I do not have any power of attorney, control or have a financial interest in
any commodity futures account. Vlady.

 -----Original Message-----
From:  Enron Announcements/Corp/Enron@ENRON
[mailto:IMCEANOTES-Enron+20Announcements_Corp_Enron+40ENRON@ENRON.com]  On
Behalf Of Mark Taylor (Vice President and General Counsel)@ENRON
Sent: Tuesday, June 05, 2001 6:43 PM
To: NYMEX Hedge Exemption List@ENRON
Subject: PLEASE READ

To:        Department:   ENA Legal

From:  Mark Taylor     Date: May 11, 2001
  Vice President and General Counsel

Subject: Enron North America Corp. NYMEX Hedge Exemption Applications

We are in the process of preparing applications for position limit exemptions
for ENA,s NYMEX energy commodities futures trading.  These applications
require that ENA represent whether its officers, employees, owners, or agents
have a power of attorney, control or have a financial interest in any related
commodity future(s) account either individually or acting with another person
pursuant to express or implied agreement.

Please direct any responses to my paralegal, Tana Jones, via intercompany
email or call her at (713) 853-3399 by the end of business on June 15, 2001
if you have any power of attorney, control or have a financial interest in
any commodity futures account (other than an ENA or other trading affiliate
account).

IF YOU DO NOT HAVE A COMMODITY FUTURES ACCOUNT, YOU DO NOT NEED TO RESPOND TO
THIS REQUEST.


I spoke with Dale Sanders at Williams today.  They seem very positive about the project at this point and have obviously spent a lot of money on right -of-way, regulatory filings, enviornmental and engineering work.  I had previously put this project at a very low probablility, especially with the 900 MM/d Kern expansion in 2003.  I did not think that they would be able to get Williams Marketing to take a substantial part of this capacity.  However, they are making the production company bear the costs of the capacity.  Obviously that is the key to Williams being able to have a shot at making this project a reality.

Williams is in negotiaitions to fill the other 175,000 mmbtu/d.  I have to put that probability at still fairly low, but stranger things have happened, especially if Williams decides to go at risk for some portion of the 540 MM/d.  Probably the entire project is still less than 50% but it is obviously something to monitor very closely.

If the project gets built it will substantially effect the basis market for CIG and Northwest.  Especially on the heels of the Kern River expansion. In addition, the Cheyenne market will definitely strengthen in the back years.

Call if you want to discuss or have other ideas about how to monitor these developments.

 -----Original Message-----
From: 	Whitt, Mark
Sent:	Thursday, October 25, 2001 4:54 PM
To:	Miller, Stephanie; Polsky, Phil; Tycholiz, Barry
Cc:	Bump, Dan J.; Lucci, Paul T.; Miller, Paul; Reitmeyer, Jay; Harrison, Tyrell
Subject:	RE: Western Frontier

Are they going to build it if it is not fully subscribed?  Or is Williams going to take the risk?  I wonder why Entergy is taking space?

 -----Original Message-----
From: 	Polsky, Phil
Sent:	Thursday, October 25, 2001 3:07 PM
To:	Whitt, Mark
Subject:	FW: Western Frontier

Mark,

Steph said you were looking for some info on the Western Frontier project that was in NGI today.  I called the contact person at Western Frontier/Williams and he told me that the project was not in fact fully subscribed.  He was obviously interested in speaking with you again.

I glanced through their filing, and apparently the open season led to PAs for 365,000 Dth/d of the 540,000 Dth/d of available capacity.  PA  have been signed with the following:

Marathon - 75,000 dth/d
Williams Marketing - 200,000 dth/d
Utilicorp United - 15,000 dth/d
Entergy - 75,000 dth/d

With the exception of Marathon, everyone signed up for ten years.  Marathon committed to five years, with an option to extend for two years.

Let me know if you need anything else.

Phil

 -----Original Message-----
From: 	"Sanders, Dale T." <Dale.T.Sanders@Williams.com>@ENRON
Sent:	Thursday, October 25, 2001 2:27 PM
To:	Polsky, Phil
Subject:	Western Frontier

Phil,
Here is the information that you requested.  If I can be of any other assistance, please do not hesitate to call.
 <<Electronic Version for e-mail.doc>>  <<WFSYSMAP_1.jpg>>  <<WFSYSMAP_1.pdf>>  <<WFrontierfiling.dot>>
Dale T. Sanders
Williams Gas Pipeline-SouthCentral/ Western Frontier
Project Manager-Business Development
Phone:   270-688-6944
Fax:      270-688-6320
)  e-mail:   <mailto:dale.t.sanders@williams.com << File: Electronic Version for e-mail.doc >>

 - Electronic Version for e-mail.doc << File: WFSYSMAP_1.jpg >>
 - WFSYSMAP_1.jpg << File: WFSYSMAP_1.pdf >>
 - WFSYSMAP_1.pdf << File: WFrontierfiling.dot >>
 - WFrontierfiling.dot


-----Original Message-----
From: Rodriquez, Andy
Sent: Thursday, October 18, 2001 4:46 PM
To: Black, Tamara Jae; '/o=ENRON/ou=NA/cn=Recipients/cn=notesaddr/cn=a478079f-55e1f3b0-862566fa-612229'; Abler, William; Aggarwal, Anubhav; Allen, Diana; Arora, Harry; Bailey, Debra; Ballato, Russell; Ballinger, Ted; Baughman Jr., Don; Benchluch, Moises; Benjelloun, Hicham; Benson, Robert; Bentley, Corry; Blaine, Jay; Bolt, Laurel; Broderick, Paul J.; Broussard, Richard; Burnett, Lisa; Campbell, Larry F.; Capasso, Joe; Carson, Mike; Chen, Alan; Choate, Jason; Cline, Kevin; Collins, Dustin; Comeaux, Keith; Coulter, Kayne; Davis, Mark Dana; Day, Smith L.; Dean, Clint; Decook, Todd; Emesih, Gerald; Errigo, Joe; Forney, John M.; Freije, William; Garcia, Miguel L.; Gilbert, Gerald; Gilbert-smith, Doug; Giron, Gustavo; Greer, Andrew; Gualy, Jaime; Guerra, Claudia; Gulmeden, Utku; Gupta, Gautam; Ha, Amie; Hanse, Patrick; Hernandez, Juan; Imai, Rika; Ingram, David; Jenkins IV, Daniel; Kaniss, Jason; King, Jeff; Kinser, John; Larkworthy, Carrie; Laurent, Dean; Laverell, Justin; Lenartowicz, Chris; Lorenz, Matt; Lotz, Gretchen; Lowell, Thomas; Mack, Iris; Mahajan, Ashish; Makkai, Peter; Marquez, Mauricio; Maskell, David; May, Tom; McElreath, Alexander; Miller, Jeffrey; Oh, Seung-Taek; Olinde Jr., Steve; Pace, Andy; Padron, Juan; Pan, Steve; Philip, Willis; Podurgiel, Laura; Poppa, John D.; Presto, Kevin M.; Quenet, Joe; Rawal, Punit; Rogers, Benjamin; Rust, Bill; Ryan, David; Saibi, Eric; Schiavone, Paul; Schneider, Bryce; Seely, Michael; Serio, Erik; Shoemake, Lisa; Simpson, Erik; Stalford, Robert; Stepenovitch, Joe; Sturm, Fletcher J.; Symms, Mark; Tamma, Ramanarao; Thomas, Paul D.; Trejo, Reese; Valdes, Maria; Vernon, Clayton; Wang, Steve; Williams, Ryan; Willis, Cory; Zipperer, Mike; Baughman, Edward D.; Clynes, Terri; Dalton III, Oscar; Kelly, Mike E.; Sewell, Doug; Valderrama, Larry; Walton, Steve; Roan, Michael; Perrino, Dave; Maurer, Luiz; Hueter, Barbara A.; Landwehr, Susan M.; Hoatson, Tom; Novosel, Sarah; Nicolay, Christi L.; Yeung, Charles
Subject: RE: RTO Week -- Summary of Standards and Practices Panel

RTO Week

 <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Day 4 - October 18, 2001

Afternoon Session

Standardizing Markets, Business, and Other Practices

Panelists for this discussion were:  Sarah Barpoulis, PG&E National Energy Group; William P. Boswell, GISB; Bill Burkes (substituting for David J. Christiano), City Utilities of Springfield, Missouri; David N. Cook, NERC General Counsel; Michael Kormos PJM Interconnection; LeRoy Koppendrayer, Minnesota Public Utilities Commission; and Marty Mennes, Florida Power & Light Company.

General Observations

The Commissioners were all present the majority of the time (Massey left late in the  afternoon).  FERC Staff was active in the discussion; however, the commissioners were very active as well, asking perhaps as much as 70% of all questions.  There was a general consensus that standards were needed; much discussion focused simply on how much and by who. The Commission seemed very interested in leaning what they needed to do to move the industry forward and how far they needed to go.  Panelists urged the need to mover forward as quickly as possible, but both they and FERC seemed to recognize that some of the issues regarding standardized market design and such needed to be addressed before RTOs could really begin to move forward.  There was discussion on identifying which industry group (NERC or GISB) would take the reins in the future.  On an interesting tangential note, there was noticeable conflict between NERC and GISB, with veiled insults between the two organizations somewhat common during the discussions.

FERC Deliverables

A great deal of the discussions focused on identifying what the industry needed from the Commission.  Staffers probed all panelists to find what they felt was critical.

The first major topic was "How many RTOs?  What is their scope?"  All panelists seemed to agree that this question needed to be answered immediately by FERC, in strong definitive language.  N o one offered any specific language, but seemed to be urging FERC to issue a formal statement.

The next topic was, "What will be standard market design?"  Panelists varied on this, but most felt strong guidance from FERC is urgent.  Some urged for one mandatory design for North America, one supported a set of rigid standard designs, one supported a single design with requests for exceptions (followed by an in-depth review process), and one seemed to prefer the current situation.

The commission in general seemed to be very interested in understanding what the industry needed to move forward.  They continually visited this topic throughout their discussions, asking questions like, "Do we need to issue a Mega-Order that addresses all these issues?" and, "How much detail do you need us to provide?"   General feel from the panelsists seemed to be they wanted strong leadership in this areas.  Kormos and Burkes went so far as to say FERC should "Mandate as much as they felt comfortable - and then go a little further."  Others seemed to be a little worried about this idea, but in general did not oppose the concept, citing only general warnings and the need for cautious investigation.

One item of interest: Wood referred to the filing made by the Electronic Scheduling Collaborative and specifically asked if the items identified in the "RTO Design and RTO Implementation" section would address many of the questions and uncertainty facing the industry with regard to RTO design.  Kormos indicated that clear and specific answers to these questions specifying a course of action would go a long way toward guiding the industry.  The section to which Wood referred was one that I wrote, and asked the following questions:

?         Congestion Management - When Operational Security Violations occur, how is the system to be stabilized in a fair and equitable manner that is nonetheless efficient?  Will LMP based systems be standard, or will there be others that must be accommodated?

?         Transmission Service  - Are transmission services required to schedule ("covered" schedules only), or are they risk management tools protecting from congestion charges (both "covered" and "uncovered" schedules are allowed)?

?         Loop Flows  - Are contract-path based or flow-based transmission services appropriate?  If contract-path based, how are parallel path issues to be addressed?

?         Grandfathered Transmission Service - Should contracts existing prior to RTO development be transferred, or is there an equitable way to retire those contracts?  Are there other solutions?

?         Energy Imbalance Markets - How are imbalance markets to function? Will they serve as real-time energy markets (support unbalanced schedules), be limited to supplying needs of imbalance service (require balanced schedules), or will they be required at all?

?         Ancillary Services - Will ancillary service markets be developed in standard ways?  Will entities be required to actually schedule ancillary services (required to schedule), or will they be treated primarily as financial instruments (protecting against real-time POLR charges)?

?         Losses - Can we utilize the imbalance markets to support losses?  Can we create specific loss standards that facilitate the scheduling process, or must we support methods that are currently in tariffs, but technically unwieldy?

?         Non-Jurisdictionals - How are non-jurisdictionals to be integrated into the new world?  Should systems be designed with the assumption that non-jurisdictional will be part of an RTO?  Or should they be designed to treat each NJE as a separate entity?

Hopefully, FERC will use this section as a template to answer these critical questions in an assertive manner, and give some solid direction in which to move. Kormos emphasized the need for concrete answers to these questions, pointing out that vague answers (i.e., "do congestion management") will take a year or two to resolve, but specific answers (i.e., "LMP with financial hedging instruments") will take only months.  The Commission asked Mike about moving forward, and he told them that effectively, it was impossible to move forward with implementation without getting these issues addressed.

Now for a  funny point - One of the commissioners (I think Breathitt) referred to some concerns expressed in the Northwest that their high concentration of hydro power makes LMP inefficient for the Northwest.  Kormos flat out said, "My profession is understanding how power systems work, and I don't believe that that statement is true."  He then backpedaled a bit and said that it would need more study, but he stood by his statement that the assertion by the Northwest interests was false.

NERC and GISB

A great deal of discussion focused around the need for a single standard-setting organization.  Massey went so far as to ask, "Are we looking at a beauty contest between NERC and GISB?"  Cook and Boswell then went into several short polite jabs at each other's organizations.  Other participants continually reiterated the need for ONE, INDEPENDENT organization.  Interestingly, Boswell was very emphatic about the established trust and respect in GISB, while Cook preferred to only talk about the "new" structure of NERC and did not focus on its history.

Brownell offered some not-too-subtle passive support of GISB by pointedly asking both Cook and Boswell if they lobbied political positions (i.e., were they not only an organization but also a stakeholder?).  GISB was easily able to say they were not, but NERC of course had to admit to their romancing of Congress and the Bush administration for reliability legislation. Point, Brownell.

Mennes acted as somewhat of a supporter for NERC, playing Dave Cook's yes-man.  He probably did them a little bit of harm by pointing to NERC's supposed "successes," such as TLR and E-Tag.  If staffers have tenure, they will likely remember that these "successes" have not been so successful, resulting in several filings and interventions.  We may also wish to file comments in specific objection to these claims, to refresh their memory and to show the pretty picture Marty painted was in fact a fiction.

There was a little discussion about splitting reliability and market issues, but general consensus was that I could not be done.  There was also some talk of folding NERC under GISB/EISB.

The arguments began winding down after a some time, and Boswell strongly urged the Commission to speak to industry executives and advocacy group leadership to see whether NERC or GISB should lead the industry forward.  NERC somewhat less enthusiastically supported this position.  In general, I would say it was a close fight but GISB came out more on top.

Let me know if you have any questions.

Andy Rodriquez
Regulatory Affairs - Enron Corp.
andy.rodriquez@enron.com
713-345-3771


Hey Dana I like these.

-----Original Message-----
From: Dana Davis [mailto:Dana.Davis@enron.com]
Sent: Wednesday, September 06, 2000 2:06 PM
To: kdavis2075@aol.com; cmontgomery@kmg.com; Lola Willis
Subject: FW:

---------------------- Forwarded by Dana Davis/HOU/ECT on 09/06/2000 01:42
PM
---------------------------

Rebecca Sanchez
09/06/2000 12:32 PM

To:   Dana Davis/HOU/ECT@ECT, Rufino Doroteo/HOU/ECT@ECT,
pammy1030@webtv.net
cc:
Subject:  FW:

---------------------- Forwarded by Rebecca Sanchez/HOU/ECT on 09/06/2000
12:31
PM ---------------------------

Julie Torres <JTorres@franchiseconceptsinc.com> on 09/06/2000 12:23:53 PM

To:   Rebecca Sanchez <Rebecca.Sanchez@enron.com>, MyAngelADM@aol.com,
      sanchezma@simplexnet.com, "Ragusa, David" <RagusaD@simplexnet.com>
cc:
Subject:  FW:

Holy Humor - Seen in Churches Around the   Land...
"Fight truth decay - study the Bible daily."
"People are   like tea bags - you have to put them
in hot water before you know how strong   they are."

"Dusty Bibles lead to Dirty Lives":
"God so loved the   world that He did NOT send a committee."

"Come in and pray today. Beat   the Christmas rush!"

"When down in the mouth, remember Jonah. . .
He came out all right."
"How will you spend eternity?
Smoking or   Non-smoking?"
"If you're headed in the wrong direction,
God allows   U-turns."
"Come work for the Lord. The work is hard, the hours
  are   long and the pay is low. But the retirement benefits
are out of this   world!"

"Economic Forecast: It is unlikely there'll be a reduction
in the wages of sin."
"Do not wait for the hearse to take you to   church."
"If you don't like the way you were born,
try being born   again."
"Forbidden fruit creates many jams."
"In the dark? Follow   the Son."
"If you can't sleep, don't count sheep. . .
Talk to the   Shepherd

_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.
Share information about yourself, create your own public profile at
http://profiles.msn.com.


Stinson,

Yes, makes perfect sense. Brad can start the process.

Vince

Stinson Gibner
03/10/2000 02:15 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Green card for Paulo

Vince:

Now that Paulo is a manager, I think we can start the process for trying to
get him a permanent resident status.

Should I contact Brad McSherry about this?

--Stinson


Good afternoon John,

I just want to drop you a line to update you re: Andy Fastow.  I have
confirmed a one hour interview slot with Mr. Fastow in Monday, December 4th
from
11:00 a.m. - noon.  This is in addition to your schedule interviews with Mr.
Lay and Mr. Skilling - outline below.

If you have any questions, please do not hesitate to contact me at
713-853-5670.

Regards,

Cindy

----- Forwarded by Cindy Derecskey/Corp/Enron on 11/06/2000 04:49 PM -----

	Cindy Derecskey
	10/31/2000 01:44 PM

		 To: "John Martin" <J_Martin@baylor.edu>
		 cc: Vince J Kaminski/HOU/ECT@ECT, Christie Patrick/HOU/ECT@ECT
		 Subject: RE: Enron Case Study

Good afternoon John,

I hope things are well with you.  I am writing to update you on the status of
your meetings with Andy Fastow, Ken Lay and Jeff Skilling.  I have arranged
the following meeting dates and times with Ken Lay and Jeff Skilling, (I am
still trying to work with Andy Fastow's schedule):

Jeff Skilling
December 4th
2:00 - 3:00 p.m.

Ken Lay
December 4th
3:30 - 4:30 p.m.

Also, I will attempt to schedule the meeting with Andy Fastow for December
4th for convenience - this will also allow us to possibly schedule additional
meetings for the 5th (as needed).  I will let you know as soon as I'm
successful.

Regards,

Cindy Derecskey
University Affairs
Enron Corp.


<<<<INFORMATION SECURITY WORLD JOB OF THE WEEK>>>>
http://www.informationsecurityworld.com

Recruiters: are you looking to fill a high-level vacancy in the IT sector? Advertise your jobs on Information Security World portal - it's FREE!
http://www.informationsecurityworld.com/Tmpl/JobLogin.asp?CID=16

***************************************
Job title: Embedded Software Solution Architect
Salary: RMB12000+
Location: Shanghai China
Company: ICL

POSITION:
As a senior technical person, join and take important role on company technical and marketing strategy definition, technology roadmap definition and be responsible for team's execution plan based on the company strategy.

Work closely with external software developers on technical cooperation projects. The responsibilities in the projects are: identifying and engaging qualified software developers to build partnerships, initiating and defining cooperation projects, providing technical advice and support as required, coordinating internal and external resources to ensure the cooperation projects smooth execution, tracking the project status and matchmaking with other software partners.

TO VIEW THIS POSITION PLUS MANY MORE: http://www.informationsecurityworld.com/Tmpl/JobFind.asp?CID=16

********************************************
If you are a recruitment consultancy interested in branding in this space, please mailto:informationsecurityworld@terrapinn.com
-----------------------------------------------------------
We adhere to a 'no spam' policy. If you wish to be deleted from this mailing list, go to http://www.terrapinn.com/unsubscribe.asp?ECode=3
-----------------------------------------------------------


Sara / Mark,

I need an approval as soon as possible from you for the FX Description
attached.  Steve Jacobellis is requesting that this gets out on the web as
soon as possible.

Thank you,

Melba
58986
---------------------- Forwarded by Melba Lozano/HOU/ECT on 12/11/2000 05:53
PM ---------------------------

From:  Melba Lozano
  11/30/2000 06:41 PM

To: Sara Shackleton/HOU/ECT@ECT, William Stuart/HOU/ECT@ECT
cc: Robert B Cass/HOU/ECT@ECT
Subject: FX Product

Sara:  Please approve on the attached language for the FX Product.

William:  There is a gap between hour ending 3:00 and 4:00 .  Do you want to
go ahead and set up Central time to trade until Hour Ending 4:00?  Please let
me know.

Thank you,

Melba


Start Date: 4/29/01; HourAhead hour: 24;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042924.txt


Harry.  Tamara is finishing a model that give impact according to rate
design.

It is far more difficult to model the effects of behaviour change that will
ocur with higher prices in the summer.  I spoke with David Roberts (EAM) and
ran this structure by him and he is of the same opinion as I that:
Very high rates from 12noon to 6PM do not encourage DSM because:
The risk of installing capital in time for June,July, Aug, Sep is significant
when the timing is short and each month lost decreases the value of the
investment by 1/4
Very high rates from 12noon to 6PM will result in behaviour changes by
changing behaviour more than DSM.  ie.  They will turn up the temperature for
these hours.
Very high rates for 12noon to 6PM encourage curtailment activities but not as
much load shifting.  ie a 2 part rate would encourage doing your annual plant
turnaround in Aug ($250/MWh signal) more than the CPUC proposal for August
($110/MWh signal).
Very high rates starting in June, would be difficult to optimize, given the
lack of certainty today about whether the rates will be pasted and the short
lead time.

The rate design I have proposed below gives large price signals in the summer
and the winter, than those proposed by CPUC, while lessening the impact to
Enron tariff book.

Price Signals Comparison

	Summer
	(PGE=Jun-Oct, SCE=May-Sep)	Summer 	Winter	Winter
CPUC Proposal	On Peak - 12noon to 6PM WD	Off  Peak 	On Peak	Off Peak
       PGE E19 Secondary	$370/MWh	$75/MWh	$75/MWh	$75/MWh
       SCE TOU 8 Secondary	$145/MWh	$122/MWh	$122/MWh	$122/MWh
2 Part RTP Proposal
       PGE E19 Secondary	$290/MWh based on Apr 1 NP15	$150/MWh based on Apr 1 NP15	$180/MWh based
on Q4 Apr 1 NP15	$131/MWh based on Q4  Apr 1 NP15
       SCE TOU 8 Secondary	$157/MWh based on Apr 1 SP15	$122/MWh	$156/MWh based on Q4 Apr 1
NP15	$98/MWh

Lets see if we can get together with the DSM people today.

Scott

From: Harry Kingerski@ENRON on 04/03/2001 07:40 AM
To: Scott Stoness/HOU/EES@EES
cc: Don Black/HOU/EES@EES, James W Lewis/HOU/EES@EES, Tamara
Johnson/HOU/EES@EES, Jeff Dasovich/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron
Subject: Re: Draft Testimony re PGE/SCE for Discussion

I still think it is imperative that we use our book position, by rate
schedule and time period (on-peak, off-peak) , to quantify the sensitivity to
different types of rate designs.  For instance, if there is a large increase
in summer on-peak, how much of the increase can we avoid with aggressive DSM,
etc.  Can we look at this quantification today?

	Scott Stoness@EES
	04/02/2001 09:34 PM

		 To: James W Lewis/HOU/EES@EES
		 cc: Don Black, Tamara Johnson/HOU/EES@EES, harry kingerski
		 Subject: Draft Testimony re PGE/SCE for Discussion

Harry and I are meeting tomorrow.  I would like any feedback you have related
to the following:

Based on our position we would prefer:
Later surcharges
Lower surcharges
Surcharges that are lower in the summer (flatter is better because it is
closer, the NPV effects and our rapidly diminishing position)

The proposal below could either result in:
Delay of a month while they consider this complicated affair (low likelihood)
Lower surcharge if we can convince people that market rates are $300/MWh for
a year when they are actually $200.  We would only get a $20/MWh increase, as
compared to a $30/MWh increase.  ie (1-90%) times $300/MWh yields $30/MWh is
our story when the actural is (1-90%)times $200/MWh yields $20/MWh.
The Enron rates below are effectively much flatter than the CPUC proposal.
Thus we would be better off if accepted.
Additionally if our noise causes a flat $30/MWh increase to replace the CPUC
proposal, we are better off.

Additionally,
we could sell hedging on the 10% exposed to markets.
DSM related to capital investments should be less risky.

The risks to Enron are:
Proposal makes it easy to hit the large customers with a lower baseline (ie
75% instead of 90%)
Would make DSM more risky.  DSM providers would have to buy hedges to proceed.

The questions to answer are:
Could Enron provide witnesses without drawing more negatives
Would a partner tow the Enron line
---------------------- Forwarded by Scott Stoness/HOU/EES on 04/02/2001 09:22
PM ---------------------------

Scott Stoness
04/02/2001 09:21 PM
To: Tamara Johnson/HOU/EES@EES
cc: harry kingerski
Subject: Draft Testimony re PGE/SCE for Discussion

Summary:
The CPUC should implement two part RTP/TOU rates for PGE/SCE.  A two part
rate is a rate where customers pay their historical rate for consumption of
normal load and pay market value for consumption incremental (or decremental)
to normal load.
The CPUC should define normal consumption as consumption over and above 90%
of historical 2000 consumption.
The CPUC should define the hourly rate as the highest hourly price paid by
DWR for spot purchases in that hour.
In the event that implementation of two part RTP/TOU rates is complicated to
design, the $30/MWh surcharge should be applied to all customers until the
implementation of two part RTP/TOU rates is possible.
The current draft design, of the CPUC, is discriminatory to large customers.
The current draft design, of the CPUC, does not provide appropriate price
signals.
The current draft design, of the CPUC, results in rate increases to large
customers that are unneccessarly high.
The current draft design, of the CPUC, results in rate increases to large
customers, that are far in excess of those which the CPUC intended.
The current draft design, of the CPUC, results is static and does not respond
to changing market conditions.

Design Goals:
The CPUC should design rates that:
Give appropriate price signals to customers to consume / conserve energy as
as close to marginal price as possible in as many hours as possible.
Treat all rate classes in a fair and consistent manner.
Achieve targeted revenue requirements.
Are easy to administer and understand.

Summary of CPUC Illustrative Design:
The CPUC has proposed rates that move on peak pricing in the summer close to
marginal rates:
Draft proposal provides marginal price signal of about $370/MWh for E19
Secondary from in Summer Weekdays from noon to 6PM
Draft proposal provides marginal price signal of about $75/MWh for E19
Secondary from in all other hours.
Critique based on Design Goals:
Draft proposals move toward marginal rates but fall short.
The rates for power, Mar 30 2001, based on DJ-NP15, on peak is $181.94/MWh.
The rates for power, Mar 30 2001, based on DJ-NP15, off peak is $93.46/MWh.
The proposed marginal rates for E19 Secondary, is $75/MWh for on peak and off
peak.
This rate design will not encourage investments in assets that result in
lower consumption in the winter or in off peak periods.
 Draft proposal falls short on treating customers on a consistent basis:
E20 Transmission Voltage customers will experience a 87% rate increase.
E19 Secondary voltage customers will experience a 41% rate increase.
A10 Medium General Service customers will experience a 20% rate increase.
A1 Small L&P customers will experience a 16% rate increase.
The marginal price signal for A10 will be $121/MWh vs $370/MWh for E-20
transmission in the on peak summer.
The marginal price signal for E10 wills be 107/MWh vs $55/MWh for E-20
transmission in the off peak periods.
PGE has a longer summer period than SCE.  This results in a 69% increase for
SCE TOU-8-Sub as compared to 87% increases for PGE E20 Transmission rate.
The proposal also results in far different marginal price signals for SCE
customers than PGE customers.  For example the on peak rate for SCE TOU-8-Sub
is $128/MWh as compared to PGE E20 Transmission rate of $374/MWh.
Draft proposal does do a good job of recovering $2.2b of revenue.
Draft proposal require some implementation but given that the surcharge
increase does not ocur until May for PGE and June for SCE, it should be
possible to implement.

Enron Proposed Rates:
Enron proposes:
Two part real time pricing time of use rate,
Usage up to 90% of historical use would be billed at historical rates.
Usage incremental or decremental to 90% of historical use, would be billed at
DJ-NP15 On Peak and DJ-NP15 Off Peak, where customers has real time metering.
Usage incremental or decremental to 90% of historical use, would be billed at
DJ-NP15 On Peak and DJ-NP15 Off Peak averaged over the month, where customers
has time of use metering.
Usage incremental or decremental to 90% of historical use, would be billed at
45% of DJ-NP15 On Peak and 55% of DJ-NP15 Off Peak averaged over the month,
where customers has just energy metering.
Critique based on Design Goals:
Enron proposals charge all customer at very close  to marginal rates.
Thus, within the constraints of using Dow Jones, the rates should be very
close to the actual marginal rates.
The rates will not be exact because they are:
Determined on the previous day
Ony differentiate between on and off peak, as compared to hour by hour.
To the extent that the customer does not have real time metering capability,
the rates will be determined on a class average basis.
However, the rates be far superior to the CPUC draft design because:
They give better price signals to night consumption
They give better signals to weekend consumption
They give better signals to winter consumption
They are self correcting in that they do not require predetermination of
marginal costs.  For example, if summer costs are lower, the rate will be
lower.
The Enron proposal will motivate DSM activities in winter, summer and off
peak.
Enron proposal results in similar rate structure and impact regardless of
utility and rate class.
The Enron proposal results in a similar concept for commerical and industrial
as with residential.  AB1X provides that residential customers that consume
energy below normal rates will not have increased rates.  This design also
achieves the same effect for commercial and industrial customers.
Draft proposal does do a good job of recovering $2.2b of revenue but even
more importantly it ensures tracking of costs.
Setting the normal load at 90% of historical load results in a $30/MWh
increase if the market value for the entire year is $300/MWh.
In the event that the market value for the entire year is less than $300/MWh,
the resulting cost decreases will offset the lost revenue.
The Enron proposed rate design structure is flexi ble enough that it can
easily be changed to achieve greater or lessor revenue to achieve price
signals and revenue targets.
The revenue outcome is less certain than the CPUC draft design however the
impact should be more certain because the revenue will automatically go up
when the costs go up.
Draft proposal require greater implementation details than the CPUC design
but such extra costs are worthwhile.
The Enron proposal requires:
Determination of historical loads for large customers
Determination of class consumption profiles for demand metered customers
Determination of class consumption profiles for energy metered customers
Determination of customer profiles in the event that the customers is a new
customer
Then Enron proposal has the following negatives:
Some customers who have reduced load from historical levels will be better
off even though they have not changed their behaviour in response to the new
price signals
The rates will require greater administrative costs since they are different
for each customer.
The rates may take more work to put in place for the utility
The rates will result in similar customers paying dissimilar rates, depending
upon the historical consumption of the customers

Q.  In the event that it is not possible to implement the Enron rates by June
1, 2001, what would you propose a an interim solution:
A.  The CPUC draft rates are so flawed, that it would be superior to just
implement a flat $30/MWh surcharge to all customers.  This approach would be
fairer and simpler.

Q.  Who would pay for the decremental consumption of customers?
A.  The DWR will incur a decline in their costs equal to the decrease in
rates of the utilities.  The are indifferent to buy more generation or
selling less energy to customers.  Thus the DWR should be willing to pay for
decremental consumption.  In the event that the DWR is not agreeable to
paying for decremental consumption, the utility should be allowed to borrow
such funds and have the costs amortized for the next 10 years.  In the event
that the utility is unable to fund decremental consumption, the normal load
could be defined 85% of historical and the CPUC could eliminate credits
resulting from decremental consumption.  Such solution would discourage
conservation below 15% but would not be expected to diminish the
effectiveness of the Enron proposed rates.

Q.  Why is DJ-NP15 the right index to choose?
A.  DJ-NP15 and DJ-SP15 are availble for each weekday for on and off peak
pricing.  The index is a mathematical average of trades in the previous day
for today.  The DJ index is compiled based on the information provided by
many of the large trading companies including Enron.  The numbers provided by
the participants are subject to audit.  Thus DJ is the best avaible
information available for energy pricing.

Q.  What index is suitable for weekends?
A. Enron proposes that the average DJ-NP15 off peak energy charges for friday
and monday be used to determine the weekend rates for the purpose of rate
setting.


Teb, I was finally able to get the imbalance quantities data from TSS--my reports were contending with other jobs.  Anyway, attached is the latest rendition of the Gas Daily prices, the Natural Gas Week Cash Out price, and the monthly imbalance quantities.  Any questions please call.

Thx, Jim


SELECT DISTINCT Calendar.DateValue As OutageDate,

 SUM(CASE PlantChar.WSCCRegion WHEN 'DSW' THEN
       CASE UnitChar.Fuel_designation WHEN 'Alt' THEN
         CASE PlantOutage.OutageReason WHEN 'forced' THEN
          PlantOutage.CapacityOut
         ELSE 0 END
      ELSE 0 END
    ELSE 0 END)/24 AS 'DSW|Alt|forced'

FROM LinkServer.Fundamentals.dbo.LkpCalendar_Definitions2 AS Calendar INNER JOIN LinkServer.Fundamentals.dbo.LkpOUT_PlantOutage AS PlantOutage
 ON Calendar.DateValue BETWEEN PlantOutage.BeginOutageDate AND PlantOutage.EndOutageDate
 INNER JOIN LinkServer.Fundamentals.dbo.LkpOUT_PlantCharacteristics AS PlantChar
 ON PlantOutage.PlantID = PlantChar.PlantID
 INNER JOIN LinkServer.Fundamentals.dbo.LkpOUT_UnitCharacteristics AS UnitChar
 ON PlantOutage.PlantUnitID = UnitChar.PlantUnitID

Where Calendar.DateValue Between @BeginDate AND @EndDate
 AND PlantOutage.Approved = 'Y'

Group By Calendar.DateValue

ORDER BY Calendar.DateValue


You have been identified as a person who may have contact with power in
California.  Based on our receipt of various subpoenas, we will be preserving
your past and future electronic mail.  Please be prudent in the circulation
of electronic mail relating to your work and activities.  Thank you.


We're at the point in the project where we are soliciting comments on a draft
FERC filing we'd like to file at the end of the month.  If you would, please
review our filing, with particular emphasis on product definition, position
management and how we described in footnote [generally] how the marketplace
would evaluate the option fees.

You help in this project is greatly appreciated.

---------------------- Forwarded by Jeffery Fawcett/ET&S/Enron on 07/12/2000
03:23 PM ---------------------------

	From:  Susan Scott                           07/12/2000 03:19 PM

To: Steven Harris/ET&S/Enron@ENRON, Jeffery Fawcett/ET&S/Enron@ENRON, Kevin
Hyatt/ET&S/Enron@Enron, Lorraine Lindberg/ET&S/Enron@ENRON, TK
Lohman/ET&S/Enron@ENRON, Michele Lokay/ET&S/Enron@Enron, Christine
Stokes/ET&S/Enron@ENRON, Bill Cordes/ET&S/Enron@ENRON, Mary Kay
Miller/ET&S/Enron@ENRON, Julia White/ET&S/Enron@ENRON, Shelley
Corman/ET&S/Enron@ENRON, sstojic@gbmdc.com, Mary Darveaux/ET&S/Enron@ENRON,
Glen Hass/ET&S/Enron@ENRON, Drew Fossum@ENRON, John
Buchanan/ET&S/Enron@ENRON, Ramona Betancourt/ET&S/Enron@ENRON
cc: Tony Pryor/ET&S/Enron@ENRON, Brian Hensley/ET&S/Enron@Enron

Subject: TW Capacity Options

Attached for your review is a draft of Transport Options filing that
incorporates the comments and suggestions I've received since last week.
Please provide any further suggestions/changes to me as soon as possible, but
in no case later than close of business, Friday, July 14.

The timeline I've discussed with TW Commercial for this project is as follows:

Final draft comments   Friday, July 14

Circulate draft to customers,
customer meetings, time for
customers to respond, informal
discussion with FERC   Mon. July 17 - Wed. July 26

Final internal review/edit of filing  Thursday, July 27

FERC filing    Monday, July 31

Please let me know your comments on this proposed timeline as well.  Thank
you.


Just sent you some info over the fax-I willlet you know if we need anything
else.


My only comment is that the word "lease" should be deleted from the heading
in paragraph 3 of the assignment agreement.

Kay

j.nassos@pecorp.com on 06/01/2000 07:58:22 PM
To: dtauke@winston.com, frederik_aldin@westlb.com, Kay.Mann@enron.com
cc: j.burns@pecorp.com, c.cole@pecorp.com, s.stawasz@pecorp.com,
gregory_spitzer@chicago.kirkland.com

Subject: ABB Transformer Option Agreement

Attached for simultaneous review by West LB and Enron is a draft Assignment
of Option Agreement and a Notice of Exercise of Option prepared by Peoples
Energy's outside counsel, Greg Spitzer at Kirkland & Ellis.

Please direct comments to Greg at (312) 861-2115.
E-mail is   gregory_spitzer@chicago.kirkland.com.

 <<Assignment of Option-1.doc>>  <<Option Exercise -1.doc>>

----------------------------------------------------------------
The information transmitted is intended only for the person
or entity to which it is addressed and may contain confidential
and/or privileged material.  Any review, retransmission,
dissemination or other use of, or taking of any action in
reliance upon, this information by persons or entities other than the
intended recipient is prohibited.   If you received this in error, please
contact the sender and delete the material from any computer.

 - Assignment of Option-1.doc
 - Option Exercise -1.doc


T U E S D A Y   E X T R E M E   M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )

Tuesday: The CRB Index is dropping 0.13 points to 210.21. The
US Dollar Index declined 0.64 points to 118.55.

The Dow Industrials advanced 114.32 points, at 11175.84, while
the S&P 500 gained 16.46 points, last seen at 1283.57. The
Nasdaq Composite advanced 77.73 points to 2233.66.

$$$   FREE OPTIONS INVESTORS KIT
$$$   http://www.ino.com/specials/barkley/
_____________________________________________________________________

TOMORROW'S MARKET PRICES TODAY
_____________________________________________________________________

Armed with such information, such power, you could
easily make a fortune!

Do you suspect that the markets follow some pattern?
That somehow there is some order and reason to market movements?

Then you'll be both intrigued and thrilled at this
tremendous discovery.

CALL MARKET TOPS AND
BOTTOMS WITH PINPOINT ACCURACY . . .

It makes no difference what market, stocks, futures, anything.
These techniques forecast both intraday price moves and the 2-3
day short-term price swings.  If you can construct a bar chart,
you can forecast market moves.

"Joe is one of only a handful of truly successful traders I know.
His accuracy is incredible.  I've seen him take very small
accounts and get triple digit returns in just a couple of
months."
- Lee Gettess, Lake Havasu, AZ

Introducing KeyPoint, A revolutionary trading system that
provides precise, highly accurate, and profitable trades
virtually every 2-3 days per market.

Act Now and Read Our FREE 14 PAGE BROCHURE AT . . .

http://store.ino.com/sale/1DC1C/TWKPN-ACCURACY

KeyPoint to Profits - Click Here!

Order Toll Free 800-538-7424 - 410-867-7424

All claims on third-party products are made by the publisher
and not by INO.com. All Products Guaranteed.

_____________________________________________________________________

E X T R E M E   M A R K E T   C O M M E N T A R Y
_____________________________________________________________________

The STOCK INDEXES closed higher on Tuesday after a number of tech
firms reaffirmed earnings guidance, giving investors confidence that
the worst may be over. This positive news sent the Nasdaq sharply
higher on the day filling last Wednesday's gap at 2170.58 thereby
increasing the odds that a short-term bottom was likely posted with
last week's low. Today's strong gains turned momentum indicators
neutral to bullish signaling that sideways to higher prices during
the first half of June are possible.

The Dow also closed higher on Tuesday due to spillover support from
the Nasdaq and S&P 500 index. The Dow's solid rebound off last
Friday's low has turned short-term momentum indicators neutral to
bullish signaling that additional gains are possible. However, I
would not be surprised to see a pause if not modest setback on
Wednesday as the Dow may consolidate some of its recent gains before
extending its rebound off last week's low. Closes above May's high
crossing at 1135 are needed to renew this spring's rally.

INTEREST RATES September bonds closed higher for the fifth day in a
row following the release of the National Association of Purchasing
Management's May non-manufacturing index showed continued weakness
and the April factory orders report was softer than expected.
September bonds have retraced just over 62% of May's decline. If the
rally continues, the 75% retracement level crossing at 101-20, then
May's high at 102-22 are potential targets later this month. Momentum
indicators are bullish signaling that sideways to higher prices into
early-June are possible.

The CRB INDEX closed slightly lower on Tuesday in narrow trading as
it continues to consolidate above trading range support crossing at
208.43. Closes below this support level would confirm a trading range
breakout thereby opening the door for a larger-degree decline during
June. At the same time, momentum indicators are becoming oversold
warning traders that the CRB might have posted a broad double bottom
with last week's low. Closes above broken support crossing at 213.20
are needed to temper the bearish outlook.

ENERGY MARKETS were mixed on Tuesday. Early strength in the energy
products was due to short covering, which was triggered by a refinery
snag. However, weakness in the cash markets tempered today's gains as
traders await this afternoon's API inventory data reports. In other
news, OPEC ministers meeting in Vienna are likely to keep production
quotas and current levels. They also are likely to increase
production to offset the short fall caused by Iraq's suspension of
oil exports over the weekend.

July crude oil closed higher on Tuesday as it continues to
consolidate above the 50% retracement level of the December/May rally
crossing at 27.51. Momentum indicators are bearish but nearing their
respective oversold zones warning bears to use caution when trying to
press their hand. If the decline off May's high resumes, April's
reaction low crossing at 27.25 is July's next target.

July heating oil closed higher on Tuesday due to short covering
thereby leaving Monday's downside reversal unconfirmed. Closes below
last week's low, which coincides with the 38% retracement level of
the December/May rally crossing at 75.66 are needed to renew July's
decline off May's high. Stochastics and RSI remain bearish signaling
that additional weakness near-term is possible.

July unleaded gas spiked below last week's low crossing at 90.30 and
this year's uptrend line before a short covering bounce tempered some
of today's losses. A number of short- term momentum indicators though
bearish are becoming oversold hinting that we could see a short
covering bounce off the aforementioned uptrend line. If this support
level is broken, the door would be open for a possible test of
April's gap crossing at 87.25 later this month.

July Henry Hub natural gas posted a huge key reversal down on Tuesday
after early session strength failed to attract follow-through buying.
Additional weakness on Wednesday is needed to confirm today's bearish
reversal pattern thereby signaling the likely end of the corrective
rebound off last week's low.

CURRENCIES The September Dollar closed lower on Tuesday due to light
profit taking amidst rumors of European Central Bank intervention.
Additional weakness on Wednesday is needed to confirm today's bearish
reversal pattern however, it will take closes below May's uptrend
line crossing near 118.57 to signal that a short-term bottom has
likely been posted. Until then the door remains open for sideways to
higher prices during the first half of June. The daily ADX (a
trend-following indicator) is bullish signaling that additional
strength is possible.

The September Swiss Franc closed sharply higher on Tuesday and in
doing so filled last week's gap at .5631. Closes above .5645 are
needed to turn a number of momentum indicators neutral to bullish
thereby increasing the odds that a short-term bottom might be in
place. Until then, the door remains open for a test of weekly support
crossing at .5508.

The September Canadian Dollar posted a potential key reversal up on
Tuesday and is set to challenge trading range resistance crossing at
.6541. Multiple closes above this resistance level are needed to
confirm a breakout and renew the rally off April's low. Momentum
indicators are bullish signaling that sideways to higher prices
during the first half of June are possible.

The September Japanese Yen posted a key reversal down on Tuesday and
in doing so turned a number of short-term momentum indicators neutral
to bearish. Additional weakness on Wednesday is needed to confirm
today's bearish reversal pattern. However, the close below trading
range resistance crossing at .8425 is a clear warning to bulls that a
top and trend change might be near.

PRECIOUS METALS August gold closed slightly higher on Tuesday as it
continues to consolidate around the 75% retracement level of this
spring's rally crossing at 267.20. While the near-term trend is down,
the recent consolidation near the aforementioned support level along
with stochastics and RSI becoming oversold hint that a short-term
bottom might be in or near. If the decline continues, the reaction
low crossing at 263.20 is August's next target.

July silver posted a quiet inside day with a slightly higher close to
consolidate some of Monday's losses. The door remains open for a test
of trading range support crossing at 4.31 cents. If this support
level is broken, the door would be open for additional weakness and a
possible test of weekly support crossing at 4.15 later this month.

July copper closed higher on Tuesday due to short covering following
Monday's spike below May's low at 74.75. Momentum indicators remain
bearish hinting that additional weakness is possible. Closes below
Monday's low would open the door for a test of weekly support
crossing at 74.10 later this month. Closes above 77.20 would increase
the odds that a double bottom was posted with Monday's low.

GRAINS July corn posted a downside reversal with a lower close as
buying faded into the close. Talk of warmer weather by the weekend or
early next week erased early support due to Monday's bullish crop
conditions report. Even if the weather forecast are true, this week's
cool/wet weather will likely cause further deterioration in next
Monday's crop ratings report. Despite today's sell off, the recent
trendline breakout has opened the door for sideways to higher prices
with May's high at 2.11 1/2 being a possible target.

July wheat extended Monday's decline despite Monday's friendly crop
condition report that showed further deterioration in the winter
wheat crop. Harvest pressure along with a favorable world weather
outlook for wheat- producing areas and stagnant U.S. export demand
continues to weigh on prices. While a short covering bounce is
possible on Wednesday as July may try and consolidate some of this
week's losses, momentum indicators have turned bearish and the door
is open for sideways to lower prices into mid-June.

SOYBEAN COMPLEX July soybeans closed fractionally higher on Tuesday.
Early strength was tied to Monday's friendly crop condition report.
However, extended forecasts are calling for a warm up and drier
conditions to move into the Midwest by the weekend or early next
week, which sent buyers to the sidelines. Traders remain reluctant to
push the panic button despite slow crop development and declining
crop conditions given the projected increase in next year's carryout
and the strong U.S. Dollar. Look for two-sided trading to continue
near-term.

July soybean meal gapped up and closed higher on Tuesday but near
session lows due to profit taking ahead of the close. Early support
was due to Monday's crop conditions reports and spillover short
covering following Monday's upside reversal. July meal needs to close
above 168 or below 159.60 to clear up near-term direction in the
market. Until then, look for two-sided trading to continue to
dominate the market.

LIVESTOCK August hogs closed lower on Tuesday on ideas that meat
packers will reduce slaughter thereby pressuring the cash market.
Additional pressure came from ideas that August has become slightly
overbought technically. However, today's mid-range close leaves the
door open for sideways trading on Wednesday. If the rally resumes,
April's high crossing at 65.95 is August's next target. Closes below
last week's gap at 64.00 would strongly suggest that a short-term top
has been posted.

August cattle closed slightly lower on Tuesday as traders await
direction from the cash market. The recent rally in futures appears
to have priced in $76 cash bids. Momentum indicators have become very
overbought warning bulls to use caution a the market might be forming
a broad double top with January's high.

FOOD & FIBER July coffee closed higher on Tuesday thereby confirming
Monday's key reversal up. Today's rally also turned a number of
oversold momentum indicators neutral to bullish thereby increasing
the odds that last week's low might have marked a short-term bottom.
Closes above May's downtrend line crossing near 62.10 are needed
before this is confirmed.

July cocoa closed higher on Tuesday due to light short covering
following Monday's upside reversal. Nevertheless, July remains below
broken trading range support crossing at 955. Multiple closes above
this broken support level are needed to temper the near-term bearish
outlook in the market. Momentum indicators are bearish but becoming
oversold warning bears to use caution when pressing the short side of
the market.

July sugar closed slightly lower on Tuesday in narrow trading as it
continues to consolidate above last week's apparent double bottom.
Momentum indicators are bearish but becoming oversold hinting that
additional short covering off last week's low is possible. If the
decline resumes, fib support crossing at 832 then 808 are targets.

July cotton posted an inside day with a slightly lower close on
Tuesday. Additional weakness would increase the odds that the short
covering bounce off last week's low may have run its course. It will
take closes above this year's downtrend line crossing near 43.95 to
confirm that a bottom and trend change has taken place. Until then,
the overall downtrend remains intact.

Daily Extreme Commentary is brought to you by GLOBALcharts,
INO.com's end-of-day charting software for Futures, Futures
Options and Optionable Stocks. http://www.globalcharts.com
Search the INO Store  - http://store.ino.com/
_____________________________________________________________________

T O P   N E W S
_____________________________________________________________________

STOCKS

Japan Stocks Review: Down 1.0% after dipping below 13,000
   http://news.ino.com/summary/?id=25642
US Equities Review: Broadly higher; earnings news helps
   http://news.ino.com/summary/?id=25649
UK Stocks Review: Vodafone, defensives push FTSE above 5,900
   http://news.ino.com/summary/?id=25648

FOREX

US FX Review: Euro rebounds with help from weak US data
   http://news.ino.com/summary/?id=25644
Asia FX Review: EUR/JPY and USD/JPY higher on demand from Japan
   http://news.ino.com/summary/?id=25641
Europe FX Review: Dollar/yen leads way in afternoon trade
   http://news.ino.com/summary/?id=25643

CREDIT

US Credit Review: Gains on weak NAPM, factory orders reports
   http://news.ino.com/summary/?id=25639
Europe Credit Review: Bonds rally as econ outlook deteriorates
   http://news.ino.com/summary/?id=25645
Japan Credit Review: June up on buybacks ahead of benchmark rollover
   http://news.ino.com/summary/?id=25647

COMMODITIES

US Futures Summary: Natural gas sinks on technical, stocks ideas
   http://news.ino.com/summary/?id=25646

EXCHANGES

Pacific Exchange to Trade Nine New Options
   http://news.ino.com/press/?release=24519
NYSE Reports Lower First Quarter Net
   http://news.ino.com/press/?release=24518
Options Clearing Corp. Elects Two New Board Members
   http://news.ino.com/press/?release=24517

____________________________________________________________________________

E X T R E M E   F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/

WINNERS

NDZ1   NASDAQ 100 Index Dec 2001                 1880.00     93.00  +4.94
PBG2   Frozen Pork Bellies Feb 2002               72.450     1.950  +2.77
CCN1   Cocoa Jul 2001                                952        21  +2.26
ZM1    U.S. Treasury 6% Bond Jun 2001          103 184/256    2 2/32  +2.03
MDU1   S&P Midcap 400 Sep 2001                    546.00      9.95  +1.86
RRU1   Rough Rice Sep 2001                         5.500     0.100  +1.85
RLU1   Russell 2000 Index Sep 2001                521.00      8.95  +1.75
XSF2   Soybeans Jan 2002                         454 1/2     7 3/4  +1.73
MVM1   Value Line Index. Mini Jun 2001           1290.50     20.00  +1.57
HON1   Heating Oil Jul 2001                       0.7695    0.0118  +1.55

LOSERS

LBU1   Random Length Lumber Sep 2001              311.00    -14.80  -4.54
NGN1   Henry Hub Natural Gas Jul 2001              3.892    -0.174  -4.28
KWN1   Wheat Jul 2001                            313 3/4        -6  -1.88
ON1    Oats Jul 2001                             110 3/4        -2  -1.77
PLN1   Platinum Jul 2001                           583.1      -9.4  -1.59
SEN1   Sugar #14 Domestic Jul 2001                 20.78     -0.31  -1.47
MWZ1   Hard Red Spring Wheat Dec 2001                341    -4 1/2  -1.30
PAM1   Palladium Jun 2001                         629.20     -8.00  -1.26
XWN1   Wheat Jul 2001                            260 1/2    -3 1/4  -1.23
SBH3   Sugar #11 World Mar 2003                     7.41     -0.09  -1.20
____________________________________________________________________________

E X T R E M E   S T O C K S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

NESY   NEON SYSTEMS                                 8.20      2.10  +33.87
CFKY   COLUMBIA FINL OF KENTUCKY                   10.98      2.76  +33.45
TOX    MEDTOX SCIENTIFIC                           12.74      2.65  +26.50
DYII   DYNACQ INTL                                 21.00      3.84  +22.44
KT     KATY INDUS                                   5.64      1.04  +22.13
HYSQ   HYSEQ INC                                   16.66      3.03  +22.12
DY     DYCOM INDUSTRIES                            19.86      3.51  +21.47
NETE   NETEGRITY INC                               38.02      6.62  +21.08
PROX   PROXIM INC                                  13.66      2.30  +20.25
TWTI   THIRD WAVE TECH                             10.30      1.64  +19.52

LOSERS

MSS    MEASUREMENT SPECIALTIES                     18.34     -6.64  -26.58
ASHW   ASHWORTH INC                                 6.55     -1.62  -20.00
EMEX   EMEX CORP                                    7.60     -1.64  -17.92
MTROA  METRO INTERNATIONAL SA CL A                  5.50     -1.25  -17.61
FMK    FIBERMARK INC                               12.20     -2.05  -14.70
TARO   TARO PHARMACEUTICAL IND                     64.22     -9.35  -12.68
MOVI   MOVIE GALLERY                               13.88     -1.79  -12.03
STEI   STEWART ENTERPRISES INC CL A                 6.96     -0.95  -12.01
MGAMW  MULTIMEDIA GAMES WRRT'A'                     9.14     -1.10  -10.95
KPN    ROYAL PTT NEDERLAND ADS                      7.10     -0.85  -10.69

FREE MANAGED FUTURES & IRA RETIREMENT KIT
http://www.ino.com/specials/icm/

$$$$   Foreign Exchange Traders! INO.com now has
$$$$   real-time cross rates, FREE online at:
$$$$   http://quotes.ino.com/exchanges/forex-cross/
_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Thank you for subscribing to the Extreme Markets Daily Digest from INO.com
( http://www.ino.com/ ). If you want to subscribe to our other email
services, or would like to modify your profile please visit
http://www.ino.com/email/.

To subscribe a friend, visit:
  http://www.ino.com/email/

To unsubscribe, visit:
  http://www.ino.com/email/remove/?email=alewis@ect.enron.com&list=evening

--
Copyright 1998-2001 INO.com. All Rights Reserved.


I am so sorry....I was really hoping you got the job.  It is tough too compete with more experience.  Sorry.
I will keep my eyes and ears open for you and see if I can find some headhunter info for you.
bye and sorry.
Holly


Hey buddy, would you check these numbers?  This is what's on our Transco
reports for the deliveries to Doyle.

Date Burn's
1
2 6050
3 206
4 4765
5
6

	From:  Jim Homco                           02/06/2001 09:13 AM

To: Chris Germany/HOU/ECT@ECT
cc:
Subject:


You try and do something nice, keep people informed and involved and it just
gets thrown back in your face.

That's okay though because, "I'm good enough, I'm smart enough and dog-gonnit
people like me."


Let's take this up when chris and I are in houston.  If pssible, I'd like to get amy's opinion.

Tim

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


Greetings:

I'll be out on vacation all next week, but will be periodically checking
voicemail and email.

Best,
Jeff


Please see message below and talk to Jeff Shields if you are interested.  He can get 2 tickets for free.

 -----Original Message-----
From: 	Shields, Jeff
Sent:	Tuesday, March 26, 2002 10:28 AM
To:	Gustafson, Mollie
Subject:	Women's NIT Championship game

Mollie,

This morning I talked to one of the Oregon Women's basketball Assistant Coaches and she asked if I would like tickets to the Women's NIT Championship game. The game is Oregon vs. Houston. It will be played tomorrow evening, Wednesday, March 27, at the UofO basketball arena (Mac Court, affectionately know as "The Pit").

I told her I would call her back. I can not attend but if someone here in the office would like me to call and see if I can tickets I will call her back. These are team tickets and I suspect they will go fast. If someone is interested I need to know how many tickets they need.

Jeff


Chris,

The attached file contains Kern data for 4th cycle 19th through the 21st and cycle 2 for the 21st.

Thanks.

Mat


Gregg,

Joel is a lawyer with Global Finance.  Since Corp will be loaning the money,
I contacted that legal group to get their buy in (they are Sarah's lawyers,
so to speak).  Anyway, I thought the change of name from enovate to enervate
is priceless.  Enervate= to weaken or destroy the strength or vitality of...

Strange choice for a company name!!!

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 11/06/2000 09:38
AM ---------------------------
From: Joel Ephross on 11/03/2000 05:43 PM
To: Kay Mann/Corp/Enron@Enron, Sarah Wesner/Corp/Enron@Enron
cc: Jordan Mintz/HOU/ECT@ECT

Subject: Ennervate

Jordan has asked me to take a look at this. Please contact me Monday morning
to discuss.  [x 5-4998]

Joel


The Payment status has changed on the following report:

Status last changed by:  System
Expense Report Name: Labor Day OT Meal
Report Total: $57.91
Amount Due Employee: $57.91
Amount Approved: $57.91
Amount Paid: $57.91
Approval Status: Approved
Payment Status: Paid

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


---------------------- Forwarded by Sara Shackleton/HOU/ECT on 12/17/99 11:48
AM ---------------------------

Sara Shackleton
12/17/99 08:58 AM
To: Rodney Malcolm/HOU/ECT@ECT
cc: Elizabeth Sager/HOU/ECT@ECT, Stuart Zisman/HOU/ECT@ECT
Subject: Merrill ISDA compared with standard ENA ISDA

Attached is a brief comparison of differences.


It has come to my attention that an incorrect transmittal letter was included
with the
e-mail sent earlier this afternoon on behalf of El Paso Natural Gas Company
with
El Paso's Opposition to Receipt of Exhibit 28 and Motion For Admission of
Alternative Exhibit 602.  The correct transmittal letter is attached to this
e-mail.
We regret any inconvenience.  Very truly yours,  Edward W. O'Neill for El
Paso Natural Gas Company

 - LTTRTOAL.DOC


If the fuel is being nominated and scheduled the only volumes hitting the OBA are the diff. between scheduled and actual and that is what the OBA's are for as long as it is not being abused.

John Buchanan

 -----Original Message-----
From: 	Blair, Lynn
Sent:	Thursday, January 03, 2002 11:08 AM
To:	Kowalke, Terry; Buchanan, John; Watson, Kimberly; Hanagriff, Richard; Schoolcraft, Darrell
Cc:	January, Steve
Subject:	RE: Sid Richardson Fuel OBA issue

	FYI.  Is everyone comfortable that we are NOT creating an imbalance with Sid
	Richardson due to fuel?  Just want to be sure we should not check out any
	additional information.  Terry, thanks for your prompt reply.  Thanks. Lynn

 -----Original Message-----
From: 	Kowalke, Terry
Sent:	Thursday, January 03, 2002 11:03 AM
To:	Blair, Lynn; Buchanan, John; Watson, Kimberly
Subject:	Sid Richardson Fuel OBA issue

In the OBA meeting held today 01/03/02. Is the fuel being nominated or not at the Sid Richardson point #500395 or L.E. 8729? Yes it is and has been nominated as far back as I can retrieve information in TMS. The point came active in 12/1995 and remains active today. It is also part of their main OBA contract #21758. According to the information in CBS it was nominated and scheduled back then also. If there is more information or questions, please let me know. Thank you.

Terry Kowalke


Hello Monika Causholli,

As per your request, please find attached a list of MPA members.

Best Regards,

Jennifer Austin
Statistician
Pulp and Paper Products Council
(514) 861-8812
jaustin@pppc.org


Fran,
 I was with 1st FSSG, 7th Eng. Bn. You can expect to be doged out since
you're such a sorry, simple bastard. I'll call you when you get back to the
states. My numbers are (w) 503-464-3926    (h) 503 233-6839. Take it easy.

Bob


----- Forwarded by Tana Jones/HOU/ECT on 05/26/2000 03:52 PM -----

	Tom Moran
	05/26/2000 03:47 PM

		 To: Frank L Davis/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT
		 cc: Tom Moran/HOU/ECT@ECT, Sheri Thomas/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/HOU/ECT@ECT, Lisa Gillette/HOU/ECT@ECT, Linda S Bryan/HOU/ECT@ECT,
Connie Sutton/HOU/ECT@ECT, Sylvia A Campos/HOU/ECT@ECT, Molly
Harris/HOU/ECT@ECT, Cynthia Clark/Corp/Enron@ENRON, Samuel
Schott/HOU/ECT@ECT, Mary G Gosnell/HOU/ECT@ECT, Enron Europe Global Contracts
and Facilities, Stephanie Sever/HOU/ECT@ECT
		 Subject: EOL / Credit / GCP Responses 5/26/00

Please find attached Credit's EOL responses for 5/26/00

Regards
tm


---------------------- Forwarded by Lorna Brennan/ET&S/Enron on 12/11/2000
12:30 PM ---------------------------

webmaster@cera.com on 12/08/2000 09:33:35 PM
To: Lorna.Brennan@enron.com
cc:

Subject: Western Market Crisis: Gas Joins Power - CERA Alert

**********************************************************************
CERA Alert: Sent Fri, December 08, 2000
**********************************************************************

Title: Western Market Crisis: Gas Joins Power
Author: CERA
E-Mail Category: Alert
Product Line: Western Energy , North American Gas ,

URL:
Western Energy Members:
http://www.cera.com/client/ce/alt/120800_18/ce_alt_120800_18_ab.html
N. American Gas Memeber:
http://www.cera.com/client/nag/alt/120800_18/nag_alt_120800_18_ab.html
*********************************************************

Western Markets Disconnect
The western energy markets are currently in a pricing
crisis. Power supply shortages and threats of system
blackouts have resurfaced this winter in California, and
spiking natural gas prices have become the latest energy
headache for the West. Gas prices along the Pacific
corridor from Kingsgate in the North to Topock in the
South have jumped to over $40.00 per MMBtu during
December after averaging over $15.00 per MMBtu through
the second half of November. Extreme weather, strong
power demand for gas, and unusually low gas storage
levels have combined to intensify the demand for
pipeline gas and have exposed a latent capacity
bottleneck in bringing gas to this far western corridor.
The result is prices that dramatically "disconnected"
from the rest of the North American gas market in a way
that is more typical of Northeast markets during the
winter.

The vulnerability to additional spikes will endure as
the demand drivers combined with weakened storage
inventories will maintain price pressure on western
price points throughout the winter. However, the recent
jumps in western gas market differentials-to more than a
$10 per MMBtu premium to the Henry Hub-should ease
somewhat with a break in the weather. Under any weather
scenario, spikes up into the $15.00-$20.00 per MMBtu
range will be a feature of winter markets along the West
Coast. On balance, we expect West Coast price
differentials to average at a $4.00-$8.00 per MMBtu
premium through winter. The spring hydroelectric runoff
season should offer the first opportunity for a break in
differentials that could drop back to more typical
levels of less than $1.00 per MMBtu.

Over the long term, increased pipeline capacity and
additional gas supply are needed to break the
vulnerability to future West Coast price spikes.
However, significant new capacity additions are still 12
to 24 months away. In the meantime-particularly this
winter-sustained high and volatile price differentials
and extremely high absolute prices at western points are
likely to draw the increased attention of state
regulators and the FERC, as winter heating demand
exposes residential customers to the direct cost of the
crisis.

Building Up to the Price Spike
The first signs of natural gas price spikes and
disconnects emerged this summer, as sharp year-over-year
increases in demand pushed pipeline utilization rates to
new highs. As pipeline capacity constraints into
California became evident, differentials in Southern
California moved up to a $1.00 per MMBtu premium to the
Henry Hub. These extremely high prices, as well as low
forward spreads, discouraged storage injections through
the summer. As a result, a strong storage position early
in the summer deteriorated rapidly from May through
July. In August a lateral on El Paso's southern system
exploded; the accident further limited pipeline capacity
into California for a two-week period. During that time,
the market drew heavily on storage inventories and
further weakened storage positions. As hydroelectric
generation declined through the summer, the price
strength extended into Northern California. Malin, which
had been pricing near parity with the Henry hub in the
summer, began trading at a $0.50 per MMBtu premium to
the Henry Hub in September. The summer and early fall
market set the stage for continued and more intense
spikes this winter. The following factors are now
driving this market:

* Continuing surges in gas demand. Gas demand levels
have remained high since early summer, driven by higher
overall demand for electricity and lower hydroelectric
output. Demand levels for the third quarter in the US
West averaged 10.7 billion cubic feet (Bcf) per day, up
from 8.7 Bcf per day during the third quarter 1999.
Persistently strong gas-fired generation production
through the fall months diverted gas to power
production, frustrating efforts to fill storage. This
pressure will continue. The year-over-year demand
increases from the power sector will be compounded, as
evidenced in November, by swings upward in residential
and commercial heating demand of 800 million cubic feet
(MMcf) per day. Overall, CERA expects nearly 1.6 Bcf per
day of increased demand in the West this winter, with
the critical California and Pacific Northwest regions
showing 1.2 Bcf per day of increased demand. Key power
sector drivers, including the strong economy, colder
weather, and lower hydroelectric generation, will
continue to push gas-fired generation.

* Pipeline utilization nears capacity. Strong western
demand for gas has pushed utilization rates on western
pipes to high levels. Flows from British Columbia into
the Northwest pipeline have remained at high levels
since summer, while flows from the Rockies on Northwest
have remained at pipeline capacity. Flows on PGT into
Kingsgate have remained at or near capacity, although
approximately 300 MMcf per day of excess capacity exists
on PGT into California at Malin. Likewise, flows out of
the Rockies on Kern River pipeline have consistently
remained at capacity. The only slack pipeline capacity
remaining for West Coast gas markets has been on
Southwest pipes. During the past few months, these
pipelines have operated at their highest utilization
rates since the addition of capacity from Canada early
last decade. The high utilization of western pipeline
capacity-reminiscent of power plant capacity constraints
that helped propel power prices to all time highs in the
West this summer-leaves very little slack capacity to
provide a relief valve for demand spikes. And that is
exactly what has driven prices during the past few weeks
(see Figure 1). Given the level of storage inventories
and expected gas demand, flows on the El Paso and
Transwestern pipelines will have to reach even higher
flow levels from December through March than they have
averaged through November.

* Deteriorating storage position. At the start of
November California storage inventories held at 154 Bcf,
a full 32 Bcf below the five-year average inventory
level. The strong in-state withdrawals during November
weakened that position to 128 Bcf; the deficit swelled
to 62 Bcf. Inventories in California have never fallen
below 60 Bcf, so deliverability through the end of
winter is likely less than 700 MMcf per day. Storage
inventories in California are so low that utilities'
ability to balance withdrawals from storage with
purchases from demand-sensitive price points is severely
limited. If the cold weather blast anticipated for mid-
December materializes, this effort at balance will be
even further compromised for the remainder of winter
(see Figure 2).

* Short-term contracting. A significant amount of
western gas is purchased or indexed to the spot market.
A shift from term contracts for both gas and pipeline
capacity to spot transactions-in many cases in response
to gas and power industry deregulation-has left the West
much more exposed to spot market volatility. In other
areas of the country, utilities have significant firm
pipeline capacity extending from supply regions to the
citygate and/or have forward purchased gas (at previous
and lower prices) for at least some portion of their
winter supplies. As a result, unlike in eastern markets,
a much larger proportion of the supply portfolio of
California utilities will be exposed to the current
price spikes.

* No alternatives. A lack of fuel-switching capability
prevents a meaningful demand response to higher gas
prices. Power prices continue to move in lockstep with
the increase in gas prices. Not surprisingly, gas prices
pushed the cost of gas-fired generation beyond the
Federal Energy Regulatory Commission's (FERC's) proposed
price cap of $150 per megawatt-hour, setting the stage
for a reassessment of this price limit. A small and
declining portion of power generators are liquid fuel
capable. Significantly, air emissions restrictions-
already plaguing power markets with much higher
emissions credit costs this year-will make any further
switching to liquid fuels in the crucial California
market highly unlikely this winter. A recent meeting of
the South Coast Air Quality Management District, which
has jurisdiction over the Los Angeles area, concluded
with no relief granted to generators running short of
emissions credits.

Market Forces Unite for Price Spikes During November
The first cold weather-related demand spike demonstrated
the combined power of these forces and the vulnerability
of the western markets. A cold weather system in mid-
November brought temperatures averaging 47 percent
colder than normal-the temperatures actually averaged 14
percent colder than a normal January week-and provided
the additional demand boost that taxed the gas delivery
systems on the West Coast. Capacity constraints on
moving gas into California that appeared during the
summer extended north into the Pacific Northwest as
heating loads climbed. This core demand compounded the
effects of continued strong demand for gas for power
generation.

The high power demand was the result of the intersection
of the annual low point for hydroelectric generation and
a series of planned and unplanned nuclear and coal power
plant outages. Gas demand in the US West during the last
two weeks of November was boosted to approximately 15.5
Bcf per day, driven by heating demand increases of 2.8
Bcf per day above normal levels and power plant outage-
related demand increases of 1.0 Bcf per day.

These demand spikes caused buyers-already dependent on
the spot market-to bid citygate prices to record high
levels through the last two weeks of November and into
December. Since demand outstripped supply, prices rose
dramatically at all western price points, and flows of
natural gas to western markets increased over high
summer levels. Citygate prices surged beyond $40.00 per
MMBtu on daily spot markets and averaged nearly $15.00
per MMBtu for December bidweek at Topock. Daily spot gas
prices have reflected imbalance penalty prices in many
western market regions.

West Coast to Remain Disconnected Through the Winter
Although the week of November 13 could prove to be the
peak demand week in the West this winter, CERA does not
expect any significant retreat in gas prices on the West
Coast any time soon. Storage inventories are so low that
the ability to beat back demand spikes with high storage
withdrawals is not an option for gas utilities.
Generators, which already rely heavily on the spot
market for supplies, are faced with a bidding war for
scarce supplies. Colder-than-normal weather would likely
keep West Coast prices in the $20.00-$40.00 per MMBtu
range. More normal weather would allow a slow decline
from current levels of over $20.00 per MMBtu down into
the $15.00-$20.00 per MMBtu range. However, the storage
situation and underlying demand strength mean that any
return to a lower pricing range is unlikely until early
January.

This winter will prove a critical test for western gas
markets, and the end of the heating season will likely
provide the first opportunity for lower price levels in
the West Coast market. As heating loads diminish
significantly in March and storage deliverability is no
longer a critical issue, premiums should retreat back
into the $1.00-$2.00 per MMBtu range. As hydroelectric
generation begins to increase, the pressure could
subside even further, but storage injections during the
spring shoulder season will likely limit price declines
even during the spring.

The Unique Vulnerability of the Pacific Northwest
The West Coast price pressure is not limited to
California. High demand in the Pacific Northwest (and
more indirectly in California) will keep upward pressure
on prices from Sumas to Stanfield. Northwest pipeline
capacity from the Rockies was already fully utilized at
the onset of the cold weather and even so can only
provide gas so far into the Pacific Northwest. The
combined California and Pacific Northwest demand pushed
Stanfield up in spite of the limited volumes that are
bidirectional there. The only supply source for the load
centers in southern British Columbia and even more so in
northern Pacific Northwest (such as Seattle) are from
Westcoast at Sumas. The Westcoast mainline from the
producing fields in Northeast British Columbia has also
been operating at capacity. The same bidding forces felt
in California have been evident at these western
Canadian price points, pushing Sumas prices into the
$20s per MMBtu. These forces will persist, keeping Sumas
at a premium to AECO over the winter-and in much closer
relationship to California prices.

Customer Response:  Another Log on the Backlash Bonfire
With power plants and gas utilities paying the current
high spot prices, consumers' bills from Vancouver to San
Diego will ultimately reflect these high commodity
prices. The gas industry has been preparing for rate
shock this winter, warning regulators and customers
alike. However, the price spikes in the West and the
sustained premiums in western markets move beyond
alarming. Capacity holders are reaping significant
rewards for their investments in capacity positions,
resulting in a substantial transfer of wealth from
consumers to capacity holders. Market power and market
gaming accusations that have hit the power markets will
find easy application in their gas market counterpart
(no matter what their merits). Some level of
investigation into the natural gas markets during or
following this challenging winter should be expected. As
has occurred in the power markets, this will now turn
attention to gas purchasing practices, particularly in
California. The likely outcome of this process will be a
shift away from the heavy reliance on spot purchases
toward a more flexible portfolio approach.

**end**

Follow URL for PDF version of this Alert with associated graphics.

*********************************************************
Come Shoot the Rapids with us at CERAWeek2001, "Shooting the Rapids:
Strategies and Risks for the Energy Future" in Houston, February 12-16,
2001!  For more information and to register, please visit
http://www.cera.com/ceraweek/
*********************************************************

**********************************************************************
This electronic message and attachments, if any, contain information
from Cambridge Energy Research Associates, Inc. (CERA) which is
confidential and may be privileged. Unauthorized disclosure, copying,
distribution or use of the contents of this message or any attachments,
in whole or in part, is strictly prohibited.

Terms of Use: http://www.cera.com/tos.html
Questions/Comments: webmaster@cera.com
Copyright 2000. Cambridge Energy Research Associates


Would one of you guys have the info Jim mentions in his first sentence?
 -----Original Message-----
From: 	Steffes, James D.
Sent:	Tuesday, October 09, 2001 6:55 PM
To:	Williams, Robert C.; Shapiro, Richard; Dasovich, Jeff; Mara, Susan; Sharp, Vicki; 'mday@gmssr.com'; 'jbennett@gmssr.com'; 'jklauber@llgm.com'
Subject:	RE: Proposal Seeking Settlement with SCE

Need to also include the moneys owed to Enron and its affiliates related to the wholesale power transactions.  We should also seek to clarify the language about us supporting the PE Advice Letter proposal on going-forward.

Jim

 -----Original Message-----
From: 	Williams, Robert C.
Sent:	Tuesday, October 09, 2001 2:54 PM
To:	Steffes, James D.; Shapiro, Richard; Dasovich, Jeff; Mara, Susan; Sharp, Vicki; 'mday@gmssr.com'; 'jbennett@gmssr.com'; 'jklauber@llgm.com'
Subject:	Proposal Seeking Settlement with SCE

Please see the attached draft.  The purpose of this document would be to get management approval for a settlement along the lines indicated.

         << File: SCE Settlement 10-9-01--2.doc >>


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

F O R

May 4, 2001 5:00pm through May 7, 2001 12:00am
------------------------------------------------------------------------------
------------------------

SCHEDULED SYSTEM OUTAGES:

ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

AZURIX: No Scheduled Outages.

EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

EDI SERVER: No Scheduled Outages.

ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages

ENRON NORTH AMERICAN LANS:
Impact:  ENS
Time:  Fri 5/4/2001 at  9:00:00 PM CT thru Fri 5/4/2001 at  10:00:00 PM CT
 Fri 5/4/2001 at  7:00:00 PM PT thru Fri 5/4/2001 at    8:00:00 PM PT
 Sat 5/5/2001 at 3:00:00 AM London thru Sat 5/5/2001 at  4:00:00 AM London
Outage:  Consolidation Of Networks
Environments Impacted:  ENA
Purpose: Consolidating Network Equipment. Moving networks 172.16.48.20,
172.16.136.20, 172.16.51.20, and 172.16.194.20
                           from 3460 to 3405.
Backout:
Contact(s):  George Nguyen    713-853-0691

Impact:  CORP
Time:  Sat 5/5/2001 at  1:00:00 PM CT thru Sat 5/5/2001 at  7:15:00 PM CT
 Sat 5/5/2001 at  11:00:00 AM PT thru Sat 5/5/2001 at  5:15:00 PM PT
 Sat 5/5/2001 at  7:00:00 PM London thru Sun 5/6/2001 at  1:15:00 AM London
Outage:  Migrating EES VLANs from EB3405-cx11 and EB3405-cx12 to EB3405-cx13
and EB3405-cx14
Environments Impacted:  EES
Purpose: Off-load CPU usage onto current EB3405-CX13 and EB3405-CX14;
increase throughput and redundancy.
Backout: Remove EB3405-CX13 and EB3405-CX14.
Replace original access-links connecting HOUCX1 and HOUCX2 back to
EB3405-CX11 and EB3405-CX12.
Contact(s):  Michael Huang  713-875-2478  877-692-2751

Impact:  ENS
Time:  Fri 5/4/2001 at  10:30:00 PM CT thru Sat 5/5/2001 at  12:00:00 AM CT
 Fri 5/4/2001 at    8:30:00 PM PT thru Fri   5/4/2001 at  10:00:00 PM PT
 Sat 5/5/2001 at 4:30:00 AM London thru Sat 5/5/2001 at  6:00:00 AM London
Outage:  Migrating Networks Off Cisco 3 and Cisco 4
Environments Impacted:  ENA
Purpose: Migration of Networks Off Legacy Cisco Boxes
Backout:
Contact(s):  George Nguyen    713-853-0691

FIELD SERVICES:  No Scheduled Outages.

INTERNET: No Scheduled Outages.

MESSAGING:
Impact:  Corp Notes
Time:  Fri 5/4/2001 at  9:00:00 PM CT thru Sat 5/5/2001 at   1:00:00 AM CT
 Fri 5/4/2001 at  7:00:00 PM PT thru Fri 5/4/2001 at   11:00:00 PM PT
 Sat 5/5/2001 at  3:00:00 AM London thru Sat 5/5/2001 at  7:00:00 AM London
Outage:  cNotes Server Reboots
Environments Impacted:  All users on any of the mailservers listed below
Purpose: Scheduled @ 2 week interval
Backout: Make sure server comes up.
Contact(s):  Trey Rhodes  (713) 345-7792

Impact:  EI
Time:  Fri 5/4/2001 at  9:00:00 PM CT thru Sat 5/5/2001 at  1:00:00 AM CT
 Fri 5/4/2001 at  7:00:00 PM PT thru Fri 5/4/2001 at   11:00:00 PM PT
 Sat 5/5/2001 at  3:00:00 AM London thru Sat 5/5/2001 at  7:00:00 AM London
Outage:  EI Notes Server Maintenance
Environments Impacted:  EI Local/Domestic/Foreign Sites
Purpose: Scheduled @ 2 week interval
Backout: N/A
Contact(s):  David Ricafrente    713-646-7741

MARKET DATA: No Scheduled Outages.

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS:
Impact:  Corp, OTS, ETS
DATE:  MAY 15, 2001/2/2001 at  5:30:00 PM
Outage:  Migrate DSS Server to GTHOU-APPSQ03P
Environments Impacted:  DSS users will not be able to access the old server
(ENEDS01_ADAPT)after this date
Purpose: The existing server is outdated, migrating to SQL 2000 provides
increased
functionality and conforms to database platform requirements.
Backout:
Contact(s):  Mary Vollmer          713-853-3381
  Joe Hellsten           713-853-7346      713-545-4164

Impact:  EBS
Time:  Fri 5/4/2001 at  8:00:00 PM CT thru Fri 5/4/2001 at  10:00:00 PM CT
 Fri 5/4/2001 at  6:00:00 PM PT thru Fri 5/4/2001 at    8:00:00 PM PT
 Sat 5/5/2001 at  2:00:00 AM London thru Sat 5/5/2001 at  4:00:00 AM London
Outage:  EIGRP Integration - EBS and ENW
Environments Impacted:  All
Purpose: The EBS network is being integrated into the ENW network. As part of
the integration, we will need to bring up EIGRP process 5 on the EBS
networking devices. This is the first step in the routing integration. Since
ENW is already static routing 10.0.0.0/8 to EBS and EBS is static routing
172.16.0.0/12 and 192.168.0.0/16 to ENW, the impact should be nil.
Backout: Remove eigrp process 5 from iah-ecn44-rtr3.enron.net
Contact(s):  Dennis McGough    713-345-3143
  Scott Shishido
713-853-9780
Impact:  CORP
Time:  Sat 5/5/2001 at  12:00:00 AM CT thru Sat 5/5/2001 at  1:00:00 AM CT
 Fri  5/4/2001 at  10:00:00 PM PT thru Fri 5/5/2001 at  11:00:00 PM PT
 Sat 5/5/2001 at  6:00:00 AM London thru Sat 5/5/2001 at  7:00:00 AM London
Outage:  Elvis webserver maintenance.
Environments Impacted:  Internet Web pages.
Purpose: Physically stabilize the server in the rack.
Backout: Leave server on shelf unracked
reboot the server
Contact(s):  Malcolm Wells    713-345-3716

Impact:  CORP
Time:  Fri 5/4/2001 at  6:00:00 PM CT thru Fri 5/4/2001 at  8:00:00 PM CT
 Fri 5/4/2001 at  4:00:00 PM PT thru Fri 5/4/2001 at  6:00:00 PM PT
 Sat 5/5/2001 at  12:00:00 AM London thru Sat 5/5/2001 at  2:00:00 AM London
Outage:  ClearCase Patch
Environments Impacted:  Corp
Purpose: This patch will resolve several issues involving the MVFS (ClearCase
file system.)
Backout: Remove the patch
Contact(s):  Troy Beyer  713.345.8316  713.406.1782

SITARA:  No Scheduled Outages.

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY: No Scheduled Outages

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:  No Scheduled Outages.

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

(713) 853-1411   Enron Resolution Center

Specific Help:
Information Risk Management   (713) 853-5536
SAP/ISC
        (713) 345-4727
Unify On-Call      (713) 284-3757  [Pager]
Sitara On-Call     (713) 288-0101  [Pager]
RUS/GOPS/GeoTools/APRS   (713) 639-9726  [Pager]
OSS/UA4/TARP    (713) 285-3165  [Pager]
CPR      (713) 284-4175  [Pager]
EDI Support      (713) 327-3893  [Pager]
EES Help Desk     (713)853-9797 OR (888)853-9797


FYI...   -Craig

>  -----Original Message-----
> From: 	Briggs, David [mailto:David.Briggs@XCELENERGY.COM]
> Sent:	Monday, November 26, 2001 7:22 AM
> Subject:	Imbalance restrictions lifted
>
> November 26th, 2001
>
> ATTENTION ALL SHIPPERS/NOMINATING AGENTS AND PLANT OPERATORS:
>
> Imbalance restrictions lifted
>
> The restriction on nominations in excess of projected usage and imbalance
> payback gas has been lifted effective Gas Day November 27th.  Therefore,
> effective immediately, you can schedule additional volumes through the end
> of the month if you are in a current-month under-delivered position, or
> wish to schedule prior period imbalance payback gas.
>
> We appreciate your assistance, particularly during these shoulder months
> when scheduling the appropriate volumes of gas can be challenging.
>
>
> Sincerely,
> Lori Van West
> Senior Account Representative
>
>
>
> David Briggs - Xcel Energy
> Project Administrator
> Certified Web Designer
> Phone: (303) 571-7812
>      Fax: (303) 571-7001
>  Email: David.Briggs@Xcelenergy.Com
>
>  <<...OLE_Obj...>>


Please add the following demand charges to the manual invoice.

Transport Demand $2,512,347.00
Sched Fee  $20,000.00

I may have included the scheduling fee in the manual invoice.


Eugenio,

Thanks for the invitation. Can we reschedule the dinner?

I shall be in San Antonio on Friday.

Vince

From: Eugenio Perez/ENRON@enronXgate on 04/04/2001 03:58 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Dinner

I spoke to my wife, and we would be happy to have you over for dinner on
Friday the 20th.

Are there any foods that you avoid?

Eugenio


Attached is the Management Report for Feb. 23, 2000.

External Trading

 Total  23-Feb-00  To Date

 Number of Transactions   945   33,306
 Gross Notional Value $   274,998,904   10,682,390,261

 Revenue from Physical flows to date ($)    353,515,602

 Number of New Counterparties transacting today    1
 Number of Counterparties having transacted to date    222

 N.A. Gas

 Number of Transactions   777   27,570
 Volume of Transactions (mmbtu's)   177,902,551   5,490,971,953
 Gross Notional Value $   216,536,219   8,650,837,590

 UK Gas

 Number of Transactions   53   1,821
 Volume of Transactions (mmbtu's)   7,697,500   227,914,000
 Gross Notional Value $   16,108,460   456,186,752

 Belgium Gas

 Number of Transactions   -     75
 Volume of Transactions (mmbtu's)   -     15,555,000
 Gross Notional Value $   -     30,465,447

 U.S. Power

 Number of Transactions   88   2,793
 Volume of Transactions (MWh's)   653,358   21,701,734
 Gross Notional Value $   28,310,450   763,720,210

 UK Power

 Number of Transactions   5   143
 Volume of Transactions (MWh's)   290,400   6,213,313
 Gross Notional Value $   11,293,207   242,721,589

 Swiss Power

 Number of Transactions   1   23
 Volume of Transactions (MWh's)   2,217   40,176
 Gross Notional Value $   36,427   895,762

 German Power

 Number of Transactions   12   143
 Volume of Transactions (MWh's)   62,300   1,167,538
 Gross Notional Value $   1,080,552   22,072,732

 Spanish Power

 Number of Transactions   1   4
 Volume of Transactions (MWh's)   2,074,248   11,679,402
 Gross Notional Value $   48,001   456,704

 Norwegian Power

 Number of Transactions   1   87
 Volume of Transactions (MWh's)   14,520   1,570,224
 Gross Notional Value $   250,459   23,027,903

 Crude & Products

 Number of Transactions   1   233
 Volume of Transactions (BBl's)   150,000   25,767,697
 Gross Notional Value $   79,500   352,893,001

 Petchems

 Number of Transactions   -     33
 Volume of Transactions    -     288,000
 Gross Notional Value $   -     30,272,900

 LPG

 Number of Transactions   3   158
 Volume of Transactions (BBl's)   40,000   1,832,000
 Gross Notional Value $   1,255,000   62,750,000

 U.S. Coal

 Number of Transactions   -     73
 Volume of Transactions (st)   -     2,033,325
 Gross Notional Value $   -     25,548,683

 U.S. Pulp & Paper

 Number of Transactions   -     4
 Volume of Transactions (st)   -     2,550
 Gross Notional Value $   -     1,500,750

 Emmissions

 Number of Transactions   -     58
 Volume of Transactions   -     145,000
 Gross Notional Value $   -     18,982,650

 U.S. Weather

 Number of Transactions   1   88
 Volume of Transactions    1   93
 Gross Notional Value $   165   57,590

 UK Weather

 Number of Transactions   2   11
 Volume of Transactions    2   11
 Gross Notional Value $   464   3,061

 Number of Users Logging onto EnronOnline:
 External Users with Execution rights    792
 External Users with No Execution Rights    78

 Internal Trading
 23-Feb-00  To Date
 Gas

 Number of Transactions   70   2,224
 Volume of Transactions (mmbtu's)   34,051,919   889,423,104
 Gross Notional Value $   52,765,175   1,507,104,120

 Power

 Number of Transactions   8   40
 Volume of Transactions (MWh's)   22,627   463,068
 Gross Notional Value $   683,692   16,163,275

 Coal

 Number of Transactions   -     -
 Volume of Transactions (st)   -     -
 Gross Notional Value $   -     -

 Emmissions

 Number of Transactions   -     -
 Volume of Transactions (st)   -     -
 Gross Notional Value $   -     -

 Total

 Number of Transactions   78   2,264
 Gross Notional Value $   53,448,867   1,523,267,395

Reagards

Louise


The following are the NEW (**) and significantly UPDATED (*) items on this
report:

IOWA
*  HF 2247 - Pipeline construction land restoration - repeal of exemption
-Passed House, sent to Senate

KANSAS
*  SB 571 - Pipeline tax to fund producer Kansas ad valorem tax refunds -
Hearing and meeting set for Mar. 13th

MINNESOTA
*  E,G999/DI-99-1073 - MN DOC investigation into energy restructuring -
Workshops - NNG filed comment letter

WISCONSIN
*  6650-CG-194 - Wisconsin Gas Co. Guardian lateral project - NNG filed
objection to ALJ ruling on party status


Sally -

We didn't really cover the role you intended to play with EES and EBS as far
as Doorstep is concerned when we met with Causey/Buy.  (Or I just can't
remember.) May we include EES and EBS in the scope of our one Doorstep
project, and continue to work with Shona, also coordinating with Wanda and
Barry when EES and EBS are involved?  Things like the event below might make
us re-consider our need to visit "origination" offices.  I don't think this
office was on any of our lists.

Cassandra.
---------------------- Forwarded by Cassandra Schultz/NA/Enron on 01/02/2001
02:44 PM ---------------------------

	From:  Vladimir Gorny @ ECT                           01/02/2001 02:35 PM

To: Cassandra Schultz/NA/Enron@Enron, David Port/Market
Risk/Corp/Enron@ENRON, Ted Murphy/HOU/ECT@ECT
cc:

Subject: Bankruptcy

LTV Steel, a counterparty of Clinton Gas, which is a subsidiary of EES went
bankrupt. EES exposure is ~$6 million. This transaction has not been approved
by the Credit group and it seems that they have little clue about Enron's
processes and procedures. I believe Clinton Gas is located in Dublin, Ohio
and suggest that it be included on the Door Step list.

Vlady.


Congratulations on your promotion to Managing Director.  It is wonderful to
see your contributions recognized in that way!  --Sally


I just don't know how many questions they can come up with.   I've quit
predicting.

Kay

From: Roseann Engeldorf on 11/27/2000 03:55 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Re: Weekly GE Conference Call

Yikes. Yep, that looks like it about covers it.  Any chance we will get any
kind of sign-off on the consent, do you think?

Rose


This sucks.  Don't mention this to any potential Enron new-hires.  Pay particular attention to what today is.

 -----Original Message-----
From: 	Black, Tamara Jae
Sent:	Monday, October 15, 2001 2:22 PM
To:	/o=ENRON/ou=NA/cn=Recipients/cn=notesaddr/cn=a478079f-55e1f3b0-862566fa-612229; Abler, William; Aggarwal, Anubhav; Allen, Diana; Arora, Harry; Bailey, Debra; Ballato, Russell; Ballinger, Ted; Baughman Jr., Don; Benchluch, Moises; Benjelloun, Hicham; Benson, Robert; Bentley, Corry; Black, Tamara Jae; Blaine, Jay; Bolt, Laurel; Broderick, Paul J.; Broussard, Richard; Burnett, Lisa; Campbell, Larry F.; Capasso, Joe; Carson, Mike; Chen, Alan; Choate, Jason; Cline, Kevin; Collins, Dustin; Comeaux, Keith; Coulter, Kayne; Davis, Mark Dana; Day, Smith L.; Dean, Clint; Decook, Todd; Emesih, Gerald; Errigo, Joe; Forney, John M.; Freije, William; Garcia, Miguel L.; Gilbert, Gerald; Gilbert-smith, Doug; Giron, Gustavo; Greer, Andrew; Gualy, Jaime; Guerra, Claudia; Gulmeden, Utku; Gupta, Gautam; Ha, Amie; Hanse, Patrick; Hernandez, Juan; Imai, Rika; Ingram, David; Jenkins IV, Daniel; Kaniss, Jason; King, Jeff; Kinser, John; Larkworthy, Carrie; Laurent, Dean; Laverell, Justin; Lenartowicz, Chris; Lorenz, Matt; Lotz, Gretchen; Lowell, Thomas; Mack, Iris; Mahajan, Ashish; Makkai, Peter; Marquez, Mauricio; Maskell, David; May, Tom; McElreath, Alexander; Miller, Jeffrey; Oh, Seung-Taek; Olinde Jr., Steve; Pace, Andy; Padron, Juan; Pan, Steve; Philip, Willis; Podurgiel, Laura; Poppa, John D.; Presto, Kevin M.; Quenet, Joe; Rawal, Punit; Rodriquez, Andy; Rogers, Benjamin; Rust, Bill; Ryan, David; Saibi, Eric; Schiavone, Paul; Schneider, Bryce; Seely, Michael; Serio, Erik; Shoemake, Lisa; Simpson, Erik; Stalford, Robert; Stepenovitch, Joe; Sturm, Fletcher J.; Symms, Mark; Tamma, Ramanarao; Thomas, Paul D.; Trejo, Reese; Valdes, Maria; Vernon, Clayton; Wang, Steve; Williams, Ryan; Willis, Cory; Zipperer, Mike; Baughman, Edward D.; Clynes, Terri; Dalton III, Oscar; Kelly, Mike E.; Sewell, Doug; Valderrama, Larry
Subject:	Breakfast/Lunch/Snacks

Please be advised that starting October 29th we will no longer provide meals for the group.  Due to security and limited space for the new building we will have to stop the snacks and water as well.  The new building will have filtered water and soft drinks.  Please be patient, and for the next two weeks the menu will be as follows:

Monday		10/15		Wall Street Deli
Tuesday	10/16		Treebeards
Wednesday	10/17		New York Pizzeria (Pizza)
Thursday 	10/18		Wall Street Deli
Friday      	10/19		ON YOUR OWN

Monday		10/22		Wall Street Deli
Tuesday	10/23		Ninfa's
Wednesday	10/24		New York Pizzeria (Pizza)
Thursday	10/25		Wall Street Deli
Friday		10/26		ON YOUR OWN

Please let me know if you have any questions.  Thanks for your understanding in this matter.

T.Jae Black
East Power Trading
Assistant to Kevin Presto
off. 713-853-5800
fax 713-646-8272
cell 713-539-4760