---------------------- Forwarded by Eric Bass/HOU/ECT on 09/21/2000 08:15 AM
---------------------------

"Inside UT Football"
<InsideUTFootball@dallasnews.com>@newsletters.dallasnews.com on 09/21/2000
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Subject: Inside UT Football: September 21, 2000

  [IMAGE]  	  [IMAGE]

	[IMAGE]

	Back to reality

	Sept. 21, 2000

	[IMAGE]Chip Brown, The Dallas Morning News' Texas writer, answers your
questions about what went wrong against Stanford, Coach Mack Brown's response
to the loss, the continuing quarterback controversy, UT players in the NFL
and more. Inside UT Football appears every Thursday.

	E-mail questions to Chip: chipbrown@dallasnews.com

	Listen to Chip Brown talk about the Longhorns on
	dallasnews.com's Colleges site

	CHIP SHOTS

	Every year since 1983, Texas has lost or tied a game in its first four games
of the season. That means UT has had a blemish on its record each of the past
17 years - usually before Texas-OU weekend.

	 Orangebloods spend winter, spring and summer discussing the impact of new
recruits, the prowess of future opponents and the talents of its returning
starters. They spend money on season tickets, airplane tickets and alumni
luncheon tickets. They dream big dreams, and then by October, the high hopes
have usually come crashing down.

	 Only three times since 1983 has Texas opened the season 3-0: 1984, 1985 and
1994. Those starts were then immediately followed by either a tie (1984) or
losses (1985 and 1994). In each of those seasons, Texas ended up with four
losses.

	 In UT's two best seasons since 1983, a 10-2 campaign in 1990 and a 10-2-1
run in 1995, the Longhorns lost their second and third games of the season,
respectively. Before Texas can dream about winning a national title, the
Longhorns have to show they can make it into October without a loss.

	Longhorn Q & A
	 Q: Judging from the Stanford game (as well as the last three games of last
season) it looks like the trend of blitzing the Horns will continue. There is
also no respect for our running game from any team that we face. I think the
best way to end this strategy against us is to become the aggressor on
offense and not sit back passively and react to what the defense is giving
us.

	In order for us to achieve this, I think it starts with us putting our best
athletes on the field on offense. These guys may not be the most experienced
players, but they will gain experience with playing time, and they have the
ability to make a team pay for selling out with the blitz. It's time to start
Roy Williams and B.J. Johnson at receiver (along with Montrell Flowers) and
play a one-back offensive set. Our fullbacks are not a threat offensively and
Hodges Mitchell is not an I-back who is adept at following the fullback
through the hole. Hodges' strength is operating in space and making people
miss in the open field.

	I also think Chris Simms needs to get the bulk of the minutes at quarterback.
Major Applewhite has all the intangibles in the world but Simms could (and
probably does) possess all of the same skills. He just hasn't had the chance
to display them. We desperately need to have all playmakers on the field if
we are going to turn this thing around. If not, I could see this season
slipping to 7-4 real quick. What are your thoughts, Chip?
	 ?? The Jackson residence

	 BROWN:  With any unexpected loss, the tendency is to throw everyone out -
change coaches, players, even the bus driver. You do that and you are telling
this team that you have absolutely no confidence in them. There can't be too
much change at any one time. The big question is how the team responds to
this Stanford loss emotionally. Something tells me if Texas can find some
resolve and perform really well, you'll see some solid performances at all
the positions where problems currently exist. In 1996, Texas was No. 6 and
Notre Dame was No. 9. Texas had the game won in Austin and then lost. UT then
lost three of its next four, which included games against Oklahoma State,
Oklahoma and Colorado - all teams Texas is about to face after this week's
opponent, Houston.

	That was a different coach and different players. But the common thread was
that Texas hit the top 10 and then choked. If Texas is hung over from its
loss to Stanford, trouble could be on the horizon. If Texas can find resolve
to show everyone that Stanford truly was a game in which everything that
could go wrong did, then I think the Longhorns will bounce back and be a hard
team to beat the rest of the way. Tuesday night Mack Brown said the Longhorns
are not a very good football team right now. The challenge has been made to
his team. If they come out and stink against Houston, every position will be
scrutinized, every coach, even the bus driver. There will be enough fire
being thrown in Austin to serve up grilled fajitas for the entire state. But
changes will have to be made constructively and gradually.
	?

	[IMAGE]
	Chris Simms

	Q: What's going on with the quarterbacks?
	?? Mitch Golding

	 BROWN:  As the QBs turn. This week, it appears Chris Simms will start
because he was practicing with the first team on Tuesday. That has been the
trend. Whoever practices with the first team gets the start. Anyway, we'll
see how they respond after the Stanford game. Major Applewhite was erratic in
his play, despite almost leading the Longhorns back from the dead to a
miraculous victory. I'm sticking to my theory that the coaches want to see
what Simms can do against Houston before picking one or the other

	to get solo duty in the Oklahoma and Colorado games.

	Granted, if one struggles along the way, the other will come in. But Mack
Brown said they primarily went with Applewhite against Stanford because of
his experience and the fact that it was the team's first game on the road. He
said they still have all the faith in the world in Simms. It would seem to me
that it takes away the incentive to really take control of the offense, light
it up and get on a roll when you are alternating, but I'll continue to watch
like everyone else.

	I keep trying to remind myself that Brown did this twice at North Carolina
with success. Of course, with those QBs (Oscar Davenport and Chris Keldorf),
Brown had different styles and gained an advantage by forcing the defense to
prepare for Davenport's scrambling and Keldorf's passing. With Simms and
Applewhite you pretty much get the same style. With Keldorf and Davenport,
you also had injuries dictate a few starts.
	?

	 Q: Can you tell us what influenced Mack Brown's decision regarding the
quarterbacks against Stanford?
	?? Nels Marshall

	 BROWN:  Here are Brown's exact words: "Experience. We were in a tight
football game and Major (Applewhite) has been around a long time. I was proud
- even with as poorly as we played offensively in the third quarter - that we
didn't panic. I thought that in the fourth quarter the kids did a great job
of coming back and giving us a chance to win. Sometimes youth doesn't look
like it is trying because they're nervous. Instead, they are trying too hard
and get uptight. Our team tried hard. As negative as people make Saturday
night, it is one of those things that you have to grow from."
	?

	 Q: I'm glad we have two great QBs. My question is, are the receivers having
any problem adjusting to the different spin on the balls coming from a
left-handed or right-handed QB?
	?? Dave Stastny, Austin

	 BROWN:  The receivers say the varying spins are not a factor when catching
the ball. They do, however, say that Chris Simms' ball will come a little
faster and a little harder than Major Applewhite's.
	?

	 Q: The Longhorns are obviously going to play a lot of freshmen this year.
What are the rules on redshirting a player after the season starts? I know
that a player can apply for a redshirt for medical reasons, but can they also
apply for more eligibility or take a redshirt after playing a small amount of
time?
	?? Chad Graham

	 BROWN:  No. Once a freshman plays in a game, even for one play and he does
not suffer a season-ending injury, the chance for a redshirt is out the
window.
	?

	[IMAGE]
	Jermain Anderson

	Q: Have the coaches given any consideration to moving Jermain Anderson back
to linebacker? If I remember correctly, he played LB in high school at Texas
City. He seems to still have good speed, but also a problem putting on the
necessary weight to play defensive end. It just seems like he might be better
suited for the outside linebacker rotation, especially considering the
progress made by young defensive ends like Kalen Thornton, Cole Pittman and
Adam Doiron.
	 ?? Micah Hurt

	 BROWN:  Coaches don't think Anderson has the speed to play linebacker. They
are pleased with the depth at linebacker, as well. They like Anderson's
instincts as a pass rusher. They are still working on his ability to stop the
run.
	?

	 Q: My husband wanted me to write and request that you put the Longhorn
football schedule in your letter each week. My husband, Mark, is a diehard
Texan who was transferred to Oklahoma in 1972. Through thick and thin, he has
remained a loyal Longhorn fan and taken a lot of harassment from the Sooner
fans. Of course, he does his fair share (and probably more) of bragging about
the Longhorns.
	?? Barbara and Mark Harper

	 BROWN:  As far as the schedule, UT's remaining games are:

	Sept. 23 (home) vs. Houston at 6 p.m. on Fox
	Sept. 30 (home) vs. Oklahoma State at 11 a.m. on ABC
	Oct. 7 (in Dallas) vs. Oklahoma, TBA
	Oct. 14 at Colorado, TBA
	Oct. 21 (home) vs. Missouri, TBA
	Oct. 28 (home) vs. Baylor, TBA
	Nov. 4 at Texas Tech, TBA
	Nov. 11 at Kansas, TBA
	Nov. 24 (home) vs. Texas A?at 2:30 p.m. on ABC
	Since you all have access to the Internet, log onto UT's sports Web site
(texassports.com) and learn what radio stations broadcast the game in your
area. And you can read The Dallas Morning News online every day at
dallasnews.com.
	?

	 Q: This may take some research but I was wondering if you could tell me the
number of UT players in the NFL and the status of some recent grads (i.e.
how's Cedric Woodard, Aaron Humphrey, Kwame Cavil). Thanks.

	 BROWN:  The Big 12 office just released a list of former Texas players in
the NFL. However, it includes some players who have been released. For
example, Aaron Humphrey was released after a free-agent tryout with Tampa
Bay. Chris Smith was released after a free-agent tryout with Washington and
Dallas. Jay Humphrey also was released after one year with the Minnesota
Vikings. Kwame Cavil made the Buffalo Bills after going undrafted. Anyway,
here is the list as provided by the Big 12:

	TEXAS (21)
	Ben Adams, OL, Miami
	Taje Allen, DB, St. Louis
	Tony Brackens, DE, Jacksonville
	Blake Brockermeyer, OG, Chicago
	Ricky Brown, RB, Cincinnati
	Chris Carter, DB, New England
	Kwame Cavil, WR, Buffalo
	Phil Dawson, KS, Cleveland
	Shane Dronett, DL, Atlanta
	Priest Holmes, RB, Baltimore
	Aaron Humphrey, DE, Tampa Bay
	Jay Humphrey, OL, Minnesota
	Derek Lewis, TE, St. Louis
	Wane McGarity, WR, Dallas
	Eric Metcalf, WR, Carolina
	Dan Neil, OL, Denver
	Roger Roesler, OL, Cincinnati
	Chris Smith, TE, Dallas
	Winfred Tubbs, LB, San Francisco
	Bryant Westbrook, DB, Detroit
	Ricky Williams, RB, New Orleans
	Cedric Woodard, DL, Baltimore
	?

	[IMAGE]
	Hodges Mitchell

	Q: Don't know whether you can address any or all of these questions in your
column, but I've seen some unflattering trends in Mack Brown's program and
wanted your feedback. Mack Brown is a great recruiter, no argument there.
However, can he motivate? It seems like he can't get the team "up" sometimes
and can't adjust the team's mood during a game.

	About offensive coordinator Greg Davis, I don't know who is responsible for
the offensive line but since it is an offensive group, in more ways than one,
I put it under him. With guys the size that UT has, shouldn't even Hodges
Mitchell be able to run? Who tagged Leonard Davis as a pro? Why does Davis
love Mitchell? Sure, he gained 1,300-plus yards last year, but how many of
those yards were "move

	 the chains" type of runs that allowed UT to hold the ball on the ground and
protect a lead? I thought it was going to be running back by committee but
all we have seen is the coaches continuing the same mistake - abandoning the
run and using the wrong back for the wrong situations.

	Mitchell can run to the outside, but he cannot run through the defensive
tackles. And even if he does get holes, he still will never break through the
linebackers for a TD. Why not put Ivan Williams or Kenny Hayter back there
with Mitchell and go with a two-back, three-wide offense? You don't lose a
receiver as Hodges is a nice, smart receiver.

	Other ramblings: Is Quentin Jammer really a corner? He got beat MANY time
against Stanford. I loved his hitting when he played safety but his injury
may have forever changed his game if he can't play safety and can't keep up
with opponent's wideouts.

	How is the defensive end position shaping up? The defensive tackles were all
over the field against Stanford, but the DEs didn't make much noise. What is
up with the blocked punts? UT should be really, really embarrassed. Does
Stockton take too long? Is he too close to the line? Can the line block? Can
anyone at UT block?

	Does Brown ride the officials who are missing holding calls? Several times
the camera caught clear holds by Stanford's line. Why on earth would you run
up the middle, on your own goal line against two of the best DTs you'll play
against?
	?? Andrew Bowen

	 BROWN:  I think your feelings are shared by many Texas fans who are
incredibly pained, shocked, disappointed, angered and hurt by last Saturday's
events. But in talking to Mack Brown on Tuesday, he said it's fair to beat
the team up for not being able to run the ball. But he said to jump on any
other part of the team is to rip young, inexperienced kids who are still
learning what it takes to compete as a top-ranked team.

	To be fair to Brown, he did say repeatedly that his team was overrated and
needed time to grow into some key positions - receiver, defensive end,
fullback and some positions on the offensive line and at corner. It probably
isn't fair to question whether Mack Brown can motivate because his teams did
beat Nebraska twice, Oklahoma twice and Texas A?once. If a trend develops,
and Texas falls apart the rest of the season, there will be a fair question
about whether Brown did a good enough job of keeping his team's head screwed
on straight. But it's typical after losses to want to shred every part of the
team.

	Brown said before the season that as soon as something went wrong, the
quarterback situation would be blamed. And he was right. The QBs are still
working hard, and look for Simms to start this week against Houston. There's
no question that the O-line is struggling, but so are the backs and so are
the receivers. Brown said only two of the five sacks were the fault of the
line. He said the other three were caused by miscommunication between
Applewhite and the receivers, causing Applewhite to hold the ball too long.

	Mitchell was standing too deep in the backfield against Stanford, so it was
taking him too long to get to the holes. The coaches were not happy about
that. They were yelling at him to move up. He should only be 6 1/2 yards
deep. But he was sometimes at 9 yards. Mitchell also struggled with some
blitz pickup, which is uncharacteristic of him. So look for Victor Ike,
Hayter and possibly Williams to get a little time against Houston.

	Coaches are still high on Jammer. Again, he hasn't played corner much in
games after moving from safety. But coaches are not thinking of moving him.
The defensive end position is a big concern with defensive coordinator Carl
Reese. He is willing to rifle through his whole pile until he finds a couple
who can really play. Cory Redding was better than usual against Stanford. But
that position still needs a lot of work. The blocked punt occurred because
one player, who blocked perfectly on 11 other punts Saturday night, failed to
block a player coming right up the middle, which guarantees doom. That player
has been chewed out every which way.

	As far as the penalties, there were several questionable calls. But Brown,
who did a lot of yelling at officials during the Stanford game, couldn't say
anything about it after the game because he would be fined. Texas can still
have a good season, and perhaps having these problem areas pointed out so
early will help in that direction. We'll see if Texas takes this loss
constructively or destructively.
	?

	 Q: Last year at times I saw blazing speed and ability from Cory Redding. I
know he was considered by many to be the best high school defensive player in
the country in 1998. I've waited all off-season to see him explode against
teams this year. I haven't seen it yet. Maybe this week against Stanford. My
question is, why was he moved from his high school position of linebacker
where he was dominant into the defensive end role where he seems undersized
and average? Is Texas that low on defensive line talent? It seems our
recruiting has been great. Please help me understand. Hook 'em Horns!
	?? Ernie McAnally

	 BROWN:  Redding told me recently that linebacker is still his first love.
But he said coaches came to him last year and said he could get on the field
right away as a defensive end. Coaches also feel that his body (6-5, 260) is
perfect for the DE position. He's tall, athletic, fast and has long arms. In
time, coaches feel Redding will develop into an All-America player. But there
is no question that he has struggled against the run. He made some big plays
against Stanford, recording six tackles, three of them for losses and
blocking an extra point attempt. He is just a sophomore. Over this season and
the next two years, he should only get better.
	?

	 Q: I was watching the regional telecast of the TCU game today and the
announcers  stated that TCU had anted up $90,000 for the Heisman campaign for
LaDainian Tomlinson. How much did UT spend on its campaign for Ricky
Williams' run for the Heisman?

	 BROWN:  Texas didn't spend that much money at all. They produced a few
postcards, a video and a CD-ROM screen saver to send out to the national
media detailing Ricky's accomplishments. But those costs totaled less than
$10,000, according to UT officials.
	?

	 Q: Did any of the freshman who did not play in the Louisiana-Lafayette game
play in the Stanford game? I am watching to see which ones might be
redshirts.
	?? Mike Smith, Houston

	 BROWN:  According to the participation chart provided at the Stanford-Texas
game, Austin Sendlein was the only freshman to play against the Cardinal who
did not play against Louisiana-Lafayette. In addition to Sendlein, here are
the other freshmen who have played so far: WRs Roy Williams, B.J. Johnson and
Sloan Thomas; TE Brock Edwards; DE Kalen Thornton; CB Nathan Vasher; FS
Phillip Geiggar; and DT Stevie Lee.
	?

	 Q: Is it true that in Mack Brown's four or five head coaching stops, his
teams have yet to win a single conference championship? Since UT has lost
four out of its last five games, wouldn't a loss to Houston this week
officially end Mack Brown's honeymoon with the alumni, notwithstanding his
abundant PR program? With Brown about to land his third national Top 5
recruiting class, I believe fans are going to expect more gridiron victories
to go with those recruiting victories.
	?? T. Hough

	 BROWN:  It's true that Brown has yet to win a conference championship in
stints at Appalachian State, Tulane, North Carolina and now Texas. At
Appalachian State, Tulane and UNC, he was taking over absolutely dead
programs. He took Tulane to a bowl, and he had Florida State to deal with in
the Atlantic Coast Conference while at UNC. But he took UNC to six bowl games
in his 10 years at UNC and won four of them.

	A loss to Houston would certainly intensify the frustration of Texas
faithful. But I think anyone who would be looking to put Brown on the hot
seat or rip him if Texas lost to Houston would be overlooking the job he has
done beating Nebraska (twice), Oklahoma (twice) and Texas A?(once) in his
first two seasons here. He has also turned Texas back into a destination
school for top recruits and brought the UT community back together. In
addition to all that, he has done more good for UT out of the limelight than
probably most Texas fans realize.

	Brown is now in the same spotlight as Bobby Bowden, John Cooper, Lloyd Carr,
Steve Spurrier and Phil Fulmer. Any unexpected losses are unforgivable in the
eyes of fans. It may take some time for Brown and his team to adjust to that.
UNC fans were pretty ho-hum about everything the Tar Heels did in football,
even when they won big. Brown wanted to win at a school with huge
expectations. He'll have to adjust now that it appears Texas will be starting
out the next few seasons in the Top 10.
	?

	 Q: Is Lee Jackson out for the Houston game?
	?? Marty Bonner

	 BROWN:  Jackson is out for the Houston game with a hamstring pull suffered
against Stanford. He may also miss the Oklahoma State game. Mack Brown said
this is a bad week to be without Jackson because Houston can throw the ball
really well.
	?

	 Q: Is Ricky Williams' jersey being retired at the Oklahoma State game Sept.
30?
	?? Mark Wilson

	 BROWN:  Yes. Williams' No. 34 will be retired at that game. Williams has
said he will be there because the New Orleans Saints are off that weekend.
Host Communications has also just finished a video biography on Williams that
will be available soon.
	?

	 Q: What did Mack Brown say about the expectations surrounding his team after
the loss to Stanford?
	?? Virginia Blair

	 BROWN:  Again, here are Mack's words: "I said during the pre-season that we
were overrated. I didn't see any reason with the youth, the way we finished
last year and the inexperience across the board that we should have been a
Top 5 football team. One of the great things about Texas is that you receive
a tremendous amount of attention and publicity, but in some cases people want
to push you too fast to get to the top. I think that we were in that position
and expectations got out of hand. I knew that we would have a difficult game
at Stanford and that it would be a tough game to win. I also didn't think
that we deserved to be ranked fifth in the country. Our current rank within
the Top 15 is much more fitting for where we are today."

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	   (c) Copyright 2000 The Dallas Morning News
		[IMAGE]

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This advice letter filing submits a replacement to the utility,s existing
Rule 21, dealing with interconnection standards for non-utility-owned
generation.  This replacement is supposedly made in accordance with the
Commission,s direction in D.00-11-001, the first decision in the distributed
generation proceeding, which directed the utilities to adopt a model
interconnection tariff which was contained in that decision.

If Enron is interested in distributed generation, then it may want to review
this tariff and become familiar with its terms.  FYI.  Please advise if you
would like additional information.


Guys, attached you will find a preliminary agenda for the 2000 ENA Offsite.
As leaders of the organization, you have been invited to participate in a two
day offsite where business 2001 objectives and strategies for ENA will be
discussed.  It is scheduled to occur December 14th and 15th at the Venetian
in Las Vegas.

This is the forum to ensure that your point of view and ideas can be heard
and incorporated into our plans and iniatives as such I would encourage
everyone to attend and to stay for the entire period.  In particular, we
would like everyone to stay over Friday night and leave Saturday morning.

ENA public relations (Dorie) will manage all the logistics including air fare.

Final invitations, details and agenda will follow shortly.

Regards
Dave and John


Joe advises that Equilon's Board has decided to go forward with us.  They
want to get an MOU signed up this week.  I believe we can manage disclosure
on this for the next few weeks (at least until we file our 10Q).  Also, I met
with Tom White today and he will ask Dan Leff or Jeff Messina to contact me
about possibilities at EES.  Thanks.  SWD


My special thanks to the both of you for being there, for being trustworthy (in a time when we can't say that to many), for caring about your staff and employees.  Best wishes to you both for a wonderful Thanksgiving.  And, yes, you're right Stan, this Thanksgiving 2001 is viewed by all of us in a very different light.

Janice


Wishing you both a very nice Christmas!  I understand Houston is to get some very cold weather in the next couple days!  Well that will be very similar to up here in the north country!  Hope all is well.  Sheila
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


Randy:

You make some great points.  We need to sit down and talk about this
further.  An org memo is going out today, but it does not address South
America.  I will give you a call.

Regards,

Mark


Hi, Maribel:

I don't know if you were copied on Tana Jones's e-mail, but Legal is preparing all confidentiality agreements once again, so instead of you having to prepare the agreement, if you will just provide us with the counterparty info (name, address, contact, etc.) we will prepare the CA, have initialled and forward to you for signature.

Thanks!

Marie

 -----Original Message-----
From: 	Monterrey, Maribel
Sent:	Wednesday, August 15, 2001 5:43 PM
To:	Bailey, Susan; Boyd, Samantha; Panus, Stephanie
Cc:	Heard, Marie
Subject:	CA's

Please find the attached CA on The Sutta Company, Inc. If you have any questions, please call me at 3-9048.

 << File: Confidentiality Agmt to The Sutta Company.doc >>

Thanks,
Maribel M Monterrey
Sr. Credit Analyst
Office: (713) 853-9048
Fax: (713) 853-9476
Maribel.Monterrey@enron.com


As most of you know today, April 3, is my last day at Enron.  We are moving to Midland, TX and beginning a new business in the oil & gas industry called Anthem Royalties.

My new contact information is:

2501 Fannin Ave.
Midland, TX 79705
915-683-0801    Home
915-684-8200    Work
ericboyt@hotmail.com <mailto:ericboyt@hotmail.com>


The EES VaR for today is $11.1 million, up from yesterday's VaR of $8.2
million, due to the additional short positions added at NP and SP.   The VaR
will decrease once the short positions associated with the University of
California facilities are removed.


Is there anything we can do to address circumstances where we are required to
bid into the ISO pursuant to the DOE's Section 202(c) order - especially for
the fixed price customers?

Steve C Hall
12/18/2000 05:46 PM
To: Greg Wolfe/HOU/ECT@ECT, Chris H Foster/HOU/ECT@ECT, mwood@stoel.com,
Lester Rawson/PDX/ECT@ECT, gfergus@brobeck.com, Christian Yoder/HOU/ECT@ECT,
Mary Hain/HOU/ECT@ECT
cc:
Subject: Draft California Rider

For your review:

Under this rider, service customers selling energy to EPMI at an indexed
price would be required to reimburse EPMI for any FERC-ordered refunds or
short payments due to a credit default at the PX/ISO.  Customers selling for
a fixed price would not be subject to these prior adjustments because the
customers have no expectation that EPMI will necessarily sell into
California.


Mike, are you going to wait for input before sending this to Michelle?  Thanks. Lynn

 -----Original Message-----
From: 	Bodnar, Michael
Sent:	Friday, October 12, 2001 4:16 PM
To:	Neville, Sue; Branney, Theresa; Roobaert, Preston; Buchanan, John; Kowalke, Terry; Zadow, Raetta
Cc:	Blair, Lynn
Subject:	3rd Party Storage Procedures - Initial Draft

Attached for your review and comment is an initial draft of procedures that Gas Logistics will follow in providing administrative support to 3rd Party storage transactions. Please take a few minutes to review and return to me any suggestions you may have on these procedures.
Thanks!


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/26/2001
08:12 AM ---------------------------
From: Li Sun@ENRON COMMUNICATIONS on 02/23/2001 09:30 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Enron&China: Is Enron Overpriced? It's in a bunch of complex
businesses. Its financial ...

Hi, Vince,

How are you doing? I called Wed to set up a meeting with you, unfortunately
you were out of town. Since I just got my computer and email account set up
today, it was not that convenient to contact you. Please let me know when you
are available. Please see the following for the interesting article about
Enron, and it is exactly what you have been worried about and now it is
starting to catch Wall Street's attention. So I belive what you have been
promoting to do is very constructive to the company.

In addition, please let me know if you need any help with Tiger Team. I
didn't forget yesterday's conference, but I was so tied up in a meeting and
couldn't leave. The learning curve is quite steep for a freshhand like me at
the very beginning.

You are such a remarkable person, and I feel lucky I got the chance to work
for you. I really appreciate your help and your kindness to me, and I benefit
from it tremendously. Please please let me know if there is anything I could
help.

Best Wishes!

Li

Is Enron Overpriced?
It's in a bunch of complex businesses. Its financial
statements are nearly impenetrable. So why is Enron
trading at such a huge multiple?
Bethany McLean

03/05/2001
Fortune Magazine
122+
(Copyright 2001)

   In Hollywood parlance, the "It Girl" is someone who commands the
spotlight at any given moment--you know, like Jennifer Lopez or Kate
Hudson. Wall Street is a far less glitzy place, but there's still
such a thing as an "It Stock." Right now, that title belongs to
Enron, the Houston energy giant. While tech stocks were bombing at
the box office last year, fans couldn't get enough of Enron, whose
shares returned 89%. By almost every measure, the company turned in a
virtuoso performance: Earnings increased 25%, and revenues more than
doubled, to over $100 billion. Not surprisingly, the critics are
gushing. "Enron has built unique and, in our view, extraordinary
franchises in several business units in very large markets," says
Goldman Sachs analyst David Fleischer.

   Along with "It" status come high multiples and high expectations.
Enron now trades at roughly 55 times trailing earnings. That's more
than 2 1/2 times the multiple of a competitor like Duke Energy, more
than twice that of the S&P 500, and about on a par with new-economy
sex symbol Cisco Systems. Enron has an even higher opinion of itself.
At a late-January meeting with analysts in Houston, the company
declared that it should be valued at $126 a share, more than 50%
above current levels. "Enron has no shame in telling you what it's
worth," says one portfolio manager, who describes such gatherings as
"revival meetings." Indeed, First Call says that 13 of Enron's 18
analysts rate the stock a buy.
   But for all the attention that's lavished on Enron, the company
remains largely impenetrable to outsiders, as even some of its
admirers are quick to admit. Start with a pretty straightforward
question: How exactly does Enron make its money? Details are hard to
come by because Enron keeps many of the specifics confidential for
what it terms "competitive reasons." And the numbers that Enron does
present are often extremely complicated. Even quantitatively minded
Wall Streeters who scrutinize the company for a living think so. "If
you figure it out, let me know," laughs credit analyst Todd Shipman
at S&P. "Do you have a year?" asks Ralph Pellecchia, Fitch's credit
analyst, in response to the same question.

   To skeptics, the lack of clarity raises a red flag about Enron's
pricey stock. Even owners of the stock aren't uniformly sanguine.
"I'm somewhat afraid of it," admits one portfolio manager. And the
inability to get behind the numbers combined with ever higher
expectations for the company may increase the chance of a nasty
surprise. "Enron is an earnings-at-risk story,'' says Chris Wolfe,
the equity market strategist at J.P. Morgan's private bank, who
despite his remark is an Enron fan. "If it doesn't meet earnings,
[the stock] could implode."

   What's clear is that Enron isn't the company it was a decade ago.
In 1990 around 80% of its revenues came from the regulated gas-
pipeline business. But Enron has been steadily selling off its old-
economy iron and steel assets and expanding into new areas. In 2000,
95% of its revenues and more than 80% of its operating profits came
from "wholesale energy operations and services." This business, which
Enron pioneered, is usually described in vague, grandiose terms like
the "financialization of energy"--but also, more simply, as "buying
and selling gas and electricity." In fact, Enron's view is that it
can create a market for just about anything; as if to underscore that
point, the company announced last year that it would begin trading
excess broadband capacity.

   But describing what Enron does isn't easy, because what it does is
mind-numbingly complex. CEO Jeff Skilling calls Enron a "logistics
company" that ties together supply and demand for a given commodity
and figures out the most cost-effective way to transport that
commodity to its destination. Enron also uses derivatives, like
swaps, options, and forwards, to create contracts for third parties
and to hedge its exposure to credit risks and other variables. If you
thought Enron was just an energy company, have a look at its SEC
filings. In its 1999 annual report the company wrote that "the use of
financial instruments by Enron's businesses may expose Enron to
market and credit risks resulting from adverse changes in commodity
and equity prices, interest rates, and foreign exchange rates."

   Analyzing Enron can be deeply frustrating. "It's very difficult
for us on Wall Street with as little information as we have," says
Fleischer, who is a big bull. (The same is true for Enron's
competitors, but "wholesale operations" are usually a smaller part of
their business, and they trade at far lower multiples.) "Enron is a
big black box," gripes another analyst. Without having access to each
and every one of Enron's contracts and its minute-by-minute
activities, there isn't any way to independently answer critical
questions about the company. For instance, many Wall Streeters
believe that the current volatility in gas and power markets is
boosting Enron's profits, but there is no way to know for sure. "The
ability to develop a somewhat predictable model of this business for
the future is mostly an exercise in futility," wrote Bear Stearns
analyst Robert Winters in a recent report.

   To some observers, Enron resembles a Wall Street firm. Indeed,
people commonly refer to the company as "the Goldman Sachs of energy
trading." That's meant as a compliment. But the fact that part of
Goldman's business is inherently risky and impenetrable to outsiders
is precisely the reason that Goldman, despite its powerful franchise,
trades at 17 times trailing earnings--or less than one-third of
Enron's P/E. And as Long Term Capital taught us, the best-laid
hedges, even those designed by geniuses, can go disastrously wrong.
"Trying to get a good grip on Enron's risk profile is challenging,"
says Shipman.

   Nor at the moment is Enron's profitability close to that of
brokerages (which, in fairness, do tend to be more leveraged). While
Wall Street firms routinely earn north of 20% returns on their equity-
-Goldman's ROE last year was 27%--Enron's rate for the 12 months
ended in September (the last period for which balance sheet
information is available) was 13%. Even less appealing is Enron's
return on invested capital (a measure including debt), which is
around 7%. That's about the same rate of return you get on far less
risky U.S. Treasuries.

   Enron vehemently disagrees with any characterization of its
business as black box-like. It also dismisses any comparison to a
securities firm. "We are not a trading company," CFO Andrew Fastow
emphatically declares. In Enron's view, its core business--where the
company says it makes most of its money--is delivering a physical
commodity, something a Goldman Sachs doesn't do. And unlike a trading
firm, which thrives when prices are going wild, Enron says that
volatility has no effect on its profits--other than to increase
customers, who flock to the company in turbulent times. Both
Skilling, who describes Enron's wholesale business as "very simple to
model," and Fastow note that the growth in Enron's profitability
tracks the growth in its volumes almost perfectly. "People who raise
questions are people who have not gone through [our business] in
detail and who want to throw rocks at us," says Skilling. Indeed,
Enron dismisses criticism as ignorance or as sour grapes on the part
of analysts who failed to win its investment-banking business. The
company also blames short-sellers for talking down Enron. As for the
details about how it makes money, Enron says that's proprietary
information, sort of like Coca-Cola's secret formula. Fastow, who
points out that Enron has 1,217 trading "books" for different
commodities, says, "We don't want anyone to know what's on those
books. We don't want to tell anyone where we're making money."

   In addition to its commodities business, Enron has another
division called Assets and Investments that is every bit as
mysterious. This business involves building power plants around the
world, operating them, selling off pieces of them, "invest[ing] in
debt and equity securities of energy and communications-related
business," as Enron's filings note, and other things.

   Actually, analysts don't seem to have a clue what's in Assets and
Investments or, more to the point, what sort of earnings it will
generate. Enron's results from that part of its business tend to be
quite volatile--profits fell from $325 million in the second quarter
of 1999 to $55 million in the second quarter of 2000. In written
reports, Morgan Stanley chalked up the decline to the poor
performance of Enron's "significant number of investments" in telecom
stocks; Dain Rauscher Wessels blamed it on a lack of asset sales.

   In any event, some analysts seem to like the fact that Enron has
some discretion over the results it reports in this area. In a
footnote to its 1999 financials, Enron notes that it booked "pretax
gains from sales of merchant assets and investments totaling $756
million, $628 million, and $136 million" in 1999, 1998, and 1997.
"This is an enormous earnings vehicle, which can often be called upon
when and if market conditions require," notes UBS Warburg analyst Ron
Barone. Not everyone is so chipper. "We are concerned they are
liquidating their asset base and booking it as recurring revenue,
especially in Latin America," says analyst Andre Meade at Commerzbank-
-who has a hold rating on the stock. At the least, these sorts of
hard-to-predict earnings are usually assigned a lower multiple.

   There are other concerns: Despite the fact that Enron has been
talking about reducing its debt, in the first nine months of 2000 its
debt went up substantially. During this period, Enron issued a net
$3.9 billion in debt, bringing its total debt up to a net $13 billion
at the end of September and its debt-to-capital ratio up to 50%, vs.
39% at the end of 1999. Nor does Enron make life easy for those who
measure the health of a business by its cash flow from operations. In
1999 its cash flow from operations fell from $1.6 billion the
previous year to $1.2 billion. In the first nine months of 2000, the
company generated just $100 million in cash. (In fact, cash flow
would have been negative if not for the $410 million in tax breaks it
received from employees' exercising their options.)

   But Enron says that extrapolating from its financial statements is
misleading. The fact that Enron's cash flow this year was meager, at
least when compared with earnings, was partly a result of its
wholesale business. Accounting standards mandate that its assets and
liabilities from its wholesale business be "marked to market"--
valued at their market price at a given moment in time. Changes in
the valuation are reported in earnings. But these earnings aren't
necessarily cash at the instant they are recorded. Skilling says that
Enron can convert these contracts to cash anytime it chooses by
"securitizing" them, or selling them off to a financial institution.
Enron then receives a "servicing fee," but Skilling says that all the
risks (for example, changes in the value of the assets and
liabilities) are then transferred to the buyer. That's why, he says,
Enron's cash flow will be up dramatically, while debt will be "way
down, way down" when the company publishes its full year-end results,
which are due out soon.

   That's good, because Enron will need plenty of cash to fund its
new, high-cost initiatives: namely, the high-cost buildout of its
broadband operations. In order to facilitate its plan to trade excess
bandwidth capacity, Enron is constructing its own network. This
requires big capital expenditures. So broadband had better be a good
business. Both Enron and some of the analysts who cover it think it
already is. Included in the $126 a share that Enron says it's worth
is $40 a share--or $35 billion--for broadband. Several of Enron's
analysts value broadband at $25 a share, or roughly $22 billion (and
congratulate themselves for being conservative). But $22 billion
seems like a high valuation for a business that reported $408 million
of revenues and $60 million of losses in 2000. Not all analysts are
so aggressive. "Valuing the broadband business is an "extremely
difficult, uncertain exercise at this point in time," notes Bear
Stearns' Winters, who thinks that broadband, while promising, is
worth some $5 a share today.

   Of course everything could go swimmingly. Enron has told analysts
that it plans to sell between $2 billion and $4 billion of assets
over the next 12 months. The bullish scenario for Enron is that the
proceeds from those sales will reduce debt, and as earnings from new
businesses kick in, the company's return on invested capital will
shoot upward. Along with broadband, Enron has ambitious plans to
create big businesses trading a huge number of other commodities,
from pulp and paper to data storage to advertising time and space.
Perhaps most promising is its Enron Energy Services business, which
manages all the energy needs of big commercial and industrial
companies. Skilling has told analysts that its new businesses will
generate a return on invested capital of about 25% over the long run.

   But all of these expectations are based on what Wolfe, the  J.P.
Morgan strategist, calls "a little bit of the China syndrome"--in
other words, if you get x% of y enormous market, you'll get z in
revenues. For instance, Enron says the global market for broadband
and storage services will expand from $155 billion in 2001 to
somewhere around $383 billion in 2004. "Even a modest market share
and thin margins provide excellent potential here," writes Ed
Tirello, a Deutsche Bank Alex. Brown senior power strategist. The
problem, as we know from innumerable failed dot-coms, is that the y
enormous market doesn't always materialize on schedule. And Enron
isn't leaving itself a lot of room for the normal wobbles and
glitches that happen in any developing business.

   In the end, it boils down to a question of faith. "Enron is no
black box," says Goldman's Fleischer. "That's like calling Michael
Jordan a black box just because you don't know what he's going to
score every quarter." Then again, Jordan never had to promise to hit
a certain number of shots in order to please investors.

   FEEDBACK: bmclean@fortunemail.com

COLOR PHOTO: PHOTOGRAPH BY PAUL HOWELL/LIAISON
SOME PEOPLE liken Enron, with its massive trading operation, to a
Wall Street securities firm.
COLOR PHOTO: AFP
ENRON still has plenty of old-economy iron and steel assets like
this one, but it has been selling them off at a steady clip.
COLOR CHART: FORTUNE CHART
Enron's stock is soaring
Enron
S&P 500
COLOR PHOTO: PAM FRANCIS/LIAISON
JEFF SKILLING, a former consultant, has taken over the reins from
chief executive officer Kenneth Lay.

Folder Name: Enron&China
Relevance Score on Scale of 100: 80

______________________________________________________________________

To review or revise your folder, visit http://www.djinteractive.com or
contact Dow Jones Customer Service by e-mail at custom.news@bis.dowjones.com
or by phone at 800-369-7466. (Outside the U.S. and Canada, call 609-452-1511
or contact your local sales representative.)
______________________________________________________________________

Copyright (c) 2001 Dow Jones & Company, Inc. All Rights Reserved


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CALENDAR ENTRY:	EVENT

Description:

Date:		11/15/2000
Duration (days):	1

Chairperson:	Outlook Migration Team

Detailed Description:


We have a $89,533 variance on Financial Liquidations.  The Peoples Fred file is atttached.


This was very helpful.
thanks a lot
MOnika Causholli

-----Original Message-----
From: Timo Ter?s [mailto:timo@foex.fi]
Sent: Tuesday, July 24, 2001 11:29 AM
To: Causholli, Monika
Cc: tuula@foex.fi
Subject: Re: Foex Index; yr two e-mails

Hi Monika,

Welcome to the pulp and paper world.

In order to understand the index system, the first thing is to look at our
web-site www.foex.fi which includes a lot of information, particularly in
this case the FAQ section. You probably have taken a look at that already,
though.

Our two pulp indexes, NBSKP (Northern Bleached Softwood Kraft) and BHKP
(birch+eucalyptus) cover the European market. As abt 40% of the world pulp
trade is for the European market, these are, in a way, considered to be the
"world market prices", particularly as the third biggest market, North
America (Asia is the second biggest) has virtually the same prices as
Europe; correlation between the two is well over 0.9.

The sellers reporting to us are, by definition, in NBSKP from Canada, US
West Coast and the Nordic countries. BHKP (birch, euca) sellers are from the
Nordic region, Latin America, Spain and Portugal and a number of
Asian/African companies selling Eucalyptus pulp to the European market.
Buyers are European producers of paper and paperboard buying at least some
of their pulp from the open market, representing virtually all countires in
Western Europe. The split between birch and euca is approximately 30%/70%,
again reflecting the actual situation in the European market.

The exact coverage is difficult to calculate as some of the data received
from buyers are from same deals which are reported by the sellers and some
are not. The producers reporting to us represent roughly 80% of the supply
to Europe in the two benchmark grades.

Most (=80-90%) of the pulp sold in Europe is so-called contract business.
This means that a buyer and a seller have an annual or multiannual contract
covering the grades and volumes, quantity rebates etc. However, prices are
fixed also for contract business on a monthly/quarterly basis. Most of the
pulp arriving Continental Europe or UK from abroad, goes through consignment
warehouses (in places like Antwerp, Rotterdam, La Pallice, Tilbury,
Savono-Livorno range etc.). As forwarding companies allow 30-60 days of free
storage, buyers do not hold much inventory at their mills but take the pulp,
delivered by sellers in large shipments, little be little by lorry, rail or
barge. Each delivery is invoiced separately and those invoice prices are the
price reported to us, before customer specific rebates. Prices are for prime
grade pulp and for delivery during the current or latest for the following
month.

The following comments are worth making:
- Our system is based on first taking off top 10% and bottom 10% of the
prices received and only then calculating the index (or rather benchmark)
values. This way we avoid any clerical errors in the data received as well
as any theoretical attempts of manipulation (we have never detected any
attempts)
- We have a more or less equal number of prices received from buyers and
sellers. Some we receive through agents/merchants/trading houses - usually
mandated by a supplier to give us the price data
- If someone does not report their prices on a given week, we can use the
previous week's data but only once
- Prices are not volume-weighted (in order to avoid the manipulation
possibility and unnecessary weekly changes up and down because a supplier
sold one week to large customers and next week to small ones)
- Prices are CIF European port before customer-specific rebates (again to
avoid unnecessary volatility of the index at a time when prices remain
unchanged; also, rebates are often given only afterwards - e.g. when
exceeding a certain tonnage threshhold - and we cannot alter our indexes
retroactively)
- Our index system is approved by financial regulators and by European
Community anti-trust regulators (=DG IV) and audited by
PriceWaterhouseCoopers.
- There is a group of independent experts, case need, as "trouble shooters".
Never have had any and never have received any official complaints about the
index values.
- Participation is totally voluntary
- The main reasons for differences between the often compared FOEX indexes
and Pulpex quotations include:
a) our prices are before customer-specific rebates (averaging 5-6%), Pulpex
prices are net
b) our prices are for contract business, Pulpex prices represent the lowest
spot-levels in a weak market and highest spots in a strong market
c) our price info is based on actual sales, Pulpex prices are expectations
what the spot price might be in e.g. 3 month's time
d) our price is for a prime quality (within each benchmark grade there are
surprisingly large differences between individual mill grades sold) approved
by a seller from a particular supplier/mill, whilst Pulpex prices, based on
a delivery concept (i.e. you do not accept the price offered to close a
contract, you can make/take delivery), are prices in a particular inventory
location (3-4 alternative ones), sometimes far away from buyer's or seller's
normal ports for any lot (often unknown/unwanted grade, up to 11 months and
29 days old goods). This system tends to emphasize in the Pulpex system the
extreme prices, up or down, particularly in these early stages with low
liquidity.
- Our indexes are trade-marked products. Therefore their use for any
commercial purposes is possible only with our permission. To get that
permission, users pay us a small premium, the main source of our income.
Enron and FOEX Indexes Ltd. have a contract, Bob Crane has the details at
your end.

I trust this is helpful. I encourage you to contact us anew for any
additional questions.

Please find enclosed, for order's sake our pulp specs, some additional
comments we send to the price providers and the historical price series you
asked for (historical series are still without today's indexes, to be
published about an hour from sending this message; you can add those from
our web-site by the time you read this).

My best regards to you as well as to David and Elizabeth.

Timo Teras

-----Original Message-----
From: Causholli, Monika <Monika.Causholli@ENRON.com>
To: timo.teras@poyry.fi <timo.teras@poyry.fi>
Cc: timo.teras@foex.fi <timo.teras@foex.fi>
Date: 23. hein?kuuta 2001 11:43
Subject: Foex Index

Hello Mr. Teras,

My name is Monika Causholli and I am a new analyst working at Enron
Industrial Markets concentrating in pulp. I work with David Allan and
Elizabeth Hutchinson whom you met in the conference in Las Vegas.

I am in the process of understanding the pulp market and how it works.
Right now I am working on a project where I have to analyze the FOEX
index and the methodology behind it. I have seen one of the
presentations that you have presented in the States a while ago but I am
looking for a little bit more detail. For example, what kind of
companies you contact, what percentage of industry they represent in
terms of tonnage, markets that they represent, what geographic area
these companies represent and anything else that you think its important
to know.

I would very much appreciate your help in the matter,

sincerely,
MOnika Causholli


Just confirmed with Mike. Broker is correct - 25 MW. I'll change this deal
when Risk is done with their calculation.

Thanks,
Kate

Kerri Thompson@ENRON
11/16/2000 04:03 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 458802

broker has 25 mw instead of 50mw


Mark,

Thanks. I can always depend on a prompt response from you.

Vince

 -----Original Message-----
From: 	Koenig, Mark
Sent:	Tuesday, May 22, 2001 5:58 PM
To:	Valencia, Laura
Cc:	Kaminski, Vince J
Subject:	FW: Power Point presentation about Enron

L - Pls. email Vince a copy of the presentation I used in LA and Denver.  Thanks.  MEK

 -----Original Message-----
From: 	Kaminski, Vince J
Sent:	Monday, May 21, 2001 5:43 PM
To:	Koenig, Mark
Subject:	Power Point presentation about Enron

Mark,

I am going to give a presentation on risk management to Wharton Business Schools professors.
Do we have a presentation about Enron (January 2001 or the 1st quarter summary) from
which I could borrow a fee slides about Enron?

Vince


Click To Apply Today!!!


----- Forwarded by Richard B Sanders/HOU/ECT on 09/19/2000 11:44 AM -----

	"Jean C. Frizzell" <Jfrizzell@Gibbs-Bruns.com>
	09/18/2000 10:13 AM

		 To: "Richard Sanders (E-mail)" <richard.b.sanders@enron.com>
		 cc:
		 Subject: FW: Greg Smith of Cynet called me just now

-----Original Message-----
From: Rand M. Curtiss [mailto:randmcurtiss@juno.com]
Sent: Monday, September 18, 2000 10:00 AM
To: barbara.rayner@ey.com; jfrizzell@gibbs-bruns.com;
mtimberlake@worldnet.att.net; Scollings@gibbs-bruns.com;
thill@mcfallglidden.com
Subject: Greg Smith of Cynet called me just now

and informed me that the $2.2 million HEOF committed to Cynet was in
escrow as of September 9, and not actually invested in cynet itself as
the escrow was pending the rescission financing.  The actual financing
closed in December of 1999.  It turned out that HEOF THEN (not before)
invested not only the $2.2 million that was in escrow as of the valuation
date but an additional $220,000.

I think the valuation implications are obvious.

I took the liberty of handling this directly with Greg; if you have any
other questions, please feel free to call him.

This just leaves Creole Shack (Roland Curry) who has never gotten back to
me, and we are done with our calls and can proceed to finalize our
reports.

Rand M. Curtiss, FIBA, MCBA, ASA, ASA
Loveman-Curtiss e-Values Your Business
Vox 216-831-1795 Fax 216-292-6887
www.curtiss.com   www.businessval.com
Headquarters of the American Business Appraisers National Network


I tried to fax all 4 deal sheets at once - and the pages stuck together.  So
I faxed each page seperately.

Nice outfit.  Judy says "Hey".


Vince,

Thanks for your consideration. Please let me know details for the phone
interview at your earliest convenience.
Happy thanksgiving.

Qing

----- Original Message -----
From: <Vince.J.Kaminski@enron.com>
To: <qchen1@tulane.edu>
Sent: Tuesday, November 21, 2000 8:45 AM
Subject: Re: MBA Career Opportunity

>
> Christine,
>
> We shall arrange a phone interview with you.
>
> Vince
>
>
>


OK

 -----Original Message-----
From: 	Tuttle, Bruce
Sent:	Thursday, January 10, 2002 1:21 PM
To:	Hyatt, Kevin
Subject:	Sun Devil conf call at 9:00 am Friday 01-11

We plan to call you in your office at 9:00 tomorrow a.m.  Still OK for you?  Thanks.


Steve Larson has accepted our invitation to be a panelist. Steve is the
current Executive Director of the California Energy Commission, and before
that he was the Chief of Staff to Steve Peace in the California Legislature.
So while we do not have an actual legislator, we have a very close close
substitute whose current position makes him even more attractive.

Cheers,
Lee


---------------------- Forwarded by Kay Mann/Corp/Enron on 12/07/2000 05:46
PM ---------------------------

"George Kutzschbach" <gkutzschbach@fulbright.com> on 12/07/2000 05:07:09 PM
To: Ben.F.Jacoby@enron.com, Kay.Mann@enron.com, CCampbell@KSLAW.com,
JKeffer@KSLAW.com
cc: areynaud@coral-energy.com, dwhaley@coral-energy.com,
TSeigler@coral-energy.com

Subject: DeltaView Document Distribution

Attached is a revised draft of the Letter Agreement which has been
redlined to show the changes from ENA's last draft.  I am also attaching
an insert which such be substituted for Section 6.2(e) of the LLC
Agreement.

 - Redline.rtf
 - 5wn6w01_.DOC


-----Original Message-----
From: Stein, Neil [mailto:neil.stein@csfb.com]
Sent: Monday, August 27, 2001 7:32 AM
To: undisclosed-recipients
Subject: CSFB Independent Power Weekly--Issue #41

 <<IPW082701.pdf>>
Good Morning,

Attached, please find the latest issue of our Independent Power Weekly.

Also note that on September 10 and 11, CSFB will host a Power Generation
Supply Chain Conference at the Plaza Hotel in New York City.  The power
generators will speak on the morning of 9/11.  Companies presenting include:
CPN, MIR, NRG, ORN, RRI and TE.

1. IPPs Rise 3.9%   Last week our IPP composite rose 3.9%, outperforming
both the NASDAQ (+2.7%) and the S&P 500 (+2.0%).  This was the strongest
performance for our composite since the second week of July.  Calpine, which
was up 10.9%, was the strongest performer in the group.  Global Power
Equipment Group was the weakest performer, falling 3.4%.

2. Recognition of Attractive Valuations and CPN Conference Call Boost Stock
Prices   We attribute last week's performance to a growing recognition that
the group is simply oversold.  Indeed, on average the pure play IPPs are
trading at 11.6x 2002 EPS, which represents a 40%+ valuation compression
year to date.  More immediately, we believe a conference call hosted by
Calpine on Monday (8/20) helped ease investor concerns regarding the
supply/demand outlook for the sector and the ability of power generators to
attract capital to grow their businesses.

3. Calpine Hosting Final Special Topic Conference Call   On Tuesday (8/28),
Calpine will conclude its special topic conference call series with a
discussion of the California power market.  The call will take place at 2 pm
EDT.  The dial-in number is 877/692-2137.  On the call, management will
provide a regulatory update and describe the steps it has taken to respond
to the power shortages in the state.

4. California Windfall Profits Tax Bill Resurfaces   Today (8/27), the
California Assembly Revenue and Taxation Committee will consider SB 1 XX-the
power generator Windfall Profits Tax bill.  Importantly, while earlier
versions of the bill implied that the tax would be retroactive and applied
to power sales going back to January 1, 2001, the current version of the
bill suggests that the tax will not be implemented until early 2002.  In
addition, an internal analysis of the bill done by the Assembly Revenue and
Taxation Committee suggests that the bill could be subject to several legal
challenges if it is passed.

Regards,

Neil Stein   212/325-4217

This message is for the named person's use only.  It may contain
confidential, proprietary or legally privileged information.  No
confidentiality or privilege is waived or lost by any mistransmission.
If you receive this message in error, please immediately delete it and all
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Please send this to Mark Manela by e-mail. Mark--- thanks for the gift but as
I indicated in my voicemail to you last week, Enron's policy forbids me to
accept this gift. Thanks again.
----- Forwarded by Richard B Sanders/HOU/ECT on 03/02/2001 03:04 PM -----

	Richard B Sanders
	01/21/2001 10:22 AM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: A Gift for you from Mark Manela

----- Forwarded by Richard B Sanders/HOU/ECT on 01/21/2001 10:27 AM -----

	<sales@ashford.com>
	12/18/2000 02:22 PM

		 To: <richard.b.sanders@enron.com>, <bcave@ashford.com>
		 cc:
		 Subject: A Gift for you from Mark Manela

You have received an Ashford.com Gift Certificate for $300.00 from Mark
Manela.

Here's your gift message from Mark Manela:
Best Wishes for a Happy Holiday and a healthy and prosperous New Year.
Mark D. Manela HPF and M PC

You may use this gift certificate toward any purchase at Ashford.com,
where you'll find the widest selection of luxury goods including watches,
jewelry, diamonds, sunglasses, pens and more from over 300 world-class
brands!  All in a convenient and secure shopping environment.

Simply log on to www.ashford.com, make your selection and enter your gift
certificate number when prompted during check-out.

We hope you'll enjoy your shopping experience at Ashford.com, and please
do not hesitate to call our 24-hour Customer Service hotline at
888-999-4645 or e-mail us at sales@ashford.com if you have any questions!

Gift Certificate Number: RZNUZVX3V768P

Expiration date: 12/19/2001

Gift certificates are not redeemable for cash. Any unused balance will be
placed in the recipient's gift certificate account. If your order exceeds
the amount of your gift certificate, you must pay for the balance with
some other accepted payment method. Gift certificates and unused portions
of gift certificates expire one year from the date of issue or on the
earliest date allowed under law, whichever occurs later. We cannot replace
lost or stolen gift certificates.


01/08/01

 BEGINING TODAY, JANUARY 5, 2001 - THE MEETING WILL BE HELD IN EB872.
PLEASE CHANGE YOUR CALENDAR ENTRIES TO REFLECT THIS CHANGE.

Time    Location Call In #  International Call In# Pass Code

10:00 Central Standard Time  EB 872  1-800-713-8600  001-801-983-4017  80435

This is a recurring daily meeting until further notice  (this invitation will
schedule your calendar through 1/31/01).

Time, Call In #, and Pass Code are the same for all meetings.

Note:  Optional Invitees FYI Only

Please call me if you have any questions

Leticia

x-58752


SIVY ON STOCKS from money.com
May 16, 2001

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

Face-off on McDonald's

Is the world's number-one fast-food chain really poised for a comeback --
or is the stock depressed for good reason.

By Michael Sivy

MONEY editor-at-large Ken Kurson and Michael Sivy go head-to-head over this
column's recommendation of McDonald's (see Supersize this Stock!
[ http://www.money.com/money/depts/investing/sivy/archive/010514.html ]).
On Monday, Sivy argued that the stock is a good buy even though it appears
beset with problems -- the economic slowdown in the U.S.; fears about
mad-cow disease and hoof-and-mouth disease that have depressed beef
consumption in Europe; and the chronically weak euro, which reduces the
value of McDonald's European profits. Sivy believes that these problems
will soon pass, profit growth will pick up again, and the stock's valuation
-- well below historical levels -- will climb back toward normal. Kurson
doesn't buy it. Their debate follows:

Kurson
This time you've gone too far! How can you possibly like anything about
McDonald's -- either the business OR the stock? (I'm assuming you at LEAST
detest the food.) Yes, the valuations are cheap next to its own historical
averages, but NOT against competitors. The PEG ratio is by far highest in
the group: McDonald's PEG is 1.39 versus 1.01 for Brinker [EAT], 0.99 for
CBRL Group [CBRL], 1.06 for Darden [DRI] and a lowly 0.95 for Tricon [YUM]
(despite those endless delicious stuffed crust innovations at Pizza Hut).
And McDonald's price/sales ratio is more than TWICE any of its competitors.

And for what? A proven ability in the PAST to build faster and a net profit
margin that's the envy of the sector. But as your column points out,
overseas is where the opportunity is and also where the problems are. You
say the problems will pass, but I totally disagree. Mad-cow disease and
hoof-and-mouth disease MAY be temporary, faddish, fashionable concerns. I
happen to think they're not so easily dismissed, but even conceding that
point, it doesn't get at the root of MCD's failure to replicate overseas
the disgusting (and disgustingly profitable) empire it has erected here.
Evidence? Japan, where MCD is planning a piddling 220 new stores in 2001
(versus 360 in 2000). That's the company's second biggest market (bigger
than Europe) and there are concerns about profit margins there, as well.

You rightly point out the company relied too heavily on promotional
gimmicks. But then you give MCD points for totally ridiculous stuff like
high-end coffee at their McCafes. Yeah, right. I'm sure Starbucks is
quaking in its boots. Just like Pizza Hut was terrified by McPizza.

Sivy
The short response to the points you raise is that I don't really believe
in securities analysis.

Here's the longer version: I don't believe that projections of a company's
business trends are more reliable than the stock's actual track record and
natural statistical tendencies, such as regression to the mean. If analysts
couldn't anticipate the effect of telecom infrastructure overbuilding on
Cisco's business, they can't anticipate anything.

Fact is, McDonald's has proved remarkably resilient over time, despite its
mediocre products. The same arguments you make now have been made before.
And yet McDonald's has retained its dominant position relative to Tricon
and Wendy's and other smaller chains.

When globalization was a hot concept right after the Berlin Wall fell,
companies with global franchises enjoyed excellent growth. Now "globaloney"
is out of fashion and no one is willing to pay up for such franchises (that
goes for U.S. packaged food companies too).

At the moment, everything is going against McDonald's stock. But most of
the these trends are cyclical, in one way or another. The U.S. economy will
turn. And the McDonald's marketing machine will improve its success rate.
And sooner or later, the stock's multiple will improve. I'm not looking for
the next Dell Computer, but I do think that from this price the return on
McDonald's will beat a 12 percent hurdle rate.

As to the current backlash against beef, I regard it as a temporary -- and
rather ridiculous -- expression of deviant psychology. Basically, the same
sorts of people who supported North Vietnam in the '60s have redirected
their self-hatred from the national to the personal level. This leads to
body-piercing, food phobias, and incompetent riots at international
free-trade meetings. This too shall pass -- or at least be redirected again
to rescuing mink, or something.

Kurson
I, too, place no faith in securities *analysts*, and thus share your
suspicion about growth-rate projections. But I certainly believe in
securities *analysis*, and you do, too, because that's what it is to
recommend MCD based upon its history, the cyclical nature of the economy,
the foolhardiness of those who oppose beef. These all fit comfortably under
the heading of traditional analysis, and I don't see any percentage in
throwing out all the tools just because a couple of them display the greasy
fingerprints of sell-side analysts.

As for your point about past record being more compelling, yeah, I give a
company credit for a track record. But only when there's a forward-looking
justification for why that success (and higher valuation) will continue. I
mean, if a stock costs more than the stock of its peers because the company
is doing things differently and is hard to imitate, I'm willing to afford
it some juice. But if a stock costs more simply because it always has, I'm
skeptical. Especially when things have changed to make previous advantages
less impressive -- as I believe has happened to McDonald's. That's why I
cited the sharp fall-off of store openings in Japan.

Any drop in beef consumption may very well be temporary: There's clearly no
limit to how fat Americans are willing to become and like a lot of trends,
we're way out in front and I expect the rest of the world to follow suit in
time. However, I DON'T think McDonald's will continue to show the dominance
in fulfilling that demand, or at least continue to do so way better than
competitors.

Sivy
Where I differ with you is that I have a far greater skepticism toward all
trend projections, even though I acknowledge that we have to use them to
value stocks.

Just as economists have predicted 19 of the past seven recessions,
securities analysts tend to over-predict changes in earnings trends. What
really changes, though, is the level of valuations. A decade ago, everyone
loved companies with global brand names. Now they ignore those stocks. I
tend to think that the fashion has changed far more than the underlying
fundamentals. Statistically, it's most successful to bet on companies with
strong track records when they're off their game and valuations are low --
that's true even if you can't predict where their next success will come from.

###

Post your comments on Michael's column at:
http://www.money.com/depts/investing/sivy/index.html

To subscribe or unsubscribe to Sivy on Stocks, go to:
http://www.money.com/email/

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We may, from time to time, contact you with offers for Time Inc.
products and services which we think may be of interest to you.
If you would prefer us not to contact you in this manner, AND
YOU DID NOT INDICATE THIS PREFERENCE AT THE TIME YOU SIGNED UP
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Additionally, from time to time we may provide your e-mail
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us know by e-mailing us at <no_transfer@money.com>.


We want to send them a Master - Dave will be working on this too.
THANKS

Kim
 -----Original Message-----
From: 	"Kawash, David" <dkawash@ridgewoodpower.com>@ENRON [mailto:IMCEANOTES-+22Kawash+2C+20David+22+20+3Cdkawash+40ridgewoodpower+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Wednesday, July 11, 2001 10:23 AM
To:	Williams, Jason R (Credit)
Cc:	Ward, Kim S (Houston)
Subject:	FW: Norcal Financials

Kim:

> Per your request,  please find attached financial information, for the
> purpose of obtaining credit to purchase gas supplies for the Ridgewood
> power plants.  Please contact me should you have any questions - (201)
> 447-9000 x188.
>
> Regards,
>
> David Kawash
>
>
>
>  <<Ridgewood_Cal_Power_Plant_Financials.xls>>

 - Ridgewood_Cal_Power_Plant_Financials.xls


I have 30 minutes at 930 (1000am meeting)

From: Sheila Tweed@ECT on 05/15/2001 04:18 PM
To: John G Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Scott Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Kay
Mann/Corp/Enron@Enron

Subject: Re: GE- Standard Domestic Contract- Need your help

Would you all be in a posiotion to get together tomorrow morning at 9:30 am
Houston time to review the issues list and  talk about how we get to the end
of this process with GE.  We immediately need to start the drafting of the
Longview turbine contract and I'd like to see if we are close enough to get
that started.  Scott, today the extension to the Agreement in Principle
expires and we need to extend.  Can you tee this up with Steve Swift?  Our
meeting tomorrow will be in lieu of the regularly scheduled GE call.  I'll
let them know we will call them later this week or we'll talk next Wednesday,
but I would like to get through whatever we need to in order to get the
Longview Turbine Contract going.
I've talked to John Schwartzenburg about this and he is available tomorrow
morning.


Tino, attached is a spreadsheet with the info I think you need.  I got the
publication wrong--its "Megawatt Daily" that posts daily prices.  Hope this
is helpful.  DF

Drew,

Attached is an excel file which contains pricing for the following delivery
points January 1, 1999 through
April 30, 2000:

 Four Corners
 Palo Verde
 Mead Nevada
 Southwest Power Pool

Let me know if you want any additional information.  We can get April 30,
2000 to present information.  I just
have to call RDI--they put it out by quarter so at the end of July we will
get the next disk.  They'll send me the
data if we need it.

Lorna


----- Forwarded by Tana Jones/HOU/ECT on 05/23/2001 10:07 AM -----

	Tom Moran/ENRON@enronXgate
	05/22/2001 04:51 PM

		 To: Karen Lambert/ENRON@enronXgate, Tana Jones/HOU/ECT@ECT, Samuel
Schott/ENRON@enronXgate, Mark A Taylor/EFS/EES@EES, Brant
Reves/ENRON@enronXgate, Debbie R Brackett/ENRON@enronXgate, Cynthia
Clark/ENRON@enronXgate, Enron Europe Global CounterParty/LON/ECT@ECT,
Stephanie Sever/ENRON@enronXgate, Tom Moran/ENRON@enronXgate, Claudia
Clark/ENRON@enronXgate, William S Bradford/ENRON@enronXgate, Lisa
Lees/ENRON@enronXgate, Juana Fayett/ENRON@enronXgate, Jana
Morse/Corp/Enron@Enron, Trang Le/ENRON@enronXgate, Paul Maley/LON/ECT@ECT,
Sonya Clarke/LON/ECT@ECT, Tim Davies/LON/ECT@ECT, Karen
O'Day/ENRON@enronXgate, Tanya Rohauer/ENRON@enronXgate, Kelly
Lombardi/ENRON@enronXgate, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center@ECT, Bill D Hare/ENRON@enronXgate, Amy
Heffernan/Enron Communications@Enron Communications, Molly LaFuze/Enron
Communications@Enron Communications, Danny Clark/Enron Communications@Enron
Communications, Stephanie Panus/NA/Enron@Enron, Teresa
Mandola/ENRON@enronXgate, Bill Kyle/ENRON@enronXgate, Amber
Ebow/ENRON@enronXgate, Thu Pham Arnold/ENRON@enronXgate, Tandra
Coleman/ENRON@enronXgate, Lesli Campbell/ENRON@enronXgate, Wendi
Lebrocq/ENRON@enronXgate
		 cc:
		 Subject: EOL Approvals: 05-22-01

Please see attached

Regards,
Tom Moran
713-853-3017


This is to advise you that we have canceled next Wednesday's ETS Half Day Staff Meeting.    Our next meeting is scheduled for Wednesday, August 15, from 8:30AM to 1:00PM in 49C2.    We are taking a summer break to accommodate vacation schedules.

Don't hesitate to call me if you have any questions or concerns with this notice.

Thanks,
Cindy


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Ricki, the imbalance meeting will be at 3:30 on Mondays in 1336.  Thanks. Lynn

 -----Original Message-----
From: 	Winters, Ricki
Sent:	Wednesday, October 10, 2001 11:20 AM
To:	Blair, Lynn
Subject:	FW: TW Shipper Imbalance/OBA Meeting

Lynn, you need her to attend this meeting Monday only, and what is the time & place.

Thanks, Ricki

 -----Original Message-----
From: 	Corman, Shelley
Sent:	Wednesday, October 10, 2001 9:04 AM
To:	Winters, Ricki
Subject:	FW: TW Shipper Imbalance/OBA Meeting

Please add to my calendar

 -----Original Message-----
From: 	Blair, Lynn
Sent:	Tuesday, October 09, 2001 3:18 PM
To:	Corman, Shelley
Subject:	TW Shipper Imbalance/OBA Meeting

	Shelley, we have established Monday afternoon after Steve Harris' staff
	meeting to meet and discuss:

		1.  TW Shipper Imbalance Status

		2.  OBA termination/Resolution

	We will stay in the conference room on 13.

	Just wanted to let you know this is replacing our Tuesday morning meeting
	which was not working well since everyone moved.

	Thanks. Lynn


Team,

I still need comments on the GE break out contract which was previously
forwarded to Finance, Accounting and Tax. If anyone who didn't get it would
like to get it, please let me know.

Also, I am unclear as to whether the consent form we received earlier this
week is the final version from Enron's standpoint.  Any information on that
point would be appreciated.

Thanks,

Kay