Wisconsin Gas to Purchase Nine Mile Line From Northern Natural Gas
PR Newswire, 07/13/01

Commodities Review: LME Copper Hit By Another Stock Rise
Dow Jones Commodities Service, 07/13/01

LME Base Metals: Copper Pressured Down By Stock Build
Dow Jones Commodities Service, 07/13/01

UK: Telecoms, drugs drive FTSE 100 rally, Vodafone leads.
Reuters English News Service, 07/13/01

Futures Contract Covering Coal Debuts in New York (Correct)
Bloomberg, 07/13/01

Enron: Panacea or Pariah?
Modern Metals, July 2001

Wisconsin Gas to Purchase Nine Mile Line From Northern Natural Gas

07/13/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

Line Will Enhance Competition in Southeast Wisconsin and Use Existing
Facilities

MILWAUKEE, July 13 /PRNewswire/ -- Wisconsin Gas, Northern Natural Gas and
Guardian Pipeline announced today that Wisconsin Gas has signed an agreement
with Northern Natural Gas (NNG) to purchase a nine mile, high pressure
natural gas pipeline in Walworth and Waukesha counties. The purchase price is
$5 million. The proposed transaction will require approval from federal and
state regulators. The pipe, known as the Eagle line, is located southeast of
the Kettle Moraine Forest near Eagle, Wis.
The existing line has been part of the NNG interstate transmission system.
Under the new ownership, the line will become part of the Wisconsin Gas
distribution system and will interconnect with Guardian Pipeline as well as
the NNG system.
"Northern Natural Gas is pleased to be a part of a creative, cost-effective
solution to provide additional gas service to southeastern Wisconsin," said
Dave Neubauer, vice president of business development and marketing, Northern
Natural Gas. "This transaction enables Wisconsin Gas and its customers to
obtain natural gas supplies from Guardian or NNG. Providing reliable,
economical choices for consumers will benefit all of the parties involved."
"We saw this as an opportunity to minimize environmental impact and still
realize the benefits of increased competition in the natural gas market,"
said James Schott, senior vice president, Wisconsin Gas. "The purchase of the
Eagle line will enable Wisconsin Gas to further our goal of providing
cost-efficient natural gas service to our customers."
As a result of the purchase Guardian Pipeline, the 141-mile interstate
pipeline from Joliet, Ill. to Ixonia, Wis., will no longer build an 8.5-mile
lateral to Eagle. The lateral was part of the originally certified Guardian
Pipeline. This portion of the line would have generally run parallel to the
current Northern Natural pipeline.
"This sale is a win-win situation for Guardian and consumers," said George
Hass, project manager of Guardian Pipeline. "The Eagle line purchase by
Wisconsin Gas saves Guardian time and resources by taking away the need to
build the 8.5-mile lateral and allows all three companies to create a better
environment for competition in the natural gas marketplace."
The existing gate stations at LaGrange and Eagle will remain in-service for
regulation purposes. Odorization and measurement will take place at a new
gate station that will be constructed at the interconnect with Guardian. This
new gate station will be called the Bluff Creek station and will be located
near Whitewater. The Bluff Creek gate station will be constructed during the
construction of Guardian Pipeline.
Northern Natural Gas, a subsidiary of Enron Corp., with a market area
capacity of about 4.3 Bcf/d, provides natural gas transportation services to
utility customers in the upper Midwestern United States through its
approximately 16,000 miles of pipeline.
Guardian Pipeline is a partnership of three Midwestern energy companies: CMS
Energy, based in Dearborn, Mich.; Wisconsin Energy, headquartered in
Milwaukee, Wis.; and Viking Gas Transmission Co., a wholly owned subsidiary
of Xcel Energy Inc., and located in St. Paul, Minn.
Wisconsin Electric-Wisconsin Gas, the principal utility subsidiary of
Wisconsin Energy Corp. (NYSE: WEC), serves more than one million electric
customers and more than 960,000 natural gas customers throughout Wisconsin
and Michigan's Upper Peninsula. Visit our company's Web site at
www.WE-WG.com. Learn about Wisconsin Energy Corp. by visiting
www.WisconsinEnergy.com
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X86200271

/CONTACT: Media only: Kelly Farr of CMS Energy, 313-436-9253; or Megan
McCarthy of Wisconsin Energy, 414-221-4444; or Gina Taylor of Northern
Natural Gas, 713-853-7681/ 17:01 EDT

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

Commodities Review: LME Copper Hit By Another Stock Rise
By Mark Long and Steve McGrath
Of DOW JONES NEWSWIRES

07/13/2001
Dow Jones Commodities Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- Copper futures traded in London fell Friday, as a
further influx of stocks into official warehouses put the copper market under
pressure and dragged down the rest of the base metal complex.
Three-month copper traded on the London Metal Exchange ended $6 down from
Thursday's late kerb close at $1,554.50 a metric ton.
An increase of 7,475 tons of copper into LME warehouses Friday brought total
stocks up to a 12-month high of 550,300 tons. This pressured prices in early
trade down to test $1,550/ton support, although prices recovered slightly in
later trade.
Unconfirmed market talk said Enron is behind much of the week's stock rise,
in an effort to ease nearby supply tightness and to alleviate the large short
positions it is thought to have built up on the July-for-a-week spread, which
is currently showing a $6-$8/ton backwardation. The July futures contract
will switch over to cash Monday.
Enron declined to comment on the market talk Friday.
A backwardation is a pricing structure in which deliveries to be made in the
near future are more expensive then those set for a more distant delivery.
The opposite situation is called contango.
"The spreads are still tight. The major longs are still reluctant to lend,
with no signs of that (tightness) dissipated," said Kevin Norrish, an analyst
with Barclays Capital in London.
Dealers and analysts said they expect further stock increases next week.
The entire base metals complex ignored Thursday's 237-point rally in the Dow
Jones Industrial Average, dealers said.
"Copper has been sensitive to moves in the stock market, but not this time,"
Norrish said. In fact, now it appears that base metals markets ignore
equities markets when they rally, but follow stocks down when they slump, he
added.
European Grain Futures See Profit-Taking, But More Gains Expected
European grain and oilseed futures were hit by a bout of profit-taking and
pre-weekend position-squaring Friday, after rising to long-time highs,
brokers said.
However, world and domestic crop concerns, the strength of the dollar and
general bullish sentiment will carry the markets to fresh highs short term,
they said.
On the London International Financial Futures and Options Exchange, the
benchmark November feed wheat contract ended just 25 pence up at GBP82/ton,
after hitting a new two-year high of GBP83/ton in early trade.
Meanwhile, Matif November rapeseed futures fell EUR2.75 on the day to
EUR265/ton, after hitting a three-year high of EUR271/ton in early trade.
The U.K. wheat crop and the French rapeseed crop are forecast to be well down
on last year, and wheat and canola crops in some other major producing
countries are also expected to fall.
Meanwhile, the strength of the dollar is allowing European grain and oilseed
traders to up prices and still remain competitive against U.S. imports and
dollar-denominated grains on the world market.
-By Mark Long and Steve McGrath, Dow Jones Newswires; 44-20-7842-9358;
mark.long@dowjones.com

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

LME Base Metals: Copper Pressured Down By Stock Build

07/13/2001
Dow Jones Commodities Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- London Metal Exchange three-month copper ended Friday's
late kerb lower compared with Thursday, pressured by another stock build,
dealers said.
(LME three-month metals prices in dollars a metric ton at 1600 GMT, with the
previous late kerb close in parentheses. Comex copper at 1641 GMT in cents a
pound, with the previous close in parentheses.) Copper 1,554.50 (1,560.50)
Tin 4,452.50 (4,502.50)
Aluminum 1,452.25 (1,458.50) Zinc 871.50 (877.50)
Nickel 5,925.00 (6,012.50) Lead 462.50 (465.00)
Comex Sep Copper 70.75 (70.80)
An increase of 7,475 tons of copper Friday brought total stocks up to a
12-month high of 550,300 tons. This pressured prices in early trade down to
test $1,550/ton support before rising slightly to close at $1,554.50/ton,
down from Thursday's close of $1,560.50/ton.
Unconfirmed market talk said Enron is behind much of the week's stock rise,
in an effort to ease nearby supply tightness and to alleviate the large short
positions it is thought to have built up on the July-for-a-week spread, which
is currently showing a $6-$8/ton backwardation. The July futures contract
will switch over to cash Monday.
Enron declined to comment on the market talk.
A backwardation is a pricing structure in which deliveries to be made in the
near future are more expensive then those set for a more distant delivery.
The opposite situation is called contango.
"The spreads are still tight. The major longs are still reluctant to lend,
with no signs of that (tightness) dissipated," said Kevin Norrish, an analyst
with Barclays Capital in London.
Dealers and analysts said they expect further stock increases next week.
The entire base metals complex ignored Thursday's 237-point rally in the Dow
Jones Industrial Average, dealers said.
"Copper has been sensitive to moves in the stock market, but not this time,"
Norrish said. In fact, now it appears that base metals markets ignore
equities markets when they rally, but follow stocks down when they slump, he
added.
Aluminum also ended the late kerb lower Friday.
News of the restart of some smelters has dampened sentiment, despite a stock
drawdown of around 8,000 tons since the end of last week, dealers said.
"The stock drawdowns are fairly small percentage-wise," said Standard Bank
analyst Robin Bhar, adding that they would need to be much larger to
significantly improve market sentiment.
"A test of $1,435/ton cannot be ruled out, though we would expect forward
buying to prevent a break below this level for the time being," Barclays said
in a market report.
Zinc continued its slump, falling to a seven-and-a-half-year low, mainly on
technicals.
Technicals also hurt nickel, which rose slightly after breaking $5,900/ton
support but still closed at its lowest level since April.
Nickel's fall was "just on some speculative liquidation and short selling,
mostly chart-based," Bhar said.
-By Mark Long, Dow Jones Newswires; +44-20-7842-9356; mark.long@dowjones.com

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

UK: Telecoms, drugs drive FTSE 100 rally, Vodafone leads.
By Camila Reed

07/13/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, July 13 (Reuters) - Britain's largest companies raced higher at the
close on Friday fired by telecoms and drug stocks as they bounced back from
Wednesday's 16-week low.
Index heavyweights Vodafone and GlaxoSmithKline provided 27 of the day's
55-point gain, while technology firms wobbled. However, the telecoms giant
surged 4.1 percent to 157-1/4p.
The FTSE 100 finished 55.4 points or one percent firmer at 5,537.0, having
jumped 1.66 percent on Thursday after seven consecutive losing sessions, with
gainers outnumbering losers by three to one.
Stocks steamed higher and refused to be derailed by sluggish U.S. retail
sales figures for June, which showed only a meagre rise, and a weaker Wall
Street, but volumes were thin at 1.4 billion shares.
By London's 1530 GMT finish the blue chip Dow Jones industrial average was
down five points, while the tech-laden Nasdaq Composite Index was flat,
having streaked up in the previous session.
Mike Lenhoff and Simon Rubinsohn at money managers Gerrard said that the UK
equity market was deeply oversold and long-term this presented a buying
opportunity for UK equities.
DRUGS SEE-SAW
Drugs reversed an earlier decline with Nycomed Amersham among the day's top
performers, up nearly four percent at 536-1/2p and AstraZeneca rising over
one percent.
Mining giant Anglo American moved into the FTSE 100 top ten gainers with a
three percent rise, as investors sought refuge in mining stocks as a cyclical
play.
Another major gainer was British business services firm Hays Plc up 3.4
percent. The shares leapt on market talk that Germany's Deutsche Post was
looking to make a bid for it, dealers said.
Both Deutsche Post and Hays declined to comment.
Firmer crude prices gave support to the oil sector. BP rose 0.6 percent to
572 pence and Shell also added 0.6 percent to 581-1/2p lifting the index by
four points.
FTSE MIXED PICTURE
But dealers and analysts said it would be a mixed picture going forward with
the market scrutinising data for signs of a sustained economic recovery or a
lapse in consumer confidence.
"This week we had a really bloody day on Wednesday and then the opposite on
Thursday, so we're going to be on a rollercoaster still. It's very fragile
but it does show the potential of the market," said Foreign & Colonial
director of UK equities David Manning.
"It's not only the holiday period, it's also that the market can make you
look an idiot one day to the next. In that sort of circumstance the
temptation is to do very little," he said.
ABN Amro strategist Gareth Williams said the market would make modest
progress over the next month or so, with moves downward quite likely although
the trend would be upwards over the course of the year.
TECHS DIP
Thursday's 5.3-percent rally in the Nasdaq failed to bring any cheer to UK
technology shares. Logica and Colt Telecom slid four percent, while microchip
designer ARM fell 3.9 percent to 223 pence trimming Thursday's 13 percent
jump.
The techMARK index of technology shares rose 0.98 percent to 1,602.87.
Elsewhere on the downside, UK holiday operator Airtours lost nearly 10
percent of its value after Swiss peer Kuoni issued a profit warning.
Among second liners, Baltimore Technologies closed up 3.3 percent. It
initially rallied 22 percent after the Irish Internet security firm said it
received an approach from an unlisted British-based company for an all-paper
deal to combine the companies.
The FTSE 250 Mid-cap index finished 5.1 points stronger at 6,163.8.
Among small-caps, Paladin Resources' shares jumped 10 percent after the UK
oil explorer said that major shareholder U.S. oil giant Enron had sold the
whole of its 40-million-share stake via HSBC bank for 44 pence a share.
Britain's Litho Supplies Plc slumped 42.5 percent after the company, which
supplies printing and graphic arts products, said that sales in the first six
months of 2001 were on target, but profits would likely be below expectations
due to tough market conditions and pressure on margins.

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

Futures Contract Covering Coal Debuts in New York (Correct)
2001-07-13 08:48 (New York)

Futures Contract Covering Coal Debuts in New York (Correct)

     (Corrects location of FirstEnergy Corp. in 10th paragraph of
story that moved yesterday.)

     New York, July 12 (Bloomberg) -- The New York Mercantile
Exchange today began trading a futures contract for low-sulfur
coal, a fuel that President George W. Bush said will play a major
role in meeting electricity demand over the next two decades.
     The contract's debut came after prices for coal, considered
the dirtiest of power-plant fuels, doubled in the past year, as
demand from power plants outstripped mine production. Coal for
September delivery opened at $42 a ton and settled at $40.75, as
98 contracts were traded, exchange officials said.
     ``We had a big run-up in coal prices this past winter,'' said
Andy Ozley, who buys coal for Atlanta-based Mirant Corp.'s six
coal plants in New York, Illinois, Maryland and Virginia. ``This
contract affords us a way to mitigate our exposure'' to large
price swings.
     The Bush administration said in an energy policy report this
spring that coal would be the dominant fuel for electricity
generation through 2020. Bush gave an added boost to the fuel when
he retreated from a campaign pledge to restrict carbon dioxide
emissions, implicated in global warming.
     Coal plants are responsible for a third of the nation's
carbon dioxide emissions. They also produce sulfur dioxide, which
causes acid rain, and nitrogen oxides, which cause smog.
     The Nymex started the futures contract to give mining
companies and utilities a way to hedge their risks in the $33
billion coal market. Producers such as Peabody Energy Corp. and
Arch Coal Inc., whose shares have soared in the past year, have
said they would trade the futures.

                            New Plants

     Last year's quadrupling of prices for natural gas -- a
cleaner-burning power-plant fuel -- prompted many generators to
ramp up output from their coal plants. Utility coal stockpiles
dwindled, and prices have risen to their highest levels since at
least 1989.
     So far this year, more than a dozen companies have announced
plans to build coal-fired plants, including Kansas City, Missouri-
based Kansas City Power & Light Co. and Portland, Oregon-based
PacifiCorp.
     Although coal is used to produce 52 percent of the nation's
electricity, few plants were built during the 1990s because of the
high costs of building them and the difficulty of complying with
federal and local environmental regulations.
     Demand for coal has eased in recent weeks as below-normal
temperatures in the U.S. Midwest and Northeast reduced demand for
air conditioning, said Jim Parks, who buys coal for six power
plants in Ohio and Pennsylvania as director of fuels at Akron,
Ohio-based FirstEnergy Corp.
     ``The summer's been pretty mild so far -- you haven't seen
any big heat waves'' in regions with the most coal generation, he
said.

                           Big Sandy

     The Nymex futures contract calls for the delivery of 1,550
tons of low-sulfur coal to the mouth of the Big Sandy River near
Huntington, West Virginia. From there, the fuel would be loaded
onto Ohio River barges and shipped to power plants in the U.S. and
possibly Europe.
     The new contract is tailored to producers in Appalachian
states that account for about 40 percent of U.S. production,
including West Virginia, Kentucky and Pennsylvania, the No. 2, 3
and 4 coal producers.
     The industry lacks a futures contract for coal from Western
states that account for 47 percent of the nation's production,
including the No. 1 producer, Wyoming.

                         Avoiding the Past

     The exchange, which earns commissions on trades, hopes coal
futures will avoid the fate of other contracts it has started over
the past few years. Its six electricity futures contracts have
fizzled, as has its Middle East sour crude oil contract, which
debuted in May 2000.
     ``I said yesterday, if you traded 100 to 200 contracts, that
would be a really a good day,'' said Chris Casale, vice president
of energy trading at Dynegy Inc. in Houston, which trades coal and
buys the fuel for its six power plants in New York and Illinois.
``It came out sort of on target.''
     Most of today's trading was originated by large energy
marketing companies, he said, although he declined to say whether
Dynegy traded any contracts. Enron Corp., the largest energy
trader, and Duke Energy Corp., the largest U.S.-based utility
holding company, have said they would trade coal futures.
     Exchange officials have said the coal market has the
potential to reach 5,000 trades a day after a year of trading.
     The Nymex's 17-year-old crude oil futures contract averages
about 66,700 trades a day, and its 11-year-old natural gas
contract averages about 33,500.

                           Wary of Coal

     ``The coal market is still lacking liquidity,'' said Anthony
McAuley, a floor broker at ABN Amro Inc., who said he bought five
coal contracts for a client at $42 a ton -- the market's first
transaction. ``You probably need to see a little more
participation'' from industry coal buyers and sellers for the
market to take off.
     Independent floor traders, known as locals, are wary of
trading coal futures without assurances that the industry will be
active as well.
     ``Floor traders lost millions'' in electricity futures when
some were caught with high-priced contracts and nobody in the
industry to sell them to, he said.
     ``Because of that, people are a little bit tentative about
coal,'' said Tom Schiff, an independent crude oil trader. ``We're
here to help make liquidity but we can't tackle all the risk.''

		Modern Metals, July 2001

		Giant energy concern now turns its attention to steel. The company's
aggressive posture has begged controversy. Industry reactions vary from
hand-wringing to open arms. Still others characterize Enron as a "non-event."
		By Michelle
Martinez Arjona,
Editor-in-Chief,
and Paul Hohl,
Contributing Editor

		These days, saying the word "Enron" in a room full of metals executives is
like screaming "fire" in a crowded theater. For most in the steel industry,
the idea of a futures market is enough to raise a few eyebrows. But when a
major market maker with annual revenues of 10 times the market cap of the
U.S. steelmaking industry stakes a claim (for 2000 alone, Enron logged
revenues of $101 billion--that's with a "b"), a lot more than eyebrows are
likely to be raised. After a bold presentation from Jeff McMahon, president
and CEO of Enron Industrial Markets, at the SSCI annual convention in May (in
which he accused steel mills of treating their service center customers as
"annoyances"), industry leaders rushed to understand this latest market
contender.
		Friend or foe? Competitor or partner? These are just a couple of the
questions surrounding Enron's aggressive push into the metals industry.
Judging from the service center and mill executives Modern Metals queried,
there are as many answers as there are opinions in the industry. Reactions
ranged from fear to acceptance to downright resentment. At least one mill was
reticent to discuss Enron at all--still others seemed to meet the issue with
unaffected shrugs. If the saying is true that all publicity is good
publicity, the buzz that Enron has generated would make even a Hollywood spin
doctor envious.
		What's the hubbub?
Although products such as natural gas and energy--Enron's major business
platform--have been traded as commodities for years, until Enron's appearance
a formal forward market for steel has never existed. According to McMahon,
the absence of a liquid and transparent market has resulted in "uninformed
investment decisions" that have exacerbated the current oversupply situation,
and left companies exposed to the hazards of price volatility.
		Enron's answer is to offer a variety of financial hedging products along with
forward contracts in hot-rolled, cold-rolled and galvanized (plate and long
products are soon to follow), locking in prices for as many as five years
out. Enron contends that it can act as a "risk intermediary" in steel
transactions, ensuring healthier profit margins and lowering the cost of
capital. Certain grades of steel are commodities, McMahon insists, and as
such should be bought and sold on a commodity market basis, instead of the
strategic relationships that now exist between the mills and consumers. Enron
has been offering steel online, and via phone and fax, since November of last
year.
		"Before you add capacity, before you make an investment decision, you'll be
able to see a three, five, maybe even a 10-year forward price of steel,"
McMahon stated, "and if you want to hedge that investment you can do that."
		The company plans to buy steel at a floating price and then sell it to steel
consumers at a fixed rate, making money on the spread. In February, Greg
Hermans, VP of steel trading at Enron, reported to AMM that it was offering
U.S.-made 10-gauge, 48-in. wide hot-rolled for April delivery in Chicago for
$225 a ton. Hermans said Enron was buying the same product for April delivery
at $215 a ton.
		Eventually, Enron sees the development of four different marketplaces: the
Northeast, the Midwest (or Chicago area), the Gulf Coast (or Houston area),
and the West Coast. Enron will hedge against spot price spikes through equity
and physical holdings in domestic mills. The company closed on Huntco's
Arkansas-based cold-rolling mill in June.
		"It's a big portfolio," McMahon said. "We wanted to put together a portfolio
of supply and demand. In some cases, we'll own assets--hopefully we'll own
some term contracts with domestic mills. To the extent that imports are a
part of the equation, we'll be a part of that market. We may purchase
capacity from somebody, not necessarily the assets, but toll slab through a
hot strip mill. All of those combined is how we do our business."
		Steel mills can benefit, McMahon said, by entering into a multi-year
"physical off take" with Enron, thus giving steel mills a degree of certain
volume and on product specification. Enron would guarantee purchase of a
specified amount of tonnage, and use a floating price or a floor price to
guard against market shocks. Whether mills would be willing to divert
capacity to the commodity grades being bought and sold by Enron remains
uncertain. At least one mill executive privately said no . . . at least for
now.
		Nucor president, CEO and vice chairman, Dan DiMicco also sees little value in
Enron's proposal. "What we need to have is stable pricing at levels where the
most efficient mills can make a good return on their capital and further
invest in new technologies and equipment," he stated. "I define true value as
helping the industry to become stronger. It doesn't do any good to maintain a
lack of price volatility at $200 a ton."
		Keith Busse, CEO at Steel Dynamics, echoed that sentiment in a recent New
Steel article. "If you're trying to get volatility out at $320 [per ton],
great," he said. "But at $230, you want to stick your fingers down your
throat."
		For the service centers
Service centers, McMahon suggested, could benefit immediately. "The only way
[distributors] are able to hedge themselves is to go out and buy inventory,"
he explained. "That takes capital, and cash, and space. We can offer a
financial product that gives the exact same protection, but doesn't require
any of the above.
		"We can hold those inventories and price the steel at the time of delivery to
the service centers," he continued, "so their 4- or 5- percent net margins
are somewhat certain."
		"I do think that Enron is providing a service for the industry . . . "
commented Dave Lerman, CEO of Steel Warehouse, South Bend, Indiana. But he
pointed out that "how [it] moves forward will be interesting. If they just
move forward with hedge instruments . . . that's independent of whether you
run your business well by having a good supplier that matches up with the
demands of your customers. I think [Enron] will be a good thing for some
people and a non-event for others."
		Beyond hedging, McMahon pointed out, firm and enforceable contracts could
become a key benefit to service centers. As one Midwestern distributor source
commented, "One of the terrible things that happens in our business is that
end users demand long-term pricing, beyond what anybody can foresee. When
they anticipate the market is going up, or that it has hit a low point, they
push harder for it--as any one would. But historically, they don't honor the
deals."
		In a down market, he explained, customers demand lower prices. Noncompliance
can result in orders, but no releases, and a "don't call us, we'll call you"
attitude from customers. The consequence for service centers, he said, are
price reductions on the way down and on the way up. "If Enron brings
integrity to both sides of this market," he concluded, "that would be a very
big plus for the steel industry."
		But integrity, another Midwest service center exec countered, has got nothing
to do with it. In his estimation, Enron is like a profiteering carpetbagger,
"trying to make a buck in between the producer and the user. That's all we
need right now," he declared, "somebody trying to squeeze out a few more
dollars." But, he recognized, "we're all going to have to deal with it."
		Don McNeeley, president and CEO of Chicago Tube & Iron, indicated that some
good could come of a heavy-hitter like Enron introducing new ideas into the
industry, but acknowledged that people might be offended by somebody picking
the so-called "low-hanging fruit" of the steel market in the current economy.
"What do you think the mills are going to do when you come to them for just
the peripheral items?" he queried. "My concern would be that the price would
go up on [those items]."
		McNeeley also questioned the wisdom of distributors relinquishing control of
their inventories. "In distribution, 60 percent of our net worth is
inventory, 30 percent is accounts receivable, and 10 percent is plant
property and equipment," he related. "Our single largest asset is our
inventory. If a distribution company surrenders control of its inventory to a
third party, does not that distributor, in effect, surrender its own
sovereignty?"
		Only just begun
Questions abound regarding Enron's role as a physical supplier of steel as
well. As one Minnesota-based service center exec put it, "are they ready to
deal with problems?"
		Although Enron has expressed interest in being a physical supplier, Dave
Lerman explained, "I think that's going to be a lot more difficult to
implement." Enron would have to consider specific qualities, coil sizes,
nuances of chemistry, surface quality, and formability. "Most customers
require better than standard tolerances," he pointed out. "These are all
issues that might complicate commodity sales."
		Delivery is another issue. As a physical supplier, Enron has virtually
guaranteed just-in-time delivery, but as one service center source said, "the
guarantee is good when the material shows up at my door. What happens if it
doesn't show up? I disappoint a customer. What good does it do to sue [Enron]
if I've lost a customer?"
		Mill executives have questioned whether Enron is a potential competitor.
"They see Enron as someone likely to buy foreign steel in order to deliver it
to a U.S. customer," said Chuck Bradford, principal of Bradford Research and
a long-time industry observer. He cautioned against seeing Enron as too much
of a physical supplier, speculating that the future of Enron, similar to the
LME, will be in hedging. "You may see some [physical transactions] to start
with," Bradford predicted, "just to get the ball rolling. But I don't see
that as the way the market will develop."
		McMahon has been consistent in saying that Enron has little interest in
becoming a steel manufacturer. The real value, he said, is in a transparent,
liquid market. "We know the products work, we know the market wants them. Can
any one particular mill or mills prevent that? We don't think so," he said.
"It's not an 'if', it's a 'when'."
		The jury is still out on just how soon that "when" will come, and what those
effects will be for the steel industry. And for all of the debate surrounding
the issue, it seems a bit soon to be hitting the panic button. As Don
McNeeley recounted, "I can recall similar controversy over a speech a guy
gave about 15-17 years ago. That guy's name was Ken Iverson, and he had this
concept called a mini-mill. Look at it now."


Sally,

I forgot to attach the list of students coming to NAPE.

Let me know if you have trouble opening it.

Have a good weekend.

Ted K. Jacobs
Director of Energy Management
The University of Oklahoma
307 West Brooks Room 218
Norman, OK 73019-4007
(405) 325-0758
(405) 325-2096 fax
E-mail: tjacobs@ou.edu
Website: www.ou.edu/business/em

 - C.DTF


---------------------- Forwarded by Victoria Versen/HOU/ECT on 10/27/2000
11:42 AM ---------------------------

	From:  Victoria Versen                           10/27/2000 11:06 AM

To: Cindy Vachuska/HOU/ECT@ECT, Sabra L Dinari/HOU/ECT@ECT, Jesse
Villarreal/HOU/ECT@ECT
cc:  (bcc: Victoria Versen/HOU/ECT)
Subject: TENN VNG capacity - Nov

Here is your VNG capacity for November:

#47 0 - 3  8978
 800L - 3  3139
 500L - 3  4256

-primary deliveries
 Cornwell 2172
 S Webster 12202
 Cobb  1999

#21881
 0 - SWebster 518

#21882
 0 - SWebster 4599

Please let me know if you have any questions or problems with this.

Thanks,

Vicki


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Walter,

Thanks. My new location  is EB 1962.

Vince


We've encountered another error with TAGG this morning and you may not be
able to access the application from your main Start Programs menu.  However,
you can access it through Terminal Server by doing the following:

From your desktop click on "Terminal Server"
You should be at "Enron Remote Services" homepage
You can now select "General Purpose Cluster 2 - Notes R5"
You will be prompted to enter your network ID and Password - then click OK
You are now at a black screen with four icons on your left and the "START"
button right below the black screen - select "Programs" "Trading" "Deal
Clearing"

If you're still not able to access TAGG from Terminal Server, contact the
Resolution Center at 34888.

Nony

----- Forwarded by Nony Flores/HOU/ECT on 09/07/2000 10:44 AM -----

	Nony Flores
	09/06/2000 11:06 AM

		 To: Genia FitzGerald/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Debra
Perlingiere/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Susan
Bailey/HOU/ECT@ECT, Laurie Mayer/HOU/ECT@ECT, Stephanie Panus/NA/Enron@Enron
		 cc: Becky Tlucek/HOU/ECT@ECT, Jenny Helton/HOU/ECT@ECT, Kien
Luu/NA/Enron@Enron
		 Subject: TAGG Update

TAGG upgrade has been completed and we can now access the application.  When
you first launch TAGG it will take a couple of minutes to do a workstation
installation, once the installation is complete you will see the familiar
screen where you enter your password.

Thanks.
Nony

----- Forwarded by Nony Flores/HOU/ECT on 09/06/2000 11:00 AM -----

	Nony Flores
	09/05/2000 12:11 PM

		 To: Genia FitzGerald/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Debra
Perlingiere/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Susan
Bailey/HOU/ECT@ECT, Laurie Mayer/HOU/ECT@ECT, Stephanie Panus/NA/Enron@Enron
		 cc: Becky Tlucek/HOU/ECT@ECT, Jenny Helton/HOU/ECT@ECT
		 Subject: TAGG Update

As of this morning, we have lost access to TAGG applications.  All Windows
2000 users will not be able to access TAGG until the upgrade is completed.
The team anticipates completion of the upgrade by the end of the week.

Thanks.
Nony


Something I received from Su's son, Bill Lachance, the day before the
"bombing" in NYC and DC. I've only just now read it.
Sandy

--------- Inline attachment follows ---------

From:  <David_Lachance@amat.com>
To: David_Lachance@amat.com
Date: Monday, September 10, 2001 1:13:55 GMT
Subject:

Print and read.  Whereas, it is not sensational like mainstream news, it
is, however, the stark reality of the ebb and flow of energy prices.
Sorry, alarmists and politicians.  The laws of economics are nearly as sure
as the law of gravity.

September 5, 2001

Where Did the Energy Crisis Go?

by Jerry Taylor and Peter VanDoren

     Jerry Taylor is director of natural-resources studies at the Cato Institute. Peter VanDoren is editor
     of Cato's Regulation.

What a difference a few months make. Last spring, President Bush and politicians far and wide warned that a long,
dark, energy night would descend across America unless we adopt some sort of comprehensive national energy
"plan." While the policy prescriptions offered by Democrats and Republicans of course differed, both liberals and
conservatives were convinced that markets were broken and only a muscular intervention by the federal government
could get us out of "Carterville." But alas, the energy crisis that loomed so large only a few months ago disappeared
this summer like a shimmering mirage on the horizon of a political desert.

As some of you may have noticed, energy prices dropped a whopping 5.6 percent in July, the steepest decline since
April 1986. Gasoline prices dropped an even more stunning 11 percent. Energy gluts and declining profit margins are
causing investors to freeze or even cancel energy infrastructure projects that looked so promising but a few months
ago.

Forgive us if we gloat, but we told you so. There is not and never was an energy "crisis." Supplies were not and are
not running dry. Markets were not and are not broken. Regulations have not strangled the industry.

What happened then? First, the economy slowed down. Second, political and ideological gridlock prevented
politicians and regulators from doing much harm while the markets did that supply and demand voodoo that they do so
well.

Now for the details.

On the electricity front, the western power crisis was sparked primarily by a massive increase in natural gas prices.
That increase, in turn, was triggered by a drought (which reduced the output from dams and thus increased the
demand on gas-fired generators), unseasonable weather (increasing home cooling and then home heating demand),
historically low levels of natural gas inventories (50 percent below the five-year average in February 2001), and
bottlenecks in the pipeline system that kept gas suppliers from meeting local demand.

This summer, natural-gas prices have returned almost to pre-crisis levels which have, in turn, reduced electricity prices
almost to pre-crisis levels. One reason that supplies are ample is because natural gas inventories are now higher than
usual. In fact, the scarcity last winter was somewhat due to the competition between summertime demand -- buyers
looking to stockpile natural gas to replenish inventories -- and then-and-now wintertime demand. Summertime
demand "won."

Another reason that natural gas supplies are robust is because North American production is up ... even without
access to additional federal lands. U.S. domestic production has increased about 4 percent over a year ago while
Canadian production is up 8 percent, which may not sound like a lot to you but those are big numbers in the energy
industry.

A secondary cause of the power crisis was the large number of gas-fired generators that were down for repairs last
winter. As much as a third of the state's generating capacity was offline at any given time during the worst of the crisis.
The maintenance backlog from last summer is now over and a large amount of generating capacity has returned to the
market.

Most newspaper stories tell us that an important reason for the spectacular electricity price drop is a spectacular drop
in demand. True: Electricity use in the areas served by the California Independent System Operator is 4.4 percent
lower through July 2001 than the first 7 months of 2000. These newspaper stories then go on to tell us that one of the
main reasons for the drop in demand has been unseasonably cool weather. False: If you examine the number of
"cooling degree days" in California (the difference between the average daily temperature and 65 degrees) and weight
those figures by population, you'll find that temperatures through July 2001 where most Californians live are actually
14 percent warmer than last year.

The drop in electricity demand is actually something of a mystery. Some of it is almost certainly due to the retail
electricity price increases imposed in California this summer, but some of it is also probably due to the crisis mentality
that has gripped the state. Once Californians accepted that the scarcity was real and that it could get even worse,
conservation kicked in beyond what prices alone might have delivered. And some of it can be attributed to the slowing
economy and the slumping dot.com sector in particular. No one knows, however, exactly how much each of these
events contributed to the drop in demand.

The gasoline story is, however, a lot simpler. The widespread warnings of $3 a gallon gasoline were about what might
happen if a key refinery or two blew up or if a key pipeline or two ruptured unexpectedly. Such things are indeed
possible (in fact, a fire on August 14 at a Citgo refinery in Lemont, Illinois has increased Midwestern gasoline prices
by 26 cents per gallon in the last two weeks), but they don't happen all the time. And they didn't happen in large part
this summer. Unfortunately, most people missed the qualifications in the midst of the panic and braced themselves for a
storm that was never sited in the first place.

When gasoline prices went up this spring, people bought less gasoline. And while it's true that no new refinery has
been built in the United States in about 30 years, there's still room to increase production from existing refineries when
profit opportunities present themselves ... as they did (for a change) this summer. Moreover, foreign refineries for the
first time in memory found it profitable to produce significant amounts of America gasoline for export. And what do
you know; prices have been dropping steadily since Memorial Day.

The moral of the story is that markets aren't "broke" when prices spike. They're working fine; they're just not
delivering news that consumers or politicians are wild about hearing. But no matter how unpleasant price spikes are in
the short term, they're absolutely necessary to remedy the underlying economic problems. For those of you who either
forgot your introductory economics or have simply spent too much time reading the op-ed pages (a practice which can
dull the mind), here's how it generally works. On the supply side, high prices -- > high profits -- > increased
investment -- > increased supply -- > declining prices. On the demand side, high prices -- > reduced demand -- >
declining prices.

While it's no surprise that liberals find such market success stories a constant revelation, the real surprise is that the
ostensibly "hard-right" Bush administration had such little faith in a free-market system it's constantly praising. When
the President's chief economics advisor, Larry Lindsey, was asked by the Washington Post a day after the
administration's energy plan was released whether Cato was right to argue that markets alone could and would
alleviate energy shortages without any additional federal intervention, Mr. Lindsey said "I don't think so."

Well, think again Mr. Lindsey. Price hikes may come and go, but the invisible hand never takes a vacation.

This article was first published in National Review Online, September 4, 2001.


Pls see below - I did answer you specifically about WAPA. I am OK to open
them for trading in the West.

I don't know what CRSP means - maybe Credit does...

	Tana Jones
	02/22/2001 02:28 PM

		 To: Shari Stack/HOU/ECT@ECT
		 cc:
		 Subject: Re: EOL approvals, 2-21-01

With respect to Western Area Power Administration - CRSP.  Can't "ditto"
Credit on that one, Credit gives no direction as to what they want to trade.
The database reflects that Leslie approved them to trade power already in
July of last year, so my intention is to keep them open.  I don't know what
"CRSP" means at the end of their name, do you?

	Shari Stack
	02/22/2001 04:16 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Rhonda L Denton/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT
		 Subject: Re: EOL approvals, 2-21-01

With regard to:

UAMPS: Approved for West Physical Power, Buys and Sales
Western Area Power Administration: Approved for West Physical Power, Buys and
Sales

With regard to:
Utah Municipal Power Agency: NOT APPROVED  (not a current CP/Not FERC
authorized)

With regard to everyone else on the list:

Ditto Credit

Thanks,

Shari

	Tana Jones
	02/21/2001 03:14 PM

		 To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Shari
Stack/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Marie Heard/Enron
Communications@Enron Communications, Robbi Rossi/Enron Communications@Enron
Communications, John Viverito/Corp/Enron@Enron, Jane McBride/AP/Enron@Enron,
Andrea Calo/SA/Enron@Enron, Peter Keohane/CAL/ECT@ECT
		 cc:
		 Subject: EOL approvals, 2-21-01

----- Forwarded by Tana Jones/HOU/ECT on 02/21/2001 05:14 PM -----

	Walter Guidroz@ENRON
	02/21/2001 05:09 PM

		 To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Debbie
R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT,
Cynthia Clark/Corp/Enron@ENRON, Enron Europe Global Contracts and Facilities,
Enron Europe Global CounterParty/LON/ECT@ECT, Stephanie Sever/HOU/ECT@ECT,
Tom Moran/HOU/ECT@ECT, Claudia Clark/HOU/ECT@ECT, William S
Bradford/HOU/ECT@ECT, Lisa Lees/HOU/ECT@ECT, Juana Fayett/Corp/Enron@Enron,
Jana Morse/Corp/Enron@Enron, Trang Le/HOU/ECT@ECT, Paul Maley/LON/ECT@ECT,
Sonya Clarke/LON/ECT@ECT, Lee Munden/LON/ECT@ECT, Tim Davies/LON/ECT@ECT,
Karen O'Day/NA/Enron@Enron, Tanya Rohauer/HOU/ECT@ECT, Kelly
Lombardi/NA/Enron@Enron, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center, Bernice Rodriguez/HOU/ECT@ECT, Bill D
Hare/HOU/ECT@ect
		 cc:
		 Subject: EOL approvals, 2-21-01

Please see attached.


------------------------------------------------------------------------------
------------------------
W E E K E N D   S Y S T E M S   A V A I L A B I L I T Y

F O R

December 08, 2000 5:00pm through December 11, 2000 12:00am
------------------------------------------------------------------------------
------------------------

SCHEDULED SYSTEM OUTAGES:

ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

AZURIX: No Scheduled Outages.

EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

EDI SERVER: No Scheduled Outages.

EI:   SEE ORIGINAL REPORT

ENRON NORTH AMERICAN LANS:  No Scheduled Outages.

FIELD SERVICES:  No Scheduled Outages.

INTERNET: No Scheduled Outages.

MESSAGING:   SEE ORIGINAL REPORT

MARKET DATA: No Scheduled Outages.

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS: HR   SEE ORIGINAL REPORT

OTHER SYSTEMS: UNIX     SEE ORIGINAL REPORT

OTHER SYSTEMS: REMEDY
Impact:  CORP
Time:  Fri 12/8/2000 at  5:00:00 PM CT thru Fri 12/8/2000 at  5:15:00 PM CT
 Fri 12/8/2000 at  3:00:00 PM PT thru Fri 12/8/2000 at  3:15:00 PM PT
 Fri 12/8/2000 at  11:00:00 PM London thru Fri 12/8/2000 at  11:15:00 PM
London
Outage:  RmailSniffer
Environments Impacted:  All
Purpose: Review of Mail logs has shown that between 7:00 p.m. and 9:00 p.m.
50% of mail messages fail.  The update will copy failed messages to another
directory for an admin to process.
Backout: Reset RmailSniffer service to original settings.
Contact(s):  Carlos Perez    713-345-708
  Christian Smerz   713-345-7410

SITARA:  No Scheduled Outages.

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY:   SEE ORIGINAL REPORT

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:  No Scheduled Outages.

------------------------------------------------------------------------------
-------------------------------------------------------
FOR ASSISTANCE

(713) 853-1411   Enron Resolution Center
(713) 853-5536   Information Risk Management

Specific Applications Help:
Unify On-Call      (713) 284-3757  [Pager]
Sitara On-Call     (713) 288-0101  [Pager]
RUS/GOPS/GeoTools/APRS   (713) 639-9726  [Pager]
OSS/UA4/TARP    (713) 285-3165  [Pager]
CPR      (713) 284-4175  [Pager]
EDI Support      (713) 327-3893  [Pager]


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Wincenty Kamiski
?????  Adres
?
PEoNOMOCNICTWO
?
Ustanawiam Pana Jerzego  Kasperskiego zamieszka?ego w Pabianicach
ul. Wawszawska 56 legitymuj?cego  si Dowodem Osobistym Nr. FW 6673577?pe?nomocnikiem dla dorcze wezwa  s?dowych w sprawie o stwierdzenie praw
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Pabianicach.
??????????????????????????????????  Podpis
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P.S.? Musi by` potwierdzone  notarialnie lub przez Konsulat
???  ??? ??? ??? ???  ??? ??? ??? ???  ??? ??? ??? ???  ??? ??? ??? ???  ??? ?
?? Jadzia
?
Pozdrowiena przesy?a Marek  Bartnicki? e-mail: bartmar@polbox.com


Where do I go to see the products?

Dale Neuner on 12/20/99 08:58:21 AM
To: Mark Taylor/HOU/ECT@ECT
cc:
Subject: Weather Products

I have completed my review of the Weather Products and they look good to go.
Please review and offer your approval or comments.

Dale


Please note that the EnronOnline Phase 2 training sessions scheduled for
Wednesday and Thursday of this week have been rescheduled to ensure that the
training sessions include both the new website and the new Stack Manager
functionality for Price Limit Orders.

The rescheduled dates are as follows:

Houston

Session 1 - Tuesday, Sept. 5 3:00 EB568.
Session 2 - Thursday, Sept. 7 4:00 EB568

All Other Offices

Please contact Tammie Schoppe at 713 853 4220 to book a session. Note that
sessions for European traders will be announced separately.

If you have any questions about the above, please contact Dave Samuels at 713
853 6931 or myself at 713 853 1861.


No change in cash at this time.  Agreement will provide for netting and set-off only upon an event of default in an underlying agreement.  Cash in/out will depend upon positions at that time.

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Tuesday, November 27, 2001 7:58 AM
To:	Schneider, Chip; Bradford, William S.; Boots, Kelly H.
Cc:	Buy, Rick; Murphy, Harlan; St. Clair, Carol; Shackleton, Sara
Subject:	RE: BNP Paribas Master Netting Agreement

What does this mean in terms of money in/out?

 -----Original Message-----
From: 	Schneider, Chip
Sent:	Monday, November 26, 2001 3:22 PM
To:	Kitchen, Louise; Bradford, William S.; Boots, Kelly H.
Cc:	Buy, Rick; Murphy, Harlan; St. Clair, Carol; Shackleton, Sara
Subject:	BNP Paribas Master Netting Agreement

	We are moving ahead with finalizing a Master Netting Agreement that will cover all physical and financial agreements between BNP Paribas and Enron, except for the exchange agreements pertaining to NYMEX and LME trading.  The agreements to be included under this arrangement are listed below.  The intent is to complete the agreement by close of business on Tuesday, November 27.  We have communicated this to Bart Schouest at BNP Paribas and to BNP Paribas' counsel in New York.

1.	ISDA Master Agreement dated effective as of  June 28, 1995 between Enron North America Corp., formerly Enron Capital & Trade Resources Corp., and BNP Paribas, formerly Banque Paribas (as the same may have been or may be amended, restated, supplemented of otherwise modified from time to time, and including all Transactions, schedules, annexes, and confirmations thereunder, collectively).

2.	Interest Rate and Currency Exchange Agreement dated effective as of January 16, 1992 between Enron Corp. and BNP Paribas, formerly Banque Paribas.

3.	ISDA Master Agreement dated effective as of  February 22, 2000 between Enron Capital & Trade Resources International Corp. and BNP Paribas.

4.	ISDA Master Agreement effective as of April 4, 2000 between Enron Credit Limited and BNP Paribas.

5.	General Terms & Conditions governing transactions executed between Enron Capital & Trade Resources Limited and BNP Paribas.

6.	General Terms & Conditions governing online transactions executed between Enron Capital & Trade Resources Limited and BNP Paribas for the Sale and Purchase for Flat UK Beach Trades.

Please address any questions or concerns to me ASAP.

Regards,

Chip


Cheryl, Donna, Cassandra and Bill,

I am forwarding the Executiong Broker Agreement to Cheryl for legal review.
We use CSFB for Flow and Research.  CSFB is currently in the top 5 of
executing brokers.
Sheila


Sent for execution on April 6.  Aneela called JP to hurry them along for
final docs.  You may need to call them as we've not received account
information.

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 04/12/2001 03:57 PM -----

	Cheryl Nelson@ENRON
	Sent by: Cheryl Nelson@ENRON
	04/12/2001 03:44 PM

		 To: Theresa T Brogan/HOU/ECT@ECT
		 cc: Sara Shackleton/HOU/ECT@ECT
		 Subject: Re: JP Morgan Futures Broker Agreement

Theresa, this is one that Sara is working on.

Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693

	Theresa T Brogan@ECT
	04/11/2001 05:23 PM

		 To: Cheryl Nelson/NA/Enron@Enron
		 cc:
		 Subject: JP Morgan Futures Broker Agreement

Cheryl,
 Just want to confirm with you that the futures brokerage agreement with JP
Morgan has been executed.

Thanks,
TB


-----Original Message-----
From: 	"Chonawee Supatgiat" <chonawee@umich.edu>@ENRON
Sent:	Friday, January 11, 2002 4:15 AM
To:	Kaminski, Vince J
Subject:	reminder

Dear  Vince,

This is  a kindly reminder for the recommendation letters for my academic faculty  application. There are total of 11 schools that I am applying. Four of  them will contact you and ask for the recommendation letter only if they  want to pursue further (Prof. Nau from Duke is one of them). For the other seven  schools, they have asked for the recommendation letters at the first stage  of the application process. The  deadline for these seven schools (listed below) is next Tuesday (1/15/02).  I do understand totally on how busy you are at this critical moment of our  group. For your convenient, I have attached the old recommendation  letter you gave me for my greencard application in August. We can  just use this letter if you agree.

1)        Stanford  Business School

Please email Letters of  Recommendation as either PDF files or MS Word documents to  faculty_recruiter@gsb.stanford.edu.

2)        Stanford  MS&Eng Production & Operations Management:

Professor Hau  Lee
Department of Management Science  & Engineering
Terman Engineering Center, Room  350
Stanford  University
Stanford, CA  94305-4026

3)        Purdue IE:

Professor N.  Prabhu
Chair, Industrial Engineering  Faculty Search Committee
1287 Grissom  Hall
Purdue  University
West Lafayette, IN  47907-1287

4)        Northwestern  IE&MS:

Please send an electronic version to  Prof. Mark S. Daskin
at m-daskin@northwestern.edu   and
please follow up with a signed original letter to him at
Prof. Mark S.  Daskin
Chairman, Faculty Recruiting Committee
Department of Industrial  Engineering and Management Sciences
Northwestern University
Evanston, IL  60208-3119

5)        Stanford  MS&Eng Information Science and Technology:

Chair of  the IST Search Committee
c/o Pat  Emslie, Search Coordinator
Department  of Management Science & Engineering
350  Terman Engineering Center
Stanford  University
Stanford,  CA 94305-4026

6)        UC  Berkley IEOR:

Search  Committee Chair
Department  of Industrial Engineering & Operations Research
University  of California
4135  Etcheverry Hall
Berkeley,  CA 94720-1777
Telephone:  (510) 642-5484
FAX:  (510) 642-1403

7)        Cornell  OR&IE

Faculty Search  Committee,
School of ORIE, Rhodes Hall,
Cornell University,
Ithaca, NY 14853.

Thank  you very much, Vince. I really appreciate it.
-Chonawee.

 - Vince_let.doc


Please find attached the current copy of the EnronOnline Weekly Public Report
and Key Messages, including slides and statistics for public consumption.
The information contained in the attachments can be communicated to audiences
outside the company and should be used to ensure that we present a consistent
message to the public. Please ensure that this email is distributed to anyone
in your group who needs to discuss EnronOnline with individuals outside the
company.

This report is not intended to be used as a stand-alone presentation, nor
that all the information be used in a single presentation or customer
communication.


Hi Bob,

I'll be sure to print your note out to Greg.

I have a couple of Enron folks wanting to come tomorrow.  Do you have two
tickets left?

Liz

"Bob Nimocks" <bnimocks@zeusdevelopment.com> on 10/24/2000 04:29:37 PM
Please respond to <bnimocks@zeusdevelopment.com>
To: <Greg.Whalley@enron.com>
cc:
Subject: Keynote feedback

Greg,

Your keynote address hit the nail on the head this morning; it has already
spawned constructive discussions and debates, such as what services will the
core exchange(s) offer, what are secondary and tertiary strategies, and how
will various companies in the value chain support and benefit from the
exchanges.  One editor commented that your presentation offered stark
contrast to the Chevron presentation during lunch, which was a much more
passive "bring the horse to water" approach.  Tomorrow and Thursday's
presentations will address many of your points more fully.

Thank you very much for taking the time to drive out.  I realize how
difficult carving a morning from your schedule can be.  However, the
industry benefited from your insights.  Hopefully, Enron Net Works will
receive some high-quality prospects and/or recruits in return.

Yours sincerely,

Bob Nimocks
President
Zeus Development Corporation
2424 Wilcrest Dr., Suite 250
Houston, TX 77042
Main: 713-952-9500
Direct: 832-200-3706
e-mail: bnimocks@zeusdevelopment.com


Ron,

The training department has already provided recommended changes and
additions to Joe. If you do not have a copy, let me know and we will send
them to you. I think the number one issue is what do our customers want. If
we can make VisuPro provide our customers with all of the data they need in a
user friendly format, we will have an excellent software program. Be sure and
review the comments that Gary Vercleeren sent to Kevin.

Ed
---------------------- Forwarded by Ed Agner/EWC/Enron on 03/12/2002 07:55 AM
---------------------------

Mark Fisher
03/11/2002 04:01 PM
To: Ed Agner/EWC/Enron@Enron
cc:

Subject: SCADA Requirements

Ed,

I don't know if you've seen this, but I though you could provide some useful
feedback.

Mark Fisher
---------------------- Forwarded by Mark Fisher/EWC/Enron on 03/11/2002 04:14
PM ---------------------------

Ronald Brzezinski on 03/11/2002 02:54:53 PM
To: Mark Fisher/EWC/Enron@Enron, Mark V Walker/EWC/Enron@ENRON, Emil
Moroz/EWC/Enron@ENRON
cc: Kevin Cousineau/EWC/Enron@ENRON, Hollis Kimbrough/EWC/Enron@ENRON

Subject: SCADA Requirements

We are meeting with the German and Spanish representatives at the end of
March to discuss short term and long term SCADA objectives.

1)
Please provide me with known issues we need to improve the current VisuPro

2)
Provide me with longer term (next 3 - 5 years) requirements/wish list to
include in a completely optimized SCADA system.

I'd like input by March 18.
Contact me if additional information or explanation required.

Thank you

Ron


Tanya and I have scheduled a meeting in my office to discuss SITA at 9:00 am
Friday morning.  Please join us for a lively discussion if your schedule
permits.  Sara


print
----- Forwarded by Jeffrey A Shankman/HOU/ECT on 02/20/2001 08:11 AM -----

	Raul Rizo-Patron
	02/16/2001 01:28 PM

		 To: Jeffrey A Shankman/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT, John L
Nowlan/HOU/ECT@ECT
		 cc: Timothy J Detmering/HOU/ECT@ECT
		 Subject: Project Ice - Status Update

We have completed the preliminary Transammonia valuation analysis with an
equity range of $70MM to $80MM (enterprise value of $250MM to $260MM).  The
conditional and non-binding letter to the counterparty will be faxed today
with an equity range of $60MM to $80MM.  I lowered the bottom end of the
range to $60MM for negotiation purposes.

Attached is a presentation we've put together focusing on Transammonia's
business, deal specifics, and our financial valuation.

Raul


Hi Tana-

I initially contacted Marie about locating the NDA we signed with TIBCO.  I
am not sure when this was done, but it has been a while I'm sure since TIBCO
provided the software for EOL.  I need to see if the NDA covers all
subsidiaries and affiliates globally since we are discussing business
development opportunities in Europe with them.

Let me know if you can assist with locating the TIBCO NDA.

Best Regards,

Pat Cini

Bandwidth Origination
Enron Broadband Services
Direct Tel: +44 (0)20 7783 4335
Fax: +44 (0)20 7783 8136
Mobile: +44 (0)7879 435 524
email: patricia_cini@enron.net

----- Forwarded by Patricia Cini/Enron Communications on 11/27/00 09:19 AM
-----

	Marie Heard
	11/20/00 04:14 PM

		 To: Patricia Cini/Enron Communications@Enron Communications
		 cc:
		 Subject: Re: TIBCO

Hi, Pat!

It's business as usual over here.  How about you?  Things going okay in
London?  I may be coming to London after the first of the year to train my
counterpart over there, once he/she is hired.

I checked our records and I don't see an NDA with TIBCO however, Tana Jones
could have prepared it since she is the EOL contact.  Unfortunately, she is
on vacation this week, but I'll check with her assistant and she if she knows
anything or can direct me to the appropriate person.

Marie

Marie Heard
Senior Legal Specialist
Enron Broadband Services
Phone:  (713) 853-3907
Fax:  (713) 646-8537
Marie_Heard@Enron.net

	Patricia Cini
	11/20/00 05:30 AM

		 To: Marie Heard/Enron Communications@Enron Communications
		 cc:
		 Subject: TIBCO

Hi Marie-

How are things in Houston??

I need your help again if possible.  I am looking for a copy of an NDA
between Enron and TIBCO.  TIBCO is a company that provided software to run
EOL and we are trying to generate some other business development
opportunities through EBS.  What we are trying to understand is if the NDA is
global and covers all subs and affiliates.

Let me know if you can dig this up or if I should bother someone else.

Thank you,

Pat

Pat Cini
Bandwidth Origination
Enron Broadband Services
Direct Tel: +44 (0)20 7783 4335
Fax: +44 (0)20 7783 8136
Mobile: +44 (0)7879 435 524
email: patricia_cini@enron.net


Attached are a few changed pages of the Stage 2 ICAP Manual , to be approved
at the July 19 BIC meeting. All these changes were made as result of ICAP
Working Group deliberations over the past two weeks. They are summarized
here:

> Section 4.4.11 - This new sub-section addresses Generators that
> temporarily may not wish to sell or certify their UCAP.  Without this
> language,  those Generators would have been considered forced out.
>
> Section 4.6 - The second paragraph is new and clarifies the result of
> outages which occur beyond the step-up transformer, and including such
> step-up transformer.  If these outages occur at a time when a Generator
> has not placed its unit on a maintenance outage, such interruption in
> availability shall be treated as a reserve shutdown for purposes of
> calculating that Generator's EFORD.
>
> Section 5.5 - Language describing the roll-over characteristics of UCAP
> bids from the first phase of an auction to the second phase of that same
> auction has been struck because the ICAPWG deemed it confusing.
>
>
In addition, a motion for approval of the Stage 2 ICAP Manual, including
these additional changes, is
attached.

If you have questions, please contact John Charlton at the NYISO, Howard
Fromer, chair of the ICAPWG,
or  me.

Kathy Robb
Hunton & Williams
krobb@hunton.com
212.309.1128

>  <<BIC Motion to approve Stage 2 Manual(v5).pdf>>
>
>  <<4.4.11_Red.pdf>>  <<4.6.2_Red.pdf>>  <<5.5_(red).PDF>>
>
>

 - BIC Motion to approve Stage 2 Manual(v5).pdf
 - 4.4.11_Red.pdf
 - 4.6.2_Red.pdf
 - 5.5_(red).PDF


CALENDAR ENTRY:	EVENT

Description:

Date:		11/16/2000
Duration (days):	1

Chairperson:	Outlook Migration Team

Detailed Description:


the wedding was fun.  drank a lot during the day and i was worn out sat night after the game.  i am staying here this weekend.

 -----Original Message-----
From: 	kevin.a.boone@accenture.com@ENRON
Sent:	Monday, October 22, 2001 2:20 PM
To:	Lenhart, Matthew
Subject:	Re:

It was great . . . I didn't do shit . . . did yard work and watched the
game with a few buddies at my house . . . drove up to Shreveport for my
Godson's Christening yesterday morning and back last night . . . how was
NOLA . . . did y'all slut it up?

Regards,

Kevin A. Boone
Accenture -- Houston
Consultant -- Energy
(Octel) 713.837.1638
(Client) 281.848.1619
(C) 713.306.7940
(H) 713.864.4149
Kevin.A.Boone@accenture.com

Our web address is http://www.accenture.com

            "Lenhart, Matthew"
            <Matthew.Lenhart@enron.co        To:     Kevin A. Boone/Internal/Accenture@Accenture
            m>                               cc:
                                             Subject:
            10/22/2001 10:17 AM

how was this weekend?  did you get into anything?

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate
and may contain confidential and privileged material for the sole use of
the intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or
reply to Enron Corp. at enron.messaging.administration@enron.com and delete
all copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************

This message is for the designated recipient only and may contain
privileged or confidential information.  If you have received it in error,
please notify the sender immediately and delete the original.  Any other
use of the email by you is prohibited.


Hang on...let me decipher that message & I'll get back to you in a week.

----- Original Message -----
From: Erik Wollam
Sent: Tuesday, October 23, 2001 5:57 PM
To: knipe3@msn.com; cmccomb@austin-mccomb.com; Joe.Parks@enron.com; kmccomb@austin-mccomb.com; brianc@saltgrass.com
Subject: feeder motors

Chris and Kieth: Thought cam to me after I talked to you guys regarding
BOOGER motor. Chris, was that spincast the one with the bent up aluminum
housing on the inside??? If it is, that is the one that I sent to get
repaired. I have a feeling that it is not. I think it might be the motor
that was at the mesquite flat last year. If it is, that motor has a week
spin motor and occationally would get stuck by slight resistance from corn,
but the clock would still work fine. If that is the one that is now at
booger, pulling the guts and replacing it will do nothing. It is the spin
motor that needs to be replaced. If it is the one that is all muddy, it is
the one that was at gray box last year and got trashed by the coons at the
end of last year. It looked like it was working, but apparently is not.

Talk to each other and see if you can figure out which one it is.

Doing a count of feeders, I think there is still one Magnum black photo box
in the trailer and I know there are two green tubes. I think our best option
may be to put a magunum on booger with a conversion (free) and shelf the
spincast or confirm what is wrong with it before we dump more $ into another
one of those piece of shit motors.

Please advise on your thoughts. e.

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp


I certainly agree on the tip of the iceberg point.  They do need to be
watched and watched carefully.  An isolated incident is one thing, a
pattern of losses is quite another.
My experience with Campbell has been limited to watching him
operate in committee, and I have not been impressed.  I would be happy to
be surprised in the future.   MIKE

At 07:09 PM 7/24/2001 -0500, you wrote:

>Interesting points.  However, I don't ever recall you agreeing with every
>Commission decision on disallowances.  And I know you wouldn't establish
>differing standards for IOUs and state water agencies.
>
>I just hope that this isn't the tip of the iceberg.
>
>You really think that Campbell is a dim bulb?  A Republican, yes, but I
>haven't heard anyone else describe him as a dim bulb.
>
>Best,
>Jeff
>
>
>
>
>                     Mike
> Florio
>                     <mflorio@turn        To:     Jeff.Dasovich@enron.com
>
>                     .org>                cc:
>
>                                          Subject:     Re: Figures show
> state lost big on
>                     07/24/2001           extra
> power
>                     05:40
> PM
>
>
>
>
>
>
>
>
>Shame on you, Jeff!  I expect this sort of thing from inexperienced
>reporters and dim bulbs like Campbell.  But you KNOW that this sort of
>thing is no big deal.  And when did the PUC ever disallow these kinds of
>losses for the utilities?  I don't think my memory has gotten that bad.
>MIKE
>
>
>
>At 03:20 PM 7/24/2001 -0500, you wrote:
> >FYI.  Many similar stories in the major papers today.
> >
> >Best,
> >
> >
> >Jeff
> >
> >
> >Figures show state lost big on extra power
> >
> >
> >Posted at 9:53 p.m. PDT Monday, July 23, 2001
> >
> >
> >BY JOHN WOOLFOLK
> >
> >
> >Mercury News
> >
> >
> >State figures show California may have lost about $14 million this month
> >selling surplus electricity for less than it cost.
> >
> >
> >The Mercury News disclosed last week that some power was being sold at a
> >loss. But the new figures provide the first indication of just how much
> >excess power the state bought in its desperate effort to avoid blackouts
>--
> >and how cheaply some of that power was sold when it turned out not to be
> >needed.
> >
> >
> >A Republican lawmaker said Monday the loss also shows Democratic Gov. Gray
> >Davis' energy policies are needlessly costing consumers.
> >
> >
> >``This whole thing is a mess,'' said Assemblyman John Campbell, R-Irvine,
> >who requested details of the state's surplus power sales. ``The government
> >needs to get out of the power business before it costs Californians even
> >more money.''
> >
> >
> >A state spokesman didn't dispute the $14 million figure outright but said
> >it is an approximation based on average prices and that the actual loss
> >probably is less.
> >
> >
> >``It's a number I'm sure he likes very much, but it's definitely an
> >estimated number, and it could be far lower,'' said Oscar Hidalgo,
> >spokesman for the state Department of Water Resources.
> >
> >
> >Campbell responded that the loss also could be higher.
> >
> >
> >The state has spent $415 million on power so far this month.
> >
> >
> >State officials last week confirmed that cool weather and consumer
> >conservation have left California holding more power than it needs. The
> >revelation was a stunning turnaround for a state that months ago was
>paying
> >top dollar for power, expecting shortages this summer.
> >
> >
> >Price that was paid
> >
> >
> >The state bought 3.5 million megawatt-hours of electricity for July at an
> >average price of $118 per megawatt-hour, according to a response Friday by
> >the Department of Water Resources to Campbell's inquiry. The state has
>sold
> >178,000 surplus megawatt-hours in July at an average price of $37, the
> >department said.
> >
> >
> >Based on those average prices, the state paid $21 million for the surplus
> >power, which it sold for $6.5 million -- $14.5 million less than it cost.
> >
> >
> >A more precise calculation of the state's loss is difficult because
> >purchased power is acquired at different times and prices and pooled as a
> >``portfolio.''
> >
> >
> >Purchases included long-term contracts that averaged $138 per
>megawatt-hour
> >as well as cheaper spot-market buys.
> >
> >
> >State officials last week said they were selling surplus at $15 to $30 a
> >megawatt-hour, while some traders cited unconfirmed sales as low as $1.
> >
> >
> >Hidalgo noted that the surplus sales represent just 5 percent of
> >California's July purchases, which totaled $415 million. The $6.5 million
> >from sales will help lower the state's power bill, he said, adding that
> >utilities routinely sell some extra electricity.
> >
> >
> >``Despite the fact that we're in somewhat of a surplus, any power-buying
> >operation in the world is going to have to plan for these types of
> >situations,'' Hidalgo said. ``It's not unique, and in fact it's normal
> >operating procedure for any utility.''
> >
> >
> >Other Western utilities, including Portland General Electric in Oregon,
> >have said they, too, are selling some surplus power at a loss and describe
> >it as a cost of doing business.
> >
> >
> >The suppliers buying the state's surplus electricity on the cheap include
> >the big out-of-state energy companies that the governor has called
> >price-gouging ``snakes.'' Among them are Duke Energy, Dynegy Power and
> >Marketing, El Paso Power Services, Mirant, Reliant Energy and Williams
> >Energy.
> >
> >
> >`Best bid' taken
> >
> >
> >Hidalgo said the state took the best offers it could find.
> >
> >
> >``It's only reasonable to get the best bid you can,'' he said.
> >
> >
> >Campbell said the $14 million loss is troubling because ratepayers or
> >taxpayers will have to cover the cost, whereas a private utility could be
> >forced to eat the expense if regulators determined it was unreasonable.
> >
> >
> >State officials say what's more important is that the overall cost of
>power
> >is dropping, from an average daily tab of $64 million in May to $25
>million
> >this month, in part because the state has so much power.
> >
> >
> >Contact John Woolfolk at jwoolfolk@sjmercury.com <
> >mailto:jwoolfolk@sjmercury.com> or (408) 278-3410.


FYI, Daschle is heating up the debate on Alaskan pipe, but note Pat's quick analysis.
- Nancy

 -----Original Message-----
From: 	Shortridge, Pat
Sent:	Monday, October 22, 2001 11:32 AM
To:	Bagot, Nancy; Hartsoe, Joe
Subject:	RE: Daschle may allow ANWR vote in Senate, according to Press

If  they have 60 votes, Daschle's "consent" isn't needed.  You break the fillibuster and invoked cloture.  There's no need for any deal on the Alaska pipeline.  If anything, the Dem leadership seems to be using the Alaska pipeline as a political football to distract attention away from their refusal to allow a vote on ANWR.  If they can establish that the Alaska gas pipeline is the key to solving America's energy security needs, then it's not such a big deal to block ANWR.

It's an interesting strategy, but I don't know if it works.

 -----Original Message-----
From: 	Bagot, Nancy
Sent:	Monday, October 22, 2001 10:56 AM

Natural Gas Intelligence
the weekly gas market newsletter
published : October 22, 2001
Daschle Sets Conditions for ANWR Vote in Senate
Senate Majority Leader Tom Daschle (D-SD) has indicated that he will allow a vote on oil and natural gas drilling in the Arctic National Wildlife Refuge (ANWR) if the pro-ANWR forces in the Senate can pick up 60 votes to bring the proposal to the floor.
Since any move to introduce an ANWR initiative assuredly will be followed by a filibuster, he said at least 60 senators would have to vote in favor of cloture to end the filibuster so that the proposal could proceed to the Senate floor for action. Sen. John Kerry (D-MA) has vowed to filibuster any ANWR bill.
Daschle's conditions for an ANWR vote came under immediate attack from Sen. Frank Murkowski (R-AK), a key ANWR proponent. He questioned "why is the Democrat leadership so afraid to give ANWR a straight up or down vote? Why do we need 60 votes to pass this?" ANWR, Murkowski added, "is certainly something that should not be filibustered."
Daschle further tied his consent for an ANWR vote to the Senate getting behind a compromise measure to build a long-line pipeline from Alaska to the Lower 48 states. Murkowski, as well as other key Republican senators, denounced this "quid pro quo" offer, calling it "inappropriate."
Murkowski said it hasn't been established yet if specific legislation will be needed for the Alaskan pipeline, other than to streamline the permitting process and possibly offer economic incentives to the sponsors of the project. In addition, he believes the Senate should withhold any action until the three major Alaskan producers --- ExxonMobil, Phillips and BP -- complete their study on the feasibility of constructing the pipeline, and an application is filed at the Federal Energy Regulatory Commission.
Nevertheless, Daschle's remarks were noteworthy because it was the first time he publicly expressed an interest in the Alaska pipeline, noted a press aide to the Senate Energy and Natural Resources Committee. "When he expresses an interest in the pipeline, you can be sure it is shooting to the top of the list" of items on the Senate agenda.
Senate Democrats, for the most part, see "ANWR as just a big distraction," while the "Alaska pipeline is the big deal," the committee spokesman noted. Republicans, however, have expressed "some anxiety" about the pipeline issue overtaking the ANWR debate. "An Alaskan natural gas pipeline isn't going to do anything to help reduce our dangerous dependence on foreign oil," argued Murkowski.
In a related development, Democratic and Republican members of the Senate Energy Committee had been expected to meet throughout last week to discuss issues to be included in comprehensive energy legislation that will be sent to Daschle for Senate action before adjournment. It wasn't known how much of a monkey wrench the anthrax scare on Capitol Hill threw into these plans, however.
Murkowski said that he expected to have a scaled-down energy bill ready last week for introduction by the Republican leadership, but that never materialized.
Energy Secretary Spencer Abraham came to Capitol Hill last Tuesday to help propel the Senate into action. Energy legislation "needs to occupy center stage" in the Senate now, he said, adding that it was a "high, high national priority."
The House of Representatives "has done its job; it's time for the Senate to act," he told reporters. "This is legislation that does not need a lot of time on the floor to be finished." It is "not a highly complicated process," Abraham noted.
Moreover, "I think it would be great if the Senate had a fair vote on ANWR," said Abraham, who was flanked by several Republican senators, including Murkowski. "I don't think there has to be much haggling" on the issue.


Fellow Sufferers,

Below you will find:

(a)    a revised Consent to Assignment, and

(b)    assignment language waiting to be framed:

Please note that in the interest of time I am sending them to you before the
GE team has had an opportunity to review them.  Accordingly, there may be
some addition comments from our side.

Happy reading!

 Mike Barnas
g _____________
Michael C. Barnas
Counsel, Power Plants Commercial Operations
GE Power Systems
One River Road - Building 37, Room 307
Schenectady,  NY 12345  USA
Phone 8*235-7602       (518) 385 7602
Fax     8*235 5466        (518) 385 5466
Mobile 518 369 9538

This message is intended only for the use of the individual or entity to
which it is addressed, and may contain information that is privileged,
confidential and exempt from disclosure under applicable law.  If the reader
of this message is not the intended recipient, or the employee or agent
responsible for delivering the message to the intended recipient, you are
hereby notified that any dissemination, distribution or copying of this
communication is strictly prohibited.  If you have received this message in
error, please notify us immediately by return e-mail and erase all copies of
this message.  Thank you.

 - ESAconsentMCBRev.doc
 - WorldHungerAssignmentDec6.doc


Enron needs a day (maybe less) of your time, hopefully this week.

We have to submit our proposed exhibits on July 3, 2001.  I am leaving for
Peru on Sunday 6/17, not returning until 7/6 (after the list is due, unless
the final status conference changes).

I have gone through my high priority documents and listed potential exhibits.
I would like you to come out to our offices and go thru (1) the accordions of
key docs that you put together earlier this year and (2) all of the deposition
exhibits, to see what should be added to my list.

I am not trying to pack our list.  In fact I would like NOT to list (a) any
document that we are sure one or more of the other parties will submit (e.g.,
I haven't put any of the offering memos or road show slides on the list) or
(b) any document that contains anything negative for us, unless there is also
something very positive in the document that we really need (e.g., I haven't
listed Brian's memo re topics for Management Company discussion or any of the
work by the Enron auditors in August-September 1998.)

The reason that I would like you to do this work this week is so that I can
discuss any questions you come up with before I leave.  I will be in traveling
and in NY on Tues-Thurs, but you can come here on any of those days; I'll be
back in the office on Friday (6/15); we could talk out any questions then.

Let me know what you can do.

................................................

ALSCHULER GROSSMAN STEIN & KAHAN LLP
ATTORNEYS AT LAW
www.agsk.com

2049 Century Park East
Thirty-Ninth Floor
Los Angeles, CA 90067-3213
Tel 310-277-1226
Fax 310-552-6077

This transmission is intended only for the use
of the addressee and may contain information
that is privileged, confidential and exempt from
disclosure under applicable law. If you are not
the intended recipient, or the employee or agent
responsible for delivering the message to the
intended recipient, you are hereby notified that
any dissemination, distribution or copying of
this communication is strictly prohibited.

If you have received this communication
in error, please notify us immediately
via e-mail at postmaster@agsk.com or
by telephone at 310-277-1226. Thank you.

...............................................


Executive Summary
? FERC Considers Price Caps in the West
? Davis/SoCal Ed MOU subject to legislative revisions (we still stand by our
early reports that the SoCal/Davis transmission deal will most likely fail
and that SoCal will follow PG&E into bankruptcy court)

FERC mitigates price spikes in the West
FERC Chairman Hebert has placed a RTO West proposal onto the agenda for this
week's meeting. The proposal would "mitigate" price surges by requiring
generating companies to sell power into California and other western states
during Stage 3 emergencies (when there is less than 1% surplus electricity in
the grid) and cap the price generators could charge during these highest
states of emergency.
1)  The FERC proposal would not set price caps for any other time than Stage
3 emergencies
2)  It would expire after a year
3)  It would set the top reference rate at "cost plus" based on the cost to
produce electricity by the most inefficient producer
FERC is also looking at initiatives that would encourage the agriculture
industry to possibly sell their power and natural gas contracts instead of
using them to produce their products. Although this proposal has not been
formally approved or voted on at this time, the Chairman's control over
FERC's agenda is absolute and nothing gets on the agenda he does not want to
consider. Thus, if it stays on the agenda through meeting time, the odds of
it passing are quite high if the meeting avoids total breakdown into
hard-headed chaos. The key has been Commissioner Breathitt.  The two recently
nominated Commissioners have not yet been approved by the Senate and so
cannot vote this week. Thus any change in Breathitt's position definitively
tips the balance of power in FERC.
Davis & SoCal. MOU not a Done Deal
According to sources, the first legislative alteration to the Davis/SoCal MOU
will involve removing the dedicated rate component necessary to repay SoCal's
creditors.  This point only highlights the Senates' indecision on how to deal
with paying off generators.  Solutions currently range from seizing assets to
seeking legal relief for corporate price gouging and sources indicate that
the QFs are still likely to file involuntary bankruptcy against SoCal upon
the Senate's first official sign of unwillingness to work with creditors.


Thanks.  See you tomorrow.

	"Vavrek, Carolyn (US - San Francisco)" <cvavrek@deloitte.com>
	04/04/2001 03:43 PM

		 To: Jeff.Dasovich@enron.com
		 cc:
		 Subject: RE: Assignment for Thursday

i think there is no prep 4 thurs
those other asgnts were dropped
hope u had fun in mexico
thanks 4 the files
- cv

Carolyn M. Vavrek
Manager - Human Capital Advisory Services
Deloitte & Touche
50 Fremont Street
San Francisco, CA  94105

phone: 415-783-5137
fax: 415-783-8760
e-mail: cvavrek@deloitte.com

-----Original Message-----
From: Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Wednesday, April 04, 2001 10:27 AM
To: Jeff.Dasovich@enron.com
Cc: Anil Sama; Vavrek, Carolyn (US - San Francisco);
Jeff.Dasovich@enron.com; Jeff_Dasovich@enron.com; Mark Guinney
Subject: Assignment for Thursday

Greetings:

Are we supposed to do the reading and the Oracle and Legal Services cases
for Thursday?  Syllabus says yes, but I gather from Tasker's Izio not that
we'll be in the computer center all class doing modeling.  (I'd email her,
but she doesn't get my emails apparently.)  Anyone have a clue?

Best,
Jeff

This message (including any attachments) contains confidential information
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> Subject: FW: Millionaire
>
>
> >
> >
> >
> >
> > > The Moral of the Story
> > >
> > > An unemployed man goes to apply for a job with Microsoft as a
> > > janitor.
> > > The manager there arranges for him to take an aptitude test
> > > (Section: Floors, sweeping and cleaning).
> > >
> > > After the test, the manager says, "You will be employed at minimum
> > > wage, $5.15 an hour.  Let me have your e-mail address, so that I can
> > > send you a form to complete and tell you where to report for work on
> > > your first day.
> > >
> > > Taken aback, the man protests that he has neither a computer nor
> > > an e-mail address.  To this the MS manager replies, "Well, then, that
> > > means that you virtually don't exist and can therefore hardly expect
> > > to be employed.
> > >
> > > Stunned, the man leaves.  Not knowing where to turn and having only
> > > $10 in his wallet, he decides to buy a 25 lb flat of tomatoes at the
> > > supermarket.  Within less than 2 hours, he sells all the tomatoes
> > > individually at 100% profit.  Repeating the process several times
> > > more that day, he ends up with almost $100 before going to sleep
> > > that night.  And thus it dawns on him that he could quite easily
> > > make a living selling tomatoes.  Getting up early every day and
> > > going to bed late, he multiplies his profits quickly.
> > > After a short time he acquires a cart to transport several dozen
> > > boxes of tomatoes, only to have to trade it in again so that he can
> > > buy a pick-up truck to support his expanding business.  By the end
> > > of the second year, he is the owner of a fleet of pick-up trucks and
> > > manages a staff of a hundred former unemployed people, all
> > > selling tomatoes.
> > >
> > > Planning for the future of his wife and children, he decides to buy
> > > some life insurance.  Consulting with an insurance adviser, he
> > > picks an insurance plan to fit his new circumstances.  At the end
> > > of the telephone conversation, the adviser asks him for his e-mail
> > > address in order to send the final documents electronically.
> > >
> > > When the man replies that he has no e-mail, the adviser is stunned,
> > > "What, you don't have e-mail?  How on earth have you managed to
> > > amass such wealth without the Internet, e-mail and e-commerce?
> > > Just imagine where you would be now, if you had been connected
> > > to the internet from the very start!"
> > >
> > > After a moment of thought, the tomato millionaire replied, "Why,
> > > of course!  I would be a floor cleaner at Microsoft!"
> > >
> > > Moral of this story:
> > > 1.  The Internet, e-mail and e-commerce do not need to rule your life.
> > >
> > > 2.  If you don't have e-mail, but work hard, you can still become a
> > > millionaire.
> > >
> > > 3.  Seeing that you got this story via e-mail, you're probably closer
> > > to becoming a janitor than you are to becoming a millionaire.
> > >
> > > 4.  If you do have a computer and e-mail, you have already been
> > > taken to the cleaners by Microsoft .
> > >
> > >
> > >
> > >
> > >
> > >
> > >
> >
>


FYI.  David Freeman and DWR....public power working for California.
********************************************************
Power delivery efficiency questioned: Output at low-cost generating plants
has been cut while costlier ones continue to operate.
By Carrie Peyton
Bee Staff Writer
(Published July 31, 2001)
California is sometimes deliberately cutting output from low-cost power
plants while running more expensive ones, utility and grid officials say.
The sporadic episodes haven't cost much yet, but they illustrate a
potentially troubling disconnect in the system that has quickly grown between
two agencies that help deliver electricity to a power-strapped state.
"We seem to be building this inefficiency into the system, and it doesn't
seem to be getting better," said Mike Florio, a consumer advocate who sits on
the governing board of the Independent System Operator.
The trouble is that the ISO, created in 1996 to manage the power grid in a
deregulated electric market, tries to run the grid by auctions that -- in
theory -- provide the cheapest electricity for the state's consumers.
Meanwhile, the state Department of Water Resources, which in January stepped
in to buy power on behalf of cash-strapped utilities, isn't bidding at some
auctions because it believes it can provide cheaper power if it doesn't.
"We have an inefficient market and an inept government entity. It's sort of
the worst of both worlds," Florio said, criticizing his agency and the DWR.
ISO staffers decline to discuss the situation in detail, saying it involves
confidential bidding behavior.
But Pete Garris, chief of operations for the power-buying arm of the
Department of Water Resources, confirmed that the ISO has been asking his
agency to take part in more auctions, but the state has declined.
The state's role is to buy electricity for customers of utilities whose
credit was no longer good enough to buy on their own, he said.
"We're not in it to do those kinds of marketing functions," he said. "It's
not necessarily a good fit."
Some of the ISO auctions are used to lessen congestion on transmission lines.
Others are used to stabilize the grid by slightly increasing or decreasing
output when demand doesn't match forecasts.
Generally, the highest-cost power plants should be the ones cutting back, a
process the industry calls "decking."
But since May, on ISO orders, Southern California Edison has repeatedly
throttled back on the Mohave Generating Station, which produces some of the
cheapest power available to California today, costing as little as $10 to $20
a megawatt-hour.
Edison, which owns a majority share of Mohave, has cut its output by 5,660
megawatt-hours between May and July, about one-half of 1 percent, at the
ISO's behest, according to data Edison provided to The Bee.
The ISO could probably have saved the state's consumers $370,000 at one plant
if it had asked a higher-cost gas-burning plant to cut back instead of
Mohave, a coal-burning workhorse in Laughlin, Nev., Florio said.
The amount sounds like "small potatoes," but in some ways it is more alarming
than the $14 million the state lost recently by selling excess power for less
than it paid, he said.
Industry experts agree that such below-cost sales are common in a business
where power needs fluctuate dramatically based on the weather.
By contrast, "this is a dead weight loss. Higher costs are being incurred for
no good reason," Florio said.
"The question is, why is the ISO calling on Mohave and not (cheaper) gas
plants? The answer is, the gas plants aren't bidding ... probably because
they're contracted with DWR," he said.
Four Corners, another low-cost coal plant partly owned by Edison, has also
been throttled back at ISO request, Edison officials said.
In addition, so few bidders have shown up at ISO auctions to ease stress on
transmission lines that the system has fallen into disarray, with the ISO
instead ordering across-the-board power production cuts that are boosting
costs, Florio said.
For its part, the ISO will say only that "we are making the most economical
decisions we can based on the bids available," said spokeswoman Stephanie
McCorkle.
DWR's Garris said the state and the ISO have been meeting repeatedly on
bidding and other coordination issues, and he hopes to have a
smoother-running system in place by next summer.

The Bee's Carrie Peyton can be reached at (916) 321-1086 or
cpeyton@sacbee.com <mailto:cpeyton@sacbee.com>.


Here's the back up info you requested.
---------------------- Forwarded by Mary Hain/HOU/ECT on 09/06/2000 10:17 AM
---------------------------
To: Mary Hain/HOU/ECT@ECT
cc:
Subject: WSCC Data

---------------------- Forwarded by Tim Belden/HOU/ECT on 09/06/2000 09:34 AM
---------------------------
From: Tim Belden on 09/01/2000 01:30 PM
To: scott.miller@ferc.fed.us
cc:
Subject: WSCC Data

Please see the attached spreadsheet.  Call me at 503-464-3820 if you have any
questions.

Regards,
Tim Belden