i do....
i'm leaving for h-town right now.
i will be done w/ rehearsal dinner around 9 or so.
i'll call you.
have a good day.
-cori:)

> i will be in town.  i have a dinner to go to at 6:30,
but i am going out
> after that.  you should give me a call.  i think you
have my cell phone
> number right?
>
> >  -----Original Message-----
> > From: 	ccates@mail.lbjs.com@ENRON
> > [mailto:IMCEANOTES-
ccates+40mail+2Elbjs+2Ecom+40ENRON@ENRON.com]  On
> > Behalf Of Cori Cates <ccates@mail.lbjs.com>
> > Sent:	Thursday, May 31, 2001 2:36 PM
> > To:	Lenhart, Matthew
> > Subject:	RE:
> >
> > i haven't even thought about it...but yea- i bet we
do
> > go out.  will you still be in town?
> >
> >
> >
> >
> > > i went to denver east.  have you heard of it?  i
> > haven't heard of your
> > > friends that work here.  i like working here.  it
is
> > pretty exciting on
> > > the trading floor.  are you guys going out
tomorrow
> > night after the
> > > rehersal dinner.
> > >
> > > >  -----Original Message-----
> > > > From: 	ccates@mail.lbjs.com@ENRON
> > > > [mailto:IMCEANOTES-
> > ccates+40mail+2Elbjs+2Ecom+40ENRON@ENRON.com]  On
> > > > Behalf Of Cori Cates <ccates@mail.lbjs.com>
> > > > Sent:	Thursday, May 31, 2001 12:29 PM
> > > > To:	Lenhart, Matthew
> > > > Subject:	RE:
> > > >
> > > > i dont hate it.  i'm just tired of it.
> > > > what school in denver?  do you like working @
enron?
> > > > do you know a john franklin or sonya there?
> > > >
> > > >
> > > >
> > > >
> > > >
> > > >
> > > > > i went to high school in denver.  i have only
> > lived
> > > > here for 2 years.
> > > > > no wonder you hate houston.  there is nothing
up
> > in
> > > > north houston.
> > > > >
> > > > > >  -----Original Message-----
> > > > > > From: 	ccates@mail.lbjs.com@ENRON
> > > > > > [mailto:IMCEANOTES-
> > > > ccates+40mail+2Elbjs+2Ecom+40ENRON@ENRON.com]
On
> > > > > > Behalf Of Cori Cates <ccates@mail.lbjs.com>
> > > > > > Sent:	Thursday, May 31, 2001 10:25 AM
> > > > > > To:	Lenhart, Matthew
> > > > > > Subject:	RE:
> > > > > >
> > > > > > hey-
> > > > > > i grew up in north houston (around the
woodlands
> > > > area)
> > > > > > i've only live here for 2 years.  where did
you
> > go
> > > > to
> > > > > > high school?
> > > > > >
> > > > > >
> > > > > >
> > > > > >
> > > > > > > i live inside the loop here and usually
don't
> > > > leave
> > > > > > unless i have to
> > > > > > > golf.  outside of the loop is pretty ugly.
> > which
> > > > > > part of houston did
> > > > > > > you grow up in?
> > > > > > >
> > > > > > > >  -----Original Message-----
> > > > > > > > From: 	ccates@mail.lbjs.com@ENRON
> > > > > > > > [mailto:IMCEANOTES-
> > > > > >
ccates+40mail+2Elbjs+2Ecom+40ENRON@ENRON.com]
> > On
> > > > > > > > Behalf Of Cori Cates
<ccates@mail.lbjs.com>
> > > > > > > > Sent:	Wednesday, May 30, 2001 3:17 PM
> > > > > > > > To:	Lenhart, Matthew
> > > > > > > > Subject:	RE:
> > > > > > > >
> > > > > > > > no i do not work for strip clubs!!!
> > > > > > > > our 'in house' production department
makes
> > > > > > comercials
> > > > > > > > for advertising companies; i.e. clubs,
> > > > bars....and i
> > > > > > > > did the voice work for them!  h-town IS
the
> > > > armpit
> > > > > > of
> > > > > > > > america.  i know, i've lived there all
my
> > > > life.  you
> > > > > > > > cannot say it isn't dirty. especially
after
> > you
> > > > see
> > > > > > a
> > > > > > > > beautiful clean place like austin. but
i'm
> > glad
> > > > to
> > > > > > know
> > > > > > > > that there are people who still love
houston
> > > > too.
> > > > > > > >
> > > > > > > > what's my stripper name?!! nice.
> > > > > > > > -cori
> > > > > > > >
> > > > > > > >
> > > > > > > >
> > > > > > > >
> > > > > > > >
> > > > > > > > > you think houston is the armpit of the
> > > > world?  i
> > > > > > love
> > > > > > > > it hear.  the
> > > > > > > > > weather sucks in the summer, but other
> > than
> > > > that
> > > > > > it
> > > > > > > > is a blast.  so you
> > > > > > > > > do work for strip clubs huh?  that is
> > > > interesting.
> > > > > > > > what is your
> > > > > > > > > stripper name?
> > > > > > > > >
> > > > > > > > > >  -----Original Message-----
> > > > > > > > > > From:
	ccates@mail.lbjs.com@ENRON
> > > > > > > > > > [mailto:IMCEANOTES-
> > > > > > > >
> > ccates+40mail+2Elbjs+2Ecom+40ENRON@ENRON.com]
> > > > On
> > > > > > > > > > Behalf Of Cori Cates
> > <ccates@mail.lbjs.com>
> > > > > > > > > > Sent:	Wednesday, May 30, 2001
10:33 AM
> > > > > > > > > > To:	Lenhart, Matthew
> > > > > > > > > > Subject:	RE:
> > > > > > > > > >
> > > > > > > > > >
> > > > > > > > > > hey there- how's it goin?
> > > > > > > > > >
> > > > > > > > > > 4th st. is sort-of away from all the
> > college
> > > > > > > > > > crowd...it's pretty cool, i like it.
> > if you
> > > > > > were
> > > > > > > > to go
> > > > > > > > > > to 6th. 'the library' & 'the
aquarium'
> > are
> > > > good
> > > > > > > > > > places. 'touche' is also pretty cool
> > > > (flaming
> > > > > > > > dr.pepper
> > > > > > > > > > gimick).
> > > > > > > > > > i work at 'lbjs broadcasting' there
are
> > six
> > > > > > radio
> > > > > > > > > > stations in the building. i work
> > > > specifically
> > > > > > for
> > > > > > > > > > 101X.  it is an alternative rock
> > station.  i
> > > > > > also
> > > > > > > > make
> > > > > > > > > > some commercials; if you listen to
the
> > radio
> > > > > > here-
> > > > > > > > > > that's me talking on
the 'showpalace'
> > > > & 'expose'
> > > > > > > > > > commercials.- yes- they are strip
clubs.
> > (no
> > > > > > > > > > affiliation) it also airs on 93.7fm.
> > > > > > > > > > how's it goin in the arm-pit of
america?
> > > > > > > > > > -cori:)
> > > > > > > > > >
> > > > > > > > > >
> > > > > > > > > >
> > > > > > > > > >
> > > > > > > > > >
> > > > > > > > > > > i forgot you had a wedding.  i
don't
> > go
> > > > up to
> > > > > > > > austin
> > > > > > > > > > all that much.  i
> > > > > > > > > > > usually stay down here and go out.
> > where
> > > > do
> > > > > > you
> > > > > > > > work
> > > > > > > > > > up there again?  i
> > > > > > > > > > > am sure you told me, but i forgot.
> > where
> > > > are
> > > > > > the
> > > > > > > > > > good places to hang
> > > > > > > > > > > out?  is it 4th st?
> > > > > > > > > > >
> > > > > > > > > > > >  -----Original Message-----
> > > > > > > > > > > > From:
> > 	ccates@mail.lbjs.com@ENRON
> > > > > > > > > > > > [mailto:IMCEANOTES-
> > > > > > > > > >
> > > > ccates+40mail+2Elbjs+2Ecom+40ENRON@ENRON.com]
> > > > > > On
> > > > > > > > > > > > Behalf Of Cory Cates
> > > > <ccates@mail.lbjs.com>
> > > > > > > > > > > > Sent:	Tuesday, May 29, 2001
> > 3:53 PM
> > > > > > > > > > > > To:	Lenhart, Matthew
> > > > > > > > > > > > Subject:	RE:
> > > > > > > > > > > >
> > > > > > > > > > > > i was kidding about your
> > > > friends...besides-
> > > > > > i
> > > > > > > > > > > > definately do not have room to
talk.
> > > > > > > > > > > > i guess you didn't remember, i
have
> > > > > > a "wedding"
> > > > > > > > on
> > > > > > > > > > > > saturday?  i have to be in h-
town on
> > > > fri.
> > > > > > for
> > > > > > > > the
> > > > > > > > > > > > rehearsal.  sucks. you'll have
fun
> > > > though-
> > > > > > do
> > > > > > > > you
> > > > > > > > > > come
> > > > > > > > > > > > to austin a lot?  next time i'm
in
> > > > houston
> > > > > > will
> > > > > > > > > > > > probably be father's day.
> > > > > > > > > > > >
> > > > > > > > > > > > i've had just about enough of
this
> > place
> > > > > > for one
> > > > > > > > > > day,
> > > > > > > > > > > > so i'm going home now...
> > > > > > > > > > > > have a good day
> > > > > > > > > > > > -cori:)
> > > > > > > > > > > >
> > > > > > > > > > > >
> > > > > > > > > > > >
> > > > > > > > > > > >
> > > > > > > > > > > >
> > > > > > > > > > > > > my friends are liars.  this
past
> > > > weekend
> > > > > > was
> > > > > > > > an
> > > > > > > > > > > > anomaly.  it isn't bad
> > > > > > > > > > > > > to go out and party like a
rock
> > star
> > > > every
> > > > > > > > now and
> > > > > > > > > > > > then.  i will be in
> > > > > > > > > > > > > austin this saturday night, so
> > maybe
> > > > we
> > > > > > can
> > > > > > > > get
> > > > > > > > > > > > together in austin.  we
> > > > > > > > > > > > > will probably be at it pretty
hard
> > > > > > again.  i
> > > > > > > > have
> > > > > > > > > > a
> > > > > > > > > > > > friend coming in
> > > > > > > > > > > > > from new orleans so he will
want
> > to
> > > > hit
> > > > > > 6th
> > > > > > > > > > street.
> > > > > > > > > > > > >
> > > > > > > > > > > > > >  -----Original Message-----
> > > > > > > > > > > > > > From:
> > > > 	ccates@mail.lbjs.com@ENRON
> > > > > > > > > > > > > > [mailto:IMCEANOTES-
> > > > > > > > > > > >
> > > > > >
ccates+40mail+2Elbjs+2Ecom+40ENRON@ENRON.com]
> > > > > > > > On
> > > > > > > > > > > > > > Behalf Of Cory Cates
> > > > > > <ccates@mail.lbjs.com>
> > > > > > > > > > > > > > Sent:	Tuesday, May
29, 2001
> > > > 2:35 PM
> > > > > > > > > > > > > > To:	Lenhart, Matthew
> > > > > > > > > > > > > > Subject:	RE:
> > > > > > > > > > > > > >
> > > > > > > > > > > > > > stop making excuses- your
> > friends
> > > > all
> > > > > > said
> > > > > > > > that
> > > > > > > > > > > > you're
> > > > > > > > > > > > > > always very drunk every
> > weekend. ha.
> > > > > > > > > > > > > > i'm back in austin.  i did
have
> > fun
> > > > > > > > sat.night-
> > > > > > > > > > it
> > > > > > > > > > > > was
> > > > > > > > > > > > > > worth driving in for:)
> > > > > > > > > > > > > > i'm about a quart low
today; i
> > drove
> > > > > > back on
> > > > > > > > > > sunday
> > > > > > > > > > > > &
> > > > > > > > > > > > > > spent the rest of the
weekend
> > on the
> > > > > > lake.
> > > > > > > > i
> > > > > > > > > > need
> > > > > > > > > > > > to
> > > > > > > > > > > > > > go home.
> > > > > > > > > > > > > > why are you coming up this
> > weekend
> > > > > > again?
> > > > > > > > for
> > > > > > > > > > some
> > > > > > > > > > > > > > reason, i can't remember.
> > > > > > > > > > > > > > -cori
> > > > > > > > > > > > > >
> > > > > > > > > > > > > >
> > > > > > > > > > > > > >
> > > > > > > > > > > > > >
> > > > > > > > > > > > > >
> > > > > > > > > > > > > >
> > > > > > > > > > > > > > > i remember you.  i was
pretty
> > > > drunk
> > > > > > > > though.
> > > > > > > > > > > > > > hopefully i didn't make too
> > > > > > > > > > > > > > > much of an ass out of
> > myself.  we
> > > > hit
> > > > > > it
> > > > > > > > > > really
> > > > > > > > > > > > hard
> > > > > > > > > > > > > > that night for my
> > > > > > > > > > > > > > > buddy's birthday.  how was
> > your
> > > > > > > > bachelorette
> > > > > > > > > > > > party?
> > > > > > > > > > > > > > are you back in
> > > > > > > > > > > > > > > austin now?
> > > > > > > > > > > > > > >
> > > > > > > > > > > > > > > >  -----Original Message--
---
> > > > > > > > > > > > > > > > From:
> > > > > > 	ccates@mail.lbjs.com@ENRON
> > > > > > > > > > > > > > > > [mailto:IMCEANOTES-
> > > > > > > > > > > > > >
> > > > > > > >
> > ccates+40mail+2Elbjs+2Ecom+40ENRON@ENRON.com]
> > > > > > > > > > On
> > > > > > > > > > > > > > > > Behalf Of Cory Cates
> > > > > > > > <ccates@mail.lbjs.com>
> > > > > > > > > > > > > > > > Sent:	Tuesday, May
> > 29, 2001
> > > > > > 11:56 AM
> > > > > > > > > > > > > > > > To:	Lenhart, Matthew
> > > > > > > > > > > > > > > > Subject:
> > > > > > > > > > > > > > > >
> > > > > > > > > > > > > > > > hi matt....
> > > > > > > > > > > > > > > >
> > > > > > > > > > > > > > > > -cori
> > > > > > > > > > > > > > > > (hopefully you remeber
me)
> > > > > > > > > > > > > > >
> > > > > > > > > > > > > >
> > > > > > > > > > > > >
> > > > > > > > > > > >
> > > > > > > > > > >
> > > > > > > > > >
> > > > > > > > >
> > > > > > > >
> > > > > > >
> > > > > >
> > > > >
> > > >
> > >
> >
>


I just spoke with Sean and he said he was indifferent on the subject - so you
guys can go ahead and confirm these deals. I'm looking into why Puget sales
seem to be coming up "no confirm." Thanks for checking, though.

Kate

From: Amy Smith/ENRON@enronXgate on 04/17/2001 10:02 AM CDT
To: Kate Symes/PDX/ECT@ECT
cc: Sharen Cason/HOU/ECT@ECT, Kimberly Hundl/Corp/Enron@Enron

Subject:

Hi Kate,

There were several deals that were marked not to be confirmed that appeared
to be normal west deals that we should confirm. We've already changed them to
yes, but please check with Sean Crandell to see if he marked them not to be
confirmed for a reason.

582669
582674
582675
582680
582682
582684
582687
582689
582691
582692
582693
582697
582701
582706
582708
582710
582711

Thanks so much!!
Amy


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/01/2000
04:16 PM ---------------------------
From: Shalesh Ganjoo@ENRON COMMUNICATIONS on 11/07/2000 10:03 AM
To: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT
cc: gappy@stanfordalumni.org, Martin Lin/Contractor/Enron
Communications@Enron Communications, Shalesh Ganjoo/Contractor/Enron
Communications@Enron Communications
Subject: Technical Survey

Gentlemen,

We are attaching below a document on Internet Protocol (IP) written by
Martin.  We hope you will find it informative and provide us with some feed
back to improve it.  Shalesh is still working on documents for fiber optics
and storage.  We felt that they were not complete and therefore not ready for
review.  We hope to have them ready for your review soon.  In the mean time
we would appreciate any comments you may have about the IP document.  Thank
you.

Sincerely,

Shalesh and Martin


FYI -

 -----Original Message-----
From:  "Greg Felton" <gregory.felton@cgiusa.com>@ENRON
[mailto:IMCEANOTES-+22Greg+20Felton+22+20+3Cgregory+2Efelton+40cgiusa+2Ecom+3E
+40ENRON@ENRON.com]
Sent: Monday, March 19, 2001 6:52 PM
To: Jafry, Rahil; Abbanat, Stephen
Subject: CMS RFP Response

Gentleman,

I've attached a copy of the RFP response for CMS.  It has been delivered via
email and a hardcopy will be delivered tomorrow.

Please review the proposal and let's determine if there are any channels
Enron can work to ensure we make the short list.  Also, in anticipation of
making the list I would like to discuss our presentation strategy.  Are you
available Wednesday to meet.  I'm not available mid-afternoon.

Please advise.

Thanks,

Greg

Office: (713) 868-5537 x1148
Mobile: (281) 787-9760
eMail: gregory.felton@cgiusa.com

 - CMS Panhandle Pipe Line RFP Response.zip


EOL Deals	 From: 9/1/2001   To: 9/27/2001	  	 EnPower	 From: 9/1/2001   To: 9/27/2001
 	 Desk	 Total Deals	 Total MWH	  	 Desk	 Total Deals	 Total MWH

 	 EPMI Long Term California	 527	 10,535,725	  	 EPMI Long Term California	 102	 4,335,430
 	 EPMI Long Term Northwest	 369	 6,015,000	  	 EPMI Long Term Northwest	 455	 16,965,411
 	 EPMI Long Term Southwest	 439	 7,036,730	  	 EPMI Long Term Southwest	 293	 23,959,065
 	 EPMI Short Term California	 2,361	 2,129,781	  	 EPMI Short Term California	 686	 1,811,550
 	 EPMI Short Term Northwest	 1,290	 923,600	  	 EPMI Short Term Northwest	 621	 740,220
 	 EPMI Short Term Southwest	 1,791	 1,658,650	  	 EPMI Short Term Southwest	 886	 2,434,981
 	 Real Time	 1,267	 31,750	  	 Real Time	 682	 73,859

 	 Grand Total	 8,044	 28,331,236	  	 Grand Total	 3,725	 50,320,516

 	 EOL Deals	 From: 9/27/2001   To: 9/27/2001	  	 EnPower	 From: 9/27/2001   To: 9/27/2001
 	 Desk	 Total Deals	 Total MWH	  	 Desk	 Total Deals	 Total MWH

 	 EPMI Long Term California	 43	 903,200	  	 EPMI Long Term California	 4	 61,625
 	 EPMI Long Term Northwest	 26	 442,000	  	 EPMI Long Term Northwest	 42	 1,857,750
 	 EPMI Long Term Southwest	 12	 218,350	  	 EPMI Long Term Southwest	 16	 1,630,075
 	 EPMI Short Term California	 124	 150,622	  	 EPMI Short Term California	 47	 151,425
 	 EPMI Short Term Northwest	 88	 94,800	  	 EPMI Short Term Northwest	 49	 122,761
 	 EPMI Short Term Southwest	 81	 238,600	  	 EPMI Short Term Southwest	 43	 34,333
 	 Real Time	 154	 3,850	  	 Real Time	 30	 2,463

 	 Grand Total	 528	 2,051,422	  	 Grand Total	 231	 3,860,432

 	 ICE Volumes	 From: 9/27/2001   To: 9/27/2001
 	 Delivery Point	 Total MWH	 EPMI MWH	  Price

 	 Cob (P, Next Day)	 400	 0	  $       20.50
 	 Cob (OP, Next Day)	 800	 0	  $       20.25
 	 Mid C (OP, Next Day)	 4,000	 0	  $       18.50
 	 Mid C (P, Next Day)	 1,200	 0	  $       18.92
 	 Mid C (P, Oct-01)	 21,600	 10,800	  $       22.90
 	 Mid C (P, Nov-01)	 40,000	 0	  $       28.01
 	 Mid C (P, Dec-01)	 50,000	 0	  $       35.20
 	 Mid C (OP, Dec-01)	 8,600	 0	  $       27.00
 	 Mid C (P, Jan-02)	 31,200	 0	  $       34.50
 	 NP-15 (OP, Next Day)	 800	 0	  $       21.50
 	 NP-15 (P, Next Day)	 800	 0	  $       21.63
 	 NP-15 (P, Oct-01)	 10,800	 0	  $       25.50
 	 NP-15 (P, Nov-01)	 90,000	 0	  $       28.08
 	 NP-15 (P, Dec-01)	 20,000	 0	  $       35.50
 	 Palo (P, Next Day)	 4,400	 0	  $       25.40
 	 Palo (OP, Next Day)	 1,600	 0	  $       21.08
 	 Palo (P, Next Week)	 2,400	 0	  $       27.25
 	 Palo (OP, Oct-01)	 39,125	 0	  $       17.25
 	 Palo (P, Oct-01)	 162,000	 0	  $       26.30
 	 Palo (P, Nov-01)	 60,000	 0	  $       25.53
 	 Palo (P, Jan-02)	 10,400	 0	  $       30.10
 	 Palo (P, Q1 03)	 30,400	 0	  $       33.00
 	 SP-15 (OP, Next Day)	 3,200	 800	  $       19.69
 	 SP-15 (P, Next Day)	 3,600	 800	  $       22.52
 	 SP-15 (P, Oct-01)	 21,600	 0	  $       25.18
 	 SP-15 (P, Nov-01)	 20,000	 0	  $       26.88
 	 SP-15 (P, Dec-01)	 30,000	 20,000	  $       32.17
 	 SP-15 (P, Jan-02)	 10,400	 0	  $       32.00
 	 SP-15 (P, Cal 03)	 122,800	 0	  $       39.75

 	 Grand Total	 802,125	 32,400	  $     762.09


I adjusted my schedule to reflect higher prices and the wire scheduled to go out at 3:30 PM today.

Did I mention what wonderful people we have working in settlements?  WELL THEY ARE!!!!

Thanks TEAM.


[IMAGE] Forums Discuss these points in the Forums:  Forexnews Forum       Technicals Live Charts Analysis available from: Cornelius Luca   J.P. Chorek   Technical Research Ltd.   Charts & News featuring Standard & Poor's       Interest Rates   US: Japan: Eurozone: UK: Switzerland:   1.75%  0.15%  3.25%  4.0%  1.25-2.25%       [IMAGE] 	 [IMAGE]  Japanese Forex Trading Preview  January 27, 7:00 PM: EUR/$..0.8640 $/JPY..134.80 GBP/$..1.4083 $/CHF..1.7040  Japanese Forex Trading Preview by Darko Pavlovic  No key data.   The dollar remains strong across the board after rising on Friday to a six- month high against the euro and powerful rally vs. the yen, on market confidence the U.S. economy will recover from recession in coming months yen. The yen fell for eighth day in nine on concern reports this week will show Japan's jobless rate rose to a record and consumer spending slowed in December, fueling market perception the economy is worsening. Reports due Tuesday will possibly show Japan's workers' household spending rose 0.9% in December from November, after rising 3.6% in the previous month, and the jobless rate rose to a record of 5.6% On Friday Japan's Vice Economics Minister Kobayashi said that the weaker yen is beneficial for corporate profits. In addition, fears that Japan's sovereign-debt rating will soon be downgraded has convinced most dealers that there is further weakness in store for JPY. Support is seen at 134.0, 133.80 and 133.60. Resistance is seen at 135.00, followed by 135.40 and 136.00.  The euro is trading around 86.40 after falling to a new 6-month low of 86.29 against the dollar amid optimism about the fast US recovery. On Friday, the euro came under heavy downward pressure as news of the monthly increase in Italian inflation stoked fears that the European Central Bank may not be able to cut interest rates in the near future if inflation does not fall below the 2% target level. Based on the preliminary CPI figures from 12 cities, economists forecasted Italian CPI in January would hold steady around 2.3-2.4% y/y from the previous month, but rise to 0.4-0.5% m/m vs. 0.1% in December.   Markets will also look to next week's German CPI data to see whether it confirms an upswing in inflation that may restrain the ECB from easing monetary policy. Economists forecast German CPI will rise to 0.9% m/m from 0.1% in December, and to 2.1% y/y in January vs. the previous 1.7%. Also, German IFO will likely show that business confidence rose in January, adding to expectations Europe's largest economy may recover from recession The Ifo economic is likely to rise to 85.7, from 84.9 in November. Ifo didn't conduct a survey in December. Support is seen at 86.0 and 85.55-- the 71.8% Fibonacci retracement of the move from 82.25 to 95.95. Resistance is viewed at 88.15, 88.60 and 89.10-- the 50% Fibonacci retracement of the move from 82.25 to 95.96.  Looking foward to this week, major US data due to be released include new home sales, durable goods, Conference Board Consumer Confidence, real GDP, FOMC rate decision, jobless claims, employment cost index, personal income and consumption, Chicago Purchasing Managers survey, labor market report, University of Michigan confidence survey, and ISM Purchasing Managers Index. Key Eurozone indicators consist of Euroarea M3, German Ifo business climate index, French PPI, Italian foreign trade, French INSEE industry survey, Italian PPI, German CPI, French unemployment, French current account balance, Euroarea manufacturing PMI, Euroarea HICP, Euroarea retail sales, balance of payments, German PMI, French PMI, French INSEE household survey, Italian PMI, Italian CPI and Spanish unemployment. Highlights from Japan comprise the labor force survey, the household survey of expenditures, industrial production, Shoko Chukin small firm survey and employment survey.    	[IMAGE] Audio Mkt. Analysis USD Soars to 6-month Highs on Optimism       Articles & Ideas  ECB: One More Cut    NAM & the Strong Dollar: Phase II       Articles & Ideas Forex Glossary   Economic Indicators   Forex Guides   Link Library      [IMAGE]
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The password for your account:P00502782 has been reset to:13791918


Joe:  My apologies.  It was buried deep in this thing that I used to call an
in-box.  Found it shortly after I wrote the note.  Thanks again.

Best,
Jeff


the PX is seeming to say that it will turn to the state to "save" it from FERC
----- Forwarded by Susan J Mara/NA/Enron on 11/01/2000 02:16 PM -----

	"Ronald Carroll" <rcarroll@bracepatt.com>
	11/01/2000 08:49 AM

		 To: <douglass@arterhadden.com>, <rreilley@coral-energy.com>,
<jdasovic@enron.com>, <mary.hain@enron.com>, <smara@enron.com>,
<seabron.adamson@frontier-economics.com>, <jbennett@gmssr.com>,
<mday@gmssr.com>, <gackerman@wptf.org>
		 cc:
		 Subject: Fwd: DJ - CalPX Responds To FERC, Denies It Worsened Power Prices

----- Message from "Tracey Bradley" <tbradley@bracepatt.com> on Wed, 01 Nov
2000 10:36:07 -0600 -----
To:	"Jeffrey Watkiss" <dwatkiss@bracepatt.com>, "Paul Fox"
<pfox@bracepatt.com>, "Ronald Carroll" <rcarroll@bracepatt.com>
Subject:	DJ - CalPX Responds To FERC, Denies It Worsened Power Prices
CalPX's take on FERC's ability to end mandatory buy requirement.

DJ CalPX Responds To FERC, Denies It Worsened Power Prices
Copyright , 2000 Dow Jones & Company, Inc.

NEW YORK (Dow Jones)--The chief executive officer of the California Power
Exchange responded Tuesday to details in a federal energy regulatory report
that suggests the two-year-old exchange's mandatory buy requirement was
partly to blame for this past summer's soaring wholesale electricity prices.

     The details of the landmark probe prepared by the Federal Energy
Regulatory Commission is scheduled to be released Wednesday morning, but some
commissioners told Dow Jones Newswires the report will suggest that the
state's mandatory buy rule should be abolished and utilities should be
permitted to purchase their power through other power exchanges.

     "We believe that the representation of the CalPX contributing to soaring
wholesale prices is incorrect and misleading," said CalPX CEO George Sladoje.

     "Over the summer months, certain wholesale market participants chose to
not take full advantage of the price and cost mitigating products offered
through the CalPX...if a participant chose to purchase all or most of their
energy on the spot market, they often paid much more than other participants
who chose to buy in the forwards market," Sladoje added.

     It is widely known in the wholesale electricity market that Sempra
Energy (SRE) unit San Diego Gas & Electric Co. purchased most of their power
in the spot market, which the utility passed on to its customers at a much
higher price.

     SDG&E also complained to federal regulators that the CalPX hourly and
day-ahead market clearing prices are too high.

     When California moved to electricity deregulation four years ago, a
statewide power exchange was created requiring Edison International (EIX)
unit Southern California Edison, PG&E Corp. (PCG) unit Pacific Gas & Electric
Co. and San Diego Gas & Electric Co. to purchase all of their power through
the exchange until 2002, the expected transition date to a completely
deregulated market.

     But the FERC report proposes that utilities be permitted to purchase
power from other exchanges in an effort to generate increased competition,
commissioners said.

     The CalPX purchases power one day in advance for California's three
investor-owned utilities. Suppliers bid in power indicating their price. For
each hour of the next day, the price of the last megawatt taken to meet
demand sets the market price.

     In various reports issued since 1996, FERC has commended the state's
Power Exchange for running a successful market that helped mitigate concerns
about market power abuses.

     If the FERC report suggests that California end the mandatory buy
requirement, it will be up to state lawmakers to see to draft Legislation to
change the market rules, according to the CalPX.

     -By Jason Leopold, Dow Jones Newswires; 323-658-3874;
mailto:jason.leopold@dowjones.com

     (END) Dow Jones Newswires 31-10-00


---------------------- Forwarded by Mike Jordan/LON/ECT on 19/01/2001 08:38
---------------------------

Robert Fenton-Stone
04/01/2001 17:42
To: Tani Nath/LON/ECT@ECT, Mike Jordan, Caroline Lothian/LON/ECT@ECT, Kenny
Nicoll/LON/ECT@ECT, Peter Russell/EU/Enron@Enron, Shane Dallmann/LON/ECT@ECT,
Maya Beyhum/LON/ECT@ECT, Robert Fenton-Stone/LON/ECT@ECT, Stephen
Dwyer/LON/ECT@ECT
cc: michelle.bray@uk.arthurandersen.com, Mary-Anne Anderson/EU/Enron@Enron

Subject: FX Taskforce - Phase one final report - mailed by Michelle Bray

Please find attached the revised Phase One report with amendments as
discussed in our meeting this afternoon.

I have asked Mary-Anne Anderson to set up a taskforce meeting for Wednesday
24 January.

Regards
Michelle


Questions:

What does being short/long a position mean?
What is curve shift?
What affects curve shift?
What are the basic components of a P&L?
What is a swap?
What are different types of swaps?
What is basis?
What is MTM value?
What is Accrual value?
What do you consider stress in the workplace?  How do you handle stress?
Examples of a stressful situation?
What do you consider long work hours?

Some aren't technical.  I don't have any problem solving questions.

DG
---------------------- Forwarded by Darron C Giron/HOU/ECT on 12/27/2000
11:15 AM ---------------------------

	From:  William Kelly                           12/27/2000 11:00 AM

To: Jeffrey C Gossett/HOU/ECT@ECT
cc: David Baumbach/HOU/ECT@ECT, Darron C Giron/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON
Subject: Technical Questions

I also do not have many tech questions.  I look for trainability as well.

My questions:
-What do you know about the commodities market?
-Do you do any online trading, if so what, and why - looking for trading of
options,  stocks, futs, etc for more difficult follow-up questions like
    why options, not buy/sell the underlying.  How do you determine what to
trade and when, how long do you hold it.  Also looking for how often they
play        on the internet and whether they do it at work.
-What do you know about the industry?  How many units in a contract?  How do
you hedge physical gas?  Financial positions?
-What is V@R?  Not looking for a technical answer, just if they are familiar
with the concept?  What other trading controls do they expect to be in place?
-How well do you handle ridicule?  (Always looking for a certain central
trader's new lackey)
-How well versed are you in Excel?  What have you done where you are using
excel to improve your work product?  How did you learn it?  Have you shared
it with anyone else?  What other improvements have you made?  Would you give
me a name of a person I could verify the impact this has had in your current
organization?  (I don't ever call, I just am looking to see if there answer
is the truth and what kind of ego they have)
-Further educational goals?  MBA, CFA,  - looking for goals and motivators.
-Are you easily incited to violence?

WK

---------------------- Forwarded by William Kelly/HOU/ECT on 12/27/2000 10:42
AM ---------------------------

	Enron Capital Management

	From:  David Baumbach                           12/27/2000 09:49 AM

To: Jeffrey C Gossett/HOU/ECT@ECT
cc: Kam Keiser/HOU/ECT@ECT, William Kelly/HOU/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON
Subject: Technical Questions

I do not have very many technical questions but here a the few that I have
used:

- Do you understand what curveshift is?  If so ... Price today was $10.20 and
yesterday it was $10.13 ... what was my curveshift?
- What makes up a P&L statement?
- What is MTM accounting?  accrual accounting?
- If they have knowledge of options, what is a delta position?

I guess these are more general analytical questions:

- Give me an example of an problem you've had and how you solved it?
- The "eight ball" question (basic problem solving)
- The "light switch" question (advanced problem solving)

When I interview I am looking for trainability, better than average problem
solving skills and a desire to work in this environment.  If the candidate
has these skills then I believe we can teach them what they need to know.  I
also think it is candidates with these basic attributes that are a better fit
for us.  They know they don't know everything (about Risk) and work hard to
get up to speed.

Dave


TASK ASSIGNMENT

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Task Due On:
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Or if you prefer, you can fill out and send the mail-in registration card included in your Palm Computing package.

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* For a complete list of free software, go to www.palm.com/eregdownload
** Subject to change without notice


H. Lee Godfrey
713-653-7857 (W)

Neal Manne
713-653-7827 (W)
713-621-7171 (H)
713-515-3461 (M)

Tom Patterson
713-653-7815 (W)

Stephen D. Susman
713-653-7801 (W)
713-522-7745 (H)
713-522-5157 (F)
713-305-3332 (M)

Mark L. D. Wawro
713-653-7804 (W)
713-666-0822 (H)

Venit Bhatia
Jeff Harrison
J. Hoke Peacock
Robert Rivera
Mark M. Seltzer (LA)


Bible Study this Wednesday, November 15th will be held in Room 30C1 from
12:00 to 1:00.   Carol Word will be giving the lesson.

Hope to see you there!
Mary Kay


Enron's Skilling Cites Stock-Price Plunge As Main Reason for Leaving CEO Post By John R. Emshwiller  08/16/2001  The Wall Street Journal  Page A2  (Copyright (c) 2001, Dow Jones & Company, Inc.)  Jeffrey K. Skilling said that the pressure he felt from Enron Corp.'s plummeting stock price was the main reason he decided to resign Tuesday as the energy giant's chief executive officer after only about six months in the job.  In an interview yesterday, the 47-year-old Mr. Skilling elaborated on his decision to leave Houston-based Enron. On Tuesday, Mr. Skilling insisted he had resigned for "personal reasons" unrelated to Enron's business activities.  In the interview, he reiterated that he wasn't under any pressure to resign from the company's board or Chairman Kenneth Lay, who has resumed the CEO's duties at the nation's biggest energy trader.  However, yesterday Mr. Skilling said that his "personal reasons" were deeply enmeshed with feelings that he had failed in a crucial business area during his brief tenure as CEO. Calling the company's stock performance a "kind of ultimate score card," Mr. Skilling noted that Enron's share price had fallen by some 50% this year.  Mr. Skilling said he took that stock-price drop very personally. "I put a lot of pressure on myself" for that decline, he said. "I felt I must not be communicating well enough" with investors. He felt this particularly given Enron's strong financial results over the past several quarters, based largely on growing volumes in its trading business, which covers a range of items, including electricity, pulp and paper.  If the stock price had remained up "I don't think I would have felt the pressure to leave," he said.  In January, Enron topped $84 a share in New York Stock Exchange composite trading. It closed Tuesday, before the announcement of Mr. Skilling's resignation, at $42.93 a share. As of 4 p.m. yesterday, Enron traded at $40.25, after falling below $37 during the day.  Mr. Skilling, who had been at Enron 11 years, said the depressed stock price was particularly tough to explain to fellow Enron employees, many of whom are shareholders. "People would say `What is going on with the stock, Jeff?' I would have to say I didn't know. It has been frustrating," said Mr. Skilling.  The self-portrait offered by Mr. Skilling in the interview is rather different from the widely held image of him as an ambitious, bright and thick-skinned business strategist whose long-held goal had been becoming Enron CEO. Mr. Skilling said that the "final straw" in his decision to leave had come on a visit last week to England in connection with the deaths of three Enron workers in a power-plant accident there. That trip helped reinforce "how tenuous life is," said Mr. Skilling, who has three children from a previous marriage and recently became engaged.  While Mr. Skilling said Enron is in "great shape," his departure raised anxiety in the investment community. Merrill Lynch, for instance, lowered its rating on Enron to neutral from buy based on "uncertainty" created by the resignation.  Yesterday, an Enron spokesman confirmed that Mr. Lay plans to name two executives to the existing "office of the chairman" within the next few days or weeks. The spokesman said Mr. Lay hadn't yet revealed whom the two would be. The office of the chairman had consisted of Mr. Lay and Mr. Skilling.

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


Now- don't you feel bad always talking about how ugly his wife is.

-----Original Message-----
From: Bass, Eric
Sent: Tuesday, February 05, 2002 9:44 AM
To: Husser, Shanna; Baumbach, David
Subject: FW: Fairy Tales Do Come True

-----Original Message-----
From: William P Scott [mailto:billscott@pdq.net]
Sent: Monday, February 04, 2002 2:47 PM
To: Larry Bass; Bass, Eric; Jason Bass; K. Bass
Subject: Re: Fairy Tales Do Come True

quite a story....wmp.

----- Original Message -----
From: Larry Bass <mailto:lwbthemarine@alltel.net>
To: Eric Bass <mailto:Eric.Bass@enron.com> ; Jason Bass <mailto:JBass@stdauto.com> ; K. Bass <mailto:daphneco64@alltel.net>
Sent: Monday, February 04, 2002 2:15 PM
Subject: Fairy Tales Do Come True

----- Original Message -----
From: Ray Burgess <mailto:ray@hope-causey.com>
To: Larry Bass <mailto:lwbthemarine@alltel.net>
Sent: Monday, February 04, 2002 2:08 PM
Subject:  Fairy Tales Do Come True

In a supermarket, Kurtis the stock boy, was busily working when a new voice came over the asking for a carry out at check register 4.  Kurtis was almost finished, and
wanted to get some fresh air, and decided to answer the call.  As he approached the check-out stand a
distant smile caught his eye, the new check out girl was beautiful.  She was an older woman (maybe
26, and he was only 22) and he fell in love.

Later that day, after his shift was over, he waited by the punch clock to find out her name.  She came into the break room, smiled softly at him and took her card and
punched out, then left.  He looked at her card, BRENDA.  He walked out only to see her start walking up
the road.

Next day, he waited outside as she left the supermarket, and offered her a ride home.  He looked
harmless enough, and she accepted.  When he dropped her off, he asked if maybe he could see her
again, outside of work.  She simply said it wasn't possible.  He pressed and she explained she had
two children and she couldn't afford a baby-sitter, so he offered to pay for the baby-sitter.
Reluctantly she accepted his offer for a date for the following Saturday.

That Saturday night he arrived at her door only to have her tell him that she was unable to go with
him.  The baby-sitter had called and canceled.  To which Kurtis simply said, "Well, lets take the
kids with us."

She tried to explain that taking the children was not an option, but again not taking no for an
answer, he pressed.  Finally Brenda, brought him inside to meet her children.  She had an older
daughter who was just cute a bug, Kurtis thought, then Brenda brought out her son, in a wheelchair,
he was born a paraplegic with down syndrome.  Kurtis asked Brenda, "I still don't understand why the
kids can't come with us?"  Brenda was amazed.  Most men would run away
from a woman with two kids, especially if one had disabilities.  Just like her first husband and
father of her children did.

That evening Kurtis and Brenda loaded up the kids, went to dinner and the movies.  When her son
needed anything Kurtis would take care of him.  When he needed to use the rest room, he picked him
up out of his chair, took him, brought him back.  The kids loved Kurtis.  At the end of the evening,
Brenda knew this was the man she was going to marry and spend the rest of her life with.
A year later, they were married and Kurtis adopted both of her children and since they have added two more
kids.

So what happened to the stock boy and check out girl?
Well, Mr. & Mrs. Kurt Warner, now live in St. Louis, where he is employed by the St. Louis Rams and plays
quarterback.


Thanks, I enjoyed it too and would be happy to do it again.

	John Baker <John.Baker@daniel.com>
	11/15/2000 07:47 AM

		 To: "'skean@enron.com'" <skean@enron.com>
		 cc: "'Christie_Patrick@enron.com'" <Christie_Patrick@enron.com>
		 Subject: Thank you for taking time out of your schedule to speak at Rice

Steven,

Thank you for visiting with my class at Rice last night. They thoroughly
enjoyed your talk -- after you left for the evening, we had a good
discussion on topics that you had raised. My apologies again for the room
mix up; somehow between myself, the university, and my secretary, the
classroom assignment changed several times and the update did not get to
you.

Next year, if your schedule permits, perhaps you would consider a return
engagement. I would certainly enjoy having you back.

Regards,
John

John A. Baker
Director of Information Technology
Fisher-Rosemount / Daniel (A Division of Emerson Electric)
9753 Pine Lake Drive
Houston, TX 77055
713-827-3328
John.Baker@daniel.com


check the last one.
PL

---------------------- Forwarded by Phillip M Love/HOU/ECT on 03/02/2001
09:51 AM ---------------------------
From: Veronica Espinoza/ENRON@enronXgate on 03/02/2001 09:36 AM
To: Janie Aguayo/HOU/ECT@ECT, Diane Anderson/NA/Enron@Enron, Derek
Bailey/Corp/Enron@ENRON, David Baumbach/HOU/ECT@ECT, Jean Bell/HOU/ECT@ECT,
Patricia Boulanger/CAL/ECT@ECT, Bob Bowen/HOU/ECT@ECT, Debbie R
Brackett/HOU/ECT@ECT, William S Bradford/ENRON@enronXgate, Lesli
Campbell/ENRON@enronXgate, Celeste Cisneros/NA/Enron@Enron, Sharon
Crawford/CAL/ECT@ECT, Richard Deming/NA/Enron@Enron, Russell
Diamond/ENRON@enronXgate, Cindy Feldman/CAL/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, Veronica Gonzalez/ENRON@enronXgate, Jeffrey C
Gossett/HOU/ECT@ECT, Walter Guidroz/ENRON@enronXgate, Larry Joe
Hunter/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON, Nidia Mendoza/ENRON@enronXgate, Kevin
Meredith/Corp/Enron@ENRON, Tom Moran/ENRON@enronXgate, Leslie
Reeves/HOU/ECT@ECT, Tanya Rohauer/ENRON@enronXgate, Dianne Seib/CAL/ECT@ECT,
Linda Sietzema/CAL/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Ellen
Wallumrod/NA/Enron@ENRON, Melinda Whalen/CAL/ECT@ECT, Tiffany
Williams/NA/Enron@Enron
cc:
Subject: Credit Report--3/2/01


Jim, is there executive summaries for the following:
 a) Eastern Interconnect investigation  by region;
 and b) RTO's filings.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 11/12/2000
04:39 PM ---------------------------

	From:  Christi L Nicolay                           11/10/2000 03:15 PM

To: Richard Shapiro/NA/Enron@Enron, Sarah Novosel/Corp/Enron@Enron, Joe
Hartsoe/Corp/Enron@Enron, Jeff Brown/NA/Enron@Enron, Bill Rust/HOU/ECT@ECT,
Ben Jacoby/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT, Mike J
Miller/HOU/ECT@ECT, John Moore/Corp/Enron@Enron, Debbie
Chance/Corp/Enron@Enron, Patrick Hanse/HOU/ECT@ECT, Fletcher J
Sturm/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect, Edward D Baughman/HOU/ECT@ECT,
Tom Dutta/HOU/ECT@ECT, Ozzie Pagan/HOU/ECT@ECT, Tom Hoatson/NA/Enron@Enron,
Janine Migden/NA/Enron@Enron, Steven J Kean/NA/Enron@Enron, Marchris
Robinson/NA/Enron@Enron, John Moore/Corp/Enron@Enron, Bill
Moore/NA/Enron@Enron, Robin Kittel/NA/Enron@Enron, Jeffrey M
Keenan/HOU/ECT@ECT, Richard Ingersoll/HOU/ECT@ECT, Charles Yeung/HOU/ECT@ECT,
Shelley Corman/ET&S/Enron@ENRON, Rogers Herndon/HOU/ECT@ect, Lloyd
Will/HOU/ECT@ECT, Maria Valdes/Corp/Enron@Enron, James D
Steffes/NA/Enron@Enron, Harry Kingerski/NA/Enron@Enron, Bob
Carter/HOU/ECT@ECT, Chris Gaffney/HOU/ECT@ECT, Barton Clark/HOU/ECT@ECT,
Sheila Tweed/HOU/ECT@ECT, Oscar Dalton/HOU/ECT@ECT, Dave
Mangskau/Corp/Enron@Enron, Kerry Stroup/DUB/EES@EES, Greg
Krause/Corp/Enron@Enron, Raimund Grube/Corp/Enron@ENRON, David L
Fairley/HOU/ECT@ECT, Janet R Dietrich/HOU/ECT@ECT, Steve
Krimsky/Corp/Enron@Enron, Richard Lydecker/Corp/Enron@Enron, Mary
Hain/HOU/ECT@ECT, Fred Mitro/HOU/ECT@ECT, Janet R Dietrich/HOU/ECT@ECT,
Richard Lydecker/Corp/Enron@Enron, Tom Chapman/HOU/ECT@ECT, Tom
Delaney/Corp/Enron@ENRON, Steve Walton/HOU/ECT@ECT, Kay
Mann/Corp/Enron@Enron, Rebecca Walker/NA/Enron@Enron, Reagan
Rorschach/NA/Enron@Enron, John Berger/HOU/EES@EES, Alan Larsen/PDX/ECT@ECT,
Rusty Stevens/Corp/Enron@ENRON, Dave Kellermeyer/HOU/ECT@ECT, Mathew
Gimble/HOU/ECT@ECT, Ron Tapscott/HOU/ECT@ECT, Michelle Zhang/HOU/ECT@ECT,
Susan M Landwehr/NA/Enron@Enron, Roy Boston/HOU/EES@EES, Aleck
Dadson/TOR/ECT@ECT, Joe Connor/NA/Enron@Enron, Ron McNamara/NA/Enron@Enron,
Robin Kittel/NA/Enron@Enron, Karen E Carter/NA/Enron@Enron, Chris
Booth/NA/Enron@Enron, Steve Montovano/NA/Enron@Enron, Barbara N
Gray/HOU/ECT@ECT, steve.wang@enron.com, ebaughm@enron.com,
terri.clynes@enron.com, oscar.dalton@enron.com, doug.sewell@enron.com,
kcompea@enron.com, mike.e.kelly@enron.com, gary.justice@enron.com,
patrick.hanse@enron.com, ozzie.pagan@enron.com, heather.kroll@enron.com,
david.fairley@enron.com, ray.hoppe@enron.com, george.mccormick@enron.com,
wjennin@enron.com, joseph.wagner@enron.com, elizabeth.johnston@enron.com,
bill.rust@enron.com, Kevin M Presto/HOU/ECT@ECT, John J
Lavorato/Corp/Enron@Enron, David W Delainey/HOU/ECT@ECT, Janet R
Dietrich/HOU/ECT@ECT, Mike J Miller/HOU/ECT@ECT, Lloyd Will/HOU/ECT@ECT,
George Hopley/HOU/ECT@ect, Fletcher J Sturm/HOU/ECT@ECT, Robert
Benson/Corp/Enron@ENRON, Jeff King/Corp/Enron@Enron, Larry
Valderrama/HOU/ECT@ECT, Peter Makkai/NA/Enron@Enron, Larry
Jester/Corp/Enron@ENRON, Rogers Herndon/HOU/ECT@ect, Mike
Carson/Corp/Enron@Enron, Kyle Schultz/HOU/ECT@ECT, Eric
Saibi/Corp/Enron@ENRON, Grace Kim/NA/Enron@Enron, Laura
Podurgiel/HOU/ECT@ECT, Mitch Robinson/Corp/Enron@Enron, Kayne
Coulter/HOU/ECT@ECT
cc: James D Steffes/NA/Enron@Enron
Subject: FERC Staff Investigations on Midwest and Southeast Bulk Power Systems

On 11/1/00, FERC Staff issued reports on its Investigation of Bulk Power
Markets in the Eastern Interconnection.  These reports were the result of a
Commission order earlier this summer.  Enron's Federal regulatory staff
(Christi, Charles Yeung, and Sarah Novosel) provided a great deal of
information for this investigation and Joe Hartsoe and Donna Fulton discussed
many of the problems with the grid with the new head of Staff, Scott Miller
(who recently joined FERC from PG&E Gen).    While the Commission is under no
obligation to take any of Staff's recommendations, the Commission typically
looks to Staff for guidance on transmission and market issues.  Importantly,
Staff concludes that the Commission should consider these options for the
Southeast and Midwest -- all of which Enron has been asking FERC to implement
for several years:

Reduce the advantages of network service over point to point service by
requiring that native load be served under the same tariff as other
transmission services to eliminate the current incentives that VIUs have to
favor their native load through the calculation of ATC and handling of
interconnection requests.

While the Staff Hotline is used productively, the Commission can direct Staff
to conduct formal investigations into entities that have a pattern of
complaints.

The Commission could require TPs to submit tariff provisions containing a pro
forma interconnection process specific to interconnection, rather than simply
relying on the Tennessee Power order that utilizes the OATT timelines and
procedures.

Require TPs to retain real-time transmission data on market functions
pertaining to daily load, internal generation to meet that load, and imports
and exports.

RTOs should submit the basis and methods for calculating ATC and TTC, as well
as standardized criteria for curtailment.  In addition, since even such
standardized criteria might not "get to the root of the problem" -- that
control area still control generation -- the Commission could require that
each RTO set a date certain by which it will create one control area.
Regardless of the implementation of these two options, the Commission could
standardize ATC and TTC methodology.

Staff finds that while electricity is a commodity with market characteristics
similar to many other commodities, it is still viewed as "different," with a
reaction of price caps.  Staff encourages that basic decisions about the
regulatory model be made in order to complete the transition from a
traditional cost-of-service model to a model that uses markets to price the
commodity and services.

DETAILS  (Also, the reports contain good summaries of the generation,
transmission, state retail, federal reg. and other issues for the region):

Midwest:  The Midwest is dominated by vertically integrated Transmission
Providers ("TPs") that control transmission, generation and load.  "As such,
they have weak economic incentives to provide access to transmission service
to third-parties and strong incentives to favor their own services."  Staff
received numerous complaints; however, due to the lack of information
available from TPs, Staff cannot conclude whether these are isolated
incidents or wide-spread.  At the very least, the complaints indicate a lack
of confidence in the bulk power market and the ability of market participants
to rely on transmission access, thus harming the liquidity of the market.

TLRs are the most important transmission issue in the Midwest, with an
"enormous" increase in 2000.  The region showed a decline in peak load from
1999 to 2000 and a growth in new generation since the 1998 price spikes.
Even though there was an increase in generation and mild weather with
virtually no price spikes, TLRs climbed to record numbers.  The TLRs were
highly concentrated:  only 5 flowgates account for 41% of ECAR TLRs and
another 5 flowgates in MAIN account for 42% in that region.  Notably, even
though the NERC procedures for Level 3 TLRs mandate transaction curtailment,
78 of the 191 TLRs in the Midwest do not show any curtailment amount.  The
total amount of relief that these curtailments are intended to produce are
not posted.  Staff notes that TLR rules are established by NERC, whose
procedures are voluntary and not enforced by penalties.  While the Commission
has required certain NERC standards and procedures to be placed in Open
Access Transmission Tariffs ("OATT") where the Commission has the power to
enforce provisions under the Federal Power Act, in practice the Commission
has generally deferred to NERC on transmission reliability questions,
including the propriety of TLRs.

TLRs inhibit optimal functioning of the transmission system and market
because load is not served by the least cost supplier.  TLR procedure is an
inefficient instrument in mitigating constraints -- curtailment by fiat.  In
addition, the NERC IDC can result in inappropriate curtailments or increased
loading on the affected flowgate.  The impact could be mitigated by one
control area per RTO.

Staff notes that the Midwest state commissions did not petition FERC for
price caps following the 1998 price spikes.  Some market participants believe
that the absence of price spikes is the single reason that NUG construction
increased in the Midwest.

Market participants must keep track of, and follow, a plethora of information
in order to make energy deals, submit reservations and provide schedules for
service.  Staff received many complaints about barriers to transmission
access, including TLR curtailments and a lack of standardized information and
protocols, particularly for ATC and interconnection requests, and
discriminatory conduct.  Unbelievably, key data was unavailable to Staff,
such coincident peak load data, system-wide snap shots for days when TLRs
were called, and import/export data.  This lack of data creates a market
inefficiency, because neither market participants nor regulators can fully
analyze market conditions in real time.  As such, the market is risk adverse,
eschewing long-term deals for short-term transactions.  Staff also noted that
because the Security Coordinators often work for the IOU, there is a mixed
incentive to enforce reliability on the grid and maximize profit for the
IOU.  (Staff cites Richard Tabors' paper, "Transmission Markets, Stretching
the Rules for Fun and Profit.")

Staff cites the lack of information on OASIS or on the NERC web site,
particularly about real time TLRs and curtailments.  Examples were provided
to Staff of transmission refusals when there were no TLRs posted and improper
implementation of TLRs causing substantial financial loss.

The currently proposed Midwest RTOs may mitigate some problems; however, all
three retain existing control areas with the favortism for generation and
native load.  These incentives will continue to remain until the RTO
exercises complete autonomy over transmission control and security
coordinator functions.  Staff notes that the Midwest is a balkanized region
of 61 control areas with no uniform method for calculating ATC and CBM.  The
result is that ATCs can be different on 2 different sides of an interface.
Staff notes examples in inaccurate ATCs and states that Staff's own ATC audit
this summer was consistent with market participant complaints.  Staff is
weighing follow-up options.  The result of these problems is a lack of
liquidity.

Staff next noted the problems with unfiled "business practices," especially
on the next hour market.  Staff's audit of OASIS sites revealed several areas
of non-compliance.

Information transparency is necessary for a market to function efficiently,
with equal and timely access to data, including ATC, CBM, TRM, and load flow
input data.  TPs have incentives to resist efforts to make this information
transparent because of native load.  This incentive will still exist under
RTOs if utilities are allowed to calculate their own ATC.  ***  "As a
consequence, the Commission may wish to eliminate the native load exemption
and have all transactions under the same tariff."  ***  The Commission could
benefit by having access to existing transmission data and should require the
TPs to retain data, including current real-time network status.

Interconnection Issues:  IPPs need to be compensated for VAR support.  Also,
Staff cites a number of Hotline complaints about TPs seeking large deposits
or failing to complete System Impact Studies timely.  One solution is to have
the RTO handle this function to eliminate the disincentive the utilities have
against IPPs.  The current practice of requiring IPPs to deal with a wide
variety of procedures inhibits the free flow of transactions within the
region.

Network service has inherent advantages over point-to-point, citing the
Entergy source and sink order.  The Commission has relied on "passively"
receiving informal and formal complaints to determine if discriminatory
behavior has occurred rather than actively canvassing market participants.
While Staff cannot conclude that discriminatory practices are widespread,
there is evidence of discriminatory instances.

Southeast:  The traditional vertically integrated utility ("VIU") model has
largely persisted in the SE.  This continued control has vastly reduced the
economic incentives to facilitate IPP activities.  In many cases, the VIUs
have dampened IPP involvement without violating any Commission regulation due
to the inherent flexibility of the current rules.

Staff cites examples of delays in performing system impact studies,
transmission hoarding in the name of serving native load growth and
manipulation of ATC.  TPs have shown little inclination to improve the
transmission system and use many TLRs.

There is also a lack of market information that has stymied the development
of markets in the SE.  ATCs change constantly that leads to uncertainty and
there is no clearinghouse for electric power prices.

TVA, despite having taken steps to participate in reformed markets, has acted
as a bulwark against the development of competitive energy markets in the
SE.  This is significant because of TVA's size and location.  IPPs have
reported TVA's discouragement of siting in TVA through excessive time to
perform studies, excessive fees, and rejection of requests to perform
interconnection studies.

In addition, Staff cites the Florida Sup. Ct. decision against merchant
plants as significantly impeding the competitive market in Florida.

Staff discusses the significant flow of power from the Midwest to the SE this
summer.  Much of this resulted from the import of cheaper coal power, than
the use of gas fired peakers due to higher gas prices.  Peak prices were
radically lower this summer because utilities appear to have been better
prepared for peak events through the use of forward contracts, increased
generation capacity on line and reduced number of forced outages.

SE utilities reported that they have not used market-based rates to
extensively increase sales.  (Less used than in the midwest.)

The SE region lacks information, which has retarded the Staff's efforts to
discern the truth about the numerous complaints about transmission in the SE
(including ATC and TLRs).  Market participants seem to have less confidence
in the SE market than in any other market region.  This appears to be
justified based on Staff's investigations.  This lack of confidence
discourages investment and participation in the markets.  Staff concludes
that the Commission may need to be more prescriptive in terms of how
transmission is allocated in the SE RTOs, since there are market concerns
that the incumbents will continue to dominate operations.  The investigation
found numerous problems in bad ATCs and TTCs and poor OASIS postings.  In
addition, several OASIS audit logs actually erased historical data.  Staff
thinks that additional affiliate transaction information should be posted.
Staff could not obtain summer demand data and the Commission's lack of
jurisdiction over TVA made it difficult to obtain transmission access
information.

The Staff investigation revealed unclear interconnection procedures and lack
of adherence to schedules and arbitrary cost estimates and deposits.  In
addition, the TPs have reserved a huge amount of network transmission
capacity, much of it reserved shortly after the IPP approached the TP to
interconnect.  Staff cites the recent Skygen order in which Southern denied
Skygen's request for transmission stating that the only option was the
construction of an 80 mile 500 kv line that would take 8 years to complete.
Staff solutions include allowing network requests by IPPs and limiting
self-build capacity in the incumbent's territory.

ATC variations are a big problem in the SE.  SERC coordination of a
standardized ATC is a long process and may not be resolved soon without
direction from the Commission.  An improved method and improved communication
are needed.

The SE experienced a 354% increase in TLRs this summer.  This increase raises
the issue of whether curtailment has become an impediment to the competitive
operation of the market in the SE.  Staff cites information provided by
Charles Y. that an Ameren TLR was not implemented according to NERC
criteria.  Staff also wonders if transmission is being oversold since TPs do
not generally refund transmission revenues when TLRs are implemented.  RTOs
must have a broad geographic area to internalize much of the constraints.  In
addition, RTOs will adopt pricing mechanisms that obviate recourse to TLRs.
However, if control areas are retained, VIUs will retain mixed incentives.

*** As noted in the Midwest report, the manner in which load is calculated
weighs heavily on the value of this information.  This is an issue that the
formation of RTOs may not resolve.  Eliminating native load exceptions -- ie,
treating all load equally -- and placing all transactions under the same
tariff may be an option that provides the right incentives for the provision
of transparent and standardized information.

Finally, Staff describes specific problems with TVA and FP&L, TVA is a
"problem area" for the Eastern Interconnect grid.  TVA is a transmission
bottleneck due to the many TLRs called this summer.  The current federal law
and lack of Commission jurisdiction are impediments to the development of
deep and robust power markets in this area.  TVA simply has no strong
incentive to provide effective and efficient transmission service.  In
addition, the Commission does not have full information on TVA.  Staff lists
a number of complaints against TVA, including unjustifiably increasing the
tag deadline and allowing TVA Marketing, but not others, to sink and park
power.  Staff concludes that recent proposals by TVA to enhance the
development of markets and its system do not appear to have great potential.

A Staff audit of FP&L revealed violations of standards of conduct, including
confidential information on FP&L's transmission system (including interchange
information for other entities) posted on EMS systems that were available to
FPL's merchant function.  Staff's report found that FP&L does not have an
established procedure for review of EMS to ensure that information is not
displayed in error.  It is "up to individual Managers discretion."  ((FRCC
web site report dated 9/8/00)).  Violations such as these undermine
competition.

The reports are attached below.

 - southeast.pdf
 - midwest.pdf


Julie,

You need to keep the nom and confirm at 3000 so that the buyback calculation
will work correctly.

D

From: Juliann Kemp/ENRON@enronXgate on 04/04/2001 11:49 AM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Air Products - plant down for 4 days.

Did you want me to confirm down on this meter  starting today.  (POPs).
Deal is at 3,000 and pathed at 0.
meter 1418 - thanks - Julie


Hi Marlo,

This deal was done on Enron Online, so do we need to get further information
from Enron Online?

Please let me know?


Mark:

I was planning to take vacation from April 13th (Friday) returning to the
office on April 24 (Tuesday).  I would need a week and two days because I
plan to travel to Portugal.  Please let me know if this is acceptable.

Thank you

FPL


fyi
---------------------- Forwarded by Scott Neal/HOU/ECT on 01/23/2001 04:40 PM
---------------------------

Scott Goodell@ENRON
01/23/2001 01:53 PM
To: Scott Neal/HOU/ECT@ECT
cc:
Subject: Transco - EBB Notice: Terrebonne Plant Restart January 18, 2001

FYI

---------------------- Forwarded by Scott Goodell/Corp/Enron on 01/23/2001
12:56 PM ---------------------------

"CustomerNotices, WGPHOU" <WGPHOU.CustomerNotices@Williams.com> on 01/22/2001
04:08:03 PM
To:
cc:

Subject: Transco - EBB Notice: Terrebonne Plant Restart January 18, 2001

Media Inquiries: Chris Stockton
                 (713) 215-2010
Other Inquiries: Transit Help Line
                 Outside 713 Area Code: 1-800-248-0404
                 Inside 713 Area Code: 215-3371
Date:   January 22, 2001

To:     All Producers and Shippers Utilizing Transco's North
        Terrebonne Plant

From:   Dan McVay

Re:     EBB Notice:  Terrebonne Plant Restart January 18, 2001

The North Terrebonne Gas Processing Plant resumed operations
effective January 18, 2001.  The plant has begun processing
committed plant owner and third party gas production.

If there are any questions, please contact the following:

Contract Administration:     Clayton Phelps   (713) 215-2653

WILLIAMS FIELD SERVICES COMPANY,
As Agent for Transcontinental Gas Pipe Line Corporation

Dan McVay
Director, Commercial Operations
Gulf Coast

--------------------------ADDITIONAL X12 INFORMATION------------------------
Trans. Svc. Provider: 007933021 - TRANSCONTINENTAL GAS PIPE LINE CORPORATION
   Notice Identifier: L0101222
     Critical Notice: No
      Type of Notice: 6-Other
   Required Response: 5-No Response Required
   Resp By Date/Time: N/A
Notice Eff Date/Time: 01/22/01 16:02:37
Notice End Date/Time: N/A
              Status: 2-Supersede
 Prior Notice Ident.: L0101221
____________________________________________________________________________

 - C.DTF


See attached file


I've told Presto to relax 17 times.  Just deal with me on this one.
---------------------- Forwarded by John J Lavorato/Corp/Enron on 09/06/2000
07:35 AM ---------------------------

	From:  Kevin M Presto @ ECT                           09/06/2000 07:28 AM

To: David Oxley/HOU/ECT@ECT
cc: John J Lavorato/Corp/Enron@Enron

Subject: Chris Dorland

Please give me an update on the overall status of Chris Dorland relocation
from Calgary to Houston.  As Lavo has already indicated to you, Chris will be
joining the East Power Trading group as the PJM cash trader.  Chris is
anxious to get the process rolling so he can make the transition to Houston
no later than October 2, 2000.  In particular the following package needs to
be put together and overnighted to Chris this week.

 1) Visa paperwork (Canada to US)
 2) Relocation specifics (move coordination & $'s for move)
 3) New US salary (Chris expectation is $80k/yr US)

Please give me an update as soon as possible.

Thanks David.


Attached is the term sheet for the eSpeed transaction.  We anticipate
receiving drafts of the equity documents Friday or Monday.

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3817
Houston Texas 77002
Phone:  (713) 853-1575
Fax: (713) 646-3490
----- Forwarded by Travis McCullough/HOU/ECT on 07/26/2000 03:20 PM -----

	Andy Zipper@ENRON
	07/21/2000 05:07 PM

		 To: Travis McCullough/HOU/ECT@ECT, Louise Kitchen/HOU/ECT@ECT
		 cc:
		 Subject: Term Sheet with detail

FYI, the most recent proposal...
---------------------- Forwarded by Andy Zipper/Corp/Enron on 07/21/2000
05:00 PM ---------------------------

"Uman, Jonathan" <JUman@cantor.com> on 07/21/2000 01:13:12 PM
To: "Andrew Zipper (E-mail)" <Andy.Zipper@enron.com>
cc:

Subject: Term Sheet with detail

Andy
The attached outlines much of what we covered on Thursday morning.  If you
want more clarification on the NewCo warrant concept, lets talk.
Have a great weekend.
Jonathan
 <<eSpeedTS.doc>>
Regards,

Jonathan Uman
Managing Director, Head of Corporate Development
eSpeed, Inc.
juman@espeed.com
212-938-7495

 - eSpeedTS.doc


FYI
---------------------- Forwarded by Mark Koenig/Corp/Enron on 01/12/2001
10:14 AM ---------------------------

firstcall.notes@tfn.com on 01/12/2001 01:17:14 PM
To: mark.koenig@enron.com
cc:

Subject: UPDATE OF CALIFORNIA CRISIS AND BRIEF NOTES ON DUKE ENERGY
CONFERENCE CALL

                          FIRST CALL RESEARCH NETWORK

10:41am EST 12-Jan-01 Prudential (C.COALE 713-650-4732) DUK DYN ENE REI PCG
UPDATE OF CALIFORNIA CRISIS AND BRIEF NOTES ON DUKE ENERGY CONFERENCE CALL

UPDATE OF CALIFORNIA CRISIS AND BRIEF NOTES ON DUKE ENERGY CONFERENCE CALL
PRUDENTIAL SECURITIES                                   January 12, 2001

SUBJECT: Natural Gas Distr./Pipelines

----- ANALYST(S) --------------------          -------- OPINION --------
M. Carol Coale   713.650.4732                 Current: Strong Buy
David R. Tameron   713.650.4731                  Risk: Moderate

----- HIGHLIGHTS---------------------------------------------------------
Key players in California energy crisis meeting continuing to meet in
Washington
  - nothing material has yet to be finalized.  Our expectations are detailed
within.
1)   Cautioning investors to avoid stocks with California exposure until a
more
longer term solution is decided upon.  However, the lowest risk is likely in
the
cheapest stocks, and DUK may be the best bet over the week or so.  DYN in the
mid-$30s and ENE in the mid-$60s are also attractive.
2)   Duke Energy conference call reiterated that about 90% of California
portfolio is hedged forward with non-utilities or in transactions outside of
the
Independent System Operator (ISO) or Power Exchange (PX).  We estimate Duke's
financial exposure is less than $0.04 per share annually.

-----
DISCUSSION---------------------------------------------------------Thoughts on
California and brief comments on the Duke Energy Conference Call.  Key
representatives of the California utilities, power generators, marketers have
been in meetings in Washington D.C. with the FERC Chairman, Secretary of
Energy,
U.S. Treasurer and members of the Clinton staff.  We have the following
comments on what we believe may be and should be long-term solutions to the
California energy crisis.

What we think will come out of Washington meetings:
1)   Power generators will agree to selling power under long-term (up to 10
year) contracts at the capped retail rates ($65-$75/Megawatt hour (MWh)
assuming
that they can buy gas supply forward.  However that market is very illiquid
and
can take weeks to secure a transaction.
2)   Politicians/legislators want to avoid bankruptcies, but we still think
there is a 50/50 probability.
3)   Utilities likely to be able to buy/sell electricity in forward market.
4)   California is likely to eliminate the Power Exchange (PX) and replace
with
negotiated buy/sell market.
5)   "Forbearance" brings up issues of whether the utility can defer payments
for power supply for a number of periods or whether the state will pick up the
bills.  The impact on the receivables of the power generators/marketers and
lenders is uncertain.
6)   We believe actual seizure of power plants from the unregulated suppliers
by
the state is unlikely, as is the removal of emissions credits (also, we
understand NOx emissions credits can be as high as $46/Megawatt hour in
California).
7)   Resignation of reigning FERC Commissioner Jim Hoecker on 1/18/01 allows
for
Bush-appointed commissioner to step in, most likely to be Republican Curt
Hebert.  Herbert has been vehemently opposed to price caps and supports
competitive markets.
8)   Under a "new FERC", we think there is a low risk of retroactive
repercussions on generators to "give back" past profits on electricity sold in
California last summer, and also that a windfall profits tax on
generators/marketers is unlikely.
9)   Companies such as DUK, DYN and ENE all appear to have less than $0.05 per
share of annual earnings exposure to California generation/marketing sales net
of risk mitigation.  However, recent conversations with Reliant Energy have
revealed that it has not hedged its receivables risk with the utilities in
California.  Typical monthly receivable balances range from $5-$270 million or
up to $0.60 of earnings exposure.  REI is betting on the risk of bankruptcy of
PG&E and Edison is unlikely, and therefore, the cost to set of credit reserves
at this point would more than outweigh potential earnings exposure.
10)  While these stocks, in addition to REI, appear oversold, the stock
performance is likely to be volatile until a solution to the CA energy crisis
is
introduced. In our view, the California market solutions fall short of the big
picture.  I have been cautioning investors to avoid the above-mentioned stocks
until a more longer-term solution is decided upon.  However, the lowest risk
is
likely in the cheapest stocks, and DUK may be the best bet over the week or
so.
Still, DYN in the mid-$30s and ENE in the mid-$60s are also attractive, in our
view.
11)  We expect DYN, DUK, ENE and REI to all report positive 4Q01 earnings
surprises of at least a penny or so, but to the extent that the surprise is
related to power generation, the stocks may not react favorably.

What we think will solve the California problem:
1)   Eliminate all retail rate freezes, and let the market forces balance
supply
and demand.  Higher electricity prices to the consumer will encourage less use
and the purchase of more efficient energy equipment, and will also encourage
independent generators to build new facilities.
2)   We agree with the allowance of forward sales and a free spot market for
unregulated electricity transactions.
3)   A word on the hydroelectric generators.  Most are government-owned
facilities that virtually generate electricity for "free".  It would stand to
reason that the hydroelectric generators (a.k.a. the federal government) has
been financial benefiting from selling "free" power into a market that has
been
marginally priced off of high-priced natural gas.  Shouldn't the government
also
be asked to "share the pain"?

Following highlights from DUK call:
1)   Duke controls or owns 3,300 megawatts of electric generating capacity out
of a portfolio of about 6,000 megawatts.  About 90% of its California
portfolio
is hedged forward with third parties that are not utilities or in transactions
involving the Independent System Operator or Power Exchange.
2)   Duke's receivables "at risk" are not material financially or
operationally,
according to the company.  Duke pointed out that just over 10% of EBIT is
generated from its wholesale energy business, although we estimate it is
closer
to 15%.
3)   Duke has a minimal number of contracts with PG&E and SoCal Ed (EIX
subsidiary).
4)   Nothing material has been agreed upon in the Washington meetings between
industry representatives, legislators and feds, but the likelihood of power
plant seizures and retroactive penalties appear unlikely.
5)   We estimate DUK's annual financial exposure, net of forward sales, is
less
than $0.04 per share annually.

Stocks mentioned in this note include:  Duke Energy (DUK-65 7/8; rated
Accumulate); Dynegy (DYN-39 ?; rated Accumulate); Edison International (EIX-10
r; not rated); Enron Corp. (ENE-69 7/16; rated Strong Buy); PG&E Corp. (PCG-12
5/16; rated Sell); Reliant Energy (REI-32 7/16; rated Hold).

Prudential Securities Incorporated (or one of its affiliates or subsidiaries)
or
its officers, directors, analysts, employees, agents, independent contractors,
or consultants may have positions in securities or commodities referred to
herein and may, as principal or agent, buy and sell such securities or
commodities.
First Call Corporation, a Thomson Financial company.
All rights reserved.  888.558.2500

Note ID: 402321
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to more than one new plant per week, every week, for 20 years running. Learn
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May 11, 2001

Bush Energy Plan Expected Next Week;
Nuclear Power, Eminent Domain Emerge as Key Elements

By Will McNamara
Director, Electric Industry Analysis

[IMAGE]With California struggling through yet another round of rolling
blackouts this week and reportedly its thirty-ninth issuance of a Stage 3
emergency warning since January, the Bush administration is putting the
finishing touches on its much-awaited energy strategy. A national energy
plan, which is the culmination of nearly three months of meetings by a task
force led by Vice President Dick Cheney, is scheduled to be announced by
President Bush sometime next week. Even before being released, the plan is
surrounded by controversy and criticism that the Bush administration remains
too focused on long-term solutions and has not provided any immediate fixes
to national energy problems that are most extremely illustrated by the power
crisis in California.

Analysis: As noted, the Bush administration won't officially release its
energy plan until next week. However, based on recent statements made by both
the president and the vice president, we already have a good indication of
the broad strokes of the plan. Since January, it has been expected that
President Bush will unveil an energy plan that strongly encourages
exploration for domestic oil and natural gas. The administration's position
on conservation efforts and renewable energy as long-term solutions to the
nation's power needs is less clear, as both Bush and Vice President Cheney
have made rather inconsistent statements regarding these issues (conservation
in particular). Yet perhaps the most controversial elements of the plan are
the administration's expected positions on nuclear energy and the right of
the federal government to usurp state authority and mandate the placement of
new electric transmission power lines.

As noted, for several months it has been anticipated that President Bush will
allot more funding for exploration efforts than renewable energy or
conservation efforts (see my IssueAlert from 3/25/01 for more information on
this). Despite the fact that this position has been intensely criticized, it
is important to note that the president has not indicated that these
approaches will not have a role in his administration's strategy. In fact,
recent word from the administration is that at least conservation will
receive a "major emphasis" in the plan. However, at the same time, the
president has stated publicly that the nation can't "conserve its way to
energy independence." Vice President Cheney echoed this sentiment by
remarking that conservation "is not a sufficient basis for a sound,
comprehensive energy policy."

In addition, realistically, renewable energy sources only account for about 2
percent of the total energy supply. Cheney claims that even if renewable
sources were tripled over the next 20 years, they would only account for 6
percent of the nation's total energy mix. Consequently, although conservation
and renewables will be included in the imminent energy plan, the Bush
administration is clearly focused on other solutions that it believes are
more realistic. We will have to wait until the plan is released to adequately
assess the extent to which conservation and renewable energy will be
supported by the Bush administration.

Perhaps more interesting at this time are two controversial components of the
forthcoming energy plan that have emerged this week. First, a key element of
the Bush administration's plan will be the expansion of energy
infrastructures to deliver power across the nation. Specifically, it is
becoming increasingly clear that the energy task force led by Vice President
Cheney will recommend that Energy Secretary Spencer Abraham draw up
legislation that allows for FERC to assume control over private property to
accelerate the construction of transmission power lines. The task force
believes that the lack of transmission capacity is one of the key causal
factors of the California energy shortage and concerns about power supply in
other areas of the country. In other words, in addition to California's
in-state power supply deficiency, power from outside the state cannot be
easily imported due to clogged infrastructure. A deficient transmission
system is also a major factor in potential power problems facing New York
City this summer.

FERC already has what is known as "eminent domain authority" over the siting
of natural-gas pipelines, which typically are underground and therefore do
not spark much public resistance. The construction of new power lines,
however, is a contentious issue. New lines are often blocked due to the "not
in my backyard" (NIMBY) syndrome. In addition, state governments presently
regulate the construction of new transmission lines and have been reticent to
relinquish this control to the federal government. In addition, many states
view the eminent domain policy as an invasion of home rules and a violation
of homeowners' rights. If, as expected, the Bush energy plan extends eminent
domain to FERC for electric transmission lines, then the commission would be
given the authority to force private landowners to allow new power lines to
be built on their land. The government typically compensates property owners
for the seizure of their land, but this has not appeased state governments in
their opposition to the rule.

Once the land is taken from private owners, utilities (and not the
government) would be given ownership of the land and allowed to build the new
lines. This is something that utilities as a group have requested for some
time, as presently they face multiple local and state regulatory obstacles
whenever they seek to build new lines.

In interviews this week, Cheney admitted that eminent domain would be
addressed in the energy task plan, but has not specified what the plan would
propose. However, the vice president did acknowledge that the key issue to be
addressed is whether or not the federal government should have the same
authority on electrical lines as it already has on gas lines.

In the second controversial element of the forthcoming energy plan, Cheney
also revealed in recent interviews that nuclear power will factor in rather
significantly to the task force's proposals. On May 8, in an exclusive
interview with CNN, Cheney said that the answers to the nation's energy woes
lie in increasing the supply of energy sources, including giving nuclear
power "a fresh look." Given the high prices of natural gas, Cheney has argued
that from an economic standpoint, now is a good time for nuclear power to
re-emerge. In addition, in the CNN interview the vice president pointed to
the fact that nuclear power is recognized as a "safe technology that doesn't
emit any carbon dioxide at all." The only significant problem that Cheney
sees with nuclear power is the nuclear "waste piling up at reactors all over
the country." Consequently, although the vice president supports an increase
in the nation's reliance on nuclear power, he also supports the use of a
national, permanent repository that can be developed for nuclear waste. Yucca
Mountain, located in Nevada, is being tested as a suitable site for a spent
nuclear fuel and high-level radioactive waste repository. Experts throughout
the world agree that the most feasible and safe method for disposing of
highly radioactive materials is to store them deep underground.

Moreover, when the Bush administration's energy plan is officially released
next week, it will be interesting to see the specific proposals that the
Cheney task force offers. In the meantime, the plan is already generating a
great deal of controversy as some Republicans worry about political fallout
from the administration's previous reluctance to intervene and repair
problems in California. Constituents across the country increasingly are
voicing concerns about pervasive power problems, although California and New
York appear to be the only two areas with real worries. Given the growing
sense of anxiety about the energy problems and its impact on the nation's
economy, it is feared that the lack of any clear short-term solutions will
soon spark an intense round of finger-pointing that could impact future
elections. Rising gasoline prices and predictions for summer blackouts beyond
California are only raising the heat on this red-hot debate.

Cheney himself admits that the energy plan has become a "political debate,"
in addition to being a discussion about policy. For months, it was clear that
the Bush administration and FERC preferred to let California solve its own
problems. But after months of rolling blackouts, the bankruptcy of Pacific
Gas and Electric Co., and projections for severe summer problems,
California's problem has now become President Bush's problem. The bottom line
is that an enormous amount of political credibility is riding on the
forthcoming energy plan, in addition to the fact that the nation will be
eagerly looking for the Bush administration to offer reliable solutions to
the increasing power problems.

An archive list of previous IssueAlerts is available at
www.scientech.com

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LITTLE CHILLY IN SAN DIEGO.   SOCAL STORAGE AT 24 BCF-CURRENT WITHDRAWAL RATE
IS 1 BCF DAY.  SUPPOSE TO REMAIN COLD FOR THE REMAINDER OF MONTH.   WORSE
YET-A NUCLEAR PLANT WAS SUPPOSE TO COME BACK BUT THEY HAD A FIRE AT SAN
ONOFRE-OUT FOR AWHILE.  BETTER BUY YOURSELF SOME BLANKETS.


Attached is the Transaction report for the spread deals I had sent for your review.  Please let me know what else I can do to get this approved.

Thanks,

Melba


The leadership situation in Japan is always relatively volatile and this
period is no exception.  Following a further political gall by the PM over
the North Korean hostage situation and ongoing adverse media attention on his
cabinet, it is likely that the PM and his senior cabinet will be replaced
within weeks, if not days.

As a matter of protocol the successors to the Prime Minister and Minister of
State, Nakagawa, will keep the appointments set by the predecessors.  The
focus is more on the position than the individual - so the Minister of State
will open the office in the name of the PM whether it is Nakagawa or someone
else.  Similarly, Mr Lay will have a meeting with the PM whether it is Mori
or his successor.

Fortunately, we have very good relationships with the person most likely to
be the next PM of Japan - Mr Katoh - and the person who will most likely be
the next head of the Governing LDP - Mr Kamei.  Both Mr Katoh and Mr Kamei
have indicated that they will attend the office opening.

As mentioned in my previous note, we had anticipated that the budget
legislation would have been passed well before the office opening.  I also
mentioned that the budget is likely to pass on the 31st or 1st.  One possible
scenario on the timing for the replacement of Mori is immediately after the
budget legislation is passed.  That timing would be problematic for us, as
most senior politicians would be focused on the change of leadership during
that period.

I will keep you informed as the political situation develops.


---------------------- Forwarded by Dana Davis/HOU/ECT on 02/16/2001 10:32 AM
---------------------------

	Lola Willis @ ENRON
	02/16/2001 10:21 AM

To: debra_atkins@co.harris.tx.us, sweetp@netropolis.net, bill481@excite.com,
Sonya.Clay-Lewis@Halliburton.com, Tammy_D_Cooper@ReliantEnergy.com, dana
davis@enron.com, glenetta_godfrey@valic.com, valerie.mims@bankofamerica.com
cc:
Subject: Only in THE GREAT STATE OF Texas

---------------------- Forwarded by Lola Willis/Corp/Enron on 02/16/2001
10:19 AM ---------------------------
From: Laura Gutierrez/ENRON@enronXgate on 02/16/2001 09:26 AM
To: Laura Gutierrez/ENRON@enronXgate
cc:  (bcc: Lola Willis/Corp/Enron)

Subject: Only in THE GREAT STATE OF Texas

Only in Texas!!

- tex_31.jpg


We are following up on attached.  DealBench is anxious to move forward but is
not doing so until it has legal management clearance.  Please let us know as
soon as possible if you have any reservations about the proposed business
relationship.  If you would like us to arrange a meeting or conference call
to further discuss, let us know this as well.

Thanks, NJD

Nora J. Dobin
Senior Counsel
Enron Global Finance
Enron Corp.
1400 Smith Street
Houston, Texas  77002

713/345-7723 (phone)
713/853-9252 (fax)
E-mail:  nora.dobin@enron.com

----- Forwarded by Nora Dobin/Corp/Enron on 01/18/01 07:57 PM -----

	Nora Dobin
	01/09/01 07:13 PM

		 To: Mark E Haedicke/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Mark
Evans/Legal/LON/ECT@ECT, Bruce Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Rob Walls/NA/Enron@Enron, Jordan Mintz/HOU/ECT@ECT
		 Subject: DealBench/Freshfields Proposal

Attached please find an outline of a proposal for a business relationship
between DealBench and Freshfields.   Rob, Jordan and I have been considering
this from a legal relationships perspective and request your thoughts on
same.

Tobias Munk of DealBench has been working on developing this
DealBench/Freshfields relationship for a couple of months.  Tobias came to
DealBench from Enron London to help develop a capability to do due diligence
on the DealBench platform (the dataroom product).  He initiated contact with
Freshfields (Hugh Crisp) before moving to Houston.   DealBench has been aware
that this relationship would be subject to approval by Enron legal management.

The proposed relationship essentially is a business referral one:  DealBench
would pay Freshfields 10% of site license fees paid to DealBench by customers
referred by Freshfields.  Freshfields also would provide up to 100 hours of
consulting services regarding the dataroom product for no additional monetary
consideration but DealBench would give Freshfields exclusive recognition for
helping DealBench develop the dataroom product in Europe and Asia. DealBench
advises that Freshfields believes it would benefit from the publicity
associated with being part of the development of an e-commerce product.  The
DealBench commercial team is very interested in moving forward with
Freshfields.  Although Freshfields cannot guarantee any referrals, DealBench
believes the relationship would be fruitful for it commercially because of
Freshfields' prominence in M&A transactions in Europe and Asia.

Before DealBench moves further with Freshfields, it would like legal
clearance.  We look forward to hearing from you.

Regards, NJD

Nora J. Dobin
Senior Counsel
Enron Global Finance
Enron Corp.
1400 Smith Street
Houston, Texas  77002

713/345-7723 (phone)
713/853-9252 (fax)
E-mail:  nora.dobin@enron.com


yes, I think that's the idea. You may need to monitor and advise.


If John Malowney is okay with the confirmation he reviewed, I'm fine.  I made
the changes he suggested and sent it out, so if nothing else needs to be done
for the confirmation, then yes, please add some notes in the comment section
of deal entry about what happened.

Thanks!

   Kate Symes                05/01/2001 06:07 PM

To: Sharen Cason/HOU/ECT@ECT
cc:
Subject: Re: Montana power

I'm really sorry about the confusion - I actually just got filled in myself.
I entered these deals for Mike Swerzbin yesterday, but he gave me an
incorrect delivery point (mid-columbia instead of montana system border).
Then Cara Semperger, in Scheduling, went in to change the delivery point and
felt that the deal should be combined into one with three legs instead of
three separate deals.

So, in the end, she killed 597244 and 597245, and added two legs to 597246.
I'm not sure she talked to John Malowney about any of this, otherwise he
probably would have told her that he already approved the confirm letter.

Please let me know if you'd like comments added to this deal, and I'll do it
right away.

Thanks for your help on this,
Kate

	From:  Sharen Cason                           05/01/2001 03:30 PM

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

Subject: Montana power

Help, I'm confused!  Yesterday I prepared a confirmation for three Montana
Power deals, # 5467244, 597245, 597246.  I sent it to John Malowney and he
approved it and I faxed it out. Today I noticed two of the deals have been
killed and two legs added to the other deal.  I think it is the same deal,
but can someone put notes into the deals saying what they did and why?

Thanks!


I just don't know where to start with the last couple of sentences so I will
let any jokes pass for now but be afraid.  As for the people on the list, I
know them as follows:

John Massey: SMU, UT b-school, emissions trader and a funny guy - spent a few
drunken nights with him and he lives in your complex
Milind Pasad: India, UT b-school, really nice guy but no drinking or meat
eating (he drove me to get my car on Monday)
Kevin Ruscitti: UCLA mba and trades gas, nice guy
Claudio Riberto: works in my old group with Milind, very smart MIT mba nice
but quiet

I hope this helps and if you have any other questions, just let me know you
little hottie.

Susan M Scott
08/02/2000 10:14 AM
To: Ted Noble/HOU/ECT@ECT
cc:
Subject: And this one time at band camp...

Hey,

I know you are monumentally busy this week, but if you get five minutes today
shoot me back an email and let me know if you know any of the Associates
below.  They are all going to be at the dinner tonight so any info that would
boost my B.S. factor would be much appreciated.  I seem to remember you
mentioning John Massey on a couple of occasions but I have, albeit very
rarely, been known to be wrong.  Hope your day is going well and that you
aren't having to carry Darren too much.

Evan Betzer
Jay Epstein
Bill Keeney
John Massey
Milind Pasad
Kevin Ruscitti
Jennifer Adams
Farzad Farhangnia
Gautam Gupta
Claudio Ribeiro
Doug Sewell

-- I finally watched the movie last night.  I laughed, I cried...it became a
part of me.  Honestly though, it was a very funny flick.  So did John or
Fritz pass along the "Bible" to you?  (Whoever it was you can thank them for
me.)


Start Date: 4/22/01; HourAhead hour: 22;  HourAhead schedule download failed.
Manual intervention required.

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