Dynegy Issues Statement On Enron Merger Status
Business Wire, 11/21/01
Enron says repayment of 690 mln usd debt extended until mid-Dec
AFX News, 11/21/01
USA: Enron secures credit line as shares fall.
Reuters English News Service, 11/21/01
Enron stock free-fall continues
Associated Press Newswires, 11/21/01
Enron Closes On $450M Secured Credit Line
Dow Jones News Service, 11/21/01
USA: UPDATE 1-Enron shares fall further on credit concerns.
Reuters English News Service, 11/21/01
USA: Enron shares tumble on credit concerns.
Reuters English News Service, 11/21/01
Upgrades and Downgrades
CNNfn: Market Coverage - Morning, 11/21/01
USA: RESEARCH ALERT-Enron, Dynegy cut by Goldman.
Reuters English News Service, 11/21/01
Enron Gets Extension on $690 Mln Note Due Next Week (Update1)
Bloomberg, 11/21/01

Enron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2)
Bloomberg, 11/21/01

U.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint
Bloomberg, 11/21/01

Enron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid
Bloomberg, 11/21/01

Enron Corp. Cut to `Market Perform' at Goldman Sachs
Bloomberg, 11/21/01

Enron Says Lenders Extend $690 Mln Note Payment to Mid-December
Bloomberg, 11/21/01

Plunge Says End Is Near at Enron
TheStreet.com, 11/21/01

DYNEGY, ENRON SAY MERGER TO PROCEED
CBS.MarketWatch.com, 11/21/01

Dynegy Issues Statement On Enron Merger Status

11/21/2001
Business Wire
(Copyright (c) 2001, Business Wire)
HOUSTON--(BUSINESS WIRE)--Nov. 21, 2001--Dynegy Inc. (NYSE:DYN) Chairman and CEO Chuck Watson today said he is encouraged by Enron Corp.'s report this morning that it has closed the remaining $450 million credit facility secured by the assets of Northern Natural Gas Pipeline and has received a commitment from its lead bank to extend the $690 million note payable obligation described in Enron's recent 10-Q filing.
"We are continuing our confirmatory due diligence and working to accelerate the regulatory approvals required to complete the merger in accordance with the previously announced agreement," he said.
Watson also noted that ChevronTexaco recently reiterated that it has "full confidence in Dynegy's disciplined management approach to complete the merger and to build a new company into an industry leader." ChevronTexaco owns 26 percent of Dynegy's outstanding common stock.
Dynegy Inc. is one of the world's top energy merchants. Through its global energy delivery network and marketing, trading and risk management capabilities, Dynegy provides innovative solutions to customers in North America, the United Kingdom and Continental Europe.
Certain statements included in this news release are intended as "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements include assumptions, expectations, predictions, intentions or beliefs about future events. Dynegy cautions that actual future results may vary materially from those expressed or implied in any forward-looking statements. Some of the key factors that could cause actual results to vary from those Dynegy expects include changes in commodity prices for energy or communications products or services; the timing and extent of deregulation of energy markets in the U.S. and Europe; the timing of required approvals for the Dynegy/Enron merger and the success of integration and cost savings measures relating to the merger; the effectiveness of Dynegy's risk management policies and procedures and the creditworthiness of customers and counterparties; the liquidity and competitiveness of wholesale trading markets for energy commodities, including the impact of electronic or online trading in these markets; operational factors affecting Dynegy's power generation or Dynegy's midstream natural gas facilities; uncertainties regarding the development of, and competition within, the market for communications services in the U.S. and Europe; uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting Dynegy's business; general political, economic and financial market conditions; and any extended period of war or conflict involving the United States or Europe. Moreover, Dynegy's expectation that the acquisition will be accretive to earnings in 2002 and beyond is based upon achieving certain sales projections, meeting certain cost targets and successfully integrating the acquired assets. More information about the risks and uncertainties relating to these forward-looking statements are found in Dynegy's SEC filings, which are available free of charge on the SEC's Web site at http://www.sec.gov.

CONTACT: Dynegy Inc., Houston 713/767-5800
13:26 EST NOVEMBER 21, 2001

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron says repayment of 690 mln usd debt extended until mid-Dec

11/21/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
HOUSTON (AFX) - Enron Corp said its creditor banks have granted an extension on a 690 mln usd note payable by Nov 27 until mid-December, giving it enough time to restructure the debt.
In a statement, the troubled energy company said the extension has been agreed following talks with its main creditor banks on restructuring its debt to avoid a liquidity crisis.
"We have been in continuous contact with our banks and believe we can identify a mutually beneficial restructuring to enhance our cash position, strengthen our balance sheet and address upcoming maturities," said chief financial officer Jeffrey McMahon.
Enron first informed investors of the possibility it would be forced to repay the 690 mln usd note in a filing to the Securities and Exchange Commission on Monday.
The obligation arose after Standard & Poor's cut the company's long-term debt rating to BBB- last week, forcing it to either post collateral on the note or repay it on maturity.
Enron said it has also secured the remaining 450 mln usd of a previously announced 1 bln usd credit line from JP Morgan and Salomon Smith Barney. The facility is secured by the assets of Enron's Northern Natural Gas Co unit.
The other 550 mln usd are secured by the assets of its Transwestern Pipeline Co.
Enron also said it is still committed to its merger with Dynegy Inc, announced on Nov 9.
"We continue to believe that this merger is in the best interests of our shareholders, employees, and lenders," said chairman and chief executive Kenneth Lay. "It offers the opportunity to create a formidable player in the merchant energy business with substantial growth prospects and a strong financial position."
JP Morgan Chase vice chairman James Lee said the bank will work with Enron and its other creditor banks "to develop a plan to strengthen Enron's financial position up to and through its merger with Dynegy", which is expected to close in the third quarter of 2002.
cl/gc For more information and to contact AFX: www.afxnews.com and www.afxpress.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron secures credit line as shares fall.

11/21/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 21 (Reuters) - Enron Corp. said on Wednesday it secured the remaining $450 million of its $1 billion credit line and reaffirmed its commitment to an agreement to be taken over by rival Dynegy Inc.
Facing a crisis of confidence, Enron said it is in active talks with its other lenders to restructure its debt obligation and had pushed back the deadline for repaying a $690 million loan obligation to mid-December.
"We continue to believe that this merger is in the best interests of our shareholders, employees, and lenders," Enron Chairman and Chief Executive Ken Lay said in a statement.
Enron shares were down 28 percent after noon on Wednesday, after being down 33 percent earlier in the day. Its shares fell about 23 percent on Tuesday amid concerns over its liquidity and growing questions over whether the proposed takeover by Dynegy would go ahead.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron stock free-fall continues

11/21/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
HOUSTON (AP) - Shares of embattled Enron Corp. plunged another 32 percent Wednesday morning as analysts and investors continued to doubt the once-mighty energy trader's ability to recover lost business and investor confidence.
In a report released Wednesday, Goldman Sachs & Co. analyst David Fleischer became the latest to question Enron's future, saying that an SEC filing by the Houston-based company earlier this week "raised new issues about liquidity and the ability of the company to even finance itself over the next several months."
Analysts are also questioning whether Dynegy Inc.'s planned dlrs 8.9 billion acquisition of Enron will survive given the latest revelations.
Documents filed with the Securities and Exchange Commission by Enron late Monday restated the company's third-quarter earnings and stated that it may have to repay a dlrs 690 million debt by next week because of decreased credit ratings.
The filing also noted that Enron's financial woes have led to a "reduced level of transaction activity" with the company by trading partners.
Enron shares fell 23 percent Tuesday, then dropped another dlrs 2.25, or 32 percent, to dlrs 4.74 Wednesday in extremely heavy trading on the New York Stock Exchange.
Fleischer said Enron's Nov. 16 cash balance of dlrs 1.2 billion is inadequate to meet remaining debt obligations.
Fleischer acknowledged, however, Enron's efforts to renegotiate next week's due date for the dlrs 690 million debt, which was triggered Nov. 12 when the company's credit rating was downgraded to BBB-, saying that there are indications that Enron's banks may be willing to roll current maturities over and even make new equity investments.
Michelle Foss, director of the Energy Institute at the University of Houston, said this latest round of troubles had to raise concerns about whether the Dynegy-Enron deal will be pulled off.
"It doesn't look like it's going to be able to happen," Foss said. "It did look like a decent idea when they proposed the merger, but today I'm sure they'll look at it and see if they can salvage their attempt to buy Enron."
Shares of Dynegy were off dlrs 2.55 to dlrs 39.15 in trading on the NYSE.
---
Tobacco suits by Venezuela, Brazil's Espirito Santo dropped
MIAMI (AP) - Health care cost-recovery lawsuits against major U.S. cigarette makers by Venezuela and the Brazilian state of Espirito Santo have been dismissed.
"This is another important reminder to American plaintiffs' lawyers that a state court won't ignore the overwhelming number of decisions by federal courts rejecting these lawsuits," William S. Ohlemeyer, Philip Morris Cos. vice president, said Tuesday after the decisions.
Attorneys for several foreign governments have filed an assortment of lawsuits in U.S. federal and state courts in an attempt to find some legal mechanism that withstands judicial scrutiny.
Russia and other Brazilian states are among the foreign governments that have sued in Miami, where a verdict of dlrs 145 billion was awarded to Florida smokers against the five biggest U.S. cigarette makers.
Ecuador's suit in Miami was withdrawn earlier when another state judge announced his intention to dismiss it.
----
General Motors of Canada inks supplier agreement with Quebec rubber plants
Eds: Dollar figures are Canadian.
MONTREAL (AP) - General Motors of Canada has signed supplier agreements with a Quebec auto-parts maker that helped create about 800 jobs, news reports said Wednesday.
The deal with Saar-Gummi Automotive Group in Magog, Quebec, is part of General Motors' commitment to offset the jobs that will be lost when it shuts down its car assembly factory in Boisbriand, Quebec, next year, killing 1,400 jobs.
GM did not reveal the value of the contracts, but German-based Saar-Gummi said Tuesday it has made a dlrs 40 million investment in its seven Magog plants, doubling its workforce to 1,600 employees from 800 since last summer.
The factories make molded rubber parts for cars, such as the rubber strips and molding found along the doors of vehicles. Most of the production is sold to GM, and goes into 56 GM plants in Canada, the United States and Mexico.
The products will be used in several models including the Chevrolet Avalanche, GMC Envoy, Saturn VUE and Cadillacs.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Closes On $450M Secured Credit Line

11/21/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
HOUSTON -(Dow Jones)- Enron Co. (ENE) closed on the remaining $450 million of a previously announced $1 billion in secured credit lines and said it is in active discussions to restructure its debt to improve liquidity.
In a press release Wednesday, Enron said the $450 million credit facility is secured by the assets of Enron's Northern Natural Gas Co.
A $550 million credit facility, secured by the assets of Enron's Transwestern Pipeline Co., closed Nov. 16. The proceeds are being used to supplement short-term liquidity and to refinance maturing obligations.
The company said it was informed by the lead bank on the facility that the maturity on its $690 million note payable obligation will be extended to mid-December. Enron expects the extension to be finalized shortly.
Dow Jones Corporate Filings Alert reported Monday that Enron is currently preparing a restructuring plan aimed at taking aggressive steps to rationalize the company's existing cost structure, accelerating the process of divesting noncore businesses and assets and restructuring scheduled maturities of debt and other obligations.

Enron's credit lines are from J.P. Morgan, the investment-banking arm of J.P. Morgan Chase & Co. (JPM), and Salomon Smith Barney, the investment-banking arm of Citigroup Inc. (C).
Enron also reaffirmed its commitment to the merger with Dynegy Inc. (DYN). On Nov. 9, Enron and Dynegy signed a definitive merger agreement that would give Enron shareholders 0.2685 share of a Dynegy share. The merger is expected to close by the end of the third quarter of 2002.
On Monday, Enron filed its Form 10-Q for the third quarter, which reflected a wider loss by 3 cents a share. The energy company previously reported a loss of $618 million, or 84 cents a share, on revenue of $47.6 billion for the third quarter ended Sept. 30.
-Stephen Lee; Dow Jones Newswires; 201-938-5400

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 1-Enron shares fall further on credit concerns.

11/21/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 21 (Reuters) - Enron Corp. shares tumbled 33 percent in early trading on Wednesday, following a 22.8 percent drop on Tuesday, amid concerns over the company's liquidity and growing questions over whether the proposed takeover by Dynegy will go ahead.
Enron's shares were down $2.29 to $4.70 in early trading on the New York Stock Exchange. The stock was the biggest loser by percentage and the most active stock on the NYSE.
"The Dynegy deal will take a long time and a lot of things could happen over that time period. Dynegy did their homework, but if they missed anything, they have a number of exit opportunities," said Fulcrum Global Partners analyst Michael Barbis.
Dynegy was not immediately available for comment.
Wall Street analysts said Enron is losing market share because of credit concerns from its trading partners and questions over Dynegy Inc.'s takeover offer. Enron warned on Monday it could be forced to pay by next week a $690 million debt triggered by a credit downgrade last week.
"Enron is definitely losing market share on credit concerns. Cash needs to run the buisness have now increased. The market perceives Enron as needing more cash," said Barbis.
On Monday, Enron disclosed it is up against a deadline of Nov. 26 to deliver collateral against the debt owed to a third party in one of its many partnerships.
If not, the partner has the right to liquidate all of the assets of the partnership, which include a Brazilian natural gas company that Enron was counting on selling to raise $250 million in cash.
Enron is working to make alternative payment arrangements, since it can ill-afford to pay the debt now. Enron has already already maxed out its $3 billion credit line, secured roughly $2 billion in loans and is looking for more cash to stay afloat.
On Monday, the Houston-based company also reduced previously reported 2001 third-quarter earnings by 3 cents per share and increased reported earnings for the first 9 months of the year by a penny per share.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron shares tumble on credit concerns.

11/21/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 21 (Reuters) - Enron Corp. shares tumbled 19 percent in opening trade on Wednesday, amid concerns over the company's liquidity and growing questions over whether the proposed takeover by Dynegy will go ahead.
Shares were down $1.33 to $5.66 in early trading on the New York Stock Exchange.
Wall Street analysts said Enron is losing market share because of credit concerns from its trading partners and questions over Dynegy Inc.'s takeover offer. Enron warned on Monday it could be forced to pay by next week a $690 million debt triggered by a credit downgrade last week.
"The Dynegy deal will take a long time and a lot of things could happen over that time period. Dynegy did their homework, but if they missed anything, they have a number of exit opportunities," said Fulcrum Global Partners analyst Michael Barbis.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business
Upgrades and Downgrades
Rhonda Schaffler, Charles Kadlec

11/21/2001
CNNfn: Market Coverage - Morning
(c) Copyright Federal Document Clearing House. All Rights Reserved.
RHONDA SCHAFFLER, CNNfn ANCHOR, MARKET CALL: Time now for upgrades and downgrades.
Salomon Smith Barney downgrades Microsoft (URL: http://www.microsoft.com/) to neutral from outperform saying the company`s earnings estimates too aggressive in light of the economic conditions.
Goldman Sachs, as we heard from Chris, removing three energy firms; Enron (URL: http://.www.enron.com/) , Dynegy (URL: http://www.dynegy.com/) and Williams (URL: http://www.williamsenergy.com/) , from the recommended list.
Dynegy was expected to buy the troubled Enron. It is still, but it`s rated market perform now as is Enron. Williams rated market outperform. Goldman says it`s concerned about Enron`s ability to recover from the loss of significant business deals and sees no positive catalysts for the entire group largely due to the problems in Enron.
On the upside, Deutsche Bank is raising Xerox (URL: http://www.xerox.com/) to buy from market perform saying it`s pleased with the company`s turnaround strategy. We`re going to talk about that in detail when we speak with the analyst who made that call in just a moment.
First, we want to take a look at how these stocks are trading. Entire group is down with the exception of Xerox. It`s up 15 cents.
Peter Ausnit is imaging analyst at Deutsche Bank Alex. Brown and joins us.
And thanks for joining us here on MARKET CALL. What is it about Xerox you like?
PETER AUSNIT, IMAGING ANALYST, DEUTSCHE BANK ALEX. BROWN: Well I think the company`s really put its liquidity concerns behind it and now investors can look at the long-term picture, which is much brighter.
CHARLES KADLEC, J&W SELIGMAN: Peter, it`s Chuck Kadlec. Good morning. Is this is a heroic recommendation here? Is this - should we consider this more of a speculative investment or is this something that a conservative investor ought to be interested in?
AUSNIT: I think investors should be interested in this if, over the next several quarters - in the near-term, the conditions are still quite difficult but over the long-term it`s not that speculative. Xerox has a large install base, a tremendous sales and service force and can probably return to industry standard margins.
KADLEC: As you say, this probably depends on management`s ability to execute here. Why do you believe this management is going to be able to execute their strategy?
AUSNIT: Well their track records during the turnaround has been fairly strong and the strategy has made a lot of sense. They`ve sold a lot of businesses. They`ve done most of the things they promised to do such as bring on new third party equipment financing and they`re going to bring on a new CFO as well.
SCHAFFLER: Peter Ausnit of Deutsche Bank Alex. Brown, thanks for joining us.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: RESEARCH ALERT-Enron, Dynegy cut by Goldman.

11/21/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 21 (Reuters) - Goldman Sachs said on Wednesday it removed merger partners Enron Corp. and Dynegy Inc. from its "recommended list" and downgraded the stocks to "market perform."
Goldman said it cut Enron's 2001 earnings estimate to $1.35 a share, and cut the 2002 estimate to 50 cents a share amid concerns about "new and major" liquidity issues, and the company's ability to recover the business that has been lost.
The firm said the cash infusion from Dynegy "appears inadequate to restore the confidence of Enron customers."
It said Dynegy and Williams Cos Inc. have "excellent long-term prospects," but valuations throughout the sector may be under pressure until Enron's issues are resolved.
Shares of Enron closed at $6.99 on Tuesday, while Dynegy closed at $41.70. Shares of Williams closed at $29.26.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Gets Extension on $690 Mln Note Due Next Week (Update1)
2001-11-21 12:38 (New York)

Enron Gets Extension on $690 Mln Note Due Next Week (Update1)

     (Updates with amount of debt in fourth paragraph.)

     Houston, Nov. 21 (Bloomberg) -- Enron Corp., whose shares had
dropped 92 percent this year amid a financial crisis, said lenders
extended to mid-December the payment date on a $690 million note
due next week.

     Enron, which agreed to be bought out by rival energy trader
Dynegy Inc. in a transaction now valued at more than $23 billion,
said earlier this week a drop in its credit rating may force it to
repay the $690 million note. The repayment would strain cash
reserves Enron needs to back its trading operations, investors and
analysts said.

     The Houston-based company didn't say in its release who holds
the note, which is owed by an affiliated partnership that owns
Brazilian natural-gas assets and was backed by Enron.
     The note is held by a group of banks led by the Citibank unit
of Citigroup Inc., Standard & Poor's said in a press release
yesterday.

      Enron also is in discussions with other lenders on a
restructuring of its debt, the company said in a statement
distributed by PR Newswire.

     ``We believe the interests of Chase and Enron's other primary
lenders are aligned in this restructuring effort,'' James Lee,
vice president of JP Morgan Chase & Co., said in the Enron
statement. ``We will work with Enron and its other primary lenders
to develop a plan to strengthen Enron's financial position up to
and through its merger with Dynegy.'' Morgan has been advising
Enron on its merger with Dynegy.

     Enron said yesterday it may have to pay $9.15 billion in debt
due by 2003, suggesting the company may run out of cash before the
merger closes. Dynegy has said the merger should close before the
end of the third quarter of 2002.

      Enron said in a regulatory filing that it has less than $2
billion in cash or credit lines.

     Shares of Enron, the most active stock in U.S. trading, fell
$1.79, or 23 percent, to $5.20 in midday trading. Before the
announcement that it had renegotiated the $690 million note, its
shares had fallen as much as 42.78 percent, the lowest level in
more than a decade.

     Dynegy fell $2.50, or 6 percent, to $39.20. Shares of
ChevronTexaco Corp., which owns 26 percent of Dynegy, rose 49
cents to  $87.02

Enron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2)
2001-11-21 11:49 (New York)

Enron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2)

     (Adds analyst comment in fourth paragraph.)

     Houston, Nov. 21, (Bloomberg) -- Shares of Enron Corp., the
biggest energy trader, and Dynegy Inc. fell for a second day on
concern Enron may run out of cash before its takeover by Dynegy
can be completed.

     Enron tumbled as much as 33 percent, and Dynegy dropped as
much as 6.7 percent. Enron's bonds also fell. The company's 6.4
percent notes maturing in July 2006 were bid at 62 cents and
offered at 66 cents, traders said. They sold at about 72 cents
yesterday.

     Institutional investors sold shares of both companies after
Goldman, Sachs & Co. analyst David Fleischer downgraded them to
``market perform'' from his ``recommend'' list, other analysts
said.

     The Dynegy bid ``did not eliminate customer concerns about
Enron's liquidity and long-term viability,'' Goldman Sachs said
in its report. ``We now believe that it will be difficult for
Enron shares to generate strong returns until it is clear that
Enron can operate on a normal basis without having to provide
cash or letters of credit to back routine transactions.''

     Fleischer also cut his 2002 profit estimate for Enron to 50
cents from $1.35. Enron had been expected to make $1.90 next
year, the average estimate of 16 analysts surveyed by Thomson
Financial/First Call.

     Enron said Monday it may have to pay $9.15 billion in debt
due by 2003, suggesting the Houston-based energy trader may run
out of cash. The company said in a regulatory filing it has less
than $2 billion in cash or credit lines.

     It also surprised some investors by saying a drop in its
credit rating may force it to repay a $690 million note next
week. Enron said yesterday the terms of the notes, which it
guaranteed for an affiliated partnership that owns Brazilian
natural-gas assets, are being renegotiated and that it had a
``verbal indications'' that the maturity of the notes will be
extended.

     The company's dealings with affiliated partnerships led to
earnings restatements, credit-rating cuts, a federal
investigation and a management shakeup. Dynegy plans to complete
its buyout by October, and Enron may have to ask lenders to
restructure payment schedules.

     Mirant Corp., Aquila Inc. and other big energy traders are
doing fewer transactions with Enron as concerns increase about
its credit rating and ability to finance daily business,
executives said yesterday.

     Enron's stock fell $2.28, or 32 percent, to $4.71 in
late-morning trading. Earlier, it touched $4.67, its lowest price
in more than a decade. The shares have plummeted 92 percent this
year. Dynegy fell $2.70, or 6.5 percent, to $39.00. The shares
had dropped 26 percent this year.

U.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint
2001-11-21 10:24 (New York)

U.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint

     New York, Nov. 21 (Bloomberg) -- The following is a list of
companies whose shares are moving in U.S. markets Wednesday, Nov.
21. The stock symbol is in parentheses after the company name.

Major Moving Stocks:

     Enron Corp. (ENE) fell $1.54, or 22 percent, to $5.45 and
traded as low as $5.44. The energy trader shares fell for a second
day on concern Enron may run out of cash before its takeover by
Dynegy Inc. (DYN) can be completed.

Other Moving Stocks:

     Cardiac Science Inc. (DFIB) rose 51 cents, or 16 percent, to
$3.65 and traded as high as $3.89. The maker of equipment used to
restore a normal heartbeat to patients in cardiac arrest said the
San Diego City Council approved an agreement for the company to
deploy automated external defibrillators in the region. The
company made the announcement in a press release distributed by PR
Newswire. Officials couldn't immediately be reached to comment.

     Guidant Corp. (GDT) rose $4.18, or 8.9 percent, to $51 and
traded as high as $51.50. The maker of products to treat heart
disease said a study showed implantable defibrillators cut deaths
by 30 percent in heart-attack survivors, potentially expanding the
$1.9 billion market for the product.

     Portal Software Inc. (PRSF) fell 34 cents, or 15 percent, to
$1.89 and traded as low as $1.64. The provider of Internet-billing
programs said in a release distributed by Business Wire that it
forecasts a loss of 9 cents to 10 cents a share in the fourth
quarter ending Jan. 31. The company is expected to lose 11 cents,
the average estimate of analysts surveyed by First Call. Officials
couldn't be reached to comment.

     TriQuint Semiconductor Inc. (TQNT) fell $1.99, or 10 percent,
to $17.56 and traded as low as $17.35. The communications-
equipment chipmaker said it would report fourth- and first-quarter
results at the low end of previous forecasts. TriQuint was cut to
``neutral'' from ``buy'' in a report by U.S. Bancorp Piper Jaffray
Cos. analyst Samuel May.

Tickers: ENE DFIB GDT TQNT

     Money flows, the difference between the value of trades made
at a higher price than the previous trade and those made at a
lower price, may also appear for some stocks. These inflows and
outflows show whether people are willing to pay more for a stock
that's rising, or to sell a stock that's falling for less. If not
it's a signal the share price may soon change direction.

Enron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid
2001-11-21 09:57 (New York)

Enron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid

     Houston, Nov. 21, (Bloomberg) -- Shares in Enron Corp. and
Dynegy Inc. fell for a second day on concern Enron may run out of
cash before its takeover by Dynegy can be completed.

     Enron fell $1.37, or 20 percent to $5.62 in early trading.
Dynegy fell $1.95, or 4.7 percent, to $39.75.

     Enron bonds extended declines. The company's 6.4 percent
notes maturing in July 2006 were bid at 60 cents and offered at 68
cents, traders said. They traded at about 72 cents yesterday.

Enron Corp. Cut to `Market Perform' at Goldman Sachs
2001-11-21 08:46 (New York)

     Princeton, New Jersey, Nov. 21 (Bloomberg Data) -- Enron Corp. (ENE US)
was downgraded to ``market perform'' from ``recommend list'' by analyst David
N Fleischer at Goldman, Sachs & Co.

Earnings estimates:  Period       Previous estimate     New estimate
per share   (USD)    FY 2001      1.80                  1.35
                     FY 2002      2.15                  0.50

Enron Says Lenders Extend $690 Mln Note Payment to Mid-December
2001-11-21 12:10 (New York)

Enron Says Lenders Extend $690 Mln Note Payment to Mid-December

     Houston, Nov. 21 (Bloomberg) -- Enron Corp. said its lenders
extended to mid-December the payment date on a $690 million note,
giving the debt-laden energy trader more time to restructure its
finances.

     Enron said it's still committed to a takeover by Dynegy Inc.
The company said it secured the remaining $450 million of a
previously announced $1 billion credit line.

     Enron shares pared losses after the announcement of the debt
extension. The stock fell $1.54, or 22 percent, to $5.45 in midday
trading.

Plunge Says End Is Near at Enron

By Peter Eavis <mailto:peavis@thestreet.com>
Senior Columnist
11/21/2001 12:32 PM EST
Enron (ENE <http://tscquote.thestreet.com/StockQuotes.jhtml?tkr=ENE>:NYSE - news <http://tscquote.thestreet.com/BBNews.jhtml?tkr=ENE> - commentary <http://find.thestreet.com/cgi-bin/texis/cmttkrfind/results.html?tkr=ENE&site=tsc> - research <http://thestreet.multexinvestor.com/search.asp?Ticker=ENE> - analysis) <http://www.riskgrades.com/clients/thestreet/index.cgi?tickers=ENE> shares plunged a second straight day Wednesday as fear mounted that the struggling energy trader's bailout merger plan will unravel.
A potentially lethal cash crunch appears to be gripping Enron, even though its planned acquirer Dynegy (DYN <http://tscquote.thestreet.com/StockQuotes.jhtml?tkr=DYN>:NYSE - news <http://tscquote.thestreet.com/BBNews.jhtml?tkr=DYN> - commentary <http://find.thestreet.com/cgi-bin/texis/cmttkrfind/results.html?tkr=DYN&site=tsc> - research <http://thestreet.multexinvestor.com/search.asp?Ticker=DYN> - analysis) <http://www.riskgrades.com/clients/thestreet/index.cgi?tickers=DYN> has injected $1.5 billion of cash, and banks have opened new credit lines. An Enron collapse would cause weeks of dislocation in the energy markets that would damage other energy traders, and it would cause big losses for the Houston company's creditors.
Just before noon EST, Enron announced in a press release that it had extended to mid-December a $690 million obligation that was due next week. It also said that it had agreed with its bankers to draw down the remaining $450 million of a previously announced $1 billion secured credit line that has J.P. Morgan Chase as its lead banker.
Investors have been fleeing Enron since the company last month disclosed a $1.2 billion writedown to unwind some related-party hedging transactions. The Securities and Exchange Commission is probing Enron deals with related parties. The October disclosure made investors uneasy because it suggested the company hadn't been forthcoming about the true state of its finances, and it showed that Enron was facing serious liquidity problems.
Those fears were temporarily quieted earlier this month when Enron agreed to be acquired by smaller rival Dynegy. But Enron's disclosure Monday that it faces additional earnings and financing troubles renewed the rush to the exits. In the Wednesday release, Enron CEO Ken Lay said his company was still committed to the merger: "We continue to believe that this merger is in the best interests of our shareholders, employees and lenders." Dynegy later issued a press release indicating it is "continuing our confirmatory due diligence" regarding the merger. Neither Enron nor Dynegy returned calls seeking comment.
After plunging 23% Tuesday to $6.99, Enron was down a staggering 34% at one point Wednesday. It moved slightly higher after the midday press release to trade at $4.90. Enron shares have lost more than 80% of their value since the company issued its third-quarter earnings release last month. Dynegy dropped $2.44, to $39.26, though it remains substantially above premerger levels.
At the heart of Enron's trouble is the sense that the company isn't letting on the full extent of its troubles. The selloff in Enron shares began in earnest Oct. 16, when the company disclosed in an earnings conference call that it would take a $1.2 billion writedown to unwind some related-party transactions. Critics of the company said those deals, in which the company did business with separate entities involving Enron managers, raised serious ethical and disclosure issues.
The Dynegy merger was taken as a vote of confidence for Enron, since as a big trading partner Dynegy would appear to have a solid grasp of Enron's situation. As a result, shares in both companies rallied after the deal's announcement. But Monday's disclosure that Enron faced $690 million in bond payments next week reignited worries that the company faced steeper challenges than it has detailed. According to a Merrill Lynch report cited in The New York Times Wednesday, Dynegy wasn't aware of the $690 million obligation. Critics of the deal wondered whether Enron had told Dynegy about all its obligations. <http://www.thestreet.com/markets/detox/10003860.html>
Liquidity fears have also been rekindled by information contained in a filing of quarterly results that show the company consumed as much as $5 billion of cash in recent weeks. By the end of 2002, Enron has to find around $9 billion to pay back various obligations. It had $1.2 billion in cash on hand as of Nov. 16, according to the filing.
Tellingly, Dynegy shares haven't plunged along with Enron, suggesting that investors see a collapse of the merger as catastrophic for Enron but not for Dynegy. At current levels, Enron shares are trading at more than a 50% discount to the Dynegy offer.
J.P. Morgan has taken a leading role in helping Enron. It has lent funds and it helped restructure the $690 million obligation. The bank's stock was down 78 cents to $38.62. "We will work with Enron and its other primary lenders to develop a plan to strengthen Enron's financial position up to and through its merger with Dynegy," said James Lee, a top banker at Morgan, in the Enron release.

From CBS.MarketWatch.com, online at:

DYNEGY, ENRON SAY MERGER TO PROCEED

By Myra P. Saefong

1:52 PM ET Nov 21, 2001

WASHINGTON (CBS.MW) -- Merger partners Enron and Dynegy restated their
commitment Wednesday to completing a deal, on the heels of embattled
Enron's announcement that its lead lender granted it more time to pay
off a $690 million note set to come due next week.

"We are continuing our confirmatory due diligence and working to
accelerate the regulatory approvals required to complete the merger,"
said Chuck Watson, Dynegy's chairman and chief executive,  in a
statement.

Shares of Enron (ENE) recovered slightly in afternoon  trading but
remained under pressure.

On heavy volume, the stock -- which had touched $4 earlier in the
session -- was down $1.83 to trade at $5.16, a new 10-year low. Some 84
million shares had changed hands.

Enron declined 23 percent Tuesday after the company revealed the
upcoming debt deadline and restated its earnings.

Meanwhile, Dynegy shares lost $1.83 to stand at $39.87.

Enron said that the lead bank on the $690 million debt agreed to extend
the maturity date to mid-December, which will give the company time to
restructure the facility, and added it expects to further restructure
its debt.

"We ... believe we can identify a mutually beneficial restructuring to
enhance our cash position, strengthen our balance sheet, and address
upcoming maturities," said Jeff McMahon, chief financial officer, in a
statement.

J.P. Morgan Chase & Co. said it and other lenders are committed to
helping Enron improve its financial position.

Also, Enron reaffirmed its commitment to a merger with Dynegy and said
it closed on a previously announced $450 million line of credit from
J.P. Morgan, collateralized by the company's Northern Natural Gas Co.

Enron -- which is being acquired by its smaller rival Dynegy (DYN) at a
fire-sale price -- revealed in a Securities and Exchange Commission
filing Monday that it had to pay off or refinance $690 million in debt
obligations by next Monday or risk triggering nearly $4 billion in
additional payments.

If Enron had missed that deadline and didn't post collateral, investors
had the right to demand immediate liquidation of the assets of one of
Enron's limited partnerships, the unusual business entities at the
center of the company's murky transactions currently under
investigation.

The SEC filing of Monday also contained yet another restatement of
financial results on the heels of a similar filing that disclosed more
than four years of restated earnings figures.
<http://cbs.marketwatch.com/news/story.asp?guid=%7B35D690E0%2D13BE%2D43D9%2D9644%2D1B1CF4896115%7D>

Earlier Wednesday, Goldman Sachs lowered its rating on Enron's stock to
"market performer" from its "U.S. recommended list," citing "major"
liquidity issues and concerns over whether the company can recover the
business it has lost.

CIBC World Markets also cut Enron to a "hold" from a "buy."

Commerzbank weighed in Wednesday, saying Enron's viability is in doubt.

"We believe the filing clearly shows that Enron remains in a precarious
financial position and its status as a going concern is much in doubt,"
analysts Andre Meade and Andrew Smith wrote. "It appears that Enron's
situation could worsen in a number of ways."

Though Enron's most recent disclosures shed more light on the fiscal
situation, Meade and Smith characterized the information as "piecemeal."

"It appears that the full extent of Enron's problems is not currently
known," they said in a note, cautioning clients against investing in
Enron.


CALENDAR ENTRY:	APPOINTMENT

Description:
	Omaha Trip

Date:		8/30/2000
Time:		8:00 AM - 5:00 PM (Central Standard Time)

Detailed Description:


Everything is working.

Thanks for the help.

Eric

Julie Pechersky
03/17/2000 07:45 AM
To: Eric Bass/HOU/ECT@ECT
cc:
Subject: CQG

Eric:
You should now have access to CQG.  To install CQG choose Start, Programs,
Trading, CQG Local Install.  After the application has
installed you will choose Start, Programs, Trading, CQG to access.  No
password is necessary, find your name in the drop down menu
and choose login.

Let me know if you have any questions.

Thanks,

Julie


After our meeting last week I spoke to Mary about getting a list of the
products trading restrictions in our financial master and I haven't received
it.  With Mary out I don't know who to contact to get it, can you help me
with this?  Also, would it be possible to get a list of the global contract
numbers for our financial masters?  Thanks!


I don't have anything from Border yet.  They were having a tough time with
this schedule.


---------------------- Forwarded by Scott Neal/HOU/ECT on 06/29/2000 04:25 PM
---------------------------

"Conrad Neal" <cneal@bc-arch.com> on 06/29/2000 02:57:58 PM
Please respond to <cneal@bc-arch.com>
To: "'Bill Neal'" <billnealmd@hotmail.com>, "'John Neal'"
<muddywaters@hubserv.com>, "'Randy Porter'" <service@hotdodge.com>, "'Scott
Neal'" <sneal@enron.com>, "'Todd Neal'" <todd.neal@chron.com>, "'Stephanie
Porter'" <stephanie.porter@compaq.com>
cc: "'Conrad home'" <fcn111@earthlink.net>
Subject: Nancy and Conrad's Vacation

We are going on vacation starting tomarrow and our schedule is as follows:

6/30/00 and 7/1/00 New Orleans (Hampton Inn Metairie 504-831-7676)

7/2/00 Biloxi,MS (Hampton Inn Ocean Springs 228-872-6370)

7/3/00 and 7/4/00 Destin,FL ( Hampton Inn Mary Esther 850-243-7700)

7/5/00 Hattiesburg, MS (Hampton Inn 601-264-8080)

7/6/00 Natchez,MS (Comfort Inn 601-485-4646)

7/7/00 Layfayette, LA (Hampton Inn 337-236-6161)

7/8/00 HOME

Hopefully no one will need us, but just in case you will know where we are!

Conrad
 - winmail.dat


?

Dear  Mr Lay,

As  you may be aware, the Tata Energy and Resources Institute- North America
(TERI-NA) is a publicly owned not-for-profit research organization
incorporated  under section 501(c)(3) in 1990 in Washington D.C, at the
initiative of TERI  (Tata Energy Research Institute), New Delhi. The genesis
of TERI-NA is rooted in  the realization that emerging global concerns about
the energy and environment  must bring together new partnerships between
developing and developed countries  through active communication and
collaboration.

In recent years, the South Asian  region,?has experienced an increasing oil
demand-supply mismatch, thereby  pointing to a growing dependence on imports
and?enhancing energy security  concerns in the region. It is
therefore?pertinent to identify strategies  that need to be developed and
implemented in a proactive manner so as to enable  an effective response to
supply disruptions, and to reduce oil import dependence  through fuel
diversification, diversification of the sources of supply, and  specific
technological interventions.

?India  and the United States have sought a revitalized relationship between
the world's  most powerful and largest democracies. For the South Asian
region, the message  has been one of continuing interest in ensuring peace
and stability. The timing  is therefore appropriate to undertake a program
that would facilitate dialogue  between energy producing and consuming
countries, identify opportunities for  integrating regional energy markets,
and assist in enhancing investments in  clean and sustainable energy
development.

With  these objectives in view, a one-day workshop on +Energy Security
Concerns and  Response Strategies for South Asia,, is being organized with
support from the US  Department of Energy, on February 10, 2000, in New
Delhi. The workshop is being  organized in conjunction with TERI,s 1st Delhi
Sustainable  Development Summit, which would focus on the challenges that
underlie global  sustainable development, requiring unprecedented efforts on
the part of  governments, corporate organizations, and civil society.

?Our  initiative in organizing this workshop is intended to complement the
efforts  that are already underway for ensuring a stable and secure energy
sector in the  region. As a follow-up to the workshop, it is proposed to
disseminate the  discussions and proceedings thereby ensuring a wider
understanding of issues,  and to undertake cooperative research under each
priority  area.

?In  view of Enron's pioneering efforts in securing safe and stable global
energy  developments, we would be very grateful if?Enron could consider
providing  financial support for this workshop to the extent possible, as
well as  participate in the workshop. I am enclosing a copy of the proposal
for your  consideration and would be happy to provide any further  details.

?I  look forward to receiving a favorable response from you.

?With  warm personal regards,

?Yours  sincerely,

R.K  Pachauri

President

Tata  Energy and Resources Institute

?

?
 - Propos~1.doc


Mark Frevert has reviewed the attached addition to the upcoming
organizational memo and has asked that I forward it to you to be included.
This would be included in the section under Commercial Support, added as an
additional bullet point beneath the one that addresses Business Analysis and
Reporting (I believe that these bullet points are on Page 3 of the draft
memo).

Please call me at x35926 if you have any questions.


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Is there any way that this group of people (and other people who may want to
participate) can begin to have weekly conference calls to keep everyone fully
in the loop on what is happening and needs to happen going forward related to
wholesale activities - gas & power?

When things settle down (will that ever happen?), maybe weekly calls won't be
necessary.  But given the pace and intensity of matters, we should try and
coordinate through a 30 minute call.  I suggest Friday afternoon (3pm
Houston) - that should give us the ability to make sure the right RCRs are
submitted for discussion Monday am.

Also, Sue Mara has been keeping a catalog of activities on Power Wholesale
matters.  (1) Sue can you please send it out to all of these people, (2) Sue.
should we let the DC team - Ray and Donna - keep the catalog to make sure
that we are organized before FERC?  Appreciate your thoughts.

Let me know.  I'll ask Marcia to try and put this together for this Friday
and going forward.

Jim


The question is legitimate.  With the potential for exchanges among
affiliates being very real, the only possible solution is to either prohibit
affiliate participation or make iron-clad the confidentiality/non-disclosure
agreement.  Of course, once you allow the affiliate to participate, being
able to determine if an "inappropriate" transfer of information has occurred
is almost impossible.  The other problem is that Enron has been an advocate
of affiliate participation in the sale of assets, as long as the relationship
was arms-length and no preferential treatment was provided.  As proposed,
PG&E states that its affiliate will be treated the same as other bidders.
So, I think that leaves us with buttressing the proposed confidentiality
language to prevent such exchanges as much as possible.

We would also have to assume, for the information to be beneficial to PG&E's
affiliate, that it would result in PG&E Gen obtaining the assets.  As
proposed by PG&E, they would have to be the highest bidder, taking into
consideration certain tax benefits associated with the sale to an affiliate
(PG&E's proposal, not my assessment).  In other words, PG&E claims that the
ultimate determination of the winning bidder is price.  If the result was
that PG&E Gen paid more for these assets than anyone else, it becomes a
little more difficult to claim that the auction was unfair.

However, I believe that the ultimate determination is price, with a caveat.
The caveat is acceptance by PG&E of amendments to the attached service
agreements.  PG&E allows for bidders to submit amendments to the service
agreements, but PG&E retains the right to reject the amendments if not
acceptable to them.  PG&E Gen may know what amendments are and are not
acceptable.  That may be the inside track for the affiliate.  But again, I
think it brings us back to ensuring equitable treatment as much as possible
in the auction protocol rather than preventing PG&E Gen from participating.

If you feel this is not adequate, please let me know.

	Enron Energy Services

	From:  Mike Harris                           10/04/99 04:42 PM
	Phone No: 713 853-6091

To: Mona L Petrochko/SFO/EES@EES
cc: Dennis Benevides, Greg Cordell/HOU/EES@EES
Subject: hydro auction

Mona,
Jeff pointed me to you.  Below are some concerns I have on the PG&E hydro
auction.  What are your thoughts on the opportunity for PG&E Gen to adversely
affect the auction outcome through access to non-public information?  Also,
how strong are the mitigants against this behavior?

Mike
---------------------- Forwarded by Mike Harris/HOU/EES on 10/04/99 06:40 PM
---------------------------

	Enron Energy Services

	From:  Mike Harris                           10/04/99 06:32 PM
	Phone No: 713 853-6091

To: Jeff Dasovich/SFO/EES@EES
cc:
Subject: hydro auction

Jeff,
Who is handling the PG&E hydro auction?

I have a concern about PG&E Generation's participation in this auction.
Every press release from PG&E on this topic goes out of its way to state that
PG&E Gen will be a bidder.  My concern is their access to non-public
information and how this may skew the results of the auction.  If you're the
person on this, let's talk.  If not, pls let me know who is.  Hope you're
doing well.

Mike


BUSINESS HIGHLIGHTS

eSource
eSource, Enron's research group, has experienced an overwhelmingly positive response to the research training which it has hosted.  Participation and interest by Enron employees has exceeded expectations and many classes were quickly filled.  As a result, repeat classes have been offered and new sessions have been added to the program.  In addition to the Lexis-Nexis and Dow Jones classes, eSource has now begun hosting sessions on Piranha (financials and pricing information), Investext (analyst reports and market analysis), Global Access (financials and corporate activity), and Securities Data Corp. (M&A, debt).   eSource has also arranged long distance sessions using interactive web tools for Enron employees around the world.  Watch for e-mails announcing new training sessions, either in Houston or in a virtual desktop mode.

Since our launch in December, the eSearch website has received over 230,000 hits.  The site today offers Enron employees access to 34 electronic databases.  These databases offer the latest financial and business on-line research capabilities in a cost-effective manner.  In this era of information explosion, databases are constantly being reviewed to ensure that Enron's research needs are being met.  If you know of a professionally relevant database that might be added to eSearch, let us know.  Meanwhile, to further fulfill Enron's research needs, eSource is arranging for desktop access to good-old-fashioned libraries too.  Books from public and local university libraries can be located, borrowed and delivered to employees' desks.  This should be particularly helpful for those with more specialized or technical research needs.

We are also proud to report that at a recent local research conference, Enron's eSource was featured as an industry trailblazer for having invented itself into a combined virtual library and intranet-based research center capable of delivering a broad range of research products and services via the user's desktop.  Attendees from Reliant, Shell, Halliburton and ExxonMobil and others were duly impressed.

As for the future, watch for Version 2.0 of the eSearch website, http://esource.enron.com, scheduled to launch soon.  It will feature greater functionality and additional content.  Look for new features like "Industry Overviews" and links to information providers like Frost & Sullivan, Country Watch, and World Energy Markets.

IN THE NEWS

Chicago And Its Suburbs Pick Enron, ComEd For Power Deals
06/06/2001  Dow Jones Energy Service (Copyright (c) 2001, Dow Jones & Company, Inc.)
CHICAGO -(Dow Jones)-The City of Chicago and 47 suburban communities have decided to divide new deals for 400 megawatts of power between Enron Corp. (ENE) and local utility Commonwealth Edison Co., Chicago officials said Wednesday.
In the largest power purchase agreement in Illinois since the state choose to deregulate the industry in 1997, the local government groups will get 60% of their power from Enron and 40% from Exelon Corp.'s (EXC) ComEd. The municipalities use the power for public buildings and public transportation.
Chicago announced Monday that the group has picked ComEd to meet the renewable target by providing 80 megawatts of power created with landfill gas, wind and other sources. ComEd will also provide the coalition with another 80 megawatts of power generated with fossil fuel and nuclear plants, and Enron will provide the other 240 megawatts. The new contracts are expected to go into effect this year.
"We used our purchasing power as local governments to get the best price we could and at the same time to promote competition in Illinois. Enron gave us the most competitive price,"  Chicago Mayor Richard M. Daley said at a press conference.

WELCOME
New Hires
EGM  - Jennifer Morris, Mike Reen, Daniel Fuller, Jason Paterniti
ENA  - Craig Hawkins, Carol Langston, Mark Morrow, Harlan Murphy, Bruce Petitt, Emily Schwarzbach, Alice Wright, Allyson Zykorie

Transfers (to or within)
ENA - Thomas Kalb, Debra Brannen, Juan Camarillo, Richard Orellana
EGM - Joana Bekerman, Eric Tipp, Kellie Metcalf, Ricardo Charvel, Jason Andrade
EIM - Jaime Araoz, Gabriel Chavez, Enrique Cadena, Rosalinda Castillo, Kimberly Chick, Ana Morena, William Brown, Grisela Escamilla, Paul Burkhart, Jodi Coulter, Douglas McDowell, Catherine Pernot

NUGGETS & NOTES

Enron is hosting the Chicago Energy Risk Management Seminar at The Drake Hotel in Chicago on June 14, 2001.  Topics include: Power Outlook, Natural Gas Outlook, Hedging Strategies, Weather Risk Management and Pulp and Paper Risk Management. The RSVP deadline is June 8th so please contact Laura Pena as soon as possible at x 3-5376.  This is a great event for "new" as well as established customers.  There will be a cocktail reception immediately after the presentations.  Enron will also be hosting seminars in Atlanta, Houston, Denver and San Francisco.  Dates to be announced soon.

Congratulations to Kathy and Craig Taylor, manager in East Origination. They are the proud parents of a baby girl, Katherine Montgomery, born on May 25.

Travel tip of the week:
When booking through TAP or ClickTrip, use preferred domestic airline carriers to recognize special Enron discounts.
	American		28%		American West		15%
	Continental		17%		Delta			10-28%
	Northwest		20%		TWA			19-25%
	United			20%		US Airways		30%

Please note: discounts are confidential and should not be disclosed to anyone other than Enron employees.

EnronOnline Statistics
Below are the latest figures for EnronOnline as of June 5, 2001.

*	Total Life to Date Transactions > 1,045,000
*	Life to Date Notional Value of Transactions > $630 billion

experience Enron
Announcing enhancements to experience Enron:
?	To begin your customer's Enron experience, we will send out customized invitations with a Guest Check-In Card that contains detailed instructions about check in.
?	experience ENRON has partnered with the Plaza Reception Desk Staff to create a less stressful check in process for your customers.  Once they present their card, the Plaza Reception Desk Staff will welcome them and present them with a prepared experience ENRON name badge.
?	experience ENRON has also created a new look for your meetings.  Our new table tents, welcome folders, name badges, agendas and presentation templates all have the same look to maintain a consistent feel throughout the visit.
?	All of this is to ensure that your guest has a unique and customized experience that will exceed their expectations and help you reach your business goals faster.
For more information on experience ENRON, visit our website at experience.Enron.com.

LEGAL STUFF
The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries.  It is intended for internal use only and should not be disclosed.


Hi,
It's September 15.  Two weeks after labor day.  You should be getting a save the date card soon, if you haven't already.
Hope things are good.
-Jake
>From: Monique.Sanchez@enron.com
>To: jake_scarbrough@hotmail.com
>Subject: Re: Moving soon
>Date: Mon, 7 May 2001 14:40:11 -0500
>
>
>Hey there,
>Remind me when your wedding date is? John is planning a backpacking trip
>and is thinking about labor day weekend. I seem to remember your date
>being close to that. Let me know. Hope all is well.
>Mo.
>

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


Start Date: 10/19/01; HourAhead hour: 18;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001101918.txt

Error retrieving HourAhead price data - process continuing...


I saw Scott Dieball at Mr. Izzo's going away reception, and shared the happy
news that we voted unanimously for him to set up the next conference call.

Kay


---------------------- Forwarded by Kayne Coulter/HOU/ECT on 02/06/2001 12:18
PM ---------------------------

Michael Jacobson@ENRON
02/06/2001 12:13 PM
To: Kayne Coulter/HOU/ECT@ECT
cc: Rebecca M Grace/HOU/ECT@ECT, Thresa A Allen/HOU/ECT@ECT, Howard B
Camp/HOU/ECT@ECT
Subject: Correction Part II

Kayne,

Rebecca brought it to my attention that I got the NY indices reversed.  The
following is the correct full list:

New York -
 going into PJM (selling to) - NYPP-E
 going out of PJM (buying from) - NYPP-W

First Energy - PJM-CEI interface

APS (Allegheny) - PJM-APS interface

Internal -
 DPL - PJM-Wescosvi
 others - PJM-Western Hub   (except offset to Day Ahead)

VEPCO - PJM-Virginia Power

Sorry about all the emails, thanks again -
Michael
x35098


---------------------- Forwarded by Daren J Farmer/HOU/ECT on 08/28/2000
12:33 PM ---------------------------

Rick Dietz@ENRON
08/24/2000 05:30 PM
To: Ginger Dernehl/NA/Enron@Enron, Trisha Hughes/HOU/ECT@ECT, Jennifer
Fraser/HOU/ECT@ECT, Melinda Pharms/HOU/ECT@ECT, Pamela Chambers/Enron
Communications@Enron Communications, Claude Tellis/NA/Enron@Enron, Michael
Howe/HOU/EES@EES, Michael W Morris/HOU/ECT@ECT, Paul Choi/SF/ECT@ECT, Mark
Warner/HOU/ECT@ECT, Toby Kuehl/ET&S/Enron@ENRON, Sean
Sargent/Corp/Enron@ENRON, Teresa Wright/HR/Corp/Enron@ENRON, Kevin M
Presto/HOU/ECT@ECT, Micardo Johns/Corp/Enron@ENRON, Greg
Piper/Corp/Enron@Enron, Christopher Tracy/OTS/Enron@ENRON, Allan
Weatherford/GCO/Enron@ENRON, Brad Morse/HOU/ECT@ECT, Stephen
Schwarzbach/Corp/Enron@Enron, Gary W Lamphier/HOU/ECT@ECT, Daren J
Farmer/HOU/ECT@ECT, Darrell Schoolcraft/ET&S/Enron@ENRON
cc:
Subject: ATTENTION ALL BASKETBALL PLAYERS

The Enron Basketball Association is hosting a full court "five on five"
tournament on September 16, 2000 from 8:00 a.m. untill 12:00 noon at Lutheran
North High School near the Loop 610 north and Shepherd.

You will be able to enter an entire team or enter as an individual and be
placed on a team.

If you are interested in participating, please contact one of the following
people prior to September 7th:
  Jamie Lynn  ext.  3-9515
  Rick Dietz   ext.  3-5691
   Steve Kleb  ext. 3-3959

We will have a team captain's meeting on September 8th to discuss the
tournament rules and prizes.  We plan to limit the tournament to eight teams,
so please sign up soon to join in on the fun.  There is no entry fee for
Enron Basketball Association Members.

Thanks,

Jamie Lynn, President
Enron Basketball Association


My schedule is currently open and I will make myself available to meet with
Janine.  Sara

	Louise Bird
	10/25/2000 02:59 AM

		 To: Sara Shackleton/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Stephen H
Douglas/HOU/ECT@ECT
		 cc:
		 Subject: Meeting with Janine Juggins

Janine would like to meet with you all when she is in Houston on either the
2nd or 3rd November.  The meeting will be on Global Trading and in particular
Global Books.

Could you please let me know your availability for those 2 days.

Thank you
Louise


Re-sending.  Didn't go through the first time.

 -----Original Message-----
From: 	Nemec, Gerald
Sent:	Monday, June 18, 2001 7:30 PM
To:	'Ernie.J.Zavaleta@fritolay.com'; 'LT Bieraugel '
Cc:	Nemec, Gerald
Subject:	RE: Dudes...

Hey Guys!  I just got back from traveling two weeks in China, so I am now able to answer my emails.  A friend of mine here at Enron has a brother that lives in China and he got married to a Chinese national.  So I decided to join them for the wedding and sightseeing.  The sights were pretty amazing.  Great Wall, Forbidden City, Tianamen Square, etc.  Definitely culture shock though.  I know what it feels like to be a rock star now.  I was pretty much stared at wherever I went.  I am sure they think I look like a big nosed western devil freak.  The food wasn't as bad as I thought, although I did get the trots the last two days in country.  I knew I shouldn't have eaten the mutton.

Fortunately I missed the flood of the century, Ernie!  I heard about it the first week in China.  Wasn't much I could do from China, so I just kept my fingers crossed and fortunately the house was safe and sound when I got back.  Some jackass drove up on my front yard and left some tire tracks.  There must have been high water in the street that he was trying to avoid.  Doooh!!

Other than that everything is going fine.  Doing the old dating thing!  Boy is that a ton of laughs.  Women at this age are definitely interesting.  I spend most of my time avoiding questions like, "Where is this relationship headed?"  Uh excuse me, but we only met last week!

Congratulations, Paul on little Chloe.  I checked out the pics on your website and the family looks great.  Bieraugel you still look the same as the last time I saw you, but  Whoa, is that a little gray hair I saw on you Paul?  Oh well, we all have chinks in our armor.  Seriously though it is a beautiful family and I know it must be tough to be away from them.  Are you going to be staying in the Navy for awhile?  10 more years and you can retire eh!

Ernie,  Sounds like things are going well at work.  Congrats on the promo.  We definitely need to do a better job of getting together here in Houston.  You need to get the wife and we need to have dinner one night or something!  The Buick sounds prime.  240HP ought to take care of it.  Sounds better than the shaka-mobile.  What the hell ever happened to that car anyway?  I still love to tell stories about that car.  You can't beat a K-mart lawn chair for comfortable automobile seating.  Ernie, I think my focus is on the 5 series BMW.  Unfortunately my stock portfolio has delayed my auto purchase for awhile.

Let's pledge to all do better at keeping in touch.  It is great to hear from you guys.  We need to plan a little get together when you get back from sea.  It has been to damn long. Take care and be safe, Bruddas.

Gerald
 -----Original Message-----
From: 	Ernie.J.Zavaleta@fritolay.com [mailto:Ernie.J.Zavaleta@fritolay.com@ENRON]
Sent:	Sunday, June 10, 2001 5:20 PM
To:	LT Bieraugel
Cc:	Gerald Nemec (E-mail)
Subject:	Re: Dudes...

You're right, we need to do better at keeping in touch.  Gerald and I live in
the same town, and we still hardly see each other!  Great to hear from you.

I know it's got to be the hardest thing to leave for six months, especially with
the new baby when mama needs you the most.  Do you guys have any family in town
at least?  You're wife is probably involved with a network of military wifes at
least.  It's hard for me to leave for even a couple of days.  The week after
next I am in Dallas for a week of training, that'll be the longest I've been
away.

Well, my wife just went to the movies with my oldest, Sophie (she's four).  I'm
home with my two boys who are both napping, so I actually have a minute to
write.  I am about to make lunch for my neighbor who is from South Africa.  His
family just left for SA for two months, so I'll probably have him over often.
We're about to cook some Elgin sausage, remmeber where that is Paul?  I was in
Austin for work on Friday (drove there) and stopped to get some.  The road trip
was quite eventful: saw a few wreck and one car was even on fire.

You probably don't catch national weather Paul, but we just had a
once-in-a-century storm here in Houston (that's what they're calling it on the
news anyway).  Some places in the Houston area had 35" of rain in the last two
days!  We had about 20" in my area, no flooding though.  Gerald, how did you
fare?  So we've been declares a natural disaster area and all of that.

Other than that, not a whole lot going on.  Work is going well:  I got promoted
in Feb and am in line for another in August, so I can't complain - Frito-Lay is
a good stable company that treats it's employees well.  Let's see what else?
just got a new car that I am excited about.  I had a little Ford Focus 5spd for
my comuter car, but got tired of all of the shifting in traffic on the Beltway.
So I found a 1999 Buick Regal GSE with only 22k on it, in immaculate shape.  I
know, a Buick sounds kinda lame, but as far as Buicks go, this the only one I
would own.  It has leather, sunrfoor, sporty wheels, killer 220-watt stereo,
with a 240HP supercharged engine with room for 5 to boot!  I loaded up the
family and cargo to go to the Valley during Memorial Day, it even got 28 MPG!
Beats the hell out of the 14 or so in the Suburban, with gas prices these days.
Gerald, are you still in the market for a SUV?   I think you were interested in
the Toyota Sequoia or the Acura MDX?  You'd better just stick with the 5-series
Bimmer, I know I would if I were in your shoes!

OK, guys, gotta get to cookin those sausages.  Bieraugel, hang in the there out
at sea and keep us proud!

Ern

LT Bieraugel <BIERAUGEL@john-paul-jones.navy.mil>
06/08/2001 07:47 PM

To:   Ernie J Zavaleta/Frito-Lay/US@Frito-Lay, "Gerald Nemec (E-mail)"
      <Gerald.Nemec@enron.com>
cc:
Subject:  Dudes...

Ernie and Gerald, well dudes, we're doing just what we said we were not
going to do.  Fall out of touch again.  Here is the latest.  I am out on my
ship for six months now.  We left June 4th and we get back in November.
It's a bitch to be gone from the family for that long but it very busy so it
goes fast for me.  We had our fourth (and probably last) kid on May 13th.
Her name is Chloe Elizabeth.  She is perfect.  My two year old (Kate) was
very surprised when we brought her home.  Carson said he wanted a brother
and Kelly wants to hold her all the time.  You can check some pictures out
at www.geocities.com/pbieraugel.  Take it easy you guys and stay in touch.
Paul.


i think i can make it tonight but tomorrow night the hockey game is on.  i need the  range.  just send your resume when you get a chance.  enron is looking for a ton of people.

 -----Original Message-----
From: 	"Marcantel MM (Mitch)" <MMMarcantel@equiva.com>@ENRON [mailto:IMCEANOTES-+22Marcantel+20MM+20+28Mitch+29+22+20+3CMMMarcantel+40equiva+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Wednesday, May 30, 2001 9:07 AM
To:	Lenhart, Matthew
Subject:	bs

I got in late and I forgot to send that stuff. I'll send it to you tonight.
You need to let me know what they are looking for.

Are you going to the range this week? I can maybe go tomorrow afternoon
@7:00p

Thanks,

Mitch Marcantel

SAP Application Services
 1100 Louisiana St. 808B
 Houston, TX 77002
 Phone: 713.277.8511 Fax: 713.277.8551
 Pager: 800-759-8888 pin1528390
            1528390@skytel.com


Steve, I had some time this afternoon, so I have called the executive
assistants myself.  Most have some sort of org charts (see ENA below), but
many have only business unit "executive committee" charts and do not go
further in the organization.  I'll forward to you what I've received (several
e-mails will follow).  Once you've had a chance to look at them, let me know
what you think.  SRS
---------------------- Forwarded by Sherri Sera/Corp/Enron on 10/27/2000
02:35 PM ---------------------------

	Enron North America Corp.

	From:  Kay Chapman @ ECT                           10/27/2000 02:44 PM

To: Sherri Sera/Corp/Enron@ENRON
cc:

Subject:


Here is the link to the Enchantment Resort.

http://www.arizonaguide.com/enchantment/


Start Date: 2/4/02; HourAhead hour: 13;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002020413.txt


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Start Date: 4/20/01; HourAhead hour: 7;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042007.txt

Error retrieving HourAhead price data - process continuing...


Dear Jeff,    As you know, FactSet has always taken great pride in its close relationships with its clients.  By providing around-the-clock consulting services, extensive product training and foregoing contracts as a part of our business model, we always try to put the users needs first.   Along these lines, we also recognize the importance of communicating more effectively the value added enhancements we continue to make to FactSet. We soon plan to include the use of email to notify you of upcoming events and new products that you may find of interest.  Also planned is distribution of our quarterly newsletter, Query , electronically so that the valuable information covered gets to you as quickly and efficiently as possible.   We respect your privacy regarding  marketing messages via email.  If you welcome periodic email from FactSet regarding product news, upcoming webcasts and training shows, there is no need to respond to this email. You will be automatically enrolled in this program, and will have the ability to opt-out at any time.   While a number of our clients have already requested promotional materials electronically, we recognize that not everyone feels the same way.  If you do not wish to receive email from us in the future, please click here  now to permanently remove yourself from our email list.   We hope you find FactSet's use of email to enhance our client relationships beneficial. If you have any questions regarding FactSet's plans to keep you informed via email, please feel free to contact me at 203.356.3797 or dfrankel@factset.com . Thank you for your continued use and support of FactSet!   Sincerely, David A. Frankel Vice President, Director, Marketing

[IMAGE]


I said you cant just take away the dinner offer.  I wanted to go to dinner
but if you thought it was going to be a big issue between you and Dave I
didn't want to cause a fight between you two or something.


FYI.  Please pass this along as needed.

RH

---------------------- Forwarded by Garrick Hill/HOU/ECT on 10/05/2000 07:38
AM ---------------------------

Dan Lyons
10/04/2000 06:45 PM
To: Garrick Hill/HOU/ECT@ECT
cc:
Subject: Tenaska IV Texas Partners, LTD.

It has come to my attention that there is some confusion over the proper
conventions for signature blocks for Tenaska IV Texas Partners, Ltd. and that
various permutations have been used, to the result that there may be some
confusion among third parties.

There follows the proper signature block for the partnership.  Please see
that this is distributed to anyone who will be preparing documents for the
partnership, including under our Corporate Services agreement with the owner
of the Managing Partner of the partnership.

  TENASKA IV TEXAS PARTNERS, LTD.

 By: Tenasksa IV Partners, Ltd., its Managing Partner

 By:  Tenaska IV, Inc, its Managing Partner

 By:______________________________________

Name:______________________________________

Title:_______________________________________

Mille Grazi.......................


I am currently negotiating a GISB w/ PPL Energy Plus and they have requested
a Master draft.

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


----- Forwarded by Tana Jones/HOU/ECT on 09/22/2000 03:33 PM -----

	Cossette.Helene@hydro.qc.ca
	09/22/2000 03:26 PM

		 To: tana.jones@enron.com
		 cc:
		 Subject: Hydro Quebec

Hi Tana,

I know that you are expecting to get back to me next Wednesday but our
traders faced credit issues with Enron today and they asked me to push
forward the process of getting all agreements in place as soon as. Thus, I
am sending you a draft of a restated and amended guaranty agreement hoping
that this will help to speed up the process. I will call you on Monday.

 <<HQ@epmi_$30M.doc>>

 H,lSne Cossette
 ConseillSre Contrats Commerciaux
 *  (514) 289-6720
 *  514) 289-6722
 *  cossette.helene@hydro.qc.ca
 * A
 75 Ren, L,vesque Boulevard West, 18th floor
 Montr,al, Qu,bec, H2Z 1A4

 - HQ@epmi_$30M.doc