John & Hengerer's summary of today's Commission meeting.

 February 23, 2000

MEMORANDUM

TO: Interested Clients

FROM:  John & Hengerer

RE: Commission Meeting -- February 23, 2000

At today's meeting, the Commissioners approved the consent agenda and
discussed the following items.

HYDRO AGENDA
Public Utility District No. 1 of Okanogan County, Washington, Docket No.
P-10536
This draft order rescinded the hydro license issued to Public Utility
District No. 1 of Okanogan County, Washington (Utility District) after the
National Marine Fisheries Service (NMFS) conditioned the license on
construction of a fish ladder that would have rendered the proposed project
uneconomic.  Commissioner Hebert moved the item to the discussion agenda to
highlight the difficulties incurred in hydro licensing proceedings due to the
conditioning authority granted to certain federal agencies, such as NMFS.
Because such agencies possess the authority to impose costly environmental
conditions, Commission Hebert stated, they essentially hold veto power over
project applications.  Commissioner Hebert urged federal agencies to weigh
potential public benefits before imposing costly environmental conditions
that doom proposed projects.

Avista Corporation, Docket No. P-2058
In this draft order, the Commission granted a hydro license to Avista
Corporation.  Chairman Hoecker moved the item to the discussion agenda to
champion the use of alternate licensing procedures and applaud the parties
for negotiating the settlement approved by the draft order.  Avista began
negotiating for the license in 1996 and eventually reached a settlement with
26 stakeholders.  According to Chairman Hebert, such negotiations maximize
benefits, reduce application costs, and set a positive example for other
parties to follow.  Although the other Commissioners generally echoed
Chairman Hoecker's praise, Commissioner Hebert criticized the draft order for
not quantifying the environmental benefits of Avista's proposed project.

 ELECTRIC MATTERS
New England Power Pool, ISO New England, Docket Nos. ER00-984, et al.
Price caps on the ISO's Operating Reserve and Operable Capability markets
were extended by the Commission in this draft order, Commissioner Hebert
dissenting.  Both caps expired on December 31, 1999.  The cap on the
Operating Reserve Market was extended until June 30, 2000, or until the ISO
submits a market redesign plan to correct market flaws.  The cap on the
Operable Capability Market was extended until February 29, 2000, after which
the market will be terminated.  According to the ISO's filing, which was
approved in this draft order, the Operable Capability Market duplicates other
ISO markets and is no longer needed.

Commissioner Hebert dissented and moved the item to the discussion agenda to
express his disapproval of price caps, both in general and in this particular
proceeding.  In general, Commissioner Hebert believes that price caps remove
the natural incentives created by a competitive market.  In this particular
proceeding, Commission Hebert argues that supposedly temporary price caps
have become a Acrutch@ relied on by the ISO.  Moreover, Commissioner Hebert
does not believe that the ISO market is flawed and contends that the ISO has
failed to illustrate the existence of any flaws.  For these reasons,
Commissioner Hebert would not have extended the price caps.

Regional Transmission Organizations (Order on Rehearing), Docket No. RM99-2
In this draft rehearing order, while making relatively minor clarifications
and revisions, the Commission unanimously affirmed the policy decisions
outlined in Order No. 2000.89 FERC & 61,285 (1999)  Issued in December 1999,
Order No. 2000 outlined the Commission's policy with regard to RTO formation
and adopted regulations governing the filing and review of RTO proposals.
This draft order affirmed the voluntary and flexible approach adopted by
Order No. 2000, as well as the RTO functions and characteristics outlined in
that order.

However, the draft order does include a number of relatively minor revisions
and clarifications.  Specifically, the draft order:  (i) denies requests to
phase out passive ownership of RTO facilities by transmission owners, but
clarifies that passive owners must not interfere with day-to-day RTO
operations; (ii) clarifies Section 205 tariff filing rights by reiterating
that RTOs should have control of their own tariffs, while transmission owners
should determine their own return on equity; (iii) incorporates Order No.
2000's audit requirements into Commission regulations, while ruling that the
both an RTOs ownership and governance structures are subject to audit; and
(iv) clarifies that public utility compliance filings must specify what
efforts were made to include RTO participation by public cooperatives.

In approving the draft rehearing order only two months after the issuance of
Order No. 2000, the Commission hopes that the ongoing collaborative process
will be able to focus on the basic elements of RTO formation, rather than on
the contentious issues raised in the rehearing requests.  Order No. 2000's
collaborative process began this month and is scheduled to run through April
2000.  Public Utilities not currently participating in a regional
transmission entity are required to make a compliance filing by October 15,
2000, while those utilities that are already a part of a regional entity must
make a compliance filing by January 15, 2001.

Midwest Independent Transmission System Operator, et al., Docket Nos.
ER00-448, et al.
In this draft order, the Commission unanimously (Commissioner Massey
concurring) voiced its support for the binary RTO model proposed in this
proceeding, but declined to issue the requested declaratory order until a
final proposal is filed.  The binary model proposed by Midwest ISO
participants would require the ISO to delegate certain functions to a
for-profit transco, while retaining other functions and maintaining
responsibility for overseeing the transcos activities.  The draft order
commends parties for developing the proposal and finds that the proposed
binary model generally conforms to the Commission's RTO mandate.  However,
the Commission declined to make a final determination until a complete
proposal is submitted.  Commissioner Massey's concurrence raises concerns
associated with the sharing of power between an ISO and a transco.
Commissioner Massey believes that such a division of power may be
counterproductive and urges the parties to address the issue in their final
filing.

 PIPELINE MATTERS
ANR Pipeline Company, Docket No. CP99-241
ANR's proposal to increase mainline capacity from Joliet, Illinois, into
Wisconsin was approved in this draft order.  Specifically, the draft order
permits ANR to construct an additional 20,000 horsepower of mainline
capacity, thereby increasing mainline capacity into Wisconsin by 109,000
Dth/day by November 1, 2000.  The Commission approved ANR's proposal after
concluding that demand in Wisconsin justifies the expansion.

The expansion approved in this draft order is part of ANR's SupplyLink
proposal (to be built in conjunction with the Independence/MarketLink
project).  ANR decided to proceed with the Joliet-to-Wisconsin expansion
after the SupplyLink/Independence/MarketLink project was delayed due to
Commission concerns that the project was not adequately supported by market
demand.  Although the expansion approved in this draft order was unrelated to
the contentious portions of the larger project, Commissioner Hebert
nonetheless moved the item to the discussion agenda to express his belief
that market demand justifies the Independence/MarketLink project.
Specifically, Commissioner Hebert cited recent spikes in heating oil prices
as evidence that gas demand in the northeastern United States more than
justifies the project.  Commissioner Breathitt disagreed with Commission
Hebert and argued that the price of heating oil does not necessarily
correlate to natural gas demand.


Cheryl & Chris,

I have implemented the changes to the Kingsville Interconnect Agreement
according to your comments as well as Steve Schneider's comments.  Please see
the attached Agreement for you review.

Thanks and have a great memorial day weekend.

Eric Gillaspie
713-345-7667
Enron Building 3886


Attached is the referenced list.  Again, no european power products for US
counterparties until further notice.  Also, Renaissance is an Amended
approval, so I just wrote in the corner-amended-no change, since I have no
change in the  earlier approvals I told you.


---------------------- Forwarded by Fletcher J Sturm/HOU/ECT on 07/13/2000
02:20 PM ---------------------------

Fletcher Sturm <trademup@yahoo.com> on 07/13/2000 12:50:12 PM
To: fsturm@enron.com
cc:
Subject:

Do You Yahoo!?
Get Yahoo! Mail - Free email you can access from anywhere!
 - Vegas.ppt


Thanks for the update.  Any suggestions on anyone we might retain if this
becomes a big "government to government" issue?

	John Hardy@ENRON_DEVELOPMENT
	01/26/2001 03:00 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: Washington Actions re Dabhol

Steve
 With regard to Dabhol, Tom Briggs and I have already provided a status
briefing on the Dabhol situation to agencies across the government -
including DoEnergy, DOCommerce,DOState and DOTreasury.  The briefing was with
staff and brought them up to speed on where we stand.   As the new
administration moves into the positions relevant to the situation we will
brief them - all the way up to the cabinet officals.  I understand that Colin
Powell has already been briefed on the situation  and I know the Ambasssador
has been front and center on the issue.
 If we were to move into a crisis mode, we will need to brief senior officals
of the new administration at each of the  above agencies as well as the VP's
office.  Given their interest I think we will be able to do that quickly.
 We have also briefed OPIC and EXIM about the situation - they are
comfortable at this point.
 I am also getting the World Bank re-engaged to the extent that it is helpful
and not a problem.  They have resources that can help MSEB reform themselves
if MSEB will view it has a help.  It is a sensitive issue because the Bank
has historically been anti-Dabhol so I am taking it step by step.
 If you have any other questions just let me know.  thanks John


Not too late to start your own Dot.com...

Bezos in the box

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


Connie ---

Where's my morning email?  I don't have anything to entertain me this morning.

Scott


check out ebay my friend

-----Original Message-----
From: Woulfe, Greg
Sent: Friday, January 11, 2002 1:06 PM
To: Gilbert-smith, Doug
Subject: FW: pretty

-----Original Message-----
From: Doug & Killian Gilbert-Smith [mailto:gilsmith@houston.rr.com]
Sent: Friday, January 11, 2002 8:03 AM
To: Woulfe, Greg
Subject: pretty

see you in a bit.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/31/2001
03:44 PM ---------------------------

"Andreas Simou" <andreas.simou@garp.com> on 01/30/2001 08:24:38 AM
To: <Vince.J.Kaminski@enron.com>
cc: <Shirley.Crenshaw@enron.com>
Subject: The GARP Convention: Instructions to Chair

Dear Vince
?
The GARP 2001 Convention is nearly upon us! At this  time, I would like to
send you some information concerning the Convention and  the stream that you
will be Chairing on Tuesday 13th February.
?
When you arrive at the Convention, please make your  way to the Convention
Registration desk, where I will greet you and register you  for the event. I
will then show you to your conference room. As speakers arrive,  I will
introduce them to you.
?
As Chair, you will introduce and sum-up?the  stream.?You will also introduce
individual speakers. Attached are the  biographies of the speakers that will
be presenting during your stream. May I  recommend that you read these in the
meantime and also bring them with you on  the day so as you can introduce the
speakers prior to their presentations. Below  is an outline of the order of
speakers in your stream.
?
I have allocated 40 minutes per session, with five  minutes between sessions
for change around time between speakers. Most speakers  will speak for 30-35
minutes and allow about 10 minutes for Q and A. Should a  speaker?seem like
they are reaching the limits of their time, the Chair  will bring this
to?their attention prior to the last?5 minutes  allocated to them.?It is also
the role of the Chair to?ask the  delegates for questions, asking each
questioner?for their name and the  organisation they represent. Should
delegates be a little slow on?the Q and  A take-up, often the Chair will have
some thought-provoking questions to put  forward. I shall ensure that there
are GARP people in the room with microphones  to hand to delegates with a
question.
?
There may be occasion for the Chair  to?announce some housekeeping on behalf
of GARP.
?
If you have any questions?please do not  hesitate to contact me, otherwise I
look forward to meeting you in a couple of  weeks.
?
Kind regards
?
Andreas?

?

TRACK ) 4 ENERGY  RISK

Measuring Energy Risk )  Tackling Price Volatility, Adapting VaR, Scenario
Modeling and Regulatory  Requirements

Vince Kaminski, Enron  NA

Energy Credit Risk  Management

Baxter Gillette, Ameren  Energy

The Volatility Challenge:  Efficient Modelling of Price Volatility for  Energy

Spyros Maragos, Dynegy  Inc.

Lunch

TRACK ) 4 CORPORATE RISK

Modeling Corporate Risk at  Ford ) Risk Management from a Shareholder Value
Perspective

Freeman Wood, Ford Motor  Company

Enhancing Shareholder Value  through Alternative Risk Transfer ) A
Manufacturer,s  Perspective

Ash Srivastava, Bombardier  Inc.

Coffee  Break

All Bets are On: Enterprise  Risk Management 2001

James Lam,  Erisk

Understanding the Scope of  Reputational Risk Events ) Whether Prevention is
Possible, Risk Indicators  and Establishing a Risk-Conscious Culture

Peter Schofield, American  Express

_____________________________
Andreas Simou
GARP, Conference  Director
Tel? +44 (0)20 7626 9301
Fax +44 (0)20 7626  9900
andreas.simou@garp.com
?
Don't miss the GARP 2001 Convention,
program details via  our web site
www.garp.com
 - Gillette-bio.doc
 - Wood-bio.doc
 - Srivastava-Bio.doc
 - Lam-bio.doc
 - Schofield-bio.doc


Can you please set up a meeting and we can discuss.

 -----Original Message-----
From: 	Hansen, Leslie
Sent:	Tuesday, October 16, 2001 10:17 AM
To:	Presto, Kevin M.
Subject:	Reliant's concerns re EOL

Kevin:

As I mentioned in a voice mail a couple of weeks ago, Reliant has expressed some concerns about the current EnronOnline notification process for changes to power products.  My initial response after discussions with EnronOnline was to explain to Reliant that EnronOnline cannot change the notification process from them and to suggest alternative internal measures that Reliant can implement to monitor product changes.  (According to EnronOnline, no other objections to the notification process have been received by EOL.)   I had heard nothing else for a couple of weeks, and to date Reliant's use of EOL apparently has not been affected.  However, one of Reliant's attorneys, Dede Russo, called me yesterday to discuss the issue again.  I spoke with Rogers Herndon yesterday about Reliant's concerns, and Rogers perceives a real risk that Reliant will discontinue its use of EOL if we do not respond to their concerns.

I would like to discuss this issue with you briefly and suggest that we may want to meet with Savita Puthgai of EnronOnline to consider how best to respond to Reliant.

Thanks,

Leslie


Our department has scheduled an offsite this afternoo and I will not be able to make lunch.  Please let me know if you reschedule and count me in.  Thanks.


Attached is the latest Q&A on the residential turnback.  There are still
questions to be answered (and if you have additional ones, pls send to
me/Peggy asap), and we'll route an updated version.
---------------------- Forwarded by Karen Denne/Corp/Enron on 05/29/2001
09:57 PM ---------------------------

Peggy Mahoney@EES
05/29/2001 09:13 AM
To: James D Steffes/NA/Enron@Enron, Mark Palmer/Corp/Enron@ENRON, Karen
Denne/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron, Elizabeth
Ivers/Enron@EnronXGate
cc:

Subject: CA residential customer Q&A

Latest versions of Q&A documents.  I am in the process of reviewing.  Plez
let me know if you
have any thoughts.
Peggy
---------------------- Forwarded by Peggy Mahoney/HOU/EES on 05/29/2001 09:10
AM ---------------------------

Max Eberts
05/25/2001 08:43 PM
To: Marty Sunde/HOU/EES@EES, Peggy Mahoney/HOU/EES@EES, Elizabeth
Tilney/HOU/EES@EES, Vicki Sharp/HOU/EES@EES, Lamar Frazier/HOU/EES@EES,
Marcus Dotson/HOU/EES@EES
cc:
Subject: CA residential customer Q&A

Here is the latest version of the Q&A. There are two separate documents: one
for the customer service representatives and one for the press.  These
documents have been reviewed and approved by Vicki, outside council, and
others.  I have sent the customer representative Q&A under separate cover to
Diann Huddleson and Kevin Keeney, so there is no confusion with the media Q&A.


Thanks in advance for agreeing to speak at the Global Operations Controller
Forum.  There will be approximately 30 Enron business controllers present at
the meeting.  All have responsibility for mid and back office operations for
the following Enron entities:  Enron North America, Enron Europe, Enron South
America, Enron Global Markets, Enron Industrial Markets, Enron Broadband
Services and Enron Energy Services.  Attendees will be here from Houston,
Calgary, Tokyo, Sydney, London and New York (metals business-maybe!).

Attached for your reference is the agenda. There may be some slight changes
before the forum begins, but this will give you a good idea of the topics to
be covered and the other speakers who will address the group.

You are scheduled to address the group as follows:

Date:  Monday, October 23, 2000
Time:  3:30 pm
Place:  The Warwick Hotel
  The Versailles Room - 12th Floor
  5701 Main Street
  Houston,  TX  77005

I have noted that your topic will be assessing, measuring and managing market
risk.  Any references that you could make to the importance of information
flow between RAC and operations would be great to cover.  Feel free to offer
up a challenge to the group.

I hope that you will be able to join us for the tour of Enron Field and for
dinner at Ruggles Center Field Terrace on Monday evening.  The tour is at
6:00 and dinner is at 7:00.


Last month we briefly discussed a $306,900 variance between the general
ledger and the DPR for the management west book.; I took an action item to
provide documentation of where I was seeing the value taken in the DPR back
in January 2001.; Accordingly, the liquidation detail for post id 1026210 is
in the attached file titled "MGMTWST_JAN_LIQ".; The issue is that it;appears
Deal QO9203.1 erroneously liquidated in the month of January at a value of
$306,900 when the deal has a March term date and valued correctly in the
liquidations for that month (creating a duplicate liquidation for the same
deal).; Please review the detail and let me know if you agree that the
expense was taken in error by the management west book in Jan, or if I have
picked up the incorrect post id, or if there is some other issue that I have
missed.
;
The only other remaining variances for the management west book relate to
Mirant Americas Energy Marketing.; I have been working with the financial
settlements group to determine the variances between the liquidated value and
the amount settled;;the "MGMTWST_MIRANT" file summarizes the differences.;
Essentially, the liquidated value for 3 deals did not pick up the fixed price
deduct values shown in TAGG, and one deal with a term date of November 2000
through March 2001 did not ever liquidate.; The file has a summary page and
then supporting worksheets for each deal listed.;
;
The net effect, if you agree that the adjustments need to be made to the DPR,
would be expense of $33,500 for the Mirant Americas Energy items and revenue
of $306,900 for reversal of the January liquidation on deal QO9203.1
;
Please;call me on extension 5-4945 if you would like to discuss or if you
need me to provide additional information.;
;
Best regards,
;
Rachel
;
;


We need to make it our responsibility so we have consistent tools applied in all of the markets.

-----Original Message-----
From: Will, Lloyd
Sent: Tuesday, September 11, 2001 3:27 PM
To: Presto, Kevin M.; Bailey, Debra
Subject: Re: FW: East Canada Trading Systems Needs
Importance: High

We will change gears tomorrow

Is toronto our responsability to make happen?
Lloyd Will


request_number:  DS-AC:003
firstname:  Thomas
lastname:  DeBoer
e-mail:  tdeboer@painehamblen.com
exhibit_wp-02-e-:  JCG-01 and JCG-02
page_numbers:
request_text:  Amended Request No.: DS-AC:003

Request: Witnesses: Pamela Lesh, Robert E. Orton, Marilyn G. Showalter and W.
Scott Brattebo, David W. Hoff, Kevin P. O'Meara, Lon L. Peters, Geoffrey H.
Carr, and Marc H. Hellman, respectively
  Exhibit: WP-02-E-JCG-01 and WP-02-JCG-02

 Please disclose and/or produce any and all communications from October 16,
2001 to the present, between any of the party representative of BPA
concerning rates to be in effect for BPA's Fiscal Years 2002-2006, the
interactions of such rates and customer contracts, or procedural aspects of
these rate proceedings.

 Terry Mundorf (WPAG)
 Lon Peters (PGP)
 Linc Wolverton (ICNU)
 Scott Brattebo (PacifiCorp)
 Kevin Clark (Seattle City Light)
 David Hoff (PSE)
 Geoff Carr (Northwest Requirements Utilities)
 Dennis Parrish (Market Access Coalition Group)
 Pam Jacklin (PacifiCorp)
 Peter Richardson (PPC)
 Kyle Sciuchetti (PPC)
 Ray Kindley (PGP)
 Jay Waldron (PGP)
 Doug Brawley (PNGC)
 Eric Johnson (PNGC)
 Darcy Norville (PGE)
 Lynn Williams (PGE)
 Steve Weiss (Northwest Energy Coalition)
 Mark Hellman (OPUC)

 For purposes of this Request, "disclose and/or produce" has the meanings
described below.  With respect to oral communications, "disclose and/or
produce" means to describe the time, date, approximate duration, and
substantive content of the communication; the identity and organizational
affiliation of the communicating individuals; whether the communication
occurred in person or by telephone; the location of the communication if in
person; the identity of any witnesses to the communications, including all
individuals in the room if the communication occurred by speakerphone; and
whether the communication was made in the presence of or after coordination
with BPA counsel(if so, identify such counsel).  For purposes of this
Request, you need not "disclose and/or produce" oral communications that
occurred during meetings noticed in compliance with Rate Case Rule 1010.7(d).

 With respect to written communications, the Request includes communications
in any recorded form, whether on paper, electronic (including, without
limitation, e-mails), or whatever form.  For such communications, "disclose
and/or produce" means to provide copies of all non-identical versions of any
written communications and to describe with particularity the circumstances
under  which they were generated or referred to; and to fully "disclose
and/or produce" any oral communications made in connection with the written
communications consistent with the preceding paragraph. For purposes of this
Request, you need not produce papers served on all parties to the rate case
and made part of the official file in the rate case.

response_text:  Avista Corporation (Avista) objects to this Data Request on
the grounds that it:  (i) seeks information that is not relevant; and (ii)
seeks information that is unduly burdensome to produce.  (Rules of Procedure
Governing Rate Hearings, Section 1010.8(b)). Avista further objects to this
Data Request on the grounds that it is in improper form as it does not cite
to specific testimony or indicate the specific use to which the information
sought will be put. (Special Rules of Practice, WP-02-01).  Without waiving
the foregoing objections, Avista responds as follows:

 I am aware of no communications responsive to this Data Request other than
those disclosed in response to DS-AC:001.

The following information is from the web server:
1.  Logon: IUSR_GRANITE
2.  Remote Host:  border.paine-hamblen.com
3.  Remote IP Address:  207.53.155.98
4.  Form URL:
https://secure.bpa.gov/power/secure/psp/ratecase/discovery/wp_02_response.html
5.  Browser Client:  Mozilla/4.7 [en] (Win95; I)


just a couple of minor changes - what is the last sentence about?


Per credit, EES should not be included in any of the master netting arrangements.  However, there may be exceptions which will be identified to us by Tanya Rohauer on a case by case basis.

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas 77002-7361
(713) 345-7732
(713) 646-3393 (fax)
mary.cook@enron.com


Am I the only one who doesn't understand this answer?  DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 09/21/2000
10:25 AM ---------------------------

	Elaine Concklin
	09/20/2000 06:04 PM

To: Dave Neubauer/ET&S/Enron@ENRON, Steve Gilbert/ET&S/Enron@ENRON, Mike
McGowan/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Steven
Harris/ET&S/Enron@ENRON, Lindy Donoho/ET&S/Enron@ENRON
cc: Vera Apodaca/ET&S/Enron@ENRON, Henry Baker/ET&S/Enron@ENRON, Sophie
Patel/ET&S/Enron@ENRON

Subject: Re: 2000 3CE GPG Overview

FYI -  regarding your question this afternoon.

Everyone be sure to dream up some creative ways to improve earnings . . .  We
need revisions by Friday morning.

Thanks!  Elaine

---------------------- Forwarded by Elaine Concklin/ET&S/Enron on 09/20/2000
05:58 PM ---------------------------

Tracy Geaccone
09/20/2000 05:54 PM
To: Elaine Concklin/ET&S/Enron@ENRON
cc:

Subject: Re: 2000 3CE GPG Overview

$2.5MM SAP accrual which I will use to offset the increase in the Corp
charges for this year instead of charging to the pipelines.

$5.0 -$6.0MM I hope to be able to carry over to next year.  It depends on the
$ some costs really come in at.  We did some things in the second quarter to
hold income back.  I can't  really reverse this year.  If our GPG target does
go up to $401MM, I will have a $35 MM hole at my level.

I wrote off business development projects and some other things.

The inventory deal is still up in the air.  Rod will know more tomorrow.

At this point in time, even if it happens higher, we will still have a hole.

Maybe they can try the structured products???

Tracy

	Elaine Concklin
	09/20/2000 04:10 PM

To: Tracy Geaccone/GPGFIN/Enron@ENRON
cc:

Subject: 2000 3CE GPG Overview

Tracy,

Can you tell me what the ($10.2) for Enron Pipeline Company is in the 3CE
(primarily in Q1 & Q2)?  That seems to be creating the remaining GPG hole for
the year.

Our officers had been counting on having more reserves to carry into 2001 to
help fill the NNG and TW gaps.  I also heard from Bob that the inventory deal
may still be viable at a higher amount - more like $20MM.  Do you have any
updates on that?

Thanks,  Elaine


Do I have to mention Calpine to you today  -- Holy Shit!


request_number:  DS-PL:002
firstname:  Pamela
lastname:  Jacklin
e-mail:  pljacklin@stoel.com
exhibit_wp-02-e-:  JCG-01 and 02
page_numbers:
request_text:  Please disclose and/or produce any and all communications from
October 16, 2000 to the present, between the BPA representatives listed below
and any representative of any other party concerning BPA's rates to be in
effect for Fiscal Years 2002-2006, the interactions of such rates and
customer contracts, or procedural aspects of these rate proceedings.

 Bob Proctor
 Tim McCoy
 Byrne Lovell
 Byron Keep
 Valerie Lefler
 Jon Wright
 Peter Berger

For purposes of this Request, "disclose and/or produce" has the meanings
described below.  With respect to oral communications, "disclose and/or
produce" means to describe the time, date, approximate duration, and
substantive content of the communication; the identity and organizational
affiliation of the communicating individuals; whether the communication
occurred in person or by telephone; the location of the communication if in
person; the identity of any witnesses to the communications, including all
individuals in the room if the communication occurred by speakerphone; and
whether the communication was made in the presence of or after coordination
with BPA counsel (if so, identify such counsel).  For purposes of this
Request, you need not "disclose and/or produce" oral communications that
occurred during meetings noticed in compliance with Rate Case Rule 1010.7(d).

With respect to written communications, the Request includes communications
in any recorded form, whether on paper, electronic (including, without
limitation, e-mails), or whatever form.  For such communications, "disclose
and/or produce" means to provide copies of all non-identical versions of any
written communications and to describe with particularity the location where
such communications were found and/or stored, including the identity of the
individual with possession or control of the written communications; to
describe with particularity the circumstances under which they were generated
or referred to; and to fully "disclose and/or produce" any oral
communications made in connection with the written communications consistent
with the preceding paragraph.  For purposes of this Request, you need not
produce papers served on all parties to the rate case and made part of the
official file in the rate case.
response_text:  PacifiCorp objects to this Data Request on the grounds that
it (1) seeks information that is not relevant and (2) seeks information that
is unduly burdensome to produce.  (Rules of Procedure Governing Rate
Hearings, Section 1010.8(b).)  PacifiCorp further objects to this Data
Request on the grounds that it is in improper form, as it does not cite to
specific testimony or indicate the specific use to which to information
sought will be put.  (Special Rules of Practice, WP-02-O-01.)  Without
waiving the foregoing objections, we respond as follows in the below attached
exhibits:

For oral communications, see Exhibit 1.
For written communications, see Exhibit 2.

The exhibits and attachments are available in BPA's Data Response Room.

The following information is from the web server:
1.  Logon: IUSR_GRANITE
2.  Remote Host:  198.36.178.141
3.  Remote IP Address:  198.36.178.141
4.  Form URL:
https://secure.bpa.gov/power/secure/psp/ratecase/discovery/wp_02_response.html
5.  Browser Client:  Mozilla/4.0 (compatible; MSIE 5.01; Windows NT)


MARK YOUR LUNCH CALENDARS NOW !

You are invited to attend the EWS Brown Bag Lunch Series

Featuring:  TIM BATTAGLIA

Topic:  Steel Origination

Thursday, April 19, 2001
11:30 a.m. - 12:30 p.m.
EB 5 C2

You bring your lunch,            Limited Seating
We provide drinks and dessert.          RSVP x 3-9610


Heather:  can you proof this and get this ready?   Thanks.


Gloria -

Could you please help us gather the facts on what the $12 MM Surety Bond currently being requested (#6131506) is for - is this PG&E?.  Mary informed me that funds ($36,000) may not be available, is this correct?

It is my understanding that Credit, Services and Regulatory will be monitoring and processing bond requirements.  As such, I would like to know how this would impact EES' business and definitely want to be aware of any default situation prior to reading about it in the press.

Thanks,
Rogers


better get used to it.  its our world, you're just renting space and paying bills.

 -----Original Message-----
From: 	Arnold, John
Sent:	Wednesday, October 17, 2001 4:06 PM
To:	Slone, Jeanie
Subject:	RE:

me, me, me....you girls are all the same

 -----Original Message-----
From: 	Slone, Jeanie
Sent:	Tuesday, October 16, 2001 4:58 PM
To:	Arnold, John
Subject:

hey stupid-it is almost yr-end.  please do your mid-year reviews or i'm never going to squeeze limes for you again.

  i can't believe i've been reduced to pathetic begging and empty threats.  you're killing me.


Sorry Jim but I left you a voicemail saying that there was no material loss
in trading.


Valery,

I may be in Dallas in the next few weeks.
I shall probably come to Dallas one Friday.
 I shall let you know well in advance.

Vince

"Valery Kholodnyi" <vkholod1@txu.com> on 01/04/2001 08:29:37 AM
To: Vince.J.Kaminski@enron.com
cc:
Subject: Re: My model for spikes

Dear Dr. Kaminski,

I would like to apologize for the delay responding, I was on vocation.

Thank you very much for your interest in my work and for your suggestion to
meet
for lunch/dinner. I will be truly happy to do so. In this regard could you
please let me know what day might be convenient for you. Since I am going to
fly
from Dallas, I would like, if possible, to plan it in advance.

I look forward to hearing from you and to seeing you soon.

Sincerely,
Valery Kholodnyi


Dear Recruiting Team Members:

I am forwarding a copy of the Enron presentation to each of you for review.
Some of you will be asked to do presentations, many will not.  I just wanted
to send it out to various team members in order to give you an idea of our
marketing strategy and information on campus.  This is simply for your
information.  When this presentation is given, it will include  dates
tailored specifically for each campus based on the dates I have set up
through career services.

Have a great day!

Lexi Elliott
3-4585


Louise:

Attached is the delegation of authority currently in effect for Wholesale Services/Americas that we discussed yesterday.  I have created a new column entitled Revised Spend Limit to facilitate changes.

Thanks again Louise for your support,

George


-----Original Message-----
From: Delainey, David
Sent: Fri 10/12/2001 2:52 PM
To: Lavorato, John
Cc:
Subject:

John, as a follow up to Greg's call, I would like to provide equity value, in recognition of the huge effort on the EES issues plus key player on the team going forward, to the following people from EES:

                                Options Equity          Total

        Rogers Herndon  $250K           $250K           $500K

        Don Black               $250K           $250K           $500K

        Jeff Richter            $100K           $100K           $200K

        Bernie Aucoin           $100K           $100K           $200K

I assume that you have Tim and Kevin managed.

Views?

When are we going to get back together to finalize our discussions?

Regards

Delainey


Meeting to verbally go over the performance of the Texas Risk group


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

 - 10-25 1600 Report.xls


25 Leaders for a Dangerous Time
Business Week, 05/14/01
USA: El Paso opens bids to expand Calif. natgas lines.
Reuters English News Service, 05/11/01

Software Promises Bandwidth Broker In A Box
Dow Jones Energy Service, 05/11/01

Sierra Pacific Resources Posts 1st-Quarter Loss, Blames Western Power Crisis
Dow Jones Business News, 05/11/01

India Must Split Power Industry to End Debt Crisis (Update1)
Bloomberg, 05/11/01

Interview: Enron Chairman Ken Lay
Bloomberg TV, 05/10/01

BusinessWeek e.biz: Cover Story: The e.biz 25
25 Leaders for a Dangerous Time

05/14/2001
Business Week
EB24
(Copyright 2001 McGraw-Hill, Inc.)

The Internet forced a revolution in the way companies are managed. For the
CEOs of upstarts and Old Economy players alike, the focus has been on making
decisions in a heartbeat, innovating fast, and looking for ways to tap the
Net to reach new customers and streamline operations. Now we're in the midst
of what experts say could be the biggest tech slowdown in 15 years. With the
pressure on to cut costs and meet quarterly earnings expectations, what's a
CEO to do?
Ask our e.biz 25. These are the most influential people in
e-business--everybody from empire builders like AOL Time Warner Chairman
Steve Case to Monica Luechtefeld, executive vice-president of e-commerce at
retailer Office Depot. Those two have wisely built bridges between the worlds
of bricks and clicks. Their advice is bold: Don't just hunker down and try to
wait it out. Invest, build, develop new products, and prepare for the
upswing. Technology and the Internet may not be growing licketysplit, but
they aren't going away. Says Jeffrey K. Skilling, CEO of Enron Corp., one of
our 25: ``A lot of people will pull back. They will be missing tremendous
opportunities. Those with capital and talent should push forward and widen
the lead.''
Doing this in the face of a trigger-happy Wall Street will require dynamic
leadership and cast-iron stomachs. We've got that on our e.biz 25. These are
the pioneers, the people with the new ideas, the out-of-box thinkers, and the
survivors--especially the survivors--who will shape e-business for years to
come.
Some of our 25 have been on the list before. Michael Dell, CEO of Dell
Computer Corp., for one. He's a pioneer who has used the Net to reach
customers and revamp his supply chain. Now, in the midst of the downturn,
Dell is turning up the heat on competitors by slashing prices ruthlessly.
Thanks to his foundation of Net technologies, Dell can do this and still make
a profit. The result could be a massive restructuring of the PC industry,
with some of Dell's competitors losing market share at a gallop.
Others land on the list because of their potential for shaking up the status
quo. Example: Rick Belluzzo, Microsoft Corp.'s president. Microsoft has been
ho-hum on the Net--until now. Belluzzo has turned Microsoft's MSN into the
No. 2 portal on the Web, and now the company is committed to spending $2
billion this year on research & development for its .Net strategy for
supercharging the Web. It may well make the Net more useful--and easier to
use. And Microsoft could leapfrog from laggard to leader.
Then there are the folks whose future is very much in doubt--and that makes
them even more important to watch. Squarely on the e.biz hot seat sits Jeff
Bezos of e-tailer Amazon.com Inc. With the online superstore's revenue growth
slowing and its $15 stock off its peak by 85%, the man who scared the bejesus
out of the nation's traditional retailers isn't so terrifying now. But he's
still the trailblazer of e-tailing. Whether he fails miserably or triumphs in
the end, how he fares will tell us much about the next episode in the
Internet saga. ``This is a good time to learn, to explore, to get ready,''
says Rosabeth M. Kanter, professor at Harvard Business School.
Indeed, economic slumps have been launchpads for companies who know how to
take advantage of them. The outfits that are likely to pick up momentum in
this downturn are the companies that create or adopt new technology,
experiment with new business models, and expand aggressively. That's
certainly been true in the past. During the 1990-91 recession, EMC Corp.
focused on high-end storage technologies and innovated its way through hard
times. Chrysler retooled its design process and began farming out component
manufacturing to partners--and was the only one of the Big Three to post a
profit in 1992. Arrow Electronics bought smaller competitors and expanded in
Europe, emerging as the No. 1 electronics distributor in the world.
``Slowdowns can be a great opportunity for companies that are prepared. It's
time for the strong to get stronger, and for the relatively weak to get
stronger, too,'' says Orit Gadiesh, Chairman of consulting firm Bain & Co.
The Internet's early winners focused on boosting sales. But during a
downturn, that's not nearly enough. The Net can be used to supercharge every
aspect of a company's operations, from market research and customer service
to engineering collaboration and linking up suppliers. Consider e.biz 25
member Pradeep Sindhu, co-founder of Juniper Networks Inc. He used this
wall-to-wall approach to make his four-year-old upstart the leader in
high-end network routers. It was built from the ground up to capitalize on
the Net. The company takes orders over the Web and automatically passes them
to contract manufacturers who make and ship the products. This frees Juniper
to concentrate on designing products that trounce the competition. The
payoff: Juniper's operating margin hovers around 30%, nearly double the
average in the hardware business.
The most successful e-businesses don't just chase the latest hot idea. They
figure out which technologies are really right for them. Gary M. Reiner,
chief information officer at General Electric Co., one of our e.biz 25,
turned up his nose when many industrial companies joined consortiums that set
up public e-marketplaces. GE has instant economies of scale with its 11
different businesses, so it can reap huge savings by combining all their
buying into the company's own private e-marketplace. GE expects to save $600
million on procurement over the Web in 2001.
Many established companies rapidly spun off independent Internet divisions,
and for some--NBC, for example--that turned out to be a mistake. The latest
thinking is that companies like retailer Office Depot got it right. It set up
an independent organization, run by Luechtefeld, but its bricks and clicks
are cemented together. For instance, customers who need something immediately
can check online to see if the item is in stock at their local Office Depot.
The company logged $850 million in online sales last year, making it the No.
2 online retailer after Amazon.com
In a downturn, charismatic leadership is more important than ever. With
revenues sinking and stock options underwater, workers need reasons to
believe. ``You have to persuade people to stay with you for the ride,'' says
Haim Mendelson, a professor at the Stanford Graduate School of Business.
While most companies are laying off, some, like Sun Microsystems Inc., pledge
to do so only as a last resort. CEO Scott McNealy, one of our e.biz 25,
believes layoffs break a social contract with employees. By holding back,
``we're protecting the long-term shareholder value,'' he says.
For CEOs who have been the company's visionaries during the Net's go-go
years, now is the time to buckle down and pay attention to operations. It's
advice that Amazon's Bezos takes to heart. The company's goal is to post an
operating profit--excluding special charges--in the fourth quarter. He's
concentrating on operating efficiencies. And he's using Net technology to get
there. Right now, Amazon is installing a system that will automatically route
e-mails from customers to the appropriate service representative, saving time
and money.
Bean-counting may be back, but so is fear. And leaders who let themselves be
ruled by fear won't be able to handle the balancing act that's required of
them in these difficult times. ``Some people pay lip service to the
principles of leadership, but they flush it away when they're running
scared,'' says Raymond Miles, professor emeritus at the Haas School of
Business at the University of California at Berkeley. These 25 show no sign
of turning tail.
Who is making money online? And how are they doing it? Watch TechTV on your
cable system Monday, May 7, for an update on the state of e-business and
insights from the e.biz 25. All day long, TechTV and techtv.com will feature
insider reports, forecasts, products, services, and the people who are
shaping the future.
The List
28 EMPIRE BUILDERS Monica Luechtefeld, Office Depot Stuart Wolff,
Homestore.com Meg Whitman, eBay Thomas Middelhoff, Bertelsmann Steve Case,
AOL Time Warner
36 ARCHITECTS Rick Belluzzo, Microsoft Bill Coleman, BEA Systems Scott
McNealy, Sun Microsystems Tony Ball, BSkyB Michael Powell, FCC Chairman Pekka
Ala-Pietila, Nokia
44 VISIONAIRES LawrenceLessig,Stanford Hal Varian, U.C. Berkeley
46 INNOVATORS Ray Ozzie, Groove Networks Courtney Love, Hole Paul Bourke,
Altra Energy Takeshi Natsuno, NTT DoCoMo
52 WEBSMART Michael Dell, Dell Pradeep Sindhu, Juniper Networks Jeffrey
Skilling, Enron Gary Reiner, General Electric Steve Sanger, General Mills
58 ON THE HOT SEAT Jeff Bezos, Amazon.com Marty Wygod, WebMD Masayoshi Son,
Softbank

JEFFREY SKILLING
Enron Corp., President and CEO
CONTRIBUTION: Thanks to the Net, he transformed Enron into North America's
largest energy marketer. He's trading everything from paper to metals online
to the tune of $162 billion in the first quarter.
CHALLENGE: Get new broadband Internet trading unit on solid footing by
proving bandwidth can be traded like a commodity.
Enron Corp. Chief Executive Officer Jeffrey K. Skilling likes to say that the
nation's leading energy merchant was ready for the Internet long before there
was anything.com. Enron's business of buying and selling commodities such as
electricity and natural gas--by phone or fax--was a natural fit for the Web.
Over the past year, Enron has taken online trading to a new level, harnessing
the Web to bring Enron's risk-management prowess to everything from metals to
high-speed communications. ``Our volumes are way up,'' says Skilling.
Try through the roof. EnronOnline handles 5,000 transactions per day. The
company posts prices on more than 1,500 products that it stands ready to buy
or sell to utilities, municipalities, and other big wholesale customers.
Since November, 1999, EnronOnline has traded more than $525 billion worth of
commodities, making it the Web's biggest and most successful
business-to-business site.
Skilling's most challenging move: high-speed communications bandwidth. In the
past year, Enron has spent $436 million to create its own 15,000-mile
fiber-optic network to provide real-time bandwidth to customers. Because of a
supply glut and falling prices, bandwidth trading is struggling. In March,
Enron suffered a major blow with the abrupt cancellation of its
video-on-demand pact with Blockbuster Inc. Skilling says the deal was called
off because Blockbuster wasn't getting movies from Hollywood studios fast
enough.
Such setbacks don't faze Skilling, a former McKinsey & Co. consultant who
graduated in the top 5% of his Harvard Business School class. He sees almost
no limit to what Enron can trade--even ad space is a possibility. ``The Net
allows you to touch lots of customers inexpensively,'' he says. Not bad for
mere commodities.

USA: El Paso opens bids to expand Calif. natgas lines.

05/11/2001
Reuters English News Service
(C) Reuters Limited 2001.

HOUSTON, May 11 (Reuters) - El Paso Corp. said Friday two of its units are to
test the market's appetite to expand capacity on two natural gas lines into
energy-starved California, where gas prices are the highest in the nation.
El Paso unit El Paso Natural Gas Company started taking open bids May 1 and
will close its so-called open season on May 25 for new capacity on a proposed
two-way line between Daggett, Calif. and Ehrenberg, Ariz., El Paso said in a
statement.
El Paso unit Mojave Pipeline Co. is also holding an open season from May 10
to May 31 for its Sacramento Valley project, which would add capacity along
an expanded Mojave pipeline system from Topock, Ariz., to Antioch and
Sacramento in Northern California.
No estimates were immediately available as to how much capacity El Paso, the
largest supplier of natural gas to California, was considering adding to each
system, an El Paso spokeswoman said.
El Paso currently delivers more than 3 trillion cubic feet of gas a day, or
about 45 percent, to California through four receiving points at the
California-Arizona border.
The El Paso open seasons are the latest in a flurry of market activity to
expand or build new natural gas pipelines California, where demand for
natural gas is expected to surge to meet demand from a growing number of
gas-fired power plants being built or scheduled for construction.
Natural gas is already used to generate about a third of California's
electrcity.
Since April 1999, the state has approved 13 major gas-fired power plant
projects with a combined generation capacity of more than 8,900 megawatts.
Nine gas-fired power plants, with a total generation capacity of more than
6,000 megawatts, are under construction.
Over the past two months plans to build or expand gas lines serving
California have been announced by Enron unit Transwestern, Sempra Energy unit
Southern California Gas Co, Williams Cos' Kern River Transmission, Pacific
Gas & Electric Corp. unit National Energy Group, Questar Corp. , Calpine
Corp. , and Kinder Morgan .

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

Software Promises Bandwidth Broker In A Box
By Erwin Seba
Of DOW JONES NEWSWIRES

05/11/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

HOUSTON -(Dow Jones)- Call it a bandwidth broker in a box.
That's perhaps the easiest way to describe the promise of Invisible Hand
Networks Inc.'s Merkato software system.
Merkato, which the Burlington, Mass., company is planning to roll out in the
coming months, assesses the amount of bandwidth being used on a network and
then electronically offers the unneeded portion to others for sale.
Like existing online bandwidth trading platforms, Merkato, named for the
Italian word for marketplace, can be operated manually by the network
operator. Unlike other online services it can operate automatically.
"Bandwidth traders are trading circuits and they're trading circuits between
carriers," said Invisible Hand Chief Executive Glenn Ricketts. "True
liquidity is not going to be created by carriers trading circuits."
Bandwidth traders and industry analysts are skeptical about Merkato living up
to its promise for real-time, scalable bandwidth provisioning.
"It's a solution in search of problem," said a bandwidth brokerage founder.
"Algorithms shouldn't clear trades, people should - with algorithms
supporting and advising their potential decisions."
Software Built On Algorithms
Algorithms are at the heart of Merkato's operation. The algorithms were
developed by Nemo Semret, one of the company's founders, while pursuing his
Ph.D. in electrical engineering from Columbia University.
Semret developed what's essentially a mathematical model using game theory
and market economics for auctioning bandwidth, an instantly perishable
commodity, Ricketts said.
Merkato contacts other Merkato users to see if they are buying or selling
bandwidth. It will then execute the trade automatically or it will come back
to ask approval to execute the trade or seek more guidance if some of the
conditions set for the trade aren't met.
Software platforms like Enron Online or those provided by brokers require a
person to set prices and execute the trade.
"It'll be great if it works," said William Bandt, an analyst with Arthur
Andersen L.L.P. "The devil is in the details. This dynamic allocation could
be a big deal."
One early user of Merkato, Thin Portals Network in New York, has been testing
the software for three months. The company is a managed hosting and
colocation facility.
"It's a way to create an auction, a new market, very easily," said David
Simon, head of Thin Portals. "It's an exchange in a box. All you need is the
product and the connectivity. It's just that easy."
Simon declined to say exactly how he plans to use Merkato.
Invisible Hand hopes to license the Merkato software to carriers and
bandwidth providers who want to sell excess capacity to their clients.
-By Erwin Seba, Dow Jones Newswires, 713-547-9214 erwin.seba@dowjones.com

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

Sierra Pacific Resources Posts 1st-Quarter Loss, Blames Western Power Crisis

05/11/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LAS VEGAS, Nev. -- Sierra Pacific Resources posted a first-quarter loss,
citing the effects of the Western power crisis on its utility operations, as
well as deregulation and the aborted plan to acquire Portland General
Electric.
The holding company on Friday reported a loss of $83.5 million, or $1.06 a
share, compared with net income of $18.2 million, or 23 cents a share, a year
earlier.
Revenue jumped 88% to $737.9 million from $392.6 million.
Operating revenue for Nevada Power, one of the company's utility operations,
rose 83% to $359 million on higher sales and new customers in fast-growing
Las Vegas. However, the revenue gains were more than offset by increases in
wholesale power and fuel costs and a write-down of uncollected accounts from
power sales to California last year.
Revenue for Sierra Pacific Power, its other utility operation, nearly
doubled, to $376.3 million, but those gains were also largely offset by
soaring wholesale power costs.
Sierra Pacific (SRP) said it had to deal with "unprecedented" increases in
the cost of wholesale fuel and power purchased under an old rate structure
that limited its ability to recover the full costs through rates. Since then,
new legislation has been passed and signed by the governor that allows Nevada
Power and Sierra Pacific Power to recover the full amount of those costs
through rates.
Also contributing to the first-quarter loss were one-time expenses related to
Nevada's decision to repeal deregulation, and expenses from the termination
of the company's planned acquisition of Portland General Electric. In a
decision that was widely expected, Sierra Pacific and Enron Corp. (ENE) said
late last month that they had ended their $2 billion agreement for Sierra to
buy Portland General, an Enron subsidiary. Enron's president and chief
executive had warned in March that the transaction would be difficult to
complete in the regulatory and legislative environment in California and
Nevada.
"These losses are significant and profound evidence of just how serious the
energy crisis is in the West and the threat it could have posed to Nevada,"
Chairman and Chief Executive Walt Higgins said in a written statement Friday.
"However, the actions by the governor, the legislature and continued focus by
our public utilities commission on actions that ensure reliable energy supply
can and will be a major factor in putting this dark chapter behind us and
distinguishing Nevada as a favorable environment for needed energy
investment," he said.
"With these solutions now in place, we look forward to restoring earnings
performance that reflects the true underlying strength of our operations in a
growing market," Mr. Wiggins added.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved

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

India Must Split Power Industry to End Debt Crisis (Update1)
2001-05-11 10:48 (New York)

India Must Split Power Industry to End Debt Crisis (Update1)

     (Adds comment from a minister in the seventh paragraph.)

     New Delhi, May 11 (Bloomberg) -- India must separate
subsidized rural power sales from urban electricity supplies to
curb mounting debts at state utilities that can't pay for
purchases from generators, a government panel said.
     Subsidies and theft caused debts to producers at the state-
run electricity boards of the country's 28 provinces and two
central territories to reach 406 billion rupees ($8.7 billion) in
February.
     Utilities must be allowed to sell bonds to raise money to
clear those debts, according to a 28-page report by the Montek
Singh Ahluwalia Expert Group.
     Forced to sell subsidized power to farmers and hurt by power
thefts estimated by the World Bank at 18 percent, India's state-
run electricity boards are unable to pay for electricity from
generators.
     Dabhol Power Co., 65 percent-owned by Enron Corp., is in
talks with India's Maharashtra state over 3 billion rupees in
unpaid bills.
     Rising debts have dragged down utilities' credit ratings and
discouraged power producers from investing in new power stations.
Power failures lasting several hours are common in most parts of
the country.
     ``If they don't recover their dues, how can they (power
companies) survive in the business of generation,'' India's
minister for power, Suresh Prabhu, said at conference called to
unveil the report.

                            Bottleneck

     If utilities cleared their debts to state-run producer
National Thermal Power Corp., which accounts for a fourth of
India's power generation, at least 8,000 megawatts of additional
capacity may be built, narrowing the gap between demand and
supply, the Ahluwalia panel report said.
     The panel, headed by Ahluwalia, until recently a member of
India's Planning Commission and now selected to head the
International Monetary Fund's evaluation office, was formed in
March after Prime Minister Atal Bihari Vajpayee met chief
ministers of all states and obtained their consensus to try to
tackle the state boards' debts.
     The report -- titled ``On Settlement of Outstanding Dues &
Capital Restructuring of the State Electricity Boards'' -- says
private investors would be interested in taking a stake in the
state-run business of power distribution only if provincial
governments take the responsibility of selling subsidized power to
farmers through a separate distribution unit.
     Separating urban and rural sales will also make it easier to
stamp out power thefts, which are ``currently camouflaged as
subsidized sales'' to farmers, the report said.

--Ravil Shirodkar in the Mumbai newsroom (91-22) 233-9029, or at
rshirodkar@bloomberg.net/ with Anindya Mukherjee in the New Delhi
newsroom, or at amukherjee@bloomberg.net /am /rhj

  Interview: Enron Chairman Ken Lay
  Date      May 10, 2001
  Time      06:00 AM - 06:30 AM
  Station   Bloomberg Information TV
  Location  Network
  Program   Bloomberg News

              Prue Lewarne, co-anchor:

              Well, right across the board at the political level, the
              corporate level, and the market level, energy is a hot
              story at the moment.

              Dean Shepherd, co-anchor:

              And Enron is, of course, a major player in that sector, and
              our Dylan Ratigan had a chance to catch up with the CEO of
              Enron at the CEO Summit in West Virginia.

              Good morning, Dylan.

              Dylan Ratigan reporting:

              Well, good morning to you.  Major player, indeed.  The
              world's largest energy trader.  Ken Lay is the chairman of
              the firm and he did speak with us last night after the
              news conference, not only about Enron but also about the
              developing crisis in California as we move into the summer.
              I asked him how long it would take to get this thing turned
              around and how bad it'll get in California before it gets
              better.

              Kenneth Lay (Enron Corp):  The higher rates, which have now
              finally been approved, which will go into effect in
              California this month, appear to be just about right
              in--for--in order to get the utilities, at least the--what
              util--SoCal Edison back on its feet and maybe PG&E out of
              bankruptcy.  But--but then again, there are so many other
              pieces to that from the standpoint of--of restructuring the
              market where, in fact, you do have direct access, consumers
              can, in fact, pick other suppliers.  And maybe, over
              time--eighteen months, two years--even the large,
              commercial industrial customers do their electricity the
              same way they do their gas.  They buy it directly and buy
              from competitors, and, of course, buy it from people other
              than the utilities or other than the state.  But I think,
              at the same token, we need to pu--be pushing very hard on
              peak pricing, much higher price during the peak periods
              this summer even, and much lower during the non-peak
              periods.  A more aggressive demand buy-down program where,
              in fact--

              Ratigan:  What about more power generation?  I mean,
              to--to offset the--the--the h--the extraordinarily high
              prices relative to any measure of history.

              Lay:  They absolutely need more generation.  I was going
              to come to that next.  And that--and that is to streamline
              the process so, in fact, you can site and build power
              plants a lot quicker.  And as you well know, through the
              whole decade of the 90s, there were no major new power
              plants built in California.  Matter of fact, their power
              generation capacity went down somewhat at the same time
              the economy's growing fast.  They've got to start building
              power plants in the state of California.

              Ratigan:  Taking this to the purely business side of--of
              power and what Enron is, to what extent has Enron benefited
              from the--the--the demand and relative shortage of power
              generation, and to what extent will Enr--Enron
              (unintelligible) continue to benefit from th--this reality
              from a power generation standpoint?  And to what extent?

              Lay:  Well, now, f--first of all, we don't have any
              generation in the state of--of California, but we are a
              major supplier, one of--one of the major suppliers to
              California, both suppliers of natural gas and electricity.
              And--and obviously, there's been a lot of volatility in
              that market, and s--it's been a very strong market.  So
              it--it has been of some benefit to Enron.  But we're not
              well-served by--by a market that's that volatile and that
              unstable.  And that's the reason we've been working very
              hard to see if we can come together with other people to
              find a way to solve it.  And again, the--the--

              Ratigan:  But you do benefit in the short term, however,
              by virtue of the higher pricing that you're able to
              gay--get for the--what you're delivering to the state, no?

              Lay:  We have--we have benefited somewhat, but keep in
              mind, we've got to buy supplies before we sell supplies
              since we don't have generation in the state, or even in the
              West, except for P--Portland General.  So, in fact, we have
              to pay high prices to buy it, and then, of course, we sell
              it at high prices.  So, again, we're getting the--we're
              getting the margin on that, a spread.  The main thing
              that's happened to Enron over the last twelve months or so
              has not been California.  It's been our EnronOnline
              activity, which has become the largest e-commerce platform
              in the world.  We're doing ever three billion dollars
              of--of business a day on it.  And, in fact, it's greatly
              increased our volume, like sixty, seventy percent
              worldwide.  And--and--and that's the main--that's the main
              thing propelling Enron's wholesale growth and profitability
              right now.

              Ratigan:  Is that why--is that why you were able to raise
              your forecast after the most recent quarter?  Is--is that
              the--is that the--the reason?

              Lay:  Yes.  No, b--but--but that was certainly a big
              factor in it because we continue to see very, very strong
              growth and volumes and, of course, even stronger growth on
              a relative basis in Europe than in--in North America.
              But--but--but--

              Ratigan:  Y--are we going to see more of it?  In other
              words, is this g--is the growth--is it coming m--still
              coming?

              Lay:  Our b--our growth in EnronOnline continues
              to--continues to occur.  And so it--it--it just continues
              to be a more powerful tool from the standpoint of--of the
              liquidity in the marketplace and allowing us to do a lot
              more transactions, letting our people to be a lot more
              productive.  I mean, over the last year, in--our
              commercial people have--have been--done five times as
              much--many transactions as they did before EnronOnline.
              So that's just substantially increasing the overall
              business and profitability business.

              Ratigan:  Last question back to California.  To what
              extent are you concerned about legal liabilities
              associated with lawsuits coming out of California to those
              that are in the business of both delivering and generating
              power to that state right now?

              Lay:  We, in fact, believe that there's absolutely nothing
              that we've done that is illegal or incorrect, and--and I
              would guess that's true of the other suppliers and the
              other generators.  I mean, this, I think, is largely a
              matter, again, of trying to demagog the issue, trying to
              distract attention from not putting in place a very
              comprehensive package to solve the problem.  And
              that--thath's what's needed right now.

              Ratigan:  And again, just late last night, Governor Gray
              Davis out in California saying that he thinks that the
              power generators should be willing to accept thirty percent
              less than they are owed.  He thinks that that will be
              necessary, he says, to keep Edison International solvent.
              Of course, Pacific Gas and Electric, a subsidiary of PG&E,
              having filed for bankruptcy just a few weeks back.

              Guys.

              Lewarne:  Dylan, thank you.

                        # # #


Return-path: <VKaminski@aol.com>
From: VKaminski@aol.com
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Date: Wed, 14 Nov 2001 23:58:42 EST
Subject: Fwd: FW: Wehadababy Itzaboy
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Subject: FW: Wehadababy Itzaboy
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From: "Kaminski, Vince J" <Vince.J.Kaminski@ENRON.com>
To: <vkaminski@aol.com>
X-OriginalArrivalTime: 19 Oct 2001 16:34:52.0037 (UTC) FILETIME=[FA0D0350:01C158BB]
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>  -----Original Message-----
> From:     Tom Arnold <tmarnol@lsu.edu>@ENRON
> Sent: Tuesday, October 16, 2001 6:00 AM
> To:   1ace@home.com; nmyers@dhh.state.la.us; janriche@yahoo.com;
> aschwartz@bus.olemiss.edu; a067@erols.com; dolanandrew@netscape.net;
> andrilli@lasalle.edu; amorgan80@hotmail.com;
> apoulsen@kudzu.terry.uga.edu; ubhattac@indiana.edu;
> jennings@indiana.edu; bbuchan@terry.uga.edu;
> john.boschen@business.wm.edu; combsc@rh.gw.utk.edu;
> Timothy.Crack@barclaysglobal.com; depken@uta.edu; dcarter@okstate.edu;
> James.W.Duncan@usa.conoco.com; eaheidt@yahoo.com;
> ge2a@forbes2.comm.virginia.edu; lefort@eatel.net; jejames@indiana.edu;
> jim@garven.com; jnetter@kudzu.terry.uga.edu; alexanj@CLEMSON.EDU;
> Joseph.McVeigh@msdw.com; kens@us.ibm.com; exliex@business.wm.edu;
> Louis.Scott@msdw.com; smaben@indiana.edu; notted@lsu.edu;
> perry_d_mehta@yahoo.com; prgarcia@uwgtol.org;
> rcklem@gsob1.bus.indiana.edu; rishockl@indiana.edu;
> rvoeks@privateadvisors.com; savickas@gwis2.circ.gwu.edu;
> seyed@flint.umich.edu; sgreen3@enron.com; ssmart@indiana.edu;
> SNAGGGLEPUSS@aol.com; shenry@wichita.edu; jsstro@business.wm.edu;
> Sven.Ruwisch@venturecap.de; Kaminski, Vince J
> Subject:  Wehadababy Itzaboy
>
> Greetings All,
>
> On October 7th at 2:57 p.m. (CST), Cindy gave birth to our son, Andrew
> Joseph Edward.  Andrew weighed in at 6 lbs. 12 oz. and is 19 3/4
> inches
> long.  This makes him a very light feather weight, but we intend to
> get his
> weight up for future Olympic competition.  Mom is doing fine but feels
> like
> she has been hit by a truck.
>
> We thank you in advance for all of your good wishes!
>
> I hope this e-mail finds everyone in good health...and perhaps with a
> renewed desire to baby sit in the bayou.
>
> Tom
> Professor Tom Arnold
> E.J. Ourso College of Business Administration
> Department of Finance
> 2155 CEBA
> Louisiana State University
> Baton Rouge, LA 70803
> O: 225-578-6369
> F: 225-578-6366

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


=======================================================
This email message is for the sole use of the intended recipient(s) and
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the intended recipient, please contact the sender by reply email and
destroy all copies of the original message.

To reply to our email administrator directly, send an email to
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http://www.brobeck.com

 - Rojoin.cmplt.PDF


Mark Haedicke is available for the conference call on Thursday, October 19,
at 1:30 p.m. Eastern time.  Please confirm what time you were able to convene
the call.  Thank you.


All,

I would be grateful if you could please confrim your rotation data by return (this is to ensure or HR systems reflect your current rotation).  Pls confirm by end of day today.

Current Rotation:
Supervisor Name:

Thanks, Karen.


please add to my schedule.
---------------------- Forwarded by Scott Neal/HOU/ECT on 10/12/2000 06:50 AM
---------------------------

David W Delainey
10/10/2000 10:12 AM
To: Janet R Dietrich/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT, Tim
Belden/HOU/ECT@ECT, Christopher F Calger/PDX/ECT@ECT, Scott Neal/HOU/ECT@ECT,
Hunter S Shively/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Thomas A
Martin/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, W David Duran/HOU/ECT@ECT, Jeff
Donahue/HOU/ECT@ECT, Rob Milnthorp/CAL/ECT@ECT, Max Yzaguirre/NA/Enron@ENRON,
C John Thompson/Corp/Enron@ENRON, Scott Josey/Corp/Enron@ENRON, Brian
Redmond/HOU/ECT@ECT, Jean Mrha/NA/Enron@Enron, David Oxley/HOU/ECT@ECT, Mark
E Haedicke/HOU/ECT@ECT, Joseph Deffner/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT,
Beth Perlman/HOU/ECT@ECT, James D Steffes/NA/Enron@Enron, Wes
Colwell/HOU/ECT@ECT
cc: Mark Frevert/NA/Enron@Enron, John J Lavorato/Corp/Enron@Enron
Subject: 2000 ENA Offsite

Guys, please mark your calendars for the 2000 ENA Management Offsite
scheduled for December 14th and 15th at the Venetian in Las Vegas.  We
envision people flying in the afternoon/evening of December 13th with the
offsite being held on December 14th and 15th.  Departure would occur the
morning of December 16th.  It is important that everyone stays for the entire
period including Friday night.  Jeff Skilling and Greg Whalley have taken
time out their schedule to speak to us on Thursday and Friday night about
Enron Corps strategy and our eCommerce/Networks strategy respectively.

A complete agenda will follow shortly.

Dorie Hitchcock will manage all the logistics.

Regards
Delainey


The colors that interest me most are black, silver, white, burgundy and champagne. I will be in Calgary on Sept. 6/7 and I will give you a call. Are you going to be in the office on those days?

Chris Dorland

 -----Original Message-----
From: 	"Varsity Ecommerce" <sales@varsitychrysler.com>@ENRON
Sent:	Friday, August 24, 2001 11:48 AM
To:	Dorland, Chris
Subject:	Re: Grand Cherokee

Hi Chris,

I don't honestly know how long they will be available as our first 2002
arrived on Monday, so that would suggest that we aren't receiving any more
2001 models.  There are still several available, but if we didn't have your
2001 in stock, I would locate it at another dealer and bring it in for the
same price.

The next step might also be to give me your top choices for colours so I can
keep an eye out for you.

By the way, my work number is 730-4000, or toll-free 1-866-881-1888.

Take care,
Dwayne

----- Original Message -----
From: <Chris.Dorland@enron.com>
To: <sales@varsitychrysler.com>
Sent: Friday, August 24, 2001 10:41 AM
Subject: RE: Grand Cherokee

> Thank you very much. How long would it take to get something like this in?
> I will be in Calgary on Sept. 6/7 and will come by and see you. Could you
> e-mail me your work phone number.
>
> Thanx
>
> Chris Dorland
>
>     -----Original Message-----
>    From:   "Varsity Ecommerce" <sales@varsitychrysler.com>@ENRON
>    Sent:   Friday, August 24, 2001 11:25 AM
>    To:     Dorland, Chris
>    Subject:  Re: Grand Cherokee
>
>    Hi Chris,
>
>    I am attaching the breakdown on a Grand Cherokee that matches your
>    request
>    as closely as possible.
>
>    The MSRP on the unit is $51,570 with pretty well every conceivable
>    option -
>    I can get you this Grand Cherokee for the cash price of $45,188
>    including
>    rebates.
>
>    Take a look at the attachment and let me know if you have any questions
>    or
>    comments.
>
>    Have a great day,
>
>    Dwayne
>
>     - Chris.RTF << File: Chris.RTF >>
>
>
>
> **********************************************************************
> 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.
> **********************************************************************
>


Attached is a final version of the Australian legal advice. You mentioned
that you may want to pass on the settled advice on to Sullivan and Cromwell.
The only on outstanding issues are;
Final tax signoff on the revised GTCs that would allow trading with a
non-resident counterparty.
We are investigating certain regulatory issues in respect weather derivatives
before we can give those the all clear to be added to EnronOnline.
Registration of "EnronOnline" as a trade mark.
There is also that issue I raised a couple of days ago in respect of an Enron
counterparty that is incorporated after a Password Agreement and ETA is
signed. How could such an entity seek damages under a contract that was made
before it existed? Although of no immediate relevance to Australia it may
have significance for Japan where I understand we are incorporating a new set
of companies. Any thoughts?

l

 - 0437047.pdf


The spinning bikes are so much better than the life cycles.  Would you
consider placing several spinning bikes out with the other exercise equipment
and running a spinning video on the TV's.  I think the equipment would be
used much more.  Members could just jump on a bike and follow the video any
time of day.

Let me know if this is possible.

Phillip Allen
X37041


Gary/Susan,

Did the INTRA-CNT-TRANS-PHY book get included in the POS-GAS-TRD portfolio?

Thanks,
Robin


James:
Here is the Final Teaser Letter to use for sending out to customers.  Please
give me a call if you have any questions.  Thanks
Ben


Perfect.  I will buy you one free coke!!

Christopher Spears
08/24/2000 11:38 AM
To: Chris Germany/HOU/ECT@ECT
cc: Brad Bangle/Corp/Enron@Enron, Katherine L Kelly/HOU/ECT@ECT
Subject: Iroquois Parking Dispute

Chris,
We paid parking fees to Iroquois for 9905 and 9906 production months:

May 1999 $1,934.42       <- included in a wire on 6/18/99 for $1,498,033.81.
June 1999 $1,872.02       <- included in a wire on 7/22/99 for $1,393,799.19.
Total  $3,806.44

If you have any additional questions, please let me know.

Thanks,
Chris


I'd like to have access, but I don't have access to "O" drive.  Can that be rectified, or is that beyond your role?

 -----Original Message-----
From: 	Arya, Sunjay
Sent:	Tuesday, July 31, 2001 10:13 AM
To:	Yowman, Andrea; Hill, Jo Ann; Kinningham, Laura; Trieschman, Paul; Pierce, Shelly; Batista, Daniel; Cook, Kathleen; Skinner, Cindy; Gray, Judy; Hill, Dave (HR); Funkhouser, Shanna; Mayes, Fran; Slone, Jeanie; Melodick, Kim; Cash, Michelle; Buck, Gary; Davies, Neil; O'rourke, Tim; Gilchrist, Scott
Cc:	Seleznov, Ryan; De Jesus, Frank; McLoughlin, Hector; Walton, Sheila
Subject:	HR Warehouse

Hello everyone!
The purpose of this e-mail is to tell you about a new program which we are rolling out that will benefit the ENTIRE ENRON HR COMMUNITY.
It is called the HR Warehouse.
It is a collection of folders located on the O Drive  which have been set up to increase communication between the various BUs' HR groups.
The idea was born out of our experiences in the HR Forum, where various members of the Enron HR community would share ideas, goings on, etc.
The primary goal is to increase efficiency.  Why re-create the wheel when it is already on the road elsewhere?
We all have a variety of programs, processes, forms, etc. which we use in our daily work life.
Through this repository, you can now share your ideas with others, and put their ideas to work for you.
Also, there is a parking lot for HR related questions, where you will be able to get answers/ advice for whatever problems/ issues you are dealing with.
The document below is the framework for this program.
The only way this will be effective, however, is for people to use it!
I am in the process of setting up security access for these folders, and need your assistance.
Can you please e-mail me a list of EE's who you feel would benefit from the HR Warehouse (actually, everyone could, but we need to restrict access!).
Also, if you have any suggestions or feedback, please let me know.
Thank you!

Sunjay

                  << File: Proposed HR Website.ppt >>


hello Mark;

I need to get the following information for the 750 kw turbines, may be  from
storm lake, lake benton 1&2  . We need these info's ASAP  , Please help !

currents all 3 phase if possible ( generator)
voltages all 3 phases if possible (generator
generator RPM, KW, generator temperature  1&2
generator rotor current ,voltage , frequency, any information the system is
recording for the rotor I would like to get it.

Can we collect the above information over all the speed range of the
generator since the turbine starts till maximum speed  (
hypersynchronous).above synchoronus

Thanks very much

Nagwa


Here it is.  And I have JUST been informed that I have to be on a conference
call tomorrow from 1-2.  Could we do our call at noon or 2 pm California
time?  Sorry for the inconvenience.

Best,
Jeff
---------------------- Forwarded by Jeff Dasovich/SFO/EES on 09/05/2000 02:30
PM ---------------------------

Tracy Cooper@ENRON COMMUNICATIONS
09/01/2000 05:56 PM
To: Richard Shapiro/HOU/EES@EES, Jeff Dasovich/SFO/EES@EES
cc:
Subject: Please forward to the group

Rich and Jeff -- I apologize -- I left you off the original distribution that
I sent about an hour and a half ago --

Thanks!

Tracy J. Cooper
Please note my name has changed from McLaughlin to Cooper
Enron Broadband Services
Government Affairs
(503) 886-0396

----- Forwarded by Tracy Cooper/Enron Communications on 09/01/00 04:00 PM
-----

	Scott Bolton
	09/01/00 11:03 AM

		 To: Tracy Cooper/Enron Communications@Enron Communications
		 cc:
		 Subject: Please forward to the group

call me first  thanks


I've entered the following deals per the lending agreement with El Paso. We'll be short 50 mw at Palo tomorrow, and this energy will need to be procured in the hour-ahead market. Please adjust our purchase from El Paso (699933) to a price of $4 after purchasing energy elsewhere, or to the appropriate price plus $4 if you purchase from El Paso. Thank you for your careful attention to this process.....

699933 - STWBOM buys EPE
	 PV/HLH
	 25 MW @ $60

699942 - STWBOM sells STSW
	 PV/HLH
	 25 MW @ $60

699944 - STSW buys EPE
	 PV/HLH
	 25 MW @ $60

If you have questions, ask me, and I'll give you answers.

Thanks,
Kate

 -----Original Message-----
From: 	Williams III, Bill
Sent:	Tuesday, July 24, 2001 9:34 AM
To:	Anderson, John; Bland, Todd; Dean, Craig; Guzman, Mark; Harasin, Leaf; Linder, Eric; Merriss, Steven; Meyers, Bert; Porter, David V.; Slinger, Ryan; Solberg, Geir; Symes, Kate; Williams III, Bill
Cc:	Symes, Kate; Gang, Lisa
Subject:	Lending (Short) for 07/25/01

Group,

We are short 50 mws for tomorrow at PV through lending with EPE.  25 mws will be under ST-SW, 25 mws will be under ST-WBOM.

We are also short 65 mws for tomorrow at SP-15.  25 mws will be under ST-WBOM, 40 mws will be under ST-CALI.

Both schedules are HE 7-22.  All deals should be under appropriate books.  Please take extra time with the EPE lending.  We would like to do this size throughout August and want to make sure they have no problems.  Details regarding prices and deal numbers will be coming from Kate.

Thanks,
Bill


Alan, I forwarded it on to the GC at ISDA and am looking forward to his
comments.  Great job.  Mark


This article puts a different spin on Monday's meeting.  It appears that FERC will consider investigating CAISO's purchasing practices and not just generator-dispatch-compliance issues. Obviously they are related but the question always is:  when will the FERC understand the connection.  (Kudo's to Steve Hall and Jeff D for alterting me to this.)

Attending the meeting for Enron will be Ray Alvarez, Dave Perrino, and myself.  Sue Mara will be available on a standby basis.  Attached are talking points I have prepared (comments are welcome) and the original invitation.

GAC

-----Original Message-----
From: Dasovich, Jeff
Sent: Friday, September 21, 2001 2:36 PM
To: Denne, Karen; Kean, Steven J.; Shapiro, Richard; Comnes, Alan; Robertson, Linda; Mara, Susan; Belden, Tim; Calger, Christopher F.; Parquet, David; Briggs, Tom; Palmer, Mark A. (PR); Hall, Steve C. (Legal)
Subject: FW: FYI -- Dow Jones report on out-of-market purchases; meeting on Monday
Importance: High

-----Original Message-----
From: Ken Smith [mailto:ken@kdscommunications.com]
Sent: Friday, September 21, 2001 4:19 PM
To: Scott Govenar; Susan J Mara; Denne, Karen; Dasovich, Jeff
Subject: FYI -- Dow Jones report on out-of-market purchases; meeting on Monday

FERC To Examine Alleged Market Manipulation By Calif ISO 	 Dow Jones <http://quicken.excite.com/images/DJBN.gif>
Updated: Friday, September 21, 2001 04:53 PM ET 	  <http://quicken.excite.com/images/email_friend.gif>  Email this article to a friend! <http://quicken.excite.com/investments/news/story/mailit/?story=/news/stories/dj/20010921/BT20010921006618.htm&symbol=PCG>
  <http://quicken.excite.com/images/printer_friendly_format.gif>  Printer-friendly version <http://quicken.excite.com/investments/news_center/article/printer.dcg?story=/news/stories/dj/20010921/BT20010921006618.htm>

By Jason Leopold

Of DOW JONES NEWSWIRES

LOS ANGELES (Dow Jones)--Federal energy regulators may investigate whether the operator of California's wholesale electricity market has been manipulating its power-purchasing practices to reduce the costs of power the state purchased under long-term contracts, according to documents obtained Friday by Dow Jones Newswires Friday.

At issue is whether the California Independent System Operator has violated its own market rules by purchasing expensive power secured by the state under contracts rather than cheaper power available in the spot market. The state's need to sell off surplus power secured under those contracts has proven embarrassing for Gov. Gray Davis, who signed $43 billion in deals to head off a summer of spiking prices and blackouts that never materialized.

The Federal Energy Regulatory Commission will hold a meeting in California Monday to address generators' complaints. The energy companies say that the California ISO's purchasing decisions are difficult to comprehend and out of line with the market, according to a letter sent by Andrea Wolfman, lead FERC counsel for market oversight and enforcement.

The letter was sent to the ISO, the California Department of Water Resources - which has been buying power in lieu of the state's struggling utilities since mid-January - and several generators, all of which were to attend the meeting.

"Recently we have become concerned that the scheduling and dispatch procedures of the California ISO, as they have had to change in the last nine months, are not well understood or are not well suited to the current market structure," Wolfman said in her letter. "The purpose of the meeting is to develop agreement between the ISO and those that participate in the scheduling and dispatch (generators, utilities, CDWR) on appropriate practices and procedures."

ISO Procedures Need Explaining -FERC

The ISO's main responsibility is keeping power supply and demand in balance on the state's electrical grid. As part of that job, the ISO determines which power plants to call into service and which suppliers to buy power from.

If the ISO can't explain how it makes its decisions, FERC may conduct an audit of the organization and investigate the possibility it has manipulated the market, Wolfman's office said.

"As discussed, FERC may schedule a technical conference and operational audit of CAISO," a second letter from FERC's market oversight and enforcement division states. "This unprecedented examination of CAISO operations could lead to the belief that complaints by generators of market manipulation and other practices by the ISO should be investigated."

The ISO's operating rules generally call for it to purchase the cheapest power first.

"The information that (generators) have provided all leads to a theory that the CAISO is manipulating the market in order to purchase surplus DWR power at high prices and protect Gov. Davis from political embarrassment," the second letter says.

The ISO has said only that the market isn't operating as intended, and declined to answer other questions about the allegations or discuss Monday's meeting.

Generators Confused

Generators, including Mirant Corp. ( MIR <http://quicken.excite.com/investments/quotes/?symbol=MIR>, news <http://quicken.excite.com/investments/news/?symbol=MIR>, msgs <http://quicken.excite.com/investments/discuss/?symbol=MIR>), Reliant Energy Inc. ( REI <http://quicken.excite.com/investments/quotes/?symbol=REI>, news <http://quicken.excite.com/investments/news/?symbol=REI>, msgs <http://quicken.excite.com/investments/discuss/?symbol=REI>), Williams Cos. ( WMB <http://quicken.excite.com/investments/quotes/?symbol=WMB>, news <http://quicken.excite.com/investments/news/?symbol=WMB>, msgs <http://quicken.excite.com/investments/discuss/?symbol=WMB>), Duke Energy ( DUK <http://quicken.excite.com/investments/quotes/?symbol=DUK>, news <http://quicken.excite.com/investments/news/?symbol=DUK>, msgs <http://quicken.excite.com/investments/discuss/?symbol=DUK>) and Dynegy Inc. ( DYN <http://quicken.excite.com/investments/quotes/?symbol=DYN>, news <http://quicken.excite.com/investments/news/?symbol=DYN>, msgs <http://quicken.excite.com/investments/discuss/?symbol=DYN>), have bought apparently inexpensive power in the ISO's spot market only to find weeks later that the price was much higher. That's because, according to the allegations, the ISO is letting DWR supply expensive power into the market as "out-of-market" purchases that aren't averaged into the real-time prices that ISO market participants see.

DWR continues to buy out-of-market power regularly at the ISO's request, DWR operations chief Pete Garris has said, but those purchases are being made in the spot market and are never being satisfied by power from DWR's long-term contracts.

The out-of-market purchases appear to be expensive, however. According to the ISO's August market report, the average out-of-market price for peak hours was $55.90 a megawatt-hour, compared with $26.49/MWh on the ISO computerized market. Brokered prices of western electricity have been lower than the out-of-market prices for months.

None of the companies mentioned was willing to comment on the record.

The meeting is scheduled to be held at the ISO's headquarters in Folsom, Calif., and representatives from power producers, utilities and the state are expected to attend. FERC will serve as facilitator, Wolfman said. The meeting isn't open to the public.

The meeting will begin with a presentation by the ISO on its practices and operational procedures, followed by adjustments that may be needed to improve the market.

"The objective is to develop a written set of procedures that is agreed to by all the market participants and that is consistent with good utility practices," Wolfman said in the letter.

-By Jason Leopold, Dow Jones Newswires; 323-658-3874; jason.leopold@dowjones.com <mailto:jason.leopold@dowjones.com>


FYI
---------------------- Forwarded by Brent Hendry/ENRON_DEVELOPMENT on
28/02/2000 08:14 AM ---------------------------

Alexandre Bueno
25/02/2000 07:11 PM
To: BCC
cc:  (bcc: Brent Hendry/ENRON_DEVELOPMENT)
Subject: Merril Lynch LATAM UTILITIES: Cemig and Chilean Regualtory Reform
02/2000

Investment Highlights:

* A swift victory in AES/Southern's new federal appeal would be a
strong short-term catalyst. Although the STJ should be more politically
neutral than the MG courts, at this stage a favorable outcome is still far
from assured.
* Even if the partners are reinstated under an injunction, the
original lawsuit is still expected to run for several years; ongoing
conflict with the State will likely weigh on Cemig's fundamental performance
and valuation.
* Cemig's stock is down by 10% since we initiated coverage on January
13 and, at 5.0x 2001E cash flow, downside risk is now more limited.
Considering the ongoing risks, however, we still see more fundamental upside
in Copel (ELP; D-1-1-7; US$8 1/16).
Fundamental Highlights:
* AES/Southern filed a new injunction with the STJ, a federal court in
Brasilia. This seems designed to fast-forward the dispute into a more
neutral political arena.
* A previous direct appeal to the STJ was rejected pending the state
ruling. While a similar rejection is possible this time, the STJ could issue
its first ruling as early as this week.

http://ei-sp-data01/biblioteca/merrill/cemig_02_2000_I.pdf

Investment Highlights:

* Following the rejection of their second federal appeal today,
AES/Southern must now wait for the state court (TJMG) to issue its final
verdict before taking further action.
* Although a final state court opinion is due imminently, the federal
court's latest ruling opens the risk that Minas Gerais will continue
stalling the process at the state level.
* We still believe that the legal battle will drag on longer than
generally expected. In addition, even if the partners are eventually
reinstated under an injunction, ongoing conflict with the State (the
original lawsuit may run for years) will likely weigh heavily on Cemig's
fundamentals and stock performance.
Fundamental Highlights:
* The STJ, a federal court in Brasilia, today rejected the most recent
protective injunction filed by AES/Southern in their battle with the MG
government for control of Cemig.
* In rejecting AES/Southern's injunction the STJ upheld an action
filed by Minas Gerais on Tuesday. The State argued that there were no
material developments since STJ's rejection of a similar AES/Southern appeal
late last year.

http://ei-sp-data01/biblioteca/merrill/cemig_02_2000_II.pdf

Investment Highlights:

* AES/Southern executives will likely return to Cemig following
yesterday's ruling. Even so, ongoing legal conflict with the State and the
suspended veto rights will likely weigh on fundamentals and stock
performance.
* We expect the stock to remain volatile, but essentially range-bound.
Periods of optimism are as likely to be offset by disappointment with the
protracted ongoing legal process.
* Stories of a possible buyout of AES/Southern have circulated
recently in the news media. We view these as both improbable and not
necessarily positive.
Fundamental Highlights:
* The latest step in AES/Southern's legal battle with the Minas Gerais
government came yesterday with the TJMG (state court) clarifying its
previous divided verdict. The outcome effectively confines AES/Southern to a
minority shareholder position.
* Next steps are contingent on the publication of the official TJMG
ruling which may yet take 30 days or more. An appeal to the STJ (federal
court) may now be allowed, although further rounds at the state level cannot
be ruled out.

http://ei-sp-data01/biblioteca/merrill/cemig_02_2000_III.pdf

Investment Highlights:

* Following two years dominated by drought and corporate activity,
regulatory reform will be a key investment driver for the Chilean electric
utilities during 2000. On January 25, the National Energy Commission (CNE)
published draft legislation which, so far at least, has been met with
studied silence on the part of the companies.
* With a new Government due to take office on March 11, it is very
unlikely that the current draft will be the final one. In addition, the
approval process for any new legislation of this nature is likely to take at
least several months. Substantial revisions are expected, but to the extent
that elements of the draft are eventually incorporated into final
legislation, we would see negative investment consequences for most of the
leading Chilean electricity stocks.
* While aware that the draft is by no means definitive, our intention
in this report is to use the proposals as a framework to discuss key
regulatory areas where changes to existing legislation are anticipated.

http://ei-sp-data01/biblioteca/merrill/chile_02_2000.pdf


Don Kirkendahl (in your Houston office 713-350-8445) contacted me yesterday.
He is requesting copies of the transport invoices.  Should I give the
invoices to him or should I send them to Charlie?


Rob,  Attached are redlined versions of the Lost Creek Docs displaying the
revisions we had discussed some time back.  Please review and let me know of
any issues you see with respect to the financing.


-----Original Message-----
From: 	Peter Melera <pmelera@calpine.com>@ENRON [mailto:IMCEANOTES-Peter+20Melera+20+3Cpmelera+40calpine+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, September 25, 2001 9:00 AM
To:	'dschool@enron.com'; West Real Time Group
Subject:	southpoint

 - Southpoint Gas Model.xls


Joe,

Sally is out of the office, but wanted me to forward the message that she had
reviewed the draft that you put together regarding power trading and she
doesn't have any comments.

Patti
x-39106


SERC- For Saturday SOCO was on the bid  in the mid 40's during the afternoon
peak.  They were buying up to 500mw from FPL.  The Florida utilities were
sellers due the rains they were getting in the afternoon.  SCEG was a low
30's bid during the afternoon bid.  Duke was flat all day.  OPC was also a
hig 30's bid much of the afternoon.  We managed to sell SOCO 200 mws for 2
hours until TLR's ended the sale.

 -For Sunday SOCO was a low 20' bid in the morning and in the afternoon was a
low 30's bid.  Duke was seller  in the mid 30's all day.  SCEG was also an
hourly seller, unfortunately SCEG was limited to where they could go.  DUKE
and VEPCO will have hourly to sell for Monday.

FRCC-For Saturday Florida was a seller due to rains over much of the state.
FPL was offering 60's much of the day.  They were a big seller to SOCO much
of Saturday.

 -For Sunday things were a little different.  FPL was a bid in the low 60's
for the afternoon peak.  By afternoon time TLR's prevented any power from
going into Florida.

ERCOT- For Saturday an afternoon schedule traded for $75 and after this went
through ERCOT prices went up.  WE sold $75  to Reliant for HE 16.  For HE
17-19 no power was to be found in ERCOT.  HLP was $100 bid for these hours.
TU would not show us bid for these hours.

 -For Sunday power was offered out at $55 with no bids(low 30's bids).  No
transmission avail. for HE 14-19 going up to the North.