On Tuesday of this week I visited our Helsinki oil trading office. Set out
below are some general observations.

There are about 8 people in the office: 3 traders; 2 logistics people; 1
accounting/risk management person; and a couple secretaries. The office is
headed by Ilkka Kokko, a fairly young Finn. We bought the business in
September of last year.

The basic activity is the purchase of various oil products from Russian
refineries; the transportation of the products by RTC (railroad tank car)
from the refinery to various Baltic ports; the storage of the products at the
ports; and the loading of the products onto vessels for sale in other
markets. Many of the vessels are ocean-going because the products are sold in
non-European markets.

The products are normally purchased on a DAF (delivered at frontier) basis,
which means that title passes to Enron when the RTC crosses the Russian
border. As a result, Enron must arrange for the transport of the products
from the border to the port. This is arranged for us by the company that will
store the products at the port. In other words, the contract we have with the
terminal operator provides for transportation of the products from the
Russian border to the port, the unloading from the RTCs into storage,
storage, the unloading from storage into our vessels and all related customs,
measurement and testing services. We have these deals with about 5 different
Baltic companies.

About 20-30 vessels a month are chartered. About 25-40 product purchases a
month are done, some of which are term deals up to one year. About 300,000
tonnes a month is purchased.

Payments and settlements are done from London. We pay in dollars. The money
is almost always paid into accounts outside of Russia.

Because the business  results in a long position, the Helsinki office hedges
its position by doing deals with Enron's book in London -- no hedging is done
with anyone else. The business experienced some earnings volatility late last
year (had a negative gross margin of $200,000 in November and a positive
gross margin of $350,000 in December). This was largely because the position
wasn't effectively hedged. Hedging is difficult because the hedges are dirty
(due to basis and to product differences) and because it is difficult to
predict the amount of product that will be delivered in any given time period
(due to transportation bottlenecks and to flexibility in the Russians'
delivery obligations to us).

The business historically prepaid for part of the products it purchased. The
financing was historically arranged through a bank that would require a 10%
margin on funds it advanced -- $10 million deposited with the bank would mean
up to $100 million advanced to the Russians. The bank also insisted on having
recourse against Greenergy (the company we acquired) for all amounts
outstanding.

Enron has given Ilkka a $20 million limit on our exposure on these prepaid
deals. Because the bank wants to have recourse against Enron for all amounts
outstanding, the old method of financing these prepaid deals no longer works
given the amount of prepaid financing Ilkka would like to do. Ilkka is trying
to come up with another financing structure where the banks look solely to
the Russians for payment for at least part of the outstanding amount.

Ilkka is also thinking about buying products from the Russians at the
refinery gate. This would require Enron to arrange transportation from the
refinery, not just from the Russian border under the current DAF deals. Ilkka
thinks this will help him control the deliveries more and, as a result,
facilitate his hedging program.

Ilkka is also looking at buying some terminal assets in Estonia. The London
corporate development team is looking at this.

Ilkka confirmed to me that he has never paid any bribes in connection with
the business (even before the acquisition by Enron) and that he understands
the FCPA restrictions.

Robert Quick has made about three visits to the office and is working on a
variety of issues related to this business. Robert, please correct me if I've
made any errors or add something if I've left it out. Thanks!


I had a great time working with the best option trading team in the energy industry.  What I have learned from you will benefit me a lot in my future career.

I will start looking for a new job.  If your friends in other trading house are looking for a junior trader, please let me know.

Deep in my heart I want to be part of your team.  Count me in when the new company starts hiring people.

Sincerely

George Huan

Associate, Trading Track, Enron North America
(Till 12:00 pm today)

My contact info:
(713) 682-6005 (H)
(281) 451-5062 (O)
georgehuan@hotmail.com


merlin can be captain castillo

 -----Original Message-----
From: 	"Morrill, Scott" <Scott.Morrill@Grubb-Ellis.com>@ENRON [mailto:IMCEANOTES-+22Morrill+2C+20Scott+22+20+3CScott+2EMorrill+40Grubb-Ellis+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Wednesday, May 16, 2001 12:04 PM
To:	Lenhart, Matthew
Subject:	RE: Jen and Max!!!!

that'd be good, I'll be tubbs.

-----Original Message-----
From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
Sent: Wednesday, May 16, 2001 10:55 AM
To: Morrill, Scott
Subject: RE: Jen and Max!!!!

i think i will wear a suit with a t-shirt like sonny crocket

    -----Original Message-----
   From:   "Morrill, Scott" <Scott.Morrill@Grubb-Ellis.com>@ENRON

[mailto:IMCEANOTES-+22Morrill+2C+20Scott+22+20+3CScott+2EMorrill+40Grubb-Ell
is+2Ecom+3E+40ENRON@ENRON.com]

   Sent:   Wednesday, May 16, 2001 11:30 AM
   To:     Lenhart, Matthew
   Subject:  RE: Jen and Max!!!!

   yeah you'd have to get some neon pink button ups and black pants

   -----Original Message-----
   From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
   Sent: Wednesday, May 16, 2001 9:58 AM
   To: Morrill, Scott
   Subject: RE: Jen and Max!!!!

   i just want to meet some models down there.  i don't hang out at discos
   thought, but if i was in miami i guess i would.  i think i would need
   some
   new clothes b/c all i wear is polos and khakis.

       -----Original Message-----
      From:   "Morrill, Scott" <Scott.Morrill@Grubb-Ellis.com>@ENRON

[mailto:IMCEANOTES-+22Morrill+2C+20Scott+22+20+3CScott+2EMorrill+40Grubb-Ell
   is+2Ecom+3E+40ENRON@ENRON.com]

      Sent:   Wednesday, May 16, 2001 10:56 AM
      To:     Lenhart, Matthew
      Subject:  RE: Jen and Max!!!!

      nobody speaks english, dirty, high crime rate.  We'll probably be at
   a
      resort though so it won't matter.  If you like the big discoteque
   dance
      clubs then it's your place, which I'll bet you do.  I'd rather lay
   back
      in
      the caymans, and I've never been there.  I'm getting old I think.

      -----Original Message-----
      From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
      Sent: Wednesday, May 16, 2001 9:39 AM
      To: Morrill, Scott
      Subject: RE: Jen and Max!!!!

      does miami suck?  i haven't ever been there.  i have been to caymans
   and
      they are awesome.  it is really laid back and very expensive.  either
      place
      will be fun, i just think miami  will be a better night life.

          -----Original Message-----
         From:   "Morrill, Scott" <Scott.Morrill@Grubb-Ellis.com>@ENRON

[mailto:IMCEANOTES-+22Morrill+2C+20Scott+22+20+3CScott+2EMorrill+40Grubb-Ell
      is+2Ecom+3E+40ENRON@ENRON.com]

         Sent:   Wednesday, May 16, 2001 10:31 AM
         To:     Lenhart, Matthew
         Subject:  RE: Jen and Max!!!!

         I'd rather go to the caymans personally.  Miami sucks.

         -----Original Message-----
         From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
         Sent: Wednesday, May 16, 2001 8:58 AM
         To: Morrill, Scott
         Subject: RE: Jen and Max!!!!

         she called me.  she keeps in touch with me.  she spilled the beans
   on
         the
         plans to move the wedding.  i think if we went to cayman we would
      spend
         over a grand each.    miami will rock.

             -----Original Message-----
            From:   "Morrill, Scott" <Scott.Morrill@Grubb-Ellis.com>@ENRON

[mailto:IMCEANOTES-+22Morrill+2C+20Scott+22+20+3CScott+2EMorrill+40Grubb-Ell
         is+2Ecom+3E+40ENRON@ENRON.com]

            Sent:   Wednesday, May 16, 2001 9:53 AM
            To:     Lenhart, Matthew
            Subject:  RE: Jen and Max!!!!

            are you still talking to your new years romance? who is this
      friend
         that
            you're getting the info from?

            -----Original Message-----
            From: Lenhart, Matthew [mailto:Matthew.Lenhart@ENRON.com]
            Sent: Wednesday, May 16, 2001 6:11 AM
            To: "Ryan Lee" <ralee@rmi.net>@ENRON; Peder Kjeseth ; merlinm
            Cc: Morrill, Scott
            Subject: RE: Jen and Max!!!!

            i heard they might move the wedding to miami

            >  -----Original Message-----
            > From:      "Ryan Lee" <ralee@rmi.net>@ENRON
            >

   [mailto:IMCEANOTES-+22Ryan+20Lee+22+20+3Cralee+40rmi+2Enet+3E+40ENRON@
            > ENRON.com]
            > Sent:      Tuesday, May 15, 2001 6:53 PM
            > To:   Lenhart, Matthew; Peder Kjeseth ; merlinm
            > Cc:   scott.morrill
            > Subject:   Re: Jen and Max!!!!
            >
            >
            > Did they just assume we can all afford this! I'm poor and
      stupid,
         I
            > don't know how I will do it!   Ryan
            > ----- Original Message -----
            > From:  Lenhart, Matthew << File:
      mailto:Matthew.Lenhart@ENRON.com
         >>
            > To: Peder Kjeseth  << File:
   mailto:pederleifkjeseth@hotmail.com
      >>
         ;
            > ralee << File: mailto:ralee@rmi.net >>  ; merlinm << File:
            > mailto:merlinm@uswest.net >>  ; Lenhart, Matthew << File:
            > mailto:Matthew.Lenhart@ENRON.com >>
            > Cc: scott.morrill << File:
   mailto:scott.morrill@grubb-ellis.com
      >>
            > Sent: Tuesday, May 15, 2001 3:35 PM
            > Subject: RE: Jen and Max!!!!
            > i just looked at the prices for flights to cayman and they
   run
         around
            > $600.  this is going to cost over $1000.  start saving  now.
            > >  -----Original Message-----
            > > From: Peder  Kjeseth  [mailto:pederleifkjeseth@hotmail.com
   <<
         File:
            > mailto:pederleifkjeseth@hotmail.com >> ]
            > > Sent: Wednesday, May 09, 2001 6:14 PM
            > > To: ralee; merlinm;  Matthew.Lenhart
            > > Cc: scott.morrill
            > > Subject: Re: Jen and  Max!!!!
            > >
            > >
            > > I think we should dig up that slip that Matt  Hersh gave to
      Max
            > saying
            > > that
            > > he might have been exposed to an  STD and then get the
   photo
      of
         his
            > > cock in a
            > > doughnut to  complete the circle.  Has anyone fwded that
   mail
      to
            > Coco?
            > >  I'm
            > > sure she has a couple fond memories for the two of them to
      savor
            > > throughout
            > > their marrige.
            > >
            > > -PLK
            > >
            > >
            > > >From: "Ryan Lee" <ralee@rmi.net << File:
   mailto:ralee@rmi.net
      >>
         >
            > > >To: <merlinm@uswest.net << File: mailto:merlinm@uswest.net
   >>
      >,
            > <Matthew.Lenhart@enron.com << File:
         mailto:Matthew.Lenhart@enron.com
            > >> >
            > >  >CC: <Matthew.Lenhart@enron.com << File:
            > mailto:Matthew.Lenhart@enron.com >> >,
         <pederleifkjeseth@hotmail.com
            > << File: mailto:pederleifkjeseth@hotmail.com >> >,
            > >  ><scott.morrill@grubb-ellis.com << File:
            > mailto:scott.morrill@grubb-ellis.com >> >
            > >  >Subject: Re: Jen and Max!!!!
            > > >Date: Wed, 9 May 2001 12:55:06  -0600
            > > >
            > > >What is this book thing. I will crack skulls!  I'll wipe a
         booger
            > on
            > > the
            > > >first page. Then I'll sign it  "REMO"!
            > > >
            > > >----- Original Message -----
            > >  >From: <Matthew.Lenhart@enron.com << File:
            > mailto:Matthew.Lenhart@enron.com >> >
            > >  >To: <merlinm@uswest.net << File:
   mailto:merlinm@uswest.net
      >> >
            > > >Cc:  <Matthew.Lenhart@enron.com << File:
            > mailto:Matthew.Lenhart@enron.com >> >;
         <pederleifkjeseth@hotmail.com
            > << File: mailto:pederleifkjeseth@hotmail.com >> >;
            > >  ><ralee@rmi.net << File: mailto:ralee@rmi.net >> >;
            > <scott.morrill@grubb-ellis.com << File:
            > mailto:scott.morrill@grubb-ellis.com >> >
            > >  >Sent: Wednesday, May 09, 2001 11:27 AM
            > > >Subject: Re: Jen and  Max!!!!
            > > >
            > > >
            > > > >
            > > > > i think  she is one of jen's cougar friends.  that is
   such
      a
            > chick
            > >  thing
            > > >to
            > > > > do.
            > > > >
            > >  >
            > >
            > >
         _________________________________________________________________
            > > Get  your FREE download of MSN Explorer at
         http://explorer.msn.com
            > << File: http://explorer.msn.com >>
            > >
            >


Not a problem if the employee does not date it.  The issue of signature by the company that the agreement is not fully executed until it is signed by company.  MHC

 -----Original Message-----
From: 	Bryant, Dana
Sent:	Friday, July 20, 2001 11:38 AM
To:	Cash, Michelle
Subject:	another question

Michelle,
I have run across a few agreements where the employee has signed the agreement but not dated it.  Is this something that could potentially be a problem?
I think that, for our (exec comp) purposes, the agreement is not actually in effect until it is signed by the person "offering" the terms.  Is this true?
Thank you

Dana


thanks man, I'm sad to hear it...no dog lived a better life

-----Original Message-----
From: Parks, Joe [mailto:Joe.Parks@enron.com]
Sent: Tuesday, May 29, 2001 12:24 PM
To: Andrew Branan (E-mail)
Subject:

Hard to write this, so i will keep it short. Weller passed away Sunday
morning. The 12.5yrs were wonderful.
Thought you would want to know.

 - winmail.dat


Enron CFO's Partnership Had Millions in Profit
The Wall Street Journal, 10/19/01
Enron CFO Profited From Partnerships With Company, WSJ Reports
Bloomberg, 10/19/01

The New Power Company Revises Its Netting Agreement With Enron; Provides For Receivables and Inventory Financing
Business Wire, 10/19/01

The Five Dumbest Things on Wall Street This Week
TheStreet.com, 10/19/01

K Street's Top 10: The Shifting Lineup
National Journal, 10/20/01
Houston entrepreneurs added to Texas Business Hall of Fame
Houston Chronicle, 10/20/01
Recession, Budget Cuts, Travel Fears To Subdue LME Week
Dow Jones Commodities Service, 10/19/01
HC to hear DPC's plea
The Times of India, 10/19/01

Enron CFO's Partnership Had Millions in Profit
By Rebecca Smith and John R. Emshwiller
Staff Reporters of The Wall Street Journal

10/19/2001
The Wall Street Journal
C1
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A limited partnership organized by Enron Corp.'s chief financial officer, Andrew S. Fastow, realized millions of dollars in profits in transactions it did with Enron, according to an internal partnership document.
The partnership, in some instances, benefited from renegotiating the terms of existing deals with the Houston energy company in ways that improved the partnership's financial positions or reduced its risk of losses.
Mr. Fastow, and possibly a handful of partnership associates, realized more than $7 million last year in management fees and about $4 million in capital increases on an investment of nearly $3 million in the partnership, which was set up in December 1999 principally to do business with Enron.
The profits from the deals were disclosed in a financial report to investors in the partnership, LJM2 Co-Investment LP, that was signed by Mr. Fastow as the general partner and dated April 30. In one case, the report indicates the partnership was able to improve profits by terminating a transaction early.
The LJM2 arrangement has become controversial for Enron, as shareholders and analysts have raised questions about whether it posed a conflict by putting the company's chief financial officer, who has a fiduciary duty to Enron shareholders, in a position of reaping financial rewards for representing LJM2 investors in business deals with Enron. Investors in LJM2 include Wachovia Corp., General Electric Co.'s General Electric Capital Corp. and Credit Suisse Group's Credit Suisse First Boston.
Attention has focused on Mr. Fastow's partnership activities at a tumultuous time for Enron, which over the past decade grew enormously by becoming the nation's biggest energy-trading company.
This year, though, it has been hit by a string of troubles, from soured business initiatives to executive departures. On Tuesday, Enron announced a $618 million third-quarter loss, because of a $1.01 billion write-off on investments in broadband telecommunications, retail energy services and Azurix Corp., a water company. A small chunk of that write-off, about $35 million, was attributed to ending certain LJM2-related transactions. That termination also produced a $1.2 billion reduction in Enron shareholder equity as the company decided to repurchase 55 million shares that had been part of LJM2 deals.
At 4 p.m. in New York Stock Exchange composite trading, Enron was down 9.9%, or $3.20, to $29 a share. Within the past year, the stock had topped $80 a share.
Enron officials didn't have any comment about the LJM2 partnership document. Enron has consistently said its dealings with LJM2 have been proper. They said the LJM2 deals, like ones done with other parties, were aimed at helping hedge against fluctuating market values of its assets and adding sources of capital.
Mr. Fastow has declined several requests for an interview about LJM2. In late July, he formally severed his ties with LJM2, as a result of what Enron officials said was growing unease by Wall Street analysts and major shareholders. Mr. Fastow has been finance chief of Enron since 1997 and has been with the firm 11 years, which included extensive work setting up and managing company investments.
Michael Kopper, a former Enron executive who an Enron spokesman said is now helping to operate LJM2, declined to comment. He also wouldn't describe his relation to LJM2.
In his April 30 report, Mr. Fastow said the partnership, which raised $394 million, had invested in several Enron-related deals involving power plants and other assets as well as company stock. The document said LJM2 sought a 29% internal rate of return. That was down from a 48% targeted rate of return at the end of 2000, which the document said was due in part to a decline in the value of LJM2's investment in New Power Co., an Enron-related energy retailer. In some transactions, LJM2 did much better than the 29% target, though this sometimes involved renegotiating individual deals.
In September 2000, the partnership invested $30 million in "Raptor III," which involved writing put options committing LJM2 to buy Enron stock at a set price for six months. Four months into this deal, LJM2 approached Enron to settle the investment early, "causing LJM2 to receive its $30 million capital invested plus $10.5 million in profit," the report said. The renegotiation was before a decline in Enron's stock price, which could have forced LJM2 to buy Enron shares at a loss of as much as $8 each, the document indicated.

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

Enron CFO Profited From Partnerships With Company, WSJ Reports
2001-10-19 01:00 (New York)

     Houston, Oct. 18 (Bloomberg) -- Enron Corp.'s Chief Financial
Officer Andrew Fastow realized profits through a limited
partnership that did business with Enron, the Wall Street Journal
reported, citing an internal partnership document.

     LJM2 Co-Investment LP, of which Fastow is a general partner,
made millions of dollars on transactions with Enron, the paper
said. Fastow and possibly a handful of partnership associates made
$7 million last year in management fees and about $4 million in
capital increases on an investment of about $3 million in the
partnership, the paper said.

     Enron shareholder Fred Greenberg filed a lawsuit yesterday,
alleging that Enron's board cost the company at least $35 million
by allowing Fastow to manage partnerships that bought Enron
assets. Enron reported $1.01 billion in third-quarter losses from
failed investments.

The Five Dumbest Things on Wall Street This Week
By K.C. Swanson <mailto:kcswanson@thestreet.com>
Staff Reporter
TheStreet.com
10/19/2001 06:59 AM EDT
URL: <http://www.thestreet.com/markets/dumbest/10002661.html>

1. Bayer Fighting the Bears?
One beneficiary of the anthrax scare has been Bayer AG (BAYZY:OTC BB ADR - news - commentary) , the German chemical maker, which has seen its share price gain 10.4% since the terrorist attacks. But investors bidding up the stock might be getting ahead of themselves.
Bayer makes Cipro, a leading treatment for anthrax. But while the demand for Cipro is high, sales from the drug are only a small portion of the company's overall revenue, which totaled 30.9 billion euros last year (and, according to analysts, will increase even more this year, due to its acquisition of Aventis CropScience, a crop protection and production company). To put the demand for Cipro in context, J.P. Morgan expects U.S. sales of the drug to be approximately 1.2 billion euros for 2001.
Even emergency purchases of Cipro probably won't add that much to Bayer's overall revenues. The president has asked for $643 million for antibiotics to combat bioterrorist attacks. While it's possible that sum will be increased, not all the money would be spent on Cipro.
Besides, it's not even clear that Bayer will remain the only producer of Cipro. Though the company holds the patent for the drug, there's some pressure in Congress for the government to purchase a generic version from other manufacturers.
On another front, Bayer is currently battling a class-action lawsuit related to an anti-cholesterol drug implicated in a number of deaths. It was forced to withdraw the drug from the market.
Bayer may offer protection against anthrax, but that doesn't mean it's a refuge for investors.
2. Losses at Twice the Price
You know things are bad for a company when its losses per share are double the price of the shares themselves. That's the case for i2 Technologies (ITWO:Nasdaq - news - commentary) , the supply-chain software maker. After market close on Tuesday, the company posted losses under generally accepted accounting principles that amounted to $5.5 billion, or $13.25 per share, for the latest quarter, including all charges.
In other words, i2's losses were more than twice the value of its share price, which closed at $5.69 before the announcement.
Much of the huge writedown reflects amortized goodwill from the purchase of Aspect Development in March 2000.
To be fair, investors in companies that have made big acquisitions like i2 typically focus on pro forma earnings, which exclude charges and extraordinary items. By that measure, i2's losses didn't look quite so bad: The company met analysts' consensus expectations with a loss of $55.3 million, or 13 cents per share.
Still, investors met i2's earnings with disapproval, knocking the stock down 25% the day after they were reported.
3. Microsoft's Bag of Tricks
In times like these, there's comfort in knowing business goes on as usual at many U.S. companies. Just like the old days, Microsoft (MSFT:Nasdaq - news - commentary) is in the hot seat for its sharklike behavior toward a competitor.
It stands accused of sending 3,000 fake cereal boxes emblazoned with the words "Microsoft Server Crunch" to customers of rival server software maker Novell. The boxes, according to Novell, contained "a number of false and misleading statements" intended as putdowns of Novell products.
Among the attempted insults were some not-so-clever plays on packaged food. For example, in a reference to Novell's flagship software product, a line on the Microsoft boxes read: "What's the expiration date on that NetWare platform?" (A round of applause, please, for those gut-splittingly funny engineers.)
The boxes also said Novell is shifting its focus from software to consulting services, which Novell says isn't true.
Microsoft spokesman Jim Desler said the cereal boxes were primarily intended to advertise Microsoft services, not to slight Novell. "It was all in the theme of a mock cereal box," he said. "It was a modest campaign."
In response to Novell's complaints, he says Microsoft sent out a letter in September to recipients of the boxes to clarify some of its statements, and it's just agreed to send another letter to appease the company. For the record, Novell said it's not calling off its lawsuit for unspecified money damages.
4. AMD's Feisty Pledge
CEOs don't get their jobs by being eloquent, and it probably would be too much to expect them to sound statesmanlike. But sometimes their oratorical rough edges cross the line into embarrassing.
Case in point: Comments from Jerry Sanders, the CEO of Advanced Micro Devices (AMD:NYSE - news - commentary) , which earlier this week reported a loss for the first time in almost three years. The company, facing harsh pricing competition from Intel (INTC:Nasdaq - news - commentary) , said its revenue was down 22% from a year ago and it expects a likely operating loss for the fourth quarter.
Given recent declines in consumer confidence, the downturn is likely to be extended by several quarters, Sanders admitted. But in a conference call, he indulged in some spirited fist-shaking. Citing the company's so-called "Hammer" architecture for processors, Sanders declared, "We feel that when the upturn comes, we're going to kick ---."
Does this guy carry around a surfboard in his car or what? Mr. Sanders, meet Mr. Reeves.
OK, so we actually kind of admire Sanders' never-capitulate spirit. But his comment seems a little redundant, because just about everybody will look better when the economy turns around. Because that may not be anytime soon, what matters is how companies weather the interim -- feisty pledges notwithstanding.
5. Enron's Rabbit-From-a-Hat Style
Analysts have complained for some time about Enron's (ENE:NYSE - news - commentary) rabbit-from-a-hat style accounting, with which the company produced results that wowed investors without making it quite clear where they came from. Now that its business has taken a sour turn, that tendency has gotten even more unsettling.
To cap off its disappointing earnings results this week -- Enron posted a steep loss after taking a $1.01 billion charge -- the company let drop that its shareholder equity had decreased by $1.2 billion.
In a conference call, CEO Kenneth Lay attributed the reduction in equity to the "removal of an obligation to issue a number of shares." According to a report in The Wall Street Journal, Enron repurchased 55 million shares issued through a series of transactions involving LJM Capital, a partnership that until recently was headed up by Enron's CFO.
TSC's Peter Eavis has written that it appears Enron lent LJM money to buy Enron stock.
Ironically, the company boasted in its earnings release this week that it had expanded reporting of its financial results, presumably to quiet its accounting critics.
Enron's transactions have been so labyrinthine that it's hard to identify exactly if or how they were inappropriate. But the latest revelation, to say the least, does nothing to bolster the company's credibility. Enron, whose CEO resigned unexpectedly in August, had seen its stock fall 59% for the year leading up to its latest earnings release. Since then, it's dropped another 12.6%

The New Power Company Revises Its Netting Agreement With Enron; Provides For Receivables and Inventory Financing

10/19/2001
Business Wire
(Copyright (c) 2001, Business Wire)

PURCHASE, N.Y.--(BUSINESS WIRE)--Oct. 19, 2001--The New Power Company ("NewPower"), a wholly owned subsidiary of NewPower Holdings, Inc. (NYSE: NPW) today filed a Form 8-K with the Securities and Exchange Commission reporting that it has revised its master netting agreement with Enron North America Corp., Enron Energy Services, Inc., and Enron Power Marketing, Inc. (together, the "Enron Subsidiaries").
The amendment affects the Master Cross-Product Netting, Setoff, and Security Agreement (the "Master Netting Agreement") among NewPower and the Enron Subsidiaries, and expands through January 4, 2002, the types of collateral that NewPower is permitted to post to the Enron Subsidiaries.
The effect of the amendment is to reduce, through January 4, 2002, the amount of cash collateral that NewPower is required to post to the Enron Subsidiaries. Under the amended Master Netting Agreement, the first $70 million of posted collateral must be in the form of cash, while amounts in excess of $70 million may consist of not more than $40 million of eligible receivables and inventory of NewPower, valued at discounts specified in the amendment, and subject to a $25 million limit for October 2001. Pledging receivables and inventory is consistent with NewPower's previously announced intention to secure asset-backed financing.
With the amendment and NewPower's cost reduction efforts, and absent a similar rate of decline in commodity prices or other significant events, NewPower believes that it has sufficient financial resources to conduct its business until it secures ongoing asset-backed financing, which will be necessary upon the expiration of the amendment. NewPower has been and is actively seeking to arrange asset-backed financing with other parties, although to date no such arrangements have been secured.
The Company expects to meet its previous estimate of net loss and loss per basic and diluted share for the third quarter ended September 30, 2001. However, customer count and revenues are expected to be slightly lower than previously forecast.
The Company will provide revised guidance for the fourth quarter 2001 and an outlook for 2002 on its third quarter conference call scheduled for Thursday, November 8.

Cautionary Statement

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties and may differ materially from actual future events or results. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our goals will be achieved. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Important factors that could cause actual results to differ from estimates or projections contained in the forward-looking statements include our limited operating history; delays or changes in the rules for the restructuring of the electric and natural gas markets; our ability to attract and retain customers; our ability to manage our energy requirements and sell energy at a sufficient margin given the volatility in prices for electricity and natural gas; the effect of commodity volatility on collateral requirements and liquidity; our dependence on third parties to provide critical functions to us and to our customers; and conditions of the capital markets affecting the availability of capital. Readers are referred to the Company's Annual Report on Form 10-K for the year ending December 31, 2000 and our Registration Statement on Form S-1 (No. 333.41412) on file with the Securities and Exchange Commission for a discussion of factors that could cause actual results to differ materially from these forward-looking statements.

About NewPower Holdings, Inc.

NewPower Holdings, Inc. (NYSE: NPW), through its subsidiary, The New Power Company, is the first national provider of electricity and natural gas to residential and small commercial customers in the United States. The Company offers consumers in restructured retail energy markets competitive energy prices, pricing choices, improved customer service and other innovative products, services and incentives.

CONTACT: The New Power Company Investors Kathryn Corbally, 914/697-2444 Kathryn.Corbally@newpower.com Patrick McCoy, 914/697-2431 Manager, Investor Relations pmccoy@newpower.com Media Gael Doar, 914/697-2451 gdoar@newpower.com Terri Cohen, 914/697-2457 Terri.Cohen@newpower.com
08:32 EDT OCTOBER 19, 2001
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

LOBBYING
K Street's Top 10: The Shifting Lineup
Shawn Zeller

10/20/2001
National Journal
Copyright 2001 by National Journal Group Inc. All rights reserved.

How do the Washington lobbying firms with the heftiest incomes put themselves in the upper echelon of K Street practitioners? Van Scoyoc Associates Inc. does it by signing up a stable of smaller clients and working hard to retain them. Quinn Gillespie & Associates doesn't have a long client list, but it is at the top of the heap in terms of average fee per client. Greenberg Traurig, meanwhile, lured away a rival firm's top rainmaker-and his lucrative book of clients.
These are just some of the business strategies revealed in National Journal's survey of the 10 Washington lobbying firms with the highest fee income from January 1 to June 30. The four top firms at midyear 2001 are the same ones as a year earlier: perennial powerhouses Cassidy & Associates Inc.; Patton Boggs; Akin, Gump, Strauss, Hauer & Feld; and Verner, Liipfert, Bernhard, McPherson and Hand.
But two new players-boasting huge growth rates-are among the firms nipping at the heels of these top dogs.
Greenberg Traurig, which came in at No. 5 in National Journal's midyear 2001 rankings, had never before been in the top tier of Washington lobbying firms. According to PoliticalMoneyLine, which compiles a comprehensive annual list of all lobbying firms, Greenberg Traurig had the 35th-highest income during the first six months of last year.
And No. 7 in the midyear 2001 rankings is Quinn Gillespie, another first-time member of the top 10. Formed just a year and a half ago by former Clinton White House Counsel Jack Quinn and Ed Gillespie-a one-time adviser to House Majority Leader Dick Armey, R-Texas-the firm has seen its fortunes rocket upward. Quinn Gillespie was No. 13 in the first six months of 2000.
In between these two newcomers is Van Scoyoc Associates, ranked at No. 6. There has been a steady rise for Van Scoyoc, which was No. 28 in fee income at the end of 1996, the year in which the 1995 Lobbying Disclosure Act first took effect.
Rounding out the top 10 at midyear 2001 are stalwarts Williams & Jensen; Washington Council Ernst & Young; and Barbour Griffith & Rogers.
National Journal ranks the top-10 lobbying firms every six months by tallying the fees that firms report to the House and Senate as required under the 1995 legislation. National Journal tabulates total fees for only the 25 top firms in PoliticalMoneyLine's comprehensive annual survey.
With its $16.68 million in fees for the first six months of the year, Cassidy & Associates continued to blow away the competition. The last time any firm reported a six-month total larger than Cassidy's was during the first half of 1998, when Verner, Liipfert led the way. During the first six months of this year, Cassidy & Associates received a massive fee of $1 million from the Taiwan Studies Institute, a think tank with close ties to the Taiwanese government; Boeing Co. paid Cassidy & Associates $600,000; and Tiffany & Co. paid it $400,000 to lobby on legislation that would bar diamonds mined in conflict-ridden areas of the world from entering the global market.
Despite the economic downturn and the terrorist threat, lobbying goes on, company Chairman Gerald S.J. Cassidy said. "During difficult times, people come to Washington with their problems. During more-robust times, they come seeking opportunities."
But the biggest story at midyear was the rise of Greenberg Traurig. The firm, which posted just $1.71 million in lobbying fees during the first half of 2000, saw that amount more than quadruple to nearly $8.7 million this year. Much of the credit goes to Jack Abramoff, the conservative K Street mover and shaker who is an ally of House Majority Whip Tom DeLay, R-Texas. Last year, Abramoff left his old firm, Preston Gates Ellis & Rouvelas Meeds, and brought $3 million in business with him to Greenberg Traurig. Preston Gates, which was ranked in the top five during Abramoff's tenure, dropped out of National Journal's rankings this year. The lobbying firm's fees fell by nearly 50 percent.
Abramoff continued to make rain at Greenberg Traurig, billing $860,000 to the Mississippi Band of Choctaw Indians, $500,000 to the Commonwealth of the Northern Mariana Islands, and $300,000 to garment manufacturers that operate in that U.S. territory. A few new clients also forked over big bucks: the Coushatta Tribe of Louisiana ($440,000); Voor Huisen Project Management, a homebuilder with international operations ($300,000); and the American International Center ($100,000). Despite initial concerns among some Greenberg Traurig partners about whether Abramoff would fit in, Abramoff insists that his team of lobbyists has been "totally integrated" into the firm.
But Abramoff wasn't the only one responsible for Greenberg Traurig's higher earnings. Ronald W. Kleinman, a former State Department lawyer, persuaded Congress with the help of several Greenberg Traurig colleagues to pass Section 2002 of the 2000 Victims of Trafficking and Violence Protection Act. This section of the law ordered the Treasury Secretary to use Cuban government funds that are frozen in U.S. banks to compensate the families of three men who had won multimillion-dollar judgments against Cuba under a 1996 amendment to the Foreign Sovereignty Immunities Act. The amendment allows victims of terrorism or their families to sue states that are on the U.S. list of state sponsors of terrorism.
Greenberg Traurig represented the families of Armando Alejandre, Carlos Alberto Costa, and Mario M. de la Pena-three members of Brothers to the Rescue, a Cuban-American group that rescues Cubans in the waters off Florida. The three men died when their plane was shot down over international waters on February 24, 1996. The families sued Cuba and were awarded $96.7 million in damages by a U.S. District Court judge in 1997. The State Department opposed payment, but President Clinton signed the trafficking bill. Greenberg Traurig reported a fee of $4 million.
Fred W. Baggett, the chair of Greenberg Traurig's governmental practice group, said this was a one-time fee, but he added that the Cuban case "established a platform so that the firm can support undertaking those one-time efforts in the future," and noted, "We have a few coming down the pipeline."
Baggett said the firm has cases involving an American killed in Jerusalem by the Palestinian group Hamas, and Americans who were used as human shields in Iraq during the Persian Gulf War. None of the Americans was killed, and all were eventually released.
Taking the flip side of the mega-fee approach was Van Scoyoc Associates, which reported receiving no fee above $180,000. Nonetheless, the firm continued its steady rise. A key reason, said firm President H. Stewart Van Scoyoc, was the ability to recruit and retain clients. The firm signed up 34 clients between January 1 and June 30, while only nine out of 159 clients terminated contracts during the period.
"We work hard at defining the relationship with a client before we sign a contract," said Van Scoyoc. "We make sure we're clear on the goals and objectives, and in a typical relationship, we don't guarantee that we can do everything." The firm's $6.24 million total for the first half of 2001 was 23 percent higher than its fees for the same period last year.
Quinn Gillespie's ascent into the top 10 was more along the lines of Greenberg Traurig's. Quinn Gillespie's billings were almost $6.09 million at midyear 2001, a 71 percent rise over the same period last year. The firm has only 34 paying clients, but the average fee per client-$180,000-is the highest among the top 10. During the six months, the British Columbia Lumber Trade Council paid a fee of $540,000 to Quinn Gillespie, while Enron Corp. paid $525,000. The Canadian group hoped its high-powered lobbyists would win greater access for Canadian lumber in the United States, but U.S. tariffs were reinstated earlier this year. Lobbying for Enron focused on energy deregulation, particularly in California. Enron is a major creditor of Southern California Edison, the utility whose financial woes resulted in power shortages in California last summer.
Quinn Gillespie's staff has grown from nine at the time of the founding to nearly 30 today. "We like to think we have a toolbox here-people who may be Republicans or Democrats but who also have different skills that benefit the client," Quinn said.
Patton Boggs had fees of $10.26 million in the first six months of 2001, but that was just a 5 percent rise over the same period in 2000. Still, the firm leapfrogged over Verner, Liipfert to capture the No. 2 ranking. Patton Boggs earned $360,000 from Russia's government-owned NTV television network, which was at the center of a controversy earlier this year when the government took over the independent network and ousted its staff.
Akin, Gump also jumped past Verner, Liipfert to No. 3 in the rankings, posting $9.48 million in fees-a 16 percent increase over a year earlier. Akin, Gump's biggest client was the troubled tire manufacturer Bridgestone/Firestone Inc., which paid just over $1.5 million in fees. Akin, Gump also earned big money from AT&T ($800,000) and the Gila River Indian Community ($620,000).
At No. 4, Verner, Liipfert saw the biggest drop in fees, taking in $8.84 million in the first six months of 2001-down 16 percent from the same period in 2000. Verner, Liipfert lost lucrative contracts with Puerto Rico after the government there changed hands last year. (See this issue, p. 3273.)
Rounding out the top-10 rankings, Williams & Jensen at No. 8 billed $5.68 million, a 12 percent increase over the first half of 2000, while Washington Council Ernst & Young saw its fees drop 11 percent to $5.5 million. The firm fell four places to No. 9 in the rankings. Barbour Griffith & Rogers's fee income was up 7 percent to $5.48 million, putting the firm at No. 10.
Falling out of the midyear top-10 rankings were Preston Gates-No. 6 at midyear 2000-and PricewaterhouseCoopers, No. 7 last year. PricewaterhouseCoopers's billings were $5 million for the period, a 6 percent drop from the first half of 2000.

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

Oct. 19, 2001
Houston Chronicle
Houston entrepreneurs added to Texas Business Hall of Fame
By TOM FOWLER
Copyright 2001 Houston Chronicle
The Texas Business Hall of Fame's annual awards ceremony Thursday night honored four Houston business leaders.
The event at the George R. Brown Convention Center put the spotlight on Weingarten Realty Investors Chairman Stanford Alexander; Compaq Computer founder and former Chief Executive Officer Rod Canion; retired Reliant Energy Chairman and CEO Don Jordan; and Dynegy Chairman and CEO Chuck Watson.
This is the 19th year the nonprofit Texas Business Hall of Fame Foundation has honored the state's business leaders with a dinner and induction event.
As chairman of Weingarten Realty Investors, Stanford Alexander built the company into one of the nation's largest publicly traded real estate companies.
After serving in the U.S. Air Force, Alexander joined J. Weingarten, a Houston-based chain of 87 supermarkets. He later became an executive with Weingarten Markets Realty Co., an affiliated real estate firm that developed free-standing supermarket stores.
The firm later changed its name to Weingarten Realty. The Houston-based company is now publicly traded on the New York Stock Exchange.
Weingarten owns shopping centers, warehouses and other property in 17 states from coast to coast.
Weingarten's notable developments in Houston include the upscale Village Arcade near Rice University and the Centre at Post Oak, across from the Galleria.
Rod Canion came up with the idea behind Compaq in 1982 after a trip to a local ComputerLand store. Along with colleagues from Texas Instruments, Jim Harris and industrial designer Ted Papajohn, Canion envisioned a portable computer that ran all the programs that operated on the IBM PC.
By the next year, the company was producing the original Compaq luggable computer, a move that essentially created the modern PC industry. By 1987, its fifth year, the company made business history by breaking $1 billion in sales, the fastest pace ever for a corporate startup.
Canion left Compaq in October 1991 but continued to be active in other ventures. In 1992, he founded Insource Technology Group, a consulting services and network engineering firm, and continues to serve as chairman.
Don Jordan has been in the forefront of Houston business and society for decades. And even though he retired from the post of chairman and chief executive at Reliant Energy in late 1999, he has remained active in the city's growth and development.
Jordan was with Reliant and its predecessor Houston Industries for 44 years and helped position the company for its eventual split between the company's regulated businesses, such as HL&P and Entex, and unregulated business that is now called Reliant Resources.
Jordan, along with his corporate rival Ken Lay of Enron, was instrumental in the successful campaign last year to convince voters to approve the use of public funds to build a new arena downtown for the Houston Rockets.
Jordan has spent a lot of time on the Houston Livestock Show & Rodeo board and many other civic groups.
Chuck Watson has built Dynegy into one of Houston's leading energy companies, but he is more well-known for his forays into the world of sports.
Watson established NGC Corp., Dynegy's predecessor, in 1985 and served as president until becoming chairman and chief executive officer in 1989.
Recently Watson was revealed to be the largest investor in the limited partnership assembled to put together the Texans, Houston's National Football League franchise. It begins playing next year.
Watson also owns the Aeros, Houston's American Hockey League team.
Watson's support was also pivotal to getting voters last year to approve the use of public funds for the new downtown arena. Watson had opposed an earlier deal to use public money to build the facility.
Watson has also been a strong supporter of Houston's bid to land the 2012 Olympic Games.
To date, the foundation has awarded more than $1.8 million in scholarships to students pursuing business degree at Texas colleges and universities.

Recession, Budget Cuts, Travel Fears To Subdue LME Week
By Mark Long
Of DOW JONES NEWSWIRES

10/19/2001
Dow Jones Commodities Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- The many travails of the metals industry will dampen the spirits of those who make it to the annual round of meetings and parties at London Metal Exchange Week, which starts Monday.
In what is expected to be a much smaller group of delegates than usual, conversations will be dominated by fears of global recession smothering already-lousy demand, the increasingly pressing need for production cuts, and the exit of several important participants from the metals business.
Cuts in companies' travel budgets and fears of flying are keeping many of the usual attendees away from London this year, dealers and analysts said.
"Sentiment is going to be bearish, and we've just heard in the past few days of people who were previously going to come along not coming, largely on their companies' advice," said Adam Rowley, an analyst at MacQuarie Bank in London.
Indeed, a representative at another major bank said fully half of the guests expected at its satellite activities have canceled.
Forecasts for base metals demand and average prices have been widely revised downward in the past few weeks, particularly since the impact of the Sept. 11 terror attacks accelerated the world economic slowdown.
Just this week, Standard Bank ratcheted its expectations lower, with LME cash copper - a bellwether for the complex that's especially sensitive to industrial productivity - seen at $1,350 a metric ton in December 2001, down from an actual year-to-date average in 2001 of $1,619/ton.
Producers are reluctant to cut copper output, and declining Chinese imports and weak demand in the west mean there is still further downside potential for copper, Standard Bank analyst Robin Bhar said.
With demand for base metals slumping so sharply, eyes have been turning to the producers to make moves on the supply side.
In copper, analysts say U.S. producers are the most likely to cut back, as the recent strength in the dollar hits their bottom line the hardest. However, a recent slump in energy prices has kept the wolves from the door so far for some producers in an industry that's energy-intensive.
Elsewhere, zinc is suffering from a supply glut that recently pressured the LME three-month price to a 17-year low of $766 a metric ton.
The troubles of Australian zinc producer Pasminco Ltd. (A.PAS) will surely be a hot topic, following the company's move to voluntary administration due to its large debt load, dealers said.
But aside from all the market concerns, the most worrisome topic will likely be the recent succession of companies bailing out of or reducing their commitment to the metals business, market participants said.
In the past week, N.M. Rothschild & Sons Ltd. quit the base metals business and ScotiaMocatta - the metals trading arm of the Bank of Nova Scotia (T.BNS) - removed itself from open-outcry ring trade at the LME. Earlier this month, Enron Metals said it would cut staff by 10%-20% in Europe, and all these moves follow Mitsui Bussan Commodities Ltd. ditching its market-making activities in the metals business earlier this year.
Who's next?
"It could be anyone," is the refrain from nearly all market participants surveyed.
-By Mark Long, Dow Jones Newswires; +44 (0)20 7842 9356; mark.long@dowjones.com

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

HC to hear DPC's plea

10/19/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)

MUMBAI: The Bombay high court will, on December 11, begin hearing a petition filed by Enron-promoted Dhabol Power Company (DPC), challenging the jurisdiction of the Maharashtra Electricity Regulatory Commission (MERC) to adjudicate the US-based multinational's dispute with Maharashtra State Electricity Board (MSEB).
A division bench headed by Justice Ajit Shah decided to hear the matter at a stretch for a week beginning from December 11. The court permitted MERC members P. Subrahmanyam and Venkat Chary to be impleaded as respondents. They have been asked to file affidavits by November 9.
The multinational power giant had levelled certain allegations of bias against an MERC member Jayant Deo. Mr Deo urged the court that he would like to recluse himself from the proceedings.
DPC was allowed to amend its main petition in view of the allegations levelled against Mr Deo and were asked to amend it within week.
In his affidavit replying to allegations of bias by the DPC, Mr Deo said he was neutral in his stand as a MERC member.
The court has made it clear that when the hearing in the case commences, two intervening parties, US Exim Bank and a consortium of 11 offshore lenders of DPC would not be allowed to make any pleadings. The court, however, said they would be permitted to assist the court by making oral submissions.

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


BUSINESS HIGHLIGHTS

Weather Group

Let,s give a big round of applause to the Weather Team!  Environmental
Finance Magazine ranked the weather group #1 in Online Services and #1 Dealer
in the United States and Europe.  Gary Taylor, manager in weather trading,
comments, "The "Best Dealer" award reflects our counterparties' appreciation
for the significant effort we have made to drive the growth of our market by
making two-sided markets where other companies are only willing to quote
either a bid or an offer.  This award also reflects the innovative nature of
everyone on our desk, and their ability to price non-standard structures for
our customers.  It is truly a team award.  The "Best Online Dealer" award is
simply another testament to the unparalleled success of EnronOnline.  By
providing tight, two-way markets online, we have provided two critical
elements to generate growth in our market: 1) an element of price discovery,
and 2) a quick and easy way to transact."

The Weather Risk Management group launched a new product this week:  Power
Demand swaps.  These contracts use power demand as an index and allow power
market participants (generators, btu distributors, marketers, etc...) to
mitigate volumetric exposures.  The first contract the desk offered is for
the PJM power pool.  On EnronOnline, weekly swaps are available and the desk
has placed option contracts on this index in the broker market.  Inquiries
regarding this product should be directed to Claudio Ribeiro (product
manager) x37313, Gary Taylor x31511, or Valter Stoiani x36906.

Competitive Analysis and Business Controls
eSource, Enron's premier corporate-wide research group, launched their new
intranet product, eSearch, on December 1, 2000.  eSource's team of
specialized researchers have created a web site to bring information and
research to every employee's desktop.  The eSearch web site offers many links
to information resources, access to research databases, specialized searches,
sites to purchase books, articles, and reports, and training.  Employees can
use the web site to conduct their own research or as a vehicle to submit
research requests.  eSource's researchers and industry specialists are
available to all Enron business units to provide timely and cost efficient
research, to work with individuals or groups to fulfill one time research
requests, or to design ongoing, customized monitoring projects or news
updates.

Enron Global Markets Fundamentals
EGM Fundamentals is quickly building a team of expert analysts and associates
to work directly with traders and marketers.  The team is already busy
analyzing various commodities and market situations.  For example, an
initiative is underway to analyze current negative fractionation spreads in
the market resulting from rising natural gas prices.  Web sites to host this
analytical information are currently in development for all EGM commodities.
These sites will provide research and analysis, weather, publications, and
any other information that will assist in decision-making or identification
of potential commercial opportunities.  For questions or requests regarding
fundamental research, contact Jennifer Fraser at x34759.  For questions or
suggestions regarding the web sites, contact Heather Purcell at x54057.

Austin Energy
Austin Energy and Enron Sandhill, L.L.C, a subsidiary of Enron North America
broke ground November 29, 2000 for the construction of the Sand Hill Energy
Center, a 180-megawatt peaking electrical generation facility.  Located in
eastern Travis County, the Sand Hill Energy Center will be a natural gas
fired facility that will operate primarily during peak demand periods.  The
$93.7 million project will feature four 45-megawatt General Electric gas
turbines and will be operational May 1, 2001.

NEWS FROM THE GLOBALFLASH

Coal
The London dry cargo seafreight team traded 1 million metric tonne of
Capesize vessel swaps via EOL in one day, (Wednesday 28th November). The deal
was created by combining OTC options and a physically related cash market
deal.  This helps to bring our YTD EOL to just under 2.5 mln tonne.

Off-shore wind energy deal
Enron Wind has signed a power purchase agreement with Swedish energy company
Graninge.  According to the agreement, Graninge will deliver electricity to
consumers using Enron's wind power plants in southern Sweden.  Enron Wind's
Utgrunden off-shore wind park, completed this year, will generate in the
region of 38,000 megawatt hours of electricity, or enough for around 6,000
average homes between the mainland and the island of Oland on the southeast
tip of Sweden.  In an announcement this week, Graninge stated that it plans
to market the power to consumers as 'green' energy.

Happy 1st Birthday EnronOnline!
This week saw EnronOnline celebrate its first birthday.  During the course of
its first year, EnronOnline has passed a number of milestones including the
addition of a range of new functionalities for customers on the site.
EnronOnline has now come of age, having surpassed the $274 billion mark in
notional value in November.  This represents a total of 478,695 transactions
since the site was launched on 29 November 1999.

The first anniversary was marked by giving the media guest access to
EnronOnline in Europe.  A team from Reuters was invited into Enron House to
receive a full demonstration of EnronOnline and as of today will be able to
quote in reports live prices from EnronOnline.  Other media outlets are being
invited to obtain guest access during the coming weeks as the word of
EnronOnline's success continues to spread...

Australia
Enron Australia continues to assist in the region in a supportive role.
Elliott Katz worked on the GEM migration in Singapore last week with an IT
team from London, Oslo and Singapore.  Approximately 40 users, including
Traders, were migrated to Windows 2000 and the CORP domain.  This is an
important step for the Asia Pacific region, as it brings the three biggest
offices (Singapore, Sydney and Tokyo) into line with corporate standards for
desktop computing.

Japan
E-Power, a JV between Enron and Japanese finance company Orix, has announced
proposals for a 2000MW gas-fired power plant at Mutsu-Ogawara, an industrial
area  in northern Japan.   A feasibility study will be undertaken to define
how the project will go forward and this may include the development of an
LNG terminal in the vicinity.  The nature of the permitting process is such
that the plant would not begin operations for six to seven years.  This
project is just one of several options that E-Power are working on in Japan.

NUGGETS & NOTES

&Go Big or Go Home8 ) Mike McConnell/President & CEO-EGM

"Call Back" - Don Schroeder, VP/Crude Trading-EGM

REMINDER

Holiday Party
Enron North America, Global Markets and Industrial Markets
Enron Field
Saturday, December 9
7:00 - Midnight

WELCOME
New Hires ENA/EIM/EGM
ENA ) Joseph Taylor, Jennifer Rosado, Rabi De, Louis Dicarlo, Scott Churbock,
Kenneth Parkhill, Nicholas Ernst, Dirk Dimitry, Stephanie Taylor, Dimitri
Tagaropulos, Georgia Blanchard, Jona Kimbrough, Jeffrey Baldwin, Patricia
English, Jaesoo Lew, Cheryl Nelson, Gina Abbott, Ryan Keith, Brian Dawson
EGM )Ellen Alexander, Mike Perun

Transfers to ENA/EIM/EGM
ENA ) Gregory Golden
EGM ) Keynan Dutton

FROM THE EDITORS

Thank you to all the contributors to this week's EnTouch.  We want to hear
from the various departments within Enron Americas, Global Markets and
Industrial Markets!  Please continue to send your business highlights,
nuggets & notes or suggestions to Michelle Vitrella or Kathie Grabstald.

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.


ENRON ROCKS!

From: Office of the Chairman on 10/05/2000 07:55 AM
To: ClickatHome mailout
cc:
Subject: A Computer and Internet Connection for You and Your Family

As you know, technology is critical to Enron; it drives our success and will
continue to do so in the future. Technology has helped Enron create new
businesses like Enron Broadband Services and Enron Net Works, and it is
responsible for applications such as EnronOnline and EnronCredit.com.  You,ve
seen what technology can do at work.  Now we want you and your family to
realize its benefits at home.

With that in mind, we are excited to let you know that we are introducing the
ClickAtHome
program, which will give each employee a computer for use at home. Where
technology permits, we will also subsidize an Internet connection. With the
click of a mouse, a home computer plus Internet access will put a world of
Internet knowledge at your family,s fingertips.

We have just signed an agreement with Dell Computer Corporation to provide
the computer hardware. We wanted to let you know about the program now in
case you and your family were considering the purchase or upgrade of a home
computer or Internet connection in the next few months. The scope of
ClickAtHome includes the following:

? Basic package: Dell desktop computer with a high-speed processor, floppy
disk drive, mouse, speakers, monitor, modem, CD-ROM drive and Windows 2000
software. Employees will have the option to receive a subsidized Internet
connection, including broadband, where commercially available.
? Participation: This program will be available to active regular full-time
and regular part-time employees of Enron and its wholly owned subsidiaries;
however, employees of some Enron companies (Portland General Electric, EOTT,
Enron Facility Services) may not be able to participate due to legal,
accounting, tax, labor or business reasons.  Eligibility includes being
employed at the time of implementation.
? Timing: U.S. employee sign-up will begin in early 2001, with delivery of
the equipment and Internet connection to follow shortly thereafter.  Delivery
of equipment to participating non-U.S. employees is targeted for late 2001.

Details about this program are still being finalized.  To address some of
your initial questions, we,ve posted a question-and-answer document on
http://clickathome.enron.com.  We will schedule an eSpeak session in the near
future where you will have an opportunity to ask questions. Or, you can
submit your questions and comments to ClickAtHome@enron.com.

We are excited to extend our investment in technology to you and your
family.  We believe this program takes communication at Enron to a new level
by creating endless possibilities for you to experience and participate in
the broadband Internet revolution. It is just another reason why we believe
Enron is a great place to work.


---------------------- Forwarded by Mike A Roberts/HOU/ECT on 08/09/2000
03:18 PM ---------------------------

Nathan Mantua <mantua@atmos.washington.edu> on 08/09/2000 03:10:00 PM
To: undisclosed-recipients:;
cc:  (bcc: Mike A Roberts/HOU/ECT)
Subject: pdo index update

PDO index values are now updated through
July 2000. Note that the January and February 2000 values have changed
a bit from the last update, and this is due to changes in the
Reynolds Optimally Interpolated SST data from which this PDO
index is calculated.

My next update will be in November.

YEAR   JAN    FEB    MAR    APR    MAY    JUN    JUL
2000     -1.99   -0.82    0.29       0.35    -0.05    -0.43  -0.66

the full data series is available via the web at url:

ftp://ftp.atmos.washington.edu/mantua/pnw_impacts/INDICES/PDO.latest

best wishes,
Nate Mantua

PDO INDEX

Updated standardized values for the PDO index, derived as the
leading PC of monthly SST anomalies in the North Pacific Ocean,
poleward of 20N. The monthly mean global average SST anomalies
are removed to separate this pattern of variability from any
"global warming" signal that may be present in the data.

For more details, see:

 Zhang, Y., J.M. Wallace, D.S. Battisti, 1997:
     ENSO-like interdecadal variability: 1900-93. J. Climate, 10, 1004-1020.

 Mantua, N.J. and S.R. Hare, Y. Zhang, J.M. Wallace, and R.C. Francis,1997:
     A Pacific interdecadal climate oscillation with impacts on salmon
     production. Bulletin of the American Meteorological Society, 78,
     pp. 1069-1079.
     (available via the internet at url:
         http://www.atmos.washington.edu/~mantua/abst.PDO.html)

Data sources for this index are:
 UKMO Historical SST data set for 1900-81;
 Reynold's Optimally Interpolated SST for January 1982-latest

missing value flag is -9999

YEAR     JAN    FEB    MAR    APR    MAY    JUN    JUL    AUG    SEP
OCT    NOV    DEC

1900     0.04   1.32   0.49   0.35   0.77   0.65   0.95   0.14  -0.24   0.23
-0.44   1.19
1901     0.79  -0.12   0.35   0.61  -0.42  -0.05  -0.60  -1.20  -0.33   0.16
-0.60  -0.14
1902     0.82   1.58   0.48   1.37   1.09   0.52   1.58   1.57   0.44   0.70
 0.16  -1.10
1903     0.86  -0.24  -0.22  -0.50   0.43   0.23   0.40   1.01  -0.24
0.18   0.08  -0.03
1904     0.63  -0.91  -0.71  -0.07  -0.22  -1.53  -1.58  -0.64   0.06
0.43   1.45   0.06
1905     0.73   0.91   1.31   1.59  -0.07   0.69   0.85   1.26  -0.03
-0.15   1.11  -0.50
1906     0.92   1.18   0.83   0.74   0.44   1.24   0.09  -0.53  -0.31
0.08   1.69  -0.54
1907    -0.30  -0.32  -0.19  -0.16   0.16   0.57   0.63  -0.96  -0.23
0.84   0.66   0.72
1908     1.36   1.02   0.67   0.23   0.23   0.41   0.60  -1.04  -0.16
-0.41   0.47   1.16
1909     0.23   1.01   0.54   0.24  -0.39  -0.64  -0.39  -0.68  -0.89  -0.02
-0.40  -0.01
1910    -0.25  -0.70   0.18  -0.37  -0.06  -0.28   0.03  -0.06   0.40
-0.66   0.02   0.84
1911    -1.11   0.00  -0.78  -0.73   0.17   0.02   0.48   0.43   0.29   0.20
-0.86   0.01
1912    -1.72  -0.23  -0.04  -0.38  -0.02   0.77   1.07  -0.84   0.94
0.56   0.74   0.98
1913    -0.03   0.34   0.06  -0.92   0.66   1.43   1.06   1.29   0.73
0.62   0.75   0.90
1914     0.34  -0.29   0.08   1.20   0.11   0.11  -0.21   0.11  -0.34
-0.11   0.03   0.89
1915    -0.41   0.14  -1.22   1.40   0.32   0.99   1.07   0.27  -0.05  -0.43
-0.12   0.17
1916    -0.64  -0.19  -0.11   0.35   0.42  -0.82  -0.78  -0.73  -0.77  -0.22
-0.68  -1.94
1917    -0.79  -0.84  -0.71  -0.34   0.82  -0.03   0.10  -0.22  -0.40  -1.75
-0.34  -0.60
1918    -1.13  -0.66  -1.15  -0.32  -0.33   0.07   0.98  -0.31  -0.59
0.61   0.34   0.86
1919    -1.07   1.31  -0.50   0.08   0.17  -0.71  -0.47   0.38   0.06  -0.42
-0.80   0.76
1920    -1.18   0.06  -0.78  -1.29  -0.97  -1.30  -0.90  -2.21  -1.28  -1.06
-0.26   0.29
1921    -0.66  -0.61  -0.01  -0.93  -0.42   0.40  -0.58  -0.69  -0.78
-0.23   1.92   1.42
1922     1.05  -0.85   0.08   0.43  -0.19  -1.04  -0.82  -0.93  -0.81   0.84
-0.60   0.48
1923     0.75  -0.04   0.49   0.99  -0.20   0.68   1.16   0.84  -0.24
1.10   0.62  -0.36
1924     1.29   0.73   1.13  -0.02   0.36   0.75  -0.55  -0.67  -0.48
-1.25   0.24   0.11
1925    -0.05  -0.14   0.20   0.86   0.79  -1.08  -0.06  -0.86   0.52
0.04   0.88   1.19
1926     0.30   0.98  -0.50   2.10   1.43   2.03   1.05   1.64   1.18
1.65   1.00   1.06
1927     1.07   1.73   0.15  -0.18   0.30   0.69  -0.31  -0.73  -0.41  -0.62
-0.07   0.07
1928     0.96   0.79   0.52   0.81   0.66   0.15   0.30  -0.72  -1.41
-1.31   0.14   0.98
1929     0.97   0.52   0.50   0.55   1.07   0.50  -0.06  -0.69   0.45
-0.21   1.24  -0.03
1930     0.97  -1.06  -0.43  -0.70   0.06   0.58  -0.45  -0.53  -0.20  -0.38
-0.31   1.20
1931     0.08   1.56   1.13   1.28   1.66   0.39   1.49   0.02  -0.01
-0.17   0.34   1.09
1932    -0.26  -0.58   0.51   1.15   0.64   0.10  -0.12  -0.14  -0.40  -0.29
-0.88   0.02
1933     0.29   0.02   0.15  -0.05  -0.50  -0.68  -1.81  -1.56  -2.28
-1.19   0.55  -1.10
1934     0.17   0.68   1.34   1.63   1.23   0.51   0.44   1.54   1.25
2.10   1.63   1.67
1935     1.01   0.79  -0.11   1.10   0.99   1.39   0.68   0.63   0.98
0.21   0.13   1.78
1936     1.79   1.75   1.36   1.32   1.83   2.37   2.57   1.71   0.04
2.10   2.65   1.28
1937     0.00  -0.49   0.38   0.20   0.53   1.75   0.11  -0.35   0.63   0.76
-0.18   0.55
1938     0.50   0.02   0.24   0.27  -0.25  -0.20  -0.21  -0.45  -0.01
0.07   0.48   1.40
1939     1.36   0.07  -0.39   0.45   0.98   1.04  -0.21  -0.74  -1.10  -1.31
-0.88   1.51
1940     2.03   1.74   1.89   2.37   2.32   2.43   2.12   1.40   1.10
1.19   0.68   1.96
1941     2.14   2.07   2.41   1.89   2.25   3.01   2.33   3.31   1.99
1.22   0.40   0.91
1942     1.01   0.79   0.29   0.79   0.84   1.19   0.12   0.44   0.68   0.54
-0.10  -1.00
1943    -0.18   0.02   0.26   1.08   0.43   0.68  -0.36  -0.90  -0.49
-0.04   0.29   0.58
1944     0.18   0.17   0.08   0.72  -0.35  -0.98  -0.40  -0.51  -0.56
-0.40   0.33   0.20
1945    -1.02   0.72  -0.42  -0.40  -0.07   0.56   1.02   0.18  -0.27   0.10
-1.94  -0.74
1946    -0.91  -0.32  -0.41  -0.78   0.50  -0.86  -0.84  -0.36  -0.22  -0.36
-1.48  -0.96
1947    -0.73  -0.29   1.17   0.70   0.37   1.36   0.16   0.30   0.58   0.85
-0.14   1.67
1948    -0.11  -0.74  -0.03  -1.33  -0.23   0.08  -0.92  -1.56  -1.74  -1.32
-0.89  -1.70
1949    -2.01  -3.60  -1.00  -0.53  -1.07  -0.70  -0.56  -1.30  -0.93  -1.41
-0.83  -0.80
1950    -2.13  -2.91  -1.13  -1.20  -2.23  -1.77  -2.93  -0.70  -2.14  -1.36
-2.46  -0.76
1951    -1.54  -1.06  -1.90  -0.36  -0.25  -1.09   0.70  -1.37  -0.08  -0.32
-0.28  -1.68
1952    -2.01  -0.46  -0.63  -1.05  -1.00  -1.43  -1.25  -0.60  -0.89  -0.35
-0.76   0.04
1953    -0.57  -0.07  -1.12   0.05   0.43   0.29   0.74   0.05  -0.63  -1.09
-0.03   0.07
1954    -1.32  -1.61  -0.52  -1.33   0.01   0.97   0.43   0.08  -0.94
0.52   0.72  -0.50
1955     0.20  -1.52  -1.26  -1.97  -1.21  -2.44  -2.35  -2.25  -1.95  -2.80
-3.08  -2.75
1956    -2.48  -2.74  -2.56  -2.17  -1.41  -1.70  -1.03  -1.16  -0.71  -2.30
-2.11  -1.28
1957    -1.82  -0.68   0.03  -0.58   0.57   1.76   0.72   0.51   1.59   1.50
-0.32  -0.55
1958     0.25   0.62   0.25   1.06   1.28   1.33   0.89   1.06   0.29   0.01
-0.18   0.86
1959     0.69  -0.43  -0.95  -0.02   0.23   0.44  -0.50  -0.62  -0.85
0.52   1.11   0.06
1960     0.30   0.52  -0.21   0.09   0.91   0.64  -0.27  -0.38  -0.94   0.09
-0.23   0.17
1961     1.18   0.43   0.09   0.34  -0.06  -0.61  -1.22  -1.13  -2.01  -2.28
-1.85  -2.69
1962    -1.29  -1.15  -1.42  -0.80  -1.22  -1.62  -1.46  -0.48  -1.58  -1.55
-0.37  -0.96
1963    -0.33  -0.16  -0.54  -0.41  -0.65  -0.88  -1.00  -1.03   0.45  -0.52
-2.08  -1.08
1964     0.01  -0.21  -0.87  -1.03  -1.91  -0.32  -0.51  -1.03  -0.68  -0.37
-0.80  -1.52
1965    -1.24  -1.16   0.04   0.62  -0.66  -0.80  -0.47   0.20   0.59  -0.36
-0.59   0.06
1966    -0.82  -0.03  -1.29   0.06  -0.53   0.16   0.26  -0.35  -0.33  -1.17
-1.15  -0.32
1967    -0.20  -0.18  -1.20  -0.89  -1.24  -1.16  -0.89  -1.24  -0.72  -0.64
-0.05  -0.40
1968    -0.95  -0.40  -0.31  -1.03  -0.53  -0.35   0.53   0.19   0.06  -0.34
-0.44  -1.27
1969    -1.26  -0.95  -0.50  -0.44  -0.20   0.89   0.10  -0.81  -0.66
1.12   0.15   1.38
1970     0.61   0.43   1.33   0.43  -0.49   0.06  -0.68  -1.63  -1.67  -1.39
-0.80  -0.97
1971    -1.90  -1.74  -1.68  -1.59  -1.55  -1.55  -2.20  -0.15   0.21  -0.22
-1.25  -1.87
1972    -1.99  -1.83  -2.09  -1.65  -1.57  -1.87  -0.83   0.25   0.17
0.11   0.57  -0.33
1973    -0.46  -0.61  -0.50  -0.69  -0.76  -0.97  -0.57  -1.14  -0.51  -0.87
-1.81  -0.76
1974    -1.22  -1.65  -0.90  -0.52  -0.28  -0.31  -0.08   0.27   0.44
-0.10   0.43  -0.12
1975    -0.84  -0.71  -0.51  -1.30  -1.02  -1.16  -0.40  -1.07  -1.23  -1.29
-2.08  -1.61
1976    -1.14  -1.85  -0.96  -0.89  -0.68  -0.67   0.61   1.28   0.82
1.11   1.25   1.22
1977     1.65   1.11   0.72   0.30   0.31   0.42   0.19   0.64  -0.55  -0.61
-0.72  -0.69
1978     0.34   1.45   1.34   1.29   0.90   0.15  -1.24  -0.56  -0.44   0.10
-0.07  -0.43
1979    -0.58  -1.33   0.30   0.89   1.09   0.17   0.84   0.52   1.00
1.06   0.48  -0.42
1980    -0.11   1.32   1.09   1.49   1.20  -0.22   0.23   0.51   0.10
1.35   0.37  -0.10
1981     0.59   1.46   0.99   1.45   1.75   1.69   0.84   0.18   0.42
0.18   0.80   0.67
1982     0.34   0.20   0.19  -0.19  -0.58  -0.78   0.58   0.39   0.84   0.37
-0.25   0.26
1983     0.56   1.14   2.11   1.87   1.80   2.36   3.51   1.85   0.91
0.96   1.02   1.69
1984     1.50   1.21   1.77   1.52   1.30   0.18  -0.18  -0.03   0.67
0.58   0.71   0.82
1985     1.27   0.94   0.57   0.19   0.00   0.18   1.07   0.81   0.44   0.29
-0.75   0.38
1986     1.12   1.61   2.18   1.55   1.16   0.89   1.38   0.22   0.22
1.00   1.77   1.77
1987     1.88   1.75   2.10   2.16   1.85   0.73   2.01   2.83   2.44
1.36   1.47   1.27
1988     0.93   1.24   1.42   0.94   1.20   0.74   0.64   0.19  -0.37  -0.10
-0.02  -0.43
1989    -0.95  -1.02  -0.83  -0.32   0.47   0.36   0.83   0.09   0.05  -0.12
-0.50  -0.21
1990    -0.30  -0.65  -0.62   0.27   0.44   0.44   0.27   0.11   0.38  -0.69
-1.69  -2.23
1991    -2.02  -1.19  -0.74  -1.01  -0.51  -1.47  -0.10   0.36   0.65
0.49   0.42   0.09
1992     0.05   0.31   0.67   0.75   1.54   1.26   1.90   1.44   0.83
0.93   0.93   0.53
1993     0.05   0.19   0.76   1.21   2.13   2.34   2.35   2.69   1.56
1.41   1.24   1.07
1994     1.21   0.59   0.80   1.05   1.23   0.46   0.06  -0.79  -1.36  -1.32
-1.96  -1.79
1995    -0.49   0.46   0.75   0.83   1.46   1.27   1.71   0.21   1.16   0.47
-0.28   0.16
1996     0.59   0.75   1.01   1.46   2.18   1.10   0.77  -0.14   0.24
-0.33   0.09  -0.03
1997     0.23   0.28   0.65   1.05   1.83   2.76   2.35   2.79   2.19
1.61   1.12   0.67
1998     0.83   1.56   2.01   1.27   0.70   0.40  -0.04  -0.22  -1.21  -1.39
-0.52  -0.44
1999    -0.32  -0.66  -0.33  -0.41  -0.68  -1.30  -0.66  -0.96  -1.53  -2.23
-2.05  -1.63
2000*   -1.99  -0.82   0.29   0.35  -0.05  -0.43  -0.66   -999   -999
-999   -999   -999

* note that monthly values in the last year of the data
set are subject to minor changes due to updated values
in the Reynold's Optimally Interpolated SST data used
in creating this index.

URL: ftp://ftp.atmos.washington.edu/mantua/pnw_impacts/INDICES/PDO.latest

If you have any questions about this time series, contact
Nathan Mantua at: mantua@atmos.washington.edu

 - pdo_latest.gif


Mark, here are some words on how it works

tks

 -----Original Message-----
From:  Duggan, Caroline
Sent: 25 May 2001 16:22
To: Quick, Robert; Aziz, Arfan
Subject: Re: Worldscale Pricing

FYI on worldscale pricing

----- Forwarded by Caroline Duggan/LON/ECT on 25/05/2001 16:26 -----

	Scott Moncrieff 11/10/2000 16:41 	  To: Anna Gardiner/LON/ECT@ECT  cc:
Caroline Duggan/LON/ECT@ECT, Robert Quick/LON/ECT@ECT  Subject: Re:
Worldscale Pricing

e.g.
somebody buys the spread at worldscale 210 for november. they buy 16
contracts (5000 mts each)
to emulate a 80,000 voyage cross north sea.
(the current market say is 200 / 210)

the spot market goes through the roof, and the average for november ends up
to be 220

settlement is 5000 x 16 = 80,000 mts x 3.50 x 220% minus 80,000 mts x 3.50 x
210%
   = $616,000 -  $588,000  = $28,000 settlement figure.

so the worldscale 'spot' rate is a percentage of the flat rate (3.50) for the
voyage in question
i.e. the spot market at the moment is worldscale 205 which means the
equivalent $/pmt rate is 3.50 x 205% = $7.175

Anna Gardiner
11/10/2000 16:23
To: Scott Moncrieff/LON/ECT@ECT
cc: Caroline Duggan/LON/ECT@ECT

Subject: Worldscale Pricing

Scott

Could you let me know in writing you the full calculation for reaching your
current dollar price that you are offering on EOL.  I understand that you are
basing it from your flat rate price of 3.50.  I would also like to know if
the worldscale rate is always a set percentage of the USD rate or does it
ever fluctuate?

Thanks

Anna


Linda-- Please check with Stuart Kusin at Susman whether we agreed to return
this material. Otherwise tell Kevin to archive it.
----- Forwarded by Richard B Sanders/HOU/ECT on 08/05/2000 02:58 PM -----

	Kevin Hyatt@ENRON
	08/02/2000 10:00 AM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc: Terrellyn Parker/HOU/ECT
		 Subject: Fort James documents

Richard, I still have approximately 10-12 boxes of supporting documentation
accumulated over the life of the FJ Energy Alliance.  Should we send these to
archives, destroy, or back to FJ?

thanks
Kevin Hyatt
x35559


Frank,

I assume you want to take advantage of this opportunity.
Please, confirm.

I shall notify Andreas.

Vince

	Enron North America Corp.

	From:  Frank Hayden @ ENRON                           12/14/2000 09:55 AM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: GARP 2001 Convention

thanks,
Frank

Vince J Kaminski@ECT
12/14/2000 09:45 AM
To: Frank Hayden/Corp/Enron@Enron
cc: Vince J Kaminski/HOU/ECT@ECT

Subject: Re: GARP 2001 Convention

Frank,

Does this help?  Please, let me know.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/14/2000
09:44 AM ---------------------------

"Andreas Simou" <andreas.simou@garp.com> on 12/13/2000 04:51:51 AM
To: <Vince.J.Kaminski@enron.com>
cc:
Subject: Re: GARP 2001 Convention

Dear Vince

Thank you for your recent enquiry concerning a complimentary pass to the
two-day GARP Convention. Unfortunately, it is not GARP's policy to allow
this for a number of reasons: GARP is a not-for-profit organisation, will
much lower delegate fees (and still the same overheads) than other
conference organizers. GARP's mission is to allow an educational forum for
furtherance of financial risk management and an opportunity to allow
networking and contact time between financial risk professionals. However,
in an attempt to remain at ease with my speakers, I would like to offer a
50% discount off the delegate fee for one of you colleagues in Enron. This
will be for the two-day Convention and will include the Gala Awards Evening
on 13th February, which had over three financial and risk professionals at
GARP 2000.

I trust that this is satisfactory. If you would like to take advantage of
this, please fax a completed registration form, along with a brief covering
note referring to this e-mail, and I will ensure that our administration
depart handle the relevant paper work. If you have any questions please do
not hesitate to contact me.

I look forward to your response and to meeting you in New York in February
(and receiving a copy of your presentation in a few days).

Kind regards

Andreas

----- Original Message -----
From: <Vince.J.Kaminski@enron.com>
To: <andreas.simou@garp.com>
Cc: <Vince.J.Kaminski@enron.com>
Sent: Tuesday, December 12, 2000 8:50 PM
Subject: Re: GARP 2001 Convention

Andreas,

Am I entitled to bringing one delegate as a guest, free of charge?
Some conferences offer such privileges.

Vince

"Andreas Simou" <andreas.simou@garp.com> on 12/04/2000 06:31:37 AM

To:   <Undisclosed-Recipient:@mailman.enron.com;>
cc:
Subject:  GARP 2001 Convention

Dear GARP 2001 Speaker

This is just a quick note to keep you up-to-date  with developments at the
GARP 2001 Convention, which will be  held in New York between 12th and 15th
February, 2001.

Thus far, GARP 2001 looks set to far exceed our  expectations and GARP
2000. There has been a great deal of interest in the 2001  Convention.
Delegate bookings have been much higher than this time last year. As  a
result, we are set to far exceed the number of delegates that attention
earlier this year. The three workshops and the one-day Asset Management
Forum  are also very well received and will probably reach full capacity. I
will of  course provide you with much fuller details closer to the time of
the  event.

Regarding the event itself, I would like a few  outstanding issues:

1. Presentations: can you please  e-mail your presentation to me by 15th
December, so that I have  enough time to reproduce them and place them in a
delegate pack for the  Convention. (Given the break of the Christmas and
New York period, and that the  event is being held in New York, I am sure
you can appreciate that there are  certain logistical factors that need to
be taken into account, hence the reason  why the presentations are required
as soon as possible). This is purely for  reproduction, we also request you
bring your presentation to the Convention  on the day in either a floppy
disc or a laptop.

2. Audio-Visual Requirements: can  you please inform me of what
audio-visual requirements you may have (35mm  slides; OHP; LCD projection -
notably PowerPoint).

3. Check list: I have attached a  check list for your information. If you
have not returned this already, can you  please read and fax it to my
colleague, Claire as soon as possible.

If you have any questions or queries, please do not  hesitate to contact
me, otherwise I eagerly await your response in due  course.

I look forward to seeing you in New York in  February.

Kind regards

Andreas

_____________________________
Andreas  Simou
GARP 2001 - Conference Producer
Tel +44 (0) 20 7626  9301
Fax +44 (0) 20 7626 9900

Don't miss the GARP 2001 Convention,
program  details via our web site
www.garp.com
(See attached file: speaker checklist.doc)


Yes I can.

From: Sheila Tweed@ECT on 07/12/2000 02:05 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Enron Kendall Assessment Agreement--Can you fit this in?

----- Forwarded by Sheila Tweed/HOU/ECT on 07/12/2000 02:05 PM -----

	Stuart Zisman
	07/12/2000 01:11 PM

		 To: Sheila Tweed/HOU/ECT@ECT
		 cc:
		 Subject: Enron Kendall Assessment Agreement

Sheila,

Is there someone else that could take the Illinois development over?  I am
dying.

Stuart

----- Forwarded by Stuart Zisman/HOU/ECT on 07/12/2000 01:10 PM -----

	"Gershon, Mark A. - CHI" <Mark.Gershon@piperrudnick.com>
	07/12/2000 12:49 PM

		 To: "Fred J. Mitro (E-mail)" <fred.mitro@enron.com>, "Warren Schick
(E-mail)" <wschick@enron.com>, "Robert Tilotta (E-mail)" <rtilott@enron.com>
		 cc: "Stuart R. Zisman (E-mail)" <stuart.zisman@enron.com>, "John Badeusz
(E-mail)" <j.badeus@pecorp.com>, "Arnold, Jeffrey S. - CHI"
<Jeffrey.Arnold@piperrudnick.com>, "Townsend, Christopher J. - CHI"
<chris.townsend@piperrudnick.com>, "Way, Karen S. - CHI"
<karen.way@piperrudnick.com>, "Novak, Theodore J. - CHI"
<Theodore.Novak@piperrudnick.com>, "Shindler, Donald A. - CHI"
<Donald.Shindler@piperrudnick.com>
		 Subject: Enron Kendall Assessment Agreement

As a follow up to our discussions this morning, attached is a revised draft
of the assessment agreement which we will be sending to Kendall County this
afternoon.

Mark A. Gershon
Piper Marbury Rudnick & Wolfe
Phone: (312) 368-2127
Fax: (312) 630-5338
Mark.Gershon@PiperRudnick.com <<2VRM5RED.WPD>>

____________________________________________________________________________
The e-mail address and domain name of the sender changed on November 1,
1999.  Please update your records.

The information contained in this communication may be confidential, is
intended only for the use of the recipient named above, and may be legally
privileged.  If the reader of this message is not the intended recipient, you
are hereby notified that any dissemination, distribution, or copying of this
communication, or any of its contents, is strictly prohibited. If you have
received this communication in error, please re-send this communication to
the sender and delete the original message and any copy of it from your
computer system.
Thank you.

For more information about Piper Marbury Rudnick & Wolfe, please visit us at
http://www.piperrudnick.com/
____________________________________________________________________________

 - 2VRM5RED.WPD


Hey Anita, I changed the price and attached is my calculation.  Your rates
are close enough as far as I'm concerned though.

---------------------- Forwarded by Chris Germany/HOU/ECT on 04/11/2000 08:13
AM ---------------------------

achin@colcnr.com on 04/11/2000 07:48:51 AM
To: chris.germany@enron.com
cc:
Subject: Cook School Road and Nora Rates

I came up with $2.60218 on Cook School Road for March and $2.93210 for April
(using new fuel rate).  Maybe I'm calculating it wrong!  Tell me how you
calculated it.

For Nora I got the same rate you did $2.11


This warning is sent automatically to inform you that your mailbox is approaching the maximum size limit.
Your mailbox size is currently 75282 KB.

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	When your mailbox reaches 75000 KB you will receive this message.To check the size of your mailbox:

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See client Help for more information.


Thanks.

Rahil Jafry
E-Mail: Rahil.Jafry@enron.com
Work: 713.853.3206
Cell:  281.704.1060

-----Original Message-----
From: Kitchen, Louise <Louise.Kitchen@ENRON.com>
To: Jafry, Rahil <Rahil.Jafry@ENRON.com>
CC: Schoppe, Tammie <Tammie.Schoppe@ENRON.com>
Sent: Thu Oct 25 21:25:02 2001
Subject: RE: Contact for Kevin Howell at Dominion

Left a voicemail for him.

	 -----Original Message-----
	From: 	Jafry, Rahil
	Sent:	Thursday, October 25, 2001 4:20 PM
	To:	Kitchen, Louise
	Cc:	Schoppe, Tammie
	Subject:	Contact for Kevin Howell at Dominion

	Louise,

	As discussed in the meeting, Kevin's contact details are as follows:

	Work:	804.273.4848
	Cell:	804.921.3726

	Let me know when you've spoken with him so we can follow-up as needed.

	- R


Y'all have a good day.

C


hey mom,

things are going well.  not much new though.  how are you?  i am planning on
moving but probably to an apartment in the river oaks area.

-e

"K. Bass" <daphneco64@bigplanet.com> on 03/15/2001 07:30:11 AM
Please respond to "K. Bass" <daphneco64@bigplanet.com>
To: Eric Bass <Eric.Bass@enron.com>
cc:
Subject: Good Morning

Hi Eric,
?
Just checking in.? How are you?? Anything  new? Are you still planning to
move in the near future?? Have a great  day.? LU-M


I shifted quantities for Q-4 01.  Please see revision.

diana


ok

From: Jeff Dasovich@ENRON on 03/14/2001 06:14 PM
Sent by: Jeff Dasovich@ENRON
To: Vicki Sharp/HOU/EES@EES
cc:
Subject: Re: Negative CTC Memo for Delainey

Vicki:
I'll assume that for the meeting tomorrow, you folks will call me at my
office number--415.782.7822.

Best,
Jeff


Although this is EWS floor meeting, you may want to come to hear the messages being delivered.  MHC
-----Original Message-----
From: Clyatt, Julie
Sent: Thursday, November 15, 2001 1:15 PM
To: Abshire, Kathy; Allex, Anne Marie; Alvarez, Irma; Anderson, Kristi; Argyriou, Carla; Arya, Sunjay; Avery, Ladonna; Barela, Rocio; Barnard, Marla; Berry, Lara; Blaylock, John; Brasseaux, Ben; Broadfoot, Mark; Broussard, Tharsilla; Brown, Ashley; Brown, Cole; Buck, Gary; Buckley, Karen; Burke, Todd; Cash, Michelle; Cashion, Tana; Chavira, Carmen; Christner, Shelly; Coats, Carol; Collins, James A.; Conn, Philip; Corteselli, Gina; Cox, Shirley; Cronin, Jennifer; Cruz, Magdelena; Curless, Amanda; Daffin, Margaret; Davies, Neil; Davis, Christopher (HR); De Jesus, Frank; De La Paz, Janet; Delgado, Lydia; Dennison, Margaret; Dillehay, Leonard; Dillingham, Geynille; Divelbiss, Sasha; Duncan, Josh; Edwards, Erika; Engler, Adrianne; Evans, Carrie; Fincher, Wendy; Fitzpatrick, Amy; Foster, David; Funkhouser, Shanna; Fuqua, Linda; Galloway, Sonja; Gambill, Amy; Garcia, Grace; Garcia, Robert; Gomez, Javier; Gonzalez, Cynthia; Graham, Toni; Guerrero, Raquel; Hankamer, Cecilia; Hayes, Tracy; Herman, Ben; Hernandez, Iracema; Hickok, Kim; Hill, Dave (HR); Hill, Jo Ann; Hull, James; Iacobell, Don; Inglis, Elspeth; James, Theresia; Johnson, Debra S.; Joyner, Tamera; Kanouff, Erin; Keprta, Dovie; Kerr, Vanessa; Knudsen, Sheila A.; Kutach, Laura; Labbe, Anne; Lee, Gustavia; Lewis, Simone; Lorenz, Michael; Luong, Anjelica; Magee, Molly; Manning, MaryKay; Mathew, Jason; Mayes, Fran; McLoughlin, Hector; McMullan, David; McSherry, Brad; Melodick, Kim; Migliore, Todd; Napoli, Judey; Nolly, Qiana; Oquinn, Kari; O'rourke, Tim; Palmer, Johnny; Palmer, Lizzette; Parker, Courtnie; Parker, Gilda; Parra, Veronica; Patel, Tania; Peikert, Todd; Peng, Terry; Perez, Lisa; Perkins, Ramona; Phillips, Karen; Phillips, Ryan; Pierce, Shelly; Pina, Rafael; Pineda, Nicole; Presas, Gracie S.; Prihoda, Melissa; Quiller, Amanda; Quintana, Becky; Russi, Estalee; Ryan, Noel; Salas, Vangie; Seleznov, Ryan; Sharma, Pankaj; Simon, Cindy; Skinner, Cindy; Slone, Jeanie; Solis, Felicia; Stevens, Andria; Stone, Sandy; Storey, Eddie; Sweet, Twanda; Tamez, Elisa; Taormina, Jennifer; Taylor, Barbara; Taylor, Charles A - HR; Terrell, Margo; Tessandori, Bobbi; Trevino, Imelda D.; Trieschman, Paul; Vanwey, Debi; Vasut, Tony; Venkataramani, Sandhya; Verity, Jackie; Villarreal, Norma; Wachel, Jamie; Walker, Simone Scott; Walton, Sheila; Warren, Davette; Weatherford, April; Weinberger,Paul; Weltz, Tracy; White, Cheryl; Wilbeck, Tom; Worrell, Perrin; Wright, Tracy; Wysatta, Margaret; Yeverino, Norma; Zall, Howard; Zermeno, Rosalinda
Cc: Pieper, Kalen; Lopez, Leasa; Smith, Gary; Perry, Carolyn
Subject: EWS HR Floor Meeting

  <http://www.gifworks.com/queue/pilgram_pumpkin_md_wht_16172.gif>

Please join us for an EWS HR Floor meeting -

When : Friday, November 16th

Where : Around EB 3678

Time : 8:30 a.m. - 9:30 a.m.

Please forward this on to anyone I might have left off of the distribution list. Thank you.


i am up for a few drinks tonight.  maybe lz's or something laid back.  i want to feel like a champ tomorrow.

 -----Original Message-----
From: 	kevin.a.boone@accenture.com@ENRON [mailto:IMCEANOTES-kevin+2Ea+2Eboone+40accenture+2Ecom+40ENRON@ENRON.com]
Sent:	Friday, May 25, 2001 8:57 AM
To:	Lenhart, Matthew
Subject:	RE: slacker

Alot of people are goin out of town this weekend . . . i'll prolly take it
easy tonite . . . do y'all have any plans . . . i would be interested with
a happy hour, dinner, and sleep . . . i've had a brutal week and pretty
hungover . . . not sure about sat nite . . . have you lined any ass up for
sunday . . . let me know what's up

Regards,

Kevin A. Boone
Accenture--Houston
(Octel) 713.837.1638
(Client) 281.848.1619
(C) 713.306.7940
(H) 713.864.4149
Kevin.A.Boone@accenture.com

Our web address is http://www.accenture.com

            Matthew.Lenhart@enron.c
            om                             To:     IMCEANOTES-kevin+2Ea+2Eboone+40accenture+2Ecom+40ENRON@enron.com
                                           cc:
            05/25/2001 08:40 AM            Subject:     RE: slacker

my bad man.  i got your message around 930 and i went to bed after that.
let's hook up with them this weekend.  what is up for tonight?  i say we
hit club no minor on sat and then uropa.  we need to tear it up some.

    -----Original Message-----
   From:   kevin.a.boone@accenture.com@ENRON

[mailto:IMCEANOTES-kevin+2Ea+2Eboone+40accenture+2Ecom+40ENRON@ENRON.com]

   Sent:   Friday, May 25, 2001 8:06 AM
   To:     Lenhart, Matthew
   Subject:  slacker

   what the hell . . . you goin to bed at 8 pm these days?  there was some
   very impressive talent on hand last nite at Cafe Adobe and Little
   Woodrow's
   . . . you would've been happy with your decision to go out . . . we hung
   out with a big group of chicks that work for The Chronicle . . .

   Regards,

   Kevin A. Boone
   Accenture--Houston
   (Octel) 713.837.1638
   (Client) 281.848.1619
   (C) 713.306.7940
   (H) 713.864.4149
   Kevin.A.Boone@accenture.com

   Our web address is http://www.accenture.com


I am hosting drinks at my home and dinner at Champions Golf Club on Saturday,
May 5 for my operations team and their spouses.  Greg and I talked about this
today.  He asked me to e-mail you so that you could put this on his calendar
and said that you would e-mail his wife to check the date as well.  If he and
his wife are available, I will let you know details as it gets closer.
Thanks for your help.  --Sally


Sara:
I just wanted to finally congratulate you on your well-deserved promotion to
AGC!  I am really, really happy for you, as you are one of the primary
reasons why I have chosen to stay in this group.  I would like to take you
out to lunch to celebrate and will ask Suzanne to get in touch with Kay to
get a date that is good for both of us.  Again, congrats on a tremendous
accomplishment.

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


Dear Mark Taylor,

Thank you for submitting your payment for your Reliant Energy HL&P bill
through our eBill service.  Your payment should be credited to your
account in three business days unless you scheduled payment for a later
date.  You can track the status of your payment on the eBill site.

Should you need to modify your account information, go to
https://ebill.reliantenergy.com/logon/  log into eBill and select User
Information.  There you can update your information such as your email
address, change your password and add accounts.

As you use our eBill service, please do not hesitate to provide comments
through the Contact Us section of the site.  Note too, our Frequently
Asked Questions section.

Thank you again for choosing Reliant Energy,s eBill service.  We look
forward to serving you each month.

Reliant Energy eBill Customer Care
http://www.reliantenergy.com/


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 09/15/2000
04:56 PM ---------------------------

"Btu" <subs@Btu.net> on 09/15/2000 04:39:03 PM
To: "Btu Weekly" <>
cc:
Subject: Btu Weekly

Attached is the latest issue of Btu Weekly.

e-mail: info@Btu.net
phone: 732-758-8222
fax: 732-758-8286

 - wg091800.pdf


We just experienced an outage of around 7 servers for 1.5 minutes.

Cause:

One of our master network switches crashed and rebooted itself making the device attached to them unavailable.

The Servers themselves did not crash, just there connection to the network.

The Network Team is looking into why this happened.

Regards

Dave Steiner
Enron Net Works, LLC
Office - (503)464-3701
Cell - (503)703-1553


---------------------- Forwarded by Kay Mann/Corp/Enron on 11/27/2000 04:07
PM ---------------------------

"Taylor, Rob" <robtaylor@akllp.com> on 11/24/2000 12:38:31 PM
To: <kent.shoemaker@ps.ge.com>, <michael.barnas@ps.ge.com>,
<stephen.swift@ps.ge.com>
cc: <sheila.tweed@enron.com>, <roseann.engeldorf@enron.com>,
<kay.mann@enron.com>

Subject: GE Consent to Assignment

Attached is a draft of the Consent to Assignment and Agreement relating
to the transfer of certain turbine contracts into the TurboPark
structure.  Please note that the attached is being distributed in
advance of review by Enron and remains subject to its comments in every
respect.

Regards, <<GE Consent to Assignment.DOC>>

Rob Taylor
Andrews & Kurth L.L.P.
600 Travis Street
Suite 4200
Houston, Texas  77002

Tel: (713) 220-4436
Fax: (713) 238-7273
e-mail: robtaylor@andrews-kurth.com

This e-mail is privileged and confidential and is intended only for the
recipient(s) named above.  If you are not the intended recipient, please
(i) do not read, copy, use or disclose the contents hereof to others
(any of the foregoing being strictly prohibited), (ii) notify the sender
immediately of your receipt hereof, and (iii) delete this e-mail and all
copies of it.

 - GE Consent to Assignment.DOC


---------------------- Forwarded by Eric Bass/HOU/ECT on 04/06/2001 03:16 PM
---------------------------

Bryan Hull
04/06/2001 02:21 PM
To: Eric Bass/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT, David
Baumbach/HOU/ECT@ECT, hullkron@bellsouth.net, Michael Walters/HOU/ECT@ECT,
O'Neal D Winfree/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT
cc:
Subject: FW: New PG&E line Trucks

>  <<2001 Line Trucks.jpg>>
>
> When the California energy crisis started to get press coverage back in
> November 2000, a new PG&E policy was implemented to remove all company
> logos
> from vehicles for personnel/property protection (no kidding), and to stop
> using the blue paint on new vehicles as a cost reduction strategy.  How
> dare
> they say we're not a responsible electric provider!
>
> >            Due to the current budget cut backs in the company we had to
> > drop some of the options that we normally order on the crew trucks.
> > Attached you will find the new standard replacement vehicle, as you can
> > see were able to keep the  PG&E corporate color and stay within budget.
>

 - 2001 Line Trucks.jpg


Mark,

Steve's comment has many merits. I think Stinson Gibner and Grant Masson
(physics Ph.D.'s) can help to identify
academic and industry sources to validate some of the claims.

On the other hand, even if our guests were wrong by a factor of 2 or 3 in
their time estimates, the technology
they develop will bring about a technological revolution with enormous
potential payoffs. It make sense to
stay close to them and  to explore potential investment opportunities.

Vince

Steven J Kean@EES
07/26/2000 05:11 PM
To: Mark Lay/HOU/ECT@ECT
cc: Rex Shelby/Enron Communications@Enron Communications@ECT, Mike
McConnell@ECT, Vince J Kaminski/HOU/ECT@ECT, Philippe A Bibi/HOU/ECT@ECT,
Kenneth Lay/Corp/Enron@ENRON@ECT, Fabricio Soares/HOU/ECT@ECT
Subject: Re: MEC

I think it would be useful to verify their view that they are really only 2-3
years from commercial production.  Ideally, we could get that confirmation
from someone familiar with the technology but without any financial interest
in its success.  Their technology pitch sounded good, but I don't know enough
to recognize the potential shortcomings.  I want to feel comfortable that you
all feel this is real, then I would be happy to have me and my team spend
some time with them.

To: Rex Shelby/Enron Communications@Enron Communications, Steven J
Kean/HOU/EES@EES, Mike McConnell, Vince J Kaminski/HOU/ECT@ECT, Philippe A
Bibi/HOU/ECT@ECT
cc: Kenneth Lay/Corp/Enron@ENRON, Fabricio Soares/HOU/ECT@ECT
Subject: MEC

Thank you for participating in yesterday's meeting.  We spoke with Harvey and
Jim after the meeting and they took to speed to market comments to heart.
There is an opportunity for Enron to participate with MEC in the early
development of their company, but it seems the one thing they want is the one
thing we also want, people.  I would appreciate your thoughts and comments on
the possiblity of creating a small team that could work directly with MEC as
part of a potential investment and strategic relationship.  Given our
resource constraints, this would most likely be part of the organization that
sees the greatest strategic impact from MEC's development.

Mark
x37408