USA: U.S. stocks slip as Fed rate-cut euphoria fades.
Reuters English News Service, 11-07-07
USA: Commodities traders keep the faith in Enron.
Reuters English News Service, 11-07-01
Enron Calls Emergency Meeting With Banks Friday -FT
Dow Jones Energy Service, 11-07-01
US Power, Gas Companies Restrict Dealings With Enron
Dow Jones Energy Service, 11-07-07
IN THE MONEY: The 'D' Word Could Bite Enron. Others Too?
Dow Jones News Service, 11-07-01
USA: Dynegy may invest $2 bln in Enron-WSJ.com.
Reuters English News Service, 11-07-01
USA: UPDATE 1-Enron shares plunge in new tumble, touch $7.
Reuters English News Service, 11-07-01
Dynegy Weighs $2 Billion Investment in Enron in Possible Step Toward Merger
Dow Jones Business News, 11-07-01
Enron Corp. Cut to `Sell' at A.G. Edwards
Bloomberg, 11-07-01

Dynegy in Talks to Buy Enron With ChevronTexaco Cash
Bloomberg, 11-07-01

Legal Group to Sue Over California Power Contracts (Update1)
Bloomberg, 11-07-07

Enron to Meet With Lenders on Merger, Possible Yield Increase
Bloomberg, 11-07-01

Enron Shares Fall on Concern About Finding Investors (Update3)
Bloomberg, 11-07-01

Enron calls emergency meeting with banks
Financial Times.com, 11-07-01

The Night Watch: Enron Ticks Higher in Extended Trading
TheStreet.com, 11-07-07

Some Glamour Stocks That Are Ugly Down Deep
RealMoney.com, 11-07-01

Fundie Firing Comes Better Late Than Never
RealMoney.com, 11-07-01

USA: U.S. stocks slip as Fed rate-cut euphoria fades.
By Elizabeth Lazarowitz

11/07/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 7 (Reuters) - Stocks slipped on Wednesday, eroding the previous session's sharp gains, as worries about the gloomy economic environment overshadowed hopes the Federal Reserve's rate cuts can help spur a rebound.
"You get these fights with the bulls and the bears," said James Volk, co-director of institutional trading at D.A. Davidson & Co. "There are a number of people that are bullish about the economy turning around ... and there's another group that think there's no reason for this buoyancy in the market because it's still way, way premature."
The market initially built on Tuesday's rally when the Fed's 10th interest-rate cut this year sent stocks soaring to their highest levels in about two months. But momentum faded toward the end of Wednesday's session.
"We had a big run up yesterday after the Fed announcement," said Peter Coolidge, senior equity trader at Brean Murray & Co. "The announcement was expected, but the run-up wasn't, so we're just giving up a little bit of ground on that."
The technology-laced Nasdaq Composite, buffeted early in the session by disappointing results and a discouraging forecast from wireless telecommunications firm Qualcomm Inc., finished with a gain of 2.45 points, or 0.13 percent, at 1,837.53.
The Dow Jones industrial average slipped 36.75 points, or 0.38 percent, to 9,554.37. At its session high of 9,644.12, the blue-chip index had erased all of its post-Sept. 11 losses.
The broader Standard & Poor's 500 Index fell 3.06 points, or 0.27 percent, to 1,115.80.
Shares of Hewlett-Packard Co. dragged on the Dow after HP and Compaq Computer Corp. stood firm on their plans for a $21 billion merger, even as pressure mounted from Hewlett and Packard family members to cancel the deal.
Hewlett shares slipped 63 cents to $19.18. The stock gained more than 17 percent on Tuesday after the founding Hewlett family, which has a stake of more than 5 percent in Hewlett-Packard, said it would vote against the deal. Compaq's stock sagged 51 cents to $7.99.
Energy trader Enron Corp. was badly beaten yet again, plunging to a 10-year low of $7 amid concerns about its ability to raise cash. Late in the day it got a boost from a Wall Street Journal report that rival Dynegy Inc. is in talks to infuse about $2 billion into the struggling company. Enron ended down 62 cents at $9.05.
Interest-rate-sensitive financial stocks like J.P. Morgan Chase, up $1.05 at $38.59, and American Express Co., up $1.12 at $31.68, underpinned the blue-chip Dow.
Stocks have surged in recent weeks as investors put aside their current economic woes, hopeful that the Fed's rate reductions and a hefty fiscal stimulus package can help the economy spring back by the middle of next year.
Investors got encouragement from the latest key economic report, which showed productivity rose more strongly than expected in the third quarter as firms cut workers' hours at the fastest pace in 10 years. The government data suggested companies are adjusting to the slowdown in economic growth.
"Any time productivity is up, that's good news for the market," said Robert Baur, chief economist for Invista Capital Management, which oversees $24 billion in equities.
Wireless-related stocks were buffeted after Qualcomm, which holds the patent for a popular cellular technology, reported earnings that missed forecasts. It also said profits for the current fiscal year would be at the low end of already reduced estimates, citing the global economic slowdown.
Nevertheless, Qualcomm still managed to erase its early loss to gain 38 cents to $55.11. The American-traded shares of Swedish mobile phone giant Ericsson slipped 16 cents to $4.73, while the shares of Finnish rival Nokia dropped 86 cents to $22.20.
Heavyweights like networking giant Cisco Systems also underpinned the Nasdaq market. Cisco gained 46 cents to $18.93.
The market will likely remain rangebound in the very near future as investors search for solid evidence that a recovery is at hand, analysts said.
"It's usually a time when traders tend to take their gains, because there's nothing left for the short term to look forward to," said A.C. Moore, chief investment strategist at Dunvegan Associates.
One bright spot was America's No. 1 trash hauler Waste Management Inc., which posted a net profit, due in part to lower costs and interest expenses, even after taking a charge to settle the last of a series of class-action lawsuits. It jumped $1.63 to $26.98.
Shares of Lands' End Inc. were also hot, racing up almost 18 percent, or $6.41 to $42.15, after the Internet and catalog retailer posted quarterly results that handily beat Wall Street forecasts on effective cost controls and solid sales of full-priced merchandise.

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

USA: Commodities traders keep the faith in Enron.

11/07/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 7 (Reuters) - Enron Corp. may have lost its luster in the financial markets but trading partners in North America's natural gas and power arenas are supremely confident that their largest trading entity will not go under.
"We are not changing anything about our credit arrangements with Enron. They are still paying their bills," said one electricity trader.
"Credit-wise, they are okay but people are watching. People are probably a little more wary in the forwards market. They may think twice before going into a five-year deal," he added.
As a matter of fact, transactions on the Houston-based company's power trading system EnronOnline were higher over the past 30 days, averaging some $3 billion to $4 billion, up from $2.5 billion in the earlier period, making EnronOnline by far the biggest trader of electricity.
Traders played down reports Wednesday of New York Mercantile Exchange clearing firms raising margin requirements for Enron's trades on natural gas futures markets.
"It would be a normal procedure after the credit downgrades," said a trader with a major Midwest gas and power trader.
Despite the fears that increased credit margins might cause a crunch for the embattled energy giant, many traders still say it is business as usual.
"They have plenty of credit with us. They are still a viable trading partner," said a natural gas trader with one of Enron's largest natural gas trading partners.
Enron's share price has gone into a tailspin in recent weeks after the company reported its first quarterly loss in more than four years and as concerns about its complex finances led to a probe by the Securities and Exchange Commission and a series of downgrades by the major credit ratings agencies.
Ratings agencies like Standard & Poor's said it would consider cutting Enron's rating again if it saw a change in behavior in Enron's trading partners.
Janet McGurty, New York Equities, +1 646 223 6093 janet.mcgurty@reuters.com <mailto:janet.mcgurty@reuters.com>)).

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

Enron Calls Emergency Meeting With Banks Friday -FT

11/07/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Enron Corp. (ENE) has called an emergency meeting of its banks which will be held Friday, The Financial Times reported on its Web site Wednesday.
Banks with about $3.3 billion of exposure to Enron described the meeting, scheduled to take place at Enron's headquarters in Houston, Texas, as "make or break," The Financial Times reported.
The Financial Times quoted an unnamed bank executive as saying, " This is a pivotal meeting. There are lots of credit lines due in the next six months and we need to talk."
If Enron fails to complete a deal with another company before Friday's meeting, it will need to persuade the banks to extend credit lines, The Financial Times reported.
The banks with the greatest exposure to Enron include Credit Suisse, Deutsche Bank, Citigroup and Barclays, The Financial Times reported.

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

US Power, Gas Companies Restrict Dealings With Enron
By Jon Kamp, Kristen McNamara and Mark Golden
Of DOW JONES NEWSWIRES

11/07/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Trading companies in Enron Corp.'s (ENE) key North American power and gas markets are restricting their dealings with the ailing Houston-based giant, people at those companies said Wednesday.
Concerns have mounted because Enron, which accounts for about a quarter of the trade in the country's power and gas markets and which makes a market for those commodities on its Internet-based system EnronOnline, has seen its share price fall by about 75% and its credit ratings downgraded since mid-October due to uncertainties about its extremely complex financial structure.
"We've restricted our business with them," said Mike Smith, chief financial officer for Mirant Corp. (MIR) unit Mirant Americas Group, a Top 10 trader of power and gas in the U.S.
Smith wouldn't be more specific, but his comments echoed those of others in the business.
"Our exposure to Enron is insignificant compared with the previous exposure," said Al Butkus, spokesman for Aquila Inc. (ILA), a Top 5 U.S. power and gas trader.
Tractebel Energy Marketing, the North American subsidiary of the Belgian company Tractebel S.A., has limited the term of transactions with Enron to three years or less, a person at the company said. And a power broker said some medium-sized western utilities have stopped trading with Enron even for near-term delivery.
Enron didn't return calls seeking comment.
Enron's ability to transact in its core markets - North American wholesale gas and power - is essential if the company maintain the earnings and cash flow needed to emerge from its current credit crisis, Wall Street analysts and ratings agencies have said. Standard & Poor's and Moody's Investors Service downgraded Enron's credit
to within two steps of junk-bond status last week and have it on watch for
further downgrade. Enron still has its supporters. Exelon Corp. (EXC) is
monitoring its own risk management, but hasn't changed its relationship with
Enron, Chief Financial Officer Ruth Ann M. Gillis said.

"We haven't changed our relationship," Gillis said.
Enron is a very important factor in the vitality of the wholesale energy markets, she said. They're still the "largest, best" of the companies out there, she said.
Likewise, a trading floor manager at one energy company said Enron called earlier in the week and asked that the company increase its trading on EnronOnline. The company's EOL volumes had fallen, but it honored Enron's request out of respect for Enron's still market-making power.
PPL Corp. (PPL), however, moved to mitigate its exposure to Enron following the downgrades, said a person in the company's energy marketing operation, PPL EnergyPlus LLC.
"Enron would not be a first choice to do long-term transactions," the person said. "For shorter-terms, deals, they wouldn't be considered equally with everyone else. There's just too much risk there."

(Corrected 2151GMT)
(In an item that ran around 16:36 EST (2136 GMT), Exelon Corp.'s name was misspelled.)

2151GMT

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

IN THE MONEY: The 'D' Word Could Bite Enron. Others Too?
By Carol S. Remond

11/07/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- With Enron Corp. (ENE), what you don't see is what could hurt you.
And that's what has many on Wall Street worried today.
Hidden from investors by off-balance sheet transactions are billions of dollars of derivative contracts that Enron has entered into with banks and investment firms as well as other energy companies. Some are hedging transactions while others are contracts to sell a commodity at a specific price at some time in the future.
As Enron's credit situation continues to deteriorate, investors are scrambling to figure out who could be affected by the fallout and how widespread it could be. By its own account as of December 2000, Enron was a party in roughly $20 billion of derivative contracts on which it owed its counterparts. The current size of its total derivative exposure isn't known.
Confidence in the company has fallen dramatically. Talk on Wall Street Wednesday is that firms are dumping Enron's bonds as well as its stock. The stock was off almost 25% at one point, in part tied to concerns that some of its biggest customers are moving business elsewhere because of Enron's worsening credit quality.
This all comes against the backdrop that Enron has been trying to secure an up to $2 billion equity infusion. The Wall Street Journal reported Wednesday afternoon on Dow Jones Newswires that Dynegy Inc. (DYN) was in advanced talks to infuse that amount into Enron in a deal that could lead to an acquisition. Enron stock rebounded from its $7 a share low on the report and was off but 5% at $9.20. (Dynegy investors clearly aren't happy about a prospective deal - they knocked the stock down 8%, in part over worries about what Dynegy could be getting itself into.)
For an indication of how severely Wall Street views the situation, you need to look no further than the derivatives market itself, where the cost of protecting the business you have done with Enron is skyrocketing and money is being demanded up front.
Traders say companies that today have unhedged forward purchase contracts with Enron are paying dearly for insurance. Here's how it works: Let's say you are company that has agreed to buy a certain amount of energy from Enron at a fixed price in five years. You pay Enron money up front for that contract. To hedge yourself against a volatile market, you turn around and buy a financial futures contract that minimizes your risk.
Before the recent problems at Enron, that offsetting financial contract would cost about 1.5% to 2% of the value of the contract with premiums paid on a quarterly or semi-annual basis. Today, that financial contract will cost 15% to 25% in a very illiquid derivatives market. And given the perceived high probability of an Enron default, those willing to sell Enron protection are now demanding to be paid that percentage upfront. (The cost of hedging Enron's credit risk is now close to what some investors paid shortly after the Sept. 11 attacks to protect themselves against exposure to airline companies.)
Another way companies who do business with Enron might look to protect themselves is by curtailing trading activities with Enron. So far, few have been willing to admit publicly that they're seriously worried about their credit exposure to Enron. But some have begun to address the potential credit risk associated to Enron's unraveling.
On Wednesday, Apache Corp. said it unwound nearly all of its hedges on gas prices. An Apache spokesman said the unwinding was caused by "concerns about ripple effects of Enron's predicaments through the market." The spokesman said Apache was now looking to unwind one hedging transaction with Enron. Other companies are said to have cut their exposure to Enron as well.
Even if most firms aren't admitting to a net reduction of their transactions with Enron, people familiar with the situation said those companies had now adopted a `neutral" stance, only entering a transaction when they can directly offset it with other one.
Energy companies aren't likely to be the only ones worrying about Enron worsening woes.
Giant Wall Street firms active in the $63 trillion worldwide derivative market could also be on the hook for some of the contracts in which Enron is a counterpart.
Credit derivative contracts and other hedging instruments allow investors to transfer at least some of the credit risk associated with a transaction to someone willing to take on that risk, much like an insurance policy.
Securities firms are often acting as middlemen, selling protection to one counterpart, while selling offsetting exposure to another. That brings about the so-call counterpart risk.
Somewhere, someone is long Enron counterpart risk and if Enron isn't able to pay up on its part of the bargain (at least $20 billion as of Dec. 31, 2000), then the middlemen could be left holding the bag.
"There is no question that there is Enron risk out there. The question is whether it's well distributed across the market or whether it's concentrated in a few (derivative) houses," an official at a large derivative house said.
According to a report by the Office of the Comptroller of the Currency, Chase Manhattan Bank, Morgan Guarantee Trust Company, Bank of America and Citibank dominated the derivative market in the second quarter, accounting for almost $43 trillion of the $47.5 trillion in nominal amount of derivative contracts written by and outstanding at U.S. commercial banks. Investment banks like Goldman Sachs and Morgan Stanley are also big players in the derivative markets, having issued and outstanding about $5 trillion and $4 trillion respectively at the end of 2000.
Carol S. Remond; 201-938-2074; Dow Jones Newswires
carol.remond@dowjones.com <mailto:carol.remond@dowjones.com>

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

USA: Dynegy may invest $2 bln in Enron-WSJ.com.

11/07/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 7 (Reuters) - Energy company Dynegy Inc. . is considering investing $2 billion in rival Enron Corp. in a transaction that may lead to a merger of the companies, the Wall Street Journal reported on its online edition on Wednesday.
The Journal said a formal announcement of the transaction could be made as soon as Thursday. It didn't cite the source of its information.
Enron and Dynegy, both Houston-based, declined to comment.

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

USA: UPDATE 1-Enron shares plunge in new tumble, touch $7.

11/07/2001
Reuters English News Service
(C) Reuters Limited 2001.
(Updates share price, report Enron has approached Warren Buffett in paragraph 4, Enron discussed merger with Dynegy in paragraph 6, El Paso comments in paragraphs 11-14)
NEW YORK, Nov 7 (Reuters) - Shares of Enron Corp. plunged in a new round of selling on Wednesday, touching a 10-year low, as concerns linger about the energy trading giant's ability to raise cash and restore investor confidence.
The company's stock slid more than 27 percent in intraday trade on the New York Stock Exchange, before paring losses to trade down $1.47, or 15.2 percent, to $8.20 in the afternoon. The stock briefly touched $7, a price last seen in May 1991.
Enron was the most active stock in NYSE trading, and the second-largest loser in percentage terms. The stock is down almost 78 percent since the company released its earnings results on Oct. 16, which set off the recent tumble.
Representatives of Enron have approached Warren Buffett, the chairman of Berkshire Hathaway Inc., about taking a stake in the energy trader, The New York Times reported Tuesday.
"We have been exploring all of our options to strengthen our balance sheet and increase investors' confidence," said Enron spokesman Mark Palmer, who declined to go into further detail or discuss specific companies.
CNBC reported Enron and Dynegy Inc. have held talks about a range of options, including a merger. The network cited sources close to the talks.
Enron and Dynegy said they do not comment on speculation. A spokeswoman for Berkshire Hathaway said Buffett was traveling and could not be reached.
The issues that have plagued the Houston-based company over the past three weeks continue to weigh on it, according to Jeff Dietert, an analyst at Simmons and Co.
"It's a bit of a vicious cycle," he said. "The stock price declines, credit concerns go up, counterparties attempt to reduce their exposure and the earnings power of the company deteriorates."
He added the nation's largest trader of natural gas and electricity needs to "get all its ducks in a row" so it can meet with its stock and bond holders to discuss Enron's capitalization and plans for strengthening its balance sheet.
Already, at least one of Enron's rivals is benefiting from the company's woes.
El Paso Corp., which also runs an energy marketing and trading business, said on Wednesday it has gained market share in the past few weeks as a result of reluctance on the part of companies to do business with Enron.
But Ralph Eads, who heads El Paso's merchant energy business, said he does not expect Enron to file for bankruptcy and said El Paso has not scaled back its business dealings with the company.
He also said he does not expect Enron's problems to lead to reduced liquidity in U.S. electricity and natural gas markets, a scenario that has troubled some analysts and investors.
Enron is under attack over investor unease about its off-balance sheet transactions that led to a $1.2 billion write-down of shareholder equity.
The deals, conducted with partnerships run by ousted Chief Financial Officer Andrew Fastow, are under investigation by the U.S. Securities and Exchange Commission.

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

Dynegy Weighs $2 Billion Investment in Enron in Possible Step Toward Merger
By Robin Sidel

11/07/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Staff Reporter of The Wall Street Journal
Dynegy Inc. is in advanced discussions to infuse about $2 billion into Enron Corp. in a transaction that may lead to a full-blown merger between the two companies, people familiar with the matter said.
A formal transaction could be unveiled as early as Thursday, these people said. The situation is very fluid and is subject to change, these people noted.
Enron (ENE) has been rocked by last month's disclosure of a $1.2 billion reduction in its equity base partly tied to financial dealings with company partnerships headed by Enron's former chief financial officer. Last month, it reported a third-quarter loss of $618 million. The Securities and Exchange Commission has launched a formal investigation into the matter. Last week, Enron secured $1 billion in new credit lines, using gas-pipeline assets as collateral.
Enron needs the infusion in part because its previously announced plans to raise cash through the sale of power assets is going more slowly than expected. Mostly, though, it needs to restore its credibility with Wall Street at a time when its access to the financing markets is drying up.
Enron declined to comment and Dynegy couldn't be reached for comment.
News of the Dynegy discussions was first reported on CNBC.
Dynegy (DYN) is a Houston-based power producer and trader.
Write to Robin Sidel at robin.sidel@wsj.com <mailto:robin.sidel@wsj.com>
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.

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

Enron Corp. Cut to `Sell' at A.G. Edwards
2001-11-07 16:04 (New York)

     Princeton, New Jersey, Nov. 7 (Bloomberg Data) -- Enron Corp. (ENE US)
was downgraded to ``sell'' from ``hold'' by analyst Michael C Heim at A.G.
Edwards & Sons Inc.

Dynegy in Talks to Buy Enron With ChevronTexaco Cash (Update2)
2001-11-07 16:08 (New York)

Dynegy in Talks to Buy Enron With ChevronTexaco Cash (Update2)

     (Updates with closing share prices.)

      Houston, Nov. 7 (Bloomberg) -- Dynegy Inc. is in talks to
buy Enron Corp. as Enron faces a cash crunch and loss of investor
confidence over its dealings with partnerships controlled by a top
executive, people familiar with the situation said.

      ChevronTexaco Corp., which owns about 27 percent of Dynegy,
is considering adding $1.5 billion to the deal to help Enron,
whose stock and credit ratings declined in the wake of a
Securities and Exchange Commission investigation into the
partnerships, the people said.

      The boards of the three companies were meeting today on the
proposed transaction, the people said. Dynegy and Enron, rival
Houston energy trading firms, haven't agreed on a price, the
people said. Dynegy is proposing a stock swap with a modest
premium while Enron is holding out for more, the people said.

     ``If history is any guide, Dynegy is stingy when it comes to
acquisitions, so I don't expect them to do anything stupid'' such
as overpaying for Enron, said UBS Warburg LLC analyst James
Yanello. ``A deal could provide Dynegy with tremendous
opportunity.''

     Dynegy would gain an established wholesale energy business,
the leading energy manager for commercial and small-industrial
customers, and the largest Internet energy trading operation, many
times larger than Dynegy's, he said. Yanello rates Dynegy ``strong
buy'' and doesn't own shares of either company.

     Shares of Dynegy, the fifth-largest U.S. natural gas
marketer, fell $3 to $33. Enron, whose stock has plunged 89
percent this year, fell 62 cents to $9.05 in trading of 111
million shares, almost eight times the daily average for the past
three months. ChevronTexaco shares rose 48 cents to $87.28.

     The companies agreed on a breakup fee providing Dynegy with
about $400 million if Enron accepts a higher offer, one person
said.

                         Partnership Probe

     ChevronTexaco spokesman Fred Gorell declined to comment.
Enron spokesman Mark Palmer and Dynegy spokesman Steve Stengel
also declined to comment.

     ``We would be very surprised if Dynegy buys the whole
company,'' said Tim Ghriskey, president of Ghriskey Capital
Partners, which doesn't own Enron or Dynegy shares.

     ``All the (Dynegy) board has to do is look at what's
happening to their stock price today, and you'd wonder why they
would want to do it in the face of what's happening with the
stock.''

     The talks were previously reported by the Wall Street Journal
and financial news network CNBC.

     Enron also set to meet with J.P. Morgan Chase & Co.,
Citigroup Inc. and other lenders on Friday to discuss merger plans
and a possible increase on the amount the company pays for
existing credit lines, according to bankers familiar with the
matter.

     The company has invited more than 300 creditors to its
offices in Houston to listen to presentations by Enron's financial
team, led by its new Chief Financial Officer, Jeffrey McMahon, the
people said.

     The SEC is investigating Enron partnerships run by the
company's former chief financial Officer. The entities bought and
sold Enron shares and assets in trades that cost Enron $35
million. The company also lost $1.2 billion in shareholder equity.

Legal Group to Sue Over California Power Contracts (Update1)
2001-11-07 15:39 (New York)

Legal Group to Sue Over California Power Contracts (Update1)

     (Adds background on group in eighth paragraph and DWR
response in ninth paragraph.)

     Escondido, California, Nov. 7 (Bloomberg) -- A conservative
legal foundation said it will file a lawsuit tomorrow to void long-
term contracts California signed with power generators, claiming
they put an unfair burden on taxpayers.

     The United States Justice Foundation intends to sue in
Sacramento County Superior Court, said Richard D. Ackerman, lead
counsel on the case for the group. The USJF wants a court to
terminate the long-term power contracts and require money already
paid to the generators to be returned to the state.

     The USJF proposes a class action to represent California
taxpayers and alleges violations of the state's business and open-
meeting laws. Ackerman said his group may need to forge new law to
succeed in the case.

     ``You're gonna have some serious legal battles that may go to
the appeals level in this case,'' Ackerman said.

     California officials last spring signed about $43 billion in
long-term power contracts after two investor-owned utilities
became insolvent. Governor Gray Davis has said the contracts were
needed to bring stability to California's energy market. Since
then, the cost of power has dropped, leaving California with
contracts to buy electricity above spot-market prices.

     Enron Corp., Southern California Edison Company, Pacific Gas
& Electric Company, Green Mountain Energy, San Diego Gas &
Electric Company, Reliant Energy Company, PacifiCorp Power
Marketing, Inc., Alliance Colton LLC, and Calpine Energy Company
have electricity contracts with the state, according to a USJF
press release.

                       `Conservative Voice'

     The USJF said it sent a letter to California officials giving
them notice of its intent to sue. The group, which calls itself
``Your conservative voice in the courts'' on its Web site, is
supported by individual donations, Ackerman said.

     The group has rallied against civil unions for homosexuals
and mandatory student fees the group claimed were illegal taxes on
parents and in favor of prayer in schools and resumption of U.S.
assignations of foreign political figures, according to its Web
site.

     The California Department of Water Resources, the agency
buying power on behalf of some utilities, was unaware of the
lawsuit and therefore couldn't comment, spokesman Oscar Hidalgo
said. A spokesman for Davis wasn't immediately available for
comment.

Enron to Meet With Lenders on Merger, Possible Yield Increase
2001-11-07 15:38 (New York)

     New York, Nov. 7 (Bloomberg) -- Enron Corp. is set to meet
with J.P. Morgan Chase & Co., Citigroup Inc. and other lenders on
Friday to discuss merger plans and a possible increase on the
amount the company pays for existing credit lines, according to
bankers familiar with the matter.

     The company has invited more than 300 creditors to its
offices in Houston to listen to presentations by Enron's financial
team, led by its new Chief Financial Officer, Jeffrey McMahon, the
people said.

     The discussions will focus on a bid by Dynegy Inc. to acquire
the largest energy trader, which is facing a cash crunch because
of falling credit ratings, people familiar with that situation
said.

     Some bankers have also asked Enron to consider an increase to
the yield on the $3 billion of credit lines it drew down last
month. The interest rate of 35 basis points more than the London
interbank offered rate, or Libor, on the loans was set in May
before the company's share price plummeted and its credit ratings
were downgraded.

     For a $1 billion credit line arranged last month by J.P.
Morgan and Citibank, Enron is paying as much as 2.5 percentage
points more than Libor.

     Enron officials declined to comment.

Enron Shares Fall on Concern About Finding Investors (Update3)
2001-11-07 15:35 (New York)

Enron Shares Fall on Concern About Finding Investors (Update3)

     (Adds Standard & Poor's comment in third paragraph.)

     Houston, Nov. 7 (Bloomberg) -- Enron Corp.'s shares fell as
much as 28 percent, to their lowest level in more than a decade,
amid reports that the No. 1 energy trader is struggling to find
investors to help it out of a cash crunch.

     Shares of Enron fell 63 cents, or 6.5 percent, to $9.04 in
late trading. The shares dropped to $7 earlier. At yesterday's
close, they had fallen 88 percent this year.

     ``Their only real access (to cash) now is through the bank
market,'' said Todd Shipman, a Standard & Poor's director who
covers Enron. An equity infusion ``is what we still think would be
an important part of stabilizing the situation.''

     The shares pared some of today's losses after people familiar
with the situation said Enron is discussing a merger with rival
Dynegy Inc. Both companies are based in Houston.
Dynegy shares fell $2.78, or 7.7 percent, to $33.22.

     Berkshire Hathaway Inc. Chairman Warren Buffett decided
against investing in Enron because he wasn't willing to sign a
confidentiality agreement that would keep him from trading Enron's
debt, the New York Times reported today, citing an unidentified
person close to the talks.

     Other companies approached by Enron, including Clayton
Dubilier & Rice, the Blackstone Group and Kohlberg Kravis Roberts
& Co. have also shown little interest, the newspaper said.

     ``Many shrewd investors like Goldman Sachs might find it more
profitable to just pluck off key employees rather than invest in
Enron,'' said Sean Egan, managing director of Egan-Jones Rating
Co.

                         SEC Investigation

     The U.S. Securities and Exchange Commission is investigating
Enron partnerships run by the company's former chief financial
officer. The entities bought and sold Enron shares and assets,
with trades costing Enron $35 million and $1.2 billion in lost
shareholder equity. Enron ousted CFO Andrew Fastow last month.

     Standard & Poor's today reduced its rating on Enron's credit-
linked notes to match its downgrade last week of the company's
unsecured bonds. S&P cut four Enron credit-linked issues valued at
about $1.36 billion combined to ``BBB'' from ``BBB+'' and
indicated it may lower the grades again.

     Shipman said the move isn't an additional downgrade and
should have been made last week when S&P reduced the bond rating.
     Fearing that an Enron collapse might cripple the natural gas-
derivatives market, oil and gas producer Apache Corp. said it
backed out of most of its gas hedges, realizing a $70 million gain
so far.

     ``We have been unwinding our hedge positions because of
uncertainty created by Enron's credit problems,'' Apache spokesman
Bill Mintz said. The company now has only one position with Enron
that it's trying to unwind.

     The Apache news was reported earlier by the Times.

                        `Fragile Business'

     ``Their trading business is a very fragile business,'' Egan
said. ``If partners on either side get concerned, trading volumes
decline, which is what is happening now.''

     Other companies mentioned in reports as possible buyers of
all or part of Enron have denied an interest in the idea. General
Electric Co. Chief Executive Officer Jeffrey Immelt told CNN today
that ``Enron's really not on our list right now.'' BP Plc Chief
Executive John Browne said ``no'' at a press conference in London
yesterday when asked whether the London-based company would be
interested in buying Enron or a stake in the company.

     Among shares of other energy traders, Mirant Corp. fell 25
cents to $25.26. Williams Cos. fell 2 cents to $28.99.

Enron calls emergency meeting with banks
Financial Times.com
By William Lewis - Nov 07 2001 19:59:36
Enron has called an emergency meeting of its banks on Friday amid growing concerns on Wall Street that the troubled energy trader will not been able to survive its financial crisis unless it finds a strategic partner.
Banks with approximately $3.3bn of exposure to Enron are describing the meeting at Enron's headquarters in Houston, Texas as "make or break." One bank executive said "this is a pivotal meeting. There are lots of credit lines due in the next six months and we need to talk."
With time running out for the company, Enron executives were on Wednesday making frantic efforts to secure a deal with rival energy group Dynegy. Some at the company hoped to be able to announce a deal late on Wednesday.
Shell-owned Coral Energy has also been approached, and there have also been calls to private equity groups such as Blackstone Group.
But the efforts have been hampered by the SEC investigation into Enron's dealings with funds associated with former executives of the company. Bankers say that companies that do not already know Enron intimately have been put off entering negotiations because of the uncertainty.
If the company fails to complete a deal ahead of Friday's crucial meeting, it will need to persuade the banks to extend credit lines, as it battles to shore up confidence among investors and its trading counterparties.
The banks with the greatest exposure to Enron include Credit Suisse, Deutsche Bank, Citigroup and Barclays.
Off-balance sheet vehicles affiliated to Enron have $8-$9bn in debt. Enron itself is carrying $12.8bn in debt.
The company has been under increasing pressure since October 16, when it disclosed a surprise balance sheet adjustment that only exacerbated concerns about a lack of transparency at the energy trading group.
Enron is the principal in a quarter of all electricity and natural gas trades in the US. On Wednesday, the company did not immediately return calls seeking comment.
Enron's share price had lost 21.92 per cent of its value by midday on Wednesday, and was trading at $7.55, drastically down from a 52-week high of $84.87.
"What we have here is a run on the bank by equity investors," said John Olson, vice-president of research at Sanders Morris Harris, an investment banking and securities firm. "And they have done nothing to alleviate it."
Meanwhile, Enron's competitors have begun taking business away from the US's biggest energy trading company.
Shahid Malik, president of trading and marketing at Reliant Energy, a big participant in the trading that is central to Enron's business, said: "We're seeing more business come our way because, clearly, some companies are reducing their exposure to Enron."
He said Reliant had maintained normal relations with Enron, noting it was still credit-worthy.
But he added: "We are very carefully monitoring the situation."

The Night Watch: Enron Ticks Higher in Extended Trading
By TSC Staff <<mailto:letters@thestreet.com>>

TheStreet.com
11/07/2001 04:46 PM EST

Enron (ENE:NYSE - news - commentary) was the most active stock on the Instinet platform in the extended session, as investors sent the shares of the energy merchant fractionally higher following rumors that Dynegy (DYN:NYSE - news - commentary) might be considering an investment in the company, or possibly even a merger.
Enron, whose stock has plunged during the last three weeks as shareholders fretted about the company's relationship with a series of investment partnerships, which has led to a Securities and Exchange Commission probe, ticked up 0.1% to $9.06.
InfoSpace (INSP:Nasdaq - news - commentary) was also active after the bell, losing 2.5% to $1.59. Intel (INTC:Nasdaq - news - commentary) was tacking on 0.5% to $28.44, and the Nasdaq 100 Tracking Stock (QQQ:Amex - news - commentary) was unchanged at $38.15.
Hot Topic (HOTT:Nasdaq - news - commentary) was one of the extra session's biggest losers, falling 3.8% to $24.51 after saying October same-store sales fell 4.4% from the same month a year ago. The company also indicated that earnings for the third and fourth quarters could come in a little short of analysts' estimates.
Cisco (CSCO:Nasdaq - news - commentary) was up 0.3% to $18.99, Sun (SUNW:Nasdaq - news - commentary) was gaining 0.2% to $12.61, and Oracle (ORCL:Nasdaq - news - commentary) was flat at $15.58.
Bristol-Myers Squibb (BMY:NYSE - news - commentary) rose 2% to $55.32 after hours. Earlier in the day, the company laid out its drug development plans for the next few years. The stock lost 2.7% in regular trading. Sepracor (SEPR:Nasdaq - news - commentary) was losing 8.3% to $47.75 after the close, and Celgene (CELG:Nasdaq - news - commentary) was climbing 2% to $37.02.

Some Glamour Stocks That Are Ugly Down Deep
By Brett Messing <<mailto:bmessing@oscarcap.com>>
Special to TheStreet.com
RealMoney.com
11/07/2001 09:51 AM EST

I know it's tempting. I know what you're thinking: If I can catch a big ride on one of these beaten-down stocks, I can get my portfolio back to where it was in March 2000.
Forget it. Rip up those old statements. Treat them like UFOs. Instead, think singles and doubles instead of homers. While a number of glamour stocks have been decimated, they deserve to be decimated. I am an opportunist. I've looked at all of them. They are a collective disaster, and they are not worth the risk.
Let's start with Jim Cramer's favorite punching bag, Enron (ENE:NYSE - news - commentary) . As bad as this situation is, it is going to get worse before it is over. And while the Bushies may have been willing to help out Bill Gates with his little Justice Department problem, they will not go near this one with a 10-foot pole. Enron is not an energy company. It is a trading company. Moreover, it appears they are not particularly good traders.
Instead of Enron, invest your money with the best trading company in the world, Goldman Sachs (GS:NYSE - news - commentary) . These guys have probably been picking Enron's pockets for years. Isn't it interesting that Goldman Sachs was unwilling to participate in the recent short-term loans to Enron, an investment banking client? They might actually know what's behind the curtain.
I worked at Goldman Sachs for eight years, and I have tremendous respect for them. They know how to trade. They made a ton of money handling Sid Bass' recent 125 million-share block of Walt Disney (DIS:NYSE - news - commentary) stock. Forget about the 6-cent-per-share fee they charged. How about the 10 million to 20 million shares that they kept for themselves? I imagine that Goldman made more than $30 million on this one trade. Not a bad day's work.
Stay away from Qwest (Q:NYSE - news - commentary) . Taken in the best light, the company is way too aggressive with its accounting; Qwest bullies the analyst community and it overpromises and underdelivers. Qwest has justifiably lost the trust of the investment community. It will take years of execution and fence-mending to earn this trust back. Ask Cendant CEO Henry Silverman. He is still paying for the damage inflicted upon him by former Cendant Chairman Walter Forbes, who has pleaded not guilty to conspiracy and wire fraud charges.
Go with WorldCom (WCOM:Nasdaq - news - commentary) instead. These guys actually get it. They are among the telecom industry's best operators, and they are the best dealmakers. Like everyone else, they goofed, but they have found religion. This quarter's operating results show some promise. Previously skeptical analysts at Lehman and Merrill had some nice things to say about the company. I think WorldCom is an up stock from here. It is not going back to the $60s, but I could see it above the driving age by year-end.
I know it's also tempting to think that if the economy rebounds, consumer finance stocks will scream. You are turned on by Providian (PVN:NYSE - news - commentary) and Conseco (CNC:NYSE - news - commentary) . Providian recently hired my pals at Goldman Sachs to help them out.
Forget this, too. Providian feels like a doughnut to me. Their balance sheet is a mess. We do not know how bad it is. They may not know how bad it is. Moreover, they were not candid with the investment community.
Conseco announced that Gary Wendt and other senior managers bought a bunch of stock with their own money. While I love to see management buying stock, this one feels too staged to me. Pre-Wendt, Conseco had a long history of management buying stock with loans from the corporate treasury. Moreover, 1 million shares (or $3 million) is not that much money to Wendt. I would like to see him buy $25 million of restricted stock directly from the company.
Conseco is probably the best speculative bet of the bunch, but I would still pass. It is a very high-risk situation, given the leveraged state of its balance sheet. Wendt is a tremendous manager, and he did a great job with GE Capital. However, he would not be the first guy to have a sequel that bombs at the box office.
Go with Citigroup (C:NYSE - news - commentary) instead. Citigroup is the biggest and best financial services company in the world. While Wendt is something special, I would draft Weill and Rubin ahead of him in my CEO Rotisserie League.
The best way to make money is to stay out of trouble. Stick with singles and doubles. Don't be tempted.

Fundie Firing Comes Better Late Than Never
By James J. Cramer <<mailto:jjcletters@thestreet.com>>

RealMoney.com
11/07/2001 09:17 AM EST

Hallelujah! Someone in mutual-fund land lost his job for crummy performance. Two years ago Merrill Lynch decided to hire a real mutual fund gunner, James McCall, and install him in the Merrill Lynch Focus Twenty and Premier Growth Funds.
McCall was from PBHG. There, the guy was a total gunner in the true basketball sense: all offense, no d. He came to Merrill and played the same game, buying all of the stocks I have been railing against in these last 18 months. This guy owned them all.
He proceeded to totally stink up the joint.
I don't mourn McCall. He represented the worst strain of money manager, the kind who'd never met a high growth stock he didn't like. A man who didn't give a hoot about valuation. His bets on BEA Systems, Juniper, EMC, Sonus, Celestica, ONI Systems and Extreme should have been enough to give him the hook. But he also bit on Enron!
McCall's funds were dead last in Merrill's fund standing. So he left. That's what should happen. I just wish it had happened sooner.
This industry made a mess of itself the last few years by picking managers who were reckless in their stock picks and never thought about the downside.
The industry really let the investors down.
The departure of McCall is a good sign that things are returning to how they should be, where you sacrifice some upside in order to spare your investors the massive downside that McCall experienced.
Now, let's hope the other mutual fund families exercise similar discretion.
Better late than never.


Hello all, there is a new foundation in the North Bay (Beth Perkins
Equestrian Foundation) that was set up last year to benefit equestrians
that have been diagnosed with life-threatening diseases to help them
cope with the cost and the time-off. The primary recipient this year is
Margie MacDonald she has Acute Myeloid Leukemia.
    The fundraiser is Sunday, December 2 from 3-6pm at Hawkwood Hill
Farm in Petaluma. Nora, Pat and I went last year and it was really fun.
They have wine and hors d'oeuvres, silent auction, raffle and riding
demo. All for the tax-deductible donation of $35. If you want to go I
can order tickets (they will be $45 at the door).   kari


Caroline:

As you know, Carol is working on your template; then Frank, Carol and I  will
have to review/discuss.  You will have the template soon.  We are all working
hard to provide you with the necessary documentation.

Are you preparing the information for us?

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

	Caroline Abramo@ENRON
	04/25/2001 10:07 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Re: Valentis and CD Holdings

sara- can i have a blank template over email.. thanks, ca

From: Sara Shackleton@ECT on 04/25/2001 09:03 AM
To: Caroline Abramo/Corp/Enron@ENRON
cc: Fred Lagrasta/HOU/ECT@ECT, Paul Radous/Enron@EnronXGate

Subject: Re: Valentis and CD Holdings

Caroline:

No Deemed ISDA, we decided that yesterday for the long-dated deal.

We are working on the draft masters for emailing.  Please send me the
information about your counterparties' lawyers so we can begin negotiating.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

	Caroline Abramo@ENRON
	04/25/2001 06:42 AM

		 To: Sara Shackleton/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Fred Lagrasta/HOU/ECT@ECT, Paul Radous/Corp/Enron
		 Subject: Valentis and CD Holdings

Please send the draft ISDAS to:

Marty Lifgren- mlifgr@wexford.com
Charles Davidson- cdavid@wexford.com

We agreed that the fastest way to proceed wwas to send the ISDA or can we
still send the deemed ISDA?.


Hi, Hope you are still getting e-mail. We really enjoyed our time with all of you and the Christmas program. This is what we were told about Paul. He figured he would be laid off so he got a job interview with Dynergy before things fell apart. Apparently he was given the option to stay but decided he was a sure bet for the Dynergy job and turned down the offer. When he went to Dynergy they told him they couldn't hire Enron employees because of the law suit so he is now jobless. Bob thinks it was a stupid decision but Tom apparently thinks it was the thing to do. Guess only time will tell. Love, Mom


We are continuing work to ensure our new online trading system, UBSWenergy, is ready for launch on the week of Feb. 11, which is the week following the anticipated Enron/UBS Closing Date of Friday, Feb. 8.

To assist in this process, we are planning an online trading simulation for Thursday, February 7 from  0900 to 1100 (CST). It is planned to include all  traders, originators, mid/back-office staff and IT teams who would normally be involved with electronic trading.

Purpose of the simulation - The simulation will test our "live" trading environment (restricted to internal access only) and will:

Test the integrity and functionality of the system and related processes (including credit, risk, legal, operations, etc.)
Provide an opportunity for traders to verify their products and product setup
Demonstrate how the trading system and processes work to UBS staff visiting next week

Nature of the simulation - The simulation will include testing of all processes related to trading and mid/back-office functions:

Credit, Legal, Risk, Operations, and other groups:
Profile tests for "external" customers (role-played by Originators)
Profile tests for internal users (traders, back-office, etc.)
Data and Process checking as completed transactions flow through Mid/back-Office systems

Traders and Originators:
Traders will be managing their individual books and associated products. Although we may be restricted to certain financial products on launch day, both physical and financial will be available during the simulation. Each trader will be asked to manage their individual position and profitability goals for the simulation.
Originators and others will be asked to play the roles of counterparties. Credit limits, etc. will be tested during the simulation.

Information Technology:
Will assist in preparing data on the system for the simulation.
After the simulation is over, will work with the relevant groups to test the trade-data in various systems and risk books
Will ensure all simulation data is removed from the system after the simulation is complete.

Next steps

Traders and Originators will be contacted prior to simulation day to ensure they have appropriate access to the system.
Originators will be assigned specific roles. You should expect to receive an email and/or handout on or before Wednesday, Feb. 6.
UBSWenergy personnel will be meeting with back office personnel over the next several days to ensure everything is in place for the simulation.

Summary

This simulation is an important step towards re-launching our trading business. We appreciate the participation of everyone involved as we prepare for the public launch of UBS Warburg Energy and the UBSWenergy trading platform.

If you have any questions, comments, suggestions, or ideas regarding this simulation, please feel free to contact Bob Shults (30397) or myself (31861).

Regards,
Dave Forster
713.853.1861
E-Mail:	David.Forster@enron.com


We are reducing our nom into Eastrans eff 3/18/2000 to
72,000 MMBtu/d.  Redeliveries are 50 MMcf/d into PG & E, 7 from FCV,
3 into your Cartwheel @ Carthage, and 12 into Mobil Beaumont..


----- Forwarded by Jeff Dasovich/NA/Enron on 02/07/2001 09:22 PM -----

	Jean Munoz <jmunoz@mcnallytemple.com>
	02/07/2001 07:45 PM

		 To: IEP <jmunoz@mcnallytemple.com>
		 cc:
		 Subject: Powerplant Siting Legislation Announced

Greetings...Senator Sher and his bipartisan Senate Coalition held a press
conference endorsing SB28X, the powerplant streamlining bill.

Jan was available to respond to press on behalf of IEP following the press
conference -- commending the legislature for their efforts in promoting the
streamlining of siting power plants.

IEP will be suggesting amendments to this bill.

Thanks,
Jean

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

____________________________________________
SENATOR BYRON SHER
11th District

BIPARTISAN SENATE COALITION

ENDORSES POWERPLANT STREAMLINING BILL

Contact: Kip Lipper
916/445-6747

A bipartisan group of key senators announced their support today for
legislation to speed up powerplant siting without compromising environmental
protections. The legislation, SB 28X, jointly authored by Senators Byron
Sher (D-Stanford), Debra Bowen (D-Marina Del Rey), and Jim Battin (R-La
Quinta), is an important element of the Senate's comprehensive proposals
designed to help address the state's ongoing energy crisis.

"This measure is an important and urgent step forward in our efforts to
increase electricity supply in the state without sacrificing public health
and environmental protections," Sher said. "I'm pleased that our colleagues
from the other side of the aisle have agreed to work together in a
bipartisan effort to ensure that California's energy needs can be met
quickly and efficiently."

SB 28X enacts into law a series of changes designed to streamline siting of
new generation while ensuring full compliance with key environmental laws
and regulations (see attached summary).

The bill will be heard in the Senate early next week.

#     #     #

SB 28x, as proposed to be amended:

1. Establishes expedited siting process for so-called "repowers" of existing
powerplants to generate new emissions offsets and to meet state energy
demand.

2. Establishes expedited siting process for single-cycle peaker power plants
which can be brought on line quickly to meet state energy demand.

3. Allows powerplant approval process to begin while air emission offsets
are being obtained for powerplants needed to meet state energy demand.

4. Eliminate standby charges for distributed generation needed to meet state
energy demand.

5. Requires State to backfill 100% of property tax to local jurisdictions
that site new generating facilities sited to meet state energy demand.

6. Establishes an expedited process for retrofitting existing generation
facilities to
generate new offsets so that these facilities may run more frequently
without
violating air quality laws.

7. Establishes new process allowing air districts to postpone offset
requirements on powerplants provided the owners/operators of the plants post
funding to mitigate air emissions and agree to obtain emissions by the
earliest feasibledate.

8. Directs the state Air Resources Board to develop a statewide Air
Pollution Offset Bank and make information on the offsets available to
powerplant developers and other interested parties.

9.Requires air districts to establish expedited permit processes for the
permitting of standby electrical generation facilities and distributed
generation facilities.

10.Requires local agencies to provide initial written comments on proposed
powerplants within 45 days after filing of a siting application and final
comments within 90 days (current law sets no statutory deadline for such
comments).

11. Requires the CEC to take into account positive environmental, economic,
and system reliability benefits of new powerplants.

12.Provides that the State Supreme Court shall be the court of original
jurisdiction for legal challenges to CEC.

13.Requires the CEC to adopt by regulation an ex parte rule which provides
greater flexibility for communication among the public and parties to siting
proceedings provided such communications are disclosed on the record.

 - Sher/Senate Press Conference


I presume that you would just as soon continue to follow this?

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 01/24/2001 05:26
PM ---------------------------

Fred Mitro@ECT
01/24/2001 05:26 PM
To: Kay Mann/Corp/Enron@Enron
cc: Rusty Stevens/Corp/Enron@ENRON, Ben Jacoby/HOU/ECT@ECT

Subject: SPA: Illinois Project Entities

Kay:

As we discussed, I have been working with a counterparty interested in
purchasing one or both of ENA's Illinois development project LLC's.  The
counterparty is listed below:
  PSEG Americas Development Company, L.L.C.
  35 Waterview Blvd.
  Parsippany, NJ  94105

The key points of the proposed transaction are:

1.  The transaction would be an outright purchase of 100% of the member
interests in one or both of the following project entities:

 Kendall New Century Development, L.L.C.
 Titan Land Development Company, L.L.C.

2.  The purchase price of 100% of the member interests would be:

 Kendall New Century Development, L.L.C.: $3,000,000.00
 Titan Land Development Company, L.L.C.: $6,000,000.00

Lisa Mellancamp was the ENA attorney who handled the CA between ENA and PSEG
before Christmas.  At the end of November, Lisa engaged Corey Brown at
Bracewell & Patterson to handle the preparation of a draft Securities
Purchase Agreement in conjunction with our discussions with Coastal Power.
Corey prepared a draft SPA based upon an option to purchase structure, but
Coastal Power backed away from the transaction in early December.

I have received a letter from PSEG Power LLC indicating their interest in
proceeding with a transaction in the near future.  I will forward you a copy
of this letter for your records.  They have verbally indicated that the
Purchase Price(s) of $3 MM and $6 MM respectively, are acceptable to them.

I believe that this is the appropriate time to bring you into the process and
transfer things from Lisa to yourself.  Please call me to discuss the SPA
once you have reviewed the appropriate documents.  I will be in Chicago
tomorrow.  I can be reached by cell at (713) 412-4612 or leave me a
voicemail.  I will be in the Houston office by noon on Friday.

Thanks,
Fred


Merchant Peaker Comp_DCF
Ben
---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 05/26/2000
03:45 PM ---------------------------

"Bayless, Randy" <randy.bayless@csfb.com> on 05/26/2000 12:12:33 PM
To: "'benjamin.rogers@enron.com'" <benjamin.rogers@enron.com>
cc: "Stinebaugh, John" <john.stinebaugh@csfb.com>
Subject: Peaking Power Plant & Costs

 <<Comps_DCF1.xls>>

This has the sources for all of the projects as we discussed.  If you have
any questions give me a call at 713-220-6791.

Randy Bayless

This message is for the named person's use only.  It may contain
confidential, proprietary or legally privileged information.  No
confidentiality or privilege is waived or lost by any mistransmission.
If you receive this message in error, please immediately delete it and all
copies of it from your system, destroy any hard copies of it and notify the
sender.  You must not, directly or indirectly, use, disclose, distribute,
print, or copy any part of this message if you are not the intended
recipient. CREDIT SUISSE GROUP and each of its subsidiaries each reserve
the right to monitor all e-mail communications through its networks.  Any
views expressed in this message are those of the individual sender, except
where the message states otherwise and the sender is authorised to state
them to be the views of any such entity.

 - Comps_DCF1.xls


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/20/2000
12:58 PM ---------------------------

	Enron North America Corp.

	From:  Grant Masson                           06/20/2000 12:15 PM

To: Tanya Tamarchenko/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Meeting

---------------------- Forwarded by Grant Masson/HOU/ECT on 06/20/2000 12:14
PM ---------------------------

Barbara Lewis
06/20/2000 09:43 AM
To: Sally Beck/HOU/ECT@ECT, Vladimir Gorny/HOU/ECT@ECT, Grant
Masson/HOU/ECT@ECT, Michael E Moscoso/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT,
Beth Perlman/HOU/ECT@ECT, Stephen Stock/HOU/ECT@ECT
cc: Patti Thompson/HOU/ECT@ECT, Rita Hennessy/NA/Enron@Enron, Shirley
Crenshaw/HOU/ECT@ECT, Maria Sandoval/HOU/ECT@ECT, Cherylene R
Westbrook/HOU/ECT@ECT, Giselle James/Corp/Enron@ENRON
Subject: Meeting

The meeting to discuss "VAR" will take place Wednesday, June 21, 2000 at
4:00p.m.
The location is EB 3241.  Please adjust your schedule to reflect this
important meeting.

Many thanks,
Barbara Lewis


Today we announced the appointment of Jeff McMahon as Enron's chief financial officer.  In my continued discussions with the financial community yesterday and today, it became clear that this move was required to restore investor confidence.  Jeff has unparalleled qualifications and a deep and thorough understanding of Enron.  He is already on the job and hard at work on the issues before us.  Andy Fastow will be on a leave of absence from the company.

Jeff had been serving as chairman and CEO of Enron Industrial Markets. He joined Enron in 1994 and spent three years in the London office as chief financial officer for Enron's European operations.  Upon returning to the U.S., Jeff was executive vice president of finance and treasurer for Enron Corp.  In 2000, he was named president and chief operating officer of Enron Net Works.

I know all of you are concerned about the continuing decline in our share price.  I am too, and we are working very hard to turn it around.  Appointing Jeff as CFO is one important step in that process.  But most of the solution involves just continuing to do our jobs with excellence.  The fundamentals of our business are strong, and I think the market will begin to see that as we continue to perform.

Please join me in giving Jeff your full support, and thank you for all of your continued hard work.


----- Forwarded by Jeff Dasovich/NA/Enron on 01/22/2001 02:07 PM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	01/20/2001 10:51 PM

		 To: tyson@haas.berkeley.edu, pverleger@compuserve.com
		 cc:
		 Subject: Summary of Proposed Short-term Solution for California's Energy
Crisis

Dean Tyson:

It was a pleasure to see you again today. Phil, it was a pleasure to meet you
and I look forward to working together.  Since time is of the essence, I
wanted to summarize where we left off at today,s meeting regarding California,
s energy crisis.  That summary is attached.  I've also attached three
articles from the business section of today's Chronicle that arguably bolster
our arguments for adopting the approach that we discussed at today's meeting.

 Given the fact that the legislative process is moving rapidly, bankruptcy is
a daily threat, and Dean Tyson will be attending the meetings in Davos, it
appears that our window of opportunity is very small.  It seems that success
requires a meeting of the principals by the end of the week, if not sooner.
The chances of success are obviously limited, but I think that we agreed that
all concerned have nothing to lose and everything to gain by taking a shot.
Your offer to help in the effort obviously increases the likelihood of
success and is greatly appreciated.

My apologies in advance if I have mischaracterized any of the points made at
the meeting.  It represents a &first cut,8 it will undoubtedly change as the
details get worked out, and I,m sure I,ve missed something.  So please don,t
hesitate to edit the draft.

Please keep in mind that I have not had a chance to discuss this proposal
internally.  As such, I can,t yet commit Enron to the specifics of the
proposal.  But I,m confident that the company can support something akin to
this structure and can let you and Phil know first thing Monday.

In addition, given the political environment in California, Enron has played
a constructive role by providing low-key, behind the scenes advice and
analysis to policy makers.  That approach seems preferable in this effort as
well.

Finally, Dean Tyson, I mentioned that Linda Robertson heads-up our Washington
D.C. office.  If she can help in any way, please don,t hesitate to let me
know.  Both of you should feel free to call me at home over the weekend to
discuss things further.  My home phone is 415.621.8317.

Best,
Jeff


As discussed in last Friday's meeting on strategies related to higher energy
prices, Harry asked me to develop the attached projection of delivered gas
prices for this winter.

The projection is based upon EIA's monthly analysis of delivered gas prices
for residential, commercial and industrial customers for selected states
(Connecticut, Virginia, Illinois and Texas) for the 1999-2000 winter heating
season (Nov-Mar).  Assuming pipeline and LDC mark-ups remain constant, the
delivered prices were adjusted for the NYMEX Henry Hub projection of wellhead
prices for the 2000-2001 winter period.  A national projection is also
included.

Because the commodity portion of the gas bill for residential customers is a
smaller percent of the total bill compared to commercial and industrial
customers, the increase for residential customers will be less pronounced
than for commercial or industrial customers.  In addition, LDC purchased gas
cost mechanisms will moderate the effect of the price increase to some extent
because monthly price increases are averaged out over an extended period (12
months in some cases).  Furthermore, some state public utility commissions
(e.g. Connecticut) are conducting meetings with LDCs to discuss looking for
ways to lessen the impact of the projected increases. That being said, Nipsco
recently announced residential prices are expected to increase 50-60% this
winter over last winter (in line with the projection for Illinois).

If you are interested in a similar projection for other states, or have
comments with respect to the above let me know.


I guess we won't be having dinner for a while, huh?


Something  to think about...please scroll down.
---------------------- Forwarded by Edith L. Kelly/SS/HouInd on 12/07/2000
11:07 AM ---------------------------

Kathy D Lacy
12/07/2000 08:21 AM

To:
cc:    (bcc: Edith L. Kelly/SS/HouInd)

Subject:  THE VALUE OF MONEY...

Money can buy a house, but not a home.
Money can buy a bed, but not sleep.
Money can buy a clock, but not time.
Money can buy a book, but not knowledge.
Money can buy food, but not an appetite.
Money can buy position, but not respect.
Money can buy blood, but not life.
Money can buy medicine, but not health.
Money can buy sex, but not love.
Money can buy insurance, but not safety.
You see, money is not everything.

"When Simon saw that the Spirit was given at the laying on of the apostles'
hands, he offered them money and said, "Give me also this ability so that
everyone on whom I lay my hands may receive the Holy Spirit."  Peter
answered: "May your money perish with you, because you thought you could
buy the gift of God with money!  You have no part or share in this
ministry, because your heart is not right before God."
Acts 8:18-21 NIV

Kathy D. Lacy
(713) 207-8570
REP-35


missing deals

buy idaho
19th
25 mw
415.00
np15

buy aep
19th
25 mw
400.00
cob
off peak


Feb 02, 2001

YEAR END 2000 PERFORMANCE EVALUATION FORMS ARE DUE IN HUMAN RESOURCES BY THE
ABOVE DATE.  FOR EEL, THE DEADLINE IS JANUARY 31, 2001.

If you have not already done so, please begin the process of giving feedback
to your employees.  The evaluation forms used to provide feedback to the
employee can be obtained via the Performance Management System (PEP).

To download the evaluation forms from PEP, please follow the steps below:

1. Log into PEP at http://pep.corp.enron.com .
2. Under Supervisor Services, click Supervisor Evaluation Forms.
3. Right-click on each employee and choose 'Save Target As...' or 'Save Link
As...'
4. Select your own personal directory, choose a file name to save to and
click 'Save'.
5. Repeat for each employee.
6. Now you can complete your evaluation forms from your personal directory
and will not have to access PEP to finalize the form.

Upon completion, please forward the signed evaluation forms to your HR
Representative NO LATER THAN Friday, February 2, 2001 (Wednesday, January 31,
2001, for EEL).

If you have any questions, please contact the PEP Help Desk at the following
numbers:

Houston:  1-713-853-4777, Option 4
London:  44-207-783-4040, Option 4

Or e-mail your questions to:  perfmgmt@enron.com

Your employees that should receive year end evaluations are listed below:

    GOSSETT, JEFFREY C
    HALL, ROBERT M
    HEDSTROM, PEGGY E
    HEROD, BRENDA F
    MILLS, SCOTT R
    PRICE, BRENT A
    REEVES, LESLIE K
    SCRIBNER, JAMES
    SOLMONSON, MARY C
    THOMAS, SHERI L
    THOMPSON, PATTI L
    WHITE, STACEY W
    WILSON, SHONA A


Mark
Rob Walls has referred me to you. I don't believe we have met but I am (for
my sins) the acting General Counsel at Enron India. We are thinking of
starting coal trading activities in India and I am trying to get hold of some
standard form contracts we may have used for our coal trading activities in
North America. Would it be possible to forward any such forms to me so that I
can start the exercise of seeing what issues we may have under Indian law.
Perhaps you could e mail them or alternatively have someone fax them to me on
(91) 22 288 1793/4.
Many thanks

Sandeep


Joe:
Here is my stab at a form of confirm reply letter.  This one assumes that we
are the confirming party but it can be modified if the counterparty is the
confirming party and we want to send this.  I will work on  modifying
Southern's cover letter into something that we could send to our
counterparties.  Call me if you have any questions.
Carol


Same thing as yesterday.  I requested a wire in the amount of 244.20 (2000 dth x $.1221 per dth) which is for gas flow on ENA's IT contract #2891 on 2/6/02.  I negotiated this deal with Michelle in the bid room.  You should have received this yesterday afternoon.

Thanks
chris

 -----Original Message-----
From: 	Germany, Chris
Sent:	Monday, February 04, 2002 2:05 PM
To:	'ted.chavez@ElPaso.com'
Cc:	'Bob.Fleming@ElPaso.com'
Subject:	Prepay for Tennessee Gas Pipeline

Ted, thanks for your help on the account number.  I have requested a wire in the amount of $244.20 (2000 dth x $.1221 per dth) which is for gas flow on ENA's IT contract #2891 on 2/5/02.  This is a negotiated IT deal that I did with Bob Fleming in the Bid Room.

Please call me at 713-853-4743 if you have any questions.

Thanks
chris


Swaps.

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com
----- Forwarded by Mary Cook/HOU/ECT on 12/21/2000 06:46 PM -----

	Mary Cook
	12/21/2000 06:29 PM

		 To: Tim Proffitt/HOU/ECT@ECT, Chris Herron/Corp/Enron@Enron, Jesus
Melendrez/Corp/Enron@Enron, Teresa G Bushman/HOU/ECT@ECT, Nora
Dobin/Corp/Enron@ENRON, Brenda L Funk/HOU/ECT@ECT
		 cc:
		 Subject: Swap Papers

Attached are online swap papers.  I will fax to each of you the Entrada and
Preston Swaps and the Preston Assignment, which are exhibits to the
assignment/assumption agreements.  Brenda Funk has been sent the sig pages
for all of this, all of which I initialed for all Enron parties.  My home
number is 713 661 5521.

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com


did you get mauricio to play?
---------------------- Forwarded by Eric Bass/HOU/ECT on 11/15/2000 04:00 PM
---------------------------

Michael Simmons
11/15/2000 03:46 PM
To: Stephen Schwarzbach/Corp/Enron@Enron, Eric Bass/HOU/ECT@ECT, Luis
Mena/NA/Enron@Enron, Paul J Broderick/HOU/ECT@ECT, Sarah Goodpastor/Enron
Communications@Enron Communications, Christopher Chenoweth/NA/Enron@Enron
cc: Mauricio Trejo/NA/Enron@Enron
Subject: Wed . Night scrimmage/practice

Practice tonight at  Memorial Park,  7pm.     Meet at same place as Monday
night.

IF you were at last year's scrimmage with the aggie team, this will be at the
same location.   Hopefully, the lights will be on and the fields will be
clear.   If it is raining,  the practise will be canceled.

From downtown, heading West toward 610 on Memorial,   goto Memorial Park and
make a right at the first light.  Take this road up till you see a split in
the road with a softball and soccer field on your right hand side, and beck's
prime on the left..  We will meet at the soccer/softball field for practice.

If you  goto far, further up the road you will see the golf course on your
left hand side as well as the tennis courts...

===

If   you are interested in wagering....   here are some bets that Webb
Jennings is putting out on the 1 st game.

We spot them:  Total Bet:

9 pts   $50
15 pts   $300
22 pts   $500-$600
30 pts   $1,000

He seems to be extra confident in that he has a former Division 2A
quarterback... Drew Teamlys  (sp?).


Ken,

I would like to invite you to an off-site meeting of John Griebling's
organization
and the Research Group.

Date:   April 27 - April 29
Location:  Breckenridge, Colorado

As you know, John Griebling is managing the network design and construction
project
currently under way in EBS. The Research Group is actively involved in this
effort
which requires advanced quantitative skills in the area of stochastic
optimization and
stochastic processes (for modeling and forecasting Internet traffic flows).

The objective of this meeting is to develop common language and accomplish
transfer
of skills between the two groups, to facilitate cooperation on this project
in the future.

We are inviting Joe Hirko and Kevin Hannon to this meeting. We would
appreciate if you could
speak, together with Joe and Kevin, on strategic directions of EBS. It is
important for a group
of technical people, with relatively specialized technical skills, to
understand the big picture.

I am attaching the preliminary agenda for this meeting.

Vince


Hi Vonda,

Here are the October offers for your consideration.

Thanks


calendar
---------------------- Forwarded by Steven J Kean/HOU/EES on 08/01/2000 07:54
AM ---------------------------

Tracy L Arthur@ECT
07/31/2000 11:49 AM
To: Dan Leff/HOU/EES@EES, Jeffrey A Shankman/HOU/ECT@ECT, Louise
Kitchen/HOU/ECT@ECT, Steven J Kean/HOU/EES@EES, Rex Shelby/Enron
Communications@Enron Communications, Tod Lindholm/Enron Communications@Enron
Communications, Jeff Donahue/HOU/ECT@ECT, Jay Fitzgerald/NY/ECT@ECT, Richard
DiMichele/Enron Communications@Enron Communications, Brian
Redmond/HOU/ECT@ECT, Jeremy Blachman/HOU/EES@EES, Michael Kopper/HOU/ECT@ECT
cc: Sandy Roberts/Corp/Enron@ENRON
Subject: Welcome New Associates - Reception


888Annotated

							A  users guide to the Federal Energy Regulatory Commission's Open Access
Tariff

				Former FERC Deputy  Assistant General Counsel Colette Bohatch Mehle:
				"For  anyone having had the pleasure of researching Order No. 888
tariff-related issues -- and what energy attorney or rate analyst  hasn't had
that 'pleasure?' -- Allen's 888  Annotated is a welcome addition to the
energy library.? My  copy is already dog-eared."? (Electric Co-op Today
published by the National Rural Electric Cooperative  Association)

				Copyright , 2001 Donald R. Allen. All rights  reserved.
				Your use of this web site is governed by Terms & Conditions and the Use of
Service Statement.

								Dear Energy  Professional,

								Please accept this invitation  to take a free look at 888  Annotated, the
only authoritative guide to FERC's Open Access  Transmission Tariff (OATT).
888 Annotated  reports the full, relevant text of all FERC rulings which
interpret OATTs  adopted by the nation's jurisdictional and
non-jurisdictional electric  utilities.

								We have just opened a website  on which we have posted a beta version of our
most recent edition of 888  Annotated. Pending final publication in June, we
invite you to make as  much use of this beta version of 888 Annotated as you
like without charge.  Just click here to visit us. And please give us your
comments -  particularly about how you think we might improve 888 Annotated
on the web.

								If this communication or future announcements  pertaining to 888 Annotated
is not welcome, please let us know by replying to this e-mail, indicating
the word "unsubscribe" in the subject line. Whether you unsubscribe or  not,
be assured that we will never share your e-mail address with anyone  else.

								Sincerely yours,

								Donald R.  Allen

[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]


(1)	Citizens Gas Utility District of Tennessee (Scott & Morgan Counties) - sent wire on 3/1/02.  Contact "Missy Ancy"(?) at 423-569-4457.  This was a voice mail.

(2)	Ormet claims that failure to pay Invoice # 0202112 is incorrect.  On 2/5/02, Ormet wired $362,476.97 (ref. 2511) and this amount "includes the netting of $14,645.03 owed to Ormet by Enron Metals and Commodity LImited for commissions applied to metal trades."	  Letter given to Susan.

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


Hi Ian,

Any luck on letter of credit?  Is there anything we can help with on our side?  We are very keen to close this transaction in the next two weeks if possible.

Call me at 713 853-0397 if you have any questions.  I will call you tomorrow to touch base.  Mark can handle any legal issues.

Thanks

 -----Original Message-----
From: 	"Goldsmith, Ian" <IGoldsmith@NatSourceTullettEurope.com>@ENRON [mailto:IMCEANOTES-+22Goldsmith+2C+20Ian+22+20+3CIGoldsmith+40NatSourceTullettEurope+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Wednesday, May 30, 2001 3:57 AM
To:	Greenberg, Mark
Cc:	Shults, Bob; Jones, Tana
Subject:	RE: Natsource-Tullet BETA

Hi Mark
Thanks for your mail
I have no problems with the new clauses 4 (f) and (h) .
I will arrange for Natsource LLC alter the letter of credit to send a letter
of guarantee
I will then be  ready to sign the paper work and get going.
Thanks for your help
Ian

----Original Message-----
From: Mark.Greenberg@enron.com [mailto:Mark.Greenberg@enron.com]
Sent: Tuesday, May 29, 2001 8:34 PM
To: Goldsmith, Ian
Cc: Bob.Shults@enron.com; Tana.Jones@enron.com
Subject: Natsource-Tullet BETA

Mr. Goldsmith -

I have attached below a copy of the updated BETA reflecting the changes you
proposed earlier. I have added some language to your proposals, but have
kept the intention intact.

The only additional comments that I will make are that Enron will require
(a) a confirmatory letter from Natsource LLC that the LC posted by
Natsource will be applicable to Natsource-Tullet (in essence a guarantee
letter) and (b)  if an LC has already been posted, it will need to be
modified so that it will reflect the ability of Enron to realize under it
for Natsource-Tullet.  If no LC has been issued, this latter point will
need to be handled in any LC issued.

Please take a look at the attached and let me know if anything further.  I
will be checking with our personnel to confirm that Natsource LLC does not
have to be a signatory to this BETA.

(See attached file: beta-natsource-tullet(draft5-29-01).doc)

Mark
Senior Counsel, EWS
Phone:     713-345-8897
Facsimile: 713-646-3490
E-Mail:      Mark.Greenberg@enron.com


Dave,
Sorry it has taken so long to get back to you.
First, regarding handsets.  Each real-time desk needs 2 handsets.  Kate Symes needs another handset under her desk as well.
Also, I need to have my extension displayed on Kate Symes turret, and on each RT turret as well.  Also on Stewart Rosman's, Greg Wolf's, Les Rawson's and Chris Foster's.  I also need Kate Symes extension displayed on my turret (this is an immediate concern beyond the handsets). Her TRID is #106 ext. 3939, my TRID is #140 ext. 3730.
I will address our treatment of handsets with the group.
Feel free to grab me this afternoon before 4PM for a meeting if you still have time.
Thanks for the help.
Bill


Start Date: 4/20/01; HourAhead hour: 16;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042016.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 16 / Preferred:  80.00 / Final:  79.97)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/20/01
  UNIT_ID: HARBGN_7_UNITS


Mike,
The attached presentations contain some Enron slides that you have used
previously.  I am sending two more emails with other presentations.  I did
not separate them out for the sake of time.  Let me know if you had something
else in mind.
Thanks.
Julie


Congratulations.  Question: If you delivered on Friday then what is your
excuse
for missing Thursday class?  Actually, I'm surprised it took so long.  Glad to
hear you are well and back home.

Our group includes:  Anil, Ted Chin, you, Jeff Dasovich, and me.

Will be starting the first assignment tonight.

**********************************************
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:    Financial Info Analysis
Author: "Vavrek; Carolyn (US - San Francisco)" <SMTP:cvavrek@deloitte.com>
Date:       01/30/2001 5:05 PM

Hi guys -
Well, my little bundle of joy arrived in the world on Friday am.  Her name is
Zo% Nicole and she is very sweet.  I am finally home from the hospital (I had
to
have an emergency c-section so they kept me longer than expected).

I was wondering if you formed a group for FIA class?  I just e-mailed the
instructor that I would miss class this week and asked to be excused from the
first assignment.  I would like to stay on track after that, starting with
Case
Write-Up #2. What is your plan for this class and these case write-ups?

- cv

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

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

- This message (including any attachments) contains confidential information
intended for a specific individual and purpose, and is protected by law.  - If
you are not the intended recipient, you should delete this message and are
hereby notified that any disclosure, copying, or distribution of this message,
or the taking of any action based on it, is strictly prohibited.


Please prepare an ISDA draft per terms of the attached credit worksheet.

brant


Are we still working on Crawford???

DL

 -----Original Message-----
From: 	Lohman, TK
Sent:	Friday, March 08, 2002 3:01 PM
To:	Lee, Dennis
Subject:	RE: Movement of Primary Receipt POI

Please amend K#27579 Receipt Point from POI#500267 to POI#78169 for 20,000 mmbtu/day beginning 03/09/03 for the term of the contract.  After the March maintenance of the Crawford Lateral, TW will move the Receipt POI back to #500267.

Thanks,

TK


send me your resume and i will get it to some people in both groups.  call me
tonight and we can discuss this.


---------------------- Forwarded by Jeffrey C Gossett/HOU/ECT on 11/27/2000
08:13 AM ---------------------------

Susan D Trevino
11/22/2000 01:34 PM
To: Jeffrey C Gossett/HOU/ECT@ECT
cc: Burton McIntyre/HOU/ECT@ECT
Subject: Curve Request Form


Please give us the names of the wines she likes when you have time.


Frank,

Yes.

Vince

From:	Frank Hayden/ENRON@enronXgate on 05/01/2001 07:51 AM
To:	Vince J Kaminski/HOU/ECT@ECT
cc:
Subject:

Vince,
Are you going to be able to make the power VAR meeting on Thursday?

Frank


yep.

	Joseph Alamo
	07/10/2001 07:31 PM

		 To: Jeff Dasovich/NA/Enron, Susan J Mara/NA/Enron
		 cc:
		 Subject: Re: Weekly Staff meeting?

so -- 8:30 Thursday okay with both of you??

From: Jeff Dasovich on 07/10/2001 12:07 PM CDT
Sent by: Jeff Dasovich
To: Susan J Mara/NA/Enron@ENRON
cc: Alan Comnes/ENRON@enronXgate, Joseph Alamo/NA/Enron@ENRON, Paul
Kaufman/Enron@EnronXGate

Subject: Re: Weekly Staff meeting?

That's true, but we're trying to find substantive reasons for having the
meeting....

	Susan J Mara
	07/10/2001 12:05 PM

		 To: Joseph Alamo/NA/Enron@Enron
		 cc: Alan Comnes/ENRON@enronXgate, Jeff Dasovich/NA/Enron@Enron
		 Subject: Re: Weekly Staff meeting?

Paul specifically told us to have one

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854

	Joseph Alamo
	07/10/2001 09:41 AM

		 To: Susan J Mara/NA/Enron, Jeff Dasovich/NA/Enron, Alan
Comnes/ENRON@enronXgate
		 cc:
		 Subject: Weekly Staff meeting?

Did you folks want to try to have a Staff meeting/call this week?
or would you rather let it go until Paul returns?

Pls advise,
Thanks,
Joseph


Richard, I have left messages with Jim Reyes(EPMI) concerning the Riverside issue.  He has not returned my called.  I've left you a voice mail today and Jim as well concerning the forementioned.  As soon as I hear from Jim, I will give you a call.

Pam


Yes to both questions...


Vince-

Something very interesting about natural gas storage (from the class).

The industry is rapidly adopting what are called "Operational Balancing
Agreements," where the pipeline contracts with the producers and LDC's
(public utilities) to handle all "imbalances" in shipping, namely all
production shortfalls or overages or consumption likewise.  Shippers then
always "book" what is scheduled to happen, and not what actually happens.
The end result is that storage facillities associated with production regions
are used to smooth out not only weekday-weekend seasonal patterns (the
well-known "parking") but to insure issues of wellhead output as well.
Cutting to the chase, storage facilities in producing regions are operated to
insure the integrity of the pipeline system, and estimated marketed
production is likely to be a better estimate of actual flow at the pipeline's
receipt meter than is production less local storage.

Clayton


The report named: West NG Basis Positions_All <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=37&report_name=West+NG+Basis+Positions_All&category_cd=2&category_name=WEST&toc_hide=1&sTV1=2&TV1Exp=Y&current_efct_date=11/26/2001>, published as of 11/26/2001 is now available for viewing on the website.