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OK, it seems like everyone is making up for lost time tonight. Go home!

Kimzey, let's go drink!

-----Original Message-----
From: Andrew Slocum [mailto:AndrewS@calpine.com]
Sent: Monday, June 05, 2000 10:49 PM
To: 'Kimzey, Bryan'; 'Mark A. Junell'; Andrew Slocum; 'Nicholas
Johnston-Advisory'; Rpaddock@hotmail.com;
Espinosa_Miguel@gsb.stanford.edu; Jbavouse@bpl.com;
Clintc@rocketball.com; Grimes@ncwd.net; Tyler.Hearon@nyc.rabobank.com;
Cmcwhert@bankunited.com; Ed_Solari@enron.com; Wexler@pdq.net;
Warren_Prescott@hotmail.com; Ben Rogers (E-mail)
Subject: RE: Many thanks to Miquel

Kimzey, you did alright my man!

-----Original Message-----
From: Kimzey, Bryan [mailto:bryan.kimzey@csfb.com]
Sent: Monday, June 05, 2000 9:38 PM
To: 'Mark A. Junell'; Andrew Slocum; 'Nicholas Johnston-Advisory';
Rpaddock@hotmail.com; Espinosa_Miguel@gsb.stanford.edu;
Jbavouse@bpl.com; Clintc@rocketball.com; Grimes@ncwd.net;
Tyler.Hearon@nyc.rabobank.com; Cmcwhert@bankunited.com;
Ed_Solari@enron.com; Wexler@pdq.net; Warren_Prescott@hotmail.com; Ben
Rogers (E-mail)
Subject: RE: Many thanks to Miquel

What the hell happened this weekend?  All I can say right now is thank you
to everybody who showed up and made this weekend one of the most fun
memories ever.  And thanks to Miguel and Blake again for organizing
everything; I couldn't have done it without y'all.  Once I can put more full
sentences together, I'll write more.  Thanks again.

- Bryan

ps  If anybody has seen my Carolina shirt, my cell phone charger, my
American Express card and/or my voice, please bring them to my wedding, too.

> -----Original Message-----
> From: Mark A. Junell [SMTP:mark@junell.cc]
> Sent: Monday, June 05, 2000 10:22 PM
> To: Andrew Slocum; 'Nicholas Johnston-Advisory'; Rpaddock@hotmail.com;
> Espinosa_Miguel@gsb.stanford.edu; Jbavouse@bpl.com; Clintc@rocketball.com;
> Grimes@ncwd.net; Tyler.Hearon@nyc.rabobank.com; Cmcwhert@bankunited.com;
> Ed_Solari@enron.com; Wexler@pdq.net; Brian.Jinks@bus.utexas.edu;
> Bmartin@texas.net; Warren_Prescott@hotmail.com; Bryan.Kimzey@csfb.com
> Subject: RE: Many thanks to Miquel
>
> Yea thanks Miguel.  I feel like dog sh*t.
>
> -----Original Message-----
> From: Andrew Slocum [mailto:AndrewS@calpine.com]
> Sent: Monday, June 05, 2000 7:13 AM
> To: 'Nicholas Johnston-Advisory'; Rpaddock@Hotmail.Com;
> Espinosa_Miguel@Gsb.Stanford.Edu; Jbavouse@Bpl.Com;
> Clintc@Rocketball.Com; Grimes@Ncwd.Net; Tyler.Hearon@Nyc.Rabobank.Com;
> Cmcwhert@Bankunited.Com; Andrew Slocum; Ed_Solari@Enron.Com;
> Wexler@Pdq.Net; Brian.Jinks@Bus.Utexas.Edu; Bmartin@Texas.Net;
> Warren_Prescott@Hotmail.Com; Bryan.Kimzey@Csfb.Com; mark@junell.cc
> Subject: RE: Many thanks to Miquel
>
>
> If you remember, please bring the elvis sunglasses to Kimzey's wedding.  I
> second the motion to Miguel.   Wexler did a remarkable show yesterday
> evening, which included a lot of big easy chatter.
>
> Out
>
> -----Original Message-----
> From: Nicholas Johnston-Advisory [mailto:johnston_nicholas@jpmorgan.com]
> Sent: Monday, June 05, 2000 6:46 AM
> To: Rpaddock@Hotmail.Com; Espinosa_Miguel@Gsb.Stanford.Edu;
> Jbavouse@Bpl.Com; Clintc@Rocketball.Com; Grimes@Ncwd.Net;
> Tyler.Hearon@Nyc.Rabobank.Com; Cmcwhert@Bankunited.Com;
> Andrews@Calpine.Com; Ed_Solari@Enron.Com; Wexler@Pdq.Net;
> Brian.Jinks@Bus.Utexas.Edu; Bmartin@Texas.Net;
> Warren_Prescott@Hotmail.Com; Bryan.Kimzey@Csfb.Com; mark@junell.cc
> Subject: Many thanks to Miquel
>
>
> Great weekend - thanks to Miquel for getting us all there and hopefully
> Kimzey
> will now not miss the wonders of bachelorhood too much.
>
> Found a camera - digital one in 317 - also have the elvis sun glasses - if
> the
> rightful owner would like to step forward - and yes we know who you are.
>
> Cheers
> Nick
>
>
>
> This communication is for informational purposes only.  It is not intended
> as
> an offer or solicitation for the purchase or sale of any financial
> instrument
> or as an official confirmation of any transaction. All market prices, data
> and other information are not warranted as to completeness or accuracy and
> are subject to change without notice. Any comments or statements made
> herein
> do not necessarily reflect those of J.P. Morgan & Co. Incorporated, its
> subsidiaries and affiliates.
>

This message is for the named person's use only.  It may contain
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Please make sure this discussion is incorporated into the Monthly Report

 -----Original Message-----
From: 	Fulton, Donna
Sent:	Wednesday, August 29, 2001 10:37 AM
To:	Kean, Steven J.; Shapiro, Richard; Robertson, Linda; Steffes, James D.; Kingerski, Harry; Nicolay, Christi L.; Novosel, Sarah
Cc:	Alvarez, Ray; Briggs, Tom; Lawner, Leslie; Cantrell, Rebecca W.; Kaufman, Paul; Migden, Janine; Montovano, Steve; Ryall, Jean
Subject:	Meeting with Dan Larcamp/ Marketing Affiliate Rulemaking

Leslie Lawner, Becky Cantrell and I met with Dan Larcamp at FERC yesterday to discuss the marketing affiliate issue.  He agreed with the latest press reports that the upcoming rulemaking NOPR, expected to be voted out in September, would not make major structural changes to the industry.  The current document is up to the Commission level and the Commissioners are clearly considering the alternatives now.  Larcamp said he expected a broadening of the current market affiliate rules structure to include all corporate entities.  He did specifically mention that the Commission is not comfortable with the link between financial and physical transactions and the possibility for manipulation of market prices in one market (financial) to affect prices in the other market (physical).  He also expects the Commission to blend the gas and power rules, using the best practices of each.  Any NOPR that is issued will of course have comment dates to allow Enron and all industry participants to comment on any proposed rule changes.

Larcamp indicated that he did not think there were pervasive afilliate discrimination issues in the industry, but said that the Commission needed to act due to the political pressures they got from the Hill, etc.  The El Paso case is top on everyone's mind and is of special concern because it affects the California market, both gas and power.

Larcamp indicated that he is just now learning what a "Pat Wood" Commission is going to want.  He indicated that Wood has closer ties to the producer community than either of the two former Chairmen.  He therefore expects  that the Commission will be responsive to that sector in taking a relook at the affiliate rules.  However, Larcamp did mention that the only meeting that he had previously had on the affiliate issue was with the INGAA group (Joe Hartsoe went with them).  It is not clear whether the producer community has lobbied this issue at the Commissioner level.

We discussed strategy with Dan, how to let the Commission feel more comfortable with the marketing affiliate issue.  He suggested that he had gained a lot by visiting the trading floors (including Enron's).  He thought the Commissioners and their immediate staffs would benefit from similar visits.

We specifically raised the issue of market prices, and talked about tranportation costs not equalling basis differentials.  We stated that our marketers believed that the prices in the market were determined by market factors in the specific areas of delivery rather than basin costs plus transport costs.  Dan did indicate some agreement with this concept and thought that more education at the Commissioner level would be very worthwhile.

If you have any questions, call Leslie, Becky or me.


Mike is still entering his deals. These are good, and should be seen in the
system momentarily.

Kate

Evelyn Metoyer@ENRON
01/18/2001 02:08 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 1/18/01 Checkout

I am missing the following deals per Prebon

Mike Swerzbin buys from Morgan Stanley 25 mw of off-peak Mid-C for Q2'01   at
$214.00
Mike Swerzbin sells to Morgan Stanley 25 mw of off-peak NP-15 for Q2'01   at
$105.00


Tana -

Do we have anything on this entity that is in the pipeline?  I do not have anything on this.

If you do not, I wonder if it is another one that Dan Hyval was handling prior to his departure?

Mark

 -----Original Message-----
From: 	Hansen, Leslie
Sent:	Monday, October 01, 2001 12:08 PM
To:	Greenberg, Mark
Cc:	Hall, Steve C. (Legal)
Subject:	FW: Douglas Co. PUD

Mark:

Can you please give Steve Hall a call today to discuss teh status of this matter.

Thanks,

Leslie

 -----Original Message-----
From: 	Hall, Steve C. (Legal)
Sent:	Monday, October 01, 2001 12:01 PM
To:	Hansen, Leslie
Cc:	Scholtes, Diana; Rosman, Stewart
Subject:	FW: Douglas Co. PUD

Any insight on what is holding this up?

 -----Original Message-----
From: 	Scholtes, Diana
Sent:	Monday, October 01, 2001 9:31 AM
To:	Hall, Steve C. (Legal)
Cc:	Rosman, Stewart
Subject:	Douglas Co. PUD

Douglas County has been trying to get signed up with EOL for over a month.  From what the Help Desk is telling me, they believe its sitting with legal at this point.  Can you please assist us in getting their paperwork finished?

Much appreciated!

Diana Scholtes
West Power
503-464-3807


All -

Recruiting season is upon us again.  This should be a fun and (hopefully) fruitful Fall for selling Enron to the UT MBA class of 2002.  There are many events scheduled for the Fall ranging from informal happy hours and a tailgate to the more structured campus presentations and interviews.  Additionally, there will be several opportunities to cultivate relationships with candidates and professors.  Below is a list of important dates.

You may have received this a week ago from Kristin Gandy.  Kristin, who was the recruiter for UT MBA Spring recruiting, has moved to a commercial position within Enron and will no longer be our recruiter.  Taking Kristin's place is Lexi Elliott.  Lexi has recruited with the Associate / Analyst Program for several years.  During this time, Lexi's responsibilities included UT Undergraduate recruiting.   Lexi is familiar with UT, the campus administration, and the logistics for recruiting in Austin.  She will be a great asset for our team.

Do not hesitate to notify Lexi or me about your level of interest and ability to be involved with the Fall effort.  Note that the first event is 10 days away.

Important Dates:

August 20th - UT First Year Orientation in Austin at Scholtz Biergarten starts around 5pm to 11pm
September 6th - Think & Drink Sponsorship at Copper Tank from 9pm to 2am
September 10th - Corporate Presentation at Four Season's Hotel in Austin from 6pm to 9pm
September 10th - MBA Coffees on campus from 9am to 11am
September 12th - Drop Date for Resumes
September 14th - Graduate Business Women's Network - Golf Tournament (Only open to Enron Women - Sorry Guys!)
September 20th - Closed List Due to Career Management Center
September 21st - Eyes of Texas Career Fair at Frank Erwin Center from 1pm to 4pm
September 29th - UT / Texas Tech Tailgate Party in Austin
October 2nd - Final Closed List Sent to Enron
October 3rd - MBA Coffees on campus from 9am to 11am
October 3rd - Pre-Interview Reception at Star Canyon in the Inter-Continental Steven F. Austin Hotel from 6pm to 9pm
October 4th - First Round Interviews On-Campus in the Ford Center.  We have 4 schedules with 8 interview rooms and 1 waiting/recruiter room.
October 5th - Second Round Interviews On-Campus in the Ford Center.  We will have 2 schedules with 4 interview rooms and 1 waiting/recruiter room.
November 8-10th - Annual Finance Tournament at the McCombs School of Business

All hotel rooms for the Presentation and Interviews have been booked at the Inter-Continental Stephen F. Austin.  512-721-4226

Summer Associates Who Are Happy To Help With Recruiting On Campus:

1.	Vance Holtzman
2.	Randy Katz
3.	Kent Kuykendall
4.	Eric Schneider
5.	Austin Summerford

Incoming Full Time Associates Who Started August 6th:

1.	Nadeem Abdullah
2.	Monique Salazar

Clearly, I have omitted many from this e-mail distribution.  Please forward this note to those individuals not included.

Regards,

Mark Gandy
Manager
Enron Principal Investments

<Embedded Picture (Metafile)>


fyi : bo is a big put buyer and fence seller today.  though he is trying to
defend j.

slafontaine@globalp.com on 03/29/2001 09:22:15 PM
To: John.Arnold@enron.com
cc:
Subject: Re: power gen

agree on view. as u cud tell i got a little less bearish for a bit so i delta
hedged and day traded to keep from losing a ton, let go og the delta after aga
number which was exactly on my forecast still implying 7.5 bcf swing(i
actually
thot it could have been worse so my range pre was 5-12 basis past cupla weeks
aga. that said i with you took my lumps. having a very good month in petro
helped me hold on to natgas shit p&l. got most of it back now tho.trying to be
more patient.
    think we hold 5.20's  for another week or so-must be plenty chopped up
traders mite mean we lose some momentum for a bit.
    what the hell was going on today between you and bo(seems i see this more
and more)? how come he always seems to be fighting you on this stuff. if he
would go the same way as you(and i) this mkt would just crap. either way im
unwinding-gonna be making a jump soon(thats p&c for the moment). will keep u
informed of course.
  power gen up 3% last week and cal rate hikes the kiss of death for demand in
cal this summer i think

John.Arnold@enron.com on 03/29/2001 07:45:02 PM

To:   Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject:  Re: power gen

Wow, what a week so far.  Beauty of a short squeeze early on.  Even some of
the biggest bears I know were covering to reestablish when the market lost
its upward momentum.  Unfortunately, my boat is too big to play that way.
Takes too long to put the size of the position I manage on or off to play
that game.  just had to sit back and take my lumps. couldnt have been a
more bearish aga # in my opinion.  got one more decent one and then watch
out below.  amazing that we've had more demand destruction recently.  the
economy is the 800 pound gorilla that is sitting on nat gas and it aint
getting up.


Michelle,

Will you be able to attend this call for our team?  I am in training tomorrow until noon.

Thanks, Kim.

 -----Original Message-----
From: 	Hass, Glen
Sent:	Tuesday, October 16, 2001 1:12 PM
To:	Mark Baldwin (E-mail); Watson, Kimberly; Lindberg, Lorraine; Lohman, TK; Donoho, Lindy; Dasovich, Jeff; Pryor, Tony; Lichtenwalter, Blair; Lokey, Teb
Cc:	Harris, Steven; Kilmer III, Robert; Miller, Mary Kay
Subject:	GIR Conf. Call

A Conference call to discuss any comments we may want to make on the CPUC's Proposed Decision in the GIR Proceeding has been scheduled for Wednesday, Oct. 17, 2001 at 11:00 AM Houston/Omaha time and 9:00 AM California time.  The dial-in # is 1-877-795-3687 code: 350955.  In Houston, Conf. Rm. 1336 has been reserved for the call.


This is fine with me.

 -----Original Message-----
From: 	"Jim Grover" <jgrover@txu.com>@ENRON
Sent:	Wednesday, October 24, 2001 1:03 PM
To:	Perlingiere, Debra
Subject:	Re: GISB Amendment

Debra,
Do you mind if we make the effective date December 1, 2001?  We've done quite a
few deals under this contract in October and I don't want to have to process new
confirms for this past business.  Additionally, by the time we route the
amendment through our organization, get it signed and back to you, and then
Enron does the same thing, we could be looking at the same problem in November.
Using a 12/1/01 effective date should allow sufficient time for execution by
both sides and getting our systems updated.
Thanks,
Jim

"Perlingiere, Debra" <Debra.Perlingiere@ENRON.com> on 10/24/2001 10:38:22 AM

To:   Jim Grover/ENERGY/TXU@EESINC
cc:

Subject:  GISB Amendment

 Jim,

Attached is an Amendment to the GISB  changing the confirming party to
ENA.  Please sign two originals and forward same to my attention for
signature.  I will forward and original upon final signature.  You may
also fax me a signed Amendment at the number below.  Thank you for your
assistance in this matter.

 <<TXU Energy GISB.doc>>
Regards,
Debra Perlingiere
Enron North America Legal
1400 Smith Street, EB 3885
Houston, Texas 77002
Debra.Perlingiere@enron.com
713-853-7658
713-646-3490 Fax

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

 - TXU Energy GISB.doc << File: TXU Energy GISB.doc >>


Hi Kay, I wanted to follow up on the invoice for TECO- Were you able to
forward to Sheila Tweed?

Thanks-

Tonya

Tonya Dennis
Specialist- Reporting & Analysis
Enron -North America
713-345-3775
tonya.dennis@enron.com


VP
ENA
Nat Gas Trading
3-3230

	Debbie Flores
	07/18/2000 09:01 AM

To: James Armstrong/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT
cc:
Subject: FALL RECRUITING TEAM LISTINGS

I am needing to update the following information for Beth Miertschin's Fall
Recruiting team listings.

Please forward me the following:

Title
Company
Business Unit/Function
Extension
Location

Your response is greatly appreciated.

Debbie Flores
Recruiting Coordinator
Analyst Program


Thank you for your event RSVP.  We hope that the process was quick and simple.

For any further questions, please contact the event coordinator.

Your confirmation number is: 49297

You are registered for: Arthur Andersen 21st Annual Energy Symposium

Event Date: Tuesday, November 28, 2000 7:00:00 AM

Westin Galleria Hotel
5060 West Alabama
Houston, Texas  77056

Fee Information
--------------------------------------------------------------
If you register on or before October 31, the registration fee is $950.00.
After that date, the registration fee is $1,200.00., $950.00
--------------------------------------------------------------
Total Amount: $950.00


This is a reminder for the Gas Logistics' Interim Offsite Tour and Review at the hangar tomorrow.  We will be heading out to the hangar around 11 AM for a tour and lunch(Jason's Deli).  Please make arrangements with your team for car pooling.

I will be coming around this afternoon handing out a laminated BCP Process card which includes a map and directions to the hangar.

Thanks,
Bob Hagen


We have not talked about this.  Mark


-----Original Message-----
From: 	Vann, Suzanne
Sent:	Wednesday, January 23, 2002 3:49 PM
To:	Tucker, Patrick; Slone, Jeanie; Ward, Kim S (Houston); Capestany, Mari; McCaffrey, Deirdre; Arnold, Matthew; Cross, Edith; Jenkins, Beth; Mckay, Jonathan; Ralston, Andrew; Peterson, Stephen; Myers, Steve; Neff, Brandon; Golden, Jeff; Greg Branan (E-mail); Amy Wilson (E-mail); Beth Cowan (E-mail); Courtney Tardy (E-mail); John Harrell (E-mail); Joseph Gordon (E-mail); Michael Smythe (E-mail); Rob Wheeler (E-mail); Robert McDonald (E-mail); Terri Hamby (E-mail); Pierce Owens (E-mail); 'lori_e_black@yahoo.com'; 'chris_herron@yahoo.com'
Subject:	Happy Hour

Come join us for a happy hour next Wednesday the 30th at 6:00pm at King Biscuit located close to downtown in the Houston Heights.  There are many people left off of this because we do not have their e-mail.  Please forward the information along.

King Biscuit Patio Cafe
1606 White Oak Drive
Houston, TX 77009-7630
Phone: (713) 861-2328
http://houston.citysearch.com/profile/9848625/

<Embedded Picture (Metafile)>
<Embedded Microsoft Clip Gallery>


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Dear Traders,

 I spoke with Don at Public Service Company of New Mexico again today regarding the Schedule 9 Loss Compensation Service charges.  He re-confirmed that the market price that is part of the Schedule 9 equation (Loss Compensation Service = # MW wheeled x market price x 3%) is a market price that he obtains from his marketers.  I re-confirmed that his 'marketers' are his traders, though I do not know whether these are Long Term, Cash, or Real-Time Traders.

 He is going to talk to his traders to find out where this price came from.  I brought up the point that there has been a price cap of $91.87 in the west and asked that he bring that point forward in his discussions.

 He should respond to me on Monday 8-20-01, on which day the bill is due.

 I will keep you posted on my findings.

  Virginia


Start Date: 4/22/01; HourAhead hour: 12;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.
Variances detected in SC Trades schedule.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042212.txt

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 12 / Preferred:  12.00 / Final:  11.98)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/22/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_ERNIE
  ENGY_TYPE: WHEEL

---- SC Trades Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/22/01
  TRADING_SC: CRLP
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 12 / Preferred: -100.00 / Final: -99.97)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/22/01
  TRADING_SC: EPPS
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 12 / Preferred:  64.64 / Final:  64.59)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE3
  MKT_TYPE: 2
  TRANS_DATE: 4/22/01
  SC_ID: EPMI


Guys:

Here is the confirm that I send out to each company and to the guys who are
covering the sites from our side.

Thanks
Ben


Dear Enron Employee:

Houston Ballet is presenting The Nutcracker through Sunday, December 30.  The production has been hailed by the Houston chronicle as "the crown jewel of holiday entertainment," and is a perfect introduction to the world of ballet for families and audiences of all ages.  Enron has been a long-time supporter of the Ballet, and we would like to thank you with a special invitation from Houston Ballet and TicketMaster for discount tickets to The Nutcracker.

Click on the following links below to receive a 25% discount on tickets to any of the selected performances of The Nutcracker.

To place your order, click on the link below to choose your day and time.  When requesting your tickets, you may choose from best available seats or a specific section, however, all ticket prices may not be available.  Ticketmaster service and handling charges will apply to your order.

Your company code is: NUT1.

Happy Holidays and enjoy Houston Ballet.

Performance Dates and Times:

Wednesday, December 26 at 7:30pm
https://ticketing.ticketmaster.com/cgi/purchasePage.asp?event_id=C003345C3DE86FB&event_code=EHL1226

Thursday, December 27 at 7:30pm
https://ticketing.ticketmaster.com/cgi/purchasePage.asp?event_id=C003345D10FB243&event_code=EHL1227

Saturday, December 29 at 2:00pm
https://ticketing.ticketmaster.com/cgi/purchasePage.asp?event_id=C003345CDB2A7A1&event_code=EHL1229M

Sunday, December 30 at 2:00pm
https://ticketing.ticketmaster.com/cgi/purchasePage.asp?event_id=C003345CDDBA7F9&event_code=EHL1230M


Janie,

 I have been talking with EES and they have confirmed their volumes for their
purchases from ENA (I believe that it is Zarin who comfirmed their volumes on
their side).  I need you to confirm and verify our volumes and to change them
(or contact who can change them) if needed.  I am trying to get EES to pay us
for these transactions and they will not if they do not agree.  The amount
that we are talking about is over $10 mil.  Could you please look at this so
that I can get this resolved today?  The following shows what we are out:

Please let me know what you find out.  Thanks...


Alright guys, here is the final version, try it in your P&L today.  Thanks.
PL

---------------------- Forwarded by Phillip M Love/HOU/ECT on 02/26/2001
10:23 AM ---------------------------

	Gregory A Mausser
	02/26/2001 09:32 AM

To: Phillip M Love/HOU/ECT@ECT
cc:
Subject: FINAL PHYSICAL TEMPLATE FOR FEBRUARY 2001

Phillip,  Not sure why you did not receive last Thursday.  Can your group
bring the template into the P&L by end of day?

GM
---------------------- Forwarded by Gregory A Mausser/HOU/ECT on 02/26/2001
09:29 AM ---------------------------

	Gregory A Mausser
	02/22/2001 10:54 AM

To: Darron C Giron/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, Patrick Ryder/NA/Enron@Enron,
Kevin P Radous/Corp/Enron@Enron
cc: John Valdes/HOU/ECT@ECT, James Hungerford/NA/Enron@ENRON
Subject: FINAL PHYSICAL TEMPLATE FOR FEBRUARY 2001

Here is the final version of the template to be used in February 2001
+Regions, P&L.  Please re-link cells pulling information from other tabs
within your file (i.e. Third Party Sales, Third Party Purchases, CPR Fuels,
CPR Imbalance, CPR Cash Out, CPR Pipeline Exchange, and CPR Storage).

Keep in mind that if you have multiple physical tabs in your P&L each must be
replaced with the template.  Also, if your region has multiple physical tabs
under a single P&L, they should be rolled into one total physical tab named
"physical".

In future months, I will send each of you a revised template inclusive of all
CPR desk names and CPR couterparty names by the end of each month.  Please
copy future templates to your file to ensure consistency across all regions.

Thank you all for your patience and cooperation while we implement this
process improvement.  Please let me know how I can help.

Regards,
Greg (37299)


8910 Bace Dr
Houston, TX 77055

713-827-2271 HM
713-851-0372 MB

Anne


Tom and Cynthia--The SE reports includes some dings against TVA.

On 11/1/00, FERC Staff issued reports on its Investigation of Bulk Power
Markets in the Eastern Interconnection.  These reports were the result of a
Commission order earlier this summer.  Enron's Federal regulatory staff
(Christi, Charles Yeung, and Sarah Novosel) provided a great deal of
information for this investigation and Joe Hartsoe and Donna Fulton discussed
many of the problems with the grid with the new head of Staff, Scott Miller
(who recently joined FERC from PG&E Gen).    While the Commission is under no
obligation to take any of Staff's recommendations, the Commission typically
looks to Staff for guidance on transmission and market issues.  Importantly,
Staff concludes that the Commission should consider these options for the
Southeast and Midwest -- all of which Enron has been asking FERC to implement
for several years:

Reduce the advantages of network service over point to point service by
requiring that native load be served under the same tariff as other
transmission services to eliminate the current incentives that VIUs have to
favor their native load through the calculation of ATC and handling of
interconnection requests.

While the Staff Hotline is used productively, the Commission can direct Staff
to conduct formal investigations into entities that have a pattern of
complaints.

The Commission could require TPs to submit tariff provisions containing a pro
forma interconnection process specific to interconnection, rather than simply
relying on the Tennessee Power order that utilizes the OATT timelines and
procedures.

Require TPs to retain real-time transmission data on market functions
pertaining to daily load, internal generation to meet that load, and imports
and exports.

RTOs should submit the basis and methods for calculating ATC and TTC, as well
as standardized criteria for curtailment.  In addition, since even such
standardized criteria might not "get to the root of the problem" -- that
control area still control generation -- the Commission could require that
each RTO set a date certain by which it will create one control area.
Regardless of the implementation of these two options, the Commission could
standardize ATC and TTC methodology.

Staff finds that while electricity is a commodity with market characteristics
similar to many other commodities, it is still viewed as "different," with a
reaction of price caps.  Staff encourages that basic decisions about the
regulatory model be made in order to complete the transition from a
traditional cost-of-service model to a model that uses markets to price the
commodity and services.

DETAILS  (Also, the reports contain good summaries of the generation,
transmission, state retail, federal reg. and other issues for the region):

Midwest:  The Midwest is dominated by vertically integrated Transmission
Providers ("TPs") that control transmission, generation and load.  "As such,
they have weak economic incentives to provide access to transmission service
to third-parties and strong incentives to favor their own services."  Staff
received numerous complaints; however, due to the lack of information
available from TPs, Staff cannot conclude whether these are isolated
incidents or wide-spread.  At the very least, the complaints indicate a lack
of confidence in the bulk power market and the ability of market participants
to rely on transmission access, thus harming the liquidity of the market.

TLRs are the most important transmission issue in the Midwest, with an
"enormous" increase in 2000.  The region showed a decline in peak load from
1999 to 2000 and a growth in new generation since the 1998 price spikes.
Even though there was an increase in generation and mild weather with
virtually no price spikes, TLRs climbed to record numbers.  The TLRs were
highly concentrated:  only 5 flowgates account for 41% of ECAR TLRs and
another 5 flowgates in MAIN account for 42% in that region.  Notably, even
though the NERC procedures for Level 3 TLRs mandate transaction curtailment,
78 of the 191 TLRs in the Midwest do not show any curtailment amount.  The
total amount of relief that these curtailments are intended to produce are
not posted.  Staff notes that TLR rules are established by NERC, whose
procedures are voluntary and not enforced by penalties.  While the Commission
has required certain NERC standards and procedures to be placed in Open
Access Transmission Tariffs ("OATT") where the Commission has the power to
enforce provisions under the Federal Power Act, in practice the Commission
has generally deferred to NERC on transmission reliability questions,
including the propriety of TLRs.

TLRs inhibit optimal functioning of the transmission system and market
because load is not served by the least cost supplier.  TLR procedure is an
inefficient instrument in mitigating constraints -- curtailment by fiat.  In
addition, the NERC IDC can result in inappropriate curtailments or increased
loading on the affected flowgate.  The impact could be mitigated by one
control area per RTO.

Staff notes that the Midwest state commissions did not petition FERC for
price caps following the 1998 price spikes.  Some market participants believe
that the absence of price spikes is the single reason that NUG construction
increased in the Midwest.

Market participants must keep track of, and follow, a plethora of information
in order to make energy deals, submit reservations and provide schedules for
service.  Staff received many complaints about barriers to transmission
access, including TLR curtailments and a lack of standardized information and
protocols, particularly for ATC and interconnection requests, and
discriminatory conduct.  Unbelievably, key data was unavailable to Staff,
such coincident peak load data, system-wide snap shots for days when TLRs
were called, and import/export data.  This lack of data creates a market
inefficiency, because neither market participants nor regulators can fully
analyze market conditions in real time.  As such, the market is risk adverse,
eschewing long-term deals for short-term transactions.  Staff also noted that
because the Security Coordinators often work for the IOU, there is a mixed
incentive to enforce reliability on the grid and maximize profit for the
IOU.  (Staff cites Richard Tabors' paper, "Transmission Markets, Stretching
the Rules for Fun and Profit.")

Staff cites the lack of information on OASIS or on the NERC web site,
particularly about real time TLRs and curtailments.  Examples were provided
to Staff of transmission refusals when there were no TLRs posted and improper
implementation of TLRs causing substantial financial loss.

The currently proposed Midwest RTOs may mitigate some problems; however, all
three retain existing control areas with the favortism for generation and
native load.  These incentives will continue to remain until the RTO
exercises complete autonomy over transmission control and security
coordinator functions.  Staff notes that the Midwest is a balkanized region
of 61 control areas with no uniform method for calculating ATC and CBM.  The
result is that ATCs can be different on 2 different sides of an interface.
Staff notes examples in inaccurate ATCs and states that Staff's own ATC audit
this summer was consistent with market participant complaints.  Staff is
weighing follow-up options.  The result of these problems is a lack of
liquidity.

Staff next noted the problems with unfiled "business practices," especially
on the next hour market.  Staff's audit of OASIS sites revealed several areas
of non-compliance.

Information transparency is necessary for a market to function efficiently,
with equal and timely access to data, including ATC, CBM, TRM, and load flow
input data.  TPs have incentives to resist efforts to make this information
transparent because of native load.  This incentive will still exist under
RTOs if utilities are allowed to calculate their own ATC.  ***  "As a
consequence, the Commission may wish to eliminate the native load exemption
and have all transactions under the same tariff."  ***  The Commission could
benefit by having access to existing transmission data and should require the
TPs to retain data, including current real-time network status.

Interconnection Issues:  IPPs need to be compensated for VAR support.  Also,
Staff cites a number of Hotline complaints about TPs seeking large deposits
or failing to complete System Impact Studies timely.  One solution is to have
the RTO handle this function to eliminate the disincentive the utilities have
against IPPs.  The current practice of requiring IPPs to deal with a wide
variety of procedures inhibits the free flow of transactions within the
region.

Network service has inherent advantages over point-to-point, citing the
Entergy source and sink order.  The Commission has relied on "passively"
receiving informal and formal complaints to determine if discriminatory
behavior has occurred rather than actively canvassing market participants.
While Staff cannot conclude that discriminatory practices are widespread,
there is evidence of discriminatory instances.

Southeast:  The traditional vertically integrated utility ("VIU") model has
largely persisted in the SE.  This continued control has vastly reduced the
economic incentives to facilitate IPP activities.  In many cases, the VIUs
have dampened IPP involvement without violating any Commission regulation due
to the inherent flexibility of the current rules.

Staff cites examples of delays in performing system impact studies,
transmission hoarding in the name of serving native load growth and
manipulation of ATC.  TPs have shown little inclination to improve the
transmission system and use many TLRs.

There is also a lack of market information that has stymied the development
of markets in the SE.  ATCs change constantly that leads to uncertainty and
there is no clearinghouse for electric power prices.

TVA, despite having taken steps to participate in reformed markets, has acted
as a bulwark against the development of competitive energy markets in the
SE.  This is significant because of TVA's size and location.  IPPs have
reported TVA's discouragement of siting in TVA through excessive time to
perform studies, excessive fees, and rejection of requests to perform
interconnection studies.

In addition, Staff cites the Florida Sup. Ct. decision against merchant
plants as significantly impeding the competitive market in Florida.

Staff discusses the significant flow of power from the Midwest to the SE this
summer.  Much of this resulted from the import of cheaper coal power, than
the use of gas fired peakers due to higher gas prices.  Peak prices were
radically lower this summer because utilities appear to have been better
prepared for peak events through the use of forward contracts, increased
generation capacity on line and reduced number of forced outages.

SE utilities reported that they have not used market-based rates to
extensively increase sales.  (Less used than in the midwest.)

The SE region lacks information, which has retarded the Staff's efforts to
discern the truth about the numerous complaints about transmission in the SE
(including ATC and TLRs).  Market participants seem to have less confidence
in the SE market than in any other market region.  This appears to be
justified based on Staff's investigations.  This lack of confidence
discourages investment and participation in the markets.  Staff concludes
that the Commission may need to be more prescriptive in terms of how
transmission is allocated in the SE RTOs, since there are market concerns
that the incumbents will continue to dominate operations.  The investigation
found numerous problems in bad ATCs and TTCs and poor OASIS postings.  In
addition, several OASIS audit logs actually erased historical data.  Staff
thinks that additional affiliate transaction information should be posted.
Staff could not obtain summer demand data and the Commission's lack of
jurisdiction over TVA made it difficult to obtain transmission access
information.

The Staff investigation revealed unclear interconnection procedures and lack
of adherence to schedules and arbitrary cost estimates and deposits.  In
addition, the TPs have reserved a huge amount of network transmission
capacity, much of it reserved shortly after the IPP approached the TP to
interconnect.  Staff cites the recent Skygen order in which Southern denied
Skygen's request for transmission stating that the only option was the
construction of an 80 mile 500 kv line that would take 8 years to complete.
Staff solutions include allowing network requests by IPPs and limiting
self-build capacity in the incumbent's territory.

ATC variations are a big problem in the SE.  SERC coordination of a
standardized ATC is a long process and may not be resolved soon without
direction from the Commission.  An improved method and improved communication
are needed.

The SE experienced a 354% increase in TLRs this summer.  This increase raises
the issue of whether curtailment has become an impediment to the competitive
operation of the market in the SE.  Staff cites information provided by
Charles Y. that an Ameren TLR was not implemented according to NERC
criteria.  Staff also wonders if transmission is being oversold since TPs do
not generally refund transmission revenues when TLRs are implemented.  RTOs
must have a broad geographic area to internalize much of the constraints.  In
addition, RTOs will adopt pricing mechanisms that obviate recourse to TLRs.
However, if control areas are retained, VIUs will retain mixed incentives.

*** As noted in the Midwest report, the manner in which load is calculated
weighs heavily on the value of this information.  This is an issue that the
formation of RTOs may not resolve.  Eliminating native load exceptions -- ie,
treating all load equally -- and placing all transactions under the same
tariff may be an option that provides the right incentives for the provision
of transparent and standardized information.

Finally, Staff describes specific problems with TVA and FP&L, TVA is a
"problem area" for the Eastern Interconnect grid.  TVA is a transmission
bottleneck due to the many TLRs called this summer.  The current federal law
and lack of Commission jurisdiction are impediments to the development of
deep and robust power markets in this area.  TVA simply has no strong
incentive to provide effective and efficient transmission service.  In
addition, the Commission does not have full information on TVA.  Staff lists
a number of complaints against TVA, including unjustifiably increasing the
tag deadline and allowing TVA Marketing, but not others, to sink and park
power.  Staff concludes that recent proposals by TVA to enhance the
development of markets and its system do not appear to have great potential.

A Staff audit of FP&L revealed violations of standards of conduct, including
confidential information on FP&L's transmission system (including interchange
information for other entities) posted on EMS systems that were available to
FPL's merchant function.  Staff's report found that FP&L does not have an
established procedure for review of EMS to ensure that information is not
displayed in error.  It is "up to individual Managers discretion."  ((FRCC
web site report dated 9/8/00)).  Violations such as these undermine
competition.

The reports are attached below.

 - southeast.pdf
 - midwest.pdf