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?TOP STORIES

CALIFORNIA GOVERNOR MAY BACK ENERGY FIRM'S PROPOSED POWER PLANT

Under intense pressure to increase California's energy supply, Gov. Gray
Davis is expected to announce today his support for Calpine Corp.'s proposed
South San Jose power plant -- a move that could ensure the state's most
controversial power project is built.

NORTHWEST U.S. BRACES FOR SUMMER ONSLAUGHT OF ELECTRICITY CRISIS

Prices for wholesale electricity to be delivered this summer and fall are
hitting unheard of heights, spurred upward by the Northwest drought and
anticipation of more shortages ahead for California.

CALPINE CORP.: ENCAL ENERGY LTD. - CALPINE AND ENCAL ENERGY ANNOUNCE
COMPLETION OF MERGER

Encal Energy Ltd. and Calpine Corporation announced that the merger of the
two companies has been completed.

ECOWATT ANNOUNCES 20 MEGAWATT BIOMASS-FUELED POWER PLANT TARGETED FOR
MARYLAND'S EASTERN SHORE; PLANT WILL MEET LOCAL POWER NEEDS; ANSWER WASTE
MANAGEMENT CONCERNS AND PROVIDE LOCAL JOBS

ECOwatt, a Maryland based developer of community-based, biomass-fueled power
projects, announces that it has selected the Eastern Shore as the site for a
20 megawatt distributed generation power plant.

WILLIAMS ANNOUNCES PLANS TO DEVELOP POWER GENERATION FACILITY IN GEORGIA

A unit of Williams today announced plans to develop a 1,230 megawatt natural
gas-fired power generation plant near Fairburn, Georgia.

END TO DEREGULATION OF NEVADA POWER

Gov. Kenny Guinn signed a bill Wednesday that would stop the sale of Nevada
power plants, halt deregulation and bail out struggling utilities with a new
rate system.

Dow Jones News, Preferred by the Pros

DOW JONES NEWSWIRES- Access stories online at:
http://199.97.97.79/IMDS|PMADJN0,PMADJN1,PMADJN2,PMADJN3,PMADJN4|index

Brazil's Furnas Privatization To Include ADR Issue

Brazil/Furnas -2: Acctg Adjustments Seen Prior To Sale

US Midwest Pwr Prices Fall On Warm Weather, Light Loads

US Mid-Atlantic Pwr Prices Fall On Weather, Light Loads

Danish NEG/Order -2: To Build 88 Turbines In Spanish Deal

Enron India/Dabhol Pwr -2: Owed INR1.02B For Pwr Supplied

Enron India To Meet Dabhol Pwr Proj Lenders Apr 23

Endesa CEO -3: Seeks Active Role In European Mkts >ELE

Endesa CEO Discounts Renewed Talks With Iberdrola >EN

Endesa CEO: Asset Sales Seen Most Likely For Cash >EN

Endesa CEO: Targets Sale Of Domestic Assets This Yr >ELE

Endesa CEO -2: Sales To Finance EUR20B Europe Expansion >ELE

Taiwan Power Sees NT$2.6B Payment For Nuclear Plant Halt

Encal/Calpine-2: Swap 0.1493 Calpine Shr For 1 Encal Shr

REPEAT:Explosion Occurs At Suburban Chicago Power Plant

Explosion Occurs At Suburban Chicago Power Plant

FREE TRIAL: For a free trial of the various Dow Jones index and data
services, go to www.dowjonesnews.com, and click "create account," or call
1-800-223-2274.

?NATIONAL - Access stories online at:
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Electric Power Supply Association Tells Ferc That New California ISO Board
And Its Flawed Market Plan Must Go

Sterling Planet Launches the First 100% Green Energy Option Available to
Every Consumer And Business in 48 Mainland States And D.C.Sterling Planet
Makes Every Day An Earth Day

Repeats: Energy Volume And Open Interest Totals-APR 19

Southern States Power Biodiesel Production Facility Nears Completion

Nhs Urged to Greater Energy Efficiency

Calpine Corp: Encal Energy Ltd. - Calpine And Encal Energy Announce
Completion of Merger

Infrastrux Group, a Puget Energy Subsidiary, Acquires Mid-Atlantic Pipeline
Contractor

Energy Secretary Abraham Warns of Energy-Related Recession in World Energy
Magazine

Silicon Valley Power Fight Continues

Thermafreeze Announces First Energy Sector Acquisition

O2micro Granted Two Power Management Patents

Calpine to Purchase 46 General Electric Gas TurbinesTurbines in Place for
70,000-Megawatt Program

Skyscraper Is an Ode to Green: The EPA's New Home Is Peppered with Artwork
and Energy Innovation.

Technology, Trade And Commerce Agency Announces Biomass Grant Awards Totaling
$374,000; Program Strengthens Production of Renewable Energy in California

Altagas Services Inc - Spends $8.0 Million to Increase Natural Gas Processing
Capacity

Texas energy firms gouged California, experts say

Court Fight Looms for Power Plant

Ecowatt Announces 20 Megawatt Biomass-Fueled Power Plant Targeted for
Maryland's Eastern Shore; Plant Will Meet Local Power Needs; Answer Waste
Management Concerns And Provide Local Jobs

Apx Delivers Texas Renewable Energy Credit System to Ercot

Williams Announces Plans to Develop Power Generation Facility in Georgia

Aes Newenergy Teams with Energy Systems Group to Offer Energy Services to
Illinois Customers

Greenman Technologies Acquires Tennessee Tire Recyclers, Inc.; Acquisition
Adds $2 Million in Revenues, Expands Greenman's Alternative Energy-Related
Presence

Electric Fuel Corp. Announces New Battery Pricing

NY Natural Gas Pre-Opg: May Seen Flat to Higher on Consolidation

Constellation Energy Group on Target to Complete West Virginia Power Plant
for Summer Service

Global Green USA And Environment Now Release ''Roadmaps'' to Help State Meet
Energy Efficiency GoalsEnvironmental Groups Applaud "Chief Energy Advisor" to
Davis And Signing of Energy Efficiency Legislation As First Steps to Recovery
for California

Tradespark Opens Houston Texas Office -- Most Comprehensive, Fully Electronic
Energy Marketplace Builds Presence in Energy-Hub City

Nuclear Energy Is Viable Alternative

Environmentalists Oppose Proposed Power Plants

UN: Sustainable Development Commission Takes Up Energy And Transport in Its
High-Level Segment

Power, Pain of Eminent Domain Landowners Battle Transmission-Line Easements
Declared Necessary by Georgia Power under Its State-Granted Authority.

End to Deregulation of Nevada Power

?INTERNATIONAL - Access stories online at:
http://www.powermarketers.com/pma-intr.htm

GREENPEACE OFFICE CONNECTS SOLAR UNIT TO ARGENTINE POWER GRID

Westcoast Energy Inc - Open Season on Southern Mainline And Westcoast Alberta
Facilities

Peru: Repsol Ypf to Invest US$14mil in Power Plant

Top Energy Summaries - Thursday, April 19, 2001 - 2:13 PM

Baku: Azerbaijan to Create Energy Ministry

Top Energy Summaries - Thursday, April 19, 2001 - 12:25 PM

Celanese AG to Exhibit Fuel Cell Components at Hanover, Germany Trade Fair
Next Week

El Pais: Government Regulates Greater Liberalisation of Natural Gas Market
Today(El Gobierno Regula Hoy Una Mayor Apertura Del Mercado Del Gas Natural)

Top Energy Summaries - Thursday, April 19, 2001 - 9:19 Am

China's Daya Bay Nuclear Plant Supplys More Power to Hk

Profile - China's Electric Power Industry (April 2001)

AuIron Energy to start commercial production of pig iron late 2003

Top Energy Summaries - Thursday, April 19, 2001 - 7:40 Am

Woodside Energy awards 280 mln aud North West Shelf expansion project

Siemens Power Generation Streamlines Development of Fossil Fuel Power Plants
with Sap's Product Lifecycle Management Solution

Energy And Utilities

Taxpayers Tipped to Foot State Power Bills

?KRT - Access stories online at: http://www.powermarketers.com/pma-krt.htm

Connecticut Governor Announces Fuel Cell Purchase

Commission Orders Tulsa, Okla.-Based Energy Firm to Relinquish Documents

Tampa, Fla., Energy Firm Reports 18 Percent Earnings Growth for 2000

Washington State Utilities Declare Vulnerability to Shortage

Minnesota Utilities Start Cutoffs for Non-Payment

Minnesota Fines Ethanol Plant in ST. Paul for Noise, Environmental Problems

Testimony Indicates California Electricity Market Was Troubled in 1998

California Governor May Back Energy Firm's Proposed Power Plant

Bellevue, Wash.-Based Puget Sound Energy Keeps Course in Rough Sea

Sacramento, Calif., Electric Rates to Soar Higher Than Predicted

Colton, Calif., Utility Company Hopes to Bring New Generator Online Soon

North Carolina Lawmakers Back for Power Plant Pollution Control Bill

Portland, Ore.-Based Utility Company Promotes Rate Bill in Legislature

Northwest U.S. Braces for Summer Onslaught of Electricity Crisis

Energy Secretary Likely to Uphold Decision to Shut Down Hanford, Wash., Plant

Washington State Power Authority Takes More Land Out of Production

Federal Inspectors Fine Operators of Cambria County, Pa., Power Plant

Chino Hills, Calif., Man Reduces Electricity Bills Through Conservation

Former Energy Secretary Is `Leery' of California's Purchase of Power Lines

New Jersey Utility Hints at Rate Hike in 2003

New Jersey Utility Advocate Advises Against Merger Approval

Nashua, N.H., Water Utility Announces Plans for Proposed Rate Increase

Milwaukee-Based Utility Begins Energy Shut-Offs for Delinquent Customers

Nevada Regulator Seeks Delay in Proposed Utility Deal

California Energy Crisis Results in Major Loss for Utility Parent Company

Houston Chronicle Jim Barlow Column

Minnesota Power Company Posts a Profitable First Quarter

Energy Crisis Prompts Look at Generators, Air Quality in Bakersfield, Calif.

Utility Company to Begin Pilot Program in Texas

Southeast Texas Lags Behind Rest of State in Electricity Deregulation

Santa Barbara, Calif., Start-Up Looks to Make Electricity from Algae

Albany, N.Y.-Based Plug Power Shares Rise on Announcements

-Pollution Control Project at Owensville, Ind., Power Plant Is a Tall Order

?REUTERS - Access stories online at:
http://news.powermarketers.com/news/articles/ElectricPower.html

Ontario set to unveil power deregulation - source

No injuries after explosion at Midwest power plant

UPDATE 1-CONSOL output up, pushes profit past expectations

Environment ministers save energy in UN bike ride

Falconbridge to take hit from power rate hike

UPDATE 1-Avici Q1 loss narrows

Nevada repeals electric deregulation plan

UPDATE 1-Con Edison profits slip on system investments

Milan bourse ends down; Montedison falls, Fiat up

Con Edison profits slip on system investments

UPDATE 1-Enron India unit lenders to meet on April 23

WPS Resources Q1 profit falls 16 percent

Avici first-quarter loss narrows

Japan nuclear plant cuts output over suspected leak

Calif Energy Commission okays Otay Mesa project

Black Hills offers 3 mln shares at $52/ea

UPDATE 1-Nicor says profits flat, hit upper range of estimates

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One more question regarding all three plants for allegheny.  Thanks
Ben


---------------------- Forwarded by Stacey Neuweiler/HOU/ECT on 06/21/2000
08:48 AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "William E. Speckels" <WESPECKELS@duke-energy.com>
      06/20/2000 04:33 PM

To: dfarmer@eneron.com, Stacey.neuweiler@enron.com, briley@enron.com
cc: "Michael R. Cherry" <mrcherry@duke-energy.com>, "Chad W. Cass"
<CWCASS@duke-energy.com>, "Julia A. Urbanek" <JAURBANEK@duke-energy.com>,
"John A. Bretz" <JABRETZ@duke-energy.com>, "Bruce McMills"
<bmcmills@duke-energy.com>
Subject: Eastrans Nomination- Gas Day 6/22/2000

This is to nominate 33,450 mmbtu/d into Eastrans for GD 6/22/2000 forward.

  Redeliveries will be made as follows:

 15,000 into PG&E ( Valero)
  10,000 to HPL CW 497
 8,450 from Fuels Cotton Valley

If you have any questions give me a call at 713-627-6290.

Thanks,
William


Sherry is waiting to make the payment - you guys tell me how to set this up
(CES - Cove Point or Cove Point)????

---------------------- Forwarded by Chris Germany/HOU/ECT on 01/28/2000 02:49
PM ---------------------------

	From:  Mary G Gosnell                           01/26/2000 05:00 PM

To: Linda S Bryan/HOU/ECT@ECT, Sylvia A Campos/HOU/ECT@ECT
cc: Chris Germany/HOU/ECT@ECT
Subject: Cove Point - Jan Pre-payment

Linda and Sylvia....this is the counterparty that we spoke about yesterday
that we have not yet received the signed consent form on so that all trades
done prior to January (settled in January) need to settle through the CES -
Cove Point......any additional info you have on this?   Are the 3 storage
contracts new in 2000 and would be as Cove Point....where as December trades
settle as CES - Cove Point when the consent has not been received....your
thoughts?...mgg

---------------------- Forwarded by Mary G Gosnell/HOU/ECT on 01/26/2000
04:57 PM ---------------------------

Chris Germany
01/26/2000 04:48 PM
To: Jeffrey T Hodge/HOU/ECT@ECT, Jason Moore/HOU/ECT@ECT, Mary G
Gosnell/HOU/ECT@ECT, Kate Fraser/HOU/ECT@ECT
cc: Brenda H Fletcher/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT
Subject: Cove Point - Jan Pre-payment

I understand we have the CES Cove Point  storage contracts set up as CES-Cove
Point in global.  What is the status of the paperwork and who is following up
on it.  Whent I look on Cove Point's website, I show that Enron North America
now has 3 storage contracts.

---------------------- Forwarded by Chris Germany/HOU/ECT on 01/26/2000 04:43
PM ---------------------------

Brenda H Fletcher
01/26/2000 08:24 AM
To: Chris Germany/HOU/ECT@ECT
cc: Sherry Anastas/HOU/ECT@ECT
Subject: Cove Point - Jan Pre-payment

Per Sherry, Global Counterparty is recognizing CES - Cove Point as the
counterparty  instead of Cove Point for the January payment.
The reason is lack of the appropriate paperwork executed by the
counterparty.

Brenda


Kim:
        It's been a little while  since I last spoke to you (about the call option), but I'm checking if you have  a refreshed price for a 39 months firm gas supply at the PG&E Citygate  to run from 6/1/03-8/31/06.  The volume would be at least 5,000  dth/day.  I'd also like to see the indicative prices of a "no-cost" collar  for this time period; for example, if I'm interested in a ceiling at  $5.00, would the floor price be $3.75/dth, $4.00/dth?  The call  options premiums were just too expensive.

    If you have any  questions, give me a call.  And thanks again for all your  help.

Louis Barton-Project  Manager
Henwood Energy Services,  Inc.
1300 Parkwood Circle, Suite  100
Atlanta, GA  30339
Office: (770) 226-8482   ext. 13
Fax: (770)  226-8737LBarton@HESINET.com


In an effort to pull the pieces together, a meeting has been scheduled to
discuss the draft energy and capacity contract (formerly the PPA).  It is
scheduled for Thursday, August 24th, at 900am.  We are still in the process
of locating a conference room, so the location is TBD.

Thanks,

Kay

Here are the most recent comments from VEPCO:

Some of you may have received this already.  I have not compared it against
what we last sent them.


Allan,

Please remove Greg Whalley from this distribution list.

Many Thanks,

Liz

Allan Ford@ENRON_DEVELOPMENT
05/09/2000 03:44 AM
To: Sue Frusco/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joseph P
Hirl/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rosalind
Ti/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James A
Hughes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Chris Abel@ENRON_DEVELOPMENT,
Heidi Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rebecca
McDonald/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Paul
Smith/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Paul
Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, greg whalley@ect, Raymond
Yeow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, michael.benien@enron.com, Scott
Mills@ECT, Sarah Smith/Corp/Enron@Enron, Juana Fayett/Corp/Enron@Enron, John
Bowman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Howard
Levy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jana Morse@Enron
cc:
Subject: DPR Australia 9 May 2000

2 New Trades

PL -38k

Futures


I had hoped that I would have been better able to discuss the details of my
decision to remain with EOTT yesterday morning.
 In meeting with Mary Ellen following our discussion, she stated that you
instructed her to begin preparing an employment contract but she had no other
details other than to say she would be seeking the boards approval.

 The position I was considering,  upon leaving EOTT,  had an employment
contract as well, so I did not think that EOTT would be opposed to the same
since most of the officers have now or have had in the past a similar
document.  I was  also offered a substantial amount of money to join (a
so-called sign on bonus), a small increase in overall compensation and a
sizeable stock option grant.
After considerable reflection over the last several days, my decision to
remain with EOTT was due to your statements/commitments , those by Dana and
the many visitors I have had during Friday and Monday asking me to remain
with the company...........I  have made the decision to remain and would not
expect to have to forego the value presented by the  current external
offer.

I would really like to be able to complete an agreement in the next day, even
if it is an email agreement to be followed by the proper paperwork later.
I look forward to providing ever increasing benefit to a newly energized
EOTT,  moving toward excellence in the industry and higher value in the
marketplace.


Enclosed are clean and marked final versions of the One Way and Two Way Schedules to the ISDA CSA

Carol St. Clair
EB 4539
713-853-3989 (phone)
713-646-3393 (fax)
281-382-1943 (cell phone)
8774545506 (pager)
281-890-8862 (home fax)
carol.st.clair@enron.com


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


Connie ---

Where's my morning email?  I don't have anything to entertain me this morning.

Scott


-----Original Message-----
From: 	Shively, Hunter S.
Sent:	Monday, February 04, 2002 11:08 AM
To:	Grigsby, Mike; Martin, Thomas A.; Allen, Phillip K.; Neal, Scott
Subject:	pipeline update

 -----Original Message-----
From: 	Superty, Robert
Sent:	Monday, February 04, 2002 9:49 AM
To:	Shively, Hunter S.
Cc:	Calcagno, Suzanne
Subject:	RE: how did your meeting w/ the lawyers go?

Hunter, the meeting went well. We met with Bryan Murtagh (UBS attorney) and did an overview of the contract services we are looking to set up with the pipes, how those are utilized and some of the underlying risks/exposure of using these contracts. Basically the message was these are non-negotiable contracts, he seemed to understand that and didn't indicate this would require any major legal review from their side. We also had a discussion about the credit requirements and what some of the pipes are asking for. Follow up credit meeting to take place today to get into some greater detail and get a standard credit package together. Also UBS did indicate that they also want to do a credit review of the pipes before moving forward. To faciltiate that we gave them a list of the Day 1 pipes to start their process.

In summary, I don't believe there will be any challenge on us entering into these agreements nor a lenghty review by the UBS attorneys. The credit issue is big, need to have them expedite their review of pipelines and also recognize our need to satisfy the pipeline credit requirments for a new customer (standard credit package and any addtional requirements). Also need some defintitive answers on when we can actually send this information out (is it now or is it when the deal closes). Suzanne is going to a legal meeting this AM to discuss/recap where everything is at this point in time. I will forward any additonal information to you when I get it. This assumes the Power of Attorney issue will be settled shortly for contract execution.

Bob

 -----Original Message-----
From: 	Shively, Hunter S.
Sent:	Monday, February 04, 2002 8:56 AM
To:	Superty, Robert
Subject:	how did your meeting w/ the lawyers go?


Per our earlier discussion:

Rawhide - No prohibition on sale of assets.  TGS, CEG, Border (common units), Gaspart, Centragas and Subic/Batangas are primary assets in Rawhide.  EGF is in the process of restructuring deal prior to 12/14 deadline.  Demonstration of some velocity on the sale of these assets would be extremely beneficial in negotiations with banks.

Whitewing - Approval from investors needed if we sell below the Whitewing purchase price (book value).  Asset sales package would need to be prepared and sent to investors in Whitewing (Osprey) who then have 10 days to approve sale. Typically, this has not been a problem, however, circumstances have since changed.  Gordon McKillop manages this process for Enron.

I am familiar with both transactions have the contacts within Global Finance for additional detail if we need it.

Kevin


Content-Transfer-Encoding: 7bit
Return-path: <JaneS1220@aol.com>
From: JaneS1220@aol.com
Full-name: JaneS1220
Message-ID: <98.1d88dcfe.292c2924@aol.com>
Date: Tue, 20 Nov 2001 16:46:12 EST
Subject: Mammograms--funny
To: AClark9502@aol.com
MIME-Version: 1.0
Content-Type: text/plain; charset="US-ASCII"
X-Mailer: AOL 5.0 for Windows sub 40

This is too funny !

Many women are afraid of their first mammogram, but
there is no need to worry.  By taking a few minutes
each day for a week preceding the exam and doing the
following exercises, you will be totally prepared
for the test and best of all, you can do these
simple
exercises right in your home.

EXERCISE ONE:

Open your refrigerator door and insert one breast in

door. Shut as hard as possible and lean on the door
for
good measure. Hold that position for five seconds.
Repeat again in case the first time wasn't effective
enough.

EXERCISE TWO:

Visit your garage at 3AM when the temperature of the

cement floor is just perfect.  Take off all your
clothes
and lie comfortably on the floor with one breast
wedged
under the rear tire of the car. Ask a friend to
slowly
back the car up until your breast is sufficiently
flattened and chilled.
Turn over and repeat with the other breast.

EXERCISE THREE:

Freeze two metal bookends over night. Strip to the
waist. Invite a stranger into the room. Press the
bookends against one of your breasts.
Smash the bookends together as hard as you can. Set
up an appointment with the stranger to meet next
year
and do it again.

YOU ARE NOW TOTALLY PREPARED!

AND, just a thought for all the women out
there.........
MENtal illness, MENstrual cramps, MENtal breakdown,
MENopause.. Ever notice how all of women's problems
start with men?....and when we have real trouble,
it's
HYSterectomy!!!

Send this to all the women you know and brighten
their
day!!! AND, don't forget to have a mammogram


Hola cabrones,
Ok, aqui esta el plan! Due to some very important people dragging their bums things have changed slighty. We will now be going to Playa del Carmen. Many of us have been there before. It is a great place and well situated. The hotel is called the Rui Playa and the price is $585.00 smackeroos all inclusive. It is a fun jet package I found through Way to Go Travel agency here in town. It is a very nice place and I urge everyone going to look at the funjet travel site and check it out. There is two people to a room and we can work out when we get down there who's bunking with whom. Again the dates are leaving Thursday September 6th returning Sunday the 9th.  Please call Elizabeth at Wat to Go Travel at 713-467-2262 and work out paying. They can either send you the ticket or you can pick it up. Don and I have already reserved our places and I have left a list of those that have confirmed to me with Elizabeth. They are as follows. My! cell phone is 281-450-6115 please call me for anything. If I left anyone out please inform me all we need to do is give her the names. For those of you who may have to cancel I suggest buying the ticket insurance it's only $35. Please do this asap because sure as shit the prices just like morning wood will rise again.
1 Don Baughman
2 Travis Baughman
3 Marc Stewart
4 Reagan Marshall
5 Scott Tichavsky
6 Reid Stavinoha
7 Larry Campbell
8 Joe Ebert
9 Sean Tracey
10 Jd Kinser
11 Rudy Acevedo
12 Troy Williams

adios,
Travis

Get your FREE download of MSN Explorer at http://explorer.msn.com


---------------------- Forwarded by Patrick Hanse/HOU/ECT on 04/25/2001 08:35 AM ---------------------------

Patrick Hanse
04/25/2001 08:33 AM
To:	Tamara Jae Black/HOU/ECT@ECT
cc:
Subject:	vacation day

I will be using a  VACATION day on  Monday (4/30).  Please utilize my Discretionary holiday if it is still available.


Here are the minutes from the Commission meeting last Wednesday which we
discussed in our teleconference. Sorry you were not on the original addressee
list.

---------------------- Forwarded by Peter Styles/LON/ECT on 25/06/2001 15:19
---------------------------

Nailia Dindarova
21/06/2001 19:06
To: Paul Mead/LON/ECT@ECT, Ross Sankey/LON/ECT, Eric Shaw/LON/ECT, Paul
Hennemeyer/LON/ECT, Doug Wood/LON/ECT, Paul Dawson/Govt. Affairs/LON/ECT
cc: Peter Styles/LON/ECT@ECT, Brendan Devlin/EU/Enron@Enron

Subject: Re: EC on energy market distortions

As anticipated in Peter's e-mail below, please see attached the English
translation of the relevant abstract (Art 15) from the minutes of yesterday's
discussion at the Commission. It is indeed quite an encouraging read. Whereas
the press release sent out before (attached here below as well) suggested
that the Commission "would consider" adopting its own Directive under the
provisions of Art. 86 (para 3), the minutes seem to go a step further and
imply that the Commissions regards it as a next action for itself if the
Council and the Parliament delay the adoption of the acceleration proposal.
The text also emphasizes that the Commission's legislation will still have to
be subject to the "obligations of services of general economic interest",
which could of course have a negative impact on the content of the actual
Directive.  The minutes of the Commission's meetings are binding.

Peter Styles
21/06/2001 13:32
To: Paul Mead/LON/ECT@ECT, Ross Sankey/LON/ECT, Eric Shaw/LON/ECT
cc: Brendan Devlin/EU/Enron@Enron, Nailia Dindarova/LON/ECT@ECT, Paul
Hennemeyer/LON/ECT, Doug Wood/LON/ECT

Subject: EC on energy market distortions

Further to Ross's question about "good news for EdF?" see also note below.

We have subsequently received from Amaia the French text of the Commission's
discussion yesterday on new measures to address the distortions. It makes
quite encouraging reading. As would be expected, appararently the two French
Commissioners were "sticky". Nailia will send you the English version ASAP.

               -------------------- Forwarded by Peter Styles/LON/ECT on
06/21/2001 01:13 PM ---------------------------

Amaia BeteluBazo <Amaia.Betelu@citigatepa.com> on 06/20/2001 05:22:16 PM
To: "Peter Styles (E-mail)" <Peter.Styles@enron.com>
cc: "Nailia Dindarova (E-mail)" <Nailia.Dindarova@enron.com>, Thierry LeBeaux
<Thierry.Lebeaux@citigatepa.com>

Subject: Note on energy market distortions

Dear Peter,

I have unsuccessfully tried to contact you over the telephone. I therefore
attach some comments on the Commission's note on energy market distortion,
which we will be happy to discuss whenever it is most convenient for you.

The official in charge of the internal note presented today by Commissioner
de Palacio has indicated that the ongoing discussion on EdF's international
activities has required the Commission to provide some indication of what
its attitude will be in the near future regarding possible distortions of
competition in the energy sector. The official has also indicated that the
document seeks to push for the adoption of the Commission proposals for the
completion of the energy internal market which will allow to put an end to
the current distortions.
According to the press release the Commission intends to apply the Treaty's
competition rules in the energy sector and would consider to adopt Decisions
or Directive itself to address possible distortions of competition resulting
from different levels of liberalisation.
We are contacting Commissioner de Palacio's cabinet as well as some other
officials within the Commission and will report to you again on this issue
as soon as possible.

Regards,

Amaia

 <<Pres release 20.06.01.doc>>

 - Pres release 20.06.01.doc


Mike,

Can you grant George Hope with the Online Team, view access only to the Legal
Online Trading Database.  Can you let us know when his approval comes in.
Thanks!


Sheila:  Attached is the comparerite.

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 06/04/2001 08:50 AM -----

	Legal Temp 2
	06/04/2001 08:41 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: CompareRite


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Updated version of the Peco, rather Exelon, questions.
Ben


The attached file is an update to the file of the same name that I sent
earlier
this morning.   The only change is a reduction in daily Dth off Transco Z5
into
Piedmont from 950/day to 50/day for 3/29 thru the end of March.

Doug Kinney
Ph:  703-561-6339
Fax:  703-561-7317

 - 03-28-00 daily vols AM.xls


New Book Uncovers The Secret to Turning Wild and Creative Ideas Into
Multi-Million Dollar Innovation
PR Newswire, 04/24/01

Enron India Eyes 1st Step To End Pwr Proj - Board Member
Dow Jones Energy Service, 04/24/01

IT'S TV CO PICKS NCUBE CORP TO BE VIDEO-ON-DEMAND SERVER PROVIDER
Asia Pulse, 04/24/01

INDIA'S MAHARASHTRA STATE NEEDS ONLY 300 MW OF ENRON POWER
Asia Pulse, 04/24/01

India: Centre proposes panel to defuse Dabhol crisis
Business Line (The Hindu), 04/24/01

Enron PPA to be renegotiated
The Economic Times, 04/24/01

Enron directors mulling India deal Wednesday
The Daily Deal, 04/24/01

No date set for electricity D-Day Government hopes deregulation will be ready
by May, 2002, but deadline uncertain
The Globe and Mail, 04/24/01

Milwaukee Journal Sentinel Street Smart Stock Analysis Column
KRTBN Knight-Ridder Tribune Business News: The Milwaukee Journal Sentinel -
Wisconsin, 04/24/01

UK: UPDATE 2-Saudi's Naimi to meet US Energy Secy on Friday.
Reuters English News Service, 04/23/01

New Book Uncovers The Secret to Turning Wild and Creative Ideas Into
Multi-Million Dollar Innovation

04/24/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

CHICAGO, April 24 /PRNewswire/ -- You're at your local grocery store or
shopping mall when you spot it -- that one product that makes you say out
loud, "Who came up with that idea and why didn't I think of it first?" As it
happens, though, you may have thought of it. So why aren't you now reaping
the benefits from its sales? Companies such as Bacardi, Coldwell Banker,
Enron and Starbucks can tell you why. You were hit with a humorous bazooka.
For many years companies have been touting their innovation, techniques and
experiences, but as they can tell you, it takes dedication and perseverance
to arrive at the point where innovation is a strategic part of any business.
Innovation begins with a creative idea; however, without an environment that
allows that idea to grow, nothing comes of it except frustrated comments
like, "Why didn't I think of it first?"
In his new book, Ban the Humorous Bazooka: (And Avoid Roadblocks and Speed
Bumps along the Innovation Highway), innovation guru Mark Henry Sebell shares
his experiences and case studies to show how and why ideas are quickly
silenced. As the founder and president of Creative Realities, Inc., a Boston-
based consulting firm specializing in innovation processes that dramatically
increase the odds for successful outcomes, Sebell spells out what it takes to
achieve real breakthroughs in innovation, in spite of the speed bumps
(individual behaviors) and roadblocks (group behaviors and cultural norms)
that impede progress.
Sebell's impressive Who's Who client list has taken part in the book,
allowing him to share stories from the front lines of innovation, humanizing
the concepts and providing tangible and practical tools to make innovation
work beyond any and all expectations. "... I now keep a toy bazooka
prominently displayed in my office as a constant 'innovation reminder' that
every idea, no matter how unconventional or implausible, has potential value
and should always be encouraged," says Alex Perriello, president and CEO,
Coldwell Banker Real Estate Corporation.
Sebell defines a humorous bazooka as a funny, witty comment that,
intentionally or unintentionally, shoots down another person's idea. In other
words -- an innovation killer. In "Ban the Humorous Bazooka," readers examine
the nine myths of innovation, bringing a greater awareness to the exciting
and messy work that must be done in order to discover, nurture, launch and
implement a great idea. Sebell also utilizes past and current client examples
to provide the reader with the five phases of innovation essential to any
creative and innovative pursuit. Starting with objective setting and then
following the phases through discovery, invention, the greenhouse and
implementation and launch, Sebell paints a thorough and motivating sequence
of events.
Sebell counts among his clients such firms as Compaq Computer, Walt Disney
World Soup, Enron, PepsiCo, Citigroup, Starbucks and Dewar's Scotch.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X71118673

/CONTACT: Michelle M. Rathman of Impact! Communications, Inc. for Dearborn
Financial Publishing, 888-68-impact, or mrathman@DoItWithImpact.com / 05:11
EDT

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

Enron India Eyes 1st Step To End Pwr Proj - Board Member
By Andrew Dowell
Of DOW JONES NEWSWIRES

04/24/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -(Dow Jones)- Enron Corp.'s (ENE) troubled Indian unit Dabhol Power
Co. is mulling a preliminary move toward terminating its project in the state
of Maharashtra in light of its inability to collect payment for power already
delivered, a member of the company's board said Monday.
Enron, however, plans to complete Phase II of the 2,184-megawatt power plant,
said Don Sturmer, a vice president at Bechtel Enterprises (X.BTL) and member
of the board at Dabhol Power, in which Bechtel owns a 10% stake.
The company at its board meeting Wednesday in London will consider what's
called a preliminary termination notice, the first of three steps that end in
abandonment of the project, Sturmer said.
Step two would be an official termination notice, and step three would be a
notice that the company was surrendering control of the project, said
Sturmer, who called the first step "procedural."
"We're nowhere near steps two and three yet," he said. "Whether we go forward
with (a preliminary termination notice) will probably be decided at the board
meeting on Wednesday."
Issuing the preliminary termination notice could put Dabhol Power in a
position to suspend deliveries as it negotiates its payment disputes with the
Maharashtra state electricity board, or MSEB, Sturmer said. As reported, the
electricity board intends to challenge those bills at the meeting Wednesday.
A spokesman for Enron Corp., which with a 65% stake in Dabhol Power is the
project's largest shareholder, wouldn't comment on topics for discussion at
the upcoming meeting. Other shareholders include General Electric Co. (GE),
which owns 10%, and the MSEB, which owns 15%.
Dabhol Power is moving ahead to finish the second phase of the project, which
is 95% complete, Sturmer said. Phase two will add two nominally rated
750-megawatt units to the existing 750-megawatt unit and add a liquefied
natural gas terminal and regasification unit to allow the plant to shift from
running on naphtha to running on gas.
"The current plan is to continue construction...and having the entire
facility commercially available by the end of this year," he said. Disputes
Over Payments For Power Delivered To MESB

The controversial $3-billion project, India's largest foreign investment, has
been mired in financial disputes since the electricity board began missing
payments last year. According to Sturmer, the board owes Dabhol Power $48
million for power delivered in December and January. The board made a $24
million payment for February, but has a $31 million bill for March coming due
Wednesday.
Dabhol Power officials met Monday with lenders to update them on the dispute
and to discuss steps the company might take in light of the missed payments.
Dabhol Power officials weren't available Tuesday to comment on the
outstanding payments.
According to some news reports, Dabhol Power was seeking to secure its
lenders' approval for a plan to terminate the project. A Dabhol Power
executive and a banker, both involved in the talks, wouldn't confirm or deny
the reports.
John Ambler, spokesman for Enron's Global Assets Group, called the meeting a
regular status update. The lenders hadn't formulated a response by late
Monday, the banker said. The talks were to continue Tuesday.
According to Indian news reports, Enron may seek approval at the meeting from
Dabhol shareholders to sell some or all of its stake in the project. Ambler
wouldn't confirm or deny those reports, but pointed to previous comments from
Enron's chief executive that any asset is for sale if the price is right.
Enron had sought to reduce its shareholding to the 50% originally envisioned
before the electricity board proved unable to cover its entire share of the
project's second phase, but Sturmer said Dabhol's current difficulties would
have to be resolved before any stakes could be sold.
"I do not think any of the owners is actively pursuing a buyer," he said.
Dabhol has come under fire because of the relatively high cost of its power.
Critics object to the company's charging 7.1 rupees ($1=INR46.84) a
kilowatt-hour for its power, compared with around INR1.5/kWh charged by other
suppliers.
Sturmer said the high cost is the result of the electricity board's failure
to buy enough electricity to spread out fixed capacity charges. The rates
presume the board would dispatch 90% of the unit's capacity. Instead the
board, facing financial difficulty, sharply reduced its calls on the plant in
early 2000, sometimes idling it entirely, Sturmer said.
As reported by the Press Trust of India Monday, the Maharashtra state
government will form a high-level committee to renegotiate the power purchase
agreement with Dabhol Power.
"We have decided that the government of Maharashtra will constitute a
negotiating committee to negotiate issues like the cost of power and use of
power with DPC," the Press Trust quoted Indian Finance Minister Yashwant
Sinha as saying.
-By Andrew Dowell, Dow Jones Newswires; 646-456-3542;
andrew.dowell@dowjones.com

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

IT'S TV CO PICKS NCUBE CORP TO BE VIDEO-ON-DEMAND SERVER PROVIDER

04/24/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

LAS VEGAS, April 24 Asia Pulse - It's TV Co., Ltd, a Korea-based interactive
TV service provider, today announced that it has chosen nCUBE Corporation to
be its Video-On-Demand (VOD) server provider.
Formerly known as Genesis Multimedia Corporation, It's TV plans to offer DVD
quality VOD movies and television over its IP network to more than 500,000
consumers by 2003, making it the largest scheduled VOD deployment in the
world to date.
Shipment of the first 96 servers to Korea will begin later this year, the
company said in a statement.
It's TV, having recently completed the trial stage of the deployment in
December 2000, expects to use the 96 servers to reach 88,000 homes by
year-end 2001.
The company is scheduled to scale-up to a half million subscribers by 2003.
It's TV will broadcast TV channels over their IP network as well as provide
full video-on-demand and interactive services in DVD-quality picture (4Mbps
MPEG-2).
When coupled with nCUBE's n4 streaming media server, It's TV would provide TV
viewers in Korea with the ability to view a wide range of television and
movie options with full VCR functionality, including pause, rewind and
fast-forward, capability.
nCUBE (www.nCUBE.com) provides scalable streaming media solutions to all
broadband networks. Broadband operators worldwide count on nCUBE to provide
solutions for broadband video-on-demand, IP streaming media, and advertising
insertion.
The company's core product line, the n4 streaming media appliance, can scale
from 100 megabits per second to 128 gigabits per second of streaming media
from a single system.
nCUBE systems are used by Alcatel, AT&T, Bertelsmann, Enron Broadband
Services, Cisco Systems, Charter Communications, Gemstar-TV Guide, Liberate,
Motorola, Scientific-Atlanta, RealNetworks, Telewest Communications and Time
Warner.
ASIA PULSE A 24-04 1831

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

INDIA'S MAHARASHTRA STATE NEEDS ONLY 300 MW OF ENRON POWER

04/24/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

NEW DELHI, April 24 Asia Pulse - The western state Maharashtra has said it
needed only 300 MW of the 740 MW power produced by US energy giant Enron
-promoted Dabhol Power Company (DPC).
"The state cannot consume all the power produced by DPC. Our requirement of
power is only about 300 MW," Maharashtra Chief Minister Vilasrao Deshmukh
said.
While 740 MW Phase-I of DPC is presently operational, 1444 MW Phase-II is due
for commissioning this year.
Deshmukh, who met the federal finance minister Yashwant Sinha here on the
issue of payment default and high cost of power from DPC, said "a way has to
be found to wheel out the excessive power produced by DPC."
A committee, Sinha said, would be constituted for negotiating the cost of
power with DPC, adding "we have to also look for wheeling out excessive power
generated as the state cannot consume all the power generated after
commissioning of phase-II." (PTI) 24-04 1733

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

India: Centre proposes panel to defuse Dabhol crisis

04/24/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

NEW DELHI, April 23. THE Centre has proposed to set up a committee to suggest
measures to defuse the crisis of a potential termination of the Dabhol power
project.
This proposal came up at a meeting today between the Union Finance Minister,
Mr Yashwant Sinha, the Power Minister, Mr Suresh Prabhu, and the Maharashtra
Chief Minister, Mr Vilasrao Deshmukh.
The Centre has mooted a committee consisting of itself, the State Government
and Enron to defuse the crisis.
The move comes two days ahead of the DPC board meeting in London besides a
meeting with the project lenders.
Given the company's recent move to change gear and adopt legal recourse by
way of seeking arbitration to resolve its issues, it is not clear whether DPC
will become party to this committee.
The committee, if formed with the three constituents, will look into issues
such as DPC's offer of 15 per cent stake to National Thermal Power
Corporation.
Our Bureau

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

Enron PPA to be renegotiated
Our Bureau

04/24/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)

NEW DELHI
THE MAHARASHTRA government has decided to form a high-level committee with
central representation to renegotiate the power purchase agreement of Dabhol
Power Company.
This decision was taken after discussions were held between finance minister
Yashwant Sinha and Maharashtra chief minister Vilasrao Deshmukh.
The committee, which is to be formed within a week, will deliberate on the
cost aspect of the 2,184 -MW Dabhol power project. The Centre will nominate
one member to this committee who will represent the joint views of all
related ministries.
Sources said since the Maharashtra government has already indicated that it
will not be in a position to buy the entire power generated by the Enron
plant, the committee will also look into matters like exports of surplus
power to other states.
The committee will have representatives from the state government and MSEB.
Speaking to reporters, Sinha said: "We hope DPC will respond positively to
this and not take steps that will precipitate a crisis."
Although this appears like the beginning of a breakthrough as far as the
government of Maharashtras stand on the Enron controversy is concerned, it is
left to see as to how it is accepted or reciprocated by Enron.
Sources said since Enron had already slapped two arbitration notices on the
state government and a arbitration/conciliatory notice on the Centre, the
legal aspects of the issue will also have to be resolved.
"This will, however, be seen by the legal experts and a view would have to be
taken as to how this could be dealt with if negotiations on the PPA were to
begin all over again."
The lenders to the project are meeting in London to evaluate the developments
in the project and are expected to take a view on the non-payments of energy
bills.
Industry sources claim that the developers who have been slowing down their
investments in all other sectors are looking for buyers to sell a sizeable
portion of the stake.
The Godbole committee, which was instituted by the Maharashtra government to
look into the Dabhol power project, its costing, tariffs and other aspects of
the PPA, have submitted its findings to the state government.
This committees views and inputs will be drawn largely by the negotiating
committee during deliberations with Enron.

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

InPlay
Enron directors mulling India deal Wednesday

04/24/2001
The Daily Deal
Copyright (c) 2001 The Deal LLC

Bechtel Group Inc. - General Electric Co. - Enron Corp.
Houston energy giant Enron Corp. confirmed Monday that the directors of its
Indian subsidiary are scheduled to meet Wednesday in London to discuss the $3
billion, 2,184 megawatt Dhabol power project in the western state of
Maharashtra. An Enron spokesman wouldn't say whether the company will
consider selling its 65% interest. The Maharashtra State Electricity Board,
which owns 15%, is expected to send representatives, as are Fairfield, Conn.
based General Electric Co. and San Francisco based Bechtel Group Inc., which
each own 10%. Enron reportedly wants to sell its stake because financially
strapped MSEB failed to invest in the project's second phase, has not
purchased 15% of Enron's stake and defaulted on $48.2 million in electricity
payments. -Claire Poole http://www.thedeal.com

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

National News
No date set for electricity D-Day Government hopes deregulation will be ready
by May, 2002, but deadline uncertain
RICHARD MACKIE AND MARTIN MITTELSTAEDT
With a report from John Ibbitson

04/24/2001
The Globe and Mail
Metro
A4
"All material Copyright (c) Bell Globemedia Publishing Inc. and its
licensors. All rights reserved."

The Ontario government is hoping that a competitive electricity market will
be ready by May, 2002, but has stopped short of fixing a day for deregulation
to begin.
The declaration, made separately by Premier Mike Harris and Energy Minister
Jim Wilson yesterday, shows that there is still uncertainty in the government
over timing the beginning of competition in the province's $10-billion
electricity market.
That indecision angered some industry officials, who had wanted the province
to set a date. Deregulation has been under discussion for more than three
years but is highly controversial because of problems that energy
deregulation has caused in Alberta and California.
Mr. Harris, speaking in Hamilton, said the timing depends, in part, on when
the province's shuttered Pickering A nuclear station returns to service,
adding much-needed juice to the province's supplies.
"You don't have to be a rocket scientist to understand that we are looking at
some time -- January, February -- for the return of Pickering onto the grid.
We believe that's an important supply factor that needs to be there," he
said.
He also warned that ratepayers should brace for an increase in the price of
electricity because of the growing tightness in the North American power
market.
Despite the possibility of higher rates, Mr. Harris argued that competition
is the proper course because price increases would be steeper if Ontario
retained a monopoly over the generation and the sale of electricity.
"Clearly the track we are on is higher energy prices," Mr. Harris told
reporters. "That's global. That's certainly North-America-wide. And that is
the case here in the Province of Ontario in electricity and in other energy
sources."
In a related legislative statement yesterday, Mr. Wilson referred to the May,
2002, date as the time when the government "is confident that conditions
necessary to open the electricity market to competition will exist."
When asked later whether May, 2002, was an "absolutely fixed date" for
deregulation, Mr. Wilson replied, "Yes."
The Association of Major Power Consumers in Ontario, a lobby group for big
electricity users, had a hostile response to Mr. Wilson's formal statement.
Its president, Arthur Dickinson, said he was appalled by the weak language.
The association wants a large number of electricity producers to open up shop
in Ontario to increase the chances that competition will lead to lower prices
for big power users, but is worried that companies won't build generating
stations until they are sure the government has a firm opening date.
"He's left uncertainty in the air, and that's not helpful. We have potential
investors who want to get into this market who I don't think are going to
invest if the minister uses words like he's 'confident the market will open
by [May 2002].' They need a definitive date," Mr. Dickinson said.
Companies have announced plans to spend about $3-billion on 27 new or
expanded generation stations in Ontario, the Ministry of Energy says.
But very few of those projects are actually under construction. Recently, the
head of Enron Corp., a major U.S. power producer, said it would re-evaluate
plans for a $200-million power plant in Ontario if the government didn't fix
a date for the market to open.
Adding to the upward pressure on electricity prices in Ontario is the
government's decision to pay off the almost $20-billion in debt incurred to
build the existing generating and distribution system.
The government wants to pay off this $20-billion, known as the so-called
stranded debt, by 2017 with charges on purchases of electricity.
Mr. Harris said delaying repayment is not being considered.
"Certainly the debt has to be repaid. It is being repaid now, starting June
1. The current increase in prices of 8 per cent, a significant portion of
that, is to make sure Hydro Ontario Power Generation is generating the kind
of revenue it needs to pay down that debt," he said.
Ontario Power is the provincially owned electricity utility, one of the
successor companies to Ontario Hydro.

Illustration

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

Milwaukee Journal Sentinel Street Smart Stock Analysis Column
Kathleen Gallagher

04/24/2001
KRTBN Knight-Ridder Tribune Business News: The Milwaukee Journal Sentinel -
Wisconsin
Copyright (C) 2001 KRTBN Knight Ridder Tribune Business News; Source: World
Reporter (TM)

FUEL CELLS SPARK ANALYST'S INTEREST:
INVESTMENT: FuelCell Energy Inc., Danbury, Conn., develops and commercializes
fuel cell power plants for electric power generation.
ANALYST: KENT A. MORTENSEN, vice president and senior research analyst at
Robert W. Baird & Co.
MORTENSEN THINKS FUELCELL'S strong partnership with Enron Corp. and good
management team will help it take advantage of the pressing need for reliable
power, the fallout from utility deregulation and the pressure on power
generators to protect the environment.
"Enron thinks there's about a $1 billion market for alternative energy
products and the economies of FuelCell's product appear to make more sense
than other technologies like solar and wind power," he said.
Most people confuse fuel cells, which have been around since the 1800s and
were used in the Apollo space missions, with batteries. But while batteries
store energy for later use, fuel cells use natural gas to start a chemical
reaction between hydrogen and oxygen that makes electricity.
"Nickel is the catalyst -- it's a chemical reaction, not combustion,"
Mortensen said.
FuelCell's products look like big round cans and can get as hot as 1,200
degrees. Their biggest downside is cost: Their generating capacity costs
about $5,000 a kilowatt -- a number Mortensen thinks needs to shrink to about
$1,200.
But he's betting that FuelCell, which is hoping to have commercial units of
the product it's testing available by the end of this year, will be able to
lower its prices if it can sign on enough customers.
"They believe they have a road map to bring costs down to a reasonable
basis," Mortensen said.
That effort would be helped greatly if FuelCell wins the contract it's trying
to get with Enron to build a 26-megawatt fuel cell farm in Connecticut.
Mortensen sees several trends working in FuelCell's favor: New technologies
have created a huge need for reliable power.
"Yet just when we need power quality to improve to support the Internet,
telecommunications and e-commerce, it's actually degrading," Mortensen said.
He believes California's problems with power generation and transmission are
just the beginning. Seventy percent of our nation's power grid is more than
25 years old, and 30 percent of it is more than 50 years old, Mortensen said.
"We're moving to a 21st-century digital economy with a 20th-century grid that
was built to support the air conditioner and TV," he said. Utility
deregulation has encouraged power suppliers to underinvest, resulting in a
shortage of power plants and transmission lines. It is difficult to build new
power plants, because of environmental regulations and people's aversion to
living or working near them.
These factors "will drive demand for new power technologies," Mortensen
predicted.
FuelCell's products have minimal emissions and are perfect for generating
power on-site for, say, a small factory.
"FuelCell's product, a molten carbonate fuel cell, can take up the size of
roughly a tennis court and provide power that has, for all practical
purposes, no emissions," Mortensen said.
He believes those attributes can help FuelCell take market share away from
centralized power plants, much as the personal computer has taken share away
from mainframes.
The company doesn't make money now, but Mortensen expects FuelCell to turn
profitable in 2004. Its partner, Enron, has incentive to make that happen
because if it sells 55 megawatts of FuelCell's product by September 2002, it
gets warrants for about 8 percent of the company.
Mortensen thinks the biggest risk associated with this stock is the
possibility that FuelCell, which has never made its products in scale, won't
be able to bring down its costs.
"If they don't get the right level of orders, they won't be able to drive the
cost down," he said.
The other big risk is that FuelCell's patented technology could fail.
"I'm more worried about them getting the cost down. Their technology seems
reasonably sound, but you still have to convince people to have their power
supplied by a new technology -- and a lot of people don't like to take
chances with new technology," he said.
Mortensen thinks this stock is best for investors who are willing to own it
as part of a basket of power technology companies. "Betting on who's going to
be the winner in this space is difficult. This is a very speculative
investment," he said.
Mortensen would buy FuelCell shares up to $70 in the near term and thinks
they could go as high as $120 in the next 12 to 24 months.
Kathleen Gallagher's Sunday Street Smart column examines one stock through
the eyes of a professional investor. Neither Gallagher nor the Journal
Sentinel recommends specific investments or endorses the recommendations of
those interviewed.
Symbol/Exchange: FCEL, Nasdaq
April 20 price: $56.60
52-week range: $16 to $108.75
Dividend yield: None
Long-term debt: None
Shares outstanding: 15.8 million
Avg. daily volume (3 month): 698,873 shares
Earnings per share (2001): $1.60
Earnings per share (2002): $1.80

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

UK: UPDATE 2-Saudi's Naimi to meet US Energy Secy on Friday.

04/23/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, April 23 (Reuters) - Saudi Oil Minister Ali al-Naimi will meet U.S.
Energy Secretary Spencer Abraham in Washington later this week, the first
meeting between the two officials, diplomats said on Monday.
They said the meeting would allow Naimi to meet face-to-face with his U.S.
counterpart, who assumed office as part of President George W. Bush's
administration in January.
An Energy Department spokesman said the meeting would take place on Friday
morning at DOE headquarters.
The two officials are likely to discuss oil prices in the wake of OPEC's
decision to curb output twice this year by 2.5 million barrels per day (bpd),
or about 9 percent.
Oil prices have found support from tight U.S. gasoline supplies which
threaten a repeat of last summer's price spike at the pumps. Saudi Arabia is
the leading supplier to the United States, the world's biggest oil consumer.
Abraham has taken a low-key approach towards the Organisation of the
Petroleum Exporting Countries - a marked departure from former energy
secretary Bill Richardson who lobbied OPEC ministers during their meetings.
But Washington has made clear it does not want to see sky-high oil prices
further eroding U.S. economic growth.
OPEC members, which last year enjoyed the biggest oil boom in two decades,
have said they would cut output again if prices fall below a $22 price floor
for their basket of seven crudes.
The basket is currently around OPEC's preferred level of $25 a barrel.
OPEC power Saudi Arabia, the world's biggest oil exporter and producer, has
said the oil cartel would move swiftly to raise output again if prices pushed
above the $28 upper limit of the group's target range.
SAUDI INVESTMENT
The oil officials' meeting comes as Riyadh prepares to award multi-billion
dollar contracts for Saudi gas developments.
U.S. oil company Exxon Mobil Corp. is a leading contender to win an
operatorship for at least one of the three projects on offer, industry
sources have said.
U.S. oil companies Conoco, Chevron, Phillips, Marathon and Enron/Oxy - along
with several European rivals - are also expected to play a role in the
investment.
Naimi is scheduled to speak at an energy conference in Paris on Wednesday and
travel from there to Washington. He is due in Houston on May 3 to attend a
Saudi Aramco board meeting, industry sources said.

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


On tuesday of this week after EOTT's staff meeting, I was made aware of a potential environmental estimate problem (too big).    I am looking at ways of potentially dealing with the problem so that Lawrence will feel comfortable not booking a reserve in the 3rd qtr, which may have consequences on the plans we have underway to recapitalize the entity.   This means coming up with an answer very quickly.   There are a number of potential alternatives and I am sure there are more than I will attempt to lay out here.

1) We could simply make a contribution to EOTT for the sole purpose of environmental cleanup, and if unused will be returned.   Seems like an expense item, but doable.

2) We could provide an insurance policy to EOTT to provide for environmental expenses in excess of the existing policy, for a fee.    Better expense treatment (we get to manage the reserve) and appears to cover the EOTT issue.   Because this is an affiliated deal, I guess it would have to go through the audit committee.   Potentially the captive could be used.

3) Provide an accounting answer that might give EOTT a one-time gain to offset the one time reserve set-up.   i.e., there is a least an argument that the recapitalization proposed will result in the extinguishment of a portion of the debt on the books represented by the API's.     Since we are getting a conversion of less than a dollar for dollar deal, this should be doable.

For Lawrence:  Jim Bouillion has indicated that the insurance proposal may have merit, and so I will need some input from you regarding the coverage that exists now and what we would want going forward.    If you want us to talk directly with Susan, we will.   I am thinking that you are getting a quote for increasing the cap on the existing policy and that we could give you the same deal, or maybe even slightly better, to satisfy the audit committee.

I am obviously looking for any help that I can get here, so if there any more ideas I would like to hear them.    If you have questions, feel free to ask.    Stan is aware of what we are discussing.   1) and 3) were his requests to review.

Rod Hayslett
EB4054
713-853-6178


Tana:  A lawyer from Amerada Hess (Dana Dellacona) will probably call you
about EOL trading.  She is interested in several trading relationships which
you can see from the email that I sent to Tanya.  Let me know if you have any
questions.  Thanks.

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 02/13/2001 09:20 AM -----

	Sara Shackleton
	02/07/2001 05:29 PM

		 To: Tanya Rohauer/HOU/ECT
		 cc:
		 Subject: Hess Energy Trading Company, LLC ("Hess") and affiliates

I have received the following request from a Hess lawyer:

ECT and Hess have an executed ISDA effective 1/29/98.

Guess what they want?  The following ISDA agreements to trade financial (and
PHYSICAL):

(1)  Amerada Hess Corp.   and  ENA
(2)  Hess Energy Services Company, LLC and  ENA
(3)  Hess Energy Trading Company, LLC  and  ELFI
(4)  Hess Energy Trading Company, LLC  and ECT Singapore Pte. Ltd.
(5)  Hess Energy Trading Company, LLC  and ECTRIC

I explained our financial trading entities.
She did not know what products each of the Hess affiliates would be trading.
Hess CREDIT:  Grim Trivino at 212-536-8979
Hess LEGAL:  Dana Dellacona at 212-536-8133

Please let me know who will handle in credit (and I'll intercede with the
lawyer).  TO MY KNOWLEDGE, NOBODY AT ENRON IS PUSHING HESS.
As usual, thanks for your help.

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


It is important that you bring me a copy of your receipt for the gifts that
you purchase for the tree in the lobby area.  We will tally all of the
receipts and request matching fund from Enron.  Those funds will go directly
to the Salvation Army.

I am locking the gifts in a file cabinet for safe keeping, so please bring
them to me.  Thanks for your support.  Teri


Reservation status has changed. Details of the reservation are listed below:
ASSIGNMENT_REF = 30286
SELLER_CODE = AZPS
SELLER_DUNS = 958982563
CUSTOMER_CODE = EPMI
CUSTOMER_DUNS = 848921276
AFFILIATE_FLAG = 0
PATH_NAME = W/AZPS/AZPS-AZPS/FOURCORNE345 - PNPKAPS230//
POINT_OF_RECEIPT = FOURCORNE345
POINT_OF_DELIVERY = PNPKAPS230
SOURCE = FOURCORNERS
SINK = PNPK
CAPACITY = 25
CAPACITY_REQUESTED = 25
SERVICE_INCREMENT = HOURLY
TS_CLASS = FIRM
TS_TYPE = POINT_TO_POINT
TS_PERIOD = OFF_PEAK
TS_WINDOW = FIXED
TS_SUBCLASS = WHEEL
NERC_CURTAILMENT_PRIORITY = Nerc Priority 1
OTHER_CURTAILMENT_PRIORITY = Default
START_TIME = 05/01/2002
STOP_TIME = 05/01/2002
CEILING_PRICE = 1.95
OFFER_PRICE = 1.95
BID_PRICE = 1.95
PRICE_UNITS = $/mW
PRECONFIRMED = YES
ANC_SVC_LINK = N/A
ANC_SVC_REQ = N/A
POSTING_REF = 0
SALE_REF =
REQUEST_REF =
DEAL_REF =
NEGOTIATED_PRICE_FLAG =
STATUS = CONFIRMED
STATUS_NOTIFICATION = lisa.gang@enron.com
STATUS_COMMENTS =
TIME_QUEUED = 04/30/2002

TIME_OF_LAST_UPDATE = 04/30/2002
PRIMARY_PROVIDER_COMMENTS =
SELLER_COMMENTS =
CUSTOMER_COMMENTS = if questions, please call (503)464-5070
SELLER_NAME = AZPS
SELLER_PHONE = 602.250.1128
SELLER_FAX = 602.250.1155
SELLER_EMAIL = oasisadm@apsc.com
CUSTOMER_NAME = Enron Power Marketing, Inc.
CUSTOMER_PHONE = (713)853-3801
CUSTOMER_FAX = (713)646-8272
CUSTOMER_EMAIL = bill.rust@enron.com
REASSIGNED_REF = 0
REASSIGNED_CAPACITY = 0


Hi Gerald:  Nothing with or pertaining to Western Hub to the best of my
knowledge.
Kay

Gerald Nemec
03/09/2000 09:58 AM
To: Kay Young/HOU/ECT@ECT
cc:
Subject: CA Data Sheet

Kay,  Please review the attached.  Thanks for your help.


No problem Sheila.  Please let me know when we can do our conference call.
Looking forward to speaking with you and your colleagues shortly.  Please
feel free to call with any questions.

Kind regards,

Mike

Sheila.Glover@enron.com wrote:

> Michael,
> Sorry I am a little to quick on the draw.  Ketan had Fed expressed Morgan
> Stanley's Futures Agreement to me and I had already forwarded to legal.
> Thank you for the contact names.
> Thanks. Sheila


Bus passes for January are now available at the Parking and Transportation office on the third floor of the Enron Building, ECN 306.  These passes are offered on a monthly basis and are provided at no charge to the Enron employee. However, because these buses passes are fully subsidized they must be treated as "taxable" income. Excluding the first $65 of the bus pass, the remaining value is subject to taxation, collectively referred to as "imputed tax". See example below

Example: A $100 pass is chosen by an employee.

Subsidy for Bus Pass		$100.00
Exclusion amount			$  65.00

Taxable Income amount		$  35.00


That would be great.  Let me know so I could get tix to a ballgame if the
Astros are in town that weekend.
I'm going to the game next Monday to see McGwire and the Cards.  Glad to hear
everything's going well.

I got a call from Peremes on Saturday.  She heard I got engaged and was
pissed I didn't tell her.  I think she's
smoking serious crack 'cause I told her when I talked to her about 6 mos.
ago.  I guess she just chose to ignore
me as usual.

Talk to you soon.

KR

P.S.  We just closed on a house this past Friday.  It's in need of some
serious work.  Hopefully it'll be
habitable by the time you see it.


----- Forwarded by Jeff Dasovich/NA/Enron on 11/14/2000 10:19 AM -----

	Melissa Cortez <mcortez@govadv.com>
	11/13/2000 07:15 PM

		 To: hgovenar <hgovenar@govadv.com>, sgovenar <sgovenar@govadv.com>,
mday@gmssr.com, jeff.dasovich@enron.com, joseph.alamo@enron.com
		 cc:
		 Subject: Senate Energy and Utilites Hearing

 - Senate Energy1.doc


Sue:
This woman from NewWest is driving me crazy.

Best,
Jeff


i HEA RYOU LOUD AND CLEAR.


Burbank's the ticket.  Can you get there direct?  If not, let's do LAX, but Burbank is preferrable.  Less of a zoo.

Best,
Jeff

 -----Original Message-----
From: 	Etringer, Michael
Sent:	Thursday, September 13, 2001 3:15 PM
To:	Parquet, David; Dasovich, Jeff
Subject:	Airport arrival for SCE meeting

Which airport will you be arriving at next Thursday?  I will likely fly in the night before and have you pick me up at my hotel.

Mike

Mike Etringer                         503.464.3836 (w)
Enron North America                            503.701.4516 (c)
West Power Origination                       503.464.3740 (fax)
121 SW Salmon Street 3WTC0306       michael.etringer@enron.com
Portland, OR 97232


Teco Tap  10.938 / Enron


Brodgette.
 Below is the notification that I sent to Bob Bowen on 12/22 to let the
confirm group know about the transaction agreement which has been signed by
the customer.  I talked with Craig Breslau this afternoon and he said he
would sign in behalf of ENA and sent to me asap.  As soon as I get the signed
agreements, I will sent the confirm to Ellen Wallumrod and the contract to
Cyndie Balfour-Flangan.  Any questions?

******************************************************************************
**************************************************************
The attached confirm has been signed and is being sent to me by federal
express.  It did not arrive on Friday so it should be here next week.  I am
sending you this in case you get a deal ticket for the deal being documented
by this confirm.  They have  also signed a master to cover this transaction.
----- Forwarded by Dan J Hyvl/HOU/ECT on 12/22/2000 03:04 PM -----

	Dan J Hyvl
	12/20/2000 04:19 PM

		 To: "Mike Cesario" <MCesario@ormet.com>@ENRON
		 cc: ina.rangel@enron.com
		 Subject: Re: Ormet Agreement

Mike,
 I have added the language as item 4 under Other to the Transaction
Agreement.  If okay, please accept the changes, print, have signed and
forward to me for further handling.

******************************************************************************
*************************************************************

	Bridgette Anderson@ENRON
	01/08/2001 01:28 PM

		 To: Dan J Hyvl/HOU/ECT@ECT
		 cc:
		 Subject: Transaction Agreement - Ormet Primary Aluminum Corp.

Dan,

On 12/29/00 deal # 548711 was entered into Sitara for a contract to be
attached.  Within this deal there were Special Handling Instructions which
read: "This is a firm, full requirements sale to Ormet.  Also served to
Cypress.  Please use the Transaction Agreement prepared by Dan Hyvl already
executed by Ormet, rather than generate a new confirm."

I created a GTC Sale Firm for this deal because the agreement mentioned in
red could not be found in the Global database.  Since the notes mentioned
that this particular agreement was prepard by you, I was hoping that you
could clarify if this agreement was circulated our way (meaning if it had
been sent to the Global Contracts group).  Please Advise.

Regards,
Bridgette Anderson
3-3818


Tony,

No problem.

Vince

Anthony Mends@ENRON COMMUNICATIONS
01/11/2001 01:40 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject:

Vince,

I hope you are well. Until today, I did not know there was another Kaminski
at Enron. Perhaps you know him already but I found him in the Enron address
book his first name is Jim.

I am enrolled in the above mandatory program and I have nominated you in the
peer/colleague category,  to provide feedback on me. I do not know the nature
of the questions you would be required to respond to but sometime soon you
would receive an e-mail asking you for your input.

I know your plate is full and life is already hectic but I thought I could
nominate you for your input.  I should be grateful if you would take some
time off your very hectic schedule and provide the feedback on me.

Very many thanks,

Tony
Enron Broadband Services
713-853-3939


I didn't know if the seat or the feet give out first.

From: Reagan Rorschach/ENRON@enronXgate on 04/23/2001 09:57 AM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: RE: Alive and Well

horizontal......my legs are too sore to stand

 -----Original Message-----
From:  Mann, Kay
Sent: Monday, April 23, 2001 9:56 AM
To: Rorschach, Reagan
Subject: Re: Alive and Well

nuttin from nobody

Congrats on the ride.  Are you standing up at your desk today?

From: Reagan Rorschach/ENRON@enronXgate on 04/23/2001 09:39 AM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Alive and Well

Kay,  I made it through the MS150 alive and kicking. I even rode with Jeff
for a few miles.

How are the comments flowing in?  I have not seen anything form anyone.
Christi N. said she would be done this morning.  I'll be calling everyone
else to find out how they are doing.

Reagan


Thank you for placing your order at Footlocker.com. Foot Locker appreciates your business and we hope you visit again soon.

Foot Locker has shipped your item(s) today via Standard Shipping (approximately 3-7 business days Mon- Fri).

Your order number is   1206478.00; your customer number is 2481611.
Your order was shipped to:
2747 MEADOW TREE LN
SPRING, TX 773885434

The following item(s) were included in this shipment:

Item                                Price  Shipped Subtotal
   NIKE AIR TEAM UNITE-WHT/BLK      29.99   1      29.99

Items Subtotal          - $        29.99
Shipping & Handling     - $         6.99
Tax                     - $         2.68
Total                   - $        39.66

_____________________________________________________________

If you have any questions about your order, please e-mail us at: customer_service@Footlocker.com.  You can also call our customer service representatives toll-free at 1-800-991-6815.  Thank you again for shopping at Footlocker.com  we look forward to your next visit.

http://www.Footlocker.com


Ed,

Would it be possible to designate which is East/West, as opposed to just
deleting the West entities?  That way, us Easterners will know when we are
encountering a Western entity.

Thanks,

Kay

From: Ed B Hearn III@ECT on 10/10/2000 03:41 PM
To: Kathleen Carnahan/NA/Enron@ENRON, Matt Maxwell/Corp/Enron@Enron
cc: Sheila Tweed/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron

Subject: Re: Signature authority

____

Matt:

Kay Mann and Kathleen are putting togther a corporate resolution to grant
signing authority to Ben Jacoby in the EAST, subject to a dollar amount
limitation.   To assist them, please create a new version of your project
status chart, delete the WEST entity names and send a copy of the result to
Kathleen.
Additionally, please forward your original Florida entity files to Kathleen.
She will handle all future matters regarding Florida.
____

Kathleen:

When the executed resolution becomes available, please send a copy to Matt
for his remaining entity files.
____

Thanks, ya'll,
Ed


When: Thursday, August 23, 2001 9:00 AM-11:30 AM (GMT-06:00) Central Time (US & Canada).
Where: EB3567

*~*~*~*~*~*~*~*~*~*


---------------------- Forwarded by Mike Grigsby/HOU/ECT on 11/13/2000 02:27
PM ---------------------------
From: Matthew Lenhart on 11/13/2000 01:39 PM
To: Mike Grigsby/HOU/ECT@ECT
cc:
Subject: Fwd: Election concession & retraction parody. Has good audio also.

---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 11/13/2000
01:39 PM ---------------------------
To: Matthew Lenhart/HOU/ECT@ECT
cc:

Subject: Fwd: Election concession & retraction parody. Has good audio also.

---------------------- Forwarded by Ross Prevatt/HOU/ECT on 11/13/2000 01:08
PM ---------------------------

Charles H Otto
11/13/2000 01:03 PM
To: Ross Prevatt/HOU/ECT@ECT
cc:
Subject: Fwd: Election concession & retraction parody. Has good audio also.

---------------------- Forwarded by Charles H Otto/HOU/ECT on 11/13/2000
02:01 PM ---------------------------

Chris Gaskill@ENRON
11/13/2000 12:35 PM
To: Charles H Otto/HOU/ECT@ECT, Tara Piazze/NA/Enron@ENRON
cc:
Subject: Fwd: Election concession & retraction parody. Has good audio also.

---------------------- Forwarded by Chris Gaskill/Corp/Enron on 11/13/2000
12:35 PM ---------------------------

Marc Bir <marc@delphihome.com> on 11/13/2000 12:29:45 PM
To: Chris.Gaskill@enron.com
cc:

Subject: Fwd: Election concession & retraction parody. Has good audio also.

><http://www.mediatrip.com/shows/phone_flash.html
>http://www.mediatrip.com/shows/phone_flash.html


All:

Attached you will find a list that reflects your seat assignments for Business Continuity Planning (BCP).  These seats are located on the 30th and 31st Floors of Enron Center North (ECN).  As previously communicated, you will report to these designated seats in the event of an outage in ECS.

The exception to this is as follows:
If your seat assignment is located on the 31st Floor, you will report to your original location that you occupied prior to your move into ECS.  This will hold true until the Monday after Thanksgiving, as we will have the 31st floor seats set up at that time.

Testing:
Once you have moved to ECS, if you would like to test your BCP location, you will be able to test your seat for functionality every Thursday from 3-6pm.  Testing is not required, but is highly recommended.

If anyone has any questions or concerns about these procedures, please feel free to contact me at any time.

Regards,

Stephen R. Harrington
Technical Project Manager, ECS Project
Enron Net Works, LLC
w:  713-853-7619
p:  877-651-7361
c:  713-444-7279
stephen.harrington@enron.com


---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
07/08/99 03:15 PM ---------------------------

Mark Elliott
02/23/99 10:03 AM
To: Mark E Haedicke/HOU/ECT@ECT
cc: Mark - ECT Legal Taylor/HOU/ECT@ECT, Alan B Aronowitz/HOU/ECT@ECT, Scott
Sefton/LON/ECT@ECT
Subject: Proposed FX and Interest Rate Desk in India

Mark,

Further to my e-mail to you of last week on the above subject, I have now
reviewed the due diligence which was undertaken by Enron Houston with local
Indian Counsel (Crawford Bailey & Co.) on the above topic in January 1997.
That due diligence reveals the following:

Prior Reserve Bank of India ("RBI") approval required to do business in
India:  If  Enron is considered to be "doing business in India" (which it
would, for example, if we had a branch or entity there) we shall require the
prior consent of the  RBI under Section 29 (1) (a) Foreign Exchange
Regulation Act 1973 ("FERA") e.g. to set up the branch or entity.  Please
note that at the date of the opinion from Indian counsel (14th January,
1997), Indian counsel opined that no guidelines had been set down as to any
conditions necessary to be satisfied by a foreign company in order to obtain
approval from the RBI to do business in India.  This needs to be revisited as
to the requirements.

Repatriation of proceeds / Exchange Control:  Please note that in the
approval which would need to be obtained from the RBI, such approval would
state whether the revenues generated in India could be repatriated e.g., to
the USA, or not.  I assume that we would require such ability to repatriate
and so we shall have to ensure that the RBI approval covered it.  We also
need to check if there are now any limits to such repatriation.

FX / Interest Rate dealings:

A. It would appear that if we open a desk in India for FX and Interest Rate
Products for the Enron Group (i.e., an internal Treasury Desk) to trade with
dealers in India then dealings would be required to be in accordance with
either the Rules framed by the RBI or otherwise specifically approved by the
RBI.

B. FX Products could be entered into with authorised dealers in India and
would be subject to limitations on dealings in foreign exchange imposed by
the FERA.  Please note that if transactions are outside the scope of the
general rules framed by the RBI and which are not otherwise specifically
approved by the RBI this may result in a contravention of FERA.  It is not
clear what are the exact ramifications of  dealings in contravention of FERA;
this needs to be investigated.

C. What are the Rules of FERA (see A above)?  It appears that the RBI
requires authorised dealers in India to ensure that their customers are
actually exposed to exchange risk in respect of a genuine underlying
transaction before entering into rate protection transactions to hedge their
exposure to movements in currency rates or interest rates, and authorised
dealers are required to satisfy themselves that underlying commitments are
firm and that forward cover is not being provided for merely anticipated
deals.   The opinion does not state how this verification is obtained by the
dealer.   It appears, however, that there was a relaxation of the Rules
shortly before the 1997 due diligence was undertaken whereby authorised
dealers could offer certain derivative products in certain circumstances to
corporates either by booking a transaction overseas or on a back-to-back
basis without seeking the approval of the RBI.  These transactions are the
following:

1. Interest Rate Swaps.

2. Currency Swaps.

3. Coupon Swaps.

4. Purchase of Interest Rate CAPS/Collars.

5. Forward rate agreements.

 In order to take advantage of that relaxation however the authorised dealers
are required to ensure that:

(i) The RBI has given final approval for the conclusion of the underlying
loan transactions.

(ii) The notional principal amount of the hedge does not exceed the
outstanding amount of the loan.

(iii) The maturity of the hedge does not exceed the remaining life to
maturity of the underlying loan

(iv)  The Board of Directors of the corporate to have approved (a once and
for all basis is sufficient) the relevant financial limits and the authorised
designated officials who can conclude the hedge transactions.

Please note that the derivatives mentioned above concern the hedging of
underlying "loan" transactions.  Hence query, e.g., whether a simple currency
swap just to hedge exposure in one currency where there is no actual
underlying loan has the benefit of any exemption - and if not, query how one
obtains the prior approval of the RBI to do this.  This needs to be
investigated.  If transactions cannot take advantage of an exemption we shall
need to investigate how one obtains the specific approval of the RBI to a
transaction.

Speculative transactions are void:  Please note that transactions entered
into for purely speculative reasons would be void pursuant to Section 30 of
the Indian Contract Act 1872.  Indian counsel opines that provided the rate
or currency derivative transaction is entered into in respect of hedging or
protection against an actual underlying then the transaction would be valid.

Capacity and Authority: It appears that Enron would also have to ensure that
the transactions were covered by its objects' clause and similarly that our
counterparties' objects' clauses covered the products in which we wish to
deal - there is no third party protection against entities dealing outside
their capacity.  Furthermore, in relation to authority to enter into
transactions, it would appear that we would need to authorise certain Enron
officials to enter into specific transactions through Board Resolutions or
Powers of Attorney and that we would need to check our counterparties'
documentation in this regard.

Derivatives and Borrowings:  If we were to establish a company in India, we
would be subject to the Companies Act 1956 in relation to limitation on the
quantum of monies which it could borrow.   Any borrowing in excess of
stipulated limits would be required to be sanctioned by the members in the
company in general meeting.  Accordingly, in relation to derivatives'
transactions incidental to the borrowing of monies in foreign currency, one
would need to ensure that the underlying borrowing itself was sanctioned by
the members of the company in general meeting. The power to borrow itself,
must be exercised by a full meeting of the board of directors.

Collateral: It would appear that charges taken over collateral provided /
received, for example, in relation to obligations under an ISDA Master
Agreement where the cash charged was situated outside India, would be legal,
valid and binding, as against the liquidator of an Indian counterparty in its
insolvency; however, the approval of the RBI to the creation of the charge,
pledge or mortgage would be necessary in the first instance.  The due
diligence does not state how such approval would be gained nor does the due
diligence consider outright transfers of collateral (e.g., under English law)
rather than charges over the collateral nor does it deal with collateral
situated locally in India;  these issues need to be checked.

Choice of Law and Arbitration:  It would appear that Indian entities may
enter into agreements (e.g., ISDA Masters) governed by New York or US law and
it would appear that provisions for arbitration would work.

Insurance business:  Indian counsel opined that interest rate/FX derivative
transactions would not be categorised as insurance business in India.

Income Tax:  Please note that if an Enron entity, or a branch of an Enron
entity, was set up in India or if Enron appointed an agent there to undertake
such business, then any income arising to the Enron entity / branch in India
from a derivative transaction would be subject to Indian Income Tax.  Please
note however that there are Double Taxation Agreements with USA, UK and
Singapore with India.  However, no details of rates of taxation or further
explanation of the mechanics of the Double Taxation Agreements are given in
the opinion.

Gross-Up Clauses:  Contractual gross-up clauses re withholdings (e.g., the
standard gross-up clause in the ISDA Master) would need to be approved by the
RBI.  Indian counsel does not state how this is achieved.

Close-out netting:  Whilst it appears that the netting concept of an ISDA
Master Agreement would work according to Indian counsel, the existing due
diligence is slightly ambiguous in that it states that an official liquidator
or official assignee of an Indian entity would be able to disclaim
unprofitable contracts which Indian counsel opines would mean the net sum
(e.g., if our Indian counterparty owed us a balance on a close-out against
them in their insolvency).  This needs to be revisited with Indian counsel.

Oral Contracts:  Please note that in relation to oral contracts, whilst it is
possible to sue upon an oral contract in India, it is not possible to take
any steps for the purpose of enforcing any judgement obtained except with the
permission of the RBI under section 47 of FERA.  Indian counsel does not
state how such approval this would be obtained and how long it would take to
obtain.

Mark, I suggest that we should have a brief discussion concerning the above
before I take any further action on the above.

Kind regards

Mark

Apart from obtaining the consent from the RBI to set up a branch or a
subsidiary in India, and then to obtain the permission to repatriate to the
US any proceeds of such business, there did not appear to be any other trade
control or other laws which would inhibit Enron's ability to do business in
India.


Is there a reason we think we will need to run station 8.  I think with the volumes we will have to move to insure 6 miles and hour for the smart pig
will be approx. 100 to 200 m2.  If my thinking is wrong please let me know.

DS

From:	Max Brown/ENRON@enronXgate on 05/23/2001 09:13 AM
To:	Earl Chanley/ET&S/Enron@ENRON, James Moore/ET&S/Enron@ENRON
cc:	Rich Jolly/ET&S/Enron@ENRON, Darrell Schoolcraft/ET&S/Enron@ENRON, Perry Frazier/ET&S/Enron@ENRON, Jerry Graves/ET&S/Enron@ENRON, David L Johnson/ENRON@enronXgate, Rick Craig/ENRON@enronXgate, Randy Rice/ENRON@enronXgate, Arnie Bailey/ET&S/Enron@ENRON, Rick Smith/ET&S/Enron@ENRON, David Roensch/ET&S/Enron@ENRON

Subject:	Concern - Possible Change In Smartpigging Dates

This is to advise that if we are now actively looking at rescheduling the smartpigging dates that was previously agreed upon at our Albuquerque mtg on April 11th, we need to know ASAP.  We do not have alot of flexibility in juggling schedules based on smartpig tool availability, but we can sure check and see what shakes out.

Plz let me know at the earliest possible date what the plans are here.

Thanks - Max

(Comments extracted from Engineering and Construction Weekly by Arnie Bailey)
TW - Station 6-7 & Station 7-8 Smart Pigging - C.014524/C.014527
Project will conflict with Station 8 Automation Project if conducted in September or later.  Actively chasing TD Williams and PII for their cost estimates.  Must review costs to determine if dollars are sufficient.  Project should try to be a done in August or sooner if at all possible.
Contact:  Earl Chanley, Houston, (713) 345-6816/ James Moore, Houston,(713) 345-6815


As we spoke I got scheduled for a 2:30 too, so how about 3:30 tomorrow?

	Corey Hollander@ENRON
	09/18/2000 05:04 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: Global Counterparty Next Generation Requirements

I have a Doctor's appt tomorrow at 9:30am, and I'm not sure I'll be back by
11am.  I can do it anytime after 2pm tomorrow or anytime on Wed.

Corey


Anne:
Thanks and sorry for not calling you.  I'm going to be out tomorrow and this
afternoon is hectic so I will call you next week.
carol


Will check on them!

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


We have received the executed Master Power Purchase & Sale Agreement from the
referenced CP dated 11/22/2000.  Copies will be distributed to legal and
credit.

This is an EEI Agreement.


This is the course.  The 7th is fine.  I also have Brandy looking into the
tuition reimbursement deal.  Apparantly, the person she needs to talk to is
out of the office.

D

Stacey Neuweiler   11/21/2000 04:36 PM

To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Communicating Effectively course offering

Daren-

There is an effective communication course on December 7 (Thursday) from
1-5pm.  Is this the one you suggested for me, and if it is, may I attend this
one?  Please let me know.  It is listed through Ernie and is $200.  Thanks
for looking into this.


With the recent events and increased security at Enron, safety has become a major concern in our daily routines at work.  We experienced an unfortunate incident of theft and would like everyone be aware of the unusual activity and traffic flow in your area.

Please note people tagging in with you on your badge with no badge or identification (guest sticker).

The internal doors to the freight elevators should be closed/locked at all times.  If these doors are open, this is allows open access to the floor.

If you notice unusual activity, please contact Corporate Security at x36200 immediately.  Thank you.


Jeff, your video about 2Q and EBs was a hit with employees.  See the stats below.

 -----Original Message-----
From: 	Reagor, Rodney
Sent:	Monday, August 06, 2001 10:43 AM
To:	Clark, Mary
Subject:	Jeff's Corner activity

Mary,

The following is a list of unique hits to Jeff's Corner:

week ending 7/27 - 5985
week ending 8/3 - 1492

Sorry to get this info to you so late.

Rodney

----
Rodney Reagor
Corporate Marketing
Enron Corp


Attached is PIRA's latest "Electricity Daily Demand Forecast."

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