P. S.  Further to my previous memo, please see that Kay Young also receives
such Closing Documents, as well as closing documents related to any asset
transactions, so that they may be included in our ENA Legal file room.   My
apologies for this omission.   If you have any questions or comments, please
call me.  Thanks, Deb
---------------------- Forwarded by Deb Korkmas/HOU/ECT on 02/02/2000 01:58
PM ---------------------------

Deb Korkmas
02/02/2000 10:28 AM
To: Alan Aronowitz/HOU/ECT@ECT, Teresa G Bushman/HOU/ECT@ECT, Bob
Carter/HOU/ECT@ECT, Shonnie Daniel/HOU/ECT@ECT, Stacy E Dickson/HOU/ECT@ECT,
Shawna Flynn/HOU/ECT@ECT, Barbara N Gray/HOU/ECT@ECT, Mark E
Haedicke/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT,
Monica Jordan Richards/HOU/ECT@ECT, Dan Lyons/HOU/ECT@ECT, Travis
McCullough/HOU/ECT@ECT, Janice R Moore/HOU/ECT@ECT, Elizabeth
Sager/HOU/ECT@ECT, Lance Schuler-Legal/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT,
Sheila Tweed/HOU/ECT@ECT, Steve Van Hooser/HOU/ECT@ECT, Merrill W
Haas/HOU/ECT@ECT, Genia FitzGerald/HOU/ECT@ECT, Nony Flores/HOU/ECT@ECT,
Marie Heard/HOU/ECT@ECT, Ed B Hearn III/HOU/ECT@ECT, Mary J
Heinitz/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Deb Korkmas/HOU/ECT@ECT, Robert
Walker/HOU/ECT@ECT, Kay Young/HOU/ECT@ECT, Suzanne Adams/HOU/ECT@ECT, Erica
Braden/HOU/ECT@ECT, Sheri L Cromwell/HOU/ECT@ECT, Pat Radford/HOU/ECT@ECT,
Linda J Noske/HOU/ECT@ECT, Brenda Whitehead/HOU/ECT@ECT, Richard B
Sanders/HOU/ECT@ECT, Linda R Guinn/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT,
Becky Tlucek/HOU/ECT@ECT, Ann Elizabeth White/HOU/ECT@ECT, Julia
Murray/HOU/ECT@ECT, Susan Flynn/HOU/ECT@ECT, Doug Pedigo/HOU/ECT@ECT, Sandi M
Braband/HOU/ECT@ECT, Michelle Cash/HOU/ECT@ECT, Peggy Banczak/HOU/ECT@ECT,
Michael A Robison/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT, Peter del
Vecchio/HOU/ECT@ECT, Gerald Nemec/HOU/ECT@ECT, Janet H Moore/HOU/ECT@ECT,
Debra Perlingiere/HOU/ECT@ECT, Joya Davis/HOU/ECT@ECT, Wayne
Gresham/HOU/ECT@ECT, Jenny Helton/HOU/ECT@ect, Twanda Sweet/HOU/ECT@ECT,
Stuart Zisman/HOU/ECT@ECT, Lisa Mellencamp/HOU/ECT@ECT, Barton
Clark/HOU/ECT@ECT, Dale Rasmussen/HOU/ECT@ECT, Karen E Jones/HOU/ECT@ECT,
Kimberlee A Bennick/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT, David
Portz/HOU/ECT@ECT, Chris Gaffney/HOU/ECT@ECT, Kaye Ellis/HOU/ECT@ECT, Linda J
Simmons/HOU/ECT@ECT, Chaundra Woods/HOU/ECT@ECT, Lou Stoler/HOU/ECT@ECT,
Roger Balog/HOU/ECT@ECT, Taffy Milligan/HOU/ECT@ECT, Eric
Gillaspie/HOU/ECT@ECT, Jan M King/HOU/ECT@ECT, Jenny Helton/HOU/ECT@ect, Mary
Ogden/HOU/ECT@ECT, Laurie Mayer/HOU/ECT@ECT, Janette Elbertson/HOU/ECT@ECT
cc:
Subject: Procedures for Equity, Partnership and LLC Acquisitions

Please see attached memo regarding procedures for equity, partnership and LLC
acquisitions.  Deb


Today we announced the appointment of Jeff McMahon as Enron's chief financial officer.  In my continued discussions with the financial community yesterday and today, it became clear that this move was required to restore investor confidence.  Jeff has unparalleled qualifications and a deep and thorough understanding of Enron.  He is already on the job and hard at work on the issues before us.  Andy Fastow will be on a leave of absence from the company.

Jeff had been serving as chairman and CEO of Enron Industrial Markets. He joined Enron in 1994 and spent three years in the London office as chief financial officer for Enron's European operations.  Upon returning to the U.S., Jeff was executive vice president of finance and treasurer for Enron Corp.  In 2000, he was named president and chief operating officer of Enron Net Works.

I know all of you are concerned about the continuing decline in our share price.  I am too, and we are working very hard to turn it around.  Appointing Jeff as CFO is one important step in that process.  But most of the solution involves just continuing to do our jobs with excellence.  The fundamentals of our business are strong, and I think the market will begin to see that as we continue to perform.

Please join me in giving Jeff your full support, and thank you for all of your continued hard work.


In preperation for our call, the memo which was requested.  I will also be
able to brief you on this week's progress with Furnas.  I have a lawyer
tracing the section reference for the Eletrobras performance guarantee which
appears as brackets in the memo.  I should be able to advise you of the exact
reference tomorrow morning when we talk.

Regards,

Rob


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   Word of the Day for Saturday April 6, 2002:

   demagogue \DEM-uh-gog\, noun:
   1.  A leader who obtains power by means of impassioned appeals
   to the emotions and prejudices of the populace.
   2. A leader of the common people in ancient times.

     This  was  to  have  held a sculpture of a Roman charioteer
     driving  four  horses,  but  the  work was never completed,
     leaving behind what looks like a diving board or a futurist
     balcony,  ideally suited for a demagogue exhorting a throng
     below.
     --Michael  Z.  Wise,  "A Fascist Utopia Adapted for Today,"
     [1]New York Times, July 11, 1999

     A  consummate  demagogue,  McCarthy  played  upon  cold war
     emotions  and  made  charges  so  fantastic that frightened
     people believed the worst.
     --Arthur  Herman,  Joseph  McCarthy: Reexaming the Life and
     Legacy of America's Most Hated Senator

     Even  when  he  showed  his  true colors as a demagogue and
     trickster,  Stalin  did  so  in  such  a crisp and weighty,
     confidence-inspiring  manner that he bewitched not only his
     conversational partner but himself as well.
     --Milovan  Djilase,  Fall  of  the  New Class: A History of
     Communism's Self-Destruction
     _________________________________________________________

   Demagogue  derives  from  Greek  demagogos,  "a  leader of the
   people,"  from demos, "the people" + agogos, "leading, one who
   leads," from agein, "to lead."

References

   1. http://www.nytimes.com/

_._._._._._._._._._._._._._._._._._._._._._._._._._._._._._._._._._

You are currently subscribed to Dictionary.com Word of the Day as:
matt.motley@enron.com

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http://www.dictionary.com/wordoftheday/
(C) 2002 by Lexico Publishing Group, LLC.


Subject: a married man left work

A married man left  work early on Friday afternoon. in stead of going
home, however, he  squandered the weekend and his paycheck partying
with the boys. When he  finally returned home on Sunday night, he ran
into a furious  wife.

After a couple of hours of nagging and berating, his wife asked,  how
would you like it if you didn't see me for a couple  days?!!!!

"That would suit me just fine!!!"

So Monday went by,  and the man didn't see his wife. Tuesday and
Wednesday came and went with the  same result. Come Thursday, the
swelling went down a bit and he could see her  a little, just out of
the corner of his left  eye....


Susan -

Attached are drafts and clean versions of the Password Application and the
Guest Password Application.

As you will note, the Guest Password Application indicates that a Guest ESA
will be applicable on the site.  This is where language regarding what the
Guest will be seeing and capable of doing on the site will be contained.

Please look over and let me know your thoughts.

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com


Gerald,
This might be helpful

Thanks--


Is there an hour or so tomorrow or Friday that Alan and I could claim to
discuss the issues we teed up last week?


In celebration of EnronOnline's one millionth transaction this week, we would like to invite you to a celebration party on 	Thursday, June 7th from 5- 8 p.m. at The Grasshopper (506 Main Street @ Prairie in downtown).  Please RSVP as soon as 	possible by clicking on the link below.

	http://207.21.193.94/invitation/

	I hope to see you there.

	Andy Zipper


Before I send the draft, please let me know the type of customer (general
corporate, utility, municipal, etc.).  Thanks.  Sara

John Malowney
11/08/99 06:26 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Sample agreements

Sara, would you e-mail me a sample Master ISDA and "two page" confirmation
that I can forward on to a customer in regards to a financial fixed for
floating swap.  Thanks !!    JOHN


John,

The Sitara deal for the West Region is 555798

DG    3-9573

John Griffith@ENRON
01/11/2001 06:17 PM
To: Kam Keiser/HOU/ECT@ECT, Darron C Giron/HOU/ECT@ECT
cc: Eric Moon/HOU/ECT@ECT, William Kelly/HOU/ECT@ECT
Subject: Entrada - Brazos VPP Deal Tic

Hey guys how are you doing?  Do you know the Sitara numbers for the Brazos
deals that we changed last week?  Please let me know.  Thanks.

John Griffith

---------------------- Forwarded by John Griffith/Corp/Enron on 01/11/2001
06:10 PM ---------------------------
From: Joan Quick@ECT on 01/11/2001 06:11 PM
To: John Griffith/Corp/Enron@Enron
cc:

Subject: Entrada - Brazos VPP Deal Tic

hi john,

do you have the new sitara deal tic # for these vpp vols?

thanks
joan


George,

Per Scott Neal, the non firm volumes should be handled day ahead with the
desk.  He wants to know the volume day ahead and he will give you a quote on
a day ahead basis, not on a set gas daily number for the month.  Please call
with any questions or concerns.  Thanks.

John


Hey Susan,

I don't know if you remember me or not, I went to UT and was a good
friend of Stephanie Spence.  I know I met you at one of her showers or
maybe as late has her wedding.  Anyway, several people have told me that
you work here so I thought that I would say hello.

How long have you worked here?  What do you do?  Do you like it?  I'm on
the 25th floor with Net Works.  I started in January and so far I like
it.  I'm still trying to get used to my job and Houston in general.

Well, I just wanted to let you know I'm here.  Talk to you later.

Amy


Sherri,  I will pledge $500 to Jeff's ride.  I hope the weather is good and he makes his goal.  I'll send you a check tomorrow.

Jeff

 -----Original Message-----
From: 	Sera, Sherri   On Behalf Of Skilling, Jeff
Sent:	Thursday, April 19, 2001 5:18 PM
To:	Baxter, Cliff; Rick Buy/HOU/ECT@ENRON; Glisan, Ben; Kean, Steven; Sherrick, Jeffrey; Philippe A Bibi/HOU/ECT@ENRON; Brown, Michael; Cline, Wade; James A Hughes/ENRON_DEVELOPMENT@ENRON; Kitchen, Louise; Rebecca McDonald/ENRON_DEVELOPMENT@ENRON; Piper, Greg; Sherriff, John; Whalley, Greg; Dietrich, Janet; Muller, Mark; Scrimshaw, Matthew; Cox, David; Hannon, Kevin; Hayslett, Rod; Horton, Stan; McCarty, Danny
Subject:

I know how incredibly busy you all are, so I'm sure that making a pledge to Jeff for the MS150 has simply slipped your mind.  Well the ride is this weekend, time is running out and we need you!

Enron's goal is to raise $700,000, and Jeff's personal goal is to raise $50,000.  As of today, we are a little better than half way there.  Won't you consider helping him reach his goal?

Thanks for your consideration.  I look forward to hearing from you tomorrow...

Sherri :-)


You are one sick puppy!!  I hear your boss revoked your eating privileges.
Let me know when you get them back and we'll go to lunch.


Alan,

In reviewing the slides I have added some WSCC statistical data and CEC data
for generation and made a couple other comments for the groups consideration.

Kind Regards,

Dave

From: Alan Comnes/ENRON@enronXgate on 06/01/2001 12:40 PM CDT
To: James D Steffes/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Jennifer
Thome/NA/Enron@Enron, Janel Guerrero/Corp/Enron@Enron, Dave
Perrino/SF/ECT@ECT, Paul Kaufman/ENRON@enronXgate, Ray
Alvarez/NA/Enron@ENRON, John Shelk/NA/Enron@Enron, Susan J
Mara/NA/Enron@ENRON
cc:

Subject: Concept Slides Reacting to Latest Push for Price Caps CONFIDENTIAL

Yesterday (5/31) Jim Steffes, John Shelk,  and I met with Jeff Duncan, a
staffer for Congressman Markey (D-MA).  Unfortunately, Markey's  80% forward
contracting requirement seems to be alive and well.  He seems commited to the
belief that forcing more 18-month deals will help customers in the current
"sellers" market.  He specifically asked for information on the amount of
forward contracting currently in place.

Please review attached slides (the word slides are very rough) and give me
feedback as to whether the current market information would effective in
either our DC or Califronia legislative.

Note that the forward price information is confidential and we need to get
clearance before we release.

GAC


Hi Rhonda -

I was told you're the person to contact regarding changes in the Enpower
counterparty list. Several items are outdated or have gone through many
different versions, and it's made somewhat of a confusing situation for the
traders and others who do deal entry. My sensitivity to this is heightened
because I'm new to the Deal Control position here at the Portland West Desk,
and I'm still getting used to which names we use and which we don't. Monica
Lande suggested I ask you about it, although she pointed out that if we've
ever booked a deal under any of these counterparty names, then they need to
stay in the system.

I'm wondering if there is any way to weed out some of those extra selections.
For example, Duke and El Paso both have five different names in the system;
Arizona Public Service Company has become Pinnacle; and other names were just
tests that are no longer used.

Please let me know whenever you have a free moment - this is certainly not an
urgent request, and I completely understand if the list needs to stay as is.
Just checking.

Thanks,
Kate


thanks.

 -----Original Message-----
From: 	Walton, Steve
Sent:	Monday, August 20, 2001 9:11 AM
To:	Steffes, James D.; Novosel, Sarah; Shapiro, Richard
Cc:	Perrino, Dave
Subject:	RE: Transmission Divesture and Tax Policy

Response to your questions:

1.  I think it would be best if it there were transmission assets only.  Given the geographic scale we want to achieve, adding in the distributions systems is unnecessary and my lead to more perpetuation of the local mentality.  I don't think you get much of a scale benefit from adding in the distribution systems.  The distribution systems are also likely to remain as suppliers of last resort in the event of retail access, which raises complications.  It would be equivalent to an pipeline also being an LDC.

2.  The divesting company does not get the shares, its shareholders receive them as a direct distribution.  As a result, the old management has no control over the shares of the Transco.  Several utilities (UtilA, UtilB, UtilC, etc) agree to simultaneously spin off their transmission into BigTrans.  The share holders of UtilA get X shares of BigTrans in exchange for Y shares of UtilA and how hold Y fewer shares in UtilA and X shares of BigTrans.  The spin off could also be done as part of a merger.  Both parties agree to spin off their transmission into a common company.  The shareholders would receive publicly traded hares in both UtilA-BCombine and BigTrans.  The managements of both companies being separated from each other.  There would have to be a conflict of interest standard for the board and management of BigTrans, which prohibits any substantial benefit from market operations, just as we have for any other RTO.

Steve

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Monday, August 20, 2001 7:32 AM
To:	Walton, Steve; Novosel, Sarah; Shapiro, Richard
Cc:	Perrino, Dave
Subject:	RE: Transmission Divesture and Tax Policy

A couple questions --

1.	Could the company include distribution wires as well, instead of being just a transmission only wires?
2.	How many shares would a divesting company get?  Could this be more that 5%?  If so, wouldn't this be over the "control" threshold?

In general, I fully support this type of action.

Jim

 -----Original Message-----
From: 	Walton, Steve
Sent:	Friday, August 17, 2001 3:56 PM
To:	Steffes, James D.; Novosel, Sarah; Shapiro, Richard
Cc:	Perrino, Dave
Subject:	Transmission Divesture and Tax Policy

Jim, Sarah and Rick,

	The following describes the suggestion that I made in our meeting this morning.  This is a strategy which could only be executed in legislation.

The Problem:

One of the chief difficulties of forming a Transco are the tax consequences of divestiture of assets. The problem was identified in 1995 when we first started talking about a Transco in the West.   If the parties agree in advance of divesture to combine their assets with others into a new company, the divestiture creates a tax event.  As a result, the Transco's like Alliance or TransConnect have adopted an LLC structure to avoid the tax consequences of formation.  The problem with the LLC form is the reluctance of the owners to surrender all control of their assets to the Managing Member who has "little skin in the game."  Questions have also been raised by opponents about the fiduciary responsibilities of Managing Member.  Are they to look out of the financial interests of the owners (passive and active)?  All these issues came up when we were working with various companies in 1999-2000 on possible pipe/wire companies.

The Suggestion:

Create a short window during which utilities could divest their assets into a Transco without facing a tax penalty.  Under such a provision, current owners would be allowed to agree in advance to combine their assets to form a new company without taxes being levied on the spin off, as long as the new company was a transmission only company.  The shareholders of the contributing companies would received publicly traded shares in the new company, so there is no issue of the original company controlling the Transco.  The Federal Treasury is tax neutral, since without the provision the Transco doesn't form.  When the shareholders of Transco sell their shares, the are taxable, if the Transco becomes more valuable, then the benefit accrues to Treasury in taxes on the sale of the stock.  With a two year window, the companies would be faced with a one time opportunity to make the shift and avoid taxes.  This become a trigger for breaking up the vertical integration for which a business case can be made the shareholders of today's owners are better off.

	Thanks for listening (reading).

Steve


you,me,Stuart,Morris, Williams,Duenner

To: Richard B Sanders/HOU/ECT@ECT
cc:
Subject: Re: Wasssssupppp

I'll organize.  Who should be included?
Jordan


A. "If the merger between Enron and Dynegy closes, all terms and provisions of the option awards before the close are preserved through and after the close except:

(1)  number of options in Dynegy will be number of Enron options before the merger times the merger ratio of .2685
(2)  the strike price for Dynegy options will be the strike price of Enron options before the merger divided by the merger ratio of .2685"

B.  "The proposed transaction is considered an "approved" change in control for purposes of the Enron Corp. stock plans"

Thanks,
Aaron
713 853 9280


I'll be available, and will let you know how it goes.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 03/06/2001 04:59
PM ---------------------------

Kay Mann
03/06/2001 04:57 PM
To: Marchris Robinson/NA/Enron@Enron
cc: James D Steffes/NA/Enron@Enron, Steve Montovano/NA/Enron@Enron, Ben
Jacoby/HOU/ECT@ECT, Steven Krimsky/Corp/Enron@Enron

Subject: Re: Tripp Scott Proposed Terms of Engagement

Ben and I can make it.

Kay

From: Marchris Robinson on 03/06/2001 04:30 PM
To: James D Steffes/NA/Enron@Enron
cc: Steve Montovano/NA/Enron@Enron, Kay Mann/Corp/Enron@Enron, Ben
Jacoby/HOU/ECT@ECT, Steven Krimsky/Corp/Enron@Enron

Subject: Re: Tripp Scott Proposed Terms of Engagement

I think we should do a phone conference to resolve the outstanding issues
regarding the engagement of "local lobbying firms" by ENA.  I will schedule a
call for tomorrow at 10:30am (cst).  Please advise if that time works with
your schedule.  Thanks.

Marchris
----- Forwarded by Marchris Robinson/NA/Enron on 03/06/2001 04:21 PM -----

	Kay Mann
	03/06/2001 09:27 AM

		 To: Marchris Robinson/NA/Enron@Enron
		 cc: Christi L Nicolay/HOU/ECT@ECT
		 Subject: Re: Tripp Scott Proposed Terms of Engagement

Hi Marchris,

I'm in ENA Legal, and I'm looking for the right person to discuss this with.
Christi Nicholay suggested I get you involved.  Please give me a call at 713
345 7566 to discuss.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 03/06/2001 09:29
AM ---------------------------

Ben F Jacoby@ECT
03/05/2001 10:48 AM
Sent by: Ben Jacoby@ECT
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Tripp Scott Proposed Terms of Engagement

OK. This guy's a lawyer by training, but we're hiring him as a lobbyist.
Roger was previously looking into this, and proposed our standard form
agreement. Steve and I were wondering if we could work off of Tripp Scott's
proposed form, considering that he will not be representing us as our counsel.

Please let me know.

Thanks,

Ben

Kay Mann@ENRON
03/04/2001 02:27 PM
To: Ben F Jacoby/HOU/ECT@ECT
cc:
Subject: Re: Tripp Scott Proposed Terms of Engagement

Ben,

What are these folks supposed to do for Enron?  I had heard a rumor that we
were looking to hire someone to lobby for us on a success fee basis.  Is this
the same deal?  I know on the international side there were hoops to jump
through before such an engagement could be signed off on.  I'll have to check
to see what the drill is on this side of the street.

Kay

	From:  Ben F Jacoby @ ECT                           02/28/2001 12:18 PM

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

Subject: Tripp Scott Proposed Terms of Engagement

Per my earlier e-mail, attached is Tripp Scott's form.
---------------------- Forwarded by Ben Jacoby/HOU/ECT on 02/28/2001 12:17 PM
---------------------------

Steven Krimsky@ENRON
02/28/2001 09:11 AM
To: Ben Jacoby/HOU/ECT@ECT
cc:
Subject: Tripp Scott Proposed Terms of Engagement

As discussed, Roger has no problem engaging Tripp Scott.  He does want to use
Enron's standard 9 page engagement letter in lieu of the attached 2 pager
received from Tripp Scott.  Is this necessary - any thoughts?

Steve

---------------------- Forwarded by Steven Krimsky/Corp/Enron on 02/28/2001
09:08 AM ---------------------------

Steven Krimsky
02/16/2001 03:44 PM
To: Ben Jacoby/HOU/ECT@ECT, Roger Balog@ECT, Marchris Robinson/NA/Enron@Enron
cc:

Subject: Tripp Scott Proposed Terms of Engagement

As discussed in Fort Pierce, Tripp Scott is that insurance policy I've been
looking for to help secure the commission vote in Pompano.  Tripp Scott will
also assist us in our door knock campaign in the County & Tallahassee.
Pozzuoli is a mover & shaker and is on a first name basis with Jeb Bush -  he
was the Chairman for the Bush/Cheny Broward County re-count.

Bill Keith & Debbie Orshefsky highly recommends the engagement.

Lets discuss Tuesday.

Steve
---------------------- Forwarded by Steven Krimsky/Corp/Enron on 02/16/2001
03:38 PM ---------------------------

"Edward J. Pozzuoli (Paulette R Segal)" <PRS@trippscott.usa.com> on
02/14/2001 01:56:42 PM
To: steven.krimsky@enron.com
cc: TSCS.TSCS-1.ejp@mail4.allegro.net

Subject: Proposed Terms of Engagement

It was a pleasure meeting with you and Debbie on Monday afternoon.  Per our
discussion, enclosed is Tripp Scott's proposed terms of engagement as well as
an abbreviated description of the firm and its key directors.

I look forward to speaking with you soon.

Ed
 - 239299.WPD
 - 239243.WPD


Megan,
Try this for Phillips.

Thanks,
Theresa


Julie-

Unfortunately, I will not be able to help you sort recognitions during the
day on Tuesday -- I can't get off work on that day.  If you are able to sort
our troop's recognitions (troop 12357) by Tuesday evening, I would love to
come by and pick them up.  Our last Brownie meeting is on Wednesday
afternoon, and I wanted to get everything to our troop leader Wednesday
morning before work.  Let me know what time would be convenient for me to
come by.  I have a Southside Place city council meeting to attend at 7 pm but
could come by before.....

Thanks,

Susan Pereira


We are pleased to announce that Dave Duran will replace Janet Dietrich to
co-lead the East Power Wholesale business at Enron.  Dave will continue to
run the highly successful Generation Investments business.

The East Power team will continue to have a single income statement and joint
accountability toward its financial goals as was set out in the
reorganization in late 2000.

Within Dave's Generation Investments group; Michael J. Miller will lead the
effort to acquire new QF projects, Chuck Ward will lead the restructuring
efforts on existing QF projects, and Carl Tricoli will lead the initiative to
develop and market capital products to IPP's.  In addition, Mitch Robinson
will lead a new initiative to evaluate opportunities with coal fired
generation.  Dave and Kevin Presto will attempt to leverage the Generation
Investments business and the Origination activities through a tighter
integration between the two groups.

Dave has over nine years of direct experience in gas and power origination at
Enron including an outstanding performance over the last couple of years
building the Generation Investments business.  He also spent two years
managing Enron's Retail Gas Marketing business in Dublin, Ohio.

The East Power group has had a great start to the year and we feel confident
that the leadership team of Kevin and Dave will lead to continued success.


----- Forwarded by Tana Jones/HOU/ECT on 05/03/2000 08:45 AM -----

	Tom Moran
	05/03/2000 08:43 AM

		 To: Frank L Davis/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT
		 cc: Tom Moran/HOU/ECT@ECT, Sheri Thomas/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/HOU/ECT@ECT, Lisa Gillette/HOU/ECT@ECT, Linda S Bryan/HOU/ECT@ECT,
Connie Sutton/HOU/ECT@ECT, Sylvia A Campos/HOU/ECT@ECT, Matthew
Allan/LON/ECT@ECT, Molly Harris/HOU/ECT@ECT, Cynthia Clark/Corp/Enron@ENRON,
Enron Europe Global CounterParty
		 Subject: EOL / Credit / GCP Responses 5/2/00

Please find attached Credit's EOL responses for 5/2/00

Regards
tm


I really like this one.
---------------------- Forwarded by Kay Mann/Corp/Enron on 12/04/2000 05:28
PM ---------------------------

Heather Kroll@ECT
12/04/2000 05:19 PM
To: Ozzie Pagan/HOU/ECT@ECT, Jeffery Ader/HOU/ECT@ECT, Mark
Bernstein/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron, Chris Gaffney/TOR/ECT@ECT
cc:

Subject: FW: Best Line I've heard all year

---------------------- Forwarded by Heather Kroll/HOU/ECT on 12/04/2000 05:19
PM ---------------------------

Quinn Kroll <q.kroll@pentasafe.com> on 12/04/2000 05:06:05 PM
To: williams@tvmcapital.com, "Heather Kroll (E-mail)" <hkroll@ect.enron.com>
cc:
Subject: FW: Best Line I've heard all year

"If the Democrats wanted Al Gore to be President so bad, they should have
voted for impeachment."


Can each Customer Service Rep. please contact each customer that has not paid and provide a status of the payment due TW.

Thanks: John Buchanan

 -----Original Message-----
From: 	Hanagriff, Richard
Sent:	Monday, March 18, 2002 9:52 AM
To:	Buchanan, John; Mulligan, Amy; Ward, Linda; McEvoy, Christine; Minter, Tracy; Hernandez, Bert; McConnell, Mark; Lokay, Michelle; Watson, Kimberly; Y'barbo, Paul; Blair, Lynn; Dietz, Rick
Subject:	Febinvoices not paid

 << File: invoicesFeb02.xls >>


Our 2001 Investment Guide...Bush: Conciliator In Chief?...More Pink Slips

HIGHLIGHTS FROM THE DECEMBER 25, 2000/JANUARY 1, 2001, ISSUE OF BUSINESS WEEK*

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12/14 -- A Battle Royal for Wireless Real Estate
At the FCC's spectrum auction, heavy telecom hitters are set to pay a big
price for a crucial chunk of the airwaves
http://www.businessweek.com/bwdaily/dnflash/dec2000/nf20001214_505.htm

12/13 -- Street Wise: Call It the Sudden Slowdown Economy
Technology has so changed the way things work that a sharp shift in growth
can occur seemingly overnight
http://www.businessweek.com/bwdaily/dnflash/dec2000/nf20001213_608.htm

12/12-- E-Signatures at Your Online Broker? Better Be Careful
They're now legally binding, and the industry is rushing to adopt them. The
convenience they add, though, doesn't make up for the risks
http://www.businessweek.com/bwdaily/dnflash/dec2000/nf20001212_815.htm

12/11 -- Sonar Sight for the Blind?
Nearly 40 years in the making, Leslie Kay's headband device uses sound waves
to create dynamic "pictures" of the wearer's surroundings
http://www.businessweek.com/bwdaily/dnflash/dec2000/nf20001211_136.htm

12/10 -- Barker.Online: What's New in Investing Sites? Plenty
Some are hidden treasures, others are merely interesting. Even the best,
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CHECK OUT STORIES FROM Le Monde Interactif

12/14 -- Is Yahoo! Finally "Near Bottom"?
Though crashing ad rates have pushed the stock ever downward lately, some
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http://www.businessweek.com/ebiz/0012/es1214.htm

12/13 -- Jeremy Wertheimer: Unraveling the Travel-Booking Tangle
His programming algorithms are behind Orbitz, the airline-industry venture
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http://www.businessweek.com/ebiz/0012/em1213.htm

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Stinson,

Here is the 1 factor HJM model for curve simulation originally designed for
a Coal Plant valuation.

This techniques is useful for all kinds of curves, especially when we
do not have the quality data to estimate other factors. (situations where
only volatility curve is availiable).

Let me know if you have any questions.

Zimin


Mark,
This is a FYI:

I ran across a Terms of Use Statement which is likely similar to what we may
need as part of our Enron customer internet site.  The statement is actually
part of Coral Energy's website.  You can access the terms of use statement by
going to the link below:

https://www.coralconnect.com/legal/TermsOfUse.asp

Let me know how things are going on the review and if I can be of assistance.

mike


U.S. GEOLOGICAL SURVEY  NATIONAL EARTHQUAKE INFORMATION CENTER
World Data Center for Seismology, Denver

Reply to: sedas@neis.cr.usgs.gov or neic@usgs.gov

The following is a release  by  the  United  States  Geological  Survey,
National  Earthquake  Information  Center:  A strong earthquake occurred
about 165 miles (265 km) northeast of Gisborne, New Zealand at 12:52  AM
MDT  today,  Aug  21,  2001  (6:52  PM  local  time  in New Zealand).  A
PRELIMINARY MAGNITUDE OF 6.9 WAS  COMPUTED  FOR  THIS  EARTHQUAKE.   The
magnitude  and  location may be revised when additional data and further
analysis results are available.  There have been no reports of damage.

EDIS-08-21-01 0124 PDT

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Hi Lea,

What are you thinking about with Jeff (Koons)?

Jeff


This is a summary of the notes from the Mexico Roundtable held on October 17.

Lorna

-----Original Message-----
From: webmaster@cera.com [mailto:webmaster@cera.com]
Sent: Thursday, November 01, 2001 9:01 PM
To: clients@cera.com
Subject: Mexico Gas and Power Summary Notes: Power Issues - CERA Report

Title: Mexico Gas and Power Summary Notes: Power Issues
URL(s):

http://www20.cera.com/eprofile?u=35&m=2767;

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

MEXICO GAS AND POWER: POWER LUNCHEON, MEXICO CITY, October 17, 2001

As part of the Mexico Gas and Power Advisory Service, CERA presents summary
notes from the Power Luncheon held on October 17, 2001.

If you have comments on the structure or content of the Mexico Gas and Power
Luncheon, please  e-mail Lisa Pearl at: lpearl@cera.com

**end**

Follow above URL for complete report (3 printed pages).

E-mail Category: Report
CERA Knowledge Area(s): Mexico Gas & Power

***********************************************************************
***********************************************************************
CERA's Autumn 2001 Roundtable event dates and agendas
are now available at http://www20.cera.com/event
***********************************************************************

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This electronic message and attachments, if any, contain information
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confidential and may be privileged. Unauthorized disclosure, copying,
distribution or use of the contents of this message or any attachments,
in whole or in part, is strictly prohibited.
Terms of Use: http://www20.cera.com/tos
Questions/Comments: webmaster@cera.com
Copyright 2001. Cambridge Energy Research Associates


One more roll to review . . . this one includes our private tour of the
island while the scuba-folk did their thing on Monday.  Note the one of Mark
sleeping away the highly educational tour talk we were receiving enroute on
the southeast side of the island.

http://photomail.filmworks.com/sharing/roll.asp?Key=7976475438070507

________________________________________________________________________
This email message has been sent to you from Matthew Gillaspie compliments of
the Seattle FilmWorks free photo e-mail sharing service. To view the photo,
please click on the link above.If your email program does not support
hyperlinks, simply copy and paste the link into your browser. If you have any
problems or questions please contact us at info@filmworks.com, or call us
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Here's the document that I received from the lobbyist today.  It's the same
document that I distributed internally yesterday.

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 05/31/2001 05:26 PM -----

	"Delaney Hunter" <dhunter@s-k-w.com>
	05/30/2001 12:29 PM
	Please respond to dhunter

		 To: "Jeff Dasovich (E-mail)" <jdasovic@enron.com>
		 cc:
		 Subject: Asm Dem Plan

A little something we got our hands on.....
 - Assembly Demo Plan.doc


Thanks, Steve:  Alan and Jim might want to join in the fun.  Does 1PM west
coast time work for folks to have a brief kick-off discussion of how we might
assess the costs of a "California for Californians" energy policy?

Best,
Jeff

	Steve Walton@ECT
	03/06/2001 11:27 AM

		 To: Jeff Dasovich/Na/Enron@ENRON
		 cc:
		 Subject: Re: Cost of Protectionism

I will be at my desk for the next two days.  Call at your convenience.

Steve

	Jeff Dasovich@ENRON
	Sent by: Jeff Dasovich@ENRON
	03/05/2001 10:54 AM

		 To: Steve Walton/HOU/ECT@ECT
		 cc:
		 Subject: Re: Cost of Protectionism

Yes, I'll be in Houston this week.  We could discuss there. But might be
useful to discuss tomorrow when you return.  I'm available.  Seems useful to
try to get a start on it tomorrow.  You available for a quick call?  My
schedule's pretty flexible.

Best,
Jeff


Lynn -

For discussion purposes.  We'll talk at 11:00 your time.

Mitch
---------------------- Forwarded by Mitch Robinson/Corp/Enron on 12/08/2000
08:36 AM ---------------------------

Kay Mann
12/06/2000 08:13 PM
To: Mitch Robinson/Corp/Enron@Enron
cc:

Subject: Westinghouse letter

Kay


PremierInvestorNetwork.com Monthly                    October 2001
                                                 Investors Edition
Copyright ? 2001, All rights reserved.
Redistribution in any form is strictly prohibited.

The entire newsletter is best viewed in COURIER 10 for alignment

=================================================================
The Premier Investor Network Presents
the Investors Edition for October 2001
=================================================================
In this Investors' Edition:

  -Mutual Fund Focus for October by MutualInvestor.com-

     Twelve Safer Equity Fund Bets

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===================================
Twelve Safer Equity Fund Bets
By Steve Wagner
===================================

The objective of this monthly screen is to identify what we're
calling safer bets for different equity investment objectives.
By safer we don't mean that they can't lose money in any short-
term period.  Equity mutual funds in general have greater risk
(are more volatile) than bond funds and money market funds but
have greater long-term return potential.  What we're providing
here are the more conservative best bets within each objective,
those that have produced competitive results with minimal risk
and volatility relative to other funds with the same objective.

These funds are geared to the average mutual investor who wants
to participate in the equity market and is willing to give up a
little upside potential to sleep better at night.  Each of them
has Value Line's highest overall score of '1' as well as a risk
score of '2' or better (low risk).  Each fund also sports a low
expense ratio in relation to their equity objective peers and a
low initial fund investment of $3,000 or less.

Since return and risk should be considered in light of a fund's
investment objective, we break down our safe fund bets in four
different equity objectives: growth, growth and income, income,
and balanced.  Each objective is equity-oriented but varies in
terms of their emphasis on growth or income.  Mutual investors
interested in any one of these funds should do their own 'due
diligence' to ensure that the fund meets their investment goal
and comfort with risk.  No one mutual fund fits all investors.

Growth Objective
----------------

Growth funds seek to provide long-term capital appreciation by
investing in a diversified portfolio of common stocks.  Current
income, if considered at all is a secondary concern.  Three low
risk best bets with growth objectives are as follows:

Fidelity Dividend Growth      (FDGFX)
Gabelli Asset                 (GABAX)
Tweedy, Browne American Value (TWEBX)

Tweedy, Browne American Value (5-Year Avg 12.3%, +1.5% S&P 500)
buys common stocks with very low price multiples, and since its
1994 inception has consistently maintained a mid-cap value bias.
Due to the low price risk of its holdings, the fund's risk score
is as excellent as its returns, says Morningstar.  They also say
that its returns look especially good after taxes.

Gabelli Asset (5-Year Avg 13.8%, +2.9% S&P 500) also likes the
mid-cap sector, and over the past five years has moved between
value and blend styles.  Its value approach and diversification
across industries and issuers helps limit risk, per Morningstar.
Its top-notch returns are the result of great stock picking and
willingness to play bold themes, according to Morningstar.

Fidelity Dividend Growth (5-Year Avg 15.7%, +4.9% S&P 500) also
blends value and growth stocks but prefers to fish in large-cap
waters where the fund can fulfill its mandate of holding growth
companies which exhibit potential for dividend growth.  Its low
risk profile results from its avoidance of volatile tech stocks,
in addition to tight risk controls.  Strong research and equity
selection, Fidelity trademarks contribute to an excellent long-
term performance record.

Growth & Income Objective
-------------------------

Growth and income funds seek long-term growth of capital, plus
income from dividends.  They typically select equities for both
their appreciation potential and dividend-paying ability.  Three
low risk best bets with growth and income objectives are listed
below:

Dodge & Cox Stock                  (DODGX)
Jensen Fund                        (JENSX)
T. Rowe Price Capital Appreciation (PRWCX)

T. Rowe Price Capital Appreciation (5-Year Avg 12.5%, +1.7% S&P
500) specializes in finding opportunities among securities that
the market has overly punished for various reasons.  It invests
in common stocks believed to be undervalued by various measures,
such as price/book and establishes relatively large positions in
those companies it finds particularly attractive.  The fund also
invests in fixed income securities and convertibles to give it a
risk-adverse profile.

Dodge & Cox Stock (5-Year Avg 15.3%, +4.4% S&P 500) also has a
value approach but invests primarily in the large-cap sector.
Through the years, it has consistently maintained a large-cap
value bias.  Like the other value funds profiled, the lower price
risk of its holdings contributes to its low relative risk score.
Morningstar says management's eye for fundamentally strong
companies trading at cheap prices has produced results that are
tough to argue with and you'll get no argument from me.

Jensen Fund (5-Year 13.8%, +3.0% S&P 500) invests primarily in
growth companies with long histories of delivering high returns
on equity, are in excellent financial condition and have raised
dividends in recent years.  Since its 1992 inception, the fund
has consistently maintained a large-cap growth style bias.  The
fund invests in growth stocks at a reasonable price and because
of management's focus on valuation and quality, fund volatility
has been kept low.

Income Objective
----------------

Income funds (commonly known as equity-income funds) seek income
from the dividends and interest generated by the fund's holdings.
Growth of capital is a secondary objective.  Three low risk funds
with income objectives are as follows:

American Century Equity Income (TWEIX)
Parnassus Equity Income        (PRBLX)
Van Kampen Equity Income A     (ACEIX)

American Century Equity Income (5-Year Avg 14.0%, +3.1% S&P 500)
is similar to T. Rowe Price Capital Appreciation in that it buys
stock of companies that are beaten down but focuses on companies
that can quickly rebound.  Though the years, it has maintained a
mid-cap value bias.  Because it is less patient than other value
funds, portfolio turnover is higher-than-average, making it more
suited to IRA and other tax-deferred accounts.

Parnassus Equity Income (5-Year Avg 13.0%, +2.1% S&P 500) and Van
Kampen Equity Income A (5-Year Avg 13.5%, +2.7% S&P 500) are both
large-cap value oriented in management style.  Management directs
its attention toward the issues of well-established, undervalued
companies that offer potential income, consistent with safety of
principal.  Both income funds invest the majority of assets in
income-producing equities, with a portion invested in bonds and
convertibles to derive a risk-adverse portfolio.

Balanced Objective
------------------

Balanced funds seek both income and capital appreciation by
investing in a fairly static mix of stocks and bonds, with at
least 25% of portfolio assets in bond securities at all times.
Three low risk funds with balanced objectives are as follows:

Dodge & Cox Balanced    (DODBX)
Oakmark Equity & Income (OAKBX)
Thompson Plumb Balanced (THPBX)

Oakmark Equity & Income (5-Year Avg 16.5%, +5.7% S&P 500) buys
cheap mid-cap stocks of cash-rich companies for its equity stake
and government bonds and high-yield corporate securities for its
fixed income allocation.  Due to the low price risk of its stock
holdings and quirky asset mix, the fund's risk score is very low
relative to other domestic hybrids, while generating high return
for shareholders.

Dodge & Cox Balanced (5-Year Avg 12.7%, +1.9% S&P 500) uses the
same large-cap value approach followed by Dodge & Cox Stock for
the equity allocation and invests in investment-grade securities
for the fixed income stake.  This 'traditional' balanced fund is
one of the oldest funds in America with roots dating back to the
year 1931.  Morningstar calls it a category standout, generating
strong long-term results for loyal shareholders.

Thompson Plumb Balanced (5-Year Avg 14.0%, +3.1 S&P 500) uses a
combination of value and growth methods to construct a broadly
diversified portfolio of companies with strong franchises, high
returns on equity, solid long-term prospects and low valuations.
On the fixed-income side, the fund does not make large interest-
rate bets, but invests in high-quality, intermediate-term bonds.
Because it tends to allocate assets more in equities than other
balanced offerings, it is most suitable for investors primarily
favoring solid capital appreciation over income.

Summary
-------

Through the years, I've been asked to recommend 'good' mutual
funds.  These dozen funds have kept risk low by having 'tight'
risk controls and focusing on identifying value opportunities
through strong fundamental research.  Each of them have beaten
the stock market (measured by the S&P 500 index) over the past
five years, while minimizing risk relative to other funds with
the same objective.  Accordingly, they are all 'good' funds in
our opinion and safer ways to play the equity market.  Most of
them are offered on a no-load basis and come with low expenses,
adding to their overall appeal.

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FYI

> -----Original Message-----
> From: Lynch, Loretta
> Sent: Thursday, January 04, 2001 9:35 AM
> To: ALL PUC
> Subject: Strategic Planning Director
>
> I am happy to announce that Barbara Hale has agreed to become the
> Commission's Director of Strategic Planning.  Many of you already know
> Barbara.  She has held several key positions in the Commission over the
> past twelve years, as advisor to two Commissioners, analyst in ORA and
> more recently as an administrative law judge.
>
> Barbara has a solid understanding of the organization and of the critical
> regulatory issues before the Commission.  She brings a lot of ideas and
> energy to the Commission's management team.
>
> Please join me in welcoming Barbara to a new challenge!
>
>

 - C.DTF


---------------------- Forwarded by Don Miller/HOU/ECT on 11/21/2000 02:44 PM
---------------------------

Don Miller
11/21/2000 02:10 PM
To: Jinsung Myung/Corp/Enron@Enron
cc:
Subject: October Monthly Report

---------------------- Forwarded by Don Miller/HOU/ECT on 11/21/2000 02:09 PM
---------------------------

Ross Newlin@EES
11/21/2000 01:16 PM
To: Mitch Robinson/Corp/Enron@Enron, Don Miller/HOU/ECT@ECT
cc:
Subject: October Monthly Report

Per your request
---------------------- Forwarded by Ross Newlin/HOU/EES on 11/21/2000 01:16
PM ---------------------------

Mitchell Hurt@ENRON
11/21/2000 01:09 PM

To: Ross Newlin/HOU/EES@EES
cc:
Subject: October Monthly Report

Ross,

As requested.

Respectfully Mitchell


I am being told that FirstEnergy Services Corp. is the successor by merger to
First Energy Trading Services Inc.  I do not have any documentation
reflecting this merger.  Do you?


Peter,

I forwarded your resume with my recommendation to two
senior executives in our Transportation and Storage Group.

Vince


attatched is the spreadsheet with all of this months pre schedules.  Please
send to all the guys.  Thanks


Julie,

No objections. Please, include our names.

Vince

"Julie" <julie@lacima.co.uk> on 05/05/2000 04:22:29 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Energy course

Dear Vince,

Thanks for attending the energy derivatives course, and I hope you found it
valuable.

There's been some interest from other course attendees to put together a
contact list and distribute it to one another.  I'm contacting you to see if
you or Zimin Lu have any objection to being included on the list.  We will
include only details that you approve, such as name, company name, address
and email if you wish.

We would like to send out the list early next week, so please let us know.

Thanks,
Julie

PS - how's the chapter?
 - att1.htm


The following report is comprised of what was discussed at the Commission
meeting held tonight at approximately 7 PM EST and additional intelligence
gathered from FERC staffers after the meeting by Joe Hartsoe:

Physical Withholding -- To prevent physical withholding, the plan will
require sellers with PGA's to offer all their available power in real time.
All California generators, even those not subject to FERC price regulation,
will be required to sell into the ISO's real time market as a condition of
their use of the ISO's interstate transmission lines. Hydroelectric
facilities will be exempted. (24-7 for 1yr)

Price Mitigation -  The plan will establish a single market clearing price
auction for the real time market.  During Stage 1, 2 and 3 emergencies in the
ISO's real time market, each generator (other than hydro) with a
participating generator agreement is required to offer all available power
and bid its marginal cost based on the generator's heat curve, emission
rates, gas costs and emission costs, plus $2 for O&M.  The gas cost will be
the average daily cost of gas for all delivery points in California;
emissions are to be based on Cammon Fitzgerald(?).  The gas cost and
emissions will be published the day after, for use on the following day.  A
single market clearing price is determined in real time for all generators.
Highest bid sets the clearing price.  Each gas fired generator must file with
FERC and the ISO, on a confidential basis, heat and emission rates for each
generating unit.  The ISO will use these rates to calculate a marginal cost
for each generator, including maintenance and operating costs.  In the event
a generator submits a bid higher than the proxy price, the generator must,
within 7 days of the end of each month, file a report with FERC and the ISO
justifying its price.  FERC has 60 days to review/act.  No opportunity costs
in real time.  Marketers are in the same boat, as they must be prepared to
justify bid at purchased cost based on specific purchases or portfolio with
no opportunity cost.  However, credit sleeves are permissible.

Demand Response - Beginning June 1, only public utility load serving entities
must submit demand side bids to curtail load and identify the load to be
curtailed under those bids.  FERC is attempting to break the demand curve.
(24-7)

Outages -- PGA generators will coordinate planned outages and report forced
outages in accordance with the Commission Staff proposal adopted by FERC.

Term - Order expires one year from date of issuance.

RTO Filing - California ISO and two Utilities must make RTO filing by June 1
or Order lapses with no further effect.

ISO Reporting - On September 14, 2001, ISO must file a status report on how
things are working and how much generation has been built.  Comments are due
in 15 days.  Quarterly reports thereafter.

Revocation of Market Based Rate Authority and Refunds - The market based rate
authority of all public utilities is conditioned on 1) no physical withhold
of capacity, and 2) no inappropriate bidding behavior.  Inappropriate bidding
behavior includes bidding unrelated to known characteristics of the
generation unit or without an input cost basis or bidding not based on unit
behavior.  An increased bid based on increased demand could apparently be
inappropriate.  In addition, "hockey stick" bids are expressly prohibited
(i.e.  bidding 95% at marginal cost and 5% at a much higher level).

Limited 206 filing - Applies to sales in the WSCC, outside California.
Refund conditions apply in real time spot markets when contingency within a
control area falls below 7%.  Control areas are not required to publish when
this condition occurs.  Apparently anything over marginal cost must be
justified.  All marketers and non-hydroelectric generators must offer to sell
contractually and physically available capacity/energy to a location within
WSCC.  FERC is attempting to mirror the rules applied in California.
Comments are due in 10 days on the 206 investigations.  The refund effective
date is 60 days from publication of the Order.

Nox Limits in California --  Must sell requirements do not apply if a unit is
prohibited from running by law.  However, it appears that incurring fines
does not overcome the must sell requirement- just include the fines as part
of the price bid.  Also if Nox is limited, may seek to show that generation
would have been sold elsewhere or at different times for determining price.

Surcharge to pay past amount due -- Comments are due in 30 days on 1) whether
FERC should require the ISO to surcharge parties for payment into an escrow
account to pay past costs and 2) the effect this surcharge would have on the
PG&E bankruptcy filing.

No mention was made at the meeting as to issue of exports of power from
California.  The Order is not finally drafted as of yet, and the status of
the foregoing items could change upon issuance of the Final Order.  We will
keep you posted.

RA