I am working on a "issues" list that outlines what Enron supports - irregardless of what organization fulfills oure needs.

On today's call - we reiterated the anti-SRO position and that we, last week, support the NERC "direction", and not the organization itself.  NERC's Board just approved a new direction - not a new organization.

-----Original Message-----
From: Steffes, James D.
Sent: Tuesday, October 23, 2001 4:14 PM
To: Yeung, Charles; Bestard, Jose
Cc: Walton, Steve; Nicolay, Christi L.; Lindberg, Susan; Perrino, Dave;
Rodriquez, Andy; Novosel, Sarah
Subject: RE: New Role for NERC - Enron's Position

Charles & Jose --

The spinmisters are already at work.  People at FERC thought we had bought into the "new NERC" Enron DOES NOT SUPPORT NERC in working through commercial issues.  We need to develop our opinions of where to go next, but right now you can respond to Dave Nevius that we still don't believe that NERC and its process/organziation is the right vehicle.  We are willing to find a way to do this, but we can't have the same SRO bullshit that they have been saying for 3 years.

Sorry I missed the call.  I'll talk with you guys Friday.

Jim

-----Original Message-----
From: Yeung, Charles
Sent: Monday, October 22, 2001 3:49 PM
To: Bestard, Jose
Cc: Steffes, James D.; Walton, Steve; Ingersoll, Richard; Nicolay,
Christi L.; Lindberg, Susan; Perrino, Dave; Rodriquez, Andy; Novosel,
Sarah
Subject: FW: New Role for NERC

Jose

We will discuss this on the 2:30 pm call Tues.

I think what NERC needs to know is that their job is not done. Big issues were tied into the Stakeholder's recommendation - changes in governance, voting, funding.  The idea of expanding NERC's role is not for the sole purpose of getting NERC to develop business practices - but rather get NERC to recognize the market and commercial needs in its reliability rules.  Presently, NERC focuses on reliability rules and considers commercial impacts as a secondary issue.  This is what the Stakeholders wish to change.  We must make sure that message is not misconstrued by spin-doctors.

To ensure, this, the charter of NERC would need to change and the idea of a Self-Regulated Organization should cease.

-----Original Message-----
From: Dave Nevius [mailto:Dave.Nevius@nerc.net]
Sent: Monday, October 22, 2001 3:30 PM
To: Yeung, Charles; Bestard, Jose
Cc: DNC (E-mail)
Subject: New Role for NERC

Jose and Charles
Given the actions taken by the NERC Stakeholders Committee and Board
last week, we need to take steps to broaden stakeholder support and
endorsement of these recommendations, especially the one dealing with
NERC taking on an expanded role for the development of business practice
standards in addition to reliability standards.

At the FERC panel discussion last Thursday on standardizing business
practices, it was pretty clear that FERC is not going to make this call,
but rather leave it up to the industry to decide who assumes this
responsibility. In this regard, we would welcome the support of Enron
and EPSA.

Give me a call when you can so we can discuss where Enron is on this,
and how you might help gain EPSA's support.

Thanks.
dave

PS - I still remember that at the 1995 FERC Technical Conference on
OASIS it was Rick Shapiro who first spoke up in response to Betsy
Moler's question about who should take on the responsibility for
developing OASIS standards. Maybe Enron wants to be the first one to
publicly endorse the "New NERC" as the one-stop shop for wholesale
electric standards.


Good morning!

I was wondering if Michael has settled down, or if he is having troubles
attending.

Thanks,

Kay


Here is the latest version.  Please check your latest version and what you
have sent out recently to make sure everything fits.  Thanks
Ben


We had to fax it to the UK for execution.  Tana Jones will follow up with you
re the status.

Tana:

Please follow up with Steve re when he should expect an execution copy.

Leslie

	"Steven Wagner" <swagner@erisks.com>
	12/07/2000 02:58 PM

		 To: <Leslie.Hansen@enron.com>
		 cc:
		 Subject: RE: Reciprocal Confidentiality Agreement

I have not received the faxed execution copy, have you sent it?

SPW

-----Original Message-----
From: Leslie.Hansen@enron.com [mailto:Leslie.Hansen@enron.com]
Sent: Thursday, December 07, 2000 10:05 AM
To: Steven Wagner
Subject: RE: Reciprocal Confidentiality Agreement

Please confirm that your fax number is 212-819-0171.  (The phone number I
had for you was wrong, so I don't want to rely on this fax number either.)

Leslie

                    "Steven
                    Wagner"              To:     <Leslie.Hansen@enron.com>
                    <swagner@eris        cc:
                    ks.com>              Subject:     RE: Reciprocal
Confidentiality Agreement

                    12/07/2000
                    08:58 AM

Send the execution copy to me.  Faxed signature pages are fine.

SPW

-----Original Message-----
From: Leslie.Hansen@enron.com [mailto:Leslie.Hansen@enron.com]
Sent: Thursday, December 07, 2000 9:53 AM
To: Steven Wagner
Cc: Craig.Chaney@enron.com; David.P.Dupre@enron.com
Subject: Re: Reciprocal Confidentiality Agreement

Steve:

All of your proposed changes are acceptable.  I'm finalizing the document
as per the attached and will have it sent to you for execution after I have
had it executed on my end.  To whom should I send the execution document?
In the interests of time, I suggest that we exchange fax copies.

Regards,

Leslie Hansen
713/853-6121

                    "Steven
                    Wagner"              To:     <leslie.hansen@enron.com>
                    <swagner@eris        cc:
                    ks.com>              Subject:     Reciprocal
Confidentiality Agreement

                    12/06/2000
                    04:41 PM

(See attached file: NDAEnronCredit.doc)


Attached below please find the cash flow/tariff increase study we discussed 2
1/2 weeks ago at the Sunday DPC strategy session.  The study assumes a
decrease in losses from 40% to 25% and an increase in collection efficiency
83% to 92% from 2000-01 to 2006-07.  Further, it is assumed that only one
block of DPC operates until 2006-07.

Two scenarios based on average realisation are illustrated:

1. A realistic cash flow study and  accompanying tariffs.  Given the above
assumptions and assuming there is no state subsidy in 2006-07, MSEB should
have a cash flow deficit of R34 Cr. in 2006-07 when Phase II comes on line
for sale to MSEB, given a reasonable annual tariff increase.  (See the tariff
sheet in gray shaded area.)  The annual rate increases would be15% for LT and
HT agriculture and LT public water works, a 10% increase for domestic, street
lights and interstate sales, a 4% increase for LT industrial and powerloom,
and 1% increase for LT commercial and HT industrial, public water works and
railways.

2. The annual tariff increases needed for MSEB to break even with a 3%
profit, assuming industrial and commercial classes are held flat, are
detailed below.  (See the Tariff sheet in red.)

 Domestic          8%
 LT Public Water Works    35.60%
 LT Agriculture and Poultry   26%
 Street Light     10.8%
 HT Agricultural & Poultry    26.9%
 Mula Pravara Electric Coop Soc.  24.30%
 Interstate sales       6.5%

It is obvious that  even the more realistic scenario would require strong
MSEB, state government and regulator resolve.

In a separate e:mail I will describe the cost of service study we have also
developed for MSEB.
---------------------- Forwarded by Jane Wilson/ENRON_DEVELOPMENT on
02/06/2001 11:08 AM ---------------------------

Heidi Hellmann

02/06/2001 09:43 PM

To: Jane Wilson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Ban Sharma/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Latest Model/Summary

Jane,

Attached is the latest summary (hard coded numbers, like I sent before) and
the latest cashflow model in case that is required for anything.

Just to confirm all that has changed are the customer categories and the MU's
in 1999-2000.


Attached are the EGF-Legal dealflow sheets for Q4--in progress and closed
transactions.  Please feel free to contact me or any of the EGF attorneys or
assistants with any questions and/or comments you may have.

Jordan
---------------------- Forwarded by Jordan Mintz/HOU/ECT on 11/22/2000 02:39
PM ---------------------------

Darlene C Forsyth
11/22/2000 02:13 PM
To: Jordan Mintz/HOU/ECT@ECT
cc:
Subject: Dealflow - 11/22/00


Kathy,

I have attached  a copy of the P&L that was reported as of January 31 for
Canada.  You will notice that Disturnal's P&L is no longer reported as part
of Canada, however I have included his p&l  for tieout purposes.  If you have
any questions please let me know.

Robin

Kathy Reeves
02/02/2001 04:12 PM
To: Robin Rodrigue/HOU/ECT@ECT
cc: Jonathan McKay/CAL/ECT@ECT
Subject: Canada's P&L

This is what I have for Canada's p&l for January 2001.  Can you let me know
what you reported so that we can make sure that it is the same?

Kathy


If you like, I can get you database access that will allow you to review the
comments between Legal & Credit.  We do not give this level of access to
non-Legal & Credit people because we are trying to limit certain information
for client-attorney privilege (not to mention the business people give away
our negotiating positions!).  If you would like this level of access, let me
know and I will put in a request.  This level of access will also give you
edit capability, so you need to be careful not to change things by mistake.


Rickey Watters and Wayne Chrebet for Antonio Freeman?


Anita,

I spoke w/Daren and he apprised that he e-mailed Craig and that Craig has to
re-negotiate the deal and Daren will respond to me on Tuesday next week.

-Jackie-
3-9497
---------------------- Forwarded by Jackie Young/HOU/ECT on 05/26/2000 03:01
PM ---------------------------

Jackie Young
05/26/2000 08:45 AM
To: Daren J Farmer/HOU/ECT@ECT
cc: Anita Luong/HOU/ECT@ECT
Subject: Re: Meter # 0986725 - 1/00 production - Encina Gas Marketing

Hey Daren,

We're back on this issue again.  There is gas out there for days 1-3 and 6-20
but the deal is only good for 21-31.

Can you assist Anita and I w/a deal number to place the 1st 20 days on.
Anita is attempting to close this issue.

As usual, thanks for your help.

-Jackie-
3-9497
---------------------- Forwarded by Jackie Young/HOU/ECT on 05/26/2000 08:42
AM ---------------------------

	Anita Luong
	05/26/2000 08:41 AM

To: Jackie Young/HOU/ECT@ECT
cc:
Subject: Re: Meter # 0986725 - 1/00 production - Encina Gas Marketing

---------------------- Forwarded by Anita Luong/HOU/ECT on 05/26/2000 08:40
AM ---------------------------

	Anita Luong
	04/10/2000 02:13 PM

To: Jackie Young/HOU/ECT@ECT
cc:
Subject: Re: Meter # 0986725 - 1/00 production - Encina Gas Marketing

Jackie,
We are back on this issue again...........the deal was only good for day
21-31, don't we have to find out who this gas belong's to for days 1-20?
Stephanie still thinks this should be for Encina.   Please advice.

Thanks

Jackie Young
04/03/2000 05:19 PM
To: Anita Luong/HOU/ECT@ECT
cc:
Subject: Re: Meter # 0986725 - 1/00 production - Encina Gas Marketing

I've just reallocated the meter.........................give a minute
---------------------- Forwarded by Jackie Young/HOU/ECT on 04/03/2000 05:18
PM ---------------------------

Daren J Farmer
04/03/2000 05:14 PM
To: Jackie Young/HOU/ECT@ECT
cc: Anita Luong/HOU/ECT@ECT, Stephanie Gomes/HOU/ECT@ECT
Subject: Re: Meter # 0986725 - 1/00 production - Encina Gas Marketing

yes

Jackie Young
04/03/2000 05:10 PM
To: Daren J Farmer/HOU/ECT@ECT
cc: Anita Luong/HOU/ECT@ECT, Stephanie Gomes/HOU/ECT@ECT
Subject: Re: Meter # 0986725 - 1/00 production - Encina Gas Marketing

Daren,

The above mentioned meter is on stranger's for the entire month of Jan.
2000.  There is a deal ticket applicable to this meter from Jan. 21st thru
the 31st.  Is it o.k. for Volume Management to apply volumes from the 21st
thru the 31st to the 215?

I don't know what kind of issues was associated with this deal.

Thanks
-Jackie-

---------------------- Forwarded by Jackie Young/HOU/ECT on 04/03/2000 05:08
PM ---------------------------

	Anita Luong
	04/03/2000 05:00 PM

To: Jackie Young/HOU/ECT@ECT
cc: Stephanie Gomes/HOU/ECT@ECT
Subject: Re: Meter # 0986725 - 1/00 production - Encina Gas Marketing

Jackie, any luck on the issue w/ the gas allocated to "stranger's gas" at
this meter..........

---------------------- Forwarded by Anita Luong/HOU/ECT on 04/03/2000 02:29
PM ---------------------------

	From:  Stephanie Gomes                           04/03/2000 10:00 AM

To: Anita Luong/HOU/ECT@ECT
cc:
Subject: Re: Meter # 0986725 - 1/00 production - Encina Gas Marketing

Anita, have you found out any further information about this meter.  Encina
still beleives that we owe them for this gas.

Thanks, Stephanie (3-6004)

	Anita Luong
	03/03/2000 02:11 PM

To: Jackie Young/HOU/ECT@ECT
cc: Stephanie Gomes/HOU/ECT@ECT
Subject: Meter # 0986725 - 1/00 production - Encina Gas Marketing

Jackie,
I see that the gas at this meter is allocated to "stranger's" in POPS.
Stephanie Gomes in Settlement thinks that this could be Encina's gas.  I see
in Sitara that deal 152638 is only valid from the 21st - 31st.   Can you
please take a look.

Thanks
---------------------- Forwarded by Anita Luong/HOU/ECT on 03/03/2000 01:36
PM ---------------------------

	From:  Stephanie Gomes                           03/03/2000 01:34 PM

To: Anita Luong/HOU/ECT@ECT
cc: Charlene Richmond/HOU/ECT@ECT
Subject: Meter # 0986725 - 1/00 production - Encina Gas Marketing

Hey Anita,
For meter # 0986725, 1/00 production, I am showing per meter statement that
41,671mmbtu flowed.  Is that gas really Encina's.  Has the volume just not
been allocated yet.  Could you let me know  what the deal is on the meter.

Thanks, Stephanie ( 3-6004 )


The enclosed research report is being sent to you from PaineWebber by:

 Emery Financial Group

 713-957-7020

 rocky.emery@PaineWebber.COM

Please contact them if you have any questions or would like to discuss this
material.

The information contained in the attached research report is believed to be
reliable, but its accuracy is not guaranteed.  PaineWebber Incorporated
and/or Mitchell Hutchins Asset Management Inc., affiliated companies and/or
their officers, directors, employees or stockholders may at times have a
position, including an arbitrage position, in the securities described herein
and may sell or buy them to or from customers.  These companies may from time
to time act as a consultant to a company being reported upon.

You will need the Adobe Acrobat Reader to view this document.  If you don't
already have it just click on this link,
http://www.adobe.com/prodindex/acrobat/readstep.html, and follow the
on-screen instructions.  The Acrobat Reader is free of charge.

 - P011928720001124D01.pdf


Bryan,

The person from Citibank:

Alla Gil, (212) 723 6275
alla.gil@ssmb.com

I am attaching the  resume of Iris Mack.

Vince


COLUMBIA GAS TRANSMISSION CORPORATION
                        NOTICE TO ALL INTERESTED PARTIES
                                OCTOBER 05, 2001

Notice ID: 3160
5 - NO RESPONSE REQUIRED

SUBJECT: CAPACITY ALLOCATION-TIMELY NOMINATION CYCLE FOR OCTOBER 6-8, 2001

PLEASE NOTE THAT ALL ALLOCATIONS ARE SUBJECT TO CHANGE BASED ON THE RECEIPT OF
ANY NEW NOMINATIONS OR INTRADAY NOMINATIONS.

RECEIPTS:

TOLEDO AGGREGATE:  There is no capacity for IPP customers.  There is no
capacity for secondary firm customers.

LEBANON AGGREGATE:  There is no capacity for IPP customers.  There is no
capacity for secondary firm customers.

PAULDING:  There is no capacity for IPP customers.  There is no capacity for
secondary firm customers.

TCO-LEACH:  OCTOBER 6, 2001 - There is no capacity for new IPP customers.
Flowing IPP customers nominating increases received 147.44% of their October 5,
2001 flowing volumes or their October 6, 2001 nominated quantities, whichever
was less.

DELIVERIES:

ALGONQUIN:

HANOVER:  There is no capacity for IPP customers.  There is no capacity for
secondary firm customers.

Excess MDWQ               Available +
ISS Withdrawals           Available
SIT Withdrawals           Available
Imbalance Drawdowns       Available
PAL Lends/Unparks         Available

Excess MDIQ               NOT Available +
ISS Injections            NOT Available
SIT Injections            NOT Available
Imbalance Paybacks        NOT Available
PAL Parks/Loan Paybacks   NOT Available

+ Call Gas Control 24 hours in advance at (304) 357-2606 to request approval.

Columbia Gas Transmission has completed allocating all of its receipt and
delivery points for the gas days of October 6-8, 2001.  You may now view the
quantities you are authorized to flow on October 6-8, 2001.  On the Internet
NAVIGATOR, view Nominations, Scheduled Quantity, Scheduled Quantity for Service
Requestor-Summary, Nominations to be Viewed, and select Reduced Nominations.
The quantities confirmed to flow for your account are available on the Internet
NAVIGATOR after 5:30 p.m. Eastern Time on Friday, October 5, 2001.

If you have any questions, please contact your Account Representative.


---------------------- Forwarded by Steven J Kean/NA/Enron on 04/11/2001
07:21 AM ---------------------------
From: Michael Tribolet/ENRON@enronXgate on 04/11/2001 07:11 AM
To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Rick
Buy/ENRON@enronXgate, William S Bradford/ENRON@enronXgate, Richard
Shapiro/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Karen
Denne/Corp/Enron@ENRON, Lisa Mellencamp/HOU/ECT@ECT, Vicki Sharp/HOU/EES@EES,
Travis McCullough/HOU/ECT@ECT
cc: jklauber@llgm.com@SMTP@enronXgate, ceklund@llgm.com@SMTP@enronXgate,
byoung@llgm.com@SMTP@enronXgate, jlhuemoe@llgm.com@SMTP@enronXgate

Subject: Composition of unsecured creditors committee

Please see appointment list attached below:

KES Kingsburg L.P. (QF?)
City of Palo Alto (pension holdings?)
Enron Corp & Affiliates
State of Tennessee (pension holdings?)
Dynegy Power Marketing, Inc.
The Davey Tree Co. (vendor)
GWF Power Systems (QF)
U.S. Bank (Trustee on PCB's)
Merrill Lynch (CP holder?)
The Bank of New York (Bond Trustee)
Bank of America (Agent on revolver)

 -----Original Message-----
From:  "Johnson, Stephen" <Stephen.Johnson2@usdoj.gov>@ENRON
[mailto:IMCEANOTES-+22Johnson+2C+20Stephen+22+20+3CStephen+2EJohnson2+40usdoj+
2Egov+3E+40ENRON@ENRON.com]
Sent: Tuesday, April 10, 2001 7:52 PM
To: Johnson, Stephen; 'jmhpower@aol.com';
'grant_kolling@city.palo-alto.ca.us'; Tribolet, Michael;
'tmilne@mail.state.tn.us'; 'john.c.herbert@dynegy.com';
'david.adante@davey.com'; 'pmar@mofo.com'; 'keith.marshall@usbank.com';
'mlurie@exchange.ml.com'; 'gbush@bankofny.com';
'clara.strand@bankofamerica.com'
Subject: RE:

I'm pretty sure the form was left off....

 -----Original Message-----
From:  Johnson, Stephen
Sent: Tuesday, April 10, 2001 5:49 PM
To: 'jmhpower@aol.com'; 'grant_kolling@city.palo-alto.ca.us';
'michael.tribolet@enron.com'; 'tmilne@mail.state.tn.us';
'john.c.herbert@dynegy.com'; 'david.adante@davey.com'; 'pmar@mofo.com';
'keith.marshall@usbank.com'; 'mlurie@exchange.ml.com'; 'gbush@bankofny.com';
'clara.strand@bankofamerica.com'
Subject:

Stephen L. Johnson
Attorney
United States Department of Justice
Office of the U.S. Trustee
250 Montgomery Street, Suite 1000
San Francisco, CA 94104

415-705-3333 tel.
415-705-3379 fax
stephen.johnson2@usdoj.gov

 - Appointment of Committee.pdf


---------------------- Forwarded by Rudy Acevedo/HOU/ECT on 01/12/2001 05:47
AM ---------------------------

Rudy Acevedo
01/10/2001 10:01 AM
To: Miguel L Garcia/NA/Enron@ENRON
cc:

Subject: here it is

---------------------- Forwarded by Rudy Acevedo/HOU/ECT on 01/10/2001 10:00
AM ---------------------------

Rudy Acevedo
01/05/2001 05:31 PM
To: John Kinser/HOU/ECT@ECT
cc:

Subject: here it is

---------------------- Forwarded by Rudy Acevedo/HOU/ECT on 01/05/2001 05:30
PM ---------------------------

Rudy Acevedo
01/05/2001 05:24 PM
To: John Kinser/HOU/ECT@ECT
cc:

Subject: here it is

---------------------- Forwarded by Rudy Acevedo/HOU/ECT on 01/05/2001 05:24
PM ---------------------------

Rudy Acevedo
01/05/2001 05:21 PM
To: Russell Ballato/NA/Enron@Enron, J.d. Kinser
cc:

Subject: here it is

---------------------- Forwarded by Rudy Acevedo/HOU/ECT on 01/05/2001 05:20
PM ---------------------------

Rudy Acevedo
01/05/2001 01:27 PM
To: Chad Starnes
cc:

Subject: here it is

---------------------- Forwarded by Rudy Acevedo/HOU/ECT on 01/05/2001 01:27
PM ---------------------------

Rudy Acevedo
11/10/2000 01:17 PM
To: Larry Jester/Corp/Enron@ENRON
cc:

Subject: here it is


Here are details on one search firm for legal.  thanks.  mhc

---------------------- Forwarded by Michelle Cash/HOU/ECT on 11/29/2000 09:56
AM ---------------------------

Michelle Cash
11/07/2000 03:12 PM
To: Norma Villarreal/HOU/ECT@ECT, Molly Magee/HOU/ECT@ECT
cc:
Subject: Corporate Securities Candidate

Here is the name of the search firm.  Michelle
'
---------------------- Forwarded by Michelle Cash/HOU/ECT on 11/07/2000 03:12
PM ---------------------------

Tracie_Waligura@rwr.com on 11/07/2000 01:22:32 PM
To: michelle.cash@enron.com
cc:
Subject: Corporate Securities Candidate

Richard, Wayne and Roberts

From: Tracie Waligura@RWR on 11/07/2000 01:22 PM

To:   michelle.cash@enron.com
cc:
Subject:  Corporate Securities Candidate

Michelle - I have a corporate securities candidate that has expressed an
interest in Enron.  Please give me a call when you have a moment to discuss
his
background and the corporate group at Enron.  Thanks.

Tracie Waligura
Legal Recruiter
24 Greenway Plaza, Suite  1304
Houston, Texas 77046
Toll:        800-364-7979  Ext. 7254
Direct:    713-358-7254
Fax:        713-623-2740
Email:    twaligura@rwr.com
Internet: http://www.rwr.com


130 central, great for me


713-646-3037  im about to show you off to someone else now.

 -----Original Message-----
From: 	"Immer, Ingrid" <Ingrid.Immer@Williams.com>@ENRON
Sent:	Thursday, January 17, 2002 9:26 AM
To:	Germany, Chris
Subject:	RE: Boo

What is your fax number?  I'm going to fax you a copy of the Cove Point map.
The Transco interconnect is located downstream of Sta 185.

> -----Original Message-----
> From:	Chris.Germany@enron.com [SMTP:Chris.Germany@enron.com]
> Sent:	Thursday, January 17, 2002 9:17 AM
> To:	Immer, Ingrid
> Subject:	RE: Boo
>
> Ok, were you cute a dinner last nite when you had alfredo sauce all over
> your chin?
>
>
>     -----Original Message-----
>    From:   "Immer, Ingrid" <Ingrid.Immer@Williams.com>@ENRON
>    Sent:   Thursday, January 17, 2002 9:04 AM
>    To:     Germany, Chris
>    Subject:  RE: Boo
>
>    Oh, just saw the question.  Yes, I'm cute pretty much all the time.
>
>    > -----Original Message-----
>    > From:      Germany, Chris [SMTP:Chris.Germany@enron.com]
>    > Sent:      Thursday, January 17, 2002 8:47 AM
>    > To:   Ingrid Immer (E-mail)
>    > Subject:   Boo
>    >
>    > Looks like I'm gonna try BIAXIN XL 500 mg tablets.
>    >
>    > Are you really cute today?
>    >
>    >
>    >
> **********************************************************************
>    > 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.
>    >
> **********************************************************************
>


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NFL Reports, Player Updates

Latest NFL Player News

Correll Buckhalter, RB PHI - Free Agent Updated 11/17/01
Buckhalter has been suspended for this weekend's game against Dallas. He is one of three Eagles who will be held out of the game. Brian Mitchell will likely serve as Duce Staley's backup.

Jamal Lewis, RB BAL - Free Agent Updated 11/17/01
According to published reports, Lewis has been suspended for four games. Lewis' four-game suspension went into effect on Friday and he will not be allowed to work out or rehabilitate w!
it!
h the team for four weeks, or until Dec. 17. Instead, Lewis will work toward recovering from a torn ACL in Tennessee.

Tyrone Wheatley, RB OAK - Pink Panthers Updated 11/16/01
Wheatley (knee) is out for Sunday's game with the Chargers. Charlie Garner will once again be Oakland's feature back. Zack Crockett may be used in goal-line situations.

Frank Wycheck, TE TEN - Free Agent Updated 11/16/01
According to published reports, Wycheck is expected to play half of Sunday's game against Cincinnati. That makes him a risky start from a Fantasy perspe!
ct!
ive.

Steve McNair, QB TEN - McKay Updated 11/16/01
McNair's status is still in question for Sunday's game against Cincinnati due to an injured right thumb. He threw the ball during individual drills Friday, and according to published reports, is likely to play despite not being 100 percent. We don't recommend McNair this week as a result.

Emmitt Smith, RB DAL - Pink Panthers Updated 11/16/01
Smith will return to the lineup Sunday against Philadelphia after missing two games with a sprained right knee. Cowboys Head Coach Dave Campo said after Friday's practice t!
ha!
t Smith would "be ready to play the majority of the game." His return bumps Troy Hambrick to fullback, but we wouldn't recommend you use either back against the stingy Eagles rush defense.

Frank Sanders, WR ARI - TayDang Updated 11/16/01
Sanders (hamstring) was added to the NFL injury report on Friday and is now listed as questionable for Sunday's game against Detroit.  However, if you're completely desperate for a wideout in a larger league this week, Sanders' matchup against a vulnerable Detroit secondary is worth considering as long as he's able to play.

Chris Weinke, QB CAR - Free Agent
Updated 11/16/01
According to published reports, Weinke will be the starting quarterback for Sunday's game against San Francisco. However, he's not worth starting on your Fantasy team.

Daunte Culpepper, QB MIN - Free Agent Updated 11/16/01
Culpepper is one pace for a good Fantasy season despite the lack of consistency in Minnesota's offense this season. He's one of the better quarterbacks in the league from a Fantasy perspective, and should be in your starting lineup on a weekly basis.

Cris Carter, WR MIN - Top Dogs Updated 11/16/01!
Carter's numbers may be down somewhat this season, but he's still too good to ever consider benching. The veteran has a knack for finding the end zone, and should have a good game against rookie CB Will Allen and the Giants' secondary on Monday night.

Randy Moss, WR MIN - Metz Updated 11/16/01
Moss is listed as probable for Monday's game against the N.Y. Giants due to an ankle injury. He's been underachieving this season, but it's almost impossible to bench him based on his potential to post solid Fantasy numbers.

Ricky Williams, RB NO - Metz Upd!
at!
ed 11/16/01

Williams is one of the better Fantasy backs in the league, and is a good player to use on a weekly basis. He'll face an Indianapolis defense that has been underachieving all season long, so Williams is a must-start.

Aaron Brooks, QB NO - Free Agent Updated 11/16/01
Brooks had a big game against San Francisco last weekend, throwing for 347 yards and two scores. He may be a bit inconsistent this season, but his potential to post huge numbers makes it tough to bench him, especially against a vulnerable Indianapolis defense.

Willie Jackson, WR NO - Free Agent!
 <!
FONT SIZE=1>Updated 11/16/01
Jackson put up a huge game against San Francisco last weekend, posting 11 catches and 167 yards receiving. He'll face a questionable Indianapolis squad that is vulnerable to the pass in Week 10, so starting Jackson this week is a solid option.

Stephen Davis, RB WAS - TexOK Updated 11/16/01
Davis has stepped up his play after beginning the season slowly. He's averaged 112 yards rushing over his last four games, and is once again emerging as a reliable Fantasy player. Give him the start in Week 10 against a Denver defense that is vulnerable to high scoring games.

Tony Banks, QB WAS - Free Agent Updated 11/16/01
Banks has played well of late, throwing five touchdowns in his last three games. He's got a good matchup this weekend against a Denver team that can be beaten through the air, but he's only worth considering in very deep Fantasy leagues.

Michael Westbrook, WR WAS - McKay Updated 11/16/01
Westbrook has been inconsistent this season, but he has caught three touchdown passes in his last four games. He'll face a Denver secondary this weekend that is vulnerable at best, so starting him in deeper leagues is worth conside!
ri!
ng.

Rod Gardner, WR WAS - Free Agent Updated 11/16/01
Gardner has been held in check in his last two games, catching only three passes for 38 yards. He does have a favorable matchup this weekend against Denver, however, so starting him is a good move.

Az-Zahir Hakim, WR STL - Metz Updated 11/16/01
Hakim has been inconsistent in recent weeks, so starting him on your Fantasy team is a gamble unless the matchup is right. He'll go up against a tough New England secondary in Week Ten, so avoid using him outside of deeper leagues. <!
BR>

Torry Holt, WR STL - Free Agent Updated 11/16/01
Holt continues to put up consistent yardage totals, but he's only scored only three touchdowns this season. He'll face a tough New England secondary this weekend, but he's still worth starting on your Fantasy team based on his potential to put up solid numbers.

Isaac Bruce, WR STL - Fear Updated 11/16/01
Bruce hasn't put up the huge Fantasy totals this season, but he's still one of the better wideouts in the league. He'll face CB Ty Law and the formidable New England secondary, but he's still worth starting based!
 o!
n his potential for big numbers.

Marshall Faulk, RB STL - Grigsby Updated 11/16/01
Faulk had a huge game against Carolina, proving that he is still the best Fantasy player in the league. He's a must-start every week, and should post solid numbers in Week 10 against New England.

Ernie Conwell, TE STL - Free Agent Updated 11/16/01

Conwell has had a few down weeks, so starting him on your Fantasy team is somewhat of a gamble. With the lack of depth at tight end around the league, however, starting Conwell is something many Fantasy owners will have no choice but to do.

Richard Huntley, RB CAR - Free Agent Updated 11/16/01
Huntley will be the likely starter this weekend against San Francisco, but don't be surprised if he splits carries with Nick Goings. Avoid starting either back in Week 10 if at all possible.

Donald Hayes, WR CAR - Free Agent Updated 11/16/01
Hayes had!
 o!
nly two catches for 11 yards last weekend against St. Louis. He's been unreliable for Fantasy owners this season, so starting him is a real gamble.

Wesley Walls, TE CAR - Pink Panthers Updated 11/16/01
Walls has been held in check over the last three weeks, but he's still one of the better tight ends in the league. He's had some success against San Francisco in the past, so starting him is advisable.

Muhsin Muhammad, WR CAR - TayDang Updated 11/16/01

Muhammad finally had a somewhat productive game, catching six passes for 75 yards against St. Louis. He's had some success in the past against this week's opponent, San Francisco, so starting him is a decent move.

Brett Favre, QB GB - The Rocks Updated 11/16/01
Favre has been one of the best Fantasy quarterbacks in the league this season. He'll face an Atlanta team on Sunday with a very vulnerable secondary, so be sure to start Favre this week.

Bubba Franks, TE GB - Free Agent Updated 11/16/01
Franks may not put up huge yardage numbers, bu!
t !
his seven touchdowns in eight games makes him a valuable Fantasy player. Unless you have a better option on your roster, Franks is the type of tight end that should start on a weekly basis.

Bill Schroeder, WR GB - The Rocks Updated 11/16/01
Schroeder (ankle) is not listed on the NFL injury report, and is expected to start on Sunday against Atlanta. He's a solid play this week against Atlanta, whose secondary is vulnerable to strong passing teams like Green Bay.

More Updates

Teams, Rosters

		Grigsby
Mike Grigsby

Player	TM	!
Po!
s	Status	Next	Bye

Manning, Peyton	IND	QB	Active	@NO	Week 4

Garner, Charlie	OAK	RB	Active	SD	Week 6

Faulk, Marshall	STL	RB	Active	@NE	Week 8

Galloway, Joey	DAL	WR	Active	PHI	Week 6

Pickens, Carl	DAL	WR	Active	PHI	Week 6

Crowell, Germane	DET	WR	Active	@ARI	Week 3

Conway, Brett	WAS	K	Active	@DEN	Week 9

Jaguars	JAC	DT	Active	@PIT	Week 5

Aikman, Troy	 	QB	Reserve	bye	Week

Barber, Tiki	NYG	RB	Reserve	@MIN	Week 12

[Morris, Bam]	 	RB	Reserve	bye	Week

Ward, Hines	PIT	WR	Reserve	JAC	Week 2

Price, Peerless	BUF	WR	Reserve	SEA	Week 5

Chargers	SD	DT	Reserve	@OAK	Week 17

Total Active Players: 8
Total Reserve Players: 6

NFL Injuries for Grigsby

Updated	Player	Team	Pos	Injury	Expected Return<!
/F!
ONT>

10/24/01	Crowell, Germane	DET	WR	Knee	On IR. Out for the rest of the season.

11/14/01	Manning, Peyton	IND	QB	Jaw	Expected to start on Sunday

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

FB10SP


Christy Chapman is Assistant


Attached is a copy of the Fort Pierce Press Release included in the 8/18
edition of the Fort Pierce Tribune.
I have also included an updated version of the Deal Team list.  Let me know
of any updates or changes.

Mathew


Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 02/28/2001 04:43 PM -----

	Joel Ephross/ENRON@enronXgate
	02/28/2001 02:38 PM

		 To: Sara Shackleton/HOU/ECT@ECT, Brenda L Funk/ENRON@enronXgate
		 cc:
		 Subject: FW: FW: FW: Raptor 2 - Sale of CEG/RioGas

 -----Original Message-----
From:  Baker, Ron
Sent: Wednesday, February 28, 2001 2:30 PM
To: Ephross, Joel
Subject: Re: FW: FW: Raptor 2 - Sale of CEG/RioGas

Joel,
Yes, the swap would need to be transfered by both parties.  I don't know
anything about a "minibook" or the documentation being requested.  Let me
know if you have more questions.  Thanks,
Ron

	Joel Ephross/ENRON@enronXgate 02/28/2001 01:21 PM 	   To: Ron
Baker/Corp/Enron@ENRON  cc:   Subject: FW: FW: Raptor 2 - Sale of CEG/RioGas

Ron, do you know the answer to this?
 -----Original Message-----
From:  Shackleton, Sara
Sent: Wednesday, February 28, 2001 12:05 PM
To: Funk, Brenda L.
Cc: Ephross, Joel
Subject: Re: FW: Raptor 2 - Sale of CEG/RioGas

Brenda:  Thanks.  Also, do you have a Raptor IV minibook?  We don't have any
Raptor IV documentation.  Do both swap parties intend to transfer positions?

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

	Brenda L Funk/ENRON@enronXgate 02/28/2001 11:50 AM 	   To: Joel
Ephross/ENRON@enronXgate, Sara Shackleton/HOU/ECT@ECT  cc:   Subject: FW:
Raptor 2 - Sale of CEG/RioGas

Just to clarify... the transfer of the swap has not been put on hold, but the
sale of the assets hedged by the swaps.  I have been working on the asset
sale out of Rawhide, but I'm not familiar with the transfer of the swap.

Sara,

I will send executed copies of the swaps shortly.

Thanks,
B

 -----Original Message-----
From:  Funk, Brenda L.
Sent: Wednesday, February 28, 2001 11:35 AM
To: Ephross, Joel
Cc: Shackleton, Sara
Subject: RE: Raptor 2 - Sale of CEG/RioGas

Just an update... I spoke with V&E this morning and the sale has been put on
hold.  The negotiations broke down last week and, with the holiday, there has
been no further progress.

I'll let you know when I get an update.

Thanks,
B

 -----Original Message-----
From:  Ephross, Joel
Sent: Wednesday, February 28, 2001 11:31 AM
To: Shackleton, Sara; Funk, Brenda L.
Subject: FW: Raptor 2 - Sale of CEG/RioGas

 -----Original Message-----
From:  Baker, Ron
Sent: Thursday, February 15, 2001 9:12 AM
To: Siurek, Ryan; McKean, George; McKillop, Gordon; Ephross, Joel
Subject: Raptor 2 - Sale of CEG/RioGas

FYI
I was just notified that the sale of CEG and RioGas which are hedged in
Raptor 2 will likely close next week.  Current estimates indicate that the
loss on the sale will be around $30MM.  It is expected that the sale of the
one remaining South American LDC will result in gains that will more than
offset this loss.  Obviously, those expectations can change, but I wanted to
keep everyone informed on this.

Ryan - This expected realized loss is exactly the situation which most
concerned us in the meeting with Patti this week.  Is there anything we can
do to push them towards resolving that timing of realized losses is
irrelevent, and this is not an issue?


Okay fellow deputies, where are your prizes?

I can only assume that the prizes you've collected are so great you can't
bear to part with them because to date I have only received two balloon
prizes from you.  I know there are more out there so please send them to my
attention at CXY Energy Marketing, 2400, 205 - 5th Avenue S.W., Bow Valley
Square 2, Calgary AB T2P 2V7.

In order for the prize donors to be recognized in the brochure to be handed
out at the party I need to know who is donating what by no later than Friday
January 21st in order to meet our publishing deadline.  I will collect
prizes up until Wednesday January 26th but any entries after the 21st may
not be recognized in the brochure.

The balloon sale is a very easy way for us to raise $3000.  Our goal is to
have prizes in one third of the balloons which requires each deputy to
collect at least two prizes.  It's as easy as asking your favorite
restaurant, hairdresser, massage therapist or wine store to donate a gift
certificate.

If you have any questions or need more suggestions feel free to give me a
call at 260-3441.

Thanks very much,

Maggie

Maggie Timmins
CXY Energy Marketing
Phone: (403) 260-3441
Fax:    (403) 237-8266
maggie_timmins@cdnoxy.com

 - att1.htm


Heather thinks we should leave prior periods in the current category as previously reported and just reclass to non-current as of 9/30/01.
Would that be OK with you?


---------------------- Forwarded by Daren J Farmer/HOU/ECT on 01/21/2000
07:02 AM ---------------------------
From: Diane E Niestrath on 01/20/2000 06:18 PM
To: Scotty Gilbert/HOU/ECT@ECT, Gary L Payne/HOU/ECT@ECT, Mandy
MacKinnon/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ECT, Carlos J
Rodriguez/HOU/ECT@ECT
cc: Dave Nommensen/HOU/ECT@ECT
Subject: HPL Noms Files - Did Not Upload

So sorry....

I do not know who exactly to send this email to....

I do not know whose HPL nom files these are.  Whoever was trying to send noms
to HPL between 4:16pm and 5pm on Thursday 1/20/2000, your noms did not get
uploaded into POPS.  Please re-send if you have not already.

The production unix machine we process the edi noms on ran out of space.
When the machine runs out of space, it pages me, but unfortunately no data
can be saved in the edi files.

I was trying to free up space and after I was done (like 1 hour later, ie.
6pm), did I notice that these nom files had zero data in them.  Because they
have zero data in them, I do not know what gas dates or contracts were
suppose to be in the file which is why I do not know if these are ECT, HPLR,
HPLC.

We are suppose to get a bigger unix box installed the weekend of 2/5/2000.
This running our of space has only happened twice in the past year that I
remember and that it affected the edi processes in some way on those
occasions.

Call me if you think these files are yours and you need some help in knowing
how to re-send.

-rw-r--r--   1 unifyedi aws            0 Jan 20 17:00
enom.HPL.20000120161901866
-rw-r--r--   1 unifyedi aws            0 Jan 20 16:59
enom.HPL.20000120161758770

Thanks, Diane
x3-9931


Kathy,

I have prepared  the Canadian draft for your review.   I hope to send same to
you today, I am waiting on my credit department re credit terms.

Regards,
Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


Concerning ProLiance,  we have tried in the recent past to negotiate with
much difficulty a Master Gas Purchase Sale Agreement  with this customer.
There are significant credit and legal issues surrounding  ProLiance.   Enron
Credit has refused to grant a line of credit as a result of these issues and
will not ok a GISB.     In addition,  ProLiance has proven to be most
unreasonable with regards to terms in the Master.

Please give Russell Diamond or I a call if you have any questions and or
comments about ProLiance.

Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


Will you be able to make it to the game tonight?  It is at 8:45 at the Post
Oak YMCA.

Let me know.

Eric


Deal all,

Please find attached a copy from a presentation on UK inflation we gave this
morning to John Sherriff, President & COO Enron Europe. It summarizes the
results of our work on inflation so far. As you know the long term models
still remain to be approved. As today is quarter end and there is a
significant P&L effect on a MTM basis John Sherriff would like to proceed as
soon as possible with the new curves.

Thank you all for all your help!

Best regards,

Martina
x34327


---------------------- Forwarded by Darron C Giron/HOU/ECT on 11/30/2000
04:07 PM ---------------------------

Kevin Bosse
11/30/2000 11:25 AM
To: Darron C Giron/HOU/ECT@ECT
cc:
Subject: Fw: Texas

---------------------- Forwarded by Kevin Bosse/HOU/ECT on 11/30/2000 11:24
AM ---------------------------

	Enron North America Corp.

	From:  Derek Bailey @ ENRON                           11/30/2000 10:37 AM

To: Gregory Carraway/Corp/Enron@Enron, Kevin Bosse/HOU/ECT@ECT
cc:
Subject: Fw: Texas

POOR OL' 2 PERCENTERS!
---------------------- Forwarded by Derek Bailey/Corp/Enron on 11/30/2000
10:35 AM ---------------------------

BaileyC@Schneider.Com on 11/30/2000 10:22:33 AM
To: Derek.Bailey@enron.com, gibson.sm@pg.com
cc:

Subject: Fw: Texas

Priceless,

Colin F. Bailey
SNBC, Houston
baileyc@schneider.com
800-269-6518

(See attached file: Simms.jpg) q

 - Simms.jpg


Hello Folks:
 We know that you are eagerly anticipating Monday's "PRC Experience".
Enclosed is the Latest and the Greatest Agenda and Partnership List.  You
will note that the meeting does start at 7:30 in the morning -- EB46C1.  Our
goal is to enable everyone to be thawing their turkey by 3:00 that
afternoon.  If you have any questions, please contact myself or Kim Rizzi.
We looking forward to seeing you there.

Regards,
Gerry Gibson


Hopefully you will get some credit for it, also.

I just love Lisa.  I think she's a ton of fun.

From: Suzanne Adams@ECT on 02/12/2001 01:37 PM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Jury duty

I will just put you out all day as jury duty.  I haven't been called in a few
years, I'm sure my time is coming.

We had an assistants staff meeting today at lunch.  Lisa Mellencamp will be
doing the law conference in October, and I will be helping.  You know we will
have a good time!

	Kay Mann@ENRON
	02/12/2001 01:36 PM

		 To: Suzanne Adams/HOU/ECT@ECT
		 cc:
		 Subject: Re: Jury duty

Duty is actually in the afternoon, but I think I will spend the morning
getting mentally prepared at home.

ckm


Profiting From the Darkness; California's problems have created a lucrative
opportunity for energy companies. Unfair? Maybe. But don't expect mercy from
markets.
Newsweek, 05/14/01

Big Energy at the Table; Winning support for your agenda is easy when your
allies fill out the administration's top chairs
Newsweek, 05/14/01

UK: EMETRA plans weekly website metal auctions.
Reuters English News Service, 05/09/01

Talking Stocks
CNNfn: The Money Gang, 05/09/01

Business Leader Joins Elite List; Peter Holt to be Honored at Dinner of
Champions
Business Wire, 05/09/01

INDIA: CMS evaluating options on India LNG project.
Reuters English News Service, 05/09/01

The Latest California Power Craze: A Windfall Profits Tax Bill
TheStreet.com, 05/09/01

National Affairs
Profiting From the Darkness; California's problems have created a lucrative
opportunity for energy companies. Unfair? Maybe. But don't expect mercy from
markets.
By Allan Sloan With Kevin Peraino. SLOAN is NEWSWEEK's Wall Street editor.
His e-mail address is sloan@panix.com.

05/14/2001
Newsweek
23
Copyright (C) 2001 Newsweek Inc. All Rights Reserved.

When it comes to football, "piling on" a player who's already been tackled is
a major penalty that can set your team back a long way. But when it comes to
markets, piling on by taking advantage of the weak is called "opportunism,"
and it can get you a big bonus.
Which brings us to California, where piling on enfeebled utilities and
customers by power generators and power traders has become a way of life.
Thanks to the idiotic way that California deregulated its electricity
markets, the generators and traders of power in California have been making a
fortune because electricity costs have gone through the roof. Meanwhile,
consumers are getting pounded rather than protected, economic instability is
spreading throughout the Western United States and some of the utilities that
distribute power to customers are getting clobbered. One big utility, Pacific
Gas & Electric, has already gone broke and others may soon follow.
But while the market has produced a horde of losers--California's wholesale
power bill is running at 10 times the level of two years ago--there is a
handful of big winners: companies that generate or trade power in the
California market. Among the winners: Calpine, whose first-quarter profit
quintupled, compared with last year's; Reliant Energy and Williams Cos.,
whose profits more than doubled; Mirant, up 84 percent, and Dynegy and Duke
Energy, whose wholesale power profits doubled and quadrupled, respectively.
Enron, the nation's biggest energy trader, had a 75 percent increase in
wholesale-services profits, but says little of that was from California. Some
of these companies' profits would have risen far more--Mirant's would have
quadrupled--had they not taken big earnings hits to cover the risk of not
being paid for some of their California sales. If they finally get paid,
their profits will be outtasight. You can see why some of these companies'
stocks have heated up as California melted down.
To be fair, you can't attribute these entire increases to California--but you
can be sure California accounts for a good portion of them. There are other,
less obvious winners, too. Among them: the unregulated subsidiaries of some
companies that own California utilities; aluminum producers that are making
more money by closing their plants and selling their power allotments than
they would have made by producing aluminum; farms that find it more
profitable to resell electricity than to grow crops; and, in general, anyone
in the Western United States or Canada with an electron to spare and some way
of getting it into California.
I'm not saying that these companies are immoral for making a fortune by
taking advantage of California's problems. Breaking the law by creating an
artificial shortage--which has been alleged, but not remotely proven--would
be immoral. Taking advantage of a situation? That's what's known as
amoral--having no moral values, either good or bad. It's not nice, but it's
perfectly legal, and it's the way market players are expected to act.
So when California Gov. Gray Davis said last week that he was planning to
have a "heart to heart" talk with California power generators, you just had
to laugh. Because when it comes to business, those people have no hearts.
They're not supposed to.
What created the problem in California is not only deregulation, but a stupid
deregulation plan carried out ineptly: the Kilowatt Keystone Cops, as it
were. California put a cap on the rates that utilities could charge
customers, but until recently, it forced utilities to buy all of their power
in the short-term market. The utilities foolishly agreed to this deal. The
problem: short-term markets are notoriously volatile. And notoriously
ruthless. If there's a small surplus of power, you have desperate sellers
trying to sell power, which can't be stored. But if there's a shortage,
everyone piles on. Had California utilities been allowed to do the rational
thing and buy most of their power in long-term markets, they would have paid
more initially, but they and their customers would be in far better shape
now. Compounding the problem is that while the state deregulated the
wholesale rates the utilities paid for power, they capped the retail rates
utilities could charge. Combine that with total reliance on the short-term
market and--voila! --you're totally at the market's mercy. And markets have
no mercy.
In the old days, when utilities were regulated, there was often waste and
inefficiency, but power was reliable and utilities cared desperately about
keeping the lights on. Now, we have markets that don't care about anything.
Someday, markets may give us total reliability at a cheaper price than
regulation would. But in the meantime, get used to the piling-on concept.
Just hope you end up on top of the pile.
Photo: Electrifying returns: What the market will bear

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

National Affairs
Big Energy at the Table; Winning support for your agenda is easy when your
allies fill out the administration's top chairs
By Howard Fineman and Michael Isikoff With Mark Hosenball, T. Trent Gegax and
Rich Thomas in Washington

05/14/2001
Newsweek
18
Copyright (C) 2001 Newsweek Inc. All Rights Reserved.

If you were in the oil and gas business, it was a meeting that dreams were
made of. Nine days before George W. Bush was inaugurated, energy lobbyists
gathered at the American Petroleum Institute's offices in downtown
Washington. Their agenda: to write a wish list. One participant remembers it
fondly. "The tone was, 'OK, what do you guys want? You are going to have the
ear of this White House'." In came an easel and a whiteboard, and ideas
flowed: looser rules for drilling on federal lands; more drilling for oil and
gas in Alaska and the Gulf of Mexico; lower royalty payments for tapping
offshore wells. After a while, the mood in the room grew giddy. The man from
the wildcatters' association suggested going All the Way. It was time, he
said, to rethink the Endangered Species Act.
That was a wish too far. But many items on that board--and other lists
scribbled by other energy lobbyists in other offices around town--found their
way into the recommendations that the president will unveil to the nation
next week. The API list, in fact, was forwarded to George Bush's transition
team, which sent it to the Interior Department. On March 20, Interior sent
many of the same ideas to the Energy Task Force that Vice President Dick
Cheney had convened on Jan. 29. To close the loop, key leaders from that API
meeting have since been appointed to pivotal positions in Bush's
administration--among them J. Steven Griles, an energy lobbyist and the new
second in command at Interior, and Thomas Sansonetti, an energy lawyer
recently named the top environmental cop at the Justice Department. The two,
in effect, will help administer policies they helped to write.
If the Bush administration is homecoming weekend for the energy industry,
Dick Cheney's task-force report is the pregame tailgate party. Not since the
rise of the railroads more than a century ago has a single industry placed so
many foot soldiers at the top of a new administration. While the report will
recommend an array of what one White House aide advertises as "high-tech,
21st-century conservation ideas," its core will be a call to find and use new
sources of fossil fuels, as well as a renewed commitment to nuclear power.
What voters need to hear "loud and clear," the president declared last week,
"is that we are running out of energy in America."
Is there a national "crisis"? California faces rolling summer-electricity
blackouts. In New York City, officials are scrambling to add small gas-fired
generators to handle peak demand. Natural-gas prices have doubled in the past
year. The numbers on signs at filling stations are skyrocketing, and could
hit $3 a gallon this summer in the Midwest. In a West Wing interview with
NEWSWEEK, Cheney shied away from the C word. "I think the potential is there
for it to adversely affect the economy," he said.
But voters are using the word. In a NEWSWEEK Poll, 71 percent of those
surveyed say there is an "energy crisis" in California; 53 percent agree
there now is one in the country as a whole. Given an either-or choice between
"protecting the environment" and "developing new sources of energy," those
polled selected energy by 52 to 41 percent, compared with a 49-44 ratio just
one month ago.
There's something to be said for turning to energy-industry alums in this
situation--and Cheney, who like Bush is a son of the oilfields, is not shy
about saying it. "The fact of the matter is [you get] a lot of expertise with
people who have been dealing with these issues for a long time," he told
NEWSWEEK. In his own case, he said, his time at Halliburton, the
globe-girdling oil-services company, taught him "a hell of a lot about the
technology of the business," such as benign new ways to drill in Alaska's
Arctic National Wildlife Refuge.
But Americans are skeptical of industry motives--and, by extension, of Bush's
ties. When asked to name who had contributed "a lot" to the current energy
situation, those polled named two sets of villains: the U.S. energy companies
(66 percent) and overseas energy suppliers, such as OPEC. Bush himself gets
his lowest approval marks for his handling of energy and environmental
issues. Democrats, naturally, are pouncing on what they see as a populist
hole in Bush's armor. Late last week House Minority Leader Dick Gephardt was
stumping in Chula Vista, Calif.; with transmission lines as a backdrop, he
vowed to impose new federal caps on electricity rates--an idea Cheney flatly
opposes.
The administration may well have raised the political risk via the process it
used to draft its plan. The Bushies used a secretive, believers-only process
reminiscent of another such enterprise: Hillary Rodham Clinton's effort to
write a national health-care plan in 1994. Since the group comprises only
government officials, White House aides say, it is entitled to keep its
deliberations private. Still, industry leaders--who dumped $22.5 million into
GOP coffers in the last election--enjoyed constant contact with the task
force. Cheney met with a group of utility executives at the Edison Electric
Institute, whose president, Tom Kuhn, was a leading Bush fund-raiser. No one
has enjoyed better access than Enron CEO Ken Lay, who recently had dinner
with his good friend the president.
The environmental community, meanwhile, got one mass meeting with the staff a
month ago (and the promise of another this week with EPA Administrator
Christine Todd Whitman). Efforts to meet with Cheney were rebuffed. Cheney
himself confirmed he had not met with a single spokesman for the greens. That
dynamic has only fueled suspicions among enviros about what's going on behind
closed doors. "They're drumming up a fake energy crisis that doesn't exist,"
says Phil Clapp of the National Environmental Trust.
To be sure, the Cheney report will make many nods in the direction of
conservation and renewable resources. Cheney confirmed that it will call for
tax credits for both. The plan will herald and encourage the advent of less
intrusive, high-tech means for finding and extracting oil and gas and for
burning more coal. White House spinners have decided to divide the report
into five parts--only two of which will deal with the extraction and the
transmission of new sources of traditional types of fuel. The conservation
measures will be high tech and optimistically can-do about using Yankee
ingenuity to give Americans all the cars and appliances they want while using
less electricity from state-of-the-art power plants. But there will be no
paeans to the kind of pantywaist, tree-hugging self-abnegation the Bushies
think President Carter sermon- ized about a generation ago. "This isn't about
not bathing or turning off your lights," said a top Cheney aide. "This is
about finding environmentally safe ways to make sure we have the energy we
need."
That's not enough, environmentalists say, given the rising threat of global
warming the green community is convinced comes from burning fossil fuels.
"The test of any energy plan will be what it does to limit greenhouse gases,"
says Fred Krupp of Environmental Defense. The Union of Concerned Scientists,
concerned about global warming, says that renewables and conservation could
displace 20 percent of traditional electricity demand by the year 2020--and
greatly lessen the need for new power plants. Cheney thinks otherwise. In
that span, he said, reliance on renewables could indeed triple--a "fairly
optimistic" scenario but one that would still meet only 6 percent of total
electricity needs. But that estimate does not include imposing tough new
mileage standards on SUVs or mandating more efficient appliances. "Part of
our task," he said, "is to focus on reality, and reality is not 'Well, gee,
we'll conserve our way out, we don't have to produce any more,' or 'Wind and
solar will take care of it, so we don't need fossilfuels anymore'."
Now comes the hard part: selling the plan to the public and to Congress. Some
GOP strategists are sanguine about overcoming environmental concerns.
"Nothing like $3-a-gallon gasoline to help make the case," said one. But it's
probably not that simple. White House strategists are looking for clues on
how best to hawk the package in polls done for them by the Republican
National Committee. The surveys show that voters know very little about where
energy supplies come from or how they now are distributed in what has become
a relatively deregulated marketplace. "Voters out there think that the
government guarantees cheap, abundant energy," said one worried Republican
polltaker, "and that's not the way it works anymore." Other insiders worry
less about the Democrats than the news media, which they regard as addicted
to showing videotape of belching smokestacks. "Bush will have the bully
pulpit," says GOP consultant Alex Castellanos, "but it's not an easy sell."
But sell Bush must. He'll take his show on the road next week, joined by a
fleet of cabinet secretaries. They will declare that action is needed after
years of Clinton-administration neglect. They will say that there are no
quick fixes, and tout their market-based, supply-side, long-term answers.
They may use real-world vignettes about energy shortages. (On request, the
Natural Gas Supply Association provided the White House some.) But politics
is lived in the short term, and Bush late last week suddenly found himself in
the role of conservation advocate. He ordered federal facilities in
California to turn up thermostats, and pledged that they would reduce
electricity use by 10 percent. Cheney, the interview over, hurried to the
Cabinet Room for the announcement. It turns out that conservation matters a
great deal, at least in California, at least for now.
Photo: Inner circle: Cheney presiding over a meeting of the Energy Task Force
last week in the vice president's ceremonial office

Photo: Inner circle: Cheney presiding over a meeting of the Energy Task Force
last week in the vice president's ceremonial office Photo: The outsider:
Clapp claims the Bushies may be ginning up ``a fake energy crisis'' Graphic:
(Chart) Energy Advocates in the Bush Pipeline (Graphic omitted)

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

UK: EMETRA plans weekly website metal auctions.

05/09/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, May 9 (Reuters) - Metals Internet trading group EMETRA is to host
weekly auctions of physical metal on its trading platform, content manager
James van Bregt said on Wednesday.
As part of the development of its physical platform, EMETRA was due to hold
four copper auctions on May 10, but in light of its users' interest, the
company has not only increased the number of auctions but has decided to make
them a regular feature.
"When you see how successful the auctions are and given the amount of
interest we've had, this will be a weekly event," said van Bregt.
"Our idea was to have four auctions taking place and in fact it was slightly
swamped and we're now holding seven. In fact, we've even asked several
participants to keep their powder dry until next week," he said. The seven
auctions will be for 4,150 tonnes of copper, and one will be a warrant
auction.
Of the metal to go under the hammer, 500 tonnes will be available in
Rotterdam, and another 1,150 in Rotterdam "or parity," van Bregt said.
Another 1,500 tonnes will be available in parcels of 500 tonnes in Livorno,
Shanghai and Carrollton, Georgia, while 1,000 tonnes will be available in
Antofagasta in Chile.
The "auction hour" will last from 1300 GMT to 1430 GMT, van Bregt said.
"Provided we get a good level of bookings, say if four out of the seven
auctions get done, then clearly that tells us that this is the way to do
things," he said.
EMETRA began trading on its physical platform last October on its website
www.emetra.com, with over a million tonnes of liquidity.
EMETRA was founded in February 2000 as a joint venture between London Metal
Exchange ring dealer MG plc - subsequently bough by U.S. energy and power
giant Enron Corp - Internet Capital Group and Safeguard International Fund.
Last week, Peter Sellars, company chief executive, said that the company had
secured additional funding to develop its physical platform, while putting
its derivatives platform on a backburner.
EMETRA is currently rolling out warrant trading, copper and aluminium rod
trading and the first stage of its documentation centre.

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

Business
Talking Stocks
David Haffenreffer, Christine Romans

05/09/2001
CNNfn: The Money Gang
(c) Copyright eMediaMillWorks, Inc. (f/k/a Federal Document Clearing House,
Inc.). All Rights Reserved.

CHRISTINE ROMANS, CNNfn ANCHOR, THE MONEY GANG: You`re watching THE MONEY
GANG and we`re Talking Stocks.
DAVID HAFFENREFFER, CNNfn ANCHOR, THE MONEY GANG: And joining us once again
is David Katz from Matrix Asset Advisors.
ROMANS: Let`s hit the phones right away. California and Rich, hi there.
CALLER: Hi. During the nice run up of the last month, I`d lost a painful
amount of money in Enron (URL: http://.www.enron.com/) . I could never figure
out what was wrong with this stock. I`d like to know that if you know. And
also should I keep it and hope for a recovery or should I terminate and try
to get well somewhere else?
HAFFENREFFER: This is a familiar story.
DAVID KATZ, MATRIX ASSET ADVISORS: Yes. In terms of looking at a stock that
has performed poorly and hoping for a recovery, we generally would not do
that. We would reassess why you bought the stock in the first place, are the
fundamentals of the business strong enough. And if they are, we would stick
with this stock as a losing investment.
In terms of Enron, it`s been a great performer up until the last month. And,
as technology has started to come back and as the market has come back, some
of the stock that were leaders there`d been a lot of profit taking. We think
that`s the case there.
Basically we don`t have a strong opinion on this stock. We think it should
trade up over the next year or two because they do have good fundamentals. So
we`d stay with it but if the stock were to recover some, we`d take your money
off the table.
HAFFENREFFER: Another phone call now from Victor in Illinois. Hi Victor.
CALLER: Hi. Good afternoon. My question and thoughts - your thoughts on Amgen
(URL: http://www.amgen.com/) .
KATZ: OK. Amgen is a - one of the most successful biotech companies. They`ve
been so successful they`re no longer considered biotech. They`re considered a
big drug company.
We think that their prospects and their product line are good over the next
year but the stock is selling north of 40 times earnings. We`re comfortable
holding it. But, since you have a limited basket of money that you can put to
work, we think there are better drug companies out there we prefer.
We mentioned the Schering-Plough (URL: http://www.schering-plough.com/)
earlier or Pharmacia (URL; http://www.pnu.com/) , Upjohn (URL:
http://www.pnu.com/) or an Abbott Labs (URL: http://www.abbott.com/) we
think, are not as much an upside, but they`ve got a lot less downside. And we
think they`ll do real well over time.
ROMANS: Let`s go to Missouri now where Roy has a question.
Hi, Roy.
CALLER: Hello.
ROMANS: What would you like to know?
CALLER: Hi, I`d like to know the year end of what Procter & Gamble (URL:
http://www.pg.com/) looks like for the year and over the next year-and-a-half
to two years if it`s a good buy now? or if I even need to mess with it?
KATZ: We think it is a good buy now. The stock has been in the Wall Street
penalty box for the last year. It`s down from $100 a share or more. They
disappointed the Street so much that expectations were so low that they just
made the numbers this quarter and all of the sudden the stock`s up $4 or $5.
We think they`re slowly getting their act together. We think the stock will
do better. Fundamentals are going to improve over the next year and we think
the stock can trade back into the high 70s, low 80s.
HAFFENREFFER: Last question of the afternoon goes to Charlie right here in
New York.
Hi, Charlie.
CALLER: Hi, David. Thank you for taking my call.
I have a question on Ariba (URL: http://www.ariba.com/) and ADC Telecom (URL:
http://www.adc.com/) . Would this be a good time as an entry point in these
stocks? I have about a one to two-year outlook, in other words, I intend to
keep it for at least one or two years. So would this be a good buy at this
time?
KATZ: OK, in terms of Ariba, it`s a risky Internet stock. We would not get
involved with that right now. In terms of ADC Telecom, they`ve also come down
about 70 percent. We do think they have good prospects, short-term
fundamentals are crummy. We don`t think the stock goes down a whole lot more.
And we think the stock could double over the next two years.
ROMANS: All right, let`s talk about just your market perception overall and,
you know, we`ve taken questions from people about what they want to hear
about, but what kind of stocks do you like? what are your big picks?
KATZ: One, in terms of market outlook, we think stocks are be higher over the
next 12 to 18 months. When earnings are crummy and the Fed is lowering rates,
it`s generally a very good time to be buying stocks. We like select
technology. Within technology, companies like Compaq (URL:
http://www.compaq.com/) , which has been miserable, Hewlett-Packard (URL:
http//www.hp.com) , we think is going to do very well over the next year. A
smaller company, Adaptec (URL: http://www.adaptec.com/) selling at $11. We
think it could be at $20. We like the financials. They generally do quite
well when the Fed is easing. Companies like Comerica (URL:
http://www.comerica.com/) , FleetBoston (URL:
http://www.fleetbankbostonmerger.com/) , Bank of America (URL:
http://www.bankamerica.com/) , all very good investments. We like some old
economy stocks like a Leggett & Platt (URL: http://www.leggett.com/) or a
Sherwin-Williams (URL: http://www.sherwin.com/) and select pharmaceuticals.
We mentioned the Schering-Plough, Boston Scientific (URL:
http://www.bsci.com/) . So you really want to diversify. Don`t make bets in
any individual industries. Don`t make that to any individual stocks.
ROMANS: OK. David Katz, good advice, Matrix Asset Advisors, thank you very
much.
KATZ: Thank you.

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

Business Leader Joins Elite List; Peter Holt to be Honored at Dinner of
Champions

05/09/2001
Business Wire
(Copyright (c) 2001, Business Wire)

SAN ANTONIO--(BUSINESS WIRE)--May 9, 2001--The National Multiple Sclerosis
Society (NMSS) has announced that it will honor San Antonio Spurs Chairman
and Owner Peter Holt at its First Annual Dinner of Champions on Thursday,
Sept. 12, 2001. Holt will be presented the Hope Award in recognition of his
unwavering support of the NMSS. Serving as dinner chairs of the event will be
Tammy and Russ Bookbinder, executive vice president of the San Antonio Spurs.
The black tie event will be held at 7 p.m. at The Westin -- La Cantera
Resort. A "who's who" list of San Antonio business, political and social
leaders are expected to attend. Funds raised will benefit the National
Multiple Sclerosis Society -- Lone Star Chapter.
Since its inception on a national level 27 years ago, the Dinner of Champions
has raised more than $100 million for client programs, MS-related research
and individuals living with MS. The honor represents the highest bestowed on
an individual by the NMMS Society. Today, 70 major cities, from New York to
Los Angeles and Chicago to Houston, honor prominent leaders and top
executives on an annual basis. Past honorees include John Chambers, CEO of
Cisco Systems Inc.; Peter Coors, CEO of Coors Brewing Company; Arthur
Martinez, CEO of Sears and Roebuck; D. Mark Prestige, president of Tom Thumb;
Jeffrey K. Skilling, president and CEO of Enron; Ron W. Haddock, president
and CEO of FINA; and Tom Sherak, CEO of Twentieth Century Fox. Cumulatively,
these honorees represent the most influential cast of corporate, political
and entertainment leaders in the world.
Peter Holt is a shining example of this award and is no stranger to the fast
track of global business. He is a strong proponent of leading by example
through his value-based management philosophy. Since becoming the chairman of
the board of the San Antonio Spurs in 1996, he has led the team in
fund-raising and community outreach programs that range from the United Way
to efforts with the Fannie Mae Foundation and the Spurs Drug Free League,
which provides a safe place for grade school children to play basketball
after school.
Holt serves as chairman of the San Antonio Spurs and president and CEO of the
San Antonio-based Holt Companies. The Holt Companies got its start in 1933
when Holt's great uncle moved to San Antonio and opened a Caterpillar
dealership. When the dealership's territory expanded and other dealerships
opened, family members got involved in the business.
Today, Holt Companies includes Holt Machinery Company, which includes the
original Caterpillar dealership, and the San Antonio Spurs. "Working with
volunteers on a community project, with the Spurs players and staff or with
the Holt Companies, it's always the same," Holt said. "Treat people fairly
and honestly, and the amount you can accomplish with others is far greater
than anything you can do by yourself."
Holt's sentiments are illustrated not only in his involvement with the MS
Society, but also in his long-standing commitment to community service. He is
a member of the World Presidents' Organization, sits on the board of the San
Antonio Council on Drug and Alcohol Abuse, the United Way of San Antonio and
Bexar County and is a trustee of the Palmer Drug Abuse Program. A decorated
Vietnam War veteran, Holt ended his two years of service as a Sergeant E5
with a Silver Star, three Bronze Stars and a Purple Heart.
The black tie, seated dinner, to be held at The Westin -- La Cantera Resort,
is expected to raise several hundred thousand dollars for the National
Multiple Sclerosis Society-Lone Star Chapter. Multiple Sclerosis, a disease
of the central nervous system, affects an estimated one third of a million
Americans.
The NMSS, established in 1946, is the world's largest source of MS-related
funds, with the exception of the U.S. Government. The Dinner of Champions
enables the NMSS to continue its work in providing support services for
people with MS and their families, as well as funding research into the cause
and cure of this disease. The NMSS spends a larger percentage of revenue on
direct services than any other voluntary health organization primarily
serving adults. Close to home, the Lone Star Chapter serves more than 1,200
people in San Antonio area.

CONTACT: Stevens Group, Houston Melissa Stevens, 800/279-9249 or 713/840-0555
12:20 EDT MAY 9, 2001

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

INDIA: CMS evaluating options on India LNG project.
By Suresh Seshadri

05/09/2001
Reuters English News Service
(C) Reuters Limited 2001.

MADRAS, India, May 9 (Reuters) - U.S. firm CMS Energy Corp said on Wednesday
it was disappointed with delays in getting a bankable guarantee for its
Indian LNG-based power project and was now evaluating its options.
The statement came close on the heels of U.S. energy giant Enron Corp's
problems over its Indian unit's $2.9-billion, 2,184-MW project following the
state power utility's refusal to honour a commitment to buy all its plant's
power.
CMS, along with India's Grasim Industries , leads a consortium to build a
$1.6-billion LNG-terminal-cum-power plant at Ennore port, north of Madras.
"CMS is disappointed in the lack of progress by the Indian government," CMS
Energy's director of communications, Kelly M. Farr, told Reuters by e-mail.
"We are evaluating our options and will choose a course of action which
optimises the value for all of our Indian investments," Farr added.
India's Financial Express daily said last month that CMS had written to Prime
Minister Atal Behari Vajpayee seeking his intervention for providing a
payment security mechanism guaranteed by the federal government, to arrange
project funding.
In January, India's finance ministry indicated it may scrap a plan to extend
sovereign guarantees to three mega power projects, including the Ennore LNG
project.
The paper said CMS had indicated its impatience with continued delays in
providing a guarantee and hinted it may have to pull out of the project in
case of any further delay.
The 1,850-MW Ennore project has been promoted by the Dakshin Bharat Energy
consortium which also includes Germany's Siemens , Australia's Woodside and
Unocal Corp .
ENRON SHADOW
Enron's troubled Indian unit, Dabhol Power Company, finds its nearly complete
$2.9-billion, 2,184-MW project embroiled in a controversy over the state
power utility's refusal to honour a commitment to buy all the plant's power.
The Maharashtra State Electricity Board, which says the power is too costly,
has defaulted on monthly payments to DPC for the electricity it has taken,
forcing DPC's board to authorise its management to terminate the contract.
The CMS-led consortium won the LNG project from the Tamil Nadu state
government in 1998 and plans to build a 2.5-million tonnes a year LNG import,
storage and regasification terminal.
The LNG is to be imported from Qatar's RasGas and the electricity from the
power plant will be sold to the federal government-owned Power Trading Corp
of India.
India opened up its generation sector almost 10 years ago but investment has
been scarce as most of the country's power distribution is done by
cash-strapped, state-owned utilities.

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

The Latest California Power Craze: A Windfall Profits Tax Bill
By Christopher Edmonds
Special to TheStreet.com
5/9/01 3:17 PM ET

"Enough already."
That's the message Raymond James' power analyst Fred Schultz has for
California and its politicians.
As the Golden State faces another day of rolling blackouts, Edison
International (EIX:NYSE - news) begs its lenders not to push its utility --
Southern California Edison -- into bankruptcy; Gov. Gray Davis meets with the
generators he loves to hate; and the generators face the possibility of a
windfall profits tax.
Schultz, meanwhile, hopes common sense will soon prevail over the current
punitive, political nonsene. He is referring to the recent rash of political
action aimed at the profits of generators that sell power into the California
market, specifically, the California Assembly's and Senate's moves to impose
a windfall profits tax on generators.
On Monday, the Senate passed a bill that would require generators to fork
over every dollar they charge for power above an $80 per megawatt hour (MWh)
threshold to the state in the form of a tax.
Unfortunately, it's the California consumer who is left in the dark by the
politics of power.
The bill would effectively set price caps -- something that is really the
purview of the Federal Energy Regulatory Commission, or FERC. The bill now
moves to the Assembly, where it appears to have support. In fact, the
Assembly is considering its own version of the windfall profits legislation,
lowering the threshold to $60 per MWh.
Schultz says this action simply highlights the counterproductive nature of
California's punitive, political approach to solving the state's energy
crisis. "This round of legislative action is defeating, time-wasting and
value-destroying," he says. "The initiatives under way, if passed, will
ultimately destroy the California power markets as we know them today."
He has a point. The problem in California is a lack of electricity supply, a
result of a decade of regulatory posturing that discouraged the development
of new power plants to meet the surging demand for power from the burgeoning
high-tech economy.
At the very time California pols should be focused on encouraging new
generation, they are proposing policies that actually discourage new
development. "California legislators should ask themselves this: Does taxing
the sale price for electricity create more electricity supply or less?"
Schultz asks rhetorically, invoking a lesson from the Boston Tea Party in his
answer. "Less! Samuel Adams must be spinning in his grave right now. How in
The Almighty's name is this sort of ass-backward legislation going to create
more energy in the state?"
And, now some members of the state Legislature say they don't even need the
assistance of generating companies to solve the problem -- they'll build the
plants themselves. A power company with Davis as the CEO and engineered by
members of the legislature, the same group that managed to create the
policies that led to the current crisis, isn't terribly comforting.
The state needs the help of the generating companies. Companies such as AES
(AES:NYSE - news) Calpine (CPN:NYSE - news), Duke (DUK:NYSE - news) Dynegy
(DYN:NYSE - news), Mirant (MIR:NYSE - news), NRG (NRG:NYSE - news) and
Reliant (REI:NYSE - news) can and will help California solve their supply
problems if they are given a chance.
Fortunately, few observers believe the windfall tax bill will be enacted and
even fewer think such a law would withstand a constitutional challenge.
"We do not expect the proposed legislation to be enacted into law," Deutsche
Bank Alex. Brown power analyst Jay Dobson told clients on Tuesday. "The law
as currently written would provide a major disincentive to both the
development of new generating assets as well as the operation of high cost
existing assets. This would further exacerbate the shortage of generating
capacity in the state at a time when the shortage is likely to seem most
acute."
Schultz is more direct. "This is warped."
Windfall Tax: Dimming for Generators?
As rolling blackouts get more frequent, the political hyperbole in Sacramento
only will increase. And, with other punitive measures similar to the windfall
tax likely to surface, investors are concerned about the impact of such
proposals on generating companies doing business in the, er, tarnished state.
Alex. Brown's Dobson expects some giddiness in the stocks of generators as
temperatures -- both atmospheric and political -- rise. "Although we don't
expect the proposed legislation to pass, we do expect the level of 'headline'
risk to remain high," he notes. "This will likely lead to more volatility for
the generation stocks in the near term."
Still, Dobson predicts the "generation sector will outperform" as profits
surpass expectations this summer. His favorite names are Calpine, Reliant and
AES. He rates all strong buy. His firm has recently provided banking services
for Calpine and Reliant.
Schultz says Calpine and Mirant stand out in the group, a result of their
approach to the California markets. "Calpine and Mirant are reinvesting
heavily in California and are in the game for the long haul," he notes.
"Unlike the Texas trio [Enron (ENE:NYSE - news), Dynegy and Reliant] that
receives a lot of criticism from the governor, both Calpine and Mirant are
dealt with favorably and receive the benefit of the doubt in Sacramento. They
have dedicated millions of dollars to the development of meaningful power
supplies in the state." He rates both strong buy and his firm has not
provided recent banking services to either.
He also notes that Calpine has long-term power supply contracts that would
avoid the punitive measures of a windfall profits tax, and Mirant is "more
than adequately" reserved for possible write-offs associated with outstanding
receivables for selling power in the state.
Davis Meets the Generators
The governor has summoned top executives from the generating companies to
Sacramento on Wednesday to discuss the current crisis and possible solutions.
However, many important players -- including Calpine, Dynegy and Enron -- may
not even show up.
Many of the generating companies are soured by Davis' refusal to "call off
the dogs" in his investigations of possible collusion, price gouging and
intentional withholding of generation during periods of high demand. At the
same time, Davis is hoping to convince the generators to forgive a large
portion of past receivables, to cut prices on long-term power contracts, and
to build new low-cost generation.
The irony isn't lost on Schultz. "Davis now has a Senate-backed initiative to
castrate the earnings stream of wholesale generators should he choose to back
such an initiative," he notes. "Who in their right mind would walk into a
poker game knowing the deck was rigged against them? Is extortion still a
crime?"
Maybe this time around, Davis will put his cards on the table. If not, the
generators have every right to walk away from the table.


Please find attached the Management Report for March 21, 2000.

You will note a number of changes in the report format. These have been made
in order to focus and expand reporting efforts on the information which is
most useful to the majority of recipients. The statistics in the new format
clearly show the percentage of transactions on EnronOnline versus traditional
methods.

Feedback on the changes is welcome.

This is a daily report and should you wish to receive this going forward
please email David Forster.

  Today Year To Date      Life To Date

Number of Transactions  1,221  49,934                          54,935
Gross Notional Value $  345,925,154 19,127,060,983  20,339,641,774

Revenue from Physical flows ($)    849,382,759
945,114,792

Number of New Counterparties transacting today    2
Number of Counterparties having transacted to date   274


---------------------- Forwarded by Larry May/Corp/Enron on 07/26/2000 11:31
AM ---------------------------

Ina Rangel@ECT
07/26/2000 11:12 AM
To: Jaime Williams/NA/Enron@ENRON, Gabriela Cantu/NA/Enron@Enron, Alejandro
Montemayor/NA/Enron@ENRON, Agustin Perez/NA/Enron@ENRON, Per
Sekse/NY/ECT@ECT, Mckenzie Senigal/HOU/ECT@ECT, Larry May/Corp/Enron@Enron,
Tim McKone/Corp/Enron@Enron
cc:

Subject: BNP PARIBAS AGA Survey......RESULTS!!

---------------------- Forwarded by Ina Rangel/HOU/ECT on 07/26/2000 11:11 AM
---------------------------

michael.byrne@americas.bnpparibas.com on 07/26/2000 11:07:59 AM
To: michael.byrne@americas.bnpparibas.com
cc:
Subject: BNP PARIBAS AGA Survey......RESULTS!!

Here are this week's survey results.

AVG            +70
AVG w/o High & Low  +70
Median              +71
# of Responses        37
High           +88
Low            +51
Last Year           +41

Good Luck!!

Michael Byrne
Paribas Futures

______________________________________________________________________________
_______________________________________________________

Ce message et toutes les pieces jointes (ci-apres le "message") sont etablis
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recevez ce message par erreur, merci de le detruire et d'en avertir
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diffusion ou toute publication, totale ou partielle, est interdite, sauf
autorisation expresse.

L'internet ne permettant pas d'assurer l'integrite de ce message, BNP PARIBAS
(et ses filiales) decline(nt) toute responsabilite au titre de ce message,
dans l'hypothese ou il aurait ete modifie.

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(and its subsidiaries) shall (will) not therefore be liable for the message
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Kim,

FYI. I checked on the progress of the accounting adjustment and was told it
would happen
this month.

Vince


---------------------- Forwarded by Matthew Faunce/US/Raytheon on
01/10/2002 12:04 PM ---------------------------

Mike Marcoux <mmarcoux@boston-engineering.com> on 01/10/2002 11:03:32 AM

To:   George Barroso <gbarroso@netnumina.com>, Matt Faunce
      <matthew_faunce@raytheon.com>, Charlie Toole
      <ctoole@boston-engineering.com>, Eric Atherton
      <eatherton@nuvera.com>, Michele Beaulieu <sheisshort@yahoo.com>, Mary
      Le Blanc <Mary.LeBlanc@Aspentech.com>, Todd Cadle
      <tcadle@amicas.com>, Kim Clendening <kclendening@TRITONSYS.com>,
      Scott Collins <scott.coll1@radiomed.com>, Kristina Crichton
      <kcrichto@hotmail.com>, "David. Crowell" <david.crowell@vaisala.com>,
      Glen Cunningham <glenc@toshibasf.com>, Desir?e DiMichele
      <ddimichele@mecf.org>, Jamie Dipoli <jdipaoli@rjagroup.com>, Beth
      Fleming <bethflem@yahoo.com>, Paul Fleming <pflem_98@yahoo.com>,
      Billy Gallant <jabawalky@rcn.com>, Michael Giles
      <MGiles@loomissayles.com>, Nate Hequembourg
      <NHequembourg@ma.slr.com>, Lesley Keays <Lesley.Keays@parexel.com>,
      Jason Kuhne <jkuhne@cisco.com>, Kevin Ledoux <deucicle@aol.com>, Ann
      Marie <goldylocks13@aol.com>, Erin Meara <mearae@mediaone.net>,
      jessica monteiro <jessica.monteiro@cingular.com>, Melissa Murgo
      <melismurgo@yahoo.com>, Deirdre Neylon
      <Deirdre_Neylon@harvardpilgrim.org>, Mike Norris <mnorris@aware.com>,
      Andrew Nutting <ADNutting@WellManage.com>, "Dennis O'brien"
      <dobrien@law.harvard.edu>, Dave Pasquale
      <dave@accurateconsulting.com>, Melanie Porter
      <melanie.l.porter@bellatlantic.com>, Kersten Schweppe
      <KERSTEN.Schweppe@CINGULAR.COM>, Tim Spence
      <timothy.w.spence@baesystems.com>, Brenda Williams
      <brens_13@hotmail.com>, Rachel Williams <rwmarie@hotmail.com>
cc:

Subject:

Matty & Geo,

Could you forward this message around for me?  Grassy-ass.
---------------------------------------------------------------

I know it's really early to be looking, but I'd rather get the ball rolling
now than later.  In July, my roommate is moving out to full fill her life
long dream of becoming a domestic partner to a short hairy angry Italian,
and I'll either be looking for a new roommate or a new place.  My apartment
now is in West Newton, it's a 2nd floor 2 bedroom, den, screened in front
and back porch, washer/dryer, Swedish suck machine, etc. and about
$1450/month (includes jack squat).  Anyone interested or know of anyone
who's not a complete psychopath Or doesn't mind living with one, let me
know. L8R

Mike Marcoux
Mechanical Design Engineer
Boston Engineering
26 Fox Road
Waltham, MA 02451
P: 781-466-8010 EXT 20
F: 781-466-8020
Email: mmarcoux@boston-engineering.com
www.boston-engineering.com


thanks

 -----Original Message-----
From: 	Mann, Kay
Sent:	Thursday, November 29, 2001 11:02 AM
To:	Edison, Andrew
Subject:	RE: VEPCO

My pleasure.

 -----Original Message-----
From: 	Edison, Andrew
Sent:	Thursday, November 29, 2001 11:02 AM
To:	Mann, Kay
Subject:	RE: VEPCO

If you are bored, would you please shepherd this letter going out?

 -----Original Message-----
From: 	Mann, Kay
Sent:	Thursday, November 29, 2001 10:55 AM
To:	Edison, Andrew
Subject:	RE: VEPCO

I think it may be true, but not correct.  Or is it correct, but not true?

Yes, I'm bored.

 -----Original Message-----
From: 	Edison, Andrew
Sent:	Thursday, November 29, 2001 10:51 AM
To:	Kroll, Heather; Mann, Kay
Cc:	Sager, Elizabeth
Subject:	VEPCO

I have attached a revised draft of the letter to send to Dominion in light of their November 29 missive.  Heather and Kay, please take a look and let me know what you think.  Is it all true and correct?

 << File: Virginia Electric.doc >>


Can you send me a copy of a professional service agreement?  I need to
prepare one.


In light of the impending arbitration proceedings between DPC and MSEB should
we file a third party beneficiary claim against MSEB regarding the Fuel
Management Agreement? The FMA is not part of Enron's equity in the plant, but
is directly related to MSEB's performance under the PPA. EFI is due $2.5
million per year in monthly installments, fluctuating with the plant's
availibility and based on DPC being paid by MSEB. Currently $13.8 million of
MTM value and approximately $21 million of acurral (non PV dollars) is at
risk on Enron's books. The DPC plant went commercial in May, 1998 so there
are seventeen (17) years left on the FMA. What if anything should we do to
protect EFI's interest?


Effective 04/1/2000, Columbia Gas Transmission will be transferring certain
facilities to Gatherco, Inc.  There should have been a message in Columbia
Navigator stating that there were certain meters that were going out of your
IPP pool 37147 effective 4/2000.  The subject for this e-mail message was
"Appalachian Meter Allocation".  The meters listed in this e-mail will now be
on Gatherco's gathering lines and are going to be subject to the $.25
gathering rate.  Per Dave Fusek at Gatherco, our final estimates for 04/2000
SHOULD reflect these meters that were changed from Columbia Gas Transmission
to Gatherco.  He said he is not 100% positive that they will get this
finished in time, but they are hoping to have everything complete by the time
they release our nominations.

Gloria and Wade,

You will need to make sure you have the correct charges associated with these
meters.  Some of these meters were previously subject to Columbia's $.27
gathering and some were straight transmission, which did not have any
gathering.  Again, these meters will now have a $.25 gathering charge.

Please call me if you have any questions.

Thanks,
Heidi Griffith


thanks


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Long positions

Symbol 	Position 	Last 	Change 	%Change 	Volume 	Value 	Today's Net
ENE <http://clearstation.etrade.com/cgi-bin/details?Event=peek&Symbol=ENE&Refer=http://clearstation.etrade.com> 	145 	0.79 	0.06 	8.22% 	28,950,800 	114.55 	8.70
NKE <http://clearstation.etrade.com/cgi-bin/details?Event=peek&Symbol=NKE&Refer=http://clearstation.etrade.com> 	360 	56.54 	-0.81 	-1.41% 	989,900 	20,354.40 	-291.60
SCON <http://clearstation.etrade.com/cgi-bin/details?Event=peek&Symbol=SCON&Refer=http://clearstation.etrade.com> 	300 	6.27 	-0.13 	-2.04% 	90,500 	1,881.00 	-39.09
SBLU <http://clearstation.etrade.com/cgi-bin/details?Event=peek&Symbol=SBLU&Refer=http://clearstation.etrade.com> 	615 	5.00 	-0.14 	-2.72% 	2,180,500 	3,075.00 	-86.10
EGHT <http://clearstation.etrade.com/cgi-bin/details?Event=peek&Symbol=EGHT&Refer=http://clearstation.etrade.com> 	555 	1.11 	0.03 	2.78% 	19,000 	616.05 	16.65
'Keiser' Total: 	26,041.00 	-391.44
All Total: 	26,041.00 	-391.44

Symbol 	Events 	Community Take
ENE <http://clearstation.etrade.com/cgi-bin/details?Event=peek&Symbol=ENE&Refer=http://clearstation.etrade.com> 	Close Above the 13-day EMA 	168 Long / 13 Short
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