Attached  is EPMI's 3rd quarter WSPP report for your review and comments,
Wright & Talisman request that
we submit our filing electronically  by Friday, October 27.

Thanks
Linda

----- Forwarded by Linda L Lawrence/NA/Enron on 10/25/2000 09:18 AM -----

	Valarie Sabo@ECT
	07/31/2000 11:14 AM

		 To: Linda L Lawrence/HOU/EES@EES, Duong Luu/HOU/ECT@ECT, Cara
Semperger/PDX/ECT@ECT, Leslie Reeves/HOU/ECT@ECT
		 cc: Monica Lande/PDX/ECT@ECT, Mary Hain/HOU/ECT@ECT, Kristin
Albrecht/HOU/ECT@ECT, Stacey W White/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT
		 Subject: WSPP report for 3rd quarter

Hi Folks!  For 3rd quarter we'll need to undergo an examination of our
reporting requirements for WSPP and accordingly, our reporting processes.
The filing requirements can be found under the " WSPP Library" heading of the
Current Documents section of the WSPP home page (www.wspp.org).

Basically, we just need to be confident our reports are accurate and we also
need to be cognizant that if we make significant changes, we should be able
to anticipate the impact of those changes and send appropriate adjusting
notification if necessary.  Let's not surprise ourselves or FERC in a big way!

I'm not sure that I am the appropriate staff to head this up, but will be
happy to provide organization and coordination to the effort until we all are
happy with the undertaking.

Next week after the close of this month is complete, I will structure a
project management file on the WSPP reporting and we'll take it from there.
Please contact me with comments, questions, complaints, x7756.

P.S.
We have filed the 2nd quarter report using the unchanged method.


---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 04/17/2001 01:56 PM ---------------------------

Stephanie Miller@ENRON
01/08/2001 09:40 AM
To:	Matthew Lenhart/HOU/ECT@ECT
cc:

Subject:	Generation Plants Listing

---------------------- Forwarded by Stephanie Miller/Corp/Enron on 01/08/2001 08:41 AM ---------------------------

	  From:  Julie A Gomez @ ECT                           01/05/2001 04:53 PM

To:	Elizabeth Shim/Corp/Enron@ENRON, Stephanie Miller/Corp/Enron@ENRON
cc:

Subject:	Generation Plants Listing

Here it is...

Julie  :-)


Joe/Sue:

We'll need to brief Steve on the fed/state issues tied to the state buying
the TX systems of PG&E and Edison prior to his meeting with the Congressional
Republicans tomorrow.  I'll be driving with Steve from  LA to Pasadena (where
the meeting is) tomorrow beginning at about 9:30 AM PST (the meeting's at
10:30 AM PST).  Could we put together a call-in number at 9:45 or 10 AM PST
so you could quickly/briefly brief Steve on the issues prior to the 10:30 AM
meeting?  Let me know if this works, or if there's a better way to get him up
to speed on the issues before the meeting.  Thanks very much for helping to
pull this together on such short notice.

Best,
Jeff


A way to reflect on what is really important.  I love all of you very much.

John

-----Original Message-----
From: Judy Evans
Sent: Friday, September 14, 2001 8:41 AM
To: Everyone
Subject: FW: Thoughts from me to you.....

This really makes you think.  Take a look.
-----Original Message-----
From: Ken Evans [mailto:KenE@lakesideind.com]
Sent: Friday, September 14, 2001 8:36 AM
To: 'Judye@fsgllc.com'
Subject: FW: Thoughts from me to you.....

-----Original Message-----
From: Jan Marshall
Sent: Friday, September 14, 2001 7:13 AM
To: Corporate Office
Subject: FW: Thoughts from me to you.....

-----Original Message-----
From: denjo7 [mailto:denjo7@msn.com]
Sent: Thursday, September 13, 2001 4:19 PM
To: Wren, ward; Watkins, bill/nancy; Selset/ron-sharon; Scheef, cary;
Ryan Sweet; Roehl, dennis/Joie; Parks, bonnie/bill; Olbu, Dee/Leo;
Mclean, Karin; Lycan, Norma J/Bob; Lindall, Barb; Foushee, jackie; Fabs;
Dye, sheila/steve; Clayton, Ernest O; Burdette, Jay; Alice/art; Hegna,
Paul/Alice
Subject: Fw: Thoughts from me to you.....

----- Original Message -----
From: "Roehl, Linda CLK-STAFF" <roehll@issaquah.wednet.edu>
To: "linda @hotmail (E-mail)" <ljroehl58@hotmail.com>; "Denny and Joie
(E-mail)" <denjo7@email.msn.com>
Sent: Thursday, September 13, 2001 1:25 PM
Subject: FW: Thoughts from me to you.....

>
>
> >  -----Original Message-----
> > From: Meredith-Shapiro, Renee    AD
> > Sent: Thursday, September 13, 2001 1:12 PM
> > To: 'Betsy At Work'; 'Bob Ramsey'; 'Donna at home'; 'Kay Dudley'; 'Ken
> > Boone'; 'Larry Marks'; Aahl, Terri           SS Staff; Barbara McBride;
> > Bohall, Fran         MMS-STAFF; Caley, Hollie           CR-Sec;
> > Clausius,Jane DSC-STAFF; Dodd, Cherie          AP STAFF; Foote, Cathie
> > IHS-STAFF; Garvey, Andrea  CH; Hopman, Carol        SH-STAFF; Hunley,
Dawn
> > IVE-Staff; Kathy Schroeder; Linda Symons; Pike, Sandie
IMS-STAFF;
> > Rackers, Anne      BLMS-STAFF; Roehl, Linda         CLK-STAFF; RoeJean
> > Grant; Sholberg, Barbara    MH-STAFF; Simpson, Judy       PLMS-STAFF;
> > Thompson, Cyndi      EN-STAFF; Wakkuri, Charlene BW-Staff; Cathy Halton;
> > Karen Miller; Myers, Rucey C; Nancy Jackson
> > Subject: FW: Thoughts from me to you.....
> >
> >
> >
> >  <<TodayOnly.pps>>
>


I've gone back through the ISDA Credit Support Annex and the "green book" and
my conclusion is that unless we modify the standard form, we have to give an
Independent Amount back to the counterparty when we go out of the money far
enough (note that the definition of Exposure results in a negative number
when we are out of the money reducing the Credit Support Amount below the
Independent Amount).  The theory there is that as the market moves against
us, we are cushioned by our "out-of-the-moneyness" and will be able to ask
for support as the market moves back in our favor before we are actually in
the money.  I'm afraid that Credit has been operating under the assumption
that we get to keep Independent Amounts until the Transaction terminates.  We
need to set up a system with Credit so we all know what is meant on the
credit work sheets -- i.e. whether a cushion or up-front amount should be
given back to the counterparty as we go out of the money or not (maybe the
paralegals can suggest something?).  I suggest we add the following language
(taken from the green book) when we are using Paragraph 13 and Credit tells
us they don't want to have to give the cushion amount back, no matter how far
we go out of the money:

 "Credit Support Amount" will mean the higher of (i) the amount calculated as
provided in the definition of that
  term in Paragraph 3(b) and (ii) the sum of the Pledgor's Independent
Amounts.

I will modify the Force Energy document to include it and, unless you would
like to suggest alternative language, ask Tana to add it to our list of
alternatives for Paragraph 13.


muchos gracias


THIS E-MAIL IS BEING SENT ON BEHALF OF GEORGE FRZIER.  (12-1-00)

THIS IS JUST A REMINDER OF NEXT WEEK'S PROGRAM.  NOTE THE ADDRESS.
 <<LK_231100_1.DOC>>

 - LK_231100_1.DOC


Shirley,

Please, send him my bio.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/09/2000
08:05 AM ---------------------------

VKaminski@aol.com on 10/08/2000 11:00:05 AM
To: OREN@ieor.berkeley.edu
cc: scrensh@enron.com, vkamins@enron.com
Subject: Re: Abstract

Shmuel,

Thanks. I shall send you a bio from the office.

Vince


---------------------- Forwarded by Mark Koenig/Corp/Enron on 01/04/2001
08:41 AM ---------------------------

firstcall.notes@tfn.com on 01/04/2001 11:27:59 AM
To: mark.koenig@enron.com
cc:

Subject: SQUEEZING BLOOD FROM A STONE: SEEKING CLARITY IN THE CALIF. CR...
(Part 1 of 2)

                          FIRST CALL RESEARCH NETWORK

08:07am EST 04-Jan-01 Salomon Smith Barney (Raymond Niles 212-816-2807) AES
DYN
SQUEEZING BLOOD FROM A STONE: SEEKING CLARITY IN THE CALIF. CR... (Part 1 of
2)

SALOMON SMITH BARNEY                                             Industry Note

Power & Natural Gas
SQUEEZING BLOOD FROM A STONE: SEEKING CLARITY IN THE CALIF. CRISIS

January 4, 2001    SUMMARY
                   * California utilities (PCG, EIX) threaten bankruptcy in
Raymond Niles        face of cash squeeze and decision by California Public
212-816-2807         Utilities Commission to grant a 7%-15% rate increase
ray.niles@ssmb.com   versus the 20%-30% hoped for by the utilities. Two key
                     points:
                   * (1) Based on the companies' statements, we think there
                     is material risk that the California utilities will
                     declare bankruptcy, although this still remains the least
                     likely outcome, in our view.  We maintain our 3H
(Neutral,
                     High Risk) rating on PCG at the present time.
                   * (2) We recommend investors hold the course on Energy
                     Merchants and Competitive Generators.  Favorable
long-term
                     fundamentals remain in place.  Ultimately, we think a
                     market-oriented solution will favor these companies, but
                     anticipate near-term uncertainty as the California
                     situation plays itself out.  Companies with most to least
                     California exposure are: CPN, SOE, DYN, NRG, DUK, REI,
                     AES, ENE.
TWO MESSAGES TO INVESTORS

(1) Worry about the California electric utilities:  PCG and EIX.  Material
bankruptcy risk exists for these companies.  Although we do not think it is
the
most likely outcome, we think the risk of a bankruptcy has been heightened by
the small rate increase proposed by the California Public Utilities
Commission.
Even if bankruptcy does not occur, we think that the California utilities will
continue to be challenged by weak balance sheets and ongoing cash flow
concerns
if adequate rate increases are not enacted.

(2) Hold the course on the Energy Merchants and Competitive Generators.  The
long-term fundamentals for these companies remains firm, in our view.  For the
generators, we forecast 20%-25% higher power prices, nationwide, in 2001 vs.
2000.  At the same time, we see the "spark spread", or the spread between
power
(revenues) and gas (costs) widening by several percentage points during the
same time period.  Both of these factors are positive for earnings.  For the
marketers, the opportunity to hedge and manage energy price risk has only been
heightened by the turmoil in California.  We also remain bullish on these
companies.

Exposures of Generators to California Power Markets (Megawatts)

 Company       Rating/Px     Total         California    % of Total
 AES#          1-H $52       29,798         4,100        13.8%
 CPN#          1-H $42         5,912        1,355        22.9%
 DYN#          1-H $51         8,804        1,400        15.9%
 NRG#          1-H $28       13,500         1,586        11.7%
 SOE#          1-H $28       14,622         3,185        21.8%
 ENE#          1-H $80         3,000             60        2.0%
 DUK*#         2-M $83         9,285        3,615        38.9%*
 REI*$#        3-M $43       12,869         3,767        29.3%*
*DUK and REI also have extensive regulated utility operations, so there
corporate financial exposure to California is far less than the percentages
indicated

WHAT LIES AHEAD?  POINTS TO CONSIDER:

(1) Someone must pay for the cost of power in California.  Currently, natural
gas prices are around $20 per mcf or million BTU's, which equates to
electricity prices north of $200 per megawatt-hour.  This reflects the cost of
burning gas to create electricity, and does not consider other costs, such as
pollution emissions, operating and maintenance costs, and the capital costs of
plant investment.

(2) The long-term problem in California (and elsewhere in the country) will
not
be solved without the construction of new power plants.  All the bellyaching
in
the world about high wholesale power prices will not solve the problem, which
is:  California does not have enough power plants.  The wholesale price of
electricity reflects supply and demand.  There are not enough electrons in the
state's power grid.  More electrons will come either from new plants (power
generation) or marketing (shipping more electricity into the state).  We also
think concomitant infrastructure must be enhanced, such as natural gas
pipeline
and electric transmission capacity.

(3) The generators and marketers are solving the problem.  Companies such as
Dynegy, Enron, El Paso Energy, Duke Energy, Calpine, Southern Energy, AES, NRG
Energy and others are either building the plants and/or marketing the power
and
natural gas that will, in the long run, "solve" California's power crisis.  In
fact, the high prices they are receiving for power and gas are both the
incentives and the reward for them to do so.  In our view, if sufficient new
generating capacity is built in California, the wholesale price of power will
fall.  We think if policies were enacted today to facilitate the construction
of new plants, by 2002 power prices could be materially lower than they are
today.

(4) Re-regulation would only lengthen and deepen the power crisis in
California.  Capping wholesale power prices, imposing windfall profits taxes
or
other "punitive" measures will not cause a single new power plant to be built
or a single new electron to be sold in the state.  Such measures would dis-
incentivize new plant construction and actually lengthen the crisis.  We
already think that the threat of re-regulation has had the perverse effect of
raising wholesale power prices by dis-incentivizing sales into the state.

OUR INVESTMENT CONCLUSIONS

First, the long-term outlook for competitive energy suppliers is favorable.
They are supplying a commodity in short supply.  As long as the supply-demand
balance, and price volatility remain, we expect strong earnings visibility
from
this core group of companies.  We especially recommend accumulating positions
in these companies ahead of the summer peak electricity earnings season.

Second, attempts to re-regulate or "punish" energy wholesalers could create
near-term volatility in the stocks; we recommend buying on such weakness.
Given our long-term view, we do not think that attempts to re-regulate will be
successful.  In fact, by doing so, policymakers would merely lengthen and
deepen the crisis that already exists.  Also, recognition that the wholesale
market is working well in other regions, such as Texas, would only stimulate a
debate that would lead to ultimate removal of any controls, in our view.

                            Price  1/3/01 2002 2002 LTG 2002
Company          SYM Rating Target Price  EST  P/E  EST PEG
                 M
Energy Merchants
Enron Corp.#     ENE 1H     $100   79.88  1.98 40.3 20% 2.0
Duke Energy #    DUK 2M     $95    82.75  5.10 16.2 10% 1.6
El Paso Energy#  EPG 1H     $80    70.25  3.70 19.0 15% 1.3
Dynegy Inc.#     DYN 1H     $70    51.31  2.25 22.8 20% 1.1

Power Producers
Southern Energy# SOE 1H     $37    27.94  1.35 20.7 25% 0.8
Calpine Corp.#   CPN 1H     $60    41.75  1.58 26.4 35% 0.8
AES Corp.#       AES 1H     $85    51.75  2.50 20.7 30% 0.7
NRG Energy#      NR  1H     $40    27.56  1.70 16.2 25% 0.6
#  Within the past three years, Salomon Smith Barney, including its parent,
subsidiaries and/or affiliates, has acted as manager or co-manager of a public
offering of this company.

WHAT'S AHEAD?  NEAR-TERM EVENTS

Near-term, we await several events.  Each of these has the potential for
creating trading opportunities in the stocks.

(1) Decision by S&P and Moody's on whether to downgrade the debt of PCG and
EIX.  They have threatened to lower the ratings on both companies to "junk"
status (i.e., below investment grade) if the CPUC does not grant a sufficient
rate increase.  We think that the 7%-15% rate increase proposed by the CPUC is
probably not sufficient to please the rating agencies, and that a debt
downgrade is likely.  We think a debt downgrade is largely priced into the
stocks, but the action still could create volatility.

(2) An emergency legislative hearing is underway.  This hearing is deciding,
among other measures, whether to impose a "windfall profits tax" or other
punitive measures on the wholesale energy suppliers.  Given what we said
above,
we think such a move could hurt the energy suppliers, but only on a near-term
basis.  We would recommend buying on such weakness.  An action that would be
positive, in our view, would be any move by the legislature to address the
root
cause of California's problem:  the restrictive policies that make it
difficult
to build plants in the state (e.g.: pollution rules, siting permits, etc).

(3) Decisions by the utilities on whether to declare bankruptcy.  The
utilities
suffer from a negative cash flow, and have incurred over $8 billion in
incremental costs to pay for power.  Their cash gross margin is negative
because they receive a low (regulated) price for retail power and pay a high
(unregulated) price for wholesale power.  The utilities' lenders are watching
carefully to see if any rate increase proposed by the CPUC is sufficient to
address this imbalance before they will lend more money on a short-term basis.
If the utilities cannot get short-term funding, we think insolvency is a
likely
eventuality, in our view.  We still think bankruptcy is the least likely
outcome, and for that reason, a bankruptcy announcement would have a negative
effect on the stock prices of the utilities as well as the wholesale energy
suppliers.

(4) Final decision by the CPUC on their proposed rate increase.  A final
decision on the 7%-15% proposed increase will be made today.  If the CPUC
decides to go with a higher or more favorable rate increase, this would be
positive for the utilities and marketers..

(5) Credit risk to suppliers - worst case analysis.  The generators and
marketers who sell power to the California utilities have significant credit
risks associated with those exposures.  The figure below attempts to quantify
those risks, which could result in a one-time earnings hit.  The figures we
have calculated are a worst-case analysis, in our view, and any actual
exposure
are likely to be much less.  First, these risks will only become a reality in
the case of the utilities' bankruptcy.  Second, even given this worst-case
bankruptcy scenario, the generators and marketers will likely be treated
favorably in the bankruptcy case, given their status as trade creditors (30-45
day receivables).  Third, based on our conversations with these companies,
they
have already taken steps to mitigate these exposures by tightening credit
limits, requiring payments in cash, etc.

          12/00     MWHs Produced @     Exposure @      Potential EPS
          CA MW         40% factor      $200 Price         Exposure

Raymond Niles 212-816-2807
First Call Corporation, a Thomson Financial company.
All rights reserved.  888.558.2500

Note ID: 320970
------------------------------------------------------------------------------
       To update your order or to receive research on other companies,
              please call your Account Manager at (800) 262-6000.
------------------------------------------------------------------------------
         Thomson Financial Investor Relations  TEL: 800-262-6000
         75 Wall Street, 18th Floor            FAX: 212-363-3971
         New York, NY  10005                   EMAIL: firstcall.notes@tfn.com

      First Call is a registered trademark of the First Call Corporation


Legale - Here's another TW ROFR posting.  Please post for the same time
period as the earlier 2.  Thanks.

Lorraine


FYI
---------------------- Forwarded by Brent Hendry/ENRON_DEVELOPMENT on
24/02/2000 01:57 PM ---------------------------

Alexandre Bueno
24/02/2000 05:45 PM
To: Michael Guerriero/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Pablo
Acevedo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bernardo
Andrews/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Diego
Hollweck/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John J
Shoobridge/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gabriela
Aguilar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rodolfo
Freyre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Julian
Poole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Cristian
Folgar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brent
Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Andrea
Calo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marta
Ortiz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Luis
Juarros/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Guillermo
Canovas/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: CLipping 02/24/2000

BRAZIL: ANEEL'S REQUIREMENTS NOT MET BY CERJ
O Estado de S.Paulo, 24 Feb 2000, p. b-8:-
 According to a report carried out by the Brazilian National Regulatory
Agency for Electricity (Aneel), the electricity company Cerj, controlled by
the companies EDP (Portugal), Endesa (Spain) and Chilectra (Chile), has met
only 53% of Aneel's requirements and 54% of Cerj's clients are being supplied
electricity at voltage levels out of quality patterns.
Eduardo Ellery, a director of the Aneel, has stated that Cerj has already
been fined R$ 1.398mn.
In addition, the Aneel informed on February 23rd 2000 other requirements to
be met by Cerj:
- providing ways for Cerj's clients to rapidly and easily contact it by
telephone or in person;
- implementing internal guidelines, procedures and criteria to prevent large
electricity supply voltage variations, aiming at avoiding damage to household
appliances and/or supply failure;
- presenting a program for goals to be accomplished related to the continuity
of electricity supply provided in the concession contract.

BRAZIL: THERMAL POWER STATIONS PROJECTS
O Estado de S.Paulo, 24 Feb 2000, p. b-8:-
 On February 24th 2000, the Brazilian President of the Republic Fernando
Henrique Cardoso will sign with over-20 private companies a package of
responsibility protocols for the simultaneous construction of 49 thermal
power stations in Brazil that aim at providing additional 13,000MW energy
(the same energy currently generated by the hydro station of Itaipu, the
largest one in Brazil).
These 49 stations will demand R$ 11bn investments and they are expected to
begin operating from 2003 to supply heavy energy consumers and distribution
companies, which have already guaranteed electricity purchase.
In addition, most of these stations will be gas-fired.
Among companies involved in the construction of these stations are the
Brazilian state-owned oil company Petrobras, the companies Enron and General
Electric (US), Marubeni (Japan) and British Petroleum (UK).

BRAZIL: TUCURUI WILL BE DUPLICATED
Gazeta Mercantil, 24 Feb 2000, p. A-4:-
 The Brazilian electricity company Eletronorte will close contracts with the
consortium Cetuc, on February 24th 2000, to duplicate the hydroelectric plant
of Tucurui.
The total value of the contracts is of R$ 750mn, and, by the end of 2006, the
plant will have a generation capacity of 8,400MW.
Cetuc is formed by ABB Alstom, the Brazilian Grupo Inepar and also Tenenge
Engenharia. The part of Inepar in the investment is of R$ 187mn, and, from
this amount, R$ 140mn will be used for the production of generators and
turbines by its division GE Hydro Inepar. Other division, Inepar-FEM, will
supply hydro-mechanic equipment and mounting services. ABB Alstom will supply
generators, hydraulic turbines, protection systems, supervision and control.
Tenenge will be responsible for mounting services.

BRAZIL: INFORMATION ABOUT ENERGY SOURCES
Gazeta Mercantil, 24 Feb 2000, p. b-19:-
 The Energy Secretary of the Brazilian state of Sao Paulo published the
Energy Balance 1999 with information about the energy sources in the state in
1998 such as:
- energy products consumption increased by 1.6%;
- 49% of the total consumption were from oil derivatives (47% in 1990);
- 21% were from biomass (24% in 1990);
- 16% were from electricity (18% in 1990);
- 14% were from other sources like alcohol, firewood and coal;
- the state was responsible for 30.4% of the total Brazilian consumption;
- the state was responsible for 29.6% of the total Brazilian supply.

BRAZIL: CALL FOR TENDER OF GAS AREA IN SAO PAULO
Gazeta Mercantil, 24 Feb 2000, p. b-5:-
 The call for the tender for the concession of Gas Sul, the 3rd gas
distribution area in the Brazilian state of Sao Paulo, will be available from
February 24th 2000 at the headquarters or at the site of the Energy Public
Services Commission (www.cspe.sp.gov.br).
These are some information about the tender:
- documents for pre-qualifying must be delivered until March 27th 2000 at
14:30;
- minimum price is R$ 95mn;
- R$ 100mn will have to be invested in the first 10 years of concession by
the new controller of the area;
- the tender is scheduled for April 26th 2000 with the opening of financial
proposals;
- on April 4th 2000 the conclusion of analysis of documents and technical
qualification is expected to be announced;
- some companies which are interested in the area are BR Distribuidora
(Brazil), Eni (Italy), EDP (Portugal), CMS (USA), Enron (USA), Total (French)
and Gas Natural (Spanish).

BRAZIL: INVESTMENTS OF ULTRAPAR IN 2000
O Estado de S.Paulo, 24 Feb 2000, p. b-20:-
 R$ 195mn are expected to be invested by the Brazilian holding Ultrapar
Participacoes in 2000, including the following:
- R$ 110mn in its gas company Ultragaz, being 50% for the construction of
liquefied petroleum gas bottling units in the states of Ceara and Rio de
Janeiro and the cities of Belo Horizonte and Goiania and the remaining 50% in
its bulk distribution system expansion;
- R$ 70mn for its petrochemical company Oxiteno, with purifying capacity
expansion and quality improvement of dietene oxide.

BRAZIL: PETROBRAS' PLANS IN PETROCHEMICALS
Folha de S.Paulo, 23 Feb 2000, p. 2-3:-
 The Brazilian state-owned oil company Petrobras will not bid for the
Brazilian petrochemical complex Copene together with the Brazilian
petrochemical company Copesul nor with another company until the complex
crossed shareholdings issues are completely solved.

US: CHEVRON TO INVEST HEAVILY IN THAI VENTURE
Oil & Gas News, 24-30 Jan 2000, p.12:-
 Chevron Corp (a US oil and gas company) is allocating US$ 3.6 bn in 2000 for
its global production and exploration operations.
The company is eyeing Thailand as its core investment focus, alongside
Argentina. Thailand and Argentina will take up a lion's share of the firm's
US$ 5.2 bn exploratory and capital expenditure allotted for 2000.

ARGENTINA: PAN AMERICAN TO INVEST US$ 50MN
El Cronista Comercial, 24 Feb 2000, p. 15:-
 Pan American Energy, the Argentine-British company subsidiary of Bridas and
BP-Amoco, announced it plans to invest up to US$ 50mn to exploit 30 oil
fields in Northern Santa Cruz, in the region of Patagonia, Argentina. Over
the past week, the firm also had announced it plans to invest US$ 185mn in
the province of Chubut, in the same region, where it plans to drill 100 new
wells in the San Jorge gulf and to construct a gas compressing plant.

ARGENTINA: HUNTER MAY TAKE OVER ATALAYA
El Cronista Comercial, 24 Feb 2000, p. 15:-
 Canadian Hunter Exploration announced it may take over 78% of Atalaya Energy
for US$ 34mn in Argentina, expressing it is also interested in the
acquisition of other gas assets of Capex and Clan Energy International Fund
in this country. Capex, the Argentine oil and gas company, announced on
February 23, 2000, it has formally agreed the sale of 9.31% of Atalaya Energy
to the mentioned Canadian-based company for US$ 2.6mn. Atalaya owns 10% of
the Chihuidos gas field and of the concession of Sierra Chata exploitation
works, which is expected to produce a daily average of 145mn cubic feet of
gas per day. The overall operation may involve US$ 47mn, becoming Canadian
Hunter Exploration's first international investment.

ARGENTINA: NEW OIL BILL COMING UP
El Cronista Comercial, 24 Feb 2000, p. 6:-
 Further reductions over the current price of gasoline may only be
implemented in the mid-term, admitted Argentina's Minister of Economy, Jose
Luis Machinea during a recent meeting. The official also remarked the
Argentine government is concentrating its efforts to fix new fair competition
rules for the Argentine market, but such rules may only depend on the
sanction of a new bill which introduces changes to the current regulations
for this country's oil market. Machinea also stated the government cannot
eliminate taxes applied to the final price of gasoline because it needs such
funds to finance public spending, while he announced the government is
studying a project to encourage the use of natural gas for cars in Argentina.

BRAZIL: TOURINHO IN COUNCIL OF ELETROBRAS
Gazeta Mercantil, 24 Feb 2000, p. A-4:-
 The Brazilian minister of Mining and Energy Rodolpho Tourinho will assume
the presidency of the administrative council of the electricity holding
Eletrobras.
Tourinho's mainly mission is to make the privatisation of electricity
companies faster.
Eletrobras controls the companies Furnas, Centrais Eletricas do Norte
(Eletronorte) and Companhia Hidreletrica do Sao Francisco (Chesf).

BRAZIL: FGTS IN ELECTRICITY PRIVATISATION?
Folha de S.Paulo, 24 Feb 2000, p. 2-2:-
 Georges Lamaziere, the spokesman of the Brazilian president Fernando
Henrique Cardoso, informed on February 23rd 2000 that the Brazilian Minister
of Mining and Energy, Rodolpho Tourinho, is analysing a possible use of funds
from FGTS (Government Severance Indemnity Fund for Employees) in the
privatisation of the electricity sector.

SOUTHERN/CENTRAL AMERICA: IBERDROLA'S PLANS
La Gaceta de los Negocios, 23 Feb 2000, p.16:-
 Spanish electricity operator Iberdrola has decided to focus its expansion
plan on Southern and Central America, particularly in Brazil and Mexico.
In this sense, in Brazil it assigned Pta 170,000mn to acquire Cepme,
electricity operator active in the region of Pernambuco; while in Mexico, it
will allocate Pta 40,000mn to build a combined cycle power station in
Monterey.
Additional Pta 80,000mn will be invested by Iberdrola in a four-year term, in
order to improve capacity of its gas and electricity subsidiaries placed in
Southern and Central America, as well as to acquire other firms of this
region.
Currently, Iberdrola totals in this area 6.5mn clients (on 15mn total
clients), which consume nearly 22,400 gigawatts per hour, representing 26.5%
of whole production of the Spanish operator.

BRAZIL: ENERGY ECONOMY WITH DST
Gazeta Mercantil, 24 Feb 2000, p. A-4:-
 According to the Brazilian Ministry of Mining and Energy, the inter-linked
electricity system South-Southeast-Centre-West saved 2,154MW with the
daylight saving time (DST), adopted since October 3rd 1999.
Only in the South and Centre-West regions, the reduction was of 2,026 MWh. In
the North-east region, the DST was responsible for a reduction in the demand
by 2.3%. In the South region, it was by 5.7%.

BRAZIL: INVESTMENTS OF PETROBRAS DISTRIBUIDORA
Folha de S.Paulo, 24 Feb 2000, p. 2-4:-
 The Brazilian fuels distribution company Petrobras Distribuidora (BR)
informed on February 23rd 2000 that the company plans to invest US$ 1bn with
its owns funds by 2005, being R$ 300mn in 2000 mainly to continue with its
petrol stations modernisation and to open new stations for vehicle gas.

BRAZIL: MANGUINHOS WILL ENLARGE PLANT
Gazeta Mercantil, 24 Feb 2000, p. A-4:-
 The Brazilian Oil Refinery of Manguinhos will probably begin the works to
increase its plant based in the North Zone of the city of Rio de Janeiro by
the end of 2000.
The predicted amount to be invested is of US$ 65mn, and the refining capacity
will be increased from 12,500 to 32,000bopd.
In this plant, will also be constructed 40 tanks to stock crude oil and oil
derivatives. A maritime transport base will be constructed in the Guanabara
Bay, which is near the plant.

BRAZIL/ARGENTINA: PETROBRAS/REPSOL'S NEGOTIATION
Jornal do Commercio, 24 Feb 2000, p. a-16:-
 The president of the Brazilian state-owned oil company Petrobras, Henri
Philippe Reichstul, informed on February 23rd 2000 that he is analysing the
following proposal made by the Spanish company Repsol: Repsol would exchange
part of the derivatives distribution network of its Argentine company YPF
with the refinery Refap of Petrobras in the city of Canoas (state of Rio
Grande do Sul).

ARGENTINA: BB+ RISK RATING FOR METROGAS
Buenos Aires Economico, 24 Feb 2000, p. 5:-
 Argentine gas company MetroGas has received a BB+ rating for its foreign
currency debt from risk rating agency Fitch IBCA, relating to medium-term
bonds of US$ 282.5mn and a medium-term notes programme of US$ 600mn. MetroGas
is 70% owned by Gas Argentino, in turn 54.7% controlled by British Gas.

ARGENTINA: NATURAL GAS POWERED CARS
Gazeta Mercantil Latinoamericana, 20 Feb 2000, p.13:-
 With gasoline prices skyrocketing all over the world, alternative fuels have
been put back on the agenda, and many Argentines are looking to compressed
natural gas as a solution to reduce fuel consumption and costs. The number of
converted vehicles in the country has grown 9 times since 1994, reaching over
489,000 vehicles in 1999. Argentina is the country with the most natural gas
powered cars in the world where it is estimated that over 1.3mn gas powered
cars exist. Over 3000 vehicles per month are converted to natural gas and
over 800 service stations in 144 cities offer it in Argentina. Of the 489,000
units, 71.2% are used by private citizens and 10% by taxis. Natural gas
engines are environmentally friendly and wear out engines less than regular
gasoline. The savings in fuel consumption can be as high as 70% compared to
gasoline, making the engine conversion investment amortizable in only 9
months or 25,000 km. Car maker, Fiat is the only company to produce natural
gas models in Argentina direct from th
e factory, without the need to convert the models later.

BRAZIL: CHANGES IN ESTIMATE FOR OIL ACCOUNT
Folha de S.Paulo, 24 Feb 2000, p. 2-1/2-4:-
 The Brazilian oil account was expected to help the Brazilian fiscal
adjustment in 2000 (R$ 36.77bn) with R$ 3.5bn.
But with the higher international oil prices, the Brazilian Minister of
Mining and Energy, Rodolpho Tourinho, informed on February 23rd 2000 that the
estimate for the oil account result in 2000 is being calculated again.
According to the Budget Commission of the Brazilian Congress, the federal
government will have only R$ 1.5bn from the oil account in 2000, based on the
following scenario: oil price between US$ 23 and US$ 25/barrel, dollar rate
of R$ 1.85 and no price readjustment for consumers.

ARGENTINA: DIESEL FUEL PRICE RISE DENOUNCED
Buenos Aires Economico, 24 Feb 2000, p. 2:-
 The four associations representing road passenger transport companies in
Argentina have announced that they will present formal complaints against oil
companies for the recent rises in diesel prices, totalling 61% since July
1999 in comparison with a 37% rise in world oil prices. The companies plan to
present complaints both to the courts and to the National Competition Defence
Commission over the increase, which has resulted in an additional cost of US$
150mn to passenger transport companies.
The sector has also announced that bus services between the hours of 23.00
and 4.00 will soon be cut off, due to the crisis affecting the sector, while
daytime services will be reduced up to 10%. These measures will result in the
loss of up to 5,000 jobs, according to sector chamber CETAP.
The urban passenger transport sector is now also faced with losses of some
US$ 400mn annually due to competition from illegal mini-cab companies, as
well as unpaid debts of some US$ 800mn arising from the liquidation of former
state reinsurance company INDER. A 1997 decree which suspended lawsuits for
accidents as a result of the emergency faced by the sector will expire on 31
March, and companies fear a wave of lawsuits thereafter.


Attached is TGS presentation including an improved probability chart.


Kristina:
The following days are good for me for lunch:
Tuesday, 10/17, Wednesday, 10/18, Thursday, 10/19, Monday, 10/23, Wednesday,
10/25.  Are any of these dates good for you?

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


---------------------- Forwarded by Juan Hernandez/Corp/Enron on 04/12/2001
02:35 PM ---------------------------

Doug Miller
04/10/2001 07:01 PM
To: Juan Hernandez/Corp/Enron@ENRON
cc:

Subject: schedule change

Juan,
Looking at my schedule, I could take off my days on Saturday the 21st and
Sunday the 22nd and work days on Thurs & Fri the 26 & 27.  I can't take
Monday the 23rd because there are only two of us on that night.  I would be
very happy to make this change.  Please let me know ASAP if this is
acceptable so I can make the appropriate plans.

Doug


Technical issues

1) When some of the members of the chat room begin to talk, their microphone
volume starts to trail off.

2) Many of the users use the ctrl button in their daily activities.  The talk
button needs to be changed to an F# key.

3) We have trouble with latency.

Please contract Brent Tiner to help with these issues.

Thank You
Hunter


This is what I mean aout miscommunication.
---------------------- Forwarded by John J Lavorato/Corp/Enron on 10/11/2000
02:22 PM ---------------------------

	From:  Kevin M Presto @ ECT                           10/10/2000 09:24 AM

To: John J Lavorato/Corp/Enron@Enron
cc:

Subject: Power Hedges in Accrual Book

Stacy White informed me this morning there is discussions on moving all of
the Power Hedges from the accrual book (approx $100 million loss) into the
MTM books.  Is this true?

Do I need to be in the loop?

FYI - We successfully bought out of the 2001 supply commitment to OPPD at our
mark ($4.7 million).  This leaves us with 3 customer deals that I would like
to set aside as prudency C for East Power (not West Power or gas) for
calender year 2001.   The 3 deals are MJMUC, VEPCO, and JEA.

Thanks.


Morris will be on vacation starting Monday, October 29th - Friday, November 2nd.  He will return on Monday, November 5th.

In the event you need to reach Morris, you may call his cell phone, 713-503-1409.

Debra Young
Enron Transportation Services
Location:  3AC-3287
Tel:  713-853-4799
Cell: 713-504-1900
Fax:  713-646-6116
debra.young@enron.com


release of draft cong management package


I am sorry that you don't feel well.  Sounds like you have a cold or flu
bug.  Please go to the Health Center and get some antibiotics.  If you feel
bad later in the week, make reservations to fly home this weekend and put the
bill on the credit card.  I will check with your mom tonight to see how you
are.

Love,  Your Daddy


Joe,
It seems when I exit out of VisuPro I get the "Illegal Operation" message box
. In the details it states that
"VisuPro caused an invalid page fault in module <unknown> 0000:015clac9"

Although I am able to FTP files and do other commands in VisuPro, should the
program be reinstalled?

Thanks
John


Justin:

I think the proposed structure may work very well for credit risk management
since Enron would only be using one US entity and presumably the counterparty
would only be using one US entity. I am assuming that MG London, Inc. (now
known as Enron Trade Services, Inc.) would be agent/arranger for ENA. I am
also copying Bill Bradford (Trade Credit) on this proposal to get his team's
input.

It will also be interesting to get the feedback from Janine and Tina in Tax
on this proposal.

Alan

	Justin Boyd
	10/16/2000 05:22 AM

		 To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT
		 cc: Janine Juggins/LON/ECT@ECT
		 Subject: Enron Metals

Gentlemen,

I met with Craig Young (MG US) last week, who is keen to progress metals
business with large US corporates (e.g. Anheuser Busch), on the following
basis:

o Assume ENA and US Corporate are existing parties to ISDA/Credit Support
Documents (the "Master").

o ENA and US Corporate would agree to expand range of OTC products to include
OTC metal derivatives under the Master.  The principals to the metals trades
would therefore be the US Corporate and ENA.  These trades would however be
"arranged" by MG London Inc. (an FCM) as "arranger" in the US for ENA.

o Enron Metals Limited (EML) from London would agree to provide metals prices
to ENA and/or MG London Inc. in the US, and in return receive a commission
from MG London Inc.

o ENA would back-to-back OTC metals derivatives with EML via an intra-group
ISDA Master.

Look forward to your views.

Thanks.
Justin


Just received this on Brazil (financial)
----- Forwarded by Sara Shackleton/HOU/ECT on 05/16/2000 10:12 AM -----

	"MBTOS - Marcelo Rodrigues" <Mbtos@tozzini.com.br>
	05/15/2000 07:09 PM

		 To: Sara.Shackleton@enron.com
		 cc: Andrea.Bertone@enron.com, Brent.Hendry@enron.com, Lynn.Aven@enron.com,
Rick.Hopkinson@enron.com, afac@tozzini.com.br, Autumi@tozzini.com.br,
Krishna@tozzini.com.br, SAP@tozzini.com.br
		 Subject: Re: Financial Trading in Brazil

Dear Sara:

Please find attached hereto (i) Memo prepared in connection with certain
changes in the nonresident investor's regulations occurred in Brazil, and
(ii) revised Comparative Chart related to financial investments of
nonresidents in Brazil.

Should you have any questions on the above matters, please do not hesitate to
contact us.

Kind regards,

Marcelo Rodrigues

>>> "Sara Shackleton" <Sara.Shackleton@enron.com> 05/04 12:08 pm >>>

AFAC and Marcelo:  I hope this message finds you both well.  I would like to
finalize the matrix which was prepared last year so that we can create a
"baseline" for future updates.  Please feel free to date the matrix as of
December, 1999, if you wish.  Please forward any recent changes to me for
comment  and I will respond immediately.  Then we can move on to other things!
Thanks for your help and attention to this mattter.  Regards.  Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 05/04/2000
10:34
AM ---------------------------

"MBTOS - Marcelo Rodrigues" <Mbtos@tozzini.com.br> on 03/13/2000 06:27:26 PM

To:   Sara.Shackleton@enron.com
cc:   Brent.Hendry@enron.com, Lynn.Aven@enron.com, afac@tozzini.com.br
Subject:  Re: Financial Trading in Brazil

Dear Sara:

Thank you for your E-mail below. We will be reflecting the new changes in the
regulations in the chart and will be sending it to your review as soon as
possible.

Kind regards,

Marcelo Rodrigues

>>> "Sara Shackleton" <Sara.Shackleton@enron.com> 03/13 2:29 pm >>>

Greetings to you both!  It has been awhile since we last spoke.  I would like
to
finalize the matrix which we have been discussing since the latter part of
1999.
Although we were awaiting new Central Bank regulations, I am beginning to
think
that the Central Bank revisions will not impact the matrix except with respect
to transactions which may be entered into by entities that are the subject of
the Central Bank regulations.  Please let me know whether or not you agree or
can offer any suggestions.  Thanks and regards.  Sara

 - M2689iii.doc
 - Char5.doc


Dear Ms. Panus,

I have reviewed the Confidentiality Agreement which you supplied with our
in-house legal staff and we have highlighted proposed changes in blue with
reference to the following issues:

1)  Description of "Representative" was too broad.  We feel accessing
information by employees and officers of Enron's Treasury Department should
be satisfactory for purposes of reviewing the credit.

2)  We do not see a reason why the information cannot remain confidential
indefinitely.

3)  Since California Energy Exchange Corporation is the Disclosing Party,
the jurisdiction governing this agreement should be California.

4)  It is our experience that an Arbitration requirement is not typical for
a Confidentiality Agreement.

Let me know if the proposed changes are acceptable.  If you could fax back a
signed copy today, I can send financials to you via Federal Express for
delivery to Wendi Lebrocq by tomorrow.

Thanks and best regards,

Timothy O. Wise, VP Finance
California Energy Exchange Corporation
2981 Gold Canal Drive
Rancho Cordova, CA  95670
Direct	(916) 463-0304
Main		(916) 859-4710
Fax		(916) 859-4747
E-Mail	Twise@gasbiz.com

-----Original Message-----
From: Panus, Stephanie [mailto:Stephanie.Panus@ENRON.com]
Sent: Wednesday, October 17, 2001 7:13 AM
To: Twise@gasbiz.com
Cc: Lebrocq, Wendi
Subject: Confidentiality Agreement with Enron

Mr. Wise,
Attached for your review is the form of Confidentiality Agreement which
Enron prefers.  Such Agreement provides more protection for the
Counterparty and limits the Agreement to a term of one year.

If such Agreement meets with your approval, we will prepare execution
copies.  If you have any questions or comments, please contact me via
email or at the number below.

 <<031CA(calif en xchg).doc>>

Stephanie Panus
Senior Legal Specialist
Enron Wholesale Services
1400 Smith Street, EB3803C
Houston, Texas  77002
ph:  713.345.3249
fax:  713.646.3490
email:  stephanie.panus@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.
**********************************************************************

 - edited 031CA(calif en xchg).doc


Thanks Joe.  It was a pleasure having you as part of the team.   I respect you as a person and a professional and I wish you nothing but the best in your future career.   Please stay in touch with the team.

Good luck Joe.

 -----Original Message-----
From: 	"Joe Quenet" <jquenet@earthlink.net>@ENRON
Sent:	Tuesday, November 13, 2001 10:09 AM
To:	Presto, Kevin M.
Subject:	Thanks, Good luck.

Kevin,

  I didn't get the chance to say goodbye or  good luck since you were not at your desk. I just wanted to thank you for giving  me the chance to work at Enron, which is (was) a special place with unique and  talented people. Your insights , management style and market  intelligence are second to none in the trading community. I hope you can keep  your core group together and not be smothered by another organization that can  only think "inside the box". Good luck.

  Regards,
                  Joe Quenet.

PS Tell Dave Ryan to take me off the distribution  list for European evening updates. I don't really care about that stuff anymore.


Hi everyone!

Here is my new e-mail address and business phone.

bhitschel@tesoropetroleum.com
210-283-2456

You can still reach me at hitschel@bigfoot.com if you would rather send
something to the house.

Have a wonderful Christmas!

Bonnie


I spoke with Rich yesterday.  He said it would be OK to net the storage true
up invoice from Ernie with the Sep invoice.  I mailed the invoice via
interoffice to Jeff.

There are 6 or 7 deals that ENA billed CES for September that should probably
be billed to New Power.  All of the deals in question are on the Central desk.

How does the reconciliation look for Jan - June?  Rich said it was his
understanding that these months look good and the adjustments are minimal.


Anita,

The first presentation.

Vince


Jaime,
I'm preparing the Copamex ISDA Master Agreement for execution.  Should I send the documents to you, or do you have a contact name and address I should send it to?

Thanks,

Stephanie Panus
Senior Legal Specialist
Enron Wholesale Services
1400 Smith Street, EB3803C
Houston, Texas  77002
ph:  713.345.3249
fax:  713.646.3490
email:  stephanie.panus@enron.com


Critical Migration Information:

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If you encounter any errors please contact the resolution center @
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---------------------- Forwarded by Tori Kuykendall/HOU/ECT on 12/19/2000
07:28 AM ---------------------------

Paul Arlinghaus <paulwes@swbell.net> on 12/19/2000 12:09:00 AM
To: Zach Pappadeas <pappadeas@mindspring.com>, Will Portales
<wportale@hotmail.com>, Walter Reade <walter_reade@fuse.net>, Vickie Thomas
<vthomas@mindspring.com>, Vartkes Nadjarian <vartkesn@yahoo.com>, Traci
Latson <tlatson@hotmail.com>, Tori Kuykendall <tkuyken@ect.enron.com>, Tom
Wood <tgwood@utmb.edu>, Tom Landis <mustardblend@earthlink.net>, Tim Taft
<t_taft5@hotmail.com>, Tim Lesko <tim@l2systems.com>, Tara McCurry
<tmccurry@sas.samsung.com>, Tania Arlinghaus <taniashaus@aol.com>, Tamara
Arlinghaus <tamhaus@swbell.net>, Tamar Balikian <drhat@aol.com>, Taleen Evans
<talevans@hotmail.com>, Susan Broz <msbroz@aol.com>, Steven Murray
<steven_w_murray@hotmail.com>, Steve Swift <ruminant@email.msn.com>, Steve
Otillar <otillar@ws-law.com>, Steve Cupit <steve.cupit@halliburton.com>,
Sondra Ludwick <sondra.a.ludwick@accenture.com>, Silva Frankian
<knicksfan2@juno.com>, Sevan & Gary Serkhoshian <sevg@hal-pc.org>, Scott
Shields <shieldes@yahoo.com>, Saori Sekiguchi <saorin@guitar.ocn.ne.jp>, Sany
Lynch <jlynch5@aol.com>, Robert Baker <robert.j.baker@accenture.com>, Reza
Behini <reza18@gateway.net>, Ralph Cash <rcash49@aol.com>, Ralph Arlinghaus
<oncodocr@aol.com>, Pete White <techasff@juno.com>, Patrick Manley
<manleypc@aol.com>, Nora Frankian <nordictrack@juno.com>, Nancy Caprario
<ncbigdog@hotmail.com>, Muge Wood <muge.d.wood@accenture.com>, Moreen & Art
Whitlock <magski@prodigy.net>, Mike Zimmer <mtzimmer@aol.com>, Mike Rossi
<omrossi@aol.com>, Mike Bordelon - work <mike.bordelon@10xlabs.com>, Mike &
Rita McMahon <ritamcmaho@aol.com>, Merrill Stanley <merrills@msn.com>,
Melissa Bush <melissaabush@yahoo.com>, Matt Johnson
<matt.johnson@nortelnetworks.com>, Matt Colquhoun <mcolquho@entercon.com>,
Marshall Speiden <c.marshall.speiden@accenture.com>, Mark Arlinghaus
<marlinghau@aol.com>, Marcus Boone <marcus.boone@tivoli.com>, Lindy Johnson
<bunymcbeal@aol.com>, Leigh Craft <leigh.j.craft@accenture.com>, Kristina
Holt <edrent@earthlink.net>, Kristin Beizerman <kmomary@apl.tbwachiat.com>,
Kristi Roland <krsphillip@aol.com>, Kim Arlinghaus <karlinghau@aol.com>,
Kevin Brown <kbrown7297@aol.com>, Kent Baker <w.kent.baker@accenture.com>,
Ken Feldman <ktggbear@hal-pc.org>, Ken & Araxie Evans <aktevans@aol.com>,
Karen Subieta <karen.k.subieta@accenture.com>, "Karen Owens (home)"
<ksoblue2@aol.com>, Justin Thompson <xeno32@hotmail.com>, Julieta Pruneda
<wwweldajmj@aol.com>, Julie Reade <julie_reade@fuse.net>, Julie Drew
<juliedrew@home.com>, Julie Anderson <julie7@pdq.net>, JR Reynolds
<john.j.reynolds@accenture.com>, Jeff Czar <Jeff@armadillohomes.com>,
Jeannine Speiden <jeannine.j.speiden@accenture.com>, Jay Wheeler
<john.wheeler@sap.com>, Janet Parsons <parsonjs@oneonta.edu>, Jacky Crawford
<jacky.crawford1@halliburton.com>, Isreal Hernandez
<ihernandez@georgewbush.com>, Herschel Johnson <hitcity@ev1.net>, Herag
Frankian <betias@flash.net>, Heather Wilson <heather.a.wilson@accenture.com>,
Heather Anderson <hander6208@aol.com>, Harold Buckner
<harold.buckner@accenture.com>, Gerberta Black <algeblack@aol.com>, Ernie
Rodriguez <ernierodriguez@compuserve.com>, Erica Crawford
<erica.l.crawford@accenture.com>, Elysa Kuo <elasam@hotmail.com>, Ellen Craft
<m3craft@aol.com>, Elizabeth Meyer <elizabeth.s.meyer@accenture.com>, Edmund
Jones <texadel2@aol.com>, Dom Federico <dofederi@compucom.com>, Dirk Holoubek
<dirk_holoubek@amat.com>, Dianne Kelly <gordon@thekingdom.scotnet.co.uk>,
Derick Schaefer <dericksc@microsoft.com>, Deborah Denson <dmdenson@aol.com>,
Deb & Kel Kelley <kel025@aol.com>, Dawn Naso <dpnaso@cs.com>, Dave Mullins
<mullins@rice.edu>, Dana Greger <dana_greger@notes.toyota.com>, Craig Beatty
<craig.beatty@halliburton.com>, Constance Pappas <cpappas@houstonisd.org>,
Connelly McGreevy <connelly.mcgreevy@gs.com>, Clayton Walberg
<cwalberg@pdq.net>, Cici Meyer <cici.meyer@accenture.com>, Chuck Wilson
<charles.wilson@tivoli.com>, "Chuck Hebert (work)"
<charles_hebert@aimfunds.com>, Christine Thaxton <cthaxtn@aol.com>, Chris
Puckett <cpuckett@experio.com>, Chris Parker <parkerchristian@hotmail.com>,
Chris Naso <csnaso00@mail.utexas.edu>, Chris Moore <texasx96@mail.wt.net>,
Chris Lowe <dfreebish@aol.com>, Chris Couvillion <cscouv@ev1.net>, Cherie &
Roger Wines <crwines1@aol.com>, Charlie Kutach
<charles.kutach@halliburton.com>, Cathy Arlinghaus <cabirdlady@aol.com>,
Catherine Manley <catherine.manley@tivoli.com>, Catherine Koundakjian
<catherinek1@earthlink.net>, Caroline Nichols <carolinenichols@hotmail.com>,
Carol Beatty <ctbeatty@hotmail.com>, Brian Puckett <bpuckett@cop.ufl.edu>,
Brian Mitts <bdmitts@aol.com>, Brian Keagy <brian@playoffinc.com>, Brian
Cutter <brian.cutter@bus.utexas.edu>, Brenda Mitchell <brendam@dmcmgmt.com>,
Bob Buley <emtzb@aol.com>, Bill Poe <wcpoe@aol.com>, Betty Anne Poe
<bapoe523@aol.com>, Ben Ibarra <benjibarra@cs.com>, Aunt Dottie Reade
<bdavis64@pcom.net>, Aunt Chubby Myers <craftyfran@aol.com>, Art Caprario
<acbigdog@hotmail.com>, Anita Woods <awoods@bcm.tmc.edu>, Angela Brod
<agb@iapc.net>, Andrea.McSherry@pneumaticscale.com, Amy Mitts
<azcat95@aol.com>, Amanda Miller <mandie@lconn.net>, Alicia Pi-Sunyer
<bbbsalicia@juno.com>, Alex Deison <alex@deison.com>, Aaron Suder
<asuder@flash.net>, Carmen Carter <cmclajolla@aol.com>
cc:
Subject: It's a Boy!!

Tamara and I are happy to announce the arrival of  our new baby boy!
?
Nicholas Philip Arlinghaus
Born Thursday, 12/14/00 at 2:53 p.m.
6 pounds, 5 ounces
19 inches
?
Tamara and Nicholas are doing great.? Enjoy  the pictures.? I will post more
on our baby web site (click on the stork  and then go to "photos"):
?
http://home.swbell.net/paulwes
?
-Paul
 - Nicholas at 2 days.jpg
 - Mother and Baby.jpg
 - New Family.jpg
 - Babys First Christmas.jpg


Thanks so much for your quick response.

We're having the documents executed right now and will fax an executed copy
to you.  We may want to trade in the a.m.

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

	"Cosma, Marcelo (Toronto-BCE)" <Marcelo_Cosma@ml.com>
	05/23/2001 04:55 PM

		 To: "'Sara.Shackleton@enron.com'" <Sara.Shackleton@enron.com>
		 cc:
		 Subject: RE: Repo Agreement

Let's use the same dates, then.

Thanks,

Marcelo A. Cosma
Office of General Counsel--Canada
Tel.:  1-416-369-7478
Fax:  1-416-369-4551
E-mail:  marcelo_cosma@ca.ml.com

This email message is intended for the addressee only.  It may contain
information which is privileged, confidential or exempt from disclosure
under applicable law.  Any dissemination or copying of this email
message by anyone other than the addressee is strictly prohibited.

-----Original Message-----
From: Sara.Shackleton@enron.com [mailto:Sara.Shackleton@enron.com]
Sent: Wednesday, May 23, 2001 5:41 PM
To: Cosma, Marcelo (Toronto-BCE)
Subject: RE: Repo Agreement

no, same dates are fine with me

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

                    "Cosma,

                    Marcelo              To:
"'Sara.Shackleton@enron.com'" <Sara.Shackleton@enron.com>
                    (Toronto-BCE)        cc:

                    "                    Subject:     RE: Repo Agreement

                    <Marcelo_Cosm

                    a@ml.com>

                    05/23/2001

                    03:49 PM

Sara:

Do you have any issue with the signatures having the same date?

Marcelo A. Cosma
Office of General Counsel--Canada
Tel.:  1-416-369-7478
Fax:  1-416-369-4551
E-mail:  marcelo_cosma@ca.ml.com

This email message is intended for the addressee only.  It may contain
information which is privileged, confidential or exempt from disclosure
under applicable law.  Any dissemination or copying of this email
message by anyone other than the addressee is strictly prohibited.

-----Original Message-----
From: Sara.Shackleton@enron.com [mailto:Sara.Shackleton@enron.com]
Sent: Wednesday, May 23, 2001 4:48 PM
To: Marcelo_Cosma@ml.com
Subject: Re: Repo Agreement

Marcelo:

We are ready to execute.  You did not date your signature.  Do you want us
to use any particular date for your execution?  Thanks.

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

                    "Cosma,

                    Marcelo              To:     "'Sara Shackleton'"
<Sara.Shackleton@enron.com>
                    (Toronto-BCE)        cc:

                    "                    Subject:     Repo Agreement

                    <Marcelo_Cosm

                    a@ml.com>

                    05/22/2001

                    07:28 AM

Sara:

Thank you for yoir fax of May 21st.  I apologize for the oversights you
noted.  Your suggestion of making the changes on your end is fine.

Regards,

Marcelo A. Cosma
Office of General Counsel--Canada
Tel.:  1-416-369-7478
Fax:  1-416-369-4551
E-mail:  marcelo_cosma@ca.ml.com

This email message is intended for the addressee only.  It may contain
information which is privileged, confidential or exempt from disclosure
under applicable law.  Any dissemination or copying of this email message
by
anyone other than the addressee is strictly prohibited.


Bombs away...

Fletch


MICHAEL PATTON
1826 EDDY STREET
SAN FRANCISCO, CA 94115
PATTON@AOL.COM

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

MICHAEL PATTON


All,

A Trading Track meeting is scheduled for Tuesday, June 12th at 3.00 pm , conference room 3321 to discuss:

Existing Participants:		Current/Future Rotations/ expected graduation dates
New Hire:			Future Rotations/expected graduation dates

Attached for your review is the updated rotational list (I have included previous rotations as per a request)

Kind Regards,

Karen B.
x54667


Could you email me the new sentence on page 2?  Were those the only 2 changes?
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


noooooo!!!

Gas Var. Gas Var. Futures accounts.


Dear John and Sara,

Just wondering how we are going on this?  Guess you two are trying to nut
something out.  Pls let me know if I can contribute at all.

Thanks heaps.

Jane


FYI

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/17/99
03:03 PM ---------------------------

"Edna OConnell" <esai@ma.ultranet.com> on 12/16/99 11:32:00 AM
Please respond to esai@ma.ultranet.com
To: ednao@esaibos.com
cc:  (bcc: Vince J Kaminski/HOU/ECT)
Subject: Natural Gas Stockwatch

Here is ESAI's December issue of the Natural Gas Stockwatch

Edna O'Connell
Office Manager
ESAI
301 Edgewater Place, Suite 108
Wakefield, MA 01880
(781) 245-2036
(781) 245-8706
ednao@esaibos.com

 - December.PDF


On Wednesday, October 25, at approximately 7 p.m. CST, you may have received
e-mail messages which appear to have been sent from Andrew Wu/HOU/EES.  These
e-mails were generated as the result of an erroneous messaging agent which
originated on the EES mail system.  The overall effect of the messaging agent
allowed the "auto-reply" of all messages within Andrew Wu's mail file, many
which included the Global Distribution group of "Enron Worldwide".  The Enron
Global Messaging group alerted EES Mail Administration to the event and were
successful in disabling the "auto-reply" agent rather quickly, however,
numerous mail messages had already been delivered to your server mailbox.  If
you received any of these messages, please delete them and do not reply back
to Andrew Wu regarding the receipt of the messages.

We apologize for the inconvenience that this may have caused you and will
strive to ensure that a similar incident does not occur in the future.

Thanks,
Enron Global Messaging Team


---------------------- Forwarded by Eric Bass/HOU/ECT on 05/22/2000 02:17 PM
---------------------------

	Enron North America Corp.

	From:  Eric Bass                           05/22/2000 09:04 AM

To: Brian Hoskins/HOU/ECT@ECT, Luis Mena/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Matthew Lenhart/HOU/ECT@ECT, Timothy Blanchard/HOU/EES@EES, Bryan
Hull/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT, O'Neal D
Winfree/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, Kenneth
Shulklapper/HOU/ECT@ECT, Nick Hiemstra/HOU/ECT@ECT, Amir Ahanchian/Enron
Communications@Enron Communications
cc:
Subject: GAME TONIGHT @ 9:45

 Let me know whether or not you will be there.  Please try to make it by 9:15.


Please Read...
-----Original Message-----
From: Stacey <slhester@earthlink.net>
To: kristenm@jschmid.com <kristenm@jschmid.com>
Date: Tuesday, September 18, 2001 3:53 PM
Subject: FW: insights into afganistan

----------
From: Brettgelman@aol.com
Date: Tue, 18 Sep 2001 11:45:00 EDT
To: cgelman@earthlink.net, GelBros@aol.com
Subject: Fwd: insights into afganistan

Hey Mom and Dad,

Noah sent me this, and I think it is very important to read.

Love,
Brett

From: "noah tevye warner" <tevye39@hotmail.com>
Date: Tuesday, September 18, 2001 9:55 AM
To: abigailmecho@hotmail.com, adrianducontra@yahoo.com, ag777@earthlink.net,
alexanderk@webtv.net, arabstrap79@hotmail.com, bestjenny@yahoo.com,
Brady@proscenium.org, Brettgelman@aol.com, Brumalibu@aol.com, chad@bway.net,
cmcpumpkinpie@aol.com, d_rock_c@yahoo.com, damien@thefarmproductions.com,
Dave.Pottruck@Schwab.com, DDugas1998@aol.com, emma-darjeeling@wanadoo.fr,
GKDbach@aol.com, Holson7040@aol.com, honornap@hotmail.com,
ivybaldwindance@hotmail.com, jammerbugs@hotmail.com, jbmvision@hotmail.com,
Juliemwarner@cs.com, justinlieberman@earthlink.net, katykatykh@hotmail.com,
kurt@kurtbot.com, lahanakita@hotmail.com, ludovico212@earthlink.net,
mearnsa@yahoo.com, mere.c@correoweb.com, mikeping@hotmail.com,
mkennedy@factsonfile.com, mryzik@yahoo.com, murphy@bc-p.com,
mwarner@aug.edu, neil@banchory.net, purdaysj@hotmail.com,
randrejewski@gorp.com, samspice19@hotmail.com, SGoldoff@epva.org,
SmashDamir@aol.com, spurday@waronwant.org, SQUiRTMTV@aol.com,
stacyjacobsen@hotmail.com, stanley@freeze.co
Subject: Fwd: insights into afganistan

>Hello everyone,
>>The following was posted here by a co-worker on our companies internal.
>>It
>
>>comes from her friend, Tamim, a writer and columnist in San Francisco, who
>>is also originally from afghanistan.

>>
>>
>>--->
>>
>>In light of Tuesdays tragedy and the unthinkable idea of what is yet to
>>come, I thought I should share this with as many people as possible.
>>
>>I've been hearing a lot of talk about "bombing Afghanistan back to the
>>Stone Age." Ronn Owens, on KGO Talk Radio today, allowed that this would
>>mean killing innocent people, people who had nothing to do with this
>>atrocity, but "we're at war, we have to accept collateral damage. What
>>else
>
>>can we do?"
>>Minutes later I heard some TV pundit discussing whether we "have the belly
>>to do what must be done." And I thought about the issues being raised
>>especially hard because I from Afghanistan, and even though I've lived
>>here
>
>>for 35 years I've never lost track of what's going on there. So I want to
>>tell anyone who will listen how it all looks from where I'm standing.
>>
>>I speak as one who deeply hates the Taliban and Osama Bin Laden. My hatred
>>comes from first hand experience. There is no doubt in my mind that these
>>people were responsible for the atrocity in New York. I agree that
>>something must be done about those monsters.
>>But the Taliban and Ben Laden are not Afghanistan. They're not even the
>>government of Afghanistan. The Taliban are a cult of ignorant psychotics
>>who took over Afghanistan in 1997. Bin Laden is a political criminal with
>>a
>
>>plan. When you think Taliban, think Nazis. When you think Bin Laden, think
>>Hitler. And when you think "the people of Afghanistan" think "the Jews in
>>the concentration camps." It's not only that the Afghan people had nothing
>>to do with this atrocity. They were the first victims of the perpetrators.
>>They would exult if someone would come in there, take out the Taliban and
>>clear out the rats nest of international thugs holed up in their country.
>>
>>Some say, why don't the Afghans rise up and overthrow the Taliban? The
>>answer is, they're starved, exhausted, hurt, incapacitated, suffering. A
>>few years ago, the United Nations estimated that there are 500,000
>>disabled
>
>>orphans in Afghanistan--a country with no economy, no food. There are
>>millions of widows. And the Taliban has been burying these widows alive in
>>mass graves. The soil is littered with land mines, the farms were all
>>destroyed by the Soviets. These are a few of the reasons why the Afghan
>>people have not overthrown the Taliban.
>>
>>We come now to the question of "bombing Afghanistan back to the Stone
>>Age".
>
>>Trouble is, that's been done. The Soviets took care of it already. Make
>>the
>
>>Afghans suffer? They're already suffering. Level their houses? Done. Turn
>>their schools into piles of rubble? Done. Eradicate their hospitals? Done.
>>Destroy their infrastructure? Cut them off from medicine and health care?
>>Too late. Someone already did all that. New bombs would only stir the
>>rubble of earlier bombs. Would they at least get the Taliban? Not likely.
>>
>>In today's Afghanistan, only the Taliban eat, only they have the means to
>>move around. They'd slip away and hide. Maybe the bombs would get some of
>>those disabled orphans, they don't move too fast, they don't even have
>>wheelchairs. But flying over Kabul and dropping bombs would not really be
>>a
>
>>strike against the criminals who did this horrific thing. Actually it
>>would
>
>>only be making common cause with the Taliban--by raping once again the
>>people they've been raping all this time. So what else is there? What can
>>be done, then?
>>
>>Let me now speak with true fear and trembling. The only way to get Bin
>>Laden is to go in there with ground troops. When people speak of "having
>>the belly to do what needs to be done" they're thinking in terms of having
>>the belly to kill as many as needed. Having the belly to overcome any
>>moral
>
>>qualms about killing innocent people. Let's pull our heads out of the
>>sand.
>
>>What's actually on the table is Americans dying. And not just because some
>>Americans would die fighting their way through Afghanistan to Bin Laden's
>>hideout. It's much bigger than that folks. Because to get any troops to
>>Afghanistan, we'd have to go through Pakistan. Would they let us? Not
>>likely.
>>The conquest of Pakistan would have to be first. Will other Muslim nations
>>just stand by?
>>You see where I'm going. We're flirting with a world war between Islam and
>>the West. And guess what: that's Bin Laden's program. That's exactly what
>>he wants. That's why he did this. Read his speeches and statements. It's
>>all right there. He really believes Islam would beat the west. It might
>>seem ridiculous, but he figures if he can polarize the world into Islam
>>and
>
>>the West, he's got a billion soldiers. If the west wreaks a holocaust in
>>those lands, that's a billion people with nothing left to lose, that's
>>even
>
>>better from Bin Laden's point of view. He's probably wrong, in the end the
>>West would win, whatever that would mean, but the war would last for years
>>and millions would die, not just theirs but ours. Who has the belly for
>>that? Unfortunately, Bin Laden does. Anyone else?
>>
>>In Peace, Tamim Ansary
>

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp


Market Update:

?	NYSE/NASDAQ/AMEX set to open Monday; SEC tests on Sunday indicate that few logistical and technical problems are expected to disrupt trading.
?	NYMEX also set to open Monday from 1000CDT to 1300CDT.  The exchange will be physically accessible by ferry.

Asian/European Markets Overnight

?	Sony Corp., which relies on the U.S. for more than a quarter of its sales, plunged 7.7 percent to 4220 yen. The Nikkei 225 slid 386.80 to 9622.09, its lowest since December 1983, while the broader Topix index lost 3.2 percent to 1001.19, on track for its lowest close since October 1998.  Of shares trading in Japan, 294 stocks reached 52-week lows.  Sony Corp., which relies on the U.S. for more than a quarter of its sales, plunged 7.7 percent to 4220 yen.
?	European equities have recovered after a weak opening.
FOREX
?	The dollar is marginally down against the Yen at 117.13, in spite of the BoJ's intervention. The dollar is down against the Euro at 0.9295, amid concerns US' stock market may fall sharply when markets re-open today.  Markets remain on high alert for coordinated intervention in support of the dollar.

Fed/G7 Activity
?	White House "Working Group on Financial Markets" set to coordinate support for possible market intervention.  Fed will purchase equities from institutional investors in the event of a market panic.
?	Federal Reserve, ECB and Bank of Japan officials are trying to accomplish two main tasks: (1) provide a zone of stability through direct liquidity injections, quiet intervention on the currency front and intense discussions with senior banking and trading participants; and (2) conduct monetary policy as appropriate to the economic and market conditions of each country and not in response to the terrorist attacks. Because of the severe impact of Tuesday's events on US economic growth there is pressure from senior officials for an inter-meeting rate cut.
?	VP Cheney warned in a Sunday television interview that the country could "quite possibly" be in both war and recession.

Equity Outlook
?	Analysts expect small "patriotic rally" on Monday opening, driven by liberalized rules for company stock buy-backs, intervention by institutional investors and wealthy private investors, and SEC limits on short-selling.
?	First Data Corp., Cisco Systems Inc., and FleetBoston Financial Corp. among the firms expected to participate in share buy-back schemes.
?	Airline, insurance, and financial stocks expected to face heavy selling, following losses in those sectors in European trading on Friday.  Some form of government relief for the airline industry is probable.
?	Analysts expect Compaq/HP to be among several mergers that are likely to be delayed or cancelled.

Insurance
?	Swiss Re, Northwestern Mutual, Chubb, and Hartford Financial among leading insurers who have stated that the attacks were not "acts of war" and that payments will have to made.  Payments from the insurance industry are expected to reach $30 billion.

olitical/Security Update:

?	As expected, no overt military action was taken by the US this weekend against Afghanistan or any other target.
?	Expectations continue to center on Afghanistan as the most likely target for military strikes, sometime this week.  Partial mobilization of reserves is bigger now than in early stage of 1990 crisis.
?	A Pakistani delegation will reportedly visit with Taleban leaders to establish a deadline for the handover of bin Laden.
?	Multinationals were evacuating staff and dependents from Pakistan and other countries in the region.  Japan's Toyota Motor and Honda Motor Co., had begun pulling staff out of South Asia. Japanese trading firms Marubeni Corp., Itochu Corp. and Tomen Corp. are evacuating dependents from Pakistan, while Nichimen Corp. has told its employees' families to leave Pakistan, Iran, the United Arab Emirates and Saudi Arabia. Meanwhile, BP has evacuated all expatriate staff from Pakistan.
?	The US has secured logistical and political support from both traditional allies in NATO and elsewhere, as well as from less friendly nations such as Iran and Russia.  The coalition could be difficult to hold together as the campaign widens beyond Afghanistan.
?	Strikes against Iraq do not appear to be imminent, but are by no means out of the questions.  Sources report that Iraq has been sheltering elements of the bin Laden network in northern Kurdistan.   US demands that Syria shut down terrorist groups operating on its soil
?	The challenge for the US will be to keep the focus on a "war against terrorism" and not a "war against Muslims", a very difficult line to avoid crossing.  Pope John Paul II, former South African President Mandela, and French Prime Minister Jospin are among those urging the US to show restraint.
A calmer atmosphere now prevails in the Senate. Senators expected the Administration to make those responsible 'pay a price' but were not pressuring the White House to act before it was ready and before it had made a determination of who was responsible. There was no sense, therefore, that Bush was under political pressure to take immediate or premature action. The only caveat was that Senators disliked the idea, being put forward by Attorney General Ashcroft, of bringing the 'guilty parties to justice.'

C.	Infrastructure Updates

Telecommunications

?	Local telephone company Verizon Communications said on Sunday its communications network, damaged in the World Trade Center attacks, passed service tests with the New York Stock Exchange and appeared ready for stocks to resume trading on Monday.

Crude/Products/Shipping

?	Re-insurers are expecting war risk insurance premia would go up by 500%, and these charges were in many cases already in effect. The combination of the Air Lanka airbuses destroyed in the recent Tamil Tiger attack at Colombo airport, and the four aircraft destroyed in the USA this week, implied total losses of around 23 years of premium, according to sources. This was simply the liability for assets and did not include compensation for personal injury or death. Aviation and shipping are closely linked in the application of war risk.
?	Additional complications are being encountered due to strict rules on inspection, tug requirements and anchorages.  To make matters worse, many of the tugs and barges associated with petroleum traffic have been diverted to support disaster recovery operations.  Sources report that the harbor was completely shut again on Friday during President's visit to New York City.
?	The stricter regulations mean that blending shipments from NY to New England are delayed, and conventional shipments into the NY area are also delayed.  The majors are working to divide product up between themselves in obvious fear of being seen as manufacturing a shortage during a crisis or profiteering at time of a national tragedy.
?	Helicopter flights to offshore rigs and platforms in the Gulf of Mexico (GoM) have resumed, albeit under stringent new rules that are reportedly overloading the Federal Aviation Authority (FAA), which instituted a no-fly ban after the attacks.
?	Sources report fewer tankers being chartered to US destinations due to higher risk premiums associated with the political situation.  In one case, two shipments of Iraqi Kirkuk from the Mediterranean bound for the US were cancelled after the letters of credit were rejected.  This represents 4 million barrels, whereas the US imports about 63 million barrels per week.  So on the fourth day of the crisis, this factor was expected to have caused a 10-20% drop in crude sailings to the US.  The crucial unknown is the length of the crisis.  If security concerns continue in the weeks ahead, this figure will likely rise.
?	New York Harbor is open, but operating under strict restrictions.  Ships are being allowed in on a case-by-case basis.  Normal vessel flow of 140 ships a day was only back up to 20 on Saturday.
?	Valdez, Alaska; Seattle, Washington; LA/Long Beach, California all open, but operating under heightened security.
?	Several major refining units in Japan have reopened this week, reassuring local markets amid concerns of an energy supply crisis from the Middle East. The Tonen General refinery at Sekiyu reopened on the 15 September, followed this morning by Idemitsu's Hyogo refinery. The 80,000 bpd Hyogo refinery has been closed since 13 August for routine checks and maintenance. The 335,000 bpd Tonen Sekiyu plant, which is a subsidiary of ExxonMobil, closed a 77,000 bpd crude distillation unit (CDU) on 1 September, also for routine checks and maintenance.
?	Nippon Mitsubishi Oil has suspended oil exports due to concerns over the possibility of disruption to oil supplies from the Middle East. In August Nippon Mitsubishi exported 818,000 barrels of oil products including kerosene and jet fuel, mostly to other parts of Asia, but also to the US. However it has said that it may be prepared to dip into the country's 20m tonne LPG stockpile if the crisis escalates.  The government has made no official announcement to oil companies to increase stockpiles in the light of last week's terrorist attacks in the US. Other refiners, including Cosmo Oil and Idemitsu Kosan, have announced that they will continue to export their oil products as usual.

LNG

?	River pilots in Lake Charles report that the LNG vessel FINIMA is presently scheduled to arrive at the entrance to the Calcasieu River channel at Lake Charles at 0500 on 9/18, whereupon it will be boarded by a pilot and escorted by at least two tugs run by Seabulk International to the LNG terminal for cargo discharge.

Air Transport

?	Washington officials are discussing the conversion of Reagan National Airport from a civilian facility to a military base. The airport remains closed.
?	All major US airlines expecting or have already initiated schedule reductions and lay-offs in expectation of falling demand for air travel.
In Washington's Dulles airport, meanwhile, passengers are being asked to check in four hours before departure. Yesterday saw around 65% of usual flights by American Airlines take off.
British Airways was running 70% of its flights out of Heathrow and 80% from Gatwick.