Your Career Matters: Energy Concerns Find M.B.A.s Are Hot Commodity
The Wall Street Journal, 04/03/01

'Raise It While You Can'; Talk of New Curbs Whets Funds Frenzy
The Washington Post, 04/03/01

FPL, Entergy Blame Each Other As They Call Off $8 Billion Merger
The Wall Street Journal, 04/03/01

Enron Starts Trading German Gas Online
Dow Jones Energy Service, 04/03/01

PGE wants to convert manure to methane
Associated Press Newswires, 04/03/01

SHARE OWNERSHIP CAP TO BE LIFTED ON AUSTRALIAN GAS LIGHT LTD STOCK
Asia Pulse, 04/03/01

SMARTMONEY.COM: Is It Time To Sell Energy?
Dow Jones News Service, 04/02/01

Your Career Matters: Energy Concerns Find M.B.A.s Are Hot Commodity
By Kemba J. Dunham
Staff Reporter of The Wall Street Journal

04/03/2001
The Wall Street Journal
B1
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Elena Robciuc says she wasn't specifically looking for a position at an
energy company when she began her job hunt last fall. But after weighing all
her options, the 25-year-old M.B.A. candidate turned down two offers from
investment banks to accept a job at Enron Corp. as an associate for a base
salary of nearly $80,000.
"At Enron, I'll be able to formulate its strategic direction," says Ms.
Robciuc, a native of Romania who will graduate from Southern Methodist
University's Cox School of Business in May. "It's much more of a hands-on
involvement than what I'd experience at an investment bank."
Watch out, Merrill Lynch. Energy companies are starting to recruit
masters-of-business-administration candidates with a vengeance, offering
them, if not top dollar, at least the chance to advance in a changing,
challenging field. Deregulation has allowed energy companies to expand into
such areas as technology, broadband and financial services -- creating a big
demand for leadership.
"Because of deregulation in our industry, there's a strong need for people
with financial acumen and real expertise in quantitative methods," says Paul
Duran, former staffing and diversity manager at TXU Corp., a Dallas energy
concern, who helped get the company's new M.B.A. Associate program off the
ground. After recruiting at business schools such as the University of
Chicago, UCLA and Tulane University, the company made job offers to 17
M.B.A.s last fall and so far has received eight acceptances.
Phillips Petroleum Co., an integrated oil and gas company in Bartlesville,
Okla., also has stepped up its M.B.A. recruitment efforts. Officials visited
the business schools at Rice, Purdue and the University of Texas last fall,
mainly in search of business-development specialists and finance associates.
It hired two M.B.A.s last year and will add at least three more this year.
Another oil giant, BP Amoco, hired six students from Indiana University's
Kelley School of Business in Bloomington last year.
Starting compensation packages range from $88,000 to $110,000 -- lower than
those that investment banks and consulting companies offer new M.B.A. hires,
which can run as high as $145,000. But energy companies are luring M.B.A.s
with growth potential.
"Many [energy companies] have employees who are 50 years old and aren't
equipped with the recent business thinking," says James Smith, a professor of
finance at the Cox School. "So M.B.A.s can become the top dog in these
organizations pretty fast."
It's a possibility that has M.B.A.s excited. Last July, Steven Hartman, a
33-year-old student at the Cox School, re-energized its Energy Club, which
helps students learn about the industry and now has about 40 members. About
half of them took a field trip in January to check out such Houston energy
concerns as El Paso Corp., Enron and Landmark Graphics Corp., a Halliburton
Co. unit.
"The energy industry is no longer tried and true" because of deregulation,
says Mr. Hartman, who will join El Paso as a senior associate in July. "What
makes it appealing to many students is that it's the industry of the great
unknown."
There is another lure as well. "Those of us who are going into energy are
confident that our jobs will be there" after graduation Mr. Hartman says.
Other students are drawn by the lifestyle made possible at energy companies.
Eric Van Stone, a 30-year-old M.B.A. candidate at Rice University's Jones
Graduate School of Management in Houston, turned down a travel-heavy
consulting job at Arthur Andersen for a post at Houston's Reliant Energy Inc.
Another Rice business student, 28-year-old Kenneth Jett, adds that some
energy companies -- many of which are based in sunny Houston -- offer shorter
working hours than many investment banks and consulting companies.
"It's the total lifestyle package that's drawing people to the industry,"
says Mr. Jett, who will join Enron as an associate in August.
M.B.A.s aren't the only students gearing up for a career at an energy
company. The University of Oklahoma's undergraduate energy-management program
has grown from three students in 1997 to more than 65 in 2001. The program --
a mix of finance, geosciences and law classes -- lasts about 4 1/2 years. At
graduation, most students have between two to three energy-related
internships on their resumes with starting salaries ranging from about
$55,000 to more than $65,000.
Energy companies are eager to hire these younger students as well. This year,
all 12 seniors in the program accepted jobs with such energy concerns as
Enron, Duke Energy Corp. and Exxon Mobil Corp. As far as the underclassmen
are concerned, program director Ted Jacobs says that he has "more internships
than I've got students available."
The energy industry has had a mixed record of recruiting at elite business
schools. Exxon Mobil was the only energy company to visit Stanford's Graduate
School of Business last fall -- and only a few people were interested. But
the Wharton School at the University of Pennsylvania says it has seen a
dramatic increase in the number of recruiters -- and a good student turnout
so far. The companies soliciting this year's graduating class include Public
Service Enterprise Group Inc., Reliant Energy, Duke Energy and Enron.
To jazz up their recruiting pitch, energy companies -- normally considered
stodgy -- are showing up with glossy Power Point presentations manned by
sharply dressed executives, some schools say.
Peter Veruki, executive director of career planning and admissions at Rice
University, adds that some of these companies aren't even positioning
themselves as "energy companies," but instead are emphasizing their
technology, broadband, risk-management and trading areas. He says they are
taking this approach because "they don't want to hire traditional energy
people."

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

A Section
'Raise It While You Can'; Talk of New Curbs Whets Funds Frenzy
Mike Allen and Juliet Eilperin
Washington Post Staff Writers

04/03/2001
The Washington Post
FINAL
A01
Copyright 2001, The Washington Post Co. All Rights Reserved

Campaign finance is very much on the minds of House members, and not just
because a Senate bill that would rewrite the rules of the money chase in
federal politics is about to come their way.
It is also because of the $1,000-a-head Cajun cookouts that Rep. W.J. "Billy"
Tauzin (R-La.) is holding today and tomorrow for two fellow House members.
And because of the "Greatest Show on Earth" pre-circus fundraiser that Rep.
Adam Putnam (R-Fla.) is holding Thursday, with an admission price of $1,000
for a political action committee and $250 for an individual.
And because of the Richmond International Raceway fundraiser that Rep. Robin
Hayes (R-N.C.) is holding in June, with a "Hot Laps and Lunch" package for
$1,000 per person, or a "Speed Racer" package for $5,000 for each political
action committee.
While the debate over campaign finance reform has captivated Capitol Hill by
day, lawmakers and political parties are working their donors ever more
aggressively by night. Lobbyists and political aides say this spring's
fundraising pressure is hitting earlier and more furiously than in any
previous election season. They say the frenzy is fed both by the likelihood
that money will be tougher to raise under new rules, and by an election
season in which just a few races could tip party control in the House or
Senate or both.
The activity is especially feverish at the party committees, which are the
conduits for the "soft money" -- the huge, unregulated sums from unions,
corporations and wealthy individuals -- that would be banned under the Senate
bill.
"There clearly is an atmosphere of 'raise it while you can,' " said a
Republican lobbyist who asked not to be named. "It's in the front of the mind
for everybody involved in raising this stuff."
Terry McAuliffe, chairman of the Democratic National Committee, said he has
begun emphasizing smaller hard-money donations, which would remain legal and
are a traditional strength of Republicans. "I'm retooling and reshaping how
our party thinks about fundraising," McAuliffe said from Alameda County,
Calif., where he was speaking at a $10-a-person Democratic dinner.
Such events are the exception. In the same ballroom of the Washington Hilton
hotel last month, House Republicans raised $7 million in one evening and
House Democrats raised $5 million -- nearly double what each had raised at
similar dinners two years before.
Bush and Vice President Cheney, who have stayed away from fundraisers since
the election, are pitching in. Bush is expected next month at a Republican
National Committee fundraiser, and in June at a President's Dinner that will
raise more than $10 million for the GOP's Senate and House campaign
committees. Cheney was the keynote speaker at the House Republican dinner.
Lawmakers, eager to bank soft money, are setting increasingly ambitious
targets for the Washington lobbyists charged with mining the business
community. In a meeting with nearly 20 lobbyists before the House
Republicans' spring gala, Rep. Bill Thomas (R-Calif.) -- who as Ways and
Means Committee chairman oversees the crafting of tax legislation -- asked
that each pledge a specific amount to raise.
According to several participants, the average amount was $100,000. Many of
the lobbyists later entertained a member of Congress at their table. Before
the National Republican Congressional Committee dinner, Thomas sent
colleagues a letter saying, "Your attendance is imperative if we are to
remain successful in our fundraising efforts."
At the House dinners, soft money played a critical role in filling the
parties' coffers. To serve as a "dinner host" at the Republican gala, donors
had to give $100,000. Twenty-four corporations and one individual, Cincinnati
Reds owner Carl Lindner, paid up.
According to Republican fundraisers, the tables requiring $25,000 in soft
money went at a faster clip than those asking for $10,000 in the more
restricted hard money.
House Democrats also relied heavily on large contributions. A spokesman for
the Democratic Congressional Campaign Committee said soft money accounts for
roughly half of the committee's $7.5 million take for the first quarter of
this year.
The party events are growing ever more lavish. At the House GOP dinner, Meat
Loaf was the master of ceremonies, Otis Day and the Knights performed after a
dinner of beef tenderloin and grilled sea bass, and the House committee
chairmen were welcomed to the strains of "The Boys Are Back in Town."
Donors were given a "Philip Morris Shopper's Guide," listing 26 tobacco
products, and little notepads from Enron, the Houston energy conglomerate
that is Bush's largest lifetime patron. Wine was provided by UST Inc., which
owns several wineries and the U.S. Smokeless Tobacco Co.
Party officials also said that with the spiraling costs of campaigns,
politicians have little incentive to eschew large donations at this point.
"We're not dealing in the hypothetical," said NRCC spokesman Carl Forti.
"We're going about our fundraising operations under current law."
While a new law is debated, lawmakers are moving to exploit the last months
of the old one. Less than two months ago, House Minority Leader Richard A.
Gephardt (D-Mo.) became one of the last Hill leaders to establish a
soft-money political action committee. The group's existence was first
reported Monday by the newspaper Roll Call.
"We're fully prepared to fold tent the day campaign finance reform is
passed," said Gephardt's spokeswoman, Laura Nichols.
Much of the current money drive is complicated by the lack of certainty
surrounding future reforms. For instance, Sen. Mitch McConnell (R-Ky.) said
he does not believe soft money would be able to be spent after a campaign
finance law was signed if it were similar to the Senate version.
Party officials said they are unsure of when the law will take effect and
whether they will still be able to use donations already collected. "Those
are very big questions that we don't have the answers for," DCCC Executive
Director Howard Wolfson said.
Party operatives said privately that they are already drawing up contingency
plans to function under a new legal regime.

http://www.washingtonpost.com

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

FPL, Entergy Blame Each Other As They Call Off $8 Billion Merger
By Robin Sidel
Staff Reporter of The Wall Street Journal

04/03/2001
The Wall Street Journal
A4
(Copyright (c) 2001, Dow Jones & Company, Inc.)

FPL Group Inc. and Entergy Corp. pulled the plug on an $8 billion merger that
would have created the largest electric utility in the U.S., and both sides
immediately blamed the other for the eight-month-old deal's failure.
The collapse, which marked the latest in a string of utility mergers to run
into trouble, came just about two weeks after the companies warned of looming
problems with the transaction.
The two companies announced the deal's termination in a joint statement, and
then swiftly traded barbs about the reasons for the breakup by issuing
separate news releases and holding dueling conference calls.
FPL accused Entergy of discrepancies in its financial forecasts and said it
lost faith in Entergy's management. Entergy said the deal was no longer a
merger of equals, citing efforts by FPL to dilute the leadership roles of
Entergy executives in the combined utility.
"The board decided litigating a merger of equals for damages was a long, hard
road and with all the changes taking place in our industry, we just needed to
move on," said Wayne Leonard, chief executive of Entergy.
Billed as a merger of equals when announced at the end of July, the deal
called for FPL shareholders to own 57% of the combined company. Mergers of
equals are hard to define, and Wall Street viewed FPL as the acquirer. FPL,
of Juno Beach, Fla., is the parent of Florida Power & Light. Entergy, of New
Orleans, serves customers in Arkansas, Louisiana, Texas and Mississippi.
The union would have created the largest electric utility in the U.S., with
6.3 million customers and more than 48,000 megawatts of generating capacity.
The deal originally was valued at $7 billion but that climbed to $8 billion
amid an increase in FPL's stock price. FPL also was to assume $6.9 billion in
debt.
It is the second failed deal for FPL, which saw merger discussions with
Spain's Iberdola SA fall apart last year.
By January, the warm feelings between Entergy and FPL had begun to chill, as
FPL challenged 2001 and 2002 financial projections it had received from
Entergy.
FPL contends the earnings projections it received were pumped up by "several
hundred million dollars" compared with Entergy's internal projections.
Entergy defended its methods, saying the company has multiple forecasts based
on various assumptions about business conditions.
By February, FPL had hired high-powered attorney David Boies, who represented
Al Gore in the Florida election controversy and worked for the government in
its antitrust case against software giant Microsoft Corp.
The partnership further disintegrated as executives clashed over management
roles at the combined company. The merger pact called for Mr. Leonard to be
chief executive and FPL Chairman and Chief Executive James Broadhead to be
chairman. The Entergy side says they thought Mr. Broadhead was pushing Mr.
Leonard out. "At that point, it had become a takeover, a hostile takeover,"
Mr. Leonard says.
"FPL did lose trust and confidence in Entergy management," Mr. Boies said.
Both companies waived the $215 million termination fee that was part of the
merger agreement. A fee would be payable, however, if either company enters a
similar transaction with another party within nine months.
Despite the collapse, about eight top FPL executives already have collected
some $60 million from the deal, because they were entitled to cash in
compensation packages when shareholders approved the transaction in December.
That was somewhat unusual, since compensation packages typically can't be
cashed until a merger closes. An FPL spokeswoman noted that more than half of
the amount would have vested within two years regardless of the Entergy
transaction. She also noted that from now on compensation packages won't be
triggered until a transaction is completed.
Entergy executives weren't entitled to receive such so-called golden
parachutes until the FPL deal closed.
Wall Street analysts predicted both companies are likely to find other
partners, since both are considered midsize utilities in a consolidating
industry.
The transaction is the latest utility deal to be stung by volatility in the
nation's power markets and lengthy regulatory reviews.
Consolidated Edison Inc.'s plan to buy Northeast Utilities has fallen apart,
and Enron Corp.'s $2 billion agreement to sell its Portland General Electric
unit to Sierra Pacific Resources is in jeopardy. Also, DTE Energy Co. and MCN
Energy Group Inc. recently were forced to renegotiate terms of their merger.
At 4 p.m. in New York Stock Exchange composite trading, Entergy was unchanged
at $38, while FPL was down nine cents at $61.21.
--- Troubled Electricity Deals

Acquirer: DTE Energy
Target: MCN Energy
Deal: DTE was to purchase MCN for $28.50 a share
Result: Renegotiated the price to $24 a share valuing the transaction
at about $2.24 billion.

Acquirer: Con Edison
Target: Northeast
Deal: Con Edison to purchase Northeast for $3.8 billion
Result: Northeast and Con Edison have sued each other for the merger's
failure.

Acquirer: Sierra Pacific
Target: Enron
Deal: Sierra Pacific to buy Enron's Portland General Electric for $2
billion
Result: Sierra Pacific has had difficulty selling generating assets,
which it had to do to be able to purchase PGE.

Acquirer: FPL
Target: Entergy
Deal: Merger of equals now valued at $8 billion
Result: Agree that if either company closes another comparable deal
within nine months it will have to pay a breakup fee.

Source: WSJ Research

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

Enron Starts Trading German Gas Online

04/03/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

VENICE, Italy -(Dow Jones)- Enron Corp. (ENE) has expanded its online trading
platform to include German gas, vice-president John Thompson said Tuesday.
Enron Online had already quoted border prices for German gas, but is now
quoting for gas within Germany, Thompson told the Power 2001 conference.
The development of gas trading in Germany has been retarded by the lack of
easy network access and by high transportation costs.
-By Geoffrey Smith, Dow Jones Newswires; 44 20 78429260

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

PGE wants to convert manure to methane

04/03/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

SALEM, Ore. (AP) - Oregon's energy future may be chewing cud in Bernie
Faber's pasture.
His 500 cows will provide tons of manure to be converted to methane to
generate electricity in a pilot project operated by Portland General Electric.
The project is expected to generate about 100 kilowatts of electricity -
enough for about 65 homes - by July.
"When you consider how many dairy farms there are in Oregon, this could be a
significant source of power," said PGE spokesman Mark Fryburg.
About 89,000 milk cows were reported on state farms in 1999.
PGE wants to perfect the technology at Faber's Cal-Gon Farm. If the company
succeeds, small-scale power plants could become commonplace at Oregon dairy
farms.
"We would love to be able to engineer and design these things so we could do
them at smaller and smaller dairies over time," said Jeff Cole, PGE'; biogas
program manger.
PGE officials also are interested in developing a 4.5 megawatt,
methane-powered energy facility in Morrow County that could provide energy
for about 3,000 homes. It would depend on manure from dairies relocating to
the area to support a Tillamook County Creamery Association cheese plant.
The disposal of livestock waste has become an expensive and complex problem
for farms as environmental regulations tighten.
A typical dairy cow produces about 150 pounds of waste each day.
Methane-powered generators, such as PGE's project, reduce the odors
associated with dairies and create useful byproducts: a nitrogen-rich liquid
fertilizer and an odorless dry fiber that can be used to make potting soils.
At Faber's farm, construction of a 28-foot high concrete tank where waste
will be converted into methane is nearly complete.
PGE officials compare the tank to a giant stomach, where bacteria in manure
continues the digestion process and produces flammable methane.
A modified, internal combustion engine will burn the methane for fuel and
drive power turbines. After the manure is processed, the leftovers will be
pumped through a solid separator, taken off site, and composted.
Liquids will be stored at a lagoon at the dairy.

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

SHARE OWNERSHIP CAP TO BE LIFTED ON AUSTRALIAN GAS LIGHT LTD STOCK

04/03/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

SYDNEY, April 3 Asia Pulse - Australian Gas Light Company Ltd (ASX:AGL)
shares rallied to a three week high today as the market reacted to news that
a share ownership cap on its stock would be lifted.
The energy giant's shares - which have fallen 13 per cent since a profit
warning earlier this month - hit a high of A$11.02 (US$5.25), gaining 32
cents or 2.99 per cent in early trade.
However, the share price quickly eased back to close at a more moderate 14
cent, or 1.31 per cent, rise to A$10.84 (US$5.16).
AGL announced after close of trade yesterday that the New South Wales
government had agreed to a shake-up which would lift a current five per cent
share ownership cap.
At least one analyst predicted the lifting of the cap would leave AGL open to
potential takeovers.
"AGL could well be a takeover target as the global economy picks up and the
big utilities start to expand," a BNP Paribas analyst said in a report today.
The analyst said big utilities such as Utilicorp, TXU, GPU, Hutchison
Whampoa, Singapore Power, Enron and AEP may be interested in AGL in the first
half of the 2002 financial year, when the global economy should be stronger.
AGL shares had slumped 13 per cent since March 8, after the energy giant
warned of a flat full-year profit result.
AGL posted a 14.5 per cent increase in half year net profit to A$208.1
million (US$99.14 million), in line with expectations, but warned that second
half profits would be lower because of seasonal factors, the slowing economy,
and AGL's strategic transformation.
The company's legislative reform follows 15 months of market anticipation and
clears the way for a modern constitution.
Under the changes - to be introduced by July 1, 2002 - AGL would be placed in
the same position as its competitors in the growing energy markets, and
registered under the Corporations Law with its share ownership restrictions
lifted, making it no longer takeover proof.
However, until the changes are made, legislation would strengthen the five
per cent shareholding cap to ensure noone is able to profit unfairly from
trading AGL shares, with hefty fines.
Analysts were now looking out for separate plans by AGL to spin-off its
network assets, with speculation an announcement may be forthcoming as early
as next week.
Meanwhile, analysts said today they didn't expect any further dramatic
further rises in AGL's share price, as the lifting of the cap was still some
time off, and had been widely anticipated.
Hudson Securities client adviser Graham Harcourt said after the initial surge
he was not expecting any "massively major change".
"The final target date is no later than July 1, 2002, that is still 15 months
away," Mr Harcourt said.
ASIA PULSE t 03-04 1849

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

SMARTMONEY.COM: Is It Time To Sell Energy?
By Jersey Gilbert

04/02/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -(Dow Jones)- After a great two-year run for the energy stocks, a
lot of investors are wondering what to do about the sector. Prices for
companies like Noble Drilling (NE), Baker Hughes (BHI) and Anadarko Petroleum
(APC) haven't advanced much in the last month or so, and judging from my
e-mail, a lot of you are wondering if it's already too late to buy in.
The answer: both yes and no.
As with so many investing questions, it all depends on your time frame and
investing strategy. A price- or earnings-momentum investor could make a very
good case that the energy sector is due for a short-term correction and it's
time to sell out of highfliers like Weatherford International (WFT) and Enron
(ENE). A long-term value investor, on the other hand, might continue to see a
buying opportunity in stocks like Transocean Sedco Forex (RIG) and Apache
(APA) based on both historically low price multiples and the possibility of
consolidation.
To understand why both views have merit, you need to look back four years to
1997.
Back then, analysts were talking about coming shortages of oil and gas.
Energy stocks - from drillers like Global Marine (GLM) to boat lessors like
Tidewater (TDW) - were moving for the first time in a decade. Unfortunately,
the party came to an abrupt halt when a global currency crisis triggered
recession in Asia. That, in turn, slowed world-wide demand for energy,
knocking the wind out of most oil and gas stocks.
By 1998, oil prices were down to $11 a barrel (or less, depending on which
quote you follow), and there didn't seem to be much anyone could do. Several
oil-producing countries - including Russia and Indonesia - needed to pump as
much from their reserves as possible in order to earn foreign-exchange
credit. So as demand stagnated, supply increased.
Of course, that situation didn't last long. Once the Asian recession was
over, demand quickly rebounded. With most of the excess OPEC production
flowing to non-Japan Asia, consumption quickly climbed back to 77 million
barrels a day and eventually pushed to the current level of around 79 million
barrels a day. The currency crisis under control, OPEC was able to establish
some discipline and keep production levels in line with global demand.
Finally, after some delay, the analysts' warnings of energy shortages -
especially in natural gas - proved correct.
The question now is whether history will repeat itself.
Once again - and quite suddenly - we are facing a threat of global recession,
and the effect on Asian economic growth could be similar. The culprit this
time around is not currency imbalance, but declining U.S. capital
expenditures. And there's an additional element of instability: The high
prices that energy producers currently enjoy help contribute to economic
slowdown. Carbon-fuel commodity prices might end up as victims of their own
success.
SmartMoney readers know I've been talking about energy stocks for most of the
year. Most recently, we recommended Anadarko, Devon Energy (DVN), Nabors
Industries (NBR) and Patterson Energy (PTEN) in the January issue of the
magazine, and I suggested the sector as a growth candidate in this column in
early March. At the same time you have to be a realist. These stocks depend
primarily on commodity price trends, and even in good times oil prices are
volatile.
With all that's out there to spook investors, we will almost certainly have a
correction in the coming months. But I also believe it will be short lived.
Over the longer term, factors propping up global demand will remain in place,
and that should keep upward pressure on stock prices. In any event, I doubt
investors will abandon the sector wholesale the way they did in 1997 when
there was no recent precedent for sticking with it.
To check this thesis, I talked with two natural-resource fund managers who
still have painful memories of the '97 crisis. They both took over their
current funds early in 1997, just in time to feel the full impact of the
downturn on their performance.
Charles Ober manages T. Rowe Price New Era. He took over the fund from the
legendary George Roche, who'd directed it since 1969. New Era seldom tops the
charts among natural-resource funds, since it has a true diversified
natural-resource objective. The fund always has positions in basic materials,
mining stocks and a controversial stake in Wal-Mart (WMT). The broad
objectives mean the fund lags behind the pure energy-sector funds in the
performance listings when energy is hot, but well-managed diversification
gives it the lowest standard deviation among its peers over the last 10
years, according to Morningstar.
Ober admits that the price levels of energy stocks have as much to do with
psychology as pure fundamentals. Demand for oil doesn't have to actually
fall. The threat of reduced demand is sufficient for investors to get nervous
and dump the stocks.
But the fundamentals themselves are more favorable, in his view, than they
were four years ago. Ober admits that a global recession would test the
resolve of OPEC members much more than the recent economic boom (after all,
it's easier to be disciplined when both your gross domestic product and
oil-export revenues are rising). But he doesn't expect the kind of chaos that
ensued in '97. "OPEC is more proactive in adjusting supply with production
cuts," he says. "I don't think things will be as bad this time."
John Segner of Invesco Energy takes a similar view. "OPEC remembers 1997 and
is watching inventories much more closely," he insists. Segner took over the
fund in February 1997, but that hasn't prevented him from posting the second
best five-year performance record among his peers. (Morningstar doesn't break
out a four-year period.)
Segner also makes the point that, going into this economic slowdown,
inventories above ground (refined and crude products already pumped out of
the wells) are still at very low levels. "Even if OPEC could produce more, we
probably couldn't transport it here," he says, citing limited shipping and
refining capacity. There hasn't been a major new refinery built in the U.S.
since 1984.
Both managers agree that natural gas is a different (and more cheerful)
story. Asian economics have little impact on supply-and-demand factors in
North American natural-gas markets. Other than liquified natural gas, which
is expensive, you can't move gas reserves easily from continent to continent.
Moving into the summer season, air-conditioning usage means so-called peaking
units for electricity generation will be working full blast. Increasingly,
they are fired by natural gas, so demand should remain strong.
The problem with natural gas is that there aren't very many pure plays among
the service companies or the exploration and production companies. These are
normally the energy subsectors with the most leverage to commodity prices.
Almost all the midcap and large-cap names like Ocean Energy (OEI) and
Occidental Petroleum (OXY) have diversified their portfolios between gas and
oil to try to get a little more long-run stability in their revenue. As a
result, you'd expect a global recession to spell trouble for most of these
stocks.
So what should you do? Again, it depends on your time frame. If you're a
long-term investor, there's no compelling reason to sell and take the tax
hit. As for making new investments, consider this: The seasonal window for
commodity and stock prices usually ends with spring. As warm weather
increases both automobile travel and electrical generation, prices are likely
to rise. Usage may ease again in the fall, but that's when the heating
industry starts to stock up inventory for winter, propping up the market
until December. So unless a global recession interrupts things, demand should
keep upward pressure on prices through the end of the year.
Only if you're trying to time the market would selling make sense. It's
reasonable to assume that earnings growth in the second and third quarter of
2001 won't be anything like the growth rates of the fourth quarter of 2000.
That's usually a good indication for a momentum investor to lock in gains. If
you bail, just be prepared to jump back in quickly. If the global recession
scenario doesn't play out and OPEC manages inventories successfully, the
threat of a cold winter could have energy prices peaking again by the end of
the year.
For my money, however, that sort of approach is too complicated. Over the
long term, the world's thirst for energy just doesn't figure to go away. And
that should spell good things for this group, short-term correction or no.
For more information and analysis of companies and mutual funds, visit
SmartMoney.com at http://www.smartmoney.com/
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.


-----Original Message-----
From: 	Crenshaw, Shirley
Sent:	Thursday, October 25, 2001 2:15 PM
To:	Black, Tamara Jae; Rangel, Ina; Coneway, Betty J.
Subject:	Presentation Announcement

Hello everyone:

Would you please forward this announcement to your groups?  I really appreciate your help!

Thanks!

Shirley Crenshaw

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

You are invited to attend the following presentation:

PSIM: A Power Simulation Tool

PSIM is a proprietary model developed by Enron Research Group.

?	It takes Power, Gas, Weather and demand information into consideration and
	uses Monte-Carlo simulation to assess the expected deal value and risk distribution.
?	It evaluates complex electricity related contracts such
as Full Requirement  and load following contract.
?	It also provides a valuation tool for power assets and asset management deals.
?	It works for both deal specific or portfolio issues.

In this presentation we will show how the model can be used to deal with various types
of contracts, explain the model structure and point out further applications.

Date:		October 30, 2001
Time: 	4:00 pm
Location: 	EB5C2
Presenter: 	Alex Huang

Registration is required for a head count.
Please call Shirley Crenshaw at 3-5290 to register.

Pizza and soft drinks will be served.


Please see the attached.  Call in the event you have any questions.  Thanks,

Rob
3-7739


fyi
jan red jan 32/33 with sep @392


Lili,

	Thanks for your message. First, I hope your son's ok. His health is obviously the top priority. Hopefully, he'll get better soon.

	I'm available for lunch on either Wednesday or Friday of this week. There's no hurry in pinning down a date or time now. Just let me know when it's convenient. I'm also available next week.

	Take care.

						Bill


John,

Bill Bradford is on vacation. I passed your question regarding EXMAR credit
rating
to Debbie Brackett.

Vince


Please return signed 2000 Perfrmance Review sheets to me today or tomorrow.

Thank you,

Scott


If it becomes an asset management deal, we need to involve the services desk (Tom May and Jeff Miller).    The trading & marketing outsourcing deal is the most appealing to me.


512927 has also been changed to .005 broker fee.

Kate

Stephanie Piwetz   02/05/2001 06:37 AM

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

Subject: bro fees with Bloomberg

please check fees on the following trades,  thanks

---------------------- Forwarded by Stephanie Piwetz/HOU/ECT on 02/05/2001
08:43 AM ---------------------------
Stephanie Piwetz   02/02/2001 05:32 PM

To: Kate Symes/PDX/ECT@ECT
cc:
Subject: bro fees with Bloomberg

Kate, please verify with traders
tom
deal 512827.01
enron sells merrill
260.00   Q2    2001
25 mws

bloomberg has fee .005   we have zero

bob badeer
deal 512927.01
Enron sells merrill
Q2 2001
250.00

bloomberg has .005 fee, we have zero

if fee
please add

thanks


--------- Inline attachment follows ---------

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=SCORMAN>
To: 'Pavlou, Maria' </O=ENRON/OU=NA/CN=RECIPIENTS/CN=MPAVLOU>
Date: Monday, February 11, 2002 4:29:31 GMT
Subject:

Great.  Thanks again for going out of your way to meet Alina and join in the party welcoming her.  You're the best!

 -----Original Message-----
From: 	Pavlou, Maria
Sent:	Monday, February 11, 2002 9:10 AM
To:	Corman, Shelley
Subject:	found my eyemakeup

I hope you didn't spend a lot of time looking in the apartment for my eye makeup.  I found what I lost this a.m.  Thanks again.  Maria


I updated the storage ticket for Feb and created an injection ticket, Sitara
#159640.

Let me know if you have any questions.

Dave


Start Date: 4/23/01; HourAhead hour: 22;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042322.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 22 / Preferred:   4.00 / Final:   3.89)
  TRANS_TYPE: FINAL
  SC_ID: SierraPowe
  MKT_TYPE: 2
  TRANS_DATE: 4/23/01
  UNIT_ID: VESTAL_6_WDFIRE
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 22 / Preferred:   0.00 / Final:   0.00)
  TRANS_TYPE: FINAL
  SC_ID: EES
  MKT_TYPE: 2
  TRANS_DATE: 4/23/01
  UNIT_ID: BADLND_7_PL1X2


Joanne- do you have any upstream contracts for CVA or CMD?

As for CPA, we have bought 3,942 at Broadrun Cobb from East Ohio Gas K#34826.
We will buy 2,821(FOM) from you at the pool plus we plan to  buy  6,061 at
A06. Nothing at A05 for Mar01.

So of the 15,553 FOM gas (Ex1 plus hedges @ CG) we will use 2,759 CPA, 1,200
CVA and 472 CMD. The remaining 11,122 (or 11,370 @ pool) will be pulled into
NPC App Pool from ENA App Pool.

I will let you know A06 assoonasigetit.


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'kensey' has removed GDW (Doink) at Jan 10 2002 4:05AM

Golden West Finl (NYSE:GDW)
Symbol 	Last 	Time 	Change 	High 	Low 	Volume
GDW <http://clearstation.etrade.com/cgi-bin/details?Symbol=GDW> 	61.32 	4:18PM 	1.15 	61.75 	60.17 	971,300

Community Take <http://clearstation.etrade.com/cgi-bin/bbs/Individual_Stocks/GDW/Recommend>
9 Long / 7 Short

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'kensey' said:

remove GDW as short from recommend list.

posted stop at 60 exceeded so close short -5 percent. currently long GDW stock as the move above 60 took out significant resistance as represented by the reaction highs during the october period. in addition the gap down in august was covered. the skinny? looks like GDW is all set to challenge resistance at 66. sure its a blown short but being there lead to clarion call to be long now. of course there is a possibility of a second whipsaw but going with it nonetheless. and not to 'get even' but because the chart says it makes sense.

from the land of hoop-lah and just plain lah-lah,

kensey

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To all:

We will fly into Dubuque Friday April 20th and stay overnight.  We are going
to a wedding on the 21st in Minneapolis and will return to Dubuque on Sunday
the 22nd.  We will then be in Dubuque until Wednesday the 25th (we fly out
late on the 25th).  Hope to see you all, but we'll settle for some.

We already have our first wild fire of the season.  It was yet another
controlled burn that got out of control near Ruidoso - quite a distance from
here.  45 mile per hour winds are expected for tomorrow.  New Mexico burnin'
again.  Good luck to us all.  Diane and I have appointments set up with two
insurance agents in order to evaluate our insurance coverage.

Take care.

Rob


Kim,  Attached is a draft of the LOU for Palo Alto.  Please review.  I am
still reviewing and may have a few more changes.  Since time is short please
review this draft and we can make final changes in the morning and send out.
I will attempt to have a draft of the MSA by Thursday.


Dan , if he brings this one home, will be a hero.
---------------------- Forwarded by Richard Shapiro/HOU/EES on 05/04/2000
01:17 PM ---------------------------
From: Christi L Nicolay@ECT on 05/04/2000 10:52 AM
To: Richard Shapiro/HOU/EES@EES
cc:
Subject: IMPORTANT NEPOOL ICAP: See the attached from Phil Pellegrino

---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 05/04/2000
10:52 AM ---------------------------

John Llodra@ENRON
05/04/2000 06:36 AM
To: NEPOOL Power Trading Group, Christi L Nicolay/HOU/ECT@ECT
cc:
Subject: IMPORTANT NEPOOL ICAP: See the attached from Phil Pellegrino

Way to go ISO-NE!  Hats off to Dan Allegretti for nurturing this outcome!

---------------------- Forwarded by John Llodra/Corp/Enron on 05/04/2000
07:33 AM ---------------------------

Customer Service at ISO-NE <custserv@iso-ne.com> on 05/03/2000 06:51:59 PM
To: NEPOOL Participant Committee <npmc@iso-ne.com>
cc:

Subject: See the attached from Phil Pellegrino

 <<Pellegrino letter>>  <<necessary changes>>  <<findings>>  <<Exhibit A>>

 - Pellegrino letter.doc
 - necessary changes.doc
 - findings.doc
 - Exhibit A.xls


-----Original Message-----
From: Myers, Jennifer
Sent: Tuesday, January 22, 2002 11:02 AM
To: Husser, Shanna; Gaar, Melanie; Barthel, Christina; Kacal, Lynna;
Ferguson, Emily; Saenz, Angela; Smith, Joanne; Morrow, Mark
Subject: FW: Quarter Life Crisis

Subject: Quarter Life Crisis

> >TWENTY-SOMETHING DRAMA
> >
> >This puts it all into words perfectly. They call it
> >the "Quarter-life Crisis." It is when you stop going
> >along with the crowd and start realizing that there
> >are a lot of things about yourself that you didn't
> >know and may not like. You start feeling insecure and
> >wonder where you will be in a year or two, but then
> >get scared because you barely know where you are now.
> >You start realizing that people are selfish and that,
> >the people that you thought you were so close to
> >aren't exactly the greatest people you have ever met
> >and the people you have lost touch with are some of
> >the most important ones. What you do not realize is
> >that they are realizing that too and are not really
> >cold, or catty, or mean, or insincere, but that they
> >are as confused as you.
> >You look at your job. It is not even close to what you
> >thought you would be doing or maybe you are looking
> >for one and realizing that you are going to have to
> >start at the bottom and are scared. You miss the
> >comforts of college,of groups, of socializing with the
> >same people and yet maybe they weren't so great after
> >all. You are beginning to understand yourself and what
> >you want and do not want.
> >Your opinions have gotten stronger. You see what
> >others are doing and find yourself judging a bit more
> >than usual because suddenly you realize that you have
> >certain boundaries in your life and add things to your
> >list of what is acceptable and what is not.
> >You are insecure and then secure. You laugh and cry
> >with the greatest force of your life. You feel alone
> >and scared and confused.  Suddenly change is the enemy
> >and you try to cling on to the past with dear life but
> >soon realize that the past is drifting further and
> >further away and there is nothing to do but stay where
> >you are or move forward.
> >You get your heart broken and wonder how someone you
> >loved could do such damage to you, or you lie in bed
> >and wonder why you can't meet anyone decent enough to
> >get to know better. You love someone but maybe love
> >someone else too and cannot figure out why you are
> >doing this because you are not a bad person. One night
> >stands and random hook ups start to look cheap and
> >getting wasted and acting like an idiot starts to look
> >pathetic.
> >You go through the same emotions and questions over
> >and over and talk with your friends about the same
> >topics because you cannot seem to make a decision. You
> >worry about loans and money and the future and making
> >a life for yourself and while winning the race would
> >be great, right now you'd just like to be a contender!
> >What you may not realize is that everyone reading this
> >relates to it. We are in our best of times and our
> >worst of times, trying as hard as we can to figure
> >this whole thing out.
> >Send this to your twenty-something friends...Maybe it
> >will help someone feel like they are not alone in
> >there state of confusion that are our post grad
> >years!!!
>
>
> _________________________________________________________________
> Send and receive Hotmail on your mobile device: http://mobile.msn.com
>
>
>


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

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

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

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

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

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

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

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

Next steps

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

Summary

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

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

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


Ev,

I sent something to you about a week and a half ago, and I just got it
back as bounced.  I've included Phil so that if I have the address
wrong, he can get it to you.  Sorry.

Anyway,  Congrats on the new rat.  What else have you been up to?

As for me, I've got 2 of my own.  Son, Reece, is 3 1/2 and Daughter,
Zoe, is almost 5 mos old (damn, it seems like she was born just
yesterday).  I have some pics online @ www.cyberblanca.com/kids when you
have time.

I hope this makes it to you this time.  Hope you all have a wonderful
Christmas.

-r

----
Rob Bowlin [mailto:rbowlin@controltec.com]
Software Engineer
Controltec - www.controltec.com
760.723-2104


Brett, can you give me the particulars on the four MEH turbines (ie)
scheduled delivery, price, fuel options, heat rate, output,etc - including
transferablility to NA.

Regards
Delainey


Dave:

Below please find the language that Mark & I propose for the EnronOnline
Markets page as well as each commodity "home" page for the web site.  Please
let us know if it looks like each such page is going to be limited in length
so that it is not necessary to scroll down to see the entire page.

Your company should not enter into any transaction unless it fully
understands the potential risks and rewards of that transaction and has
independently determined that the transaction is appropriate in light of your
company's objectives, experience, financial and operational resources, and
other relevant circumstances.  Please bear in mind that in providing this web
site, Enron is acting as a potential arm's length counterparty and not as
your company's adviser.  For further information, please see Legal and
Privacy Information [link]

Let us know if this disclaimer language will work.

Leslie


I will check on the status of this. The ICC Staff's work on affiliate rules
had been side-tracked when I last looked at this. They may have started
moving again.

==========
The preceding e-mail message (including any attachments) contains
information that may be confidential, be protected by the attorney-client
or other applicable privileges, or constitute non-public information.  It
is intended to be conveyed only to the designated recipient(s).  If you are
not an intended recipient of this message, please notify the sender by
replying to this message and then delete it from your system.  Use,
dissemination, distribution, or reproduction of this message by unintended
recipients is not authorized and may be unlawful.
==========


hunky

-----Original Message-----
From: Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Tuesday, July 24, 2001 12:04 PM
To: Nancy Sellers
Subject: Re: are you coming?

how's tomorrow night?

                    Nancy Sellers

                    <Nancy.Sellers@RobertMo        To:     "'Jeff Dasovich'"

                    ndavi.com>                     <Jeff_Dasovich@enron.com>

                                                   cc:

                    07/24/2001 01:45 PM            Subject:     are you
coming?

Nancy
(707) 251-4870 (phone)
(707) 265-5446 (fax)
"Plus je bois, mieux je chante"


Shouldn't you and Rick do that together so as not to have confusion.  Mark
----- Forwarded by Mark E Haedicke/HOU/ECT on 03/09/2001 01:25 PM -----

	Rick Bergsieker@ENRON_DEVELOPMENT
	03/09/2001 05:42 AM

		 To: Daniel R Rogers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Dave Hill/Enron@EnronXGate, Brenda J
Johnston/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark E Haedicke@ECT
		 Subject: performance review

I have completed your written performance review and have put a signed
original copy in the mail to you.  When you get it, contact Brenda to arrange
for a time for us to talk.  After we talk, you will have to sign the original
and forward it to Dave Hill.


Ashley,

The web site address of the prof at Berkeley I contacted.

http://www.ieor.berkeley.edu:80/~oren/

Vince


The NYISO Back-Up Dispatch System  is scheduled to be tested on Tuesday,
January 8 ,2002.  The test will begin at about 10:30 a.m. and last for
approximately one hour.

Security Constrained Dispatch (SCD) will be stopped, but the mainframe
computer will continue to operate, allowing the NYISO to monitor security.
If a situation occurs, the Shift Supervisor will be able to re-start SCD
and take appropriate action.  The Market Information System (MIS) and
Balancing Market Evaluation (BME) will remain available during the test.

If you have any questions, please call Customer Relations at 518-356-6060.

---
You are currently subscribed to nyiso_tie as: RRING@EES.ENRON.COM
To unsubscribe send a blank email to leave-nyiso_tie-628547Y@lyris.nyiso.com


Due to security at the building, you must RSVP by 12-12 in order to gain access to the meeting room.
Cary Reed
Sr Business Standards Consultant
918 594 4026 audinet 700-4026

	susan_j_neel@reliantenergy.com   01/30/02 10:39 AM  	                 To:        set@ercot.com          cc:        shawnee.claiborn-pinto@pus.state.tx.us          Subject:        TxSET Meeting February 14th and 15th

There will be a TxSET meeting on February 14th and 15th.  This meeting will
be devoted to Muni/Co-op Transaction needs, and the needs of the CRs that
will be in those territories.  THe meeting will be held in Corpus Christi
at the AEP Offices.  We will begin each morning at 9AM.  We will conclude
at 4PM.
AEP
539 N Carancahua
Corpus Christi, TX  78401
OMNI Bayfront
900 N Shoreline Blvd
1-361-887-1600


Please,

Take a look at the attached info. Can you use this service?

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/16/2000
04:54 PM ---------------------------

"Vadim Pokhlebkin" <vpokhleb@ideaus.com> on 03/16/2000 01:34:40 PM
To: <vkamins@enron.com>
cc:
Subject: IDEA: please take a look

Dear Mr. Kaminski,

Thank you for calling.  Briefly, about IDEAglobal.com: we've been providing
unbiased market analysis since 1989, and today our customers include the
Fed, the US Treasury, the IMF, 25 foreign Central banks, and over 1,700
dealing rooms worldwide.  We emphasize sales and trading strategies rather
than just provide market news.

Attached, please find 2 samples of our daily research: today's issue of our
morning faxes Financial Markets Today and Fixed Income Today.  We also have
intraday market coverage on Bloomberg: IDEA>GO, Reuters, and
Bridge/Telerate.

If the info looks interesting, we would be glad to arrange a 30-day free
trial for you?  For your reference, please see our Price List.  I look
forward to your reply.

Best regards,
Vadim Pokhlebkin
Account Manager
vpokhlebkin@ideaglobal.com
tel. + 1 212 571 4332
fax  + 1 212 571 4334

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 - FMT0316A.pdf
 - FIT0316a.pdf
 - onesheet.doc


The FIX module v1.0 is now operational and meets all the specifications as
shown in the FRS.  The team would be happy to show you a demo at your
convenience, perhaps early next week.  We anticipate our back office using
FIX in parallel with existing systems for December 2000, and then using FIX
"under fire" for January 2001 invoices.

The demo uses actual data from Sempra, our largest volume natgas financial
counterparty.  In about a minute, FIX is able to compare Enron data and
Sempra data (received electronically as an excel spreadsheet and stored on a
mini version of our Deal Database), immediately matching about 1450 of the
1500 deals.  It then helps the user to manually match those 50 deals that the
primary match engine could not.  This whole process, if it were purely
manual, would take more than a day.  Using excel spreadsheets (and sort
functions), Enron currently spends 4 to 8 hours per month matching Sempra
invoices. FIX allows the user to perform all matching in about 10 minutes.

Our next deliverable is the Confirm Central module v1.0, due 1 December.  We
anticipate delivering it on time, as we have with FIX.

All the best,

Tom


Anita/Sara:

I would suggest that Anita handle while coordinating with Sara on the
background of the previous work product.

Alan

Janice Moore
07/13/99 10:19 AM
To: Anita Fam/SIN/ECT@ECT, William S Bradford/HOU/ECT@ECT
cc: Mark - ECT Legal Taylor/HOU/ECT@ECT, Alan B Aronowitz/HOU/ECT@ECT,
Cynthia L Schneider/HOU/ECT@ECT
Subject: Re: Update on Petron Hedging Program

Well, it looks like we might have a shot at an ISDA w/ a PHilippines
company.  One issue that discussed w/ Manuel but he does not mention in his
note is that we would probably require an enforceability opinion from Petron
(a compnay jointly owned by the PHilippines govt and Saudi Aramco).  I'm not
sure which credit dept. would handle this deal, but Cynthia Schnedier has
some familiarity w/ Petron.   I'll leave it to Mark, Alan and Anita to
determine whether Anita will handle the ISDA or whether it will be someone
from Houston (Sara S. did the original legal due diligence on the
enforceability of commodities derivatives contracts in the PHilippines).
---------------------- Forwarded by Janice Moore/HOU/ECT on 13.07.99 10:15
---------------------------

Wang Moi Eng
12.07.99 22:31
To: "Manuel Gallego/ENRON_DEVELOPMENT" AT ENRON_DEVELOPMENT@CCMAIL @ ENRON
cc: John Chismar/SIN/ECT, Hans Wong/SIN/ECT@ECT, Mike Brown@ENRON, Janice
Moore/HOU/ECT@ECT, Angel M Esguerra/SIN/ECT@ECT, David A Terlip AT
ENRON_DEVELOPMENT@CCMAIL@ENRON, Victor Santos AT
ENRON_DEVELOPMENT@CCMAIL@ENRON, Bruce Lundstrom AT
ENRON_DEVELOPMENT@CCMAIL@ENRON, Heather J Mitchell AT
ENRON_DEVELOPMENT@CCMAIL@ENRON, Alberto J Carreno AT
ENRON_DEVELOPMENT@CCMAIL@ENRON
Subject: Re: Update on Petron Hedging Program

Manuel,

Thanks for the update and we look forward to meet Petron traders/risk
management team during our next visit to Manila, probably during our first
cargo of gasoil to FGH, currently planned for end August / early September.
Kindly let us know on new developments. For your information, John is away on
home leave and will be back in office only after mid - August.

Best regards,
Eng

From: "Manuel Gallego/ENRON_DEVELOPMENT" AT ENRON_DEVELOPMENT@CCMAIL on
13/07/99 10:53 CDT
To: John Chismar@ECT, Hans Wong@ECT, Wang Moi Eng@ECT, Mike Brown, Janice
Moore@ECT, Angel M Esguerra@ECT, David A Terlip AT ENRON_DEVELOPMENT@CCMAIL,
Victor Santos AT ENRON_DEVELOPMENT@CCMAIL, Bruce Lundstrom AT
ENRON_DEVELOPMENT@CCMAIL, Heather J Mitchell AT ENRON_DEVELOPMENT@CCMAIL,
Alberto J Carreno AT ENRON_DEVELOPMENT@CCMAIL
cc:
Subject: Update on Petron Hedging Program

Dear John,

Yayette Ventigan of Petron informed me yesterday that the energy derivatives
course conducted by Paradigm in Manila from July 7 to 10 was well-received.
I sensed that the course was not deemed easy by the Petron participants.
Further, Yayette indicated that they could have easily used up more time for
the same amount of material.

Given the Paradigm course (and the Citibank course which Yayette attended in
Australia), Yayette indicated that the Petron Board will most likely give the
marching orders to Petron management on July 27 to (1) develop an initial,
basic and conservative hedging program for Petron?s fuel oil and gasoil
supplied to the National Power Corporation and (2) go out to the market (most
likely through a bid process) and execute a financial risk management
contract (ISDA).

Yayette indicated that Petron looks forward to the working meeting with
Enron?s Singapore traders.  I indicated to Yayette that end of August to
early September would probably be convenient for us.  Yayette could not yet
determine an appropriate time for Petron.

With respect to legal expectations, Petron appears to be at ease with the
following:

?  In general, the concept of disassociating the financial risk management
contract from the Philippines with the exception of Petron Corporation (a
Philippine corporation) being a party to the contract.

?  Petron executing a financial risk management contract with an offshore
counter-party like Citibank Australia or ECT Singapore.

?  Petron physically executing the contract outside the Philippines.

?  The contract to be governed by the laws of the State of New York.

I did point out to Yayette the need for offshore collateral in the form of a
Letter of Credit, which is consistent with the risk of non-enforcement for
collateral in the Philippines.  Yayette indicated that she would raise this
issue in her discussions with Petron treasury.

More later as I receive more feedback from Petron.

Best regards,
Manuel


Vince,
     I apologize, I sent you the wrong resume!  Here is the correct one.
 <<LITT_THO.DOC>>

Marshall Brown
Vice President
Robert Walters Associates
Phone #: 212-704-0596
Fax #:212-704-4312
marshall.brown@robertwalters.com
www.robertwalters.com

> -----Original Message-----
> From: Vince.J.Kaminski@enron.com [SMTP:Vince.J.Kaminski@enron.com]
> Sent: Wednesday, April 25, 2001 1:08 PM
> To: Marshall.Brown@robertwalters.com
> Subject: Re: Resume
>
>
> Marshall,
>
> He looks OK but below the level of quant skills I typically look for
>
> Vince
>
>
>
>
>
> Marshall Brown <Marshall.Brown@robertwalters.com> on 04/23/2001 09:33:00
> AM
>
> To:   Vince Kaminski <vkamins@ect.enron.com>
> cc:
> Subject:  Resume
>
>
> Vince,
>      I know this candidate is actively interviewing at El Paso and I think
> Reliant.  He has excellent quantitative background, but no real energy
> experience.  If you are interested in speaking with him let me know.
> Regards,
> Marshall Brown
> Vice President
> Robert Walters Associates
> Phone #: 212-704-0596
> Fax #:212-704-4312
> marshall.brown@robertwalters.com
> www.robertwalters.com
>
>
>  <<LITT_HAR.DOC>>
>
>
> **********************************************************************
> CAUTION: Electronic mail sent through the Internet is not secure and could
> be intercepted by a third party.
>
> This email and any files transmitted with it are confidential and
> intended solely for the use of the individual or entity to whom they
> are addressed. If you have received this email in error please notify
> the system manager.
>
> This footnote also confirms that this email message has been swept by
> MIMEsweeper for the presence of computer viruses.
>
> **********************************************************************
>
> (See attached file: LITT_HAR.DOC)
>
>  << File: LITT_HAR.DOC >>

 - LITT_THO.DOC


Please make sure to check the new work schedule for March.  Bill has made a
few changes and it should be the last time for the month.

Any questions see Bill.

Regards,

Bert Meyers


Hi:  I was surprised to see you at the I-House last nite.  Haven't seen you
for a while.  Was going to drop by and say hi and catch up but your table was
extremely popular and I didn't want to intrude.  This is the first
travel-free week I've had in a long time.  You want to try to have lunch?  Or
we could meet at a non-I-House place during the break and catch up if you
like.  Dying to hear about Montana and your possible new life as a day
student.  Did you manage to get away last Thursday?

Best,
Jeff


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Miss Tana ---
Would you give me a heads up when this customer's profile has been changed?
Thanks,
Griff
x3-5753

 -----Original Message-----
From:  Guidroz, Walter
Sent: Thursday, May 03, 2001 9:25 AM
To: Gray, Mary Griff
Cc: Moore, Kathy M.; Moran, Tom
Subject: RE: Sierra Pacific Power Company (adm71112) wanting tenure of 6
months

Griff, I've updated the profile for both Sierra Pacific and Nevada Power to
reflect a 24-month tenor.  Tana is out so I'm not sure exactly when this will
go through.

Thanks for your note; I've enjoyed working with you too!  Yes, I'll be
working as a geologist but also with an element of project management over
two large offshore field complexes as well as a pseudo-team leader over some
lesser experienced geologists and geophysicists.  It should be interesting!

Take care.

Walter

 -----Original Message-----
From:  Gray, Mary Griff
Sent: Thursday, May 03, 2001 7:21 AM
To: Guidroz, Walter; Moran, Tom
Subject: FW: Sierra Pacific Power Company (adm71112) wanting tenure of 6
months

I talked to Stephanie Sever yesterday and she said that this was back in your
court.  When will the US gas and power products get revised from one month to
24?  I'll be out of the office tomorrow (Friday, the 4th), so let Kathy Moore
know the status and she'll update the ticket on this customer.

Walter, good luck to you.  Are you going back to the geology area?

Thanks for being such a great person to work with, Walter.
Griff

 -----Original Message-----
From:  Guidroz, Walter
Sent: Monday, April 30, 2001 2:56 PM
To: Gray, Mary Griff
Cc: Moran, Tom
Subject: RE: Sierra Pacific Power Company (adm71112) wanting tenure of 6
months

Griff, we'll go 24 months on both this counterparty as well as on Nevada
Power.  I'll include this in today's approval spreadsheet.  Thanks!

Walter

 -----Original Message-----
From:  Gray, Mary Griff
Sent: Friday, April 27, 2001 10:40 AM
To: Guidroz, Walter
Cc: Moran, Tom
Subject: Sierra Pacific Power Company (adm71112) wanting tenure of 6 months

Hey guys,

Want do you know about this request?

Thanks,
Griff


LLoyd Will and Kim Melodick have requested your help in identifying what YOU feel it takes to be successful within each functional unit of East Power.  This feedback will be used to create a recruiting, retention and development tool that will assist East Power in identifying the skills and training that are key to your group's success. Please take some time to answer the attached four questions as they relate to your area.  Your participation and cooperation is greatly appreciated.

Sarah Zarkowsky x53791
Ben Brasseaux x58747
Meliza Evanson x57855

Enron North America
Human Resources


John, great job!

Please, work with Jeff to move the longer term deal along.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 05/26/2000
08:43 PM ---------------------------

	Enron North America Corp.

	From:  Kevin M Presto                           05/26/2000 10:11 AM

To: Mark Dana Davis/HOU/ECT@ECT, John D Suarez/HOU/ECT@ECT, Tom
May/Corp/Enron@Enron, Jeffrey Miller/NA/Enron@Enron, Paul J
Broderick/HOU/ECT@ECT, Edward D Baughman/HOU/ECT@ECT, John
Llodra/Corp/Enron@ENRON, George Wood/Corp/Enron@Enron, Berney C
Aucoin/HOU/ECT@ECT, Carl Livermore/HOU/ECT@ECT, Yvan Chaxel/Corp/Enron@ENRON,
Raymond Bowen/HOU/ECT@ECT, John J Lavorato/Corp/Enron@Enron, David W
Delainey/HOU/ECT@ECT, Doug Sewell/HOU/ECT@ECT, Christi L Nicolay/HOU/ECT@ECT,
Janice R Moore/HOU/ECT@ECT, Chris Gaffney/HOU/ECT@ECT, Elizabeth
Sager/HOU/ECT@ECT, Thresa A Allen/HOU/ECT@ECT, Leslie Reeves/HOU/ECT@ECT, Kim
S Theriot/HOU/ECT@ECT, Paul Racicot/Enron Communications@Enron
Communications, Janet R Dietrich/HOU/ECT@ECT, Jeffery Ader/HOU/ECT@ECT, Ozzie
Pagan/HOU/ECT@ECT, Rebecca Phillips/HOU/ECT@ECT, Kristin
Albrecht/HOU/ECT@ECT, Jenny Latham/HOU/ECT@ECT, Stacey W White/HOU/ECT@ECT,
Vladimir Gorny/HOU/ECT@ECT, Corry Bentley/HOU/ECT@ECT, Gerald
Gilbert/HOU/ECT@ECT, George Hopley/HOU/ECT@ect, Lloyd Will/HOU/ECT@ECT, Greg
Woulfe/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect, John Zufferli/HOU/ECT@ECT,
Jeff King/Corp/Enron@Enron, Mark E Haedicke/HOU/ECT@ECT, Jim Fallon/Enron
Communications@Enron Communications
cc:
Subject: NSTAR 6-month Transaction

I would like to personally thank and congratulate everyone involved in
helping ENA bring closure to the NSTAR wholesale power transaction.  Any
transaction of this nature requires support from many people and I appreciate
everyone's hard work in making this transaction a reality.  In addition, I
believe ENA is well positioned for a longer term transaction with NSTAR.   I
would encourage John Llodra and Jeff Ader to work closely together to create
the best value proposition for Enron on the long term deal.
Strict Confidentiality language is embedded in the 6-month NSTAR transaction,
and it is extremely important that everyone involved honors the zero
tolerance nature of this Confidentiality provision.  The bottom line is that
we cannot disclose anything about this deal to any third partiies, including
the mere existence of the deal.   If we do not respect this provision fully,
we will jeapordize our goodwill with the customer and thus our ability to
move forward with a longer term transaction.  In addtion, there could be
negative legal ramnifications.

Thanks again for a job well done.  If I missed anyone who was involved in the
transaction, please forward this e-mail to those individuals.


i called her 8 times when i got home last night


Shirley,

Thanks.

Vince

Shirley Crenshaw
08/14/2000 03:56 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Economic Espionage Act Presentation Reminder

We already did rsvp.

Vince J Kaminski
08/14/2000 03:49 PM
To: Shirley Crenshaw/HOU/ECT@ECT
cc:
Subject: Economic Espionage Act Presentation Reminder

FYI

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 08/14/2000
03:49 PM ---------------------------

	Enron North America Corp.

	From:  Scott Tholan                           08/14/2000 02:29 PM

Sent by: Sharon Purswell
To: John J Lavorato/Corp/Enron@Enron, Jeffrey A Shankman/HOU/ECT@ECT, Vince J
Kaminski/HOU/ECT@ECT, Greg Whalley/HOU/ECT@ECT, Jim Fallon/Enron
Communications@Enron Communications, Russell Woody/Enron Communications@Enron
Communications, John Brindle, David Oxley/HOU/ECT@ECT
cc: Alan Aronowitz/HOU/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT
Subject: Economic Espionage Act Presentation Reminder

Just a friendly reminder that tomorrow, Tuesday, August 15, is the day of the
Economic Espionage Act presentation.  As you may recall, on August 1, I sent
you an invitation to this presentation.   Our guest speaker is Mr. Dan Waltz
from the law firm of Patton Boggs LLP.   In 1996, Congress passed the EEA.
This Act helps shape how corporate American collects, uses and protects
valued information.  Mr. Waltz will include in his presentation some
hypothetical corporate case studies.   I believe this presentation will be
most informative, and I hope that you will be able to attend.

The presentation is scheduled to begin at 1:30 and will be held in the 50th
Floor Board Room.  If you have not yet confirmed your attendance to this
presentation, please call my assistant, Sharon Purswell at 5-7212.   We hope
to see you there!

Scott


I know we are holding for a later filing, but I have attached further
comments anyway.  The document is still too rough to send out.  We need to
take the opportunity, as soon as possible, to get a hard hitting, thoroughly
researched and carefully written document in front of the Commissioners.
California's reaction to the Judge's recommendation is likely to give FERC
(especially the new commissioners) a feel for how irrational the California
politicians can be.  We will have a limited opportunity to take advantage of
that realization.  We need to hit it hard in the pleading, our conversations
at the Commission, the Hill and the media.

Linda Robertson
07/09/2001 09:58 AM
To: James D Steffes/NA/Enron@Enron
cc: Alan Comnes/Enron@EnronXGate, Carole Hodge/ETOL/EU/Enron@ETOL,
dwatkiss@bracepatt.com, Jeff Dasovich/NA/Enron@ENRON, Richard B
Sanders/Enron@EnronXGate, Richard Shapiro/NA/Enron@ENRON, Robert
Frank/NA/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON, Steven J
Kean/NA/Enron@ENRON, Susan J Mara/NA/Enron@ENRON

Subject: Re: NEW DRAFT OF ENRON STATEMENT

Let me emphasize that these comments are to be filed COB TODAY.

	James D Steffes
	07/09/2001 10:50 AM

		 To: Robert Frank/NA/Enron@Enron, Steven J Kean/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, Linda Robertson/NA/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON, Carole Hodge/ETOL/EU/Enron@ETOL, Richard B
Sanders/Enron@EnronXGate, dwatkiss@bracepatt.com, Alan
Comnes/Enron@EnronXGate, Susan J Mara/NA/Enron, Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: NEW DRAFT OF ENRON STATEMENT

HERE IS THE MOST RECENT STATEMENT WITH STEVE'S COMMENTS.

Jim


JT's thoughts FYI.

 -----Original Message-----
From: 	Thompson, John (London)
Sent:	05 October 2001 14:04
To:	Dawson, Paul
Cc:	Brown, Michael - COO London; Shaw, Eric; Baumerich, Gregor; Kingsley, Sophie
Subject:	PERSONAL & CONFIDENTIAL - My Last Thoughts on GRA
Sensitivity:	Confidential

Paul, sorry that you were in meetings when I was not yesterday morning.  Since I am on vacation (or at least trying to be) I didn't go back into the office looking for you later in the day.  The following are my last thoughts regarding Government and Reg Affairs people and organisational issues.  I will leave them with you and the others do with as you like.  John T.

0)	Background:  Cross-border issues in power and EU vs. the Germans and Dutch in Gas will likely be the big issues in the
	next 12 to 18 months on the continent.  We have the potential to add as much value via GovRegAffairs activity on the
	continent in the next 12 months as through any commercial activity.  Much of this activity will have to be EU focused.  In
	power especially we have gotten almost - not quite all - but almost all that we can hope to get exclusively from national
	level work.  (Italy and Spain are of course big exceptions.)  Gas is and always has been much more of a Europe-wide
	theme than a national theme.  We will have to carefully manage our public GRA message and approach to take tough
	positions without creating unneeded enemies.  We should look for local national allies where possible.  We cannot be the
	only voice in any country supporting a major position.  If there are no local forces supporting the position, we need to
	find/create some allies.  It cannot be Enron vs. Germany; or, even worse, Enron and EU vs Germany (or Switzerland, or
	wherever).  Loss of momentum at this time would be an error; however, focus would be an accomplishment.  Each issue
	will need a simultaneous AND co-ordinated EU and local effort.

1)	Styles and the EU Office:  I am convinced that Peter Styles is the most important single continent based GRA asset at
	this time and for the next 18 to 24 months.  Everyone including me has their own stories about Peter - not all positive.
	But he is the right man, at the right time at the right place.  Within the bounds of what is managerially and financially
	responsible, it is important to keep the Styles-force working for Enron at the EU level.  Beyond his linguistic skills he
	understands absolutely what Enron needs to make money on the continent.  Of course, we should begin thinking about
	Peter's EVENTUAL retirement.  We should never allow anyone to be permanently as essential as Peter has become.
	BUT, right now he is essential.

2)	German GRA Activities:  Permanent resource (100%) should become Jan Haizmann (or however you spell it).  He is
	abrupt and offensive to Anglo-Saxons - but then, he is very German - and the directness that some of us have come to
	appreciate about the Germans is often mistaken as rudeness by those who have not worked with them much.  I have gotten
	consistently positive feed-back from senior German colleagues especially about his performance with senior German
	officials such as the head of the Federal Cartel Office.  My understanding is that Haizmann wants to move to Frankfurt.  If
	this is true, I would encourage it.  There are no German official offices (other than the Embassy) in London.

	We have, I believe, all agreed that Paul Hennemeyer is more of a self-propelled project guy than a team player.  Thus, I
	would agree that probably mid- to long-term he should move on within Enron to other Hennemeyer sized projects.  But,
	in the immediate future, he has several very important projects going on in German speaking Europe.  Additionally, with
	a new more profound emphasis on getting the gas market opened up, with renewed interest in Austria and with the
	necessity to engage somewhat in Switzerland (regarding transit), it does not look to me like we should let Paul leave too
	quickly.  As a somewhat mentor to Haizmann, passing off relationships in an orderly manner, ensuring that projects do not
	fall through the cracks, etc. there is still much for Paul to do. It will be, however, necessary to give him a clear picture of
	his future or Enron will lose him entirely.  An open ended "project boy" job will not keep Paul indefinitely.  Let's not lose
	Paul to Enron even if we have to slowly move him out of Europe.

3)	Lars Atenhoefer:  Lars is much in demand by Gregor and others for his unique brand of consulting based commercial work.
	I continue to believe that he would be a very powerful less than 50% GRA front-end for Switzerland.  He would be glad to
	do that but for the next time will clearly keep his commercial focus.  Switzerland does not/will not justify full-time GRA
	support; but, we must get more engaged there.  Less for our Swiss business than for our cross-border business and for
	continued grid and water power access.  The liberalisation vote next year will fail if it is held. Everything going on in
	Switzerland now by real players is based on the failure of that vote. Important to work with Gregor and Eric to ensure that
	Lars continues to see a variety of opportunities in Enron.  His academic and professional preparation is perfect for a GRA
	person.  He belongs to Gregor and Eric.  I recommend talking with them about him.

4)	Doug Wood:  I do not see a mid- or long-term role for Doug Wood on the continent.  He only speaks English and currently
	has little feel for the continent - which is neither American nor Britain.  English only players will ALWAYS fall behind
	locals.  In every country where we need to have an impact, the impact MUST be in local language and should be with a
	local national.  GRA work is political (i.e., irrational and emotional). Brits are Europeans and Americans are people too
	doesn't wash with local politicians.  The fact that some locals are willing to speak English is a trick.  The real business -
	particularly regulatory and political business - is always done in local language.  Local GRA people, local country
	managers, local lawyers, etc. are not going to suffer an English only player gladly.  Let's be realistic about this.  Doug
	Wood has no future on the continent.

5)	Research Specialists (and other such creatures):  We should not have such creatures.  That is a go nowhere job and it
	attracts go nowhere people.  More seriously, it would be a fantastic place for a direct out of the university eager Analyst
	to get an introduction to Enron before hitting a commercial desk.  That will also help ensure that future commercial teams
	will better understand the role of GRA.  The continuity argument doesn't wash.  Many commercial Analyst and Associates
	rotate leaving continuity problems behind.  I am getting rid of my personal Research Specialist and will farm the work out
	in the future to rotating Analysts (watch out Gregor and Eric).  Reg Affairs should get rid of all of their Research Positions.

	We must ensure that enough first rotation Analysts are assigned to this task. I have several times in several different
	countries seen Analyst level work outsourced to very highly paid consultants simply because GRA didn't have any
	resource.  Besides being expensive and wasteful, this costs a would be Analyst a great learning experience.  Perhaps
	each commercial country manager and each country specific GRA person should share a research analyst as a first
	round rotator.  All of our senior relationship work, etc. would be done much more professionally if that were the case and
	our consulting bills would fall.

6)	Country Managers:  Each country manager (such as Radmacher, Renggli, a hopefully soon to be new Italian one, etc.)
	should be spending a meaningful (ca. 10 to 15%) of their time on GRA activities.  The commercial country manager should
	by definition have the best feel in Enron for what we need to do how and with whom in his/her country.  They must be told
	that GRA leadership - together with you and the gas and power leadership executives - is part of their job. A new market
	manager such as the future Italian country manager should consider GRA leadership an essential part of getting their
	market off of the ground.  Any commercial country manager who wants to 100% outsource GRA leadership in his/her
	country should be replaced.  Further, this should also reduce the need for too many VP and Sr Director level GRA people
	at this time.

7)	Italy:  A Spaniard that speaks Italian is a good SHORT-term solution for Italy.  If we successfully hire a new Italian country
	manager, he should get heavily involved in this initially.  Eventually, we will need a real-live Italian in Italy but we probably
	don't need to look for him/her this quarter.

8)	Local Politics, Local Language, Local National:  Should apply to:  Germany, The Netherlands, Austria/Switzerland 	(perhaps together, but then done by a German), France(&, perhaps Belgium), Spain, Italy.  I cannot imagine that we need any
	resource in former Communist Europe - Poland, Czech Republic, Hungary, Slovak Republic, etc.

I have a lot of much more minor thoughts and suggestions; but, I am going to make this my final and conclusive list of GRA suggestions.  I look forward to working with you in this regard.  Already have engagements in the GRA space in Switzerland and Germany this year and am sure that there are many to come. Congratulations in you new role and best of wishes.  JT


All:

Enron's treasury group is reviewing some of the extremely high volume master
swap agreements to see if rehypothecation of collateral is an alternative.
The Bank of America ("BofA") agreement is an ISDA but the credit annex is our
old format.  BofA has agreed with Bill Bradford to replace the existing Annex
A (Collateral and Exposure Provisions) with the ISDA Credit Support Annex and
Paragraph 13.  Soma Ghosh is spearheading this effort and she may contact one
of you to assist in this effort.

I told Soma that credit would need to provide a credit worksheeet.

Thanks.  Sara


I have changed responsibilities and am working in EGM.  Could you please
begin sending the Master Swap Documents to Joe Hunter.

Thanks,
Jeff


Rick,

My office e-mail address is mjacobson@fce.com.  I'll send you my personal
e-mail address when I get it.

Also our mailing address/ phone # (effective January 5) is:

20 Gelding Hill Rd.
Sandy Hook, CT 06482
Tel: 203-270-3763


Name	Cost	Status	Implementation Comments
	Application/Database
	SITARA - Production US...
SITARA - SCI/CPR...
	Rejected
Pending		User already has access to Sitara.


E Source Teleconference Examines Ways to Solve California Power Crisis

09/25/2000
PR Newswire
(Copyright (c) 2000, PR Newswire)
BOULDER, Colo., Sept. 25 /PRNewswire/ -- In a teleconference held Friday
afternoon, September 22, 2000, by E Source(TM), industry analysts proposed
several solutions to remedy the imperfections in California's electric market
and discussed ways that those lessons could be applied in other states that
are considering restructuring their electric markets.
No single "silver bullet" solution emerged from the panelists. Rather, they
said that solving the California power situation would require a combination
of supply, demand, pricing, and regulatory solutions.
"It is important that we mend, not end, electric restructuring," said Ralph
Cavanagh, co-director of the energy program at the Natural Resources Defense
Council (NRDC). "Restructuring is a process, not an event," added Becky
Kilbourne, director of market development for the California Power Exchange
(CalPX).
Bill LeBlanc, vice president of retail consulting at E Source, made this
point: "It is very difficult to have an open market and a regulated market at
the same time. And now, as additional regulations are being added to
California's still-opening electric market, new and unpredictable market
distortions are likely. Price volatility -- both upward and downward --
characterizes open markets. In a world of price volatility, customers need to
have access to a rich portfolio of creative pricing options. Those who want
price stability can pay a premium for it. Those willing to play in the
dynamic, real-time pricing market will need load management capabilities that
allow them to shed load quickly when prices spike."
  Specific solutions discussed by the panelists included:
  Supply Solutions

Chris Seiple, director of supply-side consulting for RDI(TM), opined that
this summer's price spikes were principally the result of insufficient power
plant construction in California as its electric demand grew during the
1990s. "The electricity market requires quick responses to changes in
conditions and therefore it is a policy imperative that permitting of power
plants be achieved more swiftly in California," said Seiple. He noted that
electric demand in the western United States has grown by 14 percent during
the second half of the 1990s, but generating capacity has grown by only 2
percent. Roughly 3,600 megawatts (MW) of new generation is currently under
construction and is scheduled to come online next year. An additional 800 MW
of capacity now under construction is slated to come online in 2002, while
another 6,000 MW of capacity is in the advanced development stage, with
varying in-service dates. A further 20,000 MW of capacity is in
early-development stage, he added. However, Seiple cautioned that delays in
construction, a possible shortfall of turbines, and the power-development
process itself could cause a recurrence of this summer's price spikes by
2002.
Not all supply solutions should be fossil-based, said NRDC's Cavanagh, who
pointed out that the state of California is adding additional cost-effective
renewables that will come online in the near future. These new resources will
add to the thousands of megawatts of non-fossil generation capacity that have
been installed over the past 20 years.
Distributed Solutions
In addition to wider use of renewable generation, several panelists agreed
that increased deployment of cost-effective energy efficiency measures would
serve to dampen future electric price spikes. Consumers also need to be
reminded on a regular basis about the importance of wise energy use.
"What California and the West need most urgently now is more of what has
worked best to relieve strained power grids in recent years: investments in
energy efficiency and renewable energy resources, which together have
delivered more than 15,000 megawatts to California alone over the past two
decades," Cavanagh added.
"We need more distributed energy resources and energy efficiency measures to
cut future price spikes," said Michael Shames, executive director of the
Utility Consumers' Action Network (UCAN). He added that many large commercial
customers in California are now considering self-generating their
electricity, because they cannot tolerate sharp price swings and they are
dissatisfied with the risk-management options they have today.
Regulatory and Legal Solutions
Kilbourne of the CalPX advocated limited wholesale price caps and an improved
interface between wholesale and retail electric markets. She also echoed
other panelists when she noted that regulatory disincentives in California
caused many energy service providers (ESPs) to exit that market, leaving
customers with little or no alternative when prices began rising. Having a
larger number of ESPs and a broader range of retail offerings in the market
could help avert future price spikes, she said.
Ron Davis, director of the E Source Strategic Distribution Management Series,
remarked: "The still-regulated distribution companies in California are being
held responsible for protecting their retail consumers against the high
prices in the state's wholesale power market. But by design, they lack the
tools and incentives necessary to keep the power prices they pass on to
consumers low and stable. And now, SDG&E is subject to another rate cap.
Extending SDG&E's performance-based ratemaking (PBR) to the commodity side of
the business, much like was done to allow natural gas services to share in
the savings from securing lower cost supplies, is a better solution to help
insulate customers from price volatility in the future."
Looking Forward
UCAN's Shames concluded that "San Diego's experience is a sobering and
instructive harbinger of deregulatory turmoil that will hit other regions
throughout the country."
E Source believes that price volatility will be part of life in retail
electric and gas markets that are going through restructuring. Retailers and
consumers alike need to protect themselves with hedging investments, load
management capabilities, energy efficiency upgrades, and other measures. E
Source believes that regulators, lawmakers, ESPs, consumers, commercial
customers, and other participants in the restructuring of retail electric and
gas markets should closely follow and implement the lessons from the still-
evolving California market.
E Source and RDI are trademarks of Financial Times Energy, Inc., which is
headquartered in Boulder, Colorado. FT Energy is a leading provider of
objective information and analysis on restructuring electric and gas markets,
wholesale power trends, fuel prices and projections, and other vital
knowledge about the electric and gas businesses. If you would like to speak
with any of the people quoted in this release, please contact Jim Keener at
720-548-5624.

/CONTACT: Jim Keener of E Source, 720-548-5624, jkeener@ftenergy.com/ 14:00
EDT

Folder Name: Electric Restructuring
Relevance Score on Scale of 100: 79

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