Caroline:

No Deemed ISDA, we decided that yesterday for the long-dated deal.

We are working on the draft masters for emailing.  Please send me the
information about your counterparties' lawyers so we can begin negotiating.

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

	Caroline Abramo@ENRON
	04/25/2001 06:42 AM

		 To: Sara Shackleton/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Fred Lagrasta/HOU/ECT@ECT, Paul Radous/Corp/Enron
		 Subject: Valentis and CD Holdings

Please send the draft ISDAS to:

Marty Lifgren- mlifgr@wexford.com
Charles Davidson- cdavid@wexford.com

We agreed that the fastest way to proceed wwas to send the ISDA or can we
still send the deemed ISDA?.


I have asked Twanda to set up a short call.
 -----Original Message-----
From: 	"Robert Nelson" <JRNELSON@LLGM.COM>@ENRON [mailto:IMCEANOTES-+22Robert+20Nelson+22+20+3CJRNELSON+40LLGM+2ECOM+3E+40ENRON@ENRON.com]
Sent:	Thursday, September 20, 2001 1:54 PM
To:	Sanders, Richard B.
Subject:	cALL

Are we going to have a call to discuss (1) our position vis-a-vis SCE, (2) funding of the PX bankruptcy and (3) the Weg settlement proposal?  Bob

"This e-mail, including attachments, contains information that is confidential and it may be protected by the attorney/client or other privileges.  This e-mail, including attachments, constitutes non-public information intended to be conveyed only to the designated recipient(s).  If you are not an intended recipient, please delete this e-mail, including attachments, and notify me by return mail, e-mail or at (insert your telephone number).  The unauthorized use, dissemination, distribution or reproduction of this e-mail, including attachments, is prohibited and may be unlawful.
J. Robert Nelson
725 Soth Figueroa St, Los Angeles, Ca. 90017-5436

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

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


We have scheduled a meeting to address the status of our discussions with GE,
and develop an organized approach to some issues.  The meeting will be held
at 130 in EB 38C2.

See you then,

Kay


-----Original Message-----
From: 	Calo, Andrea
Sent:	Tuesday, September 18, 2001 7:37 AM
To:	Richard B Sanders/HOU/ECT@ENRON
Cc:	Guerriero, Michael
Subject:	Tomorrow's Conference Call
Importance:	High

The criminal attorney has a prior appointment and won't be able to make our 11:00 AM Houston time call.  Guido would like to know if there is any chance it could take place at some other time.

Regards,

Andrea


In order to get you phone service here, the phone people want your passport
number since you don't have a social security number.  Can you provide it to
Joyce Dorsey, an assistant here in Legal.  She's working with Sylvia to get
your office set up.  Thanks!


I sm preparing to open up a bidding activity for the subject Pipeline which
is approximately four miles of 12" pipe under account # 3224.  The nbv is
$18,901.

I have dusted off my list of salvage bidders and under separate cover will
publish these seeking additions or deletions from any of you who care to
contribute.  ;I am assuming that this pipe is not viably operating and would
appreciate any information in this regard if I am incorrect.

As for now, I would like a sample Purchase and Sale Agreement and a
Confidentiality Agreement that I may use with my solicitations.  This would
include some type of alignment sheet depicting the pipe and its legal
description, etc.  You are all seasoned in knowing what level of data I need
at this stage of the offer.

I already have at least one interested party in this and would like to move
forward as soon as possible to get this on the table for bids.  I would
appreciate receiving the necessary materials by October 31, or information of
how I can contribute to this activity.  Also, please let me know if there is
someone else I should copy on this.

Thank you in advance for your assistance in this endeavor.


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Attached is an invitation via e-mail inviting you to the Fall General
Meeting of the Western Power Trading Forum.

Gary Ackerman


Attached are CES's latest volume reqs. for March 23 and beyond.

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

 - 03-23-00 daily volsAM.xls


Is it possible that the Gas Daily swaps that you set up for the west are not
mapped for our other gas dailly locations??

That may be the cause of some of our confusion


Gentlemen,

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

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

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

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

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

Look forward to your views.

Thanks.
Justin


Michael

David (F) forwarded me a query from yourself re. long form descriptions.

I attach a note that I sent to David Minns recently summarising how a long
form description will be built on Online using attributes of the underlying
products and concatenating descriptive passages associated with them. Can we
have long descriptions in this format?

M

Mark Dilworth
02/02/2000 01:38 PM
To: David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: David Forster/LON/ECT@ECT, Paul
Smith/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark Taylor/HOU/ECT@ECT, Paul
Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Allan
Ford/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: Australian Power: EOL Long Form Description

David

Being consistent with the local Australian Power conventions is key - so
please proceed with your original format.

I have whittled down the attachments to just reiterate my original comments
on the ordering that would currently be generated by the system (which would
concatenate descriptive text elements according to the underlying attributes
of a product selected).

I feel certain we will be able to accomodate any specific ordering
requirements - either through manipulating the descriptive passages or
writing rules specific to your product types - if the current rules will
suffice, however, that will save some effort.

rgds

M

I have reviewed the language sent by Paul.

The description is broken down into 8 paragraphs - for the record:

Paragraphs 1, 2, 3, 7 all cover details usually covered in the Product Type
description (7 is actually settlement date[s] for which we do not have a
separate attribute).

Paragraph 4 is reference period.
Paragraph 5 is Index.
Paragraph 6 is loadshape.

These look fine to me - subject to my observations on whether we can use the
'Averaging' language.

Paragraph 8 covers 2 attributes - currency (looks fine) and Unit of Measure -
for which I suggest we go with our current language for MWh - which details
that the volume submitted by the counterparty is MWh per hour.

---------------------- Forwarded by Mark Dilworth/LON/ECT on 02/16/2000 10:31
AM ---------------------------

David Forster
02/15/2000 02:50 PM
To: Mark Dilworth/LON/ECT@ECT
cc: Elena Kapralova/LON/ECT@ECT, Dale Neuner/HOU/ECT@ECT

Subject: EnronOnline

Mark,

Do you know what this is about - or what changes on the system are
represented by the attached documents?

Dave

---------------------- Forwarded by David Forster/LON/ECT on 02/15/2000 02:48
PM ---------------------------

Michael Sim@ENRON_DEVELOPMENT
02/15/2000 06:18 AM
To: Elena Kapralova@ECT, Dale Neuner@ECT
cc: Paul Smith/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, david forster/LON/ECT@ECT

Subject: EnronOnline

Elena, Dale

We have just tested the EOL test web site and still have not seen the changes
to the Long Form Descriptions. If there is anything we can do to help get
this put through, ASAP, please don't hesitate to contact me.

Kind regards

Michael Sim
---------------------- Forwarded by Michael Sim/ENRON_DEVELOPMENT on
15/02/2000 16:16 ---------------------------

Michael Sim
09/02/2000 15:10
To: Elena Kapralova@ECT, Dale Neuner@ECT
cc: Paul Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: EnronOnline

Hi

I am working in Australia with Paul Smith to get EOL rolled out.

Paul has asked me to send you the following documentation covering the final
LF descriptions.

Should you need anything else, please don't hesitate to contact me.

Kind regards

Michael Sim


FYI.

8 State Power Contracts Seen as Bad Deals
Energy: The long-term pacts require the purchase of too much electricity at too high a price for too long, a study finds. Immediate renegotiation is urged.
By VIRGINIA ELLIS and NANCY VOGEL
Times Staff Writers

September 30 2001

SACRAMENTO -- At least eight of the long-term contracts to buy electricity that California officials signed this year are so egregious that they should immediately be renegotiated, according to a new, detailed study.

The biggest problems are so-called "take or pay" clauses that require the state to buy large quantities of expensive power even if there is no demand for it, the study said.

The contracts will saddle Californians with high electricity rates for the next decade because the state negotiated many deals that require the purchase of too much energy at too high a price, according to the analysis, which was sponsored by a coalition of consumer, environmental and renewable energy groups.

Between January and September, the state Department of Water Resources entered into 53 agreements to buy electricity for customers of the state's three investor-owned utilities, which have been unable to buy power on their own. The longest of the contracts would last 20 years, and overall, the pacts are estimated to cost $43 billion over the next two decades.

Power generators did not rule out the possibility of renegotiating at least some contracts, but said any move to do so would have to be requested by the state.

"If we receive a request and it makes sense for both parties to restructure the contracts, we will consider it," said Joe Ronan, a senior vice president for San Jose-based Calpine Corp. But, he said, the company has "no intention of asking for renegotiation" on its own.

Jan Smutny-Jones, executive director of the Independent Energy Producers, a trade association for electricity generating companies, said other members of his group might also consider renegotiation. So far, he said, "I don't see any realistic legislative or regulatory efforts to push it in that direction."

And he said the producers would oppose any efforts to force them back to the bargaining table. "We'd take strong exception to involuntary renegotiations," he said.

For his part, Gov. Gray Davis would be open to renegotiations, said his spokesman, Steve Maviglio, but only if power generators show a willingness to return to the bargaining table.

"Would we love to get a better deal?" Maviglio said. "Of course we would, but the contracts we negotiated helped us get in the positive position we are in now, and if the generators were willing to renegotiate the contracts, we'd be the first ones at the table."

S. David Freeman, who led the contract talks last winter on behalf of the state, said critics miss the larger purpose of the agreements. When the state began negotiating contracts, California had just suffered two days of rotating blackouts. The contracts tamed the market and eliminated the blackout threat, he said.

"Insurance is insurance, and it costs a little bit," said Freeman, "but it's a good thing to have."

But William B. Marcus, chief economist for JBS Energy, which conducted the three-month study, noted that at least one of the most troublesome agreements was signed in July--weeks after the market had stabilized and prices had declined.

The study of the contracts was sponsored by the Center for Energy Efficiency and Renewable Technologies and was financed by a $200,000 grant from the San Francisco-based Energy Foundation. It was conducted by JBS, a consulting group.

The study singled out for criticism:

* A deal with Sempra Energy, parent company to San Diego Gas & Electric, which Marcus called the most expensive and inflexible of all the contracts. Over the life of the pact, he calculated, Sempra would earn $1.2 billion more than the California Energy Commission estimates unregulated power should cost.

The contract lasts until 2011. For each year, it requires the state to buy large amounts of power at fixed prices whether it's needed or not.

* A deal to buy electricity from small Northern California power plants owned by Calpine Co. that have yet to be built. The plants will be "peakers," designed to run in short bursts when electricity supplies are tight, such as on hot summer afternoons. The state agreed to pay Calpine $90 million a year for five years simply for the right to buy 495 megawatts of electricity.

"They get $90 million a year on plants that cost $250 million," said Marcus. "That's huge. You get your money out in three years. If a utility had built these power plants, they would have charged half as much."

* A deal with Alliance-Colton LLC to buy the output of two inefficient peaker power plants in San Bernardino County. The deal commits the state to pay $207 million through 2010 whether or not it uses any of the 72 megawatts of electricity.

* An agreement to pay $150 per megawatt-hour for two years--more than twice the average price of $69 per megawatt-hour of all the contracts--for power from several aging plants that Mirant Corp. of Atlanta owns in the San Francisco Bay Area.

* A contract the state signed in July to buy power from Pacificorp, a private utility based in Portland, Ore. Pacificorp agreed to sell electricity at a fixed price of $70 per megawatt-hour. That price could have looked reasonable at the height of last winter's crisis, but it was double what energy sold for when the contract was signed.

* Contracts with two power marketing companies for electricity generated by the same Southern California plants. The difference in price shows what a poor deal the state got under one of the contracts, the study said.

One of the marketers, Allegheny Energy Supply Co., agreed to sell from 150 to 1,000 megawatts from March 2001 to December 2011 for a straight $61 per megawatt-hour.

But a second marketer, Williams Energy Marketing & Trading Co. got a nine-year contract to sell from 35 to 600 megawatts from the same plants for $62.50 to $87 per megawatt-hour.

"When you compare those two contracts," Marcus said, "you know you've got a dog here. I think Williams showed up earlier, and the state was desperate."

* An agreement with Dynegy Corp. of Houston that requires the state to pay for emissions credits and upgrading of pollution control equipment on the firm's California-based plants. The contract puts no ceiling on those costs, Marcus said, and it is unclear how high they are likely to go.

* A pact to buy electricity from a plant being built in Victorville by a partnership between Inland Energy of Newport Beach and Constellation Power Development of Baltimore. The state agreed to a price of $58 per megawatt-hour, but is obligated to take all of the power, 24 hours a day, seven days a week.

Marcus, a Harvard-trained economist who has 23 years of experience with electricity and gas utility issues, said the brunt of the financial pain from the contracts will not be felt by consumers until after the next election, when the pacts significantly increase the amount of power the state buys. He said 96% of all the electricity purchased under the contracts becomes available--much of it on a take or pay basis--after next summer.

Those large power buys will come when the state is expected to have energy surpluses because of increasing supply and a decline in demand driven by higher prices.

"The state has agreed to buy too much power, often for too long a period, at too high a price, and much of this power is simply too dirty," said V. John White, executive director of the Center for Energy Efficiency and Renewable Technologies. "To make matters worse, almost all of these contracts are dependent on one price-volatile fuel: natural gas."

When the state began negotiating contracts in January, electricity prices averaged $177 per megawatt-hour and sometimes spiked higher than $1,000 per megawatt-hour. By June, the average price had fallen below $100. Lately, prices hover around $30 per megawatt-hour, similar to the cost California enjoyed before prices went haywire.

Marcus was particularly critical of one element of the Pacificorp contract: a clause that prevents the state from taking advantage of the plummeting price of natural gas until after 2003. The price of natural gas, the main fuel used to run power plants in California, began to jump last fall but has plummeted since spring.

Another weakness of the contracts, Marcus said, is that they lock the state into further dependence on gas. For the prices California will pay under these pacts, residents could have made a greater investment in power generated by the sun, wind or other renewable sources for the same price or cheaper, he said.

Windmills and solar panels would help buffer against natural gas price spikes, he said. Renewable sources of power also don't release air pollution and gases that contribute to global warming, he added.

"I'm paying to buy something that really isn't the right thing to buy," Marcus said.

"I don't want to pay Williams $69 a megawatt-hour to generate lots of inefficient gas-fired power that I have to take that's going to increase global warming and increase pollution in the South Coast Air Basin."


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

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

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


Woodside just advised me that they are running behind schedule and will not
be at Enron until 3:00.  The agenda will be as follows

3:00 - 3:30        Meet with Greg Whalley

3:30 - 4:00        LNG Discussion with Les Webber and Kurt Lindahl

4:00 - 5:00 ECR Asset Discussion

Attendees from Woodside will be Agu Kanstler (Director of New Ventures),
Chris Cronin (Director of Corporate Strategy), Trevor Wilson (General Manger
- Woodside USA), Graham Jeffery (Business Analysis and Planning Manager) and
Sam Langford (Consultant)

Meetings will be held in conference room EB3335 except for the meeting with
Greg which will be determined.
I apologize for the inconvenience and the reschedule but it is out of my
control.

Please call if there are any questions

Thanks,
Scott Josey


[IMAGE]
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Start Date: 1/24/02; HourAhead hour: 16;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002012416.txt


Mark

Congrats on your new role heading up the legal team for financial trading
and Networks!  Now that you're the new Networks guru, I thought you might be
interested in the attached front page story in the most recent Texas Lawyer
regarding our Firm's e-commerce practice (and specifically our work for
Trade-Ranger, the BP/Shell/Occidental/etc. B2B exchange).   We'd like to
introduce you to Rick Bays and Chip Rainey  (or reintroduce you to Rick) to
explore ways in which they can help Enron in its e-commerce initiatives --
they really do know their stuff better than anyone else in this region.
Don Wood or I will follow up with you on this soon.

Let me know!

  _____

TEXAS LAWYER, Oct. 2, 2000

  _____

The Need For Speed

Want to Do Legal Work for a B2B Company? Better Put on Your Running Shoes

by BRENDA SAPINO JEFFREYS

Talk about moving at Internet speed. Locke Liddell & Sapp lawyers John
"Chip" Rainey and Richard Bays met with officials at Trade-Ranger, a new
business-to-business company in Houston, at 9 o'clock one morning in May.
Less than six hours after they gave their pitch at a beauty contest, Rainey
was toiling away at the company, then known as Energy and Petrochemical
Exchange.

"If you are going to represent e-commerce clients, you better respond in
e-speed because that's how fast it goes," says Bays, head of the firm's
technology and commercial transactions group. "That's the sort of mentality
that really is prevalent in the startups - whether it's an Internet startup
with a large corporation or two people in the garage."

Since that hectic day in May, Rainey has spent virtually all his working
hours at Trade-Ranger's temporary offices in Houston, helping the global
Internet marketplace gear up for operations, which began Sept. 25. While
it's unusual, but not unprecedented, for lawyers to work at a client's
offices, Rainey, an associate, isn't the only one on temporary assignment at
Trade-Ranger. Every one of the approximately 100 people working at the
fledgling exchange company is either a consultant or an employee of one of
the 14 founding companies in the B2B company.

Even the two energy-industry executives heading the company are seconder
(on-loan employees).

Rainey says he is essentially acting as a general counsel and running a
legal help desk, where Trade-Ranger workers can get quick reviews on legal
issues. The questions most often deal with are human-resource issues as the
company prepares to staff up with permanent employees, with immigration
issues related to visas, or with rules and regulations on imports and
exports.

Locke Liddell lawyers also are helping on antitrust issues, which is a
concern since the investors in the new company are 14 energy and
petrochemical companies from around the world. Some compete.

Rainey says while Trade-Ranger did not go through a Hart-Scott-Rodino
process, two of the investors, BP and Royal Dutch/Shell, chose to file with
antitrust regulators in the United States. The Federal Trade Commission and
the U.S. Department of Justice took no actions on those filings, he says,
effectively giving approval to the business plan.

Meanwhile, BP and Shell, along with investors The Dow Chemical Co., Tosco
and Unocal, filed similar paperwork with the European Union's Mergers
Taskforce, he says. That agency also did not object, according to Rainey.

The Trade-Ranger business plan calls for setting up an online marketplace
where members can buy everything they need to do business and also sell
products to other members. Peter Lamell, one of two interim chief executive
officers, says it should reduce costs for members. They are aiming to
develop a way of using e-commerce to make the purchasing process more
efficient and speedy, he says.

The membership is open, although it's targeted at the energy industry.
Products sold through Trade-Ranger will include drill bits to gas pumps to
cans of oil found on convenience store shelves. It's not an exchange for
energy commodities.

The Right Culture

Trade-Ranger has been moving at e-speed from the start.

Lamell, who was global vice president for Shell Internet Works before taking
the temporary assignment at Trade-Ranger, says he and a handful of people
from a number of companies came together in Houston in April to get the
company up and running. The workers hail from 16 countries, says Lamell, who
has spent much of his career with Shell in Australia.

Lamell says he flew into Houston on a Wednesday and by Sunday the first
group of on-loan employees was moving into temporary offices. A month later,
Trade-Ranger held a beauty contest for Houston firms with experience in the
energy industry and with dot-com companies. (Lamell won't identify the other
contenders.)

Locke Liddell got the job because Bays and Rainey were enthusiastic, Lamell
says, noting that everyone at Trade-Ranger has been working 16-hour days,
often seven days a week.

"That's pretty important for us because we are really trying to build the
right culture," says Lamell.

Clearly, speed is part of that culture.

Rainey says he and Bays interviewed for the job at 9 a.m. with the BP
executive who is the interim chief financial officer for Trade-Ranger. At 10
a.m., they got a call asking them to respond - via e-mail - within an hour
to six questions. Rainey says the questions were interesting. The
Trade-Ranger executives wanted to know, for instance, how the executives
would bill the company, and then to list their six top concerns with an
Internet exchange.

"I found it very refreshing that they were questions aimed at the legal
issues instead of clearly r,sum,-type questions," Rainey says.

The firm was hired under an alternative fee arrangement that includes an
hourly component, he says.

Rainey says he has spent 95 percent of his working time at Trade-Ranger, or
on company projects, since he started working there. Others from the firm's
technology group working at Trade-Ranger are associates Berne Kluber and
Barbara Radmonovich and senior counsel Jill McDonald.

The work for the startup runs the gamut, he says, including contracts for
the company's permanent offices, intellectual property work related to the
firm's branding, trade issues stemming from the import and export of goods,
and employee benefits packages. Antitrust questions come up across the
board, he says.

"We want to make sure that not only de facto, but de jure, they are neutral
and fair and don't do anything that's anti-competitive," he says.

Initial funding for Trade-Ranger is coming from the 14 shareholders. There's
no timeframe for an initial public offering, according to Rainey and Lamell.
Revenues will come from membership fees and transaction fees, and later,
auctions, Rainey says.

Lamell says Trade-Ranger will staff up this fall and have about 100
permanent employees in place by the end of the year. Because the
organization will be lean, he says many functions will be outsourced, such
as accounting and communications. There are no plans to build an in-house
legal department, Rainey says.

Beauty Contests

Firm consultant William Cobb of Houston says he expects more and more
companies, especially startups in the New Economy, to require outside
lawyers to work on site. While startups typically cannot afford to hire a
general counsel right off the bat - or need time to find the right one -
they have a constant need for legal advice. An outside counsel working on
site can solve that problem, he says.

"They are making deals so fast they don't have time to call a lawyer," he
says.

Cobb says firms need to accommodate requests to truly provide seamless
service, even though that can require firms to shuffle work among lawyers
back at the home base. But he suggests that clients will be more satisfied
because they get full attention from lawyers who are in the building.

"When you get them back in the office, they are going to be torn,
[thinking], 'I've got a telephone call coming in from blah blah and a
telephone call coming in from so and so,' " he says.

To a degree, though, it's a paradox for dot-com companies to want a lawyer
down the hall rather than a mouse click away, suggests Kenneth Hawari, head
of the corporate section at Hughes & Luce in Dallas.

"You would think Internet companies particularly would be perfectly
satisfied to handle things virtually, but frankly they are like any other
client that wants proximity," Hawari says.

Hawari and Terry Schpok, a partner in Akin, Gump, Strauss, Hauer & Feld,
another firm targeting New Economy clients, can cite recent instances when
their firms have been hired in speedy fashion by a dot-com following a
beauty contest.

Schpok, a partner in Akin, Gump in Dallas and chairman in Texas for Akin
Gump Technology Ventures, says it's because New Economy companies often have
pressing legal needs. Sometimes they don't even realize how much they need a
lawyer until after they hold a beauty contest and contestants point out some
areas where they might run into problems without legal advice.

"An old economy, large company that conducts a beauty contest with law firms
is looking at it as interviewing potential service providers," Schpok says.
"An early-stage company is looking for a strong ally with significant
resources."

Copyright 2000, Texas Lawyer. All rights reserved.

law.com/texas Home <http://www.texlaw.com/>


To Brandon Wax - please get all critical info on Kiodex to Dave Forster so he can take this relationship over and make the right calls on this going forward.

GP
 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Wednesday, December 12, 2001 8:12 AM
To:	Koehler, Anne C.; Richter, Brad; Piper, Greg; Lees, Lisa; Forster, David
Subject:	RE: Kiodex

Sell the shares.

 -----Original Message-----
From: 	Koehler, Anne C.
Sent:	Tuesday, December 11, 2001 5:48 PM
To:	Richter, Brad; Piper, Greg; Lees, Lisa; Kitchen, Louise
Subject:	Kiodex

Raj Vaswani, the general counsel for Kiodex, called me to pass along two messages:

1.	If a new  joint venture is created to resurrect EnronOnline, Kiodex would be interested in pursuing a business relationship with the new joint venture.  I told him that it was much too early to predict whether this would be of interest to a new trading company, but I told him I would relay Kiodex's interest to you.

2.	Kiodex may be interested in repurchasing the shares in Kiodex currently owned by Enron Net Works LLC.  He did not know what the price would be, but wanted to know if we would be interested.  Since Net Works is a filed company, we would probably have to get the bankruptcy court's approval to sell.   I assume that if the price is right we are interested in pursuing this.  Let me know.

Thanks, Anne


Please join us in congratulating the following EES employees on their recent promotions:

DIRECTOR
Jeffrey Gale
Edward Hamb
Mary J. Johnson
Jeanette C. Reese
Lyman G. Wilkes
Catherine Woods

MANAGER
Marcus Dotson
Matthew Fleming
Pearce Hammond
Joseph Hui
Mary John
Christine Labombard
Jo Ann Lavine
John J. Mackel
Jun Wang

SR SPECIALIST
Amy Adams
Rebecca Brakke
Kimberly Brown
Jeremy Corbitt
Rajesh Dhir
Alain Diza
Lori Geiger
Matthew Guinn
Jennifer Hillegonds
Lisa Jackson
Jennifer K. Johnson
Anate Kor
Steven Q. Nguyen
Tobey Roquemore
Jennifer E. Rudolph
Jacqueline A. Simpson
Gregory I. Steagall

SPECIALIST
Brian Dazey
Christine S. Weber
Karen L. Williams

ASSOCIATE
Roberto Martinez Jr.
Adrian Woolcock

COORDINATOR
Joey Morrow
Lily Reynosa

SR ADMINISTRATIVE ASSISTANT
Gabriela Perez

ADMINISTRATIVE ASSISTANT II
Juanita Delgado
Ana L. Trevino
Teri Tyeptanar


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 09/07/2000
04:39 PM ---------------------------

"SOCORRO HERNANDEZ" <SUHERNAN@LLGM.COM> on 09/07/2000 03:27:26 PM
To: <Judy.Hernandez@enron.com>, <irenepepe@hotmail.com>, "CATHERINE BROWN"
<CLBROWN@LLGM.COM>, "VIVIAN FARRELL" <VFARRELL@LLGM.COM>,
<bandama@ssa.co.orange.ca.us>, <maryloulou@yahoo.com>
cc:
Subject: BLONDES...CANNOT EXPLAIN THEM

<<
>
>
>                          BLONDES....CANNOT EXPLAIN THEM
>
>One morning, a blonde called her boyfriend and said, "Please come over and
help me. I have this awesome jigsaw puzzle, and I can't figure out how to
start it."
>
>Her boyfriend asked, "What is it a puzzle of?"
>
>The blonde said,"From the picture on the box, it's a tiger."
>
The blonde's boyfriend figures that he's pretty good at puzzles, so he heads
over to her place. She lets him in the door and shows him where she has the
puzzle spread all over the table. He studies the pieces for a moment, then he
studies the box.
>
>He then turns to her and says, "First, no matter what I do, I'm not going to
>be able to show you how to assemble these pieces to look like the picture
>of that tiger."
>
>"Second, I'd advise you to relax, have a cup of coffee, and put all these
>Frosted Flakes back in the box.


FYI,

Powell-Clinch has signed our Master,  I should receive same on Monday.

Weirton Steel  has a confirm for execution with special language, Jennifer
Shipos is the trader,  expect confirm to be signed today.

UGI Utilities, Inc.   left message again today.

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


FOR IMMEDIATE RELEASE December 1, 2000
GOVERNOR DAVIS RESPONDS TO FERC WITH INITIATIVES ON ELECTRICITY PRICES,
SUPPLY
SACRAMENTO - Responding to a draft proposal by the Federal Energy Regulatory
Commission (FERC), Governor Gray Davis today announced several initiatives
to ensure reliable and affordable electricity in California.
In a letter to the federal regulators, the Governor outlined a variety of
regulatory and legislative actions to keep the state,s electricity prices at
the lowest reasonable cost. They include innovative measures to encourage
the siting of power plants in compliance with the state,s environmental
laws, restructuring the state,s power-buying agencies to eliminate conflicts
of interests, and promoting energy conservation and voluntary cutbacks by
larger users during periods of high electricity demand.
"If you do your job of protecting consumers by rectifying the wholesale
markets, the steps I have to take can be transitional in nature and limited
in scope," wrote Gov. Davis, who also reiterated his call to FERC to order
retroactive refunds to San Diego and Orange County consumers, and to impose
price caps on the price of wholesale electricity. "I cannot in good
conscience, however, forego any measure that would serve to protect the
people of California until I am satisfied that the sellers in the wholesale
markets will not victimize Californians again."
Governor Davis, who inherited the problems of deregulation as a result of
legislation signed by Governor Pete Wilson in 1996, said that "The free
market applied to electricity can work, but only if market conditions allow
for real competition, and if all parties act responsibly." The Governor
added "Even though FERC had recently concluded that California,s market was
+dysfunctional,, its draft proposal fails to include measures to stop
out-of-state electrical generators from price gouging, and would lead to
higher prices next summer."
The Governor,s proposals include:
Introducing legislation to dramatically change the membership of the ISO and
PX, eliminating members of the board that have what he called "inherent
conflicts of interest" and replacing them with independent members;
Seeking legislation that will allow new approaches - such as emissions
credit trading - to aid in the siting of new power plants;
Calling on the state,s Public Utilities Commission (PUC) to promote
distributed generation and co-generation;
Accelerating voluntary efforts by the private sector as well as state
agencies to reduce their energy use during peak periods;
Expanding "forward contracting" by utilities that would allow multi-year
contracts to reduce price volatility and ensure reliability;
Asking the PUC to expedite its investigation of the state,s electricity
demand reduction programs for commercial users, and adopt new programs to
allow voluntary interruptions that will allow the reduction of electricity
use during peak power periods;
Reviewing new measures to coordinate power-plant maintenance and operating
activities;
Requiring utilities to retain their existing generation facilities instead
of selling them off at least until the market becomes competitive; and
Calling on the PUC and California Energy Commission (CEC) to study providing
"real time price signals" (such as metering) to large energy users to reduce
energy use.
Governor Davis noted that in the decade prior to his administration, no
power plants were built in the state. But since April 1999, six power plants
representing 4,700 MW of new generation have been approved. Twenty more
applications are under review and 11 more are in the pipeline.
"This represents a significant change in policy and performance and responds
to the fact that we must increase supply as rapidly as possible without
abrogating our commitment to state and federal public health and
environmental protection," he said.
The Governor,s initiatives announced today reflects his commitment to FERC
Chairman James Hoecker at a hearing last month in San Diego to provide input
into FERC,s final order on the California electricity market. That decision
could come as early as December 13, 2000.
The Governor will continue to meet with legislative leaders, consumer
groups, and other interested parties to discuss additional options. He said
a more complete plan cannot be developed until FERC,s final order has been
announced and analyzed.

Please see attached letter. <hoecker121.html>
# # #

GOVERNOR GRAY DAVIS ? SACRAMENTO, CALIFORNIA 95814 ? (916) 445-2841

December 1, 2000
Honorable James Hoecker
Chairman
Federal Energy Regulatory Commission
888 First Street, N.E.
Washington, D.C. 20426
Dear Chairman Hoecker:
I told you on November 14 in San Diego that, by December 1, I would respond
to your plan with my suggestions to protect the interests of the people and
businesses of California by providing reliable electricity supplies at the
lowest reasonable cost. Obviously, a complete plan by the State of
California must await your review of my suggested changes to your proposed
order, and final action on that order on December 13. This letter outlines
the first steps toward a plan that my administration is developing based on
extensive, ongoing discussions with legislative leaders, consumers,
business, utilities, generators, environmentalists, labor, agricultural
interests and other California stakeholders.
This emerging plan will indicate to you that I am prepared to act with the
concurrence of the Legislature in California to fulfill our obligations to
assure reliable service at reasonable costs to the consumer.
The free market applied to electricity can work, but only if market
conditions allow for real competition, and if all parties act responsibly.
The Federal Energy Regulatory Commission (FERC) has found that the wholesale
market in California is dysfunctional and that the wholesale prices charged
by generators in your jurisdiction are unjust and unreasonable.
For that reason, I renew my call for the FERC to undertake the actions that
are critical -- and clearly within your jurisdiction -- to order retroactive
refunds to the consumers who have been harmed this year, and to establish
hard price and bid caps that will protect consumers until the energy
marketplace becomes truly competitive. I do not believe that your proposed
$150/MW clearing price limit will provide any real protection. I again ask
you to impose real price and bid caps in the $100/MW range on a transitional
basis over the next 36 months.
If you do your job of protecting consumers by rectifying the wholesale
markets, the steps I have to take can be transitional in nature and limited
in scope. I cannot in good conscience, however, forego any measure that
would serve to protect the people of California until I am satisfied that
the sellers in the wholesale markets will not victimize Californians again.
Since our meeting in San Diego, several things have occurred which influence
my current thinking.
On November 20, 2000 the California Energy Commission (CEC) published the
results of a detailed bottom-up study of available electricity supply for
2001. It shows that -- taking into account expected load growth, firm and
dynamically scheduled imports, and new supply already under construction or
under contract -- California should be able to avoid emergencies if supplies
are properly managed and scheduled. This presumes, of course, no gaming or
withholding by sellers in wholesale markets and an absence of panic buying.
But the CEC study also shows that supplies are sufficiently tight that
market power will exist and will need to be mitigated during periods of high
demand. The same opportunity for wholesale price gouging through the
exercise of market power and withholding that existed in summer 2000 will
exist in 2001. You must take decisive action to preclude such behavior.
During the week of November 13-19, while you and regulatory commissioners
from around the country were in San Diego, California was subjected to
several Stage 2 Alerts, reflecting severe shortages of generation, even
though these are the lowest load months of the year. Prices were
astronomical. More than 12,000 megawatts of generation were off-line at the
same time, including over 5,000 megawatts for "unscheduled outages." I will
recommend steps to assure that existing resources in California are
available to meet California,s local energy needs, and that information and
the authority necessary to prevent a recurrence of such events are available
to state and local officials.
On November 22 the California Public Utilities Commission (CPUC) and
Electricity Oversight Board (EOB) filed comments with you that summarize the
current status of their ongoing investigations. They confirm the conclusions
of the independent market monitors that California has been victimized by
the exercise of market power by merchant generators and marketers during
summer and fall 2000. The state agencies have been hampered in their
investigations by the refusal of merchant generators to provide information
that will both assist in the understanding of last summer,s prices and in
the fashioning of remedies to assure that we are not victimized again. I
urge you to compel the necessary disclosure of information to complete these
investigations.
On November 21 the CPUC issued an Environmental Impact Report (EIR) on the
proposal by PG&E to move its hydroelectric facilities out of the regulated
utility. The EIR concludes that such a project would cause significant
unmitigated harm to the environment and recommends retention as the
preferred alternative. This suggests that California,s course of generation
divestiture by utilities may be slowed or stopped.
With these events as background, I want to describe the steps I have taken
and plan to take to begin to address the energy problems in California.
Increase Supply and Expand Infrastructure
During the 10 years preceding my administration, virtually no power plants
were built in California.
Since April 1999, six power plants representing 4,700 MW of new generation
have been approved by the CEC. Five of these plants are under construction
and the sixth will begin construction no later than April 2001. Twenty more
applicants have completed pre-filing and have active applications under
review by the commission staff. Eleven more applications are in the
pre-filing stage.
This represents a significant change in policy and performance and responds
to the fact that we must increase supply as rapidly as possible without
abrogating our commitment to state and federal public health and
environmental protection.
Much has been made about the difficulty of siting and permitting generation
in California. With enactment of AB 970 and the creation of the Governor,s
Clean Energy Green Team this September, California has aggressively
committed itself to continue to accelerate the siting and permitting of
generation and to coordinate local, state and federal government agency
review and action.
Federal and state air quality requirements present unique challenges to the
construction and operation of new power plants. Through the Green Team, we
are developing new and creative approaches to meet these challenges, working
with local air quality districts, the California Air Resources Board and the
United States Environmental Protection Agency. These might, for example,
expand upon the case of the proposed Otay Mesa power plant, where mobile
emissions credits are being used to offset stationary source emissions that
will be generated by the new facility. If necessary, I will seek legislation
to enable these new approaches.
I am also calling on the CPUC to aggressively reduce barriers and to
otherwise encourage the locating of distributed generation and co-generation
where it is viable, cost effective and environmentally sound. The CPUC has
already initiated action that will provide a forum for expediting
certificates for transmission facilities, including environmental review.
Finally, I believe it is important to assure that all supplies of
electricity are available when emergency conditions exist, to avoid
interruptions such as those experienced last summer and as recently as last
week. Suggestions we are considering for achieving this include new means of
coordinating power-plant maintenance and operations activities.
Forward Contracting by Utilities
Many parties, including the FERC, have recommended expanding the use of
forward contracting by the utilities including multi-year bi-lateral
contracts as a way of reducing exposure to volatile spot market prices. The
contracts, as a part of a larger utility energy portfolio, represent an
important tool to moderate price volatility and ensure reliability. I am
asking the CPUC to expeditiously develop benchmarks to assure the
reasonableness of these contracts without unfairly "second guessing" these
decisions in later years.
This process should be in place early in 2001 to provide adequate
opportunity for contracts to be negotiated and in place before Summer 2001.
Coupled with the forward contracting issue is the question of the obligation
of utilities to buy and sell all of their electricity through the California
Power Exchange (PX). This issue requires careful consideration since these
transactions through the PX are currently subject to full disclosure, and
safeguards are in place to assure delivery. These protections for consumers
and business must not be lost.
Among the suggestions that have been made to ensure that utilities have a
cost-effective portfolio of energy is the proposal that utilities retain
their existing generation, as was recommended in the CPUC's environmental
impact report regarding PG&E's hydroelectric facilities. There is growing
consensus around this matter.
I would hope that the paramount objective in this series of regulatory
decisions will be the protection of the interests of consumers.
Invigorating the Demand Side
Conservation and efficiency are the cornerstones of California,s energy
future.
Under my Executive Order, the State of California has achieved more than 180
MW of load reduction earlier this year during Stage 2 alerts, and is moving
quickly to add another 250 MW of demand reduction for summer 2001. The
federal government is following suit for federal facilities. The state and
federal governments should set an example for similar voluntary load
reduction initiatives in the private sector.
I was pleased to work with the California Grocers Association this summer to
develop a voluntary 10 percent demand reduction program during peak hours
for more than 2,000 groceries statewide. This program must be duplicated in
other areas where feasible and the business community in California has
pledged to work cooperatively toward that end.
I am calling on the CPUC to expedite its investigation of the state,s demand
reduction programs for commercial and industrial users, including the
interruptible programs. Those that are successful should be expanded. Those
that require change should be modified. And new opportunities should be
developed to reduce and shift loads during peak hours and short supply.
These programs must be in place no later than March 2001, to provide
adequate opportunity for private sector planning and participation.
I am also calling on the CPUC and CEC to coordinate efforts to demonstrate
and implement programs which provide real-time price signals and
energy-reduction systems to sophisticated commercial electricity users, and
to recommend a process for voluntary participation by consumers and small
businesses.
In September, I signed historic urgency legislation that provides $50
million for demand reduction programs that can be implemented by Summer
2001. I also signed legislation that provides approximately $500 million
annually for the next 10 years for energy efficiency, research and
development and renewable resource support. The CPUC and CEC are
aggressively pursuing innovative demand reduction programs using these
funds.
Institutional Reform
As I testified at the FERC hearing on November 14, I agree that the
stakeholder boards of the California Independent System Operator (CAISO) and
California Power Exchange present inherent conflicts of interest for their
members and must be replaced. The composition of these boards is specified
by state law, both as to size and as to qualifications for directors.
I will propose legislation to replace the stakeholder boards with
independent boards that are accountable for their actions, and that will
consider both the need to assure reliability and the most economic method to
do so.
I intend to move quickly on this aspect of the problem. Your concurrence in
this effort is extremely important. It will little serve the consumers,
utilities, merchant generators or other parties to become embroiled in
litigation over exactly what powers Congress conferred on the FERC in 1935,
or what traditional state powers, if any, Congress meant to circumscribe or
override.
Recognizing that there may be a need for more extensive reconstitution of
these entities, as some have suggested, I do not intend to let the status
quo continue while those debates are carried on. California will alter the
composition and membership of the boards so that the entities are in
position to contribute to achieving the paramount objectives of both state
and federal law -- protection of the consumers' interests.
In 1996 Governor Pete Wilson and his CPUC reposed a great deal of trust in
the FERC in moving California,s electricity system into an unbundled,
federalized mode. Now is the time for you to justify that trust. I want to
cooperate with you in transitioning to a market-based approach to provide
this essential service. However, first and foremost, I want you to do your
job and to let me do mine. Together we can protect the electricity consumers
of California and work to restore their confidence.
Sincerely,
GRAY DAVIS

Karen Edson
kedson@ns.net
916/552-7070

Karen Edson
kedson@ns.net
916/552-7070


I am excited to announce a major initiative called iBuyit, a new online
purchase and payment tool.  Each of you will be able to use iBuyit to order
or approve purchases from pens to pipe and cable to computers.  Our Global
Strategic Sourcing (GSS) and Global Accounting groups have teamed up with
each of your Business Units to build a tool designed to meet your specific
needs.

Special iBuyit features include:
? An eCatalog to help you quickly find the items you need
? Shopping baskets to store your purchases
? Simple recurring purchases
? Automatic routing of invoices for coding and approval

iBuyit will be implemented in stages across ETS, EBS, EES, EWS, Corporate and
Europe during 2001.

Over the next few months, you will be hearing more about iBuyit from your
business unit leadership, including what it can do for you and when you can
expect to use it.


Joe:

You can expect a call from Joe Kaischkill about setting up a meeting in Sao
Paolo to discuss your proposal.  Let me know if there's anything else that I
can do to help.

All the best,
Jeff

	mail@joesdesk.com
	06/04/2001 03:30 PM

		 To: Jeff.Dasovich@enron.com, Jeff.Dasovich@enron.com
		 cc:
		 Subject: Brazil opportunity-completed one-pager

Jeff:

I did a final draft of the one-pager I sent you earlier. I am attaching it
here as it communicates the idea better. Please send along to whomever you
feel should recieve it and let me know when I can contact who & when. I will
be traveling on Friday am for 1 week.
Thank you.
Joe Alcantara

 - DearJeffreyIII.doc


Mark -- I have attached a draft agenda for Nov. 2.  Would like to try to
catch you prior to the meeting to discuss how you want to proceed on Friday.
Would you let me know if you have 15-20 minutes sometime next week?  Many
thanks!  -- Stacy

 <<Agenda - Nov 2.doc>>

Stacy Carey
Policy Director
International Swaps and Derivatives Association
600 5th Avenue, 27th Floor
Rockefeller Center
New York, NY  10020
(212) 332-1202 ph
(212) 332-1212 fax
(917) 543-9622 cell
scarey@isda.org


Start Date: 4/14/01; HourAhead hour: 13;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.
Variances detected in SC Trades schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041413.txt

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 13 / Preferred:   0.00 / Final:   0.00)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/14/01
  TIE_POINT: FCORNR_5_PSUEDO
  INTERCHG_ID: EPMI_CISO_TOBY
  ENGY_TYPE: FIRM
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 13 / Preferred:  12.00 / Final:  11.98)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/14/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_SPP
  ENGY_TYPE: WHEEL

---- SC Trades Schedule ----
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 13 / Preferred: -125.00 / Final: -124.97)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/14/01
  TRADING_SC: SETC
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 13 / Preferred:  25.00 / Final:  24.91)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/14/01
  TRADING_SC: PGAE
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 13 / Preferred: -60.00 / Final: -59.97)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/14/01
  TRADING_SC: NCPA
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1


In cleaning up e:mails, I ran across this one that I had not yet read.  Has
James called and talke with you about Enpower?  Are his concerns in the memo
accurate?  Let me know.  --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 12/11/2000 11:03 AM
---------------------------

Fernley Dyson
11/29/2000 02:54 AM
To: Richard Causey/Corp/Enron@ENRON, Sally Beck/HOU/ECT@ECT
cc:
Subject: Enpower

Just a heads-up - a long-winded email, but please see highlighted paragraphs.
I find it hard to believe the scenario portrayed here, but stranger things
have happened - will keep you posted.
---------------------- Forwarded by Fernley Dyson/LON/ECT on 29/11/2000 08:44
---------------------------

James New
28/11/2000 13:42
To: Ted Murphy/HOU/ECT@ECT, David Port/Market Risk/Corp/Enron@ENRON
cc: Mike Jordan/LON/ECT@ECT, Coralie Evans/LON/ECT@ECT, Fernley
Dyson/LON/ECT@ECT

Subject: Status update on the issues surrounding Continental Power
volatilities and correlations

As you know for some time we have been trying to get the Continental Power
traders to increase the volatilities they use for valuing their option
portfolio and for use in calculating their VAR as it has been obvious that
the market  has become more volatile but this was not being reflected in
their mark.

In looking at the impacts of this, various other issues came to light.
Firstly it raised issues over the correlation matrix used in the VAR model as
this was way out of date. We have worked with Jitendra and have now put in a
matrix that both the traders, risk and RAC are happy with. Secondly, as you
may be aware, in Portcalc swaptions currently use the volatility input on the
deal ticket and not off any volatility curve.

The current portfolio is 90% swaptions and so this represents a serious issue
for us in that it is not practical to manually change all the volatilities at
the deal ticket level every time the implied voaltilities change. We cannot
use the option functionality as this only values hourly or daily exercise
options and not fixed expiry swaptions or options. We also have not found any
way in Portcalc of valuing Asian options so we are having to 'force' in the
few we have. We have had the Houston based Portcalc IT team work on a 'new'
piece of swaption valuation code but currently it contains a number of
worrying bugs. These are primarily that the proposed code does not take the
correct underlying forward price and uses the volatility of (approximating)
the last day of the underlying rather than the implied volatility of the
underlying.

They are currently being hampered in that they do not have any IT personnel
who have sufficient option knowledge (I understand that the two most
experienced coders resigned to go to another Houston based energy company).
This is extremely worrying and I find it hard to believe that the whole of
Enron's power business is having to use the methodology of inputting the
volatility at the deal ticket level. This will almost certainly mean that
different volatilities are being used in the VAR as are being used to value
the swaption portfolio globally. As well as these issues we have concerns
over the use and accuracy of the smile adjustment in Portcalc (worryingly it
does not seem that you can 'switch' this off). Briefly it seems that Portcalc
calculates the delta used to adjust the volatility by comparing the strike
price to the forward price of the last day of the underlying rather than the
forward price of the underlying itself.

We have engaged London based  IT and are looking at the code we have used in
Power 99 to se if there is a way we can get something done quickly to start
to value all option products off a curve and to be able to book Asian options.

Once we get the above resolved we still have no way or extracting the vega or
gamma risk from Portcalc in it's current state as the information is just no
there (so we are told by IT). The system 'seems' (we cannot be 100% sure
given all the other errors) to produce a vega and gamma P&L number but what
the risk is remains a mystery. Again this is very worrying in that we have
Power option traders all over the world who can't get their underlying vega
or gamma risk position from the global valuation system. We are trying to
work on something manual to draw a line in the sand but I would really like
to know how the American based traders cope as they have this problem
(knowingly or not)  for years. What sign offs were gained for the
implementation of Enpower because it seems to us that using the current
system it is not possible to comply with the Global Risk policy. How do we
validate the inputs to the valuation if we do not know the risk ?

Despite the above we have now persuaded the traders to save out newer higher
volatilities a week ago and you should have seen a large move up in their
VAR. However, as it stands at the moment they are notable to save out a daily
remark as Jitendra is saying that he is not happy with their 'model' / vol
curve generator (I have today asked for a full explanation, details of any
testing etc etc and time lines so we can move to getting over this hurdle).
The swaptions have also not yet had the ticket volatility changed but the
impacts are expected to be positive as we are long volatility.

I would appreciate your comments on the above as it seems that we are pushing
the boundaries here on areas which we really expect to have already been
covered in Houston some time ago and could do with some help. We are having
to use a system which seems to us to have numerous bugs and short comings and
are having to spend an enormous amount of IT time overcoming the inadequacies
of Enpower wich I do not think most people are aware of. Consequently we have
not been able to deliver all the improvements we were required to do in
gaining the increased limits so 3 months ago but I would hope you agree that
it is not for a lack of trying.

Sorry it's so long but if there are any questions or any perceived
inaccuracies in any of the above then please let me know.

James


I'm there.  I just checked a map and saw that it is just north of Montie
Beach Park.  Didn't we play softball there back in high school?

John

>>> "Brian Constantine" <brianc@saltgrass.com> 02/27/02 11:06AM >>>
Make it happen, Chetuck. BTW...whatever happened to your reply about
our impending "foursome"??? Very "excited"  about the opportunity...

OK...this is the final and definitive MAN NIGHT agenda...it WILL NOT
CHANGE, heretofore.

Where?- Tampico Mexican Seafood.  610 to Airline...Right on Airline, Go
about 4 blocks, you will pass the Farmers Market and just past that will
be Tampico. Queried Zander again about it this morning and he said they
DO have security and the clientele is an eclectic mix of Mexican day
laborers drinking Mexican beer and those little packets of salt and
lime, dining next to large tables of rich blue-blood yuppie types...Good
Fun. Kind of like a good noodle house or other oriental type place...if
you see the natives eating there, you know it's good. Besides after
listening to Joe and Chet, I would agree that Tony's is ABSOLUTELY OUT
OF THE QUESTION.

When?- Thursday 2/28- 7:15 pm.

Who?- Head count is as follows...Piggy, Lease Nazi, Captain Safety,
Monkey-Noise Boy, Big Boy Chambers (?), Fenner-Weiner(?)

MEN...please RSVP such that we can appropriately "sign" to the
non-English speaking staff how many Ritas we need to order upon
arrival.

See you MEN at the MAN function, to do MAN-typical things.

								PIGGY

-----Original Message-----
From: Fenner, Chet [mailto:Chet_Fenner@bmc.com]
Sent: Wednesday, February 27, 2002 6:28 AM
To: Brian Constantine; Erik Wollam; knipe3@msn.com; Fenner, Chet;
c.r.zander@att.net; Joe.Parks@enron.com; john.chambers@bisys.com
Subject: RE: MAN NIGHT FINAL PLANS

Eat me, Wollam.  Did you notice the "Out of Office" message from my
email,
home slice?

Not sure what the 20 "MAN NIGHT" emails are in my inbox from yesterday,
but
noted the Thurs. night dinner.  I have conflict which I will try to
unwind
for my attendance.  However, not sure that we want to be at Tony's on
such
night, based on what my co-worker says!

-----Original Message-----
From: Erik Wollam [mailto:erwollam@hotmail.com]
Sent: Tuesday, February 26, 2002 11:40 AM
To: Brian Constantine; knipe3@msn.com; chet_fenner@bmc.com;
c.r.zander@att.net; Joe.Parks@enron.com; john.chambers@bisys.com
Subject: RE: MAN NIGHT FINAL PLANS

I hear back from John more than I do Chet.
Chad and I are going for noodles in a few minutes. Joe do you want to
join
us?

Brian, your in charge of the REVISED FINAL PLAN FOR MAN NIGHT. good
luck.
I'll go where I'm told. e.

>From: "Brian Constantine" <brianc@saltgrass.com>
>To: "Erik Wollam" <erwollam@hotmail.com>, <knipe3@msn.com>,
><chet_fenner@bmc.com>, <c.r.zander@att.net>, <Joe.Parks@enron.com>,
><john.chambers@bisys.com>
>Subject: RE: MAN NIGHT FINAL PLANS
>Date: Tue, 26 Feb 2002 11:30:13 -0600
>
>Where is Chad?? Chet??? Does Chambers ever respond to anything...who
is he,

>for that matter? For the love of God...
>
>-----Original Message-----
>From: Erik Wollam [mailto:erwollam@hotmail.com]
>Sent: Tuesday, February 26, 2002 11:27 AM
>To: knipe3@msn.com; chet_fenner@bmc.com; c.r.zander@att.net;
>Joe.Parks@enron.com; john.chambers@bisys.com; Brian Constantine
>Subject: RE: MAN NIGHT FINAL PLANS
>
>NO< NO< NO... this is now going to get way to confusing. WHo is going
>anyway, just me and you Brian?
>
>You need to make your pick and send out a REVISED FINAL PLAN after
hearing
>from everyone.
>
>
> >From: "Brian Constantine" <brianc@saltgrass.com>
> >To: "Parks, Joe" <Joe.Parks@ENRON.com>, "Erik Wollam"
> ><erwollam@hotmail.com>, "Fenner, Chet" <Chet_Fenner@bmc.com>,
> ><knipe3@msn.com>
> >Subject: RE: MAN NIGHT FINAL PLANS
> >Date: Tue, 26 Feb 2002 11:22:34 -0600
> >
> >According to E, that is indeed the case. I will roll the dice and go
to
> >Tampico (leave any valuables locked securely in your glove box). Set

>alarm.
> >
> >-----Original Message-----
> >From: Parks, Joe [mailto:Joe.Parks@ENRON.com]
> >Sent: Tuesday, February 26, 2002 11:15 AM
> >To: Brian Constantine; Erik Wollam; Fenner, Chet; knipe3@msn.com
> >Subject: RE: MAN NIGHT FINAL PLANS
> >
> >yes, according to chet's co-worker
> >	-----Original Message-----
> >	From: Brian Constantine [mailto:brianc@saltgrass.com]
> >	Sent: Tuesday, February 26, 2002 11:14 AM
> >	To: Parks, Joe; Erik Wollam; Fenner, Chet; knipe3@msn.com
> >	Subject: RE: MAN NIGHT FINAL PLANS
> >	Is Thursday night, "Man Night" for "those kinds of men" too???
> >
> >	-----Original Message-----
> >	From: Parks, Joe [mailto:Joe.Parks@ENRON.com]
> >	Sent: Tuesday, February 26, 2002 11:09 AM
> >	To: Brian Constantine; Erik Wollam; Fenner, Chet; knipe3@msn.com

> >	Subject: RE: MAN NIGHT FINAL PLANS
> >
> >	so your proposing we are going to the stabbing cabin. go to
tampico
> >		-----Original Message-----
> >		From: Brian Constantine [mailto:brianc@saltgrass.com]
> >		Sent: Tuesday, February 26, 2002 11:08 AM
> >		To: Erik Wollam; Fenner, Chet; knipe3@msn.com; Parks,
Joe
> >		Subject: MAN NIGHT FINAL PLANS
> >
> >		Men,
> >
> >		            The final descision on the night of men will
be
as
>follows...
> >
> >		Where: Tony's Mexican (bring your own clown and
accessories,
please)
> >
> >		When: Thursday 2/28 at 7:15 pm.
> >
> >		We will wait until Zander is able to attend, to try the
Tampico place.
> >Would rather go w/ someone who knows the drill.
> >
> >		I am very much looking forward to seeing all of you
men.
> >
> >
> >                Pig-N-a-Stinky-blanket
> >
> >
> >
**********************************************************************
> >	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.
> >
**********************************************************************
>
>
>
>
>_________________________________________________________________
>MSN Photos is the easiest way to share and print your photos:
>http://photos.msn.com/support/worldwide.aspx
>

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


- 10_17_01GO.xls
 - 10_17_01OH.xls


FYI.  Hirsch apparently is a business reporter for the Times who got my name from people.  He's doing a story about the contracts.  Something like "they bought way too much for too high a price.  Now what?"  I told him that I would talk to him under the following conditions:

No attribution to Enron specifically
No attribution of the "unnamed sources" sort, "industry sources" or sort, etc.
If, when the story's further along, he wants to try to get a quote from us, I'd put him in touch with our PR folks.

We talked generally about DWR, the CA Power Authority, the contracts, the Edison deal with the PUC, etc.

More specifically, he asked me "are there any alternatives to deal with this mess."  I outlined the following proposal, which we've talked about internally, and which we've been quietly shopping behind the scenes.  I did not bring up the "green only" DA for small customers piece of the proposal (slipped my mind).

I also gave him names of other folks I thought he should talk to.  He said he might get back to me.  If he calls back, I'll let you know.

Please let me know if anyone has any concerns 1) about talking to him on a backgound only basis, and/or 2) the proposal outlined below. Thanks.

Best,
Jeff

**********************************************************************************************************
 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Tuesday, October 09, 2001 10:53 AM
To:	Shapiro, Richard; Steffes, James D.; Mara, Susan
Subject:

Rick:
Based on your voicemail, here's a quick-and-dirty synopsis of a proposal that I've been quietly discussing with a select few out here in California (e.g., John White, large customers).  It could include more bells and whistles, but the intent of this proposal is to get DA back as soon as possible.
**************************************************************************

Reduce DWR L-T contract volumes by at least 33-50%
To "back fill" increase in net-short created by contract reformation, permit noncore customers (20 KW and above) to elect to go DA to fill the position
DA provides a significantly more efficient hedge against price volatility than DWR contracts
Election is first-come, first-serve, capped at the aggregate net short position
Customers decision to go DA will constitute a 3-year commitment to stay DA (i.e., can't go back to IOU for 3 yrs; must stay in the market)
If a net short position remains after noncore customers have elected DA (i.e., not enough elect to fill the net short), then the IOUs will hold an auction to fill the net short
The auction would seek a portfolio of 3 month, 6 month, 1 year and 3 year deals (both peak and off-peak) to fill the net short.
Noncore customers choosing DA would not escape costs of DWR power consumed when the customer was receiving utility service (i.e., prior to electing DA)
Likewise, if the noncore customers choosing DA was a utility customer during the period when the utility accured its "undercollection," (i.e., when wholesale prices exceeded the retail cap), the customer would not escape those costs by virtue of electing DA status
Noncore customers would not bear responsibility for recovery of DWR L-T contracts.
Potential add-on to deal:  Core customers (less than 20 KW) could choose "green only" DA, but, like, noncore customers could not escape costs for which they are responsible.


From:  Shelly Butler

Rick,

Thank you for your participation in the  Analyst  program.  One of the goals
is to evaluate our interns in order to consider them for placement in the
future.  In that regard, please find the attached Mid-Summer Evaluation form
for summer interns.  This should be completed and returned by July 7, 2000.
Please note that the interns currently being evaluated started work prior to
June 5th.

We will begin scheduling feedback meetings with Managers, Staffing
Coordinators and Summer Analyst for completion by July 14th (or 28th).  If
you have any questions, please contact me at x3-4584.

Thank you,
Shelly Butler

Thank you,
Shelly Butler


Still here.  Pretty quiet on the floor though.  How hard did your area get hit?

 -----Original Message-----
From: 	Snow, Dina
Sent:	Tuesday, December 04, 2001 11:17 AM
To:	Nemec, Gerald
Subject:

I saw you in the parking garage this morning.  So, you survived the first round, too, huh?


Steve filled in the detail for me on the LG&E issue mentioned in the Law
bullets this morning.  A valve was left open between an LG&E facility and
Northern for an approximate 3 month period (I'm not sure how recent).  LG&E's
gas loss data indicates that the amount of gas that inadvertently got into
Northern was approx. 180,000 MMBtu, with a value of about $500,000.   Rockey
and Steve have talked to LG&E and it does not appear that we have any good
arguments for avoiding the liability.  The unexpected (and unmetered)
deliveries from LG&E presumably reduced our lost and unaccounted for balance
during the referenced 3 month period.  Accordingly, I assume the cost of
replacing that gas should be accounted for in Northern's PRA and so should
not affect earnings.   I'm not sure what the timetable is for resolving this
matter.  DF


YES!!!!!!!!!!

-----Original Message-----
From: Parks, Joe [mailto:Joe.Parks@enron.com]
Sent: Friday, March 01, 2002 3:13 PM
To: Chet Fenner (E-mail)
Subject: i am sensing a photo op.

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at enron.messaging.administration@enron.com and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************


I have enclosed the latest student list for your course. You will find the
revision date marked in the upper right hand corner. When we finish with
adds and drops I will send you a final roster (for grade marking).

Please let me know if you have any questions.

Pam (713-348-6223)
 - 656.xls


Okay - I've changed 578812 to Sierra Pacific Power Co. I asked Bill about
this and he said he didn't realize the counterparty was in with Sierra
Pacific Industries and not Sierra Pacific Power. The Real Time guys pay as
little attention as possible to counterparty names, unfortunately.

Thanks for catching this,
Kate

Rhonda L Denton
04/12/2001 10:41 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: New CTPY Request

When we do not have a transmission contract with an entity, we usually do a
buy/resale to cover the transmission over their system.

   Kate Symes                04/12/2001 11:17 AM

To: Rhonda L Denton/HOU/ECT@ECT
cc:
Subject: Re: New CTPY Request

P.S. I'll ask Bill Williams about Geir's transmission deal. Can I ask,
though, why it looks like it should be a buy-resale?

Kate

Rhonda L Denton
04/12/2001 09:03 AM
To: Kate Symes/PDX/ECT@ECT
cc: Christian Yoder/HOU/ECT@ECT, Chris H Foster/HOU/ECT@ECT, Melissa Ann
Murphy/HOU/ECT@ECT

Subject: Re: New CTPY Request

When the contract is fully executed, just forward it to me in interoffice
mail.  I do have questions about the name that the contract has been written
under and the name that the deals are under in Enpower.  Sierra Pacific
Industries, Inc. is in global counterparty and the deals have been changed in
Enpower to this CP.  The problem is that the contract and the confirms will
not agree as to who is the correct CP.  We have always confirmed deals under
the name of the entity with whom we have a contract.  Please let me know if
the name will be changed on the contract to reflect the correct CP or will we
amend the contract to add "Inc." to the end of the name and set up this dba
in global counterparty.  I need to know before we can confirm these deals.

In additiona, Geir has entered a transmission deal for this CP.  578812.
Should this be a buy/resale?

   Kate Symes                04/12/2001 10:35 AM

To: Rhonda L Denton/HOU/ECT@ECT
cc:
Subject: Re: New CTPY Request

I sent a copy of the agreement to Melissa Murphy via fax. I'll need to get
ahold of Chris Foster, who is in your Houston office at the moment, to locate
the original. He won't be back in the Portland office until Monday morning.
When would you like the original by? Just let me know - we'll get it to you
as soon as we can.

Thanks,
Kate
503-464-7486

Rhonda L Denton
04/12/2001 07:22 AM
To: Kate Symes/PDX/ECT@ECT
cc: Chris H Foster/HOU/ECT@ECT

Subject: Re: New CTPY Request

Can I get the original of this contract?

   Kate Symes                04/09/2001 03:09 PM

To: Rhonda L Denton/HOU/ECT@ECT, Melissa Ann Murphy/HOU/ECT@ECT
cc: Samuel Schott/HOU/ECT@ECT
Subject: New CTPY Request

I just heard from Samuel (thanks for your message!) that I need to send
Rhonda new counterparty information in order to get their names added to the
system. I called Rhonda, but it turns out she's out of the office for the
first part of this week, and her voice mail referred me to Melissa. (That's a
short explanation of why I'm sending this info. to all of you.)

Anyway, following is the information connected with the new counterparty name
Chris Foster has requested:

Name: Sierra Pacific Holding Company, dba Sierra Pacific Industries
Address: PO Box 496028
    Redding, CA 96049
Or: 19759 Riverside Ave.
      Anderson, CA 96007
Phone: (530) 378-8179
Fax: (530) 378-8139
Contact: Director of Energy Resources - Robert Ellery

I also have a copy of the Master Power Purchase and Sale Agreement if you'd
like me to fax that over. Just let me know how I can help. We've already
entered Chris's deal into the system with "New Counterparty," so the sooner
we can change that the better.

Thanks,
Kate


It is possible the network will go down tonight so print out material information or take whatever steps to provide your own back to running El Paso tonight.

thanks,

ryan


Should we reject this from this onset or do you think it is OK?
----- Forwarded by Tana Jones/HOU/ECT on 04/25/2001 01:51 PM -----

	Mark S Palmer/ENRON@enronXgate
	04/25/2001 01:40 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Stephanie Segura/ENRON@enronXgate
		 Subject: FW: Loudcloud Mutual NDA

Hi Tana--

This is an NDA Loudcloud sent to us. They are a potential vendor.
Can we sign this or do we need to send them one of ours?

Thanks,
Mark Palmer

 -----Original Message-----
From:  Kathy Weber <kathy@loudcloud.com>@ENRON
[mailto:IMCEANOTES-Kathy+20Weber+20+3Ckathy+40loudcloud+2Ecom+3E+40ENRON@ENRON
.com]
Sent: Tuesday, April 24, 2001 3:40 PM
To: mark_s_palmer@enron.net
Cc: Dana Bouterie
Subject: Loudcloud Mutual NDA

Mark,

Greetings.  I work with Dana Bouterie here at Loudcloud.  She suggested
I provide you with our mutual NDA.  As our discussions progress we want
to make sure we protect both parties.  The NDA is attached below and can
be faxed back to me at 866-488-4646.  If you have any questions, please
do not hesitate to give me a call.

Best regards,
Kathy

--
Kathy Weber
Loudcloud
Sales Representative
Phone: 408-744-7807
Fax: 408-744-7382
mailto:kathy@loudcloud.com
http://www.loudcloud.com

 - Loudcloud Mutual NDA.pdf


Jim,

I was on vacation last week. I shall be out Tuesday and Wednesday.
What about a call next week?

Vince

James L Bouillion
02/07/2001 09:32 AM
To: Vince J Kaminski/HOU/ECT@ECT, Kevin Kindall/Corp/Enron@ENRON, Jonathan
Davis/HOU/ECT@ECT, Kate Lucas/HOU/ECT@ECT
cc:
Subject: CHARM Conference Call

Please let me know what works for you.  I have a meeting Monday from 10:00
a.m. through lunch.  Please advise.
---------------------- Forwarded by James L Bouillion/HOU/ECT on 02/07/2001
07:33 AM ---------------------------

"Bertil Olsson" <olsson_bc@willis.com> on 02/06/2001 10:37:21 AM
To: james.l.bouillion@enron.com
cc:
Subject: CHARM Conference Call

Carl and I are both available either Monday 12th or Tuesday 13th. We can do
either AM or PM but would prefer AM if possible. Please let me know your
preference and I will set it up.

Regards,

Bertil

______________________________________________________________________
The information in this email and in any attachments is confidential and
may be privileged.  If you are not the intended recipient, please destroy
this message, delete any copies held on your systems and notify the sender
immediately.  You should not retain, copy or use this email for any
purpose, nor disclose all or any part of its content to any other person.


sounds good to me.  we have our staff mtg. @ 9:30 every tuesday, so errol and
I may be a few minutes late.
PL


Dear Colleague:

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please let us know so that we can add it.

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Connecting Teachers and Learners Worldwide


I know the value Phil has brought to this effort.  I also know his plate is full and I am glad you will assisting him on getting the EOTT problem under control.  PLEASE keep me updated.

-----Original Message-----
From: Nelson, Mike
Sent: Monday, November 19, 2001 10:37 AM
To: Horton, Stanley
Subject: EOTT
Sensitivity: Private

Stan -

Phil forwarded (to me) your response (see below) to the e mail he had sent regarding the Robin Border memo. I concur with your thoughts on trust and will continue my efforts in that regard.

'Thanks for the update.  Doesn't appear as Robin is helping out any.  I am not sure why Dana values his opinions so much on this topic.  Keep working the progress.  The key people you need to make happy are Robert and Dan.  I trust that Mike is developing a effective relationship with them and Dana.  Trust is essential in making this partnership work.'

I've been meeting with a nunber of the ETS folks that have been working on EOTT issues and assignments, and although we have been working hard, we simply have some additional work to do in the areas of communication, which I will address and facilitate. We meet with the commercial folks on Tuesday after the normal EOTT Staff Meeting regarding the Enhanced Integrity Plan, where we can hopefully move forward. In addition, I will put together a presentation outlining the 2002 EOTT Integrity Plan for presentation the next time the commercial folks meet. It will also include facts of our on-going remediation plan and  hydrotest / pigging efforts for 2001.

In my opinion, the EOTT operations assignment has been a challenge for ETS. ETS - and Phil in particular - has dedicated tremendous effort to significantly enhance EOTT operations. Few could have tackled the EOTT operational challenges as well as Phil has. Besides the fact that it may not have been a popular decision at EOTT to relinquish control of Operations, he has done an outstanding job in keeping his staff focused on performance with integrity and quality, all the time within a financial framework that adds value to the overall picture of Enron and EOTT. It has not been easy. I am confident you recognize how well he has changed the face of operations in ETS and EOTT as you have changed the face of both organizations overall.

Best wishes for a good Thanksgiving.

Mike Nelson
VP Pipeline Integrity Program Management
713 345 5241


Can you find me a woman?  You know I'm still sorta single.

---------------------- Forwarded by Chris Germany/HOU/ECT on 12/08/2000 07:32
AM ---------------------------
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re:

Good bye Portland, Hello India.
I got this reply from Bhavna.
---------------------- Forwarded by Scott Goodell/Corp/Enron on 12/08/2000
06:15 AM ---------------------------
To: Scott Goodell/Corp/Enron@ENRON
cc:

Subject: Re:

Hi Scott,

India is great!  We have setteled so well here.  The staff at Baroda office
are very friendly,  I just love it here, it is so peaceful.  Children love
the open space, all the rides on camel,scutoor, rikshas.

I have found couple of spots here for you and Chris, just hop on the plane,
you will not regrate it.

Have a wonderful weekend.  Can't wait to see the capacity trading page.

Bhavna

Scott Goodell@ENRON
12/05/2000 08:26 AM
To: Bhavna Pandya/HOU/ECT@ECT
cc:
Subject:

How is India?  Any openings for Chris Germany or me?
Scott


The package you sent arrived today.  I'll open it when I get home.

I sent the MetLife insurance materials by regular mail today.