All,

Today, I learned that Kinder Morgan has approached FERC with a proposal to submit separate applications on phase one (NM, AZ) and phase two (CA) of the Sonoran Pipeline.  Reportedly, FERC rejected the approach, advising KM to come back when they could make an application on the full project.  This probably delays their filing timetable because the California leg will be significantly more difficult to market, environmental stakeholders are likely to be more adversarial, and the probability of activist NIMBY landowners is high.

Does anybody know when KM plans to file their application?  Is Phase one in-service of summer 2003 feasible if an application for the full pipeline is required?  How long would it take KM to prepare the phase two application for the Sonoran project?

Please keep this info confidential.  Also, it would be helpful if you could corroborate through your sources.

 -----Original Message-----
From: 	Gadd, Eric
Sent:	Wednesday, September 05, 2001 6:27 PM
To:	McCarty, Danny
Cc:	Hyatt, Kevin
Subject:	Kinder Morgan - Sonoran Project

Danny,

Today, Kevin and I met with Scott Parker (KMI), Ron Brown (KMI), and Chad Driscoll (Calpine) to discuss possibilities of bundling Kinder Morgan's Sonoran project with Sun Devil.  A summary of our discussions is outlined below.

Concept

Explore the possibility of combining the Sun Devil and Sonoran Pipeline projects into a single venture along the existing Transwestern route from San Juan to the California Border.  Progress separate projects for service to Phoenix (Sun Devil) and California (Sonoran).

Rationale

Lower costs, higher margins
Greater capacity, economic scale, expansion options
Reduced stakeholder interventions (Navajos, environmental interests groups, shippers)
Reduced regulatory process

Background

On May 2, 2001, Kinder Morgan and Calpine announced plans to jointly develop the Sonoran Pipeline, subject to customary approvals and sufficient interest by potential shippers.  As proposed, the Sonoran pipeline will be a 1,160 mile high pressure interstate natural gas pipeline from the San Juan Basin in northern New Mexico to markets in California.  The project, with an estimated cost of $1.8 billion, will provide natural gas transportation capacity to California to serve growing electric generation demand.

The proposed pipeline will be evaluated and developed in two phases.  The first phase will run from the San Juan Basin to the California border with the second phase extending from the California border to the San Francisco Bay area.

The first phase of the pipeline is expected to be completed in the summer of 2003.  Phase one will consist of a 460 mile, 36 inch diameter pipeline from the interconnection of TransColorado Gas Transmission and Transwestern Pipeline to various points at the Blanco Hub in San Juan, NM.  In addition, the pipeline will continue westward with deliveries into the California/Arizona border.  A 20 mile, 24 inch diameter lateral would be built to Topock, AZ.  The initial capacity would start with 750,000 dth/d, with capability to expand to 1 million dth/day.  The estimated cost of phase one is $624 with a targeted in-service date of summer 2003.  Sponsors said the open season will seek at a minimum, 20-year term commitments at a fixed transport rate of $0.39/dth for firm transportation.  Sonoran proposes to charge shippers actual fuel on phase one via a fuel tracker.  Fuel is estimated at 1.3%.  More than 1 billion cubic feet per day of binding agreements and non-binding expressions of interest were received for the first phase of the project.

Phase two will be a 590 mile, 42 inch diameter pipeline from Needles on the California border to points within California, terminating near Antioch in Contra Costa County.  Once completed, the pipeline will be able to transport between 1 million and 1.5 million dth/day.  The in-service date for the phase two has yet to be determined.  The cost is projected to be $1.1 billion.   Another 1.5 Bcf/d of non-binding commitments and expressions of interest were received for phase two.

Sonoran has already received binding bids from Calpine Energy Services for 400,000 dth/d for phase one and another 500,000 dth/d for its phase two. Once completed, the new pipeline could connect with Kern River, Mojave, Elk Hills, Pacific Gas and Electric, Southern California Gas and various gas-fired power plants.

SoCalGas's Residual Load Service (RLS) penalty woull not affect the Sonoran project because the pipeline route parallels PG&E's pipelines and the primary target load is new gas-fired generation not within SoCalGas's market territory.

The pipeline also will connect to a new underground storage facility near Lodi being developed by Lodi Gas Storage, Inc., a subsidiary of Houston based Western Hub Properties LLC.

The project could have a noteworthy co-owner: the Navajo Nation, the sovereign government of 180,000 residents on the largest Indian reservation within the United States.  An agreement in principle to give the Navajos an ownership interest in the $1.7 billion pipeline that crosses their reservation was disclosed in August by an executive of Kinder Morgan at Indian Energy 2001, a conference of the Council of Energy Resource Tribes that highlighted the growing role Indian tribes play in powering the West.  As part of the deal to secure that right of way, the Navajo Nation would invest in the project and receive a minority interest when the pipeline opens.  The deal would be structured to limit the tribe's exposure to risks during the construction phase of the project.  Gas from the pipeline could also fuel a proposed Navajo-owned power plant on the reservation.  Red Cedar Gas Gathering, which is jointly owned by the Southern Ute Indian Tribe and Kinder Morgan made arrangements with the Navajo Indians.

Kinder Morgan is not interested in expanding the equity participants in the Sonoran Pipeline.

Next steps

Kinder Morgan to evaluate providing facilities to serve TW open season markets (SJ, Phoenix, California) along proposed Sonoran Pipeline route and come back to ETS with a proposal (operating lease, undivided interest, no shipper contractual arrangements).
ETS to identify risks and mitigants associated with Sonoran Pipeline project
- Interference with existing TW pipeline operations during construction and on-going operations
- Use of TW r-o-w
- Other


see below.  I'm sure your guys are considering all of the applications in due
course and those who are waiting are naturally going to be anxious to hear.
Not asking for any special treatment for this individual, but, as we
discussed in your office the other day, there are some continuing core skills
in the EE&CC group that we need to hold onto.  At first glance, this guy
seems to have those skills.
----- Forwarded by Steven J Kean/NA/Enron on 12/04/2000 08:06 AM -----

	Adel Rizkalla@ENRON_DEVELOPMENT
	11/30/2000 03:44 PM

		 To: Steven J Kean@EES, Cindy Olson@ENRON
		 cc:
		 Subject: Appeal for your support to continue to serve Enron

From:  Adel A. Rizkalla, Ph.D.      November 30, 2000
  12118 Knobcrest Dr.
  Houston, Texas 77070

e-mail: Adel.Rizkalla@enron.com

Extension: 55841

Attention: MR.  STEVE  KEAN
  MS.  CINDY  OLSON

Dear Mr. Kean and Ms. Olson:

I am privileged and delighted for providing me with this opportunity of
writing directly to both of you, while I am on re-deployment status.

The purpose of this letter is to respectfully appeal to both of you to please
help me continue serving Enron and continue being an active manager within
this most challenging environment, as I feel I am most qualified.

I joined Enron EE&CC on March 1, 2000; now am an EES employee. I am a
Mechanical Engineer, with 32 years work experience and extraordinary track
record in the oil & gas and power generation EPC business worldwide, with
major global organizations.

I hold a Ph.D. in Mechanical Engineering (specifically in the Gas Turbines
Technology). I have been a Project Manager, Senior Project Manager, and
Project Director on major multi-million Dollar onshore and offshore
development projects since 1980, in every hydrocarbons  producing region.

I was interviewed at Enron,s EE&CC in mid February 2000 pursuant to my
application for Project Manager/Senior Project Manager position.

I was then hired on March 1, 2000 as Project Engineering Manager (PEM), under
quite urgent circumstances, to be in charge of all three (3) major and most
active Power Projects at EE&CC in Brazil.  Just one (1) week later, after my
new hires orientation, I had to join a delegation and travel to Brazil for
Due Diligence of Local Engineering and Construction Contractors.

The Expected NTP was January 2001, and the life of these foreign Projects
(except for Electrobolt ) simple cycle plant) is three (3) to four (4) years,
i.e. until the year 2003 and 2004.  These Projects are RioGen, Cuiaba II, and
Electrobolt.

I was attracted to Enron due to its standing and recognition in the industry,
reputation, globalization, and active market penetration.  In fact, I felt
very fortunate to become the center of the above-mentioned challenges with
three such major Enron Power Projects.

I resigned my then current and very secure position as Senior Project Manager
at Solar Turbines Incorporated (a Caterpillar company), after almost 6
successful years, where I was entrusted with Solar,s major turnkey power and
gas compression projects, worldwide.

My prime objective and priority then, when I accepted to work for Enron were,
clearly, to tackle and continue with the new challenges that Enron offered me
until the year 2003 ) 2004.

However, I am still very optimistic and hopeful that, with your kind support,
I am hoping to receive due consideration of this appeal.

I have already interviewed with Messrs. Steve Meyers and Dave Roberts at EES,
and both believe that they are certainly in need of a strong technical person
like myself, but no confirmation has been received yet.

I have also applied to at least fifteen (15) pertinent positions within EES,
ENA, and Enron Transportation but, unfortunately, have received no response
yet.

Nevertheless, I am most certain that you do not want to loose a knowledgeable
and active member of your team, and I am most confident that you can assist
placing me in a position where I can contribute most positively to Enron,s
continued success and profitability.

Sincerely,

Adel

Attachments:


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/23/2001
01:19 PM ---------------------------

"Wydawnictwa Naukowo-Techniczne" <marketing@wnt.com.pl> on 01/22/2001
05:07:53 AM
To: <Vince.J.Kaminski@enron.com>
cc:
Subject: forma platnosci z "Inzynierie finansowa"

Uprzejmie informuje, ze przyjmujemy czeki, ale  niechetnie. Wysokie koszty
przy realizacji czekow.
Gdyby rodziana Sz.Pana wplacila naleznosc w  zlotowkach, to odpadna koszta
bankowe - 5$. Naleznosc w zl wynosi 81 zl lub 99  zl (LOT).
W liscie pomylilam sie? - zamiast 25,25$  napisalam 15,25 $. Przepraszam.
Wplacenie pieniedzy w Polsce znacznie  przyspieszy wysylke.
Ewentualny czek prosze przyslac na sume 25,25$  lub 29,75 $
Pozdrawiam serdecznie
Grazyna Piesniewska


---------------------- Forwarded by Ina Rangel/HOU/ECT on 11/27/2000 09:01 AM
---------------------------

	From:  Amanda Huble @ ENRON                           11/27/2000 08:37 AM

To: Becky Young/NA/Enron@Enron, Laura Harder/Corp/Enron@Enron, Jessica
Presas/Corp/Enron@ENRON, Ina Rangel/HOU/ECT@ECT, Airam Arteaga/HOU/ECT@ECT,
Kimberly Brown/HOU/ECT@ECT
cc:
Subject: Re: Please forward to your groups.


I am having trouble with the transport deal for the Tenaska IV contracts on
Lone Star.  We have deal 452491 in Sitara for meter 20014804 at a $0.01
transport rate.  We received the statement from TXU Lone Star and it does not
agree with our deal.  They are billing for meter 25000200 at $0.10 and meter
20014903 at $0.02.  These meters relate to the Tenaska IV sale deal 384258
and the Tenaska Marketing deal 459898, respectively.  Should our deal match
what TXU is billing or is there another deal that I am missing?  I haven't
worked with transport very much, so I could be confused.  I think we have
this problem with Oct 2000, also, but I have not reviewed it yet.  I am going
to look at it this afternoon.  Tenaska IV has already reimbursed us for the
TXU transport, so we will need to pay this next week.

Also, now that we have the actuals for Nov 2000, we need to update the demand
fees to reflect the correct volumes.  Barring any changes, I have listed the
adjustments below and attached my spreadsheet.  The Unify adjustments will be
over by about $20.00 from the spreadsheet.  I thought it would be better have
the Cleburne desk at zero, than to leave a balance.

1. Deal 529856 - Change 11/1 demand fee from $341,250.47 to $493,365.74
(Difference $152,115.27)
2. Deal 529856 - Change 11/2 demand fee from $167,062.50 to $159,721.55
(Difference $7,340.95)
3. Deal 514353 - Change Agency fee volume from 45,000/day to 45,016/day
(Difference $19.72)

Thanks,
Megan


Ben and Kay:

For ease of reference, I am attaching the latest draft of letter agreement,
marked to show all changes since the version sent out on Thursday, April
12th (the version that Ben was commenting on yesterday at lunch).

Regards,

Marisa Reuter

 <<MarkedLetterAgreement.DOC>>

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.

 - MarkedLetterAgreement.DOC


I received word back from 4 of the 5 parties in response to my earlier notes
(both voice mails and e-mails) on:
rehearing process and compliance filing
agenda for the 29th
native load
participation and valuation

Here is the download --

Rehearing Process and Compliance Filing -- They recognized that there were
differences; however, they felt that the rehearing process and JV
formation/process provided avenues to make the needed changes.  The major
changes in the compliance filing were removal of approval rights, such as 1)
acquisition or encumbrance of a transmission asset and 2) sale or issuance of
membership interests.  Craig Baker indicated he would send a copy of the
compliance filing tomorrow.  He also indicated that they planned to file by
late today or tomorrow.

Agenda for the 29th -- The agenda seems to be in place; however, they did
indicate that they would only be able to address the wires to wires synergy
discussion in part.  They indicated that they would be able to address the
areas where savings or additional revenue would be generated but may not be
in a position to specify the financial impact (i.e., ebitda and market value
impact).  They also indicated that Andersen has all of the individual Company
numbers but not sure when the consolidated top financials will be available.
Craig Baker committed to provide an update by tomorrow morning.  I have a
call into Larry Oliva from Andersen as well.

Native Load -- The difference between our respective positions (per Craig
Baker) supports my earlier description.  Craig indicated that the Native Load
and Wholesale Network Customers are advantaged (as compared to the Firm
Point-to-Point Wholesale Customer) as a result of the filed Network
Agreement.  This allows the Network Customers to increase capacity as load
grows (potentially usurping the rollover right of a Firm Point-to-Point
Wholesale Customer).  The Alliance feels this will be a point of contention
between the State PUC's and FERC, and, they did not want to be placed in the
middle.

Participation and Valuation --
AEP -- Craig Baker indicated that Henry Fayne will be there
1st -- Stan Szwed indicated he is confirming their CFO's attendance.  He will
get back with me by Monday.
Detroit Edison -- Joe Welch is confirming the attendance of their lead M&A
representative and will get back with me by Monday (He also applauds our
attempts to move this forward)
Consumers -- Chuck Waits is discussing the resource issue with Chris Helms
(President and COO) .    He also committed to get back with me by Monday.
Virginia Power -- no word

Please call Randy or me if you have any questions.  Thanks, Ron.


John:
I will send you my remaining comments shortly.  Here is a draft of the Enron
Guaranty.  What have the credit people decided on with respect to a cap?

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)

	"Shuttee, John" <ShutteeJ@EPEnergy.com>
	05/17/2000 03:05 PM

		 To: "'Carol St Clair'" <Carol.St.Clair@enron.com>
		 cc:
		 Subject: RE: Credit Response

Dear Carol -

Enclosed are drafts of (i) the ISDA schedule, (ii) Paragraph 13 to the
Credit Support Annex, and (iii) our standard guarantee.   Also included is a
draft what should be in the L/C and Schedule 1 of a Stby L/C.

Please note that I have accepted most of the previous changes so the current
issues would more easily be seen in the draft.

Comments concerning the schedule and para 13 are below:  Note - our legal
council is out this week but I thought I would send this draft to you now,
and we can make further adjustments, if any, based on our legal department
review next week.

1.  Part 1 (e):  After Charles Hofer spoke with your Credit Manager, Brant
Reves, they decided to make the cross default threshold at $100MM for each
credit support provider.
2.  1(h):  Made change per our phone conversation that Market Quotation will
apply for 3 years or less; Loss for over 3 years.
3.  5(g):  I am confused by this change.  I added back in the word
"obligations" in para B, 5th line and added back in the phrase concerning
affiliates.  I'm not sure my predecessor deleted them (it is not deleted on
my 3/20/00 draft) but I can't imagine who else would.  Two comments (i) do
you think this is best way to word this, and (2) my legal council (who is
out most of this week) will have to review your final wording before we can
execute.
4.  5(l):  Changed the telephone recording paragraph by (a) not limiting it
to just trading staff and (b) adding "to the extent permitted by applicable
law".
5.  5(n-q):  All new paragraphs that are not part of our standard agreement.
However, these were not discussed in Susan's last memo to you (except the
adding back in of paragraph q) so I am leaving them as is.
6.  Part 6:  After reviewing your changes vs. our standard paragraphs, I
have no objections to your changes
7.  13(b)(i)(C) Accepted your definition of Credit Support Amount even
though we don't normally use Independent Amounts.
8.  13(b)(iii)(A)  Letters of Credit - changes days to 20 from 10, per your
request.  After re-reading, I don't understand how it improves the position
of the secured party.  If the L/C has an expiration date and the secured
party attempts to execute (i.e.: cash in) this L/C, then if the L/C is
within 20 days of its expiration, the value can drop to zero.  Before, the
L/C maintained 100% of its value until 10 days prior to expiration.  Since
Enron looks at these contracts from the secured party perspective, how does
your position improve based on this change?
8.  13(b)(iii)(B and C) Threshold for both of us has been increased to $50MM
and Minimum Transfer Amount has been reduced to zero ($0).

For questions, please call at 713-420-3548 or email me.

Thanks!

John
.
 <<Enron Schedule -Draft 5-16.doc>>  <<Enron CSA - Draft 5-16.doc>>

> -----Original Message-----
> From: Carol St Clair [SMTP:Carol.St.Clair@enron.com]
> Sent: Friday, May 12, 2000 5:07 PM
> To: Shuttee, John
> Subject: Credit Response
>
>
>
> Carol St. Clair
> EB 3892
> 713-853-3989 (Phone)
> 713-646-3393 (Fax)
> ----- Forwarded by Carol St Clair/HOU/ECT on 05/12/2000 05:07 PM -----
> |--------+----------------------->
> |        |          Carol St     |
> |        |          Clair        |
> |        |                       |
> |        |          05/12/2000   |
> |        |          05:02 PM     |
> |        |                       |
> |--------+----------------------->
>
> >-------------------------------------------------------------------------
> ---|
>   |
> |
>   |       To:     shuttej@epenergy.com
> |
>   |       cc:     Brant Reves/HOU/ECT@ECT
> |
>   |       Subject:     Credit Response
> |
>
> >-------------------------------------------------------------------------
> ---|
>
>
>
> John:
> Our credit person has agreed to the 3% equity test for cross-default.
> With
> respect to setoff, given our relationships with El Paso, this is an
> important
> credit point for us and one that I guess the credit people will need to
> discuss
> since it is important for us to have the Affiliate language.  Our credit
> person
> is Brant Reves (713-853-9897).
> Carol St. Clair
> EB 3892
> 713-853-3989 (Phone)
> 713-646-3393 (Fax)
>

******************************************************************
This email and any files transmitted with it from El Paso
Energy Corporation are confidential and intended solely
for the use of the individual or entity to whom they are
addressed. If you have received this email in error
please notify the sender.
******************************************************************

 - Enron Schedule -Draft 5-16.doc
 - Enron CSA - Draft 5-16.doc


John,

FYI,

Mike
---------------------- Forwarded by Mike McConnell/HOU/ECT on 06/08/2000
05:43 PM ---------------------------

	From:  Mike McConnell                           06/08/2000 05:50 PM

To: Peter Crilly/LON/ECT@ECT
cc: Mary Nell Browning/LON/ECT@ECT
Subject: Re: J-Block

Mary Nell and Peter,

I certainly agree.  I don't know if Jeff has called Mulva but that is the
right action before we do anything else.  John will hear the result of that
conversation as soon as it happens.

Thanks and good luck.
Mike

Mike

Peter Crilly
06/08/2000 01:27 PM
To: Mary Nell Browning/LON/ECT@ECT
cc: Mike McConnell/HOU/ECT@ECT
Subject: Re: J-Block

Yes - let's wait til John gets back on Monday.

Thanks

P

Mary Nell Browning
08/06/2000 17:17
To: Mike McConnell/HOU/ECT@ECT, Peter Crilly/LON/ECT@ECT
cc:

Subject: Re: J-Block

Who would have thought we would ever see the day that the J-Block contract
was making so much money that the J-Block parties would intentionally default
under it?  I guess we were just too good at our jobs...  My quick look at the
amended contract tells me that our best contractual avenue is to analyze the
possibility of wilful default under the contract, in which case the cap on
damages would not apply.  Peter, as you and I discussed, the Bacton option
may help our analysis on this.  I definitely would want to get outside
counsel advice on the point, and in any event I agree that going to Mulva is
the right approach to begin with.  Peter, let me know what you want me to do
next, i.e., should we let the upper management contact run its course before
I go for outside advice?  I expect so, but please let me know.  Ciao.

Mike McConnell
07/06/2000 14:57
To: John Sherriff/LON/ECT@ECT
cc:  (bcc: Mary Nell Browning/LON/ECT)

Subject: Re: J-Block

John,

Hello from South America.  I just got your email and I certainly concur with
Jeff making the call.  He has maintained a good relationship with Mulva. This
was a risk that we had but we did have assurances from Phillips regarding
performance.  I don't know how much it will help however.  Richard Harper and
Mary Nell Browning may have some ideas here but I am sure you've already gone
through it with them.  I am amazed how the details get fuzzy on an old
project.  When you discussed it, i was trying to think back to our remedies
and discussions but the 3 years have made it difficult.

I don't know if there is anything I can do but I'm always willing to help.

Good luck,
Mike

John Sherriff
06/06/2000 12:09 PM
To: Jeff Skilling/Corp/Enron@ENRON
cc: Mike McConnell/HOU/ECT@ECT, Richard Lewis/LON/ECT@ECT, Peter
Crilly/LON/ECT@ECT
Subject: J-Block

I mentioned on our conference call on Monday that J-Block has had problems
meeting our nominations from the Judy/Joanne/Janice reservoirs.

Up until recent CATS maintenance shutdown on 15 May, they were making up for
reduced production volumes by nominating to supply gas at the NBP which they
are entitled but not obliged to do.  Since return from outage at the end of
May they have declined to nominate at the NBP.

From 1 January to 15 May, the Sellers use of the NBP delivery option kept
underdeliveries to 350 mmcf (ie one day's maximum quantity) in total.  Since
returning from the maintenance shutdown, underdeliveries have totalled 850
mmcf ( averaging 77mcf/d ).

We believe that following the sharp rise in market prices during the
maintenance period, they have decided to default on the contract rather than
make up deliveries from other sources.   They have an effective cap on the
penalties of about 5 pence per therm (after taking into account the value of
the liquids) and therefore they are not making up the volumes when the daily
price is substantially higher than about 16 pence per therm.

Prior to the CATS shutdown, we had made them a proposal to enable them to
deliver additional volumes at  another alternative to avoid default but they
have not responded yet.

You mentioned that in your negotiations with Phillips they had committed to
getting us all the gas regardless of the cap on the penalties.  This has cost
us about $1.5 million to date and they seem to be institutionalising their
non performance.    Perhaps a phone call by you might help.

By the way I will be in Houston on Thursday and Friday to meet with the
delegation from Croatia and I will probably be tied up the entire time but if
you need me
for a phone call I can break away.

John


This employee, and his supervisor, Bob Schorr, do not report in to me.
Someone else should be approving this requested access.
---------------------- Forwarded by Sally Beck/HOU/ECT on 09/26/2000 03:22 PM
---------------------------

From:  Information Risk Management/HOU/ECT

Subject: Your approval is requested

	Security Resource Request System
Application Approval
Please review and act upon this request. You have received this eMail because
you are listed as an approver on the original request.
			Instructions
For: 	Bill Kyle
Request	Original:
Application Name:	EOL - Other (US)
Request Type:	Grant
Role(s):
Comments:	EOL Shared Team Calendar		Review the request in the Request section at left.
			For more information regarding who the request is for, do the following:
			Click on the name for PeopleFinder info
			See the Further Information section below
			In the Approval Section, select Approve or Reject, enter comments as
necessary and click [Submit].

	Further Information

Requestor:			Bill Kyle/NA/Enron
Manager:	Bob Schorr
Request Date:	09/25/2000 04:52:34 PM
RC #:	103240	WO #:
Company #:	087B	Priority:	Normal
General Comments:			EOL Team Shared Calendar


Larry,
I changed the index on deal number 470915.1 from NYPP-E to PJM Western Hub
and the delivery point from PJM to NYPP-E to Financial R1A - PJM.   Please
let me know if you do not agree with these changes.

Thanks,
Michael


Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
----- Forwarded by Carol St Clair/HOU/ECT on 05/12/2000 05:07 PM -----

	Carol St Clair
	05/12/2000 05:02 PM

		 To: shuttej@epenergy.com
		 cc: Brant Reves/HOU/ECT@ECT
		 Subject: Credit Response

John:
Our credit person has agreed to the 3% equity test for cross-default.  With
respect to setoff, given our relationships with El Paso, this is an important
credit point for us and one that I guess the credit people will need to
discuss since it is important for us to have the Affiliate language.  Our
credit person is Brant Reves (713-853-9897).
Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)


Wednesday night.

 -----Original Message-----
From: 	Germany, Chris
Sent:	Monday, October 15, 2001 11:08 AM
To:	Fleming, Matthew B.
Subject:	Dinner

When are we going to dinner?  Have you ever been to Paulies on Westheimer close to Shepherd?


Here is a cartoon you might like to pass on

 - lightswitch.pdf


IntercontinentalExchange
                                                                                Firm Physical Natural Gas Price Bulletin
                                                                                For Natural Gas Delivered on Wednesday, November  28, 2001
                                                                                (Trade Date of Tuesday, November  27, 2001)
Click here to access index history .
                                                                                * volume represents sell-side only *

Region     Hub	High	Low	Wtd Avg Index	Change ($)	Vol (mmBtu)	Hub Name
 LOUISIANA
    ANR SE	          $2.0900	          $1.6200	          $1.8653	+    .0773	         335,000	American Natural Resources Pipeline Co. - SE  Transmission Pool
    Columbia Onshore	          $2.0000	          $1.5950	          $1.7426	+    .0098	         289,800	Columbia Gulf Transmission Co. - Onshore Pool
    Henry Hub	          $2.0700	          $1.6500	          $1.8990	+    .0821	       1,259,500	Henry Hub tailgate - Louisiana
    NGPL LA	          $2.1700	          $1.6300	          $1.9199	+    .1225	         265,800	Natural Gas Pipeline Co. of America, Louisiana Pool
    Tenn 500L	          $2.0500	          $1.4800	          $1.8412	+    .2200	         214,500	Tennessee Gas Pipeline Co.-Zone L, 500 Leg Pool
    Tenn 800L	          $2.0500	          $1.4700	          $1.7692	+    .1305	         221,300	Tennessee Gas Pipeline Co.-Zone L, 800 Leg Pool
    TETCO ELA	          $2.0000	          $1.6100	          $1.8331	+    .1944	         250,700	Texas Eastern - East LA
    TETCO WLA	          $2.1250	          $1.5500	          $1.8223	+    .2301	         211,800	Texas Eastern - West LA
    Transco 65	          $1.9700	          $1.6200	          $1.8037	+    .0136	         145,500	Transco - Station 65
    Trunkline ELA	          $2.0200	          $1.4600	          $1.8193	+    .1175	         138,500	Trunkline Gas Company - East Louisiana Pool
    TxGas SL	          $1.9800	          $1.6200	          $1.8437	+    .0955	         374,400	Texas Gas Transmission Corp.-Zone SL FT Pool
 MIDCONTINENT
    MichCon, citygate	          $2.5000	          $1.9750	          $2.3028	+    .2782	         270,200	Michigan Consolidated
    NGPL Midcont	          $2.2600	          $1.7700	          $2.1324	+    .3366	         157,700	Natural Gas Pipeline Co. of America, Mid-Continent Pool
    NGPL Nicor, citygate	          $2.4700	          $1.8400	          $2.1943	+    .2759	       1,146,800	Natural Gas Pipeline Co. of America, Nicor Citygate
    NGPL NIPSCO, citygate	          $2.4800	          $1.8550	          $2.2151	+    .2344	         237,800	Natural Gas Pipeline Co. of America, Nipsco Citygate
    NNG Demarcation	          $2.4600	          $2.2000	          $2.3617	+    .2849	         234,800	Northern Natural Gas, Demarcation Pool
 NORTHEAST
    Columbia TCO	          $2.1000	          $1.6000	          $1.8440	+    .1063	         710,500	Columbia Gas Co. - TCO Pool
    Dominion So.Point	          $2.2300	          $1.6000	          $1.9018	+    .1479	         243,400	Dominion - South Point
    TETCO M3	          $2.6000	          $1.7425	          $2.1459	+    .2367	         218,900	Texas Eastern - M3 Zone
    Transco Z-6 (NY)	          $2.7500	          $1.7600	          $2.1603	+    .0924	         130,200	Transcontinental Gas Pipe Line Corp. - Zone 6 (NY)
 WEST
    El Paso non-Bondad	          $2.3800	          $2.1800	          $2.3038	+    .3327	         159,000	El Paso - San Juan Basin, Blanco Pool
    Huntingdon/Sumas	          $2.4650	          $2.3500	          $2.4238	+    .2272	         117,600	Westcoast Energy & Northwest Pipeline Corp.
    Opal	          $2.3000	          $2.0500	          $2.1438	+    .2545	          75,800	Opal
    PG?Citygate	          $2.7200	          $2.4500	          $2.6311	+    .3528	         161,500	PG?- Citygate
    SoCal Border	          $2.6000	          $2.3500	          $2.4317	+    .3114	         308,400	Southern California Border Points (Ehrenberg,Topock,Needles)
 WEST TEXAS
    El Paso - Keystone	          $2.4100	          $2.1750	          $2.3286	+    .3599	         396,000	El Paso - Keystone Pool
    Waha	          $2.4150	          $1.9000	          $2.3326	+    .3120	         284,000	Waha Hub - West Texas

                                                                                Includes all firm physical fixed price trades done from 7 AM to 11:30 AM Central Prevailing Time on the trade date specified for natural gas delivered on the specified date(s).
                                                                                IntercontinentalExchange is the world's most liquid trading platform for over-the-counter energy and metals.  Active markets include North American power and natural gas, global crude and refined oil products, and precious metals.  Traded instruments include forwards, swaps, and options.
In order to receive the proprietary information contained in this email, you acknowledge and agree that you shall not further disseminate the IntercontinentalExchange Market Data contained herein to any person or entity without the express written consent of IntercontinentalExchange.    Furthermore, you acknowledge that (1) IntercontinentalExchange has exclusive and valuable property rights in this data; (2) IntercontinentalExchange's data is being made available to you only for your own business or personal activities; and (3) you cannot communicate the data, in any form, to any other person or entity without the express written consent of IntercontinentalExchange.
This data is provided to you free of charge.  IntercontinentalExchange reserves the right to cancel this service at any time for any reason or no reason at all.
You agree that IntercontinentalExchange does not make any representations or warranties, express or implied, with respect to the data.
To become an Exchange Participant or inquire about the indices, please contact sales@intcx.com .
To unsubscribe from this service, click here unsubscribe .
                                                                                ?Copyright IntercontinentalExchange, Inc. 2001, All Rights Reserved.


---------------------- Forwarded by Chris Germany/HOU/ECT on 05/16/2000 03:25
PM ---------------------------
From: Tommy Garza on 05/16/2000 01:32 PM
To: Chris Behney/HOU/ECT@ECT, Michael Bodnar/ET&S/Enron@ENRON, James L
Copeland/HOU/ECT@ECT, Gene L Brantz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mike
Coleman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ngoc Luan
Do/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Wayne Feng/ET&S/Enron@ENRON, Tommy
Garza/HOU/ECT@ECT, Chris Germany/HOU/ECT@ECT, David L
Glessner/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Angela Hylton/Corp/Enron@ENRON,
Steve Iyer/ENRON_DEVELOPMENT, Dan Kirtane/ET&S/Enron@ENRON, Joshua M
Langford/HOU/ECT@ECT, Steve Littel/OTS/Enron@ENRON, Joseph Eric
Maier/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David McEllin/FGT/Enron@ENRON,
Dave McMullan/HOU/ECT@ECT, Robert S Smith/OTS/Enron@ENRON, Angela
Sayegh/OTS/Enron@ENRON, Norm Spalding/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Agatha B Tran/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bob
Meckna/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James
Pfeffer/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Cheryl Norton/HR/Corp/Enron,
Julie Meyers/HOU/ECT@ECT, Mary Ogden/HOU/ECT@ECT, Nick Hiemstra/HOU/ECT@ECT,
Daniel Olson/FGT/Enron@ENRON, lmchurch@flash.net, Tommy Garza/HOU/ECT@ECT,
Brian Kerrigan/HOU/ECT@ECT, Alex Arriaga/EPSC/HOU/ECT@ECT, Michelle
Horn/GPGFIN/Enron@ENRON, George Weber/Corp/Enron@ENRON, Tracy
Weltz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Reyna Cabrera/HOU/ECT@ECT, Ace
Roman/HOU/ECT, Todd Thelen/Corp/Enron@ENRON, Erwin Grose/Corp/Enron@ENRON,
Tracee Bersani/HOU/ECT@ECT, Sharad Malhotra/HOU/AZURIX@AZURIX, Valter
Stoiani/Corp/Enron@ENRON, Jackie Nelson/HOU/ECT@ECT, David Horn
<David.Horn@sage.nelesautomation.com> @ ENRON, Shyril L Scott/HOU/ECT@ECT,
Martin Lin/HOU/ECT@ECT, Brian Hoskins/HOU/ECT@ECT, Janie Aguayo/HOU/ECT@ECT,
Daniele Crelin/HOU/ECT@ECT, Russell Diamond/HOU/ECT@ECT, Mark
Frank/HOU/ECT@ECT, Jin Guo/HOU/ECT@ECT, Timmy Ng/HOU/ECT@ECT, David
King/HOU/ECT@ECT, Daniel Diamond/HOU/ECT@ECT, Shelly Pierce/HOU/ECT@ECT,
James Armstrong/HOU/ECT@ECT, Charles Barker Varnell/DEN/ECT@Enron, Gregg
Lenart/HOU/ECT@ECT, Candi Stanley/HOU/ECT@ECT, Christopher Riley/HOU/EES@EES,
Trina Samuel/HOU/EES@EES, Michelle Juden/HOU/EES@EES, Anita
Llamas-Granado/HOU/EES@EES, Yasir Khan/HOU/EES@EES, Liz
Beddingfield/OTS/Enron@ENRON, Jerry Spencer/GPGFIN/Enron@ENRON, Lisa
Costello/OTS/Enron@ENRON, Joni Moeller/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Rosalinda V Gonzalez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sherryl
Stone/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Martin Lin/HOU/ECT@ECT, Susan
Brower/ET&S/Enron@ENRON, Jean Eakins/GCO/Enron@ENRON, Barbara
Rose/HR/Corp/Enron@ENRON, Carolyn Henry/ET&S/Enron@ENRON, Amy
Oberg/HOU/EES@EES, Michelle Robichaux/HOU/EES@EES, Zulema
Ibarra/Corp/Enron@ENRON, Ahmed Malik/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Maria Luna/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Edward Jr
Chavez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Patrick
Dominguez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Michael Neves/HOU/ECT@ECT,
Carol Essig/Corp/Enron@ENRON, Guy Schlein/Corp/Enron@ENRON, Daniella
Carneiro/Corp/Enron@ENRON, Sandra Hrna/HOU/ECT@ect, Adrial
Boals/Corp/Enron@Enron
cc:
Subject: Zena Garrison

Fyi, in case anyone is interested.
TG
----- Forwarded by Tommy Garza/HOU/ECT on 05/16/2000 01:28 PM -----

	Kyle Smith@ENRON
	05/16/2000 09:58 AM

		 To: Tommy Garza/HOU/ECT@ECT, Gene L
Brantz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc:
		 Subject: Zena Garrison

Tommy, Gene

 On Wednesday down in the Body Shop we are going to welcome Zena Garrison
from 12-1.  She is going to give tips and answer questions.  Just thought
ya'll might want to tell the association.

Thanks
Kyle


Homer -

The problem with the language you suggest is that it will be triggered by any
term that is longer than a month.  As far as I know, we have never had a
product that went from mid-month to mid-month.  Is that a real issue for us
here?  We have language in a few products already that takes care of the
second issue (deals shorter than one month):

Each calendar month during the term of the Transaction will be a
Determination Period; provided that, if the term of the Transaction is less
than one calendar month, the Determination Period shall be the term of the
Transaction.

In some cases (e.g. power swaps), when the deal is for less than a month the
payment dates are modified to fall at the beginning of the following month
(rather than 5 days after the floating price is determinable).  That is a
commercial call.  Just let me know how you want to handle that issue.

If mid-month to mid-month deals are likely, let me know and I will come up
with alternative language.

Mark

	Homer Lin
	06/01/2001 10:15 AM

		 To: Mark Taylor/HOU/ECT@ECT, Joe King/Enron@EnronXGate, Scott
Moncrieff/Enron@EUEnronXGate
		 cc: Carlos Alatorre/Enron@EnronXGate, Robert Quick/Enron@EUEnronXGate
		 Subject: Re: Tanker Freight Long Description

Mark,

Looks good.  The product description looks fine for copying the shipping
products that Scott Moncrieff is trading now in London.

I'm a little concerned about the line: "Each calendar month during the term
of the Transaction will be a Determination Period"...

Is it flexible enough in changing determination periods from mid-month to
mid-month?
As in June 15 to July 14 to represent a month?  Or will that just be another
Long Description that we would have to draft for another product type?

Also, what if we wanted to break up the determination periods into smaller
increments than one month?
Let us say a 1-week or 2-week period instead of a full month.

May be something like:
"Each calendar month during the term of the Transaction will be a
Determination Period unless otherwise specified by the Effective Dates"

That's my two cents,
Homer
x57642

From: Mark Taylor on 05/31/2001 06:25 PM
To: Joe King/Enron@EnronXGate, Homer Lin/HOU/ECT@ECT, Carlos
Alatorre/Enron@EnronXGate
cc: Scott Moncrieff/Enron@EUEnronXGate, Robert Quick/Enron@EUEnronXGate
Subject: Tanker Freight Long Description

Here is a draft of the US version.  Please let me know if it works for you.


I received this a.m. a copy of PG&E's testimony and their proponent's
environmental assessment (PEA) on the auction.  It is a foot of paper.  Let
me know if you would like a copy.  I will be reading and summarizing it.

Tomorrow protests are due on the auction proposal.  I will forward our
protest and IEP's protest as well.


Please let us know what days you will be trading next week for the following products:

	Mon 11/19	Tues 11/20	Wed 11/21
BoM US Nat Gas
BoM +1 US Nat Gas
Day Ahead US Nat Gas
Day Ahead +1 US Nat Gas

	Mon 11/19	Tues 11/20	Wed 11/21
BoM East CAN Nat Gas
BoM +1 East CAN Nat Gas
Day Ahd East CAN Nat Gas
Day Ahd+1 East CAN Nat Gas

Chris
3-7533


Kay, make sure Mark knows when you are scheduling these QBR's so that he can
ensure the package is ready - some of these are coming up next week.

Regards
Delainey


We conducted a conference call with Lincoln today and they advised they are
no longer interested in working with Enron on the LM-6000 opportunity that
had been under consideration.  The main reasons given was that there was
extreme existance in the organization.  Lincoln said they would need an
annual payment of $90 to $100 per kw/yr to do the deal which they feel is
extremely out of the market and Enron would not transact.  At this level, we
would be break-even at best, even with the OPPD work-out value and the gas
deal.

Lincoln is currently developing a peaking project using ABB units that must
be in operation 6/01.  All of their resources are dedicated to this project.
Their plan is to install LM-6000's for a 11/1/03 start date and they are not
prepared to deal with an acceleration of the project.  The feel that working
with Enron at this time only complicates their workload.

Lincoln did say they were interested in working with us on a gas supply and
pipeline transaction as the site for development is 6 miles from Northern
Natural Gas.

I will begin this evaluation and consider the possibility of selling two
LM-6000's bundled with the supply and infrastructure deal.

Oscar


Rick:

As agreed I have put down some thoughts summarizing how to proceed on these
issues (see attachment). I have kept the schedule as tight as possible given
the urgency in responding publicly. Let me know what you think.

I don't have everyone's email here (I am at home) so perhaps Ginger can
circulate it to Steve, Ron, etc. as appropriate.

By the way if you ever want to reach me you can try (617) 513-5904, which is
a cellphone that I generally have with me (but very rarely give out the
number).

Seabron

This e-mail, and any attachments thereto, is intended only for use by the
addressee(s) named herein and may contain legally privileged and/or
confidential information.  If you are not the intended recipient of this
e-mail, you are hereby notified that any dissemination, distribution or
copying of this e-mail, and any attachments thereto, is strictly prohibited.
If you have received this e-mail in error, please immediately notify me at
(617) 354-0060 and permanently delete the original and any copy of any
e-mail and any printout thereof.

Seabron Adamson
Frontier Economics Inc
Two Brattle Square
Cambridge, MA 02138 USA
Ph:  (617) 354-0060
Fax: (617) 354-0640
seabron.adamson@frontier-economics.com

www.frontier-economics.com

-----Original Message-----
From: James.D.Steffes@enron.com [mailto:James.D.Steffes@enron.com]
Sent: Tuesday, February 20, 2001 9:24 AM
To: Seabron Adamson; Richard.Shapiro@enron.com
Subject: Key Issues - Alliance Congestion Mgmt/Real Time Market

Seabron --

I hear that you are coming to Houston to discuss market structure on
Friday.  Here are some thoughts we put together related to the Alliance /
MISO debate for you to consider.

Jim

----- Forwarded by James D Steffes/NA/Enron on 02/20/2001 08:22 AM -----

                    Jeff Brown
                                         To:     asettanni@bracepatt.com,
DWatkiss@Bracepatt.com, Ron
                    02/16/2001           McNamara/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron, Steve
                    03:12 PM             Walton/HOU/ECT@ECT, Christi L
Nicolay/HOU/ECT@ECT, Kevin M
                                         Presto/HOU/ECT@ECT, Fletcher J
Sturm/HOU/ECT@ECT, Edward D
                                         Baughman/HOU/ECT@ECT
                                         cc:     Joe
Hartsoe/Corp/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON,
                                         Dave Mangskau/Corp/Enron@ENRON,
Janine Migden/NA/Enron@Enron, Kerry
                                         Stroup/NA/Enron@Enron
                                         Subject:     Key Issues - Alliance
Congestion Mgmt/Real Time Market

Andrea,

Please incoroporate these issues into our initial draft in response to the
ARTO's long term congestion management proposal.

Steve/Ron/Christi/Kevin/Fletch/Baughman:

Please take a look at this (only 2 pages) and let me know if you have any
questions or concerns.

Thanks - Jeff

(See attached file: Issues_RTMarket&Congestion.doc)

 - 01-02-26 SA Memo on Power Markets Analysis.doc


Attached are the revised online GTC's.  The weather GTC's won't change except
for the credit support language, so I thought that you could make that same
change when you made it to the rest of the GTC's.


Monday February 4, 9:07 am Eastern Time
Press Release
SOURCE: Maritimes & Northeast Pipeline, L.L.C.
Maritimes Files Application for Phase IV Expansion Of Natural Gas Pipeline System
BOSTON, Feb. 4 /PRNewswire-FirstCall/ -- Maritimes & Northeast Pipeline, L.L.C. has submitted an application to the Federal Energy Regulatory Commission to further expand its natural gas pipeline system. The $250 million expansion project, designated Phase IV, will allow Maritimes to nearly double its capacity to transport natural gas from offshore Nova Scotia to markets in the northeastern United States from approximately 415,000 dekatherms to 800,000 dekatherms per day.
Demand for natural gas, especially in New England and the Northeast, continues to increase at a rapid rate. Maritimes received substantial requests for transportation services from local natural gas distribution companies, natural gas-fired electric generators and third-party marketers during a recently completed open season nominations period, emphasizing the market's desire for more natural gas from Atlantic Canada.
``The demand for natural gas is real, and it is significant,'' said Tom O'Connor, president of M&N Management Co., the managing member of Maritimes. ``Maritimes is able to respond to the demand by efficiently and economically expanding its system to deliver new supplies of gas from fields off Canada's east coast. Access to additional sources of this cleaner-burning fuel will ensure greater energy reliability and flexibility for the northeast region.''
Earlier this year, Maritimes signed agreements with PanCanadian Energy Services Inc. to transport up to approximately 400 million cubic feet per day of natural gas from PanCanadian's Deep Panuke project, offshore Nova Scotia. The Phase IV expansion project will accommodate the increased volumes of gas.
The Phase IV expansion complements the planned extension of the Maritimes pipeline from Methuen to Beverly, Mass. The extension -- Phase III of the Maritimes project -- will interconnect the 650-mile Maritimes pipeline with Algonquin Gas Transmission Co.'s 1,000-mile system through Algonquin's proposed HubLine project. The Maritimes Phase III and Algonquin HubLine projects recently received final approval from FERC.
The Phase IV project proposes to construct four compressor stations in Maine each with approximately 26,800 horsepower of additional compression and approximately 31.3 miles of additional pipeline loop facilities in Maine's Washington County. The new compressor stations are proposed to be located in the municipalities of Eliot, Gorham, Brewer and Searsmont. Maritimes recently held open houses in these communities to provide information on the proposed expansion.
``We will work closely with federal, state and municipal officials as well as landowners and stakeholders throughout the FERC process to ensure the project is designed and constructed with minimal impact to communities and the environment,'' said Bill Penney, senior vice president and general manager of Maritimes. ``As we proceed with the Phase IV expansion, Maritimes will continue its solid record of environmental, safety and operational compliance.''
In addition to the FERC application, Maritimes will submit applications to other appropriate federal and state agencies, including the U.S. Army Corps of Engineers, the U.S. Environmental Protection Agency, Coastal Zone Management and Maine Department of Environmental Protection. The Phase IV expansion is expected to be in service in 2004.
Maritimes is owned by affiliates of Duke Energy (37.5 percent); Westcoast Energy, Inc. (37.5 percent); ExxonMobil (12.5 percent); and Emera Inc. (12.5 percent). For more information, contact Maritimes on the Internet at www.mnp-usa.com <http://www.mnp-usa.com>.
    CONTACT:  Marylee Hanley
              Phone:   617/560-1573
              24-Hour: 704/382-8333
SOURCE: Maritimes & Northeast Pipeline, L.L.C.


FYI.  Just got a call from someone inside McKenzie & Co..  Seems the good
Governor has figured out that the gas industry is a problem and want to talk
to me about it.  I'm scheduled to talk to them by phone Friday at 1:30.  I
called Kari Dohn to try to find out more.  She told me that they've figured
out that the gas industry is a mess, that "McKenzie gets it," and she asked
to tell it like it is.  Seems useful to get our view across to them.  The
name of the person from McKenzie that will be on the call with the Davis
folks on Friday is Daniel Poller.  Thoughts?

Best,
Jeff


You get this?  Someone that I know forwarded it along to me.  Know anything
about it?

Best,
Jeff

 - Capacity Forum.doc


Have you had a chance to talk with Dave B. on any of this?  It might be
helpful for you to put a call in to Tom Martin today to give him your phone
number and to let him know that you are working closely with Dave and that
you are available for any questions.  Nothing may come up, but I think that
Tom would feel better with this gesture.  Probably wouldn't hurt to log the
same call or e:mail in to the rest of the guys on the list.  That will give
all of them a feeling of continuity with regard to information from Dave on
this project.  Do you have contact information for Brenda?  If not, I would
get that from Yvette Convey, her assistant.  She is making the rounds with
Patrick Conner and the corporate development team, doing site visits on two
additional paper mills that we may purchase.

Thanks.  --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 08/28/2000 08:50 AM
---------------------------

	Enron North America Corp.

	From:  Brenda F Herod                           08/25/2000 06:26 PM

To: Patrick Wade/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Edward D
Gottlob/HOU/ECT@ECT, Jim Schwieger/HOU/ECT@ECT, Brian Redmond/HOU/ECT@ECT,
Jim Coffey/HOU/ECT@ECT, Wes Colwell/HOU/ECT@ECT, Steve Jackson/HOU/ECT@ECT,
David Baumbach/HOU/ECT@ECT
cc: Sally Beck/HOU/ECT@ECT, Yvette G Connevey/Corp/Enron@ENRON
Subject: Project Triple Lutz

To date, my primary duties have been to oversee the internal valuation of the
contracts, and their unwind costs in our Risk books.  I have also been
involved with the Entex contract valuation.  Dave Baumbach has been the real
key to providing the data, and has all of the information.  Steve Jackson is
talking with Ed McMichael of Structuring on Monday to get some additional
eyes and resources looking at this also.  I feel we have done a thorough job,
but we do need everyone thinking of "what if's."  Our risk books are complex,
with many hand-offs internally.  Obviously our goal is to ensure that all of
the stones have been turned, and there are no surprises at the end of the
day.  I think Structuring will really be helpful in this arena.  After our
meeting yesterday, I believe everyone is much more comfortable in our
approach.  There were a couple of things that Dave was going to follow-up on
(Fixed-price deals, especially Calpine).

FYI:  I will be out of town on another project all of the week of 8/28 - 9/1,
and Tuesday, 9/5 and Wednesday, 9/6.  I have made arrangements to ensure that
I am in Houston on Thursday, 9/7 and Friday, 9/8 for the first visit to the
Triple Lutz data room.

In my absence next week, I want to reiterate to each of you that I am
available, and will have the Triple Lutz data with me.  If any issues come up
that you feel I can be helpful, please contact yvette Connevey @
713-853-5953, and she will get in touch with me.  Once again, DO NOT HESITATE
TO CALL ME!!!  I do not want anything falling through the cracks!


Janine:

With respect to the attached (internal) FX product for EOL, I just wanted to
verify with you that internal counterparties should transact on EOL with:

(1)  RMT  (as principal for Houston FX desk)

(2)  EEFT as agent for RMT (as principal for London FX desk).  In this
regard, was the services agreement between ENA and EEFT ever extended to
include RMT for internal trades?

(3)  Enron Japan Corp. (as principal for Tokyo FX desk)

There appears to be some confusion since our meeting of November 3.  Thanks.
Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 12/13/2000 11:22 AM -----

	Melba Lozano
	12/11/2000 05:59 PM

		 To: Sara Shackleton/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT
		 cc: Robert B Cass/HOU/ECT@ECT, Steve Jacobellis/NA/Enron@Enron, Kevin
Meredith/Corp/Enron@ENRON, Steve Jacobellis/NA/Enron@Enron
		 Subject: FX Product

Sara / Mark,

I need an approval as soon as possible from you for the FX Description
attached.  Steve Jacobellis is requesting that this gets out on the web as
soon as possible.

Thank you,

Melba
58986
---------------------- Forwarded by Melba Lozano/HOU/ECT on 12/11/2000 05:53
PM ---------------------------

From:  Melba Lozano
  11/30/2000 06:41 PM

To: Sara Shackleton/HOU/ECT@ECT, William Stuart/HOU/ECT@ECT
cc: Robert B Cass/HOU/ECT@ECT
Subject: FX Product

Sara:  Please approve on the attached language for the FX Product.

William:  There is a gap between hour ending 3:00 and 4:00 .  Do you want to
go ahead and set up Central time to trade until Hour Ending 4:00?  Please let
me know.

Thank you,

Melba


Please find attached the SoCal disclosure schedules for the Purchase and
Sale Agreement for certain of the SoCal assets.  If you have any questions
or any problems opening any of the attachments, please do not hesitate to
contact either Gray Sasser at (713)758-3425 or Donnie Roark at
(713)758-3374.

 <<GTB-Sched.DOC>>  <<TBG-Sched.DOC>>  <<TGS-Sched.DOC>>
<<Transredes-Sched.DOC>>  <<CEG-Sched.DOC>>  <<CEG/Rio-Sched.DOC>>
<<Gaspart-Sched.DOC>>  <<GasBol-Sched.DOC>>  <<GasMat-Sched.DOC>>
<<EPE-Sched.DOC>>  <<CuiabaII.DOC>>  <<Elektro-Sched.DOC>>
<<Puerto-Suarez-Sched.DOC>>  <<Riogen-Sched.DOC>>
Donnie Roark
droark@velaw.com
phone: (713) 758-3374
fax: (713) 615-5945

 - Summer-GTB Draft.DOC
 - Summer-TBG Draft.DOC
 - California Schedule - TGS.DOC
 - Summer-Transredes Draft.DOC
 - CEG Schedule.DOC
 - RIO Schedule.DOC
 - Summer - Gaspart Schedule - version 2.DOC
 - v.4  California Schedule - GasBol  7-31-00.DOC
 - v.4  California Schedule - GasMat  7-31-00.DOC
 - v.5  California Schedule - EPE  7-31-00.DOC
 - 285757_1.doc
 - 280928_2.DOC
 - 283241_2.DOC
 - 285727_2.DOC


Daren, I just wanted to let you know that I submitted the churn for your
Lucent phone last week.  They have to create a duplicate extension so that it
can be plugged in at your desk.  I apologize for it taking so long ... it's
the first available slot that they had.

Laura

---------------------- Forwarded by Laura Vuittonet/Corp/Enron on 02/21/2001
08:46 AM ---------------------------

Move-Team
02/16/2001 11:13 AM
Sent by: John Salinardo
To: Laura Vuittonet/Corp/Enron@ENRON
cc: Robert Slone/ENRON@enronXgate

Subject: Re: HPL/ENA

Your request has been added to the 2/21 churn.  Thank you.

Laura Vuittonet@ENRON
02/15/2001 04:55 PM
To: Move-Team/EPSC/HOU/ECT@ECT
cc: Darren P Adamik/HOU/ECT, Ben Hill/HOU/ECT, David A Cummings/HOU/ECT@Enron
Subject: HPL/ENA


Tana -- We are considering talking to this guy for some web design work.  We
are going to ask him to sign an NDA before we talk to him about it.  Can I
get an NDA to give him?

Thanks

Kal
---------------------------
Vendor:

Jason Yang
625 East 6th Street 1B
New York NY 10009

(917) 687-3785


I do not know who you are, but I definitely do not appreciate the email that
you sent me.  I do not agree with your politics and please remove me from
your list.


Account number - 753190032

Dear DON BAUGHMAN,

It is that time of year again! Please take a moment to renew your FREE
subscription to CFO Magazine.

CFO gives you the extra financial tools needed in today's market-up to
minute buying advice, case histories, business and financial news, ideas,
strategies and tactics.

To continue receiving CFO Magazine, please use the following link to the
CFO subscription form.

http://www.responsetrack.net/lnk/halldata1/?138RP02QEED

Renew today and join the ranks of corporate leaders who make CFO the most
requested magazine in business.

Sincerely,

Kevin M. Quinlan
Publisher

CFO respects your privacy. If you would like to unsubscribe
from future emails please click on the following link:
http://remove.responsetrack.net/?138RP02QEED


Attached is the Transwestern Weekly Report for November.  Please call me if
you have any questions at (281) 647-0769.


Bob,

I would like to recommend a promotion for Mike Olsen.  Mike has been instrumental to the Texas Desk.  With the sale of HPL, we were left with only one scheduler with Texas experience.  Mike took on the responsibility that two people were carrying prior to the sale of the pipeline (Waha scheduling).  He trained our new hire, Jay Smith, and assisted in developing scheduling processes at the Katy Hub.  Prior to the sale of HPL, all of our activity at the Katy hub passed through the pipeline.  Mike used his knowledge of the Waha hub and helped develop a net out procedure that allowed us to effectively schedule our transactions.  Since June, Mike has handled the logistics activities of the majority of Texas pipes (Westar, HPL, PGE, Channel, Oasis, Guadalupe).  Mike most outstanding accomplishment is the over $30,000 he saved us in hub transport fees from July to November.  In July, I began tracking the amount of hub fees that we should have to pay in the Waha area (on EOL we transacted on the basis that the seller pays the transport fees through the hub).  Mike used his knowledge of the pipes, his business relationships, and his negotiation skills to decrease the amount of gas that we scheduled under our contracts.  In essence, I kept a sort of P&L for him.  Mike has taken the desks responsibilities upon himself, as if this were his business.  With the limited number of people on our desk, I needed to split my time between Logistics and Trading.  Truthfully, I spent the majority of my time with the trading.  Mike handled the daily logistics responsibilities.  He acted as lead, supervising and training Jay, our other team member.  Mike performed at a senior level since his first month with the desk.  Mike came to the desk with experience on the pipeline side of the business, accepting nominations and confirming the plants and interconnects. He came to the Texas desk and exceeded all of my expectations. He has advanced quicker than any of the schedulers I've seen.  In fact, he has gone from very minimal marketing logistics knowledge to explaining transactions and processes to other people in the industry with more experience than him.  In short, Mike has been the heart of the Texas Logistics team.  His abilities and hard work have reduced our transport fees, kept our headcount low (he has fulfilled the responsibilities of two people), and enabled the Texas Desk to close time sensitive deals and transact in increasingly complicated deals.  Mike is a superior employee.  His knowledge, ability, and hard work are essential to the success of the Texas Desk.  Please support him with a promotion.  Please let me know if you have any questions or need any information.
Thanks.

Daren


Daniela,

Further to our conversation, please see the attached draft of a GISB and
sample master agreement for your review.  Please note these documents are for
points of delivery in the United States only.

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


That sounds great! I have big smile on my face now!

-----Original Message-----
From: Susan.Scott@enron.com [mailto:Susan.Scott@enron.com]
Sent: Friday, October 06, 2000 11:59 AM
To: craigl@calpine.com
Subject: goin' back to Cali

I'm getting us a convertible.


Just wanted to give you a word of encouragement and support.  I don't believe all the fair-weather friend comments.  A man shows his true colors when times are toughest.

I just wanted you to know that there are still many of us who believe that you are a man of integrity who deserves respect.  Many people gossip and publish terrible misinformation about you and this company.  That only serves to convince me that they are not to be believed.  I understand that you cannot share everything you may want to, or even defend yourself at this time, so please remember that the truth is always the truth and it will prevail.  We are behind you and support you.  May God give you the strength you need to get through these personal and professional difficulties.

Smile and enjoy the best of the holiday season - hope, love, charity.  Merry Christmas to you and your family.

Phylis Karas


our defense is holding us back.  they make me sick.  if we had a defense like
baltimore we would be superbowl favorites.  i will try to fly in on that
friday.  i am going to take fri and mon off.


When you say they are approved, do you mean they are approved for all
products, or just Australian products?

	David Minns@ENRON_DEVELOPMENT
	08/15/2000 05:28 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Justin Timothy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: Re: EOL Credit Responses 08/11/00

Powecor and Aloca Australia  are approved

From: Tana Jones@ECT on 15-08-2000 01:38 CDT
To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Stacy E
Dickson/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT,
David Portz/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marie Heard/Enron
Communications@Enron Communications, Robbi Rossi/Enron Communications@Enron
Communications
cc:

Subject: EOL Credit Responses 08/11/00

----- Forwarded by Tana Jones/HOU/ECT on 08/15/2000 01:38 PM -----

	Tom Moran
	08/11/2000 03:57 PM

		 To: Frank L Davis/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Samuel Schott/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Sheri
Thomas/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT,
Brant Reves/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, David
Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT, Lisa Gillette/HOU/ECT@ECT,
Molly Harris/HOU/ECT@ECT, Cynthia Clark/Corp/Enron@ENRON, Mary G
Gosnell/HOU/ECT@ECT, Enron Europe Global Contracts and Facilities, Enron
Europe Global CounterParty, Stephanie Sever/HOU/ECT@ECT, Bradley
Diebner/HOU/ECT@ECT, Stacey Richardson/HOU/ECT@ECT, Lesli
Campbell/HOU/ECT@ECT, Adnan Patel/Corp/Enron@ENRON, Claudia Clark/HOU/ECT@ECT
		 cc:
		 Subject: EOL Credit Responses 08/11/00

The EOL approvals for 08/11/00 are attached below.

Regards,
tm


Jim,

I can  take a cab or get a rental car from the airport  (thanks for your kind
offer).
I shall appreciate, however, if you could drop me off at the hotel before
dinner.

The time allocation for my speech is about right. I think I shall need about
90
minutes.

Please let me know where we can meet on Thursday.  I shall be at an off-site
on Wednesday but you can reach me on my cell phone (713 410 5396)
and by sending a cc message to my AOL address: vkaminski@aol.com.

I  look forward to meeting you.

Vince

Jim Dyer <Jim.Dyer@bus.utexas.edu> on 05/01/2000 01:42:44 PM
To: "'Vince.J.Kaminski@enron.com'" <Vince.J.Kaminski@enron.com>
cc: Sheridan Titman <Sheridan.Titman@bus.utexas.edu>
Subject: RE: Real Options

Vince,

 I could pick you up at the airport, or you could rent a car and come
to campus.  I have made tentative plans for us to go to lunch with some
other faculty between 11:30 and 12:00, and then you would have some time to
visit with Sheridan and perhaps with some other faculty members as well
between lunch and my class.

 Sheridan and a guest speaker from his class, Suresh Sundaresan from
Columbia, will be joining us for dinner.  I could provide transportation to
your hotel, and pick you up for dinner as well if you consider that to be
the most convenient alternative.

 I will have a PC available in the classroom, with Office 2000 and
windows NT.  You could use powerpoint with no difficulty from that machine,
if that's most convenient.  You could simply email the presentation, and I
would have it for you if you prefer.

 How much time would you like?  I would like to reserve about 30
minutes at the end for a general discussion of issues related to real
options, and about 30 minutes at the beginning of class for some remarks
regarding the final assignment and a class evaluation by the students (which
is required for all classes).  At some point, we should take a brief break,
so that would leave approximately 1.5 to 2 hours for your presentation if
you would like that flexibility.  Otherwise, I could take up the "slack".

 I look forward to seeing you on Thursday.

 Jim

-----Original Message-----
From: Vince.J.Kaminski@enron.com [mailto:Vince.J.Kaminski@enron.com]
Sent: Friday, April 28, 2000 11:21 AM
To: Jim.Dyer@bus.utexas.edu
Cc: Vince.J.Kaminski@enron.com; vkaminski@aol.com
Subject: Re: Real Options

Jim,

I am scheduled to arrive in Austin on May 4 at 10:32 a.m.
I shall be glad to join you and a group of your colleagues for lunch.
I am flying back to  Houston Friday morning and we can meet for dinner
after
the class.

I shall have a Power Point presentation on my PC. I can also
prepare a set of transparencies if this is more convenient for you.

Vince

Jim Dyer <Jim.Dyer@bus.utexas.edu> on 04/27/2000 05:44:51 AM

To:   "'Vince.J.Kaminski@enron.com'" <Vince.J.Kaminski@enron.com>
cc:   Sheridan Titman <Sheridan.Titman@bus.utexas.edu>
Subject:  Real Options

Vince,

     I am traveling at this time, attending a NSF meeting in Washington.
However, I wanted to touch base regarding plans for your presentation in my
class on real options next Thursday (May 4).  As you recall, the class is
from 3:30 to 6:30, and you could plan to take a significant part of that
time for your presentation.  Sheridan Titman has agreed to join us after
his
class at about 6:00 for a 30 minute "panel discussion" with the students on
issues related to real options in practice.l

     I am not sure about your travel plans, but we would be happy to plan
lunch on Thursday with several of my colleagues.  I would also be delighted
to be your host for dinner on Thursday night if that is convenient for you.

     I'll be back in my office on Monday, and will look forward to
hearing from you.

     Jim

James S. Dyer
Fondren Centennial Chair in Business
Department of Management Science and Information Systems
CBA 5.202
The University of Texas at Austin
Austin, Texas 78712-1175

Email:  j.dyer@bus.utexas.edu
Telephone:  512-471-5278
Fax:  512-471-0587


I guess I'll let this one slip through.

Lavo


---------------------- Forwarded by Juan Hernandez/Corp/Enron on 09/25/2000
11:32 AM ---------------------------

juan hernandez <purogallo@yahoo.com> on 09/22/2000 11:23:31 PM
To: juan.hernandez@enron.com, christina.sanchez@enron.com
cc:

Subject: Alex Hernandez at 2-day

The Hernandez Clan keeps getting larger.

__________________________________________________
Do You Yahoo!?
Send instant messages & get email alerts with Yahoo! Messenger.
http://im.yahoo.com/
 - Alexdrew.jpg
 - Myhomey.jpg
 - Family.jpg


With a typical contractor a tight schedule usually increases the cost. You
might check to see how much a delay in COD to, say Aug 1,  might lower the
cost of construction.  Not to say that it will, but it might.


-----Original Message-----
From: 	Kitchen, Louise
Sent:	Friday, June 29, 2001 4:27 PM
To:	Belden, Tim; Presto, Kevin M.
Cc:	Lavorato, John
Subject:	Dayao

Anthony has agreed to move over to EES Wholesale (to fill the 4th box).
(You may want to move him as he is down on 11).

Can one of you call him to discuss his new role.


Great -We will call you!

 -----Original Message-----
From: 	Rapp, Bill
Sent:	Thursday, November 15, 2001 4:33 PM
To:	Martens, Donna
Cc:	Pryor, Tony
Subject:	Red Rock Meeting

	Donna,

			Tony and I will participate in tomorrow's meeting. We will be in my office (extension 35269). Thanks.


Thursday, Sept. 23:  lunch and meeting if you're available.
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 09/14/99 05:29
PM ---------------------------

"LOPEZ AUFRANC, Patricia" <PLA@marval.com.ar> on 09/14/99 04:56:06 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: RE: Trip to Buenos Aires

Sara:

The more, the merrier!  I will ask Pablo Gayol who works with me in
derivatives to join us also.

Looking forward to seeing you.

regards
Patricia

> -----Mensaje original-----
> De: Sara Shackleton [SMTP:sshackl@ect.enron.com]
> Enviado el: Martes, 14 de Septiembre de 1999 06:39 p.m.
> Para: LOPEZ AUFRANC, Patricia
> Asunto: RE: Trip to Buenos Aires
>
>
>
> Yes, thank you very much.  I will call you Thursday morning to finalize
> plans.
> May Brent Hendry join us if he is available?   Regards.  Sara
>
>
>
>
> "LOPEZ AUFRANC, Patricia" <PLA@marval.com.ar> on 09/14/99 04:23:20 PM
>
> To:   Sara Shackleton/HOU/ECT@ECT
> cc:
> Subject:  RE: Trip to Buenos Aires
>
>
>
> Sara:
>
> Would you be free to join me for lunch before the 2pm meeting which is OK?
>
> Regards
> Patricia
>
> > -----Mensaje original-----
> > De:     Sara Shackleton [SMTP:sshackl@ect.enron.com]
> > Enviado el:  Martes, 14 de Septiembre de 1999 06:14 p.m.
> > Para:   LOPEZ AUFRANC, Patricia
> > Asunto: RE: Trip to Buenos Aires
> >
> >
> >
> > How about 2 pm on Thursday, Sept. 23 in your office?  Please let me
> know.
> > Regards.  Sara
> >
> >
> >
> >
> > "LOPEZ AUFRANC, Patricia" <PLA@marval.com.ar> on 09/13/99 02:50:15 PM
> >
> > To:   Sara Shackleton/HOU/ECT@ECT
> > cc:
> > Subject:  RE: Trip to Buenos Aires
> >
> >
> >
> > MEeting on the 23rd at your convenience is fine.  24th would be OK also
> in
> > the afternoon.
> >
> >
> > You should have received a fax with the comments on the ISDA. I will fax
> > the
> > article.  Surprisingly enough it was on word, so you should have been
> able
> > to open it.
> > Best regards.
> >
> > patricia
> >
> > > -----Mensaje original-----
> > > De:     Sara Shackleton [SMTP:sshackl@ect.enron.com]
> > > Enviado el:  Lunes, 13 de Septiembre de 1999 12:32 p.m.
> > > Para:   pla@marval.com.ar
> > > Asunto: Trip to Buenos Aires
> > >
> > >
> > >
> > > I will not be arriving in BA this week.  Will you be available either
> > > Sept. 23
> > > or 24?  I will be in Enron's BA office on those two days.  I can meet
> at
> > > your
> > > convenience.
> > >
> > > With respect to your comments to our ISDA Schedule, please let me know
> > > when to
> > > expect your comments.  You previously indicated that I would receive
> > > comments by
> > > Sept. 10.
> > >
> > > Also, could you please fax the article.  It was apparently scanned.
> We
> > > can only
> > > open word documents and we cannot open the article which which was
> sent
> > > and
> > > resent on Friday, Sept. 10.
> > >
> > > Thanks.  Sara
> > >
> > >
> > >
> > ---------------------------------------------------------------------
> > Este mensaje es confidencial. Puede contener informacion amparada
> > por el secreto profesional. Si usted ha recibido este e-mail por error,
> > por favor comuniquenoslo inmediatamente via e-mail y tenga la
> > amabilidad de eliminarlo de su sistema; no debera copiar el mensaje
> > ni divulgar su contenido a ninguna persona. Muchas gracias.
> >
> > This message is confidential. It may also contain information that is
> > privileged or otherwise legally exempt from disclosure. If you have
> > received it by mistake please let us know by e-mail immediately and
> > delete it from your system; should also not copy the message nor
> > disclose its contents to anyone. Many thanks.
> >  ---------------------------------------------------------------------
> >
> >
> >
> >
> >
> >
> >
> ---------------------------------------------------------------------
> Este mensaje es confidencial. Puede contener informacion amparada
> por el secreto profesional. Si usted ha recibido este e-mail por error,
> por favor comuniquenoslo inmediatamente via e-mail y tenga la
> amabilidad de eliminarlo de su sistema; no debera copiar el mensaje
> ni divulgar su contenido a ninguna persona. Muchas gracias.
>
> This message is confidential. It may also contain information that is
> privileged or otherwise legally exempt from disclosure. If you have
> received it by mistake please let us know by e-mail immediately and
> delete it from your system; should also not copy the message nor
> disclose its contents to anyone. Many thanks.
>  ---------------------------------------------------------------------
>
>
>
>
>
>
>
---------------------------------------------------------------------
Este mensaje es confidencial. Puede contener informacion amparada
por el secreto profesional. Si usted ha recibido este e-mail por error,
por favor comuniquenoslo inmediatamente via e-mail y tenga la
amabilidad de eliminarlo de su sistema; no debera copiar el mensaje
ni divulgar su contenido a ninguna persona. Muchas gracias.

This message is confidential. It may also contain information that is
privileged or otherwise legally exempt from disclosure. If you have
received it by mistake please let us know by e-mail immediately and
delete it from your system; should also not copy the message nor
disclose its contents to anyone. Many thanks.
 ---------------------------------------------------------------------


Today's IssueAlert Sponsors:

[IMAGE]

The CIS Conferencec provides utility management personnel unequaled insight
and current information on Customer Relationship Management (CRM),
E-Commerce, Technologies and Marketing. Fifty-four sessions conducted by
utility industry representatives will focus on issues facing the industry.
Over 100 companies will exhibit the latest technologies and services.

Former President George Bush is our Honored Keynote Speaker

www.cisconference.org
e-ProCom Europe for Utilities and Energy e-Business Conference & Exhibition )
May 22-23, 2001, Amsterdam, The Netherlands

e-Commerce/e-Business/Integrating the Digital Utility/ Pan-European
attendance from the major utilities and energy players can be found at the
e-ProCom Europe: for Utilities & Energy e-Business. Call 31-346-590901 or
email jhh@synergy-events.com  or visit our web site at:
www.e-procomseries.com.
Learn more about SCIENTECH'S newest InfoGrid: Venture Capital Firms, Emerging
Technology Companies and Services in the Electric Industry.  Get the latest
news and information available today regarding technologies in distributed
generation, fuel cell, solar, wind and energy information services.  Over 160
companies and over 111 investors are featured in this intelligence product.
Purchase your InfoGrid today at www.scientech.com or contact Chris Vigil,
toll free at (888) 972-8676 for more information.

[IMAGE]

[IMAGE]
April 17, 2001

Nevada Governor Warns of Possible Bankruptcy for Sierra Pacific

by Will McNamara
Director, Electric Industry Analysis

[News item from California Energy Markets] Nevada Governor Kenny Guinn said
the state's investor-owned utility companies could fail in a month without a
deferred energy rate increase mechanism. Guinn said Nevada Power and Sierra
Pacific Power "could be moving toward bankruptcy in 30 days" if the
Legislature fails to quickly approve deferred energy rate increases. Without
approval, the utilities will have difficulty borrowing money to buy power on
the wholesale market and to buy natural gas for use in their own power
plants, the governor said.

Analysis: The prognosis appears to be getting increasingly worse for Sierra
Pacific Resources (NYSE: SRP) and its two utility subsidiaries, Sierra
Pacific Power and Nevada Power. At issue at the present time is the company's
ability to secure significant rate increases that will cover its growing
costs for securing power on the wholesale market, which reportedly reached
$889 million for year-end 2000. The timeline for a rate increase approval,
and the specific amount of the rate increase, should be the deciding factors
that determine whether or not Sierra Pacific Resources becomes the next major
utility operation to file bankruptcy.

Along with this new warning from Gov. Guinn, Sierra Pacific Resources' board
of directors also just announced that it will not pay the dividend that is
historically paid on May 1. The board cited "continued uncertainty over how
Nevada will resolve its energy crisis." The company's CEO Walt Higgins
acknowledged that the dividend is "vitally important in retaining investor
confidence in Nevada," but also said that it is equally important that the
dividend reflect the company's current financial condition. The company
typically has paid a quarterly dividend of 25 cents, and the suspension of
paying this quarter's dividend will save the company "less than $20 million."
In addition, Sierra Pacific Resources is engaged in cost-cutting measures
that are focused on reducing "all expenses other than those associated with
safety and customer service."

The various news surrounding Sierra Pacific Resources played a direct role in
the sharp decline in the company's stock on April 16. Shares of the company
dropped $1.24, or 8.6 percent, to $13.26. This is down from a 52-week high of
$19.43 and book value of $17.82.

I have been tracking the growing financial problems of Sierra Pacific
Resources for several weeks. For background information, please reference my
IssueAlerts from 3/26/01 and 4/8/01. As a brief summary, Sierra Pacific
Resources has found itself in a similar predicament to that experienced by
the California utilities, which has led Pacific Gas & Electric Co. to
bankruptcy court. Essentially, Sierra Pacific Resources reported a
fourth-quarter 2000 loss of $18.2 million, or 23 cents a share, as a result
of soaring costs of power in the western United States. The company incurred
losses as a direct result of "the growing and unrecovered cost of purchased
power in the volatile wholesale market." The situation has grown increasingly
worse for the company over the last month. "Without some rate relief, the
cost of fuel and power is close to crippling our ability to serve the needs
of our customers," said Mark Ruelle, the company's chief financial officer.
The company attributed the financial losses to nearly $258 million of
unanticipated fuel and purchased power costs.

Sierra Pacific Resources already received an emergency rate increase of 17
percent ($311 million) on March 1. Clearly that increase has not been deemed
sufficient by the company or the governor to pay down the reported $3.7
billion in debt that the company currently carries. In an effort to save
Sierra Pacific Resources from financial insolvency, Gov. Guinn has proposed
the use of deferred energy rate cases, which the state's Senate Commerce and
Labor Committee passed on April 6 (the full Senate must still approve the
measure). The motion is being attached as an amendment to the previously
approved Assembly Bill 369, which prohibited the pending sale of Sierra
Pacific Resources' power plants and essentially returned Nevada to a
regulated market. The Nevada Assembly has yet to approve the measure, which
has prompted Gov. Guinn's warnings about a possible bankruptcy for Sierra
Pacific Resources. The State Assembly is scheduled to review the amendment
this week.

Up to this point, the operating utilities of Sierra Pacific Resources have
been raising rates on a monthly basis to accommodate wholesale power
purchases that they must make to supply power to customers. Essentially, a
deferred rate increase would allow Sierra Pacific Power and Nevada Power to
recover any fuel and power purchase costs that exceed current rates. Under
the amendment, the utilities' increased cost of purchasing wholesale power
and natural gas would be factored into the once-a-year rate increase, called
"deferred" because it takes effect after the power purchases have been made
rather than immediately. The rate increase(s) could also be spread out over
three years to minimize impact on customers. In other words, customers would
not be exposed to the anticipated high cost for power that is expected to
occur this summer in Nevada, but instead would incur the increase(s) a year
from now (or possibly spread over a three-year program).

The benefit for the utilities is that their creditworthiness would be
maintained, which would allow them to continue to buy wholesale power and
support various other projects. Lenders allow the utilities to use accounts
for unrecovered cost increases as a security for loans because they expect
the utilities will be able to collect the money later through deferred energy
rate cases. Sierra Pacific Resources officially supports the move toward
deferred energy rate increases (as opposed to monthly increases) for two
reasons: 1) Sierra Pacific Resources believes further rate increases are
desperately needed; and 2) a once-a-year rate increase would be less
detrimental to the company's customers. It has been estimated that the
increase could be as much as $500 million next year, based on Sierra Pacific
Resources' projections that its power purchase costs could increase by
$0.02/kWh, or about 25 percent. If the deferred rate increase method is
approved, Sierra Pacific would no longer receive monthly rate increases.
Also, the company would be required to forfeit any unrecovered power costs
that have not been recouped through monthly rate increases that have taken
place to date, which reportedly would save customers about $215 million.

Further, Sierra Pacific Resources has agreed to credit customers for the
first month of collections that occurred with regard to the 17-percent, $311
million rate increase that took effect March 1. This reportedly should save
customers an additional $18 million, rounding off total savings to
approximately $233 million. After providing the customer credit for the one
month, Sierra Pacific Power and Nevada Power would continue to collect the
additional 17-percent until next year when their rates are formally adjusted.
Another provision of the pending amendment stipulates that Sierra Pacific
Resources cannot participate in a deferred energy rate case if it completes
the proposed sale of Portland General to Enron by July 1 (a deal that has
been troubled due to Sierra Pacific Resources' financial problems).

Along with the volatility of the western wholesale markets, Sierra Pacific
Resources has also been financially impacted by the recent restriction
against the sale of its power plants. Assembly Bill 369, to which the
amendment regarding the deferred rate increases is being added, blocks the
sale of Nevada power plants before July 1, 2007.  Nevada utilities will be
allowed to apply to the Public Utilities Commission of Nevada for plant sales
that include a state of "substantial financial emergency" after July 1, 2003.
Nevada regulators passed the measure out of concern about the state's
existing power supply and whether or not out-of-state companies would sell
power from the plants back into the state. The measure has impacted Sierra
Pacific Power and Nevada Power because they were counting on receiving
approximately $1.7 billion from pending sales of their power plants.

There is a rather striking parallel between what is happening in Nevada and
what has been well documented as the California energy crisis. Interestingly,
the California utilities began to experience their financial difficulties
after deregulation had already been in effect for about two years. The Nevada
utilities are experiencing financial problems, which are also related to the
costs of procuring wholesale power, in advance of the start of deregulation.
Wisely, Nevada regulators have postponed the start of competition until
market stability can be achieved within the state. Key to achieving this
stability will be the financial solvency of Sierra Pacific Resources' two
operating utilities. Whether or not bankruptcy proceedings in Nevada can be
averted remains to be seen, but the sole determining factor appears to lie in
what the State Assembly will soon decide with regard to deferred energy rate
increases.

An archive list of previous IssueAlerts is available at
www.scientech.com

Reach thousands of utility analysts and decision makers every day. Your
company can schedule a sponsorship of IssueAlert by contacting Nancy Spring
via e-mail or calling (505)244-7613. Advertising opportunities are also
available on our website.
SCIENTECH is pleased to provide you with your free,  daily IssueAlert. Let us
know if we can help you with  in-depth analyses or any other SCIENTECH
information  products. If you would like to refer a colleague to receive our
free,  daily IssueAlerts, please reply to this email and include  their full
name and email address or register directly on our site.

If you no longer wish to receive this daily email, send a message to
IssueAlert, and include the word "delete" in the subject line.
SCIENTECH's IssueAlerts(SM) are compiled based on the  independent analysis
of SCIENTECH consultants. The opinions expressed in  SCIENTECH's IssueAlerts
are not intended to predict financial performance  of companies discussed, or
to be the basis for investment decisions of any  kind. SCIENTECH's sole
purpose in publishing its IssueAlerts is to offer  an independent perspective
regarding the key events occurring in the  energy industry, based on its
long-standing reputation as an expert on  energy issues.

Copyright 2001. SCIENTECH, Inc. All rights  reserved.


enjoy reading

 http://www.cmta.net/casualty_report/


[IMAGE]IntercontinentalExchange
                                                                                Firm Power Price Bulletin
[IMAGE]For Power Delivered on Thursday, December  27, 2001
                                                                                (Trade Date of Wednesday, December  26, 2001)
Click here to access index history


ogre (O-guhr) noun

   1. A giant or monster in legends and fairy tales that eats human beings.

   2. A person who is felt to be particularly cruel, brutish, or hideous.

[French, probably ultimately from Latin Orcus, god of the underworld.]

   "As the ogres gorge themselves, the planks are pulled out, spilling them
   into the pit, and hot rocks and boiling water poured over them until they
   burn to death."
   Geraldine Nagle, The nightmare's mask, Parabola, Sep 22, 1998.

This week's theme: semordnilaps, or words that spell other words when
reversed.

.............................................................................
The main dangers in this life are the people who want to change everything -
or nothing. -Nancy Astor, first woman member of Parliament in England
(1879-1964)

Q: What is your privacy policy?
A: AWAD mailing list addresses are never sold, rented, leased, traded,
   swapped, marketed, exchanged, bartered, or distributed in any other
   way. We don't like to receive junk mail, and know you don't either.

Pronunciation:
http://wordsmith.org/words/ogre.wav
http://wordsmith.org/words/ogre.ram


Dear GISB Board Members,

The GISB office apologizes for the delay in getting the meeting material out
for the upcoming GISB Board meeting scheduled for June 7.  We are waiting to
include some additional material regarding the Energy Industry Standards
Board consideration.  The board book will be emailed out on Monday, June 4
and you should receive a hard copy of the material by Tuesday, June 5.  If
you need additional information or have any questions, please call the GISB
office at (713) 356-0060.

Best Regards,  GISB Office

The GISB organization follows a privacy policy, which does not permit
distribution of contact information. As such, all email addresses are denoted
blind in correspondence.  Upon receipt of notice, the GISB office will modify
the distribution to no longer carry your address.  If you would like to add
other participants from your organization to this distribution list, please
also email such request to the GISB office.


- ER011167.1


Desk heads:

Please plan to attend a meeting regarding the Finalization of Customer Contact Activity for NETCO in ECS 06980 at 9:30 AM on Monday 1/7/2002.

Thank you,

Louise Kitchen


EBS Government Affairs Website Launched Today!

I am happy to announce that the EBS Government Affairs Website was launched
today.  The site contains a wealth of information pertaining to the issues
and projects that Sue Nord and her team are currently working on.

The site is located in the "Communities" section of the EBS intranet page,
called wEBSource.  You can access the website by using this link:
http://websource.enron.net/intranet/intranet.nsf/website/governmentaffairs.
You may want to bookmark the site so you can access it easily in the future.

Please visit the site when you have some time and feel free to send comments
or questions to me.

Thanks very much.

Margo Reyna
Regulatory Analyst
Enron Corp., Government Affairs
Phone:  713-853-9191


FYI, dry run is  this Thursday.

 -----Original Message-----
From: 	Geaccone, Tracy
Sent:	Monday, October 22, 2001 1:07 PM
To:	Harris, Steven; Neubauer, Dave; Hayes, Robert; Gadd, Eric; Miller, Mary Kay; Kilmer III, Robert
Cc:	McCarty, Danny; Armstrong, Julie; Robertson, Audrey; Kovalcik, Tammy; Wadle, Susan; Keiser, John; Gilbert, Steve
Subject:	2002 Plan Lay Review Run Through

Please plan to attend a run through with Danny of your 2002 Plan Presentations for the Lay Reviews on Thursday, October 25 from 9:00-11:00 in 42C2.  For Omaha room 696.

Thanks

Tracy


Yes,  That would be helpful.  Let me know what time you want to meet.

	Kim Ward/ENRON@enronXgate
	05/14/2001 10:03 AM

		 To: Barry Tycholiz/ENRON@enronXgate, Gerald Nemec/HOU/ECT@ECT
		 cc:
		 Subject: Palo Alto

Do we need to meet this morning regarding our letter of intent as well as the
MSA?


Yes.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com

	Elizabeth Sager
	05/29/2001 11:46 AM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Conference Call for Collateral Annex Group

Carol

Can you sit in on this call with me ?   Thanks
----- Forwarded by Elizabeth Sager/HOU/ECT on 05/29/2001 11:46 AM -----

	"Andy Katz" <AKatz@eei.org>
	05/29/2001 11:31 AM

		 To: <louv@acespower.com>, <fhilton@aep.com>, <lrgroff@aep.com>,
<Christine_Schwab@dom.com>, <Francine_Mathews@dom.com>,
<rsbaker@duke-energy.com>, <pjpa@dynegy.com>, <mtwilliams@edisonmission.com>,
<RReyna@energyusa.com>, <Tracy.Ngo@enron.com>, <ed.zabrocki@msdw.com>,
<william.mccoy@msdw.com>, <daniel.sarti@neg.pge.com>,
<Jeremy.Weinstein@pacificorp.com>, <kabedin@powersrc.com>,
<Shari_Stack@reliantenergy.com>, <cward@utilicorp.com>,
<mcrocker@utilicorp.com>, <pharrod@utilicorp.com>, <william.dudley@xemkt.com>
		 cc: <martyjo.rogers@axiaenergy.com>, <hemu@dynegy.com>,
<elizabeth.sager@enron.com>, <jcrespo@hess.com>, <wfhenze@jonesday.com>,
<dperlman@powersrc.com>, <rosteen@powersrc.com>, <drusso@reliantenergy.com>,
<babak.pooya@southernenergy.com>
		 Subject: Conference Call for Collateral Annex Group

Since I will be traveling on Friday - we had to change the conference call on
Thursday 2pm EST...If you are able to participate, please call
1-800-.860-2442  In addition, based on responses received regarding
availability to date, we are tentatively planning to have the working group
meeting in Houston during the week of July 23rd.

Andrew S. Katz, Director Industry Legal Affairs
Edison Electric Institute
701 Pennsylvania Avenue, N.W.
Washington, D.C.  20004
Voice:  202-508-5616
Fax:     202-508-5673
e-mail:  akatz@eei.org
 - TEXT.htm
 - Andy Katz.vcf


I've heard of some of the stuff.  These items should be dealt with in the
facility agreements for the individual projects.  ABB has had a form  of this
agreement to comment on for a while, but we haven't heard anything.

Hope this helps a little.

Kay


Please send a reminder out to Mike Barnas, Kent Shoemaker, Steve Swift, Rose
Engeldorf,
Ben Jacoby, Scott Dieball, and Sheila, and once again include the
instructions (yeah, I know).

thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 11/28/2000 05:44
PM ---------------------------
From: Sheila Tweed@ECT on 11/28/2000 05:42 PM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: World Hunger assignment

Thanks Kay.  I will be on the call tomorrow.  You might get Suzanne to send
out a reminder.


Just got your voice mail at the house this wk end.... We have just moved into
our house and had not checked that # for a couple days.......  I had wondered
why I never got a reply from you on the e-mails I sent......  I guess we know
now!

Update...... if you did'nt already know ,,,, Heather and I are having a baby
boy due in October.... We are both very excited!!!!!

Got to go....stay in touch

MC

perge!


I don't think I have sent this to  you yet.  There are some ANR volumes down
below.

---------------------- Forwarded by Chris Germany/HOU/ECT on 12/27/99 11:55
AM ---------------------------

pdrexel@columbiaenergygroup.com on 12/27/99 11:30:20 AM
To: Dan Junek/HOU/ECT@ECT, Chris Germany/HOU/ECT@ECT
cc:
Subject: FINAL - JANUARY 2000 NEEDS

---------------------- Forwarded by Paul Drexelius/CES/ColumbiaGas on 12/27/99
11:36 AM ---------------------------

KIM NOVSEK BIZIK
12/27/99 10:48 AM

To: Morgan Sharifi/CES/ColumbiaGas@ColumbiaGas, Dale Ray
East/CES/ColumbiaGas@ColumbiaGas, Phil Villagomez/CES/ColumbiaGas@ColumbiaGas,
Darren Espey/CES/ColumbiaGas@ColumbiaGas
cc: Marianne Stiles/CES/ColumbiaGas@ColumbiaGas, Joanne
Swogger/CES/ColumbiaGas@ColumbiaGas, Noel Bartlo/CES/ColumbiaGas@ColumbiaGas,
Paul Drexelius/CES/ColumbiaGas@ColumbiaGas
Subject: FINAL - JANUARY 2000 NEEDS

The volumes listed below are Final volumes - note that the deadline for BUG
has
changed!  I still need to give you Peco volumes.
---------------------- Forwarded by Kim Novsek Bizik/CES/ColumbiaGas on
12/27/99 11:44 AM ---------------------------

KIM NOVSEK BIZIK
12/27/99 09:43 AM

To: Morgan Sharifi/CES/ColumbiaGas@ColumbiaGas, Dale Ray
East/CES/ColumbiaGas@ColumbiaGas, Phil Villagomez/CES/ColumbiaGas@ColumbiaGas,
Darren Espey/CES/ColumbiaGas@ColumbiaGas
cc: Marianne Stiles/CES/ColumbiaGas@ColumbiaGas, Joanne
Swogger/CES/ColumbiaGas@ColumbiaGas, Noel Bartlo/CES/ColumbiaGas@ColumbiaGas,
Paul Drexelius/CES/ColumbiaGas@ColumbiaGas
Subject: JANUARY 2000 NEEDS

Good Morning.  I have listed my needs below for all but Peco.
The red can be off Anr or Tgt.  Please advise.
The green is done - just need the activity number.
I have also included my nom deadline - I have a nom due today - LILCO.  Please
advise.

ANR
 CG&E- deliveries to Springboro 1550 dth/day LDC Nom Deadline is
12:30 on the 30th - note this can be served off TGT

Tetco
 BUG  145 dth/day LDC Nom Deadline is noon on the
28th
 Con Ed 261 dth/day  (estimate ONLY) LDC Nom Deadline is 2
pm on the 30th
 PECO
 PA Gas
 PSEG  1696 dth/day LDC Nom Deadline is 10 pm on the 29th
 Etown  23 dth/day LDC Nom Deadline is noon on the
29th
 NJN  7528 dth/day LDC Nom Deadline is 12:30 est on
the 30th

CNG - PA gas for PECO /day  (If we have a problem flowing this much,
please let me know as soon as possible so we can buy delivered gas to PECO's
gate from one of the other suppliers)

Transco
 LILCO  382 dth/day    (capacity release is also for
382) LDC Nom Deadline is noon on the 27th
 PSEG  189 dth/day LDC Nom Deadline is 10 pm on the
29th
 S Jersey  113 dth/day Transco nom must show Enduser # 012224 to
be confirmed- LDC Deadline is 12:30 on the 30th
 Piedmont 1113 dth/day LDC Nom Deadline was 10:30 est on
the 22nd - just need activity number now
 PSNC  190 dth/day (CES will get the capacity release for
this from PSNC)
   The supply will be from PSNC's pool #7620 (this is
their station 85 pool)

Texas Gas
 DP&L  1298 dth/day  LDC Nom Deadline is
12:30 est on the 30th
 CG&E  1550 dth/day LDC Nom Deadline is 12:30 on
the 30th - note this can be served off TGT