like a hard copy of the presentation to be included in the
Conference Book, I'll need it before Friday, March 24.  Thank you both for
all your time & work on this.

Dawn
************************************************
FROM:  Dawn Scovill, Event Coordinator
DESIGNS Event Consulting
dawn@perfectmeeting.com

----- Original Message -----
From: <Vince.J.Kaminski@enron.com>
To: <dawn@perfectmeeting.com>
Cc: <sobotkad@kochind.com>; <Vince.J.Kaminski@enron.com>
Sent: Thursday, March 16, 2000 9:02 AM
Subject: Re: Presentation

>
> Dawn,
>
> I met David Sobotka from Koch this morning and we talked about
> coordinating our presentations.
> This means there will be changes intended to avoid overlaps. Sorry for
> that. The portions of my presentation
> will survive (those about valuation paradigms) and I shall add a few more
> pages on accounting treatment of weather derivatives
> plus more specific examples. David will cover primarily market evolution +
> plus examples of some
> standard structures, and we shall both give more interesting examples of
> specific deals executed by our companies.
>
> I shall send you an updated version of my part next week. Let me know what
> the deadline is.
>
> Vince
>
>
>
>
> "Dawn Scovill" <dawn@perfectmeeting.com> on 03/14/2000 07:53:47 AM
>
> To:   "Vince J Kaminski" <Vince.J.Kaminski@enron.com>
> cc:
> Subject:  Re: Presentation
>
>
> Thanks -- would you like me to include these in the conference book? or do
> you anticipate changes?
>
> Dawn
> ************************************************
> FROM:  Dawn Scovill, Conference Coordinator
> "Powerful New Ideas 2000"
> dawn@perfectmeeting.com
>
>
> ----- Original Message -----
> From: Vince J Kaminski <Vince.J.Kaminski@enron.com>
> To: <dawn@perfectmeeting.com>
> Cc: Shirley Crenshaw <Shirley.Crenshaw@enron.com>; Vince J Kaminski
> <Vince.J.Kaminski@enron.com>; Vince J Kaminski
<Vince.J.Kaminski@enron.com>
> Sent: Monday, March 13, 2000 1:56 PM
> Subject: Presentation
>
>
> >
> >
> > Dawn,
> >
> > I am sending you an electronic version of my presentation.
> >
> > Vince Kaminski
> >
> > (See attached file: fpl0400.ppt)
> >
>
>
>
>
>
>


Fault Pareto Work Request From Tom Nemila


Mark and Taffy:
Per my earlier e-mail, here is the other class that I registered for.
Carol
----- Forwarded by Carol St Clair/HOU/ECT on 05/16/2000 12:11 PM -----

	Ernie
	Sent by: Carol St Clair
	05/16/2000 12:10 PM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Class Confirmation - Enron North America Orientation

You are enrolled in the following class:

Enron North America Orientation

Class Days and Times:
  06/15/2000  08:30:00 AM - 04:00:00 PM
Room # & Location: EB552,  Houston
Last Day to Cancel: 06/09/2000
Participant Fee: $300.00
Note:

Please review any prerequisite material to validate your eligibility in this
class.
Your Company and RC will be charged $300.00

If you have any questions, please call the Development Center Team at
713-853-0357.

Thank you.


I will be leaving the office at 12 today.  Dana should be here to assist you
in my absence.

Rufino


Start Date: 1/25/02; HourAhead hour: 9;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002012509.txt


---------------------- Forwarded by Kay Mann/Corp/Enron on 04/20/2001 09:41
AM ---------------------------

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 04/19/2001 10:42:28 PM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc: "Keffer, John" <JKeffer@KSLAW.com>

Subject: FW: ENA Letter

Kay:

See Greg's e-mail below.  Attached is a re-draft of the "no objection to
forms" letter.  I have not yet furnished the re-draft to Greg.  Please
review and advise of any comments.  Thanks.

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
 <mailto:ccampbell@kslaw.com> ccampbell@kslaw.com

Enclosure:    140366v4

-----Original Message-----
From: Lang, Gregory F. [mailto:gregorylang@paulhastings.com]
Sent: Thursday, April 19, 2001 8:58 PM
To: 'ccampbell@kslaw.com'
Subject: ENA Letter

Carolyn- I discussed the issue re the ENA letter with the lenders and they
can live with the delivery of a letter attaching the forms with the "no
objection" and "no act in furtherance of frustration" language we discussed
with Kay.  We also need to make sure a mechanism in place that ensures that
upon Pegasus' payment of the $800 on the morning of the transaction closing
(post-Turbine K execution and pre-escrow release), ENA will deliver the
membership interest in Salmon and any other deliverable required to allow
the Delta/Pegasus slate of officers to be installed to execute the Salmon
Note and the Salmon Security Agreement. I suppose this can be effected in
that escrow control letter that Freshfields is drafting that ENA and the
lenders will sign.

Do you want to redraft your letter or would you prefer us to mark it up. Let
me know.

Greg

Gregory F. Lang
Paul, Hastings, Janofsky & Walker LLP
1055 Washington Blvd.
Stamford, CT 06901

203.961.7446 (p)
203.674.7646 (direct fax)
203.359.3031 (firm fax)
gregorylang@paulhastings.com <mailto:gregorylang@paulhastings.com>

"paulhastings.com" made the following annotations on 04/19/01 21:57:48
----------------------------------------------------------------------------
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                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
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all copies of the message.

 - ENA Ltr to Delta Lender re Form of Agmt.DOC


Thanks for your note.

If you are still trying to decide about shore excursions, I was just
remembering my trip and have the following observations:

I found the volcano on the Big Island to be marginally interesting, not
particularly pretty, and from where I was staying (Kona), a very long day.

Kauai was very beautiful - the Na Pali coast is particularly spectacular
(that coast and the nearby beaches are where South Pacific was filmed) but it
is quite rugged and nearly inaccessible as I remember it except on foot or by
boat.  I would highly recommend seeing it by boat if that option is
available, otherwise, you can just drive up to the end of the road and get a
pretty good view.  There is also a river boat trip I didn't get to take so I
can't recommend it - it was popular with visitors.

I didn't make it to Maui but I've always thought it would be fun to go to the
top of the mountain to watch the sunrise (in a car or bus) and then ride down
the hill on a bicycle.

There was a bay near Honolulu on Oahu (near Diamond Head) where I did my
first-ever snorkeling.  It was very popular (crowded) but a lot of fun and
while there were plenty of fish to see the reef itself was pretty dead (not a
lot of pretty coral).

I found the web site for the dolphin lab where I worked but a quick look
didn't indicate they have a visitors center.  You might call them when you
are there if you have the extra time and want to go.
http://dolphin-institute.org/

As far as your clothes are concerned, since you won't have to carry them
yourselves, why not  take them all!

Have a great trip!

Love, Mark


I got the same email.

I will chase down how he got our names.

Looks like he is a contractor based on the email.
Lloyd Will


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

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

Crude     http://www.carrfut.com/research/Energy1/crude19.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas19.pdf
Distillate     http://www.carrfut.com/research/Energy1/hoil19.pdf
Unleaded     http://www.carrfut.com/research/Energy1/unlded19.pdf

Dec WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clz-qoz.pdf
Dec Heat Crack     http://www.carrfut.com/research/Energy1/heatcrack.pdf
Dec Gas Crack     http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread     http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread     http://www.carrfut.com/research/Energy1/hof-hog.pdf
Nov Gas/Heat Spread     http://www.carrfut.com/research/Energy1/hux-hox.pdf
Dec Gas/Heat Spread     http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Nov/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/hux-huh.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG19.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG19.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL19.pdf

Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606


Here we go again.  I guess it hasn't dawned on them that if we do separate
invoicing for March, we'll still have M-L credit risk until the invoice is
paid in April, so we're not going to be interested in letting go of their
collateral.........   What do we usually do w/ this?  Do we need to talk to
someone in Settlements?  Please let me know so we can work out this detail
for them.............
Regards,
Janice

EB3861
Assistant General Counsel, Enron North America Corp.
713-853-1794 (Fax:  713-646-4842)
----- Forwarded by Janice R Moore/HOU/ECT on 03/19/2001 08:05 PM -----

	TeiglandL@sullcrom.com
	03/19/2001 07:39 PM

		 To: Janice.R.Moore@enron.com
		 cc: GilbergD@sullcrom.com
		 Subject: Pre/post transfer invoicing

Janice, one final (we hope) point to think about from Yair.  He is concerned
about how invoicing will be done for the month of March by Enron with respect
to the "Transactions".  Would it be operationally possible for Enron to
invoice MLCS for obligations incurred prior to the transfer date, and
Allegheny for the post-transfer?  If not, we need to figure out how a single
monthly invoice w/ pre- and post- transfer obligations will get paid and
address it in the Transfer Agrt.  Any thoughts you have on this would be
helpful.

-----Original Message-----
From: <Janice.R.Moore@enron.com>
Sent: Monday, March 19, 2001 3:16 PM
To: Teigland, Lauren
Cc: Sara.Shackleton@enron.com; Tracy.Ngo@enron.com;
yyaish@exchange.ml.com
Subject: Re: Power Master - blacklined

Just got all these docs to print -- at last.  Are we really going to close
this puppy today?
The physical power master amendment is ok , but I think we really ought to
refer to the FERC Order (see below for wording), and we need quotes around
the text of the definition amendments in para. 2(v).
I still can't understand why Global is part of the 2d para. as one of the
parties that "agree as follows" or on the signature page -- look at the
first full para. on page 3 -- there, it's just Supply and EPMI.  And, after
all, this really is just Allegheny Energy Supply's master -- at least for
now.
To add a reference to FERC Order, just add the following to the end of the
second sentence in the second para. on page 1, so it reads: " ...  (the
"Transfer Agreement"), as approved by the Federal Energy Regulatory
Commission March 14, 2001 Order issued in connection with Global's
acquisition of the MLCS energy trading business."
Thanks, Lauren.
Regards,
Janice

EB3861
Assistant General Counsel, Enron North America Corp.
713-853-1794 (Fax:  713-646-4842)

                                                        TeiglandL@sul

             lcrom.com            To:     Janice.R.Moore@enron.com
                                                                      cc:

      03/19/2001           Subject:     Power Master - blacklined
                                          01:36 PM

Here is a blackline showing our recent changes.  Note the spacing nit which
I have fixed in 2(i) (Yair caught this one when I cc'd him on the execution
copy earlier).  If you are OK w/ this, I will re-send you a clean copy.

----------------------------------

This e-mail is sent by a law firm and contains information
that may be privileged and confidential. If you are not the
intended recipient, please delete the e-mail and notify us
immediately.

----------------------------------

This e-mail is sent by a law firm and contains information
that may be privileged and confidential. If you are not the
intended recipient, please delete the e-mail and notify us
immediately.

(See attached file: Allegheny  ENRON Physical Master amendment(vRED).DOC)

----------------------------------

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intended recipient, please delete the e-mail and notify us
immediately.


From: Save Our Rockets

This is probably the last update you will receive prior to election day.
Make sure to get out and vote for the arena and tell your friends, family
members, co-workers and total strangers to do the same!

In this update:

ELECTION RESULTS
MONDAY RALLY
WORKING THE POLLS
ELECTION NIGHT PARTY

----------
ELECTION RESULTS

For those of you not near a TV or unable to attend the election night party
(see below), Save Our Rockets and Comets is proud to bring you
up-to-the-minute election results right on the website beginning at 7pm on
Tuesday evening.

We will have updates as often as possible so you can follow the returns
right on your computer screen!  A big thanks to Dave from
http://www.ClutchCity.net and Randy from http://www.LiveHosting.com for the
help getting that done.

----------
MONDAY RALLY

The final rally of the election will be from 4pm to 6pm Monday afternoon at
campaign headquarters (downtown at the corner of Crawford and Clay).
Featured guests include Congresswoman Sheila Jackson Lee and Rocket players
Steve Francis, Shandon Anderson and Walt Williams.

Come on down and give the arena vote one final send off!

----------
WORKING THE POLLS

Most of you already know that we will be out working the polling locations
on Tuesday.  If anyone is still interested in helping out, please let us
know and we'll get you hooked up.

Call me at 713-880-3733 for more info.  We can use any and all help that
day.  Thank you.

----------
ELECTION NIGHT PARTY

Everyone is invited to the official arena campaign election night party at
the Hyatt Regency's Regency Ballroom on Louisiana Street in downtown Tuesday
night.

The party gets started at 7pm and will last on into the night.  TV's will
broadcast election results all night (and hopefully the game!) and there
will be food and entertainment.

Thanks for all your support.  Now, get out there and VOTE!

-- Jeff

---------------------
This message brought to you by http://www.SaveOurRockets.com . To remove
yourself from this email list, click the following link:
http://www.saveourrockets.com/email_remove.cfm?email=mballases@hotmail.com&id=
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**ATTENTION N.A. NATURAL GAS INDEX SUBSCRIBERS**                                                                                Commencing January 2, 2002, the ICE Daily Index will be distributed at 13:30 EST. Also, the following trading hubs will be added to the existing 27 pricing points:                                                                                1.	ANR-SW                                                                                2.	Consumers Energy                                                                                3.	NGPL-TXOK East                                                                                4.	Panhandle                                                                                5.	TGP-Z0                                                                                6.	Dawn                                                                                7.	Station 2 (WEI)                                                                                Additional hubs will be included once trading volumes reach critical mass as determined by a 90 day standard deviation analysis conducted by ICE.

                                                                                For further information contact:                                                                                Bud Hum at 312.674.4915 or                                                                                Joe Adevai at 646.792.2620                                                                                IntercontinentalExchange                                                                                HELPDESK 770.738.2101


Sara, any progress on providing Boeing with the ISDA they requested ??  John


Who picked up seven players already?  Their team must really suck!!!  Has anyone looked at the power rankings lately?  I will save you the time...The Hillrods are #1.

Sincerely,

Bob 'that kid needs to learn that you don't bunt to break up a no hitter when down by two only runs' Brenley

President of The Boung Houng Kim Fan Club

This man's managing skills are about as good as his knowledge of the so called 'baseball etiquette'.  I think he should start Kim Saturday & Sunday.

>>> "Kevin" <klyn@pdq.net> 11/02/01 10:02AM >>>
Remember that you have a limited number of transactions (Add/Drops) for the year to make.  This does not include trades.  There is not a limit to the amount of trades you can make.  Since I managed to screw this up already, the limit will be increased from 7 to 8.  Use them wisely...

Kevin


Jeannie drafted this op-ed in response to the situation in the California
market.  Please let me know if you'd like to proceed with placement in a CA
newspaper.  If so, we need to decide who should author and what is the ideal
placement.  thx. kd
---------------------- Forwarded by Karen Denne/Corp/Enron on 12/13/2000
07:17 PM ---------------------------

JMandelker@aol.com on 12/13/2000 05:56:44 PM
To: karen.denne@enron.com, Jeff.dasovich@enron.com
cc:

Subject: revised Electricity op-ed

Karen, I've incorporated your suggestions. Still need to know current state
mw capacity and no. of peaking mw approved for next summer. Hope Jeff can
help or direct me to someone who can.

Sorry for this AOL transmission -- the system is running really slow.

Take care,
Jeannie

 - Electricity Op Ed.doc