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 -----Original Message-----
From: 	"BNA Highlights" <bhighlig@bna.com>@ENRON
Sent:	Tuesday, November 13, 2001 11:16 PM
To:	BNA Highlights
Subject:	Nov. 14 -- BNA, Inc. Daily Labor Report

______________________________

DAILY LABOR REPORT
Highlights & Table of Contents
November 14, 2001
______________________________

ISSN 1522-5968

__________

HIGHLIGHTS
__________

PAST DISCIPLINE CAN BE CONSIDERED IN REVIEW OF POSTAL
FIRING, JUSTICES SAY

In reviewing the reasonableness of a U.S. Postal Service
worker's termination for cumulative misconduct, the Merit
Systems Protection Board may consider past discipline of the
employee even if those actions are being grieved, the U.S.
Supreme Court rules, reversing a Federal Circuit decision
("USPS v. Gregory, "U.S., No. 00-758, 11/13/01).

Writing for the court, Justice O'Connor acknowledges that a
federal employee may be faced with a board decision that
reaches a different result than the grievance arbitrator
ultimately might reach, or never have his or her grievance
resolved because a collective bargaining agreement requires
union withdrawal of a grievance when the board issues a
final decision. There is nothing unfair in those results,
however, the court says, because a union-represented federal
employee who elects to pursue a board appeal does in fact
receive an independent review of the reasonableness of the
agency's discipline.

 Nevertheless, the court remands the case involving Postal
Service employee Maria A. Gregory--who was accused in
September 1997 of deliberately inflating an overtime
request--because one of the three minor disciplinary actions
relied on by MSPB in its ruling was decided in Gregory's
favor by an arbitrator prior to the its decision. . . . Page
AA-1,  Text E-5

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1j0w1_

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1b9u3_

SUPREME COURT LETS STAND RULING THAT UNION'S TORT CLAIMS NOT
PREEMPTED

The U.S. Supreme Court lets stand an appeals court ruling
that the National Labor Relations Act does not preempt state
law tort claims by union representatives who were detained
by a nonunion contractor for trespassing on its jobsite
("Rainbow Constr. Co. v. Radcliffe, "U.S., No. 01-424,
"cert. denied" 11/13/01). Rainbow Construction Co. sought
review of a June decision by the Ninth Circuit that allowed
four representatives of the Bay Counties District Council of
Carpenters to proceed with claims of false arrest, false
imprisonment, and malicious prosecution.

The union representatives inspected various publicly
financed construction projects in Mendocino County, Calif.,
to investigate allegations that contractors were not
complying with prevailing wage and health and safety rules.
On three occasions, Rainbow made citizen's arrests of three
of the union representatives, who were then taken into
police custody. The county district attorney prosecuted all
four officials for criminal trespass. California trespass
law does not allow property owners to exclude persons
engaged in lawful union activity. The Ninth Circuit decided
California's interests in protecting its citizens were
sufficient to avoid preemption. . . . Page AA-2,  Text E-1

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1r7z4_

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1b9u3_

IOWA MAYTAG WORKERS END STRIKE AFTER ACCEPTING THREE-YEAR
CONTRACT

Workers return to Maytag's Middle Amana, Iowa, manufacturing
plant after voting to accept a new contract, effective
immediately and running until September 2004. The vote ends
a seven-week strike by some 1,800 employees represented by
the Machinists at the refrigerator and microwave oven
manufacturing plant.

The new contract addresses three issues that prompted the
strike: mandatory overtime; a two-tiered wage system; and
health insurance premium increases. Ed Miller, business
representative for IAM Local 1526, says although union
members are not entirely satisfied with the changes, they
approved the contract in the belief it was the best that
could be achieved this year. The union recommended approval
of the pact. According to Miller, the contract calls for an
hourly pay increase of $1.47 over term, with a 60-cent raise
this year, 46 cents next year, and 41 cents in late 2003.
Average pay at the plant is currently $14.40 per hour. New
hires will receive 80 percent of the previous minimum pay
and will not reach the top of the pay scale as quickly as
under the previous contract.

Maytag proposed increasing mandatory overtime to 12 hours
per week per worker, but the union was able to keep it to
eight hours per week per employee, Miller says. Union
negotiators were less successful in addressing their
concerns with health insurance, and the new contract
includes both higher premiums in the last year of the
contract and reduced benefits. A Maytag spokesman says the
company is pleased with the contract agreement. . . . Page
A-2

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1q0c8_

HIGH COURT REFUSES TO CONSIDER VICARIOUS LIABILITY FOR
SEXUAL HARASSMENT

The U.S. Supreme Court refuses to review an appeals court's
decision upholding a jury's verdict that a mine owner was
vicariously liable for sexual harassment because the company
failed to exercise reasonable care to prevent the harassment
of a female miner by her male boss ("Eddy Potash Inc. v.
Harrison,  "U.S.,  No. 01-383,  "cert. denied," 11/13/01).

Eddy Potash Inc., which operated an underground potash mine
near Carlsbad, N.M., asked the justices to overturn the
Tenth Circuit's decision to affirm a jury's finding for
Jeanne Harrison. In this case's second trip to the Supreme
Court, Eddy Potash urged the court to revisit its decisions
in ""Faragher v. Boca Raton"" and "Burlington Indus. Inc. v.
Ellerth" because, it argued, those decisions did not address
whether an employer should be held vicariously liable for
sexual harassment by a supervisor where both the employer
and the employee have acted reasonably. . . . Page AA-3,
Text E-1

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1v3d1_

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1b9u3_

WORK CHANGES AFTER HARASSMENT CHARGE JUSTIFY TRIAL ON
RETALIATION CLAIM

A Philadelphia Housing Authority worker can proceed to trial
with her claim of illegal retaliation under Title VII of the
1964 Civil Rights Act, based on her allegations that she was
given additional work and shift changes after participating
in the sexual harassment complaint of a co-worker  ("Jenkins
v. Philadelphia Housing Authority, "E.D. Pa., No. 00-CV-609,
10/24/01).

Monique Jenkins established "sufficient evidence of a
possible causal link" between her claim of the job changes
and her protected activity under the federal civil rights
law to warrant a trial, Judge Buckwalter of the U.S.
District Court for the Eastern District of Pennsylvania
holds.

Although dismissing Jenkins' other claims against her
employer, the court finds that comments from some of her
supervisors, who referred to her as a "snitch" and "not a
team player," support her allegation of retaliation. . . .
Page A-1

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1r8j1_

______________

TODAY'S EVENTS
______________

COMPENSATION: Bureau of Labor Statistics to release,
"Occupational Employment and Wages in 2000" report, 10 a.m.,
Labor Department.

RETAIL SALES:  Retail sales figures for October released,
8:30 a.m., Commerce Department.

________________

ALSO IN THE NEWS
________________

EMPLOYEE BENEFITS: The Internal Revenue Service issues
proposed regulations that would require the payment of
Social Security and unemployment insurance taxes upon the
exercise of statutory stock options. The proposed regulation
is scheduled for publication in the Nov. 14 "Federal
Register". . . . Page  A-5

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1v9g9_

INTERNATIONAL LABOR: One year after Myanmar (Burma) agreed
to outlaw forced labor, the practice is still widespread,
according to a report by the International Labor
Organization. . . . Page A-2

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1p3u9_

FEDERAL EMPLOYEES: Federal employees will get a 4.6 percent
average pay increase in 2002 under terms included in the
Treasury-Postal appropriations bill signed into law by
President Bush. The fiscal year 2002 Treasury, Postal
Service, and General Government appropriations statute (Pub.
L. 107-67) also includes a provision that will allow
agencies to create permanent child-care tuition subsidy
programs for their lower-income employees. . . . Page A-1

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1r5y3_

____

TEXT
____

SUPREME COURT: Summaries of labor and employment law cases
in which Supreme Court denied review Nov. 13, 2001. . . .
Page E-1

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1b9u3_

FEDERAL EMPLOYEES: U.S. Supreme Court decision in "USPS v.
Gregory." . . . Page E-5

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1b9u3_

_________________

TABLE OF CONTENTS
_________________

LEADING THE NEWS

FEDERAL EMPLOYEES
   Merit Systems Protection Board may consider past
   discipline of Postal Service worker fired for cumulative
   misconduct even if those actions are being grieved, U.S.
   Supreme Court rules . . . Page AA-1,  Text E-5
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1j0w1_

   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a0g2m7a2_

LABOR LAW
   High court lets stand appeals court ruling that National
   Labor Relations Act does not preempt state law tort
   claims by union representatives detained by nonunion
   contractor for trespassing on its job site . . . Page
   AA-2,  Text E-1
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1r7z4_

   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1b9u3_

PENSIONS
   Justices decline to review separate appeals filed by
   employer and retirees challenging appeals court's ruling
   on applicability of ERISA's "fraud and concealment"
   provision to claims that employer breached its fiduciary
   duties in terminating retiree health insurance . . . Page
   AA-4,  Text E-1 E-1
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1m7h8_

   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1b9u3_

   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1b9u3_

SEXUAL HARASSMENT
   U.S. Supreme Court refuses to consider appeals court's
   endorsement of jury verdict that mine owner was
   vicariously liable for sexual harassment . . . Page AA-3,
   Text E-1
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1v3d1_

   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1b9u3_

____

NEWS
____

ECONOMIC OUTLOOK
   Three of four key economic indicators point to recession,
   with only personal income continuing to rise, National
   Bureau of Economic Research says . . . Page A-5
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1v2a6_

ERISA
   Southwestern Bell's calculation of retired sales
   representative's pension benefits was "legally correct,"
   Fifth Circuit holds . . . Page A-4
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1m7e4_

FEDERAL EMPLOYEES
   Federal employees will get 4.6 percent average pay
   increase in 2002 under terms of Treasury-Postal
   appropriations bill signed by President Bush . . . Page
   A-1
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1r5y3_

INTERNATIONAL LABOR
   ILO report says one year after Myanmar (Burma) agreed to
   outlaw forced labor, practice is still widespread . . .
   Page A-2
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1p3u9_

MANUFACTURING
   Workers return to Maytag's Middle Amana, Iowa,
   manufacturing plant after ratifying new three-year
   contract . . . Page A-2
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1q0c8_

NAFTA
   With January deadline approaching to allow Mexican trucks
   to travel freely throughout United States, Senate
   appropriators move toward administration position,
   offering "compromise" provisions on balancing safety and
   free trade . . . Page A-7
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1w5q4_

PENSIONS
   Third Circuit finds that IBEW pension fund acted properly
   when it refused to bridge service credits of former plan
   trustee . . . Page A-3
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1m7f8_

RETALIATION
   Philadelphia Housing Authority worker can proceed to
   trial with her claim of illegal retaliation under Title
   VII of 1964 Civil Rights Act . . . Page A-1
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1r8j1_

TAXES
   IRS issues proposed regulations (REG-142686-01) to
   require payment of Social Security and unemployment taxes
   upon exercise of statutory stock options . . . Page A-5
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1v9g9_

TRADE
   House Majority Leader Armey (R-Texas) signals that it is
   unlikely that House will consider trade promotion
   authority this week . . . Page A-4
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1v2q4_

   Increasingly bitter battle between developed and
   developing country members of WTO over agenda for new
   round of global trade talks leaves prospects for launch
   of round in delicate state . . . Page A-8
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1w9t7_

   National Association of Manufacturers disagrees with
   results of recent analysis by Economic Policy Institute
   that more than 3 million U.S. jobs have been lost since
   1994 because of NAFTA . . . Page A-9
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1t9c3_

UNEMPLOYMENT
   As Senate begins debating Democrat-sponsored economic
   stimulus measure (H.R. 3090), Republican leaders indicate
   willingness to compromise on extending unemployment
   benefits to states . . . Page A-6
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1w5k4_

____

TEXT
____

SUPREME COURT
   Summaries of labor and employment law cases in which U.S.
   Supreme Court denied review . . . Page E-1
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1b9u3_

FEDERAL EMPLOYEES
   U.S. Supreme Court decision in "USPS v. Gregory" . . .
   Page E-5
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1b9u3_

______________

TABLE OF CASES
______________

Bernofsky v. Administrators of Tulane Educ. Fund (U.S.) . .
. Page E-1
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1f7z4_

Bew v. Chicago (U.S.) . . . Page E-2
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1f8a9_

Corrigan v. Imaginetics Inc. (U.S.) . . . Page E-2
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1f8a4_

Dachman v. Thompson (U.S.) . . . Page E-4
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1f8e4_

Eddy Potash Inc. v. Harrison (U.S.) . . . Page AA-3,  Text
E-1
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1v3d1_

   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1b9u3_

Foley v. International Bhd. of Elec. Workers Local Union 98
Pension Fund (3d Cir.) . . . Page A-3
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1m7f8_

Gosselink v. American Tel. & Tel. Inc. (5th Cir.) . . . Page
A-4
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1m7e4_

Jenkins v. Philadelphia Hous. Auth. (E.D. Pa.) . . . Page
A-1
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1r8j1_

Lindamood v. Office of State Attorney, Ninth Judicial Cir.
of Fla. (U.S.) . . . Page E-3
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1f8c4_

Liner v. Dontron Inc. (U.S.) . . . Page E-3
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1f8c9_

Otto v. SEC (U.S.) . . . Page E-3
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1f8d4_

Rainbow Constr. Co. v. Radcliffe (U.S.) . . . Page AA-2,
Text E-2
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1r7z4_

   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1b9u3_

Tonnies v. Unisys Corp. (U.S.) . . . Page AA-4,  Text E-1
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1m7h8_

   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1b9u3_

Transocean Terminal Operators Inc. v. Taylor (U.S.) . . .
Page E-2
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1f8b9_

Unisys Corp. v. Tonnies (U.S.) . . . Page AA-4,  Text E-3
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1m7h8_

   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1f8e0_

USPS v. Gregory (U.S.) . . . Page AA-1,  Text E-5
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1j0w1_

   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a4y1b9u3_

   __________
   Daily Labor Report (ISSN 1522-5968) Highlights are
   published daily by The Bureau of National Affairs, Inc.,
   1231 25th St., NW, Washington, DC 20037.

   Registered Web subscribers can access the full text of
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   agreement with BNA.  Unauthorized access or distribution
   is prohibited.


Nope.  Cove Point is a wholesale asset.

Brenda H Fletcher
03/15/2000 08:06 PM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Cove Point

Is the transport expense for Cove Point reimbured?

BF


let's talk this afternoon.  I think we need to think about a couple of these
folks.  Also, Dave needs our 2000 goals and objectives, top target customers,
as well ideas for coverage metrics.  I have a meeting from 3pm to 4pm but am
available any other time.

Frank W Vickers
10/23/2000 09:56 AM
To: Scott Neal/HOU/ECT@ECT
cc:
Subject: Org Chart

Scott, hope all is well.  I will get to the point.  What are your suggestions
on the individuals that we have been assigned ?  I need to rely on you for
any input that might suggest that we not take someone on.  I understand that
Dave wants any personel changes as soon as possible.  What do you think ?  We
do not want to begin with HR problems if we can avoid it upfront.

Please e-mail or call at 503-464-3940.

Frank


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--------------------T O P S T O R I E S--------------------

Top Stories (April 2)

CALIFORNIA ENERGY REACHES CRISIS STAGE
PG&E announced late last week that it would take a $4.1bn charge as a result
of the losses sustained, during the deregulation process. In addition,
Southern California Energy indicated that it is considering its own $2.7bn
charge.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/streetad
visor/2001/04/02/eng-streetadvisor/eng-streetadvisor_162830_154_028687712271

ENTERGY CEO -3: COMPANY WILL CONSIDER OTHER MERGER DEAL
Officials of FPL Group, Juno, Fla., couldn't immediately be reached for
comment regarding Entergy CEO Leonard's assertions on the reasons for the
merger breakup.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
04/02/eng-djn/eng-djn_170049_143_683119770139

COURT STAYS INCREASED INSTALLED CAPACITY PENALTY FOR NEW ENGLAND
A federal court issued a stay preventing an $8.75-per-kilowatt-month
installed capacity penalty charge from taking effect in New England on April
1, as ordered by federal regulators.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
04/02/eng-djn/eng-djn_180051_171_081988101359

EDISON MISSION PAYS STEEP PRICE TO OVERCOME CALIFORNIA FEARS
Edison Mission Energy sold $600 million in debt Monday, overcoming
substantial concerns about the company's exposure to the troubled California
utility market.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
04/02/eng-djn/eng-djn_200102_53_2479976583272

----------------------------------------------------------------------
DOW JONES NEWSWIRES
----------------------------------------------------------------------
Access stories online at:
http://199.97.97.79/IMDS|PMADJN0,PMADJN1,PMADJN2,PMADJN3,PMADJN4|index

USEC Unit To Cut 526 Employees At Portsmouth Plant >USU

USEC Unit To Cut Jobs At Portsmouth Plant >USU

Edison Mission Pays Steep Price To Overcome Calif. Fears

Court Stays Increased Installed Capacity Penalty For NE

Entergy CEO -4: FPL Disputes Entergy's Comments >ETR

PRESS RELEASE: S&P Puts Rochester Gas & Elec On Watch Neg

Venezuela Telecom Watchdog/LMDS-2:No New Date Yet Set

Rochester Gas & Elec First Mortgage Bonds Rated A- :S&P

Entergy CEO -3: Co Will Consider Other Merger Deals>ETR

Venezuela's Telecom Panel Postpones LMDS License Auction

Entergy CEO-2: Says Co's Board Rejected His Resignation

With Merger Dead, FPL Group, Entergy Point Fingers >FPL

Entergy CEO Says FPL Chairman Wanted Him Fired

Entergy CEO Says FPL Chmn 'Manufactured' Problem Issues

FPL Group/Entergy -8: FPL Declines To Elaborate On Talks

Entergy Outlook Consistent With 8%-10% Growth >ETR

FPL Group/Entergy -6: Entergy Cites Nonregulated Ops >ETR

FPL Group/Entergy-5:FPL Fri Stk Close $61.30, Entergy $38

Entergy: Terms Would Leave It With No Merger Of Equals

FPL Group/Entergy -3: Street Sees FPL '01 Net $4.70/Shr

REPEAT: Entergy Cites Governance, Valuation Issues >ETR

Entergy Sees 2002 Net $3.30-$3.50 A Share >ETR

FPL Group/Entergy -4: Other Energy Deals Had Troubles

FPL Group/Entergy -2: Issues Had Arisen In March >FPL ETR

FPL Grp, Entergy Cancel Merger Worth $7B Stk, $6.9B Debt

PRESS RELEASE:S&P Changes Seeboard Outlk To Pos Vs Stable

Seeboard, CSW Ratings Affirmed BBB+/A2: S&P

CSW Investments Outlook Revised To Pos Vs Stable: S&P

Seeboard PLC Outlook Revised To Positive Vs Stable: S&P

Cantabrico/CNMV -2: Not Linked To Any Bid Decision >E.HIC

Cantabrico Shares To Resume Trade At 0915 GMT >E.HIC

CNMV/Cantabrico -2: Follows Ferroatlantica, EnBW Offer

CNMV Suspends Trade In Cantabrico Shares >E.HIC

WSJE: Mirant, HEW Plan To Buy E.On Stake In Bewag Utility

FREE TRIAL: For a free trial of the Dow Jones Energy Service go to
www.dowjonesnews.com, and click "create account," or call
1-800-223-2274.

----------------------------------------------------------------------
N A T I O N A L
----------------------------------------------------------------------
Access stories online at: http://www.powermarketers.com/pma-nat.htm

Chesapeake Energy Corporation Announces Updated 2001-2002 Forecasts And
Revised 2001-2002 Gas Hedging Program

Enron Power Project And Illegality

Los Angeles Department of Water And Power Daily Energy Update, Monday, April
2, 2001

Gasco Energy, Inc. Completes the Acquisition of Pannonian Energy, Inc.

Swift Energy Announces $30.5 Million Acquisition

Devon Energy Apparent Winner on 18 Blocks in Gulf of Mexico Lease Sale

Advisory/the 16th Annual Global Power Markets Conference Presented by Platts

Advisory/Energy Producers' Power Update

Guernsey Estimates Natural Gas Draw Down 41 - 48 Bcf

-Oklahoma House to Vote on Delaying Electric Deregulation

Solar Energy Ltd. Announces That Registration Statement Is Effective And
Cleared; Future Plans Discussed

Innovative Business Solutions -Ibs- Changes Name to Energy Softworx

Gulfport Energy Corporation Announces Record Financial Results for 2000

The Washington Post: Editorial: Politics And Power Cuts

Borsen: Energy Solutions in the Red(Underskud I Energy Solutions)

California Energy Reaches Crisis Stage

Con Edison to Participate in Salomon Smith Barney Energy Webcast Forum

Apogee Interactive's Demand Exchange Approved by California Energy
Commission; Soon to Aid California Power Supply

Repeats: Energy Volume And Open Interest Totals-APR 2

Greenvolt Power Corp - to Present at Fuel Cell Conference in San Antonio;
Commercial Fuel - Cell Deriving
Electrical Energy from Metal, Water, Salt & Air to Be - Demonstrated

New Utility Tax Structure Taking Shape

Constellation Energy's `Pure Play' Strategy to Highlight Wednesday Conference
Webcast

Stage Two Electrical Emergency Triggered by Downed Transmission Towers And
Supply Shortage; California ISO Strongly Urges Conservation

Reliant Energy Chooses Market Leader Gisbagent(R) for Electronic Commerce in
Texas Energy Market

SCC Establishes Phase in of Electric Choice for Most Virginia Consumers

Husky Energy And Chevron Corporation Sign Lubricants Supply Agreement

Connext(R) Commemorates Its Fifth Year As a Premier Provider of Utility
Billing And Customer Care Solutions

Plant Foes Power Up Southwest Michigan Residents Organizing

Caterpillar Offers Solutions to Critical Energy Situations

Manugistics Seeing Accelerating Demand for Its Chemical And Energy Industry
Solutions

First American Sells 2 Kds Micronex(TM) Systems to A Fraser Valley Waste
Management Consortium to Convert Chicken Waste Into Energy for
HeatingGreenhouses@Luminant Sharpens Focus on Technology-Enabled Solutions
for Energy And Utilities Industry

Fpl Group Chairman Says Outlook for Company Remains Bright; Announces New Fpl
Energy Projects Totaling More Than 2,500 Mws

Enron Announces Long-Term Energy Management Agreement with Saks Incorporated

Wsi Seasonal Update Calls for Spring And Early Summer to Blow Hot And Cold;
Wsi Issues An Update of Special Interest to Energy Traders

Plant Foes Power Up Fabius, Newberg Township Residents Organizing

Energy Crisis Could Black Out Web Hosting Industry Growth, Says Frost &
Sullivan

Report: Calif. May Hike Power Rates

Delaney Energy Services Corp: Integrated Production Services Ltd - Delaney
Mails Directors' Circular Rejecting IPS Offer And Extends - Separation Time

Cities Find Ways to Save Power

GE Power Systems Acquires Programma Electric Ab

Search to Reorganize Into Advantage Energy Income Fund

Natural Gas Supply Shortage

Utahns Can Avoid the Worst Energy Problems with Education And Action

----------------------------------------------------------------------
I N T E R N A T I O N A L
----------------------------------------------------------------------
Access stories online at: http://www.powermarketers.com/pma-intr.htm

Exercising Power of Choice

Brazil: Aneel Authorizes New Projects to Avoid Energy Rationing

Pravo: Electricity Imports Threaten the Existence of Coal Mines(Dovoz
Elektriny Ohrozuje Existenci Uhelnych Dolu)

Luscar Coal Income Fund - Thermal Coal Contract Price Up 20 Percent

Image Power Appoints Satnam Sekhon as Chief Operating

Three Companies Request Chillan Geothermal Rights - Chile

Ge's F Technology to Help Meet Malaysia's Growing Need for Additional Power

Dynamotive Technologies Corp - Dti Renewable Energy Grant for Biooil
Consortium

GE Power wins 188 mln usd supply order from Malaysia's SKS Ventures

UK Government: Tax Boost for Energy Saving -- Whitty

World Fuel Services Acquires Marine Energy of Dubai

Image Power Appoints Satnam Sekhon As Chief Operating Officer

Brazil : Ulbra to Inaugurate Thermal Electric Facility

Ballard Power Systems Inc: Honda Motor Company - Ballard & Honda Sign
$25.9-Million Supply Agreement for Fuel Cells

Uganda splits power company into four

China to break up state power monopoly; listings could raise 300-400 bln yuan

Hydrogen Powers Energy Hopes / Experts Say It May Be the Fuel of The Future

Top Energy Summaries - Monday, April 02, 2001 - 6:42 Am

New Energy Tax Comes Into Effect

Natural Gas Fertilizer Bid Awarded

Henan Coal Gasification Project Ignited in Yima

Australia: Swanbank Project to PRODUCE 10 Mw of Power in 15 Years

China's Trade of Machinery, Electric Products Doubles in 5 Years

Iran, Nakhichevan to Cooperate in Water, Power Sectors

Indian Industry Body Asks for Faster Amendment of Coal Mines Act

Chinese Nuclear Power Industry Holds Expo from March 30

Japanese Power Companies' Capital Spending Falls 8 Pct in Fy2000

Korea's Kepco Completes Spin Off of Power Affiliates

Rajasthan to Begin Privatisation of Power Distribution

Electric Hectic

----------------------------------------------------------------------
KRT DAILY ENERGY NEWS
----------------------------------------------------------------------
Access stories online at http://www.powermarketers.com/pma-krt.htm

-Oklahoma House to Vote on Delaying Electric Deregulation

Saint Paul Pioneer Press, Minn., Real World Economics Column

Westley, Calif., Residents Object to Used-Tire Power Plant

Utah Power Company Enhances Supplies for Summer Months

Rancho Cucamonga, Calif., Water Cooler Company May Land a Government Contract

The Business Press, Ontario, Calif., Guest Column

----------------------------------------------------------------------
REUTERS
----------------------------------------------------------------------
Access stories online at:
http://news.powermarketers.com/news/articles/ElectricPower.html

UPDATE 1-Edison, PG&E may take $6.8 bln charges

Chemical companies seen facing a long, painful year

UPDATE 1-U.S. fines Montedison for alleged income overstatment

UPDATE 3-Sickly US manufacturing sector improves in March

Venezuela stocks hit by more selling of utility EDC

Berkshire Hathaway discloses holdings in Gap, GPU

U.S. House lawmakers want Bush change on carbon emissions

TEXT-S&P may still cut Mirant Americas Energy Marketing

UPDATE 1-US fines Montedison for alleged overstatment

Edison Int'l delays 10-K filing, may take $2.7 bln charge

TEXT-S&P may now cut Entergy units' ratings

TEXT-S&P may still cut FPL Group AA-minus rtg

PG&E delays 10-K filing, expects $4.1 bln charge

UPDATE 1-Wisc. Public completes takeover of Wisc. Fuel & Light

UPDATE 2-Entergy, FPL abandon plan to form largest utility

Johnnie Cochran says Southern Co. covering up race bias

New Issue - Edison Mission sells $600 mln 10-yr notes

Canada natgas prices off with cheaper U.S. physicals

U.S. fines Montedison for alleged income overstatment

Nev. Mohave 790-MW Unit 1 back up, Unit 2 taken down

New Issue - NRG Energy sells $690 mln in 2-part debt deal

US POWER-Calif. real estate may be jolted by rolling blackouts

Entergy says differences in approach led to FPL break-up

WRAPUP 2-Cantabrico rises again after final bid

US POWER-Greens, industry at times embrace in energy crisis

TEXT-S&P rates Rochester Gas & Electric bonds A-minus

UPDATE 1-U.S. West power line shut, Calif. calls power alert

Uganda splits electricity utility ahead of sale

Madrid shares close flat, utilities up on new bid

UPDATE 1-Welsh Water plans two billion pound bond sale

Enron and Saks ink energy management deal

NAPM says U.S. manufacturing may be in turnaround

FPL says differences in forecasts led to merger break-up

US Corp Bonds - Corp bonds take open firmer

Romanian steel workers protest over plant shutdown

Southern names CEO Allen Franklin chairman

Troubled US manufacturing sector improves in March

INTERVIEW-Guangdong Powersees capacity up on reform

Dominion completes buy of Millstone nuclear station

Dynegy ups Q1, year 2001 earnings estimates

Entergy confident in earnings despite failed merger

UK power network 24Seven plans listing by 2003

*********************************************************
NEW on the POWERMARKETERS.COM TRAINING PAGE
*********************************************************
Access all online presentations at: http://www.pmaconference.com

Coming soon! PMA Power Markets 2001 presentations, taped at the Aladdin
Hotel, Las Vegas, March 15-16, 2001.

Don't forget you can choose to stream the presentation immediately over the
web, or download it to your computer for later viewing-- Free!

RealVideo-based powerpoint-based presentations, with the accompanying audio.
Running about 30 minutes each, selections include:

ELECTRONIC TRADING. Power is following natural gas to become an
electronically-traded commodity. The products, the technology and the future
of electricity transactions. Kevin Sluder, Vice President, HoustonStreet
Exchange.

NUTS AND BOLTS OF RETAILING. What it takes to put an energy retailing
operation together-- the cash and credit requirements, back office,
information technology, staffing, marketing, sales and organizational
considerations. Andrew Serri, Vice President, AmerenEnergy Marketing.

RETAIL: WHAT WENT WRONG, HOW TO FIX IT. Retail electric deregulation has thus
far been an underwhelming success, but a great deal has been learned, and it
is eminently fixable. By Dr. John O'Brien, Principal, Skipping Stone

MANAGING BILLING. The complex requirements for managing billing and
commodities in the deregulating energy industry cannot be met with current
CIS and CRM technology. Energy Retailers must embrace the next evolution of
energy customer management (ECM) solutions. Paul Grey, Chief Technology
Officer, Peace Software.

THE INTERNET AND THE VELOCITY FACTOR. Greater price transparency, faster
execution, reduced transaction costs, increased number and frequency of
transactions and increased specialization are just some of the changes to
energy markets wrought by the web, and it's just beginning. Implecations of
the internet for energy markets. E. Russell "Rusty" Braziel, Chairman and
Director, Altra Energy Technologies.

Access all online presentations at: http://www.pmaconference.com

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Nope, not yet.  I'm absolutely swamped...!!!  I haven't forgotten about it
tho.  My short agenda is Day 1:  Go over basics of financial documentation
w/confirm desk team & your assistants (maybe 2-4 hours depending on level of
detail we go into) (spend rest of day approving online counterparties), Day
2:  Go over specifics of confirmations with your assistants so they can
prepare the Special Legal/Credit Annex for a confirm and review how to read a
credit worksheet and what the credit issues mean (spend rest of day approving
online counterparties), Day 3:  Spend time with you & Peter going over what I
went over with assistants & confirm people, then maybe spend time letting any
of your dealmakers quiz me as they desire about swap issues (spend free time
approving online counterparties).

Don't add a lot of people on, I get really nervous speaking in front of large
groups...I am a shy girl, you know!

My thoughts are

	Greg Johnston
	03/07/2001 02:36 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Peter Keohane/CAL/ECT@ECT
		 Subject: Your Trip

Tana, Peter just asked me to follow up with you as to whether you have had a
chance to prepare a draft agenda for when you are in Calgary.  Peter and I
would like to review it before it gets distributed to everyone.

Thanks
Greg


Dana,

Could you start pulling together this information for me.  I will need all
new deals in 2000 with the Dash, as well as all of the wires sent out in 2000
based upon the new Dash's

Please stop by and will can discuss.  Let's try to start early tomorrow.

Thanks,

Brad

---------------------- Forwarded by Brad Carey/NA/Enron on 11/28/2000 06:03
PM ---------------------------

Brad Carey
11/27/2000 09:41 AM
To: Stacy Hardy/Corp/Enron@ENRON, Rosalyn Lum/Corp/Enron@Enron, Laynie
East/HOU/ECT@ECT, Lisa Best/Corp/Enron@Enron, Lisa King/HOU/ECT@ECT, Kevin
Jolly/HOU/ECT@ECT, Tammy Barta/HOU/ECT@ECT, Brian Schwertner/NA/Enron@Enron,
Susan Rance/NA/Enron@Enron, Stephen Wolfe/HOU/ECT@ECT, Kristi
Fredericks/NA/Enron@ENRON, Rufino Doroteo/HOU/ECT@ECT, Dana Davis/HOU/ECT@ECT
cc: Marnie Lamb/NA/Enron@Enron, Pam Becton/HOU/ECT@ECT, Michael S
Galvan/HOU/ECT@ECT, Hope Vargas/HOU/ECT@ECT

Subject: Wire Transfers and Requests

Hold off on pulling together this information.  I need to have several
clarifying questions answered by AA and also to sit down with Dana tomorrow
to see if she can help me with most of the exercise.  I will need all of you
to fill in any potential gaps and verify the information I pull together
before I submit it to AA.

Thanks,

Brad
---------------------- Forwarded by Brad Carey/NA/Enron on 11/27/2000 09:34
AM ---------------------------

Hope Vargas@ECT
11/27/2000 08:32 AM
To: Dana Davis/HOU/ECT@ECT
cc: Brad Carey/NA/Enron@Enron, Michael S Galvan/HOU/ECT@ECT

Subject: Wire Transfers and Requests

Dana,
 Please help Brad with this request.  Thanks.
---------------------- Forwarded by Hope Vargas/HOU/ECT on 11/27/2000 08:35
AM ---------------------------

Michael S Galvan
11/27/2000 07:15 AM
To: brad carey
cc: hope vargas, marnie lamb, pam becton
Subject: Wire Transfers and Requests

Brad,
Would you please coordinate the AA request below with our accountants?  We're
only needing new 2000 deals.  Let's provide to AA by the end of the day, this
Friday.
Thanks,
Mike

---------------------- Forwarded by Michael S Galvan/HOU/ECT on 11/27/2000
07:14 AM ---------------------------

Kristi Albaugh@ENRON
11/21/2000 09:32 AM
To: Michael S Galvan/HOU/ECT@ECT
cc:
Subject: Wire Transfers and Requests

Mike-

We would greatly appreciate it if you could please see to it that we obtain
the wire transfer and requests for all investments entered into during FY00.
Please note that on a go-forward basis we would like to obtain this
information when we receive an investment's DASH.

Should you have any questions, please don't hesitate to call.

Thanks,

Kristi


CALENDAR ENTRY:	APPOINTMENT

Description:
	John Buchanan - Oncall

Date:		5/26/2001
Time:		7:00 AM - 7:55 AM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


----- Forwarded by Tana Jones/HOU/ECT on 05/31/2001 04:37 PM -----

	Tom Moran/ENRON@enronXgate
	05/31/2001 04:21 PM

		 To: Karen Lambert/ENRON@enronXgate, Tana Jones/HOU/ECT@ECT, Samuel
Schott/ENRON@enronXgate, Brant Reves/ENRON@enronXgate, Debbie R
Brackett/ENRON@enronXgate, Cynthia Clark/ENRON@enronXgate, Enron Europe
Global CounterParty/LON/ECT@ECT, Stephanie Sever/ENRON@enronXgate, Tom
Moran/ENRON@enronXgate, Claudia Clark/ENRON@enronXgate, William S
Bradford/ENRON@enronXgate, Lisa Lees/ENRON@enronXgate, Juana
Fayett/ENRON@enronXgate, Jana Morse/Corp/Enron@Enron, Trang
Le/ENRON@enronXgate, Paul Maley/Enron@EUEnronXGate, Sonya Clarke/LON/ECT@ECT,
Tim Davies/LON/ECT@ECT, Karen O'Day/ENRON@enronXgate, Tanya
Rohauer/ENRON@enronXgate, Kelly Lombardi/ENRON@enronXgate, Brian
Lindsay/Enron Communications@Enron Communications, EOL Call Center@ECT, Bill
D Hare/ENRON@enronXgate, Amy Heffernan/Enron Communications@Enron
Communications, Molly LaFuze/Enron Communications@Enron Communications, Danny
Clark/Enron Communications@Enron Communications, Stephanie
Panus/NA/Enron@Enron, Teresa Mandola/ENRON@enronXgate, Bill
Kyle/ENRON@enronXgate, Amber Ebow/ENRON@enronXgate, Thu Pham
Arnold/ENRON@enronXgate, Tandra Coleman/ENRON@enronXgate, Lesli
Campbell/ENRON@enronXgate, Wendi Lebrocq/ENRON@enronXgate, Mark
Taylor/HOU/ECT@ECT
		 cc:
		 Subject: EOL Approvals: 05-31-01

Please see attached

Regards,
Tom Moran
713-853-3017


Marc -

Bummer - this is the last message I'm sending and then I'm out the door for
the airport.  We're on our way to France - not back until 10/4.

Mark


Sounds good.  11:30?

 -----Original Message-----
From: 	Arora, Harry
Sent:	Tuesday, November 27, 2001 10:23 AM
To:	Rogers, Benjamin
Subject:	RE:

Ben

You want to go get lunch ?

 -----Original Message-----
From: 	Rogers, Benjamin
Sent:	Tuesday, November 27, 2001 8:16 AM
To:	Arora, Harry
Subject:

Whats your cell #?  I think I gave Mike Cyrus your home #.  I talked with him last night and he was going to give you a call.  Lets you and me try and talk today.  I have some material about these guys that you will appreciate.
Ben


---------------------- Forwarded by Steven J Kean/NA/Enron on 05/01/2001
07:35 AM ---------------------------

John Sherriff@ECT
05/01/2001 02:15 AM
To: Jackie Gentle/LON/ECT, Steven J Kean/NA/Enron, Richard
Shapiro/NA/Enron@Enron, Fiona Grant/LON/ECT@ECT
cc: Lauren Urquhart/LON/ECT

Subject: Entry tax to dergulating markets

The Forbes April 30, 2001 editorial piece "Slow Starters" on page 24 discusses
the "entry tax" which is the capital burden for starting a new business.  It
states that rich countries
on average have relatively low entry costs while poor countries have
stagering entry costs caused
by corruption, endless beuacracy, and cost of delays.  These "entry hurdles"
and asscoiated costs
do not produce any tangible benefits for consumers, workers or the
environment.

We might want to make the analogy of "entry tax" for new deregulated gas &
power markets.  Things like
negotiated third-party access (rather than regulated TPA) substantially slow
the speed of new entrants and hence deter competition.
Negotiated TPA creates uncertainty for new entrants (they never know what
they are going to get) and clearly slows
the new comers down.

I will send you a copy of the Forbes piece.

John


--------- Inline attachment follows ---------

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=SBAILE2>
To: Farrell, Keegan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Kfarrell>
Date: Tuesday, February 12, 2002 2:18:55 GMT
Subject:


Thank you for using our automated self service password reset option.

The user id and password in SAP (Apollo Production and HR Production), eHRonline, iBuyit and iPayit are all synchronized.  When you reset your password in eHRonline, it automatically synchronizes the password in the other systems.

Please follow the steps to reset and synchronize your passwords.

1.        Go to http://ehronline.enron.com <https://ehronline.enron.com/>
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IN THE MONEY: Another Sign Investors Don't Trust Enron
Dow Jones News Service, 11/26/01
Dynegy Board Silent On Status Of Enron Takeover >ENE DYN
Dow Jones News Service, 11/26/01
Enron, Banks Formalize $690M Debt Extension To Dec. 14
Dow Jones News Service, 11/26/01
Citigroup Has $2.38B Less To Lose On Enron Due To Swaps
Dow Jones Capital Markets Report, 11/26/01
Enron Is Sued Over 401(k) Plan; Plaintiffs Seek $850M
Dow Jones News Service, 11/26/01
STOCKWATCH Enron falls 14 pct on mounting concerns over Dynegy deal
AFX News, 11/26/01
USA: UPDATE 1-Enron shares slide lower as merger doubts intensify.
Reuters English News Service, 11/26/01
USA: Enron lawsuit seen as wake-up call for pensions.
Reuters English News Service, 11/26/01
USA: US Corp Bonds-Bonds tighten, analysts fret on Enron.
Reuters English News Service, 11/26/01
Petrobras, Petros, close to buying Enron's stakes in CEG/CEG Rio - report
AFX News, 11/26/01
TALES OF THE TAPE: Energy Traders' Perfect Storm Stalls
Dow Jones News Service, 11/26/01
INDIA: UPDATE 1-India's AV Birla group denies bid for Enron unit.
Reuters English News Service, 11/26/01
Enron's Stock, Bonds Drop on Concern for Dynegy Bid (Update8)
Bloomberg, 11/26/01

Dynegy Bonds Slip as Enron Purchase May Harm Credit Rating
Bloomberg, 11/26/01

ENRON SHARES SLIDES TO ALL-TIME LOW
CBS.MarketWatch.com, 11/26/01

IN THE MONEY: Another Sign Investors Don't Trust Enron
By Michael Rapoport

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- If you needed any further proof that investors no longer trust Enron Corp. (ENE), here's another piece of evidence - one that goes to the heart of the recent plunge in the company's stock.
Enron doesn't simply trade for less than its book value; it fell below that milestone weeks ago. No, now it trades for less than ONE-THIRD of its book value.
That's a rare level for a company of Enron's size and prominence. And it may mean, among other things, that investors have decided that they simply can't place any further faith in the veracity of Enron's earnings and balance-sheet figures, much-revised as they've been - something that has unnerving implications for any attempt to value the company fairly.
First, let's be clear about what this means. Enron stock is currently about $4 a share; the company's reported book value is about $12.90 a share. In other words, Enron stock sells for less than one-third of what shareholders would get if the company were to liquidate - were to turn all its assets into cash, pay off all its liabilities on its balance sheet and give what's left over to shareholders.
This is an uncommonly dismal level for any company, even a troubled one. For comparison's sake, Dynegy Inc. (DYN), which has agreed to buy Enron, trades at about three times book value, as does El Paso Corp. (EPG), a competitor of both companies. In fact, Enron has the second-lowest price-to-book ratio of any company in the Standard & Poor's 500-stock index - only Conseco Inc. (CNC), another troubled company, is lower, by an eyelash.
Part of the problem is undoubtedly the continuing fear among investors that Dynegy's agreement to buy Enron will fall apart, and the belief that Enron will have to file for bankruptcy if it does, in which case Enron shareholders would be hard-pressed to realize any value. The Dynegy deal now amounts to about $10.60 per Enron share, itself well under Enron's book value; the huge premium that level offers over Enron's current stock price is an indication of the big risk investors see that the deal won't be consummated in its current form.
But given Enron's current woes, it's certainly also possible that Enron is trading at such a big discount to book value because investors don't feel they can trust the earnings and balance-sheet numbers coming out of Enron. Those numbers, after all, are the raw material that form the basis for valuing Enron, or any other company, by computing figures like price-to-book and price-to-earnings ratios.
And the Enron debacle has been all about the quality of those numbers, with Enron shifting assets off its balance sheet to outside limited partnerships from which some of its executives benefitted. In terms of those numbers, the ground has shifted underneath investors three separate times now - when the company slashed its reported shareholder equity by $1.2 billion to unwind its transactions with one of those partnerships, when it restated nearly five years' worth of earnings downward by a total of $586 million, and when it revealed that it could take further charges and was facing an imminent deadline to post collateral on a $690 million note. (That deadline has now been extended until Dec. 14.)
When you've gotten punched in the face three times, it's not unreasonable to fear there'll be a fourth blow, no matter how much the puncher assures you there won't be. Given Enron's insanely complicated structure, and the way bad financial news has dribbled out of the company over the past several weeks, who can guarantee there aren't more such shocks yet to come?
That's what investors appear to be fearing, and that may be part of the reason Enron stock has fallen so precipitously. Thanks to Enron's repeated demonstrations that its numbers can't be relied on, investors no longer have a firm, trustworthy basis on which to value the stock. And so, not surprisingly, the value is getting ratcheted down to the most conservative, bare-minimum level.
An Enron spokesman couldn't be reached for comment.
It's ironic, in a way. For a long time, it was hard to properly value Enron because its structure and finances were so complex and hard to decipher. Now it's hard to properly value Enron because the company's attempts to clarify its finances have made it clear that it's hard to expect investors to trust in their accuracy.
-By Michael Rapoport, Dow Jones Newswires; 201-938-5976; michael.rapoport@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy Board Silent On Status Of Enron Takeover >ENE DYN
By Christina Cheddar
Of DOW JONES NEWSWIRES

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- As the market continues to speculate about the status of Dynegy Inc.'s (DYN) takeover of Enron Corp. (ENE), Dynegy's board isn't offering its opinion.
"Any comments coming out of Dynegy are coming from the company's executives," said Jerry Johnson, a Dynegy board member who also is an executive vice president at Safeguard Scientifics Inc. (SFE).
Johnson declined to comment on any matters related the pending acquisition of its larger rival, and wouldn't say whether the board has been meeting to discuss the transaction.
Three other board members, through their representatives, declined to comment as well. Other non-executive directors on the 14-member board either weren't immediately available to comment or couldn't be reached.
As for Dynegy's management, spokesman John Sousa said the company's opinion on the deal remains the same since its last comments on Wednesday.
At that time, Dynegy Chairman and Chief Executive Chuck Watson said Dynegy was continuing its due diligence and was looking to accelerate regulatory approval of the deal.
According to Sousa, Dynegy worked through the holiday weekend gathering information as part of its due diligence efforts.
Meanwhile, Enron continued its discussions to raise between $500 million to $1 billion of additional financing, said Enron spokeswoman Karen Denne. The company also is working to restructure its debt by mid-December, she said.
But investors appear to be voting with their feet. Enron shares were recently down 18.3%, or 86 cents, to $3.85, while Dynegy shares slipped 2.7%, or $1.06, to $39.34. As a result, the already huge discount to the deal's offer price has grown even bigger as the market continues to signal the deal won't get completed on its original terms.
Under the terms of the transaction, Enron shareholders are to receive 0.2685 of a Dynegy share for each share outstanding, or about $8.98 billion, based on Dynegy's recent stock price.
At Enron's recent level, the stock is trading at a 64% discount to the Dynegy offer.
Neither Sousa or Denne would comment on the stock movement.
Dynegy has already provided Enron with a $1.5 billion cash infusion that is secured by Enron's pipeline assets. While that investment has helped Enron's near-term liquidity position, it remains unclear how long the company can remain solvent without any added investments.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron, Banks Formalize $690M Debt Extension To Dec. 14
By Carol S. Remond and Christina Cheddar

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Of Dow Jones Newswires

NEW YORK -(Dow Jones)- Enron Corp. (ENE) and a group of banks last week formalized an agreement to extend the due date on a $690 million syndicated loan by three weeks to Dec. 14.
The loan relates to one of Enron's consolidated limited partnerships that owns minority interests in power and energy projects around the world. Enron said last week that Standard & Poor's downgrade of its credit rating to "BBB-" had triggered an obligation to repay the loan by Nov. 27.
People familiar with the matter said last week that lead banks J.P. Morgan Chase & Co. and Citigroup Inc. and Enron will use the extension to negotiate a further postponement of the debt to the middle of 2002 when other Enron bank loans come due. About $1.75 billion of Enron's $3.5 billion in syndicated bank loans come due in May 2002 and will likely need to be restructured.
About $250 million of the assets securing the $690 million loan are in the process of being sold and will be used to pay down the loan, reducing the outstanding portion of the loan that will need to be restructured, those people familiar with the matter said.
Enron's shares and bonds continue to suffer from mounting uncertainties about the company's finances and whether those could force one-time rival Dynegy Inc. (DYN) to reconsider its offer to buy Enron, an offer that many see as Enron's only chance to avoid bankruptcy. Enron stock was recently down 18% to $3.84. Meanwhile, Enron bonds are also lower, with the 6.4% bonds due 2004 recently trading at a distressed level of 48 cents on the dollar.
Carol S. Remond; 201-938-2074; Dow Jones Newswires; carol.remond@dowjones.com
and Christina Cheddar; Dow Jones Newswires; 201-938-5166

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Citigroup Has $2.38B Less To Lose On Enron Due To Swaps
By Christine Richard
Of DOW JONES NEWSWIRES

11/26/2001
Dow Jones Capital Markets Report
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Citigroup Inc. (C) is expected to extend a hand to Enron Corp. (ENE) by renegotiating a $690 million payment due Nov. 27.
But investors shouldn't be concerned that the financial services giant is too exposed to the embattled energy trading company. Citigroup already may have laid off the loan and other exposure via a series of credit default swap transactions. That means more institutional investors left holding the bag if Enron isn't ultimately rescued from financial collapse by a takeover proposed by Dynegy Inc. (DYN).
Over the last few years, Citigroup has entered into at least six transactions that effectively would allow the bank to lay off the equivalent of $2.384 billion in Enron exposure.
Citigroup was instrumental in setting up Enron Credit Linked Notes Trust, Enron Credit Linked Notes Trust II and Yosemite Securities Trust I, which together raised $1.750 billion; Enron Sterling Credit Linked Notes Trust and Yosemite Securities Co., which raised a combined GBP325 million; and Enron Euro Credit Linked Notes Trust, which issued EUR200 million.
Citigroup, which acts as the default swap counterparty to the trusts, receives the return on the portfolio of single-A-plus-or-better-rated securities, purchased with the proceeds of the offerings, in exchange for providing the payout on the Enron exposure, according to Mary Ryan, director of synthetic securities ratings at Standard & Poor's.
As long as Enron remains out of bankruptcy, Citigroup continues to make payments on the notes, Ryan said.
If Enron defaults, Citigroup would cease making payments to the trust. The single-A-plus-or-higher-rated securities in the trusts would go to Citigroup in exchange for the same nominal amount of now in-default Enron debt obligations. And with speculation mounting that Dynegy will reduce, or maybe even scrap, its offer to buy Enron, the chances of a such a default-driven transfer would appear to be rising.
These notes essentially are synthetic Enron debts, meaning they act like Enron bonds in many respects, but lack key components that make holders true creditors of Enron.
For instance, the holders of these notes, because they don't possess actual Enron obligations - and won't unless the company defaults - are not involved in negotiations to restructure or rollover debt. It has been reported that Enron is engaged in active negotiations over the terms of its debts with creditors.
The synthetic notes all carry a rating equivalent to Enron's rating of triple-B-minus from Standard & Poor's and Baa3 from Moody's Investors Service.
The rating on the securities has been downgraded in recent weeks to reflect the downgrades in Enron's ratings.
Citigroup officials did not respond to requests for further details on the transactions. -By Christine Richard, Dow Jones Newswires; 201-938-2189;
christine.richard@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Is Sued Over 401(k) Plan; Plaintiffs Seek $850M

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Enron Corp. (ENE) was sued Monday in the latest of at least three purported employee class action suits the company faces over lost 401(k) retirement savings due to the recent collapse of the price of Enron stock.
In a press release Monday, Eli Gottesdiener, a Washington, D.C. attorney who filed the latest suit on behalf of employees, said it seeks $850 million in plan losses, in part because the company sold Enron stock to its employees knowing the price was artificially inflated.
An Enron spokeswoman declined to comment.
Unlike two similar, recently filed suits against Enron, the latest also contends that Enron offered the stock without the required prospectus.
If proven, the sale without a prospectus "give workers the automatic right to rescind their purchases and receive their money back with interest," Gottesdiener said in a statement.
Enron "locked down" the retirement plan from Oct. 17 to Nov. 19, to make administrative changes, which prevented employees from selling Enron shares as the share price collapsed amid growing disclosures of financial problems.
Earlier this month, Houston-based Dynegy Inc. (DYN) offered to buy its far larger competitor in an all-stock deal that values Enron shares at $10.85 a piece, or about $9.2 billion.
Enron later disclosed that its future earnings would be substantially less than expected and shares fell sharply.
Enron currently trades at $4.05 a share, down from their 52-week high of $84.88 a share in December 2000.
The first suit was filed Nov. 13 on behalf of plaintiffs by Campbell Harrison & Wright LLP in Houston. A second was filed last week by Seattle-based Hagens Berman LLP.
-John Seward; Dow Jones Newswires; 201-938-5400

(Corrected 04:34 PM)

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
STOCKWATCH Enron falls 14 pct on mounting concerns over Dynegy deal

11/26/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Shares of Enron Corp were down 14 pct in midsession trading as concerns continued to mount over the energy giant's acquisition by Dynegy Inc, with investors focusing more and more on the deal's breaking clause, dealers said.
At 12.45 pm, Enron shares were trading down 65 cents at 4.06 usd, a decline of 14.0 pct. Dynegy was down 1.60 usd at 38.80, amid broad declines in energy shares as crude prices sank.
The DJIA was up 57.70 points at 9,892.86. The S&P 500 was up 6.24 points at 1,143.27. The Nasdaq composite was up 11.94 points at 1,886.99.
Dealers said that with Enron shares having slid well below the Dynegy offer price of 9.85 usd a share, the ChevronTexaco affiliate may well reconsider its offer, or walk away from the deal all together.
"People are making the bet that perhaps Dynegy may cancel the deal, and that's there a lot more risk in playing the arbitrage," said Jefferies & Co market strategist Art Hogan.
The deal with Dynegy contains a "material adverse change" clause, which could be invoked to call the deal off, he said.
As part of its due diligence, Dynegy is examining details of Enron's filing with the Securities and Exchange Commission last week, which reportedly contained information it had not received previously.
Enron shares have plunged further since the filing, in which Enron revealed a number of new financial problems including a possible obligation to repay a 690 mln usd note due Nov 27.
Enron subsequently received an extension on the repayment until mid-December.
Since the beginning of the year, Enron shares have lost over 90 pct of their value after it was revealed that the company would post hefty third-quarter charges linked to risky investments by the firm's former chief financial officer.
"At this point, with so much smoke around the fire, I think the shares are rightly valued," said Jefferies' Hogan.
ng/gc

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 1-Enron shares slide lower as merger doubts intensify.
By Janet McGurty

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 26 (Reuters) - Shares of troubled energy giant Enron Corp. continued to lose ground on Monday amid fears that the proposed acquisition of the company by smaller rival Dynegy Inc. will fall through.
Enron stock was down 61 cents, or 12.9 percent, at $4.13 in active midmorning trade on the New York Stock Exchange. Dynegy has agreed to pay $10.55 per share for Enron.
"The market is acting like the deal is not going through or not going through at the original terms," said Michael Heim, an industry analyst at A.G. Edwards & Sons.
Heim said that among three possible scenarios - the deal goes through as planned, it is canceled, or it is restructured - the first is the least likely.
"Escape clauses" built into the Dynegy-Enron deal give the buyer the option to back out if there is serious deterioration in Enron's business or assets.
"Dynegy has a good claim that the 'material adverse condition' clause has already been triggered, either by the $690 million loan being accelerated, earnings (being) down or the ongoing trading business weakness," he said.
Last week Enron said it could be forced to pay a $690 million debt this week because of a credit downgrade, but the payment deadline has been delayed until mid-December.
Enron's recent admission that lower volumes at its trading business - the crown jewel that Dynegy most covets - could cause low fourth-quarter earnings raises the possibility that the trading business is losing its profitability. Continued lower volumes there would remove a key attraction for Dynegy.
"Every day that goes by where Enron trading volumes become less, it decreases the value of the assets Dynegy was trying to buy in the first place," Heim said. "Besides trading and marketing, what value does Enron have?"
The majority of Enron's physical assets are spoken for, with partnerships and creditors getting first dibs and Dynegy getting the first right to exercise its option to acquire Enron's Northern Natural Gas pipeline.
Dynegy, which is 26.5 percent-owned by energy giant ChevronTexaco , is to swap 0.2685 share of its own stock for each share of Enron. Shares of Dynegy were down $1.27, or 3.1 percent, at $39.13 in midmorning NYSE trade.
Enron agreed to a Dynegy buyout after it was overwhelmed by a series of problems, including a U.S. regulatory probe of off-balance-sheet dealings by its officers, a $1.2 billion cut in shareholder equity, and cuts in its credit ratings.
Enron subsequently restated its earnings, but investor unease snowballed and its share began tumbling. The shares were above $90 in August 2000.
Heim said he was not sure that EnronOnline, Enron's online trading platform, is the premier property it once was.
"Two years ago it had some value, but now others have been able to duplicate it. It's not the computer systems - it's the traders and network that Enron had. If those go away, the value lessens.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron lawsuit seen as wake-up call for pensions.

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Nov 26 (Reuters) - A Washington, D.C., lawyer said Monday he hopes heavy losses suffered by Enron Corp. employees will spur Congress to limit employee investments in their employers' stock through 401 (k) retirement plans.
"How many workers have to lose both their jobs and their retirement savings before Congress steps in and puts a stop to this by placing a cap on the amount of company stock that can be in a 401 (k) plan?" lawyer Eli Gottesdiener asked.
Gottesdiener released a statement Monday saying he had filed a lawsuit on behalf of employees of the beleaguered energy giant who have lost an estimated $850 million on Enron stock held in their 401 (k) retirement accounts.
The suit is the third one filed against Enron that alleges the company breached its fiduciary duty to employees by encouraging them to invest in its stock at artificially inflated prices. All three suits seek class-action status.
Enron's shares have fallen from a high of $90 in August 2000 to less than $5 today, their decline accelerating since Oct 16 amid a series of disclosures about its deteriorating finances.
Like many other companies, Enron makes matching contributions to its employees' 401 (k) retirement accounts in its own stock. It also requires them to hold the stock they receive in matching contributions until they turn 50.
Enron employees were also prevented from selling Enron stock held in retirement accounts for several weeks from mid-October due to a change in the retirement plan's administrator.
Gottesdiener said investment advisors recommend investing no more than 15 percent of a portfolio in a single stock, but that participants in 401 (k) plans offering employer stock as a choice typically hold 33 percent of their portfolio in that stock.
"Congress sensibly placed a 10 percent limit on company stock in traditional defined benefit plans back in 1974, but at the behest of the corporate lobby, it placed no such cap on defined contribution plans," he said.
The absence of such a cap in defined-contribution 401 (k) plans was "completely indefensible," he said.
Gottesdiener's suit alleges that Enron violated federal securities law by offering and selling Enron stock to employees without issuing a prospectus. If proven, this would give workers the right to reverse their purchases, he said.
Gottesdiener is also involved in class action pensions litigation against New York Life Insurance Co. and SBC Communications Inc..

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: US Corp Bonds-Bonds tighten, analysts fret on Enron.

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
By Jonathan Stempel
NEW YORK, Nov 26 (Reuters) - U.S. corporate bonds outperformed
Treasuries on Monday as traders edged back to their desks
following the Thanksgiving Day weekend, in the midst of a broad
revival for corporate bonds of all stripes.
In secondary trading, spreads, the yield difference between
the bonds and comparable maturity U.S. Treasuries, tightened about
0.01 percentage point.
"I would expect a continuation of the tightening, especially
with Treasury interest rates going up," said one trader. "Absolute
corporate yields are starting to look pretty attractive."
Corporate bonds, especially junk bonds, have outperformed
Treasuries this month as investors developed a new tolerance for
risk. Though absolute returns for investment-grade corporate bonds
are negative, they are even worse in the Treasury market, where
investors appear more convinced that the current U.S. economic
downturn won't be deep or long.
"The successes in Afghanistan and some milder-than-anticipated
economic data have combined to increase investor appetite for
risk," wrote fixed-income research service CreditSights Inc. in a
report dated Monday. "While the severity and swiftness of the bond
market's correction was a surprise, it hasn't changed our basic
view of U.S. corporate bonds and we continue to recommend
overweight positions."
This week's forward calendar remains quiet.
In early trading, 10-year Treasuries rose 10/32, as their
yields fell to 4.971 percent.
ENRON
Market participants are closely watching Houston-based Enron
Corp. as the largest U.S. energy trader tries to merge
with smaller cross-town rival Dynegy Inc. , keep its
investment-grade credit ratings, and manage a load of $9.15
billion of debt and other obligations, much of which is unsecured
and coming due within 13 months.
Of this debt amount, $690 million could come due by
mid-December, and $3.9 billion immediately if Enron falls to junk
status. The key to resolution of this matter, some observers
believe, is Enron's banks.
"The goal of the banks now is to re-cut their exposure to gain
as much structural seniority or asset liens as possible, take out
fees, raise rates, take down total exposure, and generally improve
their risk-profile under multiple scenarios," said CreditSights.
"The very bankers who are supplying liquidity through new
secured bank lines and who are rumored to be considering equity
investments are the ones on the hook (and unsecured) for $3
billion in bank loans," wrote Carol Levenson, an analyst for
GimmeCredit, another fixed-income research service. "If Dynegy
backs out (in the interest of self-preservation), these vital bank
renegotiations might save Enron but leave unsecured bondholders as
the patsies."
Enron's existing 6.4 percent notes maturing in 2006 and 6.75
percent notes maturing in 2009 were bid on Friday at 57 cents on
the dollar, down from around par on October 12, before Enron first
reported third quarter results, which it later revised downward.
Enron shares have fallen 94 percent this year to their lowest
level since early 1989.
DATA
Investment-grade and junk bond spreads narrowed 0.1 and 0.27
percentage point last week, respectively, to 1.68 and 7.84
percentage points, according to Merrill Lynch & Co. Junk bond
spreads have narrowed 1.45 percentage points this month.
For the month, junk bonds have returned 2.996 percent, while
investment-grade corporate bonds have lost 2.355 percent and
Treasuries 3.488 percent, Merrill Lynch said. For the year, the
respective bonds are up 4.777, 9.634 and 6.565 percent.
For a complete list of upcoming or recently priced bond deals,
please click on .

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Petrobras, Petros, close to buying Enron's stakes in CEG/CEG Rio - report

11/26/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
SAO PAULO (AFX) - Petroleo Brasileiro SA and its pension fund Petros are close to winning regulatory approval to purchase Enron Corp's stakes in gas distributors CEG and CEG Rio, daily Valor Economico reported.
Valor said Petrobras last week reached an agreement with the Regulatory Agency for Public Service Concessions of Rio de Janeiro local authorities, under which it agreed to undertake a series of investments in exchange for approval to acquire Enron's 13.38 pct stake in CEG and its 33.75 pct stake in CEG Rio.
It said the deal now passes to Rio de Janeiro governor Anthony Garotinho for approval.
as For more information and to contact AFX: www.afxnews.com and www.afxpress.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
TALES OF THE TAPE: Energy Traders' Perfect Storm Stalls
By Christina Cheddar

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Of DOW JONES NEWSWIRES (This story was published originally Friday)

NEW YORK -(Dow Jones)- Here's one 2001 outlook that couldn't have been more wrong.
Around this time last year, pundits and fund managers were touting "the perfect storm" of market forces that were coming together to make the energy trading business one to watch in 2001.
Then came the California power crisis, and allegations of price-gouging and fears of credit defaults began to cloud the outlook for the group. That was followed by renewed volatility in power prices, and this time the prices were headed down, not up.
And then came a crushing blow against trading firms - the unraveling of the industry's largest player, Enron Corp. (ENE).
Simply put, the perfect storm stalled, and a business once buoyed by high gas prices, strong demand and tight supply now lies in tatters.
The stocks of companies whom some say should be valued more like growth stocks than utilities are instead mired at around nine-times earnings - about where traditional utilities trade.
And the chance for recovery in 2002?
Basu Mullick, portfolio manager of the Neuberger Berman Partners fund, is willing to bet there is. He thinks energy traders deserve at least the same price-to-earnings multiple as the broader market's median, which is currently between 16- to 17-times future earnings, he said. It's just a matter of time before the stocks get there.
"They were just recovering from Gray Davis," Mullick said, referring to the governor of California, who had accused "out-of-state" energy traders of artificially inflating the price of power in the state, and triggering the state's energy crisis. "Now, they are recovering from Enron."
The fund manager also blames lower commodity prices, warm weather and poor demand for the recent weak performance in the group.
"Energy convergence companies are putting up terrific growth rates," he said. "I don't think they should get the same valuation as a garden-variety utility."
Still, others think the stock market is continuing to make distinctions between the energy traders by taking a harder look at the companies' strategies and financial disclosures.
Enron's precarious financial situation underscores the importance of accounting issues. Although many of Enron's financial problems aren't solely the fault of mark-to-market accounting issues, there has been growing attention paid to this form of financial reporting because of the earnings volatility it can create.
Answers Elude Investors

Investors are asking hard questions, and not always getting the answers they want.
Using mark-to-market methods, a company calculates the fair market value of a commodity position - whether it's a contract, an option, a swap, etc. - at the time, even if the value of the position is realized over a longer period. The problem with this method is the actual cash a company realizes from the position might not be the same value the company calculated in its original assessment. Also, sometimes it isn't easy to calculate the fair value of the commodity position. This is particularly true in instances where the market for the commodity isn't liquid.
Over time, companies with the highest level of disclosure regarding their mark-to-market gains will most likely trade at higher multiples to counterparts that provide little or no disclosure, said ABN AMRO Inc. analyst Paul Patterson.
Encouragingly, it appears companies may already be responding to the call for added disclosure. According to a survey Patterson conducted, more companies with energy trading units were willing to disclose the details of their mark-to-market accounting practices during third-quarter conference calls compared with those in the second quarter.
Patterson said he prefers earnings that are cash-based.
"All things being equal, we believe reported earnings that more closely reflect the timely realization of cash have a higher quality associated with them than earnings that do not," he said.
He expects investors to become smarter and learn to distinguish between earnings growth through accrual accounting and growth fueled by mark-to-market accounting.
At the end of the day, it is not a matter of simply producing profits, but being able to say where those earnings came from, said one investor, who manages a pension fund.
Some investors also may be placing a greater emphasis on the cash flow the energy merchants produce.
Tim O'Brien, portfolio manager of the Gabelli Utilities Fund, said energy merchants that own the physical power assets to back up their trading positions should trade at a premium to an independent power producers and traditional utility companies. Still, the stocks should be valued at less than the growth rate of the company because of their heavy exposures to commodity prices.
Energy merchants include companies such as Dynegy Inc. (DYN), Duke Energy Corp. (DUK) and Dominion Resources Inc. (D).
According to O'Brien, the group never deserved to have the price-to-earnings multiples above 20- to 30-times earnings, which were once paid for the stocks.
"We all got sucked up by the up-leg of the cycle and forgot just how cyclical these companies are," O'Brien said, adding that the average multiple should be in the high single-digits to the high-teens.
As for independent power producers - which are companies without regulated operations that own power plants to generate electricity to sell and trade in the wholesale market - the group may wind up being valued on the basis of the replacement costs of the assets in their portfolio, according to O'Brien.
"One analogy is that they are basically like commercial real-estate plays," O'Brien said.
That could mean stocks such as Calpine Corp. (CPN), which is already in the lower-half of its trading range, may have further to fall.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
INDIA: UPDATE 1-India's AV Birla group denies bid for Enron unit.

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
(Recasts with denial, comments from financial institution in paragraphs 5-6)
BOMBAY, Nov 26 (Reuters) - The Aditya Vikram Birla Group, a leading Indian conglomerate, on Monday denied newspaper reports it was looking to buy U.S. energy giant Enron Corp's 65-percent stake in the beleaguered Dabhol Power Company.
"There has been no expression of interest in Dabhol. We are not interested," a top AV Birla group official told Reuters.
Two leading Indian business dailies earlier said the group, whose interests range from textiles to cement and carbon black, is eyeing Dabhol to expand its interests in the domestic power sector.
The Economic Times and the Financial Express said the group was exploring the possibility of submitting an expression of interest to Indian financial institutions to buy Enron's stake in the company.
An official of state-run Industrial Development Bank of India, the leading financier of the $2.9 billion project in the western state of Maharashtra, said he has not heard from the Birla group.
"We have not received any official communication from them," the official, who did not wish to be identified, told Reuters.
The spokesman for Dabhol was not available for comment.
FIGHTING FOR SURVIVAL
Enron Corp, which is fighting for survival in the United States amidst investor doubts over its corporate governance practices, owns 65 percent of Dabhol. General Electric Co and Bechtel own 10 percent each, while the Maharashtra State Electricity Board (MSEB) owns 15 percent.
Dabhol and MSEB have been fighting over payment defaults and high tariffs for over a year. The dispute has affected India's efforts to attract foreign investment in the power sector and caused Enron and its U.S. partners to announce plans to exit the project.
Tata Power Company Ltd, India's largest private sector utility firm, and BSES Ltd, another utility company and a member of India's largest conglomerate, the Reliance Group, are already in talks to buy Enron's stake.
The AV Birla Group has adopted the route of mergers and acquisitions in recent years to consolidate its position in key industries.
Last week, one of its group companies, Grasim Industries Ltd, bought a 10-percent stake in India's largest cement maker, Larsen & Toubro Ltd
Earlier this year, Indian Rayon & Industries Ltd, another group company, entered the information technology sector by buying out France's Groupe Bull SA's 50.35 percent stake in PSI Data Systems
But the group's track record in the power sector has been less than impressive.
Two joint ventures with Britain's Powergen Plc to produce over 1,000 megawatts of electricity in two Indian states have not made much headway since they were announced in the mid-1990s.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron's Stock, Bonds Drop on Concern for Dynegy Bid (Update8)
2001-11-26 16:45 (New York)

Enron's Stock, Bonds Drop on Concern for Dynegy Bid (Update8)

     (Adds analyst comment in 4th paragraph.)

     New York, Nov. 26 (Bloomberg) -- Enron Corp.'s stock price
declined to a 14-year low and its bonds plunged 10 points on
concern the company won't secure $1 billion in fresh capital,
threatening its plan to be acquired by Dynegy Inc.

     ``The clock is definitely ticking,'' said Jon Kyle
Cartwright, a debt analyst at Raymond James and Associates. ``The
question is the survivability of Enron.''

     J.P. Morgan Chase & Co. and Citigroup Inc. executives met
today to line up investors for as much as $2 billion of bonds
convertible into stock. The company needs the money to operate
until Dynegy completes its $23 billion purchase. Dynegy unveiled
its plan to make the acquisition on Nov. 9.

     Enron shares and bonds, which opened lower, tumbled after 1
p.m. when no announcement for fresh financing was made. Enron's
6.4 percent notes that mature in 2006 plunged to 48 cents on the
dollar, down from 55 cents on Friday. The bonds now yield 26
percent. Enron shares declined 15 percent, or 70 cents, to $4.01.

     Concern that rival Dynegy may change or cancel its bid for
Enron has pushed Enron's stock down 55 percent in the past week.
Enron's shares had plummeted 86 percent since mid-October after
the company reported a $618 million third-quarter loss and said
expansion into water, telecommunications and retail-energy sales
cost it $1.01 billion.

     ``You haven't heard anything from Dynegy today, and that is a
bit scary,'' said Andy Palmer, who doesn't hold Enron bonds in the
$2 billion he helps manage at ASB Capital Management Inc. in
Washington.

     Part of the third-quarter charge was connected with limited
partnerships run by the chief financial officer. He was ousted,
and the U.S. Securities and Exchange Commission started an
investigation into Enron's accounting. The company earlier this
month restated its earnings for the past four years.

                        Talks on $1 Billion

     Under the buyout, Enron investors would receive 0.2685 Dynegy
share for each share held. That valued Enron at $10.41 a share, 21
percent more than Enron's share price that day.

     On Friday, the buyout valued Enron at $10.85 a share, more
than double Enron's closing price of $4.71. The widening of the
difference between the value of the offer and Enron's stock price
indicates investors doubt the buyout will go through.

     Shares of Enron traded as low as $3.76 today, rebounding to
close at $4.01. The stock was the most active in U.S. trading
Wednesday and Friday. Dynegy dropped $1.15, or 2.85 percent, to
$39.25. The stock has fallen 30 percent this year. Both companies
are based in Houston.

     Egan-Jones Ratings Co. lowered its rating on Enron's credit
today to ``BB-'' from ``BB.'' ``Dynegy needs to show its support,
or Enron will slide,'' the firm said in a report.

     Moody's Investors Service hasn't issued a report on Enron
since the company filed its 10-Q quarterly report with the SEC a
week ago. The ratings agency's analysts haven't returned calls for
comment.

     Moody's cut Enron's long-term credit rating on Nov. 9, though
it maintained an investment grade.

                          `More Problems'

     ``Time is not Enron's friend,'' said Stewart Morel, co-head
of investment grade debt research at UBS Warburg LLC. ``There is
increased concern in the market that there may be more problems
that are yet to be disclosed.''

     On Wednesday, Enron got a three-week reprieve from lenders on
a $690 million note due this week, giving the company more time to
restructure its finances. Dynegy Chief Executive Officer Chuck
Watson said he was ``encouraged'' by the commitment to extend the
note payment, as well as the closing of a $450 million credit
facility, and that Dynegy remained committed to the merger.

     Terms of the $690 million note were outlined for the first
time in the Enron filing a week ago. Enron also said that it has
less than $2 billion in cash and credit lines left. If the
company's cash reserves run too low, Enron's credit rating may be
cut below investment grade. That would trigger $3.9 billion in
debt repayments for two affiliated partnerships.

     Enron said in the filing that fourth-quarter profit might be
hurt by a drop in its trading business. Companies such as Aquila
Inc. and Mirant Corp. have reduced their activity with Enron
because of credit concerns.

     ``Should the Dynegy deal fall through, we don't view it
likely that Enron would be able to remain as a stand-alone
company,'' Youngberg of Edward Jones said. ``Without Dynegy, the
credit rating will fall, causing their trading business to dry up
further.''

     Enron, the biggest energy trader, once handled about a
quarter of U.S. gas and power transactions.

     Enron's bankers met with leveraged buyout firms and two
industrial companies to seek an investment, the New York Times
reported last week. J.P. Morgan Chase & Co. and Citigroup Inc.
agreed to terms that give each of them a $250 million equity stake
as part of a transaction to be completed today.

Dynegy Bonds Slip as Enron Purchase May Harm Credit Rating
2001-11-26 15:16 (New York)

Dynegy Bonds Slip as Enron Purchase May Harm Credit Rating

     New York, Nov. 26 (Bloomberg) -- Dynegy Inc. bonds have
fallen as much as 9 percent this month on investor concern the
energy trader's proposed $23 billion purchase of rival Enron Corp.
will erode its credit rating.

     Dynegy's 6.88 percent coupon notes due in 2011 are trading at
$932 per $1,000 face value, down from $1,024 last month, according
to Merrill Lynch & Co. data. Yield on the debt has risen to 7.9
percent from 6.5 percent as investors demand more return to
compensate for the increased risks of the securities.

     Dynegy's credit is rated ``Baa3'' at Moody's Investors
Service, the lowest rung of investment grade, and ``BBB+'' at
Standard & Poor's, two levels higher. Each ratings company said it
may cut Dynegy's credit rating if it buys Enron, which comes with
about $15 billion in debt and a regulatory inquiry into financial
partnerships set up to keep debt off its books.

     ``If you put Dynegy and Enron together it will have a
detrimental effect on Dynegy's credit rating,'' said Tim Nelson,
senior credit analyst at U.S. Bancorp Piper Jaffray Cos. in
Minneapolis, which holds Dynegy bonds.

     Dynegy's 7.45 percent coupon notes due in 2006 are trading at
$1,019 per $1,000 face value, down from $1,085 last month,
according to Merrill. The notes yield almost 7 percent, up from
5.4 percent.

     Enron's credit is rated ``Baa3'' at Moody's and ``BBB-'' at
S&P, the lowest level of investment grade. Both ratings companies
are reviewing the credit for a possible downgrade and say Dynegy's
buyout plan is what's keeping the grades above junk.

     ``I don't think right now anybody knows exactly what Enron
is,'' said Mark Simenstad, who holds Dynegy bonds in the $5
billion he helps manage at Lutheran Brotherhood.

     ``Dynegy has proven to be pretty well-managed over the years
so you have to give them the benefit of the doubt here,''
Simenstad said. ``The hope is that if there's something they don't
understand they'll walk away.''

     Dynegy has $3.9 billion of bonds outstanding, most of which
come due between 2002 and 2011, according to Bloomberg data.

     Shares of Houston-based Dynegy, which topped $47 two weeks
ago after Chief Executive Chuck Watson said the Enron purchase
would boost earnings by at least 35 percent next year, fell $1.30
to $39.10 in mid-afternoon trading today. Enron's shares, down 92
percent this year, fell as much as 80 cents, or 17 percent, to
$3.91, a the lowest since 1987.

ENRON SHARES SLIDES TO ALL-TIME LOW

By CBS.MarketWatch.com

4:53 PM ET Nov 26, 2001

HOUSTON (CBS.MW) -- Enron shares fell as much as 20 percent Monday,
crashing through the $4 level for part to set an all-time low and cast
additional doubt on the energy merchant's plan to be acquired by rival
Dynegy.

Enron (ENE) set a new all-time low of $3.76 Monday afternoon before
closing at $4.01, off 70 cents. More than 60 million shares changed
hands, making it the most active issue on the New York Stock Exchange.

The stock has lost about half its value since Dynegy announced an
agreement to buy Enron on Nov. 9 and more than 85 percent of its value
in the past month.

Meanwhile, shares of Dynegy (DYN) lost $1.15, or 2.8 percent, to stand
at $39.25.

The collapse in Enron's share price has made it more likely that Dynegy
and Enron will have to renegotiate the terms of their original deal, in
which 0.2685 of a Dynegy share would be exchanged for each outstanding
Enron share.

However, the Financial Times reported that Dynegy remains confident of
its ability to complete a deal for Enron, which has been seeking $500
million in private equity capital to shore up its finances.

"We continue to hear reports the Enron's energy marketing and trading
business, once the crown jewel of the company, has eroded badly with
counterparties only willing to do shorter-term deals," A.G. Edwards
& Sons analysts Charles Fishman and Douglas Fischer wrote in a
research note Friday.

Enron investors do not believe that the merger is likely to occur under
the current terms, the analysts said.

Chance of Dynegy backing out

_______________________________________________________________________

On Monday, Michael Heim, also of A.G. Edwards, attributed Enron's
latest stock drop to "growing belief that the likelihood of the (merger)
deal is not so likely."

He pointed out that the outlook for Enron is "not very favorable" but
in the meantime, it's doing everything it can to stay "afloat" while
working on closing the deal.

Last week, Enron said it got a bank extension on a $690 million note to
mid-December. The note was originally set to come due in 2003, but was
bumped up to Nov. 26 due to a rating downgrade at Standard & Poor's.
<http://cbs.marketwatch.com/news/story.asp?guid=%7B81418CA4%2D11A5%2D4C7C%2DA602%2DCF3DA4BCAA7B%7D>

The payment by itself is manageable because Enron has about $2 billion
in cash on its hands, Heim said, but "the event moves Enron's merger one
step closer to the point in which Dynegy is able to exercise the
merger's material adverse condition clauses and back out of, or
restructure, the merger deal."

Heim has a "sell" rating on the stock.


Attached is the Weekly Deal  Report for 11/22/01.

Lex Carroll
Enron East Power Marketing, Inc.
Midwest Origination
713-853-5426


Here are some quick and dirty ideas on the ISO report and FERC filing.  I'm
just reading it, so something more will come later.

Gov Davis is trying to divert attention from his bad public policy ideas.
A significant reason that prices are high and continue to be high is that the
ISO is expecting people to sell when they have no idea whether they will be
paid.
The Governor, the ISO and the EOB have all failed to acknowledge that simple
fact.  When there is a huge risk of receiving payment, a rational seller
would include some risk premium in the price. Like a bank offering credit
cards at higher interest rates to people with shakey credit.
The ISO is not paying its bills and has lost its creditworthy status.
THE ISO REPORTAND FERC FILING DO NOT HAVE ONE WORD IN THEM ABOUT THIS CREDIT
ISSUE.
The ISO's report evaluates components of sellers' "costs" and calculates
purported "unjust and unreasonable" prices, all without mentioning the
creditworthy status of the ISO or the risk of doing business with a
non-creditworthy party.
Of course, this whole problem could have been avoided or greatly reduced, if
Governor Davis had taken action when it was first identified as a problem in
August, 2000.
Governor Davis has still not addressed this very basic and pressing issue.
His idea to purchase the transmission system doesn't solve the problem and
takes time and resources.  Lots of them.
By the way, the ISO's statement that it is entitled to the data is really a
FERC issue and FERC will decide.  FERC did not order this and the ISO wants
FERC to order it.  We don't usually hold press conferences about FERC issues
of this nature.
This whole debate/disagreement does nothing to (1) increase supply, (2)
decrease demand or (3) solve the creditworthy status of the ISO or the
utilities. So, why are we spending time on it?

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