----- Forwarded by Steven J Kean/NA/Enron on 09/26/2000 04:51 PM -----

	Edmund Szol <eszol@nwlink.com>
	09/24/2000 05:29 PM

		 To: undisclosed-recipients:;
		 cc:
		 Subject: Angle Master Invention

Please have someone contact me at 425-503-4339 (cell telephone) or at the
address on the web site underlined below  if
Enron has an interest in the U.S. and internationally patented Angle Master.
We now have marketing prototypes made, patents in place, outstanding consumer
interest and are ready to proceed to the
next step.
The Angle Master can be very large or  small.. The output gear smoothly
transitions from 0-90 degrees at high torque to
to reach or drill any angle. The input gear can be driven by any device. No
product on the market can perform
like the Angle Master. I can see the use of the Angle Master for various
drilling applications, including horizontal drilling
Professional mechanics in all fields who have seen the smaller Angle Master
all want one. We have endorsements from professional
drivers, mechanics, and many others.
A recently retired Captain of a nuclear aircraft carrier has stated in a
letter "....The use of the Angle Master.... will
result in a significant time savings which in turn will increase combat
readiness of aircraft and ships due to the more rapid
turnaround of out of commission systems. Every mechanic will want the Angle
Master in their toolbox after they have seen it in
operation."
A Senior Vice President of Operations for a major Aerospace Company has
stated in writing " .... Prototype manufacturing,
tool manufacturing, assembly, repair and overhaul operations will all benefit
from the flexibility of the Angle Master."
The attached web page location underlined below is not yet completed, but it
indicates just a few
of thesmaller scale uses for the Angle Master.
I look forward to hearing from you.

Sincerely,

Ed Szol
President
Angle Master Industries LTD.
http://www.nwlink.com/~eszol/index.html


You have received this email because you are listed as a security approver. Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000033860&Page=Approval to review and act upon this request.

Request ID          : 000000000033860
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Resource Name       : ICE - External Intercontinental Exchange US Natural Gas
Resource Type       : Applications


Enjoy!
 - 20020128ERCOT_LOAD.XLS
 - 20020128ERCOT_FLOW.XLS


--- Automatic Notification System ( Request #: EBUT-4KPQEW )
Requested For: Vince J Kaminski
Requested By:  Kevin G. Moore

The installation of the equipment (see below) has been completed.

18IN TFT8020 FLATPANEL OPAL


Here's a good Dow Jones article in case you missed it.  It covers the risks inherent in processing trade transactions and discusses solutions such as automation and using standards.  Nothing new here.  It does, however advocate outsourcing mid and back office services to independent third party vendors such as Houston-based Confirmation Clearing Corp.  It's worth the read...

 -----Original Message-----
From: 	djcustomclips@djinteractive.com@ENRON [mailto:IMCEANOTES-djcustomclips+40djinteractive+2Ecom+40ENRON@ENRON.com]
Sent:	Thursday, April 26, 2001 4:55 PM
To:	168842@mailman.enron.com
Subject:	Fred Philipson: Deal confirmation: Weak link in the risk management chain    No matter how fast ...

04/01/2001
Global Energy Business
Copyright 2001 McGraw-Hill, Inc.

  According to The New York Times, on March 2 of this year a broker misplaced
the decimal point while executing an order on the Nasdaq stock exchange. A day
trader, who thought he had made a profit of $145,000, later discovered he had
actually lost $130,000. Although all the systems executing the trade were
electronic, the error was made by a human.

  This anecdote should strike a nerve at energy trading firms, which spend the
bulk of their time trying to quantify and manage the risks they take. One of
the first and most valuable lessons they learned about risk management came
courtesy of Nick Leeson, the rogue trader who brought down the investment bank
Barings in the mid 1990s. That lesson was: You can't control risk unless you
separate your front and back offices.

  However, the careers of many energy traders begin in the back office.
Managers believe that if a ``kid'' makes a mistake there, at least it won't
bring down the company. But although on-line energy exchanges have increased
the velocity and volume of trading, they've done nothing to reduce the amount
of work involved in confirming deals. Confirmation is still a manual,
paper-driven process of verifying signatures and assembling evidentiary
documents to support deals. While the front office turns to fancier and more
powerful analytical software and the middle office deploys state-of-the-art
risk management systems, life in the back office continues to test humans'
tolerance for tedium.

  The importance of deal confirmation cannot be overstated. In addition to
being a legal and binding act, confirmation serves as the last opportunity to
prevent a deal from being transacted wrongly. As transaction volumes rise, so
do the opportunities for introducing human error during the deal confirmation
process. Confirmation represents a potential source of operational risk that
cannot be hedged.

  Zero tolerance
When asked what he considers the biggest offense a trader could make, Jim
Donnell, CEO of Houston-based Duke Energy North America, answered without
hesitation, ``doing a deal and not recording it.'' He says he'd even fire a
trader for being that sloppy. ``The only thing worse,'' adds Greg Hickl, head
power trader for Tulsa-based Williams Energy, would be ``if a trader tries to
hide a trading mistake.''

  At energy trading firms, mistakes have little chance of remaining covered up
for long. If their electronic systems are working correctly, both the middle
and back offices should receive a confirmation from the broker or counterparty
for every deal made. But when markets are volatile, Hickl explains, ``honest''
mistakes are more likely to happen, and the back office may have a difficult
time catching them. The proliferation of streamlined systems that enable a
trade to be entered in 15 seconds or less and generate its own confirmation
are giving front offices more control over the risks inherent in the use of
manual, back-room processes.

  It's important to realize that although process automation and systems
integration can mitigate confirmation risk, they cannot eliminate it--because
humans are still involved in the process. Once two traders make a deal, the
middle or back office of their companies still must contact each other to
confirm its details.

  Go with the deal flow
Although the front, middle, and back offices have slightly different
responsibilities at different energy trading firms, this is not evident to the
outside world. All energy traders do business in much the same way (Figure 1).
At most trading houses, trades are made and entered--captured, in other
words--in the front office by traders, their analysts, assistants, deal input
clerks, or even by a pool of deal-capture specialists.

  Trade capture is important for several reasons: for correct invoicing,
proper risk control, and acknowledging ``intent to pay.'' Depending on the
type of deal (see table), the confirmation desk will either phone or fax the
counterparty to confirm it, wait to receive a confirmation from the other
party, or initiate a confirmation. If the deal was done on an on-line
exchange, the confirmation desk will also check to see that the exchange
recorded the transaction. If a trade has a physical component, the seller's
scheduling desk also plays a role, by ``nominating,'' or scheduling, the flow
of energy.

  A steep learning curve
As mentioned, neophytes may comprise much of the staff of back-room
confirmation desks. They have a lot to learn back there, including the jargon
of the industry and the difference between floating- and fixed-price deals.

  It helps if these entry-level personnel are quick studies, because in many
ways energy trading is more complicated than financial trading. In financial
markets, no more than 20 currencies or 10 interest rates comprise the universe
of traded commodities. In equity markets, there are thousands of stocks, but
no forward market (with the exception of equity options).

  In the North American gas market, by contrast, there may be 60 basis
locations each trading two years out at any time. Newcomers also have to learn
to handle options, thousands of price points (specifying delivery location and
time period), and deals for transmission and storage capacity. If the market
has high volatility, large notional values, large transaction volumes, low
margins, and long settlement cycles--as physical energy markets do--the
dangers of using antiquated processes are far greater than in financial
markets, which trade in ``virtual'' money.

  The physical nature of commodity electricity raises the complexity of
trading it to another level. In the U.S., electricity is specified on an
hourly basis. In the U.K., it's half-hourly. In Germany, it's every 15
minutes. Volumes and prices must be specified for each time slot. In physical
deals, the high penalties for throwing the delivery systems out of balance
behoove counterparties to capture and confirm deals with great accuracy.

  To err is human
As the transaction volume and volatility of a market increase, so do the
chances of making a mistake and the penalties for doing so. Mistakes can be
made when a trade is made, when it is entered into the system, when it is
confirmed, when energy is delivered, and even as late as when a payment is
made. Modern electronic trading systems incorporate many checks and balances
to help catch human errors, but some still slip through.

  The manual process of deal confirmation is particularly error-prone because
it may require the handling and matching of media as different as paper faxes,
tapes of phone conversations, and electronic files. Exacerbating the problem,
there is no industry-standard confirmation form. Nothing prevents a trading
firm from burying a paragraph of legalese at the bottom of its document, which
is why traders like to hire people for the back office with a strong attention
to detail. Ironically, paper fax and verbal confirmations are still the
preferred media, as e-mail is still not considered secure enough. Even the
simplest deal may generate three to five faxed pages for confirmation
purposes.

  Because energy trading is so complex and demands such high  accuracy, deal
confirmation is a stressful job. One trader reports that the people who do
deal confirmation at his firm dread hearing from the firm's traders, because
they only call when someone in the back office makes a mistake. Some companies
try to reduce the stress by distributing the confirmation workload throughout
the day. But at most others, the rule remains hard and fast: All transactions
of the previous day must be confirmed by noon the next day.

  To catch an error, divine
How successful are humans at catching errors made at the deal-confirmation
stage? It depends. One top trading firm--whose confirmation desk is staffed by
new hires that typically last only last six months on the job--estimates that
as many as two out of every five deals it makes contain an error of some kind.
Another--which entrusts this task to more-senior personnel--estimates a 5%
error rate. But this does not include spot deals which start the next day.

  Unlike market risk, which can be managed, the operational risk related to
errors in deal confirmation cannot be hedged in ways other than building a
wall between the front and back offices, endless checking and rechecking, and
using good personnel and procedure management practices. Money is also a
factor in dealing with confirmation errors. If a firm fires someone who makes
a $500 mistake, it will then have to spend many times that to train someone
else to do his or her job.

  Legal risks
Rather than wait to receive deal confirmations, some traders initiate them,
both for legal reasons and to exert greater control over the process. There
are two types of confirmations in use today: positive and negative. A positive
confirmation requires both parties to agree that a trade has been made between
them, and that the trade meets agreed-upon specifications.

  A negative confirmation, by contrast, presumes that the other party has
agreed to the deal unless it is notified to the contrary by a certain date and
time. This practice, which speeds up the confirmation process (and therefore
enables increases in transaction volume) is the norm at on-line exchanges.
EnronOnline, for instance, automatically sends a confirming fax to every party
with whom it does a deal. If it fails to receive a response to the contrary
within a certain number of business days, Enron assumes that the deal is
confirmed. The main problem with negative confirmation is that it allows a
counterparty that spots a mistake in its favor to keep quiet about the error.

  Toward automation
Several vendors of trading software have added automatic deal confirmation to
the list of features of their integrated product suites. Among them is
Houston-based Altra Technologies, whose vice president David Hanson explains
that, ``Automatic trade confirmation is the first step on the road to
straight-through processing.''

  Trading firms have begun to take notice of straight-through processing (or
STP, a term that implies the removal of humans from all points along the
deal-processing chain) for obvious reasons. Less-costly and more-powerful
integrated systems and middleware will doubtless foster the proliferation of
STP, allowing more traders to automate their existing, manual
deal-confirmation processes. However, the complete automation of energy
trading industry-wide will still require standardization. All market
participants--including their legal departments--will have to agree on a
common format and procedures for confirming deals.

  STP--the trader's edge
In addition to eliminating human confirmation errors, another big benefit of
STP is that it promises to enable energy traders to do more trades of greater
complexity more quickly. The nomination and confirmation processes being put
in place in the U.K. in preparation for the shift to the New Electricity
Trading Arrangements (NETA) this spring are a good example of how complex and
time-critical energy trading is becoming. Under the new rules, electricity
schedules will be defined on a half-hourly basis, and all 48 time slots in the
day must be specified by volume and price in a two-hour time window from 6:00
to 8:00 p.m.

  Oliver Mills, vice president of European sales for New York-based Caminus,
believes that it will be impossible for traders to meet these time constraints
while doing 100 to 1,000 deals a day, unless they automate their business
processes. So Caminus has added a matching engine called ZGrid to its Zai*Net
software suite.

  Based on a subset of XML standards, ZGrid replaces fax confirmations and
shows an audit trail of all information exchanged between buyer and seller.
The system obviously works when both counterparties have ZGrid, but it also
works when the party on the other end has trading software that is compatible
with the so-called Enron Spec. Developed by Enron, this specification--also
called the Group of Seven spec--is supported by the seven leading participants
in the new U.K. energy market. The spec itself delineates the physical format
of, and procedures for executing, a trade.

  Another software vendor targeting the nascent deal-automation market is
TradeCapture.com, based in Stamford, Conn. According to Chief Marketing
Officer Matt Frye, the company's Integrated Commodity Trading System (ICTS
2000) automatically updates a trading firm's internal records of scheduled,
confirmed, and actual shipments, giving it both a real-time and a historical
view of its positions. The system can initiate the sending of deal-confirming
electronic files, faxes, and telexes.

  Altra's David Hanson hits the nail on the head in describing automated trade
confirmation as the first step on the road to STP. After a deal is confirmed,
it must still be cleared and settled. Two new companies say they have found a
way to automate those processes too.

  One is Houston-based EnergyClear, which says it is the first
industry-sponsored clearinghouse to offer comparison, netting, and settlement
of wholesale energy contracts to over-the-counter (OTC) energy traders.
Co-founder and president Lee Burton believes EnergyClear will revolutionize
the OTC energy markets by reducing traders' credit, legal, operational, and
liquidity risks, which in the long run will increase those markets' depth and
liquidity. Counterparties must still confirm their deals, however, before
turning to EnergyClear.

  The other new firm eyeing OTC energy markets--and other OTC commodity
markets as well--is NexClear Inc., Boulder, Colo. The company says it will
soon be offering centralized clearing, fulfillment, and delivery services to
all OTC-traded commodity markets. In addition, it will also guarantee
transactions, monitor credit risk, provide trade data, and perform necessary
middle and back-office services. The NexClear system will allow traders to use
the Web to enter details of their trades in a confirmation window.

  Outsource to ease risk
Checking the details of deals more diligently and automating the confirmation
process are only two approaches that energy traders can take to minimize their
operational risk. Another is to hire a third party to guarantee that
unforeseen events won't cause financial pain--a practice akin to buying
insurance.

  A company that offers such a service to energy trading companies is
Houston-based Confirmation Clearing Corp (CCC). Founder and President Chris
Papousek advises that, ``A good way to test the readiness of an organization
to cope with a counterparty default is to run an occasional fire drill--to
expose gaps in processes that can then be filled when the clock isn't
ticking.''

  He urges energy trading firms to consider using an independent third
party--such as CCC--to eliminate the legal risks of deal confirmation. If both
parties to a deal are subscribers to the company's service, they would send
their version of its details to CCC and have CCC do the work of matching and
confirmation. Both would be covered against errors and omissions by the
equivalent of an insurance policy. Figure 2 shows how the service works. Note
the connections to EnergyClear and NexClear, which are responsible for
clearing and settlement.

  Papousek believes that a confirmation service such as the one his company
offers can work only if it is centralized, independently owned, and works in
real time with all commodity markets and trading platforms. ``The last thing
you want in the confirmation arena,'' he says, ``is a fragmented solution that
only works with a single system or a finite number of commodities.''

  Visit these sites for more information
Altra Technologies  www.altra.com
Caminus             www.caminus.com
Confirmation Clearing
  Corp              www.confirmcorp.com
EnergyClear         www.energyclear.com
NexClear            www.nexclear.com
TradeCapture        www.tradecapture.com

Photograph: 1. At most trading houses, trades are made and
entered--captured, in other words--in the front office by traders, their
analysts, assistants, deal input clerks, or even by a pool of
deal-capture specialists

Photograph: 2. If both parties to a deal are subscribers to the
company's service, they would send their version of its details to
Confirmation Clearing Corp (CCC) and have CCC do the work of matching
and confirmation.  Note the connections to EnergyClear and NexClear,
which are responsible for clearing and settlement

Folder Name: Rahil Jafry
Relevance Score on Scale of 100: 76

______________________________________________________________________

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


Dear Sir's.

Necessary heel quantity for next ballast leg will be 3700M3 with out
any safety margins.

Brgds Oe. Hansen
Master

E-mail: master.gall@hoegh.no
Teleph: Inmarsat tel.no. 330853910
Fax   : Inmarsat fax no. 330853913
Telex : Inmarsat B telex no.330853915
Telex : Inmarsat C telex no.430853910 (24hrs.watch)


To:	All ENW Employees

From:	Greg Piper and Mark Pickering

Please print and become familiar with the updated ENW T&E Policy, which is attached.  Changes to the policy include business-first travel,
with supervisor approval, for international flights over 4 hours in duration (excluding Canada and Mexico).  Supervisors will be responsible for making the decisions and bearing the expense for business-first travel.

If you have any questions about the policy or an expense not covered under the policy, please contact Tina Spiller or Lisa Costello.


?
 - 05_07_01ON.xls


Rick,

I'm not sure Felipe understands that he needs to finalize the model with me
first before he sends around a "lender package" for the senior guys to
review. We are still trying to make everything make sense, make certain
strategic decisions on presentation, and make all of the presentations tic
and tie as Connie would say.  I believe we will have no problem accomplishing
all of this by early Monday and then you and Laine can review and make
additional changes if you like.  We can talk on Monday as well about how we
handle Shell, but an expedited approach should be doable with the right
spin.  However, I am concerned that the base case you agreed with Johanas is
no longer accurate given the status of Laine's negotiations.

I did not understand specifically your question about cash below.  Could you
clarify this particular concern further for me so I can look into it.  I am
going to get much closer to the model this time than last because of the
turnover due to Robert and Joana moving on.  Give me a call if there is
anything else you want me to look into.

Regards, Rob

Richard A Lammers
12/15/2000 04:36 PM
To: Felipe Ospina/NA/Enron@ENRON
cc: Tracee Bersani@ECT, Christiaan
Huizer/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Laine A
Powell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rob G Gay/NA/Enron@Enron

Subject: Re: Cuiaba Lender Package

hy are we excludung cash from the lender model.Did we not do this last time.I
think shell required this. We also need to put on these models that this is
Enron's latest update and send to shell simultaneaously or get shell's
approval first( which ain't going to happen quick)


We have a new version of the TAGG-Deal Capture Application in TAGG's staging
area ready for user testing. The reason for the new version is to incorporate
three new requests. The new requests are as follows:

Provide ability to capture external exchange deal numbers and associate them
with a TAGG deal.
For TAGG deals that have more than 9 legs,  redo numbering such that leg
numbers on Deal Structure Screen match  with leg numbers in Deal Capture
Detail screen and  forwards
detail report .
For physical NG deals, require  a link to a Sitara deal num before allowing
deal to save in TAGG.

The attached document contains more information regarding the external
exchange item mentioned above.

The current plan is to migrate these changes into  production the evening of
Monday January 22, 2001. If you have any problems with the changes made to
this version of Deal Capture Application or with
the proposed migration plans, please contact Oscar Rivera(x5-3361) or Sanjeev
Gupta (x5-3816) as soon as possible.

thanks,

Oscar Rivera


give me a shout if you get this before 5pm....713-853-6203

 -----Original Message-----
From: 	"Chris Jackson" <Chris_Jackson@txu.com>@ENRON [mailto:IMCEANOTES-+22Chris+20Jackson+22+20+3CChris+5FJackson+40txu+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Wednesday, August 15, 2001 11:20 AM
To:	Carson, Mike
Subject:

Dude,

What is up???  I've got lots of news for you...let's see...I'm recently
engaged...work is going well...traveling a bit and enjoying Dallas though I'm a
true Houstonian...And you?

Jackson


Thanks for taking the time to give me your input on the analyst program.  It
will help to have that info in my meeting on Friday.


Linda, I may not be able to participate in the December 14th conference
call.  I do believe it is important that Robert Eickenroht participate along
with Jack Urquhart.  Jim


BAUGHMAN JR, DON C,

You have been selected to participate in the Mid Year 2001 Performance Management process.  Your feedback plays an important role in the process, and your participation is critical to the success of Enron's Performance Management goals.

To complete a request for feedback, access PEP at http://pep.enron.com and select Complete Feedback from the Main Menu.  You may begin providing feedback immediately and are requested to have all feedback forms completed by Friday, May 25, 2001.

If you have any questions regarding PEP or your responsibility in the process, please contact the PEP Help Desk at:
Houston:  1.713.853.4777, Option 4 or email: perfmgmt@enron.com
London:  44.207.783.4040, Option 4 or email: pep.enquiries@enron.com

Thank you for your participation in this important process.

The following is a CUMULATIVE list of employee feedback requests with a status of "OPEN."  Once you have submitted or declined an employee's request for feedback, their name will no longer appear on this list.  NOTE: YOU WILL RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER.

Employee Name:
ACEVEDO, RODOLFO
BALLATO, RUSSELL
COULTER, EDWIN
GARCIA, MIGUEL


Is meredith buying us a drink tomorrow ?


in case you're wondering...
-----Original Message-----
From: Meyer, Vance
Sent: Thursday, November 15, 2001 7:30 AM
To: Denne, Karen; Radford, Pat; Hiltabrand, Leslie
Subject: Where's Vance?

Hey gang --

I forgot that, after rescheduling three twice due to the events of the past month, Teresa scheduled a meeting for 9:30 this morning with our financial planner.  As a bonus, I'll bring you back his best tips for 401K manipulation in light of our present circumstances!  If I'm needed -- particularly since I sprung this one -- please feel free to call me on my vibrating cellage.  KD -- if I'm needed critically, call.  I can skip if I have to.  I'm getting ready to slam out some more A's for Mary's long list of Q's and hope to focus on that a great deal today.

Q: Will Enron senior management lose their bonuses, go to jail, apologize publicly, sit naked in a dunk tank at the next ECafe, donate their life savings to the United Way, and resign immediately?  Also, what happens to Starbucks?
A: Thank you for your thoughtful questions.  On the first one, our review of the situation is underway and no decisions have yet been made, but we welcome your suggestions.  On the second one, beverage service issues will be part of the transition team focus.


On January 13, 2000, FERC issued a Section 7(c) certificate for
Transwestern's Gallup Expansion.  The Commission's order contained two
conditions:  1) that Transwestern file its discounted rates within 15 days of
the order, and 2) that Transwestern restructure its relationship with Enron
Compression Services so that Transwestern will have sufficient operation
control over the motor at the Gallup compressor station to assume regulatory
responsibility for the motor's operation, and that Transwestern file a report
with the Commission stating how it complied with this condition.
Transwestern accepted the  certificate January 14, 2000 but reserved the
right to seek rehearing or clarification of the order.  On January 18, 2000,
Transwestern filed a motion for extension of time to comply with the
condition that Transwestern file its discounted rates.  Transwestern has
already filed with the Commission the discounted rates it will charge its
expansion shippers, subject to a request for confidentiality.   Transwestern
intends to file a request for rehearing of the January 13 order explaining
why the Commission erred in ordering Transwestern to publicly disclose its
discounted rates in advance of the normal time for making such disclosure
through a discount report.


SECTION 4.5 HAS RESALE INFO

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


FYI

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/19/2001
10:39 AM ---------------------------

Tamara Jae Black
04/18/2001 03:31 PM
To: Kevin M Presto/HOU/ECT@ECT, Mark Dana Davis/HOU/ECT@ECT, Fletcher J
Sturm/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect, Doug
Gilbert-Smith/Corp/Enron@ENRON, Stacey W White/HOU/ECT@ECT, Vince J
Kaminski/HOU/ECT@ECT, Naveen Andrews/Enron@EnronXGate, Tim
Belden/HOU/ECT@ECT, Vladimir Gorny/Enron@EnronXGate, LaCrecia
Davenport/Enron@EnronXGate
cc: , Frank Hayden/Enron@EnronXGate
Subject: Mtg. Scheduled

Please mark your calendar for a meeting with:

Frank Hayden
Reg. Value @ Risk
April 26th
3 - 4pm
rm 3125b

Thanks

Tjae Black
x35800


The following is a clean version of the tax characterization clause just
dispatched that reflects the comments of Lou Stoler.  Best regards.
---------------------- Forwarded by Stephen H Douglas/HOU/ECT on 05/31/2000
01:23 PM ---------------------------

Morris Richard Clark
05/30/2000 07:24 PM
To: Tana Jones/HOU/ECT@ECT
cc: Stephen H Douglas/HOU/ECT@ECT
Subject: Language for the Confirmation

Tana,

The language in the Schedule should reflect what is in our Form#3, whereby
"Enron Re:" is the U.S. entity and "Swiss RE - EFR" is a Barbados entity.
Also, the tax form requested should be a W-8.

In addition, the following language should be added to the confirmation:

United States Federal Income Tax Characterization and Reporting.  The parties
recognize and intend that, for United States federal income tax purposes, any
payment by the Counterparty of the Fixed Amount will be treated as a payment
pursuant to a guaranty by the Counterparty of the obligations of Bob West
Treasure, LLC to make payments under a Loan Agreement between Bob West
Treasure, LLC and Royal Bank of Canada.  The parties agree that to the extent
either of the parties is required to report any item of income, gain, loss,
deduction or credit relating to the Transaction for United States federal
income tax purposes, such party shall report such item consistent with the
characterization set forth above and shall not take any position on any tax
return or report relating to United States federal income taxes which is
inconsistent with such characterization.  The parties recognize that the
manner in which they have agreed to characterize the Transaction for United
States federal income tax purposes may be inconsistent with the manner in
which the Transaction is characterized for non-United States federal income
tax purposes and for accounting, regulatory or other purposes.  The
provisions of this Section are not intended to affect the manner in which the
parties report the Transaction for such other purposes, or the interpretation
of the provisions of the Confirmation and the rights and obligations of the
Parties arising hereunder, for any purposes.


missing deals

chris
selling bp energy
111.00
25 mw
sp15
april
off peak

jeff
selling bp energy
205.00
25 mw
pv
april
on peak

548756
broker has 82.52

thanks


No problem weather observations don't know national boundaries. In fact ENA
has already done an OTC Australian weather trade. Clearly the GTCs will need
to be converted into an ENA form.

From: Tana Jones@ECT on 23-08-2000 03:15 CDT
To: David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Viverito/Corp/Enron@Enron
cc: Mark Taylor/HOU/ECT@ECT

Subject: Japanese & Australian Products

You both may already by aware of this, but the online team has contacted me
and it is their desire to have the Japanese & Australian products also
offered out of the U.S. by Enron North America.  They would continue to be
offered by their current companies, "Enron Australia" and "EnronJapan", but
they want the products sold "24 hours a day" and I guess to do this they
would be offered also by Enron North America.  Do you see any legal issues
from your side with a your Japanese or Australia products being offered by
Enron North America too?


Start Date: 2/6/02; HourAhead hour: 16;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002020616.txt
!!!General SQL error.
Couldn't update; currently locked by user 'admin' on machine 'NAHOU-TRDTS4'.
Table

---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTstNW
  MKT_TYPE: 2
  TRANS_DATE: 2/6/02
  TIE_POINT: MALIN_5_RNDMTN
  INTERCHG_ID: ENRJ_CISO_3000
  ENGY_TYPE: FIRM


Thomas and I bought an RV this weekend.  It is sweet.

 <<rv5859[1].jpg>>
1999 Damon Daybreak, 33'11", Ford V10, 22k miles, excellent condition,
sleeps 6 (rear queen, 2 sleeper sofas, dinette), dual airconditioners, 5.0
generator, TV, microwave, 3 burner range, awning, lots of inside and outside
storage (including 2 passthroughs), all wood floors, lots of other extras.

Later,

Rob Taylor
> J Texaco Exploration & Production, Inc.
Electrical Engineer
GOM Operations Support
(504) 680-1816


The following message was sent to you as an opt-in subscriber to The eDirect Network. We will continue to bring you valuable offers on the products and services that interest you most. If you wish to unsubscribe please click here: Unsubscribe [IMAGE]

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Bob,
Good talking to you this am.
You can send the email to the following people:

rmills@calpx.com
mathompson@calpx.com
dabrabb@calpx.com

Regards,
Drew


---------------------- Forwarded by Carla Hoffman/PDX/ECT on 11/29/2000 06:12
AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Pergher, Gunther" <Gunther.Pergher@dowjones.com>
     11/29/2000 06:05 AM

To: undisclosed-recipients:;
cc:
Subject: FW: FYI two articles from Tuesday (in case you missed them)

> -----Original Message-----
> From: Golden, Mark
> Sent: Tuesday, November 28, 2000 6:56 PM
> To: Pergher, Gunther
> Subject: FYI two articles from Tuesday (in case you missed them)
>
> FERC Unclear On Pay For Must-Run Units, Capital Return
>    By Jason Leopold and Mark Golden
>    OF DOW JONES NEWSWIRES
>
>   NEW YORK (Dow Jones)--The U.S. Federal Energy Regulatory Commission,
> which is
> working on its final order to fix California's broken electricity market,
> isn't
> clear on how the new rules will price power from must-run generators or
> how
> generators will be paid a return on their capital investments, a FERC
> commissioner said Tuesday.
>   In its preliminary proposal Nov. 1, FERC said that  California's
> wholesale
> electricity market price could have a "soft cap" of $150 a megawatt-hour,
> but
> the state could purchase additional power at more than $150/MWh if needed.
> Suppliers would be paid the price at which they bid in their power would
> have to
> justify why their costs exceed $150/MWh. Further, the FERC could lower the
> sales
> price upon review.
>   As reported Monday, FERC commissioners likely will set the "soft cap" at
> $100/MWh in the final ruling, which is expected in the middle of December,
> instead of the initially proposed $150/MWh.
>   The FERC, however, still doesn't know how generators selling power above
> the
> cap will be reimbursed for investment in addition to marginal generating
> costs.
> When generators are paid only their marginal costs, they have no money
> left to
> pay off fixed costs and go broke. Fixed-cost recovery as a percentage of
> per
> megawatt-hour sales price varies widely based on how many hours a year a
> generator operates. Inefficient peaking units that run only a couple
> hundred
> hours a year, for example, need to be paid very high prices per hour to
> cover
> fixed costs.
>   In addition, the state has contracts with several independent power
> producers
> whose generators must run - or at least be available to run - all the time
> for
> system reliability. Currently, these "resource must-run" units get paid
> the
> market clearing price, but a clearing price of $100/MWh won't cover the
> fixed
> costs of gas-fired units at current prices for natural gas in California.
>   "We're not clear on these issues, and we're seeking comments on them,"
> said
> the commissioner, who spoke on the condition of anonymity.
>   Others in the industry are also skeptical about how the new "soft cap"
> will
> work.
>   "I don't think the FERC knows what it's getting itself into. Maybe they
> will
> just take all these documents and sit on them for years, and never change
> the
> prices," Dynegy (DYN) Marketing & Trade senior vice president, Lynn
> Lednicky
> said Tuesday while attending a CalPX conference in New York City.
>   -By Jason Leopold and Mark Golden, Dow Jones Newswires; 201-938-4604;
> mark.golden@dowjones.com
>
>   (END) Dow Jones Newswires  28-11-00
>   2333GMT(AP-DJ-11-28-00 2333GMT)
>
>
> Cal PX Panel: Building Forward Market Key To Power Woes
>     By Mark Golden
>    Of DOW JONES NEWSWIRES
>
>   NEW YORK (Dow Jones)--A panel of market economists assembled by the
> California
> Power Exchange debated Tuesday whether the CalPX should move from a
> single-price
> auction for pricing electricity in the spot market to an "as-bid" market,
> which
> the U.S. Federal Energy Regulatory Commission has proposed.
>   The consensus, however, was that moving purchases out of the spot market
> into
> a forward market is more important to solving California's electricity
> crisis,
> and that if a forward market develops, the pricing mechanism of the CalPX
> spot
> market won't be that important.
>   "Dynegy favors an as-bid market, but it's not a matter of religion for
> us,"
> Dynegy (DYN) Marketing and Trade senior vice president, Lynn Lednicky,
> told the
> economists.
>   "If I could wave a magic wand and create a forward market for
> California, I
> wouldn't get all excited about whether the spot market is single-price or
> as-bid," Lednicky said.
>   Under its current single-price auction, the CalPX pays all suppliers the
> price
> for the last, most expensive megawatt taken for a given hour the next day.
> In
> the FERC proposed as-bid market, suppliers whose energy is taken would get
> paid
> only the price at which they offered to sell their electricity to the
> states'
> three main utilities.
>   The economists agreed that California legislators and regulators erred
> gravely
> in prohibiting utilities from entering into long-term forward contracts
> with
> suppliers when they began to deregulate the industry in 1996.
>   "What were they thinking? Were they thinking at all?" asked University
> of
> Maryland professor Peter Crampton.
>   Even though California utilities are no longer prohibited from
> participating
> in the spot market in general, the California Public Utilities Commission
> still
> hasn't approved any forward market contracts put before them by utilities
> that
> have reached agreements with suppliers, Lednicky said.
>   Crampton, nevertheless, thinks that keeping the single-price auction
> would
> help promote a forward market. Single-price auctions are more volatile
> than
> as-bid markets, Crampton said, and forward markets are used more when spot
> markets are more volatile. In addition, the single-price mechanism should
> be
> kept because an as-bid market is a disadvantage to smaller generators, who
> would
> have to spend a lot of resources relative to their size constantly
> figuring out
> how to bid in their power, Crampton said.
>   When asked, Lednicky agreed that the FERC proposal, which was issued
> Nov. 1
> and will result in a final order around the middle of December, isn't
> really an
> as-bid market anyway. FERC said that the clearing price could be capped at
> $150
> a megawatt-hour and that the CalPX could purchase additional power at more
> than
> $150/MWh as-bid, but suppliers would have to justify their prices by
> documenting
> costs, and the FERC could lower the sales price after the fact. As
> reported
> Monday by Dow Jones Newswires, FERC likely will set the "soft cap" at
> $100/MWh
> instead of $150/MWh in the final ruling.
>   Also, FERC would have to decide how more expensive generating plants
> would be
> reimbursed for investment in addition to marginal costs. Investment
> recovery as
> a percentage of sales price varies widely based on how many hours a year a
> generator operates.
>   "I don't think the FERC knows what it's getting itself into. Maybe they
> will
> just take all these documents and sit on them for years, and never change
> the
> prices," Lednicky said.
>   The panelists and other participants Tuesday seemed to agree that an
> as-bid
> pricing mechanism probably won't lower prices that much over the long
> term, but
> it may lower prices significantly in the short run. They also agreed that
> the
> constant changing of market rules and the regulatory environment in
> California
> is a disincentive to investment in building new power plants in and around
> the
> state.
>   By Mark Golden, Dow Jones Newswires; 201-938-4604;
> mark.golden@dowjones.com
>
>   (END) Dow Jones Newswires  28-11-00
>   2159GMT(AP-DJ-11-28-00 2159GMT)
>


Lew, it looks like I have some appointments I can't get out of on the 24th;
however, we could be out there by noon on the 25th.  How does that fit?  I
did get a call from Mike letting me know that he would be sending over the CA.

Regards
Delainey


New US Natural Gas Products Available on DYNEGY DIRECT

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DYNEGY DIRECT catalog since March 23.  For a comprehensive list of products
added within the last thirty (30) calendar days please click the "NEW
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(Embedded image moved to file: pic09741.pcx)

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Email: ecare@dynegydirect.com

 - pic09741.pcx


I have done a crappy job of being a witness and a friend.  You are correct,
and rightly so about the way I have patronized you.  It has not been a
conscious effort, but I understand your perspective and as I look at me, I
am forced to admit you are correct.  Christian hypocrites are a dime a
dozen, and I am ashamed that I have fallen far short of what He has called
me to be.

I am very thankful for your business over that last 3 years.  I know that my
success here has been largely because of your help and business and I and my
family thank you for it.

I have taken your name off the Daily Word distribution list as you have
requested.  My best to you and your family and your success in business.  It
is my hope that I can be a better friend, witness and more to you again.

Thanks for

Todd Gross
Amerex Location/Basis and Nymex Options
(281) 340-0875


Can you tell me what master this was originally papered under?

Many Thanks!


1, Li Xiao
2. Accom
3. Barbara Weather


FYI!

 -----Original Message-----
From: 	Derr, Dawn
Sent:	Monday, September 17, 2001 10:30 AM
To:	Botello, Mary
Subject:	RE: Corp. Costs for 2002

Mary,

The only breakdown I have will be for the Restricted Stock and I will be sending that along with the next update of the allocations.

Dawn
 -----Original Message-----
From: 	Botello, Mary
Sent:	Monday, September 17, 2001 10:22 AM
To:	Derr, Dawn
Cc:	Geaccone, Tracy; West, Terry
Subject:	Corp. Costs for 2002

	Dawn,
	In the files you have sent for the 2002 Corp. Costs you have a column for ETS HQ.  It appears that there are several companies' allocations in that one column.  We will need to see the Co. 366 costs broken out from these other companies.  For example, if you have included costs for Co. 1202 and Co. 1195, these need to be separated out in detail.  Both Co. 1202 and Co. 1195 have employees.  Co. 366 allocates their costs and we will not know the dollars that belong to these other companies without a breakout in your spreadsheet.  Thank you for your assistance.  Should you have any questions please call.
	Mary


When: Monday, February 04, 2002 1:30 PM-2:00 PM (GMT-06:00) Central Time (US & Canada).
Where: ECS 06112

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

Please accept this invitation, as it will automatically populate onto your calendars.

Thank you,

Irena Hogan
x36143


Ramesh,

Here is the reconciliation of the portfolios.  The third sheet shows what
books need to be added to Agg-gas and what needs to be added to Agg-Gasiv.

Thanks,
Robin

Ganapathy Ramesh
11/22/2000 11:29 AM
To: Robin Rodrigue/HOU/ECT@ECT, Nilay Basu/HOU/ECT@ECT
cc:
Subject: Agg-gasiv and agggas


These are the people to whom Western Power Trading Forum is contributing
funds for a paper on the electricity crisis.

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854

	Jeff Dasovich
	Sent by: Jeff Dasovich
	07/31/2001 09:33 AM

		 To: skean@enron.com, Richard Shapiro/Enron@EnronXGate, James D
Steffes/Enron@EnronXGate, Karen Denne/Enron@EnronXGate, mpalmer@enron.com,
Susan J Mara/NA/Enron@ENRON, Paul Kaufman/Enron@EnronXGate, Harry
Kingerski/Enron@EnronXGate, Linda Robertson/NA/Enron@ENRON, Susan M
Landwehr/Enron@EnronXGate, Janel Guerrero/Enron@EnronXGate
		 cc:
		 Subject: Gouger Gray Davis :
California's petulant governor ignores reality as he overpays for electricity

Gouger Gray Davis
California's petulant governor ignores reality as he overpays for electricity

LANCE T. IZUMI Mr. Izumi is a senior fellow in California Studies at the San
Francisco- based Pacific Research Institute.
On the surface, things seem to be going pretty good for Gov. Gray Davis with
regard to California's electricity crisis. The governor has scored some nice
publicity by switching on some new power plants. The weather has been
unseasonably cool. His poll numbers are edging back up. Yet beneath this
optimistic picture lie troubling problems. For example, Davis's argument that
out-of-state power generators are responsible for the electricity crisis has
been falling apart. For months, Davis has been claiming that private
generators have overcharged California by $8.9 billion and demanded that this
amount be refunded to the state. However, after a two-week mediation between
state officials and the generators, Curtis Wagner, the federal government's
chief energy regulatory judge, rebuked Davis's claim saying that such a huge
overcharge "has not and cannot be substantiated." Further, while the
generators may be liable to refund a much smaller amount to the state,
perhaps $1 billion, Wagner said that generators are owed more money by the
state than they owe the state in refunds: "Can a cash refund be required
where a much larger amount is due the seller? The chief judge thinks not."
Davis reacted to the judge's ruling by calling it a "raw deal" and by urging
the Federal Energy Regulatory Commission to ignore the lack of evidence and
the judge's conclusions and to "step up and provide the refunds we've asked
for." Davis's position, as usual, is motivated purely by politics. Indeed,
Dan Walters of the Sacramento Bee says that Davis is operating in a
"melodramatic virtual world" de-linked from reality.
Davis's blame-the-generators argument took another body blow when newly
released documents showed that, on average, major out-of-state power
companies such as Enron, Duke, Dynergy and Mirant charged less than the
average prices paid by the state during the first three months of the year.
California government utilities, on the other hand, such as the Los Angeles
Department of Water and Power and the Sacramento Municipal Utility District
(SMUD), charged the state much more for electricity than the out-of-state
generators. For example, while Texas-based Enron, a favorite Davis whipping
boy, charged an average $181 per megawatt hour, SMUD charged an average $330
per megawatt hour.
Davis responded to this revelation in typical political fashion. A Davis
spokesman said that the governor had expressed his anger at "the generators
who wear cowboy hats" and that "just because there are other entities that
are charging us more doesn't change the fact that we are getting ripped off
by companies from Houston, Tulsa, Atlanta or Charlotte."
Yet, for all Davis' feigned indignation about consumers being ripped off, it
turns out that he and his regulators are poised to ensure that business
consumers are ripped off by state government. Davis has signed $43 billion in
ill-advised long-term purchase contracts at rates above-market-price. The
state must, therefore, ensure that enough business customers remain in the
current state-controlled distribution system to pay for high-priced state
power purchases. This is especially important to Davis since the high prices
are borne disproportionately by business. Thus, Davis' regulators are set to
eliminate "direct access," which allows businesses to shop for cheaper power.
Who's the real gouger? No matter how much Davis points the finger,
Californians are paying dearly for his political opportunism and bad
policies.


I'm sure it is...I'll just keep forwarding the emails to you as I get them.  However, I will warn you that I'm on vacation from the 14th-26th of August.  I'm going to visit my brother and his wife in S. Korea so it should be interesting.  Anyway, you may want to give a heads up to people to make sure they're sending the information to the right person.

Susan M. Scott

 -----Original Message-----
From: 	Scott, Susan
Sent:	Friday, August 10, 2001 11:59 AM
To:	Scott, Susan M.
Subject:	RE: Texas - Retail Market

Thanks Susan.  I'm in the middle of my official Enron name change, so you might get a few e-mails for me in the next few weeks.
Never change your name at this company; it is the biggest nightmare!

Susan Lindberg
 -----Original Message-----
From: 	Scott, Susan M.
Sent:	Friday, August 10, 2001 8:57 AM
To:	Scott, Susan
Subject:	FW: Texas - Retail Market

For you....

 -----Original Message-----
From: 	Hetrick, Nancy
Sent:	Tuesday, August 07, 2001 12:03 PM
To:	Scott, Susan M.
Cc:	Twiggs, Thane; Ryall, Jean; Kingerski, Harry
Subject:	Texas - Retail Market

Per our conversation, I have put the following information together for you to distribute to individuals in EPMI.  This details out verious aspects of the Texas retail market.  I have included in Item 3 below a copy of a Texas market analysis I prepared for EES which provides detailed implementation requirements.  The following are high-level items that I see need to be completed for EPMI to enter the Texas Retail market by January 1, 2002.
	1)  Complete ERCOT LSE application
	2)  Review market requirements
	3)  Compare market requirements (enrollments, billing, payments, etc.) with current 	system capabilities for gaps
	4)  Develop EDI maps based on Version 1.4
	5)  Register for and complete Flight 1001 Testing
	6)  Execute applicable TDSP agreements (copies attached)
		Delivery Service Agreement
		Electronic Funds Transfer (EFT) Authorization
		Electronic Data Exchange Trading Partner Agreement

Please feel free to contact me at 712-366-3399 or page me at 888-912-1426, if you have any questions or if I can be of assistance in getting EPMI in the Texas Retail Market.

1)  Need to complete the ERCOT LSE application, copy attached.  ERCOT Contact for assistance:  Karen Berman 512-248-3171
 << File: LSE_Registration_Form.zip >>
2)  Need to review background information from ERCOT Protocol Sections #15 (Customer Registration) and #19 (Texas Standard Electronic Transactions), copies attached.
 << File: ERCOT Protocol #15-070101.DOC >>  << File: ERCOT Protocol #19-010501.doc >>
3)  I have attached a copy of a Texas Market Analysis that I prepared for EES.  The general rules are identical for each TDSP service territory.  This provides details of the implementation requirements.
 << File: AEP - Texas Executive Market Summary.doc >>
4)  EDI Implementation Guides (Version 1.4) to support the Texas Market Opening January 1, 2002, have just been released.  This Version will be the basis for Flight 1001 testing.  Additional information including scenario maps, change control process, etc., can be found at http://www.ercot.com/Tac/RetailISOAdHocCommittee/Customer/SET/keydocs/Keydocs.htm.

 << File: Version1.4.zip >>
5)  There is a detailed EDI testing plan in place for Texas.  This testing process is administered by the Independent Third Party Testing Administrator (ITPTA).  The website where all of this information can be reviewed is http://itpta.intellimark-it.com/.  Attached is the Testing Signoff Worksheet that must be completed prior to beginning the testing process.  Tentative key testing dates for Flight 1001 (the last testing flight for January 1, 2002 market opening) are:
	August 30th		Mandatory Market Orientation for Trading Partners
	September 11th		All paperwork must be submitted for testing
	September 13th		Flight 1001 Connectivity Testing will begin
	September 27th		Flight 1001 Kickoff
	December 5th		Completion of Flight 1001 Testing
 << File: TxTSW.doc >>
6)  A uniform set of TDSP T&Cs were filed and adopted by the PUCT, copy attached.
 << File: TDSPs T&Cs.pdf >>
7)  Execute applicable TDSP agreements.  I have attached, as an example, agreements required by Reliant:
 << File: Reliant DSA.pdf >>  << File: Reliant EDI Agreement.pdf >>  << File: Reliant EFT Agreement.pdf >>


Gentlemen - below is a list of deals/issues the have come across my email
that -I believe- need financial/acounting attention
1. Accounting for FGT/FP&L $6.5mm "value"  account
2. Accounting for FGT/FP&L $1.5mm settlement
3. Citrus/ENA/Bridgeline gas sale/purchase
4. TW 2002 fuel sales
5. Bolivia investment
6. TW PCB remediation for PG&E
7. NNG(?) depreciation study
8. Machine shop accounting
9. Accounting for residual SAP costs
10. EOTT related reserve reversal
11. EOTT/Enron pipeline services operating agreement
12. Payroll distribution
13. NNG SLA accounting
14. FAS133/8; hedge effectiveness
15.Trading authority
16. NNG Semco/Duluth transaction.
17, NBPL investment candidates

I thought I would attempt to get a list going to which we can add/delete
deals/isuues.

Comments?


Post Date: November 10, 2000
Category: MAINTENANCE
Subcategory: NWP MONTHLY MAINTENANCE
Subject: 01-158 December 2000 Monthly Maintenance

Notice Text:
All Shippers Letter # 01-158
Date:?? 11/10/00
Time:?? 15:30hrs

TO:???? All Shippers
Subject:??????? December 2000 Maintenance

WILLIAMS GAS PIPELINE-WEST / Northwest Pipeline SCHEDULED MAINTENANCE
as posted 11 - 10, 2000

The following maintenance work is scheduled on Williams Gas Pipeline-West /
Northwest
Pipeline (WGP-W) during the month of December 2000.? The scheduled
maintenance is
Northwest's most recent projection of potential system impacts.? This
schedule is provided to assist you in planning your business for the coming
month. The impacts are estimates, which could change depending on other
scheduling factors.? If any scheduled maintenance activities change, an
updated notice will be posted to the EBB as soon as possible.

UPCOMING DECEMBER? SCHEDULED MAINTENANCE

*** November 27, 2000 - December 15, 2000

20" Camas - Eugene Pigging Project

Due to permit issues imposed by the City of Gresham, anomaly repair work on
the 20" Camas - Eugene line has been delayed from the original repair date of
October 23 & October 31, 2000, until the week of November 27, 2000 through
December 15, 2000.? It is not known at this time if any pipeline anomalies
will require repair. The 20" Camas to Eugene is paralleled by a 30" / 20"
loop line and no impacts are anticipated at this time.

*** November 10, 2000 - December 8, 2000

Vernal Pigging Project

WGP-W crews continue to excavate and repair anomalies between mainline valve
2-7
(M.P. 213) to mainline valve 2-10 (M.P. 263). Based on current data, it is
not known how
many pipeline anomalies will require repair.? Gas outages may be required
during this period
and will be communicated as quickly as the information becomes available.

***Dates are estimates and are subject to change.

WGP-W
st


Here's what happened.
---------------------- Forwarded by Darron C Giron/HOU/ECT on 10/30/2000
10:11 AM ---------------------------

	Enron North America Corp.

	From:  Kam Keiser                           10/30/2000 08:53 AM

To: William Kelly/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT
cc: Victor Guggenheim/HOU/ECT@ECT, Jackson Logan/HOU/ECT@ECT, Phillip M
Love/HOU/ECT@ECT, Souad Mahmassani/Corp/Enron@ENRON, B Scott
Palmer/HOU/ECT@ECT
Subject:

I spoke with Bill K. about the TDS positions problems we had this morning.
They had to take TDS down this weekend and when it was brought back up all
the positions were reloaded.

He thinks the new TDS portcalc will be ready to go later this week which will
prevent this from happening again.

Kam


All,

Please plan to attend a welcome and overview meeting presented by UBS senior management on Wed. 1/23/02.  The actual meeting is from 10:00am (sharp) - 1:00pm (hopefully just as sharp :) at The Houstonian Hotel on N. Post Oak Ln. at Woodway.  Breakfast munchies will be served at 9am for those of you who think you are as hungry as I am in the morning.  I will be going straight to the meeting from home the morning of, so if you need me call my cell at 713-562-4207.

Thanks,

Fletch

p.s.  if you know of other former Enron employees that have signed up with UBS and do not know about this meeting, please spread the word.


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Crude     http://www.carrfut.com/research/Energy1/crude20.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas20.pdf
Distillate     http://www.carrfut.com/research/Energy1/hoil20.pdf

Unleaded chart to follow.

Dec WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clz-qoz.pdf
Dec Heat Crack     http://www.carrfut.com/research/Energy1/heatcrack.pdf
Dec Gas Crack     http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread     http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread     http://www.carrfut.com/research/Energy1/hof-hog.pdf
Nov Gas/Heat Spread     http://www.carrfut.com/research/Energy1/hux-hox.pdf
Dec Gas/Heat Spread     http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Nov/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/hux-huh.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG20.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG20.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL20.pdf

Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606


We need to let Jeff Richter and Tim Belden understand the implications of this for current book of business.

Jim

 -----Original Message-----
From: 	Bolton, Stacey
Sent:	Monday, August 27, 2001 5:58 PM
To:	Steffes, James D.
Cc:	Thome, Jennifer
Subject:	RE: RPS in California

Jim:

I've taken a look at both the Sher bill (SB 532) and the 2nd version of SB 78.  The Sher bill has substitute language that is identical to SB 73 -- establishing an RPS for both new and existing sources.  I have several concerns (large percentage of new...1/2 of TX requirement in first year.... unclear REC program.....mandatory bilateral purchase of renewable power output scheduled into CA ISO or LADWP)  and am crunching numbers with Jenn to get an idea the likely impact ($s and mWh).  Will get the numbers and analysis by late morning.

Stacey

Stacey Bolton
Environmental Strategies
Enron Corp
713-853-9916 direct
713-303-2632 cell
sbolton@enron.com <mailto:sbolton@enron.com>

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Monday, August 27, 2001 1:55 PM
To:	Bolton, Stacey
Subject:	RPS in California

See last bill.

Jim
 -----Original Message-----
From: 	"Scott Govenar" <sgovenar@govadv.com>@ENRON [mailto:IMCEANOTES-+22Scott+20Govenar+22+20+3Csgovenar+40govadv+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, August 27, 2001 11:04 AM
To:	Rick Shapiro; Steffes, James D.; Kaufman, Paul; Jeff Dasovich; Kingerski, Harry; Lawner, Leslie; Susan J Mara; Hedy Govenar; Bev Hansen; Mike Day
Subject:	Today's Hearings

The following energy bills will be heard today.

SBX2 78 (Polanco/Sher), SCE MOU, will be heard by the Assembly Energy, Costs
and Availability Committee upon adjournment of the Assembly Transportation
Committee (approximately 2:30 p.m.) in room 437.  Late Friday, Assemblyman
Hertzberg informed his caucus that the Assembly may take this measure up on
the floor as early as today.  Because floor session is currently scheduled
for 11:00 a.m. this would require the Assembly to reconvene late this
afternoon, however, this has not been scheduled and such an action would
likely interfere with several Assembly fundraising events this evening.

SBX2 1 (Soto/Scott), windfall profits tax, will be heard by the Assembly
Revenue and Taxation Committee at 1:30 p.m. in room 126.

SB 532 (Sher), renewable portfolio standard, will be heard by the Assembly
Natural Resources Committee at 1:30 p.m. in room 447.  This measure would
require DWR and/or the IOUs to purchase specified amounts of renewable
energy.


fyi...
---------------------- Forwarded by Karen Denne/Corp/Enron on 05/25/2001
05:04 PM ---------------------------

Sandra Yamane <SYamane@marathon-com.com> on 05/25/2001 01:33:29 PM
To: "'Karen.Denne@enron.com'" <Karen.Denne@enron.com>
cc:

Subject: RE: FW: Los Angeles Chamber of Commerce Speaking Opportunity

Karen: Here is the list of Chamber Board...

LOS ANGELES AREA CHAMBER OF COMMERCE 2001 BOARD OF DIRECTORS

Chairman of the Board
Charles C.K. Woo
Chief Executive Officer
Megatoys

First Vice Chairman
Patty  DeDominic
Chief Executive Officer
PDQ Personnel Services, Inc.

Second Vice Chairman
George David Kieffer
Partner
Manatt, Phelps & Phillips, LLP

Immediate Past Chairman
Dick Poladian
Managing Partner - Pacific Southwest
Arthur Andersen

Sharon L. Allen
Managing Partner
Southern California/Nevada
Deloitte & Touche LLP

Anthony K. Anderson
Area Managing Partner
Ernst & Young LLP

Anthony K. Armada, CHE
Senior Vice President, Area Manager
KFHP & Hospital, Metro Los Angeles

Sherry S. Barrat
President & CEO
Northern Trust Bank of California, N.A.

Robert C. Bonner
Partner
Gibson, Dunn & Crutcher

James W.  Boswell
President
J.G. Boswell Company

Stephen I. Chazen
CEO & Executive Vice President
Corporate Development
Occidental Petroleum Corporation

Gareth C.C. Chang
Chairman & CEO
GC3 & Associates International, LLC

Dunson K. Cheng
Chairman & President
Cathay Bank

Andrew Cherng
Chairman
Panda Management Company

Paul V. Colony
Vice Chairman
Aon Worldwide Resources

R. Thomas Decker
Chairman
Strategic Resources

William H. Fain, Jr.
Managing Partner
Johnson Fain Partners

David Fleming
Chair of the Executive Committee
Los Angeles Economic Development Corporation

Robert Flowers
President
Community & Investment Development
Washington Mutual Bank

Stephen E. Frank
Chairman, President & CEO
Southern California Edison Company

S. David Freeman
General Manager
Department of Water & Power
City of Los Angeles

Ronald R. Gastelum
General Manager
Metropolitan Water District

Jeffrey L. Glassman
Partner
Riordan & McKinzie

Rupert G.L. Grant
Senior Account Executive
1717 Capital Management Company

George L. Graziadio
Chairman of the Board, President & CEO
Imperial Bancorp

Robert V. Graziano
President & COO
Los Angeles Dodgers, Inc.

David Helwig
Senior Vice President, Large Group Services
Blue Cross of California

Don Jue
Vice President - Marketing, System Sales
IBM Americas

Larry A. Keller
Executive Director
Port of Los Angeles

Mark S. Liberman
Vice President - West Region
United Airlines

Margaret J. Liptay
Managing Director
Marsh Risk & Insurance Services

David C. Lizarraga
President & CEO
TELACU Industries

John F. Llewellyn
President & CEO
Forest Lawn Memorial - Parks & Mortuaries

Douglas M. Lopez
President/CEO
Dial Employment Group

Robert J. Lowe
President
Lowe Enterprises

William L. MacDonald
President & CEO
Clark Bardes Consulting/Compensation Resource Group

Thomas L. Mack
Vice President
Bechtel Infrastructure Corporation

Christopher C. Martin
President
AC Martin Partners, Inc.

John C. McKeon
Senior Vice President
Advertising
Los Angeles Times

Thomas V. McKernan, Jr.
President & CEO
Automobile Club of Southern California

James F. McNulty
Chairman & CEO
Parsons Corporation

Leigh Morrison
Vice President - Western Region
Compaq Computer Corporation

Philip M. Neal
Chairman of the Board & CEO
Avery Dennison

Juliet Oehler
Chief Financial Officer
Tom York Enterprises

Joseph Otting
Executive Vice President
Union Bank of California

Jane G. Pisano
Senior Vice President - External Relations
University of Southern California

Alfred A. Plamann
President & CEO
United Western Grocers, Inc.

Alan Puzarne
Senior Vice President & Chief Executive
Southern Region
Blue Shield of California

Norman E. Ross, Jr.
Sr. Vice President - Western Region
Delon Hampton & Associates Chartered

William M. Royer
Managing Director
CITIBANK

Gregory F. Sanford
President & CEO
U.S. Trust Company, N.A

Keitha T. Schofield
Executive Vice President
Farmers Insurance Group

Kathleen Scovern-McKeon
Director of Sales/General Manager
Growth Markets
AT&T

John H. Semcken III
Vice President
Majestic Realty Co.

R.K  Spackman
Manager - Government & Public Affairs
Chevron Products Company

Lee M. Stewart
President
Energy Transportation Services
The Gas Company

Steve Sugerman
Senior Vice President & Partner
Fleishman-Hillard - Los Angeles

Heidi Trost
Vice President, Los Angeles
EDS

Ron F. Wagley, CLU, ChFC
President
Transamerica Occidental
Life Insurance Company

John F. Walker, Jr.
Partner
Latham & Watkins

Paul Watson
Vice Chairman
Wells Fargo Bank

Lora K. Watts
President,  Los Angeles
Pacific Bell

Douglas West
Senior Vice President &
Chief Administrative Officer
Toyota Motor Sales, USA, Inc.

Jon Yasuda
President & COO
KSCI-TV and KIKU-TV

Ex-Officio:

Samuel P. Bell
President
Los Angeles Business Advisors

Oscar Cosby
Chairman of the Board
Los Angeles Junior Chamber of Commerce

David  Simon
President
Los Angeles Sports Council
Los Angeles 2012 B

-----Original Message-----
From: Karen.Denne@enron.com [mailto:Karen.Denne@enron.com]
Sent: Friday, May 25, 2001 11:23 AM
To: Sandra Yamane
Subject: RE: FW: Los Angeles Chamber of Commerce Speaking Opportunity

Also, the board of directors list isn't attached... i'd like to forward to
jeff. thx

Sandra Yamane <SYamane@marathon-com.com> on 05/09/2001 11:03:18 AM

To:   "'Karen.Denne@enron.com'" <Karen.Denne@enron.com>
cc:

Subject:  RE: FW: Los Angeles Chamber of Commerce Speaking Opportunity

Karen:
I need Jeff's bio, and this title so I can forward to the LA Chamber

-----Original Message-----
From: Karen.Denne@enron.com [mailto:Karen.Denne@enron.com]
Sent: Tuesday, May 08, 2001 5:40 PM
To: syamane@marathon-com.com
Subject: Re: FW: Los Angeles Chamber of Commerce Speaking Opportunity

Sandra -- yes, Jeff will participate.  Please let me know what we need to
prepare on this end.  Thanks! kd
---------------------- Forwarded by Karen Denne/Corp/Enron on 05/08/2001
07:30 PM ---------------------------

From: Jeff Dasovich on 05/08/2001 06:05 PM

Sent by:  Jeff Dasovich

To:   Karen Denne/Corp/Enron@ENRON
cc:

Subject:  Re: FW: Los Angeles Chamber of Commerce Speaking Opportunity
      (Document link: Karen Denne)

Be happy to if you think it's useful.  Just let me know what you'd like me
to do.

Best,
Jeff

                    Karen Denne

                                        To:

                    05/07/2001          cc:

                    10:56 PM            Subject:

I think this would be a good opportunity to have an Enron rep -- and I
think you would be perfect.  Are you available June 5?  Let me know so
Marathon can confirm.  THANK YOU!!! kd
---------------------- Forwarded by Karen Denne/Corp/Enron on 05/07/2001
10:55 PM ---------------------------

Sandra Yamane <SYamane@marathon-com.com> on 05/02/2001 12:00:23 PM

To:   "'karen.denne@enron.com'" <karen.denne@enron.com>
cc:   Joan Kradin <JKradin@marathon-com.com>

Subject:  FW: Los Angeles Chamber of Commerce Speaking Opportunity

Karen:

The Los Angeles Chamber of Commerce is hosting a series of meetings on the
power crisis and is interested in having a representative from Enron
participate in a panel discussion with John Stout, Vice President,
California Assets & Commercialization for Reliant Energy, and David Wiggs,
Gen. Mgr, LA Dept. of Water and Power, or Frank Salas from DWP.

The meeting will be held Tuesday, June 5, 2001 from 12:00 noon until 2:00
p.m. at the Chamber's offices located at 350 S. Bixel Street, Los Angeles,
CA

The meeting will be open to LA Chamber Membership.  A list of the Chamber's
board of directors is attached for your information.

Let me know if you are interested in sending a representative.

Thanks.

Sandra

-----Original Message-----
From: Zusman, Anita [mailto:zusman@lachamber.org]
Sent: Monday, April 30, 2001 7:42 PM
To: 'syamane@marathon-com.com'
Cc: Infusino, Melissa
Subject:

Hi Sandra,

Got your voice mail message. Attached below is the roster of our Board of
Directors. I 'm sure Melissa will be in touch with you shortly to discuss
the speaker event. Thanks for your help.

Anita

 <<2001 ROSTER BOARD OF DIRECTORS.Public.doc>>

(See attached file: 2001 ROSTER BOARD OF DIRECTORS.Public.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 03/30/2001 01:29 PM -----

	Sara Shackleton
	03/30/2001 11:57 AM

		 To: teigland@sullcrom.com
		 cc:
		 Subject: Allegheny ISDA Schedule (revised)

Hi, Lauren:

I cannot find the new email address for the Allegheny lawyer for delivery of
a revised ISDA Schedule.  I left a voice mail for Yair Yaish and for Laurie
Peddicord
but have not heard back.  Can you provide me with the latest information?
Are you the lawyer who should receive this Schedule?  Please let me hear from
you.  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


options guy is Scott Mollner

call on my number 312 762 1010


Glad to be of assistance.  Don't hesitate to call again.

Andrew Fairley
02/20/2001 11:15 AM
To: Phillip K Allen/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Scott
Neal/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Barry Tycholiz/NA/Enron@ENRON,
Keith Holst/HOU/ECT@ect
cc: David Gallagher/LON/ECT@ECT
Subject: Trip to Houston

Thank you so much for your time last week.

David and I found the time especially valuable. We have spotted several
issues helpful for our own market.
This should certainly help in the growth of our markets here in Europe. We
trust it won't be too long before we see similarly impressive results from
our side of the pond.

Best regards

Andy


Michael,

vkaminski@aol.com

Vince


Bob,

 Any time tomorrow between 10 am and 1 pm would be good for looking at the
plans.  As far as the TV's, what do you need me to do?  Do we need plasma
screens or would regular monitors be just as good at a fraction of the cost.

Phillip


Kevin,

Good thinking. Thanks a lot.

Vince

Kevin G Moore
11/03/2000 11:08 AM
To: Mike A Roberts/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Shirley
Crenshaw/HOU/ECT@ECT
cc:
Subject: Fax Machines

After speaking with Iain Russell today and him coming to the Weather Group
noticing the fax machine , he mentioned that it is outdated and costing
a lot of money.
He made a phone call to get the old fax machine removed therefore we
will receive new models soon.
We would save half the rental cost on these new machines.

FYI.

                                                          Thanks
                                                       Kevin Moore


FYI,  I am in the process of preparing revisions to the Master Draft for OGE
which includes a revision to the arbitration section.  Upon completion, Jeff
Hodge or I will forward  a draft to you tomorrow.

dp

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


Joe, do you have a copy of the proposed RTO bylaws or what ever is
available.  I appreciate the summary but would like to see what could be done
to get a Board that is appointed independently also.

	Joe Connor@ENRON
	10/13/2000 12:56 PM

		 To: James D Steffes/NA/Enron@Enron
		 cc: Christi L Nicolay/HOU/ECT@ECT, Dan Staines/HOU/ECT@ECT, Daniel
Allegretti/HOU/EES@EES, Donna Fulton/Corp/Enron@ENRON, Janine
Migden/DUB/EES@EES, Jeff Brown/NA/Enron@ENRON, Jeff Dasovich/NA/Enron@ENRON,
Joe Hartsoe/Corp/Enron@ENRON, Mark Palmer/Corp/Enron@ENRON, Mary
Hain/HOU/ECT@ECT, Paul Kaufman/PDX/ECT@ECT, Richard Ingersoll/HOU/ECT@ECT,
Richard Shapiro/NA/Enron@ENRON, Robin Kittel/HOU/EES@EES, Ron
McNamara/NA/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON, Steve
Montovano/DUB/EES@EES, Steve Walton/HOU/ECT@ECT, Steven J
Kean/NA/Enron@ENRON, Susan J Mara/SFO/EES@EES, Thane
Twiggs/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Tom Chapman/HOU/ECT@ECT, Tom
Delaney/Corp/Enron@ENRON, Tom Hoatson/HOU/EES@EES
		 Subject: Re: Enron Response to October 15 RTO Filings/Southeastern RTO

Attached are the FERC talking points for the Southeastern RTO filing.  If you
have any questions, please call me (205-567-5433)


You are my hero buddy.

And you think I should get married?   FYI  while everyone else has been stressed out about work, I've been focused (VERY STRESSED OUT) with more personal issues.  Every time I ask for some kind of sign, someone comes along and tells me I should get married.

Hmmmm.

Take care and best of luck to you and the family.


Enron Global Markets Competitive Analysis
JAPAN UPDATE: 9/25/01

Risks Increase for Longer, Deeper Deflationary Recession If Current Policy Mix Muddle Remains, NPLs Unresolved

SUMMARY:

Deflationary Recession: Japan, apart from the raft of new and compounded difficulties consequent of September 11, was already facing a very difficult end of fiscal half-year and confirmation of another recession
After September 11: The impact of the shock to the world system over the past two weeks has reinforced - from outside - the structural challenges facing the domestic system
Yen Strength Despite Intervention: Recent efforts to stem rise of Yen, enlarge supplementary budget, reinforce the continuing reactive basis of policy-making in Japan, leadership challenges
Koizumi Still Enjoying Support, Keeping LDP Afloat: Cabinet's approval rating is 79%, with the LDP's approval at a 9-year high of 51%
Signs of Life: Bankruptcies down and retail sales component rises; as in the US, consumer behavior will drive outcomes
Surrounding Asia: Weakens further on concerns about risk aversion relative to emerging markets and depressed export outlook
Collateral Effects: US weakness reinforces trend toward coincident global recession
NPL Update: Still Vague: Koizumi finally releases basis for expanded RCC role in settling NPLs

REPORT:

Global Context
Japan's greatest challenge is coming from the coincidence of recession, deflation, high government debt stock, and, for the first time, sustained erosion of export surpluses and flight of manufacturing outside of Japan for export to Japan.  Part of the latest reductions in the world growth outlook and the related decline in world equities are due to the September 11 tragedy and its many human and economic consequences. This portion of the equity market losses will be hard to recover. Another part of the post-tragedy decline is a delayed reaction to the global deflation and recession which were deepening prior to September 11. (Economic data since September 11 provided firm evidence of sharply weakening economies in the U.S. and Europe.  Equities would probably have declined even without the tragedy.) This part of the recent equity loss argues for policy changes to stop the global slowdown.  The challenge, as described in previous reports, comes from differing priorities and magnitudes of responses across major economies to a global cycle downturn.

Koizumi v. MoF
The Japanese government reportedly signaled some flexibility in its fiscal stance:  Koizumi said he may have to take a "flexible approach" to the Y30 trillion cap on new JGB issuance; but Shiokawa said the government's plan to keep new JGB issuance below Y30 trillion was unchanged.  The government is considering issuing up to Y5 trillion 10-year or shorter maturity "Koizumi bonds", funded by the sale of national assets as well as funds arising from administrative reforms (not included in the Y30 trillion cap).

BoJ
The central bank has shown no inclination to use monetary policy stimulus to stop the recession. Instead, it continues to pursue fiscal stimulus and structural reforms, policy steps are seen by several sources as actually deepening the recession. Though nominal interest rates are at zero, real interest rates are very high. The central bank provides Y6 trillion in excess liquidity to the commercial banking sector, but the funds are very short term and have not penetrated into the economy.

NPLs
Event: Koizumi administration officials released the program for expanding the Resolution Credit Corp's role in settling the NPL problem.  Because of still unsettled battles between FSA leader Yanagisawa and other Koizumi advisors, the details of this plan were still left vague.  Yanagisawa is involved in a two-front war, pinned between officials on one side who want to bankrupt the 20-30 top debtor companies immediately, and BOJ officials on the other side, who want to fund the RCC much more aggressively through buying specially issued RCC bonds to let the institution expand its purchases of bad debt.

Result: What has been decided is to have the RCC dramatically change the price at which they will purchase assets from banks and to expand its ability to make losses when it sells those assets. This is an "in principle" decision and the fights rage on about exactly what this new freedom should mean. Yanagisawa hopes to combine more activity on this front with his main idea of re-examining 'need-attention' loans (with help from market signals like the price of company stock, etc. detailed in our previous reports). Yanagisawa would create a new class for these loans and then require banks to raise the reserves they hold against these loans.

Strategy: Using the RCC is seen as an alternative to direct capital injection.  As one senior advisor put it, "It's not just that Yanagisawa wants to avoid capital injection because he'd be blamed for the failure of his first injection. It's because capital injection (into "healthy" banks) doesn't work. We can't really force them to change management and to improve performance. There's a sense at FSA and the government generally that bankers are lousy and they'll never improve. Banks....are very unpopular. Providing capital to RCC is less obviously a direct help to the banks. That explains some of the interest on the part of politicians." And it explains why this will be part of the eventual solution.

BOJ's Interest: BoJ is interested in funding this RCC because it allows them to be part of the solution without adopting inflation targets or directly purchasing JGBs. Assuming the RCC will be financed through issue of government-guaranteed bonds, the BOJ would be happy to buy them as long as they were guaranteed (but not issued by) the Japanese government. BoJ does not want to directly underwrite bonds issued by RCC because that would be against the law (conveniently) and RCC would have a low rating. It's also true that BOJ likes the RCC idea better than going through the process of tighter assessment, bankruptcies, and capital injection, because it cleans up the banks' books in one swoop.

FSA's Concern: FSA official's comment: "There is a real problem in everybody pretending that the problem will be solved by taking all the bad loans to RCC. No matter how much money it gets, the RCC simply doesn't have the capacity to help reconstruct companies. Maybe it can farm out this work to those who do. But the most likely outcome is that it will just give up and resell everything at market price. This would mean that a lot of companies, including those which may be saved, will go bankrupt. There are social and economic consequences - it will be very deflationary. The banks will be a lot better off but industry will be in a bad way. That's why we have to take some more time and figure out how much of this can be done through the RCC and how much through better reserving for special attention NPLs."

Koizumi Advisor's Assessment: One of Koizumi's advisors, looking over the state of play and admitting all of the hesitation that FSA officials feel, says, "There is no doubt that we still have lots of stuff to be worked out. But as I see it, we now have vague outlines of NPL disposal. In addition, the FSA now admits that it has to get tighter: i.e., it has to get to the 'need attention' loans and look at them more carefully, reclassify the bad parts of need attention loans, and those additional downgraded loans will have to be disposed of in the 2-3 year framework. In other words, the Y13 trillion total will go up significantly. We will give banks a break through the use of something significantly above market price in selling NPLs to RCC. But the most fundamental thing still to be understood is that the RCC will have to acquire reconstruction skills or buy them if the companies sold to RCC are to have a fair chance of recovery."


[IMAGE]	                         		Don't Forget

		  This is your reminder for:   What's Hot & What's Not in Technology   when: Tue. Apr. 24 Remind me again tomorrow  Need to get people together for this event? Invite them now. . Don't miss any other important dates - let us remind you .     Cheers, -Evite [IMAGE]
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John:

I need you to assist me in repricing Kern River.  We are sending a package to
the customer on Monday and will need to reprice the gas swap before we do
so.

I am also attaching a spreadsheet, which includes delivery location and
monthly MMBTUs.  I would really appreciate it if you send me the model as
well because the monthly volumes will change with different scenarios.

Call me if you have any questions.

Thanks.

Maria


Good news.

 -----Original Message-----
From:  Cole, Kate
Sent: Tuesday, May 29, 2001 3:14 PM
To: Cheek, Charles; Korkmas, Deb
Cc: del Vecchio, Peter; Haedicke, Mark; Stephens, Becky
Subject: RE: Ste. Aurelie Timberlands Co., Ltd.

A slight clarification: SOP is currently made on an individual: John J.
Flaherty, 443 Congress St., P.O.Box 11410, Portland, ME 04104-7410.  Mr.
J.M.Gagne' of Fasken Martineau Dumoulin, a law firm in Quebec, handles the
corporate records but not SOP.  KC

Kate B. Cole
Director, Corporate Services
Enron Corp.
Tel: (713) 853-1624
Fax: (713) 646-8007
Email: kate.cole@enron.com

 -----Original Message-----
From:  Cheek, Charles
Sent: 29 May, 2001 2:52 PM
To: Korkmas, Deb
Cc: del Vecchio, Peter; Haedicke, Mark; Cole, Kate; Stephens, Becky
Subject: Ste. Aurelie Timberlands Co., Ltd.

I understand that you have expressed a preference that service of process
upon this recently acquired domestic company be received by Canadian counsel.
This is contrary to the procedure that we implemented a couple of years ago,
whereby a corporate agent has been assigned as agent for service of process
relative to all domestic entities affiliated with Enron Corp. in all states.
Currently, that agent is NRAI.

There are two exceptions -- PGE and Limbach. Both of these companies
requested and were granted exceptions to the SOP procedure for specific
business needs.

Please provide me the basis for the requested exception as to the captioned
company. Of course, we will make every effort to accommodate the specific
business needs of this company. Also, please advise whether you or someone on
your behalf has determined that the laws in each state in which the company
is incorporated and does business permits SOP on a foreign individual.

Thanks.


This inquiry originated from a search on lawyers.martindale.com

Name:Greg Clark
City:Houston
State:Texas

Comments:
Michelle:  I hope you will remember me.  We graduated from law school together and I used to see you on occasion downtown when you were with Bracewell & Patterson.
Congrats on your move to Enron.  It sounds like such a dynamic place to work.
I am looking for new employment and have always been interested in going in-house.  I have been doing commercial and mass tort litigation for the last 12 years at Woodard, Hall & Primm and I am ready for a change.  I am open to changing my whole career focus away from litigation if I can find the right fit.
If you have time, I would love to talk to you about opportunities at Enron.  Lunch or anything would be great.  I can also send you my resume if that will help.  Any advice would be appreciated.
I hope all is well with you and your family.
You have my return e-mail address.  My phone is (713) 221-3835.
Thanks,
-Greg Clark

Sent by: gmc@whplaw.com


Vince,
Have you had a chance to review the Project X documentation?  Let me know.

Thanks,
Frank


Kay--As you requested, I am sending you the final version of the FVP EPC
contract and exhibits.
---------------------- Forwarded by Alan Larsen/PDX/ECT on 01/23/2001 09:24
AM ---------------------------

"SANDY COFER" <SCOFER@LLGM.COM> on 01/23/2001 12:24:26 PM
To: <Sheila.Tweed@enron.com>, <SUZANNE.adams@enron.com>
cc: <Alan.Larsen@enron.com>, <david.marshall@enron.com>,
<ed.dannhaus@enron.com>, <ehearn@enron.com>, <Jake.Thomas@enron.com>,
<Jeff.G.Slaughter@enron.com>, <JOHN.g.rigby@enron.com>,
<JOHN.normand@enron.com>, <John.Schwartzenburg@enron.com>,
<JUDE.rolfes@enron.com>, <larry.leib@enron.com>, <mgocker@enron.com>,
<SHIRLEY.oliver@enron.com>, "JOHN G KLAUBERG" <JKLAUBER@LLGM.COM>, "JOHN
MAAS" <JMAAS@LLGM.COM>, "THOMAS CONSTANTINE" <TCONSTAN@LLGM.COM>, "THOMAS J.
MOORE" <TMOORE@LLGM.COM>, <DAVIDlu@nepco.com>, <GENEl@nepco.com>,
<kenr@nepco.com>

Subject: FVP / EPC and exhibits (execution versions)

Sheila --

As requested, attached are execution versions of the EPC contract and exhibit
file.  I am sending the execution version of the Scope of Work under separate
email due to the size of the file.

Sandy Cofer
LeBoeuf, Lamb, Greene & MacRae
633 17th St., Suite 2000
Denver, CO 80202
303-291-2717
scofer@llgm.com

This e-mail, including attachments, contains information that
is confidential and it may be protected by the attorney/client
or other privileges.  This e-mail, including attachments, constitutes
non-public information intended to be conveyed only to the
designated recipient(s).  If you are not an intended recipient,
please delete this e-mail, including attachments, and notify me
by return mail, e-mail or at 303-291-2717.  The unauthorized use,
dissemination, distribution or reproduction of this e-mail, including
attachments, is prohibited and may be unlawful.

 - FVP EPC EXHIBITS execution version.doc
 - FVP EPC execution version.doc


FYI:

I reserved a plane - Hawker #5736 for October 25 (will finalize time tomorrow) early afternoon for your meetings in New York returning on Friday morning.  As soon as I am able to get details from Frank Vickers, I will finalize the hotel and departure times for travel tomorrow.

Thanks,

Tina Rode
Assistant to Dave Duran
713-853-9582
Cell 713-419-6237


The report named: Power West Price Peak <http://erv.corp.enron.com/linkFromExcel.asp?report_cd=30&report_name=Power+West+Price+Peak&category_cd=6&category_name=WEST&toc_hide=1&sTV1=6&TV1Exp=Y&current_efct_date=12/28/2001>, published as of 12/28/2001 is now available for viewing on the website.


Please print the black line and put with the binder you are building.
---------------------- Forwarded by Kay Mann/Corp/Enron on 11/09/2000 12:00
PM ---------------------------

"FAYE STEDMAN" <STEDF@andrews-kurth.com> on 10/25/2000 07:56:01 PM
To: <kay.mann@enron.com>
cc: "PAUL PIPITONE" <PIPIP@andrews-kurth.com>

Subject: ABB Transformer Purchase and Sale Agreement

Attached please find a clean copy of the ABB Transformer Purchase and Sale
Agreement as well as a blackline to show changes made from the WESTLB/ABB
Agreement.  Sorry for the delay in getting this to you. We have had to delete
the table of contents from the clean version in order to get this to you in a
timely fashion.  A completed version will be forthcoming sometime tomorrow.

If you have any questions or comments, please contact me at (202) 662-2780.

 - WESTLB-ABBblk.doc
 - WEST-LB-ABBcln.DOC


Daren, There are five HPLC purchase deals for 09/99 from Ocean Energy Inc.
They were Craig Falbaum's deals.  A person who is no longer in my group
suspended payment for these deals.  Gary suggested that I contact you and see
if you have any insight as to why the deals might have been suspended, or
know anything that might help.  Thanks.


please print
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 10/23/2000
09:22 AM ---------------------------

	From:  Ted C Bland                           10/23/2000 07:58 AM

To: Janet R Dietrich/HOU/ECT@ECT, Jeff Donahue/HOU/ECT@ECT, Brian
Redmond/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT, Hunter S
Shively/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT,
Phillip K Allen/HOU/ECT@ECT, Fred Lagrasta/HOU/ECT@ECT, Fletcher J
Sturm/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT,
George McClellan/HOU/ECT@ECT, Jere C Overdyke/HOU/ECT@ECT, Brent A
Price/HOU/ECT@ECT, Michael L Brown/Corp/Enron@Enron, Rodney
Malcolm/HOU/ECT@ECT, Bryan Burnett/HOU/ECT@ECT, Billy
Lemmons/Corp/Enron@ENRON, David W Delainey/HOU/ECT@ECT, John J
Lavorato/Corp/Enron@Enron, Mike McConnell/HOU/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT, Jeffrey McMahon/HOU/ECT@ECT, Raymond Bowen/HOU/ECT@ECT,
David Oxley/HOU/ECT@ECT
cc: Shelly Jones/HOU/ECT@ECT
Subject: Re: Volunteer List

Here is the updated list of interviewers for Super Saturday's.  As you can
see the AA Program is still short .  We need to make a good showing with our
people.  To sign up, the interviewers need to go to
http://axis.enron.com/notice/ssinvite.asp.  Thanks again for your support and
help.  Ted
---------------------- Forwarded by Ted C Bland/HOU/ECT on 10/23/2000 07:38
AM ---------------------------

Shelly Jones
10/20/2000 02:19 PM
To: Ted C Bland/HOU/ECT@ECT
cc:
Subject: Re: Volunteer List

On to you sir, I'm short 35  interviewers for Oct 28.  The Nov 4 analyst s/s
looks like we'll have about 100 candidates - need lots and lots of
interviewers.

See the attachment below for details.

In s/s hell
Shelly
---------------------- Forwarded by Shelly Jones/HOU/ECT on 10/20/2000 02:17
PM ---------------------------

John Howard Harrison
10/20/2000 01:48 PM
To: Shelly Jones/HOU/ECT@ECT
cc:
Subject: Re: Volunteer List

Here it is...

Shelly Jones
10/20/2000 01:27 PM
To: John Howard Harrison/HOU/ECT@ect
cc:
Subject: Re: Volunteer List

Thanks John.  Would you also give me an update for EIM, ENA and EGM.  Thanks
again forever and forever, Shelly

John Howard Harrison
10/20/2000 01:03 PM
To: Shelly Jones/HOU/ECT@ECT
cc:
Subject: Volunteer List

Hi Shelly,

Here is an updated volunteer listing.  There should be no more duplicates
(until someone decides to go in and sign up for the third time).  If you have
any questions please let me know.

Thanks,
John
3-7811


marketrelations@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List:

Dear Market Participants:

There will be a short disruption to the telephones at the NYISO
due to the conversion to a new telephone system tonight.  The
Customer Relations Helpdesk and critical Operations lines will
be the last ones disconnected and the first ones reconnected.
We anticipate the outage for these lines will be short.

If you cannot get through, please try again in 10 - 15 minutes
or you can send an email to market_relations@nyiso and we will
use one of our back-up cell phones to contact you.

Our apologies for the inconvenience but it is unavoidable as
we switch to the improved telephone system.

Regards,

Customer Relations, NYISO


---------------------- Forwarded by John Arnold/HOU/ECT on 06/07/2000 08:43
AM ---------------------------

Tanya Tamarchenko
06/07/2000 08:33 AM
To: John Arnold/HOU/ECT@ECT
cc: Grant Masson/HOU/ECT@ECT
Subject: Re: using new FF vols

Hi, John,
following up the discussion with you on Friday we talked with Risk Control
people who are not excited to use that FF vol curve
you sent to me. Also in order to use your curves we would have to have them
for all the locations.
The suggested alternative solution was to calculate the Forward Forward vol
curves from historical data.
I implemented this solution based on 18 last business days forward price
curves for NG and
all basis locations. I used exponential weights with 0.97 decay factor.
I enclose these curves in the spreadsheet below. And here are the VAR numbers
based on these curves:

     5/30/00  5/31/00
AGG-STORAGE (production) 3,027,000  4,516,000
AGG-STORAGE (test, 0.97)  2,858,543  3,011,761
AGG-GAS        (production) 36,627,200  40,725,685
AGG-GAS       (test, 0.97)  29,439,969  31,207,225

You see that the numbers are stable, lower than the official numbers.
I suggest that we use 0.94 decay factor as recommended by Risk Metrics which
would give more weight to recent data.
We need to test this approach for a period of time and also to collect
backtesting data for an educated choice of decay factor.

Tanya.

John Arnold
06/07/2000 07:40 AM
To: Tanya Tamarchenko/HOU/ECT@ECT
cc:
Subject:

Tanya:
On Friday I emailed a new vol curve to use for VAR testing.  I was under the
impression that you could apply this vol curve to the price book and storage
book and have a new experimental VAR number by Monday. I have not received
any response.  Please reply with status of this project.
John


Applegate is eyed for power plant

Jun. 2, 2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

MEDFORD, Ore. (AP) - A hydropower firm has applied for a preliminary permit
from the Federal Energy Regulatory Commission to study the feasibility of
building a hydropower plant at Applegate Dam.

Symbiotics LLC, a subsidiary of Northwest Power Services Inc., based in
Rigby, Idaho, and Ecosystem Research Institute in Logan, Utah, want to
retrofit the dam to produce about 12 megawatts of electricity.

The dam, on the Applegate River about 20 miles south of Medford, currently
has no hydropower capacity. It was built in 1980 by the U.S. Corps of
Engineers.

"The price of energy has made it economical now to look at a project of this
kind," said Hart Evans, a spokesman for ERI. "We started looking at a lot of
different dams this year to see what the potential is for hydropower plants."

Applegate Dam is one of more than 100 dams for which ERI has filed
preliminary permit applications in the Pacific Northwest, including Savage
Rapids Dam on the Rogue River just upstream from Grants Pass, Evans said.

Northwest Power and ERI, which he described as an environmental consulting
firm, have been working jointly on power projects for 25 years, Evans said.

Symbiotics was launched early this year to focus exclusively on hydropower,
he said.

The permit, if granted, would give the firm three years to study the project,
said FERC spokeswoman Celeste Miller in Washington, D.C.

"It does not authorize any construction," Miller said. "If an applicant
determines at the end of the permit period that they want to develop the
project, then they would have to file for a license."