I wanted to get a response in writing rather than verbal so I sent an e-mail to Kent Saathoff.  I will call and prod a response again today.

 -----Original Message-----
From: 	Portz, David
Sent:	Friday, November 16, 2001 10:56 AM
To:	Twiggs, Thane
Cc:	Ryall, Jean; Forney, John M.; Nicolay, Christi L.; Gilbert-smith, Doug
Subject:	RE: ASAP please: ERCOT Questions OOMC & OOME

Thane -- I think word back from you is the next step needed in this process.  If ERCOT's position is that within the text of the Protocols, OOMC means "running", then unacceptable risks are presented to our Customer and to EPMI as their QSE.  If such is ERCOT's position, then they should cite us chapter and verse for that position within the Protocols, offsetting the clear implications for the contrary position in the Protocols' other ancillary services products, in the Operating Guides, the Market Guide, ERCOT's prior operating and marketing guides (predating this marketplace), and based on customary industry understanding of the term "capacity".  --David

 -----Original Message-----
From: 	Twiggs, Thane
Sent:	Thursday, November 15, 2001 10:24 AM
To:	Forney, John M.; Nicolay, Christi L.; Portz, David; Gilbert-smith, Doug
Cc:	Ryall, Jean
Subject:	RE: ASAP please: ERCOT Questions OOMC & OOME

I will put in a call.  Kent is always on the run so it may take awhile to run him down.  I will also do something in writing to get a "record".
TTT

 -----Original Message-----
From: 	Forney, John M.
Sent:	Thursday, November 15, 2001 10:21 AM
To:	Twiggs, Thane; Nicolay, Christi L.; Portz, David; Gilbert-smith, Doug
Cc:	Ryall, Jean
Subject:	RE: ASAP please: ERCOT Questions OOMC & OOME

Mark Patterson, our Rep,  called today to ask me if everything was resolved to my satisfaction.    I relayed that I did talk to John Adams last night and he did agree to give us one hour notice with an OOME instruction.    This is great,  however,   Mark warned me that we were outside of the tariff because Ercot still maintains that OOMC means run.
He relayed that in the event of line meltdown,  etc.  we would be liable.     John Adams also said this last night.   We are officially on notice of potential QSE liability.

In my opinion we need to:
Call Ken Saathoff and see if he can resolve their confusion today, otherwise we need to file whatever is necessary, under the protocols,  to protest this ridiculous interpretation and to protect ourself from this "liability."
Officially request clarification in the protocols on this issue.

Thanks,
JForney

 -----Original Message-----
From: 	Twiggs, Thane
Sent:	Thursday, November 15, 2001 9:01 AM
To:	Nicolay, Christi L.; Yeung, Charles; Maurer, Luiz
Cc:	Ryall, Jean; Steffes, James D.; Portz, David; Forney, John M.; Gilbert-smith, Doug; Day, Smith L.
Subject:	RE: ASAP please: ERCOT Questions OOMC & OOME

Here are a few additional points:

I spoke with Ken Saathoff at ERCOT last week (he is the director of technical operations) and he agreed that an OOMC instruction is essentially a "be ready" instruction and an additional OOME or another type of unit specific instruction is necessary for the plant to deploy. He is John Adams boss, so there is a disconnect between the two levels.  In addition to Kent, I spoke to Mark Walker the senior corporate counsel regarding payment, or lack thereof and he suggested that the only method would be to dispute the settlement statement and use that process.  Going forward however, that is not an effective mechanism due to the delay in payment and the necessity to prove your cost structure.

In speaking with Forney a few minutes ago it sounds like he may have convinced John Adams, but I would be happy to call Kent Saathoff if you feel that would help.

 -----Original Message-----
From: 	Portz, David
Sent:	Wednesday, November 14, 2001 6:12 PM
To:	Nicolay, Christi L.
Cc:	Gilbert-smith, Doug; Baughman, Edward D.; Miller, Jeffrey; Forney, John M.
Subject:	Ercot Questions OOMC & OOME

Forwarded as discussed.  Doug Gilbert Smith has asked that your group draft a complaint to the PUCT regarding this misinterpretation of the Protocols by the ERCOT ISO, which effectively requires a generator called on for the OOMC ancillary service to run its plant, and sidesteps the obligation to pay an OOME price component when the plant's output is utilized by ERCOT.  The OOMC compensation is currently negligible (and recovery of actual costs under Protocols Sec. 6.8.2.1(6) may take a long time), and the OOME compensation has various problems as well: (1) the more ERCOT calls on a plant for OOME, the the lesser the OOME price paid (Protocols Sec. 6.8.2.2 -- Heat Rate value decreases), and (2) plants directed to provide, say, 135MWs of OOMC/OOME, are not allowed to generate above 135 MWs in an interval (thus running the plant economically at a lower heat rate) to sell the excess in the marketplace. The Frontera plant, a customer of EPMI acting as QSE, is located such that ERCOT is and will be consistently telling the plant via its QSE to provide OOMC -- to produce energy going north on a line in South Texas. Doug says we should advocate to the PUC that plants in such a position should be Reliability Must Run ("RMR") and be paid at an adequate premium for their support of the system' reliability.

I noted to you as well that this is likely to be a dispute with ERCOT over the interpretation of the Protocols, conducted under Protocols Section 20, and we would appreciate any reg. group efforts toward preparation for iinitiating such dispute.  Frontera has indicated they will not provide OOMC tomorrow even if ERCOT tells us, their QSE that it should be dispatched. Thus we are caught in the middle.  The legitimate bases for not complying with an ERCOT dispatch instruction are stated in Protocols Section 5.4.4(2): "threat to safety, risk of bodily harm or damage to the equipment, or otherwise is not in compliance with these Protocols".  Though the Protocols Sections 1-22 seem to recognize as to other capacity- oriented ancillary service products that it is 'generating capacity available but not energy delivered to the grid', I have not seen this made clear as to OOMC.  The Operating Guides' definition of OOMC, page 21 seems to recognize this however, and Section 2B of the ERCOT Market Guide, p. 8 (Feb 22, 2001) recognizes the distinction between capacity and generated energy clearly in support of the position stated by John Forney below.

Sorry for the long e-mail -- I was trying to provide a statting point for your group.
  -----Original Message-----
From: 	Forney, John M.
Sent:	Wednesday, November 14, 2001 12:27 PM
To:	Portz, David; Gilbert-smith, Doug
Subject:	Ercot Questions

David,
I need some help with an Ercot protocol interpretation:

Frontera has been issued  OOMC requests by the ISO on numerous occasions, starting September 14th.    This Out of Merit request is issued if no mkt bids exist to solve congestion, whether local or zonal.
The OOMC, as I understand it,  reserves capacity for Ercot and the premium is predetermined based on a formula mentioned in the protocols.   The formula is based on the replacement reserve clearing price,  which currently is zero.   This is because the replacement reserve market is non-existent.  An announcement on how the OOMC capacity payments will be calculated is due out this week,  per Mark Patterson.

The second component of this option is OOME.    This is a request for actual energy related to the OOMC option.   The strike price is calculated from a preset heat rate multiplied by the HSC daily price, as mentioned in the protocols.  So the OOMC/OOME ws designed to work like the ancillary services with a capacity award and an energy component.  I think that this is the spirit of the OOM's, as mentioned in Section 6 of the Protocols.

Here is the problem:
the head of Ercot Market Operations,  John Adams,  interprets the protocols to mean that OOMC requries the plant to be generating.     When Ercot dispatchers had issued an OOMC,  they quickly followed up to ask us why we were not generating into the grid.
We explained to them, on numerous occasions,  that we dont believe OOMC means run.   If they wanted us to run,  then they would need to issue an OOME for the actual energy component.    I asked my employees to clarify with Ercot whether we were being asked to run,  yes or no.    When instructed to run by Ercot,  we had to assume that we were settled based upon the OOME calc, as we were previously under OOMC orders.

I sent at least three e-mails to my Ercot rep,  Mark Patterson regarding this issue.   I finally caught him by phone and he relayed that he thought Ercot's  intrepretation was correct.    For all of the times that we ran,  at their request,  we werent going to be paid based on the OOME heat rate calc,  rather we were going to receive the balancing energy price ( a penalty for Resource Imbalance).   For example,  in the early morning hours we would receive as little as $1 for electricity that cost $27 to generate.   Mark also mentioned that when they said run,  they expected us to sell to someone else,  or just generate into the imbalance.    Mark told me "dont worry,  you can file to receive your generation expenses in the event that you lost money."

Here is my view:
OOMC does not mean run.  It means have the capacity available in the event Ercot calls,  much like replacement,  responsive reserve and non-spinning.
Ercot's interpretation is being decided by the Manager of Mkt Operations,  a group supposedly unconcerned with price.
If OOMC means to run,  then why would the protocols contemplate, or need OOME?  They would never have to pay OOME if we were already running into the imbalance.
OOMC is an option and the exercise is OOME.   This is basically the disagreement.    This could very well be a $500,000 issue for Frontera.
Why would anyone generate for $27 and dump to the imbalance mkt at $5 in hopes of filing for a "breakeven."   Ridiculous.

I spoke with Bill Kettlewell with Customer Relations and he had "no comment" on whether OOMC means to generate.  Mark Patterson now also has "no comment."
Bill and Mark said that we needed to file a dispute in order to receive closure on the OOM capacity payment.   I suspect that we will follow this same path when we file for OOME reimbursement vs.  the imbalance price we will receive.

I had instructed my employeess to refuse to turn on the plant   (in response to an OOMC) until we receive an OOME instruction.   This has compelled  Ercot to deploy an OOME request to us, because they need  to have us online to control local congestion.   Would this not be an omission that their view was incorrect?  Section 5.4.4 says that a QSE may fail to comply with an Ercot directive if it causes a safety concern, or ,  Ercot is not in compliance with the Protocols.  The latter is in effect.
Ercot is now telling us that they cannot instruct us, or give us an OOME deployment,  unless we are already runnnig.    I think that this is a software issue, not a protocol issue.
We worked out an interim compromise with Ercot until this issue can be settled.  Once we have been OOMC'd,  we will start to gen.   Once we reach full load,  we will request an OOME.   If they dont comply,  we will shut down the unit.    Ercot said that " it was entirely reasonable that we would  request to be compensated in the form of an OOME."
The Ercot dispatchers are complaining that OOME requires them to send an instruction every 15 minutes.   Is this why we are not getting the OOME instruction on a regular basis?

Finally,  I stressed to Ercot that I wasnt trying to manipulate prices, via OOME or force Ercot into a corner.    It just is not the right economic environment to generate for $27 and sell for $5.    Further,  operations personell at Ercot have frelayed their displeasure with me for "forcing them to OOME our plant."

Can I get an opinion on whether OOMC means to run?   If you agree with me,  what is our next step?  I need to move aggressively on this issue.

Thanks,

JForney
37160


Mark and Deb - just for your information, in the event that we would for
any reason need to do any additional corporate filings for the swapco
entities, I just wanted to remind you guys that the Delaware secretary of
state's office is closed on Monday for Veteran's Day - I don't think we
have anything else to file right now, but just in case something different
comes up over the weekend, we wouldn't be able to file anything until
Tuesday.  Thanks.

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Michelle - keep this report to use as a "cut & paste" starting point for the
report on 10/27th.

For the week  October 2-6th:

Transwestern weekly average deliveries to California were 1,075 MMcf/d (99%)
while east deliveries averaged 304 MMcf/d.  San Juan lateral throughput
averaged 854 MMcf/d while receipts from Rio Puerco averaged 61 MMcf/d.
Mojave deliveries averaged 63 MMcf/d throughout the week.

El Paso average deliveries to California were 2,300 MMcf/d (78%) :

- PG&ETop (capacity 1,140 MMcf/d) deliveries averaged 598 MMcf/d (52%)
- SoCalEhr (capacity 1,250 MMcf/d) deliveries averaged 1,181 MMcf/d (95%)
- SoCalTop (capacity 541 MMcf/d) deliveries averaged 520 MMcf/d (96%)

Other pipeline throughput:

- PGT ( capacity 1,937 MMcf/d) throughput to California averaged 1,871 MMc/d
(97%)
-  Kern River (capacity 700) throughput to California averaged 343 MMcf/d
(49%)

Cash PG&E/Topock - SoCal/Needles spread ranged .27-.43 and averaged .38
throughout the week.

Friday Enron Online Basis numbers:

  Nov  Nov 00-March '01 April-Oct '01
Perm-CA   .62    .39      .55
SJ - CA    .87    .53      .74
SJ-Waha   .27    .17      .26
Perm-Waha   .02    .03      .07


That's right; the dot is coming.  Prepare to be enlightened, entertained and
engaged.  Prepare to receive information online that is so current, your
mouse will be hiding under its mousepad.  Prepare to enter a brave new world
of communication at Enron.  A world in which news is delivered so quickly you
just might not be able to keep up.

A world in which we can rest easy that the information we need will be
delivered with the speed and efficiency the Most Innovative Company in
America deserves.

The dot is coming.  And it's bringing news you can use.  Now.


Greetings from Amazon.com.

We thought you'd like to know that we shipped your items today,
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 Player Updates?NFL Reports?
 Latest NFL Player News

 Rian Lindell , K SEA - Free Agent Updated 12/08/00
 Lindell is a sleeper pick at kicker this week. Seattle should roll up good
numbers against the Denver defense, which has underachieved for most of the
year.

 Sean Dawkins , WR SEA - Free Agent Updated 12/08/00
 Dawkins has been inconsistent all year long. But the Broncos' pass defense
is one of the most vulnerable units in football, and the Seattle WR has a
chance to shine this week.

 Seahawks , DT SEA - Baja Updated 12/08/00
 Avoid Seattle's defense at all costs this week. Last time the Seahawks faced
Denver, Mike Anderson rushed for nearly 200 yards and WR Rod Smith
embarrassed them with 78 rushing yards on just three carries.

 John Carney , K SD - Free Agent Updated 12/08/00
 Carney won't be much of a factor this week. San Diego will have a very hard
time moving the ball into Baltimore's end of the field.

 Freddie Jones , TE SD - Free Agent Updated 12/08/00
 Jones might have a quiet outing this week. Baltimore is very aware he is San
Diego's top offensive option and will look to shut him down quickly.

 Terrell Fletcher , RB SD - Free Agent Updated 12/08/00
 Don't expect much from Fletcher this week. The true strength of Baltimore's
defense is its ability to squash the run. The Ravens have shut down much more
decorated backs all season long.

 Ryan Leaf , QB SD - Free Agent Updated 12/08/00
 After an interception-filled performance last week, Leaf is in for more
problems on Sunday. The Ravens' stellar defense will surely knock him around
all day and Leaf will surely make some frustrating turnovers. Under no
cirumstances should you start him.

 Chargers , DT SD - Free Agent Updated 12/08/00
 The Chargers might be able to contain RB Jamal Lewis this week, but the
overworked and undermanned secondary will be torn apart by Trent Dilfer and
speedsters such as Qadry Ismail and Pat Johnson.

 Raiders , DT OAK - Matt Lenhart Updated 12/08/00
 Don't expect a solid performance from the Raiders' defense this week.
Charles Woodson will have trouble with Wayne Chrebet, and Curtis Martin might
be able to outrun the LBs on pitches and sweeps.

 Andre Rison , WR OAK - Martin Cuilla Updated 12/08/00
 The inconsistent Rison might show off his best form this week. He will be
too much for the Jets to handle on passing downs and should be a key
third-down target.

 Sebastian Janikowski , K OAK - McKay Neal Updated 12/08/00
 The erratic Janikoswki will get a good amount of chances to kick this week.
The Raiders will move the ball in the air but might sputter against the Jets
in the red zone.

 Tim Brown , WR OAK - Hunter Shively Updated 12/08/00
 Expect a big game from Brown this week. Jets CB Aaron Glenn might draw him
in coverage, and will not be able to handle him on crossing routes.

 Zack Crockett , RB OAK - Free Agent Updated 12/08/00
 Crockett should continue to be a factor in Oakland's offense this week.
Tyrone Wheatley is battling finger and ankle problems and the Raiders may
need to use Crockett often against the Jets.

 Rich Gannon , QB OAK - McKay Neal Updated 12/08/00
 Gannon might be Oakland's most productive player this week. Look for him to
pick apart the inconsistent Jets secondary, especially with passes to Tim
Brown.

 Broncos , DT DEN - Hunter Shively Updated 12/08/00
 Denver's defense has been ripped to shreds lately and will have a lot of
trouble handling Seattle's Ricky Watters this week. Watters totaled more than
200 yards from scrimmage against Denver on Nov. 26.

 Chiefs , DT KC - Tori Kuykendall Updated 12/08/00
 The Kansas City defense has underperformed lately but might rebound against
the Panthers. Brad Hoover doesn't present much of a threat to the front seven
and the Kansas City defensive line should be able to get good pressure on
Steve Beuerlein.

 Todd Peterson , K KC - Free Agent Updated 12/08/00
 Peterson might have one of his better games of the year this week. The
Kansas City passing game will ensure that Peterson will see quite a few
chances to kick against Carolina.

 Tony Richardson , RB KC - Top Dogs Updated 12/08/00
 Richardson will regain the starting halfback job this week. He is an
accomplished pass-catcher, but Richardson doesn't do much else and won't help
many Fantasy playoff teams advance to the next round.

 Tony Gonzalez , TE KC - The Klap Updated 12/08/00
 Another week, another big performance for Gonzalez. Look for the superstar
TE to get in the end zone one or two times against the Panthers, who will not
be able to contain him over the middle.

 Derrick S. Alexander , WR KC - Martin Cuilla Updated 12/08/00
 Alexander should post fine numbers against the Carolina secondary this week.
CBs Eric Davis and Doug Evans will not be able to keep up with him on deep
routes.

 Elvis Grbac , QB KC - Eric Bass Updated 12/08/00
 Grbac is looking healthy again and should perform well against Carolina. He
should be a solid performer for the remainder of the Fantasy postseason.

 Kordell Stewart , QB PIT - Free Agent Updated 12/08/00
 Stewart completed a full practice Friday and reported no trouble with his
injured right leg. An MRI earlier in the week revealed no structural damage
to Stewart's knee, coach Bill Cowher said. His injury is officially listed as
a strained upper calf. Stewart is still a risky start against a tough Giants
defense.

 Jason Elam , K DEN - Hunter Shively Updated 12/08/00
 Elam should see lots of scoring opportunities this week. The Broncos will
have no problem controlling the clock and scoreboard against Seattle.

 Dwayne Carswell , TE DEN - Free Agent Updated 12/08/00
 Carswell has become a reliable Fantasy tight end recently. He should perform
well against the Seahawks, who have always been vulnerable over the
middle.

 Gus Frerotte , QB DEN - Top Dogs Updated 12/08/00
 Frerotte is an excellent choice to start this week. He should put up good
numbers against Seattle, as long as he avoids CB Shawn Springs.

 Ricky Watters , RB SEA - Rocks Updated 12/08/00
 Watters missed Thursday's practice with a turf toe injury but is expected to
play Sunday. Last time he faced Denver on Nov. 26, he totaled 203 yards from
scrimmage and scored a touchdown.

 Jeff Graham , WR SD - Martin Cuilla Updated 12/08/00
 Graham won't need dental surgery after taking a hard hit in the mouth last
week. He is listed as questionable for Sunday's game and is an extremely
risky start, especially since San Diego faces the very tough Baltimore
defense.

 Kimble Anders , RB KC - Eric Bass Updated 12/08/00
 Anders has lost the starting halfback job. Tony Richardson will reclaim that
spot, with Donnell Bennett taking over at fullback. Frank Moreau will be used
in short-yardage situations. Unless you're desperate, don't start any Kansas
City RBs.

 Steve Christie , K BUF - Hunter Shively Updated 12/08/00
 Christie was held without a point in last week's game against the Dolphins,
but don't expect the same this week against the Colts. Christie is a solid
Fantasy performer who will get his chances on Monday night in a game between
two teams fighting to stay in the playoff hunt.

 Sylvester Morris , WR KC - Eric Bass Updated 12/08/00
 Morris, who appears to be an unreliable Fantasy starter right now, told the
Kansas City Star he might be wearing down after some early-season heroics. "I
missed the majority of camp, so there's not that much wear and tear on me,
but it's still a long season," he said. "It's not so bad physically. But
every morning I get up early, earlier than I ever had to in college. In
college, you could schedule your classes. I never had a class before 10
o'clock. Now I'm (at the practice facility) by 8 every day. That's a
difference."

More Updates

 Rosters?Teams?

 [IMAGE]
[IMAGE]
 Eric Bass
 Eric Bass

  Player
  TM
  Pos
  Status
  Next
  Bye
  Wild
  FA Bid
  McNabb, Donovan
 PHI
 QB
 Active
 @CLE
  Week 16
 ?
 ?
  Smith, Robert
 MIN
 RB
 Active
 @STL
  Week 4
 ?
 ?
  Allen, James
 CHI
 RB
 Active
 NE
  Week 9
 ?
 ?
  Horn, Joe
 NO
 WR
 Active
 @SF
  Week 5
 ?
 ?
  Harrison, Marvin
 IND
 WR
 Active
 BUF
  Week 3
 ?
 ?
  Hayes, Donald
 CAR
 WR
 Active
 @KC
  Week 4
 ?
 ?
  Nedney, Joe
 CAR
 K
 Active
 @KC
  Week 4
 ?
 ?
  Ravens
 BAL
 DT
 Active
 SD
  Week 14
 ?
 ?
  Grbac, Elvis
 KC
 QB
 Reserve
 CAR
  Week 6
 ?
 ?
  Anders, Kimble
 KC
 RB
 Reserve
 CAR
  Week 6
 ?
 ?
  Davis, Terrell
 DEN
 RB
 Reserve
 SEA
  Week 9
 ?
 ?
  Morris, Sylvester
 KC
 WR
 Reserve
 CAR
  Week 6
 ?
 ?
  Robinson, Marcus
 CHI
 WR
 Reserve
 NE
  Week 9
 ?
 ?
  Lions
 DET
 DT
 Reserve
 @GB
  Week 7
 ?
 ?

Total Active Players: 8
Total Reserve Players: 6

  NFL Injuries for Eric Bass

  Updated
  Player
  Team
  Pos
  Injury
  Expected Return
 11/29/00
  Davis, Terrell
 DEN
 RB
 Leg
 Will wear a boot for three weeks and his season may be over
 12/4/00
  Robinson, Marcus
 CHI
 WR
 Back
 Out for the rest of the season

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Your site is always at http://football.commissioner.com/ene

FB10SP


I believe these are the dates you were requesting!

Mary
---------------------- Forwarded by Mary Joyce/HR/Corp/Enron on 11/27/2000
04:19 PM ---------------------------

Kelly Johnson
11/27/2000 03:37 PM
To: Mary Joyce/HR/Corp/Enron@ENRON
cc: Teresa Wright/HR/Corp/Enron@ENRON
Subject: Enron Corp.

Mary,  the Corporate Secretary database was wrong! following is the correct
information:

 7/9/85  President & COO
 11/11/85 President & CEO
 2/11/86  Chairman, President, & CEO
 10/10/90 Chairman & CEO

Brieft history lesson on name changes:

Name Changes: 04/25/30 Northern Natural Gas Company
              03/28/80 InterNorth, Inc.
              04/10/86 Enron Corporation
              04/17/86 Enron Corp.

InterNorth, Inc. and Houston Natural Gas Corporation (HNG) were competitors
until InterNorth Holdings Incorporated (IHI), a Texas corporation and a
wholly-owned subsidiary of InterNorth, Inc., purchased for cash all HNG stock
pursuant to 5/2/85 Agreement and Plan of Merger (filed and effective in Texas
7/16/85); HNG surviving corporation.  HNG stock ceased to exist and IHI's
stock was converted into new HNG stock,  making HNG wholly-owned subsidiary
of Enron Corp. after merger.


FYI.  Please add to the list.

Jim
----- Forwarded by James D Steffes/NA/Enron on 01/12/2001 05:10 PM -----

	Phillip K Allen@ECT
	01/12/2001 01:18 PM

		 To: James D Steffes/NA/Enron@Enron
		 cc:
		 Subject:

Jim,

Here are the key gas contacts.

   Work   Home   Cell

Phillip Allen  X37041   713-463-8626  713-410-4679

Mike Grigsby  X37031   713-780-1022  713-408-6256

Keith Holst  X37069   713-667-5889  713-502-9402

Please call me with any significant developments.

Phillip


Lets grap 5 minutes on this

John


Dan -

Attached are a marked and clean version of the Fee Agreement for TFS.  I have
modified the agreement to reflect that a hard copy of the BETA will be signed
and to clean up those areas discussing the online BETA.  If these changes are
acceptable, please let either me or Tana know as similar changes need to be
made to the LOI to ensure consistency.

Further, if you and Bob want to keep the Fee Agreement silent as to online
BETA's and have agreed that all BETA's will be offline documents, them I will
make the appropriate revisions to the form Fee Agreement and BETA to
accommodate this change.

Please let me know if there is anything further that you should need.

Mark
Senior Counsel, EWS
Phone:     713-345-8897
Facsimile: 713-646-3490
E-Mail:      Mark.Greenberg@enron.com


Attached is the preliminary report for March, 2001.  Please note that there
are overlays that were completed in the system TODAY, but most were completed
prior to this distribution and notification was sent at the time the changes
were made.

Please also note that I will be out of the office tomorrow, so I will make
the shortname changes in GCP this evening, after 5:p.  ERMS IT will make its
changes tomorrow morning, Friday, March 16.

Records will be inactivated on April 2, 2001.

We have made a few changes to our Name Change/Merger Notification Report - it
now has a new look and a couple of features we hope will assist you.  For
more information, please click below:

Each month now has two sheets, a summary sheet (eg Jan 01 Changes) and a
detailed sheet (eg Jan 01).
Click below for more information:

The summary sheet can be used to view all changes after a certain date.  If
you're aware of all changes up to, say, January 15th enter 01/16/2001 in cell
C6 of the Summary Sheet and click the Sort button in cell H6.  All changes
made to the report on or after January 16th will be listed automatically.
The Summary sheet may also be sorted for certain criteria - use the drop down
arrows alongside the column headers to make your selection.

This sheet contains all the information you are used to seeing, but slightly
reformatted.  Key points are:
In the case of an Inactivation, the cause of the Inactivation (eg Merger) is
listed in the Comments section
As with the previous format,
all months' reports will be sent cumulatively throughout the year
the report will be sent out twice each month, on the 15th and at the end of
the month.

It is our aim to publish the report in Livelink and to send out only the
summary sheet and a URL for the detailed report each month.  This will save a
lot of space in Lotus Notes and we hope it will streamline your monitoring
process.

We'd be very happy to receive any comments you may have.


RBowers@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List:

Total NYISO MWh for use in the denominator of your ratio share computations
are as follows:

March 2001:    13,677,199 MWh
July 2000:     14,144,257 MWh
August 2000:   14,854,861 MWh

A short-cut to computing your monthly MWh is to divide your total "fixed"
Schedule 1 or NTAC costs by the respective monthly rates.

----- Forwarded by Randy Bowers/NYISO on 08/08/01 12:31 PM -----

                    Randy Bowers
                                         To:     TIE List Server
                    08/08/01             cc:
                    12:17 PM             Subject:     Adjustments to 7/2000, 8/2000, & 3/2001 Settlement
                                         Adjustment Invoices

The NYISO will be posting invoices later today for the initial settlements
of July 2001 and the 1st settlement adjustments of July 2000, August 2000,
& March 2001.  Transmission Customers will observe the following
adjustments to their settlements.

Adjustments have been made to Transmission Customers' invoices to recover
the costs related adjustments made to customer settlements outside of the
billing process and to adjust the NYISO clearing account balance to zero
for each month invoiced.

Prior to October 2000, the NYISO recovered or refunded differences in the
revenue received from Schedule 1 charges, which were comprised of
forecasted uplift & residual adjustments, and  the costs actually incurred
by adjusting subsequent month's Schedule 1 rates accordingly.  In October
2000, the NYISO implemented a change in the tariffed Schedule 1 provisions
that allowed the recovery and refund of these costs as they were incurred.
In order to allow any changes in uplift and residual adjustments to be
settled through the settlement adjustment process, the code implemented in
October 2000 was used to report these costs to the market.  This results in
an over-collection which is being returned to Customers through an
adjustment to their monthly balances.  This billing treatment for July 2000
and August 2000 settlement adjustments resulted in credits to the market
totaling $7,700,605.23 and $32,146,310.55, respectively.  Customers where
paid their share of these adjustments based upon their respective ratio
shares of NYISO load for each month.  This adjustment provides for the
settlement of all accounts in the market in the month(s) the costs or
over-collections were realized and adjusts the NYISO clearing account
balance impact to zero for each month.

Adjustments have also been made to Transmission Customers' invoices to
recover the costs related adjustments made to customer settlements outside
of the billing process.  These adjustments totalled $964,548.42 for March
2001, $375,110.49 for July 2000 and $48,973.41 for August 2000. Customers
where allocated their share in these costs based upon their respective
ratio shares of NYISO load for each month.

Regards,
Randy A. Bowers
Manager - Customer Settlements


Kenny's comments are absolutely false or, at best,  grossly misleading.  We
need to respond to him.

The NUMBER ONE problem we have in California that is delaying our proposed
power plant developments is securing ERCs.  My discussions with Calpine
indicate that ERCs are their biggest problem as well.  (And in case someone
hasn't noticed, the two most active developers in CAlifornia are Enron and
Calpine.)  Air quality laws are definitely slowing us down, and slowing
others down, which keeps the new, cleaner plants from being developed.  As I
have mentioned before, this is actually making air quality worse in that the
older, dirtier plants are running more.  Further, if you do the math, we will
probably never make up for the dirty air that is created by keeping the dirty
plants in business because of grandfathering, while the clean plants don't
get done because of ever more rigorous BACT standards and lack of ERCs.

Having said that, I do not agree that we should send a message that we want
to relax or suspend the standards.  (However, getting 2ppm plants on line,
which will put out of business the 100+ppm plants - as Calpine indicated to
me happened in Texas - makes the point that maybe a relaxation or suspension
is the environmentally appropriate thing to do.)  All in all, though, I
believe that sucha common sense approach will go nowhere in California
because the little people in the regulatory positions as well as the public
will make sure that we pay for such a message.  Having said that, I will
repeat the key things that we should be promoting, in my opinion:  1.)  stop
the EPA from tightening the BACT standards to ever increasing levels of
insanity.  (GE will not guarantee the present, and new, EPA requirement of
2ppm, which EPA "determined" with no new operating data.  They just did it
because they could.)  2.)  Stop making up rules for RACT adjustments.  (Kelly
Brodbeck is working very hard, for example, to develop a program in the Bay
Area to retrofit boats with clean burning engines to create ERCs.  A high
level staff guy at BAAQMD "believes" that we should be RACT adjusted,
probably making the program uneconomic.  There isn't even unanimity for this
position on his staff.  However, this position if it sticks is irresponsible
in light of the fact that the boats can just keep on doing what they are
doing.  We are creating ERCs, which the BAAQMD will take a portion of in
their haircut, and in using the ERCs, we will eventually put out of business
the dirtier plants.  So, our program gets RACT adjusted and the air gets
dirtier...)  3.)  Allow for payment of mitigation fees in lieu of buying
ERCs.  There is precedent for that, but this has to be run through the SIP
and the EPA.  Again, the in-lieu fees can be used for gov sponsored ERC
developments (e.g., electric lawn mowers, electric water heaters, etc.),
which will clean the air.  I am aware that Sandy is working with the CA
legislature on this.  Go Sandy!

	Sandra McCubbin@ENRON
	05/11/2001 09:32 AM

		 To: Samuel Wehn/HOU/ECT@ECT, David Parquet/SF/ECT@ECT
		 cc:
		 Subject: California says clean air not power crisis cause

so what is the problem? CARB says there isn't one!   Think we need to
schedule some educational meetings?
----- Forwarded by Sandra McCubbin/NA/Enron on 05/11/2001 09:30 AM -----

	Mary Schoen
	05/04/2001 12:37 PM

		 To:
		 cc:
		 Subject: California says clean air not power crisis cause

Friday, May 4, 2001
?

California regulators told congressional lawmakers on Thursday that clean air
regulations are not to blame for the state's electricity shortages and said
new legislation seeking to ease air quality rules was unneeded.
Speaking at a House Commerce Energy and Air Quality Subcommittee hearing, the
head of the California Air Resources Board repeatedly said environmental
regulations should not be suspended for the sake of electricity.
"Air quality laws are not interfering with California's ability to bring new
generation on line and run existing power plants at maximum capacity," said
Michael Kenny, executive officer of the board.
When asked by Democratic lawmakers on the panel about a provision in a
pending electricity bill, the California regulator said the state did not ask
for a relaxation of clean air rules and did not need the change.
"We believe that air quality-related sections of the legislation are
unnecessary," Kenny said.
Rep. Joe Barton, the Texas Republican who chairs the energy subcommittee,
said the measures allow flexibility to states for the temporary suspension of
environmental laws. He said the key point of his bill is to ensure the lights
stay on in California this summer.
The Golden State expects to face threats of blackouts starting this month,
when air conditioning use accelerates.
Objections raised by Kenny to the Barton bill included disagreement on a
section allowing the U.S. Environmental Protection Agency to waive, when
asked by a state, the requirements of the federal Clean Air Act pertaining to
nitrogen oxide emissions.
Kenny said the state already gives flexibility on the issue and contended the
legislation would go too far and be problematic.
"The waiver applies to all new generation facilities in the state and does
not allow for consideration on a case-by-case (generating plant by generating
plant) basis, where unique local factors can be weighed," said Kenny.


Pg 10 - Commodity Logic Interfaces listed are not complete - for example
Global Databases

   Pg 12 - DCAF II Project.  We talked briefly about this before.  Why is
this project on a priority list if Commodity Logic will deliver the same
functionality?


The Contracts Project Executive Kickoff meeting has been rescheduled to Wednesday, March 14th from 3 - 4pm due to schedule conflicts.
Thank you.


This person seems confused.  Please advise.
---------------------- Forwarded by John J Lavorato/Corp/Enron on 11/07/2000 09:31 AM ---------------------------
From:	Cassandra Schultz on 11/06/2000 08:30 PM
Sent by:	Araceli Romero
To:	John J Lavorato/Corp/Enron@Enron
cc:	Brian Hoskins/Enron Communications@Enron Communications, Judy Townsend/HOU/ECT@ECT, Brad McKay/HOU/ECT@ECT, Kate Fraser/HOU/ECT@ECT, Robin Barbe/HOU/ECT@ECT, Sarah Mulholland/HOU/ECT@ECT, Sandra F Brawner/HOU/ECT@ECT, Patrice L Mims/HOU/ECT@ECT, Tom Donohoe/HOU/ECT@ECT, Andrew H Lewis/HOU/ECT@ECT, Fletcher J Sturm/HOU/ECT@ECT, Geoff Storey/HOU/ECT@ECT, Kevin Ruscitti/HOU/ECT@ECT, Martin Cuilla/HOU/ECT@ECT, Joe Parks/Corp/Enron@ENRON, Jim Schwieger/HOU/ECT@ECT, Carey M Metz/HOU/ECT@ECT, Elsa Villarreal/HOU/ECT@ECT, Steven P South/HOU/ECT@ECT, Frank Ermis/HOU/ECT@ECT, Keith Holst/HOU/ECT@ect, John Craig Taylor/HOU/ECT@ECT, Rmenear@enron.com

Subject:	3rd Request - RESPONSE NEEDED ASAP - Risk Mgmt. Compliance Certificate

John Lavorato,

Please note that from the European Natural Gas Commodity Group, I have not received a signed Certificate of Compliance from the following:

Brian Hoskins
Tricia Talpek
Judy Townsend
Brad McKay
Kate Frasier
Robin Barbe
Sarah Mulholland
Sandra Brawner
Patrice Mims-Thurston
Tom Donohoe
Fletch Sturn
Geoff Storey
Kevin Ruscitti
Martin Cuilla
Joe Parks
Jim Schwieger
Carey Metz
Elsa Villarreal
Craig Falbaum
Steve South
Frank Ermis
Keith Holst
John Craig Taylor
Robyn Menear

Please print and sign the attached Enron Corp. Risk Management Policy Certificate of Compliance and fax directly to Veronica Valdez, fax # 713 646 2194. Due to certain regulatory audits of our trading businesses, we would like to receive these by the end of this week.

Attached is a copy of the Certificate of Compliance, and the Enron Corp. Risk Management Policy.

If you have any questions, please call me at (713) 853-0429, or Veronica Valdez at (713) 853-1881.

Regards,
Cassandra Schultz
Market Risk Management


Another Government utility accordingly the restrictions to Australian weather
and power are appropriate.

From: Tana Jones@ECT on 14/11/2000 06:01 PM CDT
To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Stacy E
Dickson/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT,
Harry M Collins/HOU/ECT@ECT, David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Marie Heard/Enron Communications@Enron Communications, Robbi Rossi/Enron
Communications@Enron Communications, John Viverito/Corp/Enron@Enron, Jane
McBride/AP/Enron@Enron, Andrea Calo/SA/Enron@Enron
cc:

Subject: EOL Credit Responses 11/14/00

----- Forwarded by Tana Jones/HOU/ECT on 11/14/2000 05:00 PM -----

	Bradley Diebner
	11/14/2000 04:53 PM

		 To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Debbie
R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT,
Cynthia Clark/Corp/Enron@ENRON, Mary G Gosnell/HOU/ECT@ECT, Enron Europe
Global Contracts and Facilities, Enron Europe Global CounterParty, Stephanie
Sever/HOU/ECT@ECT, Bradley Diebner/HOU/ECT@ECT, Stacey
Richardson/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Adnan Patel/Corp/Enron@ENRON,
Claudia Clark/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Lisa
Lees/HOU/ECT@ECT, Juana Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron,
Trang Le/HOU/ECT@ECT, Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Lee
Munden/LON/ECT@ECT, Tim Davies/LON/ECT@ECT, Karen O'Day/NA/Enron@Enron
		 cc:
		 Subject: EOL Credit Responses 11/14/00

Regards,
bd


Sorry to hear about this one.

I have some observations to make from my reading (and re-reading) of the
account:

1 It looks like the old "undue influence" problem again. It seems some
attempts were made by operations to follow up, but nothing happened.

We tell our operations staff they have an obligation to dissent but we don't
have any way to protect them if they do - there is still the fear that if
they upset a trader they can get fired or held back in their career. And that
is because twice a year, at the PRC, that can happen. This incident shows
some of these attributes.

For the operations process to be effective there has to be (and be seen to
be) little significant influence from Commercial Groups over the ranking of
the operations staff.

2 Whoever signed off the new deal lists in the DPR should be asked to confirm
the basis on which they signed it.

3 Why wait for the traders to approve payments to brokers ? Brokerage is in
the P&L and if operations are satisfied the trades are accurate and brokerage
is at the agreed rate, they should simply pay the brokerage.

4 Two weeks to check telephone tapes is unacceptable - it should be done same
day. I would not have waited for the traders to do it, but I would want to
know why it took them so long.

5 Given that these (short) trades were absent from the portfolio during a
highly volatile period of rising prices, I would wonder about motivation in
addressing the position during this time. Essentially, if it had been correct
we would have been reporting losses bigger than the ones we did.

I would pursue explanations to points 2, 4 and 5.

DP

Fernley Dyson@ECT
06/12/2000 02:41 AM
To: James New/LON/ECT@ECT
cc: Richard Lewis/LON/ECT@ECT, Mike Jordan/LON/ECT@ECT, Robert
Yeo/LON/ECT@ECT, Gail Hill/LON/ECT@ECT, Ian Sloman/LON/ECT@ECT, Steve W
Young/LON/ECT@ECT, David Port/Market Risk/Corp/Enron@ENRON, Brent A
Price/HOU/ECT@ECT

Subject: Re: UK Gas late deal input and deal booking errors - o1.1m hit

James,

Thanks for the note. As described, this is an intolerable situation. I agree
your action points, but we need timelines and quantitative measures of
compliance/improvement - please could you provide a weekly update on this
area specifically and until we are satisfied that things are as they should
be.

On a more general note - let's ensure that the 'Global Standards' address the
lapses in timely action/follow-up identified here so that we can monitor
performance across the business.

Fernley

James New
09/06/2000 10:03
To: Richard Lewis/LON/ECT@ECT, Fernley Dyson/LON/ECT@ECT, Mike
Jordan/LON/ECT@ECT
cc: Robert Yeo/LON/ECT@ECT, Gail Hill/LON/ECT@ECT, Ian Sloman/LON/ECT@ECT

Subject: UK Gas late deal input and deal booking errors - o1.1m hit

On the 7th of June Gas Risk Management became aware that two'late' trades had
been entered into the gas trader's 'Blue book' which were both being booked
significantly late and had a material negative P&L impact (negative o1.1m).
The 'late' deals were done on the 3rd of February (Marcello Romano) and the
30th of March (Haakon Olafson) and were both forward starting sells for
periods in 2003-2004.

Background

1) Input errors

For some considerable time we have been concerned with the number of deal
input errors that have been occurring in the Gas area with the most
significant number coming form the UK Gas traders. Numerous errors have been
found by documentation and risk management over the accuracy and timeliness
of entering deals into the 'blue book' (the Gas traders are currently the
only traders in Europe who do not enter their own trades into the valuation
system - there is currently a big push to change this which has the support
of John Sherriff with a deadline date of 31 July).

In the past documentation and gas risk management have repeatedly highlighted
booking errors to the gas traders but the error rate has not fallen. A log of
all deal input errors has been formally maintained since the beginning of May
which highlights an error rate of 12%-15% of non EOL trades. This has been
discussed with Richard Lewis and corrective action is expected.

2) Deal booking and reconciliation process (Non EOL trades)

Deals are initially written into the 'blue book' by the gas traders when the
deal is done. This book is photocopied several times a day and the deals are
the manually input into GasDesk by documentation on the same day.

Faxed broker statements are received (usually) by documentation the next day
and these are reconciled to GasDesk with errors and amendments made by
documentation liasing with the traders as necessary. At this time brokers
were faxing one statement per trade (relevant later).

3) New Deal sign off

As part of the daily DPR process a separate new deal sheet is prepared and is
signed off by the traders to formally agree the new deals done on the day and
the implied origination P&L. For the 3rd of February Marcello signed off the
new deals sheet and for the 30th of March Jonathan Whitehead signed off.

4) Documentation convention

In the gas market the convention is that the seller sends deal documentation.
(relevant later). Documentation aim to get this out within one the day after
trade booking.

5) Brokerage invoices

Brokerage invoices are usually received monthly by settlements who then
reconcile the trades on the invoice to the valuation system to ensure the
deal is valid before passing the reconciled invoice to the traders to
authorise for payment. Any deals which cannot be found are raised with
documentation who then investigate and follow up with the traders.

Specific details of these 'late' trades

1) Summary

For both these trades no evidence can be found of receiving, or can it be
established that we did not receive, a broker statement which is a primary
control in agreeing the existence and accuracy of new OTC deals.

As Enron was the seller in both cases no documentation was received from
either counterparty which would have alerted us to the trade.

The reconciliation of the brokerage invoices was carried out by settlements
in April and was completed by the 20th with the invoices falling due for
payment on the 27th. The work practice at that time was that brokerage
invoices (including those with non reconciling trade queries) were batched
together and passed to the traders. This would have taken place on the 27th
of April. Details on exactly what was said and done in the 3 weeks between
passing these invoices to the traders for approval (although there are claims
that verbal follow up were made on a number of occasions) and when a mailed
follow up was made on the 22nd of May are hazy. What is clear is that on the
22nd of May Morgan Stanley contacted Enron to try to confirm their position
which was when it was realised that an error could well have occurred.

Over the next two weeks tapes were then checked by the traders with the deals
being booked on the 6th of June.

2) Deal specifics

EES Broker - Morgan Stanley trade on 3 Feb 2000
Trader Marcello
EES Invoice date 1 March; Invoice received before 15 March as settlements
started checking it. (Keren Perrott - settlements started on 13 March)
Discrepancies sent to documentation on 23 May (Chris Ware to Emma Thomson)
Traders contacted  on 24 May after copy of broker confirm was sent on 22 May
as requested by documentation to prove deal.
Deal entered 6 June after traders checked the tapes.

IEB Broker - NP trade on 30 Mar 2000
Trader Haakon
IEB invoice date 6 April; Invoice received before 27 April as settlements
started checking it. (Keren Perrott)
Discrepancies sent to documentation on 23 May (Chris Ware to Robert Vaughn)
Traders contacted on 24 May after copy of broker confirm was requested.
Deal entered 6 June after traders checked the tapes.

 Who was at fault and where did the control break down ?

I do not feel it is constructive to try to attach blame for what happened but
there are lessons to be learned and general observations and conclusions that
can be made and drawn.

Firstly there are major concerns over the Gas trader's accuracy and
prioritisation of booking trades. Despite numerous conversations on the
subject very little improvement has been seen. It has now got to the stage
where documentation are formally recording all errors including what the
error was and who made it. This is now being communicated to Richard Lewis
every two weeks with the aim being not only to reduce the amount of time
trade support spend correcting errors and re running DPRs but also to try to
avoid the incidence of errors such as this. The current error rate is 12% -
15% of non EOL trades. Documentation currently estimate that in 9 times out
of 10 the broker or counterparty are correct.

Secondly around a month ago we contacted brokers and asked for them to
provide us with one statement per day rather than one per deal which will
eliminate any lost statements or missed deals as it will be immediately
obvious when a statement from a broker has not arrived. Most brokers have now
changed but one or two still send one statement per trade. Reconciliation's
of these daily statements to GasDesk are evidenced.

Thirdly it has been impressed on both documentation and settlements to follow
up more vigorously (and by mail) errors and omissions on a more timely basis.
There is however a backlog or broker invoices which have have been checked by
settlements but have nto been checked or approved by the traders. This is
causing concern at the brokers who are chasing payment.

Action Points

Trading

Traders to input their own deals directly into GasDesk

Traders to improve their accuracy of deal booking

Traders to approve invoices on a more timely basis

Trade Support

Settlements to clear backlog of broker invoices

Documentation to chase brokers to send daily deal statements not individual
deal statements

All follow ups to be evidenced with mails used as appropriate

Documentation to check all trades since the beginning of the year versus the
broker records

Documentation to perform a reconciliation with all counterparties to agree
our forward position from July 2000 to September 2006 (the traded part of the
curve)


Here is the latest changes from our conference call.  Please make your
changes and send back.  Thanks
Ben


Jana,

So far, the trips were great. More to come.

Vince

Jlpnymex@aol.com on 09/20/2000 08:48:35 AM
To: Vince.J.Kaminski@enron.com
cc:
Subject: Re: Simulated Trading

Great! It will be good to see you.

How were all your trips?

jana


MEMO FROM DICK AMABILE

With the many organizational changes that have taken place recently, we have
decided to cancel the P&D Facilitator training that was scheduled for Monday,
11/13/00.  It is not likely that such training will take place before next
year and we will keep you up to date as those plans are finalized.
            Dick Amabile


----- Forwarded by Sara Shackleton/HOU/ECT on 09/18/2000 03:23 PM -----

	Mike Fowler@ENRON
	09/14/2000 10:21 AM

		 To: Sara Shackleton/HOU/ECT@ECT, PETEJ@andrews-kurth.com
		 cc:
		 Subject: BuySideDirect - Outstanding Issues

My understanding is that the following issues are outstanding with regard to
the Buy Side Direct agreements:

Buy Side Direct Agreement:

Notice - Sara is developing proposed guidelines for notification (how + who
should receive).

Indemnity (#6) - Jason and Sara will discuss.

I would encourage you to discuss these issues without me unless you prefer
that I participate.

Weiss, Peck & Greer Agreement:

Fees:  We will not be assessed any fees from WPG.  Thus, I suggest that
section 9 state this, or be removed.

Margin:  Section 14 should note that margin for our transactions through Buy
Side Direct would be maintained at our prime broker.  WPG would only request
margin if our prime broker disaffirms a trade.

Mike Minnich noted that WPG had agreed to our other comments.  Have we
received a revised WPG agreement with these changes ?

As noted below, I have asked Sheila to provide information required for the
BSD and WPG agreements.

Please let me know if there are other issues which I should be involved in
discussing.

Thanks.

Mike
x39990

---------------------- Forwarded by Mike Fowler/Corp/Enron on 09/14/2000
10:03 AM ---------------------------

Mike Fowler
09/14/2000 08:46 AM
To: Sheila Glover/HOU/ECT@ECT
cc: Sara Shackleton/HOU/ECT@ECT, PETEJ@andrews-kurth.com, Tom
Doukas/NA/Enron@ENRON, Eric Tipp/Corp/Enron@ENRON, Madhur Dayal/HOU/ECT@ECT

Subject: BuySideDirect Agreement

It appears that we are close to resolving outstanding legal issues regarding
the agreement to allow online bond trading through Buy Side Direct.   Sheila,
is your group the appropriate area to complete the Subscriber Application and
Attachment 2 documents provided below ?

We will also execute an agreement with Buy Side Direct's clearing firm
(Weiss, Peck & Greer) which will direct them to clear our trades through the
prime broker we designate.    Sheila, I will leave you a paper copy of the
preliminary version of this agreement.  Is your group the appropriate area to
complete the information this agreement requires on pages 7 and 8 -
essentially, tax ID # and account # ?

Eric / Tom, please handle any communication required with our prime broker
required before we initiate trading on Buy Side Direct.

Sara / Jason, please let me know if I am overlooking any other information
that we will require from Sheila's group related to Buy Side Direct.

(Approval from our Credit group is expected this week.)

Thanks.

Mike
x39990

To: <Mike.Fowler@enron.com>
cc: <jpeters@andrews-kurth.com>, <sara.shackleton@enron.com>,
"Lisa@Buysidedirect. Com" <lisa@buysidedirect.com>

Subject: RE: Enron-BuySideDirect Agreement

I made the two remaining changes:

1. added limits on clearly erroneous policy time limits.  We will promptly
notify other side and will make a decision within 4 hours of the issue being
raised or by 6PM whichever is sooner.
2. deleted first sentence from 5.4

I am still trying to get further resolution from WPG with regard to your
insert #6.

Please call with any questions.

Regards,

Mike
415-369-5016
---------------------- Forwarded by Mike Fowler/Corp/Enron on 09/14/2000
08:13 AM ---------------------------

"Michael Minnich" <minnich@imarkets.com> on 09/12/2000 07:00:10 PM
Please respond to <minnich@imarkets.com>
To: <mike.fowler@enron.com>, <jpeters@andrews-kurth.com>,
<sara.shackleton@enron.com>
cc: "Lisa@Buysidedirect. Com" <lisa@buysidedirect.com>,
<minnich@imarkets.com>

Subject: Enron-BuySideDirect Agreement

I apologize for the delay.  I made the changes as discussed except:

1.  I did not put a limit on the Clearly erroneous policy--not because I
didn't agree, but because I did not see an obvious answer in the Nasdaq
agreement.  I will look at it more tomorrow, but I wanted to get this to you
rather than delay further.
2.  Striking first sentence in 5.4--I have not heard back from our lawyers.
Hopefully tomorrow.

Also, I attach the broker dealer attachment 2 which you said you didn't
have.

I think we resolved most of your WPG questions.  WPG is OK with all of your
changes except Insert 6.  I will try to get further resolution as to why
they object so that you can negotiate further if you like.

If all goes well, hopefully this can be wrapped up tomorrow.

Regards,

Mike

___________________________________________
BuySideDirect LLC a subsidiary of
Intelligent Markets, Inc.

410 Jessie Street, Suite 602
San Francisco, CA 94103
(415) 369-5016 direct
(415) 369-5020 sales
(415) 369-5010 fax
minnich@imarkets.com

 - Enron BuySideDirect Subscriber Application, Version August 25, 2000.doc
 - BuySideDirect Attachment 2.DOC


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Vincent,

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

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

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

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

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


Tom ALonso
deal 557724
Bloomberg shows cp name as Arizona Public Service and enpower has Pinnacle
West
Can you please check with Tom on the correct cp name.

Thanks


I don't know what you're talking about, so I must not be the right person.

	Noveena Mathew-Joy/ENRON@enronXgate
	03/26/2001 07:17 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: ENA Footnote for 12/31/00

Tana-

I work in the Tax Department with Mark Ng and I was wondering if you had the
information on which entities will be included in the ENA footnote as of
12/31/00.  If you are not the right person to contact on this matter, I
apologize for taking up your time.  Please let me know the contact on this if
possible.

Thank you,

Noveena
ext. 5-8337


My details to Jeff and Sherri
---------------------- Forwarded by Sally Beck/HOU/ECT on 10/18/2000 10:41 PM
---------------------------

	Enron North America Corp.

	From:  Sally Beck                           10/18/2000 10:02 PM

To: Jeff Skilling/Corp/Enron@ENRON
cc: Sherri Sera/Corp/Enron@ENRON
Subject: Agenda and Speaking Points for October 24 Engagement

Thanks in advance for agreeing to speak at the Global Operations Controller
Forum that I am hosting next week.  There will be approximately 30 Enron
business controllers present at the meeting.  All have responsibility for mid
and back office operations for the following Enron entities:  Enron North
America, Enron Europe, Enron South America, Enron Global Markets, Enron
Industrial Markets, Enron Broadband Services and Enron Energy Services.
Attendees will be here from Houston, Calgary, Tokyo, Sydney, London and New
York (metals business).

Attached for your reference is the agenda. There may be some slight changes
before the forum begins, but this will give you a good idea of the topics to
be covered and the other speakers who will address the group.

You are scheduled to address the group as follows:

Date:  Tuesday, October 24, 2000
Time:  8:30 am
  (breakfast will be served at 8:00 and you are invited to join us)
Place:  The Warwick Hotel
  The Versailles Room - 12th Floor
  5701 Main Street
  Houston,  TX  77005

The group would like to hear about Enron's performance, your outlook for the
remainder of 2000 and into 2001, your viewpoint on the future of the company
and next growth opportunities, etc.  With a small group, your talk can be
informal and you do not need to prepare slides (unless you would like to do
so).  Q&A afterwards would be great.  Key speaking points that would enforce
the value of this conference for this group would be:

recognition of a job well done in supporting explosive business growth in
2000

the value you place on the jobs performed by operations controllers to ensure
integrity in mid and back office functions

the importance of tight operational controls in enabling business growth for
Enron (your loose/tight analogy would be great, as many have not heard that)

the independent control role that we play and our responsibility to "raise
the flag" on issues if needed


No not a promise but it more or less went like this:  Kathy:  "Lavo, you have
caused me a lot of grief by taking both Ryan and Chad, you wouldn't believe
the overtime I had to work.  I should get some kind of hiring bonus or
something".  John:  "Well if you go three for three you're on".

I have read that the average cost of hiring/training someone is approx
$80,000.  I am willing to accept much less than this.  Actually I don't
really expect anything I just thought I would give it a shot.

Kathy

From: John J Lavorato@ENRON on 01/19/2001 08:28 AM CST
To: Kathy Reeves/CAL/ECT@ECT
cc:
Subject: Re: Three for Three

In all seriousness, did I promise you a payment.


Bob,

I have a volume of about 713/Day at the above referenced meter.   I don't
have a deal in the system to allocate to for October (flow began on 10/11).
This is hitting my Exception report.  Please advise.

Mary


This is very confidential at this point in time.   Do not forward.     Be prepared to discuss the job that each does and what we need to do to be able to transition early monday am if not before.    Call me.   This is what I am trying to reach you about.    The assumed time frame for this is next week.

My numbers are as follows:
try this one first:    936-597-3905
or my cell: 	713-201-6135

Happy Thanksgiving,

Rod

 -----Original Message-----
From: 	Smith, Gary
Sent:	Wednesday, November 21, 2001 3:19 PM
To:	Hayslett, Rod
Subject:	FW: Accounting/Finance Department
Sensitivity:	Confidential

Here you go.  Call me if you have questions or changes.  We need to finalize this weekend if possible.

 -----Original Message-----
From: 	Cook, Kathleen A.
Sent:	Wednesday, November 21, 2001 3:17 PM
To:	Smith, Gary
Subject:	Accounting/Finance Department

Immediate Term		Future Term	Comments			Retain		Comments

David Alencastro		Erin Copeland	Maternity leave			Keith Marlow	CFO for NEPCO(?)
Biff Brannon
Amanda Camacho
Ed Chavez
William Gehle
Joe Grajewski
Tushar Kadakia
Rocio Martinez
Bob Menefee
Norma Petry
Patricia Pomrenke
Barry Walker
Blake Walker


Start Date: 3/31/01; HourAhead hour: 4;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001033104.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 4 / Preferred:  28.99 / Final:  29.00)
  TRANS_TYPE: FINAL
  SC_ID: ARCO
  MKT_TYPE: 2
  TRANS_DATE: 3/31/01
  UNIT_ID: CARBGN_6_UNIT 1

---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 3/31/01
  TIE_POINT: SYLMAR_2_NOB
  INTERCHG_ID: EPMI_CISO_DFISH
  ENGY_TYPE: NFRM


Greetings:

Recall that about 3 weeks we got a call from a CA PUC staffer asking whether
we'd switched a particular gas customer (or two) back to the LDC.  We looked
into it and discovered that we'd mistakenly switched the customer back due to
a mix up about the fact that the customer had two active meters behind two
different utilities.  We informed the PUC staffer of the mix-up and explained
that the situation would be resolved.

The questions from the staffer arose because the CA PUC made a bad decision a
couple of months ago. When gas prices ran up at the California border a lot
of large ("noncore") customers attempted to switch back to the utility tariff
in the hope of lowering gas costs.  In response, SoCalGas filed with the
Commission asking the PUC to prohibit customers from switching back.  The
Commission agreed and put the prohibition in place.  The Commission is now
concerned that if suppliers terminate their contracts with customers (for
whatever reason), or choose not to renew the contracts when they expire,
customers won't have the option of returning to LDC service.

Today, I received a letter from the President of the Commission asking me to
respond to the following:

Have you "stopped selling and delivering natural gas to any non-core
customers with whom you have an existing procurement contract, or...notified
any of your non-core customers that you do not intend to renew an existing
natural gas commodity procurement contract.  If your company has stopped or
intends to stop serving non-core customers, the CPUC also needs to know

how many contracts you have terminated or expect to terminate
the natural gas volumes involved
the location of the non-core customer(s)
the reason(s) your company intends or has already acted to terminate those
contracts."

There's a good chance that the letter from the President of the Commission is
linked to the fact that we've recently switched our electricity customers
back to utility service in California.

Prior to deciding whether and how to respond to the Commissioner, I'm trying
to get handle on whether we're re-sourcing any gas retail customers to the
utility prior to expiration, choosing not to renew contracts once they've
expired, etc.  Catherine, or Jim Foster, can you help out?  Thanks.

Best,
Jeff


- 1-23-2002.xls


Jana Phillips
Marketing Manager
New York Mercantile Exchange
1000 Louisiana Street, Suite 1095
Houston, TX 77002

Phone: (713) 658 9296
Fax  : (713) 658 9393
Jlpnymex@aol.com


Mike,

She is Yana's   friend.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 09/29/2000
05:44 PM ---------------------------

Shirley Crenshaw
09/07/2000 09:22 AM
To: Valeria.I.Stone@EXXON.sprint.com @ ENRON
cc: Vince J Kaminski/HOU/ECT@ECT, Kevin Kindall/Corp/Enron@ENRON, Grant
Masson/HOU/ECT@ECT, Tanya Tamarchenko/HOU/ECT@ECT
Subject: RE: Informal Exploratory Interview with Enron Research Group

Correction!  Friday the "8th" not the "9th"

Thanks!

---------------------- Forwarded by Shirley Crenshaw/HOU/ECT on 09/07/2000
09:15 AM ---------------------------

Shirley Crenshaw
09/07/2000 09:11 AM
To: Valeria.I.Stone@EXXON.sprint.com @ ENRON
cc: Vince J Kaminski/HOU/ECT@ECT, Kevin Kindall/Corp/Enron@ENRON, Grant
Masson/HOU/ECT@ECT, Tanya Tamarchenko/HOU/ECT@ECT
Subject: RE: Informal Exploratory Interview with Enron Research Group

Valeria:

3:30pm tomorrow the 9th will be fine.  We will have to change the schedule
a little bit, but I believe it will work.

Kevin Kindall   3:30 PM
Grant Masson   4:00 PM
Tanya Tamarchenko  4:30 PM
Vince Kaminski  5:00 PM

Same scenario - upon arrival in the lobby go to the security desk and ask
for me.  I will meet you in the lobby of the 19th floor.

Thanks so much for your flexibility!

Shirley Crenshaw

Valeria.I.Stone@EXXON.sprint.com on 09/07/2000 08:56:24 AM
To: Shirley.Crenshaw@enron.com
cc:
Subject: RE: Informal Exploratory Interview with Enron Research Group

         Date: September 7, 2000
         From: Stone, V.I. (Valeria)                       VISTONE  - AMERICAS
           To: EXT-SHIRLEY.CRENSHAW(A)ENRON.CO             SHIRLEC1 - FPEXMAIL
      Subject: RE: Informal Exploratory Interview with Enron Research Group
------------------------------------------------------------------------------
Sure, tomorrow is fine with me.  Is it possible to schedule it at 3:30 PM?

And I am sure it is not an easy task to fit the schedule of several people to
be available at the same time window.  So please feel free to let me know if
you will need to do another time adjustment.

-----Original Message-----
From: EXT-SHIRLEY.CRENSHAW(A)ENRON.CO
Sent: Thursday, September 07, 2000 9:47 AM
To: Stone, V.I. (Valeria)
Subject: RE: Informal Exploratory Interview with Enron Research Group

Valeria:

Please do not think we are always this unorganized, but things just seem
to be happening right now and it is disrupting everyone's schedule.

Would you possibly be able to come tomorrow the 8th?  Kevin Kindall
will not be here on the 15th and he would definately like to interview you.
Then Vince Kaminski will be gone for two weeks after the 15th.  It seems
like tomorrow might be the best time for everyone, if it is for you.

We can begin the interviews at 3:00 PM and probably end them at 5:00
or 5:30 pm.

Please let me know.

Thanks so much for your understanding.
[Stone, V.I. (Valeria)]  :
Regards,

Shirley Crenshaw

Valeria.I.Stone@EXXON.sprint.com on 09/07/2000 07:46:13 AM

To:   Shirley.Crenshaw@enron.com
cc:
Subject:  RE: Informal Exploratory Interview with Enron Research Group

         Date: September 7, 2000
         From: Stone, V.I. (Valeria)                       VISTONE  -
AMERICAS
           To: EXT-SHIRLEY.CRENSHAW(A)ENRON.CO             SHIRLEC1 -
FPEXMAIL
      Subject: RE: Informal Exploratory Interview with Enron Research Group
------------------------------------------------------------------------------
[Stone, V.I. (Valeria)]  0
Definitely - any of these days sound good to me.  The only concern that I
have, is that I have my graduate class on Thursday night at 6 PM which is
September the 14th.
So if you will schedule the interview on the 14th of September, I would
need
to leave around 5:15 PM so I could attend  my  class.

It actually might be more convenient for me to meet with the interviewers
on
the 15th of September.  If this day does not fit the schedule of any of the
interested in interviewing individuals, I surely will be able to meet with
them on the 14th.

I will be looking forward to your reply.

Sincerely,

Valeria Stone

-----Original Message-----
From: EXT-SHIRLEY.CRENSHAW(A)ENRON.CO
Sent: Wednesday, September 06, 2000 4:32 PM
To: Stone, V.I. (Valeria)
Subject: RE: Informal Exploratory Interview with Enron Research Group

Valeria:

Would you be able to do the interview on the 14th or 15th instead of the
13th?  Vince Kaminski, who would really like to interview you, has been
called out of town on the 13th.  He will be back on the 14th.

Also Grant Masson is conducting an Options Seminar on the 13th and
would not be able to interview you until after 5:00 PM.

Please let me know if we can just push the interview to the same time
frame only on the 14th or 15th.

Thanks!

Shirley Crenshaw
713-853-5290


Yan will be out of the office today to attend to some personal business.


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http://www.ardorny.com/apartmentsearch/index.asp  and register as a new
member.

=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=
>>> Have your friends and colleagues SUBSCRIBE to our FREE weekly updates and
receive a $25.00 INTSTANT REBATE off our commission towards your next
apartment rental FOR EACH SUBSCRIBER ($500.00 maximum for 20 or more
referrals) when we act as the principal broker in consummating your rental
deal on any of our exclusive apartments. There is NO expiration date to our
offer! Here is how you do it:
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with the word SUBSCRIBE in the subject line (not the text body!) of their
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=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=
>>> To stop receiving our updates, please reply to this email and type the
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receive our updates. Otherwise we will not be able to locate and remove your
information from our database.
=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=+=
Information contained herein has been obtained from the owner of the property
or from other sources deemed reliable. However, no warranty or guarantee,
either express or implied, is made with respect to its accuracy All
information is subject to change without notice and/or prior leasing.


-----Original Message-----
From: Fletcher, Thomas
Sent: Thursday, July 13, 2000 8:42 AM
To: Walker, Cole; Jackson, Todd; Abbott, Todd; Susie, Catherine;
Weygandt, Andrew; Dewey, Daniel; Glover, Rusty; Beard, Jaime
Subject: FW: kind of neat! Alumni

-----Original Message-----
From: Eric Wilson [mailto:ebwilson72@hotmail.com]
Sent: Wednesday, July 12, 2000 5:13 PM
Subject: Fwd: kind of neat! Alumni

>From: "Jana Haggard" <janah21@hotmail.com>
>To: eve.marek@wcom.com, charlottehamil@hotmail.com, Coreyswift@hotmail.com,
>ebwilson72@hotmail.com, adflower@hotmail.com, Leslye@netcommander.com
>Subject: Fwd: kind of neat! Alumni
>Date: Thu, 06 Jul 2000 06:42:12 PDT
>
>
>>>>> > Someone has put together a listing of? every High
>>>>> > School in America. You go to your
>>>>> > state, pick your
>>>>> > city, then pick your school and
>>>>> > year
>>>>> > and add your name
>>>>> > and contact point and you can
>>>>> > contact
>>>>> > anyone from your
>>>>> > class that is already there.
>>>>> > Whoever
>>>>> > did this was very
>>>>> > thorough.
>>>>> > http://www.highschoolalumni.com/
>>>>> >
>>>>> > Be sure to forward this to
>>>>> > everyone
>>>>> > you know...the
>>>>> > more people you send it? to, the
>>>>> > faster this website
>>>>> > grows and the quicker you find
>>>>> > your
>>>>> > former classmates!
>>
>>
>>Phillipines 4:13
>>
>>Rick Reding
>>rdreding@hotmail.com
>>reding_videography@prodigy.net
>>
>>
>>
>

________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com


All -

Please refer to the attached credit worksheet for terms to be included within
the confirmation of trades Q36157, Q36441, and Q36442.  Please let me know if
you have any questions.

Thanks,

Jay


Thought I'd mix it up a little and send you a completely unrelated document
yesterday....what fun! Anyway, sorry for the mix-up - I was on autopilot.
Here's the updated EES spreadsheet through Sunday, Feb. 18. Call with
questions.

Thanks,
Kate
503-464-7486


Questions for Hunter:
1. What are the position limits for the traders on the central desk, maximum
long or short?
2. What are the steps to evaluating a trade with a third party?
3. How does a trader set their curves?  What information/knowledge is
required?
4. What information or tools, besides NYMEX, do you use to gage the market?

Carrie, that is all I can come up with right now, I will keep thinking and
let you know if anything comes up.
PL


I called the Committee lawyers and Andy Black and left a voice mail
indicating that you wanted to hear Chairman Barton's views on section 102 and
revenue sharing.

The attached "Good" language is still being worked on, but Dan and I find it
generally acceptable.  The subcommitte print contains the correct pagination
for section 102.

Second Issue:  Linda and I wopuld like you to talk to Sen. Wyden about his
tendency to attack Enron and other marketers given that we have worked with
his office to develop transparency legislation.  I'll discuss with you once
you catch your breath.


Actually, Bob was handling and he knows you will handle.  I believe that this
master was based upon the Cargill, Incorporated master.  SS

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

	Cheryl Nelson@ENRON
	Sent by: Cheryl Nelson@ENRON
	01/08/2001 05:49 PM

		 To: sara.shackleton@enron.com
		 cc:
		 Subject: Cargill Alliant

We discussed the possibility of my working on this -- we planned that you
would talk to Mary about it first.  Let me know the outcome.

I am already working on Cargill, Inc.   I am in the process of talking to
Mara Alexander.


Please note a correction regarding the Alternative Dispute Resolution
November 28th meeting listed in the November Bar Bulletin Calendar.

The correct program and speaker information for the November 28th meeting
is:

Arnold T. Shienvold, Ph.D., BCFE, Attorney, Mediator and Trainer, will
present "Mediation With High Conflict Parties."

ADR Section
Date: Wednesday, November 28
Time: 7:30 a.m.
Place: The Houston Center Club, 1100 Caroline, 11th Floor
Cost:  $15 for ADR Section members with paid reservation by November 26th;
$20 for non-members or members without paid reservations; 1 hr. MCLE.
Program:  Arnold T. Shienvold, Ph.D., BCFE, Attorney, Mediator and Trainer,
will present "Mediation With High Conflict Parties."
Information: For reservations, send check by November 26th payable to the
Houston Bar Association, to Michael S. Wilk, Hirsch & Westheimer, P.C., 700
Louisiana, Suite 2550, Houston, Texas 77002 or call Judy K. Dougherty (713)
521-9551 for more information.

Please accept my apologies for the mistake.

Sincerely
Karen Vila
HBA Communications


With Ken Lay's resignation, you undoubtedly have questions about Enron's management structure and what lies ahead for the company.  The purpose of this communication is to begin to answer those questions and lay out the direction we plan to follow as we regroup and rebuild.

First, the Creditors Committee has proposed that the Board of Directors retain an interim CEO to focus on the restructuring process.  This is a positive sign that the Committee believes Enron will provide greater value as a viable ongoing business.

The Enron Board of Directors has approved Stephen Cooper as interim CEO and chief restructuring officer.  Steve is the managing partner of Zolfo Cooper, a corporate recovery and crisis management firm with more than 30 years experience leading companies through operational and financial reorganizations.

Steve and his firm will work with members of Enron's current management to develop and implement a comprehensive plan to restructure the company and emerge from bankruptcy.

As you know, Enron has entered into an agreement with UBS Warburg for the sale of NetCo, Enron's wholesale gas and power trading organization.  In preparation for the transition of NetCo to UBS, Greg Whalley has resigned as president and COO of Enron to assume a position with UBS Warburg.  We want to thank Greg and the NetCo employees joining UBS for their contributions to Enron and wish them great success going forward.

In addition to engaging Steve, Enron has formed an Office of the Chief Executive.  I will join Steve in that office as president and chief operating officer, and Ray Bowen will join us as executive vice president and chief financial officer.

We will provide additional information regarding the roles and responsibilities of Enron's entire management team once those become more fully defined.

Thank you for continuing to support Enron by performing your job everyday.  The ongoing uncertainty about our future, coupled with the constant media scrutiny, makes this situation difficult for all of us. While no one can control the media, we can and will define our leadership and devise our strategy for moving ahead.  And in doing so, we will build a more certain future for our company and our employees.

Link to the press release: http://www.enron.com/corp/pressroom/releases/2002/ene/012902Release.html


Today was the final ENA PRC.  Relative ranking results up through the Senior
Director level are final.  You and your management team can begin the process
of giving performance reviews to your employees.  I spoke with Sheila Walton
today to inquire about an expected time frame for completing and conducting
the employee reviews.  She indicated that the target completion date should
be the end of July.

Promotions will be effective August 1st.  It is Dave Delainey's intent to
announce ENA promotions sometime after he returns from vacation on July 24.
This drives the end of July target completion date for reviews.   I do not
yet know if Delainey wants all ENA promotions to be announced in a single
memo, or if each group within ENA will prepare such a memo.  I will keep you
updated on this as I get direction from him.

Please note the following change since our Energy Operations PRC in June.  In
order to place focus on the qualitative feedback during this mid-year review
process, we will not share performance clusters with employees when
conducting their reviews.   It is very important for all of us to be
consistent in this process, so please communicate this to all in your groups
who will be giving performance reviews.  It is important to note, however,
that the content of an employee's review should be consistent with our view
of that employee's relative ranking.  In other words, an employee in the
Satisfactory category should not be given a review that simply states that
the employee is doing a great job.   Clearly, a large number of employees
performed at a higher level than those employees in the Satisfactory
category, so the feedback to that employee should include some specific areas
of improvement needed in order for the employee to make a stronger impact in
the organization, help you achieve the groups goals, etc.

Also please note the following:

Performance reviews for anyone in the Satisfactory, Needs Improvement or
Issues categories must be reviewed by HR prior to these reviews being given
to the employees.  This will ensure that our feedback is commensurate with
the relative performance of that employee.  (This has been the stated process
for the bottom two categories, and we are adding Satisfactory to this process
as well.)
Please remember to include a more experienced member of your management team,
yourself, or an HR professional in reviews being conducted by inexperienced
members of your management team, or those management team members where you
have a concern over their ability or willingness to deliver candid and
perhaps tough performance feedback.  I believe that we have spent some time
in identifying these situations.  I ask your help to ensure that we follow
through on this commitment.

Thanks for all of your efforts in making this mid-year PRC process a
meaningful one.

It is Dave Delainey's intent to announce It if 0