Will do and will make sure that there are no GTC changes in the near future.

-----Original Message-----
From: Kitchen, Louise
Sent: Monday, October 29, 2001 9:34 PM
To: Gray, Barbara N.; Puthigai, Savita; Taylor, Mark E (Legal)
Cc: Richter, Brad
Subject: RE: GTC Change for removal of HPL language

Do the innocuouss route and send them a letter stating you will change it at the next available/scheduled GTC change would be my suggestion.

Also just to confirm no GTC  changes on anything for the near future.

Thanks

Louise

-----Original Message-----
From: Gray, Barbara N.
Sent: Monday, October 29, 2001 2:52 PM
To: Puthigai, Savita; Kitchen, Louise; Taylor, Mark E (Legal)
Cc: Richter, Brad
Subject: RE: GTC Change for removal of HPL language

Savita,

 As we have discussed, when Enron sold HPL to AEP, Enron specifically agreed that all rights to the name "Houston Pipe Line Company" as of June 1,2001, were the sole property of AEP/HPL and that no Enron Entity would use that name.
 On or about the first of June, the EOL Long Product descriptions were modified to provide that notwithstanding that the GTC's for physical natural gas provided that all Enron transactions in Texas were to be deemed HPL transactions, that such language was overridden by the Long Product description.
Notwithstanding this modification to the Long Product description, AEP is claiming that the continued use by EOL in EOL's GTC's violates the Purchase and Sale Agreement and impinges on its trademark "HPL".  As we discussed last week, we have  received a letter from AEP threatening a lawsuit if we do not immediately remove the references to HPL from the EOL GTC's.

Based on what has been happening in the past several days, I completely concur that we should not require that any EOL Counterparty "re-accept" the physical natural gas GTC's in order to trade with ENRON.

I advise that we either (i) do nothing and risk being sued by AEP, or (ii) that we forget about making any other "cleanup" changes requested by Stacy and merely notify the applicable Counterparties that as evidenced by the Long Product description for physical natural gas transactions, all such transactions will continue to be with Enron, not HPL, and that the EOL GTC will be modified as of [date] to eliminate any reference to HPL.

I would suggest that this notification be done as innocuously as possible....such as on the remittance statements in/on our checks to these Counterparties or on our invoices.  We should not ask any Counterparty to sign or return anything to reflect this, nor should we request any reacceptance of out EOL GTC .

You have inquired as to the possibility of getting AEP to enter into an agreement with Enron to not change our online GTC at this time.  Frankly, at the present time the relationship between Enron and AEP is quite antagonistic..... we have several matters pending which need to be resolved.......in order to reach some type of agreement with them regarding use of the HPL name we would need to "make it worth their while"..... and due to some of the positions Enron is currently taking, AEP would probably refuse to enter into any such side agreement with or without costly concessions .

Thus, as I stated earlier, we should either "do nothing" and wait for the lawsuit....or go the "innocuous notice" route.

I have spoken with Mark Taylor and he concurs that under the current circumstances, these are preferable routes to the POP-Up and reacceptance  route which had been in the works for the past few months.

Please fell free to call me with any questions or comments.  If we decide to go the "notification route", I will promptly draft the exact language to be used.

Best Regards
Barbara

-----Original Message-----
From: Puthigai, Savita
Sent: Monday, October 29, 2001 10:35 AM
To: Kitchen, Louise; Taylor, Mark E (Legal)
Cc: Gray, Barbara N.; Richter, Brad
Subject: RE: GTC Change for removal of HPL language

Hi Mark, Barbara,

Can we work something out with AEP whereby we don't change the online GTC for sometime? We do have language in the Product Long Description that adresses the sale of HPL. Is there any other way we can allay AEP's concern that counterparties logging onto EnronOnline are confused about the actual ownership of HPL. Thanks.

Savita

-----Original Message-----
From: Kitchen, Louise
Sent: Monday, October 29, 2001 10:04 AM
To: Puthigai, Savita
Subject: Re: GTC Change for removal of HPL language

Not in the near future
--------------------------
Sent from my BlackBerry Wireless Handheld


This is to inform you that effective immediately, your human resource representative will be Hector McLouglin. Please channel any questions or concerns to him. I will be moving over to service corporate. I would like to take this opportunity to tell you what an honor it has been servicing you.

Regards
Frank


As you know, we recently did an east-to-east deal with USGT for 400,000
MMBtu/day with alternate rights to California
at a higher rate.  SoCal filed a protest and I'm working on the response.  In
part, they are alleging that TW is "attempting to exploit a weakness" in the
GISB procedures to the detriment of existing customers.  For example, under
TW's tariff (which they concede is GISB compliant), primary firm cannot bump
alt. firm in cycle 2.  SoCal says this means that any primary shipper
attempting to deliever to an in-path alt. point will be unable to re-nominate
to its primary point once this "alternate" capacity [I assume they mean
USGT's] is confirmed.  According to SoCal this will substantially limit
shippers' flexibility, including the ability to use market area pooling.
Once gas is nominated thru a pool its subsequent movement to a delivery point
is defined as an al. delivery regardless of the rights of the capacity under
which it moves.  Thus by manipulating the GISB cycle process, TW and USGT
will bump firm shippers.

I could really use your help in responding to this argument.  (First of all,
I'm not sure I even understand it!)  If either of you have a few minutes
today or tomorrow when we could get together, that would be great.  Also --
you two were the first to come to mind, but feel free to refer me to someone
else in your group if you are swamped.  Please e-mail or call when you get a
chance...
Thanks!
Susan (x30596)


JUNE CAPACITY
     The anticipated capacity for secondary and interupptible receipts and
deliveries on our system for June,  2000 has been posted in E-Script.  Notice
that the amount of receipt capacity at our Oakford (Tetco) and Lysander
(Empire)
interconnects has been decreased.  Oakford has been cut to 150,000 DT and
Lydsander has been cut to 60,000 Dt.

                               STORAGE INJECTIONS

     Customers are urged to review their current storage injections.  To
insure
you are able to get your storage accounts full by November 1,  it is important
that you maintain uniform injections throughout the injection season.
     Dominion Transmission

?s Rate Schedule GSS,  GSSII or GSSTE  Section 7.4
provides that if Storage Gas Balance is less than or equal to 50% then the
maximum storage injection is limited to 1/180 of storage capacity.   When
inventory is greater than 50%,  then the maximum injection is limited to 1/214
of storage capacity.  In addition, our Tariff allows that customers may over
inject during the summer months as follows:

                      April thru July                 115%
                          August                      107%
                         Sept. thru Oct.          102%


Matt thanks for taking the time to chat with me yesterday.  You got me thinking!  You will be missed here Sir.
Do you have any Trading/ Financial books that you would recommend me getting to read.
Also please send me Kate's info.

Thanks,
Heather


I think that everyone has heard of this by now.     This makes it even more
imperative that our costs are documented.   This includes keeping up the
hourly sheet and having access to the Services generator spreadsheets.
Costs must be "just and reasonable."      Be ready to document opportunity
costs in the NW and the SW.  If you have questions as to what is just and
reasonable,  give me,  Bill,  Steve Hall or Tim B a call.

Note the penalties mentioned in 2. and 3.    We will not "dec load" until
futher notice,  as we dont have the  telemetry to accurately measure whether
we are long or short in any given instance.    Our company preschedules an
amount of energy necessary to cover forecasted load.   If this load is
higher,  we will be subject to the penalties listed below.     The Real Time
group will not expose company to any such charges.

See (3.) There are Services related penalties for all generators that dont
respond to ISO (ADS) instructions.   As everyone is aware,  the ISO has had
problems with this system.    We must be diligent in documenting all problems
with ADS,  as this can be a very costly disagreement.

JMF

---------------------- Forwarded by John M Forney/HOU/ECT on 12/11/2000 08:11
AM ---------------------------

Steve C Hall
12/09/2000 01:10 PM
To: Tim Belden/HOU/ECT@ECT, Christian Yoder/HOU/ECT@ECT, Jeff
Richter/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, John M Forney/HOU/ECT@ECT,
Greg Wolfe/HOU/ECT@ECT, Mary Hain/HOU/ECT@ECT, mwood@stoel.com, Elizabeth
Sager/HOU/ECT@ECT
cc:
Subject: ISO Emergency Tariff Modifications (Tariff Amendment 33)

On Friday, about 3:00 pm, the ISO filed for emergency tariff changes, some of
which are effective as of December 8, 2000 beginning HE 1600, and others that
take effect Tuesday, December 12, 2000.  As a consequence, we no longer have
the luxury of waiting until Jan 1, 2001 to start documenting certain costs;
we must start documenting the verifiable costs to support supplemental energy
and ancillary services energy bids in excess of the $250 soft cap
immediately.  I understand that at least some of the traders have been
informed of these changes, but I thought that it might be helpful for
everyone to have a concise summary of the main points of this filing.

1.  The ISO has changed the $250 hard cap on Supplemental Energy bids and
Ancillary Service Energy bids to a soft cap.  It's similar to the FERC's
proposed soft cap in its Nov. 1 Order.  Sellers can bid over $250 for
supplemental energy bids and ancillary services energy bids.   If the ISO
accepts a bid greater than $250, settlement will be as-bid and subject to
refund if costs cannot be verified.  SCs must submit cost documentation to
the FERC, ISO, and California Electric Oversight Board for all energy
dispatched in excess of the soft cap.  Effective December 8, 2000.

2.  Beginning Trade Day December 12, 2000, the ISO is going to charge SCs who
underschedule load or schedule generation that does not show up in real time,
based on each SC's net regional negative uninstructed deviations.  ("Net
Negative Uninstructed Deviations" is a new ISO defined term, see below.)
These SCs will be charged for (1) amounts paid by the ISO to purchase Energy
from bids above the price cap, and (2) costs for Energy associated with
out-of-market Dispatch instructions issued due to underscheduling.

3.  Participating Generators that fail to respond to ISO Dispatch
instructions will be assessed a penalty equal to double the highest price
paid by the ISO for Energy for the hour in which the Generator failed to
respond.  The penalty will not be assessed if the Generating Unit gave the
ISO advance notice of a de-rate or outage that would limit the Generator's
ability to respond to a Dispatch instruction.  If the outage or de-rate
occurs in real-time, then a reason code provided with a decline or partial
acceptance of an ADS instruction will constitute notice and no penalty will
be assessed (subject to some additional conditions).  If the ISO has to
curtail firm load to manage a System Emergency, the Generator will pay an
additional penalty of $1000/MWh for dispatched energy it failed to deliver.

4.  Bilateral arrangements with the ISO, i.e., out of market purchases, will
not be altered by the ISO's Amendment 33.

5.  From December 1-5, the ISO paid an average of $5 million per day for real
time energy.  On December 5th, the ISO paid $36 million and on December 7th
$81 million.

6.  The published ex post price will not exceed $250.

7.  There is still a hard cap of $250 on Ancillary Services capacity bids.

8.  Net Negative Uninstructed Deviations:  Penalties for being short in
real-time (either underscheduled load or generation scheduled in forward
markets that does not show up) are based on net deviations for each BEEP
interval, based on an SC's entire portfolio, including Load, Generation,
Imports, and Exports.

9.  Action:  We need to start documenting costs of Supplemental Energy and
Ancillary Services Energy bids immediately.  Much of the groundwork for
figuring out what information to collect has been done with respect to the
real-time and services desks, but we need to make sure that someone is
collecting this information on a daily basis.  For now, I am willing to be
the point person to make sure the information is collected and filed with the
appropriate agencies, but eventually  someone from the floor should take on
this responsibility.  I will be here early on Monday, and we can coordinate
our efforts then.

Steve


Here is your latest roster. We are up-to-date on all changes but, of
course, the students may still drop/add up to the second week of module 5.
When the time comes, please check your roster carefully and make sure that
the people on the list really are attending your course. Mistakes happen so
I just would like to make sure we have a correct record.

As always, let me know if you would like the excel folder with e-mail
addresses. I don't send them at the same time to avoid overwhelming our
e-mail system. Thanks for your help!

- Pam (713-348-6223)
 - 656.doc


(See attached file: HPLN1220.xls)

 - HPLN1220.xls


As of today's gas day, ENA has a balance of 658,375 dth in CES's storage.  We
still have 56,000 dth we can over inject for the month of May to reach our
"approved" max monthly injection amount.

In Sitara, I am showing all 658,375 dth of ENA gas coming out of storage in
the month of August.


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Call toll-free 800-510-2808 to speak with a customer service representative.


Can you let me know who at BP in London is holding things up?  Larry
Gagliardi here in Houston has asked so he can give the name to his
counterpart in the US.

	Justin Boyd
	09/06/2000 06:54 AM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Re: BP Amoco

mark - still waiting i'm afraid...but am chasing again.  we certainly do not
want to re-open matters with BP in the US....we spent a good 2/3 months with
BP London negotiating the EOL side letter

j

From: Mark Taylor on 05/09/2000 16:59 CDT
To: Justin Boyd/LON/ECT@ECT
cc:

Subject: BP Amoco

The commercial guys have asked me for an update on where we stand with BP.
Any news?


Please deliver my copies to the office.

	Enron Capital Management

	From:  Doug McDowell                           10/22/99 04:52 PM

Sent by: Dolores Escamilla
To: AnnMarie Tiller/Corp/Enron@ENRON, Bob Butts/GPGFIN/Enron@ENRON, Stanley
Farmer/AA/Corp/Enron@Enron, Herman Manis/AA/Corp/Enron@Enron, Mark
Taylor/HOU/ECT@ECT, Rex Rogers/Corp/Enron@Enron, Clement
Abrams/Corp/Enron@ENRON, Brent Vasconcellos/Corp/Enron@ENRON, Mark E
Lindsey/GPGFIN/Enron@Enron, james.reilly@citicorp.com
cc:
Subject: Delivery of Yosemite Documents

Please advise where you would like to have these documents sent to your
office of your home address.  Please e-mail me with your address so that I
can have them delivered Sunday.

Thank you,

Dolores
x3-0515


PORTFOLIO REPORT - from Lycos Finance
Monday, Jan 14 2002 (generated at 03:00 PM PST)

Symbol      Close               Change     Today +/-             Total Return
-----------------------------------------------------------------------------
BEOS         0.11      -0.01  (-8.33%)       $-10.00       $110.00  (-99.37%)
EEX          2.10      -0.05  (-2.32%)       $-50.00      $2100.00  (-23.64%)
GW           2.69      -0.02  (-0.73%)      $-300.00     $40350.00  (+26.59%)
KCS          2.58      -0.15  (-5.49%)     $-2250.00     $38700.00 (+106.40%)
KEG          7.65      -0.20  (-2.54%)     $-2000.00     $76500.00  (+45.71%)
MHR          7.09      -0.71  (-9.10%)     $-3550.00     $35450.00  (+77.25%)
TMR          3.46      -0.19  (-5.20%)     $-2850.00     $51900.00  (-23.11%)
-----------------------------------------------------------------------------
Totals                                    $-11010.00    $245110.00  (+16.23%)

Index          Last              Change
---------------------------------------
DOW Jones   9891.42    -96.11  (-0.96%)
NASDAQ      1990.74    -31.72  (-1.56%)
SP500       1138.41     -7.19  (-0.62%)

=============================================================================
                       Need auto or term life insurance?
              Shop to save at Lycos Insurance Center.  We let you
          compare free insurance quotes to find the best rates around.
               http://finance.lycos.com/home/perfin/insurance.asp
=============================================================================

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Elizabeth Sager and Lou Stoler from Enron  will attend the meeting on Friday.
Thanks


You have received this email because you are listed as a security approver.
Please click
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000010211&Page=
Approval to review and act upon this request.

Request ID          : 000000000010211
Request Create Date : 12/13/00 11:41:02 AM
Requested For       : eddie.shaw@enron.com
Resource Name       : EOL US Backoffice  Data Manager
Resource Type       : Applications


-----Original Message-----
From: 	Shari_Stack@reliantenergy.com [mailto:Shari_Stack@reliantenergy.com@ENRON]
Sent:	Friday, May 18, 2001 7:08 PM
To:	Christian.Yoder; elizabeth.sager; paul.choi; John.Malowney; Tracy.Ngo; csg; gwolfe; srosman
Subject:	Gov. Davis

This is truly funny....... !

(See attached file: pic27593.gif)

 - pic27593.gif << File: pic27593.gif >>


Start Date: 1/8/02; HourAhead hour: 16;  No ancillary schedules awarded.  Variances detected.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002010816.txt

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 16 / Preferred: 190.17 / Final: 190.14)
  TRANS_TYPE: FINAL
  LOAD_ID: SDG1
  MKT_TYPE: 2
  TRANS_DATE: 1/8/02
  SC_ID: ENRJ


Marie:

Shemeika Landry (X52552) and Shelli Smith (X37562) are working with Donna
Landry and have asked to see the "opening brokerage account" procedures which
you documented.  Please send them copies.  Thanks.

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


Georgia Pacific and Bellingham Cold Storage are also large Puget customers.
Attached for your information is a settlement they executed with Puget.


Joe, per our discussions, here are some items we want to be sure to
cover/assign in our initial due diligence check list:

1. Purchase And Sale Agreement  preparation and negotiation (using Rodeo PSA
as template since Equilon is already familiar with said document, which was
highly negotiated).  This effort will include any needed side agreements.

2.  Review any "corporate" or "partnership" ownership issues affecting any
pipelines or segments within the assets.

3.   Review of rights-of-way, easements, real property licenses, fees lands,
leaseholds and other real property interests comprising the assets (explore
possibility of obtaining help from ROW people within GPG).  Analysis must
include right-to-assign and no-conversion- of-
common-carrier-assets-to-private-use issues, as well as other standard
issues, including telecommunication rights, etc.

4.   Physical inspection of real and personal property in the deal for
safety/environmental/operating issues.

5.   Tariff/FERC/regulatory/property tax issues affecting the assets.  (Need
to be sure that assets have been properly listed & reported to taxing
authorities.  Need to "assume" existing tariffs where required.)

6.  HSR (antitrust)  and "shop closing" issues.  SEC disclosure issues, and
relationship b/w Phoenix and Koch S-1.

7.  Employee/benefit/organized labor issues (three unions/collective
bargaining agreements involved).

8.  Existing commercial contracts and "shipper" issues.  Any long-term or
"out- of- the- money" situations?

9.  Any outstanding claims, assessments, levies, penalties,  protests or
litigation (both environmental and non-environmental).

10. Completion of any remaining business due diligence needed to
confirm/justify purchase price.

11.  Environmental review---with emphasis on "pricing" existing enviro
matters we would be assuming/undertaking.

12.   UCC lien search and any bulk sales issues.

Of course, the list above is just for openers.  There are a number of things
I have undoubtedly missed.  We have our standard check list that we use on
these deals, and I know you will have a number of additional items you will
want to include in the overall list.  We should probably compare notes on the
initial master list before the "kick-off" meeting on 7/26.  Thanks.  SWD


"A little humor to start your Monday!"

CHICAGO -

The war on terrorism took a strange and  sad turn
 Friday as airline officials at O'hare  refused to let a
 73 year old grandmother board her plane as she
 had in her possession two six-inch knitting needles.

Apparently authorities were worried that she might
knit an Afghan.


11/10 09:26 NYMEX needs e-trade partner, says ex-chairman Marks

NEW YORK, Nov 10 (Reuters) - The New York Mercantile Exchange needs a Web
partner to ensure it capitalizes on its assets and becomes competitive in the
Internet era of electronic futures trade, former NYMEX chairman Michel Marks
said.  NYMEX, the world's largest physical commodity exchange, is due to
launch enymex, its e-commerce venture for trading and clearing standardized
physical commodity contracts, in early 2001.  But this solo approach may not
be the most expedient path, Marks said in an exclusive interview at his Red
Bank, New Jersey. residence.  "NYMEX has a lot of assets," Marks told
Reuters. "They have risk capital from the floor, systems, staffing, clearing,
a brand name. In my opinion, they need to partner through a transition
phase."  The challenge for the NYMEX, as for any exchange, is to re-engineer
itself in the face of vested interests and an ingrained tradition of open
outcry trading.  "It takes leadership and a vision to re-engineer those
assets," Marks said.  Futures in crude oil, natural gas, electricity,
propane, gold, silver platinum, palladium, copper and aluminum are traded at
the exchange's NYMEX and COMEX divisions.  With the many seats he owns, Marks
still has a significant vested interest in the health and future of the
exchanges and in ensuring they do not become obsolete as electronic trading
transforms the global marketplace.  "What's the difference between AT&T and
NYMEX? Xerox?" he asked. "All these businesses are sunset industries."
Although Marks retired from the floor in 1987, he leases out his and his
family's many seats and closely follows the industry. After leaving the
floor, he eventually started what he called a "pre-Internet venture."  "It
was a Web site for the futures industry," he said. "I spent three years in it
and I realized that no one would ever, ever make any money at it."  Like all
successful traders, Marks took his losses and got out quickly.  "I understand
the electronic world and the pit," he said.

After becoming acting chairman in late 1977 at age 28 in what he called "a
quirk of fate" when the chairman at the time had a heart attack, Marks
relaunched NYMEX's heating oil and residual oil contracts with a New York
harbor delivery and made over the management of the exchange, turning it into
a very successful, global marketplace.  Recently he has been researching the
various front-end systems that were created by companies like Trading
Technologies and are at the cutting edge of electronic trade.  "Business is
moving to EnronOnline, HoustonStreet and ICE, and there are another
dozen-plus energy-only electronic exchanges out there already," said Marks,
referring to the host of business-to-business (B2B) exchanges to trade power,
crude oil and natural gas.

The Intercontinental Exchange, or ICE, started live Internet trading of
energy products on Oct 12. The Atlanta-based exchange is a partnership of
seven major banks and oil companies.  EnronOnline was established last
November by Houston-based Enron <ENE.N>, North America's biggest buyer and
seller of natural gas and electricity.  HoustonStreetExchange of Portsmouth,
New Hampshire, is the first fully web-based trading portal and a
majority-owned subsidiary of BayCorp Holdings, Ltd. <MWH.A>.

Marks said the market will make a pragmatic choice about whether to move to
electronic exchanges, continue to trade open outcry, or a use a side-by-side
combination based on how easily business can get done.  "The fact of the
matter is, the most important thing is liquidity," he said. "Performance
counts."

((--Bruce Kamich, New York Commodity Desk, 212 859 1643,
bruce.kamich@reuters.com))


-----Original Message-----
From: Stein, Neil [mailto:neil.stein@csfb.com]
Sent: Wednesday, September 05, 2001 6:49 PM
To: undisclosed-recipients
Subject: FW: Power Generation: A Regional Analysis of Supply and
Demandin the US Power Market

>  <<powergen-firstcall1.pdf>>
>
Good Evening,

> Attached, please find an abridged version of our 76-page report in which
> we provide our supply and demand outlook for 12 regions across the US.
>
> Summary:
> 1. The Power Markets Are Regional In Nature   The fragmented US
> transmission system results in significant regional power pricing and
> economic disparities.  In order to fully understand this industry, macro
> analyses of the US market must be supplemented with an in-depth assessment
> of its individual regions.
> 2. Announced Projects Cannot Be Taken At Face Value   Out of the 285,487
> MW of project announcements we have identified, only 26% are actually
> under construction.  Our base case analysis suggests that only 53%
> (149,944 MW) of the announced projects will be completed.
> 3. Shortages Will Persist In Several Key Markets   Owing to a combination
> of current supply shortages, capacity retirements and demand growth, we
> estimate that the entire US will need 207,689 new MWs by 2006 in order to
> achieve an equilibrium 18% capacity margin.  This requirement is 39% above
> our base case buildout forecast.  Consequently, we project a 2006 capacity
> shortfall of 57,745 MW.  Our analysis indicates that supply shortages will
> be most pronounced in the Mid-Atlantic, New York, parts of the Midwest,
> and the Southeast.
> 4. Positive Implications For Generators   Our findings have positive
> implications for selected generators.  We believe that Calpine (CPN,
> Strong Buy), Entergy (ETR, Buy), Mirant (MIR, Buy), NRG Energy (NRG, Buy),
> PPL Corp. (PPL, Buy), and Reliant Resources (RRI, Buy) are best positioned
> within this market.
>
> Regards,
>
> Neil Stein   212/325-4217

This message is for the named person's use only.  It may contain
confidential, proprietary or legally privileged information.  No
confidentiality or privilege is waived or lost by any mistransmission.
If you receive this message in error, please immediately delete it and all
copies of it from your system, destroy any hard copies of it and notify the
sender.  You must not, directly or indirectly, use, disclose, distribute,
print, or copy any part of this message if you are not the intended
recipient. CREDIT SUISSE GROUP and each of its subsidiaries each reserve
the right to monitor all e-mail communications through its networks.  Any
views expressed in this message are those of the individual sender, except
where the message states otherwise and the sender is authorised to state
them to be the views of any such entity.
Unless otherwise stated, any pricing information given in this message is
indicative only, is subject to change and does not constitute an offer to
deal at any price quoted.
Any reference to the terms of executed transactions should be treated as
preliminary only and subject to our formal written confirmation.


fyi
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 10/11/99 05:02
PM ---------------------------

Barton Clark
10/11/99 03:36 PM
To: Sean Black/HOU/ECT@ECT
cc: Sara Shackleton/HOU/ECT@ECT
Subject: Re: Spark Spread Confirmation

RE your inquiry about the General Terms and Conditions of Confirmation (
Annex A to the Confirmation ) and Credit and Other Special Provisions (Annex
B to the Confirmation) that were attached to the 9/1/99 "Summary of Proposed
Agreement Between Enron and Catalytica Combustion Systems, Inc. ("CCSI")" (
which I understand was sent to Catalytica) , I went through all the E-Mails I
had sent or received that attached the Confirmation or the Summary of
Proposed Agreement as an exhibit, but I can't seem to find one that included
these Annexes A and B. I've asked a clerk in the department to deliver to
both you and Sara the copy of Annexes A and B that were attached to the paper
version of the 9/1 Summary of Proposed Agreement in my files. Perhaps one of
you will recollect from whom the Annexes were obtained, so we can retrieve
them in electronic format and append them to the most current draft
Confirmation.

Regarding your question about credit terms, they are embodied in Annex B.
Regarding our exposure to Catalytica credit between execution and payment,
remember that we will not execute the Option Repurchase Agreement until we
receive CCSI's cash via wire transfer ( this was the deal Brad agreed to when
he suggested we delete the receipt of CCSI's payment as an express condition
to effectiveness of the Xonon Implementation Agreement with GE, the
effectiveness of which agreement is in turn an express condition to
effectiveness of the Option Repurchase Agreement). In short, my understanding
is that we would not deliver the Option Repurchase or execute and deliver the
Xonon Implementation Agreement until we had a good wire transfer from CCSI of
the full payment amount. Perhaps we should add that stipulation expressly to
the Option Repurchase Agreement and consider whether it would then be
appropriate to delete Annex B. Note in this regard, however, that if CCSI
were to default under other provisions of the derivative, I believe we would
be seeking payment from CCSI for termination expenses and the like, but I
don't know if this justifies the credit provision.


Market Participants:

Please assure that this Notification is forwarded to your respective
Operating Departments ---

Notification of Operating Procedure Update

*	The following new or revised ISO Operating Procedures have been
withdrawn.

ISO Operating Procedure posted:  N-705 Disturbance Control Standard (DCS)
Procedure
Version: 1.0
Effective Date: 4/15/1998
Changes / Reasons: Procedure Withdrawn

*	Please find them at  http://www1.caiso.com/discus/.
*	Provision for ISO and Affected Party comments has been made at that
site.

Please e-mail any comments or questions to the 'Procedure Control Desk'
mailbox [mailto:procctrldesk@caiso.com] and we will respond as soon as
possible.

Thank you!

California ISO Procedure Control Desk

Client Relations Communications.0921
CRCommunications@caiso.com


Sally,

Sorry for not letting you know what was going on sooner.  I contanted your
assistant last Friday but she was walking out the door so I told her that I
would call and make an appointment on Monday.  In the meantime, I threw away
her name and cannot for the life of me remember.  I have been pretty busy the
last couple of days so I do apologize for the delay.  Please e-mail me back.

Thanks

Ashley


The report named: East P/L Totals <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=1&report_name=East+P/L+Totals&category_cd=1&category_name=EAST&toc_hide=1&sTV1=1&TV1Exp=Y&current_efct_date=10/18/2001>, published as of 10/18/2001 is now available for viewing on the website.


Mark:

Can you "publish" a list of swap attorneys and their primary/secondary areas
of responsibility (for at least the lawyers to use)?  I'd like to direct
random requests to the appropriate people.

For example, is Brent the only "weather attorney"?

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


Congratulations to Tom Briggs and the entire Pipeline Safety Improvement Act
working group for passage of this legislation today by the Senate, in a 98-2
cliffhanger.  One troublesome amendment was seriously considered, but a
watered down version was worked out b/t Senators Corzine and Breaux.  In its
stronger version, the amendment would have imposed mandatory five year
inspection standards on the industry.   Our initial understanding of the
language suggests it contains flexibility needed by the industry.  We will
reserve judgment until we see the language. But it appears this is a good
victory for the pipeline safety team.  We still have many hurdles on the
bill, including potential for much mischief in the House.  The Senate bill
contained some troubling provisions, but we wanted it passed today "as is" in
order to avoid larger problems.  This goal was largely achieved.
Congratulations team!

P.S.  The Senate used the opening speeches on the bill to have a rather
dogged discussion of the California energy crisis.  All the usual suspects
were on the floor opining on the issue.


Sugarbear is experiencing some post-surgery complications.


I am forwarding a draft of the Amended Complaint in the TVA lawsuit. The
"control area" causes of action have added to our existing request for
declaratory relief on the "delivery point" issue. We would like to file this
next week, so please review this asap. My assistant is putting together a
conference call for Tues afternoon to discuss.
---------------------- Forwarded by Richard B Sanders/HOU/ECT on 12/30/99
09:10 AM ---------------------------

Elizabeth Sager
12/29/99 11:59 AM
To: Richard B Sanders/HOU/ECT@ECT
cc:
Subject: Draft Complaint

---------------------- Forwarded by Elizabeth Sager/HOU/ECT on 12/29/99 11:59
AM ---------------------------

"Anna L. Surber" <Asurber@Gibbs-Bruns.com> on 12/29/99 08:50:14 AM
To: Elizabeth Sager/HOU/ECT@ECT
cc:
Subject: Draft Complaint

 <<1rwh01!.WPD>>

 - 1rwh01!.WPD


Any word on this?  I still think that if Stoneville is preparing a confirm
(even with the forward sale) it would make sense for us to.  Let me know and
thanks for the help.

Mike

 -----Original Message-----
From:  Griffith, John
Sent: Sunday, January 14, 2001 1:42 PM
To: Ruffer, Mary Lynne
Cc: Michael Garberding/HOU/ECT@ENRON
Subject: FW:

Mary Lynne,

Do you know if a confirm was prepared in house related to the previous
Mahonia prepay?  Thanks.

John

---------------------- Forwarded by John Griffith/Corp/Enron on 01/14/2001
01:34 PM ---------------------------
From: Michael Garberding/ENRON@enronXgate on 01/12/2001 01:58 PM
To: John Griffith/Corp/Enron@Enron
cc:

Subject: FW:

John,

Looks like no confirm since only physical (which seems odd that Stoneville
sent us a confirm).  I think we should probably be consistent with Mahonia.
Let me know your thoughts.  Thanks again for all your help.

Mike

 -----Original Message-----
From:  Thames, Davis
Sent: Friday, January 12, 2001 1:41 PM
To: Garberding, Michael
Subject: Re:

Mike, there really isn't a confirm with Mahonia, the FSA (forward sale
agreement) defines our delivery obligation.  When John books that, it should
then go to the physical desk to be booked into Sitara.  If you have trouble,
call Brad McKay and he'll give you a contact to book the delivery
obligation.  Remind him of the fixed price purchase obligation when he books
it so that he doesn't think he's got an open short to play with.

In our deals the financial swap confirm was written by Chase.  I don't think
there was ever a formal confirm on the floating physical purchase.

Davis

Enjoyed the drink last night - need to do it more often.

	Michael Garberding/ENRON@enronXgate 01/12/01 12:50 PM 	   To: Davis
Thames/Enron Communications@Enron Communications  cc:   Subject:

Quick question - did you prepare the confirm between ENA and Mahonia?  We
were having the confirm people do that and they were playing stupid.  I am
still thinking about your earning game - the only issue I can think of is
selling a certain part of the fiber (i.e., that represents a certain physical
asset) where gas is more fungible.  However, that can be gotten around.
Enjoy and thanks.

Mike


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> NASA FAILS TO FLY FASTEST PLANE

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.... http://www.cnn.com/2001/TECH/science/06/02/fastestplane/index.html

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~~~~~~~~~~~
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> IPO MARKET STARTS OFF FRESH

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.... http://www.cnn.com/cnnfn/2001/06/02/deals/sat_ipos/

> FDA PROBES THYROID DRUG

The U.S. Food and Drug Administration has told Abbott Laboratories that its
thyroid drug Synthroid could be taken off the market, a culmination of years of
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.... http://www.cnn.com/cnnfn/2001/06/01/companies/synthroid/

> CISCO: MORE SLOW GOING

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~~~~~~~~~~~
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> FRONT LINE LEADS DEVILS TO 3-2 WIN IN GAME 4

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> REVIEW: 'WORST THAT COULD HAPPEN?' YES, IT IS

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> 'NYPD' BLUE, AGAIN: RICK SCHRODER LEAVING SHOW

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> 'SEX AND THE CITY,' AND TURNING THE BIG 3-5

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TV. The HBO show is the epitome of female fantasy -- at least, of the sitcom
variety. Cast members chatted with CNN at the show's fourth-season premiere
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I prepared this credit worksheet late last week and thought I had previously
asked for a new draft to be prepared and overnighted to the customer.  If I
did not already ask, please prepare a draft per the attached terms and
forward such to the customer.

thanks
brant


FYI

 -----Original Message-----
From: 	Tran, Agatha
Sent:	Thursday, September 13, 2001 10:34 AM
To:	Weidler, Peter E; Hunt, Christopher B.; Cline, Wade; Lundstrom, Bruce; Gonzalez, Orlando; Soares, Britaldo; Novak, John; Rangel, Rafael; Yao, Anne S.; Berger, Peter; Sommers, Jeffrey E.; McCann, Steven K.; Howes, Carol; Hayslett, Rod
Subject:	2002 plan meeting with Jim Hughes

 The only thing that changed is the location.  It is now in 3AC 21C2.  You may want to have a few extra copies in case we may have people from Stan Horton's group attending the meeting.  Thanks.


----- Forwarded by Tana Jones/HOU/ECT on 11/28/2000 03:42 PM -----

	exchangeinfo@nymex.com
	11/28/2000 02:12 PM

		 To: tana.jones@enron.com
		 cc:
		 Subject: (00-407) Margin Rate Change for Natural Gas

Notice No. 00-407
November 28, 2000

TO:
ALL NYMEX MEMBERS AND MEMBER FIRMS
ALL NYMEX CLEARING FIRMS
ALL NYMEX OPERATIONS MANAGERS

FROM: Neal Wolkoff, Executive Vice President

SUBJECT: MARGIN RATE CHANGE

Effective Date: Wednesday, November 29, 2000 (close of business)

Futures Contract: Henry Hub Natural Gas Futures

Contract Months: All Months

Rate Change:

NYMEX Division Margins on Henry Hub Natural Gas Futures Contracts
Effective Date: Wednesday, November 29, 2000 (close of business)

Clearing Member (Maintenance Margin): Old: $6,500    New: $7,500
Member Customer (Initial Margin):     Old: $7,150    New: $8,250
Non-Member Customer (Initial Margin): Old: $8,775    New: $10,125

Should you have any questions regarding these changes, please contact Arthur
McCoy at (212) 299-2928 or Joe Sanguedolce at (212) 299-2855.  This notice
supersedes all previous notices regarding outright margins for the NYMEX
Henry Hub Natural Gas Futures Contract.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"
http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdoc
=(00-407)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


Hi Everyone!!

Just a reminder to please make sure that you have your calendars marked for
our upcoming Legal Conference.  It will be held again this year at The
Woodlands Resort & Conference Center on October 5-6, 2000.  Details and an
agenda for this event will be sent out to everyone soon.

We welcome any ideas and/or suggestions that you may have to make the
conference convenient, worthwhile and/or enjoyable.  These should be directed
to Travis or myself via e-mail.

We look forward to seeing you there.

Thanks!!!!


Attached are the "final" FOM volumes for October 1st that were communicated
to ENA schedulers on Friday, 9/29.

Pleae call me if you have any questions.

David


ok, Bill McCoy is out of the office today, but I'll check on his availability
tomorow.

Andrew S. Katz, Director Industry Legal Affairs
Edison Electric Institute
701 Pennsylvania Avenue, N.W.
Washington, D.C.  20004
Voice:  202-508-5616
Fax:     202-508-5673
e-mail:  akatz@eei.org

>>> <lrgroff@aep.com> 12/05/00 05:27PM >>>

Andy, can you facilitate setting up a conference call with Bill McCoy and
the respective credit managers of the drafting committee for December 14th
or thereabouts?

"Rogers, Marty J" <mroger3@entergy.com> on 12/05/2000 05:02:26 PM

To:   "'lrgroff@aep.com'" <lrgroff@aep.com>, Akatz@eei.org
cc:   fmdutton@aep.com, rsbaker@duke-energy.com, Harlan Murphy
      <hemu@dynegy.com>, Elizabeth Sager <elizabeth.sager@enron.com>, Marty
      Rogers <mroger3@entergy.com>, Fritz Henze <wfhenze@jonesday.com>,
      David Perlman <dperlman@powersrc.com>, Randall Osteen
      <rosteen@powersrc.com>, Patti Dondanville
      <pdondanville@schiffhardin.com>, Babak Pooya
      <babak.pooya@southernenergy.com>, William.McCoy@msdw.com

Subject:  RE: Meeting on December 14

I think Lisa's suggestion is a very positive way to get others involved in
the process as well as working through issues that credit managers may
raise
when they read through the proposed credit annex.

MJR

> -----Original Message-----
> From:   lrgroff@aep.com [SMTP:lrgroff@aep.com]
> Sent:   Tuesday, December 05, 2000 12:54 PM
> To:     Akatz@eei.org
> Cc:     fmdutton@aep.com; Lrgroff@aep.com; rsbaker@duke-energy.com;
Harlan
> Murphy; Elizabeth Sager; Marty Rogers; Fritz Henze; David Perlman;
Randall
> Osteen; Patti Dondanville; Babak Pooya; William.McCoy@msdw.com
> Subject:     Meeting on December 14
>
> Just a suggestion, it may be a better use of everyone's time if the
Credit
> Managers met to discuss the draft of the Credit Support Annex prepared by
> Bill before we get the drafting committee involved.  I don't know about
> the
> other Credit Managers but I am in the process of going through and making
> comments to Bill's draft.  I was thinking  we could gain consensus
amongst
> the Credit Managers and then get the drafting committee involved.  Maybe
> even have a conference call or two before we actually meet.  Any
thoughts?
> ---------------------- Forwarded by Lisa R Groff/OR4/AEPIN on 12/05/2000
> 01:44 PM ---------------------------
>
>
> F Mitchell Dutton
> 12/05/2000 01:38 PM
>
> To:   Franklin Hilton/OR3/AEPIN@AEPIN, Lisa R Groff/OR4/AEPIN@AEPIN
> cc:
>
> Subject:  Meeting on December 14
>
>
> ---------------------- Forwarded by F Mitchell Dutton/OR2/AEPIN on
> 12/05/2000 01:39 PM ---------------------------
>
>
> "Andy Katz" <AKatz@eei.org> on 12/05/2000 01:30:29 PM
>
> Date: 12/05/2000 01:30:29 PM
> From: "Andy Katz"
>
> To:   <fmdutton@aep.com>, <Lgroff@aep.com>, <rsbaker@duke-energy.com>,
>       "Harlan Murphy" <hemu@dynegy.com>, "Elizabeth Sager"
>       <elizabeth.sager@enron.com>, "Marty Rogers" <mroger3@entergy.com>,
>       "Fritz Henze" <wfhenze@jonesday.com>, "David Perlman"
>       <dperlman@powersrc.com>, "Randall Osteen" <rosteen@powersrc.com>,
>       "Patti Dondanville" <pdondanville@schiffhardin.com>, "Babak Pooya"
>       <babak.pooya@southernenergy.com>
> cc:   <William.McCoy@msdw.com>
>
> Subject:  Meeting on December 14
>
>
> Would the drafting commitee and representative credit managers be
> interested in meeting in New York City on December 14 to discuss credit
> annex draft.  Bill McCoy is giving a brown bag discussion on trading
> documentation at a law firm in NYC and perhaps we could meet with him
> afterwards?  Let me know asap and I'll ask Marving Goldstein, a partner
at
> the firm, if we can meet after the brown bag.  Of course, that depends on
> Bill's availability too.
>
> Andrew S. Katz, Director Industry Legal Affairs
> Edison Electric Institute
> 701 Pennsylvania Avenue, N.W.
> Washington, D.C.  20004
> Voice:  202-508-5616
> Fax:     202-508-5673
> e-mail:  akatz@eei.org
>
> (See attached file: Andy Katz.vcf)
>
>
>  << File: Andy Katz.vcf >>

 - Andy Katz.vcf


The EGAS staff meeting will be held @ 9:30 a.m. Monday, November 19th.  REMEMBER: The new location for Monday's meeting and future meetings will be 3AC-10C1, unless otherwise notified.  The dial-in numbers are the same.  See numbers below:

				Domestic:	800-991-9019
				Int'L:		847-619-8039
				Code:		7604202

Thanks.

Connie Blackwood
Assistant to Jim Hughes
President & COO
Enron Global Assets & Services
713-646-7421
713-646-9510 fax


---------------------- Forwarded by Darron C Giron/HOU/ECT on 06/15/2000
09:07 AM ---------------------------

"hollyw" <hollyw@email.msn.com> on 06/15/2000 12:52:12 AM
To: "Sheri Thomas" <Sheri.Thomas@enron.com>, "Shane Herzog"
<SHERZOG@ridgways.com>, "Rochelle Smith" <rochelle@waterengineers.com>, "Lori
Horrocks" <loroks@yahoo.com>, "Janine Gregor" <janine.gregor@talk21.com>,
"Jacky Carson" <carson@mail.zuper.net>, "Gregor, Lynn C" <GregorLC@bp.com>,
"Debbie Hall" <gmind@icsi.net>, "Darron Giron" <dgiron@enron.com>, "Brent
Wallace" <bwallace@tcast.com>
cc:
Subject: Fw: Meaning of Life

ummm, yuck.

----- Original Message -----
From: <raymond.paterson@dfait-maeci.gc.ca>
To: <derrick.stewart@dfait-maeci.gc.ca>;
<haydee.wasserzug@dfait-maeci.gc.ca>; <bschulein@hotmail.com>;
<GregorLC@bp.com>; <hollyw@email.msn.com>; <gonzalo@loadmedia.com>;
<beatriz.barbaglia@dfait-maeci.gc.ca>
Sent: Wednesday, June 14, 2000 2:09 PM
Subject: FW: Meaning of Life

>
>
> -----Original Message-----
> From: Paul Steed [mailto:Paul.Steed@glencore-us.com]
> Sent: June 14, 2000 4:05 PM
> To: raymond.paterson@dfait-maeci.gc.ca
> Subject: Meaning of Life
>
>
>
>
> This is so true..............
>
>
>
>
>
>

 - life.gif


BUSINESS HIGHLIGHTS

Weather Trading
The weather desk closed a 3-year precipitation collar with payouts linked to
natural gas prices.  The transaction hedges included Asian options from the
gas market, precipitation floors from the weather market, and precipitation
insurance from the insurance market.  Eight companies were involved in the
transaction including the following Enron companies: EGM, ENA, Enron Re, and
RMT.  Along with the hedges, the end result of the transaction is cheap
3-year precipitation call options and precipitation dependent natural gas
call options for the weather desk.

Houston Pipe Line Company
On Thursday, January 11, American Electric Power (NYSE: AEP) announced that
they have executed a definitive agreement under which AEP Energy Services Gas
Holding Co., a wholly owned subsidiary of AEP, will acquire the stock of
Houston Pipe Line Co. from Enron Corp.  Included in this agreement are all of
the pipeline assets of HPL, as well as a 30-year operating lease for the
Bammel Storage Facility, the Houston Loop and the Texas City Loop.

IN THE NEWS
"Enron is, in other words, the biggest, baddest B2B e-commerce company on the
planet, and its experience belies the idea that innovation is impossible in
large organizations." -- eCompany Now, January/February 2001.

BROWN BAG

Mark your lunch calendars now for the upcoming Brown Bag featuring Gary
Taylor, manager in weather trading.  He will present an overview of the
weather risk management market.  It,s next Thursday, January 18,
11:30am-12:30pm, in 5C2. RSVP today to ext. 5-7352.

NUGGETS & NOTES

"What am I missing?!"  - Mike Bradley, Vice President/Equity Trading-EGM

"Do something!" - David Vitrella, Manager/Equity Trading-EGM

"We may not do the most EnronOnline trades, but we do the largest" - Larry
Gagliardi, Director/Oil Products-EGM

&We have completed an efficient and successful transition from Energy
Outsourcing to Steel.  Of course, as my dad used to say, +talk's cheap, takes
money to buy whiskey., In 2001, we'll let our P&L performance do the bulk of
the talking.8 - Tim Battaglia, Vice President/Steel Origination - EIM

Congratulations to William Stuart, manager in currency trading and Charla
Stuart, manager in community relations.  They are the proud parents of Aaron
Myles Stuart, who was born January 9 and weighed 7.11 lbs.

Sean Keenan, associate in EIM, and wife, Katherine, are the proud parents of
William Patrick, who was born January 1 and weighed 6.4 lbs.

Carlos Ruiz, associate in EIM, and wife, Maria, are excited to announce the
arrival of their new baby boy.  Cristobal Ruiz was born on January 8 and
weighed 7 lbs.

WELCOME

New Hires
ENA - Thomas Barkley, Rakesh Bharati, Delmar Davis, Andrew Edison, Brendan
Fitzsimmons, Patricia Goode, Michelle Huber, Ken Lewchuk, Wykena Lipscomb,
Albert Meyers, Stacie Mouton, Victor Munoz, Wichai Narongwanich, Christopher
Ordway, Brent Johnston, Michael Law, Michelle Wells, Peter Piorecki,
EIM ) Jill Lafave

LEGAL STUFF

The information contained in this newsletter is confidential and proprietary
to Enron Corp. and its subsidiaries.  It is intended for internal use only
and should not be disclosed.


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(713)661-5521 (home)


He and I are meeting this week to discuss opportunities.  I'll keep you
posted.  Michelle

From: Mark E Haedicke on 12/04/2000 04:52 PM
To: Michelle Cash/HOU/ECT@ECT
cc:
Subject: Re: Opportunities at ENA

What is the status of our discussions with Carlos?   Mark
----- Forwarded by Mark E Haedicke/HOU/ECT on 12/04/2000 04:51 PM -----

	John Schwartzenburg@ENRON_DEVELOPMENT
	12/04/2000 01:29 PM

		 To: Mark E Haedicke@ENRON_DEVELOPMENT, Vicki Sharp@EES
		 cc: Michelle Cash@ENRON_DEVELOPMENT
		 Subject: Re: Opportunities at ENA

Mark,  although I will hate to lose  Carlos and everyone here at EECC and
NEPCO wants him to stay, in point of fact he has repaid his debt to society
and is entitled to look at opportunites outside of EECC now. Please feel free
to talk with him. He is discussing matters with Vicki et al now, and  she is
aware that he will be contacting ENA (EWS?)as well.

 As background, it was understood at the time we took Carlos on board that
his long term career interests were not limited to our construction work,
and, consistent with his resume, I have kept him mostly focused on our equity
and finance related matters (including work-outs).  I do think well of
Carlos, and certainly believe that he is a lawyer that Enron wants to keep.

	Carlos Sole
	12/01/2000 09:36 AM

		 To: Michelle Cash/HOU/ECT@ECT
		 cc: John Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: Opportunities at ENA

Michelle, per my voicemail as I indicated, I am trying to pursue what
opportunities may be available at EWS and both Julia Murray and Kay Mann
recommended that I contact you.  As background, I have been at EECC since
October last year where I have focused on traditional EPC contracts and joint
venture agreements with construction partners, cross-border financing
agreements principally in Mexico and merger and acquisition/strategic
investment transactions.  Before coming to Enron, I worked with the Houston
office of a New York based firm (Curtis, Mallet-Prevost, Colt & Mosle)  where
I focused mostly on transactions in Mexico since we represented Pemex on
their transactions involving long and short term oil supply agreements and
CFE (Mexico's electricity commission) on its public bids for EPC and IPP
projects.  Lastly, I started my legal career in 1994 at Patton Boggs in
Washington, DC where I focused on general domestic corporate transactions
such as establishing new business entities (ie, joint venture work,
partnerships etc.), m & a work, and securities offerings.  Thanks for your
consideration and I look forward to talking with you when you return from
vacation (my extension is 6-6127).


Charlene:  Outlined below are the points I promised to send you before our
meeting on Wednesday morning.  I don't know your agenda for the meeting, so
it may or may not be appropriate to discuss all of these items tomorrow.

Background:  As a long-time supporter of the analyst program, I became
concerned over the last several months as frustration emerged from other
supporters of the program.   Many of those expressing frustration are heavily
involved in the recruiting process.   It is their commitment to both
recruiting and providing analyst rotations that has been key in attracting
talented candidates to what has been the Merchant Services Analyst Program.

I initiated a meeting, announced at Rick Causey's staff meeting, that would
bring us together so that we could consolidate our concerns and then discuss
them with you in a constructive manner.  Our intent is continued support and
improvement of the program.   The meeting took place on March 28 and included
the following:

 Brenda Herod   ENA - Energy Operations Executive Lead - LSU

 Brent Price  ENA - Energy Operations Executive Lead - UT

 Jeff Sommers  CALME    Executive Lead - Univsersity of Florida

 Ed Coats  Corp. Tax    Core Team Member - UT, A&M, LSU and University of
Florida

 Sally Beck  ENA - Energy Operations Executive Lead - UT and OU

 Carolyn Barrett  EBS

 Howard Selzer  Enron Global E&P

Summary of Concerns and Discussion Points:

One program, or two:  Prior to campus recruiting in the fall 1999, an
announcement  was made that there would be one analyst program.  Not much
materialized from that point to clarify what that meant or how that would be
managed.  In fact, those of us involved heavily in the recruiting process saw
that the MSAP and the Commercial Anlayst programs were managed separately and
differently in terms of campus recruiting, rotations and orientation.  We
feel uninformed and therefore are hampered in discussing the analyst program
on campus.

SIngle start date:  The single start date of July 17 for analysts is
impractical and inflexible; a concern from our points of view for an
innovative company.  The July start date does not consider December graduates
and is not necessarily practical for undergrads whose graduation dates are in
May.

Lack of communication:   We are some of the most involved and committed
senior managers in the MSAP, and yet we have received little information or
communication about the program.   We hear rumors of "tracks", but no facts
or details.  Some of us had heard about the single July start date, and some
had not.

Commercial focus too heavy:  Presentation materials, the attitudes of support
staff in the Associates/Analysts Program and interview processes are heavily
focused on commercial needs, without understanding support needs.

Lack of input from biggest supporters:  Given the time and effort that many
of us put into the MSAP, we are concerned that we haven't been asked to join
with you in some of your plans for the program.   We are concerned that
decisions (example:  the single start date) are being considered in a vacuum
without what could be some valuable input from some of us.

MSAP has taken a step backward:  Previously, with a dedicated leadership team
and staff, the MSAP had made great strides in the consistency of our on
campus efforts, the quality of candidates, the acceptance rate of top
candidates and the pride of participants in the program.  We feel that the
focus on the MSAP has diminished considerably over the last nine months, and
we are anxious to work with you to renew excitment for the program.

Summary Concerns/Discussion Points:

Disc


Do you have some time on Monday to discuss this project?  Thanks.  Sara

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


Okay, here it is incorporating Ted's explanation of discount rate - we
still need to clear up the CAPM discussion though.

Cheers
 - Exhibit A_assumptions and model.doc

Kimberly Kupiecki
Director
A&R Partners
kkupiecki@arpartners.com
(650) 762 2800 main
(650) 762 2825 direct
fax (650) 762 2801


Got a question about Enron or what our businesses are doing?  Ask Jeff Skilling!  Join him for an Office of the Chairman "open mike" session today (May 30) on eSpeak at 10 a.m. Houston time.
Can't make the live event?  No worries.  Go to eSpeak (http://ethink.enron.com/eSpeak/exec/default.asp) now and submit your question.  Jeff will try to answer it during his event and you can read the transcript later.

Cost cutting ideas are still coming into the Thinkbank (http://nahou-lnapp01.corp.enron.com/eThink/Thinkbank.nsf/HomePage?OpenPage).  We know you've got some great ideas tucked away in that brainy head of yours -- deposit them into the ThinkBank!

There's some fiesty conversations going on in eMeet http://nahou-lnapp01.corp.enron.com/eThink/eMeet.nsf.  Start your own today!


Dear Ms.Feldman,
Please receive all my apologies for not having
answered earlier your 2 emails,but I was in the
States for 6 weeks and could not access my
Dauphine email.In any case,the time was
fruitfully used by my associates and myself to
improve the "robustness" of the product,from
a computer and mathematical standpoint.
Regarding your 3 points
1.We agree on the price of 90,000 USD
2.D-G will provide system support:we can do so
by emailing anther version of the software,being
available on the phone and by email but we
cannot promise unlimited support of all kinds
without risking bankruptcy right away.
Moreover,the $ 90,000 may be paid in 3 fractions
and your risk would be quite minimal
3.Regarding the escrow,we have been using so
far a small law firm with 5 partners(none of my
family) in Amherst:Hart,Reed,Brown,Golowich
and Kaplan.But we are not closed to anther
solution you would strongly prefer.
Best regards
Helyette Geman,PhD,PhD
D-G Energy Systems


Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES
INFORMATION SOURCE
   Tuesday, February 5 2002? No. 476
Visit our website at: http://www.enerfaxgold.com

PETROLEUM PRICES ???
| Bonny Light      |  $20.33
| Brent            |  $20.20
| Butane           |  $ 0.38
| Fuel Oil #2      |  $ 0.53
| Louisiana        |  $20.50
| Medit.           |  $18.40
| Propane Non-tet  |  $ 0.29
| Propane Wet-tet  |  $ 0.29
| W. Tx Int Cush   |  $20.08
| W. Tx Sour       |  $18.95

| Euro in US equiv |  0.8707
-------------------------------------------------------------
Todays Petro Bulletins
 * EIA Says Retail Gasoline Up $0.015 per Gallon Last Week
 * Sunoco Logistics Raises $101 Million in IPO of Common Units
 * Kinder Morgan Energy Partners to Invest $43 Million in Terminals
Segment through
Acquisitions and Expansion
 * Torch Rig Services Acquires Grayson Services for About $3.1 Million
 * Comstock Resources Says Total Proved Oil and Natural Gas Reserves
are 462.1 Bcf and 17.3 Million Barrels, Up 41% from Year Ago
 * Enterprise Completes Acquisition of Diamond-Koch's Propylene
Fractionation
Business for $231.5 in Cash
 * Swift Energy Awarded Petroleum Mining Permit For Development of
Rimu Discovery In New Zealand
 * President Bush Seeks Largest DOE Budget Ever at $21.92 Billion
 * OPEC Says Oil Supply Increase Unlikely Before September
-------------------------------------------------------------
ENERGY MANAGEMENT INSTITUTE
Higher Education for refined product professionals
NOW ENROLLING RISK MANAGEMENT COURSES: PROFESSIONAL GASOLINE AND
DISTILLATE
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MASTER
LEVEL.
REGISTER NOW, CLASS SIZES ARE LIMITED.
SEE COMPLETE DETAILS CLICK HERE: http://www.energyinstitution.org
--------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ?
Month ??High ??Low? ? Last ? Change
Mar 02 0.5510 0.5360 0.5381 -0.0150
Apr 02 0.5515 0.5390 0.5411 -0.0141
May 02 0.5490 0.5405 0.5426 -0.0131
Jun 02 0.5520 0.5449 0.5461 -0.0121
Jul 02 0.5590 0.5475 0.5516 -0.0116
Aug 02 0.5660 0.5596 0.5596 -0.0111
Sep 02 0.5700 0.5686 0.5686 -0.0106
Oct 02 0.5785 0.5776 0.5776 -0.0101
Nov 02 0.5930 0.5856 0.5856 -0.0060
Dec 02 0.5970 0.5931 0.5931 -0.0101
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel)
Month ?Open ?High ??Low ?Last  Change
Mar 02 20.30 20.35 19.93 20.07 -0.31
Apr 02 20.60 20.60 20.24 20.36 -0.27
May 02 20.80 20.80 20.40 20.56 -0.28
Jun 02 20.86 20.86 20.60 20.67 -0.28
Jul 02 20.77 20.80 20.60 20.68 -0.28
Aug 02 20.90 20.90 20.69 20.69 -0.28
Sep 02 20.74 20.80 20.70 20.70 -0.28
Oct 02 20.75 20.80 20.60 20.71 -0.28
Nov 02 20.76 20.76 20.68 20.72 -0.29
Dec 02 20.90 20.92 20.68 20.73 -0.28
-------------------------------------------------------------
Crude Oil Futures Dip as Kuwait Maintains Output Levels

    Crude oil futures for March delivery on the NYMEX dipped $0.31 to
$20.07 per barrel yesterday after reports that a fire at a Kuwaiti
oil gathering facility last week would not affect exports for the
time being. Kuwaits oil minister said that the 6 million barrels of
oil in the nations storage could replace the 280,000 bpd shortage for
about 20 days. It is expected to take 15-30 days to repair the
facility. Remarks by the OPEC secretary-general that the cartel was
unlikely to raise production before September because slow global
demand will not recovere until then also pressured the market lower.
Traders said prices were also down because without fresh market-
moving news, many pulled out of long positions when news of the
Kuwaiti oilfield fire drove prices up $0.90 last Friday. In addition,
weak petroleum products futures failed to provide any support for
crude. Heating oil futures for March delivery on the NYMEX fell
$0.0150 to $0.5381 per gallon. Gasoline futures for March delivery on
the NYMEX tumbled $0.0103 to $0.5931 per gallon. In London, Brent
crude oil futures for March delivery on the IPE were down $0.17 to
$19.81 per barrel.
-------------------------------------------------------------
????????????????????
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.5016  -0.0140 ? ? ?
18 Month Strip ?2.6023  -0.0098 ? ?
| Month | High  |  Low  | Close | Change |
| MAR   | 2.150 | 2.080 | 2.117 | -0.021 |
| APR   | 2.215 | 2.150 | 2.184 | -0.014 |
| MAY   | 2.270 | 2.220 | 2.252 | -0.014 |
| JUN   | 2.330 | 2.296 | 2.317 | -0.014 |
| JUL   | 2.400 | 2.365 | 2.377 | -0.014 |
| AUG   | 2.450 | 2.420 | 2.432 | -0.014 |
| SEP   | 2.450 | 2.420 | 2.432 | -0.014 |
| OCT   | 2.475 | 2.440 | 2.459 | -0.011 |
| NOV   | 2.700 | 2.670 | 2.679 | -0.016 |
| DEC   | 2.900 | 2.870 | 2.879 | -0.015 |
| JAN   | 2.980 | 2.960 | 2.969 | -0.012 |
| FEB   | 2.930 | 2.910 | 2.922 | -0.009 |
-------------------------------------------------------------
OPEN SEASON

SG Resources Mississippi, L.L.C., a wholly owned subsidiary of SGR
Holdings, L.L.C., is conducting an open season for firm storage
services at its new high-deliverability, salt cavern, natural gas
storage facility, known as the Southern Pines Energy Center. The open
season will begin at 9:00 a.m. CDT on February 4, 2002, and will
continue until 5:00 p.m. CDT on March 4, 2002. The project is located
at the border of Mississippi and Alabama with access to the major
pipelines serving the Mid-Atlantic and the Southeastern United
States. The facility is ideally located to serve as a transportation
and storage hub for shippers on any one of nine major pipelines that
will be interconnected directly or indirectly to the project.
Information on the facility and the Open Season is available on our
web site at
http://www.sgr-holdings.com
or contact us at 713-914-8188.
-------------------------------------------------------------
Pennzoil-Quaker State Restates Earnings

    Pennzoil-Quaker State plans to restate results dating as far back
as 1999 to fix an error in the financial statements at Excel
Paralubes, a joint venture with Conoco. Pennzoil says the restatement
will cut into its net income in each of the restated periods and
reduce earnings per share in some cases.  The restatement was
necessary because the allocation of certain products meant to be
distributed between Excel Paralubes and Conoco was measured
incorrectly and had been incorrect since operations at Excel began in
1997. The change reduces net income for 2000 by $1.6 million, or
$0.02 per share, and cut 1999 net income by $600,000, which amounted
to no change per share. Net income for the 3rd quarter of 2001
dropped by $600,000, or $0.01 per share, while 2nd quarter income
fell $100,000 and 1st quarter income dropped $400,000, with no change
to earnings per share.
-------------------------------------------------------------
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Contract Negotiations On-Going at Some Refineries

    The Paper, Allied-Industrial, Chemical and Energy Workers
International Union has been continuing contract negotiations with
some refineries. The union said there was no immediate threat of a
strike at any of the locations. The union is encouraging locals and
refineries to use a national pact reached last week as a template for
their contracts. The contract will not go into effect until it is
ratified by union locals at each refinery. The workers' previous
contracts expired February 1st and is being extended on a day-by-day
basis. Contract talks are on-going at: Conoco's Commerce City, CO and
Billings, MT refineries; Phillips refineries in Trainer, PA and
Ferndale WA; BP's refineries in Whiting, IN and Texas City;
ChevronTexaco's Port Arthur refinery; Frontier Oils refinery in El
Dorado, KS and an Equilon refinery in the San Francisco Bay area,
where workers have argued for better compensation because the cost of
living in northern California is higher than in other areas of the
country. Workers at several chemical plants and a BP pipeline also
have yet to ratify the national deal. Most workers at US refineries
have already ratified the contract.
-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
MAR 02 19.64 19.92 19.62 19.81 -0.17
APR 02 19.50 20.13 19.83 20.02 -0.18
MAY 02 19.60 20.16 19.89 20.07 -0.21
JUN 02 19.45 20.03 19.80 19.91 -0.27
JUL 02 19.45 19.93 19.76 19.89 -0.28
AUG 02 20.20 19.91 19.91 19.91 -0.29
SEP 02 19.62 19.93 19.88 19.93 -0.30
OCT 02 19.65 19.95 19.93 19.95 -0.31
NOV 02 20.28 19.98 19.98 19.98 -0.30
DEC 02 20.10 19.91 19.91 20.01 -0.29
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Mar 02 0.2990 0.2950 0.2975 +0.0025
Apr 02 0.3075 0.3000 0.3000 +0.0025
May 02 0.3000 0.2900 0.3000 +0.0000
Jun 02 0.3050 0.3025 0.3025 -0.0025
Jul 02 0.3025 0.3000 0.3025 -0.0050
Aug 02 0.3150 0.3100 0.3150 -0.0050
Sep 02 0.3200 0.3125 0.3200 ?0.0050
Oct 02 0.3200 0.3150 0.3200 -0.0050
Nov 02 0.3225 0.3175 0.3225 -0.0050
Dec 02 0.3300 0.3250 0.3300 -0.0050
-------------------------------------------------------------
CMS Energy Reports 4th Quarter Loss

    CMS Energy has reported a 4th quarter loss due to an extended
nuclear plant outage and a sharp drop in power and natural gas
prices. CMS losses of $138 million, or $1.03 per share, were less
than a year ago when it lost $171 million, or $1.44, after it took a
$268 million charge for an investment in a Australian power plant.
Revenue dipped 26% to $2.35 billion from $3.19 billion. CMS has
projected earnings in the $2.00  $2.05 range for 2002, with average
estimates by analysts being $1.99 per share. The devaluation of
Argentinas currency, where CMS has energy assets, may result in a $19
million reduction in earnings to $24 million, or $0.13  $0.17 per
share. Profit at CMS Consumers Energy utility plunged 61% in the 4th
quarter from $193 million to $75 million because of warmer than usual
weather and an extended outage at its Michigan nuclear plant, forcing
the utility to pay higher prices for power to serve its customers.
Profits from CMS other businesses dropped by 30% to $84 million from
$120 million as wholesale power and natural gas prices nose-dived.
Energy marketing and trading lost $7 million, compared to $12 million
in profits a year ago. Natural gas transmission earnings fell 31% to
$38 million.
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change
MAR 02 168.25 164.75 166.50 - 0.75
APR 02 169.25 166.25 168.00 - 0.75
MAY 02 170.75 168.00 169.50 - 0.25
JUN 02 172.75 169.75 171.25 - 0.25
JUL 02 173.25 173.00 173.25 + 0.00
AUG 02 175.00 175.00 175.00 + 0.25
SEP 02 176.75 176.75 176.75 + 0.25
OCT 02 178.50 177.75 178.50 + 0.25
NOV 02 179.50 179.50 179.50 + 0.25
DEC 02 181.00 179.00 180.25 + 0.25
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
Mar 02 0.6020 0.5860 0.5931 +0.0000
Apr 02 0.6640 0.6535 0.6564 +0.0000
May 02 0.6690 0.6600 0.6626 +0.0000
Jun 02 0.6650 0.6610 0.6633 +0.0000
Jul 02 0.6583 0.6550 0.6583 +0.0000
Aug 02 0.6480 0.6435 0.6476 +0.0000
Sep 02 0.6296 0.6135 0.6296 +0.0000
Oct 02 0.6036 0.5815 0.6036 +0.0000
Nov 02 0.5951 0.5810 0.5951 +0.0000
Dec 02 0.5936 0.5860 0.5936 +0.0000
-------------------------------------------------------------
Alaskan Lawmakers Debate Oil and Natural Gas Subsidy

    Alaskan lawmakers are debating a bill which would expand a
program that cuts the state's share of oil and natural gas from some
projects. The bill would expand the discovery royalty credit program
which currently applies only in Cook Inlet to the Tanana basin.
Critics of the measure do not think it provides an effective
incentive and it costs the state money. The program lowers Alaska's
share of oil and natural gas royalties from the usual 12.5% to 5%,
which detractors say is a relatively small amount to those who would
invest hundreds of millions of dollars in a project, compared to
other factors, such as price. They also say that Alaska lost $29
million on the Redoubt Shoals project in Cook Inlet, which had been
planned before the incentive became available. Backers of the Redoubt
Shoals project argue that the incentive is effective in luring new
investment because it allows companies to better manage risks.
Legislators that support the measure say they are very concerned
about stimulating the economy in Alaska and say that if the program
is available in Cook Inlet, it should also apply to the Interior.
Another proposal, House Bill 307, which would extend the expiration
date of an exploration incentive credit program from 2004 to 2007
passed with no trouble. That program would allow the state to provide
a credit of up to $5 million per project for companies willing to
drill on state or private land, provided the company agrees to share
its data with the state in a timely manner.
-------------------------------------------------------------

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

PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region
| Agua Dulce              | 2.04  |
| ANR SE                  | 2.12  |
| Carthage TG             | 2.11  |
| Chicago Citygate        | 2.17  |
| Columbia Gulf Onshore   | 2.17  |
| Dominion South Point    | 2.37  |
| Henry Hub               | 2.18  |
| Houston Ship Channel    | 2.16  |
| Katy Hub                | 2.10  |
| NGPL LA Pool            | 2.12  |
| NGPL - Midcontinent     | 2.05  |
| NGPL STX                | 2.07  |
| NGPL TX/OK              | 2.09  |
| NNG Demarc.             | 2.12  |
| Niagara                 | 2.41  |
| Sonat Tier 1            | 2.13  |
| TCO IPP Pool            | 2.28  |
| Tetco ELa               | 2.13  |
| Tetco M-3               | 2.64  |
| Tetco STX               | 2.07  |
| TGP Zone 0              | 2.06  |
| TGP Zone 1 (500 Leg)    | 2.13  |
| TGT Zone SL             | 2.16  |
| New York Citygate       | 2.93  |
| Transco Station 65      | 2.21  |
| Transco Zone 6 (NY)     | 2.92  |
| Trunk ELa               | 2.11  |
| Western Region
| California Border       | 2.17  |
| El Paso Keystone        | 2.04  |
| El Paso San Juan-Blanco | 2.05  |
| Waha Hub                | 2.06  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 2.84  |
| Dawn Hub/Union          | 2.28  |
| Northwest Stanfield     | 2.00  |
| Wyoming Pool            | 1.90  |
| Opal                    | 1.90  |
| PGT-Malin               | 2.09  |
| Sumas                   | 1.97  |
          Flow Date 2/5
-------------------------------------------------------------
Nymex Option Volatility
Supplied by "The Daily Hedger"

	WTI
			Futures	Days Left	Implied
Month	Settlement	to Exp    	Volatility
Mar	 $20.07	 		10	        54.1%
Apr	 $20.36	 		39	        42.7%
May	 $20.56		   72	        47.1%
Jun	 $20.67	 	  101	        48.5%
Jul	 $20.68	     133	        46.4%
Aug	 $20.69	     163	        43.6%
Sep	 $20.70	     192	        36.6%
Oct	 $20.71	     225	        38.4%
Nov	 $20.72	     255	        33.6%
Dec	 $20.73	     284	        37.1%

	HEATING OIL
	    Futures	  Days left	Implied
Month	Settlement	to Exp  	Volatility
Mar	$0.5381	    21	       47.5%
Apr	$0.5411	    49	       46.5%
May	$0.5426	    80	       45.3%
Jun	$0.5461	   113	       38.9%
Jul	$0.5516	   141	       40.6%
Aug	$0.5596	   172	       39.1%
Sep	$0.5686	   204	       37.2%
Oct	$0.5776	   233	       36.1%
Nov	$0.5856	   266	       37.2%
Dec	$0.5931	   291	       37.6%

 UNLEADED
       Futures    Days left   Implied
Month Settlement   to Exp    Volatility
Mar    $0.5931       21        48.0%
Apr    $0.6564       49        47.4%
May    $0.6626       80        45.8%
Jun    $0.6633      113        43.4%
Jul    $0.6583      141        41.4%
Aug    $0.6476      172        40.7%
Sep    $0.6296      204        39.1%
-------------------------------------------------------------
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-------------------------------------------------------------
Nymex to Lower Crude Oil Margins

    The NYMEX will lower the margins on its light, sweet crude oil
futures contract at the close of business today. Margins will be
decreased to $2,000 from $2,500 for clearing members; to $2,200 from
$2.750 for members; and to $2,700 from $3,375 for customers.
-------------------------------------------------------------
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-------------------------------------------------------------
Occidental Reports $247 Million 4th Quarter Loss

    Occidental Petroleum has posted a $247 million loss, or $0.66 per
share, in the 4th quarter compared to earnings of $333 million or
$0.90 per share a year ago. Revenue was down 40% to $2.38 billion
from $3.94 billion. Occidental had costs last quarter of $282
million, including $240 million for the planned sale of its 30% stake
in chemical company Equistar, and expenses for environmental cleanup
and the closure of a chemical plant. Excluding these items, earnings
would have been $35 million, or $0.09 per share, near the average
earnings estimate by analysts of $0.10 per share. During the 4th
quarter, earnings from oil and natural gas production plunged 78% to
$166 million from $763 million. Occidental said about $500 million of
that was because of lower prices for oil and natural gas.
Occidental's chemicals business lost $4 million in the 4th quarter,
much less than a $51 million loss a year ago.
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 dropped 99.44 points to 7591.07
The CRB Index dipped 0.21 points to 189.30
The US Dollar decreased 0.88 points to 118.91
The Dow declined 220.10 points to 9687.09
The S&P 500 lost 27.76 points to 1094.44
The Nasdaq was down 55.71 points to 1855.53
March NYMEX Crude Oil fell 0.31 to 20.07
Canadian-US Exchange rose 0.0008 to 1.5915
-------------------------------------------------------------
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Paul:
Please confirm that the credit terms for the AIG ISDA drafts are the same as
the credit terms that we used in the Deemed ISDA.

-same independent amount language
-no collateral thresholds
-same cross default thresholds
-existing Enron Guaranty will remain in place
-same Additional Termination Events for AIG with no cure; no additional
termination events for ENA

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


I have a dr. appt. at 1:00 today so I may be  back from lunch a little late.
Thanks.