>
>
>Subject: one liners
>
>
>
>
>Nobody is perfect until you fall in love with them.
>
>The closest I ever got to a 4.0 in high school was my blood alcohol
>content.
>
>Home is where you can say anything you like cause nobody listens to you
>anyway.
>
>I live in my own little world, but it's OK...they know me here.
>
>"I saw a fat woman wearing a sweatshirt with 'Guess' on it."
>I said, "Thyroid problem?'"
>
>"I got a sweater for Christmas...
>I wanted a screamer or a moaner."
>
>I see your IQ test results were negative.
>
>Regular naps prevent old age.....
>especially if you take them while driving.
>
>Sex is hereditary.
>If your parents never had it, chances are you won't either.
>
>If God had intended for man to use the metric system,
>Jesus would have only had ten disciples!
>
>I don't approve of political jokes...
>I've seen too many of them get elected.
>
>I have learned there is little difference in wives,
>so you might as well keep the first.
>
>There are two sides to every divorce:
>Yours and shithead's.
>
>If life deals you lemons, make lemonade;
>if it deals you tomatoes, make Bloody Marys.
>
>Travel is very educational.
>I can now say "Kaopectate" in seven different languages.
>
>I love being married.
>It's so great to find that one special person
>you want to annoy for the rest of your life.
>
>Save Your Breath...
>You'll need it to blow up your date!
>
>I married my wife for her looks...
>but not the ones she's been giving me lately!
>
>"Everyday I beat my own previous record for number of consecutive days I've
>stayed alive."
>
>Isn't it funny how the mood can be ruined so quickly by just one busted
>condom?
>
>"No one ever says 'It's only a game,' when their team is winning."
>
>I gave my son a hint. On his room door I put a sign: CHECKOUT TIME IS 18.
>
>Mid-life is when you go to the doctor and you realize you are now so old,
>you have to pay someone to look at you naked.
>
>"If carrots are so good for the eyes,
>how come I see so many dead rabbits on the highway?"
>
>"How come we choose from just two people for president
>and 50 for Miss America?"
>
>On my first day of school my parents dropped me off at the wrong nursery.
>There I was, surrounded by trees and bushes.
>
>Middle age is when you choose your cereal for the fiber, not the toy.
>
>Marriage changes passion...
>suddenly you're in bed with a relative.
>
>Why is it that most nudists are people you don't want to see naked?
>
>I mixed Rogaine with Viagra...
>now I've got hair like Don King.
>
>I just got back from a pleasure trip:
>I drove my mother-in-law to the airport!
>
>My wife and I were happy for twenty years...
>then we met.
>
>
>
>
>
>
>
>
>
>
>
>
>
>

_________________________________________________________________
Chat with friends online, try MSN Messenger: http://messenger.msn.com

  _____

Get more from the Web. FREE MSN Explorer download : <http://explorer.msn.com>


-----Original Message-----
From: 	Tamarchenko, Tanya
Sent:	Friday, November 16, 2001 11:01 AM
To:	Kaminski, Vince J
Subject:	list of models

Vince,
here is the list of models from my group compiled so far.

We are collecting documents describing the models and models themselves.

Tanya


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/22/99
01:14 PM ---------------------------

erik.a.wernevi@ac.com on 12/22/99 10:43:32 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Real Options Presentation

Dear Vince,

Thank you for a stimulating presentation about real options at the IIR
conference in New York on Monday the 13th of December. Your explanation of
real
options and it's applications for a number of valuation problems interested me
very much. With reference to our previous conversation I wonder if it is
possible  for you to forward the slides from the presentation.

Thank you very much for your help

Regards

Erik


Tara and Matt,

Following is the list of error message for west pl 4/30/2001 - 5/01/2001 as of this morning ----

Pipeline Name				Msg_Received_DTM		Msg_Desc							Status
---------------------------------------		------------------------------------	-----------------------------------------------------------				-------------------------------------
Kern - Cycle 2				04/30/2001 11:22:00 PM		HTTP/1.0 500 Server Error (web site error)			Job failed

Eddie


Hi Ben,

Has anyone asked you to take a look at this?  If not, I would be interested
in your comments.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 01/23/2001 11:42
AM ---------------------------
From: Catherine Clark/ENRON@enronXgate on 01/23/2001 11:24 AM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: FW: Meeting between EE&CC and ENA

Sorry about that.

 -----Original Message-----
From:  Clark, Catherine
Sent: Tuesday, January 23, 2001 11:15 AM
To: Mann, Kay
Cc: Bills, Lisa
Subject: Meeting between EE&CC and ENA

Kay,
Lisa asked me to see if you would represent ENA Legal at the meeting between
EE&CC and ENA on Monday, Jan 29th.  Having worked at both companies, you
would add a lot of insight to the crafting of a "new project development
process".  The agenda is for Ozzie, Mike Coleman, Lisa and you to give brief
presentations (5-10 minutes each) on the project development process, with
recommendations on changes to be made.  You've already seen the notes, but
I'm attaching an updated version.

Please let me know if you will be available and if you want to change any
discussion bullets and/or recommendations.  The most recent message had the
meeting taking place on Monday, January 29th from 11:30 am to 1:30 pm (with
lunch provided).  Megan will let everyone know which room will be reserved.
There is also a pre-meeting tomorrow (Wed) at 10:30 am in EB 2868 (it should
only last 30 minutes).  Thank you in advance for your help.
-Catherine
x3-9943


I talked to Fernando Leija and Randy Hebert.  I would like to recommend both of them for the Trading Track interviews.  Please call both of them to confirm the interview date.

Thanks,
Mike Grigsby


Tana -

This addition is fine.  Whenever you get a chance to implement it, please do so and forward the agreement.

Thanks.

Mark

 -----Original Message-----
From: 	Diamond, Daniel
Sent:	Friday, October 26, 2001 10:35 AM
To:	Greenberg, Mark; Jones, Tana
Subject:	Columbia Gulf NDA

Tana/Mark,
Columbia Gulf has requested the following changes to their NDA. The legal entity name should read "Columbia Gulf Transmission Company."  They would also like to add point number 9 which states, " The execution of this agreement relative to confidential information does not obligate either party to enter into any other agreement or any transaction as that term is referenced herein."

As long as you don't have any issues with the changes, please forward a copy to Jim Hart at Columbia.  They are scheduled to come over for a demo next week.

Thanks,

Dan


I recently sent to you an e-mail outlining our current status with
EnronOnline and asking you to call i2 to gauge their interest in the
software.

As per Greg Brady's e-mail below, it appears that call may be unnecessary.

Thanks.

Greg Piper

 -----Original Message-----
From:  Shelby, Rex
Sent: Tuesday, May 29, 2001 7:35 AM
To: Piper, Greg
Subject: FW: Enron/i2 Next Steps

 -----Original Message-----
From:  Greg_Brady@i2.com@ENRON
[mailto:IMCEANOTES-Greg+5FBrady+40i2+2Ecom+40ENRON@ENRON.com]
Sent: Tuesday, May 29, 2001 3:38 AM
To: Shelby, Rex
Cc: Alan_White@i2.com; Jason_Robert@i2.com
Subject: Re: Enron/i2 Next Steps

Based on market conditions, and others issues we are dealing with
internally at i2, we are not interested in evaluating this opportunity any
longer.

Let's stay in touch as things change.

Thanks
Greg

"Shelby, Rex" <Rex.Shelby@ENRON.com> on 05/15/2001 07:20:21 AM

To:   <greg_brady@i2.com>
cc:   "Shelby, Rex" <Rex.Shelby@ENRON.com>

Subject:  Enron/i2 Next Steps

> Hello Greg --
>
> I enjoyed talking with you last week at eDay.  As promised, here is a
> brief synopsis of where Enron Net Works stands on the EnronOnline
> initiative.
>
> We have talked to a number of technology companies and have confirmed
> a level of value.  We are now in the process of considering our
> options.  Among the points that have been highlighted by our
> discussions in the industry are the following:
>
> 1)  Acquisition of the EnronOnline IPR as a stock transaction appears
> to hold advantages for some companies.  Accordingly, we have taken the
> steps necessary to create a wholly-owned Enron company to which we can
> transfer the EnronOnline intellectual property along with the
> appropriate Enron people.  From our brief discussion last week, this
> appears to be the structure that you would favor for i2.
>
> 2)  There has been a consistent interest in maintaining a strong
> relationship with Enron among all the companies.  We assume this would
> be critical to i2 as well.  Enron's assistance for a period of time
> after the transaction is completed is certainly acceptable to Enron.
>
> 3)  The EnronOnline functionality is applicable to a wide range of
> industries and companies.  The application that drives EnronOnline is
> the most successful application in the world for buying and selling
> both physical and financial commodities, and EnronOnline is one of the
> largest e-commerce sites in the world.  The domain expertise and
> business process steps embedded in the software are unique.
>
> My suggestion for a next step with i2 is to arrange a meeting with you
> where we thoroughly update you on the EnronOnline application and
> where we are in the process.  This should give us the common
> information we need to determine whether EnronOnline fits with i2's
> business objectives.  If we mutually determine that the fit is there
> and that there is an interest from i2, then we can likely move forward
> quickly with a discussion of the deal structure alternatives.
>
> How does this sound?  Do you have time this week or next in Dallas or
> Houston for a meeting?  The ideal scenario would be to take a 2-hour
> block of time so that we can show you the software and then discuss
> options in some detail.  Let me know how your schedule looks.  Best
> regards.
>
>
> -- Rex Shelby
>    Enron Net Works
>    rex.shelby@enron.com
>    713-345-8160
> **********************************************************************
> ****
>


Please make note of our new Company number and your new Cost Center number
on the attached document below:

Thank you,

Irena


Got your note.  It's a little premature to forecast now - we will have a
better idea by April 15 - our timeline for completing our look at a revenue
model.  Can we delay until then?  We do have a monthly fee of $16,000 that we
are receiving from Bridgeline that, while small, you could include in our
revenue line to date.  I am not sure why it is not showing up as income.
Probably because we have been considered a cost center to date.  I suspect
that the income is simply being recorded as an offset to one of our cost
centers.  By copy of this memo to Brian Heinrich, could you and he figure out
where that income is and classify it appropriately so that it shows as
revenue?  Since our costs are fully allocated to business units, this should
be pure margin.  Hey, you have to start somewhere!

I have a lunch meeting scheduled with Greg Piper on Friday this week. One of
the items that I want to discuss with him is how we want to treat expenses
that we are incurring while researching the feasibility of this business.  I
don't have an answer for you today on what if any costs will not be allocated
to the business units.  Next week I can give you more info on that.

From: Kerry Roper/ENRON@enronXgate on 04/03/2001 01:55 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Forecast for 2001

Sally,
One of the things that Greg Piper has asked me to do is to take a look at the
rest of the year and get each of the VP's to assess their margins and EBIT
for the remainder of 2001.  For Energy Operations, that is usually very easy
since there has been no revenues, and all of the costs are allocated out, so
there should be zero EBIT if nothing changed.  Given your present direction,
however, you may be generating some margin in 2001.  Do you have a feel for
an amount I can put into our analysis and will 100% of your costs continue to
be billed out or will some be applied to this new activity? I am hoping to
put something together next week, so if you or a designate could let me know
in a few days I would appreciate it.

Kerry Roper (x5-4895)


Attached is the bi-weekly update of the goings on at the CPUC.  As ususal,
call with any questions.

 <<X20615.DOC>>

Jeanne Bennett

 - X20615.DOC


You have received this email because the requester specified you as their VP.
Please click
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000011185&Page=
Approval to review and act upon this request.

Request ID          : 000000000011185
Request Create Date : 12/21/00 4:20:10 PM
Requested For       : amitava.dhar@enron.com
Resource Name       : VPN
Resource Type       : Applications


Dear E*Trade customer,

Thank you for opening your account with us recently.  To help us improve your
service experience, we ask that you take a moment to give us your valuable
input via this survey.  Your responses will be kept completely confidential
and will be seen only by the department related to your customer service
experience.

To complete the survey, simply click on the Web address below.

We appreciate your prompt response to our survey.

http://www.customercast.com/etrd0001a/survey.cgi?marker=aYVUZhJvPf79fZDvG%2ecB
NL5qpO2@Igqahmd&contactdate=Apr%205%202001&contacttimestamp=

Many thanks for your time and thoughtful feedback!

Tatia Ammerman
Quality Management
E*Trade


is this on the calendar
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 01/05/2001
03:16 PM ---------------------------

Donna Jones
01/05/2001 09:23 AM
To: Mark Koenig/Corp/Enron@ENRON, Mark Metts/NA/Enron@Enron, Jeffrey
Sherrick/Corp/Enron@ENRON, Rick Buy/HOU/ECT@ECT, Ben F Glisan/HOU/ECT@ECT,
Philippe A Bibi/HOU/ECT@ECT, David W Delainey/HOU/ECT@ECT, Louise
Kitchen/HOU/ECT@ECT, Jeffrey McMahon/HOU/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT, John Sherriff/LON/ECT@ECT, Jeremy Blachman/HOU/EES@EES,
Harold G Buchanan/HOU/EES@EES, David Cox/Enron Communications@Enron
Communications, Steve Elliott/Enron Communications@Enron Communications, Jim
Fallon/Enron Communications@Enron Communications, Rod
Hayslett/FGT/Enron@ENRON, Danny McCarty/LON/ECT@Enron, John J
Lavorato/Corp/Enron@Enron, Diomedes Christodoulou/SA/Enron@Enron, James A
Hughes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rebecca
McDonald/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James M
Bannantine/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Larry L
Izzo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Arvind Bhatnagar/SIN/ECT@ECT,
Matthew Scrimshaw/LON/ECT@ECT, Thomas E White/HOU/EES@EES, David
Haug/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Dolores Fisher/NA/Enron@Enron, Karen K Heathman/HOU/ECT@ECT, Kay
Chapman/HOU/ECT@ECT, Sue Ford/HOU/ECT@ECT, Kathy Campos/GPGFIN/Enron@ENRON,
Julie Armstrong/Corp/Enron@ENRON, Elaine
Rodriguez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Loretta
Brelsford/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mary E
Garza/ENRON_DEVELOPMENT@Enron_Development, bgarzac@enron.com, Sharon
Dick/HOU/EES@EES, Beverly Aden/HOU/EES@EES, Peggy McCurley/HOU/ECT@ECT, Amy K
Cooper/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Christina Grow/Corp/Enron@ENRON,
Molly Bobrow/NA/Enron@Enron, Stacy
Guidroz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marsha Schiller/HOU/ECT@ECT,
Tammie Schoppe/HOU/ECT@ECT, Kimberly Hillis/HOU/ECT@ect, Leah Rijo/Enron
Communications@Enron Communications, Joannie Williamson/Corp/Enron@ENRON,
Lauren Urquhart/LON/ECT@ECT
Subject: Reminder...Welcome New Analyst Reception

Good morning everyone!

Your attendance would be most appreciated.  Please contact me at x33175 and
confirm if you have not done so.  We look forward to seeing you!

Kind regards,
Donna Jones
Recruiting Coordinator
x33175


Need a hard copy ... I don't have a password for cera

	Eric Benson
	01/20/2001 10:02 AM

		 To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron
		 cc:
		 Subject: High Speed Regulation in California - CERA Alert

Steve, Rick and Jim -

Below is an article from CERA that summarizes the current situation in
California.

Eric

+++++++++++++++++++++++++++++++++++++++

----- Forwarded by Eric Benson/NA/Enron on 01/20/2001 09:59 AM -----

	webmaster@cera.com
	01/19/2001 05:16 PM

		 To: messages@cera.com
		 cc:
		 Subject: High Speed Regulation in California - CERA Alert

Title: High Speed Regulation in California
URL: http://www20.cera.com/eprofile?u=35&m=2208

A Feverish Pitch
The pace of regulatory and political events in California has taken on the
feverish pitch of the energy market crisis itself. Important decisions
regarding a wide range of market structure issues are being made quickly at
the
California Public Utilities Commission (CPUC) and the state Legislature,
increasing the level of uncertainty most market participants already perceive
in the quickly evolving California market. Sudden changes are being made to
the
market structure, changes that used to require years in California,s complex
regulatory and legislative proceedings.

As rolling blackouts have rippled through urban centers of Northern California
on January 17 and 18, including in portions of downtown San Francisco,
Sacramento, and the Silicon Valley, state officials are scrambling to set up
the appropriate credit mechanisms to ensure the continued delivery of scarce
western energy supplies to California,s two largest utilities. Even at prices
near $800 per megawatt-hour (MWh), the California Department of Water
Resources
(CDWR), attempting to buy power on behalf of Pacific Gas and Electric (PG&E)
and Southern California Edison (SCE), has been unable to secure enough to keep
the lights on. In the mean time, legal actions by some energy suppliers
threaten to tip the utilities into bankruptcy*and are being held at bay only
by
direct intervention of California,s governor.

Below is a summary of the various state actions being pursued concurrently:

*California governor. California Governor Gray Davis continues to attempt to
act on behalf of PG&E and SCE to secure long-term contracts for supply from
merchant generation owners and marketers in California. On the same front, the
governor has been negotiating with generators in an attempt to keep them from
seeking compensation through the courts for energy delivered to the utilities.
Court-ordered reimbursement could prompt bankruptcy.

*Legislature. Bills have been approved to authorize continued power purchases
on behalf of PG&E and SCE by the CDWR, to restructure the independent system
operator,s (ISO) governing board to consist of five members appointed by the
governor, to restrict the ability of the ISO to enter into a broader
interstate
regional transmission organization (RTO) without the explicit approval of
California,s Electricity Oversight Board, and to prohibit the divestiture of
the investor-owned utilities, remaining generating assets until 2006. The
vehicle for pursuing authorization of state bond financing for acquisition of
transmission assets and construction of new generation facilities is still
being developed.

*California Public Utilities Commission. On January 18 the CPUC adopted a
decision prohibiting the sale of SCE,s Mohave Generating Station to AES. This
voids a sale that was announced but not closed. The CPUC also delayed
decisions
regarding SCE,s application to end its rate freeze and the prudency criteria
for utilities entering into long-term supply contracts.

Some of these issues will continue to evolve as they progress along their
respective and sometimes intersecting paths, and some will need to pass
through
multiple review bodies. This rapid and erratic evolution has not helped to
decrease either the financial risk associated with supplying energy to
California,s two largest utilities, or the level of uncertainty in developing
new generation to supply California in the future.

The ISO anticipates that it will call stage 3 emergencies (reserves less than
1.5 percent) for January 19 and will most likely continue to curtail
interruptible customers through the weekend. Western energy supplies are being
strained by recent heavy usage of hydroelectric facilities where water
supplies
are already as much as 25 percent below average, owing to low precipitation
and
continued plant outages near 9,000 MW in California. The gravity of the
financial condition of California,s two largest utilities is exemplified by
the
need for other, more creditworthy intermediaries, including California
municipal utilities, state agencies, and some unregulated energy suppliers, to
act as temporary  guarantors for the acquisition of energy on behalf of PG&E
and SCE.

**end**

Follow above URL for full report.

*********************************************************
Come Shoot the Rapids with us at CERAWeek2001, "Shooting the Rapids:
Strategies and Risks for the Energy Future" in Houston, February 12-16, 2001!
For more information and to register, please visit
http://www20.cera.com/ceraweek/
*********************************************************

E-mail Category: Alert
CERA Knowledge Area(s): Western Energy,

**********************************************************************
To make changes to your cera.com account go to:
http://www20.cera.com/client/updateaccount

Forgot your username and password? Go to:
http://www20.cera.com/client/forgot

This electronic message and attachments, if any, contain information
from Cambridge Energy Research Associates, Inc. (CERA) which is
confidential and may be privileged. Unauthorized disclosure, copying,
distribution or use of the contents of this message or any attachments,
in whole or in part, is strictly prohibited.
Terms of Use: http://www20.cera.com/tos
Questions/Comments: webmaster@cera.com
Copyright 2000. Cambridge Energy Research Associates


Lindy, As mentioned in the phonemail message I left, below is a revised listing of the Order 637 Imbalance provisons filed that we want to either retain or potentially trade in 637 negotiations.  I moved the mandatory cash-out provision into the trade column.  Please review and advise if you agree with the list.  Thanks. gh

Already in TW's Tariff

1.	Dollar valuing.  Need to terminate volumetric OBA's where possible to minimize TW's financial exposure.

Proposed in TW's 637 Filing - Keep

1.	Definition of 6 indices (vs. 3 in current tariff).
2.	Parties may mutually agree to cash out PNR.  Could probably do today without this language.
3 .	Clarification that PNR may be used by Operators.
4.	May use PNR for "auto-balancing".

Proposed in TW's 637 Filing - Could "Trade"

1.	Mandatory cash-out each month (after netting and option to trade).
2. 	Daily balancing.  Including daily tolerance, daily auto-transfer to PNR & daily pricing
3.	Smaller tolerance range.  Proposed change from +/- 10% to +/- 5%.


Julie,

Further to our conversation, please see the attached GISB draft for your
review.

Regards,
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


Sara,

Did you have a chance to review the 2000 definitions?  Are we o.k. to send
NatWest their confirms back ( 2 IR swaps)?

Also, you may have given me an answer on this already, so I apologize if you
have--did you look at the National  Australia Bank IR swap confirm?  I will
be on Vacation all next week, and I want to make sure that my desk is as
clean as possible.

Thank you for your help!!


Dale,

Thank you very much for hooking me up with Stephen.  It seems that he will probably be able to help me move some of my stuff directly to the US.  Could you please see that the address on my current accounts with RBC gets changed to my Houston location so I can receive statements going forward. The correct address is:

Jonathan McKay
909 Texas Avenue, #1808
Houston, Texas, 77002

Thank you very much.

Regards,

Jon

 -----Original Message-----
From: 	"Onrait, Dale" <dale.onrait@rbcinvestments.com>@ENRON
Sent:	Monday, October 22, 2001 10:00 AM
To:	Mckay, Jonathan
Subject:

Hi Jonathan,
I have gotten a contact for you with our associate firm in Houston.  The fellow's name is Stephen Brown phone (713) 623-9258 at Dain Rauscher.  He will be expecting your call.n  Let me know how you make out after you contact him.
Dale Onrait, BSP MBA
RBC Investments-Kelowna
1-800-756-2211 or (250) 712-2191


Stephanie:  Hope you had a great Thanksgiving!

Please follow up with this guy.  Looks like he's in London.  We need to
verify that he's with Harvard, either through Caroline or asking that he send
a faxed request so that we can see the letterhead, etc.  Also, please keep
track of the fully executed master.  Thanks.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 11/27/2000 08:21 AM -----

	Paul Maley
	11/22/2000 12:31 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Harvard College - ISDA

Sarah
I have been speaking with Caroline Abramo regarding our trading relationship
with the President & Fellows of Harvard College.  I am trying to obtain a
copy of the ISDA that I understand has been signed with them.
I would be grateful if you could forward a copy of this to me.

Thanks for your help

Regards
Paul Maley
Credit Risk Management

Fax +44 20 7783 8449


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/30/2001
05:58 PM ---------------------------

"John D. Martin" <J_Martin@baylor.edu> on 03/30/2001 12:12:50 PM
To: vkamins@enron.com
cc:
Subject: Good morning/afternoon

Vince,

one of my colleagues here at Baylor is writing a book about "the business
of heaven" in which he interviews prominent business leaders.  Bob Darden
is his name and he's a former journalist and nice guy.  He would like to
contact Ken Lay about being one of his interviews.  Do you think this is
possible?  If so, could you give me an address/phone numbers that Bob might
use to contact Ken's secretary about setting up an interview?

If this is in any way "not ok" please just say so.

See ya,

John

>Date: Fri, 30 Mar 2001 11:35:03 -0600
>From: Robert Darden <rfd3@flash.net>
>Subject: Yo!
>X-Sender: "Robert Darden" <rfd3@pop.flash.net> (Unverified)
>To: J_Martin@baylor.edu
>Organization: The Door
>X-Mailer: Mozilla 4.04 [en]C-FLASHNET  (Win95; I)
>
>Hi John -- I enjoyed our meeting yesterday. This looks VERY promising.
>Meanwhile, as I mentioned at the table, I'm getting a little nervous
>about the book that is due June 1.
>One of the names on our "wish" list of interviewees for "The Business of
>Heaven" is Ken Lay at Enron.
>Would it be possible for you to give me a good address and phone number
>for Mr. Lay's office?
>And may I mention your name in the cover letter?
>I would be forever indebted. I might even buy the next lunch.
>Bob
>P.S. Thanks for sharing your concerns about church yesterday, too. I'm
>genuinely sorry things didn't work out better and feel more than a
>little embarrassed that I didn't work harder to make you guys feel more
>welcome and connected. On the other hand, please know that Mary and I
>will always love you and consider you both friends. I know you'll be
>happy at Lake Shore -- even as we miss you at 7th!
>
John D. Martin
Carr P. Collins Chair in Finance
Finance Department
Baylor University
PO Box 98004
Waco, TX 76798
254-710-4473 (Office)
254-710-1092 (Fax)
J_Martin@Baylor.edu
web:    http://hsb.baylor.edu/html/martinj/home.html


Please re-map HPL Zone 4 from A/S East Beaumont to A/S East Beaumont Offer.

Call with any questions.

Dave
x35384


The enclosed research report is being sent to you from PaineWebber by:

 Emery Financial Group

 713-957-7019

 rocky.emery@PaineWebber.COM

Please contact them if you have any questions or would like to discuss this
material.

The information contained in the attached research report is believed to be
reliable, but its accuracy is not guaranteed.  PaineWebber Incorporated
and/or Mitchell Hutchins Asset Management Inc., affiliated companies and/or
their officers, directors, employees or stockholders may at times have a
position, including an arbitrage position, in the securities described herein
and may sell or buy them to or from customers.  These companies may from time
to time act as a consultant to a company being reported upon.

You will need the Adobe Acrobat Reader to view this document.  If you don't
already have it just click on this link,
http://www.adobe.com/prodindex/acrobat/readstep.html, and follow the
on-screen instructions.  The Acrobat Reader is free of charge.

 - P004484220001201D01.pdf


I agree with your concerns.  I didn't go into all the specifics previously
because of the audience of the e-mail.  This is the intended procedure for
use of the dummy account:

Both the East and the West load gas books into the Enpower system nightly
(this is not one person's responsibility but the entire group's
responsibility).
Previously, the only message we get for this load is a success that all the
books went somewhere in Enpower
With the installation of the new 'dummy' account, the message will now tell
us if one of the books was loaded to this 'dummy' account
If an EOL bridge mistakenly puts gas deals in a power gas book that was not
correctly mapped, the position would go to the 'dummy' account
If an EOL bridge mistakenly puts gas deals in a power gas book that WAS
correctly mapped, the position would show up in that trader's gas positions
Depending on which load (East or West) has a book that was mapped to the
'dummy' account will determine which group investigates (with IT) what &
whose positions are now stored in 'dummy'

As you have indicated, manual processes do inevitably create errors.  The
perfect procedure would be for the book to have complete and correct set up
prior to having deals entered into it.  It would also be ideal if deals could
not be entered into this book if setup was incomplete, but because this is an
interface mapping problem to Enpower, the TAGG (gas) system does not
recognize that the setup is incomplete.  I am not under the impression that
the 'dummy' account is a perfect fix; however, with the new 'alert' it will
provide us better data than we had before and it will keep the unmapped
positions out of the West portfolio.

The only time the West would be affected by this change in the future is if a
new power gas book is set up for your traders.

I hope I have addressed your concerns.  If I have not, please give me a call
or e-mail me back.

Thanks,
Stacey (3-1870)

To: Stacey W White/HOU/ECT@ECT
cc:
Subject: Re: Potential Gas System Exposure

does any of this impact the west anymore?  who is going to be "alerted when
positions are loaded to the 'dummy' account."?  what's the procedure for
resolving?  what happens if eol dumps trades to a dummy account?  what
happens if the person who is watching the dummy account is out sick or on
vacation or leaves enron or is asleep at the wheel?

given the volatility of the commodities that we are trading and the fact that
manual processes inevitably create errors (as is evidenced by a $7 million
hit we took yesterday because one keystroke on deal entry was done
incorrectly last summer) i think it's important to raise these issues.

To: Tim Belden/HOU/ECT@ECT
cc: John J Lavorato/Enron@EnronXGate, Sally Beck/HOU/ECT@ECT, Beth
Perlman/enron@EnronXgate, Steve Nat/Enron@EnronXGate, Sheri
Thomas/HOU/ECT@ECT
Subject: Re: Potential Gas System Exposure

The mapping problem mentioned below is a power desk problem only.  The
mapping problem is purely between the interface of the gas and power trading
systems and does not affect the book if it is strictly a gas trader's gas
book.  There was one instance when a gas trader's transactions were
incorrectly bridged to a power trader's gas book through EOL.  The root of
this problem was with the EOL bridge not the interface mapping.

The procedure to set up a gas book for power traders includes communication
to IT regarding the appropriate interface mapping of the book.  If for some
reason the mapping does not occur, the position will be mapped to a 'dummy'
default desk.  We will be alerted when positions are loaded to the 'dummy'
account on a nightly basis in order to investigate the problem and ensure
that positions do no get lost in the system.

If anyone needs to further discuss the problem we have been having and why it
is only the power world that is affected, please give me a call.

Thanks,
Stacey
(3-1870)

	From:  Tim Belden                           02/14/2001 05:25 PM

To: John J Lavorato/Corp/Enron, Stacey W White/HOU/ECT@ECT, Sally
Beck/HOU/ECT@ECT, Beth Perlman/HOU/ECT, Steve Nat/Corp/Enron
cc:
Subject: Potential Gas System Exposure

For some period of time, various West Power desks have been the default desk
which received gas positions for new books that were not properly setup in
TAGG.  I have worked with our risk team and the techology group to get West
Power out of this problem.  I'm happy with the result from the West Power
point of view.

I am writing to alert you that one half of the problem still exists.  If
someone does a gas deal and hasn't set up a new book properly and doesn't
carefully track his/her position, the trade goes into a dummy book that
nobody manages.  Days, weeks, or months later you discover the trade and take
the hit or the gain.  I think that this risk is real because we were the ones
finding the misplaced gas trades before -- not the gas desk with the
misplaced trade.  Now nobody will find them unless the gas trader realizes
that some of his/her position is missing.

These are the facts as I understand them.  I'm sure that Stacey White, Steve
Nat, and Monica Lande could fill you in with more detailed information.  Let
me know if I can be of further assistance.
---------------------- Forwarded by Tim Belden/HOU/ECT on 02/14/2001 02:18 PM
---------------------------

Monica Lande
02/14/2001 02:34 PM
To: Tim Belden/HOU/ECT@ECT
cc: Fran Chang/PDX/ECT@ECT, Valarie Sabo/PDX/ECT@ECT, Samantha
Law/PDX/ECT@ECT
Subject: RE: Remaining problem with West tot

Tim,

Steve has described the problem accurately.  Setting up a dummy book solves
the problem for us, but not for Enron as a whole.  If no one monitors the
dummy book on the daily basis (which probably won't happen if there is no
ownership), then you still have the possibility of positions falling into
that book and never showing up in the book that they were intended.  Why
can't a process be put in place for the initial set-up of a book in TAGG?

Monica

To: Fran Chang/PDX/ECT@ECT, Monica Lande/PDX/ECT@ECT, Valarie
Sabo/PDX/ECT@ECT, Samantha Law/PDX/ECT@ECT
cc:
Subject: RE: Remaining problem with West tot

do you guys agree?
---------------------- Forwarded by Tim Belden/HOU/ECT on 02/14/2001 01:23 PM
---------------------------
From: Steve Nat/ENRON@enronXgate on 02/14/2001 03:49 PM CST
To: Tim Belden/HOU/ECT@ECT, Stacey W White/HOU/ECT@ECT
cc: Beth Perlman/ENRON@enronXgate
Subject: RE: Remaining problem with West tot

Tim,  The root problem was related to the default mapping logic in the
'interface' job that moves the ERMS gas calc results to the portcalc results
tables.  If mapping logic is not set up for a new book, the job was
defaulting the gas deals to the ST-PLT desk.  The default mapping has been
changed to a dummy  ZZ_erms book, which will prevent the deals from showing
up in the wrong book if the mapping logic is not updated.

In reference to Beth's concerns... turns out this was a limitation in our
production code, not an IT change to production data, so we should be OK on
that front.

The long-term solution would be to remove the hard-coded logic, set-up table
structures, and maintain the mapping rules through a user screen.  Given our
other priorities, and the default logic change, we will not pursue this
option.

Let me know if you have any other questions or concerns.

Steve

 -----Original Message-----
From:  Belden, Tim
Sent: Wednesday, February 14, 2001 11:49 AM
To: White, Stacey
Cc: Perlman, Beth; Nat, Steve
Subject: RE: Remaining problem with West tot

thanks for the concise description of the problem.  i should have cc'd you on
the original message.  your description is much better than mine.  now that
beth has a better understanding of the issue, how long will it take to get
solved!?

To: Beth Perlman/ENRON@enronXgate @ ENRON
cc: Tim Belden/HOU/ECT@ECT, Steve Nat/ENRON@enronXgate@ENRON
Subject: RE: Remaining problem with West tot   << OLE Object: StdOleLink >>

The problem is not that we should enter a reversing trade in the system as
this would misrepresent the positions across the board.  The problem is that
the position belongs to another book within Enpower.  The users have no
access to the screens which define where our gas books are mapped in Enpower;
therefore, IT has to manually define the correct mapping for us.  When the
manual fix has not been made, we have true positions for one book mapped to
another book.

Stacey

From: Beth Perlman/ENRON@enronXgate on 02/14/2001 11:14 AM
To: Tim Belden/HOU/ECT@ECT, Steve Nat/ENRON@enronXgate, Stacey W
White/HOU/ECT@ECT
cc:
Subject: RE: Remaining problem with West tot

Tim,

Sorry about this.  A better question to ask is why are systems people
manipulating data?  Why can't the users put on a reversing trade?  I'm having
fits about IT resources touching production data and I can't tell you how
many times we screw ourselves up because IT does this.

I'll let you know the end result.  Sorry again, but these practices have to
stop!

Beth

 -----Original Message-----
From:  Belden, Tim
Sent: Wednesday, February 14, 2001 7:59 AM
To: Beth Perlman/HOU/ECT@ENRON
Subject: Remaining problem with West tot

words cannot describe how distressing this problem is.  in terms of
mis-reporting our risk, we are dropping mmbtu's from some other book into our
book as mwhs.  mmbtus go for around $10.  mwhs go for around $400.  why is
this problem so hard to fix?
---------------------- Forwarded by Tim Belden/HOU/ECT on 02/14/2001 04:58 AM
---------------------------

 << OLE Object: Picture (Device Independent Bitmap) >>
Fran Chang
02/13/2001 06:27 PM
To: Tim Belden/HOU/ECT@ECT
cc: Monica Lande/PDX/ECT@ECT, Valarie Sabo/PDX/ECT@ECT, Samantha
Law/PDX/ECT@ECT
Subject: Remaining problem with West tot

Tim:

Please note that as of 2/13 there will still be 1,321 MWhs of Nymex Swap
position in ST-PLT book (COB) which is yet to be cleared out by IT.   I have
sent out an email to Norman Lee in IT and will follow up with him to make
sure this problem is removed asap.  (The "unknown" position of the -311,354
MWhs showing up on 2/12 has already been taken cared of.)

Regards,
Fran
x7973


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 Debra Perlingiere/HOU/ECT on 12/12/2000 09:30 AM -----

	Genia FitzGerald
	12/05/2000 01:37 PM

		 To: Kimberlee A Bennick/HOU/ECT@ECT, Debra Perlingiere/HOU/ECT@ECT
		 cc:
		 Subject: Sleepy

 - w&N)TS.mpe


Randy,

It was a pleasure meeting with you and Greg yesterday.  I am looking forward
to exploring with you both specific pricing on selected counterparties, and
various applications for this product such as L/C substitution and hedging
recognized MTM earnings.

 Attached please find our template non-disclosure agreement.  I will call you
on Monday to discuss your timing on how we might proceed.

Regards,  Bruce


Per Steve's request, please find attached the TW Commercial Team's List of
mid-year accomplishments forwarded to Bill Cordes earlier this week.

adr


I like this one better. Thank you for taking Duke's comments into account.
I apologoze for not getting back to you yesterday, but I was traveling.
Believe it or not California is not the only state with problems and
concerns:)

                    Kelli Norton
                    <knorton@mcnallyt        To:     Carolyn Baker at Duke
<cabaker@duke-energy.com>, Curtis Keebler
                    emple.com>               at Reliant
<curtis_l_kebler@reliantenergy.com>, Greg Blue
                                             <gtbl@dynegy.com>, "Jack Pigott
@ Calpine" <jackp@calpine.com>, Jan
                    12/06/00 04:26 PM        Smutny-Jones <smutny@iepa.com>,
Jean Munoz <jmunoz@mcnallytemple.com>,
                    Please respond to        "Joe Ronan @ Calpine"
<joer@calpine.com>, John Stout for Reliant
                    knorton
<john_h_stout@reliantenergy.com>, "Julie @ Edson" <jmball@ns.net>, Karen
                                             Edson <kedson@ns.net>,
"Kassandra Gough @ Calpine" <kgough@calpine.com>,
                                             Katie at IEP <kaplan@iepa.com>,
Lynn Lednicky at Dynegy
                                             <lale@dynegy.com>, Marty Wilson
<mwilson@pstrategies.com>, Paula
                                             Hall-Collins
<paula.hall-collins@williams.com>, Ray McNally
                                             <rmcnally@mcnallytemple.com>,
"Richard Hyde, Duke"
                                             <rwhyde@duke-energy.com>, Rob
Lamkin <rllamkin@seiworldwide.com>,
                                             Stephanie Newell at Reliant
<stephanie-newell@reliantenergy.com>, Steven
                                             Kelly <steven@iepa.com>, ", ,
Tom Ross" <tross@mcnallytemple.com>, ", ,
                                             Sue Mara" <smara@enron.com>, ",
, Norton Kelli"
                                             <knorton@mcnallytemple.com>, ",
, kent Palmerton"
                                             <kent.palmerton@williams.com>,
", , Jeff Dasovich"
                                             <Jeff.Dasovich@enron.com>, ", ,
Bob Weisenmiller" <rbw@mrwassoc.com>, ",
                                             , B Brown Andy"
<andybrwn@earthlink.net>, ", , Andy Brown"
                                             <ABB@eslawfirm.com>, ", ,
Kristin Vellandi" <kvellandi@pstrategies.com>
                                             cc:
                                             Subject:     Revised CalJournal
Ad

IEP Team,
Attached is a revised January CalJournal ad for your review. Based on
the group's comments, which were significant, we have developed an
entirely new ad. However, since the deadline has not changed (art is
still due today), we need your feedback asap. Please e-mail or call me
at 916-447-8186 as soon as possible with any comments. If we do not hear
from you, we will assume you are fine with the ad as is. Thank you for
all of your help.
Kelli

(See attached file: Cal Journal Ad (Series #1).pdf)

 - Cal Journal Ad (Series #1).pdf


Please plan to attend a meeting today at 1 PM to discuss our strategy for lining up transmission and commodity agreements for Newco.  The meeting will be held in the Mt. Hood conference room.


i think it's 100

"Eva Pao" <epao@mba2002.hbs.edu> on 05/13/2001 03:01:23 PM
Please respond to <epao@mba2002.hbs.edu>
To: <John.Arnold@enron.com>
cc:
Subject: RE: Extra credit

fill in
$ ____2_ per/share

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Sunday, May 13, 2001 4:54 PM
To: epao@mba2002.hbs.edu
Subject: RE: Extra credit

fill in
$ _____ per/share

"Eva Pao" <epao@mba2002.hbs.edu> on 05/13/2001 02:39:23 PM

Please respond to <epao@mba2002.hbs.edu>

To:   <John.Arnold@enron.com>
cc:
Subject:  RE: Extra credit

what's my bid for what??
ps
don't no crap me.

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Sunday, May 13, 2001 4:30 PM
To: epao@mba2002.hbs.edu
Subject: Re: Extra credit

no crap, what's your bid?

"Eva Pao" <epao@mba2002.hbs.edu> on 05/13/2001 12:48:23 AM

Please respond to <epao@mba2002.hbs.edu>

To:   <John.Arnold@enron.com>
cc:
Subject:  Extra credit

break even on info ass-symetry is 100%, any project above that level is
profitable to Pooks&Co.

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Sunday, May 13, 2001 1:04 AM
To: epao@mba2002.hbs.edu
Subject: RE: try this one...

For extra credit....
If the company is worth 150% more under management A rather than 50% more,
does your answer change?

"Eva Pao" <epao@mba2002.hbs.edu> on 05/11/2001 05:13:59 PM

Please respond to <epao@mba2002.hbs.edu>

To:   <John.Arnold@enron.com>
cc:
Subject:  RE: try this one...

will you do all of my homework?

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Friday, May 11, 2001 8:41 AM
To: epao@mba2002.hbs.edu
Subject: Re: try this one...

i'll pay a grand total of 0

"Eva Pao" <epao@mba2002.hbs.edu> on 05/10/2001 05:15:59 PM

Please respond to <epao@mba2002.hbs.edu>

To:   <jarnold@enron.com>
cc:
Subject:  try this one...

 Please read the following problem very carefully, and write in a number at
the end.  You should be ready to defend your answer.  Only a number is
allowed, not an algebraic equation.

Acquiring a Company

     In the following exercise you will represent Company A (the acquirer),
which is currently considering acquiring Company T (the target) by means of
a tender offer.  You plan to tender in cash for 100% of Company T's shares
but are unsure how high a price to offer.  The main complication is this:
the value of Company T depends directly on the outcome of a major oil
exploration project it is currently undertaking.  Indeed, the very
viability
of Company T depends on the exploration outcome.  If the project fails, the
company under current management will be worth nothing--$0/share.  But if
the project succeeds, the value of the company under current management
could be as high as $100/share.  All share values between $0 and $100 are
considered equally likely.  By all estimates, the company will be worth
considerably more in the hands of Company A than under current management.
In fact, whatever the ultimate value under current management, the company
will be worth fifty percent more under the management of A than under
Company T.  If the project fails, the company is worth $0/share under
either
management.  If the exploration project generates a $50/share value under
current management, the value under Company A is $75/share.  Similarly, a
$100/share value under Company T implies a $150/share value under Company
A,
and so on.

     The board of directors of Company A has asked you to determine the
price
they should offer for Company T's shares.  This offer must be made now,
before the outcome of the drilling project is known.  From all indications,
Company T would be happy to be acquired by Company A, provided it is at a
profitable price.  Moreover, Company T wishes to avoid, at all cost, the
potential of a takeover bid by any other firm.  You expect Company T to
delay a decision on your bid until the results of the project are in, then
accept or reject your offer before the news of the drilling results reaches
the press.

     Thus, you (Company A) will not know the results of the exploration
project
when submitting your price offer, but Company T will know the results when
deciding whether or not to accept your offer.  In addition, Company T will
accept any offer by Company A that is greater than the (per share) value of
the company under current management.  Thus, if you offer $50/share, for
instance, Company T will accept if the value of the company to Company T is
anything less than $50.

     As the representative of Company A, you are deliberating over price
offers
in the range of $0/share (this is tantamount to making no offer at all) to
$150/share.  What price offer per share would you tender for Company T's
stock?

     $______ per/share


BUSINESS HIGHLIGHTS

Enron Global Markets
Washington, DC -- The Society of the Plastics Industry Inc. (SPI), the trade association representing one of the largest manufacturing industries in the United States, announced that it has entered into a strategic alliance with Enron Global Markets LLC (EGM), to jointly promote price risk management financial products that will help plastics processors in managing financial risks associated with resin price volatility.

Through this agreement, SPI members will have direct access to EGM's experience in the plastics industry and to the financial products the company currently offers to the market. In addition, SPI and EGM will offer special seminars uniquely tailored to the needs of the SPI membership on effectively managing price risk. As part of Enron's partnership with SPI, we will conduct a series of industry-specific risk management seminars.

Companies in the plastics industry today face a number of challenges such as rising costs in raw material and energy, and economic factors beyond their control including slow demand.  Financial products being offered by EGM can, for example, fix or establish a maximum resin price for a given period of time, thereby allowing the companies to make better business decisions and improve financial stability.

EGM Crude and Products Fundamentals
The EGM Crude and Products Fundamentals team is proud to announce the launch of its new "Morning Briefing" report.  The report is aimed at providing traders, mid marketers and originators with a detailed yet concise overview of factors impacting the oil and products markets in the previous 24 hours and how these factors are likely to affect the market in the coming day.  In addition to market moving news items, the report contains key market data such as prices, MMBtu curves, refinery outages, open interest analysis and various other market driving information.  The report is updated by 7.30 a.m. each day and can be found on the Crude and Products Fundamentals intranet at <http://egmfundy.corp.enron.com/crude/> under In House Analysis, Morning Briefing.

EES Business Center
The Business Center is ready to receive and track all customer leads and service issues. EES needs a single point of entry for all customer calls and issues to ensure customer satisfaction. Starting today, please route all general inquiry calls to our Business Center to provide each customer with consistent and effective assistance. The number for the Center is 800-337-7827 (800-EES-SVCS) or calls can be transferred to x59390.  You may also contact them through e-mail at EESBusinessCenter@enron.com.

In the event that an account, partner, utility or vendor's activity affects EES' interests, an URGENT ISSUE request should be filed immediately. Such activity includes change in credit rating, bankruptcy filings, high risk shut-off notices, health and safety concerns, possible litigation, etc. File the relevant information by either phone or e-mail and note it as an URGENT ISSUE to enable the Business Center to act immediately.

EWS Business Analysis and Reporting
Enron Wholesale Services (excluding Net Works) has nearly 1350 invoices totaling almost $12 million waiting for coding and approval in the iPayit system.  Over 900 invoices have been in the system greater than 30 days.  Although a company-wide task force is working to improve the entire process, each of us needs to do our part to ensure accurate and timely payment to our vendors.

Following are the statistics on invoices in the system greater than 30 days:

ENA	443 invoices totaling $4.3 million
EBS	358 invoices totaling $4.6 million
EGM	 87 invoices totaling $262,000
EIM	 33 invoices totaling $123,000

If you purchase items that generate invoices (including cell phones, pagers, etc.), or if you are responsible for coding and approving invoices, you will receive an e-mail notification that an invoice has arrived in your iPayit inbox.  You must log on to iPayit and take the appropriate action.  No one else can process the invoice for payment while it is in your iPayit inbox.

We expect EWS to stay current and process the invoice within 5 days of notification.  We will continue to monitor the status of accounts payable and expect to see significant improvement by the end of September.

If you need assistance processing outstanding invoices, please contact Christa Winfrey at christa.winfrey@enron.com.

IN THE NEWS

Judge Delays California Refund Report Until March 8

Washington, Sept. 25 (Bloomberg) -- The judge who will recommend whether Enron Corp., Duke Energy Corp. and other power sellers owe California as much as $8.9 billion in refunds for electricity sales has postponed his recommendations until March 8.

Federal Energy Regulatory Commission administrative judge Bruce Birchman said today that California's grid operator needs more time to collect information about power sales during the October-through-January refund period. This is the second time he postponed his report. Birchman originally said he would make his recommendations to the commission by Nov. 5, then delayed it to Dec. 13.

California demanded the refunds, charging that the power sellers inflated electricity prices. Power providers blame the fourfold increase in the average price of power in California from January to June compared with a year earlier on supply not keeping up with demand.

``I'm not surprised the judge is having trouble finding evidence because I don't think that refunds are due from anybody,'' Enron spokesman Mark Palmer said.

WELCOME
New Hires
EGM  - Gary Denton, Luisa Rivera, Marc Graubach, Tassio Carvalho
EIM   - Sally Bailey, Scott Royster, John Gwaltney, Shawn Mejdrich,
ENA  - Trenton Johnson, Kimberley Jacobson, Purvi Patel, Dale Furrow, John LaBorde, John Morris

Transfers (to or within)
ENA - Monica Brown, Rahul Seksaria, Ofelia Morales, Francis McGuinness, George Phillips, Greg Branan, Jeffrey Bartlett, Mark Dypiangco, Ronald Williams, Russell Woody, William Loving, Cynthia Simon, Deann Hogan, Kathy Bass, LaDonna Finnels-Neal
EGM - Michael L. Miller, Chris Hall, Marc Graubart

NUGGETS & NOTES

CHAIRMAN'S AWARD 2001

Do you have a colleague that deserves to be recognized for their dedication and commitment to Enron's core values - Respect, Integrity, Communication, Excellence?  The 2001 Chairman's Award is your chance to put forward someone you know who really captures the spirit, philosophy and the day-to-day business practices of our company in their work, their attitude and in how they regard their colleagues. All Enron employees can nominate fellow employees at any level - from the top down or bottom up.

The nomination process is simple. Submit a completed nomination form, available on <http://home.enron.com> by Wednesday October 10, 2001. The award winner and finalists will be announced at the annual Enron Management Conference in San Antonio, Texas on November 16, 2001.

EnronOnline Figures
Below are the latest figures for EnronOnline as of September 24

?	Total Life to Date Transactions > 1,470,000
?	Life to Date Notional Value of Transactions > $830 billion

Enron Wholesale Services Best Practice Tips
United Parcel Service (UPS) After Hours Drop Boxes are Open
The Enron Building drop box is located near the automated teller machine. The last pick up is 8:00 PM.
The Three Allen Center drop box is located behind the down escalator on the ground floor by the self-service postal center. The last pick up is 7:45 PM.

Drop boxes handle letters and boxes up to 18"x13"x3" and can be shipped via Next-Day Air, Second-Day Air, Third-Day Select, UPS International and UPS World-Wide Express Service.  Be sure to include the Enron account number, and your company and cost center number in the reference field on the shipping documentation.

For more information, contact Glenn Lewis (GSS) at 713-646-7512.
United Parcel Service (UPS)  is Enron's preferred vendor for express deliveries.

NEWS FROM THE GLOBAL FLASH

Enron Commences Authorization Process for New Power Plant in Italy
Enron has begun an application procedure to get the necessary consent to develop a natural gas fired combined cycle gas turbine (CCGT) power station of up to 1,200MW on a 10-hectare site 1.5km from Roveleto di Cadeo, in the Comune of Cadeo, in the Province of Piacenza (NorthEast Italy).  The following consents must be received before Enron's proposals for a power station can be implemented:

- Decree of Environmental Compatibility from the Ministry of the Environment,
- Authorization to construct and operate the plant from the Ministry of Industry
- All other necessary local and national permits for construction and operation of the plant, including administrative authorizations and power and gas line connections.

The authorization process is expected to take around two years, such that construction could begin in early 2004, with operation 30-36 months from construction start.  However, the decision to proceed with construction of the project will remain contingent on further developments in the liberalization of the Italian power and gas markets.

 "This is the first time one of our Italian asset development projects has moved forward since our jointly-owned Sarlux IGCC (Integrated Gasification Combined Cycle) plant in Sardinia went into full commercial operation in December 2000," says Ross Sankey who is leading Enron's Cadeo project team.  "We're pleased to have identified such a suitable site for a new power plant and continue to assess other similar opportunities."

GasMarktFax Stirs "Trouble" in German Incumbent-dominated Gas Market
Following on from a recent GlobalFlash! report on the launch of GasMarktFax by the German origination team we are pleased to provide the following update on the impact the product is beginning to have on the German gas market:

European Spot Gas Markets reported on Thursday, 13 September, that Ruhrgas will decrease prices for their Stadtwerke and regional gas companies as of 1 October.  The article mentions that it is clear that Ruhrgas is taking competition seriously and that last month's release of Enron's GasMarktFax provided Stadtwerke with the opportunity to compare their standard price to Enron offers.  "Pricing pressure pushes incumbents to lower their tariffs," said Helge-Jurgen Beil, director with the German origination team, who lead the GasMarktFax initiative.  "However, it is important to note that incumbents try to crowd out marginal supplies and abuse their dominant supplier position.  Grid access is still cumbersome and only very few customers have a real choice," Helge-Jurgen added.

Enron Signs First Trading Deal in Poland
Enron's Polish team have signed the company's first ever trading deal in the country - which is also the first transaction entered into by a Polish power trading company based on the EFET (European Federation of Energy Traders) Master Trading Agreement.

The 50MW deal is with PKE, currently Poland's largest generator by installed capacity, responsible for around 17% of total energy production in Poland.

The deal with PKE is effectively a series of 51 call options, each one of them being a separate option for 50MW of baseload power for any given calendar month. Enron is the buyer of this series of options. The first month for which Enron will have a call option will be October 2001, and the last will be December 2005. The exercise date for each option is 26 days before the beginning of the delivery month. The strike prices follow a pre-determined schedule.

"This pioneering agreement sets new standards of power trading in Poland," declares Jarek Dybowski, Enron's director of power trading in Poland.

"This deal has set a precedent and created a platform for us to further break into the bilateral wholesale electricity trading market in Poland," adds Jarek Astramowicz, Enron's vice-president and head of the Polish office.  A big thank you to Jarek Dybowski, Tomasz Krzyzewski, Sid Cox, Marcus Zwinger, Pat Cini and Jason Clatworthy and all the others who helped make this deal possible."

EBS Celebrates Neos Deal
Congratulations to EBS who secured a deal with Neos, a company that specialises in providing bandwidth within London and other UK cities (known as metro connectivity). The transaction gives Enron instant access to London's metro network, which expands Enron's coverage. The agreement involves a  ?3 million take or pay commitment over ten years, with Enron receiving fixed prices and degradation for the capacity.

Marcello Romano, Vice President Bandwidth Trading, is delighted: "We needed to close a strategic deal to increase our metro coverage. Not only has this been achieved but the team negotiated well below market prices."

Launch of Nordic precipitation index
In another first for Enron, this week saw the launch by Enron Nordic Energy of a precipitation index based on rainfall levels in a number of locations.  The index will serve as a new weather trading instrument bringing more choice to the weather market and thereby promoting market liquidity.  Given the close relationship existing between precipitation levels and power prices in the Nordic region, the index will be of interest to both power traders and large hydro producers.  The index will serve as a new trading instrument enabling power traders to add to and refine their positions.  For the large hydro producers, the index will provide a benchmark for hedging their risk against fluctuations in rainfall.  The index will be based on a large number of locations available throughout the Nordic region, with 27 locations in all (19 in Norway and 8 in Sweden).

On the very day of the index launch, we were able to announce the completion of a deal with Norsk Hydro whereby we have constructed a specific index enabling Norsk Hydro to hedge its production volumes throughout the Nordic region.

Given the amount of hydroproduction in the Nordic region - approximately 99% (116TWh/yr) in Norway and 50% (64TWh/yr) in Sweden - the index is likely to be of significant interest in the Nordic market.  In Norway and Sweden, about 70% of the supply side is hydro and the volume of this supply can deviate by around 10% from normal (and by up to 30% during extreme years).  The subsequent impact on prices is huge and the variation in produced volumes is of great concern to hydro producers.

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.

<Embedded Paintbrush Picture>


Richard:

I have now incorporated the banking/notices information into the Cover Sheet, and am working on editing based on discussions yesterday.  I left Denise a voice-mail but have not heard back yet.  It is possible that she left me a voice-mail, but I have no access to voicemails at this extension.

Scott


MEMORANDUM

TO: Regulatory Affairs Committee
       Power Marketers Working Group

FROM: Jim Steffes, Regulatory Affairs Committee Chair
            Bob Reilley, Power Marketers Working Group Chair
            Julie Simon, Vice President of Policy

DATE: August 14, 2001

RE: EPSA Draft Petition for Rehearing of FERC's July 25th
      California Refund Order

Attached is a draft Petition for Rehearing of the Commission's July 25th Order on refunds for the California and WSCC wholesale markets.  The Petition is largely procedural, focusing on the lack of any finding of abuse of market power or an adequate factual record to order refunds.  We also oppose the Pacific Northwest refund process and argue that marketers should have an opportunity to show their actual costs in any refund proceeding.
Petitions for rehearing are due at FERC on Friday, August 24th.  We will discuss this draft on the weekly conference call this Friday, August 17th.  In addition, please forward any comments or proposed changes to the draft to Julie Simon at jsimon@epsa.org no later than noon on Wednesday, August 22nd so that we can make this filing is a timely manner.  If you have any questions or concerns, please contact Julie at 202-628-8200.

Attachment

 - July 25 rehearing final.doc


The Pulp Weekly Meeting for Monday, October 29th at 9:00am to 10:00am has been Cancelled.

Dora A. Trevi?o
Administrative Assistant II
Enron Industrial Markets
Ph: (713) 345-7753
Fax: (713) 646-3253

 -----Original Message-----
From: 	Alcantara, Ana
Sent:	Friday, October 26, 2001 2:25 PM
To:	Allen, Fraser; Bhatia, Om; Biggerstaff, Finley; Boudreaux, Jay; Braune, Carlos; Bruce-Jones, Tom; Bruch, Greg; Bryja, James; Causholli, Monika; Conner, Andrew R.; Crane, Bob; Deveau, Helene; Dimitry, Dirk; Egmar, Niclas; Ferrell, Daniel; Foster, Michael; Gurner, Darren; Holmes, Martin; Juvane, Danilo; Miller, Sylvia; Monroe, James; Reyna, Sarah; Robinson, Richard T.; Saltiel, Robert; Schmidt, Joern; Stapley, Cecil; Thakkar, Ami; Thompson, Marla; Trevino, Dora
Cc:	VideoConference
Subject:	Pulp Weekly Meeting  - ROOM CHANGED

The Pulp Weekly Meeting scheduled by Rodney Malcolm for Monday, October 29th at 9:00am to 10:00am will be held in video conference room 30C2 (old building).

The London team will be participating via video conference.

Thanks,
Ana Alcantara


Yes I am working on that with Bruce Golden to reduce that.  It should be more
like 5 to 6 months for the construction.
Ben


Here is the detail on the new products:

THOMPSONVILLE
Receipt Pts
Lobo Thompsonville (Meter #9648)
Tejas Thompsonville (Meter #6351)
PG&E Thompsonville (Meter #6296)

Delivery Pt.
NGPL Thomsponville (Meter #1342)

AGUA DULCE
Receipt Pts.
PG&E Riverside (Meter #6040)
PG&E Agua Dulce (Meter #584)
Tennesee Agua Dulce (Meter #574)
Lobo Agua Dulce (Meter #7038)
Tejas Gregory (Meter #3358)
Channel Agua Dulce (Meter #3500)
MOPS/NNG Tivoli (Meter #5674)
Tomcat (Meter #553)

Delivery Pts.
Tejas Riverside (Meter #3543)
NGPL Riverside (Meter #3545)
Channel Agua Dulce (Meter #3500)
Tenessee Agua Dulce (Meter #694)
Koch Bayside (Meter #3537)

We would like to get these products out by bid week if at all possible.

Let me know if you have further questions.

Thanks,

Eric
x3-0977


Attached for your information.  Regards, Edmumd


Jeff -

Given everything going on, I've decided to not come to SF.  I still think
that you, Sue, Harry and Michael should talk on Monday pm.  Michael has your
address and will come by around 5pm

Jim

From: Jeff Dasovich on 04/13/2001 09:53 AM
Sent by: Jeff Dasovich
To: James D Steffes/NA/Enron@Enron
cc:

Subject: Re: BANKRUPTCY MESSAGING on Negative CTC

Agreed.  That time works for me.
Jeff

	James D Steffes
	04/12/2001 07:46 PM

		 To: Susan J Mara/NA/Enron, Jeff Dasovich/NA/Enron@Enron, Harry
Kingerski/NA/Enron@Enron
		 cc: Michael Tribolet/ENRON@enronXgate, Steven J Kean/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, Mark Palmer/Corp/Enron@ENRON, Karen
Denne/Corp/Enron@ENRON, Vicki Sharp/HOU/EES@EES
		 Subject: BANKRUPTCY MESSAGING on Negative CTC

Jeff, Sue & Harry --

Michael and I are both in SF on Monday evening.  We were talking about
getting together some time in the evening to put together a framework of our
case around the Negative CTC in "bankruptcy" terms.

Does everyone agree and does the time work?

Jim


Mr. Lay,

I hope you don't mind the unsolicited email. I am interested in founding an
internal organization, or club within Enron.  The club would require
executive support in order to be successful.  I,ve therefore sent you a high
level summary outlining the club,s objectives so that you could pass it along
to the correct executive(s) for further consideration if you think the idea
has merit. I anticipate operating this program on my own time, so the
incremental costs to the company would be minimal. Thank you in advance for
your consideration.

Fred Philipson

Name
Club Intrapreneur

Mission of Potential Organization
To nurture entrepreneurial concepts consistent with Enron strategies and
abilities, bringing them to the point of a written business plan through the
collective, informal participation of Enron employees.

Value Proposition
The club will stimulate, nurture and capitalize on the innovation of
collective individuals within the organization, serving as a catalyst for
developing businesses within Enron.

Problem Statement
Many innovative ideas abound among Enron employees, yet they largely go
unshared or if shared, go undeveloped due to the present lack of a forum.

Solution
This internal club could foster these ideas, reducing these lost
opportunities.  The club could serve as a repository of information,
referring concept development to receptive mentors that could add insight
into an idea,s development.

Overview of club services
? Quarterly speakers from the business community giving brown bag seminars at
Enron.  These speakers could be entrepreneurship professors from  Rice,
venture capitalists or even entrepreneurs from outside Houston.  According to
the Rice University Executive Education Office, Rice   professors charge
$2,000/day, although many could be encouraged to speak pro bono, given their
relationship with high-level Enron executives.   These speakers can also come
from within Enron,s executive ranks, thereby further sharing knowledge and
showing support for the club.
? Monthly seminar-format meetings between Enron executive sponsors and club
members to review concepts and choose those that should be   nurtured further.
? Weekly, informal lunch meetings with club members discussing strategies and
ideas, assigning action items, creating goals and targets for an idea,s
development.
? Intranet site containing club meeting information, white papers, topics
under discussion, links to relevant sites and an overview of Enron,s
strategic  direction, which would serve as a template showing intrapreneurs
the types of ideas Enron would be most interested in developing.


The  name is in the draft agreements I forwarded.  Maybe Fred can find out
from the commercial people where the main office  is located.

	From:  Rebecca Walker                           12/19/2000 04:49 PM

To: Kay Mann/Corp/Enron@Enron
cc: Fred Mitro/HOU/ECT@ECT

Subject: Re: Sweetgum

Kay

I can run a D&B on the sweetgum entity if you give me the full legal name and
the city in which they are located.

Thanks,
Rebecca


This has happened before.  I think they received the report electronically before they received the hard copies.  Have you been paid for all of your expense reports so far?  This msg. usually means nothing, but check your bank account first.  I'll look at your file though and see what I can find.

Jill
 -----Original Message-----
From: 	Swerzbin, Mike
Sent:	Tuesday, February 05, 2002 9:35 AM
To:	Chatterton, Jill
Subject:	FW: Jill do you know what they need?

 -----Original Message-----
From: 	Swerzbin, Mike
Sent:	Monday, February 04, 2002 1:13 PM
To:	'enron_update@concureworkplace.com'
Subject:

Report ID no. 2B266B6655BD4CEFA874

I don't think there are any receipts outstanding .. Could you please tell me which ones you're missing???  This last report had a receipt for everything.

-----Original Message-----
From: enron_update@concureworkplace.com
[mailto:enron_update@concureworkplace.com]
Sent: Thursday, January 31, 2002 9:36 PM
To: Swerzbin, Mike
Subject: Expense Report Receipts Not Received

Employee Name: Michael Swerzbin
Report Name:   Swerzbin, Mike  1/17/02
Report Date:   1/17/2002
Purpose:       Trip to Houston, TX, Meeting w/ UBS Warburg Management
Report ID:     2B266B6655BD4CEFA874
Submitted On:  1/17/2002
Report Total:  2112.45

You are only allowed 2 reports with receipts outstanding.  Your expense reports will not be paid until you meet this requirement.


Hi, Jeff --

I just had to write to someone who understands how CRAZY the electricity
argument is getting.  Make sure to check out the Union-Tribune's Web site
today to peruse the articles on dereg (www.uniontrib.com).  Jan
Smutney-Jones did a good job responding to Rosenfeld's voter initiative
plan , but the headline and the front page only lead people to believe that
there's no alternative but going back to regulation -- and a state-owned
power authority at that (imagine!).  It would have been very good to have
ARM get a mention as well -- but maybe it isn't ready to be public yet.
When the group does put a stake in the ground, it will have to be sure to
craft its messages in a way that avoids the appearance of reacting to
Rosenfeld rather than being the pro-active and pro-consumer ESP's.

I don't know if it's in your best interest, and I'd like to hear your
thoughts on this, but since the reporters are either being very biased or
not hearing enough from the pro-competition side, would an op-ed from Enron
help calm things down and give people a chance to hear about what positive
benefits a competitive market -- if allowed to exist -- can bring?  I
thought the WSJ article on Monday was great, but few San Diegans read the
Journal and rely on the UT for their news.  However, the editorial pages
are well read and may serve you well.  I can help out your team on drafting
this if you're interested.  Or if there's any other information gathering
you need, just let me know.

Anyway -- hope you had a good Thanksgiving and that you'll be able to come
down here soon.

Have a good Wednesday,

Dana

Dana Perino
dana@gablegroup.com
619-234-1300 ext. 238


Hi Melinda,

Is there a catalog that we may look at?

Thanks


Call me about this
----- Forwarded by Steven J Kean/NA/Enron on 01/05/2001 12:04 PM -----

	Steven J Kean
	12/28/2000 08:46 AM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject:

attachments


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/24/2000
05:01 PM ---------------------------

Pinnamaneni Krishnarao
02/22/2000 01:10 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: News article on Enron

  India: Enron aftermath

   Business Line - 02/21/2000

   Abhay Mehta

   Copyright (C) 2000 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

   Power Play

   A Study of the Enron Project

   * Publishers: Orient Longman, New Delhi * Price: Rs. 195

   THE Enron power project at Dabhol in Ratnagiri district of Maharashtra has
been mired in nationwide controversy ever since the
   inception of the project proposal in 1992; and the sordid tale ends only
in 1997, with the Supreme Court of India refusing to even
   admit an appeal against the Bombay High Court decision, of December 1996,
which while commenting that "This case has
   highlighted to the people as to how even after 50 years of Independence,
political considerations outweigh the public interest and
   the interest of the State and to what extent the Government can go to
justify its actions not only before the public but even before
   the courts of law" - yet dismissed a public interest petition against the
project on the (purely technical) ground of res judicata, even
   though new facts, new arguments, new evidence of the violation of the laws
of the land had been advanced by the petitioners.

   The fact that the fresh violations of the law were not even considered and
recorded, despite the petitioners adducing the required
   evidence, can only be termed as strange, perhaps bizarre.

   Abhay Mehta's simple, factual documentation - in fact a chronological
narration - of all events, including the process of bending all
   rules, of subverting the law for promoting a project involving
unparalleled future liabilities for Maharashtra, indeed for the whole of
   India - is not only masterly, it is devastating.

   It is a short, pithy book which deserves to be read from cover to cover by
all thinking citizens of this country. Barring the
   concluding chapter, the epilogue, there are no personal comments, only
facts, disseminated from the original papers, mostly 'secret'
   documents.

   All documentation has been carefully, faithfully recorded, including
extracts from supposedly 'top secret' minutes of cabinet
   committee meetings; and the specific violations of the law (which were
opposed by a few public spirited civil servants, much to
   their disadvantage) have been pointed up. Apart from an introductory
'Primer on Electricity' - introduced for the benefit of the
   layman, explaining some technical issues relating to electricity
generation, transmission and distribution - and the background of the
   events of 1991, the foreign exchange crisis, and the aftermath of the
crisis, the other fifteen chapters, three appendices and fourteen
   annexes of the small book (of 226 pages) packs in an enormous volume of
factual information. The strange saga of the Enron
   project, and the sheer magnitude of the future problems this one single
project poses for the country, need to be briefly recounted
   here, for essentially, it is the coming generation which would have to
face the problem.

   The MSEB has contracted to buy - and if not used, to pay for - 2000 MW of
electricity (for a period of 20 years) from the
   Dabhol Power Company (the legal entity set up by Enron, as an unlimited
liability company registered in India, through a maze of
   intricate crossholdings of equity by half a dozen or more 'front'
companies registered in various tax-free havens.

   Abhay Mehta has indicated the total payments to Enron over 20 years amount
to $ 35 billion (at 1998 exchange rates, around Rs.
   1,25,000 crores) over the life of the project. One must record that: (a)
crude oil/oil product prices have as of writing, more than
   doubled since the above calculations were made. A per the 'doctored'
figures presented by the company (and its advocate), the
   charge per unit of electricity supplied, at the 1998 level of prices, was
to 4.39 cent (per unit) as 'capacity charge' and 3.43 cents
   (per unit) for 'energy costs'.

   The former is indexed to the US inflation rate, and the latter to
international fuel prices. The former may be assumed to have gone
   up only marginally (rounded to 4.4 cents per unit); we know that fuel
prices have more than doubled internationally over 1999.
   Assuming the 'fuel costs' to have increased less than 100 per cent - even
though international prices have more than doubled - we
   may assume (for 1999) energy costs of 6.85 cents per units, making for a
total payment of 11.25 US cents per unit of electricity
   supplied by the Dabhol Power Company (DPC) to MSEB in late 1999, in Phase
I of the project.

   Within another two years, at 2000 MW, the annual offtake (for 365 days X
24 hours/day) would be 17.52 billion KWH; and at
   11.25 cents per unit, the total payment amounts to $1.97 billion annually;
for 20 years, this workout to $ 39.4 billion.

   This is not counting any further inflation in either energy costs or
capacity charge. At today's exchange rate - about Rs.43.5 per US
   dollar - in rupee terms this works out to wore than Rs. 175,000 crores (as
compared to Rs. 125,000 crores indicated by Abhay
   Mehta). This is the cost to MSEB in rupee; and to the country in foreign
exchange as payment to just one project authority, for
   supply of part of the power required in Maharashtra.

   The really significant point to note in this connection is that this
payment - and considerably more, depending on (a) future increase
   in'capacity charges' depending on US inflation rate, and international
prices of LNGaphtha (for 'fuel costs'), and (b) depreciation of
   the exchange rate of the rupee vis-a-vis the US dollar - is obligatory;
the assets of the MSEB, the Maharashtra government
   indeed, all assets of the Government of India (present and future) are
mortgaged to Enron, by way of sovereign guarantees
   extended by both governments.

   The other significant point in this connection is that - as predicted by
all independent Indian experts as well as the World Bank -the
   Enron project he forced the MSEB to cut its offtake of Tata Electric
Company's and its own much cheaper thermal power
   already; in a postscript dated August 1999, Abhay Mehta has indicated that
already, the MSEB had stopped buying between 200
   and 250 MW of power from Tata Electric (available at Rs. 1.80 per unit)
and has had to backdown its own Chandrapur thermal
   power station (cost of this power being Rs. 1.20 per unit), while forced
to buy more expensive Enron power at Rs. 5 per unit.

   The loss to MSEB on this count alone comes to Rs. 460 crore per year.

   This had in fact, been predicted earlier even by the World Bank.

   It is pointless here to go into the details of how precisely all this was
contrived, by a deliberate campaign of 'disinformation', of
   blatant lies, of sidelining of expert opinion, not only of independent
experts but also the GOI's own official advisers in this matter,
   namely, the Central Electricity Authority as well as that of the World
Bank, which was resolutely opposed to this project. The
   detailed facts, the letters exchanged in the above context, the pressure
tactics adopted, the flouting of all procedures norms, even
   statutory provisions of the Electricity (Supply) Act, are all carefully
documented by Abhay Mehta.

   Mehta correctly concludes: "We frequently blame external agencies - like
the World Bank - for all our problems, when, as a
   matter of fact, we ourselves are our own worst enemies. In the instant
case, the World Bank not only advised the Government of
   India against the project, it stood resolutely firm in its assessment of
the total inadvisability of this project. In fact, one must note
   here that in 1996, neighbouring Pakistan, which had entered into a
somewhat similar MoU with Enron, cancelled the project (and
   the Power Purchase Agreement with Enron), for a $ 670 million, 782 MW
residual oil-fuelled power plant, even though that
   Agreement had stipulated Enron power supply at a fixed rate of 6.4 US
cents per KWH over a 30 year period. (Note the
   estimated rate of 11.25 cents per KWH for Dabhol power for the MSEB in
December 1999, which works out to around Rs. 5
   per unit).

   One could go on; but one must leave the reader to go through Abhay Mehta's
crisp, factual, matter of fact narration of the Enron
   saga, and switch over to the point made by him in the epilogue to the
story, about 'The Next Round of Scams'.

   For quite some time, the ruling elite in India has been intent on
'privatising' all public enterprises; and even 'utilities' are no
   exception. The 'unbundling' of infrastructure with a view to privatisation
of all the 'profitable' segments. All this - as per the current
   'disinformation campaign' - is supposedly in the interest of
rationalisation and greater efficiency of poorer supply.

   The author has referred in this context to the acquisition from the
Government - by the Torrent Group - of the Ahmedabad and
   Surat Electricity companies at less than one-tenth of the market value of
the assets of thee facilities. Again, much like the Enron
   saga, all objections by the Finance Department of the Gujarat government
were overruled.

   And, Abhay Mehta has predicated that this onslaught - the break-up of
power utilities into three segments, generation, transmission
   and distribution, - with a view to their privatisation is likely to be the
new thrust by the ruling elite, for reasons that do not require to
   be spelt out.

   Though Mehta had the examples of the Torrent Group takeover of Ahmedabad
and Surat Electricity companies, and of the break
   up of the Orissa State Electricity Board before him, yet his statement can
be stated today to be prophetic; the UPSEB is now on
   the firing line. The recent strike by the workers and engineers of the
UPSEB in protest of the announced UP government decision
   to trifurcate the UPSEB; and the Union Minister of Power, Mr. Rangarajan
Kumaramangalam's statement that the UPSEB is a
   loss making, inefficient unit and that privatisation of the facilities
after the trifurcation - need to be noted.

   That 40 per cent of the dues of the UPSEB are from the UP Government; that
tariffs for UP electricity supply are fixed by the UP
   government and not by the UPSEB; that the UPSEB does not have the cash
even for routine maintenance as a result of the above
   - these are facts that nobody is prepared even to consider. That the
remedy for UPSEB lies in a different kind of reform and
   restructuring, is not even to be debated. The whole idea is to privatise
the profitable segments, and to leave the public sector entity
   with all the problem areas, including rural energy supply. It is against
this background that Abhay Mehta's book needs to be widely
   disseminated, read, and its implications understood.

   What is at stake is not a 'utility' here or a PSU there. What is at stake
is the future of some 80 per cent of the have-nots in this
   country.

   What is at stake is the 'pillory' of the assets of the nation for private
aggrandisement.

   Arun Ghosh


Mark:
I wanted to let you know that I did meet with Mark Haedicke last week to
discuss my work situation, and in particular, coming back on a part-time
basis sometime in January.  I think that he was okay with what I proposed,
which is to work approx. 30 hours a week on a 4 day week.  I would like your
input on which day you would prefer I take off, as my initial thought was
Friday, but I'm open to suggestion on that.  I think that the next step is
for the 3 of us to meet to discuss what my role in the group will be, and in
particular, what work areas I will be responsible for.  I will try to set
something up in the next few weeks.  I alos had lunch with Mary and Sara and
was encouraged with what I heard from them.  We talked about the possibility
of having a group offsite meeting in early January to talk about group goals,
work assignments/areas of responsibility for each attorney etc.  What do you
think about that idea?  As I mentioned to you at our lunch, I need some
direction as to what my responsibilities will be when I return to the group
and given the fact that we have acquired more people and more work areas, it
seems like some planning and discussion as to who is responsible for what
work is in order.  Let me know what you think.  Take care.

Carol


Charles Schwab & Co., Inc.
Email Alert

Midday Market View(TM)
for Friday, November 16, 2001
as of 1:00PM EST
Information provided by Schwab Center for Investment Research
and Bridge

U.S. INDICES
(1:00 p.m. EST)

----------------------------------
Market            Value     Change

DJIA           9,851.98    - 20.41
Nasdaq Comp.    1,893.90     - 6.67
S&P 500        1,136.28     - 5.96
----------------------------------
NYSE Advancing Issues        1,656
NYSE Declining Issues        1,301
NYSE Trading Volume        675 mln
NASDAQ Advancing Issues      1,700
NASDAQ Declining Issues      1,615
NASDAQ Trading Volume      885 mln

==================================

U.S. TREASURIES
----------------------------------
Value            Yield      Change

6-month bill      2.01%        n/a
5-year note       4.26%    - 22/32
10-year note      4.87%    - 27/32
30-year bond      5.27%    - 24/32

The tables above look best when viewed in a fixed-width font,
such as "Courier."

================================================================

STOCKS LOWER IN LACKLUSTER TRADING

U.S. equities were down marginally midday amid mixed economic
releases and tepid earnings reports. Industrial production
reflected continued weakness in the manufacturing sector, while
inflation at the consumer level roughly matched expectations.
Companies reporting earnings mostly met estimates, though
forward guidance was cautious.

As of 11:56 a.m. EST, the Dow Jones Industrial Average was down
0.1%, while the Nasdaq Composite Index was down 0.1%. The S&P
500 Index was down 0.4%. Financials and computer-related stocks
paced the decliners, while communications equipment and drugs
paced the advancers.

Shares of PC giant Dell Computer (DELL,27,f1) were lower after
it recorded 3Q net earnings of $0.16 per share, $0.01 higher
than the First Call consensus, on a 10% decline in revenue. The
company reported that it captured market share from its
competitors amid a pronounced price war as PC demand slumped.
Amid some analysts' concerns, CEO Michael Dell said, "the
convergence of Windows XP, Pentium 4, low-cost broadband and
wireless networking is creating a feature nucleus for a new
upgrade cycle." Going forward, Dell forecast 4Q earnings of
$0.16 per share, in line with the Street's consensus, and said
it saw sales rising only slightly from 3Q levels.

Electronics-testing equipment maker Agilent Technologies
(A,24,f2) reported a fiscal 4Q loss of $0.60 per share, matching
estimates, as demand for its equipment fell amid a slump in
semiconductor orders and the telecommunications industry. The
company said it expects flat sales over the next two quarters
and a fiscal 1Q loss excluding charges of $0.40-$0.60 per share,
versus the mean $0.49 per share loss consensus. Agilent also
said it will eliminate another 4,000 workers and offer $1
billion in debt.

Shares of Starbucks Corp. (SBUX,17.31,f1) were brewing lower
after the company reported 4Q earnings of $0.14 per share,
matching expectations, but lowered its earnings guidance for
fiscal 2002. Citing "an uncertain economic environment," the
coffee giant stated it now anticipates full-year profits of
$0.54-$0.55 per share, down from the $0.56-$0.58 per share
forecast the company made in July. A number of analysts' cut
their views on the company following the news.

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

TREASURY AND ECONOMIC SUMMARY

Bonds were down midday, despite a brief reprieve following this
morning's industrial production data. In another sign of the
weakness plaguing the industry, industrial output for October
dropped for a 13th-consecutive month, declining 1.1%, according
to the Federal Reserve Board, its biggest one-month drop since
1990. Analysts per Dow Jones Newswires were expecting a 0.9%
drop. Capacity utilization declined to 74.8, its lowest level
since June 1983, from September's slightly upwardly revised
75.7, roughly matching expectations.

In an earlier release, October consumer prices declined 0.3%
versus the 0.2% drop forecast by Dow Jones Newswires, owing
primarily to a huge drop in energy prices, according to the
Labor Department. The core index, which excludes the volatile
energy and food components, rose 0.2%, slightly more than the
consensus forecast for a 0.1% rise. Energy prices declined 6.3%,
the biggest drop in more than 15 years, and transportation
prices slumped 2.2%. The relatively quiet inflation environment
is generally bond-friendly and leaves the door open for further
monetary easing if deemed necessary by the Fed.

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

WORLD MARKETS

European markets were higher later in the day, with the
Bloomberg European 500 index up 0.63% as of 11:56 a.m. EST.
Energy and financials paced the advancers, while mining and
beverages drove the decliners. Much of the lift to European
equities could be attributed to a bounce in crude oil prices off
yesterday's 2-1/2-year lows. On the economic front, inflation in
the euro-zone remained tame as the consumer price index matched
expectations, declining 0.1% in October and increasing 2.4% year
over year. The euro was higher versus the dollar amid lackluster
U.S. equity performance and marginal gains in European bourses.

Jeffrey Reeve, Market Analyst

================================================================

LOGIN to access your account:

https://investing.schwab.com/trading/start

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

To unsubscribe or modify your Email Alert customization options,
log in using the link below or copy and paste it into your
browser's address window:

https://investing.schwab.com/trading/start?SANC=EAMyAlerts

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

Notice: All email sent to or from the Charles Schwab corporate
email system may be retained, monitored and/or reviewed
by Schwab personnel. (0801-11478)

Information provided by Bridge Information Systems.
Copyright 2001 Bridge Information Systems.

Charles Schwab & Co., Inc. ("Schwab") is a member of the NYSE,
other major U.S. Securities Exchanges, and SIPC. Schwab is a
specialist in various securities on the Pacific, Boston and
Cincinnati Stock Exchanges and is subsidiary of The Charles
Schwab Corporation, which is listed on the NYSE and trades
under the symbol "SCH". Schwab Capital Markets L.P. is a member
of the NASD and SIPC.

Schwab Capital Markets L.P. is also a subsidiary of The Charles
Schwab Corporation and is a market maker in approximately
4,900 securities.

Schwab Center for Investment Research ("SCIR") is part of
Charles Schwab & Co., Inc. The information contained herein is
obtained from sources believed to be reliable, but its accuracy
or completeness is not guaranteed. This report is for
informational purposes only and is not a solicitation, or a
recommendation that any particular investor should purchase or
sell any particular security. Schwab does not assess the
suitability or the potential value of any particular
investment. All expressions of opinions are subject to change
without notice. The Charles Schwab Corporation, Schwab, Schwab
Capital Markets L.P. and its officers, directors, employees,
consultants and/or members of their families may have a position
in, and may from time to time, purchase or sell any of the
mentioned or related securities including derivatives in such
securities. At any given time, Schwab specialists, or Schwab
Capital Markets L.P. market makers, may have an inventory
position, either "long" or "short" in any security mentioned in
this report as a result of their specialist/market making
functions, respectively. Additionally, Schwab or Schwab
Capital Markets L.P. may be on the opposite side of orders
executed on the floor of the Pacific, Boston and/or Cincinnati
Stock Exchanges or over-the-counter market respectively, as
well. Schwab (or persons related thereto) or consultants may
perform or solicit investment banking or other business from
any company mentioned in this report.
(C)2001 Charles Schwab & Co., Inc.

1) Schwab Capital Markets L.P. makes a market in this security.
2) Schwab is a specialist in this security.
3) Schwab has managed or co-managed a public offering in this
   security within the last three years.
4) An employee of Schwab is a Director of this company.
5) An analyst covering this stock has an investment position.

This service is for personal use only. Commercial use or
redistribution in any form, print or electronic, is prohibited.

Distribution by Quris, Inc.


Please see attached.

Thanks.
Donna

 <<1-17-02.doc>>


In the second paragraph we should delete the "partnership" statement.  I
think it's more effective to refer to the New Power Company's risk management
capabilities (as provided by Enron, if necessary).  That's the basis for the
ability to guarantee savings (not economies of scale).  I am also concerned
that the current statement implies that Enron is taking the risk on the
commodity price guarantees.

Peggy Mahoney@EES
08/24/2000 01:15 PM
To: Mark Koenig/Corp/Enron@ENRON, Mark Palmer/Corp/Enron@ENRON, Steven J
Kean/NA/Enron@Enron, Cedric Burgher/Corp/Enron@ENRON, Paula
Rieker/Corp/Enron@ENRON, Mike Kerns/Western Region/The Bentley
Company@Exchange, Karen Denne/Corp/Enron@ENRON, Karen S Owens@ees@EES,
Elizabeth Tilney/HOU/EES@EES
cc:

Subject: Draft New Power press release

See draft release below.  I have made some suggestions.  Let me know what you
think by Friday at 10:00am.
Peggy

---------------------- Forwarded by Peggy Mahoney/HOU/EES on 08/23/2000 05:36
PM ---------------------------

Kathy Johnson
08/22/2000 12:56 PM
To: Peggy Mahoney/HOU/EES@EES
cc:
Subject: Draft New Power press release

Peggy:

Attached is the first draft of an announcement that we're targeting for
release before market opening on Monday, August 28th.
It announces our entry into the New Jersey and Pennsylvania markets (and
guess what, we're already beginning to sign up customers as of yesterday!).
We'd put it out on PR Newswire (nationally) as well as to all the key
industry trades.

Please feel free to pass it along for comments to the usual crew at Enron.

Thanks!

Kathy


Reference  jwvs email sent on 6/18/01 @ 12:04 p.m.

Thanks.

SO for JWVS


A final word on the new DMS procedure. Mike feels it's important you know that Volume Management will thoroughly research each discrepancy before bringing it to your attention.

"Make sure they understand that we will exhaust all of our efforts before we send it over to them.
All notes will be provided on the DMS telling them where we are and what we found out and where they should look," says Purcell.

So when the discrepancy shows up in your file, which you will check at the beginning of each shift, it is there because our back office professionals have hit an impasse and require your assistance to get through it. That means it's important.

Thanks,
Kate


Brant:
Their lawyer finally called me.  We have a few open credit issues on our side
that I need for you to think about:

1. Are you okay with the cross default threshold on both sides being 3% of
stockholders' equity?  They didn't like $100,000,000.

2. For corporate policy reasons, they cannot take advantage of affiliate
setoff.  Since I wasn't sure what relationships ENA and its affiliates had
with this counterparty, I wasn't sure how strongly you felt about it.  Please
advise.

Carol


This deal was done on the Intercontinental Exchange (ICE). Jeff thought it
was the same thing as Dynegy Direct. I've changed it to ICE as broker, but
I'm wondering if these are different brokers, or why Jeff would have thought
they were the same....???

Kate

Evelyn Metoyer@ENRON
03/13/2001 02:31 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 3/13 Checkout Con't

deal 548465
Jeff Richter

Is Dynegy Direct the correct broker because I do not see this deal on their
web checkout?


There are two additions.  AirProducts and Petrofina.


Start Date: 12/11/01; HourAhead hour: 20;  No ancillary schedules awarded.  Variances detected.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001121120.txt

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 20 / Preferred: 524.32 / Final: 524.32)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE3
  MKT_TYPE: 2
  TRANS_DATE: 12/11/01
  SC_ID: ENRJ