Here's How You Can Have a Brand New
AAA Credit Profile Created in 24 Hours!
Guaranteed!
The Best Part is... It's 100% Legal, 100% Ethical, and Fully GUARANTEED!CLICK HERE FOR FREE DETAILS!

This email was sent to you by Coconut Bay Marketing Services in full compliance with all existing and proposed email legislation.
You may automatically remove yourself from any future mailings by clicking here.  The reply address on this email was active at
the time this email was sent. Coconut Bay Marketing Services, SJO3016 PO Box 025216, Miami, FL 33102 tel:011-506-296-1109


Mary:
Let's do lunch on the 15th whether or not Sara can make it.  I'm anxious to
hear about how things are going.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com

	Mary Cook
	10/31/00 08:45 AM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc: Sara Shackleton/HOU/ECT@ECT
		 Subject: Re: Open Lunch Dates

Nov 15 or 17 looks good to me.  How about you Sara?  mary

Enron North America Corp.
Mary Cook
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com

	Carol St Clair
	10/30/2000 10:36 AM

		 To: Mary Cook/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Open Lunch Dates

Sara and Mary:
Here are some dates in the next 2 weeks that work for me for lunch:

Next week - Monday, Wednesday and Friday
Week of November 13th - Monday, Wednesday, Thursday, Friday

Let me know what works for you.  Look forward to hearing from you.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


It's really me!!!!

Where are you nowadays?

Where have you been?

What have you seen?

Inquiring minds want to know!

I don't know if you have corresponded with Flet lately, but he is officially
a short timer.  Looks like he's the proud owner of Midwest Power now that
John Z. has taken off for the Great White North (Calgary).

On a completely different note, Sandra is still waiting for her postcards.
Apparently you promised to send a postcard every week or something.

Oh, by the way, Martin and Kevin are officially married now.  And Robin is in
Toronto awaiting the fateful day.

That's about all for now.

Looking forward to hearing from you.

Big Lew


-----Original Message-----
From: 	Ward, Kim S (Houston)
Sent:	Thursday, October 11, 2001 12:04 PM
To:	Angie Conner (E-mail); Ann Sutton (E-mail); Brad Fagan (E-mail); Cathy Pocock (E-mail); Chris Todd (E-mail); Christopher Smith (E-mail); Cindy Tarsi (E-mail); Dave Breish (E-mail); David Hutchens (E-mail); David Payne (E-mail); Elizabeth Jordan (E-mail); Eric Strickland (E-mail); Gayleen Barrett (E-mail); Ginger& Michael Brown (E-mail); Harriet Turk (E-mail); Herman Green (E-mail); Slone, Jeanie; Jerry Ward (E-mail); John Schilke (E-mail); Kathy Wright (E-mail); Karla Dailey (E-mail); Linda Ward Elam (E-mail); Lisa Rosenberg (E-mail); Melissa Reese (E-mail); Matt Mitten (E-mail); Mike & Rosalia Nolan (E-mail); Mike Wardell (E-mail); Monica Padilla (E-mail); Natalie & Bret Boehmer (E-mail); Sally McElroy (E-mail); Scott Connelly (E-mail); Shawn McElmoyl (E-mail); Stanton Scott (E-mail); Susie Lejune (E-mail); Theresa Cline (E-mail); Tina lovett (E-mail); Wayne Brown (E-mail); Wes Kersey (E-mail); Yonnie Waller (E-mail); Olinger, Kimberly S.; Brewer, Stacey J.; 'wenderachels@aol.com'; Semperger, Cara; Fuller, Dave; Lucci, Paul T.; Nemec, Gerald; Vann, Suzanne; Heintzelman, Pete; McDonald, Rob; Vint, Peter; Foster, Chris H.; Mainzer, Elliot; Wente, Laura; Platter, Phillip; 'sscastle@srpnet.com'; Gerard, Camille; 'jana.morse@dynegy.com'; Cross, Edith EES; 'george.denos@neg.pge.com'; 'brad.king@usa.conoco.com'; 'lawrence.pope@haliburton.com'; Arnold, John; 'lisabarnwell1@yahoo.com'; 'kward1@houston.rr.com'; Miller, Stephanie; 'tomd1966@yahoo.com'; 'antlulu2@aol.com'; Kennedy, Susan L.; 'ilandman@verizon.net'
Subject:	FW: FW: Forward Warning

 I received this email today from a very good friend of mine who has a lot of close friends from India.  This letter is to one of those close friends.  I don't know if I should pass it around but I want everyone I know to be aware.

Kim
> >
> >This is worth forwarding, just incase. . .
> >
> >========================================================================
> >===============================================
> >
> >PLEASE READ!
> >Subject: Malls on 10/31
> >
> >Hey guys..I dont want to scare anyone..but its better safe than sorry,
> >right?? This is not just a foward I recieved..Its from one of my
> >colleages at JPMorgan. It's been sent around within the firm, I wanted
> >to pass it on just in case.
> >Hi All -
> >I think you all know that I don't send out hoaxes and don't
> >do the reactionary thing and send out anything that crosses my
> >path.
> >This one,  however, is a friend of a friend and I've given it
> >enough credibility in my mind that I'm writing it up and sending it out
> >to all of you.
> >My friend's friend was dating a guy from Afghanistan up until a month
> >ago.  She had a date with him around 9/6 and was stood up. She was
> >understandably upset and went to his home to find it completely emptied.
> >On 9/10, she received a letter from her boyfriend explaining that
> >he
> >wished he could tell her why he had left and that he was sorry it
> >had to be like that.  The part worth mentioning is that he BEGGED her
> >not to get on any commercial airlines on 9/11 and to not to go any malls
> >on Halloween.
> >As soon as everything happened on the 11th, she called the FBI and has
> >since turned over the letter. This is not an email that I've received
> >and decided to pass on.  This came from a phone conversation with a
> >long-time friend of mine last night.
> >I may be wrong, and I hope I am.  However, with one of his warnings
> >being correct and devastating, I'm not willing to take the chance on the
> >second and wanted to make sure that people I cared about had the same
> >information that I did.
> >Laura Katsis
> >Implementation Specialist
> >714/921-5424
> >lkatsis@volt.com <mailto:lkatsis@volt.com>
> >OpsVolt_Track@volt.com <mailto:OpsVolt_Track@volt.com>
> >
> >
> >
> >--------------------------------------------------------------
> >Reminder:  E-mail sent through the Internet is not secure.
> >Do not use e-mail to send us confidential information
> >such as credit card numbers, changes of address, PIN
> >numbers, passwords, or other important information.
> >Do not e-mail orders to buy or sell securities, transfer
> >funds, or send time sensitive instructions. We will not
> >accept such orders or instructions.  This e-mail is not
> >an official trade confirmation for transactions executed
> >for your account.  Your e-mail message is not private in
> >that it is subject to review by the Firm, its officers,
> >agents and employees.
> >--------------------------------------------------------------
> >
> >
> >**********************************************************************
> >This e-mail is the property of Enron Corp. and/or its relevant affiliate
> >and may contain confidential and privileged material for the sole use of
> >the intended recipient (s). Any review, use, distribution or disclosure
by
> >others is strictly prohibited. If you are not the intended recipient (or
> >authorized to receive for the recipient), please contact the sender or
> >reply to Enron Corp. at enron.messaging.administration@enron.com and
delete
> >all copies of the message. This e-mail (and any attachments hereto) are
not
> >intended to be an offer (or an acceptance) and do not create or evidence
a
> >binding and enforceable contract between Enron Corp. (or any of its
> >affiliates) and the intended recipient or any other party, and may not be
> >relied on by anyone as the basis of a contract by estoppel or otherwise.
> >Thank you.
> >**********************************************************************
>
>
> _________________________________________________________________
> Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp
>
>


Today's complimentary issue of Platts Energy Trader is attached below.

HURRY!   Trial subscription, and opportunity to save $500 for charter
subscribers, ends this week!

If you have any questions or would like to subscribe now, call  877-286-8897
or 212-904-2004; e-mail, info@platts.com. Meanwhile, we hope you enjoy
today's issue of Platts Energy Trader.

If you need to download Acrobat Reader to read this file, go to www.adobe.com.

To stop the free trial, hit reply and type "stop trial."

 - et040201.pdf


What does this all mean for you after July 1, 2000?

New SAP Coding for everyone
 This includes all new General Ledger Accounts, Workorder numbers and Cost
Centers.  Company numbers have now been expanded to four positions.

All departments have been assigned a new SAP Cost Center number
 A new SAP Company/Cost Center must be used to request Houston Office
internal services such as:
   Forms & Stationary
  Overnight Deliveries (Fed Ex, UPS, etc.)
  Audio/Visual Services
  TAP - Travel Agency in the Park
  A/C Lighting after hours
  Catering
  Contract Staff

New forms have been developed
 Invoice and Expense Reports will accommodate the new SAP codes.

Where do you find this new information?

Documentation, forms and cost center codes are on the intranet "Quick
Reference" site at:
 http://sap.enron.com/quickref

Call your Project Manager for Project codes.


Deadline for offer letters
- We plan an email this afternoon extending the deadline thru 9am tomorrow for those who haven't signed yet.
- Portland and Calgary may set different deadlines.

Deadline for Employment Agreements
- given all the changes we are planning to make to the base form, we are planning extending this to "24 hours from when they are presented with next draft".

David


First Leg Of Radiohead Dates Begin Mid-June In Texas
May 2, 4 a.m. ET, SonicNet
Brian Hiatt

After playing only two small-scale U.S. shows in support of their last album,
Kid A, Radiohead will meet the masses next month on their first full-fledged
North American tour in three years.
Following the June 5 release of Amnesiac, the formerly reclusive experimental
rockers will begin a tour of outdoor amphitheaters on June 18 in Spring,
Texas, just north of Houston.
From there, the first leg of the U.K. band's tour will move through the West,
ending June 30 in Santa Barbara, California. More dates are expected to
follow.
Radiohead bassist Colin Greenwood has described Amnesiac as falling somewhere
between the band's original, guitar-driven sound and the icy electronics of
the chart-topping Kid A.

"It's about 50-50," Greenwood said earlier this year. "It's got more
traditional Radiohead-type songs together with more experimental,
nonlyrical-based instrumental-type stuff as well, and it works as a record in
its entirety, which is what we care about."
Radiohead tour dates, according to Capitol Records:
6/18 - Spring, TX @ C.W. Mitchell Pavilion
6/20 - Morrison, CO @ Red Rocks Amphitheatre
6/23 - George, WA @ The Gorge
6/24 - Vancouver, BC @ Thunderbird Stadium
6/27 - Mountain View, CA @ Shoreline Amphitheatre
6/29 - Santa Barbara, CA @ Santa Barbara Bowl
6/30 - Santa Barbara, CA @ Santa Barbara Bowl

Eric Gillaspie
713-345-7667
Enron Building 3886


Fran,

On Monday, March 4, I received an email from Shelley Corman regarding her receipt of 2 W-2s.  One from Enron Corp and one from Enron Opns Svcs. Co.  In researching this, I talked with Valley Confer in payroll and what we find is that Shelley's Tax company changed on 1/1/2001 - 4/15/2001 from 011 Enron Corp to 0366 Enron Opns Svcs and on 4/16/2001 - 12/31/2001 the Tax company changed back to co. 011.  Currently, her tax company is 011 Enron Corp.

If memory serves me correctly, Tax Co. 011 is for employees on deferred compensation. Could this Shelley's case?   I am asking that you all follow up with Shelley regarding the change in Tax Company's as I have exhausted my research.

Rita

 -----Original Message-----
From: 	Houston, Rita
Sent:	Wednesday, March 06, 2002 9:11 AM
To:	Corman, Shelley
Subject:	RE: W-2 Question

I will make the call and research.

Rita

 -----Original Message-----
From: 	Corman, Shelley
Sent:	Wednesday, March 06, 2002 8:53 AM
To:	Houston, Rita
Subject:	RE: W-2 Question

Unfortunately I didn't write down the name of the person in payroll that returned my call to the main payroll number.   Whoever it was logged into their system and said that the record showed you making the co. change.  Could you give payroll a call?

 -----Original Message-----
From: 	Houston, Rita
Sent:	Wednesday, March 06, 2002 8:08 AM
To:	Corman, Shelley
Subject:	RE: W-2 Question
Importance:	High

Shelley,

I have checked the system and find that the only changes made to your record during 2001 are as follows:

1/1/2001 - 4/15/2001 - VP Reg & Gov. Affairs - Co. 0366
4/15/2001 - 12/16/2001 - Title change to VP Gas Logistics - no company change
12/17/2001 - 12/31/2001 - FMLA Leave - no company change

1/1/2002 - to present company change to 179E.

I have nothing indicating a company change for 2001.

Let me know who in payroll you spoke with and maybe I can work with them to determine their conclusion.

Rita

 -----Original Message-----
From: 	Houston, Rita
Sent:	Monday, March 04, 2002 1:24 PM
To:	Corman, Shelley
Subject:	RE: W-2 Question

Shelly,

As soon as SAP is back up, I will look to see what the changes made to your record were.   I'm thinking your Tax company is Corp and that perhaps you are listed as deferred comp.  That's just off the top of my head.  Again, once the system is operating again, I will check into this.

Rita

 -----Original Message-----
From: 	Corman, Shelley
Sent:	Monday, March 04, 2002 12:50 PM
To:	Houston, Rita
Subject:	W-2 Question

Rita,

I was recently quizzing payroll on why I received two W-2s (which sum in aggregate to my 12/31/01 payroll stub) when I thought had been employed by the same co. (366) all year.  Her records indicated that you had entered a change during the year.  Could you look into why I can listed as having worked for both Enron Operations Services Co & Enron Corp. in 2001?

Shelley Corman
x37083


---------------------- Forwarded by Melissa Rodriguez/HOU/ECT on 11/16/2000
12:13 PM ---------------------------
From: Maria Sandoval on 11/16/2000 10:45 AM
To: Elizabeth_Gutierrez@eott.com @ ENRON, Chantelle Villanueva/HOU/ECT@ECT,
Elizabeth Soto/HOU/ECT@ECT, Andrea R Guillen/HOU/ECT@ECT, Melissa
Rodriguez/HOU/ECT@ECT, Brenda Barreda/HOU/EES@EES, Phenicia
Olivier/HOU/ECT@ECT, Pamela Sonnier/HOU/ECT@ECT, Brenda
Flores-Cuellar/NA/Enron@Enron
cc:
Subject: Re: Fwd: FW: 8 true friends(p.s. whats up to all my girls/???):)

---------------------- Forwarded by Maria Sandoval/HOU/ECT on 11/16/2000
10:43 AM ---------------------------

Elizabeth_Gutierrez@eott.com on 11/16/2000 10:12:20 AM
To: Victoria_G_Martinez@eott.com, llkey@altavista.com,
rebecca_padfield@aimfunds.com, melissa_casas-walker@aimfunds.com,
Rosahernandez@pennzoil.com, Maria.Sandoval@enron.com, yvasquez@bcm.tmc.edu,
krvasquez@yahoo.com
cc:
Subject: Re: Fwd: FW: 8 true friends(p.s. whats up to all my girls/???):)

Elizabeth Ann Gutierrez
Sr. Accounting Clerk
(713) * 993-5515  / Fax (713) * 402-2753
Elizabeth.Gutierrez@EOTT.com

bject: Fwd: 8 true friends
> >
> >
> >
> >
> >> > > Subject: FW: 8 true friends
> >> > >
> >> > >
> >> > >
> >> > >
> >> > > > > 8 true friends
> >> > > > > I'LL JUST TAKE IT AS A HINT IF I DON'T GET
> >> > THIS BACK
> >> > > > > How many people actually have 8 true friends?
> >> > > > > Hardly anyone I know!
> >> > > > > But some of us have All Right friends and Good
> >> > friends!!! You have
> >> > been
> >> > > > > Tagged by the Friendship  Angel
> >> > > > >                             (\0/)
> >> > > > >                              /_\
> >> > > > > Which means you are a great friend!! You will
> >> > Have Good Luck For Two
> >> > > > >Years  if you send this to 8 people or more and
> >> > if this is sent back to
> >> > > you
> >> > > > >then you know that you are a true friend......
> >> > > > >You must send it in 5 minutes or your good luck
> >> > will
> >> > > > >be broken!!
> >> > >
> >> > > > > If this is sent to you it means you are a good
> >> > true friend.
> >> > > > >
> >> > > > >
> >> > > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> > >
> >> >
> >> >
> >>
> >>
> >
> >
> >
>
>
>--------------------------------------------------------------------------
>
>Why is College Club the largest and fastest growing college student site?
>Find out for yourself at http://www.collegeclub.com
>
>

_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.

Share information about yourself, create your own public profile at
http://profiles.msn.com.


I understand this Level  A is approved for work order generation.  This is the cost from FP for a recyle line and coolers at P-2 to handle NNG Gray flows to Station # 9.  The NNG Gray is a 200 mmcfd bidirectional interconnect with TW.  The min. to run P-2 is 125 mmcfd, the recycle would allow for those less than 100 mmcfd flow requirements from NNG.

James, can you give me a reality check on my numbers, the estimate is stored on N: under P-2 Coolers and recycle line.  Charge your time to the Marketing lump sum work order.   Thanks


Estimated actual for March 28, 2001

     Teco Tap       20.000

When we receive the numbers from Duke I will forward the true actual numbers
to
you.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/06/2001
04:07 PM ---------------------------

ERisk <eRisks_news@email.eRisks.com> on 04/06/2001 11:11:05 AM
To: vkamins@enron.com
cc:
Subject: ERisk Essentials

?		www.erisk.com
		What's  New at ERisk.com - 06  April 2001

Weekly  Review	This  week's economic, banking and P_insurance news, from an
enterprise  risk management perspective. Read it here  ...

Analysis
	? How the New Economy aided and abetted the economic  downturn
	? State or federal regulation? Banks and  insurers slug it out
	? Credit risk concentration hits the  interest-rate swaps market

Feature	Why do some ART products fare better than others? Credit  insurance,
for example, has taken off while the securitisation of catastrophe  risk has
struggled. In this feature,  Sanford Bernstein analysts Todd Bault and
Timothy Connor suggest that the  secret of success lies in matching different
kinds of risk to their appropriate  owners - and that insurers' expertise in
handling basis risk makes this a  potentially lucrative market. Also still
available: Penny Cagan on  Basle's treatment of operational risk.

iConference
	Looking for an overview of economic capital? Attend our iConference
"Practical Considerations  in Measuring Economic Capital" on April 11. Read
more about it and  register for the iConference.
	Still available: Slides and a summary of the  Credit Derivatives iConference.

Links	Need to find educational material  on the Web? Looking for a software
vendor, a regulator or an exchange? Find  hundreds of links to other risk
management sites and resources in our Links  section

		The  ERisk Essentials is published every Friday by ERisk.com.
		To subscribe to this newsletter, please register  on our website.
		To unsubscribe, access your  account. Your username is the email address
where you received this  message.
		To be reminded of your password, or to reset it, follow this  link.


Attached is the latest PG&E Claim Summary.  Please call if you have questions.

Wanda Curry


---------------------- Forwarded by Scott Neal/HOU/ECT on 10/13/2000 03:59 PM
---------------------------

	Enron North America Corp.

	From:  Corporate Benefits @ ENRON                           10/12/2000 06:23
PM

Sent by: Enron Announcements@ENRON
To: All Enron Worldwide employees
cc:
Subject: Open Enrollment 2001

Open Enrollment 2001 is going on now through October 22nd, 5pm CST for
regular full-time and regular part-time employees.  Your 2000 elections will
automatically rollover for 2001, so if you don,t want to make any changes, DO
ABSOLUTELY NOTHING!  Annual elections for all Flexible Spending Accounts will
rollover too!  Yes, you heard right ) ALL 2000 ELECTIONS WILL AUTOMATICALLY
ROLLOVER FOR 2001, INCLUDING SPENDING ACCOUNTS!

To make it even more convenient, print your 2001 confirmation statement right
from the web site and you,re finished!  Sound easy?  It is!  Don,t have your
packet?  No problem!  You can access the enrollment 2001 web site and print
your personal worksheet right from your desktop.  Call Benefits at
1-800-332-7979, Option 1, for additional information or assistance.
Confirmation statements will be mailed to your home at the end of October and
final changes for 2001 can be made via the web or IVR from 11/8-11/15.

Logon to WWW.ENRON.BENEFITSNOW.COM today!

QUICK FACTS
? 100% Default for All Current Elections and Spending Accounts ) Don,t Want
to Make a Change?
 Then Do Absolutely Nothing ) Your 2000 annual election will ROLLOVER for
2001!

? $250 Medical Deductible Plan for Employees Residing Outside of a Network
Area

? HMO plans going away )
Coventry Health Care of Iowa (formerly known as Principal Health Care)
Presbyterian Health Plan
HealthNet of Oregon (formerly known as Qual/Med)
Blue Shield of California

? Orthodontia treatment is NOT considered a pre-existing condition under the
Enron Corp. Dental Plan.
 The Plan will coordinate with other coverage based on coordination of
benefit (COB) rules.
 (Contact MetLife at 1-800-492-8588 for specific details and information)

? New Hires who make their 2000 elections by 10/16 will receive their 2001
packets the first week of
 November for enrollment during 11/8-11/15; elections not in by 10/16 will
require a manual enrollment
 for 2000 and 2001 and must be made within 31 days of their hire date

? Provider directories can be accessed directly from the enrollment 2001 web
site or - 1) link directly
 to the providers through the HR/Benefits Intranet Website or 2) go directly
to the source by logging
 on through the web at:

www.cigna.com        www.vsp.com
www.provider.uhc.com/enron     www.merck-medco.com


Hi,

I'm back.

I'll give you the short version.  I spoke with John, and he tells me he sent
Mark and Vicky a  note saying that you  had paid your debt to society and are
free to explore other options.  Pretty good stuff.

I want to hear what M. Cash said, and who else you are meeting with.  Maybe I
can lay some ground work.

Kay


I am showing a balance of 80,265 in the Egan park deal as of Jan 1, 2001.
Egan is showing a balance of 84,944.  I am using our balance for now.  I'm
taking 2592 dt's in to Texas Gas for the 1st and 2nd, and 2599 dt's per day
for the balance of the month.

I tried to update all the deal tickets but I won't know if it worked until
after our systems work.


UCU: Energy Merchant Drives Strong 3Q Earnings; Aquila Transaction By Year
End

* This morning, UtiliCorp reported recurring operating EPS of $0.50,
in-line with our estimate, and a 8.7% increase from $0.46 in the year ago
quarter.
* Results exclude a $44 million or $0.30 per share gain from the IPO
of Uecomm, the telecom arm of their Australian subsidiary United Energy.
* Aquila energy merchant segment remains growth driver; EBIT up 87%
yr./yr., and now contributes 42.1% of UtiliCorp's earnings.
* Aquila expects to begin transacting in the high-growth bandwidth
commodity market in Q4:00 or Q1:01; we see Aquila as one of the
first-movers, behind  Enron and Dynegy (both rated 1H) in this nascent
market.
* We reiterate our 1H (Buy, High Risk) rating and $36 price target for
UtiliCorp.   We feel that a strategic transaction involving Aquila (i.e.
IPO, joint venture)-- expected by the end of the year-- will enable
UtiliCorp to extract Aquila's value as a leading Energy Merchant.
 <<trc75567.pdf>>

Raymond C. Niles
Power/Natural Gas Research
Salomon Smith Barney
(212) 816-2807
ray.niles@ssmb.com

s

 - trc75567.pdf


http://www.consultrci.com

************************************************************************
Read SCIENTECH's SourceBook Weekly article: "Making the Wires Sing: Some
Utilities Take on Challenges, Opportunities of Being Wirecoms," at:
http://www.consultrci.com/web/rciweb.nsf/Web+Pages/SBEntrance.html
************************************************************************

===============================================================
SCIENTECH IssueAlert, October 31, 2000
Enron Offers to Buy Out Azurix
By: Will McNamara, Director, Electric Industry Analysis
===============================================================

Enron Corp. announced that it has offered up to $275 million in funding
to take Azurix Corp. (NYSE: AZX) private at a buy-out price of $7 per share.
Enron owns directly and indirectly about 66 percent of Azurix, a global
water company that owns, operates and manages water and wastewater assets
and provides related services. The specific structure and timing of Enron's
proposal has yet to be determined, but the company's board is now considering
the proposal.

ANALYSIS: Azurix has been plagued with operational and financial problems
over the last 12 months, culminating in the departure of its former CEO
Rebecca Mark in late August. Enron had established Azurix in July 1998
with a $2.4 billion acquisition of Britain's Wessex Water, which provides
water and wastewater services to a U.K. population of approximately 3.5
million. Operating primarily in the United Kingdom and Latin America
(Argentina
and Brazil), Azurix was intended to be Enron's vehicle to capitalize on
what it perceived to be favorable market conditions for water investments.

Yet, Azurix has not been a profitable operation for Enron, and has been
seen as a real anomaly when compared against Enron's consistent success
in its other ventures (for example, EnronOnline). For instance, Azurix
reported year-end 1999 net income of $67 million, significantly under
projections
for what Enron had hoped for the subsidiary. After months of speculation,
Mark stepped down both as Azurix CEO and from the Enron board of directors,
and was replaced by John Garrison, Jr. Mark maintained throughout her tenure
as CEO of Azurix that the company needed time to develop core assets and
capabilities. However, this approach was in stark contrast to Enron's guiding
philosophy*as espoused by COO Jeffrey Skilling*which has moved the company
away from owning hard assets. Skilling also believed that, although acquiring
the Wessex operation gave Azurix the engineering capability and industry
knowledge to participate in the water business, privatization of the water
industry has slowed down considerably since the company began to penetrate
this market. Instead of pursuing a capital-intensive strategy for Azurix,
Skilling wanted Azurix to become more of a service-oriented business. This
change in business direction coincided with the departure of Mark.

Yet, Azurix has continued to flounder even since Mark left. In the third
quarter of this year, Enron reportedly lost $128 million in its "corporate
and other" category and attributed a fourth of the loss to the Azurix
operation.
Azurix's stock price started a marked decline in early August when it was
announced that annual results would not meet analysts' expectations. While
Azurix was taken public in June 1999 at a price of $19 per share, it currently
is priced at $6 1/4 (at close of the markets on Oct. 30). This is an
approximately
$3 increase from what Azurix had been trading at recently, presumably due
to Enron's announcement of the proposed buyout.

Enron's buyout offer comes after four unnamed parties approached Enron
about buying its stake in Azurix. Reportedly, three out of the four potential
buyers were unwilling to pay more than $4 per share, although one of the
buyers initially considered an offer of $7 per share, but ultimately decided
against the purchase. Enron's motivation in returning Azurix to a private
status is probably one of protecting its shareholders. Enron pointed out
in its announcement that shareholders would receive, on a timely basis,
a cash payment for their shares that is significantly above the price of
the shares at which Azurix has traded over the last several months.

Making matters worse for Enron, a group of plaintiffs, represented by New
York law firm Wechsler Harwood Halebian & Feffer LLP, have initiated a
class-action lawsuit against Azurix in the United States District Court
for the Southern District of Texas. The plaintiffs seek to recover damages
on behalf of all investors who purchased Azurix stock during the period
of June 9, 1999 (the date of Azurix's IPO) and Aug. 8, 2000, and who "suffered
damages as a result." The law firm is claiming that Azurix violated the
Federal securities laws. I placed a call to the law firm this morning in
hopes of getting additional information about what the class-action suit
entails. Unfortunately, I did not receive a call back before press time.

The consensus among the vast majority of U.S. energy companies is that
the profitability of water as a convergence strategy is questionable. The
most obvious negative about the water business is that it most likely will
remain a heavily regulated delivery business, offering few opportunities
for private companies to penetrate the market. Water is a very staid business
that seems inconsistent with Enron's aggressive growth strategy. After
Enron secures a fair return for Azurix's shareholders, it is not clear
what the company will do with its water subsidiary, but I would not be
surprised if Azurix is sold to another company. However, in August*right
before Mark's departure*Azurix announced that it had begun a pilot program
in the Lower Rio Grande using its Internet exchange Water2Water.com. The
site will provide users with information, price transparency and efficiency
in water exchanges. This announcement indicated that Azurix would begin
trading water rights, adding this commodity to the growing list of Enron's
traded commodities (energy, telecom, weather derivatives, etc.). So it
may be the case that Enron keeps Azurix, but turns it into a water trading
operation as opposed to water and wastewater services. In any case, the
present objective for Enron will be financing the buyout and ensuring that
Azurix's shareholders receive a significant premium to the market price
of Azurix. Enron also wants to ensure other benefits to Azurix, including
a significant near-term reduction in Azurix's general and administrative
expenses, greater certainty to Azurix's customers and employees and increased
flexibility for restructuring Azurix's assets and business.
===============================================================
Need to design and implement your IT infrastructure? Learn more about
SCIENTECH's
Information Technology team and what they can do for you at:
http://www.consultrci.com/web/rciweb.nsf/web/Depts-IT.html
===============================================================

SCIENTECH is pleased to provide you with your free, daily IssueAlert. Let
us know if we can help you with in-depth analyses or any other SCIENTECH
information products. If you would like to refer a colleague to receive
our free, daily IssueAlerts, please reply to this email and include their
full name and email address or register directly at:

http://www.consultrci.com/web/infostore.nsf/Products/IssueAlert

Sincerely,

Will McNamara
Director, Electric Industry Analysis
wmcnamara@scientech.com
===============================================================
Feedback regarding SCIENTECH's IssueAlert should be sent to
wmcnamara@scientech.com
===============================================================

SCIENTECH's IssueAlerts are compiled based on independent analysis by
SCIENTECH
consultants.  The opinions expressed in SCIENTECH's IssueAlerts are not
intended to predict financial performance of companies discussed or to
be the basis for investment decisions of any kind.  SCIENTECH's sole purpose
in publishing its IssueAlerts is to offer an independent perspective regarding
the key events occurring in the energy industry, based on its long-standing
reputation as an expert on energy and telecommunications issues.

Copyright 2000.  SCIENTECH, Inc.

If you do not wish to receive any further IssueAlerts from SCIENTECH, please
reply to this message and in the body of the email type "remove."


This one is for electric, I'll do the same for gas.

Thanks,
Elizabeth


I have asked ENA's Compensation team within HR to conduct a compensation
study for me for all positions from Manager level through Vice President.
This analysis will include employees who are dedicated to ENA, EIM and EGM.

It had been the plan to complete our compensation analysis by focusing on the
Manager level and above, following the market analysis for Senior Specialists
and below that was completed by Yvonne Land.  I learned recently that Yvonne
has left the Company and that she had not begun the analysis for Managers and
above.

Todd Burke, who recently joined Enron, will be conducting the market survey
and compensation analysis.  I met with Todd recently.  He has had wonderful
experience with Towers Perin and Watson Wyatt, and I feel that we are
fortunate to have him devoted to this project.  Please give sufficient
thought and attention to requests from Todd.  The quality and timeliness of
your responses will directly impact the quality and timeliness of the
analysis that I will receive from Todd.  I think that you should each have a
vested interest in the success of this project!

Todd also plans to resurvey market information for Senior Specialists and
below so that his view of compensation will be complete and timely for all of
Energy Operations.  Since we recently took action on compensation levels for
key players at the Senior Specialist level and below, I would not anticipate
further adjustments for those levels as a result of Todd's review.

You should receive a message from Todd in the next day or so in which he will
detail steps in the compensation analysis and what your role will be.

Sally


Ryan,  If you've got another taker for the tix, go ahead and let them go.
The dryspell continues.

	Ryan.F.Ruppert@EXXON.sprint.com
	12/14/2000 09:30 AM

		 To: Gerald.Nemec@enron.com
		 cc:
		 Subject: Sorry

         Date: December 14, 2000
         From: Ruppert, Ryan F.                            R9RUPPE  - AMERICAS
           To: EXT-GERALD.NEMEC(A)ENRON.COM,               GERALDNE - FPEXMAIL
      Subject: Sorry
------------------------------------------------------------------------------
Gerald,

Sorry for the call in the middle of the night.  My well is drilling and I
asked them to call me if they got an oil show.  The well should reach total
depth on Sunday so you might want to turn your ringer off in the bedroom
until then.

-Ryan

Ps.  Are you in for the Christmas Carol at the Alley tomorrow?  I need to get
rid of the tickets.

RYAN F. RUPPERT
West Texas Geoscience
U.S. West Production
ExxonMobil Production Co.


You have received this email because you are listed as a security approver.
Please click
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000008853&Page=
Approval to review and act upon this request.

Request ID          : 000000000008853
Request Create Date : 12/1/00 10:08:24 AM
Requested For       : cheryl.ingstad@enron.com
Resource Name       : EOL US Backoffice  Reports
Resource Type       : Applications


Okay by me.

-----Original Message-----
From: Ed.B.Hearn.III@enron.com [mailto:Ed.B.Hearn.III@enron.com]
Sent: Thursday, April 26, 2001 12:23 PM
To: Barnas, Michael C (PS, Legal); scott.dieball@enron.com;
roseann.engeldorf@enron.com; ed.b.hearn.iii@enron.com;
kay.mann@enron.com; john.g.rigby@enron.com; dean.russell@enron.com;
Shoemaker, Kent (GEAE); Swift, Stephen L (PS, CommOps);
pthompson@akllp.com; sheila.tweed@enron.com; pthompson@akllp.com
Subject: World Hunger
Importance: High

We have too many conflicts to attempt a call this week, so let's try again.
How about Monday, April 30th, at 1:00 PM?


Jeff:
Great! Give me just a couple of days to confirm the exact date. Go ahead and
write Lari to see when she is available as she'll probably be the hardest
person to juggle around.

Now here is a question for you....Rob has been wanting to go up to RRR and
check it out but he'd probably be 1/2 day on the beach as other non-riders
have been with us in the past. Would this be ok with you or shall I schedule
with him for another time? I'm easy either way. Besides Rob the only other
people could possibly be Jeff or Alice as the girls (Nora, Kari, Pat) are hot
on the summer show circuit. I could always ask, just let me know.

Would you like me to call the B&B we stayed at and get their availability?
What is the name?

Madeleine

jdasovic@enron.com wrote:

> 29th/30th works best for me.  those other dates, if they open up, i think
> would work, too.  i'm really sorry i missed you guys yesterday.  when kair
> asked way back when, i had a conflict on that day.  fine with me if we ask
> others, though it's sort of fun when it's small, with like-minded folks.
> you're call.  let me know and i'll write lari a note pronto.
>
> sorry to see carl move.
>
> best,
> jeff
>
> Madeleine Todd <madeleinet@earthlink.net> on 06/12/2000 03:09:44 PM
>
> To:   jdasovic@enron.com
> cc:
> Subject:  Re:
>
> I am so sorry for the delay! I wanted to make sure I had a better idea of
> my
> schedule. I am thinking the following..either the weekend of the 8th, 9th;
> the
> 29th or 30th. I may go to Chicago the 15th or 22nd which I'll know about
> within
> the next couple of days thus one more weekend may open up. What are your
> thoughts? Do you want to check Lari's schedule? Anyone else we should ask?
>
> We missed you on Sunday. The whole gang was there minus Lisa. Carl leaves
> in 2
> weeks. They decided to move because he felt his career with the City would
> never go where he wanted it to go. I can explain the rest later.
>
> Madeleine
>
> jdasovic@enron.com wrote:
>
> > Hello out there.  Hello?
> >
> > Madeleine Todd <madeleinet@earthlink.net> on 06/05/2000 11:01:26 PM
> >
> > To:   Jeff Dasovich <jdasovic@enron.com>
> > cc:
> > Subject:  Re:
> >
> > Jeff:
> > Well June appears to be shot already! I had to move a couple of things
> into
> > the
> > weekend of the 23 & 24th. Did you have your heart set on June? Could you
> do
> > something in July? What days were you thinking Fri, Sat and Sunday? Keep
> me
> > posted.
> >
> > Carl's sudden move is a mystery to me. I thought he was going to wait a
> few
> > years
> > to move to SD but then I got Kari's e-mail. I know he and Carol have had
> > their eye
> > on SD for sometime. I guess we'll find out on the 11th!
> > Keep me posted on RRR,
> > Madeleine
> >
> > Jeff Dasovich wrote:
> >
> > > Hi Darlin':
> > > I'm back.  Have we picked a weekend to ride with Lari?  What's this
> about
> > Carl
> > > moving??????  I thought he just bought a house?
> > >
> > > Signed,
> > > Confused
> >
> > --
> >
> > Madeleine Todd Executive Recruiting
> > 1329 Taylor Street, Suite 114
> > San Francisco, CA  94108-1047
> > phone: 415-441-7010
> > fax: 415-441-7173
> > email: madeleinet@earthlink.net
>
> --
>
> Madeleine Todd Executive Recruiting
> 1329 Taylor Street, Suite 114
> San Francisco, CA  94108-1047
> phone: 415-441-7010
> fax: 415-441-7173
> email: madeleinet@earthlink.net

--

Madeleine Todd Executive Recruiting
1329 Taylor Street, Suite 114
San Francisco, CA  94108-1047
phone: 415-441-7010
fax: 415-441-7173
email: madeleinet@earthlink.net


Good.  I don't know that a going away party for someone leaving for Mo Money
is a morale booster.

Got another head hunter call.  Market must be picking up.

ckm

Dan Lyons@ECT
04/17/2001 05:22 PM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Happy Hour Invitation

I don't think so

	Kay Mann@ENRON
	04/17/2001 05:10 PM

		 To: Dan Lyons/HOU/ECT@ECT
		 cc:
		 Subject: Happy Hour Invitation

Please tell me that this isn't the morale booster.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/17/2001 05:10
PM ---------------------------

Becky Spencer@ECT
04/17/2001 04:58 PM
To: Alan Aronowitz/HOU/ECT@ECT, Peggy Banczak/HOU/ECT@ECT, Sandi M
Braband/HOU/ECT@ECT, Teresa G Bushman/HOU/ECT@ECT, Michelle Cash/HOU/ECT@ECT,
Harry M Collins/HOU/ECT@ECT, Peter del Vecchio/HOU/ECT@ECT, Stacy E
Dickson/HOU/ECT@ECT, Shawna Flynn/HOU/ECT@ECT, Barbara N Gray/HOU/ECT@ECT,
Wayne Gresham/HOU/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT, Leslie
Hansen/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT, Anne C Koehler/HOU/ECT@ECT, Dan
Lyons/HOU/ECT@ECT, Travis McCullough/HOU/ECT@ECT, Lisa
Mellencamp/HOU/ECT@ECT, Janet H Moore/HOU/ECT@ECT, Janice R
Moore/HOU/ECT@ECT, Julia Murray/HOU/ECT@ECT, Gerald Nemec/HOU/ECT@ECT, David
Portz/HOU/ECT@ECT, Michael A Robison/HOU/ECT@ECT, Elizabeth
Sager/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT, Lance
Schuler-Legal/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Carol St
Clair/HOU/ECT@ECT, Lou Stoler/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Sheila
Tweed/HOU/ECT@ECT, Steve Van Hooser/HOU/ECT@ECT, Ann Elizabeth
White/HOU/ECT@ECT, Stuart Zisman/HOU/ECT@ECT, Barton Clark/HOU/ECT@ECT, Bob
Carter/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, James
Grace/Corp/Enron@ENRON, Kay Mann/Corp/Enron@Enron, John
Viverito/Corp/Enron@Enron, Michelle Blaine/ENRON@enronXgate, Gail
Brownfeld/ENRON@enronXgate, Robert Bruce/NA/Enron@Enron, Dominic
Carolan/Enron@EnronXGate, Mary Cook/HOU/ECT@ECT, Nancy
Corbet/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Ned E
Crady/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Eddy Daniels/NA/Enron@Enron,
Angela Davis/NA/Enron@Enron, Andrew Edison/NA/Enron@Enron, Roseann
Engeldorf/Enron@EnronXGate, Robert H George/NA/Enron@Enron, Mark
Greenberg/NA/Enron@ENRON, Brent Hendry/NA/Enron@Enron, Cheryl
Nelson/NA/Enron@Enron, Marcus Nettelton/NA/Enron@ENRON, Francisco Pinto
Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark Powell/CAL/ECT@ECT, Coralina
Rivera/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Daniel R
Rogers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Carlos Sole/NA/Enron@Enron, Randy
Young/NA/Enron@Enron, Susan Bailey/HOU/ECT@ECT, Kimberlee A
Bennick/HOU/ECT@ECT, Genia FitzGerald/HOU/ECT@ECT, Nony Flores/HOU/ECT@ECT,
Linda R Guinn/HOU/ECT@ECT, Ed B Hearn III/HOU/ECT@ECT, Mary J
Heinitz/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Deb Korkmas/HOU/ECT@ECT, Matt
Maxwell/Corp/Enron@ENRON, Laurie Mayer/HOU/ECT@ECT, Mary Ogden/HOU/ECT@ECT,
Debra Perlingiere/HOU/ECT@ECT, Robert Walker/HOU/ECT@ECT, Kay
Young/HOU/ECT@ECT, Merrill W Haas/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron,
Martha Braddy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Sarah
Bruck/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Kathleen Carnahan/NA/Enron@Enron,
Diane Goode/NA/Enron@Enron, Stephanie Panus/NA/Enron@Enron, Kaye
Ellis/HOU/ECT@ECT, Twanda Sweet/HOU/ECT@ECT, Brenda Whitehead/HOU/ECT@ECT,
Linda J Simmons/HOU/ECT@ECT, Dina Snow/Corp/Enron@Enron, Janette
Elbertson/HOU/ECT@ECT, Carolyn George/Corp/Enron@ENRON, Suzanne
Adams/HOU/ECT@ECT, Taffy Milligan/HOU/ECT@ECT, Connie
Castillo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Margaret
Doucette/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Keegan Farrell/NA/Enron@Enron,
Esmeralda Gonzalez/ENRON@enronXgate, Vanessa Griffin/ENRON@enronXgate, Holly
Keiser/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, MaryHelen
Martinez/NA/Enron@Enron, Becky Spencer/HOU/ECT@ECT, Stephanie
Truss/Enron@EnronXGate, Martha Keesler/ENRON@enronXgate, Theresa
Zucha/NA/Enron@Enron
cc:

Subject: Happy Hour Invitation


Reservation status has changed. Details of the reservation are listed below:
ASSIGNMENT_REF = 28596
SELLER_CODE = AZPS
SELLER_DUNS = 958982563
CUSTOMER_CODE = EPMI
CUSTOMER_DUNS = 848921276
AFFILIATE_FLAG = 0
PATH_NAME = W/AZPS/AZPS-AZPS/FOURCORNE230 - PNPKAPS230//
POINT_OF_RECEIPT = FOURCORNE230
POINT_OF_DELIVERY = PNPKAPS230
SOURCE = FOUR CORNERS
SINK = PINNACLE PEAK
CAPACITY = 25
CAPACITY_REQUESTED = 25
SERVICE_INCREMENT = DAILY
TS_CLASS = FIRM
TS_TYPE = POINT_TO_POINT
TS_PERIOD = FULL_PERIOD
TS_WINDOW = FIXED
TS_SUBCLASS = WHEEL
NERC_CURTAILMENT_PRIORITY = Nerc Priority 1
OTHER_CURTAILMENT_PRIORITY = Default
START_TIME = 02/05/2002
STOP_TIME = 02/10/2002
CEILING_PRICE = 55.00
OFFER_PRICE = 55.00
BID_PRICE = 55.00
PRICE_UNITS = $/mW-D
PRECONFIRMED = YES
ANC_SVC_LINK = N/A
ANC_SVC_REQ =
POSTING_REF = 0
SALE_REF =
REQUEST_REF =
DEAL_REF =
NEGOTIATED_PRICE_FLAG =
STATUS = CONFIRMED
STATUS_NOTIFICATION = Cara.Semperger@enron.com
STATUS_COMMENTS =
TIME_QUEUED = 02/04/2002

TIME_OF_LAST_UPDATE = 02/04/2002
PRIMARY_PROVIDER_COMMENTS =
SELLER_COMMENTS =
CUSTOMER_COMMENTS = Please call 877-464-7779 if there are any questions
regarding payment
SELLER_NAME = AZPS
SELLER_PHONE = 602.250.1128
SELLER_FAX = 602.250.1155
SELLER_EMAIL = oasisadm@apsc.com
CUSTOMER_NAME = Enron Power Marketing, Inc.
CUSTOMER_PHONE = (713)853-3801
CUSTOMER_FAX = (713)646-8272
CUSTOMER_EMAIL = bill.rust@enron.com
REASSIGNED_REF = 0
REASSIGNED_CAPACITY = 0


Valeria,

I will be out of town that day and cannot attend.  I will provide feedback
via the feedback forms.

Michelle

	Valeria A Hope
	05/11/2000 05:08 PM

		 To: Cindy Skinner/HOU/ECT@ECT, Robert Jones/Corp/Enron@ENRON, Tim
O'Rourke/Corp/Enron@Enron, Michelle Cash/HOU/ECT@ECT, Kathryn
McLean/HOU/ECT@ECT, Susan Carrera/HOU/ECT@ECT, Ted C Bland/HOU/ECT@ECT, Jane
Allen/HOU/ECT@ECT
		 cc: David Oxley/HOU/ECT@ECT
		 Subject: ENA HR Performance Review Meeting

The ENA HR Performance Review Meeting has been scheduled for Tuesday, May
23rd beginning at 8am at a location to be determined later.  This will be a
final review of employees below manager level and a prereview meeting for
managers, directors and sr. directors.

The meeting will begin at  8am with a review of clerks, jr. professional, and
sr. professional employees.    Feel free to invite other managers and
directors on your team to participate in this meeting.

 In preparation for this meeting the following needs to happen asap (note
that the PEP system opens Monday, May 15):

1.  Employees in your group need to suggest their reviewers using the PEP
system and provide you a summary of their accomplishments/status of
objectives.
2.  You need to approve the reviewers and request feedback from the reviewers
using the PEP system.
3.  A preliminary evaluation should be completed for each of your employees.

 Call me if you have questions about this process.

Valeria


Sara and Susan,

Could you please add the following additional events of default to the Empire
ISDA:

EBITDA/Interest >5x
No additional debt greater than $5MM

If you have any questions or would like to discuss please feel free to call.

Thank you,

Jane Wilhite
ext. 35063


Daren--

I know you're busy with bid week, so here are a couple questions & comments
for you:

September
I need to know if a ticket has been set up for September for the market side
of the Williams & Apache gas.  We still only the supply is in MOPS.  If it
just needs points added to it, just let me know the deal ticket #.

August 31st
This was the day we scheduled the payback to our two transport contracts on
Lonestar  1023 & 1460.  Currently, they do not have the supply points needed
for the Williams & Apache gas in order for the gas to be pathed to
imbalance...so I will get them added so this gas can be pathed.

July 31 - Aug 7
These days were pathed as buy/sells from Tenaska IV to Tenaska Marketing
Ventures.

I worked with volume management to get these out in time for payment (July &
Aug business), and had them do a manual entry for Aug 31st.

Please let me know what you think when you get a chance.

Thanks,
Mark
x33396


DEAR SIR,

WE ARE SENDING YOU THIS JOINT VENTURE PROPOSAL,TO SEEK
YOUR ASSISTANCE IN LIQUIDATING AND TRANSFERING OUR
TRAPPED INVESTMENTS IN VARIOUS PLACES. I AM MAKING YOU
THIS OFFER ON BEHALF OF HRH MOBUTU SESE SEKO ( EX
PRESIDENT OF REPUBLIC OF ZAIRE) AND MYSELF HIS LOYAL
AIDE.  PRESENTLY ASSYLUM SEEKERS IN LONDON UK.

THE INVESTMENTS WERE MADE FROM PROCEEDS OF FUNDS
ACQUIRED BY US DURING THE LAST DAYS OF OUR
ADMINISTRTATION BEFORE THE PRESENT PRESIDENT AND HIS
TEAM THREW  US OUT AND ALMOST HAD OUR HEADS.

BECAUSE THE FUNDS WERE EMBEZZLED PUBLIC FUNDS, OUR
LATE CHINESE ASSOCIATE HAD TO ROUTE IT OUT OF THE
COUNTRY IN HIS NAME ,THROUGH HIS CONTACTS IN THE OIL
AND GAS SECTOR IN NIGERIA. SPECIFICALLY {OML 32BRASS}.
THE INVESTMENTS IS WORTH US $21.5M ( TWENTY-ONE
MILLION
FIVE HUNDRED THOUSAND U.S DOLLARS ONLY).

HOWEVER, BEFORE OUR LATE FRIEND DIED HE WAS ABLE TO
SEND US A COPY OF HIS WILL OUTLINING ALL THE
INVESTMENTS HE MADE ON OUR BEHALF AND NOMINATING US AS
THE BENEFICIARIES. BUT DUE TO OUR INABILITY TO LEAVE
THE UK, COUPLED WITH THE FACT THAT WE ARE UNDER
CONSTANT SURVEILANCE, WE WOULD LIKE TO NOMINATE YOU AS
THE BENEFICIARY, SO YOU CAN CLAIM  OUR
INVESTMENTS,TRANSFER TO YOUR ACCOUNT AND SEND US OUR
SHARE TO ENABLE US PROSECUTE OUR CASE AS WE ARE
COMPLETELY OUT OF FUNDS.

WE ARE OFFERING YOU 30% OF THE PROCEEDS FOR YOUR
EFFORTS. 10% IS SET ASIDE FOR EXPENDITURES INCURRED.
60% IS SET ASIDE FOR US, AT OUR DISCRETION.

SHOULD YOU BE  INTERESTED IN THIS OFFER YOU CAN REACH
ME ON MY MAIL BOX
mbadakad@yahoo.com,mbadakad@lycos.com WERE I SHALL
BRIEF YOU MORE.

THIS TRANSACTION IS COMPLETELY SAFE AND SECURED AND WE
CRAVE YOUR UTMOST CONFIDENTIALITY

BEST REGARDS,
DAVID MBADAKA

__________________________________________________
Do You Yahoo!?
Find the one for you at Yahoo! Personals
http://personals.yahoo.com


Attached for your approval is the form of Enron Corp. Guaranty in favor of
the referenced Counterparty, which guarantees the obligations of ENA under an
ISDA Master Agreement.  We will need the standard executed copy.

 In addition, we will need the following closing documents:  (i) Certificate
of Incumbency, (ii) certified board resolutions of the Policy for Approval of
Guarantees (&Policy8), (iii) certificate by the Treasurer or other authorized
officer certifying coverage of the Guaranty under the Policy, and (iv)
certified copy of Enron Corp.,s articles of incorporation and bylaws.

 Upon approval and execution, please call me at x33399 to pick up the
documents.  Thank you for your assistance in this matter.


Attached please find the regulatory filing summary and a summary of
interventions ENA has filed on the various Order 637 compliance filings.  If
you have any questions, please call me at x35514.


Thanks for all the docs - I'll store that in a folder until they make me
clean out all my files again.

What I really need, though is the current North America versions - which have
changed since last September.  Does someone down there have a Word version of
the current ETA and PA for NA?


Please delete Michael Miller.  It would be helpful if I don't have to get the
certificate today, as that entails signatures of folks in two locations.
Isabel didn't have it on her list.  It is also helpful if the certificate is
signed by Duran or Calger.

Kathleen, is Chris Calger an MD or VP?

Thanks,

Kay

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 04/25/2001 12:15:33 PM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc: "'johnstaikos@paulhastings.com'" <johnstaikos@paulhastings.com>

Subject: Salmon Energy Resolutions and Certificates

Kay:

Attached are some things that Jake will need to sign.  These are items that
were mentioned as pending in my last distribution of documents for
execution.

1.  Resolutions of Salmon (page one is the two members electing the
designated directors, and page two is the new directors electing the new
officers).  I had previously furnished this to you, but the names of the
officers to be elected were blank).

2.  Resolutions of Salmon authorizing execution of the PPL promissory note
and related security agreement and the GE consent and agreement (these were
prepared by the Paul Hastings firm).

3.  Secretary's Certificate with Incumbency (this is required by
Freshfields).

The Secretary's Certificate with Incumbency may be required today.  The
resolutions are not needed for funding but will be needed prior to closing.
If you have any questions, please call.

Carolyn M. Campbell
King?& Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>

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

 - Salmon Energy - Written Consent of Sole Member(v2).DOC
 - Consent of Salmon LLC electing officers.DOC
 - Salmon Secretary's Certif Incumbency.DOC


In a continuing effort to align the legal groups with the business groups, the Power Trading and East Origination/Gas Trading Groups have merged to form the Energy Group of the Wholesale Legal Department.  The Energy Group will be co-headed by Jeff Hodge and Elizabeth Sager.
While the work handled by the new group will be essentially the same work handled by the predecessor groups, the new structure will give more opportunity for training across the commodities.  If you have any questions, please do not hesitate to contact me.


Kim

Have you called Nigel and told him about the interviews.


I think the National Fuel is local production.  I'm don't know how you would
swing this volume.


Subject: Fwd[2]:GREAT STORY:SHAKE & STEP

This is a great story so I hope you'll take the time to read it when you
can.
However, I disagree with the coupling it with our faith in Jesus.  My
friends it
begins with our faith in Jesus.

>
>This is a great story and when we couple it with our faith in Jesus Christ
>and His ability to help us endure successfully, it is even greater!!
>
>>
>> > > > This parable is told of a farmer who owned an old
>> > mule.
>> > > >
>> > > > The mule fell into the farmer's well. The farmer
>> > heard the mule
>> > 'praying'
>> > > > -or- whatever mules do when they fall into wells.
>> > > >
>> > > > After carefully assessing the situation, the farmer
>> > sympathized with the
>> > > > mule, but decided that neither the mule nor the well
>> > was worth the
>> > trouble
>> > > of
>> > > > saving....so instead, he called his neighbors
>> > together, told them what
>> > had
>> > > > happened...and enlisted them to help haul dirt to
>> > bury the old mule in
>> > the
>> > > > well and put him out of his misery.
>> > > >
>> > > > Initially, the old mule was hysterical! But as the
>> > farmer and his
>> > > neighbors
>> > > > continued shoveling and the dirt hit his back...a
>> > thought struck him. It
>> > > > suddenly dawned on him that every time a shovel load
>> > of dirt landed on
>> > his
>> > > > back...HE WOULD SHAKE IT OFF AND STEP UP!
>> > > >
>> > > > This he did, blow after blow. "Shake it off and step
>> > up...shake it off
>> > and
>> > > > step up...shake it off and step up!" He repeated to
>> > encourage himself.
>> > > > No matter how painful the blows, or how distressing
>> > the situation seemed
>> > > the
>> > > > old mule fought "panic" and just kept right on
>> > SHAKING IT OFF AND
>> > STEPPING
>> > > > UP!
>> > > >
>> > > > It wasn't long before the old mule, battered and
>> > exhausted, STEPPED
>> > > > TRIUMPHANTLY OVER THE WALL OF THAT WELL!
>> > > >
>> > > > What seemed like it would bury him actually helped
>> > him...all because of
>> > > the
>> > > > manner in which he handle his adversity. THAT'S LIFE!
>> > > >
>> > > > If we face our problems and respond to them
>> > positively, and refuse to
>> > give
>> > > > in to panic, bitterness, or self-pity ...
>> > > >
>> > > > THE ADVERSITIES THAT COME ALONG TO BURY US USUALLY
>> > HAVE WITHIN THEM THE
>> > > VERY
>> > > > REAL POTENTIAL TO BENEFIT US!
>> > > >
>> > > > Never be afraid to try something new.
>> > > >
>> > > > Remember that 'amateurs built the Ark, professionals
>> > built the Titanic'.
>> > > >
>> > >
>


Can we make the second sentence in the deferred delivery section which discusses risk a seperate paragraph like previously indicated??  with that change I'm ok-  MK

 -----Original Message-----
From: 	Walters Jr., Harry
Sent:	Tuesday, November 20, 2001 9:25 AM
To:	Heather Mueck (E-mail); Butts, Bob; Porter, Gregory J.; Miller, Mary Kay; Hayslett, Rod; Saunders, James; Howard, Kevin A.; Chandler, Bob
Cc:	Joe, Allen; Cobb Jr., John; Fancler, Dan
Subject:	draft of NNG noteholder report

 << File: NNGFINANCLRev.xls >>
 << File: NOTES_marked.doc >>
 << File: NOTES_clean.doc >>


you think that's a valid excuse?   whatever....


Cheryl:

All resolutions and consents for Enron companies subject to oversight by our
group must be approved by Mark Taylor.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com


Who is going to put our presentation together?  I will give it if you and Bob
feel that is the right thing to do but I just do not have time to put the
presentation together.

Stan


Hey,

I checked out the Houston Chronicle website and there were two Preludes that
would be comparable to mine.  One was advertised for $21,995(which is the
blue book) and the other was advertised for $18,900ish.  Of course both were
being sold by dealers, so I probably couldn't get quite that much.  But I can
probably get enough to make it worthwhile to go ahead and sell my car.  I
just wonder how long it would take before it actually sold.

That's what I've accomplished since lunch.  Talk to ya later,
Robin


Angie, would you go into July 31st and path 10,000 dt from deal 264613
(purchase from Power Gas Marketing) to deal 348393 (sale to EES) at meter
#20100.

thanks

	From:  Donnie Myers @ ENRON                           08/18/2000 09:54 AM

To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: EOGS

Chris,

 I am not seeing this deal coming through Unify for ENA (EES shows a
purchase, but we are not showing a sale).  Could you please check to make
sure that we agree and that it is in the system?  Please let me know if you
have any questions.  Thanks...
---------------------- Forwarded by Donnie Myers/NA/Enron on 08/18/2000 09:47
AM ---------------------------

Anate Kor@EES
08/18/2000 09:25 AM
To: Donnie Myers/NA/Enron@ENRON
cc:

Subject: Re: EOGS

Donnie,
This is  the info on the 10,013 (EOGS) in the EAST.

Let me know if I can do anything.

Anate

---------------------- Forwarded by Anate Kor/HOU/EES on 08/18/2000 09:23 AM
---------------------------

	Enron Energy Services

	From:  Marde L Driscoll                           08/18/2000 08:35 AM
	Phone No: 713-853-9473 Phone
  713-345-7374 Fax
  888-620-2354 Pager
  6202354@skytel.com Pager e-mail

To: Anate Kor/HOU/EES@EES
cc:
Subject: Re: EOGS

If this is for a volume of about 10,000 Dth it is a pool-to-pool transfer
from ENA (we are transferring this gas from Power Gas Marketing's pool).
When ENA purchased CES's book of business they acquired local production
behind the citygate.  This is one of those deals.  I did this deal with Chris
Germany of ENA.  If you need more information please let me know.  Thanks!  md

Anate Kor
08/17/2000 05:23 PM
To: Marde L Driscoll/HOU/EES@EES
cc:
Subject: EOGS

Hey Marde!

Our system shows we purchased this gas from ENA.  However, ENA does not have
this in their system.  Could you please give me a little more information on
the following:

July Business:
Pipeline -  EOGS
Point ID -  P-ECT-1186-001
Rec Meter -  IMBPURCH
Deal Meter -  11264

Thank you so much,
Anate


Guess what.  I have the deal numbers in my notebook packed in  a box - but Ed McMichael said we are not going to flow this gas until March.  I think he also said he is trying to resurrect the Con Ed deal - which is probably similar to the Lilco deal with respect to the pipelines it flows on.

Transco does not have a pooling contract like many of the other pipelines on the East.  They assign the shipper a specific meter for that pool and you use your IT contract to nominate pool to pool stuff.

I DID NOT CHANGE THAT OL CAPACITY TICKET BUT I THINK I WILL.  I'VE GOT TIME!!!!!!!!!

 -----Original Message-----
From: 	Olinger, Kimberly S.
Sent:	Tuesday, January 29, 2002 4:01 PM
To:	Germany, Chris
Subject:	RE: Transportation notes for Feb

chrissy,
what is the lilco deal you are referring to?  are we currently noming this?  can't find anything in unify that shows that we are.

what deal on transco would you need an it contract for?

also, did you go and change the capacty ticket to reflect the release of capacty?  I'm not sure how to reflect it, but the ticket numbers
are 1190900, and 1190720.  I can do this for you if you tell me how it should be reflected.

later gator

Kim

 -----Original Message-----
From: 	Germany, Chris
Sent:	Monday, January 28, 2002 3:30 PM
To:	McMichael Jr., Ed; Greif, Donna; Lamadrid, Victor; Barbe, Robin
Cc:	Garza, Maria; Kelly, Katherine L.; Germany, Chris; Concannon, Ruth; Olinger, Kimberly S.
Subject:	Transportation notes for Feb

I have released the Boston Gas capacity on Tennessee, contract 29667, and Iroquois, contract 1250-08, to Boston Gas, non-recallable, subject to bid (per Boston Gas's request), for Feb 1st for one month only.

Other transport notes;

To serve the Lilco deal, we need supply on Texas Eastern, Tennessee, and Transco.

Texas Eastern is trying to decide how to handle the cash out exposure.  There is no commodity expense on the type of agreement I am requesting but there is the possibility of cash out.  I think the exposure to Texas Eastern is minimal and it could be that Texas Eastern just wants to be difficult to work with.

We can still flow gas on our Tennessee pooling contract.

We need an IT contract on Transco.  Transco requires a prepayment or a letter of credit using the following formula, MDQ x 90 days x max it rate from Zone 1 to Zone 6 ($.5169).  I believe the Lilco volume on Transco is about 21,000 dth/day.  Therefore, we would need to give Transco a letter of credit for about $977,000.00.

I also believe that we could do a buy/sale on Transco and Texas Eastern and bypass the pooling process.

Donna, Victor,
I like to keep scheduling informed of all activity on my pipes.  I plan on copying Ruth, Kathy, Maria, and Kim on my emails.  Who should I include from scheduling?

Thanks


Amerex checked out incorrectly - Mike Driscoll just talked to the broker, who
was aware of that and said they would re-check out. Let me know if he
communicates this to his back office.

Thanks,
Kate

Evelyn Metoyer@ENRON
01/12/2001 11:24 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 1/12/01 Checkout

Amerex

Mike Swerzbin
deal 496303
Amerex shows Enron as sell

deal 496304
Amerex shows Enron as buyer


The replay number for the Investor Relations conference call this morning is:

719-457-0820
780214 (passcode)


Service List:

     Attached please find the Northern California Generation Coalition and
the Utility Reform Network Protest and Request to Suspend Open Season in
A.01-06-020.  If you have any questions, please contact Norman Pedersen at
(213) 243-2810.  Thank you.

(See attached file: LA1109589.DOC)

Jaki Hawkins (213) 243-2848
Secretary to Norman A. Pedersen

==========
The preceding e-mail message (including any attachments) contains
information that may be confidential, be protected by the attorney-client
or other applicable privileges, or constitute non-public information.  It
is intended to be conveyed only to the designated recipient(s).  If you are
not an intended recipient of this message, please notify the sender by
replying to this message and then delete it from your system.  Use,
dissemination, distribution, or reproduction of this message by unintended
recipients is not authorized and may be unlawful.
==========

 - LA1109589.DOC


please forward to anyone else.
---------------------- Forwarded by Vicki Sharp/HOU/EES on 03/07/2001 11:25
AM ---------------------------

"JOHN G KLAUBERG" <JKLAUBER@LLGM.COM> on 03/07/2001 11:13:24 AM
To: vsharp@enron.com
cc: James.D.Steffes@enron.com, Robert.C.Williams@enron.com,
kcsmith@gateway.net, mday@gmssr.com
Subject: Negative CTC

Vicki:  I got your message and I am attaching the brief memo we did in
mid-January, which I assume is the one you were looking for.  This may be a
bit dated, but I think it contains the "basics."  I have copied some of the
other parties who I thought would want this.  Could I ask you to forward it
to anyone else.  Thanks  John

"This e-mail, including attachments, contains information that is
confidential and it may be protected by the attorney/client or other
privileges.  This e-mail, including attachments, constitutes non-public
information intended to be conveyed only to the designated recipient(s).  If
you are not an intended recipient, please delete this e-mail, including
attachments and notify me by return mail, e-mail or by phone at 212
424-8125.  The unauthorized use, dissemination, distribution or reproduction
of the e-mail, including attachments, is prohibited and may be unlawful.

John Klauberg
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
212 424-8125
jklauber@llgm.com

 - ctc.doc


Can we call it the Chia House?  Does it have plants all over...?

At 07:33 PM 2/19/2001 -0500, LillahMay@aol.com wrote:
>Hey there everyone.
>
>I just wanted to let you all know that I bought a house, and I will be moving
>March 1st.  Once I am all settled in, I will have a house warming party for
>all of you.
>
>My new address will be:
>
>Elizah Mayham
>31369 SW Chia Loop
>Wilsonville, OR 97070
>
>My new phone number will be 503-682-8061
>
>Drop me a line :)


Bill, attached is a memo prepared by Susan Scott that does a good job of
answering the several questions that you had about the situation at Topock.
Note that in Susan's first answer, PG&E has no obligation to Transwestern to
accept gas at Topock.  They may well have obligations to their own
transportation customers or sales customers that have to be satisfied with
Topock receipts, but that doesn't give TW any rights against PG&E.  I realize
these are not comforting answers, but I wanted us all to have a realistic
understanding of where we are.  I'm running this by Lou in case he has a
different spin on the history or the agreements.  Thanks. DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 01/11/2000
02:44 PM ---------------------------


Hmm.
---------------------- Forwarded by Kay Mann/Corp/Enron on 09/26/2000 08:09
AM ---------------------------

	Enron North America Corp.

	From:  Lisa Bills                           09/25/2000 07:16 PM

To: Ben Jacoby/HOU/ECT@ECT
cc: Kay Mann/Corp/Enron@Enron

Subject: Pleasanton (ENA SFO project)

Ben, given that they want to use the existing LM6000 contract for the GSU
change order, I wanted to know if you were okay with this interaction with
GE.  Also, by using the existing LM6000 contract, they will be using up
capacity available for other LM6000 related equipment.  Are you okay with
this, i.e., you believe there is capacity available for them, and any
suggestions on how you would like to see them pay for the usage since the
LM600s have already paid the upfront structuring fee and ongoing commitment
fees.

Please call to discuss.
Lisa
---------------------- Forwarded by Lisa Bills/Corp/Enron on 09/25/2000 07:12
PM ---------------------------

Bill Williams@ECT
09/25/2000 06:22 PM
To: Lisa Bills/Corp/Enron@ENRON
cc: Don Hammond/PDX/ECT@ECT, Mark Fillinger/SF/ECT@ECT, Dean
Russell/SF/ECT@ECT, David Parquet/SF/ECT@ECT, Dale Rasmussen/HOU/ECT@ECT

Subject: Pleasanton (ENA SFO project)

Hello Lisa
I wanted to contact you to let you know that we (ENA West) are attemtping to
help the ENA San Francisco guys locate a Generator Step Up Transformer for
the Pleasanton project.  ENA is responsible to bring an LM6000 and GSU to the
project.  We cannot use one of the ABB transformers (Don Hammond checked with
ABB, and the as built configuration simply cannot be used or changed to meet
the needs of ENA SFO's application.  As such, we have had to go out and find
a GSU.  The good news is we have found one through GE.  It will meet SFO's
delivery schedule.  We have not received a quote, nor have we signed anything
(but we want to ASAP).  In talking to Dale Rasmussen, I understand we would
need to purchase this major component through a West LB structure.  GE
prefers to sell us the GSU through ENA's existing contract with GE.  As such,
I am asking what steps you (or Kay) would like us to take in setting up a
purchase option (or whatever is the correct noun name for reserving, buying a
needed GSU in a timely manner).

This e mail is meant to be a starting point in dialog.  Please contact me on
Tuesday to discuss whatever is necessary.

Thanks.

Bill Williams
ENA Portland
503-464-8958


----- Forwarded by Richard B Sanders/HOU/ECT on 10/24/2000 08:00 AM -----

	Christian Yoder
	10/20/2000 04:28 PM

		 To: Elizabeth Sager/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: ISO

CONFIDENTIAL
ATTORNEY CLIENT PRIVILEGE

Richard and Elizabeth:
While I was away on vacation, Steve Hall included this statement in a status
report to me;

" >While you were gone I learned a new one from Smith Day, which involves
submitting bids for less than one MW, i.e., .0005 MW.  Because of a glitch in
the ISO's rounding system, the MW get rounded down, but the payment gets
rounded up.  Playing this game is worth about $9000/day. "

9,000 X 365 = 3,250,000.

Let's discuss.  ----cgy


I sent a sample master on 9./20 no draft has been prepared to date.

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


install v4.0 build 23, follow old instructions to move files, than install build 27


Also,  I am concerned that Narsimha may have someone from the outside trying to recruit him.  I am pressing him on the contract and he is telling me everything's ok - lawyer reviewing, etc.  I am going to give him another day or so and then just call him on it.  I think there is better money out there, even in this market and do not want to lose him.  Honestly, Joe, Juan and Narsimha are the only commodity guys I can count on to do what is right - amazing.  You may want to ask Narsimha about the contract if you see him.

Rogers

 -----Original Message-----
From: 	Presto, Kevin M.
Sent:	Tuesday, October 23, 2001 6:05 PM
To:	Herndon, Rogers
Subject:	RE: Curve Changes

I agree with this approach and I'm fine with this allocation.   My objective is to get everything as accurate as possible so the proper price signal is being sent to retail and wholesale origination.   I caught the scalar issue when we were looking at 4 hour tolls vs. 8 hour tolls vs. 16 hour and I could tell there was a disconnect.

thanks.

 -----Original Message-----
From: 	Herndon, Rogers
Sent:	Tuesday, October 23, 2001 6:02 PM
To:	Presto, Kevin M.
Subject:	RE: Curve Changes

I think it is appropriate to instruct Risk to put the charges associated with the PJM scalar in the Change Deal Bucket as this was out of the Retail Commodity Group's control.  I am trying to hold these guys accountable for positions, p/l and such and I think this is the only way to fairly account for results that they could affect vs. someone else's error/mismark.  Let me know if you think this is appropriate.

 -----Original Message-----
From: 	Presto, Kevin M.
Sent:	Tuesday, October 23, 2001 4:51 PM
To:	Herndon, Rogers
Subject:	RE: Curve Changes

I have sent the message again to make curves as accurate as possible through 2015.    We are doing are best.   The Entergy situation was simply a back office mistake.   The NY off-peak is a work in progress and will get better every day.   The legs never trade, only the cals, therefore, we have to use common sense for month values.

Thanks for the info.   In most cases, Narsima is exactly right.

 -----Original Message-----
From: 	Herndon, Rogers
Sent:	Tuesday, October 23, 2001 3:19 PM
To:	Presto, Kevin M.
Subject:	FW: Curve Changes

FYI.

 -----Original Message-----
From: 	Misra, Narsimha
Sent:	Tuesday, October 23, 2001 3:10 PM
To:	Herndon, Rogers
Subject:	Curve Changes

Here are the significant (non market related) curve changes that have effected our P&L in the last week...and also a working issue related with curve management.

PJM East Hub:
   Summary : Hourly Scalars for East hub were changed, resulting in a ($2.3 million) loss.
   Reasons : Rob Benson had changed the West hub scalars a few months ago and those scalar changes never got transfered over to the East Hub curves. When the curve management function was moved from excel into the Enpower Curve Management system all the curves derived as a basis off West Hub curves started using the West Hub Scalars.

Entergy Back End:
  Summary : Yesterday, Entergy 05 and beyond curves moved down in the range of $0.50/MWh to $1.65/MWh resulting in a loss of approximately $2.3million (held back because Mike Carson is fixing the curves today)

NY Curves:
  Summary : The onpeak and offpeak curves for NY Zones A, G and J require a thorough clean up especially with regards to the issues that are stated below. The P&L is still to be determined because curves have not been changed.

On Peak
1.  J-G Spread is marked over G-A Spread starting in Year 2009.
2.  J-A Spread blows up year on year, starting in Year 2005.

Offpeak
1.  Zone-G is marked above Zone-J half of the time;  occuring mostly in Q1, Q4 and Aug.
2.  Zone-A is marked above Zone-J every July in 2003-2006.  With the exception of 2002, for the month of July, Zone-A is marginally marked below Zone-J.
3.  Zone-A is marked above Zone-G for every July from 2003 to 2018 and Dec 2003.
4.  Zone-A, for every year, MarApr is over MayJun by a significant amount.


For your review.
---------------------- Forwarded by Kay Mann/Corp/Enron on 06/08/2000 05:04
PM ---------------------------

Jeff Blumenthal@ECT
06/06/2000 06:44 PM
To: Kay Mann/Corp/Enron@ENRON, Brian D
Barto/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Peggy Banczak/HOU/ECT@ECT, Steve Irvin/HOU/ECT@ECT, Marc
Sabine/NA/Enron@ENRON

Subject: RE: language for Withholding (Section 5.2.2)

Kay and Brian,

In reply to Tim Lederach's e-mail below to Jeff Smith on June 6th, I have the
following comments:

1.  Regarding Tim's addition of the second and third sentences to my original
suggested language, it appears that there may be a misunderstanding.  Under
Mexican tax law, EEIM would be obligated to withhold tax on any payments it
makes to GE that are subject to Mexican withholding tax.  EEIM would submit
such amounts directly to the Mexican tax authorities and, in exchange, would
receive an official receipt (Official Form 37-A) that it could then forward
to GE.  It appears that Tim wants to ensure that GE obtains a copy of the
official receipt so that GE can claim a foreign tax credit on its U.S. income
tax return for any withholding tax to which payments it receives are subject
under Mexican tax law.  Tim's suggested additional language therefore needs
to modified to reflect that EEIM would pay the tax and could then provide GE
with the receipt.  I'd be glad to visit with Tim to discuss this matter.

2.  The language that I have proposed should be inserted in both the onshore
agreement and the offshore agreement.  Tim is proposing that it be inserted
(with his additional suggestions) only in the onshore agreement.

Please contact me at ext. 35777 if you have any questions.

Best regards,

Jeff

	From:  Kay Mann @ ENRON                           06/06/2000 06:09 PM

To: Jeff Blumenthal/HOU/ECT@ECT, Peggy Banczak/HOU/ECT@ECT
cc:
Subject: RE: language for Withholding (Section 5.2.2)

---------------------- Forwarded by Kay Mann/Corp/Enron on 06/06/2000 06:08
PM ---------------------------

jeffreye.smith@ps.ge.com on 06/06/2000 06:08:59 PM
To: Kay.Mann@enron.com
cc: Brian.D.Barto@enron.com, tim.lederach@ps.ge.com,
john.schroeder@ps.ge.com, karl.siverling@ps.ge.com

Subject: RE: language for Withholding (Section 5.2.2)

Kay,
See the proposed wording, below.  This is the only contract text issue I am
aware of.
Other than the items mentioned in my e-mail of June 1st/2nd (on the
consolidation agreement) and finalization of the "letter agreement" (you got
my fax), we are there.
Implied in the above, is that at this point I think the split agreement
approach would get us to closure faster.
Regards,
Jeff Smith

-----Original Message-----
From:   Lederach, Timothy P (PS, Finance)
Sent:   Tuesday, June 06, 2000 4:12 PM
To:   Smith, Jeffrey E (PS, CommOps)
Subject:   RE: language for Withholding (Section 5.2.2)

I have no problem with their proposed addition as it applies to the onshore
contract.  However, I would recommend modifying it as follows:

      If Purchaser is obligated to make any payment to Seller that
is subject to any withholding tax, then Purchaser shall remit the
appropriate withholding tax to the proper governmental authorities, and
Purchaser shall then remit the net amount of the payment (i.e., the gross
payment minus the applicable withholding tax) to Seller.  Seller agrees to
provide Purchaser with an original tax receipt, in Seller's name, indicating
remittance by the Purchaser of the amounts withheld.  Failure to provide
this receipt within a reasonable period of time will result in the amount
withheld becoming payable to the Seller.
Regards

Tim Lederach
GEPS Taxes

      -----Original Message-----
      From:   Smith, Jeffrey E (PS, CommOps)
      Sent:   Tuesday, June 06, 2000 2:43 PM
      To:   Lederach, Timothy P (PS, Finance)
      Subject:   FW: language for Withholding (Section 5.2.2)
      Importance:   High

      Tim,
      Enron wants to add this to the end of Clause 5.2.2.
Attached is the latest version of the On-Shore Contract for reference.
      Please let me know your opinion.
      We can talk to Enron about this if appropriate.
      Thanks,
      Jeff Smith
          << File: VITRO5-on-r1b.wpd >>

      -----Original Message-----
      From:   Brian D Barto [mailto:Brian.D.Barto@enron.com]
<mailto:[mailto:Brian.D.Barto@enron.com]>
      Sent:   Tuesday, June 06, 2000 2:23 PM
      To:   jeffreye.smith@ps.ge.com
      Subject:   language for Withholding (Section 5.2.2)

      If Purchaser is obligated to make any payment to Seller that
is subject to any withholding tax, then Purchaser shall remit the
appropriate withholding tax to the proper governmental authorities, and
Purchaser shall then remit the net amount of the payment (i.e., the gross
payment minus the applicable withholding tax) to Seller.


Turbine Team,

For future reference we should add in the put/call language (similiar to the
language in 6.2 (c) of the Intergen deal) which allows Enron to put the
equity to the buyer at any time GE consents.  We should soften the approval
rights of the purchaser.

Thanks,

Kay


TD {font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-weight: normal; color: black; }   .myWxTitle {font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 10pt; font-weight: bold; color: white; }   .myWxTitle1 {font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 9pt; font-weight: bold; color: black; }   .myWxTitle2 {font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 9pt; font-weight: bold; color: 003399; }   .drkWxTitle {font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 11pt; font-weight: bold; color: black; }   .redWxTitle {font-family:  Arial, Helvetica, sans-serif; font-size: 10pt; font-weight: normal; color: red; }   .blueWxTitle {font-family:  Arial, Helvetica, sans-serif; font-size: 10pt; font-weight: normal; color: blue; }  	 .smallWxTitle {font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 8pt; font-weight: normal; color: white; }  .smallDrkWxTitle {font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 9pt; font-weight: normal; color: black; } 	 .categoryTitle { font-family: Verdana,Arial,Helvetica,Sans Serif; font-size: 10pt; font-weight: bold; color: black; }  .bodyText { font-family: Arial,Helvetica,Sans Serif; font-size: 10pt; color: black; }  .captionText { font-family: Arial,Helvetica,Sans Serif; font-size: 8pt; color: black; }  .sectionTitle { font-family: Verdana,Arial,Helvetica,Sans Serif; font-size: 10pt; font-weight: bold; color: black; }
[IMAGE]
  Doug's weather for 2/1/2002 Update Profile  | Unsubscribe    [IMAGE]  Local Outlook for Houston, TX           5 DAY FORECAST        Hi  Lo  Today  [IMAGE] Mostly Cloudy ?F  38?F  Sat  [IMAGE] Mostly Cloudy 56?F  46?F  Sun  [IMAGE] Cloudy 60?F  48?F  Mon  [IMAGE] Mostly Cloudy 59?F  47?F  Tue  [IMAGE] Scattered Showers 64?F  35?F      [IMAGE]              DETAILED FORECAST    Tonight: Cloudy skies early, then partly cloudy after midnight.  Low near 38F. Light NNE winds. Tomorrow: Considerable cloudiness.  High near 56F. Winds ENE 10 to 15 mph. Tomorrow night: Overcast.  Low near 46F. Calm winds. Sunday: Overcast.  High near 60F. Winds NE 10 to 15 mph.          WEATHER HEADLINES   February comes in like a lion!  A strengthening storm brings very strong winds to the Great Lakes, Ohio Valley, Mid-Atlantic and parts of the Northeast.  [IMAGE] More details   [IMAGE]      MAPS  Doppler Radar Maps  Other Maps    CURRENT CONDITIONS AND 10 DAY FORECAST  Houston, TX   Austin, TX  Corpus Christi, TX  Dallas, TX        IN THE SPOTLIGHT - Ski Features  The powder is piling up! Introducing ski  on weather.com...   Want to know what the weather is like on your favorite ski slopes?  Is the surface snow powdery, or is it packed?  Want more information on the resort?     Our newly revamped Ski section on weather.com  features detailed local forecasts for ski areas worldwide with trail maps, web cams, and comprehensive resort details.  It also includes our exclusive Ski Comfort Index, that helps you decide where and when will be best for skiing.  Ski by it!  weather.com/ski     HEALTH  Are you a human barometer?  Changes in the weather have long been associated with joint pain, headaches and other health concerns.  weather.com's new Aches and Pains section can help you be prepared.    [IMAGE]   Aches & Pains Features   Air Quality Reports   Personal Allergy Profile    click to enlarge        SITE LINKS   For more information on additional topics choose from the following links:    Home and Garden  School Day  Weather In Your Calendar
 You  are receiving this e-mail because you requested The Weather Channel  to send newsletters and announcements to you at doug.gilbert-smith@enron.com. If you feel that you have received this message in error, or if  you no longer wish to receive these messages, you can unsubscribe   anytime.  If you have any questions or concerns about how we use your personal  information, please read our privacy  policy .  We welcome all feedback from our members, please  send us your comments  or questions.  Copyright (c) 1995-2001, The Weather Channel Enterprises,  Inc.  [IMAGE]


Drew,

Did you already approve this expense report and send it to accounting?

Denise

---------------------- Forwarded by Denise LaGesse/ET&S/Enron on 12/05/2000
10:50 AM ---------------------------

DENISE LAGESSE
11/16/2000 04:04 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc: Susan Scott/ET&S/Enron@ENRON

Subject: Susan's expense report 11/16/00

Please approve the attached expense report and cc: me on your approval.
Thanks!


FYI.

---------------------- Forwarded by Rakesh Bharati/NA/Enron on 03/27/2001
07:43 PM ---------------------------

Sheridan Titman <titman@mail.utexas.edu> on 03/27/2001 06:46:31 PM
To: Rakesh.Bharati@enron.com
cc:

Subject: Re: Comments

Rakesh:

Thanks for your input.  They are quite useful for helping me clarify my own
thinking.  The following are my responses to your comments and
clarifications.  The **ed paragraphs are from me and the others are from you.

1.  The money is being set aside to avoid negative values.  It is not clear
if you mean the values of the cash flow or the PV at the node.  Anyhow, we
shall be setting aside money not just for that specific node but all nodes
at that cross-section of time as the risk-free asset pays in all states of
nature.  This will have to be done every time there is a negative
realization.  Thus, for the typical project we have, the value of risk
capital may be extremely high, as we are not following a tail-based norm
anymore.

** I agree that this is confusing and needs further refinement.  I do this
because I have some concerns about discounting negative cash flows, (this
is discussed in my first memo).  This clearly provides a conservative
estimate of firm value, and a measure of risk capital that is too high.
From the perspective of evaluating the appropriate level of risk capital,
it is sufficient that enough capital be employed so that the PV at each
node is positive.  Also, one might want to set the level so that the PV is
positive in say 98% of all nodes.

2.  Your memo appears to suggest that debt capacity is contingent on all
values being positive.  If so, we are only issuing risk-free debt.  Also, a
project with a single negative value at each cross-section of time will not
have a positive debt capacity.

**Again, this is a very conservative initial estimate.  When the model is
refined, you probably want to define debt capacity so that the project
defaults a certain percent of the time.

3.  It seems that our optimization argument is the discount rate, which is
obtained in each step from the comparison investment (by equating the
variances).  It is not clear if changing the discount rate will have such
an effect on the project variance so as to lead to a global convergence.

**I am not assuming that the change in the discount rate has a major effect
on volatility.  In fact, I think the process requires only one iteration
when the volatility is independent of the discount rate.  Again, the idea
is that we calculate the volatility of the project's value calculated with
an initial discount rate.  Using the calculated volatility and the stock of
a comparison firm, calculate a more appropriate discount rate.  If the
volatility of the project's value is not affected by the change in discount
rates then we are done.  If, however, the change in discount rates changes
volatility, then we may have to iterate.

Let me know if this makes sense.**

Also, our project has a finite life and the market-based assets will have
infinite lives.  In the light of this fact, how will we define the relevant
variance?  Is it the spot variance of the returns of the comparison
investment?

**This is a good point.  I was thinking in terms of the average variance,
but this may not be correct.  Actually, we know that this is just an
approximation and we need to think about whether or not it is a good
approximation.  Typically, firms tend to ignore issues relating to the
duration of their project cash flows when they determine discount rate,
which clearly does not make sense.  This requires some additional thought.**

4.  Finally, our criterion is to subtract from the average PV the
investment and also the risk capital.  Setting risk capital to zero, this
model closely resembles the intuitive present value criterion and
endogenously determines the discount rate.

**This is correct.  My goal was to come up with something that was closely
related to what you are already doing but which gives you some insight into
how to define risk capital and the appropriate discount rate.  There are a
number of ways that we can refine and improve this procedure.  What we need
to first consider is whether or not the basic approach makes sense for the
kind of projects that you are evaluating.**

Gas Field Case

To facilitate your thinking, we are providing a gas field example below.

We invest x million dollars to buy and develop a gas field.  A profile of
expected production and variance of the production per year is available
from the engineers at the beginning.  Production will be autocorrelated, as
the profile will shift up or down based on the actual gas reserves being
more or less than the estimated reserves.   We assume the life of the field
to be 10 years with no salvage value.  There are fixed and variable
operating costs.  It might be useful for you to think about applying the
framework to this problem.

**This problem is probably pretty straightforward because it is unlikely
that the cash flows will be negative once the gas field is producing.
Hence, there is no need to be concerned about risk capital (other than the
x million dollars to buy and develop the property).  To value the property
assuming all-equity financing we calculate the value process of the
developed project and compare its volatility to a comparison investment
whose value process is observable (e.g., a traded MLP).  The risk-adjusted
return of the comparison investment would then be used to discount the cash
flows of the gas field.

Please note that this procedure requires relatively strong assumptions and
calculating the risk-adjusted return on the comparison investment is not
necessarily straightforward. **

Let me know when you would like to discuss this.

********************************

On another topic, is it possible for you to give me information about one
case where Enron bought or sold a base load power plant, where the
purchaser financed the transaction with non-recourse debt.  We would like
the following information:

1. The value of the power plant (or purchase price)

2. The amount of debt financing and the terms of the debt contract.

3.  Some information about the pricing of gas-power swaps and options.

About a year ago I gave Vince a paper which develops a pricing model for
project debt.  I don't think he thought that it could be implemented on the
type of projects that Enron finances.  However, my coauthors would like to
try applying the model for one case study.

Let me know when you want to discuss these issues.

Thanks,

Sheridan
Sheridan Titman
Department of Finance
College of Business Administration
University of Texas
Austin, Texas 78712-1179

512-232-2787 (phone)
512-471-5073 (fax)

titman@mail.utexas.edu


Decline.

	Rosalee Fleming
	09/21/2000 05:29 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: Letter to President on Energy Efficiency - Immediate Review Reque
sted

Is this something we want to do?
---------------------- Forwarded by Rosalee Fleming/Corp/Enron on 09/21/2000
05:27 PM ---------------------------

nemtzow@ase.org on 09/21/2000 05:00:08 PM
To:
cc: dham@ase.org
Subject: Letter to President on Energy Efficiency - Immediate Review Reque
sted

To Alliance Board and Associates:

As you may know, President Clinton is considering releasing oil from the
Strategic Petroleum Reserve, perhaps as early as the next several days.
Regardless of what you think about release of oil from the Reserve, I hope
you will help us take advantage of this opportunity to encourage the
President to renew his efforts to pursue energy efficiency - our nation's
best long-term response to rising oil imports.

Due to the immediacy of the decision, we ask that you let us know if we can
sign you on, no later than this Monday, September 25 at noon Eastern.
Please respond with sign ons (giving us the precise company/organization
name) by reply email, or call Dave Hamilton or myself at 202-857-0666.
Thank you for your consideration and support.

David

============
David Nemtzow
Alliance to Save Energy
nemtzow@ase.org <mailto:nemtzow@ase.org>
ph: (202) 857-0666
fax: (202) 331-9588
http://www.ase.org <http://www.ase.org>


yes

Ina Rangel
05/10/2001 05:47 PM
To:	John Arnold/HOU/ECT@ECT
cc:
Subject:	Question?

John,

Do you think we need to see about sending an IT Tech for you and Maggi on Friday to make sure everything is working okay?   If we do, we would have to pay for their travel expenses.

It would be beneficial to you instead of having to be on the phone with IT for any problems.

Let me know.

-Ina


Despite the postponement of company presentations this week by PWC-FAS,
Goldman Sachs, and Wells Fargo, all three companies as of today still plan
to conduct their on-campus interviews as scheduled.  Thus, to ensure that
they receive your resumes with time to prepare their interview lists, the
resume drop deadline for these companies, as well as Citigroup, will remain
Friday, September 14th, at 11:59 p.m.

We are currently working with the companies to reschedule their
presentations as soon as possible.  Please don't hesitate to contact me if
you have any questions or concerns.

Mark Friedfeld
Account Manager
MBA & MFE Recruiting
Haas School of Business
University of California, Berkeley
510.642.6588
friedfeld@haas.berkeley.edu


maine impossible to get to ..    next idea?


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

----- Forwarded by Debra Perlingiere/HOU/ECT on 08/10/2000 09:29 AM -----

	Jeffrey McClellan
	08/09/2000 02:50 PM

		 To: Jeffrey McClellan/HOU/ECT@ECT
		 cc: (bcc: Debra Perlingiere/HOU/ECT)
		 Subject: Reminder: HAPPY HOUR TOMORROW (THURS)

---------------------- Forwarded by Jeffrey McClellan/HOU/ECT on 08/09/2000
02:53 PM ---------------------------

Jeffrey McClellan
08/09/2000 02:49 PM
To: Jeffrey McClellan/HOU/ECT@ECT
cc:
Subject: Reminder: HAPPY HOUR TOMORROW (THURS)


Carol, thanks.

Anne:  we need to send this list to AEP to ensure they agree that this is the
extent of our "Books and Records" obligations at Close.

Thanks,
Brian

 -----Original Message-----
From:  Gilley, Carolyn
Sent: Thursday, April 19, 2001 7:04 PM
To: Beck, Sally; Redmond, Brian
Cc: Apollo, Beth; Scribner, James
Subject: HPL Books and Records

Sally and Brian,
Per my conversation with Brian regarding HPL books and records to be turned
over to AEP, we will complete the identification and inventory report of
records to be turned over by close of business Thursday, April 26, 2001.  We
will continue to track and monitor the location of these records during the
transition of personnel from Enron to AEP.  In order to ensure delivery of
the HPL/AEP Records Transfer List, we have increased the resources from three
to ten individuals.

Please call me if you need further clarification or have any comments or
concerns.

Thank you,
Carolyn Gilley
Ext. 35237


Over the next several months Enron will be phasing in a new expense-reporting
product, Concur Technologies, Expense Management System (XMS).  You will be
able to prepare your expense report, send it for approval, and transmit it
for payment using the Intranet.  It will be far more user-friendly than the
Excel-based form currently in use and will provide a truly paperless
process.  In addition, the system efficiently integrates with the SAP
accounting system.

On October 16, employees who used a prior version of the product upgraded to
the most current release.  On October 30, it will be available to Enron Corp
employees, Company 0011.  The rollout to other groups will continue through
January 2001.  Rollout announcements will be made to each business unit.

In Houston, IT Central will provide four training sessions per week. To
enroll in a class go to itcentral.enron.com and click on
Services>Training>Schedules. Those in outlying locations and those who prefer
on-line training can use LEAP by signing on to sap.enron.com and clicking on
Training, then LEAP.  Use xms (lower case) as the User ID and Password.

We are excited about this new system and hope you will find it useful.  If
you have questions regarding its use contact IT Central at (713) 345-4727 or
visit their website.


She doesn't know that I exist,  now that I'm single again and all.  I should
be able to lose 30 or 40 pounds by then.

Matthew B Fleming@EES
01/31/2001 02:13 PM
To: Chris Germany/HOU/ECT@ECT
cc: Heidi Griffith/DUB/EES@EES
Subject: Flight Info

Could you please pick her up and entertain her that weekend, I will be too
busy.  Sorry for the inconvenience, I owe you one.
---------------------- Forwarded by Matthew B Fleming/HOU/EES on 01/31/2001
02:11 PM ---------------------------

	Enron Energy Services

	From:  Heidi Griffith                           01/31/2001 02:08 PM
	Phone No: (614)718-6340

To: Matthew B Fleming/HOU/EES@EES
cc:
Subject: Flight Info

Well the tickets have been purchased.  We arrive at the Hobby, TX airport at
10:45 am on Friday, Mar. 16 flight # 1451.  We will be departing on Monday,
March 19 at 10:55 am.  You have to promise me that we can eat at Lupe's
Friday night!!