Wednesday February 6, 1:41 pm Eastern Time
BusinessWeek Online
DAILY BRIEFING -- Can UBS Tame Enron's Wild Traders?
Daily Briefing: NEWS ANALYSIS
By Emily Thornton in New York, David Fairlamb in Zurich, and Stephanie Anderson Forest in Dallas
Back in November, Dynegy (NYSE:DYN <http://finance.yahoo.com/q?s=dyn&d=t> - news <http://biz.yahoo.com/n/d/dyn.html>) had what sounded like a great idea: Buy Enron's flagship trading business in natural gas and electricity, and immediately become the dominant force in those markets. Dynegy fled when Enron started to collapse under an avalanche of scandal. Now, Zurich [Switzerland]-based UBS Warburg (NYSE:UBS <http://finance.yahoo.com/q?s=ubs&d=t> - news <http://biz.yahoo.com/n/u/ubs.html>) is making the same bet, albeit for a lot less money.
The question now: Will the conservative bank be able to impose Swiss order on the rogue Texas company's traders? On one level, the deal doesn't seem completely farfetched. Enron's gas and electricity trading actually seems to have made money. Other bankers who checked it out estimate the trading operations racked up $3 billion in pretax profits over the past two years [see BW, 2/11/02, ``Enron: How Good an Energy Trader?''].
Still, UBS had good reason to go for a deal that gave it 67% of future pretax profits for a pledge only to pay the salaries of 625 Enron employees. Obviously, the Enron name is mud, and getting people to trade with the company will be difficult enough. But managing Enron's swaggering traders -- its core asset -- could turn out to be even harder.
CULTURE CLASH. Enron may be on its last legs, but its masters-of-the-universe culture lives on, say insiders. ``Even after going down in flames, a lot of these people have undiminished confidence in their ability,'' says a former Enron trader who asked not to be named. Competitors doubt that people who earned as much as $1 million a year in the freewheeling, high-risk Enron culture will be grateful to become a small piece of UBS's massive fixed-income business.
Although many have signed contracts with UBS that prevent them from leaving Enron for an undisclosed period, ``they're all exploring their options,'' says one banker privately. Indeed, some traders are talking about trying to buy the trading unit back from UBS after it gets going again. UBS says it's not worried about rogue traders. ``We're confident in the people we have hired,'' says Michael Hutchins, global co-head of credit fixed income at UBS Warburg.
For the scheme to work, however, UBS must persuade Enron's traders to accept its risk-management practices. And that will be tough: One reason Enron's traders made so much is that they took big risks. Analysts estimate that Enron was willing to put as much as $66 million at risk on a trade, vs. $12.2 million at Dynegy or $16 million at Duke Energy. UBS Warburg is willing to put up to $131 million at risk in all of its deals with a single trading partner, but insiders says its energy traders won't be allowed to risk ``anything like that'' on a single trade. UBS'ers abide by tighter controls than at Enron.
``SMOOTHING ELEMENT.'' UBS officials insist that they have no rosy delusions about the investment. That's partly because they had been researching the energy-trading business for more than a year as a way of diversifying the bank's trading income. ``Earnings in the energy-trading business do not depend on developments in the capital markets, so they could work as a smoothing element,'' says UBS President Peter A. Wuffli.
That's in fact what motivated UBS to send a small team down to Houston when Enron put the business up for sale after the bankruptcy filing. Even after federal antitrust authorities give the final go-ahead, the Swiss bank says it plans to take things slowly. ``We don't know how quickly this is going to start up,'' says UBS CEO John Costas. ``We'd be happy in the first year if this business is half as big as it had been historically.''
Still, anything associated with Enron is arguably fraught with risk at any price. ``It's not clear how successful UBS is going to be,'' says Jeff Dietert, an analyst at investment bank Simmons & Co. in Houston. ``And I think UBS knows that. That's why it wasn't willing to pay anything up front.''
Some industry insiders doubt that Enron's traders will prove to be exceptional under the new rules. But UBS isn't about to change its own way of doing business. ``Entering into energy trading does not mean extending our appetite for risk,'' says Wuffli. Swiss family Enron? Don't bet the chalet on it.
Go to www.businessweek.com <http://rd.yahoo.com/finance/editorial/bizwk/*http://www.businessweek.com> to see all of our latest stories.


Here's the procedure for adding new traders to the system. I've requested to
have Paul Choi's name added - Greg Wolfe and the rest of the mid-marketers
appear to already be in there.

Kate
---------------------- Forwarded by Kate Symes/PDX/ECT on 03/16/2001 11:54 AM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Samuel Schott                           03/16/2001 11:10 AM

To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: New (West) Power Trader Desk Access

Hello Kate,

In order for Power Traders to gain access to Power Desks, my team,
GCP_Houston, must link their names to each Desk.
(Basically, we need a list of desks that the Traders need access.)

Please provide the following info:

Example(s):

Add these Power Trader(s) to the following Desks: Paul Choi, Greg Wolfe

CP/ID 66189 (not required, but helpful)    EPMI Short Term West Hourly
CP/ID 56849  "    EPMI Long Term West Management

Please submit your request(s) to GCP_Houston, (this is my entire team).

Best Rgds.

Samuel
713-853-9890
(GCP_Enron Networks)

   Kate Symes                03/16/2001 12:36 PM

To: Samuel Schott/HOU/ECT@ECT
cc:
Subject: New Trader IDs

The Portland West Desk needs two new traders added to EnPower. I believe
you're the correct person to contact for this, but please let me know if I
should talk to somebody else. We'd like to have our mid-marketers enter their
own trades now, and many of them already have the IDs to do that. Two
marketers - Paul Choi and Greg Wolfe - do not. I know that when I took over
the Deal Control position here John Forney contacted you to help me acquire a
trader ID, so I'm hoping you can help me with this task.

Thank you,
Kate


Hi Steven,

I know that you are very busy but our software solutions may be just the competitive advantage that you are seeking for your business today. By using our Cost-Effective IT solutions to fulfil your technology needs in Q4 of 2001 before your competition does, you might realize major benefits.

Would you like to get together for an hour, where I can learn more about what you want to do, and I can guide you through some solutions to help you clearly differentiate yourself from your competition?

We can offer Enron Corp. Our Certified Microsoft and Sun/Java professionals are available at $18/hr to work on your projects.We have nearly 500 employees and state of the art development facilities. Our Technology and Development centers in India are considered the "crown jewel" of Izhuta and is a key distinguisher for you.

We have have expertise in providing solutions for various kinds of industries and with new technologies. Please visit http://www.Izhuta.com for more information.

Steven please let me know if we have any synergies. I look forward to your comments and our next meeting!

Best regards,
Hema Malini
Hema@Izhuta.com
Phone: 1 800 485 7004 ext 202
http://www.Izhuta.com


Pursuant to your request, here is the GE Turbine Agreement (in Word)
that is the basis for the break-out agreements.

>  -----Original Message-----
> From:  Lindo, Jacqueline E.
> Sent: Tuesday, November 14, 2000 9:59 AM
> To: 'kay.mann@enron.com'
> Cc: Pipitone, Paul; Cobb, Chris
> Subject: Gas Turbine Purchase Agreement.DOC
>
>
>  Attached please find a clean copy of Version 6 of the GE Turbine
> Agreement.
>
>
>
>
>
>
>
>
>
>
>
>
>
>  <<Gas Turbine Purchase Agreement.DOC>>
 - Gas Turbine Purchase Agreement.DOC


Frank and/or Sara:
I am now fully engaged on power deals.  Given the fact that an ISDA has not
yet been sent out, could one of you please handle this?

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 05/21/01 05:57 PM -----

	Caroline Abramo@ENRON
	05/21/01 03:33 PM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc: Paul Radous/Corp/Enron
		 Subject: AIG

Carol= Paul is OK with raising the cross default amount... can we get out
draft ISDAs to them???? AIG Commodity Arbitrage Ltd. and AIG Commodity Fund
L.P.

Thanks,
Caroline
---------------------- Forwarded by Caroline Abramo/Corp/Enron on 05/21/2001
04:29 PM ---------------------------
   Carol St Clair @ ECT                05/10/2001 09:00 AM

To: Caroline Abramo/Corp/Enron@Enron
cc: Frank Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brent
Hendry/NA/Enron@Enron, Sara Shackleton/HOU/ECT@ECT, Paul
Radous/Enron@EnronXGate

Subject: AIG

Caroline:
I have received and reviewed their comments.  On the legal front, they are
objecting to the Bermuda law opinion.  We cannot do this without an opinion.
If we need to recommend Bermuda counsel to them we can.  On the credit side,
for AIG Commodity Arbitrage Fund LP they want to increase the cross default
threshold from $1,500,000 to $2,500,000.  Paul, are you okay with this?  I am
okay with their other comments.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


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<<Energy Emergency Timeline.pdf>>  <<5-18-01.pdf>>

If you have any questions, please call me at 916-319-2005.

Richard Costigan, III
Chief of Staff
Office of the Assembly Republican Leader
California State Assembly
Phone:(916) 319-2005

 - Energy Emergency Timeline.pdf
 - 5-18-01.pdf


CALENDAR ENTRY:	APPOINTMENT

Description:
	Oneok Meeting EB49C2/OMA7C2

Date:		1/11/2001
Time:		10:30 AM - 11:30 AM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


i wish

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Wednesday, November 21, 2001 1:58 PM
To:	Maggi, Mike
Subject:	RE:

so what about the airport?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Wednesday, November 21, 2001 1:52 PM
To:	Nelson, Michelle
Subject:	RE:

ok next week

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Wednesday, November 21, 2001 1:51 PM
To:	Maggi, Mike
Subject:	RE:

i tried for the bar and i got shot down, but you can buy me a birthday drink next week.  i am sad.  i would rather work than got to conroe.  i would love to get on a plane and leave and never come back.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Wednesday, November 21, 2001 1:50 PM
To:	Nelson, Michelle
Subject:	RE:

lets just try for the bar first

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Wednesday, November 21, 2001 1:50 PM
To:	Maggi, Mike
Subject:	RE:

ok so let me know what time i need to be at the airport.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Wednesday, November 21, 2001 1:49 PM
To:	Nelson, Michelle
Subject:	RE:

absolutely

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Wednesday, November 21, 2001 1:48 PM
To:	Maggi, Mike
Subject:

can we go to new york tonight?


we have 4    do you want them?

Errol McLaughlin@ENRON
01/31/2001 08:56 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re: Sherry

thanks


FYI.

 -----Original Message-----
From:  Chanley, Earl
Sent: Friday, February 23, 2001 6:36 AM
To: Martens, Donna; Eisenstein, Arnold
Subject: Expansion scope

 Attached is a half page general scoping for the TW expansion.
Please review and let me know if this will suffice or if additional
information is needed.

Thanks

Earl Chanley


I have forwarded your info to both Philippe Bibi, CEO of Enron Networks--the
group responsible for our Enron Online site, and to Ray Bowen, COO of Enron
Industrial Markets--the group responsible for paper/pulp.

Best Regards,

Jeff


I don't know yet, I will find out after the market closes (around 2 or so).  I will rub it for you and maybe even give it a kiss how is that?

 -----Original Message-----
From: 	Villarreal, Alexandra
Sent:	Thursday, October 18, 2001 12:39 PM
To:	Griffith, John
Subject:	RE:

that is sweet.   but my tonsils are aching.  must be coming down with something.  so will i get to see you this evening?  or do you not know yet.   i need to have my neck rubbed.

 -----Original Message-----
From: 	Griffith, John
Sent:	Thursday, October 18, 2001 12:38 PM
To:	Villarreal, Alexandra
Subject:	RE:

Come on you are always sexy.

 -----Original Message-----
From: 	Villarreal, Alexandra
Sent:	Thursday, October 18, 2001 12:34 PM
To:	Griffith, John
Subject:	RE:

sorry, not feeling too sexy right now

 -----Original Message-----
From: 	Griffith, John
Sent:	Thursday, October 18, 2001 12:31 PM
To:	Villarreal, Alexandra
Subject:

What is going on?  Send me an exciting sexy email to wake me up.


Please find the interview packets for the above-referenced candidates.  The
interviews will occur on Tuesday January 16, 2001.  Please print all
documents for your reference.  Hardcopies of their resumes will be delivered
via runner.  If you have any questions, or conflicts of schedule, please do
not hesitate to contact me.

Shawn Grady
58701


This is more information than I think we need to supply.  Can we meet to
discuss?

From: Lindy Donoho/Enron@enronXgate on 05/21/2001 04:00 PM
To: Stanley Horton/Corp/Enron@Enron, Danny McCarty/ET&S/Enron@Enron, Drew
Fossum/ENRON@enronXgate, Mary Kay Miller/ET&S/Enron@ENRON, Joe
Hartsoe/Corp/Enron@ENRON
cc: Steven Harris/ET&S/Enron@ENRON, Kimberly Watson/ENRON@enronXgate

Subject: Draft FERC Tech Conf

Attached is a draft of Steve's presentation for Thursday's technical
conference.  Please reply with any comments or call me at 713/853-6007.

Thanks,
Lindy


Article II of the NONCOMPETITION AGREEMENT entered in connection with the
sale of HPL to AEP (which closed as of June 1,2001) provides:

 "ENA [for 3 months post-close] will not  solicit, negotiate or enter into
any contract, agreement or arrangement for the purchase of natural gas on the
HPL Pipeline from any Person which is a supplier or producer of natural gas
connected to the HPL Facilities; provided, however, nothing herein shall be
construed or interpreted as prohibiting ENA from entering into any such
contract, agreement or arrangement which is less than one month in duration
and involves or is related to an Enron Online transaction."

 This is not the most clearly drafted provision as it was the subject of much
negotiation....and was significantly narrowed from the  original scope
proposed by AEP.  Thus, please consult with me prior to entering into any
solicitation, agreement or arrangement which might arguably be covered by our
limited covenant not to compete on the supply side for 3 months.  There are
many aspects of the post-close transition which will require cooperation
between Enron and AEP/HPL and thus, it behoves us to carefully weigh the
risks and rewards of "stepping too close to or over the line".

Further,although a technical reading of the non-competition agreement only
applies to ENA, no ENA UPSTREAM deals which would violate this covenant if
there were to be done as ENA should be done without clearance from Brian
Redmond and me.

Please communicate this restriction to those who report to you and have need
to be aware of this limited restriction.

Sincerely
 BNG

	Dan J Hyvl
	06/07/2001 04:59 PM

		 To: Barbara N Gray/HOU/ECT@ECT
		 cc: Jeffrey T Hodge/HOU/ECT@ECT
		 Subject: ONEOK Energy Marketing and Trading Company

Barbara,
 This appears to be supply deal for deliveries at Katy that would be subject
to the 90 day non-compete.  Sandi is in the process of getting me a copy of
the non-compete so that I can determine if this deal is covered.  Do you have
any thoughts.
----- Forwarded by Dan J Hyvl/HOU/ECT on 06/07/2001 04:56 PM -----

	Richard Deming/ENRON@enronXgate
	06/07/2001 02:22 PM

		 To: Dan J Hyvl/HOU/ECT@ECT
		 cc:
		 Subject: ONEOK Energy Marketing and Trading Company

Dan,

Please find below details of Phy Gas deals with GTC agreements:

Deal Date: 6/06/01
Deal No: VF1896 / 835431
Buyer: ENA
Seller: ONEOK Energy Marketing and Trading Company
Start Date: 7/01/01
End Date: 6/30/02
Firm
Volume: 10,000 / day
Price: HOU.SHIP-LGPKG.IF.M.I minus USD 0.03000
Delivery Point: Exxon Katy - Katy Tailgate

Please let me know if you need any more details.

Thanks,
Richard
x54886


Oops I forgot to cc you guys... sorry!
----- Forwarded by Meredith Philipp/Corp/Enron on 10/05/2000 02:35 PM -----

	Meredith Philipp
	10/05/2000 02:33 PM

		 To: Kenneth Lay/Corp/Enron@ENRON
		 cc: Rosalee Fleming/Corp/Enron@ENRON
		 Subject: Worth Magazine interview details

Worth Magazine is doing a stock profile on Enron.  Enron is listed in the
Worth Portfolio - top stock picks selected by Worth's editors as the best
representatives of the new economy.

The magazine states that the "editors chose the companies listed here on the
basis of their sound business plans, high-quality plans, high-quality
products, solid finances, efficient operations and capable managers.  The
companies must operate in markets with the potential for explosive growth."
The Worth Portfolio list includes:  Applied Materials, Broadcom, Cisco,CMGI,
eBay, ENRON, Millennium Pharm, News Corp., Nokia, Oracle, Charles Schwab &
Co., Sun Microsystems, Sycamore Networks and Worldcom.

The reporter writing the profile, Jeff Schlegel, has already completed
interviews with several executives and is scheduled to interview you by
telephone at  10:30-10:45am on Monday, 10/9.  I will come to your office to
place the call.  A quick photo shoot will immediately follow from
10:46-11:00.

Schlegel will ask the following questions:

What are your views on how Enron has evolved, both operationally and
culturally, from a pipeline company to a new economy powerhouse?
What has your role and vision been in selecting top managers and senior
executives?
Where do you see Enron in the next 5 years?


Please mark your calendar for a mandatory staff meeting with Kevin Presto tomorrow, Oct. 24th from 4- 5pm in room 30c1.

Thanks

T.Jae Black
East Power Trading
Assistant to Kevin Presto
off. 713-853-5800
fax 713-646-8272
cell 713-539-4760


Jason --

Attached are the documents with the changes incorporated.  As we discussed on
Friday, the plant maintenance will run into November.  Since we sold gas to
the plant
at the maximum level through October 20th, a smaller resale volume or MW
Turndown
will have to be used for the first week or so in November.  Also, I have
tried to adjust
the formula so that you get the same answer as what your memo with the
examples
indicate.  If there are a few more changes, please let me know.

I will be back in the office on Tuesday.

Ruth


Poll thus far:
Aron Thomas (AES) just decided not to file.  He made the decision after
talking to Edison, who told him that Edison is going to suggest in its filing
that the surcharge be applied--get this--to the PX credit; thus, ESPs would
pay, but then get it back through the credit (can you say "poor quality
receivables"?).  Aron feels that the issue should be figured out in work
shops and the Commission should not decide it in the policy phase.
Bill Booth (CLECA) is going to remain silent on the issue because he doesn't
know what the position of his members is.
Keith McCrae (CMA) is going to say that 1) the surcharge should not apply to
direct acces customers and 2) the governor stated publicly that he supports
direct access.

Jeanne's checking with the Industrial Users Group to see what they're going
to say.  Since CMA is going to ask for clarification, I would suggest that we
remain silent and focus on the other rate design/cost allocation issues,
e.g., equity, no cross subsidies.

Thoughts?

I let you know what I hear back from Jeanne.

Best,
Jeff


In this issue:
 - Feature: Model Portfolio Review, July 2001 - Gimme Shelter
 - Southern California Edison and PG&E challenge the Department of Water Resources on rate increases.
- All the news, commentary, and earnings reports, plus price performance and valuation charts.
 <<prometheus010810.pdf>>
Best regards,
Cary, Steve, Peter and the Team

 - prometheus010810.pdf


Dear OU Team Members:

As many of you know, we will have a group of 58 OU JCPenney Leadership
students and 10 Texas A&M Fellows students come to Enron Friday afternoon for
a Corporate View.

I have attached a copy of the agenda for the afternoon and still need 8-10
volunteers for lunch.  Please let me know if you can attend.  We will have
several large tables set up and would like to have at least 1 Enron
representative at each table to facilitate conversation.

The group will depart from Houston by approximately 3:45 to head for College
Station for the BIG GAME!!!!!

Thank you in advance for your help.  Please don't hesitate to call if you
have any questions.

Thank you!

lexi
3-4585


Yes,  thank you.  The time is as stated beginning at 6pm/ place is the
Warwick Hotel.

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


Paul,

As we discussed, here's some suggested language for insertion into the DPC LNG Fuel Management Team's monthly progress report to the LNG suppliers.  All of this has already been disclosed by DPC/Greenfield or is otherwise public information.  I'm copying the DPC Legal Team on this in the event they have any additional comments.

Please call if you have any questions or comments.

Kind regards,
Dan

________________________________________________________________
EPC Contracts
On June 17, 2001, Bechtel International, the contractor responsible for the construction of the Phase II Power Plant, and Lingtec Constructors, the contractor responsible for the construction of the LNG Facilities, terminated their respective construction contracts with Dabhol Power Company (DPC) due to non-payment.  Since that date, DPC has assumed control of the Phase II and LNG works and is presently undertaking pre-preservation activities.
DPC's Phase II construction permit expired as of June 30, 2001.  DPC's application for renewal is now pending with the Maharashtra Pollution Control Board (MPCB).
LNG Vessel Construction

Construction of the LAKSHMI is proceeding on schedule, with 98% completion to date.  Sea and gas trials are scheduled to occur as planned later this summer, and delivery of the vessel is expected to occur on November 15, 2001.  Greenfield Shipping Company's lenders recently suspended further  credit facility funding.  Greenfield, its sponsors and the vessel lenders are presently discussing, among other things, funding issues relating to the remaining shipbuilding contract instalment that will become due on delivery of the vessel.


Dear Vince,

I hope you are well and that things round at Enron aren't too hectic. It is
my pleasure to invite you to speak at Energy & Power Risk Management
Magazine Conferences' new event, Australian Energy 2000, addressing the
second Industry Briefing - "Learning from US experience: Lessons to be
learned from the restructuring North American markets". I appreciate that
you are speaking a lot for us at the moment (for which I am of course
grateful) but, when researching, yours was a name that came up repeatedly
as someone the market would like to hear from. I am hoping that perhaps you
might need to see Paul Quilkey at some point in July and that we can
provide you with another reason to cross the globe.

Rather like the industry briefing that you are giving at Power 2000 this
year in Houston, this address will be presented to the entire conference
before breaking into their streams.

Australian Energy 2000 will take a focused look at the latest problems
facing energy players, with the two in-depth streams I mentioned above: one
dedicated to energy pricing and trading and the other looking at risk
management and the latest business issues.

This conference will be of the highly technical level that people have come
to expect from EPRM events, and I am very keen to encourage participation
from speakers in modifying the programme to suit the audience and issues at
hand. If you have any suggestions or comments on the programme, please let
me know; any help would be gratefully received.

This event will be thoroughly marketed through both Energy & Power Risk
Management Magazine and our extensive database. It is my aim to attract the
leading market players by providing a first-class programme with top-rated
speakers, making this a highly worthwhile event for the energy industry.

I have attached a copy of the programme for your information.

Unfortunately my schedule for this event is very tight. Please let me know
if you would like to participate by reurn email as it is unlikely that we
can speak on the phone as I am currently based in Hong Kong. If you would
like to send a colleague, then I would be happy to discuss this but it
would be great if you could complete the EPRM grand slam by addressing our
three major annual events on three different continents!

I look forward to hearing from you soon.

Yours sincerely,

Joel Hanley
Producer, EPRM Conferences & Courses

 - AustralianEnergy2000.doc

__________________
EPRM Conferences
Risk Publications
Hong Kong
Tel: 852 2545 2710
Fax: 852 2545 7317
www.riskpublications.com


David,

How about 400 this afternoon? I have another call at 230, but it should be
over by then.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 08/14/2000 09:08
AM ---------------------------

	From:  Gregg Penman                           08/14/2000 09:05 AM

To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Hub Agency Commercial issues

Kay - attached is Roy's writeup on our Hub Agency discussion last week.  Let
me know what your schedule looks like today.  If you have time, I would like
to go through this with you and David to get your thoughts and kick-off the
drafting.

Thanks,

Gregg


TODAY: Frequent contributor Dave Sterman discusses the
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Supply chain software stocks surge--but why?

By Dave Sterman, equity research columnist

It's dj vu all over again, as stocks of supply chain
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and SAP (SAP), among others, have climbed sharply in recent
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investors are slipping back into that old bugaboo,
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The surge in prices is based on a fairly dubious investment
thesis: sales are no longer falling and the worst may be
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Make no mistake--supply chain software is an essential part
of corporate IT strategy. Companies are looking to port much
of their operations onto the Internet so that they can
communicate and transact with vendors in an automated
fashion. Supply chain software links clients and vendors
onto a single platform so they can peek into production
schedules and adjust inventories accordingly.

Click here to read more:
http://www.theinternetanalyst.com/article.asp?docid=5994&nd=0117

2. The real deal: The long and the short
Economic factors that will impact the market and investors--and vice versa

By Charles Payne, principal analyst, Wall Street Strategies

Last year capped the worst two-year stock tumble since 1973-
1974, and effectively eliminated all the hype and hope that
mobilized individual investors during the late 1990s.
(Although it is unlikely that the individuals who remain in
the market continue to expect the returns of yesteryear,
investors probably still expect too much from the broad
market.)

Today, investors are understandably concerned about the
market, and are leery of chasing stocks. However, there will
be a time during the year when you've just missed the boat
(as most missed it last year). And I'm just as sure that
something will test the resolve of the market--an event or
series of events that will send stocks tumbling.

However, I think it is a big mistake for investors to wait
for it, or to wait for some type of testing of the bottom.
By the same token, however, I think it is still important to
take profits and maybe be a little more flexible with stops.
I suspect that after two years of depression, this market
will still suffer from bouts of mental instability. Let
those bi-polar moments work for you. There are tons of funds
on the sidelines waiting to chase this market. Keep a steady
head, don't panic, and stop worrying about the worse case
scenarios. Fundamental change cannot happen until we see a
change of mind among investors.

Below are my thoughts on leading economic indicators, market
trends, my picks of the year , and some sector ideas.

Click here to read more:
http://www.theinternetanalyst.com/article.asp?docid=5906&nd=0117

4. New coverage: Looking for security
The IT security market still looks good, but an attractive market brings on more competition.

By Shannon Swingle, contributing editor

Though many companies in the technology sector are
confronted with crises in valuations and expectations, those
focused on IT security have great promise for growth. The
volume of Internet transactions continues to rise, making it
essential for companies to maintain a secure space in which
this business can be conducted. The fallout from recent
high-profile computer viruses has hammered this point home.
Now recent reports are projecting a sizeable increase in the
demand for IT security solutions.

From its recent survey on IT security, J.P. Morgan found
that companies expect to spend 10.3 percent of their IT
budgets on security next year, compared with 7.4 percent for
this year. With IT budgets expected to expand by 2.7
percent, the firm figures that IT security spending will
grow 43 percent.

Click here to read more:
http://www.theinternetanalyst.com/article.asp?docid=5855&nd=0117

5. B2B insights: Europe: E-business leader?
How do results from SAP (SAP) reflect world markets for e-business applications?

By Steve Butler, senior analyst, eMarketer

Leading enterprise and e-business software maker SAP (SAP)
surprised many technology industry observers last week with
its preliminary announcement of strong fourth quarter
software license sales. Revenues for the quarter were
expected to exceed 1 billion euro, contributing to SAP's
annual revenue growth of 16 percent for 2001.

Click here to read more:
http://www.theinternetanalyst.com/article.asp?docid=5983&nd=0117

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Good Afternoon!
It's Monday, January 7, 2002.
Today's news awaits...!

>>WHAT IS HOWARD TALKING ABOUT TODAY?

>Newsletter Puts Employees in "Total View"
The Office of Total Compensation is now distributing the premiere issue of
its newsletter, Total View,
designed to apprise employees of hot topics and issues in the total
compensation arena.  The
first issue includes staff and service listings, as well as important
information on tax breaks and
retirement planning.  If you do not have a copy of Total View, please pick
one up from the
Office of Total Compensation, 2244 10th St., N.W., Suite 422.

>Professor Sums Up "A Beautiful Mind"
Howard University Graduate Professor and Senior Fellow Wayne Patterson
recently recounted
his impressions of the new motion picture "A Beautiful Mind."  Want to see
how his Washington Post (Jan. 4)
critique adds up?  Click onto
http://www.washingtonpost.com/wp-dyn/articles/A59687-2002Jan3.html.

>Continuing Education Catalog Available
Howard University's Spring 2002 Continuing Education Catalog is now
available.  Courses are
offered in a variety of disciplines, including:  information technology and
computer applications,
professional development, language skills, licensure courses and
international courses. The courses
are offered at the Silver Spring location.  For more information or to
receive a copy of the catalog,
call 301-585-2295 or visit the web site at www.con-ed.Howard.edu.

>>WHAT ELSE IS HOWARD TALKING ABOUT TODAY?

>-"Building Wealth" Workshop Series Kicks Off		(01/19/01)

>-Jordan Scholars Program Seeks Applicants 		(02/15/02)

>-Health Care Quality Fellowship Offered

>-Howard is Site of Health Management Fellowship

>-IMPORTANT NOTICE FOR RESEARCHERS

For more Howard University news and information:
http://www.howard.edu/newsevents/campushappenings


Attached are the most recent numbers.


John,

Very interesting, I would make a point that the generation demand
is highly volatile  and driven to a large extent by weather. Also,
the changes in the structure of gas demand
require development of different types of storage (more peaking storage).

Vince

"John H Herbert" <jhh1@email.msn.com> on 06/29/2000 09:22:19 AM
To: "Vince J Kaminski" <Vince_J_Kaminski@enron.com>
cc:
Subject: Storage story

See my storage story that begins on 1. Plus you might find the issue to be
of interest. I will be doing little occasionally fee pieces for the
Transportation &
Storage Report and will be having lunch with them tomorrow so any thoughts
you have on my piece or the report would be appreciated.

Best regards,

JHHerbert

 - ts06-29.pdf


Gas Indices - IntercontentalExchange

                                                                                IntercontinentalExchange
                                                                                Firm Physical Natural Gas Price Bulletin
                                                                                For Natural Gas Delivered on Thursday, December  20, 2001
                                                                                (Trade Date of Wednesday, December  19, 2001)
Click here to access index history


what

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 2:09 PM
To:	Maggi, Mike
Subject:	RE:

whatever, bye!

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 2:09 PM
To:	Nelson, Michelle
Subject:	RE:

thats awesome, ok i will see you tomorrow

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 2:07 PM
To:	Maggi, Mike
Subject:	RE:

yes silly i told you next week.  we are supposed to get an e-mail tomorrow about it.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 2:07 PM
To:	Nelson, Michelle
Subject:	RE:

is it really opening

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 2:06 PM
To:	Maggi, Mike
Subject:	RE:

at the met?  yes until the body shop opens

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 2:06 PM
To:	Nelson, Michelle
Subject:	RE:

are you working out accross the street

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 2:05 PM
To:	Maggi, Mike
Subject:	RE:

k bye!

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 2:05 PM
To:	Nelson, Michelle
Subject:	RE:

my country club,

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 2:04 PM
To:	Maggi, Mike
Subject:	RE:

where?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 2:04 PM
To:	Nelson, Michelle
Subject:	RE:

no im not, i am going to work out now

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 2:04 PM
To:	Maggi, Mike
Subject:	RE:

and mean....i forgot that one!

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 2:03 PM
To:	Nelson, Michelle
Subject:	RE:

um, i dont know

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 2:03 PM
To:	Maggi, Mike
Subject:	RE:

so why are you now?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 2:03 PM
To:	Nelson, Michelle
Subject:	RE:

i wasnt

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 2:02 PM
To:	Maggi, Mike
Subject:	RE:

everyone.  i thought that you weren't talking to me for a while?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 2:02 PM
To:	Nelson, Michelle
Subject:	RE:

everyone,  who is down there

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 2:02 PM
To:	Maggi, Mike
Subject:	RE:

he he i am so funny!  and you are still a big jerk!  who all is up there?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 2:01 PM
To:	Nelson, Michelle
Subject:	RE:

thanks

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 2:01 PM
To:	Maggi, Mike
Subject:	RE:

don't want to

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 2:00 PM
To:	Nelson, Michelle
Subject:	RE:

why

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 1:58 PM
To:	Maggi, Mike
Subject:	RE:

um no

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 1:58 PM
To:	Nelson, Michelle
Subject:	RE:

no i did so come up and visit

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 1:54 PM
To:	Maggi, Mike
Subject:

did you not think that was funny?


Return Receipt

 Your         World Series in Question
 document:

 was received Kyle Jones/US/AMERICAS/Equant
 by:

 at:          01:00:51 PM Today


I am attaching a preliminary Agenda for the meeting in Houston.  Please send
me suggested changes.

The intend is for Day 1 Jan 4 to get a business/commercial perspective, the
business unit leaders will be doing most of the talking, and at the end of
the day they may elect to leave. Day 2 the commercial support staff will
continue to work on specific issues and develop the assignement  list. Javier
Pantoja, and Guillermo Canovas need to stay.

Mike Smith.- Please coordinatte with Jane Wilson about the pre-identified
issue list  and the regulatory support staff (Southern Cone working Group)
we want to participate the following day. Please propose a  detailed agenda.

Jane Wilson. I need someone to take notes of the meeting and distribute them
to the participants.

Robert Neustaedter.- Please make the conference room reservation. I need an
overhead projector , easel paper and pens, masking tape.

Kelly and Jim Steffes. I need you to participate both days. I do not know
well enough the other members of the Sothern Cone working group. I do not
want to add others at this point in time because the obejective of these
sessions cannot be met with a large group. But review the agenda and suggest
if I need to add someone else.

Jose


We approach  another 'Holiday Weekend' and far too many will  forget the reason for "Memorial Day".
A comrade from years ago, now living in Bangkok, sends  this address, really a prayer, that puts the day we honor our heroes in perspective. It was  delivered at the close of World War II , on an island that saw some of the fiercest fighting of that terrible war. The message is timeless.

Jack Rains
Houston
***************************************************************************************************************************************************
14 March 1945

U.S. Marine Corps, 5th Division, Cemetery, Iwo Jima Composed and delivered by Rabbi R. B. Gittlesohn, Chaplain, U.S.M.C.

This is perhaps the grimmest, and surely the holiest, task we have faced since D-Day.  Before us lie the bodies of comrades and friends.  Men, who until yesterday or last week, laughed with us, trained with us, men who were on the same ships with us, and went over the sides with us as we prepared to hit the beaches on this island, men who fought with us and feared with us.

Somewhere in this plot of ground there may lie the man who could have discovered the cure for cancer.  Under one of these Christian Crosses, or beneath a Jewish Star of David, there may rest now a man who was destined to be a great prophet ... to find the way, perhaps, for all to live in plenty.
Now they lie here silently in this sacred soil, and we gather to consecrate this earth in their memory.

To speak in memory of such men as these is not easy.  Of them, too, can it be said with utter truth: "The world will little note nor long remember what we say here.  It can never forget what they did here."  These men have done their job well.  They have paid the ghastly price of freedom.  If that freedom be once again lost, as it was after the last war, the unforgivable blame will be our, not theirs.  So it is we, the living, who are here to be dedicated and consecrated.

We dedicate ourselves, first, to live together in peace the way they fought and are buried in this war.  Here lie men who loved America because their ancestors generations ago helped in her founding, and other men who loved her with equal passion, because they themselves or their fathers escaped from oppression to her blessed shores.  Here lie officer and men, Blacks and Whites, Protestants and Catholics and Jews, together.  Here no man prefers another because of his faith or despises him because of his color.

Any man among us, the living, who fails to understand that, will thereby betray those who lie here dead.  To this, then, as our solemn, sacred duty, do we the living now dedicate ourselves: To the right of Protestants, Catholics and Jews, of White and Black men alike, to enjoy the democracy for which all of them have here paid the price.

To one thing more do we consecrate ourselves in memory of those who sleep beneath these crosses and stars.  This war, with all its frightful heartache and suffering, is but the beginning of our generation's struggle for democracy.  When the last battle has been won, there will those at home, as there were last time, who will want us to turn our backs in selfish isolation on the rest of organized humanity, and thus to sabotage the very peace for which we fight.  We promise to you who lie here: We will not do that!

When the last shot has been fired, there will still be those whose eyes are turned backward, not forward, who will be satisfied with those wide extremes of poverty and wealth in which the seeds of another war can be sown.  We promise you, our departed comrades: This, too, we will not permit.  This war has been fought by the common man!  We promise, by all that is sacred and holy, that your sons, the sons of miners and millers, the sons of farmers and workers, will inherit from your death the right to a living that is decent and secure.

Thus do we memorialize those who, having ceased living with us, now live within us.  Thus do we consecrate ourselves, the living, to carry on the struggle they began.  Too much blood has gone into this soil for us to let it lie barren.  Too much pain and heartache have fertilized the earth on which we stand.  We here solemnly swear: This shall not be in vain!  Out of this, and from the suffering and sorrow of those we mourn, this will come, we promise, the birth of a new freedom for the sons of men everywhere.

Amen

Jack Rains

Office:1300 Post Oak Blvd.
Houston, Texas,  77056
713 986 7133 voice
713 986 7100 fax (office)
713 864 2503 fax (home)
email: jrains@lrmlaw.com (office)
jmrtexas@swbell.net (home)
Website: http://www.lrmlaw.com


Ted,

Thanks for kind words.

I have a favor to ask. Jason Sokolov who works with us part-time (he is a Rice
MBA candidate) has been accepted as a summer intern. I suggested that he ask
for
a position with your group for this summer. He works currently with Mike
Roberts,
4 hours a day.

Jason is a very bright and hard working person and I can recommend him
without reservations.

Vince

From:  Ted Murphy
03/24/2000 03:43 PM

To: Vince J Kaminski/HOU/ECT@ECT, Grant Masson/HOU/ECT@ECT, Vasant
Shanbhogue/HOU/ECT@ECT, Tanya Tamarchenko/HOU/ECT@ECT, Vincent
Tang/HOU/ECT@ECT
cc:
Subject: Moody's Upgrade

To the great and powerful Research Group:

As you may know, Moody's has recently upgraded Enron from Baa2 to Baa1.
We had been on watch for an upgrade for a while and after their intitial
credit meeting, they still had questions primarily related to our control of
market and credit risk.  To that end, Jeff McMahon and Tim Despain had Rick
Buy, Bill Bradford and I meet with eight members of the Moody's team.  The
questions centered around policy and procedure in the Wholesale businesses.
We discussed VAR, stress testing and potential credit exposure.  To make a
long story short, subsequent to that meeting, they reconvened their committee
and announced the upgrade.

I want you to know how critical your contribution was to the discussion and
will continue to be as the bar gets raised.  I am sure that next year they
will continue to be concerned with our risk management capabilities as well
as extensions of our current platform - tail risk, intra day risk,
operational risk, and enterprise wide risk.

Thank you for your efforts in supporting RAC - it has tangible benefits.

Ted

p.s. - there is still lots of interesting opportunities to extend the paradigm


FYI, Joann scheduled the intra day.
---------------------- Forwarded by Chris Germany/HOU/ECT on 04/07/2000 01:17
PM ---------------------------

	From:  Joann Collins @ ENRON                           04/07/2000 01:13 PM

To: kdestep@columbiaenergygroup.com, Chris Germany/HOU/ECT@ECT
cc:
Subject: Conectiv Intraday

for 4/7:
k65403  was=5250 now=7150

tks

---------------------- Forwarded by Joann Collins/Corp/Enron on 04/07/2000
01:08 PM ---------------------------

kdestep@columbiaenergygroup.com on 04/07/2000 11:24:18 AM
To: " - *Joann_Collins@enron.com" <Joann_Collins@enron.com>
cc:

Subject: Conectiv Intraday

Hi,
How much gas can you get me at BGE today?  Conectiv wants 1900 dth extra.
THANKS!!!
---------------------- Forwarded by Kara Destephanis/CES/ColumbiaGas on
04/07/2000 12:22 PM ---------------------------

Beth.Hullinger@conectiv.com on 04/07/2000 12:11:49 AM
Please respond to Beth.Hullinger@conectiv.com

To: Kara Destephanis/CES/ColumbiaGas@COLUMBIAGAS
cc:

Subject: RE: Intraday

Yep!  You were going to be short 950 yesterday so I shorted my customers and
gave it to CES, now I need it back and need to cover my neg position.
Thanks

-----Original Message-----
From: kdestep@columbiaenergygroup.com
[mailto:kdestep@columbiaenergygroup.com]
Sent: Friday, April 07, 2000 11:58 AM
To: - *Beth.Hullinger@conectiv.com
Subject: Re: Intraday

you mean 1900 extra right?

Beth.Hullinger@conectiv.com on 04/07/2000 11:55:33 AM
Please respond to Beth.Hullinger@conectiv.com

To: Kara Destephanis/CES/ColumbiaGas@COLUMBIAGAS
cc:

Subject: Intraday

Can you come up with 1900 intraday at BGE for today?


go to programs, system utility apps, and then msn messenger.

 -----Original Message-----
From: 	Griffith, John
Sent:	Monday, November 19, 2001 9:56 AM
To:	Villarreal, Alex
Subject:	RE:

how

 -----Original Message-----
From: 	Villarreal, Alex
Sent:	Monday, November 19, 2001 9:56 AM
To:	Griffith, John
Subject:

turn on your instant messenger


The meeting is on our calendars for 9:30 am 9/3/99.  Let's talk about the
NYMEX hedge exemption/position limits process and the reasons why you need
attorney backup when Mark is unavailable.  Also, highlighting specific NYMEX
rules and regulations/Enron trading policy issues for me would be helpful.  I
am only looking for broad oversight.  We can meet with Mark when he returns
(and have Taffy put us on Mark's calendar). Thanks.  Sara

	Enron Capital & Trade Resources Corp.

	From:  Tana Jones                           09/02/99 10:20 AM

To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: NYMEX issues

If possible, can we hold this meeting until Mark gets back.  I think Mark's
input is the most important.
---------------------- Forwarded by Tana Jones/HOU/ECT on 09/02/99 10:19 AM
---------------------------

Sara Shackleton
09/02/99 09:39 AM
To: Kaye Ellis/HOU/ECT@ECT
cc: Tana Jones/HOU/ECT@ECT
Subject: NYMEX issues

Please schedule a meeting with Tana (at her convenience) to discuss NYMEX
hedge exemption and related issues.  Thanks.  SS


Jeanie,

Please make sure the following people receive their holiday pay for the East Power Trading 24 Hour Team:

Mike Seeley...worked 12/24 & 12/25 & 01/01

Punit Rawal...worked 12/24 & 12/25

Carrie Larkworthy...worked 01/01

Patrick Hanse...worked 12/24

Thanks again for your help in this matter.

T.Jae Black
East Power Trading
Assistant to Kevin Presto
off. 713-853-5800
fax 713-646-8272
cell 713-539-4760


Vince,

>I shall definitely attend you presentation at Power 2000.
Thanks, I appreciate it.

>I shall ask about a guest accounton EOL. Typically, such an account allows
>an outside user to take a look at the system, but I don't think the traders
>will allow
>systematic access to the price data over a long period of time by a third
>party.
I quite understand, and will appreciate the ability to use the system while
the permission is applicable.

>Would you like to meet with me, Alex, Helyette for dinner Tuesday?
I would be delighted to join you, Alex and Helyette for dinner Tue.  When
that info is available, please advise when and where.

Look forward to seeing you Tue.  Best,
Ehud

==============================================
     Ehud I. Ronn
     Department of Finance
     College and Graduate School of Business
     University of Texas at Austin
     Austin, TX. 78712-1179
     Voice:  (512) 471-5853
      FAX:   (512) 471-5073
      Internet:  eronn@mail.utexas.edu
=================================================


(See attached file: hpl0822.xls)

 - hpl0822.xls


Steve -

Here are some slides that Julie Davidson and I pulled from a couple of presentations that we had done recently.

I apologize that the formats are not all uniform - but I thought that you needed them sooner rather than later.

Let me know if there is anything else that we can do for you.

Traci

X33242


CONGRATULATIONS!!!
PAT JOHNSON is the winner for +The Name This Newsletter Contest,.  It was a
close call. After receiving over 50 great ideas, the PR Dept had a tough time
narrowing the list to the top ten for Mark Frevert,s final decision.  We,d
like to thank everyone who submitted suggestions and a special thanks to Pat
Johnson for sending in the winning name EnTouch.

BUSINESS HIGHLIGHTS

EGM Coal & Emissions
The November and December NYMEX market remains very tight.  Offers in the OTC
market have climbed to the low $40s.  The highest reported trade for December
was reported at $38.50.   The tightness should continue through the first
half of the year  with the Martin County mine still shut down.  The rest of
the year remains strong piggy backing off of the current spot market.

Finally--Life beyond the 150 to 155 range--vintage year 2000 SO2 allowances
broke out of this trading range this week.  The low trade was around $119.50
and the last trade was around $120.50.  The sharp drop in prices was caused
in large part by the news of Dominion Virginia Power settling the New Source
Review lawsuit brought against it by the state of NY and the EPA Continuing
rumors of further NSR related settlements will likely create continued
volatility.  It is as yet unclear what the new price floor will be.

NOx has settled down a bit with last trade 2001 vintage of $675.

Principal Investments
Solo Energy Corporation, an Alameda, California based developer of Wireless
Energy microturbine products to supply superior on-site energy service to
U.S. commercial and light industrial customers, announced that Enron North
America has completed an equity investment in Solo Energy as well as entered
into an alliance agreement.

In exchange for warrants to purchase the Company,s preferred stock, Enron
will assist in obtaining fuel contracts to support the Company,s distributed
generation contracts, including the provision of gas and backup electricity,
and will work with the Company to support its market and gas technology
research.

NEWS FROM THE GLOBALFLASH

EnronCredit.com
On Halloween, Enron Credit.com hit the City of London last Tuesday. As an
original PR stunt, the EnronCredit.com team organized a Grim Reaper with two
female vampires to distribute candy carrying the message, "Corporate
bankruptcies are on the increase and could be your worst nightmare. You can
protect your company and sleep well at night". Locations for the distribution
of 5,000 packs of candy were Bank, Broadgate and Canary Wharf. The general
feedback and reaction of people was positive. Photos of the event will be
available on the EnronCredit.com site.

Enron Japan Corp.
Enron is powering ahead in Japan following the official launch of Enron Japan
Corp. in Tokyo last week.  In keeping with Japanese tradition, Ken Lay, Joe
Hirl, Ken Rice and Mike McConnell donned "happi coats" - a sort of short
kimono - and used ceremonial hammers to break the lid of a wooden cask of
sake in front of an audience of 350 drawn from major companies and
government.  Enron has made an immediate impact already by offering eligible
consumers 3-5 year contracts with immediate savings of up to 10 percent in
the first year.   View the Japan website at www.enron.co.jp  [No worries,
it's in Japanese and English ...Ed]

There are 35 Enron employees in the Tokyo office including an Enron Metals
team.  EBS will be staffing up there over the coming months.

Nordic energy agreement with UPM-Kymmene
Enron Nordic Energy and UPM-Kymmene Corp. have signed a two-year portfolio
management agreement covering UPM Kymmene's Nordic power portfolio. The
Mid-Market desk in the Oslo office will assist UPM in optimising its
portfolio of approximately 14 TWh. energydesk.com will provide UPM with the
risk management system used in the process. In addition, the agreement opens
the door for Enron Energy Services to explore a variety of opportunities
within the company. The Nordic agreement is the first step towards a broader
scope of co-operation with UPM on a European and Global basis. The total
contract value is estimated to be $375 million.

UPM-Kymmene's nominal electricity resources total about 3000 MW, of which
2500 MW in Finland and about 500 MW in other countries. The group's power
procurement totals approximately 18 TWh per year, of which about 14 TWh in
Finland. Around 15 TWh/a is consumed by the group's own mills and the rest is
sold to the market.

http://www.upm-kymmene.com
http://www.upm-kymmene.com/upm/energy/energybuild.html

The deal was led by Sami Tenngren - Nordic Mid-Market, and was supported by
Magnus Groth - EES, Jukka Hormaluoma - energydesk.com, and Martin Rosell -
Legal.

Congratulations on a job well done to all those who worked so hard to put
this transaction into place........Thor Lien.

Australia
Despite heavy flooding in NSW, the weather is looking up for Enron
Australia.  Last week, the Sydney Office launched online Hong Kong weather
derivatives  and the Sydney weather node traded on EnronOnline in the US time
zone.  With this precedent, we hope to support the takeoff of global weather
on EnronOnline.

The Coal Group in Sydney has suddenly become very popular. There is no doubt
that a recent sale to AES for the plant at Barbers Point, Hawaii is the real
reason.  Coal purchases during year 2000 have been concluded with most major
producers in Indonesia and Australia.  We will soon be loading our first
shipment from China. Deliveries to Nippon Steel in Japan are underway. Also,
a shipment to a large power utility in Japan will take place in early 2001.

Off-shore wind plans
Enron has entered into agreement to purchase the development assets of a 30
MW offshore wind project in the UK.  The Harwich project, situated in
Gunfleet Sands approximately eight kilometres offshore in the North Thames
Estuary is believed to represent one of the first serious investments in the
development of offshore wind energy in the UK.

ENRONONLINE STATISTICS

Below are the latest figures for EnronOnline as of November 27, 2000.

* Total Life to Date Transactions> 464,000
* Life to Date Notional Value of Transactions > $263 billion

NUGGETS & NOTES

"How does your earnings target look for the quarter?" ) Brent Price,
VP/Operations & Chief Accounting Officer for EGM

"Always price the illiquidity risk premium appropriately!" ) Doug Friedman,
Director of Financial Petrochemicals and Plastics

What people say to Julie Gomez,VP/Upstream Services-ENA - "I heard your laugh
clear across the floor!!!"

IN THE NEWS

"The uncertainty [of the presidential election] does not influence business.
It is a relatively short-term distraction. Our business model has not changed
and will not change as a result of the election because we've worked very
well with both the Clinton/Gore administration in Washington and the Bush
administration in Texas."
-- Mark Palmer, vice president of Enron Corporate Communications, Associated
Press

"The name of Enron may be unfamiliar in Japan, but it should not stay that
way for long.........Joseph Hirl, president of Enron Japan, says: "We don't
go in and try to destroy markets - we go in and create them."  Some of the
company's potential customers and business partners may still need to be
persuaded of that, but Enron has a large stock of experience to reassure
them".---Financial Times

WELCOME
New Hires ENA/EIM/EGM
ENA ) Lydia Atwood-Minter, Kenneth Thibodeaux, Lacye Trevino-Brymer
EGM )Humaira Badat, Daiquiri Lucas

Transfers to ENA/EIM/EGM
ENA ) Trinh Abrell, Terri Austin, Guillermo Balmaceda, Eric Booth, Robert
Chmielewski, Joyce Dorsey, Sharon Gonzales, Laura Gutierrez, Scott Healy,
Dawn Kenne, Robert Kraszewski, Sandra Morris, David Porter, Daniel Quezada,
Henry Quigley, Steven Rose, Felecia Russell, Mary Symes, Dan Williams,
Rosalinda Zermeno
EGM ) Braedi Craig, Scott Baukney, Samantha Davidson, David Loosley, John
Massey, Diana Monaghan, Adam Siegel, Ioannis Tzamouranis

LEGAL STUFF

The information contained in this newsletter is confidential and proprietary
to Enron Corp. and its subsidiaries.  It is intended for internal use only
and should not be disclosed


This is what we discussed with Heidi a few months ago.


---------------------- Forwarded by Hunter S Shively/HOU/ECT on 09/13/2000
01:40 PM ---------------------------

	Invitation
Chairperson: Vanessa Schulte

Start: 09/18/2000 04:00 PM
End: 09/18/2000 05:00 PM

Description: EnTelligence Req Mtg for Historical Reporting- EB 3749

This meeting repeats   starting on    (if the date occurs on a weekend the
meeting ).
Meeting Dates:

Hunter S Shively/HOU/ECT
Eric Wetterstroem/HOU/ECT
Cindy Wisemiller/HOU/ECT

Detailed description:


I am pleased to announce that Tim Johanson has accepted a position as Account
Manager for the Minneapolis LDC team and will be relocating to Minneapolis.

Tim brings many years of experience to this position having worked on both
the gas and power side of the business for NSP.  He is currently working in
the power/gas development group in Omaha for John Dushinske.  Tim will
continue with some of these responsibilities in his new role in Minnesota.

Tim received his B.S. in Mechanical Engineering/ Business Administration from
the University of Kansas and his MBA in management from the University of St.
Thomas in St. Paul, MN.

 Please congratulate Tim on his new assignments and relocation to Minnesota.


RTO Week

 <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Day 4 - October 18, 2001

Afternoon Session

Standardizing Markets, Business, and Other Practices

Panelists for this discussion were:  Sarah Barpoulis, PG&E National Energy Group; William P. Boswell, GISB; Bill Burkes (substituting for David J. Christiano), City Utilities of Springfield, Missouri; David N. Cook, NERC General Counsel; Michael Kormos PJM Interconnection; LeRoy Koppendrayer, Minnesota Public Utilities Commission; and Marty Mennes, Florida Power & Light Company.

General Observations

The Commissioners were all present the majority of the time (Massey left late in the  afternoon).  FERC Staff was active in the discussion; however, the commissioners were very active as well, asking perhaps as much as 70% of all questions.  There was a general consensus that standards were needed; much discussion focused simply on how much and by who. The Commission seemed very interested in leaning what they needed to do to move the industry forward and how far they needed to go.  Panelists urged the need to mover forward as quickly as possible, but both they and FERC seemed to recognize that some of the issues regarding standardized market design and such needed to be addressed before RTOs could really begin to move forward.  There was discussion on identifying which industry group (NERC or GISB) would take the reins in the future.  On an interesting tangential note, there was noticeable conflict between NERC and GISB, with veiled insults between the two organizations somewhat common during the discussions.

FERC Deliverables

A great deal of the discussions focused on identifying what the industry needed from the Commission.  Staffers probed all panelists to find what they felt was critical.

The first major topic was "How many RTOs?  What is their scope?"  All panelists seemed to agree that this question needed to be answered immediately by FERC, in strong definitive language.  N o one offered any specific language, but seemed to be urging FERC to issue a formal statement.

The next topic was, "What will be standard market design?"  Panelists varied on this, but most felt strong guidance from FERC is urgent.  Some urged for one mandatory design for North America, one supported a set of rigid standard designs, one supported a single design with requests for exceptions (followed by an in-depth review process), and one seemed to prefer the current situation.

The commission in general seemed to be very interested in understanding what the industry needed to move forward.  They continually visited this topic throughout their discussions, asking questions like, "Do we need to issue a Mega-Order that addresses all these issues?" and, "How much detail do you need us to provide?"   General feel from the panelsists seemed to be they wanted strong leadership in this areas.  Kormos and Burkes went so far as to say FERC should "Mandate as much as they felt comfortable - and then go a little further."  Others seemed to be a little worried about this idea, but in general did not oppose the concept, citing only general warnings and the need for cautious investigation.

One item of interest: Wood referred to the filing made by the Electronic Scheduling Collaborative and specifically asked if the items identified in the "RTO Design and RTO Implementation" section would address many of the questions and uncertainty facing the industry with regard to RTO design.  Kormos indicated that clear and specific answers to these questions specifying a course of action would go a long way toward guiding the industry.  The section to which Wood referred was one that I wrote, and asked the following questions:

?         Congestion Management - When Operational Security Violations occur, how is the system to be stabilized in a fair and equitable manner that is nonetheless efficient?  Will LMP based systems be standard, or will there be others that must be accommodated?

?         Transmission Service  - Are transmission services required to schedule ("covered" schedules only), or are they risk management tools protecting from congestion charges (both "covered" and "uncovered" schedules are allowed)?

?         Loop Flows  - Are contract-path based or flow-based transmission services appropriate?  If contract-path based, how are parallel path issues to be addressed?

?         Grandfathered Transmission Service - Should contracts existing prior to RTO development be transferred, or is there an equitable way to retire those contracts?  Are there other solutions?

?         Energy Imbalance Markets - How are imbalance markets to function? Will they serve as real-time energy markets (support unbalanced schedules), be limited to supplying needs of imbalance service (require balanced schedules), or will they be required at all?

?         Ancillary Services - Will ancillary service markets be developed in standard ways?  Will entities be required to actually schedule ancillary services (required to schedule), or will they be treated primarily as financial instruments (protecting against real-time POLR charges)?

?         Losses - Can we utilize the imbalance markets to support losses?  Can we create specific loss standards that facilitate the scheduling process, or must we support methods that are currently in tariffs, but technically unwieldy?

?         Non-Jurisdictionals - How are non-jurisdictionals to be integrated into the new world?  Should systems be designed with the assumption that non-jurisdictional will be part of an RTO?  Or should they be designed to treat each NJE as a separate entity?

Hopefully, FERC will use this section as a template to answer these critical questions in an assertive manner, and give some solid direction in which to move. Kormos emphasized the need for concrete answers to these questions, pointing out that vague answers (i.e., "do congestion management") will take a year or two to resolve, but specific answers (i.e., "LMP with financial hedging instruments") will take only months.  The Commission asked Mike about moving forward, and he told them that effectively, it was impossible to move forward with implementation without getting these issues addressed.

Now for a  funny point - One of the commissioners (I think Breathitt) referred to some concerns expressed in the Northwest that their high concentration of hydro power makes LMP inefficient for the Northwest.  Kormos flat out said, "My profession is understanding how power systems work, and I don't believe that that statement is true."  He then backpedaled a bit and said that it would need more study, but he stood by his statement that the assertion by the Northwest interests was false.

NERC and GISB

A great deal of discussion focused around the need for a single standard-setting organization.  Massey went so far as to ask, "Are we looking at a beauty contest between NERC and GISB?"  Cook and Boswell then went into several short polite jabs at each other's organizations.  Other participants continually reiterated the need for ONE, INDEPENDENT organization.  Interestingly, Boswell was very emphatic about the established trust and respect in GISB, while Cook preferred to only talk about the "new" structure of NERC and did not focus on its history.

Brownell offered some not-too-subtle passive support of GISB by pointedly asking both Cook and Boswell if they lobbied political positions (i.e., were they not only an organization but also a stakeholder?).  GISB was easily able to say they were not, but NERC of course had to admit to their romancing of Congress and the Bush administration for reliability legislation. Point, Brownell.

Mennes acted as somewhat of a supporter for NERC, playing Dave Cook's yes-man.  He probably did them a little bit of harm by pointing to NERC's supposed "successes," such as TLR and E-Tag.  If staffers have tenure, they will likely remember that these "successes" have not been so successful, resulting in several filings and interventions.  We may also wish to file comments in specific objection to these claims, to refresh their memory and to show the pretty picture Marty painted was in fact a fiction.

There was a little discussion about splitting reliability and market issues, but general consensus was that I could not be done.  There was also some talk of folding NERC under GISB/EISB.

The arguments began winding down after a some time, and Boswell strongly urged the Commission to speak to industry executives and advocacy group leadership to see whether NERC or GISB should lead the industry forward.  NERC somewhat less enthusiastically supported this position.  In general, I would say it was a close fight but GISB came out more on top.

Let me know if you have any questions.

Andy Rodriquez
Regulatory Affairs - Enron Corp.
andy.rodriquez@enron.com
713-345-3771


Please note that the below-listed WAPA offices, which have previously been
known under several names in our global counterparty database, will now be
known as the names in red.

WAPA-Colorado River Storage Project Manangement Center (CRSP)  (This office
is in Salt Lake City and was formerly known as Salt Lake City Area or Upper
Colorado)

WAPA-Desert Southwest Region (This office is in Phoenix and was formerly know
as Phoenix Area, or Lower Colorado)

WAPA-Rocky Mountain Region  (This office is in Loveland, Colorado and was
formerly known as Loveland Area, Loveland-Fort Collins Area, and Lower
Missouri)

WAPA-Upper Great Plains Region (This office is in Billings, MT, and was
formerly known as Billings Area, Upper Missouri, and Pick-Sloan Missouri)


Thanks Vince.  If there are other members in your group that did not get this
e-mail, please forward it to them.  The school called yesterday and they said
that no one from Enron was taking advantage of the conference other than
yourself.

Thanks again.

Karen


Tana:
Here is where things stand on Engage:

1.  Engage Energy US LP - Luke and I have agreed on the new draft of
amendment.   The Credit Support Provider will be Coastal.  Luke is sending me
their form of Guaranty which I will take a look at.  It will cover just the
Engage Energy US financial transactions and have a cap of $10,000,000

2. Engage Energy Canada LP - It will stay as currently written although the
Guaranty from Westcoast will have now a cap of $10,000,000 and only cover the
Engage Canada financial transactions.

I need to make some minor chnages to the Engage US amendment and then it will
be ready and you can coordinate with Luke in getting it executed.

Carol


---------------------- Forwarded by Juan Hernandez/Corp/Enron on 05/04/2001
06:43 AM ---------------------------

	Enron North America Corp.

	From:  Christopher Watts                           05/04/2001 04:41 AM

To: John Kinser/HOU/ECT@ECT, Juan Hernandez/Corp/Enron@ENRON, Don
Baughman/HOU/ECT@ECT
cc:

Subject: hourly checkout AECI HE 9 from 5-3-01

Kurt at AECI showed AECI purchasing 96 mws at $38 for HE 9.  The P&L showed
this deal at $40.  I offered to meet in the middle at $39.  Kurt preferred to
pull the tapes and review the deal with his day guy that did the deal.  This
is a heads up on the situation.


Here is the detail we have on Bow River Trust
---------------------- Forwarded by Catherine Clark/HOU/ECT on 09/19/2000
11:21 AM ---------------------------

"McArthur, Ian " <IAN.MCARTHUR@ROYALBANK.COM> on 09/18/2000 05:44:02 PM
To: "'cris.sherman@enron.com'" <cris.sherman@enron.com>,
"'soma.ghosh@enron.com'" <soma.ghosh@enron.com>, "'bordenr@macleoddixon.com'"
<bordenr@macleoddixon.com>, "'catherine.clark@enron.com'"
<catherine.clark@enron.com>
cc: "McArthur, Ian " <IAN.MCARTHUR@ROYALBANK.COM>, "Fleming, Blair "
<BLAIR.FLEMING@ROYALBANK.COM>
Subject: FW: Letter of Confirmation re: BF Capital Funding LP

FYI, confirmation that the wording is OK for BF Capital.? Await comments from
Enron or confirmation that you are also OK.

Thanks, Mike

-----Original Message-----
From:?? Tomlinson, Ross?
Sent:?? 2000, September, 18 5:30 PM
To:???? McArthur, Ian
Subject:??????? RE: Letter of Confirmation re: BF Capital Funding LP
Sensitivity:??? Private

Ian, wording is fine. I have confirmed that the signatories would be Bruce
Barker and David Smith (in Calgary).

Ross

-----Original Message-----
From:?? McArthur, Ian?
Sent:?? Monday, September 18, 2000 4:19 PM
To:???? 'cris.Sherman@Enron.com'
Cc:???? Tomlinson, Ross ; McArthur, Ian ; Fleming, Blair ;
'soma.ghosh@enron.com'; 'catherine.clark@enron.com';
'rick.borden@macleoddixon.com'

Subject:??????? Letter of Confirmation re: BF Capital Funding LP
Importance:???? High
Sensitivity:??? Private

Cris, as discussed, BF Equity Capital would be prepared to issue the letter
for audit purposes and we would propose the following text.? Please advise
comments asap.

Quote:

To Whom it May Concern

Re:? BF Capital Funding LP

We confirm that BF Capital Funding LP is an active investment vehicle owned
0.1% by the General Partner, IFS (Alberta) Ltd., which is in turn owned by
IFS Inc., an Ontario corporation owned by a number of legal professionals.

BF Funding LP has previously undertaken, and will continue to make, a number
of equity investments and in the proposed transaction will be purchasing 100%
of the equity interest in Bow River Trust, a trust existing under the laws of
Alberta.

For Canadian GAAP purposes, the General Partner of BF Capital Funding LP will
be required to consolidate Bow River Trust back into its accounts for
financial reporting purposes.

A 99.9% Limited Partner interest in BF Capital Funding is held by Royal Bank
of Canada under Section 468 of the Bank Act.? As Limited Partner, Royal Bank
of Canada has no control over BF Capital Funding LP and is not required to
consolidate the partnership into its accounts for financial reporting
purposes.

Yours faithfully,

Bruce Barker??? ??????? ??????? ??????? S.W. Bowen

Unquote:

Please advise comments asap. Please respond to Ian McArthur email address.

Regards
Mike Elllison
RBC Dominion Securities


Files are located in Gas Structuring\LNG\Australia


Updated questions and answers for Enron employees have just been posted to http://home.enron.com/updates/qa.html
We recognize that as active employees you have special concerns and questions related to Enron's bankruptcy filing.  We regret that we are not able to answer all of your questions as quickly as you deserve, but we are working to provide accurate responses to your most important questions about employee benefits, expense payments and so on.  We appreciate your patience as we continue to try to provide timely and reliable information to you.


Attached below is the final report on NBP's 2001 objectives. I think it was a very successful and active year. I believe we have NBP on track to continue its growth in assets and earnings despite all the recent distractions. Of couse, there was concern with the level of Crestone/Bearpaw earnings, but I feel that group did a good job of dealing with a lot of changes and challenges given the acquisition and the energy markets. Much of the downside on Crestone was made up by beating plan significantly on NBPL.

If you would like more details or if you would like to see status reports for any of my divisions, let me know.

    Bill
 -----Original Message-----
From: 	Franco, Suzanne
Sent:	Thursday, December 27, 2001 9:55 AM
To:	Cordes, Bill
Subject:	Yr-End Objs

Bill,

	Here's a copy of your objectives.

Suzanne


....This just in....

Here are our updated imbalances per contract & total:

 Historical Current Mth Cumul.
201K: (12.807)  (8.181)  (20.988)
202K: (13.951)  7.879  (6.072)
203K: (6.152)  (267)  (6.419)
204K: 27.392  (6.306)  21.088

Total: (5.516)  (6.875)  (12.391)
     Due Oasis


I leave for Sydney a week from Saturday.  I already have orders to email my
parents while I'm there to let them know what's going on.  And you're right
there's no hope for keeping me in line!  I think I'll just retire early and
stay over there.  I would make a very good beach bum.  Of course with my
complexion I'd look like a tomato in a matter of hours (plus I already have
the soft and squishy part down).   I went shopping and spent way too much
money this weekend buying things for my trip.  I'm having to buy clothes.   I
don't seem to own casual clothes anymore...especially not spring clothes.
I'm used to only two seasons, summer and suedo-winter.  It'll be spring over
there and I've been checking the temperature.  It's been between the mid 40's
and the low 70's.  I'm going to have to pack everything I own.

I'm really sorry to hear about Megan's prognosis.  I know you hear this all
the time but seriously, if there's anything at all I can do let me know.
And I want you to know you guys are always in my prayers.

We should go to lunch sometime now that I'm working daylight hours.

Talk to ya later,
RR


What was the 10 million diff?  Physical book?

Thanks,
Mike


At 08:57 AM 2/7/2002 -0600, you wrote:

>>>>

<excerpt><fontfamily><param>Arial</param><smaller>I am looking for a 12'
- 14' stepladder to use in pruning two crepe myrtles later in the month.
If you have one I might borrow for 4-5 hours, I would gladly pick it up
and return it to you.

</smaller></fontfamily>

<fontfamily><param>Arial</param><smaller>Thanks.

</smaller></fontfamily>

<fontfamily><param>Arial</param><smaller>John Borrowman

Damon Court

</smaller></fontfamily>

</excerpt>John,

We have an aluminum ladder that might work, but you would have to lean it
on something and we have a giant. heavy wooden ladder that takes two
people at least to put up and would have to lean against the house.

Hilary

(Mr.) Hilary Smith

712 Bomar St.

Houston TX  77006-1316

713.523.0559

Fax: 713.523.3928

Website:
<underline><color><param>0000,0000,ffff</param>http://pws.prserv.net/hilary</color></underline>


Shirley,

Please, register me. Is there any  conflict?

Vince

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/30/99
12:43 PM ---------------------------

"John D. Martin" <J_Martin@baylor.edu> on 12/28/99 02:35:14 PM
To: ramchand@jetson.uh.edu, ds64@andrew.cmu.edu, Mary Alison
Bailey/HOU/ECT@ECT, Karin.S.Thorburn@Dartmouth.EDU,
Scott_Richardson@ccmail.bus.umich.edu, cjustice@ect.enron.com,
ds64@MAIL1.ANDREW.CMU.EDU, abutler@finance.bus.lsu.edu, bethelj@sec.gov, Bill
Petty <Bill_Petty@baylor.edu>, Blake Johnson <blakej@stanford.edu>,
BrisArturo <ab364@bull.som.yale.edu>, c.barry@tcu.edu, ckirby@utdallas.edu,
Darius Palia <darius.palia@gsbpop.uchicago.edu>, daveike@ruf.rice.edu, "David
A. Chapman" <chapman@eco.utexas.edu>, david.hirshleifer@ccmail.bus.umich.edu,
dmauer@mail.cox.smu.edu, dosborne@utdallas.edu, eronn@mail.utexas.edu (Ehud
I. Ronn), Espen Eckbo <B.Espen.Eckbo@Dartmouth.EDU>, Stuart Gillan
<sgillan@tiaa-cref.org>, grullon@rice.edu, jfleming@ruf.rice.edu,
jmccormack@sternstewart.com, "John D. Martin" <J_Martin@baylor.edu>,
steoh@umich.edu, jwallen@mail.cox.smu.edu, Kent Daniel
<kent@kent.kellogg.nwu.edu>, Laura Starks <lstarks@mail.utexas.edu>, Murray
Carlson <carlsonm@mail.utexas.edu>, pkadiyal@mail.cox.smu.edu,
ramchand@jetson.uh.edu, s.mann@tcu.edu, SirriE@sec.gov,
smoeller@mail.cox.smu.edu, stice@mailhost.tcs.tulane.edu, "Thomas H. Noe"
<tnoe@mailhost.tcs.tulane.edu>, Tim Opler <opler.1@osu.edu>,
Titman@mail.utexas.edu, veleswar@mail.cox.smu.edu,
vencat@mailhost.tcs.tulane.edu, Vince J Kaminski/HOU/ECT@ECT,
wangfa@rice.edu, warga@uh.edu, wylee@comp.uark.edu, yexiaoxu@utdallas.edu,
Andres Almazan <Andres.Almazan@bus.utexas.edu>, Antonio Bernardo
<abernard@anderson.ucla.edu>, sgilson@hbs.edu
cc:
Subject: Announcing TFF 2000

Happy New Year!  Just a note to announce the dates for this years Texas
Finance Festival.  This year we are meeting earlier in April, in San
Antonio, and start the program on Friday. Please put the date on you
calendar and send in your registration forms ASAP as space at the
conference is limited.  I also encourage you to register with the hotel
immediately as we were able to reserve only a limited number of rooms at
the reduced conference rate.

Hope to see you all there!  More fun in Texas.

John
 - announcerev.doc

John D. Martin
Carr P. Collins Chair in Finance
Finance Department
Baylor University
PO Box 98004
Waco, TX 76798
254-710-4473 (Office)
254-710-1092 (Fax)
J_Martin@Baylor.edu
web:    http://hsb.baylor.edu/html/martinj/home.html


- Project list template.doc
 - Project list template.doc


[IMAGE]
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David, I did not receive the package in interoffice mail.  Could you email it
to me or re-send it by fax at 646-3490?  Thanks!  Michelle

	Enron Capital Management

	From:  David Baumbach                           11/29/2000 09:01 AM

To: Michelle Cash/HOU/ECT@ECT
cc:
Subject:

Did you receive my interoffice mail?  It had an example of the contract
Bridgeline wants to create for Risk.

Dave


Wednesday, March 28 is the target execution date for the ECI customer
agreement and assignment (from ENA) of the Securities Loan Agreement/credit
book.  I am not certain if Cheryl was able to expedite delivery of the new
ENE guaranty.

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

	Sheila Glover
	03/27/2001 02:10 AM

		 To: Tom Doukas/NA/Enron@ENRON, Sara Shackleton/HOU/ECT@ECT
		 cc: Richard Sage/LON/ECT@ECT, Jeff Kinneman/HOU/ECT
		 Subject: Re: BEAR Guarantee letter

Tom,
The day i received this I responded to Sara and cc'd richard that I was okay
with transferring the Stock Loan Agreement from ENA to ECI.  The ENA was
executed and the ECI piece is what is in process.

Sara,
Any update?  How far are we away from exectution?  Do you need anything from
anyone?

Thanks. Sheila

Tom Doukas@ENRON
03/26/2001 11:59 PM
To: Sara Shackleton/HOU/ECT@ECT
cc: David A Wall/Risk Mgmt/LON/ECT@ECT, Jeff Kinneman/Enron@EnronXGate@ECT,
Richard Sage/LON/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Cheryl
Nelson/NA/Enron@Enron
Subject: Re: BEAR Guarantee letter

Just wanted to follow up to see if we have a time frame as to when the letter
will be fully executed.

Thanks,

Tom

From: Sara Shackleton@ECT on 03/22/2001 08:41 AM
To: Tom Doukas/NA/Enron@ENRON
cc: David A Wall/Risk Mgmt/LON/ECT@ECT, Jeff Kinneman/Enron@EnronXGate,
Richard Sage/LON/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Cheryl
Nelson/NA/Enron@Enron

Subject: Re: BEAR Guarantee letter

Here's a recap for everyone.
Our original negotiation with Bear (for the Securities Loan Agreement) was in
the name of ENA, and, ENA had an existing account agreement with Bear.
However, Bear insisted that the account agreement was "too old" and that we
negotiate a new agreement.  I agreed on the condition that this not hold up
execution of the Securities Loan Agreement.  We have one or two final points
remaining on the new account agreement which we'll execute for both ENA and
Enron Credit Inc.. ("ECI").  We have the authorized trader list for ECI and
are waiting for Richard to designate the new officer/director slate but we
are prepared for execution by the existing officers in London.  The
assignment instrument will be very short for transferring the ECI book from
ENA to ECI.  It will take only a few days to replace the existing ENE
guaranty for the Securities Loan Agreement.

Jeff and Sheila:  Please verify that both ENA and ECI do not  need the
Securities Loan Agreement.  I believe it is just ECI and we can transfer the
existing agreement to ECI.

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

	Tom Doukas@ENRON
	03/21/2001 12:28 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Jeff Kinneman/Enron@EnronXGate, Sheila Glover/HOU/ECT@ECT, Richard
Sage/LON/ECT@ECT, David A Wall/Risk Mgmt/LON/ECT@ECT
		 Subject: BEAR Guarantee letter

Sara,

I just spoke with Russ Miron from Bear Sterans regarding our Guaranty to
Reduce funding to 20% per side.

I had asked him about when they will be executing the agreement.  He said
that his lawyers are ready to sign but are under the impression that you have
one remaining point to resolve and that this point is holding up the
finalization of the agreement.

Is there an issue from our side?  If not we should be able to get this
execution taken care of immediately?

Thanks,

Tom
713-853-9074


Thanks for your interest.  We have asked Cindy Olson to take the lead on forming this group, so I am forwarding your message.

 -----Original Message-----
From: 	Jain, Avinash
Sent:	Thursday, September 06, 2001 1:44 PM
To:	Kean, Steven J.
Subject:	Employee PRC Committee

Hi,

I would like to participate on the Employee PRC Committee. I am an analyst who has been at Enron for two years. I have recently come out of a group where I think the PRC process has been misapplied not only to me but many others. I think there is too much "smoke" in this process, especially at the analyst level where we don't participate in PRC meetings even at the group level. I have many other concerns about the current process that could have me typing away here for the next hour , so please consider including me in this.

Thanks,

Avinash Jain


Good morning Frank:

Vince Kaminski and the Enron Research Group would like to bring you to
Houston for an interview, sometime around the last of Januray or the first
of February.  Our Human Resources rep will be contacting you as to the
best day and time for you.

Could you please furnish me an electronic version of your resume?  I will
need this to pass to the HR Dept.

The people in the Research Group that will be interviewing you are:

Vince Kaminski   Managing Director and Head of Research
Stinson Gibner   Vice President
Krishna Krishnarao  Director (will be out of the office until the
    end of January - thus the time frame)
Vasant Shanbhogue  Vice President
Tanya Tamarchenko  Director
Zimin Lu   Director

Thank you very much and we look forward to seeing you soon.

Sincerely,

Shirley Crenshaw
Administrative Coordinator
Enron Research Group
713-853-5290
email:  Shirley.Crenshaw@enron.com


---------------------- Forwarded by Eric Bass/HOU/ECT on 11/29/2000 04:39 PM
---------------------------

Susan M Scott
11/29/2000 04:28 PM
To: cscott_korea@yahoo.com, tdkelley@ev1.net, Errol
McLaughlin/Corp/Enron@ENRON, celeahy@hotmail.com, d.epperson@mail.utexas.edu,
Eric Bass/HOU/ECT@ECT, ehillegeist@hotmail.com, jkbowles@hotmail.com,
emily.boon@msdw.com
cc:
Subject: Priceless!

---------------------- Forwarded by Susan M Scott/HOU/ECT on 11/29/2000 04:25
PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Mason Hamlin                           11/29/2000 04:18 PM

To: Nick Hiemstra/HOU/ECT@ECT, Joseph Piotrowski/NA/Enron@Enron, John
House/HOU/ECT@ECT, Lisa Gillette/HOU/ECT@ECT, Susan M Scott/HOU/ECT@ECT, John
Swinney/HOU/ECT@ECT, Scott Earnest/HOU/ECT@ECT, Michelle Bruce/HOU/ECT@ECT,
Zachary McCarroll/Enron Communications@Enron Communications
cc:
Subject: Priceless!

 - Priceless.jpg


Willie Harrell Security Request approved.
Sally Beck


so anyone going!

-----Original Message-----
From: Erik Wollam [mailto:erwollam@hotmail.com]
Sent: Thursday, May 30, 2002 2:27 PM
To: brianc@saltgrass.com; akoenig@hhw-law.com; knipe3@msn.com;
chet_fenner@bmc.com; Parks, Joe; john.chambers@bisys.com
Subject: RE: surf looking realy good

Join tournament and keep a landing net with you on your trophy hunts.

>From: "Brian Constantine" <brianc@saltgrass.com>
>To: "Erik Wollam" <erwollam@hotmail.com>, <akoenig@hhw-law.com>,
><knipe3@msn.com>, <chet_fenner@bmc.com>, <Joe.Parks@bridgeline.net>,
><john.chambers@bisys.com>
>Subject: RE: surf looking realy good
>Date: Thu, 30 May 2002 12:25:10 -0500
>
>OOooohhhhh...just looked at the Surfside cam and its...well, damn. Its ON
>boys. Go...go now...do not wait. Cancel all evening appointments and go.
>Wind is 6 mph out of the Northwest...that wont last long.
>
>Report from yesterday...Fished West side of Pelican Island shoreline on
>point closest to Sand Island  waist deep over shell. Caught 6 on
>Chart/Orange/blue Top Dog and blue/chart/silver mirrolure.
>LOST THE STAR TOURNEY LEADER TROUT!!!! Blew up on TopDog, got her to
>hand...I was shaking like a freaking leaf. Made "the grab" she exploded out
>of my hand, threw the hook, and Top Dog lodged in my shirt!!! 2nd 28?plus
>trout I've lost on that shoreline in 2 years!!! Then, after I quit shaking
>and what not, I realized I wasn't even ENTERED in the damn tourney, so I am
>glad I didn't catch her!!! She was every inch of 28 and fat with hardly any
>spots. Big, old female. Damn I love fishing.
>
>										OINK
>
>-----Original Message-----
>From: Erik Wollam [mailto:erwollam@hotmail.com]
>Sent: Thursday, May 30, 2002 9:30 AM
>To: akoenig@hhw-law.com; knipe3@msn.com; chet_fenner@bmc.com;
>Joe.Parks@bridgeline.net; john.chambers@bisys.com; Brian Constantine
>Subject: surf looking realy good
>
>surf cams show flat and green. fishing reports positive. forcast unkown.
>Zander says he will fish surf tomorrow am if looks good. Alfred, you still
>planning on going down tonight for your galveston hearing?
>
>
>
>
>_________________________________________________________________
>Chat with friends online, try MSN Messenger: http://messenger.msn.com
>

_________________________________________________________________
MSN Photos is the easiest way to share and print your photos:
http://photos.msn.com/support/worldwide.aspx


SBX 31 (Burton), which is the clean-up legislation to ABX 1 to correct
outstanding bonding issues, was heard on the Assembly floor.  As an
urgency measure, the bill failed passage garnering only one Republican
vote.  The Democrats then removed the urgency clause and passed the bill
which takes effect 90 days after the end of special session.  The bill
must now go back to the Senate for concurrence.


Done.  Deal #749217.

D

 -----Original Message-----
From: 	Wallis, Janet H.
Sent:	Tuesday, April 24, 2001 10:55 AM
To:	Farmer, Daren J.; Griffin, Rebecca
Subject:	CP&L

Please add a deal in March for 17, 18, & 19th for 5,000 a day at HSC GD -.03


Attached is the run we completed from last night (Shawn you have it on disk).
If you want to take one last look that would be great.

(See attached file: Problem #2_Final.xls)(See attached file:
REPORT1_Problem2_Final.xls)

Two in a row, no cuss words!

 - Problem #2_Final.xls
 - REPORT1_Problem2_Final.xls