1. Class next week is one of two places.

A) Saturday 11-2 in C230.  Section will follow.  We will have only 15 minutes
for lunch, so please bring a brown bag and do not count on visiting a
restaurant.
        or
B) Wed. in C230 at the regular time (but a larger room).
        There will not be class on Thanksgiving.

2. Please read the attachment in Word 6 (or plain text below) before class
next
week.

3. Also read "The Open Economy" and "The Open Economy in the Short Run,"
Mankiw
Chapters 7&11
Homework #5:
Prepare Mankiw problem 5, p. 213 for class.
i.      Explain the claim that "Countries that run persistent trade
deficits are
also net borrowers."
ii.     Why is monetary policy less effective with fixed exchange rates than
with flexible?
iii. Why is fiscal policy less effective with flexible exchange rates than
with
fixed?

David Levine    November 18, 1999
B.A. 201B       Macroeconomics

        Some Open Economy Macroeconomics

        Accounting:  Recall that Net Exports = NX = Exports - Imports.
Also, in
an open economy, Y = C + I + G + NX.  When exports rise, foreigners buy more
of
our output; thus, aggregate demand for domestically produced goods rises.
When
imports rise we are buying from foreigners, so imported purchases do not enter
domestic aggregate demand.

        NX = trade surplus = -trade deficit = net borrowing from abroad.  When
NX is negative (imports > exports), we have a trade deficit.  This is financed
by borrowing from abroad.  To a first approximation, when the US spends more
on
exports than it earns on imports, it needs to borrow to make up the
difference.

        The trade deficit is not exactly equal to borrowing from abroad
because
of the returns from net foreign assets.  When the US was a creditor nation, it
also made money on its investments abroad--this income permitted a modest
trade
deficit without borrowing.  Now, as a debtor nation, a modest trade surplus is
required to avoid the need for new borrowing.  (We are also ignoring
government
buying and selling of currencies.)  The Current Account Surplus = Exports -
Imports + interest and profits received from net foreign assets.

        Exchange rates:  An exchange rate is the price of one currency in
terms
of another.  For example, a French Franc (FF) costs 15.7? yesterday, while it
was 10? when I traveled in France in 1985.

        The US currently has floating exchange rates, meaning that the value
of
the dollar fluctuates.  The is about 105.8 yen today, but has varied from
103.76 to 124.44 in the last 12 months.  Thus, the dollar bought fewer yenit
weakenedover much of the last year.

        Under fixed exchange rates there would, in principle, be no day-to-day
changes in the exchange rate.  The Federal Reserve would buy and sell dollars
and foreign currencies to keep the exchange rate fixed.  The float is a little
bit "dirty," since the Fed and other central banks intervene on currency
markets (i.e., buy and sell dollars) to affect the value of the dollar.

        Unlike the U.S., most nations in the world fix their exchange rates
with
someone.  A few dozen use common currencies: the West African Franc is used by
many former French colonies and Panama uses the $U.S.  Other countries such as
Argentine or Hong Kong promise to keep as many U.S. dollars (or DM) as they
have circulating currency; this "currency board" arrangement makes a fixed
exchange rate credible because if folks want to sell the local currency, there
are always dollars or DM to redeem them.

        The value of the dollar: Many factors affect the value of the
dollar: US
and foreign aggregate demand, U.S. and foreign interest rates, speculative
bubbles, and so forth.  The dollar becomes stronger (i.e., can buy more of a
foreign currency) when US real interest rates (r) are high.  If r is high,
then
foreigners want to buy dollars in order to put them into US banks and receive
the high interest rate.  When the demand for dollars goes up, so does its
price
in terms of foreign currencies -- it gets stronger.

The net demand for dollars is low and the dollar will depreciate (weaken)
when:

     *  Foreigners don't want to buy U.S. goods (U.S. exports low, foreigners
importing little);

     *   US want to buy foreign goods (U.S. imports high, foreigners
exporting a
lot).  US AD high implies leakage to foreign markets, IM high.

     *  Foreigners don't want to buy U.S. assets, often when U.S. interest
rates
are low.

     *  U.S. wants to buy foreign assets, often when foreign real interest
rates
are high.

     *  People think $ will get even weaker.  This adds a speculative
dimension,
so speculative bubbles sometimes appear to be important, as are expectations
of
foreign or US changes in policy.
David Levine    Macroeconomics
November 18, 1999

        A Morality Play of International Trade

Chris and Pat were having a conversation one day upstairs at Kip's.

Chris: Pat, I don't see how you can be for free trade.  If Taiwan grows faster
than us, we will lose.

Pat: Chris, you clearly do not understand the great economist Ricardo's idea
of
Comparative Advantage.

C: That's for sure, I don't.  Wazzat?

P: Comparative advantage is what you are least worst, or most best at.  For
example, this great entrepreneur whose name escapes me was the world's fastest
typist, but hired a secretary nevertheless.  He was perhaps 5 times as
productive as she was as an entrepreneur, but only 3 times as productive as a
typist--thus, he had absolute advantage in both, but she had comparative
advantage in typing.

C: So what does that have to do with free trade?

P: An example may clarify.  Step over to this handy blackboard, and let me
write a bit.  First, imagine a world with two countries, the US and Taiwan,
and
two goods, computers and wine.  Further, assume that labor is the only input
into production.  Each country has 100 hours of labor.

First consider a case with no trade, when each nation's output equals their
consumption:

                        USA WITH NO TRADE

        Product                 Productivity            Output

        computers               30 hrs / PC              2
        wine                    2 hrs / bottle          20

          total hours = 30 * 2 + 2 * 20 = 100

                  TAIWAN WITH NO TRADE

        Product              Productivity               Output

        computers               10 hrs / PC              8
        wine                    1 hrs / bottle          20

          total hours = 10 * 8 + 1 * 20 = 100

Note that Taiwan makes computers in 1/3 the US time, and wine in 1/2 the US
time.  Thus, Taiwan has absolute advantage at both wine and computers.  Taiwan
has comparative advantage (is most best at) computers.  US has comparative
advantage (is least worse at) wine.

Now let's see what happens if we permit trade.  The US will specialize in
wine,
what it is best at.  The world price will be about 12 bottles of wine per PC
in
the world with trade.

                     USA WITH TRADE

        Product         Productivity            Output    Consumption

        computers               30 hrs / PC              0        2
        wine                    2 hrs / bottle          50        26
        wine                    2 hrs / bottle          50        26

          total hours = 0 * 30 + 2 * 50 = 100
          consumption of wine = production - 24 sold to Taiwan
          consumption of computers = 2 bought from Taiwan

                   TAIWAN WITH TRADE

        Product         Productivity            Output    Consumption

        computers       10 hrs / PC             10          8
        wine            1 hrs / bottle           0         24

          total hours = 10 * 10 + 0 * 1 = 100

Both countries receive at least as much of both goods after trade.  (The exact
price with free trade, and therefore the amount of consumption in each
country,
depends on the demand elasticities in the two countries and other factors.)
Thus, in a world of comparative advantage, trade helps both countries!
Nations
should specialize in what they do best.  Complete specialization, as in this
example, is an extreme case. As Adam Smith pointed out 200 years ago,
specialization permits all to grow wealthier.

C: Your argument assumes quite a bit.  Implicit in your example is the
assumption that when the US quits producing computers, all of those Cory-hall
types be magically transformed into Vit & Eno majors from Davis.  If we are in
a recession, then the computer workers who lose their jobs won't get new jobs;
policies to protect our domestic industry can avoid unemployment and increase
aggregate demand.

P: You are recommending "beggar-thy-neighbor" policies, since any gain in our
demand is offset by losses to our neighbors'.  If we get started on that tack,
the whole world loses.  Not everyone can increase demand by restricting
imports!

C: Even without the macroeconomic problem, there is still the unemployment
caused by free trade destroying industries.  How will all the ex-computer folk
get the skills to make wine?

P: You are correct, and both US computer makers and Taiwanese wine makers
(both
companies and employees) prefer not to have trade in the short run.  The point
is that the winners (i.e., US wine makers, Taiwanese computer makers, and
consumers in both countries) win more than the losers lose.

C: If free trade brings so many benefits, then it should bring enough
prosperity to compensate the losers.  It is not fair to the computer workers
that they bear the cost of adjustment.  It makes sense to tax some of the
winners, and pay some subsidy to help the losers retrain.

Full employment is not your only key assumption.  You also assume that markets
are competitive, so that firms make no monopoly profits.  In fact, it appears
that some industries make big profits.  When we lose market share in these
industries, the capital flows to a less profitable industry.

P: Again, I must grant your point that there are monopolistic industries and
most Americans would rather the monopoly profits stay at home.  In general,
free trade eliminates monopoly profits, and will help consumers enormously.

C: Yes, but in addition to there being high-profit industries, there are
high-wage industries, so workers care which industry they are in.  When we
lose
market share in these industries, the workers move to industries with lower
pay
and lower productivity.  Autoworkers who become hamburger flippers are not
making a marginal switch to their next best-paying job.

For example, Boeing has traditionally made big profits, and paid its workers
well.  When Europeans subsidized Airbus and we lost airplane manufacturing
jobs, we lost both those high profits, and the workers had to move to
lower-wage employers.

P: I agree that it is theoretically possible for subsidies to increase a
nation's welfare, if the subsidies bring oligopoly profits and high-wage jobs.
Nevertheless, it would be better for everyone if nobody subsidized, and
markets
were more competitive.  In the US today, both imports and exports are mostly
made in high-wage jobs.  Thus, we should favor the expansion of trade, not
restrictions.

C: Your hypothetical situation is irrelevant, since other nations are
subsidizing.  Japan is famous for protecting its industries until they become
big enough to compete internationally--then, watch out!

P: Do you really think that the US steel, auto and computer industries are too
small to compete internationally?

C: Well, I have to admit that USX, GM and IBM are not what one usually thinks
of as part of infant industries.  But the Japanese also subsidize industries
and dump exports below cost in order to drive competitors out of business.
Once they have a monopoly, then they really gouge.

P: Have the Japanese really increased prices of color TVs, RAM chips, or other
goods?  Anti-dumping laws primarily mean that foreigners are not allowed to
cut
prices--price cuts that would benefit US consumers.

Even with an uneven playing field, I disagree with you.  As usual with
protectionists, you ignore consumers.  When European subsidies created Airbus,
Airbus made the market for passenger aircraft much more competitive.  US
consumers won in terms of lower airfares--something you forgot to stress in
your arguments about Boeing's loss of high profits and high-wage jobs.

I am very suspicious of these claims that we need to protect all sorts of
industries, since it gives companies enormous incentives to pour money into
lobbying.  The large firms of the US steel industry have been incredibly
successful at lobbying for protection.  This protection has mostly protected
an
inefficient oligopoly, at great cost to US consumers.

C: But we sometimes need protection as a stick, to beat foreigners into
opening
their markets to us.

P: While protection can be a stick, it is not easy to wield.  It seems most
likely to lead to a trade war, where retaliation by foreigners leads them to
close markets to us if we restrict trade.

Usually when we run protectionism, it is in the form of the misnamed
"voluntary" export restraint (VER), like the one that we have with the
Japanese
for automobiles.  These basically require the foreigners to form a cartel,
lower sales, and increase price.  I do not know why the US government helps
foreigners run cartels that hurt US consumers!  Anti-trust policy is supposed
to restrict cartels.  The auto VERs cost consumers over $100,000 for each
US job
that is saved.

C:  Well, I am not convinced.  All of your arguments concerning the advantages
of free trade are based on this notion of comparative advantage, which you
assume is somehow granted by nature.  In today's high-tech industries,
comparative advantage is won by experience in producing complicated
technologies, not by weather or natural resources.

P: If comparative advantage is won by experience, then experience in producing
becomes a sort of investment.  Why can't US firms undertake investments that
are profitable?  You cannot seriously believe that IBM is too small to compete
with foreigners.

C: But there are spillovers from one industry to another.  The experience of
Silicon Valley, for example, shows that when one part of high-tech does well,
other parts learn from it and do well also.

Even your economists have always agreed that when there are positive
externalities that there is a role for public subsidies.  For example, an
innovating firm rarely captures all the gains of its research and development.
In the example above, when new computer technologies are developed, only the
Taiwanese will be able to develop the new products based on their expertise in
PC manufacture.

P: I agree that companies providing positive spillovers should be encouraged.
I think that support of university research, coupled with an R&D tax credit
makes more sense than protectionism.

You, on the other hand, seem to be promoting an "industrial policy," in which
the government picks winners to promote.  Didn't the billions of dollars that
France and Britain poured into the Concorde supersonic transport, as well as
wastage of the US with Synfuels synthetic gasoline teach you that industrial
policy won't work?

C: Well aren't you self-righteous.  The US has always had a multitude of
vigorous and expensive industrial policies, they have just gone under a
variety
of other names and have never been coordinated to work together.  Agriculture
receives billions in subsidies, steel and textiles have quotas on imports,
Lockheed and Chrysler received government-backed loans, and housing gets the
mortgage interest deduction.  Perhaps most importantly, a vast proportion of
our research is funded by the military, which has always looked to advantages
for certain industries.

All I want is a rational and democratic industrial policy.  We should
coordinate
our goals, and choose our subsidies more democratically and in ways that do
not
work to cross-purposes.  For example, any bailouts or protection from imports
should be short run, and explicitly tied to promises to invest in new
machinery
and new skills for workers.  New technologies to be promoted should be chosen
by democratically-chosen representatives, not by nameless bureaucrats at DARPA
(the Defense Advanced Projects Research Administration)--an agency almost
nobody has heard of.

P: I would just as soon cut subsidies to all those industries as adjust what
subsidies I give.  Nevertheless, I grant you that if subsidies are given they
should at least include promises from the industry and its workers to invest,
not just enjoy high current wages and profits.

C: You're starting to talk sense now.  We must always keep in mind that
America
needs high tech to maintain its competitiveness.

P: I don't understand this word "competitiveness."  I, like you, would like US
productivity to grow quickly so that we are more prosperous, and have more
resources to care for the disadvantaged, the environment, and so forth.  I
care
about the absolute level of US growth, not the relative level.

C: But if the US growth more slowly than Japan, we will lose our standing as a
world power!

P: I am not thrilled about any nation being overwhelmingly powerful.  It is ok
with me if the US must consult with its allies before invading various small
open economies.

C: Well, I have won enough points from you that I should probably stop.  You
agree that (at least in theory) protectionism can help keep high-profit,
high-wage, and high-spillover industries at home, and raise national output.

P: I must agree in theory, and also remind you that the industries have
political clout to receive protectionism are often the worst-run.
Furthermore,
any protectionist policy leads to the risk of trade wars, and they make
everyone
worse off.

C: Hey, that's enough economics talk.  Let's go have a beer--Anchor Steam, not
Beck's. - INTLHND99a.doc

David I. Levine                 Associate professor
Haas School of Business    ph: 510/642-1697
University of California    fax: 510/643-1420
Berkeley CA  94720-1900                            email:
levine@haas.berkeley.edu
http://web.haas.berkeley.edu/www/levine/


we are good, only 1.3 contract difference!

Robin Rodrigue
06/07/2000 06:07 PM
To: Ryan Watt/CAL/ECT@ECT
cc:

Subject: Re: Post Id's 6/7/2000

---------------------- Forwarded by Robin Rodrigue/HOU/ECT on 06/07/2000
07:05 PM ---------------------------

Robin Rodrigue
06/07/2000 07:06 PM
To: Nicole LaPorte/CAL/ECT@ECT
cc:
Subject: Re: Post Id's 6/7/2000

Here are your positions.  Hopefully we look as good as last night.

Thanks,
Robin

Nicole LaPorte
06/07/2000 05:02 PM
To: Robin Rodrigue/HOU/ECT@ECT, Rahmaan Mwongozi/Corp/Enron@ENRON
cc:
Subject: Post Id's 6/7/2000

Hi Robin,

Here are today's Post Id's:

EGSC - 803771
ERMS - 803772
OPT - 803777
C - 803815

I'll call once we're official.

Thanks,
Nicole


Jeff,

Sorry for the slow response.

I don't have a strong opinion either way.  I am fine with the combo idea.

In the future, please let me know if something has a short fuse.  I am still
slower on email but I do respond very quickly to voicemail.  I am almost
caught up on back log emails but this will probably never by my first and
best way to communcate.

Thanks,
Mike


This is a test to see if you are checking your e-mail these days.  I have a
feeling that you have not been, due to your board presentation last week.
Mike M. tells me he will be up there today - hope that goes well for you
guys.  I really think there could be something there.  Please give me a call
sometime soon.  Things are going well here and we have been quite busy.  Give
me a call sometime.  The number is (713) 853-7998. See ya!
Ben


Thank you for your request. You will be notified by email when your request
has been processed. You can check the progress of your request by clicking
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000034923&Page=
MyReq.


Lets talk at 9:30, if only to reschedule

 -----Original Message-----
From: 	"Starbird, Zack" <zack.starbird@mirant.com>@ENRON [mailto:IMCEANOTES-+22Starbird+2C+20Zack+22+20+3Czack+2Estarbird+40mirant+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, September 11, 2001 9:19 AM
To:	Sanders, Richard B.; sheryl_gussett@reliantenergy.com@ENRON
Cc:	cecklund@llgm.com; hkelly@reliant.com; hughricekelly@reliantenergy.com; Wilson, Jay; jklauberg@llgm.com; Mellencamp, Lisa; Tribolet, Michael; rmichelson@mdbe.com; sgussett@reliant.com; thoulihan@mdbe.com; wbates@mdbe.com; Starbird, Zack
Subject:	RE: E-MAIL FROM THOMAS E LAURIA re: conference call

This is clearly a crisis of international proportion.  We will obviously
defer to the moment.

At the risk of sounding irreverent, however, timing in California remains
critical.  We would very much like to have Enron on board in the event we
file an involuntary petition today or early tomorrow.

-----Original Message-----
From: Sanders, Richard B. [mailto:Richard.B.Sanders@enron.com]
Sent: Tuesday, September 11, 2001 10:01 AM
To: sheryl_gussett@reliantenergy.com@ENRON
Cc: cecklund@llgm.com; hkelly@reliant.com;
hughricekelly@reliantenergy.com; jay.wilson@mirant.com;
jklauberg@llgm.com; Mellencamp, Lisa; Tribolet, Michael;
rmichelson@mdbe.com; sgussett@reliant.com; thoulihan@mdbe.com;
wbates@mdbe.com; zack.starbird@mirant.com
Subject: RE: E-MAIL FROM THOMAS E LAURIA re: conference call

Our attys are at Lebouef, Lamb in New York. I cannot get them by e-mail
or phone.. We probably need to postpone.
>  -----Original Message-----
> From: 	sheryl_gussett@reliantenergy.com@ENRON
> [mailto:IMCEANOTES-sheryl+5Fgussett+40reliantenergy+2Ecom+40ENRON@ENRO
> N.com]
> Sent:	Tuesday, September 11, 2001 8:53 AM
> To:	Sanders, Richard B.
> Cc:	cecklund@llgm.com; hkelly@reliant.com;
> hughricekelly@reliantenergy.com; jay.wilson@mirant.com;
> jklauberg@llgm.com; Mellencamp, Lisa; Tribolet, Michael;
> rmichelson@mdbe.com; sgussett@reliant.com; thoulihan@mdbe.com;
> wbates@mdbe.com; zack.starbird@mirant.com
> Subject:	RE: E-MAIL FROM THOMAS E LAURIA re: conference call
>
>
> I think the time for the call is actually 9:30 central, not eastern.
> I
> just tried to dial in, etc.  Talk with everyone at 9:30 central.
> Sheryl
>
>
>
>                     "Sanders, Richard
>                     B."                        To:     "\"Raquel
> Camps\"
>                     <Richard.B.Sanders@
> <RCamps@miami.whitecase.com>
>                     enron.com>                 @ENRON",
>                                                <rmichelson@mdbe.com>,
>                     09/11/01 05:37 AM          <thoulihan@mdbe.com>,
>                                                <wbates@mdbe.com>,
>
> <jay.wilson@mirant.com>,
>
> <zack.starbird@mirant.com>,
>                                                <hkelly@reliant.com>,
>                                                <sgussett@reliant.com>
>                                                cc:
>
> <hughricekelly@reliantenergy.
>                                                com>, "Mellencamp,
> Lisa"
>
> <Lisa.Mellencamp@enron.com>,
>                                                <jklauberg@llgm.com>,
>                                                <cecklund@llgm.com>,
>                                                "Tribolet, Michael"
>
> <Michael.Tribolet@enron.com>
>                                                Subject:     RE: E-MAIL
> FROM
>                                                THOMAS E LAURIA re:
>                                                conference call
>
>
>
>
>
>
> This time is good for Enron. We will talk to you then.
> >  -----Original Message-----
> > From:         "Raquel Camps" <RCamps@miami.whitecase.com>@ENRON
> >
> [mailto:IMCEANOTES-+22Raquel+20Camps+22+20+3CRCamps+40miami+2Ewhitecas
> > e+2Ecom+3E+40ENRON@ENRON.com]
> > Sent:         Monday, September 10, 2001 6:01 PM
> > To:           Sanders, Richard B.; rmichelson@mdbe.com;
> thoulihan@mdbe.com;
> > wbates@mdbe.com; jay.wilson@mirant.com; zack.starbird@mirant.com;
> > hkelly@reliant.com; sgussett@reliant.com
> > Cc:           hughricekelly@reliantenergy.com
> > Subject:           E-MAIL FROM THOMAS E LAURIA re: conference call
> >
> > Pursuant to Tom Lauria's instructions a conference call has been set
> > for September 11th at 9:30 a.m. (EST).  The following is the dial-in
> > information:
> >
> > Dial-in Number:  1-800-600-2869
> > Participant Number:  741064
> >
> > Thanks.
> >
> >
>
>
> **********************************************************************
> 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.
> **********************************************************************
>
>
>
>


Denise, pls print for me.  Thanks DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 05/30/2000
07:45 AM ---------------------------

"Jeffrey C. Alexander" <Jalexander@Gibbs-Bruns.com> on 05/29/2000 12:11:21 PM
To: "Barrett H. Reasoner" <Breasoner@Gibbs-Bruns.com>, "Caren S. Sweetland"
<csweetland@Gibbs-Bruns.com>
cc: "'dfossum@enron.com'" <dfossum@enron.com>, "'bdavis@enron.com'"
<bdavis@enron.com>

Subject: Motion in Limine

Here is a first cut at a Motion in Limine for the Northern case.  I have
tried to hit the major themes, but I am sure there are issues I might have
missed.  Please let me know of any additional matters you think we might
include.

 <<1WB601!.WPD>>

 - 1WB601!.WPD


CALENDAR ENTRY:	APPOINTMENT

Description:
	Customer Accounts Monthly Mtg.  conference room 4102

Date:		8/30/2001
Time:		1:30 PM - 3:00 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Kevin,

I revised the cost on the 10 CPM Tab under CPI : -->

Thanks,   Iain...................

---------------------- Forwarded by Iain Russell/EPSC/HOU/ECT on 02/01/2000
10:05 AM ---------------------------
Color Copier Information
From: Iain Russell on 01/31/2000 11:45 PM
To: Kevin G Moore/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Mike A Roberts/HOU/ECT@ECT, Shirley
Crenshaw/HOU/ECT@ECT, Carole Rogers/EPSC/HOU/ECT@ECT
Subject: Color Copier Information


hey you.! yeah, sorry about the late night call.  Jay, TJ, Scott, Chrissy,
and Nicole and I were out pretty late that night and then came back to my
house for a hot tub. We got really drunk becuase earlier in the night Scott
got his Porsche impounded for basically no reason and we were bummed becasue
we were on our way to this really cool club.  Well anyway, Jay was asking me
how you were doing and I was drunk so I gave you a call.  Vegas was
absolutely out of control!  We all decided on the way home that it was by far
the craziest Vegas weekend any of us had ever been on.  It ended up being me,
Jay, TJ, and Brendan.  Jimmy and Kato didn't come.  Anyway, TJ's girlfriend
Jessica and some of her friends came out on Saturday.  We all went out to a
nice dinner then gambled for a while and then went to some dance club where
we proceeded to get in two fights because some dudes were hitting on
Jessica.  We got kicked out of the club at the Luxor.   TJ got hit pretty bad
and ended up with a black eye, Jay got his tooth chiped and I got sucker
punched on the side of my head by some guy that was smaller than Jay.  And
that was the mellow part of the evening.! It got even crazier after that as
TJ, Jessica , Alisha, and I ended up staying up until 6am.  Then we went and
hung out in their room at the Luxor for a couple hours. then went back
downstairs and started partying again!  Meanwhile we couldn't find Jay and
Brendan anywhere and we were really worried that they might be in Jail.
Finally they called us at around 8am from some strip club. Anyway,  I have a
ton more stories but this mail is getting too long.  How has everything been
with you? Fill me in.  Oh,  I was going to buy a new TV anyway, so I was
thinking why, don't we just trade our TV's back and you can use the $$$ to
buy yourself a VCR or something.


Start Date: 1/9/02; HourAhead hour: 4;  HourAhead schedule download failed. Manual intervention required.


Start Date: 1/2/02; HourAhead hour: 16;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002010216.txt


Louis,

As we discussed on the phone, the updated number per Tenn reporting as of 12/15/01 is 554,608 Mmbtu.  I will update you with any further information I receive from Tenn.

Thanks,
Lee Ann

 -----Original Message-----
From: 	Dicarlo, Louis
Sent:	Monday, December 17, 2001 4:18 PM
To:	Versen, Victoria; Neal, Scott
Cc:	Chance, Lee Ann
Subject:	FW: Reliant - Tenn

Lee Ann said the 357,547 that was provided last week represented the storage inventory on October 31.  She just received the new number for November 30.  See below.

Lee Ann is also going to try to get an update of this number which would reflect activity since the beginning of December.

 -----Original Message-----
From: 	Chance, Lee Ann
Sent:	Monday, December 17, 2001 4:06 PM
To:	Dicarlo, Louis
Subject:	RE: Reliant - Tenn

Louis,

The storage balance for contract 2210 as of 11/30/01 is 698,796 Mmbtu.

- Lee Ann
 -----Original Message-----
From: 	Dicarlo, Louis
Sent:	Monday, December 17, 2001 12:18 PM
To:	Chance, Lee Ann
Subject:	RE: Reliant - Tenn

Lee Ann, can you please provide an updated storage balance?
Thanks.

 -----Original Message-----
From: 	Tian, Yuan
Sent:	Monday, December 10, 2001 6:04 PM
To:	Dicarlo, Louis; Diamond, Russell
Subject:	FW: Reliant - Tenn

 -----Original Message-----
From: 	Chance, Lee Ann
Sent:	Monday, December 10, 2001 4:09 PM
To:	Tian, Yuan
Cc:	Versen, Victoria
Subject:	Reliant - Tenn

Yuan / Vicki,

Attached is the information you requested in regards to Reliant's burns for the past year.  The volumes from the spreadsheet are from Unify spanning 11/00 - 10/01 with an average burn of 232,902 Mmbtu.

The current volume in storage on contract 2210 is 357,547 Mmbtu.

Please call if you need further information.

- Lee Ann

 << File: Reliant - Tenn Avg Burn.xls >>


Mary Cook signed off with a few minor changes.  Attached is the amendment
with the revised numbers.  Please check them and let me know if they are OK.


math error.  big sleeps 8. little sleeps.

can you explain the panic about sleeping arrangements, and could you fill me
in on what those arrangements are prior to sending the email out?

	Cameron Sellers <cameron@perfect.com>
	12/12/2000 03:52 PM

		 To: "'Jeff.Dasovich@enron.com'" <Jeff.Dasovich@enron.com>
		 cc:
		 Subject: RE: Directions

I don't see how you get the numbers.  Can you please explain.  I don't have
the time to do this right now and I have to get the email off to the people
about sleeping arrangements.  I get 8 in one house and 5 in the other.
Please answer ASAP.

Cameron Sellers
Vice President, Business Development
PERFECT
1860 Embarcadero Road - Suite 210
Palo Alto, CA 94303
cameron@perfect.com
650.798.3366 (direct dial)
650.269.3366 (cell)
650.858.1095 (fax)

 -----Original Message-----
From:    Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent:   Tuesday, December 12, 2000 11:22 AM
To:   Cameron Sellers
Subject:   RE: Directions

oh!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!  In the "big" house, sleeps 10---3 kings
and 2 twins!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!  In the "little" house,
sleeps 6--2 queens and 1 trundle!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

anything else!!!!!!!!!!!!!!!!!!!!!!!!!!!!

                    Cameron

                    Sellers              To:     "'Jeff.Dasovich@enron.com'"

                    <cameron@perf        <Jeff.Dasovich@enron.com>

                    ect.com>             cc:

                                         Subject:     RE: Directions

                    12/12/2000

                    01:18 PM

NO.  I need to know how many beds there are total!!!!!!!!!!!

Cameron Sellers
Vice President, Business Development
PERFECT
1860 Embarcadero Road - Suite 210
Palo Alto, CA 94303
cameron@perfect.com
650.798.3366 (direct dial)
650.269.3366 (cell)
650.858.1095 (fax)

 -----Original Message-----
From:           Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent:           Tuesday, December 12, 2000 10:51 AM
To:        Cameron Sellers
Subject:        RE: Directions

naked, all in one bed.

star doesn't need a bed.  prentice and i will need a bed (hey, it's her
birthday!)  tom & karen are very iffy, but if they show, and stay overnight
(iffy times two), then they'll need a bed.  that work?


Per my voicemail, attached is the assignment of the FPL trade.  If you could
please attach as Exhibit A, the specifics of the trade and then fax the
assignment to the counterparty.  When the counterparty faxes the signed
Assignment back we will have to have it initialled by a lawyer since it is a
contract, and send it up to me and I will get someone to sign it.


Attached are the minutes from the February 6 Corporate Responsibility Task
Force meeting.   Also attached is a chart outlining in more detail the
metrics for success for each subcommittee.  The second document is the result
of a meeting among subcommittee chairs and other interested task force
members to help flesh out their purpose as a step toward developing a
measurable work plan.

Let me know if you have questions or comments.  If you have not been
contacted already, you will be hearing from your subcommittee chairs shortly
regarding your next subcommittee meeting.  We also plan to set the date of
the next overall task force meeting within the next couple of weeks.


In a unique meeting of the minds,
the employees of
Enron and Reliant Energy
are invited to an Arena Open Forum!

This event has been arranged
to ensure you have the opportunity to have your questions answered
regarding the upcoming downtown arena referendum.

Distinguished Panel

Monday, October 23
Noon - 1:00pm
Hyatt Regency Imperial Ballroom

Tickets are required for attendance!

Pick your ticket up at EB406 between now and Friday - act fast as space is
limited!
Contact Zulie or Suzanne at x33908 for more information - please note, lunch
will not be provided.

Get the facts, Jack!


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Daily Energy Letter
http://www.carrfut.com/research/Energy1/Energy-Letter1-29-02.pdf


Please find attached update on Elektro.

Britaldo

---------------------- Forwarded by Rejane Pansiera/SA/Enron on 23/05/2001
19:10 ---------------------------
From: G G Garcia/ENRON@enronXgate on 23/05/2001 15:19 CST
To: Richard Shapiro/NA/Enron@Enron, Orlando Gonzalez/SA/Enron@Enron, Joe
Kishkill/SA/Enron@Enron, Jeffrey E Sommers/ENRON@enronXgate, James A
Hughes/ENRON@enronXgate
cc: James A Hughes/ENRON@enronXgate, Ginger Dernehl/NA/Enron@Enron, Connie
Blackwood/ENRON@enronXgate, Rejane Pansiera/SA/Enron@Enron, Edineth R
Santos/SA/Enron@Enron, Leigh Ann Van Houten/ENRON@enronXgate, Sonnia
Reyes/ENRON@enronXgate

Subject: Conference Call - Enron Latin America Update

Please plan to participate on a conference call to discuss Enron Latin
America as follows:

 Time:  7:30am Houston time
 Date:  Thursday, May 24
 Toll Free #: 888 353-1144
 Caller Paid: 973 321-2002
 Code:  208991#

If you should have any questions, please contact me at 713 345-4906

Thank you,
G G Garcia


Can you send credit sheets for the following:

 Enron Compression Services Co.
Devon Petroleum Corporation.

Thanks
dp


All

A reminder that you are scheduled to interview for the Trading Track Thursday,  November 1st, from 2.00 pm onwards.   Resumes and schedules will be forwarded to you shortly.

Regards,

Karen Buckley


Please answer all of the questions below...
Are we going to look for a ring tomorrow?
Do you know what size she wears? (I'm working on finding out myself)
What time frame do you want to work with for an engagement? (Yes a TIME FRAME)  (ie, in a week, month, year...)
I have the impression that beth wants you to take care of the whole wedding thing, is this true?
She says she wants to go away (deffinately tropical because she has never seen blue water) and invite close family members (parents sibblings) and close friends by sending a letter/invitation.  She says they will need time to save if they are going to come, so I suggested 6 months.
Does this sound appealing to you?
FYI... My brother went away to get married and I have a friend who went away so I have experience in planning tropical weddings.  They are great because only those who you want there come and others aren't affended for not being invited because y'all went away.  You can have a dream wedding for just a little more than what a nice vacation would cost.  It is alot cheaper than having one here which is probably important if y'all are paying for it.
What is my budget for the ring?
What is my budget for the wedding?
Please answer all of the questions above to the best of your ability.  This is crucial to the success of your engagement.  Thanks for your help!
Your Friendly Wedding Consultant
Ashley Landry
EnFORM Technology, LLC
Office: (713) 350-1933
Fax: (713) 438-1933
Email: ashley.landry@enform.com


I talked with Chris Gaskill about them starting in the Fundmentals group.

From: Ted C Bland/ENRON@enronXgate on 04/19/2001 04:55 PM
To: Scott Neal/HOU/ECT@ECT
cc:
Subject: RE: new associates

Scott - You're done on Leo and Kevin.  They will come to you on the first
rotation.  Ted

 -----Original Message-----
From:  Neal, Scott
Sent: Thursday, April 19, 2001 4:35 PM
To: Ted C Bland/HOU/ECT@ENRON
Subject: new associates

these are the 2 guys I mentioned that we should put in trading rotations.
---------------------- Forwarded by Scott Neal/HOU/ECT on 04/19/2001 04:34 PM
---------------------------

Scott Neal
03/07/2001 11:55 AM
To: Andrea Richards/NA/Enron@Enron
cc: Chris Gaskill/Corp/Enron@Enron
Subject: new associates

Andrea,

The two gentlemen that I mentioned on my voice mail are Kevin Murray and
Leonidas Savas.  Both are from LSU and
start this summer as Associates.  Both have expressed their strong desire to
have their first rotation in Trading and I think they would
do a great job for us.   If you concur, please make a note to place them in
Trading for their first rotation .  I have attached both resumes for your
reference.

thanks,

Scott

 - new leo's resume.doc << File: new leo's resume.doc >>

 - resume1.doc << File: resume1.doc >>


I am so sorry.  You guys gave him a really good life.

"Robert Kean" <rkean@starband.net> on 07/07/2001 01:48:08 PM
Please respond to <rkean@starband.net>
To: "Pat Hilleman \(E-mail\)" <pat.hilleman@rsparch.com>, "Greg Smith
\(E-mail\)" <grsmith@qwest.net>, "Greg Smith \(E-mail 2\)"
<gregory_r_smith@uhc.com>, "Colin Lamb \(E-mail\)" <dsmcolin@home.com>,
"Maggie Kean \(E-mail\)" <Ginny85956@aol.com>, "Nora Kean \(E-mail\)"
<Beetle81088@aol.com>, "Nora Kean \(E-mail 2\)" <nora_kean@duchesne.org>,
"Sann & Evelyn Gossum \(E-mail\)" <gossumr@worldnet.att.net>, "Doug & Karen
Reiman \(E-mail\)" <dkreiman@mcleodusa.net>, "Jean Kean \(E-mail\)"
<rex04@msn.com>, "Kathy Wedig \(E-mail\)" <kat.wedig@netzero.net>, "Melissa
Kean \(E-mail\)" <kean@rice.edu>, "Phil Kean \(E-mail\)"
<kean.philip@mcleodusa.net>, "Steve & Melissa Kean \(E-mail\)"
<skean@enron.com>
cc:

Subject: Houston 1996 - 2001

Houston died today after a long battle with Auto Immune Hemolytic Anemia.
Rest in peace.

Rob Kean


Gail, thank you for your fine work on this, and congratulations on the great result! Jim

 -----Original Message-----
From: 	Brownfeld, Gail
Sent:	Tuesday, April 24, 2001 11:54 AM
To:	Mellencamp, Lisa; Derrick Jr., James; Haedicke, Mark; Sanders, Richard
Subject:	RE: industrial holdings investment-- arbitration proceeding

	As an aside, from a litigation perspective, A&K did a very good job.  They were responsive in filing the arbitration demand and did a great job applying for and obtaining an injunction against a proposed sale of some of the IHI assets which, in turn, facilitated IHI's coming to the table to negotiate a possible resolution of the matter.

 -----Original Message-----
From: 	Mellencamp, Lisa
Sent:	Tuesday, April 24, 2001 9:54 AM
To:	Derrick Jr., James; Haedicke, Mark; Sanders, Richard
Cc:	Brownfeld, Gail
Subject:	industrial holdings investment-- arbitration proceeding

the arbitration proceeding filed with respect to this ena investment (which andrews and kurth filed for us), has been settled quickly in our favor with gail's assistance. this is the matter which we felt would not get actually litigated in the context of selection of counsel and wanted to confirm back this was the case.

Lisa J. Mellencamp
Enron North America Corp. - Legal
1400 Smith St.
Houston, TX  77002
Tel:  (713) 853-7986
Fax: (713) 646-3393
E-mail:  Lisa.Mellencamp@enron.com


William:

	Here is a transmission tariff with service agreements.  Andy asked for this.

Jeff

 -----Original Message-----
From: 	Nicolay, Christi L.
Sent:	Tuesday, December 04, 2001 5:52 PM
To:	Hodge, Jeffrey T.
Subject:	Pro forma Open Access FERC Transmission Tariff

Attached is a FERC proforma tariff.  However, each transmission provider will have its own version approved by the Federal Energy Regulatory Commission (FERC) and it could contain substantial changes.  Also, the ISO tariffs are quite different and have numerous other rules.


Due to the holidays and vacation schedules, we will hold off having any further weekly project meetings until Monday, January 7 at 3:30pm.  Plan on meeting in ECN 15c1.  thanks for your patience and have a wonderful Christmas.

Kevin Hyatt


----- Forwarded by Mark Palmer/Corp/Enron on 07/10/2001 07:47 PM -----

	"Leopold, Jason" <Jason.Leopold@dowjones.com> 07/10/2001 07:32 PM 	   To: "'pat.dorinson@mirant.com'" <pat.dorinson@mirant.com>, "'mark.palmer@enron.com'" <mark.palmer@enron.com>  cc:   Subject: LADWP

=DJ LADWP, Run By Davis Adviser, Cashed In On Calif Crisis

Dow Jones Capital Markets Report via Dow Jones

   By Jason Leopold
   Of DOW JONES NEWSWIRES

  LOS ANGELES (Dow Jones)--On a single day in June 2000, the Los Angeles
Department of Water and Power, the largest municipal utility in the country,
raked in $5 million selling California surplus power for $1,000 a
megawatt-hour
- about 30 times the average price the utility charged the month before.

  That sale, reported by the California Independent System Operator and
confirmed by the LADWP in an interview last June, was one of many instances
in
which the municipal utility cashed in on California's power crisis.

  On Monday, the Department of Water Resources, the agency that has been
purchasing California's bulk power needs in lieu of the state's
cash-strapped
utilities, released a detailed report of spot-market power purchases showing
the
LADWP charged the state an average of $242 a megawatt-hour for power from
Jan.
18 through May 31 this year. That price is about $35 higher than those
charged
by most of the out-of-state generators Gov. Gray Davis has criticized
repeatedly
as price gougers.

  Potentially embarrassing for the Davis administration, however, is that
the
LADWP was formerly run by General Manager David Freeman, who in April became
Davis' top energy adviser.

  Steve Maviglio, press secretary to Davis, said Texas-based generators are
primarily to blame for the high wholesale prices that crippled the state's
two
largest utilities.

  "Anywhere they wear cowboy hats, they probably have handkerchiefs across
their
face, because they are robbing us blind," he said. "The bad guys are clearly
the
out-of-state generators."

  Freeman's trademark is a white Stetson.

  The former LADWP chief, who last September quipped that a "blind pig could
make money" under California's faulty deregulation setup, didn't return
calls
for comment.

  Freeman took a leave of absence from the LADWP in January to negotiate
long-term power contracts on behalf of the state.

     Power To Sell

  According to the DWR report, the LADWP brought in $331 million selling
power
to the state between Jan. 18 and May 31 this year.

  The LADWP, which didn't take part in the state's deregulation debacle and
which isn't under the jurisdiction of federal energy regulators, also cashed
in
throughout 2000. The utility has 7,000 megawatts of generation capacity but
only
needs about 5,500 MW to serve its retail customers, freeing it to sell as
much
as 1,000 megawatts to the ISO at prices comparable to what the generators
were
charging.

  The LADWP did so well that it was able to pay down $200 million in debt
and
will reduce its customers' rates in 2002.

  "It just shows you that enterprise is where you find it," Freeman said in
an
interview last year.

  Last July, ratings agency Fitch concluded that California's electricity
shortage provided LADWP "an opportunity for the sale of surplus power at
favorable prices which added to the municipal system's coffers."

  According to a report by the ISO, manager of the state's electricity grid,
the
LADWP overcharged California for power from May 2000 through February 2001
by as
much as $20 million. Maviglio said the state will pursue refunds from the
utility.

  On Tuesday, an LADWP spokesman defended the utility's power prices, saying
the
costs of producing electricity were extremely high.

  The ISO has estimated that the state was overcharged nearly $9 billion for
electricity sales in the 12 months ended May 2001. On Monday, settlement
talks
between state officials and generators over the refunds broke down.

  Other municipal utilities, including the Sacramento Municipal Utility
District
and private companies like BC Hydro in Canada, have also racked up enormous
sums
selling surplus power to California at the last minute.

  -By Jason Leopold, Dow Jones Newswires; 323-658-3874;
jason.leopold@dowjones.com

  (END) Dow Jones Newswires  07-10-01

  1557EDT

(AP-DJ)--07-10-01 1557EDT
:TICKER: EIX PCG SRE
:SUBJECT: EUTL CA COBO MU PETR
Copyright (c) 2001 Dow Jones and Company, Inc.
Received by NewsEDGE/LAN: 7/10/01 12:57 PM


Any update on status of this request?

Brant Reves
02/07/2001 02:37 PM
To: Gerald Nemec/HOU/ECT@ECT
cc: Trevor Mihalik/NA/Enron@Enron
Subject: BGML gty amendment

Hey Gerald,

Please prepare an amendment to increase the existing $15MM guaranty provided
by Bridgeline Holdings to $25MM.  Enron and Texaco board members will have to
sign the amendment.  Please prepare it and forward for the appropriate Enron
signatures and then have it forwarded it to me, so that I might forward it
along to Trevor Mihalik who can in turn forward it along to Texaco for final
signature.

thanks
brant


To:??? ??? IEP  Membership
From:??? Jan  Smutny-Jones
?
RE:? Year 2001 Membership
?
?
This past year the energy business was  characterized by turmoil, chaos, and
abundent activity.? The Year 2001  promises to be just as lively.??
?
IEP is proud of the?record of success we have  achieved representing energy
producers and traders.?? This past year,  we developed and implemented a
project to respond to inaccurate and all too  often misleading reports in the
press and elsewhere regarding the Californnia  marketplace.? On the
regulatory front, we?intervened at FERC on market  structure issues, and FERC
has quoted our filings during their deliberations; we  have defended the
sanctity of QF contracts and the AB1890 "deal" in the face of  mounting
pressure; and we have pushed aggressively for continuing support for
existing renewables as well as implementing state programs that will incent
the  timely introduction of new renewables.
?
The Year 2001 will be particularly important for  our industry as the
California legisature addresses new energy legislation; the  CPUC and FERC
move to solve QF/SRAC and market strucuture matters; and the CEC  engages a
new OII on generation siting.??We hope that you all continue  to support
these critical activities by renewing your membership and actively  engaging
in the IEP deliberation of these matters.? At this point in time,  the IEP
Board has not determined that an increase in dues for the upcoming year  is
necessary; therefore, you will be receiving an invoice in the very near
future for Year 2001 dues which will be at the same level as last year.?
Please respond promptly to this invoice, as the funding will enable IEP to
make  a smooth transition to the new year.?
?
If you have any questions, concerns, or wish to  change your membership
level, please contact IEP as soon as possible.?  Thank you for your prompt
attention to this  matter.?


---------------------- Forwarded by Randall L Gay/HOU/ECT on 07/24/2000 03:16
PM ---------------------------

ANITAREED@aol.com on 07/23/2000 06:24:38 PM
To: Randall.L.Gay@enron.com, pookie@pipeline.com, Walkrboys3@aol.com
cc: Tereed3@aol.com
Subject: August Islander

Hi Kathleen, Randy, Chris, and Trish,

Attached is the text of the August issue of The Islander.  The headings will
be lined up when Trish adds the art and ads.  A calendar, also, which is in
the next e-mail.

I'll appreciate your comments by the end of tomorrow, Monday.

There are open issues which I sure hope get resolved before printing:

1.  I'm waiting for a reply from Mike Bass regarding tenses on the Home Depot
article.  Don't know if there's one developer or more and what the name(s)
is/are.

2.  Didn't hear back from Ted Weir regarding minutes for July's water board
meeting.  I think there are 2 meetings minutes missed, 6/22 and July.

3.  Waiting to hear back from Cheryl Hanks about the 7/6 City Council and 6/7
BOA meetings minutes.

4.  Don't know the name of the folks who were honored with Yard of the Month.
 They're at 509 Narcissus.

I'm not feeling very good about the missing parts but need to move on
schedule!  I'm also looking for a good dictionary to check the spellings of
ettouffe, tree-house and orneryness.  (Makes me feel kind of ornery, come to
think about it!)

Please let me know if you have revisions.  Hope your week is starting out
well.

'Nita

 - AUGUST.WPD


Just wanted you to have a copy of everything I received. I will make all
of these changes and send it out.

-----Original Message-----
From: Alan.Larsen@enron.com [mailto:Alan.Larsen@enron.com]
Sent: Thursday, January 11, 2001 12:07 PM
To: Thompson, Peter J.
Subject: Fountain Valley GT Procurement Agreement

Peter-the values to insert in the contract are in bold in the
spreadsheet
attachment below.  No periods in E-Next Generation LLC
---------------------- Forwarded by Alan Larsen/PDX/ECT on 01/11/2001
08:54
AM ---------------------------

Ed Dannhaus@ENRON_DEVELOPMENT
01/11/2001 09:13 AM

To:   Alan Larsen@ECT, Jeff G
      Slaughter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark Mullen@ECT
cc:   Larry Leib@Enron

Subject:  Fountain Valley GT Procurement Agreement

See the attached.  The original  contract called for net electrical
output
so we have to live with net.  The attached table outlines the net output
for gurantees and specific gurantees.  We now have to measure their aux
consumption to insure we are not cheated.
---------------------- Forwarded by Ed Dannhaus/ENRON_DEVELOPMENT on
01/11/2001 08:53 AM ---------------------------

Larry Leib@ENRON
01/11/2001 07:28 AM

To:   genel@nepco.com, Brian D
Barto/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
      ed.dannhaus@enron.com, ken.reynolds@nepco.com, John
      Normand/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject:  Fountain Valley GT Procurement Agreement

Ed Dannhaus asked me to recall a conversation held with Lee Johnson a
few
days ago in which Lee relayed calculations that he had prepared for Ed.
I
had not acted on the information, assuming it would be relayed to me
through Ed.  Evidently, Lee did not get back to Ed, so I have attached a
summary of my notes.  In preparing this note, I have reviewed the
content
and the Procurement Agreement terms and provide comments to Lee's info.
with required adjustments.  The values and adjustments to be  used in
the
agreement are in bold font.    See attached.

I must also note that the Basis Conditions included in the last draft
included a note that new and clean conditions exist for up to 200 fired
hours.  Section 10.12.4 orf the agreement states 300 hours.  The Basis
Conditions should reference 300 hours.

 (See attached file: specific performance.xls)

Regards,

Larry

 - specific performance.xls


this is garbled obviously.
Lisa J. Mellencamp
Enron North America Corp. - Legal
1400 Smith St.
Houston, TX  77002
Tel:  (713) 853-7986
Fax: (713) 646-3393
E-mail:  Lisa.Mellencamp@enron.com
----- Forwarded by Lisa Mellencamp/HOU/ECT on 06/06/2001 11:22 AM -----

	AMarks@milbank.com
	06/01/2001 08:36 PM

		 To: awirum@pillsburywinthrop.com, fallon_annamarie@jpmorgan.com,
alafaire@exchange.ml.com, byoung@llgm.com, bgreene2@mail.state.tn.us,
bholman@whitecase.com, bkrakauer@sidley.com, fishbcr@whitecase.com,
ceklund@llgm.com, clara.strand@bankofamerica.com, dan.faltermeier@dynegy.com,
david.adante@davey.com, dnelsen@gwfpower.com,
elizabeth.h.baird@bankofamerica.com, lengel@brobeck.com, gbush@bankofny.com,
grant_kolling@city.palo-alto.ca.us, gbaer@pillsburywinthrop.com,
jostevenson@bankofny.com, jlhuemoe@llgm.com, jwhite@brobeck.com,
jbloom@whitecase.com, jpiassick@kilpatrickstockton.com,
john.c.herbert@dynegy.com, jklauber@llgm.com, jeisenberg@exchange.ml.com,
juhase_kathleen@jpmorgan.com, kcoleman@gibsondunn.com, ksmith@deltapower.com,
krussak@pillsburywinthrop.com, lisa.mellencamp@enron.com,
michael.tribolet@enron.com, mlurie@exchange.ml.com, mahrens@smrh.com,
mhindus@pillsburywinthrop.com, nmillard@whitecase.com,
toth_norma@jpmorgan.com, pwarden@pillsburywinthrop.com,
rriecker@gibsondunn.com, robert_b._lynch@chase.com, rblum@thelenreid.com,
rkampfner@brobeck.com, srahman@deltapower.com, tponsford@smrh.com,
tpatters@sidley.com, tmilne@mail.state.tn.us, wevanoff@sidley.com,
bliden@rogersassoc.com, ccarter@rogersassoc.com, daney@rogersassoc.com,
mklink@rogersassoc.com, rrogers@rogersassoc.com,
sfischer-holmes@rogersassoc.com, allison.m.young@us.pwcglobal.com,
gerald.keenan@us.pwcglobal.com, james.drzemiecki@us.pwcglobal.com,
jwilson@saybrook.net, jschotz@saybrook.net, jrosenthal@saybrook.net,
jthomas@saybrook.net, freddie.reiss@us.pwcglobal.com,
margery.a.neis@us.pwcglobal.com, michael.hamilton@us.pwcglobal.com,
mjhamilt@bellatlantic.net, rocky.ho@us.pwcglobal.com,
tom.lumsden@us.pwcglobal.com
		 cc: RMoore@milbank.com, EFeo@milbank.com, PAronzon@milbank.com
		 Subject: News update re today's Trading Motion Hearing

The following article is from this afternoon's AP newswire:

Energy wholesalers on PG&E committee accused of conflict

Updated: June 1, 2001 - 2:26 p.m.
SAN FRANCISCO -- Two of the same energy wholesalers accused of driving
Pacific Gas and Electric Co. into bankruptcy with high power prices asked a
federal bankruptcy judge Friday to let them keep selling electricity to the
utility.

Critics say that could result in higher bills for ratepayers and less money
for the rest of PG&E's creditors to share, if the wholesalers' high prices
keep whittling away at the utility's remaining money.

"We certainly don't believe they should get a safe harbor order so that they
can do what they've done in the past," said Irving Sulmeyer, an attorney
representing the city and county of San Francisco.

Houston-based Enron Corp. and Dynegy Inc., like other power wholesalers, have
denied gouging Californians on the price they pay for power.

On Friday, the two companies asked U.S. Bankruptcy Judge Dennis Montali to
let them keep selling electricity to PG&E's customers via the state
Department of Water Resources, which has bought electricity on PG&E's behalf
since January.

Dynegy and Enron sit on the 11-member creditors committee that will play a
huge role in how PG&E's fortunes are divided among the more than 50,000
banks, energy companies and cities to whom the utility owes money.

The "safe harbor" would shield them from conflict of interest accusations.
The committee members would be honor-bound not to share information with any
branches of their companies able to profit from it.

"They want to be absolved in advance," Sulmeyer said. "What are they so
concerned about if they're not doing anything wrong?"

Robert Moore, an attorney representing the voluntary creditors committee,
said other committee members such as Bank of America and Merrill Lynch also
are requesting safe harbors so they can continue trading stock and remain
members.

"At least four members of the committee would have to resign without it,"
Moore told the judge.

Montali asked each committee member to file a declaration with the court
requesting to trade either commodities (electricity) or securities (stock),
and scheduled another hearing on the issue for June 12.

-- Associated Press

______________________________
Allan T. Marks
Milbank, Tweed, Hadley & McCloy LLP
email:? amarks@milbank.com
website:? www.milbank.com?
(213) 892-4376 (L.A. telephone)
(212) 530-5312 (N.Y. telephone)
(213) 892-4739 (L.A. direct fax)
(213) 629-5063 (L.A. main fax)????????????????

 <<...>>

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


FYYI
-----Original Message-----
From: Taylor, Sarah
Sent: Monday, November 26, 2001 11:21 AM
To: Hayslett, Rod
Subject: FW: Red Rock additions
Importance: High

-----Original Message-----
From: Hayslett, Rod
Sent: Sunday, November 25, 2001 3:18 PM
To: Taylor, Sarah; 'haysletr@txucom.net'
Cc: 'sdesai@idriveonline.com'; Desai, Jayshree
Subject: RE: Red Rock additions
Importance: High

FYI.    This is my story for now, but I think it explains the volumes and the rates as well as the revenue projections.   Please note we have found a bust in 2002 revenue.   This yields a higher answer without any additional volumes being used.

-----Original Message-----
From: Taylor, Sarah
Sent: Sun 11/25/2001 3:04 PM
To: Hayslett, Rod; 'haysletr@txucom.net'
Cc: 'sdesai@idriveonline.com'; Desai, Jayshree
Subject: Red Rock additions

<<Exisiting capacity projections w. Red Rock.xls>>


can you send me your parent's address?


Ben and Thomas,
Here is a first pass on the turbines.  Still waiting on info for the ABB
turbines from Canada.  This still needs to be reviewed by Ben Jacoby.


Steve,

	I understand that you are out today; I hope it's vacation.

	By tomorrow (Friday), we will have a notebook with Underwriters' most recent request for invoices and supporting documents, with responses (the documents you gave us).

	May I impose on you again to meet on Friday with me and Becky Zikes, my legal assistant, to review the documentation and make sure we have attached the (a) correct and (b) complete supports?  I recall someone else you worked meeting with us at the same time you gave us the supporting documents, but my notes don't reflect her name.  If you think it would be profitable to have that person in the meeting, let's get her included.

	After you and I meet, I will be sending a copy of this package of documents to Jim Studdert, to discuss the best and most expedient manner of presenting this to Sharron West.  Jim is out until Monday, and then in the office only sporadically until November 8.  I have a meeting scheduled with him Monday morning (with our broker to join us by phone).

	Given our short time frame before the two-year statute of limitations against Baytank expires, I am preparing a lawsuit to be filed against them to preserve any causes of action that we may have.  I am considering asking Baytank for an extension of time to sue, but I know that we did that in the past, and Baytank said no.

	I look forward to hearing about your availablity for a meeting on Friday.  Becky and I would be happy to come over there, or set up a conference room for you to come over here.

	Britt


This is typical of the communication we are getting.  I received this at 3:30 pm...

 -----Original Message-----
From: 	Ken Lay - Office of the Chairman
Sent:	Thursday, November 08, 2001 3:37 PM
To:	DL-GA-ALL_enron_worldwide5; DL-GA-ALL_enron_worldwide6
Subject:	Dynegy Discussions

Enron and Dynegy each announced today that they are holding discussions about a possible merger of the two companies.  As you know, Dynegy is a major player in the energy marketplace, and is not only a competitor, but also a counterparty of Enron.  This is just one of several options that we are considering.

Upon receipt of this announcement, the NYSE briefly suspended trading of both Enron and Dynegy.  We have no additional information we can share at this time.  We'll keep you updated as developments occur.


please put on calendar
---------------------- Forwarded by Mary Hain/HOU/ECT on 03/16/2001 12:42 PM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Ronald Carroll" <rcarroll@bracepatt.com>
03/16/2001 08:28 AM

To: <nolan.steiner@avistacorp.com>, <dvermillion@avistaenergy.com>, "Andrea
Settanni" <asettanni@bracepatt.com>, "Jeffrey Watkiss"
<dwatkiss@bracepatt.com>, "Kimberly Curry" <kcurry@bracepatt.com>,
<GFergus@brobeck.com>, <andrzej_kabarowski@cargill.com>,
<phillip_fantle@cargill.com>, <psteel@coral-energy.com>,
<psteele@coral-energy.com>, <rreilley@coral-energy.com>,
<elizabeth.sager@enron.com>, <mary.hain@enron.com>,
<richard.b.sanders@enron.com>, <smara@enron.com>, <snovose@enron.com>,
<sstack@enron.com>, <jfrizzell@gibbs-bruns.com>, <sbishop@gibbs-bruns.com>,
<jklauber@llgm.com>, <jlhuemoe@llgm.com>, <gerspamer@mofo.com>,
<kirvin@mofo.com>, <kzeitlin@mofo.com>, <rloeffler@mofo.com>,
<jmcgrane@morganlewis.com>, <mgriffen@morganlewis.com>, <bcurrey@omm.com>,
<jstamper@omm.com>, <mawilliams@omm.com>, <john.fryer@pacificorp.com>,
<hydeefeldstein@paulhastings.com>, <nancy.loftin@pinnaclewest.com>,
<Timothy.Bolden@pinnaclewest.com>, <dmperlman@powersrc.com>,
<rosteen@powersrc.com>, <hao@quinnemanuel.com>, <dgarber@sempra.com>,
<wdsmith@sempra.com>, <rbeitler@sempratrading.com>, <PARAMFJORD@STOEL.COM>,
<rcjosephson@STOEL.COM>, <SJKAPLAN@STOEL.COM>, <mbrosterman@stroock.com>,
<mgoldstein@stroock.com>, <pjazayeri@stroock.com>, <theftler@stroock.com>,
<ayudkowsky@strook.com>, <cfr@vnf.com>, <gdb@vnf.com>, <hes@vnf.com>,
<jrr@vnf.com>
cc: <Andrew.Haller@pacificorp.com>
Subject: CONFERENCE CALL MONDAY AT 3:00

PRIVILEGED AND CONFIDENTIAL

I was asked to set up a conference call for Monday (3/19) at 3:00 Eastern
with regulatory and bankruptcy counsel for the nine Complainants to discuss
the interrelation between the FERC Chargeback complaint proceeding (and the
Amendment 22 matter), the District Court case before Judge Moreno, and the
Bankruptcy proceeding, and to discuss strategy.
Dial-in #: 1-800-403-2008
Participants #: 143570
The following issues have been identified as issues for discussion:

1.  Likelihood that Bankruptcy Court will grant PX motion to modify stay;
including feasibility and effort by parties to file answer in support of
motion, including whether it would be realistic to request that the PX's
motion be considered on a more expedited basis (PX asked for 3/30 hearing
date) in light of the FERC Complaint proceeding;

2.  Status and approach for possible settlement with PX for release of
collateral assuming Bankruptcy Court modifies stay.

3.  Feasibility of asking Bankruptcy Court to immediately release all
collateral in excess of amount needed to satisfy (1) vendors, (2) existing
and anticipated future defaults of SCE and PG&E, and (3) reasonable costs.
In this regard, does anyone have a handle on whether the collateral exceeds
the total of the foregoing matters?

4.  Any comments on (1) answer to PX answer to Complaint, and (2) answer to
PX request for clarification in Amendment No. 22 proceeding; including the
timing of such filings with FERC.

This email does not address bankruptcy counsel for all parties.  If you wish
to have your client's bankruptcy counsel on the call, please inform them of
the time and relevant information for the call.
This call will likely be extremely unwieldy, so I would request the parties
to consolidate their participants where possible.  Also, please do not
forward this information as it addresses confidential litigation matters.
Thanks.  See you Monday.  Ron


Shmuel,

Sorry for not getting back to you earlier.
If the 23rd of October is still open, I can make the presentation on this
day.

Vince

"Shmuel Oren" <OREN@IEOR.Berkeley.edu> on 08/30/2000 08:18:15 AM
To: <Vince.J.Kaminski@enron.com>
cc:
Subject: Re: Hello from Vince Kaminski at Enron

Originally you mentioned October 23 so I reserved that week which is still
open.
/////////////////////////////////////////////////////////
Shmuel S. Oren, Professor
Dept. of Industrial Engineering
        and Operations Research
4117 Etcheverry Hall
University of California
Berkeley, CA 94720-1777
e-mail: oren@ieor.berkeley.edu
phone: (510) 642-1836 or 5484
Fax:      (510) 642-1403
///////////////////////////////////////////////////////////

----- Original Message -----
From: <Vince.J.Kaminski@enron.com>
To: <OREN@queue.IEOR.Berkeley.EDU>
Cc: <Vince.J.Kaminski@enron.com>; <Ashley.Baxter@enron.com>;
<Shirley.Crenshaw@enron.com>
Sent: Wednesday, August 30, 2000 9:03 AM
Subject: Re: Hello from Vince Kaminski at Enron

>
> Shmuel,
>
> Let's see if we can either rearrange the seminar speakers
> or change the date of our visit to the campus. Ashley Baxter, our
> coordinator is very efficient and
> got a faculty room for a presentation on Monday morning on the 16th.
>
> Vince
>
>
>
>
>
>
> "Shmuel Oren" <OREN@IEOR.Berkeley.edu> on 08/29/2000 05:37:33 PM
>
> To:   <Vince.J.Kaminski@enron.com>
> cc:
> Subject:  Re: Hello from Vince Kaminski at Enron
>
>
> Dear Vince. I spoke too soon. Apparently the seminar slot on the 16 was
> already filled. I will see if I can switch the speaker for that week to
the
> following week. In any case we are on for dinner on the 16.
> /////////////////////////////////////////////////////////
> Shmuel S. Oren, Professor
> Dept. of Industrial Engineering
>         and Operations Research
> 4117 Etcheverry Hall
> University of California
> Berkeley, CA 94720-1777
> e-mail: oren@ieor.berkeley.edu
> phone: (510) 642-1836 or 5484
> Fax:      (510) 642-1403
> ///////////////////////////////////////////////////////////
>
> ----- Original Message -----
> From: <Vince.J.Kaminski@enron.com>
> To: <OREN@queue.IEOR.Berkeley.EDU>
> Cc: <Vince.J.Kaminski@enron.com>; <Ashley.Baxter@enron.com>
> Sent: Tuesday, August 29, 2000 5:01 PM
> Subject: Re: Hello from Vince Kaminski at Enron
>
>
> >
> > Shmuel,
> >
> > The date of our trip to Berkeley has been set. It will be October 16th
> and
> > 17th
> > (Monday and Tuesday).
> >
> > I shall be glad to make a presentation on energy derivatives markets
> > (development of the markets in the US and Europe, valuation
difficulties,
> > Enron's role
> > in developing the forward markets for natural gas and electricity).
> >
> > Please, let me know if this topic would be of interest to you. If this
is
> > the
> > case, I shall follow with a title and an abstract.
> >
> > By the way, are you free for dinner on Monday?
> >
> > Vince
> >
> >
> >
> >
> >
> >
> > "Shmuel Oren" <OREN@IEOR.Berkeley.edu> on 08/24/2000 08:59:38 AM
> >
> > To:   "Vince J Kaminski" <Vince.J.Kaminski@enron.com>
> > cc:
> > Subject:  Re: Hello from Vince Kaminski at Enron
> >
> >
> > Great. Our seminars are 3:30 to 5PM. If it works for you please send me
a
> > title and abstract.
> > /////////////////////////////////////////////////////////
> > Shmuel S. Oren, Professor
> > Dept. of Industrial Engineering
> >         and Operations Research
> > 4117 Etcheverry Hall
> > University of California
> > Berkeley, CA 94720-1777
> > e-mail: oren@ieor.berkeley.edu
> > phone: (510) 642-1836 or 5484
> > Fax:      (510) 642-1403
> > ///////////////////////////////////////////////////////////
> >
> > ----- Original Message -----
> > From: "Vince J Kaminski" <Vince.J.Kaminski@enron.com>
> > To: "Shmuel Oren" <OREN@queue.IEOR.Berkeley.EDU>
> > Cc: "Vince J Kaminski" <Vince.J.Kaminski@enron.com>; "Ashley Baxter"
> > <Ashley.Baxter@enron.com>
> > Sent: Thursday, August 24, 2000 9:58 AM
> > Subject: Re: Hello from Vince Kaminski at Enron
> >
> >
> > >
> > >
> > > Shmuel,
> > >
> > > Thanks for the message. I am working with our recruiter, Ashley
Baxter,
> > > to finalize the date of the trip. I shall shoot for October the 23rd
> > > if this date works for the rest of our team.
> > >
> > > Vince
> > >
> > >
> > >
> > >
> > >
> > >
> > > "Shmuel Oren" <OREN@IEOR.Berkeley.edu> on 08/23/2000 11:46:19 AM
> > >
> > > To:   Vince J Kaminski/HOU/ECT@ECT
> > > cc:
> > > Subject:  Re: Hello from Vince Kaminski at Enron
> > >
> > >
> > >
> > > Dear Vince.
> > > I sent you a reply earlier this month but I haven't heard from you
> about
> > the
> > > date of your visit. Our department has a Seminar every Monday. If you
> can
> > > schedule your visit on a Monday I would like to invite you to give a
> > seminar
> > > which will be attended by many of our graduate students and faculty
and
> > will
> > > give you an opportunity to tell them about your program. With
> sufficient
> > > lead-time I can advertise the seminar in the Hass school to their
> > financial
> > > engineering students.
> > > Shmuel.
> > > /////////////////////////////////////////////////////////
> > > Shmuel S. Oren, Professor
> > > Dept. of Industrial Engineering
> > >         and Operations Research
> > > 4117 Etcheverry Hall
> > > University of California
> > > Berkeley, CA 94720-1777
> > > e-mail: oren@ieor.berkeley.edu
> > > phone: (510) 642-1836 or 5484
> > > Fax:      (510) 642-1403
> > > ///////////////////////////////////////////////////////////
> > >
> > > ----- Original Message -----
> > > From: <vkamins@ect.enron.com>
> > > To: <OREN@queue.IEOR.Berkeley.EDU>; <vkamins@enron.com>;
> > > <ashley.baxter@enron.com>
> > > Sent: Tuesday, August 08, 2000 10:59 AM
> > > Subject: Hello from Vince Kaminski at Enron
> > >
> > >
> > > > Shmuel,
> > > >
> > > > I hope you remember me. I visited you together with Aram Sogomonian,
> a
> > > > good friend of mine, a few years ago. I am currently responsible,
> among
> > > > other things, for recruiting graduates with finance and/or technical
> > > > backgrounds at the University of Berkeley. I would be glad to give
> you
> > a
> > > > call and talk more about the details of our program. My colleague,
> > > > AshleyBaxter, from the Analyst/Associate Program at Enron would join
> me
> > > > as well.
> > > >
> > > > I am sending you a copy of the brochure about the Analyst /
Associate
> > > > Program.
> > > >
> > > > Vince Kaminski
> > > >
> > > >
> > > > Vincent Kaminski
> > > > Managing Director - Research
> > > > Enron Corp.
> > > > 1400 Smith Street
> > > > Room EB1962
> > > > Houston, TX 77002-7361
> > > >
> > > > Phone: (713) 853 3848
> > > > Fax  :  (713) 646 2503
> > > > E-mail: vkamins@enron.com
> > > >
> > >
> > >
> > >
> > >
> > >
> > >
> >
> >
> >
> >
> >
> >
>
>
>
>
>
>


i get in thurs night.  we can go out either fri or sat or both.


---------------------- Forwarded by Joe A Casas/HOU/ECT on 02/25/2000 08:35
AM ---------------------------

knovsek@columbiaenergygroup.com on 02/25/2000 08:35:04 AM
To: " - *jcasas2@enron.com" <jcasas2@enron.com>
cc: " - *Stiles, Marianne" <mstiles@columbiaenergygroup.com>, " - *Porter,
Jeffrey" <jporte1@columbiaenergygroup.com>, " - *Perrone, Brian"
<bperron@columbiaenergygroup.com>, " - *Kinney, Doug"
<dkinney@columbiaenergygroup.com>, " - *Dalphon, Charles"
<cdalpho@columbiaenergygroup.com>, " - *Bartlo, Noel"
<nbartlo@columbiaenergygroup.com>
Subject: February 2000 Deliveries to CGE

Hi Joe.  Effective the 26th - 29th,  please reduce the deliveries to CGE from
950 dth per day to 500 dth per day.  Thanks.


Leslie, please ensure that these entities' and the affiliates' of these entities (which will be provided to you by Marie Heard when she receives the names from Credit) receivables are deleted from the list of receivables to be transferred into Swee'P in connection with the "Swee'P Gas Receivables Facility.  Please advise as to the next date when this can be done....also if these entities' receivables are not currently on the most recent "receivables Transfer list", please advise me of that with a copy to the other recipients of this communication.  If you have any questions, please call.....36832.

Thank you for your assistance,

Barbara Gray
 -----Original Message-----
From: 	Davis, Angela
Sent:	Friday, November 16, 2001 1:45 PM
To:	Gray, Barbara N.; Proffitt, Tim; Herron, Chris
Subject:	FW: Trades to be extracted from Gas Receivables Financing

Please see below.

Angela D. Davis
Enron North America Corp.
1400 Smith Street, EB3817
Houston, Texas 77019
Tel: (713) 345-8347
Fax: (713) 646-3393
e-mail: angela.davis@enron.com

 -----Original Message-----
From: 	Davis, Angela
Sent:	Friday, November 16, 2001 1:34 PM
To:	Ephross, Joel
Subject:	Trades to be extracted from Gas Receivables Financing

Noble Gas Marketing, Inc.

Samedan Oil Corporation

Angela D. Davis
Enron North America Corp.
1400 Smith Street, EB3817
Houston, Texas 77019
Tel: (713) 345-8347
Fax: (713) 646-3393
e-mail: angela.davis@enron.com


by the way we are going to see either the patriot or the perfect storm
tonight - so decide!

Shanna Husser@ENRON
06/30/2000 10:58 AM
To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Re: Cancun

Looks nice.  I just had my meeting with my V.P.- looks like I will be doing
my next rotation through EES tax (starts Aug 15th).  I hear it is a real good
group to work with (real smart and nice people)- but I think they put in a
lot of overtime- especially during federal compliance and some during state
compliance time.  Anyway- state compliance is in September and October- so
going before I rotate in August  might not be a bad idea- although I really
think they would let me take vacation whatever time I asked for.  Side
thought- when in the hell am I going to study for the CPA- especially since I
have NO motivation and I am about to enter a group that has lots of OT.  You
do realize that I am never going to pass that exam- and I'll probably lose my
job- and then either you or my family will just have to take care of me.  I
am feeling a little stressed/anxious today for some reason- in case you
didn't pick up on that.  I definately feel like I need a vacation.

	From:  Eric Bass @ ECT                           06/30/2000 10:23 AM

To: Shanna Husser/Corp/Enron@Enron
cc:

Subject: Cancun

check out this site.  louise starts school aug 14, so if we all go it would
have to be before then.
---------------------- Forwarded by Eric Bass/HOU/ECT on 06/30/2000 10:22 AM
---------------------------
To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Cancun

Check out www.palaceresorts.com and go to Moon Palace.  Runs about $1200 for
a 3 night stay/couple.  I am not full of shit, I will do it.


Adele and Maria:
Here are my final comments:

1. In the ISDA Schedule, Part 4, Section (f)(iii), we cannot accept a 30 day
waiting period.  Why can't the Guaranty be furnished when the Reorg becomes
effective?

2. In each Guaranty, there is an extra zero in the "cap" amount.

3. In the PSE&G Guaranty, the Counterparty notice section should be just like
what is in the Master for primary notices and copies.

4. In the LC, in the new language on the second page, change Uniform Customs
to UCP.

That's all I have.  Subject to resolving point #1, please e-mail to me the
Enron Guaranty and please coordinate with Susan Flynn on getting final
versions executed and obtaining other closing items.  I will review your
opinion shortly.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)


Geoff:  I understand that I need to get with you to approve the portion of my budget that is allocated the Enron America's.  Currently  $  299,871 is budgeted for allocation to EA.  My group coordinates JV activities as well as conducting due diligence on IT areas related to aquisitions and divestitures.  The amount budgeted above is for the following known projects:

		Coordination and Operations under the Bridgeline IT Services Agreement
		Due Diligence related to Project Sugarcane and how we may monetize our investment in Bridgeline

In 2002 ENA will bill Bridgeline $1,250,000 for IT Services.  Since Chevron/Texaco covers 60% of the bill ENA will net $750,000 in revenue for the services coordinated by my group.

Let me know if you'd like to get together and discuss this in any detail.

Tommy Yanowski  x36858.


Greg -

Apollo is taking Pacer (our transportation logistics company) public through
CSFB.  We're getting some interest in a sale as a result.  Given your
expressed interest in the company, do you want Enron to get a look?  Let me
know.

Larry


February 29, 2000                                       Received 2/29/00
11:30 am
                                                        Posted 2/29/00  11:30
am

Dear Producers and Shippers,

 In January, you were notified that the Schultz Gas Processing Plant
would be permanently shut down on February 29, 2000.   We heard from many
of you regarding the financial hardship this shut down may cause Schultz
area producers while a gas delivery alternative was being constructed.
Given your concerns and given that natural gas liquids prices have risen
sufficiently to allow operations at Schultz to be marginally profitable,
CNG Transmission will continue to operate the Schultz facility until:

 1. it becomes uneconomic to continue operations or,

 2. CNG develops a compression/pipeline alternative for delivering and
         processing the Schultz area gas elsewhere on its system.

 We remain committed to serving producers throughout the Appalachian
Basin and hope this operating decision addresses the concerns voiced by you.
If you have any questions regarding this notice, please contact Joe Thompson
at (304) 623-8709 or Dan Stuart at (304) 623-8705.

        Sincerely,

        H. Dale Rexrode
        Director, Producer Services
        and Business Development


hey:
what was the first cd we listened to on Wednesday at my place?
john


Joe,
It seems when I exit out of VisuPro I get the "Illegal Operation" message box
. In the details it states that
"VisuPro caused an invalid page fault in module <unknown> 0000:015clac9"

Although I am able to FTP files and do other commands in VisuPro, should the
program be reinstalled?

Thanks
John


---------------------- Forwarded by Kathleen E Magruder/HOU/EES on 04/20/2000
01:11 PM ---------------------------

Jessie Knight <JKnight@sdchamber.org> on 04/19/2000 02:08:53 AM
To: "'kmagrude@enron.com'" <kmagrude@enron.com>
cc:
Subject: PR release

Kathleen,
     I hope some version of the attached serves your purpose.  Please feel
free to take editorial license as I granted per our conversation.

Enron has exercised the most compelling business model, one that has been
starved from the industry's natural evolution by regulatory and
protectionist strictures.  This initiative affirms why many of us early
pioneers fought to create full customer choice in the beginning. It will
prove to be a key moment in the renaissance of this industry.
Jessie J. Knight Jr.
President and CEO
San Diego Regional Chamber of Commerce <http://www.sdchamber.org/>

Internet Services provided by net <http://www.znet.com/>


I have enclosed the latest student list for your course. You will find the
revision date marked in the upper right hand corner. When we finish with
adds and drops I will send you a final roster (for grade marking).

Please let me know if you have any questions.

Pam (713-348-6223)
 - 656.xls


After having conducted our first of several business reviews, Enron Global
Markets - Office of the Chairman would like to outline the following
organizational changes effective immediately.

The Global Risk Markets group under Jere Overdyke illustrates enormous
opportunities given the size of those businesses.  To better focus on the
different commercial functions and to capture market share and value, the
group is being realigned.  Jere will continue to manage Global Risk Markets
and build on our insurance capabilities.  Mark Tawney is responsible for our
weather business and will now report to the EGM Office of the Chairman.

Brent Price will be joining Enron Global Markets as Vice President of
Operations and Chief Accounting Officer.  He will report to the EGM Office of
the Chairman, and to Sally Beck, Vice President of Global Risk Management
Operations.  In his role as Chief Accounting Officer, Brent will also report
to Rick Causey, Executive Vice President and Chief Accounting Officer for
Enron Corp.  Reporting to Brent in his new position will be Sheila Glover,
business controller for Financial Products; Todd Hall, business controller
for weather; and Scott Earnest, business controller for global products and
coal.  In addition, Tom Myers will join Brent's management team as Director
of Accounting.  Brent and his team are responsible for all accounting, risk
reporting and trading operations for all the businesses within EGM.

Cindy Skinner will join the Enron Global Markets team with responsibility for
Human Resources.  She will also report to David Oxley and the HR organization.

Please join us in congratulating everyone in their assignments.


Check it out.


White water rafting in Colorado.


USA: Nevada to examine electric deregulation timetable.

?
09/06/2000
Reuters English News Service

(C) Reuters Limited 2000.
?

?
SAN FRANCISCO, Sept 6 (Reuters) - The timetable for deregulation of Nevada's
electricity market will be examined at a special meeting Sept. 13, called by
Gov. Kenny Guinn (R) with state Public Utilities Commission (PUC) Chairman
Don Soderberg, a spokesman for Guinn said Wednesday.
Nevada's electricity market was to open to competition last March but Guinn
delayed the timing because final rules weren't in place.
?

The state's new timetable now calls for deregulation to be phased in for
various classes of utility customers from Nov. 1, 2000, for big industrial
companies, to residential consumers by the end of 2001.
Soderberg told Reuters the timetable is subject to the governor's approval.
"I have no indication that he is uncomfortable with the schedule, but we will
meet to discuss all issues on deregulation," he said.
The state PUC has studied the power problems Nevada's neighbour California
has grappled with since electricity deregulation went into effect in 1998.
Soderberg said, however, that California's problems, which are based mainly
on supply and demand factors, don't necessarily mean that Nevada will delay
further.


September 5, 2000

 To all persons on the Service List in I.99-07-003 (Gas Structure
OII):

 As part of the approved Gas Structure settlements for PG&E and the
Comprehensive Settlement proposed for SoCalGas and SDG&E, SoCalGas and PG&E
would contract with Altra Energy Technologies (Altra) to develop several new
electronic trading services including anonymous imbalance trading, OFO
imbalance rights trading, storage trading and anonymous capacity trading.
Recently, while working on finalizing contracts to provide these services,
Altra informed both SoCalGas and PG&E that they are no longer interested in
offering these new services.  Altra restructured their business and has
determined that this service is not the right business direction for them at
this time.

 SoCalGas and PG&E were working together to provide a consistent
service prior to the announcement by Altra, and we will continue working
together to seek an alternative service provider for these services.  PG&E's
intention is to investigate the possible alternatives and to present those
alternatives to the parties to I.99-07-003 along with our suggested plan of
action as soon as possible.  PG&E understands that SoCal Gas intends to work
with parties in a similar fashion.  Since it is unknown how long it will
take a service provider other than Altra to develop these services, the
implementation dates for trading services by a third party will need to be
reevaluated once a selection is made and a development schedule set.

 We recognize that a replacement service provider raises a number of
questions such as implementation costs and service fees.  We will attempt to
address those questions as we investigate the alternatives.  Please send any
comments or questions you may have to Ed Vera (EVera@socalgas.com) of
SoCalGas and Ben Campbell (BCC3@pge.com) of PG&E.

 Sincerely,

 Dan Thomas


Ben:

As we have done with El Paso, Aquila and Duke; is it possible for us (Tax) to
speak directly to the LG&E Tax Professionals.  We have found this to be the
most efficient and effective means of handling the tax issues.  Please advise.

Thanks.

- Matt
x33979

Benjamin Rogers
10/24/2000 04:24 PM
To: Patrick Maloy/HOU/ECT@ECT, Matthew F Gockerman/HOU/ECT@ECT, Warren
Schick/Corp/Enron@ENRON
cc: Don Miller/HOU/ECT@ECT
Subject:

Guys:
Here are questions from LG&E regarding the peaker assets.  Some of these
questions are tax related.  Please assist us in answering these questions.
Thanks for your help.
Ben
3-7998


Is it really necessary to change the book names just to avoid confusion?  Who
is confused?  Can't we just inform those who need to know that the Denver
books are simply another desk that rolls up into the West Region?  I don't
want to be difficult, but it will require a great deal of time and effort to
change every deal in the Denver books to a new name.  Let me know what you
think.

DG    3-9573

	From:  Shona Wilson @ ENRON                           03/30/2001 11:55 AM

To: Burton McIntyre/Enron@EnronXGate, Susan D Trevino/HOU/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, Patrick Ryder/NA/Enron@Enron
cc: Mark Whitt/NA/Enron@Enron
Subject: Denver FT and IM books

Is this possible to do easily?

---------------------- Forwarded by Shona Wilson/NA/Enron on 03/30/2001 10:54
AM ---------------------------
From: Mark Whitt on 03/30/2001 10:53 AM
Sent by: Mark Whitt
To: Phillip K Allen/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Jay
Reitmeyer/HOU/ECT@ECT, Paul T Lucci/NA/Enron@Enron, Barry
Tycholiz/NA/Enron@ENRON, Tyrell Harrison/NA/Enron@Enron, Theresa
Staab/Corp/Enron@ENRON, Nicole Cortez/NA/Enron@Enron
cc: Shona Wilson/NA/Enron@Enron

Subject: Denver FT and IM books

As part of the Doorstep project, (internal audit) it has become apparrent
that we should rename the Denver trading books in order to avoid confusion in
regards to who manages the risk in those books.  Since we have completed the
transfer of those books to Houston and Jay is now managing those books I
think it is appropriate to remove Denver from the title so people outside of
the West Group don't think we are trading in Denver.  Of course we will
continue to support Jay in whatever he needs and provide the middle market
and origination coverage to the customers associated with the deals in this
book.

Let me know if anyone has any concerns regarding this and Shona Wilson can
make the name changes if we let her know what name to change it to.

Mark


Ruth, Christina said she was scheduling Bridgeline when Bridgeline stopped accepting our noms.  She said some gas did flow for December but she doesn't think there will be any hard evidence of Bridgeline not accepting our noms.

Donna, do you agree with my comment above?  Can you get any documents showing ENA nominating gas on Bridgeline and Bridgeline not accepting those nominations?


calendar fyi
---------------------- Forwarded by Steven J Kean/NA/Enron on 05/04/2001
03:02 PM ---------------------------
From: Joe Hartsoe on 05/03/2001 04:12 PM
To: Julie Armstrong/Corp/Enron@ENRON, Nancy Bagot/OTS/Enron@ENRON, Martha
Benner/ENRON@enronXgate, Lynn Blair/ET&S/Enron@ENRON, Sharon
Brown/ET&S/Enron@ENRON, Janet Butler/ENRON@enronXgate, Deb
Cappiello/ENRON@enronXgate, Alma Carrillo/ET&S/Enron@ENRON, Janet
Cones/ENRON@enronXgate, Bill Cordes/ENRON@enronXgate, Shelley
Corman/ENRON@enronXgate, Rick Dietz/ET&S/Enron@ENRON, Dari
Dornan/ET&S/Enron@ENRON, John Dushinske/ENRON@enronXgate, Drew
Fossum/ENRON@enronXgate, Ava Garcia/ET&S/Enron@Enron, John
Goodpasture/ENRON@enronXgate, Steven Harris/ET&S/Enron@ENRON, Joe
Hartsoe/Corp/Enron@ENRON, Glen Hass/ET&S/Enron@ENRON, Rod
Hayslett/ENRON@enronXgate, Bambi Heckerman/NPNG/Enron@ENRON, Theresa
Hess/ENRON@enronXgate, Staci Holtzman/ENRON@enronXgate, Stanley
Horton/Corp/Enron@Enron, Steve Hotte/ENRON@enronXgate, Rita
Houser/ENRON@enronXgate, Steven January/ET&S/Enron@ENRON, Steven J
Kean/NA/Enron@Enron, Robert Kilmer/ENRON@enronXgate, Frazier
King/ENRON@enronXgate, Steve Kirk/ENRON@enronXgate, Tim
Kissner/ET&S/Enron@ENRON, Laura Lantefield/ENRON@enronXgate, Terry
Lehn/ENRON@enronXgate, Teb Lokey/ENRON@enronXgate, Danny
McCarty/ET&S/Enron@Enron, Dorothy McCoppin/ENRON@enronXgate, Mike W
McGowan/ENRON@enronXgate, Kent Miller/ET&S/Enron@ENRON, Mary Kay
Miller/ET&S/Enron@ENRON, Michael P Moran/ENRON@enronXgate, Sheila
Nacey/ET&S/Enron@ENRON, Ray Neppl/NPNG/Enron@ENRON, Dave
Neubauer/ET&S/Enron@ENRON, Zelda Paschal/ENRON@enronXgate, Maria
Pavlou/ENRON@enronXgate, Keith Petersen/ENRON@enronXgate, Peggy
Phillips/ENRON@enronXgate, Janet Place/NPNG/Enron@ENRON, Tony
Pryor/ET&S/Enron@ENRON, Lisa Sawyer/ENRON@enronXgate, Donna
Scott/FGT/Enron@ENRON, Susan Scott/ENRON@enronXgate, Emily
Sellers/ENRON@enronXgate, Sharon Solon/ET&S/Enron@ENRON, Cindy
Stark/Corp/Enron@ENRON, James Studebaker/ENRON@enronXgate, Gina
Taylor/ENRON@enronXgate, Stephen Veatch/ENRON@enronXgate, Ricki
Winters/ENRON@enronXgate
cc:

Subject: FERC Tech. Conference on CA Natural Gas Transportation- 5/24

FYI
----- Forwarded by Joe Hartsoe/Corp/Enron on 05/03/2001 04:11 PM -----

	epsa@mindspring.com
	05/03/2001 02:35 PM
	Please respond to epsa

		 To: jhartso@enron.com
		 cc:
		 Subject: FERC Tech. Conference on CA Natural Gas Transportation- 5/24

Today, FERC issed the attached notice of a technical conference on the
Californi
a natural gas transportation infrastructure, scheduled for May 24th.

 - pl01-4.000.doc


Start Date: 4/9/01; HourAhead hour: 16;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001040916.txt

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

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/9/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_OZZY
  ENGY_TYPE: FIRM


Thanks for your message.  We met about the fire drill process yesterday
and will have something shortly.  One of the issues we are facing is the
absence of "floor wardens" -- people who know the procedure and can help
it move smoothly if there is a problem.  If you are willing to
volunteer, contact mike terraso.  thanks

-----Original Message-----
From: Lillian.Villarreal.enronXgate@enron.com
[mailto:Lillian.Villarreal.enronXgate@enron.com]
Sent: Thursday, October 11, 2001 4:40 PM
To: Kean, Steven J.
Subject: RE: Security Update

Mr. Kean,
I want to thank you and your group for keeping us informed of new safety
rules so we all understand the reasons for the changes.  I have 1
question.

Will you be sharing/reviewing/revising fire drill/building evacuation
instructions.  In the past, our fire drills have instructed us just to
go
to the door of the stairwells.  If we really had to evacuate the
building,
where should we go after we exit the stairwells and building?  Would the
recommendation be to wait in the park area in front of ECN, walk towards
an
area that is not near high structures, a freeway underpass, etc. or is
that
decision left to our discretion?

Thanks, Lillian Villarreal - ETS IT group

    -----Original Message-----
   From:   Enron Announcements/Corp/Enron@ENRON   On Behalf Of Steve
             Kean@ENRON
   Sent:   Tuesday, October 09, 2001 11:04 PM
   To:     All Enron Worldwide@ENRON
   Subject:  Security Update

   Enron  has  been increasing security at its facilities around the
world.
   Some  of  the  changes took effect immediately (e.g. additional
security
   personnel)  and  some are phasing in.  While not all of the changes
will
   be  visible,  there  are  a  few  that  will  have an impact on
everyday
   activities.   In  all  the steps we take and recommendations we make,
we
   will be making our facilities and systems more secure and endeavoring
to
   increase  your  sense  of  security,  while  doing  our best to
minimize
   disruption to our day-to-day business.

   Primary  responsibility for Enron Corp. Security resides in our
business
   controls  organization.  You can contact this organization through
their
   website  (<http://home.enron.com/security>), by phone (713-345-2804),
or
   by                   email
(CorporateSecurity@enron.com
   <mailto:CorporateSecurity@enron.com>).   John  Brindle, Senior
Director,
   Business Controls, leads this organization.  Please feel free to
provide
   John  and  his  team  with  your  comments  and  questions, or to
report
   security threats.

   We  have  two  areas to update you on:  changes in the access
procedures
   for  the  Enron  Center  Campus  in  Houston  and  changes to our
travel
   advisory.

   Access to the Enron Center

   Over  the next few days, the following access control procedures will
be
   instituted at the Enron Center (and other facilities where
practical):

        ?  As employees swipe their badges at the card readers to enter
the
           Enron  Center,  a guard will match the photo on the badge to
the
           bearer.

        ?  Employees and contractors who forget their badges must
present a
           valid  picture  ID  to  obtain  access to the Enron Center
(U.S.
           driver's license, U.S. or foreign passport, or some form of
U.S.
           federal, state or local identification).

        ?   Visitors to the Enron Center must produce a valid photo ID
when
           signing  in at the lobby reception desk and must completely
fill
           out  the  visitor card.  Adult visitors without a valid photo
ID
           (U.S.  driver's  license, U.S. or foreign passport, or some
form
           of  U.S.  federal,  state  or  local identification) will not
be
           allowed access to the Enron Center.

        ?   Visitors  to  Enron  facilities  must  be  escorted by an
Enron
           employee or badged contractor at all times.

        ?   Visitors  to  the  Enron  Center will be met in the lobby by
an
           Enron employee or badged contractor, signed into a visitor's
log
           at   the   lobby  reception  area  by  the  employee  or
badged
           contractor,   and   escorted   to  their  appointment.   At
the
           conclusion  of  the appointment, the visitor will be escorted
to
           the lobby by an employee or badged contractor, the visitor
badge
           collected,  and  the  visitor signed out in the log at the
plaza
           reception area by the escorting employee or badged
contractor.

        ?  Employees are also being asked to participate in the security
of
           their workplace by following these guidelines; report
suspicious
           activity  to  Security (phone 3-6300), do not open secured
doors
           for  individuals  unknown  to  you  or hold doors open,
allowing
           "tail gating" by others.

   These  will  be  the  first in a series of new security procedures to
be
   instituted  at  Enron.   We  ask  that  all  employees be patient
during
   congested  times in the lobby.  As we proceed and obtain increased
guard
   personnel  and  equipment,  we expect the inconvenience to decrease.
We
   hope you understand these measures are being instituted for the
security
   of all our employees.

   Travel Advisory Update

   With  the  beginning  of  retaliatory  strikes,  we  have  two
important
   recommendations:

        ?   While  the  retaliatory strikes are ongoing, corporate
security
           recommends that travel through or to the Middle East be
avoided.
           We  continue  to  strongly recommend that all travel during
this
           time  to  Afghanistan,  Yemen,  Pakistan, Indonesia, Iran,
Iraq,
           Sudan,  Somalia,  Tajikistan,  Turkmenistan,  Georgia,  and
the
           Kyrgyz  Republic  be  canceled.   In addition, we recommend
that
           planned   travel  to  Egypt,  Israel,  Gaza/West  Bank,
Jordan,
           Lebanon,  Saudi  Arabia,  Syria,  and  Algeria be very
carefully
           considered.

        ?   For non-U.S. citizens traveling in the United States,
corporate
           security  recommends  that  you carry documentation.  There
have
           been  several  recent reports of non-U.S. citizens who reside
in
           the  United  States being questioned and asked for
documentation
           when  boarding  U.S.  domestic  flights. As a result, we
suggest
           that  all  non-U.S.  citizens who currently reside in the
United
           States  -  and who do not have Permanent Resident Alien
status -
           carry their passport, Form I-94 and Form I-797 at all times.
We
           would  also  suggest  that Permanent Resident Aliens carry
their
           Permanent  Resident  (Green)  Card as proof of their status
as a
           precautionary  measure.   It  appears that Immigration
Officials
           may be applying a section of the Immigration and Nationality
Act
           that  requires  individuals  over the age of 18 to carry
his/her
           "registration"  documentation  with  them at all times. This
can
           include  a  Permanent  Resident Card, Form I-94 card,
Employment
           Authorization   Card,  Border  Crossing  Card,  or  a
Temporary
           Resident  Card. Immigration Officials have not historically
been
           asking  domestic travelers for "registration" documentation,
but
           in  light  of  the  heightened  security  measures  and
current
           atmosphere,  it  would  be  best to be prepared with all of
your
           documentation proving your current lawful status.

   We  will  keep  you  apprised of new information and developments on
the
   Corporate Security website and by e-mail, as appropriate.