USA: UPDATE 1-Enron CEO says stock hit because of high multiple.
Reuters English News Service, 03/28/01

USA: ICE to offer Internet products trade off Colonial Pipeline.
Reuters English News Service, 03/28/01

US FERC To Seek Input On Regional Pwr Grid Coordination
Dow Jones Energy Service, 03/28/01

Top Enron executives reap bonuses for strong 2000 performance
Associated Press Newswires, 03/28/01

USA: Enron CEO says stock hit because of high multiple.
Reuters English News Service, 03/28/01

USA: Viacom nixes plan to spin off rest of Blockbuster.
Reuters English News Service, 03/28/01

``Plumbers'' for Today's Economy Dominate Online Investor Tournament
Sponsored by Fast Angels; Eight Companies Work Behind-the-Scenes to Help
World Act Faster and Smarter
Business Wire, 03/28/01

NIGERIA: Nigeria will break up state power monopoly - minister.
Reuters English News Service, 03/28/01

Enron's unit presents thermal power plan to Aomori gov.
Kyodo News, 03/28/01

Regulators grant rate hike for utilities
Rates could rise almost 50 percent under CPUC plan
CBS MarketWatch.com, 03/27/01

Hefty payday for Enron's top execs
$7 mln bonus for chairman, $5.6 mln to CEO for 2000
CBS MarketWatch.com, 03/27/01

USA: UPDATE 1-Enron CEO says stock hit because of high multiple.
By C. Bryson Hull

03/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW ORLEANS, March 28 (Reuters) - Wall Street's stampede away from stocks
with high price to earnings (PE) ratios is finally catching up with Enron
Corp. and hurting its share price, the energy giant's top executive said on
Wednesday.
"I think the stock price dropped because of multiple compression," Enron
President and Chief Executive Jeff Skilling told an audience of institutional
investors at the Howard Weil Energy Conference in New Orleans.
Enron currently trades at about 41 times earnings, a value Skilling said he
considers "low and clearly sustainable moving forward."
His comments came as Enron shares dropped as much as 5 percent Wednesday,
before closing down $2.36, or 3.9 percent, at $58.10 in trading on the New
York Stock Exchange. Enron's fall outpaced the less than one percent drop in
the Standard & Poor's Utility Index.
Skilling pointed to the wave of companies whose prices have dropped sharply
in the last year because investors thought they were overvalued, with PE
multiples above 30 times earnings range.
"We kept our multiple and felt a little like the last duck in the pond and
there was still a lot of ammo with the hunters," Skilling said.
Enron's stock remained immune to the trend against high PE ratios until last
week, when it dropped under $60 for the first time since January 2000. It
lost 8 percent over a two-day period, March 21-22, prompting Skilling to hold
a conference call last Friday to assuage investors and analysts.
One analyst said several Enron-specific issues have more to do with the
recent decline in the company's share price than the broader market disregard
for high PE ratio stock.
"He is exactly right that high multiple stocks have sold off, and you see
that particularly in the NASDAQ. Telecoms and the tech sector have been hit
hard and Enron had a large part of its valuation in the telecom sector with
broadband," Commerzbank securities analyst Andre Mead said.
The market took that value out as telecoms weakened across the board and as
some doubts arose about Enron's timing on its broadband initiative and other
issues, he said.
"The bottom line is there are some market dynamics at work for at least a
portion of the sell-off, but a good deal of it is Enron-specific, because the
market is valuing the broadband (part) less," Meade said.
The fall in its shares last week followed a rapid string of negative news
about Enron, including continuing word that India's Maharastra State
Electricity Board could not pay Enron for power from its Dabhol power plant;
the termination of the broadband unit's marquee 20-year video deal with
Blockbuster Inc. ; and false rumors of layoffs at the broadband unit.
Enron has peaked at $90.56 and touched a low of $51.55 over the past 12
months.

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

USA: ICE to offer Internet products trade off Colonial Pipeline.

03/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, March 28 (Reuters) - Internet-based IntercontinentalExchange (ICE)
plans to offer trading in U.S. refined products off the Colonial Pipeline in
the second quarter of this year, a company official said Wednesday.
The Houston-to-New York Colonial Pipeline is the largest refined products
pipeline in the United States, pumping a total of 2.35 million barrels per
day of gasoline, heating oil, diesel and jet fuel.
Refined oil prices for the nation's refining hub on the Gulf Coast are set by
trade into the pipeline.
ICE however would not elaborate on which products exactly it will trade.
"That's the plan, but we don't really have any further details," said a
company official.
With backing from major banks and energy groups, ICE (https://www.intcx.com)
has become one of the most widely distributed online energy marketplaces,
despite only launching trading last fall.
It hosts a range of energy and precious metal 'over the counter' (OTC)
contracts - those traded outside regular futures exchanges. Oil derivatives
traded on ICE include crude oil, fuel oil, heating oil, jet fuel, gasoline
and naphtha.
But with an average of $3.5 billion in daily trade volume, rival Enron Corp
(ENE.N) subsidiary EnronOnline (www.enrononline.com) has been the most
successful online energy trading platform.
While it does not currently offer trading of Colonial Pipeline products, an
EnronOnline official did not rule out such a move in the future.
"We have been making additions pretty much every month," the official said.
"If we get demand for Colonial, I'm sure we'll add it. We're making large
efforts to expand that product area."
This week, EnronOnline launched trading in WTI crude options and spread
trading in Light Louisiana Sweet/St. James, West Texas Sour/Midland and West
Texas Intermediate/Midland crudes.

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

US FERC To Seek Input On Regional Pwr Grid Coordination
By Bryan Lee

03/28/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

OF DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- The U.S. Federal Energy Regulatory Commission agreed
Wednesday to seek comment on whether it should hold a technical conference on
the coordination of wholesale power transactions among the regional
transmission organizations, or RTOs, that it seeks to develop.
FERC is in the midst of implementing a sweeping order that will direct the
utilities it regulates to turn over control of their transmission assets to
RTOs.
The order aims to promote more liquid regional wholesale power markets by
creating independent power-grid operators, removing the remaining ability of
vertically integrated utilities to use control of transmission to competitive
benefit in power markets.
In December, competitive power suppliers and industrial consumers petitioned
the commission to convene a technical conference on what was termed the
"seams" issue involving wholesale power transactions from one
RTO-administered grid area to another.
"The transmission grid for electricity is interstate and inter-regional,"
said John Anderson, executive director of the Electricity Consumers Resource
Council, or ELCON, which represents large industrial power users.
"We must be sure that, first, RTOs coordinate transmission facilities of
different utilities, but, second - and probably more important - we must
ensure that transmission facilities coordinated by each RTO are also
coordinated" among one another, Anderson said.
If the "seams" issue isn't addressed, "RTOs could soon resemble huge speed
bumps which could not just slow down, but do permanent harm to the vehicle of
competition," he said.
ELCON was joined in the petition by the Electric Power Supply Association,
which represents competitive power producers and marketers, and by Enron
Power Marketing Inc. (ENE), Reliant Energy Power Generation (REI) and Dynegy
Inc. (DYN).
FERC commissioners noted Wednesday that they soon will issue a notice seeking
comment on the issues raised by the petition, and whether the commission
should grant the request for a technical conference.
Commissioner William Massey welcomed the decision, noting that the lack of
standardized procedures could pose "an impediment to trade."
Massey called for FERC to shepherd an industry-wide effort to develop
consistent standards for information and terminology regarding scheduling and
reservation of transmission capacity among RTOs, - including the development
of "generic interface procedures."
FERC spurred a similar standardization process in the natural gas industry,
which resulted in creation of a Gas Industry Standards Board, or GISB.
GISB produced uniform communications protocols for reserving pipeline
capacity and standardized business practices, Massey noted, expressing the
desire for the electric industry to do the same.
ELCON was reserved in reacting to FERC's response to the petition, since the
commission could ultimately decide against holding the technical conference.
"We think recent events in California and the possibility of additional
supply disruptions in other areas of the country highlight the need for
inter-regional coordination," said Marc Yacker, ELCON's director of
government and public affairs.
"We continue to hope that FERC will address this issue," Yacker said. "The
closer we get to larger, more liquid regional wholesale power markets, the
better off we'll be."
The issue arose as FERC Wednesday approved an RTO for Florida. Ordinarily,
FERC wouldn't approve a single-state RTO, but did given that the state is a
peninsula.
However, the Electric Power Supply Association, for which the bottleneck for
sales into Florida is a big concern, raised the "seams" petition in that
proceeding.
The commission also must confront the issue in hashing out an RTO for the
U.S. Midwest. FERC has approved two different grid entities in the region,
the Alliance Regional Transmission Organization and the Midwest Independent
System Operator.
FERC has granted RTO status to the for-profit Alliance effort, in which
participating utilities aim to spin off their transmission assets to create
an independently traded transmission company.
Earlier this year, FERC issued an order establishing an administrative
proceeding designed to develop a merger agreement between the for-profit
Alliance and the nonprofit Midwest ISO.
The commission must act in the near future on an agreement struck in that
proceeding that would maintain the Alliance and Midwest ISO as two separate
entities, but operating under a single design for providing transmission
services across the two entities.
An attorney involved in the negotiations, who asked to remain anonymous, said
the agreement illustrated that such "seams" arrangements could obviate the
need for FERC to order establishment of RTOs encompassing broad geographic
regions.
-By Bryan Lee, Dow Jones Newswires; 202-862-6647; bryan.lee@dowjones.com

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

Top Enron executives reap bonuses for strong 2000 performance

03/28/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

HOUSTON (AP) - Energy marketing powerhouse Enron Corp. rewarded chairman
Kenneth Lay with a $7 million bonus for the company's performance last year,
a 79 percent increase from the year before.
According to a March 2 filing with the Securities and Exchange Commission,
the compensation committee of the Enron board of directors decided Lay, who
was chief executive officer until last month, get an increase from his $3.9
million bonus in 1999.
"We believe that Enron's executive compensation program has contributed
significantly to the increase in shareholder value from 1991 to 2000, during
which time a shareholder who invested $100 in Enron common stock would have
received $1,497 or a 1,397 percent increase in value, compared to 391 percent
for the S&P 500 and 534 percent for industry peers," the committee explained
in the company's proxy statement.
Lay's base salary remained flat at $1.3 million.
Similarly, Enron president Jeffrey Skilling - who took over as chief
executive officer in February - saw his bonus increase to $5.6 million from
$3 million in 1999. Skilling's salary remained flat at $850,000.
Enron, the nation's largest natural gas and wholesale electricity marketer,
saw a 32 percent increase in 2000 profits to $1.3 billion.
Shares of Enron were down $2.44 to $58.02 in afternoon trading Wednesday on
the New York Stock Exchange.

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

USA: Enron CEO says stock hit because of high multiple.
By C. Bryson Hull

03/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW ORLEANS, March 28 (Reuters) - Wall Street's stampede away from stocks
with high price to earnings (PE) ratios is finally catching up with Enron
Corp. and hurting its share price, the energy giant's top executive said on
Wednesday.
"I think the stock price dropped because of multiple compression," Enron
president and chief executive Jeff Skilling told an audience of institutional
investors at the Howard Weil Energy Conference in New Orleans.
Enron currently trades at about 41 times earnings, a value Skilling said he
considers "low and clearly sustainable moving forward."
His comments came as Enron shares dropped nearly 5 percent Wednesday, off
$2.84 at $57.62 in midafternoon trading on the New York Stock Exchange. Enron
's fall outpaced the less than one percent drop in the Standard & Poor's
Utility Index.
Skilling pointed to the wave of companies whose prices have dropped sharply
in the last year because investors thought they were overvalued, with PE
multiples above 30 times earnings range.
"We kept our multiple and felt a little like the last duck in the pond and
there was still a lot of ammo with the hunters," Skilling said.
Enron's stock remained immune to the trend against against high PE ratios
until last week, when it dropped under $60 for the first time since January
2000. It lost 8 percent over March 21-22, prompting Skilling to hold a
conference call last Friday to assuage investors and analysts.
One analyst said several Enron-specific issues have more to do with the
losses than the broader market disregard for high PE ratio stock.
"He is exactly right that high multiple stocks have sold off, and you see
that particularly in the NASDAQ. Telecoms and the tech sector have been hit
hard and Enron had a large part of its valuation in the telecom sector with
broadband," Commerzbank securities analyst Andre Mead said.
The market took that value out as telecoms weakened across the board and as
some doubts arose about Enron's timing on its broadband initiative and other
issues, he said.
"The bottom line is there are some market dynamics at work for at least a
potion of the sell-off, but a good deal of it is Enron-specific, because the
market is valuing the broadband less," Meade said.
The fall last week followed a rapid string of negative news about Enron,
including continuing word that India's Maharastra State Electricity Board
could not pay Enron for power from its Dabhol power plant; the termination of
the broadband unit's marquee 20-year video on deal with Blockbuster Inc. and
false rumors of layoffs at the broadband unit.
Enron hit a high of $90.56 and a low of $51.55 over the past 12 months.

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

USA: Viacom nixes plan to spin off rest of Blockbuster.
By Derek Caney

03/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, March 28 (Reuters) - Entertainment titan Viacom Inc. confirmed on
Wednesday it will scrap plans to spin off its remaining about 82 percent
stake in Blockbuster Inc. , saying it was happy with the performance of the
video retail unit and wanted to keep it in the Viacom family.
A spokeswoman said the company, which owns the CBS television network,
Paramount Pictures and MTV among other entertainment properties, would
disclose its plans in filings with the Securities and Exchange Commission in
the next couple of days.
"We're very happy with Blockbuster's performance," the Viacom spokeswoman
told Reuters. "We're pleased with the cash it generates. Blockbuster provides
a lot of free cash flow for Viacom."
The spokeswoman declined to comment on the possibility of Viacom buying back
the outstanding 18 percent of Blockbuster shares, which total about 175
million as of the end of December.
The Wall Street Journal reported on Wednesday that Viacom was giving up on
plans to split off Blockbuster, which has about 4,800 retail stores.
Viacom took the minority Blockbuster stake public in August 1999 at $15, but
it failed to generate much enthusiasm. Company executives said later that
year it would not offer any remaining stock until its share price hit the
$20-range.
Viacom executives have said repeatedly in the past that they believed
Blockbuster's shares were undervalued.
Blockbuster reached a high of $17 in November 1999, before crumbling against
the backdrop of investor belief that technology would dramatically change the
movie distribution business and would leave retailers, who rely on customers
visiting video stores, in the dust. Shares dropped to a low of $6.88 in
October 2000.
The increased popularity of satellite television and new digital cable
technology, which compresses cable signals to allow hundreds of cable
channels, and the specter of video-on-demand from a variety of services also
has scared many investors away from Blockbuster, analysts said.
"Blockbuster has been something of a conundrum to investors," said SG Cowen
analyst Ed Hatch. "Its shares have suffered under a cloud that technology
will make its stores obsolete."
But Gerard Klauer Mattison & Co. analyst Jeffrey Logsdon noted that despite
the threat of technological advances, the company has made considerable
strides.
"The company has dramatically redesigned its capital spending in the last
couple of years," he said, citing the retailer's revenue sharing deals with
film studios, in which the company shares video rental revenue in exchange
for cheaper prices for the new video releases it buys.
Logsdon also noted that the company has cut its new store additions, "which
has potentially added between $100 million and $150 million a year in free
cash flow.
"With those two elements, Blockbuster becomes a significant cash cow and it
becomes perhaps less necessary to have Blockbuster separate," he added.
Indeed, in the last few months, Blockbuster has staged something of a
turnaround, rebounding to its current level of $13.98, up 5 percent, or 68
cents, in Wednesday's trading on the New York Stock Exchange.
Earlier in 2000, Blockbuster announced several initiatives to take advantage
of its brand name. It signed a deal with electronics retailer RadioShack
Corp. to open up a "store-within-a-store" within RadioShack shops.
It also struck a marketing agreement with satellite television provider
DirecTV in which the two companies would jointly offer pay-per-view movies
via DirecTV, while Blockbuster will promote and sell the satellite systems
and services in its stores.
DirecTV is owned by General Motors Corp.'s Hughes Electronics Corp. .
Blockbuster's video-on-demand joint venture with Enron Corp. , however, was
less successful, unravelling earlier this month with both companies saying
they would pursue separate services.
Viacom shares were off 3.5 percent, or $1.60, to $44.65 in Wednesday's NYSE
trading, although analysts attributed the weakness to pessimism in the media
sector overall following Walt Disney Co.'s announcement late Tuesday that it
would slash its work force by 4,000, or 3 percent.

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

``Plumbers'' for Today's Economy Dominate Online Investor Tournament
Sponsored by Fast Angels; Eight Companies Work Behind-the-Scenes to Help
World Act Faster and Smarter

03/28/2001
Business Wire
(Copyright (c) 2001, Business Wire)

LOS ALTOS HILLS, Calif.--(BUSINESS WIRE)--March 28, 2001--The eight
quarterfinalists in March Money Mayhem, an online investment tournament of 64
investment options, are in a neck-to-neck battle as the nation's favorite
investment. Surprisingly, all provide "plumbing" for key sectors of the
nation's economy. Winners include literal plumbing suppliers like Home Depot,
but also Internet plumbers (Cisco and Microsoft), transportation plumbers
(Boeing, UPS), energy plumbers (Exxon Mobil and Enron) and body plumbers
(Merck).
Asked "where would you put $1,000?" today, voters in the investor parody of
college basketball March Madness (www.fastangels.com/marchmayhem/) were
bullish on the building-block stocks of the economy over the new technology
companies (e.g. Ariba, eBay, Amazon.com) and non-stock alternatives (e.g.
cash, Roth IRA, and trips to Disneyland). A prize of $1,000 will go to a
random on-line voter who predicts the most winners over the three-week
contest. Voting ends April 2. The contest is sponsored by Fast Angels
Ventures (www.fastangels.com), a new seed fund for technology entrepreneurs,
and CBS MarketWatch (www.cbsmarketwatch.com).
"We're seeing the same focus on plumbing in the recent deluge of business
proposals. Today's entrepreneurs aren't pushing faddish dot-com or
speculative edge technologies, but new methods to help companies work faster
and work smarter," said Mark Breier, Fast Angels(TM) Ventures managing
partner, who has reviewed more than 300 business plans in the three weeks
since announcing the fund. "Key trends include ideas to move data faster,
share computers simultaneously and empower mobile users."

CONTACT: For Fast Angels Ventures Gary Hanauer, 510/895-4482 GarHan@aol.com
13:10 EST MARCH 28, 2001

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

NIGERIA: Nigeria will break up state power monopoly - minister.

03/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

ABUJA, March 28 (Reuters) - Nigeria said on Wednesday it would end the
monopoly of state electricity giant NEPA and split it into many different
companies by the end of the of the year.
Minister of Power and Steel Segun Agagu told reporters the cabinet approved
the plan which had been incorporated in a bill to be presented to the
national assembly.
"The centrepiece of the proposed policy is the unbundling of NEPA into
several generation, distribution and marketing companies," he said.
Nigeria suffers from a chronic power shortage that leaves whole areas blacked
out sometimes for weeks.
NEPA is already slated for privatisation. The government's formula is to sell
40 percent to a core investor, retain 40 percent for the state and sell 20
percent to the public.
Its target is to generate 4,000MW of electricity by the end of this year
compared with a current 2,500MW.
Agagu said eight companies would be created in NEPA's power generation and
over 20 companies in distribution and marketing.
"Interested local and foreign companies will be given franchises for
distribution and marketing of electricity in some states or a combination of
states," he added.
Nigeria has 36 states and in Lagos, the richest and most populous, U.S.
energy giant Enron Corp is already working on a project to supply 270MW of
electricity.
The Nigerian minister said in the generation sector, Kainji and Jebba, both
hydro power stations on the River Niger could be constituted into one
company.
"There is no reason why we cannot generate energy in huge quantum in this
country and sell the same in other countries in the West African sub-region,"
Agagu said.
"The essence of the new policy is to create a competitive market for
electricity supply in all the states of the federal republic of Nigeria.
"We are trying to move away from the inefficient public sector control
monopoly which NEPA is towards a deregulated market where we have private
sector participation," he added.

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

Enron's unit presents thermal power plan to Aomori gov.

03/28/2001
Kyodo News
Copyright Kyodo News International Inc. 2001

AOMORI, Japan, March 28 --
A unit of U.S. energy company Enron Corp. on Wednesday submitted to Aomori
Gov. Morio Kimura its plan for building a large thermal power plant in the
village of Rokkasho in the northern Japan prefecture.
Encom Corp. (Japan) President Carey Sloan visited the governor and presented
the 60-hectare project for a 2-million-kilowatt power plant to be fueled by
liquefied natural gas (LNG), according to the plan.
The New York-based affiliate of the Houston-based Enron for power business in
Japan plans to start constructing the facility in 2004 upon necessary
administrative approvals and launch its operations in 2007.
Rokkasho is known as the site of the country's first full-scale nuclear waste
reprocessing plant. The facility run by Japan Nuclear Fuel Ltd. is set to
start reprocessing in July 2005.
According to Encom's plan, the company now is waiting for a reply -- expected
around June -- from Tohoku Electric Power Co. in order to connect its
transmission lines to those of the local electric power monopoly.
Sloan said in a press conference he expects Tohoku Electric to give nod to
his company's bid to link the lines.
Kimura issued a statement saying he expects the plan to spur the national
project to develop the village's 5,300-hectare Mutsu-Ogawara area, where the
reprocessing plant is located, into an industrial park.
It is also expected to contribute to boosting the regional economy and
creating jobs, the statement said.

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

Regulators grant rate hike for utilities
Rates could rise almost 50 percent under CPUC plan

By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 5:59 PM ET Mar 27, 2001

?
SAN FRANCISCO (CBS.MW) - California power regulators agreed Tuesday to raise
electricity rates by almost 50 percent to help the state's cash-strapped
utilities buy adequate power for their customers as the peak summer usage
season approaches.

"Today's rate increase is long over due," said Commissioner Richard Bilas,
prior to the actual vote. The vote came despite objections from hoards of
protesters outside the meeting in San Francisco to keep power rates stable.
The increase, which was approved 5-0, adds 3 cents per kilowatt hour to rates
and makes permanent an emergency one cent per kilowatt hour surcharge
approved on Jan. 4.
Pacific Gas & Electric (PCG: news, msgs, alerts) and Southern California
Edison (EIX: news, msgs, alerts) have been unable to buy electricity for
their California customers because they've run up debts of about $13 billion
paying for power on the open market well above what they received under
state-capped retail rates.
Adding another 3 cents per kilowatt hour will "comprehensively address" the
revenues needed in California to keep the state's lights on, CPUC President
Loretta Lynch said.
She stressed that the order gives the utilities the right to collect the
funds immediately, but that customers won't see the increase "until we design
new rates."
"Over 45 percent of residential customers will not experience a further rate
increase," Lynch said.
The rate hikes are expected to generate an additional $2.5 billion in annual
revenue for PG&E and $2.3 billion for Edison.
California Gov. Gray Davis attempted to distance himself from the move. "The
PUC's action today was premature because we do not have all the appropriate
financial numbers necessary to make a decision," Davis said in a statement.
"If it becomes clear that a rate increase is absolutely necessary for the
good of the State, I will support one that is fair and do my duty to convince
Californians of its necessity."
In January, the commission, which is dominated by Davis' appointees, denied
rate hikes of 26 percent being sought by the utilities. The state instead
began buying power itself on the expectation it could negotiate better prices
with out-of-state generators.
Since then California has spent about $4 billion buying power, wiping out
more than half of the state's budget surplus.
Analysts were cautious.
The order "still leaves important questions unanswered and comes with some
strings attached," Steven Fleishman, an analyst at Merrill Lynch said in a
research note. The order "deliberately restricts" the extra revenue from
being used toward the utilities' past power purchase costs, he said.
Consumer activists said the move is only the beginning and more rate hikes
can be expected. ?Watch interview.
The commission's meeting Tuesday brought hoards of protestors, whose presence
and chants of "Rate hikes go away. Make the energy companies pay!" caused
delays to the proceedings.
But the CPUC's decision will help the power crisis in California, Enron (ENE:
news, msgs, alerts) CEO Jeff Skilling said Tuesday at the Southern Methodist
University's Cox School of Business management briefing series in Dallas.
"There's been a need to balance supply and demand and to date I don't think
anyone has been willing to let the prices rise to help balance supply and
demand," Skilling said. "So this is a huge step forward in reducing the odds
of shortfalls."
Davis said Monday that the "tiered pricing could promote the conservation
California needs if structured properly but was not convinced of that by the
data made available to him last week." He had hoped that the state's energy
crisis could be resolved without a rate hike.
CPUC orders QF payments
The CPUC also ordered California's two biggest utilities to make payments to
small independent generators, or qualifying facilities, for energy within 15
days of delivery.
The order directs the utilities to resume payments to QFs within 15 days of
end of billing period, Commissioner Carl Wood said. If they don't comply, the
utilities will suffer from penalties equal to the amount owed to the QFs, he
said.
Wood withdrew, on Monday, his idea for a fixed price payment of $79 per
megawatt hour.
During a conference call to note holders late Tuesday, Edison's CFO Ted
Craver, Jr. said SoCal Edison plans to make interest payments on some of its
defaulted debts, with the first payment on some commercial paper outstanding
made around the end of next week.
Craver also said that with the utility's planned payments and its commitment
to make interest payments, starting this week, as they come due, SoCal Ed
will become current on all outstanding interest rate payments.
Meanwhile, the CPUC's order regarding payments to QFs came just as the
state's power grid operator issued a "Stage Two" power alert throughout
California, calling for increased consumer conservation. The Independent
System Operator said 10,500 megawatts of power were offline due to
maintenance Tuesday and another 2,900 of QF generation remained unavailable.
The CPUC also ordered Tuesday that the utilities hand over the money they've
collected for power through retail rates in order to cover the costs of the
state's Department of Water Resources, which has been buying power on their
behalf since early this year.
The commission will discuss the details of the issue at its continuation
meeting next Tuesday, Lynch said.
Myra P. Saefong is a reporter for CBS.MarketWatch.com in San Francisco.

Hefty payday for Enron's top execs
$7 mln bonus for chairman, $5.6 mln to CEO for 2000

By Lisa Sanders, CBS.MarketWatch.com
Last Update: 5:22 PM ET Mar 27, 2001

?
DALLAS (CBS.MW) -- Enron's ability to continually transform itself has
generated strong results for the Houston-based energy company, CEO and
President Jeffrey Skilling said Tuesday.

His remarks, made to members of the Dallas business community attending
Southern Methodist University's Cox School of Business management briefing
series, came on the same day that Enron (ENE: news, msgs, alerts) filed its
annual proxy statement.
In the proxy, Enron's financially robust 2000 translated into healthy bonuses
for both Skilling and Chairman Kenneth Lay. Lay's bonus shot up to $7 million
in 2000 from $3.9 million in 1999, while Skilling took home $5.6 million in
bonus pay, up from $3 million the previous year. Enron named Skilling CEO in
February.
The No. 1 buyer and seller of natural gas in the U.S. and the leading
wholesale power marketer had $100.8 billion in sales in 2000, up from $20.36
billion in 1997. During the same period, its earnings-per-share increased to
$1.47 from 87 cents a share, a 25 percent gain, and its market cap climbed to
$62.5 billion from $12.8 billion.
Last week, Enron's market cap declined on rumors, which the company denied in
a press release and subsequent conference call, of problems in its broadband
business. Shares of Enron, which set a 52-week low of $51.51 a share on March
22, shed $1.02 to close at $60.46 on Tuesday.
On Tuesday, Skilling said he expected bandwidth trading, now a nominal part
of Enron's overall business, to contribute 10 to 15 percent to the company's
bottom line in the next four to five years.
In a conference call Friday, Skilling reiterated that Enron remains
comfortable with its previously announced profit target of $1.70 to $1.75 a
share in 2001. The average estimate of analysts polled by First Call/Thomson
Financial is $1.74 a share.
On Tuesday, Skilling maintained his view and also said the company is
comfortable with expectations for a profit of 45 cents a share in the March
quarter.
Enron a business maverick
"Enron has changed the way a lot of people think about the energy business,"
Skilling said. "The one good idea is that the traditional, rigid,
capital-intensive vertically integrated business structures...are breaking
down."
Skilling, who received a bachelor degree from SMU, said its better to search
for the highest quality products and assemble them into a package for
delivery to customers rather than owning them all. He said that the business
model is superior because it's cheaper and more flexible.
"Virtual integration will beat vertical integration every day," said
Skilling, predicting that in the future people will work for the system,
rather than the product, and that physical capital will be replaced with
intellectual capital. Enron, he said, created the packaging concept back in
the late 1980s and assembled it in a way that enables energy to be delivered
at lower costs.
"That's what led to the growth at our company," he said. Skilling said he
intends for Enron to be the most innovative company in America for years to
come.
Lisa Sanders is a Dallas-based reporter for CBS.MarketWatch.com.


fyi
---------------------- Forwarded by Kay Mann/Corp/Enron on 09/17/2000 09:27
PM ---------------------------

Taffy Milligan@ECT
09/15/2000 04:18 PM
To: Alan B Aronowitz/HOU/ECT@ECT, Roger Balog/HOU/ECT@ECT, Peggy
Banczak/HOU/ECT@ECT, Sandi M Braband/HOU/ECT@ECT, Teresa G
Bushman/HOU/ECT@ECT, Bob Carter/HOU/ECT@ECT, Michelle Cash/HOU/ECT@ECT,
Barton Clark/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT, Shonnie
Daniel/HOU/ECT@ECT, Peter del Vecchio/HOU/ECT@ECT, Stacy E
Dickson/HOU/ECT@ECT, Janette Elbertson/HOU/ECT@ECT, Shawna Flynn/HOU/ECT@ECT,
Barbara N Gray/HOU/ECT@ECT, Wayne Gresham/HOU/ECT@ECT, Mark E
Haedicke/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT,
Dan J Hyvl/HOU/ECT@ECT, Dan Lyons/HOU/ECT@ECT, Laurie Mayer/HOU/ECT@ECT,
Travis McCullough/HOU/ECT@ECT, Lisa Mellencamp/HOU/ECT@ECT, Janet H
Moore/HOU/ECT@ECT, Janice Moore/HOU/ECT@ECT, Julia Murray/HOU/ECT@ECT, Gerald
Nemec/HOU/ECT@ECT, David Portz/HOU/ECT@ECT, Michael A Robison/HOU/ECT@ECT,
Elizabeth Sager/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT, Lance
Schuler-Legal/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Carol St
Clair/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT, Lou Stoler/HOU/ECT@ECT, Mark E
Taylor/HOU/ECT@ECT, Sheila Tweed/HOU/ECT@ECT, Stephen W Van
Hooser/HOU/ECT@ECT, Ann Elizabeth White/HOU/ECT@ECT, Stuart
Zisman/HOU/ECT@ECT, Suzanne Adams/HOU/ECT@ECT, Joya Davis/HOU/ECT@ECT, Kaye
Ellis/HOU/ECT@ECT, Jenny Helton/HOU/ECT@ECT, Taffy Milligan/HOU/ECT@ECT,
Linda J Noske/HOU/ECT@ECT, Pat Radford/HOU/ECT@ECT, Linda J
Simmons/HOU/ECT@ECT, Twanda Sweet/HOU/ECT@ECT, Becky Tlucek/HOU/ECT@ECT,
Brenda Whitehead/HOU/ECT@ECT, Chaundra Woods/HOU/ECT@ECT, Susan
Bailey/HOU/ECT@ECT, Kimberlee A Bennick/HOU/ECT@ECT, Genia
FitzGerald/HOU/ECT@ECT, Nony Flores/HOU/ECT@ECT, Linda R Guinn/HOU/ECT@ECT,
Ed B Hearn III/HOU/ECT@ECT, Mary J Heinitz/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Deb Korkmas/HOU/ECT@ECT, Laurie Mayer/HOU/ECT@ECT, Mary
Ogden/HOU/ECT@ECT, Debra Perlingiere/HOU/ECT@ECT, Robert Walker/HOU/ECT@ECT,
Kay Young/HOU/ECT@ECT, Reginald Shanks/HOU/ECT@ECT, Eric
Gillaspie/HOU/ECT@ECT, Legal Temp 1/HOU/ECT@ECT, Legal Temp 2/HOU/ECT@ECT,
Legal Temp 3/HOU/ECT@ECT, Legal Temp 4/HOU/ECT@ECT, Legal Temp 5/HOU/ECT@ECT,
Legal Temp 6/HOU/ECT@ECT, Sheri L Cromwell/HOU/ECT@ECT, Anne C
Koehler/HOU/ECT@ECT, Carolyn George/Corp/Enron@ENRON, Lance
Schuler-Legal/HOU/ECT@ECT, James Grace/Corp/Enron@ENRON, Richard
Jeffrey/Corp/Enron@Enron, Dina Snow/Corp/Enron@Enron, Martin W
Penkwitz/NA/Enron@Enron, Kay Mann/Corp/Enron@Enron, John
Viverito/Corp/Enron@Enron, Matt Maxwell/Corp/Enron@ENRON, Gloria
Cruz/Corp/Enron@Enron, Robert Bruce/NA/Enron@Enron, Mary Cook/HOU/ECT@ECT,
Mark Greenberg/NA/Enron@ENRON, Brent Hendry/NA/Enron@Enron, Marcus
Nettelton/NA/Enron@ENRON, Angela Davis/NA/Enron@Enron, Samantha
Boyd/NA/Enron@Enron, Stephanie Panus/NA/Enron@Enron, Samantha
Ferguson/NA/Enron@Enron
cc:

Subject: Welcome Breakfast -

Please join us for a Welcome Breakfast on Tuesday, September 19, beginning at
9:15 am in  EB38c2 honoring the following employees:

 Kathleen Carnahan, Sr. Legal Specialist - Power Assets
 Angela Davis, Sr. Legal Counsel - Finance
 Fritz vonBrunneck, law student

Please contact me at X57373 if you have any questions or comments.

Best regards.


---------------------- Forwarded by Robin Rodrigue/HOU/ECT on 07/26/2000
06:30 PM ---------------------------

	From:  Brooklyn Couch                           07/26/2000 06:24 PM

To: Robin Rodrigue/HOU/ECT@ECT
cc:
Subject: FW: FRUSTRATION RELEASE MECHANISM

---------------------- Forwarded by Brooklyn Couch/HOU/ECT on 07/26/2000
06:24 PM ---------------------------

Renee Ingram
07/21/2000 01:15 PM
To: Brooklyn Couch/HOU/ECT@ECT, Jeffrey McClellan/HOU/ECT@ECT, Frank
Cernosek/HOU/ECT@ECT, Misti Day/HOU/ECT@ECT, Paula Harris/HOU/ECT@ECT
cc:
Subject: FW: FRUSTRATION RELEASE MECHANISM

cc:
Subject: FW: FRUSTRATION RELEASE MECHANISM

Admins,

Turn up volume - have fun.

Jimmy
---------------------- Forwarded by Jimmy Manguba/HOU/ECT on 07/21/2000 10:05
AM ---------------------------

	From:  Jaime Navarro @ ENRON                           07/21/2000 09:33 AM

To: Todd Hardwick/Corp/Enron@Enron, Jimmy Manguba/HOU/ECT@ECT, Steven
Nguyen/Corp/Enron@Enron, Danny Ly/Corp/Enron@ENRON, Brian
Stokes/Corp/Enron@Enron, Emmanuel Mangin/Corp/Enron@Enron, Christina
Albers/Corp/Enron@Enron, Jennie Pai/NA/Enron@Enron, Steve
Schleicher/HOU/ECT@ECT, Craig Oishi/NA/Enron@Enron, Trinh
Abrell/Corp/Enron@ENRON, Ruth Metcalf/NA/Enron@Enron, Zach
Moring/Corp/Enron@Enron, Trang Dinh/HOU/ECT@ECT, nancy.truong@bmc.com
cc:
Subject: FW: FRUSTRATION RELEASE MECHANISM

---------------------- Forwarded by Jaime Navarro/NA/Enron on 07/21/2000
09:28 AM ---------------------------

"Guerra, Luis R SSI-ISAC" <LG202261@MSXSSC.SHELL.COM> on 07/21/2000 09:22:55
AM
To: "'AnnGuerra'" <annguerra@pdq.net>, "'bhdavis@ev1.net'" <bhdavis@ev1.net>,
"Butler, Donald DW SSI-ISAT" <DB183576@MSXSSC.SHELL.COM>, "Castillo, Sergio S
SSI-ISAC" <SC202308@MSXSSC.SHELL.COM>, "Cherubini, Art AA SSI-EPDA"
<AC724151@MSXSEPC.SHELL.COM>, "Davis, Brett BH SSI-ISAC"
<BD186682@MSXSSC.SHELL.COM>, "Davis, Wendy WG SSI-ISAT"
<WD202447@MSXSSC.SHELL.COM>, "Everett, Timothy TG SSI-ISAC"
<TE186658@MSXSSC.SHELL.COM>, "Ferrell, Jean J SSI-EPDA"
<JF158003@MSXSEPC.SHELL.COM>, "Harrison, George GE SSI-ISAC"
<GH186598@MSXSSC.SHELL.COM>, "'Jaime.Navarro@enron.com'"
<Jaime.Navarro@enron.com>, "'jamesj@wessys.com'" <jamesj@wessys.com>, "'Jerry
Duran'" <jlduran@swbell.net>, "'kathy.montgomery@bankofamerica.com'"
<kathy.montgomery@bankofamerica.com>, "'jerry sturm'"
<jerry_sturm@hotmail.com>, "'John Campbell'" <jmcbkc@hotmail.com>, "Mccoy,
Gerald R SSI-ISAC" <GM186591@MSXSSC.SHELL.COM>, "'MDK825@aol.com'"
<MDK825@aol.com>, "Nowak, Valerie V SSI-ISAO" <VN202477@MSXSSC.SHELL.COM>,
"Paramore, Robert RJ SSI-ISAC" <RP186478@MSXWHWTC.SHELL.COM>, "Rabalais,
Bruce L SSI-ISAC" <BR186912@MSXSSC.SHELL.COM>, "Rowden, Don D SSI"
<DR999244@MSXSEPC.SHELL.COM>, "'Roxanna Gonzalez'" <RGonzalez@lgc.com>,
"Stephenson, Lynn LC SSI-ISAC" <LS186714@MSXSSC.SHELL.COM>, "'Olivia Guerra'"
<niki_17_00@yahoo.com>
cc:

Subject: FW: FRUSTRATION RELEASE MECHANISM

Thought you all might be able to use this sometime.

>
>

> Subject: FW: FRUSTRATION RELEASE MECHANISM
>

>  <<DESKTOP.exe>>

 - DESKTOP.exe


This is updated through Gas Day 26th.

I tried to be specific on the cost breakdown between Calp Costs and Credits.
Let me know if this is okay.

Thanks and have great Memorial Day!!!!!!!!!!


From http://OpinionJournal.com

Best of the Web Today - January 21, 2002
By JAMES TARANTO
Left-Wing Rag or Right-Wing Gag?

On Friday, acting on a tip from reader Gregory Brunt, we noted that The Nation had published an article on its Web site by  Matt Bivens  http://opinionjournal.com/best/?id=95001749#matt , the very first sentence of which contained a major factual error:

*** QUOTE ***

When George W. Bush co-owned the Houston Astros and construction began on a new stadium, Kenneth Lay agreed to spend $100 million over thirty years for rights to name the park after Enron.

*** END QUOTE ***

Bush, of course, was part-owner of the Texas Rangers, not the Astros. Almost immediately after we published Friday's column, The Nation fixed the error. Or at least it tried. As  The Weekly Standard  http://www.weeklystandard.com/Content/Public/Articles/000/000/000/804gwezk.asp  notes, here's how the modified sentence read:

*** QUOTE ***

When George W. Bush co-owned the Texas Rangers and construction began on a new stadium, Kenneth Lay agreed to spend $100 million over thirty years for rights to name the park after Enron.

*** END QUOTE ***

Alas for The Nation, this was no more accurate.  Enron Field  http://www.ballparks.com/baseball/national/bpkaus.htm  is where the Astros play; the Rangers' home is the  Ballpark in Arlington  http://www.ballparks.com/baseball/american/bpkarl.htm , which has no corporate sponsor. Bivens also screwed up the chronology. Bush sold his interest in the Rangers in 1998; Enron bought naming rights to the Astros' new stadium in 1999. So an accurate version of Bivens's lead would have read:

*** QUOTE ***

A year after George W. Bush sold his interest in the Texas Rangers, construction began on a new stadium for the Houston Astros, and Kenneth Lay agreed to spend $100 million over thirty years for rights to name the latter team's park after Enron.

*** END QUOTE ***

That, of course, does not reflect badly--or indeed, in any way at all--on President Bush, though the incident reflects terribly on the bush-league journalism they practice at The Nation. Apparently the magazine's editors agree; by Saturday afternoon the Bivens piece had disappeared from their Web site (though the  modified version  http://www.thenation.com/cgi-bin/htsearch?config=&restrict=&exclude=&method=and&format=builtin-long&sort=score&words=houston+astros  still shows up in The Nation's search engine).

We all make mistakes, but this is only the latest in a string of staggeringly stupid stumbles by Nation editors and writers that we've chronicled in recent months:
- Katrina vanden Heuvel  http://opinionjournal.com/best/?id=95000919#katrina , editor-in-chief of this political magazine, appeared on national television and could not name her own congressman.
-Columnist  Eric Alterman  http://opinionjournal.com/best/?id=95000740#eric  apparently borrowed a phrase from George Will in 1989--then, 12 years later, accused Will of plagiarizing him.
-Just two weeks after Sept. 11, columnist  Katha Pollitt  http://opinionjournal.com/best/?id=95001214#katha  wrote a piece in which she boasted of her contempt for the American flag.

How could anyone be this dumb? Well, remember David Brock? Back in the early '90s he was the star reporter for The American Spectator, a conservative magazine. He turned out to be a liberal saboteur, and, as erstwhile Spectatorian  Byron York  http://www.theatlantic.com/issues/2001/11/york.htm  reported recently in The Atlantic Monthly, he ended up all but destroying the Spectator. Is it possible that The Nation, that venerable left-wing magazine, has been infiltrated by right-wing moles who are acting like idiots in an effort to discredit the left?

We'd like to go on the record opposing this kind of deception. If vanden Heuvel, Alterman, Pollitt, et al. really are right-wingers, they should come clean and engage their ideological opponents in an honest debate. This sort of deception is juvenile and contemptible, and it's especially inappropriate now. After all, there's a war on.

noted Thursday  http://opinionjournal.com/best/?id=95001739#krugman  a curious report in the New York Times that Times columnist Paul Krugman had once received $50,000 for serving on an Enron "advisory board."  Andrew Sullivan  http://andrewsullivan.com/  smells scandal. But he's overreacting. Based on what we know so far, Krugman's conduct looks foolish but not unethical.

Sullivan has done a manful job of trying to come up with an ethical transgression, unearthing an article Krugman wrote for  Fortune  http://www.wws.princeton.edu/%7Epkrugman/eman.html  while still on the Enron payroll in 1999. It's a puff piece on Enron, and it stands in sharp contrast with Krugman's current views on the subject, most notably  his column of last Friday  http://www.nytimes.com/2002/01/18/opinion/18KRUG.html  (Times links require registration), in which he rails against the company as a symbol of the corruption of American capitalism.

But whatever the merits of Krugman's views, before or after the turn of the century, he does seem to have complied with the rules of journalistic ethics. He disclosed his relationship with Enron in the Fortune piece and again in a  January 2001 Times column  http://www.nytimes.com/2001/01/24/opinion/24KRUG.html . When he joined the Times as a columnist in 1999, he gave up the Enron gig, as the Times' conflict-of-interest policy requires.

Sullivan thinks Krugman should also have disclosed the amount of his fee, for "being on an advisory board need not be a source of payment." This seems an exceedingly picayune point, especially for someone who styles himself the scourge of " gotcha journalism  http://thenewrepublic.com/070901/trb070901.html ." Does anyone serve on an advisory board for a for-profit company without compensation? In any case, Sullivan's beef here ought to be not with Krugman but with his editors at Fortune and the Times, who surely knew enough to ask about the fee and insist on disclosure if they thought it necessary.

Krugman's own defense  http://www.wws.princeton.edu/%7Epkrugman/enron.html  is awfully, well, defensive, though at least his self-esteem seems healthy:

*** QUOTE ***

I was not an unknown college professor. On the contrary, I was a hot property, very much in demand as a speaker to business audiences: I was routinely offered as much as $50,000 to speak to investment banks and consulting firms. They thought I might tell them something useful. For what it's worth, Citibank officials said--you can check it out with a Nexis search--that a heads-up I gave them in 1996 about the risks of an Asian currency crisis saved them hundreds of millions of dollars.

*** END QUOTE ***

"Hot property" or not, Krugman does look quite silly thumping his chest about " crony capitalism  http://www.nytimes.com/2002/01/15/opinion/15KRUG.html " when he himself has benefited from it and was cheering for today's villains less than three years ago. But being silly has never, as far as we know, disqualified anyone from writing a column for the New York Times.

Medal of Dishonor for America West  http://www.washtimes.com/national/20020119-79003878.htm

Joseph Foss got hassled by security guards at Phoenix's Sky Harbor International Airport last week. These days that's nothing unusual, but Foss is 86. He is a former governor of South Dakota and a retired Marine general. And what made the crack security staff for  America West  http://www.americawest.com/  suspicious was the Medal of Honor he earned in 1943 for his service in the Pacific theater.

"I was held up for 45 minutes, while they decided what to do about the medal," Foss tells the Washington Times. "I almost missed my flight, as they went back and forth." Foss earned the medal for shooting down 26 enemy planes. Good thing he didn't tell the guards that, or they'd never have let him fly.

Yasser, That's the Ticket--III  http://www.haaretzdaily.com/hasen/pages/ShArt.jhtml?itemNo=119598

Secretary of State Colin Powell "made a renewed demand on Sunday that Palestinian Authority Chairman Yasser Arafat explain the arms shipment intercepted by the [Israeli Defense Force] in the Red Sea on January 3," the Israeli newspaper Ha'aretz reports. Pretty tough talk, there, Colin. What'll he do next, threaten to hold his breath until Yasser fesses up?

Actually, Arafat has an explanation: "The Karine A was operated by an Israeli company importing building materials from Romania," Arafat told Egyptian television, according to the  Jerusalem Post  http://www.jpost.com/Editions/2002/01/20/LatestNews/LatestNews.41965.html . In the Saudi daily  Arab News  http://www.arabnews.com/Article.asp?ID=12130 , meanwhile, Abdul Rahman Al-Rashid offers this advice for the Palestinian Arab strongman:

*** QUOTE ***

Arafat should have handled the issue as the former American President Bill Clinton did regarding his involvement with Monica Levinsky [sic]. While admitting that he had some kind of relationship with the girl, Clinton denied having had illicit relations with her. Thus he brought half the issue under control. He did not deny all the charges but neither did he tell the whole truth.

*** END QUOTE ***

OK, guys, these are improving--but  our readers' explanations  http://opinionjournal.com/columnists/jtaranto/?id=95001721  are still funnier.

Where's Churchill When You Need Him?  http://www.mirror.co.uk/news/allnews/page.cfm?objectid=11553940&method=full

It's just sad to see what's happened to the British. The orgy of vulgar sentimentality after Princess Diana's death a few years back made us suspect that the land of the stiff upper lip had somehow turned into a nation of hysterical ninnies. Now we're sure of it, notwithstanding even Tony Blair's resolute support in the terror war.

The U.S. military released some photos of terrorist captives at Guamtanamo Bay--a group that apparently includes three British citizens--and the sob sisters in the British press went into a frenzy of outrage. The Mirror, a London-based tabloid, shrieks that the "barbaric treatment" of the prisoners "is no more than a sick attempt to appeal to the worst red-neck prejudices." That must be why they're getting bagels and cream cheese.

The folks at the  BBC  http://news.bbc.co.uk/hi/english/world/americas/newsid_1771000/1771687.stm  were more restrained, but the message was the same. In a dispatch last night titled "Prison Camp Pictures Spark Protests," the network reports: "The US Government has released photographs of the Taleban and al-Qaeda suspects held at its prison camp in Cuba which show them being subjected to sensory deprivation. . . . The chief medical officer of the human rights group, Amnesty International, Jim West, said the photographs were reminiscent of torture methods used in eastern Europe in the 1970s."

A  BBC report  http://news.bbc.co.uk/hi/english/uk_politics/newsid_1773000/1773143.stm  from this afternoon, however, tells a different story:

*** QUOTE ***

The three British al-Qaeda suspects being held at Camp X-Ray in Cuba have "no complaints" about their treatment, according to British officials who have seen them.

The three are in "good physical health" and are being treated well, they reported.

*** END QUOTE ***

Oh well, never mind.

Big Man on Campus  http://www.miami.com/herald/content/news/national/digdocs/106181.htm

The Miami Herald reports from Gitmo that "a beefy, one-legged inmate tried to use Muslim prayer time to unite his fellow al Qaeda and Taliban prisoners." Military police "observed the prisoner facing the wrong way during Muslim prayer and chanting in Arabic what a linguist translated as, 'Be strong. Allah will save us.' " Army Capt. Luis Hernandez "described the one-legged prisoner as 'fat and strong' while 'the little kids are coming very skinny.' "

Onward? Not This Christian Soldier.  http://news.bbc.co.uk/hi/english/uk_politics/newsid_1771000/1771086.stm

Rowan Williams, the archbishop of Wales, is denouncing the war on terrorism as "tainted." In an essay reprinted in today's  Guardian  http://www.guardian.co.uk/comment/story/0,3604,636690,00.html , he suggests that the American campaign in Afghanistan is morally equivalent to the attack on the World Trade Center:

*** QUOTE ***

It is just possible to deplore civilian casualties and retain moral credibility when an action is clearly focused and its goals are on the way to evident achievement. It is not possible when the strategy appears confused and political leaders talk about a "war" that may last years. And there is a fine line between, for example, the crippling of military and aircraft installations and the devastating of an infrastructure with a half-formed aim of destroying morale. Combine that with the use of anti-personnel weapons such as cluster bombs, which ought to raise some serious questions (they have been described as aerial landmines in terms of their randomly lethal character), and the whole enterprise is tainted.

Tainted, because as soon as assaults on public morale by allowing random killing as a matter of calculated policy become part of a military strategy, we are at once vulnerable to the charge that there is no moral difference in kind between our military action and the terror that it attacks.

*** END QUOTE ***

Williams is not so much turning the other cheek as being two-faced. He tells the  Telegraph  http://www.portal.telegraph.co.uk/news/main.jhtml?xml=/news/2002/01/21/narch21.xml  that he didn't really mean that America is guilty of terrorism:

*** QUOTE ***

The 51-year-old Primate of Wales agreed that terrorism was an evil that had to be rooted out, but said: "I don't think you root out terrorism by reproducing its methods. And that's always the danger if we respond in some ways hastily.

"I didn't say that the American campaign was morally equivalent to terrorism, just that there were certain possible tactics in that campaign which would leave them open to that charge."

*** END QUOTE ***

Williams also writes (in a passage quoted by the Telegraph but not reprinted in the Guardian) that he was near ground zero on Sept. 11, and "I know just a little of what it is like for so many human beings--Israelis and Palestinians now, and Iraqis a few years ago." How about Americans?

Anthrax Breakthrough?  http://www.cnn.com/2002/US/01/21/anthrax.probe/index.html

"Investigators appear to be on the verge of cracking the genetic sequencing of the anthrax strain that has killed five Americans since the fall," CNN reports. "Discovering the genetic sequencing could reveal the age of the deadly strain sent in the letters and may lead investigators to the laboratory or laboratories where it was produced, sources said."

The  Hartford Courant  http://www.ctnow.com/news/specials/hc-detrick0120.artjan20.story?coll=hc-headlines-home  reports that anthrax specimens disappeared from the Army's biological- warfare research facility at Fort Detrick, Md., in the early 1990s, "during a turbulent period of labor complaints and recriminations among rival scientists there." A 1992 Army inquiry "found evidence that someone was secretly entering a lab late at night to conduct unauthorized research, apparently involving anthrax. A numerical counter on a piece of lab equipment had been rolled back to hide work done by the mystery researcher, who left the misspelled label 'antrax' in the machine's electronic memory, according to the documents obtained by The Courant."

The Courant adds that "Fort Detrick is believed to be the original source of the Ames strain of anthrax used in the mail attacks last fall."

Huh?  http://www.washingtonpost.com/wp-dyn/articles/A9869-2002Jan20.html

Bill Clinton was in Saudi Arabia over the weekend, and the Washington Post reports he weighed in against withdrawing U.S. troops from the corrupt and repressive kingdom. The Post's report contains three quotes from the peripatetic past prez:

*** QUOTE ***

"There are not so many [U.S. military] people here as to constitute a sort of occupation or anything like that. That's not the purpose of it."

"It is correct to say it is not just in this region. We have systems in the military. We review everything every four years and then they [the Saudis] have systems within every four-year period to review other things."

"Look at our forces in Asia and even in Latin America. It is a function of what we might be asked to do and being able to do it by having some people there physically present."

*** END QUOTE ***

These quotes are remarkable, of course, for the absence of first-person singular pronouns. But can anyone figure out what the heck Clinton is saying?

Somali Folly  http://dailynews.yahoo.com/h/ap/20020118/en/black_hawk_down_boycott_1.html

Somali-American "community leaders" in Minneapolis--home of America's biggest concentration of Somali immigrants--are calling for a boycott of " Black Hawk Down  http://www.spe.sony.com/movies/blackhawkdown/ ," "charging the new movie depicts their African homeland's people as savages and could create a backlash against refugees who fled to the United States," the Associated Press reports.

"The Somali people are depicted as very savage beasts without any human element," Omar Jamal of the St. Paul-based Somali Justice Advocacy Center, tells the AP. "I's just people shooting each other.''

People shooting each other? In a war movie? This is shocking! It's not totally unheard of, though. A few years ago, we went to see "Saving Private Ryan," and it, too, featured people shooting each other. How come German-Americans didn't boycott?

Stupidity Watch  http://www.industryclick.com/magazinearticle.asp?magazineid=17&releaseid=9774&magazinearticleid=138367&siteid=5

National Hog Farmer ("The Pork Business Authority") reports that RFK's son has gone off the deep end:

*** QUOTE ***

In the mind of Robert F. Kennedy, Jr., corporate pork production is a greater threat to American life and liberty than terrorist Osama bin Laden.

"This threat is greater than that in Afghanistan," says Kennedy. "This is not only a threat to the environment, it is a threat to the American economy and democracy."

*** END QUOTE ***

Kennedy told a crowd of "anti-agriculture activists and college students" that "closing the last family farm is like tearing out the last pages of the last Bible, Torah or Talmud." Why, we wonder, didn't he mention the Koran?

Several readers took issue with our  Friday smiting  http://opinionjournal.com/best/?id=95001749#stupidity  of Paul Campos over his phrase tofu Taliban. We take the point, which Jeff Arnett put best:

*** QUOTE ***

While I generally concur with you when you identify the overzealous and wrongheaded among us who compare the tactics of the murderous Taliban to irritating but otherwise rather innocuous behaviors, I think a little context is sometimes in order.

You describe Paul Campos's little diatribe as "preposterously overwrought." If he were being totally serious, I'd agree. But it seems in this more tongue-in-cheek context, the humor he's injected makes this comparison no more egregious than the infamous "Soup Nazi" character from the old Seinfeld television series: a metaphor that everyone understood was never meant to be taken literally, so it was perceived as hysterically funny at the time.

Have things changed so much that we've lost our sense of humor? If so, perhaps the terrorists have won . . . heh, heh, heh!

*** END QUOTE ***

This House Isn't a Home
In a  Friday item  http://opinionjournal.com/best/?id=95001749#notnice , we got Robin Cook's title wrong. He is Britain's leader of the house, not home secretary.

This Army Isn't an Army  http://www.oaklandtribune.com/Stories/0,1002,1865%257E343418%257E82%257E,00.html

"Attorneys Seek Bail for Ex-SLA Soldiers," reads a headline in Friday's Oakland (Calif.) Tribune. Apparently the folks at the Trib think the Symbionese Liberation Army was an actual army, rather than a terrorist organization.

Homelessness Rediscovery Watch

*** QUOTE ***

"If George W. Bush becomes president, the armies of the homeless, hundreds of thousands strong, will once again be used to illustrate the opposition's arguments about welfare, the economy, and taxation."-- Mark Helprin  http://opinionjournal.com/columnists/mhelprin/?id=65000507 , Oct. 31, 2000

"The current recession comes on top of a nationwide backlash against the homeless, who, even as their numbers grow to alarming new levels, face diminished forms of public relief and a multitude of laws against panhandling and living on the streets. So it is a pleasure to announce that the homeless, who have so little else, have at least gained, in Kenneth L. Kusmer's excellent 'Down and Out, On the Road,' a history of their own."-- Barbara Ehrenreich  http://www.nytimes.com/2002/01/20/books/review/20EHRENRT.html , New York Times book review (link requires registration), Jan. 20, 2002

*** END QUOTE ***

They Must've Mistaken Him for Malcolm  http://www.registerguard.com/news/20020119/1b.cr.linesonly.0119.html

A photo caption in the Eugene (Ore.) Register-Guard reads:

*** QUOTE ***

Pat Adi, a local Muslim, shows artwork of Arabic script as part of Jefferson Middle School's annual Martin Luther King celebration on Friday. The school added a Middle Eastern flavor with a question-and-answer session including a panel of Muslim-Americans, a cultural presentation from students from Turkey and Yemen, and even a Middle Eastern cooking demonstration

*** END QUOTE ***

Gee, we could've sworn Dr. King was a Christian.

(Elizabeth Crowley helps compile Best of the Web Today. Thanks to David Merrill, Don Yoder, Gregory Taylor, Allan Toole, Roger Mason, Ed Toole, Greg Johnson, Michael Segal, Joseph Teichman, Yehuda Hilewitz, S.E. Brenner, C.E. Dobkin, George Lenz, Damian Bennett, Ed Miseta, Brian Herrick, Rick Cornfeld, Jerry Skurnik, Robert Clucas, Kevin Whited and Kenneth McKenna. If you have a tip, write us at  Review & Outlook  mailto:opinionjournal@wsj.com : Human Rights Watch slanders America, undermines its own cause (link requires registration).
- Robert Bartley  http://opinionjournal.com/columnists/rbartley/?id=95001756 : I'm OK, you're OK. Enron's OK?
- Brendan Miniter  http://opinionjournal.com/extra/?id=95001754 : America needs genuine heroes, not generic ones.
_____
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mailto:pleasetakemeoff@term.speedo1200.com?subject=autoremove


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


Thanks.  415.782.7854.  Better or worse than ours?

	Dorothy Rothrock <drothrock@cmta.net>
	07/11/2001 11:54 AM

		 To: Jeff.Dasovich@enron.com
		 cc: Ann.Cohn@sce.com, "'Barbara Barkovich (E-mail)'"
<brbarkovich@earthlink.net>, "Dominic DiMare (E-mail)"
<dominic.DiMare@calchamber.com>, "'John Fielder (E-mail)'"
<fieldejr@sce.com>, "'Phil Isenberg (E-mail)'" <isenberg@hmot.com>, "'Jeff
Dasovich (E-mail)'" <jdasovic@enron.com>, "'Keith McCrea (E-mail)'"
<kmccrea@sablaw.com>, "'Linda Sherif (E-mail)'" <lys@a-klaw.com>, "'Linda
Sherif (E-mail 2)'" <lysherif@yahoo.com>, "'Gary Schoonyan (E-mail)'"
<schoongl@sce.com>, "'John White (E-mail)'" <vjw@cleanpower.org>,
dhunter@s-k-w.com, Rick.Simpson@asm.ca.gov
		 Subject: Re: Sher Shops Alternative Edison Bailout Plan

I have the plan.....who wants it? send your fax number (and $10 for shipping
and handling....just kidding)

D

Jeff.Dasovich@enron.com wrote:

> Folks:  Please see highlighted sections.  Anyone seen Byron's plan?  Know
> where it's headed, etc.?
>
> Best,
> Jeff
> *************************************************************************
> Power purchase bills exceed $7.5 billion
>
> Published Tuesday, July 10, 2001, in the San Jose Mercury News
> BY MARK GLADSTONE, NOAM LEVEY AND DION NISSENBAUM
>
> Mercury News Sacramento Bureau
>
> SACRAMENTO -- Six months after jumping into the electricity business, the
> Davis administration on Monday provided the first detailed glimpse of
> California's daily power purchases, showing more than $5 billion in
> payments, much of it to government-owned utilities and private companies
> that state officials have branded as price gougers.
>
> The state spent an additional $2.5 billion on a variety of contracts and
> other electricity services designed to stabilize the volatile energy
> markets, according to documents that the state agreed to release last week
> amid a legal dispute over public access to the data.
>
> In roughly the first five months of the year, the state shelled out $1.2
> billion to Atlanta-based Mirant, the most any company was paid for
> electricity, followed by $1 billion to Powerex, the marketing arm of BC
> Hydro in British Columbia. It also paid $331 million to the Los Angeles
> Department of Water and Power.
>
> The documents raise questions about some of the common assumptions that
> have arisen around the electricity crisis. For instance, almost 40 percent
> of the state's purchases have come from government-run power generators in
> California and elsewhere, but not Texas; some of the biggest suppliers are
> from the Northwest.
>
> Gov. Gray Davis, who has ambitions to run for the White House, has put much
> of the blame for the soaring costs of power on energy companies based in
> President Bush's home state.
>
> The figures are tucked inside 1,770 of pages of invoices that Davis has
> resisted divulging, saying disclosure would encourage suppliers to charge
> more. The state, which last month released information on its long-term
> electricity contracts worth $43 billion, agreed Thursday to release the
> first quarter details.
>
> Short on explanation
>
> The figures were disclosed late Monday by the California Department of
> Water Resources, which buys power for the state's financially strapped
> major utilities, and seem to buttress the administration's contention that
> the price of power is gradually dropping but offer little or no explanation
> for what prompted the decrease.
>
> In January, for instance, the average price for power on the spot market
> was $321 a megawatt hour. It peaked in April at $332 and dropped to $271 in
> May.
>
> One megawatt powers about 750 homes.
>
> Davis spokesman Steve Maviglio said the price data supports the governor's
> assertions that California has been gouged. ``The bad guys are clearly the
> out-of-state generators,'' Maviglio said. ``There has been a significant
> shift of money out of California.''
>
> But the documents fail to shed much light on whether, as the administration
> contends, the price drop was due to long-term power contracts negotiated by
> the state earlier this year. Critics contend that the Davis administration
> panicked and rushed into deals that commit the state to pay high prices for
> many years.
>
> Used for support
>
> Republican officials used the price information to bolster their attacks
> against Davis, a Democrat, for signing long-term contracts with power
> generators even as the price of power on the spot market was coming down,
> partly because of the declining price of natural gas used to fuel many
> plants.
>
> ``It's more clear than ever that the long-term contracts are a bad deal,''
> said Assemblyman Tony Strickland, R-Camarillo. ``The governor's really hurt
> the ratepayers for the next five or 10 years.''
>
> The newly released bills highlight the volatility of California's energy
> market, where the price per megawatt hour ranged from $70 to $1,000. On any
> given day, the records show, the prices from seller to seller varied
> widely, with some of the highest prices being charged by public utilities
> and companies outside Texas.
>
> On one day in February, for example, San Diego-based Sempra Energy was
> charging $165 per megawatt hour, the Eugene Water and Electric Board was
> charging nearly $500 and Duke Energy, a North Carolina company, was
> charging up to $575.
>
> The state's daily spending peaked May 10 at $102.4 million for all power,
> including the spot market and contracted power.
>
> The state began buying power in mid-January on behalf of the state's major
> utilities, which were unable to borrow money to buy power after amassing
> enormous debts for electricity.
>
> San Jose-based Calpine Corp., which is building several new power plants
> around California including one in South San Jose, did only $29 million
> worth of business with the state in the first five months of the year,
> according to the figures.
>
> The state began buying power in mid-January when Pacific Gas & Electric Co.
> and Southern California Edison Co. were on the ropes financially. PG&E
> later went into bankruptcy.
>
> On Monday, state lawmakers took another shot at trying to cobble together a
> plan to rescue financially ailing Edison.
>
> While most concede that a rescue plan Davis worked out with Edison will not
> win the necessary support in the Legislature, lawmakers have created
> several working groups to come up with alternatives.
>
> Compromise plan
>
> On Monday, state Sen. Byron Sher, D-Redwood City, unveiled the latest
> compromise proposal that seeks to protect average ratepayers and small
> businesses from further rate increases and forces everyone else to help
> finance the Edison bailout.
>
> The ``shared pain'' proposal would force power producers, owed about $1
> billion, to take a 30 percent ``haircut'' and agree to forgive about $300
> million in Edison debts. Edison would be asked to swallow $1.2 billion --
> about a third of its debt. And big users would be asked to pay off the
> remaining $2 billion in debts, possibly by paying higher prices for power.
>
> In exchange, large companies would be given the opportunity to buy power on
> the open market, a system that would allow many of them to sign cheap
> energy deals.
>
> Sher presented the proposal to Senate Democrats Monday afternoon, but it
> remains unclear how much support the framework will receive in the
> Legislature.
>
> Contact Mark Gladstone at mgladstone@sjmercury.com or (916) 325-4314.


As promised, here is a picture of Elizabeth and John Linnell's son, Mark Ian.

 - Dsc00138.jpg


Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 07/07/2000 05:50 PM -----

	LKeene@milbank.com
	07/07/2000 03:45 PM

		 To: sdwyer@enron.com, mabboudy@enron.com, aedgley@enron.com,
mevans@enron.com, plord@enron.com, baiken@enron.com, bglisan@enron.com,
mike.jakubik@enron.com, jbadillo@enron.com, jginty@enron.com,
donette.dewar@enron.com, alvaro.camarero@enron.com, sschard@enron.com,
scott.sefton@enron.com, carol.st.clair@enron.com, nora.dobin@enron.com,
Kathy.M.Lynn@enron.com, Brenda.L.Funk@enron.com, dscott@dlj.com,
rcabes@dlj.com, dhemsey@dlj.com, jball@dlj.com, pwoodbur@dlj.com,
rpiskadl@dlj.com, bherman@dlj.com, melissa.p.allen@arthurandersen.com,
cclementdavies@velaw.com, jeldredge@velaw.com, smacgibbon@velaw.com,
tchandler@velaw.com, acurry@velaw.com, mschimberg@velaw.com,
mkidwell@velaw.com, awright@velaw.com, eosterberg@velaw.com,
mrh@mm-brig.mottmac.com, jl1@mm-brig.mottmac.com, mhagopia@linklaters.com,
opetrovi@linklaters.com, mark.cheney@linklaters.com, gmitchell@ustrust.com,
lyoung@ustrust.com, sbaratta@sewkis.com
		 cc: TSiebens@milbank.com, PFletcher@milbank.com, TDavis@milbank.com,
BKayle@milbank.com, LKeene@milbank.com, FKneip@milbank.com,
ERayner@milbank.com, MWilson2@milbank.com, AWalker@milbank.com,
TWise@milbank.com, MBanks@milbank.com, DLamb@milbank.com,
AWinston@milbank.com, FGodi@milbank.com, SFriedman@milbank.com,
NdeSilva@milbank.com
		 Subject: Margaux Updated Closing Documents List

Attached, please find an updated version of the Project Margaux Closing
Documents List.? Amendments to the document reflect comments received from
various parties, including V&E and Linklaters during a conference call this
afternoon.?

Kind Regards,
Tom Siebens
Lonnie Keene
??????? ??????? ??????? ?  <<#20042441 v6 - PROJECT MARGAUX - CLOSING
DOCUMENTS LIST.doc>> ??

This e-mail message may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee
or agent responsible for delivery of this message to the intended
recipient(s), you are hereby notified that any dissemination,
distribution or copying of this e-mail message is strictly prohibited.
If you have received this message in error, please immediately notify
the sender and delete this e-mail message from your computer.

 - #20042441 v6 - PROJECT MARGAUX - CLOSING DOCUMENTS LIST.doc


Thanks for your response. We are still scoping out the project and would be
interested in indicitive quotes. I am still gathering information on the
delivery point. I will update you on where we are with the process.

Faizal

 (Embedded
 image moved   "Tycholiz, Barry" <Barry.Tycholiz@ENRON.com>
 to file:      2001/09/04 08:31 AM
 pic30498.pcx)

To:   <faizal_sharma@transalta.com>
cc:
Subject:  Rio Bravo RFP

Faizal.... sorry for the delay in providing a quote to you on this
project.

We continue to work on numbers and have had other co's contact us for a
quote.

At this time, do you know if TransAlta is going to pursue submitting a
response to this project?  Do you still require numbers from us?

If so, then I need to coordinate with the appropriate desks pricing and
ENA's response to you and other co's!! ( if any)

Drop me a note as soon as possible and I will go from there. Thanks. BT

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


One for our side

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 03/29/2001 09:57 AM -----

	"Beiser, Megan" <Megan.Beiser@edelman.com>
	03/29/2001 09:11 AM

		 To: "Aaron Thomas (E-mail) (E-mail)" <athomas@newenergy.com>, "Andrea Weller
(E-mail) (E-mail)" <aweller@sel.com>, "andrew Chau (E-mail) (E-mail)"
<anchau@shellus.com>, "Bill Chen (E-mail) (E-mail)" <bchen@newenergy.com>,
"Douglas Oglesby (E-mail) (E-mail)" <doao@chevron.com>, "Fairchild, Tracy"
<tracy.fairchild@edelman.com>, "Jeffrey Hanson (E-mail) (E-mail)"
<jeff.hanson@phaser.com>, "jennifer Chamberlin (E-mail) (E-mail)"
<jnnc@chevron.com>, "john Barthrop (E-mail) (E-mail)"
<jbarthrop@electric.com>, "John Leslie (E-mail) (E-mail)" <jleslie@luce.com>,
"Joseph Alamo (E-mail) (E-mail)" <jalamo@enron.com>, "Manuel, Erica"
<Erica.Manuel@edelman.com>, "'Michael Nelson' (E-mail)"
<mnelson@electric.com>, "Peter Bray (E-mail) (E-mail)" <pbray@newpower.com>,
"Rebecca Schlanert (E-mail) (E-mail)" <rschlanert@electric.com>, "Richard
Counihan (E-mail) (E-mail)" <rick.counihan@greenmountain.com>, "'Robert
Morgan' (E-mail)" <rmorgan@newenergy.com>, "Sue Mara (E-mail) (E-mail)"
<smara@enron.com>
		 cc:
		 Subject: Political Pulse article on Direct Access Coalition

>  <<Untitled.pdf>> Here's another hit for the Direct Access Coalition on
> the front page of Political Pulse.
>
> Megan Beiser
> Assistant Account Executive
> Edelman Public Relations Worldwide, Sacramento
> Phone: (916) 442-2331
> Fax: (916) 447-8509
>

 - Untitled.pdf


John-

We have a rotator meeting on this date from 3:30 to 5:00.

Thanks,
Jackie

 -----Original Message-----
From: 	Swafford, John
Sent:	Monday, October 29, 2001 11:57 AM
To:	Ashton, Kathleen; Caminos, Facundo; Ding, Helen; Fischer, Mary; Gao, Song; Hall, Heather; Li, Ling; Mathew-Joy, Noveena; Matthews, Jacquelyn; Merritt, Michelle; Ng, Mark; Nugent, Caroline; Ramsey, Darren; Reyna, Selma; Richards, Todd; Zhang, Judy
Subject:	Staff Meeting is Postponed

Our staff meeting is postponed until Wednesday, October 31 from 4:00 to 5:00 in EB 49C4.   Thanks, John.


Richrd - I'd like to stop by in the next few days for a quick update me on
the CA litigation - I've been away on vacation and hear there have been a few
recent developments.  Thanks


I apologize for accidentally hitting the wrong button and sending the below
e-mail.  Here's the rest of my e-mail:

1. (cont'd.) and any other form language typically used.

2. confirmation that MG Metals indeed paid the freight to ICTS in advance for
all the shipments to Scottsborough.

3.  copies of anything that MG Metals has received in the past from this
carrier, ICTS or Scottsborough regarding these particular dispute.

I will keep you closely advised.

Britt

----- Forwarded by Britt Davis/Corp/Enron on 12/06/2000 02:47 PM -----

	Britt Davis
	12/06/2000 02:47 PM

		 To: Nicole Dion/NA/Enron@Enron, Marcus Nettelton/NA/Enron@ENRON
		 cc: Richard B Sanders/HOU/ECT@ECT, Becky Zikes/Corp/Enron@ENRON
		 Subject: In re ICTS

I have received a telefax from Scottsborough, our good customer, which
attaches the lawsuit filed by the trucker against it and ICTS, in Alabama
state court.  The complaint prays for recovery of about $15,000, plus
interest and attorneys' fees.  I was not sent the service papers, which would
allow me to confirm Scottsborough's advice that its "return date" is December
16 (a Saturday, so it can't be right).  I was not sent any documents that
would allow me to confirm Scottsborough's representation that all the loads
(which were allegedly shipped from 4/10-5/23/00) were purchased from MG
Metals, freight prepaid.

I am sending a follow-up letter to Scottsborough asking for specific
additional documentation, including the service papers; you will be
blind-copied on the letter.  I will also have Becky, my legal assistant, (a)
call the Court to see if process has been issued against ICTS and whether it
has been served and (b) check on Pacer, the federal bankruptcy database, to
see if ICTS has filed for bankruptcy.

Meanwhile, I wonder if Nicole could advise me of/send me the following:

1. a copy of the MG Metals/Scottsborough master agreement, if there is one,


/-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-\
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Start building your library today with your favorite films. With so
many titles to choose from, you?re bound to find some essential
titles you just can't live without! Click for more details.
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<a href="http://by.advertising.com/1/c/62072/27985/161445/161445">
AOL users click here </a>
\-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-.-/

   Word of the Day for Friday March 15, 2002:

   sunder \SUN-dur\, transitive verb:
   To break apart; to separate; to divide; to sever.

   intransitive verb:
   To become parted, disunited, or severed.

     As  the  issue  of  slavery threatened to sunder the United
     States, President Abraham Lincoln, using biblical language,
     warned that "a house divided against itself cannot stand."
     --Morris  B. Abraham, "Using the bully pulpit at the United
     Nations," [1]Minneapolis Star Tribune, January 20, 1997

     Momentous  business  was at hand, as the last colonial ties
     with  England  were  about  to be sundered, and Madison was
     compelled  to take his stand for both a separation from the
     mother  country  and  the  erection of a republican form of
     government.
     --Robert  A.  Rutland,  James  Madison  and  the Search for
     Nationhood

     Their  romance  was  sundered  by  World  War  II,  and she
     scarcely saw Tito again until 1953.
     --"Tribute:  For  40  Years  Prima  Ballerina  Dame  Margot
     Fonteyn  Created  a  Soaring  Legend  of Grace and Beauty,"
     [2]People, March 11, 1991
     _________________________________________________________

   Sunder is from Old English sundrian.

References

   1. http://www.startribune.com/
   2. http://people.aol.com/people/index.html

_._._._._._._._._._._._._._._._._._._._._._._._._._._._._._._._._._

You are currently subscribed to Dictionary.com Word of the Day as:
matt.motley@enron.com

To subscribe to the list by email, send a blank message to:
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(C) 2002 by Lexico Publishing Group, LLC.


Here's the notice on RTO Week.  No real details--they say they are forthcoming.

Note that Tim Belden and/or Sean Crandall from the West Desk are planning on attending part or all of the week.

Alan Comnes


Please approve the following 2 product types in Data Manager after 11:00
A.M.  Attached are the GTC and long descriptions.

CAN Recycled OCC Phy
CAN Recycled ONP Phy

STEPS FOR APPROVAL:

click the  START button
select  PROGRAMS
select  TEST APPLICATIONS
select ENRONONLINE CLUSTER(PROD)
 PROCEED WITH USUAL LOGIN/PASSWORD
click the Enron Online Production Cluster "START" button
select EnronOnLine (this is the EOL Datamanager)
 PROCEED WITH EOL LOGIN/PASSWORD
click on the "+" for EnronOnLine
click on the "+" for Product Types
click on the "+" for "Awaiting Approval" (OR  "Partially Approved")
select the product requiring review as stated in e-mail above
Right "mouse" click on "properties" to view product set-up
TO APPROVE:  Right mouse click on "Approved"


paperloop.com
SAN FRANCISCO, July 30, 2001 (paperloop.com) - Worldwide chemical paper-grade market pulp producer inventories declined for the fourth month in a row, down 171,000 tonnes in June from the previous month, according to preliminary data from the Pulp and Paper Products Council in Montreal. The reduction is a 4.6 percent drop from May results, which followed a 4.3 percent drop the month prior.
World producer stocks closed June at 3.528 million tonnes or 74.8 percent higher than the same period one year ago. Producer inventory levels represented 39 days of supply in June, three days fewer than in May. That compares to year-ago results when world producers held 22 days of supply.
June production of 2.659 million tonnes was down 5.6 percent vs. year-ago results of 2.818 million tonnes, and dipped compared to last month. Meanwhile, Global shipments rose to the highest year-to-date close. World shipments totaled 2.830 million tonnes in June, down only 3 percent from year-ago results of 2,919 tonnes.
Producers operated at 88 percent of capacity in June, a 6 percent jump from May production but down 8 percent compared to the same time last year. The shipment-to-capacity ratio, considered an indicator of producer discipline, jumped 7 points over the prior month to close June at 94 percent, PPPC reported.
World inventory figures include totals from North America, Nordic countries, Argentina, Austria, Belgium, Brazil, Chile, France, Japan, Morocco, New Zealand, Norway, Portugal, South Africa, South Korea, Spain, and Swaziland. Countries that do not report inventories include Russia, Indonesia, Taiwan, and Thailand.


Jeff,
 How would you like me to respond to Linda concerning ENA contracts that are
being assigned to HPL as a part of Project TripleLux?
----- Forwarded by Dan J Hyvl/HOU/ECT on 03/27/2001 02:24 PM -----

	Linda S Bryan
	03/27/2001 02:06 PM

		 To: Dan J Hyvl/HOU/ECT@ECT
		 cc: Elizabeth L Hernandez/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT
		 Subject: ENA Contracts

Dan,

Has this all been taken care of through the assignments from HPL to ENA?

Please let me know if there is anything that Global Contracts needs to do.

Thanks,
Linda
---------------------- Forwarded by Linda S Bryan/HOU/ECT on 03/27/2001 02:01
PM ---------------------------

	Enron Capital Management

	From:  David Baumbach                           03/27/2001 12:21 PM

To: Linda S Bryan/HOU/ECT@ECT
cc:
Subject: ENA Contracts

Linda, Elizabeth Hernandez thought I should contact you about ENA Texas
contracts.  Are the contracts we have in place as ENA sufficient to handle
deals that once was done as HPL but will be done as ENA going forward?  We
are wanting to make sure that we do not have to renegotiate contracts with
our counterparties or be caught off guard by a contract not being in place
once the AEP transaction is complete.  Basically, do we have the contracts in
place to hit the floor running after the HPL sale to AEP goes through?

Dave Baumbach
x35384


Who wants to go see Cirque de Soleil's Dralion next year?  BMC is a
corporate sponsor so I can buy tickets before they go on sale to the public.

The available dates are:

Day Date Time
*	PREMIERE January 17, 2002 8:00 p.m.
*	Friday January 18, 2002 8:00 p.m.
*	Saturday January 19, 2002 4:00 p.m. and 8:00 p.m.
*	Sunday January 20, 2002 2:00 p.m. and 6:00 p.m.
*	Saturday January 26, 2002 4:00 p.m. and 8:00 p.m.
*	Sunday January 27, 2002 1:00 p.m. and 5:00 p.m.
*	Saturday February 2, 2002 4:00 p.m. and 8:00 p.m.
*	Sunday February 3, 2002 1:00 p.m. and 5:00 p.m.
*	Saturday February 9, 2002 4:00 p.m. and 8:00 p.m.
*	Sunday February 10, 2002 1:00 p.m. and 5:00 p.m.
*	Saturday February 16, 2002 4:00 p.m. and 8:00 p.m.
*	Sunday February 17, 2002 1:00 p.m. and 5:00 p.m.
Yes, this is a new show, not to be confused with Quidam which they did the
last time they were in Houston.  Now here's how I think we should handle
this.  Instead of your preferred date, respond to me by tomorrow with the
dates you are NOT available and I'll pick a date that avoids as many
scheduling conflicts as possible.  The deal that my company is offering
requires the purchase of fifteen tickets for a given performance.  If they
don't get 15, then we'll be offered an alternative date.  Tickets are $60
each.  Let me know if you are interested in going and how many tickets you
want by tomorrow and I'll put it all together as a single order.  You can
send me a check at the address below.

Can you say CIRCUS!

Chris Ballou
1725 Albans
Houston, TX 77005


Bookout purchase deal 551053 with sales deal 547583
---------------------- Forwarded by Chris Germany/HOU/ECT on 12/29/2000 02:32
PM ---------------------------

Chris Germany
12/29/2000 02:26 PM
To: Alvin Thompson/Corp/Enron@Enron, Joann Collins/Corp/Enron@ENRON, Scott
Loving/NA/Enron@ENRON
cc:
Subject: Jan 01 bookouts, New Power

Please match the purchase deal 551027 with sales deals 376880, 380492, and
551007 on CGAS.

On CGLF, bookout deal 551042 with 380571 at Mainline.


Another key point:  to avoid the mistakes of California, policy makers must
make it easy to site and interconnect new generation.  In California peak
demand rose by about 5500 MW from 1996 - 2000.  The market responded with
porposed capacity additions of about 11000 MW.  Most of these facilities are
working thier way through the tangle of state and local approvals.  The
problems we saw in California did not need to occur if policy makers simply
enabled the market to work.  Also, it's worth noting that the deregulated
market did work.  Customers who signed with Enron saw a lower bill than
prederegulation, Enron hedged its commitments and so our customers (and
Enron) did just fine during the summer.  Deregulation worked; the problems in
California can be directly traced to continued regulatory interference in the
market.

	Susan J Mara
	11/17/2000 06:09 PM

		 To: Mark Schroeder/LON/ECT@ECT
		 cc: Bruno Gaillard/EU/Enron@Enron, Christopher J Day/Govt.
Affairs/LON/ECT@ECT, Jeff Dasovich/NA/Enron@Enron, Paul Dawson/Govt.
Affairs/LON/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Steven J
Kean/NA/Enron@Enron
		 Subject: Re: talking points on California situation

Mark,

Here's my shot.  I did it in Revision mode so you can see the changes.  Note
that Enron never got out of the retail market in CA and has gathered about
1,000 MW of retail load -- we're bigger than all but two of the municipal
utilities in the state.  Enron stopped marketing to residential consumers --
that's what all the  fuss was about in 1997.  Anyone else feel free to take
your own shot.

Sue

	Mark Schroeder@ECT
	11/17/2000 09:52 AM

		 To: Susan J Mara/NA/Enron@ENRON, Jeff Dasovich/NA/Enron@Enron
		 cc: Richard Shapiro/NA/Enron@Enron, Steven J Kean/NA/Enron@Enron, Paul
Dawson/Govt. Affairs/LON/ECT@ECT, Christopher J Day/Govt.
Affairs/LON/ECT@ECT, Bruno Gaillard/EU/Enron@Enron
		 Subject: talking points on California situation

Some of our people get asked on the phone about what is going on in
California.  I have drafted the attached paper for their use.  It is intended
to be simple and user-friendly.  Your thoughts on whether I achieved that
objectvie are welcome.  More importantly, I need you to confimr that I got
the story and facts correct, and that I have not said anything about the
situation that you (Enron USA) would not want to say, or have not said, or if
we have said something fundamentally different, I need to know that, too.
thanks for taking the time to review.  mcs


He is officially a scheduler now.  This is how the East Desk fared.
Scott Neal, Judy, Chuck - associate, Andy Rind, Sandra Brawner, Brad McKay, John McKay.
Frank Vickers, Craig Taylor, Jared.
Scheduling - Victor, Clarissa, Chris Ordway, Meredith, Scott Goodell.

Vickie and Scott Loving were moved to the estate team.  If you didn't get a job offer you are considered part of the estate team.

 -----Original Message-----
From: 	"Franklin, Cynthia" <Cynthia.Franklin@ElPaso.com>@ENRON
Sent:	Monday, January 21, 2002 3:41 PM
To:	Germany, Chris
Subject:	How Is Everyone?

Chris,
Someone here said that letters were passed out last Friday. If you received
a letter you were being asked to stay and if you didn't get a letter I guess
that was official notification that you weren't employed any longer. Do you
know how Goodell fared?

Cindy Franklin
Transportation Services
Work:832.676.3177
Fax: 832.676.1329
Pager: 1.888.509.3736

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


I show now two Smurfit Deals,

403522 for 25 flat, at 54.65,    and 246859.1 for 15  hlh, AND 25 hlh,   and
246859 for 15 llh AND 25 llh.

I have zeroed out the 25's from 246859 in Scheduling, and we are flat now.  I
did not change it in the deal because we were calcing, and I want to check
with Diana first before doing it.

What I show in Scheduling is a sale to Smurfit for 40 mw flat, which is what
is actually scheduled


Attached is the final Duque decision. It is the clean version of the draft I
faxed on 8/21.

---------------------- Forwarded by Bruno Gaillard/SFO/EES on 08/24/2000
11:40 AM ---------------------------

"Daniel Douglass" <douglass@ArterHadden.com> on 08/23/2000 09:38:31 PM
To: <JBarthrop@electric.com>, <mnelson@electric.com>,
<rschlanert@electric.com>, <Bruno_Gaillard@enron.com>, <kmagrude@enron.com>,
<mpetroch@enron.com>, <susan_j_mara@enron.com>, <athomas@newenergy.com>,
<Jeff.Hanson@phaser.com>, <anchau@shellus.com>, <andrew.madden@utility.com>,
<ben.reyes@utility.com>, <chris.king@utility.com>, <david.bayless@utility.com>
cc:
Subject: Fwd: Decision 00-08-037 (Signed 8/21/00)

In case you didn't receive the final version of the decision voted out on
Monday approving the Duque "rate stabilization plan," here it  is.? The Wood
and Lynch dissents will be sent separately.
?
Dan
Date: Wed, 23 Aug 2000 17:25:38 -0400
From: "White, Ann" <abw@cpuc.ca.gov>
Subject: Decision 00-08-037 (Signed 8/21/00)
Mime-Version: 1.0
Content-Type: multipart/mixed; boundary="=_7A22EA27.04653675"

?
?
 - Ivy.gif
 - CPUC01-#77888-v-1-I0008002_Carew_Letter.DOC