INSIDE TRACK: Saving up for a rainy day: WEATHER RISK MANAGEMENT: This week's
storms have prompted businesses to face up to the need to hedge against
changes in the climate, says Toby Shelley:
Financial Times, Nov 2, 2000

		Arena foes, supporters battle it out
		HOUSTON CHRONICLE, 11/02/00

		Azurx Shareholder sues over deal's price
		Houston Chronicle, 11/02/00

		'Big-picture' strategy gives C.I. Global edge Growth-oriented, diversified
fund delivers on all fronts
		The Globe and Mail, 11/02/2000

		Calif Generators See FERC Ruling As Step, Not Solution
Dow Jones News Service, 11/01/00

		IN THE MONEY: Enron Looks To Un-Dip Its Toe From Water
Dow Jones News Service, 11/01/00

		USA: Transwestern N.M. gas line cut 25 pct on train derail.
Reuters English News Service, 11/01/00

		US Natural Gas Cash Prices End Up On Arbitrage Spreads
Dow Jones Energy Service, 11/01/00

		INSIDE TRACK: Saving up for a rainy day: WEATHER RISK MANAGEMENT: This week's
storms have prompted businesses to face up to the need to hedge against
changes in the climate, says Toby Shelley:
Financial Times, Nov 2, 2000, 763 words

		As emergency services brace themselves for more gales after the worst storms
since the hurricane of 1987, businesses and the public are beginning to
realise what climate change means: not just flood damage but also disruption
of infrastructure and transport.
		The Association of British Insurers says the bill for Sunday's storm will
amount to hundreds of millions of pounds. This comes on top of last month's
flood damage in Kent of Pounds 40m-Pounds 80m. Bad weather cost insurers
Pounds 861m in 1999.
		While the costs of flooding are fairly easy to quantify, the financial burden
in terms of business forgone is less obvious. Swimsuit and umbrella
manufacturers face an obvious weather risk (although a company making both
would be nicely hedged), but so do 70 per cent of all companies, according to
industry experts.
		As awareness of such risks increases among shareholders, chief executives are
less able to use the climate as an excuse for lower profits. As a result, a
growing number of companies are developing weather risk management using some
of the many instruments now available (see below).
		Europe is catching up with the US in developing mechanisms and tools to help
companies manage such risk. The London International Financial Futures
Exchange aims to launch weather futures contracts early in 2001; Societe
Generale is developing weather hedge funds; Enron, the US energy and trading
group, is launching another 17 sites in Europe around which to trade weather
risk; and Weather Risk Marketing is putting together an insurance programme
in the London market, aimed at FTSE 200 companies, with capacity of Pounds
100m per customer.
		The global market in weather risk derivatives is valued at Dollars
3bn-Dollars 8bn (Pounds 2bn-Pounds 5.5bn) and is mainly in the US.
		Gas and electricity market deregulation provided the impetus for UK energy
companies to enter the weather derivates market. Centrica, the UK-based
energy supplier, is particularly enthusiastic. Given a "normal" winter in
1999, Centrica's profits would have been Pounds 24m higher.
		Thor Lien, Enron's senior weather derivatives trader in Europe, values the US
market at about Dollars 3bn and believes growth next year in Europe could
double that. But there are a number of imbalances in the current market and
brakes to further development.
		The very enthusiasm of the energy sector means demand for derivative hedges
against warm winters far outweighs demand for hedges against cold winters.
		Nick Ward, weather risk broker at Spectron Futures, says higher winter demand
can leave the current derivatives market with characteristics of an insurance
market where risks have to be absorbed.
		Lack of liquidity in the market is limiting business, according to some,
although Mr Ward says the derivative market can look at Pounds 50m risks. An
active hedger agrees: "The derivatives and reinsurance markets are certainly
developing, with some larger transactions, which may be in the tens of
millions, being explored. Most deals, however, remain relatively small in
comparison with the overall level of risk that could be transferred in these
markets."
		SocGen is the only bank to have committed itself thus far to the weather risk
market and is developing a Dollars 145m hedge fund activity in Europe and
Asia. Diego Wauters, global head of insurance derivatives, says his team
often closes two or three deals a week worldwide. It has done about 60 deals
globally over the last 12 months, 70 per cent of them weather risks.
		Data pose a problem for some companies. Rob Preston, a director at Speedwell
Weather Derivatives, says the cost of access to UK weather data from the
government-owned Meteorological Office may be restricting the take-up of
weather risk management by smaller companies. For data from a local weather
site, the Met charges Pounds 1,500 for temperature and the same again for
rainfall.
		Another significant brake on market development is lack of awareness. Even
where treasurers are persuaded of the value of hedging weather risks, selling
the idea to the board can be difficult.
		Peter Blogg at Liffe does not expect a flood of interest when futures
contracts begin trading. Rather, the plan is to establish them as benchmarks.
At a conceptual level, protecting profits from the weather is accepted by
many chief executives but few are putting weather risk management into
practice.
		David Gamble, executive director of Airmic, the UK risk managers'
association, says there is a growing interest in the area, although few
non-energy companies have taken an interest so far. Retailers such as
Sainsbury and Tesco have no involvement, nor does Railtrack, the notoriously
weather-prone rail operator. Cargill, the global trading house, is active in
the US but maintains only a watching brief in Europe.
		The future structure of the emerging market remains unclear. Mr Preston
foresees a two-tier basis: a primary market in tailored deals accepted by
insurance and capital market companies; and a secondary market in wholesale
traded risks appealing to insurers and energy companies.
		For Enron, Mr Lien sees a rapidly growing wholesale market in Europe with the
extremes covered by insurers who will, increasingly, be able to hedge their
exposure on the derivative market. He says that big exposures require
syndicated insurance at present but in six months' time the derivatives
market will have more liquidity.
		Copyright , The Financial Times Limited

Nov. 2, 2000, 9:23PM
HOUSTON CHRONICLE
Arena foes, supporters battle it out
By JANETTE RODRIGUES
Copyright 2000 Houston Chronicle
With less than a week to go before the arena referendum is put to a vote,
supporters and foes put aside any niceties in favor of bare-knuckle brawling
during a debate Wednesday.
Both sides spent a lot of time pitching, spinning and trying to persuade
members of The Greater Heights Area Chamber of Commerce, which sponsored the
event.
The debate started out in classic point-counterpoint style, with a panel of
Houston television news anchors asking the questions. But both sides quickly
went into attack mode.
In the pro-arena corner were Harris County-Houston Sports Authority Chairman
Billy Burge and Don Jordan, the co-chairman of Let's Build It Together, the
pro-arena campaign group. Opposing them were Metropolitan Coalition President
DeWayne Lark and conservative activist Bruce Hotze.
"Les Alexander gets all the benefits," Hotze said. "If this was a marriage it
wouldn't last a week. It is not a good deal."
Burge retorted: "Mr. Hotze, you sound like Bill Clinton -- a half-truth is
the blackest lie of all."
After a few of Hotze's anti-arena comments received applause from the
audience, Jordan chided some of those gathered.
"You can be very confused and ... clap about the statements that are being
made to you that aren't exactly accurate," he said. "That is one of the
benefits of being here today. You can look beyond some of the advertising
that has gone up, 90 percent of which is incorrect."
Later, the event got even more colorful after KTRK-Channel 13 anchor Bob
Boudreaux asked anti-arena activists what they knew about the deal that
fiscally conservative U.S. Rep. Bill Archer, R-Houston, didn't know. Archer
is appearing in the pro-arena campaigns' most recent television commercials.
"I think the pro-arena campaign has been a Clinton-esque campaign of
misstatements and misleading, and I think they have told people that the
Rockets are going to pay their fair share," Hotze said. "They pay nothing up
front. I think if Bill Archer knew all the facts, Bill Archer would not come
out and endorse this."
Jordan responded: "That's an incredible statement. The only thing I know
about that might be more incredible than what you just heard is if anybody
out there believed it. Bill Archer knows what's going on about this arena
down here."
Opponents accused pro-arena forces of doling out corporate welfare at
taxpayers' expense, while proponents repeatedly criticized arena opponents'
statements as misleading and inaccurate.
Backers of the arena say it would spur downtown development, strengthen the
economy, boost good feelings about the city and cement Houston's position as
a world-class city.
Lark said that he supports a new arena, but that taxpayers shouldn't have to
foot the bill -- especially when a billionaire sports team owner stands to
benefit the most from the deal.

Nov. 2, 2000, 12:12AM
HOUSTON CHRONICLE
Briefs: City and state
Azurix shareholder sues over deal's price
A shareholder has sued Azurix Corp. and its parent Enron Corp. on grounds
that a $275 million plan to take Azurix private undervalues the water
company's shares.
Azurix spokeswoman Diane Bazelides said the company has not been served with
the papers and therefore is unable to comment on the lawsuit.
Houston-based Enron last week offered to provide financing to let Azurix
purchase its shares at $7 apiece. Enron owns a little more than a third of
the water company it created two years ago and controls another third through
an investor group called Atlantic Water Trust.
In one of six lawsuits filed in Delaware Chancery Court, Azurix shareholder
Thomas Turberg says Enron and Azurix's directors have violated their duties
to shareholders by agreeing to purchase the shares at a price that is less
than the water company is worth.
The defendants are trying to use their control of Azurix to force
shareholders "to sell their equity interest in Azurix at an unfair price, and
deprive Azurix's public shareholders of maximum value to which they are
entitled," the suit says.
Turberg asks the judge to grant class-action status to his case, stop the
transaction and award damages and legal fees.
Enron shares rose $1.19 to $83.25, while Azurix shares fell 19 cents to
$6.06. Azurix's shares have fallen more than 80 percent since Enron took the
company public last year.

Report on Mutual Funds Special Report
15-Year Review of Mutual Funds FUNDSCOPE
'Big-picture' strategy gives C.I. Global edge Growth-oriented, diversified
fund delivers on all fronts, Gordon Powers says
Gordon Powers
SPECIAL TO THE GLOBE AND MAIL

11/02/2000
The Globe and Mail
Metro
M3
All material copyright Thomson Canada Limited or its licensors. All rights
reserved.

Lured by historically stronger returns and a recent increase in RRSP
foreign-content limits, Canadian investors have poured a record $39-billion
into foreign securities so far this year.
And thanks to some excellent performance and strong brand loyalty among
financial advisers, a fair chunk of this exodus has been heading into several
funds sponsored by C.I. Mutual Funds Inc.
Consider the $3.2-billion C.I. Global Fund. Under the tutelage of long-time
manager William Sterling, the 14-year-old fund returned 21.1 per cent in
1997, 26.2 per cent in 1998 and 37.1 per cent last year.
Over the 10 years ended Sept. 30, these strong numbers propelled it to a
stellar compound average annual rate of return of 17.7 per cent, well above
the 13.7-per-cent average of its global equity-fund peers.
Against a backdrop of rising inflation, technology jitters and potential
interest-rate hikes, however, the fund has been struggling more recently.
Year to date, it has delivered barely a break-even return.
Despite this recent blip, though, fund analyst Stephen Kangas, managing
editor of Toronto-based Fundlibrary.com, calls mammoth C.I. Global a
"must-have" fund.
"Bill Sterling's big-picture strategy and [co-manager] Stephen Waite's
stock-picking have worked to put this fund not only in the first quartile but
right up there as a core offering within the global category," Mr. Kangas
says.
Mr. Sterling and his team, most recently working for C.I. through independent
Credit Suisse Asset Management LLC, now have a major stake in a new
portfolio-management partnership, New York-based C.I. Global Advisors LLP,
that manages several funds in the Toronto-based C.I. family.
This new partnership "means the management group is in place for the long
haul," says Mr. Kangas, who favours arrangements where managers have equity
stakes.
Driven by the big-picture themes outlined in his appealing book,
Boomernomics, and using discounted cash flow as his primary yardstick, Mr.
Sterling has created a growth-oriented, broadly diversified fund that seldom
has much in common with its benchmark, the Morgan Stanley World index.
It generally contains about 140 stocks, with the largest holding limited to
roughly 3 per cent of the portfolio and the top 10 stocks representing no
more than 20 per cent of the pie. "You really can't do it any other way," Mr.
Sterling says. "When it comes right down to it, nobody really knows who's
going to win all the battles. With technology in particular, you have to take
a much broader view."
Similarly, although currency movements are always a factor in any global
fund, Mr. Sterling makes little attempt to hedge his dollar exposure,
preferring to use it as another key criterion in determining his country
choices. "We're much more likely to back an exporter who's going to benefit
from a sliding currency than to try and play the currency itself. That's
really where you're going to benefit."
Although still sporting a positive outlook for the long term, Mr. Sterling
has been trying to reduce the risk in the portfolio in recent months. Despite
the increased promise of an economic soft landing in North America, he still
worries that U.S. corporate profits may fail to meet expectations.
"We've been feeling a bit defensive for a while now. As long as central banks
are raising rates -- and we think one or two quarter-point hikes in the U.S.
are still likely -- you're going to see continued volatility and uncertainty,
particularly in U.S. technology stocks."
Consequently, he's reduced the fund's holdings in the United States and, to a
lesser extent, in Europe. Right now, the fund has 52 per cent of its stocks
in the United States, 21 per cent in Europe and 7 per cent in Japan, with
roughly 13 per cent in cash. That's a far cry from the beginning of the year,
when the fund had roughly two-thirds of its money south of the border and
very little cash on hand.
Over the past 18 months, U.S. tech stocks have swung dramatically, almost
twice as much as the rest of the market. As a result, the securities of many
technology companies are priced more like options than stocks, Mr. Sterling
says. "And that means likely more volatility, rather than less. Prudent asset
allocation suggests that you diversify away from an asset class as its
volatility increases. Despite the very real merits of the sector, investors
shouldn't have all their eggs in some high-tech basket."
Although technology still plays a significant role in the fund -- big
holdings include PMC Sierra Inc., Broadcom Inc., Vodafone Airtouch PLC and
Cisco Systems Inc. -- Mr. Sterling quickly points to what he calls "the
leopards" within the fund's largest holdings.
Companies such as Corning Inc. are an increasing force in fibre optics, and
ones such as utility giant Enron Corp. are "changing their spots and looking
for new ways to succeed. But, unlike many younger tech companies, they still
make money in the process," he says.
For conservative investors looking to diversify their holdings, the fund is
"definitely a core fund for most portfolios," Mr. Kangas says.
"Put this C.I. fund together with, say, a strong offering like AGF
International Value, and you've got an excellent foundation to build upon.
Lower risk, strong returns, broad diversification -- I think this fund has
really delivered on all these fronts. Highly recommended."
C.I. Global
Category: Global equity Manager: William Sterling Load status: Optional Total
assets: $3.2-billion Management expense ratio: 2.4%
Globe 5-star rating: ***** Returns to Sept. 30, 2000 1-month simple rate of
return: 0.5% 3-month simple rate of return: 1.1% 6-month simple rate of
return: 0.0% 1-year compound annual rate: 39.0% 2-year compound annual rate:
29.1% 3-year compound annual rate: 20.5% 5-year compound annual rate: 20.2%
10-year compound annual rate: 17.7% Top 10 holdings To Sept. 30, 2000
1. Corning Inc 3.4%

2. Network Appliance Inc 2.0

3. General Electric Co 1.9

4. Microsoft Corp 1.8

5. PMC-Sierra Inc 1.7

6. Vodafone Airtouch Plc 1.7

7. Cisco Systems Inc 1.6

8. Enron Corp 1.6

9. Citigroup Inc 1.5

10. Skandia Foersaedrings AB 1.5
Telephone: 1-800-563-5181 Breakdown by country
USA 52.1%

Israel 0.1%

South Africa 0.5%

Canada 2%

Japan 6.8%

Cash 12.9%

Other 25.6%

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

Calif Generators See FERC Ruling As Step, Not Solution
By Christina Cheddar

11/01/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Of DOW JONES NEWSWIRES

NEW YORK -(Dow Jones)- California's power generators think federal regulators
took a big step toward improving what they see as a flawed market for
wholesale electricity, but may have stopped short of total solution.
Earlier Wednesday, a committee formed by the U.S. Federal Energy Regulatory
Commission released recommendations to revamp the Golden State's power
market.
The recommendations sprung from a probe conducted by the committee that
sought to explain why California power prices tripled this past summer.
Overall, companies supplying power to the state applauded the committee's
finding that market manipulation by power generators in the state wasn't to
blame, as some consumer groups had charged.
FERC is the third agency to agree that there was no price collusion in the
market this summer, said Duke Energy Corp. (DUK) spokesman Tom Williams.
Company officials also said they were pleased by the agency's recommendation
that California should allow its three utilities to buy power from a variety
of suppliers and buy power in the forward markets.
Previously, the utilities were required to buy and sell all power through the
state's Power Exchange at market prices.
The previous requirement, which bound the utilities to one supplier,
effectively created another monopoly, said Enron Corp. (ENE) spokesman Mark
Palmer.
"Utilities should be able to manage their own price risk," Palmer said.
Williams Cos. (WMB) spokesman Tim Thuston agreed. He said his company had
been advocating this change, and was pleased to see it included in the
agency's recommendations.
However, generators did raise concerns over a so-called soft cap. Under the
provision, a supplier who sells power above $150 a megawatt would be entitled
to receive the bidding price, however, the supplier would have to file
several reports to the FERC.
Previously, all bidders in a single-price auction had to pay the highest bid
paid, which was otherwise known as the market clearing price. Under the
committee's recommendation, the market clearing price will never exceed the
$150/MW cap.
The companies also were concerned about a provision that could lead to
refunds after October 1.
Reliant Energy Inc. (REI) spokesman John Stout a two-year refund window is "a
cloud hanging over the market."
During Stout's initial review of the voluminous FERC report, he said he
wasn't able to determine exactly how the FERC would establish what is the
right price for power.
He said Reliant would be paying attention to this provision, which he said
could have broad implications for the companies who operate in the state.
Other officials also noted that sometimes power is traded several times
before it reaches its end-users. In those cases, how would refunds be
determined, officials asked.
In sharing their initial reactions to the 100-page report, company officials
agreed there is still much work to be done. Officials said they plan to make
additional recommendations to the state's agencies in the days ahead.
The changes in the California power market are sure to affect the strategies
of the state's power generators.
Enron has already decided to back off plans to install 300 megawatts of new
generation in the state next spring, said Enron's Palmer. The generation was
part of a project proposed by the California Independent System Operator.
Enron and 13 other companies are in negotiations to build the capacity, which
would have operated during periods of peak demand, when prices are the
highest.
Palmer said the lingering uncertainty in the state's power market makes the
project less financially attractive.
Still, other financial opportunities could be created by the proposed
regulations. Palmer said Enron's price-risk management operations could get a
boost because the state's utilities will now be free to purchase power in the
forward markets.
Other trading companies also see an opportunity there, but none would
estimate its potential value.
Duke Energy spokesman Tom Williams emphasized the Charlotte, N.C., company's
commitment to California. Duke, which supplies 4% of California's power, has
already made a significant investment in the state, he said.
Duke expects to continue to spend money in the state. For example, Duke will
proceed with its plans to build its Moss Landing power plant in Monterey
County.
As for other power projects, Williams wouldn't provide specific details.
Still, many believe additional capacity is needed to meet the state's growing
power needs and lower prices.
According to Williams, the FERC recommendations don't do enough to encourage
new generation to be built in the state.
"I think the next two months are full of uncertainty," Williams said. He
added, as long as uncertainty persists in the market, companies won't want to
make the investment.
This point was echoed by other company officials.
As the companies continue to review the order and make recommendations, it is
likely officials will focus future debate on the soft cap and refund
provisions of Wednesday's proposals.
Still, the companies appeared encouraged that progress has been made toward
correcting the state's markets.
And a lot is at stake, according to Reliant's Stout. Not only is the
company's future strategy in California riding on these decisions, but states
like Nevada have slowed deregulation efforts in order to watch the events
unfolding in California, Stout said.
Stout said now is the time for consumer groups, power suppliers, utilities
and the state agencies to come together "to get this power market fixed."
-Christina Cheddar, Dow Jones Newswires, 201-938-5166
christina.cheddar@dowjones.com

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

IN THE MONEY: Enron Looks To Un-Dip Its Toe From Water
By Carol S. Remond

11/01/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- Sometimes it's easier to peddle a hard-sell when you
don't have everyone looking over your shoulder.
That's what appears to be the case with Enron Corp. (ENE) and what it's doing
with its majority stake in Azurix Corp. (AZX), the water company Enron
partially spun-off to the public two years ago.
In an unusual transaction, Enron has offered to loan Azurix $275 million so
that it can buy back its stock from the public for $7 a share - that is, any
and all shares owned by everyone except for those controlled by Enron.
Following some fancy financial footwork involving trusts that own some of the
Azurix stock on its behalf, the Houston, Texas energy and commodity trading
company appears to be priming Azurix for a sale after failing to clinch a
deal the more traditional way.
(In a letter to Azurix, Enron indicated that so far, four potential buyers
have presented themselves. But the top suitor, who offered $7 a share, seems
to have had a change of heart after taking an in-depth look at the company).
Details of the latest scheme are scant. All that is clear so far is that
Enron has hired Lehman Brothers as an adviser regarding its plans for Azurix.
Although Enron declined to comment on its plans, people familiar with the
matter suggested that a complex transaction is now in the offing.
One option Enron had was to do this in the more traditional manner: Buy back
Azurix shares itself. But that posed a problem. In doing so, Enron would have
owned more than 50% of the water company, forcing it to consolidate all of
Azurix' financials on its balance sheet - including a healthy $1.3 billion in
debt.
Instead, with a little wave of a financial wand, it appears Enron has found a
creative way around that problem.
Here's how it works: Enron loans $275 million to the management of Azurix so
it can repurchase the non-Enron related shares from the marketplace. That
leaves an entity called the Atlantic Water Trust continuing to hold 67% of
Azurix' shares. Atlantic Water is half-owned by Enron and another trust
called Marlin Trust Co. Enron has voting rights on Marlin's shares.
A person familiar with the situation suggested that the transaction, which
has yet to be made public, would include some form of sweetner to entice
management to back an Enron-arranged sale of Azurix to a third party.
"Instead of being a growth-oriented play on deregulation and privatization in
the water utility industry, Azurix will become a sort of quasi utility
company," said Anatol Feygin, J.P. Morgan's Enron analyst. "Once that is
done, Enron will be able to cut overhead and development activity and look
for a buyer."
An Azurix spokeswoman said Enron's offer is under consideration. She declined
to comment on Enron's assertion that the water company had retained two
advisers earlier this year to evaluate its strategic alternatives.
What's clear so far is that if Enron succeeds in taking Azurix private,
streamlining the decision making process by excluding private shareholders
and the need to report to the Securities and Exchange Commission, it won't be
able to sell the water business in parts and would likely look for a buyer
for the whole lot.
That's because the equity of Azurix's crown jewel, U.K.'s Wessex Water Ltd.
is used to back a GBP400 million credit facility.
"They can't sell Wessex first because to do so they would have to take that
facility out," said John Kennedy, a utility analyst at Standard & Poor's.
Azurix acquired Wessex in October 1998 for $2.4 billion. People familiar with
the matter suggested that Enron is now in the process of re-evaluating
Wessex, as well as smaller assets in Latin America. Analysts said that Wessex
may now bring in about $1.8 billion. (Taking out long-term debt that comes to
about $4.25 a share).
So why is Enron so eager to get out of the water business?
Trouble has been brewing for a while. In September, following months of
Azurix falling short of analysts' earnings, its high-profile chief financial
officer, Rebecca Mark, simultaneously resigned from her position and stepped
down from Enron's board.
The fact is that Azurix has fallen short of Enron's expectations. The
energy-trading giant appears to have misjudged the speed of privatization in
the water and waste-water industry. And now with projects behind, revenues
have been slow, some $1.3 billion in long-term debt has accumulated and Enron
appears to have given up on its plans.
At the end, Enron's seconds may soon fuel ongoing utility consolidation in
Europe. As least four large European water companies are believed to be
potential buyers: France's Vivendi's Generale des Eaux and Suez-Lyonnaise des
Eaux and Germany's E.On and RWE.
The price of Azurix shares slumped as low as $3.37 earlier this month, far
below its spring 1999 initial public offering price of $19. Azurix' stock was
recently trading at about $6.125. - Carol S. Remond; Dow Jones Newswires;
201-938-2074
-carol.remond@dowjones.com

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

USA: Transwestern N.M. gas line cut 25 pct on train derail.

11/01/2000
Reuters English News Service
(C) Reuters Limited 2000.

SAN FRANCISCO, Nov 1 (Reuters) - Gas flows through a Transwestern (TW)
natural gas pipeline in New Mexico have been cut by about 250 million cubic
feet, or 25 percent, while the line is checked for damage after derailed
train cars fell near the line, a Transwestern spokesman said Wednesday.
The freight train derailment occurred late Sunday but the company was not
informed the train cars had fallen near the gas line until Monday, when gas
flows were reduced, he said.
The TW pipeline, in northwestern New Mexico, feeds California gas markets and
normally operates at around one billion cubic feet a day.
The spokesman for Transwestern Pipeline Co., a subsidiary of Houston-based
Enron Corp. , was unable to say when the line would be back at normal
capacity.
No one was believed to have been hurt in the accident, he added.

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

US Natural Gas Cash Prices End Up On Arbitrage Spreads

11/01/2000
Dow Jones Energy Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

HOUSTON -(Dow Jones)- U.S. natural gas physical prices mostly rose Wednesday
with the New York Mercantile Exchange futures board, but still held a 15- to
16-cent differential to the Nymex, one of the largest seen this year, traders
said.
The cost of carrying gas to storage blew out the differential, a Houston
trader said, as some pipelines refused to allow more gas into storage at this
late date. "Storage (and arbitrage) wasn't an option," a trader said.
That stagnated some non-incremental buying dead in its tracks, he said. He
expects the 15- to 16-cent differential to continue on Thursday.
Also, in the West, gas was looking for a home after some transportation had
to be redirected because of a force majeure on Enron's Transwestern East of
Thoreau line.
A train derailment in New Mexico had damaged the line, cutting back and
shifting gas deliveries from the East to the West, traders said.
The Nymex December futures gas contract settled Wednesday at $4.686 per
million British thermal units, up 19.6 cents as traders brushed aside an
apparently bearish American Gas Association storage report and bought gas in
preparation for possible wintry forecasts.
Although predictions were for a build in the 60-65 billion cubic feet range,
the AGA said 70 Bcf was added to storage last week, still within some
expectations and considered slightly bearish. The anticipated total fill of
about 2.7 trillion cubic feet has been a factor in driving prices down these
last few weeks, marketers said.
Swing physical gas for November at the benchmark Henry Hub in south Louisiana
rose 4 cents-8 cents to a $4.32-$4.48/MMBtu range. November index at the
Henry Hub is $4.50/MmBtu.
Transcontinental Gas Pipe Line at Station 65 deals rose 2 cents on the bid,
but fell 4 cents on the offer to a $4.35-$4.44 range. Index is seen at $4.51.
At Katy in East Texas, buyers paid $4.25-$4.39, up 1 cent on the bid, down 3
cents on the offer from the Transwestern outage. Index is seen at $4.43.
At the Waha hub, prices closed at $4.17-$4.27, down 5 cents-10 cents, also as
a result of the Transwestern outage. November index for the first of the
month is at $4.50, flat to the Henry Hub.
Prices in the West and California and New York moved above $5.00, traders
said. The California Border index is put at $5.19; PG&E Citygate at $5.33;
Transcontinental New York Zone 6 line at $5.10 and Texas Eastern's M3 line at
$4.96, traders said.
-By John Edmiston, Dow Jones Newswires,713-547-9209;
john.edmiston@dowjones.com

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


512456
512457
512086

these deals should be axia (koch changed its name)

thanks


market_relations@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List:

Dear Market Participants,

The NYISO is pleased to inform you about the following
enhancements to the public web server (www.nyiso.com), MIS and
SPIDER that will be implemented on August 28, 2001.

Generation Supplier Issues --

Additional deliverables will be completed with the following
functionality added to the NYISO markets. Please refer to the
appropriate Technical Bulletin posted on the NYISO web site for
a complete and full description.

     Payment rules for unit start-up will be modified to allow
     a unit to receive start-up payments for both the Day Ahead
     and the Real-time market provided the unit is economically
     qualified and is scheduled in both markets.  This change is
     pending approval by the Business Issues Committee at its
     August 23, 2001 meeting.

     Payment rules for unforced energy replacement will also be
     modified.  Suppliers scheduled to provide energy or ancillary
     services to the NYISO marketplace may be eligible to recover
     their Day Ahead margins if insufficient revenue is realized
     to cover such costs.

     Uninstructed Over-generation will be allowed such that
     off-dispatch generating units will be allowed to follow
     economic base points and be paid for such deviations above
     their base points provided those deviations are economically
     consistent.

Lost Opportunity Cost Payments --

     These payments will be applied for the period from May 30, 2000
     through November 8, 2000 as defined by FERC order issued
     April 2, 2001.

System Changes (as ordered by FERC to expand mitigation rules for New York
City generating units) --

     Payments resulting from the Security Constrained Unit Commitment
     (SCUC), including minimum generation, start-up and energy payments
     for all in-City generation may be mitigated.

     Payments resulting from Supplemental Resource Evaluation (SRE)
     commitment, including minimum generation, start-up and energy
     payments for all in-City generation may be mitigated.

     Mitigation measures may also be applied to energy, start-up and
     minimum generation payments made to units operated out-of-merit (OOM)
     in Real-Time for all in-City generation.

Additional Changes --

     Market Participants will be allowed to query the Customer Relations
     Help Desk system from the NYISO web site.  This will allow
participants
     to check on the status of their current questions and review their
     historical questions/issues with the NYISO.

     A new menu option will be available on the Bidding and Scheduling
     page.  The 'Daily Transaction Summary' report will show the status of
     all transactions for a user and their requested and scheduled MW's.

     A new Upload/Download template will be created that will give Market
     Participants access to specific billing data down to the 5-minute
level
     level of granularity.

     The migration of web postings from InfoReports to MrXML will continue.
     The structure of all migrated reports will be retained, therefore,
these
     changes will be transparent to the user.

If you notice any NYISO systems behave other than intended after
the scheduled implementation date, please let us know immediately.

It will be helpful if you refer to this notice if you communicate with us
about these changes.

Thank you,
Customer Relations
Phone: 518-356-6060


happy to talk to him -- have a good trip -- business or pleasure?

 -----Original Message-----
From: 	Sager, Elizabeth
Sent:	Thursday, October 04, 2001 11:11 AM
To:	Hansen, Leslie
Subject:	FW: Williams

leslie

can you call brent for me - I'm leaving for dc in a few minutes thanks

Elizabeth Sager
713-853-6349

 -----Original Message-----
From: 	Hendry, Brent
Sent:	Thursday, October 04, 2001 10:54 AM
To:	Sager, Elizabeth
Subject:	Williams

Williams Energy has commented on the form of EOL amendment and there are two issues I need to get your opinion on before responding.  Can you let me know when you have a few minutes to discuss it?

Thanks,
Brent


Please attend a meeting to "Kickoff" the user acceptance testing phase of our Pipeline Profile Pricing View.  Please let me know if you cannot attend.

thank you, RAM
713.853.5196
281.615.0000
robert.mason@enron.com


This is just a reminder that all 360 feedback must be completed by Friday,
November 17th.

If you  have any questions, please do not hesitate to ask.

Thanks!
Amy


I have a new pager, and although I'm not positive I will keep it long term,
here's the info:

To call by phone and enter a page:  888 710 7935
To send an email message: 8887107935@pagenetmessage.net

I'm still trying to figure it out....


I attach a presentation nicely prepared mostly by Akshay Singh and the
Telecommunications portion by B.A.N. Sharma.  This contains general
information on India that you may find useful.  Please distribute this on to
others who may have use for the information.  I apologize for the size of the
file.


Todd is completing his short-term role on the CommodityLogic team, and it is
my hope that he will be able to provide some help for you after that is
completed, while also working in his role with Weather.  I have sent a
message to Brent and I am sure that we will talk.  --Sally

James New
08/16/2000 07:54 AM
To: Sally Beck/HOU/ECT@ECT
cc: Mike Jordan/LON/ECT@ECT, Brent A Price/HOU/ECT@ECT
Subject: Todd Hall

Sally,

As you are probably aware the Continental Power book split project went well
but there were a number of areas which were not completed for one reason or
another but essentially IT did not deliver according to the agreed timetable.
Todd was instrumental in helping me to drive this forward and was responsible
for much of what we achieved.

As you may also be aware we had some personnel issues and there have been
significant changes in the Continental Risk Management team. We have now
recruited a strong manager in Coralie Evans from CSFB and she starts on the
29th of August. We have also added Michelle Waldhauser from the Houston Gas
Risk Management team who arrived on the 7th of August.

There are a number of issues and developments which would greatly benefit
from having Todd here in London for around a month (I say around a month as I
am guessing within this period he would want to spend some time in Oslo
pushing the weather Risk Management area forward). Attached is a page I put
together that cover our immediate needs and why Todd is ideally placed to
potentially add an enormous amount of value to the Continental Power business.

Could we please get together with Brent Price and Mike Jordan and discuss
whether Todd would be available come over.

Thanks and regards James


Have you had a chance to reivew the confirm?  Please advise.

Thanks!!

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


Various Beta Buttheads,
   OK, the deadline is fast approaching.  We're inside two minutes to
play
and I need to know the game plan.  As of this day Oct. 2, here's what I
have
confirmed in tickets ordered so that we all may sit together at this
year's
homecoming game:
Mannino/1, Beek/1, Jordan/1, Artie/1, Wallace/1, Elvis/2, Grumbles/2,
Glass/3, Chuckles/1, J. Miller/2, Shack/1, Space/8 (he's bringing all of
Elzie's living relatives), Hutch/2, Fullerton/2, Coburn/2, Jansson/5
(he's
bringing all of Mom Pinchbeck's living relatives), Rossell/2, and Carl
Hohl/2 (he thinks...not sure because he never was).
    Now, if there are ANY OTHERS, you have about 48 hours because I need
to
order these things when I get back in town on the 5th.  So if any of you
reading this want some, give me an email.  Also think about recruiting
others not on my email list that you think might not yet know about all
these plans.
     WE ARE ABSOLUTELY GOING TO ROCK THE NEW STADIUM.  I've already
contacted officer Caffey and he's given us yet another reprieve to behave

any damned way we want to, complete with SMU Secuity protection.

Yours in -kai-
Dro (Woody Berry)
boethia@hotmail.com

_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.

Share information about yourself, create your own public profile at
http://profiles.msn.com.


Hi Kathleen,

Let's discuss this sometime this am.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 01/02/2001 08:28
AM ---------------------------

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 12/29/2000 03:33:18 PM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc: "'Fred.Mitro@enron.com'" <Fred.Mitro@enron.com>, "Keffer, John"
<JKeffer@KSLAW.com>

Subject: FW: Incumbency certificate

Kay:

Per the prior e-mail, I am forwarding the InterGen draft of an ENA
incumbency certificate for your reference.  (Ben also received it directly
from Lari Paradee).

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

-----Original Message-----
From: Paradee, Lari [mailto:Lparade@INTERGEN.com]
Sent: Friday, December 29, 2000 12:36 PM
To: 'Ben.F.Jacoby@enron.com'; Campbell, Carolyn
Subject: Incumbency certificate

Citibank has advised me that we need Enron to provide an incumbency
certificate.  I've attached a blank one for you to fill in the appropriate
people.  They need this as soon as possible.  They also need us to insert
wiring instructions into each of the Escrow agreements - I am in the process
of inserting our instructions - please provide your wiring instructions as
soon as possible.

<<Enron Certificate.doc>>

Thanks,

Lari Paradee
InterGen North America
Two Houston Center
909 Fannin, Suite 2222
Houston, Texas 77010
713-374-3928 phone
713-374-3927 fax
lparadee@intergen.com

                    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.


Mike,

I refit the molecular model incorporated last week's data, the revised number
for this week is 65,
(dropped 3 bcf compared to last fit), see graph.

Let us see what is the real number today.

Zimin


------------------------------------------------------------------------------
------------------------
W E E K E N D   S Y S T E M S   A V A I L A B I L I T Y

F O R

May 18, 2001 5:00pm through May 21, 2001 12:00am
------------------------------------------------------------------------------
------------------------

SCHEDULED SYSTEM OUTAGES:

ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

AZURIX: No Scheduled Outages.

EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

EDI SERVER: No Scheduled Outages.

ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages

ENRON NORTH AMERICAN LANS:  No Scheduled Outages.

FIELD SERVICES:  No Scheduled Outages.

INTERNET:
Impact:  Internet
Time:  Fri 5/18/2001 at  10:30:00 PM CT thru Fri 5/18/2001 at  11:30:00 PM CT
 Fri 5/18/2001 at    8:30:00 PM PT thru Fri 5/18/2001 at    9:30:00 PM PT
 Sat 5/19/2001 at  4:30:00 AM London thru Sat 5/19/2001 at  5:30:00 AM London
Outage:  Upgrade IOS on ENEFW4
Environments Impacted:  Internet
Purpose: The new code has bug fixes and stateful failover feature.
Backout: Revert back to old IOS.
Contact(s):  John Shupak          713-853-7943
  Bryan Aubuchon    713-345-8446

MESSAGING:
Impact:  Corp Notes
Time:  Fri 5/18/2001 at  9:00:00 PM CT thru Sat 5/19/2001 at  1:00:00 AM CT
 Fri 5/18/2001 at  7:00:00 PM PT thru Fri 5/18/2001 at  11:00:00 PM PT
 Sat 5/19/2001 at  3:00:00 AM London thru Sat 5/19/2001 at  7:00:00 AM London
Outage:  cNotes Server Reboots
Environments Impacted:  All users on any of the mailservers listed below
Purpose: Scheduled @ 2 week interval
Backout: Make sure server comes up.
Contact(s):  Trey Rhodes  (713) 345-7792

Impact:  EI
Time:  Fri 5/18/2001 at  9:00:00 PM CT thru Sat 5/19/2001 at  1:00:00 AM CT
 Fri 5/18/2001 at  7:00:00 PM PT thru Fri 5/18/2001 at  11:00:00 PM PT
 Sat 5/19/2001 at  3:00:00 AM London thru Sat 5/19/2001 at  7:00:00 AM London
Outage:  EI Notes Server Maintenance
Environments Impacted:  EI Local/Domestic/Foreign Sites
Purpose: Scheduled @ 2 week interval
Backout: N/A
Contact(s):  David Ricafrente    713-646-7741

MARKET DATA:
Impact:  CORP
Time:  Wed 5/16/2001 at  4:45:00 PM CT thru Wed 5/23/2001 at  4:45:00 PM CT
 Wed 5/16/2001 at  2:45:00 PM PT thru Wed 5/23/2001 at  2:45:00 PM PT
 Wed 5/16/2001 at  10:45:00 PM London thru Wed 5/23/2001 at  10:45:00 PM
London
Outage:  Market Data Cable Management EB3460
Environments Impacted:  All Trading Groups
Purpose: Improve computer room environment.  Perform cable management in
order to comply with computer room standards.
Backout: N/A
Contact(s):  John Sieckman    713-345-7862

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS:
Impact:  Corp, OTS, ETS
DATE:  MAY 29, 2001/2/2001 at  5:30:00 PM
Outage:  Migrate DSS Server to GTHOU-APPSQ03P
Environments Impacted:  DSS users will not be able to access the old server
(ENEDS01_ADAPT)after this date
Purpose: The existing server is outdated, migrating to SQL 2000 provides
increased
functionality and conforms to database platform requirements.
Backout:
Contact(s):  Mary Vollmer          713-853-3381
  Joe Hellsten           713-853-7346      713-545-4164

Impact:  CORP
Time:  Sat 5/19/2001 at  10:00:00 AM CT thru Sat 5/19/2001 at  4:00:00 PM CT
 Sat 5/19/2001 at    8:00:00 AM PT thru Sat 5/19/2001 at  2:00:00 PM PT
 Sat 5/19/2001 at  4:00:00 PM London thru Sat 5/19/2001 at  10:00:00 PM London
Outage:  Moving Production Database TDSPROD
Environments Impacted:  ENA
Purpose: This database is being moved to give the space it is currently using
to the Enpower database on that server.  The new server Refraction will also
allow TDSPROD to expand as well.
Backout: The old instance will be restarted and the TNSNAMES.ORA entry will
be changed to point at the old instance.
Contact(s):  John Jahnke    713-345-4398

Impact:  CORP
Time:  Sat 5/19/2001 at  9:00:00 PM CT thru Sun 5/20/2001 at  12:00:00 AM CT
 Sat 5/19/2001 at  7:00:00 PM PT thru Sat 5/19/2001 at   10:00:00 PM PT
 Sun 5/20/2001 at  3:00:00 AM London thru Sun 5/20/2001 at  6:00:00 AM London
Outage:  Resource addition for server moe.
Environments Impacted:  Sitara, PEP, Global
Purpose: Server is memory and cpu constrained.
Backout: Shutdown the server and revert to old configuration.
Contact(s):  Malcolm Wells    713-345-3716

SITARA:   Also see above
Impact:  CORP
Time:  Sat 5/19/2001 at   2:00:00 PM CT thru Sun 5/20/2001 at  12:00:00 AM CT
 Sat 5/19/2001 at 12:00:00 PM PT thru Sat 5/19/2001 at   10:00:00 PM PT
 Sat 5/19/2001 at  8:00:00 PM London thru Sun 5/20/2001 at  6:00:00 AM London
Outage:  Resource additionto Sitara server aurora.
Environments Impacted:  Sitara production
Purpose: Add needed cpu and memory.
Backout: Remove the newly added resources and restart under the old config.
Contact(s):  Malcolm Wells    713-345-3716

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY: No Scheduled Outages

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:
Impact:  CORP
Time:  Fri 5/18/2001 at  3:00:00 PM thru Sun 5/20/2001 at  11:45:00 PM
Outage:  Unify Power Production Server Maintenance
Environments Impacted:  Unify Users
Purpose: Infrastructure required maintenance
Backout:
Contact(s):  Brian Ripley          713-345-4709
  Charles Ballmer    713-853-0684
  Bob Ward              713-345-4409

SCHEDULED SYSTEM OUTAGES: Australia
Impact:  CORP
Time:  Sat 19-May-2001 at  10:00:00 AM Sydney thru Sat 19-May-2001 at 3:00:00
PM Sydney
 Sat 19-May-2001 at  1:00:00 AM GMT (London) thru Sat 19-May-2001 at  6:00:00
AM GMT (London)
 Fri 5/19/2001 at  7:00:00 PM CT (Houston) thru Sun 5/20/2001 at  12:00:00 AM
CT (Houston)
 Fri 5/19/2001 at 5:00:00 PM PT (Portland)  thru Sat 5/19/2001 at  10:00:00
PM PT (Portland)
Outage: Sydney UPS Test & Service
Environments Impacted:  Corp Sydney - all systems
Purpose: Original UPS needs testing & service. Will require Server Room to be
de-powered to allow maintenance.
Backout: Plug equipment into unconditioned power.
Contact(s):  Colin Wood    +61-416-248-353
  Elliott Katz +61-292-292-309

------------------------------------------------------------------------------
-------------------------------------------------------
        FOR ASSISTANCE

(713) 853-1411   Enron Resolution Center

Specific Help:
Information Risk Management   (713) 853-5536
SAP/ISC
        (713) 345-4727
Unify On-Call      (713) 284-3757  [Pager]
Sitara On-Call     (713) 288-0101  [Pager]
RUS/GOPS/GeoTools/APRS   (713) 639-9726  [Pager]
OSS/UA4/TARP    (713) 285-3165  [Pager]
CPR      (713) 284-4175  [Pager]
EDI Support      (713) 327-3893  [Pager]
EES Help Desk     (713)853-9797 OR (888)853-9797


Alicia:
I have forwarded this and the other e-mail to Sara Shackleton, Mark Taylor
and MaryCook.  Please contact Mark Taylor (my boss) to see who is working on
this while I am out.  Thanks.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com

	"Curry, Alicia" <acurry@velaw.com>
	08/28/00 01:58 PM

		 To: "Kopper, Michael (Enron)" <michael.kopper@enron.com>, "Tiller, AnnMarie
(Enron)" <annmarie.tiller@enron.com>, "Schnapper, Barry (Enron)"
<barry.schnapper@enron.com>, "St. Clair, Carol (Enron)"
<carol.st.clair@enron.com>, "Sefton, Scott (Enron)" <scott.sefton@enron.com>,
"'kenton@rlf.com'" <kenton@rlf.com>, "'dj@lordspv.com'" <dj@lordspv.com>,
"'aw@lordspv.com'" <aw@lordspv.com>, "'aroberts@wilmingtontrust.com'"
<aroberts@wilmingtontrust.com>, "'martha_stuart@kirkland.com'"
<martha_stuart@kirkland.com>, "Chandler, Trina" <tchandler@velaw.com>,
"'kevin.d.jordan@enron.com'" <kevin.d.jordan@enron.com>, "Astin, Ronald T."
<RAstin@velaw.com>, "Spradling, Mark" <MSpradling@velaw.com>, "Osterberg,
Edward" <eosterberg@velaw.com>, "'Anne Yaeger'" <Anne.Yaeger@enron.com>,
"'Ian Schachter'" <ian.schachter@us.pwcglobal.com>, "'Michael Edsall'"
<michael_edsall@kirkland.com>, "'Brent Vasconcellos'" <bvascon@enron.com>,
"'Trushar Patel'" <trushar.patel@enron.com>, "'rsiurek@enron.com'"
<rsiurek@enron.com>, "'patty.grutzmacher@enron.com'"
<patty.grutzmacher@enron.com>, "'jennifer.stevenson@enron.com'"
<jennifer.stevenson@enron.com>, "'simpson@rlf.com'" <simpson@rlf.com>
		 cc: "Halbert, Elaine" <ehalbert@velaw.com>
		 Subject: Project Raptor III (1 of 2 emails)

Attached please find drafts of the following documents:

1. Master Derivatives Agreement

2. Roadrunner/Bobcat ISDA Master Agreement

3. Enron/Bobcat ISDA Master Agreement

4. Put Option Confirmation

5. Stock Purchase Agreement

6. Bobcat Revolving Promissory Note

7. Roadrunner Promissory Note

8. Enron Corp. Guaranty in favor of Bobcat

9. Enron Corp. Guaranty in favor of LJM2-Bobcat, LLC

10. Registration Rights Agreement

> Alicia L. Curry
> Vinson & Elkins L.L.P.
> 2300 First City Tower
> 1001 Fannin Street
> Houston, Texas 77002-6760
> Phone:  713-758-4428
> Fax:  713-615-5688
> (Licensed in New York only)
>
>
>
>
> +++++++++++++++++++++++
> CONFIDENTIALITY NOTICE
> +++++++++++++++++++++++
> The information in this email may be confidential and/or privileged.
> This email is intended to be reviewed by only the individual or
> organization named above. If you are not the intended recipient or an
> authorized representative of the intended recipient, you are hereby
> notified that any review, dissemination or copying of this email and
> its attachments, if any, or the information contained herein is
> prohibited. If you have received this email in error, please
> immediately notify the sender by return email and delete this email
> from your system. Thank You
>
PRIVILEGED AND CONFIDENTIAL:
Contains attorney-client communications and/or attorney work product.

 - Two.DOC
 - Four.DOC
 - Six.DOC
 - Eight.DOC
 - Ten.DOC
 - Nine.DOC
 - Seven.DOC
 - Five.DOC
 - Three.DOC
 - One.DOC


We are making a number of significant organizational changes.  These changes
are intended to accomplish four key objectives:

First, we need to realign all our wholesale businesses around the successful
business model developed over the last decade in North America and Europe.
This model relies on extensive physical and transactional networks built
around a relatively small strategic asset position.

Second, we need to significantly streamline corporate reporting
relationships.  Particularly with Joe Sutton,s departure, the ability to
directly manage the day-to-day activities of 15 independent business units
has become increasingly difficult.

Third, we need to accomplish these changes without, in any way, compromising
the ongoing profitability of all our businesses and without delaying or
hindering our effort to monetize a significant portion of our lower-yielding
asset positions.

And fourth, as always, we need to take advantage of the reorganization to
redeploy our talent into our highest value opportunities.

ENRON WHOLESALE SERVICES

Today, we are forming Enron Wholesale Services (EWS) which will consolidate
our global wholesale businesses.  The closer alignment of our wholesale
businesses will accomplish the following: (1) enhanced communication and
coordination across business units, (2) more rapid deployment of people to
higher valued opportunities, (3) more effective prioritization of
opportunities across the wholesale business, and (4) more rapid extension of
Enron,s wholesale business model and capabilities into new industries and
markets.

Enron Wholesale Services will include our current North American, European
(including Japan and Australia), Global Markets, and Industrial Markets
operations, and will be expanded to include Enron,s Net Works business unit
as well as a new unit ) Enron Global Assets.  In addition, Enron,s merchant
businesses outside of North America and Europe will be integrated into this
new structure as described below.

Mark Frevert, currently Chairman of each of our wholesale units, will assume
the role of Chairman and CEO of Enron Wholesale Services.  Greg Whalley,
currently Chairman and CEO of Enron Net Works, will join Mark in the Office
of the Chairman as President and Chief Operating Officer.

Providing further impetus for these organizational changes, several of our
international business unit leaders have elected to move into new leadership
positions:

Rebecca McDonald, currently CEO of Enron APACHI, will join EWS as President
and CEO of Enron Global Assets. Enron Global Assets will have responsibility
for managing all of Enron,s existing energy asset portfolio outside of North
America and Europe.  Joining Rebecca in the Office of the Chairman as COO
will be Jim Hughes, currently COO of Enron APACHI.  Rebecca and Jim will
report to the EWS Office of the Chairman.

Sanjay Bhatnagar, currently CEO of Enron India, has joined EBS as CEO for the
Middle East and Asia region.  Sanjay will be responsible for building our
broadband business in this region and the current EBS team in this region
will report to Sanjay.  In this role, Sanjay will report to the EBS office of
the Chairman.  In addition, Sanjay will continue to remain responsible for
Enron,s wholesale energy business in India and will transition this business
into Enron Global Assets in the near future.

Diomedes Christodoulou, currently Co-CEO of Enron South America, has joined
EBS as Chief Commercial Officer.  Diomedes will be located in London and will
focus his origination activities on global opportunities, with near term
attention to the wholesale and enterprise sectors.  Diomedes will report to
the EBS Office of the Chairman.

Jim Bannantine, currently Co-CEO of Enron South America, will be joining EES
to lead EES, commercial efforts outside North America and Europe.  In order
to ensure a smooth transition for our South American businesses and to
facilitate our asset sales activities, Jim will remain in South America for
at least the next several months and continue to serve as CEO of Enron South
America.  Throughout the transition, Jim will report to Cliff Baxter and to
the Office of the Chairman of Enron Wholesale Services.  Following the
transition, Jim will join EES.

In addition to these changes in our international asset operations
activities, we are making the following changes in our merchant wholesale
businesses and the commercial support functions:

Enron Net Works
Louise Kitchen will assume Greg,s previous responsibilities as President and
CEO of Enron Net Works, reporting into Mark and Greg.

Enron Americas
Concurrent with the transfer to Enron Global Assets of responsibility for
operating Enron,s South and Central America asset base, all trading,
marketing, and new asset development activities in these regions will report
into a new entity, Enron Americas.  Enron Americas will have responsibility
for all wholesale merchant businesses across North, Central and South
America.  Dave Delainey, President and CEO, and John Lavorato, Chief
Operating Officer will comprise the Office of the Chairman for Enron
Americas.

Enron Europe
The Enron Europe organization, which includes Enron,s businesses in Australia
and Japan, and Enron Metals, remains unchanged under the leadership of John
Sherriff, President and CEO, and Michael Brown, Chief Operating Officer.

Enron Global Markets
Enron Global Markets, under the leadership of Mike McConnell, President and
CEO, and Jeff Shankman, Chief Operating Officer, will continue to have
responsibility for Enron,s Middle East and LNG operations.  With the
exception of Ecoelectrica in Puerto Rico, all operating power plants and
associated personnel in the Caribbean and Central America will transfer to
Enron Global Assets.  Enron Global Markets will also continue to manage the
commodity businesses in crude and products, coal, weather, insurance,
equities, interest rates, foreign exchange, and agricultural products.

Enron Industrial Markets
Enron Industrial Markets, organization, under the leadership of Jeff McMahon,
President & CEO, and Ray Bowen, Chief Operating Officer, remains unchanged.

Commercial Support for EWS
The commercial support functions for EWS will remain with, and be managed by,
the individual business units.  We are creating no incremental overhead in
the creation of EWS, and in fact hope to reduce our operating costs by more
efficient utilization and sharing of resources across EWS.

To this end we have asked several people to take on an expanded role across
EWS in addition to their ongoing roles within their business units.  These
newly defined roles are as follows:

Mid and Back Office Operations ) Sally Beck will lead Mid and Back Office
Operations across EWS.  These services will become part of Enron Net Works,
with Sally reporting to Louise Kitchen and Rick Causey, Executive Vice
President and Chief Accounting Officer.  This alignment creates a coordinated
services organization with IT and e-commerce platforms to support the
wholesale businesses and to maximize opportunities to commercialize these
services.  Mid and Back Office services for all commercial activities will
continue to be organized with dedicated operations controllers responsible
for specific commodities and/or geographic locations.
Legal ) Mark Haedicke will serve in the role of General Counsel for EWS.
Regulatory and Government Affairs ) This function will remain organized on a
regional basis.  Rick Shapiro will support all EWS businesses operating in
the Americas, and Mark Schroeder, who is based in London, will support all
European and Eastern Hemisphere operations.  Rick and Mark will also continue
to support all other Enron businesses operating in their respective regions
and will continue to report to Steve Kean, Executive Vice President and Chief
of Staff.
Public Relations ) This function is also organized primarily on a regional
basis.  Eric Thode will have responsibility for North American activity,
Enron Net Works, and Enron Industrial Markets.  Jackie Gentle will continue
in her role for Enron Europe (including Japan and Australia) and John Ambler
will have responsibility for activity outside North America and Europe as
well as providing support for Enron Global Markets and Enron Global Assets.
These individuals will also continue to have a split reporting relationship
to Mark Palmer, Vice President of Communications.
Business Analysis and Reporting ) Wes Colwell will expand his role to cover
EWS reporting in addition to his current role in North America.

Attached for your review is an organization chart for Enron Wholesale
Services which summarizes the changes described here.  As this organization
continues to evolve we will keep you informed of any additional changes.

ENRON GLOBAL EXPLORATION AND PRODUCTION
AND ENRON WIND

 As part of our company-wide initiative to examine our assets and investments
around the world, we are considering a variety of options with respect to
EGEP and EWC.  As a consequence, we are putting these businesses under Cliff
Baxter,s direction.  Jeff Sherrick, CEO of EGEP, and Jim Noles, CEO of Enron
Wind, will report to Cliff.

CORPORATE STAFF

 We are consolidating the corporate staff functions: Human Resources,
Government Affairs, Public Relations/Communications and Administration.  In
that regard, Cindy Olson, Executive Vice President of Human Resources and
Community Relations, will report to Steve Kean, Executive Vice President and
Chief of Staff.

COMMITTEE STRUCTURE

 In light of the increased leadership opportunities created by Enron,s
growth, the Executive Committee will be expanded to include more of our
business unit leaders.  The primary role of this committee will continue to
be the communication of relevant information across Enron,s businesses and
the coordination of activities across those businesses.  We will also be
drawing on this group to lead company-wide initiatives such as the
performance review process and evaluation and creation of new businesses.
The Executive Committee membership is shown on the attached list.

 We are also forming a new committee ) the Enron Corporate Policy Committee.
This group will be responsible for overall corporate policy, personnel
management policy and corporate strategy.  The Enron Corporate Policy
Committee membership is also shown on the attached list.

 We are confident that these changes will align our talent and our capital to
our highest return opportunities.  Please join us in congratulating and
supporting all of these individuals in their new roles.


i will try to do that tomorrow


can you send the ackerman email around?  calger wasn't there; left him a
voice mail. expect to hear back shortly.

Best,
Jeff


Announcement for E220-1: Corporate Financial Reporting:

Greetings,
I am not sure if all of you have now been contacted by the Haas computer
center about resolving your Izio web site access.

I have not heard either way.  I must say I have been quite disappointed by
their lack of follow-up.

I will bring copies of all the class lecture material to class this evening.
There is nothing for you to download or print.
Kindly,
Salvador


Gerald,

Here is the Conoco option deal....

There is an 8-inch products line that runs from the Sinclair Refinery near
Rawlins, Wyoming to their terminal in Salt Lake City, Utah.  The line is
owned by Pioneer Pipeline Company which is jointly owned by Conoco (85%) and
Sinclair (15%).  Pioneer is in the process of expanding part of this system
by building a 12 inch loop between Rawlins and the Wasatch Front in Utah.
Through this expansion project, Pioneer will be left with an abandoned 8 inch
line along the path of the loop.

Conoco has agreed to allow Enron the opportunity to convert the line to gas
service if there is sufficient economics to justify it.  If it makes sense to
convert to gas, the deal would likely be that Enron funds the conversion
costs and has 100% of the capacity at a defined rate with Pioneer retaining
ownership of the pipeline.

We need to draft an agreement with Conoco which protects our exclusive rights
for  gas service.  The major elements would be

1.  Exclusive term for Enron to pursue gas transmission opportunities along
the Pioneer line.  18 months after date of abandonment.

2.  Min term under which Conoco would provide gas transportation service.  10
year term

3.  Obligation to negotiate with Enron for gas tranportation service if
sufficient demand/thoughput is identified.

We'll discuss it while in town tomorrow hopefully.


Kay:

I incorporated the change to the opening para. from your e-mail to accounting
on 5-31.


Hi kids!
?
Hope you all are well and enjoying  the?return of daylight!? I'm sending out
a quick note to let you all  know about my regular solo gig.? Just a couple
of weeks ago, I started  playing and singing every Monday night at the Empire
Room at 4206 SE Hawthorne  Blvd.? The Empire Room is a wonderful wine and
dessert bar.? It also  offers appetizers and a few dinner entrees which are
on the lighter side.?  Above all it is a wonderful place to spend time with
friends and family and now  listen to music in a smoke-free, kid friendly
environment.? There is no  cover charge.??I start playing around?8:
30pm?and?play  for a couple of hours finishing up around?11pm.
?
Hope to see you all there!
?
Take care,
?
jen.  gosar


Marie -- I'm afraid I don't have anything on physical bandwidth at all.  It might make sense to check with the lawyers in EBS -- I would suggest you start with Cynthia Harkness and Robbi Rossi.

 -----Original Message-----
From: 	Westin, Marie
Sent:	Thursday, August 09, 2001 11:33 AM
To:	Taylor, Mark E (Legal)
Cc:	McBride, Jane; Heng, Choon-Boon; Enron London - EOL Product Control Group,
Subject:	FW: EBS due diligence - online

Hi Mark

Could you please advise on the due diligence that was done for Japan for physical bandwidth?  We are launching asian bandwidth, starting with a point to point Tokyo - LA.  Choon-Boon in SG would like assure himself that we have everything covered when we start trading.

Thanks very much for your help in advance.
Regards
Marie, PCG London

From: 	Harkness, Cynthia
Sent:	Monday, August 06, 2001 10:18 AM
To:	Hicks, Michelle
Subject:	RE: EBS due diligence - online

All EOL due diligence was performed under the direction of Mark Taylor (including any international due diligence) - he should know who has the information.

 -----Original Message-----
From: 	Hicks, Michelle
Sent:	Friday, August 03, 2001 6:28 PM
To:	Harkness, Cynthia
Subject:	FW: EBS due diligence - online

Just a shot, but are you aware of any due diligence done for EOL in Japan?  I don't have anything.  Thanks,  m

 -----Original Message-----
From: 	McBride, Jane
Sent:	Friday, August 03, 2001 4:11 AM
To:	Westin, Marie
Cc:	Heng, Choon-Boon; Nettleton, David; Viverito, John; Hicks, Michelle
Subject:	RE: EBS due diligence - online

For EOL - I am not sure that I have it; when was it done? - I  have copied Marcus Nettleton and John Viverito in the Legal Dept in Houston in case they do.
For EBS - again, really not sure but Michelle Hicks in Houston may have something or at least may be able to help you find it.
Jane McBride

 -----Original Message-----
From: 	Westin, Marie
Sent:	03 August 2001 18:02
To:	McBride, Jane
Cc:	Heng, Choon-Boon
Subject:	FW: EBS due diligence - online

Hi Jane,

I wonder if you would be able to forward the due diligence that was done on Japan re EOL and physical Bandwidth to me and the two cc in on the e-mail above.
Thank you!  (We are working on the singapore launch)
Marie, PCG london

 -----Original Message-----
From: 	Boyd, Justin
Sent:	30 July 2001 08:01
To:	Westin, Marie
Cc:	Brungs, Ian; Vickerman, James
Subject:	RE: EBS due diligence - online

Marie

I have copies of EOL due diligence for HK and Singapore (although this is very brief).  For Japan and Australia, this would have been done locally, so please contact David Minns (Australia) and Jane McBride (Japan)

In terms of full (i.e.offline) due diligence, this would have been carried out by the braodband team (James Vickerman) - and he should be able to deal with your questions concerning additional legal issues.

J

 -----Original Message-----
From: 	Westin, Marie
Sent:	27 July 2001 16:29
To:	Boyd, Justin; Brungs, Ian
Cc:	Heng, Choon-Boon; Enron London - EOL Product Control Group,
Subject:	EBS due diligence - online

Hi both of you

In regard to the online due diligence that was done for the European EBS launch back in March/April - would you have any copies of documents for the following countries:

Japan
Australia
Hong Kong
Singapore

If so, could you please forward them to me?  Choon-Boon Heng out in Houston is interested in reading them for his new product type launch for Asian physical bandwidth coming up in the beginning of September.

If not, could you please advise whether there were any additional issues with online trading on top of off-line trading in regard to the above.  There will be point to points within these countries.

Thank you very much and have a lovely weekend!
Marie


Version 2.0 of the ClickAtHome Portal is now available!
 Log into www.clickathome.net now, from work or home!

Access the PEP System through the portal!
 Choose your reviewers and fill out your evaluations in the comfort and
privacy of your home!

Outlook Web Access and eHRonline will be available SOON!

The ClickAtHome portal is fully customizable for you!
 YOU choose the content on each page, as well as the look and feel!

Note: the ClickAtHome portal must be launched through an Internet Explorer
browser, 5.0 or higher.


I asked for a return date for you of September 12 which is the day I'm coming back.  But since I will be going to Houston and you will be going to NYC we won't be traveling together anyway.  Would you rather stay an extra day or two?


I'll give you a call in the morning.

From:	Geoff Storey/ENRON@enronXgate on 06/04/2001 07:07 PM
To:	Louise Kitchen/HOU/ECT@ECT
cc:

Subject:

I need to talk to you about some IT personnel issues.
Can you call me at work (7058), home 713-942-7972 or cell 713-412-4632 whenever its convinient.

Thanks,

geof

ps congrats!!!!!!


FYI.
   This is the Bloomberg article, as requested.

Regards,

Dorien
 http://my.aol.com/business/story.tmpl?table=n&cat=02&id=0005150422766042

----------------------------------

This e-mail is sent by a law firm and contains information
that may be privileged and confidential. If you are not the
intended recipient, please delete the e-mail and notify us
immediately.

 - My AOL.COM News Futures Agency Says IntercontinentalExchange F


Aimee,
Please let us know as soon as possible.  Thanks,  Pat

Lauri A Allen@ECT
12/29/99 02:50 PM
To: Aimee Lannou/HOU/ECT@ECT
cc: Pat Clynes/Corp/Enron@ENRON, Daren J Farmer/HOU/ECT@ECT

Subject: Koch Three Rivers, #6722

Aimee-

Gas control has some line work scheduled for 1/4,5,6 that will affect the
referenced point.  Dynegy has nom'd 1800 at this point which I'm assuming
they'll want baseload for January.  The desk also appears to have some gas
nom'd out here (approx 1200mm).   Rather than cut these volumes, would you
try to negotiate with Koch not to flow this gas during the outage, but to
make it up as soon as the outage is over (they may be able to begin flow on
1/6)?  Please let me know as soon as possible.

Thanks.


Mark your calendar!  The Corporate Holiday Party is on Saturday, December 9th
at the Museum of Natural Science.  Your formal invitation will be
hand-delivered within the next two weeks!


This resource request has been rejected. You can view the details of the  request by clicking http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000070716&Page=MyReq.

Request ID          : 000000000070716
Approver Type       : Data
Signature           : phillip.m.love@enron.com
Comments            : reject per Anne Bike
Request Create Date : 10/24/01 12:21:27 PM
Requested For       : mike.grigsby@enron.com
Resource Name       : \\enehou\houston\common\ERMS\1intra - [Read/Write]
Resource Type       : Directory


You can call Sherrif. If you need my help let me know.


All:  I know that AFAC is busy with Enron matters.  However, I received this
response from him on Monday (yesterday).  I have not spoken with either AFAC
or Marcelo but it appears that they are very close to at least a "first
draft".  My thought is that we review the response and identify specific
areas and/or issues for refinement and then schedule a meeting in S.P.  I'll
advise as soon as I hear further.  Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 10/19/99 11:44
AM ---------------------------

"AF - Antonio Felix de Araujo" <Af@tozzini.com.br> on 10/18/99 09:15:18 AM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: Financial Trading memo

Sara:

I am sorry for not replying your e-mail before.  Marcelo has prepared a memo
and a chart summarizing the memorandum on the matters we discussed before.  I
will review the documents and send a copy to you during the course of the day
today.  Once you have received them we can discuss any comments or questions
you may have.

Best regards,

Antonio Felix

>>> "Sara Shackleton" <sshackl@ect.enron.com> 10/18 12:06 pm >>>

I know that you were in the Rio office during the latter part of last week.  I
sent you an e-mail last week to see how you were doing with the research/memo.
I also called Marcelo Rodrigues and left a message.  I have not heard from
either you or Marcelo and I am anxious to continue our dialogue.  Please
e-mail
or call at your earliest convenience.  Thanks.  Sara


----- Forwarded by Mark Taylor/HOU/ECT on 05/02/2001 09:43 AM -----

	Ken Lay and Jeff Skilling@ENRON
	Sent by: Office of the Chairman@ENRON
	05/02/2001 09:30 AM

		 To: All Enron Worldwide
		 cc:
		 Subject: Cliff Baxter
 Office of the Chairman
It is with sadness and regret that we announce that Cliff Baxter is resigning
as an employee of Enron.  We are happy, though, that Cliff,s primary reason
for resigning is to spend more time with his family.

Cliff is a unique talent.  His creativity, intelligence, sense of humor, and
straightforward manner have been assets to the company throughout his
career.  He will be missed.

Cliff joined Enron in 1991 and was a key member of the team that built Enron,
s wholesale business.  Before becoming Vice Chairman of Enron, Cliff served
in a variety of positions in Enron,s wholesale businesses, culminating in his
appointment as Chairman and Chief Executive Officer of Enron North America in
1999.

We have asked Cliff, and he has agreed, to continue in a consulting role for
the company while concluding negotiations on a number of key asset
dispositions.

Please join us in thanking Cliff for his service to the company and in
wishing him the very best.


PRC Representatives
Thank you for your participation in the year-end 2000 PRC.  Listed below are
the Associates/Analysts you will be representing:

As you may know, the final PRC will be conducted on December 12th (Analysts)
and December 13th (Associates).  Your participation in these meetings is
essential.  Prior to that date, each business unit has been asked to conduct
a pre-rating meeting to determine each employee's pre-rating.  The
pre-ratings will be loaded into the PEP system.  The PEP system is open and
available for employees to select reviewers.  You have been listed as a
secondary supervisor so that you may review each of your Associates/Analysts
feedback.  You are responsible for contacting the Supervisor and/or
Associates/Analysts to discuss and obtain valuable performance information.
The Associate and Analyst Programs will also provide you with a copy of the
completed feedback for each of the people you represent once the PEP system
is closed.  The more information that you can secure regarding your
Associates/Analysts will ensure that each person is cross-calibrated
correctly at the final PRC.  If you are a new PRC Representative and are
unsure of the process, please contact either Jana Giovannini at x3-9233 or
Shelly Butler at x3-4584 with any questions.

Supervisors
You should approve/add/delete the reviewers selected by the
Associates/Analysts that work in your group.  You should then consolidate
this feedback including your over-all thoughts, which should be presented at
your business unit pre-rating meeting.  If your business unit is not
conducting a pre-rating meeting due to it's size, please make sure that the
rating you provide is loaded into the PEP system prior to the final PRC.
Please contact the PEP help desk at x3-4777 option 4 or Terry Bosien at
x3-5230 if you are unable to load this data yourself.  You should wait to
provide feedback to your Associates/Analysts until the final decisions have
been made to avoid any confusion.  All pre-ratings are subject to the final
cross-calibration and may change in the final PRC meeting.  You are
responsible for contacting the PRC Representative listed above whom will be
representing your Associates/Analysts prior to the final PRC.  Keep in mind
that the more information you can provide, either verbal or written, will
ensure that the final PRC is a success.

Associates/Analysts
You are responsible for selecting your reviewers.  You should have received
your logon ID and password from the PEP team.  If you have not received this,
please contact x3-4777 option 4 with questions.  Please go into the system
and select your reviewers.  Your direct supervisor may let you know how many
people to select and will be ultimately responsible for approving your
reviewers.  Remember that it is important to select a broad range of
reviewers that include internal/external customers at any level.  You will
also be asked to complete feedback on yourself.  Be sure to take the
opportunity to detail your accomplishments and specific ways in which you
have added value to your unit.  This is your chance to be heard.  You may
hear from your PRC Rep to discuss your roles and responsibilities.  If you do
not, we suggest that you contact them either verbally or in writing.

An Enfo-session regarding the PRC is being held at 3:30pm on November 1, 2000
at the Doubletree Hotel, La Salle Ballroom A for all Associates and
Analysts.  We encourage you to attend.  Final PRC results should be
communicated to the Supervisor by 12/31/00.  The feedback should be
communicated to the Associates/Analysts by 1/15/01.  If the
Associates/Analysts have not received feedback by the deadline, they should
contact their Career Development Manager (Jana Giovannini x3-9233 or Shelly
Butler x3-4584).  Thank you for your cooperation and we look forward to a
successful final PRC


Attached is revised summary.  Also, I have asked Susan B. and Susan F. to
prepare a list similar to Marie's list for delivery by the end of the day
Thursday.  Sara


You bet.

 -----Original Message-----
From: 	Tholt, Jane M.
Sent:	Thursday, November 08, 2001 10:31 AM
To:	Dasovich, Jeff
Subject:	RE: CA Unbundling

Thank you.  Just let me know if it changes.

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Thursday, November 08, 2001 10:27 AM
To:	Tholt, Jane M.
Cc:	Miller, Stephanie; Tycholiz, Barry
Subject:	RE: CA Unbundling

No new details to report.  Same settlement to unbundle socal that's been before the commission for about a year.  On the commission's agenda to consider, but as has been the case for over year, they've delayed any movement--at least one commissioner doesn't like competition and has the discretion to continue to ask that it be delayed.  Some hold the view that there's a push to try to get it moved, but best guess is 50-50 at this point.  Substantively, though, same thing that's been before them for a very long time, i.e., emulate PG&E's gas accord (more or less) on socal.

Best,
Jeff

 -----Original Message-----
From: 	Tholt, Jane M.
Sent:	Thursday, November 08, 2001 10:02 AM
To:	Dasovich, Jeff
Cc:	Miller, Stephanie; Tycholiz, Barry
Subject:	CA Unbundling

I am reading an article in NGI that talks about how California Regulator's are scheduled to approve some form of unbundling on Socal's system.  Please provide details of this as soon as it happens.  Thank you.


Bob, congratulations on this matter and on the Baltimore matter.  In light of your admirable batting average, we may need to reinsert you in the CATS Litigation! All the best.  Jim

 -----Original Message-----
From: 	Williams, Robert C.
Sent:	Saturday, March 17, 2001 10:57 AM
To:	Leff, Dan; Sharp, Vicki; Derrick Jr., James
Cc:	Blachman, Jeremy
Subject:	Linton v. Omnicomp

We settled this case at mediation yesterday for a $125,000 payment by Omnicomp and a $125,000 payment by Steve Heinz.  The reason we settled is that we had some exposure (the two mock juries both came back in favor of Linton, awarding an average of $1 million in damages), and the estimated cost of litigation through trial and appeal was $150,000-$175,000.  Our counsel, Tom Allen of Reed Smith, did an excellent job with the case, and I would recommend using him again.  Please call me with any questions.


maybe around 10:30 or 11:00.  You know I'm going to want to eat.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 24, 2002 9:45 AM
To:	Rybarski, Amanda
Subject:	RE:

ok good, let me know when you want to leave

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 24, 2002 9:45 AM
To:	Maggi, Mike
Subject:	RE:

DUH!!  I want company.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 24, 2002 9:44 AM
To:	Rybarski, Amanda
Subject:	RE:

let me know if you want company

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 24, 2002 9:44 AM
To:	Maggi, Mike
Subject:	RE:

I think we have to be there at 2:00. But I was thinking about leaving early to go shopping or eat or something.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 24, 2002 9:41 AM
To:	Rybarski, Amanda
Subject:	RE:

i think so, what time are you supposed to go

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 24, 2002 9:40 AM
To:	Maggi, Mike
Subject:	RE:

It's about your benefits and crap like that...You have to fill out all of these forms and stuff.  Did you get a packet of stuff to fill out?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 24, 2002 9:39 AM
To:	Rybarski, Amanda
Subject:	RE:

do you know what its about

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 24, 2002 9:39 AM
To:	Maggi, Mike
Subject:	RE:

Ok...I am pretty pissed off about having to go, but I don't want to get in trouble for not going.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 24, 2002 9:37 AM
To:	Rybarski, Amanda
Subject:	RE:

if you dont let me know

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 24, 2002 9:34 AM
To:	Maggi, Mike
Subject:	RE:

I don't know yet.  We'll just have to see.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 24, 2002 9:32 AM
To:	Rybarski, Amanda
Subject:	RE:

you too, so are you going to go to the meeting

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 24, 2002 9:32 AM
To:	Maggi, Mike
Subject:	RE:

I was thinking about that this morning on my way in.  You look really nice today!

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 24, 2002 9:30 AM
To:	Rybarski, Amanda
Subject:	RE:

i dont realy think so but what do i know, by the way its a really ugly day out there

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 24, 2002 9:27 AM
To:	Maggi, Mike
Subject:	RE:

I thought we had to go?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 24, 2002 9:26 AM
To:	Rybarski, Amanda
Subject:	RE:

i dont know are you?

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 24, 2002 9:11 AM
To:	Maggi, Mike
Subject:

Are you going to that lame ass orientation today at the Houstonian?


-----Original Message-----
From: 	Hoang, Joe
Sent:	Thursday, January 10, 2002 9:42 AM
To:	Smith, Chris A.
Subject:	RE: All tests were NOT successfully executed

Some users were having sporadic problems logging on to TMS this morning.
Don Daze finally isolated the problem to two terminal servers.
He took those out of service, and the problem has gone away.

 -----Original Message-----
From: 	Smith, Chris A.
Sent:	Thursday, January 10, 2002 6:50 AM
To:	Hoang, Joe
Subject:	FW: All tests were NOT successfully executed

 -----Original Message-----
From: 	Smith, Chris A.
Sent:	Thursday, January 10, 2002 6:15 AM
To:	Hottap HelpDesk; Kuehl, Toby; Holmes, Bradley; Buchanan, John; Kowalke, Terry; Schoolcraft, Darrell; Blair, Lynn; Nacey, Sheila
Cc:	Abshire, Scott; Hotte, Steve; Sawyer, Lisa; McFarland, Jean; Kedwaii, Hasan; Wagner, Glenda; Daze, Don
Subject:	All tests were NOT successfully executed

All testing was completed, but we were notified by the TMS On-Call that they are looking into some problems with TMS.  They will update us as they have more information.   We have confirmed with the ENW Resolution Center that the Exchange servers are up.


----- Forwarded by Jeff Dasovich/NA/Enron on 03/13/2001 05:46 PM -----

	Jean Munoz <jmunoz@mcnallytemple.com>
	03/13/2001 05:47 PM

		 To: Katie Kaplan <kaplan@iepa.com>, "'Andy Brown (E-mail)'"
<ABB@eslawfirm.com>, "'B Brown Andy (E-mail)'" <andybrwn@earthlink.net>,
"'Baker Carolyn (E-mail)'" <cabaker@duke-energy.com>, "'Bob Escalante
(E-mail)'" <rescalante@riobravo-gm.com>, "'Bob Weisenmiller (E-mail)'"
<rbw@mrwassoc.com>, "'Curtis Kebler (E-mail)'"
<curtis_l_kebler@reliantenergy.com>, "'Douglas Kerner (E-mail)'"
<DKK@eslawfirm.com>, "'Greg Blue (E-mail)'" <gtbl@dynegy.com>, "'Jan
Smutny-Jones (E-mail)'" <smutny@iepa.com>, "'Jeff Dasovich (E-mail)'"
<Jeff.Dasovich@enron.com>, "'Joe Ronan (E-mail)'" <joer@calpine.com>, "'John
Larrea (E-mail)'" <john.g.larrea@williams.com>, "'John Stout (E-mail)'"
<John_H_Stout@reliantenergy.com>, "'Julee Malinowski-Ball (E-mail)'"
<jmball@ns.net>, "'Kassandra Gough (E-mail)'" <kgough@calpine.com>, "'kent
Palmerton (E-mail)'" <kent.palmerton@williams.com>, "'Kristin Vellandi
(E-mail)'" <kvellandi@pstrategies.com>, "'Lynn Lednicky (E-mail)'"
<lale@dynegy.com>, "'Marty Wilson (E-mail)'" <mwilson@pstrategies.com>,
"'McNally Ray (E-mail)'" <rmcnally@mcnallytemple.com>, "''Nam Nguyen'
(E-mail)'" <nam.nguyen@powersrc.com>, "'Norton Kelli (E-mail)'"
<knorton@mcnallytemple.com>, "'Paula Hall-Collins (E-mail)'"
<paula.hall-collins@williams.com>, "'Pigott Jack (E-mail)'"
<jackp@calpine.com>, "'Richard Hyde (E-mail)'" <rwhyde@duke-energy.com>,
"'Rob Lamkin (E-mail)'" <rllamkin@seiworldwide.com>, "'Roger Pelote
(E-mail)'" <roger.pelote@williams.com>, "'Stephanie-Newell (E-mail)'"
<stephanie-newell@reliantenergy.com>, "'Sue Mara (E-mail)'"
<smara@enron.com>, "'Theo Pahos (E-mail)'" <tpahos@ppallc.com>, "'Tom Ross
(E-mail)'" <tross@mcnallytemple.com>, "Carol H Hudson (E-mail)"
<Chudson@iepa.com>, steven kelly <steven@iepa.com>, "'Anne Kelly (E-mail)'"
<kelly@hnks.com>, "'Chuck Cole (E-mail)'" <ccole@advocation-inc.com>,
"'Delany Hunter (E-mail)'" <dhunter@smithandkempton.com>, "'DJ Smith
(E-mail)'" <djsmith@smithandkempton.com>, "'Hedy Govenar (E-mail)'"
<hgovenar@acom2.com>, <mmoretti@mccabeandcompany.net>, "'Maureen OHaren
(E-mail)'" <Oharen@hmot.com>, "'Mike Monagan (E-mail)'" <mrmonagan@aol.com>,
"'Phil Isenberg (E-mail)'" <isenberg@hmot.com>, "'Robert Ross (E-mail)'"
<robbiz@cwo.com>, "'Ron Tom (E-mail)'" <Rtom@govadv.com>, "'Scott Govenar
(E-mail)'" <sgovenar@govadv.com>, "'Susan Mccabe (E-mail)'"
<sfmccabe@mindspring.com>, <rtemple@mcnallytemple.com>,
<megan.beiser@edelman.com>, <tracy.fairchild@edelman.com>,
<deborah.fiorito@dynegy.com>, <tcwillia@duke-energy.com>
		 cc:
		 Subject: CA Secretary of State Bill Jones Denounces "Free-Wheeling Energy
Spending Spree"

JONES DENOUNCES LACK OF OVERSIGHT AND ACCOUNTABILITY
OVER MONTHS OF FREE-WHEELING ENERGY SPENDING SPREE
CALLS FOR STATE CONTROLLER TO AUDIT ALL ENERGY-RELATED EXPENSES AND
CONTRACTS; URGES GOVERNOR TO BEGIN MONTHLY BRIEFINGS WITH LEGISLATIVE
BI-PARTISAN LEADERSHIP ON PROGRESS OF POWER PLANT CONSTRUCTION AND DETAILS OF
LONG-TERM CONTRACTS

LOS ANGELES - Denouncing the fact that there is currently no oversight or
accountability for the billions of taxpayers' dollars that are being spent by
the Governor and his administration, Secretary of State Bill Jones totals
called on State Controller Kathleen Connell to begin an immediate full and
complete audit of all energy-related financial transactions. As chief
financial of officer for the state, the controller has the sole
responsibility to "provide sound fiscal control over both receipts and
disbursements of public funds and to determine legality and accuracy of every
claim against the state."

"There is no oversight and no accountability to ensure that the taxpayers'
money is being spent wisely," Jones sad. "The enormous outlays of money to
purchase energy on a daily basis as well as these binding long-terrn
contracts will have a tremendous fiscal impact on the state for years to come
- I believe essentially, mortgaging our future for our children and
grandchildren."

Additionally, Jones called on Governor Davis to immediately meet with
legislative bi-partisan leaders to brief them fully as to the terms and costs
of all contracts and purchases on the spot market just as the President's
team meets with congressional leaders to discuss issues of
national security.

Jones also strongly urged the Governor to begun monthly briefings immediately
wth legislative leaders to provide on-going updates on the progress of new
power plant construction and an up-to-date report of California's power
supplies to ensure adequate resources for the upcoming summer months

"The Governor believes that the solution to our energy crisis lies in the
state getting into the power business - I do not. As a result, Davis has
created a de-facto state Power Authority that's spending cash at an alarming
rate, some $45 million a day; $1.5 billion a month," said Jones. "And he's
just signed the state up for some $43 billion in long-tern contracts for
which we don't know the terms, length or total energy supply secured."

Jones noted that when the utility companies were regulate the Public
Utilities Commission (PUC) had the responsibility to look over their shoulder
and ensure that the ratepayers were protected and fairly treated. Yet all the
governmental agencies that should be looking into the energy spending spree
are now controlled or appointed by the govemor, including the PUC, the Little
Hoover Commission, the Electricity Oversight Board, the Department of
Finance, the Resources Agency, the Department of Water Resources, the Energy
Commissions the Independent Systems Operator and the now-defunct Power
Exchange.

According to a recent Wall Street Journal article (3/08/01), David Mills,
trading floor manager of the Bonneville Power A.dndnistation questioned
Califomia's purchases on the spot market, saying that the water agency
[California Departnent of Water Resources] has at times offered to pay $50 to
$100 per megawatt hour more than the available market price." Mills added
that power buyers for the state "agree to prices that make you wonder ? you?d
at least think they?d check to see what the prevailing price is before
throwing out their offer."

"As President Bush has said so often, it's not the government's money, it's
the people's money" Jones sad.  "The people of California deserve to know
what the terms of this high-stakes energy game are since it's being played
with taxpayers' money."

Jones criticized the governor?s repeated refusal to fulfill numerous Public
Records Act requests from Assemblyman Tony Strickland (R-Thousand Oaks),
several news media and other organizations, calling his denial for
information based on a government code provision regarding protection of the
"public interest " an assault on the public's common sense.

"I believe that the real @public interest' lies in a full accounting to the
public of how the Governor has spent their money - and what kind of a deal
we're actually getting," Jones concluded.

#       #    #


NGI's Daily Gas Price Index
Breaking News : posted Nov 7, 9:56 AM
Cross Bay Pipeline to New York City Gets FERC Nod
FERC granted a final certificate to Cross Bay Pipeline Co. LLC of Houston to assume ownership of a 37-mile portion of Transcontinental Gas Pipeline's Lower New York Bay Extension and add 16,000 hp of compression in Middlesex County, NY, in order to boost gas deliveries into New York City by about 125,000 Dth/d. The Cross Bay project, first announced in January 1998, is estimated to cost $59.5 million.
Once completed, the compressor station and pipeline would form a new interstate pipeline system that would extend from Middlesex County across the lower New York Bay, all the way to Nassau County, NY. The pipeline's capacity would be more than 600,000 Dth/d, with the additional 125,000 Dth/d of incremental capacity.
"By expanding the capacity of these existing facilities, Cross Bay Pipeline Co. will be able to create an important gas transportation alternative for New Jersey and New York markets in an economical, efficient manner with minimal impact on the environment," project sponsors said in an earlier statement.
Williams and Duke Energy each have a 37.5% ownership stake in the limited liability company, while KeySpan, which came on as a third partner in August 1998, owns 25% of Cross Bay (see Daily GPI, July 24, 2000 <http://intelligencepress.com/subscribers/daily/news/d20000724c.html>).
Since its inception three years ago, the Cross Bay project has undergone some changes in size, cost and design. It originally was scheduled to go into operation in November 2000.


Attached are the latest communication materials.  We DO NOT have a deal yet, but I am sending these so that you have time to review before holding floor/staff meetings in the event we have an announcement later today.  Please do not forward these materials, as they are not yet final.  If there are any changes in these materials when the deal becomes final, I will resend them.  Please let me know if you have any questions.

Thank you.
Karen
x39757

Attachments:
	-- timeline for communication rollout
	-- key messages, for use with internal and external audiences
	-- talking points for use with employees
	-- email to employees w/ link to Q&As
	-- video script (to be viewed by employees on the intranet: UpFront!)
	-- External Q&A, for use with the media and external audiences
	-- Internal Q&A, for background use in meetings with employees
	-- Intranet Q&A, posted on the web for employees


---------------------- Forwarded by Greg Whalley/HOU/ECT on 12/18/2000 09:58
AM ---------------------------

StackD@louisdreyfus.com on 12/18/2000 09:30:31 AM
To: greg.whalley@enron.com
cc:
Subject: DW Alert: Internet Company Creates Travel Derivatives

looks like someone else wants to tarde airline tickets with you, after all
----- Forwarded by David Stack/LouisDreyfus on 12/18/2000 10:29 AM -----

                    Derivatives
                    Week                 To:
                    <dw@iinews.co        cc:
                    m>                   Subject:     DW Alert: Internet
Company Creates Travel Derivatives

                    12/15/2000
                    05:35 PM
                    Please
                    respond to
                    "Fellin,
                    Mark"

Dear Derivatives Week subscriber:

Catch the latest breaking news in this week's issue by clicking here:
http://www.derivativesweek.com/index.html?eu

Top stories this week:
________________________________________________________

INTERNET CO. CREATES TRAVEL DERIVATIVES.
Internet startup Tulip Holdings has designed what it believes
are the first travel derivatives, and is planning to help launch a
listed market for them. Corporates, ticket distributors and airlines
are expected to use options to hedge price volatility on airline
tickets, hotel rooms, and car rental services.

CREDIT DERIVATIVES PROS SET TO RAKE IT IN.
Bonuses for credit derivatives professionals in London and New
York are expected to be sky high this year following twelve months
of torrid growth. A structurer in London with about six years of
experience can expect a bonus of USD1.5 million on a base of
USD100,000.

ENRONCREDIT.COM COURTS EYEBALLS WITH CASH.
EnronCredit.com, whose main product is a digital bankruptcy
swap, has begun offering USD1,000 in cash to registered members
of the site who refer the most credit risk management professionals
to the site during two-hour windows of time.
________________________________________________________

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