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Please plan to attend the below meeting on Tuesday, Oct. 23rd. Topic: ENA & EES Coverage Place: EB 872 Time: 4:30-5:30 p.m. Date: October 23, 2001 Attendees: Frank Vickers Chris Calger(by phone) Louise Kitchen John Lavorato David Forster Dave Duran Barry Tycholiz Dave Delainey Janet Dietrich Jeff Ader Mark Bernstein Mollie: Chris can dial into the conf. room-the number is (713) 646-8061. Please let me know if you have any questions. Thanks! Tammie Schoppe Enron Americas-Office of the Chair Assistant to Louise Kitchen 713.853.4220 office 713.646.8562 fax 713.253.2131 mobile

okay so it's 2:30 am and I am so ready to be out of here it is ridiculous. I am so excited to come down there and have some fun and just forget about work and all the other lame ass shit that has been going on in my life. Anyway looking forward to seeing you and here is Burnsy's cell phone number 415-710-3410. Also remember if you don't want to drive home that night or take the Bart home (you taking the bart home alone scares me) you are more than welcome to crash at Burnsys house on Thursday night. He has a pull out bed and told me to tell you you are more than welcome to crash there. I will catch up with ya tommorow and we will figure out what to do Thursday night.

Daily Blessing Desiderata http://www.daily-blessings.com/desiderata.htm please visit today's sponsors... FlipAlbum is the world's first software that automatically organizes digital images into realistic page-flipping picture albums. It has everything you need to organize your digital photos, make powerful presentations, even email your pictures. For sheer realism, simplicity and elegance, FlipAlbum is unmatched. http://www.daily-blessings.com/orflipalbum.htm How far can you stretch $24?? http://www.daily-blessings.com/orsavechildren.htm <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> * To remove yourself from this mailing list, point your browser to: http://inbound.postmastergeneral.com/remove?dailyblessings:10 * Enter your email address ([email protected]) in the field provided and click "Unsubscribe". The mailing list ID is "dailyblessings:10". OR... * Reply to this message with the word "remove" in the subject line. This message was sent to address [email protected] X-PMG-Recipient: [email protected] <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>>

Oct Sumas trades Sold 50000 mm/d to Lambie (0.24) Bought 5000 mm/d from Chad (0.245) EOL I also bought 15000 mm/d from Chad today on EOL. Chris -----Original Message----- From: Torres, Carlos Sent: Mon 9/10/2001 9:35 AM To: Dorland, Chris Cc: Subject: RE: Position and P&L No worries amd I will make sure your book is clean and ready by the time you get here! Carlos -----Original Message----- From: Dorland, Chris Sent: Monday, September 10, 2001 8:30 AM To: Torres, Carlos Subject: RE: Position and P&L Carlos Thanx for the pos report. Would you mind sending it to me each morning? Also, can you make sure that they have all of the deals (other than the few I have done) transferred out of my book by the end of the week. I talked to Brian? and he said he would look after it but can you make sure it happens. Thanx, Chris -----Original Message----- From: Torres, Carlos Sent: Mon 9/10/2001 9:13 AM To: Dorland, Chris Cc: Subject: Position and P&L <<Report_0907.xls>> Carlos Torres Enron Canada Corporation 403-974-6918

THIS IS THE REVISED DRAFT SETTLEMENT AGREEMENT -- DISREGARD THE EARLIER DRAFT Richard: Here is the REVISED draft settlement agreement. As I mentioned in my voice-mail, Robin will be out until Friday so he won't have an opportunity to look at this until then. In reviewing this draft, you should pay particular attention to the settlement sum in paragraph 4, the scope of releases in paragraphs 6 and 7 (including the issue of whether there are any other entities that EPMI wants a release from), the choice of law provision in paragraph 10, and the confidentiality agreement in paragraph 13. Bob <<218N01!.WPD>> - 218N01!.WPD

I'm scheduled to be here. Tomorrow and Wednesday are pretty bad, but Thursday and Friday are wide open. Kay Enron North America Corp. From: Mitch Robinson 08/21/2000 05:08 PM To: Kay Mann/Corp/Enron@Enron cc: Mark Dobler/NA/Enron@Enron, Ross Newlin/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT Subject: Westinghouse Kay - Are you in the office this week? I'm interested in getting together to discuss Westinghouse. Mitch

---------------------- Forwarded by John Arnold/HOU/ECT on 01/24/2001 09:52 AM --------------------------- From: Ross Prevatt 01/24/2001 08:19 AM To: John Arnold/HOU/ECT@ECT cc: Subject: KCS VPP

The POPS Production database server will be down over the weekend for a 3 hour period for memory upgrade. Please let me know if there is a preferred 3hr window, if there is no problem with y'all, can we will request the maintenance between 12-3pm Saturday 10/21/00. I'll inform y'all of the actual timeframe once its finalized, since there are other systems running on that server. thanks Romeo ---------------------- Forwarded by Romeo D'Souza/HOU/ECT on 10/19/2000 02:47 PM --------------------------- From: Neil Leininger@ENRON on 10/19/2000 02:01 PM To: Christine Pham/HOU/ECT@ECT, Romeo D'Souza/HOU/ECT@ECT cc: Subject: downtime request FYI ---------------------- Forwarded by Neil Leininger/NA/Enron on 10/19/2000 02:02 PM --------------------------- [email protected] on 10/19/2000 01:54:49 PM To: [email protected] cc: Subject: downtime request The UNIX Infrastructure team would like to request downtime on system 'aurora' this weekend. The system has 2 faulty memory simms that we need to replace BEFORE they cause a problem. We are requesting 3 hours to perform the memory replacement. The following databases would be effected: eqtprod dcfprod popprod trdprod semprod sitprod2 infprd53 Please let me know if/when we can have time for this maintenance.

I'm ok. Theresa Zucha has generously offered to help me with my expense account, which I really wasn't comfortable asking Warren to do anyway. Thanks for asking. kay

To whom it may concern: My name is Craig Carmichael. I am a PhD student at Iowa State University, working under Dr. Bartlett in the Adaptive Computing Lab. Please lend me your attention for a brief moment. Enron's team of power traders is the first contact I have made in this nature. I strongly believe that I have developed technology that can make Enron millions in the very near-term future. If you are a power trader whose success is proportional to the accuracy of your load forecasts, then I believe I can deliver an enormous opportunity to Enron and you. If I am way off base on my assessment, please let me know and I will go somewhere else. I CHALLENGE EACH OF YOU TO DISCREDIT MY BELIEFS. Here are some of my credentials, so that you can verify that it might be promising to read the remainder of this email. 1. Finishing up ISU PhD work this summer. 2. Invented multiple neural network methods and inductive learning techniques. 2. Recently DEVELOPED THE MOST ACCURATE electric load models in the Chicago area for ComEd. 3. Saved ComEd millions of $ over the last couple years because of this. 4. Can verify the above claims and that I did this single-handedly. 5. Wrote the new inductive learning algorithm for New Energy Associates in Atlanta. 6. My software will be the new learning engine of NEA's NOSTRADAMUS future v5.0 7. Can verify that I single-handedly wrote NOSTRADAMUS's new training engine (not yet released) 8. Am the world's best electric load forecaster using advanced inductive learning methods. This is the situation: I am giving my Final Defense on July 16th in areas of advanced forecasting methods. In 1999, I developed highly advanced neural network models for Commonwealth Edison, under Robert Abboud (working at ComEd) through the Adaptive Computing Lab at Iowa State University. The models were the most accurate available. At the time, ComEd was using the EPRI models, NEA's Nostradamus, Tesla, and the ISU models (those that I developed). Still, I knew of many ways for improvement and have been waiting for my graduation to release this technology. Preliminary studies show that my most recent work is more accurate than anything that is available at any price. Since I have felt oppressed by the system (being a student), I have awaited graduation (am finished mid-July) to unleash the technology that I have developed outside of the university (my funding comes from the Meteorology department and has nothing to do with load forecasting). This is unpublished, provocative, state-of-the-art stuff that can smoke even the multi-million dollar EPRI models, and only I know how they work. The technology could also put Tesla out of business. The errors appear to be LESS THAN HALF OF THOSE OF NOSTRADAMUS. John Snead from Tesla knows me and feared my models so much that he tried to merge his company with RGA Labs. Robert Abboud from ComEd, Excelon (and now RGA Labs) knows who I am. Rick Hunt, the project manager from New Energy Associates does also, since I wrote the software for their yet-to-be-released inductive learning engine. Ok. Here are the possibilities. 1. I am making all of this up and did't really invent leading forecasting technology 2. I am a nut who doesn't even know what he's talking about 3. This guy couldn't possibly do this sort of thing on his own clock all by himself 4. Maybe there's something to what this guy is saying. We might as well send him a data set to test his claims. I feel that someone will continue to try to take advantage of me if I don't act now. Within the next 6 months, someone will probably own my technology besides myself. I want to prove that I can be an immense asset to Enron. I would like to sell my technology to Enron as part of your in-house modeling efforts. Someone else might come along and try to make the same claims that I am making. They might razzle-dazzle you with their marketing sense and ability to sell you their gem. What I am saying is that if you give me a chance to show you what I can do, if you care about accuracy and not razzle-dazzle, then I will not disappoint you. Give a data set to me and a thousand other people and companies. Let me show you that I'm not making all of this up. I will show you flaws in other "gems". I hope this email wasn't too long. My family & I, as of now, have a fairly uncertain financial future (until I enter the workforce and have a fairly cushy job). Because of this, I am obligated to see what opportunities exist with my intellectual property. If I fail in convincing Enron that I have a gold mine in my possession, then I will go to the #2 spot on my list, and will offer to provide them with the leading forecasting package available today. In some way, shape or form, in this scenario my software will then compete with Enron. Thank you for lending me your ear. I hope you don't think I'm a lunatic for sending you this lengthy email. Craig Carmichael [email protected]

I'll try it. 1.I have heard this before, but just can't remember 2.Niagra Falls 3.No idea. Probably something like rubarb 4.Baseball 5.Strawberry 6.They put the bottle on the pear when it is little and tie it to the tree. It grows inside the bottle. 7.dwindle, dwarf, dwell, dweeb 8.comma, period, semicolon, colon, apostrophe, exclamation point, question mark 9.Minnesota 10.error, hit by pitch, fielders choice, strike out (then passed ball or wild pitch), catcher interference, 11.Lettuce 12.socks, sandals, shoes, slippers, stockings, skis (i don't know if that counts) "Kent & Karen Pope" <[email protected]> on 05/10/2001 11:39:45 AM To: "Dan Kessler" <[email protected]>, "Darron C. Giron" <[email protected]>, "Nancy Johnson" <[email protected]> cc: Subject: Fw: Know-it-all quiz to the smartest two people i know--good luck i've got the answers if you want them. karen -----Original Message----- From: Watsky, Elizabeth <[email protected]> To: '[email protected]' <[email protected]>; '[email protected]' <[email protected]>; '[email protected]' <[email protected]> Date: Tuesday, May 08, 2001 9:50 AM Subject: FW: Know-it-all quiz >Check out your knowledge... > >> -----Original Message----- >> From: Young, Melissa [mailto:[email protected]] >> Sent: Monday, May 07, 2001 1:57 PM >> To: 'Cheri Thomas'; 'Dad'; 'Elizabeth - work'; 'Stephen-Home' >> Subject: FW: Know-it-all quiz >> >> >> A QUIZ FOR PEOPLE WHO KNOW EVERYTHING >> >> (1) There's one "sport" in which neither the spectators nor the >> participants >> know the score or the leader until the contest ends. What is it? >> >> (2) What famous North American landmark is constantly moving backward? >> >> (3) Of all vegetables, only two can live to produce on their own for >> several >> growing seasons. All other vegetables must be replanted every year. What >> are >> the only two perennial vegetables? >> >> (4) Name the only sport in which the ball is always in possession of the >> team on defense, and the offensive team can score without touching the >> ball? >> >> (5) What fruit has its seeds on the outside? >> >> (6) In many liquor stores, you can buy pear brandy, with a real pear >> inside >> the bottle. The pear is whole and ripe, and the bottle is genuine; it >> hasn't >> been cut in any way. How did the pear get inside the bottle? >> >> (7) Only three words in standard English begin with the letters "dw." >> They >> are all common. Name two of them. >> >> (8) There are fourteen punctuation marks in English grammar. Can you name >> half of them? >> >> (9) Where are the lakes that are referred to in the "Los Angeles Lakers?" >> >> (10) There are seven ways a baseball player can legally reach first base >> without getting a hit. Taking a base on balls-a walk-is one way. Name the >> other six. >> >> (11) It's the only vegetable or fruit that is never sold frozen, canned, >> processed, cooked, or in any other form but fresh. What is it? >> >> (12) Name six or more things that you can wear on your feet that begin >> with >> the letter "S".

Apparently not eh.

Reminder, that today's Crescendo meeting has been cancelled. Thanks! ---------------------- Forwarded by Tonai Lehr/Corp/Enron on 02/27/2001 09:50 AM --------------------------- Scott Josey 02/20/2001 09:47 AM Sent by: Tonai Lehr To: Arvel Martin/HOU/ECT@ECT, Audrey O'Neil/HOU/ECT@ECT, Becky Caudle/HOU/ECT@ECT, Christopher K Clark/HOU/ECT@ECT, Don Rollins/HOU/ECT@ECT, Gerald Nemec/HOU/ECT@ECT, Joan Quick/HOU/ECT@ECT, Mark Castiglione/Corp/Enron@ENRON, Mark Whitt/NA/Enron@Enron, Nick Cocavessis/Corp/Enron@ENRON, Rusty Belflower/NA/Enron@Enron, Scott Josey/Corp/Enron@ENRON, Teresa G Bushman/HOU/ECT@ECT, Walt D Hamilton/HOU/ECT@ECT, Brian Redmond/HOU/ECT@ECT, Barbara N Gray/HOU/ECT@ECT cc: (bcc: Tonai Lehr/Corp/Enron) Subject: Cancellation of Today's Crescendo Meeting Per Scott, Today's Crescendo meeting and the meeting scheduled for 2/27/01 are cancelled. The next scheduled meeting will take place on Tuesday, March 6th. Thanks!

Charles Schwab & Co., Inc. Email Alert Mutual Fund Viewpoint(TM) ================================================================ Dear American Century Shareholder, As a valued American Century shareholder, Charles Schwab invites you to sample below the latest installment of Mutual Fund Viewpoint(TM), a new Schwab subscription email product that delivers timely information directly to you from participating fund companies. Mutual Fund Viewpoint presents such valuable content as portfolio manager commentary, sector and market commentary, and newsletters. In its ongoing efforts to better connect its Mutual Fund investors to the funds and fund companies in which they invest, Schwab invites you to subscribe now: http://q1.schwab.com/s/r?l=1678&m=100773bdf5c0400007794a Schwab is pleased to provide the following information from American Century. ---------------------------------------------------------------- Dear Valued Investor: American Century's Steven Permut, Vice President of municipal portfolio management and credit research, recently talked with Schwab investors about the enduring role of bonds in a portfolio. Learn why their role endures and how to look at bond strategies for your portfolio with Permut's "Market Outlook" video presentation. http://q1.schwab.com/s/r?l=1679&m=100773bdf5c0400007794a This presentation was given in Pebble Beach, CA on August 28, 2001 to Schwab customers and representatives to provide timely, relevant and educational market insights. Please contact your Schwab representative to review your individual needs or for more information about American Century's complete lineup of fixed income mutual funds available through Mutual Fund OneSource. http://q1.schwab.com/s/r?l=1672&m=100773bdf5c0400007794a Thank you for your continued interest in American Century(R) Investments. ---------------------------------------------------------------- For more complete information including charges and expenses, please call Schwab's Mutual Fund OneSource(R) service for a prospectus. Please read it carefully before investing or sending money. ---------------------------------------------------------------- If you would prefer to receive only account service emails, please reply to this email indicating your preference. Please note: doing so will not remove you from any SchwabAlerts(R) or email newsletters or information to which you have actively subscribed. For your protection, we are unable to accept instructions to change your email address sent in reply to this message. To update your address, please log in to your account using the link below. From there you will be able to update your email information securely. http://q1.schwab.com/s/r?l=1677&m=100773bdf5c0400007794a Notice: All email sent to or from the Charles Schwab corporate email system may be retained, monitored, and/or reviewed by Schwab personnel. (c)2001 Charles Schwab & Co., Inc. All rights reserved. Member SIPC/NYSE. (1001-17059) Distribution by Quris, Inc.

I am currently working on the draft GTC and revised product descriptions. Should have draft by tommorrow. Carlos Alatorre@ENRON 10/30/2000 09:51 AM To: Steve Van Hooser/HOU/ECT@ECT, Gerald Nemec/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT cc: Carl Carter/NA/Enron@Enron Subject: Carl Carter and myself are working with Colleen Sullivan to get Pipeline Secondary Capacity launched on EnronOnline. I just want to touch base with you regarding the GTC and Product Descriptions. Gerald, according to our conversation you should have a draft early this week, please let me know where we stand so we are sure that it fits into EnronOnline structure so we can input some draft wording/structure into Test and start creating Products Please let me know if you have any questions/comments Thanks Carlos x5-8705

Karen, I vote for sending out a press release rather than having disgruntled and surprised customers go running to the press. If possible, it should be directed to metro/general assignment reporters rather than political types. I think it becomes a more positive and manageable story if we're up front and get our side out before it looks like massive consumer complaints against a company that is posting hundreds of millions in revenue. Without an announcement, I'm afraid you'll get the story about the poor family who has been trying to save money and is now facing huge utility bills that they didn't expect and can't meet; with one, we may be able to get coverage that is more thoughtful and looks at some of the legitimate reasons Enron had to take this action. Ken ----- Original Message ----- From: <[email protected]> To: <[email protected]>; <[email protected]>; <[email protected]>; <[email protected]>; <[email protected]>; <[email protected]>; <[email protected]>; <[email protected]> Sent: Tuesday, May 29, 2001 8:04 PM Subject: final, final letter to California residential customers > we're still debating whether to issue a press release, but this is the > letter that was sent out Friday... > ---------------------- Forwarded by Karen Denne/Corp/Enron on 05/29/2001 > 10:01 PM --------------------------- > > > Peggy Mahoney@EES > 05/29/2001 09:15 AM > > To: James D Steffes/NA/Enron@Enron, Mark Palmer/Corp/Enron@ENRON, Karen > Denne/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron, Elizabeth > Ivers/Enron@EnronXGate, Mark Koenig/Enron@EnronXGate, Paula > Rieker/Enron@EnronXGate > cc: > > Subject: final, final letter to California residential customers > > Final letter. We will hear from our customer service team as soon as we > receive the first customer call. > I will keep you all in the loop. > Thanks! > Peggy > ---------------------- Forwarded by Peggy Mahoney/HOU/EES on 05/29/2001 > 09:13 AM --------------------------- > > > Max Eberts > 05/25/2001 11:12 AM > > To: Marty Sunde/HOU/EES@EES, Elizabeth Tilney/HOU/EES@EES, Vicki > Sharp/HOU/EES@EES, Diann Huddleson/HOU/EES@EES, Peggy > Mahoney/HOU/EES@EES, Lamar Frazier/HOU/EES@EES, Kevin > Keeney/HOU/EES@EES, Marcus Dotson/HOU/EES@EES > cc: > Subject: final, final letter to California residential customers > > > Diann received the word from Marty to begin the de-dasr-ing process within > the next few weeks. Thus, we changed the last sentence of the second > paragraph to reflect that. For everyone's records, this is the final, > final copy that received the necessary approvals and that our customers > will receive in the mail. Thank you. > > (See attached file: Calif_Residential_0524_6PM.doc) > > > >

Just for your information--this may highlight the reason for the difficulty for the East Region dividing its transportation usage tickets by contract number. For the entire month of May, the Central region's transport p&l report is 20 pages long (and that's after splitting up transport tickets by contract number); the West report is 34 pages long; and the East + Market East report is 90 pages long without splitting transport tickets by contract number. If the East began breaking up usage tickets by contract number, it could result in a five to seven fold increase in tickets. Any thoughts ?

Start Date: 4/15/01; HourAhead hour: 15; No ancillary schedules awarded. Variances detected. Variances detected in Energy Import/Export schedule. Variances detected in SC Trades schedule. LOG MESSAGES: PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001041515.txt ---- Energy Import/Export Schedule ---- $$$ Variance found in table tblINTCHG_IMPEXP. Details: (Hour: 15 / Preferred: 12.00 / Final: 11.98) TRANS_TYPE: FINAL SC_ID: ECTRT MKT_TYPE: 2 TRANS_DATE: 4/15/01 TIE_POINT: PVERDE_5_DEVERS INTERCHG_ID: EPMI_CISO_LUCKY ENGY_TYPE: WHEEL ---- SC Trades Schedule ---- *** Final schedule not found for preferred schedule. Details: TRANS_TYPE: FINAL SC_ID: EPMI MKT_TYPE: 2 TRANS_DATE: 4/15/01 TRADING_SC: SETC PNT_OF_INTRC: NP15 SCHED_TYPE: ENGY PURCH_SALE: 1 DEAL_NO: 1 $$$ Variance found in table tblInt_Interchange. Details: (Hour: 15 / Preferred: 10.00 / Final: 9.97) TRANS_TYPE: FINAL SC_ID: EPMI MKT_TYPE: 2 TRANS_DATE: 4/15/01 TRADING_SC: PGAE PNT_OF_INTRC: NP15 SCHED_TYPE: ENGY PURCH_SALE: 2 DEAL_NO: 1

Attached are the EOL Firm Gas GTC, EOL Firm Gas GTC with Collateral Support, and a redline of the two. For those of you who reviewed the last version and provided comments, thank you. Please take a fresh read as material changes were made to Force Majeure. Any further comments, please advise. Carol, will you please completely "fresh read" both of them as a check for me. Thank you. Cordially, Mary Cook Enron North America Corp. 1400 Smith, 38th Floor, Legal Houston, Texas 77002-7361 (713) 345-7732 (713) 646-3393 (fax) [email protected]

In a meeting with your guys now. See you tomorrow. Louise -------------------------- Sent from my BlackBerry Wireless Handheld

Corinne: We will accept your interest rate schedules. Also, you can include the witness line for our signatory. Please prepare execution copies and let me know if there is anything else to be done. Thanks for your patience. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) [email protected] "Corinne A Samon" <[email protected]> 02/28/2001 10:05 AM To: [email protected] cc: Subject: Re: futures agreement Sara, We are in agreement with your proposed changes to the arbitration language. I await your reply concerning the rest of the comments to the client agreement. Regards, Corinne 6-4292 [email protected] on 02/27/2001 06:33:48 PM To: [email protected] cc: Subject: Re: futures agreement Corinne: Attached is your arbitration language (marked) and our arbitration text. I hope this does it! Thanks. (See attached file: JPMorganarbitrationR1.doc) Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) [email protected] "Corinne A Samon" <samon_corinne@jpm To: [email protected] organ.com> cc: Subject: Re: futures agreement 02/27/2001 02:58 PM Sara, Thank you for your fax. Section 180.3 of the CEA prohibits us from agreeing to any settlement procedure/forum ahead of time. JPMFI, in accordance with 180.3, will offer 3 forums - which will include AAA. If Enron chooses AAA, the arbitration will be subject to the provisions specified in your fax dd 2/26/2001. Attached is JPM's proposed language for the arbitration agreement. (See attached file: ARBITRATION AGREEMENT.doc) If you are in agreement with the language, please forward Enron's proposed language (detailed in your 2/26 fax) electronically (if available). Thank you and Regards, Corinne [email protected] on 02/26/2001 12:36:22 PM To: [email protected] cc: Subject: futures agreement Corinne: I just sent you a fax re: arbitration. I have not heard from your salesperson re: interest schedule for debit rate (Sec. 2) and credit rate (Sec. 6). Thanks. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) [email protected] (See attached file: ARBITRATION AGREEMENT.doc) - JPMorganarbitrationR1.doc - ARBITRATION AGREEMENT.doc

Where is this being held? Still at 11? Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) [email protected] ----- Forwarded by Sara Shackleton/HOU/ECT on 02/08/2001 10:16 AM ----- Sara Shackleton 02/07/2001 09:52 AM To: Darlene C Forsyth/HOU/ECT cc: Subject: Whitewing Presentation I will attend from ENA legal (swaps). Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) [email protected]

Start Date: 4/24/01; HourAhead hour: 9; No ancillary schedules awarded. Variances detected. Variances detected in Generation schedule. Variances detected in Load schedule. LOG MESSAGES: PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001042409.txt ---- Generation Schedule ---- $$$ Variance found in table tblGEN_SCHEDULE. Details: (Hour: 9 / Preferred: 0.00 / Final: 0.00) TRANS_TYPE: FINAL SC_ID: EES MKT_TYPE: 2 TRANS_DATE: 4/24/01 UNIT_ID: BADLND_7_PL1X2 ---- Load Schedule ---- $$$ Variance found in table tblLoads. Details: (Hour: 9 / Preferred: 125.12 / Final: 124.57) TRANS_TYPE: FINAL LOAD_ID: SDG1 MKT_TYPE: 2 TRANS_DATE: 4/24/01 SC_ID: EPMI

lets make it worthwhile - how about $500? Enron North America Corp. From: Timothy Blanchard @ EES 03/13/2000 06:32 PM To: Eric Bass/HOU/ECT@ECT, Chad Landry/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT, [email protected], Bryan Hull/HOU/ECT@ECT cc: Subject: Tigers $50 straight up-no points. And I don't want to hear any crying that you're seeded lower. If you're as good as you think and your conference is that much better, you hould have no worries.

Hi Everyone, I want to thank all of you for being so patient, but I do have another change. My last verbal message to everyone was that the call would take place at 1:00 PM (CST). This is changing again. Rick will hold a call today as follows: Date: Friday, November 9 Time: 4:00 PM (CST) Number: 1-800-713-8600 (domestic) 801-983-4017 (int'l) 152142 (pass code for all) Thanks and hang in there!!!!!! Ginger Dernehl Administrative Coordinator Global Government Affairs Phone# 713-853-7751 Fax# 713-646-8160 -----Original Message----- From: Dernehl, Ginger Sent: Thursday, November 08, 2001 4:58 PM To: Alamo, Joseph; Allegretti, Daniel; Allen, Joe; Alvarez, Ray; Assad, Sergio; Assaf, Lisa; Ausenhus, Kara; Barnes, Lynnette; Bellas, Kirsten; Bestard, Jose; Binns, Darran; Bolton, Scott; Boston, Roy; Braz, Gisele; Buerger, Rubena; Burns, Stephen; Canovas, Guillermo; Cantrell, Rebecca W.; Comnes, Alan; Connor, Joe; Cooney, Carolyn; Cooper, Adam N; Crowther, Mark; Dasovich, Jeff; Davies, Philip; Dawson, Paul; Decker, Larry; Dernehl, Ginger; Dressler, Jean; Elms, Nick; Fitzgibbon, Tom; Floris, Vinio; Frank, Robert; Fromer, Howard; Fulton, Donna; Gottfredson, Bryan; Grimes, Michael; Guerrero, Janel; Haizmann, Jan; Hamilton, Allison; Hardy Jr, John; Hartfield, Rita; Hawkins, Bernadette; Hemstock, Robert; Hennemeyer, Paul; Hetrick, Nancy; Hoatson, Tom; Huertas, Alfredo; Hueter, Barbara A.; Hughes, Llewelyn; Hunter, Bevin; Huson, Margaret; Ibrahim, Amr; Imai, Makiko; Kaufman, Paul; Kean, Steven J.; Keenan, Amber; Keene, Patrick; Kimura, Takashi; Kingerski, Harry; Kishigami, Kikumi; Knight, Laurie; Landwehr, Susan M.; Lassere, Donald; Lawner, Leslie; Lawrence, Linda L.; Leibman, Lara; Leonardo, Sam; Levy, Alberto; Lindberg, Susan; Linnell, Elizabeth; Long, Chris; Mara, Susan; Maurer, Luiz; McVicker, Maureen; Migden, Janine; Milano, Pamela; Miller, Terri; Montovano, Steve; Nersesian, Carin; Neustaedter, Robert; Nicolay, Christi L.; Nord, Sue; Noske, Linda J.; Novosel, Sarah; O'connell, Earlene; Ogenyi, Gloria; Palmer, Germain; Perez, Carmen; Perez, Gus; Perrino, Dave; Petrochko, Mona L.; Pharms, Melinda; Reis, Jose Lucio; Reyna, Margo; Rishe, Frank; Rizzo, Helen; Roan, Michael; Robertson, Linda; Robinson, Marchris; Rodriquez, Andy; Ryall, Jean; Sampaio, Fred; Shapiro, Richard; Shelk, John; Shortridge, Pat; Staines, Dan; Steffes, James D.; Stephens, Sharonda; Stransky, Joan; Stroup, Kerry; Stubbings, Randy; Styles, Peter; Sullivan, Kathleen; Sullivan, Lora; Thome, Jennifer; Tiberi, Fino; Twiggs, Thane; Van Biert, Teun; Walton, Steve; Warner, Geriann; Watanabe, Mika; Wood, Doug; Yeung, Charles; Yoho, Lisa Subject: Global Government Affairs Conf. Call - UPDATE Another update call has been scheduled for tomorrow as follows: Date: Friday, November 9 Time: 8:30 AM (CST) Number: 1-800-713-8600 (domestic) 801-983-4017 (int'l) 152142 (pass code for all) Location: ECN 4746 Ginger Dernehl Administrative Coordinator Global Government Affairs Phone# 713-853-7751 Fax# 713-646-8160

This makes me very happy!!!! -----Original Message----- From: Hayslett, Rod Sent: Friday, November 02, 2001 12:59 PM To: Geaccone, Tracy Subject: FW: Budget Meetings Yeah!!!!!!!!! -----Original Message----- From: Westbrook, Sharron Sent: Friday, November 02, 2001 12:56 PM To: Beck, Sally; Blackwood, Connie; Bowen Jr., Raymond; Brooks, Loretta; Brown, Michael - COO London; Bryan, Jennifer; Burns, Jennifer; Butts, Bob; Campos, Kathy; Castleman, Kent; Chapman, Kay; Colwell, Wes; Costello, Lisa; Dauterive, Inez; Daw, Nicki; Delainey, David W.; Dietrich, Janet; Dyson, Fernley; Fallon, Jim; Ferrari, Kerry; Fleming, Rosalee; Ford, Sue; Frevert, Mark; Glisan, Ben; Gray, Dortha; Hayslett, Rod; Hillis, Kimberly; Hinojosa, Esmeralda; Horton, Stanley; Hughes, James A.; Kean, Steven J.; Kitchen, Louise; Koenig, Mark; Lavorato, John; Leff, Dan; Lindsey, Mark E.; Marshall, Lucy; Mcconnell, Mike; McMahon, Jeffrey; McVicker, Maureen; Myer, Karen; Phillips, Cathy; Pickering, Mark; Piper, Greg; Price, Brent A.; Rapacioli, Marisa; Reyes, Sonnia; Schiller, Marsha; Schoppe, Tammie; Schwarzbach, Stephen; Scott, Nicole; Shankman, Jeffrey A.; Sherriff, John; Sommers, Jeffrey E.; Spiller, Tina; Stark, Cindy; Stubblefield, Wade; Taylor, Liz; Tijerina, Shirley; Valdez, Christina; Valencia, Laura; Villanueva, Chantelle; Weldon, Kim; Whalley, Greg Subject: Budget Meetings ALL CURRENTLY SCHEDULED BUDGET MEETINGS ARE BEING POSTPONED. THESE MEETINGS WILL BE RESCHEDULED AT A LATER DATE. PLEASE CALL ME AT X37094 IF YOU HAVE ANY QUESTIONS.

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Changed.

Interesting piece of history - my notes from a lecture I gave Bannantine Circa 2/00-4/00

Tim: What's your reaction to this article on Cal Px? Mark ----- Forwarded by Mark E Haedicke/HOU/ECT on 06/26/2000 05:34 PM ----- Vince J Kaminski 06/23/2000 05:43 PM To: Mark E Haedicke/HOU/ECT@ECT cc: Vince J Kaminski/HOU/ECT@ECT Subject: Restructuring Today - 6/23 Mark, Please, tale a look at the attached newsletter. An interesting story on gaming Cal PX. Let me know if you have problems opening the document. Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/23/2000 05:45 PM --------------------------- Energy Info Source <[email protected]> on 06/23/2000 07:24:22 AM To: cc: Subject: Restructuring Today - 6/23 Energy Info Source - http://www.energyinfosource.com - is privileged to make available to you a free trial subscription to Restructuring Today until July 11. Restructuring Today is the leading daily trade newsletter focused solely on the deregulation, restructuring and convergence of the electric, natural gas and telecommunications industries, with a special focus on emerging markets. You do not need to do anything to continue to receive this trial. However, if you do not want to receive any more trial issues, please reply to us and with the word "cancel" in the subject line. Restructuring Today has distinctive industry news and analysis which Energy Info Source can't deliver from the wire services, and at only $487 (regular price for an individual subscription) for 250 issues each year, we consider it a bargain. As a special offer to Energy Info Source users, Restructuring Today is offering $50 off the regular subscription price. Act before July 14 to receive your $50 off! Check out the attached sample, and if you'd like to order an annual subscription, choose your favorite way: - Hit reply and fill out the subscriber information below. - For fastest service call 888-986-2250 today! - There's a handy subscription coupon on the last page of each issue of Restructuring Today. For credit card orders, please use the subscription coupon in the back of the sample issue or call 888-986-2250. For more information, feel free to email us at [email protected] or call us at 888-986-2250. Requires Acrobat Reader 3.1 or higher. The latest version is available free at: http://www.adobe.com/prodindex/acrobat/readstep.html#reader ---------------------- Please begin my subscription to Restructuring Today right away! Name: Title: Company: Billing Address: Address cont.: City: ST: Zip: Country: USA Phone: Fax: Email address: [ ] Bill me [ ] Call me for my credit card information - rt000623-EIS.pdf

Art, Attached is the contract that would govern this transaction. Barry and I have discussed San Juan risks but we are willing to take it - however, the actual offer at this time is $4.65 for 15,000 to 20,000 delivered at the Blanco Pool. When you are ready to transact, I will update the exact price at that time. Let me know what you want to do. Thanks, Kim

Please disregard the draft I sent a few minutes ago by email. I fixed some glitches. ++++++CONFIDENTIALITY NOTICE+++++ The information in this email may be confidential and/or privileged. This email is intended to be reviewed by only the individual or organization named above. If you are not the intended recipient or an authorized representative of the intended recipient, you are hereby notified that any review, dissemination or copying of this email and its attachments, if any, or the information contained herein is prohibited. If you have received this email in error, please immediately notify the sender by return email and delete this email from your system. Thank You <<185649_1.DOC>> - 185649_1.DOC

Daren - here are the Equistar #'s. There should be a total of 65.000. There is a new deal per Janice at Equistar at meter 1373 effective 2/01. I have not seen a deal for this. Let me know if it is legitimate. No volumes were added, just moved from meter to meter. (Deal # 378904) Thanks. AL

Let's not forget the fact that Citizens has cut Enron more during the life of the deal. The only company walking away from a deal will be Enron. We will set up a meeting to discuss fixing the problem. Thanks, Mike -----Original Message----- From: Ward, Kim S (Houston) Sent: Monday, November 19, 2001 12:01 PM To: Grigsby, Mike; Gay, Randall L. Cc: Tycholiz, Barry; Sullivan, Patti; Groenewold, Shannon; Tholt, Jane M. Subject: FW: Griffith Sales As I am not involved in the daily operations behind this deal, I will need your input in order to respond to this request. As I have indicated, the frequency of cuts has caused tremedous concern and Citizens is considering walking away from this deal. They need assurance that this gas is going to flow in order to continue. Do we need to have a meeting? And when can I expect a response from the desk? Thanks, Kim -----Original Message----- From: "Breen, Sean" <[email protected]>@ENRON Sent: Monday, November 19, 2001 11:48 AM To: Foster, Chris H.; Ward, Kim S (Houston) Subject: Griffith Sales As I have discussed with you, Citizens is concerned about the frequency of upstream supply issues that have resulted in the recent cuts in the deliveries to the Griffith power plant. Based on the information I have received, the reasons for these cuts have not risen to the level of Force Majeure, which as you know is the only event that would excuse performance under our contract for firm delivery of gas. Citizens therefore requests that Enron respond to Citizens in writing with a descriptions of the steps Enron is taking to insure that there is not a continuation of these contract performance issues into the future. Your prompt attention to this matter is appreciated.

Works for me. Lisa Yoho@ENRON 01/29/2001 01:32 PM To: Chris Long/Corp/Enron@ENRON, Robert Bruce/NA/Enron@Enron, Mark Taylor/HOU/ECT@ECT cc: Subject: Conference Call re: CFTC RM Does 4 central work for everyone for a conference call tomorrow with Ken?

Is Keith setting this up? Should we do this first thing at the Wed fundies meeting? Let me know. Thanks, Mike -----Original Message----- From: Dorland, Chris Sent: Monday, October 01, 2001 9:30 PM To: Clark, Chad; Brodeur, Stephane; Lambie, Chris; Cowan, Mike; Cooke, Ian; Torres, Carlos; Disturnal, John Cc: Holst, Keith; Grigsby, Mike; Ermis, Frank; Reitmeyer, Jay; Smith, Matt Subject: Winter X Forecast Let's get together this week and talk about our winter forecast for the X. I was thinking thursday afternoon around 2:30. I'll touch base with Holst and see if the west guys can join us via conference call. Let me know if that works for you. Dorland

\BEGIN TRANSACTION PREFERRED SC_ID "EPMI"; DAYAHEAD 20010806; \BEGIN TEMPLATE I_INTRCHNGE TIE_POINT "SYLMAR_2_LDWP"; INTERCHG_ID "LDWP_EPMI_0806DS"; ENGY_TYPE "CSPN"; EXT_CNTRL_ID "LDWP"; SCHED_ID ""; CONTRACT_TYPE ""; CNGS_MGT_FLG "SELF","SELF","SELF","SELF","SELF","SELF","SELF","SELF","SELF","SELF","SELF","SELF","SELF","SELF","SELF","SELF","SELF","SELF","SELF","SELF","SELF","SELF","SELF","SELF"; PRIOR_TYPE "OTHER"; LOSS_CMP_FLG "NO"; WSCC_TAG ""; HRLY_MW -10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10; RAMP_RATE 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1; CAP_RES_PRC 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0; \BEGIN ADJ_BID 24*{( 0, 91.86),( 10, 91.86)}; \END \END TEMPLATE \END TRANSACTION

Yesterday I spent about 45 minutes with the three key energy staff to the House Energy and Commerce Committee -- Andy Black (for Barton) and Sean Cunningham and Jason Bentley (the energy counsels to the full committee). We met at my request to discuss Barton RTO draft. (The group EPSA meeting with Chairman Barton that was to have been yesterday afternoon has been rescheduled for next Tuesday.) Key points from the meeting -- 1. They do not expect the Barton Subcommittee to mark up the electricity legislation this year. Time is running out and Members of the subcommittee are not focused on the issue. Instead, they plan to continue working on the issue at the staff level. Probably will be another draft version circulated and then a version will be introduced by Barton as a formal bill by the end of the year. The earliest they see any kind of vote is late Jan. or early February. 2. Barton feels strongly that FERC should not be the "tail wagging the dog" on RTO policy. 3. On particulars of the bill, they are clearly reconsidering the 40,000 MW minimum threshold for the size of an RTO. They are getting pulled in both directions, they say, and are inclined to drop the 40,000 MW number -- possibly leaving it to FERC to set a number. They conceded that the mechanics of the draft make it unlikely that the 18 month "deadline" for all transmission owners to get into an approved RTO would stick. They consciously changed the normal judicial standard of review for FERC actions from "arbitrary and capricious" to "preponderance of the evidence" because they think otherwise the courts will rubber stamp FERC. Spent a lot of time on how the draft would aid and abet the recalcitrant utilities and that the overall nature of the draft assumes there are only two parties to this -- FERC and the transmission owners -- while the rest of those truly affected -- from us to others -- are left out. Sean said we could still intervene, but I said that was the truly pro forma aspect of their process since FERC's hands and our's would be tied by the "rights" given to transmission owners to drag their feet. Bottom line -- FERC has a window until next Spring without likely congressional interference, at least not of the formal, legislative variety, to both move on RTOs and improve its relations with Congress. FERC staff has been pushing the committee staff on concerns similar to our concerns.

Attached please find our initial comments that were filed on February 9th. Thanks. Regards, Lara

I will be out of the office on Wednesday, February 6, and I will be returning on Thursday, February 7. If you need immediate assistance, please contact Andrea Dahlke at 345-4080.

That's okay. You have a good weekend to and I hope that you get all better. Talk you when you get back. Be safe:) Val -----Original Message----- From: [email protected] [mailto:[email protected]] Sent: Thursday, October 05, 2000 2:27 PM To: Valerie Dewille Subject: Re: Sorry that i didn't respond I was in interviews for the past several hours. I am super busy right now but i will give you a call when I get back and we can hang out. Have a great weekend! Don't get in to much trouble

Richard: Looks good. One comment: Under the section "Generating Documents: Requests 12, 14 and 18," I would go with the "option 1" ending to the paragraph starting with "For Portland General..." and not the "alternate ending." To further support this ending (and further bolster the point that PGE is pretty extraneous to the investigation), we may want to note that PGE currently has a request in to the OPUC asking for about $135 MM to cover the costs of increased wholesale purchases. Paul Kaufman would have details of the request. Hope your son's doing well. Best, Jeff Richard B Sanders@ECT 10/06/2000 09:16 AM To: Twanda Sweet/HOU/ECT@ECT, Steven J Kean/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Mary Hain/HOU/ECT@ECT, Jeff Dasovich/NA/Enron@Enron cc: Subject: Revised Draft Proposal to CPUC Please provide your comments asap ----- Forwarded by Richard B Sanders/HOU/ECT on 10/06/2000 09:11 AM ----- "Fergus, Gary S." <[email protected]> 10/05/2000 09:33 PM To: "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "MBD" <[email protected]> cc: Subject: Revised Draft Proposal to CPUC PRIVILEGED AND CONFIDENTIAL ATTORNEY CLIENT PRIVILEGE DRAFT DRAFT DRAFT Harvey Morris Esq. California Public Utilities Commission 505 Public Utilities Commission San Francisco, California 94102 Re: I.00-08-002 Subpoenas Served on Enron Power Marketing, Inc. ("EPMI"), Enron Energy Services Inc. ("EES"), Enron Energy Marketing Corporation ("EEMC"), Enron Energy Services Operations Inc. (EESO) and Portland General Electric Corporation ("Portland General")(collectively sometimes referred to as the "Enron Entities") Harvey, Here are our proposals with respect to the Enron Entities' production of documents pursuant to the above described subpoenas issued by the California Public Utility Commission (hereinafter "the Commission"). The Enron Entities are willing to assist the Commission in undertaking its investigation into the problems in the California electric markets by producing a limited quantity of specified information on a timely basis. We believe that the limited production we propose will enable the Commission to commence its investigation much sooner than if the parties were forced to litigate all of the potential objections to the requests for production, which are, by any standard, extremely broad and could involve millions of pages of documents. We make these proposals pursuant to our email exchange of October 3, 2000 with the understanding that the Commission agrees that by cooperating, offering to produce or producing documents, the Enron Entities have not waived any objections or challenges to these subpoenas whatsoever and that any claims, defenses, objections, jurisdictional or otherwise or other responses have been specifically reserved and can be raised in the future, if necessary. For all of these proposals, we exclude documents that are protected from disclosure by the attorney client and attorney work product privileges. [SUBJECT TO VERIFICATION: Generally speaking, the documents and information that the Commission seeks can be found, if they exist, within EPMI, EES and Portland General. To the extent that EEMC or EESO are relevant to the Commission's investigation, any documents would be located within EES. Thus, we do not anticipate specific document productions from either EEMC or EESO.] GENERAL DOCUMENTS Requests 1 through 4 The Enron Entities have been very dynamic organizations having acquired, sold, divested, joint ventured, spun off and otherwise reorganized themselves extensively during the past two years. The burden and expense on Enron to locate, and produce every corporate organizational chart anywhere in its organization since April 1, 1998 is significant. The Enron entities will provide the Commission with exemplars of its current organizational charts, telephone directories and so called "family trees" to show its current organization. To the extent that Enron can readily identify and locate exemplars of significant organizational charts, telephone directories or so called "family trees" for earlier periods it will also make those available. One Enron Entity, Portland General, has published books on its corporate history. If a list of those books would be helpful, we can provide it. With respect to the other entities, to the extent that corporate histories can be found, they will be produced. We anticipate producing these documents in the first wave on October 13, 2000. Requests 5 and 6 The Enron Entities propose that their responses to Requests 1-4 will identify their relationship to affiliated companies and the Transaction Documents will identify its customers and suppliers. FINANCIAL DOCUMENTS Requests 7 through 11 The Enron Entities will produce their public filings for the period requested with respect to financial data. EPMI, EES, and Portland General will provide to the Commission electronic Transaction Documents for the purchase and sale of energy delivered which includes economic data. It is intended that this economic data will provide the Commission with financial information regarding the Enron Entities which will be useful to its investigation. We anticipate producing public filings regarding financial data on October 13, 2000 and the electronic Transaction Documents in the second wave of document productions. GENERATING DOCUMENTS Requests 12, 14 and 18 For the Enron Entities other than Portland General, the generation facilities are limited in number and there will probably be limited documents available. The Enron Entities to the extent they act as a scheduling coordinator or possessed the right to use or resell generation output, do not have the specific documents that pertain to each generation unit requested. The Enron Entities, other than Portland General, do have documents and information for Enron Wind, Saguaro and Las Vegas Cogeneration. We propose to produce these documents in the second wave of document productions. For Portland General, the production of the requested documents would involve a tremendous volume of documents, as Portland General owned twenty generating facilities of a variety of types and sizes during 2000. Portland General is a net importer of energy and can only generate about one half of its total energy demand. As a result, we question whether the effort required of Portland General is warranted as its impact on the California wholesale market is necessarily limited. In addition, those transactions which do involve Portland General sales into California are limited to sales to the ISO and PX, and long term contracts with two small California municipal utilities. Thus, the Commission will receive the essential transactional information regarding these sales from the ISO and PX. Nevertheless, Portland General proposes to provide for year 2000 electronic Transaction Documents in summary form similar to the data being provided by other Enron Entities, to the extent relevant. [We propose that the Commission defer requesting production of other information until it has reviewed the information of generators who sell a significant proportion of their energy into the California market. At that time a more accurate assessment can be made of whether this enormous effort will be valuable given the limited impact of Portland General generation on the California wholesale market.] [Alternate ending to paragraph: We propose for the voluminous Portland General generating cost and maintenance data, that these documents be made available in Portland for inspection from a representative sampling of facilities. If there are specific documents that the Commission would like copied from that production, we can discuss the arrangements for producing these documents. We propose to make these documents available in Portland in a third wave of document productions] TRANSACTION DOCUMENTS Requests 13, 15, 16, 17 and 19 We understand that the Commission will be obtaining trading data for the purchase and sale of energy delivered in California from the ISO and PX. EPMI can provide the Commission several different sets of transaction data for year 2000 (in California and outside of California and Real Time) for the purchase and sale of energy delivered with the date, counterparty, quantity, delivery point, hours, price, and whether it is a purchase or a sale. Because of the speed with which you want this information, it is possible that some entries will be incomplete or inaccurate. For those transactions where EPMI served only as the scheduling coordinator, we understand that the ISO will show part of the transaction, but there will not be a corresponding transaction in the EPMI data we can provide quickly. The reason is that this type of transaction is passed through to EPMI's customer on an accounting system rather than as part of the trading business. EES is a retail provider of electricity, and plays a far more limited role in the wholesale markets which are the subject of the Commission investigation. However, EES can also provide similar electronic Transaction Data with the proviso that it will not include the specific names of its retail customers but instead will provide a blind customer number. This additional restriction is important to EES because many of EES's customers have agreements whereby they must be notified of any subpoena and provided an opportunity to object. EES cannot meet your time frame to release information and give its customers the notice they require. Given that EES was a retail provider and the fact that the identity of retail customers is of little or no relevance to the functioning of the wholesale market, we do not believe protecting the identity of retail customers is an unreasonable limitation or narrowing of the request. We anticipate producing the transaction data in the second wave of document productions. FERC DOCUMENTS Request 20 The Enron Entities will produce the requests for data they received from FERC and to the extent that FERC has been given responses, copies of those responses. We anticipate producing the FERC documents on October 13, 2000. Based upon discussions that we have had with the various Enron Entities, we believe that we could make a second wave of productions on Friday October 27, 2000. It is possible that not all Enron Entities could make that date but we believe the bulk of the data could be available for production by then. We propose to make these productions with the understanding that if any entity obtains a more stringent protective order than the one currently in place, that all of the Enron Entities document productions will be protected by the most stringent protective order. In addition, if, at the request of any party or nonparty to this proceeding, the Commission or a court of competent jurisdiction orders that the requests for production be limited, reduced or eliminated, the Enron Entities reserve the right to limit the production of documents in conformance with such order. We understand that you will consider these proposals and let us know if they are acceptable to the Commission. If you have any questions or comments about our proposal, please do not hesitate to contact Michael Day or myself. Brobeck Phleger & Harrison LLP Gary Fergus ======================================================= This email message is for the sole use of the intended recipient(s) and may contain confidential and privileged information. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, please contact the sender by reply email and destroy all copies of the original message. To reply to our email administrator directly, send an email to [email protected] BROBECK PHLEGER & HARRISON LLP http://www.brobeck.com

You have received this email because you are listed as a data approver. Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000081940&Page=Approval to review and act upon this request. Request ID : 000000000081940 Request Create Date : 1/30/02 10:18:24 AM Requested For : [email protected] Resource Name : Enpower North America West Production Pwr_portfolio_user Resource Type : Applications

We have the following Transco transport for June Contract .7537 (does not include any AGL space) Vol Comment 5000 3-6 Con Ed space released month to month thru 10/31/2000 15000 3-6 Con Ed space 4/1 - 10/31 10000 3-6 Con Ed space 5/3 - 9/30 20000 tele - 6 Bug space 5/1 - 10/31 10000 tele - 6 Bug space 6/1 - 9/30 10000 tele - 6 Lilco space 6/1 - 9/30 Contract 3.4367 10000 Leidy to Pseg Pseg space 5/1 - 10/31 Other stuff 20000 of 6-1 I think. 6500 of 6-6 from PSEG. Open for bids until 2:00pm on 4/26/2000 2174 of 2-3. this is on k#.7537

Attached is redlined draft. Plese see changes to the History and Customers & Contracts sections requested.

Danny will input a new deal for Dec and Jan in the morning. D Michael Olsen@ENRON 01/24/2001 04:25 PM To: Daren J Farmer/HOU/ECT@ECT cc: Subject: Deal #502952 Daren, The above deal number expired at the end of November 2000 and needs to either be extended through December, or a new deal inputted. Can you assist me in this? Thanks. Mike

Start Date: 10/28/01; HourAhead hour: 1; No ancillary schedules awarded. No variances detected. LOG MESSAGES: PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001102801.txt Error retrieving HourAhead price data - process continuing...

No but we found out what they want. They don't really want all the other stuff they asked for. What they really want is our financial information (profit and loss). From: Jeff Dasovich@ENRON on 10/13/2000 11:58 AM CDT To: Mary Hain/HOU/ECT@ECT cc: Subject: Re: Update on Calif PX price cap Thanks, Mary. Did the PUC accept our deal re: information from the subpoena?

Attached pursuant to TK Lohman's request is an electronic copy of Transwestern's October 17, 2000 FERC filing proposing a transport options program. This copy does not include the tariff sheets as they are not available in electronic format. If you would like to see the proposed tariff sheets, please let me know and I will be happy to fax them to you. If you have questions or comments about transport options, please contact either TK or me. Susan Scott 713-853-0596

I have created and entered the following deals in Sitara as HPLC - IM Wellhead purchases for November, 2000 production: Deal # Counterparty Meter # Volume 452582 Cokinos Nat Gas 9840 890 Killed 452574 Crosstex Energy 9858 1,000 452579 Cummins & Walker 9857 537 Killed 452590 Duke Energy Trad 6347 139 452595 Coastal Merchant 5848 183 452597 Coastal Merchant 5923 562 452600 Heatherloch Mun 6879 359 452601 Pringle Resources 9849 300 453067 Shoreline Gas 9860 700 452566 Suemaur Explor 9856 2,700 453305 Swift Energy 2630 322 453483 Tri-Union Devel 2697 1,016 453525 Vintage Gas, Inc 9603 1 453572 Whiting Petroleum 6523 106 Bob

Hey Marc - I'm here - it's actually nice to be home & not traveling for a while. Will you guys be around this weekend? It doesn't look like I can help your friend. We almost never hire lawyers fresh out of law school. Believe it or not, they don't really teach you how to be a lawyer in law school so passing the bar is just the first step. Your first job is where your real training takes place. We just don't have the time and capacity to train junior lawyers so we try to hire people who have worked for a number of years (usually at least 5 or 6) at a good law firm. They get good training there and we don't have to hassle with it. [email protected] on 09/29/99 03:57:19 PM To: Mark - ECT Legal Taylor/HOU/ECT@ECT cc: Subject: Mark, What's up??? Don't know if you need any attorneys, but a friend of G & mine just got his law degree and took the bar (will find out in about 4 weeks if he passed)... he has an engineering degree and currently works for NASA (don't even ask what he does, i don't know, but he can drink alot). does Enron need any Atty/Engineers? how is your world? you in the states this week?

We expect the cost estimate to be completed 10/2 and will likely begin the weekly meeting Monday 10/8.

Here are issues which I'm unclear about, all of which impact the drafting of the agreement: How are we setting the heat rate? Do we have the GADS (?)? Is it a daily average, weekly average? Flat rate? Adjusted? If so, how often? Are we comfortable that there are no permit restrictions? We have determined that we won't deal with fuel oil, right? We aren't making money on gas, right? Do we have a defn of costs that we like yet, and if so, how does it fit in to the picture? Is there an up-to-date set of exhibits? It would help if theh commercial part of the team could send me the following, in words and/or formulae: The defn and method of establishing the bogey (target production cost) formula can be an exhibit, which would be great for the commercial team to work on. Are we determined how we should deal with imbalances (part of cost of power)? How are we setting the bogey? Formula? Subject to audit? Two bogeys or one (gas and oil)? What is defn of profit? I think I have the general idea, but a sentence or two would be helpful as a reality check. What costs are included on the buy and sell side? Re stack model: a sentence or two describing what it is and how it is used. Updated exhibit on facilities, contracted resources, operating limits. What information does MDEA need for us to provide in order to split costs/profits? Are we clear that Cities buy gas, MDEA buys/sells power? It would be great if I could get one set of answers to these questions/issues, which has commercial buy in all around. Thanks, Kay

Start Date: 4/13/01; HourAhead hour: 6; HourAhead schedule download failed. Manual intervention required.

Start Date: 3/4/01; HourAhead hour: 22; No ancillary schedules awarded. No variances detected. LOG MESSAGES: PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001030422.txt ---- Energy Import/Export Schedule ---- *** Final schedule not found for preferred schedule. Details: TRANS_TYPE: FINAL SC_ID: ECTRT MKT_TYPE: 2 TRANS_DATE: 3/4/01 TIE_POINT: PVERDE_5_DEVERS INTERCHG_ID: EPMI_CISO_SCOUT ENGY_TYPE: WHEEL *** Final schedule not found for preferred schedule. Details: TRANS_TYPE: FINAL SC_ID: ECTRT MKT_TYPE: 2 TRANS_DATE: 3/4/01 TIE_POINT: SYLMAR_2_NOB INTERCHG_ID: EPMI_CISO_SCOUT ENGY_TYPE: WHEEL

Iris, Tom Gros is the person who can help. Vince From: Iris Mack/ENRON@enronXgate on 04/28/2001 01:34 PM To: Martin Lin/HOU/ECT@ECT, Martin Lin/Contractor/Enron Communications@Enron Communications, Chonawee Supatgiat/Corp/Enron@Enron cc: Vince J Kaminski/HOU/ECT@ECT Subject: FW: Market making document Hi, Do you guys know anything about the document mentioned in the forwarded email? Thanks, Iris -----Original Message----- From: Nalin Kulatilaka <[email protected]>@ENRON [mailto:IMCEANOTES-Nalin+20Kulatilaka+20+3Cnalink+40bu+2Eedu+3E+40ENRON@ENRON.com] Sent: Saturday, April 28, 2001 9:13 AM To: Mack, Iris Subject: Market making document Hi Iris I heard that Enron has a comprehensive document that lays out issues related to bandwidth trading. Would you be able to track it down for me easily? Nalin

You put a smile on my face with your message.... The reading material is no big deal - It is some Gas Rags story about Skillings comments. And your customer is completly happy with her trim - However , She (me) wants to be a regular client.

BH, If the Super Saturday occurred on a different weekend, I would help you out. However, we have a pretty important family weekend coming up. Cole's 3rd birthday is today. We will be doing a little celebrating with that. Plus, we are putting our house on the market this week and are scheduling appointments to view other houses. Anyway, I hope everything else is going well for you. We need to talk sometime. I will call you in a couple of days. D Enron North America Corp. From: Brenda F Herod 01/15/2001 09:39 AM To: Daren J Farmer/HOU/ECT@ECT, Patti Sullivan/HOU/ECT@ECT, Bob M Hall/NA/Enron@Enron, Robert Superty/HOU/ECT@ECT cc: Charles A Taylor/NA/Enron@Enron, Rick Suttle/Corp/Enron@Enron, Kathy Neal/NA/Enron@ENRON, Daniel Hamilton/Enron@enronXgate, Delmar Davis/Enron@enronXgate, Yvette G Connevey/Corp/Enron@ENRON Subject: Enron Industrial Markets - Super Saturday Recruiting I need your help! On Saturday, 01/20/01, EIM is having a Super Saturday to recruit experienced Commercial Support personnel to fill many of our vacancies. Unfortunately, we don't have enough personnel to do the interviewing. To round out the Logistics team, I am looking for one more interviewer. The current team is Roy Lipsett, Dan Hamilton and Del Davis. Both Dan and Del are new to Enron (Del started 1/8 and Dan is still transitioning his prior job and moving to Houston), but bring a wealth of Logistics experience for our industries. I would love to have one additional team member to provide input from the Enron perspective. Will this candidate fit into the expectations of Enron? Will the candidate compete when compared to their peers. Unfortunately, Logistics candidates below Manager have been difficult to find from the industry. There seems to be a tendancy towards clerical skill sets but compensation at a Specialist level. Consequently, I have been cautious around these candidates as I would not want to set them up to fail. I know the sacrifice of a Saturday, but I would value the input that any one of you might offer. We do expect it to be a full day commitment as we have several candidates, and we will have a follow-up evaluation session. I know I can't adequately compensate you for your day, but I would be happy to buy you a dinner for two. Please let me know ASAP. Assuming worst case that noe of you are available, I would welcome other suggestions. In advance, I appreciate your help. Brenda x35778

hey you, everything is still the same but here they are just as a double check Zone Comm Fuel 1-1 .0653 .35% 2-2 .0694 .46% 3-3 .0792 .45% From: Joan Quick on 10/16/2000 04:52 PM To: Chris Germany/HOU/ECT@ECT cc: Subject: trco transport rates hey you, it's october, and was wondering if trco has changed up their transport/fuel fees. thanks joan

Attached is Enron Transportation Services Company's Weekly Report.

Phil, Seeing you today in the Energizer today reminded me that I owed you an e-mail with Candy Bywater's telephone number. Here it is! Candy Bywaters 832.668.1135

I will have my secretary run it again (better to be save than sorry) and send it along to you together with a clean copy of what we were comparing against. -----Original Message----- From: [email protected] [mailto:[email protected]] Sent: Monday, November 06, 2000 12:00 PM To: Scheib, Jacqueline Pennino Subject: RE: FuelCell / Enron Purchase Agreement When I run a CompareRite redline I get a different number of changes, so I was unclear as to the compared documents. Kay "Scheib, Jacqueline Pennino" <[email protected]> on 11/06/2000 10:48:55 AM To: "'[email protected]'" <[email protected]> cc: Subject: RE: FuelCell / Enron Purchase Agreement The comparison was run against the last version you sent to FuelCell on the 2nd of November. -----Original Message----- From: [email protected] [mailto:[email protected]] Sent: Monday, November 06, 2000 11:50 AM To: Scheib, Jacqueline Pennino Subject: Re: FuelCell / Enron Purchase Agreement Please confirm the version of the document which was the basis of the compared version. Thank you, Kay ---------------------------------------------------------------------------- ----------------------------------- This transmittal may be a confidential attorney-client communication or may otherwise be privileged or confidential. If it is not clear that you are the intended recipient, you are hereby notified that you have received this transmittal in error; any review, dissemination, distribution or copying of this transmittal is strictly prohibited. If you suspect that you have received this communication in error, please notify us immediately by telephone at 1-860-275-8200, or e-mail at [email protected] and immediately delete this message and all its attachments. ---------------------------------------------------------------------------- ----------------------------------- ------------------------------------------------------------------------------ --------------------------------- This transmittal may be a confidential attorney-client communication or may otherwise be privileged or confidential. If it is not clear that you are the intended recipient, you are hereby notified that you have received this transmittal in error; any review, dissemination, distribution or copying of this transmittal is strictly prohibited. If you suspect that you have received this communication in error, please notify us immediately by telephone at 1-860-275-8200, or e-mail at [email protected] and immediately delete this message and all its attachments. ------------------------------------------------------------------------------ ---------------------------------

John: We are testing the new version of the Asian model from Research, and there are a couple of issues we need to resolve with Paulo. We should have a version ready for your testing by the end of this week. I will inform you and Errol when we complete our testing. Thank you, Jeremy x3-0573 -----Original Message----- From: Issler, Paulo Sent: Tuesday, April 24, 2001 2:06 PM To: Tang, Shouan Cc: Wong, Jeremy Subject: New Asian Here is the file for the Asian function. I am sorry about changing the comments to a C++ style. You may easily change it back to C style by using the replace function in MS-Word or from any other editor. Paulo Issler

----- Forwarded by Steven J Kean/NA/Enron on 02/01/2001 03:08 PM ----- Peggy Mahoney@EES 02/01/2001 04:58 AM To: Paula Rieker/Corp/Enron@ENRON, Mark Koenig/Corp/Enron@ENRON, Elizabeth Ivers/NA/Enron@Enron, Mark Palmer/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron, Karen Denne/Corp/Enron@ENRON cc: Subject: California Attached is the "pitch" our sales representatives are presenting to customers in California, a list of customers and a Q&A. Karen - I am also faxing to your house in case these files are too large for you to download at home before you leave for California. Please call me with any questions. 713-667-8511 713-504-4338 713=345-7034 Peggy

Q2 earnings report looks very good! Congratulations. I will keep it quiet until you are sure of the numbers. We should let Causey and Hayslett know for planning purposes ASAP. Given the recent events related to the proposed sale do you think it is even worth discussing the Benefits issue with Corporate? Also, have we finalized all of the divestiture/retention deals? Have a good week. Thanks.

Lissa: I must be having problems with my e-mail as I tried to reply to yours and was told it couldn't be delivered, so that's why I'm sending you a new one rather than a reply. Attached is the proposed form of guaranty that Enron Corp. will provide. ECT Investments would only collateralize above the threshold, since you would have a guaranty for the rest. We look forward to receiving your schedule. Marie Marie Heard Senior Legal Specialist Enron North America Corp. Phone: (713) 853-3907 Fax: (713) 646-3490 [email protected]

Molly set up the following tickets to capture our CGAS storage transactions. This is how it will work, Deal # Comment 268093 CES Exchange Buy - use when storage injections are less than the proxy volume 268090 CES Exchange Sell - use when storage injections are greater than the proxy volume 268094 CES Sell - this is the proxy storage injection ticket. The volume should not change. The daily proxy volume for the month of May is 35,133. When we inject 35,133, the transport we use to fill storage will be the supply for deal 268094. When we overinject like we did for the 1st - 4th, 35,133 of the transport will be matched with deal 268094 and the balance of the transport will be matched against deal 268090. When we underinject, we will use deal 268093 as the supply for deal 268094. This may seem a little confusing. Please call me if you still have questions. Thanks

-----Original Message----- From: Moore, Kevin G. Sent: Tuesday, January 08, 2002 1:27 PM To: Roberts, Mike A.; Kaminski, Vince J; Bennett, Stephen; Shively, Hunter S.; Villarreal, Alex; Rangel, Ina; Rybarski, Amanda; Hillis, Kimberly; Stevens, Adam; Marquez, Jose; Hogan, Irena D.; Black, Tamara Jae; Vuittonet, Laura; Shore, Geraldine Subject: FW: Weather Class Wednesday , January 9th 2002 Good morning All , The Research Weather Team will be presenting another Weather Class. The Class will be conducted on Wednesdays at 10: a.m. in room ECS-06980. The Speaker/Teacher will be Jose Marquez. Please join us....... Assistants : Please forward to your groups.. Everyone is invited. Thanks Kevin Moore

---------------------- Forwarded by Don Miller/HOU/ECT on 10/21/2000 04:40 PM --------------------------- "Heckler, James" <[email protected]> on 10/21/2000 04:11:28 PM To: "'[email protected]'" <[email protected]>, "Bartlett, James" <[email protected]>, "Iaconetti, Louis" <[email protected]>, "Al-Farisi, Omar" <[email protected]>, "Modi, Rishi" <[email protected]> cc: Subject: ENRON CONFERENCE CALL Gentlemen, A conference call has been arranged for 7:30pm EST on Sunday, October the 22nd. The dial in number is 1-888-814-5961. The pass code is 96583#. If any difficulties arise, you may call 1-800-788-1085. Regards, James J. Heckler Global Energy & Project Finance V:(212) 325-5809 F: (212) 325-8323 CREDIT | FIRST SUISSE | BOSTON This message is for the named person's use only. It may contain confidential, proprietary or legally privileged information. No confidentiality or privilege is waived or lost by any mistransmission. If you receive this message in error, please immediately delete it and all copies of it from your system, destroy any hard copies of it and notify the sender. You must not, directly or indirectly, use, disclose, distribute, print, or copy any part of this message if you are not the intended recipient. CREDIT SUISSE GROUP and each of its subsidiaries each reserve the right to monitor all e-mail communications through its networks. Any views expressed in this message are those of the individual sender, except where the message states otherwise and the sender is authorised to state them to be the views of any such entity. Unless otherwise stated, any pricing information given in this message is indicative only, is subject to change and does not constitute an offer to deal at any price quoted. Any reference to the terms of executed transactions should be treated as preliminary only and subject to our formal written confirmation.

Jeff, In what time frame are these decisions looking at being made? keep me posted on the July 1st roll back since it would have the biggest implications for EWS/EES existing positions. Thank you, Jeff Richter -----Original Message----- From: Dasovich, Jeff Sent: Friday, October 19, 2001 5:02 PM To: Dasovich, Jeff; Kean, Steven J.; Shapiro, Richard; Steffes, James D.; Kaufman, Paul; Mara, Susan; Calger, Christopher F.; Tycholiz, Barry; Richter, Jeff; Belden, Tim; Comnes, Alan; Swain, Steve; Sharp, Vicki; Blachman, Jeremy; Dietrich, Janet; Delainey, David; Leff, Dan; Hughes, Evan; Herod, Brenda F.; Parquet, David; Frazier, Lamar; Denne, Karen; O'Neil, Murray P.; Huddleson, Diann Cc: Alamo, Joseph Subject: California Treasurers Calls on Lynch to Immediately Set DA Suspension Date Back to July 1 The state treasurer sent a letter this afternoon to Loretta Lynch. The treasurer claims in the letter that, by extending DA through Sept. 20th, the PUC could have shifted more than $8 billion to small customers. He urges Lynch to immediately roll back the date to July 1. We have started working with large customers to refute the letter. If you would like a copy of the letter, please send your fax number to Joseph Alamo. Best, Jeff

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/02/2001 05:10 PM --------------------------- Kevin Kindall@ENRON 01/27/2001 06:11 PM To: Ding Yuan/Corp/Enron@Enron cc: (bcc: Vince J Kaminski/HOU/ECT) Subject: Cuiaba models Hey Ding. If you recall, we looked at Southern Cone during July, as this was the feedback that we got from our presentation in late May. The Cuiaba gas and power volumes may be found in several different places since there is more than one model. The models do not necessarily agree with each other. I have attached a few models that should contain the necessary info. I also have a summary sheet template that was to be attached in MAPS. Enjoy. -Kevin K.

Please let me know if this request should be directed to someone else's attention or if documents have already been prepared regarding changes that Mr. Sage requested. Thanks for your help with this matter. Teresa -----Original Message----- From: Callahan, Teresa Sent: 03/13/2001 8:58 AM To: Shackleton, Sara Subject: FW: Transfer of bond business from ENAC to ECI Importance: High Richard Sage has asked us to change the slate of directors and officers of this entity to U.S. people, with the exception that perhaps Richard Sage will retain an officer title. Will you please provide to me a list of who the directors will be and who the officers will be and their respective titles. My understanding is that these elections should take place effective March 5, 2001. Please advise or if you would like to discuss please call me at X58444. Thanks for your assistance. Teresa -----Original Message----- From: Thomas, Kathryn Sent: 03/13/2001 6:12 AM To: Callahan, Teresa Cc: Sage, Richard Subject: RE: Transfer of bond business from ENAC to ECI Teresa, Both Richard and Bryan signed the letters on 5th March. If you need any other information regarding these then your best bet would be to contact Simon Pook. Thxs Kath ---------------------- Forwarded by Kathryn Thomas/LON/ECT on 13/03/2001 12:10 --------------------------- Richard Sage 13/03/2001 11:22 To: Kathryn Thomas/LON/ECT@ECT cc: Subject: RE: Transfer of bond business from ENAC to ECI Can you make sure Teresa gets a date. Kathryn Thomas 13/03/2001 09:46 To: Richard Sage/LON/ECT@ECT cc: Subject: RE: Transfer of bond business from ENAC to ECI Sorry no. I gave them back to Simon Pook. Do you want me to contact him? ---------------------- Forwarded by Richard Sage/LON/ECT on 12/03/2001 19:24 --------------------------- From: Teresa Callahan/ENRON@enronXgate on 12/03/2001 13:20 CST To: Richard Sage/LON/ECT@ECT cc: Sue Kelly/LON/ECT@ECT Subject: RE: Transfer of bond business from ENAC to ECI Can you tell me what date is on the resignation letters. Thanks, Teresa -----Original Message----- From: Sage, Richard Sent: 03/12/2001 11:57 AM To: Callahan, Teresa Cc: Kelly, Sue Subject: RE: Transfer of bond business from ENAC to ECI Yes, Bryan and I have already signed resignation letters for Sue. Thanks, Richard From: Teresa Callahan/ENRON@enronXgate on 12/03/2001 08:22 CST To: "Sage, Richard" <IMCEAEX-_O=ENRON_OU=NA_CN=RECIPIENTS_CN=NOTESADDR_CN=875D24F9-A137C059-862565 [email protected]>@SMTP@enronXgate cc: Subject: RE: Transfer of bond business from ENAC to ECI Richard: I am touching base with you regarding the change of officers and directors to US resident - Are we ready to do this yet? -----Original Message----- From: Sage, Richard [mailto:IMCEAEX-_O=ENRON_OU=NA_CN=RECIPIENTS_CN=NOTESADDR_CN=875D24F9-A137C059 [email protected]] Sent: 02/18/2001 9:07 PM To: Glover, Sheila; Doukas, Tom; Wall, David; Sloman, Ian; Shackleton, Sara; Kerr, Richard; Panus, Stephanie; Callahan, Teresa; Kelly, Sue; Bell, Stephen Cc: O'Connell, Denis Subject: Transfer of bond business from ENAC to ECI All, So that everyone can see what everone else is doing, below is the list of steps of which I am aware. I think quite a few of these were completed in Houston on Friday. Please shout if: - I have missed anything - Any deadlines are unrealistic - Anybody else should be copied in etc Thanks, Richard << OLE Object: Picture (Metafile) >>

Congressional Panels to Probe Enron's Accounting, Trading Bloomberg, 11/29/01 Nymex Tells Members Enron Trades Must Be Approved (Update2) Bloomberg, 11/29/01 Dynegy CEO Says He'd Rather Have Enron Pipeline Than $1.5 Bln Bloomberg, 11/29/01 Italian Banks Fall on Concern About Enron Exposure (Update2) Bloomberg, 11/29/01 Argentine Analysts, Perez Companc Comment on TGS After Enron Bloomberg, 11/29/01 Duke, Williams Among Companies Facing Enron Losses (Update2) Bloomberg, 11/29/01 Enron's Problems Aren't Industry Problems, Felsinger Tells CNBC Bloomberg, 11/29/01 California's Senator Dunn Comments on Possible Enron Bankruptcy Bloomberg, 11/29/01 CIBC Says It Is Owed $215 Million by Cash-Strapped Trader Enron Bloomberg, 11/29/01 Intelligent Asset' Author Bernstein Comments on 401(k) Plans Bloomberg, 11/29/01 Enron Corp. Has Fourth-Busiest Day for a U.S. Stock: Table Bloomberg, 11/29/01 Enron Corp. Is Poised to File Largest-Ever Bankruptcy (Update3) Bloomberg, 11/29/01 Congressional Panels to Probe Enron's Accounting, Trading 2001-11-29 15:59 (New York) Congressional Panels to Probe Enron's Accounting, Trading Washington, Nov. 29 (Bloomberg) -- Senate and House committees will investigate the collapse of Enron Corp and consider new regulations for electricity and natural-gas trading. Enron, the largest energy trader, is expected to file for Chapter 11 protection after the collapse of a planned merger with Dynegy Inc. The House Energy Committee will hold hearings as early as next month to scrutinize the accounting practices and earnings reports of Enron, said Ken Johnson, a panel spokesman. The Senate Energy Committee may begin looking in January at more federal oversight of trading. ``When you have such a spectacular event as the collapse of a company that controlled 50 percent of the natural-gas and electricity trading, we're going to have some thoughts on that,'' said Bill Wicker, a spokesman for the Senate Energy Committee. Enron's importance in energy trading and questions about its accounting practices require an investigation, said Senate Majority Leader Tom Daschle of South Dakota. ``I don't know that anybody knows yet just how this happened and how it happened so quickly,'' he told reporters on Capitol Hill. ``It raises some very serious questions.'' The unraveling of Enron, which is saddled with $15 billion in publicly held debt, began in October. Shareholders' equity was reduced by $1.2 billion because of the way the company accounted for outside partnerships it created. The announcement prompted lawsuits and an investigation by the U.S. Securities and Exchange Commission. Nymex Tells Members Enron Trades Must Be Approved (Update2) 2001-11-29 15:16 (New York) Nymex Tells Members Enron Trades Must Be Approved (Update2) (Adds analyst quote in fourth paragraph, Enron share price in sixth paragraph.) New York, Nov. 29 (Bloomberg) -- New York Mercantile Exchange President J. Robert Collins told brokers on the largest energy exchange's trading floor that they could not accept orders from Enron Corp. unless they receive written authorization from an exchange clearing member. The order is effective immediately and will ``remain in effect until further notice from the exchange,'' according to a fax Collins sent today to member firms. A copy of the fax was obtained by Bloomberg News. Exchange officials did not immediately return phone calls. Enron's worsening financial condition has made many clearing members, which back trades on the exchange for a fee, wary of taking on additional business from Enron. The Nymex order aims to alert independent floor brokers that clearing members who once freely accepted Enron trades may no longer be so willing, analysts said. Nymex is ``reminding everyone that it's not business as usual when it comes to Enron,'' said Tim Evans, senior energy analyst at IFR Pegasus in New York, a unit of Thomson Corp. ``For Enron, it mean slower order execution -- as if they don't have enough handicaps already.'' Enron may be forced to file for bankruptcy to liquidate assets to pay off some of its $15 billion in publicly held debt, analyst said. Enron shares fell 24 cents to 37 cents in afternoon trading. That's down from about $80 at the beginning of this year. Covering Enron Debts Under exchange rules, clearing members would be forced to cover Enron's obligations if the firm defaulted on its positions. Many energy traders, including rivals Mirant Corp. and Aquila Inc., already have reduced the number of trades they're doing with Enron in the over-the-counter markets, which involve direct trades between companies that don't carry the financial guarantees of regulated commodity exchanges. The New York exchange yesterday said it will raise margins on its natural gas and crude oil futures contracts at the close of trading today. Margins are deposits traders must make with the exchange when buying or selling futures contracts to ensure obligations will be met. While the exchange gave no reason for the increase, the decision followed a day of wide changes in natural gas prices. The swings began after Dynegy Inc. abandoned plans to purchase Enron, once the biggest gas trader. Dynegy CEO Says He'd Rather Have Enron Pipeline Than $1.5 Bln 2001-11-29 14:56 (New York) Dynegy CEO Says He'd Rather Have Enron Pipeline Than $1.5 Bln Houston, Nov. 29, (Bloomberg) -- Dynegy Inc. Chairman Chuck Watson said he would rather take over an Enron pipeline than get back the $1.5 billion investment that entitles Dynegy to the line. Watson said Dynegy expects to take over operation of the 16,500-mile Northern Natural pipeline system by Dec. 19. ChevronTexaco Corp., which owns 26 percent of Dynegy, gave Enron $1.5 billion to help the cash-strapped company stay in business. The investment, part of Dynegy's plan to buy Enron, was backed by the Northern Natural system. Dynegy backed out of the merger yesterday, and said it would exercise its right to take over the line. Watson said he hopes that Northern Natural employees will continue to operate the pipeline after Dynegy takes ownership. Italian Banks Fall on Concern About Enron Exposure (Update2) 2001-11-29 14:20 (New York) Italian Banks Fall on Concern About Enron Exposure (Update2) (Closes shares in second paragraph; adds analyst comment from eighth, estimates of exposure in 10th.) Milan, Nov. 29 (Bloomberg) -- IntesaBci SpA and UniCredito Italiano SpA shares fell on investors' concern that Italian banks may not recoup money lent to units of Enron Corp. if the largest U.S. energy trader goes bankrupt. IntesaBci, Italy's biggest bank, fell 2.4 percent to 2.75 euros while UniCredito, the No. 2 lender, lost 1.9 percent to 4.24 euros. Banca Nazionale del Lavoro SpA, the nation's sixth-largest bank, dropped 1.4 percent to 2.55. ``The theme of the day is to sell banks because they are exposed to Enron,'' said Daniele Savare, who helps manage 120 million euros ($106 million) at Bipielle Asset Management. ``In some cases, the reaction may be a bit overdone.'' Dynegy Inc. yesterday abandoned its proposed merger with Enron, leaving the Houston-based company burdened with debt and the likelihood of insolvency. Some analysts said bankruptcy is inevitable and may come as early as today. A bankruptcy filing by Enron, which reported more than $61 billion in assets, would be the biggest Chapter 11 reorganization in history. ``I've heard Intesa is the most exposed, to the tune of between 400 billion and 500 billion lire ($183 million-$229 million),'' said Gianluca Ferrari, who helps manage 260 million euros in stocks at Banca Valsabbina in Brescia. Gabrio Gelmi, an Intesa spokesman, confirmed Enron is a client of the bank, though he declined to comment on the size of its exposure. Luigi Ferrari, a spokesman at San Paolo-IMI SpA, said the exposure of Italy's No. 3 bank was ``limited and under control.'' He declined to give an amount. Diversified Officials at UniCredito, Banca Nazionale del Lavoro and Banca di Roma SpA were not immediately available for comment. ``It doesn't make sense to attribute the declines today purely to the Enron exposure,'' said Luca Comi, head of research at Eptasim. ``If it's just one company that's in trouble, banks are sufficiently diversified that the impact is very limited.'' Comi said San Paolo had told him Enron had borrowed 80 million euros as part of a 120 million-euro credit line. Of the loan, 50 million euros is guaranteed by Enron assets, the analyst said. San Paolo shares fell 1 percent to 12.41 euros. Other banks have higher exposure to Enron, such as 168 million euros for Intesa, Banca Nazionale del Lavoro's 142 million euros and 122 million euros at UniCredito, investors said, citing analysts' reports. Argentine Analysts, Perez Companc Comment on TGS After Enron 2001-11-29 15:55 (New York) Buenos Aires, Nov. 29 (Bloomberg) -- Eugenia Benitez, an energy analyst at Allaria Ledesma & Cia, Esteban Marx, an analyst at Banco Comafi, Gustavo Neffa, an analyst at BBVA Banco Frances SA and Mario Grandinetti, head of Perez Companc's institutional relations, comment on the future of gas distributor Transportadora de Gas del Sur SA. Enron Corp., which together with Perez Companc owns 70 percent of TGS, may file for bankruptcy protection in the biggest bankruptcy reorganization in history. The move may force the largest U.S. energy trader to liquidate assets to pay some of its $15 billion in publicly held debt. Eugenia Benitez: ``The natural buyer is Perez Companc. There's definitely the possibility of reaching a deal that would make Perez the only controlling shareholder of TGS. ``We would need to see how much TGS debt Perez has. Its debt profile is relevant. ``The acquisition would be another step in Perez' strategy of integrating all its operations in one holding.'' Esteban Marx: ``Perez is the natural candidate, but I'm not sure now is the right time for Perez to pour money into TGS, unless it can get it really cheap.'' Gustavo Neffa: ``The only company that could make the sort of investment to by the TGS stake is Perez Companc, but its a huge investment given that TGS' assets are worth about $1 billion. ``But it would definitely be the likely buyer.'' Grandinetti: ``We're not permitted to buy Enron's stake in TGS because of rules that prevent us having a majority stake. ``If the law is modified, then yes we would consider it. But there are also economic issues to consider.'' Duke, Williams Among Companies Facing Enron Losses (Update2) 2001-11-29 16:23 (New York) Duke, Williams Among Companies Facing Enron Losses (Update2) (Updates total in second paragraph, adds closing stock price in ninth paragraph and analyst comment in paragraph 12th and 20th paragraphs.) Houston, Nov. 29 (Bloomberg) -- Duke Energy Corp., J.P. Morgan Chase & Co., Williams Cos. and a dozen other companies together may lose more than $1.1 billion from the collapse of Enron Corp. Electricity and natural gas companies said Enron owed them about $660 million as of yesterday, when Dynegy Inc. abandoned a merger that deprived Enron of cash it needs to avoid insolvency. J.P. Morgan, the bank that was Enron's adviser on the failed buyout, said it is owed $500 million for unsecured loans. Losses may grow as companies tally their exposure from transactions with Houston-based Enron, the largest energy trader, with revenue last year of $100 billion. Enron also manages power supply for companies such as J.C. Penney Co. and Eli Lilly & Co., and owns pipelines and a fiber-optic telecommunications network. Some companies ``have positions that they're not owning up to,'' said Peter Fusaro, president of Global Change Associates Inc., an energy research firm. ``Enron had long-term deals on the books, and these may take years to sort out. How could they not have big exposure?'' Enron is poised to file the largest bankruptcy reorganization in history. The company is saddled with more than $15 billion in debt and had less than $2 billion in cash as of last week. It must pay $690 million to lenders by mid-December and is responsible for another $3.9 billion in debt owed by affiliated partnerships. The company's credit-rating was downgraded to junk status yesterday. ``Considering Enron's size and clout, there are very few companies in the energy business or electric utility companies that have not done business with them,'' said Jon Cartwright, a fixed-income analyst at Raymond & James Associates. ``I don't believe that everyone could have gotten out of their exposure.'' Limited Payments Enron said yesterday it will continue payments necessary to maintain its trading and other core energy businesses, while suspending all others. It also resumed limited trading on its EnronOnline Internet market, after shutting down most of yesterday. The New York Mercantile Exchange, the largest energy market, tightened trading restrictions on Enron in a move that members said was made to limit the risk from any new business with the company. Shares of Enron fell 25 cents to 36 cents, compared with $70 a year ago. If Enron is unable to pay all it owes, Duke and Williams said they would lose no more than $100 million each. Duke, the largest U.S. utility owner, didn't stop trading with Enron until yesterday, and warned that its earnings may be affected. ``We are closely monitoring this unfortunate situation to determine if a provision against earnings is appropriate,'' Richard J. Osborne, Duke's executive vice president and chief risk officer, said in a statement today `Reassure Investors' Energy companies that did business with Enron are trying ``to reassure investors that they're not going to go belly up as a result of Enron's demise,'' said Gordon Howald, an analyst at Credit Lyonnais Securities Inc. ``Investors still need to be cautious about this industry, because there are a lot of unanswered questions.'' Reliant Resources Inc. said it faces $80 million in losses from transactions with Enron involving electricity and natural gas sales. Dynegy said it faces $75 million in losses, though it plans to exercise its option under the buyout agreement to take the Northern Natural Gas system in exchange for a $1.5 billion investment in Enron. Mirant Corp., an Atlanta-based energy trader, said it would lose no more than $60 million. Aquila Inc., American Electric Power Co. and El Paso Corp. said each estimated their exposure to Enron at $50 million. More Losses Centrica, the dominant U.K. natural-gas supplier, may write off contracts worth $43 million if Enron fails, the company said in a statement. Exelon Corp., owner of utilities in Chicago and Philadelphia, said its exposure is less than $20 million. Dominion Resources Inc., a power and gas utility said its exposure for past sales is $11 million. RWE, Europe's fourth-biggest utility owner, said its open trading positions with Enron are ``much less'' than $8.9 million. St. Mary Land and Exploration Co., a Denver-based natural-gas producer, said it has hedged $4.17 million of production with Enron through 2003. Western Gas Resources Inc. said it faces $2.6 million in possible losses. NRG Energy Inc. announced a potential liability of $10 million through its energy trading with Enron, and Plains Resources Inc. said its exposure through to the end of next year was about $630,000. Companies that did business with Enron ``relied for the most part on the rating agencies'' to determine if Enron was financially sound, Credit Lyonnais' Howald said. Enron ``was investment grade, and they were solidly investment grade for some time. I don't think you can fault these companies for doing business with a company that represented 20 percent'' of the market. Some companies, such as Calpine Corp., said they had no exposure to Enron. J.P. Morgan has a $400 million loan secured by Enron's Transwestern and Northern Natural Gas Pipelines, the bank said. Enron's Problems Aren't Industry Problems, Felsinger Tells CNBC 2001-11-29 16:33 (New York) San Diego, Nov. 29 (Bloomberg) -- Enron Corp.'s problems are particular to the company and should not reflect on the energy industry, Sempra Energy Group President Donald Felsinger said in an interview with financial news network CNBC. ``I've really been surprised and impressed in how well the energy industry has responded with Enron's problems,'' he said. ``The past month the energy players have stepped up and taken over positions that Enron had, and the energy market today is working very well.'' Felsinger said $15 million in business with Enron isn't ``material'' and will not affect Sempra Energy's earnings this year or next year. California's Senator Dunn Comments on Possible Enron Bankruptcy 2001-11-29 17:03 (New York) Sacramento, California, Nov. 29 (Bloomberg) -- California State Senator Joseph Dunn, chairman of a committee investigating possible price manipulation in the state's wholesale power market, comments on how an Enron Corp. bankruptcy would affect the probe: ``If we assume Enron files for bankruptcy, either through liquidation or reorganization, our ability to deal with the corporate entity to get documents and access to witnesses will be overseen by a bankruptcy court, which means we have to jump through additional hoops and ladders to get the information we may require. ``Substantively, it doesn't affect our investigation at all because the Senate's investigation is not out to get anybody. We are tying to get a very thorough understanding of why we got into the mess we are in and whether any concrete legislative fixes in the wholesale market need to be taken. ``Enron was a critical player in setting up the market that ultimately gave rise to the market power, which in my view is the ultimate cause of the energy crisis. ``There are some pluses and there are some minuses if we assume that Enron disappeared from the energy trading market. It would create a void that would have to be filled by other players in the wholesale market. ``If those other players that fill that void do not currently posses market power, that's a good thing because the diffusion of market share, most economists will tell you, is one of the best ways to eliminate already existing market power. ``If Enron goes into reorganization bankruptcy rather than liquidation, and they are purchased by one of the big players that currently possesses market power, then we are only going to complicate the crisis that we currently find ourselves in.'' CIBC Says It Is Owed $215 Million by Cash-Strapped Trader Enron 2001-11-29 17:15 (New York) CIBC Says It Is Owed $215 Million by Cash-Strapped Trader Enron Toronto, Nov. 29 (Bloomberg) -- Canadian Imperial Bank of Commerce, the country's third-biggest bank, said Enron Corp. owes it $215 million, more than half in unsecured loans, letters of credit and derivatives. CIBC won't revise its fiscal 2002 forecast on loan-loss provisions because of Enron's problems, the bank said in a statement distributed by PR Newswire. CIBC said Monday it expected loan losses to be about 10 percent higher in the year ending Oct. 31 from C$1.1 billion ($695.8 million) last year Toronto-based CIBC said it's owed about $115 million in unsecured items and $100 million in secured loans by Enron. Houston-based Enron, once the biggest energy trader, may face bankruptcy after Dynegy Inc. withdrew a bid for the cash-strapped company. Enron is poised to file the largest bankruptcy reorganization in history. The company has more than $15 billion in debt and had less than $2 billion in cash as of last week. Shares of CIBC rose C$1 to C$54.15 in Toronto. It released the statement after North American markets closed. Enron fell 25 cents to 36 cents. `Intelligent Asset' Author Bernstein Comments on 401(k) Plans 2001-11-29 17:23 (New York) North Bend, Oregon, Nov. 29 (Bloomberg) -- William J. Bernstein, author of the investment book ``The Intelligent Asset Allocator,'' comments on the disadvantages of corporate pension plans that hold company stock and place the responsibility and risk of managing retirement savings with employees. His comments follow the collapse of Enron Corp., whose 401(k) plan held 62 percent of assets in the energy trader's common and convertible preferred stock at the end of 2000 and restricted employees' ability to sell. As of the end of 2000, about $1.8 trillion was invested in 401(k) plans serving 42 million U.S. workers, according to Cerulli Associates. Investors in 401(k) plans lost money last year for the first time since they were introduced in 1981 as stocks fell. ``Maybe some good will come of'' Enron's collapse in the way of national pension reform, said Bernstein. ``It's never, ever prudent to put your company stock in your retirement plan. The overwhelming majority of plans allow it and a large plurality of them encourage it. A fairly significant minority of plans have very large amounts of company stock. You want to diversify your risks. If your company fails, at least you have a backstop.'' Bernstein said individual investors ought to consider putting their retirement savings into a combination of low-cost mutual funds that track indexes for U.S. stocks and bonds and international stocks. ``The average person has as much business managing their own retirement as they do taking out their own appendix,'' said Bernstein, a neurologist by profession. In addition, average 401(k) plan expenses of 3.5 percent of assets exceed the projected annual returns of 3 percent from stocks in coming years after adjusting for inflation, meaning investors are facing zero long-term real gains, Bernstein said. Expenses are lower with traditional corporate pension plans, known as defined benefit plans because they guarantee a certain level of retirement benefits based on pay and years of service. ``The way defined contribution plans are currently set up there is not adequate controls on expenses. What you're really getting is an enormous transfer of wealth from plan participants to the financial services industry. This is an enormous social experiment that's been foisted upon us and it's going to be a failure,'' said Bernstein. Enron Corp. Has Fourth-Busiest Day for a U.S. Stock: Table 2001-11-29 17:17 (New York) Enron Corp. Has Fourth-Busiest Day for a U.S. Stock: Table New York, Nov. 29 (Bloomberg) -- Enron Corp. had the fourth most-active day for a U.S. stock, with 264.9 million shares trading, according to preliminary figures from the New York Stock Exchange. Enron fell 25 cents, or 41 percent, to 36 cents a share. Yesterday, the stock set an all-time volume record after Dynegy Inc. abandoned a takeover bid, leaving the company that was once the largest energy trader without enough cash to pay its $15 billion in debt. The following is a list of stocks with the 10 highest one-day trading volumes in U.S. market history, according to data from the NYSE and the Nasdaq Stock Market. *T Stock Date Volume (in Millions) Enron Corp. Nov. 28, 2001 345.7 Intel Corp. Sept. 22, 2000 308.7 Cisco Systems Inc. Feb. 7, 2001 281.6 Enron Nov. 29, 2001 264.9 Oracle Corp. March 2, 2001 224.0 Cisco Systems Jan. 10, 2001 213.0 JDS Uniphase Corp. July 26, 2000 200.4 Cisco Systems Oct. 3, 2001 196.5 WorldCom Inc. Nov. 1, 2000 195.5 Exodus Communications Sept. 25, 2001 193.1 *T Enron Corp. Is Poised to File Largest-Ever Bankruptcy (Update3) 2001-11-29 17:30 (New York) Enron Corp. Is Poised to File Largest-Ever Bankruptcy (Update3) (Adds investor comment in eighth paragraph.) Washington, Nov. 29 (Bloomberg) -- Enron Corp. is poised to file the largest bankruptcy reorganization in history after Dynegy Inc. scuttled plans to acquire the energy trader that is saddled with more than $15 billion in debt. Enron, with less than $2 billion in cash as of last week, must pay $690 million to lenders by mid-December and is responsible for another $3.9 billion in debt owed by affiliated partnerships. The company's credit-rating was downgraded to junk status yesterday. Houston-based Enron's collapse was underscored by new restrictions on its operations. The New York Mercantile Exchange barred floor members from accepting orders from Enron without special written authorization, and the company's Internet trading was reduced from about 30 commodities to just natural gas, electricity and metals. A bankruptcy filing by Enron, which investors said may come within a matter of days, would top Texaco Inc.'s record $35.9 billion case in 1987. Creditors would be lining up to claim what's left of the company's more than $61 billion in assets. ``It's a black hole,'' said Gary Hindes, managing director of Deltec Asset Management LLC, which has no investment in Enron. ``Until the forensic accountants can get in there and sort things out, you just don't know what Enron's worth.'' Duke Energy Corp., J.P. Morgan Chase & Co., Williams Cos. and a dozen other companies say they may lose more than $1 billion combined from Enron's collapse. Electricity and natural gas companies said Enron owed them almost $600 million as of yesterday. European Administrator In London, PricewaterhouseCoopers was appointed administrator of Enron's European holding company and some of its operating companies, a step other companies have taken before filing Chapter 11 papers in the U.S. ``If I were a betting man, Enron going into Chapter 11 in the next week is a bet I'd make,'' said Glen Hilton, who helps manage $125 million, including Dynegy shares, for Montgomery Asset Management. Enron shares have lost more than $26 billion in market value in the last seven weeks. They fell 25 cents, or 41 percent, to 36 cents. The shares traded at $54.54 on June 4. Enron bonds were bid at 23 cents on the dollar in late trading, little changed from yesterday, traders said. The debt had been near full value as recently as last month. Quarterly Dividend The company said this morning it was evaluating whether it will pay a scheduled 12.5-cent quarterly dividend on Dec. 20. Enron hired the law firm Weil Gotshal & Manges LLP, which has the nation's largest bankruptcy practice, and the Blackstone Group LP investment banking firm. Arthur Newman, head of restructuring at Blackstone, said his firm was retained and declined to comment further. Chapter 11 would let Enron officials continue to control the company while negotiating a recovery plan with creditors. A provision of U.S. bankruptcy law automatically blocks debt- collection efforts, lawsuits and other actions against the company. ``A Chapter 11 filing can be a great thing for a cash-starved company being attacked from all sides,'' said Nancy Rapoport, dean of the University of Houston Law Center. Thousands Affected An Enron bankruptcy would affect thousands of people, including the company's 21,000 employees, its customers, suppliers, investors and other creditors. The court-supervised recovery process would give Enron a chance to change strategies and fix mistakes. It might take years to complete and may end in the company's liquidation. In addition to its energy trading operation, Enron operates a nationwide gas pipeline system spanning 25,000 miles. It also owns Portland General Electric, which generates and distributes power to about 725,000 customers in the Pacific Northwest. The company's Enron Broadband Services is building a global fiber-optic communications network. Chapter 11 reorganization lets companies abandon onerous contracts and unprofitable leases. ``Every bad business deal Enron got into they'll walk away from,'' said Peter Chapman, a distressed-debt investor who also publishes newsletters on high-profile bankruptcy reorganizations. Recovery The goal in Chapter 11 is a recovery plan that allows a company to pay creditors and come out of bankruptcy. A plan typically must be approved by a majority of creditors representing two-thirds of a company's debts. Then a company would ask a bankruptcy judge for final approval. The recovery plan divides a company's value among various classes of creditors. Under a hierarchy set by the U.S. Bankruptcy Code, secured creditors -- those with collateral backing their claims -- are paid ahead of unsecured creditors, such as bondholders and suppliers. Financial advisers to creditors and companies in large bankruptcies say a Chapter 11 recovery plan for Enron would be particularly difficult to produce. ``You have a host of intangible assets combined with a morass of contingent liabilities creating a potential witches' brew of a bankruptcy,'' said Jeff Werbalowsky of Houlihan Lokey Howard & Zukin, an investment banking firm that has been contacted for advice by Enron bondholders. Shareholders Enron's shareholders are likely to lose all of their investment in Chapter 11 because they would be last in line to get paid. Some recovery for Enron creditors in a bankruptcy case may come from lawsuits, said Russell A. Belinsky, an investment banker with Chanin Capital Partners, which also has been approached for advice by Enron bondholders. ``There's a lot of juicy legal issues,'' said Belinsky. Potential targets include Enron's accounting firm and its officers and directors. ``Disentangling all the pieces in a reorganization is going to be a painstaking job.'' Liability Dynegy might face some liability for cancelling its purchase of Enron. Dynegy invoked terms of the buyout agreement that gave it the right to purchase an Enron natural gas pipeline if the takeover fell apart. Dynegy received the right to the pipeline in exchange for a $1.5 billion investment in Enron by ChevronTexaco Corp., which owns one-fourth of Dynegy. Enron might use bankruptcy to prevent Dynegy from walking away from the buyout and claiming ownership to the pipeline. The Dynegy acquisition, valued at $23 billion when it was proposed on Nov. 9, collapsed as bankers failed to raise the $1.5 billion Enron needed to operate until the deal was completed. The lack of funds and a credit downgrade contributed to Dynegy's decision. Bankers led by J.P. Morgan Chase & Co. Vice Chairman James B. Lee tried for two weeks to raise the cash Enron needed. Investors turned them down because of heightened concern Enron wouldn't be able to pay its debts. Unraveling Enron's unraveling began in October after it said shareholders' equity was reduced by $1.2 billion because of the way the company accounted for outside partnerships it created. The announcement prompted lawsuits and an investigation by the U.S. Securities and Exchange Commission, and Enron ended up restating earnings for almost five years. As shares plunged, Enron's trading partners lost confidence the company would have the cash to pay bills. Trading partners such as Mirant Corp. either demanded more collateral to trade or restricted trading with the company. ``The situation is dire,'' said Deltec's Hindes. ``No one's going to trade with Enron right now because you could wind up being an unsecured creditor tomorrow.''

Edison International Details Lawsuits Against Company, Unit Dow Jones Online News, Tuesday, April 10, 2001 at 11:17 WASHINGTON -(Dow Jones)- Edison International (EIX) detailed the lawsuits filed against the company and its Southern California Edison utility unit in a filing Tuesday with the Securities and Exchange Commission. On Monday, SoCal Edison and the California Independent System Operator (ISO) were sued in federal district court in Los Angeles by Inland Paperboard & Packaging Inc., a company that owns a cogeneration facility. The lawsuit seeks payment of $5.3 million for energy and capacity delivered to SoCal Edison under a qualifying facilities, or QF, contract from November 2000 through March, plus additional and treble damages for alleged interference with Inland Paperboard's ability to sell power to third parties. Brea Power Partners L.P., a company that operates a landfill gas-fired plant, filed a lawsuit against SoCal Edison and Edison International on April 5 seeking $1.65 million for energy and capacity delivered to SoCal Edison under a QF contract from November 2000 through March, plus $24 million of additional damages. On April 3, SoCal Edison was served with a lawsuit filed by EF Oxnard Inc., the owner-operator of a cogeneration facility, seeking damages of at least $13.5 million for nonpayment by SoCal Edison for power deliveries under a QF contract from November 2000 through February. Also on April 3, SoCal Edison was served with a lawsuit filed by four cogeneration companies affiliated with Delta Power LLC seeking damages of at least $42 million for nonpayment by SoCal Edison for power deliveries under four QF contracts from November 2000 through February. Watson Cogeneration Co., which operates a cogeneration facility, filed a lawsuit on March 29 against SoCal Edison seeking payment of damages of at least $150 million plus exemplary damages. On March 28, SoCal Edison was served with a lawsuit filed by NP Cogen, the owner-operator of a cogeneration facility. The amount of damages sought isn't specified, but the complaint alleges that the amount owed by SoCal Edison is about $8 million. Also, IMC Chemicals Inc. is suing SoCal Edison for $2.8 million, a group of wind energy suppliers affiliated with FPL Group has filed a suit seeking "several million dollars," two geothermal energy suppliers affiliated with Caithness Corp. filed a lawsuit seeking more than $20 million, and a group of geothermal energy suppliers affiliated with CalEnergy Operating Co. filed a lawsuit seeking immediate payment of $100 million plus exemplary damages. According to Tuesday's SEC filing, several other owners or operators of qualifying facilities have given SoCal Edison letters demanding that the company pay them past-due amounts, requesting approval to sell their energy and capacity to third parties, and in some cases threatening legal action. As reported, Edison struck a deal with California Gov. Gray Davis on Monday, under which the state would purchase SoCal Edison's transmission system for $2.76 billion. The state also would make other financial arrangements that would allow the company to repay some $3.5 billion in accumulated power bills. -By Lisa Kinney, Dow Jones Newswires; 202-393-7845 (This story was originally published by Dow Jones Newswires) Copyright (c) 2001 Dow Jones & Company, Inc.

FYI- See below... -----Original Message----- From: Diamond, Russell Sent: Wednesday, June 20, 2001 1:45 PM To: Knippa, Mark Cc: Johnson, Rudwell; Boyt, Eric; Bennett, Peter Subject: FW: Due Diligence for Power Deals with Municipalities Mark, As discussed, attached is a memo regarding Power regulatory issues with respect to municipalities. Thanks Russell -----Original Message----- From: Radous, Paul Sent: Wednesday, June 20, 2001 1:34 PM To: Diamond, Russell Subject: FW: Due Diligence for Power Deals with Municipalities -----Original Message----- From: Moore, Janice Sent: Tuesday, March 27, 2001 5:36 PM To: FitzGerald, Genia; Portz, David; Hansen, Leslie; Nettelton, Marcus; Zisman, Stuart; Yoder, Christian; Moore, Janet; Sager, Elizabeth Cc: Ngo, Tracy; Sacks, Edward; Conwell, Wendy; Radous, Paul Subject: Due Diligence for Power Deals with Municipalities The attached memo may be helpful in preparing for power transactions with municipalities. Regards, Janice EB3811 Assistant General Counsel, Enron North America Corp. 713-853-1794 (Fax: 713-646-3490)

-----Original Message----- From: Laporte, Nicole Sent: Monday, October 15, 2001 8:50 AM Subject: Enron Structure Sheet - October 15

Thank you for booking your travel with Continental Airlines. Below is a copy of your flight information. Please refer to your complete online itinerary for the respective details on your hotel and car reservations. ---------------------------------------------------------------------- FLIGHT SUMMARY ------------------------------------------------------------------------------ -- Purchased Itinerary Number: 1100136671 Round Trip 2 adults Confirmation Number: 2VHY3Q Cost: USD 370.42 Flight: from Houston, TX (IAH-Bush Intercontinental) to Chicago, IL (ORD-O'Hare) Depart: 10-Sep-99 at 7:46 AM Arrive: 10-Sep-99 at 10:12 AM Depart: Houston (IAH), 10-Sep-99 at 7:46 AM Arrive: Chicago (ORD), 10-Sep-99 at 10:12 AM Flight: Continental 1104 Aircraft: Boeing 727-200 Meal Service: Breakfast Duration: 2hr 26min Distance: 935 mi Economy/Coach Class Flight: from Chicago, IL (ORD-O'Hare) to Houston, TX (IAH-Bush Intercontinental) Depart: 12-Sep-99 at 2:00 PM Arrive: 12-Sep-99 at 4:25 PM Depart: Chicago (ORD), 12-Sep-99 at 2:00 PM Arrive: Houston (IAH), 12-Sep-99 at 4:25 PM Flight: Continental 1109 Aircraft: Boeing 727-200 Meal Service: Snack Duration: 2hr 25min Distance: 935 mi Economy/Coach Class ---------------------------------------------------------------------- If you chose the E-ticket option for your flight(s), you will receive an itinerary and receipt within 10 days via U.S. mail. When you arrive at the airport on the day of your flight, provide the ticket agent with your last name, flight number and photo identification to receive your boarding pass(es). For curbside check-in, present your passenger receipt or a printout of this message and photo ID. Check-in for U.S. domestic flights is also available using one of our E-Ticket machines (ETM's). Our ETM's are conveniently located near the ticket counter and/or gate areas and have been deployed in the majority of our major U.S. cities. Baggage check is available at those ETM's located at the ticket counter. If E-Ticket is not available for your flight(s), or you have elected to receive a paper ticket, we will send your ticket(s) and receipt to you. If your date of departure is: -- within 3 days and E-Ticket is available for your flight(s), an E-Ticket will be issued. If E-Ticket is not available, you will have been prompted online to call Continental Airlines On-Line Reservations at 1 (888) 815-2665 to arrange the delivery of your tickets. -- between 3 and 7 business days from today, by 2nd day or overnight mail. -- more than 7 business days from today, by U.S. mail. Photo identification will be required upon check-in, such as a Driver's License, Military ID, Passport or an official identification card issued by a government authority. For questions concerning this requirement, please contact Continental Airlines or visit our web site at http://www.continental.com. A valid passport is required for international travel. Some countries also have visa and/or health requirements. Please check with the embassy of the country to which you are traveling, contact Continental Airlines or visit our web site at http://www.continental.com. If you wish to change hotel and car reservations, use Continental Airlines On-Line Reservations at http://www.continental.com. To change airline flights or for en-route assistance, call 1 (888) 815-2665. Please have your itinerary number available for the agent. We wish you a pleasant trip and look forward to serving you again soon. Continental Airlines http://www.continental.com/

ok yes, adn I will go to the kitchen, Ken

Hi Nancy, It seems we may be scheduling a meeting with VEPCO to discuss the PPA. July 20th is the current date being discussed. I don't know how we want to staff the meeting yet, but I do want to check your availability. How does that date look for you? Thanks, Kay

See the attached revision for the Peoples CA. The same revision is necessary for the NUI document. Let me know your thoughts. Regards, Jared

pls print for Mike and Me. thanks (Maria probably needs one to) df ---------------------- Forwarded by Drew Fossum/ET&S/Enron on 05/08/2000 01:35 PM --------------------------- Shelley Corman 05/08/2000 12:58 PM To: Ricki Winters/ET&S/Enron@Enron, Julia White/ET&S/Enron@ENRON, Steve Hotte/Corp/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Steve Harris/HOU/ECT@ECT, Scott Coburn/NPNG/Enron@ENRON, Bob M Hall/FGT/Enron@ENRON, Tony Pryor/ET&S/Enron@ENRON, Maria Pavlou/ET&S/Enron@ENRON, Jack Boatman/FGT/Enron@ENRON, Ray Neppl/NPNG/Enron@ENRON, Bill Fonda/NPNG/Enron@ENRON, Richard Shepherd/NPNG/Enron@ENRON cc: Subject: May 9 Project Why/Ecommerce Presentation Attached is the revised draft of the presentation for Stan's 1/2 day staff meeting tomorrow.

I'm available after 9:00 this morning. Jerry -----Original Message----- From: Scott, Donna Sent: Wednesday, February 13, 2002 4:57 PM To: Schoolcraft, Darrell; Graves, Jerry Cc: Licciardo, Jeanne Subject: RE: Operational Capacity for TW Marketing Darrell and Jerry, Let's discuss on Thursday. Jeanne - thank you for your help. Donna -----Original Message----- From: Licciardo, Jeanne Sent: Wednesday, February 13, 2002 4:39 PM To: Scott, Donna; Schoolcraft, Darrell; Graves, Jerry Subject: RE: Operational Capacity for TW Marketing Here is the Operational Capacity for the points listed below. If you have any questions, please call me at 37317. Jeanne << File: pointOperationalCapacity1.xls >> -----Original Message----- From: Scott, Donna Sent: Wednesday, February 13, 2002 11:42 AM To: Licciardo, Jeanne Subject: Operational Capacity for TW Marketing Jeanne, In talking with Mark McConnell, Jerry Graves and Darrell Schoolcraft we think that if you can have David Duff pull the following point operational capacity out of TCI we can determine what Mark needs. Please go back as far as you can in the database. Some points may not exist because they were not in place back in 93 or 94, but pull as much history as you can. Name POI SoCal - Topock 0056697 SoCal - Needles 0010487 PG&E - Topock 0056698 S.W. Willow Valley 0013198 N. Starsteel 0500383 Mojave - Topock 0056696 Citizen - Kingman 0056659 Citizen - 89 North 0500046 Citizen - Forest Branch 0500619 Citizens - Flagstaff 0500134 Darrell, Jerry and I would like to validate the information prior to forwarding to Mark, so please send me the file and I will coordinate the review. It might be helpful to know the field names in TCI if you can't find operational capacity. We probably called it something different back then. Thank you for your help. Donna

Thanks Dan! Kim Dan J Hyvl 04/19/2001 11:10 AM To: Kim Ward/HOU/ECT@ECT cc: Subject: Smurfit Transaction Agreement for May 2001

See note below. Upon confirmation from Portz, please remove Wabash from the non-termination counterparty list. -----Original Message----- From: Baughman, Edward Sent: Thu 12/27/2001 11:24 AM To: Presto, Kevin M.; Gilbert, Gerald Cc: Portz, David Subject: Wabash Power Kevin/Gerald: Elizabeth Sager indicated that Wabash has given appropriate termination notice on all transactions associated with the EEI. I will confirm with David Portz to make sure their termination notice covers any one off contracts in the event they exist. David: Are there any one off contracts and does the Wabash termination notice cover if there are? Please advise.

---------------------- Forwarded by Gerald Nemec/HOU/ECT on 06/17/99 08:54 AM --------------------------- Enron Capital & Trade Resources Corp. From: "Paul Bieraugel" <[email protected]> 06/16/99 10:32 AM To: Gerald Nemec/HOU/ECT cc: Subject: Catching up Gerald, good to hear from you and very belated congrats on your law degree/bar exam/ascent to layerhood deal. That's way cool. Sounds like you are really doing well out there. Tool belts, house restoration, sounds like fun. Too bad the Navy won't allow me the time to do it. Regardless, they've been moving me around so much lately that it's all pointless. I got back from Italy in Feb. I started school here in Newport, RI. Next I'l spend 3 months in Northern VA going to school. Then, I'll meet my ship in the Persian Gulf for a fun filled 4 months in the Desert. I'm getting pretty down on the Navy and may be considering a job change in the next two years. Well, to answer your question, Michele and I have three kids now. Kelly is four, Carson is three, and Katherine (Kate) is two months (born 4/15/99). I figure we're done for now but will have to check back when Kate is too big to cuddle. Good to hear George and Ernie are still doing well. Crazy days we had together. Funny how we all tend to grow up eventually. My parents are fine. They are almost finished with the house on the ranch. When that is done, they plan to move out there permanently. John is working semi-part time as a governemnt employee counting fish on alaskan fishing boats. Dangerous job/low pay. But he likes it and he has his summers for surfing expeditions (i.e. he is still bumming around). Mark is the biggest suprise, he went back to school and got a Masters degree in library science and information technology. He did really well and now has a job with Microsoft working as an archiver (apparently librarians and computer geeks too now). Hey good to hear from you. don't know when/how we can work in a visit. Possibly after March next year unless you're out in San Diego while Im in the Gulf and you can look Michele up. Keep in touch and well work something out. Take care Gerald. Paul.

wanted to send you a reference to my dream girl http://www.ecologyproject.org/staff.html scroll down to the julie osborn section i used to work with her in berkeley

Business; Financial Desk California Consumer Groups Seek Rate Protection Electricity: Activists push legislators to promise that customers won't be forced to cover rising wholesale costs. NANCY RIVERA BROOKS ? 09/27/2000 Los Angeles Times Home Edition Page C-2 Copyright 2000 / The Times Mirror Company Consumer activists on Tuesday blasted increasingly aggressive strategies by Southern California Edison and the state's other big utilities to recover their mounting wholesale electricity costs and called for lawmakers to promise that ratepayers won't bear the brunt of such costs. Three consumer groups unveiled a "ratepayer protection pledge" at news conferences in Santa Monica, San Diego and San Francisco that will be sent to all California lawmakers and candidates for the Legislature. "The politicians and utilities got us into this mess by promising lower rates with a plan that has failed miserably," said Harvey Rosenfield, president of the Santa Monica-based Foundation for Taxpayer and Consumer Rights. "Californians do not want any more lip service about consumer protection and lower rates. This time we want it in writing." Edison International unit SCE, meanwhile, said it wants to develop measures to help customers manage the higher costs that have zapped the California electricity world this summer. Currently, residential and small-business customers of SCE and PG&E Corp.'s Pacific Gas & Electric utility are paying rates that were frozen by the 1996 law that deregulated the state's electricity industry. Those rates will remain frozen until March 31, 2002, or until the utilities pay off their "stranded assets"--investments such as nuclear plants that became uneconomical under deregulation. Customers of San Diego Gas & Electric, a Sempra Energy subsidiary that paid off its stranded assets more than a year ago, had their rates capped by the state Legislature in August after record wholesale electricity prices caused bills for the utility's 1.2 million customers to double and triple. The utilities are running up a huge tab of wholesale electricity costs--$5 billion and growing--that they can't pass on to customers because of these freezes. Who will pay these costs--consumers, utilities and their shareholders, or a mixture of both--has not been determined. SCE on Tuesday, in a filing with the Securities and Exchange Commission, said it has amassed enough credits through the pending sale of generating assets and the valuation of its hydroelectric properties to pay off its remaining $1.3 billion in stranded assets and thus qualify to have its rate freeze lifted. PG&E made a similar filing two weeks ago. SCE also said that the utility and its shareholders should not be on the hook for costs of delivering electricity to customers, currently totaling $2 billion and growing, and that it soon will file with the California Public Utilities Commission for authority to recover these electricity "undercollections" from customers when the rate freeze is lifted. The Rosemead-based utility will file a plan in the next few months detailing a "rate stabilization" plan for customers so that they won't be exposed to wild market fluctuations in electricity prices, said Jim Scilacci, SCE's chief financial officer. The utility would expect to establish new rates and expand an existing level-pay plan to smooth out any electricity charges it would be allowed to pass on to customers. But three consumer groups--Rosenfield's Foundation for Taxpayer and Consumer Rights, the Utility Reform Network and Consumers Union--criticized the utilities for wanting to back out of a deal that has allowed them to collect $14 billion so far in extra electricity and other transition costs since deregulation began in 1998. The groups said they will mail to all lawmakers and legislative candidates a pledge to oppose any legislation or other efforts to require ratepayers to pay the electricity costs that have built up during the rate freeze. The groups intend to keep a list of each politician's position on the pledge on the Internet at http://www.turn.org and http://www.consumerwatchdog.org.

Attached is the final version.

Here is the password to get into the TW Deal Profitability/Analysis Tools: I.D.: kchow, password: kctw1. Please forward this to all appropriate personnel. If you would like me to demo this with you please give me a call 5-3413. Thanks Kim Kouri

We have received an executed Amendment to Guaranty by and between Enron North America Corp. ("ENA") and Allied Waste Industries, Inc. dated effective as of May 15, 2001, which adds language regarding waivers to the Guaranty provided by Allied Waste Industries, Inc. Such Guaranty guarantees the obligations of Allied Waste North America, Inc. under the ISDA Master Agreement dated July 31, 2000 between ENA and Allied Waste North America, Inc. Copies will be distributed. Stephanie Panus

Effective immediately, Ray Bowen will take over leadership of the Industrial Origination Group responsible for Enron North America
,s origination activities in the industrial market including pulp & paper, metals, refining, and petrochemicals. As part of the Industrial Origination Group, Jim Ajello, will continue to lead the origination effort in the metals, refining, and petrochemical sector. Edward Ondarza maintains oversight of origination in the pulp and paper sectors. Rodney Malcolm retains primary responsibility for leading the execution of transactions and delivery of the outsource solutions to industrial customers. When the Commercial Transactions Group was created approximately a year ago, the objective was to create an internal emphasis on the development of transaction execution skills that are necessary to execute complex, structured transactions and to foster better deal quality. We believe that the primary objectives of the CTG have been achieved, and in order to better position the organization for the remainder of 2000 and in response to Ray Bowen
,s new position, the following changes will be made in the Commercial Transactions Group organization. Transaction Development: Transaction Development, which was created to provide focused deal execution capability to the Origination groups, will be merged into each respective origination group and report solely to the group leaders. Portfolio Management: All activities surrounding portfolio investments will report to Jeff Donahue. Jeff will be responsible for ENA
,s
&capital book
8 and will have a high level of involvement in existing portfolio investments and will work closely with ENA Treasury and the various origination groups to assure that new transactions (a) incorporate appropriate risk/return characteristics, (b) are evaluated in the context of market based pricing signals, and (c) incorporate a specific investment plan which includes syndication of the investment, if applicable, and a specific exit strategy. Portfolio Management includes Restructuring/Special Assets (Randy Maffett/Dick Lydecker) and Capital Structuring (Andrea Reed). Steve Pruett (Energy Capital Resources), Chuck Ward (Generation Investments), Don Miller (Merchant Generation), and Chris Helfrich (Coal and Industrial) will continue to be responsible for day to day asset management for performing investments and will report to their respective origination units with a dual report to Jeff. Jeff will retain his Corporate Development and Principal Investments activities. Commodity Structuring: Commodity Structuring including Berney Aucoin (Power) and Ed McMichael (Gas) will report to Janet Dietrich. Janet will retain responsibility for East Midstream Origination. Commodity Structuring will continue to work to facilitate and structure the highest priority and highest value transactions across the entire ENA organization. Technical/OEC: The Technical Group (Wayne Mays/Bob Virgo), which provides technical support to industrial and power generation asset development activities, and OEC (lead by Mark Dobler) will report directly to the ENA Office of the Chairman. In addition to these changes, Joe Deffner has been named ENA
,s Chief Financial Officer and will head ENA Treasury. In this role he will be responsible for managing ENA
,s balance sheet and the sourcing of capital in the bank and capital markets. Joe will report jointly to the ENA Office of the Chairman and to Enron Corp. Global Finance.

SInce this is purely an internal requirement, do you think the attached is OK? I'd prefer to leave the stuff out regarding ownership. Let me know. Ben

This Sunday, October 28th, is the Juvenile Diabetes Research Foundation (JDRF) Walk to Cure Diabetes at Greenspoint Mall at 8:00 a.m. In preparation for the big event, we have several fun activities scheduled to take place this week as detailed below. JDRF Cyber Auction - The Cyber Auction will take place this Wednesday, October 24th, through Thursday, October 25th. For details please go to the Enron home page and click on JDRF Cyber Auction or click http://ecpdxapps01.enron.net/apps/auction.nsf for the direct link. The Auction this year is hosted by EGS. Big E Caf? - This Friday, October 26th, 11:30 - 1:00 p.m. on Andrews Street in front of the Enron Center North building. Lunch - Fajita lunch with all the trimmings provided by Taquera del Sol for $5.00. Entertainment - Live entertainment provided by Mango Punch. JDRF Raffle - Raffle tickets for two roundtrip Continental Airline tickets for $5.00 each. Raffle tickets for two roundtrip British Airways tickets for $10.00 each. Winning tickets will be drawn at 2:00 p.m. on Friday, October 26th. JDRF Bake Sale - Cakes, cookies and Halloween treats will be available for purchase. JDRF T-shirt Sale - Enron/JDRF T-shirts will be available for a $25 donation. JDRF Sneaker (paper) Sales - The competition continues between business units - sneakers will sale for $5.00 each. For those of you that have signed up to join us for the walk, please continue to collect donations and watch your email this week for further information regarding the Walk. For those of you that have not signed up, please join us for the Walk. Although we have only a few days remaining until the walk, it is not too late to sign up and join us for this great event. It only takes a moment to fill out a walk form and you will get an Enron/JDRF T-shirt for collect or donating $25 or more, and will join hundreds of Enron employees and several thousand Houstonians on the Walk. This event will be a blast. The Enron tent will be great with lots of good food and entertainment and everyone will have a fun time. Parking at the walk site will be free. If you cannot attend the Walk, please support one of your local walkers, participate in the cyber auction or join us for the Big E Caf? on Friday to participate in some of our other great fundraising activities. We want to keep our standing as the number one walk team in the Gulf Coast area, Texas, and the entire Southern Region of the U.S., as well as in the top 10 nationally. Please contact Janice Riedel at X-37507 or Cathy Phillips at X-36898 to sign up as a walker, make a donation, or ask any questions you may have. Come join the fun. Thank you for your support and generosity. Mike McConnell

I've printed this out for you. mm ----- Forwarded by Maureen McVicker/NA/Enron on 03/07/2001 05:33 PM ----- Elspeth Inglis/ENRON@enronXgate 03/07/2001 10:45 AM To: Maureen McVicker/NA/Enron@Enron cc: Gina Corteselli/ENRON@enronXgate Subject: revised presentation maureen
; as discussed please find attached revised presentation.
; I or Gina will let you know if this is to be held back before presenting to steve this afternoon. thanks for your help on this.
; Elspeth
;
;

Bob, Patti Sullivan held together the scheduling group for two months while Randy Gay was on a personal leave. She displayed a tremendous amount of commitment to the west desk during that time. She frequently came to work before 4 AM to prepare operations reports. Patti worked 7 days a week during this time. If long hours were not enough, there was a pipeline explosion during this time which put extra volatility into the market and extra pressure on Patti. She didn't crack and provided much needed info during this time. Patti is performing the duties of a manager but being paid as a sr. specialist. Based on her heroic efforts, she deserves a PBR. Let me know what is an acceptable cash amount. Phillip

CALENDAR ENTRY: APPOINTMENT Description: PRC Reviews Date: 1/29/2001 Time: 1:00 PM - 5:00 PM (Central Standard Time) Chairperson: Outlook Migration Team Detailed Description:

You have received this email because you are listed as a data approver. Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000008348&Page= Approval to review and act upon this request. Request ID : 000000000008348 Request Create Date : 11/28/00 8:51:12 AM Requested For : [email protected] Resource Name : EOL US Risk Management Application Product Data Manager Resource Type : Applications

-----Original Message----- From: Kaminski, Vince J Sent: Tuesday, June 05, 2001 8:28 AM To: '[email protected]' Cc: '[email protected]'; Kaminski, Vince J; '[email protected]'; Hrgovcic, Joseph; Tawney, Mark; Ribeiro, Claudio Subject: E-mail addresses Paul and Howard, I am sending you as promised the E-mail addresses of the participants of the conference call on Friday. Vince [email protected] [email protected] [email protected]

18:42:42 Synchronizing Mailbox 'Nemec, Gerald' 18:42:42 Synchronizing Hierarchy 18:42:44 1 folder(s) updated in offline store 18:42:44 Synchronizing Favorites 18:42:44 Synchronizing Folder 'Inbox' 18:42:46 10 item(s) added to offline folder 18:42:46 13 item(s) deleted in offline folder 18:42:46 Synchronizing Folder 'Outbox' 18:42:47 Synchronizing Folder 'Sent Items' 18:42:48 4 item(s) added to offline folder 18:42:48 7 item(s) deleted in offline folder 18:42:48 Synchronizing Folder 'Calendar' 18:42:48 1 item(s) added to offline folder 18:42:49 Synchronizing Folder 'Contacts' 18:42:49 Synchronizing Folder 'Drafts' 18:42:49 Synchronizing Folder 'Earnings' 18:42:49 Synchronizing Folder 'Enron Financials' 18:42:49 Synchronizing Folder 'Expense Report' 18:42:49 Synchronizing Folder 'Journal' 18:42:49 Synchronizing Folder 'Lotus Notes' 18:42:49 Synchronizing Folder 'Notes' 18:42:49 Synchronizing Folder 'Personal' 18:42:49 Synchronizing Folder 'Phone List' 18:42:49 Synchronizing Folder 'Tasks' 18:42:49 Synchronizing Folder 'To Do' 18:42:49 Synchronizing Folder 'Travel Info.' 18:42:49 Synchronizing Folder 'Vacation' 18:42:49 Synchronizing Folder 'WestLaw & Lexis' 18:42:49 Synchronizing Views 18:42:49 Synchronizing Forms 18:42:49 Done

Excellent reading of the legal authority issues as well as the political winds. I think your sense of the likelihood of trouble is accurate. I also agree with your implicit premise that if FERC or anyone else wanted to make trouble regarding our negotiated rate deals, the easiest approach, and the most direct one, is to challenge the deals as unjust and unreasonable under NGA section 4/5. To challenge the deals under some state law "gouging" theory would give rise to preemption defenses on our part, etc. I'll talk to you and Kathy further tomorrow AM and then we can grab Mike to discuss. Thanks. DF Susan Scott 11/22/2000 12:14 PM To: Drew Fossum/ET&S/Enron@ENRON cc: Kathy Ringblom/ET&S/Enron@ENRON Subject: Re: gouging As to your question about what's going on in California, I've done some reading and here are my thoughts. The Nov. 1 FERC order in Docket No. EL00-95-000, in which the Commission ordered a $150/MWh price cap (among other things), was predicated on the Commission's authority under Section 206 of the Federal Power Act. Specifically, the FPA provides that if the Commission finds that "any rate, charge or classification for jurisdictional services, or any rule, regulation, practice or contract affecting such rate, charge or classification" is unjust or unreasonable, the Commission shall determine the just and reasonable rate, charge, classification, rule, regulation, practice, or contract that should be in effect. The Commission recognized that certain areas of the flawed California market are not within its jurisdiction, but "fixed" the areas within its jurisdiction. Apparently the California governor agrees with me that the Commission's jurisdiction in the area of wholesale electricity prices is questionable... In any event, if the Commission wanted to open a proceeding to investigate the justness and reasonableness of negotiated gas transportation rates, its authority to do so would be much clearer. The Natural Gas Act expressly authorizes FERC to declare unlawful any transportation rate that is not just and reasonable. "Just and reasonable" has been interpreted in many different contexts and the Commission has significant discretion over what it means. As we all know too well, the Commission sometimes acts unpredictably. However, my feeling is that it will probably take more than 2 or 3 above-max-rate contracts to motivate the FERC to act to declare a negotiated rate deal, struck within a pipeline's tariff authority, to be unjust and unreasonable. The California proceeding was initiated after entire communities of individual consumers suffered 200-300% increases in their electricity bills. The prices for electricity in California were outrageous across the board and affected everyone in the state. By contrast, TW's transport rates for its short-term deals are far removed from end user prices and the practice of negotiating higher than max rate deals is probably not widespread enough for anyone to notice. It is far from being a consumer issue, and besides, the elections are over. However, as you and I have already discussed, we must be wary of parties like Dynegy that do notice just about everything and who might try to draw it to FERC's attention. We do need to watch to see whether other pipelines serving California are doing the same types of deals. Kathy, why don't you and I discuss a system of monitoring the contract information postings of El Paso, Kern, PGT/NW. Drew, obviously I've only scratched the surface here so let's talk if you want a more in-depth report. From: Drew Fossum 11/21/2000 10:36 AM To: Susan Scott/ET&S/Enron@ENRON cc: Kathy Ringblom/ET&S/Enron@ENRON Subject: Re: gouging That is by far the best line of the day!! Unconscionability may be the thing I'm remembering , but I think there is some more specific law related to market dislocations--i.e., the Hurricane example. Its sort of a twist on market power law--i.e., if the fates hand you short term market power, you better not use it. DF Susan Scott 11/21/2000 10:08 AM To: Drew Fossum/ET&S/Enron@ENRON cc: Kathy Ringblom/ET&S/Enron@ENRON Subject: Re: gouging I know there is some case law out there on contracts being voided because they are "unconscionable." There are several examples in consumer law and employment law, in which one contracting party is a corporation and the other is a West Palm Beach voter. However, if my memory serves me correctly, none of them involve contracts between 2 sophisticated business entities such as TW and Sempra or PG&E. Absent evidence of fraud, courts uphold bargains struck at arms length. Kathy, I'd be happy to take the oars on this but if you've already done some looking, please let me know if you've found anything. From: Drew Fossum 11/20/2000 04:44 PM To: Susan Scott/ET&S/Enron@ENRON, Kathy Ringblom/ET&S/Enron@ENRON cc: Subject: gouging Stuck on the phone so I thought I'd email you. Stan has asked Mike Moran if TW has any potential exposure on the high value transport deals under "anti gouging" statutes or common law. You know, the laws that say you can't charge $100 per sheet of plywood during a hurricane or $50 for a bucket of water during a drought. I think we need to research two things: 1. are there any such laws applicable to our business? (Cal. state law would probably be the best place to start) 2. could the political/regulatory fight in Cal about power and gas prices ever expand all the way to our transport pricing? I.e., if the CPUC whacks the power sellers for taking unfair advantage of their monopoly power, its not a big leap for the CPUC or FERC or even U.S. congress to whack gas sellers for jacking prices up to $14/MMBtu, as happened on Friday. If that happens, its just another small jump to whack us for charging $1 for transport, or so the logic goes. I'd like to hear preliminary views by 8:30 Monday am so I can talk to Mike before Stan's staff meeting (no written memo necessary). Based on that prelim. research, we can decide what else need s to be done. Thanks df