Enron Corp. Says First-Quarter Profit Rose 20 Percent (Update2)
Bloomberg, 04/17/01

USA: UPDATE 1-Dynegy earnings soar in first quarter.
Reuters English News Service, 04/17/01

Electricity Facilities Sprout Near Tiny Tennessee Town --- Merchant Plants
Are Raising Question of Who Controls Nation's Power Grid
The Wall Street Journal, 04/17/01

Energy Concerns Get Creative in Pursuit Of Names That Are Clever, Yet
Practical
The Wall Street Journal, 04/17/01

California Reliant Sees Profit Double in 1st Quarter
Los Angeles Times, 04/17/01

USA: Enron Corp. beats first-quarter targets.
Reuters English News Service, 04/17/01

Enron Q1 EPS up 18 pct, raises FY recurring EPS forecast to 1.75-1.80 usd
AFX News, 04/17/01

It's last call for Harris before the lights go out
National Post, 04/17/01

India: BMS hits out at Govt. policies
The Hindu, 04/17/01

BALCO sale a fraud, Sinha a criminal: RSS veteran
The Times of India, 04/17/01

Business on the Web
The Hindu, 04/17/01

Centre appoints conciliator for DPC arbitration
Business Standard, 04/17/01

Dabhol slaps one more notice on Maharashtra
Business Standard, 04/17/01

Enron Corp. Says First-Quarter Profit Rose 20 Percent (Update2)
2001-04-17 08:01 (New York)

Enron Corp. Says First-Quarter Profit Rose 20 Percent (Update2)

     (Adds Enron boosts 2001 forecast in second paragraph.)

     Houston, April 17 (Bloomberg) -- Enron Corp., the largest
energy trader, said first-quarter profit rose 20 percent as sales
almost quadrupled.
     Profit from operations rose to $406 million, or 47 cents,
from $338 million, or 40 cents, in the year-earlier period, Enron
spokesman Mark Palmer said. Enron raised its 2001 profit forecast
to $1.75 to $1.80 a share, from its January projection of $1.70 to
$1.75.
     First-quarter revenue surged to $50.1 billion from
$13.1 billion as Enron boosted the volume of power sold in North
America by 90 percent. About one-fifth of the increase came from
the western U.S., where a California electricity shortage caused
power prices to surge.
     Enron had a first-quarter gain of $19 million, or 2 cents a
share, for an accounting change, making net income $425 million,
or 49 cents a share. There were no charges or gains in the year-
earlier period.
     The Houston-based company was expected to make 45 cents a
share, the average estimate of analysts polled by First
Call/Thomson Financial. Estimates ranged from 43 cents to 47
cents.
     Earnings were released before the market opened. Shares of
Enron rose $2.14 to $59.44 yesterday. They have fallen 11 percent
in the past year.

USA: UPDATE 1-Dynegy earnings soar in first quarter.

04/17/2001
Reuters English News Service
(C) Reuters Limited 2001.

HOUSTON, April 17 (Reuters) - Wholesale natural gas and electricity supplier
Dynegy Inc., which has been defending itself against allegations of
overcharging for power sales in California, said on Tuesday its first-quarter
earnings rose 73 percent, driven by a strong performance from its core energy
marketing and trading business.
Recurring net income jumped to $137.5 million or 41 cents per diluted share
from $79.4 million or 26 cents in the first quarter of 2000. The company had
already said on April 2 that it expected to report earnings per share of
about 40 cents for the quarter.
First-quarter revenues rose to $14.2 billion from $5.3 billion, due in part
to last year's acquisition of Illinova Corp., parent company of Illinois
Power, a regulated power and gas distribution company serving 650,000
customers.
Dynegy produced and sold 26.1 million megawatt hours of electricity in the
first quarter of 2001, a rise of 19 percent over the same period of 2000.
But the volume of natural gas it marketed fell 1.7 percent to 11.4 billion
cubic feet a day as lower European volumes outweighed gains in the United
States.
Houston-based Dynegy said it benefited during the quarter from supply and
demand imbalances and energy market volatility which led customers to seek
Dynegy's services to protect themselves against sharp swings in natural gas
and power prices.
Dynegy's stock more than tripled in value in 2000. So far this year its
shares have fallen some 5 percent, reflecting broader stock market weakness
and concerns about possible fallout from the California power crisis which
has already led to rolling blackouts and a filing for Chapter 11 bankruptcy
protection by utility Pacific Gas & Electric, a unit of PG&E Corp..
CALIFORNIA POWER INTERESTS
Dynegy has ownership stakes in 13,000 megawatts of U.S. electricity
generating capacity, including a 50 percent stake in a joint venture that
owns some 2,800 megawatts of capacity in California where wholesale prices
have soared in recent months.
In March the Federal Energy Regulatory Commission ordered Dynegy and five
other companies to refund California utilities for overpriced power sales
unless they can justify their high prices. Dynegy has said its prices were
just and reasonable.
Dynegy has previously said that at the end of February 2001, it was owed some
$265 million for power sales to California's troubled utilities and that it
had set aside unspecified reserves to cover the risk of default on those
payments.
The company's Dynegydirect Internet-based trading platform, which was
launched late last year, recorded nearly $9 billion in notional transaction
value during the first quarter of 2001.
Dynegy's fledgling broadband telecommunications business, which began
operations in the second half of 2000, posted a first quarter loss of $11.6
million.
Dynegy has previously indicated it expects this business to become profitable
in the second half of 2002. It is developing a 20,000 mile fiber optic cable
network in the United States that is linked to a network of over 8,000 miles
in Europe.
Dynegy believes rapid growth in demand for broadband network capacity, which
is capable of delivering far larger volumes of data than conventional copper
cable, will ultimately lead to the trading of network capacity, or bandwidth,
as a commodity.
Like its hometown rival Enron Corp., Dynegy believes the marketing, trading
and risk management skills it has honed in the deregulated U.S. wholesale
natural gas and electricity markets will make it a leader in broadband
marketing and trading.
Recurring net income reported by Dynegy excluded certain one-time items in
the first quarter and the same period of 2000. Net income including those
items rose to $139.5 million or 41 cents per diluted share from $69 million
or 23 cents per share.

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

Electricity Facilities Sprout Near Tiny Tennessee Town --- Merchant Plants
Are Raising Question of Who Controls Nation's Power Grid
By John J. Fialka
Staff Reporter of The Wall Street Journal

04/17/2001
The Wall Street Journal
A2
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NUTBUSH, Tenn. -- This town of about 100 people hasn't seen anything quite
this electrifying since the 1950s when a local teenager, Annie Mae Bullock,
left town and became Tina Turner, the queen of rock 'n' roll.
Power plants are sprouting in the flat, rich cotton fields nearby. One is
under construction; another is about to start. Bulldozers are grooming a site
for a third. "We think it's great," says Alvin Williams, owner of the Nutbush
Grocery and Deli, as he prepares for the surge of construction workers who
come in for lunch.
While this may seem promising at a time of growing energy shortages, the new
plants are part of a power clash that presents the Bush administration and
federal and state regulators with one of their knottiest problems: Who
controls the nation's power grid?
On one side is a new breed of freewheeling energy dealers called merchant
traders, spurred by deregulation to generate and trade electricity. Led here
by Enron Corp., they build small gas-fired generating plants, but most don't
construct their own power lines. Instead, they hook up the plants to existing
lines and sell electricity wholesale over long distances when prices peak
during the summer. Thus, many of their plants are called "peakers."
On the other side are old-line utilities, represented here by the federally
owned Tennessee Valley Authority. They operate the power lines and warn that
the system could become overloaded, leading to blackouts from the imbalance.
Near Nutbush here in Tennessee's southwest corner, natural-gas pipelines run
from the Gulf Coast and intersect with some of the TVA's 17,000 miles of
transmission lines, which are spread over seven Southern states. That is what
is making Nutbush boom: It is an attractive place to connect to the grid.
By 2003, at least 13 new merchant plants altogether will be hooked up across
the TVA's system. There will be dozens more on neighboring systems that will
also use TVA lines, says W. Terry Boston, a TVA executive vice president.
This year, TVA expects 300,000 requests for wholesale power deals on its
system, up from 250,000 last year and just 25,000 in 1996. Mr. Boston
foresees a congestion problem that will make it more difficult for the
utility to maintain its record of 99% reliability. "This summer is going to
be interesting," he says.
Combat started here in the spring of 1999, when an Enron plant at nearby
Brownsville began bombarding TVA with about 800 requests for summer
transmission service, up from 33 the TVA had received from merchant plants
the year before. Some were huge, elaborate trades involving brokered
electricity from other sources that Enron wanted to ship across the TVA
system. Kevin Presto, an Enron vice president, recalled: The TVA "pretty much
fought us the whole way, even though they needed the megawatts."
That June, TVA pulled the plug, telling Enron that from then on, its wheeling
and dealing would be confined to the amount of electricity produced in Enron
plants. Enron claimed foul and appealed to the North American Electric
Reliability Council, or NERC,, a voluntary organization of utilities and
electricity consumers. Along with the Federal Energy Regulatory Commission
and state regulators, NERC functions as the traffic cop for North America's
power grid.
Enron also sued the TVA and the dispute "raised a number of issues that we
are trying to put our fingers on," says Don Benjamin, NERC's director of
operations. One upshot is that it is busy rewriting the rules for how the
national grid is controlled. The Bush administration's energy task force and
Congress are also looking at the control issue and ways to expand the grid's
capacity. So far, they have found no easy or inexpensive answers.
The grid, with its dense webs surrounding major cities and few links in
between, resembles a U.S. highway map from the 1930s before the Interstate
system was built. And it is governed by rules that were negotiated by
utilities at about that time, as they began to interconnect their systems
with their neighbors'. Big utilities became "control areas" that perform the
moment-to-moment adjustments that keep lines from overloading and equipment
from melting down. With electricity, supply must always match demand. But
lately, operators of merchant plants, such as Enron, have also qualified to
become control areas. Regulators have ordered utilities to give merchant
power plants open access to the grid, though the utilities sometimes curtail
access for "reliability" reasons.
"This was a very good system," sighs Thomas Overbye, an engineering professor
at the University of Illinois. But while merchant plants have more access to
the grid, he notes, they have little incentive to build more power lines.
"When you restructure that way," asserts Mr. Overbye. "You're going to
overload the system, and that's exactly what's happening."
NERC's Mr. Benjamin worries that control will get harder this summer. "We've
got to be able to look at this and see what effects these deals are having on
the whole system," he says. Some ad hoc curtailment of wholesale deals and
service to customers may be necessary to protect the grid, but the result
will be expensive, he notes. "It means that merchants won't make money on
that deal, and that the customer they sold power to will have to buy it from
somebody else." In the summer of 1999 there were such 70 curtailments; last
summer there were 180.
Lynn Church, president of the Electric Power Supply Association, which
represents 40 merchant power companies and electricity traders, suspects that
decisions taken by big utilities for "reliability" reasons are sometimes used
to block legitimate competition from her members. To prevent this, her group
wants more federal control over the grid. "We're seeing lots of
discrimination." The TVA's Mr. Boston counters that his system can't take
more "surprises," such as the one on Aug. 19, 1999, when a series of
wholesale trades brought the TVA's part of the grid to the brink of collapse
from the overload.
This year, Enron settled its fight with the TVA with a secret out-of-court
settlement. Enron says it is also in the process of selling the plant near
here and two others it had hooked to the TVA system to other merchant power
producers. But it is still waging war over who controls the grid.
In a separate case now before the U.S. Supreme Court, Enron argues that FERC
has the power to open more of the grid's capacity to merchant power plants.
Utility commissioners from several states argue it doesn't. While this is
going on, FERC is pondering how to cut back the grid's proliferating number
of control areas. Right now there are about 150. According to one FERC
expert, who asked not to be identified, to avoid "complications" there should
be around 14.
Meanwhile, officials in Tina Turner's home turf still want the power plant
construction to keep on rocking. "There's going to be others," predicts John
Sharpe, the executive of Haywood County, who has been out recruiting more
power plants to keep the local economic boost going. "I'm working my pants
off to try and make that happen."

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

Energy Concerns Get Creative in Pursuit Of Names That Are Clever, Yet
Practical
By Jon Kamp
Dow Jones Newswires

04/17/2001
The Wall Street Journal
C17
(Copyright (c) 2001, Dow Jones & Company, Inc.)

CHICAGO -- When Houston Natural Gas Corp. acquired InterNorth Inc. in 1985,
the combined energy company needed a stylish new name that reflected its
national aspirations.
Jim Uehling, then an executive vice president at marketing firm Lippincott &
Margulies Inc., helped conjure up "Enteron." Top executives loved it,
unveiled it and were quickly humiliated when news reports noted that enteron
is also a medical term for the human digestive tract. "That was a snafu,"
said Mr. Uehling, who is now a principal at Kass Uehling Inc., a private
consulting firm in New York that he co-founded in 1988. "It was a very
embarrassing moment."
But the clouds cleared, and the renamed Enron Corp. has evolved into a
massive global energy firm with year 2000 revenue of $100.8 billion. It has
also become an influential and successful brand name, Mr. Uehling said.
Pressured by deregulation and a consolidating industry, other energy
companies are hoping to pull off similar transformations punctuated by just
the right name.
"With a new name you want to convey a new image," said Beth Willis, vice
president of corporate communication at Xcel Energy Inc., a company formed in
August from the merger of Northern States Power Co. and New Centuries Energy
Inc.
The chief challenge facing utilities is that the market for actual English
words has been cornered, said James Dettore, owner and chief executive
officer of Brand Institute Inc., a privately owned marketing firm in Miami.
That leaves utilities and their consultants to drum up new words, an effort
spurred on by companies' desire to secure intuitive Internet domain names.
"Real words are almost impossible to get these days," Mr. Dettore said.
Although utilities are eager to drop the obvious "Power & Light" titles, they
often gravitate toward names that keep the energy theme intact, then try to
spice it up with a dash of dynamism, excellence or synergy. Mr. Uehling
helped turn Mid-South Utilities into Entergy Corp. following a corporate
turnaround in 1988. The name, picked from a list of hundreds, lets the
company come very close to owning the word "energy," Mr. Uehling said.
Following that theme, Cincinnati Gas & Electric Co. and PSI Resources came up
with Cinergy Corp. for their newly formed company in 1994. Dynegy Inc.
emerged in 1998. And Mr. Uehling nearly put the name "Primergy" into
circulation in 1995 as the moniker for the merged Northern States Power Co.
and Wisconsin Electric Power Co. before the deal fell through.
The cleverness could come with a price, said Linda Byus, a utilities analyst
with Dresdner Kleinwort Wasserstein in Chicago. Power companies run the risk
of turning off some customers when they ditch comfortable old names for new
ones that give no indication of what they actually do. A name like Mirant
Corp., the new title for power company Southern Energy Inc. unveiled in
January, may contain a fancy Latin root, but it doesn't contain much that
tells you what the company does.
A name like "Cinergy," at least, includes a pun on the company's hometown.
"Cinergy is maybe one of the better ones," Ms. Byus said. But plenty of other
names, she said, don't work quite as well. Minnesota Power Co. may have
missed the mark last year when it renamed itself Allete, a name meant to
better reflect the company's growing interest in other businesses like car
auctions. The name, a combination of "all" and "elite," has some analysts
scratching their heads. "That one looks like they misspelled it," Ms. Byus
said.
But even when names sound like something familiar, they can still cause
confusion. While Allete neighbor Northern States Power avoided the
sounds-like-nonsense charge and shunned the sounds-like-energy bandwagon when
it chose the name Xcel, it walked right into another problem. Exelon Corp. --
the result of the merger between Commonwealth Edison Co. parent Unicom Corp.
and PECO Energy Co. -- charged Xcel with being a copycat.
That Exelon shares its name with a Novartis Pharmaceuticals medication for
Alzheimer's disease didn't matter to the utility. When it came to
electricity, the Exelon name was used first, and company officials warned
Xcel when it formed that there were confusing similarities. Xcel kept its
name anyway, and it nearly took a trip to federal court in Minnesota last
month to resolve the dispute. Xcel, which agreed in a settlement to use the
full Xcel Energy name, didn't originally think Exelon had a case -- or much
of a name, for that matter.
"Exelon sounds synthetic" and doesn't mean anything, Alan Carlson, Xcel's
trial lawyer from the Minneapolis firm Merchant & Gould, said before the
settlement. "Xcel is a powerful, great name." Asked recently about the
meaning of Exelon, co-CEO Corbin McNeill offered, "It promotes excellence."

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

Business; Financial Desk
California Reliant Sees Profit Double in 1st Quarter
From Bloomberg News

04/17/2001
Los Angeles Times
Home Edition
C-2
Copyright 2001 / The Times Mirror Company

Reliant Energy Inc., the owner of Houston's utility and a power supplier in
California and other states, said Monday that first-quarter earnings more
than doubled on higher profit from energy-trading and natural-gas businesses.
Profit from operations rose to $273.5 million, or 94 cents a share, from
$133.7 million, or 47 cents, a year earlier, Reliant spokeswoman Sandy
Fruhman said. Revenue more than tripled to $13.3 billion.
Soaring power prices pushed California's largest utility, PG&E Corp.'s
Pacific Gas & Electric unit, into Bankruptcy Court and may cost the state as
much as $70 billion in electricity-buying costs this year, lawmakers
estimate. Most of that money went to power sellers such as Reliant's trading
unit, which had a first-quarter operating profit of $216 million compared
with a $22 million loss a year earlier.
"It's driven principally by the way-over-average pricing environment in
California," Jefferies & Co. analyst Paul Fremont said.
Reliant shares rose $1.46 to close at $47 on the New York Stock Exchange.
Houston-based Reliant said last year that it would sell 20% of its
non-utility businesses, including wholesale power sales and energy trading,
to the public by early this year and spin off the rest to shareholders. The
$1.46-billion initial stock sale will take place early next month, Chief
Executive Steve Letbetter said Monday.
Rival power sellers Enron Corp. and Dynegy Inc. are expected to follow
Reliant later this week in reporting higher earnings.
Power prices along the California-Oregon border averaged more than $288 a
megawatt hour in the quarter, more than nine times the year-earlier average.
The high prices put generators at risk of not collecting payment from
utilities. Reliant set aside $38 million before taxes in the first quarter in
case it can't collect money owed for California power sales.

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

USA: Enron Corp. beats first-quarter targets.

04/17/2001
Reuters English News Service
(C) Reuters Limited 2001.

HOUSTON, April 17 (Reuters) - Energy marketing and trading giant Enron Corp
on Tuesday surpassed first quarter earnings estimates on across-the-board
increases in revenues, trading volumes and retail energy services contract.
The Houston-based company, North America's largest gas and electricity
marketer, reported first-quarter earnings per share of 47 cents per share,
compared to year-ago EPS of 40 cents. Wall Street analysts polled by Thomson
Financial/First Call had expected Enron, which also has Internet and
telecommunications businesses, to earn 45 cents per share.
Enron also raised its 2001 earnings target range by five cents, to $1.75-1.80
per share. In January, the company said it expected to earn $1.70-1.75 per
share. Enron also said it had a nearly threefold increase in year-over-year
revenues, from $13.1 billion in first quarter 2000 to $50.1 billion this
year.
Enron had suffered some setbacks during the first quarter, including the
dissolution of its marquee video on demand deal with Blockbuster Inc.,the
trimming of 20 percent of its broadband unit's staff and continuing payment
problems with the Dabhol Power Plant in India.
The wave of bad news prompted president and chief executive officer Jeff
Skilling to hold a mid-quarter conference call to soothe investor concerns
after the stock dropped into the $50s, its lowest level since January 2000
and well off its high of $90.56 last August. The stock closed at $59.44 on
Monday.

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

Enron Q1 EPS up 18 pct, raises FY recurring EPS forecast to 1.75-1.80 usd

04/17/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

HOUSTON (AFX) - Enron Corp said it has raised its recurring earnings
expectation for 2001 to a range of 1.75-1.80 usd per diluted share, up from a
forecast of 1.70-1.75 usd made in January.
The company disclosed today first quarter diluted earnings per share,
excluding nonrecurring items, of 47 cents, above the FirstCall/Thomson
consensus estimate of 45 cents.
The EPS figure was up 18 pct from the 40 cents posted during the first
quarter of last year and excludes a nonrecurring after-tax gain of 19 mln
usd, or 2 cents per diluted share, related to the required adoption of new
accounting standards, the company said. Revenues rose 281 pct to 50.1 bln
usd, up from 13.145 bln last
year.
Net income excluding nonrecurring items was 406 mln usd, up from
338 mln.
Jeff Skilling, Enron's president and chief executive officer, said:
"Enron's wholesale business continues to generate outstanding results.
Transaction and volume growth are translating into increased
profitability."

Retail energy services and broadband intermediation activities are "rapidly
accelerating", he added.
Energy volumes rose 65 pct to 69 trln British thermal unit equivalents per
day. New retail energy services contracts were up 59 pct to 5.9 bln usd.
Broadband network services delivered increased seven-fold.
jmp/jlw For more information and to contact AFX: www.afxnews.com and
www.afxpress.com

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

Financial Post: Editorial
Editorial
It's last call for Harris before the lights go out
Terence Corcoran
National Post

04/17/2001
National Post
National
C19
(c) National Post 2001. All Rights Reserved.

Premiers say the darndest things. Take Ontario's Mike Harris. "Throughout my
years at Queen's Park," Mr. Harris said in February, "I've always believed in
open, competitive markets because they help keep costs low for consumers and
encourage innovation." That was news to me. He may well believe in open
markets, but after 6 years in office Ontario's Tories have done nothing to
put those beliefs into practice. A dozen trees were privatized a few years
ago in Northern Ontario, but otherwise the Harris Tories have been absolute
slaves to the statist quo.
Name a sector: water, urban transit, education, health care, liquor, beer,
intercity bus service, public housing -- we haven't had one innovative idea
that might help open markets to competition. For most of the past six years,
the ideological lights have been on a dimmer in Tory Ontario. And time is
running out; if the Harris government doesn't soon make at least one move
toward competitive markets, there will be no reason for anyone to pretend any
longer that this Conservative government is anything more than another hack
Tory regime clinging to power.
The Harris government delivers a Speech from the Throne on Thursday, to be
followed that night by the Premier's Dinner, now the most successful annual
political fundraiser in the country. It will all look slick and controlled,
but unless the government makes a significant move to unravel at least one
government monopoly, it will all signify nothing. It would be a good time, in
other words, for the Harris government to make a clear statement on the one
agenda item they have actually prepared for, electricity deregulation. If
they don't do electricity, they might as well just turn the lights out at
Queen's Park and go home.
It wouldn't take much, just a sentence or two. Here's a draft: "This
government has always believed in open, competitive markets because they help
keep costs low for consumers and encourage innovation. That's why we're
determined to go ahead with our plan to open Ontario's electricity market to
competition by November of this year." That's it. End of statement. It might
be short, but it would galvanize activity in the power industry.
There are short-term practical reasons for the government to make such an
announcement. Most of the major players in the power sector are ready for a
market opening in November. Hydro One, the new provincial transmission
company, is anxious to move forward. Ontario Power Generation, which controls
most of the generating capacity in the province, is ready. The Independent
Market Operator, which will run the electricity exchange, has started the
clock ticking on a critical-path timetable aiming at a November start-up.
Many local power distribution companies, including Toronto Hydro, are already
promoting competitive retail electricity markets to a population that seems
willing.
By declaring November the official target date, the government would also
send a signal to some of the more reluctant corners of the province. Some
local municipal utilities, for example, may need direct prodding from the
province and the Ontario Energy Board.
But the more important reasons for making a commitment to November are longer
term. The main reason for opening up the market is to create a competitive
environment that will attract private power generating capacity. If
California has any lesson for Ontario, it is that new power generating
capacity is essential to meet rising demand. Delays in opening the market and
uncertainty have already stalled new investment. Kenneth Lay, the chairman of
Enron Corp. of Houston, said his company had planned to have a new generating
plant up and running this June, but stopped the project due to uncertainty
over deregulation. Ontario needs private-sector investment in electricity,
and without deregulation no investment will be made.
One alleged obstacle to November deregulation is the continued existence of
Ontario Power Generation, which controls about 90% of capacity. The
fashionable economic theory is that OPG should be broken up to create a
viable competitive market. Even if a breakup is desirable, that's no reason
to wait. Competition is competition. If the market is free and barriers to
entry are relatively low, the so-called threat of OPG's market power would be
quickly neutralized by aggressive competitors such as Enron.
At this point in its history, the Harris government cannot be expected to do
anything too radical. Do not buy shares in a company that plans to run school
boards or take over the Toronto Transit Commission. But most of the hard work
has already been done in electricity. With the flick of a switch, the Harris
government could turn its ideological lights back on. If it doesn't do
electricity, it will never do anything.

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

India: BMS hits out at Govt. policies
Our Special Correspondent

04/17/2001
The Hindu
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

NEW DELHI, APRIL 16. Raising a war cry against the World Trade Organisation,
the International Monetary Friend, the World Bank and the Union Government
for anti-labour, anti-farmer and anti- poor policies, the Bharatiya Mazdoor
Sangh, trade union wing of the Sangh Parivar, today warned the BJP-led
National Democratic Alliance Government to either correct these policies to
protect the sovereignty of the nation and interests of its people, or face
the wrath of the masses.
The BMS demanded the scrapping of the Enron agreement and reversal of the
policy of privatisation of PSUs. It demanded a probe into the Enron deal and
probes into the privatisation of the Modern Food Industries and BALCO.
Addressing a rally at the Ramlila Ground here to mark the beginning of a
"mass movement" against the WTO and the "anti-
labour policies" of the Central Government, the BMS chief and founder of the
Bharatiya Kisan Sangh and Swadeshi Jagran Manch, Mr. Dattopant Thengadi,
bitterly criticisied the NDA Government for its "anti-national and
anti-people policies". He accused it of betrayal for giving in to the threats
of economically powerful nations and in the process sacrificing national
interests.
Opposed to MNCs
The fact that those leading the Government happened to be friends would not
deter the BMS from opposing the Government, Mr. Thengadi said; the BMS only
preached and practiced the objective policies of responsive cooperation. "We
will oppose the Government which opposes the interests of the nation, people
and its workers. We oppose multinationals. We will oppose the Government
which supports multinationals."
Referring to the concern expressed in certain quarters about the impact of
the movement on the future of the Government, Mr. Thengadi said, "Our rally
will not push out the Government. The Government is pushing itself out. If it
goes, it will go because of its wrong policies. Governments have come and
gone in the past too."
Mr. Thengadi said they were hoping that the Government would resist the
threat of sanctions from powerful nations controlling the WTO. This had not
happened. Instead of succumbing to such pressures and diktats, the
Government, he said, should challenge these nations to enforce sanctions. "We
might suffer initially, for about a year and a half at the maximum, and then
the economy would prosper again." His logic was "America needs India more
than India needs America"; if Vietnam could bring such a powerful country to
its knees, India could do it too.
'Form parallel WTO'
Asking the Government to quit the WTO, Mr. Thengadi said India should take
the lead in forming a powerful block of developing countries within the WTO
in order to secure favourable and equitable terms for continuing its
membership. He even suggested that the Government "take a bold initiative to
form a second WTO along with other developing countries to guard against
exploitation of the poor and the developing countries. Let it be a rival
WTO." And if the Government failed, "we will try to do it".
He said the trade union movement had gained in strength because of the
Government's wrong policies; the movement was emerging as a rallying point
for not only workers but also poor farmers, traders and common people. He
attacked the privatisation of even profit-making PSUs including BALCO. Like
Modern Food Industries, BALCO was sought to be privatised. He saw no
justification for such action.
He blamed politicians, bureaucrats and private vested interests for
manipulating the privatisation of PSUs which have been deliberately rendered
sick for extraneous considerations. He demanded a probe into the
privatisation of both these industries saying the deals smacked of
corruption. Similarly, the Enron deal should not only be scrapped but also be
probed and the guilty punished. While terming the Union Disinvestment
Minister, Mr. Arun Shourie, an honest man, Mr. Thengadi said the
privatisation of Modern Food Industries was "a fraud by bureaucrats".
Sinha, a 'criminal'
Attacking the latest budget initiatives, particularly the announcement that
contract labour as well as hire-and-fire policy would be permitted, Mr.
Thengadi called the Finance Minister, Mr. Yashwant Sinha, a "criminal". He
was guilty of a grave constitutional impropriety in that he made
announcements to change the Industrial Disputes Act and the Contract Labour
Act even as these issues were pending before the National Labour Commission.
Mr. Thengadi said Mr. Sinha had "committed a crime of encroaching upon the
legitimate jurisdiction of the Labour Ministry".
Like other Finance Ministers, he too was gripped by "amnesia" ever since he
assumed charge. Prior to him, Dr. Manmohan Singh, who had authored the report
on 'Challenges to the South' on economic colonisation, on becoming Finance
Minister started acting against what he had professed.
The national BMS president, Mr. R.B. Shah, criticised the policy of
privatisation saying the BJP before coming to power had swadeshi on its
agenda but unfortunately was pursuing the new economic policies more
vigorously. "For the implementation of these policies eight committees were
formed and no one from workers or farmers, who are the direct victims, were
taken on the committees. The BMS from time to time apprised the Government of
the real situation, but in vain." Workers from all over the country
participated in the rally and dispersed after burning an effigy of the WTO.

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

BALCO sale a fraud, Sinha a criminal: RSS veteran
The Times of India News Service

04/17/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)

NEW DELHI: Dattopant Thengadi, veteran RSS leader and Prime Minister Atal
Bihari Vajpayee's contemporary in the Sangh Parivar, has challenged the
government to mend its economic policies or risk losing power.
In a vitriolic attack on the government's economic policies at a rally here
on Monday, Thengadi, who helped raise the Bharatiya Mazdoor Sangh, one of the
country's biggest labour organisations, called Finance Minister Yaswhant
Sinha a ``criminal'' for usurping the labour ministry's constitutional rights.
In a speech dripping with sarcasm, Thengadi's attack on Vajpayee's charisma
and image was thinly veiled. He opened his speech with a reference to media's
capacity to do ``image building.'' Quoting from management guru Peter
Drucker's book Beware of Charisma, Thengadi said: ``A country cannot progress
merely by building one or two persons' image. Stalin, Hitler and Mussolini
are examples of image-building destroying personalities and their
organisations.''
The 81-year-old Sangh leader sought a committee to enquire into the
profitability of public sector companies. ``I want to testify before an
enquiry that bureaucrats are deliberately turning the public sector companies
into loss-making.'' He accused bureaucrats of making their own deals with the
new promoters and ensuring the PSUs' sale to these private promoters.
``Modern Food was sold for a throwaway price, now it is sick. The same fate
awaits BALCO. Arun Shourie is an honest minister, but there was pressure from
above and bureaucrats too misled him. It (BALCO sale) is a fraud,'' he said.
Though not named, External Affairs Minister Jaswant Singh, who was finance
minister in Vajpayee's 13-day government, too was not spared. Referring to
that BJP government, Thengadi asked, ``Who gave Enron the counter-guarantee?
Enron deal should be scrapped, those who agreed for it should be identified
and punished.'' As finance minister, Jaswant Singh had agreed to the
counter-guarantee.
Thengadi was blunt in his warning to the government: If the government wants
to protect multinational companies, drive the farmers and small-scale
industrialists to suicide by flooding the market with cheap imports, and sell
off profit-making public sector companies, the people will pull down the
government.
The choicest rebuke was reserved for Finance Minister Sinha. Reminding Sinha
of his Swadeshi Jagran Manch (Thengadi founded SJM too) days, Thengadi said
whoever occupies the finance minister's seat suffered from amnesia after
assuming office.
SJM had met in Nagpur shortly before the BJP came to power. Sinha as part of
the central leadership vociferously opposed to India joining the WTO and, in
fact, wanted the country to quit WTO. ``I am in search of a medicine to treat
him for amnesia. They suddenly forget what they are, where they have come
from, and what they are wearing. Sinha has encroached upon the jurisdiction
of the labour ministry while making 85 lakh people vulnerable to the hire and
fire policy. It is a crime against the Constitution. He is a criminal
minister,'' Thengadi said.
Even Thengadi's call for a rival World Trade Organisation was well argued. He
said he has information about an attempt to form a developing countries'
caucus within the WTO. He argued that India as the largest developing nation
should lead this caucus, fight ``the club of fraudulent countries, who have
put the WTO together for their interests.'' The rival WTO, Thengadi said,
``is a reality which will happen despite the government's wishes.''

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

Business on the Web

04/17/2001
The Hindu
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

DIGITAL CAPITAL - Harnessing the power of business webs: Don Tapscott, David
Ticoll and Alex Lowy; Nicholas Brealey Publishing, London. Distributed by
Rupa and Co; Post Box No. 12333, 15, Bankim Chatterjee Street, College
Square, Calcutta- 700073. 11.99.
AT THE height of its popularity - and commercial success - as the preferred
chip to put under the hood of your PC, Intel's Pentium processor suffered a
body blow, a few years ago, that the company will not easily forget. A small
glitch in how the chip performed floating point calculations - and Intel's
initial arrogant and hamhanded treatment of customer complaints - resulted in
a barrage of adverse publicity spreading like wild fire across the Internet.
Jokes were posted and gleefully exchanged among Intel users: "What's the
difference between a nine-year-old kid and the Pentium chip? A nine-year-old
can do long division." The company learned the hard way about brand
vulnerability in the digital economy and had to do some costly firefighting
before it regained lost ground.
Making money in the Internet Age is more than a mere matter of "attracting
eyeballs" to one's e-commerce website. Tapscott, Ticoll and Lowy are
respectively, Chairman, CEO and MD of Alliance for Converging Technologies, a
firm of e-biz consultants. Together they have pooled their considerable
experience to write a fast-paced, survival guide for those who have ambitions
of surviving and profiting from the new Internet way of doing business.
The authors define digital economy as the internetworking of three types of
knowledge assets: human capital (what people know), customer capital (who you
know) and structural capital (how what you know can be built into the
business system). To drive home the point they review how the Internet has
become an awesome structure for collaboration, with "apps on taps" -
application tools aplenty. It has created new "mantras" like "Content is
king" and made possible hitherto unworkable business practices like
"coopetition" - companies that cooperate in some areas to compete with each
other, in a larger arena.
The book provides some striking stories of companies that have leveraged
these new models to create success stories - the auction sites like "e-Bay",
online book sellers like "Amazon", air travel bargain ticketing like
"priceline" and direct selling of "made to order" PCs as pioneered by Dell.
It also analyses how a power supplier like Enron has reinvented itself as a
provider of broadband telecom services; how a "rogue" airline operator like
Virgin, encashed its considerable goodwill to set up a Tele-bank.
The errors of the pre-Net years are recalled to underline how essential it
has become for e-commerce players to give up competing on "petty, parochial
and proprietary differentiators". The classic case of corporate shame was how
the software giants in the 1980s lost the opportunity of coming together and
creating a truly customer-friendly operating system with Unix, because of
their predatory and monopolistic pricing tactics. The mindset of that
generation of proprietors was shaken; but like James Bond's martini, not
stirred. The authors suggest that with Linux, the new "open" system created
by a Finnish student, that mistake is not about to be repeated.
The book is prescient in some notable ways; it warns of the dangers of
aggressive patent regimes in a nascent technology, quoting some bizarre
recent cases; companies trying to patent Internet selling models like
e-auctions, or bargain airfares, which they compare to a notorious surgeon in
the U.S. who patented a new technique in cataract surgery and tried to
prevent others from using it.
However, in the few months since the book was written, some of the top stocks
in Nasdaq - like Amazon, Yahoo and e-Bay - have faced hard times and the
gleaming success stories begin to appear a mite tarnished. It only underlines
the central theme of this stimulating, consistently readable book that the
digital economy is central to today's competitive commercial strategy. The
best ones succeed, but many fall by the wayside of the Information
superhighway.
ANAND PARTHASARATHY

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

Centre appoints conciliator for DPC arbitration
Santosh Tiwary NEW DELHI

04/17/2001
Business Standard
2
Copyright (c) Business Standard

The Centre has appointed Justice B P Jeevan Reddy, chairman, Law Commission
as its conciliator to find a solution to the payment problem between Dabhol
Power Company (DPC) and Maharashtra State Electricity Board (MSEB).
DPC had appointed Lawrence Street, former chief justice of New South Wales,
Australia as its conciliator last week. The Enron-promoted company issued a
notice for conciliation or arbitration to the Centre on 4 April for not
honouring its counter-guarantee for MSEB's December bills of Rs 102 crore.
Finance ministry sources said that the government has already informed DPC
about Justice Reddy's appointment as its conciliator. DPC sources confirmed
that the company had received a communique in this regard from the Union
finance ministry.
"Both the parties will soon sit together and appoint an independent
conciliator to complete the job within a time-frame of 60 days," said a DPC
spokesperson.
Issuing the notice, DPC had said, "This step was necessary in order to
preserve our rights in the project, and to ensure that all parties honour
their existing contractual obligations."
The notice to the Centre was issued by DPC after the former conveyed to the
company that until the availability penalty issue was resolved, it did not
intend to pay the December bill under the counter-guarantee.

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

Dabhol slaps one more notice on Maharashtra
Our Corporate Bureau Mumbai

04/17/2001
Business Standard
1
Copyright (c) Business Standard

The game of notices and counter-notices continues. The Enron-promoted Dabhol
Power Company (DPC) has fired a fresh salvo at the Maharashtra government by
slapping another arbitration notice. This time it is for not honouring the
state government guarantee for the January 2001 and December 2000 bills.
DPC stated in a communique, "DPC has issued a notice of arbitration to the
government of Maharashtra for failing to honour its obligations. The state
government repeatedly failed to honour its guarantee including towards there
December 2000 and January 2001 bills and in respect of interest on late
payments."
"This action is one of a number of steps DPC is taking to protect its rights
and the rights of its stakeholders. Other recent actions included declaring
political force majeure under the power purchase agreement and calling upon
the government of India to commence the conciliation process over their
failure to honour the counter-guarantee for December, 2000," the notice said.
"We will give DPC an appropriate reply soon," said a senior state government
official, reacting to the DPC missive. The notice has caught power industry
observers by surprise as the Union government and DPC are trying to resolve
the counter-guarantee tangle on the December bill through the conciliation
process.

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


Kal -

I only had two comments which are reflected on the attached version of the
press release.

Let me know if there is anything further that is needed.

Mark
Senior Counsel, EWS
Phone:     713-345-8897
Facsimile: 713-646-3490
E-Mail:      Mark.Greenberg@enron.com

	Kal Shah/ENRON@enronXgate
	05/29/2001 03:26 PM

		 To: Mark Greenberg/NA/Enron@ENRON
		 cc: Eric Thode/ENRON@enronXgate
		 Subject: Reuters Press Release

Mark -- Reuters is going to launch EnronOnline Real-Time Quotes on Reuters on
Monday, June 4th.  They would like to issue the attached press release.
Could you approve as soon as possible.  I am getting PR/Inv. Rel. approvals
as well.

Kal


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/13/2000
05:19 PM ---------------------------

"Btu" <subs@Btu.net> on 10/13/2000 05:04:30 PM
To: "Btu's Weekly Power Report" <>
cc:
Subject: Btu's Weekly Power Report

Attached is the latest issue of Btu's Weekly Power Report

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

 - wp101600.pdf


Steve,

FYI, here was my response to Michael.  I was surprised that you didn't know
about this but i probably shouldn't have been.  Let me know if you have a
different opinion.

Mike
---------------------- Forwarded by Mike McConnell/HOU/ECT on 07/12/2000
11:29 AM ---------------------------

	From:  Mike McConnell                           07/12/2000 10:35 AM

To: Michael Guerriero/SA/Enron@ENRON
cc:
Subject: Re: Nodocero.com

Mike,

I agree with your assessment on keeping tabs on them but currently I don't
see any real opportunity or decision to spend time or money with this
effort.  I have received feedback from others in the group as well and they
agree with our general thinking.  Have you talked with Louise lately?  We are
announcing today that we will be pushing our pricing to other platforms in
the US (therefore we keep all the liquidity of their markets).  Maybe this
will apply to these guys, someday.  Certainly it is not appropriate now and
with your domination concerns it might scare them even more.

My time is very limited next week and I am double booked most of the time.
I'm out Wed - Sunday and then the analyst meetings begin after that.  I
really don't have time to meet with them especially if there is not real deal
pending.  Is there someone else that is more appropriate, maybe someone can
take them through EOL?  If you like that, please call Louise and co-ordinate.

Thanks,
Mike

	Enron North America Corp.

	From:  Michael Guerriero @ ENRON                           07/12/2000 04:50 AM

To: Mike McConnell/HOU/ECT@ECT
cc: Maria Jose Minguillon/SA/Enron@Enron
Subject: Re: Nodocero.com

I tend to agree with your initial comments. At this point I do not see a
clear opportunity from a value standpoint but I do need to assist these guys
and keep tabs on their development.

To me it looks more like a Streamline or Quick Trade product that is at the
drawing board stage.  They are going to Oklahoma on Friday. William's may be
the best group for them to ultimately hook up with.

It is possible that the only thing we can offer this group latter on is a
link to EOL if we so choose that to be advantageous. This market is too small
and there is growing concern that EOL is a looming beast that will dominate
market share. For now I need to continue to foster these projects until one
is successful or EOL is no longer a political concern.

 Could you be available for a presentation Monday or Tuesday. I will
participate via conference call.

Your assistance is greatly appreciated.

MFG

	Enron North America Corp.

	From:  Mike McConnell @ ECT                           07/11/2000 08:59 PM

To: Michael Guerriero/SA/Enron@ENRON
cc:

Subject: Re: Nodocero.com

Mike,
I just had my schedule changed dramatically for tomorrow and will not be able
to talk.  How about Friday @ 10am?
Sorry, but we have a situation I must get involved with and change a
direction.

I did review the email, and passed it on to others.  I do not see much from
this site nor how it is actually going to develop real liquidity in the
market.  If there are a couple of items that you want me to specifically be
ready for , please send me a couple of comments via email or voicemail.

Thanks,
Mike


Vince,

Here are the overview Powerpoint slides for the investment and strategic
relationship management firm, Azure Capital, I mentioned in my voice
mail.  The transactions they completed in their past lives at CSFB and
already in the new firm, as well as their advisory board are probably
the strongest evidence of their capabilities.

Hope all is well.

Blake

 - Azure Slides.ppt


Yes.  Thank you.


---------------------- Forwarded by Don Miller/HOU/ECT on 11/21/2000 10:18 AM
---------------------------

Andrew Kelemen
11/20/2000 07:48 PM
To: Don Miller/HOU/ECT@ECT
cc:
Subject: IMs

Please send copies of the E2 IMs to Joe Deffner and Anne Yaeger.  We may also
need to open dealbench for a few entities.  I'll let you know.


Dave,

Attached for your review please find a blacklined copy of the
above-referenced agreement marked to show changes to the previously
distributed draft.  Please call me with any comments or questions.

Jason


Heather,

I am forwarding this message to 2 groups in Enron that may be interested.

Vince

"Heather Thorne" <hethorne@wharton.upenn.edu> on 04/26/2001 08:55:56 PM
To:	"Christie Patrick" <christie.patrick@enron.com>, "Vince Kaminsky" <vkamins@enron.com>
cc:	"Greg Hunt home" <gregoryhunt@home.com>
Subject:	Recruiting for weather risk management group

Dear Vince and Christie,

I hope that you are both well, and are ready for the onset of summer in Houston!  I was disappointed that I was not able to see you at the final Tiger Team presentations last month due to a family emergency.  I hope that the teams' analyses will be helpful to your work, and echo their appreciation of your involvement and support.

I am writing with a question regarding recruiting for Enron's weather risk management group.  My boyfriend, Greg Hunt, is currently seeking opportunities to combine his background in meteorology (MS and 2 years of research at Lawrence Livermore Nat'l Lab) and an MBA in finance and information technology.  I began thinking about Enron's work in weather derivatives, and realized that there could possibly be a great fit there.

I have copied Greg on this message, and would appreciate any suggestions you can offer regarding opportunities in this group.  Thank you very much!

Best regards,

Heather

Heather N. Thorne

MBA Candidate, 2001

The Wharton School at University of Pennsylvania

2516 Pine Street

Philadelphia, PA 19103

(215) 545-3022


Having fun yet?
---------------------- Forwarded by Kay Mann/Corp/Enron on 03/07/2001 04:45
PM ---------------------------

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 01/10/2001 05:10:41 PM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc: "'ben.f.jacoby@enron.com'" <ben.f.jacoby@enron.com>,
"'f_mitro@hotmail.com'" <f_mitro@hotmail.com>, "'fred.mitro@enron.com'"
<fred.mitro@enron.com>, "'kathleen.carnahan@enron.com'"
<kathleen.carnahan@enron.com>, "Keffer, John" <JKeffer@KSLAW.com>

Subject: Closing Checklist

 <<2RR404!.DOC>>

Kay:

An updated closing checklist for the ENA / SEL transaction is attached.

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>

Enclosure: 129280v4

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.

 - 2RR404!.DOC


Larry,

The copy of the article I mentioned to you.

Vince


What sort of phone headset do you use??  I am at the stage of getting one
and I thought I would build off your experience.

Bob


Tana - please give me a call when you get back and we'll get together on
correcting this issue.

Thanks,
Susan

From: Tana Jones on 11/15/2000 09:48 AM
To: Michael E Moscoso/HOU/ECT@ECT, Susan D Trevino/HOU/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT
Subject: NYMEX numbers

Per Mark's request, can we rename the headings on two charts with our gross
numbers to match my list:  "Net long or short position in all months
combined" should be the net of our aggregate position, and "Gross Long or
Short Position" should be our gross position on either side of the market,
with the positions not netted out.


Got any good stock picks?

I will probably be able to make valentine's day.

-e


---------------------- Forwarded by Phillip M Love/HOU/ECT on 04/17/2001
08:19 AM ---------------------------

"James Love" <James.Love@msl.redstone.army.mil> on 04/17/2001 06:09:55 AM
To: <Phillip.M.Love@enron.com>
cc:
Subject: Fwd: FW: Flying High

Received: from quantum.quantum-intl.com by msl.redstone.army.mil; Mon, 16 Apr
2001 14:56:45 -0500
Received: by quantum.quantum-intl.com with Internet Mail Service (5.5.2448.0)
id <2XMXL2CC>; Mon, 16 Apr 2001 14:46:33 -0500
Message-ID: <F1C5AA6FC9B1D011A2B200A0C92D13A6CF1B8B@quantum.quantum-intl.com>
From: "Dowling, Edmund" <EDowling@quantum-intl.com>
To: "James Love (E-mail)" <James.Love@msl.redstone.army.mil>,  "Jim Burton
(E-mail)" <james.burton@nvl.army.mil>,  "Nick Nickerson (E-mail)"
<foster.nickerson@nvl.army.mil>
Subject: FW: Flying High
Date: Mon, 16 Apr 2001 14:45:08 -0500
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2448.0)
Content-Type: text/plain; charset="iso-8859-1"

Edmund A. Dowling
Quantum Research International
Phone:  (256) 971-1800 ext 246
Cell:  (256) 653-2599

-----Original Message-----
From: Deeter, Louis
Sent: Monday, April 16, 2001 1:07 PM
To: bec126@aol.com; <mailto:bec126@aol.com;>  lindee2@aol.com;
<mailto:lindee2@aol.com;>  hdeeter1@aol.com; <mailto:hdeeter1@aol.com;>
Liza.Puterman@pentagon.af.mil; <mailto:Liza.Puterman@pentagon.af.mil;>
wdeaton@earthlink.net; <mailto:wdeaton@earthlink.net;>  Vaughn, Mark;
Dowling, Edmund; Sinclair, Bob; Suter, Denise; Taylor, Candace L Ms; Jones,
Frederick; Deaton, Phillip
Subject: Flying High

> All too rarely, airline attendants make an effort to make the in-flight
>safety lecture and their other announcements a bit more entertaining.
>Here are some real examples that have been heard or reported:
>
>~~~~~~~~~~~~
>
> On a Continental Flight with a very "senior" flight attendant crew, pilot
>said, "Ladies and gentlemen, we've reached cruising altitude and will be
>turning down the cabin lights. This is for your comfort and to
> enhance the appearance of your flight attendants."
>
> ~~~~~~~~~~~~
>
> On landing the stewardess said, "Please be sure to take all your
>belongings. If you are going to leave anything please make sure it's
>something we'd like to have."
>
> ~~~~~~~~~~~~
>
> "There may be 50 ways to leave your lover, but there are only 4 ways out
>of this airplane."
>
> ~~~~~~~~~~~~
>
> "Thank you for flying Delta Business Express. We hope you enjoyed giving
>us the business as much as we enjoyed taking you for a ride."
>
> ~~~~~~~~~~~~
>
> As the plane landed and was coming to a stop at Washington National, a
>lone voice came over the loudspeaker: "Whoa, big fella. WHOA!"
>
> ~~~~~~~~~~~~
>
> A flight attendant on a Northwest flight announced: "Please take care
when
>opening the overhead compartments because, after a landing like that, sure
>as hell everything has shifted."
>
> ~~~~~~~~~~~~
>
> >From a Southwest Airlines employee...."Welcome aboard Southwest Flight
XXX
>to YYY. To operate your seat belt, insert the metal tab into the buckle,
>and pull tight. It works just like every other seat belt, and if you don't
>know how to operate one, you probably shouldn't be out in public
>unsupervised."
>
> ~~~~~~~~~~~~
>
> In the event of a sudden loss of cabin pressure, masks will descend from
>the ceiling. Stop screaming, grab the mask, and pull it over your face. If
>you have a small child traveling with you, secure your mask before
> assisting with theirs. If you are traveling with more than one small
>child...pick your favorite.
>
> ~~~~~~~~~~~~
>
> Weather at our destination is 50 degrees with some broken clouds, but
>we'll try to have them fixed before we arrive. Thank you, and remember,
>nobody loves you, or your money, more than Southwest Airlines."
>
> ~~~~~~~~~~~~
>
> "Your seat cushions can be used for flotation, and in the event of an
>emergency water landing, please paddle to shore and take them with our
>compliments."
>
> ~~~~~~~~~~~~
>
> "Should the cabin lose pressure, oxygen masks will drop from the overhead
>area. Please place the bag over your own mouth and nose before assisting
>children... or other adults acting like children."
>
> ~~~~~~~~~~~~
>
> "As you exit the plane, make sure to gather all of your belongings.
>Anything left behind will be distributed evenly among the flight
>attendants. Please do not leave children or spouses."
>
> ~~~~~~~~~~~~
>
> "Last one off the plane must clean it."
>
> ~~~~~~~~~~~
>
> And from the pilot during his welcome message: "Delta airlines is pleased
>to have some of the best flight attendants in the industry.
Unfortunately,
>none of them are on this flight!"
>
> ~~~~~~~~~~~~
>
> Heard on Southwest Airlines just after a very hard landing in Salt Lake
>City: The flight attendant came on the intercom and said, "That was quite
a
>bump and I know what y'all are thinking. I'm here to tell you it wasn't
> the airline's fault, it wasn't the pilot's fault, it wasn't the flight
>attendant's fault ... it was the asphalt!"
>
> ~~~~~~~~~~~~
>
> Overheard on an American Airlines flight into Amarillo, Texas, on a
>particularly windy and bumpy day. During the final approach the Captain
was
>really having to fight it. After an extremely hard landing, the Flight
>Attendant said, "Ladies and Gentlemen, welcome to Amarillo. Please remain
>in your seats with your seat belts fastened while the Captain taxis what's
>left of our airplane to the gate!"
>
> ~~~~~~~~~~~~
>
> Another flight attendant's comment on a less than perfect landing: "We
ask
>you to please remain seated as Captain Kangaroo bounces us to the
>terminal."
>
>~~~~~~~~~~~~
>
> An airline pilot wrote that on this particular flight he had hammered his
>ship into the runway really hard. The airline had a policy which required
>the first officer to stand at the door while the passengers exited, smile,
> and give them a "Thanks for flying XYZ airline." He said that in light of
>his bad landing, he had a hard time looking the passengers in the eye,
>thinking that someone would have a smart comment. Finally everyone had
> gotten off except for a little old lady walking with a cane. She said,
>"Sonny, mind if I ask you a question?" "Why no Ma'am," said the pilot,
>"what is it?" The little old lady asked, "Did we land or were we shot
>down?"
>
> ~~~~~~~~~~~~
>
> After a real crusher of a landing in Phoenix, the Flight Attendant came
on
>with, "Ladies and Gentlemen, please remain in your seats until Capt.Crash
>and the Crew have brought the aircraft to a screeching halt against
> the gate. And, once the tire smoke has cleared and the warning bells are
>silenced, we'll open the door and you can pick your way through the
>wreckage to the terminal."
>
> ~~~~~~~~~~~~
> Part of a flight attendant's arrival announcement: "We'd like to thank
>you folks for flying with us today. And, the next time you get the insane
>urge to go blasting through the skies in a pressurized metal tube, we hope
>you'll think of US Airways."
>
> ~~~~~~~~~~~~
>
> A plane was taking off from Kennedy Airport. After it reached a
>comfortable cruising altitude, the captain made an announcement over the
>intercom, "Ladies and gentlemen, this is your captain speaking. Welcome
to
>Flight Number 293, nonstop from New York to Los Angeles. The weather ahead
>is good and therefore we should have a smooth and uneventful flight. Now
>sit back and relax -- OH MY GOD!" Silence followed and after a few
minutes,
>the captain came back on the intercom and said, "Ladies and Gentlemen, I
am
>so sorry if I scared you earlier, but while I was talking, the flight
>attendant brought me a cup of coffee and spilled the hot coffee in my lap.
>You should see the front of my pants!" A passenger in Coach said, "That's
>nothing, he should see the back of mine!"
>


Here is the info on the meeting in Dallas.  I am glad that you will be able
to join us. --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 02/02/2001 02:16 PM
---------------------------

	Enron North America Corp.

	From:  Sally Beck                           01/25/2001 05:31 PM

To: Bob M Hall/NA/Enron@Enron, Brent A Price/HOU/ECT@ECT, Leslie
Reeves/HOU/ECT@ECT, Mary Solmonson/HOU/ECT@ECT, Beth Perlman/HOU/ECT, Peggy
Hedstrom/CAL/ECT@ECT, James Scribner/Corp/Enron@Enron, Sheri
Thomas/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Brenda F
Herod/HOU/ECT@ECT, D Todd Hall/HOU/ECT@ECT, Thresa A Allen/HOU/ECT@ECT, Scott
Earnest/HOU/ECT@ECT, Kevin Sweeney/HOU/ECT@ECT, Todd Busby/NA/Enron@Enron,
Shona Wilson/NA/Enron@Enron, Robert Superty/HOU/ECT@ECT, Michelle
Bruce/HOU/ECT@ECT, Vanessa Schulte/Corp/Enron@Enron, Jennifer deBoisblanc
Denny/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Wanda Curry/HOU/EES@EES, Laura E
Scott/CAL/ECT@ECT, Beth Apollo/HOU/ECT@ECT, Mike Jordan/LON/ECT@ECT, Steve
Whitaker/LON/ECT@ECT, John Paskin/LON/ECT@ECT, Richard Sage/LON/ECT@ECT,
Andrew Cornfield/LON/ECT@ECT
cc: Heather Choate/HOU/ECT@ECT, Chantelle Villanueva/HOU/ECT@ECT, Zionette
Vincent/NA/Enron@Enron, Marvia Jefferson/HOU/ECT@ECT, Cherylene
Westbrook/Enron@EnronXGate, Adrial Boals/Corp/Enron@Enron, Jennifer
Rosado/NA/Enron@ENRON, Yvette G Connevey/Corp/Enron@ENRON, Mercy
Gil/NA/Enron@Enron, Salisha Ramos/NA/Enron@Enron, Sue Foust/HOU/ECT@ECT,
Braedi Craig/NA/Enron@ENRON, Pamela Sonnier/HOU/ECT@ECT, Fiona
McNaught/LON/ECT@ECT
Subject: ASE on February 12-13, 2001 in Dallas, TX

On January 12, I hosted a brainstorming session at the Four Seasons hotel in
downtown Houston in which we assembled a number of ideas regarding mid and
back office services we could offer to the commodity industry.  To complete a
plan for launching this strategic commercial venture, we are hosting an
integrated design session facilitated by Cap Gemini Ernst & Young (CGEY) at
their Accelerated Solutions Environment in Dallas, Texas.

I am personally extending an invitation to you to participate in this design
session.  This is a critical two-day event to be held February 12th and 13th
in Dallas, Texas.   This work session is based on a unique approach called a
DesignShopv.  It is a very focused, activity-driven event that is composed of
various modules and exercises performed in small and large groups. If you
have not attended one of the DesignShops related to SAP, you will likely
regard this session as different from any working session you have previously
experienced. The prior DesignShops held in conjunction with SAP have proven
to be very successful.  Therefore, we have elected to utilize this same
methodology on this very critical and strategic venture.

A limited number of representatives from Enron will be attending.  You were
selected to be one of approximately 30 key individuals to participate in the
DesignShop. You are being asked to participate in the full two days with as
little distraction or interruption as possible.  The quality of our results
depends on each participant being fully engaged and participative for the
entire event.   Additionally, you will be relied on in the future to support
and communicate our commercial strategy as it is defined at this session.
This date was specifically selected to avoid critical operational periods so
that your participation can be maximized. Therefore, please make all
necessary arrangements at the office to minimize your distractions during
these two days.

Please review the attached information regarding hotel, flight information,
and transportation.  Preliminary information as to schedule and environment
has also been included.  You may direct any additional questions concerning
the event to Mary Solmonson at (713)-853-6079.

I hope that you will be able to participate.  Please confirm your attendance
for the two days with Marvia Jefferson at 713-853-9165 by January 29th 5:00
p.m.  If you are unable to attend, it may be appropriate to select someone
else to participate.  Please do not extend an invitation to anyone else to
take your place until you and I have discussed this.

I thank you in advance for your participation and look forward to seeing you
in Dallas!


Tana - I just sent the executed CA to your fax machine.

-----Original Message-----
From: Tana.Jones@enron.com [mailto:Tana.Jones@enron.com]
Sent: Wednesday, July 12, 2000 6:00 PM
To: pgroetzinger@brentbroker.com
Cc: Louise.Kitchen@enron.com; John.Pavetto@enron.com
Subject: Re: BrentBroker Full Style

Please find attached a copy of our proposed form of Confidentiality
Agreement.  Please call me if you have any comments or questions.  If the
agreement meets with your approval, please have an authorizied officer of
the company execute it and return the signed document to me at the fax
number below.  Thanks for your attention herewith.

I passed on your "regards" to Robbi Rossi.

(See attached file: brentbroker.doc)

Tana Jones
Paralegal
Ph:  (713) 853-3399
Fax:  (713) 646-3490

                    "Pete Groetzinger"
                    <pgroetzinger@brentb        To:
<tana.jones@enron.com>
                    roker.com>                  cc:
                                                Subject:     BrentBroker
Full Style
                    07/12/2000 05:01 PM

Tana -

The legal name is: Brent Broker.com LLC

I look forward to receiving your Confidentiality Agreement.

Regards,

Peter V. Groetzinger, COO
BrentBroker.com
One Riverway, Suite 2500
Houston, Texas 77056
USA
713.888.0500
www.brentbroker.com


Marie, can you and Chris make sure that you are on the same page with agreements affecting Canada, especially as it relates to registering security notices.

Peter.

 -----Original Message-----
From: 	Heard, Marie
Sent:	Monday, November 12, 2001 3:10 PM
To:	Aronowitz, Alan; Athena Alexander (E-mail); Clark, Morris; Cook, Mary; David Mitchell (E-mail); Davis, Angela; Del vecchio, Peter; Douglas, Stephen H.; Evans, Mark (London Legal); Gaffney, Chris; Gray, Barbara N.; Hansen, Leslie; Heard, Marie; Hendry, Brent; Hodge, Jeffrey T.; Johnston, Greg; Jones, Tana; Keohane, Peter; Koehler, Anne C.; Lech Kalembka (E-mail); Leite, Francisco Pinto; Marissa Morelle (E-mail); McCullough, Travis; Mellencamp, Lisa; Murphy, Harlan; Murray, Julia; Nemec, Gerald; Portz, David; Rick Antonoff (E-mail); Rohauer, Tanya; Sager, Elizabeth; Saxena, Rahul; Sayre, Frank; Schuh, Michael; Shackleton, Sara; Simons, Paul; St. Clair, Carol; Van Hooser, Steve; Viverito, John; Von Bock Und Polach, Marcus; Williams, Jason R (Credit)
Subject:	Status of Agreements

Per Carol's request, please e-mail Carol, Mary and me with an update on the agreements you are working on.

Thanks!

Marie


Here's what's happening on the QF negotiations through the Treasury Dept.
----- Forwarded by Susan J Mara/NA/Enron on 01/16/2001 11:11 AM -----

	"Steven Kelly" <steven@iepa.com>
	01/15/2001 07:50 PM
	Please respond to "Steven Kelly"

		 To: "Wayne Kawamoto" <wkawamoto@wm.com>, "Ward Scobee"
<wscobee@caithnessenergy.com>, "Tony Wetzel" <twetzel@thermoecotek.com>,
"Thomas Heller" <hellertj@apci.com>, "Steve Ponder" <steve_ponder@fpl.com>,
"Steve Iliff" <siliff@riobravo-gm.com>, "Ross Ain" <ain@worldnet.att.net>,
"Robert Frees" <freesrj@apci.com>, "Pete Levitt" <Pete@calwind.com>, "Paula
Soos" <paula_soos@ogden-energy.com>, "Paul Wood"
<paul_wood@ogden-energy.com>, "Nam Nguyen" <nam.nguyen@powersrc.com>, "Milt
Schultz" <bfpjv@c-zone.net>, "Marty McFadden"
<marty_mcfadden@ogden-energy.com>, "Ken Salvagno" <kbssac@aol.com>, "Ken
Hoffman" <khoffman@caithnessenergy.com>, "Jonathan Weisgall"
<jweisgall@aol.com>, "Joe Ronan" <joer@calpine.com>, "Joe Greco"
<joe.greco@uaecorp.com>, "Jack Pigott" <jackp@calpine.com>, "Hap Boyd"
<hap.boyd@enron.com>, "Frank Misseldine" <fmisseldine@caithnessenergy.com>,
"Ed Tomeo" <ed.tomeo@uaecorp.com>, "Ed Maddox"
<emaddox@seawestwindpower.com>, "Duane Nelsen" <dnelsen@gwfpower.com>, "Doug
Levitt" <SDL@calwind.com>, "Doug Fernley" <fernley.doug@epenergy.com>, "Dean
Gosselin" <dean_gosselin@fpl.com>, "Bob Escalante"
<rescalante@riobravo-gm.com>, "Bob Ellery" <bellery@spi-ind.com>, "Bill
Woods" <billw@calpine.com>, "Bill Carlson" <wcarlson@wm.com>, "Bill Adams"
<sangorgon@aol.com>, "Alex Sugaoka" <Alex.sugaoka@uaecorp.com>, "Lucian Fox"
<lucian_fox@ogden-energy.com>, "Rich Dyer" <Rich_dyer@ogden-energy.com>, "Ted
Cortopassi" <TCortopassi@ogden-energy.com>, "William Hall"
<wfhall2@duke-energy.com>, "Sue Mara" <smara@ect.enron.com>, "Roger Pelote"
<roger.pelote@williams.com>, "Rob Lamkin" <rllamkin@seiworldwide.com>, "Kent
Palmerton" <kent.palmerton@williams.com>, "Jeff Dasovich"
<jdasovic@enron.com>, "Greg Blue" <gtbl@dynegy.com>, "Eric Eisenman"
<eric.eisenman@neg.pge.com>, "Curt Hatton" <curt.hatton@gen.pge.com>, "Cody
Carter" <cody.carter@williams.com>, "Carolyn Baker"
<cabaker@duke-energy.com>, "Mark Smith" <Mark.J.Smith@fpl.com>
		 cc: "Jan Smutny-Jones" <smutny@iepa.com>, "Katie Kaplan" <kaplan@iepa.com>,
"Carol Hudson" <Chudson@iepa.com>, "Steven Kelly" <steven@iepa.com>, "Andy
Brown" <abb@eslawfirm.com>, "Doug Kerner" <dkk@eslawfirm.com>, "Kent Burton"
<kent_burton@ogden-energy.com>
		 Subject: Fw: PG&E QF Forbearance and Energy Pricing Principles

Attached are the PG&E QF Forbearance and energy pricing principles developed
in the PG&E/QF-Gas Working Group.  This principles will be discussed
tomorrow, Tuesday;
----- Original Message -----
From: Diane Fellman <difellman@energy-law-group.com>
To: Carol Hudson (E-mail) <chudson@iepa.com>; Steven Kelly (E-mail)
<steven@iepa.com>
Sent: Monday, January 15, 2001 7:55 PM
Subject: FW: PG&E QF Forbearance and Energy Pricing Principles

> Dear Carol,
>
> Steven asked me to forward this to you.  He asked to forward this to the
> Restructuring Task Force and the QF Contract Task Force.  Call him on his
> cell phone if you have any questions.
>
> Thank you,
>
> Diane I. Fellman
> Energy Law Group LLP
> 1999 Harrison Street, Suite 2700
> Oakland, CA 94612
> Telephone:  (415)703-6000
> Facsimile:   (415)703-6001
> email:  difellman@energy-law-group.com
>
>
>
>
> -----Original Message-----
> From: Manheim, William (Law) [mailto:WVM3@pge.com]
> Sent: Monday, January 15, 2001 7:21 PM
> To: 'difellman@energy-law-group.com'
> Subject: FW: PG&E QF Forbearance and Energy Pricing Principles
>
>
>
>
> -----Original Message-----
> From: Michael Alcantar [mailto:mpa@aelaw.com]
> Sent: Monday, January 15, 2001 7:16 PM
> To: Kugelman, Richard; Hapner, Dede; Manheim, William (Law); Reid, Alice
> (Law); Steve Greenwald
> Cc: Joe Karp; Doug Kerner; Jerry Bloom; Evelyn Kahl Elsesser; James A.
> Ross
> Subject: PG&E QF Forbearance and Energy Pricing Principles
>
>
> Attached is our draft for further discussion.  The draft is in
> Wordperfect format.
>
>
>

 - 01-15-01 PG&E & QF Energy Pricing Principles for DC Summit.wpd


EnronOnline/NetCoOnline status update:

- "NetCoOnline" will be distinct from EnronOnline, with much the same functionality and a refreshed look.

- We will carry data to support the same gas and power products as were on EnronOnline. Please contact us if you will need different products from what was on EnronOnline.

- We have prepared a list of top customers in CDN and US Gas and Power (copy attached), which we will be using as a guide in chasing signed Password Applications.

- To speed the registration process, top customers will be preloaded into the system for activation as soon as we receive their Password Application.

- We are intending to use a simple, online GTC, which can be superceded by a negotiated Master Agreement, as with EnronOnline.

- Internal trader names have been circulated to each desk head for approval.

Dave

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Thursday, December 27, 2001 4:58 PM
To:	Belden, Tim; Calger, Christopher F.; Presto, Kevin M.; Duran, W. David; Robinson, Mitch; Forster, David; Curry, Mike; Arnold, John; Shively, Hunter S.; Milnthorp, Rob; Zufferli, John; Luce, Laura; Vickers, Frank; Neal, Scott; Lagrasta, Fred; Aucoin, Berney C. ; Steffes, James D.; Roberts, Mike A.; Grigsby, Mike; Tycholiz, Barry; Allen, Phillip K.; Redmond, Brian; Martin, Thomas A.
Cc:	Lavorato, John
Subject:	Re-start/Integration Planning

We have for the last couple of weeks started to compile the Re-start/Integration Plans for Netco.  So far, we have primarily focussed on the mid/back plans where the technology requirements have been the driving factors.  Several plans are in the final stages of completion including:-

+	Infrastructure		Jenny Rub
+	Development		Jay Webb
+	EnronOnline		Webb / Forster
+	HR			David Oxley
+	Cash Management	Tom Myers
+	Credit			Debbie Brackett

The rest will be completed shortly.

We now need to focus on the commercial plans which have a slightly different focus. John and I would like to receive the plans "Re-start/Integration"  plans by January 7th, 2002 in order to go through them individually with each of you or in groups.  The focus should be to ensure that we have as much of the business up and running in the shortest time possible.  I have a suggested outline which you do not have to use but I thought it might help.  Please decide within yourselves the areas you will cover together or individually.

Customer Side
+	Customers		Phase  1 - First Week (eg top 10)
				Phase  2 - First Month (eg top 50)
				Phase  3 - First Quarter (eg top 100)
+	Action Plan		Phase  1 Customers
				Phase  2 Customers
				Phase  3 Customers
+	Contracts by customers (pre-prepared with credit terms etc)
+	Customer visit schedule

Product Side
+	List of Products	Phase 1 - First Week
				Phase 2 - First Month
				Phase 3 - First Quarter

Target Number of Transactions
+	Phase 1
+	Phase 2
+	Phase 3

IT transfer

Louise


East Power 	(500)
West Power	50
Canada		100
Central		(1000)
East		(1600)
West		(380)
Texas		(300)
Lavo		2000
Fin		2500 Dec. - Mar.
		3650 Cal 2 & Cal 3
total		4,520

PS. Arnold's EOL died on him. Not good


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Sally/Susan:
Thanks for following up, Bill Hogue at AEC is extremely happy with the
reponse that he has received.

Regards
Milnthorp

	Enron North America Corp.

	From:  Sally Beck                           07/07/2000 07:44 PM

To: Rob Milnthorp/CAL/ECT@ECT
cc:
Subject: AEC Issues

Rob:  Let me know if you get feedback from AEC that does not indicate that
they are getting what they need.  Susan and Bryce are both very capable and
responsive, so I am confident that AEC's questions can be resolved quickly.
--Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 07/07/2000 08:41 PM
---------------------------

Susan Harrison
07/07/2000 09:10 AM
To: Rob Milnthorp/CAL/ECT@ECT, Sally Beck/HOU/ECT@ECT, Brent A
Price/HOU/ECT@ECT
cc: Bryce Baxter/HOU/ECT@ECT
Subject: AEC Issues

I wanted to provide an update on our progress with AEC.  Bryce Baxter and his
team members have been in contact with Mike Bennett and Bill Hogue to
understand their needs.  We have provided the initial information they
requested (i.e., one month of data), and are awaiting their approval before
completing the analysis on the remaining months.  I am confident that we have
established clear points of contact within Settlements for Mike and Bill and
we will continue to work on solidifying the relationship.

Please let me know if you have any questions.

Susan


Ken,  Attached is the Agreement with my comments redlined over your changes.  Sorry for the delay  Please review and let me know if you have any questions.

By copy of this email, I am requesting David Marshall to review the insurance section (Section 11) and provide any comments he may have.


John, what do you want to do with this?  We had discussed but I wanted to
follow up.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 01/29/2001
02:03 PM ---------------------------

Eric Thode@ENRON
01/22/2001 01:42 PM
To: David W Delainey/HOU/ECT@ECT
cc: Dorie Hitchcock/HOU/ECT@ECT
Subject: Re: Spring Business Meeting

Dave --

Sorry for the delay in responding.  Dorie has been out after surgery and I
wanted to talk with her first.  Attendance is an issue that can be addressed
via a few initiatives, including:

1) better up-front communication from the Office of the Chair through the
direct supervisors (like we did for United Way last year)
2) entertainment/big-name draw added to the line-up
3) IP-TV as a back-up for those who cannot attend
4) select a better time than last year's meeting (i.e., morning meetings have
been better attended in the past vs. last year's afternoon meeting)

There are no doubt other small changes we can make to enhance attendance, but
this should get us headed in the right direction.  Dorie and I would be happy
to sit down and discuss this with you.

Regardless of what we do to increase attendance, if we wish to do such a
meeting, we need to pick a date and get on the Hyatt calendar soon.  Their
calendar is filling up quickly.  Thanks.

Eric

David W Delainey@ECT
01/16/2001 10:18 AM
To: Mark Frevert/NA/Enron@Enron, John J Lavorato/Corp/Enron@Enron
cc: Eric Thode/Corp/Enron@ENRON, Dorie Hitchcock/HOU/ECT@ECT

Subject: Spring Business Meeting

Guys, given all the change and our 2000 success, I would argue that we should
have a meeting; however, the challenge is getting people to show up - any
thoughts on this Eric/Dorie?

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 01/16/2001
10:21 AM ---------------------------

Eric Thode@ENRON
01/10/2001 01:50 PM
To: David W Delainey/HOU/ECT@ECT, John J Lavorato/Corp/Enron@Enron
cc: Dorie Hitchcock/HOU/ECT@ECT
Subject: Spring Business Meeting

Dave and John --

In the past, ENA has held an all-employee business meeting over at the Hyatt
in April or May.  Do you plan to hold such a meeting?  If so, we need to get
started on planning the event.  Dorie Hitchcock has typically handled the
arrangements.  Please advise.

Eric


The eThink Team

Do you know what's included in Enron's Code of Ethics?  Do you know what
policies affect corporate conduct?  Ask Sharon Butcher, Assistant General
Counsel of Corporate Legal, all your questions about our corporate policies
today (June 5) on eSpeak at 10 a.m. Houston time.
Can't make the live event?  No worries.  Go to eSpeak (
http://ethink.enron.com/eSpeak/exec/default.asp) now and submit your
question.  Sharon will try to answer it during her event and you can read the
transcript later.

Stop what you're doing!  Go to the Thinkbank (
http://nahou-lnapp01.corp.enron.com/eThink/Thinkbank.nsf/HomePage?OpenPage)
now!  Notice anything different?


Brenda,

Can you send me a copy of Bruce's response.  Also, we need to meet on Entex
this week as you suggest.  In my discussions with Bruce, he feels that Entex
can account for all of their gas nominations/takes - and that these
nominations are not related to intra-month price volatility.

We discussed having an initial meeting next week.  Then, if it makes sense, I
think we should involve MidCon in the discussions as their imbalances seem to
be a key factor in Entex changing their nominations.   These meetings would
be to seek to develop a working protocol that we could use to improve
communication and establish more definitive criteria for changing
nominations.

The end game would be a final meeting with Entex senior management to agree a
solution to past sins and a way forward.

Brian

	Enron North America Corp.

	From:  Brenda F Herod                           09/25/2000 10:53 PM

To: James I Ducote/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT, Thomas A
Martin/HOU/ECT@ECT, Janet H Wallis/HOU/ECT@ECT, Brian Redmond/HOU/ECT@ECT,
Edward D Gottlob/HOU/ECT@ECT, Steve HPL Schneider/HOU/ECT@ECT
cc: Yvette G Connevey/Corp/Enron@ENRON
Subject: Re: Coogler's Response

Please read the attached summary of Coogler's response to the audit
findings.  I would like to get the group together later this week to
determine next steps.

Jim, Dan and Janet:  I would appreciate you all paying special attention to
the claims.  Do you all know what Bruce is referring to?  If you all can do
some research before the meeting, I think we'll be able to get to our next
steps quicker.  Thanks.
---------------------- Forwarded by Brenda F Herod/HOU/ECT on 09/25/2000
10:44 PM ---------------------------

richard.j.feldmann@us.arthurandersen.com on 09/18/2000 08:29:49 PM
To: BHerod@Enron.com
cc: danny.d.rudloff@us.arthurandersen.com,
frederick.g.rhodes@us.arthurandersen.com,
matthew.l.thomas@us.arthurandersen.com
Subject: Re: Coogler's Response

Brenda,

Matthew reviewed Coogler's responses and brings up the following questions.

We can do one-of-two things at this point.  We can either add the Reliant
responses to our audit report as "Auditee Responses", or we can have Enron
provide answers and possibly have us do some additional work.  The additional
work is dependent on Enron's answers to the questions.

Please advise.

Rick

To:   Frederick G. Rhodes, Richard J. Feldmann
cc:
Date: 09/18/2000 04:29 PM
From: Matthew L. Thomas, Houston , (713) 237-2629
Subject:  Coogler's Response

Rick and Fred:

I hope things are going well up in Salt Lake City.  I have gone through all of
Bruce's numbers today.  I have come up with a few questions that Enron needs
to
answer.

1. Reliant claims that in East Texas the cut off for complementary customers
is
30 Mcf/ day,  does Enron agree?
2. Reliant claims that the "New Technology Contract" overrides  or is an
exception to the Enfolio Master Agreement.  Does Enron agree that this is a
legitimate exception?
3. Reliant claims that all off the industrial mis-classified gas in the
Houston
Division is under "special contracts" with special pricing, and even though
they
are using less than 100 Mcf /day they receive a lower price of 2.71 per MMBTU.
Does Enron agree that this is a legitimate exception?
4. In the Houston Division it appears that Louisiana Pacific only uses gas for
heating in the winter, about three months out of the year.  Is there total
divided by three to find their average usage, or is it divided by 12?  Bruce
divided by three, we divided by twelve.  They are a customer all year, and are
not a new customer, or a customer that has left.
5. Does Enron want to give Reliant leeway on the 100 Mcf rule?  What will the
actual cut off be?  Bruce backs out 137,000 Mcf that was close, but not quite
100 Mcf.

These are the issues that I see.  The first three questions are things that
Enron may have to ask Bracewell and Patterson.  We were not notified of any of
the special contracts that he mentions.  Let me know what I need to do.  If
you
guys have questions for me, it might be easier if we all got on the phone and
spoke about it.  Thanks,

Matthew

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Bill - I believe this was meant for you.

 -----Original Message-----
From: 	Romero, Araceli
Sent:	Monday, June 11, 2001 1:36 PM
To:	Gorny, Vladimir; Hayden, Frank; Crandall, Sean; Richter, Jeff; Motley, Matt; Alonso, Tom; Fischer, Mark; Williams, Bill; Swerzbin, Mike; Badeer, Robert; Davenport, Lacrecia; Belden, Tim
Cc:	Dalia, Minal
Subject:	April West Trader Performance

Per Minal Dalia's request, here is the April West Trader Performance file.


Yes, she had a boy - Will Rogers Morgan.  Are you going to be in the Hamptons
for the July 4th holiday?  Megan and I will be up there for 4 or 5 days
around then.  Talk to you soon.
Ben


The lse is not ees though. The required software is in a non bankrupt entity that lloyd controls relating to control area services.

Not sure what the other issues would be but wait to hear.

Thanks,

Doug
Doug-Gilbert Smith


Teco Tap       10.000 / Enron ; 80.000 / HPL IFERC

LS HPL LSK IC       30.000 / Enron


Calif ISO Cuts Power Refund Estimate To $6.1B From $8.9B  ????
Updated: Wednesday, July 18, 2001 11:53 AM?ET  ????
?

By Mark Golden

Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--California's estimate of how much the state was
overcharged by power suppliers dropped to $6.1 billion from $8.9 billion when
an adjustment requested by a Federal Energy Regulatory Commission judge was
taken into account, according to data submitted to FERC last week.

The California Independent System Operator's estimate fell when the grid
operator excluded power bought by utilities not under its purview, and its
estimate could fall again as it works in other recommendations made by the
judge following the conclusion of 15 days of talks between power suppliers
and the state over potential refunds last week.

Even as the ISO continues to recalculate its refund estimate, however, the
state is sticking to the original $8.9 billion figure, which has been called
arbitrary by critics. The $6.1 billion estimate merely establishes "a
potential framework for settlement discussions," Eric Hildebrandt, the ISO's
chief analyst on the matter, told the FERC.

FERC administrative law judge Curtis Wagner, who has dismissed the $8.9
billion figure as baseless and criticized California's delegation for not
negotiating in good faith, estimated in his report on the talks that refunds
due may amount to about $1 billion. Power suppliers offered just over $700
million.

Wagner has recommended FERC hold a 60-day hearing to set the level of refunds
and has told the ISO to revise its estimate of what California is owed.

The ISO's original $8.9 billion figure included electricity sales to
municipal utilities and alternative energy suppliers that didn't go through
the ISO's wholesale markets, the California Power Exchange or the California
Department of Water Resources. Without direct knowledge of the prices of
those purchases, the ISO made estimates.

"We know the volume (of the bilateral deals)," Hildebrandt said. "The refund
amount was based on extrapolation of observed prices in the spot market."

Resetting The Baseline

Wagner told the ISO to recalculate its figure using only sales through the
ISO and CalPX markets - which were set up by the state's deregulation law for
California's three investor-owned utilities to purchase power - in addition
to sales to the California Department of Water Resources.

The DWR has been buying power for the utilities since PG&E Corp. (PCG, news,
msgs) unit Pacific Gas & Electric Co. and Edison International (EIX, news,
msgs) unit Southern California Edison ran out of cash in January. DWR has
also been covering the needs of Sempra Energy (SRE, news, msgs) unit San
Diego Gas & Electric Co.

In arriving at his new estimate, the ISO's Hildebrandt also recalculated fair
prices - the baseline against which refundable amounts are determined - by
retroactively applying the price controls FERC imposed June 19. Those
controls set prices by the operating costs of the least efficient generator
needed to meet demand each hour.

But last week, after Hildebrandt completed his $6.1 billion estimate, Wagner
recommended to FERC commissioners that the June 19 price control formula be
modified when used retroactively to determine refunds.

Those modifications, if applied to the ISO's estimate, would cut refunds much
further. For example, FERC's price limits are now based on a monthly average
of natural gas prices covering supplies throughout the state. Wagner
recommended using power producers' actual gas costs. Since gas is
considerably more expensive in southern California, using actual prices would
cut potential refunds sharply.

Also, Wagner said that refunds should be ordered on sales only as far back as
Oct. 2, which would reduce the total amount claimed by California by about
one-third, according to Hildebrandt's previous monthly breakdown.

ISO staff is again recalculating the refund estimate to reflect some of
Wagner's recommendations, but the ISO will still include sales back to May
2000, said spokeswoman Stephanie McCorkle.

"The reason we're not going back just to Oct. 2 is that all of the
overcharges going back to May should be repaid," McCorkle said. "We just
maintain that position."

FERC Baseline Questioned

In addition, Hildebrandt argues in his recently released estimate that when
fair prices are calculated retroactively using FERC's new formula, the price
cap should be based on the least efficient generator the ISO knows to have
been available, not the least efficient generator actually used to meet
demand.

That's because the FERC's new price controls require all available generators
be made available to the ISO at any time, Hildebrandt said.

Applying that rule would raise the ISO's revised estimate substantially: to
$7.7 billion from $6.1 billion.

One of the ways generators managed to manipulate prices higher, Hildebrandt
said, was to not offer cheaper power from more efficient units. Considering
only the least efficient generator actually used would make permanent the
rewards for such withholding, he said.

"The judge is in error to suggest that the actual (least-efficient) unit used
would have been called on if the must-offer requirement were in effect,"
Hildebrandt said in an interview.

In arriving at his estimate, Hildebrandt determined the difference between
actual sales prices and what prices would have been for every seller and for
every hour since May 1, 2000, had price controls been in effect. The ISO
released only the total potential refund, not the company-specific shares.

Hildebrandt took issue with generating companies that have complained his
numbers aren't justified.

"These are based on very tangible records," he said. "The idea that it's a
black box is misleading."

-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com

(Jason Leopold in Los Angeles contributed to this article.)


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