Carol:

The total estimated cost would be in the region of $1,250 - $1,500, including
disbursements.

Please feel free to let me see a copy of the charging document.

Kind regards
Chris Garrod

>>> <Carol.St.Clair@enron.com> 04/18/01 12:18PM >>>

Chris:
Thanks for your prompt response.  I think that we do need to register the
charge document which in this case would be the confirmation that will be
executed. Can you provide me with an estimate of the total cost?

Does everyone at Enron agree?

Caroline,
I will redraft the Bermuda confirm to change from LC's to cash and send to
you.  Please make sure that the counterparty is aware that we plan to
register/file the confirm in Bermuda.

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

                    "Chris
                    Garrod"              To:     <Carol.St.Clair@enron.com>
                    <CGGarrod@cdp        cc:     <Brent.Hendry@enron.com>,
<Caroline.Abramo@enron.com>,
                    .bm>                 <Paul.Radous@enron.com>,
<Sara.Shackleton@enron.com>
                                         Subject:     Re: Cash Collateral
                    04/18/2001
                    09:50 AM

Dear Carol

Under Bermuda law, there is no real concept of "perfecting" security since
it is not necessary to ensure the enforceability in Bermuda that a charge
be registered in Bermuda.  However, although it is not necessary for a
security interest to be registered in order for it to be valid, the charge
document itself can be registered in Bermuda in the Register of Charges in
accordance with Section 55 of the Companies Act 1981 in order to ensure the
priority in Bermuda of the charge.  On registration, any charge evidenced
in the charging document will have priority over any unregistered competing
charge or any subsequently registered competing charge in respect of the
assets which are the subject of the charge (i.e. the cash).

If the agreement will be governed by either Texas or New York law, it will
be a matter of the laws of either Texas or New York as to the actual nature
of the security interest which is created by the charge.

If you would like us to effect the registration of the charge, we would
need an original (or a certified true copy) of the executed document which
creates the security interest.  There is no time limit on such
registration.  However, please note that, in addition to our professional
fees, there is a filing fee of $446 which is payable in respect of the
registration.

I trust that the above is of some assistance.  If you have any questions
please do not hesitate to contact me.

Kind regards.

Chris Garrod

Christopher Garrod
Conyers Dill & Pearman
Clarendon House, 2 Church Street
Hamilton HM 11, Bermuda
Direct dial  441 299 4923
Fax:  441 292 4720
email  cggarrod@cdp.bm

>>> <Carol.St.Clair@enron.com> 04/17/01 06:54PM >>>
Christopher:
We have done a trade with a Bermuda hedge fund and have negotiated
collateral provisions that may require them to post csah to us.  The
agreement will be governed by either Texas or New York law.  We need your
advice on how to perfect our interest in any cash posted to us that we
would hold in an account in the United States.  Could you please call
either me or Sara Shackelton (713)853-5620 if possible tomorrow or you can
send me an e-mail if that is easier.  I'm hoping that our possession of the
cash is enough.  Sorry for the short fuse on this.  If you need any
additional information, please contact me or Sara.  I will be unavailable
from 9-11 and 2-3 tomorrow Houston time.

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


tough loss.  pac 10 sure is tough for texas to beat.


I was trying to respond to your message about the IOS meeting Friday & I lost it.

I will not be able to be at the meeting.  I am not in the office on Friday.  Please let me know if it will be rescheduled or when we can meet to discuss.

Thanks again,
Lindy


The attached file contains updated July 2000 volume requirements for CES.  The
changes relative to the original request sent on 6/23/00.   Changes are
described on the worksheet labelled 'Comments' under the date 06/26/00.   The
only other change that I currently anticipate is to NIPSCO when they post our
July requirements on their EBB.

Please call me if you have questions, etc.

Doug Kinney
Ph:  703-561-6339
Fax:  703-561-7317

 - July00_FOM_Req02.xls


-----Original Message-----
From: 	CustomerNotices, WGPHOU [mailto:WGPHOU.CustomerNotices@Williams.com]
Sent:	Wednesday, January 30, 2002 3:48 PM
Subject:	Cash Out Indices - January 2002 - REVISED

January 30, 2002

To:  Transcontinental Gas Pipe Line Corporation Customers
     and Shippers

Re:  Revised Cash Out Indices - January 2002
     * Today, Natural Gas Week posted a correction to its
     January 28, 2002 issue.  The revised Texas Offshore and
     Onshore prices are $2.01 and $2.04,respectively.  For such
     price revisions, please contact Natural Gas Week at 202/662-
     0700.
    FT                   AVG.          BUY        SELL
  ------                ------        ------     ------
  Zone 1                2.2425*       2.0250*    2.4700
  Zone 2                2.2794*       2.0550*    2.5075
  Zone 3                2.3163        2.0850     2.5450
  Zone 4                2.3292        2.0969     2.5589
  Zone 5                2.3864        2.1496     2.6206
  Zone 6                2.4327        2.1923     2.6705

    IT                   AVG.          BUY        SELL
  ------                ------        ------     ------
  Zone 1                2.2425*       2.0250*    2.4700
  Zone 2                2.2794*       2.0550*    2.5075
  Zone 3                2.3163        2.0850     2.5450
  Zone 4                2.3699        2.1376     2.5996
  Zone 5                2.5721        2.3353     2.8063
  Zone 6                2.7269        2.4865     2.9647

   FTG                   AVG.          BUY        SELL
  ------                ------        ------     ------
  Zone 1                2.2425*       2.0250*    2.4700
  Zone 2                2.2794*       2.0550*    2.5075
  Zone 3                2.3163        2.0850     2.5450
  Zone 4                2.3970        2.1647     2.6267
  Zone 5                2.6959        2.4591     2.9301

                         AVG.          BUY        SELL
                        ------        ------     ------
  FTNT                  2.3225        2.0900     2.5500

For information concerning Transco's cash out pricing, please
contact Jane Yang at (713)215-3462.

Stella Yu
Manager - Rate & Tariff Implementation
(713)215-3381


Harlan E. Murphy
Enron Wholesale Services - Legal
1400 Smith Street, EB 3811
Houston, Texas 77002
Tel: 713.345.2679
Fax: 713.646.3490
E-mail: Harlan.Murphy@Enron.com

 -----Original Message-----
From: 	Ernie.Kohnke@dynegy.com@ENRON
Sent:	Thursday, November 08, 2001 4:57 PM
To:	Murphy, Harlan
Subject:	Revised Master Agreement

Har,

At long last, attached please find the revised agreement, in redline and in
final.  My instructions were to prepare execution copies, have them signed
on behalf of the various Dynegy entities, and they are being hand delivered
to Mr. Bradford in your credit group for execution on behalf of the various
Enron entities.  I also prepared guaranty agreements from Dynegy Holdings
and from Enron Corp., each of which has been either executed or
acknowledged on behalf of Dynegy.  The decision upstairs was that this
final version was "take it or leave it" for Enron.

A summary of the major changes:

1.   All margining language and references to Collateral were removed.
2.   All operating Underlying Master Agreements were included.
3.   The "Group" payment concept was eliminated in Section 4 because it was
not clear who would actually be making the payment.

Thanks.

Ernie

(See attached file: Enron Mstr Net 11-8.doc)(See attached file: Enron Mstr
Net 11-8 Final.doc)
 - Enron Mstr Net 11-8.doc
 - Enron Mstr Net 11-8 Final.doc


Dear Shippers,

Attached for your information is an order from the FERC extending the
implementation date to April 1, 2001.

??????? ??????? ??????? ??????? ??????? ??????? ??????? ??????? ???????
??????? ??????? ??????? ??????? ??????? ??????? ??????? ??????? ??????? Bob
Betonte  <<rp99-507.doc>>

 - rp99-507.doc


----- Forwarded by Kaye Ellis/HOU/ECT on 08/08/2000 02:01 PM -----

	Linda J Noske
	08/08/2000 01:47 PM

		 To: Suzanne Adams/HOU/ECT@ECT, Erica Braden/HOU/ECT@ECT, Sheri L
Cromwell/HOU/ECT@ECT, Gloria Cruz/Corp/Enron@Enron, Joya Davis/HOU/ECT@ECT,
Janette Elbertson/HOU/ECT@ECT, Kaye Ellis/HOU/ECT@ECT, Carolyn
George/Corp/Enron@ENRON, Jenny Helton/HOU/ECT@ECT, Taffy
Milligan/HOU/ECT@ECT, Linda J Noske/HOU/ECT@ECT, Pat Radford/HOU/ECT@ECT,
Linda J Simmons/HOU/ECT@ECT, Dina Snow/Corp/Enron@Enron, Twanda
Sweet/HOU/ECT@ECT, Becky Tlucek/HOU/ECT@ECT, Brenda Whitehead/HOU/ECT@ECT,
Chaundra Woods/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT, Kimberlee A
Bennick/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Genia
FitzGerald/HOU/ECT@ECT, Nony Flores/HOU/ECT@ECT, Susan Flynn/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, Alan Aronowitz/HOU/ECT@ECT,
Roger Balog/HOU/ECT@ECT, Peggy Banczak/HOU/ECT@ECT, Sandi M
Braband/HOU/ECT@ECT, Robert Bruce/NA/Enron@Enron, Teresa G
Bushman/HOU/ECT@ECT, Bob Carter/HOU/ECT@ECT, Michelle Cash/HOU/ECT@ECT,
Barton Clark/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT,
Shonnie Daniel/HOU/ECT@ECT, Peter del Vecchio/HOU/ECT@ECT, Stacy E
Dickson/HOU/ECT@ECT, Shawna Flynn/HOU/ECT@ECT, James Grace/Corp/Enron@ENRON,
Barbara N Gray/HOU/ECT@ECT, Mark Greenberg/NA/Enron@ENRON, Wayne
Gresham/HOU/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT,
Brent Hendry/NA/Enron@Enron, Jeffrey T Hodge/HOU/ECT@ECT, Dan J
Hyvl/HOU/ECT@ECT, Anne C Koehler/HOU/ECT@ECT, Dan Lyons/HOU/ECT@ECT, Kay
Mann/Corp/Enron@Enron, 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, Marcus
Nettelton/NA/Enron@ENRON, Martin W Penkwitz/ENRON_DEVELOPMENT, 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, Shari
Stack/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, Stephanie
Panus/NA/Enron@Enron
		 cc:
		 Subject: ATTENTION EVERYONE!!!!!

YES, this is our final memo......

It is time to gather the troops and plan for the  UNITED WAY Kick-off!!  We
hope that everyone has picked up enough T-shirts for your area. We have 1500
ENA employees to track in this campaign and we don't want to overlook
anyone!  If people on your floor are asking about the shirts, tell them to go
to the Reception Desk on the 33rd floor and ask for one.  ALL ENA employees
should be wearing our T-shirts on Wednesday!
Remind everyone to meet at the corner of Andrews and Smith at 11:00 AM.  We
need a huge ENA parade to walk to the Hyatt and sit together as we cheer for
our contestants.
We hope that you have made your own United Way pledge, so that you can tell
everyone how easy it is ON-LINE!
 Questions - call Michelle Vitrella X 39767 or Kathie X 39610
Lunch is FREE provided by Chick-Fil-A at Antioch Park --- 11:45 AM - 1:30 PM

PLEASE FORWARD THIS MEMO TO EVERYONE IN YOUR AREA.

HELP US TO GET THE WORD OUT TO ALL ENA EMPLOYEES!!!!!

Log-in to system on Netscape or Explorer --  unitedway.enron.com


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/12/2000
06:09 PM ---------------------------

	From:  Mike A Roberts                           10/12/2000 02:35 PM

To: Cary M Carrabine/HOU/ECT@ECT, Richard Tomaski/Corp/Enron@Enron@ECT, Lee
Fascetti/Corp/Enron@Enron, Paul Burgener/Corp/Enron@ENRON, Per
Sekse/NY/ECT@ECT, Caroline Abramo/Corp/Enron@Enron, Candace
Spencer/CAL/ECT@ECT, Terri Brian/CAL/ECT@ECT, Emma Shier/CAL/ECT@ECT, Robert
Shiring/HOU/ECT@ECT, Gregory Schockling/Corp/Enron@ENRON, Brad
Horn/HOU/ECT@ECT, Ragan Bond/Corp/Enron@ENRON, dan.mccairns@bhlp.com, Vince J
Kaminski/HOU/ECT@ECT, Jonathan McKay/CAL/ECT@ECT, Jean Mrha/NA/Enron@Enron,
Sunil Dalal/Corp/Enron@ENRON, Stephanie Miller/Corp/Enron@ENRON, Charles
Varnell/NA/Enron@Enron, Todd B Hattenbach/NA/Enron@Enron, Tyrell
Harrison/NA/Enron@Enron, Kevin G Moore/HOU/ECT@ECT, Mike A
Roberts/HOU/ECT@ECT, Robert Shiring/HOU/ECT@ECT, Gregory
Schockling/Corp/Enron@ENRON, Brad Horn/HOU/ECT@ECT, Ragan
Bond/Corp/Enron@ENRON, dan.mccairns@bhlp.com, Eileen
Peebles/ET&S/Enron@ENRON, Jeff Nielsen/ET&S/Enron@Enron, Tracy
Schwartzkopf/ET&S/Enron@Enron, Michael Nguyen/HOU/ECT@ECT, Joseph
Hrgovcic/HOU/ECT@ECT, Rajib Saha/HOU/ECT@ECT, Brando Hayden/HOU/ECT@ect,
David Ryan/Corp/Enron@ENRON, Todd DeCook/Corp/Enron@Enron, Andy
Pace/NA/Enron@Enron
cc:
Subject: FW: WINTER WEATHER OUTLOOK 2000-01

---------------------- Forwarded by Mike A Roberts/HOU/ECT on 10/12/2000
02:34 PM ---------------------------

"Sanfilippo, Gerard A [FI]" <gerard.a.sanfilippo@ssmb.com> on 10/12/2000
02:24:18 PM
To: undisclosed-recipients:;
cc:
Subject: FW: WINTER WEATHER OUTLOOK 2000-01

> ----------
> From:  Russo, Mark S [FI]
> Sent:  Thursday, October 12, 2000 1:29 PM
> To:  Sanfilippo, Gerard A [FI]
> Subject:  WINTER  WEATHER OUTLOOK 2000-01
>
>  <<winter2000.pdf>>
>

 - winter2000.pdf


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/20/2000
08:30 AM ---------------------------

"NW on Application Service Providers" <ApplicationService@bdcimail.com> on
04/20/2000 03:29:33 AM
Please respond to "Application Service Providers Help"
<NWReplies@bellevue.com>
To: <vkamins@enron.com>
cc:
Subject: Intellectual property and ASPs

NETWORK WORLD FUSION FOCUS: MIKE JUDE and NANCY MEACHIM
on APPLICATION SERVICE PROVIDERS
Today's focus: Intellectual property and ASPs
04/19/00

Dear Wincenty Kaminski,

~~~~~~~~~~~~~~~~~~This newsletter
sponsored by Citrix ~~~~~~~~~~~~~~~~~

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worldwide depend on to deliver mission-critical applications with
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leading ASPs depend on Citrix to stand out from the competition. Call
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Completely LIVE and unrehearsed! Join Network World's John Gallant and
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issues taken from the headlines. Premieres May 5 at 1:00 p.m. ET.
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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Copy and paste URLs that break in two lines and remove extra spaces.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Today's focus: Intellectual property and ASPs
---------------------------------------------
By Mike Jude and Nancy Meachim

The deeper we get into the e-business paradigm, the more concerns we
discover.

The other day, we were talking to a manager at a large
telecommunications company who was anxious over the contractual
arrangements for an electronic-business relationship her company is
developing. Specifically, she was worried about the protection of
intellectual property in such an arrangement.

Intellectual property - or IP, as it is known to lawyers - refers to
copyrights, patents and trade secrets upon which your company depends
for its competitive advantage. In short, it,s anything you don,t want
your competitors to get their hands on. It can also include intangibles
such as goodwill from current customers.

How is IP put at risk in an application service provider (ASP)
relationship? In any ASP arrangement, a customer is forced to disclose
intellectual property to one degree or another. The property may be
simple business plans or proprietary customer information. In any event,
it is information that could do a great deal of harm if it were leaked
to competitors or the universe at large. In the case of full-service
ASPs (those that provide integration and Web design services), IP can
also include the look and feel of the business in e-space.

The problem is trust. An ASP must convince its customers that their
information is secure. But how does an ASP even know what information
needs to be protected? Customers must retain full rights to their
intellectual property and ensure that it is secure from disclosure.

The most effective way for a customer to secure IP rights and
obligations is through a contract that clearly states who owns what.
Just like a prenuptial agreement, both parties go into the arrangement
with rights and property. It is important to get these on paper prior
to the business relationship. And this contract is different from a
service-level agreement SLA). While the SLA is a performance document,
the business relationship contract is one of rights and responsibilities.

This also applies to the look and feel of the business. If an ASP
develops a Web presence for a customer that provides a unique advantage
to that customer, it is essential that the customer get its IP rights
in writing. One peculiarity of the IP world is that unless you
specifically say something to the contrary, the creator of the IP is
the owner.

The guidance Enterprise Management Associates always gives is: when in
doubt, write it down. If it offends the other party, at least you know
where the sensibilities are. If it doesn,t, then that tells you
something as well. In any case, having an obligation or right expressed
on paper establishes a point of reference if things get fuzzy in the
day-to-day ASP operation.

As our telco manager friend noted, many things are uncertain in the new
e-business world we are creating. She is right. But we will be more
confident as we proceed if we remember that the obligations of good
business practice have not changed.

To contact Mike Jude and Nancy Meachim:
---------------------------------------
Senior consultant Michael Jude and research director Nancy Meachim are
with Enterprise Management Associates in Boulder, Colo.,
(http://www.enterprisemanagement.com), a leading analyst and market
research firm focusing exclusively on all aspects of enterprise
management. Jude has over 18 years of experience in the
telecommunications industry, most recently with US West, where he was a
manager of public policy. Mike can be reached at
mailto:jude@enterprisemanagement.com. Meachim focuses on e-business
management. She is currently conducting a research study on ASP
management that is due to be released in April. Nancy's email address
is mailto:meachim@enterprisemanagement.com.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
FOR RELATED LINKS -- Click here for Network World's home page:
http://www.nwfusion.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Of Copies and Rights, Network World, 02/07/00
http://www.nwfusion.com/columnists/2000/0207bradner.html

The ASP effect on the software industry, Network World, 01/24/00
http://www.nwfusion.com/archive/2000/85264_01-24-2000.html

E-commerce: Legal finesse, Network World, 02/28/00
http://www.nwfusion.com/ecomm2000/ecomm-legal.html

Archive of Network World Fusion Focus on ASPs newsletters:
http://www.nwfusion.com/newsletters/asp/

Other ASP-related articles from Network World:

ASP specializing in customer service applications, Network World,
04/17/00
http://www.nwfusion.com/archive/2000/92655_04-17-2000.html

Aventail CEO,s software-to-services tale, Network World, 04/17/00
http://www.nwfusion.com/archive/2000/92309_04-17-2000.html

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Network World Fusion is part of IDG.net, the IDG Online Network.
IT All Starts Here:
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Copyright Network World, Inc., 2000


Hey buddy, this is out of a Duke Energy newsletter.  I'll just give you the highlights.

Duke Energy acquired Market Hub Partners Storage (MHP) from subsidiaries of NiSource, INC.  MHP currently operates 2 facilities.  The Moss Bluff facility in Liberty County, Texas, and the Egan facility in Acadia Parish, La.

I have never used Moss Bluff, I know it interconnects with Tetco in Stx.  I like Egan - it hooks up with ANR, Tex Gas, Tenn, CGLF, and Trunkline.


Can you make a note in Lotus Notes reflecting your conversation.  Thanks!


Jeff-

As you may know, I have (somewhat reluctantly) decided to resign from Enron.
For some time now, I have wanted to take some time off, and had asked Whalley
about the possibility for a six month unpaid, unvested sabbatical.  Primarily
for reasons of precedence, he was unwilling to pursue this option, which,
while it is disappointing to me, I accept.

The purpose of this note is twofold.

First, I would like to thank you for making this company the great place it
is today, and for giving me the opportunity to have a great career here.  I
will forever look upon my nine plus years with Enron fondly.

Second, I would like to ask you as the administrator of the 1997 Long Term
Incentive Plan to allow me to explore opportunities in the venture capital
community without triggering non-compete provisions with regard to future
payouts.  I very much enjoyed my brief role in venture capital, and have some
very good contacts in that area here in New York.  Since NetWorks decided to
cease operations in that business earlier in the year, I should not think
that Enron would view anything I might do there as competitive, especially if
I were not working directly in the energy space with an Enron competitor.

At present, I am planning to spend my time at least through the summer
enjoying, and travelling with, my family.  I have nothing planned
professionally as of yet, but wanted to take the opportunity to drop you this
note while I might still be viewed positively (I hope that's not too
presumptuous!).

Please let me know your thoughts on this non-compete provision as I would not
wish for anything to be awkward for us going forward.

Again Jeff, thanks for many great memories, and as an Enron shareholder, keep
up the great work!

Jay


<<Transmittal.doc>>  <<Reliant Responses to Staff's Third Set of Data
Requests.doc>>

__________________________________
Brooksany Barrowes
BAKER BOTTS L.L.P.    g
The Warner
1299 Pennsylvania Ave., N.W.
Washington, D.C.  20004-2400
(202) 639-7956
fax (202) 585-1003
brooksany.barrowes@bakerbotts.com

 - Transmittal.doc
 - Reliant Responses to Staff's Third Set of Data Requests.doc


HAVE A GOOD DAY !!!!!!!

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


UGI ships the gas for CES.  Normally we sell CES this gas at ELA.  It looks
like it will be at CGLF Mainline for the next few months.  Doug will verify
this information and let us know.

jporte1@columbiaenergygroup.com on 04/21/2000 11:54:33 AM
To: " - *Scott.Goodell@enron.com" <Scott.Goodell@enron.com>
cc: " - *Bizik, Kim" <knovsek@columbiaenergygroup.com>, " -
*Chris.Germany@enron.com" <Chris.Germany@enron.com>, " - *Kinney, Doug"
<BLOCK@columbiaenergygroup.com>
Subject: Capacity for UGI

Got an fax from UGI saying that the capacity they release for our customers
will be on Gulf/Tco from May thru Sep. I believe this is a change from TETCO.
Call me if you need a copy of the fax.


Rick,

I've been thinking about this. I think 18 mos. for the average tenor of a trade is way too high. For John Arnold's book it would on a prospective basis be  more in line with 4 months. We would probably not make markets online on anything past 24 months for NYMEX gas and the vast majority of our trades are in the first three months. I think the same would probably be true for power, but I haven't spoken to those guys about it.

For the NYMEX book gas I made the following assumptions:

Average tenor: 5 months

Average trades per day: 400

average volume per trade: 500,000 mmbtu

average px: $2.7/mmbtu

With 252 trading days you and up with a gross unadjusted notional of $136bn. This is simply 400*252*500,000*$2.7

You then have to adjust down for the expiration of trades during the year. If the average life was 6 months you could halve the number above, which would be conservative given our 4 month assumption.

That takes you down to $68.04bn ($136bn/2).

The next adjustment would be to factor in netting for counterparties. You are trying to estimate the net open interest per countperparty. I am working on those numbers as I write this. It stands to reason that the net number for NYMEX Gas deals would be less than $70bn. When you factor in other gas trades and power the number would rise and I will look at that.

As a basic method, does this start to get you to where you need to be ?

Andy


jtholtski1122
highland

Also,  Ican't find any of my bookmarks on internet explorer.  Where do I find
them?


Dear Mr. LARRY CAMPBELL:

Thank you for your order.

You bought 100 shares of PMCS (Pmc-sierra Inc Com) at 118.750000.

ORDER DETAILS:
The tracking number for this order is: B-500-AASM-3859
Order entered at:                      11:36:07 on 11/13/00
Order processing began at:             11:36:08
Order executed at:                     11:36:24 on 11/13/00

ACCOUNT DETAILS:
Time and Date: 11:36:24 on 11/13/00
Your position in PMCS is 0 shares
Your real cash total is $9,891.44

You will receive a printed Datek Online confirmation by postal mail, or by
electronic delivery if you are subscribed to that service.

Questions regarding this transaction? Contact our Customer Support department
by e-mailing support@datek.com. Please reference the order tracking number.


Steve, FYi this is what we are going to discuss tomorrow  you are welcome to
join us.........
---------------------- Forwarded by Cindy Olson/Corp/Enron on 12/19/2000
06:08 PM ---------------------------

Gerry Gibson
12/19/2000 11:34 AM
To: David Oxley/HOU/ECT@ECT, Robert Jones/Corp/Enron@ENRON, Marla
Barnard/Enron Communications@Enron Communications, Elizabeth
Tilney/HOU/EES@EES, Gary P Smith/OTS/Enron@ENRON, Drew C Lynch/LON/ECT@ECT,
Jon_zagrodzky@mckinsey.com, Cindy Olson/Corp/Enron@ENRON
cc: Beverly Stephens/Corp/Enron@Enron, Norma Yeverino/HR/Corp/Enron@ENRON,
Sandy Stone/Enron Communications@Enron Communications, Ruth Ann
Brown/HOU/EES@EES, Carolyn Perry/OTS/Enron@ENRON, Rachael Adams/LON/ECT@ECT,
Hilda Bourgeois-Galloway/Corp/Enron@ENRON, Kathy McMahon/Enron
Communications@Enron Communications

Subject: Partnerhsip & Peer Group Meeting

Hi Folks:

Just a friendly reminder regarding the Partnership & Peer Group Follow-up
meeting that will take place on December 21st from 8:00 - 10:00 in the 50M
Exec. Dining Room.  Below are the next steps that we agreed to the last time
we met.

Next Steps (from Dec. 15 meeting):

1. Refer to page 10 of the document (reviewed by Jon Z.) and take a stab at
mapping out how each of your current organizations would fit within this
structure (Commercial, Strategic Professional & Technical and Support Tracks)
2. Begin to build / refine / specify the criteria for a role / position being
in one or more of the three "Tracks"
3. Highlight / document specific adjustments / key potential "Business Unit
-specific issues and questions" that should be considered.
4. Begin to develop / suggest evaluation / "PRC" criteria (pages 11 & 12)

Regards, Gerry G.


Please note my new email address

acaperton@stargate.net

Austin Caperton
Caperton Energy Co.
POB 1947
Beckley WV 25802-1947
304-252-5733


The following position has become available in Volume Management reporting to
Chris Stokley.  There are 2 positions available.

Essential Functions:

Responsible for preparing and reconciling estimated and actual service costs
related to doing business in the California market with the ISO (Independent
System Operator).  Responsibilities will increase as other markets open.
Responsible for ensuring all disputes between EPMI and the ISO are
documented, submitted and brought to resolution prior to the close of the ISO
dispute period.
Responsible for explaining variance between EPMI estimated costs vs. ISO
actualized costs.
Responsible for performing a control function to ensure internal systems are
kept in sync.
Anticipate and respond to customer (internal and external) requests,
inquiries, and investigate and resolve issues in a timely basis.
Identify and recommend opportunities to re-engineer processes and procedures.
Provide a liaison function between Logistics (Scheduling), Power Settlements
and Accounting.

Job Requirements:

College degree or equivalent work experience.
Strong accounting skills.
Should possess strong technical knowledge of the Power Industry.
Must possess strong analytical skills.
Heavy attention to detail and strong organizational capabilities.
Must possess excellent oral, written, and interpersonal skills.
PC proficiency, including Microsoft Work, Advanced Excel, and Access.

Special Job Characteristics:

Must be highly motivated.  Self-starter with ability to recognize and solve
problems.
Overtime may be required.
Some travel may be required.

Chris/Murray will be holding a brown bag lunch on Tuesday, March 6, 2001 in
Mt. Hood to discuss this opportunity.  Interested applicants should advise
Amy FitzPatrick no later than close of business on Thursday, March 8, 2001.


Dave:
I will check with Tana on this and yes, she will handle the notifications.
Carol

	David Forster@ENRON
	06/12/2000 09:23 AM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Terminations number

Carol,

It looks like we may have to change the Houston terminations phone number.
Can you tell me how many customers will be affected?

I will forward a new number once known (probably later this week). Will Tana
be handling the change notification?

Dave


Notice # 01-26
January 22, 2001

TO:  NYMEX/COMEX Division Members

FROM: George Henderson, Vice President

RE:  EOR Demonstration Schedule

Please be advised that the Human Factors Lab located on the 2nd floor,
opposite the Concierge Office, will be open each day to conduct
demonstrations of the Automated Trading Card (ATC) portion of the Electronic
Order Routing (EOR) system.

The HF Lab will be available Monday through Friday, from 11:00 a.m. to 5:00
p.m.  All demonstrations of the system will be conducted by appointment
only.  To schedule a hand held demo call the Floor Department Systems Area at
299-2626.

During these demos your comments and suggestions will be documented and
reviewed for possible future system modifications and enhancements.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com&
refdoc=(01-26)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


All,

We are creating storage space for legacy systems and would like to take database down for few  hours.

Enpower production Database  will be down during Dec 29, 2001  6pm to  Dec 30, 2001 6am (central time)

Here is the contact info
Enpower On Call DBA pager :1-888-993-3793
Enpower 2nd On Call pager : 1-88-993-3795
Enpower On Call Phone : 1-713-553-3758
PortCalc On Call pager : 713-327-4356
Curve Manager On Call pager :713-707-3829

Please call me at X 5-7926, if you have any questions.

-Shiva
Enpower Support
Pager:713-327-2750.


I removed New Year Day's Holiday Monday January 2, 2006 as business day.

I removed Memorial Day(s) as business days for the years from 2002 to 2025
for ERMS/TAGG Production and Stage databases.
          The days are:
    27-MAY-2002
    26-MAY-2003
    31-MAY-2004
    30-MAY-2005
    29-MAY-2006
    28-MAY-2007
    26-MAY-2008
    25-MAY-2009
    31-MAY-2010
    30-MAY-2011
    28-MAY-2012
    27-MAY-2013
    26-MAY-2014
    25-MAY-2015
    30-MAY-2016
    29-MAY-2017
    28-MAY-2018
    27-MAY-2019
    25-MAY-2020
    31-MAY-2021
    30-MAY-2022
    29-MAY-2023
    27-MAY-2024
    26-MAY-2025

Truong Vu
Enron Net Works, LLC
truong.vu@enron.com
(713)345-3416


Arthur has surfaced!  But why he's plodding through it is beyond me.  He said he was ready to sign so that's why we sent execution copies.  Obviously he hadn't even reviewed the draft.  Go figure!

Marie

 -----Original Message-----
From: 	"Arthur Boytinck" <aboytinck@email.msn.com>@ENRON
Sent:	Tuesday, October 09, 2001 3:49 PM
To:	Heard, Marie
Subject:	Re: Master Agreement

This document is very complicated and contains so much fine print that I am
procratinating in my efforts to plod through the document.

----- Original Message -----
From: "Heard, Marie" <Marie.Heard@ENRON.com>
To: <aboytinck@msn.com>
Sent: October 8, 2001 1:53 PM
Subject: FW: Master Agreement

Another follow-up message re status of execution of master agreement.
Please advise.

Thanks!

Marie Heard
Senior Legal Specialist
Enron North America Corp.
Phone:  (713) 853-3907
Fax:  (713) 646-3490
marie.heard@enron.com

>  -----Original Message-----
> From: Heard, Marie
> Sent: Monday, August 27, 2001 4:26 PM
> To: 'aboytinck@msn.com'
> Subject: Master Agreement
>
> Mr. Boytinck:
>
> I am sending this e-mail to check on the status of the Master
> Agreement for Garden City Plaza Ltd. that was forwarded to you for
> execution.  It would be appreciated if you would let me know the
> status.
>
> Thank you!
>
> Marie Heard
> Senior Legal Specialist
> Enron North America Corp.
> Phone:  (713) 853-3907
> Fax:  (713) 646-3490
> marie.heard@enron.com
>

**********************************************************************
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.
**********************************************************************


Is 4:45 OK?  Take 128th over to Washington and go North on Washington
to 136th.  East on 136th to High Street (I think it is the 3rd right)
Take a right on High street and go to your third street, 135th Ave
(the development is called the Meadows at Hunters Glen)  and take
another right.  My address is 1825 E 135th Ave. It is like 8 houses
down on the right...will be the first house on that side with a 3 car
garage.  My home number is 303 457-3705 in case you get lost.
--
NGFC, tcooper@ngfc.com on 17/10/2001


I was so lucky.  I took the 10:00 train from paddington (which by the way is fabulous) and got to the terminal at 10:10.  Security guards were making everyone leave the terminal unless their flight left before noon - the rule was that you could not come into the terminal until 2 hours before flight time ( this is of course different than the Virgin Atlantic pre recorded message which said to get to the airport 3 hours early).  Everyone was being herded outside the terminal - for security reasons they didn't want so many people in the terminal.  People were sitting on their suitcases in  a grassy area and someone said buses were moving people to offsite loacations to wait.

 I asked the Virgin rep and she said that only the people holding tkts with a 9/16th flight date were allowed to line up to check in and everyone else had to go to a separate stand by line  - and by the way this line stretched around the world.  They were massively overbooked and she said only the ticketed passengers would get on.

I just happened to be standing next to a guy who also had a tkt on Continental/Virgin for the same flight - he said that he had talked to Continental in the US and they told him to go first to the continental counter and get reticketed.  So he and I went to t he Continental counter ( where they were giving out cookies!) and got reticketed for the 16th.  I never would have known to go to the countinental counter if I hadn't talked to him.  By then it was about 11:30 - so we sneaked back into the Virgin Atlantic line and and hour later we were processed in.

It was just too lucky.  I felt awful though - some of the people in the standby line were crying - they looked just desperate to get to the US.

We waited on the ground for 2 hours and then left the gate at about 4.  Every seat was taken and it was a miserably uncomfortable flight.

But here I am.

>>> "Taylor, Mark E (Legal)" <Mark.Taylor@ENRON.com> 09/17/01 10:31AM >>>
After a two and a half hour delay -- mostly caused by the extra security
-- we finally got off the ground yesterday and I am now back in Houston.
I talked to Amanda after I checked in and she said you were on the train
to the airport.  Did you have any trouble?

Mark Taylor
Vice President and General Counsel
Enron Wholesale Services
(713)853-7459

**********************************************************************
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.
**********************************************************************


I'd like to correct the error I made in my last message to y'all.  I've been
informed that the Sheas are not the only five-time winners in the pool.
Both Pat and the Sheas  were in the money for a record-tying fifth time.
Sorry for the oversight, Pat.


Dear all,

I am leaving the office now, and sending you the preliminary model 1a for MG
Metals VaR that Tanya, Cantekin, Kirstee have put together.  We are now in a
position to look at the VaR by metal for positions as of 19th July 2000,
subject to some data that needs updating/correcting; we still need to update
some information/data flow processes as follows:-

i) Factor Loadings for silver, gold, cocoa beans and TC (treatment charge for
copper concentrate)
ii) Check correlations between Nickel and Alu and Nickel and Copper (I got
different answers to Houston)
iii) Ensure latest forward price curves are included (perhaps through live
link to Telerate/Reuters)
iiia) Price for silver is wrong (units should be $ per troy ounce), and
similarly for gold (price should be $ per troy ounce), also we need cocoa
bean forward curve
iv) Find a better way to extract positional information from MG Metals/link
to the spreadsheet in an automated fashion
v) Add "minor" metals like cobalt, palladium, platinum, cadmium etc. (N.B. we
have 1,093 troy ounces of palladium short posn and 3,472 troy ounces platinum
long as of 19th July)

Please feel free to add to this list if I have missed anything; I believe
that we have most of the bases covered in respect of issues to resolve ahead
of the deadline of 7th August and fully expect that we will deliver.

Regards,

Anjam Ahmad
x35383

SPREADSHEET:

P.S. The DLL the spreadsheet requires is in
O:\Research\Common\from_vsh\Value@Risk\Ccode\Debug\varcsnl.dll -> most of you
have access to this.


<http://isc.dev.corp.enron.com/surveyVPN/images/index_r1_c1_r1_c1.gif>
Now that you have access to the following applications without requiring VPN access...

Outlook Web Access (email and calendar)

PEP

XMS (Expense Reporting application)

And, COMING SOON...
eHROnline (year-end)
Benefits Election (Oct. 29, 2001)
Electronic Pay Stubs (year-end), and
Much More,

through the ClickAtHome Portal and the Internet, do you still believe you need remote access through VPN from home to Enron networks (must have a valid business reason with supervisor approval and a monthly cost)?

 YES NO NOT SURE
Please answer this survey from your computer at work, not via Outlook Web Access.


Is this what you had in mind?


Start Date: 4/25/01; HourAhead hour: 8;  No ancillary schedules awarded.
Variances detected.
Variances detected in SC Trades schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042508.txt

---- SC Trades Schedule ----
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 8 / Preferred: -625.00 / Final: -624.97)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/25/01
  TRADING_SC: NES1
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1


Krishna,

Do we want to meet with him? I don't see any point.

Vince
 -----Original Message-----
From: 	"Dale M. Nesbitt" <dale.nesbitt@worldnet.att.net>@ENRON [mailto:IMCEANOTES-+22Dale+20M+2E+20Nesbitt+22+20+3Cdale+2Enesbitt+40worldnet+2Eatt+2Enet+3E+40ENRON@ENRON.com]
Sent:	Tuesday, July 10, 2001 2:11 AM
To:	Kaminski, Vince J
Cc:	Krishnarao, Pinnamaneni
Subject:	Meeting Thursday?

Vince/Krishna:

I am trying to firm up my schedule for this coming Thursady.  Is it time
from your perspective for us to get together and discuss how you might begin
to use NARG?  Give me an email or phone shout at (650)218-3069 to schedule
for this visit if you are ready.  Thanks.

Dale Nesbitt


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Dear Harry,

I recently sent an announcement regarding our zPro Special Offer ( code TL1ED ).  Because so many people are making special efforts to be with family this Thanksgiving in particular, we're extending the time period for the special zPro offer until November 28.

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--------------------------------------------------------------------
This message was sent to Harry Arora, a registered Zoomerang member that agreed to receive email notifications at harry.arora@enron.com.  If you have received this email in error or do not wish to receive email updates from MarketTools regarding new products or promotions, please click on http://www.zoomerang.com/setflags.zgi?ERBYV8Q35A97.

Thanks for being a Zoomerang Member!


Hopefully this clears things up???
---------------------- Forwarded by Paul Radous/Corp/Enron on 05/04/2000
11:41 AM ---------------------------

From:  Tanya Rohauer @ ECT
         05/04/2000 11:04 AM

To: Paul Radous/Corp/Enron@ENRON
cc:

Subject: Re: ACE USA

We are terminating the only outstanding transaction and the cp is no longer
ACE USA - its Inac something or other.  Shari has been actively pursuing this
(Sara must not be aware of it) and she has indicated to me that she will keep
this negotiation.  It is not a high priority.

From:  Paul Radous @ ENRON
         05/04/2000 10:47 AM

To: Tanya Rohauer/HOU/ECT@ECT
cc:
Subject: ACE USA

I guess Shari will be punting this counterparty now that she has left the
group.  Sara indicated that as of now, nothing is happening with this
counterparty on legal's part.  Should Sara or Carol take up an active
position on this c/p?


Alan:

	Obviously, we would be willing to enter into a Master Agreement with Goldman Sachs/J Aron.  At this point in time we would not be willing to enter into a GISB as we would prefer working under the GTCs until the Master is hammered out.

	If you can get credit to get us the appropriate information, we can prepare the master.

Jeff

 -----Original Message-----
From: 	Aronowitz, Alan
Sent:	Tuesday, November 13, 2001 12:01 PM
To:	Hodge, Jeffrey T.; Keohane, Peter
Subject:	Request for J Aron Gas Master (US and Canada)

In negotiating the cross-affiliate master netting agreement with Goldman Sachs/J Aron, they have inquired as to our willingness to enter into a Master Gas Purchase and Sale Agreement for US and Canada gas trading, respectively. Currently, we are trading under GTCs (online and offline). In the interim, they have also asked if we would willing to enter into a GISB to replace working under the GTCs.

I'm not really sure why we haven't gotten a master agreement in place with J Aron in the past other than neither party was focusing on the necessity of doing so. Your recollections/thoughts going forward?

Alan


Tana:
I have asked Suzanne to reserve the following dates for the big conference
room on 30 for our upcoming lunch seminars:  Friday, May 5th, Thursday, May
25th and Friday, June 16th.  Sara and I are going to try and set something up
with the weather group for the May 5th date if that works for them.  Can we
plan on scheduleing something with the confirms group and the global
contracts group for the other 2 dates?  Sara and I need to talk about what to
do with the credit group.

Carol


Start Date: 3/6/01; HourAhead hour: 10;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001030610.txt


hello everyone,

Please confirm this trade under credit previously provided, using the exact
terms incorporated into that confirmation previously prepared and provided
for trade nt6155, legs 1,2,3.  In the future, any deals entered into with
this customer should be confirmed under these credit terms.

Thanks
brant


Start Date: 4/6/01; HourAhead hour: 22;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.
Variances detected in SC Trades schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001040622.txt

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 22 / Preferred:  12.00 / Final:  11.98)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/6/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_SCOUT
  ENGY_TYPE: WHEEL

---- SC Trades Schedule ----
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 22 / Preferred: 871.00 / Final: 850.00)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/6/01
  TRADING_SC: APX1
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/6/01
  TRADING_SC: PGAE
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/6/01
  TRADING_SC: PGAE
  PNT_OF_INTRC: ZP26
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 22 / Preferred: -195.00 / Final: -194.98)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/6/01
  TRADING_SC: EPPS
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1


I would hold off for now.  I think, based on our discussion, that Ira might
be a fit for my organization or EES.  Unfortunately, I am heading out of town
with my family on the 12th (unfortunate for meeting with Ira , not
unfortunate for me) and EES has new leadership who is trying to assess the
state of things before making new senior level hires.  So, let's wait a bit.
Thanks

	Stelzer@aol.com
	03/30/2001 09:58 AM

		 To: skean@enron.com
		 cc:
		 Subject: Jolles

Help -- pls help me to unscramble my calendar.
We had discussed Ira Jolles, now a vp and general counsel of GPU, due to
resign when its merger is completed and the execs move to some God foresaken
place in Ohio, or some such state. Ira is smart; innovatived; honorable; very
knowledgeable about Pa. Nj, NY and Ferc regulation. In short, like no other
utility executive I have met. He would be perfect for Enron, perhaps
operating out of one of your offices in one of the states I have mentioned.
You said that you would set up meetings with the appropriate people in
Houston, and I propose April 12 -- I would stay over after our meeting and do
the introductions. PLS let me know that this is ok.


Please forward to Advisory Committee
----- Forwarded by Steven J Kean/NA/Enron on 09/20/2000 09:47 AM -----

	Ann M Schmidt
	09/18/2000 08:59 AM

		 To: Mark Palmer/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON, Meredith
Philipp/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron, Mary
Clark/Corp/Enron@ENRON
		 cc:
		 Subject: Enron Mentions

Manager's Journal: Heir to Greatness
By Gary Hamel

09/18/2000
The Wall Street Journal
A38
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Sometime in the next few months, the board of General Electric will anoint a
successor to the world's most
celebrated corporate leader. Running GE may be, as Jack Welch claims, the
best job in the world, but his
successor may find it to be one of the toughest as well -- not because
anything is going wrong at GE, but because
so much is going right, and has been for so long.

Mr. Welch's successor will inherit a company that is already stupendously
valuable, that has already shed most of
its unwanted pounds, and has already set a string of performance records. How
do you do better than that?

This is more than a rhetorical question for GE's next chairman. Pity, for a
moment, a few other heirs to greatness.
Doug Ivester was gone just 25 months after following the legendary Roberto
Goizueta at Coca-Cola. Dale Morrison
lasted less than four years at Campbell Soup after taking over from
cost-cutter extraordinaire David Johnson. British
Airway's Bob Ayling got pushed out after he had struggled unsuccessfully to
fill the shoes of Colin Marshall. And
Durk Jager prematurely stepped down as Procter & Gamble's chairman after
failing to live up to the lofty standards
set by earlier P&G leaders.

Pretenders

None of the pretenders succeeded in building greatness on top of greatness.
In three of these cases, the board
brought back a recently retired CEO or chairman to shore up investor
confidence. Sadly, Goizueta, who died in
October 1997, could not reprise his earlier success at Coca-Cola.

GE's next chairman will have to exceed Mr. Welch's near-mythic
accomplishments if GE is to continue to fly high.
Like Cisco, Intel, Wal-Mart, Nokia and any other company that is exploring
the outer atmosphere, GE must struggle
ever harder to resist the laws that threaten to flatten the arc of success:
the law of large numbers, the law of
diminishing returns, and the law of averages.

-- The law of large numbers: Over the past decade GE's market value has
multiplied eleven-fold -- to more than $560
billion from $50 billion at the end of 1990. Sustaining such a breathtaking
pace of value growth gets progressively
harder as a company gets bigger. As the most valuable company on the planet,
GE would need to grow its market
cap to nearly $3 trillion over the next five years to match the 42%
compounded annual growth rate it has achieved
over the past half-decade.

One way of escaping the law of large numbers is to divide big things into
small things. One option for GE would be
to spin out its low-growth businesses as separate companies. Over the past
five years, profits in two sectors --
appliances and plastics -- were essentially flat. Holding these businesses
may generate a positive return on
invested capital, but no investor would keep them inside a growth portfolio.
Why should GE?

If GE's next chairman can't muster the courage to leave the dawdlers behind,
perhaps he -- or she -- should spin out
the stars. Of the eight large business segments for which GE reports results,
two -- GE Capital and NBC -- account
for nearly 50% of GE's five-year profit growth. Sure, GE Capital has
benefited from its parent's dirt-cheap cost of
capital, but from an investor's point of view, these advantages may be more
than offset by the drag of laggardly
earnings growth in other GE businesses. Looking beyond capital and
broadcasting, there are probably a dozen
other high-growth candidates for spin-outs in GE's other sectors.

Mr. Welch's successor shouldn't be afraid to disassemble GE. After all, the
goal is not to make GE the "world's
most valuable company," but to make its shareholders the world's most richly
rewarded. Shareholders don't care
whether GE's stock appreciates or whether it's the stock of companies that GE
has disgorged. Breaking up is hard
to do. But Mr. Welch's successor may find that turning GE into the world's
first $3 trillion company is even harder.

-- The law of diminishing returns: Even the most successful strategies lose
their potency over time. For most of Mr.
Welch's tenure, GE's strategies of choice have been cost cutting and
acquisitions. From its unflinching approach to
downsizing in the mid-1980s, to its more recent dedication to e-business, Mr.
Welch's GE has been imaginative
and unrelenting in excising waste. At the same time, GE's top line has been
buoyed up by a tidal wave of
acquisitions -- more than 300 in the past three years, many outside the U.S.

The payoff to all this cutting and deal making has been steadily accelerating
earnings growth. Net earnings grew
10.8% in 1996, 12.7% in 1997, 13.3% in 1998 and 15.3% in 1999. Looking
forward, power dieting and binge buying
may not be enough to keep GE's earnings escalator rising ever skyward.

There are already signs that GE may be nearing the asymptotic end of the
efficiency curve. Between 1981 and
1990, GE's revenue per employee increased by 187%. Yet over the last decade,
revenue per employee grew by a
more modest 55%, and has been essentially flat since 1996. And while
operating margins in GE's manufacturing
businesses have been steadily improving, GE's net profit margin, after all
adjustments, has remained pretty much
unchanged over the past five years.

What about acquisitions? While industry consolidation still has a way to run,
particularly outside the U.S., it seems
inevitable that it will become harder and harder for GE to find under-priced,
under-managed fixer-uppers. After all, at
the current furious pace of corporate coupling, the U.S. would be left with a
single company by 2010.

That leaves "e." E-commerce will drive new efficiencies into GE's business
processes, but GE is not alone in
striving to e-enable its businesses. E-commerce is rapidly becoming an
information technology arms race -- with
competitors making tit-for-tat investments to reap tit-for-tat efficiency
gains. And while efficiency-besotted CEOs are
counting on the Internet to shrink procurement costs, savvy customers will be
just as creative in using the Net to
beat down prices. Whether GE's enthusiasm for all things "e" produces
long-lasting, peer-beating profit growth
remains to be seen.

GE's next chairman may want to borrow a lesson or two from Enron, which has
been voted America's most
innovative company five years running and displaced GE as the "best managed
company" in Fortune magazine's
last "most admired" survey. Forty percent of Enron's $63 billion market value
comes from businesses the company
wasn't even in three years ago -- all of them are homegrown.

Forget acquisitions. With GE's powerful brand, global reach and fearsome
capacity for execution, there's no reason
GE shouldn't surpass Enron as a business-building champ. It is entirely
reasonable to expect that GE could create
10 to 20 new businesses over the next few years -- with each adding an
average of $5 billion to GE's market value.

Sooner or later GE is going to need an entirely new genre of wealth-creating
strategies -- and a much more
aggressive commitment to internally generated new business development may
well be the most promising
candidate.

-- The law of averages: Over the past five years, GE's price/earnings ratio
has tripled, from just over 16 to more than
48. The company is currently selling at a 65% premium to the market average
P/E. But being a standout performer
for more than a few years at a time is a daunting challenge for any company,
large or small. It seems that no
company can forever escape the steady tug of mediocrity.

At the end of 1999, the Standard & Poor's 500 included 326 companies that had
been in the index for the entire
decade. Fifty-five of these companies, among them GE, managed to deliver top
quartile shareholder returns in as
many as four years out of the previous 10. GE's top quartile results came in
1996, 1997, 1998 and 1999. If GE's
new chairman manages to extend this streak for another four years, GE will
set a new world record, for none of the
326 S&P veterans achieved top quartile returns in as many as eight years out
of 10 during the '90s, and only four
companies -- Oracle, Home Depot, Intel and Cisco -- cleared the bar seven
years out of 10.

If GE can fire up the entrepreneurial spirit in each of its employees, it
just might beat the odds. Like most large
companies, GE seems to be reluctant to encourage employees to start new
businesses by giving them equity
stakes in new ventures. While this isn't the only way to build businesses,
it's one that can't be ignored in a world
where talented employees are often lured away by the promise of a big chunk
of equity in a start-up. GE already
invests in start-ups via GE Equity -- to the tune of $1.5 billion in 1999.
Last year GE also repurchased $1.9 billion of
its own stock. One wonders just what kind of new wealth GE's own employees
might have been able to create if
they had been backed by this kind of capital?

To have any hope of escaping Mr. Welch's shadow, and matching his success,
GE's next chairman will have to
keep a simple truth in mind: If you're trying to achieve unprecedented ends,
you're going to need unprecedented
means. A break-up, a few major spin-outs, a bottom-to-top initiative focused
on making GE as good at creating bold
new businesses as it is at improving existing businesses, an absolute
commitment to doubling or tripling GE's
internal growth rate -- these are all potential candidates for the next big
thing at GE.

Maybe, just maybe, GE will continue to fly high with its current success
recipes. One could argue that as long as
there are companies around the world that aren't as well-managed as GE, Mr.
Welch's magnificent buy-and-improve
engine will have plenty of fuel. Or that GE's Web-smitten executives will
discover Net advantages no one else has
yet dreamed of.

After 20 years under Mr. Welch, GE is habituated to meeting new challenges.
Moreover, GE has a long history of
organizational and managerial innovation -- it was among the first to
decentralize along business unit lines, embrace
disciplined strategic planning, delayer its hierarchical organization, and
commit itself to becoming Webified from
stem to stern. Like the Internet, GE is diverse, global, flat, meritocratic
and non-hierarchical.

Maybe all of this will help GE to become one of the first companies to marry
the rule-busting, business-building
ethos of the "new economy" with the "old economy" virtues of scale,
efficiency and quality. If GE succeeds, there
will be no more talk of new economy and old economy, for GE will have managed
to create a perfect synthesis of
old and new. And the most perfectly developed specimen of the industrial age
will have become the archetype for
the post-industrial corporation -- a company that uses its size and
operational excellence to crush the upstarts, and
its industry-transforming innovation to constantly surprise the old farts.
This is a worthy, and necessary, aspiration
for the next leader of America's pre-eminent corporation.

Mr. Hamel is chairman of Strategos, a consulting company based in Menlo Park,
Calif. He is author of "Leading the
Revolution" (Harvard Business School Press, 2000).

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

Spiraling energy costs creating near-crisis situation
The heat is on consumers
Monday, September 17, 2000

By DAVID IVANOVICH
Copyright 2000 Houston Chronicle Washington Bureau

http://www.chron.com/cs/CDA/printstory.hts/topstory/670583

Abreast of the Market
S&P Index Seemed Tranquil This Year, but...
By E.S. Browning
Staff Reporter of The Wall Street Journal

09/18/2000
The Wall Street Journal
C1
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Amid the storm that has swept the Nasdaq Composite Index this year, the
Standard & Poor's 500-stock index
looks like a sea of tranquility.

Since Jan. 1, it has gone almost exactly nowhere, starting the year at
1469.25 and closing Friday at 1465.81.

But beneath the quiet surface, a furious battle is raging among the S&P's
components, with some of last year's
losers becoming this year's winners.

Some of the most amazing performers are the natural-gas companies, which are
up about 70% as a group so far
this year. "The natural-gas index looks like an Internet stock from a year
ago," says Richard Bernstein, chief
quantitative strategist at Merrill Lynch.

El Paso Energy is up 70% so far this year. KeySpan Energy is up almost 60%.
On top of its stock gain, KeySpan
offers something some investors aren't familiar with: a 5% dividend.

Now the big question is, should investors be plowing their money into the
recent winners, which also include drug
stocks, brokerage-firm stocks and bank stocks? Or is their surge a flash in
the pan that will evaporate as investors
get over their jitters in the fall?

Higher oil prices helped send utility stocks up on Friday, and most other
stocks down. The Dow Jones Industrial
Average fell 1.45%, or 160.47 points, to 10927.00, leaving the blue-chip
index down 2.62%, or 293.65 points, for the
week.

The Nasdaq Composite Index was down 2.01% on the day and 3.6% on the week.
The Dow Jones Utility Average,
however, rose 1.52%, or 5.94 points, on Friday to a record 397.04, leaving it
up 2.78% on the week.

The S&P 500, still the broadest of the major market indexes, dropped 1% on
Friday. But it is just 4% off its record
of 1527.46, set March 24. In contrast, the technology-heavy Nasdaq index is
down 24% from its March 10 high.

Within the S&P 500, though, there have been some dramatic moves. Utilities
are up an astounding 40%, just in the
time since the S&P peaked on March 24, according to Ned Davis Research.
Financials and drug stocks are up
about 16% each -- again, since the S&P hit a record.

Communications stocks, on the other hand, have fallen 25% in that period. The
S&P 500's big tech stocks are
down more than 19%.

Some analysts think the move that is under way is broader than a sector
rotation. Some of the least-wanted stocks
of 1999 have become desirable this year. As huge stocks, such as Qualcomm and
Yahoo!, have sagged, smaller,
once-neglected S&P companies, such as Reebok and Allied Waste, have soared.

The switch can be seen in an index called the Value Line Arithmetic Index.
That index tracks about 1,700
companies and doesn't give any extra weight to the ones with a larger market
value. It is a closer reflection of the
average company, rather than the biggest companies.

So far this year, it is up 13%, eclipsing the S&P 500. The S&P 500 is
weighted according to its members' market
value, which means that it is dominated by the larger stocks. The Value Line
index's strength compared with the
S&P 500 is a clear indication that some of the smaller stocks are making a
comeback, at least for now.

Some of the gains do seem to reflect special circumstances. Utilities have
been helped by an explosion in
natural-gas prices and by a search for stable investments in a turbulent
stock market. Many banks and brokerage
firms have benefited from takeover speculation: Merrill Lynch is up 66% so
far this year; Lehman Brothers is up
69%.

If takeover expectations fade, the brokerage stocks risk a slide. And energy
companies depend on oil and gas
prices, which can make them volatile. Natural-gas bulls note, however, that
natural-gas prices are expected to
remain high for some time, which could keep propelling that group ahead.

"Very few people thought energy prices would remain this high for as long as
they have," notes Donaldson, Lufkin &
Jenrette investment strategist Thomas Galvin. "So you still have people
underweighted both areas, energy and
utilities."

That means that there still are plenty of skeptics out there. If gas prices
stay high, the stocks have room to rise as
skeptics are won over.

But the real trick during the coming months may not be to be in the right
sector, but to be in the right stock, both
men say.

At a time when the economy is slowing and earnings growth will be more
difficult, "you probably want higher-quality
stocks, because they have more stable earnings," Mr. Bernstein says.

When tech stocks or utility stocks are in favor, it is enough to buy a stock
from the group and your stock will go up.
Now investors need to be more selective.

"El Paso and Duke Energy are extremely well managed," says Mr. Galvin, "as is
Enron. But the rising tide in
utilities has lifted all boats, and not all utilities are well enough managed
to take advantage of all opportunities."

The key is choosing the stocks that will withstand the more difficult times
to come, and that won't be easy. People
who bought Intel or Oracle at the start of this year probably feel as if it
wasn't that bad a year for tech. Both, despite
a recent sag, still are up almost 40% this year. Those who chose Microsoft or
Dell, however, took a bath: Microsoft
is down 45% since the year began, and Dell is down almost 30%.

Mr. Galvin thinks tech stocks will stage a fourth-quarter rally, as investors
look for companies that can continue to
build profits in a slowing economy. He points out that analysts expect tech
to post 38% earnings growth next year,
only a bit less than this year's 41%. But benefiting from any rally would
require picking the stocks that will have the
good earnings.

Another way of looking at the uncertain future, says Bob Bissell, president
of Wells Capital Management, is that
there could be some unexpected events. Companies whose stock prices have
fallen could be acquired, or forced to
restructure, which could provide a payoff for investors.

"I am thinking of companies like AT&T," he says. "Something has got to give
there. The stock is down to the low
30s," 47% down from its 52-week high of 61. "Something has got to happen. Do
you fragment the company?"

He also points to midcap stocks, another of the year's strongest performers.
"I call the category `the forgotten
prince,' " he says. The S&P Midcap 400 index is doing even better than the
Value Line index, up 22% since the
year began.

Some midcap companies deserve to be forgotten, of course. But the index also
contains some smaller banks that
could be takeover targets, and it has some fast-growing tech companies too.
"It is getting stronger as the
technological revolution moves companies rapidly from smallcap to midcap,"
Mr. Bissell says.

---

Friday's Market Activity

Soaring energy prices knocked market averages sharply lower.

American Express lost $1.50 to $59.31, Chase Manhattan dropped 1.66 to 49,
and General Electric, which has an
exposure to the group through its financial-services operations, gave up 2.13
to 56.69.

The group also suffered from a cooling in takeover speculation. Lehman
Brothers, for example, fell 8 to 142.50,
Goldman Sachs lost 4.25 to 124.75 and Bear Stearns gave up 4.75 to 65.

Higher oil prices helped Exxon Mobil rise 3.60 to 88.88. It reached a 52-week
high, its first since Dec. 9, while
Amerada Hess climbed 4.56 to 73.25, and touched a 52-week high of its own.

Database software company Oracle (Nasdaq) fell 6.63 to 78.31, with 60 million
shares changing hands. Despite
Oracle's announcement of strong quarterly earnings Thursday after the end of
normal trading, some analysts said
they were disappointed with the company's revenue growth.

Siebel Systems (Nasdaq), an Oracle competitor, added 4.19 to 99. However, i2
Technologies fell 3.69 to 172.19,
while Ariba lost 5.13 to 152.44, both on Nasdaq.

Red Hat (Nasdaq) lost 4.06 to 21.19. The Research Triangle Park, N.C.,
developer of open-source software products
posted a narrower-than-expected second-quarter loss, but left some analysts
disappointed.

Avon Products eased 50 cents to 41.19. The New York beauty-products marketing
concern said late Thursday the
Securities and Exchange Commission is investigating a $10 million charge the
company took in 1999 related to the
write-off of computer software.

Adobe Systems (Nasdaq) moved up 7.25 to 132.63. The San Jose, Calif.,
software developer reported fiscal
third-quarter earnings that topped forecasts.

Maytag fell 2.19 to 33.63, after the Newton, Iowa, home-appliance maker
warned about second-half earnings.

Ivax rose 2.38 to 43.63. The Miami pharmaceutical maker received final
approved from the Food and Drug
Administration for its generic equivalent of Bristol-Myers Squibb's cancer
drug Taxol.

Carnival Corp. gained 1.75 to 22.88, while rival Royal Caribbean Cruises
advanced 1.75 to 24.50. The stocks rose
on hopes that the withdrawal from the market of a smaller competitor will
ease excess capacity.

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

Politics & Policy
The Homestretch
By Gerald F. Seib

09/18/2000
The Wall Street Journal
A40
(Copyright (c) 2000, Dow Jones & Company, Inc.)

The Gore and Bush campaigns will argue over which did better in the debate
over debates, but one winner is clear:
PBS news anchor Jim Lehrer. Not only will he moderate all three presidential
debates sponsored by the bipartisan
Commission on Presidential Debates, but, under an agreement completed over
the weekend, he will do so under
rules giving him more flexibility than ever before. He will be free to bore
in on a specific subject and extend
discussion of it, rather than simply move on to other questions as in the
past. Under the debate agreement, the two
candidates will stand behind lecterns at the opening debate Oct. 3, sit
around a table in talk-show fashion on Oct.
11, and debate in a town-hall format on Oct. 17.

In other campaign developments:

-- Housing policy? In the closest thing yet to a campaign debate on housing
issues, the Republican party's Web
site is trying to entice listeners to dial in to radio talk shows and charge
that Democrats are running "The Slumlord
Ticket." Why? On top of a recent controversy over complaints by tenants of a
rental house in Tennessee owned by
Vice President Gore, the Web site touts the story of a similar headache now
faced by running mate Joseph
Lieberman. An immigrant mother was evicted when she was injured and fell
behind in rent payments at a property
owned by the estate of Mr. Lieberman's wealthy late uncle; Mr. Lieberman is
executor of the estate.

-- A fish story: To the list of the perils of holding public office, now add
the danger of flying fish. Just ask Rep. Helen
Chenoweth-Hage, an Idaho Republican, who was pelted with rotting salmon
thrown by a 20-year-old protester at a
hearing on Western wildfires held in Montana over the weekend. The protester
cried out that the conservative
congresswoman is "the greatest threat to the forest" and uncorked the salmon.
She wasn't hurt, but the Associated
Press reports that "the hearing was recessed while she cleaned salmon from
her hair and jacket."

--- Money Watch

Top "double givers" -- donors of soft money to both parties

In millions

DONOR DEMOCRATS REPUBLICANS TOTAL

AT&T $1.1 $1.8 $2.9
Microsoft 0.8 1.0 1.8
Enron 0.4 1.2 1.7
Freddie Mac 0.6 1.0 1.5
Philip Morris 0.2 1.4 1.5
SBC Comm. 0.7 0.5 1.2
America Online 0.6 0.6 1.2

Source: Common Cause

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

GE Tops Fortune's Ranking of the World's Most Admired Companies; Key To
Staying Ahead of the Pack Is Innovation

09/18/2000
Business Wire
(Copyright (c) 2000, Business Wire)

NEW YORK--(BUSINESS WIRE)--Sept. 18, 2000--For the third straight year,
General Electric, on the strength of its
management team and innovative global strategy, is No. 1 on FORTUNE's ranking
of the most admired companies
in the world. FORTUNE's third annual list of Global Most Admired Companies
consists of 379 companies in 27
industries, with 25 selected as "all-stars" for exemplifying leadership on a
global scale. Cisco Systems came in at
No. 2 on the all-star ranking (up from No. 8 in 1999); other repeat
performers in the top ten include Microsoft, whose
battles with government regulators on one flank and perceptions of a
foundering Internet strategy on the other
caused it to slip to No. 3 from No. 2; Intel (No.4); and Wal-Mart Stores,
which moved up to No. 5 from No. 7. The
complete list of FORTUNE's Global Most Admired Companies appears in the
October 2 issue of FORTUNE and is
available at www.fortune.com as of Monday, Sept.18, at 8:30 a.m.

According to Nicholas Stein's article, "The World's Most Admired Companies,"
the schizophrenic market conditions
of the past year offer one reason why the Most Admired list looks so
different this year. As Stein writes: "The
winners are companies that demonstrated a new-economy style growth strategy
while maintaining an old-economy
approach to fiscal responsibility." And, as Vicki Wright, global managing
director of the Hay Group consultancy that
helped produce the list with FORTUNE notes: "There is something new this year
in how we perceive companies. It
is the emphasis on how much companies are capable of looking forward. In a
year when old-economy companies
have not seen their share price perform, those that have managed to weather
both the old- and new-economy
storms will flourish."

Notable changes among this year's Global Most Admired list include Home Depot
leaping from No. 20 to No. 9,
Toyota moving up from No. 16 to No. 10, and Citgroup advancing from No. 25 to
No. 18. Strong demand for Sony's
flat-screen TVs, digital cameras, and PlayStation game consoles helped the
company move up from 14 to 6.
Newcomers to this year's list -- Enron, Nokia, Charles Schwab, UPS, and
Goldman Sachs -- all embody business
strategies that bridge the old and new economic worlds. Companies that lost
their all-star status -- IBM,
Hewlett-Packard, AT&T, Procter & Gamble, DaimlerChrysler -- have been plagued
with difficulties integrating new
business concepts.

Many of the industry categories also experienced significant turnover. Among
airline companies, Singapore Airlines,
which didn't even make last year's list, took the top spot from Southwest.
British Airways, hobbled by internal
conflict and heightened competition, fell from third to seventh. Though Intel
held on to the top ranking in the
computer hardware and software category, Sun Microsystems rode the dot-com
revolution to second place, up from
sixth last year, while Dell, facing a wireless (and PC-less) future, fell
from fifth to eighth. And in the white-hot
network communications and Internet technology sector, all-star newcomer
Nokia edged Cisco Systems for top
billing.

To find out what unique management qualities set these companies apart from
their peers, the Hay Group surveyed
the Most Admired Companies and their less admired peers about the performance
measures they use to chart the
progress of their companies.

According to their findings, Most Admired companies set more challenging
goals, link the compensation of their
executives more closely to the completion of those goals, and are generally
more oriented toward long-term
performance.

To complete the list of the world's most admired companies, FORTUNE consulted
the experts: the business
executives who run companies, and the analysts who study them. Global
companies were rated according to eight
criteria: quality of management; quality of products or services;
innovativeness; long-term investment value; financial
soundness; ability to attract, develop and retain talent; community
responsibility; and use of corporate assets. To
reflect this list's international scope, a ninth category was added: global
business acumen. A company's overall
ranking is the average of the scores of all nine attributes. Companies are
ranked within their industry, and the top 25
-- the All-Stars -- are culled from across all industry groups.

The October 2 issue is available on newsstands beginning September 25. For
more information, or to schedule an
interview with a FORTUNE writer or editor, contact Nyssa Tussing at
212/522-6724.
The 2000 FORTUNE Global Most Admired All-Stars

2000/1999 Company Industry
Rank

1/1 General Electric Electronics, electrical equipment
2/8 Cisco Systems Network Commun., Internet Tech.
3/2 Microsoft Computer hardware, software
4/4 Intel Computer hardware, software
5/7 Wal-Mart Stores Retail: general, specialty
6/14 Sony Electronics, electrical equipment
7/9 Dell Computer Computer hardware, software
8/NR Nokia Network Commun., Internet Tech
9/20 Home Depot Retail: general, specialty
10/16 Toyota Motor Motor vehicles
11/22 Southwest Airlines Airlines
12/11 Lucent Technologies Network Commun., Internet Tech.
13/NR Goldman Sachs Securities, diversified financials
14/5 Berkshire Hathaway Insurance: property, casualty
15/3 Coca-Cola Beverages
16/NR Charles Schwab Securities, diversified financials
17/17 Johnson & Johnson Pharmaceuticals
18/25 Citigroup Securities, diversified financials
19/15 Ford Motor Motor vehicles
20/13 Pfizer Pharmaceuticals
21/10 Merck Pharmaceuticals
22/21 Walt Disney Entertainment
23/19 American Express Securities, diversified financials
24/NR United Parcel Service Mail, pkg., freight delivery
25/NR Enron Energy transmission providers

NR = not ranked in 1999

CONTACT: FORTUNE, New York Nyssa Tussing, 212/522-6724

08:33 EDT SEPTEMBER 18, 2000

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


Thanks,  I will prepare execution documents.   Please e-mail me your special
provisions again so I may incorporate same into the GISB.

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


Please give this a look and take a first stab at it.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 01/31/2001 07:45
PM ---------------------------

Fred Mitro@ECT
01/31/2001 10:47 AM
To: Kay Mann/Corp/Enron@Enron
cc: Ben Jacoby/HOU/ECT@ECT

Subject: Constellation Power - CA

Kay:

I have been talking with a developer at Constellation Power in Baltimore
regarding their interest in our development entities in several eastern U.S.
regions.  He indicated that their interest in Illinois is low, but that they
have a higher degree of interest in our development projects in the following
areas:

 Missouri
 Georgia
 TVA region
 Louisiana

Please prepare a draft CA that I can forward to Constellation for their
review.  It should encompass the above 4 regions.  The CA should also include
the following:

Unilateral language (Constellation keeps ENA information confidential - ENA
not obligated to do the same for Constellation information)
No non-compete language
Texas law governs (let's start with this - and I'll default to New York law
if Constellation balks at Texas)
2 year term
Counterparty:   Constellation Power
Contact: Mr. Todd Jaffe

Call me to discuss.  If you are tied up in NY, can Kathleen prepare this
using one of our recent CA's with other developers? (i.e.Entergy)

Let me know.

Fred


I agree that Brett is a good guy.  The minority buy-out would not have happened without his reasonable participation.  I will let you know if I hear from him.  Thanks, Mark

 -----Original Message-----
From: 	Umanoff, Adam
Sent:	Tuesday, November 20, 2001 6:13 PM
To:	Metts, Mark
Cc:	Horton, Stanley
Subject:	Aura

Received a call today from Brett Maxwell of First Analysis Corp (FAC) out of Chicago.  You may recall that FAC was a shareholder in Zond and then a minority shareholder in EREC up until the Spring, 2000 minority buy-out.  Brett told me that he had a financial investor interested in EWC.  I gave Brett your phone number.  Brett is a very good guy - I have known him for years and trust him.  Let me know if he calls you.  Adam


Attached are the Chicago prices.  The Michcon and Consumers are coming later.


I updated the north central CIG gas volumes for nov.

the total volume is 878

call me if you have any questions


We have found 1,000 dth/d at MacClendantown A06 for CPA. We only need 1,857
there now, will get you upstream info.


Clement, Sara and Tana, could each of you please e-mail to Cris Sherman as
soon as possible the most recent versions of the documents each of you were
preparing for the prepay transaction with RBC.  I think that amendments were
made yesterday to the documents to account for the bank's comments but those
updated drafts were not distributed once we realized the deal wasn't going to
happen for today.  If you could also please copy Brian and myself with that
e-mail so each of us have the most recent versions for when we revisit the
structure next week.

Thanks

Greg


CRENSHAW,SHIRLEY J   has suggested reviewers and submitted them for your
approval.  Your may review/modify this list of reviewers by logging on to PEP
at http://pep.corp.enron.com  and going to Supervisor Services.Please
remember, no feedback can be completed on CRENSHAW,SHIRLEY J   until you have
approved the list.


Take a look.  Interesting stuff.  I'd say it further adds to our momentum.
----- Forwarded by Jeff Dasovich/NA/Enron on 05/11/2001 12:03 PM -----

	Scott Govenar <sgovenar@govadv.com>
	05/11/2001 11:49 AM

		 To: Hedy Govenar <hgovenar@govadv.com>, Mike Day <MDay@GMSSR.com>, Bev
Hansen <bhansen@lhom.com>, Jeff Dasovich <jdasovic@enron.com>, Susan J Mara
<smara@enron.com>, Paul Kaufman <paul.kaufman@enron.com>, Michael McDonald
<Michael.McDonald@enron.com>, Sandra McCubbin <Sandra.McCubbin@enron.com>,
Rick Shapiro <rshapiro@enron.com>, Jim Steffes <james.d.steffes@enron.com>,
Alan Comnes <acomnes@enron.com>, Steven Kean <Steven.J.Kean@enron.com>, Karen
Denne <kdenne@enron.com>, "Harry.Kingerski@enron.com"
<Harry.Kingerski@enron.com>, Mike D Smith <msmith1@enron.com>, Leslie Lawner
<Leslie.Lawner@enron.com>, Robert Frank <rfrank@enron.com>, Ken Smith
<ken@kdscommunications.com>, Janel Guerrero <Janel.Guerrero@enron.com>,
Miyung Buster <Miyung.Buster@enron.com>, Jennifer Thome
<Jennifer.Thome@enron.com>, Eric Letke <eletke@enron.com>, Mary Schoen
<Mary.Schoen@enron.com>, David Leboe <David.Leboe@ENRON.com>
		 cc:
		 Subject: Press Conference

Attached, please find a transcript of Governor Davis' press conference
following his meeting with the generators/ marketers.  Governor Davis
released an additional press release in connection with the meeting in
which he concurs with Mirant's explanation about the shut down of their
Pittsburgh plant.

http://www.governor.ca.gov/state/govsite/gov_htmldisplay.jsp?BV_SessionID=@@@@
0095446820.0989599291@@@@&BV_EngineID=jalklhemgmmbemfcfkmchcgi.0&sCatTitle=Pre
ss+Release&sFilePath=/govsite/press_release/2001_05/20010510_Transcript_Meetin
g_with_generators.html&sTitle=TRANSCRIPT+OF+AVAILABILITY+AFTER+GENERATOR+MEETI
NG%09%0aGOVERNOR+GRAY+DAVIS%0aMAY+9,+2001%0a&iOID=14744


Anita,

Shirley is out sick today.

 Can you, please,
confirm my lunch with Bjorn Hagelman (Enron),
11.30 today (Friday).

Please, ask him if he wants me to make reservations?
If the answer is Yes, please, make a reservation
for 2 at Damian's, 11:45.

Vince


Rob:  Let me know if you get feedback from AEC that does not indicate that
they are getting what they need.  Susan and Bryce are both very capable and
responsive, so I am confident that AEC's questions can be resolved quickly.
--Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 07/07/2000 08:41 PM
---------------------------

Susan Harrison
07/07/2000 09:10 AM
To: Rob Milnthorp/CAL/ECT@ECT, Sally Beck/HOU/ECT@ECT, Brent A
Price/HOU/ECT@ECT
cc: Bryce Baxter/HOU/ECT@ECT
Subject: AEC Issues

I wanted to provide an update on our progress with AEC.  Bryce Baxter and his
team members have been in contact with Mike Bennett and Bill Hogue to
understand their needs.  We have provided the initial information they
requested (i.e., one month of data), and are awaiting their approval before
completing the analysis on the remaining months.  I am confident that we have
established clear points of contact within Settlements for Mike and Bill and
we will continue to work on solidifying the relationship.

Please let me know if you have any questions.

Susan


I will be in the Calgary office with Peggy Hedstrom and her team next week on
Wednesday and Thursday, February 7 and 8.

Do either one of you have a specific issue that needs to be addressed that I
could handle while I am in Calgary?  My agenda with Peggy and her team is
pretty full, but I can add to that anything that you know of that we need to
address.  Just let me know.

That puts me in Calgary for the staff meeting on Wednesday.  I will sit in
with Rob Milnthorp on the video conference for the first hour of the
meeting.  I already had a meeting scheduled with all of Peggy's team during
the second hour of your staff meeting.  Due to location constraints, we will
have to keep that meeting as scheduled.  So I will have to step out of the
staff meeting for the second hour.


mid to late feb and 7 days


Here is PJM's attempt at NERC language.  I think it makes sense for us to support this.

Jim

 -----Original Message-----
From: 	"ROBERT LAMB" <LAMB@wrightlaw.com>@ENRON
Sent:	Friday, October 12, 2001 2:02 PM
To:	glazec@pjm.com
Cc:	HARRISPG@charon.pjm.com; janderson@elcon.org; myacker@elcon.org; jsteffe@enron.com; dsalvosa@epsa.org; mbennett@epsa.org; drom@pjm.com; Cole Keith; Barry SPECTOR
Subject:	Draft revisions to the 9/6/01 Bingaman reliability provision

Enclosed is my draft of possible revisions to the above-referenced reliability provision, taking into
account suggestions by Craig. I have enclosed a redline version and a clean one. The revision does
the following:
1.By adding"without hindering reliable, non-discriminatory, and efficiently priced transmission service"
it uses words of art from FERC Order No. 2000 and shows the intertwined nature of security and commercial practices.
2.By adding the reference to section 201(f), it specifically includes  Federal and State entities.
3.There is no named reference for any particular industry  standards body---thus no attempt to either
provide an advantage or disadvantage to any existing body.
4.The FERC could take into consideration recommendations of enties with technical expertise regarding reliability standards---such as WECC , Regional Advisory Bodies, and the States.
5. FERC could assign enforcement responsibility in a given area to any appropriate entity---such as WECC or RTOs.
6.It puts in a definition of reliability standards that is limited to security and, by not including adequacy, is
not as intrusive on prerogatives of States.
7.I bracketed the possibility of a States savings provision for further consideration. Of course, the
narrower the scope---i.e. no consideration of generation adequacy---the less need there is for such
a provision.
Please give me any feedback.
Bobby

 - SEC 410 redline.doc
 - SEC 410 clean3.doc


I am planning on calling in from home.  Do we have a list of issues/states that we want EPSA to focus on?

If you send me your thoughts, I think that we can send to EPSA before the phone call.

My list -

1.	Florida Wholesale (EWG w/o CCN)
2.	AZ opposition to the APS - Pinnacle West generation "sale"
3.	Continue pushing at state level for NOx fairness in allocation to IPPs
4.	Re-instate Direct Access in California.

Many EPSA members (led by Williams) will fight against direct access.  I won't push hard here.

Jim

[Steffes, James D.]
 -----Original Message-----
From: 	"Samantha Slater" <SSLATER@epsa.org>@ENRON
Sent:	Monday, November 19, 2001 7:52 AM
To:	bhueter@enron.com; Linnell, Elizabeth; Kingerski, Harry; jmigden@enron.com; jsteffe@enron.com; Robinson, Marchris; Petrochko, Mona L.; Kaufman, Paul; rboston@enron.com; rshapiro@enron.com; snord@enron.com; Montovano, Steve; Landwehr, Susan M.
Subject:	2002 State Issues & Public Affairs Planning Conference Call

MEMORANDUM

TO:	State Issues Committee
                Public Affairs Committee

FROM:	Jane Cahill, State Issues Committee Chair
                Jana Martin, Public Affairs Committee Chair
                Mark Stultz, Vice President of Public Affairs & Marketing
                Samantha Slater, Manager of State & Regional Affairs

DATE:	November 19, 2001

RE:	EPSA State Issues & Public Affairs Action Plan for 2002	Conference Call on Friday, November 30th at 11:00 a.m. (EST)

On Friday, November 30, 2001 at 11:00 a.m. (EST), the Public Affairs and State Issues Committees will hold a conference call to begin discussions regarding specific public affairs actions to be taken by EPSA to support state restructuring efforts, as well as the development of merchant power plant projects nationwide.  During the conference call, we will formulate a preliminary list of states and/or regions for EPSA to target during our initial efforts for 2002.

To access this call dial 1-800-937-6563.  Ask for the EPSA/Samantha Slater Call.   If you have any questions or concerns, or cannot participate on the conference call, please call Mark Stultz or Samantha Slater at EPSA (202-628-8200) prior to November 30th.


fuck you

239b3989d@msn.com on 04/14/2001 05:42:02 AM
Please respond to leehouse211@asia.com
To: 6na10@msn.com
cc:
Subject: I need your phone # to help your debt
problem.                                                   [h7gmu]

How would you like to take all of your debt, reduce
or eliminate the interest, pay less per month,and
pay them off sooner?

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 remove in the subject.


Leroy,

Thanks for the email.  Sorry it took so long to get back to you - I actually
am just catching up
with my emails now - Friday at 5pm.  I'm interested in talking to you about
the lunch discussion.

Kevin
3-6320


TJ,
Please put on my calendar for every Tues., thanks.  Also, please notify my
team that we will have a meeting with the marketing group every Mon at 3:30pm
that Ed Baughman should be setting up with you.  That should be a weekly
thing too.

Fletch

---------------------- Forwarded by Fletcher J Sturm/HOU/ECT on 01/25/2001
05:51 PM ---------------------------

Jennifer Burns

01/23/2001 04:27 PM

To: Phillip K Allen/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Michael W
Bradley/HOU/ECT@ECT, Jennifer Fraser/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT,
Adam Gross/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect, John J
Lavorato/Corp/Enron@Enron, Kevin McGowan/Corp/Enron@ENRON, Vince J
Kaminski/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT,
Fletcher J Sturm/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Bill
White/NA/Enron@Enron, Gary Hickerson/HOU/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT
cc: Ina Rangel/HOU/ECT@ECT, Judy Zoch/NA/Enron@ENRON, Gloria
Solis/HOU/ECT@ECT, Helen Marie Taylor/HOU/ECT@ECT, Tamara Jae
Black/HOU/ECT@ECT, Kimberly Hillis/HOU/ECT@ect, Shirley Crenshaw/HOU/ECT@ECT,
Angie Collins/HOU/ECT@ECT, Airam Arteaga/HOU/ECT@ECT
Subject: TRADER'S ROUNDTABLE MEETING

There will be a Trader's Roundtable meeting every Tuesday at 4:00PM in
EB3321.

First Message that was sent out:
As mentioned during the fourth quarter, Gary and I would like to begin
regular meetings of our Trader's Roundtable.  The ideas generated from this
group should be longer term trading opportunities for Enron covering the
markets we manage.  In addition, this forum will provide for cross commodity
education, insight into many areas of Enron's businesses, and promote
aggressive ideas.

Each week, we'll summarize commodity trading activity, and provide an open
forum for discussion.  Your input is valuable, and we've limited this group
to our most experienced traders, and would appreciate regular participation.
Our first meeting will be Tuesday, January 16 at 4:00pm in EB3321.