jill

Lon puts a bunch of reports together for me, you don't have to e-mail me.

Thanks


Darrell,

I shall send youan explanation later today or Monday.

Vince

Darrell Duffie <duffie@stanford.edu> on 03/28/2001 08:07:38 AM
To: Vince J Kaminski <Vince.J.Kaminski@enron.com>
cc:
Subject: Re: Enron default swaps

Vince: According to a Bank of America
publication, your (Enron) default swap spreads
are consistently trading about 80
basis points wider than your asset swaps.
Any idea of what is going on here?

Thanks for any guidance, Darrell

_____________________________________________
Darrell Duffie
mail  GSB Stanford CA 94305-5015 USA
phone 650 723 1976
fax   650 725 7979
email duffie@stanford.edu
web   http://www.stanford.edu/~duffie/
_____________________________________________


Oh shit.  we forgot to get our picks in. if you page me between 10:45 and 1
PM i can call you and we can figure them out.

xoxoxooxo

	Nancy Sellers <Nancy.Sellers@RobertMondavi.com>
	10/19/2000 09:50 AM

		 To: "'Jeff Dasovich'" <Jeff_Dasovich@enron.com>, "Prentice @ Berkeley"
<PSellers@haas.berkeley.edu>, Prentice Sellers <PSellers@pacbell.net>
		 cc:
		 Subject: Alaska Flight #'s

To Mazatlan - 3/6 #264
To SF - 4/2 - #267

Nancy
(707) 251-4870 (phone)
(707) 265-5446 (fax)
"Plus je bois, mieux je chante"


Joe:
The BP Amoco mark-ups are okay.  I need to make Brant Reves aware of the
Aquila mark-ups.

Carol


jeff
buy scem
17th
25 mw
240.00
sp15

diana
buy pudget
17th
25 mw
290
cob

tom a
buy psco
17th
25 mw
200.00
palo


The master status file for NETCO transmission service agreements is located at:  P:\Legal\PROJECT NETCO\NETCO Transmission.


Dear Vince and Grant,

Please find attached our butchering of your work (only joking...). We've
tied the chapter in with what has gone before and changed some of your
notation so that it is consistent with ours.

Vince; could you please send thru the footnotes referred to in the chapter
at your convenience. Could you also please supply a full reference for
Routledge, Seppi, Spatt (1999).

Grant; I hope you don't mind we've called PDJD just JD (to fit in more with
our work). Please also can you supply the last figure before you disappear!

Do you want us to write the summary?

Many thanks again for all your efforts. It's all looking good.

Best regards.

Chris.

----- Original Message -----
From: Grant Masson <Grant.Masson.ECT@enron.com>
To: Chris Strickland <chris_strickland@compuserve.com>
Sent: Tuesday, June 27, 2000 8:54 AM
Subject: Re: chapter 3 revisions

>
>
>
> Chris:
>
> I can't decide if I should take your silence over the past several weeks
to mean
> that you are getting stuck into finishing up the book or you are just so
> thoroughly disgusted with our work that you would like to wash your hands
of us.
>
> I've been stuck on trying to get the last figure mentioned in the chapter
into a
> format that I like.  The problem is the volatility found in the
regressions is
> on the order of several hundred percent, and so when I plot the historical
data
> next to a simulated curve over the course of the year, the simulated curve
tends
> to drift up or down stupidly both in the Jump diffusion and Garch+Jump
diffusion
> model.  Any suggestions would be accepted with pleasure. I wonder if I
should
> skip the figure.  It seems a pity to do so however, because otherwise the
last
> section comes off as a bit of an afterthought, and I would like to present
a
> practical example.  Again any guidance would be appreciated.
>
> Anyway, I am sending you a somewhat improved draft now (minus only the
last
> figure), rather than sit on the whole thing while I stew on this bit,   I
hope
> this will be useful to you.  Because I am leaving for holidays at the end
of the
> week, I can guarantee you that you will have a final draft before then.
>
> Regards,
> Grant.
> (See attached file: cs260600.doc)
>

 - ED_c03_volatility.zip


i left a msg for cut rate today , have not heard back though

 -----Original Message-----
From: 	Quigley, Kay
Sent:	Tuesday, September 04, 2001 4:48 PM
To:	Quigley, Dutch
Subject:	Re: jackie

this makes me feel better- see Robert's message below...
---------------------- Forwarded by Kay Quigley/HOU/EES on 09/04/2001 04:46 PM ---------------------------

"Robert Jones" <rfjsparky@hotmail.com> on 09/04/2001 04:22:31 PM
To:	kquigley@enron.com
cc:
Subject:	Re: jackie

Kay,

Thanks for your message - don't worry - according to the leukemia info, jackie will be in and out of the hospital many times over the next two years - most of the time it will be routine trips for chemo (4 to 8 hour visits) and getting rid of infections (up to 1 week visits) - if it ever looks serious, i'll let you know. Thanks for thinking about us and especially my little Jack.

Robert
>From: "Kay Quigley"
>To: "Robert Jones"
>Subject: Re: jackie
>Date: Tue, 4 Sep 2001 16:04:44 -0500
>
>
>
>Robert, just thinking of you right now and Jackie- your Mom says she is very
>sick today.
>I will say special prayers tonite for her and for you..i cannot imagine how
>tough it is today for her
>Please let me know if there is ANYTHING that Dutch or i can do or send to you...
>WE love you!!!!!!!!!!!!!!!!!!!!!!!
>K-Kay
>
>

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

<Embedded Picture (Device Independent Bitmap)>


I haven't heard a word about this deal lately.  This is why I never throw
anything away.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 08/14/2000 09:07
AM ---------------------------

Tammy L Mulrooney@ECT
08/11/2000 04:59 PM
To: Ray Hoppe/Corp/Enron@ENRON, Greg Hermans/Corp/Enron@Enron, Kay
Mann/Corp/Enron@Enron
cc:

Subject: Form of Commodity Repurchase Agreement

Please find a commodity repurchase agreement that we recieved in for Wheeling
Pitt's slab consignment.  Please review it and we need to discuss further.

Tammy
---------------------- Forwarded by Tammy L Mulrooney/HOU/ECT on 08/11/2000
04:57 PM ---------------------------

LacySR@wpsc.com (Steven R. Lacy) on 08/11/2000 06:48:55 AM
To: Tammy.L.Mulrooney@enron.com
cc:
Subject: Form of Commodity Repurchase Agreement

     Tammy,

     Attached is a draft form of Commodity Repurchase Agreement. Tom and I
     will send you the other information later this morning.

     Steve
 - commodit.doc


Lance,  Could you please explain to me what the shift factors for the two major constraints (in the attached apeadsheet) mean in layman's terms?

Thanks, - Mike

 -----Original Message-----
From: 	"Donohoo, Ken" <KDonohoo@ercot.com>@ENRON
Sent:	Wednesday, April 25, 2001 4:33 PM
To:	1 CSC Working Group
Cc:	1 WMS and others(Wholesale Market Sub.); 1 RMS and others(Retail Market Sub.); 1 ROS and others(Reliability and Operations Sub.); 1 Steady State TF; 1 PIE TF
Subject:	ERCOT Congestion Management Final Draft Information
Importance:	High

CSC Working Group, attached to this email is the FINAL Draft of the CSC Data and all background information.  It includes all the coorections and exceptions.  It includes an the adjustment of Self Serve.  Please examine this information and let us know of any objections ASAP.  The June 1 system is waiting for these numbers!
Your cooperation in this matter is appreciated.
Kenneth A. Donohoo, PE
Manager of System Planning, Technical Operations
ERCOT
2705 West Lake Dr.
Taylor, TX 76574-2136
(512)248-3003, FAX(512)248-3082

 - Congestion Management 2001 2CSC3ZONES.xls


----- Forwarded by Steven J Kean/NA/Enron on 02/28/2001 02:48 PM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	02/16/2001 08:49 AM

		 To: Sandra McCubbin/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON,
MDay@GMSSR.com, Hedy Govenar <hgovenar@mail.acom2.com> @ ENRON, Scott Govenar
<sgovenar@govadv.com>, Paul Kaufman/PDX/ECT@ECT, James D
Steffes/NA/Enron@Enron, Harry Kingerski/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, skean@enron.com, mpalmer@enron.com, Karen
Denne/Corp/Enron@ENRON, BTC <BCragg@GMSSR.com>
		 cc:
		 Subject: Ken Lay's email to Sen. Brulte

Greetings All:

First, I am apologizing in advance for any typos in this email.  Schedule is
very tight, but I wanted to make sure that everyone had it first thing this
morning, with some back-up info that I've included below.

Attached is the email that was sent to Ken Lay's office yesterday evening for
delivery to Sen. Brulte.  It's of course confidential.  Few points:

I don't have Bev's email, so if you could please forward to her, that would
be appreciated.
As we discussed (Jim, Mike, Bev, Scott, Hedy) on our lengthy call on
Wednesday, I'm assuming that the plan is still to "wallpaper" Sacramento with
our proposed legislation.
This email does not contain the legislation.  Mike sent the "final" versions
of our legislation out yesterday, except for the siting piece, which I
believe Brian Cragg of Mike's office is finalizing today.
You'll note that we promise Senator Brulte in the email that we'll deliver to
his office today the proposed legislation.  Again, based on our call on
Wednesday, I'm assuming that we would simultaneously release the proposed
legislation to the rest of the world at the same time.
When we spoke on Wednesday, we decided that the Sacramento team would
determine to whom we would circulate the proposed legislation at the same
time that we deliver the Senator Brulte. I'm assuming that you folks will
handle that end of things.  Please let us know at your convenience to whom
you've decided to circulate.
This email does, however, include a "summary" of our proposed legislation.
But I'm not certain that the summary included in this email is the
appropriate language to distribute "to the world," or if we'll need instead
to tailor some new language.  I think we all agreed that we need a "one
pager" to accompany the legislative package so that we can communicate the
package effectively.
We also discussed the need to quickly develop a coalition to support our
proposals.  We didn't finalize that plan.  Perhaps the Sacramento team could
propose a plan to do that.  Perhaps we could start with our friends in the
Direct Access coalition?
We also talked about the need at this point to engage in PR and to get the PR
machinery activated, also with the goal of effectively communicating our
legislative package/message.  We're in a meeting with folks today where we
can discuss getting that side of things going and Karen Denne has contacted
Marathon and they're pondering some things that we can do in the near term.
You'll note that there's a considerable amount of information about the DWR
credit issue.  As I recollect, we discussed the issue in depth on the call.
You note that attached to the email is a "legislative fix" to AB1X that could
solve the credit issue and an attached set of "taking points" related to a
second alternative to solving the credit issue:  a PUC order clarifying that
DWR will get its money for power purchase costs.
Note also that Steve Kean reminded me that we've got to continue to push to
get the utilities out of the merchant function.  Accordingly, I've put a
brief paragraph on that issue in the note to Brulte in the last section
(legislative solution) under the topic "create a real competitive retail
market in California."  To the best of my knowledge, we don't have
legislative language on that piece yet, and it seems that we'll need to
discuss it in considerably more depth before doing so.

If you have any questions about any of the materials in the email, please
don't hesitate to contact me or Jim or Sandi to discuss.  I can be best
reached to day by pager at 888.916.7184.

Thanks to all for helping pull this together.

Best,
Jeff

----- Forwarded by Jeff Dasovich/NA/Enron on 02/16/2001 08:27 AM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	02/15/2001 06:11 PM

		 To: jdasovic@enron.com, skean@enron.com, Richard Shapiro/NA/Enron@Enron,
James D Steffes/NA/Enron@Enron
		 cc:
		 Subject:

Steve:
Here's a substantially more cleaned-version, with attachments.  There's a
hard copy on your chair.

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 02/15/2001 05:57 PM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	02/15/2001 05:56 PM

		 To: jdasovic@enron.com
		 cc:
		 Subject:

Jim:
It was a pleasure speaking with you yesterday.  Based on our conversation,
this email includes the following:

An Enron contact to discuss developing small-scale generation on Tribal lands.

Our views on the impediments to distributed generation and suggestions on how
to remove those impediments.

A description of the credit issues that continue to impede DWR,s ability to
sign contracts with power suppliers, and options to resolve them. Two
possible options for addressing the credit issue are 1) a California PUC
order clarifying that DWR will recover its power purchase costs through
rates, and 2) an amendment to AB1X designed to accomplish the same goal.  I
have attached talking points regarding the California PUC order and proposed
amendments to AB1X.  We believe that an amendment to AB1X is the preferable
option.

Our assessment of the supply/demand picture in California.

Our suggestions for a legislative package designed to solve both the near-
and long-term electricity crisis in California.  We will deliver to your
office tomorrow detailed legislative language.  In those materials we will
also identify existing bills that we believe can easily accommodate our
proposed language.

I hope that the information is useful.  Please do not hesitate to contact me
if you would like to discuss these materials further, or if there is anything
else that I can do to assist you.

Regards,
Ken

Contact Information to Discuss Interest Expressed by Native American Tribes
in Installing Small-scale Generation on Tribal Lands

David Parquet, Vice-President
Enron North America
101 California Street, Suite 1950
San Francisco, CA 94111
Phone: 415.782.7820
Fax: 415.782.7851

2. Key Barriers to Distributed Generation

Excessive and Unnecessary Utility Stand-by Charges

Solution: The executive orders issued by the Governor on February 14th took a
step in the right direction.  Utility stand-by charges have always been
designed by the utilities to protect their monopoly position, extract
monopoly prices from customers, or both.  But there is no reason to limit the
elimination of these charges to generation facilities that are less than
1MW.  These limits will only lengthen unnecessarily the time it takes for
California to close the significant gap between supply and demand and reduce
the risk of black outs this summer.  We would propose lifting the cap by
offering amendments to SB27X, which is designed to facilitate development of
distributed generation.

Excessive delays and costs related to interconnecting facilities with
investor-owned and municipal utilities

Solution:   The Governor,s executive order regarding interconnection is a
step in the right direction*D-D-26-01 requires utilities to complete
interconnection studies within 7 days.  California should ensure that this
requirement applies to all generation facilities, including distributed
generation.  In addition, the financial conflicts the utilities face when
interconnecting generation facilities are simply too powerful to overcome
through executive orders or other regulations.  To the greatest extent
possible, California should shift control over interconnection away from the
utility and place that control with the California ISO.  This could be
accomplished through amendments to SB 27X.

Permitting and Air Quality Issues
Developers of distributed (i.e., &on-site8) generation that is 50 MWs or
greater must receive certification from the California Energy Commission and
therefore face all of the impediments to development that large-scale
generation faces.

Solution: California should ensure that the executive orders (D-22-01 thru
D-26-01) issued by the Governor to expedite plant siting and maximize plant
output apply equally to smaller scale, &distributed generation8 facilities.
In addition, distributed generation that is less than 50 MWs continues to
face local opposition.  The State should ensure that local, parochial
interests cannot block otherwise beneficial distributed generation projects.
These objectives could be accomplished through amendments to SB27X.

3. Credit Concerns Regarding Authority Granted to DWR in AB1X to Purchase
Electricity on Behalf of the Utilities

Enron responded to the RFP issued by DWR to enter into power contracts with
suppliers.
Enron is in active discussions with DWR to establish contract terms with the
goal of entering into a power purchase agreement as soon as possible.
However, ambiguities contained in AB1X have created significant credit risk
concerns that need to be resolved in order to finalize contract terms.
We understand that the lion,s share of counterparties share Enron,s credit
risk concerns.
Enron has proposed several options for resolving the credit risk issues and
is working with DWR to arrive at a solution that is mutually agreeable to
both sides and that might serve as a template for power purchase agreements
going forward.

Summary of the Source of the Credit Risk Issue

Ambiguous Ratemaking Authority
The language in AB1X is ambiguous as to whether DWR has any authority to
charge California ratepayers for the costs of purchasing power.  From our
analysis of the bill, the language in AB1X appears to leave intact the
California PUC,s exclusive jurisdiction over ratemaking in California.  As
such, suppliers have no assurance that the PUC will agree to include in rates
adequate charges to cover DWR,s costs of power purchases.

Ambiguous Regulatory Authority Regarding Contract &Prudence8
The language in AB1X leaves open the possibility that the California Public
Utilities Commission could determine that power purchases made by DWR are
&imprudent.8  On the basis of such a finding, the CPUC could then refuse to
allow DWR to collect from ratepayers the costs associated with its power
purchases.  Consequently, suppliers have no assurance that the PUC will agree
to include in rates the charges to cover the costs of power contracts that
DWR has entered into with suppliers.

Ambiguous Language Regarding the Ratemaking Mechanism that Will Be Used to
Recover DWR,s Costs of Power Purchases
In addition to the ambiguity regarding ratemaking and regulatory authority
noted above, the language in the bill is equally ambiguous with respect to
the specific ratemaking &mechanics8 that AB1X directs the PUC to employ to
permit DWR to recover its power purchase costs. Based on our analysis, it is
extremely difficult to determine how the PUC would design the rates to ensure
DWR recovers its power purchase costs.  Moreover, as currently drafted, it is
difficult to determine whether AB1X would even permit the PUC to include in
rates all of the charges necessary to fully recover DWR,s power purchase
costs.  Again, this ambiguity raises significant credit risk concerns since
suppliers have little assurance that DWR will have the ability to recover
from ratepayers the costs of purchasing power.

Options to Resolve Concerns Regarding Credit Risk

We have been working diligently with DWR officials to resolve the credit risk
issues.  We have identified three options:

Amend AB1X
The amendments, which are attached to this email, would clarify that a) the
PUC would accept as &prudent and reasonable8 all purchase costs incurred by
DWR, and b) the PUC is obligated to include in rates the charges necessary to
ensure that DWR fully recovers its costs of power purchases.  This is the
preferred option, though we understand that the there may be some political
challenges standing in the way of amending AB1X.  (See attached file
entitled, &AmendAB1X.doc8.)

Clarify the Ambiguities in AB1X through an Order Issued by the PUC, and
through Contract Language
This is the option that we are currently working with DWR officials to
implement.  However, it is more complicated and could take significantly more
time to implement than the "legislative" fix.  We have attached electronic
copies of the talking points related to the order that the California PUC
would need to issue under this option.  (See attached file entitled,
&cpuctalkingpoints.doc.8)

Make Use of Other Instruments Designed to Address Credit Risk
As indicated in our letter responding to DWR,s RFP, we are willing to accept
other forms of credit from DWR.  Those options include a letter of credit,
cash prepayment, or an acceptable form of collateral.  DWR officials have
indicated to us that DWR prefers to pursue the second options. That is, DWR
prefers to clarify the ambiguities in AB1X through a PUC order and through
contract amendments.

4. California,s Supply-demand Picture Heading into Summer 2001

Both the California Energy Commission and Cambridge Energy Research
Associates (CERA), a private sector energy think tank, have issued reports
showing that California faces a severe supply-demand imbalance.  They differ
only on how much and how soon additional supply will be made available.  All
credible sources agree that supply will be very tight throughout the Summer
of 2001 and that unless a solution is found immediately, blackouts are
likely.

CEC and CERA both forecast that California will be short of supply this
summer by approximately 5,000 MW.   These numbers are in line with our
estimates.  California,s supply base currently has a 6% capacity margin, well
below the average 15-20%, which is recommended for reliable system operation
in the West.  Since the West relies more heavily upon hydroelectric power
than other regions, reserves are particularly important, owing to the
unpredictability of the weather and the dry year the West has experienced to
date. In the event of a low rain and snow period, the system must possess the
flexibility to respond to the reduced availability of power supply.
California,s very low reserve margin makes it especially susceptible to this
requirement.

Other reasons for reduced supply for the Summer of 2001 include the early
draw-down of reservoirs in the continual effort to manage California's severe
supply-demand gap; emissions restrictions on existing plants; and a reduced
number of customers who can be curtailed under their contracts with the
utilities.  Cambridge Energy Research Associates asserts that at the current
pace of siting, permitting and construction, adequate supplies will not be
added to correct the market imbalance until 2003 at the earliest.

CERA predicts that California is likely to face approximately 20 hours of
rolling black outs this summer.  The CEC paints a considerably more
optimistic scenario, betting that California will bring an additional 5,000
MWs on line to meet peaking summer demand.  It is our view that California
should view the CEC's "rosy scenario" with considerable skepticism.

5. Suggested Package of Legislative Proposals Designed to Solve California,s
Electricity Crisis

This email offers an overview of our proposed legislative solution.  We will
deliver to your office tomorrow specific legislative language and existing
bills that we believe can accommodate our proposals.

As we have suggested throughout the crisis, any solution to California's
crisis must focus on four issues:

Increase supply
Decrease demand
Establish a truly competitive retail electricity market
Return California,s Investor-owned utilities to solvency

Increase supply--Legislative vehicle: SB28X (Sher)
To site and construct a power plant in Texas takes approximately 2 years.
Enron and others have completed the entire process in other states in less
than a year.  In California, it takes about six years, or longer.

The Governor,s executive orders and Senator Sher,s siting reform legislation
are steps in the right direction.  Our suggested amendments can improve those
efforts by further addressing the difficulties that project developers face
in securing air emission reduction credits to meet the air permit
requirements included in the CEC's certification requirements.  Enron,s
proposal seeks to streamline the process for 1) obtaining credits and 2)
transfering credits between air districts.  In addition, it creates an
innovative emissions reduction bank to allow project sponsors to fund
emissions in advance of obtaining certification, and permits the affected air
districts to use those funds to finance projects that will produce the
required reductions in pollution emissions.

Decrease demand*Legislative Vehicle:   AB31X (Wright)
Because of the delay in getting a solution in place in California, closing
the supply-demand gap through energy conservation and efficiency offers the
best chance of avoiding blackouts this summer.  This can be accomplished most
effectively and quickly in two ways:

Buy-down demand
California is tapping into an enormous amount of money from the General Fund
to finance DWR,s power purchases.  California could likely reduce demand more
economically by running an auction to determine the payments businesses would
be willing to receive to reduce their demand for a sustained period (e.g.,
through the summer months).  DWR could easily run an on-line auction to
determine the price it could pay for these demand reductions.  To
participate, businesses would be required to have the metering equipment
necessary to monitor and verify that they are actually achieving the
reductions.  Enron has developed an on-line auction software package, &Deal
Bench,8 that it would be willing to contribute to the effort.

Use Price Signals to Incent Voluntary Curtailment
To be successful, customers need access to the following key elements:

An internet based hour-ahead price posting system to track the market price
for hour-ahead power in real time.
Real-time metering systems for baseline demand and voluntarily curtailment
verification.
Settlement process that allows for market clearing prices of energy to be
paid for load reduction (&Negawatts8).

The potential benefits of an effective demand response program would include:

&creation8 of additional summer peaking capacity in California, particularly
in the short term, without requiring construction of additional generation
resources.
reduction of  peak or super-peak load on the over-stressed California
electric system, thus potentially reducing the overall cost of electricity in
the state.
fostering of demand elasticity without subjecting customers to the full risk
of hourly market price volatility by passing market price signals to
customers and allowing them to voluntarily shed load and be compensated for
responding.

We estimate that we could generate a summer 2001 on-peak demand response in
excess of 400 MW during certain high cost hours, and a demand response for
summer 2002 on-peak hours that could exceed 1000 MW.  We further estimate
that the market response to this program from all ESPs could be 2 to 3 times
that amount.  We recommend that the State of California provide rebates
directly to customers to fund the installation of advanced metering and
control systems that would support load curtailment implementation.

Establish a truly competitive retail electricity market*Legislative vehicle:
SB27X
The only customers who were protected from price volatility in San Diego were
customers who chose Direct Access and signed fixed price deals with energy
service providers.  Ironically, AB1X takes that important option away from
customers and businesses.  It is critical that AB1X be amended to remove the
prohibition against Direct Access.

Enron's legislative proposal would give customers freedom to enter into a
direct access transaction, while simultaneously addressing the Department of
Water Resources' concerns about stranded power costs that might result from
customer migration.

In addition, California will only achieve a competitive retail market when
the utility is removed completely from the procurement function.  Procurement
is not a utility core competency, as evidenced by the dire financial
condition in which the utilities now find themselves.  California should
therefore begin immediately to phase the utility out of the procurement
function entirely, with the goal of having all customers served by a
non-utility provider within 36 months.  To execute the transition, California
should hold a series of competitive solicitations over the 36-month period in
which competing service providers would bid for the right to serve segments
of utility load.

Return California,s Investor-owned utilities to solvency*Legislative vehicle:
AB18X
Utility bankruptcy will not increase supply and it will not decrease demand.
In short, bankruptcy does nothing to solve California,s supply-demand
imbalance.  In addition, bankruptcy increases the likelihood that consumers
and businesses will bear the significant financial risks of having California
State government assume the role of &electricity buyer8 for an extended
period of time.  Finally, bankruptcy will undermine both investor confidence
in California's energy markets and the private sector's willingness to
participate in that market.

California can return the utilities to financial solvency by implementing a
series of staged rate increases.  California should design those rate
increases with the dual goal of returning the utilities to solvency without
&shocking8 the economy or household budgets For example, California could
amortize the recovery of the utilities, past debt over a 5-10 year period.
In addition, the magnitude of the rate increase can be reduced in two ways:
First, the utilities could absorb some portion of their existing debt in
recognition of the risk they accepted when they agreed to the structure of AB
1890.  Second, California can &net8 the revenues the utilities have received
from selling electricity into the Power Exchange against the debts they have
accrued due to the retail price cap.


Janet Moore speaks very highly of Denise. please let me know if you have any
interest.
----- Forwarded by Richard B Sanders/HOU/ECT on 10/06/2000 10:55 AM -----

	Denise Almoina@ENRON_DEVELOPMENT
	10/02/2000 12:52 PM

		 To: Richard B Sanders@ECT
		 cc: Janet H Moore@ECT
		 Subject: Position

Richard:
I am a Sr. Legal Specialist currently with CALME- Enron Caribbean Basin Legal
Group (I report to Frank Sayre) and due to the circumstances affecting this
business unit, am looking for another position.  I ran into Janet Moore the
other day and she suggested that I send you my C.V.  Thus, I enclose a copy
of my C.V. and List of Accomplishments with Enron for your review and
consideration.  I believe that Frank Sayre has been having some discussions
with Mark Haedicke to place some of his people.   Should you need further
information,  I can be contacted at  ext. 6-8688.  Thank you for your time.

Regards,
Denise G. Almo?na


we're all scrambling about next week...

Jeff.Dasovich@enron.com wrote:

> Edison doesn't want to play?


On Wednesday afternoon Azurix delivered a 45 day "cure" letter to the governor of Buenos Aires, leading to termination of the concession.  There has not been any media coverage, nor does Azurix management expect that the Governor will respond publicly.  However, there is always the risk that he will try to seize the initiative by terminating or otherwise attacking.

Consequently, the attached statement and Q&As have been prepared for Enron use if needed.  Please let me know if you have any comments on the attached or need additional information.  FYI, Keith Miceli is taking the lead in Enron PR support for this effort.

John


FYI

 -----Original Message-----
From: 	Wesner-Soong, Sarah
Sent:	Wednesday, November 07, 2001 5:49 PM
To:	Arnold, John
Cc:	Quigley, Dutch; Gosnell, Gerri
Subject:	EDF payoff

John - please call Gerri by 8:00 am on Thursday 11/8 if you do not want her to repay Man's $25 million.  We are legally obligated to pay the amount tomorrow morning and she will have to pay it unless she hears otherwise from you.  Gerri's number is 281-252-9892.  Thanks, Sarah


Thanks, Roger.  We'll need to determine whether we've turned the customer
back.  Any help that you and Catherine can give in that regard is
appreciated.  Then we can decide if, and how, we choose to respond to the PUC
staffer.  Thanks very much for your help.

Best,
Jeff

	Roger O Ponce@EES
	02/27/2001 07:27 PM

		 To: Jeff Dasovich/Na/Enron@ENRON
		 cc: Catherine Woods/DUB/EES@EES, James D Steffes/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, Karen Denne/Corp/Enron@ENRON,
mpalmer@enron.com@ENRON, Paul Kaufman/PDX/ECT@ECT@ENRON, Harry
Kingerski/NA/Enron@Enron, Peggy Mahoney/HOU/EES@EES
		 Subject: Re: CPUC inquiry re gas customer turnbacks

On or about Oct .17th I returned a call to  Kathy Pantolo (sp) at
818-846-8141 X 506 (according to my phone log).  As I recall the reason for
her
calling the office was that the Sept. invoice had just arrived and she
questioned NGI price. The scope of our conversation was limited to gas
 prices and how high they were, this is the only conversation I can recall
having with Providence Hospital ...

I hope this sheds a little more light on this issue.
Roger


During our call on Friday, Ken Lay requested that I send additional
information to him on emissions and siting requirements facing various power
generation technologies.  Please forward this information, and feel free to
contact me if you have any additional concerns.

Thank you.

Jeffrey Keeler
Director, Environmental Strategies
Enron
Washington DC office - (202) 466-9157
Cell Phone (203) 464-1541


The report is now password protected.  The password is:

egmlng

Thanks,
Kathleen - 52713


FYI -- attached is the new org chart for EGM.

Lisa
---------------------- Forwarded by Lisa Yoho/HOU/EES on 10/12/2000 05:57 PM
---------------------------
From: Cathy Phillips@ECT on 10/12/2000 03:09 PM
To: Lisa Yoho/HOU/EES@EES
cc:
Subject: Re: Organizational Chart

The chart is attached below.  If it does not open properly, please send me
your room number and I will send you a hard copy.

Thank you.

Cathy Phillips
X-36898

Lisa Yoho@EES
10/12/2000 02:47 PM
To: Cathy Phillips/HOU/ECT@ECT
cc:
Subject: Organizational Chart

Cathy --

Mike asked that I get a copy of the new org chart from you.

Thank you!!

Lisa


We have two positions open for Trading Assistants with UBSW Energy.  One will work for Jeff Richter and Chris Mallory on the Cash Trading desk and one will work for me and Mike Swerzbin on the Term Trading desk.

In short, the Trading Assistant helps the traders run EOL markets, provides analytical support, prepares daily market summaries, reviews trade press for pertinent information, performs checkouts with brokers and counterparties, assists in pricing new deals.

Please send an e-mail to Amy Fitzpatrick by noon on Tuesday expressing your interest.  This position is open to both Enron and UBSW employees.

Tim Belden


I need the file containing this executed agreement.  We're opening an account
in Japan.  Thanks.

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


Sorry, just got back from Houston and my duties require me to be in the big O
for a few days.  Enerson and I were just talking about you on Friday--I'm
forwarding this to him so he can take you out and feed you.  Hope all goes
well.  Give me a ring if you have a few minutes and I'll give you the update
on what's going on up here (dial 87-7449 in case you've forgotten how to dial
us from world headquarters).  DF

Mark Schroeder@ECT
10/02/2000 10:35 AM
To: Drew Fossum/ET&S/Enron@ENRON, Frank Bay/Enron Communications@Enron
Communications
cc:

Subject: I am in Houston

I am in Houston today, tomorow, and through Wed. to 1400.  If either or both
of you guys are in Houston and free for lunch, let me know.   mcs


dearest management,
please see below......  i will be in a bit late for those days when we have
presentations....  i hope not to cause any inconvenience.....
your dearest analyst,
jpadron

---------------------- Forwarded by Juan Padron/NA/Enron on 04/17/2001 05:28
AM ---------------------------
From: Karen Buckley/ENRON@enronXgate on 04/10/2001 09:41 AM
To: Russell Ballato/NA/Enron@Enron, Steve Gim/NA/Enron@Enron, Juan
Padron/NA/Enron@Enron, Paul Schiavone/ENRON@enronXgate, Joseph
Wagner/NA/Enron@Enron, Chuck Ames/NA/Enron@Enron, Bilal Bajwa/NA/Enron@Enron,
Mog Heu/NA/Enron@Enron, Denver Plachy/NA/Enron@Enron, Elizabeth
Shim/Corp/Enron@ENRON, Matt Smith/NA/Enron@ENRON, Jason Wolfe/NA/Enron@ENRON,
Virawan Yawapongsiri/NA/Enron@ENRON
cc:

Subject: Trading Track - Training Session

All,

John Lavorato has requested your attendance every other Wednesday as listed
below.      Each desk head will give an approx 1.5 presentation on their
respective areas.      Please mark the below in your calendars.       If at
any time there is a change in the presenter I will notify you.

If you have any questions please let me know.

Rgds,

Karen
x54667

Room:  32C2
Time:  4 - 6 pm.

Wednesday, April 18th  Allen, Philip
Wednesday, May 2nd  Arnold, John
Wednesday, May 16th  Davis, Dana
Wednesday, May 30th  Gilbert-Smith, Doug
Wednesday, June 13th  Grigsby, Mike
Wednesday, June 27th  Martin, Thomas
Wednesday, July 11th  Neal, Scott
Wednesday, July 25th  Presto, Kevin
Wednesday, Aug 8th  Herndon, Rogers
Wednesday, Aug 22nd  Schwieger, Jim
Wednesday, Sept 5th  Shively, Hunter
Wednesday, Sept 19th  Sturm, Fletcher


I would decline

	Enron Capital & Trade Resources Corp.

	From:  Joannie Williamson                           04/09/2001 11:02 AM

To: Mark Koenig/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron
cc:

Subject: meeting

I don't believe that Jeff would be interested in meeting with this company.
Please advise.

Thanks,
Joannie

---------------------- Forwarded by Joannie Williamson/Corp/Enron on
04/09/2001 10:43 AM ---------------------------

Michael.Munn@rutherfordconsulting.com on 04/05/2001 04:27:35 PM
To: jeff.skilling@enron.com
cc:

Subject: meeting

Jeff,

Here is some additional information on us that it was recommended I send to
you.  I am assisitant to Mark Kearns, Vice-President for Rutherford
Consulting, who resides in Houston.  When he is in town, I set up short
meetings for him of 30 minutes or so duration with companies and/or CEO's,
Presidents, etc. that he would like to bring industry informaiton to as
well as a bit more about us.

I will call after you've had the opportunity to review this to arrange a
convenient time for you both.

Michael M. Munn
Executive Assistant
 - Rutherford Consulting -- Overview Presentation.ppt


Get ready.  Beginning in November, electronic pay stubs will be available to all employees who have their paychecks direct deposited into their bank account.  Electronic pay stubs are an easy, fast, and efficient way for you to get your payroll information.  They will also help Enron to realize a considerable savings in time and dollars spent over traditional printed pay stubs.

If you prefer to receive a hardcopy of your pay stub, click on the link below to complete a request form.  This form must be submitted to Payroll by October 15, 2001.  Unless you submit a form your pay stub information will default to electronic viewing.

Please click on the link below.

Name:             KIMBERLY WARD
Personnel number: P00503807
Phone:            7138530685

If you have questions about electronic pay stubs, please contact Janice Priddy (Payroll) 713-853-7839 or Marie Newhouse (ClickAtHome) at 713-345-4185 or send an email to  Enron.Payroll@enron.com (Enron Payroll in Outlook).

Stay tuned for more details in the coming weeks.

http://etcsurvey.corp.enron.com/wi/p0810709/i.asp?r=16797&s=UNRCGLNR&l=9


OK, Cheryl, you thought I was kidding about needing the guaranty!  Can we
request the new guaranty now?

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 03/26/2001 05:02 PM -----

	Tom Doukas@ENRON
	03/26/2001 04:59 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: David A Wall/Risk Mgmt/LON/ECT@ECT, Jeff Kinneman/Enron@EnronXGate@ECT,
Richard Sage/LON/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Cheryl
Nelson/NA/Enron@Enron
		 Subject: Re: BEAR Guarantee letter

Just wanted to follow up to see if we have a time frame as to when the letter
will be fully executed.

Thanks,

Tom

From: Sara Shackleton@ECT on 03/22/2001 08:41 AM
To: Tom Doukas/NA/Enron@ENRON
cc: David A Wall/Risk Mgmt/LON/ECT@ECT, Jeff Kinneman/Enron@EnronXGate,
Richard Sage/LON/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Cheryl
Nelson/NA/Enron@Enron

Subject: Re: BEAR Guarantee letter

Here's a recap for everyone.
Our original negotiation with Bear (for the Securities Loan Agreement) was in
the name of ENA, and, ENA had an existing account agreement with Bear.
However, Bear insisted that the account agreement was "too old" and that we
negotiate a new agreement.  I agreed on the condition that this not hold up
execution of the Securities Loan Agreement.  We have one or two final points
remaining on the new account agreement which we'll execute for both ENA and
Enron Credit Inc.. ("ECI").  We have the authorized trader list for ECI and
are waiting for Richard to designate the new officer/director slate but we
are prepared for execution by the existing officers in London.  The
assignment instrument will be very short for transferring the ECI book from
ENA to ECI.  It will take only a few days to replace the existing ENE
guaranty for the Securities Loan Agreement.

Jeff and Sheila:  Please verify that both ENA and ECI do not  need the
Securities Loan Agreement.  I believe it is just ECI and we can transfer the
existing agreement to ECI.

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

	Tom Doukas@ENRON
	03/21/2001 12:28 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Jeff Kinneman/Enron@EnronXGate, Sheila Glover/HOU/ECT@ECT, Richard
Sage/LON/ECT@ECT, David A Wall/Risk Mgmt/LON/ECT@ECT
		 Subject: BEAR Guarantee letter

Sara,

I just spoke with Russ Miron from Bear Sterans regarding our Guaranty to
Reduce funding to 20% per side.

I had asked him about when they will be executing the agreement.  He said
that his lawyers are ready to sign but are under the impression that you have
one remaining point to resolve and that this point is holding up the
finalization of the agreement.

Is there an issue from our side?  If not we should be able to get this
execution taken care of immediately?

Thanks,

Tom
713-853-9074