Please note that Wall 2 Wall has been delayed and will be in tomorrow instead of today.

Sorry for any inconvenience.

Carla

With the recent shuffle of people moving to new desks, I'm sure there will be keyboard trays that need to be moved, as well as some repairs.  Wall 2 Wall will be in on Wednesday afternoon to look after this.

Please let me know by Wednesday morning if you need anything done.

Thanks,

Carla


Gentlemen:

I have been advised by J. Nassos that Peoples (through WestLB) will be
exercising the ABB option today. I have asked that they send me a copy of the
notice of exercise of option, and I left Mike Sandridge a voice mail telling
him to expect it this afternoon.

Please let me know if you have any questions.

Kay


We agree

---------------------- Forwarded by Melissa Jones/Texas Utilities on
02/28/2001
10:19 AM ---------------------------

"Eileen Ponton" <kponton@duke-energy.com> on 02/28/2001 10:10:39 AM

To:   David Avila/LSP/ENSERCH/US@TU, Charlie Stone/Texas Utilities@TU, Melissa
      Jones/Texas Utilities@TU, HPL.SCHEDULING@ENRON.COM,
LIZ.BELLAMY@ENRON.COM
cc:
Subject:  NOMS / ACTUAL FLOW FOR 2/27

DATE      NOM       FLOW - MCF           FLOW - MMBTU

2/27/01        0         0               0

BTU = 1.027


All:

A couple of interested points from the CAISO report, in addition to the good
points raised by Sue Mara:

During December and January, California relied on imports as much as it
relied upon California non-utility-owned generation (p. 18).  Assuming a 70%
capacity factor, the ISO said that in-state nonutility gen (i.e., Duke,
Reliant, AES, Dynegy) is about 2,000 MW and the imports were about the same
over the 55 day period analyzed.

There is no mention anywhere in the report regarding the level of scarcity in
the state--nothing on reserve margins or outages.  Thus, there are huge holes
in the analysis w.r.t. the claim that prices were unjust and unreasonable.


Dasovich this is in your court.

Jim

-----Original Message-----
From: Ryall, Jean
Sent: Monday, October 08, 2001 11:46 PM
To: Steffes, James D.
Cc: Dasovich, Jeff
Subject: RE: Do you know Laura Doll?

Yes, I have known her for quite some time.  She is the one who recommended me to Korn Ferry for the job that I have at Enron.  I will be happy to make the introduction.  Shall I make arrangements for a meeting in Pebble Beach???

I'll give her a call when you say the word...Jean

-----Original Message-----
From: Steffes, James D.
Sent: Sun 10/7/2001 9:48 AM
To: Ryall, Jean
Cc: Dasovich, Jeff
Subject: Do you know Laura Doll?

Jean --

Laura Doll has been appointed head of the CA Power Authority.  Do you know her?  It would be good to have an introduction for Jeff Dasovich.

Jim


---------------------- Forwarded by Chris Germany/HOU/ECT on 03/14/2000 04:13
PM ---------------------------
From: Heidi Griffith@EES on 03/14/2000 04:25 PM EST
To: Victor Lamadrid/HOU/ECT@ECT, Chris Germany/HOU/ECT@ECT, Robert
Allwein/HOU/ECT@ECT, Mary Theresa Franklin/HOU/ECT@ECT, Wade R
Price/HOU/ECT@ECT, Gloria G Barkowsky/HOU/ECT@ECT, Joan
Veselack/Corp/Enron@ENRON
cc: John M Singer/Corp/Enron@Enron, James T Javins/DUB/EES@EES
Subject: Conversion of Gatherco Stations

Effective 04/1/2000, Columbia Gas Transmission will be transferring certain
facilities to Gatherco, Inc.  There should have been a message in Columbia
Navigator stating that there were certain meters that were going out of your
IPP pool 37147 effective 4/2000.  The subject for this e-mail message was
"Appalachian Meter Allocation".  The meters listed in this e-mail will now be
on Gatherco's gathering lines and are going to be subject to the $.25
gathering rate.  Per Dave Fusek at Gatherco, our final estimates for 04/2000
SHOULD reflect these meters that were changed from Columbia Gas Transmission
to Gatherco.  He said he is not 100% positive that they will get this
finished in time, but they are hoping to have everything complete by the time
they release our nominations.

Gloria and Wade,

You will need to make sure you have the correct charges associated with these
meters.  Some of these meters were previously subject to Columbia's $.27
gathering and some were straight transmission, which did not have any
gathering.  Again, these meters will now have a $.25 gathering charge.

Please call me if you have any questions.

Thanks,
Heidi Griffith


It had come up in a meeting that TW was being allocated some $$ associated with NNG personnel (probably storage desk in Houston & Omaha and risk management people).  Is there anyway that you can tell us the people (partial people) who are being allocated to TW?


Please find the attached file.

Thanks,  Tim


Yvan,

I shall find out who was trying to reach you.
It will help if your uncle knows all the details
(your cell number, etc.)

Vince

 -----Original Message-----
From: 	"yvan go" <yvango@hotmail.com>@ENRON
Sent:	Tuesday, October 30, 2001 11:20 PM
To:	Kaminski, Vince J
Subject:	RE: Yvan Go from Berkeley

Hi, Vince
I hope everything is fine with you. I am following the news and issues about Enron. This has not in anyway change my resolve in working for the company. I am sure the Chairman will stir the company into the right direction.
I mentioned to you that I was interviewed two weeks ago by Andy Lewis of the trading group. It was an excellent discussion focusing on similarities in the career path that I and Andy took. Andy reinforced what I read in the Trading Naural Gas book by Fletcher Sturm who happens to be his previous seatmate. More than anything else, it was a great conversation that lasted for one hour and fifteen minutes. He mentioned, however, that he initially found me overqualified. I assured him, nonetheless, that I am committed to the task at hand.
The following day, my uncle received a call from someone at Enron who was looking for a number to call me at the university. I surmised this was the second trader who will talk to me as Andy mentioned previously. I left two voice messages at Andy's home and office number. I have yet to receive the second call.
I am very much interested in pursuing the application. I will write a separate e-mail to Todd Peikert of HR to check on the status of the program. Just wanted to let you know.
Sincerely,
Yvan
>From: Vince.J.Kaminski@enron.com
>To: yvango@hotmail.com
>Subject: RE: Yvan Go from Berkeley
>Date: Mon, 15 Oct 2001 20:58:54 -0500
>
>Yvan,
>
>I am glad it worked. I have referred you to the program.
>
>Let's stay in touch. I am in Argentina and Brazil this week.
>Give me a call with an update in the next few weeks.
>
>Vince
>
> -----Original Message-----
> From: "yvan go" @ENRON
> Sent: Friday, October 12, 2001 11:59 PM
> To: Kaminski, Vince J
> Subject: RE: Yvan Go from Berkeley
>
>
> Vince,
> Let me tell you of a wonderful story. Todd Piekert of the Human
> Resources group informed me last Thursday that I am being considered for
> the trader track program of Enron. They are looking at the possibility
> of putting my skills to good use in the Gas and Power group.
> Adrian, a colleague of Todd is expected to contact me either through
> phone or e-mail to set a phone screen with two of the traders. While I
> am proficient with my currency and fixed income trading skills, I am
> jumpstarting the curve in the Gas and Power business. As you maybe
> aware, there are no futures market in the Philippines but its concept is
> familiar. I am currently reading the Trading Natural Gas by Fletcher
> Sturm and enjoying it. I subscribed to the NGI's Daily Gas Price Index
> to get more perspective.
> Should I pass the screen, I will have to go to Houston for more
> interviews. I am sincerely thankful to you. I hope I can count on you
> for more mentoring, just like the mentor-management associate program at
> Citi.
> I hope you have an excellent weekend.
> Best Regards,
> Yvan
> >From: Vince.J.Kaminski@enron.com
> >To: yvango@hotmail.com
> >Subject: RE: Yvan Go from Berkeley
> >Date: Mon, 8 Oct 2001 14:02:02 -0500
> >
> >Yvan,
> >
> >I shall forward your resume to our chief trader as well.
> >
> >Vince
> >
> > -----Original Message-----
> > From: "yvan go" @ENRON
> > Sent: Saturday, October 06, 2001 2:37 PM
> > To: vkamins@enron.com
> > Subject: Yvan Go from Berkeley
> >
> >
> > Dear Vincent,
> > Let me thank you for your time at Berkeley last Thursday.
> > It was an exciting presentation that gave me a return ticket to the
> > world of derivatives. I have been in the trading floor of Citibank N.A
> > in Asia. As such, I have been to countless trading seminars on risks,
> > fixed income, currencies and commodities derivatives. I have learned
> > that Enron pioneered exotic derivatives in weather and carbon
> monoxide.
> > I am a risk taker. Even with the prospect of a promotion, bonus and an
> > international posting, I decided to reinvent myself with the belief
> that
> > technology will transform the capital markets. I am at Berkeley taking
> > up courses such as UNIX, C, HTML, systems analysis, and relational
> > databases leading to a diploma in computer information systems. These
> > courses will supplement Java, Data Structures, and Operating Systems
> > courses that I have taken previously.
> > Armed with my technical skills and more than seven years of experience
> > in foreign exchange, fixed income, cash and securities, I am pursuing
> > opportunities in global technology program of Enron. I expect to
> fulfill
> > the requirements for the diploma by December 13, 2001. I am forwarding
> > to you a copy of my resume which I sent to Ms. Terry Peng.
> > It was my pleasure to meet an ex-Citibanker. Your thoughts and
> > experiences at Enron will certainly leave a marked impression in my
> > future decisions.
> > Sincerely,
> > Yvan Norvin B. Go
> >
> > Get your FREE download of MSN Explorer at http://explorer.msn.com <<
> > File: 'http://go.msn.com/bql/hmtag_itl_EN.asp' >>
> >
> > - resume.doc << File: resume.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.
> >**********************************************************************
>
> Get your FREE download of MSN Explorer at http://explorer.msn.com <<
> File: 'http://go.msn.com/bql/hmtag_itl_EN.asp' >>
>
>

Get your FREE download of MSN Explorer at http://explorer.msn.com << File: 'http://go.msn.com/bql/hmtag_itl_EN.asp' >>


Revision - According to measurement, there is flow of 7,394 in 8/98, however,
there is nothing to indicate this is gas that was received on HPL in OSS.   I
checked MIPs and there is a measurement statement that supports the flow rate
of 7,394 MMBTu.

Daren is there a deal in CPR which may not have fed over to OSS?   I checked
OSS for the whole year of 1998 and there are no other deals in OSS.  It does
seem strange that this is the only month of flow.

Thanks, Stella


Dear St. Arnold's Army:

Happy New Year!  First, we want to thank everyone for helping us increase our sales 25% in 2001!  It was our best year ever.  And to celebrate, we recommend going out and immediately buying several cases of St. Arnold's.  OK, perhaps that was a bit over the top.  I apologize.  How about this?  Have all your friends go out and buy several cases of our beer!  Thanks again.  Your support truly is important to us.

The Stout is Out
Available in the stores, that is.  But you better stock up quickly, because it will only be available for another couple of weeks.  The Spring Bock is lagering and waiting to be unleashed as soon as the Stout is gone.

Cigar Night II - January 23, 2002
The first cigar night was so popular that we decided to do it again.  This time it will be on a Wednesday.  You need to make reservations for this and either secure it with a credit card or mail us a check.  We are limiting attendance.  Jeffrey Stone Limited will be supplying the cigars again (we are in the process of choosing the cigars for the evening).

Admission: $20 (includes the two cigars)
Date: January 23
Time: 6 pm - 9 pm
Where: Saint Arnold Brewery
       2522 Fairway Park Dr.

To make your reservation, please either email, mail or call Dan with the following info:
Your Name:
Number of People in your Group:
Credit Card Number:
(we will not be running the credit cards until the night of the event, so if you want to pay cash at the door, that will be an option.)

The Hopwaiian Shirts are Here!  Come tonight and pick yours up!
After a month of being promised that the shirts were on their way followed by their sitting in Customs for a week, the Hopwaiian shirts are finally here.  For those of you who ordered one to be mailed, they are already in the mail.  For the rest of you, we are having a special "Come to the Brewery and Pick Up Your Shirt and Listen to Us Say 'We're Sorry' a Bunch of Times and Drink Some Beer So You Won't Be Upset Party" tonight (1/4).  They made it in time for Christmas - on the Orthodox Calendar (January 7)!

Hopwaiian Shirt Party at the Brewery
Tonight January 4, 2002
5 pm - 8 pm
Who's Invited?  Anyone who ordered a shirt and their guest!  You can also be invited if you come and purchase a shirt tonight.

The Julian Calendar New Year Party at Garden in the Heights
In keeping with our Orthodox calendar discussion, the Julian Calendar New Year is coming, so if you want to relive the fun of New Year's Eve again, come on out. This is still the best European bash in town and the place to ring in the year while dancing everything from the polka and the kolomyjka, waltz, two-step, schottische, frailach, czardas, hassapiko, mazurka to jigs and reels.  The Gypsies will head up the entertainment joined by top ethnic musicians from across the state, a colorful blend of ethnic music and dance from Russia and Eastern Europe. An exotic assortment of traditional Eastern European, Balkan and Russian food and drink will be served. An outdoor bazaar will be set up with craft vendors and a gypsy camp around a roaring fire to ward off the winter chill (in the event of rain, the whole event will move inside the old-world-style Great Hall).
Date and Time: Sunday, January 13TH, 2002 - 5:00 PM - Midnight
Place:  GARDEN in the HEIGHTS, 3926 Feagan (One block north of Memorial, two blocks west of Waugh Dr./Heights Blvd.)
Entertainment: The Gypsies and friends, Russian Dancers, Belly Dancers, Tango Dancers, Other performers to be announced
Food: Traditional Russian and Eastern European dishes including borscht, goulash, pirogues, and more.
Beer:  Really good stuff
Admission: $4 with this email, $8 without it. Children 12 and under Free.

Thanks again for all your support, and remember to recycle your six pack carriers.  Have a great year, and we look forward to seeing you soon.

Cheers,

The Brew Crew
Brock, Dan, Dave, Frank, James, Jamie, Jesse, Juan and Rick

Saint Arnold Brewing Company
2522 Fairway Park Drive
Houston, TX  77092
713-686-9494
www.saintarnold.com

Free Tours Every Saturday at 1:00 pm


Hey Hunter,

Okay here are the Secrets I have learned from Reminiscences of a Stock Operator:  You have any more?

Real money is made on understanding market trends not individual fluctuations
Understand the power of large market participants.  Try to achieve their power.
Never Buy on a Tipster
If something is wrong and you don't know why get out
Understand  your physiological and psychological gut for a stock

JJ


Kay:

I just spoke with Bill Blumenthal (our HSR expert).  He and Paul Hastings'
HSR expert have traded voice mails exchanging information, but have not yet
spoken.  Bill says that Delta is apparently relying on the "ordinary course"
exemption, which may be fine if all the LLC wants to do is hold turbines for
re-sale.  If the LLC works on development of a power plant, the analysis
would be different.  In any event, Bill agrees that the only safe thing to
do is provide now for the possible requirement to file later.

Prior to speaking with Bill, I also spoke with Greg Lang.  He agrees that we
should provide now for the possible requirement to file later.  He again
asserted that since this is "Enron's structure," Enron should agree to bear
50% of any filing fee.

Steve Thome indicated earlier today that Enron may be willing to bear half
of the filing fee.  Under current regulations, the filing fee will be $45k
if, at the time the put/call is exercised, the assets have a fair market
value of $50-100 million, and the filing fee will be $125k if, at the time
the put/call is exercised, the assets of the LLC have a fair market value of
$100-500 million.

Please let me know whether to advise Greg that Enron will accept
responsibility for half the filing fee.  Thank you.

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>

Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.


[IMAGE]	?

In the current installment of designzine.com,  you may want to look into some
of the new articles from our ,zine members.

In the 20th-anniversary issue of Metropolis,  Blair Kamin is unhappy about
Mayor Daley and Chicago architecture. And, encouraged  by mad-cow hysteria in
Europe, Claude Fischler offers some fascinating insights  into love, death,
food, and consumerism, in [dizajn]  Le journal. These are merely two of a
dozen articles from the best design  magazines published today.

In the Audio  Section, you can listen, if you wish, to my commentary on the
passing  of New York designer Lloyd Schwan.

The Calendar  continues to be the most popular feature on site.

And make sure you visit designstand.com,  our design-store companion site?

Cordially,

Mel Byars
Editorial Director
designzine.com

?

?

?


Don and Shannon,

Congratulations to both of you on your engagement from the Snapkas.  We also
would like to welcome you to the Bay Area!  I am sure the neighbors do not
know what they are in for.  We are always looking for someone to drink with.
We can even call it dinner.  I hope things are going well with the
arrangements.  If you invite us over, we would love to pee in your pool.
Take care!

Gerald and Cindy


I just got a call from Deutsche Bank a minute ago, and they got approval from
Frankfurt and are overnighting the agreement to me for signature.  I'll keep
you posted...
----- Forwarded by Tana Jones/HOU/ECT on 01/02/2001 03:20 PM -----

	Tana Jones
	12/05/2000 01:55 PM

		 To: Clare.Godson@AllenOvery.com@ENRON
		 cc:
		 Subject: RE: ISDA Master Agreement: Deutsche

The wheels of DeutscheBank turn very slowly.  It appears their Credit guy
didn't communicate our agreement regarding Specified Entities to his legal
team, so Sara Shackleton said they are confirming that information before
they send a revised draft.  Further, he said all changes have to be sent to
Germany first for approval, so now we need to wait on Germany...!

	Clare.Godson@AllenOvery.com
	12/05/2000 08:41 AM

		 To: Tana.Jones@enron.com
		 cc: Sara.Shackleton@enron.com, richard.sage@enron.com
		 Subject: RE: ISDA Master Agreement: Deutsche

Many thanks,

Clare

-----Original Message-----
From: Tana.Jones@enron.com [mailto:Tana.Jones@enron.com]
Sent: Tuesday, December 05, 2000 2:37 PM
To: Clare.Godson@AllenOvery.com
Cc: Sara.Shackleton@enron.com
Subject: RE: ISDA Master Agreement: Deutsche

We do have a Credit Support Annex in place.  Once we sign the ENA
agreement, we will make your requests to DB.

                    Clare.Godson@Alle

                    nOvery.com               To:     richard.sage@enron.com,
tana.jones@enron.com
                                             cc:
James.Clarry@AllenOvery.com
                    12/05/2000 06:08         Subject:     RE: ISDA Master
Agreement: Deutsche
                    AM

Tana,

Thanks for keeping us updated on the Deutsche negotiations.  If, as you
suggest, Deutsche can prepare a Master for the EnronCredit.com Limited
Master as the docs are on their system then this would be useful, and I
will
review and comment on those.  The one thing they will need to ensure as you
mentioned is that the Master Agreement is governed by English law.  In
addition, I  am not sure if you have put a CSA in place with Deutsche, but
if you have (presumably a Paragraph 13 under the NY law CSA?) we would need
the corresponding Paragraph 11 to the English Law CSA.

Many thanks again and we look forward to progressing this matter.

Kind regards,

Clare

>  -----Original Message-----
> From:   Clarry, James:ICM (LN)
> Sent:   Friday, December 01, 2000 10:30 AM
> To:     Godson, Clare:ICM (LN)
> Subject:     FW: ISDA Master Agreement: Deustche
>
>
>
>  -----Original Message-----
> From:   Richard.Sage@enron.com@ALLEN & OVERY
> Sent:   Friday, December 01, 2000 10:25 AM
> To:     Clarry, James:ICM (LN)
> Subject:     Re: ISDA Master Agreement: Deustche
>
>  << OLE Object: Picture (Device Independent Bitmap) >>
> FYI
> ---------------------- Forwarded by Richard Sage/LON/ECT on 01/12/2000
> 10:27 ---------------------------
>
> From: Tana Jones on 30/11/2000 17:00 CST
>
> To:   Richard Sage/LON/ECT@ECT
> cc:
>
> Subject:  Re: ISDA Master Agreement: Deustche  (Document link: Richard
>       Sage)
>
> FYI,
>
> Bill Bradford in Credit had a conference call today with the Deutsche
Bank
> Credit person and I think we have come to agreement on not adding any
> specified entities to the ISDA Master Agreement.  He also discussed
> proposed credit limits for the three other Deutsche Bank masters we want
> to
> get in place (including EnronCredit.com).  I think we are done now and
> hope
> to get execution documents from them, since the documents are on their
> system.  Our intention is to then get Deutsche Bank to turn around 3 like
> masters, making any changes necessitated by change of law, and otherwise
> turn around the remaining masters quickly.  I'll keep you posted.
>
>
>
>                     Richard Sage
>                                          To:     Tana Jones/HOU/ECT@ECT
>                     11/30/2000           cc:
>                     10:52 AM             Subject:     Re: ISDA Master
> Agreement: Deustche
>
>
>
>
>
> If you do add all the entities, does that mean that we would not need to
> put in place a separate agreement for ECCL?
> ---------------------- Forwarded by Richard Sage/LON/ECT on 30/11/2000
> 16:53 ---------------------------
>
> From: Tana Jones on 27/11/2000 15:45 CST
>
> To:   Denis O'Connell/LON/ECT@ECT
> cc:   Richard Sage/LON/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
>
> Subject:  Re: ISDA Master Agreements  (Document link: Richard Sage)
>
> With respect to Deutsche Bank (""DB"), we have one credit issue
remaining,
> DB would like us to add all the Enron trading entities DB trades with as
> Specified Entities under the ISDA Master Agreement and we are somewhat
> hesitant to do so, as this could potentially roll up swaps under
> structured
> loan transactions into a default under the ISDA Agreement.  Sara and Bill
> Bradford in Credit are supposed to talk to the DB Credit people about
this
> remaining issue.
>
> With respect to First Union National Bank, the draft we were working from
> was so old that they agreed to look at our current form of agreement
which
> was sent to them on 11/8/00 for review.  Sara is working on that with
> Susan
> Bailey, another paralegal in our Group.
>
>
>
>                     Denis
>                     O'Connell            To:     Tana Jones/HOU/ECT@ECT
>                                          cc:     Richard Sage/LON/ECT@ECT
>                     11/22/2000           Subject:     ISDA Master
> Agreements
>                     06:05 AM
>
>
>
>
>
> Tana - can you please give me an update on where you are in the
> negotiations of the ISDA with the following counterparties and confirm
> which Enron entity you are negotiating on behalf of.
>
> Tks,
>
> Denis
>
>
> First Union National Bank
>
> Deutsched Bank AG
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>  << OLE Object: Picture (Device Independent Bitmap) >>  - att1.eml <<
> File: att1.eml >>

======================================================================

This email is confidential and may also be privileged.  If you are not the
intended recipient please notify us immediately by telephoning +44 (20)
7330 3000 and requesting the Technology Services Helpdesk. You should not
copy it or use it for any purpose nor disclose its contents to any other
person.

Allen & Overy
One New Change
London
EC4M 9QQ

Tel:+44 (20) 7330 3000
Fax: +44 (20) 7330 9999
General Email: Helpdesk@allenovery.com
www: http://www.allenovery.com

Allen & Overy is a solicitors' partnership.  A list of the names of
partners and their professional qualifications is open to inspection at the
above office.  The partners are either solicitors or registered foreign
lawyers.

======================================================================


Shirley,

Please, register me for this.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/24/2001
05:18 PM ---------------------------

Tracy Cummins <Tracy.Cummins@nesanet.org> on 04/23/2001 01:46:01 PM
To: Nesa Members <NESAMembers@nesanet.org>
cc: Staff <Nesa.Staff@nesanet.org>
Subject: Ziff Energy Group Storage Conference

NESA / HEA will be a Sponsor of the Ziff Energy Group Gas Storage Conference
being held in Houston, Texas on June 22, 2001.  Please take a moment to
review the attached information and contact Shelley Soles - Conference
Director, Ziff Energy Group, at (403) 234-4285 with questions.

 <<Email Broadcast #1.doc>>

 - Email Broadcast #1.doc


Please acknowledge receipt.  Thanx.

       <<IPPIISDA3.doc>>

 - IPPIISDA3.doc


-----Original Message-----
From: IssueAlert@SCIENTECH.COM [mailto:IssueAlert@SCIENTECH.COM]
Sent: Tuesday, November 27, 2001 11:12 AM
To: ISSUEALERTHTML@LISTSERV.SCIENTECH.COM
Subject: FERC Enacts Major Constraints on Wholesale Market

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November 27, 2001

FERC Enacts Major Constraints
on Wholesale Market

By Will McNamara
Director, Electric Industry Analysis

AEP, Entergy Corp. and Southern Company told by FERC to charge cost-based prices instead of market-based prices for wholesale spot transactions.

[News item from Reuters] The U.S. Federal Energy Regulatory Commission (FERC) voted 3-1 last week to adopt new rules to measure market power, as a condition for approving mergers and granting utilities the right to trade power in the wholesale market. FERC commissioners said the new test would improve a system that allowed a meltdown to take place in the California market last winter, when wholesale power prices soared to record highs amid tight supplies. FERC commissioners agreed to produce a new market power test based on supply margin assessments, which examines a company's importance in serving peak electricity loads. "If you're big enough to control the market at the time we look at it, you'll have mitigation put on you," said FERC Chairman Pat Wood.

Analysis: Many participants in the wholesale sector of the energy industry are still reeling from FERC's new ruling, which may have slipped past some radar screens considering that it was issued right before the long holiday weekend. This is a mammoth ruling on FERC's part, however, and it holds tremendous impact for those companies that increasingly find the lion's share of their profits coming from wholesale transactions. In addition, state regulators have also started gauging the impact of the ruling on retail rates, which some utilities may seek to increase as a way to compensate for shrinking profits in their wholesale operations. While FERC has presented this ruling as an attempt to circumvent on the national level problems experienced in the California market, the new limits on wholesale transactions can also be seen as another example of the "big stick" that the commission is using to force utilities into participating in regional transmission organizations (RTO). Further, the ruling is another striking indication that Chairman Wood is following through with his promise to monitor rampant wholesale markets while still attempting to support competition. The objective represents a tall order, and the new ruling from the commission is certain to prompt intense resistance among companies involved in wholesale trading.

Put into a nutshell, FERC has ruled that some companies can no longer charge unregulated, market-based rates for spot market wholesale transactions. Instead, companies identified as having market power and that aren't part of an approved RTO must charge cost-based prices for power that isn't committed in a long-term contract, and publicly disclose those cost-based prices. Columbus, Ohio-based American Electric Power (NYSE: AEP), Atlanta-based Southern Company (NYSE: SO) and New Orleans-based Entergy Corp. (NYSE: ETR) have been singled out as case studies on which FERC will be immediately applying its new standards for wholesale transactions. Note that Mirant Corp., a former subsidiary of Southern Company, has also been identified as having to submit information to FERC in order to gauge its level of market power separate from its former parent. The commission has essentially determined that these three utilities hold an unacceptable level of market power in the areas in which they operate. Under FERC's new market power "test," a generator or marketer is viewed as having too much market power if its electricity is "pivotal" during peak demand, which enables the company to demand a price above competitive levels. Regional transmission constraints will also be considered now as a measurement of a company's market power. This is a dramatic departure from previous standards, by which (under one of FERC's main criterions) a company that supplied less than 20 percent of the power needed in a particular region was freed from rate regulation on the federal level.

There are some important exceptions to the ruling. First, FERC has not eliminated the utilities' ability to charge market-based rates in areas where the grid and markets are controlled by a FERC-approved RTO. This is significant, as I will expand upon subsequently, because it indicates that there are secondary objectives in FERC's new ruling. In addition, the current ruling only impacts short-term sales transactions in which these three utilities are involved. In other words, long-term contracts that the three companies may have previously established or will establish in the future are not impacted by the ruling. However, the three companies named in the ruling will have to post pricing information related to long-term contracts, and FERC has retained the possibility that further price mitigation for long-term contracts may be necessary. Also note that the Western market, which already is under a price mitigation policy that FERC imposed in June, was not included in the new ruling.

The three utilities named in the ruling now have 15 days to submit proposals to FERC outlining a transition to charging cost-based wholesale rates for all power not currently committed to a buyer. Specifically, the utilities will have to post on their open-access same-time information systems (OASIS) the incremental cost of producing the uncommitted power during each hour in a 24-hour period. Moving forward, the price that the utilities can charge for non-committed power on the spot market will be the difference between their cost of production and the bid of more expensive power in the region that their power displaces. The new cost-based rates must be administered by an independent third party.

The new pricing standards revert back to an older, cost-based technique known as "split the savings." The methodology for this standard can get rather complicated, but essentially under FERC's new ruling the three companies identified will have to post their cost-based, incremental costs for spot power into the OASIS system for viewing by potential purchases. Purchasers who want to make a bid will post their decremental energy bid for not producing or buying the power on their own. The final price for the transactions will be the split between the seller's incremental cost and the buyer's decremental bid. For instance, if Southern Company bids its incremental cost at $20/MWh and a purchaser bids its decremental cost at $30/MWh, the transaction price would be $25/MWh. Assuming a midnight-to-midnight trading day, sellers would have to submit their incremental bid by noon on the previous day and buyers would submit their decremental bids by 6 p.m. What this potentially creates is an "information advantage" for buyers who have six hours to evaluate and respond to the incremental bids from some sellers. Some of the drawbacks to this system are that it requires both parties to post price information that may not be readily available and it potentially allows the purchaser to game the system by having access to the seller's original incremental bid and competing around the seller's price.

Note also that in a separate development FERC simultaneously opened a broad investigation under Section 206 of the Federal Power Act to apply the new market-based-sales policy to all U.S. sellers nationwide. What this means is that, although only three utilities are mentioned in this initial order, it is expected that FERC will continue to take steps to constrain what it believes to be erratic wholesale markets. Reportedly, some 30 companies are awaiting similar reviews by FERC to determine if the commission believes they exert market power. The 206 investigation reportedly also requires power providers with market-based sales authority to amend their tariffs within 60 days to provide FERC with open-ended authority to order refunds if the commission determines that market manipulation has occurred.

I made a previous reference to the "big stick" that FERC is carrying related to participation in RTOs. Remember that a few months ago, Chairman Wood had threatened to deny utilities that refused to join an RTO the benefits of charging market-based wholesale rates and swift approvals for merger applications, advantages that the chairman equated with the "new world" of the deregulated energy market. With this in mind, note that only Southern Company, Entergy and AEP are included in the present ruling (although it may be subsequently expanded). Southern Company and Entergy in particular have exhibited some resistance in following FERC's consolidation mandate regarding national RTOs, so it is probably not a mere coincidence that these three utilities have been singled out. This must be particularly painful for Southern Company, which gains a good part of its profits from wholesale trading and previously expressed plans to double the size of its generation assets over the next five years.

Interestingly, Commissioner Linda Key Breathitt represented the single dissenting vote in the ruling. Breathitt's concern was that the ruling had been pulled together too quickly and not enough time had been provided to evaluate the impact on wholesale markets. This issue will undoubtedly be contested, and to a certain extent the utilities impacted by the ruling appear to have been caught off-guard. AEP, Entergy and Southern Company all issued statements to the effect that they were uncertain about the extent to which the ruling would impact them, and that they were reserving the right for possible litigation.

Moreover, to summarize the commission's rulemaking, I think there are a handful of important points that should be considered. First, the ruling illustrates the steps that FERC is taking to revoke market-price authority that was for the most part unrestricted prior to the time that Pat Wood assumed his post as chairman. Second, FERC is implementing cost-based prices on the spot market only, and in only very defined circumstances. However, this could be an indication that the commission may extend cost-based pricing to other wholesale transactions, including long-term contracts, at a later time. Third, the "split the savings" cost-based formula could become fraught with its own problems. Its requirements are rather complex and it offers the potential to give power purchasers a market advantage on the spot market over power sellers, which will now be required to post incremental costs in the bidding process. Finally, one of the inherent drivers of FERC's new ruling is its desire to have large utilities join the RTOs that the commission has approved. It is very significant that the new ruling immediately impacts AEP, Entergy and Southern Company, utilities that have not only been deemed by the commission to have market power in their regions but which have also not yet joined an approved RTO. However, even though only three companies are immediately impacted by this ruling, it should not be overlooked that the ruling holds impact for the market as a whole as other sellers now will gain important pricing information about the major suppliers in certain areas. Thus, overall this is a very significant ruling and one that could substantially change the manner in which transactions in the wholesale power market are conducted.

An archive list of previous IssueAlert articles is available at
www.scientech.com <http://secure.scientech.com/issuealert/>

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The following is a description of the Rolloff Process for the Gas Benchmark.

1.  In the Position Management Menu of GRMS, select Roll Off Adjustments.

2.  Portfolio ID:  Enter POS-GAS-TRD.

3.  NX3:  On the first day of Bid-week enter 0.33333333333333333333333

 On the second day of Bid-week enter 0.66666666666666666666666

4.  Click the Populate command Button.

5.  Once the window has been populated, Click the Generate Roll Offs command
button.

6.  Finally, click the Process Adjustments command button.

If you have any more questions, feel free to call me.

Thanks,
Robin
x57478


Start Date: 4/7/01; HourAhead hour: 13;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.
Variances detected in Energy Import/Export schedule.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001040713.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 13 / Preferred:  20.00 / Final:  21.59)
  TRANS_TYPE: FINAL
  SC_ID: TOSCO
  MKT_TYPE: 2
  TRANS_DATE: 4/7/01
  UNIT_ID: UNCHEM_1_UNIT

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 13 / Preferred:  12.00 / Final:  11.98)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/7/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_DANTE
  ENGY_TYPE: WHEEL
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 13 / Preferred:  20.00 / Final:  13.59)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/7/01
  TIE_POINT: FCORNR_5_PSUEDO
  INTERCHG_ID: EPMI_CISO_SCOUT
  ENGY_TYPE: FIRM
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/7/01
  TIE_POINT: MEAD_2_WALC
  INTERCHG_ID: CISO_EPM_TOBY
  ENGY_TYPE: NFRM

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 13 / Preferred:   5.15 / Final:   4.75)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE2
  MKT_TYPE: 2
  TRANS_DATE: 4/7/01
  SC_ID: EPMI
$$$ Variance found in table tblLoads.
     Details: (Hour: 13 / Preferred:  46.99 / Final:  42.59)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE3
  MKT_TYPE: 2
  TRANS_DATE: 4/7/01
  SC_ID: EPMI


(See attached file: g060101.pdf)

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 - g060101.pdf


Per our conversation, attached is a document containing Kim Theriot's review
of processes currently in place and identification of areas which need
addressing.  I will be scheduling a meeting with Kim to thoroughly review her
findings and implement an action plan.  If you questions or particular areas
of concern after your review, please let myself or Kim know.

Thanks,
Leslie


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/27/2001
08:22 AM ---------------------------

"ElectraPartners" <martin@electrapartners.com> on 04/27/2001 12:09:13 AM
Please respond to <martin@electrapartners.com>
To: "Andis D. Berzins" <ABerzins@RWBeck.com>, "Ashot Hovhannesyan"
<hovhannisyan_ash@hotmail.com>, "Karen Tatalyan" <tatalyan@acc.am>, "Simon
Kamsarakan" <acfs@arminco.com>, "Eugene Tyurin" <ETyurin@pseg.com>, "Shannon
Burchett" <sburchett@risklimited.com>, "Tom Witek" <witek888@aol.com>, "Jim
Jehovics" <jsj@albrecht-assoc.com>, "Patti Broderson" <pab@wyndmill.com>,
"Vince J. Kaminski" <vkamins@ect.enron.com>, "Carey Jordan"
<careyj@calpine.com>, "Paul Posoli" <paulp@calpine.com>, "Steve McAleavy"
<steve@searchconsultant.com>, "Ira G. Kawaller" <kawaller@IDT.NET>, "Jesus
Melendrez" <Jesus.Melendrez@enron.com>, "Sailish"
<Sailish.Ramamurtie@SouthernEnergy.com>, "Alexander Eydelend"
<Alexander.Eydeland@SouthernEnergy.com>, "Blake Johnson"
<blakej@leland.stranford.edu>, "Gary Ginter" <ginter@efficientcapital.com>,
"Ernst Jaffarian" <jaffarian@efficientcapital.com>, "Gary Campbell"
<GCampb1692@aol.com>, "Dimitri Novikov" <novikov.dmitri@adlittle.com>, "Russ
Ellis" <russ_ellis@strategicweather.com>, "Ian Clarke"
<ian_clarke@strategicweather.com>, "Steve Beck"
<steve_beck@strategicweather.com>, "Sean Curry" <curry@mathworks.com>,
"Sogomonian, Aram" <Aram.Sogomonian@pacificorp.com>, "Bill H. Panning"
<bpannin@armfinancial.com>, "Lenard Bekker" <lbekker@wisvest.com>, "John
Sodergreen" <JohnS@Scudderpublishing.com>, "MIchael  Ong"
<michael.ong@abnamro.com>, "Clark Heston" <Jclarkhest@aol.com>, "Timothy J.
Mulholland" <tmulholland@sdinet.com>, "Kratka, Milan" <MKratka@wolve.com>,
"Scott Morris" <scott@htc.com>, "Tim Holmes" <sun@worldnet.att.net>, "Hilary
Till" <till@premiacap.com>, "V. C. Ramesh" <vcr@iit.edu>, "David L. Reiner"
<dreiner@arbgroup.com>, "Jon Najarian" <pti@uss.net>, "Yuri Balasanov"
<yurib@crt.com>, "John Fuqua" <johnf@crt.com>, "Michael Enbar"
<[No.email.address.found]@mindspring.com>, "Russel Caflisch"
<caflisch@math.ucla.edu>, "Craig Gustafson" <craig@cdcna.com>, "Sergio
Kostek" <kostek@ms.com>, "Iraj Kani" <iraj.kani@martingale-tech.com>,
"Cameron Rookley" <dh74673@goodnet.com>, "Dick Kazarian"
<[No.email.address.found]@mindspring.com>, "Bob Stibolt" <bstibolt@sdg.com>,
"Richard K. Skora" <rskora@skora-inc.com>, "Zahra Yamani" <zjishi@aol.com>,
"Yurij M. Smirnov" <smyrnoff@higeom.math.msu.su>, "Wayne Coste"
<IREMM@aol.com>, "Theodore Voronov" <voronov@fire.ma.umist.ac.uk>, "Steve
Madows" <Asmandapm@aol.com>, "Steve Thomas" <SteveT@citizenspower.com>,
"Souren Aghajanyan" <sourenag@exchange.microsoft.com>, "Sophia Gasparian"
<armenita@yahoo.com>, "Shijie Deng" <deng@isye.gatech.edu>, "Shannon
Burchett" <sburchett@worldnet.att.net>, "Shan Millie" <shan@risk.co.uk>,
"Robin Lancaster" <robin@risk.co.uk>, "Raffi Aharonian"
<raffiaharonian@hotmail.com>, "Mike Sigman" <msigman@capstoneenergy.com>,
<lpthorose@earthlink.net>, "Ken Johnson" <kej@jprconsulting.com>, "Kahuna"
<pti@uss.net>, "Joe Pokalski" <Energy.vertical@juno.com>, "Jane Locke"
<janeclocke@hotmail.com>, "Haik Jermakyan" <hbeen105@hp9k2.csun.edu>, "Garo
Mouradian" <garikmm@hotmail.com>, "E.T." <mean_gene@usa.net>, "David
Jermakian" <brendadave66@hotmail.com>, "Dan Coughlin" <danc@kudos.net>, "Carl
J.Conti" <conti@numerix.com>, "Arsen Nazaryan" <anazaryan@hotmail.com>, "Areg
Grant Margarian" <amargari@engin.umich.edu>
cc:
Subject: My new info

Dear Friends and Colleagues,

I have switched again my employment status between self-employment and
employment by joining the TXU Energy Trading on the capacity of their
Managing Director of Risk Management Operations.  Will commute home on
weekends, but otherwise, will be stationed in Dallas.  The new email address
is MJermak1@txu.edu, and the phone number is (214) 875-9603.

Regards,
Martin Jermakyan
www.txu.com

 - winmail.dat


Sara

I am the person looking to transact deals with Enron North America.  I speak
to
a number of people at Enron but my main contact is Aaron Armstrong.  I would
expect to trade interest rate swaps and options, government bonds and repos.

I hope this helps.  If there is anything that I can do to speed up the process
please let me know.

Kind regards

Chris Mitchell
020 7677 7049

Matthew Flett wrote:

> Dear Sara,
>
> I now attach a draft schedule to an ISDA Master Agreement between Morgan
> Stanley Capital Services Inc. and Enron North America Corp. I would be
> grateful if you could review the revised draft and revert with any
> comments that you may have. I will also be forwarding you a draft Credit
> Support Annex for your review in due course.
>
> I would be grateful if you could acknowledge receipt of this email and
> confirm that you are the appropriate contact at Enron North America to
> negotiate this ISDA.
>
> Do not hesitate to contact me with any queries that you may have.
>
> Regards,
> Matthew Flett
>
>   ------------------------------------------------------------------------
>                           Name: 1_0211934.01
>    1_0211934.01           Type: unspecified type (application/octet-stream)
>                       Encoding: base64
>                Download Status: Not downloaded with message

 - Christopher.Mitchell.vcf


Susan/Doug -

Below are updated versions of the ESA and Password Application.  Once the ESA
was revised, I looked at the Password App. and realized we still had language
in it relating to making offers and buy/sell transactions - somewhat
inconsistent with the CL modules.

Please look over the attached and let me know if you should have any comments
or questions.

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com


John & Hengerer's summary of today's Commission meeting.

 February 23, 2000

MEMORANDUM

TO: Interested Clients

FROM:  John & Hengerer

RE: Commission Meeting -- February 23, 2000

At today's meeting, the Commissioners approved the consent agenda and
discussed the following items.

HYDRO AGENDA
Public Utility District No. 1 of Okanogan County, Washington, Docket No.
P-10536
This draft order rescinded the hydro license issued to Public Utility
District No. 1 of Okanogan County, Washington (Utility District) after the
National Marine Fisheries Service (NMFS) conditioned the license on
construction of a fish ladder that would have rendered the proposed project
uneconomic.  Commissioner Hebert moved the item to the discussion agenda to
highlight the difficulties incurred in hydro licensing proceedings due to the
conditioning authority granted to certain federal agencies, such as NMFS.
Because such agencies possess the authority to impose costly environmental
conditions, Commission Hebert stated, they essentially hold veto power over
project applications.  Commissioner Hebert urged federal agencies to weigh
potential public benefits before imposing costly environmental conditions
that doom proposed projects.

Avista Corporation, Docket No. P-2058
In this draft order, the Commission granted a hydro license to Avista
Corporation.  Chairman Hoecker moved the item to the discussion agenda to
champion the use of alternate licensing procedures and applaud the parties
for negotiating the settlement approved by the draft order.  Avista began
negotiating for the license in 1996 and eventually reached a settlement with
26 stakeholders.  According to Chairman Hebert, such negotiations maximize
benefits, reduce application costs, and set a positive example for other
parties to follow.  Although the other Commissioners generally echoed
Chairman Hoecker's praise, Commissioner Hebert criticized the draft order for
not quantifying the environmental benefits of Avista's proposed project.

 ELECTRIC MATTERS
New England Power Pool, ISO New England, Docket Nos. ER00-984, et al.
Price caps on the ISO's Operating Reserve and Operable Capability markets
were extended by the Commission in this draft order, Commissioner Hebert
dissenting.  Both caps expired on December 31, 1999.  The cap on the
Operating Reserve Market was extended until June 30, 2000, or until the ISO
submits a market redesign plan to correct market flaws.  The cap on the
Operable Capability Market was extended until February 29, 2000, after which
the market will be terminated.  According to the ISO's filing, which was
approved in this draft order, the Operable Capability Market duplicates other
ISO markets and is no longer needed.

Commissioner Hebert dissented and moved the item to the discussion agenda to
express his disapproval of price caps, both in general and in this particular
proceeding.  In general, Commissioner Hebert believes that price caps remove
the natural incentives created by a competitive market.  In this particular
proceeding, Commission Hebert argues that supposedly temporary price caps
have become a Acrutch@ relied on by the ISO.  Moreover, Commissioner Hebert
does not believe that the ISO market is flawed and contends that the ISO has
failed to illustrate the existence of any flaws.  For these reasons,
Commissioner Hebert would not have extended the price caps.

Regional Transmission Organizations (Order on Rehearing), Docket No. RM99-2
In this draft rehearing order, while making relatively minor clarifications
and revisions, the Commission unanimously affirmed the policy decisions
outlined in Order No. 2000.89 FERC & 61,285 (1999)  Issued in December 1999,
Order No. 2000 outlined the Commission's policy with regard to RTO formation
and adopted regulations governing the filing and review of RTO proposals.
This draft order affirmed the voluntary and flexible approach adopted by
Order No. 2000, as well as the RTO functions and characteristics outlined in
that order.

However, the draft order does include a number of relatively minor revisions
and clarifications.  Specifically, the draft order:  (i) denies requests to
phase out passive ownership of RTO facilities by transmission owners, but
clarifies that passive owners must not interfere with day-to-day RTO
operations; (ii) clarifies Section 205 tariff filing rights by reiterating
that RTOs should have control of their own tariffs, while transmission owners
should determine their own return on equity; (iii) incorporates Order No.
2000's audit requirements into Commission regulations, while ruling that the
both an RTOs ownership and governance structures are subject to audit; and
(iv) clarifies that public utility compliance filings must specify what
efforts were made to include RTO participation by public cooperatives.

In approving the draft rehearing order only two months after the issuance of
Order No. 2000, the Commission hopes that the ongoing collaborative process
will be able to focus on the basic elements of RTO formation, rather than on
the contentious issues raised in the rehearing requests.  Order No. 2000's
collaborative process began this month and is scheduled to run through April
2000.  Public Utilities not currently participating in a regional
transmission entity are required to make a compliance filing by October 15,
2000, while those utilities that are already a part of a regional entity must
make a compliance filing by January 15, 2001.

Midwest Independent Transmission System Operator, et al., Docket Nos.
ER00-448, et al.
In this draft order, the Commission unanimously (Commissioner Massey
concurring) voiced its support for the binary RTO model proposed in this
proceeding, but declined to issue the requested declaratory order until a
final proposal is filed.  The binary model proposed by Midwest ISO
participants would require the ISO to delegate certain functions to a
for-profit transco, while retaining other functions and maintaining
responsibility for overseeing the transcos activities.  The draft order
commends parties for developing the proposal and finds that the proposed
binary model generally conforms to the Commission's RTO mandate.  However,
the Commission declined to make a final determination until a complete
proposal is submitted.  Commissioner Massey's concurrence raises concerns
associated with the sharing of power between an ISO and a transco.
Commissioner Massey believes that such a division of power may be
counterproductive and urges the parties to address the issue in their final
filing.

 PIPELINE MATTERS
ANR Pipeline Company, Docket No. CP99-241
ANR's proposal to increase mainline capacity from Joliet, Illinois, into
Wisconsin was approved in this draft order.  Specifically, the draft order
permits ANR to construct an additional 20,000 horsepower of mainline
capacity, thereby increasing mainline capacity into Wisconsin by 109,000
Dth/day by November 1, 2000.  The Commission approved ANR's proposal after
concluding that demand in Wisconsin justifies the expansion.

The expansion approved in this draft order is part of ANR's SupplyLink
proposal (to be built in conjunction with the Independence/MarketLink
project).  ANR decided to proceed with the Joliet-to-Wisconsin expansion
after the SupplyLink/Independence/MarketLink project was delayed due to
Commission concerns that the project was not adequately supported by market
demand.  Although the expansion approved in this draft order was unrelated to
the contentious portions of the larger project, Commissioner Hebert
nonetheless moved the item to the discussion agenda to express his belief
that market demand justifies the Independence/MarketLink project.
Specifically, Commissioner Hebert cited recent spikes in heating oil prices
as evidence that gas demand in the northeastern United States more than
justifies the project.  Commissioner Breathitt disagreed with Commission
Hebert and argued that the price of heating oil does not necessarily
correlate to natural gas demand.


With a typical contractor a tight schedule usually increases the cost. You
might check to see how much a delay in COD to, say Aug 1,  might lower the
cost of construction.  Not to say that it will, but it might.


Thanks

Orlando Gonzalez
05/09/2001 08:22 PM
To: Richard Shapiro/NA/Enron@Enron
cc: sergio.assad@enron.com

Subject: recent news

I skipped your name on this one.  We are fully engaged on both these issues.
---------------------- Forwarded by Orlando Gonzalez/SA/Enron on 09/05/2001
16:26 ---------------------------

Orlando Gonzalez
09/05/2001 11:36
To: Rebecca McDonald/ENRON_DEVELOPMENT, John J Lavorato/Enron@EnronXGate,
James A Hughes/ENRON_DEVELOPMENT
cc: Joe Kishkill/SA/Enron@Enron, sergio.assad@enron.com, Keith
Miceli/Corp/Enron@Enron, Mark Metts/Enron@EnronXGate, Mitchell
Taylor/Enron@EnronXGate

Subject: recent news

Attached is the summary of Dennis Bakke's comments on AES investment plan for
Brazil.  Apparently these were  on CNN.  These are the same positions we and
the
Investors Group have been discussing with government officials.

 The second article is on the rationing situation which will result in cuts
of over 20%
over the next 6 months.

We are preparing a summary of the impacts on our business for discussion
with
you this week.

AES Suspends Brazil Investments
US-based power company AES Corp. has put on hold plans to invest between
US$2 billion and US$2.5 billion on energy projects in Brazil, alleging that
the
government,s policy on pricing is jeopardizing its operations.
AES President Dennis Bakke, on a brief visit to Brazil, said the company
suspended indefinitely its plans to build as many as 10 thermoelectric power
plants.
Bakke criticized Brazil's electricity sector regulator Aneel for maintaining
an
energy policy that charged what Bakke said were ``unrealistically low prices
for
consumers,'' forcing AES to carry the burden of rising costs.
He said investments would remain on hold until the government came up with
a solution.
AES has already invested US$6 billion in Brazil, primarily in electricity
projects, making it one of the country's top private foreign investors.

Energy Blackouts To Begin June 1
The government announced Tuesday that it will begin a policy of programmed
blackouts starting June 1 as part of its energy rationing plan.
Mines and Energy Ministry officials had at first hoped to delay any blackouts
until August, concentrating first on a program to induce consumers to reduce
energy use. The critical level of reservoirs in the country,s main
hydroelectric
plants, however, forced Tuesday,s decision to accelerate the blackouts which
will
last until the end of November when the rainy season begins.
The blackouts will occur in the Southeast, Central-West and Northeast regions
of the country. At the same time the government will introduce a program
providing
incentives to consumers to reduce their energy use. The goal of the plan is
to lower
electricity consumption by 20%.
Although the general outline of the rationing plan was announced Tuesday, the
details have yet to be worked out due to differences between the government
ministers who compose the National Energy Policy Council (CNPE). A new
meeting of CNPE was set for May 23 by which time it is hoped that an agreement
will have been reached on how to implement the plan.
The initial proposal from Mines and Energy was for a 15% reduction for
industry, 20% for residences and between 18% and 20% for commerce. The
ministries of finance, planning and development, however, asked for more time
to
consider the impact of the energy cuts.
The principal concern among government officials is with the impact on the
economy of the proposed blackouts. According to a study to be released today
by
the Get?lio Vargas Foundation, a 20% energy cut would slow economic growth by
1.5% of gross domestic product and would have a direct impact on 850,000 jobs.
Production costs for industry would rise 1.5%, government tax receipts would
decline by R$6.6 billion (US$2.9 billion) and Brazil,s trade deficit would
increase
by US$1.6 billion, according to the study. The study,s authors also said
there was
no guarantee that the effects of the program would be limited to this year.
Business leaders reacted with apprehension to the prospect of obligatory
blackouts. Most defended a policy of separate reduction goals for each
industrial
sector, sparing industries that depend heavily on electricity. The S?o Paulo
State
Federation of Industries (Fiesp) said that sectors who are major consumers of
energy such as steel should be exempted from any rationing.
While details were lacking in the government,s plan, officials said that the
administration of the energy cuts would be placed in the hands of local
utilities
which would determine the locations and schedules for daily blackouts.
According
to national energy secretary Afonso Henriques, a 20% reduction in consumption
would amount to a cut of six hours a day.


---------------------- Forwarded by Patrice L Mims/HOU/ECT on 08/04/2000
01:55 PM ---------------------------

"Breed, Vickie" <VickieBreed@associates.PZLQS.com> on 08/02/2000 11:28:10 AM
To: "'Patrice.L.Mims@enron.com'" <Patrice.L.Mims@enron.com>
cc:
Subject: Vickie's Resume'

  <<Resume.doc>>

Thanks,

Vickie Breed Maddox
Pennzoil-Quaker State
(713)546-3697
VickieBreed@associates.PZLQS.com

 - Resume.doc


Information Risk Management ) IT Security and Standards Notice

Passwords
The key to maintaining information and systems security is the use of
well-selected and guarded passwords.  Please remember, your password is our
first line of defense. It is important that:
? Your password should be unique and only known to you.
? Your password should never be shared with someone else.
? A password must never be written down (i.e. post-it notes), stored in files
on personal computers, at workstations, hidden under keyboards, configured on
terminal hot-keys, etc.
? Passwords must be changed every 60 days.

Strong password selection criteria will soon be automated for all employees.
For instructions on selecting a good password or to the view the company
password policy and standards, click here:
http://itcentral.enron.com/data/policiesandprocedures/ITPasswordScreenSaver

Please keep in mind that the Enron Conduct of Business Affairs holds
employees responsible for password security.  Information Risk Management
conducts periodic audits to ensure compliance with company policy.

For any problems encountered concerning password controls, please call your
appropriate Help Desk (available: 24Hrs./day, 7 days/week).


Can you take care of this for me?
---------------------- Forwarded by Mark Taylor/HOU/ECT on 12/15/99 01:28 PM
---------------------------

	From:  Bob Shults                           12/15/99 01:27 PM

To: Mark Taylor/HOU/ECT@ECT
cc: David Forster, Debbie R Brackett/HOU/ECT@ECT, Kathryn Cordes/HOU/ECT@ECT
Subject: Aquila Assignment

Here are the trades that we need an assignment letter on for Aquila Risk
Managment, Energy Marketing and Canada


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The Word of the Day for January 24 is:

ascetic   \uh-SEH-tik\   (adjective)
     1 : practicing strict self-denial as a measure of personal
and especially spiritual discipline
    *2 : austere in appearance, manner, or attitude

Example sentence:
     Ms. Walter's plain, dark clothing and tight bun give her
an ascetic appearance, but she is actually very warm and fun-
loving.

Did you know?
     "Ascetic" comes from "asketikos," a Greek adjective meaning
"laborious." Ultimately, it comes from the Greek verb "askein,"
which means "exercise" or "work." There aren't many other English
words from "askein," but there's no dearth of synonyms for
"ascetic." "Severe" and "austere," for example, are two words
that share with "ascetic" the basic meaning "given to or marked
by strict discipline and firm restraint." "Ascetic" implies
abstention from pleasure and comfort or self-indulgence as
spiritual discipline, whereas "severe" implies standards enforced
without indulgence or laxity and may suggest harshness (as in
"severe military discipline"). "Austere" stresses absence of
warmth, color, or feeling and may apply to rigorous restraint,
simplicity, or self-denial (as in "living an austere life in the
country").

*Indicates the sense illustrated in the example sentence.

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Vince,

Sorry about the delay in delivery, I needed to get a cable to hook up to the network.  I hope you were able to get some rest last night.  Sam is expecting you to send him your column and is waiting for the go ahead.

Sincerely,

Maureen


There are some volumes without prices on the Dominion files.  Can you tell me what these are?

Acct ID
AT001JJ
AT001ON
At001MA


New Transwestern Commercial account distributions...


I agree, however today is not possible.  Let me get back with you tomorrow.

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


Can you lend whatever assistance you, or Louise can provide, in getting me
assistance from Mike Neves on adding the Contract Database for EnronOnline.
His boss's name is Scott Cleverly.


Sue, et.al.,

    The Washington Office may have more detail, but based on a little reading I did this morning, I think the answers to Sue's questions are as follows:

DOE has commissioned a study (NTGS 2001) as part of addressing the transmission issues raised in the National Energy Policy (NEP) released in May, "One of the recommendations directed to the Secretary of Energy to examine the benefits of establishing a national electrical grid, identifying major transmission bottlenecks and remedies to remove them."  It is not clear from my reading whether the study team is internal to DOE or if a contractor is involved; I suspect a combination.  The workshops are scheduled to collect comments from industry, state government, environmental groups, etc. (the ubiquitous stakeholders).
The NTGS 2001 is accepting both oral and written statements, with a comment portal on their website with recommendations and comments received through October 10, 2001.  A transcript of the proceedings of the workshops is to be published.  No other documents are mentioned on the website, however, I expect that a final report to "...recommend regulatory and market based approaches that will stimulate new investment in our interstate bulk power transmission system".
The goal of the study is for the respond to the NEP directive so the Secretary of Energy is the apparent decision maker.
The NTGS will no doubt identify much the same information as that done for the Western Governor's Association (WGA) during the past summer.  The major physical constraints in the systems are well known, so the key questions are: (1) how is investment to be made going forward and (2) what will be done to facilitate siting of needed transmission.  The first of these questions cannot be fully resolved until the future structure of the industry is known.  This in turn means the RTO debate must be resolved.  The NTGS's goals are best served by RTO formation -- the larger the better-- so RTOs formation should be boosted by this effort. At the same time, many states are resisting the Big 5 RTO vision of West, Midwest, NE, SE & Texas RTOs covering the whole country.  The states also care deeply about the second issue, namely should the siting become a Federal responsibility as it is in gas pipelines or should regional process be developed by the states?  I think most states acknowledge (I know they do in the West) that transmission siting needs to look beyond state borders, but governors and legislatures are loathe to cede this authority to Washington DC.

Linda, Ray or Sarah, if you have better information please correct my suppositions.  We also ought to discuss the positions we should take on these matters in making comments at the workshops.  I am attaching the information I submitted for the WGA study.  They do not address exactly the same points as DOE's study issues, but perhaps they can serve as a possible starting point for discussion.

Steve

 -----Original Message-----
From: Nord, Sue
Sent: Monday, September 17, 2001 8:19 AM
To: Nicolay, Christi L.; Shapiro, Richard; Steffes, James D.; Palmer, Mark A. (PR); Robertson, Linda; Novosel, Sarah; Guerrero, Janel; Thome, Jennifer; Landwehr, Susan M.; Hueter, Barbara A.
Cc: Walton, Steve; Perrino, Dave; Roan, Michael; Comnes, Alan
Subject: RE: National Transmission Grid Workshops Planned

Sounds good.  Please let me know if we can help coordinate the preparation of our written and/or oral statements responding to the NTGS questions.  Also, I have a few questions about the meetings:

Who is the NTGS?
Will they produce a document/recommendation based on the upcoming meetings?
Who are the decisionmakers for that document/recommendation?
Where do you expect that document/recommendation will fit into the overall discussions around RTOs?

-----Original Message-----
From: Nicolay, Christi L.
Sent: Friday, September 14, 2001 10:59 AM
To: Nord, Sue; Shapiro, Richard; Steffes, James D.; Palmer, Mark A. (PR); Robertson, Linda; Novosel, Sarah; Guerrero, Janel; Thome, Jennifer
Cc: Walton, Steve; Perrino, Dave; Roan, Michael; Comnes, Alan
Subject: RE: National Transmission Grid Workshops Planned

It would seem that Enron would want to participate in these workshops for the National Transmission Grid Study 2001 (if RTO policy group, Janel/Sue thinks it makes sense).  I think Mike Roan would go to Detroit, Mike or I would go to Atanta and Steve W, Dave P. or Alan would go to Phoenix.
 -----Original Message-----
From: Nord, Sue
Sent: Friday, September 14, 2001 9:53 AM
To: Shapiro, Richard; Steffes, James D.; Palmer, Mark A. (PR); Nicolay, Christi L.; Robertson, Linda; Novosel, Sarah; Guerrero, Janel; Thome, Jennifer
Subject: FW: National Transmission Grid Workshops Planned

-----Original Message-----
From: Thome, Jennifer
Sent: Friday, September 14, 2001 9:23 AM
To: Nord, Sue
Cc: Guerrero, Janel
Subject: National Transmission Grid Workshops Planned

Sue:

Not sure who would be interested in these workshops from the RTO group (if they are not already aware of these).  Note that these workshops will include discussion on RTOs and are taking place at the end of this month in three cities.  More info. is at <http://tis.eh.doe.gov/ntgs/workshops.html>

NGI's Power Market Today
published : September 14, 2001

National Transmission Grid Workshops Planned

When President Bush unveiled his National Energy Policy (NEP) in May, the plethora of recommendations included a proposal to establish a national electricity grid. Now, as the plan moves forward, three workshops are scheduled this month to give all stakeholders a chance to participate in the National Transmission Grid Study 2001 (NTGS). The workshops, set for Detroit on Sept. 24, Atlanta on Sept. 26 and Phoenix on Sept. 28, are expected to lay the foundation for a proposed transmission super highway.

As the NTGS sees it, wholesale electricity market competition has changed the way the U.S. electric grids are used. Transmission systems that historically were used to move power within small utility service territories are now frequently "stressed to their limits" as large blocks of power are moved on a regional basis. The new patterns of power flow, higher electricity demand and a lack of investment has led to major transmission congestion across the country.

"Transmission investments go far beyond acquiring rights-of-way and building new power lines," according to the NTGS. "State-of-the-art metering and telemetry, upgrading the control centers computing capabilities and installing new technology will also be necessary if consumers are to fully realize the efficiency gains from competitive wholesale electric markets."

Could the entire U.S. electricity grid be operated as one integrated whole or a few large integrated markets? If it was an integrated whole or a few large markets, how could officials assure the reliability of a national grid? Those are just a couple of the questions participants will attempt to answer during the workshop sessions.

"Removing major transmission bottlenecks will help unleash the economic benefits that are achieved through efficient and competitive electricity markets," according to the NTGS. But how to remove the bottlenecks still remains the biggest dilemma of all. Investment barriers, seen as keys to the puzzle, include a lack of regional integrated planning, difficulty in siting, and uncertainty regarding investment risks and returns.

Basically, the NTGS has identified several issues that will be covered in the all-day workshops including: transmission planning and new capacity needs; transmission siting and permitting; business models for transmission investment and operation; operation of interconnected transmission systems; reliability management and oversight; and new transmission technologies.

Within the transmission planning issue, participants will discuss appropriate measures and consideration of reliability and commerce along with siting and environmental effects. Other planning issues include integration of planning for transmission, generation and demand-side management programs and the role of new technologies to reduce the need for large facilities. Planning how new transmission facilities affect the ability of some generators to artificially raise market prices for energy also will be discussed.

Siting and permitting issues will include input on options to establish regional or federal siting institutions with the authority to obtain rights-of-way for new projects as well as the options to improve existing state-based regimes. Business model issues will include the political feasibility of choices for Regional Transmission Organizations as well as their effects on market efficiency, system reliability, operational efficiency, transmission access and interconnection policies, investment and innovation and regulatory oversight.

Workshop participants also will discuss who should make the decisions about reliability and the technical and economic bases for making decisions, along with who should take the risks. "The restructured industry will require a more open and inclusive process for establishing mandatory standards and monitoring and enforcing compliance," according to the NTGS.

One way to solve many of the problems will be through new transmission technologies. A major part of the workshops will be to learn the capability and cost of new technologies that could improve the operation of the transmission system, along with options available to support the development and deployment of new technologies in the current restructuring period.

The Detroit workshop, set for Sept. 24, will be held at the Detroit Marriott Romulus at Metro Airport, 30559 Flynn Dr., Romulus. The Atlanta workshop, set for Sept. 26, will be held at the Hyatt Regency, 265 Peachtree St. NE. The Phoenix workshop will be Sept. 28 at the Phoenix Airport Marriott. All three workshops will begin at 9 a.m. and adjourn by 4 p.m.

For those unable to participate in a workshop session, the NTGS also will offer an opportunity for non-registrants to make recommendations, with a transcript of the proceedings for each workshop available. Recommendations and comments also will be accepted through Oct. 10 by the NTGS.

To learn more about the workshops or to register, contact NTGS's Zead Haddad at (202) 586-2577 or by e-mail at zead.haddad@hd.doe.gov. For technical questions about the study, contact Paul Carrier at (202) 586-5659 or send an e-mail to paul.carrier@hq.doe.gov. The registration form is available online at <http://tis.eh.doe.gov/ntgs/workshops.html>.


Do we need to meet tomorrow to make sure everything is covered. I think we
should.  2 PM?


These deals are all parts of sleeves we did for EES, and we only include a
broker fee on the sale side of the sleeve. I ended up changing just two
deals; they're highlighted in red:

459812 - no change (buy side of EES sleeve)
459813 - added .0075 broker fee (sale side of EES sleeve)

457489 - no change (buy side of EES sleeve)
457490 - no change (sale side already contained .0075 broker fee)

468444 - added .0075 broker fee (sale side)
468440 - no change (buy side)

And as a disclaimer - I'm getting my information from our traders, so if any
of this sounds incorrect, or if Natsource still disputes, please let me know.

Thanks,
Kate

Kerri Thompson@ENRON
01/10/2001 12:07 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: natsource fees

kate:

these are some deals that i was waiting on revisions from the broker on the
fees.  apparently they are saying there should fees on all of these trades.
can you pls check this out....

459812
457489
468444
468440

thanks


Did you ever speak to Gillian Johnson yesterday about the difference of these
2 agmts?


*****   Please be advised that this information is confidential and proprietary.  We ask that this confidential information be treated as such, in accordance with applicable laws and regulations governing disclosure of confidential information by gas marketers such as Enron.


Would you prefer to do a June conference call as opposed to a meeting?
We have the 19th and 21st available for a meeting at the Marriott, but if
schedules are hectic, the conference call seemed to work nicely.

Thanks!


I can't locate the electronic version of Costs that David prepared.  Can you
resend it to me?


Gerald -

Here is the updated contract from Gregg.  The changes that they made were in
section 3.02 (I believe) dealing with misc. travel costs and such.  I am
allowing them to run up to a total of $4000 worth of travel and hotel bills
without requiring approval from me, as I believe that that is a fair amount
considering the physical location of their workforce and the need to
communicate with me and with each other.  Should the misc. expenses exceed
$4000, Gregg Engineering must confirm any such overruns with me, or they are
not reimbursable.  In addition, I corrected a few references to sections that
were renumbered and some grammar and spelling stuff.  Please let me know what
you think.

Regards,
Chris Sonneborn
ENA Upstream Services
Facility Planning


Terry, the entire facility has not been disturbed.  Only most of it.  Id say
approx 70%.  The other 30% has been impacted but not tot the point of
disturbing all the vegetation, just foot and vehicle traffic.  I dont have
problem with saying the above, but keep in mind, the facility has been there
and just because the trees havent been disturbed, doesnt mean that the
understory beneath the trees has been pristine.   It has always been
Transwetern's policy to maintain an environmetnal presence at all of its
locations, especially at sites where there is some aesthetic value (scenery
wildlife etc).  I dont have a problem with including resource reports 3 and 7
for vegetation and soils.  I have received a verbal from the US Fish and
Wildlife and they agreed with the intent in my letter to them that pipline
activites at each location tend to preclude any impacts to sensitive or
critical habitats.  In addition, the adjacent lands are of the same habitat
types as that which are contained within the facility and therefore, would
not be an issue of habitat loss.   There are not any old TW hands around to
positively verify that the site was cleanred and there has been natural
encroachment of the trees into the area, I seriously doubt it.  Again, TW
tried to mantain a postive presence at each site, but did utilize the sites
for their intended purpose.

In Arizona, we do not have a blanket approval for discharges of hydrostatic
testwater.  We do however plan to use new pipe and water supplied either from
the closest City (ie Flagstaff for station 2 construction) or from a drinking
well source.  In any event, we will test the water prior to discharge and
ensure that the discharge will stay on the facility property to soak into the
ground.  I cant imagine that there will be large volumes of hydro water as we
dont plan on installing a large amount of new pipe.

If we need to discuss the above, give me a call

"Hackett, Terry" <THackett@ENSR.com> on 03/09/2001 02:18:52 PM
To: "'Larry.Campbell@enron.com'" <Larry.Campbell@enron.com>
cc: "'Donna.Martens@enron.com'" <Donna.Martens@enron.com>

Subject: Station 2 Concerns

Larry,

I gave the tree issue at Station 2 some thought and I have a couple of
concerns regarding the environmental report.  The report is being written,
based on the fact that all construction will occur within the station yard
and on previously disturbed ground.  If we impact areas (even within
existing facilities) that were not previously disturbed we are required to
include environmental data about those areas.

So the first question is whether the entire station yard has been
"previously disturbed".  To help determine this, I downloaded a USGS aerial
(1996) of the station from the internet and the trees occurring within the
station yard look to be the same age/size as those surrounding the station.
This would indicate that the areas within the station covered with trees
have not been "previously disturbed".  A copy of the aerial is attached.

However, it is conceivable that the site was cleared prior to initial
construction and the trees simply grew back.  Unfortunately, I don't have
that information and don't know if you do either.  And let me point out that
my concern is not whether Transwestern will receive approval to construct,
but the amount of information supplied in the report.  I want to feel
comfortable that we are supplying the required information to FERC.

For this project, that would primarily include a description of the existing
vegetation and soils (resource report 3 and 7).  All we would really need is
a brief description of the existing vegetation and soils, and how much will
be permanently impacted, etc. However, we did not budget any time to obtain
this information, nor did we anticipate the need for site visits.

My hope is that we can find an answer to whether the site was previously
disturbed or not.  If not, I hope to come up with some verbiage that
everyone is comfortable with to satisfy the FERC requirements.  Otherwise,
we will have to obtain the necessary information, and that's beyond our
initial scope.

If you have had any biological reports done for the area on other projects,
that may provide enough information.  Again, it only needs to be brief.
Also, we need to verify for the other 3 stations that we are constructing in
previously disturbed areas.

Lastly, Arnold has indicated that the hydro-test water will come from
existing water source at each station and that it will be discharged under
Transwestern's blanket permit.  Please verify...and I think we should
provide a copy of the blanket permit with the filing.

After you have had a chance to think about this, please call and we can
discuss.

Terry.

 <<Station 2 aerial.jpg>>

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FYI.
Thanks.
Gary

 Burton, et al. v. FERC.cmplt.pdf
 <<Burton, et al. v. FERC.cmplt.pdf>>

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 - Burton, et al. v. FERC.cmplt.pdf


GPG has an all day planning session on the 25th of January, so we will most
likely have to miss that day.    I would plan on the following attending this
session:
Jerry Peters  Patty Wiederholt
George Fastuca Bob Chandler
Jim Saunders  John Cobb
Kerry Roper  Tracy Geaccone

Jerry & Patty are the only non-Houston based personnel.

Wes Colwell
12/28/99 04:12 PM
Sent by: Shirley Tijerina
To: Cedric Burgher/Corp/Enron@Enron, Bob Butts/GPGFIN/Enron@ENRON, Kent
Castleman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Wanda Curry/HOU/ECT@ECT,
Fernley Dyson/LON/ECT@ECT, John B Echols/HOU/EES@EES, Rodney
Faldyn/HOU/AZURIX@AZURIX, Rod Hayslett/FGT/Enron@ENRON, Robert
Hermann/Corp/Enron@ENRON, Tod A Lindholm/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Mark E Lindsey/GPGFIN/Enron@ENRON, Keith
Marlow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Cassandra
Schultz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jeffrey E
Sommers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, P D
Sarma/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Dave
Gunther/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ryan H Siurek/Corp/Enron@Enron,
Alan Quaintance/Corp/Enron@ENRON
cc: Richard Causey/Corp/Enron@ENRON, Paige B Grumulaitis/HOU/ECT@ECT, Michael
Krautz/Enron Communications@Enron Communications, Cris Sherman/HOU/ECT@ECT,
Roger Ondreko/HOU/ECT@ECT, Phillip D Lord/LON/ECT@ECT, Buddy
Aiken/LON/ECT@ECT, Sheila Kahanek/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Wade
Stubblefield/HOU/EES@EES, Lou Casari/HOU/EES@EES, Davis
Maxey/Corp/Enron@ENRON, James Ginty/Corp/Enron@ENRON, Sharron
Westbrook/Corp/Enron@ENRON, Karen Myer/GPGFIN/Enron@ENRON, Dortha
Gray/GPGFIN/Enron@ENRON

Subject: Transactions Accounting & Reporting Offsite of 2000

We are plannning a Transactions Accounting & Reporting Offsite to be held
January 25th and 26th at The Woodlands Conference Center (map to follow).  I
believe we have a full two days of material to cover, so we have not planned
daytime social activities.  In no particular order, following is a tentative
list of topics:

1) Fair Value Model/Accounting
 - Merchant vs Strategic Assets
 - "Trading- type" Assets
2) Lease Accounting/Executory Contracts
3) Real Estate Accounting/Power Plant Sales
4) Consolidated Financial Statements Exposure Draft/SPE's
5) FAS 125 Structures
6) "Pre Pays"
7) FAS 133 Implementation
8) EES MTM Model
9) ECI MTM Model
10) Transactions Database/Transaction Protocol

The Day 1 format will primarily consist of separate working sessions to
develop and document our accounting models and thoughts in the above areas.
We have individual conference rooms reserved for this purpose.  Day 2 will be
spent with all groups together getting broader feedback on each of our topics.

Please consider the above and provide me feedback on adding, deleting,
combining, etc.  Also, we will be soliciting session leaders for each topic,
so if you have suggestions, please let me know.  We will finalize the agenda
once I have feedback from you on these topics.

Please RSVP your attendance to Shirley Tijerina at X58113 by January 11th.
Also, let her know who will be attending from your group.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/30/2001
05:18 PM ---------------------------

	From:  Jason Sokolov                           04/30/2001 05:04 PM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: FW: Binomial

Vince,
Jeff Planck is part of Tracy Pan's team.

Jason
---------------------- Forwarded by Jason Sokolov/HOU/ECT on 04/30/2001 05:03
PM ---------------------------

"Planck, Jeffrey G." <jplan90@entergy.com> on 04/27/2001 03:20:36 PM
To: "'jason.sokolov@enron.com'" <jason.sokolov@enron.com>
cc:
Subject: FW: Binomial

>  -----Original Message-----
> From:  Planck, Jeffrey G.
> Sent: Friday, April 27, 2001 2:16 PM
> To: 'jason.sokolov@enron.com'
> Subject: Binomial
>
> Jason,
>
> This is part of our project. We would use it to estimate american premiums
> and then add that premium to valuations that give european values.
>
> I hope it goes through.
>
> Jeff
> (I'm on Tracy and Nan's team)
>
>
> .....Didn't work
>
> I'll try zipped version.
>
>  <<Big Binomial.zip>>

 - Big Binomial.zip


I agree with Beth.  We had some other options to pursue before we got to that stage, but the Dynegy option was the best.  It's overstating it a bit to say it was the only way to keep the ship from going down.
 -----Original Message-----
From: 	Tilney, Elizabeth
Sent:	Monday, November 12, 2001 5:33 PM
To:	Denne, Karen
Cc:	Palmer, Sarah; Kean, Steven J.; Palmer, Mark A. (PR); Olson, Cindy; Clark, Mary
Subject:	RE: Revised KLL Voice Mail Script

Can we take out the part about the ship going down?  Otherwise, I am fine with it. Beth


Bob,

Further to your last e-mail,  just to let you know that I have ordered form
Derek Oliver at the Exchange the package of documents which we shall need to
sign so that:

ECTRI becomes a proprietary trader member on the Exchange

ECTRIC's orders are placed onto the exchange via EEFT in London (although
EEFT does not become in any capacity a member on the Exchange).

As soon as I get them I'll start to check them over.

Derek Oliver at the Exchange needs some clarification as to whether we just
want Steve Kim to be able to place orders onto the Exchange - or whether we
want some back-ups (e.g., Martin,Tom, Fraser, etc).  If you could let me
know, I would be very grateful.

Furthermore, please just confirm that you want E.D. & F Mann to be the
clearer.

Finally, Re the implementation of appropriate trading software in London,
Derek Oliver has said that he is happy for this to be in EEFT's name (hence
avoiding any chance of ECTRIC having to own this in London and hence avoid
any spectre of ECTRIC having, on this account, a "permanent establishment" in
London for tax purposes).  Whomever you will appoint from the commercial team
to liaise with London IT on the implementation of the software package will
need to speak to me urgently before they do anything.

Kind regards

Mark


I was trying to send the tractor photo to you yesterday but I was having
problems.  I will try again tonight.  It takes a long time for system at home
to show a photo email.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/05/2001
12:10 PM ---------------------------

"Btu" <subs@Btu.net> on 03/02/2001 07:25:08 PM
To: "Btu's Weekly Power Report" <>
cc:
Subject: Btu's Weekly Power Report

Attached is the latest issue of Btu's Weekly Power Report

e-mail: info@Btu.net
phone: 732-758-8222
fax: 732-758-8286

 - wp030501.pdf


It appears that the following interview schedule may work.  Please advise
ASAP if you have a conflict.

 Thurs, April 20,  2000 in EB38c2.
 2:00 p.m.  Sr. Legal Specialists (S. Bailey, S. Flynn, T. Jones)
 2:45 p.m. Carol St. Clair
 3:15 p.m. Sara Shackleton
  3:45 p.m.  Mark Taylor

tm

P.S.   Tana & Susan B., I updated your calendars.


Welcome back all of you veteran pickers!  I?d like to introduce our three
new rookies:

The Deitrick?s - Val and Scott - from napa
Andy Bledsoe - from Napa
Kent Deverell - from San Francisco

Good luck to all!!

Steve McCarthy is not in the pool this year (we'll miss his bazaar picks)
and we aren't sure if Carlton is still in.  If he is, we'll have a total of
27; if not it'll be 26.  We'll send out a completed report of the projected
payouts before the first week of the season starts.

Attached are two Excel files.  The first one just has the pick sheet for
week #1

One easy way to submit the weekly picks is to:
1)	Click on this sheet and open it in Excel
2)	Fill in the information at the top
3)	Make your weekly picks by putting numbers in the cell with the line under
it by the team you want to pick.  (This will also give you a check figure at
the bottom to be sure you have gotten, at least,  the correct total - not
necessarily the WINNING numbers, however!)
4)	Save and close the file
5)	Use "FORWARD" to get the e-mail back to me at eldon@direcpc.com
6)	If you use "REPLY" the attachment does not get sent

It really makes a huge difference in the amount of time it takes to do the
statistical work if you use this form so we really appreciate getting your
picks this way.

Here is an Excel workbook that contains a tab for every week - so all 17
weeks are here plus a sample.  However, all you need to send back is the
sheet for the current week.  Just to make it easier, (or in case you've
misplaced the attachment) we'll send out, via e-mail, each upcoming week's
pick sheet in time for you to make your selections.   If you have any
questions about Excel please give me a call at (707) 255-4813 or call Nancy
at (707) 251-4870.

Eldon