Need any further proof that California is destined to slide off into the sea?

From: Jeff Dasovich on 12/13/2000 01:31 PM
Sent by: Jeff Dasovich
To: skean@enron.com, Richard Shapiro/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron, Paul Kaufman/PDX/ECT@ECT, Karen
Denne/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT, Robert
Badeer/HOU/ECT@ECT, Chris H Foster/HOU/ECT@ECT, Christopher F
Calger/PDX/ECT@ECT, Joe Hartsoe/Corp/Enron@ENRON, Alan Comnes/PDX/ECT@ECT,
Sarah Novosel/Corp/Enron@ENRON, mpalmer@enron.com, Sandra
McCubbin/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON, Mona L
Petrochko/NA/Enron@Enron, Jennifer Rudolph/HOU/EES@EES, Jeffery
Fawcett/ET&S/Enron@ENRON, Dennis Benevides/HOU/EES@EES, Neil
Bresnan/HOU/EES@EES, Roger Yang/SFO/EES@EES, Harry Kingerski/NA/Enron@Enron,
Martin Wenzel/SFO/HOU/EES@EES, Douglas Condon/SFO/EES@EES, David
Parquet/SF/ECT@ECT, Laird Dyer/SF/ECT@ECT
cc:

Subject: FYI-Edison wants Reregulation

----- Forwarded by Jeff Dasovich/NA/Enron on 12/13/2000 01:29 PM -----

	"Katie Kaplan" <kaplan@iepa.com>
	12/13/2000 01:23 PM
	Please respond to kaplan

		 To: "Douglas Kerner" <DKK@eslawfirm.com>, "Andy Brown" <ABB@eslawfirm.com>,
"B Brown Andy" <andybrwn@earthlink.net>, "Bob Weisenmiller"
<rbw@mrwassoc.com>, "Jan Smutny-Jones" <smutny@iepa.com>, "Jean Munoz"
<jmunoz@mcnallytemple.com>, "Jeff Dasovich" <Jeff.Dasovich@enron.com>, "John
Stout" <John_H_Stout@reliantenergy.com>, "Julee Malinowski-Ball"
<jmball@ns.net>, "Karen Edson" <kedson@ns.net>, "Kassandra Gough"
<kgough@calpine.com>, "kent Palmerton" <kent.palmerton@williams.com>,
"Kristin Vellandi" <kvellandi@pstrategies.com>, "Marty Wilson"
<mwilson@pstrategies.com>, "McNally Ray" <rmcnally@mcnallytemple.com>,
"Norton Kelli" <knorton@mcnallytemple.com>, "Paula Hall-Collins"
<paula.hall-collins@williams.com>, "Richard Hyde" <rwhyde@duke-energy.com>,
"Stephanie-Newell" <stephanie-newell@reliantenergy.com>, "Sue Mara"
<smara@enron.com>, "Tom Ross" <tross@mcnallytemple.com>, "Kate Castillo"
<ccastillo@riobravo-gm.com>, "Bill Carlson" <wcarlson@wm.com>, "Bill Woods"
<billw@calpine.com>, "Bob Escalante" <rescalante@riobravo-gm.com>, "Carolyn
Baker" <cabaker@duke-energy.com>, "Cody Carter" <cody.carter@williams.com>,
"Curt Hatton" <curt.hatton@gen.pge.com>, "Curtis Kebler"
<curtis_l_kebler@reliantenergy.com>, "Dave Parquet" <dparque@ect.enron.com>,
"Dean Gosselin" <dean_gosselin@fpl.com>, "Duane Nelsen"
<dnelsen@gwfpower.com>, "Ed Tomeo" <ed.tomeo@uaecorp.com>, "Eileen Koch"
<eileenk@calpine.com>, "Eric Eisenman" <eric.eisenman@neg.pge.com>, "Frank
DeRosa" <frank.derosa@gen.pge.com>, "Greg Blue" <gtbl@dynegy.com>, "Hap Boyd"
<hap.boyd@enron.com>, "Jack Pigott" <jackp@calpine.com>, "Jeff Dasovich"
<jdasovic@enron.com>, "Jim Willey" <elliottsa@earthlink.net>, "Joe Greco"
<joe.greco@uaecorp.com>, "Joe Ronan" <joer@calpine.com>, "Jonathan Weisgall"
<jweisgall@aol.com>, "Ken Hoffman" <khoffman@caithnessenergy.com>, "Kent
Fickett" <kfickett@usgen.com>, "Lynn Lednicky" <lale@dynegy.com>, "Marty
McFadden" <marty_mcfadden@ogden-energy.com>, "Paula Soos"
<paula_soos@ogden-energy.com>, "Randy Hickok" <rjhickok@duke-energy.com>,
"Rob Lamkin" <rllamkin@seiworldwide.com>, "Roger Pelote"
<roger.pelote@williams.com>, "Scott Noll" <snoll@thermoecotek.com>, "Steve
Iliff" <siliff@riobravo-gm.com>, "Steve Ponder" <steve_ponder@fpl.com>,
"Susan J Mara" <Susan_J_Mara@enron.com>, "Tony Wetzel"
<twetzel@thermoecotek.com>, "Trond Aschehoug" <taschehoug@thermoecotek.com>,
"William Hall" <wfhall2@duke-energy.com>, <kaplan@iepa.com>
		 cc: "Karen Edson" <kedson@ns.net>, "Julee Malinowski-Ball" <jmball@ns.net>,
"Douglas Kerner" <DKK@eslawfirm.com>, "B Brown Andy"
<andybrwn@earthlink.net>, "Andy Brown" <ABB@eslawfirm.com>, "Jan
Smutny-Jones" <smutny@iepa.com>, "Steven Kelly" <steven@iepa.com>
		 Subject: FYI-Edison wants Reregulation

DJ Edison To Call For End To Calif Elec
                  Dereg Wed -Sources

                  Copyright (c) 2000 Dow Jones & Company, Inc.

                  LOS ANGELES (Dow Jones)--Edison International (EIX),
saying the current state of
                  California's power markets threatens the company with
bankruptcy, will call Wednesday
                  for an end to California's four-year experiment with
deregulation, sources familiar with
                  the issue told Dow Jones Newswires.

                       John Bryson, chief executive of Edison International,
is expected to announce that
                  the company's regulated utility unit, Southern California
Edison, won't be able to
                  recover more than $3 billion in losses related to power
purchases and continue serving
                  its retail customers unless the state's deregulated market
structure is scrapped.

                       In a move tantamount to a call for reregulation,
Edison will propose to break ground
                  on new power plants within 90 days and re-enter the
power-generation business
                  Southern California Edison was required to exit under the
state's landmark 1996
                  deregulation law, the sources said.

                       Edison plans to follow the announcement by filing a
request with state regulators to
                  increase retail electricity rates by as much as 20%, the
sources said, even though
                  regulators rejected Edison's request for a rate increase
of 10% last week.

                       The utility has lined up the support of some state
lawmakers for the broader
                  proposal, which would require action by the state
legislature, the sources said.

                       Southern California Edison, with 4.2 million
customers, is one of the country's largest
                  electric utilities. Edison was the first of the state's
utilities to sign on to the deregulation
                  effort and, as it says on its Web site, "played a central
role in the restructuring of the
                  electric industry in California."

                       Among the concessions won by utilities in 1996 is the
rate freeze, which they
                  demanded to help them recover costs related to
deregulation but which is now
                  producing huge losses.

                       Edison's current losses stem from an imbalance
between the soaring prices it must
                  pay to purchase power on the wholesale markets and the
fixed rate at which it can sell
                  power to its customers.

                       About half of those losses are offset the utility's
own power sales revenues, which
                  are accounted for separately and used to pay down
deregulation-related debt. Rising
                  power costs have produced a surplus in that account.
Edison wouldn't reveal the
                  current size of the surplus, but said previously that the
California Power Exchange paid
                  the utility $1.3 billion over its generating costs for
power through the end of September,
                  at a time when its power-purchase losses were $2.4
billion.

                       Power-Purchase Losses Mounting

                       The net losses continue to mount. California's
wholesale power prices hovered at
                  record levels all summer and spiked even higher in the
past two weeks, as colder
                  weather arrived in the Northwest at a time when much of
California's power supply was
                  down for maintenance.

                       The price of power for delivery Wednesday in
California hit an average of $1,182 a
                  megawatt-hour Tuesday, up from $250 a megawatt-hour a week
ago, the result of high
                  demand and a decision by California's wholesale market
operator to lift its cap on prices.

                       The rate Southern California Edison can charge its
retail customers, however, is fixed
                  at $66/MWh.

                       Last week, Merrill Lynch & Co. (MER) downgraded its
ratings for Edison
                  International and PG&E Corp. (PCG), the parent of
California's other major utility, Pacific
                  Gas & Electric, to neutral, saying the utilities may be
forced to file for bankruptcy if the
                  state doesn't allow them to raise their retail rates.

                       A Morgan Stanley Dean Witter (MDW) analyst drew the
same conclusion Monday,
                  also cutting his rating to neutral.

                       Edison to this point has kept its power-purchase
losses off its earnings statement, in
                  hopes that a political or regulatory solution will allow
them to be collected later.

                       The California Public Utilities Commission put the
hope of such a solution further out
                  of reach last week, however, when it ruled against rate
increases sought by Edison and
                  PG&E.

                       Credit rating agency Fitch Inc. on Monday lowered its
ratings for Edison
                  International and Southern California Edison's senior
unsecured debt to the A-minus
                  level, citing "increased liquidity pressure" and
uncertainty about the utilities' ability to
                  recover the costs of their power purchases. The agency
downgraded Edison
                  International, the parent, because half its consolidated
cash flow is provided by
                  Southern California Edison.

                       Edison - which sources said plans to remain in the
retail electricity business - said
                  late last week that it has secured a $1 billion line of
credit and expects to have enough
                  cash on hand to continue to pay for wholesale electricity
for the next several months.

                       California paid more than $1 billion for power last
week, sources said. Some of that,
                  however, was paid to Southern California Edison, which
still generates about 2,800
                  megawatts of power in the state.

                       Shares in Edison International have fallen 21% over
the past three weeks. They
                  closed Wednesday at $18.56, down $0.06.

                       -By Jason Leopold, Dow Jones Newswires; 323-658-3874;
                  mailto:jason.leopold@dowjones.com(Mark Golden contributed
to this article.)

Katie Kaplan
Manager of State Policy Affairs
Independent Energy Producers Association
(916) 448-9499

-----Original Message-----
From: Katie Kaplan [mailto:kaplan@iepa.com]
Sent: Wednesday, December 13, 2000 10:50 AM
To: William Hall; Trond Aschehoug; Tony Wetzel; Susan J Mara; Steve Ponder;
Steve Iliff; Scott Noll; Roger Pelote; Rob Lamkin; Randy Hickok; Paula Soos;
Marty McFadden; Lynn Lednicky; Kent Fickett; Ken Hoffman; Jonathan Weisgall;
Joe Ronan; Joe Greco; Jim Willey; Jeff Dasovich; Jack Pigott; Hap Boyd; Greg
Blue; Frank DeRosa; Eric Eisenman; Eileen Koch; Ed Tomeo; Duane Nelsen; Dean
Gosselin; Dave Parquet; Curtis Kebler; Curt Hatton; Cody Carter; Carolyn
Baker; Bob Escalante; Bill Woods; Bill Carlson; Kate Castillo; Pigott Jack;
Tom Ross; Sue Mara; Stephanie-Newell; Richard Hyde; Paula Hall-Collins;
Norton Kelli; McNally Ray; Marty Wilson; Kristin Vellandi; kent Palmerton;
Katie Kaplan; Kassandra Gough; Karen Edson; Julee Malinowski-Ball; John
Stout; Jeff Dasovich; Jean Munoz; Jan Smutny-Jones; Bob Weisenmiller; B
Brown Andy; Andy Brown; Douglas Kerner
Cc: Douglas Kerner; Julee Malinowski-Ball; Karen Edson; Andy Brown; B Brown
Andy
Subject: FYI-Edison wants back in the generation business

Edison Mission Energy Power Project Starts Construction After Expedited
Approval By California Energy Commission

 Monday December 11 6:39pm
 Source: Dow Jones

 Operation Targeted for August

 IRVINE, Calif., Dec. 11 /PRNewswire/ -- Edison Mission Energy (EME), an
Edison International company (NYSE: EIX), started construction of its new
 Sunrise power plant on Thursday, December 7, having received expedited
approval from the California Energy Commission (CEC) to proceed. The
 power generation facility will be located in Kern County, California, and
will bring both short- and long-term generation capacity to the state, which
is in
 dire need of new power generation.

 "From the onset of the California power crisis, we have sought to find
means to bring new power to the California market," said John E. Bryson,
 chairman and CEO of Edison International. "This CEC approval will help
ensure that this critical new project will be able to provide a significant
amount
 of new peaking power to the state as soon as next August. Our thanks and
appreciation go to the California Energy Commission, and the
 environmental and regulatory agencies for their swift consideration of this
important project."

 "This power has been offered by contract to the state so that the pricing
for it does not depend on California's broken deregulated power market,"
said
 Alan J. Fohrer, president and CEO of EME. "Alternatively, EME will seek to
enter into a long-term, cost-based contract with either Pacific Gas &
 Electric Company or San Diego Gas & Electric Company to further ensure that
California's consumers reap the benefit of this additional power
 resource," Fohrer said.

 The Sunrise Power Project will be completed in two phases. Phase 1 will
consist of a 320-megawatt (MW), simple-cycle peaking facility scheduled to
 be in service during the summer 2001. Phase 2 will convert the peaking
facility to a 560-MW, combined-cycle operation with an in-service date of
 summer 2003. The project will meet or exceed all pertinent environmental
and safety standards.

 Final regulatory approvals have been received for Phase I of the project
only.

 EME will be seeking expedited permitting approval for the Phase II
expansion in line with the fast-track approval process recently enacted by
the
 California legislature.

 EME has also negotiated an agreement with the labor unions for an adequate
supply of highly skilled labor in order to achieve an accelerated
 construction schedule. The accelerated schedule is aimed at providing this
additional power to California by next summer.

 Edison Mission Energy specializes in the development, acquisition,
construction management and operation of global power production facilities.
As
 one of the world's leading global power producers, Edison Mission Energy
owns nearly 23,000 megawatts of generating capacity, including interests in
 75 projects currently under construction or operating in Australia,
Indonesia, Italy, New Zealand, Puerto Rico, Spain, Thailand, Turkey, the
United
 Kingdom and the United States.

 Based in Rosemead, Calif., Edison International is a premier international
electric power generator, distributor and structured finance provider. With
a
 portfolio of approximately 28,000 megawatts, Edison International is an
industry leader in privatized, deregulated and incentive-regulated markets
and
 power generation. It is the parent company of Edison Mission Energy,
Southern California Edison, Edison Capita, Edison Enterprises and Edison
 O&M Services.

 /CONTACT: Kevin Kelley of Edison Mission Energy, 626-302-1033, Fax,
626-302-7827/ 21:35 EST

Katie Kaplan
Manager of State Policy Affairs
Independent Energy Producers Association
(916) 448-9499


I received this email today from a very good friend of mine who has a lot of close friends from India.  This letter is to one of those close friends.  I don't know if I should pass it around but I want everyone I know to be aware.

Kim
> >
> >This is worth forwarding, just incase. . .
> >
> >========================================================================
> >===============================================
> >
> >PLEASE READ!
> >Subject: Malls on 10/31
> >
> >Hey guys..I dont want to scare anyone..but its better safe than sorry,
> >right?? This is not just a foward I recieved..Its from one of my
> >colleages at JPMorgan. It's been sent around within the firm, I wanted
> >to pass it on just in case.
> >Hi All -
> >I think you all know that I don't send out hoaxes and don't
> >do the reactionary thing and send out anything that crosses my
> >path.
> >This one,  however, is a friend of a friend and I've given it
> >enough credibility in my mind that I'm writing it up and sending it out
> >to all of you.
> >My friend's friend was dating a guy from Afghanistan up until a month
> >ago.  She had a date with him around 9/6 and was stood up. She was
> >understandably upset and went to his home to find it completely emptied.
> >On 9/10, she received a letter from her boyfriend explaining that
> >he
> >wished he could tell her why he had left and that he was sorry it
> >had to be like that.  The part worth mentioning is that he BEGGED her
> >not to get on any commercial airlines on 9/11 and to not to go any malls
> >on Halloween.
> >As soon as everything happened on the 11th, she called the FBI and has
> >since turned over the letter. This is not an email that I've received
> >and decided to pass on.  This came from a phone conversation with a
> >long-time friend of mine last night.
> >I may be wrong, and I hope I am.  However, with one of his warnings
> >being correct and devastating, I'm not willing to take the chance on the
> >second and wanted to make sure that people I cared about had the same
> >information that I did.
> >Laura Katsis
> >Implementation Specialist
> >714/921-5424
> >lkatsis@volt.com <mailto:lkatsis@volt.com>
> >OpsVolt_Track@volt.com <mailto:OpsVolt_Track@volt.com>
> >
> >
> >
> >--------------------------------------------------------------
> >Reminder:  E-mail sent through the Internet is not secure.
> >Do not use e-mail to send us confidential information
> >such as credit card numbers, changes of address, PIN
> >numbers, passwords, or other important information.
> >Do not e-mail orders to buy or sell securities, transfer
> >funds, or send time sensitive instructions. We will not
> >accept such orders or instructions.  This e-mail is not
> >an official trade confirmation for transactions executed
> >for your account.  Your e-mail message is not private in
> >that it is subject to review by the Firm, its officers,
> >agents and employees.
> >--------------------------------------------------------------
> >
> >
> >**********************************************************************
> >This e-mail is the property of Enron Corp. and/or its relevant affiliate
> >and may contain confidential and privileged material for the sole use of
> >the intended recipient (s). Any review, use, distribution or disclosure
by
> >others is strictly prohibited. If you are not the intended recipient (or
> >authorized to receive for the recipient), please contact the sender or
> >reply to Enron Corp. at enron.messaging.administration@enron.com and
delete
> >all copies of the message. This e-mail (and any attachments hereto) are
not
> >intended to be an offer (or an acceptance) and do not create or evidence
a
> >binding and enforceable contract between Enron Corp. (or any of its
> >affiliates) and the intended recipient or any other party, and may not be
> >relied on by anyone as the basis of a contract by estoppel or otherwise.
> >Thank you.
> >**********************************************************************
>
>
> _________________________________________________________________
> Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp
>
>


Here's a conformed version:


The attachment in the e-mail below contains the EPMI balance with the PX(EPMI 081001.xls). The Win zip files sent by the ISO contain the backup to the 1480 Overview file.

							Chris
						       503-807-8959

-----Original Message-----
From: 	DDeach@calpx.com [mailto:DDeach@calpx.com]
Sent:	Monday, August 13, 2001 2:54 PM
To:	Stokley, Chris
Subject:	EPMI - Account Summary as of August 10, 2001

---------------------- Forwarded by Don Deach/users/PX_CALIF on 08/13/2001 12:54 PM ---------------------------

Don Deach
08/13/2001 09:55 AM

To:	EPMI
cc:
Subject:	EPMI - Account Summary as of August 10, 2001

PARTICIPANTS:
Enclosed is your updated Account Activity Statement summarizing all accounts receivable/payables activities with CalPX occurring during 2001 starting with the issuance of the December Day-Ahead/Day-Of Market invoice back in January through the April Real Time invoices in August.
The April billing cycles are adjustments being made by CAISO that go back as far as Spring 2000.  CAISO is continuing to make these adjustments, which are basically meter corrections and approved scheduling coordinator disputes, for prior periods.  These will probably continue for a few more months because of the recent FERC ruling regarding refunds.
Please feel free to call Don Deach (626-685-9876), Rachel Axelrad (626-685-9843) or Clark Cheng (626-685-9846) with any questions.
Thank You.
(See attached file: EPMI 081001.xls)


Guys, here are the details on the ESA MEH turbines - please forward to me
your project details, economics and strategy ASAP.  We will allocate these
turbines to the project with the best strategic/economic rationale once
confirming that they are worth more in ENA versus ESA.  If you need more
detailed information on these turbines please let me know.

Rob, please give me call on this one.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 12/12/2000
08:17 PM ---------------------------

Brett R Wiggs@ENRON
12/11/2000 11:54 AM
To: David W Delainey/HOU/ECT@ECT
cc: Joe Kishkill/SA/Enron@Enron
Subject: Re: MEH Turbines

Dave:

The attached sheet provides a summary of information on the turbines.

Brett

David W Delainey@ECT
12/08/2000 06:38 PM
To: Brett R Wiggs/SA/Enron@Enron
cc: Joe Kishkill/SA/Enron@Enron
Subject: MEH Turbines

Brett, can you give me the particulars on the four MEH turbines (ie)
scheduled delivery, price, fuel options, heat rate, output,etc - including
transferablility to NA.

Regards
Delainey


Dear PIRA Client:

The following Current News & Analysis articles have been published on
PIRA's website:

1) Iraq: UN Oil For Food Exports
2) US Gasoline Baselines To Change Next Year

Please go to http://www.pira.com

These articles can be found in the Client section of PIRA's website. You
will need a PIRA Online account in order to gain access. For account
information please contact Dyana Rothman, drothman@pira.com

Best regards,

PIRA Energy Group


Attached below is Same Behrend's rough draft take on a revised section on market-based rates.  Please let me have your comments on his ideas.  Thanks.

-----Original Message-----
From: Samuel Behrends [mailto:SBEHREND@LLGM.COM]
Sent: Thursday, September 13, 2001 6:51 PM
To: Shelk, John
Cc: SamBehrends@Gateway.net; Catherine McCarthy
Subject: Draft Language

     John - This still needs work, particularly the double negative in section (h) (2), but I wanted to get it to you in case you needed something bright and early.    I'll noodle on it some more tonight.

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

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


I bid $0 on New Orleans D


LAST CALL for BUSINESS HIGHLIGHTS AND NEWS for this week's EnTouch Newsletter.

Please submit your news by 12 noon today.

Thanks!
Kathie Grabstald
x 3-9610


[IMAGE]
  [IMAGE] OCTOBER 2001 Edition   Dear Richard,   Thank you for visiting LoanWeb/4Insurance. On behalf of our sister site www.iHomeowner.com , we're sending this useful iHomeowner Monthly Newsletter to you. It's specifically dedicated to the needs of Homeowners such as yourself. For much more, please visit www.iHomeowner.com , a one-stop solution for all of your homeownership needs before, during, and after the sale.  [IMAGE]    DECORATING DOS AND DON'TS  9 Stylish Lessons    [IMAGE]Review these home decorating lessons to enhance the true beauty of each room in your house.  You'll decorate like a professional! Click here to learn more.     REFINANCE REFRESHER - A QUICK CHECKLIST  Rates are the Lowest in Years    Now is the perfect time to refinance your mortgage and save money.  But, be sure to read this checklist before you shop around. Click here to learn more.     15-MINUTE MEAL RECIPES  15 Recipes for 15-Minute Meals    [IMAGE]These speedy recipes will both drastically reduce your meal preparation time and have you and your family eating within minutes. Click here to learn more.     HOW TO HOST A SUCCESSFUL DINNER PARTY  Impress Your Guests with a Personal Touch    Hosting a dinner party is your chance to shine.  Here's what to do to make it a unique and memorable experience for everyone. Click here to learn more.     EASY FIX-IT SOLUTIONS FOR THE HOME  Why Hire a Professional - Do It Yourself    [IMAGE]Learn how to fix common household problems like a pro.  Simple instructions will show you how and save you money. Click here to learn more.     SCREAM THIS HALLOWEEN  Costumes, Decorations, Treats, & More    [IMAGE]Carve the perfect pumpkin.  Create the best costume.  Bake the ideal treats.  Enjoy a haunting Halloween! Click here to learn more.      [IMAGE]   [IMAGE] Get Your FICO
 Score at Equifax.com     [IMAGE]  [IMAGE] Get Your Loan at LoanWeb.com     [IMAGE]  [IMAGE] Find Your Homeownership Needs at iHomeowner.com     [IMAGE]  [IMAGE] Find a Contractor at ImproveNet.com     [IMAGE]  [IMAGE] Haunting Halloween Ideas         Tell us what YOU want to read about in future editions.    Our privacy policy.      To unsubscribe to this publication, just reply to this message and put "unsubscribe" somewhere in the subject line.  You can also unsubscribe by clicking here.


Monday/Tuesday--Vancouver, BC for EBS meeting
Wed--In office
Thurs--In office
Friday--In office


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 02/01/2000
02:40 PM ---------------------------

	Amber Limas
	02/01/2000 02:23 PM

To: Judy Hernandez/HOU/ECT@ECT, Regina Blackshear/Corp/Enron@ENRON, Leslie
Smith/HOU/ECT@ECT, Michelle Neville/HOU/ECT@ECT, Lisa Shoemake/HOU/ECT@ECT,
Eve Puckett/Corp/Enron@ENRON, CAROL COLEMAN
cc:
Subject: Fwd: FW: Hillary & Janet

---------------------- Forwarded by Amber Limas/HOU/ECT on 02/01/2000 02:20
PM ---------------------------

Amber Ebow
02/01/2000 10:52 AM
To: rjackson@admin4.hsc.uth.tmc.edu, Anthony Campos/HOU/ECT,
nefjones@hotmail.com
cc: mlittle@aol.com, gmatth@coair.com, Samuel Schott/HOU/ECT, "Bowden, Neinka
S" <nbowden@bcm.tmc.edu>, Shundea Thrower <shundea.thrower@wcom.com>, Amber
Limas/HOU/ECT@ECT, Shirlet Williams/HOU/ECT@ECT, Michelle
Neville/HOU/ECT@ECT, Regina Blackshear/Corp/Enron@ENRON, Albert
Escamilla/HOU/ECT@ECT, Julissa Marron/Corp/Enron@ENRON, Bernice
Rodriguez/HOU/ECT@ECT, Shyril L Scott/HOU/ECT@ECT, Leslie Smith/HOU/ECT@ECT
Subject: Fwd: FW: Hillary & Janet

---------------------- Forwarded by Amber Ebow/HOU/ECT on 02/01/2000 10:48 AM
---------------------------

Sheila Chadwick <smchadwic@yahoo.com> on 02/01/2000 10:38:19 AM
To: Faith Wells <fwells@ascap.com>
cc:  (bcc: Amber Ebow/HOU/ECT)
Subject: Fwd: FW: Hillary & Janet

Subject: FW: Hillary & Janet

First Lady Hillary Clinton and Attorney General Janet Reno were
> having one of those girl to girl talks.
>
> Hillary says to Janet, "You're lucky that you don't have to put up
> with men having sex with you. I have to put up with Bill, and
> there's no telling where he last had his pecker."
>
> Janet responded. "Just because I am considered ugly, doesn't
> mean I don't have to fight off unwelcome sexual advances."
>
> Hillary asks, "Well how do you deal with the problem?"
>
> Janet says, "Whenever I feel that a guy is getting ready to make
> a pass at me, I muster all my might and squeeze out the loudest,
> nastiest, fart I can."
>
> Well, that night, Bill was already in bed with the lights out when
> Hillary headed for bed. She could hear him start to stir, and
> knew that he would be wanting some action. She had been
> saving her farts all day, and was ready for him. She tenses up
> her butt cheeks and forces out the most disgusting sounding
> fart you could imagine.
>
> Bill rolls over and says, "Is that you, Janet?"
>
>

Sheila Chadwick

"When one door closes, another opens; but we often look so long and so
regretfully upon the closed door that we do not see the one which has opened
for us."                             -- Alexander Graham Bell

---------------------------------
Do You Yahoo!?
Talk to your friends online with Yahoo! Messenger.
 - att1.htm


---------------------- Forwarded by Mark Guzman/PDX/ECT on 01/21/2001 10:22
PM ---------------------------

	From:  Mark Guzman                           01/21/2001 08:20 PM

To: btate1@epelectric.com
cc:
Subject: Preschedules

Tate, go to the tab on this spredsheet for 1/22 and print.  Give me a call
afterward.


Shirley,

No problem.

Vince

Shirley Crenshaw
01/16/2001 12:58 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Wall Street Journal for Jason Sokolov

Vince:

Jason has requested a subscription to the Wall Street Journal - is it ok?


Tanya:  Please talk to either Carol or Tana.  Maybe they need commercial help
to get the guaranty.  SS

	Tanya Rohauer
	05/31/2000 08:52 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Carol St Clair/HOU/ECT@ECT
		 Subject: Re: Credit "Top Tens"

sara, i thought Jaron was done we were just waiting on the gty??

From: Sara Shackleton on 05/31/2000 08:32 AM
To: Rod Nelson/HOU/ECT@ECT, Russell Diamond/HOU/ECT@ECT, Tanya
Rohauer/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Paul Radous/Corp/Enron@ENRON,
Edward Sacks/Corp/Enron@Enron
cc: Carol St Clair/HOU/ECT@ECT
Subject: Credit "Top Tens"

All:  I know that credit and legal are currently stretched to the limits but
pushing your credit priorities will require some coordination.  Here's a
brief recap of yesterday's meeting:

ALMOST DONE:  Cargill, Idacorp, Utilicorp

BRANT:  Dynegy Canada, Occidental, Duke Energy Marketing Limited P'p

ED:  Mieco, Inc.

RUSSELL:  PanCanadian Energy Services, WPS Energy Services

TANYA:  J.Aron (we need commercial help to push this)

Please review the comments taken at each meeting and distributed to
everyone.  Please use Lotus Notes to record/review activity.  We are
depending on you to take needed action as required and we are doing the
same.  Thanks.  Sara


I'm in Buenos Aires today and talked to Andrea about her computer.  While
they are having big problems with her laptop (it likes to eat hard drives)
she will be able to bring it along (it's a Compaq Armada 1500C - will that
fit in the docking station?).  In case it isn't working, can we get her set
up with one of the Windows 2000 machines that are being installed Tuesday
morning?

Mark

Joya Davis
04/28/2000 09:46 AM
To: Taffy Milligan/HOU/ECT@ECT
cc: Chaundra Woods/HOU/ECT, Mark Taylor/HOU/ECT@ECT, Becky Tlucek/HOU/ECT
Subject: Re: Andrea Calo - Visitation

She can use EB3891 and the extension for that office is 5-7780.   For the
next 2 weeks.  Please advise her to bring her own laptop.  There is an
"empty" docking station available in EB3891 for her use.

Joya'

Taffy Milligan
04/28/2000 09:32 AM
To: Joya Davis/HOU/ECT@ECT, Chaundra Woods/HOU/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT, Becky Tlucek/HOU/ECT@ECT
Subject: Andrea Calo - Visitation

Good morning, girls.

Did you know that Andrea Calo, attorney from the Argentina office, is coming
to the Houston office on Monday morning , May 1, for a two week stay?

At Mark Taylor's request, please arrange an office, computer, and phones for
her.  I will reserve an temporary ID for her through security.  Regarding her
computer, she will let me know later this a.m. if she will be traveling with
her lap top.

Please let me know if you need any additional information.  Sorry for the
short notice, I just found out.

Thank you,
Taffy


This is a reminder !!!!!  There will be a Friday Meeting September 29th,
2000.

    Date:  September 29, 2000
      Friday

    Time:   2:30 pm - 4:30 pm

    Location:  30C1

    Topic:   ENA Management Committee

If you have any questions or conflicts, please feel free to call me (3-0643).

Thanks,

Kay 3-0643


Sally,

Shari and I would like to schedule an hour of your time from 3:00 pm to 4:00
pm on Wednesday, October 25, 2000.  During this time Shari will present to
you the September results for the Operations Pricing Model.  We would also
like to give you a briefing of the overall status of the project.

Let me know if this is a good time.

Thanks.


Rick -

attached are the proposed budget savings from the Washington office; the
Washington office proposes to move NERC (Richard Ingersoll and Charles Yueng)
costs for travel to Jim Steffes' budget; I talked to Jim about this yesterday
and he is ok with moving the costs to his budget; Jim indicated that he wants
to have his headcount increased by 2 and the budget dollars moved to his cost
center to reflect this change; the Washington office indicates that the total
NERC "Savings" equals $112,000; including the NERC number the Washington
office proposes a net savings of $240,032; the actual net savings should be
$128,032 ($240,032 less $112,000); with your permission I will work with
accounting to move the NERC costs to Jim's cost center and increase his
headcount appropriately; please advise of any questions, comments or concerns

Eric

++++++++++++++++++++++++++++++++++++

----- Forwarded by Eric Benson/NA/Enron on 04/17/2001 08:32 AM -----

	Carolyn Cooney
	04/16/2001 04:42 PM

		 To: Eric Benson/NA/Enron@ENRON
		 cc: Linda Robertson/NA/Enron@ENRON
		 Subject: Reductions for DC

If you have any questions please let me know.

Thanks,
Carolyn


From: Pavel Zadorozhny on 08/31/2000 06:45 PM
To: Grant Masson/HOU/ECT@ECT, Tanya Tamarchenko/HOU/ECT@ECT, Naveen
Andrews/Corp/Enron@ENRON
cc:
Subject: vol model

It's been a while since I put this together. Some assumptions, such as those
about the current VAR methodology may not be correct. But my ideas and the
math involved are hopefully reasonable. Let me know if you have any questions.

Pavel, x34778


please match deal 204787 with 204788


I'm going to DC at 400 on sat.  Julie can stay till 600 -I have a court at
430 but if you can get there earlier that would be great.  See ya


Thank you for your interest in the McCombs School of Business at the
University of Texas at Austin.  There is an electronic version of the
application currently available at our website:

http://texasmba.bus.utexas.edu

This version will expedite the admission process, as well as save you
postage fees.  The website also contains a wealth of information about
the Texas MBA.  If you do not have access to the Internet, please reply
here stating in the subject line "SEND HARD COPY ONLY"  and in the body
request an application.

The University's graduate catalog is also available at the following
website:

http://www.utexas.edu/student/registrar/catalogs

Thanks again for your interest in our program, and please contact us if
you need additional information
Julia Hafener and Sean P. Maloney
Texas Admissions Committee, Directors
McCombs Graduate School of Business
University of Texas at Austin
(800) 658-9227
TexasMBA@bus.utexas.edu

-----Original Message-----
From: Benjamin Rogers [mailto:brogers2@ect.enron.com]
Sent: Saturday, October 21, 2000 3:11 PM
To: Texas MBA
Subject: Request Admissions Package

Could you please send me a admissions application package to this
address:

Ben Rogers
3133 Buffalo Speedway Apt 8206
Houston, TX 77098

Thank you!
Ben


annus mirabilis (AN-uhs mi-RAB-uh-lis) noun, plural anni mirabiles (AN-i
   mi-RAB-uh-leez)

   A remarkable year.

[From Latin annus (year) mirabilis (wondrous).]

   "We suppose it's anti-climactic that consumer sentiment sank like a stone
   to a two-year low, and Xmas sales were not very cheery. So, all in all,
   sigh, Y2K wasn't exactly an annus mirabilis."
   Alan Abelson, Up & Down Wall Street: Unfond Farewell, Barron's (Chicopee,
   Massachusetts), Jan 1, 2001.

This week's theme: Latin terms.

............................................................................
You can't turn back the clock. But you can wind it up again. -Bonnie
Prudden, fitness trainer and author (1914- )

Q: What is your privacy policy?
A: AWAD mailing list addresses are never sold, rented, leased, traded,
   swapped, exchanged, or bartered to anyone. We don't like to receive
   junk mail, and know you don't either.

Pronunciation:
http://wordsmith.org/words/annus_mirabilis.wav
http://wordsmith.org/words/annus_mirabilis.ram


Now that we know which traders will be moving over, or we should, we need to make a second pass at the EOL product list.  Can you confirm with your desk heads that the list of names we have is correct, and then update the product mappings by tomorrow afternoon?

O:\erms\erms_adm\netco\controls\Trader-Book template (US Gas)_EOL new books.xls

Thanks

KK


Hi Herman,

This is another turbine transaction.  I think there will be another turn of
this doc soon, but I want you to have a heads up.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/11/2001 12:47
PM ---------------------------

Kay Mann
04/11/2001 10:54 AM
To: Rhett Jackson/Enron@EnronXGate, Matthew F Gockerman/Enron@EnronXGate
cc:

Subject: ENA/Blue Dog: Revised Letter Agreement

Hi Tax Gurus,

I was out when you called the other day.  Since then, we have another version
of the docs anyway.  Would you like to schedule a time to discuss this with
me and outside counsel?

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/11/2001 10:52
AM ---------------------------

"Keffer, John" <JKeffer@KSLAW.com> on 04/11/2001 10:45:43 AM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc: "Reuter, Marisa" <MReuter@KSLAW.com>

Subject: ENA/Blue Dog: Revised Letter Agreement

Kay:

I am attaching a blackline of the Letter Agreement that includes
Marguerite's latest changes so that your tax/accounting specialists may
review Section 5(e) (which deals with deemed refunds and deemed payments).
Although we are still reviewing the Letter Agreement and the other
transaction documents, we wanted to alert you to Section 5(e) so that we
could discuss this provision with you on the 12:30 call.

Thanks,

John and Marisa

 <<2xn3RED.DOC>>

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.

 - 2xn3RED.DOC


Thank you for your request. You will be notified by email when your request has been processed. You can check the progress of your request by clicking http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000080557&Page=MyReq.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/19/2001
06:02 PM ---------------------------

"Btu" <subs@btu.net> on 02/16/2001 06:38:49 PM
To: "Btu Weekly" <>
cc:
Subject: Btu Weekly

Attached is the latest issue of Btu Weekly.

e-mail: info@Btu.net
phone: 732-758-8222
fax: 732-758-8286

 - wg021901.pdf


Luiz -

Please get internal comments from Thane Twiggs, Sue Mara, Steve Walton, Dan Staines, and Dave Perrino before letting Doug go public with this document.  I want to make sure that we are correct in some of our analysis (for example, I think that you may have misinterpreted the FERC in the California discussion).

Jim
 -----Original Message-----
From: 	Maurer, Luiz
Sent:	Thursday, November 08, 2001 7:09 AM
To:	Nicolay, Christi L.; Roan, Michael
Cc:	Steffes, James D.; Gilbert-smith, Doug
Subject:	Balanced Schedules - Position Paper

Christi, Mike:

As per your request, please find enclosed my first draft of the Balanced Schedules White Paper - to be used by Doug  in Ercot.

If you think the graphs help illustrate the points, they should be inserted and cross-referenced as part of the chapter " can reliability be jeopardized if balanced schedules are abadoned"? (cross-reference is relative straightforward as graphs as described in the text)

 << File: BALANCED SCHEDULES.doc >>  << File: Graphs.ppt >>

LM


I have been on jury duty since Tuesday this week - I had Patti call Chris
today and let him know that I would get back with him next week.  I will keep
you posted as I have time to focus on that next week.  Thanks for following
up!  --Sally

	Enron North America Corp.

	From:  Lexi Elliott @ ENRON                           11/30/2000 10:10 AM

To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Chris Hoyle

Sally:

What is to become of Chris Hoyle?  There is no doubt that his interviewers
liked him, but will he be extended a full-time offer by any of the groups?

Thank you!

lexi
3-4585


Brett, since Enron owns NEPCO - true risk transfer under a fixed price
contract is difficult.  However, I do like the behaviour that you get from
such accountability (ie) high incentive to get done on time and on budget.
My experience with NEPCO on cost plus has been very unfavourable (don't like
#1).  I will be supportive of any structure that aligns our interests
appropriately.  You might want to bounce a few ideas off Dan.  I have already
given him a heads up on the value at stake if we can come in at the low end
of the scale and early.

Drop me a note on where you end up.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 12/20/2000
05:14 PM ---------------------------

Brett R Wiggs@ENRON
12/20/2000 06:07 PM
To: David W Delainey@ECT
cc: Joe Kishkill/SA/Enron@Enron
Subject: EPC for Eletrobolt

Dave:

Do you have any general guidance on how you would like for me to approach the
EPC contract with NEPCO Houston?  The three options that we currently have on
the table are:

Fixed engineering/internal costs with pass-through on external costs with fee.
Same structure with cap.
Fixed price contract.

Our last conversation was very focused on a fixed price contract.  My
conversations with Dan Leff were moving in the direction of one or two.  My
concern on a fixed price number is the timing and my negotiating position,
but I understand your issues.  Any general thoughts would be helpful.

Thanks,
Brett


Hello everyone,

I got an email yesterday from Jack confirming our meeting on Monday at 2 p.m.  In light of the recent tragic events and the chaotic state that the commercial airline industry is in, Barry and I will not be traveling to California next week.  We apologize for any inconvenience this may have caused.  We do plan to come out to California to see you guys at a later date.  Once things have settled down and we are able to re-schedule, we will be in touch.

Steve, I am working with Legal to have executable documents sent to you and will keep you posted.  Thanks again for your patience.

Please call me if any of you need anything or have any questions.

Thanks,

Kim Ward


Jeff,

I am available.

Vince

Jeffery Fawcett@ENRON
05/11/2000 06:14 PM
To: Zimin Lu/HOU/ECT@ECT
cc: Kimberly Watson/ET&S/Enron@ENRON, Vince J Kaminski/HOU/ECT@ECT,
Pinnamaneni Krishnarao/HOU/ECT@ECT
Subject: Option Sales Program- Valuation Model

Zimin, you and I are scheduled to meet in your office from 2:00 - 3:00 p.m.
on Tuesday, May 16.  As you can see from the above, I'm distributing this
note to Krishna and Vince in hopes that they can also join us along with Kim
Watson.

To review, Zimin and I have been working on a valuation model for purposes of
Transwestern (and later other GPG pipelines) selling options on pipeline
capacity.   However, I am also aware that Vince and his group are working on
the scientific/technical aspects of the Revenue Management initiative for
Transwestern.

Kim Watson and I spoke this afternoon and we thought it might be valuable for
the five of us (schedules permitting) to get together and see what are the
possible areas of overlap between Revenue Management and the Option Sales
Program.  In particular, I see the potential for a material benefit if we
could use some of the data import capability of the Revenue Management system
for use on the Option Sales Program.

Vince, Krishna, since I've already heard from Kim and Zimin and they're
available, will you guys let me know if you can get together for a short
meeting on Tuesday afternoon at 2:00 p.m.?  Thanks.

p.s.  Zimin, if we need more space [than your office] for all five of us, can
you arrange a meeting room or at least a work table somewhere in your area?
Thanks.


Find out what your theme song is - it only takes a second. And keep in mind
it could be something extremely fitting like Todd's - "My Boyfriend's Back."
---------------------- Forwarded by Kate Symes/PDX/ECT on 03/23/2001 02:07 PM
---------------------------

Mary Jane Symes <marys@tvapdx.com> on 03/23/2001 10:35:06 AM
Please respond to "marys@tvapdx.com" <marys@tvapdx.com>
To: "'kate.symes@enron.com'" <kate.symes@enron.com>
cc:

Subject: FW: The number one song the day you were born is your theme song for
life and. . .

-----Original Message-----
From: STEVE KAROLYI
Sent: Friday, March 23, 2001 10:29 AM
To: MARY JANE SYMES
Subject: FW: The number one song the day you were born is your theme song
for life and. . .

-----Original Message-----
From: slahaie@drmartensusa.com
Sent: Friday, March 23, 2001 8:32 AM
To: slaken@columbiaforestproducts.com; janet.rivera@theplatform.com;
dakotanorth2000@hotmail.com; stevek@tvapdx.com; lgibbs@stastnybrun.com;
sandyshalaby@hotmail.com; plahaie@freeway.net; lahaiebe@hotmail.com;
lukeduke03@hotmail.com; bevans@email.lhs.org; hkennedy@cmdpdx.com;
kristine.danzer@kimptongroup.com; mbillet@webtrends.com; neecie66@aol.com
Subject: The number one song the day you were born is your theme song for
life and. . .

 .

The link below will tell you  what that song was!

Have fun!

 http://www.thisdayinmusic.com/cont/choose.html>


When the 3 of you are happy with the form, send it out.  I'll review in more detail once we hear back from the owner.  Please don't have another lawyer approve it while I'm gone based on my review thus far, as I want to give it some more thought.  Plus, it will need to go to Accounting and possibly Finance.

Thanks,

Kay

 -----Original Message-----
From: 	Carnahan, Kathleen
Sent:	Thursday, August 02, 2001 4:27 PM
To:	Mann, Kay; Krause, Greg; 'chrisboehler@andrew-kurth.com'
Subject:	Revised Draft of the proposed new Homestead Option

Attached is the a redline of the revised Homestead Option.  This redline is against the one provided by Alger's attorney and includes all of your suggested changes.  The deal has changed to obtain an option on 5.0 acres; purchase price, firm at $1,100,000.00 and Option Payments at $11,000.  I have highlighted two areas (Sections 6 and 14) that still need to be addressed.  Please advise of any additional changes.

 << File: Homestead Option to Purchase Revised 2 km cb Aug 2 redline.doc >>

Kathleen Carnahan
Enron North  America Corp.
1400 Smith Street, EB 3146d
Houston, TX 77002
Phone - (713) 345-3386
Fax - (713) 646-3037


===================== FOOLWATCH - THE MOTLEY FOOL ===============
                       Tuesday, October 23, 2001
rshapiro@enron.com
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MsgId: msg-14121-2001-10-23_18-04-09-6504982_1_Plain_MessageAddress.msg-18:06:18(10-23-2001)
X-Version: mailer-sender-master,v 1.84
X-Version: mailer-sender-daemon,v 1.84
Message-Recipient: rshapiro@enron.com


I am ok with it so long as you don't spend much time at it.  If there is a
material time commitment or the company is competing head to head with Enron,
then it would be a problem.  Mark

	Randal Maffett
	10/16/2000 02:10 PM

		 To: Mark E Haedicke/HOU/ECT@ECT
		 cc:
		 Subject: Code of Ethics - Notice of Potential Conflict of Interest

Mark - back in June you and I had a brief discussion re: the topic below.
Nexus has now extended a formal invitation for me to join their board so
complying with the Code of Ethics I sent the e-mail below to Sharon Butcher
this morning.  She responded by asking if I'd discussed this with you and I
relayed the essence of our brief conversation and forwarded to her the first
e-mail I'd sent to you.  Call if you have any questions.  x33212.

RANDY
---------------------- Forwarded by Randal Maffett/HOU/ECT on 10/16/2000
02:08 PM ---------------------------

Randal Maffett
10/16/2000 09:44 AM
To: Sharon Butcher/Corp/Enron@ENRON
cc: Donna Lowry/HOU/ECT@ECT
Subject: Code of Ethics - Notice of Potential Conflict of Interest

Sharon - eight years ago before coming to work for Enron, I was a partner in
a cogen development company which we sold in 1993.  It was through that
company that I developed a relationship with Enron and subsequently came to
work here in 1993.

Since coming to Enron, I have maintained regular contact and networks with
several of my former partners.  One of them, Barry Curtiss-Lusher, started up
his own oil and gas exploration and production company, Nexus Resources, in
Denver.  Barry has recently asked me to join his Board of Directors.
Reviewing the Enron Code of Ethics (specifically, page 57, July 2000 edition)
I wanted to provide the following information:

Nexus Resources, 650 S. Cherry St., Suite 420, Denver, CO  80246
Barry Curtiss-Lusher, President/CEO
privately owned
principle business is oil and gas exploration and production in various
basins throughout the U.S., primarily in Louisiana, Kansas and the Rocky
Mountain states

My role as a Board member would be similar to any other Board role with
regular meetings on a quarterly basis (teleconferencing is permitted under
Nexus' bylaws) with all expenses, if any, paid by Nexus.  Currently, Nexus
does not pay any cash stipend to its Directors.  It does, however, compensate
Board members with Nexus stock.  Additionally, I would be making a minor
personal investment in Nexus stock.

Pursuant to the Enron Code of Ethics, I would/will NOT be performing any
managerial, professional or other duties which would interfere with my own
specific job performance at Enron.  Nor is Nexus currently involved in any
business which competes, directly or indirectly, with that of Enron Corp. or
any of its subsidiaries.

Although I have been nominated and approved by the current Board of Directors
of Nexus Resources, I have NOT yet accepted the position pending resolution
and approval by Enron Management pursuant to the Code of Ethics.  Please let
me know if you have any questions regarding the information above and/or what
other steps need to be taken.

RANDY MAFFETT
V.P. - Enron North America
ext. 33212


Today is a good time.  E-mail me with a number I can reach you at, a time, and I'll give you a call from my cell phone.

Thanks


i will double check with the broker on monday

   Kate Symes @ ECT                11/17/2000 05:22 PM

To: Kerri Thompson/Corp/Enron@ENRON
cc:

Subject: Re: natsource

Mike has this deal in his trade log as 25 MW, but he said he'd go with the
broker on this one and sell 50 MW to BPA.

Thanks,
Kate

Kerri Thompson@ENRON
11/17/2000 02:55 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: natsource

461136
mike
broker has 25 mw, we have 50


Please find attached Credit's EOL responses for 2/9/00.

Regards
Molly


Call first to make sure that I am here.  Sara

Lucy Ortiz
09/07/99 08:41 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: Scurlock posting

11?

Sara Shackleton
09/07/99 03:50 PM
To: Lucy Ortiz/HOU/ECT@ECT
cc:
Subject: Re: Scurlock posting

Can't do 10 am!  Before or after works.  Let me know so I don't schedule a
conflict with your preferance.  SS

Lucy Ortiz
09/07/99 03:48 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: Scurlock posting

Agreed.
Tomorrow morning?
10:00am sound good?
Or if you have any questions I can answer from home tonight just send me an
e-mail.
I have to leave right now.

Sara Shackleton
09/07/99 03:46 PM
To: Lucy Ortiz/HOU/ECT@ECT
cc:
Subject: Scurlock posting

No more voice mails.  Call me or let's agree to a time.  Sara


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I agree with your take.  Plus, how will those employees be hired?  Is it part of the deal?  If so, then we will need to figure out how to document it.  Michelle

-----Original Message-----
From: Skinner, Cindy
Sent: Friday, September 21, 2001 4:00 PM
To: Erickson, Cheryl
Cc: Funkhouser, Shanna; Ryan, Noel; Cash, Michelle
Subject: FW: Fireball - Update!

Cheryl:

In light of your comments below, it now seems wise for us to schedule a meeting with you to find out which employees will move to Enron and agree on additional information we will need.  Also, if Enron staff will be doing all the back office/logistics, I'm assuming some sort of services agreement will be put in place.  At a minimum, I suggest Noel, Michelle Cash and I meet with you.  Shanna may or may not attend, but we would need to coordinate compensation with Shanna to maintain equity within the Coal marketing group.

I'll have my assistant, Elisa Tamez, contact you to set up a meeting for next Monday or Tuesday.

Thanks.

-----Original Message-----
From: Erickson, Cheryl
Sent: Fri 9/21/2001 2:27 PM
To: Skinner, Cindy
Cc: Fowler, Ellen; Beyer, Michael J
Subject: RE: Fireball - Update!

Cindy: Thank you for your response.  Our current plan is that the three marketers that Triton currently employs will become employees of Enron.  This will facilitate the coordination with our existing marketers and logistics people.  Enron will also handle all of the scheduling, sampling, and "back office" support.  As such, we may or may not need additional people for these tasks.  We will keep you posted once we know more about the needs of our group from an HR perspective.

Regards, Cheryl

-----Original Message-----
From: Skinner, Cindy
Sent: Friday, September 21, 2001 2:19 PM
To: Erickson, Cheryl
Cc: Funkhouser, Shanna; Ryan, Noel
Subject: FW: Fireball - Update!
Importance: High

Cheryl:

Due to the new structure of the deal, no further HR information will be required.  Would appreciate further description on how Enron will market the Triton coal, i.e., do we need to help find additional coal marketers/originators, or will we use existing Coal Group and Triton marketers to handle this.  You may not have answers to this yet, but if we can help coordinate through Shanna and/or our recruiting group, please let us know.

Cindy

-----Original Message-----
From: Erickson, Cheryl
Sent: Fri 9/21/2001 1:50 PM
To: Beyer, Michael J; Boomer, John; Childress, Allen B.; Cilia, Mary; Fowler, Ellen; Funkhouser, Shanna; Gasdia, Sonya M.; Giuliani, William; Gorte, David; Gresham, Wayne; Hall, D. Todd; Hendon, Brian; Herrick Jr., Donald W.; Jain, Avinash; Kokenge, Johnna; Krasny, Kenneth; Larson, Bradford; Lawyer, Larry; Martinsen, Aaron; Mendez, Luis; Myers, Thomas; Parrish, Paul E.; Price, Brent A.; Ruffcorn, Kevin; Ryan, Noel; Schlemmer, Jack; Skinner, Cindy; Worthen, Susan
Cc:
Subject: Fireball - Update!

All:

As some of you know, and many may not, we are still working on Project Fireball. Over the past month we have been negotiating with the Vulcan investors to create a structure that benefits both Vulcan and Enron.  We have gone from a structure where Enron would own 100% of the company to one that includes some equity, debt, and marketing. We feel fairly confident that we are close to agreeing on a deal that will involve the following basic components:

Enron will pay Vulcan $ 100 million cash for the following:
        $  40 million will be to purchase somewhere around 18% to 19% of the equity in Triton Coal Company
        $  60 million will be to refinance subordinated debt that Vulcan currently has with UBS (Enron will then provide financing of this $60 MM)

        Enron will become the exclusive marketer for Triton coal and will receive a fee on each ton of coal sold (based on % of sales price)

We have indicated to Vulcan that we can close this deal within 30 days of their notification of acceptance of our bid. Some final due diligence issues need to be addressed by Enron before closing. The attached file includes a list of due diligence items that we have requested that are still outstanding.  Many of these may not apply, now that we will not purchase the entire company. Once Vulcan has accepted our bid we will need to move quickly and will need to let Triton know what outstanding issues we have to resolve. Please review this list and let me know by Monday afternoon of any items that we do not require in light of the new structure of the deal.

We will set meetings with many of you for Monday and Tuesday of next week to ensure a smooth closing process if we are selected.  Please let me know if you have any questions.

Thanks to everyone for your continued support on this deal.

Regards,
Cheryl
3-9574

<<Fireball Final Due Diligence List 9.21.01.doc>>


Julie,

That is also the week that we will be setting up for the month of May correct?  Or are we going to do that at the end of next week after we purchase the remainder of peek and off-peak power?

MO

 -----Original Message-----
From: 	Sarnowski, Julie
Sent:	Friday, April 19, 2002 2:07 PM
To:	O'Neil, Murray P.; Kearney, Julie; Rodriguez, Grace
Subject:	Va-ca-ti-on!

I will be taking the week of April 29th-May 3rd off, and heading to sunny Arizona.  Not quite Hawaii, but I'll work on the tan just as well!
Darren is studying to fill the void left by me, so not to worry, California scheduling will be covered!

-Julie


SALES AGT: SH/ZCKQVQ

                                          MOISAN/ANNE

  ENRON
  1400 SMITH
  HOUSTON TX 77002

  DATE:  NOV 20 2000

SERVICE               DATE  FROM           TO             DEPART
ARRIVE

CONTINENTAL AIRLINES  26DEC HOUSTON TX     NEW YORK NY    747A    1213P
CO 1964    Q          TUE   G.BUSH INTERCO LA GUARDIA
                            TERMINAL C     TERMINAL M
                            SNACK                         NON STOP
                            RESERVATION CONFIRMED         3:26 DURATION
                  AIRCRAFT: BOEING 737-300

CONTINENTAL AIRLINES  01JAN NEW YORK NY    HOUSTON TX     259P    559P
CO 1975    Q          MON   LA GUARDIA     G.BUSH INTERCO
                            TERMINAL M     TERMINAL C
                            SNACK                         NON STOP
                            RESERVATION CONFIRMED         4:00 DURATION
                  AIRCRAFT: BOEING 737-300

RESERVATION NUMBER(S)  CO/ID6T95

CO  FREQUENT FLYER CODG721774
**CONTINENTAL RECORD LOCATOR: ID6T95
THIS IS A TICKETLESS RESERVATION. PLEASE HAVE A
PICTURE ID AVAILABLE AT THE AIRPORT. THANK YOU
***********************************************
NON-REFUNDABLE TICKET MINIMUM $75.00 CHANGE FEE
                  THANK YOU FOR CALLING VITOL TRAVEL

__________________________________________________
Do You Yahoo!?
Yahoo! Calendar - Get organized for the holidays!
http://calendar.yahoo.com/


Thank you for choosing Time Warner Road Runner as your high speed online
provider. Your request has been received and it is currently being processed.
A customer service professional will be in contact with you within 48 hours.
While you wait, here are answers to some of the most commonly asked questions.

Q. If I am already a Road Runner customer what will happen to my account?

A. Your account will be transitioned to the new Enron ClickAtHome rate. This
process is transparent to the end user. The difference will be seen in your
monthly bill. Keep in mind that there may still be a prorated amount due from
the previous billing method. Also, an account that is currently delinquent
cannot be transferred until the previous balance is paid in full.

Q. I,m not currently a Road Runner customer. What is the process?

A. Your address will be checked to verify Road Runner serviceability. If
serviceable, a customer service professional will contact you to set up an
appointment for a new install. There are typically two time slot options a
customer may choose, 8am ) 12 noon or 1pm ) 5pm.

Q. Are there any installation charges?

A. All Enron customers will be charged a fee of $39.95 for a standard install
(network interface card not included). Keep in mind that if you are getting
your computer through the Click at Home project, a network interface card is
already included. A standard install is one that only requires the installer
to run the cable to an outside wall. There are extra fees for a network
interface card and running the cable between an inside wall.


Kam,
We are moving the entire RAC web site forward to NETCO.

Regards,
Ramesh

 -----Original Message-----
From: 	Wong, Jeremy
Sent:	Monday, December 31, 2001 9:45 AM
To:	Ramesh, Ganapathy
Cc:	Lim, Francis S.
Subject:	FW: RAC website

 -----Original Message-----
From: 	Keiser, Kam
Sent:	Monday, December 31, 2001 7:47 AM
To:	Wong, Jeremy; Wei, Zhiyong
Subject:	RAC website

We need to add the RAC website to our list of programs to be moved over with Netco.

the website is rac.enron.com
Let me know when you get this if there is anything we need to do to make sure this happens.

Thanks

Kam
x3-5781


Louise, just to give you a quicmk up date...  This past couple of weeks, we have traded the following:

Volume:	5.43 BCF's
Origination:	$163,500
Our total numbers to date are : $3.0 Mill, and 126 BCFs.
The number of trades has slowed down a bit as we expected, but we've been pretty busy following up with Deemed ISDAs and Master Agreements.
We have received in the last 2 weeks 8 executed long confirmations, and are working with legal and our customers with a list of long confirms.

I would like to talk to you regarding other deals we have been pursuing with other groups, and get some feedback from you.  I'll call you.

Best regards.


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Chris:
Thanks for your prompt response.  I think that we do need to register the
charge document which in this case would be the confirmation that will be
executed. Can you provide me with an estimate of the total cost?

Does everyone at Enron agree?

Caroline,
I will redraft the Bermuda confirm to change from LC's to cash and send to
you.  Please make sure that the counterparty is aware that we plan to
register/file the confirm in Bermuda.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com

	"Chris Garrod" <CGGarrod@cdp.bm>
	04/18/2001 09:50 AM

		 To: <Carol.St.Clair@enron.com>
		 cc: <Brent.Hendry@enron.com>, <Caroline.Abramo@enron.com>,
<Paul.Radous@enron.com>, <Sara.Shackleton@enron.com>
		 Subject: Re: Cash Collateral

Dear Carol

Under Bermuda law, there is no real concept of "perfecting" security since it
is not necessary to ensure the enforceability in Bermuda that a charge be
registered in Bermuda.  However, although it is not necessary for a security
interest to be registered in order for it to be valid, the charge document
itself can be registered in Bermuda in the Register of Charges in accordance
with Section 55 of the Companies Act 1981 in order to ensure the priority in
Bermuda of the charge.  On registration, any charge evidenced in the charging
document will have priority over any unregistered competing charge or any
subsequently registered competing charge in respect of the assets which are
the subject of the charge (i.e. the cash).

If the agreement will be governed by either Texas or New York law, it will be
a matter of the laws of either Texas or New York as to the actual nature of
the security interest which is created by the charge.

If you would like us to effect the registration of the charge, we would need
an original (or a certified true copy) of the executed document which creates
the security interest.  There is no time limit on such registration.
However, please note that, in addition to our professional fees, there is a
filing fee of $446 which is payable in respect of the registration.

I trust that the above is of some assistance.  If you have any questions
please do not hesitate to contact me.

Kind regards.

Chris Garrod

Christopher Garrod
Conyers Dill & Pearman
Clarendon House, 2 Church Street
Hamilton HM 11, Bermuda
Direct dial  441 299 4923
Fax:  441 292 4720
email  cggarrod@cdp.bm

>>> <Carol.St.Clair@enron.com> 04/17/01 06:54PM >>>
Christopher:
We have done a trade with a Bermuda hedge fund and have negotiated
collateral provisions that may require them to post csah to us.  The
agreement will be governed by either Texas or New York law.  We need your
advice on how to perfect our interest in any cash posted to us that we
would hold in an account in the United States.  Could you please call
either me or Sara Shackelton (713)853-5620 if possible tomorrow or you can
send me an e-mail if that is easier.  I'm hoping that our possession of the
cash is enough.  Sorry for the short fuse on this.  If you need any
additional information, please contact me or Sara.  I will be unavailable
from 9-11 and 2-3 tomorrow Houston time.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


----- Forwarded by Tana Jones/HOU/ECT on 06/22/2000 08:50 AM -----

	Frank L Davis
	06/21/2000 06:02 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Pulp & Paper Long Descriptions

Tana,

Attached below are examples of EnronOnline long descriptions for pulp & paper
products.

Let me know if you have any questions.

Frank


Toni,

Attached is the job posting for my group.  Please process this as soon as
possible.  Thanks.

Daren


This resolution was passed by the Senate.  It says there is no longer an emergency in CA.
-----Original Message-----
From: nplotkin@rcsis.com [mailto:nplotkin@rcsis.com]
Sent: Monday, September 17, 2001 11:38 AM
To: douglass@energyattorney.com
Cc: arem@electric.com
Subject: Bowen resolution

Dan:
Here is the resolution closing the extraordinary session.
Also, a link to the text of SBX2 18.

http://www.leginfo.ca.gov/pub/bill/sen/sb_0001-0050/sbx2_18_bill_20010906_amended_asm.html


Hi,

We have set up 2 PUB codes for Sea Freight:

Main Curve = FF-USJAP-PM
NEW PUB code = FF-R2A-L7-PM (averages over last 7 days)

Main Curve FF-3A-PNMX
New Pub code FF-3A-L7-TC (averages over last 7 days)

rgds

Kenny


Per Ken Choyce's request, attached is the executed form for the Hanover
Contract.


Chris--Here is what I was given as the final version of Exhibit 1 to the 12/99
Energy Purchase Agreement.

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

 - GAS PURCHASE AGMT EXH 1 REV                     1-13-1.xls


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  , 2001 Carr Futures

The charts are now in the most recent version of Adobe Acrobat 4.0 and they
should print clearly from Adobe Acrobat Reader 3.0 or higher. Adobe Acrobat
Reader 4.0 may be downloaded for FREE from www.adobe.com.

(See attached file: CrudeDeviation(xJun90-Jan91).pdf)(See attached file:
PADDIIstocks&price.pdf)

Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606  USA
Tel:  312-368-6149
Fax:  312-368-2281
soblander@carrfut.com
http://www.carrfut.com
 - CrudeDeviation(xJun90-Jan91).pdf
 - PADDIIstocks&price.pdf


You are so wonderful.  I am truly privlidged to work with you.

OK.  I would like for you to send Mr. Porter the remaining storage balance
every other day and copy me - something like this.

Date  1/7/2001
Balance 3,495,871

And I would do it on a 2 day lag like this, today is the 9th, give him the
balance for the 7th.

Or maybe you are doing this already?


Sara:

In answer to your question, Harvard makes and expects to get the
representation from its counterparts that they are financial institutions
under FDICIA because of the additional argument  we think it offers a
non-defaulting counterparty for netting and setting off obligations. The
regulation says that a party may rely on the representation of its
counterparty in determining whether or not FDICIA applies, giving it the
rights created by FDICIA to net and set off the obligations created under
the swap contract.

Harvard makes the rep, and it seems that Enron should be able to because

we "engage in financial contracts as a counterparty on both sides of one or
more financial markets" and we believe we meet one (or both but only one is
required to make the rep) of the following financial tests

 1. had contracts with a total gross dollar value of at least
$1billion in notional principal with counterparties that are not its
affilitates and
 2.  had total gross mark-to-market positions of at least $100
million in one or more financial contracts with counterparties that are not
its affiliates.

This rep has been made for some time in all relevant trade documentation and
is therefore a matter which is well known by senior management.I hope that
this addresses your concerns in this regard. Please do not hestitate to call
if you should have further questions.

The relevant regulation is found in Title 12 of the Code of Federal
REgulations Chapter II Federal Reserve System Subchapter A Board of
Governors of the Fed... Part 231 Netting Eligibility for Financial
Institutions Regulation EE.

Thanks

Kim Noble


Marla -

I appreciate the patience on the Password issue.   I realize it has been a
while since we first spoke about this point.

I have reviewed the concern about hackers and Enron use of Passwords and the
best we can do is insert language into the Password App. similar to that
appearing in the attached document (which is the same type of language used
in the ETA's).  It is intended only to cover the situation where Clickpaper
personnel use the password or otherwise access the website, in an
unauthorized manner, on behalf of a counterparty.  The language does not
address the hacker situation as we place the burden in that situation upon
the counterparty.

Finally, since the Password App. is a legal, electronic agreement, any
amendments or modifications for a counterparty must come through my office or
through Tana Jones ((x. 33399).  Accordingly, those counterparties who have
raised the issue should call either one of us if further action is
necessary.  We do not actually revise the form agreements, but do provide
side letters indicating modifications to the form agreement.

Once again, please accept my apologizes for the delay.  Let me know if you
should need anything further.

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


It's ok with me.  Please check with Tana and Susan as well.

Taffy Milligan
01/06/2000 08:51 AM
To: Mark Taylor/HOU/ECT@ECT, Ann Elizabeth White/HOU/ECT@ECT
cc:
Subject: Discretionary Day

Good morning,

I would like to use my discretionary day on Thursday, Jan 13.  Please advise
of your approval.

tm


I heard from Algon yesterday on those contracts I said not to pay.  We made a
mistake releasing the capacity so ENA will be responsible for the charges.  I
do not want to bill CES for these charges since we made the mistake.  This
should only be a problem for May and June, I think.

Please pay the disputed amounts.


NOTE:  YOU WILL RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER.

You have been selected to participate in the Mid-Year 2000 Performance
Management process by providing meaningful feedback on specific employee(s)
that have been identified for you.  Your feedback plays an important role in
the performance management process, and your participation is very critical
to the success of Enron's Performance Management goals.

Please provide feedback on the employee(s) listed below by accessing the
Performance Management System (PEP) and completing an online feedback form as
described in the "Performance Management Quick Reference Guide".  You may
begin your feedback input immediately.  Please have all feedback forms
completed by the date noted below.

If you have any questions regarding PEP or your responsibility in the
process, please call the PEP Help Desk at the following numbers:

In the U.S.:  1-713-853-4777, Option 4
In Europe:  44-207-783-4040, Option 4
In Canada:  1-403-974-6724 (Canada employees only)

Or e-mail your questions to:  perfmgmt@enron.com

Thank you for your participation in this important process.

The following list of employees is a CUMULATIVE list of all feedback
requests, by operating company, that have an "OPEN" feedback status.  An
employee's name will no longer appear once you have completed the feedback
form and select the "SUBMIT" button in PEP.

Review Group: ENRON
Feedback Due Date: Jun 16, 2000

Employee Name                   Supervisor Name                 Date Selected
-------------                   ---------------                 -------------
DUDLEY, CHERYL D                STEVE J VENTURATOS              May 19, 2000
HELTON, JENNIFER                JEFFREY T HODGE                 May 22, 2000
HYVL, DANIEL J                  JEFFREY T HODGE                 May 24, 2000


fyi
 -----Original Message-----
From: 	Anderson, Diane
Sent:	Wednesday, November 14, 2001 3:51 PM
To:	Theriot, Kim S.; Wallumrod, Ellen
Subject:	FW: Highlights from ENE Analyst Conference Call 11/14

 -----Original Message-----
From: 	Mills, Bruce
Sent:	Wednesday, November 14, 2001 2:40 PM
To:	Best, Kristine; Hayman, Kendra; Bowen, Bob; Anderson, Diane
Subject:	FW: Highlights from ENE Analyst Conference Call 11/14

 -----Original Message-----
From: 	Williams, Jason (Trading)
Sent:	Wednesday, November 14, 2001 2:34 PM
To:	Mills, Bruce
Subject:	FW: Highlights from ENE Analyst Conference Call 11/14

 -----Original Message-----
From: 	Tucker, Patrick
Sent:	Wednesday, November 14, 2001 11:44 AM
To:	Pollan, Sylvia S.; Culotta, Lindsay; Murrell, Russell E; Plachy, Denver; Cuilla, Martin; Storey, Geoff; Yawapongsiri, Virawan; Mahmassani, Souad; Donohoe, Tom; Ruscitti, Kevin; Shively, Hunter S.; Lewis, Andrew H.; Giron, Darron C.; Frihart, Bryant; Roberts, Linda; Luce, Laura; Hogan, Irena D.; Vickers, Frank; Williams, Jason (Trading); Mims, Patrice L.; Simpson, James; Hodge, John; Keavey, Peter F.; Mckay, Brad; Mckay, Jonathan; Pereira, Susan W.; Pimenov, Vladi; Ring, Andrea; Savvas, Leonidas; Townsend, Judy; Versen, Victoria; Barbe, Robin; Concannon, Ruth; Goodell, Scott; Jones, David; Kaiser, Jared; Loving, Scott; Bates, Kimberly; Muhl, Gil; Smith, Maureen; Smith, Shauywn; Taylor, Craig; Willis, Jim; Tucker, Patrick; McCaffrey, Deirdre; Penman, Gregg; Kinsey, Lisa; Brady, Kevin; Pendergrass, Cora
Subject:	Highlights from ENE Analyst Conference Call 11/14

Here are my notes from today's call.  As with Monday, I've focused on getting them out as quickly as possible rather than taking extra time to re-organize them by subject.

Enron's business has been grouped into three buckets:  Core, Non-core, and Under Review.
Core:  Wholesale energy business in North America and Europe, retail energy, pipelines
Non-core:  Broadband, water, and international assets (i.e. EGAS).  Enron has approx. $8Bn in investments in these assets, and they have produced 'dismal' returns.  Enron will be exiting these businesses and will attempt to wind them up in an orderly fashion.  An aggressive divestiture program has been set in motion for these assets.
Under Review:  EGM, EIM.  These businesses are being closely examined to determine whether they have a reasonable chance of long-term viability.  Required resource levels are being carefully studied.  Following review, Enron will move the different portions of these businesses to core or non-core as the analysis dictates.
Approximately $800MM of asset sales are under contract and expected to close in the fourth quarter.  These include a gas LDC in Brazil, EcoElectrica, and our Indian E&P assets.
Enron is in active pursuit of an additional private equity infusion of $500MM-1Bn.  Given the current environment, raising equity in the public markets would be 'inefficient', McMahon says.
Short-term liquidity is provided by the $3Bn of credit drawn upon a few weeks ago, the $1Bn of new debt, and the $1.5Bn equity infusion from Dynegy.  Longer-term, the proceeds from the sale of PGE will provide liquidity.  Asset sales over the next year will be used to pay down debt.
McMahon described the major off-balance-sheet vehicles:
Marlin was set up to hold Azurix assets.  It was initially capitalized with $950MM of 144a debt and $125MM of equity (raised from Enron and institutional investors).  The debt is supported by the equity and by Azurix' assets.  Enron is obligated to cover any deficit at the time the debt becomes due on 3/17/03 (the 'Enron topup' obligation).  The 3/17/03 date is accelerated in the event that Enron is rated below-investment-grade by any one of the three major agencies.  The primary asset of Marlin is Wessex Water.  As long as Wessex is worth at least $2.6Bn, there will be no Enron topup required.  If we take a 25% haircut to present book value, Enron will have to provide $650MM in consideration upon retirement of the debt.  This $650MM would hit Enron cash, income, and equity balances.
Osprey contains energy-related assets and 'other assets'.  It was initially capitalized with $2.4Bn of 144a debt and $220MM in equity (ENE and institutionals).  As with Marlin, the entity is an asset-backed structure with an Enron topup guarantee. The debt is supported by a) the assets; b) $1Bn of convertible preferred ENE (convertible into 50MM shares of ENE common); and c) additional ENE common as needed for topup.  Assuming the same 25% hypothetical haircut to current book value, Enron would have to deliver approx. $600MM of topup funds--which would hit ENE cash, income, and equity.  The debt must be retired by 9/17/02, with the same cut-to-junk early trigger provision as Marlin.
Yosemite and the Credit-Linked Notes are predominantly commodity transactions entered into with 'large financial institutions'.  The underlying transactions are already on Enron's balance sheet.  McMahon says that there is no Enron share obligation related to these instruments.
Dynegy has reviewed all of these vehicles, McMahon says.
Our 10Q will be filed five days late.  The 10Q will include all of this detail regarding the off-balance-sheet vehicles.
The special committee investigation is still ongoing.  The committee meets 2-3 times/week, sometimes more often.  The outside auditors (D&T) and external counsel hired by the committee are working 'virtually 7 days a week'.  Lay estimates that it will take the committee several more weeks to complete its investigation.
McMahon says it's 'way too early to tell' if any asset writedowns are called for.  That analysis is underway, but it will not be complete for some time.
Osprey contains the European power projects (Trakya and Saarlux), some North American merchant investments, and some Brazilian assets.
Under the merger agreement, Enron cannot dispose of assets representing more than 15% of the balance sheet without Dynegy approval.  However, an appendix to the agreement holds a list of assets that are specifically permitted to be sold without Dynegy approval.
Broadband is expected to be fully wound up 'sometime over the course of the next year'.  (Did not catch this part clearly).
The ENE topup obligation for Marlin (represented by ENE common that would have to be delivered) will be converted into an obligation for an equivalent amount of DYN shares upon closing.
$1.9Bn of debt is carried at the Azurix level.
Current book value of the Osprey assets is $2.1Bn.
No Dynegy outs other than the previously discussed general MAC clause and the $3.5Bn legal liability clause.
Yosemite and the Credit-Linked notes are functionally equivalent to ENE senior unsecured debt (this section somewhat unclear).  The underlying transactions represented volumes of 'crude oil and gas'.  The transactions relate to the 'physical movement' of these commodities.  The swaps related to Yosemite and the CLNs would be financially settled.
Whalley was asked about the return of trading business to normal volumes.  He said that he cannot yet give an update on the progress of customers returning to our longer-term products.  Acknowledges that a few anxious customers put long-term deals on hold last week.  Says that our first focus is on getting our short-term business back up to normal levels.  It will be 'a couple of weeks' before we're able to give an update on the comfort levels of our customers regarding long-term deals with us.
McMahon:  There hasn't been a major relaxation of credit requirements by our customers--credit requirements continue to follow strict contractual provisions as called for in our individual agreements with our various customers.  But 'we have seen a return of some of the transactions, some of the flows.'
Whalley says that we're hoping to see a return to more normal trading levels late this week or early next week.
Lay says that cost cuts will be made across of all of our businesses.  The situation gives us an opportunity to review our entire cost structure, he says.  The cuts will certainly be deeper in our non-core businesses.  Whalley then quickly interjects (some might say interrrupts) with a clarification that there are no plans to reduce the size of our North American energy trading business.  We will be looking at, perhaps, streamlining some of our processes and making prudent adjustments, but there are no plans to reduce the size of the business.
McMahon:  "The company is overlevered; that's a fact."--hence our pursuit of additional equity.
McMahon mentions that business was better at the start of this week than at the end of last week.
ENE had approx. $1Bn in cash as of 9/30, which McMahon points out would be unusual for us.

As before, give me a call at 3-3055 if you'd like more color.

Patrick Tucker


Hi!  Saw some clear glass votive holders on a long stem at Smith-Hawken the
other day that I thought might be different on the table for the holidays.
Don't know if they're in the catalog and don't know how much they are.

Am looking at some fireplace tools that Breed sells by the piece.  Interested
in tongs, poker, shovel.  But don't know if I want them on a stand or not,
and that gets pricey.  Also need a new bellows.

Breed also has a leather and metal log holder that's nice looking--but that
also may be pricey.

Always jewelry.

A red muffler to wear with my black jacket for the slopes--saw a man's at
Banana Republic.

More ideas later.     love, mum