BUSINESS STANDARD, Monday, November 19, 2001
A survival kit for Tata Power, BSES, S Ravindran Mumbai
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE DECCAN CHRONICLE, Monday, November 19, 2001
HC restrains Centre from encashing guarantees

Similar story also appeared in the following publications:

THE HINDUSTAN TIMES, Monday, November 19, 2001
Govt restrained from encashing guarantees against Dabhol Power

THE DECCAN HERALD, Monday, November 19, 2001
HC disallows encashing guarantees

THE INDIAN EXPRESS,Monday, November 19, 2001
Govt told not to encash DPC cover
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE FINANCIAL EXPRESS, Monday, November 19, 2001
DPC cancels Houston board meet, Sanjay Jog

Similar story also appeared in the following publication:

THE INDIAN EXPRESS, Monday, November 19, 2001
Houston meet of DPC board cancelled, Sanjay Jog
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
BUSINESS STANDARD, Monday, November 19, 2001
Blackout in the power sector, A V Rajwade
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
BUSINESS STANDARD, Monday, November 19, 2001
A survival kit for Tata Power, BSES, S Ravindran Mumbai

The two domestic power biggies_Tata Power and BSES_are vying for Enron's 65 per cent stake in the Dabhol Power Company (DPC) in what seems like a critical battle for survival for both. Tata Power, it appears, has two primary reasons to bid for Dabhol Power: one, it gets a ready built plant when all its other projects are on paper; two, it also pre-empts arch rival BSES. This is the more important issue, for if BSES gets DPC, it will stop lifting 500 mw of power from Tata Power. For the latter, this could be tragic since it cannot possibly find a buyer for the excess power in the vicinity, especially since the Maharashtra State Electricity Board (MSEB) says it has enough generation capacity of its own.

BSES, on the other hand, apart from dealing a severe blow to Tata Power, may also be able take a relook at several of the other contentious projects on hand. "If BSES were to gain control of the 2,184 mw power project, it would source the required 500 mw power from this project and stop buying it from the Tatas. Already, after BSES set up the 500 mw Dahanu power plant in Maharashtra, it has been buying consistently less power from the Tatas," say independent observers in the power industry. But a senior Tata executive defends the company's position. "Our power plants have been built through World Bank funding which has been guaranteed by the Union government. Under these circumstances, power would have to be evacuated till the loans are repaid. We have time till 2014 when our licence expires," he said. But gaining control of DPC is hardly a simple issue. Urmik Chhaya, power analyst at Kotak Securities says: "Any company which takes over this project will have to raise huge funds. How are they going to do that? The other question is where will they sell the power and what will be the payment security mechanism? These are the fundamental questions that will have to be addressed before any takeover of the project can be contemplated."

But Chhaya points out that DPC will be crucial to Tata Power's overall gameplan. "After next year, how does Tata Power grow its power business?" One estimate has it that anyone wanting to take over the power project will have to pay a minimum of $700 million. "Assuming both companies bid at this reserve price, even at an exchange rate of Rs 47.50 to the dollar, they will have to pay Rs 3,325 crore. This is around 50 per cent of Tata Power's balance sheet size of Rs 6,465.95 crore and around 75 per cent of BSES's balance sheet size of Rs 4,327.40 crore. How will these two companies raise the money?" says an analyst.

However, a senior BSES executive points out that the company has a low gearing with a debt-equity ratio of 0.25:1. "Raising Rs 2,000 crore at short notice is no problem at all. After all, what is the use of such a low debt-equity ratio otherwise," this executive asks. Tata group sources also say that raising finance is the least of their worries. "We are the country's largest independent power producer with an installed generation capacity of over 2,000 mw. We can always raise money on the strength of our balance sheet," say Tata group executives. However, a change in management control at DPC will have to be accompanied by a series of legislative changes. First, if the new owner is not allowed to sell power outside Maharashtra, the project is unlikely to make any sense for the buyer. Particularly, as the state government has made it clear that it can absorb only 740 mw of the proposed 2,184 mw installed capacity. This will mean giving the Dabhol project a mega-power status. This is far from easy as this will need an amendment by Parliament as the project was not set up through the competitive bidding route but through a memorandum of understanding.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE DECCAN CHRONICLE, Monday, November 19, 2001
HC restrains Centre from encashing guarantees

In an ad-interim order, Mumbai High Court has restrained the Centre and customs authorities from encashing guarantees undertaken by State Bank of India in regard to customs duty payable by Enron-promoted Dabhol Power Corporation for importing equipment to build liquified petroleum gas terminal in its Dabhol plant. The ex-parte injunction was granted by Justice D G Karnik on November 15 on a petition filed by DPC challenging the showcause notice issued by customs authorities asking the company to pay Rs 245 crore as import duty on the equipment. The Court also restrained the SBI to make payment under the guarantees undertaken by it on behalf of DPC. The Judge, however, allowed DPC to file an appeal before customs, excise and gold appellate tribunal within a period of four weeks from the date of his order. He also ruled that the ex-parte injunction order shall automatically stand vacated from December 15 subject to the orders that may be passed by the tribunal. Meanwhile, the court directed DPC to keep the bank guarantee enforceable.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE FINANCIAL EXPRESS, Monday, November 19, 2001
DPC cancels Houston board meet, Sanjay Jog

The Enron-promoted Dabhol Power Company (DPC), which is yet to recover from the shock following its acquisition by Dynegy last week, has cancelled its board meeting scheduled for November 19. The DPC board, which consists of two directors from the Maharashtra State Electricity Board (MSEB) and one representing the state government, was to meet on Monday at Houston to delegate necessary powers to the Enron India managing director K Wade Cline for issuing a final termination notice to the MSEB. The DPC company secretary, in a faxed communication, has informed the MSEB chairman Vinay Bansal and the state principal energy secretary Vinay Mohan Lal that the board meeting slated for Monday has been cancelled until further announcement.

Curiously, the DPC communication is silent over the reason for the cancellation of the November 19 meeting. Mr Bansal told The Financial Express on Sunday, "I have been intimated by the DPC that November 19 meeting has been cancelled." When contacted, DPC spokesman Jimmy Mogal declined to comment. MSEB, which holds 30 per cent stakes in the Dabhol phase-I (740 mw) in its letter of November 12 had asked the DPC not to hold a board meeting on November 19 in view of the Mumbai High Court restraining the DPC from issuing a final termination notice until further orders. The High Court in its judgement delivered on November 9 over a civil suit filed by the Indian financial institutions (IFIs) has slated the next hearing on December 3.

Analysts said that the DPC's decision to cancel the November 19 meeting was quite expected as the company was aware that the situation in the wake of Enron's aquisition by Dynegy was fluid and it would need some time to take stock of the situation. Further, the Mumbai High Court's order, which gave a much-needed repreive to the MSEB as well as IFIs, came as a major setback to the DPC, which had already served an asset transfer notice to the MSEB on December 5. The MSEB had already communicated to the DPC that it would not be party to the DPC's decision to appoint a valuer after the issuance of asset transfer notice since it has rescinded the power purchase agreement on May 29 following a material misrepresentation and default on the availability of power by DPC. The IFIs had prayed that the issuance of final termination notice by DPC to MSEB would jeopardise their interest as well as investments in the "distressed" Dabhol project.

The November 19 meeting was also to take up issues related to the asset preservation, the financial position of DPC relating to the phase-I, debt servicing, safeguarding the legal position of its directors and opening of letter of credit for shipping. The DPC board was quite worried especially over the upkeep of the Dabhol plant, which has been closed since May 29 when MSEB suspended power purchases. The construction contractors have also suspended construction works on Dabhol phase-II (1,444 mw) from June 17 in view of DPC's inability to make their payments. The DPC board would also have taken up the issue relating to the DPC's decision to pull out of the Dabhol project. The company, which had decided to sale its stakes at $1.2 billion, recently expressed its desire to reduce it at around $850 million.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
BUSINESS STANDARD, Monday, November 19, 2001
Blackout in the power sector, A V Rajwade

Every foreign company in the Indian power sector wants to exit. Of these, the most controversial has been Enron and its Dabhol Power Company Ltd (DPCL). This apart, the experience of investors in the "reformed" power sector in Orissa is also unhappy. Five years ago, Orissa was the first state to adopt the World Bank-recommended model of separating generation, transmission and distribution of power, and an independent regulator. The Godbole Committee has recently recommended the same for Maharashtra as well. Clearly, separating the three functions is a complex restructuring. Maybe it helps privatisation, the current fashion on the subject having been set in Thatcherite Britain. While some privatisations in UK have succeeded, the experience has not been consistent all over.

Take UK's rail sector. While privatising, the government in its wisdom decided to separate the ownership of the rail network (Railtrack) and the ownership and operation of trains. The contractual relationship between the various operating companies and Railtrack were governed by a byzantine, bewilderingly complex system of penalties and incentives, to be monitored by an independent regulator. Such separation had no parallel. Besides, Railtrack suffered from poor management, cost escalation in modernisation of tracks, etc. Several serious accidents occurred and fixing responsibility became difficult. The "reform" did not work, and Railtrack was put back under public control last month.

What are the chances of trifurcation of the power sector in India succeeding? Pretty poor, if the experience of Orissa is any guide. It faithfully separated the three functions, and privatised distribution and part of generation. AES, a foreign company, was 49 per cent investor in a generating company, and 51 per cent in CESCO, a distribution company. As Gajendra Haldea analysed in this paper on August 27, "The policy and regulatory framework was inadequate and myopic." Distribution losses, a euphemism for power theft, were much larger than the companies had been led to believe at the time of privatisation. CESCO defaulted in paying the dues of GRIDCO, the transmission company, which in turn defaulted to the generating company. Indeed, all CESCO's cash inflows are now escrowed, leaving it no money even to pay salaries. For all practical purposes, the distribution companies seem to be in a difficult situation, perhaps beyond redemption, and the "reform" is a total mess. The crux of the problem in the power sector is not whether a unified SEB is less efficient than trifurcated companies _ it is the political unwillingness to charge a price which covers the cost to all consumers. For a while, cross subsidisation worked with commercial consumers subsidising the household and the agricultural segments.

However, as the burden became too large, the commercial sector started moving to captive generation, further worsening SEB finances. An "independent" regulator for power tariffs may not solve the problem. He may fix economic prices _ but will the state come forward to protect the bill collectors, punish power thiefs, face social unrest if power to recalcitrant consumers is cut off? So long as the answers to these questions are in the negative, as, sadly, they are, the institutional restructuring is no substitute for substantive action. No wonder all foreign investors in the power sector want to get out!

Enron too wants out _ but it has many more problems in its home country, over and above its dispute with MSEB. It had attracted a lot of adverse publicity for gouging power consumers in California, a state in a power crisis (see World Money, February 2, 2001). The Internet craze also had a hand in Enron's misfortunes. It became an energy trader, established an electronic trading platform, had broadband ambitions, went into a disastrous diversification in water supplies which, if I remember correctly, led to Rebecca Mark's exit. Perhaps it went into too many areas too quickly under Jeffery Skilling, ex-McKinsey, and was notorious for opaque, complex accounts.

To top it all, last month it announced that it will take an extraordinary $1.2 billion charge in its third quarter results for losses in financial activities. Enron's chief financial officer, who was supposed to be in charge of these, has resigned amidst reports that a private equity fund associated with him was involved in them. The SEC is investigating the affair and Enron's share price is down 67 per cent since mid-October. There are some reports that Shell may make a bid for Enron. After its ratings were downgraded, Enron is desperate for liquidity and anxious to dispose its assets. DPCL was already on the platter; now a sale has become even more urgent. Reportedly, Tatas and BSES are interested; so are the lending institutions. Clearly, if a settlement is to be reached, this is the optimum time. But one is not very optimistic. For one, Delhi and Mumbai will be involved, and bureaucracies never understand opportunity costs. Our byzantine decision-making processes make timely decisions impossible. Further, if a deal does take place, there will be the inevitable allegations of corruption. It is much safer for the reputation of the concerned ministers in Mumbai and Delhi to allow the drift to continue, to "let the law take its own course", whatever the costs! Sadly, as Jairam Ramesh said in this paper, Indian politicians respond to developments only out of compulsion, not conviction.


FYI.  If I've missed anyone who might be interested, please forward along.
Best,
Jeff
CALIFORNIA ENERGY MARKETS
Friday, October 19, 2001
[1] Power Authority Faces Legislative Backlash
After a three-month honeymoon, the new California Power Authority
is being shredded in the winds of politics this week with the Legislature
looking into its deals, the California Energy Commission annoyed with its
monopolizing ventures and the Department of Water Resources rebuffing
its plan to sell its power through state contracts. Other than skepticism
from legislative staff about its microturbine bid plan, the Power Authority
escaped major problems in its requests for bids for photovoltaics and
fuel cells at [18].
[18] Assembly to Investigate Power Authority
(from [1])
Is the California Power Authority a dangerously
out-of-control state agency, or is it the best hope for get-ting
back some state control over electricity supplies?
The Joint Legislative Audit Committee is looking into the
Power Authority's role thus far in carrying out the letter
and spirit of SBx2-6 in a hearing set for November 1.
The move is spearheaded by the offices of Assem-blymember
Fred Keeley (D-Boulder Creek), the chair
of the joint committee, and Assembly speaker Bob
Hertzberg (D-Van Nuys). Both members were princi-pal
authors of the Power Authority's enabling legisla-tion,
SBx2-6. Legislative staff are questioning the
Energy Foundation's unpaid role in devel-oping
the Power Authority's requests for bids, particularly
the RFB for microtur-bines. Only one com-pany,
Capstone, can meet the requirement written into the RBF by the Energy
Foundation, and staff are looking into potential overlaps
between Capstone and the Energy Foundation.
Political maneuvers are swirling around the Con-sumer
Power and Conservation Financing Authority.
Not only elected officials are concerned; the staff and
heads of other agencies the Power Authority must
work with are digging in their collective heels to op-pose
Power Authority overtures. Tom Hannigan, di-rector
of the Department of Water Resources rebuffed
Power Authority board chair David Freeman's pro-posal
to have it buy peaker output. California Energy
Commission members said they are at policy odds
with the Power Authority's siting plans.
In an October 4 letter to Freeman, Hannigan said
that the Power Authority's power-wind and fossil
peakers-is likely too expensive, overblown and not
able to respond quickly enough to balancing power
needs. "The letters of intent already approved by the
Power Authority could far exceed [DWR's] ability to ab-sorb
that power given the outlook for net-short need."
Freeman assumes that the market for Power Authority
power will be via contract, not the spot market. "Selling
on the spot market is difficult to finance and risky," said
Power Authority spokesperson Amber Pasricha.
The Power Authority is the only agency cur-rently
in the position of actually being able to acquire
new energy as the state's $12.5 billion bond issue to
underwrite continued DWR power purchases is in
limbo and the California Independent System Operator
is still not creditworthy. Still, the Power Authority
cannot issue bonds until it has its own economic
house in order, and an Assembly investigation might
jeopardize that [J.A. Savage].
[


Thank you for your request. You will be notified by email when your request
has been processed. You can check the progress of your request by clicking
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000038601&Page=
MyReq.


This isn't the right guy but he can get you to someone - Mike Garred x35488.

Darla Saucier@ENRON
04/19/2001 03:26 PM
To:	Chris Germany/HOU/ECT@ECT
cc:
Subject:	New Power

My contact at new power has not been returning my phone calls for the past two weeks. I am trying to resolve some of those prior period issues and tie out for this month as well.  I don't know if he's out on vacation or what.  I usually talk to Cris Miceli, do you know someone else I can talk to over there?


Hey Rev. Jackson,

Hello sir, how are you?  Well, I tell you Pastor really outdid himself
yesterday.  I really enjoyed his sermon.  He really has a knack for weaving a
story and making it applicable to today's events, etc.

Tasha and I got so tickled, watching you sing that song.  You did very well.
We said, "Look at Rev. Jackson, he's jammin".

Well, anyway, talk to you later!


Mark:
We are still on for drinks on the 19th.  You have called the market very well
since you started sending me updates.  Unfortunately for both of us, a couple
of good calls does not a soothsayer make.  Thus, keep sending me your updates
so I can at least get a little broader judgment of your abilities.   In terms
of my trading style, I take positions to make $.25-$1, not $.05.  Too much
noise in this market to trade differently for me.

"Mark Sagel" <msagel@home.com> on 10/04/2000 02:55:41 PM
To: <John.Arnold@enron.com>
cc:
Subject: Re: Natural update

John:

I hope you know I was just fishing for a reaction on the phone before.  I
assumed we would discuss a potential relationship when I'm in Houston on the
19th.  We're still on for drinks after work, right?  By then, you should
have a comfort level with the quality of my work.  I think the analysis I've
given you has been quite accurate as to market turns and price behavior.  It
would be helpful if I had some idea of how you trade/view the market.  Are
you mainly day-trading or do you hold positions for several days/weeks?
That way I can structure my comments in order to best serve your interests.
Let me know.  Thanks,
----- Original Message -----
From: <John.Arnold@enron.com>
To: <msagel@home.com>
Sent: Wednesday, October 04, 2000 9:14 AM
Subject: Re: Natural update

Mark:
Let's keep the present system for the short-term.  I would like to continue
looking at your work for another couple weeks.  We'll talk later,
John

"Mark Sagel" <msagel@home.com> on 10/03/2000 02:29:47 PM

To:   "John Arnold" <jarnold@enron.com>
cc:
Subject:  Natural update

John:

The price behavior of the past couple days has been  disappointing. My
short-term market patterns suggested a more robust price  rally and natural
appears to be waning at present. Volume on this rally is  poor,
particularly since yesterday was a decent day to the upside. The  market
appears to be using a lot of its energy but spinning its wheels. If  we
are at these same price levels in another two weeks, that would be
extremely  bullish. Right here, the risk/reward to being long is not so
great.   Recommend a neutral stance short-term on natural. Bigger picture
is still  very bullish. However, this market needs another 1-2 weeks of
what I would  call horizontal price action to set the stage for a big move
to the  upside.

Let me know if this stuff is useful for you. I certainly  don't want to
waste your time. In addition, if you prefer I call when I  have something
to pass along, let me know. I don't know how often you  check/see your
e-mail. Thanks,

Mark Sagel


Kim:
A quick and rough estimate of the space on the 13th floor.
10 offices and 82 cubicles.  Some of the cubes are very spacious.
Hope this information is helpful.


This is the response I put together for Louise.

This may be better done in person.  If so, give me a call when you have time.

Here is my vision of the two worlds - Enron and Commodity Logic.

There are two basic alternatives:

If you see Commodity Logic as an independent venture, then we should build-in
independence in our communication of deal data.  The "Transaction Store" does
this.  Beth's DriveTrain project being led by John Simmons will provide
this.  In this model, not every function/system currently performed will be
supplanted by a Commodity Logic module.  Complete reliance on Commodity Logic
to provide deal data needed for these systems would certainly complicate the
integration as Commodity Logic may reside outside the firewall.   The
systems/functions we don't think we'll outsource to Commodity Logic are:
Trade Capture, Contracts, Valuation, Credit, and SAP functions.
Additionally, we would like to see the development of more reporting support
for the DPR, Operations Pricing Model, EnTelligence, and SAP Warehouse data;
the implementation of a workflow, issue-tracking tool; and an Enron-branded
site for Customer Information.   This vision was arrived at by asking the
question: "What would you never consider outsourcing, either due to
competitive advantage, control issues, or confidentiality?"
I started shopping this vision around last week and will continue to do so
this week to get feedback for finalization.

If the two are really one and will be managed as one going forward, then
certainly a single deal database could suffice.  In this case, there should
not be separately managed IT functions as redundant development efforts may
occur and we could focus the resources on the top priorities.  Right now,
Commodity Logic is heavily dependent upon Beth's resources to provide the
data from the legacy systems.  The work to do these data feeds competes with
other priorities currently underway such as Unify Performance, Alberta Open
Access for Power, etc.  I think it is important to note that we have two
different requirements for deal data.  One - to support Commodity Logic
functions - is transactional and near-realtime in nature.  The second - to
support reporting functions is probably a batch end of day process.  The
technical design of the two would be different to meet functional and
performance requirements.  So, in a combined world, there would still
probably be two sources of deal data, one present on our network as separate
messages for each deal that transactional systems build a listener to
subscribe to and  a second source in a warehouse for reporting.

Either alternative can be approached, however organizational alignment and
priorities might be different.  Further, if the intent is to break Commodity
Logic off into a separate entity, then the first alternative is preferred to
maintain arms-length independence.

Another alternative is to consider Operations and Commodity Logic as a
combined entity that is separate from Enron that offers systems and
back-office services to Enron and other industry players.  I think this may
be what Sally is envisioning.  If this is where we are headed, then some of
Beth's resources that are directly tied to support of Operations' systems
should be combined with Commodity Logic resources so we can have a focus on
coordinated priorities.  I believe this alternative has the same issues as
the first in terms of what is outsourced, e.g. becomes part of Commodity
Logic, and what remains proprietary and confidential to Enron.

Let me know your thoughts.


---------------------- Forwarded by Kay Mann/Corp/Enron on 01/04/2001 01:42
PM ---------------------------

Heather Kroll@ECT
01/04/2001 01:29 PM
To: Ozzie Pagan/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron, Chris
Gaffney/TOR/ECT@ECT, LWilliams@houstonzoo.org
cc:

Subject: FW: Drinking quotes...

---------------------- Forwarded by Heather Kroll/HOU/ECT on 01/04/2001 01:30
PM ---------------------------

"O'Brien, Karen [IBD]" <karen.obrien@ssmb.com> on 01/04/2001 01:11:37 PM
To: "'christine oliviero'" <christine.oliviero@chamnessrelocation.com>,
"Androwski, Eileen P [CORP]" <eileen.p.androwski@ssmb.com>, "'heather'"
<hkroll@enron.com>, "'kerry heyburn'" <kheyburn@edificerex.com>, "'Lori'"
<CFICARE32@aol.com>, "Scandiffio, Sandra [IBD]" <sandra.scandiffio@ssmb.com>,
"'Susan'" <sjsfarkle@aol.com>
cc:
Subject: FW: Drinking quotes...

> -----Original Message-----
> From: Daza, Monica [EQTY]
> Sent: Thursday, January 04, 2001 10:03 AM
> To: Sanchez, Zoraida [EQTY]; Sprau, Katina [EQTY]; O'Brien, Karen [IBD];
> Masone, Theresa
> Subject: Drinking quotes...
>
> Drinking quotes
> >
> > I feel sorry for people who don't drink. When they wake up in the
> morning,
> > that's as good as they're going to feel all day.
> > -Frank Sinatra
> >
> > An intelligent man is sometimes forced to be drunk to spend time with
> his
> > fools.
> > -Ernest Hemingway
> >
> > Always do sober what you said you'd do drunk. That will teach you to
> keep
> > your mouth shut.
> > -Ernest Hemingway
> >
> > Time is never wasted when you're wasted all the time.
> > -Catherine Zandonella
> >
> > Non-Drinker: a weak person who yields to the temptation of denying
> himself
> > a pleasure.
> > -Ambrose Bierce
> >
> > Reality is an illusion that occurs due to lack of alcohol.
> > -Anonymous
> >
> > A woman drove me to drink and I didn't even have the decency to thank
> her.
> >
> >
> > What contemptible scoundrel has stolen the cork to my lunch?
> > -W.C. Fields
> >
> > When I read about the evils of drinking, I gave up reading.
> > -Henny Youngman
> >
> > Life is a waste of time, time is a waste of life, so get wasted all of
> the
> > time and have the time of your life.
> > - Michelle Mastrolacasa
> >
> > 24 hours in a day, 24 beers in a case. Coincidence?
> > -Stephen Wright
> >
> > When we drink, we get drunk. When we get drunk, we fall asleep.
> > When we fall asleep, we commit no sin. When we commit no sin, we go to
> > heaven. Sooooo, let's all get drunk, and go to heaven...
> > -Brian O'Rourke
> >
> > You can't be a real country unless you have a beer and an airline - it
> > helps if you have some kind of a football team, or some nuclear weapons,
> but at
> > the very least you need a beer.
> > -Frank Zappa
> >
> > Always remember that I have taken more out of alcohol than alcohol has
> > taken out of me.
> > -Winston Churchill
> >
> > Beer is proof that God loves us and wants us to be happy.
> > -Benjamin Franklin
> >
> > If you ever reach total enlightenment while drinking beer, I bet it
> makes
> > beer shoot out your nose.
> > -Deep Thought, Jack Handy
> >
> > Without question, the greatest invention in the history of mankind is
> > beer.
> > Oh, I grant you that the wheel was also a fine invention, but the wheel
> > does not go nearly as well with pizza.
> > -Dave Barry
> >
> > The problem with the world is that everyone is a few drinks behind.
> > -Humphrey Bogart
> >
> > Give me a woman who loves beer and I will conquer the world.
> > -Kaiser Wilhelm
> >
> > I would kill everyone in this room for a drop of sweet beer.
> > -Homer Simpson
> >
> > Not all chemicals are bad. Without chemicals such as hydrogen and
> oxygen,
> > for example, there would be no way to make water, a vital ingredient in
> beer.
> > -Dave Barry
> >
> > All right, brain, I don't like you and you don't like me - so let's just
> > do this and I'll get back to killing you with beer.
> > -Homer Simpson
> >
> > If I had a nickel for every beer I've bought; I'd buy more
> > - Priscilla Marsh
> >
> > Sir, if you were my husband, I would poison your drink.
> > -Lady Astor to Winston Churchill
> > Madam, if you were my wife, I would drink it.
> > -His reply
> >
> > Work is the curse of the drinking class.
> > -Oscar Wilde
> >
> > People who drink light beer don't like the taste of beer; they just like
> > to pee a lot.
> > -Capital Brewery, Middleton, WI
> >
> > I drink to make other people interesting.
> > -George Jean Nathan
> >
> > They who drink beer will think beer.
> > -Washington Irving
> >
> > You're not drunk if you can lie on the floor without holding on.
> > -Dean Martin
>
>


Actually, I said I did not think we should pursue it, but that I wanted Harry
to check w/ the client/trader to see how strongly they feel about letting it
go. We have a lot of dog cases out there that someone feels strongly about.
Any word Harry?

	Britt Davis@ENRON
	08/10/2000 09:21 AM

		 To: Richard B Sanders/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT
		 cc: Deborah Shahmoradi/NA/Enron@Enron, Brenda McAfee/Corp/Enron@ENRON
		 Subject: In re ELFI claim against Coastal

Richard, I got your voice-mail, to the effect that you did not want to pursue
this matter.  Should I close this file?  Just let me know.

       Britt


Enron Q4 profit rises 32 percent
Strong business mix pushes energy firm past estimates

MONDAY, JANUARY 22, 2001 11:19:00 AM EST
By Andrew Kelly
HOUSTON, Jan 22 (Reuters) - Enron Corp., North America's biggest buyer and
seller of electricity and natural gas, on Monday reported a sharp rise in
fourth-quarter operating earnings, surpassing expectations, as online trading
drove strong growth at its core wholesale energy operations.
Enron said it took a net non-recurring after-tax charge of $287 million in
the fourth quarter related to its troubled water affiliate Azurix Corp. AZX
</quotes/quotes.asp?symb=AZX&source=>. Enron announced plans last year to
finance a buyout that would take Azurix private.
Earnings before non-recurring items rose 34 percent, to $347 million, or 41
cents a share, from $259 million or 31 cents a share a year earlier.
Wall Street analysts had expected earnings of 35 cents a share, according to
First Call/Thomson Financial.
In early Monday trading on the New York Stock Exchange, Enron's shares were
up $3-1/8, or 4.41 percent, at $74.
Fourth-quarter net income including the Azurix charge was $60 million, or 5
cents per share.
The company's fourth-quarter revenues rose 271 percent from a year earlier,
to $40.8 billion.
"The impressive thing is the overall growth that they experienced," said
Merrill Lynch analyst Donato Eassey. "I think it had been in most people's
forecasts that they would have to do something to clean up Azurix."
ANALYST MAINTAINS BUY RATING
Eassey said he was retaining a "buy" rating on Enron's stock and considered
the company one of his top picks.
"I think that they will sustain a higher growth rate on average for the next
several years going forward, as they have for the past 10 years, because of
their innovation and their way of attacking the markets," he said.
Analysts pointed to the strong volume growth in Enron's core energy business
and played down the significance of the charge for Azurix.
Enron, which has branched out beyond energy into fields such as broadband
telecommunications and metals trading, saw its stock rise 87 percent in 2000,
outpacing a 54 percent gain for the Standard & Poor's utilities index
</quotes/quotes.asp?symb=&source=>.
Electricity and natural gas stocks were boosted by safe-haven buying in 2000
as investors lost faith in other sectors.
So far this year, Enron's stock is down 12 percent, broadly in line with the
S&P utilities index, which has fallen as investors have cashed in some of
last year's gains. Concern about possible fallout from California's power
crisis has also hurt the index.
Enron President and Chief Operating Officer Jeff Skilling said in a
conference call that the company's fourth-quarter earnings were not
significantly impacted by the power crisis in California, where rolling
electricity blackouts were imposed last week and the state's top two
utilities are close to bankruptcy as they face soaring wholesale electricity
costs.
"We do not expect the California situation to have any significant effect on
Enron's financial outlook, specifically our ability to hit 2001 targets," he
added.
Meanwhile, Enron said its physical wholesale gas and power deliveries rose 90
percent in the fourth quarter from year-earlier levels, with strong growth
both in North America and Europe.
EnronOnline, the company's Web-based trading system, completed its first full
year of operation in 2000, executing 548,000 transactions with a gross value
of $336 billion.
Besides gas and power, Enron uses the online system to make markets in
commodities such as pulp and paper, petrochemicals, metals and broadband
capacity, also known as bandwidth.
ORIGINS AS PIPELINE COMPANY
Originally a natural gas pipeline operator, Enron has pursued opportunities
created by deregulation to become North America's biggest wholesale gas and
electricity marketer. It is building a similar business in Europe, where
energy markets are also gradually opening up to competition.
Enron regards its knowledge of volatile energy and commodity markets as its
key strength, allowing it to profit from price swings while saving money for
its customers and managing their exposure to potentially costly movements in
prices.
Fourth-quarter earnings before interest and taxes at Enron's wholesale energy
business almost tripled from a year earlier, to $777 million.
Enron Energy Services, which helps business customers reduce their energy
costs, posted earnings before interest and taxes of $33 million, up from $7
million in the fourth quarter of 1999.
On Friday Enron Energy Services said it had signed an energy management
agreement with Owens-Illinois Inc. OI </quotes/quotes.asp?symb=OI&source=>
worth $2 billion over 10 years, its biggest deal to date.
Enron said its broadband telecommunications business, which was launched last
year and is still in the start-up phase, posted a loss of $32 million on
revenues of $63 million for the fourth quarter. Enron has said it will take a
few years for the business to become profitable.
The company sells bandwidth on its own fiber optic network and is also
pioneering the development of standardized tradable bandwidth contracts.


Susan,

I'm trying to schedule a time and place for our farewell Happy Hour.  Let me
know if this works for you.

http://www.qixo.com/Details.html?uRsltID=LF00

Robin


Hi!!  Enjoy Emily's new picture proofs!!
Love Cheri


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

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=TGEACCO>
To: Sommers, Jeffrey E. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JSOMMER>, Stevens, Kirk </O=ENRON/OU=NA/CN=RECIPIENTS/CN=GWADDR/CN=HQ3.EM4.KIRK STEVENS>, Giles, Valerie </O=ENRON/OU=NA/CN=RECIPIENTS/CN=GWADDR/CN=HQ3.EM4.VALERIE GILES>, Lindholm, Tod A. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=TLINDHO>, Anderson, Michael </O=ENRON/OU=NA/CN=RECIPIENTS/CN=NOTESADDR/CN=8ED97797-486C42F8-862567D8-481BDA>, Meers, Thomas </O=ENRON/OU=NA/CN=RECIPIENTS/CN=TMEERS>, Copeland, Erin </O=ENRON/OU=NA/CN=RECIPIENTS/CN=ECOPELA>, Dodson, Keith </O=ENRON/OU=NA/CN=RECIPIENTS/CN=KDODSON>
CC: Hayslett, Rod </O=ENRON/OU=NA/CN=RECIPIENTS/CN=RHAYSLE>
Date: Thursday, October 18, 2001 4:48:13 GMT
Subject:

Rod and I are meeting with Stan Monday afternoon, October 22, to talk about the 4th Quarter.  I have listed below the latest IBIT impact to Enron for the 4th Quarter that I have.  Please let me know if there are any changes and provide any variance explanations if necessary.

PGG  $28.0
EREC $53.2
Azurix  ($24.2) including Marlin
Clean fuels ($21.1)
EGAS  ($14.1)
EEOS ($26.6)

Thanks

Tracy


Dear Holden,

  Just wanted to let you know that per your agreement, I have entered deal # 650103.1 for WAPA CRSP May 2001 transmisison losses.

  The total is $ 10,016.00.

  Please contact me with any questions.

  Virginia


Yes, silly me.  But just so there's some hope that Bill makes his flight
back, we should plan on being in the general vicinity of Tortola on the day
of his flight.

It turns out I need everybody's birthday and address.  I assume you're still
at 200 W 86th but don't know your birthday.

	"Linda Hayman" <LHAYMAN@skadden.com>
	04/25/2001 03:50 PM

		 To: <Mark.Taylor@enron.com>
		 cc:
		 Subject: Re: Our Travel Itinerary

Plans.  You were thinking there would be planning involved?  Silly you.

>>> <Mark.Taylor@enron.com> 04/25/01 02:28PM >>>
I don't think I knew we were making a mid-week drop at the airport.  We
need to remember that as we plan where we'll be.

----- Forwarded by Mark Taylor/HOU/ECT on 04/25/2001 01:23 PM -----

                    "McGovern,
                    William"             To:     "'mark.taylor@enron.com'"
<mark.taylor@enron.com>
                    <McGovernW@SE        cc:     "'lhayman@skadden.com'"
<lhayman@skadden.com>,
                    C.GOV>               "'amh5h@virginia.edu'"
<amh5h@virginia.edu>, "'mlandk@aol.com'"
                                         <mlandk@aol.com>
                    04/25/2001           Subject:     Our Travel Itinerary
                    08:49 AM

Mark --

Amanda and I have the following flight plans:

Friday May 11

Leave Washington  AA Flight 771 7:00 a.m.
Arrive San Juan 10:41 a.m.
Leave San Juan AA Flight 5682 1:04 p.m.
Arrive Tortola Beef Island 1:47 p.m.

Our departures are as follows:

Bill -- Tuesday May 15

2:32 p.m. AA Flight 5541 from Tortola to San Juan

Amanda -- Thursday May 17

2:32 p.m. AA Flight 5541 from Tortola to San Juan

------------------------------------------------------
This e-mail, and any attachments thereto, is intended only for use by the
addressee(s) named herein and may contain legally privileged and/or
confidential information.  If you are not the intended recipient of this
e-mail, you are hereby notified that any dissemination, distribution or
copying of this e-mail, and any attachments thereto, is strictly prohibited.
If you have received this e-mail in error, please immediately notify me at
(212) 735-3000 and permanently delete the original and any copy of any e-mail
and any printout thereof.

Further information about the firm, a list of the Partners and their
professional qualifications will be provided upon request.


---------------------- Forwarded by Kayne Coulter/HOU/ECT on 11/15/2000 10:50
AM ---------------------------

"Bobette Riner" <bobette.riner@ipgdirect.com> on 11/15/2000 10:38:17 AM
To: "Jeff Maack" <jeff.maack@ipgdirect.com>, "Suzanna Strangmeier"
<suzanna.strangmeier@ipgdirect.com>, <ellen.clardy@ipgdirect.com>,
<rich.heidorn@ipgdirect.com>
cc:
Subject: The TradersNews Cinergy, Entergy and AEP indexes have been posted

Today is the last day for the discount subscription  price for our indexes.
When you subscribe, you get our historical data to date.  Contact Jeff Maack,
713/647-8802, or jeff.maack@ipgdirect.com.
?
?
To meet your needs, we are now posting the Cin and  Ent indexes each weekday
by 9:15 a.m. If you send us prices, please do  so by 6:30 a.m. each day.
?
WILL YOU PLEASE INFORM YOUR NIGHT CREW that we're  calling each night to get
deals? Some have been reluctant to divulge prices, not  realizing we've
cleared their participation through the heads of the trading  desk/hourly
desk.
?
Feel free to pass along the following (in  bold):

To: 24-hour desk crew
From: (hourly trading  manager)

TradersNews is now posting the hourly indexes each day at 9:15  a.m. CPT, to
facilitate financial swaps off the indexes. Please provide them  (Ellen
Clardy,
Suzanna Strangmeier and Bobette Riner) with prices and  volumes, as well as
the
source and sink for each hourly peak deal that  day.

They are indexing Cinergy, Entergy and AEP, and are collecting  prices to
build
historical data for TVA, ComEd and SPP. The information will  not be published
until the NEXT day, and at no time will TradersNews identify  who did what or
for
how much.

Thank you for your  cooperation.

If you or your crew have any questions (for  example, re: hub definitions),
please contact us. We thank  you!

Bobette

Bobette Riner
Senior Power Markets  Analyst
TradersNews
713/647-8690
bobette.riner@ipgdirect.com


Rod & I seem to be on the same wave length on this.
---------------------- Forwarded by Shelley Corman/ET&S/Enron on 11/15/2000
09:51 AM ---------------------------

Rod Hayslett

11/15/2000 09:31 AM
To: Shelley Corman/ET&S/Enron@ENRON
cc:

Subject: Reorganization of Houston and Omaha Facilities Management
Responsibilities

FYI
---------------------- Forwarded by Rod Hayslett/FGT/Enron on 11/15/2000
09:33 AM ---------------------------

Rod Hayslett

11/15/2000 06:45 AM
To: Mark E Lindsey/GPGFIN/Enron@ENRON
cc: Kevin Hughes/HOU/EES@EES

Subject: Reorganization of Houston and Omaha Facilities Management
Responsibilities

What does this mean to our budgets?     Is there a contract with EES that
allows them to make an "intercompany profit" on this business?     The reason
for my concern is 1) EES is a marketing affiliate and 2) profits paid to
affiliates are not allowed under several of our joint venture agreements and
will come under intense scrutiny at the FERC.     I will need to understand
in detail what I am going to be billed from EES.

---------------------- Forwarded by Rod Hayslett/FGT/Enron on 11/15/2000
06:42 AM ---------------------------

	From:  Steve Kean & Bill Donovan                           11/14/2000 06:36 PM

Sent by: Enron Announcements
To: All Enron Houston
cc:

Subject: Reorganization of Houston and Omaha Facilities Management
Responsibilities

Responsibility  for daily operations of building support services in the
Enron Building, Houston leased offices, and Two Pacific Place (Omaha) will be
transitioning from Corporate to Enron Energy Services (EES) by year-end.  The
areas affected include facility operations and maintenance of mechanical,
electrical, and air-conditioning systems; mail delivery;  housekeeping;
food, copier, and records services.

This transition of services, as presently managed by Enron Property and
Services Corp. (EPSC), is designed to optimize value to Enron,s Business
Units by leveraging facility management businesses now offered by EES to
their commercial customers.  EPSC staff having administrative responsibility
for these services will report to Enron Facility Services, a subsidiary of
EES,s Global Energy Services group led by Daniel Leff, President and CEO.

EPSC is responsible for Enron,s internal real estate and office development
needs, including leasing, space allocations and facility planning, project
and construction management, furniture systems, and office relocation.  EPSC,
in its development role, remains a part of Enron Corporate Administration
Services (ECAS) along with Corporate Security and the Aviation Department,
reporting to Bill Donovan, Vice President, Corporate Administrative Services.

This alignment of responsibilities offers the opportunity for EPSC to focus
resources on effective utilization of our existing office space assets and
managing the development of Houston,s new Enron Center Campus project.


REMINDER:  They will arrive at 1:00 p.m. today.  Thanks.
---------------------- Forwarded by Sharon Solon/ET&S/Enron on 10/30/2000
09:16 AM ---------------------------

	From:  Sharon Solon                           10/24/2000 12:17 PM

To: Omaha Office - All Employees
cc:

Subject: FERC Auditors

Federal Energy Regulatory Commission Auditors will be in the Omaha office
starting Monday, October 30th through Thursday, November 2nd.  The Auditors
will be located in Room 149.  Please be careful of topics discussed and your
conversations while in the kitchen area, vending machine area or on your way
to the fitness rooms.  Casual conversation is the word.

Thanks to everyone.


---------------------- Forwarded by Jeffrey C Gossett/HOU/ECT on 04/18/2001 09:33 AM ---------------------------
From:	Greg Whiting/ENRON@enronXgate on 04/18/2001 08:49 AM
To:	Jeffrey C Gossett/HOU/ECT@ECT
cc:	Jim Little/ENRON@enronXgate, John Valdes/HOU/ECT@ECT
Subject:	Flash Liquidation Detail

Jeff,

Can you pass this on to the appropriate people in your group.  Thanks.

In order to prepare the FRED files for March 2001 we need to have the flash detail saved to the following directory ASAP:

O:\ERMS\1intra\FRED Liquidations\2001\0301\

If detail is not in the directory by end of day Thursday we will prepare the FRED files accordingly.  Thanks for your help.

							Greg x35399


Matt,

Just a reminder to down load the CURTAIL200206.DB file from the curtailment
computer.

JD
---------------------- Forwarded by Jeff Duff/EWC/Enron on 07/03/2002 01:22
PM ---------------------------

Jeff Duff
06/19/2002 02:02 PM
To: Matt Allsup/EWC/Enron@Enron
cc: George Griese/EWC/Enron@Enron, Bo Thisted/EWC/Enron@Enron

Subject: Curtailment

Matt,

Here are the direction for down loading the curtailment file on the
curtailment computer.  We need the following file.

CURTAIL200205.DB

We will need to grab this file each month, and were planing to put together a
SUB to document the procedure.  If you don't need a SUB let me know.

This should be a very temporary situation since we will be pushing the
curtailment data onto the SQL server that should be at the site next week.  I
currently have plans to travel to the site on Wed. 26th for the morning and
early afternoon.

Let me know if there are any questions.

The curtailment program's log file "CURTAILyyyymm.DB", is stored on the
computer running the curtailment software.
At Desert Sky (Indian Mesa/Clear Sky) this is the second park computer.  IP
address: 192.168.0.253
On this computer the database files is stored in "C:\Visupro\TrbCurtail\"
folder.

Jeff Duff


Amy, this is way late, so sorry.  I suggest running it by the HR leadership
team.  The email list can be obtained from Gerry Gibson at corp.  If there
are HR openings, and she would be interested, they would most probably be the
best people to assess her skills.  Thanks.  Michelle

	Enron North America Corp.

	From:  Amy Gambill @ ENRON                           09/27/2000 09:57 AM

To: Michelle Cash/HOU/ECT@ECT
cc:
Subject: Re: Debra Ruby's Resume

Michelle,
Thanks so much for the feedback on Debra's resume.  Ted and I also shared it
with Brian Schaffer who said he would potentially like to have her in his
group, but has no openings right now.  You'd mentioned in your e-mail that
there may be HR possibilites for her and she's expressed an interest in
exploring that kind of a career move (see below).  Do you know of something
specific or anyone else I should share her resume with?

I really appreciate your help!
Amy
---------------------- Forwarded by Amy Gambill/Corp/Enron on 09/27/2000
09:54 AM ---------------------------

Glebeplace@aol.com on 09/26/2000 07:54:58 PM
To: Amy.Gambill@enron.com
cc:

Subject: Re: Debra Ruby's Resume

Thank you so much for circulating my resume and for forwarding the positive
feedback to me.  As a matter of fact, I am very interested in exploring the
possibility of a transition from a Legal Department position to a  Human
Resources position.  Even though there may not be an opening at this time, it
would still be very interesting to speak with someone who has made this
career change.
Thank you again,  Debra


I tried to call, but got the 'all circuits are busy' thing a few times.   I will see you tonight at the movies with a full report!

;)

C


Thanks

 -----Original Message-----
From: 	jeffsmirin@txu.com@ENRON
Sent:	Thursday, April 11, 2002 3:50 PM
To:	Germany, Chris; Denetsosie, Troy; Kelly, Katherine L.; Dinari, Sabra L.
Subject:	Ponderosa Pines Energy

(See attached file: Tenaska IV Est Imbalance0402.xls)
 - Tenaska IV Est Imbalance0402.xls << File: Tenaska IV Est Imbalance0402.xls >>


We will meet to discuss a system for the Power Traders to provide real-time pricing, curve shift, positions, etc. as discussed last year.

Thanks,
Corry Bentley
3-0421


clock's ticking

 -----Original Message-----
From: 	Mrha, Jean
Sent:	Thursday, November 08, 2001 2:24 PM
To:	Storey, Geoff
Subject:	RE:

you are an impatient one....

 -----Original Message-----
From: 	Storey, Geoff
Sent:	Thursday, November 08, 2001 2:23 PM
To:	Mrha, Jean
Subject:

where's my recruiters?


All,

I just talked with Andy Fastow and Brian Redmon.  We need to pass on him,
they really didn't recommend him as I was led to believe.
Sorry,
Mike

Randal Maffett
03/22/2001 08:42 AM
To: Mike McConnell/HOU/ECT@ECT
cc: Eric Gonzales/LON/ECT@ECT, George McClellan/HOU/ECT@ECT, John L
Nowlan/HOU/ECT@ECT, Larry Lawyer/Enron@EnronXGate, Jeffrey A
Shankman/Enron@EnronXGate
Subject: Re: Don Reid

I met w/ him a couple weeks ago.  Good guy w/ good overall experience but
lacks any specific industry experience in crude/products/pet-chems.  I'm the
one who referred him to you and Larry.

	From:  Mike McConnell                           03/21/2001 09:52 AM

To: Eric Gonzales/LON/ECT@ECT, George McClellan/HOU/ECT@ECT, John L
Nowlan/HOU/ECT@ECT
cc: Larry Lawyer/Enron@EnronXGate, Jeffrey A Shankman/Enron@EnronXGate,
Randal Maffett/HOU/ECT@ECT
Subject: Don Reid

All,

Attached is some information on a guy that I just met with and is in
re-deployment within Enron.  He is a finance guy by training, and has closed
deals as an originator for EE&CC.  (He is not an EE&CC guy but was asked to
go over there to help as an assignment)  Andy Fastow recommended that I see
him.  I thought of your groups as a possible fit.

He is out of redeployment on Friday and if you have an interest to talk to
him I would lob in a quick call.

 Mike
---------------------- Forwarded by Mike McConnell/HOU/ECT on 03/21/2001
09:44 AM ---------------------------

Donald Reid@ENRON_DEVELOPMENT
03/21/2001 09:13 AM
To: Mike McConnell/HOU/ECT@ECT
cc:
Subject: Don Reid

Per our conversations.

Best Regards,

Don
x56282


See attached.  Looks fairly minor:  a 7500 dollar "contribution" to the US
Treasury to settle up for our failure to seek license transfer authorization
from the FCC for PGE's telecommunications licenses when we merged in 1997.
---------------------- Forwarded by Steven J Kean/NA/Enron on 06/07/2001
05:17 PM ---------------------------
From: James Derrick/ENRON@enronXgate on 06/07/2001 03:24 PM
To: Steven J Kean/NA/Enron@Enron, Mark S Palmer/ENRON@enronXgate
cc:

Subject: FW: Enron Draft

FYI should you get any media questions re this matter.
 -----Original Message-----
From:  Williams, Robert C.
Sent: Thursday, June 07, 2001 9:45 AM
To: Walls Jr., Rob; Derrick Jr., James
Cc: Ballard, Ann
Subject: FW: Enron Draft

Here is the proposed consent decree I mentioned in my voice message.

 -----Original Message-----
From:  "Mazer, Robert A." <rmazer@velaw.com>@ENRON
[mailto:IMCEANOTES-+22Mazer+2C+20Robert+20A+2E+22+20+3Crmazer+40velaw+2Ecom+3E
+40ENRON@ENRON.com]
Sent: Wednesday, June 06, 2001 9:55 AM
To: Ballard, Ann; Williams, Robert C.
Cc: Medway, Leah E.
Subject: FW: Enron Draft

I am forwarding the draft Consent Decree prepared by the FCC. Please review
and forward your comments to us. I am going to be out of town starting on
Friday  and will be gone through the following week. If you need me my
secretary can find me. Leah Medway (202-639-6723)is up to speed on this
issue and can help facilitate its resolution with the FCC. Best regards, Bob
Mazer
          ++++++CONFIDENTIALITY NOTICE+++++
The information in this email may be confidential and/or privileged.  This
email is intended to be reviewed by only the individual or organization
named above.  If you are not the intended recipient or an authorized
representative of the intended recipient, you are hereby notified that any
review, dissemination or copying of this email and its attachments, if any,
or the information contained herein is prohibited.  If you have received
this email in error, please immediately notify the sender by return email
and delete this email from your system.  Thank You

 - Enron Consent Decree.1.doc


For your review.


Have a great trip!

Bill and Rita McCall <bmccall@wcnet.net> on 10/20/2000 03:09:52 PM
To: Kay.Mann@enron.com
cc:

Subject: Last call from Palacios

Hi Sweetheart. We were just checking to see if you are back and ready to go
to Georgetown. Hope you trip was a success. We are great.Packing up to go
home tomorrow. We will be back next Saturday. Have a great week end. We
love you,Mother


Travis:

My understanding is that the Password Application/ETA has been vetted in
Singapore (Edmund Cooper in London or Matt Lee could re-confirm this), but I
do not know about South Africa.

Alan

	Travis McCullough
	07/20/2000 12:24 PM

		 To: Justin Boyd/LON/ECT@ECT, Harry M Collins/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Alan Aronowitz/HOU/ECT@ECT
		 cc: Greg Piper/Corp/Enron@Enron, John Cummings/HOU/ECT@ECT, Brandon
Wax/HOU/ECT@ECT, Bob Crane/HOU/ECT@ECT
		 Subject: Re: EOL -- European counterparties

Justin:

Thank you for your message.  Let me know if there is anything I should be
doing to help you out from this side.

I have attached the list of countries in which the Pulp and Paper group
expect to have clients that will be active traders on Clickpaper.com.  I
believe that EOL has ETAs and Password Applications prepared for these
jurisdictions, but I'm not sure where we stand on Singapore, South Africa or
Ireland.  Justin, you probably know where we are with Ireland, -- Alan or
Mark -- any idea on where we may stand in South Africa or Singapore?

Justin, I would assume that the form of ETA that EOL currently uses for a
particular jurisdiction could be revised to reflect  Clickpaper as the
counterparty, but I noticed that EOL's form of ETA is with a UK entity.
Should Clickpaper adopt the same structure for trading in Europe?

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3817
Houston Texas 77002
Phone:  (713) 853-1575
Fax: (713) 646-3490
----- Forwarded by Travis McCullough/HOU/ECT on 07/19/2000 06:44 PM -----

	John Cummings
	07/19/2000 12:38 PM

		 To: Travis McCullough/HOU/ECT@ECT
		 cc: Bob Crane/HOU/ECT@ECT, Brandon Wax/HOU/ECT@ECT, Greg
Piper/Corp/Enron@Enron
		 Subject: Re: EOL -- European counterparties

Travis

Attached is the preliminary list of the European counterparties.  As of now
the countries to work on for the ETC and Password Application are:

Austria
Belgium
Finland
France
Ireland
Italy
Netherlands
Portugal
Sinagapore
South Africa
Spain
Sweden
United Kingdom

The only ones not on the EOL list are Ireland, Singapore and South Africa.
Let me know what is required to Clickpaperize the EOL stuff and also what do
we do about GTC physical and financial (ie are these country specific too).

jc


Hey Joe,

Here's the response I got with regards to Tomcat. I've place another call
into David and let him know that the information we received included most
points except for Tomcat. I'll keep you informed.

What I know is that the gas is sourced at MI 587 and moved on KM's firm
contract. For as long as CES remembers, they sell the gas to Entex. Entex
chooses the pipe off which they take--usually Midcon--also, HPL Channel, or
Tejas. KM is invoiced directly. Volume is approx. 2395. The deal with Entex
is written up monthly. KM pays on a basket of indices. Entex pays on the
highest index.

Ami

---------------------- Forwarded by Ami Chokshi/Corp/Enron on 12/21/99 09:32
AM ---------------------------

dscott1@columbiaenergygroup.com on 12/21/99 09:18:12 AM
To: Ami Chokshi/Corp/Enron@ENRON
cc:

Subject: Re:

The response I got from our risk desk was that your structuring group has
already been provided all of this information ... so you probably need to
check
with them.  My guess would be Tetco STX is where the Tomcat gas belongs.

David


Carol:  Haven't you been speaking with the confirm desk about identifying
high volume transactions with "masterless" counterparties?  I don't want to
duplicate work efforts.  Maybe you and I can chat during the time originally
set aside for Richard (this morning).  Thanks.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 05/24/2000 08:12 AM -----

	Tanya Rohauer
	05/23/2000 05:44 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Rod Nelson/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT
		 Subject: Re: Various "Morgan Stanley" master agreements

Definitely want to upgrade #1 - its on my list of ISDA upgrades as follows:

Done:  TXU, JAron
In Progress:  El Paso, Occidental, Reliant
To Do:  Morgan Stanley, Dynegy, Statoil, Vitol, Valero, Sempra

Can your dept provide a breakdown of type of executed masters? There are (as
of today) 423 masters - can we break out which ones are old ECT masters?
That may give us some insight in to any others that need upgrades.  Also, the
confirm desk should be able to tell us the level of activity (as they did
before) to determine priority.  Eventually, we would like to get to all of
these; however, establishing new documents where we have none (Cargill,
Mieco, Idacorp, PanCanadian) is my first priority.

Rod should be able to address #3.

Thanks,
Tanya

From: Sara Shackleton on 05/17/2000 08:48 AM
To: Rod Nelson/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT
cc: William S Bradford/HOU/ECT@ECT
Subject: Various "Morgan Stanley" master agreements

As a result of Jeff Nogid's request, here is a recap of the Morgan Stanley
situation:

(1)  Morgan Stanley Capital Group Inc.
 This is the entity for commodity trading.
 (i)  ECT has a Master Energy Price Swap Agreement dated 6/16/92
 (ii)  ECTRIC has an ISDA dated 3/2/99, but eff. 8/27/97

(2)  Morgan Stanley Capital Services Inc.
 Jeff Nogid requesting new master for fixed income transactions

(3)  Morgan Stanley International Limited
 This is the entity for equity trading.  Will Nogid or Kinneman ever need
this one?

Each of these companies has a different lawyer to negotiate the agreement.

Each Morgan Stanley entity might require a separate guaranty.  Anne Clark in
legal (Cap Services) will let me know.

I will put (2) in place.  Do you want to pursue upgrading (1)(i) or
addressing (3)?  Please let me know.  Thanks.  Sara


We only need +/- 25% operating expenses for now.  Thanks, Ben


Attached is PIRA's latest "Electricity Daily Demand Forecast."

If you have any questions regarding the report's content, please contact
Morris Greenberg (email: morris@pira.com) or Victoria Watkins (email:
vwatkins@pira.com), at (212) 686-6808.

Contact Client Services regarding PIRA report distribution and address
changes at (212) 686-6808, email: support@pira.com.

NOTE: Circulation of the "Electricity Daily Demand Forecast" outside a
Client's licensed distribution area is strictly prohibited. Clients that
are unsure of their licensed distribution or require an extension of
their current license should contact their PIRA sales representative, or
email to sales@pira.com.

PIRA Energy Group

 - ed120301.pdf
 - ed120301.xls


Attached is the Enron Americas GasTrading violation memos for  Maturity Gap
Risk and VaR for June 13, 2001.  The Office of the Chairman for Enron
Americas is responsible for printing out a hard copy of this memo, signing it
and returning the hard copy to Chris Abel at 3155a, who will forward it to
RAC to obtain their signature.

Thank You


Errol:

When you send the template back to Marcus, please copy Robert Cothran.

Thanks:

Derek

 -----Original Message-----
From: 	Edmonds, Marcus
Sent:	Tuesday, October 30, 2001 7:52 PM
To:	Bailey, Derek
Cc:	Garberding, Michael
Subject:	FW: 2 Items: (1) 1 month $46 million pre-pay; (2) Michigan Consolidate Gas Company

Hello,
	Derek could you please complete the necessary information for the $46 million 1-month pre-pay.

Have a great day,
Marcus

 -----Original Message-----
From: 	Cothran, Robert
Sent:	Monday, October 29, 2001 2:22 PM
To:	Edmonds, Marcus; Garberding, Michael
Cc:	Harris, Kim
Subject:	2 Items: (1) 1 month $46 million pre-pay; (2) Michigan Consolidate Gas Company

Per the capital book template we forwarded to your attention, we need the requested information to complete the capital book entries for the above two items - item one detail seen below; item two detail attached here: .

Please forward the attached template to the responsible parties so that we may book them for October business close.

thanks!

Robert B Cothran
Enron Americas
713-853-3478

 -----Original Message-----
From: 	Edmonds, Marcus
Sent:	Wednesday, October 03, 2001 7:18 PM
To:	Bailey, Derek; Harris, Kim
Cc:	Garberding, Michael; Gilbert, George N.
Subject:	1 month $46 million pre-pay

Hello,
	Please find the 1 month $46 million pre-pay model with regard to COF allocation attached. Please call me at 3-4243 or Michael Garberding at 3-1864 with any additional questions or concerns.

Have a magnificent day,
Marcus


Attached is the trade count for Nov 28, 2000 sorted by Country, Commodity and
Category.
If you have any questions call me at 3-6460
Regards
jr


----- Forwarded by Donna Fulton/Corp/Enron on 10/31/2000 04:50 PM -----

	"Jim Sullivan" <jsullivan@bostonpacific.com>
	10/31/2000 03:54 PM

		 To: "Donna Fulton" <Donna.Fulton@enron.com>
		 cc:
		 Subject: RTO Summaries

?

As promised,  attached you will find a copy of Boston Pacific's RTO
Summaries.?  For?your convenience, the summaries are in adobe?.pdf format,
which  can be opened using adobe reader.??If you currently do not have adobe
reader, you may?download?the free reader?at the following  URL:?http:
//www.adobe.com/products/acrobat/readstep2.html.?

Attached  you?will also find an invoice.? Please note that your payment will
be  fully credited, if you choose to purchase our?State of RTOs Report to be
released?by December 2000.

Thank you for your  business, and we welcome any questions or comments.
Sincerely,
?
?
Jim Sullivan
Boston Pacific Company, Inc.
Phone: (202)  296-5520
Fax: (202) 296-5531

 - RTO Summaries.pdf
 - Enron Invoice.pdf


I've asked for it separately (second item below).  Did I misunderstand your
question?

I'm setting up a table with all the stuff for signature now.

Kay

Stephen Thome@ECT
05/01/2001 09:53 AM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Delta/Salmon

Kay,

Do the retainage LOC's flow from the receipt of funds letter, or do we need
to tee up those separately?

Steve

Kay Mann@ENRON
05/01/2001 06:59 AM
To: lee.johnson@ss.ps.ge.com, kent.shoemaker@ae.ge.com
cc: Jake Thomas/HOU/ECT@ECT, Stephen Thome/HOU/ECT@ECT
Subject: Delta/Salmon

Good morning.

In order to finish up Delta/Salmon tomorrow, please note we need the
following today:

GE parent guaranty
LOC (so that full payment can be made to GE tomorrow)
Opinion of counsel

And once funds are received by GE, we need the receipt of funds letter.

Lee, I haven't heard back from the Portland gang to find out if the LV Co Gen
contract is ready.  Maybe Jake can help shake that loose.

Thanks,

Kay


----- Forwarded by Jeff Dasovich/NA/Enron on 02/16/2001 09:16 PM -----

	Jean Munoz <jmunoz@mcnallytemple.com>
	02/16/2001 04:56 PM

		 To: IEP <jmunoz@mcnallytemple.com>
		 cc:
		 Subject: Governor Davis Announces Recovery Plan for State's Utilities

Below is a copy of Governor's press release.  Jan will be responding during
the IEP media tele-conference today at 4pm PST.  Call in number
1-800-374-2393, pass code: Independent Energy Producers.

Thanks,
Jean

--
Jean Munoz
McNally Temple Associates, Inc.
916-447-8186
916-447-6326 (fx)

___________
PR01: 057
FOR IMMEDIATE RELEASE
02/16/2001 2:20 pm

GOVERNOR DAVIS ANNOUNCES
RECOVERY PLAN FOR STATE'S UTILITIES

SACRAMENTO

Governor Gray Davis today unveiled the framework of a recovery plan for the
California's investor-owned utilities that includes the purchase of their
power lines and targeted revenue from the existing rate structure to help
pay their back debt.

"Today we have begun serious negotiations with the utilities on a balanced
recovery plan," said Governor Davis. "This is a balanced business
transaction. It provides real benefits of real value to consumers and allows
the utilities to get back on their feet."

Elements of the plan include:

*    State purchase of the transmission grid owned by the state's three
investor-owned utilities;
*    Benefits to ratepayers and taxpayers including:

1.    A significant contribution by the parent companies to their utility
subsidiaries to satisfy their creditors and return to financial viability;
2.    The extension of cost-based rates from the utilities generating
facilities from five to 10 years and a ban on their sale;
3.    Conservation easements on utility-owned land in prime watershed areas;
and
4.    Dismissal of all pending litigation.

The Governor's plan directs the Public Utilities Commission to establish a
"dedicated rate component" from the existing rate structure (not a new
charge on consumer bills). This would allow the utilities to make payments
to their creditors, including banks, generators, and renewable energy
producers. Utilities would be allowed to sell revenue bonds secured by the
dedicated rate component.

Governor Davis said he is working closely with the legislative leadership on
legislative components necessary to carry out negotiations.

Governor Davis also noted that he sent a letter to President George W. Bush
thanking him for his order today to expedite the review and licensing of new
power generation facilities in California.

"I am extremely gratified that President Bush has acted to put the federal
government on the same path as I have in California to cut red tape and get
new power plants on line," said the Governor.

###


I suspect everyone has seen today's front page WSJ, but in case you have not
. . .

Hurt by Deregulation of Utilities,
California Gives Itself Lead Role
By REBECCA SMITH and JOHN R. EMSHWILLER
Staff Reporters of THE WALL STREET JOURNAL

SACRAMENTO, Calif. -- In a video made for a political roast, Gov. Gray
Davis, mimicking the Mafia boss in "The Sopranos," complains to his
therapist about Texas bad guys pushing electricity prices sky high. He vows
to get tough. Soon, a Davis confederate ushers four men in 10-gallon hats
into an office, shots ring out, and the aide, emerging blood-spattered,
delivers the punch-line: "Tell the governor his Reliant problem is solved."

While Gov. Davis hasn't gone that far in his fight with suppliers such as
Houston-based Reliant Energy Inc., he is in other ways trying to blast his
way out of the crisis. His moves are coming in rapid succession after months
of criticism of the governor for inaction, and they are fast reshaping the
state's electricity system.

With the acquiescence of other state leaders, Gov. Davis has put California
on the road to creating what amounts to a mammoth state-owned electric
utility, answerable largely to the governor. Moreover, though designed to
solve a short-term emergency, the governor's policies are loading consumers
with obligations that could affect the economy of the most-populous state
for 15 to 20 years.

His actions in some ways hark back to the system of central control that
preceded the disastrous 1996 foray into utility deregulation. But they
aren't simply a return to the days of monopoly utilities strictly regulated
by the state's Public Utilities Commission. What is emerging now is a
California power colossus that operates in important ways beyond the reach
of regulators or the public.

Mr. Davis says his actions will ensure that Californians have a secure
supply of reasonably priced electricity. "This is not a power grab," the
Democratic governor says in an interview. "I had no desire to intervene. I
would get out tomorrow if you would let me out. This is my least-favorite
thing to do."

'Colossal Failure'

Yet in the past six months, pushed by what he calls the "colossal failure"
of a deregulation plan hatched under his Republican predecessor, the
governor has put the state deep into the power business. In January, Mr.
Davis ordered the state Department of Water Resources to begin buying power
in place of California's cash-strapped utilities. Since then, the state has
purchased or committed to purchase $45 billion to $50 billion of
electricity, with some contracts as long as 20 years.

The governor has in effect seized control of the state's electricity-grid
operator, the California Independent System Operator, installing his
hand-picked team as board members. As its name implies, the ISO was supposed
to manage the grid without favoring any one participant.

Mr. Davis also is pushing to have the state buy huge chunks of the
transmission system that are owned by the financially beleaguered utilities.
He recently signed into law a bill that creates a state power authority,
whose director will be appointed by the governor. This agency, which so far
exists just on paper, could be used to build power plants and help run a
state-owned transmission system. Mr. Davis says that the authority is part
of what he sees as a "hybrid" system where public power plays an important
role augmenting private enterprise in the electricity business.

Reviving the Utilities

Having healthy utilities is extremely important, says the governor. He adds
that he has been working hard to revive the state's two biggest utilities,
the Pacific Gas & Electric Co. unit of PG&E Corp. and the Southern
California Edison Co. subsidiary of Edison International. But as the state's
role in the electricity business has grown, the utilities don't seem as
essential as they once did.

This is one reason the governor has had difficulty getting a rescue package
for Edison through the state legislature. The plan, among other things,
calls for the state to buy Edison's transmission system for $2.76 billion
and envisions the utility eventually resuming some power-buying chores.
Talks over a similar rescue package for Pacific Gas failed and that utility
filed for bankruptcy-law protection.

With the state locking up so much of California's future power needs,
legislators openly wonder whether utility-rescue efforts are worth the
billions of dollars they would require. In 2003, for instance, long-term
contracts will cover 90% of the state's projected buying needs. "What does
it mean for Edison to take over the role [of buying power] if the state
already has signed all these contracts?" asks State Sen. Debra Bowen, a
Democrat who heads the senate's energy committee.

Nonetheless, the governor says he is "cautiously optimistic" the legislature
soon will approve an Edison rescue package.

Mr. Davis has been deeply enmeshed in almost every aspect of the electricity
mess this year, after having once been relatively aloof from the burgeoning
crisis. The state's utility-deregulation law, which was enacted in 1996,
worked fairly well until May of last year. Under the deregulation plan, the
state's investor-owned utilities sold off many of their power plants to
other companies and repurchased that electricity through a state-sponsored
auction. Consumer rates were frozen and customers were given the option to
buy electricity from nonutility retail suppliers.

But tight electricity supplies and a flawed auction system led to a sharp
rise in wholesale power costs. With retail rates frozen, Pacific Gas and
Edison racked up multibillion-dollar deficits. In January, Mr. Davis
declared an emergency and put the state into the power-buying business.

Since then, he hasn't been bashful about exercising his emergency powers.
When Mr. Davis couldn't get legislative permission to borrow money
short-term for power purchases, he signed an executive order authorizing the
state to borrow up to $5 billion from commercial lenders. That borrowing is
supposed to be repaid from a roughly $13 billion municipal-bond issue, the
biggest in U.S. history, scheduled for later this year.

In another executive order, the governor suspended emission standards for
power plants to let them run more hours during the peak-demand periods. And
the state has hired a small army of energy consultants and traders.

Despite such actions, some think Mr. Davis isn't being forceful enough. For
example, the state senate last week passed a resolution supporting the
governor's power to "commandeer power plants" if he deems such a step to be
necessary. Mr. Davis has said he doesn't have any plans currently to take
such an action.

'Crisis of Governance'

The electricity mess has produced "the most extraordinary crisis of
governance we've had in California in the postwar period," says Bruce Cain,
director of the Institute of Governmental Studies at the University of
California at Berkeley. Mr. Cain says more power has been placed in the
governor's hands and, as a result, the state has "gotten away from the
separation of powers and the checks and balances that we expect in American
government."

Mr. Davis says his actions have been essential and are working. He credits
the long-term power contracts with helping to cool the spot market for
electricity, where prices in recent weeks have dropped sharply. In June, the
state paid an average price of $167 a megawatt hour for electricity. That
was down from $243 in May, though still far above the $25-to-$27 range of
two years ago.

But some worry about how this rush to address a short-term problem will
affect the longer-term future. An economic forecast issued late last month
warned that continued heavy state involvement and spending in the
electricity business could produce enough of a drag on the California
economy to reduce state output by a total of $90 billion by 2005 and lead to
higher unemployment. "California is at a crossroads" between what amounts to
a "state takeover of the electricity industry" and a more market-oriented
approach to fixing the problem, says the joint study by the Anderson
business school at the University of California, Los Angeles, and Cambridge
Energy Research Associates.

Under a law enacted in February, none of the tens of billions of dollars of
state electricity purchases or related costs can be challenged as imprudent
by the Public Utilities Commission. That's an immunity that regulated
utilities in the old regime could only dream of. Then, if they spent too
much, the PUC could make their shareholders take a hit. Under the new
system, any purchasing missteps the state makes will be borne by consumers.

"It scares the hell out of me," says Henry Duque, a Republican PUC member
appointed by former Gov. Pete Wilson. "The state is so busy looking after
its own interests. ... Who's looking out for the ratepayer?"

PUC President Loretta Lynch, a Davis appointee, acknowledges that the
commission's authority has been seriously eroded. Under the new law, the
commission is supposed to charge consumers for whatever sum the Water
Resources Department spends on energy. She hopes to hold hearings to review
the spending "even if we can't do much about the result."

Gov. Davis says concern about less oversight of power purchases is a "bogus"
issue. "It is not as if a private company or utility was making the
decisions. The PUC doesn't need to second-guess the decisions of a public
body," he says.

But other state moves suggest there's a role for oversight. The state is
only now doing a conflict-of-interest inquiry after several of its new
energy hires filled out disclosure forms that showed they held stock in big
power suppliers to the state. The governor's press secretary, Steve
Maviglio, says he doesn't know whether they were asked about their holdings
before being hired. He says the state will take "appropriate action" where
conflicts of interest are found.

The rush to beef up an outgunned state energy team may have contributed to
the hiring problem. Early on, "we had two or three people sitting around and
dealing with" big and savvy electricity suppliers, says Mr. Davis, almost
like a "tee-ball team playing the New York Yankees."

The state has since hastily assembled a group of about 20 energy traders,
headed by a 30-year-old manager with one year of experience in the energy
business. The manager, Susan Lee, has held four jobs in the past four years
and is getting paid up to $480,000 over two years for her services. Ms. Lee
declines to comment.

Good Enough

Even so, Mr. Davis argues, state negotiators did well enough. They managed
to help lower current power costs, he notes, although that required signing
deals that could force the state to "pay a little more" than it otherwise
would have in the years ahead. "I think Californians are willing to accept
that bargain," he says.

Still, he and some other state leaders are urging the PUC to revoke a
fundamental tenet of deregulation: the right of consumers to shop around for
low-cost electricity. Removing this option is essential to prevent a "jail
break" of customers seeking prices lower than what the state must charge,
says Carl Wood, one of Mr. Davis's three Democratic appointees to the
five-member PUC. A flight of customers could leave too few to pay for
state-purchased power and repay the planned bonds. The PUC is scheduled to
vote in August on the request to revoke consumer choice.

Some users are concerned about being stuck with what amounts to a state
monopoly. "We don't want to lose our options" to shop for lower-cost
electricity, says Shawn Covell, a senior manager at Qualcomm Inc., the
telephone-equipment maker. Earlier this year, Qualcomm signed an agreement
to buy power from an alternative supplier, the kind of move state officials
seek to ban.

While consumer choice is in doubt, public disclosure has already been
lessened in some ways. For months, the state refused to divulge terms of
power deals it was signing, saying that doing so would harm negotiations on
additional contracts. It finally made public the long-term contracts this
month after a lawsuit by a group of newspapers, including The Wall Street
Journal. Details of short-term power purchases were disclosed for the first
time on July 9. They showed the state spent nearly $8 billion on spot-market
purchases in the first five months of 2001, exceeding its projections.

Some Davis allies are troubled. "Decisions are being made, with almost no
public discussion, that foreclose other options," says Ms. Bowen, the state
senator, who is close enough to the governor that she played his therapist
in the "Sopranos" skit. While Sen. Bowen says the governor needed to act
forcefully, she is troubled that so much power has been bought at what she
fears will prove to be extremely high prices in the years ahead. Still, she
voted for the bill that gave the executive branch carte blanche to make
those huge commitments.

The right to go to court also has been limited. Under a law soon to take
effect, challenges to certain aspects of the planned $13 billion bond issue
can be taken only to the state Supreme Court. That panel has accepted only
two utility-related cases over the past decade. Backers of the measure say
it gives adequate opportunity for review without unduly slowing the bond
offering.

'One Voice'

The state's enlarged role in the utility business was on display when
negotiators convened recently at the Federal Energy Regulatory Commission in
Washington to discuss alleged supplier overcharges. California's major
utilities played only a secondary role, even though they paid much of the
purported overcharges and ran up giant deficits in doing so. The governor
had named one of his advisers, Michael Kahn, as head of the 20-person state
delegation, and Mr. Kahn says the delegation "spoke with one voice -- mine."

Mr. Kahn told FERC that California was owed $8.9 billion in refunds. Others,
including the FERC administrative-law judge overseeing the talks, said the
number was probably much lower. The state wouldn't budge, and the talks
ended without an agreement. Last week the judge recommended that a
"trial-like" proceeding be held to sort out who owes what to whom.

Mr. Davis says the state will go to an actual court if it doesn't get all
the money it is seeking through the FERC proceedings. And he vows to do
whatever else is necessary to get California through the electricity crisis.
"I have no desire to subsume the legitimate role of the private sector," he
says. But, he adds, Californians got such a "raw deal" from the deregulation
mess that "I have had to had take a very militant, hard-line view."

Write to Rebecca Smith at rebecca.smith@wsj.com and John R. Emshwiller at
john.emshwiller@wsj.com


Hi Sheila,

Shall we try to get the Enron groups together to discuss the approach we want
to take with GE in our next phone call?  If so, please advise of any time you
have available on Monday, and I'll get it set up.

Thanks,

Kay


Good response, Bob.  Thanks for leading the way on the format for that meeting.  --Sally

Robert Superty
03/30/2001 10:59 AM
To:	Greg Piper/ENRON@enronXgate @ ENRON
cc:	Carrie Slagle/ENRON@enronXgate@ENRON, Thomas D Gros/ENRON@enronXgate@ENRON, Sally Beck/HOU/ECT@ECT, Philippe A Bibi/ENRON@enronXgate@ENRON, Mark Taylor/HOU/ECT@ECT, Bob M Hall/NA/Enron@Enron
Subject:	Re: CommodityLogic

Greg, the communication and interaction between the Logistics and NomLogic teams during the product development phase has gone extremely well. Both Carrie and I are committed to making sure this continues through the internal testing and beta release with the customers. I have a strong group of experienced Logistics schedulers working closely with the NomLogic team and expect that their involvement will help us identify as many issues as possible before the customers get to see the product.

Please feel free to call if you have any additional questions or concerns, thanks - Bob Superty (x30957)

From:	Greg Piper/ENRON@enronXgate on 03/30/2001 10:04 AM
To:	Carrie Slagle/ENRON@enronXgate, Robert Superty/HOU/ECT@ECT
cc:	Thomas D Gros/ENRON@enronXgate, Sally Beck/HOU/ECT@ECT, Philippe A Bibi/ENRON@enronXgate, Mark Taylor/HOU/ECT@ECT
Subject:	CommodityLogic

Thanks for the input in yesterday's meeting.

As a follow-up, I wanted to confirm that Carrie and Bob (as module manager and mid/back office representative) will be working closely together over the next month or so to have NomLogic technology, business rules, legal structure and a system test complete before the outside customers arrive for the beta tests.

Thanks.

GP

<Embedded StdOleLink>


Do you already have this list.   Please send all templates to Chris Calger, Elizabeth Sager, and Mitch Robinson.

thanks.

 -----Original Message-----
From: 	Nicolay, Christi L.
Sent:	Wednesday, January 02, 2002 3:56 PM
To:	Comnes, Alan; Presto, Kevin M.
Cc:	Steffes, James D.
Subject:	transmission agreements

Alan and Kevin -- The transmission agreement list attached can be used to prioritize or assign commercial people to transmission/pool agreements.  It is not correct on the timing under the pools, so don't rely on that column.


S&P threatened publicly yesterday that unless the PUC acts decisively today
to fix the utilities' cash flow issue, they will significantly downgrade
California's IOUs.  I assume that's in the WSJ article Rick referenced.  As
Rick said, more info to come in a few hours.

	Mark Schroeder@ECT
	12/21/2000 08:31 AM

		 To: Richard Shapiro/NA/Enron@ENRON
		 cc: Jeff Dasovich/NA/Enron@Enron, John Sherriff/LON/ECT@ECT, Bryan
Seyfried/LON/ECT@ECT, Markus Fiala/LON/ECT@ECT
		 Subject: Re: California credit issues

Thanks.  I inferred from John that we may not be able to get or use
information from our own credit people for our market making activities, that
is why he is looking for info in the (reasonably) public domain.  mcs

Richard Shapiro@ENRON
21/12/2000 14:24
To: Mark Schroeder/LON/ECT@ECT
cc: Jeff Dasovich/NA/Enron@Enron@ECT, John Sherriff/LON/ECT@ECT, Bryan
Seyfried/LON/ECT@ECT

Subject: Re: California credit issues

Check out WSJ- Page A2. Also,Bill Bradford in Rick buy's group is person
most  proficient on credit issues relative to the three calif. utilities. I
will also get back to you this afternoon........The CPUC is scheduled to
issue orders today at 12:00 CST that may dramatically affect credit ratings
of the 3 utilities.

Mark Schroeder@ECT
12/21/2000 08:13 AM
To: Richard Shapiro/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron
cc: John Sherriff/LON/ECT@ECT, Bryan Seyfried/LON/ECT@ECT

Subject: California credit issues

Rick/Jeff - I just spoke with John Sherriff and mentioned to him how on top
of California you guys were.  As you may be aware, we are making markets in
the credit of many utilities and telcomm companies, via EnronCredit.com.
Brian Seyfried is the commercial leader for this business.  John has asked me
to ask you, if you become aware of significant developments, in the public
sector (not privileged/insider information), bearing on
creditworthiness/ability to pay by California utilities, would you please
keep us informed, as we will have a keen interest in these developments?
Please forward to this to any others on your team(s) you think appropriate.
thanks   mcs


-----Original Message-----
From: Griffin, James P [mailto:jgriffin@mtpower.com]
Sent: Friday, November 30, 2001 9:54 AM
To: Whitt, Mark
Cc: 'scott.holloway@eprime.com'
Subject: MPC Dry Creek Storage Inventory Transfer

Mark and Scott,

Attached is a letter that covers the inventory transfer.

If it's a go please revise as necessary sign and fax.

Thanks.

Jim Griffin
Manager, Gas Transmission Marketing
Montana Power Company
40 East Broadway
Butte, MT  59701
Phone:  406-497-2806
Fax:      406-497-2054
Email: jgriffin@mtpower.com <mailto:jgriffin@mtpower.com>

 <<Storage Inventory Transfer.doc>>


Opps.  I made an error.  This is a Sep 2000 contract.  I changed the term on
deal from 6/1/2000 - 9/30/2000 to 9/1/2000 - 9/30/2000.


Shirley,

Please find attached the excel file for the Financial desk.

Thanks,

Errol McLaughlin, X5-8274

From: Shirley McDowell/ENRON@enronXgate on 04/18/2001 03:37 PM
To: David Baumbach/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON
cc: Jeffrey C Gossett/HOU/ECT@ECT, Stephen Stock/ENRON@enronXgate, Zhiyong
Wei/ENRON@enronXgate, Hal McKinney/ENRON@enronXgate, Kam Keiser/HOU/ECT@ECT,
Phillip M Love/HOU/ECT@ECT, Darron C Giron/HOU/ECT@ECT, Richard
Burchfield/ENRON@enronXgate

Subject: FW: TRV User Information Needed

David and Errol -
Please provide the information that was requested and distributed to you
(below) on April 4.  This information is needed to establish the TRV (Trader
Report Viewer) security setup.  In order to meet scheduled TRV development,
test, and implementation dates please provide your region's information to me
by 2:00pm tomorrow, Thursday, April 19.

Thank you for your immediate response.  Please let me know if you have any
questions or need additional information.

Shirley

 -----Original Message-----
From:  McDowell, Shirley
Sent: Monday, April 16, 2001 11:40 AM
To: Giron, Darron; Baumbach, David; McLaughlin, Errol
Cc: Stock, Stephen; Wei, Zhiyong; McKinney, Hal; Gossett, Jeffrey; Keiser,
Kam; Love, Phillip
Subject: FW: TRV User Information Needed

Darron, David and Errol -
Please provide the information that was requested on April 4 (below).  We
need this information ASAP in order to plan the TRV security setup.  Thank
you for your prompt attention.
Shirley

 -----Original Message-----
From:  McDowell, Shirley
Sent: Tuesday, April 10, 2001 5:13 PM
To: Keiser, Kam; Giron, Darron; Baumbach, David; McLaughlin, Errol
Cc: Stock, Stephen; Gossett, Jeffrey; Love, Phillip; McKinney, Hal; Wei,
Zhiyong
Subject: RE: TRV User Information Needed

Kam, Darron, David and Errol -
I have not yet received the TRV user information requested below.  Please
follow up as soon as possible and let me know if you have any questions or
need additional information.   Thank you for your help!
Shirley

 -----Original Message-----
From:  McDowell, Shirley
Sent: Wednesday, April 04, 2001 3:12 PM
To: Gossett, Jeffrey; Keiser, Kam; Giron, Darron; Love, Phillip; Baumbach,
David; McLaughlin, Errol
Cc: Stock, Stephen
Subject: TRV User Information Needed

Greetings All!

Attached is an Excel spreadsheet with TRV (Trader Report Viewer) information
that you previously furnished for your region.  Please update the spreadsheet
with the following information and return to me by EOD tomorrow, April 5th,
if possible:

 - Region column - Each Region is listed
 - Report Name within Region column - List the Report Name of each report for
your region
 - User First Name and User Last Name columns -  Verify names and make any
changes
 - User ID column - Provide individual User ID
 - Email Address - Provide individual email address for the user
 - View Rights - Verify View Rights that have been entered and make any
changes
 - Publish Rights - Verify Publishing Rights that allow users to publish
reports from Excel
 - Administrator - Region Lead will have Administrator rights to add new
names or reports

Please let me know if you have any questions or need additional information.
Thank you all once again and I appreciate your help and support!

Shirley McDowell
IT Project Manager / TRV Project

 << File: TRV Report & User List.xls >>


no collateral.
hodge looked at gas. older master stemming from enron access (??) days. index pricing.
he is handling termination of service and noticing. he is looking at metals too to confirm nothing unusual. will alert you if is.

-----Original Message-----
From: Haedicke, Mark E.
Sent: Tue 10/16/2001 2:28 PM
To: Mellencamp, Lisa
Cc:
Subject: RE: bethlehem steel bankruptcy filing

Lisa:  What is the quality of our contracts and do we hold any collateral?  Any particular legal issues at this point?  Will we have to get quotes?  Mark

 -----Original Message-----
From:   Mellencamp, Lisa
Sent:   Tuesday, October 16, 2001 1:40 PM
To:     Haedicke, Mark E.; Sager, Elizabeth; Nettelton, Marcus; St. Clair, Carol; Cook, Mary; Essandoh, Edwin; Darmitzel, Paul

Cc:     Bradford, William S.; Tribolet, Michael; Hodge, Jeffrey T.
Subject:        bethlehem steel bankruptcy filing

for your information:
bethlehem steel has filed bankruptcy in new york.
metals in london has $200,000 or so in exposure (mostly mtm).
ena has gas deal with exposure of about $1.2 million.
industrial markets has nothing.
these are being terminated. hodge sending letter on gas/other from london.
i will file proof of claim.


Vince,

Sorry for not having the attachment earlier.  Here it is.

Regards,
sandeep.


Due to the current business circumstances the hours to the Energizer Cafe, The Express Store, and Plaza Java will be adjusted as of Monday, December 10, 2001.  Please note the operating hours for each location below:

Energizer Cafe		Breakfast: 7:30 to 9:00 AM
			Lunch: 11:30 AM to 1:00 PM

The Express Store	8:30 AM to 3:00 PM

Plaza Java		7:00 AM to 3:00 PM

Thank you.


Start Date: 1/20/02; HourAhead hour: 7;  HourAhead schedule download failed. Manual intervention required.

    LOG MESSAGES:

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In order to access the phone system I need a password. I have requested one
twice but still haven't received it.

Thanx,

Chris


Hector,

I invitate you touch my big, beautiful, American breasts!

---------------------- Forwarded by Eric Bass/HOU/ECT on 06/30/2000 02:39 PM
---------------------------

	Enron North America Corp.

	From:  Carrie Southard                           06/30/2000 02:35 PM

To: Christa Winfrey/HOU/ECT@ECT, Lisa Gillette/HOU/ECT@ECT, Susan M
Scott/HOU/ECT@ECT, Timothy Blanchard/HOU/EES@EES, Nick Hiemstra/HOU/ECT@ECT,
Benjamin Markey/HOU/ECT@ECT, Rahil Jafry/HOU/ECT@ECT, Misti Day/HOU/ECT@ECT,
Shanna Husser/Corp/Enron@Enron, Eric Bass/HOU/ECT@ECT, Christopher
Coffman/Corp/Enron@Enron, Matthew Lenhart/HOU/ECT@ECT, Nicole
Alvino/HOU/ECT@ECT, Ashley Baxter/Corp/Enron@Enron, Ashley Dietz/Enron
Communications@Enron Communications, Jennifer Riley/HOU/ECT@ECT, Kyle
Etter/HOU/ECT@ECT, Erin Rice/Corp/Enron@Enron, Brian Hoskins/HOU/ECT@ECT,
Hector Campos/HOU/ECT@ECT, Tara Sweitzer/HOU/ECT@ECT
cc:
Subject: Going To London!

Hi Everyone,

Well, it's official.  I am finally making the final arrangements for my move
to London!  I leave Friday, July 14th, but before I go I would like to throw
a going away bash.  It's been awhile since we've all been out together so I
hope you can make it.  I am sure that I have forgotten people, so please
forward the email on.

The festivities will commence at my apartment next Friday, July 7th....at my
apartment.  I'll be providing beer and wine but feel free to bring your
favorite beverage.  I live a block away from the Galant Knight...if you can't
make it to the apartment, meet up with us at the Galant Knight on Holcombe.

I live at 7777 Greenbriar #3056.  My gate code is 284.  If you need
directions, leave me a message on my voice mail and I'll call you
back...since I will out on vacation for most of next week.

I hope to see you all!

Carrie


please print
----- Forwarded by Jeffrey A Shankman/HOU/ECT on 02/05/2001 01:11 PM -----

	Jennifer Fraser
	02/01/2001 10:31 AM

		 To: Jeffrey A Shankman/HOU/ECT@ECT
		 cc:
		 Subject: Summary of EES "Bear Trap"

Purpose
To explain the EES strategy for 2001 and how they will deliver on their
number.

Details
EES has 3 product lines: Global National Outsourcing - Bundled Services
(Angela Swarz / Mike Mann), Fast Track (Craig Sutter) and Regional Commodity
(Greg Sharpe / Greg Cordell)
 1. National Accounts
 Part A - Bundled Service
 * This is the full bundled product (DSM, Commodity and Risk Mgmt)
 * Angela Swarz is the team lead
 *They are targetting large commercials (i.e shopping centers, hotels etc).
 *They are also going aftersome large industrials (i.e. they closed Quaker
Oats on 1/25)
 Part  B: Midddle Marketing- - Industrial Origination
 * Mike Mann heads this up
 *They are targetting heavy industrials including the Refining, Petchem and
Chemical industries
 * They sell Risk Mgmt, Commodity etc.......
 * They are making a concerted effort on Ags and Chems
 * Approaching customer at the executive Level
 * Already approached Farmland and IMC
 * Have a deal with Kerr McGee for outsourcing
 2. Fast Track "Boiler Room"
 *Run by Craig Sutter
 * ABC - always be closing-- They have written a script for originators to
close a deal in 4 calls.
 *They have a computer that generates leads for their new marketing products
( "ENvest" (Asset capex), ENpower "commodity swaps", Commodity sales
"ENsomething" and "Entelligence" -
 3. Commodity Sales
 * Greg Sharp and Greg Cordell
 *Have big plans for power in TX
 *Do some gas commodity sales
 *Basically anythinmg smaller than the wholesale load

Impact on EGM
In August 1999, all NAICS (SIC) codes except Pulp and Paper and Steel
reverted to EES in September 2000. This includes Refining, Petchems,
Transport, Chemicals, Coal, Ags, etc...They a model "Value Enhancement" that
shows an itemized account of a customer's VAR by commodity (metals, plastics,
petchems,
products, gas, power, etc). They planon covering the whole universe of risk
management. Obviously we need to manage the relationship with EES.

Next Steps:
Meet with Mike Mann. I have his target list. We probably need to see how we
help them bring business to the EGM books, since they are cross-selling
everything.

Let me know what you want to do.
JF


Joe -

I have attached a copy of the Assignement Agreement that Chris forwarded to Bob and noted my comments.  Please review at your convenience and let me know your thoughts.

Thanks.

Mark