Bush Adviser Rove Owns Stock in Major U.S. Firms
The Wall Street Journal, 06/04/01

Saudi Arabia Sets Pacts With 9 Oil Firms
The Wall Street Journal, 06/04/01

Saudi Arabia in Pacts With Nine Global Oil Firms Energy: Deals to develop
natural gas fields and other projects, worth at least $25 billion, are first
major foreign funding in sector since 1975.
Los Angeles Times, 06/04/01

Enron is my spiritual teacher
The San Francisco Chronicle, 06/04/01

Gloom today, glut tomorrow
The San Francisco Chronicle, 06/04/01

INDIA: Rating firms may be judging India harshly-analysts.
Reuters English News Service, 06/04/01

INDIA: India rupee ends off lows, fwds close higher.
Reuters English News Service. 06/04/01

UK: Spectron trades UK's first post-NETA spark spread.
Reuters English News Service, 06/04/01

INDIA: Enron India lenders meet in Singapore on Tuesday.
Reuters English News Service, 06/04/01

INDIA: UPDATE 1-India's Prabhu says power reforms enter new phase.
Reuters English News Service, 06/04/01

Nigerian president slams US energy firm Enron for "poor performance"
BBC Monitoring, 06/04/01

India: India and Bush Administration: Beyond assumptions
Business Line (The Hindu), 06/04/01

Enron's Indian Creditors Seek to Salvage Dabhol Project
Bloomberg, 06/04/01

Enron Japan's Hirl on Power Deregulation: Commodity Comment
Bloomberg, 06/04/01

Bush Adviser Rove Owns Stock in Major U.S. Firms
By Jim VandeHei
Staff Reporter of The Wall Street Journal

06/04/2001
The Wall Street Journal
A4
(Copyright (c) 2001, Dow Jones & Company, Inc.)

WASHINGTON -- President Bush's chief political strategist owns hundreds of
thousands of dollars worth of stock in companies potentially affected by the
president's top legislative priorities, newly released federal records show.
Karl Rove, one of the president's most trusted advisers on almost every major
legislative initiative, owns between $100,000 and $250,000 of stock in Enron
Corp., Pfizer Inc., General Electric Co., Boeing Co. and Johnson & Johnson,
among other holdings. (Federal law requires public officials to report their
assets, income and debts in broad ranges only). All of these companies could
be affected by one or more of the policies or legislative initiatives on
which the president consults Mr. Rove: tax cuts, increased defense spending,
an industry-oriented energy policy and health-care reform.
Mr. Rove said yesterday that he has been waiting for several months for
approval from the Office of Government Ethics to sell all of his stock
holdings and roll the proceeds into a diversified account without having to
pay capital-gains taxes, as permitted by federal law. In the meantime, "I
have had to avoid being involved in matters that specifically and materially
affect my specific holdings," Mr. Rove said.
Mr. Rove said he filed his financial disclosure reports Dec. 30 and was later
informed by the Office of Government Ethics that he should sell all of his
stock holdings to avoid even the appearance of a conflict of interest.
But the government ethics office, which couldn't be reached for comment
yesterday, has yet to officially grant Mr. Rove a certificate of divestiture,
which would allow him to roll his proceeds into diversified accounts,
according to White House spokeswoman Anne Womack. It appears that Mr. Rove
has lost tens of thousands of dollars as a result of the delay because most
of his stocks have lost value since the beginning of the year.
Mr. Rove insisted that he has been careful to avoid any discussions that
directly affect companies he is invested in, as federal conflict-of-interest
laws require. But that can't be easy for Mr. Rove, widely regarded as one of
the most powerful and influential figures in the White House. Mr. Rove serves
as the president's top political adviser and runs the administration's
long-term strategy team. He is also the president's top liaison to outside
groups, including corporations.
"He's involved in virtually every decision that is made here," says a White
House aide. It is unclear how many times, if ever, Mr. Rove recused himself
from discussion inside the White House.
President Bush, already under fire from Democrats for his administration's
close ties to industry, is likely to draw more scrutiny as a result of the
new disclosures of financial links between top White House officials and
major U.S. corporations, especially energy firms.
The White House disclosed the personal finances of Mr. Rove and several other
top administration officials at the behest of the media. It appears that as a
result of an administrative backlog, Mr. Rove is the only member of the
senior staff who hasn't been given the green light to sell his stock,
according to a White House aide.
The reports show that Mr. Rove was one of several White House officials with
a financial connection, past or present, with Enron and other energy
companies. Larry Lindsey, the president's top economic adviser who helped
draft the energy plan, received $50,000 from Enron in 2000 for consulting
work he did for the company, the documents show.
Lewis Libby, chief of staff to Vice President Dick Cheney, who was chairman
of the White House task force that wrote the energy plan, recently sold tens
of thousands of dollars of stock in Enron and other energy companies,
including Texaco Inc., Exxon Mobil Corp. and Chesapeake Energy Corp. It is
unclear when the transaction went through.
Clay Johnson, director of presidential personnel, reported holding between
$100,000 and $250,000 in El Paso Energy Partners LP. And National Security
Adviser Condoleezza Rice had $250,000 to $500,000 worth of Chevron Corp.
stock and was paid $60,000 last year for her work as a director at the
company. Mr. Rove disclosed smaller holdings in BP PLC and Royal Dutch/Shell
Group.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

International
Saudi Arabia Sets Pacts With 9 Oil Firms

06/04/2001
The Wall Street Journal
A17
(Copyright (c) 2001, Dow Jones & Company, Inc.)

JEDDAH, Saudi Arabia (AP) -- Saudi Arabia signed agreements with nine oil
companies yesterday, a move that marks the first major foreign investment in
its energy sector since the industry was nationalized in the 1970s.
The expected deal, valued at $25 billion at least, involves the development
of three natural-gas fields in the kingdom, as well as a number of related
power plants, transmission pipelines and water-desalinization projects.
Exxon Mobil Corp., the world's largest publicly traded oil company, is the
lead manager on two of the projects, including the $15 billion Ghawar Core
Venture 1 project. It also will lead the Red Sea Coast Core Venture 2
project. Royal Dutch/Shell Group was chosen to lead the Shaybah Core Venture
3 project.
The Western companies will help Saudi Arabia convert its utilities from oil
burning to natural gas, which would free up more of the kingdom's crude oil
for export.
The other companies selected were BP PLC, TotalFinaElf SA, Conoco Inc.,
Phillips Petroleum Co., Occidental Petroleum Corp., Enron Corp. and Marathon
Oil Canada Inc.
Saudi Arabia's state-owned energy company, Saudi Aramco, will be an equity
owner in the projects.
Saudi Arabia nationalized its oil fields in 1975 after tension caused by the
Arab oil embargo against the West that began two years earlier, and it closed
its energy exploration and production sectors to foreign investment.
Although locked out of the production of energy, Exxon Mobil has $5 billion
in refining and petrochemical joint ventures in the country, and it said it
is also the largest foreign purchaser of crude oil and other hydrocarbons
from Saudi Aramco.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Business; Financial Desk
Saudi Arabia in Pacts With Nine Global Oil Firms Energy: Deals to develop
natural gas fields and other projects, worth at least $25 billion, are first
major foreign funding in sector since 1975.
From Associated Press

06/04/2001
Los Angeles Times
Home Edition
C-2
Copyright 2001 / The Times Mirror Company

JIDDAH, Saudi Arabia -- Saudi Arabia signed agreements with nine
international oil companies Sunday, a move that marks the first major foreign
investment in its energy sector since nationalizing the industry in 1975.
The deals, worth a total of $25 billion or more, involve the development of
three natural gas fields in the kingdom and a number of related power plants,
transmission pipelines and water desalinization projects.
The Western companies will help Saudi Arabia convert its utilities from
oil-burning to natural gas, which would free up more of the kingdom's crude
oil for export.
Exxon Mobil Corp., the world's largest publicly traded oil company, is the
lead manager on two of the projects, including the $12-billion-to-$16-billion
Ghawar Core Venture 1 project. It also will lead a second core project. Royal
Dutch/Shell was chosen to lead a third project. The last two projects have a
value of $7 billion to $10 billion each, Prince Saud al Faisal told
reporters.
The other companies selected were BP of Britain, TotalFinaElf of France,
Conoco Inc. of Houston, Phillips Petroleum Co. of Bartlesville, Okla.,
Occidental Petroleum Corp. of Los Angeles, Enron Corp. of Houston and
Marathon Oil Co. of Houston.
Harry Longwell, director and senior vice president at Exxon Mobil, said the
financial terms of the deal are still being discussed. But he said his
company is ready to begin the work when the final contracts are signed.
"The Saudis' expectations are extremely aggressive," Longwell said. "It's a
very tight schedule and in recognition of that, the ability to get this done
is one of the key reasons we were chosen to lead two of these ventures. We
already have a senior management team in place and are ready to go to work
immediately."
Saudi Oil Minister Ali Ibrahim Naimi said the companies are expected to
profit on returns from the exploration and development of gas fields with
more than 15% of the investment cost.
Saudi Arabia's state-owned energy company, Saudi Aramco, will be an equity
owner in the projects.
Saud said if the companies discover oil, they will be compensated and the
fields will be repossessed by Saudi Arabia.
Saudi Arabia nationalized its oil fields in 1975 and closed its energy
exploration and production sectors to foreign investment.
Although locked out of the production of energy, Irving, Texas-based Exxon
Mobil has $5 billion in refining and petrochemical joint ventures in the
country and is the largest foreign purchaser of crude oil and other
hydrocarbons from Saudi Aramco.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

DAILY DATEBOOK
JON CARROLL
Enron is my spiritual teacher
Jon Carroll

06/04/2001
The San Francisco Chronicle
FINAL
E.10
(Copyright 2001)

THE BUDDHA SAYS that we take wisdom where we find it. Perhaps the Buddha does
not say that, but it's not a bad idea anyway. The Buddha would have said it,
maybe, had he not been saying the other things.
Our enemies can teach us lessons. Our adversaries can make us stronger. They
can be consumed with greed and contempt, their very breath can be toxic, and
yet their actions can open upward-flowing paths.
Take Enron, the energy company, or Chevron, another energy company, or El
Paso Natural Gas, yet another energy company. These organizations are the
minions of Satan. They pillage and they profit. They are in the ascendant.
Their enemies fall before them like cordwood. Ordinary citizens cower and
meekly hand over tribute.
And yet we thank them. We send our investigators after them and we pray that
their executives land in jail, but we thank them. They have shown us the
nature of our enslavement. They have defined the nature of our sloth.
We have believed the Big Lie. We have believed in the free lunch. We have
trusted those who would pander to us. We have eaten energy in great dripping
gobs. Did we know it was not infinitely renewable? Oh yes. Did we understand
that energy companies could create "shortages" whenever they wanted merely by
closing plants for "maintenance"? You bet we did. And did we confuse the
energy companies with charitable organizations and/or alchemists able to
repeal the laws of nature? We did not.
But it was more convenient to forget those things, and so we did. We have
busy lives. We must do the things we must do. The infrastructure is
everywhere crumbling, and we are patching it up ourselves. We are paying
bureaucrats with taxes, but the bureaucrats are inadequate, so now the spirit
of volunteerism is much praised.
Volunteers are people who do jobs that other people are being paid to do but
don't.
AND SOMEHOW, EVEN in a society as relentlessly materialistic as this one, we
forgot about our own checking accounts. Already seduced by the idea that
credit card debt is good clean fun, we decided to waste a lot of money using
energy we didn't need.
I'm not talking about using a washing machine instead of going down to the
river and beating your clothes with small stones -- I'm talking about washing
machines with quarter-full loads and settings far too powerful for the task
at hand. Right? Lights burning in unoccupied rooms. Appliances plugged in but
never used.
We pay for it. We send our wonderful money straight to the largest villains
in American commerce because we are too stupid to do anything else. You
wonder why they have contempt for us. You wonder why Dick Cheney believes he
can fool all of the people all of the time. Because he has.
Look: Last week the secretary of commerce suggested means-testing Social
Security -- that is, means-testing a pension plan. You gave us the money, we
kept it for 40 years, now -- prove that you need it!
Why did he suggest that? Because he can! Why did PG&E demand additional
compensation for its executives, who are moral dimbulbs and social criminals
under any fair definition? Because they can get away with it! They will get
away with it! You watch!
I AM NOT saying that we have no one to blame but ourselves. There are active
villains, and there are people who allow villainy to occur. Everyone in a
corrupt system is corrupt. The fools are the ones who don't end up with any
extra money.
We are the fools. If we understand our foolishness, we begin to be wise. We
send lovely bread-and-butter notes to Enron -- once we were blind, but now we
see. And we await developments, or create them.
--------------------------------------------------------
It would be foolish to mention SUVs. When the brain is ready, the ear will
hear.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

EDITORIAL
WASHINGTON INSIGHT
Gloom today, glut tomorrow
Carolyn Lochhead

06/04/2001
The San Francisco Chronicle
FINAL
A.19
(Copyright 2001)

WHAT GOES UP usually comes down. And few industries are more prone to boom
and bust than energy.
Imagine the news stories a few years from now: "Crisis hangover -- energy
stocks sink as prices plunge; But California consumers still stuck with high
bills."
"The energy industry is suffering its worst downturn since the supply glut of
the 1990s, as dozens of big new power plants come on line, and the
just-completed Alaskan gas pipeline sends natural gas prices to their lowest
levels in six years.
"The one bright spot for Texas generators is California, where consumers are
locked into long-term contracts for wholesale electricity that the state
signed at the peak of its blackouts in the summer of 2001.
"Sacramento lawmakers have appealed to President Daschle to help get the
state off the hook, arguing that California will never claw its way out of
its economic slump if businesses continue to flee to states where energy is
cheap.
"But top Enron lobbyist Gray Davis, a former governor of California, warned
Daschle that suppliers would have little choice but to go to court to enforce
the contracts the state signed."
Washington and Sacramento are agog with the energy crisis and bursting at the
seams with plans to fix it. But the one thing no one - - even
environmentalists -- suggests is letting high energy prices discourage energy
consumption or encourage new supplies.
"To economists, letting the price rise is the solution," said Paul Portney,
president of Resources for the Future, a Washington think tank. "To elected
representatives, having the price go up is the problem."
Political memories tend to be selective and short. But it was the energy glut
of the 1990s that contributed to California's blackouts, $3 gasoline and
$400-a-month heating bills. Likewise, high prices are now laying the seeds of
their own destruction.
As a story in the New York Times noted, an energy investment boom "promises a
cyclical increase in supplies that is expected to stabilize or reduce prices
in coming months, many industry executives and private analysts say."
Through much of the 1990s, there was a glut of energy. Fuel of all kinds was
really cheap.
How cheap? Adjusted for inflation, as cheap as in 1949, economists calculate.
Energy is the oxygen of the economy, and rock-bottom prices contributed to
the long economic boom. But low prices also caused energy production to slump
and consumption to soar.
People ditched their economy cars for SUVs. Houses got bigger, ceilings got
higher and kitchens sprouted industrial stoves with enough BTUs to melt
aluminum. Stores, offices and homes turned into summertime refrigerators.
Low prices discouraged energy development.
"Oil was so cheap for so long, that people were selling their refineries,"
Portney said. "You had virtually no exploration for new natural gas when
prices were at $2 a BTU."
As demand soared and supply fell, prices rose. Profits have grown so robust
that green fuels, such as biomass and wind, are becoming economically viable.
The oil industry is booming. Refineries are expanding. The long-delayed
construction of a natural gas pipeline from Alaska now looks likely. So many
power plants are under construction that the market may be flooded with as
much as 200,000 new megawatts by 2004.
Investments in energy efficiency -- from new-age superconducting transmission
wires to better light bulbs -- are suddenly looking attractive for the first
time in decades.
"High prices will dampen demand, high prices will encourage supply, and will
encourage people to make better use of what they've got," said Robert Ebel,
director of energy for the Center for Strategic and International Studies.
"So we're starting on the down slope. We're not very far down. When prices
start to decline, I can't say how far they will go. But they will decline,
because that's just the law of supply and demand. Prices decline, demand
starts to creep up again, there's less incentive to add to supply, and here
we go again."

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

INDIA: Rating firms may be judging India harshly-analysts.
By Vidya Ranganathan

06/04/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, June 4 (Reuters) - Analysts have reacted with surprise to last week's
decision of ratings agency Fitch to cut India's sovereign ratings outlook to
negative from stable, and say there are no grounds to downgrade the country.
Fitch, which rates India's foreign currency obligations at BB-plus, a notch
above Moody's Investors Service and Standard & Poor's, cited concerns about
fiscal policy, privatisation and deterioration in foreign investment climate.
However, economists speculated it could either be on account of Fitch
adjusting its ratings in line with other global agencies, or a fallout of
U.S. energy giant Enron Corp's threat to exit an Indian power venture over
payments problems.
Moody's and S&P said on Friday they have not revised ratings or outlook but
are disappointed with fiscal reform efforts.
Local currency and stock markets reacted nervously to the announcement, but
economists said most concerns were exaggerated.
"When the direction of reforms is positive and government flows are
improving, the outlook should not change," said Mohan Nagarajan, chief
economist at local rating agency CARE Ltd.
Even if the provocation for the rating review was the Enron episode, analysts
said the problems were specific to the power sector and will not affect the
robust foreign investment the country has been receiving.
"Enron was a bad deal, made on unreasonable terms in the first place and does
not reflect the ability of the government to pay its dues," said an economist
with a U.S.-based fund.
Some of the confusion arises from the various ratings assigned to India.
Moody's has retained a positive outlook on its Ba2 rating since late 1999,
while S&P has a stable outlook and a BB rating.
CONCERNS OVERSTATED
Analysts said none of the factors Fitch cited had deteriorated in the past
year, since it first rated India.
Fitch said India's fiscal-monetary mix was unfavorable, real interest rates
were high and there was the risk of a debt trap.
India marginally overshot its budgeted fiscal deficit in 2000/01
(April-March) to 5.2 percent of GDP, down from the previous year's 5.6
percent.
But laws to control government spending are awaiting parliament's approval,
there are incentives for disciplined state governments and a determined
effort at privatising state-run firms has begun.
Burgeoning fiscal deficits have persisted for a decade and public debt at 60
percent of GDP is high, but at six percent annual growth, India is one of the
fastest expanding economies in Asia.
"In terms of external liquidity, India is much stronger than its BB+ rating
while even its public debt to GDP ratio is lower than that of some Asian
nations," said P.K. Basu, chief economist for South East Asia at Credit
Suisse First Boston, Singapore.
Foreign investment has been pouring in - portfolio flows at $2.2 billion so
far in 2001 are at record levels and compare with $1.56 billion for the whole
of 2000 - and foreign exchange reserves are strong at $42.8 billion.
Interest rates and yields have also dropped, with the Reserve Bank of India
(RBI) adopting an aggressive easing stance this year to prop the slowing
economy, and inflation is benign.
"The hardest initial steps are being taken and there is still a lot of
inertia, but soon there will be a willing audience and reforms can progress
faster," CARE's Nagarajan said.
But critics said the changes were still very superficial and structural
reforms that would spur long-term growth and demand were lacking.
"What the rating agencies have emphasised is fiscal consolidation, which
means better revenue streams, efficient expenses, user charges for public
utilities...we promised these three years back and haven't moved very far on
those," said Saumitra Chaudhari, economist with local rating agency ICRA Ltd.
"We still do not have a securities bill, mature debt market and our banks
have not cleaned up,".

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

INDIA: India rupee ends off lows, fwds close higher.

06/04/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, June 4 (Reuters) - The rupee ended unchanged on Monday, recovering
from the day's low after a large European bank sold dollars, dealers said.
It had slipped to a low of 47.04 per dollar in early deals on dollar
purchases by a jewellery importer.
The rupee ended at steady at d47.01/02 per dollar.
Dealers said there was no impact of Friday's comments from international
rating agencies which had raised concerns over continuity of foreign
investment and dragged shares lower.
The currency recovered from lows around 47.085 on Friday, reacting to
international rating agency Fitch's revision in the outlook for India's
ratings on sovereign debt to negative from stable, citing worries about
fiscal policy, privatisation and deterioration in the country's foreign
investment climate.
Later, rating firms Moody's and Standard & Poor's (S&P) said they were
disappointed over the government's reform effort.
Moody's also raised a concern about India's Maharashtra state utility's
ongoing tussle with Houston-based Enron Corp and said: "the dispute indicates
that India's government may not be willing to live up to its contractual
obligations".
It added this would further deter foreign direct investment from coming into
the country.
The comments weighed on bond prices, which extended losses on Monday, and in
turn led to paying in dollar forwards.
"After a long gap, there was corporate paying interest in forwards today," a
dealer with a state-run bank said.
The six-month forward ended at an annualised 5.10 percent compared with
Friday's 4.95.
For a speed guide to Reuters treasury coverage, ((Bombay Treasury Desk, +91
22 265-9000 fax +91 22 264-1699, vidya.ranganathan@reuters.com)).

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

UK: Spectron trades UK's first post-NETA spark spread.

06/04/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, June 4 (Reuters) - Energy brokerage Spectron said late on Friday it
had traded the first brokered gas-electricity arbitrage, or "spark spread",
deal in the UK since the launch in March this year of new electricity trading
arrangements (NETA).
"Now that liquidity has returned to the electricity market post NETA, such
transactions are expected to become more common...", said Spectron in a
statement.
The deal was concluded between UK utility Powergen and U.S. energy group
Enron .
Spectron said the trade, covering winter 2002, was for 60 megawatts of
electricity at 21.42 pounds a megawatt hour and for 100,000 therms of gas at
24.85 pence a therm.
The winter period specified in the deal ran from October 1 to March 31.
For the electricity, one day was defined as 2300 hours to 2300 hours.
For the gas, one day was 0600 hours to 0600 hours.
The deal comes as the industry moves to create standard terms and conditions
for spark spreads.
Powergen is due to meet in mid-June with other traders, including Aquila
Energy , for talks aimed at agreeing standard terms.
"It is hoped that the market will soon establish standardised documentation
leading to a standardised product that will help promote liquidity in one or
more levels of efficiency," said Spectron.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

INDIA: Enron India lenders meet in Singapore on Tuesday.
By Sriram Ramakrishnan

06/04/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, June 4 (Reuters) - Lenders to Enron Corp's troubled Dabhol Power
Company begin a two-day meeting in Singapore on Tuesday to try and settle
differences over continued support to a controversial $2.9 billion power
project in India.
Representatives of some of the world's largest banks like Citibank , ABN AMRO
, and Bank of America, will be at the meeting. Indian lenders like the
Industrial Development Bank of India , State Bank of India and ICICI will
also participate.
Market analysts speculate that the meeting will attempt to forge a joint
stand on supporting the project which now produces 740 MW of power and is
slated to increase it to 2,184 MW shortly in its second phase.
But it comes against a backdrop of rising tension between Dabhol and the
Indian state utility, the Maharashtra State Electricity Board (MSEB), which
is the sole buyer of Dabhol's electricity.
Indian lenders, who have lent the bulk of the funds to the plant, want to
continue supporting the project.
But they are being opposed by offshore lenders who want to withdraw their
loans. Loans of around $638 million of the offshore lenders are covered by
guarantees provided by Indian institutions.
The Indian lenders, fearing for their profitability if the foreign banks pull
the plug, plan to oppose any such move.
But they have been forced on the backfoot by MSEB's decision last week to
stop buying power from Dabhol and terminate its 1995 contract with the
company under which it agreed to lift the entire output.
The MSEB has complained that Dabhol produces costly power while Dabhol has
blamed MSEB for defaulting on payments worth $48 million.
Last month, Dabhol issued a preliminary notice to terminate its contract to
sell power. It has also filed for arbitration in London. This provoked MSEB
to haul Dabhol before a local regulatory body, the Maharashtra State
Electricity Regulatory Commission (MERC), which issued a temporary order
staying the arbitration proceedings.
The dispute has already affected India's image among foreign investors.
Last week, global rating agency Moody's expressed concern over slippage in
the Indian government's reform programme and cited the Enron's dispute as an
example that the country may be losing credibility with foreign investors.
"The dispute indicates that India's government may not be willing to live up
to its contractual obligations. As a consequence, this would further deter
foreign direct investment from coming into the country," Moody's said.
India's federal Power Minister Suresh Prabhu tried to dispel those fears in
an interview with Reuters on Sunday.
"India is always in favour of making sure that international contracts are
respected," he said. "There is no need for concern." ($1 = 47 Indian rupees).

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

INDIA: UPDATE 1-India's Prabhu says power reforms enter new phase.
By Clarence Fernandez

06/04/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, June 4 (Reuters) - India's reforms of its sputtering power sector
have entered a new phase, with plans afoot to free up private supply,
overhaul debt-ridden state utilities and recraft tariffs, Power Minister
Suresh Prabhu told Reuters.
With investors' fears fanned by a squabble between U.S. energy giant Enron
Corp and a local utility, Prabhu said in an interview late on Sunday that
India is standing behind international contracts.
"Sanctity of contracts has to be kept," Prabhu said.
The row began late last year when the utility in western Maharashtra state
defaulted on payments of $48 million to Dabhol Power Company, 65 percent
owned by Enron. The 2,184 MW power project is India's largest foreign
investment, at $2.9 billion.
Prabhu has vowed to take Indian reforms in a new direction.
"Absolutely," he said in reply to a question whether India's reforms have
entered a different phase. The Power Ministry will now also focus on power
distribution, he added, besides its early preoccupation with generation
needs.
"In India unfortunately for the last 10 years...reforms policy was skewed in
favour of generation," he said. "We never really realised that distribution
is the more important part of the process."
Prabhu added, "We have now decided we will make enough structural changes in
distribution so that at the end of distribution enough investment is made."
CHARTERED ACCOUNTANT
A chartered accountant, Prabhu hails from the verdant regions of India's
western coastal strand, and chaired a co-operative bank that was one of the
country's largest, in terms of deposits, before his foray into politics.
An errant lock of hair straying across his forehead, Prabhu eschews the
Indian politician's traditional uniform of starched white handspun cotton for
the shirtsleeves and trousers preferred by the professionals who have entered
government, and whom local media call "technocrats".
Prabhu said India has decided to allow private producers to sell power direct
to consumers, lifting curbs that have hobbled the country's decade-old reform
effort.
He said the question of power affordability had spurred him to ask India's
states to permit third-party sales of power, which analysts have called a
stumbling-block for foreign investment.
"They cannot force a generator to sell power only to the SEBs, and that's a
major change we are trying to make," Prabhu said, referring to the states.
SEBs or state electricity boards are owned by the state governments, and
supply power to most of India.
India estimates that 100,000 MW of fresh capacity will have to be installed
over the next 12 years to meet its power needs. Most of the $200 billion in
funds that will be required will have to come from foreign private
investment.
But India's spotty reform record over the last decade has made investors
wary. Bureaucratic procedures, legal delays and political wrangling have held
up reform moves.
RATING REVISED TO NEGATIVE
Last week global rating agency Fitch revised India's sovereign rating outlook
to negative from stable, citing fiscal concerns, the slow pace of
privatisation and deterioration in the country's foreign investment climate.
Competing agency Moody's sees signs of slippage in the reforms, and Standard
& Poor's has expressed worries over India's budget deficit.
Prabhu said he wants to overhaul state power utilities by introducing
standard accounting policies, cutting transmission and distribution losses to
15 percent, and tackling crushing debt, thus helping to lure foreign
investment into the sector.
The poor financial health of the utilities, expected to run up combined
losses of about $6 billion in the 2001/02 fiscal year, has proved a hurdle in
efforts to draw private investment.
Prabhu said an expert panel examining ways to restructure SEB finances -
looking at technical, commercial and tariff issues - is expected to report
within a few weeks.
"For the first time we will be preparing commercial data which is
internationally accepted. We will be preparing technical data which is
internationally appreciable. And thirdly, we'll be creating an information
base which will be created by experts and then made available to the states,"
he said.
The utilities' transmission and distribution losses run to up to 25 percent
of the electricity they generate, compared to a figure of about eight percent
internationally, he said.
Prabhu wants to trim this to about 15 percent within two or three years.
"In the case of India, I am willing to accept a figure of 14 percent to 15
percent, because to bring it below that will be technically feasible but
commercially unviable," he added.
Other steps to tone up power generation include attempts to link the eastern
region with the rest of India, efforts to boost plant load factors through
modernisation of equipment, and to persuade people to use energy more
efficiently.
Prabhu said he is building political will to support these moves through a
programme to tell consumers why they can no longer get power cheap, or even
free, as many did in the past. ($1=47 Indian rupees).

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Nigerian president slams US energy firm Enron for "poor performance"

06/04/2001
BBC Monitoring
Source: The Guardian web site, Lagos, in English 4 Jun 01/BBC Monitoring/(c)
BBC

Text of article by Francis Obinor entitled: "Obasanjo chides Enron on Lagos
power project"; published by Nigerian newspaper The Guardian web site on 4
June
For failing to live up to expectation of the Nigerian government and the
people as regard its role in the Independent Power Project (IPP) initiated by
the Lagos State government two years ago, Enron, the American firm got a hard
knock from President Olusegun Obasanjo at the weekend [2-3 June].
In his conclusion, Obasanjo accused Enron, a major player in the electricity
project, of poor performance and bad faith. Ostensibly angry at the delay in
the project's full take-off and the 30 MW recently connected to the national
grid from the scheme, the president on the American Cable News Network (CNN)
declared: "Enron has played a dirty game on us. Dirty game in two ways."
Beside putting up an exorbitant price, the company according to the
president, also failed to comply with the terms of the contract. Continuing,
Obasanjo said: "The price at which they (Enron) have tried to sell power to
us has been very exorbitant. Two, what they told us they would do, they have
not done."
While refusing to disclose the firm's charges, Enron Vice-President of
Marketing John Ambler said the primary objective of the company was to get
the project on stream. "We have a project that is very close to coming on
line," he said, stressing that the company's desire is to see the project
work effectively in Nigeria, especially in Lagos. He added that Enron is
committed to the IPP and assured Lagosians that they would soon begin to feel
the impact.
The state government brought forward the June 2001 deadline it set for the
commencement of the first phase of the project when it fired the first 30 MW
of electricity to the national grid two weeks ago.
At the Government House on 23 May, Governor Bola Tinubu said his
administration and the contracting firm felt that there was no harm in
bringing the date forward and assured that another 30 MW would be added soon.
He noted that, contrary to expectations that the project would cover the
entire state at a go, it would be in phases and the focus for now would be
industrial consumption. "The concentration for now is not as private homes,
we would soon get there," Tinubu assured.
The controversial IPP programme, which the federal government had at one time
been accused of frustrating, has suffered several setbacks, including Enron's
initial plan to sell its shares to AES, another American company. Last April
was originally fixed for the project's take-off but the failure of Trevi, a
construction company in charge of transmitters, caused a shift in the date.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

India: India and Bush Administration: Beyond assumptions

06/04/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

SOON after Mr George W. Bush Jr. won the US elections, Indian observers
proclaimed quickly that a Republican administration bodes good for India. A
Republican administration was expected to not pester India about human rights
violations in Kashmir, not force it to sign the CTBT, and get tougher with
China.
Mr George Bush's decision to "drop by" the External Affairs Minister, Mr
Jaswant Singh's meeting with the American National Security Advisor, Ms
Condoleezza Rice, seemed to somehow confirm this false sense of euphoria.
This narrow thinking fails to understand the drivers of Republican ideology.
The reality is the Republicans care about a range of issues that will force
the BJP Government to make some difficult decisions.
Take the first issue of human rights violations in Kashmir. It is true there
are many isolationists in the Republican Party who, probably, do not care
about human rights violation in Kashmir so long as it does not affect them,
and is not happening in their backyard. But there is another powerful force
in Republican politics - the religious wing. This includes powerful members
of the US Cabinet such as The Attorney-General, Mr John Ashcroft, who are
Christian fundamentalists.
Mr Bush himself claims to be a 'born again Christian'.
The religious right is rarely interested in foreign policy; it mostly
concerns itself with moral and social issues such as abortion and teenage
pregnancy. But the few times it does intervene, it is when it feels a country
is "persecuting Christians". And when it does intervene, no Republican
administration dares cross it.
For instance, China is periodically identified as a country that persecutes
Christians. Christian missionaries and ministers are routinely harassed and
imprisoned because they are trying to spread their religion. Because of this
issue, Republican members of the Christian right in Congress have all but
declared a religious war on China, routinely opposing any attempt to improve
relations - including trade relations - with that country.
India, as an emerging power, is more carefully watched, and frequently
mentioned in the American press. Stories of Christian missionaries being
burnt alive and nuns raped are attributed to "elements associated with the
Hindu fundamentalist ruling party". In its latest human rights report, the US
State Department noted these acts with concern.
The Pope's mention of these issues to the Prime Minister, Mr Atal Bihari
Vajpayee, was also noted in the American press. India is, perhaps, half a
step away from being branded as a country that "persecutes Christians".
A self-professed born-again Christian like Mr George Bush would quickly take
up the Christian right's cause, trumping all other bilateral issues. Human
rights may not matter to the isolationists, but Christian, and to a lesser
extent Jewish, religious freedom matters tremendously to a Republican
administration.
The second fallacy was that since the Republicans in Congress did not pass
the Comprehensive Test Ban Treaty, they would not force other countries to
pass the CTBT either. But why are the Republicans are opposed to the CTBT.
The opponents of the CTBT feel that it fails to safeguard American security.
They frankly care little about Indian security. They would love to be able to
restrict India's ability to test and use its weapons. To them, nuclear
weapons not in American hands translates into an unsafe world. Unless India
manages to convince the Republicans otherwise, the Republican administration
is likely to tighten the anti-proliferation screws on India.
The third fallacy relates to a tough, long-term strategic re-alignment the
Bush Administration will demand of India. Mr Bush's foreign policy-makers are
unreconstructed 'Cold Warriors'. In the post-Cold War era, they are
desperately "searching for an enemy". They appear to have settled on China as
"the next enemy". Their next step is to search for "allies"
who rarely challenge their views. Thinkers in Washington and New Delhi
believe that India and the US are "natural allies". But such a decision has
an enormous range of long-term consequences for India.
To discuss just a few: Most of the Indian military's equipment comes from
Russia and the former Soviet Union. Allying with the US will be seen by the
Russians as abandoning them, and this could have an enormous impact on the
legacy military equipment. Recent noises from the Foreign Ministry suggest
India is also eager about Mr George Bush's proposed missile defence
programme. But this technology is far from proven, and during the decade over
which it may be developed (if it gets past Congress), China will most
certainly develop many nuclear weapons. These may, primarily, be a deterrent
against the US, but it will force India into an arms buildup it can barely
afford.
The Americans are reserving their missile defence system for their "closest
allies". India today is neither fish nor fowl - not quite a threat, but not
quite an ally either. It is unlikely that India will be able to convince the
Americans to give it the defence system.
Even if the Americans agree to sell it to India, it could never afford the
sticker price. So, before it rejoices at the notion of anti-China hawks in
the White House, let India ponder over the unexamined consequences.
The final issue is one that may precipitate in the very near term.
Enron and Maharashtra find themselves in a dispute that neither wants to
lose, and that appears to be rapidly getting shriller. Mr George Bush's
background is as a Texas oilman - and he is widely accused in the US of being
beholden to the interests of the energy industry.
In fact, they were among the biggest "contributors to his campaign".
The Enron Chairman, Mr Kenneth Lay, is a friend of Mr Bush's, and was
seriously considered for a job in his Cabinet. He is so well connected that
he was recently accused of influencing who is appointed by the White House to
regulate the energy industry. In the near term, Mr Bush could quite possibly
lean heavily on New Delhi to "make sure that Enron's interests are not
neglected". If New Delhi does not respond to his satisfaction, his opinion of
India, and consequently, his administration's dealings with the country, are
likely to be coloured far more than we think.
Giridhar Srinivasan

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Enron's Indian Creditors Seek to Salvage Dabhol Project
2001-06-04 08:41 (New York)

Enron's Indian Creditors Seek to Salvage Dabhol Project

     Mumbai, June 4 (Bloomberg) -- Indian banks that loaned money
to Dabhol Power Corp., the local unit of Enron Corp., will try and
persuade their international counterparts to keep alive the $3
billion project at a meeting of lenders in Singapore tomorrow.
    The two-day meeting will be the first between the two groups
of bankers since they met in London on April 24-25 to discuss an
escalating dispute on power prices that has pitted Enron against
the Maharashtra State Electricity Board, Dabhol's only customer.
     ``We will discuss how we can go about resolving the
problem,'' R.S. Agarwal, executive director at Industrial
Development Bank of India, or IDBI, said. IDBI is the biggest
lender to the Dabhol project.
     The outcome of the Singapore meeting, to be held in the
offices of ABN Amro Holding NV, one of the biggest international
lenders to the project, will be crucial to the banks, which have
loaned as much as $2 billion to Dabhol.
     Indian banks fear the Maharashtra State Electricity Board's
decision to stop buying power from Dabhol may strengthen
international lenders' resolve to terminate the project and invoke
government guarantees to recover their loans.
     ``Foreign lenders want to close the (Dabhol) chapter,'' said
Pradyumna Kaul, an activist with Enron Virodhi Andolan, a non-
government organization opposed to the project. ``They are eager
to call in their loans, even if it means taking a 10 to 15 percent
cut, rather than spend more on supervision and legal expenses
while watching the saga linger.''
     Local banks such as IDBI are most at risk as the Maharashtra
and federal governments have guaranteed only foreign banks' loans
of about $600 million to the venture.
     IDBI alone has exposure totaling 21.58 billion rupees ($460
million) to the project, including 15.28 billion rupees in
guarantees.
     Foreign lenders such as ABN Amro, Citibank N.A., a unit of
Citigroup Inc., Bank of America and Credit Suisse First Boston in
April approved Dabhol's decision to begin termination of its power
supply contract with the board. They are in favor of canceling the
project.
     India's government risks having to pay 170 billion rupees in
fines, resulting from guarantees it has offered on payments and
loans, if Enron pulls out of the project.

                             The Fight

     Maharashtra State Electricity Board Wednesday stopped buying
power from Dabhol as the dispute escalated. The board on May 24
told Dabhol Power Co. it was canceling its power purchase
contract, six days after Dabhol gave the board notice it was set
to pull out of the project because of the six-month dispute over
bills owed by the board.
     ``The MSEB's move has complicated the matter. We did not
expect MSEB to do this,'' Agarwal at IDBI said last week.
     Dabhol, 65 percent owned by Enron, and the board are in
dispute over 3 billion rupees in unpaid bills for December and
January. Others bills through March have been paid.
     The board has refused to pay the December and January bills,
saying they should be lowered to reflect a 4 billion rupee penalty
the board imposed on Dabhol for not supplying power at full
capacity on Jan. 28.
     The dispute Thursday prompted debt-rating company Fitch to
change its outlook on India to ``negative'' from ``stable.'' Fitch
said the climate for foreign investors has deteriorated.
     ``The dispute indicates that India's government may not be
willing to live up to its contractual obligation,'' the Economic
Times quoted Kristin Lindow, India analyst at Moody's Investors
Service, as saying. ``As a consequence, this would further deter
foreign director investment from coming into the country.''
     Moody's and Standard & Poor's have stable outlooks on the
country's sovereign rating. S&P has an investment grade rating of
``BBB'' on the country's sovereign debt. Moody's, like Fitch,
rates India's debt as junk at ``BB2.''

Enron Japan's Hirl on Power Deregulation: Commodity Comment
2001-06-04 06:29 (New York)

     Sydney, June 4 (Bloomberg) -- Joseph Hirl, chief executive of
Enron Corp.'s Japanese unit, Enron Japan Corp., comments on the
outlook for deregulation of Japan's electricity industry. He spoke
at the Coaltrans Asia conference in Sydney.

On Japanese government policy:
     ``The government does have a strong commitment to
deregulation, but there are some significant policy concerns''
including a ``greater than 80 percent reliance on imports'' of
energy.
     ``The market has been open a bit over a year, however not
much has happened. No genuine competition exists under the current
system. The companies there recognize that it will happen. It's
inevitable.
     ``The level of competition in Japan now is similar to the
U.S. in 1994-95, or Europe in 1996-97. Prices are about 400
percent higher than the U.S.
     ``To put it in perspective, I won't give the name of this
large chemical company, but it consumes about 600 megawatts. If
you compare that business with a company that's just like it in
Houston, Texas, the difference would be about $250 million a year
in the cost of electricity.
     ``For such an export-led economy, that's a difficult
situation to be in, and it's contributing to the overall malaise
in the economy.''

On the likelihood of a California-style electricity crisis in
Japan:
     ``Despite exploitation of California by the utilities, METI
(Ministry of Economy, Trade and Industry) and others recognize it
was a problem of design, not competition'' in California.


(For e-mailing list removal information see bottom of email.)
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Enron Energy Services Canada Co. Ltd.  (Company #63W - ESCC), a Canadian corporation continued in the Province of Alberta, Canada, changed its name to Enron Energy Services Canada Corp. effective 11 July 2001.  Evidence of the name change is on file in the 48th floor corporate records vault.

Please notify interested parties within your group.

Thank you.

Sylvia Hu:  Evidence already forwarded.

Larry Pardue
Supervisor, Corporate Services
     and Assistant Secretary
Enron Corp.
1400 Smith Street, Suite 4804
Houston, TX 77002
Tel  +713 345 5376
Fax  +713 646 8007
email:  larry.pardue@enron.com


Greetings:

For tonight,   Frontera is long 85mw's hour ending 2300.    We need to sell this under the Teco Services book.

For tomorrow Frontera needs to sell:

hour ending  4 - 30 mw's
hour ending 5 -30 mw's
Enter a purchase from Frontera (Teco services book) enter the same price as you sold for.
Enter the sale (Teco Services).

I am also selling Frontera 200 mw's for hour ending 7 and 50 mw's hour ending 8.
I am selling this position for $26.04.       I will be short the Imbalance price during this time.
If you can buy below $26.04 for this time period,  do so and schedule to load  in the South.

I am long into the North Zone as follows :
he 1-6,    40 mw's
he 23&24,   55mw's

I am long under deal #834600
If prices appear to weaken,  sell these mw's for 1-6 and cut this Ercot Imbalance deal by same.    This deals should be listed under Ercot Asset.

Thanks,
JMF


Start Date: 1/5/02; HourAhead hour: 11;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002010511.txt


---------------------- Forwarded by Phillip K Allen/HOU/ECT on 05/01/2001 02:14 PM ---------------------------

Outlook Migration Team@ENRON
04/27/2001 01:01 PM
To:	Allison Horton/NA/Enron@ENRON, Amir Baig/NA/Enron@ENRON, Brandon Bangerter/NA/Enron@Enron, Brian Ellis/Corp/Enron@Enron, Charles Philpott/HR/Corp/Enron@ENRON, Chris P Wood/NA/Enron@Enron, Chris Tull/HOU/ECT@ECT, Dale Smith/Corp/Enron@ENRON, Dave June/NA/Enron@ENRON, Donald Sutton/NA/Enron@Enron, Felicia Buenrostro/HR/Corp/Enron@ENRON, Johnna Morrison/Corp/Enron@ENRON, Joe Dorn/Corp/Enron@ENRON, Kathryn Schultea/HR/Corp/Enron@ENRON, Leon McDowell/NA/Enron@ENRON, Leticia Barrios/Corp/Enron@ENRON, Milton Brown/HR/Corp/Enron@ENRON, Raj Perubhatla/Corp/Enron@Enron, Shekar Komatireddy/NA/Enron@Enron, Andrea Yowman/Corp/Enron@ENRON, Angie O'Brian/HR/Corp/Enron@ENRON, Bonne Castellano/HR/Corp/Enron@ENRON, Gwynn Gorsuch/NA/Enron@ENRON, Jo Ann Matson/Corp/Enron@ENRON, LaQuitta Washington/HR/Corp/Enron@ENRON, Rick Johnson/HR/Corp/Enron@ENRON, Sandra Lighthill/HR/Corp/Enron@ENRON, Valeria A Hope/HOU/ECT@ECT, Charlotte Brown/HR/Corp/Enron@ENRON, Ronald Fain/HR/Corp/Enron@ENRON, Gary Fitch/HR/Corp/Enron@Enron, Anna Harris/HR/Corp/Enron@ENRON, Keith Jones/HR/Corp/Enron@ENRON, Kristi Monson/NA/Enron@Enron, Bobbie McNiel/HR/Corp/Enron@ENRON, John Stabler/HR/Corp/Enron@ENRON, Michelle Prince/NA/Enron@Enron, James Gramke/NA/Enron@ENRON, Blair Hicks/NA/Enron@ENRON, Jennifer Johnson/Contractor/Enron Communications@Enron Communications, Jim Little/Enron@EnronXGate, Dale Lukert/NA/Enron@ENRON, Donald Martin/NA/Enron@ENRON, Andrew Mattei/NA/Enron@ENRON, Darvin Mitchell/NA/Enron@ENRON, Mark Oldham/NA/Enron@ENRON, Wesley Pearson/NA/Enron@ENRON, Ramon Pizarro/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Natalie Rau/NA/Enron@ENRON, William Redick/NA/Enron@ENRON, Mark A Richardson/NA/Enron@ENRON, Joseph Schnieders/NA/Enron@ENRON, Gary Simmons/NA/Enron@Enron, Delaney Trimble/NA/Enron@ENRON, David Upton/NA/Enron@ENRON, Mike Boegler/HR/Corp/Enron@ENRON, Lyndel Click/HR/Corp/Enron@ENRON, Gabriel Franco/NA/Enron@Enron, Randy Gross/HR/Corp/Enron@Enron, Arthur Johnson/HR/Corp/Enron@Enron, Danny Jones/HR/Corp/Enron@ENRON, John Ogden/Houston/Eott@Eott, Edgar Ponce/NA/Enron@Enron, Tracy Pursifull/HR/Corp/Enron@ENRON, Lance Stanley/HR/Corp/Enron@ENRON, Frank Ermis/HOU/ECT@ECT, Jane M Tholt/HOU/ECT@ECT, Jay Reitmeyer/HOU/ECT@ECT, Keith Holst/HOU/ECT@ect, Matthew Lenhart/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Monique Sanchez/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Randall L Gay/HOU/ECT@ECT, Tori Kuykendall/HOU/ECT@ECT, Brenda H Fletcher/HOU/ECT@ECT, Jeanne Wukasch/Corp/Enron@ENRON, Mary Theresa Franklin/HOU/ECT@ECT, Mike Potter/NA/Enron@Enron, Natalie Baker/HOU/ECT@ECT, Suzanne Calcagno/NA/Enron@Enron, Alvin Thompson/Corp/Enron@Enron, Cynthia Franklin/Corp/Enron@ENRON, Jesse Villarreal/HOU/ECT@ECT, Joan Collins/HOU/EES@EES, Joe A Casas/HOU/ECT@ECT, Kelly Loocke/ENRON@enronXgate, Lia Halstead/NA/Enron@ENRON, Meredith Homco/HOU/ECT@ECT, Robert Allwein/HOU/ECT@ECT, Scott Loving/NA/Enron@ENRON, Shanna Boudreaux/ENRON@enronXgate, Steve Gillespie/Corp/Enron@ENRON, Tamara Carter/NA/Enron@ENRON, Tracy Wood/NA/Enron@ENRON, Gabriel Fuzat/Enron Communications@Enron Communications, Jack Netek/Enron Communications@Enron Communications, Lam Nguyen/NA/Enron@Enron, Camille Gerard/Corp/Enron@ENRON, Craig Taylor/HOU/ECT@ECT, Jessica Hangach/NYC/MGUSA@MGUSA, Kathy Gagel/NYC/MGUSA@MGUSA, Lisa Goulart/NYC/MGUSA@MGUSA, Ruth Balladares/NYC/MGUSA@MGUSA, Sid Strutt/NYC/MGUSA@MGUSA
cc:
Subject:	4-URGENT - OWA Please print this now.

Current Notes User:

REASONS FOR USING OUTLOOK WEB ACCESS (OWA)

1. Once your mailbox has been migrated from Notes to Outlook, the Outlook client will be configured on your computer.
After migration of your mailbox, you will not be able to send or recieve mail via Notes, and you will not be able to start using Outlook until it is configured by the Outlook Migration team the morning after your mailbox is migrated.  During this period, you can use Outlook Web Access (OWA) via your web browser (Internet Explorer 5.0) to read and send mail.

PLEASE NOTE:  Your calendar entries, personal address book, journals, and To-Do entries imported from Notes will not be available until the Outlook client is configured on your desktop.

2. Remote access to your mailbox.
After your Outlook client is configured, you can use Outlook Web Access (OWA) for remote access to your mailbox.

PLEASE NOTE:  At this time, the OWA client is only accessible while connecting to the Enron network (LAN).  There are future plans to make OWA available from your home or when traveling abroad.

HOW TO ACCESS OUTLOOK WEB ACCESS (OWA)

Launch Internet Explorer 5.0, and in the address window type:  http://nahou-msowa01p/exchange/john.doe

Substitute "john.doe" with your first and last name, then click ENTER.  You will be prompted with a sign in box as shown below.  Type in "corp/your user id" for the user name and your NT password to logon to OWA and click OK.  You will now be able to view your mailbox.

PLEASE NOTE:  There are some subtle differences in the functionality between the Outlook and OWA clients.  You will not be able to do many of the things in OWA that you can do in Outlook.  Below is a brief list of *some* of the functions NOT available via OWA:

Features NOT available using OWA:

-  Tasks
-  Journal
-  Spell Checker
-  Offline Use
-  Printing Templates
-  Reminders
-  Timed Delivery
-  Expiration
-  Outlook Rules
-  Voting, Message Flags and Message Recall
-  Sharing Contacts with others
-  Task Delegation
-  Direct Resource Booking
-  Personal Distribution Lists

QUESTIONS OR CONCERNS?

If you have questions or concerns using the OWA client, please contact the Outlook 2000 question and answer Mailbox at:

	Outlook.2000@enron.com

Otherwise, you may contact the Resolution Center at:

	713-853-1411

Thank you,

Outlook 2000 Migration Team


Good news from the Southern Cone.
---------------------- Forwarded by Richard Shapiro/HOU/EES on 06/15/2000
08:26 AM ---------------------------

Ray Alvarez@TRANSREDES
06/15/2000 08:11 AM
To: Steve Hopper/TRANSREDES@TRANSREDES
cc: Peter E Weidler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Doug
Farmer/TRANSREDES@TRANSREDES, Nick Tombs/TRANSREDES@TRANSREDES, Richard A
Lammers/SA/Enron@Enron, Abraham Moreno/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Carlos Contreras/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sergio
Soliz/TRANSREDES@TRANSREDES, Cyro Camacho/TRANSREDES@TRANSREDES, Carol
North/TRANSREDES@TRANSREDES, Jorge L Gumucio/TRANSREDES@TRANSREDES, Jose
Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mike G Smith/SA/Enron@Enron,
Richard Shapiro@EES, Nasim H Khan/TRANSREDES@TRANSREDES, Alfonso
Canedo/TRANSREDES@TRANSREDES
Subject: Regulatory Log Jam has been broken

Further to my e-mail yesterday, advising of the approval of the GasBol -
Transborder Firm Transportation Contract for service to Cuiaba, I have
received letters today from the Superintendent
APPROVING the following firm transportation service contracts:

GTB-Transborder
Transredes-Transborder
Transredes-Chaco
Transredes-Maxus

The approval of the Transborder contracts will be effective 10 days after we
file an official translation of these contracts.

The approval of the remaining contracts will be effective 10 days after we
file a signed original of such contracts.

Congratulations to all involved!  Ray


I am getting a jacket made for your dad to give your mom at Christmas.? I
need to get an idea of her waist size.? He gave me a few measurements off a
jacket in her closet, but I don't have any idea about waist or hips.? If
either of you have a good guess let me know ASAP.? Thanks

Chris

Do You Yahoo!?
Yahoo! Shopping -  Thousands of Stores. Millions of Products.


/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/

Wall of Champs Is Up!   Some sites attempt to impress you with titles won by
the guys running the site.   I've found most people are just slightly more
interested in winning THEIR own league.   Footballguys.com is built on the
concept of giving YOU information to win YOUR league and tons of you have
done just that.

If you've made your playoffs or won your league, let the world know about
it.   We've got our Wall of Champs up and running and waiting for you.
Check it out here  http://footballguys.com/wall2001.cfm You can add your
team here http://footballguys.com/addwall.cfm   There's not much better than
flaunting your success in front of your league members...

Enjoy.

/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/

Hi Folks,

Here's how I see the Passing Game Matchups this week.

PLEASE NOTE:   See the cheatsheets online at www.footballguys.com  for
exactly where I rank players and to determine who to start.   I always
receive emails asking me how I can have a guy ranked highly on the
cheatsheet but listed under a matchup that favors the Defense.   Just
because one matchup may be more favorable than another, that doesn't
necessarily mean I'd start the player with the best matchup.   Jeff Garcia
may have a horrible matchup one week but unless you're sitting on Kurt
Warner or Brett Favre, Garcia's your guy no matter who he's lining up
against.   The matchup info is meant to be just one more tool in your box
when it comes to deciding between players.

Note:  I've used the player stats sorted by performance over the last four
weeks extensively in developing these write-ups. Stats are provided by Mike
Hall's excellent FLM League Management Software.  http://www.fflm.com/ for
more info.   The points scored by position data is from ESPN.com.
Let's get to it.

Joe

/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/

Passing Game Matchups to Avoid and Exploit

/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/

Locks:  These games feature Defenses that have struggled lately.

Cincinnati Passing Game vs Tennessee Defense

What a fitting way to wind down the season Sunday as Jon Kitna and Kordell
Stewart combined for 662 passing yards and 5 TDs.Kitna had 411 of those
yards.   Wow.   When you throw it 68 times, most every receiver will be
involved and that's what happened Sunday.   Peter Warrick was very active -
maybe the benching helped in week 15.   The Titans rank # 31 in Passing
Yards Allowed Per Game over the last 4 weeks so this is enticing although
you have to wonder if Kitna can do it again.   For the year, Tennessee ranks
# 29 Fantasy Points Allowed to QBs and # 31 Fantasy Points Allowed to WRs.
Check the cheatsheets to see where we rank these guys but clearly, it's a
good matchup.

Denver Passing Game vs Indianapolis Defense

Griese only put up 142 yards passing Sunday but it was enough.   Expect him
to do better this week.   Rod Smith is of course, the man here and he'll do
well too.   The Colts rank # 30 in Passing Yards Allowed Per Game over the
last 4 weeks.   For the year, they rank # 27 Fantasy Points Allowed to QBs
and # 27 Fantasy Points Allowed to WRs.

Indianapolis Passing Game vs Denver Defense

Manning came up small in the yardage department with under 200 yards Sunday
but he did run in one score.   Marvin Harrison is of course the clear cut go
to guy.   Manning's a competitor and you'd have to think he'll give a great
effort in the final week with nothing but pride to play for.   The Broncos
rank # 27 in Passing Yards Allowed Per Game over the last 4 weeks.   For the
year, they rank # 9 Fantasy Points Allowed to QBs and # 25 Fantasy Points
Allowed to WRs.

St. Louis Passing Game vs Atlanta Defense

Mike Martz showed last week he'll let his guys play.   Regardless of the
playoff situation, I think you'll see Warner in for at least a half and
maybe much more.   And like Marshall Faulk, a half of Warner is better than
a full game from most other players.   Picking the WR is a lottery shot as
Holt, Bruce, Proehl, or Hakim are all liable to go off.   The Falcons rank #
26 in Passing Yards Allowed Per Game over the last 4 weeks.   For the year,
they rank # 30 Fantasy Points Allowed to QBs and # 30 Fantasy Points Allowed
to WRs.

/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/

Prime Matchups:  These games feature Defenses that haven't been strong
lately.

Carolina Passing Game vs New England Defense

Can't imagine you're in week 17 with many Carolina guys on the roster.
Weinke did ok last week.   It's tough when you're upset about Isaac Byrd
possibly missing time but that's where they are.   Both he and Muhsin
Muhammad could miss the last game.   The Patriots rank # 28 in Passing Yards
Allowed Per Game over the last 4 weeks so they're definitely vulnerable.
For the year, they rank # 22 Fantasy Points Allowed to QBs and # 20 Fantasy
Points Allowed to WRs.   It's a good matchup simply because New England hasn
't been much on defense.   I have little faith in the Carolina players to
take advantage of the matchup though.

Chicago's Passing Game vs Jacksonville Defense

When you think it's going to be all Anthony Thomas, Jim Miller and the
passing game decided to show off.   Miller put up 252 yards and 2 TDs as the
Bears continued to roll.   Marty Booker continues to see lots more passes
than any other Bear although David Terrell seems to make the most of what he
's thrown.   The Jaguars rank # 10 in Passing Yards Allowed Per Game over
the last 4 weeks.   For the year, they rank # 19 Fantasy Points Allowed to
QBs and # 6 Fantasy Points Allowed to WRs.

Dallas Passing Game vs Detroit Defense

Quincy Morgan showed some very nice flashes Sunday hitting Joey Galloway
deep.   Galloway seems to be the WR of choice.   He's worth a gamble for
sure.   The Lions rank # 25 in Passing Yards Allowed Per Game over the last
4 weeks.   For the year, they rank # 31 in Fantasy Points Allowed to QBs and
# 29 Fantasy Points Allowed to WRs so it's a nice matchup.   It all depends
on whether these guys have the talent to take advantage of it.   One more
thing, the Cowboys will be doing all they can to get Emmitt Smith his 1,000
yard season so that may be a factor.

Kansas City Passing Game vs Seattle Defense

Trent Green quietly carried some FF teams Sunday with 2 TDs and 294 yards.
Tony Gonzalez finally put together a game like we've been expecting.   He
saw 3 times as many passes as the WRs.   Maybe that'll continue this week.
The Seahawks rank # 24 in Passing Yards Allowed Per Game over the last 4
weeks.   For the year, they rank # 23 Fantasy Points Allowed to QBs and # 16
Fantasy Points Allowed to WRs.

Miami Passing Game vs Buffalo Defense

Jay Fiedler posted a couple of TDs with his 191 yards which isn't bad.
Chris Chambers, Jed Weaver and Oronde Gadsden all saw time but RB Travis
Minor seemed to be the primary receiver with 7 catches.   Look for him to be
used more as Lamar Smith struggles.   The Bills rank # 29 in Passing Yards
Allowed Per Game over the last 4 weeks.   For the year, they rank # 24
Fantasy Points Allowed to QBs and # 19 Fantasy Points Allowed to WRs.

New England Passing Game vs Carolina Defense

Tom Brady's had a week to get ready for the Carolina defense.   Two teams
going drastically different directions here.   Terry Glenn could continue to
make an impact and you know Troy Brown's ready.   The Panthers rank # 20 in
Passing Yards Allowed Per Game over the last 4 weeks.   For the year, they
rank # 28 Fantasy Points Allowed to QBs and # 22 Fantasy Points Allowed to
WRs.

Seattle Passing Game vs Kansas City Defense

Hindsight is 20/20 but if Trent Dilfer isn't the most under appreciated
player in the NFL, I dunno who is.   He's won a jillion games including a
Superbowl lately and all he did Sunday was throw 3 TDs and save the Seahawks
season (at least for another week)   The big question is will he get another
shot?   Hasselbeck is saying he wants to play.  Stay tuned.   Darrell
Jackson went nuts last week and if Dilfer gets the nod, you have to look
hard at him.   The Chiefs rank # 18 in Passing Yards Allowed Per Game over
the last 4 weeks.   For the year, they rank # 15 Fantasy Points Allowed to
QBs and # 12 Fantasy Points Allowed to WRs.

San Francisco Passing Game vs New Orleans Defense

Jeff Garcia threw for 229 and 2 TDs against a tough Cowboy pass Defense last
week.   Plus he rushed for another TD.   Terrell Owens is a must start.
J.J. Stokes is seeing lots of action and TE Eric Johnson is very involved.
The Saints defense ranks # 13 in Passing Yards Allowed Per Game over the
last 4 weeks.   For the year, they rank # 26 Fantasy Points Allowed to QBs
and # 23 Fantasy Points Allowed to WRs.

/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/

Even Matchups:  These games feature no real advantage either way

Baltimore Passing Game vs Minnesota Defense

Elvis Grbac had Raven fans wondering about Trent Dilfer again last week with
205 yards and 2 Interceptions to go with his TD.   The usual suspects of
Qadry Ismail, Shannon Sharpe and Travis Taylor will all be active.   The
Vikings rank # 19 in Passing Yards Allowed Per Game over the last 4 weeks.
For the year, they rank # 20 Fantasy Points Allowed to QBs and # 24 Fantasy
Points Allowed to WRs.

Green Bay Passing Game vs New York Giants Defense

Favre came up small last week with just 169 yards and 0 TDs.   Granted, it
was really cold, but that hasn't seemed to bother him much in the past.
Freeman and Schroeder got most of the looks as usual.   TE Bubba Franks saw
a handful thrown his way.   They'll face the banged Giant secondary this
week ranked # 14 in Passing Yards Allowed Per Game over the last 4 weeks.
For the year, they rank # 18 Fantasy Points Allowed to QBs and # 28 Fantasy
Points Allowed to WRs.

New Orleans Passing Game vs San Francisco Defense

Aaron Brooks took a step back this week with 3 Interceptions vs 1 TD and
just 127 yards.   It's not good when Deuce McAllister is the leading
receiver but that's what happened Sunday.   Joe Horn and Willie Jackson came
up small.   This week, they'll face a 49er defense that's ranked # 16 in
Passing Yards Allowed Per Game over the last 4 weeks.   For the year, they
rank # 13 Fantasy Points Allowed to QBs and # 17 Fantasy Points Allowed to
WRs.

Pittsburgh Passing Game vs Cleveland Defense

Stewart threw for 251 yards and 3 TDs Sunday although he did have 4
Interceptions.   Plaxico Burress is clearly the big play threat and is
showing shades of becoming a dominant WR.   Hines Ward is solid as well.
The Browns rank # 9 in Passing Yards Allowed Per Game over the last 4 weeks.
For the year, they rank # 3 Fantasy Points Allowed to QBs and # 14 Fantasy
Points Allowed to WRs.

Tennessee Passing Game vs Cincinnati Defense

Steve McNair continues to play well with 274 yards and 2 TDs.   He's a
totally different QB when he throws the deep ball.   Although Eddie George's
re-emergence may quiet that a bit.   Dyson and Mason both saw an equal
number of passes and both scored.   This week, they'll face a Bengal defense
ranked # 12 in Passing Yards Allowed Per Game over the last 4 weeks.   For
the year, they rank # 16 Fantasy Points Allowed to QBs and # 21 Fantasy
Points Allowed to WRs.

Washington Passing Game vs Arizona Defense

Tony Banks put up a whopping 94 yards passing last week.   But part of it
was the big lead Washington was able to post.   Westbrook left with an ankle
injury so Gardner and TE Zeron Flemister caught what was thrown.   This
week, they'll face a Cardinal defense that's been pretty good lately ranking
# 7 in Passing Yards Allowed Per Game over the last 4 weeks.   For the year,
they rank # 25 Fantasy Points Allowed to QBs and # 26 Fantasy Points Allowed
to WRs.

/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/

Downside Matchups:  These games feature a Defense that's been pretty strong
lately.

Atlanta Passing Game vs St. Louis Defense

Mike Vick could see the start even if Chandler is ok.   The team is clearly
looking at 2002.   He's a dice roll if he starts but it's not like Chandler
was consistent.   Vick will likely spread the ball around to Terance Mathis,
Shawn Jefferson and Brian Finneran but it's tough to count on this team.
The Rams rank # 22 in Passing Yards Allowed Per Game over the last 4 weeks.
For the year, they rank # 14 Fantasy Points Allowed to QBs and # 8 Fantasy
Points Allowed to WRs.

Cleveland Passing Game vs Pittsburgh Defense

For the 2nd week in a row, Couch exploited a great matchup and lit up
Tennessee for 336 yards and 3 TDs.   Kevin Johnson was clearly the WR of
choice again.   This week, they'll face a Steeler defense that ranks # 15 in
Passing Yards Allowed Per Game over the last 4 weeks.   For the year, they
rank # 7 Fantasy Points Allowed to QBs and # 7 Fantasy Points Allowed to
WRs.

Jacksonville Passing Game vs Chicago Defense

Mark Brunell put together another gritty day with 283 yards and a TD Sunday.
Keenan McCardell and Jimmy Smith continue to be one of the toughest WR duos
in the league.   They'll face a Bear defense this week ranked # 17 in
Passing Yards Allowed Per Game over the last 4 weeks.   Clearly, the stats
don't quite back up their rep lately.   For the year, they rank # 8 Fantasy
Points Allowed to QBs and # 2 Fantasy Points Allowed to WRs so they've been
stingy allowing FF points.

Minnesota Passing Game vs Baltimore Defense

Spergon Wynn could well be an NFL QB someday but today isn't that day.
Really puts the Cris Carter / Randy Moss owners in a bind.  Normally, they'
re sure starts but now I'm not so certain.   He really looked bad at times.
Both these receivers are guys who can make up for deficiencies at QB so I
still think you'll have to look hard there.   Plus, it's on Monday night so
even though the Vikes have pretty much packed it in, they'll probably put
forth a good effort.   The Ravens rank # 5 in Passing Yards Allowed Per Game
over the last 4 weeks.   For the year, they rank # 17 Fantasy Points Allowed
to QBs and # 18 Fantasy Points Allowed to WRs.

New York Giants Passing Game vs Green Bay Defense

Kerry Collins went over 300 yards last week and that was something.   Tiki
Barber is still the most frequent target with Toomer and Hilliard seeing
pretty much equal attention.   The Packers rank # 3 in Passing Yards Allowed
Per Game over the last 4 weeks.  For the year, they rank # 12 Fantasy Points
Allowed to QBs and # 5 Fantasy Points Allowed to WRs.

New York Jets Passing Game vs Oakland Defense

Vinny Testeverde looked pretty old in the loss to Buffalo with 0 TDs and 2
Interceptions.   Chrebet and Coles are decent options but this team is all
about Curtis Martin.   Especially with the Oakland Corners.   The Raiders
rank # 8 in Passing Yards Allowed Per Game over the last 4 weeks.   For the
year, they rank # 10 Fantasy Points Allowed to QBs and # 13 Fantasy Points
Allowed to WRs.

Oakland Passing Game vs New York Jets Defense

Rich Gannon had an excellent day with 313 yards and 2 TDs although he did
have the 2 Interceptions.   Jerry Rice and Tim Brown continue to play well
and Charlie Garner does a nice job catching the ball.   The Jets are in a
must win situation and rank # 11 in Passing Yards Allowed Per Game over the
last 4 weeks.   For the year, they rank # 1 Fantasy Points Allowed to QBs
and # 4 Fantasy Points Allowed to WRs so they've been tough.

Philadelphia Passing Game vs Tampa Bay Defense

Donovan McNabb started looking for receivers not named Duce Staley last week
and better things seemed to happen.   He threw for 3 TDs and nearly 300
yards.   James Thrash saw most of the passes while TE Chad Lewis burst back
onto the scene.   They'll face a Buc defense this week ranked # 6 in Passing
Yards Allowed Per Game over the last 4 weeks.   For the year, they rank # 11
Fantasy Points Allowed to QBs and # 9 Fantasy Points Allowed to WRs

Tampa Bay Passing Game vs Philadelphia Defense

Brad Johnson is trying to set a dink and dunk record I think.   He had 90
yards passing on 29 attempts for an amazing 3.10 yards per attempt.
Keyshawn Johnson is still probably a starter but that's pathetic.   This
week, they'll face an Eagle defense that's ranked # 23 in Passing Yards
Allowed Per Game over the last 4 weeks.   For the year, they rank # 2
Fantasy Points Allowed to QBs and # 1 Fantasy Points Allowed to WRs.

/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/

Defensive Slam Dunks:  These games feature a Defense that's been very strong
lately.

Arizona Passing Game vs Washington Defense

Start David Boston.   You already know that.   I'd say Plummer merits
consideration in lots of leagues too.   Boston again went nuts last week.
The Redskins rank # 4 in Passing Yards Allowed Per Game over the last 4
weeks.   For the year, they rank # 5 Fantasy Points Allowed to QBs and # 11
Fantasy Points Allowed to WRs.   Even with this tough matchup, Boston is a
sure starter unless you're comically loaded at WR.

Buffalo Passing Game vs Miami Defense

Van Pelt threw for under 200 yards but the Bills did get the win.   It looks
to me like Jay Riemersma is the primary target now.   Eric Moulds and
Peerless Price are good gambles but far from sure things.   The Dolphins
rank # 2 in Passing Yards Allowed Per Game over the last 4 weeks.   For the
year, they rank # 6 Fantasy Points Allowed to QBs and # 10 Fantasy Points
Allowed to WRs.

Detroit Passing Game vs Dallas Defense

Mike McMahon could miss another game which means Ty Detmer could start.
Sounds funny, but he put together one of the bigger days among QBs Sunday.
He threw the ball all over the field.  Johnnie Morton and Cory Schlesinger
were especially involved.   The Cowboys rank # 1 in Passing Yards Allowed
Per Game over the last 4 weeks so it'll be tough.   For the year, they rank
# 4 Fantasy Points Allowed to QBs and # 3 Fantasy Points Allowed to WRs.

/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/**/

Bryant Analytics, Inc.   All Rights Reserved 1999-2001

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Please change these to BT.

	Enron North America Corp.

	From:  Julie Brewer                           03/01/2001 09:33 AM

To: Errol McLaughlin/Corp/Enron@ENRON
cc:

Subject: Re: Bankers Trust/Deutsche Bank

Errol-

These are still showing Bankers Trust International. Can you please change
them back to Bankers Trust.

Thanks.
---------------------- Forwarded by Julie Brewer/NA/Enron on 03/01/2001 09:32
AM ---------------------------

	Enron North America Corp.

	From:  Julie Brewer                           02/27/2001 04:59 PM

To: Errol McLaughlin/Corp/Enron@ENRON
cc:

Subject: Re: Bankers Trust/Deutsche Bank

Errol-

Can you please rebook those two deals back to BT. (QT6916 and QT7116)

Thanks.
---------------------- Forwarded by Julie Brewer/NA/Enron on 02/27/2001 04:58
PM ---------------------------

Cheryl Johnson@ENRON
02/27/2001 04:49 PM
To: Jason Moore/HOU/ECT@ECT
cc: Marilyn Colbert/HOU/ECT@ECT, Samuel Schott/HOU/ECT@ECT, Bernice
Rodriguez/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON@ECT, Diane
Anderson/NA/Enron@Enron@ECT, Julie Brewer/NA/Enron@Enron@ECT, Jennifer
Blay/HOU/ECT@ECT, Andrea R Guillen/HOU/ECT@ECT

Subject: Re: Bankers Trust/Deutsche Bank

Done-OK per Credit who gave instructions to suspend.

Jason Moore@ECT
02/27/2001 11:25 AM
To: Cheryl Johnson/Corp/Enron@Enron, Marilyn Colbert/HOU/ECT@ECT
cc: Samuel Schott/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON, Diane Anderson/NA/Enron@Enron, Julie
Brewer/NA/Enron@Enron, Jennifer Blay/HOU/ECT@ECT, Andrea R
Guillen/HOU/ECT@ECT

Subject: Bankers Trust/Deutsche Bank

It looks like Bankers Trust Company (CP# 27) needs to be unsuspended.

Jason Moore

---------------------- Forwarded by Jason Moore/HOU/ECT on 02/27/2001 11:22
AM ---------------------------

	From:  Larry Joe Hunter                           02/27/2001 11:14 AM

To: Samuel Schott/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT, Jason
Moore/HOU/ECT@ECT
cc: Errol McLaughlin/Corp/Enron@ENRON, Diane Anderson/NA/Enron@Enron, Julie
Brewer/NA/Enron@Enron, Jennifer Blay/HOU/ECT@ECT, Andrea R
Guillen/HOU/ECT@ECT
Subject: Bankers Trust/Deutsche Bank

Jason,

Per the below notice from Legal.  "Bankers Trust" is still a valid Trading
entity, and we should continue to book Trades to this Entity.  Can you please
change GCP from "Suspended" to "Active".

Thanks,
Joe

---------------------- Forwarded by Larry Joe Hunter/HOU/ECT on 02/27/2001
11:11 AM ---------------------------
From: Tana Jones on 02/27/2001 09:26 AM
To: Laurel Adams/HOU/ECT@ECT, Janie Aguayo/HOU/ECT@ECT, Kimberly
Allen/HOU/ECT@ECT, Diane Anderson/NA/Enron@Enron, Jean Bell/HOU/ECT@ECT, Bob
Bowen/HOU/ECT@ECT, Julie Brewer/NA/Enron@Enron, Sharen Cason/HOU/ECT@ECT,
Celeste Cisneros/NA/Enron@Enron, Jason Fischer/NA/Enron@Enron, Jorge A
Garcia/NA/Enron@Enron, Larry Joe Hunter/HOU/ECT@ECT, Kimberly
Hundl/Corp/Enron@Enron, Melissa Ann Murphy/HOU/ECT@ECT, Bianca
Ornelas/NA/Enron@Enron, Stephanie Piwetz/HOU/ECT@ECT, Melissa
Rodriguez/HOU/ECT@ECT, Dianne Seib/CAL/ECT@ECT, Kim S Theriot/HOU/ECT@ECT,
Melinda Whalen/CAL/ECT@ECT, William  S Bradford/Enron@EnronXGate, Debbie R
Brackett/HOU/ECT@ECT, Tanya Rohauer/Enron@EnronXGate, Brant
Reves/Enron@EnronXGate, Tracy Ngo/PDX/ECT@ECT, Lesli
Campbell/Enron@EnronXGate, Veronica Espinoza/Enron@EnronXGate, Paul
Radous/Enron@EnronXGate, Wendi LeBrocq/Enron@EnronXGate, Russell
Diamond/Enron@EnronXGate, Tom Moran/Enron@EnronXGate, Edward
Sacks/Enron@EnronXGate, Nidia Mendoza/ENRON@enronXgate, Wendy
Conwell/NA/Enron@Enron, Darren Vanek/Enron@EnronXGate, Rudwell
Johnson/Enron@EnronXGate, Brent Hendry/NA/Enron@Enron, Sara
Shackleton/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT,
Susan Bailey/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, Samantha
Boyd/NA/Enron@Enron, Robert Bruce/NA/Enron@Enron, Stephanie
Panus/NA/Enron@Enron, Frank Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Cheryl
Nelson/NA/Enron@Enron, Francisco Pinto
Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marilyn Colbert/HOU/ECT@ECT, Diane
Ellstrom/Enron@EnronXGate, Lynn E Shivers/LON/ECT@ECT, Bill D
Hare/HOU/ECT@ect, Leslie Reeves/HOU/ECT@ECT, Jason Moore/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Anthony Campos/HOU/ECT@ECT, Bernice
Rodriguez/HOU/ECT@ECT, Frank L Davis/HOU/ECT@ECT, Carrie
Southard/LON/ECT@ECT, Amber Ebow/HOU/ECT@ECT, Adnan Patel/Enron@EnronXGate,
Stacey Richardson/HOU/ECT@ECT, Lisa Lees/HOU/ECT@ECT, Georgi
Landau/NA/Enron@ENRON, Cheryl Johnson/Corp/Enron@Enron, Stephanie
Sever/HOU/ECT@ECT, Mechelle Stevens/HOU/ECT@ECT
cc:
Subject: Bankers Trust/Deutsche Bank

Deutsche Bank has gotten back to me and is vacillating on what they want to
do with the Bankers Trust trades.  In particular, they haven't thought
through what they want to do with the online trades, don't like on online
documentation, and now they think they may want to do a full novation of the
trades once they decide how to resolve this.  So, until we hear back from
them (they said in about a week), just let the Bankers Trust financial trades
and master sit.


thats it

Shanna Husser@ENRON
03/06/2000 04:26 PM
To: Eric Bass/HOU/ECT@ECT
cc:
Subject:

Hey- I'll just call you when I get ready to leave Toni and Guy- so you will
know I am on my way.

713-526-8304

Right??

Sh


Attached is the proposed change order with ABB.  See you at 900am tomorrow
(Monday) in my office.

Thanks,

Kay


Martha,

Thanks. In case you missed an FT article, please take a look at the
attachment.

Vince

martha Amram <martha@glazecreek.com> on 05/15/2000 04:28:52 PM
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mennis@jdtv.com, kcsepstein@aol.com, hakan.erdogmus@iit.nrc.ca,
marc.fetten@gmx.net, franklin@uci.edu, jofuller@na.ko.com,
bac524@mainex1.asu.edu, gersten@platinum.com, hherath@attcanada.net,
rohernandez@exchange.ml.com, uhommel@whu-koblenz.de, khowe@wppost.depaul.edu,
b.jaspers@student.nijenrode.nl, yen_jong@pancanadian.com,
rsk69@centrin.net.id, pkao@lehman.com, jkavan8269@aol.com,
kelly@commerce.uq.edu.au, mkinsman@pepperdine.edu, mklots@scient.com,
kothadc@texaco.com, kuzma@usexchange.net, guilherme.lago@gecapital.com,
om48001@exchange.oldmutual.com, jlarosa@home.com, jlarsen@email.usps.gov,
suzy_larson@sdg.com, pshein8888@aol.com, mtlazar@aol.com,
ncc_washington.parti@ecunet.org, donald.a.leonard@bellatlantic.com,
jlewis@lgc.com, cliberty@mit.edu, kwlicon@email.msn.com, elieu@hotmail.com,
hans.lindstrom@generation.vattenfall.se, david.yue.liu@intel.com,
bmlodge@ibm.net, e.lukas@gmx.de, wm139371@msxsoc.shell.com,
mm189328@msxsoc.shell.com, joao.marques@stud.umist.ac.uk,
mam@europa.fcee.ucp.pt, maxey@aol.com, marguerite.mcgarvey@mail.tju.edu,
skmiller@arnet.com.ar, milevsky@yorku.ca, grover.morganjr@mw.boeing.com,
jmmyatt@bechtel.com, 988078430@98.lincoln.ac.uk, doug.e.oates@saic.com,
pfo@acsu.buffalo.edu, Orejuela.malena@usa.net, papke@pilot.msu.edu,
jovipp@mail.telepac.pt, peske@uni-mannheim.de, rbphillipsjr@mindspring.com,
stephenq@nedcor.com, reitmanathome@worldnet.att.net,
markss@tallan.unp.edu.pe, salgar_mauricio@bah.com, rsamdahl@ix.netcom.com,
Shomphe_lori@lnmta.bentley.edu, asim029@student.auckland.ac.nz,
soeffing@mail.bcpl.net, lsparver@macneal.com,
pj.sparwasser@gipc.bn.shuttle.de, hstein@psychoanalysis.net,
rlsphoto@kreative.net, stringer@gem.co.za, sugimoto@fas.harvard.edu,
jontepper@mediaone.net, luisv@mail.utexas.edu, john.h.vincent@intel.com,
walucas@mit.edu, phwalther@aol.com, jwansley@utk.edu,
brian_woodland@southwire.com, myasinsky@mcdinvest.com, Jiro@alum.mit.edu,
BAZZINOG@DINTEC.COM, PBECCUE@AMGEN.COM, MICHAEL.BRENNAN@ROGROUP,
michael.j.brennan@anderson.ucla.edu, ABRICK@NORELNETWORKS.COM,
DMBROOKS@aol.com, RICK.CHAMBERLAIN@US.PWCGLOBAL.COM,
M.CHECHELNITSKY@SIEP.SHELL.COM, LCHORN@REALOPTIONS-SOFTWARE.COM,
SCIOTTI@AIRCANADA.CA, CLEVESJR@BP.COM, TCOOK@AMGEN.COM,
JAMES-COTTER@NMSU.EDU, LCOY@PSINET.COM, bradc@AMGEN.COM,
DESILVAB@GROTON.PFIZER.COM, DSOUZA.RUBERT@gene.com, DAVID@BJVAL.COM,
GILL_R_EAPEN@GROTON.PFIZER.COM, FAIZS@texaco.com, KFOLADARE@PECO-ENERGY.COM,
BGIFFO@CTP.COM, WGOLEMBESKI@GENENCOR.COM, DGRANT@SWCP.COM,
RAUL.X.GUERRERO@AC.COM, SAMUEL.B.GUNDERSON@BOEING.COM,
DAVE_GUY@HERMANMILLER.COM, JOE_HARROUN@CARGILL.COM, A.HUNT@AUCKLAND.AC.NZ,
PJORGENSEN@ANGLOGOLDNA.COM, VKAMINS@ENRON.COM, GRAHAM.MIAO@AM.PNU.COM,
KOPPELHF@BP.COM, KUBIK_M@ABGENIX.COM, DOUGKUWAHARA@AEC.CA,
JIM_LEDBETTER@OXY.COM, JAEHYUN.LEE@KR.PWCGLOBAL.COM,
DAVID.R.LEONHARDI@BOEING.COM, LISOWSS@texaco.com,
TIMOTHY.LUEHRMAN@US.PWCGLOBAL.COM, KLUM@ZSASSOCIATES.COM,
IRIS.MACK@PARIBAS.COM, SCOTT.H.MATHEWS@BOEING.COM, JONATHA.MAUER@BMS.COM,
JMCCORMACK@sternstewart.com, JOYCE.A.MCGHEE-1@DUPONT.COM, MCLEMDD@texaco.com,
DMEKELBURG@lgc.com, AAMEMON@MARATHONOIL.COM, ALBERTO.MICALIZZI@ROGROUP.COM,
RMIGNONE@EXELONCORP.COM, ANN_MILLER@CARGILL.COM, RALPH_MORALES@HP.COM,
MUSHER@BKB.COM, SCMYERS@mit.edu, DEOHANIA@CMSENERGY.COM,
MATT_OTTMER@BIOGEN.COM, JPEGRAM@PECO-ENERGY.COM, KEITH_REGNANTE@BIOGEN.COM,
MARKSANO@aol.com, BKS@BIOSGROUP.COM, eduardo.schwartz@anderson.ucla.edu,
DAVID.J.SHANNON@AC.COM, ELIZABETH.SHERRIER@AM.PNU.COM, SICK@UCALGARY.CA,
RENE_SILVA@FPL.COM, BORIS.SIMONOVIC@ZH.AEY.CH,
CSPETZLER@REALOPTIONS-SOFTWARE.COM, TOMSPRADLIN@LILLY.COM,
MDSTRTHMAN@MARATHONOIL.COM, RLTAYLOR@TVA.GOV, RODGER@AMGEN.COM,
LENOS.TRIGEORGIS@ROGROUP.COM, UTECHT.KEN@ENDO.COM, P.VANDRIEL@SIEP.SHELL.COM,
AVANSTAVEREN@PLANET.NL, GARDNER.WALKUP@US.PWCGLOBAL.COM, WARNEJ@CHAMPINT.COM,
DWEISS@BEAZER.COM, RALPH.WHITE@marshmc.com, M.V.WILLEMS@KPN.COM,
CORBIN_WOOD@BIOGEN.COM, GARY.ZIBINSKI@CONECTIV.COM, NZOKO@PSINET.COM
cc:
Subject: real options capabilities

Hello!

Attached are two pieces you may find of interest that address
organizational capabilities needed to live the real options story.

The first piece, which I wrote with Laura Martin of CSFB, addresses the
capabilities needed to carry off the Time Warner / AOL merger.  The
second piece lays out some rules for strategy creation -- including the
requisite capabilities -- in a world of uncertainty.

I hope you find these of interest. Feel free to post them on your
corporate intranet or pass on to colleagues.

Regards,
Martha Amram

--

---------
Martha Amram
Managing Director
Navigant Consulting Inc.
(formerly SDG)
2440 Sand Hill Road
Menlo Park, CA 94025

650-233-6236
martha@real-options.com
OR
martha_amram@sdg.com
---------------------

 - Valuing the Creation of the Future 2.pdf
 - New Rules.pdf


Just to keep you posted on some of the ongoing discussions

LM
---------------------- Forwarded by Luiz Maurer/SA/Enron on 05/21/2001 06:43
PM ---------------------------

David M Rosenberg
05/21/2001 10:20 AM
To: Luiz Maurer/SA/Enron@Enron
cc: Joao Carlos Albuquerque/SA/Enron@Enron, Orlando Gonzalez/SA/Enron@Enron,
Sergio Assad/SA/Enron@Enron, Fred Sampaio/SA/Enron@Enron, Britaldo
Soares/SA/Enron@Enron, Brett R Wiggs/SA/Enron@Enron, Remi
Collonges/SA/Enron@Enron

Subject: Re: CAP no MAE

Luiz,

Thanks again for maintaining a voice of sanity.

In my not so humble opinion, it is commercial suicide for us to even give the
appearance of supporting price caps.  I can't think of any other situation
anywhere in the world where Enron has supported price caps in a market.  To
the contrary, we are almost always public in our opposition to such
market-killing sophistry.

Consensus is a noble objective, but sometimes it is just better to let people
know your true opinion.

--DMR

Luiz Maurer
20/05/2001 23:16
To: Joao Carlos Albuquerque/SA/Enron@Enron
cc: Orlando Gonzalez/SA/Enron@Enron, Sergio Assad/SA/Enron@Enron, Fred
Sampaio/SA/Enron@Enron, Britaldo Soares/SA/Enron@Enron, Brett R
Wiggs/SA/Enron@Enron, Remi Collonges/SA/Enron@Enron, David M
Rosenberg/SA/Enron@Enron
Subject: Re: CAP no MAE

I strongly disagree

"If it is impossible to reach an agreement within ABRADEE",, then we should
be loud an clear in expressing our own view, to all levels of government
including a position paper to  Pedro Parente asap.  Caps at this point in
time may jeopardize the rationing plan per se. We had a victory in anchoring
the penalties to the MAE price. Why surrender it now?

Why do we have to abide by ABRADEE's desires?

This is not a religious issue only.  There are a few US$ million left on the
table.

How many US$ million are on the table for Enron?

 - Ballpark, possibly  US$20f or Elektro's long position  (60 in EBITDA *
(680-460)/680)
 - A lot, lot more for Eletrobolt (perhaps to the point of killing the
project, as Joao Albuquerque stated)

Are we being consistent? About a week ago, we submitted our views to ANEEL,
on Public Hearing 02/2001, advocating for an increase in the cost of defict
to US$ 2350/MWh. The trading group (Remi, David) were adamant about this
position submitted by Regulatory Affairs (I think they are right)

Are we acting to the best interest of our shareholders?

LM

Joao Carlos Albuquerque
05/20/2001 11:40 AM
To: jmazon@elektro.com.br, Orlando Gonzalez/SA/Enron@Enron, Sergio
Assad/SA/Enron@Enron, Luiz Maurer/SA/Enron@Enron, Fred Sampaio/SA/Enron@Enron
cc: Britaldo Soares/SA/Enron@Enron, Brett R Wiggs/SA/Enron@Enron

Subject: CAP no MAE

Algumas empresas de distribui??o short em 02 e 03 est?o defendendo fortememte
CAP no MAE,  bem abaixo do custo do d,ficit ( cerca de R$ 680). ( CERJ,
Cataguases, LIght est? em cima do muro, etc...)

Se for inevit?vel, nossa posi??o deve ser:

 - N?O PODE SER INFERIOR AO PRE_O PRATICADO NO PRE-RACIONAMENTO ( R$ 460,00 )
 - N?O PODE SER INFERIOR ? MAIOR TARIFA COBRADA DOS CONSUMIDORES  ( TROS
VEZES A TARIFA RESIDENCIAL  ATUAL - 200% SOBRE A MESMA, PARA CONSUMOS ACIMA
DE 500 KWh POR MOS) .

Mazzon, calcule a ordem de grandeza deste valor. _ importante termos isto em
mente quando formos falar com as autoridades amanh? e, em especial com Mauro
Arce.

Lembrar, ainda, que um CAP baixo, sem FLOOR, pode matar ELETROBOLT, uma vez
que as receitas que esta auferiria em 2002 n?o compensariam o decr,scimo das
mesmas de 2003 em diante, quando, com a redu??o de mercado devido ao
racionamento e o aumento de entrada de novas fontes de gera??o, tamb,m
incentivada pelo racionamento, poder? derrubar fortemente os pre?os do MAE.
N?o devemos nos esquecer que o per?odo de amortiza??o de ELETROBOLT , de
cinco anos.

Jo?o Carlos


for calendar, especially 930

---------------------- Forwarded by Kay Mann/Corp/Enron on 05/29/2001 03:01
PM ---------------------------
From: Ben Jacoby/ENRON@enronXgate on 05/29/2001 02:59 PM
To: Fred Mitro/ENRON@enronXgate, Kay Mann/Corp/Enron@Enron
cc: Lorie Leigh/ENRON@enronXgate

Subject: Call w/ TECO tomorrow at 10:30 Central

TECO has asked that we schedule our call for tomorrow at 10:30 AM. Kay, I
would like to meet with you at 9:30 to discuss the MOU. I don't believe their
counsel will be on the call at 10:30, therefore your participation is
optional (although you know we'd always prefer to have you).

Regards,

Ben

Lorie:

Please put the TECO call on my and Fred's calendar. Thanks.


I'm sorry but I think its my only child syndrome.


Start Date: 12/26/01; HourAhead hour: 23;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001122623.txt


FYI
----- Forwarded by Sara Shackleton/HOU/ECT on 11/27/2000 05:22 PM -----

	Tana Jones
	11/27/2000 03:45 PM

		 To: Denis O'Connell/LON/ECT@ECT
		 cc: Richard Sage/LON/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
		 Subject: Re: ISDA Master Agreements

With respect to Deutsche Bank (""DB"), we have one credit issue remaining, DB
would like us to add all the Enron trading entities DB trades with as
Specified Entities under the ISDA Master Agreement and we are somewhat
hesitant to do so, as this could potentially roll up swaps under structured
loan transactions into a default under the ISDA Agreement.  Sara and Bill
Bradford in Credit are supposed to talk to the DB Credit people about this
remaining issue.

With respect to First Union National Bank, the draft we were working from was
so old that they agreed to look at our current form of agreement which was
sent to them on 11/8/00 for review.  Sara is working on that with Susan
Bailey, another paralegal in our Group.

	Denis O'Connell
	11/22/2000 06:05 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Richard Sage/LON/ECT@ECT
		 Subject: ISDA Master Agreements

Tana - can you please give me an update on where you are in the negotiations
of the ISDA with the following counterparties and confirm which Enron entity
you are negotiating on behalf of.

Tks,

Denis

First Union National Bank

Deutsched Bank AG