Market Update:

?	NYSE/NASDAQ/AMEX set to open Monday; SEC tests on Sunday indicate that few logistical and technical problems are expected to disrupt trading.
?	NYMEX also set to open Monday from 1000CDT to 1300CDT.  The exchange will be physically accessible by ferry.

Asian/European Markets Overnight

?	Sony Corp., which relies on the U.S. for more than a quarter of its sales, plunged 7.7 percent to 4220 yen. The Nikkei 225 slid 386.80 to 9622.09, its lowest since December 1983, while the broader Topix index lost 3.2 percent to 1001.19, on track for its lowest close since October 1998.  Of shares trading in Japan, 294 stocks reached 52-week lows.  Sony Corp., which relies on the U.S. for more than a quarter of its sales, plunged 7.7 percent to 4220 yen.
?	European equities have recovered after a weak opening.
FOREX
?	The dollar is marginally down against the Yen at 117.13, in spite of the BoJ's intervention. The dollar is down against the Euro at 0.9295, amid concerns US' stock market may fall sharply when markets re-open today.  Markets remain on high alert for coordinated intervention in support of the dollar.

Fed/G7 Activity
?	White House "Working Group on Financial Markets" set to coordinate support for possible market intervention.  Fed will purchase equities from institutional investors in the event of a market panic.
?	Federal Reserve, ECB and Bank of Japan officials are trying to accomplish two main tasks: (1) provide a zone of stability through direct liquidity injections, quiet intervention on the currency front and intense discussions with senior banking and trading participants; and (2) conduct monetary policy as appropriate to the economic and market conditions of each country and not in response to the terrorist attacks. Because of the severe impact of Tuesday's events on US economic growth there is pressure from senior officials for an inter-meeting rate cut.
?	VP Cheney warned in a Sunday television interview that the country could "quite possibly" be in both war and recession.

Equity Outlook
?	Analysts expect small "patriotic rally" on Monday opening, driven by liberalized rules for company stock buy-backs, intervention by institutional investors and wealthy private investors, and SEC limits on short-selling.
?	First Data Corp., Cisco Systems Inc., and FleetBoston Financial Corp. among the firms expected to participate in share buy-back schemes.
?	Airline, insurance, and financial stocks expected to face heavy selling, following losses in those sectors in European trading on Friday.  Some form of government relief for the airline industry is probable.
?	Analysts expect Compaq/HP to be among several mergers that are likely to be delayed or cancelled.

Insurance
?	Swiss Re, Northwestern Mutual, Chubb, and Hartford Financial among leading insurers who have stated that the attacks were not "acts of war" and that payments will have to made.  Payments from the insurance industry are expected to reach $30 billion.

olitical/Security Update:

?	As expected, no overt military action was taken by the US this weekend against Afghanistan or any other target.
?	Expectations continue to center on Afghanistan as the most likely target for military strikes, sometime this week.  Partial mobilization of reserves is bigger now than in early stage of 1990 crisis.
?	A Pakistani delegation will reportedly visit with Taleban leaders to establish a deadline for the handover of bin Laden.
?	Multinationals were evacuating staff and dependents from Pakistan and other countries in the region.  Japan's Toyota Motor and Honda Motor Co., had begun pulling staff out of South Asia. Japanese trading firms Marubeni Corp., Itochu Corp. and Tomen Corp. are evacuating dependents from Pakistan, while Nichimen Corp. has told its employees' families to leave Pakistan, Iran, the United Arab Emirates and Saudi Arabia. Meanwhile, BP has evacuated all expatriate staff from Pakistan.
?	The US has secured logistical and political support from both traditional allies in NATO and elsewhere, as well as from less friendly nations such as Iran and Russia.  The coalition could be difficult to hold together as the campaign widens beyond Afghanistan.
?	Strikes against Iraq do not appear to be imminent, but are by no means out of the questions.  Sources report that Iraq has been sheltering elements of the bin Laden network in northern Kurdistan.   US demands that Syria shut down terrorist groups operating on its soil
?	The challenge for the US will be to keep the focus on a "war against terrorism" and not a "war against Muslims", a very difficult line to avoid crossing.  Pope John Paul II, former South African President Mandela, and French Prime Minister Jospin are among those urging the US to show restraint.
A calmer atmosphere now prevails in the Senate. Senators expected the Administration to make those responsible 'pay a price' but were not pressuring the White House to act before it was ready and before it had made a determination of who was responsible. There was no sense, therefore, that Bush was under political pressure to take immediate or premature action. The only caveat was that Senators disliked the idea, being put forward by Attorney General Ashcroft, of bringing the 'guilty parties to justice.'

C.	Infrastructure Updates

Telecommunications

?	Local telephone company Verizon Communications said on Sunday its communications network, damaged in the World Trade Center attacks, passed service tests with the New York Stock Exchange and appeared ready for stocks to resume trading on Monday.

Crude/Products/Shipping

?	Re-insurers are expecting war risk insurance premia would go up by 500%, and these charges were in many cases already in effect. The combination of the Air Lanka airbuses destroyed in the recent Tamil Tiger attack at Colombo airport, and the four aircraft destroyed in the USA this week, implied total losses of around 23 years of premium, according to sources. This was simply the liability for assets and did not include compensation for personal injury or death. Aviation and shipping are closely linked in the application of war risk.
?	Additional complications are being encountered due to strict rules on inspection, tug requirements and anchorages.  To make matters worse, many of the tugs and barges associated with petroleum traffic have been diverted to support disaster recovery operations.  Sources report that the harbor was completely shut again on Friday during President's visit to New York City.
?	The stricter regulations mean that blending shipments from NY to New England are delayed, and conventional shipments into the NY area are also delayed.  The majors are working to divide product up between themselves in obvious fear of being seen as manufacturing a shortage during a crisis or profiteering at time of a national tragedy.
?	Helicopter flights to offshore rigs and platforms in the Gulf of Mexico (GoM) have resumed, albeit under stringent new rules that are reportedly overloading the Federal Aviation Authority (FAA), which instituted a no-fly ban after the attacks.
?	Sources report fewer tankers being chartered to US destinations due to higher risk premiums associated with the political situation.  In one case, two shipments of Iraqi Kirkuk from the Mediterranean bound for the US were cancelled after the letters of credit were rejected.  This represents 4 million barrels, whereas the US imports about 63 million barrels per week.  So on the fourth day of the crisis, this factor was expected to have caused a 10-20% drop in crude sailings to the US.  The crucial unknown is the length of the crisis.  If security concerns continue in the weeks ahead, this figure will likely rise.
?	New York Harbor is open, but operating under strict restrictions.  Ships are being allowed in on a case-by-case basis.  Normal vessel flow of 140 ships a day was only back up to 20 on Saturday.
?	Valdez, Alaska; Seattle, Washington; LA/Long Beach, California all open, but operating under heightened security.
?	Several major refining units in Japan have reopened this week, reassuring local markets amid concerns of an energy supply crisis from the Middle East. The Tonen General refinery at Sekiyu reopened on the 15 September, followed this morning by Idemitsu's Hyogo refinery. The 80,000 bpd Hyogo refinery has been closed since 13 August for routine checks and maintenance. The 335,000 bpd Tonen Sekiyu plant, which is a subsidiary of ExxonMobil, closed a 77,000 bpd crude distillation unit (CDU) on 1 September, also for routine checks and maintenance.
?	Nippon Mitsubishi Oil has suspended oil exports due to concerns over the possibility of disruption to oil supplies from the Middle East. In August Nippon Mitsubishi exported 818,000 barrels of oil products including kerosene and jet fuel, mostly to other parts of Asia, but also to the US. However it has said that it may be prepared to dip into the country's 20m tonne LPG stockpile if the crisis escalates.  The government has made no official announcement to oil companies to increase stockpiles in the light of last week's terrorist attacks in the US. Other refiners, including Cosmo Oil and Idemitsu Kosan, have announced that they will continue to export their oil products as usual.

LNG

?	River pilots in Lake Charles report that the LNG vessel FINIMA is presently scheduled to arrive at the entrance to the Calcasieu River channel at Lake Charles at 0500 on 9/18, whereupon it will be boarded by a pilot and escorted by at least two tugs run by Seabulk International to the LNG terminal for cargo discharge.

Air Transport

?	Washington officials are discussing the conversion of Reagan National Airport from a civilian facility to a military base. The airport remains closed.
?	All major US airlines expecting or have already initiated schedule reductions and lay-offs in expectation of falling demand for air travel.
In Washington's Dulles airport, meanwhile, passengers are being asked to check in four hours before departure. Yesterday saw around 65% of usual flights by American Airlines take off.
British Airways was running 70% of its flights out of Heathrow and 80% from Gatwick.


Mike, Steve, and Sally:

Attached is a copy of our proposed offer letter for our full-time candidates
next fall.  I would appreciate any suggestions/feedback you may have to offer.

Thank you!

lexi
3-4585

 -----Original Message-----
From:  Warner, Traci
Sent: Tuesday, June 05, 2001 2:24 PM
To: Barnes, Valarie; Davis, Jeff D.; Elliott, Lexi; Franklin, Chenee'; Gandy,
Kristin; Lebeau, Paul; Miertschin, Beth; Coleman, Jacqueline; Herasimchuk,
Alyse; Johnson, Shawna; Lira, Cathy; Martin, Anita; Payton, Patricia; Taylor,
Corina
Subject: offer letter

Team -

Please review and give comments as necessary -

Thanks again for all your hard work.  You are all doing a great job

Traci


do you have anything with some current information to see what should be entered into each column?!

 -----Original Message-----
From: 	Keiser, Kam
Sent:	Thursday, January  10, 2002 4:36 PM
To:	Evans, Casey
Subject:	risktrac download

Casey,

Here is the file we need to fill out for Ramesh to download into RisktRAC.

 << File: bookentrytemplate_blank.xls >>


----- Forwarded by Sara Shackleton/HOU/ECT on 11/13/2000 09:51 AM -----

	Teresa G Bushman
	11/10/2000 05:19 PM

		 To: Sara Shackleton/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT, Harry M
Collins/HOU/ECT@ECT
		 cc:
		 Subject: Joshua Tree Financing Structure

Per my voicemails.  Please provide comments sometime on Monday if possible.
Thanks very much for your assistance.

Teresa

Teresa G. Bushman
Enron North America Corp.
1400 Smith Street, EB 3835A
Houston, TX  77002
(713) 853-7895
fax (713) 646-3393
teresa.g.bushman@enron.com

----- Forwarded by Teresa G Bushman/HOU/ECT on 11/10/2000 04:56 PM -----

	Nora Dobin@ENRON
	11/10/2000 11:14 AM

		 To: Tim Proffitt/HOU/ECT@ECT, Chris Herron/Corp/Enron@Enron, Cris
Sherman/HOU/ECT@ECT, Kevin Liss/Corp/Enron@ENRON, Teresa G
Bushman/HOU/ECT@ECT, Scott Josey/Corp/Enron@ENRON, John Thompson/LON/ECT@ECT,
Jesus Melendrez/Corp/Enron@Enron
		 cc: Brenda L Funk/HOU/ECT@ECT, rainj@tklaw.com
		 Subject: Joshua Tree Financing Structure

In preparation for the 2:00 p.m. meeting today regarding the Bank of America
term sheet, please consider the following:

(1) Proposed Trust/LLC Structure.  Trust would own 99% of LLC with ENA as
managing member owning other 1%.   LLC would purchase/own VPPs.

 Legal prefers the two-tier structure but

 (i)  would prefer the use of a Delaware business trust with Wilmington Trust
Company as the trustee instead of a Texas trust to own equity in underlying
LLC/LP, and

 (ii) as to the proposed Delaware limited liability company which would own
the VPPs, asks the tax and commercial teams to consider (a) whether this
entity might or will derive significant income from Texas based
properties/operations or otherwise be subject to material Texas franchise
tax, and (b) if so, whether we should use a Texas limited partnership instead
of the LLC.

(2) Proposed Certificate and Trust Terms and Conditions.

Clarify that certificate holders commit to fund their pro rata portion of
aggregate A and B loans/investments (similar to contribution obligations of
equity owners of  LLC, i.e., LLC terms expressly provide that Trust and ENA
must make pro rata (to their respective ownership interests) contributions to
LLC for purchase price of VPPs].
Identity of A and B holders, e.g., banks get A and [who?] get B?

(3) LLC Terms.

Is proposed 99% and 1% ownership of LLC by Trust and ENA (as managing
member), respectively, ok?  Same ownership percentages if we use LP?

VPP commercial and legal teams need to determine acceptability of proposed
terms of:

(i) Master Balancing Agreement between LLC and ENA,  Note re item 1 of
Mandatory Cost Advances:  only require ENA to make specified expenditures
where it has control of, or not prohibited by, specific situation or
governing contract.
(ii) Master Natural Gas Purchase and Sale Agreement between LLC and [need to
determine correct Enron  counterparty since Enron Gas Marketing, Inc. does
not exist] (provide for Texas governing law?),
(iii) Master Crude Oil Purchase and Sale Agreement between LLC and Enron
Reserve Acquisition Corp. (correct counterparty?  provide for Texas governing
law?), and
(iv) Eligibility/engineering criteria for new VPPs.  Query regarding item
10:  why can't LLC buy a VPP from a seller in  bankruptcy on a free-and-clear
basis?

Clarify whether specified New Company Asset Procedures are alternatives (i.e.
, either proposed new VPPs (1) meet specified eligibility criteria as
certified by ENA or independent third party, or (2) new VPP are approved by
Engineering Banks (with no objection by majority of Trust certificate
holders, rather thaneither proposed new VPPs (i) meet specified eligibility
criteria as certified by ENA and independent third party, or (ii) new VPP are
approved by Engineering Banks (with no objection by majority of Trust
certificate holders).

Enron Corp. Performance Guaranty.  Presumably "performance" guaranty is one
of payment or can be reduced to a pre-agreed payment amount.  Try for Texas
governing law.  Start with Enron Corp. standard form of guarantee with
revolver reps and covenants.

(4) Swaps (interest rate and energy price)

Should these be assets of Trust or LLC/LP?  Any related tax issues?
Who is swap counterparty (ENA?)
Is non-ISDA format acceptable?  If so, is Texas law (as opposed to NY law
typically covering an ISDA) ok?

(5) Production Pricing Flexibility

 Consider consistency between pricing parameters contained in VPP purchase
documents on the one hand (e.g., Crescendo), and financing documents on the
other hand (e.g., Master Purchase Agreements under (3) above and swaps under
(4) above).

Regards, NJD

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

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


Laura,
These are the documents that I sent to Russell on October 9th.  Russell
simplified the transaction by taking ENA out of the deal.


Start Date: 12/16/01; HourAhead hour: 18;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001121618.txt
###Cannot locate a Preferred or Revised_Preferred Schedule that matches the FINAL Individual Interchange Schedule.  Unable to assign deal number.


-----Original Message-----
From: 	sexxxmail@list.emailbucks.com@ENRON
Sent:	Wednesday, November 07, 2001 7:56 AM
To:	undisclosed-recipients:;@ENRON
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	<title>Tip of Day Newsletter</title>

								Red Heads

								You can make a more nutritious salad by sprinkling in some red cabbage.

One cup of chopped red cabbage will add about 50 milligrams of vitamin C to your salad, and will add fiber, folate, and potassium, as well. What's more, some studies have revealed that a high intake of cruciferous veggies such as cabbage may be protective against certain kinds of cancer, including bladder and breast cancer.

								RealAge Benefit: Eating a diverse diet that includes 5 servings of vegetables per day can make your RealAge as much as 4 years younger.

To share the health with a friend,

									click here.

													Tuesday,  November 27

										Find out more
about this tip.

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										How does your diet stack up?
To find out,

										click here.

				To rate this tip, please

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				Copyright© 2001, RealAge, Inc. All

				rights reserved. RealAge shall not be
				liable for any errors or delays in the content, or for any actions taken in reliance thereon.
RealAge® is a federally registered
				trademark of RealAge, Inc. Age Reduction™ is a trademark of RealAge, Inc.


Avistar has been installed globally to provide desktop conferencing.
Hardware and installation charges have been allocated by invoice to the
relevant location.  The schedule below lists by Business unit and RC the
number of units and charges allocated.  IT will assume the monthly charge-out
process.

The allocated dollars will be depreciated over a three year period to your
respective Cost Center beginning February 2001.

If you have any questions please feel free to call or e-mail, Sheila Glover,
3-3210, or Paige Cox, 3-5428.
Thanks. Sheila


The continued growth of the Enron Europe office and related businesses has
prompted a change in the management of Risk Assessment and Control (RAC) in
London.  Effective in early January, 2001, Ted Murphy will transfer to the
London office and manage the RAC activities which includes credit/market risk
and underwriting. Ted will continue to manage the Enron Global Market Risk
activities.  Steve Young, currently managing RAC in London, will begin a new
assignment within  EBS, also in London.

The Houston Market Risk group will be managed by David Port.

As Enron continues to expand its trading and risk management businesses, it
is vital that trading and credit policies are administered in a consistent
and accurate manner across the company.  Hopefully this realignment will
accomplish that goal.

Please join me in congratulating Ted, David and Steve on their new
assignments.


how about you get the food

 -----Original Message-----
From: 	Ward, Kim S (Houston)
Sent:	Monday, July 02, 2001 5:19 PM
To:	Arnold, John
Subject:	RE:

ok - my house is kind of a mess - had a leak in my shower and it messed up my ceiling in my den.  Had to get plumber, now need a contractor, and the stock price to rise so I can pay for it.

what am I suppose to bring?

 -----Original Message-----
From: 	Arnold, John
Sent:	Monday, July 02, 2001 5:14 PM
To:	Ward, Kim S (Houston)
Subject:	RE:

how bout i bring it?

 -----Original Message-----
From: 	Ward, Kim S (Houston)
Sent:	Monday, July 02, 2001 5:12 PM
To:	Arnold, John
Subject:	RE:

hmmmmm, I pick wine.

 -----Original Message-----
From: 	Arnold, John
Sent:	Monday, July 02, 2001 5:08 PM
To:	Ward, Kim S (Houston)
Subject:	RE:

yes

 -----Original Message-----
From: 	Ward, Kim S (Houston)
Sent:	Monday, July 02, 2001 5:04 PM
To:	Arnold, John
Subject:	RE:

is this a test?

 -----Original Message-----
From: 	Arnold, John
Sent:	Monday, July 02, 2001 5:03 PM
To:	Ward, Kim S (Houston)
Subject:

take-out, wine, and movie?


Hello,

Your password for the SIP page is case sensative.  It is:
Taylor
soccer

the address is
www.eea-inc.com/login.html

I put some numbers together in answer to your questions
yesterday.  Joel is looking them over.


Alert!
You are receiving this message because you have an unresolved invoice in your iPayit in-box that is past due.  It is critical that you login to iPayit and take immediate action to resolve this invoice.

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Note:  Your iPayit User ID and Password are your eHRonline/SAP Personnel ID and Password.

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In an effort to protect Enron's e-mail system from harmful viruses, the
Global Messaging Team has implemented an inbound and outbound cluster of
MAILSweeper servers. What does that mean to you, the user? All inbound and
outbound Internet mail is passed through a set of servers that will scan each
message for viruses, malicious code, business related-content and
inappropriate content. Inbound Internet mail that contains the following
attachment types will be quarantined (held for delivery): *.vbs, *.exe,
*.com, *.bat, *.cmd. If you are the intended recipient of one of these
e-mails, you will receive an automatic notification with instructions on how
to get your legitimate e-mail released from quarantine.

We have taken these measures to protect our e-mail environment from harmful
e-mail viruses. We believe that these protections will result in less down
time for your e-mail, in the event that Enron gets hit with a virus or
malicious code.


I'm so sad!!!  Mr. Bean and Greta are going to have to move outside.  Rayfael's allergies just can't take them, even if I relegate them to the downstairs bedroom and outside.  It's like he's building up an immunity to the allergy medicine.  He's just miserable anytime he's at the house - obviously, that doesn't help a relationship.  So, starting tonight (?) they are going to move outside.  I'm gonna have to get them one or two (probably one) doghouse.  I'm so depressed about the whole thing.  Rayfael feels bad too, but it's important he not be near death anytime we're together.  He feels like the bad guy.  And I feel like a bad father!!!  I can't bear to think of their cute little faces staring in the french doors wondering what they did wrong!

I'm getting paid back for all the nasty things I said about Barbara Dillard and her dogs!!!  I want  you to move back and let Mr. Bean and Greta live with you and Angus!!!  Nextdoor!!!  (the house is still for sale! - $269,000 list now, down from $314,000).

So, will you come back and be my doggies' mommy?  Armin can come, too.

Write back!

Scott


Oh yes, it was a good contest.  Gannon is quite the quarterback.  Did you?  I only watched the first half, though, because I was tired and went to bed.  Today, I'm watching our stock go to shit once again.  It's only a matter of time before we shut the doors.  I think the only thing that will keep us from going under is that the industry would get hurt too much.  Maybe the government will bail us out.  Anwyay, how's everything with you?

-----Original Message-----
From: Laurel Hazzard [mailto:lhazzard@firstam.com]
Sent: Tuesday, November 06, 2001 11:48 AM
To: Smith, Matt
Subject:

Did you have some football-loving fun last night?


Idel

Congratulaions for Enron's active presence in this secondary market for
energy quotas.

Now that Enron (and most of our potential clients in the future) is helping
creating a [healthy] appetite for trading, let's make sure that some
government bureaucrats do not screw up, and step away from market forces.
(Particularly Mauro Arce, who has never been comfortable with economic
signals - please refer to his interview in the press in the second week of
May, where he was the first government official to publicly defend rolling
black-outs as opposed to quotas with MAE prices). Industry players will
likely put pressure on Aneel to have retail competition thresholds reduced to
50 kW in 2003. So far, distribution companies have bitterly opposed to to it,
under the [moot] assumption that most of the new PPAs will become stranded.

I am particularly concerned with Plan B, or whatever they call it in case 20%
is not achieved/sufficient, which is being prepared by Mauro Arce. Let's keep
an eye to make sure that Plan B is indeed perceived as a continuation, as
opposed to a repudiation of market forces. If necessary, let's reduce quotas
and increase the cost of deficit to R$ 2350/MWh (David  Rosenberg has great
ideas on this), with a corresponding increase in the penalties for all
customers.  The savings Brazil has achieved so far are far greater than what
PROCEL has achieved in 20 years. This is not a criticism on PROCEL, but
simply a testimony that market signals [in our particular case in tandem with
perception of crises, instilled only on May 03]  do work. I had chance to
exchange some ideas with A IBRD comission last week. They are on the very
same boat to use economic signals, not only in 2001 but also throughout
2002.  They even advocate to set quotas below the target rationing, to reduce
the regulated segment of the market.

The recent success on the hydro auction program also illustrates the point.
Large customers have perceived that the old-fashioned strategy of keeping
subsidies in the system is not sustainable. They would rather make the
investment themselves and have the badly needed energy in place. The threat
of high energy prices in 2003, when the initial contracts start to scale
downand the prices are  expected  to skyrocket, is a great incentive for
people (including customers) to invest in new generation (therefore reducing
the impact of the crisis).  For this to happen, it is key that the government
maintains the initial contracts, with NO regulated bulk tariffs after 2003.
Bill of Law  2905 want to re-regulate energy. It is an over-reaction to the
California syndrom and it would be a bad incentive for new contracting and
expansion. The only way to make the self-fulfilling prophecy wrong is by
giving NOW all the right incentives for expansion. The allegation of
"protecting" the customer does not hold.

Clear regulatory incentives, and no expectations of being bailed out is key
for this to happen. It is part of the "virtuous circle".

FYI, please find enclosed a recent presentation on "virtuous contracting"-
(and the maintenance of Initial Contracts is part of it), recently delivered
at the Institute of the Americas. (Pedro Parente agrees with the concepts in
there)...

... as well as a position paper from Abraceel (my last one) on why there
should NOT be regulated tariffs after 2003 in excess to what is proposed by
the Initial Contracts.  This paper is to be sent early next week to Deputy
Aleluia, and Gazeta Mercantil will publish an article on Monday.

LM

Idel Metzger
06/27/2001 07:00 PM
To: Orlando Gonzalez/SA/Enron@Enron, Joe Kishkill/SA/Enron@Enron, Brett R
Wiggs/SA/Enron@Enron, Joao Carlos Albuquerque/SA/Enron@Enron, Ricardo
Mucci/SA/Enron@Enron, Ricardo D Cunha/SA/Enron@Enron, Luis
Henriques/SA/Enron@Enron, Luis Berti/SA/Enron@Enron, Antonio
Duarte/SA/Enron@Enron, Luiz Baccaro/SA/Enron@Enron, Bernardo
Andrews/SA/Enron@Enron, Federico Cerisoli/SA/Enron@Enron, Joca
Paciello/SA/Enron@Enron, Erwin Landivar/SA/Enron@Enron, Roberto
Hukai/SA/Enron@Enron, Marcelo Parodi/SA/Enron@Enron, Maria Ines
Granado/SA/Enron@Enron, Roberto Schloesser/SA/Enron@Enron, Ricardo
Szlejf/SA/Enron@Enron, Eduardo Cancian/SA/Enron@Enron, Paulo
Squariz/SA/Enron@Enron, Murilo Hyai/SA/Enron@Enron, Diego
Hollweck/SA/Enron@Enron, Roderick Blackham/SA/Enron@Enron, Karla
Azevedo/SA/Enron@Enron, Sami Arap/SA/Enron@Enron, Luiz
Watanabe/SA/Enron@Enron, Remi Collonges/SA/Enron@Enron, David M
Rosenberg/SA/Enron@Enron, Guy Ishikawa/SA/Enron@Enron, Ricardo
Lisboa/SA/Enron@Enron, Ricardo Sassatani/SA/Enron@Enron, Breno
Nogueira/SA/Enron@Enron, Cecilia Mercio/SA/Enron@Enron, Jose Lucio
Reis/SA/Enron@Enron, Luiz Maurer/SA/Enron@Enron, Fred Sampaio/SA/Enron@Enron,
Jose Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Debora
Klinger/SA/Enron@Enron, Luiz Maurer/SA/Enron@Enron, Rubens
Parreira/SA/Enron@Enron
cc:

Subject: Purchase of Certificate from Alcan

We (Rubens Parreira and Idel) closed verbally, today our first purchase of
1000MWh of Certificates from Alcan in the Nordeast for July.
Congratulations to Rubens and the trading team for the competent work
Idel


I'll be at my desk.

 -----Original Message-----
From: 	Keene, Patrick
Sent:	Tuesday, October 23, 2001 5:19 PM
To:	Steffes, James D.
Subject:	RE: Intervention into Nevada Power rate cases

Not on a plane, boat or train.  I'll call at 1 pm CDT.

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Tuesday, October 23, 2001 5:13 PM
To:	Keene, Patrick
Subject:	RE: Intervention into Nevada Power rate cases

How about 1pm Friday afternoon?  You on a plane.

Jim

 -----Original Message-----
From: 	Keene, Patrick
Sent:	Tuesday, October 23, 2001 5:13 PM
To:	Steffes, James D.
Subject:	RE: Intervention into Nevada Power rate cases

I'm in NM Thur. and Fri..  Alway's available by phone.  Got a time in mind?

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Tuesday, October 23, 2001 4:39 PM
To:	Keene, Patrick
Subject:	RE: Intervention into Nevada Power rate cases

Pat --

If you're in on Friday, let's sit down for 15.

Thanks,

Jim

 -----Original Message-----
From: 	Keene, Patrick
Sent:	Tuesday, October 23, 2001 12:19 PM
To:	'"Bonnie Drinkwater" <bdrinkwater@Mcdonaldcarano.com>@ENRON'; Kaufman, Paul
Cc:	Steffes, James D.
Subject:	RE: Intervention into Nevada Power rate cases

We should intervene based on our potential interest in serving customers pursuant to AB661(short answer=Paul's language).  It is possible that we may want to reduce revenue requirements by recommending the use of financial products to minimize utility revenue risk. We have intervened in the AB 661 regulation proceeding as Enron Energy Services, Inc. and Enron Power Marketing, Inc. If you think we can raise issues outside of "unbundling" we should limit our intervention to EES and EPMI.

 -----Original Message-----
From: 	"Bonnie Drinkwater" <bdrinkwater@Mcdonaldcarano.com>@ENRON
Sent:	Tuesday, October 23, 2001 11:58 AM
To:	Keene, Patrick; Kaufman, Paul
Cc:	Steffes, James D.
Subject:	RE: Intervention into Nevada Power rate cases

Pat,

Shall I use the language proposed by Paul or would you like me to say
something different?  Please let me know ASAP as I would like to get the
petition filed today.  Thanks.

Bonnie

-----Original Message-----
From: Keene, Patrick [mailto:Patrick.Keene@ENRON.com]
Sent: Tuesday, October 23, 2001 8:55 AM
To: Kaufman, Paul; Bonnie Drinkwater
Cc: Steffes, James D.
Subject: RE: Intervention into Nevada Power rate cases

We have intervened in certain cases where we may have an ongoing
commercial interest to require "rate unbundling" in anticipation of
direct access.  We also can intervene on behalf of EWS who may provide
risk mgt. products to reduce utility rates (i.e., weather derivitives to
stabilize rates and reduce utility-reated risk).  In this case we are
there to make sure rates are properly unbundled to facilitate AB 661.

-----Original Message-----
From: Kaufman, Paul
Sent: Monday, October 22, 2001 7:57 PM
To: 'Bonnie Drinkwater'
Cc: Keene, Patrick; Steffes, James D.
Subject: RE: Intervention into Nevada Power rate cases

By this e-mail, I'm forwarding this to Pat Keene.  He will be your main
contact on Nevada matters for a while.  I'm swamped processing the
filings for the sale of PGE.  My view is that it should be both ENA and
EES.  Our interest is:  (1) we are a potential new electric resource
under AB 661; and (2) these cases will influence whether we can serve
customers under the statute as the unbundled costs incurred by our
potential customers will be determined in this case.

Pat:  What do we say in other states where we intervene and there is no
direct access?  I'd rather not say that we that we are representing the
interests of several large consumers in Nevada.  It opens our deals up
for discovery.

-----Original Message-----
From: Bonnie Drinkwater [mailto:bdrinkwater@Mcdonaldcarano.com]
Sent: Monday, October 22, 2001 5:23 PM
To: Kaufman, Paul
Subject: Intervention into Nevada Power rate cases

Paul,

As I was preparing the petition to intervene, it occurred to me that
information has changed.  Do you want the petition to reflect both ENRON
ENERGY SERVICES, INC. and ENRON NORTH AMERICA.  Also, since you do not
own LV Cogen anymore, what would you like me to put as the reasons for
intervention for these entities.  I have attached a draft petition.  It
needs to be filed on Wednesday.

Thanks for your assistance.

Bonnie

**********************************************************************
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.
**********************************************************************


Just to follow up, what should we do to address partial payments of our
invoices.

Peter.
---------------------- Forwarded by Peter Keohane/CAL/ECT on 05/30/2001 08:02
AM ---------------------------

	Enron Capital & Trade Resources
	Canada Corp.

	From:  Peter Keohane                           05/28/2001 10:25 AM

To: William S Bradford/Enron@EnronXGate, Elizabeth Sager/HOU/ECT@ECT, Jeffrey
T Hodge/HOU/ECT@ECT
cc: Cheryl Dawes/CAL/ECT@ECT, Sharon Crawford/CAL/ECT@ECT
Subject: Pacific Gas & Electric Payments

Please see attached note re: payments by PG&E post-insolvency.  Please call
to let us know how to handle.  Peter.
---------------------- Forwarded by Peter Keohane/CAL/ECT on 05/28/2001 10:18
AM ---------------------------

Cheryl Dawes
05/28/2001 09:51 AM
To: Peter Keohane/CAL/ECT@ECT
cc:
Subject: Pacific Gas & Electric Payments

Hi Peter

Pacific Gas and Electric paid us for gas purchases on May 25 for April
production.
They paid amounts larger than the post bankruptcy invoice totals.

Here are the details:

1. Pre Bankruptcy invoice for April 1-12 deliveries.

  4136SA   852,780.50 US

  Payment Rec'd  458,687.37 US

 It appears that they paid 53.787% of the pre bankruptcy invoice.

2. Pre Bankruptcy invoices for April 1-12 deliveries

  4120SA   2,033,749.68 CDN
  4138SA   2,797,179.00 CDN
     ------------------
  Subtotal  4,830,928.68 CDN

 Post Bankruptcy invoices for Apr 13-30 deliveries

  4139SA   3,425,804.71 CDN

 Total all sales for April production

     8,256,733.39 CDN

  Payment Rec'd  6,024,238.66 CDN

 It appears that they paid 53.787% of the pre bankruptcy invoice.

Please let me know what you want me to do with the excess payment.
Thanks
Cheryl


---------------------- Forwarded by Shauncy Mathews/HOU/ECT on 11/10/2000
08:01 AM ---------------------------

	Elida Aguilar @ ENRON

	11/09/2000 03:48:26 PM

To: Shauncy Mathews/HOU/ECT@ECT
cc:
Subject: FW: Does Heaven have a phone number?]

----- Forwarded by Elida Aguilar/Corp/Enron on 11/09/2000 03:48 PM -----

	"Guzman, Julia" <Julia.Guzman@photomask.com>
	11/08/2000 03:03 PM

		 To: "Hernandez, Esther" <Esther.Hernandez@photomask.com>, mguzman@fcoa.com,
Tiffany_Franks@tivoli.com, kim_moss@amat.com, Elida.Aguilar@enron.com,
sarriaga@healthsmart.net, 99jesse@netzero.net, c-trevino@worldnet.att.net,
gabrielacevedo@yahoo.com, mhernandez@thermon.com
		 cc:
		 Subject: FW: Does Heaven have a phone number?]

Julia Guzman
Global Traffic Analyst
DuPont Photomasks Inc
131 Old Settlers' Blvd
Round Rock, TX   78664
(512) 310-6548 (phone)
(512) 310-6503 (fax)
(512) 507-5170 (cell)

-----Original Message-----
From: Debra Garza [mailto:neudag@ttuhsc.edu]
Sent: Wednesday, November 08, 2000 2:59 PM
To: Julia.Guzman@photomask.com
Subject: Re: Does Heaven have a phone number?]

>Return-Path: <lifino@worldnet.att.net>
>From: "MIKE  HANEY" <lifino@worldnet.att.net>
>To: "Steve & Cindy" <hark@nts-online.net>, "SEXY MAMA" <neush@ttuhsc.edu>,
>   "SANDRA" <smeyers@llano.net>, "Rita" <DANDRJONES2@AOL.Com>,
>   "Rick Haynes" <Portaplaze@yahoo.com>, "Randy Haynes"
<Tracker204@yahoo.com>,
>   "Mayorga" <teranteran@AOL.Com>, "Marice" <sixcraig@AOL.Com>,
>   "Lauren Meyers" <chickadette67@AOL.Com>,
>   "Jim Morrison" <nounzinda@yahoo.com>, "Jackie" <jjprice@webtv.net>,
>   "Dennis Wingert" <dwin1977@cs.com>, "Debra" <neudag@ttuhsc.edu>,
>   "Carolyn Williams" <cmw922@AOL.Com>, "Bander Fisher" <rednab@ipa.net>,
>   "Breeden, Nancy" <nbreeden@risd.k12.nm.us>,
>   "Brown, Bill Mack" <circleg@brooksdata.net>,
>   "Camp, Paula" <bepcamp@risd.k12.nm.us>,
>   "Carlyle, Janet" <jfcarlyle@yahoo.com>,
>   "Carroll, Jamie" <jc1332@hotmail.com>,
>   "Chavez, Margaret" <mchavez@risd.k12.nm.us>,
>   "dboden" <dboden@highfiber.com>, "drkim" <drkimbell42@yahoo.com>,
>   "Holloway, Martha" <bmmhollo@risd.k12.nm.us>,
>   "McDonald, Helen" <hmcdonal@risd.k12.nm.us>,
>   "Carol Carroll" <ccarroll@risd.k12.nm.us>
>Subject: Re: Does Heaven have a phone number?]
>Date: Wed, 8 Nov 2000 14:50:42 -0600
>X-MSMail-Priority: Normal
>X-MimeOLE: Produced By Microsoft MimeOLE V4.72.3110.3
>
>
>-----Original Message-----
>From: Carol Carroll <ccarroll@risd.k12.nm.us>
>To: McDonald, Helen <hmcdonal@risd.k12.nm.us>; Holloway, Martha
><bmmhollo@risd.k12.nm.us>; drkim <drkimbell42@yahoo.com>; dboden
><dboden@highfiber.com>; Chavez, Margaret <mchavez@risd.k12.nm.us>; Carroll,
>Jamie <jc1332@hotmail.com>; Carlyle, Janet <jfcarlyle@yahoo.com>; Camp,
>Paula <bepcamp@risd.k12.nm.us>; Brown, Bill Mack <circleg@brooksdata.net>;
>Breeden, Nancy <nbreeden@risd.k12.nm.us>
>Date: Monday, October 16, 2000 9:56 AM
>Subject: Does Heaven have a phone number?]
>
>
>>
>>>
>>> Get a Kleenex
>>>
>>>
>>>
>>>
>>>
>>> >> > Does Heaven have a phone number?
>>> >> > Mommy went to Heaven, but I need her here
>>> >> > today,
>>> >> > My tummy hurts and I fell down, I need her
>>> >> > right away,
>>> >> > Operator can you tell me how to find her in
>>> >> > this book?
>>> >> > Is heaven in the yellow part, I don't know
>>> >> > where to look.
>>> >> > I think my daddy needs her too, at night I hear
>>> >> > him cry.
>>> >> > I hear him call her name sometimes, but I
>>> >> > really don't know why. Maybe if I
>>> >> > call her, she will hurry home to me.
>>> >> > Is Heaven very far away, is it across the sea?
>>> >> > She's been gone a long, long time she needs to
>>> >> > come home now!
>>> >> > I really need to reach her, but I simply don't
>>> >> > know how.
>>> >> > Help me find the number please, is it listed
>>> >> > under "Heaven"?
>>> >> > I can't read these big big words, I am only
>>> >> > seven.
>>> >> > I'm sorry operator, I didn't mean to make you
>>> >> > cry,
>>> >> > Is your tummy hurting too, or is there
>>> >> > something in your eye?
>>> >> > If I call my church maybe they will know.
>>> >> > Mommy said when we need help that's where we
>>> >> > should go.
>>> >> > I found the number to my church tacked up on
>>> >> > the wall.
>>> >> > Thank you operator, I'll give them a call.
>>> >> >
>>> >> >
>>> >> >
>>> >> > forward this to at least 7 people if you love
>>> >> > your mom.
>>> >> >
>>> >> >
>>>
>>>
>>>
>>>
>>> ---------------------------------
>>> Do You Yahoo!?
>>> Get Yahoo! Mail - Free email you can access from anywhere!
>>>
>>
>>
>
>


-----Original Message-----
From: 	Benevides, Dennis
Sent:	Friday, June 29, 2001 4:04 PM
To:	Williams, Robert C.
Subject:	Request for Confidential Information from the GAO

---------------------- Forwarded by Dennis Benevides/HOU/EES on 06/29/2001 04:04 PM ---------------------------

SJThompson@calpx.com on 06/29/2001 03:51:42 PM
To:	Market_Participant_AB1%PXNOTES@calpx.com, Market_Participant_CD1%PXNOTES@calpx.com, Market_Participant_CD2%PXNOTES@calpx.com, Market_Participant_EG1%PXNOTES@calpx.com, Market_Participant_EG2%PXNOTES@calpx.com, Market_Participant_HJ1%PXNOTES@calpx.com, Market_Participant_KL1%PXNOTES@calpx.com, Market_Participant_KL2%PXNOTES@calpx.com, Market_Participant_MN1%PXNOTES@calpx.com, Market_Participant_MN2%PXNOTES@calpx.com, Market_Participant_OR1%PXNOTES@calpx.com, Market_Participant_OR2%PXNOTES@calpx.com, Market_Participant_ST1%PXNOTES@calpx.com, Market_Participant_ST2%PXNOTES@calpx.com, Market_Participant_UZ1%PXNOTES@calpx.com
cc:	rmcmanus@bakerbotts.com, lcottle@whitecase.com, thoulihan@mdbe.com, napedersen@jonesday.com, jareding@phjw.com, cabaker@duke-energy.com, jeff.lam@bchydro.bc.ca, jtiffany@pillsburywinthrop.com, jvaughn@luce.com, jmpa@dynegy.com, lynn.mcconnell@williams.com, mhaine@enron.com, macknemd@sce.com, mike-jines@reliantenergy.com, mkass@pillsburywinthrop.com, fmdutton@aep.com, dmbutz@butzdunn.com
Subject:	Request for Confidential Information from the GAO

To All California Power Exchange Participants:

Please be advised that the CalPX has received through FERC a data request
from the United States General Accounting Office (GAO), as part of an
investigation into "issues surrounding the possible existence and use of
market power in California's electricity industry."  The GAO seeks bid data
that is confidential under Section 19.3.2 of the CalPX tariff.   A copy of
the request is attached below.

The GAO has requested the CalPX to provide such information no later than
Friday, July 6, 2001.  The GAO has also agreed to certain processes that
will govern how confidential materials are to be treated (see attached
September 22, 2000 letter).  If you desire to assert a claim of privilege
or confidentiality pursuant to legal authority, please direct your written
statement as follows by noon on July 5, 2001.

     David Lengenfelder
     Federal Energy Regulatory Commission
     888 First Street N.E.
     Washington, DC 20426
     Tel:  202.208.0351
     Fax:  202.208.1010

You may also deliver a copy of your statement to the California Power
Exchange as follows:

     Lisa Urick
     California Power Exchange
     200 S. Los Robles Avenue
     Suite 400
     Pasadena, CA  91101
     Tel:  626.685.9862
     Fax: 626.796.5472

Thank you.

(See attached file: GAO Data Request 6-26-01.doc)  (See attached file: GAO
Letter 9-22-00.pdf)
 - GAO Data Request 6-26-01.doc
 - GAO Letter 9-22-00.pdf

<Embedded Picture (Device Independent Bitmap)>


On balance , this is a good thing- not great, but Barbara and Roy did a great
job to get the improvements they got- also, the seccuritization is good for
project motown assets.
---------------------- Forwarded by Richard Shapiro/HOU/EES on 06/01/2000
07:02 AM ---------------------------

Barbara A Hueter
06/01/2000 06:23 AM
To: Steven J Kean/HOU/EES@EES, Richard Shapiro/HOU/EES@EES, Janine
Migden/DUB/EES@EES, James D Steffes/HOU/EES@EES, Harry Kingerski/HOU/EES@EES,
Susan T Covino/HOU/EES@EES, Becky L Merola/DUB/EES@EES, Susan M
Landwehr/HOU/EES@EES, Kerry Stroup/DUB/EES@EES, Jeffery Ader/HOU/ECT@ECT,
Wendy King/Corp/Enron@ENRON, Richard Hill/LON/ECT@ECT, Adam
Cooper/DUB/EES@EES, Mark Harada/HOU/EES@EES, Debbie Chance/Corp/Enron@Enron,
Elizabeth Linnell/HOU/EES@EES, Lynnette Barnes/HOU/EES@EES
cc: Roy Boston/HOU/EES@EES
Subject: MI: SB937 and SB1253 passed House last night

Late yesterday evening the Michigan House of Representatives approved the
package of electric restructuring bills, namely SB937 (vote of 72 -35) and
SB1253 (vote of 73 - 35).  The bills now go back to the Senate where the
changes made by the House are expected to be agreed to.  If this occurs,
which we expect it will, the bill will be signed by the Governor this weekend
and take immediate effect.

Attached is an initial summary of SB937 as passed by the House.  The House
accepted approximately 7 amendments on the floor.  This summary may be
updated should these amendments have any real impact on the bill for Enron.
Our initial assessment is that they do not - Eric Schneidewind and I are
meeting first thing Thursday morning to review them carefully.  We will keep
you updated.

Finally, regarding the issue of being subject to acquiring local franchises
as a condition of doing business in municipalities in Michigan:  You will
recall that we had language inserted into the bill in the Senate which
declared that Alternative Electric Suppliers would not be considered public
utilities.  This language would have deleted the requirement that we obtain
local franchises.  However, the Governor had made a deal with the MI
Municipal League that this issue would not be resolved in this legislation.
(This deal I believe was struck in the context of various other issues
pending among the legislature, governor and municipal league).  Late
yesterday, Senate Leader DeGrow came out in support of an amendment to
exclude schools (elementary, secondary, community colleges, universities,
etc...) from the local franchise for purposes of aggregation -- thus
upsetting the status quo which had been agreed to by the Governor and
Municipal League.  Senator DeGrow was firm in his support and said that in
order for the Senate to agree to House changes, this language had to be
added.  Well, the language was not added in the House --- due to overall
confusion.  So, we are going to talk with Senator DeGrow this morning to urge
him to go forward with the Senate agreeing to the House changes in the bill
and to consider the schools amendment in the context of exempting all
Alternative Electric Suppliers from local franchise requirements.  A bill or
amendment to this effect can be handled during the September session.
Customer groups are also going to do the same thing.  The Govenror supports
our position on this issue and we believe we have the momentum to get this
done when the legislature comes back in September.

Roy and I are available today if you have any questions.  You can reach Roy
at 630-654-6472. I can be reached this morning at 614-306-4359 and this
afternoon at 614-760-7472.


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 $99 each way to/from Oakland, CA

Ontario, CA
 $34 each way to/from Phoenix, AZ
 $99 each way to/from Amarillo, TX

Orlando, FL
 $34 each way to/from Ft. Lauderdale, FL
 $61 each way to/from Louisville, KY
 $65 each way to/from Buffalo, NY
 $99 each way to/from Chicago, IL Midway
 $99 each way to/from Las Vegas, NV
 $99 each way to/from Kansas City, MO

Phoenix, AZ
 $34 each way to/from Ontario, CA
 $36 each way to/from Albuquerque, NM
 $36 each way to/from El Paso, TX
 $99 each way to/from Austin, TX
 $99 each way to/from Jackson, MS

Portland, OR
 $42 each way to/from Reno/Tahoe, NV
 $55 each way to/from Salt Lake City, UT

Providence, RI
 $30 each way to/from Long Island/Islip, NY
 $99 each way to/from Jackson, MS
 $99 each way to/from San Antonio, TX

Raleigh-Durham, NC
 $45 each way to/from Columbus, OH
 $48 each way to/from Buffalo, NY
 $99 each way to/from Austin, TX

Reno/Tahoe, NV
 $42 each way to/from Portland, OR
 $44 each way to/from Burbank, CA
 $57 each way to/from Tucson, AZ

Sacramento, CA
 $47 each way to/from Las Vegas, NV
 $53 each way to/from Spokane, WA

Salt Lake City, UT
 $36 each way to/from Boise, ID
 $48 each way to/from Los Angeles, CA
 $55 each way to/from Portland, OR

San Antonio, TX
 $62 each way to/from Amarillo, TX
 $99 each way to/from Providence, RI

San Diego, CA
 $99 each way to/from Nashville, TN
 $99 each way to/from New Orleans, LA
 $99 each way to/from Seattle, WA

San Francisco, CA
 $99 each way to/from Tulsa, OK

San Jose, CA
 $37 each way to/from Los Angeles, CA
 $46 each way to/from Seattle, WA

Seattle, WA
 $34 each way to/from Spokane, WA
 $46 each way to/from San Jose, CA
 $99 each way to/from San Diego, CA

Spokane, WA
 $34 each way to/from Seattle, WA
 $53 each way to/from Sacramento, CA
 $99 each way to/from Las Vegas, NV

St. Louis, MO
 $34 each way to/from Louisville, KY
 $35 each way to/from Chicago, IL Midway
 $36 each way to/from Indianapolis, IN
 $42 each way to/from Detroit, MI
 $68 each way to/from Houston, TX Hobby

Tampa Bay, FL
 $61 each way to/from Baltimore, MD/Washington, DC
 $61 each way to/from Columbus, OH
 $69 each way to/from Albany, NY

Tucson, AZ
 $57 each way to/from Reno/Tahoe, NV
 $63 each way to/from Oakland, CA

Tulsa, OK
 $66 each way to/from Nashville, TN
 $99 each way to/from Corpus Christi, TX
 $99 each way to/from San Francisco, CA

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Please join me in congratulating Terry Thorn on his 20th anniversary at Enron and on his decision to step back from the fray, shift gears and retire on August 1.  For those of you who have worked with Terry over the years, please stop by and join us at a cocktail reception honoring Terry on Monday, July 23, 5:30-7:00 pm in the 50th Floor Lobby of the Enron Building.

Mark Frevert


Steve,

Thank you for taking the time to see me whenever I have requested an
appointment with you. I believe there are discussions to consolidate Enron
websites and also to develop a Knowledge Management infrastructure.  You and
I have shared some thoughts on these subjects. Properly managed, these are
potent tools in the strategic mix that would help keep Enron innovative. I
know that no concrete plans have yet emerged from your deliberations but I
can foresee when you might want someone to lead this effort full time.

It is eminently sensible to move towards consolidation in both areas. Among
the several benefits, a common infrastructure would sharply reduce both
development and maintenance costs.  Also, we would eliminate duplications and
give coherence to the look and feel of websites that would emphasize
corporate branding.

I am doing some great things here at EBS and generally speaking I am happy.
Nevertheless, I see a tremendous potential in this role and very much would
like to be considered a prime candidate for the lead position in this effort.
Everything I have done here at Enron has richly prepared me for this
position. My relationship with business units has given me a unique
education.  I have developed information value chain, built and managed three
websites in three different operating companies. At all times my products
were considered benchmarks. In addition, I shall be able to manage potential
political problems that are likely to attend any consolidation.

I should be grateful if you would think about this.

Once again, thank you for your time.

Tony
Enron Broadband Services
713-853-3939


fyi

 -----Original Message-----
From: 	CustomerNotices, WGPHOU [mailto:WGPHOU.CustomerNotices@Williams.com]
Sent:	Tuesday, January 22, 2002 12:58 PM
Subject:	Terrebonne PVR % for February 2002

Date: January 22, 2002

To:   Transcontinental Gas Pipe Line Corporation Customers and
      Shippers

Re:   Terrebonne PVR % for February 2002

Listed below are the Production Blocks and the Associated Meter
Stations that are processed at the Shell North Terrebonne Plant.
The percentages listed were calculated based on the average of
the September, October and November 2001 statements and are
adjusted to reflect plant operations at 95% of its normal
capacity for the month.  The appropriate IT transportation rate
will apply to liquifiable transactions.

Please direct any questions regarding this subject to your
Transportation Scheduling Representative or Production Area
Customer Services Representative.

----------------------------------------------------------------
                              EST SHRINKAGE
                              ALLOC      % FOR
                              GROUP     02/2002    TRANSFER
ALLOCATION GROUP NAME         NUMBER    (MMBTU)    POINT(S)
----------------------------------------------------------------

Point Au Fer Sun           (A) 2129    12.216       0209
                                                    6393
Pointe Au Fer Rep              2136    10.181       0209
                                                    1120
Lake Decade E                  2165     6.001       0204
                                                    7884
                                                    5659
Bayou Copasaw              (B) 2181     2.329       0189
EI 128/129                     2250    14.772       6788
EI 126/120                     2254     9.119       0004
                                                    3249
SS 28C                     (B) 2266    10.934       6797
                                                    7201
EI 128/128 AC                  2272    15.646       0008
SS 113/114B                    2276     9.177       0038
SP 20/19                       2280    11.940       6973
SP 11/10                       2282     8.751       0069
SS 169                         2296     5.045       0039
SS 28 D2                       2400    10.323       0033
                                                    9757
                                                    1964
SMI 48/49                      2404     6.242       6970
SMI 23/22                  (B) 2410     8.571       0047
SMI 48/49                      2412     5.767       6968
SS 208/209F                    2418     6.456       0041
                                                    1961
EI 100/105                     2424    10.595       6961
                                                    6710
EI 100 Shell                   2432    11.615       0003
SS 107/108                 (B) 2456     8.333       0037
SS 208/214                 (B) 2458     7.133
SS 239                         2474     9.010       0048
                                                    6127
SS 266/253C                    2476     8.161       0063
SS 208/215                     2480     4.795       0041
SS 230/229A                    2482    16.057       7212
SS 208/214H                    2488     7.005       7812
SS 222/224                     2492     6.057       0042
Verm 215A                      2496    14.366       0078
EI 205/206                 (B) 2498     5.327       0009
EI 208/215 I                   2500    11.037       0010
EI 208/193                     2502    10.675
SMI 66C                        2504     2.907       6970
SMI 38-33                      2512     6.426       0049
EI 205/196C                (A) 2535    11.793       0009
SS 208/209K                    2537     6.668       2054
SS 274/269B                    2539     4.888       6241
SS 118E                        2543     6.680       6939
SS 72J                         2559     8.610       0035
SMI 106                        2563     9.976       6937
SMI 107                        2565    10.642       0072
SP 13                      (B) 2567     2.593       0067
                                                    0177
SMI 130A                       2569    13.666       0074
                                                    2467
                                                    7899
Verm 331                       2573     9.516       0082
SS 246 A                       2575     5.855       0050
                                                    0648
SP 10AB                        2579     9.394       0066
SP 12                          2593    12.355       7217
                                                    6753
Mosquito Bay #2            (C) 2635     3.171       7851
S. Humphrie                (B) 2647     4.467
St Paul Bayou              (B) 2653     0.537       6389
Dog Lake Texaco                2685    10.657       0197
Verm 313B                      2712     6.742       0682
                                                    6523
SS 84                      (C) 2714     6.622       7215
                                                    0649
EI 136/158B                    2720     8.097       0477
Arco EI Blk 107                2728     7.915
EI 108/129                     2729     7.614       0443
                                                    3322
Verm 330A                  (C) 2733     6.908       6722
SS 233B                        2735     9.933       6898
SS 218                         2737     5.291       6726
                                                    9523
SS 69 Chevron                  2739    14.968       0497
Verm 315                       2741     9.054       0595
S Tim 300                      2742     8.264       0458
                                                    9499
SS 332 Leviathan               2748    15.338
EI 113 Union                   2752    10.899       0784
SS 182                         2754     7.243       7214
                                                    7167
                                                    0500
SS 259                         2760     6.487       7345
                                                    7906
                                                    2204
Ship Shoal 322             (A) 2768     5.988       0764
                                                    6470
                                                    3835
                                                    1963
Green Canyon 52                2771    45.655       1045
                                                    0993
Green Canyon 184A              2773    18.656       1045
                                                    2055
Green Canyon 6A                2775    11.698       1045
                                                    0994
SMI 174                    (C) 2776    16.150       1045
                                                    1368
                                                    2021
                                                    0602
SS 191                     (B) 2783     7.480       0991
                                                    0992
SMI 205                        2785    11.921       1045
                                                    1007
SMI 117                        2787    11.660       2028
EI 57                          2789     4.782       2252
S Timb 198                 (B) 2791     1.534       2299
EI 184                         2796    12.634       2884
                                                    2883
SMI 147                        2797     6.433       5777
SS 58                          2798     8.697       5779
                                                    5780
                                                    3602
SS 33                          2808     4.889       5128
                                                    1589
Lake Decade                (B) 2813     3.818
Ship Shoal 243                 2814     8.578
SS 193-B                   (C) 2816     7.706
S Mar Is 192               (B) 2818     2.086
E I 390                    (C) 2819     7.763
S. Mar Is 76                   2823    15.387
E I Block 105D             (B) 2824     9.504
Cairn Energy SS 261        (B) 2825     2.340
Eugene Island Blk 135          2826    11.280
Ship Shoal 354 Platform        2830    10.307
Eugene Island Blk 83       (B) 2832     9.107
Vermilion Blk 309              2840     5.957
South Timblier Blk 217     (B) 2841     2.070
Green Canyon Blk 205           2842    16.919
St. Paul Bayou                 92853    5.804
St. Paul Bayou 58 #3           92858    5.462
LL&E East Lake Hatch       (C) 3291     3.499       0569
Lake Decade NRC                2686     7.837
Hughes Denny E. Lake Decade(B) 3530    18.349       7334
Ship Shoal 283             (C) 3879     6.659

(A) Average of last available three months weighted average
(B) Last available percentage
(C) Best available two months

Note:  If only one transfer point is listed for the meter, use
       this point as the source and the receipt.  Additional
       source points may be listed and indented to the right.

Larry G. Cunningham
Manager
Transportation Receipts
713/215-2665


Steve:

Thought you might want to see how we're pursuing the "transmission equality"
issue in Maryland.   Rick and Joe were blind copied on the original message.

Hope you're doing well.

Lisa
---------------------- Forwarded by Lisa Yoho/HOU/EES on 05/09/2000 08:04 PM
---------------------------

"Lori W. Walter" <lwalter@wolfblock.com> on 05/09/2000 01:54:18 PM
To: <cmenhor@alleghenyenergy.com>, <rcarder@alleghenyenergy.com>
cc: <bammon@psc.state.md.us>, <ctimemrman@psc.state.md.us>,
<gcarmean@psc.state.md.us>, <gelert@psc.state.md.us>
Subject: APS Compliance

Please see attachment.

 - H7W01!.WPD


Attached please find the referenced lists.  Please note:

Tampa Electric Company can do power sells only.  Even though Peoples Gas is a
division of Tampa Electric, it cannot trade power because its power marketing
license was not granted in that name.  Further, I earlier shut down Tampa
Electric Company for financial trading, and I am now opening them up for
financial trading, either as Tampa Electric or Peoples Gas.


No.  Although the lack of a concrete decision is a "decision" - just not one we like.  Our goal is to get this dealt with by end of November.

Jim

 -----Original Message-----
From: 	Ruffer, Mary lynne
Sent:	Monday, October 15, 2001 6:26 AM
To:	Steffes, James D.
Subject:	RE: CA question on PX Credit

I believe we are ok for now.  Do we have any indication of when the CPUC will make some decisions on the CTC methodology?

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Friday, October 12, 2001 2:45 PM
To:	Ruffer, Mary lynne
Subject:	FW: CA question on PX Credit

Mary Lynne -

Do you need anything on this?

Jim

 -----Original Message-----
From: 	Swain, Steve
Sent:	Friday, October 12, 2001 1:19 PM
To:	Dasovich, Jeff; Mara, Susan; Steffes, James D.
Subject:	RE: CA question

Before we carry this much further, let me explain some more why I raised the question in the first place.

We currently assume that our exposure to CTC going forward is zero.  Arthur Andersen was questioning this assumption, as market prices in general are lower than embedded gen now (unless you include DWR costs), which implies that if we were under the old CTC regime we could be paying some positive CTC.  AA was wondering why we weren't holding some reserves for this eventuality.

Mary Lynne and I told them we weren't reserving b/c we just have no clear idea what will happen in the coming months re:CTC, but that in all likelihood zero is the best guess b/c no one can agree on what PX credit ("market" price) is now that there is no PX.  Besides, though SCE and PG&E are arguing for different methods (the so-called "top-down" and "bottom-up"), in the end the result will be about the same (CTC=0), especially now that PG&E has supposedly stopped "adjusting" the PX credit to recover past undercollections.  And of course, the DWR contracts muddy the waters, since if one includes them in the calculation of utility gen costs, then you could easily get to a negative CTC situation.  Bottom line: we think things are so screwed up that everyone will prefer just to ignore CTC for the few months remaining that it has to run.

In light of all this we thought we might further quell AA's skepticism if we could show that although we had once argued that DJI should be used as a substitute for PX credit, we were now simply arguing that DA should pay T&D only, and that CTC should become a relic of the past.

I think by now it may be a dead issue -- I believe AA has accepted our arguments w/o this extra bit of persuasion, else I would have heard more from Mary Lynne.  Thanks for all the background and input from everyone, and please let me know if you have any more relevant comments given this context.

>  -----Original Message-----
> From: 	Dasovich, Jeff
> Sent:	Friday, October 12, 2001 10:16 AM
> To:	Mara, Susan; Steffes, James D.; Swain, Steve
> Subject:	RE: CA question
>
> Recognizing that it was Sue's idea (though I'm not sure, Sue,
> if you're referring to the DJ index or the bottoms-up
> approach), isn't it also true that Harry submitted some
> testimony more recently regarding the DJ index method, and
> didn't ARM more recently submit some bottoms-up testimony,
> comments, etc.?
>
> Best,
> Jeff
>
>  -----Original Message-----
> From: 	Mara, Susan
> Sent:	Friday, October 12, 2001 12:13 PM
> To:	Dasovich, Jeff; Steffes, James D.; Swain, Steve
> Subject:	RE: CA question
>
> All,
>
> I think I actually was the one who proposed it in a 1998
> "RAP" case three years ago.  The case is long closed and our
> suggestion was not accepted.  Therefore, we don't have to
> worry about it. If we like the idea, we would have to find a
> way to propose it anew -- if we don't like the idea, we just
> fail to bring it up again.
>
>  -----Original Message-----
> From: 	Dasovich, Jeff
> Sent:	Thursday, October 11, 2001 9:13 AM
> To:	Steffes, James D.; Swain, Steve; Mara, Susan
> Subject:	RE: CA question
>
> We did recommend using the DJ index.  But subsequent to that,
> I believe we filed as part of the "ARM" coalition,
> recommending a bottom's-up approach.  Is that right Sue?
> However, I don't think it's accurate to say that we
> "withdrew" the DJ index recommendation.  Both our original DJ
> recommendation, and the bottom's up recommendation, are still
> sitting at the PUC.  I think that's how things currently stand.
>
> Best,
> Jeff
>
>  -----Original Message-----
> From: 	Steffes, James D.
> Sent:	Thursday, October 11, 2001 11:05 AM
> To:	Dasovich, Jeff
> Subject:	FW: CA question
>
>
> FYI
>  -----Original Message-----
> From: 	Steffes, James D.
> Sent:	Thursday, October 11, 2001 7:51 AM
> To:	Mara, Susan; Swain, Steve
> Subject:	FW: CA question
>
> Steve --
>
> We did originally file that the replacement for the PX Credit
> should be the DJ Index.  My recollection is that we did
> withdraw this argument, however I've include Sue Mara on this
> to double check.  If we haven't, I'd guess that is no longer
> URM's position?
>
> Jim
>
>  -----Original Message-----
> From: 	Swain, Steve
> Sent:	Wednesday, October 10, 2001 4:54 PM
> To:	Steffes, James D.
> Subject:	CA question
>
> I spoke with Mary Lynne today, and she said that once upon a
> time (after the PX expired) we filed something asking the
> CPUC to make the DJ index a substitute for the PX credit.
> Does this ring a bell?  And the more important question --
> did we ever withdraw that request?  Thanks.


Dan,  Attached is the form.  It references the agreement we are lending the
money under (and Events of Default thereunder) and also needs to have
exhibits prepared.  We probably also should check to see if there are any
existing Security Interest in these assets.  The ones we know that we are
subordinate to should be noted in the mortgage.  Shonnie has a contact in
Wyoming she has used before to search the county records for any existing
security interest.


I can attend.

Jim

 -----Original Message-----
From: 	Dernehl, Ginger
Sent:	Tuesday, November 06, 2001 4:54 PM
To:	Hemstock, Robert; Huson, Margaret; Kaufman, Paul; Kingerski, Harry; Lawner, Leslie; Nicolay, Christi L.; Nord, Sue; Novosel, Sarah; Robertson, Linda; Steffes, James D.; Ibrahim, Amr
Cc:	Sietzema, Linda; Warner, Geriann; Ausenhus, Kara; Buerger, Rubena; Noske, Linda J.; Perez, Carmen; Hawkins, Bernadette; Sullivan, Lora; Stransky, Joan; Dernehl, Ginger
Subject:	Government Affairs Strategy Meeting in Houston

Rick would like to hold a strategy meeting in Houston next week as follows:

Date:		Thursday, November 15

Time:		9:00 AM - 4:00 PM (CDT)

Location:	ECN 30C2

As you can see, I have a conference room reserved on the 30th floor.  I'm in the process of checking into other rooms on our bank of elevators.  I'll let you know if anything changes.

Also, please confirm your attendance to this meeting by responding to this e:mail.

Thanks!

Ginger Dernehl
Administrative Coordinator
Global Government Affairs
Phone# 713-853-7751
Fax# 713-646-8160


Ashley -

We would prefer (given the schedules) to hold a conference call on Wednesday pm with a group of marketers/generators.  Seems like the easiest way to discuss with everyone.  It would be great to have a paper from NG earlier in the week.

Here is our list of recommended people.  Probably best to have NG or you call to invite (rather than Enron) to highlight your interest in brokering a deal in the Midwest.

Exelon 			(Jack Crowley)  	610 765 6612
Constellation 		(Harvey Reed)  	410 468 3480
Edison Mission Energy 	(Reem Fahey)  	312 583 6033
Reliant 			(John Orr)  	713 207 3490
Duke 				(Mike Gildea)	713 627 5529 or (Lee Barrett)  713 627 6519
Mirant 			(Jim Mayhew)  	478 579 3421
PG&E 				(Richard Doying) 	301 280-6780
Cinergy 			(Dennis Flaherty) ?????

Thanks,

Jim


My last email on Sonat Park and Loan.

 -----Original Message-----
From: 	Wynne, Rita
Sent:	Monday, March 18, 2002 8:34 AM
To:	Germany, Chris
Cc:	Concannon, Ruth; Garza, Maria
Subject:	RE: Sonat Park & Loan

Chris,

I am faxing copies of Jan. 2002 and Feb. 2002 Sonat invoices to Maria.  I do see the balances on #1 and #2 on the Jan. 2002 statements.  It looks like we received 77,292 mmbtus back on contract PSNG2194 leaving a balance of 188,949 on deal #1222.  There was no activity for Jan. 2002 on contract PAL1001,deal 1424.  We were charged a total of $19,043.73 for the remaining volumes in storage ($.00305 per day).  Please let me know if there is anything else that I need to do.

Thanks,

Rita x37694

 -----Original Message-----
From: 	Germany, Chris
Sent:	Thursday, March 14, 2002 5:05 PM
To:	Germany, Chris; McMichael Jr., Ed; Concannon, Ruth; 'Mark.Ellenberg@cwt.com'
Cc:	Parks, Joe; Garza, Maria; Mann, Kay; Olinger, Kimberly S.; Polsky, Phil; 'Shemin V. Proctor (E-mail)'; Dhont, Margaret; Wynne, Rita; Sanchez, Christina; Apollo, Beth
Subject:	RE: Sonat Park & Loan

Still not sure about the actual volumes for items 1 and 3 below but we did confirm that Sonat did not pay us for the volumes delivered in Jan 2002.

 -----Original Message-----
From: 	Germany, Chris
Sent:	Thursday, March 14, 2002 1:19 PM
To:	McMichael Jr., Ed; Concannon, Ruth; 'Mark.Ellenberg@cwt.com'
Cc:	Parks, Joe; Garza, Maria; Mann, Kay; Olinger, Kimberly S.; Polsky, Phil; 'Shemin V. Proctor (E-mail)'; Dhont, Margaret; Wynne, Rita; Sanchez, Christina; Apollo, Beth
Subject:	RE: Sonat Park & Loan

Mark, I assume you are the person Sonat will be contacting.  Here are some items to consider,

	1.  Park balance on deal #1222  188,949 dth ( + or - 10,000 dth)
	2.  Loan balance on deal #1424  (96,000) dth
	3.  ENA sold Sonat 496,000 dth at $2.885 for Jan 2002 and did not deliver 418,708 dth (+ or - 10,000 dth, related to Item #1)
	4.  ENA sold Sonat 310,000 dth at $2.955 for May 2002, I don't know if this deal has been terminated or not.

Rita, Maria and I are looking for the Sonat pipeline statements for Jan 2002.  We have Dec 2001.  Would you see if you have those and let one of us know please?  Sonat may have stopped sending us statements, but this would answer my volume questions on items 1 and 3.

Margaret, could you see if Sonat paid us for 77,292 dth x $2.885 = $222,987.42 for the sale in Jan 2002?  I would be very surprised if they did.

 -----Original Message-----
From: 	Sanchez, Christina
Sent:	Thursday, March 14, 2002 10:32 AM
To:	Germany, Chris; McMichael Jr., Ed; Concannon, Ruth; 'Mark.Ellenberg@cwt.com'
Cc:	Parks, Joe; Garza, Maria; Mann, Kay; Olinger, Kimberly S.; Polsky, Phil; 'Shemin V. Proctor (E-mail)'; Dhont, Margaret
Subject:	RE: Sonat Park & Loan

3/14/02
10:25 am

Barbara Gilbert, my scheduling rep. at Sonat, informed me that the attorneys in Sonat's Houston office will be contacting Enron's attorneys to set up a meeting to address the PAL issue.   .

Christina Sanchez

 -----Original Message-----
From: 	Germany, Chris
Sent:	Thursday, March 14, 2002 10:08 AM
To:	McMichael Jr., Ed; Concannon, Ruth; 'Mark.Ellenberg@cwt.com'
Cc:	Parks, Joe; Garza, Maria; Mann, Kay; Olinger, Kimberly S.; Sanchez, Christina; Polsky, Phil; 'Shemin V. Proctor (E-mail)'; Dhont, Margaret
Subject:	RE: Sonat Park & Loan

3/14/02
9:50 AM Per Tammi Depaolis (832-397-1728) at Sequent.  Tammi spoke to Lisa Guthrie (205-325-3816) at Sonat to find out what flexibility Sequent would have taking out the parked gas.  Lisa said she didn't know if Enron could sell the gas.

 -----Original Message-----
From: 	McMichael Jr., Ed
Sent:	Wednesday, March 13, 2002 7:29 PM
To:	Germany, Chris; Concannon, Ruth; 'Mark.Ellenberg@cwt.com'
Cc:	Parks, Joe; Garza, Maria; Mann, Kay; Olinger, Kimberly S.; Sanchez, Christina; Polsky, Phil; 'Shemin V. Proctor (E-mail)'; Dhont, Margaret
Subject:	RE: Sonat Park & Loan

Thanks for the information.  Sell, Sell, Sell!  Sell it all to Sequent for March if you can get a good bid and have them agree to pay the moment we/they get confirmation on the nomination.  Try to get other bids to validate as best you can.  Do not talk to Sonat unless you have to - - asking permission is not advisable.

 -----Original Message-----
From: 	Germany, Chris
Sent:	Wednesday, March 13, 2002 4:38 PM
To:	McMichael Jr., Ed; Concannon, Ruth; 'Mark.Ellenberg@cwt.com'
Cc:	Parks, Joe; Garza, Maria; Mann, Kay; Olinger, Kimberly S.; Sanchez, Christina; Polsky, Phil; Shemin V. Proctor (E-mail); Dhont, Margaret
Subject:	Sonat Park & Loan

Ruth Concannon told me we want to try and sell the parked gas on Sonat.  This is what we have found out over the last 2 days.

ENA no longer has the ability to do nominations on Sonat's scheduling Christina Sanchez (ENA Scheduler) believes that under normal conditions, we can sell the parked gas on Sonat without doing any nominations.  The party we sell the gas to would nominate the gas away from a specific PAL meter and reference our PAL contract as the upstream contract.  Today I spoke with Tammi Depaolis at Sequent - she is interested in buying the gas and she might prepay for it.  I need to know;

1.  What volume to sell, I assume we are talking about 188,949 dth on deal #1222, which means we ignore the loaned volume of 96,000 dth on deal #1424.
2.  What period do I sell the gas for?  All out by March 31st subject to the operational conditions on the pipeline?  Or base load in April?  I prefer all out by March 31st but I would like to ask the pipeline if that's ok?
3.  How many bids do I need to get?  I called Sequent because I know they are active on Sonat.
4.  This may not matter but did Sonat ever pay us for the gas ENA sold them in January 2002 (see items in red down below).

Tammi will probably check with the pipeline to see if its ok to take our gas.  I don't want to sell gas to someone then find out the pipeline will not let them take it.

All of my previous notes are shown below in blue.

Summary:  Sonat has netted our Parked Gas Balance with our Loaned Gas Balance and filed a motion with the courts to retain the remaining Parked Gas Balance, 92,949 dth per my conversation with Sonat, to offset $879,030.42 ENA owes Sonat for the purchase of gas in October 2001.  According to Sonat, the payment was due November 26, 2001 but ENA did not pay.  Sonat's motion is set to be reviewed by the court on March 6th.

2/19/02  History  - Per Dave Dyer (205-326-2007) at Sonat
ENA has 2 Park & Loan (PAL) contracts with Sonat.  All PAL's with Sonat are under master contract PAL1001.  Sonat assigns a deal number to each deal under this contract.

Deal #1424 - ENA borrowed a total of 96,000 dth from Nov 3rd-5th and has not paid this back.  ENA still owes Sonat 96,000 dth.  The terms of the deal were to payback Sonat anytime with 3 days notice on any 3 days on 2002,   SONAT ONLY CHARGED ENA $96.00 FOR THIS DEAL, because Sonat needed to get gas off the system.

Deal #1222 - ENA parked 309,192 dth in August to come out in Jan 2002.  Sonat let ENA withdraw 42,951 on 11/29/01 leaving a balance of 266,241 dth.  In Jan 2002, ENA withdrew 8,588 dth per day for the 1st-9th.  That left a balance of 188,949 dth.  On Jan 8th, 2002, Sonat sent a letter stating that Sonat will hold on to the remaining to balance to offset 1) the Loaned gas on deal #1424 (96,000 dth) and 2) to offset dollars ENA has not paid Sonat for gas Sonat sold to ENA in October 2001.  According to Sonat, the remaining balance on this deal is 92,949 dth = [309,192 parked in Aug - 42,951 w/d in Nov - 77,292 w/d in Jan - 92,000 balance on #1424].  According to Sonat's letter, Sonat has filed the appropriate motion for court approval for the offsets.  According to Dave, ENA is being billed $.00305 x daily balance in this account.  ENA should have paid some bigger amount when the gas was parked in August.

Other items;
ENA purchased system supply from Sonat in October 2001.  ENA purchased 286,998 at an average price of $3.063 = $879,030.42.  According to Sonat, ENA did not pay for this before Enron declared bankruptcy.  ENA also sold Sonat gas - 16,000 dth day at $2.885 (sitara #1172076) in January 2002 and 10,000 dth day at $2.955 in May 2002 (sitara #1172087).  ENA used 77,292 dth of the parked gas on deal #1222 to supply the 16,000 dth before Sonat stopped ENA from withdrawing from the park.  ENA defaulted on 418,708 dth of the Sonat deal in January.

Sonat's in house legal counsel is Patti Frances (205-325-7696).  I left a message for Patti to call me.

2/20/02
Patti Frances returned my call.  Patti said the motion is currently set to be reviewed by the court on March 6th.  I asked Patti if there were any penalties for not performing on the Jan 2002 sale to Sonat and if Sonat was going to pay for the 77,292 dth (8,588 dth per day for Jan 1st - 9th) that ENA did supply.  Patti said she didn't think there were penalties but she would verify that and see if they were going to pay.  I also asked her if Sonat is still honoring the ENA sale to Sonat in May 2002 and if Sonat would pay ENA if ENA performed.  She will check on it and call me back.

2/25/02
Per Kay Mann - Mark Ellenberg is the legal counsel assigned to this contract.
1:10 PM.  Left a follow-up message for Patti Frances regarding our conversation on 2/20/02.

3/11/02
Per Ruth - Mark Ellenberg wants us to try and pull the gas out of the Sonat Pal.  Christina Sanchez (ENA Scheduler) will find out 1) if we still have access to Sonat's EBB and 2) if we can nominate the gas out of the PAL's.

3/13/02
Per Christina - ENA's ID's and passwords have been cancelled.  Christina called Barbara Gilbert (205-325-7310), ENA's account rep at Sonat - Barbara said she would talk about this issue with Sonat's legal counsel and see if its ok to set up ENA with an ID.  Christina also believes we could sell the gas without doing any nominations.  The party we sell the gas to would use a specific PAL's meter and reference our PAL contract as the upstream.
3:30 PM  Tammi Depaolis (832-397-1728) at Sequent is interested in buying this gas and she might prepay to get it.  She will see if they can take the gas without ENA doing a nomination.  I need to verify the volume parked and when I want Sonat to take it out.
3:40 PM  Barbara is waiting to hear from Sonat's legal department.


Lillian, I forgot to add that the slate of directors and officers for
Capacity Management Corp. will be identical to that of Transwestern Pipeline
Company.,


FYI. update on movie trading business.
I change my mind. At first I though that we should focus on customers who want to diversify their unique risks. But now I feel that, at this moment, the "make-sense" people are not easy to find in reality. (Even myself who own Enron stock, not Dynergy.) There are more risk takers than risk diversified people. So I think speculators might be our customers in this movie business.
-chonawee

---------------------- Forwarded by Chonawee Supatgiat/Corp/Enron on 05/02/2001 11:23 AM ---------------------------

Chonawee Supatgiat
05/02/2001 11:23 AM
To:	Russell Woody/Enron Communications@ENRON COMMUNICATIONS, Key Kasravi/Enron Communications@Enron Communications, Richard DiMichele/Enron Communications@Enron Communications, Martin Lin/Contractor/Enron Communications@Enron Communications, Greg Woulfe/Enron Communications@Enron Communications
cc:	Stinson Gibner/HOU/ECT@ECT

Subject:	Re: HSX volume info

Thanks, Key, for the volume information. Because HSX is a fake market, I think this indicates that there are lots of speculators out there in the movie trading business. So I believe "speculators" might be one of our major customers. (Like stock markets, a (big?) part of brokers' profits are from speculators' commissions.)

I know the "diversification" is a good thing to do but may be hard to do in reality. Even for myself, who is working for Enron and owning Enron shares, I would not buy Dynergy stocks even if it makes sense to do that for reducing my unique risk...  In stead, I buy Enron shares, so I am a speculator (risk taker) myself...

Regarding moral-hazzard/information-asymmetry issue in the movie business, the market price will reflect this risk. In addition, I think we can 1) try not taking any position or 2) have a diversified portfolio of movies.

If we operate as a broker and maintain balanced books, one question is how much we have to invest to create these markets... Thin margin can help generate volume.

-Chonawee

From:	Russell Woody@ENRON COMMUNICATIONS on 05/01/2001 02:13 PM
To:	Key Kasravi/Enron Communications@Enron Communications
cc:	Chonawee Supatgiat/Corp/Enron@ENRON, Martin Lin/Contractor/Enron Communications@Enron Communications, Richard DiMichele/Enron Communications@Enron Communications

Subject:	Re: HSX volume info

Key - Interesting information.  Personally, I am blown away by the large membership HSX claims.   Even if they have a decent percentage of these numbers, that would suggest that movies and the related industry is becoming sport as well as entertainment.  I guess the fact that you can already find on the front page of your newspaper such information as weekend box office receipts suggests that a lot of people really are interested in movies beyond the content.  Could bode well for us...

Rus Woody
Enron Broadband Services
Global Bandwidth Risk Management
Phone (713) 853-4312
Cell (713) 410-2286
Fax (713) 646-8795

	Key Kasravi 05/01/01 01:22 PM 	   To: Richard DiMichele/Enron Communications@Enron Communications, Chonawee Supatgiat/Corp/Enron@ENRON, Martin Lin/Contractor/Enron Communications@Enron Communications, Russell Woody/Enron Communications@Enron Communications  cc:   Subject: HSX volume info

FYI,

Spoke VP sales from HSX:  I posed as being interested in advertising on the site (keep in mind for perspective on info)

750k registered users
80k active users at any time
40k trades per day
each user visit averages about 37 minutes with 41 page turns
HSX.Com is primarily a B2C platform
Primary visitors - young people interested in the entertainment aspect and virtual stock exchange competition aspects of the site

But -

HSXresearch.Com is a B2B site designated to provide information to industry players
The concept behind the B2B site is provide industry players with insight into consumer perception:  exert from press release:

     HSX Research's primary application, HSX Trader Insight, consists of six dynamic reports that provide clients with long-lead estimates of audience awareness, intention and box office projecting for all film projects. Future applications, such as advertising effectiveness analysis, product placement analysis, entertainment product indexing and other value-added market research services will be available later this year.

It does make me think that if you visit the B2B site, you are likely to visit the trading site and be aware of it if nothing else.  And the volume of trades is a lot higher than I had thought => although it's just for fun.

regards,

Key

________________________
Key Kasravi
Office -713-853-5506
Cell-713-446-4452
Fax-713-646-8551

<Embedded StdOleLink>
<Embedded StdOleLink>


Great!  If it was just a desk change, I can take care of that very easily!

Thanks!

   Kate Symes                02/09/2001 12:28 PM

To: Sharen Cason/HOU/ECT@ECT
cc:
Subject: Re: changes

508957 - changed offset from -1.5 to -1 on 2/6 per Stephanie Piwetz (verbal
Mirant checkout)

All the rest of the deals I entered for Mike Swerzbin yesterday in my deal
blotter, which defaults to Short Term California. I noticed immediately after
saving the deals that they were under the wrong desk, and changed them to
Long Term Northwest in deal entry. Are there other problems with the deals?
The only change should be the desk. Please let me know.

Thanks,
Kate

	From:  Sharen Cason                           02/09/2001 07:53 AM

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

Subject: changes

It looks like you made quite a few changes to some deals and I don't see
anything in the comment section.  Can you just take a quick look and see if
you know what you changed on any of these.  If not, I can look it up in the
audit viewer, but it makes things go a lot quicker if we don't have to go
into the audit viewer for each deal.

Thanks!

#508957
#517889
#517881
#517880
#517878
#517875
#517874


Sara, will you check the Deemed ISDA form re incorporation of definitions.
It seems that we don't pick up as modified concept as we do in other forms.
Should we revise?  Mary


Where are we on this case?

	David Grant@ENRON
	12/22/2000 10:28 AM

		 To: Charles Cheek/Corp/Enron@ENRON
		 cc: Becky Stephens/Corp/Enron@Enron, Richard B Sanders/HOU/ECT@ECT, Robert
C. Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: Re: service of process

We forwarded the translated complaint to Risk Management for review. Rob Cole
has indicated that it is a Risk Management matter and has asked that the Unit
assist Risk Management in obtaining local counsel and in providing a defense.
I will discuss the details with Rob on his return to the office next week and
will report the results of our analysis and recommendations.

	Charles Cheek
	12/20/2000 06:14 PM

		 To: Becky Stephens/Corp/Enron@ENRON
		 cc: Robert C. Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David
Grant/Corp/Enron, Richard B Sanders/HOU/ECT@ECT
		 Subject: Re: service of process

Becky, Please copy Dave will the summons and complaint. This should be the
system for all services involving any matter in  Puerto Rico.

Bob, Are you still handling SJG matters or should this be sent to Richard
Sanders?

Dave, Please advise Bob, Richard, and me of the nature of the dispute.

Thanks to each of you.

	Becky Stephens
	12/20/2000 02:45 PM

		 To: Robert C. Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Charles Cheek/Corp/Enron@ENRON
		 Subject: service of process

The following documents, received today, have been forwarded for your
immediate review and consideration:

Dolores de Jesus Alvarez v. Municipio de San Juan, et al. v. San Juan Gas
Company, Inc., et al.; No. KDP 99-2193 (805), In the Superior Court of the
First Instance, San Juan Section, Puerto Rico.  SUMMONS and COMPLAINT served
upon San Juan Gas Company, Inc. on 12/12/00.  This paperwork was forwarded on
12/15/00 and received here on 12/20/00

PLEASE ADVISE IF NOT RECEIVED WITHIN 1 BUSINESS DAY.

Thank you !!

Becky A. Stephens
Litigation Unit, Enron Corp.
713/853-5025
713/853-6576 fax
EB4809