are you going to this happy hour tonight?

Kim
-----Original Message-----
From: Vann, Suzanne
Sent: Monday, November 26, 2001 8:57 AM
To: Ward, Kim S (Houston)
Subject: FW: Farewell Drinks

here you go.
-----Original Message-----
From: Leibman, Lara
Sent: Monday, November 26, 2001 7:52 AM
To: Shapiro, Richard; Steffes, James D.; Dernehl, Ginger; McVicker, Maureen; Kean, Steven J.; Linnell, Elizabeth; Binns, Darran; O'connell, Earlene; Sullivan, Kathleen; Ibrahim, Amr; Petrochko, Mona L.; Gottfredson, Bryan; Dolezal, Regan; Enochs, Fred; Racicot, Paul; Garrett, Bryan; Phillips, George; Philipp, Meredith; Denne, Karen; Palmer, Mark A. (PR); Palmer, Sarah; Clark, Mary; Votaw, Courtney; Schmidt, Ann M.; Richter, Brad; Piper, Greg; Woulfe, Greg; Frey, Gunnar; La, Nicole; Marshall, Lucy; Fallon, Jim; Edison, Susan; Sidler, Shirley; Zimmerman, Grant; Schneider, Richard; Barnes, Corbin; Harris, Michael; Santikos, Mark; Harkness, Cynthia; Hicks, Michelle; Rossi, Robbi; Gardner, Wayne; Gartner, Julie S.; Gresham, Wayne; Mcgowan, Kevin; Hochschild, Lenny; Wilhite, Jane; Clayton, Paul; Puchot, Paul; Koogler, David; Madaras, Tom; McDonald, Rob; Heintzelman, Pete; Arnold, Matthew; Arnold, John; Noble, Ted; Korioth, Ann; Tobor, Rachael; Kalmans, Elyse; Olson, Cindy; Shankman, Jeffrey A.; Reck, Daniel; Metcalf, Kellie; Charvel, Ricardo; Brown, Jeff; Bolton, Stacey; Huson, Maggy; Perez, Carmen; Nord, Sue; Reyna, Margo; Barnes, Lynnette; Lawrence, Linda L.; Noske, Linda J.; Yeung, Charles; Burns, Stephen; Robertson, Linda; Hartsoe, Joe; Hardy Jr, John; Rizzo, Helen; Hawkins, Bernadette; Novosel, Sarah; Fulton, Donna; Cooney, Carolyn; Sullivan, Lora; Long, Chris; Buerger, Rubena; Kingerski, Harry; Keene, Patrick; Ogenyi, Gloria; Frank, Robert; Neustaedter, Robert; Pharms, Melinda; Moore, Bill; Allen, Joe; Mara, Susan; Dasovich, Jeff; Montovano, Steve; Migden, Janine; Rishe, Frank; Ferlic, Suzanne; Reinfeld, David; Spector, Brian; Seeligson, Stewart; Woody, Rus; Manuel, Scott; Jachimiak, Matthew; Sheldon, Steven; Kaufman, Paul; Perlman, Beth; Wenz, Michelle; Lindberg, Susan; Roan, Michael; Nicolay, Christi L.; Warner, Geriann; Alamo, Joseph; Lawner, Leslie; Allegretti, Daniel; Boston, Roy; Hueter, Barbara A.; Stroup, Kerry; Jacobson, Lisa; Baxter, Ashley; Pollock, Adam; Pagan, Ozzie; Lewis, William Patrick; Bradley, Rob; Benson, Eric; Hemstock, Robert; Chapman, Tom; Hetrick, Nancy; Fromer, Howard; Floris, Vinio; Levy, Alberto; Kishigami, Kikumi; Knight, Laurie; Landwehr, Susan M.; Mangskau, David; Hamilton, Allison; Palmer, Germain; Robinson, Marchris; Stransky, Joan; Hartfield, Rita; Twiggs, Thane; Letzerich, Palmer; Watanabe, Luiz; Walton, Steve; Grimes, Michael; Grant, Fiona; Stephens, Sharonda; Perez, Gus; Sarkissian, Arshak; Suarez, John; Cantrell, Rebecca W.; Burton, Katrina; Miles, Andrew; Arnell, Doug; Marvin, Michele Nezi; Wapner, Beth; Estrada, Roger; Masani, Zal; Hill, Jo Ann; Thome, Jennifer; Thome, Stephen; Costello, Zachary; Commons, Matthew; Hilgert, Chris; Lebeau, Paul; Walt, John; Warner, Traci; Lemmons Jr., Billy; Reichelderfer, Thomas; Magruder, Kathleen; Merola, Becky; Derecskey, Cindy; Williams, Robert C.; Parks-Foutch, Michelle; Edison, Andrew; Corman, Shelley; King Jr., Frazier; Baker, Marilyn N; Barbarawi, Moe; Betzer, Evan; Leff, Dan; Maurer, Luiz; Cross, Edith; Mainzer, Elliot; Martin, Amanda; Matamoros, Joseph; Mcconnell, Mike; Siegel, Misha; Schwartz, Laura; Taylor, Gary; Andraca, Marc; Snyder, Brad J.; Capestany, Mari; Wagner, Joseph; Lewis, James W.; Persson, Roger; Baukney, Scott; Aucoin, Berney C. ; Golden, Jeff; Brown, Michael (EES); Massey II, John; Woods, Trevor; Ferrara, Julie; Gilbert-smith, Doug; Coulter, Kayne; Dean, Clint; Pizzolato, Paul; Litton, Todd; McCaffrey, Deirdre; Konur, Sanjay; Wagner, Vincent; Gupta, Gautam; Mulholland, Sarah; Rigney, Brandon; Reagor, Rodney; Huertas, Alfredo; Canovas, Guillermo; Alvarez, Ray; Bestard, Jose; Comnes, Alan; Ingersoll, Richard; Hoatson, Tom; Shelk, John; Shortridge, Pat; Staines, Dan; Ryall, Jean; Haizmann, Jan; Wilson, Angela; Duffy, Matthew; Kimberly, Kelly; James, Terrie; Curran, Greg; Sharp, Vicki; Buchanan, Harold; Van Gelder, John; Van Chau, Michael; Felix, Bob; Franz, Kathy; Caplan, Ilan; Mansfield, Shelly; Vann, Suzanne
Cc: Guerrero, Janel; Leibman, Lara
Subject: Farewell Drinks

As our last day is Friday, November 30th, we would love to toast the good times and special memories that we have shared with you over the past five years.  Please join us at Teala's (W. Dallas) on Thursday, November 29th, beginning at 5pm.

Looking forward to being with you,

Lara and Janel

Lara Leibman
713.851.7770 (cellular)
713.528.5281 (home)
lleibman@houston.rr.com <mailto:lleibman@houston.rr.com>

Janel Guerrero
713.851.3778 (cellular)
713.524.1534 (home)
travelgirl_janel@hotmail.com <mailto:travelgirl_janel@hotmail.com>


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/16/2000
05:49 PM ---------------------------

"Gould, Aaron" <Aaron.Gould@pseg.com> on 06/16/2000 02:54:03 PM
To: "'vkamins@enron.com'" <vkamins@enron.com>
cc:
Subject:

Dr. Kaminski,

On Wednesday, June 14th I attended your presentation entitled "THE CHALLENGE
OF VALUATION OF ENERGY RELATED DERIVATIVES" at the Risk 2000 conference in
Boston.  Can you please e-mail me the slides you presented.

Also, you mentioned that the method you used to calculate volatility for
energy prices was not the "normal" method.  Can you please tell me, or give
me a reference to the method that you did use.

Thank you,

Aaron Gould
Senior Risk Management Analyst
PSEG Services Corporation
Aaron.Gould@pseg.com
1-973-456-3527


I think i'm in for the following:
stop at store on way home...pick up buttermilk
get on couch for hr long nap
cook dinner...bacon and eggs..biscuits and jam.
we walk the dogs
we share laundry
i'll do dishes
bath
bed
start the day over manana w/ a run at memorial early.
Mo.

 -----Original Message-----
From: 	"John Menconi" <jmenconi@adv-eng-ser-inc.com>@ENRON [mailto:IMCEANOTES-+22John+20Menconi+22+20+3Cjmenconi+40adv-eng-ser-inc+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, May 22, 2001 4:17 PM
To:	Sanchez, Monique
Subject:	RE: yo

No need to perk up for me.  I should learn to live with you on days like
this.

Yes, I do need to pack/start laundry.  I'm flex for dinner.  Two
suggestions:

1. Eggs and bacon (me)/biscuits (you).  Dishes (me).  Walk with dogs (us).
2. Meet at home, slip into our running gear, grab the dogs, and go to
Memorial for a jog.  Stop on the way home and pick something up for dinner
(veggies with tofu).

-----Original Message-----
From: Sanchez, Monique [mailto:Monique.Sanchez@enron.com]
Sent: Tuesday, May 22, 2001 2:33 PM
To: jmenconi@adv-eng-ser-inc.com
Subject: yo

hey there,
wondering what you'd like to do tonight for dinner?
i know you probably need to do stuff like pack for germ.
i am supremely grouchy.  i will do my best to perk up for you when i get
home.
i forgot shoes so i will not be joining sue at hanks.
my plan was to go home....start drinking...and do some desk
work/sparebedroom work.
just shoot me a line when you get a chance...........latersky.
Mo.

 - winmail.dat << File: winmail.dat >>


Attached for your information is a copy of the comments of Transwestern Pipeline Company on Southern California Gas Company's November 1, 2001 Advice Letter 2837-A.

I hope that you and all your families have a very Happy Thanksgiving!

Dan

Law Offices of Daniel W. Douglass
5959 Topanga Canyon Blvd.  Suite 244
Woodland Hills, CA 91367
Tel:   (818) 596-2201
Fax:  (818) 346-6502
douglass@energyattorney.com <mailto:douglass@energyattorney.com>


Neither EWS/RAC/EGF employees nor family members or others living in their household or financially dependent on the EWS/RAC/EGF employee may purchase or sell securities of any entity (or derivatives thereof) listed on the Restricted List for your or their personal or related accounts or recommend the purchase or sale of such securities to any person, except with the prior approval of the Compliance Department in consultation with the ENA Legal Department.

In addition to the trading restrictions above, should you at any time possess non-public material information about any public company, you, your family members and anybody that is financially dependent on you, are restricted from trading in that issue, and you may not disclose the non-public material information to anyone that does not have a business need to know. With respect to investments in privately held companies, you are responsible for complying in all respects with the policy entitled "Conflicts of Interest, Investments, and Outside Business Interests of Officers and Employees" in the July, 2000 Enron Corp. Code of Ethics.  Please consult the Compliance Department with any questions you may have regarding a potential investment in a privately-held company.

Company Name    Stock Symbol

3 TEC Energy Corp.                       		TTEN
Active Power    				ACPW
Adrian Resources        			ADRRF
Applied Terravision Systems, Inc.       	TER
CanFibre Group Ltd.     			CFGL
Carrizo Oil & Gas Inc.  			CRZO
Catalytica Energy Systems, Inc. 		CESI
Crown Energy    				CROE
CyNet, Inc.     				CYNE
Enserco Energy Service Company, Inc.    	ERC
eSpeed, Inc.    				ESPD
FuelCell Energy, Inc.   			FCEL
Hanover Compressor Co.  			HC
ICE Drilling Enterprises Inc.   		IDF
Impact Energy   				IEY
Industrial Holdings, Inc.       		IHII
Kafus Environmental Industries, Inc.    	KS
KCS Energy      				KCS
Nakornthai Strip Mill Public Co Ltd     	NSM SET
Paladin Resources PLC   			PLR LD
Southwest Royalties     			SWROY
Syntroleum Corp.        			SYNM
Tejon Ranch Corp.       			TRC
TransCoastal Marine Services, Inc.      	TCMS
Verado 					VRDO

The Restricted List is solely for the internal use of EWS/RAC/EGF.  No one may engage in discussions regarding whether a security is or is not on the Restricted List with persons outside EWS/RAC/EGF without specific clearance from the Compliance Department in consultation with the ENA Legal Department.

No employee of any Enron Business Unit may engage in the trading of any Position for the benefit of any party other than an Enron Business Unit (whether for their own account or for the account of any third party) where such Position relates to (i) any financial instrument, security, financial asset or liability which falls within such employee's responsibility at an Enron Business Unit, or (ii) any other commodity not covered by (i) included in any Commodity Group.

Position shall mean, collectively, the risk components (including, but not limited to, price risk, basis risk, index risk, credit risk and liquidity risk) of all products (commodities, financial instruments, securities, equities, financial assets or liabilities) which have been authorized for trading in the Enron Corp. Risk Management Policy, any of the Enron Corp. Policies or approved for trading through any amendments to this Policy.

The prohibitions listed above do not replace or modify the policies set forth in EWS's Policies and Procedures Regarding Confidential Information and Securities Trading, Enron Corp.'s Risk Management Policy, or Enron Corp.'s Code of Ethics  .  Should you have any questions regarding the above, please contact me at ext. 31939

Donna Lowry
Sr. Director
RAC Compliance
(713) 853-1939
(713) 646-4039 fax


Chris,

Boulanger and a bunch of my buddies will be doing this for the Super Bowl
(see below).  You should check it out.

Craig

 Gents,

With the void created by Pearson's absence I think I have found a Super Bowl
party worthy of our attendance.

The Deal:

Cowboy's - Sunday February 3rd.

Topless Waitresses, and a half time lesbian show, I assure I am not making
this up!

Tickets are $30.00

Seeing as this invite came to me by way of a friend of friend, I would
appreciate if it was all kept on the hush hush and please don't pass this
along to anyone else.  You were all chosen for a reason.

As you can imagine tickets are selling fast so let me know tomorrow at the
latest and I will arrange to get you a ticket.

Kindest Regards,

Warren Moon


Attached please find the above-referenced agreement for your review.  Should
you have any questions or comments, please contact me at (713) 853-5705.

Sincerely,

Stacy Dickson


---------------------- Forwarded by Jeffrey Keeler/Corp/Enron on 09/06/2000
06:39 PM ---------------------------

	From:  Jeffrey Keeler                           09/06/2000 06:28 PM

To: James Prentice/GPGFIN/Enron@ENRON, Stanley Horton/Corp/Enron@Enron,
Shelley Corman/ET&S/Enron@ENRON, Ted Robinson/HOU/ECT@ECT, Michael A
Robison/HOU/ECT@ECT, J Mark Metts/NA/Enron@Enron, Dwight
Larson/Corp/Enron@ENRON, Michael Terraso/OTS/Enron@ENRON, Marc
Phillips/OTS/Enron@ENRON, Jim Peterson/OTS/Enron@ENRON, Susan
Worthen/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joe
Kolb/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stacey Bolton/HOU/EES@EES, Sandra
McCubbin/SFO/EES@EES, Richard Shapiro/HOU/EES@EES, James D
Steffes/HOU/EES@EES, Rob Bradley/Corp/Enron@ENRON, Joe Allen/HOU/EES@EES, Joe
Hillings/Corp/Enron@ENRON, Mark Palmer/Corp/Enron@ENRON, John
Wodraska/HOU/AZURIX@AZURIX, Diane Bazelides/HOU/AZURIX@AZURIX, Jonalan
Page/PDX/ECT@ECT, Thomas Krueger/HOU/ECT@ECT, Clayton Seigle/HOU/ECT@ECT,
Chris Long/Corp/Enron@ENRON
cc:

Subject: Senate Environment Committee Markup Tomorrow (9/7)

On Thursday 9/7 (tomorrow, 9 a.m.), the Senate Environment and Public Works
Committee plans to mark up S. 2962, Chairman Bob Smith's legislation that
would remove the oxygenate mandate and phase out MTBE.    It is expected to
be a very contested markup, with several Republicans and (hopefully) some
Democrats opposing the legislation on various grounds.

The basic provisions of the "Manager's Amendment" (the latest bill version
that will be the operative vehicle at the markup) include:

1)  Removal of the federal mandate that 2% of RFG contain oxygenates --
states apply for a waiver

Comment:  a state would need to do nothing but apply to have a waiver
approved.   Ethanol does not like this provision, because it harms them too,
but the new "clean fuel" mandate (below) makes up for that.

2)  A phase out of MTBE by 2004.

Comment:  rather than setting year-by-year goals, it sets a date certain for
phase out in 2004  -- this is probably preferable for producers to transition
to making other additives, giving them 4 years to make the necessary
arrangements.

3)  Environmental "Anti backsliding" language
 -- air toxics must be 27.5% better than a baseline
 -- criteria pollutants (this is still in development, drafted by NRDC) -
sets a 5 year baseline period and then looks at   that baseline and
determines whether further action is warranted.

Comment:  this is a weak anti-backsliding provision, that will weaken MTBE's
ability to hold on to market share on the basis that other additives are not
meeting environmental criteria.

4)  Clean Alternative Fuels Program:  a mandate for clean, renewable fuels
(mainly ethanol), ramps up over 10 years.  It is estimated that the current
1.2 billion gallon market for ethanol would expand to 4.5 billion gallons in
that 10 year period.

Comment:  This provision is the one that is causing most of the problems --
refiners, Highway Funding advocates (road builders, etc.) do not want to see
ethanol get such a boost.  Senator Jim Inhofe (the Clean Air subcommittee
chairman) will vigorously try to remove this provision.   In addition, ADM,
Cargil and the other big ethanol producers don't really prefer this approach
to an ethanol mandate.  This may seem strange, but if there is simply an MTBE
ban with no ethanol mandate, the market for ethanol production would increase
quickly to 2.8 billion gallons,  While this is smaller than the 10 year
number of 4.5 billion gallons envisioned by the bill's mandate, the larger
producers would be able to get a greater share and more money up front if
there is no mandate.   If the mandate stays in place, there will be more
opportunity for smaller companies to build additional ethanol capacity to
meet the eventual 4.5 bg market.

5)   LUST funding:  releases more LUST money and allows it to be used for
remediation of MTBE spills.

There are numerous amendments planned on various issues, many of which deal
with the ethanol mandate.   At this point, refiners (API, NPRA) are opposing
the bill over ethanol issues.   MTBE producers (thorough the OFA) are
opposing the bill on a number of grounds and working with certain Republican
Senators (Kay Bailey Hutchison, Bob Bennett) to develop amendments that would
make the bill less acceptable.

Enron has not directly opposed the legislation, but is relying on OFA to do
most of that work.   We have focused on issues related to "transition."
Stranded cost amendments may be offered, but are not expected to have much
traction.   We were successful in getting Chairman Bob Smith to agree that if
this bill is passed by the Committee, they will address issues of transition
for MTBE producers before the bill goes to the Senate floor.   He will engage
in a "colloquy" with Senator Kay Bailey Hutchison at the end of the markup in
which he will commit to work on these issues with Hutchison and other MTBE
supporters.   A transition package could include tax relief or other
incentives for the production of other additives.   In another recent
positive development, we have received signals that Democrats Tom Daschle and
Max Baucus will also support efforts to develop a MTBE transition package
before a bill reaches the floor.   This is largely in an effort to neutralize
some of the MTBE industry opposition to a bill on the Senate floor.

I will keep you posted as developments occur, and likely send a report later
in the afternoon tomorrow.   Please let me know if you have questions.

Jeff Keeler


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BW2017  OCT 29,2001       2:31 PACIFIC      05:31 EASTERN

( BW)(TX-INDUSTRIAL-INFO-RES) Expansion Brewing at Coors, in an
Advisory by Industrialinfo.com

    Business Editors

	   HOUSTON--(BUSINESS WIRE)--Oct. 29, 2001--The following is an
advisory by Industrialinfo.com (Industrial Information Resources Inc.;
Houston, Texas). The country's third largest beer brewer, Adolph Coors
Company (NYSE:RKY) (Golden, Colo.), is underway with a $68 million
program to increase brewing capacity through an expansion at their
Memphis, Tennessee brewery. The program began over a year ago with the
goal of increasing brewing capacity by a million barrels per year.
	   The challenge is to increase capacity without having to shut down
and lose the current 3.8 million barrel per year production volume.
Utilizing in-house engineering talent and support from alliance
engineering firm Jacobs Engineering Group (Pasadena, Calif.), Coors
has developed a plan to achieve this through strategic replacement of
old equipment and automation integration. The project also involves
implementation of a new technology, which removes oxygen that can be
harmful to malt during the brewing process.
	   With all of these systems in place along with brewing and
packaging debottlenecks, Coors hopes to achieve its goal of increasing
capacity by February of 2003. Peter H. Coors, chairman of Coors
Brewing Company, added, "The beer industry has had a flat year;
however, the company has high expectations from the Memphis brewery
and its ability to increase volume."
	   Coors reported net sales of $1.87 billion for the first three
quarters of this year and have released third quarter net income
increase of thirteen percent compared with the same period last year.
Coors brews about 23 million barrels per year between its Golden,
Colorado and Memphis, Tennessee breweries, making it the third largest
domestic brewer.
	   For more information on trends and upcoming construction
activities in the Food and Beverage market as well as other industrial
sectors send inquiries to foodandbeveragegroup@industrialinfo.com or
visit us at www.industrialinfo.com.

    --30--LS/na*

    CONTACT: Industrial Information Resources Inc., Houston
             Jay Brunson, 713/783-5147

    KEYWORD: TEXAS TENNESSEE COLORADO CALIFORNIA
    INDUSTRY KEYWORD: FOODS/BEVERAGES
    SOURCE: Industrial Information Resources Inc.

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permission.


Anne,

What was this converation about?  Let me know what they wanted.

Thanks,
Mike


----- Forwarded by Richard B Sanders/HOU/ECT on 06/29/2000 10:34 AM -----

	jross@susmangodfrey.com
	06/28/2000 05:04 PM

		 To: richard.b.sanders@enron.com
		 cc:
		 Subject: Draft to Duke

Richard --

Here's the draft.  They might come back with some response that our
agreement is not unconditional, but if they do not participate in the
redetermination process, they run the risk of losing the right to do so.

The last line is for you.
 - Doc1.wpd


Either the location, or the number of locations has changed on revision number 15. The hedge associated with this deal needs to be re-evaluated.


no that's fine!!

   Kate Symes @ ECT                12/01/2000 10:18 AM

To: Evelyn Metoyer/Corp/Enron@ENRON
cc:

Subject: Re: Deal 470812

This is a Tom Alonso deal; and it's for heavy load, and since 12/31 is a
Sunday, the term will actually end on 12/30. I can change the end date in
deal entry if that makes things less complicated; but either way the deal
will end on the 30th. Please let me know.

Thanks,
Kate

Evelyn Metoyer@ENRON
12/01/2000 08:19 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Deal 470812

Deal 470812 traded 11-30-00
Mark Fischer
Prebon shows term as 12/4-12/31   ......we show 12/4-12/30


Brian McKnight isn't too bad either.  Although, overall, I was nto that
impressed with the schedule this year for either weekend.  I wil however
still have the best weekend of the year.
PL


This request has been pending your approval for  135 days.  Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000041547&Page=Approval to review and act upon this request.

Request ID          : 000000000041547
Request Create Date : 6/19/01 7:50:30 AM
Requested For       : jaime.gualy@enron.com
Resource Name       : \\nahoutrd\houston\pwr\common\Electric - [Read]
Resource Type       : Directory


Stewart called me last week for some advice.  I had to leave a message for him when I called him back.  So, I gave him your names as backup in case he needs immediate assistance.

Just wanted you to know that he might be calling one of you.

Michelle


Outlined below are some details of the existing curve validation process and
its application to the proposed validation of tariff curves.

Wholesale Curve Validation

The existing process incorporates validation of all wholesale curves and
includes monthly validations and random curve reviews. Every month, results
of the validation are summarized in a memo and distributed to the Senior
Management. Results of the random curve reviews are brought up to the
attention of Desk Heads responsible for the respective curves and Senior
Management as necessary.

Curve Assessment
 Green:
  - curve is reasonable
  - small P&L impact from curve shift
 Yellow:
  - curve is illiquid
  - medium-to-large position and P&L impact from curve shift
  - some ability to validate prices from external sources
 Red:
   - curve mark is inaccurate (based on external data obtained)
  -  curve is illiquid: no ability to validate externally
  - significant positions and P&L impact from curve shift

Curves that are inaccurately marked based on data obtained from external
sources are urged by the Senior Management to be corrected. In the cases
where external data is not available or clear, the Senior Management urges
the respective Desk Head not to increase an already large illiquid position
or to built in a risk premium by widening the respective bid/offer spread and
not to take on positions inside of that spread.

Selection Criteria
The criteria for monthly curve selection are the following:
 P&L sensitivity
 Largest positions
 Staleness (curves have not been marked for a period of time)
 Completeness (curves that have not been validated in a long time)

The main criteria for random curve validation is new deals.

Curve Validation Tools
Broker Quotes/Other external data
Graph Analysis (curve slope vs. a peer group, curve humps/sculpting vs. a
peer group, curve shift vs. position shift, etc.)
New Deal Analysis (comparison of curve marks and executed/quoted prices)
Boundary Analysis/V@R Simulations (comparison of curve to simulated curve
boundaries using Enron's V@R Engine)
SAVA Model Comparison (comparison of curves to model generated results)

Tariff Curve Validation

Scope/Timing:
ASAP - 20 curves with the largest positions related to deals pending review:
(Frito-Lay, Quaker Oats, Starwood) - to ensure timely and smooth approval of
these deals.
Next 30-days - 20 curves with the largest positions/P&L impact
Monthly/Quarterly - 20 curves selected based on criteria described above
Randomly - curves with significant positions/P&L impact, resulting from new
deals

Data Gathering:

This Month:  Listing of 20 curves (related to deals in progress) and the
related support requested by EGA (to be provided by Scott Stoness)
On-going Basis:  The process of obtaining data should be streamlined and the
curve validation process should be relatively painless:
    - RAC should have access to the curve data (Minal Dalia is fully devoted
to EES and is currently residing on the EES floor)
    - Curve assumptions should be documented (to be provided by Scott Stoness)

Execution/Reporting:

RAC, EGA and EES Risk Management Group work together on curve validation
utilizing available tools and work on developing new tools
Utilize the Wholesale Curve Assessment methodology (Green, Yellow, Red)
Generate a curve validation report (see template attached)
Provide feedback to the Desk Heads and distribute the Curve Validation Report
to Enron and EES Senior Management

Other Curves

Other curves related to EES business should be gradually incorporated into
the aforesaid process (ancillary services, congestion, DSM and labor related
curves) - let us set a timetable.

In conclusion, curve validation results should be evaluated in conjunction
with other risk analytics: stress testing of prices, volatilities and
correlations, Value-at-Risk/Capital-at-Risk analysis, performance measures,
capital allocation framework, etc.

Vlady.


THE BUSINESS WEEK ONLINE INSIDER
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                         Nov. 24, 2000

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Toy Story...Ron Sommer Under Siege...Focus on Digital Cameras...These are
some of the

...HIGHLIGHTS FROM THE DECEMBER 4, 2000, ISSUE OF BUSINESS WEEK*

Cover Story:
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FirstEnergy System (FIRSTENESY) has assigned its transmission assets and
service agreements to American Transmission Systems, Inc.  (ATSI)  They are a
subsidiary of FirstEnergy Corp.  Their mnemonic reference changed from "FE"
to "ATSI."


I think we decided to take the turbine purchase approval route, and describe
the several projects (Midway et al) that we can match the turbines with. Are
you still OK with that?

 -----Original Message-----
From:  Schneider, Chip
Sent: Friday, June 01, 2001 9:05 AM
To: Mann, Kay; Jacoby, Ben
Cc: Deffner, Joseph; Duran, W. David; Manis, Herman; Engeldorf, Roseann;
Bills, Lisa
Subject: RE: GE Turbines

Depending upon the route we take for approval (turbine purchase vs. project
approval), the DASH process should take no more than 5 to 10 days.  How firm
are we on the Midway project?

 -----Original Message-----
From:  Mann, Kay
Sent: Friday, June 01, 2001 8:47 AM
To: Jacoby, Ben
Cc: Deffner, Joseph; Duran, W. David; Manis, Herman; Engeldorf, Roseann;
Schneider, Chip; Bills, Lisa
Subject: RE: GE Turbines

I think Ben's time frame is realistic. I assume we will enter into an
assignment and assumption agreement with Sithe, to which GE will consent. In
addition, we may need an override letter to the turbine contract to address
the E-Next/accounting issues. GE is familiar with what we need in for E-Next,
which should help expedite matters.

Kay

From: Ben Jacoby/ENRON@enronXgate on 05/31/2001 07:55 PM
To: Joseph Deffner/ENRON@enronXgate, Kay Mann/Corp/Enron@Enron, W David
Duran/ENRON@enronXgate, Herman Manis/ENRON@enronXgate, Roseann
Engeldorf/ENRON@enronXgate, Chip Schneider/ENRON@enronXgate, Lisa
Bills/ENRON@enronXgate
cc:

Subject: RE: GE Turbines

I've been told that we need to resubmit a non-binding expression of interest
by Tuesday. Previously, we submitted a one page non-binding letter indicating
that the FMV of the units is $44 MM each. You raise a good point in that we
should be prepared to say (again, on a non-binding basis) how long we will
need to close (in addition to increasing the bid on the units). I think if
our number is good, 30 - 45 days for documentation and close would work, but
I think we should also be willing to post some non-refundable $s within say,
2 weeks on the basis of an exclusivity agreement with Sithe.

The group's thoughts on this would be appreciated.

Thanks.

 -----Original Message-----
From:  Deffner, Joseph
Sent: Thursday, May 31, 2001 6:56 PM
To: Jacoby, Ben; Mann, Kay; Duran, W. David; Manis, Herman; Engeldorf,
Roseann; Schneider, Chip; Bills, Lisa
Subject: RE: GE Turbines

What is expected for the Tuesday bid? I would guess the most critical from a
timing perspective will be a response centered on price and
commercial/technical issues. Michael indicates below he would like a
timetable for internal approvals to a closing. Do we have any indication how
pressed he is to close and fund versus agreeing on economic terms quickly and
allowing us to review the form of contract to ensure compliance with
accounting and finance guidlelines along the lines of our discussion earlier
this week? Thanks.

 -----Original Message-----
From:  Jacoby, Ben
Sent: Thursday, May 31, 2001 5:59 PM
To: Mann, Kay; Schneider, Chip; Bills, Lisa; Manis, Herman; Engeldorf, Roseann
Cc: Booth, Chris; Rose, Steven; Virgo, Robert; Duran, W. David
Subject: FW: GE Turbines

All:

FYI, tomorrow I should receive turbine contracts for the 3 GE 7FAs being sold
by Site. Please see the e-mail below from Sithe's advisor regarding the
transaction schedule. Kay and I plan to initially review the contract, and I
have a technical team (Booth / Rose) ready to review the contracts as well.

From an accounting / finance perspective, I am interested in how we should
proceed given the circumstances. Kay and my initial plan is to review the
contracts from a technical / legal / commercial perspective and submit a
revised indicative number by Tuesday in consultation with Duran. Between now
and then, it would be helpful to know from accounting / finance how we should
proceed given that we are in a bidding situation (with I'm told three other
bidders). Herman / Rose / Lisa - please let me know your thoughts on this.

Chip - I would like Chris Booth to work with you on putting a draft DASH
together.

In the meantime, I will forward turbine contracts to everyone as soon as I
receive them.

Regards,

Ben

 -----Original Message-----
From:  MKolman@rcgroup.com@ENRON
[mailto:IMCEANOTES-MKolman+40rcgroup+2Ecom+40ENRON@ENRON.com]
Sent: Thursday, May 31, 2001 2:40 PM
To: Ben.F.Jacoby@enron.com
Subject: Re: GE Turbines

Ben:

Per our conversation today, the turbine contract and LTSA are being sent
via Fed Ex to your office in Houston.

Final bids are due next Tuesday, June 5th via fax to 781-270-0055.  Bids
should include best price and a closing schedule (date by which bidder will
have all internal approvals necessary to enter into a binding agreement
with Seller subject only to consent from GE).

Thanks again for you patience and please call me if you have any questions,

Michael

================
Michael A. Kolman
Principal
Navigant Capital
(781) 564-9774 (direct)


-----Original Message-----
From: Polsky, Phil
Sent: Tuesday, October 23, 2001 6:20 PM
To: Grigsby, Mike
Subject: ExpansionSummary 10-11-01

Here is the raw data file.

 ExpansionSummary 10-11-01


Jeff, attached is our summary of the Transwestern receipt point proposal for
inclusion in CAC's settlement proposal.  I hope that this is helpful.  If you
have any comments, please let me know.


The following expense report is ready for approval:

Employee Name: Wincenty J. Kaminski
Status last changed by:  Automated Administrator
Expense Report Name: WJK-Rutgers-5-23-01
Report Total: $2,478.24
Amount Due Employee: $2,478.24

To approve this expense report, click on the following link for Concur
Expense.
http://xms.enron.com


This is a reminder of Enron's Email retention policy.  The Email retention policy provides as follows:

Message Location - Maximum Retention
Inbox - 30 days
Sent Mail Folder - 30 days
Trash/Deleted Items - Rollover from Inbox for one day
Folders - All Email messages placed in folders will be destroyed after one calendar year. This includes public folders in Outlook.

Furthermore, it is against policy to store Email outside of your Outlook Mailbox and/or your Public Folders.  Please do not copy Email onto floppy disks, zip disks, CDs or the network.  Such actions are prohibited and will not be supported by the IT Department.

There will be no exceptions to this policy.


Jacqui,
I have forwarded Monument's updated document to Enron's legal department.  ECT Investements, Inc. is a wholly owned subsidiary of Enron North America Corp. which is a wholly owned subsidiary of Enron Corp.  Enron Corp is a Fortune 100 company and Financial Statements are readily available on the web or from other published sources.

ECT Investments Inc does not issue any separate financial statements.

Our prime brokers are Goldman Sachs International, London, Tom Threlfall contact, 207-552-5068, and Morgan Stanley, NY, Joe Marovich, 212-762-5227.

Please do not hesitate to call if you need anything.
Regards,
Sheila

 -----Original Message-----
From: 	Jacqueline Tokley <jtokley@monumentderivatives.com>@ENRON [mailto:IMCEANOTES-Jacqueline+20Tokley+20+3Cjtokley+40monumentderivatives+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, September 18, 2001 2:12 AM
To:	Glover, Sheila
Subject:	RE: Terms of Business

Sheila,
Please could you E Mail or Fax some information on ECT Investments Inc for
our records
Please provide latest financials together with how this entity ECT
Investment Inc fits within the group.

Please also arrange for Prime Broker details to be provided.

Many thanks for your assistance

Regards
Jacqui Tokley
>  -----Original Message-----
> From: 	Jacqueline Tokley
> Sent:	17 September 2001 16:58
> To:	'sheila.glover@enron.com'
> Subject:	Terms of Business
>
>
> Further to our conversation we are pleased to attach an E Mail copy of the
> Terms of Business in the name of the new entity.
> Copies together with a covering letter will be forwarded to you shortly
>
> Regards
> Jacqui Tokley << File: 201543.doc >>  << File: 201544.doc >>
> *************************************************************************
> The information in this internet E-mail is confidential and is intended
> solely for the addressee. Access, copying or re-use of information in it
> by anyone else is unauthorized. Any views or opinions presented are
> solely those of the author and do not necessarily represent those of
> Monument Derivatives or any of its affiliates. If you are not the
> intended recipient please contact  postmaster@monumentderivatives.com
> *************************************************************************
>
>
>


Market Participants and Scheduling Coordinators:

  The ISO has obtained an extension of time to comply with the
CPUC subpoena received by fax yesterday evening, and by hard copy this
morning. A copy of the subpoena will be posted on the web site tomorrow.
The ISO is required to respond by Friday July 28. The CPUC is considering
requests for confidential treatment. In accordance with the ISO tariff,
Market Participants should at their own discretion and cost take steps to
obtain confidential treatment for data and should inform the ISO so that the
ISO can comply with its responsibility to support their efforts.

  Questions on this matter should be directed to Jeanne Sole
at (916) 608-7144.

  The ISO did respond to the EOB subpoena today.

  Jeanne M. Sol,
  Regulatory Counsel
  California ISO
  (916) 608-7144

____________________________________________________________________________
_______________________________________
  The Foregoing e-Mail Communication (Together With Any
Attachments Thereto) Is Intended For The Designated Recipient(s) Only. Its
Terms May Be Confidential And Protected By Attorney/Client Privilege or
Other Applicable Privileges. Unauthorized Use, Dissemination, Distribution,
Or Reproduction Of This Message Is Strictly Prohibited.


Do you have time to meet with Tom Swank and me on another project, which
includes four LM 6000's.  I have begun the modeling, thus we wanted to run
through with you the configuration of this facility, since its going to be a
"brownfield".  Talk to you soon.  Thanks
Ben


Attached are two documents containing the regulatory summaries for this
period.  The first is the same document you are used to seeing--a summary of
all types of filings made by the pipelines to FERC.  The second is a special
document that contains only the Order 637 compliance filings that have been
made.  As I'm sure most of you are aware, each pipeline must make a filing
indicating how it intends to comply with the new Order 637 regulations.  For
your convenience I have included in the second attachment an explanation of
the new Order 637 requirements, followed by the compliance filings that I
have received to date.   I will update this document as new filings are
received.  If you have any questions, I may be reached at x35514.


FYI - People tend to forget that we have some parts of the business that run
24 hours a day.  We often get notices like the one sent on March 29 below
without much lead time and without regard to potential business impact.  Bob
Superty has done a good job in scrambling to provide business solutions for
us in gas scheduling.  This is a good team that knows how to react quickly.
--Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 03/30/2001 04:42 PM
---------------------------

Robert Superty
03/30/2001 02:52 PM
To: Bob M Hall/NA/Enron@Enron, Sally Beck/HOU/ECT@ECT
cc:
Subject: Telephone Outage Enron Houston

Sally, Bob - FYI

I was able to get 5 telephone numbers set up on a temporary switch so if our
counterparties call into the Enron building during the outage (Friday 10:00
PM until Saturday 6 AM) they will get the voicemail of the 5 key schedulers
that we selected. The voicemail gives the caller contact info. (page & home
#'s). In addition if they hit zero it will be forwarded to our off-hours
dispatching service. The dispatching service has current contact information
for every pipe we do business on.  The schedulers were also instructed to
call out to their key counterparties and make sure they have page, home and
cell #'s.

If I had my way all of our schedulers telephone numbers would have been put
on this temporary switch but five was the best we could do. Considering the
time period I think we have minimal exposure however you never know when a
pipeline of market emergency could occur.

Let me know if you have any questions, tks - Bob
---------------------- Forwarded by Robert Superty/HOU/ECT on 03/30/2001
02:33 PM ---------------------------

	Enron North America Corp.

	From:  Robert Knight @ ENRON                           03/29/2001 02:14 PM

Sent by: Enron Announcements@ENRON
To: All Enron Worldwide
cc:
Subject: Telephone Outage Enron Houston

Enron AVAYA (formally Lucent Technologies) PBX & VoiceMail Outage for Enron
Center South Conversion

Systems:
Enron Downtown Houston AVAYA Telephone & VoiceMail Systems

Affected Users:
All Enron Houston Downtown Telephone and VoiceMail Users

System Outage Duration: PHASE I
3AC/2AC March 30, 2001 7:00PM - March 31, 2001, 12:00AM
Enron Building, 500/600 Jefferson and Pennzoil March 30, 2001, 10:00PM -
March 31, 2001, 6:00AM

System Outage Duration: PHASE II
Enron Building, 500/600 Jefferson and Pennzoil April 6, 2001, 10:00PM - April
7, 2001, 4:00AM

Summary:

PHASE I  March 30, 2001

All Enron telephone systems, including voicemail, will be totally out of
service beginning Friday evening, March 30th.  The outage for 3 Allen Center
and 2 Allen Center will begin at 7:00 PM.  The outage for the Enron Building,
500 Jefferson, 600 Jefferson and Pennzoil will begin at 10:00 PM on Friday
evening. The systems will be out of service until approximately 6:00 AM,
Saturday morning, March 31st.  There will be emergency service available for
all key groups previously identified, including security.  Also, there will
red security phones provided on each floor near the stairwells, for emergency
use.  If you have an emergency during the outage, please contact security at
713-853-2580.

PHASE II  April 6, 2001

Enron Building, 500 Jefferson, 600 Jefferson and Pennzoil Enron telephone
systems, including ALL voicemail users, will be totally out of service
beginning Friday evening, April 6th.  The outage will begin at 10:00 PM on
Friday evening. The systems will be out of service until approximately 4:00
AM, Saturday morning, April 7th.


I believe I was told Richmond.

"Nancy Wodka" <nwodka@bracepatt.com> on 07/05/2000 02:50:06 PM
To: <Kay.Mann@enron.com>
cc:

Subject: Re: VEPCO

Kay--I am available.  If the meeting goes forward, do you know what city it
will be in?


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The Integrated Solution Center has prepared a report called &Monthly
Dashboard8 for your business unit,     ENA   for the month of   February  .

The purpose of this report is to provide you with information submitted
through the SAP Hotline.  This report was carefully selected to summarize the
criticality of issues pertaining to an area as explained further in the
report.     The items listed are broken down by the number of tickets and the
number of exceptions per priority level of critical, urgent, high, medium,
and low.  The report also addresses the grand total of tickets and total
number of exceptions, these exceptions are based against the SLAs.

The ISC recognizes the importance of communication associated with our
customers, and is ready to provide you this information on a monthly basis.
Therefore,  please expect  this report to be generated and provided to you
via email on a monthly basis.

Should you encounter any questions, please contact:   Martha Utley Ext.
5-6328  .


---------------------- Forwarded by Kay Mann/Corp/Enron on 10/30/2000 11:34
AM ---------------------------

Claudette Harvey@ECT
10/30/2000 10:52 AM
To: Heather Kroll/HOU/ECT@ECT, Jeffery Ader/HOU/ECT@ECT, Ozzie
Pagan/HOU/ECT@ECT, Stephen Plauche/Corp/Enron@Enron, Kay Mann/Corp/Enron@Enron
cc: Scott Healy/HOU/ECT@ECT

Subject: Fuel Cell - conference call (REVISED)

The following time for a conference call to discuss latest draft w/Fuel Cell
will be held tomorrow, Tuesday, October 31:

  Time:  8:30 am - 11:30 am (central time)

  Location:  EB-2940

  Topic:  Fuel Cell - conference call/discussions

call me if you need anything else.

claude
3-0497


put on calendar.  Thanks.
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 10/03/2000
10:36 AM ---------------------------

Cheryl Blissitte <bliss@camh.org> on 10/03/2000 10:06:44 AM
Please respond to Cheryl Blissitte <bliss@camh.org>
To: Edward Allen <eallen@eagleglobal.com>, Bernard Arocha <barocha@msn.com>,
Ellie Beard <ecabeard@aol.com>, Toni Beauchamp <TONIBEAUCHAMP@YAHOO.COM>,
Fran Berg <fberg@swbell.net>, Deborah Brochstein <deborah@brochsteins.com>,
Brad Bucher <brad@gcchem.com>, Jeff Daly
<jeffrey.f.daly@us.arthurandersen.com>, Chadwick Dodd <cdodd@Jwortham.com>,
Sara Dodd <sfpdodd@aol.com>, Stephen Finley <steve.finley@bakerhughes.com>,
Heidi Gerger <HMG60@aol.com>, William Goldberg <wgoldberg@kpmg.com>, John
Guess <jfguess@usa.net>, Dana Harper <danarharper@aol.com>, Rachel Hecker
<ritexdog@aol.com>, Bruce Herzog <bherzog@velaw.com>, Louise Jamail
<RobotRob@aol.com>, Jill Jewett <TheJewetts@msn.com>, Leonard Jones
<ljones@rfp-co.com>, "I.H. Kempner III" <ihkempner@imperialsugar.com>, Carmen
Knapp <sailby2@aol.com>, Elwyn Lee <ECLee@uh.edu>, Marley Lott
<marley_lott@bakerbotts.com>, Ginni Mithoff <gmithoff@infohwy.com>, Evi Newar
<EviNew@aol.com>, Roy Nolen <roy.nolen@bakerbotts.com>, Robert Palmquist
<robert.p.palmquist@us.arthurandersen.com>, Annise Parker
<aparker@cnl.ci.houston.tx.us>, Jeff Shankman <jshankm@enron.com>, Charles
Smith <RSMCES@aol.com>, Reginald Smith <rsmith@kslaw.com>, Stephen Susman
<ssusman@susmangodfrey.com>, Laura Walls <lmorwalls@aol.com>, Kenneth
Williams <kmwilliams@frostbank.com>, Michael Zilkha <michael@zilkha.com>
cc:
Subject:

Just a reminder that the next meeting of the Contemporary Arts Museum's Board
of Trustees is Monday, November 20, 2000, 4 pm, Cullen Education Resource
Center.

Please RSVP via return email, fax (713.284.8275) or phone (713.284.8253)
whether or not you can attend the Board meeting on November 20.

Thanks.


I sold 10,000 dth to TXU for 6/11/02 at GD Waha flat.


-----Original Message-----
From: Jennifer_Lamprecht@oxy.com [mailto:Jennifer_Lamprecht@oxy.com]
Sent: Tuesday, November 06, 2001 11:00 AM
To: hof@swbell.net; amyphil@msn.com; CandMserv@aol.com;
caroline_champion@mhhs.org; drrichardson@cmsenergy.com;
dsantol@nicor.com; Susan.Hadix@elpaso.com; suzjeff@sbcglobal.net;
Machelle_Anderson@gillette.com; Liz_Stringer@mgic.com;
mfinger458@aol.com; mmlamprecht@hotmail.com; Pam_Macaul@bmc.com;
neal2121@midwest.net; rhonda.walls@cityofhouston.net;
sthomas9@houston.rr.com; tkuyken@enron.com; mcarbon@nicor.com;
vbrawne@nicor.com
Subject: FW: STRESSED

-----

>Subject: stress diet
>
>This is a specially formulated diet designed to help women cope with the
>stress that builds during the day. REMEMBER: "Stressed" spelled backward is

>"desserts"!
>
>BREAKFAST
>1 grapefruit
>1 slice whole-wheat toast
>1 cup skim milk
>
>LUNCH
>1 small portion lean, steamed chicken with a cup of spinach< DIV>
>1 cup herbal tea
>1 Hershey's Kiss
>
>AFTERNOON TEA
>The rest of the Hershey Kisses in the bag
>1 tub of Hagen-Daaz ice cream with chocolate-chip topping
>
>DINNER
>4 glasses of wine (red or white)
>2 loaves garlic bread
>1 family size Supreme pizza
>3 Snickers bars
>
>LATE NIGHT SNACK
>1 whole Sarah Lee cheesecake (eaten directly from the freezer)
>
>REMEMBER: "Stressed" spelled backward is "desserts"!
>
>Send this to four women and you will lose two pounds. Send this to all the
>women you know (or ever knew), and you will lose 10 pounds.< DIV>
>
>If you delete this message, you will gain 10 pounds immediately. That's why

>I had to pass this on -- I didn't want to risk it!

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


---------------------- Forwarded by Bill Williams III/PDX/ECT on 04/30/2001
08:34 AM ---------------------------

CAISO Market Operations - Hour Ahead
<IMCEAEX-_O=CAISO_OU=CORPORATE_CN=SYSTEM_CN=MARKETOPSHOURAHEAD@caiso.com> on
04/30/2001 08:30:22 AM
To: "Market Status: Hour-Ahead/Real-Time"
<IMCEAEX-_O=CAISO_OU=CORPORATE_CN=DISTRIBUTION+20LISTS_CN=MKTSTATHOURAHEAD@cai
so.com>
cc:

Subject: PG&E New SCIDs

NOTICE TO MARKET PARTICIPANTS - PG&E SCIDs CHANGE:  Effective Trade Date
Tuesday, May 1st 2001.  PG&E will begin scheduling energy trades and bids
under new SCIDs. The OLD PG&E SCIDs WILL NO LONGER BE VALID.  ALL PG&E
related scheduling transactions will use these new SCIDs beginning with
submission of Day Ahead schedules on Monday, April 30th for Trade Date,
Tuesday May 1, 2001.  The new SCIDs are as follows:  PCG1=PCGB; PGAE=PGAB;
COTP=COTB.  Any (7 day) advance schedules that may have already been
submitted using the old SCIDs, must be remove (deleted) and rescheduled
using the New SCIDs.  Please see the Market Stoups email for PG&E contact
numbers.  Distributed on behalf of PG&E to facilitate their transition to
the new SCIDs.  Sent by Market Operations (916) 351-4409.


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

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

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

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

By NANCY VOGEL, Times Staff Writer

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

Copyright 2001 Los Angeles Times


GADSDEN RESEARCH SERVICES'
FERCwatch
 November 16, 2001

FERC Agenda for Wednesday, November 20, 2001 (see table list / order form below)

We are having difficulty formatting the draft order table for this week.  Please view and/or print the Commission's posted agenda and place your order by e-mail or by faxing the agenda with your circled request items to 202-318-4524.  If you retrieve the agenda for the previous meeting, you must first delete previously viewed pages in your internet browser]
To review the official posted agenda:
COMMISSION AGENDA <http://www.ferc.fed.us/public/isd/sunshine.htm>

GRS DRAFT ORDER SUBSCRIBERS:  THE NEXT MEETING IS SCHEDULED FOR TUESDAY, NOVEMBER 20th -- PLEASE SUBMIT DRAFT ORDER REQUESTS (FAX or E-MAIL) BY 6 P.M., MONDAY, NOVEMBER 19TH.

GRS' FERCwatch e-mail notification is a free courtesy service of Gadsden Research Services, energy research and document retrieval specialists.  Periodically (generally once or twice weekly), GRS will broadcast FERCwatch with descriptions of major FERC issuances or filings such as rulemakings, policy statements, mergers, new rate filings, major rate changes, and certificate filings.

GRS can provide hardcopies of any of the above listed items at nominal charges; for document requests or estimates of charges, please reply to grs4ferc@starpower.net <mailto:grs4ferc@starpower.net> or call 202.210.4771 (toll free, 1.877.544.4771).

For an e-mailed copy of a brochure of GRS services and rates for FERC and other federal agency research please e-mail your request to grs4ferc@starpower.net <mailto:grs4ferc@starpower.net>.  For a mailed copy, please include your name, firm name and street address.  For a faxed copy, please include your fax number.

The FERCwatch subscription list is used for the sole purpose of providing information on FERC and energy industry activity and will not be sold or otherwise distributed to any other business or organization.  For additions or removal from the FERCwatch notification list, please reply to grs4ferc@starpower.net <mailto:grs4ferc@starpower.net>.

Send suggestions on how the GRS' FERCwatch can better serve the energy community to grs4ferc@starpower.net <mailto:grs4ferc@starpower.net>.


are you playing softball tonight?


Dear Energy Professional:

We hope you enjoyed your recent free trial to Platts Energy Trader, which
provides comprehensive daily coverage of both electricity and natural gas
markets, along with such unique features as forward price assessments, spark
spreads and regular outage tables.

Though your trial has ended, you still have a chance to save $500 off the
regular rate of $1,995 by becoming a charter subscriber.

To subscribe, please fill out and return the attached form, or call our sales
department at 877-286-8897 or 212-904-2004; e-mail, info@platts.com. Be sure
to mention the charter rate.

We look forward to hearing from you.

Sincerely,

Richard Schwartz
Marketing Director

 - et040401.pdf


Hey,

Sorry I haven't read my e-mail in the past day and a half (too busy selling),
but that sounds good.

Fletch


Stinson:

I don't think Chonawee can do much in this time frame.  It's your call if you
want to go through the motions.

Grant.
---------------------- Forwarded by Grant Masson/HOU/ECT on 07/26/2000 09:21
AM ---------------------------

Derek Davies
07/25/2000 05:35 PM
To: Grant Masson/HOU/ECT@ECT
cc:
Subject: Re: Asset auctions?

Grant,
Thanks for all your help.

The auction is scheduled to commence a week Wednesday (Aug 2/2000).

Derek


Unless by trading group they meant the actual traders--we're just the lawyers and staff.

I'll send you an e-mail tonight when I can talk--if you get my drift.

 -----Original Message-----
From: 	"John Heard" <JHeard@kcom.edu>@ENRON
Sent:	Wednesday, November 28, 2001 3:43 PM
To:	Heard, Marie
Subject:	RE: JOb

So since they said they wanted to keep their trading group intact, I would assume that means you should still have a place to go for the foreseeable future.

Tell them you need the job and make some of the big dog's give back some of their millions!

Jay


Effective immediately, responsibility for the operational, environmental, safety and social audits of Enron facilities is transferred from Enron Transportation Services (ETS) Quality Management to Corporate Public Affairs under Mike Terraso, Enron's vice president of Environment, Health and Safety, and Chief Environmental Officer.  The current directors of Facility Audits, Chuck Goode and Steve Allen, will report to Mike and will be responsible for leading the corporate asset operations audits.  Technical experts from business unit operations and engineering will continue to serve on the multidisciplinary audit teams.   Audit responsibility for ETS assets will remain in ETS.


I have done all of these except the PGL&C deals.  Scott, should these be terminated?

KK

 -----Original Message-----
From: 	Baxter, Bryce
Sent:	Monday, January 07, 2002 12:41 PM
To:	Keiser, Kam; Palmer, B. Scott; Love, Phillip M.
Subject:	Questionable Deals

I am reviewing the accrual, and have found a number of deals so far that look like they were terminated, but the demand charges/triggers are still in Sitara.  Should these be zeroed out as well, or are we really supposed to bill them?  I haven't made it through the whole list, but here's what I've seen so far that I'm questioning.  Please let me know today if possible.  Also, if I've left anyone off that needs to see this, please let me know.  Thanks.
 << File: Accrual200112.xls >>


They've all been changed. Sorry for the delay. Chaos!

Kate

Rhonda L Denton
01/31/2001 11:33 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: Conoco Pipe Line

Please change to Power Marketing.  Edward Sacks in credit has indicated that
it should be them.  Thanks.

   Kate Symes                01/31/2001 11:20 AM

To: Rhonda L Denton/HOU/ECT@ECT
cc:
Subject: Re: Conoco Pipe Line

I just spoke with Sean Crandall, the trader on these deals, and he said the
counterparty could be either Conoco Pipeline Co. or Conoco Power Marketing.
If credit has specified the latter, I'll change these deals. Just let me know.

Thanks,
Kate

Rhonda L Denton
01/30/2001 03:34 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Conoco Pipe Line

Credit called me and believes the following deals should be booked to Conoco
Power Marketing.  Can you check on them for me and let me know?  I appreciate
it.

507417
507430
506549
506550
506551

Gracias!!


I spoke to Alfred Pennisi from MG today.  MG clears their own trades and
maybe some for other customers.  He indicated that his cost for clearing is
$3.05 round turn. If this is accurate, we need to evaluate whether clearing
ourselves and issuing cp every night is less expensive than paying a higher
clearing rate and getting access to financing.  This is a question I hope
your analysis of the true cost of clearing will answer.

Also, fyi, over the past two days I have done two 6,000 lot EFP's with El
Paso under the same structure I explained to you previously whereby long
futures are transferred from his account to mine to lower initial margin
costs.


Attached is a memo analyzing the Commodity Futures Modernization Act of
2000.  The document is 50 pages, contains a table of contents, and an
executive summary. We hope this information is useful.

 <<Analysis of Commodity Exchange Act Legislation.doc>>

Stacy Carey
Director North American Regulatory Policy
International Swaps and Derivatives Association
(202) 457-6545 ph
(703) 256-1833 fax
(917) 543-9622 cell
scarey@isda.org

 - Analysis of Commodity Exchange Act Legislation.doc


Yes it is a GTC Spot.  But the deal is a Day Firm.

Julie

Daren J Farmer
11/15/2000 03:12 PM
To: Julie Meyers/HOU/ECT@ECT
cc:
Subject: Meter 6315, purch from Torch/Rally, October

JM,

Is the contract on 461059 good for Nov?

D
---------------------- Forwarded by Daren J Farmer/HOU/ECT on 11/15/2000
03:10 PM ---------------------------

Mary Poorman@ENRON
11/15/2000 02:55 PM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Meter 6315, purch from Torch/Rally, October

Daren,

I show that you extended the purchase, deal ticket 461059, to cover flow on
the first two days.  However, now that measurement has closed, I show that we
have flow on this meter for the entire month, with the exception of a few
days in the middle.  Please let me know if we want to extend this deal (85%
of hsc - lg, etc) or if I should put this gas on Strangers until we determine
what to do.  I am now on the dreaded ua4 list from Vol. Mgmt.

Mary


Please click on the below link to access a message from Jeff Skilling and Joe
Sutton.

http://home.enron.com:84/messaging/otcmd-prc.doc


fyi

 -----Original Message-----
From: 	Sankey, Ross
Sent:	02 October 2001 15:18
To:	Sherriff, John
Cc:	Lewis, Richard
Subject:	Louise Kitchen - Fortune 50 - No.17

 -----Original Message-----
From: 	Schmidt, Ann M.
Sent:	02 October 2001 14:13
Subject:	Enron Mentions

Most Powerful Women in Business: The Power Fifty - Louise Kitchen No. 17
Fortune, 10/15/01
http://www.fortune.com/indexw.jhtml?channel=list.jhtml&list_frag=survey_results.jhtml&person_id=222001017&_DARGS=%2Ffragments%2Flist%2Flist_5columns_powerwomen.jhtml_A&_DAV=list.jhtml

Carly Fiorina Tops FORTUNE's List of 50 Most Powerful Women in Business for Fourth Year

10/01/2001
Business Wire
(Copyright (c) 2001, Business Wire)

NEW YORK--(BUSINESS WIRE)--Oct. 1, 2001--

Lower-Profile Women Topple More Well-known Names From Tech and
Internet Sector; Ranking Includes 14 Newcomers

Though Hewlett-Packard lost $65 billion in market value in a year, CEO Carly Fiorina hasn't lost her nerve, and for the fourth consecutive year holds the No. 1 position on FORTUNE's ranking of the 50 Most Powerful Women in Business.
The complete list and accompanying stories are in the October 15 issue of FORTUNE, available on newsstands October 8 and at www.fortune.com at 12:00 p.m. on October 1.
In the No. 2 spot is eBay CEO Meg Whitman, who runs an Internet company that actually makes money: $85 million in the last four quarters on $582 million in revenue. Oprah Winfrey, the Queen of Media, is mightier than ever, and holds the No. 3 spot, up from No. 15 last year. She produces movies, brings comfort and advice to millions of TV viewers, propels books to bestsellerdom, and, last year, teamed up with Hearst Magazines' Cathie Black (No. 28 on the list) to publish O, The Oprah Magazine-by some measures the most successful magazine startup ever. At No. 4 is Andrea Jung, Chairman and CEO of Avon, who has breathed life into ailing Avon. Mirant CEO Marce Fuller-the only newcomer in the top five-holds the No. 5 position. Inside a stodgy utility, Southern, Fuller built a high-growth trading and marketing unit, which was spun off in April.
In these new, more tempered times, patience may be about to reap its reward. In FORTUNE's annual survey of the 50 Most Powerful Women in Business, there is a clear emergence of women who came to power slowly. Says FORTUNE senior writer Pattie Sellers in "Patient But Not Passive," the story that accompanies the list, "By patience, we mean staying with a company, steadily building influence there, and rising to power through determination and insider knowledge, not promises and self-promotion."
Fiorina, who has claimed the top spot each year since FORTUNE's inaugural list in 1998, heads the biggest company ($48 billion in revenues last year) run by a woman. And she is still as audacious and impatient as ever. Wall Street practically heckled her latest move-a bold bet to buy Compaq-but Fiorina, 47, remains defiant. In difficult times, "people who drive change are the subject of great scrutiny," she says.
As always, the list is a snapshot of power at a moment in time. Last year, power resided in the technology and Internet sectors, but that influence was fleeting. Gone from the list this year: Deborah "Hurricane Debby" Hopkins, who pushed her agenda too ambitiously at Lucent and lost her CFO job in May; Ellen Hancock, who failed at the startup, Exodus; and Morgan Stanley's Mary Meeker, who influenced so many to buy into the Internet fizz. But one Web warrior looks better than ever: Meg Whitman, No. 2 on the list. She has never overpromised to investors; instead she has diligently delivered above-target profits every single quarter.
Fourteen newcomers join the list this year: Marce Fuller, President & CEO, Mirant; Louise Kitchen, COO, Enron Americas; Colleen Barrett, President & COO, Southwest Airlines; Betsy Bernard, President & CEO, AT&T Consumer; Anne Stevens, VP, North America Vehicle Operations, Ford Motor; Maria Elena Lagomasino, Chairman & CEO, J. P. Morgan Private Bank; Susan Desmond-Hellman, EVP and Chief Medical Officer, Genentech; Janet Robinson, SVP, Newspaper Operations, New York Times Co.; Carol Tomi, EVP and CFO, Home Depot; Carrie Cox, EVP and President, Global Prescriptions, Pharmacia; Carole Black, President and CEO, Lifetime Television Networks; Janet Davidson, Group President, Integrated Network Solutions, Lucent; Larree Renda, EVP, Retail Operations, Safeway; and Louise Francesconi, VP and GM, Missile Systems, Raytheon.
While the economy and its points of power change, the criteria we use to evaluate power remains the same. Says Sellers: "We consider the size and importance of a woman's business in the global economy, her clout inside her company, and the arc of her career-where she has been and where she is likely to go. When appropriate, we also weigh the woman's influence on mass culture and society. That factor lifts Oprah Winfrey to No. 3 on this year's list." The shifts on our list this year are dramatic, with 14 newcomers. But one trend is especially intriguing: Women are taking on bigger businesses than ever. A few years ago, responsibility for a $3 billion business almost automatically earned a woman a spot on this list. No more. This year's FORTUNE 50 includes several women who lead businesses with annual revenues of $20 billion or more, which is a first.
In a related story, "It Took a Lady To Save Avon," Katrina Brooker looks at Andrea Jung, Chairman and CEO of Avon. Says Brooker, "Jung knows what women want and how to sell it to them. And that's what has made her one of the most successful CEOs-male or female-in recent years." Over the past 20 months she has overhauled nearly everything about the way Avon does business: how it advertises, manufactures, packages, and even sells its products, and she has done it not by abandoning the seemingly outdated Avon Lady, but by reviving her. The result: growth in revenues, operating profits, and operating margins.
In addition, FORTUNE includes an international list of the 50 powerful women in business. The top ten, featured in the magazine, are Marjorie Scardino, CEO, Pearson (Britain); Anne Lauvergeon, Chairman, Areva (France); Mary Ma, Senior VP & CFO, Legend (Hong Kong); Marianne Nivert, President & CEO, Telia (Sweden); Lien Siaou-Sze, Vice President, Hewlett-Packard (Hong Kong); Patricia Barbizet, CEO, Artemis (France); Eiko Kono, President, Recruit (Japan): Belinda Stronach, CEO, Magna International (Canada); Marina Berlusconi, Vice Chairman, Fininvest (Italy); Christine Tsung, President & CEO, China Airlines (Taiwan). You can read about the other forty at www.fortune.com or in the international editions of FORTUNE.
2001 FORTUNE 50 Most Powerful Women in American Business

2001 2000
Rank Rank Name Title Company
1 1 Carly Fiorina Chairman and CEO Hewlett-Packard
2 3 Meg Whitman President and CEO eBay
3 15 Oprah Winfrey Chairman Harpo
Entertainment
4 10 Andrea Jung Chairman and CEO Avon
5 new Marce Fuller President and CEO Mirant
6 18 Anne Mulcahy President and CEO Xerox
7 14 Karen Katen EVP and President
Pharmaceutical Group Pfizer
8 39 Pat Woertz President, Chevron Products Chevron
9 23 Betsy Holden Co-CEO Kraft Foods
10 43 Indra Nooyi President and CFO PepsiCo
11 7 Shelly Lazarus Chairman and CEO Ogilvy & Mather
Worldwide
12 50 Abigail Johnson President Fidelity
Management and
Research
13 9 Martha Stewart Chairman and CEO Martha Stewart
Living OmniMedia
14 12 Patricia Dunn Global CEO Barclays Global
Investors
15 16 Judy McGrath Chairman and CEO, MTV Group Viacom
16 17 Sherry Lansing Chairman, Motion Picture
Group, Paramont Viacom
17 new Louise Kitchen COO Enron Americas
18 19 Lois Juliber COO Colgate-Palmolive
19 18 Marilyn Carlson
Nelson Chairman and CEO Carlson Companies
20 new Colleen Barrett President and COO Southwest
Airlines
21 21 Ann Moore EVP, Time Inc. AOL Time Warner
22 22 Judy Lewent EVP and CFO Merck
23 new Betsy Bernard President and CFO AT&T Consumer
24 31 Stacey Snider Chairman, Universal Pictures Vivendi
Universal
25 30 Dina Dublon EVP and CFO J.P. Morgan Chase
26 10 Pat Russo President and COO Eastman Kodak
27 new Anne Stevens VP, North American Vehicle
Operations Ford Motor
28 11 Ann Livermore President, HP Services Hewlett-Packard
29 28 Cathleen Black President Hearst Magazines
30 24 Linda Sanford SVP and Group Executive,
Storage Systems IBM

31 33 Amy Brinkley Chairman, Credit Policy Bank of America
32 4 Donna Dubinsky CEO Handspring
33 38 Marjorie Magner Senior EVP, Consumer Group Citigroup
34 13 Nancy Peretsman EVP and Managing Director Allen & Co.
35 25 Dawn Lepore Vice-Chair, EVP, and CIO Charles Schwab
36 27 Gail McGovern President, Fidelity Personal
Investments Fidelity
37 new Maria Elena
Lagomasino Chairman and CEO J.P Morgan
Chase Private
Bank
38 new Susan
Desmond-Hellman EVP and Chief Medical Officer Genentech
39 new Janet Robinson SVP, Newspaper Operations New York
Times Co.
40 new Carol Tome EVP and CFO Home Depot
41 46 Jamie Gorelick Vice-Chair Fannie Mae
42 45 Vivian Banta EVP and CEO, U.S. Consumer Prudential
43 new Carrie Cox EVP and President, Global
Prescriptions Pharmacia
44 47 Anne Sweeney President, ABC Cable Networks
Group Disney

45 new Carole Black President and CEO Lifetime
Television
Networks
46 44 Marion Sandler Co-Chairman and Co-CEO Golden West
Financial
47 new Janet Davidson Group President, Integrated
Network Lucent
Solutions
48 new Larree Renda EVP, Retail Operations Safeway
49 new Louise
Francesconi VP and GM, Missile Systems Raytheon
50 8 Abby Joseph
Cohen Chief Market Strategist Goldman Sachs

FORTUNE's International 50 Most Powerful Women

Rank Women Title Company Country
1 Marjorie Scardino CEO Pearson Britain
2 Anne Lauvergeon Chairman Areva France
3 Mary Ma Senior VP and CFO Legend Hong Kong
4 Marianne Nivert President and CEO Telia Sweden
5 Lien Siaou-Sze Vice President Hewlett-Packard Hong Kong
6 Patricia Barbizet CEO Artimis France
7 Eiko Kono President Recruit Japan
8 Belinda Stronach CEO Magna International Canada
9 Marina Berlusconi Vice Chairman Fininvest Italy
10 Christine Tsung President and CEO China Airlines Taiwan
11 Maureen Kempston
Darkes President GM Canada Canada
12 Mary Minnick President and COO Coca Cola Asia U.S.
13 Nita Ing Chairman Taiwan High-Speed
Railway Taiwan
14 Barbara Kux Executive Director Ford Europe Germany
15 Ho Ching Chairman Singapore
Technologies Singapore
16 Sari Baldauf President Nokia Networks Finland
17 Judy Boynton CFO Royal Dutch/Shell
Group Britain
18 Maria Silvia
Marques Bastos CEO Companhia
Siderurgica
Nacional Brazil
19 Clara Furse CEO London Stock
Exchange Britain
20 Linda Cook CEO Shell Gas & Power Britain
21 Val Gooding CEO BUPA Britain
22 Agnes Touraine Vice Chairman and
CEO Vivendi Universal
Publishing France
23 Margaret Jackson Chair Qantas Australia
24 Kathleen Bader President Dow Styrenics &
Engineered
Prod. Switzerland
25 Kathleen O'Donovan CFO Invensys Britain
26 Wanda Rapaczynksi President Agora Poland
27 Juliet Wu Shihong Executive Director TCL Holdings China
28 Vivienne Cox Group Vice
President BP Britain
29 Marma Asuncisn
Arambruzabala
Larregui Vice Chairman Grupo Modelo Mexico
30 Yoshiko Shinohara President TempStaff Japan
31 Lalita Gupte Managing Dir.
and COO ICICI India
32 Sawako Noma President Kodansha Japan
33 Imre Barmanbek CEO Dogan Group Turkey
34 Nina Wang Chair Chinachem Hong Kong
35 Li Yifei General Manager MTV China China
36 Gail Cook-Bennett Chairperson Canada Pension
Plan Inv. Bd. Canada
37 Marluce Dias da
Silva Director General Rede Globo Brazil
38 Anna Cheng
Catalano Group Vice
President BP Britain
39 Rose Marie Bravo CEO Burberry Britain
40 Britta Steilmann CEO Steilmann Group Germany
41 Galia Maor President and CEO Bank Leumi Israel
42 Magda Salarich Managing Director Citrokn Spain Spain
43 Marjorie Yang Chairman Esquel Group Hong Kong
44 Teresita Sy President SM Philippines
45 Dominique Heriard
Dubreuil Chair and CEO Remy Cointreau France
46 Gianna
Angelopoulos-
Daskalaki President Athens Olympic
Committee Greece
47 Naina Lal Kidwai Vice Chairman J.P. Morgan Stanley India
48 Barbara Cassani CEO Go Britain
49 Irene Charnley Commercial
Director M-Cell South
Africa
50 Katijah Ahmad Chair and CEO KAF Discounts Malaysia

CONTACT: For FORTUNE Terry McDevitt, 212/522-4788 terry_mcdevitt@timeinc.com Carrie Welch, 212/522-6724 carrie_welch@timeinc.com Caroline Plauche, 212/522-2134 caroline_plauche@timeinc.com
12:24 EDT OCTOBER 1, 2001
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.