-----Original Message-----
From: 	Lex Crane <LCrane@prebon.com>@ENRON [mailto:IMCEANOTES-Lex+20Crane+20+3CLCrane+40prebon+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Thursday, May 24, 2001 10:34 AM
To:	Alonso, Tom
Subject:	FW: spoke too soon

----------
From:  James Smith
Sent:  Thursday, May 24, 2001 10:14 AM
To:  Anthony Farinacci; Lex Crane; Mike Loria
Subject:  FW: spoke too soon

----------
From:  Donald Tencellent Jr.
Sent:  Thursday, May 24, 2001 5:51 AM
To:  James Smith
Subject:  FW: spoke too soon

----------
From: 	Nagle, Rita[SMTP:rita.nagle@gs.com]
<mailto:[SMTP:rita.nagle@gs.com]>
Sent: 	Thursday, May 24, 2001 8:47 AM
To: 	Donald Tencellent Jr.
Subject: 	FW: spoke too soon

-----Original Message-----
From: himex [mailto:expedition@everestbasecamp.com]
<mailto:[mailto:expedition@everestbasecamp.com]>
Sent: Thursday, May 24, 2001 5:03 AM
To: patrickw@Youthstream.com; <mailto:patrickw@Youthstream.com;>
gamacorp@aol.com; <mailto:gamacorp@aol.com;>  owenandsuz@yahoo.com;
<mailto:owenandsuz@yahoo.com;>
richard.ruzika@gs.com; <mailto:richard.ruzika@gs.com;>  rita.nagle@gs.com;
<mailto:rita.nagle@gs.com;>  njones@thecarlylegroup.com;
<mailto:njones@thecarlylegroup.com;>
jeff.reznick@gs.com; <mailto:jeff.reznick@gs.com;>  dmandel@sjga.com
<mailto:dmandel@sjga.com>
Subject: spoke too soon

Unfortunately i am too late to halt my last email. Perspective comes quickly
at 8000 meters and today, thinking back on the ascent and all the rock
climbing moves on that ridge that might have left me dead given my
perpetually clumsy condition (wrsened by AMS), I am happy to be alive. The
weather is beautiful but the mountain has bitten back and many are dead and
dying, including friends of mine from my own team who summitted too late for
the north side. By the time i am allowed to send this, the media will have
already begun reporting on this tragedy. I was slowed by my vomiting and had
i continued, i likely would have been trudging up with this group.

In my last email there is black humor concerning one of my friends: ensuring
his safety so suz and i could take a vacation. He is stuck on the ridge now,
dying, and will likely be dead by morning. One of our strongest guides is
with him and he, too, will probably die. This guy is super strong but the
altitude has snatched him. We're in shock here and can do nothing but stare
into telescopes and pray that they continue the bleak fight. I have been
assigned NOK duty and have made two very tough phone calls to young wives. A
member of the Aussie expedition died suddenly at Camp 2 this morning, 3
Russians are stuck with our men on the ridge, and a spaniard is flirting
with death right now after a bout with cerebral edema, despite Chris
Warner's valiant effort to get him down from the ridge last night. When i
think of this mountain now, i think only of death.

Russ is quite experienced in hig-altitude rescues but this is the first time
he has unleashed the team for our own. It is a totaly professional
logistical operation (locating and moving oxygen and regulataors back up
into the jet stream), relying heavily on the sherps who are just incredibly
strong. Many stories of heroism over last 24 hours and many to come. The
guide and the client spent the night on the ridge (8650 meters), incoherent
and immobile, freezing, but they were saved when Asmus turned around from a
desperate stumble home, climbed the second step (brutal) for the second time
in 10 hours, and delivered oxygen to the desperate pair just before dark.
Asmus tried to roust them and then had to dash for lower altitudes, reaching
top camp (8300 meters...still incredibly dangerous) at 11:30 pm. It was a
relatively warm night (just below)and both client and guide were seen moving
space blankets this morning through the telescope. Alive. But they could not
stand. One could not see. No comms. Bivouacs above 8000 meters are epics and
you are sure to read about this.

Coordinating therescue from the Col, Russ then rousted all available bodies
and they started up the ridge for the second time in as many days, Purba and
Lopsang leading the way back into the death zone, humping oxygen. The
American expedition came upont the bodies this morning and have given up
their summit attempt (remember, they failed last week and also failed in '99
so this is a huge sacrifice) to make the rescue. It looked bleak this
morning but after some injections our teammates began to move, carried by
the strong Americans. As i type, they have been moving at a snail's pace and
the Americans will soon have to leave them to save themselves.We hope our
sherps are there by then and can take over for what is turning out to be an
absolutely epic and incredibly dangerous rescue. Remember, that ridge is 14
inches across for stretches, dropping 10,000 feet on either side. When i
gazed down 2 nights ago, it was truly like staring out of the window of a
plane, so steep was the drop. The sherps are going to have to be supermen.

From the ridge and high camp, chris and asmus (they've been wasting there
for over 36 hours now) have been gathering oxygen for the 2000 meter descent
to ABC. They are sucking some themselves to ensure we don't have a
double-rescue. I'm feeling better and i may be going up to the col to help
with the rescue, assuming we get these guys off the ridge alive. Too high
for a helo on this side so we'll have to platoon them down asap. Other
members who summitted earlier are still up too high, too slow descending
from 'safe' camps, and i may help them down as well. So i will not be back
by mem day--we have to get these people down.

The drama unfolded yesterday as i stared through a spotting scope, sulking
and making occasional trips to the waste moraine. The client was slower and
slower and then he just stopped on the summit snow field. I thought: uh oh.
Russ had warned them hours before to turn but summit fever had taken hold
and the guide was pursuaded by the client. Soon russ was on the radio
screaming at the guide to drag the client down, but the hour grew late and
suddenly a successful summit evolved into a death trap, both men immobile
and nearly incoherent, the guide kicking and draggin the client, to no
avail. Asmus was with them and performed valiantly, as i mentioned, but no
one was in a position to help. At that height, every second counts and the
other teams rushed past on their way to safety. When you rush into a burning
building you can't linger, especially if your physical performance is
literally cut in half.

I am praying for these two--and the russians--and  it's hard to think f
anything else as they progress home, mumbling, step by step. I have messages
from their wives but they are unable to [process spoken language at this
point. Even if they get down, i wonder what the results will be. It's really
sad. I am sure they are also severely dehydrated--i'll explain the process
when i get home but siffice to say you literally can't boil water fast
enough to keepup with needs of body at altitude. My heartbeat at top camp
was 180 when i was 'resting' in my sleeping bag before the attempt. My
tongue split down the middle even though i was trying to keep the fluids
coming at a rate of a liter an hour, doing nothing.

I feel lucky today. Very lucky. When i think of my own descent, alone,
throwing up along the way yesterday, i realize just how razor-thin this
whole thing is. There were times on the ridge where i was hanging by my
jumar on a supposedly new rope, ony to reach the anchor point to find a
ten-year-old knot, totally fried by the uv rays. Other times i stepped in
snow footprints and slipped, sliding down on my stomach until the rope
jerked taut. Too many ways to die here.The aussie who gave me his water in
the bowl may have prevented another casualty. Who's to say? Problem here is
that, unlike the events we're used to when we sprint to the finish line (we
used to say in crew that the perfect race was when you passsed out at the
finish), you have to reserve a certain amount to get the hell down the
mountain. And it's so hard to do that. Is a quarter tank enough? Half? Or do
you need even more because, in truth, you are dying from the moment you
leave camp 3 (not even top camp).

I will pass this info only when the word is out--sorry--but will keep you
updated from there once i talk ro russ. It's hard watching friends die but
we're helpless down here.


Louise -

Tammie has checked and all but one of your expense checks for 2001 have been cashed.  Tammie indicated that you should have received a check mid-September in the amount of $4,069.72 for your last expense reimbursement claim - this check has not been cashed as of yet.

Do you still have it or would you like to have Tammie get it reissued?

Thanks!
Amy

-----Original Message-----
From: Kitchen, Louise
Sent: Tuesday, November 06, 2001 1:26 PM
To: Fitzpatrick, Amy
Subject: Re: Expenses

I can't remember cheques - were they ever cashed
--------------------------
Sent from my BlackBerry Wireless Handheld


Kay,

Here is the Cover Sheet and Attachments for the above C/P.  I wasn't sure
about the due diligence on the "agency relationship" so was unsure as to
whether to put those riders in.  I have attached those riders so you can
advise me.  The Agreement is housed in your directory minus the General Terms
and Conditions.  When you are ready to send the Agreement then I can attach
the GTC.

Thanks,
Genia


What is the full legal name for Enron Petrochemicals?

-----Original Message-----
From: Heard, Marie [mailto:Marie.Heard@enron.com]
Sent: Tuesday, October 30, 2001 9:44 AM
To: billy.dixon@bp.com
Cc: St. Clair, Carol; Jones, Tana
Subject: BP Master Netting Agreement

Mr. Dixon:

Pursuant to Carol St. Clair's request, I am attaching our preliminary
list of the agreements to be under the BP Master Netting Agreement.
Since we don't own 100% of EOTT, any master netting agreement involving
EOTT will not be under this master netting agreement.

Please let us know if you have any questions or need anything else.

Marie Heard
Senior Legal Specialist
Enron North America Corp.
Phone:  (713) 853-3907
Fax:  (713) 646-3490
marie.heard@enron.com

				 <<BP Master Netting Agreement File
Index.doc>>

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at enron.messaging.administration@enron.com and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************


For June 2000, please schedule the volumes on the FT contract .5618 to the
FTR .6942 as follows:

FT   Z1 surplus 879 to FTR  Z3 shortage
FT   Z2 surplus 45,206 to FTR Z3 shortage
FT   Z3 surplus 2,333 to FTR Z3 shortage

If you have any questions, please call me at 713-853-1755.
Thanks,
Judy


---------------------- Forwarded by Joann Collins/Corp/Enron on 02/18/2000
09:09 AM ---------------------------

mstiles@columbiaenergygroup.com on 02/18/2000 07:51:53 AM
To: " - *joann.collins@enron.com" <joann.collins@enron.com>
cc:

Subject: CMD8 19-32

I need an additional 400 dth for the month @ meter #19-32.   (If we start it
on
the 20th it divides evenly, your choice).   Please let me know k# when it is
available.


Contact membership at
                       713.652.0700 or 713.890.8823
             for Information on a Special Initiation Fee Offer
                 for New Members Through October 31, 2001.
   The Downtown Club's Customary Initiation Fee will be Satisfied with a
                              Donation to the
         New York Police & Fire Widows' & Children's Benefit Fund

                           Thursday, October 11
                           Murder Mystery Dinner
                                Plaza Club
                             6:00 - 9:00 p.m.
                 Join in the Fun and Find Out Who Did It!
            For more information and for reservations, contact:
                       Sandra Barker, 713 -225-3257

                         Friday, October 12, & 26
                            Friday, November 2
              Learn Basic Salsa, Merengue, Cha-Cha and Mambo
                            with Gerald Morris
       Two-Time World Dance Champion and Ten-Year Year Studio Owner
                                Center Club
           Six Two-Hour Sessions (Come for One or Come for All)
                       $300.00/couple  $60.00/class
                       $150.00/singles  $30.00/class
         Happy Hour with Complimentary Draft Beer, Wine and Snacks
        Gerald Morris will teach couples two-step, polka, and waltz
              Reservations:  Kelley in Athletics 712-654-0877

                            Tuesday, October 16
                          Fashion Show & Luncheon
                                  The Met
  Karen McCullough, a national speaker on women, career, and fashion will
                                  discuss
                     Tips to Better Bottom-Line Dressing
               How to Get the Most out of What You Already Have
                    Ten Best Fashion Pieces for Fall 2001
               List of Great Bargain Places to Shop in Houston
            Hair & Make-Up Trends, Must Haves, and Makeover Magic
                             $22.00 per person
                            Seating is Limited
                       713-571-9216 for Reservations

                            Tuesday, October 23
                            Special Day of Golf
                       At Houston Area Golf Courses
                           All Proceeds Benefit
      The New York Police & Fire Widows' and Children's Benefit Fund
                  Visit or Call the Club for More Details

                           Thursday, October 25
                       Chef Russell's Cooking Class
                                Center Club
                                 6:00 p.m.
                     Reservations:  Rudy, 713-654-0877

                           Thursday, October 25
                        Budget, Balance, & Beautify
                                  The Met
                                 7:00 p.m.
                       Food Demonstration & Tasting
                           Reservations Required
                               713-652-0700
                                   Menu
                                   Soup
             Garden Fresh Cauliflower and Roasted Garlic Soup
              Cinnamon Scented Roasted Butternut Squash Soup
                                   Salad
                Crisp Cucumber and Vine Ripe Roma Tomatoes
                            With Bermuda Onions
                  Tossed in Fresh Lemon-Dill Vinaigrette
                                  Entree
                Herb Rubbed Lemon-pepper Breast of Chicken
                    Wrapped in Whole Wheat Phyllo Dough
                     Hand-Selected Fresh Field Greens
                      Tossed in Raspberry Vinaigrette
                       Fresh Grilled Halibut Fillet
                         Orange Chili Pepper Glaze
                        Garden Vegetable Cous Cous
                              Accompaniments
                             Ripe Mango Salsa

                           Saturday, October 27
                              Halloween Party
                                  The Met
                             8:00 - 12:00 p.m.
               Food, Costumes, Awards, Music Drink Specials
                          $10.00 Cash at the Door
            For more information and for reservations, contact:
                       Sandra Barker, 713 -225-3257

                           Saturday, October 27
                                 Sky Dive
                 Meet at the City Club (by Compaq Center)
                                 7:30 a.m.
                            Sky Dive Spaceland
                         Rosharon, TX (30 Minutes)
                      One Hour of Training, Then You
                                   JUMP
                    Tandem, with a 1 minute "free-fall"
              Join Members from The Downtown Club, City Club
              and University Club for This Great Opportunity
            For more information and for reservations, contact:
                       Kristin Hawkinson @ City Club
                               713-840-9001

                    St. Luke's Life Enhancement Program
      For More Information, Times or Reservations, Call: 713-791-8680

                     Life-Long Weight Management Class
                        Thursday, October 11 (Met)
                           5:45 p.m. - 7:45 p.m.
                       Thursday Nights for  6 weeks

                             Blood Screenings
                             November 15 (Met)
                         December 13 (Plaza Club)
  Choice of: cholesterol* (with or without glucose), thyroid screen, full
 wellness profile*  (basic chemistry, cholesterol, glucose, complete blood
 court + thyroid, cancer screens, hepatitis panel, HIV screen, blood type
                  *12-hour fast required for these tests

                           Downtown Blood Drive
                          November 7 (Plaza Club)
                             December 19 (Met)
        Participants receive a free T-shirt plus drink and cookies.
       Blood type & total cholesterol reading will be sent via mail.

                            Mobile Mammography
                           October 30 (Plaza Club)
                              December 7 (Met)
This program requires advance registration & doctor's orders for women aged
                                   35 +.
    Please have your paper work into St. Luke's two weeks prior to your
                               appointment.
          Insurance will be accepted (when approved by your plan)

                          Osteoporosis Heel Scan
                             October 17 (Met)
                          November 4 (Plaza Club)
                        For men or women ages 25 +.

                        CPR Certification Training
                          October 26 (Plaza Club)
                            Adult Infant/Child

                             Also available...
                         Smoking Cessation Program
    Wellness/Nutrition Counseling (by registered nutritionist and/or RN)
                         Personal Wellness Profiles
                              Fitness Screens
                        Infra-red Body Fat Testing

                           Bella Rinova Day Spa
                                 New Hours
            Closed Mondays (Massages available by appointment)
                   Tuesday - Wednesday, 11 a.m. - 8 p.m.
                    Thursday - Friday, 9 a.m. - 8 p.m.
                         Saturday, 9 a.m. - 4 p.m.

                   Complimentary Fall Updates Available
          Choose New Make-Up Colors to Enhance Your New Wardrobe
     Call 713-571-9216 to schedule your complimentary fall update and
                               application.

                            Tuesday, October 16
                          Fashion Show & Luncheon
                                  The Met
                             $22.00 per person
                            Seating is Limited
                       713-571-9216 for Reservations

When you're headed for the game, don't forget...

             Pre-Game Nights for the Astros For All Home Games
        Pre-Game Astros Nights in the Game Room of the Center Club
                  Come Meet your Friends before the Game
                        Drinks and Dining Specials
                             $1.50 Draft Beers
                          $2.00 Frozen Margaritas
                            Stadium Style Foods
          Game Room Open Monday -- Friday, 11:30 a.m.- 8:00 p.m.

For those mid-week blues, try...

Squash Night -- Margarita Mixers
Every Wednesday night is squash and margarita night at the Met!
                 All Members and their guests are welcome.
                             6:00 - 8:00 p.m.
                             $10.00 Entry Fee

And Mark Your Calendar for These Upcoming Events ...

                           Thursday, November 1
                              Wine Committee
                                 6:00 p.m.
                            Houston Center Club

                         Friday, November 2, 3, 4
                              Squash Classic
                                  The Met

                           Saturday, November 10
                    Paintball Vs. City Club and U-Club
                        Contact:  Jennifer Mangini
                               713-654-0877

                           Thursday, November 15
                      Annual Nouveau Beaujolais Wine
                              Cocktail Party
                                   Plaza
                           5:30 p.m. - 7:30 p.m.

                            Monday, November 19
                            Order Turkeys To Go
                            Houston Center Club
                           Pick-Up by 5:00 p.m.
                          Wednesday, November 21
                               713-654-0877

                           Thursday, November 22
                            Thanksgiving Brunch
                                Plaza Club
                                 11-2 p.m.
                               713-225-3257

(See attached file: cycle studio-a 2001.doc)           (See attached file:
multipurpose studio C 2001.doc)                               (See attached
file: soft studio -b 2001.doc)             (See attached file: october
center club schedule.doc)


Dear Judge Biren:

Pursuant to your instructions regarding procedures for serving testimony and
preparing exhibits, I submit the following information on behalf of Long
Beach.

a,  List of exhibits

    Long Beach intends to offer two exhibits:  Ex. 200, the prepared direct
testimony   of Elizabeth Wright, and Ex. 201, the prepared rebuttal testimony
of  Elizabeth Wright.

b.  estimate of direct and cross-examination time

    Long Beach estimates only a few minutes of direct examination.

    Regarding cross-examination, Long Beach's estimates are necessarily
preliminary and incomplete (apparently I did not receive all of the direct
testimony) in light of the recent filing of rebuttal testimony.  Current
estimates   are as follows:

    Ladd Lorenz, SoCalGas - 4 hr.
    Eric Nelson, SoCalGas - 2 hr.
    R. Thomas Beach, various parties - 2 hr.
    Paul Amirault, Wild Goose - 1/2 hour
    Jeffrey Dasovich, Enron - 1/2 hour
    John Burkholder, Western Hub Properties - 11/2 hour
    Florio/Weil/Yap, Turn, et al - 2 hours

There may be additional witnesses, depending on information at the prehearing
conference.

Patrick Power


The following item has been added to this week's Corporate Change Control....

Nov. 16
From 9:45 a.m. - 5:00 p.m., the Messaging team will relocate EI-Notes Server EITXHOU1NML01 to Admore.  This change will cause a total disruption of Notes for users assigned to that server.  There may be impact to a few ETS users who may still reside on that server.

ETS Solution Center - Houston, at 713-345-4745
ETS Solution Center - Omaha, at 402-398-7454


I am available at any point this morning, including now.
B

 -----Original Message-----
From: 	Thompson, Virginia
Sent:	Thursday, July 19, 2001 8:57 AM
To:	Williams III, Bill
Subject:	RE: Annuity Deal changed #664324

Bill,

  I have put the $1,449.00 annuity in as deal # 692792.1.

  If you have any questions, please come see me.

  When you have a second, I would like to ask you a question or two.

  Virginia

 -----Original Message-----
From: 	Williams III, Bill
Sent:	Thursday, July 19, 2001 6:37 AM
To:	Thompson, Virginia
Cc:	Driscoll, Michael M.; Swerzbin, Mike; Symes, Kate
Subject:	RE: Annuity Deal changed #664324

Virginia,

I spoke with Mike Swerzbin and Mike Driscoll this morning regarding an annuity from ST-Whourly to LT-NW to compensate LT-NW for energy at Montana that was not sold on June 4th.  ST-Whourly will pay LT-NW our average hourly price per mw for that energy.  That price is $23 per mw.  Please revise the annuity as appropriate.
If you have any questions, please come see myself or Mike.

Thank you,

Bill


Hi there.  We changed our CGAS storage numbers today and we have fixed the
Sitara deals and worksheet.


This is material that I received re: Nord Pool from Davies (one of
Schroeder's guys).  If you want to take a wack at putting together a few
bullets on what Nord Pool is, how it differs from Cal model and why it's
preferable, that would help me immensely and free me up to focus on 1)
comments to Gov's proposal and 2) more detail on demand buy-down.  That
possible?  Let me know.  Greatly appreciated.

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 01/03/2001 09:43 AM -----

	Philip Davies@ECT
	01/02/2001 10:46 AM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc: Mark Schroeder
		 Subject: Nord Pool

Jeff,

A couple of presentations attached which give you some quick info comparing
the Nordic market to others, notably UK.  The first is a presentation
prepared for our Mexcian colleagues 18 months ago, drawing out key features
and success factors in selected liberalised markets, including Nord Pool.
The second overlaps a little with the first in terms of Nordic content and
compares the NP arrangements to the existing and proposed new UK
arrangements.  This one is over 2 years old now.  I would urge caution in
using both of them to the extent that they are (particularly the latter) a
little dated now.

One very good non-Enron comparative source (although again not completely up
to date), (sorted by market design issue rather than by market but including
plenty on Nord Pool) can be found at http://www.ofgem.gov.uk/elarch/aback.htm
.    Open the document dated Feb 98, comparing trading arrangements in "other
countries" (than UK).   This was prepared by the regulator in the early phase
of the redesign of the UK market.

Let us know if you need more help.

Regards
Philip Davies


INSIDE TRACK: Saving up for a rainy day: WEATHER RISK MANAGEMENT: This week's
storms have prompted businesses to face up to the need to hedge against
changes in the climate, says Toby Shelley:
Financial Times, Nov 2, 2000

		Arena foes, supporters battle it out
		HOUSTON CHRONICLE, 11/02/00

		Azurx Shareholder sues over deal's price
		Houston Chronicle, 11/02/00

		'Big-picture' strategy gives C.I. Global edge Growth-oriented, diversified
fund delivers on all fronts
		The Globe and Mail, 11/02/2000

		Calif Generators See FERC Ruling As Step, Not Solution
Dow Jones News Service, 11/01/00

		IN THE MONEY: Enron Looks To Un-Dip Its Toe From Water
Dow Jones News Service, 11/01/00

		USA: Transwestern N.M. gas line cut 25 pct on train derail.
Reuters English News Service, 11/01/00

		US Natural Gas Cash Prices End Up On Arbitrage Spreads
Dow Jones Energy Service, 11/01/00

		INSIDE TRACK: Saving up for a rainy day: WEATHER RISK MANAGEMENT: This week's
storms have prompted businesses to face up to the need to hedge against
changes in the climate, says Toby Shelley:
Financial Times, Nov 2, 2000, 763 words

		As emergency services brace themselves for more gales after the worst storms
since the hurricane of 1987, businesses and the public are beginning to
realise what climate change means: not just flood damage but also disruption
of infrastructure and transport.
		The Association of British Insurers says the bill for Sunday's storm will
amount to hundreds of millions of pounds. This comes on top of last month's
flood damage in Kent of Pounds 40m-Pounds 80m. Bad weather cost insurers
Pounds 861m in 1999.
		While the costs of flooding are fairly easy to quantify, the financial burden
in terms of business forgone is less obvious. Swimsuit and umbrella
manufacturers face an obvious weather risk (although a company making both
would be nicely hedged), but so do 70 per cent of all companies, according to
industry experts.
		As awareness of such risks increases among shareholders, chief executives are
less able to use the climate as an excuse for lower profits. As a result, a
growing number of companies are developing weather risk management using some
of the many instruments now available (see below).
		Europe is catching up with the US in developing mechanisms and tools to help
companies manage such risk. The London International Financial Futures
Exchange aims to launch weather futures contracts early in 2001; Societe
Generale is developing weather hedge funds; Enron, the US energy and trading
group, is launching another 17 sites in Europe around which to trade weather
risk; and Weather Risk Marketing is putting together an insurance programme
in the London market, aimed at FTSE 200 companies, with capacity of Pounds
100m per customer.
		The global market in weather risk derivatives is valued at Dollars
3bn-Dollars 8bn (Pounds 2bn-Pounds 5.5bn) and is mainly in the US.
		Gas and electricity market deregulation provided the impetus for UK energy
companies to enter the weather derivates market. Centrica, the UK-based
energy supplier, is particularly enthusiastic. Given a "normal" winter in
1999, Centrica's profits would have been Pounds 24m higher.
		Thor Lien, Enron's senior weather derivatives trader in Europe, values the US
market at about Dollars 3bn and believes growth next year in Europe could
double that. But there are a number of imbalances in the current market and
brakes to further development.
		The very enthusiasm of the energy sector means demand for derivative hedges
against warm winters far outweighs demand for hedges against cold winters.
		Nick Ward, weather risk broker at Spectron Futures, says higher winter demand
can leave the current derivatives market with characteristics of an insurance
market where risks have to be absorbed.
		Lack of liquidity in the market is limiting business, according to some,
although Mr Ward says the derivative market can look at Pounds 50m risks. An
active hedger agrees: "The derivatives and reinsurance markets are certainly
developing, with some larger transactions, which may be in the tens of
millions, being explored. Most deals, however, remain relatively small in
comparison with the overall level of risk that could be transferred in these
markets."
		SocGen is the only bank to have committed itself thus far to the weather risk
market and is developing a Dollars 145m hedge fund activity in Europe and
Asia. Diego Wauters, global head of insurance derivatives, says his team
often closes two or three deals a week worldwide. It has done about 60 deals
globally over the last 12 months, 70 per cent of them weather risks.
		Data pose a problem for some companies. Rob Preston, a director at Speedwell
Weather Derivatives, says the cost of access to UK weather data from the
government-owned Meteorological Office may be restricting the take-up of
weather risk management by smaller companies. For data from a local weather
site, the Met charges Pounds 1,500 for temperature and the same again for
rainfall.
		Another significant brake on market development is lack of awareness. Even
where treasurers are persuaded of the value of hedging weather risks, selling
the idea to the board can be difficult.
		Peter Blogg at Liffe does not expect a flood of interest when futures
contracts begin trading. Rather, the plan is to establish them as benchmarks.
At a conceptual level, protecting profits from the weather is accepted by
many chief executives but few are putting weather risk management into
practice.
		David Gamble, executive director of Airmic, the UK risk managers'
association, says there is a growing interest in the area, although few
non-energy companies have taken an interest so far. Retailers such as
Sainsbury and Tesco have no involvement, nor does Railtrack, the notoriously
weather-prone rail operator. Cargill, the global trading house, is active in
the US but maintains only a watching brief in Europe.
		The future structure of the emerging market remains unclear. Mr Preston
foresees a two-tier basis: a primary market in tailored deals accepted by
insurance and capital market companies; and a secondary market in wholesale
traded risks appealing to insurers and energy companies.
		For Enron, Mr Lien sees a rapidly growing wholesale market in Europe with the
extremes covered by insurers who will, increasingly, be able to hedge their
exposure on the derivative market. He says that big exposures require
syndicated insurance at present but in six months' time the derivatives
market will have more liquidity.
		Copyright , The Financial Times Limited

Nov. 2, 2000, 9:23PM
HOUSTON CHRONICLE
Arena foes, supporters battle it out
By JANETTE RODRIGUES
Copyright 2000 Houston Chronicle
With less than a week to go before the arena referendum is put to a vote,
supporters and foes put aside any niceties in favor of bare-knuckle brawling
during a debate Wednesday.
Both sides spent a lot of time pitching, spinning and trying to persuade
members of The Greater Heights Area Chamber of Commerce, which sponsored the
event.
The debate started out in classic point-counterpoint style, with a panel of
Houston television news anchors asking the questions. But both sides quickly
went into attack mode.
In the pro-arena corner were Harris County-Houston Sports Authority Chairman
Billy Burge and Don Jordan, the co-chairman of Let's Build It Together, the
pro-arena campaign group. Opposing them were Metropolitan Coalition President
DeWayne Lark and conservative activist Bruce Hotze.
"Les Alexander gets all the benefits," Hotze said. "If this was a marriage it
wouldn't last a week. It is not a good deal."
Burge retorted: "Mr. Hotze, you sound like Bill Clinton -- a half-truth is
the blackest lie of all."
After a few of Hotze's anti-arena comments received applause from the
audience, Jordan chided some of those gathered.
"You can be very confused and ... clap about the statements that are being
made to you that aren't exactly accurate," he said. "That is one of the
benefits of being here today. You can look beyond some of the advertising
that has gone up, 90 percent of which is incorrect."
Later, the event got even more colorful after KTRK-Channel 13 anchor Bob
Boudreaux asked anti-arena activists what they knew about the deal that
fiscally conservative U.S. Rep. Bill Archer, R-Houston, didn't know. Archer
is appearing in the pro-arena campaigns' most recent television commercials.
"I think the pro-arena campaign has been a Clinton-esque campaign of
misstatements and misleading, and I think they have told people that the
Rockets are going to pay their fair share," Hotze said. "They pay nothing up
front. I think if Bill Archer knew all the facts, Bill Archer would not come
out and endorse this."
Jordan responded: "That's an incredible statement. The only thing I know
about that might be more incredible than what you just heard is if anybody
out there believed it. Bill Archer knows what's going on about this arena
down here."
Opponents accused pro-arena forces of doling out corporate welfare at
taxpayers' expense, while proponents repeatedly criticized arena opponents'
statements as misleading and inaccurate.
Backers of the arena say it would spur downtown development, strengthen the
economy, boost good feelings about the city and cement Houston's position as
a world-class city.
Lark said that he supports a new arena, but that taxpayers shouldn't have to
foot the bill -- especially when a billionaire sports team owner stands to
benefit the most from the deal.

Nov. 2, 2000, 12:12AM
HOUSTON CHRONICLE
Briefs: City and state
Azurix shareholder sues over deal's price
A shareholder has sued Azurix Corp. and its parent Enron Corp. on grounds
that a $275 million plan to take Azurix private undervalues the water
company's shares.
Azurix spokeswoman Diane Bazelides said the company has not been served with
the papers and therefore is unable to comment on the lawsuit.
Houston-based Enron last week offered to provide financing to let Azurix
purchase its shares at $7 apiece. Enron owns a little more than a third of
the water company it created two years ago and controls another third through
an investor group called Atlantic Water Trust.
In one of six lawsuits filed in Delaware Chancery Court, Azurix shareholder
Thomas Turberg says Enron and Azurix's directors have violated their duties
to shareholders by agreeing to purchase the shares at a price that is less
than the water company is worth.
The defendants are trying to use their control of Azurix to force
shareholders "to sell their equity interest in Azurix at an unfair price, and
deprive Azurix's public shareholders of maximum value to which they are
entitled," the suit says.
Turberg asks the judge to grant class-action status to his case, stop the
transaction and award damages and legal fees.
Enron shares rose $1.19 to $83.25, while Azurix shares fell 19 cents to
$6.06. Azurix's shares have fallen more than 80 percent since Enron took the
company public last year.

Report on Mutual Funds Special Report
15-Year Review of Mutual Funds FUNDSCOPE
'Big-picture' strategy gives C.I. Global edge Growth-oriented, diversified
fund delivers on all fronts, Gordon Powers says
Gordon Powers
SPECIAL TO THE GLOBE AND MAIL

11/02/2000
The Globe and Mail
Metro
M3
All material copyright Thomson Canada Limited or its licensors. All rights
reserved.

Lured by historically stronger returns and a recent increase in RRSP
foreign-content limits, Canadian investors have poured a record $39-billion
into foreign securities so far this year.
And thanks to some excellent performance and strong brand loyalty among
financial advisers, a fair chunk of this exodus has been heading into several
funds sponsored by C.I. Mutual Funds Inc.
Consider the $3.2-billion C.I. Global Fund. Under the tutelage of long-time
manager William Sterling, the 14-year-old fund returned 21.1 per cent in
1997, 26.2 per cent in 1998 and 37.1 per cent last year.
Over the 10 years ended Sept. 30, these strong numbers propelled it to a
stellar compound average annual rate of return of 17.7 per cent, well above
the 13.7-per-cent average of its global equity-fund peers.
Against a backdrop of rising inflation, technology jitters and potential
interest-rate hikes, however, the fund has been struggling more recently.
Year to date, it has delivered barely a break-even return.
Despite this recent blip, though, fund analyst Stephen Kangas, managing
editor of Toronto-based Fundlibrary.com, calls mammoth C.I. Global a
"must-have" fund.
"Bill Sterling's big-picture strategy and [co-manager] Stephen Waite's
stock-picking have worked to put this fund not only in the first quartile but
right up there as a core offering within the global category," Mr. Kangas
says.
Mr. Sterling and his team, most recently working for C.I. through independent
Credit Suisse Asset Management LLC, now have a major stake in a new
portfolio-management partnership, New York-based C.I. Global Advisors LLP,
that manages several funds in the Toronto-based C.I. family.
This new partnership "means the management group is in place for the long
haul," says Mr. Kangas, who favours arrangements where managers have equity
stakes.
Driven by the big-picture themes outlined in his appealing book,
Boomernomics, and using discounted cash flow as his primary yardstick, Mr.
Sterling has created a growth-oriented, broadly diversified fund that seldom
has much in common with its benchmark, the Morgan Stanley World index.
It generally contains about 140 stocks, with the largest holding limited to
roughly 3 per cent of the portfolio and the top 10 stocks representing no
more than 20 per cent of the pie. "You really can't do it any other way," Mr.
Sterling says. "When it comes right down to it, nobody really knows who's
going to win all the battles. With technology in particular, you have to take
a much broader view."
Similarly, although currency movements are always a factor in any global
fund, Mr. Sterling makes little attempt to hedge his dollar exposure,
preferring to use it as another key criterion in determining his country
choices. "We're much more likely to back an exporter who's going to benefit
from a sliding currency than to try and play the currency itself. That's
really where you're going to benefit."
Although still sporting a positive outlook for the long term, Mr. Sterling
has been trying to reduce the risk in the portfolio in recent months. Despite
the increased promise of an economic soft landing in North America, he still
worries that U.S. corporate profits may fail to meet expectations.
"We've been feeling a bit defensive for a while now. As long as central banks
are raising rates -- and we think one or two quarter-point hikes in the U.S.
are still likely -- you're going to see continued volatility and uncertainty,
particularly in U.S. technology stocks."
Consequently, he's reduced the fund's holdings in the United States and, to a
lesser extent, in Europe. Right now, the fund has 52 per cent of its stocks
in the United States, 21 per cent in Europe and 7 per cent in Japan, with
roughly 13 per cent in cash. That's a far cry from the beginning of the year,
when the fund had roughly two-thirds of its money south of the border and
very little cash on hand.
Over the past 18 months, U.S. tech stocks have swung dramatically, almost
twice as much as the rest of the market. As a result, the securities of many
technology companies are priced more like options than stocks, Mr. Sterling
says. "And that means likely more volatility, rather than less. Prudent asset
allocation suggests that you diversify away from an asset class as its
volatility increases. Despite the very real merits of the sector, investors
shouldn't have all their eggs in some high-tech basket."
Although technology still plays a significant role in the fund -- big
holdings include PMC Sierra Inc., Broadcom Inc., Vodafone Airtouch PLC and
Cisco Systems Inc. -- Mr. Sterling quickly points to what he calls "the
leopards" within the fund's largest holdings.
Companies such as Corning Inc. are an increasing force in fibre optics, and
ones such as utility giant Enron Corp. are "changing their spots and looking
for new ways to succeed. But, unlike many younger tech companies, they still
make money in the process," he says.
For conservative investors looking to diversify their holdings, the fund is
"definitely a core fund for most portfolios," Mr. Kangas says.
"Put this C.I. fund together with, say, a strong offering like AGF
International Value, and you've got an excellent foundation to build upon.
Lower risk, strong returns, broad diversification -- I think this fund has
really delivered on all these fronts. Highly recommended."
C.I. Global
Category: Global equity Manager: William Sterling Load status: Optional Total
assets: $3.2-billion Management expense ratio: 2.4%
Globe 5-star rating: ***** Returns to Sept. 30, 2000 1-month simple rate of
return: 0.5% 3-month simple rate of return: 1.1% 6-month simple rate of
return: 0.0% 1-year compound annual rate: 39.0% 2-year compound annual rate:
29.1% 3-year compound annual rate: 20.5% 5-year compound annual rate: 20.2%
10-year compound annual rate: 17.7% Top 10 holdings To Sept. 30, 2000
1. Corning Inc 3.4%

2. Network Appliance Inc 2.0

3. General Electric Co 1.9

4. Microsoft Corp 1.8

5. PMC-Sierra Inc 1.7

6. Vodafone Airtouch Plc 1.7

7. Cisco Systems Inc 1.6

8. Enron Corp 1.6

9. Citigroup Inc 1.5

10. Skandia Foersaedrings AB 1.5
Telephone: 1-800-563-5181 Breakdown by country
USA 52.1%

Israel 0.1%

South Africa 0.5%

Canada 2%

Japan 6.8%

Cash 12.9%

Other 25.6%

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

Calif Generators See FERC Ruling As Step, Not Solution
By Christina Cheddar

11/01/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Of DOW JONES NEWSWIRES

NEW YORK -(Dow Jones)- California's power generators think federal regulators
took a big step toward improving what they see as a flawed market for
wholesale electricity, but may have stopped short of total solution.
Earlier Wednesday, a committee formed by the U.S. Federal Energy Regulatory
Commission released recommendations to revamp the Golden State's power
market.
The recommendations sprung from a probe conducted by the committee that
sought to explain why California power prices tripled this past summer.
Overall, companies supplying power to the state applauded the committee's
finding that market manipulation by power generators in the state wasn't to
blame, as some consumer groups had charged.
FERC is the third agency to agree that there was no price collusion in the
market this summer, said Duke Energy Corp. (DUK) spokesman Tom Williams.
Company officials also said they were pleased by the agency's recommendation
that California should allow its three utilities to buy power from a variety
of suppliers and buy power in the forward markets.
Previously, the utilities were required to buy and sell all power through the
state's Power Exchange at market prices.
The previous requirement, which bound the utilities to one supplier,
effectively created another monopoly, said Enron Corp. (ENE) spokesman Mark
Palmer.
"Utilities should be able to manage their own price risk," Palmer said.
Williams Cos. (WMB) spokesman Tim Thuston agreed. He said his company had
been advocating this change, and was pleased to see it included in the
agency's recommendations.
However, generators did raise concerns over a so-called soft cap. Under the
provision, a supplier who sells power above $150 a megawatt would be entitled
to receive the bidding price, however, the supplier would have to file
several reports to the FERC.
Previously, all bidders in a single-price auction had to pay the highest bid
paid, which was otherwise known as the market clearing price. Under the
committee's recommendation, the market clearing price will never exceed the
$150/MW cap.
The companies also were concerned about a provision that could lead to
refunds after October 1.
Reliant Energy Inc. (REI) spokesman John Stout a two-year refund window is "a
cloud hanging over the market."
During Stout's initial review of the voluminous FERC report, he said he
wasn't able to determine exactly how the FERC would establish what is the
right price for power.
He said Reliant would be paying attention to this provision, which he said
could have broad implications for the companies who operate in the state.
Other officials also noted that sometimes power is traded several times
before it reaches its end-users. In those cases, how would refunds be
determined, officials asked.
In sharing their initial reactions to the 100-page report, company officials
agreed there is still much work to be done. Officials said they plan to make
additional recommendations to the state's agencies in the days ahead.
The changes in the California power market are sure to affect the strategies
of the state's power generators.
Enron has already decided to back off plans to install 300 megawatts of new
generation in the state next spring, said Enron's Palmer. The generation was
part of a project proposed by the California Independent System Operator.
Enron and 13 other companies are in negotiations to build the capacity, which
would have operated during periods of peak demand, when prices are the
highest.
Palmer said the lingering uncertainty in the state's power market makes the
project less financially attractive.
Still, other financial opportunities could be created by the proposed
regulations. Palmer said Enron's price-risk management operations could get a
boost because the state's utilities will now be free to purchase power in the
forward markets.
Other trading companies also see an opportunity there, but none would
estimate its potential value.
Duke Energy spokesman Tom Williams emphasized the Charlotte, N.C., company's
commitment to California. Duke, which supplies 4% of California's power, has
already made a significant investment in the state, he said.
Duke expects to continue to spend money in the state. For example, Duke will
proceed with its plans to build its Moss Landing power plant in Monterey
County.
As for other power projects, Williams wouldn't provide specific details.
Still, many believe additional capacity is needed to meet the state's growing
power needs and lower prices.
According to Williams, the FERC recommendations don't do enough to encourage
new generation to be built in the state.
"I think the next two months are full of uncertainty," Williams said. He
added, as long as uncertainty persists in the market, companies won't want to
make the investment.
This point was echoed by other company officials.
As the companies continue to review the order and make recommendations, it is
likely officials will focus future debate on the soft cap and refund
provisions of Wednesday's proposals.
Still, the companies appeared encouraged that progress has been made toward
correcting the state's markets.
And a lot is at stake, according to Reliant's Stout. Not only is the
company's future strategy in California riding on these decisions, but states
like Nevada have slowed deregulation efforts in order to watch the events
unfolding in California, Stout said.
Stout said now is the time for consumer groups, power suppliers, utilities
and the state agencies to come together "to get this power market fixed."
-Christina Cheddar, Dow Jones Newswires, 201-938-5166
christina.cheddar@dowjones.com

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

IN THE MONEY: Enron Looks To Un-Dip Its Toe From Water
By Carol S. Remond

11/01/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- Sometimes it's easier to peddle a hard-sell when you
don't have everyone looking over your shoulder.
That's what appears to be the case with Enron Corp. (ENE) and what it's doing
with its majority stake in Azurix Corp. (AZX), the water company Enron
partially spun-off to the public two years ago.
In an unusual transaction, Enron has offered to loan Azurix $275 million so
that it can buy back its stock from the public for $7 a share - that is, any
and all shares owned by everyone except for those controlled by Enron.
Following some fancy financial footwork involving trusts that own some of the
Azurix stock on its behalf, the Houston, Texas energy and commodity trading
company appears to be priming Azurix for a sale after failing to clinch a
deal the more traditional way.
(In a letter to Azurix, Enron indicated that so far, four potential buyers
have presented themselves. But the top suitor, who offered $7 a share, seems
to have had a change of heart after taking an in-depth look at the company).
Details of the latest scheme are scant. All that is clear so far is that
Enron has hired Lehman Brothers as an adviser regarding its plans for Azurix.
Although Enron declined to comment on its plans, people familiar with the
matter suggested that a complex transaction is now in the offing.
One option Enron had was to do this in the more traditional manner: Buy back
Azurix shares itself. But that posed a problem. In doing so, Enron would have
owned more than 50% of the water company, forcing it to consolidate all of
Azurix' financials on its balance sheet - including a healthy $1.3 billion in
debt.
Instead, with a little wave of a financial wand, it appears Enron has found a
creative way around that problem.
Here's how it works: Enron loans $275 million to the management of Azurix so
it can repurchase the non-Enron related shares from the marketplace. That
leaves an entity called the Atlantic Water Trust continuing to hold 67% of
Azurix' shares. Atlantic Water is half-owned by Enron and another trust
called Marlin Trust Co. Enron has voting rights on Marlin's shares.
A person familiar with the situation suggested that the transaction, which
has yet to be made public, would include some form of sweetner to entice
management to back an Enron-arranged sale of Azurix to a third party.
"Instead of being a growth-oriented play on deregulation and privatization in
the water utility industry, Azurix will become a sort of quasi utility
company," said Anatol Feygin, J.P. Morgan's Enron analyst. "Once that is
done, Enron will be able to cut overhead and development activity and look
for a buyer."
An Azurix spokeswoman said Enron's offer is under consideration. She declined
to comment on Enron's assertion that the water company had retained two
advisers earlier this year to evaluate its strategic alternatives.
What's clear so far is that if Enron succeeds in taking Azurix private,
streamlining the decision making process by excluding private shareholders
and the need to report to the Securities and Exchange Commission, it won't be
able to sell the water business in parts and would likely look for a buyer
for the whole lot.
That's because the equity of Azurix's crown jewel, U.K.'s Wessex Water Ltd.
is used to back a GBP400 million credit facility.
"They can't sell Wessex first because to do so they would have to take that
facility out," said John Kennedy, a utility analyst at Standard & Poor's.
Azurix acquired Wessex in October 1998 for $2.4 billion. People familiar with
the matter suggested that Enron is now in the process of re-evaluating
Wessex, as well as smaller assets in Latin America. Analysts said that Wessex
may now bring in about $1.8 billion. (Taking out long-term debt that comes to
about $4.25 a share).
So why is Enron so eager to get out of the water business?
Trouble has been brewing for a while. In September, following months of
Azurix falling short of analysts' earnings, its high-profile chief financial
officer, Rebecca Mark, simultaneously resigned from her position and stepped
down from Enron's board.
The fact is that Azurix has fallen short of Enron's expectations. The
energy-trading giant appears to have misjudged the speed of privatization in
the water and waste-water industry. And now with projects behind, revenues
have been slow, some $1.3 billion in long-term debt has accumulated and Enron
appears to have given up on its plans.
At the end, Enron's seconds may soon fuel ongoing utility consolidation in
Europe. As least four large European water companies are believed to be
potential buyers: France's Vivendi's Generale des Eaux and Suez-Lyonnaise des
Eaux and Germany's E.On and RWE.
The price of Azurix shares slumped as low as $3.37 earlier this month, far
below its spring 1999 initial public offering price of $19. Azurix' stock was
recently trading at about $6.125. - Carol S. Remond; Dow Jones Newswires;
201-938-2074
-carol.remond@dowjones.com

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

USA: Transwestern N.M. gas line cut 25 pct on train derail.

11/01/2000
Reuters English News Service
(C) Reuters Limited 2000.

SAN FRANCISCO, Nov 1 (Reuters) - Gas flows through a Transwestern (TW)
natural gas pipeline in New Mexico have been cut by about 250 million cubic
feet, or 25 percent, while the line is checked for damage after derailed
train cars fell near the line, a Transwestern spokesman said Wednesday.
The freight train derailment occurred late Sunday but the company was not
informed the train cars had fallen near the gas line until Monday, when gas
flows were reduced, he said.
The TW pipeline, in northwestern New Mexico, feeds California gas markets and
normally operates at around one billion cubic feet a day.
The spokesman for Transwestern Pipeline Co., a subsidiary of Houston-based
Enron Corp. , was unable to say when the line would be back at normal
capacity.
No one was believed to have been hurt in the accident, he added.

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

US Natural Gas Cash Prices End Up On Arbitrage Spreads

11/01/2000
Dow Jones Energy Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

HOUSTON -(Dow Jones)- U.S. natural gas physical prices mostly rose Wednesday
with the New York Mercantile Exchange futures board, but still held a 15- to
16-cent differential to the Nymex, one of the largest seen this year, traders
said.
The cost of carrying gas to storage blew out the differential, a Houston
trader said, as some pipelines refused to allow more gas into storage at this
late date. "Storage (and arbitrage) wasn't an option," a trader said.
That stagnated some non-incremental buying dead in its tracks, he said. He
expects the 15- to 16-cent differential to continue on Thursday.
Also, in the West, gas was looking for a home after some transportation had
to be redirected because of a force majeure on Enron's Transwestern East of
Thoreau line.
A train derailment in New Mexico had damaged the line, cutting back and
shifting gas deliveries from the East to the West, traders said.
The Nymex December futures gas contract settled Wednesday at $4.686 per
million British thermal units, up 19.6 cents as traders brushed aside an
apparently bearish American Gas Association storage report and bought gas in
preparation for possible wintry forecasts.
Although predictions were for a build in the 60-65 billion cubic feet range,
the AGA said 70 Bcf was added to storage last week, still within some
expectations and considered slightly bearish. The anticipated total fill of
about 2.7 trillion cubic feet has been a factor in driving prices down these
last few weeks, marketers said.
Swing physical gas for November at the benchmark Henry Hub in south Louisiana
rose 4 cents-8 cents to a $4.32-$4.48/MMBtu range. November index at the
Henry Hub is $4.50/MmBtu.
Transcontinental Gas Pipe Line at Station 65 deals rose 2 cents on the bid,
but fell 4 cents on the offer to a $4.35-$4.44 range. Index is seen at $4.51.
At Katy in East Texas, buyers paid $4.25-$4.39, up 1 cent on the bid, down 3
cents on the offer from the Transwestern outage. Index is seen at $4.43.
At the Waha hub, prices closed at $4.17-$4.27, down 5 cents-10 cents, also as
a result of the Transwestern outage. November index for the first of the
month is at $4.50, flat to the Henry Hub.
Prices in the West and California and New York moved above $5.00, traders
said. The California Border index is put at $5.19; PG&E Citygate at $5.33;
Transcontinental New York Zone 6 line at $5.10 and Texas Eastern's M3 line at
$4.96, traders said.
-By John Edmiston, Dow Jones Newswires,713-547-9209;
john.edmiston@dowjones.com

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


Will copy over as soon as I can. Edmund

 -----Original Message-----
From: 	Panus, Stephanie
Sent:	22 October 2001 16:53
To:	O'Connell, Denis; Cooper, Edmund
Subject:	FW: RVI Guaranty Co. Ltd.
Importance:	High

Please see below.

 -----Original Message-----
From: 	Panus, Stephanie
Sent:	Friday, October 12, 2001 4:11 PM
To:	O'Connell, Denis
Cc:	Cooper, Edmund
Subject:	RE: RVI Guaranty Co. Ltd.
Importance:	High

Has anyone been able to locate a copy of this agreement?

Stephanie Panus
Senior Legal Specialist
Enron Wholesale Services
1400 Smith Street, EB3803C
Houston, Texas  77002
ph:  713.345.3249
fax:  713.646.3490
email:  stephanie.panus@enron.com

 -----Original Message-----
From: 	O'Connell, Denis
Sent:	Friday, September 21, 2001 3:14 AM
To:	Panus, Stephanie
Cc:	Cooper, Edmund
Subject:	RE: RVI Guaranty Co. Ltd.

Ed  -can you have someone look after this?

Tks,

Denis

Denis O''Connell
Enron Credit Limited
Enron House
40 Grosvenor Place
London SW1X 7EN
Tel: +442077834828
Fx: +442077839238
Mob: +447733001094

 -----Original Message-----
From: 	Panus, Stephanie
Sent:	20 September 2001 20:35
To:	O'Connell, Denis
Subject:	RVI Guaranty Co. Ltd.

Denis,
Can you send us copies of the documents (Master Agreement and any related documents) related to the ENA / R.V.I. Guaranty Co. Ltd. ISDA Master Agreement.  Since this Agreement is for ENA, we need to have a copy of the documents on file here.

Thanks.  Please call me if you have any questions.

Stephanie Panus
Senior Legal Specialist
Enron Wholesale Services
1400 Smith Street, EB3803C
Houston, Texas  77002
ph:  713.345.3249
fax:  713.646.3490
email:  stephanie.panus@enron.com


Yes, I will get that set up to pay tomorrow...thanks!

 -----Original Message-----
From: 	Mims, Patrice L.
Sent:	Tuesday, November 27, 2001 8:10 AM
To:	Vela, Valerie
Subject:	RE: Edison Mission Marketing & Trade

did you get the word from max that everything is cool to release the $?

 -----Original Message-----
From: 	Vela, Valerie
Sent:	Wednesday, November 21, 2001 11:01 AM
To:	Mims, Patrice L.
Subject:	Edison Mission Marketing & Trade

Hi Patrice,

I have an issue with Edison Mission and I saw your name on a deal (1094593) from October so I thought I could ask you about it. It looks like the deals are on a month to month basis. They paid us $5M back in February and each month we deduct their invoice from this balance. They called Max in Credit (x.58261) and want their money back. So, I am fully prepared to wire them their money back, I just want to make sure all the people involved are aware. Credit is going to request an invoice from them stating what we owe them. When that comes in someone in credit will sign off on this request. I just want to make the front-end aware of what's going on. Do you know who else does these deals? Thanks for your help

Have a GREAT Thanksgiving.....you may already be gone......if so, lucky you!!!!

Valerie Vela
Specialist, Gas Settlements
Enron Net Works LLC
t: 713.345.8749
f: 713.646.8420


i am going to vegas for a bachelor party.  should be fun.  i don't think you
would have fun with us unless you were jumping out of a cake or something.


Start Date: 3/5/01; HourAhead hour: 22;  HourAhead schedule download failed.
Manual intervention required.


Stephanie:

As discussed, would you add the following names to receive daily gas and power contract termination notices:

Don Miller
Ed Baughman
Carl Tricoli
Tim Belden
Kevin Presto
Ed McMichael

   Thank you.


Below is the agenda for the TCPL MOU meetings next week.  I plan on attending
the first day and participating in the Services/Expansion/Turnback working
group #3 in the afternoon.  If it looks worthwhile I can continue to cover
selectively on later days as well.

If anyone has any concerns or questions please let me know.

Kevin
TransCanada Pipelines and Stakeholders
Mainline Service and Pricing Settlement
Memorandum of Understanding Working Sessions
March 19th to 23rd, 2001

Objectives: To agree on the language of the Memorandum of Understanding by
end of week, including:
? the content of the document to ensure alignment of concepts;
? clear and understandable language, that is
? simple and concise.

Format of the Week of March 19th to 23rd

Note:  Following the discussions Monday morning, the large Stakeholder Group
will be broken down into working groups with specific MOU topics to review.
These working groups will report back their recommendations to the
Stakeholder Group.

 Please note the working group topics and be prepared on Monday morning to
select (or be assigned to) a group of interest to you.

Date and Time	Action	TCPL Resource
Monday March 19th
9:00am to 12:00pm	1. Review the format and process for the week
	2. Assign working groups
	3. IT pricing agreement
	4. Turnback policy agreement

		Steve
		Steve
1:00pm to 4:45pm	5. Breakout into working groups
	Group 1: Articles 4.5.6.7. and Schedule E
	Group 2: Articles 8.9.10 and Schedule E
	Group 3: Articles 11.12. and Schedules A.B.C.
	The working groups are also responsible to review the Objectives and
Definitions for their relevant topics.
		John/Wendy
		Marg
		Steve
4:45pm to 5:15	Reconvene Stakeholder Group
	6. Process check
	7. Establish priorities for Tuesday,s sessions
Tuesday March 20th
9:00am to 12:00pm	8. Working groups (1.2.3.) review/discuss recommendations with
Stakeholder Group
1:00pm to 4:00pm	9. Breakout into working groups
	Group 4: Articles 13.14
	Group 5: Article 15 and Schedule D
	Group 6: Articles 16.17.18.19 and 20.
	Also review the Objectives and Definitions
		Debbie
		John
		Marg/Dixie
4:00pm to 5:00pm

	Reconvene Stakeholder Group
	10. Process check
	11. Identify outstanding issues
	12. Establish priorities for Wednesday sessions
	End of Tuesday
Wednesday, March 21st
9:00am to 12:00pm	13. Working groups 4.5.6. review/discuss recommendations with
Stakeholder Group
	14. Process check
	15. Identify outstanding issues
	16. Establish priorities and assign work

Note: The work will be scheduled for Wednesday, Thursday and Friday on
Wednesday once all of the Articles of the Memorandum of Understanding has
been reviewed.

Working Group Assignments:

All Groups: Article 1: Introduction
  Article 2: Interpretation
  Article 3: Term

Group 1: Article 4: Revenue Requirement
  Article 5: Severance Program
  Article 6: Merger Agreement
  Article 7: Composite Depreciation Rate
  Schedule E

Group 2: Article 8: Inventory Management Program
  Article 9: Revenue/Asset Management Program
  Article 10: Incentive Programs
  Schedule E

Group 3: Article 11: Services
  Article 12: Expansion/Turnback
  Schedules A and B and C

Group 4: Article 13: Future Business and Regulatory Model
  Article 14: Code of Conduct

Group 5: Article 15: Reporting Requirements
  Schedule D

Group 6: Article 16: Termination
  Article 17: Dispute Resolution Process
  Article 18: Filing Requirements
  Article 19: Disposition on Termination or Expiration
  Article 20: Miscellaneous Provisions


Ryan, I had already purchased tickets to go to LA and then Las Vegas for that
6 day break i have at the end of the month, so I won't be able to work the
night of the 26th


Mark:

I have changed  my vacation to the week of May 7 - 11 rather than the
following week.

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


Body Shop Members:
On Saturday, June 10th, portions of the Body Shop will be closed for
approximately 90 days to build the pillar supports for the Enron Center Sky
Bridge.  This construction will necessitate the closure/relocation of Studio
B, the free weight area and massage therapy services.

Many of the Yoga, Tai Chi, and Abs Lab classes previously held in Studio B
will be moved to Studio A.  Because of space constraints the free weight area
will be relocated to the Massage Therapy room and Massage Therapy services
will be transferred to the Health Center on the 3rd floor of the Enron
building for the duration of the construction project.

A new class schedule is attached for your convenience.

Thank you for your patience and understanding during this inconvenient yet
necessary construction project.
The Body Shop


Hi Denise,

Did Carolyn call you last night regarding Candis' hotel slumber party?

"Moore,Denise I" <denise.moore@dhs.state.tx.us> on 06/22/2000 11:18:40 AM
To: cmontgomery@kmg.com, dana.davis@enron.com, cashley@poha.com
cc:
Subject: Reminder

Claudette, Dana & Carolyn,

    Sending this e-mail to remind you of the revival at Shaw Tabernacle UMC
on Friday at 7:30 pm.  The directions are 45S or 59S to 610E.  601E to
Wayside.  Exit Wayside and turn left under 610.   Take Wayside to Birmingham
and turn right on Birmingham.  Birmingham dead ends into the church.  Try
and be there on time, because the church fills up pretty quickly.

    Also remember the Seeds of Praise workshop on Saturday from 9:00 am to
2:00 pm at Mt. Corinth UMC in Humble. Take 1960 towards Humble.  Take the
"Y" in the road when going into Humble onto Old Humble Road.  The church is
about 1 to 1 1/2 miles down on the right.  If you pass Super K-Mart on the
left, turn around you have gone to far.  Breakfast will be served promptly
at 9:00 am.  I have already paid for all members going from Veterans, so we
can settle up later.

    Don't forget the picnic is on Sunday after service.  If you haven't
signed up to bring anything contact Danise Johnson to see what is still
needed.

    If you need any other info, please contact me:  (281)872-1197 Home

(713)696-6878 Work

(832)567-8674 Cell

(713)605-2405 Pager

Be Blessed,
Denise


Christi,
	As I have been thinking about this problem, my opposition to a standard model is declining, partly out of frustration with the slow progress being made.  I think, however, that we ought to think about the potential consequences of recommending a standard model.  If we simply endorse PJM, then we may inadvertently get its warts as well -- no secondary transmission market, ICAP market, etc.  I think we are considering the same thing approach as was reported by Charles Yeung's in his note on Tuesday's Inter-RTO Coordination (Seams) Conference:

"Harvey Reed, Constellation Power, suggested that FERC impose a standard tariff for all RTOs to work from that did not restrict RTOs from filing different proposals, but would limit their ability to diverge from a single market model."

	In addition to the standard model, there needs to be a deadline for either filing the tariff or for filing the standard tariff.  Without a "feet to the fire" feature, nothing the grand stall will continue.  In arguing for a standard model, the PJM system could be the core of a proposal but we should specific modifications to address our concerns.  On the transmission rights issue, for instance, a simple "don't allocate" solution won't work.  The lack of the secondary market for NY TCCs or PJM FTRs goes both to the lack of information and to the way the rights are defined.  If as Harvey Reed suggests, RTOs can submit alternative approaches, at least there will be pressure to get moving.  I have not discussed this idea with West Power.

	It then occurred to me that FERC  is unlikely to impose a standard tariff without a rulemaking proceeding.  Whether they could act by fiat or not is a moot point, since  I doubt that they would do so without creating a record.  There are two possible down sides to a rule making.  (1)  The outcome of a rulemaking is something of a crap shoot.  The incumbents have a pretty good record in the past, of coming out of rulemakings with plenty of goodies such as the native load exemption in Order No. 888.  There is a also a distinct risk that PJM's ICAP or transmission right allocation process is given blessed status, which will make revision of them later to be a huge uphill battle.  (2)  The other consequence of a rulemaking its effect on current  RTO discussions.  The best outcome is that the uncertainty of the rulemaking creates an urgency  to get a proposal filed before a new FERC rule cuts off options from a new the standard for review.  The uncertainty prior to the issuance of Order No. 888 in fact had that effect in the West.  On the other hand it can mean that nothing happens until the new rule is issued.  This also happened prior to Order No. 888, with a number of companies sitting on their hands, using the time delay to protect existing positions, while whipping up State regulators' fears of jurisdictional shift as necessary to boost their own position.

	These are only own views.  I have not had a chance to speak with West Power this week, but I will approach Tim when I am in Portland again next week.

Steve

	Christi L Nicolay 06/19/2001 04:21 PM 	  To: Steve Walton/HOU/ECT@ECT  cc: James D Steffes/NA/Enron@ENRON, Richard Shapiro/NA/Enron@Enron, Sarah Novosel/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron  Subject: Re: INTERIM MODEL TALKING POINTS

Can we focus the PJM language as an interim fix toward the East (while maybe the threat of PJM in the West will make the West RTOs act quickly and adopt everything that Steve W. has been advocating).  Also, I agree with the ISO being required to provide much greater information on where the congestion occurs.  While the allocation of FTRs is a problem and the idiosyncratic nature is also a problem, it is because the traders do not have access to all the information.  They have told me that if they had access to all the information about congestion from the past several years, they could essentially build a model for anticipated congestion that could trade "above" the underlying FTRs as financial instruments.

Steve Walton
06/18/2001 03:30 PM
To:	James D Steffes/NA/Enron@ENRON
cc:	Christi L Nicolay/HOU/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Sarah Novosel/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron

Subject:	Re: INTERIM MODEL TALKING POINTS

Jim,

	I have added my comments to your draft.  My concern with the "Adopt PJM" approach is that it will become a fiat accompli with regard to congestion management. and the nature of future transmission rights.  Once adopted as the standard, nothing else will be accepted and any move to a decentralized approach is highly unlikely.  Unlike the British, we have a hard time changing horses because of our multi-jurisdictional Federal system of government.

	The PJM's lack of a secondary FTR market is more that just an allocation problem.  If that were true, they New York would have a secondary market -- none exists there either.  The unpredictability of prices is probably the biggest problem since no one knows how to value FTRs or TCCs.  I think the nature of instrument is also not particularly helpful.

	During our discussion of Seabron Adamson's last draft, I maintained that a centralized unit commitment process didn't fit the Pacific Northwest (PNW) with its pattern of trading to achieve coordination between hydroelectric and thermoelectric generation.  You asked me to provide more detail hydro-thermal operation.  I am including a paper that covers the nature of PNW operations and contracting with observations about the nature of unit commitment.  Given other work and travel, it has taken some time to complete the paper and its examples.  I hope this will help to explain why I am hesitant to endorse a centralize unit commitment implementation.

Steve

	James D Steffes@ENRON 06/18/2001 01:48 PM 	   To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Christi L Nicolay/HOU/ECT@ECT, Sarah Novosel/Corp/Enron@ENRON, Steve Walton/HOU/ECT  cc:   Subject: INTERIM MODEL TALKING POINTS

Here is the draft of an Interim step for Enron to give to Lay.  Please give me your comments.  This is CONFIDENTIAL and should not be shared outside the company.

Jim

<Embedded StdOleLink>
<Embedded StdOleLink>


Tana,

It looks like there are changes on this against the online ETA which are not
redlined. Do you have any other information about these changes? (I'd like to
avoid having to do a line-by-line comparison.

Thanks,

Dave

From: Tana Jones@ECT on 08/04/2000 10:58 AM
To: David Forster/Corp/Enron@Enron
cc: Lisa Lees/HOU/ECT@ECT

Subject: Talisman ETA

Attached is a copy of the amended ETA that Carol sent you in early July.
Please let me know if the changes meet with your approval.


Glen, thanks for the quick response.  The process the parties agreed upon
yesterday is acceptable to TW.

Sorry to hear there was an emergency at home; I hope all is well by now.

"Sullivan, Glen J." <GSullivan@sempra.com> on 06/08/2000 02:47:10 PM
To: "'Susan.Scott@enron.com'" <Susan.Scott@enron.com>, "Sullivan, Glen J."
<GSullivan@sempra.com>, "Cherry, Brian - TPBKC" <BCherry@sempra.com>
cc: Jeffery.Fawcett@enron.com, "Cherry, Brian - TPBKC" <BCherry@sempra.com>,
"Lorenz, Lad - TPLPL" <LLorenz@socalgas.com>

Subject: RE: Exhibit

At the ALJ's direction, this subject was discussed among the parties who
were present in the hearing room yesterday at the lunch break and again
after the conclusion of hearings for the day.  The parties present reached
agreement on a process for this exhibit.

I had to leave for home immediately after the discussions in the hearing
room at the end of yesterday due to a family emergency.

I am informed the results of these discussions were put on the record today.
I understand that SoCalGas will provide to all parties by June 16 a draft of
the exhibit.  Parties can then comment to SoCalGas and we will attempt to
get a consensus by June 21.  SoCalGas will file by June 21 either a version
that has concensus, or failing concensus, its own version of what it thinks
the exhibit should show.  Parties who do not agree with what SoCalGas files
on June 21 can file on June 23 either their own version or comments on
SoCalGas' version.

I cannot absolutely guarantee the accuracy of the above details since I was
not present today and there is no transcript yet for today.

If this arrangement is not acceptable to Transwestern, you should object to
the ALJ immediately.  Hearings are scheduled to conclude after the lunch
break today.

Also, I am informed that SCGC has distributed in the hearing room and will
attempt to introduce today a written exhibit that includes an extensive
discussion of its views on the subject of "mismatches" of delivery and
take-away capacity at the California border.

-- Glen Sullivan
Attorney for SoCalGas and SDG&E
(619) 699-5162

-----Original Message-----
From: Susan.Scott@enron.com [mailto:Susan.Scott@enron.com]
Sent: Thursday, June 08, 2000 9:39 AM
To: gsullivan@sempra.com
Cc: Jeffery.Fawcett@enron.com
Subject: Exhibit

Glen, at page 1020 of the transcript of yesterday's proceedings, the judge
asked you and Norm Pedersen to work with various other parties to develop
an exhibit reflecting capacity at the California border.  The judge
mentioned she wanted to discuss the exhibit this morning, so I am surprised
that you did not attempt to contact me to get Transwestern's input or at
least to let us review the exhibit.  I would like to review the exhibit as
soon as possible.  I am out of town but you can either e-mail it to me or
fax it to 941-466-2198 (before 3 pm PDT).  Also, I should be reachable on
my mobile phone (713-494-5002) or by voice mail at my office
(713-853-0596).


Ava, how should we handle?  Thanks. Lynn

 -----Original Message-----
From: 	enron_update@concureworkplace.com@ENRON [mailto:IMCEANOTES-enron+5Fupdate+40concureworkplace+2Ecom+40ENRON@ENRON.com]
Sent:	Saturday, July 07, 2001 1:16 AM
To:	Grace Blair
Subject:	<<Concur Expense Document>> - Company Card Notification

Company Card transactions have arrived.

To add these transactions to an expense report, click on the following link for Company Card.
http://expensexms.enron.com


Thanks!

	Laurel Adams
	02/06/2001 04:24 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: Bankers Trust

I don't think we have any active deals with BT.


Could you let me know how many there are, so I'll know how we want to handle
this.

---------------------- Forwarded by Kay Mann/Corp/Enron on 01/22/2001 10:10
AM ---------------------------

"George Kutzschbach" <gkutzschbach@fulbright.com> on 01/19/2001 06:14:02 PM
To: kay.mann@enron.com
cc: DPedigo@INTERGEN.com, CCampbell@KSLAW.com

Subject: Resignations of CAED I & II Man. Dir. & Officers

Kay,

Please have the appropriate managing directors and officers of CAED I
and CAED II execute the attached resignations and return the executed
resignations to Doug Pedigo.  If any other persons were manging
directors or officers of CAED I or CAED II prior to closing, please have
them execute similar resignations and furnish them to Doug.  Thanks.

George

 - 5bx_j01_.DOC


FYI

----- Forwarded by Gerald Nemec/HOU/ECT on 04/19/2001 04:04 PM -----

	Debra Perlingiere
	04/18/2001 11:53 AM

		 To: akoelemay@cogc.com
		 cc: (bcc: Gerald Nemec/HOU/ECT)
		 Subject: Spot Agreement

Dear Mr. Koelemay:

At the request of Mark Whitt,  I am sending you  the attached draft of a
Master Spot Purchase/Sale Agreement between Enron North America Corp. and
Citation Oil & Gas Corp.  for your review.

Please do not hesitate to give me a call with any questions you may have
regarding the enclosed.

Very truly yours,
Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


David:
Enclosed is a new draft of the Kennecott amendment letter.  Mark and I have
discussed the counterparty termination language and have come up with the
language that I have high;lighted.  Upon your approval, I plan to use the
same language for the Duke and Cinnergy letters.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)


The Executive Committee of the New York State Reliability Council ("NYSRC")
is posting this message to inform all interested parties of the ability to
review and submit comments on proposed NYSRC Reliability Rules, in
accordance with NYSRC Policy No. 1.  Attached below and soon to be posted
on the NYSRC web site at "www.nysrc.org" on the "Reliability Rule
Revisions" web page, is the following proposed NYSRC Reliability Rule
(attached in pdf format):

1.   RR02-01  Loss of Generator Gas Supply
     Normal Review Process
     To Be Posted January 15, 2002; Comments Due by March 1, 2002

     Draft Rule - See attached file:     RR02-01.pdf:        (See attached
file: RR02-01.pdf)

     Process Log - See attached file:    RR02-01Log.pdf:     (See attached
file: RR02-01 Log.pdf)

     Please note that this proposed reliability rule consolidates and
replaces the earlier proposed rules RR01-17 and RR01-18, regarding Local
Reliability Rules No. 3 and 5.

     In accordance with NYSRC Policy No. 1, all Market Participants may
submit comments on the proposed NYSRC Reliability Rules by no later than
March 1, 2002.  Comments must be submitted to the NYSRC Executive Committee
Secretary by e-mail at the following address (DO NOT RESPOND TO THIS EMAIL
THROUGH THE NYISO):

               "jcfleury@nyseg.com"

     Should you have any questions, please contact me by email at
jcfleury@nyseg.com or by phone at (607) 762-4698.

Joseph C. Fleury
Secretary, NYSRC Executive Committee
 - RR02-01.pdf
 - RR02-01 Log.pdf


Tanya:  I'd like to send our Schedule to Rabobank today since we will be off
Monday, Jan. 15 and I have been called for jury duty on Tuesday, Jan. 16.  I
will ask Angela Davis (a finance lawyer with swap experience who is helping
us out on the structured deals) to handle this for me.  I don't want to deal
with Rabobank's form of Schedule as a basis for discussion and I am told that
this deal closes Friday, Jan. 19..

A voice mail would be greatly appreciated.  Thanks.  Sara

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
----- Forwarded by Sara Shackleton/HOU/ECT on 01/12/2001 09:18 AM -----

	Sara Shackleton
	01/10/2001 12:23 PM

		 To: Tanya Rohauer/HOU/ECT
		 cc: Angela Davis/NA/Enron@Enron
		 Subject: Project Cerberus - amended to introduce the swap counterparty
Rabobank ("Rabo")

Tanya:

Enron Corp, (global finance) has a FASB 125 structured deal executed in Dec.,
2000 which requires amendment for tax purposes.  A new  total return equity
swap on EOG stock will need to be executed between ENA and Rabo.  ENA must be
the swap counterparty ("normal course of business") for the legal opinion
which must be issued for the structure.  I would like to send Rabo our ISDA
format so as to avoid any surprises; time is short.  I assume we do not want
a CSA but will require an Enron Corp. guaranty.  Do we want cross default and
Credit Event Upon Merger to apply to the parties?   Do we want to
add/eliminate additional events of default?  The ultimate Schedule will
probably look very different from our standard but we need to urge our format
as much as possible.

Please call me to update.  This update is currently scheduled to close next
Friday.  Thanks.  Sara

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


As you may have heard, President Bush signed the Economic Growth and Tax
Relief Reconciliation Act of 2001 into law (the "Law") this morning.  The Law
reduces personal income tax rates, modifies the AMT and Estate Tax and makes
several changes to retirement and education savings incentives.  Further, due
to the reduction in the personal income tax rates (through the creation of a
new 10 percent tax bracket carved out from the previous 15 percent bracket)
without a reduction to the amount currently withheld under the Federal
withholding tax regime, all taxpayers are slated to receive a rebate of taxes
that otherwise would have been paid this year - this is the $300, 500 or 600
"tax refund" that you may have heard of in connection with the Law.  The
attached documents describe in greater detail the changes I have just
described.  As always, I can be reached at x30938 should you have any
questions.  Best regards.  SHD.


For Tues through the end of the month, please show Tenn Z5 and Z6 flat, and
have the Wright gas into Canajoharie.

Tenn, I will be looking at what we have available on the Net 284 contract on
your sheet to determine our flexibility.


Charles Schwab & Co., Inc.
Email Alert

Morning Market View(TM)
for Tuesday, October 23, 2001
as of 9:30AM EDT
Information provided by Schwab Center for Investment Research

STOCKS, YANKEES ON A TEAR

Much like the recent winning trend of the world champion New
York Yankees, stocks were poised to add to recent gains at the
open as earnings season continues in full swing amid the
backdrop of an ongoing retaliatory campaign and bioterrorism
scares.

Telecommunication equipment giant Lucent Technologies
(LU,6.90,f2) said its loss for the fiscal 4Q widened to $0.27
per share, excluding $8 billion in restructuring and one-time
charges, worse than the $0.23 per share First Call consensus
estimate. Including the charges, Lucent's loss widened to $2.59
per share. The company cited the elimination of jobs and some of
its product lines for the charges. Going forward, Lucent
anticipates a sequential fall in revenue in fiscal 1Q before a
rise in fiscal 2Q sales.

Leading U.S. oil company and Dow component Exxon Mobil
(XOM,41,f2) posted 3Q earnings, excluding items, of $0.48 per
share, below the First Call consensus of $0.50 per share on a
9.5% revenue decline amid softening demand and weaker crude
prices. In a similar story, oilfield services company
Schlumberger Ltd. (SLB,48,f2) reported 3Q earnings of $0.34 per
share, $0.01 lower than the Street's mean forecast.

Pharmaceutical titan Bristol-Myers Squibb (BMY,60,f2) posted 3Q
earnings of $0.63 per share, in line with the First call
consensus. Sales of the company's diabetes and blood-clotting
drugs offset declining sales of its flagship cancer and anxiety
medicines.

Insurance and financial services company MetLife (MET,26)
reported that it was eliminating roughly 1,900 jobs in a move to
cut costs amid weakening conditions in the sector. The Snoopy
and Charlie Brown purveyor also reduced its claims estimates
associated with the Sept. 11 attacks to roughly $210 million,
down from the previous forecast of $250 million to $300 million.
The company expects 3Q operating profits of $0.29-$0.31 per
share.

Mobile-phone company AT&T Wireless (AWE,12.94,f2) said 3Q
profits rose to $0.03 per share, well above the $0.02 per share
loss expected by the Street. The company said that it added an
additional 748,000 mobile customers during the quarter and sales
rose 25%, but it plans to leave the fixed wireless business and
take a related pretax 4Q charge.

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

TREASURY AND ECONOMIC SUMMARY

Bonds were slightly lower as stocks were poised to open higher.
Bonds will likely take direction from the equities market absent
any significant economic data or Fed speak.

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

WORLD MARKETS

Technology stocks once again led European bourses higher, with
the Bloomberg European 500 Index up 1.99% as of 8:57 a.m. EDT.
Dutch banking company ABN Amro (ABN,14.79,f2) lowered its fiscal
year 2001 earnings guidance in the wake of the terrorist
attacks, while drug giant GlaxoSmithKline PLC (GSK,55) saw its
3Q earnings rise 20%, slightly above expectations. The dollar
continued its upward trend against the euro as traders
anticipate a quicker economic recovery in the U.S. than in other
parts of the world. Adding to the gloomy economic landscape,
Italian business confidence fell to 84 in September from
August's 96, well below expectations. However, September's
French consumer spending data was unexpectedly higher.

Asian markets were higher with Japan's Nikkei-225 finishing up
2.80% led by strength in technology and exporters owing to
continued weakness in the yen. The Japanese currency continued
to slide against the dollar amid a government report that
investors have sought better returns in foreign bonds since the
beginning of the second half of the fiscal year. In earnings
news, Chartered Semiconductor (CHRT,18.70,f1) reported a
better-than-expected 3Q loss of $118.3.million and said it was
close to a bottom in the beleaguered chip industry.

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

FUTURES WATCH

In the December Globex futures contract as of 8:57 a.m. EDT, the
S&P 500 Index was up 4.5 points (7 points above fair value),
while the Nasdaq 100 Index was up 15.5 points (17 points above
fair value). The December DJIA futures contract was up 28 points
(47 points above fair value) and the December crude oil futures
traded on the NYMEX were up $0.10 at $22.36/barrel.

William Johnson, Market Analyst

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how bout today at 400

From: Jennifer Fraser/ENRON@enronXgate on 03/21/2001 09:55 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: fundamentals thought dimensions

when can i come by and have a detailed discussion with you re fundamentals--i
am very interested in your opinions and i dont get here them in the TR meeting

Jen Fraser
Enron Global Markets Fundamentals
713-853-4759

 -----Original Message-----
From:  Arnold, John
Sent: Tuesday, March 20, 2001 8:36 PM
To: Fraser, Jennifer
Subject: Re: FW: LNG Weekly Update

Looks good.  certainly an area we need more focus on.  Obviously the most
important aspect of lng is how much gas is coming in, what is that relative
to last year, and what new capacity is coming longer term.
As an aside, nat gas trades as a funciton of the storage spread to last year
and five year averages.  It would be very useful if all fundamental analysis
were geared the same way.  The fact that lng shipments are x this week is
meaningless.  the fact that they are y delta of last year is extremely
useful.  if you noticed in the fundies meeting, i was trying to move
discussion that way.  what's switching vis a vis last year.   whats
production relative to last year.  it simplifies the fundamental analysis.

From: Jennifer Fraser/ENRON@enronXgate on 03/12/2001 05:46 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: FW: LNG Weekly Update

An initial effort--please comment

 << File: LNG20010312.pdf >>


I can certainly send you this file each day - I hope it can be of some help.
All the deals it lists are with EPMI Short Term California, which is myself
or Jeff Richter; so I'm not sure how helpful it will be in determining which
desk or counterparty you have discrepancies with. While we're on the subject
of sharing files, though, I had spoken with the confirmation group in Houston
about the deal file you send them each day. They suggested I ask to be added
to the list so I can better assist their group in finding discrepancies in
EPMI-EES deals. If that's okay with you, I would appreciate receiving it.

In the meantime, I'll copy you on the EES sale prices starting tomorrow.

Thanks,
Kate

Judy Dyer@EES
01/29/2001 02:40 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: EPMI-EES Sale Prices

Kate,
I am in the confirmation group with EES and try to tie out our confirmtions
with the EPMI list I receive from Kim Hundle (EPMI), on a weekly basis.  This
file would be great help with this process.  Is there any way you could send
this to me as well? This would help me determine who the problem is with.  I
would appreciate it.
Thanks
Judy D


Good Morning Energy Committee:

This weeks Energy Committee Meeting has been confirmed for Wednesday, May 30
from 3:00 to 5:00pm.  We will be meeting at Motorola, located at 3041
Orchard Parkway in San Jose.  Please note that this is a new Motorola
location - we will not be meeting at the Kifer Road site.  Orchard Parkway
is very conveniently located off North First Street and is easily accessible
off the 101 or 87 (Guadalupe Parkway).  Orchard runs between Plumeria Drive
and Montague Expressway.  Once you enter the Motorola facility, stop by the
lobby to receive a visitor badge and directions to the meeting room.  Thank
you for your assistance in preparing for this meeting and look forward to an
agenda in a seperate e-mail.


CALENDAR ENTRY:	APPOINTMENT

Description:
	Electric Trading Training - Shelly Corman Double Tree (HAVE TO ATTEND)

Date:		8/25/2000
Time:		9:00 AM - 4:35 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


505118 has been changed to 1/26 -1/27. Still checking on missing deal.

Kerri Thompson@ENRON
01/25/2001 02:12 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: apb checkout

505118
term should be 26-27

missing deal just like deal 505118

505223 price should be 300.00

misssing 2 deals for bob, will get details.

thanks


Any conflicts?
----- Forwarded by Tana Jones/HOU/ECT on 05/02/2001 09:52 AM -----

	Mark S Palmer/ENRON@enronXgate
	05/02/2001 09:09 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Lehman NDA

Can I come down and get this this am?

Thanks,
Mark P.

Input info for the NDA
--------------------------------

Legal name of the company:
 Lehman Brothers Inc.

Business contact name at the company (who will receive the NDA):
 Jarett Wait

Business contact email & phone (& fax, if applicable):
 jwait@lehman.com

Company's address:
 3 World Financial Center
 10th Floor
 New York, NY  10285

Nature of discussion:
 Project Offline

NDA delivery method:
 Hard-copy (return to Mark S. Palmer)

Other delivery needed? (hard copy sent by mail, Fedex, fax):
 No

Legal contact at the company (optional but helpful):


We will be selling the old desk chairs to employees for $25.00.  If you are interested in purchasing a non-Aeron chair currently on the floor, please let me know by close of business, Monday, June 4.  On Tuesday morning, we will hold a drawing to allocate the available chairs.

Just a reminder - we will be replacing desk chairs after 2:00 pm on Monday, June 4 and Tuesday, June 5.  If you are happy with your current chair and do not wish to have it replaced or have special requests, please let me know as soon as possible.  Please disregard if you have already responded.

Thanks!
Amy