No gifts, thank you -- just a social hour.

 -----Original Message-----
From: 	Nelson, Cheryl
Sent:	Tuesday, November 20, 2001 4:33 PM
To:	Farrell, Keegan; Bailey, Susan; Boyd, Samantha; Cook, Mary; Gonzalez, Esmeralda; Gray, Barbara N.; Greenberg, Mark; Griffin, Vanessa; Heard, Marie; Hendry, Brent; Jacobson, Kimberley; Jones, Tana; Keiser, Holly; Koehler, Anne C.; Leite, Francisco Pinto; Panus, Stephanie; Sayre, Frank; Shackleton, Sara; Spencer, Becky; Taylor, Mark E (Legal); Zucha, Theresa
Subject:	RE: On Behalf of Mark Taylor and Barbara Gray

should we (or can we) bring a gift.

 -----Original Message-----
From: 	Farrell, Keegan
Sent:	Tuesday, November 20, 2001 4:12 PM
To:	Bailey, Susan; Boyd, Samantha; Cook, Mary; Farrell, Keegan; Gonzalez, Esmeralda; Gray, Barbara N.; Greenberg, Mark; Griffin, Vanessa; Heard, Marie; Hendry, Brent; Jacobson, Kimberley; Jones, Tana; Keiser, Holly; Koehler, Anne C.; Leite, Francisco Pinto; Nelson, Cheryl; Panus, Stephanie; Sayre, Frank; Shackleton, Sara; Spencer, Becky; Taylor, Mark E (Legal); Zucha, Theresa
Subject:	On Behalf of Mark Taylor and Barbara Gray

Please see the attached message:

 << File: You Are Invited.doc >>

Keegan
Enron Wholesale Services
713-345-3317


This is from SKYGEN. Jinsung

 - skygen turbines payments.xls


Max:
Please send to Sara Shackleton and Jeff Hodge copy of the LC and all amendments.

Tanya and Debbie:
Is Monica working on sending us copies of all of the LC's that expire this month?

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

 -----Original Message-----
From: 	Sonnonstine, Max
Sent:	Friday, January  4, 2002 4:24 PM
To:	Hodge, Jeffrey T.; Mellencamp, Lisa; St. Clair, Carol
Subject:	Texex Energy Partners

Good Afternoon,
	Credit has an issue with Texex Energy Partners that you should be aware of.  We received an amendment of an LC that reduces the coverage amount to $4mm and extends the expiry date to 1/15/02.  It covers physical MTM which we are in the money approx $2mm.  I assume that we are not performing on these contracts (some go out to 6/02), but Texex has not terminated.  I believe we should call Texex to extend the LC to protect the value of these contracts and if they refuse, we terminate and draw on the current LC.  Do you buy into this strategy?  Please advise at your convenience.

Thanks,

Max Sonnonstine
x58261


Kate, please check, deal 565759.01, I verballed the trade with APB on Friday
3/30/01
Enron Sells Idaho
4/2-4/2
220.00    total mw s400
sp 15

Looks like it has been changed, each hour a different mw.
Please let me know the details.
Thanks
Stephanie


The deal with Oxy Vinyls (#276478) will covers the volume for all of
October.  We had zero in the system after the 6th because the plant was
down.  The deal should have been nom'd at zero on these days.

D

Susan Hadix@ENRON
11/07/2000 10:33 AM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Occidental Battleground Meter 98-1485 October 2000

Daren,

A sale to Oxy Vinyls went into effect 10/01 through 10/16 for 5,000 per day.
We also delivered gas to Entex, 10,000/day for the entire month.  More gas
was pulled towards the end of the month than confirmed and I need to know if
Oxy Vinyls should get the swing for the remaining of the month even though
their deal went to zero.  Please advise.

Susan


_________________________________________________________________

WEEKEND SYSTEMS AVAILABILITY

FOR

1/25/2002 5:00:00 PM through 1/28/2002 12:00:00 AM
_________________________________________________________________

Impact:   San Palo
Time:   Thur 1/24/2002 12:00:00 PM CT thru Sun 1/27/2002 12:00:00 PM CT
	Thur 1/24/2002 10:00:00 AM PT thru Sun 1/27/2002 10:00:00 AM PT
	Thur 1/24/2002 6:00:00 PM London thru Sun 1/27/2002 6:00:00 PM London
Outage:   New server room
Environments Impacted:   File Server, Notes servers, Print Server, Internet access.
Purpose:   Put 02 servers room in just 01 room. Rebuild all cabling (data and voice). This is set on CST.
Backout:   Back to original room.
Contact(s):   Nilson Busto  55-11-5503-1347

Impact:   Corp
Time:   Fri 1/25/2002 1:45:00 PM CT thru Fri 1/25/2002 2:45:00 PM CT
	Fri 1/25/2002 11:45:00 AM PT thru Fri 1/25/2002 12:45:00 PM PT
	Fri 1/25/2002 7:45:00 PM London thru Fri 1/25/2002 8:45:00 PM London
Outage:   Change Management Emergency Outage
Environments Impacted:   Change Management System Outage.
Purpose:   Change Management Application needs emergency maintenance.
Backout:   NA
Contact(s):   Brennan, Ryan  713-853-4545
	Ray, Edward  7138536744
	Brooks, Sean L  713-345-8077


Give me a break...just like last year, I will finish ahead of you again.
Mean machine will be PLove's bitch again this year.
PL


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Notice No. 00-387
November 9, 2000

TO:  NYMEX Division Members

FROM:  The Board of Directors

RE:  Termination of Members Retention and Retirement Plan

As you have been previously advised, on Wednesday, October 4, 2000 the
Board of Directors voted unanimously to terminate the New York
Mercantile Exchange Members Retention and Retirement Plan (the Plan)
conditioned upon the Exchange receiving a satisfactory Private Letter
Ruling from the IRS in connection with the Exchange's pending
demutualization plan.  On October 17, 2000, the Exchange held an open
members meeting to discuss the termination of the Plan and to answer
any questions.  At the meeting, a number of members requested that the
Board review its decision to use the 8.5% discount rate recommended by
Deloitte & Touche in connection with termination of the Plan.  At the
members meeting, it was agreed that the Board would review the
discount rate issue again at its next regular meeting.

Following the members meeting, the Exchange obtained two additional
professional opinions from actuaries.  One opinion stated that the
appropriate range of discount rates that should be used in terminating
the Plan should be between 7.8% and 8.1% and recommended using a
discount rate of 8.0%.  The third opinion recommended that the
appropriate range should be between 7.47% and 8.32% depending upon
various credit and other related actuarial issues.  Each of the
actuaries (including Deloitte & Touche) attended the Board meeting on
November 2, 2000 to present the rationale in support of their
respective recommendations and to answer any questions posed by
members of the Board.

The Board was advised by the Exchange's General Counsel, as well as by
two independent outside counsels, that in order to avoid even the
appearance of a conflict of interest, the Board should delegate
authority to choose an appropriate discount rate to a committee of
Directors who do not have any financial interest in the Plan.  The
Board passed a resolution in which it approved the recommendation of
its Counsel and delegated authority to select an appropriate discount
rate to a special committee (the Committee) composed of five Directors
who did not have an interest in the Plan.

After the Board formed the Committee, the members of the Committee,
the actuaries and the legal advisors left the room to discuss the
matter privately.  After thoroughly reviewing the matter, the
Committee returned and unanimously resolved and determined that the
appropriate discount rate that should be used in connection with the
termination of the Plan is 8.0%.

On October 23, 2000, the Exchange received a satisfactory Private
Letter Ruling from the IRS.  At its meeting on November 2, 2000, the
Board set a target closing date of November 15, 2000 for the
demutualization transaction.

Eligible participants of the Plan who are members at the time of the
closing of demutualization will receive service credit under the plan
through December 31, 2000.  All other rules regarding eligibility and
continuous service requirements will be applied according to the terms
and conditions set forth in the Plan.

Under the terms of the Plan, in the event of termination, Qualified
Participants (i.e. those participants with at least 15 years of
Continuous Service, as defined in the Plan) are entitled to a payout
equal to the net present value (NPV) of the scheduled ten-year benefit
payment that they would otherwise have received if the Plan had not
terminated, to the extent of the assets held in trust for this
purpose.  If there are remaining assets in trust after making payment
to the Qualified Participants, those remaining assets are to be
distributed to participants with Continuous Service (as defined in the
Plan) between 10 years and 14 years.  These 10 - 14 year participants
are entitled to the NPV of a fraction of the benefits they would have
received had the Plan remained in place until their normal retirement
age; the numerator of the fraction is the number of whole years of
Continuous Service and the denominator is 15.  If there are not
sufficient assets to pay each 10 -14 year participant their calculated
sums, then each 10 - 14 year participant will receive a pro rata
distribution.  These 10 - 14 year  participants must be members of
record at the time of the closing of demutualization in order to be
eligible to receive any distribution.

The Exchange is reviewing the census data and other pertinent
considerations with its actuaries, and all preliminary calculations
should be regarded as tentative and subject to change pending the
results of that review.  At this time, the Board believes that there
are sufficient assets to pay each Qualified Participant his or her
lump-sum benefit, based upon the approved a discount rate of 8.0%.  At
this time, it appears that after making payments to Qualified
Participants, the remaining assets will be sufficient to provide pro
rata benefits to 10 - 14 year participants.  10 - 14 year participants
can calculate their approximate distribution amount by multiplying the
NPV benefit of their corresponding age (see attached Schedule) by the
fraction of their whole years of service (10/15, 11/15, 12/15, 13/15,
or 14/15) by twenty-six (26%) (which at this time appears to be the
approximate  percentage of "remaining assets" available compared to
the total of all partial benefits otherwise calculated).

Qualified Participants who are already receiving benefits received
their last quarterly payment in October 2000.  Remaining obligations
to such participants will be valued in the same manner as other
Qualified Participants.

It is anticipated that actual payouts under the termination procedure
will be made in mid-January 2001.

As of December 31, 2000 it is expected that total Plan assets will be
approximately $33.5 million.  Regardless of the discount rate used,
100% of the assets of the Plan will be distributed.  Using a discount
rate of 8.0% the Qualified Participants will receive approximately $30
million or ninety percent (90%) of the total Plan assets and 10 - 14
year participants will receive the balance.

For illustrative purposes, and subject to the conditions noted above,
the attached Schedule represents an approximation of the anticipated
lump-sum payment to a Qualified Participant who has reached the age
indicated (but who has not yet begun receiving quarterly benefits) as
of December 31, 2000.

In the event that any member has any questions in connection with
termination of the Plan, please contact Chris Bowen at 299-2200 or
Suellen Galish at 299-2215.  Copies of  both the original and amended
Plans are available.

Separate But Related Matter

Contrary to erroneous information which has been disseminated by
others, neither the original Members Retention and Retirement Plan nor
the amended Plan provides for member votes on amendments.  In
accordance with Section 8 of the original Plan, in 1997 the amended
Plan was approved by a three fourths (3/4) vote of the Board.  Section
8 of both the original and amended Plan provides that "the Board of
Directors of NYMEX may at anytime, amend or terminate this Plan in
whole or in part, upon the affirmative vote of three fourths (3/4) of
the entire Board".  Section 8 of the Plan further specifically
describes how the Plan assets are to be distributed in the event of
termination.  Section 8(C) (1) states that the net present value of
lump sum termination payments shall be "calculated by using the
applicable interest rate determined by the Board in its sole
discretion, in good faith, and such determination shall be conclusive
and binding on all parties".  Section 11, entitled Authorization of
the Plan and which remains unchanged  from the original Plan, only
applies to the original authorization of the Plan which occurred in
1990.

Again, contrary to erroneous assertions that have been made, neither
the original Plan nor the amended Plan makes any reference to a specific
discount rate that should be used in calculating NPV.  In fact, the estates
of two deceased former members
(Mel Miller and Leon Grappel) that erroneously have been reported to
have received lump sum payments based upon a discount rate of 6.0%
actually received payments based upon discount rates of  7.4% (paid in
1992) and 7.2% (paid in 1993), respectively.

Inaccurate contentions and allegations diminish and undermine what we
are seeking to achieve as a global financial institution.

Attachment

Age @ 12/31/00   NPV Benefit (8.0% discount)

59.5     $204,100
58.5       194,600
57.5       185,600
56.5       177,000
55.5       168,800
54.5       161,000
53.5       153,600
52.5       146,500
51.5       139,700
50.5       133,200
49.5       127,000
48.5       121,200
47.5       115,600
46.5       110,200
45.5       105,100
44.5       100,200
43.5         95,600
42.5         91,200
41.5         87,000
40.5         82,900
39.5         79,100
38.5         75,400
37.5         71,900
36.5         68,600
35.5         65,400
34.5         62,400
33.5         59,500
32.5         56,800
31.5         54,100
30.5         51,600

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com&
refdoc=(00-387)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


Please draft an ISDA contract per terms of the attached credit worksheet.

Thanks
brant


Revised documents (reflecting less definitive statements on earnings)


no. i didn't know that.  i guess it will be like def comedy jam

Bryan Hull
03/30/2001 01:00 PM
To:	Eric Bass/HOU/ECT@ECT
cc:
Subject:

Do you know that there are no opening comedians before Dave?  Just a DJ.


Sure.
PL


Crescendo Team,

Click on the website below for the news release on the Kinder Morgan and Tom
Brown distribution of Wildhorse assets.

http://biz.yahoo.com/prnews/001030/co_tom_bro.html


Avoid the crunch on election day by voting early!

ENRON is providing employees with
complimentary shuttle service
 from the Enron Building to the downtown early voting site!!

Thursday, November 2
and
Friday, November 3
1319 Texas Avenue @ Austin Street
7:00 am until 7:00 pm
(transportation by Beal's - pick-up on the West end of Andrews Street)

In order to vote early at this site,
you must be registered in Harris County
and present your drivers license for ID verification
(your voter registration card is not necessary)

Please take advantage of this opportunity and VOTE!!

For election-related questions, please reference this website:
www.co.harris.tx.us/cclerk/elect.htm


You may have already called Mike yourself, but wanted to make sure you see this.

Wanda

 -----Original Message-----
From: 	Mellencamp, Lisa
Sent:	Monday, October  22, 2001 9:49 AM
To:	Curry, Wanda; Huddleson, Diann; Tribolet, Michael; Williams, Robert C.; Sanders, Richard B.
Subject:	FW: PG&E

please let me know if any of you disagree/have comments
 -----Original Message-----
From: 	Simmons, Linda J.
Sent:	Friday, October 19, 2001 3:49 PM
To:	Mellencamp, Lisa
Subject:	FW: PG&E

 -----Original Message-----
From: 	MDay <MDay@GMSSR.com>@ENRON
Sent:	Friday, October 19, 2001 3:46 PM
To:	Simmons, Linda J.
Subject:	RE: PG&E

Here is our settlement sheet on the one cent surcharge, attached below.
Mike Day

 - X28655.DOC [Mellencamp, Lisa]


This will be yours when you get back - same counterparty as Tex Mex, I
think.  I'll finish this and forward you some other docs.

kau
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/03/2001 07:50
AM ---------------------------

John Moore
04/02/2001 02:24 PM
To: Kay Mann/Corp/Enron@Enron
cc: Mitch Robinson/Corp/Enron@Enron

Subject: Re: BPUB

Kay,

1.) We are entering into a CA with BPUB, can we reference it in Article II,
Paragraph 3?  It's term is "two years from the date of this letter",
presumably  21 March 2003.

2.) Under the "PRELIMINARY TERM SHEET"  where we define "Structure" do you
think we need to elaborate on the phrase "appropriate project  structure"?
Maybe we should say "appropriate project equity participation and finance
structure".

Otherwise, I like the document.  I called John Davidson, outside counsel for
BPUB, this morning and he's approved the CA.  I expect that we'll get a
partially executed CA within the next day or so.

JMoore

Kay Mann
04/02/2001 01:11 PM
To: John Moore/Corp/Enron@Enron, Mitch Robinson/Corp/Enron@Enron
cc:

Subject: BPUB

Anything else for the term sheet?  Feel free to add it and return to me.


7:30 is good.


-----Original Message-----
From: 	Choate, Heather
Sent:	Tuesday, November 20, 2001 1:52 PM
To:	Lavorato, John; Shively, Hunter S.; Neal, Scott; Lagrasta, Fred; Grigsby, Mike; Martin, Thomas A.; Black, Don
Cc:	Hillis, Kimberly; Villarreal, Alex; Hogan, Irena D.; Bates, Kimberly; Rangel, Ina; Wood, Kim; Young, Becky; Jackson, Brandee; Showers, Digna; Superty, Robert; Hall, Bob M
Subject:	Gas Logistics Employee Meeting

Please plan to attend a Gas Logistics Employee Meeting...

 	Today, Tuesday, November 20, 2001
		at 4pm in ECS-06980

Heather S. Choate, CPS
Asst. to Bob M. Hall
Energy Operations
Enron Net Works LLC.
(713) 853-3278


Gentlemen, Yes that means you, Eric.  Please review the attached and give me
any comments before I distribute to the group.


Just wanted to keep everyone on point in terms of the importance and
expectations of getting this King Ranch issue cleaned up for the prior months
and correct on a go forward basis.  I spoke with Brenda on Friday to give her
an update of our progress and one of the things that she stressed and wanted
passed on to the team was the expectations that King Ranch would be clean
(scheduled and allocated correctly)  for March and foward.  As of Thursday
night's   P &L calc., unaccounted for March 2000 on Texas was a little over
400,000 mmbtus.  As you all know, that number is way too high and should be a
lot lower (on a bad month, no more than 100,000 mmbuts).  Hopefully, if King
Ranch is the part of the problem for  March and we get these issues resolved,
March will not be an issue.  I appreciate everyone's committment so far and
hopefully we can apply this team concept in the future to prevent crisis
modes like this from here on out.  If anyone has questions or concerns,
please do not hesitate to let me know.  Thanks!

Howard B Camp
03/20/2000 08:46 AM
To: Karry Kendall/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ECT, Clem
Cernosek/HOU/ECT@ECT
cc: Stella L Morris/HOU/ECT@ECT, Howard B Camp/HOU/ECT@ECT, Rita
Wynne/HOU/ECT@ECT, Fred Boas/HOU/ECT@ECT, Robert E Lloyd/HOU/ECT@ECT
Subject: HPLR Liquids / Humble Gas Pipeline

We need to get together this afternoon at 2:00 PM in room 3745 to discuss how
we will schedule and allocate the HPLR Liquids coming into Humble Gas
Pipeline at meter 8793.  Karry, it is my understanding that you do not want
an intercompany sale from HPLR Liquids to HPLC at this point.   How do you
plan to get this gas to King Ranch since HPLR Liquids does not have a
transport on Humble?

Daren, the intercompany HPLC purchase  is how it is set up currently in MOPS.

Robert, since Stella is out, we will need someone to represent Logistics.

HC


Just a reminder to forward the Calpine docs to Eric Ledain in Canada.

Thanks

Stephanie


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

----- Forwarded by Debra Perlingiere/HOU/ECT on 08/09/2000 03:09 PM -----

	Jeffrey McClellan
	08/09/2000 02:50 PM

		 To: Jeffrey McClellan/HOU/ECT@ECT
		 cc: (bcc: Debra Perlingiere/HOU/ECT)
		 Subject: Reminder: HAPPY HOUR TOMORROW (THURS)

---------------------- Forwarded by Jeffrey McClellan/HOU/ECT on 08/09/2000
02:53 PM ---------------------------

Jeffrey McClellan
08/09/2000 02:49 PM
To: Jeffrey McClellan/HOU/ECT@ECT
cc:
Subject: Reminder: HAPPY HOUR TOMORROW (THURS)


Gracias.

 -----Original Message-----
From: 	Bradley, Rob
Sent:	Friday, September 28, 2001 11:57 AM
To:	Dasovich, Jeff
Subject:	RE: Participation in Roundtable on Lessons Learned in California on October 4th

Joe Pratt is the Cullen Professor of Business and History at the University of Houston and author of several energy business histories such of ConEd, Amoco, Texas Eastern Transmission Company, and the National Petroleum Council.  He will visit the issue from the vantage point of how are energy corporations perceived in the debate and controversy.  He is not an economist but is more market oriented than he used to be.  He is buddies with a Cal State professor, Chris Casteneda, who was Pratt's student at UH.

Dr. Pratt is also involved in the Enron oral history project with me.

- Rob

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Friday, September 28, 2001 11:26 AM
To:	Bradley, Rob
Subject:	FW: Participation in Roundtable on Lessons Learned in California on October 4th

In the constant state of "blur" I'm in, I somehow unintentionally left you off the note.  Your comments/thoughts/feedback is of course greatly appreciated.
Best,
Jeff

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Thursday, September 27, 2001 7:12 PM
To:	Kean, Steven J.; Shapiro, Richard; Steffes, James D.; Robertson, Linda; Landwehr, Susan M.; Denne, Karen; Mara, Susan; Kaufman, Paul; Nord, Sue; Palmer, Mark A. (PR); Guerrero, Janel
Subject:	Participation in Roundtable on Lessons Learned in California on October 4th

On October 4th, I'll be trying to fill Rob Bradley's rather large shoes at the Cal State University Center for California Studies' 13th annual envisioning California conference, "Our Year of Disconnect:  The Politics of Power in California."

I'll be participating in a Roundtable at the plenary session entitled: "Lessons Learned, Unlearned & To Be Learned:  A Roundtable on California's Utility Deregulation."

The Roundtable will be moderated by the State Librarian, Kevin Starr.  The other roundtable-ists include:

Chuck Cicchetti (Edison plant?  Anyone know what he's up to these days?)
Bob Foster--Edison
Nettie Hoge--head of TURN
Glen Thomas--Chair of the Pennsylvania PUC (any info on Chair Thomas is appreciated)
State Senator Debra Bowen
David Freeman--Self-appointed emporer
Dr. Joseph Pratt--History prof., University of Houston (any info on the professor is also appreciated)

Each of us will have two minutes to open and then Dr. Starr will moderate the ensuing mud-slinging.

Attached are some draft talking points that I threw together for your review.  All comments, suggestions, guffaws, etc. are welcome and appreciated.

Best,
Jeff

 << File: CSU Rountable draft talking points 0927.doc >>


sure.  is there anything specfic you'd like me to address.  what about a
slide presentation--which I generally don't love, but we have some good ones
around.

	From:  George Zivic                           01/03/2001 03:33 PM

To: Jeffrey A Shankman/HOU/ECT@ECT
cc: Jennifer Burns/HOU/ECT@ECT
Subject: Wells Fargo Meeting 01/09

Jeff,

Below is the agenda for the meeting with Wells Fargo.

I was hoping that you could participate during the introduction periods --
i.e. 10:00 am to 10:40 am (or longer if you have any interest) - would it be
possible for you to follow Wells Fargo's introduction with a brief (15-20min)
presentation/introduction explaining Enron Corp's and Enron Global Market's
structure and "strategic vision".
You will see that I have slotted you in this time frame -- obviously, this
conditional on your acceptance.

Please let me know if you are willing to participate in this way.

Thanks again,
George


If you look under my kmann directory you will find a doc called
westinghouseproposal to resolve issues on Enron Dec13 SWPC.  Please print 4
originals on ENA letterhead.

Thanks,

Kay


hello everyone,

Although I was not the original credit person associated with this draft, I
am the current to date credit person responsible because of Rod's departure.
The customer is ready to sign the ISDA.  The address to overnight the
execution copies has not changed.  The contact and collateral threshold
figure have changed though.

The hardcopy original should be sent to Mandel Selber, 281-537-9920 ext.
134.  The new dollar amount of the collateral threshold should be $1MM, not
$500M as was originally sent over within the draft.  I think that is it.

Let me know if I can be of any further assistance.

Thanks
brant


Kara, because we are close on the SST's max MDQ, we are going to use some of
Aristech's Capacity. Also, to be pro-active on the huge temperature swings
that we have been seeing on the weekends, we are going to do a 50/50 split
with storage. Hopefully, this will prevent overrun charges and overdelivery
gas. Cross our fingers!!!!!!!!!  This has been approved through Jeff Porter,
the CES Choice God!!!!!

Also Joann Collins is on call this weekend. Friday is an "unofficial holiday"
for us. Joann will be in the office tomorrow morning to do Choice.

Contract Changes:

7-1: 67693 11558
 67829 5000 (aristech capacity)
Total  16558

7-5 67693 9693
 67829 3527 (aristech capacity)
Total  13220

Thank you!!!!!!!!!!!!!!!!!!!!


BIG SHOT AT ENRON NOW, DON'T HAVE TO CALL YOUR OLD BUDDIES
ANYMORE!!!!!!!!!!!!!VERY NICE!!!!!!HAHAHAHAHAHAHA!!!!!!!!
LATER/CAP

> -----Original Message-----
> From: Cliff Papish
> Sent: Monday, April 23, 2001 7:06 AM
> To: 'joe.stepenovitch@enron.com'
> Subject: HELLO
>
> HEY JOE,
> HOW ARE YOU. I HOPE THIS SURPRISE EMAIL FIND YOU HAPPY AND DOING WELL AT
> ENRON. JUST SPENT 10 GLORIOUS DAY IN MY BELOVED FLORIDA WHERE IT WAS 85-92
> DEGREES EVERY DAY. WHEN TIME PERMITS PLEASE GIVE ME A BUZZ (203-355-5602)
> I WOULD LIKE TO CHAT!!!!!!
> BEST REGARDS/CAP

****************************************************************************
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Receipt by an unintended recipient does not constitute a waiver of any
applicable privilege.

Reading, disclosure, discussion, dissemination, distribution or copying of
this information by anyone other than the intended recipient or his or her
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communication in error, please immediately notify us and delete the original
material from your computer.

Sempra Energy Trading Corp. (SET) is not the same company as SDG&E or
SoCalGas, the utilities owned by SET's parent company.  SET is not regulated
by the California Public Utilities Commission and you do not have to buy
SET's products and services to continue to receive quality regulated service
from the utilities.
****************************************************************************


Attached below is a memo containing the provisions to the PSA that are most
likely applicable to the Purchase Price Adjustment.


Greg,

E-commerce related proposal from Dale Nesbitt.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/16/2000
10:02 AM ---------------------------

"Dale Nesbitt" <dale.nesbitt@altosmgmt.com> on 04/06/2000 01:47:15 AM
To: <vkamins@enron.com>
cc:
Subject: MarketPoint Business Plan Summary

Vince:

Thanks very much for your interest in our MarketPoint product, and thanks
for the hour you gave me this morning.  As promised, I am enclosing our
executive summary and first chapter from our business plan for you to take
forward to your management as a prospective Enron-MarketPoint investment
collaboration.  I want to reiterate that should Enron elect to be the lead
investor here, you will be exclusive in your industry if you want.  If Enron
wants to be the lead and ensure the entire second round of resources we
need, we would not offer and investment opportunity to other trading
companies, pipelines, or electrics until the third or subsequent rounds and
then only with your participation as a MarketPoint board member.  I am aware
you have coinvested with SAP in the past and that you might want to coinvest
with them again.  I presume you would not have a problem with
non-competitors such as EPRI, our management consulting service provider
partner, or our VC partner (but I would want guidance from you in this
arena).  I think you would find our VC partner very suitable and very
attractive.  They have done several interesting energy and trading plays,
and they would provide good management skills I believe.  I hope we can move
forward together.  I am looking forward to a positive response.  Thanks
again and best regards.

Dale Nesbitt

PS:  You might hear from Drew Ries of your Investments group.  I spoke with
him after speaking with you about many of the same issues.

 - longexecsum.DOC


Pursuant to Sara Shackleton's request, I am attaching a memo that I prepared
in April, 2000 regarding procedures for opening brokerage accounts.

Please do not hesitate to contact either Sara at x35620 or me with any
questions.

Marie Heard
Senior Legal Specialist
Enron North America Corp.
Phone:  (713) 853-3907
Fax:  (713) 646-3490
Marie.Heard@Enron.com


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

November 16, 2001 5:00pm through November 19, 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:
Impact:  3AC
Time:  Fri 11/16/2001 at  10:00:00 PM CT thru Sat 11/17/2001 at 12:00:00 AM CT
	Fri 11/16/2001 at    8:00:00 PM PT thru Fri 11/16/2001 at  10:00:00 PM PT
	Sat 11/17/2001 at  4:00:00 AM London thru Sat 11/17/2001 at  6:00:00 AM London
Outage:  Swing 3AC 8th and 9th floors to CORP IP space.
Environments Impacted:  8th
Purpose: EBS Integration
Backout: re-issue original configurations, bring trunk to eb44 back up.
Contact(s): 	Micah Staggs    713-345-1696

Impact:  Ardmore
Time:  Sat 11/17/2001 at  10:30:00 PM CT thru Sun 11/18/2001 at   2:30:00 AM CT
	Sat 11/17/2001 at     8:30:00 PM PT thru Sun 11/18/2001 at 12:30:00 AM PT
	Sun 11/18/2001 at  4:30:00 AM London thru Sun 11/18/2001 at  8:30:00 AM London
Outage:  Add redundant connections between ARD-COR-CCX1/2 and ENA-CX1/2-ARD
Environments Impacted:  All
Purpose: Increased bandwidth / resiliency available on the MAN
Backout: Put original equipment/configs back in place
Contact(s): 	Dennis McGough    713-345-3143

FIELD SERVICES:  No Scheduled Outages.

INTERNET: No Scheduled Outages.

MESSAGING:
Impact:  Corp Notes
Time:  Fri 11/16/2001 at  9:00:00 PM CT thru Sat 11/17/2001 at    1:00:00 AM CT
	Fri 11/16/2001 at  7:00:00 PM PT thru  Fri 11/16/2001 at  11:00:00 PM PT
	Sat 11/17/2001 at  3:00:00 AM London thru Sat 11/17/2001 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 11/16/2001 at  9:00:00 PM CT thru Sat 11/17/2001 at    1:00:00 AM CT
	Fri 11/16/2001 at  7:00:00 PM PT thru  Fri 11/16/2001 at  11:00:00 PM PT
	Sat 11/17/2001 at  3:00:00 AM London thru Sat 11/17/2001 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

Impact:  EES
Time:  Fri 11/16/2001 at  8:30:00 PM CT thru Fri 11/16/2001 at  11:30:00 PM CT
	Fri 11/16/2001 at  6:30:00 PM PT thru Fri 11/16/2001 at    9:30:00 PM PT
	Sat 11/17/2001 at  2:30:00 AM London  thru Sat 11/17/2001 at  5:30:00 AM London
Outage:  EES Notes Server Reboots
Environments Impacted:  All users on any of the mailservers listed below
Purpose: Scheduled @ 2 week interval on 1st and the 3rd Friday of each month.
Backout:
Contact(s): 	Dalak Malik    713-345-8219

MARKET DATA:
Impact:  CORP
Time:  Sat 11/17/2001 at  12:00:00 PM CT thru Sat 11/17/2001 at  12:30:00 PM CT
	Sat 11/17/2001 at  10:00:00 AM PT thru Sat 11/17/2001 at  10:30:00 AM PT
	Sat 11/17/2001 at  6:00:00 PM London thru Sat 11/17/2001 at  6:30:00 PM London
Outage:  Autex - "taurus" system upgrade
Environments Impacted:  Autex
Purpose: replace obsolesced hardware with Enron Standard hardware configuration for critical trading application
Backout: Replace with original system
Contact(s): 	John Sieckman    713-345-7862

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS:
Impact:  SAP
Time:  Fri 11/16/2001 at  8:00:00 PM CT thru Mon 11/19/2001 at    2:00:00 AM CT
	Fri 11/16/2001 at  6:00:00 PM PT thru Mon 11/19/2001 at  12:00:00 AM PT
	Sat 11/17/2001 at  2:00:00 AM London thru Mon 11/19/2001 at  8:00:00 AM London
Outage:  Add New SAP Storage
Environments Impacted:  SAP
Purpose: Disk growth in SAP required procurement of additional disk.
Backout: Revert to current configuration.
Contact(s): 	Gary Sentiff    713-345-5125

SITARA:  No Scheduled Outages.

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY: No Scheduled Outages

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:  No Scheduled Outages.

----------------------------------------------------------------------------------------------------------------------------
								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
TDS -Trader Decision Support On-Call                    (713) 327-6032 [Pager]


Joya' F. Davis
Sr. Admin. Assistant
ENA Legal Department
EB3855A
joya.davis@enron.com
(713) 853-9559 DID
(713) 646-4842 FAX


Tana... see below....
laywer is Bill Ernstafht (212) 468-6118
---------------------- Forwarded by Janelle Scheuer/HOU/ECT on 09/19/2000
02:06 PM ---------------------------

"Carey, Michael" <Michael.Carey@nypa.gov> on 09/19/2000 01:58:20 PM
To: "'Janelle.Scheuer@enron.com'" <Janelle.Scheuer@enron.com>
cc:
Subject: RE: ISDA

I don't know of any such beginnings of an ISDA.  It may have been with the
Fuel's Dept.  Sounds like your Doc person might do better with our
Lawyer--Bill Ernstafht 212 468-6118.

-----Original Message-----
From: Janelle.Scheuer@enron.com [mailto:Janelle.Scheuer@enron.com]
Sent: Tuesday, September 19, 2000 2:50 PM
To: Carey, Michael
Subject: ISDA

Yet another email.....
Hi Mike!
Our legal/documentations department tells me that we started putting
together an ISDA with NYPA over a year ago, but never completed it.  What
we need prior to any deals being executed is a legal opinion that contracts
are enforcable and statutory authority (I suppose this is compliments of
Orange County).  Can I have our documents person call you...or is someone
else there more appropriate
Janelle


Next Thursday would be great - thanks! I  am looking forward to seeing you.

Shari

                    Elizabeth.Sager
                    @enron.com             To:
Shari_Stack@reliantenergy.com
                                           cc:
                    05/17/01 08:11         Subject:     Re: lunch (2)
                    AM

Hi Shari

Thanks for the message - I can do lunch next Thurs.  Are you still free?


Please plan to attend a meeting to discuss Devon/Panaco Penalty Cash out, on Tuesday,
May 15th at 3:00pm in EB32C2..

Thanks,
Rain
x.31560


Start Date: 4/3/01; HourAhead hour: 18;  HourAhead schedule download failed.
Manual intervention required.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
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Error: dbCaps97Data: Cannot perform this operation on a closed database
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!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
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Engine (error $2A04)
Error: dbCaps97Data: Cannot perform this operation on a closed database
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
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Engine (error $2A04)
Error: dbCaps97Data: Cannot perform this operation on a closed database
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
Error: Crawler lifetime exceeded.
Error: dbCaps97Data: Cannot perform this operation on a closed database
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
Error: dbCaps97Data: Cannot perform this operation on a closed database
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
Error: dbCaps97Data: Cannot perform this operation on a closed database
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
Error: dbCaps97Data: Cannot perform this operation on a closed database
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
Error: dbCaps97Data: Cannot perform this operation on a closed database
Error: dbCaps97Data: Cannot perform this operation on a closed database
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
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!!!An error occurred while attempting to initialize the Borland Database
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!!!An error occurred while attempting to initialize the Borland Database
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!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
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!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
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Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
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Engine (error $2A04)
Error: dbCaps97Data: Cannot perform this operation on a closed database
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
!!!An error occurred while attempting to initialize the Borland Database
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Error: dbCaps97Data: Cannot perform this operation on a closed database


Start Date: 4/30/01; HourAhead hour: 1;  HourAhead schedule download failed.
Manual intervention required.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001043001.txt
Error: Invalid variant type conversion
!!!General SQL error.
Couldn't update; currently locked by user 'Admin' on machine 'NAHOU-TRDTS4'.
Table
!!!General SQL error.
Object invalid or no longer set.
Table
!!!General SQL error.
The field is too small to accept the amount of data you attempted to add.
Try inserting or pasting less data.
Field
!!!General SQL error.
The field is too small to accept the amount of data you attempted to add.
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Field
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The field is too small to accept the amount of data you attempted to add.
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Field
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The field is too small to accept the amount of data you attempted to add.
Try inserting or pasting less data.
Field


see attached
----- Forwarded by Sara Shackleton/HOU/ECT on 09/22/2000 06:52 PM -----

	Sara Shackleton
	09/22/2000 06:50 PM

		 To: Greg Johnston/CAL/ECT, Brian Kerrigan/HOU/ECT, Cris Sherman/HOU/ECT,
Tana Jones/HOU/ECT, bordenr@macleoddixon.com
		 cc:
		 Subject: Alberta prepay - confirms

Attached are revised commodity swap confirms.  I didn't change the rate swap
and we're still waiting for input from the bank.


David-

Is the meeting on for April 2?

Susan

David Moss <CityMgr@southside-place.org> on 03/21/2001 12:03:22 PM
To: "'susan.w.pereira@enron.com'" <susan.w.pereira@enron.com>,
"'lucy1@ev1.net'" <lucy1@ev1.net>
cc:
Subject: FW: Council - P/Z Workshop on Monday Night April 2

>  -----Original Message-----
> From:  David Moss
> Sent: Tuesday, March 20, 2001 13:27
> To: 'susan.w.pereira@enron.com'; 'lucy1@ev1.net'
> Subject: Council - P/Z Workshop on Monday Night April 2
>
>
> Susan and Dora:
>
> Would you be able to meet with councilmembers on Monday, April 2 to
> discuss the comprehensive plan and various planning issues?
>
> The backup date would be March 29th.
>
> Maurice and John are available on April 2.
>
> Staff will call Brad Smolen and Doug Bland, new member, about this date
> also.
>
> dnm


I agree with Milly's comments and concerns in his attached e-mail.

A few points:

1.  I would send a clarifying memo, and would speak specifically to Diane
Seib and Peggy Hedstom to ensure for the time being that all physical and
financial power transactions receive legal review.  This does not mean that
Linda/Sharon have to document all of them, rather we can still leave it up to
documentation where appropriate.  But a lawyer needs to review all power
confirms for the time being (physical and financial) to make sure that the
product is being properly defined.

2.  In terms of power product definition, Milly has raised valid concerns
which warrant legal review, which are market opening risk, change in market
rules between now and market opening, and the size of the transactions being
entered into.  There is also the inherent risks of the PPA, in essence
interrutible risk.  All these risks need to managed at the front end.  i.e.
Once a deal is executed by the trader, the lawyer cannot fix it after the
fact.  Although the power traders or originators should already understand
these risks for the product when they are transacting, please meet with
Davies and Zufferli ASAP to ensure that they are cognizant of these risks
when they are transacting.

3.  Please check our corporate resolutions to make sure that they cover off
execution of confirms for power transactions in a similar fashion to gas
transactions (i.e.  anything over a year must be signed by Milly, if it is
less than a year it can be signed by Zufferli as the responsible trader or
Davies as the responsible originator).  I note, however, for the time being,
at least until the market opens, Milly wants to see all power trades
regardless of tenor.

Peter.

---------------------- Forwarded by Peter Keohane/CAL/ECT on 11/10/2000 02:31
PM ---------------------------

Rob Milnthorp
11/10/2000 08:40 AM
To: Greg Johnston/CAL/ECT@ECT
cc: Peter Keohane/CAL/ECT@ECT
Subject: Re: Canadian Financial Trading Confirmation Process

Greg, ok with your process for the most part. Would like to see all power
swaps route through legal until the market is open, operating, and we have a
complete understanding/comfort with the Alberta Market.  Frankly, the size
and magnitude of these swaps (ie 25MW - 100MW) warrant legal looking at (and
me for that matter).

I think we dropped the ball when we sent out power swap confirms with little
thought given to market opening risk, change in rules, rate caps, etc. These
issues should have been thought through between commercial and legal before
any swaps were executed. In some respects, we have now doubled down on our
PPA exposure by entering into "unconditional" swaps.

Regards
Milnthorp

Greg Johnston
11/10/2000 08:23 AM
To: Mary Cook/HOU/ECT@ECT, Sharon Crawford/CAL/ECT@ECT, Chris
Gaffney/TOR/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT, Peggy Hedstrom/CAL/ECT@ECT,
Tana Jones/HOU/ECT@ECT, Peter Keohane/CAL/ECT@ECT, Jonathan
McKay/CAL/ECT@ECT, Rob Milnthorp/CAL/ECT@ECT, Mark Powell/CAL/ECT@ECT, Dianne
Seib/CAL/ECT@ECT, Linda Sietzema/CAL/ECT@ECT, Mark Taylor/HOU/ECT@ECT, John
Zufferli/CAL/ECT@ECT
cc:
Subject: Canadian Financial Trading Confirmation Process

Further to a discussion with Mark Taylor, I wanted to confirm our collective
understanding/proposal regarding the legal procedures associated with the
financial trading process in Canada.  As you are all aware, all financial
confirms for Enron Canada are now generated and distributed by the confirm
desk in Calgary.  However, it seems that there has been some confusion
relating to the legal procedures associated with this process.

In short, I believe that everyone is in agreement that the legal process
regarding Canadian financial confirms will be basically the same as for
Canadian physical confirms.  That is, as is currently the process for
physical deals, the commercial people will generate all deal tickets and, to
the extent that the financial transactions are straight forward, the Calgary
confirm desk will generate, have executed and distribute to counterparties
the confirmation letters based upon those deal tickets, with no involvement
of the legal department.  However, for any financial transactions that are
out of the ordinary or contain special terms (as well as amendments), just as
with physical transactions, the confirm desk will provide the deal ticket to
Linda or Sharon in Calgary.  Linda and Sharon will then prepare the draft
financial confirm based upon the deal tickets, which will be reviewed and
approved by either myself or Mark Powell.  Once approved, the confirm will be
initialed by the reviewing lawyer, checked for credit and sent to the
commercial person to review, approve and have executed by McKay, Milnthorp or
Zufferli as appropriate.  The executed confirm will then be returned to
either Linda or Sharon, who will attend to distributing it to the
counterparty.  Again, this will only be required for transactions which are
out of the ordinary.

With respect to negotiating and implementing, and addressing ongoing legal
concerns with respect to, ISDAs on behalf of Enron Canada, Mark Taylor's
group, and I understand specifically Mary Cook, will continue to have
responsibility for such matters.  Therefore, to the extent that we need to
put an ISDA in place with a counterparty or if a counterparty has legal
concerns about the implementation of the ISDA, the process will be the same
as it has been in the past, meaning that those matters will be dealt with in
Houston.

Given that Linda and Sharon will now have responsibility for preparing
initial drafts of atypical financial confirmations, I think it is essential
that Tana spend a few days in Calgary as soon as her schedule permits to run
each of Sharon and Linda (as well as perhaps some of the people in Peggy's
group who will be dealing with financial confirmation matters) through her
ISDA training course and to help Linda and Sharon set up the process in our
legal group to deal with these matters.  As well, we will need to ensure that
Linda and Sharon receive (either from Houston or Dianne) electronic versions
of all confirmation precedents (ie. confirm forms, amendment forms, etc.)
necessary for them to properly undertake these activities.

If anyone has any questions or concerns regarding the above, please do not
hesitate to contact me.  Otherwise, I think we should implement these
procedures as soon as possible, including having Tana join us for a few crisp
winter days in Calgary.

Thanks

Greg


Both deals have been changed to offset -1.0.

Thanks,
Kate

Stephanie Piwetz   02/06/2001 08:19 AM

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

Subject: Please check...

Kate,
Verballing two Badeer trades from 1/30/01
Deal 508957.01 Enron Sells to Mirant, Index Forward  we show offset of -1.5,
Mirant shows -1

and

Deal 508958.01 Enron Buys Mirant, Index forward,  we show offset of -1.5,
Mirant shows -1

Thanks for looking into
Stephanie


I hope you are talking to Phillip to get you system needs as part of this
project.
---------------------- Forwarded by John J Lavorato/Corp/Enron on 10/08/2000
07:55 PM ---------------------------
Beth Perlman @ ECT   10/06/2000 09:25 AM

To: John J Lavorato/Corp/Enron@Enron
cc:

Subject: Consolidated positions: Issues & To Do list

John,

We are working with the traders and have pushed the responsibility for
building consensus on Phillip Allen.  I just wanted to keep you in the loop.
Any assistance that you can offer is greatly appreciated.

Beth

----- Forwarded by Beth Perlman/HOU/ECT on 10/06/2000 09:22 AM -----

	Richard Burchfield
	10/06/2000 08:59 AM

		 To: Phillip K Allen/HOU/ECT@ECT
		 cc: Beth Perlman/HOU/ECT@ECT
		 Subject: Consolidated positions: Issues & To Do list

Phillip,
 Below is the issues & to do list as we go forward with documenting the
requirements for consolidated physical/financial positions and transport
trade capture. What we need to focus on is the first bullet in Allan's list;
the need for a single set of requirements. Although the meeting with Keith,
on Wednesday,  was informative the solution of creating a infinitely dynamic
consolidated position screen, will be extremely difficult and time
consuming.  Throughout the meeting on Wednesday, Keith alluded to the
inability to get consensus amongst the traders on the presentation of the
consolidated position, so the solution was to make it so that a trader can
arrange the position screen to their liking (much like Excel). What needs to
happen on Monday from 3 - 5 is a effort to design a desired layout for the
consolidated position screen, this is critical. This does not exclude
building a capability to create a more flexible position presentation for the
future, but in order to create a plan that can be measured we need firm
requirements. Also, to reiterate that the goals of this project is a project
plan on consolidate physical/financial positions and transport trade capture.
The other issues that have been raised will be capture as projects on to
themselves, and will need to be prioritised as efforts outside of this
project.

I have been involved in most of the meetings and the discussions have been
good. I believe there has been good communication between the teams, but now
we need to have focus on the objectives we set out to solve.

Richard
---------------------- Forwarded by Richard Burchfield/HOU/ECT on 10/06/2000
08:34 AM ---------------------------

Allan Severude
10/05/2000 06:03 PM
To: Richard Burchfield/HOU/ECT@ECT
cc: Peggy Alix/HOU/ECT@ECT, Russ Severson/HOU/ECT@ECT, Scott
Mills/HOU/ECT@ECT, Kenny Ha/HOU/ECT@ECT
Subject: Consolidated positions: Issues & To Do list

From our initial set of meetings with the traders regarding consolidated
positions, I think we still have the following issues:
We don't have a single point of contact from the trading group.  We've had
three meetings which brought out very different issues from different
traders.  We really need a single point of contact to help drive the trader
requirements and help come to a consensus regarding the requirements.
We're getting hit with a lot of different requests, many of which appear to
be outside the scope of position consolidation.

Things left to do:
I think it may be useful to try to formulate a high level project goal to
make it as clear as possible what we're trying to accomplish with this
project.  It'll help determine which requests fall under the project scope.
Go through the list of requests to determine which are in scope for this
project and which fall out of scope.
For those in scope, work to define relative importance (priority) of each and
work with traders to define the exact requirements of each.
Define the desired lay out of the position manager screen: main view and all
drill downs.
Use the above to formulate a project plan.

Things requested thus far (no particular order):
Inclusion of Sitara physical deals into the TDS position manager and deal
ticker.
Customized rows and columns in the position manager (ad hoc rows/columns that
add up existing position manager rows/columns).
New drill down in the position manager to break out positions by: physical,
transport, swaps, options, ...
Addition of a curve tab to the position manager to show the real-time values
of all curves on which the desk has a position.
Ability to split the current position grid to allow daily positions to be
shown directly above monthly positions.  Each grouped column in the top grid
would be tied to a grouped column in the bottom grid.
Ability to properly show curve shift for float-for-float deals; determine the
appropriate positions to show for each:
Gas Daily for monthly index,
Physical gas for Nymex,
Physical gas for Inside Ferc,
Physical gas for Mid market.
Ability for TDS to pull valuation results based on a TDS flag instead of
using official valuations.
Position and P&L aggregation across all gas desks.
Ability to include the Gas Price book into TDS:
Inclusion of spread options in our systems.  Ability to handle volatility
skew and correlations.
Ability to revalue all options incrementally throughout the trading day.
Approximate delta changes between valuations using instantaneous gamma or a
gamma grid.
Valuation of Gas Daily options.
A new position screen for options (months x strike x delta).  TBD.
Inclusion of positions for exotic options currently managed in spreadsheets.
Ability to isolate the position change due to changed deals in the position
manager.
Ability to view change deal P&L in the TDS deal ticker.  Show new deal terms,
prior deal terms, and net P&L affect of the change.
Eliminate change deals with no economic impact from the TDS deal ticker.
Position drill down in the position manager to isolate the impact of
individual deals on the position total in a grid cell.
Benchmark positions in TDS.
Deployment of TDS in Canada. Currency and volume uom conversions. Implicit
and explicit position break out issues.

-- Allan.

PS: Colleen is setting up a meeting tomorrow to discuss the direction for
transport.  Hopefully we'll know much better where that part stands at that
point.


Interesting that you are on the list and I'm not.  I did not get a copy of this.  Do you think we should get Eric to okay us having access to this?

-----Original Message-----
From: Hyatt, Kevin
Sent: Tue 2/26/2002 8:53 AM
To: Wadle, Susan
Cc:
Subject: FW: RDI Subscription

did you see this?

 -----Original Message-----
From:   Corey, Paula
Sent:   Monday, February 25, 2002 1:43 PM
To:     Affelt, Scott; Arnold, Matthew; Aucoin, Berney C. ; Bartlett, Jeff; Behrens, Alan; Benchluch, Moises; Berryman, Ken; Berryman, Ken; Blackburn, Jody; Blanks, Tom; Bleshman, Wilma; Boyt, Eric; Brown, Daniel; Bunch, Dan; Carlsen, Colin; Chapman, Tom; Chilkina, Elena; Couch, Greg; Crane, Bob; Cuilla, Martin; Datta, Samir; Davis, George; Deane, Ryan; Deffner, Joseph; Denetsosie, Troy; Dicarlo, Louis; Erickson, Cheryl; Falik, Brian; Farrar, Kenneth; Franco, Suzanne; Funk, Brenda L.; Gilbert, George N.; Gomez, Julie A.; Grace Jr., James; Gregory, April; Gregory, Paul; Gualy, Jaime; Gualy, Jaime; Gupta, Amar; Gupta, Gautam; Hemani, Sanjay; Hyatt, Kevin; Irani, Eric; Irani, Eric; Irvin, Cindy; Irvin, Steve; Jones, Oliver; Keenan, Jeffrey; Kelemen, Andy; Kennedy, Susan L.; Kim Duong; Kim, Mina; Kingerski, Harry; Knippa, Mark; Knoblauh, Jay; Kroll, Heather; Linnell, Elizabeth; Luce, Laura; Luong, Steven; Mallory, Chris; Mcclellan, George; Mckay, Brad; Mckay, Brad; McMichael Jr., Ed; Meyer, Chris; Middleton, Vince; Misra, Narsimha; Mitro, Fred; Moore, Carolyn; Morse, Brad; Munoz, Victor; Pan, Liqun; Parikh, Mona; Parikh, Mona; Paynter, Matthew; Penman, Gregg; Phillips, Marc; Piotrowski, Joseph; Plachy, Denver; Plauche, Stephen; Pollan, Sylvia S.; Pritchert, Jim; Riley, Christopher; Rogers, Benjamin; Ruscitti, Kevin; Schlesinger, Judith; Schroeder Jr., Don; Schroeder, Mark A.; Sewell, Doug; Shoemaker, Paul; Suarez, John; Tackett, Scott; Thomas, Tony; Thomas, Timothy; Tian, Yuan; Tomaski, Richard; Trefz, Greg; Vaze, Sunil; Vita, Rocco; Watts, Christopher; Wehn, Samuel; Williams, Jeffery; Zavala, Cristina

Cc:     Harrington, Stephen; Hartstein, Roy
Subject:        RDI Subscription

You have been identified as a current subscriber to an RDI database. These databases include:

Base Case
PowerDat
GasDat
CoalDat

This contract is expiring and as part of the renegotiation we will need your acceptance to allocate the costs of this information to your Co# and RC

Please respond with the desired application, Co# and RC prior to March 5th.

Thank you

Paula Corey
Sr. Contracts Manager
713.853.9948


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?
Subject: Click and go to http://www.enerfax.com if can not view  properly.htm

?
[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]
[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]
[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]
[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]
																													[IMAGE]

															[IMAGE]

																												Click here for  a daily email link

																									Enerfax Daily

																																						[IMAGE]
																																	[IMAGE]

																																Enerfax  Daily? -? Page  ? -? October 31,  2000? -? ? Need a  Past Issue
-Click Here

																																				[IMAGE]
																																						[IMAGE]
																																		[IMAGE]

																														Enerfax  Daily? -? Page  ? -? October 31, 2000

																																								[IMAGE]

																																		[IMAGE]

																																									[IMAGE]
																																							[IMAGE]

																															Enerfax  Daily? -? Page  ? -? October 31,  2000

																															[IMAGE]
																																		[IMAGE]

																																				Enerfax  Daily? -?  Page 6? -?  October 31, 2000

																																					[IMAGE]

																					Public Offered Units of Williams
																					Energy Partners

																					?  ? Williams will offer the public a 32% stake in its Williams  Energy
Partners petroleum storage and distribution partnership.  Williams Energy
Partners filed with the SEC to register 3.75 million  common units, which
will be listed on the NYSE under the symbol  'WEG'. Williams will own 68% of
the Williams Energy partnership  after the sale. The partnership consists of
four petroleum products  terminals along the Gulf Coast and the New York
harbor, 24 inland  petroleum product terminals and an ammonia pipeline.
Lehman Brothers  will underwrite the sale which is expected to begin next
January.  The estimated total proceeds would be about $90 million if the
underwriters exercise an option to sell an additional 562,500 units  if
needed to meet investor demand. If that overallotment option is

																																exercised, the public would have a 37% stake in the  partnership. The four
marine terminals have a storage capacity of  more than 17.6 million barrels.
The 1,100 mile-long pipeline  transports and distributes ammonia from
production facilities in  Texas and Oklahoma to various distribution points.
Ammonia is  produced from natural gas and is used primarily as a nitrogen
fertilizer. Williams did not name an individual price for the common  units.
It would expect to receive net proceeds of about $70 million  from the sale
of the 3.75 million common units, based on a?  unit price of $20. WEG will
use the proceeds, together with $90  million from its line of credit, to
repay $156 million of debt owned  to Williams. Williams Energy will offer
holders of the units a  quarterly distribution of $0.52 per unit each
quarter. Last week,  Williams said third-quarter profit more than quadrupled,
beating  estimates.

																							[IMAGE]
																																						[IMAGE]

																																						Enerfax  Daily? -?  Page 7? -?  October 31, 2000

																																					[IMAGE]

																																					[IMAGE]

																																				[IMAGE]

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																																				[IMAGE]

																																				For more information, please Contact Ron Ford
																																				at Ziff Energy Group, Houston, TX
																																				(713) 627-8282 or Toll Free: 1-888-736-5780
																																				Also, visit our web-site, www.ziffenergy.com, to review our  Brochure.

																																				[IMAGE]

																																				[IMAGE]

																																		DTE,  MCN Merger to Close Next Year

																																		? ?  DTE Energy Holding says it is unlikely that the merger with MCN  Energy
Group will close this year. The delay is due to the  companies' decision to
sell a portion of MCN's natural gas  distribution capacity to a unit of
Exelon, which is subject to  Michigan PSC review.

																																				[IMAGE]

																															Financial Summary

																																						[IMAGE]

																				[IMAGE]

																		The TSE 300 fell 68.80 points to 9253.10
																		The CRB  Index lost 0.88 points to 218.38
																		The US Dollar decreased  0.16 points to 117.14 The Dow advanced 244.77 points
to  10835.77

																																			The S&P 500 gained 19.07 points to 1398.65
																																			The Nasdaq  was down 87.02 points to 3191.34 December NYMEX Crude Oil rose
0.07  to 32.81 Canadian-US Exchange climbed .0038 to  1.5310

														")} TC
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Mona,
 What is your phone #?

Bob Badeer


The $1.3 trillion tax cut which is frequently quoted by the press is over 10
years, the $460 tax cut below is over five years.

Maureen Raymond
01/02/2001 12:44 PM
To: Alhamd Alkhayat/NA/Enron@ENRON, Steven J Kean/NA/Enron@Enron, Margaret
Carson/Corp/Enron@ENRON
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Ken Lay's Speech

I looked into the proposed tax cut by George W. Bush.  On his website he
proposes a $460 billion tax cut over five years.
 The $213 billion "energy tax" imposed  from 1999 to 2001 by higher energy
prices, is roughly half of Bush's proposed tax cut.

Maureen


Enron North America and Enron Europe will offer credit derivatives through
the EnronOnline website in the near future.  These products will provide for
regularly scheduled payments by the purchaser and a payment by the seller in
the event of the bankruptcy of a specified &Reference Entity.8

For a number of reasons, including those identified below, Enron maintains a
&Restricted List8 in connection with its credit derivatives business, which
will list those entities that may not be included in the list of Reference
Entities or that have been deleted from the list of Reference Entities.  This
list is designed to comply with legal requirements, to deal with potential
conflicts of interest that might result because of our diverse activities,
and to prevent the appearance of impropriety in connection with Enron,s
credit derivatives trading activities.  The credit derivatives Restricted
List is designed for other purposes as well.  For example, a company may be
placed on the Restricted List if Enron is not able to assume any further
credit exposure to that company or believes that market conditions do not
warrant the trading of Credit Derivatives on such Reference Entity.

A company ordinarily will be placed on the credit derivatives Restricted
List, either before or after it has become a Reference Entity on which credit
derivatives are traded, in the following circumstances:

when Enron is actively engaged in effecting a material transaction with
respect to such company that has not been publicly announced;

when Enron has an applicable standstill agreement or other confidentiality
agreement in place with such company;

when Enron has a legal duty to keep such company's information confidential
and such company has not expressly consented to being a Reference Entity for
purposes of the trading of credit derivatives (such a legal duty may be a
fiduciary duty but may not rise to that level);

when some part of Enron acquires material, nonpublic information about a
company or its securities in the course of its business activities;

when Enron has reached or exceeded its credit limits with respect to such
company.

The purpose of this memorandum is to alert you to this new business and to
request your assistance in evaluating proposed Reference Entities prior to
the trading of credit derivatives based on such companies.  Below is a list
of proposed Reference Entities.  Please take a few minutes to look at this
list and then let me know if you are aware of any reason such companies
should placed on the credit derivatives Restricted List.  If you have any
questions, please contact me at (713)853-7459 or Paul Simons in the London
office at 44-20-7783-6566.

Cinergy Corp.
Duke Energy Corporation
Dynegy Inc.
El Paso Energy Corporation
PG & E Corporation
Southern Company Inc, The

AOL
Lucent Technology
Nortel
Qwest Communications


Please print 4 execution copies of this from my o drive

Clarksdale/MDEA ILA/extension May 29

Please date the letter today.

Thanks,

kay


Good day, Diomedes,

First, let me say that I am sorry about the delay in responding to your earlier email.

I am writing to let you know that the processing of your ECI payments has begun!  Because of the significant amount of activity here at Enron over the past few days, it may take a few days to finalize the processing.  However, if you have questions about timing, please feel free to call me at  713-853-6401 or Pam Butler at 713-853-6161.

Feel free to give me a call if you would like to discuss this matter further.

Michelle


When: Tuesday, May 29, 2001 9:00 AM-10:00 AM (GMT-06:00) Central Time (US &
Canada).
Where: EB24C1

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


Hello Toni:

The Research Group would like to bring Bruce R. James in for an exploratory
interview sometime next week (June 26 - 30).

The individuals who would be interviewing him are:

Vince Kaminski   Managing Director
Stinson Gibner   Vice President
Grant Masson   Vice President
Vasant Shanbhogue  Vice President
P. V. Krishnarao   Director
Zimin Lu   Director
Tanya Tamarchenko  Manager

Please ask Bruce to give you several dates within next week that would
accommodate him and we can coordinate his dates with Vince's schedule
and the schedules of the rest of the group.   Just call me when you have some
dates and times.

His resume is attached.


---------------------- Forwarded by Don Miller/HOU/ECT on 06/26/2000 03:31 PM
---------------------------

Jeff Hoover
06/23/2000 03:59 PM
To: Michael Miller/HOU/ECT@ECT, Don Miller/HOU/ECT@ECT
cc:
Subject: Comparison

My comparison stops at Operating Margin because our analysis is done on a
pretax basis and the debt service schedule are identical.  The primary
difference is due to their assumptions with regards to annual merchant sales
of available capacity after meeting contractual requirements.  We tried to
value the merchant sales and it dragged down the value of the plants so we
left it at 0.  Not suprisingly they are more bullish about their ability to
sale the available electrons.  Take a look at the attachment and if you have
any questions my cell # is (713)503-3107.  Thanks!


Please visit http://CTSTrader.com
The Internet's Premier site for Recommendations, Education, and powerful
charts & tools!
  For subscribe or unsubscribe instructions,
  please see the bottom of this message.

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

HotToday: Futures - http://ctsTrader.com

______June the 9th, 2001__________
-------------------------------------------------------
CTS HOT TODAY: FUTURES
By Nick Van Nice
-------------------------------------------------------
_________Volume 3, Number 114___________

Good morning everyone, the purpose of CTS Hot Today: Futures
is to help you prepare for the trading day ahead.
--------------------------------------------------------
Nick's Trading Tip of the Day (06/09)
--------------------------------------------------------
"Trade interest rates and currencies different than
tangible commodity markets"

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back in the early eighties and late seventies respectively, they
have proven themselves to be superior trending vehicles.

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of currencies 24 hours a day 7 days a week. When a new trend emerges
you have individuals, companies and governments that are impacted and
it may take months to unfold before a trend pauses significantly.
The same can be said for interest rate futures.

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huge fundamental difference. For example, take the grains for instance.
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speculators. The funds and speculators react to price trends and
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there's nothing left to drive the trend. You then get some profit
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oscillates above and below it's 40-day ma.

I recommend trading the currencies and interest rates on a longer
term position trading basis, utilizing some form of a lagging exit.
The CTS TrendSetter has proven this technique effective over the
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Food for thought. Let's get ready for a great week!

N

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contained in this package. There is a risk of loss in
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trading. All investments carry risk and all trading decisions
of an individual remain the responsibility of that individual.
There is no guarantee that systems, indicators, or trading
signals will result in profits or that they will not result in
losses. All traders are advised to fully understand all
risks associated with any kind of trading they choose to do.

------------------------------------------------------
Key Technical Developments (close of 06/08)
-------------------------------------------------------
I'm watching that disappointing close on the DOW, on a
Friday, now sitting just below the 10 Day Moving Average.
Then I'm looking at potential support from the 40 Day at about
10867 and the strong bullish trend of that 40 Day. We could
see a slide down to that 40 day, but it should act as
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level of important support. A key tool that adds much
confidence is our exclusive "breadth" indicator known
as the CTS PowerTrend rating. It is currently at +11. We
update the PowerTrend rating every day in the CTS Dow
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have the PowerTrend on the Futures, NASDAQ, and S&P
Selectors too!).

July cotton has tried to correct some of the recent
decline. A very weak market, with weak intra market
spreads. The price pattern takes the shape of a bear
flag. A move below support of 41.50, points to 37.50.
(We also cover key resistance levels in today's Daily
Trend Watch in the Advisory menu, Futures, Daily Trend
Watch at ctsTrader.com. In addition, I share 3 HOT
picks for next week that you don't won't to miss.

-------------------------------------------------------
Opportunity Alerts (Links to premium content)
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you to come an have a look at the power our exclusive features
can offer you. If you are not a subscriber, you can become one for
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questions and our system will recommend a "best match". Then,
look at samples and explore the many features of that package.

For Read-it-to-the broker recommendations backed by detailed
rationale that can teach you how to do it on your own, check
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-Futures traders love the "Daily Trend Watch" by Nick Van Nice
http://ctstrader.com/Content/DT/dtFS1.asp
AOL Users Click Here

-If you want to learn and/or trade Futures OPTIONS, check out
"MR-2 Alert" from Andy Chambers
http://ctstrader.com/content/MR2/ContentF/mrFS1.asp
AOL Users
Click Here

-Stock traders love the "Hot Stock Alert" from Joe Lesko. It offers
recommendations AND education on stock and stock options.
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ctsTrader.com Charts & Tools are unrivaled in the industry.
Sample these features available on NO OTHER WEBSITE in the
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-EVERYTHING about ANY commodity on ONE PAGE!!! "CTS Futures Portal
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http://ctstrader.com/Portal/Video/PortalPages.ram
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Note: you need the free REAL video player to view this video.

-"CTS Interactive Charts" are quite simply the best interactive charts
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print charts on the Internet. Quite frankly, there is nothing like them.
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The EDUCATION menu includes some HOT features designed to teach
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------------------------------------------------------
Traders'Key Report Calendar
------------------------------------------------------
Friday, June the 8th
No majors
_____________________________________________

I hope you found today's message helpful.

Your partner in futures trading,

Nick Van Nice

P.S. E-mail me your comments to:
nvannice@ctsinternet.com
-------------------------------------------------------
House Keeping Notes
-------------------------------------------------------
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This e-zine is a free service for CTS customers and
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DISCLAIMER: Past performance is not indicative of
future results. The ideas expressed in this document
should be viewed in an educational light. Use the
concepts and trade suggestions to help stimulate
prudent decision-making ideas. As with all
speculation, there is risk of loss. It is up to
each individual to determine his or her own
financial suitability. Any mention to profits relate to
hypothetical profits and may not accurately reflect
the slippage and commissions in the real market.
Trading futures is highly risky and should only be
done after seeking the services of a registered series
3 broker or Certified Financial Planner. Use this information
at your own risk.

Please refer a friend who might enjoy this FREE resource.
We welcome new members.

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

*** 03/28/01 Notice: ***

The following instructions have changed! Making it easier than
    ever to subscribe and unsubscribe

To SUBSCRIBE to CTS Hot Today: FUTURES , create new mail message and send it to:
	hottoday@ctstrader.com

In the SUBJECT of the message type:
	subscribe hottodayfutures, you@youraddress.com

To UNSUBSCRIBE to CTS Hot Today: FUTURES, create a new mail message and send it to:
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In the SUBJECT type:
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                  -OR-

Simply REPLY to this message and just change the subject to:

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TO: HOTTODAY@CTSTRADER.COM
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  If you get an email reply saying...

List server report: User <YOU@EMAIL.MSN.COM> was not found in the mailing list.

  ...Then try the following:

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If you are still having trouble, contact your ISP or System
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It is for subscribe/unsubscribe commands ONLY!

Please refer a friend who might enjoy this FREE resource. We welcome new
members.


It's worth going to this site just to "flip the switch" and see the redacted
portions appear before your very eyes!

 -----Original Message-----
From:  Thome, Jennifer
Sent: Friday, July 06, 2001 10:31 AM
To: Comnes, Alan; Sharma, Ban
Cc: Steffes, James; Andrews, Jeff; Lassander, Richard; Yajnik, Neha; Johnson,
Tamara
Subject: DWR contracts on-line

Ken Smith just called my attention to the following.  See this link for all
formerly censored language from the DWR contracts:

http://www.sco.ca.gov/power_page/contract_info.htm

Also, see the summary link.

Finally, below is an interesting article about the real cost of the contracts.

      Connell: Power cost twice Davis' figure  July 6, 2001  By JOHN HOWARD
The Orange County Register  SACRAMENTO -- The average cost of electricity
purchased under $43 billion of worth of state contracts is actually more than
double the amount reported by Gov. Gray Davis' administration, state
Controller Kathleen Connell said Thursday.  Connell said her staff's analysis
put the per-megawatt average at $170, compared with $69 to $79 estimated by
Davis.  Connell stopped short of suggesting that the higher cost could drive
another increase in rates, although consumer groups said the higher amount
likely would require some future increase.  The controller, who writes the
state's checks, said her figures assume fixed prices for natural gas over the
duration of the contracts, which range from a few months to 20 years.  The
administration, noting that nearly half its contracts are pegged to the
fluctuating market price of natural gas, said costs on many of the contracts
would decline over time.  Consumer groups were skeptical of the
administration's numbers.  "You could cut these numbers in various ways and
make different averages, long-range or short-range contracts, peak power or
nonpeak, and probably either average could be defended mathematically," said
Nettie Hoge of The Utility Reform Network. "We can't tell you whether it's
$69 or $170 - the contracts are very convoluted and complex."


Notice No. 01-103
March 23, 2001
TO:
ALL NYMEX DIVISION MEMBERS AND MEMBER FIRMS
ALL NYMEX DIVISION CLEARING FIRMS
ALL NYMEX DIVISION OPERATIONS MANAGERS

FROM:
Neal Wolkoff, Executive Vice President

SUBJECT:
MARGIN RATE CHANGE FOR HENRY HUB NATURAL GAS FUTURES CONTRACTS
Effective Date:  Friday, March 23, 2001 (close of business)
Futures Contract: Henry Hub Natural Gas Futures
Contract Months: All Months
Rate Change:

NYMEX Division Margins on Henry Hub Natural Gas Futures Contracts
Clearing Member (Maintenance Margin): Old:  $4,500  New:  $3,500
Member Customer (Initial Margin): Old:  $4,950  New:  $3,850
Non-Member Customer (Initial Margin): Old:  $6,075  New:  $4,725

Should you have any questions regarding these changes, please contact Arthur
McCoy at (212) 299-2928 or Joe Sanguedolce at (212) 299-2855.  This notice
supersedes all previous notices regarding outright margins for the NYMEX
Henry Hub Natural Gas Futures Contract.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdo
c=(01-103)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


Would appreciate any feedback from talk so we can improve Tx, Rick


Please note on your calendars we have changed the Paralegal Luncheon from Thursday's to Wednesday's, starting on Wed., Oct. 24, 2001 from 11:45 a.m. - 1:00 p.m.

Esmeralda Gonzalez
Enron North America Corp. - Legal
1400 Smith Street, EB3815
Houston, Texas 77002
E-mail: Esmeralda.Gonzalez@enron.com
Phone: 713.345.7621
Fax: 713.646.3393