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?TOP STORIES
CHENEY PUSHES FOR ENERGY DEVELOPMENT

Vice President Dick Cheney warned on Monday that the whole nation could face
California-style blackouts as he outlined a national energy strategy relying
heavily on oil, natural gas, coal and nuclear power development - but not
conservation.

COAL SAYS POWER PLANTS CAN BE EXPANDED

A coal industry advisory group said Monday that existing coal-burning power
plants in the United States could be expanded with "relatively modest" effort
enough to add another 40,000 megawatts to the nation's electricity supply.

-PRECEDENT IN OKLAHOMA COURTS ALLOWS STATE TO LOOK AT UTILITY FINANCES

Oklahoma Supreme Court rulings over the last 70 years have supported the
constitutional authority of state regulators to inspect the books of utility
affiliates, regulators told the justices Thursday.

INTERNATIONAL POWER: 570-MW BLACKSTONE POWER PLANT SEEN ON LINE JULY

International Power's 570-megawatt natural gas-fired power plant in
Blackstone, Mass. is scheduled to begin operating in July, a company
spokesman said Monday.

PPL: 225-MW WALLINGFORD POWER PLANT SEEN ON LINE IN JULY

PPL's 225-megawatt Wallingford power plant is on schedule to begin operating
in July, a company spokesman said Monday. The natural gas-fired plant will be
located in south-central Connecticut.

STADTWERKE KIEL, DUTCH ESSENT, DELTA AND OTHERS JOIN LPX

The Leipzig Power Exchange said Monday that five companies joined as
participants last week, bringing the total number of participants to 60.

GERMAN, EU REGULATORS SET TO OK UTILITY HEW BUY OF VEAG

A plan by Hamburgische Electricitaets-Werke AG to acquire eastern German
utility Veag is likely to get regulatory approval after utilities Vattenfall
AB of Sweden and Mirant Corp. of the U.S. reached a hard-fought accord over
control of Berlin-based Bewag AG.

EnergyJobs Weekly (current issue) can be downloaded at: ??
http://www.pmaconference.com/EnergyJobs.pdf

Merchant Power Monthly (current issue) can be downloaded at: ?
http://www.pmaconference.com/mpm.pdf

Dow Jones News, Preferred by the Pros

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

NPCC:Northeast Summer Power Supplies Seen Adequate

Int'l Pwr:570-MW Blackstone Pwr Plant Seen On Line July

Cleco, Mirant In 20-Year Pact For La. Plant Output

PRESS RELEASE: Portland General Elec Confirmed By Moody's

Portland General Electric Co Confirmed By Moody's

PPL: 225-MW Wallingford Power Plant Seen On Line In July

Potomac Electric Bonds -2: Co To Redeem Bonds June 1 >POM

Potomac Electric To Redeem $100M In Mortgage Bonds >POM

US Trade Rep. Issues Annual Reports On Trade Priorities

US PJM Pwr Prices Fall On Cooler-Than-Expected Temps

Stadtwerke Kiel, Dutch Essent, Delta And Others Join LPX

US Gives $43.8M Aid To Improve Jordan's Water Management

German, EU Regulators Set To OK Utility HEW Buy of Veag

Portland General Seen Fit With Scottish Power Strategy

Edison Unit/NZ Contact Energy -2: Buy Off-Mkt As Well

Edison Unit Offer For NZ Contact Energy Shrs Ends Jun 29

?NATIONAL - Access stories online at:
http://www.powermarketers.com/pma-nat.htm

Cheney Pushes for Energy Development

Calif. Judge Dismisses Power Suit

Tapping the Tides' Power

Davis Optimistic Despite Power Woes

Coal Says Power Plants Can Be Expanded

Consumers Energy Opens Budget Plan Enrollment to Help Customers Manage Winter
Heating Costs

California Lawmakers Seek to Reduce Natural Gas Prices

Top Energy Summaries - Monday, April 30, 2001 - 5:29 PM

Bpa, Bef Ink 'Green Tag' Deal to Sell Green Power Attributes

Newberg Twp. Residents Speak Out Against Proposed Power Plant

Stm Power Introduces Clean, Efficient Powerunit(TM) That Converts Fuel Into
Electricity

Williams Announces Power Agreement with Jackson Electric

Consol Energy to Purchase American Electric Power's Affiliate Mines, Deliver
34 Million Tons of Coal under Supply Agreements

Atco Moves to Boost Retail Energy CompetitionPrice Stability And More
Consumer Options for One Million Atco Gas And Atco Electric Customers

Montana Power Completes Sale of Coal Business to Westmoreland

Companies Hold Power Prices

Cheney says more domestic energy output, nuclear ouput could stem power crisis

Few Power Blackouts Predicted This Summer

-Precedent in Oklahoma Courts Allows State to Look at Utility Finances

-Atlanta-Based Utility Holding Company's New CEO Shakes Up Management Ranks

-Berlin Senate Approves Firm Sharing Control of German Utility Firm

Trinity Energy Resources Inc. Closes First Phase of $1,002,000 Acquisition

Promoting Solar Energy Our Towns; Greater Hartford

Fuel Cell Project's Advocates to Get Hearing

A Small Town Dims Its Lights As the Golden State Shines Ever Less Brightly at
Night, Political Bumbling Is Making Tempers Flare Even in A Usually Serene
Burg.; Agenda: The California Energy Crisis

Proton Energy Systems to Build New Manufacturing, Product Development, And
Research Facility

Study Says Ohio Electric Choice Nearing Goals More Than Six Months Early

Westmoreland Completes Purchase of Montana Power Coal Business

U.S. to Continue to Rely on Fossil Fuels for Energy: Cheney

Viking Energy Royalty Trust to Acquire Bxl Energy Ltd. in $98 Million Deal

Electric Fuel Ships PDA Power Cells

Gouging Charge Enrages Bpa Power Wars: Officials Say California Agency's
Claim Unfair - And Untrue

Repeats: Energy Volume And Open Interest Totals-APR 30

Nuclear Regulatory Commission Northeast Nuclear Energy Company, ET Al.,
Millstone Nuclear Power Station, Unit No. 2; Notice of Consideration of
Issuance of Amendment to Facility Operating License And Opportunity for A
Hearing; Correction

Top Energy Summaries - Monday, April 30, 2001 - 2:03 PM

Southern States Power CO. Management Travels to Iowa, Nebraska And South
Dakota to Shore Up Alliances with Suppliers

Bush Energy Budget Boosts Fossil Fuels, Cuts Renewables

Straight Talk About Energy Crisis? It's Not on a 'Going-Forward' Basis

Empowering the Public: Obstacles Keep Cities Out of Energy

The Washington Post: Energy Forecast for Summer: No Blackouts But Price Spikes

Top Energy Summaries - Monday, April 30, 2001 - 12:10 PM

Pnm Seeks Input on Power Plan

Zoning Board Closer to Power Plant Decision

Energy Costs May Expand 'Green' Methods

Trimol Group Announces Cooperation Agreement with Sagem SA to Jointly Develop
Aluminum-Air Fuel Cell Technology

Trigen Energy to Participate in Earth Day New York Program

Energy)(Nui)(Duk) Nui Corporation And Duke Energy Gas Transmission Partner to
Develop Natural Gas Storage Facility

Teck And Cominco Announce Agreement to MergeNew "Teck Cominco Limited" to Be
World Leader in Zinc, Balanced by Production of Copper, Gold And Coal. Strong
Cash Flow Plus Pipeline of New Projects.

Thermal Energy International Inc. - Signs Letter of Intent with Large U.S.
Utility to Prepare - A Thermalonox(TM) Feasibility Analysis And
Implementation Proposal

Power Prices Prompt Interest in Dams Companies Ask for Hydropower Permits in
Idaho

Williams Announces Power Agreement with Jackson Electric Membership
Corporation in Georgia

Tapping the Power of Energy and Utilities

Volt Inc. Signs Initial $2 Million Leasing Facility for Back-Up Power Systems
to California Small Business Owners

Alstom Power Places $3.2 Million Order for Sdrc's Accelis And Metaphase
Applications -- Will Connect Systems to Manage Lifecycle --

Delaney Energy Board of Directors Recommends Acceptance of IPS Offer

Marsulex Inc.: South Carolina Power Generator to Outsource Air Quality
Compliance Services to Marsulex

ONSITE Power in 'Smart Office Parks' Will Prove Key Driver for Tech
GrowthCiting Austin Energy Report, Sure Power Executive Sees Distributed
Generation As Ultra-Reliable Power Answer for Data-Dependent Firms

?INTERNATIONAL - Access stories online at:
http://www.powermarketers.com/pma-intr.htm

Ceara Estimates 25,000mw Wind Power - Brazil

Prize Energy Announces Addition to Board of Directors

Lawyers to Appear Before Icsid on Power Tariff Dispute

PPN Generation Station Begins Operation in India; First of Two Indian Plants
Pseg Global Will Bring Online This Year

Teck And Cominco Announce Agreement to Merge. New 'Teck Cominco Limited' to
Be World Leader in Zinc, Balanced by Production of Copper, Gold And Coal.

Brazil : Coelba to Produce Wind Electric Power

Top Energy Summaries - Monday, April 30, 2001 - 9:17 Am

China Draws Blueprint to Upgrade Wind Power

Cummins Signs Development Agreement with Capstone Turbine; Leading Engine
Manufacturer to Market Its Own Line of Capstone-Powered Energy Systems

Il Sole 24 Ore: Enel to Build Two Power Stations in Greece(L'enel in Grecia
Fara Due Centrali)

Major Solar Power System to Go on Stream in Iwaki

Top Energy Summaries - Monday, April 30, 2001 - 7:35 Am

Die Welt: Construction of New Energy Group Can Begin(Aufbau DES
Ost-Stromkonzerns Kann Beginnen)

China Ranks Second in the World for Power Generation

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

-Precedent in Oklahoma Courts Allows State to Look at Utility Finances

-Atlanta-Based Utility Holding Company's New CEO Shakes Up Management Ranks

-Berlin Senate Approves Firm Sharing Control of German Utility Firm

-Williams Reports Stellar Profit Estimates for First Quarter

-Oklahoma City-Based Energy Company Reaps Record Results

-Atlanta-Based Utility Shakes Up Top Management Again

Work Continues on San Joaquin County, Calif., Natural Gas Storage Project

The Record, Stockton, Calif., Eric Grunder Column

San Jose Mercury News, Calif., Money Manual Column

Roanoke, VA.-Based Energy Firm Lays Off 10 As Result of Structural Changes

Wytheville, VA., Officials Look to Learn More About Duke Energy Project

Possible Impropriety Disclosed in Nevada Legislature Utility Vote

Nevada Utilities Commission Approves Rate Hike

Grand Forks, N.D., Energy Research Center Rebounds from 1998 Flood

Gas Prices, Utility Woes Contribute to Economic Downturn in California

Contra Costa Times, Walnut Creek, Calif., User Friendly Column

Buffalo, N.Y.-Based Energy Firm Looks to Raise Cash to Escape Debt

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

Reliant Resources IPO sells 52 mln shares at $30

Summer power study points to New York City problems

INTERVIEW-Sinha says Enron India row overdone, sees solution

Cameco earnings drop on lower uranium prices

Calif. introduces four bills to cut natgas prices

Aquila posts stronger Q1 net income

UPDATE 2-Atco puts retail gas, power units on the block

UPDATE 1-Western lawmakers want Bush help with power

FERC order opens debate on Calif. fees for power sales

Gov. Davis sees Calif. energy crisis over by 2003

Atco seeks buyers for retail gas, power units

INTERVIEW-Astropower future looking sunny

UPDATE 1-Scot Power in talks to buy Portland-sources

N.M. Four Corners 745-MW Unit 5 back at full power

N.M. San Juan 498-MW Unit 4 taken off line

CORRECTION - - UPDATE 1-German cartel office sees green light f

Dynegy to sell $800 mln debt this week

Public Service Enterprise names O'Flynn CFO

Scot Power in talks to buy Portland General-sources

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FERC's press release on today's refund order.  As Ray noted, a written order may not be out for several days.

Note the very last paragraph where it states that the PNW will be put on the "same footing" as California w.r.t. refund considerations.

GAC


Have I signed this yet?
---------------------- Forwarded by Kay Mann/Corp/Enron on 05/31/2001 05:18
PM ---------------------------

"Reuter, Marisa" <MReuter@KSLAW.com> on 05/31/2001 04:12:56 PM
To: "'Kay.mann@enron.com'" <Kay.mann@enron.com>
cc: "Keffer, John" <JKeffer@KSLAW.com>

Subject: FW: ESCROW AGREEMENT

Kay:

The Escrow Agreement that is attached appears to be in final form and
contains all of the changes that we requested.  As a result, will you
overnight the sig pages and the incumbency certificate to Tremaine Wright?
If you prefer, you can courier the documents to my attention, and I can
coordinate getting them to Paul Hastings.  Tremaine needs 3 sig pages and 1
incumbency certificate.  Thanks.

Regards,

Marisa

-----Original Message-----
From: Wright, Tremaine S. [mailto:TremaineWright@paulhastings.com]
Sent: Thursday, May 31, 2001 3:53 PM
To: 'mreuter@kslaw.com'; 'estelle.a.lawrence@citi.com'
Subject: ESCROW AGREEMENT

"paulhastings.com" made the following annotations on 05/31/01 16:52:42
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 - ATT43428.txt
 - ATT43429.htm
 - 757N05!.DOC


Congratulations on your promotion to Senior Director, a promotion that is
very well deserved.  I follow your career within Enron with interest.


IntercontinentalExchange
                                                                                Firm Physical Natural Gas Price Bulletin
                                                                                For Natural Gas Delivered on Saturday, October   27, 2001 thru Monday, October   29, 2001
                                                                                (Trade Date of Friday, October   26, 2001)
Click here to access index history .
                                                                                * volume represents sell-side only *

Region     Hub	High	Low	Wtd Avg Index	Change ($)	Vol (mmBtu)	Hub Name
 LOUISIANA
    ANR SE	          $3.0700	          $2.9800	          $3.0139	-    .1067	         667,500	American Natural Resources Pipeline Co. - SE  Transmission Pool
    Columbia Onshore	          $3.0900	          $3.0050	          $3.0530	-    .0677	         438,300	Columbia Gulf Transmission Co. - Onshore Pool
    Henry Hub	          $3.1100	          $3.0000	          $3.0478	-    .0936	       4,043,400	Henry Hub tailgate - Louisiana
    NGPL LA	          $3.0400	          $2.9400	          $2.9948	-    .1135	         716,100	Natural Gas Pipeline Co. of America, Louisiana Pool
    Tenn 500L	          $3.1750	          $3.0150	          $3.0430	-    .1074	         636,900	Tennessee Gas Pipeline Co.-Zone L, 500 Leg Pool
    Tenn 800L	          $3.0450	          $2.9800	          $3.0225	-    .1136	         302,100	Tennessee Gas Pipeline Co.-Zone L, 800 Leg Pool
    TETCO ELA	          $3.0850	          $3.0100	          $3.0494	-    .1185	         710,100	Texas Eastern - East LA
    TETCO WLA	          $3.0600	          $2.9900	          $3.0244	-    .1228	         106,500	Texas Eastern - West LA
    Transco 65	          $3.1250	          $3.0600	          $3.0950	-    .0917	         286,800	Transco - Station 65
    Trunkline ELA	          $3.0500	          $2.9800	          $3.0124	-    .1426	         193,500	Trunkline Gas Company - East Louisiana Pool
    TxGas SL	          $3.0400	          $3.0100	          $3.0272	-    .0804	         340,200	Texas Gas Transmission Corp.-Zone SL FT Pool
 MIDCONTINENT
    MichCon, citygate	          $3.2800	          $3.1500	          $3.2180	-    .1793	         465,000	Michigan Consolidated
    NGPL Midcont	          $2.9700	          $2.8400	          $2.8770	-    .1748	         533,100	Natural Gas Pipeline Co. of America, Mid-Continent Pool
    NGPL Nicor, citygate	          $3.2000	          $3.0900	          $3.1331	-    .1582	       1,325,400	Natural Gas Pipeline Co. of America, Nicor Citygate
    NGPL NIPSCO, citygate	          $3.1750	          $3.1000	          $3.1270	-    .2090	         160,500	Natural Gas Pipeline Co. of America, Nipsco Citygate
    NNG Demarcation	          $3.0300	          $2.9400	          $2.9708	-    .2654	         841,500	Northern Natural Gas, Demarcation Pool
 NORTHEAST
    Columbia TCO	          $3.5150	          $3.3350	          $3.4015	-    .0745	       1,374,300	Columbia Gas Co. - TCO Pool
    Dominion So.Point	          $3.4450	          $3.3800	          $3.4061	-    .0991	       1,158,000	Dominion - South Point
    TETCO M3	          $3.5000	          $3.4000	          $3.4278	-    .2013	         578,700	Texas Eastern - M3 Zone
    Transco Z-6 (NY)	          $3.6700	          $3.5000	          $3.5662	+    .0203	         797,700	Transcontinental Gas Pipe Line Corp. - Zone 6 (NY)
 WEST
    El Paso non-Bondad	          $2.6400	          $2.4200	          $2.5350	-    .3942	         669,000	El Paso - San Juan Basin, Blanco Pool
    Huntingdon/Sumas	          $2.6600	          $2.5500	          $2.6000	-    .3133	         417,600	Westcoast Energy & Northwest Pipeline Corp.
    Opal	          $2.5400	          $2.3900	          $2.4346	-    .4758	         210,000	Opal
    PG?Citygate	          $2.8200	          $2.6600	          $2.7522	-    .4946	         351,000	PG?- Citygate
    SoCal Border	          $2.8900	          $2.7650	          $2.8306	-    .2531	         188,400	Southern California Border Points (Ehrenberg,Topock,Needles)
 WEST TEXAS
    El Paso - Keystone	          $2.8500	          $2.6700	          $2.7158	-    .2735	         882,900	El Paso - Keystone Pool
    Waha	          $2.8900	          $2.7550	          $2.8024	-    .2190	         477,600	Waha Hub - West Texas

                                                                                Includes all firm physical fixed price trades done from 7 AM to 11:30 AM Central Prevailing Time on the trade date specified for natural gas delivered on the specified date(s).
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Steve:

I have slightly revised the talking points to incorporate the concept of FERC
jurisdiction over reliability and to note that there are procedural options
for DOE and/or FERC  --  actions that can be taken immediately (DOE emergency
authority) and longer-term solutions (the CRT or Petition for Rulemaking).

Sarah


Kevin, Steve, and Shashi--Per your request,  attached is a memo that
addresses regulatory issues with Enron's potential minority investment in a
software company providing tagging or scheduling software to the electric
transmission industry.  Aside from possible routine reporting requirements
and possible additional standards of conduct precluding the sharing of
information with the traders, there are no issues pertaining to PUHCA  and
the Fed. Power Act.  Christi 37007
---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 10/11/99
01:35 PM ---------------------------

"Andrea Settanni" <asettanni@bracepatt.com> on 10/11/99 01:02:58 PM
To: Christi L Nicolay/HOU/ECT@ECT, Joe Hartsoe/Corp/Enron@Enron, Sarah
Novosel/Corp/Enron@Enron
cc:
Subject: REVISED - Memo On Software Company

Please disregard the fax sent earlier today and use this updated memo
pursuant to Christi's request.  We added two sentences - one at the end of
the first paragraph and one at the end of the second paragraph (under
Executive Summary).  I have attached it in wordperfect and word.

Andrea

 - 0114436.03
 - software.doc


The NG Price book granted $500 of Middle Market Central Originations that was
not recognized by the Intra-Central book on the NGP&L.

Thanks,
Robin


I believe I sent this to you earlier.  Pankaj is a Harvard Bus School professor who sits on our advisory council.  He is putting together a program (in Barcelona, I believe) and would like an Enron executive to present.  I said I would try to find someone from Enron Europe and gave him your name.  Would you mind getting in touch with Pankaj?

-----Original Message-----
From: Pankaj Ghemawat [mailto:pghemawat@hbs.edu]
Sent: Saturday, September 29, 2001 2:42 AM
To: Kean, Steven J.
Subject:

Steve,

Any luck finding anybody from Enron to come and talk on October 18 at the
HBS/IESE executive program I mentioned to you?  Thanks for your help.

Pankaj
Pankaj Ghemawat
Tiampo Professor of Business Administration
Morgan 227
Harvard Business School
Soldiers Field
Boston MA 02163, USA

Tel: 617-495-6270
Fax: 617-495-0355


I hate it when I'm right, Kitna will be benched before week 2.  Garcia is
still available, but I will need a starting RB - imight be able to swing
another RB in the deal like Fred Beasley- Or you can start Ryan Leaf

What do you think?


My trip cancelled, so I'm around.  I can pick Michael up at your place if
this is easier for you.

Kay


Our CEO was contacted by a David Gardner, president of Gardner Energy in
Houston regarding a five-year package of gas.  I spoke to him only briefly
but did not get a good feeling about him or his deal.  Do you know of this
firm?  I was unable to pull up anything on the internet.  I suspect he's
just a marketer.

Don't spend any time on this.  I was just curious as to whether or not you
know of him or his firm.  Thanks.


Griese, Brian DEN QB
Pittman, Michael ARI RB
Smith, Maurice ATL RB
Carter, Cris MIN WR
Jackson, Willie NOS WR
Smith, Rod DEN WR
Hanson, Jason DET PK
Buccaneers, Tampa Bay TBB TM
Submitted Thu Oct 18 5:33:12 p.m. CDT 2001

Natural Gas Gridiron Address:
http://fflnet.myfantasyleague.com/fflnet2001/home/0205

Questions about this site?  Check out our FAQ (Frequently Asked Questions)
at http://www.myfantasyleague.com/fflnet2001/support_faq.html
or our detailed on-line help at
http://www.myfantasyleague.com/fflnet2001/coach.html


as discussed - we have yet to fully sign off this with MDs
---------------------- Forwarded by Mike Jordan/LON/ECT on 15/02/2001 19:46
---------------------------

Steve Whitaker
09/02/2001 13:00
To: Mike Jordan/LON/ECT@ECT
cc:

Subject: AS400 Technology Transfer

As promised

Steve


Please delete the previous survey link reminder message.  Some individuals
received surveys with information included.  We apologize for the
inconvenience.  The situation is under investigation and corrective measures
for the next reminder mailout will be addressed.


FYI.  Attached is a presentation on gas markets that I gave to an electricity
group yesterday.  The group was formed out of California's restructuring
legislation (AB 1980).  It's called the "AB 1980 Implementation Group" (I
heard that the group decided that its time to change its name.).  The group
includes just about all of the interest groups in California.

I focused on the fact that gas offers a model of a "real" market that
California should look to in order to fix the "artificial" and failed
electricity model created by AB 1980.

Best,
Jeff

---- Forwarded by Jeff Dasovich/NA/Enron on 11/15/2000 10:14 AM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	11/13/2000 01:49 PM

		 To: April Hrach/SF/ECT@ECT
		 cc:
		 Subject:


The EES IT toll-free number has been disabled.  Enron has a toll-free number that is available to all employees - 1-800-97 ENRON (1-800-973-6766)

To contact the EES IT Helpdesk:
?	Call 1-800-973-6766
?	Select 1 to transfer to an extension within the Enron Building
?	Select 39797 and you will be transferred to the helpdesk.

The following options are also available through the toll-free number:

0:  Connect to voice directory
1:  Transfer to an extension in the Enron building
2:  Access voicemail in the Enron building
3:  Transfer to 3 Allen Center
4:  Transfer to Omaha
5:  Transfer modem or fax with 646 prefix
6:  Speak to an Enron operator
7:  Transfer to a fax machine in the message center
8:  Transfer to Aviation
9:  Leave a confidential message for Enron Chairman

Please contact x3-9797 with any questions or comments.


FYI.  I told Chris that it looks fine with me.  Seems like a useful tactic,
i.e., maybe if you pay me what you owe for power already delivered, I might
consider doing a deal for power going forward....

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 02/18/2001 11:58 AM -----

	Christopher F Calger@ECT
	02/17/2001 07:21 PM

		 To: Christian Yoder/HOU/ECT@ECT, Jeff Dasovich/NA/Enron@Enron, Tracy
Ngo/PDX/ECT@ECT, Bob Badeer
		 cc: David W Delainey/HOU/ECT@ECT
		 Subject: CDWR Short-Term Firm Energy Proposal

Attached please find a draft letter to David Freeman.  Please review and
provide any comments.  Jeff, do you have the adress and fax number for the LA
Office?
Tracy, Bob and Christian  -  do you approve?  I intend to send this out
Monday.

Regards,

Chris


We are off by about 1,000 dts.  I show you taking an extra 500 dts per day
and you show selling me back about 500 dts everyday.


EFF_DT PORTFOLIO_ID DOWN95
12/5/00 MANAGEMENT-CRD 0
12/5/00 MANAGEMENT-GAS 3595275.
12/5/00 MANAGEMENT-PWR 339919.
12/5/00 AGG-MANAGEMENT 3768435.


Zimin,

Please, call Duane with the info.

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/14/2001
08:42 AM ---------------------------

ds64@cyrus.andrew.cmu.edu on 03/13/2001 09:54:24 AM
To: "Vince J Kaminski" <Vince.J.Kaminski@enron.com>
cc:
Subject: Re: A Request

Vince,

Sorry that I missed your call yesterday.  I have a meeting from 2-3 today
(Tuesday), but otherwise any time in the afternoon works for me.  Let me
know what is convenient for you.  Thanks for your help.

Duane

********
Duane Seppi

Graduate School of Industrial Administration
Carnegie Mellon University
Pittsburgh PA  15213-3890

tel. (412) 268-2298
fax (412) 268-8896

email ds64+@andrew.cmu.edu


Hey,

How's your day going?  Mine's been really good...I probably shouldn't have
said that.  I've actually felt like I'm accomplishing something today.  Isn't
that novel?  We have Treebeard's for lunch today, YUCK.  It was actually
pretty funny.  We weren't supposed to have food today, but the Treebeards
delivered for the traders on the wrong day, so we get a free lunch.

What are you doing for lunch?  I don't think I can handle Treebeards, so I
was thinking of going to Subway.  Wanna go?

Bye.
Robin


agree

Kristi Tharpe <kristi.tharpe@intcx.com> on 04/06/2001 07:41:11 AM
To: "'john.arnold@enron.com'" <john.arnold@enron.com>,
"'jnnelson@duke-energy.com'" <jnnelson@duke-energy.com>
cc:
Subject: Deal Cancellation

Please reply to this correspondence to cancel deal id 131585680 between
John Neslon of Duke Energy Trading and Marketing LLC and John Arnold of
Enron North America Corp.

Product:  NG Fin, FP for LD1 Henry Hub tailgate - Louisiana
Strip:  May01-Oct01
Quantity: 2,500 MMBtus daily
Total Quantity:  460,000 MMBtus
Price/Rate: 5.57 USD / MMBtu
Effective Date:  May 1, 2001
Termination Date: October 31, 2001

Please call the ICE Help Desk at 770.738.2101 with any questions.

Thanks,

 Kristi Tharpe
 IntercontinentalExchange, LLC
 2100 RiverEdge Parkway, Fourth Floor
 Atlanta, GA 30328
 Phone:    770-738-2101
      ktharpe@intcx.com


Does this apply only to the North American contracts and weather trades for
which you are responsible?
Does the instruction below apply to Australia and Japan ISDA's?

From: Tana Jones on 09/07/2000 12:17 PM
To: Frank L Davis/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Scott
Tackett/Corp/Enron@Enron, Tom Moran/HOU/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT
Subject: Online Weather Trading

Per my conversations with Mark Taylor, we should continue to put any weather
trades done online under any relevant master agreement with the
counterparty.  Further, there is no prohibition against doing a trade online
with a counterparty when we do not have a master in place.  Any non-master
trades would go under the respective GTC.  It appears to be only a
coincidence that we are trading online only with counterparties we have
masters in place with.


Here's the confirm
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 01/12/2000
01:56 PM ---------------------------

	From:  Larry Joe Hunter                           01/12/2000 08:40 AM

To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: CMS - Draft

Sara,

Enclosed is the Draft for CMS.  I used the Floating Price from the Term Sheet
sent by Julian.  Let me know if we should include some of the language
previously used for this index (below).

Thanks,
Joe

The average of the daily MONOMIC Prices at the Ezeiza Market Node Center for
each day during the Calculation Period.

&MONOMIC Price8 means the sum of (A) the average hourly price, quoted in
Argentine Pesos, for each day as published electronically in the &Documento
de Transacciones Econ?micas8 (DTE) under the annex set forth in the
&Generadores8 file labeled &A1.7  Precios Del Mercado en $/MWH ) Mercado8 as
published by the &Compaia Administradora del Mercado Mayorista El,ctrico
Sociedad An?nima8 (&CAMMESA8) and (B), as applicable, either (i) 7.50
Argentine Pesos for those days that are Argentine Business Days or (ii) zero
for those days that are not Argentine Business Days.

The parties agree that the Floating Amounts payable under this Transaction
shall be made in US Dollars, and the rate of exchange of Argentine Pesos to
US Dollars shall be of one (1) Argentine Peso per US Dollar as set forth
under Law 23,928, as amended, while there is free convertibility of the
Argentine Peso and the rate of exchange therein set forth is of one (1)
Argentine Peso per US Dollar. Otherwise, the rate of exchange between
Argentine Pesos and US Dollars shall be calculated using the exchange rate,
sell, for transfers abroad established by Banco Naci?n Argentina at the
closing of the Business Day prior to that on which payment is effected.
Argentine Peso means the lawful currency of the Republic of Argentina.


Hi Ben,

IMHO, your team needs a basic understanding of the finance and accounting
issues.  Legal should have a bit more of a developed (and probably current)
understanding of how to address the issues.  Between Development and Legal,
we should be able to get docs about 90% there.  We then take the almost
compliant docs to Accting/Finance for fine tuning.

A key action item is getting a presentation set up where there is a good
download of information from Acct/Finance to the Development group.  We had
one yesterday for Legal, and it was helpful.  I want to sit in when your
troops get the presentation, if at all possible, because I can help translate
on both sides, I believe.  I also want to make sure that Development and
Legal are on the same page.  Fire drill avoidance is a key objective.

Look forward to discussing in detail.

Kay

	From:  Ben F Jacoby @ ECT                           05/10/2001 06:56 PM

Sent by: Ben Jacoby@ECT
To: Kay Mann
cc:

Subject: Interface with Accounting and Global Finance

Kay:

As I mentioned, this e-mail was the product of a meeting this week with
Duran, Deffner, Bills and me. I need your help to make this work with respect
to the legal group, and would like your suggestions. I'll call you to discuss.

Regards,

Ben
---------------------- Forwarded by Ben Jacoby/HOU/ECT on 05/10/2001 06:54 PM
---------------------------

	Enron North America Corp.

	From:  Ben F Jacoby                           05/10/2001 06:51 PM

Sent by: Ben Jacoby
To: Chris Booth, Raimund Grube, Jeffrey Keenan, Steve Krimsky, Greg Krause,
Rick Whitaker, Fred Mitro, Rusty Stevens, Ron Tapscott, Matt Gimble
cc: W David Duran
Subject: Interface with Accounting and Global Finance

Guys:

As you all know, our group is in the middle of a very significant amount of
development and equipment book management activity, This hard work by all of
you has allowed us to achieve very impressive income results thus far this
year, and has set the stage for continued success. It has also placed
significant demands on internal resources that are integral to our success,
in particular those resources in Global Finance, Accounting, and Legal.

In order to ensure a proper prioritization of work flow, and that project
specific objectives and time lines are communicated, I need each of you to
come to me with all new agreements prior to seeking input from Accounting and
Global Finance. I will interface with these two groups and establish
priorities for their review.

We will continue to refine how we interface with these groups, and as such,
I'd appreciate any suggestions you would have. I plan to have a staff meeting
next week, and we can discuss it at that time.

Thanks,

Ben


---------------------- Forwarded by Richard Shapiro/NA/Enron on 04/16/2001
01:42 PM ---------------------------

Steve Walton@ECT
03/12/2001 10:13 AM
To: Alan Comnes/PDX/ECT@ECT, Richard Shapiro/NA/Enron@Enron
cc: james d steffes@enron, jeff.dasovich@enron.com, mhain@enron.com,
smara@enron.com, steve.walton@enron.com, tim.belden@enron.com

Subject: Re: CAISO Market Stabilization Plant

Alan,

>>> Day-Ahead & Hour-Ahead Markets

 Market separation rules aside, we should resist any mandatory Day-Ahead
Market.  The results for day-ahead clearing markets have been bid gaming to
influence price in the day-ahead market.  In PJM and NY-ISO parties submit
false load and generation schedules in set price (most often this is a low
ball load estimate),then later the true load is scheduled.  I think there is
less of a problem with the hour-ahead market since the opportunity to submit
a false bid to set price and then replace it later is very limited if not
nonexistent.

>>> Unbalance Schedules

 The general direction we are going for Eastern ISO's is to allow unbalance
schedules in the real-time market.  Tim indicated a few weeks ago that he
still wants this feature.  Normally there would be no imbalance penalties,
however, when reserve margins are so slim that the system's security is in
jeopardy, penalties would be triggered.  The result is that parties can
choose to use the real-time market or they can choose bilateral schedules or
a combination.  They are not compelled to do either.  As long as reserves are
adequate, then why should we care.

>>> Unit Commitment

 Although not on your list, I think the primary problems that the Day-Ahead
Market is trying to solve is unit commitment.  While this may be the intended
purpose, it hasn't worked very well.  Centralized unit commitment would
address the problem, but then the operator decisions have a large impact on
prices without having any consequences.  We need a proposal for making sure
that resources will be on line and that the operator knows they will be in
place.  A possible approach may be as follows (as suggested by Mike Roan):

The Operator publishes its expected real-time price for the next 48 hours
based on information supplied by generators regarding their availability and
bid price (one part) and the ISO's estimate of hourly loads.  The estimates
roll forward every hour to that a continuous two day outlook is provided to
all market participants.  The Operator provides the demand/supply curves to
the market so everyone has the same information.
As units are committed and load forecast is adjusted, the estimate of
real-time prices changes, providing signals for units to use in deciding to
commit units.  As expected price rises, more units are committed and price
goes down.
At a given point in time, such as 4 hours ahead of real-time, the Operator
locks units in as committed.  If there are inadequate units committed, it
pays to add capacity (call contracts).  If not enough is voluntarily bid, the
Operator orders units on under emergency rules contained in
interconnection/integration agreements with the generators.
The cost of the call contracts or of units ordered on is included in the cost
of imbalance energy in real-time for the hours for which those costs were
incurred.

This procedure is a continuous bid type of approach, which provides signals
and information to the market.  It or some other procedure like it is needed
to address the Operators concerns that it will be able to operate the system
and to deal with the overly conservative tendencies of a not-for-profit ISO.

Steve

	Alan Comnes
	03/09/2001 01:10 PM

		 To: james d steffes@enron, smara@enron.com, jeff.dasovich@enron.com,
rick.shapiro@enron.com, tim.belden@enron.com, mhain@enron.com,
steve.walton@enron.com
		 cc:
		 Subject: CAISO Market Stabilization Plant

Here are some initial reactions and questions to the CAISO market
stabilization plan, which is attached.

Give me or Sue Mara your comments and then we can turn it into message points
for  media / advocacy folks.

In addition to reviewing the plan, I listened in to part of a stakeholder
call that occured Friday 10 a.m. PST.

DRAFT MESSAGE POINTS:

With limited exceptions, the plan does nothing to increase supply or decrease
demand.  It primarily addresses costs and market "stability"

INTERESTING QUOTES:

"Over the edge into cost based regulation" Duke Power

Although the plan provides for cost control and for improving market
"stability" (whatever that means), the ISO staffer (Byron Wortz) who
presented the study admitted it "Will do nothing to increase supply this
summer"

A staffer, Lorenzo,  stated (paraphrased)" all out of state suppliers are
cost of service based and do not need to recieve market based rates

ON SPECIFICS

The Ugly:

Resource-specific cost based bid caps (RSBC or bid caps):  cost of service
regulation that disincent supply
The ISO will hold in-state resources hostage--cuts any exports when reserves
fall below a stated critera

Imports can only participate as price takers.  Thus if the highest-cost
in-state resource is below the opportunity cost of power, needed imports will
not come in:
 >>this will decrease supply!!
 >> Staffer stated ISO hopes to sign "longer term deals" if necessary to
secure out-of-state power but acknowledged the proposal needs more work.

The Bad:

The ISO is considering pay as bid, which is complex and does not increase
supply.  However, on the call they said they are leaing to a single price
auction.  However, with bid caps the market will still be distorted.

The Good?:

The ISO wll implement an hourly day-ahead and hour-ahead market, essentially
filling  a void created by the PX's demise.
 >>( Enron has strongly advocated market seperation in the past but do we
want to consider supporting a day ahead market?)

Market separation rules (MSR).  ISO is leaning towards option 2 in which SCs
submit bundled schedules but that market seperation would be suspended after
congestion process is conducted; i.e., final schedules may be imbalanced.
 >>What do we think of this?
.


Too bad I can't be there.    I have a staff meeting to run.

 -----Original Message-----
From: 	Geaccone, Tracy
Sent:	Tuesday, October 23, 2001 2:55 PM
To:	Harris, Steven; Neubauer, Dave; Hayes, Robert; Gadd, Eric; Miller, Mary Kay; Kilmer III, Robert
Cc:	McCarty, Danny; Armstrong, Julie; Robertson, Audrey; Kovalcik, Tammy; Wadle, Susan; Keiser, John; Gilbert, Steve; Hayslett, Rod
Subject:	FW: 2002 Plan Lay Review Run Through
Importance:	High

This meeting has been moved to Friday, October 26 from 9:00-11:00 in EB 42C2, Omaha Room 696.

Thanks

Tracy

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

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

Thanks

Tracy


Tana:
Jose is helping us out with some research of online issues in Mexico.  Could
you please e-mail to him the Password Application, the ETA and the financial
and physical GTC's?  Thanks.
Carol
----- Forwarded by Carol St Clair/HOU/ECT on 06/16/2000 10:29 AM -----

	"Jose Raz-Guzman" <JRazguzman@rhm.com.mx>
	06/16/2000 11:05 AM

		 To: Carol.st.clair@enron.com
		 cc:
		 Subject: Hello

Hello

Jos, Raz-Guzm?n


Here are my thoughts so far:

1.  Initial Legal Team -- Jeff Hodge, Jim Keller, Carol St. Clair, Aaron
Rothwarg

2.  Spot Check the Forms -- over the next week

3.  Conform Forms to ENA Forms -- over next two months

4.  Develop Form Approval Process -- dual approvals by EES and ENA

5.  Develop Deal Approval Process -- deals above a certain size (or material
variations from the form) would require concurrent EWS approval

6.  Request List of Major Contract Concerns from Traders -- items that cannot
be hedged


The report named: NG - Price P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=10&report_name=NG+-+Price+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y&current_efct_date=11/19/2001>, published as of 11/19/2001 is now available for viewing on the website.


fyi
---------------------- Forwarded by Rosalee Fleming/Corp/Enron on 12/12/2000
02:42 PM ---------------------------

Kathy Mayfield
12/12/2000 01:56 PM

To: Rosalee Fleming/Corp/Enron@ENRON
cc:
Subject: Thank you for the Charitygift

---------------------- Forwarded by Kathy Mayfield/Corp/Enron on 12/12/2000
01:32 PM ---------------------------

12/11/2000 02:50 PM
To: kathy.mayfield@enron.com
cc:

Subject: Thank you for the Charitygift

Thanks very much to Enron for the card and gift.  I made my donation to the
Boys & Girls Club of the Columbia Area because my wife has served as a
director of this organization since its inception about 5 years ago.  Thanks
again, and happy holidays to Ken Lay and colleagues at Enron.


I will be there tomorrow, but I have a bunch of rehab exercises to do for my knee.  I probably won't be much of a partner for a couple more weeks.

 -----Original Message-----
From: 	Landry, Chad
Sent:	Monday, October 15, 2001 7:21 AM
To:	Allen, Phillip K.
Subject:	workout

sorry i missed this morning.  i was out of town this weekend and i just flew in this morning.  Tomorrow morning I plan on running on the treadmill from 540 am - 600 am and working out with weights from 6 - 645 am.  will you be there tomorrow?

ckl


Greetings from Amazon.com.

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1Z410E7W0356958418.  You can refer to our web site's Help page or:

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This request has been pending your approval for  17 days.  Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000080512&Page=Approval to review and act upon this request.

Request ID          : 000000000080512
Request Create Date : 1/7/02 5:01:54 PM
Requested For       : stephen.benchluch@enron.com
Resource Name       : Market Data Kobra Power
Resource Type       : Applications


Tony Pryor recommended that I put back into the policy section II A &B so
that at our meeting tomorrow at 10:00 A.M. we can discuss them.  Please use
this copy of the draft dated 12/5/00 to discuss from tomorrow.

	From:  Dan Fancler                           12/01/2000 11:28 AM

To: Drew Fossum@ENRON, Tony Pryor/ET&S/Enron@ENRON, Jerry
Peters/NPNG/Enron@ENRON, Lee Ferrell/ET&S/Enron@Enron
cc: Bob Chandler/ET&S/Enron@Enron

Subject: ETS risk management policy revisions

I have included Drew's recommendations and have amended the 11/6/2000 drafts
of the ETS Risk Policy and Risk Procedure.  The significant change made was
to take out references to Hedging and Non-Hedging Transactions (II A. & B.
have been taken out).  We will just call them all Derivative Transactions.  I
would like Tony Pryor to arrange a meeting with all parties to move these
documents forward, an alternative is to continue to use the Corporate Risk
Management Policy and just set the trading limits as part of the Corporate
Policy.

Cassandra Schultz in RAC has not responded to the policy and I plan to
follow-up with her after we meet to discuss.

Dan


Below is the link that will allow you to get into the Financial Trading
Agreement Database.  Please forward this link to any members of your team
that might find it helpful.
----- Forwarded by Tana Jones/HOU/ECT on 02/13/2001 08:53 AM -----

	Michael Neves
	05/10/2000 01:12 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Financial Trading Agreements - db link

Click on the following  link to add the 'Financial Trading Agreements'
database to your Notes Workspace:

Link -->


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 11/03/2000
09:00 AM ---------------------------
From: Maria Sandoval on 11/02/2000 02:15 PM
To: Andrea R Guillen/HOU/ECT@ECT, Phenicia Olivier/HOU/ECT@ECT, Bernice
Rodriguez/HOU/ECT@ECT, Melissa Rodriguez/HOU/ECT@ECT, Cassandra S
Dutton/HOU/ECT@ECT, Lorraine Becker/HOU/ECT@ECT, Melba Lozano/HOU/ECT@ECT,
Chantelle Villanueva/HOU/ECT@ECT, patty.soria@halliburton.com,
elizabeth.gutierrez@eott.com, Judy Hernandez/HOU/ECT@ECT, Elizabeth
Soto/HOU/ECT@ECT, amolina@unifirst.com, Pamela Sonnier/HOU/ECT@ECT, Yolanda
Pena/Corp/Enron@Enron, Claudia Clark/HOU/ECT@ECT, Lisa Shoemake/HOU/ECT@ECT,
Alex Saldana/HOU/ECT@ECT, Alisha Guerrero/HOU/ECT@ECT, Brenda
Flores-Cuellar/NA/Enron@Enron, Sara Solorio/NA/Enron@ENRON, Brenda
Barreda/HOU/EES@EES, Amber Limas/HOU/EES@EES, Anabel Gutierrez/HOU/ECT@ECT,
Raquel Lopez/Corp/Enron@ENRON, Katherine Reyna/Corp/Enron@Enron
cc:
Subject: Thank you!!

---------------------- Forwarded by Maria Sandoval/HOU/ECT on 11/02/2000
02:13 PM ---------------------------

11/02/2000 02:13 PM
Brenda Flores-Cuellar@ENRON
Brenda Flores-Cuellar@ENRON
Brenda Flores-Cuellar@ENRON
11/02/2000 02:13 PM
11/02/2000 02:13 PM
To: Yolanda Ford/HOU/ECT@ECT, Susan D Trevino/HOU/ECT@ECT, Maria
Sandoval/HOU/ECT@ECT, "Ryan M. Matthews" <RMatthews@cima-energy.com>, Melissa
Jones/NA/Enron@ENRON, Janell Avery/HOU/EES@EES, Eloy Escobar/Corp/Enron@ENRON
cc:
Subject: Thank you!!

Thank you for your friendship
>
> > HELLO - THIS IS NATIONAL CARE WEEK
> > >> >  > >  JUST WANTED YOU TO KNOW THAT I THINK YOU ARE GREAT.
> > >> >  > >
> > >> >  > >  Did Anyone Ever Tell  You,
> > >> >  > >  Just How Special You  Are
> > >> >  > >  The  Light that You Emit
> > >> >  > >  Might even Light a Star
> > >> >  > >
> > >> >  > >  Did  Anyone Ever Tell You
> > >> >  > >  How  Important You Make Others Feel
> > >> >  > >  Somebody out here is Smiling
> > >> >  > >  About Love that is so Real
> > >> >  > >
> > >> >  > >  Did  Anyone Ever Tell You
> > >> >  > >  Many Times, When They were Sad
> > >> >  > >  Your E-mail made Them Smile a bit
> > >> >  > >  In  Fact It made Them Glad
> > >> >  > >
> > >> >  > >  For  the Time You Spend Sending Things
> > >> >  > >  And  Sharing whatever You Find
> > >> >  > >  There are No Words to Thank You
> > >> >  > >  But  Somebody, Thinks You're Fine
> > >> >  > >
> > >> >  > >  Did  Anyone Ever Tell You
> > >> >  > >  Just How Much They Love You
> > >> >  > >  Well, My Dearest " Online " Friend
> > >> >  > >  Today I am Telling You
> > >> >  > >
> > >> >  > >  I  HOPE I GET THIS BACK
> > >> >  > >
> > >> >  > >  I  believe that without a friend you are missing out on a
> > lot!!!
> > Don't be confused by friends and acquaintances, there is a
> > >> >  > >  difference!
> > >> >  > >
> > >> >  > >  Because I  care about you,
> > >> >  > >  It's  national care week . . . and you get to send
> messages to
> > all your friends telling them  that you care about them and
> make them feel
> > good about themselves and if they write back . . (just once) then that
> > means
> > that they care about you  too.
> > >> >  > >
> > >> >  > >  Have a  nice day, and I'm glad we are friends!!!
> > >> >  > >
> > >> >  > >  THIS IS A ROSE OF FRIENDSHIP YOU MUST PASS IT TO AT LEAST 4
> > FRIENDS!!! GO!
>


please handle for me.  thanks.  mhc

---------------------- Forwarded by Michelle Cash/HOU/ECT on 12/12/2000 04:27
PM ---------------------------

ARSystem@mailman.enron.com on 12/12/2000 02:59:22 PM
To: michelle.cash@enron.com
cc:
Subject: Request Submitted: Access Request for diane.goode@enron.com

You have received this email because the requester specified you as their
Manager. Please click
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000010092&Page=
Approval to review and act upon this request.

Request ID          : 000000000010092
Request Create Date : 12/12/00 3:00:54 PM
Requested For       : diane.goode@enron.com
Resource Name       : Lexis Nexis Research - Legal
Resource Type       : Applications


Jay,

Following up our email from last week, attached is a soft copy of the netting agreement submitted by Valero.

Thanks.
Nony

 -----Original Message-----
From: 	Flores, Nony
Sent:	Wednesday, October 31, 2001 1:33 PM
To:	Williams, Jason R (Credit)
Cc:	Aronowitz, Alan; Cook, Mary; Viverito, John
Subject:	Valero Netting Agreement

Jay,

We received a fax copy of a Net Settlement Agreement for crude products (ERAC) from Valero.  We're delivering a copy to you this afternoon for further handling.  Please let us know if we can help in any way.

Regards,

Nony Flores


Hi, Mark:

Hope you're doing well.  Mark Taylor had suggested that I ask you the question below.  If you suggest that I ask someone else, please let me know.  Thanks.  Sara

 -----Original Message-----
From: 	Shackleton, Sara
Sent:	Thursday, September 20, 2001 4:13 PM
To:	Evans, Mark (London Legal)
Cc:	Glover, Sheila
Subject:	Limitation of Liability

Hi, Mark:

ECT Investments, Inc. is trying to finalize a "Terms of Business Letter" with Goldman Sachs International ("GSI") in London (for trading foreign listed equity options).  GSI is resisting the inclusion of any limitation of liability language in the agreement.  Our agreement is governed by English law.  I have requested the following simple statement:

	"Neither party shall have any liability arising from this Letter or from any obligations which relate to this Letter for any indirect, special, punitive, exemplary, incidental or consequential loss of damage."

Do you even use such a provision in your documents goverened under English law?  What language (if any) would you propose for use with an English party?

I'd appreciate your insight.

Regards,
Sara

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490


----- Forwarded by Jeff Dasovich/NA/Enron on 04/04/2001 11:52 AM -----

	"Ronald Carroll" <rcarroll@bracepatt.com>
	04/04/2001 11:41 AM

		 To: <mmilner@coral-energy.com>, <rreilley@coral-energy.com>,
<ray.alvarez@ei.enron.com>, <acomnes@enron.com>, <dfulton@enron.com>,
<jdasovic@enron.com>, <jhartso@enron.com>, <smara@enron.com>,
<snovose@enron.com>
		 cc:
		 Subject: Fwd: Edison gets more time; Calif. may sell $14 bln bonds

----- Message from "Tracey Bradley" <tbradley@bracepatt.com> on Wed, 04 Apr
2001 08:34:07 -0500 -----
To:	"Justin Long" <jlong@bracepatt.com>, "Paul Fox" <pfox@bracepatt.com>
cc:	"Jeffrey Watkiss" <dwatkiss@bracepatt.com>, "Ronald Carroll"
<rcarroll@bracepatt.com>
Subject:	Edison gets more time; Calif. may sell $14 bln bonds
Tuesday April 3, 6:15 pm Eastern Time
Edison gets more time; Calif. may sell $14 bln bonds
(UPDATE: Recasts, adds details throughout, byline)

By Jonathan Stempel

NEW YORK, April 3 (Reuters) - Edison International (NYSE:EIX - news), parent
of troubled utility Southern California Edison, said on Tuesday bankers are
giving it and the utility more time to cure their defaults on three credit
lines.

The announcement came after the California Public Utilities Commission (PUC),
which sets rates, also on Tuesday voted to authorize the state's Department
of Water Resources to sell between $12 billion and $14 billion of bonds to
finance power purchases, and examine the financial links between the
utilities and their parents.

The 30-day extension from Edison's banks means the banks will ``forbear,'' or
not act upon, the credit line defaults.

``That will take us out to basically around April 14,'' said Ted Craver,
chief financial officer of Edison International, during an investor
conference call. The prior forbearance, the banks' second, had expired March
13.

The California power crisis has led to periodic blackouts and left SoCal
Edison, which owes more than $5.4 billion for post power costs, and the
state's largest utility Pacific Gas & Electric Co., which owes about $8.9
billion, on the brink of bankruptcy. A rate freeze imposed under the state's
1996 utility deregulation law has prevented them from passing on their
soaring wholesale power costs to consumers.

Though the PUC awarded the utilities a roughly 40 percent rate hike last
week, allowing them to collect $4.8 billion more each year, analysts and the
utilities said the hike effectively does nothing to let the utilities to
recoup their prior costs.

``At best the utility is standing still (in that) it hasn't improved its cash
flow or its cash position,'' said Craver. ``At worst, it is going backwards.
That's our basic conclusion on the numbers and the mechanisms as we
understand them.''

San Francisco-based PG&E Corp. (NYSE:PCG - news), parent of Pacific G&E, has
said it expects to take a $4.1 billion charge for unrecouped electricity
costs, while Rosemead, Calif.-based Edison has said it may take a
``substantial'' charge that may total as much as $2.7 billion.

The California Independent System Operator, which runs most of the state's
power grid, early on Tuesday called another Stage Two emergency alert because
of supply problems. Such alerts are declared when power reserves fall to
within 5 percent of peak demand. The alert was later lifted.

Edison shares closed Tuesday on the New York Stock Exchange at $12.82, up 27
cents, or 2.2 percent. PG&E shares closed on the Big Board at $11.53, down 22
cents, or 1.9 percent.

Craver also said in the conference call that SoCal Edison has rolled over
364-day and 5-year Libor-based credit facilities that recently matured for a
respective 30 and 90 days, and that Edison rolled over one of its own
facilities for 45 days.

He concluded the call by expressing relief that creditors have not yet thrown
the utility into bankruptcy, which analysts have said could already have
happened by now had the PUC not granted the rate hike.

``I'm somewhat amazed about how disciplined everybody has been,'' he said.
``We're seeking protection from misguided regulatory decisions, and the
solution is really in that same venue, in the regulatory and political and
legislative context.''


The new addition of the Encounter is here!  Please stop by and pick up your
copy they are available at EB1198.  If you have any questions, please call
Tracy Arthur at ext. 57853.


Am faxing you the presentation right now.  jeff


fyi...

 -----Original Message-----
From: 	Cantrell, Rebecca W.
Sent:	Monday, November 26, 2001 11:16 AM
To:	Concannon, Ruth; Townsend, Judy; Lamadrid, Victor; Muhl, Gil; Superty, Robert; Calcagno, Suzanne; McMichael Jr., Ed; Smith, George F.; Pollan, Sylvia S.; Kinsey, Lisa; Luce, Laura; Shireman, Kristann; Miller, Stephanie; Lucci, Paul T.; Gay, Randall L.; Sullivan, Patti; Hodge, John; Tholt, Jane M.; Kuykendall, Tori; Mahmassani, Souad; South, Steven P.; Shively, Hunter S.; Grigsby, Mike; Neal, Scott; Gomez, Julie A.; Sullivan, Colleen
Cc:	Steffes, James D.; Lawner, Leslie; Neustaedter, Robert
Subject:	New FERC Policy on Negotiated Rate Deals

This is an alert that FERC will be more critical in the future of negotiated rate deals.  The orders discussed below dealt with buyout provisions in negotiated rate deals that Tennessee, ANR and Columbia had done.  These provisions had previously been permitted as negotiated rates, but FERC has decided that there is "significant potential for undue discrimination" and the recourse rates do not provide an adequate alternative.   Thus, anything in a negotiated rate deal that is not strictly rate-related will most likely be subject to intense scrutiny.

FERC ADDS ANOTHER LAYER TO POLICY ON NEGOTIATED-RATE AUTHORITY

Acting on a series of contract-specific cases, FERC last week sharpened its policy on what is, and is
not, allowed under negotiated rates. In further defining its policy, the commission continued to lean
heavily on the "linchpin" of negotiated-rate authority - that a customer not willing or able to negotiate a
deal must always have the option of obtaining needed capacity under cost-based recourse rates.
During discussion of the orders, Chairman Pat Wood III said it was "important to keep in mind, as we
rush into the brave new world on the gas side," that "all customers must be treated on a nondiscriminatory
basis by pipelines." Last week's proclamation should be considered "a reaffirmation of that nondiscriminatory
trend," he asserted.
In representative language, the commission said it wants to ensure that parties "are clear about contracting
practices that we find unacceptable because they present a significant potential for undue discrimination and those
that we find acceptable because they can be permitted without substantial risk" of such unequal treatment.
FERC declared that a "key factor" in determining whether a negotiated provision is considered an
"appropriate material deviation" from a pipeline's filed tariff schedule is the extent to which recourse rates
provide "adequate alternatives" to other shippers.
In cases involving rates negotiated by ANR Pipeline Co. (GT01-25, RP99-301), Tennessee Gas Pipeline
Co. (RP96-312, et al.) and Columbia Gas Transmission Corp. (CP01-70), the commission ruled that the
buyout provisions are not allowed unless they are offered to all shippers as part of the pipelines' generally
available tariffs.
The provisions at issue allow customers to buy out or terminate their contract demand levels prior to
the end of the deals. While the commission previously has held that such provisions can be included in a
negotiated-rate package, "we have reconsidered that holding" because similar buyout opportunities are
not available to more traditional shippers operating under recourse rates, it said in the Tennessee order.
Where a customer is seeking service for a set contract term and quantity, recourse service provides an
"adequate alternative," the commission observed. "However, if the customer desires a special contract
demand reduction or early termination right not provided in the generally applicable tariff, the availability
of service at the recourse rate does not provide an adequate substitute, since recourse service would not
include any such provision." A shipper obtaining such a provision would be insulated from a certain
degree of risk, giving it "an advantage over recourse-rate shippers," the commission pointed out.
"A shipper's right to reduce, or terminate, its contract demand before the expiration of its contract is a
valuable right, since it can enable the shipper to avoid significant liability for future reservation charges,"
FERC said, adding that "such a valuable right must be granted in a not unduly discriminatory manner."
Requiring pipelines to file generally applicable tariff provisions setting forth the conditions under
which they will offer contract demand reduction rights "is the best means of assuring that those rights will
be negotiated" in a fair manner, FERC reasoned. Once approved, the tariff language "will require the
pipeline to grant similar rights to similarly situated customers."
Commissioner Linda Breathitt applauded the policy shift, characterizing it as a much-needed shot in
the arm for a program that had become "muddled." Through a "tortured line of cases," FERC's definitions
of allowable contracting practices were "obscured," Breathitt said in welcoming the new "common-sense"
approach. The "tug of war" that parties have engaged in over the past few years "really hasn't served our
objective of ensuring that nondiscriminatory rates and service" are available to all shippers, she said.


No. How about I call you at 4pm? I only need 10 min.

	Gail Brownfeld@ENRON_DEVELOPMENT
	11/30/2000 02:03 PM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: Re: Enron/Sempra
PRIVILEGED AND CONFIDENTIAL ATTORNEY CLIENT COMMUNICATION

 I am on a conference call and will be tied up until later this afternoon.
Will you be around at about 3:00?


Stopped by Em's last night before coming home and she'd mentioned trying to do Austin this weekend.  She'd already talked to Katy and it sounded like Katy was interested in Austin tomorrow night and then maybe Gruene on Saturday night.  Anyway, wanted to let you know and see if you had any interest.  Emily and Katy would probably try to leave early tomorrow to stop in Round Top and do some antique shopping...so, if you think you could leave the office around 5:00 or so (of course earlier is always better) we could ride together and at least get on the HOV lane.  As it stands right now I think we're going to have stay in hotels both nights and we of course currently have no reservations, so it could get interesting.

Sue


Dale -

I know you are getting frustrated with the delay on counterparty approvals.  We have asked Stephanie Panus, one of the other paralegals in the group, to get started on this process and hope that that will speed things along.  Tana is in the process of showing her the ropes and I am hopeful that they will make significant progress by the end of the week.

Mark

 -----Original Message-----
From: 	Neuner, Dale
Sent:	Monday, July 02, 2001 2:03 PM
To:	Taylor, Mark E (Legal)
Cc:	Puthigai, Savita
Subject:	FW: Clickpaper CP's awaiting migration in work queue's 06/27/01

Mark -

May we ask that there be some concentration on the dated items; which are almost a month in the queue. I am certain that our phones will be ringing again soon.

Dale
3-9746

 -----Original Message-----
From: 	Hunter, Nicole
Sent:	Wednesday, June  27, 2001 2:11 PM
To:	Moran, Tom; Jones, Tana
Cc:	Neuner, Dale
Subject:	Clickpaper CP's awaiting migration in work queue's 06/27/01

 << File: Profiles Migration Tracking.xls >>

Best Regards,

Nicole Hunter
Clickpaper Support Team
713-345-8438


Just got word from the lawyers: it's a go.


FYI - we are moving our local production behind Peoples to Clinton's pool.

John, I assume you will be the one talking to the producer.

---------------------- Forwarded by Chris Germany/HOU/ECT on 07/14/2000 07:31
AM ---------------------------

Carol_A._Miller@DOM.COM on 07/14/2000 06:37:50 AM
To: pleanza@enron.com
cc: kdestep@ceg.com, dkinney@ceg.com, Chris_Germany@enron.com,
jdietric@enron.com, rsurwill@enron.com, hboyd@ceg.com
Subject: Re: Local Production July 00

Paul,

An Amendment to Appendix "C" will need to completed by both the pool that the
meters are being transferred from and the pool that the meters are being
transferred to.  I have discussed this issue with Heidi Boyd at Columbia
Energy
and I believe she will complete this form on their behalf in order to delete
the
meters.  You will also need to complete this form in order to add the meters
to
Clinton's LGA pool once the Pooling Agreement has been completed and the pool
becomes effective.  I will fax the form to Heidi this morning.  It must also
be
signed by the producer.  Please confirm your fax number (614-760-2794) and I
will be happy to fax the form to you as well.

Carol

"Paul J Leanza" <pleanza@enron.com> on 07/13/2000 05:34:12 PM

To:   Carol A. Miller/HQ/PG/CNG@CNGNOTES
cc:   kdestep@ceg.com, dkinney@ceg.com, "Chris Germany"
      <Chris_Germany@enron.com>, "John Dietrich" <jdietric@enron.com>, "Ron
      Surwill" <rsurwill@enron.com>, hboyd@ceg.com
Subject:  Re: Local Production July 00

Carol,
Once our production pool is set up, I would like to transfer the CES/ENA
meters
into our pool.  What do you need from me to transfer these meters?

Thanks,
Paul

---------------------- Forwarded by Paul J Leanza/DUB/EES on 07/13/2000 05:23
PM
---------------------------

Chris Germany@ECT
07/13/2000 04:58 PM

To:   Paul J Leanza/DUB/EES@EES
cc:
Subject:  Re: Local Production July 00

---------------------- Forwarded by Chris Germany/HOU/ECT on 07/13/2000 03:58
PM
---------------------------

hboyd@columbiaenergygroup.com on 07/13/2000 12:58:49 PM

To:   " - *Carol_A_Miller@dom.com" <Carol_A_Miller@dom.com>
cc:   " - *Destephanis, Kara" <kdestep@columbiaenergygroup.com>, " - *Kinney,
      Doug" <dkinney@columbiaenergygroup.com>, " - *chris.germany@enron.com"
      <chris.germany@enron.com>
Subject:  Re: Local Production July 00

Hi Carol,

Can you help me with the below information?  I am looking to turn over our
local production.  After August we won't be in business anymore and this local
production that is in our name is really Enron North America's local
production.   I had suggested that Enron (Chris Germany) set up a local agg
pool or if he was selling it to someone else to let me know so that we can
turn
this production over ASAP.   I am looking to write a letter to Peoples to give
them formal intent and need to know if I need to include meter identification
numbers in the letter (currently I do not know what these numbers are).

I apologize for this being such a mess, but I have been trying to get this
cleared up and seem to have no luck.

Thanks again for your help.

cc:
Subject:  Local Production July 00

Hi Karen,

Please nominate a volume of 24,800 dth's for the month of July 00 for CES'
local production.

Please let me know if you need something more from me.  I understand that
Clinton Energy is setting up a pool and will soon be able to take over our
local production.  I will be sending in a letter soon relinquishing the local
production, is there a meter number or identification number that I will need
to mention in the letter?

Thanks,
Heidi Boyd
703-561-6496


As requested at the end of our meeting today, I am forwarding the list of PX
Participants, sent to me by Gary Hanken, to whom the letter on the
commandeering case was sent.

Patricia S. Mar
Morrison & Foerster LLP
425 Market St., 33rd Floor
San Francisco, CA 94105
Phone: (415) 268-6157
FAX:    (415) 268-7522
e-mail: pmar@mofo.com

-----Original Message-----
From: Garrett L. Hanken [mailto:ghanken@ggfcmk.com]
Sent: May 24, 2001 10:12 AM
To: PMar@mofo.com
Subject: Re: Letter to PX Participants

See attached.  The information was taken from Cal PX's schedules.

>>> "Mar, Patricia S." <PMar@mofo.com> 5/24/2001 8:03:45 AM >>>
Can you provide me ASAP the contact list you used in sending out the
commandeering letter to PX participants.  Alternatively, please provide me
with information as to who at the following companies the letter was
addressed to and sent (these are the clients that we work with):

Avista Energy
Idaho Power
AES New Energy
El Paso Merchant Energy

I'm assuming you used a CalPX list which has contact persons who are not the
same as the people I've been dealing with, and I need to know whose getting
the letter.  Especially since the claim form is apparently pre-filled in
with the names of these people.

Thanks.

============================================================================

This message contains information which may be confidential and privileged.
Unless you are the addressee (or authorized to receive for the addressee),
you may not use, copy or disclose to anyone the message or any information
contained in the message.  If you have received the message in error, please

advise the sender by reply e-mail @mofo.com, and delete the message.
Thank you very much.

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

This message is intended solely for the use of the addressee(s) and is
intended to be privileged and confidential within the attorney client
privilege.  If you have received this message in error, please immediately
notify the sender and delete all copies of this email message along with all
attachments.  Thank you.

============================================================================

This message contains information which may be confidential and privileged.
Unless you are the addressee (or authorized to receive for the addressee),
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contained in the message.  If you have received the message in error, please
advise the sender by reply e-mail @mofo.com, and delete the message.
Thank you very much.

============================================================================

 - 1207822.pdf


As requested, here is the December Autoweb.com Newsletter.

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I know you are swamped--any idea on the Longitude guys?  They are pushing Tawney for some weather info/business devel.

Jeff


SF Chron, 7/4: Federal price limits backfire
Sac Bee, 7/3: Out-of-state generators pull plug over uncertainty on price
controls
LA Times, 7/3:  Power sales halted by new pricing curbs
------------------------------------------------------------------------------
---------------------------------------------------------------
Federal price limits backfire
Some generators withhold power rather than abide by rate caps
David Lazarus, Chronicle Staff Writer
Wednesday, July 4, 2001
,2001 San Francisco Chronicle
URL:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/07/04/M
N186091.DTL
Officials in California and Nevada, after months of lobbying for federal
regulators to cap Western power prices, warned yesterday that the newly
imposed limits have had the unintended consequence of increasing a threat of
blackouts in the two states.
The warnings were issued as California came within minutes of rolling
blackouts yesterday afternoon, and one day after the first-ever rolling
blackouts in Las Vegas forced energy-hungry casinos to shut off fountains and
reduce air conditioning.
The two states are asking the Federal Energy Regulatory Commission to take a
closer look at the so-called price mitigation plan and come up with revisions
that would deter power companies from withholding electricity during
shortages.
"We need some clarity to this order," said Oscar Hidalgo, a spokesman for the
California Department of Water Resources, which is spending billions of
dollars to keep the state's lights on.
"Generators need to be held accountable," he said.
The crux of the problem is that price limits kick in during shortages, yet
power companies say these caps force them to sell power at below-market rates
during periods of high demand.
Some companies have responded by holding back power rather than face the
expense of shipping electricity from state to state. Each mile that
electricity must be transmitted adds to the overall cost.
"No one's going to pay for transmission if the cost is near the caps," said
Gary Ackerman, executive director of the Western Power Trading Forum, an
energy-industry association in Menlo Park.
Ackerman said several companies in his organization decided that there was no
economic advantage to offering power in regional markets when price controls
are in effect.
"This means individual regions like California or Las Vegas could end up not
having enough," Ackerman said. "It increases the threat of blackouts."
BLACKOUT ALERT CANCELED
California authorities issued a blackout alert at 1:45 p.m. yesterday when
power reserves dipped to dangerously low levels. They canceled the alert
about an hour later, after finding additional supplies.
"Everyone in the West is fighting for megawatts," said Stephanie McCorkle, a
spokeswoman for the California Independent System Operator, which oversees
the state's power network.
The Golden State's latest brush with lights-out conditions came a day after
Nevada experienced its own rolling blackouts for the first time, prompting
heavy power users such as the MGM Grand and Caesars Palace to dim their
lights.
Don Soderberg, chairman of the Nevada Public Utilities Commission, said that
the sudden power emergency took state authorities by surprise and that they
are investigating to see what role the federal price limits may have had in
exacerbating Monday's shortage.
"We're looking very closely at this," he said. "There seems to be a potential
for unintended consequences."
Specifically, Soderberg said Nevada is focusing on operators of older, less-
efficient plants who would find profit margins shrinking, if not vanishing,
under capped prices.
"We're going to see how the caps might have played into this," he said.
The federal ceiling in 10 Western states, excluding California, is about $92
per megawatt hour. In California, a 10 percent surcharge is added because of
the state's credit risk, bringing the price to just over $101.
Ackerman at the Western Power Trading Forum said regional price controls have
extended California's power crisis to neighboring states.
"California sneezed and the rest of the region caught the virus," he said.
'LAWYERS LOOKING FOR LOOPHOLES'
California and Nevada officials, however, said that they still have faith
that price limits can stabilize Western electricity markets but that federal
regulators may have to tweak the system so that power companies cannot
withhold output.
"The generators have banks of lawyers looking for loopholes (in the plan),"
said Hidalgo at the Department of Water Resources.
Unfortunately, it may take some time for the regulators to revisit an issue
that they took up only with the greatest reluctance. For months, federal
regulators refused to impose price controls, preferring instead to let supply
and demand determine costs.
Hidalgo said that when it appeared that power companies were throttling back
on output Monday, California officials immediately dialed the hot line number
provided by the Federal Energy Regulatory Commission in case of emergencies.
"No one answered," he said. "They were closed."
State officials tried again yesterday, and this time were told that the
commission would look into the matter. They were not given a time frame for
when the commission might come up with a response.
E-mail David Lazarus at dlazarus@sfchronicle.com.
,2001 San Francisco Chronicle ? Page?A - 1

Out-of-state generators pull plug over uncertainty on price controls
By Dale Kasler
Bee Staff Writer
(Published July 3, 2001)
Confused by the federal government's new controls on electricity prices,
generators withheld so much power from California on Monday that the state
was nearly plunged into rolling blackouts, state officials said.
The confusion began when the state's electric grid operators declared a Stage
1 power alert in the early afternoon, triggering the price caps for the first
time since they went into effect June 21.
Out-of-state generators pulled about 1,500 megawatts of electricity off the
table at midafternoon, enough to power about 1.1 million homes, because of
uncertainty about how much they could charge under the new Federal Energy
Regulatory Commission pricing system, said Oscar Hidalgo, spokesperson for
the state Department of Water Resources. The department buys electricity for
the state's financially distressed utilities.
"They didn't understand what they were going to be paid; there was confusion
over the FERC order," Hidalgo said. "We saw 1,500 megawatts disappear."
The problem was exacerbated by a heat wave across the West, which forced
California to compete with other states for scarce electricity, he said.
Rolling blackouts hit southern Nevada.
Most California officials credit the FERC system, which is based on a
variable price cap, with reining in what had been a runaway wholesale power
market. But power generators have complained that the price caps, by limiting
profits, could discourage the production of critically needed electricity.
And as Monday's episode suggested, even the uncertainty about where the cap
will fall could lead to unexpected shortages.
"That's the risk that you run (with price controls)," said Arthur O'Donnell,
editor of the newsletter California Energy Markets. "People want any kind of
certainty at all."
Hidalgo said the state avoided blackouts only because of last-minute imports
from the Bonne'ville Power Administration, the federal agency that markets
government-produced hydroelectric power in the Pacific Northwest. The state
went into a Stage 2 power alert, the next-to-last level before blackouts are
ordered. The alert was canceled in late afternoon.
The blackouts would have been the first in California since May 8.
FERC imposed a round-the-clock ceiling on power throughout the West. The
price fluctuates and is tied to the production costs of the least-efficient
plant operating in California during a "power alert" declared by the
Independent System Operator, which runs the state's power-transmission grid.
When there's no alert, prices can't exceed 85 percent of the cap that was
established during the latest alert.
Until Monday, the maximum price held steady at about $101 a megawatt-hour in
California. But when the ISO declared a Stage 1 power alert in early
afternoon, signifying that reserve supplies had dwindled to less than 7
percent of demand, confusion set in, Hidalgo and others said.
Because of a steep drop in the price of natural gas, which fuels many
California power plants, suppliers knew the cap would fall. But no one knew
by how much until the price was posted by the ISO.
The ceiling for California fell to about $77 at 3 p.m. but was back up to $98
in two hours, according to the ISO. Those prices include the 10 percent
premium that sellers can charge California because FERC said there's a credit
risk in selling to the state.
O'Donnell said it's likely suppliers will pull back from the market every
time the ISO declares a power alert.
In-state generators have to operate their plants if summoned by the ISO. But
out-of-state suppliers can withhold supplies, and on Monday it was the
out-of-staters that were pulling back, Hidalgo said.

The Bee's Dale Kasler can be reached at (916) 321-1066 or dkasler@sacbee.com.

Power Sales Halted by New Pricing Curbs
Electricity: Confused suppliers, unsure what they will be paid, refuse to
sell to state, which asks FERC for a ruling but doesn't get it.

By NANCY VOGEL, Times Staff Writer

?????SACRAMENTO--Confusion over new federal price restrictions prompted
several electricity sellers to back away from sales to California on Monday
afternoon, pushing the state closer to blackouts, energy officials said.
?????The state lost sales that would have provided enough electricity to
supply more than 1 million homes, said Ray Hart, deputy director of the
California Department of Water Resources, which has been buying much of the
state's electricity since January.
?????At least five companies producing or marketing power "are telling us
that since they don't know what they're going to get paid, they're not going
to take the risk, and so they're not going to sell the energy," Hart said.
?????The electricity sales fell through after power consumption soared in
summer heat and grid operators were forced to declare a Stage 1 emergency,
meaning reserves had dipped below 7%. It was the first such emergency since
May 31.
?????Under a June 19 order by the Federal Energy Regulatory Commission
intended to bring down wholesale electricity markets across the West, a power
emergency in California triggers the setting of a new price limit that
applies to power plant owners from Washington to Arizona.
?????The new price is supposed to be based upon whatever it costs to run the
most inefficient, expensive power plant selling electricity to California
grid operators during the first full hour of a Stage 1 emergency.
?????But much uncertainty remains about exactly how and when the new price is
supposed to be established under the commission's order, and that apparently
drove away sellers, Hart said.
?????Shortly after the state issued the Stage 1 alert at 1:30 p.m., putting
the old price limit of $90 per megawatt-hour in question, companies that had
committed to provide the state electricity hour by hour Monday afternoon
backed out, Hart said. The companies include TransAlta Energy Marketing of
Oregon, Constellation Power of Baltimore and Sempra Energy Trading, a unit of
the San Diego-based energy conglomerate.
?????Forced to dip even deeper into the state's power reserves and declare a
Stage 2 emergency, water agency officials called the federal energy
commission's hotline for clarification about what the new price should be and
when it should take effect. They got no answer.
?????Hart said commission officials reached at home promised to try to
clarify their order today. One outstanding question is what obligations power
suppliers have to deliver electricity to California in an emergency.
?????Both buyers and sellers in the market agree that the new price, when it
is set, will probably be lower than $90 per megawatt-hour because the price
of natural gas, the main fuel in California power plants, has dropped lately.
?????Temperatures soared several degrees higher Monday than grid operators
had anticipated. But they said they expected to avoid rolling blackouts in
part because the Bonneville Power Administration in Portland, Ore., had
agreed to provide several hundred megawatts of Pacific Northwest hydropower
each hour in exchange for a return of electricity from California later this
summer.
?????"Bonneville is giving us emergency power to get us through," Hart said.

Copyright 2001 Los Angeles Times


The report named: East P/L Totals <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=1&report_name=East+P/L+Totals&category_cd=1&category_name=EAST&toc_hide=1&sTV1=1&TV1Exp=Y&current_efct_date=10/30/2001>, published as of 10/30/2001 is now available for viewing on the website.


Mark:

The ISDA Best Practices Statement did not address OPIS [or ARGUS] as our proposal did.
But for those indexes being at issue, I have a record of the following parties having requested use of the ISDA methodology:

	The Chase Manhattan Bank
	Glencore Ltd.
	Hess Energy Trading Company
	Societe Generale
	Koch Petroleum Group LP

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490


-

Subject: Cute story

Anyone who's been single and over the age of 18 can relate to this.

When I was younger I hated going to weddings ...it seemed that all of my

aunts and the grandmotherly types used to come up to me, poking me in the

ribs and cackling, telling me, 'You're next.'

? They stopped that crap after

I started doing the same thing to them at funerals.


All:

One thing to note is that while the DWR contracts are blended with the core,
the non-core, if our curve come to be true, would enjoy the back end of the
curve's lower price path.

We calculated, based on the DWR's figures, the negative mark-to-maket at the
various points in time:

6/02      $4.2B
12/02    $5.8B
6/03      $7.0B

While our curves differ, this gives an order of magnitute.

Michael

 -----Original Message-----
From:  Steffes, James
Sent: Friday, May 11, 2001 6:45 AM
To: Dasovich, Jeff
Cc: Neustaedter, Robert; Brown, Kortney; Soo, Jeffrey A.; Tribolet, Michael;
Black, Don; Lewis, James C.
Subject: Concept for core/noncore Analysis for California

Looks good with me.

Jim

From: Jeff Dasovich on 05/10/2001 04:02 PM
Sent by: Jeff Dasovich
To: James D Steffes/NA/Enron@Enron, Robert
Neustaedter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kortney
Brown/Enron@EnronXGate, Jeffrey A Soo/Enron@EnronXGate, Michael
Tribolet/ENRON@enronXgate
cc:

Subject: Concept for core/noncore Analysis

OK, I apologize, I've been trying to lock myself to the computer and crunch
some #'s, but can't seem to get control of my schedule.  Wanted to lay out
the core/noncore model that's been pitched (and that CMA showed keen interest
in this morning) to see if we're all on the same page; but perhaps this is
the analysis that you're already working on:

Split takes place either 1.1.03 or 6.1.03.
Core and noncore are responsible for the "DWR past purchases" (spread over 15
years).
Core will keep IOU gen, QFs and DWR contracts (which would eliminate the
short for the core)
Noncore, in return for giving up the lucrative IOU gen, effectively accepts
the short position (i.e., goes to market) AND does not get sacked with DWR's
going forward costs (with "forward costs" defined as all power costs
attributable to the "post-core/noncore" transition date.

Let me know if this tracks with where we're headed.  Thanks.

Best,
Jeff