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

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

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

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

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

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

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

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

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

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

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

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

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

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

http://www.washingtonpost.com

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

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

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

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

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

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

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

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

Source: WSJ Research

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

Enron Starts Trading German Gas Online

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

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

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

PGE wants to convert manure to methane

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

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

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

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

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

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

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

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

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

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


With the on-going discussions in CA, we need to make sure that we understand
what would happen if a core / non-core split were implemented.

Basically, what is the 1 year, 3 year, and 5 year price for a E-19 and E-20
customer with a typical load profile?  Has to be all in (as if EES were
selling gen only service).

Give me a call if this does not make sense.

Thanks,

Jim


Attached is the 99 Peakers' Weekly TVA Cost Summary and Draw Schedule for
actual expenditures through December 10, 1999.  Please call me with any
questions.

Thanks,
theresa
x58173


I only know what Dale told me.  I have no idea who else is involved.  SS

To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: PacifiCorp ISDA master

We have exchanged calls.  Do you know if any credit function has been
involved in this transaction?  Perhaps there was an underwriter involved?  It
may take some time to educate myself on the transaction.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/23/2000
08:42 AM ---------------------------

Rachel Vargas <rvargas@hbs.edu> on 02/22/2000 12:14:06 PM
To: gljackson2@tva.gov, "Vince J Kaminski" <Vince.J.Kaminski@enron.com>
cc: ptufano@hbs.edu
Subject: Eastern Standard Time

Dear Mr. Jackson and Mr. Kaminski:

Good afternoon!

I just wanted to make sure you both understood that the Real Options
Conference, being held on Thursday, February 24 from 1:30-2pm, will be
Eastern Standard Time.

Many thanks,

Rachel Vargas
Asst. to Prof. Tufano

Dear Mr. Jackson and Mr. Kaminski:

This is to confirm that the March Real Options Conference call with Peter
Tufano will be held on Thursday, February 24 from 1:30-2pm. Mr. Jackson, I
have spoken with Suzanne and confirmed that the conference call will
originate from Peter Tufano's office.? Mr. Kaminski, I left a message in your
assistant's voicemail (Shirley), and I also spoke with Mr. Kevin Moore to
arrange this time.? Again, Professor Tufano will initiate this conference
call.

Many thanks.

Sincerely,

Rachel Vargas
Asst. to Prof. Tufano

********************
Rachel D. Vargas
Morgan Hall 370
Harvard Business School
Soldiers Field Road
Boston, MA 02163

P:? 617 495-6521
F:? 617 496-6592
email:? rvargas@hbs.edu
********************


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-----Original Message-----
From: Taylor, Gary
Sent: Tuesday, October 23, 2001 9:00 AM
To: Shankman, Jeffrey A.; Levine, Norman; Perlman, Beth
Subject: FW: VOTE

          > CNN is taking a poll regarding  whether or
not International
          > monitors should be sent into  Israel.
          > Please respond and vote NO.
          >
          As u probably guess international monitors
will be in favor of the
          Palestinians ... not us!

          When this mail was sent to me the
percentage was 24% YES and 76% NO
          Due to Pro Arab people asking everybody to
vote it is now 42 % YES
          and 65% NO

          Help us change the poll in our favor!

          VERY IMPORTANT! Forward to everyone you know
ASAP!
          Use this link and vote on the poll.

http://home.netscape.com/ex/shak/international/packages/mideast/

          Thanks,

=====
"In order to make your dreams come true, you must first wake up."

__________________________________________________
Do You Yahoo!?
Make a great connection at Yahoo! Personals.
http://personals.yahoo.com


Mark Taylor
Vice President and General Counsel
Enron Wholesale Services
(713)853-7459

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

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=SBAILE2>
To: Taylor, Mark E (Legal) </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mtaylo1>
Date: Monday, August 13, 2001 11:33:22 GMT
Subject:

Mark,

Attach is my report.

 -----Original Message-----
From: 	Taylor, Mark E (Legal)
Sent:	Monday, August 13, 2001 5:08 PM
To:	Cook, Mary; Gray, Barbara N.; Greenberg, Mark; Hendry, Brent; Koehler, Anne C.; Leite, Francisco Pinto; Nelson, Cheryl; Sayre, Frank; Shackleton, Sara; Bailey, Susan; Boyd, Samantha; Heard, Marie; Jones, Tana; Panus, Stephanie
Subject:	Project Lists

If you have not sent me a current project list within the last week, please do so no later than noon tomorrow using the attached format.

 << File: Project list template.doc >>

Mark Taylor
Vice President and General Counsel
Enron Wholesale Services
(713)853-7459

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

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=MCOOK>
To: Taylor, Mark E (Legal) </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mtaylo1>
Date: Friday, August 3, 2001 6:48:16 GMT
Subject:

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas 77002-7361
(713) 345-7732
(713) 646-3393 (fax)
mary.cook@enron.com

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

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=MGREENBE>
To: Taylor, Mark E (Legal) </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mtaylo1>
Date: Tuesday, August 14, 2001 3:49:01 GMT
Subject:

Mark -

Attached is my current project list.  Please let me know if you need anything further.

Mark

 -----Original Message-----
From: 	Taylor, Mark E (Legal)
Sent:	Monday, August 13, 2001 5:08 PM
To:	Cook, Mary; Gray, Barbara N.; Greenberg, Mark; Hendry, Brent; Koehler, Anne C.; Leite, Francisco Pinto; Nelson, Cheryl; Sayre, Frank; Shackleton, Sara; Bailey, Susan; Boyd, Samantha; Heard, Marie; Jones, Tana; Panus, Stephanie
Subject:	Project Lists

If you have not sent me a current project list within the last week, please do so no later than noon tomorrow using the attached format.

 << File: Project list template.doc >>

Mark Taylor
Vice President and General Counsel
Enron Wholesale Services
(713)853-7459

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

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=MHEARD>
To: Taylor, Mark E (Legal) </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mtaylo1>
Date: Tuesday, August 14, 2001 3:08:46 GMT
Subject:

Mark:

I am attaching a revised list.  I forgot to show EBS, not that is has created a significant amount of work.
Thanks!

Marie

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

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=BHENDRY>
To: Taylor, Mark E (Legal) </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mtaylo1>
Date: Friday, August 10, 2001 5:26:32 GMT
Subject:

Mark,
I have not given you a recent list of what I am currently working on so here goes.  Please let me know if you have any questions.

EOL WeathEOL Weather template update to include global products, changes to fallback and survival of certain GTC terms and conditions even if a master is in place.
Finalize with Sempra the form of weather confirmation, outstanding issue--inclusion of ISDA definitions.  I owe comments.
Active negotiations with 4 Southern Company affiliates--preparing comments to send
Active negotiations with Atlantic on master amendment--draft waiting for credit approval
Active negotiations with SAC, two remaining issues--they owe me comments
Active negotiations with Medallion, one remaining issue--the owe me comments
Active negotiations with Element Re, six remaining issues--they owe me comments
Active negotiations with BAREP, many outstanding issues--I owe comments
Active negotiations with Banque CPR, many outstanding issues--I owe comments
Double Trigger Power Options--Working with Limor Nissan on new templates for next season, Working with outside counsel on new opinion covering Enron purchases of hedge.
Active negotiations on Mobil assignment of option transactions to Indonesian affiliate
Reviewing Inventory Finance documentation (based on ISDA format) for Finance group
Creating new swap template based on new ERCOT delivery zones--draft sent for review to power group
Preparing Enron and Duke multi-party guarantees covering financial, gas and liquid transactions
Preparing AEGIS ISDA comparison--sent to credit for review
Preparing for a training class for Jordan Mintz's group on ISDA documentation
Working on Consent and Amendment EOL agreement for Duke
Working on a Consent and Amendment EOL agreement for AEP

Brent Hendry
Senior Counsel
Enron North America
1400 Smith Street
Houston TX 77002
Phone  713 853 7124
Fax  713 646 3490

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

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=AKOEHLE>
To: Taylor, Mark E (Legal) </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mtaylo1>
Date: Tuesday, August 14, 2001 3:07:30 GMT
Subject:

Mark,
Please see attached. This is the first one of these that I have completed. Please let me know if I have provided the info you need.  Thanks, Anne

 -----Original Message-----
From: 	Taylor, Mark E (Legal)
Sent:	Monday, August  13, 2001 5:08 PM
To:	Cook, Mary; Gray, Barbara N.; Greenberg, Mark; Hendry, Brent; Koehler, Anne C.; Leite, Francisco Pinto; Nelson, Cheryl; Sayre, Frank; Shackleton, Sara; Bailey, Susan; Boyd, Samantha; Heard, Marie; Jones, Tana; Panus, Stephanie
Subject:	Project Lists

If you have not sent me a current project list within the last week, please do so no later than noon tomorrow using the attached format.

 << File: Project list template.doc >>

Mark Taylor
Vice President and General Counsel
Enron Wholesale Services
(713)853-7459

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

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=FLEITE>
To: Taylor, Mark E (Legal) </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mtaylo1>
Date: Tuesday, August 14, 2001 2:42:05 GMT
Subject:

Attached is my project list.

Francisco Pinto-Leite
Enron Americas
1400 Smith Street, EB 3888
Houston, TX 77002-7361

Tel: 713-345-7942
Fax:713-646-3490
fleite@enron.com

 -----Original Message-----
From: 	Taylor, Mark E (Legal)
Sent:	Monday, August 13, 2001 5:08 PM
To:	Cook, Mary; Gray, Barbara N.; Greenberg, Mark; Hendry, Brent; Koehler, Anne C.; Leite, Francisco Pinto; Nelson, Cheryl; Sayre, Frank; Shackleton, Sara; Bailey, Susan; Boyd, Samantha; Heard, Marie; Jones, Tana; Panus, Stephanie
Subject:	Project Lists

If you have not sent me a current project list within the last week, please do so no later than noon tomorrow using the attached format.

 << File: Project list template.doc >>

Mark Taylor
Vice President and General Counsel
Enron Wholesale Services
(713)853-7459

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

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=BHENDRY>
To: Taylor, Mark E (Legal) </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mtaylo1>
Date: Tuesday, August 14, 2001 3:31:17 GMT
Subject:

Here is the list in the format you requested.

Brent Hendry
Senior Counsel
Enron North America
1400 Smith Street
Houston TX 77002
Phone  713 853 7124
Fax  713 646 3490

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

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=SPANUS>
To: Taylor, Mark E (Legal) </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mtaylo1>
Date: Tuesday, August 14, 2001 2:05:22 GMT
Subject:

Attached is my project report.

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

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

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=SSHACKL>
To: Taylor, Mark E (Legal) </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mtaylo1>
Date: Friday, August 10, 2001 6:55:53 GMT
Subject:

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


Happy New Year!  Just wondering if you had an opportunity to review the CSA
and comment.  Drop me a line or call 713/853-5620.  Thanks.  Sara


While we were on the phone I sent GE an email about the issue.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 12/08/2000 01:58
PM ---------------------------

"George Kutzschbach" <gkutzschbach@fulbright.com> on 12/08/2000 01:55:51 PM
To: areynaud@coral-energy.com, dwhaley@coral-energy.com,
TSeigler@coral-energy.com, Ben.F.Jacoby@enron.com, Kay.Mann@enron.com,
CCampbell@KSLAW.com, JKeffer@KSLAW.com
cc:

Subject: Section 17.4.4 of Facility Agreement

The second sentence of Section 17.4.1 of the Facility Agreement should
be revised to read as follows:

"If the Maximum Liability Amount (less any unpaid portion of the
Purchase Amount) is greater than the Proper Scope Value the difference
between such amount and the Proper Scope Value (the "Refund Amount")
shall be settled between the parties in accordance with Section 17.4.4
below."


Charlie:
Sorry for the delay with the e-mail, I just got back into the office from
traveling.  We are working hard to sell these assets before year-end -
they're a beast.  This Friday does not look good for lunch, but I think
Tuesday or Wednesday of next week works.  I hope this works for you as well.
Talk to you soon.
Regards,
Ben


yes it is on, I need to call Stacey and set the time and place...you still have a problem with 11:30?
-----Original Message-----
From: Jason.Wolfe@enron.com [mailto:Jason.Wolfe@enron.com ]
Sent: Tuesday, June 12, 2001 2:17 PM
To: Bruce.Bowden@williams.com
Subject: RE: Wednesday June 13th
Is the lunch on, or not? if so, where?
Jason
    -----Original Message-----
   From:   "Bowden, Bruce" <Bruce.Bowden@Williams.com>@ENRON
             [mailto:IMCEANOTES-+22Bowden+2C+20Bruce+22+20+3CBruce+2EBowden+40Williams+2Ecom+3E+40ENRON@ENRON.com ]
   Sent:   Monday, June 11, 2001 3:20 PM
   To:     Wolfe, Jason
   Subject:  RE: Wednesday June 13th
   so what are you doing now?
   -----Original Message-----
   From: Jason.Wolfe@enron.com [mailto:Jason.Wolfe@enron.com  << File:
   mailto:Jason.Wolfe@enron.com  >> ]
   Sent: Monday, June 11, 2001 3:19 PM
   To: Bruce.Bowden@williams.com
   Subject: RE: Wednesday June 13th
   What is a "position keeper"? Is the a book admin, like risk? I'm done
   with
   that rotation.
   J
       -----Original Message-----
      From:   "Bowden, Bruce" <Bruce.Bowden@Williams.com>@ENRON
                [
   mailto:IMCEANOTES-+22Bowden+2C+20Bruce+22+20+3CBruce+2EBowden+40Williams+2Ecom+3E+40ENRON@ENRON.com
    << File:
   mailto:IMCEANOTES-+22Bowden+2C+20Bruce+22+20+3CBruce+2EBowden+40Williams+2Ecom+3E+40ENRON@ENRON.com
   >> ]
      Sent:   Monday, June 11, 2001 3:11 PM
      To:     Wolfe, Jason
      Subject:  RE: Wednesday June 13th
      J...Rex has already come back with his standard "the boss has me
   working
      on a project" but that is normal for the boy...
      When you get good a position keeping you need to send your resume to
      Williams, we are going to hire another position keeper in the near
      future for the Houston office.
      -----Original Message-----
      From: Jason.Wolfe@enron.com [mailto:Jason.Wolfe@enron.com  << File:
   mailto:Jason.Wolfe@enron.com  >>  << File:
      mailto:Jason.Wolfe@enron.com  << File: mailto:Jason.Wolfe@enron.com  >>
   >> ]
      Sent: Monday, June 11, 2001 3:07 PM
      To: Bruce.Bowden@williams.com
      Subject: RE: Wednesday June 13th
      Yes I am still in nat gas, finishing my second rotation. How are you
      liking
      Williams? I don't interact with any of the crude or crude
      products people here. Hopefully I can make the lunch. Let me know if
      11:30
      is the firm time.
      Jason
          -----Original Message-----
         From:   "Bowden, Bruce" <Bruce.Bowden@Williams.com>@ENRON
                   [
   mailto:IMCEANOTES-+22Bowden+2C+20Bruce+22+20+3CBruce+2EBowden+40Williams+2Ecom+3E+40ENRON@ENRON.com
    << File:
   mailto:IMCEANOTES-+22Bowden+2C+20Bruce+22+20+3CBruce+2EBowden+40Williams+2Ecom+3E+40ENRON@ENRON.com
   >>
       << File:
   mailto:IMCEANOTES-+22Bowden+2C+20Bruce+22+20+3CBruce+2EBowden+40Williams+2Ecom+3E+40ENRON@ENRON.com
    << File:
   mailto:IMCEANOTES-+22Bowden+2C+20Bruce+22+20+3CBruce+2EBowden+40Williams+2Ecom+3E+40ENRON@ENRON.com
   >>
      >> ]
         Sent:   Monday, June 11, 2001 2:41 PM
         To:     Wolfe, Jason
         Subject:  RE: Wednesday June 13th
         Your at Enron you work all day long....and night too.  Rex
   normally
         needs a little later time also.
         So how is it going over there, you still in nat gas?  We just got
         through hiring the former head of your products group...Dave
      Bochlett.
         -----Original Message-----
         From: Jason.Wolfe@enron.com [mailto:Jason.Wolfe@enron.com  << File:
   mailto:Jason.Wolfe@enron.com  >>  << File:
      mailto:Jason.Wolfe@enron.com  << File: mailto:Jason.Wolfe@enron.com  >>
   >>  << File:
         mailto:Jason.Wolfe@enron.com  << File: mailto:Jason.Wolfe@enron.com
   >>  << File: mailto:Jason.Wolfe@enron.com  << File:
   mailto:Jason.Wolfe@enron.com  >>  >>
      >> ]
         Sent: Monday, June 11, 2001 2:38 PM
         To: Bruce.Bowden@williams.com
         Subject: RE: Wednesday June 13th
         Bruce,
         Good to hear from you. I can make it around 12 if everything is
      running
         smoothly here.
         Jason
             -----Original Message-----
            From:   "Bowden, Bruce" <Bruce.Bowden@Williams.com>@ENRON
                      [
   mailto:IMCEANOTES-+22Bowden+2C+20Bruce+22+20+3CBruce+2EBowden+40Williams+2Ecom+3E+40ENRON@ENRON.com
    << File:
   mailto:IMCEANOTES-+22Bowden+2C+20Bruce+22+20+3CBruce+2EBowden+40Williams+2Ecom+3E+40ENRON@ENRON.com
   >>
       << File:
   mailto:IMCEANOTES-+22Bowden+2C+20Bruce+22+20+3CBruce+2EBowden+40Williams+2Ecom+3E+40ENRON@ENRON.com
    << File:
   mailto:IMCEANOTES-+22Bowden+2C+20Bruce+22+20+3CBruce+2EBowden+40Williams+2Ecom+3E+40ENRON@ENRON.com
   >>
      >>
          << File:
   mailto:IMCEANOTES-+22Bowden+2C+20Bruce+22+20+3CBruce+2EBowden+40Williams+2Ecom+3E+40ENRON@ENRON.com
    << File:
   mailto:IMCEANOTES-+22Bowden+2C+20Bruce+22+20+3CBruce+2EBowden+40Williams+2Ecom+3E+40ENRON@ENRON.com
   >>
       << File:
   mailto:IMCEANOTES-+22Bowden+2C+20Bruce+22+20+3CBruce+2EBowden+40Williams+2Ecom+3E+40ENRON@ENRON.com
    << File:
   mailto:IMCEANOTES-+22Bowden+2C+20Bruce+22+20+3CBruce+2EBowden+40Williams+2Ecom+3E+40ENRON@ENRON.com
   >>
      >>
         >> ]
            Sent:   Monday, June 11, 2001 2:34 PM
            To:     Angelica Helander (E-mail); Jane Kidd (E-mail); Rex
      Madjitey
                      (E-mail 2); Wayne Smithers (E-mail); Wolfe, Jason
            Subject:  Wednesday June 13th
            Wednesday is Stacey's birthday and I wanted to know if you guys
         wanted
            to get together for lunch.  She is in town available for lunch
      around
            11:30 a.m.
            Bruce Bowden
            Williams Energy Marketing & Trading
            713-215-3521 Williams Tower
            713-569-6829 cellular


The report named: West VaR <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=36&report_name=West+VaR&category_cd=2&category_name=WEST&toc_hide=1&sTV1=2&TV1Exp=Y&current_efct_date=11/26/2001>, published as of 11/26/2001 is now available for viewing on the website.


Here  are all the names I have received as of Monday morning.  Please send your  corrections or additions by return e-mail.

 - restrlist.wpd


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---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/04/2000
02:14 PM ---------------------------

Jim Dyer <Jim.Dyer@bus.utexas.edu> on 03/22/2000 11:53:17 AM
To: "'vkamins@enron.com'" <vkamins@enron.com>
cc:
Subject: Class speaker

Vincent,

 We met last year when you were visiting The University, and talking
primarily with our finance faculty.  As you may have heard, I tried to call
to talk with you about the possiblity of a guest speaker in my class on real
options from your group at Enron.  Naturally, I would be delighted if you
could speak, but I could also appreciate the possibility that someone else
might also be a good choice.

  I have attached a copy of the course syllabus for your information.
This is the first time this course has been offered at UT, and I was
motivated to do so because of the "buzz" regarding the topic in industry.  I
have about 30 MBA students in the class, many of whom were in the energy
finance classes offered by Sheridan Titman and Ehud Ronn (both of whom have
been very supportive of the development of this class).  My own background
is decision analysis rather than finance, so I tend to approach the topic
with that perspective.  As you can see, I have covered both traditional
decison analysis topics and a review of the options literature.  At the
present time, I don't think there is a really complete textbook that fits
the course at the MBA level, so I've tried to focus on how to do things in
practice, and have provided software (DPL, spreadsheets, @Risk, etc) as
tools for the students to use.

 The course is scheduled on Thursday afternoons from 3:30 to 6:30,
which is a time that I chose to make possible the participation of some
Executive MBA students from Houston (3 are participating).  I look forward
to hearing from you about the possiblity of a speaker, or any other
suggestions that you might have.

James S. Dyer
Fondren Centennial Chair in Business
Department of Management Science and Information Systems
CBA 5.202
The University of Texas at Austin
Austin, Texas 78712-1175

Email:  j.dyer@bus.utexas.edu
Telephone:  512-471-5278
Fax:  512-471-0587


I included this on my worksheet.

Here are some numbers you may need to reach me this weekend.

Pager  800-978-1788  does not work at my Dad's house.  And, you can leave me
a voice message on my pager.
Home Phone 713-426-1460
Dad's number 409-858-3818

I won't be going to my Dad's until Sunday morning, returning on Monday.

This file is located at o:/logistics/capacity/east/NE/CES/CES Invoice
Jan2000.xls

Thanks

---------------------- Forwarded by Chris Germany/HOU/ECT on 02/19/2000 11:18
AM ---------------------------

Chris Germany
02/16/2000 11:15 AM
To: Jeff W Westover/HOU/ECT@ECT, Bryce Baxter/HOU/ECT@ECT, David
Oliver/HOU/ECT@ECT, Mark Friedman/HOU/ECT@ECT
cc: Colleen Sullivan/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Dick
Jenkins/HOU/ECT@ECT, Scott Goodell/Corp/Enron@ENRON
Subject: CES Scheduling Fee

Per Colleen - ENA will bill CES $20,000.00 per month, Jan - May, and
$10,000.00 per month June - March 2001 as a scheduling fee.

Mark, I don't think I'm going to show this money on any of my worksheets.  Do
we need to let anyone else know?


---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 09/27/2000
01:12 PM ---------------------------

"Marcantel MM (Mitch)" <MMMarcantel@equiva.com> on 09/27/2000 11:49:02 AM
To: "Oncale Z (Zach)" <ZONCALE@equiva.com>, "'Matthew.Lenhart@enron.com'"
<Matthew.Lenhart@enron.com>, "Sutton EE (Ed)" <EESutton@equilon.com>,
"Olmscheid JF (Joe)" <JFOLMSCHEID@Equilon.com>
cc:

Subject: DUMP AT WORK

> >> We've all been there but don't like to admit it.  We've all kicked
> >> back in
> >> our cubicles and suddenly felt something a brew down below.  As much
> >> as we
> >> try to convince ourselves, the WORK POOP is inevitable.  For those of
> >> you
> >> who hate pooping at work as much as I do, I give you the...........
> >>
> >> 1999 SURVIVAL GUIDE FOR TAKING A DUMP AT WORK.
> >> Memorize these definitions and pooping at work will become a pure
> >> pleasure.
> >>
> >> ESCAPEE
> >> Definition: A fart that slips out while taking a leak at the urinal or
> >> forcing poop in a stall. This is usually accompanied by a sudden wave
> >> of
> >> panic/embarrassment. This is similar to the hot flash you receive when
> >> passing an unseen police car and speeding.  If you release an escapee,
> >> do
> >> not acknowledge it. Pretend it did not happen.  If you are standing
> >> next to
> >> the farter at the urinal, pretend that you did not hear it.  No one
> >> likes an
> >> escapee, it is uncomfortable for all involved.  Making a joke or
> >> laughing
> >> makes both parties feel uneasy.
> >>
> >> JAILBREAK (Used in conjunction with escapee) Definition: When forcing
> >> poop,
> >> several farts slip out at a machine guns pace. This is usually a side
> >> effect
> >> of diarrhea or a hangover. If this should happen do not panic, remain
> >> in the
> >> stall until everyone has left the bathroom so to spare everyone the
> >> awkwardness of what just occurred.
> >>
> >> COURTESY FLUSH
> >> Definition: The act of flushing the toilet the instant the nose cone
> >> of the
> >> poop log hits the water and the poop is whisked away to an undisclosed
> >> location.  This reduces the amount of air time the poop has to stink
> >> up the
> >> bathroom.  This can help you avoid being caught doing the WALK OF
> >> SHAME.
> >>
> >> WALK OF SHAME
> >> Definition: Walking from the stall, to the sink, to the door after you
> >> have
> >> just stunk-up the bathroom.  This can be a very uncomfortable moment
> >> if
> >> someone walks in.  As with all farts, it is best to pretend that the
> >> smell
> >> does not exist.
> >>
> >> OUT OF THE CLOSET POOPER
> >> Definition: A colleague who poops at work and is damn proud of it.
> >> You will
> >> often see an Out of the Closet Pooper enter the bathroom with a
> >> newspaper or
> >> magazine under their arm.  Always look around the office for the Out
> >> of the
> >> Closet pooper before entering the bathroom.
> >>
> >> THE POOPING FRIENDS NETWORK (PFN)
> >> Definition:  A group of coworkers who band together to ensure
> >> "emergency
> >> pooping" goes off without incident.  This group can help you to
> >> monitor the
> >> whereabouts of OUT OF THE CLOSET POOPERS and identify SAFE HAVENS.
> >>
> >> SAFE HAVEN
> >> Definition:  A seldom used bathroom somewhere in the building where
> >> you can
> >> least expect visitors.  Try floors that are predominantly of the
> >> opposite
> >> sex.  This will reduce the odds of a pooper of your sex entering the
> >> bathroom.
> >>
> >> TURD BURGLAR
> >> Definition: A pooper who does not realize that you are in the stall
> >> and
> >> tries to force the door open.  This is one of the most shocking and
> >> vulnerable moments that occur when work taking a dump at work.  If
> >> this
> >> occurs, remain in the stall until the TURD BURG leaves. This way you
> >> will
> >> avoid all uncomfortable eye contact.
> >>
> >> CAMO-COUGH
> >> Definition: A phony cough which alerts all new entrants into the
> >> bathroom
> >> that you are in a stall.  This can be used to cover-up a WATERMELON or
> >> to
> >> alert potential TURD BURGLARS.  Very effective when used in
> >> conjunction with
> >> an ASTAIRE.
> >>
> >> ASTAIRE
> >> Definition:  A subtle toe-tap that is used to alert potential TURD
> >> BURGLARS
> >> that you are occupying a stall.  This will remove all doubt that the
> >> stall
> >> is occupied.  If you hear an ASTAIRE, leave the bathroom immediately
> >> so the
> >> pooper can poop in peace.
> >>
> >> WATERMELON
> >> Definition: A turd that creates a loud splash when hitting the toilet
> >> water.
> >> This is also an embarrassing incident.  If you feel a WATERMELON
> >> coming on,
> >> create a diversion.  See CAMO-COUGH.
> >>
> >> HAVANA OMELET
> >> Definition:  A load of diarrhea that creates a series of loud splashes
> >> in
> >> the toilet water. Often accompanied by an escapee.  Try using a
> >> CAMO-COUGH
> >> with an ASTAIRE.
> >>
> >> UNCLE TED
> >> Definition:  A bathroom user who seems to linger around forever.
> >> Could
> >> spend extended lengths of time in front of the mirror or sitting on
> >> the pot.
> >> An UNCLE TED makes it difficult to relax while on the crapper, as you
> >> should
> >> always wait to drop your load when the bathroom is empty. This
> >> benefits you
> >> as well as the other bathroom attendees.
> >>
> >> FLY BY
> >> Definition: The act of scouting out a bathroom before pooping.  Walk
> >> in,
> >> check for other poopers.  If there are others in the bathroom, leave
> >> and
> >> come back again.  Be careful not to become a FREQUENT FLYER.  People
> >> may
> >> become suspicious if they catch you constantly going into the
> >> bathroom.
> >>
> >> CRACK WHORE
> >> Definition: A crapper that has seen more behinds than a Greyhound Bus.
> >> Tell
> >> tale signs of a CRACK WHORE include pee stains and crap streaks.
> >> Avoid CRACK WHORES at all cost.  Try finding out when the janitor
> >> cleans
> >> each particular bathroom.  Don't forget, a CRACK WHORE can become a
> >> SAFE
> >> HAVEN.
> >>
>
>


-----Original Message-----
From:  "Hobson, W. Frank" <Frank.Hobson@ElPaso.com>@ENRON
[mailto:IMCEANOTES-+22Hobson+2C+20W+2E+20Frank+22+20+3CFrank+2EHobson+40ElPaso
+2Ecom+3E+40ENRON@ENRON.com]
Sent: Friday, May 25, 2001 1:38 PM
To: Miller, Stephanie
Subject: Agency Form

******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************
 - EPNG Agency Agmt Auth 10 2000.doc


FYI
 -----Original Message-----
From: 	eserver@enron.com@ENRON [mailto:IMCEANOTES-eserver+40enron+2Ecom+40ENRON@ENRON.com]
Sent:	Friday, May 25, 2001 12:04 PM
To:	jderric@enron.com
Subject:	<<Concur Expense Document>> - Summer Clerk Lunch

The Approval status has changed on the following report:

Status last changed by:  Automated Administrator
Expense Report Name: Summer Clerk Lunch
Report Total: $160.61
Amount Due Employee: $160.61
Amount Approved: $160.61
Amount Paid: $0.00
Approval Status: Pending
Payment Status: Pending

To review this expense report, click on the following link for Concur Expense.
http://xms.enron.com


Tom does not have record of this deal at all. And I checked with the
schedulers - they don't have it down either. Is APB sure this was with El
Paso - we have similar deals from the Short Term Northwest desk with other
counterparties. Let me know.

Kate

Kerri Thompson@ENRON
11/20/2000 02:59 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: apb

missing deal for tom

sell el paso
21-22
255.00
25 mw
mid c
on peak


Greg W. wants us to use new phone numbers for the Help Desk, etc.

Unless I hear otherwise from you tomorrow, I will proceed with preparing our documents with the new Help Desk number.

Dave

P.S. I realise I have been emailing you a lot. Please let me know if you would like me to cut down - I'm never sure whether I'm overcommunicating or not.


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NFL Reports, Player Updates
  <http://ad.doubleclick.net/ad/N1549.sportsline.com/B44933.5;sz=1x1;ord=1?>
Latest NFL Player News

David Boston <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=133230&>, WR ARI - Bass/Hull Updated 12/09/01
Boston caught six passes for 132 yards against Washington. Right now, because of his consistently high production, Boston is arguably the most valuable receiver in Fantasy Football.

MarTay Jenkins <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=133322&>, WR ARI - Martin Updated 12/09/01
Jenkins caught three passes for 33 yards and a TD against Washington. He has become a surprisingly reliable receiver for the Cardinals in recent weeks.

Jerry Rice <http://f! oo! tball299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=1291&>, WR OAK - Neal/McKay Updated 12/09/01
Rice had five catches for 57 yards and a touchdown against Kansas City. The future Hall-of-Famer is having a solid season, and could be a valuable player during the Fantasy playoffs.

Rich Gannon <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=1034&>, QB OAK - Martin Updated 12/09/01
Gannon had a decent outing against Kansas City, posting 195 yards passing, two touchdowns (one passing, one rushing) and an interception. Gannon is one of the best quarterbacks in Fantasy Football, and is a solid start during your league's playoffs.

Zeron Flemister <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=192169&>, TE WAS - Free Agent Updated 12/09/01
Flemister caught a two-yard TD pass at Arizona. He has become a regular target for Washington in goal-line packages.

Trent Green <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=1599&>, QB KC - Bass/Hull Updated 12/09/01
Green had a good outing against Oakland, posting 253 yards passing, two touchdowns and one interception. Green has thrown six more picks than touchdowns this season, however, so don't depend on him too heavily during the Fantasy playoffs.

Priest Holmes <http://football299.fantasy.sportsline.com/mp/elink?script=players&league! =b! ige01&owner=14696.2&random=1894&key=1645&>, RB KC - Russell Updated 12/09/01
Holmes had a monster game against Oakland, posting 277 all-purpose yards and two touchdowns. He's become one of the most feared tailbacks in the league, and has been one of Fantasy Football's most pleasant surprises.

Stephen Davis <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=1440&>, RB WAS - Bass/Hull Updated 12/09/01
Davis rushed for 110 yards and a TD at Arizona. He will give Fantasy players good yardage numbers during the playoffs, but touchdowns will continue to be a rarity for Davis.

La! ve! ranues Coles  <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=187742&>, WR NYJ - JWillie Updated 12/09/01
The Steelers limited Coles to 20 receiving yards on three catches. Coles remains a good receiver for the Fantasy postseason, though, because he has been a regular TD threat all year long.

Wayne Chrebet <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=1263&>, WR NYJ - JWillie Updated 12/09/01
Chrebet caught five passes for 63 yards at Pittsburgh, including his first TD (18 yards). The Jets wideout has been unreliable for most of the year, and he remains a risky start during the Fantasy playoffs.

Hines Ward <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=12795&>, WR PIT - Tori Updated 12/09/01
Ward had a huge game against the N.Y. Jets on Sunday. The talented wide receiver had 10 catches for 124 yards, and has become a pretty reliable Fantasy player this season.

Chris Fuamatu-Ma'afala <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=12384&>, RB PIT - Free Agent Updated 12/09/01
Fuamatu-Ma'afala started in place of the injured Jerome Bettis on Sunday against the N.Y. Jets. He posted 50 yards rushing and a touchdown, which are respectable Fantasy numbers for a reserve tailback.

J.J. Stokes <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=1292&>, WR SF - Matty Updated 12/09/01
Stokes caught one pass for 15 yards at St. Louis. Don't start Stokes during the Fantasy playoffs. He has been nearly useless for most of the season.

Jeff Garcia <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=146325&>, QB SF - JWillie Updated 12/09/01
Garcia threw for only 146 yards, no TDs and was intercepted twice at St. Louis. Expect Garcia to quickly put such a forgettable outing behind him.

Isaac Bruce <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=1294&>, WR STL - Frank Updated 12/09/01
Bruce caught just three passes for 44 yards against San Francisco. The St. Louis wideout has been a disappointment this year because of his inconsisten! cy! , but he is simply too explosive to not remain a starter for any Fantasy team.

Ricky Proehl <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=1208&>, WR STL - Free Agent Updated 12/09/01
Proehl caught six passes for 109 yards and a TD against the 49ers. Don't expect such numbers from Proehl on a regular basis. He rarely becomes a featured target for Kurt Warner.

Duce Staley <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=1757&>, RB PHI - Giggles Updated 12/09/01
The Chargers held Staley to 21 rushing yards on 15 carries, but he caught five passes for 88 yards and a TD. The Eagles will find many ways to utilize Staley as the NFL regular season wi! nd! s down.

James Thrash <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=1859&>, WR PHI - Frank Updated 12/09/01
Thrash caught five passes for 74 yards against San Diego. Thrash has not been a dependable receiver in recent weeks, and he may not catch a lot of TD passes in the final games of the NFL regular season.

Doug Flutie <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=12375&>, QB SD - Russell Updated 12/09/01
Flutie threw for 307 yards, two TDs and was intercepted twice at Philadelphia. He has been too inconsistent to take most Fantasy teams deep into the playoffs.

Jeff Graham <http://football299.fantasy.sportsline.com/mp/elink?script=play! er! s&league=bige01&owner=14696.2&random=1894&key=1264&>, WR SD - Free Agent Updated 12/09/01
Graham caught five passes for 110 yards and two TDs at Philadelphia, but he did not catch a ball in the second half. The veteran wideout has been inconsistent all year long, yet he is still capable of having some big games.

Tom Brady <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=187741&>, QB NE - Martin Updated 12/09/01
The Browns made Brady look bad. He threw for 218 yards, no TDs and was intercepted twice. Still, Brady has played too well this year not to be a regular starter for any Fantasy team during the playoffs,

Terry Glenn <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=1254&>, WR NE - Matty Updated 12/09/01
Glenn caught four passes for 67 yards against Cleveland. If you desperately need receiving help right now, Glenn won't disappoint you if he stays on the active roster.

Antowain Smith <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=1663&>, RB NE - JWillie Updated 12/09/01
Smith rushed for 76 yards and two TDs on 21 carries against Cleveland. He has always been a great red-zone runner, so expect a lot of scores from Smith during the Fantasy playoffs even if his yardage totals disappoint you at times.

Tim Couch <http://football299.fantasy.sportsline.c! om! /mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=133260&>, QB CLE - Free Agent Updated 12/09/01
Couch threw for 244 yards, no TDs and three interceptions at New England. Right now, Couch is not playing well enough to start for any Fantasy team, and he is a very shaky backup.

James Jackson <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=235220&>, RB CLE - Hunter Updated 12/09/01
Jackson rushed for 34 yards on 16 carries at New England. The rookie running back hasn't been very reliable this year, and he is a risky start during the Fantasy postseason.

Richard ! Hu! ntley <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=1456&> , RB CAR - Russell Updated 12/09/01
Huntley rushed for 67 yards and a TD on 23 carries at Buffalo. The Carolina RB won't visit the end zone often during the Fantasy playoffs, and his yardage numbers will always be mediocre.

Brian Finneran <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=12366&>, WR ATL - Free Agent Updated 12/09/01
Finneran had six catches for 92 yards against New Orleans on Sunday. If you play in a very deep league, you may want to give Finneran a reserve spot on your roster.

Muhsin Muhammad <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=1203&>, WR CAR - Martin Updated 12/09/01
Muhammad started at Buffalo and caught eight passes for 104 yards. He also lost a fumble. Despite the turnover, Muhammad remains a good Fantasy wideout when healthy.

Chris Chandler <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=1004&>, QB ATL - Free Agent Updated 12/09/01
Chandler started Sunday's game against Atlanta despite a slight ankle injury. He posted 233 yards passing, but was held without a touchdown. He's been very inconsistent in recent weeks, so avoid depending on him too heavily in the Fantasy playoffs.

Alex Van Pelt <http://football299.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=1894&key=1011&>, QB BUF - Free Agent Updated 12/09/01
Van Pelt threw for 277 yards, one TD and one interception against Carolina. His erratic play makes him a risk during the Fantasy playoffs.

More Updates <http://football299.fantasy.sportsline.com/mp/elink?script=pro-player-updates&league=bige01&owner=14696.2&random=1894&start=30&>
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Schedule, Breakdown
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Tori
Player	Pos	Points
Fiedler, Jay <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=12363&week=13&>	QB	0.0
George, Eddie <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=1174&week=13&>	RB	15.0
Martin, Curtis <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=1132&week=13&>	RB	11.0
Carter, Cris <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=1248&week=13&>	WR	4.0
Holt, Torry <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=133310&week=13&>	WR	6.0
Ward, Hines <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=12795&week=13&>	WR	13.0
Richey, Wade <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=12647&week=13&>	K	0.0
Eagles <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=22&week=13&>	DT	16.0
  <http://images.commissioner.com/images/dot_clear.gif>
TOTAL	 	65.0
  <http://images.commissioner.com/images/dot_clear.gif>
Toomer, Amani <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=1262&week=13&>	WR	6.0
Allen, Terry <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=1177&week=13&>	RB	0.0
Barlow, Kevan <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=235019&week=13&>	RB	2.0
Brookins, Jason <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=192266&week=13&>	RB	0.0
Pathon, Jerome <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=12612&week=13&>	WR	0.0
Weinke, Chris <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=235174&week=13&>	QB	16.0

  <http://images.commissioner.com/images/dot_clear.gif>	at Frank
Player	Pos	Points
Favre, Brett <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=1028&week=13&>	QB	12.0
Dillon, Corey <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=1681&week=13&>	RB	14.0
Hearst, Garrison <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=1164&week=13&>	RB	9.0
Bruce, Isaac <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=1294&week=13&>	WR	4.0
Schroeder, Bill <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=1593&week=13&>	WR	3.0
Smith, Jimmy <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=1236&week=13&>	WR	17.0
Akers, David <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=1666&week=13&>	K	6.0
Titans <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=29&week=13&>	DT	2.0
  <http://images.commissioner.com/images/dot_clear.gif>
TOTAL	 	67.0
  <http://images.commissioner.com/images/dot_clear.gif>
Plummer, Jake <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=1003&week=13&>	QB	16.0
Levens, Dorsey <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=1107&week=13&>	RB	2.0
Gary, Olandis <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=133291&week=13&>	RB	0.0
Mathis, Terance <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=1189&week=13&>	WR	1.0
Smith, Maurice <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=188183&week=13&>	RB	7.0
Thrash, James <http://football299.fantasy.sportsline.com/mp/elink?script=/mp/players&league=bige01&owner=14696.2&random=1894&key=1859&week=13&>	WR	7.0

  <http://football299.fantasy.sportsline.com/mp/open_gif?splnid=30e6a654ca37f8af&league=bige01&owner=14696.2&email=9eb4d4d2e1a3f856124cc184ab07d1f73a5c23d37e8f491a&sport=football&vend=CBS%20SportsLine.com&product=mgmt&time=20011210&type=ereport&random=1894>
  _____

Copyright 2001 Commissioner.COM Inc and SportsLine.com Inc.
Your site can be reached from <http://fantasy.sportsline.com>

FB10SP


We'll be taking the server down today at 7:00 P.M. central time for maintenance.

Please call 281-850-6176 if this is going to be a problem.  It will be down until midnight (at the latest) potentially.

Thanks


Cara,
I agree that we should reduce the number of "names" from a global standpoint now while we can.
The routing portion of the workspace seems to work well, I agree, but the major issues lie with the confirmation side of it.
On another note, it seems I am duplicating work here.  ie: I am using buildroute, transferring to excel (to get the font/colors, etc) then back to the workspace.
We'll see...I'll hit it again next week.
Thanks for all your "documented" input...it sure helps.

CB

 -----Original Message-----
From: 	Semperger, Cara
Sent:	Friday, July 13, 2001 4:21 PM
To:	Atta, Asem; Smith, Will
Cc:	Bentley, Corry; Poston, David; Williams III, Bill
Subject:	Continuing testing of Preschedule Workspace, Path Confirmation and Path Cut software

I am working in the target date of June 20th.  Today I added schedules from Palo Verde and the entire MidC sheet to the testing group. Once COB is added, we will have pretty much an average daily volume.

Here is my attached worksheet for Mid C    << File: Mid_C_June20.psc >>

In Preschedule Workspace:

I added Palo Verde to the group of deals imported, and ran a total of 37 lines into the Path confirmation. The rest of the sheet was all bookouts, and so I marked them for routing only.  I do like the feature of being able to exlude the majority of deals from the path confirmation. This will make the app much faster and less cumbersome for Real Time and Settlements.

I would like the option of printing the error sheet when it comes up, as the lists can be long, and I have to make notes on what is wrong. Also being able to check for errors before running the sheet would save us lots of time.  We currently have a function that checks that all names are recognized before the sheet is imported to paths. This would give us the opportunity of correction before running the sheet, instead of cleaning up afterwards.

Routing functionality question:  If we change a delivery point in scheduling (BPA NW delivered gets moved and changed every day), do these changes not route because the deal entry strip has the original delivery point?  These types of deals route now, I would like to duplicate that existing functionality. I did get an error message on those lines, "Capability not supported: deal has multiple delivery points" Please see the attached sheet, there is a batch of them line 76 thru 86, but it is all deals that are our BPA Northwest Delivered.

The routing speed is EXCELLENT. One second per line or less all the way in Portland on Local Enpower! The megawatts also appear to split properly between mis-matched deal amounts! this is very encouraging. My Palo data was corrupted, so my primary focus for checking routing will be the other delivery points.

My plan is to attack the Alias stuff from a different angle. We are going to work with the team that sets the Enpower "short name" to something that is workable.  I would like to make a new path of approval where the schedulers help set that Enpower short name.

In Path Confirmation

The early sorting looks good, things look very versatile and useable.

Yesterday I identified several problems:

1. The entire path needs to be shown in Both counterparty paths. Currently only the upstream or downstream shows depending on if you are looking at the supply cp or the market cp.

2. The Alias list is not functioning properly.  The Enpower Long name needs to be shown in the Collapsed counterparty view, along with the phone number and a check box to indicate if we check out with the cp.

3. Confirming the deals needs to be done as a batch, not pulling up each deal line by line.

Today, I am finding the following:

1.  When a path is pulled up from the line view to the expanded view,  the system blows away the schedule term and the Delivery point.  These fields have to be re-populated before saving can occur.

2.I am not allowed to sort by Global ID,  even though global IDs are populated there. My idea is that if there is a global present it goes in one section, no globals go in another section, and then expaning on the global section gets the individual numbers. (just like the phys vs. non phys).

3. Pulling up an individual path from line view to expanded view takes over 2 minutes.  This is to long to be practical in production for real time. I would like to see this time go to 5 seconds or less.

4.  All paths are showing up as being cut (cut checkbox checked), even though none have been cut yet.

5. The grey on grey color scheme is not going to work, but that is a little thing. Lighter colors for the back ground are going to be preferable. Variations of the beige color are easier to read.

6. The path cut button and dialog boxes I think are going to need alot of work.  It looks like I will have to do all the Enpower work first, and then populate the cut. This is a bit different than we discussed.  My plan is to take this as far as I can, and then hand it over to Bill Williams III and his group for final 'tweaking'.

7. I also cannot sort by tag number.  We need that.

Thank you all for your work on this, it is really looking good.
I have to schedule on Monday, but will jump right back in when I am finished with daily tasks.

Cara


Ifwith appendices inis acceptable, I suggest that I leave Helsinki on 12th
May and consider my assignment complete.

Please shout with any questions,
Richard


337-7613

-----Original Message-----
From: Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Wednesday, May 23, 2001 9:51 AM
To: Nancy.Sellers@RobertMondavi.com
Subject:

do you have eldon's cell phone #?


FYI.
---------------------- Forwarded by Mike Mazowita/Corp/Enron on 10/05/2000
10:32 AM ---------------------------

"Mike Gough" <mike.gough@naes.com> on 10/05/2000 10:28:10 AM
Please respond to <mike.gough@naes.com>
To: "Mazowita, Mike" <MIKE.MAZOWITA@ENRON.COM>
cc: "Scarborough, Dan" <dan.scarborough@naes.com>, "Ward, Chuck"
<Charles.Ward@enron.com>

Subject: Tenaska IV outage update

We are finally beginning to put closure on our outage. It has been
frustrating to say the least. We are currently projecting a late Friday or
early Saturday morning startup barring any unseen problems.

MG


Kevin,

I have set your group up with inquiry access to the new TW CAS system.  You can access the system by going to www.ets.enron.com.  CAS is a selection under the applications heading.

The 'What if Evaluation' feature was migrated to production and is now available for your use.

Please let me know if you have any questions or problems logging onto the system.

Thanks

Linda


This is so sad.  But then again, God works in very mysterious ways.  If
things are going to fall apart soon anyway....

Jim and his family have been in my prayers.  This must be very hard.


Steve --

Attached is the memo you asked that I draft for your signature to be sent to
Enron Government Affairs regarding Regulatory Risks.   Please feel free to
modify as you see fit.

I intended to include (1) the presentation and (2) the Risk Questionnaire
with the memo.

Jim


Vince and Stinson,

Alex and I attended the International Chinese Petroleum and Petrocehmical
Technology conference
in Houston.  We presented two talks 1) Risk management in petroleum industry
and 2) Real option
valuation of oil field.  The section chairman said our talks were the high
moments in the business session.

There were several interesting talks in the business section.  I am going to
get a copy of the presentation on
Internet opportunity in energy trading, where the author did a study about
all energy trading sites including
EnronOnLine.  A talk from a gentleman working for Costal (used to be pal of
Song Yip) on real
assets management is also very informative.  A talk about using real option
theory for IT managenet was
also interesting.

Big players, ExxonMobil, Shell, Taxco, and BP have strong presence in the
conference.

I made a copy for you of the keynote speech by Bob Gee, the Assistant Energy
Secretary under Clinton
Administration about the energy outlook.

Zimin


Edison International CFO Disputes 'Technical Insolvency' Claim
By Mark Golden

10/03/2000
Dow Jones Energy Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Edison International's treasurer and chief financial
officer, Ted Craver, disputed Tuesday a claim made last week that
California's utilities risk "technical insolvency" in 2001.
Since May, California's three investor-owned utilities have been spending far
more to purchase needed electricity than they are getting paid by customers.
As a result, the undercollections in the "transition revenue account" of
Edison's regulated utility unit, Southern California Edison, grew by $1.97
billion between May 1 and August 31, the company reported to the Securities
Exchange Commission.
An article Wednesday in the Wall Street Journal, which is published by Dow
Jones & Co., said that "if the cost of wholesale power continues to exceed
the price these utilities are allowed to bill their customers, as currently
seems likely, they could become technically insolvent sometime next year."
"The way this term was used insinuated that you take the transition revenue
account, and whatever the gross number is equates to the amount of debt that
you would have to raise," Craver said in an interview. "That is not at all
the way it works. That is not an accurate portrayal."
California Gov. Gray Davis acknowledged the concerns Friday, saying,
"California consumers have a legitimate need for California's utilities to
remain solvent, and the state must be committed toward that end."
But Edison's Craver said the situation is not that simple.
"That transition revenue account balance says nothing about what we have to
fund in the market," Craver said. "Southern California Edison has some 37
balancing and memo accounts set up by the California Public Utilities
Commission. What we have to fund is the net amount of all of them, plus
whatever else is going on, and the net figure is considerably smaller than
the $1.97 billion. It's like picking out one line item on the balance sheet
and saying this is all that matters. No accountant does that or looks at it
that way."
Craver also said that the term "technical insolvency" has no specific meaning
to him.
A PG&E Corp (PCG) spokesman declined to comment when asked this week if it
risks technical insolvency next year. The company is seeking refunds from
independent generators that have been selling power to the state's utilities,
and for the future it has asked the Federal Energy Regulatory Commission to
consider a return to cost-based pricing specific to each generating station
in the state.
Utility bond analysts, nevertheless, are concerned about California utility
debt.
"I don't believe the utilities are going to go bankrupt, but they don't have
any assurance from the legislature, governor or regulators," Bear Stearns's
Ted Olshanski said. "The uncertainty is critical."
Bear Stearns has a negative outlook on Edison and PG&E bonds due to the
uncertainty on the recovery of these energy costs.
This summer's period of undercollections has continued into the fall, with
the California's wholesale market for Wednesday power at $135 a
megawatt-hour, compared with the $65/MWh that SCE gets from customers.
The current best asking price for on-peak power fall all of 2001 in southern
California is $85/MWh.
When asked how long Edison can continue to fund the difference between its
purchase power costs and the revenue it receives from customers, Craver
responded: "How long can ratepayers or anyone afford those prices, which
don't have anything to do with reality? The market mechanisms don't work."
California's utilities are hoping to make significant changes to the market,
and some of those changes would require action by the state legislature,
which is out of session until December.
"I don't know that this is something that waits for the legislature," Craver
said. "There are a lot of things that can be done before the legislature
meets. We have significant issues before the FERC and the CPUC."
Olshanski said he hoped for a political solution.
"We're not sure how its going to end," he said. "We expect regulators and
legislators to step up and provide for a constructive resolution. In the
past, the California legislature has approved measures to make companies
whole."
-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com


Deirdre,

I run two senarios using two different curves.

I got $1.39/mmBtu per year for IF-CNG/North, and
$1.41/mmBtu per year for IF-CNG/N_CITYGA.

Therefore if we look at 20 years time horizon, the storage
can generate  $1.40*1.4*20=39.2 MM dollars.

Let us discuss if you have any questions.

Zimin

	Enron North America Corp.

	From:  Deirdre McCaffrey                           06/12/2000 10:45 AM

To: Zimin Lu/HOU/ECT@ECT
cc:
Subject: Seneca Lake Storage

Zimin -

The Gas Assets group is looking at investing in a storage facility in western
NY.  Here are the specs:

Total Capacity: 1,400,000 MMBtus
MDQW:  140,000 MMBtus
MDIQ:   70,000 MMBtus
Injection Fuel: 1.5%
Injection Fee: $.003
W/D Fuel: 0%
W/D Fee: $.003
Injection Curve: CNG North City Gate
W/D Curve: CNG North Pool Point

Please call with any questions - x39685.

Thanks - Deirdre