tejas is complete... O

 -----Original Message-----
From: 	Severson, Russ
Sent:	Wednesday, January  16, 2002 10:49 AM
To:	Keiser, Kam; Love, Phillip M.; Winfree, O'Neal D.; Palmer, B. Scott
Subject:	FW: Updating Curve Files to New Environment

The IT group would like to turn off the replication of curves tomorrow.  Have all the ESTATE curve files been converted per the
instructions below.  Any file that has not been updated will not be able to load curves effective Thursday.

If there is any problem with this timing, please contact me.

Thanks
Russ
x37386
 -----Original Message-----
From: 	Severson, Russ
Sent:	Monday, January 14, 2002 5:31 PM
To:	Keiser, Kam; Love, Phillip M.; Winfree, O'Neal D.; Palmer, B. Scott
Cc:	Gossett, Jeffrey C.
Subject:	Updating Curve Files to New Environment

Currently the curves are being published into the old production database and are being replicated to the new Estate environment.

Here are the steps to migrate the Curve files to the new env.

1)	Load new ODBC driver utilizing script provided
      A) Go to ( Start\Programs\System Utility Applic \ Installation&Diskette Creation)
     Double click on "ODBC DSN Entries for ERMT & ESTERMTP"
              This will load the correct ODBC on your machine

  2)   On the Publish tab in the Curve File sheet.
Change the environment name on the 5th row to estermtp
Change the service name on the 5th row to 7550

3) Then hit the  << OLE Object: Picture (Metafile) >>  button on the publish sheet and save the new file.
If the sheet does not have the button, just save the file, close it, and bring it back up.

4)	Save your curves as normal

5)	Any questions or problems, please give me a call

Russ
X37386


Stinson ,Vince ,Zimin,

Here's a brief document on constraints on the shape of a smile for a fixed
expiry date.
the constraints are neccessary and sufficient for no arbitrage in this case.
I've used a template created by Dr. Leppard which is why it looks so scary.

If you need constraints in the time direction then I will have to think a
little bit more about it.
I think constraints in this direction are very model depenendent e.g.
stochastic volatility and local volatility models
will throw up different constraints.

Steve,
I am not sure if our traders (or quants for that matter) are aware of these
constraints
and some desks are beginning to build smiles...

Regards
Sharad


I am in and Sep 9 works for me , I will be out of town for Labor Day weekend.
late morning or early afternoon is the best time for me on the 9th

Dutch

 -----Original Message-----
From: 	"Michael Currie" <mcurrie@TCTA.org>@ENRON [mailto:IMCEANOTES-+22Michael+20Currie+22+20+3Cmcurrie+40TCTA+2Eorg+3E+40ENRON@ENRON.com]
Sent:	Friday, August 10, 2001 4:58 PM
To:	johnsogc@bp.com; michael.deluke@us.pwcglobal.com; b_sting91@excite.com; jeff_smith@afcc.com; Quigley, Dutch; j_andrew_reynolds@yahoo.com; kevin.crawford@sfx.com; klyn@pdq.net; dgski@msn.com; kejo66@yahoo.com; abuse@msn.com; ckiske@austin.rr.com; Kiske-business@austin.rr.com; Ty.Servello@cs.oag.state.tx.us
Cc:	mgoblue1@yahoo.com
Subject:	Fantasy Football

Yes that time has come upon us again - fantasy football for the 2001 season.
I'm sure I echo everyone's feelings about the loss of Rick Pearce.  It's
been a tough summer because of it.  Since Rick took care of much of the
Commissioner's duties the past few years, we are in a void.  That being
said, I want to start this process of keeping our league intact.  Please
respond as quickly as possible and let me know your intentions as far as

(1) playing in the league
(2) preference for a draft date (September 1 which is Labor Day Weekend, or
September 9)
(3) anyone you know who might be interested in joining the league.

Thanks

Michael Currie
Barking Spiders

mcurrie@tcta.org
mgoblue1@yahoo.com


Paul Kaufman has asked me to set a conference call to review the FERC Meeting
that was held Thursday, Nov. 9th.

Please be advised that I have set the call as follows:

Date:  Monday, Nov. 13th
Time:  11:30am / 1:30pm Central / 2:30pm Eastern
Call In #: 888-422-7132
Pin #:  411507

Pin # for Paul Kaufman ONLY: 362416

If you have any questions, please call 503/464-7927.

Lysa Akin
Ass't. to Paul Kaufman


I have a child care issue that day -- but I'll try to work it out so I
can be there.

-----Original Message-----
From: Scott Govenar [mailto:sgovenar@govadv.com]
Sent: Tuesday, August 28, 2001 9:44 AM
To: Hedy Govenar; Bev Hansen; Susan J Mara; Jeff Dasovich; Kaufman, Paul
Cc: Joseph Alamo
Subject: Latino Caucus

The Latino caucus would like to have dinner with us in Sacramento on
September 4. The total number of caucus attendees will be dictated by
how
many of us can make it.  They will do the coordination.  Any takers?
The
African American caucus has contacted us as well and they are trying to
determine a date and time for either a dinner or a lunch.  They will do
the
coordination.

Scott


Please prepare and send a termination letter by tomorrow March 16, 2001 on
the above referenced deal.  Houston Pipe Line Company has not renegotiated a
price and have no interest in buying the gas on an evergreen basis.  It is my
understanding that we need to notify them within 10 days of the end of the
delivery period

.  If you need any additional information or have any questions, please
contact me at 35656.  Thanks.  EMV


The Cost of  Children
I have seen repeatedly the breakdown of the cost of
raising  a child, but this is the first time I have seen the
rewards listed this way.  It's nice, really nice!
The government recently calculated the cost
of raising a child from birth to 18 and came up with
$160,140! That  doesn't even touch college tuition.
For those with kids, that figure  leads to wild fantasies about
all the money we could have banked if not for  (insert your child's name
here).
For others, that number might confirm  the decision to remain childless.
But $160,140 isn't so bad if you break  it down. It translates
into $8,896.66 a year, $741.38 a month, or $171.08 a  week.
That's a
 mere $24.44 a day! Just over a dollar an hour.
 Still, you might think the best financial advice says don't
 have children if you want to be "rich". It is just the opposite.
 What do you get for your $160,140?
Naming rights.  First, middle, and last!
 Glimpses of God every day.
 Giggles under the covers every night.
 More love than  your heart can hold.
  Butterfly kisses and Velcro hugs.
 Endless wonder over rocks, ants, clouds, and warm cookies.
 A hand to hold, usually covered with jam.
 A partner  for blowing bubbles, flying kites, building
 sandcastles, and skipping  down the sidewalk in the pouring rain.
 Someone to laugh yourself  silly with no matter what
 the boss said or how your stocks performed  that day.
 For $160,140, you never have to grow up.
 You get to finger-paint, carve pumpkins, play hide-and-seek,
 catch lightning bugs, and never stop believing in Santa Claus.
 You have an excuse to keep: reading The Adventures of Piglet
 and Pooh, watching Saturday morning cartoons, going to Disney
 movies, and wishing on stars.
 You get to frame rainbows,  hearts, and flowers under
 refrigerator magnets and collect spray  painted noodle
 wreaths for Christmas, hand prints set in clay for
 Mother's Day, and cards with backward letters for
 Father's  Day.
 For $160,140, there is no greater bang for your buck.
 You get to be a hero just for retrieving a Frisbee off the
 garage roof, taking the training wheels off the bike, removing a
 splinter, filling the wading pool, coaxing a wad of gum out of
 bangs, and coaching a baseball team that never wins but always
 gets treated to ice cream regardless.
 You get a front  row seat to history; to witness the first step,
 first word, first bra,  first date, and first time behind the wheel.
 You get to be  immortal.
 You get another branch added to your family tree, and
 if you're lucky, a long list of limbs in your obituary called
 grandchildren.
 You get an education in psychology,  nursing, criminal
 justice, communications, and human sexuality that no
 college can match.
 In the eyes of a child, you rank  right up there with God.
 You have all the power to heal a boo-boo,  scare away
 the monsters under the bed, patch a broken heart,
 police a slumber party, ground them forever, and love
 them  without limits, so one day they will, like you,
 love without counting  the cost.
 ENJOY YOUR KIDS (and grandkids) !!!!!!


Bob:  we would be looking at El Paso and Northwest Pipelines.  Thanks.


OUTLOOK Enron Q3 EPS 43 cents vs 34
AFX News, 10/11/01
UK: UPDATE 1-Rothschild exits base metals, precious unaffected.
Reuters English News Service, 10/11/01
INDIA: London court gives Enron India unit respite in row.
Reuters English News Service, 10/11/01
ECUADOR: Three firms accept Ecuador oil contracts at WTI-$6.97.
Reuters English News Service, 10/11/01
UK: Asian clean tanker freight seen falling - brokers.
Reuters English News Service, 10/11/01
JOBS
South Florida Sun-Sentinel, 10/11/01

OUTLOOK Enron Q3 EPS 43 cents vs 34

10/11/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

NEW YORK (AFX) - Enron Corp is expected to report next Tuesday third-quarter earnings per share of 43 cents, compared with 34 cents a year earlier, according to the First Call/Thomson Financial consensus of 17 brokers.
The integrated energy company is expected to meet near-consensus results driven by its wholesale services division, analysts said.
Montgomery Securities analyst Daniel Tulis is calculating third-quarter EPS of 42 cents, 1 cent below consensus.
Full-year EPS stands at 1.85.
Enron's third quarter was marked by the unexpected departure of chief executive Jeff Skilling, for personal reasons, with Chairman Ken Lay reassuming the key position.
Lay is likely to remain in the position until it is filled within 12-18 months, Tulis said.
The company remains embroiled in arbitration proceedings in India after its 2.9 bln usd Dabhol power plant in India was closed. The plant's sole client, the Maharashtra State Electricity Board (MSEB), failed - and later refused - to pay bills that now total about 45 mln usd.
blms/gc For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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

UK: UPDATE 1-Rothschild exits base metals, precious unaffected.
By Andy Blamey

10/11/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Oct 11 (Reuters) - Blue-blooded banker N M Rothschild & Sons Ltd said on Thursday it would shut down its base metals trading operations except in Australia - the third base metals trader this week to announce cutbacks.
Rothschild remains firmly committed to its precious metals activity, however, company managing director and group treasurer Geoffrey Spice told Reuters.
The company, the merchant banking arm and UK branch of the Rothschild family's financial empire, chairs the twice-daily benchmark price-setting London gold fix.
"In light of difficult trading conditions in the base metals markets, we have concluded that our limited base metals operation is no longer viable," company Chairman Sir Evelyn de Rothschild said in a statement.
"We've been reviewing the situation for quite some time. We've found that trading conditions (in base metals) have been difficult and opportunities have been limited," Spice said.
Rothschild would not be taking on any new positions in base metals but would see existing positions on its books through to fruition, according to clients' wishes, he said.
Rothschild is a category 2 (associate broker clearing) member of the London Metal Exchange (LME); the company would maintain its LME membership while existing positions run their course and would review it in due course, Spice said.
The move to exit base metals will involve the closure of Rothschild's metals sales desk in New York and a number of redundancies in the London and New York trading, sales and support areas, the company said.
Employees were informed of the decision on Thursday afternoon; around 20 Rothschild staff in total would be affected by the move, Spice said.
The company's Australian base metals activities would continue as normal, however, he added.
"Australia has a very strong franchise and will continue to operate in the base metals market," he said.
The Rothschild move follows news this week that the Bank of Nova Scotia will scale back its base metals trading desk and that Enron Metals plans to cut around 10 percent of staff as a part of a Europe-wide job cut programme.
Base metals traders have been struggling in recent months in the face of falling business volumes and sagging metals prices as continuing economic gloom and uncertainty after the September 11 attacks on the United States leave buyers sidelined.
PRECIOUS METALS STRONG
Spice stressed, however, that the company's precious metals operations would continue as normal.
"We have a very strong position in precious metals which will not be affected in any way," he said.
"N M Rothschild remains strongly committed to our core business in precious metals and continues to be at the forefront of spot, forward and option bullion markets and a leading member of the London Bullion Market Association," the company statement said.

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

INDIA: London court gives Enron India unit respite in row.

10/11/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, Oct 11 (Reuters) - The Indian unit of U.S. energy major Enron Corp . said on Thursday it had obtained a ruling from a London court preventing a provincial government from legally challenging international arbitration proceedings.
Enron's Indian unit, Dabhol Power Company, has taken a local Indian utility to the International Court of Arbitration in London for a breach of contract.
The utility, the Maharashtra State Electricity Board, had signed a contract to buy the output from Dabhol's $2.9 billion power plant on the western coast of India. It later said it did not need all the power from the 2,184 MW plant, and that it was too expensive.
But a local regulatory authority, the Maharashtra State Electricity Commission, said the power company's dispute with the utility fell within its ambit, and that Dabhol could not proceed with the arbitration. This sparked a round of litigation, which is now at a stage where the Bombay High Court must decide whether Dabhol can take the dispute to London.
In order to prevent more litigation, Enron obtained an injunction from the Commercial Court in London which restrains the government of Maharashtra, which owns the utility, from also filing a suit in India challenging the international arbitration proceedings.
"Over the past few months, the government of Maharashtra and other government entities have taken actions to avoid complying with their contractual obligations," Dabhol said in a statement received late on Thursday. "This has frustrated the rights of international investors that were legally agreed to by the relevant parties several years ago."
Government officials were not be reached for comment.

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

ECUADOR: Three firms accept Ecuador oil contracts at WTI-$6.97.

10/11/2001
Reuters English News Service
(C) Reuters Limited 2001.

QUITO, Ecuador, Oct 11 (Reuters) - Anglo Energy, Enron and Rio Energy agreed to match the price of $6.97 below West Texas Intermediate (WTI) for Ecuador crude contracts for November, a Petroecuador official said Thursday.
Petroecuador last week retendered eight three-month crude contracts, each for 12,000 barrels per day (bpd), following a price dispute with former contract holders that led Ecuador's state oil company to break the contracts.
The company awarded Coastal Petroleum two contracts on Friday at WTI minus $6.97, with a floor price for WTI at $20 per barrel, and offered other interested companies the chance to match this price for November.
Petroecuador will set the price of Ecuador's crude for December and January.
Anglo Energy will take two contracts while Enron and Rio Energy will take one contract each, the official said on the condition of anonymity.
It was not immediately clear what would happen to two crude contracts sought by Glencore. Glencore had yet to respond to the offer on Thursday, the source said.

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

UK: Asian clean tanker freight seen falling - brokers.

10/11/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Oct 11 (Reuters) - Asian petroleum product trades are likely to benefit from falling freight costs next week, as a raft of surplus tankers makes its way towards Singapore, tanker brokers said on Thursday.
"There's a lot of ships ballasting down from Japan, arriving from the middle of next week onwards," said a Singapore broker. "From October 15 to 20 there will be eight to 10 ships in the area. Rates will fall further."
He said that intra-Asian freight rates had already started to slide from a spike that topped W280 at the start of the week to W260 on Thursday ($17.52 per tonne).
He said that transpacific trade, which often serves to tighten up the intra-Asian market, was dead.
"The only arbs that are open are gasoline to Singapore from Europe and jet going the other way," he said. "Cargill did 35,000 tonnes from Malacca to UK-Cont on the High Challenge: we're guessing jet."
London brokers said Enron had also booked a ship, the Teekay Freighter, to shift 70,000 tonnes of gasoil from Jamnagar, India to Europe.
Brokers said that the Mideast Gulf trade, which occasionally sucks surplus ships out of Asia, was also quiet. Glencore booked two tankers for 40,000 tonne clean cargoes from Yanbu to East Coast India at W235, down 15 points on week-ago levels.
"Long Range trades from the Gulf are quiet," said a London broker. "Nothing's happening so it's difficult to know where rates stand, but basically it's going down."
A panel of brokers from London's Baltic Exchange pegged the naphtha trade on 75,000 tonners from the Gulf to Japan at W189 late on Wednesday, following a fall of eight points from week-ago levels.

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

LOCAL
DANIA RESIDENTS POKE HOLES IN PIPELINE PLAN
David Fleshler Staff Writer

10/11/2001
South Florida Sun-Sentinel
Broward Metro
3B
(Copyright 2001 by the Sun-Sentinel)

A proposal to build a natural gas pipeline from the Bahamas to Broward County drew harsh reviews Wednesday from an audience in Dania Beach.
Not a single speaker spoke in favor of the project, although one or two were neutral, during a public workshop held by the Federal Energy Regulatory Commission at the I.T. Parker Community Center.
"It is totally insane to put a high-pressure natural gas pipeline through such a densely populated area," said Susan Epps, of Oakland Park. "The loss of life and property if there would be an accident would be catastrophic."
The commission is preparing an environmental impact statement for the project. More workshops will be held once a draft is ready. The process is expected to take several months.
Enron Corp. of Houston proposed the pipeline as a way to meet the state's growing demand for natural gas, a relatively clean and increasingly popular fuel for power plants. Two other companies have made similar proposals.
Enron's representatives say construction of the pipeline would do minimal damage to the coral reefs in its path. And it is an extremely safe way to transport natural gas.
But few people in the audience saw it that way.
Dan Clark, a member of a Broward County group that monitors the health of coral reefs, said that the company's representatives painted too rosy a picture of the project's impact on coral reefs by claiming that drilling a path under the reefs would leave them unharmed.
"What they failed to tell you is that they're going to have to assemble the pipe across the second reef and drag it across the second reef," he said. "At a time when we're losing these habitats, we don't want to lose any more, willingly."
Some speakers questioned the wisdom of bringing in another source of fossil fuels, however clean it may be, rather than putting more effort in conservation and renewable energy.
"Why don't we regulate people's use of energy?" asked Judy Kuchta, of North Beach in Hollywood. "Why do people have to waste energy playing stupid video games and watching mindless TV?"
Several speakers worried about the project's effects on John U. Lloyd State Park, a popular beachfront park under which the pipeline would run.
"The park simply can't sustain the additional degradation of pipeline construction and operation," said Sara Case, speaking for Save Our Shoreline, a Hollywood conservation group. "The beach is one of Broward County's most important sea turtle nesting areas. Shore birds are attracted to the park. We simply find it difficult to believe that significant environmental damage is not inevitable from this monumental project."
David Fleshler can be reached at dfleshler@sun-sentinel.com or 954- 356-4535.

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

BUSINESS
JOBS
Bloomberg News

10/11/2001
South Florida Sun-Sentinel
Broward Metro
3D
(Copyright 2001 by the Sun-Sentinel)

Enron Corp., the largest energy trader, plans to cut as many as 500 jobs in Europe, or as much as 10 percent of its work force there, to reduce costs and boost profit.
The company has 5,000 workers in Europe and plans to trim jobs by 5 percent to 10 percent. "Business continues to grow in terms of traded volumes and numbers of transactions, but like any company, we are constantly seeking ways to do more with less," John Sherriff, chief executive of Enron Europe, said.

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


This FRIDAY, DECEMBER 8, 2000 (5:00 p.m. CST) is the deadline for deferral
program enrollment.  Following the deadline, no new elections or changes to
existing elections will be accepted.
To learn more about your deferral program opportunities and to enroll for
2001 deferrals, access eHRonline at http://ehronline.enron.com.  (Call the
ISC Help Desk at 713-345-4727 if you need your ID or password to access the
system.)

1. Review the program descriptions (attached to the Election Form) before you
make your elections.
2. If you decide to defer compensation, complete the Election Form before
Friday, December 8,  2000, 5:00 p.m. CST (the enrollment deadline).
3. Print your 2001 Election Form and Confirmation Statement right from the
web site and you,re   finished!

DEFERRAL ENROLLMENT 2001--ADDED VALUE FOR YOUR FUTURE