On behalf of Watson and Vernon, I strongly object to the removal of the data
on the takeaway capacity to other markets besides the SoCalGas system, as
Norman apparently proposes in his draft exhibit.  Without the data on
takeaway capacity to other markets, the exhibit suggests that all of the
upstream interstate and PG&E capacity is designed to serve just the SoCalGas
market.  This is simply not factually true, and suggests that there are
"mismatchs" of intrastate and interstate capacity where, in reality, such do
not exist or are much smaller in magnitude.  The ALJ asked for this exhibit
not to show that a mismatch exists, but to present the full data on both the
delivery and take-away capacity at the border, so that the Commission can
evaluate the extent to which any mismatches exist.

I will offer two suggestions for resolving this matter: (1) add another
column to Norman's exhibit showing the takeaway capacity to other markets
besides SoCalGas, based on the numbers in SoCalGas' draft exhibit, or (2)
let parties file their own versions of the exhibit that the ALJ requested.

Tom Beach

----- Original Message -----
From: Norman A. Pedersen <napedersen@JonesDay.com>
To: Cherry, Brian - TPBKC <BCherry@sempra.com>
Cc: 'Pocta, Robert M.' <rmp@cpuc.ca.gov>; Cherry, Brian - TPBKC
<BCherry@sempra.com>; <AlexanMS@sce.com>; <paulamirault@aec.ca>;
<david.bayless@utility.com>; <Tomb@crossborderenergy.com>; <Burkee@cts.com>;
<Craigc@calpine.com>; <Rick.Counihan@greenmountain.com>;
<Jdasovic@enron.com>; <Mday@gmssr.com>; <bdingwall@unitedgas.com>;
<Douglass@arterhadden.com>; <eke@aelaw.com>; <Jfawcet@enron.com>;
<rfoss@coral-energy.com>; 'Gileau, Patrick L.' <plg@cpuc.ca.gov>;
<johnj@bcjlaw.com>; <Johnson_Pamela@lacoe.edu>; <karpjos@sf.whitecase.com>;
<jleslie@luce.com>; <kmccrea@sablaw.com>; <jmpa@dynegy.com>;
<porterdk@sce.com>; <RochmanM@cubjpa.org>; <RochmanM@spurr.org>;
<susan.scott@enron.com>; Betonte, Robert - TP2RSB <RBetonte@socalgas.com>;
Brill, Thomas R. <TBrill@sempra.com>; Follett, B. David - TPDBF
<DFollett@sempra.com>; Harrigan,
Sent: Thursday, June 15, 2000 11:08 PM
Subject: Re: Final Late Exhibit Draft

>
>
> _______________________________________________________________
>
> This message and any attachments are intended for the individual or entity
> named above.  If you are not the intended recipient, please do not read,
> copy, use or disclose this communication to others; also please notify the
> sender by replying to this message, and then delete it from your system.
> Thank you.
> _______________________________________________________________
>
>      Your proposed draft exhibit goes substantially beyond the ALJ's
order.
> ALJ Biren specifically stated that the the late-filed exhibit "should be
> narrowly focused on the mismatch of capacity." Tr. 1021.Thus, you need to
> eliminate the column entitled "Total Take-away Capacity."  Furthermore,
the
> column is both suspect (e.g., the representation that EOR is 770 MMcfd)
and
> misleading (e.g., the inclusion of SWG or PG&E in "S. Calif Take-away
> Capacity").  Also, you need to eliminate the "Avg. Daily Market" box.  The
> following is what should be submitted to ALJ Biren:
> (See attached file: #1070989 v1 - FIRM PIPELINE CAPACITY DELIVERY (EX. TO
> I.99-07-003).doc)


-----Original Message-----
From: 	Gilbert-smith, Doug
Sent:	Tuesday, October 16, 2001 8:30 AM
To:	King, Jeff; Dean, Clint; Arora, Harry
Subject:	Hope you can make our party on the 27th Oct


-----Original Message-----
From: 	Chad Landry
Sent:	Thursday, May 10, 2001 8:06 PM
To:	Jean Ryall
Subject:	Legislative Analysis on SB 601

Below is the original e-mail I sent you on SB 601.  If you like, I could also walk you through the e-mail I sent you regarding "CAPCO Structures."

CKL
---------------------- Forwarded by Chad Landry/HOU/ECT on 05/10/2001 03:04 PM ---------------------------

Chad Landry
03/27/2001 01:47 PM
To:	Jean Ryall/NA/Enron@ENRON
cc:
Subject:	Legislative Analysis on SB 601

Senator Carona has sponsored a bill (SB 601) that will provide premium tax credits for Investment in Certified Capital Companies (Cap Co's).  A Certified Capital Company means a partnership, corporation, or trust or limited liability  company, whether organized on a profit or not-for-profit basis, that has as its primary business activity the investment of cash in qualified businesses and that is certifed as meeting the criteria of this subchapter.

The comptroller by rule shall establish the application procedures for certifed capital companiesTo qualify as a certified capital company,  the applicant must have:
At the time of application for certification, an equity capitalization of at least $500, 000 in the form of unencumbered cash or cash equivalents;
At least two principals or persons employed to manage the funds of the applicant
Must have at least four years of experience in the venture capital industry

These Cap Co's partner with Certified Investors (e.g. insurance companies or other person that has a state premium tax liability) to unlock the value of the premium tax credits.  This partnership involves the Certified Investor contributing capital to the Cap. Co.  in exchange for an allocation by the Cap Co. of premium tax credits to the Certified Investor.   Cap Co's use this certified capital to invest in Early stage businesses across the state of Texas.

Under SB 601, the Cap Co's are only allowed to make "qualified distributions" or payments.  These qualified distributions include:  the reasonable costs and expenses of forming, syndicating, managing, and operating the company, provided that the distribution or payment is not made directly or indirectly to a certified investor or an affiliate of a certified investor, including:  (i) reasonable and necessary fees paid for professional services, including legal and accounting services, related to the formation and operation of the company; and (ii) an annual management fee in an amount that does not exceed two and one-half percent of the value of the assets of the company.

CKL

<Embedded Picture (Device Independent Bitmap)>


Lucky Fares for travel in DECEMBER 2000:

Glasgow - New York (JFK):.......................GBP:199.00

Outbound, December  - 5,6,10,11,12,13,14,17,26
Inbound,  December  - 10,12,13,14,16,17,18,24,25,26,30

London -  Boston:...............................GBP:179.00

Outbound, December  - 2,5,6,7,8,9,10,11,12,13
Inbound,  December  - 3,4,5,6,7,8,9,10,11,12,13,16,17,18,24,25,26,30

London -  New York (JFK):.......................GBP:179.00

Outbound, December  - 2,5,6,9,10,11,12,13
Inbound,  December  - 3,4,5,6,8,9,10,12,13,16,17,18,24,30

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

These are return fares and are INCLUSIVE of International Airport taxes that
are approx. o56 to North America. These fares are only valid for travel in
November & December 2000 and are for Special Offer Club members only(

*****************************************************************
FOLLOWING RESTRICTIONS APPLY:

ONLY FOR TRAVEL ON THE ABOVE MENTIONED DAYS
You can only enjoy these special fares if you make your reservations before
06th December 2000.
No frequent flyer points.
No changes once ticket has been booked.
No refunds after ticket has been booked.
No child discount.
Minimum stay Saturday night.

These are available for UK SPECIAL OFFER CLUB members ONLY.

You can book these special offers by e-mailing us at:london@icelandair.is
with your name, address, preferred travel     date(s),daytime telephone
number and the best time to reach you.
Or you can use the link below to book these fares online.

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These are fares originating from UK only ) for information on LUCKY FARES
originating in USA ) check out www.icelandair.com and join the Special Offer
Club there.

*****************************************************************
You can also find us at: http://www.icelandair.co.uk for
further information about the airline, our services and destinations!

That's all there is to it.  So don't wait((.get LUCKY!

To stop receiving e-mail updates from the Netclub/Lucky Fares, please click
or cut and paste the link below.  When you have logged in click on Edit
Profile.  At the bottom of the form remove the checkmark where you are asked
if you would like to receive e-mail notification of the Netclub offers.
Click on Update profile.

If you just wish to change your e-mail address, get Netclub/Lucky Fares from
other regions or edit your profile in any other way you can also do this by
changing information on the Edit Profile form.  Just remember to click on
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You can also send us an email, with unsubscribe in the subject line, to
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laura said that she saw you.  are you working out today?


Below is a revised presentation from the EOL team that should have the most
updated slides for MEH's online presentation that you are working on.
----- Forwarded by Tana Jones/HOU/ECT on 10/24/2000 04:08 PM -----

	David Forster@ENRON
	10/24/2000 12:25 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: EnronOnline Public Report for October 20, 2000

---------------------- Forwarded by David Forster/Corp/Enron on 10/24/2000
12:25 PM ---------------------------

Leonardo Pacheco
10/23/2000 06:22 PM
To: Mark Palmer/Corp/Enron@ENRON, Eric Thode/Corp/Enron@ENRON, Mark
Taylor/HOU/ECT@ECT, Jackie Gentle/LON/ECT@ECT, Rob Bradley/Corp/Enron@ENRON,
David W Delainey/HOU/ECT@ECT, Mark Koenig/Corp/Enron@ENRON, Steven J
Kean/HOU/EES@EES, Philippe A Bibi/HOU/ECT@ECT, George McClellan/HOU/ECT@ECT,
Bryan Seyfried/LON/ECT@ECT, Rick Buy/HOU/ECT@ECT, Greg
Piper/Corp/Enron@Enron, Fred Lagrasta/HOU/ECT@ECT, Edward D
Baughman/HOU/ECT@ECT, Craig Breslau/HOU/ECT@ECT, Michael McDonald/SF/ECT@ECT,
Grant Oh/CAL/ECT@ECT, Harold Bertram/HOU/ECT@ECT, Cary M
Carrabine/Corp/Enron@Enron, Edward Ondarza/HOU/ECT@ECT, Mark
Tawney/HOU/ECT@ECT, Per Sekse/NY/ECT@ECT, Janet R Dietrich/HOU/ECT@ECT, Max
Yzaguirre/NA/Enron@ENRON, Greg Wolfe/HOU/ECT@ECT, Brian
Bierbach/DEN/ECT@Enron, Brian Redmond/HOU/ECT@ECT, Kathryn
Corbally/Corp/Enron@ENRON, Stuart Staley/LON/ECT@ECT, Kevin
McGowan/Corp/Enron@ENRON, Peter Bradley/LON/ECT@ECT, Sally Beck/HOU/ECT@ECT,
John Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, George
Wasaff/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Meredith
Philipp/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON, Lisa
Lees/HOU/ECT@ECT, Mary Gopalan/LON/ECT@ECT, Kal Shah/HOU/ECT@ECT, Greg
Whalley/HOU/ECT@ECT, Daniel Diamond/HOU/ECT@ECT, Michael
Danielson/HOU/ECT@ECT, Brenda F Herod/HOU/ECT@ECT, Mark
Pickering/LON/ECT@ECT, Don Cornwell/Corp/Enron@Enron, Richard
Shapiro/HOU/EES@EES, Stephanie Miller/Corp/Enron@ENRON, Anthony
Dayao/HOU/ECT@ECT, Ricardo Lisboa/SA/Enron@Enron, Remi
Collonges/SA/Enron@Enron, Katrin Haux/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Suryan Wirya Simunovic/LON/ECT@ECT, Mark Frevert/NA/Enron@Enron, James A
Ajello/HOU/ECT@ECT, Ted Seitz/Enron Communications@Enron Communications, Jim
Crowder/Enron Communications@Enron Communications, Mitch Olson/Enron
Communications@Enron Communications, John McClain/Enron Communications@Enron
Communications, Bill Abler/Enron Communications@Enron Communications, Emily
Wander/Enron Communications@Enron Communications, Jay Hawthorn/Enron
Communications@Enron Communications, Jeff Bartlett/HOU/ECT@ECT, Jonathan
Whitehead/AP/Enron@Enron, Alan Engberg/HOU/ECT@ECT, Joseph P
Hirl/AP/ENRON@ENRON, Thomas D Gros/NA/Enron@Enron, Iona Maclean/LON/ECT@ECT,
Jeff Kinneman/HOU/ECT@ECT, Jez Peters/LON/ECT@ECT, Samuel
Grossman/LON/ECT@ECT, Bryan Hull/HOU/ECT@ECT, Allan Sommer/Corp/Enron@Enron,
Jeannie Mandelker/HOU/ECT@ECT, Elizabeth Linnell/NA/Enron@Enron, Alhamd
Alkhayat/NA/Enron@ENRON, David Oxley/HOU/ECT@ECT, John E
Bowman/ENRON@Gateway, Carrie A Robert/NA/Enron@Enron, Steven J
Kean/NA/Enron@Enron, Henry Means/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Cedric
Burgher/Corp/Enron@ENRON, Jason Seigal/LON/ECT@ECT, Andrew
Wilson/Corp/Enron@ENRON
cc: Louise Kitchen/HOU/ECT@ECT, Bob Shults/HOU/ECT@ECT, Amita
Gosalia/LON/ECT@ECT, David Forster/Corp/Enron@Enron, Rahil Jafry/HOU/ECT@ECT,
George Hope/HOU/ECT@ECT, Heather Alon/HOU/ECT@ECT, Erica
Bess/Corp/Enron@ENRON, Justin Rostant/HOU/ECT@ECT, Tammie
Schoppe/HOU/ECT@ECT, Adriane Moratto/NA/Enron@Enron

Subject: EnronOnline Public Report for October 20, 2000

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

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


I thought I'd communicate to the group some recent developments.

1. Gordon and Ryan advise that the swaps for assets in JEDI 1 and 2 will
cover our proportionate economic interest in the asset within JEDI. Gordon
believes the spreadsheet of proposed swaps reflects this. The swap will be
between Harrier and Talon and there will be no back-to-back swap with JEDI.
There should be no required disclosures to CalPERS resulting from these
hedges.

2. Gordon and Ryan advise that for assets currently on our balance sheet that
are hedged with Raptor and then sold to Condor,  there will be no reduction
in the hedge or any back-to-back hedge when it moves into Condor. The swap
will be between Harrier and Talon.

3. Mark Taylor and Bob Baird have concluded that the swaps can be terminable
by Harrier if the underlying security is sold.


Just a reminder:

As we discussed at the policy committee offsite, I am assembling the goals
and objectives for the Board.

Please send yours to me by close of business, Tuesday, Feb. 6.

Thanks.


Pls fax to me that which you  faxed to Jim Noteboom. My fax # is 206-343-2103.
THX


Executive Search Partners Inc.

Thanks for taking the time to speak with me. I appreciate the opportunity to introduce myself to you.  As you are well aware, a quality recruiter can be an invaluable resource to you, especially with the current state of energy industry.

Executive Search Partners, Inc. provides national recruiting services across diverse business sectors. I specialize in the placement of Traders and Risk Management positions within the financial services and energy industries. Having spent over 15 years in the trading profession, including a position as one of the top Head Long Treasury Traders for Merrill Lynch Canada and an owner-operator of a Commodities Trading Company, I know the industry and am qualified to assist you in your job search. The relationships with my client firms in the energy industry have helped me successfully place candidates at all levels in the risk area.

We understand the need to receive proper representation from your recruiter as it is a reflection of you in your job search.  With intensive and daily exposure to the market, we seek potential job opportunities and most often know of positions before they're posted. By analyzing your own needs and objectives, career goals and philosophy, we develop with you a target profile for an ideal company and position.  Candidates have found that having us assist during final discussions and negotiations with the prospective company provides them third party sensitivity and objectivity, so often necessary to close the deal.

Our proven methods for helping people will give you a step up on other candidates in this ever-changing market, where time and timing are everything. As someone that knows and understands your business, I feel strongly that I am qualified to help you. I look forward to working with you to explore job opportunities that can enhance your career.

Sincerely,

Michael D. Hubley

Vice President

mdhubley@ex-sp.com <mailto:mdhubley@ex-sp.com>  or call 800-350-2415


----- Forwarded by Steven J Kean/NA/Enron on 03/07/2001 11:42 AM -----

	Jeff Baker@EES
	03/07/2001 11:00 AM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: Multi-talented Recruit

Steve,

I am an originator in Michael Mann's area of EES and was most recently with a
consulting firm dealing with new business ventures.

One of my former co-workers (Tony Ekonomou) has expressed an interest in
adding value to Enron's endeavors based on his Political/Legal/Business
background.  He is presently enjoying the business development side of new
business ventures, but can rely on his political or legal background if it
meets a need.

Kelly Noel Higgason of EES legal suggested I contact you directly to
determine the opportunity to Enron of a person of this mulit-talented
background.

Your thoughts and direction would be appreciated.

Regards.  Jeff Baker


<<MF April 20th 2001.pdf>>

			Good Friday Afternoon - Comments From The Local
Guys!

One of the reasons that we, the Local Guys are pretty exited about the
recent rate cut by the Federal Reserves is that we think it will make a real
difference. Over the last few months, there has been considerable talk that
while capital spending (especially information technology spending) has been
budgeted by corporations for 2001, it has, to a large extent, been 'frozen'
as the economic uncertainty had taken a grip of corporate comptrollers. We
believe that this latest rate cut  (and possible future cuts), could well
spur greater corporate confidence (as well as spur greater liquidity from
the capital markets) and thus free up already allocated budgets for
corporate spending.

The 30-year US T-Bond yield is 5.81%.
The 10-year yield is 5.30%.
The 5-year is trading at 4.81%.
Spot crude oil is trading at $28.03 p/b.
Natural Gas - Henry Hub -  is trading at $5.06 p/mcf.

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for individual and corporate clients.
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- We also work on Corporate Stock Option Plans and 144 Restricted Stock
issues.

- We welcome hearing from you! Call us toll-free at 1-800-227-4537.

				Lehman's Research.

IMPACT CALLS

Network Associates(NETA) 2 - Buy I. Hernandez, .415.274.5395
Upgrading from Market Perform to Buy (C)
OLD NEW STREET P/E
Price: $9.27 EPS 2000 N/A -$0.16 N/A N/A
52 Wk Ra: $27 - 3 EPS 2001 -$0.22E -$0.16E -$0.30E N/A
Mkt Cap: $1.3B EPS 2002 N/A N/A -$0.29E N/A
FY: 12/31 Price Target N/A $16
Rank 3 2
*We are upgrading Network Associates from a 3-Market Perform to a 2-Buy. We
are also establishing a 12-month price target of $16-
$18 per share using a conservative sum of parts valuation.
*Improving visibility-after yesterday's solid 1Q results, we are raising our
FY01 revenue estimates from $755 million to $763 million
and reducing our loss estimates from ($0.22) to ($0.16).
*Closing the credibility gap: results indicate that new management is
focused on delivering on expectations which should drive
multiple expansion.
*New cost cutting initiatives and new strategic sales hires in Europe & Asia
should drive NETA towards 4Q profitability and improve
2002 sales outlook.
*Sniffer product can provide upside potential to top-line numbers as
enterprises look to optimize performance of existing network
infrastructure.
*Security sector outlook remains positive.

Cable Communications Services L. Warner, .202.452.4705
Cable 1Q01 Performance Should Turn Heads
*We believe 1Q01 results for the cable industry will serve as a major
catalyst for the group by reinforcing that new services growth
remains strong despite a slowing economy. As a result, cables revenue and
cash flow projections are not only intact, but may in fact
be conservative for 2001.
*We believe each of the cable operators will deliver new services net adds
between 3Q00 and 4Q00 levels with no signs of slowing
demand.
*As a result, revenue growth for 1Q01 will accelerate from 2000 levels by
100-200 basis points and is poised for 200-500 basis points
in acceleration by 4Q01.
*Cash flow growth in 1Q01 will represent the low water mark for the year
with 2H marking significant acceleration as new services
continue to scale and high speed data breaks even

Omnicom Group(OMC) 2 - Buy K. Sullivan, .212.526.2341
1Q01 Earnings Preview
OLD NEW STREET P/E
Price: $92.5 EPS 2000 N/A $2.40 N/A N/A
52 Wk Ra: $98 - 68 EPS 2001 $2.78E $2.78E $2.79E 33.3
Mkt Cap: $17.5B EPS 2002 $3.25E $3.25E N/A 28.5
FY: 12/31 Price Target $95 $95
Rank 2 2
*Omnicom is due to report 1Q results on Tuesday, April 24th before the
market opens.
*We are looking for earnings of $0.50 p/s (+12.8% Y/Y) on revenue of $1.58
billion (+14.3% Y/Y). Consensus forecast is $0.51 p/s.
*We continue to believe Omnicom has the best growth prospects in the
industry based on powerful new business wins during '00 and
1Q01.
*We project organic growth of 13%-14% and modest 20 bps improvement in
operating margins.
*The primary focus will be on forward guidance as the U.S. ad market has
clearly weakened and we suspect some marketing services
are under pressure.
*OMC is up 12% over the past two weeks and now trades at 31.8x our '01 est.
We believe earnings upside will be needed to maintain
current valuation levels.

eBay, Inc(EBAY) 3 - Market Perform H. Becker, .212.526.1764
eBay Reports Solid 1Q'01 (C)
OLD NEW STREET P/E
Price: $49.99 EPS 2000 N/A $0.24 N/A N/A
52 Wk Ra: $82 - 27 EPS 2001 $0.33E $0.36E $0.36E 138.9
Mkt Cap: $13.9B EPS 2002 $0.62E $0.62E $0.64E 80.6
FY: 12/31 Price Target N/A N/A
Rank 3 3
*As expected, eBay reported solid 1Q'01 results that were ahead of our
estimates.
*EPS came in at $0.11 ($0.03 better than our est which was in-line with
consensus) on revenue of $154 mm vs our estimate of $150
mm.
*Growth in key operating metrics was robust as well- gross merchandise sales
were up 72%YoY, registered users were up 135% YoY,
and auctions listed were up 66% YoY.
*We are increasing our 2001 revenue est. from $662 mm to $679 mm (up 58%
YoY) and maintaining EPS estimates for the next three
quarters.
*Despite these strong results, we continue to believe that at 136x 2001E
EPS, the risk reward of the stock is not favorable. We remain
concerned that new initiatives may struggle to take off and hold back
profitability.
*Given our concerns about growth and valuation, we are maintaining our 3
(Market Perform) rating.

INITIATING COVERAGE
KPMG Consulting(KCIN) 2 - Buy K. Keirstead, .212.526.0442
Initiate With 2-Buy Rating (C)
OLD NEW STREET P/E
Price: $16 EPS 2000 N/A $0.50 N/A N/A
52 Wk Ra: $24 - 11 EPS 2001 N/A $0.78E N/A 20.5
Mkt Cap: $2.5B EPS 2002 N/A $0.94E N/A 17.0
FY: 6/30 Price Target N/A $21
Rank N 2
*We initiate coverage of KPMG Consulting shares with a 2-Buy rating and a
12-month price target of $21 per share, based on an
assumed multiple of 20 times our CY02 EPS estimate of $1.05 per share. KPMG
Consulting is one of the worlds largest consulting
and IT services firms and completed a $2.3 billion IPO in early February at
$18 per share.
*Yesterday after the close KPMG pre-announced in-line March quarter revenues
and headcount cuts of 5% of the workforce. We
expect EPS of 24 cents, just below current consensus of 25 cents. In our
view, these results will be viewed as a positive. Our CY01
EPS estimate of 90 cents and our CY02 estimate of $1.05 (up 16%) are
moderately below Street consensus. KPMG expects to report
after the close on May 1st.
*At $16 per share, KPMG Consulting shares trade at 18 times our CY01 EPS
estimate and 15 times our CY02 EPS estimate. In our
view this multiple is very fair but unlikely to rally near-term due to the
difficult market conditions and challenges faced by KPMG's
major alliance partners Oracle, SAP and Cisco.

FOCUS STOCKS

Nortel Networks(NT) 2 - Buy T. Luke, .212.526.4993
Weak 1Q01, Limited Visibility, Ests Lowered (A)
OLD NEW STREET P/E
Price: $17.45 EPS 2000 N/A $0.74 N/A N/A
52 Wk Ra: $86 - 13 EPS 2001 $0.25E $0.05E $0.17E 349.0
Mkt Cap: $55.5B EPS 2002 $0.60E $0.50E $0.58E 34.9
FY: 12/31 Price Target $17 $17
Rank 2 2
*Post close yesterday, Nortel reported weak 1Q01 results following its
recent preannouncement. We consider NT's decision not to
provide guidance for FY01 & suggestion the usually seasonally stronger 2Q
could potentially below 1Q underlines ongoing weakness
in the service provider comm equipment market. We are once again lowering
our ests & see few n-term catalysts for shares at current
levels.
*Sales of $6.2B down 2%YoY reflected particular weakness in long haul
optical (-30% impacted by excess capacity/pricing) &
circuit switching with optical metro & wireless (+38% YoY) seeing solid
growth. US -23%, ROW +38%. Book to Bill 0.80.
*Gross margins down from 45.5% 4Q00 to 30.1% 1Q01 with n-term outlook
uncertain, announced further 5,000 job cuts now @
20,000 in total. Bal sheet broadly intact, slight QoQ decline in
receivables, inventories
*Ests Move to $0.05 in 01 & $0.50 in 02 from $0.25 & $0.60. 01 revs $27B
-11%. With shares at 35xCY02 would be more aggressive
at $12-13 range

Microsoft Corp(MSFT) 1 - Strong Buy M. Stanek, .650.289.6027
MSFT 3Q Results - A Penny Saved Is A Penny Earned (C)
OLD NEW STREET P/E
Price: $65.43 EPS 2000 N/A $1.70 N/A N/A
52 Wk Ra: $83 - 40 EPS 2001 $1.78E $1.81E $1.78E 36.1
Mkt Cap: $362.4B EPS 2002 $1.87E $1.91E $2.01E 34.3
FY: 6/30 Price Target $115 $115
Rank 1 1
*MSFT beat our estimate by $200M and $0.02 with results of $6.4B and $0.44
EPS. The diff vs. our estimates was recognition of
$130M ($0.02) in deferred revs.
*Guidance for Q4 called for $6.4B and $0.42. FY02 estimates 12% topline
growth (about 2% better than expected) and 6% EPS
growth. We expect to see some operating margin pressure due to Windows XP
and XBox marketing blitzes.
*Overall the product line-up is strong, and the financial leverage to MSFT
apparent. But while unit growth still remains weak now, we
do expect a pick-up in seasonal PC shipments into the high single digit
range.
*To rationalize the current valuation, MSFT needs to get to 12-15% EPS
growth we believe they can achieve this going into the
holiday selling season. Given that the stock is up 10% in a week, and 40%
YTD, we would accumulate on weakness knowing that it
will be a slow summer.

Sun Microsystems(SUNW) 1 - Strong Buy G. Elling, .212.526.3823
Disappointing Q, with More Tough Comps Ahead (C)
OLD NEW STREET P/E
Price: $20.71 EPS 2000 N/A $0.51 N/A N/A
52 Wk Ra: $65 - 13 EPS 2001 $0.48E $0.44E $0.47E 47.1
Mkt Cap: $69.5B EPS 2002 $0.60E $0.52E $0.85E 39.8
FY: 6/30 Price Target $40 $40
Rank 1 1
*Yesterday Sun reported 3Q01 results, with revs below our ests., and EPS
in-line. Sun faced a trying quarter, with a combination of
several pressures weighing in, including tough comps & weak US demand. The
quarter was disappointing, with the shorter-term
outlook still tenuous. Nonetheless, looking out to CY02, our belief is that
several catalysts can drive Sun to renewed momentum.
These include U-III portfolio of products, storage, Internet Infrastructure,
iPlanet and Cobalt-based products. While worldwide IT
spending upturn may be a few quarters away, in our view, Sun's shares are
among those to own once the cycle turns. We continue to
view Sun as well-positioned and maintain our 1-Strong Buy rating.
*Due to near term uncertainty, we are reducing our current estimates. For
4Q01, we are estimating revs to decline by 16.9% and EPS
at $0.05, down 75%, making FY01 ests.17.2% rev growth and EPS at $0.44. In
FY02, we are lowering our rev growth est. to 15.1%
and EPS est. to $0.52.

Textron Inc(TXT) 3 - Market Perform D. Zwyer, .212.526.2008
Lowers Guidance For 2001; Reports 1Q01 Results (A)
OLD NEW STREET P/E
Price: $56.76 EPS 2000 N/A $4.65 N/A N/A
52 Wk Ra: $66 - 41 EPS 2001 $4.05E $4.05E $4.74E 14.0
Mkt Cap: $8.1B EPS 2002 $4.45E $4.45E $5.26E 12.8
FY: 12/31 Price Target $48 $48
Rank 3 3
*Although 1Q01 EPS of $1.00 (vs. $1.06 a yr. ago) was above our $0.88 est.,
TXT lowered its EPS guidance for the yr. and now
expects EPS for 2001 at $4.65, flat with 2000 levels vs. its previous 5%
growth forecast. Textron expects 2Q01 EPS to be about
$1.10, down 11% from last year. We are keeping our 2001 est. at $4.05 and
maintain our cautious 3 Market Perform rating. We
believe investors are too complacent about the negative impact of the weak
economy on TXT's businesses.
*Aircraft results improved in 1Q01 vs. last yr. However this is the first
qtr. since '98 where backlog at Cessna dropped on a sequential
basis. Backlog at Bell declined for the 5th consecutive qtr. These trends
support our cautious view on the segment although the
current backlog is still quite strong.
*Automotive sales were down 19% & profits dropped 25%. Fastening Systems
sales declined 14% with profits down 19%. Results in
these segments were essentially in-line with our expectations. Textron
Financial revenues were below our expectations, but profits
were higher than our forecast.

COMPANY/INDUSTRY UPDATES
International Game Tech(IGT) 3 - Market Perform J. Minor, .617.342.4120
Reiterate 3-Rating, Smaller Jackpot in 2H01 (A)
OLD NEW STREET P/E
Price: $54.56 EPS 2000 N/A $1.77 N/A N/A
52 Wk Ra: $59 - 24 EPS 2001 $2.55E $2.72E $2.57E 20.1
Mkt Cap: $4.2B EPS 2002 $2.85E $3.00E $2.88E 18.2
FY: 9/30 Price Target N/A N/A
Rank 3 3
*Yesterday, IGT reported F2Q01 EPS of $0.70 vs. $0.34 in F2Q00, $0.04 above
us and $0.05 above consensus (less than the $0.13
surprise of F1Q01). The quarter was strong, but the 2H jackpot won't be as
large as it: 1) will not have the pricing spike of 1Q, 2)
has no unit growth (vs. +43% in 1H), and, 3) has less demand from Native
Americans in California. In addition, we remain
unconvinced that cashless will accelerate replacement. With a historically
high valuation despite earnings growth deceleration, we
maintain our 3-Market Perform rating.
*Better than expected pricing was responsible for the $0.05 upside surprise.
IGT expressed comfort with the high end of consensus for
2001. We are upping our estimates to reflect the surprise and somewhat less
conservative pricing assumptions, though we forecast
pricing below the spiked level of F2Q01.
*Unit growth will no longer provide a boost to earnings, as production of
30,000 or so is flat Q/Q going forward vs. up 43% in F1H01.

IDEC Pharmaceuticals(IDPH) 2 - Buy M. Wood, .212.526.4035
IDEC 1Q EPS Consistent with Pre-Announcement (A,C)
OLD NEW STREET P/E
Price: $54.65 EPS 2000 N/A $0.30 N/A N/A
52 Wk Ra: $78 - 19 EPS 2001 $0.55E $0.52E $0.56E 105.1
Mkt Cap: $8.1B EPS 2002 $0.77E $0.67E $0.78E 81.6
FY: 12/31 Price Target $49 $49
Rank 2 2
*IDEC quarter consistent with pre-announced numbers. We are adjusting our
model to reflect delayed Zevalin launch.
*IDEC reported 1Q 2001 EPS of $0.12 per share, representing a profit of
$20.8 million. This was consistent with the numbers pre-announced
on April 12th.
*Sales for lead product Rituxan were $168 million in the 1st quarter, making
it the fourth consecutive impressive quarter for the drug.
*IDEC management confirmed that it expects to receive a Complete Review
Letter on Zevalin from the FDA in early May, and it does
not anticipate an invitation to the June advisory panel meeting. We are now
assuming Zevalin launch in 1Q 2002.
*Our EPS forecasts are at $0.52, $0.67, and $0.82 per share in the years
2001-2003, down from $0.55, $0.77 and $0.86. Our EPS
changed because of reductions in our Zevalin forecast and increases in our
expense projections.

David C. Morris
Sr. VP Lehman Brothers
713-652-7112/800-227-4537
dcmorris@lehman.com

Disclosure Legend: A-Lehman Brothers Inc. managed or co-managed within the
past three years a public offering of securities for this company. B-An
employee of Lehman Brothers Inc. is a director of this company. C-Lehman
Brothers Inc. makes a market in the securities of this company. G-The
Lehman Brothers analyst who covers this company also has position in its
securities.
Key to Investment Rankings: This is a guide to expected total return (price
performance plus dividend) relative to the total return of the stock's local
market over the next 12 months. 1 = Strong Buy (expected to outperform the
market by 15 or more percentage points); 2=Buy (expected to outperform
the market by 5-15 percentage points); 3=Market Perform (expected to perform
in line with the market, plus or minus 5 percentage points); 4=Market
Underperform (expected to underperform the market by 5-15 percentage
points); 5=Sell (expected to underperform the market by 15 or more
percentage
points).
This document is for information purposes only. We do not represent that
this information is complete or accurate. All opinions are subject to
change.
The securities mentioned may not be eligible for sale in some states or
countries. This document has been prepared by Lehman Brothers Inc., Member
SIPC, on behalf of Lehman Brothers International (Europe), which is
regulated by the SFA. ?Lehman Brothers, Inc.

------------------------------------------------------------------------------
This message is intended only for the personal and confidential use of the designated recipient(s) named above.  If you are not the intended recipient of this message you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited.  This communication is for information purposes only and should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product, an official confirmation of any transaction, or as an official statement of Lehman Brothers Inc.  Email transmission cannot be guaranteed to be secure or error-free.  Therefore, we do not represent that this information is complete or accurate and it should not be relied upon as such.  All information is subject to change without notice.

 - MF April 20th 2001.pdf


Andrea,

Is it possible to get a list of first year analysts who graduated in December
to interview for my group?  I don't know how the process works, but I would
like to hire a candidate just out of college if possible.  Thanks for your
help.

DG    3-9573


Which IRA is right for you?

Whether you are saving for a new home, college, or retirement,
Enron Federal Credit Union offers
Traditional, Roth, and Education IRAs to fit your needs.

12 Month Term IRA Certificate	2.75% APY
24 Month Term IRA Certificate	3.25% APY
36 Month Term IRA Certificate	3.75% APY
IRA Savings				1.75% APY

An IRA Savings Account can be opened with only $25,
or open a Term IRA Certificate with $500.

To set up an IRA or for more information,
please visit www.enronfcu.com
or call 713.853.6902.

<Embedded Picture (Metafile)>


Thanks!

Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


Audrey,

Here are the bullets for this week.  Thanks, Kim.


That sounds fine - in fact, I think in this case that Sean Crandall just hit
the wrong counterparty name. Since this looks like it might be a problem for
you guys in creating confirms, I'll let the traders know to be sure of which
NCPA shortname they're choosing.

Kate

	From:  Sharen Cason                           01/26/2001 07:09 AM

To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: NCPA #505486 and 505487

If it doesn't make any difference, I will change these to the other CP name.
This one is not attached to templates and would need some database changes to
prepare a confirmation under this name.  If this is not ok, let me know.

Thanks!
---------------------- Forwarded by Sharen Cason/HOU/ECT on 01/26/2001 09:04
AM ---------------------------
   Kate Symes                01/25/2001 04:25 PM

To: Sharen Cason/HOU/ECT@ECT
cc:
Subject: Re: NCPA #505486 and 505487

I checked with Heather, and it turns out this second NCPA counterparty
shortname was set up to distinguish between two different SC numbers. But
it's only for internal use - both counterparty names have the same billing
information, etc. So Heather said the deals are fine as they are. I'm going
to find out more about this after the afternoon rush dies down - just so
we'll know for the future when to use which shortname.

Kate

	From:  Sharen Cason                           01/25/2001 02:04 PM

To: Kate Symes/PDX/ECT@ECT
cc:

Subject: NCPA #505486 and 505487

These two deals are entered with a special counterparty name that looks like
it may have been set up for some special deal.  There is another counterparty
name out there that looks just the same only without the very last series of
letters.  I will check here and see if anyone knows the difference.  There is
a note in the Global System that says Heather Dunton had this CP set up.  If
you could check with her and see if it should be used for these deals or if
the other CP should be used.

Thanks!


I have taken what I believe this is the most recent form of the GE turbine
contract, changed to reflect the difference in purchaser, and filled in some
of the blanks.  I have compared it against the Delta redline that Rick sent
me this afternoon, after having accepted Delta's proposed changes for the
purpose of running the comparison.   The notes included are placeholders
since I wasn't clear if these items will change with the equipment swap.

GE is also reviewing Salmon Energy Agreeement version 2.

redline

Thanks,

Kay


The following expense report is ready for approval:

Employee Name: Karen K. Heathman
Status last changed by: Karen K. Heathman
Expense Report Name: Brad Larson
Report Total: $181.41
Amount Due Employee: $181.41

To approve this expense report, click on the following link for Concur Expense.
http://expensexms.enron.com


Its good we didn't book anything because CES just sold a lot of their
customers to another company.

	From:  Steve Jackson                           05/05/2000 08:29 AM

To: Chris Germany/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT
cc:
Subject: Re: CES Retail Index Positions

FYI
---------------------- Forwarded by Steve Jackson/HOU/ECT on 05/05/2000 08:27
AM ---------------------------

Scott Neal
05/04/2000 05:32 PM
To: Colleen Sullivan/HOU/ECT@ECT
cc: Steve Jackson/HOU/ECT@ECT
Subject: Re: CES Retail Index Positions

I definatley think we should book these volumes for all of your reasons below
plus each month we don't seem to have a decent estimate until the 30th or
31st.

	From:  Colleen Sullivan                           04/28/2000 08:41 AM

To: Scott Neal/HOU/ECT@ECT
cc: Steve Jackson/HOU/ECT@ECT
Subject: CES Retail Index Positions

Scott--
Here is your problem in getting these booked.  You can do what you want, but
I still think we should book it.  The flexibility in takes is only 10% so
your flash to actual will not be that great--certainly less than if you don't
book anything.  Plus, at least if we book something it will be easier to tell
if they do not take the volumes they are supposed to.  In addition, per our
discussion with Retail--which Dick was in on that meeting--it is unlikely
that the sale of the CES-Retail business would occur before September or
October, which in my mind means it may not be til the end of the year.  This
would pretty much get us to the end of the deal term.  And finally, what if
Chris and/or Dick is gone at some point in time--we need the volume info in
there.

Obviously it is just my recommendation to book it---you can do what you
want.

---------------------- Forwarded by Colleen Sullivan/HOU/ECT on 04/28/2000
08:33 AM ---------------------------

	From:  Steve Jackson                           04/27/2000 04:03 PM

To: Colleen Sullivan/HOU/ECT@ECT
cc:
Subject: CES Retail Index Positions

FYI,

I talked to Chris and Dick about the issue that the CES index positions are
not reflected in the books.  Chris was concerned about what (firm) volume to
book since there is flexibility in the takes.  Also, he said he has a strong
feeling that CES-Retail may go away in the near future so why book it.  Dick
agreed that maybe we should not book anything on this right now.  So Chris
said he will look into this issue early next week and get with me.


Tozzineiis fine by me.

Robert C Williams@ENRON_DEVELOPMENT
12/06/2000 02:20 PM
To: Rob Walls, James Derrick/Corp/Enron@ENRON
cc:

Subject: Potential Lawsuit Versus Copel, Petrobras, Compagas, and Compagas
Board Members

Privileged and Confidential Attorney-Client Communication;  Attorney Work
Product

We may need to file a suit this week or next to enjoin the signing of a gas
supply agreement between Petrobras and Compagas.  As you know, Enron
(Dutapar), Copel, and Petrobras are the three shareholders of Compagas.
Copel has as interest (along with El Paso) in the power plant which would use
the gas.  A contract has already been signed between Compagas and the plant.
The Compagas Board votes on the agreement tomorrow.  The gas supply contract
would have a 20-year term and would be worth $1.2 billion.  The ground for
the suit would be that, under Brazilian law, Compagas is required to solicit
bids for the gas supply arrangement.   Compagas has sought to justify not
soliciting bids on the basis that Petrobras is the only supplier capable of
supplying the gas.  This is incorrect:  Enron, among others, is also capable
of supplying the gas.  We have a legal opinion supporting our position. and
have called for a special shareholders' meeting to discuss the issue.  We
anticipate that Petrobras and Copel, despite their obvious conflict of
interest, will force the issue and will vote in favor of the agreement
nonetheless.

Tozzini Freire has been advising us, and is doing an excellent job.  If you
approve, we would like to continue to use them if litigation is necessary.

Please call me or Randy with any comments or questions.

Thank you.


23.51

-----Original Message-----
From: Shapiro, Richard
Sent: Monday, October 22, 2001 8:58 AM
To: Steffes, James D.
Subject: RE: Southern Co.'s Testimony

Stock price?
--------------------------
Rick S.


Clint,
?
Good afternoon from Big-D!? How are  you today?? I'm so glad we finally got
to talk last night . . . seems like  forever!? I'm glad to hear that things
are going so well for you right now  -- new job, same girlfriend, paid off
car!? Things are really going great  for us, too.? We have a lot to be
thankful for.? We're really enjoying  our new house and location.? Can't wait
for you & Jen to come  visit!? Thanks for Melissa's info - I will try to
e-mail her today.?  I'd like to know how she's doing.? Anyways, please keep
in touch & feel  free to e-mail me all the crazy jokes that go around!? Hope
you have agood  day!? -- Amy
?
P.S.? Last night, I was telling  Michael about how we met in Ms. Stratman's
English class &?the infamous  "Incredible Journey - 5 bonus points
for?excellent vocabulary" story!?  I still remember that gloating look in
your eye!? I'll never forgive you  for that!
?


To support the data storage of ZMET data here is a proposal for what the
table structure should be.  In addition, after discussing the status messages
it is important to differentiate between those which effect availability and
those that do not.  The FAULTS table includes a flag field INCLUDE which
serves this purpose for STAR.

A improvement to this table would be to add a counter description field
var(4) which would hold one of the following descriptions; SOT, LOT, DT, WOT,
MT, RT, and EST.  This will allow us do differentiate status messages by
which counter they are associated with.

Since the intent is to mirror the SQL Server and the STAR db we need to make
these changes to both.  I'd like to get the SQL server changes ASAP so I can
develop some additional reports.

Let me know what you think

JD


To all,

I visited with Kam earlier today to revisit the positions in the SE book and
we discovered the following:

City of Madison transport: transfer to Pete's book for 10/01 and forward
MGAF transport:  write down 2007-2020 position.  Loss of about $500K - Scott
as we spoke, I'll take the blame
LRC/Stringray positions:  Kam to review and explain
Annuity:    Origination total of about 90K, net with 500 loss from above
Alagasco:   Tammi deal, Sonat Tier 2 position
Others:    As I explained to Kam, any gain from closing this book should be
transferred for the
    account of Jared Kaiser
            Bank of America
           ABA 0011.....just kidding!  It comes from sitting by Sandra too
long.

Kam - thanks for your help and let me know if you need my help.  As well,
please reply if I have not covered all issues.

Regards,

Jared


jsavitt@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List:

The NYISO is reserving hours-beginning 0-1, 3-14, 15-20, 22, and 23
in the 12 May 2001 real-time market to verify prices.
Prices in the 13 May 2001 Day-Ahead market are correct.
Pursuant to ECA-B the NYISO is reserving the following hours at the
following external proxy buses:
PJM:  0, 8, 11, 12, 14, 16, 17, and 20
OH:   0, 8, 11, 12, 14, 16, 17, and 20
HQ:   0, 8, 11-14,16, 17, and 20
NE:   0, 8, 11-14,16, 17, and 20


Dear Jeff,

Enron is one of our most valued customers and a leading innovator in the
use of the Internet to enable new business opportunities in your
industry.  I believe that executives of other major companies would be very
interested in learning about the ways that you have shaped your business
and leveraged networking technology to create EnronOnline and Enron
Communications.

With this in mind, I would like to personally invite you to speak to a
highly select group of CEO's and CIO's from Global 1000 corporations at our
CEO Summit being held on April 26-27, 2001 at the Ritz Carlton, Half Moon
Bay, California.  The focus of the conference will be on using Internet
business solutions to maximize global competitiveness.  I would also like
to spend some time with you more in a one on one setting to discuss the
industry and the markets in general, but candidly, to get to know you
better and build on our relationship.

Jeff, I would be honored if you would accept this invitation.  I will
follow-up with you shortly  to answer any questions you may have and to see
about your availability.

Sincerely,
John Chambers
President and CEO


Kay

When you have time please go through the spread sheet and add upgrades or alter the prices to what you think

ILY

dq


Sara or Carol,

In anticipation of the deal, I have already prepared a "sample"  ISDA for
Japanese counsel's review.    Let me know which of you will be heading this
up, so you can review the "sample" document before same is submitted to
Japanese counsel.   FYI -- for ENA's legal surveys we used Akihiro Wani of
Mitsui, Yasuda, Wani and Madeda.

Susan
---------------------- Forwarded by Susan Bailey/HOU/ECT on 03/06/2000 11:15
AM ---------------------------

Shari Stack
03/06/2000 11:03 AM
To: Susan Bailey/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT
Subject: Paper & Pulp Master for Japanese CP "Itochu"

Sara & Carol:

While you both were out last week, this paper & pulp deal was in discussion.
Since it was in such early stages - nothing was ever done from a Legal
standpoint as per Bob Crane's request. I just got an email this morning from
Tanya that they would like to go ahead and proceed now. Both she and the
commercial people are aware that we will need to speak with Japanese counsel
before sending a document out.

Susan Bailey is the paralegal on this and I have asked her to ask one of you
to handle this file.

Many thanks,

Shari

-------------------- Forwarded by Shari Stack/HOU/ECT on 03/06/2000 10:55 AM
---------------------------

Tanya Rohauer
03/06/2000 10:47 AM
To: Paul Radous/Corp/Enron@ENRON
cc: William S Bradford/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT
Subject: Re: Fixed price

I am inclined to approve Itochu for a one year 6,000 tpy trade (approximate
potential exposure of 500K) without requiring upfront collateral.  Paul, we
probably need to rethink the ISDA terms. Also, Shari needs to send the ISDA
to outside Japanese counsel for review before we proceed,

Thanks,
Tanya
---------------------- Forwarded by Tanya Rohauer/HOU/ECT on 03/06/2000 10:38
AM ---------------------------
From: Scott M Shields on 03/03/2000 02:53 PM
To: "tsutomu yamauchi" <t.yamauchi@itochu.com> @ ENRON
cc: Tanya Rohauer/HOU/ECT@ECT, Chris Croom/HOU/ECT@ECT
Subject: Re: Fixed price

Yamauchi:

I look forward to seeing you next Friday.  It is too bad you can't come to
Houston the night before, because I could show you the Houston Night life!
Let me know if you change your mind.

As of right now, and given the appropriate credit security from Itochu, we
can sell a fixed price swap
based upon the NBSK PPW c.i.f. Japan Index, starting in May 2000 for 1 year,
500 MT/month
at $774 / MT.  This price is based of course on the fact that there are
mulitple increases promised thoughout the
next year.

I am in Chicago through Wednesday next week, so call me on my cell phone if
you have questions.
I look forward to seeing you next week.   713-817-4151

Regards,

Scott

"tsutomu yamauchi" <t.yamauchi@itochu.com> on 03/02/2000 12:43:15 PM
To: <Scott.M.Shields@enron.com>
cc:
Subject: Re: Fixed price

Scott,

Yes, I will fly to Houston and arrive in Houston/George Bush
at 11am on Friday, March 10th. Then I will take a cab to your
office. How long will it take from Airport to your office??

Anyway, I will come to your office around noon so let's have
a lunch if available.

And I will fly back to New York by evening flight, which will
depart at 3:37pm.

Please confirm your availability.

Yamauchi

----- Original Message -----
From: <Scott.M.Shields@enron.com>
To: <t.yamauchi@itochu.com>
Sent: Thursday, March 02, 2000 11:07 AM
Subject: Re: Fixed price

Yamauchi:

We are still working up a price on the terms and index that you requested.
I hope that we will be finished by today or tomorrow at the latest.
Have you thought about your travel plans to Houston?

Scott

"tsutomu yamauchi" <t.yamauchi@itochu.com> on 03/01/2000 09:56:50 AM

To:   "Shields, Scott (Enron)" <Scott.M.Shields@enron.com>
cc:   "Croom, Chris (Enron)" <chris.croom@enron.com>
Subject:  Fixed price

Scott,

Please consider the following terms and let me know your
quotation.

1) Grade :  Northern Softwood Full Bleached Kraft Pulp
2) Volume : 500 ADMT/month  (6,000 ADMT/year)
3) Period : May  2000 - April 2001 ( one year)
4) Index price : NBSK price for Japan in Pulp &  Paper Week
  (Price Watch:Market  pulp)

Regards,

Tsutomu Yamauchi
Pulp & Paper Dept.
ITOCHU International  Inc.
212.818.8233
212.818.8243 fax


Thanks!

	Larry Joe Hunter
	10/16/2000 03:29 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: ISDA Gas Daily swap


why did we agree to give Rod Wright $20K?

Hey, we kid!  Where'd we be without our humor?  Have a great weekend; thanks for taking the time to talk today.

Best,
Jeff

PS What was that package again?


The following expense report is ready for approval:

Employee Name: Linda  . Robertson
Status last changed by:  Automated Administrator
Expense Report Name: November, 2001
Report Total: $2,279.96
Amount Due Employee: $2,279.96

To approve this expense report, click on the following link for Concur Expense.
http://expensexms.enron.com


#14106 Jefferson Midtown


Here is BPA's draft policy and related questions
---------------------- Forwarded by Jeff Shields/PDX/ECT on 03/21/2001 11:39
AM ---------------------------

"Bennett, Ruth - TM-DITT1" <rbbennett@bpa.gov> on 03/21/2001 10:33:48 AM
To: "'jeff.shields@enron.com'" <jeff.shields@enron.com>
cc:

Subject: third attempt

 - ATT03469.TXT
Message-ID: <30799E8DDF63CB4EAA33005557562C620CC582@exchrs01.wins.bpa.gov>
From: "Bennett, Ruth - TM-DITT1" <rbbennett@bpa.gov>
To: "'jeffshields@enron.com'" <jeffshields@enron.com>
Subject: Second try
Date: Wed, 21 Mar 2001 10:21:57 -0800
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2650.21)
Content-Type: multipart/mixed;
boundary="----_=_NextPart_002_01C0B235.7829CCB0"

-----Original Message-----
From: Mail Delivery Subsystem [mailto:mailer-daemon@bpa.gov]
Sent: Tuesday, March 20, 2001 5:46 PM
To: rbbennett@bpa.gov
Subject: Returned mail: User unknown

The original message was received at Tue, 20 Mar 2001 17:45:55 -0800 (PST)
from brick2 [170.160.1.251]

   ----- The following addresses had permanent fatal errors -----
<jeff.shield@enron.com>

   ----- Transcript of session follows -----
... while talking to mailman.enron.com.:
>>> RCPT To:<jeff.shield@enron.com>
<<< 550 5.1.1 <jeff.shield@enron.com>... User unknown
550 <jeff.shield@enron.com>... User unknown

 - ATT102613.TXT
Message-ID: <30799E8DDF63CB4EAA33005557562C620CC57E@exchrs01.wins.bpa.gov>
From: "Bennett, Ruth - TM-DITT1" <rbbennett@bpa.gov>
To: "'jeff.shield@enron.com'" <jeff.shield@enron.com>
Subject: Small Generation Interconnection Process
Date: Tue, 20 Mar 2001 17:45:32 -0800
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2650.21)
Content-Type: multipart/mixed;
boundary="----_=_NextPart_004_01C0B235.7829CCB0"

> -----
>  <<SGENQUS3.doc>>  <<GENPROC2.DOC>>

 - SGENQUS3.doc
 - GENPROC2.DOC


where are you

-----Original Message-----
From: Nelson, Michelle
Sent: Monday, November 26, 2001 11:15 AM
To: Maggi, Mike
Subject: RE:

Why?  It better not be about me!
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


Per your conversation with Steve.

----- Forwarded by Maureen McVicker/NA/Enron on 02/05/2001 12:02 PM -----

	Maureen McVicker
	02/02/2001 05:46 PM

		 To: Sherri Sera/Corp/Enron@ENRON
		 cc: Steven J Kean/NA/Enron@Enron
		 Subject: Talking Points - Chambers

Here are the talking points for Jeff's discussion with Chambers


We probably need to get this stuff in the hands of a few more people to make this work smoothly.

-----Original Message-----
From: Howard, Kevin A.
Sent: Tuesday, November 27, 2001 8:46 AM
To: Hayslett, Rod; Fossum, Drew; Corman, Shelley
Subject: Fw: Due Diligence Request List

Fyi. I will circle back with everyone later today.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)

-----Original Message-----
From: Kyle.Kettler@dynegy.com <Kyle.Kettler@dynegy.com>
To: Howard, Kevin A. <Kevin_Howard@ENRON.net>
CC: John.O'Shea@dynegy.com <John.O'Shea@dynegy.com>
Sent: Tue Nov 27 08:42:24 2001
Subject: Due Diligence Request List

Kevin,

Attached is our detailed due diligence request list for Northern Natural.
The list is not 100% complete.  I am awaiting input from our operations
personnel, but I am forwarding it to you now in the interest of time.
Please call if you have any questions (713/767-4764).

Regards,

Kyle

(See attached file: DD Request List.doc)


Date  7/4/01
Location Chronicle Pavilion in Concord
Event  American Independent Celebration with fireworks
RSVP Due 6/29/01

Hello everyone,
Hope the summer is going well and you are fully enjoying your time off.  To
once again help you with your recreation activities, we've planned another
summer social event.  On July 4th at the Chronicle Pavilion in Concord is
the American Independent Celebration with fireworks.  It's a patriotic
family event with the California Symphony performing all your favorite
American tunes (from Star Wars to the William Tell Overture).  They also
have appearances from kids choirs and individual singing artists.  Last year
they brought a horse and cowboy on stage during one of the Lone Ranger
songs.  It's a great event for kids and the family, and the finale with
fireworks and real cannon fire will bring a patriotic tear to even the most
masculine of men.

The prices are $29 for lower reserved seats and $24 for general admission.
General admission for this show includes lawn seating and the upper seats.
Ages 13-18 are only $14 for general admission and children under 12 are
free.  The show starts at 8:00 pm, so it leaves plenty of time to celebrate
at a friend's BBQ and then mosey over to the Pavilion to finish the night
off.  And best of all,  there will be a section in the center lower lawn
(prime spots!) reserved for the Haas group, so you don't need to arrive
early for good seats.  This spot will be staked out by Cindy - as she will
be there early as part of the symphony.  Her family and friends shoot the
cannons in the finale.  Depending on security, she may also be able to give
tours of the authentic turn-of-the-century cannons to the children of the
group.

Reply to Tony with RSVP's by 6/29/01.  Again, we would appreciate if you buy
your
tickets directly through the Chronicle Pavilion at (925) 676-8742, or
through Ticketmaster at (925) 685-8497.  However, please do RSVP so that we
may help with carpools, general organization and know how large a spot to
reserve on the lawn.

Cindy Best & Tony Tai


You can set up your own photo album online.

---------------------- Forwarded by Chris Germany/HOU/ECT on 10/04/2000 04:33
PM ---------------------------

Chris Germany
09/11/2000 07:23 AM
To: Steve Gillespie/Corp/Enron@ENRON, Scott Goodell/Corp/Enron@ENRON
cc:
Subject: Steve Photo's

I have Steve and Lisa on the internet at this web address

http://www.cartogra.com/home/home.asp

Enter the account name "trogg522" in the box on the bottom right.


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Texas Instruments and RADVISION Team to Offer Fully Integrated Silicon and Software Solutions for IP Phones and GatewaysBundled VoIP Solution for MEGACO and H.323-based IP Phones and Gateways Enables Faster Time to Market and Reduced Costs   DALLAS and MAHWAH, N.J., Oct 18, 2001 /PRNewswire via COMTEX/ -- Texas Instruments Incorporated (TI) (NYSE: TXN), the leader in digital signal processors (DSPs) and software solutions for voice-over-packet applications, and RADVISION (Nasdaq: RVSN), the leading provider of award-winning, industry-standard products and technology for real-time voice and video over IP (V2oIPTM), today announced an agreement to bundle RADVISION's MEGACO/H.248 in TI's IP Phone and VoIP residential/small office home office (SOHO) gateway solutions. TI is already offering RADVISION's H.323 enabling technology in their voice over IP (VoIP) Phone chipset. Customers purchasing a VoIP solution from TI will now have direct access to the RADVISION protocol toolkits that best suit their development needs. This approach shortens new product time-to-market and reduces development costs.   "This offering includes all the necessary silicon components, software and even a blueprint of how to build your IP Phone or residential/SOHO gateway for manufacturers. This solution will make it simpler, quicker and easier for developers of VoIP communication devices," said Gadi Tamari, CEO of RADVISION. "Companies can concentrate on developing unique capabilities and innovative industrial designs for their devices because programming intense functionality and intelligence have been developed and integrated for them in the chipset. The Texas Instruments-RADVISION solution reduces the need for complex engineering and testing which are some of the biggest bottlenecks in developing new technologies."   "TI is dedicated to providing the silicon and software our customers require to address the needs of the VoIP market which is why we're working with RADVISION to bundle MEGACO and H.323 with our existing solutions," said Bill Simmelink, general manager, VoIP Business Unit at Texas Instruments. "Customers will benefit from the incorporation of RADVISION's protocol toolkits with TI's IP Phone and VoIP gateway solutions to shorten their time-to-market and provide access to best-of-class technologies for their products."   About the Texas Instruments-RADVISION Solution   Both the IP Phone and residential/SOHO gateway solutions feature low-power, highly-integrated processors with TI DSP cores, RISC processors, and Telogy Software(TM). TI's IP Phone solution features the TMS320C5472 and TI's VoIP codec, and the VoIP residential/SOHO gateway solution features the TNETV1010 processor. The TI-RADVISION solution offers manufacturers all the system software and support needed for quick and easy development of IP Phones and gateways.   TI's Telogy Software products feature a variety of standards-based packet-network protocols and user interfaces for customer applications. The VoIP software includes signaling, telephony and protocol-processing modules as well as network-management APIs. The software addresses quality-of-service issues, such as network delay, jitter and lost packets, and incorporates compression, line-echo cancellation (G.168-compliant) and tone detection.   Customers can license a specific embedded RADVISION toolkit that meets their development requirements. RADVISION has models for MEGACO and H.323-based IP Phones and H.323 media gateways and trunking gateways.   About Texas Instruments   For OEM's developing broadband communications solutions, TI's advanced signal processing-based silicon and software platforms deliver the optimal performance, lower power consumption, and system level integration required to rapidly deploy differentiated next generation products for cable modems, digital subscriber line (xDSL) modems, integrated access devices (IADs), Voice over Internet Protocol (VoIP) gateways, carrier infrastructure, and home and office wireless networking. See www.ti.com/sc/broadband   Texas Instruments Incorporated is the world leader in digital signal processing and analog technologies, the semiconductor engines of the Internet age. The company's businesses also include sensors and controls, and educational and productivity solutions. TI is headquartered in Dallas, Texas and has manufacturing or sales operations in more than 25 countries.   Texas Instruments is traded on the New York Stock Exchange under the symbol TXN. More information is located on the web site at http://www.ti.com.   About RADVISION   RADVISION is a leading provider of products and technology for real-time voice, video, and data communications over packet networks; this includes the Internet and other Internet Protocol (IP) based networks. Recognized universally as the experts in real-time voice and video over IP (V2oIP), RADVISION offers the broadest and most complete set of enabling technology and networking systems needed to enable enterprises and service providers to migrate their voice and video communications from traditional telephone networks to new converged networks. Today, hundreds of thousands of end-users around the world communicate over next-generation networks, using IP-centric products and solutions built around RADVISION products and technology. RADVISION's multi-protocol software toolkits for developers of IP communications include: SIP, MEGACO, MGCP, and H.323; RADVISION's V2oIP networking products include: gateways, conferencing bridges, and gatekeeper applications. For more information, please visit RADVISION's website at http://www.radvision.com.   This press release contains forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the industry, changes in demand for products, the timing and amount or cancellation of orders and other risks detailed from time to time in RADVISION's and Texas Instruments filings with the Securities Exchange Commission, including RADVISION's Annual Report on Form 20-F.   All trademarks recognized.                     MAKE YOUR OPINION COUNT -  Click Here                http://tbutton.prnewswire.com/prn/11690X24134573  SOURCE Texas Instruments and RADVISION   CONTACT:          David Seligman, Chief Financial Officer, +972-3-645-5446,                   cfo@radvision.com, or Sandra Fathi, Director Corporate Communications,                   +1-201-529-4300, ext. 301, sfathi@radvision.com, both of RADVISION; Jody                   Burfening or Sanjay Hurry of Lippert-Heilshorn & Associates, +1-212-838-3777,                   jbs@lhai.com, for RADVISION; Marisa Speziale, Media Relations Program Manager,                   Texas Instruments, +1-214-480-1795, m-speziale@ti.com URL:              http://www.radvision.com http://www.prnewswire.com  Copyright (C) 2001 PR Newswire.  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Hello, I hate to bug you with this.  Whenever you can spare a second would
you ask Bob about this?  I am afraid it is going to slip through the cracks.

Thanks for your help!
Melissa
---------------------- Forwarded by Melissa Ann Murphy/HOU/ECT on 03/29/2001
12:07 PM ---------------------------

Melissa Ann Murphy
03/26/2001 10:34 AM
To: Robert Badeer/HOU/ECT@ECT
cc: Kate Symes/PDX/ECT@ECT
Subject: Constellation Cal Px trades

Hi Bob, I was wondering if you have contacted Constellation about the 6
trades that are in the system with the Cal Px as the index price.  All of
these trades start flowing in July of this year.

The deal numbers are as follows:

453152.01
453175.01
453294.01
462109.01
471888.01
471889.01

Let me know if Constellation agrees to change these deals to the Dow Jones so
I can send a letter for them to sign.

Thanks,
Melissa


Mary

Received an email from you on 1/7, but there was no message.  Please try
again.

Phillip


I am so glad that you will be able to interview.  I will look forward to seeing you in Austin on Wednesday.  --Sally

Loftus Fitzwater@ENRON
03/23/2001 08:37 AM
To:	Karen Marshall/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT
cc:
Subject:	Enron Excellence Scholarship

Sally & Karen:

I will be able to make it on Wednesday and look forward to the trip.  It will be great to be involved on the other side of the table.  I have made flight arrangements and will see you on Wednesday.

Karen - my location is 3137a if you have any material to deliver.

Fitz


---------------------- Forwarded by Ami Chokshi/Corp/Enron on 07/13/2000
11:08 AM ---------------------------

Royal_B_Edmondson@reliantenergy.com on 07/13/2000 11:04:06 AM
To: ami_Chokshi@enron.com
cc:

Subject: noms for the 12 th...

(See attached file: HPL-July.xls)
 - HPL-July.xls


and i was going to lose sleep tonight...

From: Jeff Dasovich on 04/10/2001 02:56 PM
Sent by: Jeff Dasovich
To: Karen Denne/Corp/Enron@ENRON
cc:

Subject: Re: McCuistion Program

No problem.  Worry not.


You need to discuss this with the East Desk.  See if Tetco allocated the vol
to their contract.

D

Jackie Young
07/11/2000 09:07 AM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: 98-6892 (Sitara Deal 319063)

The above deal is a DD deal effective 7/1/2000-7/5/2000.  Can the deal be
extended to the 6th to cover flow of .803 decatherms?

We've not yet received the OBA from TETCO yet.

Thanks
-Jackie-
3-9497


Hey Guys.

I had a long talk with NCPA today and set up so that we again can do the ZP26/NP15 Buy-Resale on a Realtime basis. We are not doing a profit split this time, we are paying them $25/MW instead. This basically enables us to shift 21MW across PATH15 and not be subject to Congestion as NCPA has Grandfather Rights across the path. This is a sweet strategy when the SP15/NP15 spread is there and PATH15 is congested. NCPA's capacity is 21MW, but I would not recommend doing more than 20MW. There are others who know about this opportunity but are not currently using it (WESCO especially). So by doing only  20MW we do not remind them of NCPA.

The way this works is that we call NCPA and ask their capacity across PATH15. And tell them you want to schedule the BR through whatever hour.

IN CAPS:
We sell to NCPA in ZP26.
We buy from NCPA in NP15.

We can buy SP15 to fill our ZP26 sale (we just shift the load from SP15 to ZP26, so enter a EPMI CALPOOL).
PG&E is NCPA's SC, so if you are not passing Phase two give them a call.

NCPA's tel#: (916) 786-3520
PG&E tel# : (415) 973-1969

If you guys have any questions  just ask me.

Geir


sorry about that I woke up late


Teco Tap       47.500 / Enron


Please note new products.  Let me know if you have any issues or concerns
with any of these.
----- Forwarded by Tana Jones/HOU/ECT on 09/08/2000 10:52 AM -----

	Stephanie Sever
	09/08/2000 10:40 AM

		 To: Tom Moran/HOU/ECT@ECT, Bradley Diebner/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT
		 cc:
		 Subject: New Profile additions

Please see the attached spreadsheet with new additions in blue.  A couple of
Enron entity names changes (Enron Australia Finance Pty limited to Enron
Japan Corp.)  Also note that Sea Freight Fin Swap BCI 4 and Sea Freight Fin
Swap BCI 7 have been renamed from previous UK prefix.  Please let me know if
you have any questions.  Please begin using the attached spreadsheet on
Monday, Sept. 11.

Thanks,
Stephanie


Scott,
Please furnish a list of who you will be talking with.  (Caveat: Scott, you certainly realize that you must provide the FERC with summary notes of meetings with groups, agencies, etc. when we make the FERC filing - so keep good notes).  John

-----Original Message-----
From: Hyatt, Kevin
Sent: Thursday, September 20, 2001 1:44 PM
To: Shafer, John; Gadd, Eric
Cc: 'SPatti@ENSR.com'; 'JSchmidt@ENSR.com'; Taylor, Gina; Cebryk, Doug
Subject: RE: Confidentiality of Sun Devil???

I spoke with Eric this afternoon.  We'd like a list of who ENSR is talking with.  We recognize the need to be as open as we can with stakeholders and consultees and concur with John's comment below.  We're comfortable with Scott being able to show regulators a map of the preliminary route.

thanks
kh

-----Original Message-----
From: Shafer, John
Sent: Wednesday, September 19, 2001 4:41 PM
To: Hyatt, Kevin; Gadd, Eric
Cc: 'SPatti@ENSR.com'; 'JSchmidt@ENSR.com'; Taylor, Gina; Cebryk, Doug
Subject: FW: Confidentiality of Sun Devil???

Kevin and Eric,
Please read Scott's question below.  I have no problem with being a little more open with the regulators.  I would not publish anything in the paper (as yet) showing a route, etc., etc. as that will only get the landowners stirred up before we are ready.  What are your thoughts?  Are you comfortable with Scott being able to show the regulators a map of a preliminary route?  John

-----Original Message-----
From: Patti, Scott [mailto:SPatti@ensr.com]
Sent: Wednesday, September 19, 2001 4:30 PM
To: Cebryk, Doug; Shafer, John; Campbell, Larry
Cc: Kendrick, William; Hyatt, Kevin; Schmidt, Jon; Alstad, Jon; Wade,
Alisa
Subject: Confidentiality of Sun Devil???

In discussions with several agency personnel, it "appears" as though they
are somewhat aware of Sun Devil.  Is it still to be treated as confidential,
or can we discuss it more freely?  The main benefit I see, if we can discuss
it more freely, is that many of the regulators have said things like "I
would need to see a route to be able to answer your question better."  Let
me know.  Thanks,  Scott

Scott J. Patti
Senior Project Manager
ENSR International
1601 Prospect Parkway
Fort Collins, CO  80525
Phone: (970) 493-8878
Fax:     (970) 493-0213
Email:  spatti@ensr.com

**********************************************************************
The information contained in this communication is confidential and
privileged proprietary information intended only for the individual
or entity to whom it is addressed.  Any unauthorized use, distribution,
copying or disclosure of this communication is prohibited.
If you have received this communication in error, please contact the
sender immediately.

It is our policy that e-mails are intended for and should be used for
business purposes only.

This footnote also confirms that this email message has been swept by
MIMEsweeper for the presence of computer viruses.

ENSR
www.ensr.com
postmaster@ensr.com
**********************************************************************


Research Staff,

As I mentioned today in your staff meeting, the mid-year 2001 PRC meeting for Research is scheduled for Wednesday, June 6th and will begin at 10:00 am.  The meeting will be held in Boardroom on EB50.  If you have any conflicts, additional questions or concerns, please feel free to notify me.

Thanks,
Anne Labbe'


Attached below is my mark-up of NGPL's draft for backstoping its expenses in
perfroming preliminary work for a proposed interconnect between NGPL and the
Plant.  Please review and comment.

chris
x31666


Kate,

Never Mind I found my problem.

Les


The following is a redline version of the execution version (so we hope)
versus the last draft you saw.  Please advise if there are any
problems/comments.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 07/17/2000 10:21
AM ---------------------------
From: Kathleen Clark@ENRON_DEVELOPMENT on 07/17/2000 09:50 AM
To: Kay.Mann@enron.com
cc:

Subject: ABB - Comparision of Rev 10 vs. 12(final)


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/23/2001
06:09 PM ---------------------------

"The Alliance of Energy Suppliers" <alliance@eei.org>@listserver.eei.org on
03/23/2001 01:51:07 PM
Please respond to ntarr@eei.org
Sent by: bounce-app-ippexecs-33275@listserver.eei.org
To: "Generation and Power Marketing Executives"
<app-ippexecs@listserver.eei.org>
cc:
Subject: CFA Report on Electricity Restructuring

Generation/Power Marketing Executive:

FYI:  The Consumer Federation of America released on March 20, 2001, a report
on the failure of deregulation of the electric power industry.

"Behind the Headlines of Electricity Restructuring: " A Story of Greed,
Irresponsibility and MisManagement of a Vital Service in a Vulnerable Market"
is available at:  www.consumerfed.org/calmkt.pdf

A press release on the study is at www.consumerfed.org.

Nancy Tarr
Manager, Business Development
EEI Alliance of Energy Suppliers
701 Pennsylvania Ave., N.W.
Washington, D.C.  20004
Telephone:  202-508-5680
FAX:  202-508-5600
www.eei.org/alliance

ntarr@eei.org


Dad:
Congrats on the press release.  People that found out about it were amazed
that we did it so quickly.  I was thinking, if you could call Ken, that would
be great.  I know Michael is talking to Dave, but talking to Ken would really
help my cause.  Let me know what you think.  I also am sending you a
presentation that you will really enjoy.
Regards,
Ben


Congratulations to the team.  In my humble opinion, we put together an
interesting, succinct, yet thorough presentation.  Good job.

**********************************************
Mark D. Guinney, CFA
Consultant
Watson Wyatt Investment Consulting
345 California Street, Ste. 1400
San Francisco, CA  94104
(415) 733-4487 ph.
(415) 733-4190 fax

____________________Reply Separator____________________
Subject:    Re:Here it is...
Author: "Jeff.Dasovich@enron.com" <SMTP:Jeff.Dasovich@enron.com>
Date:       04/27/2001 10:49 AM

Thanks to all.  Ended up working out pretty well.  We may have been the
only folks thus far that finished within 20 minutes (or 45 minutes, it
seems, for that matter).

Best,
Jeff


Please print attachement on cashflows for me - then delete my e-mail.  Thanks.
 -----Original Message-----
From: 	Sweeney, Kevin
Sent:	Thursday, October  25, 2001 5:49 PM
To:	Beck, Sally
Subject:	FW: COMMODITY NOTIONAL CASH FLOWS AS OF 10/24/01 - REVISED in USD

revised
 -----Original Message-----
From: 	Carrington, Clara
Sent:	Thursday, October 25, 2001 4:29 PM
To:	Coulter, Jodi; Sweeney, Kevin; Walden, Clint
Cc:	Glover, Sheila
Subject:	FW: COMMODITY NOTIONAL CASH FLOWS AS OF 10/24/01 - REVISED in USD

File has been converted to USD.  An October 01 amount was aslo added to the ENA tab for the USD Prepay section.

Clara

 -----Original Message-----
From: 	Carrington, Clara
Sent:	Thursday, October 25, 2001 3:04 PM
To:	Coulter, Jodi; Sweeney, Kevin
Cc:	Glover, Sheila
Subject:	COMMODITY NOTIONAL CASH FLOWS AS OF 10/24/01

Clara Carrington
Financial Trading
Manager - Rate and Currency Risk Mgmt
Direct Tel: (713) 853-9224
Email:  Clara.Carringotn@enron.com


Tom,

The testimony looks good.  I agree with your position on the rates.  It will
be raised so it is best to hit it head-on.  I am assuming you have IEP
approval on the use of your earlier study.  If not Calpine, Enron and Dynegy
can help get IEP to react.

Thanks

Craig

> -----Original Message-----
> From: Tom Beach [SMTP:tomb@crossborderenergy.com]
> Sent: Thursday, May 04, 2000 12:21 PM
> To: Michael Rochman; 'Cherry, Brian - TPBKC'; AlexanMS@sce.com;
> paulamirault@aec.ca; david.bayless@utility.com; Burkee@cts.com;
> Craigc@calpine.com; Rick.Counihan@greenmountain.com; Jdasovic@enron.com;
> Mday@gmssr.com; bdingwall@unitedgas.com; Douglass@arterhadden.com;
> eke@aelaw.com; Jfawcet@enron.com; rfoss@coral-energy.com; plg@cpuc.ca.gov;
> johnj@bcjlaw.com; Johnson_Pamela@lacoe.edu; karpjos@sf.whitecase.com;
> jleslie@luce.com; kmccrea@sablaw.com; jmpa@dynegy.com; rmp@cpuc.ca.gov;
> porterdk@sce.com; susan.scott@enron.com; 'Beamish, Richard - TPRMB';
> 'Betonte, Robert - TP2RSB'; 'Brill, Thomas R.'; 'Cotton, Gary'; 'Davis,
> Robert E.'; 'Davis, Steven D.'; 'Fair, Pam'; 'Follett, B. David - TPDBF';
> 'Fong, Ed'; 'Freeman, Kimberly'; 'Gaines, Mark - TPMFG'; 'Harrigan, James
> P. - TP1JPH'; 'Hay, James E.'; 'Hubbard, Lisa J.'; 'Lorenz, Lad - TPLPL';
> 'McVay, Nancy W - TPNWM'; 'Morrow, Rick - TP3RMM'; 'Purves, Ralph A.';
> 'Reed, William'; 'Sakarias, Wayne P.'; 'Schavrien, Lee'; 'Smith, Anne S. -
> TPASS'; 'Sullivan, Glen J.'; 'Surak, Thomas M. - TP1TMS'; 'Suwara, J.-
> TPJUS'; 'Takemura, Earl - TPEKT'; 'Teeter, James S.'; 'Van Lierop, Jan -
> TP2JXV'; 'Watson, Steven - TP2SAW'; 'Wright, Gillian - TP1GXW'; 'Barker,
> David - TPDTB'; 'How-Downing, Lindsey'; 'Jun, Christine'; 'Khoury,
> Dexter'; ack@aelaw.com
> Cc: David Dyck; Tom Lu
> Subject: Next Draft of EG Testimony in Support of the Comprehensive
> Settlement Agreement
>
> Attached is (hopefully) the final draft of my testimony on behalf of
> electric generators in support of the Comprehensive Settlement Agreement
> for SoCalGas.  I have incorporated comments from Edison, Dynegy, CCC, IP,
> and SoCalGas.  Please let me know if you have any further concerns, by
> e-mail or at 510-649-9790.
>
> With respect to Glen Sullivan's concerns about discussing the rate impacts
> on EGs, I have the following comments.  Certainly, it is difficult at this
> point to project how much backbone capacity will be subscribed, and at
> what cost.  However, it is a fact that every end user on the SoCalGas
> system will need to acquire and pay for backbone capacity in order to move
> gas to their facility.  Lad and Gillian made, in my view, a reasonable
> estimate that, on average, end users would pay $0.07 per Dth for backbone
> service, based on total backbone costs divided by BCAP throughput.  Some
> may use interruptible service and pay 120% of this rate; others may obtain
> backbone service at a discount.  On average, Lad and Gillian's numbers are
> a reasonable projection and very defensible.  Moreover, in my view, we
> need to try to seize the high ground on the issue of rate impacts on EGs;
> otherwise SCGC will do so, and our settlement could face a real problem.
>
> Tom Beach << File: EG Testimony.doc >>


Recommended by Jimmie Lee at Chase

Regards,

Jeff

-----Original Message-----
From: 	Richard.S.Walker@chase.com [mailto:Richard.S.Walker@chase.com]
Sent:	Tuesday, October 30, 2001 4:07 PM
To:	McMahon, Jeffrey
Subject:	Fw: Crisis PR advisor

Please check this out

--------------------------
Sent from Richard Walker's BlackBerry Wireless Handheld (www.BlackBerry.net)

----- Original Message -----
From:	Kristin C Lemkau
To:	CN=Richard S. Walker/O=CHASE
Cc:	CN=James B. Lee/O=CHASE,
	CN=Donald McCree/O=CHASE
Date:	10/30/2001 04:43:45 PM
Subject:	Crisis PR advisor

Rick,
As the press seems to be turning worse, I would strongly advise Enron to call George Sard of Citigate Sard Verbinnen at (212) 687-8080.  George is probably the leading crisis communications advisor in the world and could offer them great counsel, especially in distributing and managing the current press release.  We've worked with him and would recommend him without reservation.
Hope that's helpful.
Kristin

This communication is for informational purposes only.  It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of J.P. Morgan Chase & Co., its subsidiaries and affiliates.


Here are the curves:

GDP-CAL BORDER
GDP-CGT/APPALAC
GDP-CHI. GATE
GDP-CNG/SOUTH
GDP-ELPO/PERM2
GDP-ELPO/SANJUA
GDP-HEHUB
GDP-HPL/SHPCH
GDP-KERN/OPAL
GDP-MALIN-CITYGA
GDP-MICHCON
GDP-NTHWST/CANB
GDP-PAN/TX/OK
GDP-PG&E/CITIGA
GDP-TENN/500
GDP-TETCO/M3
GDP-TRCOZ6/NY
GDP-WAHA
NW STANF/1ST-GD
NW-STANFIELD

Thanks for all of the help,
Susan


Jay that makes sense and is the right solution, however I floated it by Rob Benson and Dana Davis and they felt that having to have another product up on the ir screen would but just TOO much. Go figure. So they agreed to let me auto hedge to the base product and 5 min qty 5 increment works for me so we will run with that for the meantime. The non web visible route is my back up.

I'll let you know how it goes.

Thanks
Andy


Carolyn:

If you'd planned on making a chart similar to the one that you did
previously, the symbols are STISPBEVA for the S&P 500 beverage index and ?STISPFOOD for the S&P 500 food index.

Best,
Jeff

	"Guinney, Mark" <Mark_Guinney@watsonwyatt.com>
	04/23/2001 12:17 PM

		 To: "\"Jeff.Dasovich@enron.com\" " <Jeff.Dasovich@enron.com>, "\"Vavrek;
Carolyn (US - San Francisco)\" " <cvavrek@deloitte.com>
		 cc: "\"asama@yahoo.com\" " <asama@yahoo.com>, "\"Jeff_Dasovich@enron.com\" "
<Jeff_Dasovich@enron.com>
		 Subject: Indexdata

As promised, I've attached a spreadsheet that offers monthly industry
returns
(incl. dividends) for the beverage and food industries.  There is no
consolidated food & beverage sector.

**********************************************
Mark D. Guinney, CFA
Consultant
Watson Wyatt Investment Consulting
345 California Street, Ste. 1400
San Francisco, CA  94104
(415) 733-4487 ph.
(415) 733-4190 fax

 - Index returns.xls


Start Date: 1/22/02; HourAhead hour: 13;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002012213.txt


I'll need help finalizing this (Flynn) Master.  Just let me know who can help
on Monday.  Sara


Just a reminder to log any default functions or additions you would like to
see to CAPS in the West Desk Issues Log.
("%systemroot%\system32\winbatch.exe W:\Scripts\msaccess97rt.wbt
"P:\VolumeMgmt\Poston\WestDeskITISSUES.mde") Please copy and paste shortcut
without brackets or qoutes.

Thank You,

Wendella


Hi Vince

Following our PRC meeting yesterday, here are the high-level facts as I
presented them:
Ben Parsons, overall: satisfactory.  Good interpersonal skills, we have
questions on his quant abilities.  Reluctant to discuss/share his modelling
work, and that which I have seen has too many hand fixes to give me
confidence in his rigour.  Other EnronCredit.com feedback indicates that he
is sometimes prepared to compromise quant analysis to keep the traders happy.
Matthew Williams, overall: excellent.  Superior quant skills, excellent
everywhere else.  Recommended for promotion to Senior Specialist.
Kirstee Hewitt, overall: excellent.  A solid all-round performance, and a
huge workload.  In recognition of the level of responsibility Kirstee is
bearing I'm recommending her for promotion to Senior Specialist.
Sharad Agnihotri, overall: excellent.  Superior quant skills, excellent
everywhere else.  Very self-directed and commercial-minded.  Already
operating at manager level in my opinion.  Flagged for promotion next
mid-year if performance continues at this level.
Slava Danilov, overall: excellent.  Superior quant skills, excellent
everywhere else.  As a non-commercial-type quant he is hard to fault, but
will probably never work on a trading desk.  Already operating at manager
level in terms of his depth and rigour of analysis, and the extent to which
he is contributing to the team.  Flagged for promotion next mid-year if
performance continues at this level.

Steve


Well, I think for now that he's not wanting to be in a serious relationship.  I don't think he ever really did, but we just ended up having one.  But I think he's got alot of other stuff going on in his life now with job and friends and feels that he can't be committed to a relationship and knows he's not going to make the effort.  I don't know if that will change anytime soon or not.  I'm assuming it won't, but hoping it will.  Anyway, I'm just super-depressed now and my birthday is tomorrow!  This will not be a birthday to remember.  :(  I really wasn't ready for our relationship to end, and didn't think it was about to, really.  So, I have to deal with the shock as well as the sadness.  I'm going to talk to him tonight about a couple of things, but if nothing is different today, I guess we'll just leave each other alone for a while and see what happens.

Scott


Dear Energy Derivatives students,

The deadline for the final project has been set for April 30, 2001.
All grades will be submitted to Rice Administration by May 4th (university requirement).
Please mark your calendars!!!

If you have questions, please contact Vince or me.

Good luck!

Jason Sokolov


Holly Keiser
Enron Wholesale Services
Legal Department
Phone: 713-345-7893
Fax: 713-646-3490
Location: EB 3887
Holly.Keiser@enron.com


i hate you!

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 26, 2001 10:24 AM
To:	Nelson, Michelle
Subject:	RE:

anytime

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 26, 2001 10:24 AM
To:	Maggi, Mike
Subject:	RE:

well thanks for your help charlie brown

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 26, 2001 10:24 AM
To:	Nelson, Michelle
Subject:	RE:

nope and nope

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 26, 2001 10:20 AM
To:	Maggi, Mike
Subject:

did you go work out this morning?

do you know an orthodontist in houston?


The floors chosen for these meetings appear to be geared to the IT teams.
Between my operations teams dedicated to EA, EGM and EIM, I have roughly 500
employees in the Enron building.  Do you want all of them to choose one of
the floors noted in your e-mail message, or would it be better to schedule
one or two floor meetings in locations that more easily incorporate this
segment of Net Works?  I have noted below the approximate number of employees
per floor (including only those floors with a significant number of
operations employees):

  29th Floor (trading) 67 employees  EGM risk, vol. mgmt., confirms,
settlements and EIM risk

  30th Floor (trading) 35 employees  EGM risk, confirms, settlements (various
products)

  31st Floor (trading) 52  employees  Power risk, confirms, vol. mgnt.,
settlements and DPR           and MPR teams

  32nd Floor (trading) 117 employees  Gas risk, logistics (all regions),
operational analysis

  37th Floor   148 employees  Gas vol. mgmt., settlements, and global
services
Also, given the fact that operations is a relative "newcomer" to Enron
Networks and yet represents a large number of employees in the group, I would
be happy to work with you on remarks for all of the floor meetings to make it
easier for you to be fully inclusive in these sessions.   --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 04/09/2001 10:30 AM
---------------------------
   Office of the Chairman - Enron Net Works LLC

From: Office of the Chairman - Enron Net Works LLC@ENRON on 04/09/2001 10:13
AM
Sent by: Enron Announcements@ENRON
To: ENW-Employees_Houston
cc:
Subject: Net Works Floor Meetings - DATES AND LOCATIONS HAVE CHANGED PLEASE
READ

We will be holding floor meetings on the following dates.  Please join us for
a general overview and Q&A session on one of the following floors:

Tuesday, 4/17/01 - 2:00 - 3:00 p.m.  Location:  In front of EB2711

Wednesday, 4/25/01 - 2:00 - 3:00 p.m. Location:  In front of EB2265

Thursday, 4/26/01 - 2:00 - 3:00 p.m.  Location:  In front of EB2556

Philippe & Greg

Please disregard the email sent on 4/6/01.  We apologize for any
inconvenience.


Scott asked for some assistance on the booking of the LGS deal and the impact
it would have if we unwound certain hedges. To help me better understand the
impact this would have, I need to understand the way we originally booked the
deal.   David, you and I have talked about this some, but I still don't have
all the info I need.  (Let me know if Scott, Craig and Farzad have already
figured all this out and I'll drop it, but to my knowledge they still need
help figuring this all out).  Hopefully my thoughts outlined below will help
you understand what I'm looking for and why.

As I understand the LGS deal, ENA pays an annual $1.35 MM to utilize the
assets, including storage; ENA gets to keep value generated (including
summer/winter spread) up to $1.5MM, then it is shared 50/50; however, LGS has
to know about and agree with any hedges we put on to lock in a particular
spread.  When Structuring booked this deal in January, summer/winter spreads
were locked in for the entire period we have the deal (through 2003);
however, it is my understanding that LGS has only been made aware of the
front year hedges (which I understand have been changed around a bit since
the beginning and that's o.k.).

What I need to know is--how was this deal booked?  When the $1.35 MM payment
goes to LGS, is that covered through the hedges that were put on?  How
exactly do the dollars flow between books?

I think this will help us figure out what would fall out If Scott removes
certain forward hedges and what risk he would take on.  It seems to me that
he would be at risk for whatever spread we had locked in originally, but I'm
not sure exactly how this would show up.  Basically, it seems as if Scott is
at risk with the hedges on, that if the actual spread is wider by the time
LGS is informed of the injection/withdrawal schedule (or LGS begins pushing
us to put on hedges), he would lose; likewise, it seems that if he takes the
hedges off and the actual spread comes in tighter, he would lose.
Conversely, if he takes the hedges off and the actual spread comes in wider,
I think he would win.  Anyway, I want to get together on Monday and go over
this with the three of you and figure this all out.  Please let me know if
10:00 Monday morning (7/31) works for you, then I'll ask Kim to get a
conference room.


That is very cool!!  Sounds like Tom did great - too bad we weren't there to watch.  And it is great that you get some $ for going!   Just think - with your awesome new car next year - you could be up there with Jimmy and that other guy!  I could grab dinner or something later - when are you planning to go to Tom's?  I have nothing going on - may try to get a quick workout in.  You can just let me know what you want to do.

K.

ps.  I told Suzanne that I got to drive the race car and it was really cool!

 -----Original Message-----
From: 	Heintzelman, Pete
Sent:	Tuesday, September 25, 2001 8:34 AM
To:	Ward, Kim S (Houston)
Subject:	RE:

BTW, Tom drove from 12th to 6th in his race.   Very impressive.  Also, Kramer told me yesterday that the SCCA tow fund is paying us $600 each.  Yeah!  It goes to the top 3 guys that go and there were only 3 guys from our region!  Also, did you know Jimmy won close to 10k for getting 2nd?  Spicer (winner) got something like 13k in cash and trinkets.

Cool!

 -----Original Message-----
From: 	Ward, Kim S (Houston)
Sent:	Tuesday, September 25, 2001 8:14 AM
To:	Heintzelman, Pete
Subject:

Good morning!  Got your message last night when I got home from the game.  Didn't want to wake you up.  How was your day yesterday?  Mine was very busy - lots of things going on.  Hopefully some tickets and $$$ will come out of all of it!  Anyway - I hope you have a good day today!  Talk to you later -

K.


that is great , how are the two of you doing these days with her back to work and life moving forward ?

tell me about the vegas trip for the 100th time , when where and $

thnx
dq

 -----Original Message-----
From: 	"Kevin" <klyn@pdq.net>@ENRON [mailto:IMCEANOTES-+22Kevin+22+20+3Cklyn+40pdq+2Enet+3E+40ENRON@ENRON.com]
Sent:	Thursday, August 23, 2001 10:21 AM
To:	Quigley, Dutch
Subject:	Journey Rocks

We were at the Journey concert last night.  I  never knew my wife was such a big fan.

Kevin


-----Original Message-----
From: Legler, Michael J.
Sent: Tuesday, October 30, 2001 3:31 PM
To: Gomez, Julie A.; Schwieger, Jim; Meyer, Chris
Subject: FW: Social Studies - READ ALL THE WAY TO THE BOTTOM


Thanks!

Kay


We have completed the revisions to anexb.doc (the document used to prepare
credit for omnibus confirmations).  It has been moved into the attorney forms
bank and is located in atty.fms/swaps/current forms/anexb.doc.  The prior
form has been moved to atty.fms/swaps/old forms/oldanexb.doc.


Can you please add the PG&E topack curve to the swap model. thanks.

BT


This in an automated e-mail sent out from the Commissioner.COM
web site.  Do not reply to this e-mail, but instead please visit
your league's site at http://football.commissioner.com/kourn

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

Jason Bass requests the following transaction:.

  Add Casey Crawford.

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

To approve this transaction, please go to your web site and
select Transactions, Requests in the Front Office.


Mary,

Sally says this is okay.

Patti

Mary Solmonson
05/11/2000 06:00 PM
To: Sally Beck/HOU/ECT@ECT
cc: Lisa B Cousino/HOU/ECT@ECT
Subject: Team Leadership Coaching for Mary Gosnell

Mary Gosnell has been performing well in her new role as Manager.  I would
like to offer Mary some coaching sessions with Team Leadership to develop her
presence and language skills when dealing with management personnel.  Any
problems with that ?


Message received. Thanks.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


"The future is something which everyone reaches at the rate
of 60 minutes an hour?whatever he does, whoever he be."  - C.S. Lewis

Watch the Enron Building lobby on Tuesday, April 24th, from 11:30am to 1:00pm
for information on innovative and futuristic technology!

Featuring:
Dr. Peter Bishop, Professor and Chair of the Future Studies Graduate Program at the University of Houston
Mr. Clay Anderson, Astronaut at NASA
Gadgets & Gizmos by Oxford Technologies
Robotic Display by Students from Yates High School

Special Afternoon Workshop - 1:30pm to 3:30pm
"Images of Enron in 2020" with Dr. Peter Bishop & Amy Oberg
Join Amy Oberg with EES and Dr. Peter Bishop, Chair & Professor of the University of Houston's Future Program,
to imagine Enron in the year 2020.  Attendees will actively engage in this participatory workshop with the final summary
to be shared with Mr. Skilling's office.  "Futures tools" will be utilized to consider Enron's characteristics, culture,
businesses and the world environment and participants will explore how the future might play out for Enron.
The results of this session will be shared with Mr. Skilling's office.  RSVP to Jessica at x31918 - space is limited

Word of the Day
prescience \PREE-shuns; PREE-shee-uns\, noun:
Knowledge of events before they take place; foresight.