The special protection under the Bankruptcy Code is not limited to
swaps. Section 546(e) protects "margin payments" and "settlement payments"
which are "made by or to a commodity broker, forward contract merchant,
stockbroker, financial institution or securities clearing agency...." and
the definition of "swap agreement" for purposes of section 546(g) includes
commodity swaps.  But your point is well taken, because there
seems to be no special protection for agreements that involve transactions
covered by different subsections or that involve some transactions that are
covered by the special protection, and some that are not.
This issue may be even more important outside the letter of credit context.
There are  special exemptions from the automatic stay in section 362 of the
Bankruptcy Code for setoffs under swap agreements and commodity contracts.
But, like section 546, these exemptions are in separate subsections, and do
not clearly provide for setting off transactions covered by one subsection
against transactions covered by one of the other subsections, or against
transactions not covered by the exemptions at all.
I can imagine setting up netting arrangements with several stages of
netting, both to take maximum advantage of the exemptions in the Bankruptcy
Code and to get a clear picture of the credit exposure with a particular
counterparty.  First, you would net all the transactions covered by each
subsection. Then you might net the transactions covered by the different
subsections. Then you would net the resulting number against transactions
not covered by any of the exemptions. Perhaps you do that already.
 Please let me know if you would like to discuss this subject in more
detail.
-----Original Message-----
From: Mark.Taylor@enron.com [mailto:Mark.Taylor@enron.com]
Sent: Friday, May 25, 2001 5:47 PM
To: eireland@foleylaw.com
Cc: Julia.Murray@enron.com; Carol.St.Clair@enron.com
Subject: Letters of Credit; Preference; Swap Transactions

Julia sent me a copy of your memo following up on one of the questions
asked at the session earlier this week.  I would like to ask a follow-up
question:

Do we lose the benefit of the special treatment under the bankruptcy code
when we enter into cross-product (i.e. physical and financial products)
netting and joint credit support arrangements.  If we agree with a
counterparty to net all of our trading exposures under multiple agreements
(swap agreements and gas, power, steel, coal, etc. trading agreements) to
determine how much credit support should be posted and then only ask for a
single LC that supports the whole shebang, do we lose this protection since
arguably we are no longer just "under a swap agreement?"


Kay Young
Legal Specialist
Enron North America Corp.
Ph:   713-853-6794
Fax: 713-646-3393

 -----Original Message-----
From: 	Jones, Tana
Sent:	Wednesday, October 24, 2001 3:43 PM
To:	Young, Kay
Subject:	Looking for signed NDAs

Do you have copies of any of the following NDAs?

At the Moment - yes, expired
True Exchange - no, never had one
BizBots - no, never had one


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Dan,

I talked to Brad. He said that he would prefer to go out in Red Deer.

Chris


ISDA PRESS REPORT - MONDAY, NOVEMBER 13, 2000

* Few issuers expected for first SET-50 index options; Acceptance
hinges on Derivatives Act
* Investment Instrument Standards Fight Grows
* Derivatives Standards Need Check
* Osaka and Dow To Form Derivatives Alliance
* Australia Credit Derivatives Turnover At A$18.4B
* Powerful Financial Services Reform Body Urged
* Lamfalussy group sees the way to a golden future for an integrated
market

Few issuers expected for first SET-50 index options; Acceptance hinges on
Derivatives Act
Bangkok Post - 11/13/2000

SET-50 options will be the first derivative index launched on the Stock
Exchange of Thailand next year as a new risk-management tool for investors.

But a lack of firms willing to issue index options remains a challenge.

Regulators will allow the issue of both call and put options based on index
changes. A buyer of a call option, for instance, will receive payment for
the difference in the change of the index if it rises above a set level.
Similarly, a buyer of a put option is paid if the index falls.

Suvit Mapaisansin, managing director of Merrill Lynch Phatra Securities,
said index options would become an important risk-management tool.

In overseas markets, most regulators choose to develop a futures market
first to support derivative instruments. While Thailand plans to eventually
develop a futures market, final passage of a new Derivatives Act is needed
first.

Mr Suvit said both futures and options were needed to enable investors to
fully manage their risk.

"The SET has sort of moved backward, developing options before futures.
Under such circumstances, the market will have only buyers, with few
sellers. The sentiment for market trends will be similar, both for puts and
calls."

Brokers would likely serve as intermediaries in processing orders, rather
than taking positions themselves to limit their own risks, Mr Suvit said.

"I think there is interest among investors in the instruments, but the
problem is that there are no issuers yet."

Full development of options would likely await the launch of the futures
market. How successful derivative instruments become will hinge on overall
investment sentiment.

SET officials acknowledge that the lack of issuers poses problems. The draft
Derivatives Act is being reviewed by the Council of State and then will be
scrutinised by various agencies before final submission to Parliament.

Investment Instrument Standards Fight Grows
Australian Financial Review - 11/13/2000
By Roger Hogan

The controversy over how Australian companies should account for financial
instruments is likely to intensify during the next few weeks, when a joint
working group set up by the Australian Accounting Standards Board releases a
draft document designed to settle the question.

According to the AASB's chairman, Mr Keith Alfredson, the document on which
comments will be invited is likely to ``blow the minds'' of many in the
financial markets, major corporates and the accounting profession, judging
by the criticisms it has attracted even before its publication.

But he said time for argument was fast running out. Whatever happened after
the draft and invitation to comment were issued in the run-up to Christmas,
``Australia will have to make a choice.''

Accounting bodies worldwide have been working on standards for financial
instruments to prevent the derivatives -related disasters that rocked many
companies during the late 1980s and early 1990s, including US company
Procter & Gamble, which lost $US157 million on interest-rate derivatives in
1994.

The matter has become urgent in Australia partly because the United States
has introduced its own standard Financial Accounting Standard Board
statement No133 which became effective for some companies on July 1, and
which will operate from January 1 for those whose financial years coincide
with the calendar.

FAS 133 is regarded as a nightmare by corporate treasurers in the US and
here, because it requires derivatives and other financial instruments to be
``marked to market'' every quarter, rather than accounted for on a
fair-value basis.

Its critics claim it will lead to volatility and confusion in company
financial statements.

Mr Alfredson said that in the US, ``there is now a special interpretation
group like the Urgent Issues Group here interpreting 133. In other words, it
is so complex, readers can't just read the standard and interpret it. The
group has already issued more than 100 interpretations.''

Australia has no accounting standard that deals comprehensively with the
recognition and measurement of financial instruments, although it has made
progress with disclosure requirements. Acknowledging the concern over the
mark-to-market approach, the AASB commissioned the development of a
fair-value model.

The joint working group consists of representatives from Australia, Canada,
France, Germany, New Zealand, the Nordic countries, Britain, the US and the
International Accounting Standards Committee. IASC has incorporated elements
of FAS 133 into its own much-criticised financial instruments standard, IAS
39.

It remains to be seen how much simpler the fair-value approach will be.

``In fair-value accounting, you get the market value for the instruments at
the time and fair value them. It sounds easy in principle, but it is much
more complicated in practice,'' Mr Alfredson said.

Developing the appropriate standard is only half the battle, however; the
trick is to gain widespread acceptance for it. Even if Australia accepted
the fair-value model, Mr Alfredson said, it would not be able to implement
it alone, ``at least if I have any influence''.

There would need to be a ``convergence by the major standard-setters after
appropriate due processes, including field testing of its relevance and
reliability to preparers and users''. Either that, or ``we may have to go to
something else ... Perhaps FAS 133 and all its committees''.

Derivatives Standards Need Check
Australian Financial Review - 11/13/00
By Roger Hogan

The Bank for International Settlements will indirectly highlight the need
for appropriate accounting standards for derivatives today when it releases
statistics showing global over-the-counter derivatives markets continue to
grow strongly, with total notional outstandings for the first half of the
year at $US94 trillion ($181 trillion).

This represents a 6.6 per cent increase on the $US88.2 billion at December
31 and reflects an overall buoyancy of the market which contrasts sharply
with the stagnation of volumes on derivatives exchanges. The notional value
of exchange-traded contracts during the first half was $US13.9 trillion, the
same as December 31, 1998.

Another trend picked out by the BIS data is the rise of the euro as a key
currency in the derivatives market. It extended its already dominant
position in the interest rate derivatives markets, where it accounted for
the                                 equivalent of $US22.9 trillion, or 35.7
per cent of the total, compared with $US20.7 trillion (34.4 per cent) in the
previous period.

Growth during the first half was led by forward-type contracts, particularly
interest rate swaps, outright forwards and foreign exchange swaps, said the
BIS.

The biggest segment, interest rate derivatives, grew by 7 per cent to
$US64.1 trillion. Most of the growth was in swaps, which expanded 9 percent
to $US48 trillion.

Swaps have grown more quickly than other interest rate derivatives for the
past few years, a trend the BIS said might be explained by the development
of various swap structures, which might have enabled the market to respond
to end-users' needs in a more flexible way than exchange-traded interest
derivatives.

Other reasons included the introduction of the euro and its stimulus to the
growth of European capital markets issuance, some exposure to which was
likely to have been hedged in the interest rate swap market; and reduced
government bond issuance, which would have made government bond futures less
useful as hedging instruments.

Not surprisingly, given the currency volatility during the first half, the
value of contracts outstanding in various currency instruments increased 8
per cent to $US15.5 trillion. This included a very sharp 26 per cent rise in

contracts involving the euro; the value of $US and sterling contracts rose 9
and 11 per cent respectively.

Activity in the equity-linked sector fell by 8 per cent to $US1.7 trillion,
while that in commodity derivatives markets increased by 7 per cent to
$US584 billion. Looking behind these face values, the actual credit
exposures of financial institutions to derivatives fell by 8.4 per cent,
from $US1.03 trillion to $US937                                 billion.

Osaka and Dow To Form Derivatives Alliance
Financial Times - October 25, 2000
By Bayan Rahman

Osaka Securities Exchange, Japan's second-largest stock exchange, and Dow
Jones & Co, the US index provider, will on Thursday sign an agreement to
list the US company's derivatives products on the OSE early next year.

Osaka will develop futures and options contracts, whose value will be linked
to the performance of the Dow Jones Industrial Average.

Goro Tatsumi, OSE president, and David Moran, president of Dow Jones
Indexes, will sign a memorandum of understanding in Osaka on Thursday.

The OSE is seeking derivatives-related tie-ups to expand its range of global
products to attract international
clients. The move is also designed to help the exchange defend its market
share against the threat from 24-hour and internet trading.

The agreement between the Osaka exchange and Dow Jones follows another one
between the OSE and Nasdaq of the US to list derivatives products based on
the Nasdaq-100 index.

The OSE is also in talks with the Chicago Board Options Exchange and is
considering talks with Eurex, the
Swiss-German derivatives exchange.

Australia Credit Derivatives Turnover At A$18.4B
Dow Jones International News - 11/12/00
By Adam Bradbery

SYDNEY -(Dow Jones)- The Australian credit derivatives market saw total
turnover for the 1999-2000 financial year of A$18.4 billion, up
substantially from 1998-1999, the Australian Financial Markets Association
said Monday.

This is the first year the AFMA has surveyed the credit derivatives market,
but it estimates turnover was A$3 billion to A$5 billion in 1998-1999.

Credit derivatives are instruments that allow market participants to manage
the credit risk within their assets or to take exposure to such risk to
boost returns.

"This shows that the market has liquidity and depth," said AFMA credit
derivatives committee chairman, Pierre Katerdjian. The findings are the
result of a survey conducted by AFMA and the Securities Industry Research
Centre of Asia-Pacific.

"It's very encouraging, particularly as there are still a number of offshore
banks and investment houses which trade Australian name default swaps but
which were not captured by the AFMA survey," Katerdjian said.

AFMA Chief Executive Ken Farrow says that the growth in the market is good
for Australia's lenders and helpful in lowering systemic risk in Australian
financial markets.

Katerdjian says most market participants expect turnover of credit
derivatives to increase 50% this financial year from last year, with the
global reduction in government debt on issue and the increased liquidity of
corporate bond markets encouraging this trend.

"There is a greater need to hedge credit risk and these instruments are the
most efficient way to do that," he said.

Powerful Financial Services Reform Body Urged
Financial Times - November 10, 2000
By Peter Norman

The European Union needs a powerful new EU securities committee to help
speed regulatory reform In  markets for financial services and capital, a
special EU group on securities regulation proposed yesterday.

The group rejected the idea of a single EU regulatory agency "at his stage
of the development of the EU's
securities markets".

This idea, which would require changes to EU treaties, gained little support
from market practitioners.

But Alexandre Lamfalussy, the former Belgian central banker who chaired the
so called wise men's group,
urged EU leaders at next March's summit in Stockholm to agree to proposals
for a new faster method of regulatory reform and make commitments for it to
be in place in the EU by 2002.

"We can no longer afford the luxury of regulatory inefficiency in the
instantaneous internet age," declared Mr Lamfalussy.

"Financial markets are changing by the week and European regulation is
simply not up to speed."

The report said an efficient regulatory process for financial services and
capital markets was "crucial" for the
EU and its citizens, because it would boost growth, competitiveness and
jobs.

Mr Lamfalussy said the proposed system, which would have the securities
committee work out the detailed implementation of new regulations, could cut
the time needed to complete reforms "substantially" and
possibly by a half.

The committee, which would consist of representatives of the Commission and
member states, would be able to adapt existing legislation to changed
circumstances "very quickly", he added.

Mr Lamfalussy made clear that the fast track system being proposed would
have to be monitored carefully and reviewed promptly if found to be
"manifestly failing" to secure progress.

The interim report was welcomed by representatives of the financial sector.
Some bankers said it was
auspicious that the final recommendations would be delivered in February
during EU presidency of Sweden,
which is known to favour speeding the development of the single financial
market.

Adam Ridley, direcxtor general of the London Investment Banking Association
said the report proposed a sensible institutional structure.  He welcomed
the decision to initiate a wide debate on the proposals before production of
the group's final report.

Paul Ariman, the secretary general of the Federation of European Stock
Exchanges, praised the report's "very pragmatic" approach, noting that it
would have taken at least three years to set up a single European regulator.

Mr. Lamfalussy said regulatory changes were "especially urgent"" if the EU
was to create a real single market for financial services.

He endorsed the proposals of the EU's financial services action plan, but
urged that it be completed by 2004.  The present target of 2005 could be
missed unless the EU adopted the groups fast track approach on legislation,
he warned.

Lamfalussy group sees the way to a golden future for an integrated market
Financial Times - 11/10/00
By Peter Norman

The average US investment fund is six times larger than its European
equivalent.

Venture capital per head of population in the European Union is one-fifth of
US levels.

The average annual real return on US pension funds was 10.5 per cent between
1984 and 1998 against 6.3 percent in the EU.

With these facts Baron Alexandre Lamfalussy and his group of wise men
highlighted the deficiencies of
the EU's financial market, in yesterday's interim report on the regulation
of European securities markets.

The prize of creating a properly integrated European financial services and
capital market, that would
virtually complete the EU's single market for goods and services, was
couched in correspondingly glittering
terms.

Financial market integration, Mr Lamfalussy said, would lead to increased
productivity of both capital and
labour, enabling the Europe's economy to grow faster and create more jobs.

It would bring benefits to consumers, through higher returns; to small and
medium-sized enterprises, through more venture capital; and to large
companies, through lower capital costs.

The reforms needed to create such a market have long been identified and
cover issues such as new rules for regulated and non regulated markets; a
single "passport" to ease the raising of capital across borders and updating
investment rules for pension and investment funds. They form the EU's
financial services action plan, due to be implemented by 2005, but which the
Lamfalussy group wants completed by 2004.

The problem so far has been putting in place the regulatory conditions to
police such a market in a period of rapid technological and market change.

As Mr Lamfalussy's report recalled, it takes an average three years to agree
an EU regulation or directive and delays can be much longer. The EU takeover
directive has been under discussion for 11 years and still to be enacted.

The report called for a regulatory system that "can adjust continuously,
flexibly and rapidly to future developments, which are unpredictable today".
It must "not inhibit legitimate market development" and be "neu-
tral as regards competition between different service providers".

The current system, Mr Lamfalussy complained, "is too slow, too rigid and
contains too much ambiguity
and inconsistent implementation".

The novelty of yesterday's report is in the way it draws on a little used
element of the EU's legislative
procedure to propose a faster way of introducing and implementing
legislation governing financial markets.
At first sight its "four level" approach for securities legislation appears
technical and undramatic. But by using the process known as comitology it
offers a chance of halving the time needed to introduce financial
market rules.

Mr Lamfalussy's group proposed that future EU securities legislation should
concentrate on principles rather than details. The legislation, which would
be agreed in the usual way by the council of ministers and the European
parliament on a proposal of the Commission would ideally be framed as EU
regulations, which do
not require transposing into national law.

A new EU securities committee would define how these principles would be
implemented. It would comprise Commission officials and representatives of
member states, who would decide technical details and update
them when necessary.

EU member states would be responsible for implementing the legislation,
ensuring that it was "consistent and equivalent" throughout the KU. This
would entail much greater co-operation between regulators and the
Commission.

The attraction of the plan is that it could be enacted without changing the
EU treaties and in force by the
beginning of 2002. It would be closely monitored and reviewed around 2004.

However, Mr Lamfalussy made clear the new procedure would need political
endorsement at the highest
level and suggested EU leaders at their Stockholm summit in March next year
should pass a resolution
agreeing a series of commitments to be delivered by 2002.

His fast track method would also have to win the support of the European
parliament, which has adopted
a generally hostile approach to comitology because it pares its powers.

Stressing that yesterday's report was an interim proposal, Mr Lamfalussy
said his group would now seek
political and market reactions.

End of ISDA Press Report for Thursday, November 2, 2000.

THE ISDA PRESS REPORT IS PREPARED FOR THE LIMITED USE OF
ISDA STAFF, ISDA'S BOARD OF DIRECTORS AND SPECIFIED CONSULTANTS TO ISDA.
THIS PRESS REPORT IS NOT FOR DISTRIBUTION (EITHER WITHIN OR WITHOUT AN
ORGANIZATION), AND ISDA IS NOT RESPONSIBLE FOR ANY USE TO WHICH THESE
MATERIALS MAY BE PUT.


All testing was completed successfully.


Melissa,

I just sold a swap to EPE and I have forwarded a copy of the attachment below
to them.  They have agreed with the terms in the attachment.  Could you
coordinate with Sara Shackleton to include the necessary attachment in our
confirm.

Thanks,

Paul Choi
---------------------- Forwarded by Paul Choi/SF/ECT on 05/05/2000 04:10 PM
---------------------------
From: Tana Jones on 05/05/2000 06:02 PM CDT
To: Paul Choi/SF/ECT@ECT, Christian Yoder/HOU/ECT@ECT
cc: Sara Shackleton/HOU/ECT@ECT
Subject: El Paso Electric Company

At the request of Sara Shackleton, I am transmitting a proposed form of Annex
A for the referenced counterparty.  Please call me at x33399 or Sara at
x35620 if we can be of further assistance.


On Friday, July 6th, we had an excellent first meeting with Com Ed.

In attendence from Enron were Rogers Herndon, Marc Ulrich, Jeff Merola, Brad Snyder, Guy Sharfman and myself.  (Roy Boston and our attorney Chris Townsend attended our pre-meeting discussion but did not attend at ComEd to keep our numbers down).

In attendence from Com Ed were Pam Strobel President, Exelon Energy Delivery Company and Vice Chair, ComEd; Frank Clark, Ex. V.P. Customer Marketing and Energy Delivery Services, ComEd; Gerald Rhodes, President, Exelon Energy; Arlene Juracek, Vice President, Regulatory & Strategic Services, ComEd; John McCawley, Director, Electric and Gas Choice; and Michael Freeman, Long-Term Trader, Exelon Power Team.

During the course of the meeting, we delivered our message that we, like ComEd, wanted to see a competitive market emerge in Illinois, but that we had concern that lifting the PPO early without the presence of a competitive market could create a California-like situation - which is what they were striving to avoid - because their approach would leave buyers on the competitive market without having any sellers due to problems with physical delivery.  We indicated our concern for our existing customers and our ability to grow our business in Illinois.  We stressed the PJM model as a workable solution that creates a liquid market.  There was much enthusiasm on the part of ComEd for focusing ICC attention on creating that kind of a solution for Illinois.  Arlene Juracek encouraged us to work with them on this and to meet with Steve Nauman and Celia David.  Since Mike Roan and I will be in Illinois on this Tuesday and Wednesday, first to hear the Alliance's presentation to the ICC and then for Mike to make a presentation the following day, we are going to try and meet with them.

One of our objectives was to set up a team between Enron and ComEd to go through the requirements and nuts and bolts of physical delivery into Illinois.  This was accomplished and Jeff Merola and Mark Ulrich witll be meeting  with Ann McGlin at ComEd to get a better understanding of what we can and cannot do to achieve physical delivery.  Also, Michael Freeman indicated a willingness to sell us a structured retail product to help us achieve physical delivery (energy and/or load following services), and made it clear that whatever deal we do with the Exelon Power team would be independent and separate from any deal we might do with ComEd on the PPO front.  Once we have completed our discussions with Ann McGlin and with Michael Freeman, we will meet again with ComEd to negotiate what we need for physical delivery.

We also discussed other aspects of the ComEd letter to the ICC and received the following clarifications.  Customers going off the PPO before 2004 would be offered rate 6L which is a bundled rate.  After 2004, ComEd plans to go to real time pricing on a day ahead or hourly basis.  As to whether the CTC could be reinstated after a customer was dropped from PPO, they indicated that they had not thought about it, but believed the law would allow this.  Arlene Juracek, however, commented that they could lock in a CTC agreement with a customer.  I interpret that to mean that as part of an agreement to support ComEd in its proposal, we may be able to guarantee that for our customers, the CTC will not reemerge if market prices go down or that we can negotiate a limited CTC, etc.

We also pointed out that we had other concerns like ComEd's unwillingness to negotiate the Supplier Agreement.  Not much time was spent on that but my sense is that if this is an obstacle to getting our concurrence, we may be able to work through this as well.

Frank Clark asked us about our willingness to take on the role of supplier of last resort and we responded that we needed first to be sure that we could physically deliver to customers.  Once that hurdle is addressed, we would be willing to consider that possibility.

The ComEd negotiating team will meet in Houston on either the morning of July 16th or 17th when we believe the tasks with ComEd will be completed, in order to evaluate what we have learned and what our next steps should be.  I will then arrange a follow-up meeting with Pam Strobel and her team.

Janine


Kay: It appears that we have not recieved payment for our invoices dated
December 19, 2000 and thereafter. They are as follows: 30556590 ($1.675.29)
Dec. 19, 2000; 30584365 ($874.12) Feb. 27, 2001; 30599206 ($95.55) March
30, 2001; and 30612711 ($419.15) Apr. 30, 2001. Would you please check on
these invoices? Thanks

==========
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Texans News
May 14, 2001

Capers to join fans Friday
Join us for a special autograph appearance by Texans Head Coach Dom Capers
Friday at the club's concept store, in the Pennzoil-Quaker State Company
Store at Pennzoil Place, located in the downtown Houston tunnel level, at
700 Milam. Capers will be on hand from noon until 1 p.m. and 95.7 KIKK-FM's
Lisa Dent will be there to give away exciting Texans prizes!

Check out the web site for more information:
http://www.houstontexans.com/home/general.cfm?cont_id=59999&NSLN=051401

---
You are currently subscribed to texansnews as: GWHALLE@ENRON.COM
To unsubscribe send a blank email to
leave-texansnews-179392T@newsletter.houstontexans.com


i think he could go to the pro bowl and start ahead of manning this year.


All four look fine to me.

	Janette Elbertson
	02/21/2001 02:04 PM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc: Robert Bruce/NA/Enron@Enron
		 Subject: "Chinese Wall" Classroom Training

This is the first of four e-mails I am forwarding for your review.  Mark
Haedicke said you should review them before they go out.

Janette Elbertson
Enron North America Corp.
Legal Department - EB3326
Telephone:  (713) 853-7906
Fax:  (713) 646-2600
janette.elbertson@enron.com
----- Forwarded by Janette Elbertson/HOU/ECT on 02/21/2001 02:03 PM -----

	Mark E Haedicke
	Sent by: Janette Elbertson
	02/21/2001 11:02 AM

		 To: Steve Jacobellis/NA/Enron@Enron, Pushkar Shahi/HOU/ECT@ECT, William
Stuart/HOU/ECT@ECT, Ellen Su/Corp/Enron@Enron, Michael W Bradley/HOU/ECT@ECT,
Samantha T Davidson/HOU/ECT@ECT, Farzad Farhangnia/HOU/ECT@ECT, Jaime
Gualy/NA/Enron@Enron, Matthew Jachimiak/HOU/ECT@ECT, William Patrick
Lewis/HOU/ECT@ECT, Kelly McCoy/HOU/ECT@ECT, Patricia RUCH/ENRON@enronxgate,
Eric Scott/HOU/ECT@ECT, Selena Gonzalez/HOU/ECT@ECT, John Greene/LON/ECT@ECT,
David J Vitrella/HOU/ECT@ECT, John Weakly/Corp/Enron@ENRON, Mike
Fowler/Corp/Enron@ENRON, Gary Hickerson/HOU/ECT@ECT, Sheila
Glover/HOU/ECT@ECT, Theresa T Brogan/HOU/ECT@ECT, Aneela Charania/HOU/ECT@ECT
		 cc:
		 bcc: Robert Bruce/NA/Enron@Enron
		 Subject: "Chinese Wall" Classroom Training

 As you know, Enron Wholesale Services (&EWS8) maintains official Policies
and Procedures Regarding Confidential Information and Securities Trading
(&Policies and Procedures8), which have been revised as of November 15, 2000
to reflect the new EWS structure.  Many EWS employees are being required to
become familiar with, and certify compliance with, the Policies and
Procedures.

 Additionally, the EWS legal department is conducting one-hour classroom
training sessions for certain personnel whose job functions are critical to
the Policies and Procedures.   By virtue of your role in the financial
trading group, your participation in such training is important to the
success of the Policies and Procedures.

 Therefore, please register for one of the four one-hour sessions listed
below.  Each session is tailored to a particular commercial group, and it
would be preferable if you could attend the session for your group (your
particular group is the one highlighted in bold on the list below).  However,
if you are unable to attend the session for your group, it is preferable that
you attend another session rather than no session at all.

 Monday, March 5, 2001, 10:00 a.m. ) Resource Group
 Monday, March 5, 2001, 11:00 a.m. ) Origination/Business Development
 Monday, March 5, 2001, 3:30 p.m. ) Financial Trading Group
 Monday, March 5, 2001, 4:30 p.m.  ) Heads of Trading Desks

 Each session will be held at the downtown Hyatt Regency Hotel in Sandalwood
Rooms A & B.  Please confirm your attendance at one of these sessions with
Brenda Whitehead by e-mailing her at brenda.whitehead@enron.com or calling
her at extension 3-5438.

 Make-up video presentations will be scheduled at a later date for those of
you who have irreconcilable scheduling conflicts.   Because of the
interactive nature of the training, it is important that you attend one of
the March 5 sessions if at all possible.


kiddie, can you send over what we have done on the language change please
thanks

 -----Original Message-----
From: 	Lin, Homer
Sent:	17 October 2001 21:05
To:	Meredith, Kevin
Cc:	King, Joe; Moncrieff, Scott; Taylor, Mark E (Legal)
Subject:	RE: Baltic Exchange changes

Looks fine by me.

 -----Original Message-----
From: 	Meredith, Kevin
Sent:	Wednesday, October 17, 2001 11:02 AM
To:	Lin, Homer; King, Joe; Taylor, Mark E (Legal)
Cc:	Garner, Kate
Subject:	Baltic Exchange changes

Please review the proposed changes(shown in blue) to the Tanker Freight products as a result of the Baltic Exchange index changes.  If we receive your approval of the change, we will make the change to the short and long description this weekend.

Tkr Freight Swap BITR BDTI 9                  Dec01           WS/mt

A financial swap Transaction with Enron North America Corp. under which the Seller pays a Floating Price and the Buyer pays a Fixed Price in each case in respect of the Notional Quantity per Determination Period.  Each calendar month during the term of the Transaction will be a Determination Period, provided that, if the term of the Transaction is less than one calendar month, the Determination Period shall be the term of the Transaction. The Fixed Price shall be equal to the Flat Rate (as defined below) multiplied by the percentage submitted by Counterparty via EnronOnline.  The Notional Quantity per Determination Period shall be the volume submitted by Counterparty via EnronOnline. The Floating Price shall be the Index.  The Payment Date shall be the fifth Business Day following the date on which the Floating Price is determinable.
The term of the Transaction shall be from the Effective Date (or start date) to the Termination Date (or end date). The Effective Date (or start date) is 01 Dec 2001. The Termination Date (or end date) is 31 Dec 2001.
The Index shall be the arithmetic average of the prices in the Determination Period. Such prices shall be calculated by multiplying the Flat Rate (as defined below) for the route known as ["70,000 tonnes loading Puerto La Cruz to Corpus Christi"] by the World Scale (or "WS") under the heading 'The Baltic International Tanker Route (BITR) Baltic Dirty Tanker Index (BDTI); Route [9]' whenever published by The Baltic Exchange Limited within the Determination Period. The Flat Rate is the rate in US dollars per metric tonne as published by Worldscale Association (London) Limited and Worldscale Association (NYC) Inc.  in effect on the last day of the Determination Period for the above mentioned route.  If for any reason the Baltic Exchange Limited does not provide any prices during the Determination Period, then the Forward Freight Agreement Brokers Association ("FFABA") may be instructed by either Enron or Counterparty to form a panel to establish such price, which will be binding on both Counterparty and Enron.
The price quoted on EnronOnline is World Scale (or "WS"), expressed as a percentage of the Flat Rate. The Contractual Currency will be US dollars.
The unit of measure against which the price is quoted shall be metric tonnes and the quantity shown shall be the number of LOTs per Determination Period (each LOT being 5000 metric tonnes).

Kevin Meredith

EnronOnline
(713) 853-9555


Kim:  Kristen and I will be reviewing and making enhancements to this before
we meet next week, but here is the sheet as it stands, now.

Thanks

Anne


Tana,

Please include Rod Nelson on all Credit Trading related communications.

Thanks,
Bill

---------------------- Forwarded by William S Bradford/HOU/ECT on 03/09/2000
10:31 PM ---------------------------

	Enron North America Corp.

	From:  Tana Jones                           03/08/2000 10:42 AM

To: Mark Taylor/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Tom
Moran/HOU/ECT@ECT, Molly Harris/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT,
Debbie R Brackett/HOU/ECT@ECT, David Forster/LON/ECT@ECT, Frank L
Davis/HOU/ECT@ECT, Louise Kitchen/LON/ECT@ECT, David Weekes/LON/ECT@ECT, Mark
Dilworth/LON/ECT@ECT, Edmund Cooper/LON/ECT@ECT
cc:
Subject: Updated Jurisdiction List-Credit Derivatives

Per my conversation with Edmund this morning, we are moving the following
countries to the non-approved list:  Austria, Belgium, Croatia, Czech
Republic, Denmark, Poland, Portugal, Romania, Singapore, and Slovenia.  Below
is the list, now updated to reflect this change.

Jurisdictions which are are approved to trade credit derivatives:  Finland,
Germany, Norway, Sweden, Switzerland, the U.K, and the U.S..

Jurisdictions which are not approved to trade credit derivatives include:
Austria, Belgium, Canada, Croatia, Czech Republic, Denmark, France,
Gibraltar, Ireland, Italy, Poland, Portugal, Romania, Scotland, Singapore,
Slovenia, Spain, and The Netherlands.   For banks incorporated in a
non-approved jurisdiction, it may be possible for them to trade out of a
branch located in an approved jurisdiction (i.e. U.S. and U.K. branches).
This would have to be determined on a case by case basis.

Please let me know if there are any changes to this list.


---------------------- Forwarded by Scott Neal/HOU/ECT on 02/26/2001 03:36 PM
---------------------------

"Libbi Lake" <llake@argolink.net> on 02/25/2001 10:19:46 PM
To: "William Crump" <prcrump@msn.com>, "Will McCallum" <km@kjmccallum.com>,
"Steve Evans" <evanssk@aol.com>, "Michael Swearingin"
<Elizabeth.O.Swearingin@WellsFargo.com>, "Jim West" <jwest@houston.rr.com>,
"Jane Evans" <JBEVANS123@aol.com>, "Eric Hurst" <beth.hurst@abnamro.com>,
"Connor Dougherty" <doughertymd@aol.com>, "Connor Dougherty"
<dbd@whplaw.com>, "Colton Robey" <probey1@aol.com>, "Colton Robey"
<probey@energyUSA.com>, "Anderson Mohle" <tandmolehill@ev1.net>, "Brett Neal"
<Scott.neal@enron.com>, "Brett Neal" <sneal12@mindspring.com>
cc:
Subject: Pre-Season Games!!

Rockhounds & parents,
?
Hey everyone, I've finally got the pre-season game  schedule.? I've attached
the latest overall schedule (rev 2,?and in a  earlier version of Excell so
hopefully it can be easily opened).? Please  let me know if this is a format
problem for anyone, I can fax it and/or mail it  if you'll let me know.
?
Basically the changes are that our games next week are  Tuesday (6:00 pm
gametime?at Memorial Middle School field #3) and  Thursday (8:00 pm gametime
at Spring Forest Field #2, our  regular practice field)? Also, I've upped the
practice start time  next Saturday to 8:30 am going?till 10:30 (since our
game?Tuesday the 6th will?wipe out our practice)?and corrected  the error on
the time for the March 10th practice (thanks Trisha).? If  these games are
rained out they will not be made up.
?
By the way, I've got a practice scheduled for the March 10th  but I'm sure
some will be out since that's the first part of SBISD spring  break.? Please
let me know how many will be able to attend.
?
I don't think this really applies to anyone on our team, by  just fyi:? the
league has requested that parents not drop their kids off in  front of the
fields (by driving down the dirt trail).? There is too much  kid traffic and
they're worried about accidents.? Just keep to the parking  lot.
?
See everyone this Tuesday at 7:30.
?
thanks,
Jeff
 - RHounds_sched_rev2.xls


- We're moving.doc


Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 05/01/2001 06:18 PM -----

	Sara Shackleton
	05/01/2001 05:11 PM

		 To: "Dick D VARNER" <Dick.Varner@EWEB.Eugene.OR.US>@ENRON
		 cc: Kimberly Hundl/Corp/Enron@Enron
		 Subject: Re: Representations for ISDA Transaction

Dick:

That will be fine.  However, you need to attach the trade confirmation
(marked Exhibit "A") to each of your certificates since that is how each
certificate is drafted.

Thus, for the April 12, 2001 transaction, please resend your certificates
with the appropriate attachments as referenced in the certificates.   Please
call if you have any questions.

Thanks for ;your assistance.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

	"Dick D VARNER" <Dick.Varner@EWEB.Eugene.OR.US>
	05/01/2001 04:02 PM

		 To: <Sara.Shackleton@enron.com>
		 cc:
		 Subject: Re: Representations for ISDA Transaction

From our end, we would like to have the direct reference to the specific
confirm.  I know it is a little more hassle, but it works better for us
politically.

>>> <Sara.Shackleton@enron.com> 05/01/01 01:14PM >>>
Dick:

I never heard back from you regarding my email of 4/18/01.  I had asked if
you would mind revising the forms of certificate which we will attach to
each trade confirmation.

We would appreciate revisions to the April 12, 2001 certificates.  This
will be the format for all future transactions.

Please send revisions to Kimberly Hundl.  Her phone number is (713)
853-1647 and fax if (713) 646-2443.

Thanks.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 05/01/2001 03:07 PM -----

                    Sara
                    Shackleton           To:     "Dick D VARNER"
<Dick.Varner@EWEB.Eugene.OR.US>@ENRON
                                         cc:     Kimberly
Hundl/Corp/Enron@Enron
                    04/18/2001           Subject:     Re: Representations for
ISDA Transaction(Document link: Sara
                    10:57 AM             Shackleton)

Dick:

I am suggesting a minor change to the "Power Risk Management Committee"
certificate (to eliminate the reference to the Exhibit "A").  If we leave
the reference in the certificate, you will always have to label the confirm
as Exhibit "A" and resend the completed papers to us.  Please let me know
if you are alright with this change.  If so, we ask that you please resend
the certificate dated April 12, 2001.  If you do not wish to make the
change, please resend the two certificates to which the confirmation
labeled Exhibit "A" is attached.

Please call if you have any questions.  Thanks.

(See attached file: EWEBISDA Confirm RepresentationsR1.doc)

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

                    "Dick D VARNER"
                    <Dick.Varner@EWEB.Eug        To:
<Sara.Shackleton@enron.com>
                    ene.OR.US>                   cc:
<Holli.Krebs@enron.com>
                                                 Subject:     Re:
Representations for ISDA Transaction
                    04/12/2001 07:00 PM

Thanks, Sara.  No problem making the changes.

>>> <Sara.Shackleton@enron.com> 04/12/01 01:56PM >>>

Dick:

Attached are my comments to the certificates.  We will need to attach the
form of confirmation to be certain that each particular transaction is
authorized.  Let me know if you have any questions.  Thanks.

(See attached file: EWEBISDA Confirm RepresentationsR1.doc)

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

                    "Dick D VARNER"
                    <Dick.Varner@EWEB.Eug        To:
<sara.shackleton@enron.com>
                    ene.OR.US>                   cc:
<Holli.Krebs@enron.com>, "Bert I DUNN"

<Bert.Dunn@EWEB.Eugene.OR.US>
                    04/12/2001 11:09 AM          Subject:
Representations for ISDA Transaction

Attached are drafts of two certificates which I believe will satisfy you
needs.  Please get back to me with any comments.

(See attached file: ISDA Confirm Representations)


Louise:  Who in HR is providing you with a list and what is the purpose of the list?  We can verify that they are still with the company and that they are still getting paid, but knowing the source of the list you refer to from HR and the purpose of the list will allow us to get to the heart of the communication problem.  --Sally

-----Original Message-----
From: Kitchen, Louise
Sent: Wednesday, January 02, 2002 2:15 PM
To: Hall, Bob M; McLoughlin, Hector; Reeves, Leslie
Cc: Beck, Sally
Subject: RE:

HR gave the list to me - I hope they are still getting paid

-----Original Message-----
From: Hall, Bob M
Sent: Wednesday, January 02, 2002 2:03 PM
To: McLoughlin, Hector; Reeves, Leslie
Cc: Kitchen, Louise; Beck, Sally
Subject: FW:

Hector and Leslie

Larry Joe Hunter, Larry Cash, and Jon Lewis are all still with Enron.

Will you please find out why Louise thinks they are gone.

Thanks

bob

-----Original Message-----
From: Kitchen, Louise
Sent: Wed 1/2/2002 1:26 PM
To: Oquinn, Kari; Hall, Bob M; Beck, Sally; Luce, Laura
Cc:
Subject:

The following people have been identified as no longer with the company although they are on the Netco list.  Please let Kari know on any changes (Jeanie is out).  I assume there are no problems but if so let me know.

Larry Hunter    - Documentation
Deidre McCaffrey - Gas Origination
Larry Cash - Gas Settlements
Jon Lewis - Risk


That is the home run that I want to hit with this form, Scott, but GE needs
to give us a few days to work out an approach on that. I will discuss it with
Sheila on how to approach the issue from the EWS perpective

JWVS

	Scott Dieball
	05/15/2001 12:39 PM

		 To: Sheila Tweed/HOU/ECT@ECT, John
Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Kay Mann/Corp/Enron@Enron, John G
Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Roseann
Engeldorf/Enron@EnronXGate@ENRON
		 Subject: Re: World Hunger Contract

GE thinks that once we finalize the terms of this contract that this contract
will form the basis for future purchases by Enron and not just ENA.  Do we
need to involve other Enron biz units in the sign off process?

	Kay Mann@ENRON
	05/15/2001 11:41 AM

		 To: Sheila Tweed/HOU/ECT@ECT, Scott
Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Roseann
Engeldorf/Enron@EnronXGate, pthompson@akllp.com, John G
Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc:
		 Subject: World Hunger Contract

Hi there.

I am attaching for the group's consideration a red line that I ran comparing
the current working draft (v4) with the draft John R. recently circulated to
Tax and Insurance.

I suggest that Pete Thompson keep the typewriter on this.  We are getting so
close to the end, I would really like to try to avoid confusion.

I am also attaching a clean copy of the current active version, and the
current list of issues under consideration.  I suggest we work through this
list and turn another draft before soliciting Cris/Herman and Lisa's
comments.  We should also give the ENA commercial reps the opportunity to
review it at that time.

Kay


I already have it on my calendar.

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Monday, October 29, 2001 5:10 PM
To:	Lawner, Leslie; Cantrell, Rebecca W.; Canovas, Guillermo; Pharms, Melinda
Cc:	Nicolay, Christi L.
Subject:	FW: November 1st Gas Issues Conference Call-- 3:30 p.m.

Can someone please cover this meeting?

Jim

 -----Original Message-----
From: 	"Jackie Gallagher" <JGallagher@epsa.org>@ENRON
Sent:	Monday, October 29, 2001 2:13 PM
To:	acomnes@enron.com; Hawkins, Bernadette; Nersesian, Carin; Scheuer, Janelle; Hartsoe, Joe; jsteffe@enron.com; Noske, Linda J.; Robertson, Linda; Alvarez, Ray; Shapiro, Richard; Novosel, Sarah; Mara, Susan; Lindberg, Susan; Hoatson, Tom
Cc:	Nicolay, Christi L.; Fulton, Donna; Shelk, John; Cantrell, Rebecca W.
Subject:	November 1st Gas Issues Conference Call-- 3:30 p.m.

MEMORANDUM

TO: Regulatory Affairs Committee
       Gas Issues Working Group

FROM: Jim Steffes, Regulatory Affairs Committee Chair
            John Orr, Gas Issues Working Group Chair
            Julie Simon, Vice President of Policy
            Jack Cashin, Senior Manager of Policy

DATE: October 29, 2001

RE: November 1st Gas Issues Conference Call
      ?3:30 p.m. (EST)

We have scheduled a conference call of the Gas issues Working Group on Thursday, November 1st, at 3:30 p.m. (EST).  To access the call, dial 1-800-937-6563.  Ask for the Jack Cashin/EPSA Call.  An agenda is outlined below.

November 1, 2001 Conference Call Agenda

?October FERC Meetings
   ?Update on responses to El Paso 637 Compliance Technical Conference
    allocation plan (RP00-336, CP01-90)

?FERC Decisions
   ?ALJ decision regarding Transwestern negotiated contracts (RP97-288)
   ?Rehearing denial for natural gas reporting in California (RM01-9)
   ?Kern River Expansion (CP01-106)
   ?Texas Gas Rate Settlement (CP01-31)
   ?Petal Gas Storage pipeline certificate (CP01-69)
   ?ANR Pipeline (Badger) certificate (CP01-79)
   ?Tuscarora Expansion (CP01-153)

?Items Pending FERC Action
   ?Change in Affiliate NOPR due date for comments
   ?NOPR on Allowance of Partial Day Recalls of Released Capacity (RM96-
    1)
   ?Kinder Morgan North Texas Pipeline
   ?Next Call


http://www.consultrci.com

************************************************************************

TrueQuote completes connection to EnronOnline and receives equity investment
from PG&E. Find out more about SCIENTECH'S E-Commerce InfoGrid at:
http://www.consultrci.com
************************************************************************
===============================================================
SCIENTECH IssueAlert, October 19, 2000
Market Manipulation or Fair Earnings in California? Enron, Dynegy Report
Huge Profits
By: Will McNamara, Director, Electric Industry Analysis
===============================================================
As energy companies report third quarter earnings, many active as wholesale
providers are announcing huge profits. For instance, Enron Corp. and Dynegy
have both reported over-the-top earnings for the third quarter, reaping
the benefits of skyrocketing energy prices and a continued focus on asset
expansion. Both companies benefited from high energy prices this summer,
especially in California where electricity prices soared to record levels,
resulting in a doubling and tripling of the generation part of power bills
for San Diego Gas & Electric Co. (SDG&E) customers. At the same time that
these companies are reporting huge earnings, accusations have been leveled
that generators and trading companies "manipulated the production of power
from June through August to create a false shortage and push up prices."

ANALYSIS: First, let me say that I am not picking on Enron and Dynegy.
They just happened to release their Q3 earnings comparatively early, opening
themselves up for evaluation. According to the California Energy Commission,
other non-utility owners or traders of power in California include Calpine,
Destec, Duke, Reliant, Southern, and Williams, who altogether own about
40 percent of the generation in the state (compared to the 15 percent owned
by California's three investor-owned utility companies). As additional
3Q financial statements are released, I would expect any company that is
active on the wholesale market to report a significant increase in earnings,
reflective of the summer price volatility. Even a mid-size utility like
the Public Service Company of New Mexico (PNM) has posted whopping profits
for Q3, which it attributed directly to the "scalding wholesale electric
market in the Western United States."

With that said, let's take a look at the numbers that we have for the big
players, which are startling. Enron's recurring net income, up 31 percent,
rose to $292 million, or 34 cents a share, compared with 1999 third quarter
earnings of $223 million, or 27 cents a share. By its own admission, sales
in Enron's four business units*wholesale energy operations and services,
retail energy services, transportation and distribution, and broadband
services*grew nearly $30 billion in the third quarter alone. The income
before interest, minority interests and taxes (IBIT) reported by Enron's
wholesale group increased 66 percent in 3Q to $627 million from $378 million
a year ago. The commodity sales and services business increased IBIT to
$404 million in 3Q compared to $172 million last year. CEO Kenneth Lay
says he is "very optimistic about the continued strong growth" of the company.
Over at Dynegy, they are singing the same happy tune. Dynegy reported
recurring
net income of $176.5 million, or 55 cents a share, compared with Dynegy
/ Illinova pro forma recurring net income of $96.5 million, or 32 cents
per share, for the same period last year. Much of this growth is coming
from Dynegy Marketing and Trade, whose reported net income increased to
$141.9 million*80 percent of the company's consolidated net income.

While neither Enron nor Dynegy has mentioned California in their explanations
of the strong Q3 earnings, clearly the high prices in the state must have
played a large role in the companies' profits. I think most everyone was
expecting any company active in wholesale trading to show strong numbers
in the third quarter, based on the high prices in California alone, but
the extent of the increase is really stunning.

The short answer for the price spikes has been that demand in the state
increased to unanticipated highs, while supply became stretched to meet
the power needs. Going a step further, limited transmission lines, the
fact that no new (significant) power plants have been built in almost two
decades, and a 3-percent increase in demand drove costs up in California
instead of down. Exacerbating the already tight supplies was the fact that
some 2,220 MW of generation, mostly in Southern California, was unavailable
during the summer months due to power plant mechanical failures. Plus,
growing demand in Arizona and lower hydroelectric production in the Pacific
Northwest also contributed to the squeeze in supplies on which California
could rely.

Customers of SDG&E were hit hardest of all as the utility had paid off
its stranded costs, removing a rate freeze and exposing customers to
market-based
prices. Customers of the other two California IOUs*SCE and PG&E*were protected
because they were still under a rate freeze. However, the utilities themselves
claim to have also suffered from the price spikes as they buy a great deal
of their power on the wholesale market. Due to limited supplies, PG&E and
SCE were forced to pay market prices for power but yet were unable to increase
their customers' rates. For instance, PG&E claims it was paying $0.18/KWh
for energy when by law it could only charge customers $0.055/KWh, leaving
it with an estimated $2.7 billion debt that it is petitioning the CPUC
to bill back to customers.

All of this has been characterized as the "fiasco in California," leaving
many to conclude that the market in the state is not workably competitive.
The only clear winners in the situation were the wholesale providers, who
appeared to simply benefit from the low supply and high demand cycles that
drove California this summer.

The California Power Exchange, the state's power auction through which
all power is traded,  issued a recent report acknowledging that, while
the state's electricity market is severely flawed, it could find "no pattern
of abuse by any group, individual or company participating in the state's
main electricity auction." Rather, the California PX maintains that the
price spikes were caused by the high demand for electricity, a lack of
new generation, higher natural-gas prices, and a drop in out-of-state
electricity
imports.

Yet, a new report initiated by a group of utilities in the Pacific Northwest,
casts doubt on this and suggests that wholesale providers actually caused
the high energy prices. A Portland-based firm that conducted a private
investigation of the California market asserts that the state had plenty
of electricity generation this summer, and that wholesale providers withheld
power to create artificially high prices. Specifically, the report*written
by economist and utility industry consultant Robert McCollough*says California
in fact had a 32-percent reserve margin, despite the high prices and the
fact that the California ISO issued repeated power emergencies all summer
claiming that the state was in a critical power shortage. In addition,
McCollough claims that demand in California was actually lower than what
was forecast by the Western Systems Coordinating Council. Using EPA data
to suggest that power plants ran below full capacity during peak times
last summer, McCollough accuses generators of voluntarily lowering their
production to drive up prices*essentially creating a market power situation
in which energy buyers are left with little choice but to pay exorbitant
prices.

The report cites Dynegy as an example. Dynegy and NRG Energy Inc. are involved
in a joint venture called Cabrillo Power, which oversees the operation
of the Encina power plant in Carlsbad, Calif.  McCollough reports that
the Encina plant operated at well below its full capacity for much of June,
even though wholesale prices were well above the generating plant's cost
of production. A representative from Cabrillo Power denied that the Encina
plant had been used to game the system in this way, and stated that, in
fact, the plant was often in danger of being shut down last summer due
to heavy output.

The response to both McCollough's and the PX's report has been very mixed.
One camp remains steadfast in claiming that western states did indeed have
a supply shortage this summer, which was the primary reason for the high
prices. People in this camp also claim that data from the EPA about power
plant emissions are questionable. On the other hand, other investigations
continue, following the same claim that generators have gamed the system.
The central question to be answered is whether or not companies that generate
and/or trade power held back power from the California PX in order to force
heavier use of real-time markets at higher prices. Certainly, wholesale
providers knew that their power had to be dispatched and understandably
they were pleased by the high price of power this summer. Yet this is not
the same thing as purposeful manipulation, which has not been officially
determined. FERC and the CPUC have been examining these claims since July,
and the California attorney general also has initiated an investigation.
At this point, there is no clear answer*only a lot of questions and one
independent report that has made questionable assertions.

===============================================================
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reply to this message and in the body of the email type "remove."


---------------------- Forwarded by Chris Germany/HOU/ECT on 03/08/2000 01:51
PM ---------------------------

"Immer, Ingrid" <Ingrid.Immer@Williams.com> on 03/08/2000 12:04:27 PM
To: "'Chris Germany'" <Chris.Germany@enron.com>
cc:
Subject: RE: Demand Charges

Chris, we are not going to be able to repair this problem in the next few
days.  We need to do some programming work.  If you guys would go ahead and
pay the bill, it'll be washed out in an adjustment hopefully next month.
The bill itself is correct, it's just on the wrong contract.
Let me know if this is ok with you.   Thanks, ii

> -----Original Message-----
> From: Chris Germany [SMTP:Chris.Germany@enron.com]
> Sent: Monday, March 06, 2000 8:39 AM
> To: ingrid.immer@williams.com
> Subject: Demand Charges
>
>
>
> Here are a couple of demand charges I don't understand.  AGL released CES
> some
> ESR (offer #18307) and WSR (offer #18210).  The demand portion of these
> contracts being billed on k#1.3473.  What's up.
>


I don't know why this is coming up now and why we don't address this at year end in conjunction with the PRC process.


THURSDAY, MAY 3, 2001

 8:00 a.m. - Meeting with David Freeman
   to    your suite at the Hyatt Regency
10:00  w/Steve Kean
  Contact:  Robin at 916-322-6988
  Sedan to take you to the Capitol

10:30 a.m.  - Meeting with Jim Brulte
  Capitol ) Room 305 in the restored section
  Contact:  Susan Mahea
  916-445-3688

11:00 a.m.  - Meeting with Senator John Burton
  Room 205
  Scheduler:  Linda
  916-445-1412

12:00 noon - Possible lunch with Assembly Member David Cox
  Scheduler:  Cheyene ) 916-319-2005

 1:00 p.m.  - Meeting with House Speaker Robert Hertzberg
  916-319-2040

 2:00 p.m.  - Meeting with John Campbell
  Room 2174
  Contact:  Matt Back
  916-319-2535

  Depart for San Francisco

Bev Hanson is


Steve - I put together the following draft slide for next week's analyst
conference regarding RTO's.  Could you take a minute to review and let me
know if you have any comments/concerns.

I can be reached at x34785 or via e-mail.

Thanks.

David T. Leboe
Director, Investor Relations
Enron Corp.

Office  713.853.4785
Cell  713.562.2160
Fax   713.646.3002
Pager  877.237.7732
david.leboe@enron.com


Please confirm that these changes are acceptable.
----- Forwarded by Dan J Hyvl/HOU/ECT on 12/12/2000 11:05 AM -----

	"Mike Cesario" <MCesario@ormet.com>
	12/12/2000 10:53 AM

		 To: <Craig.Breslau@enron.com>, <Dan.J.Hyvl@enron.com>
		 cc: "Mark Kleinginna" <MKleinginna.WheelingPO.Wheeling_Domain@ormet.com>,
"Tommy Temple" <TTemple.WheelingPO.Wheeling_Domain@ormet.com>
		 Subject: Ormet Documents

Attached is a marked-up draft of the Enron standard confidentiality
agreement.  Please review it and get back to me with your comments.

Additionally, I have attached a copy of the Firm Purchase/Sale Agreement that
makes Ormet's changes to the Guarantee Agreement on Exhibit D consistent on
the Exhibit C Guarantee Agreement.

Pending your comments on the Confidentialty Agreement, the only item
outstanding is the $1.5 million collateral threshhold.

I look forward to hearing from you as soon as possible.

Thanks,
Mike

 - Enron_CA.doc
 - Enron_Agreement.doc


Tana -

The password app. and letter agreement are both on Leslie's drive.  Can you
finalize them and get them to Ms. Guzman?

Thanks.

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com
----- Forwarded by Mark Greenberg/NA/Enron on 04/26/2001 06:04 PM -----

	Raquel Guzman <Raquel.Guzman@pgworks.com>
	04/26/2001 10:47 AM

		 To: "'Mark.Greenberg@enron.com'" <Mark.Greenberg@enron.com>
		 cc: Ben Moroz <Ben.Moroz@pgworks.com>
		 Subject: RE: FW: Letter Agreement re EnronOnline ETA

Thanks Mark.  They look OK.  I think Enron needs to send them to us, because
the sideletter to the Electronic Trading Agreement ("ETA") needs to be on
Enron letterhead (see attached).  If it is acceptable to you, please send
the Password App, ETA, and Side Letter to my attention at:

Raquel N. Guzman
Philadelphia Gas Works
Legal Department
Philadelphia, PA  19122

Thanks for your help on this one.

-----Original Message-----
From: Mark.Greenberg@enron.com [mailto:Mark.Greenberg@enron.com]
Sent: Thursday, April 26, 2001 9:33 AM
To: Raquel Guzman
Cc: Tana.Jones@enron.com
Subject: Re: FW: Letter Agreement re EnronOnline ETA

Raquel -

The attached two documents are the ones in Leslie's file for this matter.
If these are acceptable to PG, please let me know and have hard copies
forwarded.

(See attached file: Philadelphia Gas Works.doc)      (See attached file:
Philadelphia Gas Password.doc)

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com

                    Raquel Guzman

                    <Raquel.Guzman@pg        To:
"'mark.greenberg@enron.com'"
                    works.com>               <mark.greenberg@enron.com>

                                             cc:

                    04/25/2001 04:07         Subject:     FW: Letter
Agreement re EnronOnline
                    PM                       ETA

Mark:  Thanks for looking into this.  I will pass on the good news to my
folks.

-----Original Message-----
From: Leslie.Hansen@enron.com [mailto:Leslie.Hansen@enron.com]
Sent: Thursday, September 14, 2000 11:03 AM
To: Raquel.Guzman@pgworks.com
Subject: RE: Letter Agreement re EnronOnline ETA

Raquel:

Please see my proposed revisions to the Password App.  Let me know if this
addresses your concerns.  If so, please provide me with the full name of PG
Works, as well as the mailing address and recipient for the side letter so
that I can finalize.

Regards,

Leslie

(See attached file: Philadelphia Gas Password.doc)

                    Raquel Guzman

                    <Raquel.Guzman@pg        To:
"'Leslie.Hansen@enron.com'" <Leslie.Hansen@enron.com>
                    works.com>               cc:

                                             Subject:     RE: Letter
Agreement re EnronOnline ETA
                    09/14/2000 09:16

                    AM

Leslie:  Thanks.  My only comment is that your suggested language should
also apply to Condition (2), second paragraph, of the "Enron Online
Password
Application." Please let me know if you concur.  Thanks.

     ----------
     From:  Leslie.Hansen@enron.com [SMTP:Leslie.Hansen@enron.com]
     Sent:  Wednesday, September 13, 2000 2:43 PM
     To:  raquel.guzman@pgworks.com
     Subject:  Letter Agreement re EnronOnline ETA

     Raquel:

     Attached please find the letter agreement amending Section 4(b) of
the
     EnronOnline Electronic Trading Agreement as per our discussion.
Please let
     me know if you have any questions or comments.

     Regards,

     Leslie Hansen
     (713) 853-6121

     (See attached file: Philadelphia Gas Works.doc)<<File: Philadelphia
Gas Works.doc>>

(See attached file: Philadelphia Gas Password.doc)


Everyone: I too will be unavailable to particpate on the conference call.
Hopefully someone can participate. Thanks, Tom

-----Original Message-----
From: Harshbarger, Robert [mailto:bharsh@puget.com]
Sent: Wednesday, January 30, 2002 6:51 PM
To: Electronic Scheduling Work Group
Subject: FW: ESC Conference Call to discuss Business Practices

In case you have not received this.  I will be on a plane and unable to
participate.

Bob

> ----------
> From: 	Mike McElhany[SMTP:mcelhany@wapa.gov]
> Sent: 	Monday, January 28, 2002 8:19 PM
> To: 	estf@nerc.com
> Subject: 	ESC Conference Call to discuss Business Practices
>
>  <<BP Conf Call One BP2 BP 3.doc>>  <<ConfCal BP 2 and 3.doc>>
> All,
>
>   This serves as the announcement for the 1st in a series of Business
> Practice Conference Calls.  I've setup this 1st call to discuss BP 2 and
> BP 3, as I received no additional comments on the order or grouping for
> discussing the BPs.
>
>   Attached is the information for the call, as well as the current
> outstanding items from the task list.  So that you have time to review
> and comment on these particular BPs I've moved this call until Thursday
> the 31th.   Please use the "BP Conf Call One BP2 and BP3.doc" to submit
> your comments, and direct your comments to the 5 specifice areas of the
> BP (i.e. Practice Summary, Associated Rules, Justification,
> Applicability, Practice Details).  I will send out any updates that I
> receive prior to the call.
>
> Mike
>


print
----- Forwarded by Steven J Kean/NA/Enron on 10/16/2000 10:17 AM -----

	Jeffrey Keeler
	10/13/2000 12:28 PM

		 To: Stanley Horton/Corp/Enron@Enron, Phil Lowry/OTS/Enron@ENRON, John
Shafer/OTS/Enron@Enron, Shelley Corman/ET&S/Enron@ENRON, David L
Johnson/OTS/Enron@ENRON, Louis Soldano/ET&S/Enron@ENRON, Colleen
Raker/ET&S/Enron@ENRON, Michael Terraso/OTS/Enron@ENRON, Steven J
Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Joe
Hillings/Corp/Enron@ENRON, Cynthia Sandherr/Corp/Enron@ENRON, Chris
Long/Corp/Enron@ENRON, Clayton Seigle/HOU/ECT@ECT
		 cc:
		 Subject: Pipeline safety legislation - update

Since the defeat of the Senate pipeline safety legislation earlier this week
in the House, we have been working on strategies related to action that could
occur before the end of the congressional session.  The following
developments indicate that the legislation is still very much in play, but
our primary concerns are making sure efforts going forward remain under
control and preventing the passage of legislation that goes too far.

Developments:

House Republican leadership is not interested in pursuing the legislation any
further, either through regular procedures or as an attachment to
appropriations, "omnibus" or other must-pass measures.   They are somewhat
angry at the industry for not being able to fight off advances made by Reps.
Dingell and Oberstar, who were able to persuade enough Democrats to vote
against the Senate bill so that it fell short of the 2/3 needed for passage
under suspension of the rules.

Senate bill sponsors/supporters are extremely angry at House Democrats for
killing the Senate legislation, and at the White House/DOT for not strongly
promoting the Senate bill (which they previously had supported) and reigning
in House Democrats.   Senator Patty Murray called the White House and
expressed her concern, which prompted a series of meetings between staff for
Senate and House Democrats and the White House to discuss a solution.

In these meetings, House Democrats have proposed adding several provisions
from the Dingell/Oberstar legislation to the Senate bill and moving that
package on an omnibus or appropriations bill.   Sources close to Rep. Dingell
indicate that they really do not want any bill at all, and are merely keeping
up the pressure in an effort to see if they can get the Senate or industry to
accept tougher provisions.

Senate Democrats (including Murray, Bingaman, and Breaux) are not accepting
any possible amendments to the original Senate bill, and are opposed to
changing the Senate bill at all.   However, Senator Murray and Republican
Senator Slade Gorton (who has a tough election) both want to continue to
pursue the Senate bill (unamended) as a rider to an omnibus/appropriations
bill.

The White House is looking to cover itself from a poor performance in the
House, and is considering drafting an executive order that could be issued if
no legislation passes at all.  It is unclear what could or would be contained
in such an order, but the White House is indicating to Senate staff that it
would be more like the Senate bill than the House bill.  We are working with
sources close to the White House to confirm their strategy.

Strategy going forward:

Upon hearing that some industry associations were on Capitol Hill discussing
"what industry could live with" in terms of provisions added to the Senate
bill, I insisted (along with El Paso and others) that we not take such an
approach, but rather remain consistent in our approach -- we support the
Senate bill and only the Senate bill.   It was approved unanimously in the
Senate and by 60% of the House, and if anything moves forward on an
omnibus/appropriations bill, it should be the Senate bill.  Consistent with
what our Senate friends are doing, we should not even recognize the
Dingell/Oberstar legislation as a serious proposal, nor start accepting
pieces of it as a compromise.

We will be shoring up support for our position of "if anything moves forward,
it should be the Senate bill only" with Senate supporters and leadership in
the House and Senate.  We will also be working to thank the 51 Democrats who
supported us in the House, and make sure they have any cover they need in
case their vote becomes an issue.   In support of Senator Gorton's election
troubles, we will be working to try to get media placement of op-eds that
support the efforts he has waged and make sure the House Democrats shoulder
the blame for the bill's defeat.  In particular, we are hopeful that Senator
McCain (who has been passionate about this issue) will write op-eds that can
be placed to support Gorton and others in tough races who supported the
Senate bill.

Congress' state of confusion over omnibus/appropriations bills and last
minute politics causes the legislative activity to be extremely fluid and
subject to change rapidly, so we will have no real certainty until the
session is over (which now could be as late as October 20).

I will keep you posted as changes and developments occur.

Jeff


Dean Laurent mentioned that you had a list of all counterparties with their
corresponding Enpower acronym.  Please forward this list so that we on the
hourly power desk can be sure to enter deals correctly in Enpower.  Thanks.


We will be meeting in the MT. HOOD Conference room at 12:00pm Pacific time,
TOMORROW, Dec. 15th to listen to the FERC Meeting.

If you have any questions, please call x7927.

Lysa
---------------------- Forwarded by Lysa Akin/PDX/ECT on 12/14/2000 02:43 PM
---------------------------

Lysa Akin
12/14/2000 11:29 AM
To:
cc:
Subject: FERC Meeting Friday, Dec. 15th

The meeting referenced below has been postponed until 3:00pm Eastern /
12:00pm Pacific on Friday, December 15th.
---------------------- Forwarded by Lysa Akin/PDX/ECT on 12/14/2000 11:34 AM
---------------------------

Lysa Akin
12/13/2000 09:07 AM
To:
cc:
Subject: FERC Meeting Friday, Dec. 15th

We have secured a phone bridge to listen to the special FERC meeting being
held on Friday, Dec. 15th.

I have reserved the Cascade Conference Room for the call.

Please call me Thursday if you have any questions, or see Mary Hain today.

Thank you.

Lysa
x7927


you said the line worked well and when i first started reading that i was
like "hey now!".  you never know.  you could be a wild woman on vacation if
you never have to see those people again.


That should not be a problem.  Rufino said he can cover for you.  You may ask
if you can cover for him for part of the morning since he gets here early.

	From:  Dana Davis @ ECT                           12/08/2000 09:19 AM

To: Marnie Lamb/NA/Enron@Enron
cc:

Subject: Dental Appt.

Good Morning Marnie -

Yesterday I made a dental appt. for Monday, Dec. 11th @ 5pm but I need to
leave at 4pm to get there on time.  I have to finish a root canal that was
started several months ago.  Do you foresee a problem with me leaving at 4pm
that day?


Enron North America's Annual Legal Conference is coming up quickly!
This year's Conference is scheduled for Thursday, October 5th and Friday,
October 6th at The Woodlands Resort & Conference Center.  The program will
commence at approximately 1:00 p.m. on Thursday and conclude at approximately
12:00 noon on Friday.  The agenda for this year's conference will be
circulated shortly.

The Conference Center is located approximately 30 miles north of downtown
Houston.  Maps will be circulated with the agenda.

We would like to get a headcount as soon as possible in order to complete
planning for accommodations and transportation.  Attendees from outside
Houston should make their own arrangements for travel to Houston.

Please complete the attached RSVP form and return it to Linda Noske (EB3814),
by fax at (713) 646-3490, or by e-mail at Linda.J.Noske@enron.com.


Roger, thats great that the public notice for station 3 and 4 air permits
will initiate on October 4.  I really appreciate your work and effort on
this. I will be looking forward to reviewing the rough draft for both of the
permits during the first week of October.....

Kohn.Roger@epamail.epa.gov on 09/27/2001 06:07:00 PM
To: Larry.Campbell@enron.com
cc: Rios.Gerardo@epamail.epa.gov

Subject: Public Comment Period Begins on Oct. 4

Larry,

An advertisement in the Navajo Times on October 4 will start the 30-day
public comment period for the Leupp and Klagetoh permit mods.  We will send
you copies of the draft permits and statements of basis, which you should
receive a day or two before October 4.

I will be out of the office until October 22.  If you have any questions
about these permits in my absence, please call Gerardo Rios at
415.744.1259.

Roger Kohn
U.S. EPA Region 9
75 Hawthorne St., Mail Code AIR-3
San Francisco, CA  94105
phone: (415) 744-1238
fax:   (415) 744-1076


Per our meeting,  I added a switch so that the pipeline can accept or reject
the best bid
if the best bid is not the cap rate.

Zimin


John, can you follow up on the new delivery point for Wisconsin Gas.  Is there a better
	procedure with contracts/PLE to ensure we have all new points set up properly for
	operator confirmation.  Thanks. Lynn

 -----Original Message-----
From: 	Blair, Jean
Sent:	Tuesday, September 04, 2001 1:34 AM
To:	Corman, Shelley; Blair, Lynn; Nacey, Sheila; January, Steven; Kowalke, Terry; Buchanan, John; Medeles, Gerry; TMS OnCall
Cc:	Benningfield, Robert; Bryan, Randy; McDaniel, Janet; Blair, Jean
Subject:	LABOR DAY HOLIDAY/NNG WKEND NOTES


The "judges" are happy to announce that Colin Tonks is the winner of the $250
EnTelligence Tag Line Contest.  Of Colin's submissions, two ideas were
expanded upon and resulted in the following tag line :

   EnTelligence...Smarter Prospecting.  Online.  Worldwide.

Congratulations to Colin for providing the catalyst that resulted in a
unique, "catchy", concise, and meaningful tag line for our strategic effort.

Thanks to all who participated in our contest.  We received over 80
submissions making a decision on only one winner a real challenge.

Please pass this announcement along to your staff and others who
participated.  Thank you.

Mary, Avril, Chris, and Richard


Susan,

These are book requests for the Netco books for all regions.

Please let me know if you have any questions.  We put in some book and portfolio codes we would like if they are available.  If not, please call me.  We need all price, basis, index, and gas daily US books to be the same, all Canadian books to be the same and all physical books to have the same codes please.

Thanks

Kam


Thank you,
JMF

 -----Original Message-----
From: 	Jacobson, Michael
Sent:	Thursday, June 28, 2001 8:19 AM
To:	Forney, John M.
Subject:	ERCOT 6/27/01

Unplanned Losses - ($898.22)
Static Sch Fees - $49.00
ERCOT Sch Fees - $136.40

Total - ($713.82)

Don't spend it all in one place!

PS  I'll be out on Friday however I will be in early Monday to finish calculating June's losses and fees then putting the monthly annuities in so that they will be included in June's numbers.  I can email you the file when I finish it so you can check the numbers if you want.  Let me know.

Thanks,
MJ


In order for UBS Warburg to timely process your paycheck, I am requesting that all employee's accepting offers return any outstanding forms to my new desk location at  05852 on the 5th floor of ECS (Look for the Hamburg Flag) by noon this Friday  2/01/02.  This will prevent any benefit deductions from having to be "Double Deducted" on future checks.  Please attach a deposit slip or voided check stub to your direct deposit form.  Attached below are the forms needed for payroll/benefits, in case you did not turn these in at Orientation.  Lastly, please verify that your EHRonline home address is showing your current home address because all live checks will be mailed to your home residence.

Thanks, Tony Jarrett
Benefits
Ext. 3- 7829


Dear  Ken,

 I am sorry to say that earlier this week Arthur Levitt was called to
testify in Congress early on September 28, and he felt unable to make our
session as originally planned. It is my hope that we can reschedule with him
prior to -- or in conjunction with -- the final report. For those who may
have changed their schedules to make this meeting because of the chance to
talk to Arthur, I regret the inconvenience.

 In deference to your time, we'll go ahead with the meeting from 5 to
7 but not with the dinner.

 Here are the details of the meeting.  Note that the location is
different from the previous two meetings.

     Wednesday, September 27 from 5 to 7
p.m.
     McKinsey & Company
     52 East 52nd Street, 23rd Floor
     New York, NY
     Check in on 23rd floor with Carol
Hubbard, who will direct you to the conference room
Phone: 212-446-8836

 Attached is the draft of our final report, prepared by Tim Koller.
It will be the subject of the meeting.  We will want to gather your comments
on the following:

     1.  Do you agree with the substance
of this draft?
     2.  Are there points that should
receive more or less emphasis?
     3.  Are there any other issues you
would like to raise?
     4.  Is there anything else about the
drafting and presentation that you would
like to comment on?

 We will need to get everyone's comments, one way or another, by the
end of September so we can proceed to prepare the final paper, which we'd
like to have ready by the end of October.

 Originally you said that you would not be able to make the meeting.
Could you let us know if your plans have changed and you can now come or
participate by phone?  See below for reply.

   ____ I will be there

   ____  I will participate by phone

               ____ I cannot make it at all but will
e-mail comments by September 30

 Many thanks,
 Jeff

cc: Tim Koller

 <<SEC Panel Draft Report 14Sep00.doc>>

 - SEC Panel Draft Report 14Sep00.doc


Cindy,

This is our preliminary review of the documentation sent by Mr. Patteson.

One more person will take a look at it.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/25/2000
03:13 PM ---------------------------

Stinson Gibner
10/25/2000 01:16 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Zimin Lu/HOU/ECT@ECT, Kevin Kindall/Corp/Enron@ENRON
Subject: Matthew Patteson, Inventor

Vince,

After reviewing the documents furnished by Mr. Patteson,  I do not feel that
Enron should consider engaging in any testing, development, or licensing of
his proposed generator for the following reasons:

1.  Enron is not currently in the business of developing or manufacturing
electrical generation equipment and does not plan, as far as I know, to enter
this business.   The one exception is our ownership in entities developing
wind and solar, renewable energy.

2.  Enron does not have the proper facilities or expertise to test or develop
Mr. Pattesons proposed generator.

3.  There could be substantial risk in testing this generator as it would
involve boiling of a flammable material under pressure.

4.  I do not believe that the proposed generator will produce any significant
quantity of electrical power.   The generator produces power by induction.
That is, electric current is induced by a changing magnetic field.   The
mechanism powering the changing magnetic field is the movement of magnetic
dipoles which are suspended in a boiling medium.   As the boiling will
produce a somewhat random movement of the liquid, the "movement" or change in
the magnetic field will be highly random and thus not suitable for producing
a steady or reliable electrical current.

I have asked Martin Lin to also review the documents to render an independent
opinion of this proposal.

Respectfully,

Dr. Stinson Gibner
PhD. Physics
VP Research, Enron North America

P.S.   Kevin and Zimin:  If you have any interest in reviewing Mr. Patteson's
proposal, please let me know.


The following reports have been waiting for your approval for more than 4 days.  Please review.

Owner: George McClellan
Report Name: GMcCllelan92401
Days In Mgr. Queue: 22

Owner: Richard P Bergsieker
Report Name: Amex & COP September 2001
Days In Mgr. Queue: 6


Jeff:  Many thanks for your assistance today.  Following our call with you
and Dave Parquet, we talked to GE reps here in Washington.  Tomorrow we will
call OPIC and give them our talking points.  Since they will probably have
some more questions, I was hoping we could get your participation at some
point in the call.  We do not have a time at this moment but will probably
aim for afternoon east coast time.  Will keep you posted.  If there are any
times tomorrow where you definitely won't be available, please let me know.
Thanks again, Scott


Unless you have exception time (vacation/sick/Fwp) you will not have to fill
out a timesheet - this is for exempt personnel only.  For those of you who
do, I will be coming by to assist you.

So far I have the following people with exception time:

Lisa King
Lisa Best
Angeles Beltri
Amy Weaver
Tammy Barta
Krysti Knight
Kevin Jolly
Mike Galvan
Adarsh Vakharia
Hope Vargas

If I have left anyone off, please let me know.

Remember, timesheets need to be completed by 12:00 p.m. on Friday, June 30.

Thanks for your cooperation


Due to VAR reasons, you and I  both need to sell today.  Vol and price are
going up, implying Enron can carry fewer contracts today than Friday.  Have
your desk net sell 400 today.
John


Wanna go to the rodeo barbeque cookoff, we've got a tent.
The dates are Feb 7, 8 & 9. I'll give you more details when I find out.
I'll probably go thurs or friday. Lemme know if you want to go!

Kay


Steve,

Attached is a rough draft proposed by Irwin Stelzer  for the Advisory Council
meeting on April 10-11.  You will note that Gavyn is  on the agenda from 3:15
- 4:00 p.m.   I spoke with his assistant regarding the possibility of Gavyn
departing on April 12 and was told that he has another commitment and will
need to depart the Enron Building by 2:30 p.m. on April 11.

Also, can you tell me if Prof. Joe Grundfest and Lawrence Kudlow are new
members of the Advisory Council?  I would like to update our contact list.

Comments, please.

Vanessa


Jester's Molesters (71 pts) lead Di's Nasties (51 pts)
Joe Stepenovitch (67 pts) lead F-Bombs (34 pts)
Quieres su papa? (94 pts) lead GassHoles (76 pts)
SOMFAW (75 pts) lead El Mariachi (52 pts)
Chihuaha This (78 pts) lead DAWG MAWLERS (60 pts)
Gore's Gangstas (84 pts) lead Chum Runners (66 pts)
Chihuaha That (63 pts) lead BlitzKrieg (31 pts)

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