Hello all!

First, thank you for your generosity this holiday season, especially during this difficult time. Your gifts and donations will help bring holiday cheer into the lives of our three adopted families.

If you have chosen a gift tag from the tree:
Please make sure your gift is clearly labeled with the recipient's name and a description of the gift. (We want to insure that all of the children have received gifts.)
We ask that all gifts be wrapped and under the tree by Tuesday, December 18th.
Also, if you have not already dropped the half of the gift tag into the red/gold box by the tree, please do so. This will not only allow us to keep track of who is purchasing what and for whom, but it will also enter your name into the drawing for Blazer tickets.

Once again, we appreciate your participation in our Enron Elves Event. If you have any questions or suggestions about ways we can help make our adopted families' holiday even more jolly, please let us know.

Happy Holidays!

----The Enron Elves Team----

==============
For your reference, below is some information about our adopted children:

The Roberts Children
Selena (9 year-old girl)
Sam (5 year-old boy)

The Zurita Children
Felipe (13 year-old boy)
Carolina (8 year-old girl)
Kimberly (5 year-old girl)

The Pruitt Children
Laveria (3 year-old girl)
Deltric (11 month-old boy)


Kate -

Thanks for the comments to the NDA.  All are acceptable except -

Paragraph 5 - Deletion of arbitration.

Paragraph 9 - Change from two years to three years.

Please advise if Loudcloud can live with arbitration and 2 years.  If not,
please advise why not.

Thanks.

Mark
Senior Counsel, EWS
Phone:     713-345-8897
Facsimile: 713-646-3490
E-Mail:      Mark.Greenberg@enron.com

	Kate Low <klow@loudcloud.com>
	05/07/2001 06:09 PM

		 To: Mark.Greenberg@enron.com
		 cc: Kathy Weber <kathy@loudcloud.com>
		 Subject: NDA with Enron Networks

Mark,

I have recently received the NDA with Enron Networks and have attached a
blacklined copy which indicates my requested changes.

Please let me know if the attached is acceptable or if you have any
questions.  I look forward to receiving your reply shortly.

Regards,

--
Kate Low
Contracts Specialist
599 N. Mathilda Avenue
Sunnyvale, CA  94085
Phone:  (408) 744-7842
Fax:    (408) 744-7384

 - Enron Networks 05-07-01.doc


Daily Note Newsletter
------------------------------

================ Sponsored by TWST.com =====================================

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Following are the latest interviews from the the Industry/Services Sector published by The Wall Street Transcript.

______________
Manufacturing / Engineering

  Director of Int'l Sales discusses the agenda over the next 12-24 months at World Transport Authority
  http://archive.twst.com/notes/articles/nay608.html

  CEO explains reasons why long-term investors should be looking at TRW
  http://archive.twst.com/notes/articles/nay616.html

  CE of Global Graphics comments on expanding into professional printing and copier markets
  http://archive.twst.com/notes/articles/lrs029.html

  Off The Record:  Top Analyst praises BorgWarner's management team
  http://archive.twst.com/notes/articles/naw700.html

  Analyst recommends Tower Automotive
  http://archive.twst.com/notes/articles/naw813.html

  Director of Sonex Research provides a strategic outlook for the near future
  http://archive.twst.com/notes/articles/nay606.html

  CFO sketches out Superior Industries International's strategic direction for the next few years
  http://archive.twst.com/notes/articles/nay609.html

  CEO discusses coming milestones for Crager Industries
  http://archive.twst.com/notes/articles/nay613.html

  CEO highlights Tesma International's leading products
  http://archive.twst.com/notes/articles/nay617.html

  Analyst highlights General Motors
  http://archive.twst.com/notes/articles/naw810.html

  Analyst cites Delphi Automotive as the largest auto parts supplier in the world
  http://archive.twst.com/notes/articles/naw812.html

______________
Services

  CEO comments on the competitive environment at PDI
  http://archive.twst.com/notes/articles/nax228.html

To see more about The Wall Street Transcript, go to the website at http://www.twst.com  Access to interview extracts is free, and access to the full text of any of the articles listed above requires a subscription to that sector.

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Copyright (c) 2000, Wall Street Transcript Corp.


<<CSFB_EnergyTech_May1701.pdf>>

Summary:

* U.S. President George W. Bush unveiled his National Energy Policy
today.  In our report we list the recommendations made by the National
Energy Policy Development Group (NEPD) as they pertain to Renewable and
Alternative Energy.  In addition, following each recommendation, we provide
our views on the potential impacts on specific CSFB covered companies
(AstroPower - APWR, Ballard Power Systems - BLDP, Capstone Turbine - CPST,
FuelCell Energy - FCEL, Proton Energy Systems - PRTN) in the Energy
Technology sector.
* We would note that many of the recommendations instruct certain
departments or individuals to conduct further research on various topics and
to report back to the President at a later date.  Our view is that many were
included as a counter point to more contentious issues and may receive
somewhat limited action from the Administration.
* Overall, we are not changing our estimates or recommendations on any
of our companies at this point in time.  The proposed solar tax credit
when/if passed will cause us to review our forecasts for AstroPower.  We are
not forecasting incremental unit volume of production given the capacity
constraint of the company, although residential installations tend to have a
higher revenue per watt and higher margins than non-residential markets and
therefore could result in higher EPS contribution.

Regards,

Marko Pencak
416-352-4580
Cameron Jeffreys (Associate)
416-352-4581

Energy Technology Research
CREDIT | FIRST
SUISSE | BOSTON

 - CSFB_EnergyTech_May1701.pdf


Start Date: 4/20/01; HourAhead hour: 23;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.
Variances detected in SC Trades schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042023.txt

Error retrieving HourAhead price data - process continuing...
---- Energy Import/Export Schedule ----
+++ Hour 23 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: ECTstCA
  MKT_TYPE: 2
  TRANS_DATE: 4/20/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_5001
  ENGY_TYPE: FIRM
+++ Hour 23 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: ECTstSW
  MKT_TYPE: 2
  TRANS_DATE: 4/20/01
  TIE_POINT: FCORNR_5_PSUEDO
  INTERCHG_ID: EPMI_CISO_4000
  ENGY_TYPE: FIRM
+++ Hour 23 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: ECTstCA
  MKT_TYPE: 2
  TRANS_DATE: 4/20/01
  TIE_POINT: FCORNR_5_PSUEDO
  INTERCHG_ID: EPMI_CISO_4001
  ENGY_TYPE: FIRM
+++ Hour 23 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: ECTstSW
  MKT_TYPE: 2
  TRANS_DATE: 4/20/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_5000
  ENGY_TYPE: FIRM

---- SC Trades Schedule ----
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 23 / Preferred: -700.00 / Final: -699.97)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/20/01
  TRADING_SC: WESC
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1


----- Forwarded by Ricardo Charvel/NA/Enron on 02/08/2001 05:20 PM -----

	Ricardo Charvel
	02/08/2001 05:14 PM

		 To: Mario Max Yzaguirre
		 cc:
		 Subject:

Max,

Attached you will find a copy of the briefing document that Steve Kean and
Rick Shapiro asked me to prepare for Mr. Lay.  As you requested, I have kept
the information on commercial issues to projects which have been closed.

As you will see, the document is focused on policy and regulation.  I am
concerned about Mr. Lay having enough information on energy imports since it
is one of the points that the Secretary may touch upon.  If you consider it
appropriate, maybe you could inform Mr. Lay on this matter.

I sincerely regret that you feel that there is a misalignment of commercial
and regulatory interests.  Hopefully when deregulation happens and business
grows the perception of this misalignment will disappear.

I agree with you that communication has not been optimal in the last months.
As you have been concentrated on the Vitro deal, I myself was very involved
with the transition team.  I will be flying to Monterrey once a week to see
you so that we can share information on our meetings with different
government authorities as well as the commercial information that you think
is relevant for me.

Best,

Ricardo


Point well taken!

	Kevin McGowan@ENRON
	09/12/2000 10:31 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: (00-322) Introduction of Mid-Columbia River Electricity Futures
Contract

I am not in power any longer, but I would like to comment.  The creation of
this contract is the most ridiculous waste of time.  How could you create a
new contract when the existing contracts (PV and COB) should be shut down?

KJM


phys

	Enron Capital Management

	From:  David Baumbach                           01/26/2001 07:54 AM

To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Re: Stats

Physical and financial?  or both?

	Enron North America Corp.

	From:  Eric Bass                           01/25/2001 12:10 PM

To: David Baumbach/HOU/ECT@ECT
cc:
Subject: Re: Stats

only volumes that were traded, i.e transacted during the cal year 2000 -
regardless of flow.

let me know

	Enron Capital Management

	From:  David Baumbach                           01/25/2001 11:56 AM

To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Re: Stats

Even trades that won't start flowing or are still flowing this year?  I think
we can pull an EOL report on transacted volumes but I can't pull a report
that size until after trading today.

	Enron North America Corp.

	From:  Eric Bass                           01/25/2001 11:53 AM

To: David Baumbach/HOU/ECT@ECT
cc:
Subject: Re: Stats

Thanks.

I am looking for volumes that traded last year - not necessarily volumes that
flowed.  Volumes that flowed include term transactions.
Can you think of a way to find this info?

Eric

	Enron Capital Management

	From:  David Baumbach                           01/25/2001 11:08 AM

To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Stats

Hope this is what you were looking for.

---------------------- Forwarded by David Baumbach/HOU/ECT on 01/25/2001
11:07 AM ---------------------------
From: Jim Little on 01/25/2001 10:59 AM
To: David Baumbach/HOU/ECT@ECT
cc:
Subject: Stats

Here are the total volumes by quarter and by region.  We are looking into the
EOL since we do not have currently have regional information.  Perhaps you
have a way of estimating based on CPR?


I am in class until 4:30.  I will review the Engage matters following class
with Tana.  Mary


Attached is a clean and redlined copy.  Mark,  Please note Russell Diamond
with credit wants to initial these contracts before credit will approve the
transaction from ENA's side.  I will send him the latest drafts.


The Enron-wide PRC meeting to review the mid-year performance for all Vice
Presidents has been rescheduled several times.  Currently, this meeting is
set for September 11 and 12.  Per David Oxley, performance reviews for Vice
Presidents should be conducted after this PRC process is completed.  Assuming
that the meeting takes place as now planned in September, I will schedule
your reviews sometime after September 12.  (Bob, I will assume that your
review will be given by Rock, but I will keep you informed on this process
along with Peggy and Brent.)

On another note, Enron hosts an annual management conference each year for
Vice President level and above.  You should all receive invitations to this
event.  In recent years, it has been held in San Antonio.  I do not know the
location for this year, but I do have the dates for you to hold on your
calendars:  November 15-17.

Let me know if you have any questions on either one of these.


As per Rick, attached please find a note from Rick Bergsieker regarding
Oxy/Saudi proposal.

Regards,


Hi Everyone,

Just an FYI....I will be out the office next week starting November 19th and returning on the 26th.  Cynthia Shoup will be handling Nymex Settlement in my absense and she can be reached at ext. 3-7328.

As some of you are aware, I normally have to settle margins the day after Thanksgiving as it an Enron holiday, not a bank holiday.  I have pleaded with all my brokers and they agreed to push settlement to the 26th upon my return.  If any of you should anticipate any problems with this, please let me know.

The very happiest of Thanksgiving to all!

Thanks!
gg


CALENDAR ENTRY:	APPOINTMENT

Description:
	Sally Beck in her office

Date:		10/13/2000
Time:		4:30 PM - 5:30 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Greg--I know you like good wine and I am selling some of my California Cabs. If you have any interest here is what I have:

'92 Silver Oak Napa Valley  2 bottles
'93 Silver Oak Napa Valley  17 bottles
'94 Silver Oak Napa Valley  3 bottles

'91 Silver Oak Alexander Valley  18 bottles
'92 Silver Oak Alexander Valley  3 bottles
'93 Silver Oak Alexander Valley  12 bottles
'94 Silver Oak Alexander Valley  29 bottles

'94 Caymus Napa Valley  48 bottles

'96 Chateau Montelena  12 bottles

All of the wine listed above has been stored in a wine locker at 55 degrees since it was purchased.


For the week  October 2-6th:

Transwestern weekly average deliveries to California were 1,075 MMcf/d (99%)
while east deliveries averaged 304 MMcf/d.  San Juan lateral throughput
averaged 854 MMcf/d while receipts from Rio Puerco averaged 61 MMcf/d.
Mojave deliveries averaged 63 MMcf/d throughout the week.

El Paso average deliveries to California were 2,300 MMcf/d (78%) :

- PG&ETop (capacity 1,140 MMcf/d) deliveries averaged 598 MMcf/d (52%)
- SoCalEhr (capacity 1,250 MMcf/d) deliveries averaged 1,181 MMcf/d (95%)
- SoCalTop (capacity 541 MMcf/d) deliveries averaged 520 MMcf/d (96%)

Other pipeline throughput:

- PGT ( capacity 1,937 MMcf/d) throughput to California averaged 1,871 MMc/d
(97%)
-  Kern River (capacity 700) throughput to California averaged 343 MMcf/d
(49%)

Cash PG&E/Topock - SoCal/Needles spread ranged .27-.43 and averaged .38
throughout the week.

Friday Enron Online Basis numbers:

  Nov  Nov 00-March '01 April-Oct '01
Perm-CA   .62    .39      .55
SJ - CA    .87    .53      .74
SJ-Waha   .27    .17      .26
Perm-Waha   .02    .03      .07


Last week, the WSPP drafing group met in sunny California  to continue the
slow and steady march towards a standardized, "national" agreement. Schedule
C , the service schedule for firm transactions, was the primary topic and the
following is a summary of where the group is headed.

After much discussion, we proposed  that the group consider the definition of
firm energy  that Tim, Christian and others have been considering.  The
following is proposed language (the base was EPMI's version) that the WSPP
group is currently reviewing:

Firm Power is power that is sold and scheduled in accordance with applicable
reserve requirements for which the only excuse for the failure to deliver or
recieve are those set forth in Schedule 3.9 of the WSPP Agreement.  Seller
shall take steps necessary for the power to be considered Firm Power under
this definition.

Schedule 3.9 only allows interruption if (i) within agreed recall time, (ii)
due to an Uncontrollable Force or (iii) power is need for native load;
provided, however it was agreed that a party would neverless be liable for
LDs if it interrupts due to native load requirements (this last point is a
major accomplishment that apppears to have uniform agreement and will be
implemented in the next draft - the group claimed that the "optics" are
necessary to help traditional utilities).  As a further note, the group
agreed to do away with all references to C1 and  C2 and have just one
Schedule.

Changes from EPMI's proposed definition where  the result of the following
discussions:

1.  Generated vs. Sold - "Sold" was elected over "generated" because the
group thinks that it is the receiving control area that determines the
generator's reserve requirements.

2. "Schedule"  was added to bolster the scheduling requirements.

3.  "Reserves" instead of "Operating Reserves" was used because the group
thought the word operating may be too restrictive.

4.  "WSCC reserve requirements" was replaced with "applicable" reserve
requirements because the group thinks that the WSPP Agreement is national in
scope and should not be limited to WSPP.

5.  References to Non-firm supply as being excluded from Firm Power was
excluded because the group thought it was redundent  - no control area would
accept a non-firm supply as being firm.

6.  Power rather than energy is being used only bacause that is the decision
that has already been made.

This defintion will be further discussed at  the next meeting on Aug 20th in
Denver.  Prior to that time, I would like to get your thoughts on how this is
shaping up and what additions/deletions are appropriate.  I look forward to
hearing your thoughts.

Thanks.
Elizabeth
713 853 6349


Could you please be so kind as to send me the full shower address list back (my list was missing some addresses).  I want to make sure I get organized to send out thanks after the party.


Taffy,

Can you please take care of this.  Thanks!
----- Forwarded by Tana Jones/HOU/ECT on 02/14/2001 04:04 PM -----

	Brant Reves
	02/14/2001 03:58 PM

		 To: Samantha Boyd/NA/Enron@Enron, Stephanie Panus/NA/Enron@Enron, Tana
Jones/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT
		 cc:
		 Subject: Blue Flame Propane Inc.

Can someone please have interoffice mail me a copy of the Blue Flame Propane
Inc. Master Agreement for our files?

thanks
brant


Adam, I hope this doesn't mean that you are planning to stop attending our Legal Conferences!  Congratulations!  All the best.  Jim

 -----Original Message-----
From: 	Harris, Stephanie J
Sent:	Wednesday, March 28, 2001 4:13 PM
To:	Derrick Jr., James
Subject:	FW: Enron Wind

 -----Original Message-----
From: 	Chairman, Office of the
Sent:	Wednesday, March 28, 2001 4:11 PM
To:	All Enron Worldwide@ENRON <mailto:Worldwide@ENRON>
Subject:	Enron Wind

Effective immediately, Stan Horton, Chairman and Chief Executive Officer of Enron Transportation Services will become Chairman of Enron Wind.  Stan replaces Jim Noles, who is retiring.

Adam Umanoff, currently Managing Director of Enron Wind-Americas, will become President and Chief Executive Officer of Enron Wind.

Herbert Peels, currently Vice President of General Manufacturing for Enron Wind, will become Vice President and General Manager for Enron Wind-Europe.

Tod Lindholm, currently Managing Director of Enron Assurance Services and Information Technology Compliance, will join Enron Wind as Chief Financial Officer.

Please join us in wishing Jim well and congratulating Stan on his additional role, as well as, Adam, Herbert and Tod on their new roles.


No action required, fyi re:  Blue Dog (the East deal) and Project Salmon (the
West deal).

---------------------- Forwarded by Kay Mann/Corp/Enron on 03/08/2001 09:26
AM ---------------------------
From: Carlos Sole on 03/07/2001 06:38 PM
To: ccampbell@kslaw.com, mreuter@kslaw.com, jkeffer@kslaw.com,
kay.mann@enron.com
cc:

Subject: Revised Closing Checklist

New item added to incorporate resignations of Enron appointees on closing
date.


---------------------- Forwarded by Maureen McVicker/NA/Enron on 08/21/2000
01:04 PM ---------------------------

Bruno Gaillard@EES
08/21/2000 12:41 PM
To: Maureen McVicker/NA/Enron@Enron
cc:

Subject: CA utility metering issues for Steve Kean

Please forward this to Steve Kean

The information we previously sent you was wrong based on information given
by PG&E. Further investigation has lead to us discovering that the California
Utilities do offer an option on all their rate schedules for all customer
classes in which the customer can choose to install a real time meter and be
subject to the hourly PX price.

The customer must pay for the meter (approx. $1,200) and all related metering
activities: installation including the installation of an extra telephone
line, maintenance and reading.

If the customer chooses the PX Price Option, he/she will be billed the
bundled amount credited the PX credit and added the actual usage/hour times
PX hourly price.

However, it is very likely that very few customers and no bundled residential
or small customers have chosen this option.

Bruno


Enron Fights To Find Near-Term Sellers,But Still Trading
Dow Jones Energy Service, 11/27/01
USA: UPDATE 3-Dynegy says in talks on Enron merger structure.
Reuters English News Service, 11/27/01
RPT Dynegy confirms in talks on structure of Enron merger deal
AFX News, 11/27/01
Merger Traders Wary Even If Enron, Dynegy Cut New Terms
Dow Jones News Service, 11/27/01
Dynegy confirms in talks on structure of Enron merger deal
AFX News, 11/27/01
STOCKWATCH Enron slightly higher on hopes for new deal price
AFX News, 11/27/01
IN THE MONEY: Hedge Funds Say Yes To New Enron Terms
Dow Jones News Service, 11/27/01
Dynegy Confirms Talks On Enron Deal Structure - Source
Dow Jones News Service, 11/27/01
USA: Enron shares down despite talk of new Dynegy deal.
Reuters English News Service, 11/27/01
Enron Credit Rating to Remain Unchanged for Today, Moody's Says
Bloomberg, 11/27/01

Enron Turned Down by Investors Alwaleed, Blackstone, Carlyle
Bloomberg, 11/27/01

Liberty Funds Analyst Paik Comments on Dynegy and Enron Talks
Bloomberg, 11/27/01

A.G. Edwards Analyst Heim Comments on Dynegy and Enron Talks
Bloomberg, 11/27/01

Commerzbank Analyst Meade Comments on Dynegy's Talks With Enron
Bloomberg, 11/27/01

ENRON SHARES RECOVER FROM A.M. SLUMP
CBS.MarketWatch.com, 11/27/01

Enron In Free Fall
Forbes.com

Enron Fights To Find Near-Term Sellers,But Still Trading
By Mark Golden
Of DOW JONES NEWSWIRES

11/27/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Enron Corp. (ENE) continued to struggle Tuesday to find willing sellers of near-term gas and power in North America, but the one-time market maker was still able to trade on a limited basis, according to market sources.
"It's not getting any better," said one major energy broker.
Many energy trading companies aren't selling to Enron and are only buying from it near-term. These include Aquila Inc. (ILA), Mirant (MIR), Royal Dutch/Shell Group (RD) subsidiary Coral Energy, Sempra Energy (SRE), and Morgan Stanley Dean Witter's energy trading subsidiary, said the broker. The broker estimated Enron's over-the-counter trading volume to be about 25% of what it was a month ago. Companies are willing to buy from Enron in the spot gas and power markets, because taking delivery on commodity and paying for it a month later poses no credit risk for the buyer.
Some other companies, like Dynegy Inc. (DYN), Duke Energy Corp. (DUK) and BP PLC. (BP), continue to trade with Enron fairly freely, the broker said. Dynegy has reached an agreement to acquire Enron, though the terms of that deal are being renegotiated. The trading subsidiaries of troubled California utility-holding companies PG&E Corp. (PCG) and Edison International (EIX) also are trading with Enron.
The third and largest group of companies are trading with Enron on a very limited basis to reduce exposure by taking off-setting trades against deals done long ago. These include El Paso Corp. (EPG), Reliant Resources (RRI), Tractebel SA's (B.TRB) U.S. trading unit and regulated utilities, the broker said.
Several energy traders said that both power and gas were being sold at prices lower than Enron was offering.
"They've been cut off from so many people," said one electricity trader.
Enron Says Just Slight Reduction In Transactions

An Enron spokesman said he has seen a slight reduction in transactions but not to 25% of the one-month-ago level.
The notional value of Enron's 30-day rolling average of transactions is $2.8 billion, said Enron spokesman Eric Thode. Thode declined to give volume data for Tuesday or Monday, although the company was giving daily information two weeks ago.
"We're not doing daily information. We're only speaking in terms of 30-day rolling averages. ... It's not fair to speak in terms of daily because of daily volatility," Thode said.
Traders and brokers said they hope Dynegy will offer some kind of guarantee to Enron's trading to restore confidence. But, after Enron's ability to transact took a severe turn for the worse Nov. 20, Dynegy said that the companies must continue to operate independently until their merger is approved and completed.
Energy companies began shying away from Enron over the past month, as concerns about its finances precipitated a 75% drop in its stock price and left its bonds trading at levels typically associated with junk-rated debt.
But Enron saw its ability to trade seriously damaged last week following the late release of its quarterly financial report with the U.S. Securities Exchange Commission. For the first time since Enron's troubles began a month ago, energy companies stopped selling to Enron in the spot markets for fear that Enron might not be able to pay its bills as soon as next month based on the quarterly filing.
Moody's Investors Service and Standard & Poor's all rate Enron one notch above speculative grade. Moody's has Enron's ratings on review for a downgrade, and S&P has Enron on negative credit watch. Fitch calls Enron's credit rating "evolving." Enron's ability to do business in the energy markets depends on its maintaining investment-grade ratings.
-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com
(John Edmiston in Houston and Jon Kamp in Chicago also contributed to this article.)

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 3-Dynegy says in talks on Enron merger structure.
By C. Bryson Hull

11/27/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Nov 27 (Reuters) - Energy trader Dynegy Inc. confirmed on Tuesday it was in talks with floundering rival Enron Corp. over their proposed merger, as sources familiar with the negotiations indicated the final buyout price may be slashed some 40 percent.
"I can confirm that we are in discussions with the parties involved in the transaction related to the deal," Dynegy spokesman John Sousa told Reuters. He declined to give further details.
Dynegy had planned to buy its Houston rival for $9 billion in stock and is currently in a "due diligence" examination of Enron's complex financial books that began before the Thanksgiving holiday last Thursday.
The buyout offer, finalized Nov. 9, would have had Dynegy paying about $10.41 for each share of Enron, but Enron's shares have since cratered to near $4, stoking investor fears the merger will not go through as planned - if at all.
The stock exchange ratio under discussion could fall from the originally proposed valuation of 0.2685 of each Dynegy share for each Enron share to around 0.15 instead, sources familiar with the matter told Reuters. Enron is willing to accept the lower valuation, given the pressure on its stock price, the sources said.
Enron's shares bounced on Dynegy's confirmation of the restructuring talks, trading up 22 cents at $4.23 in late afternoon action on the New York Stock Exchange. The shares had dipped as low as $3.84 in late-morning dealings and as high $4.49. Dynegy's shares gained 4.7 percent or $1.83 to move to $41.08 on the NYSE.
Also on the table were negotiations to extend maturation of Enron's debt past the close of the merger, expected in the third quarter of 2002. The sources said an announcement was possible on a new infusion of at least $500 million in cash, which Enron has said it was seeking.
There also seemed to be an accord over who gets first crack at the Northern Natural Gas Pipeline, which would be Dynegy's consolation prize if the deal fell apart, a source said. Published reports have said that investment banks J.P. Morgan and Salomon Smith Barney had already accepted the pipeline as collateral in other loans, and may dispute Dynegy's ownership if the deal breaks up.
"The pipeline is far more valuable than what has already been collateralized. There's a solid earnings stream from that thing," said one source familiar with the discussions.
ONE TRADING UNIT SHUT DOWN
Two sources confirmed to Reuters that Enron's equity trading unit has been told it is being closed and that the roughly 60 employees there are being laid off. Enron was not immediately available for comment.
Those layoffs, part of broader job cuts expected as part of the Dynegy buyout, point to an acute problem for Enron - the loss of volume in its premier trading franchise. Enron's trading partners have been cutting back transactions with North America's largest energy trader because of credit concerns.
"This business is hugely dependent on volumes and volume growth. It is the principal reason that Dynegy is making the deal. If it's worth a lot less then Enron is worth less. It's vital to stop the bleeding in its core trading and marketing business," said Commerzbank analyst Andre Meade.
But as Enron's stock continued to lose value, down over 50 percent since Dynegy's initial bid, it seemed likely the purchase price would fall as well. Enron has seen its market capitalization drop to around $3 billion, from $60 billion at the start of 2001. (additional reporting by Jeff Goldfarb, Janet McGurty and Jonathan Stempel in New York).

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
RPT Dynegy confirms in talks on structure of Enron merger deal

11/27/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
(Repeating to clarify lead)
NEW YORK (AFX0 - Dynegy Inc confirmed it is in talks with Enron Corp on the terms of their two week-old acquisition deal.
"I can confirm that we are in discussions with the parties involved in the transaction related to the structure of a deal," Dynegy spokesman Steve Stengel said.
Enron declined to comment.
Citing people familiar with the matter, the Wall Street Journal reported today that Enron is in advanced talks with Dynegy to cut the price of the all-stock transaction by more than 40 pct to about 5 bln usd.
Enron is also trying to extend the maturity dates of some of its borrowings to stem a growing liquidity crisis, the Wall Street Journal said.
lwl/gc

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Merger Traders Wary Even If Enron, Dynegy Cut New Terms
By Christina Cheddar
Of DOW JONES NEWSWIRES

11/27/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Even if Dynegy Inc. (DYN) revises the terms of its acquisition of Enron Corp. (ENE), some takeover traders say the stock remains too risky.
Earlier Tuesday, a Dynegy spokesman confirmed the company was in talks to restructure the Enron acquisition. Separately, a person familiar with the negotiations said the talks are centered on creating a package that includes a lower exchange ratio for Enron shareholders, a provision for additional funding for Enron, and the refinancing of Enron's existing debt.
Even with the boost Enron shares have received from the reports, they continue to trade at a sharp discount to the original deal's value. Enron shares recently traded at $4.30, up 29 cents, or 7.2%, while Dynegy shares changed hands at $41.50, up $2.25, or 5.8%.
Under the original terms of the deal, Enron shareholders will receive 0.2685 of a Dynegy for each share outstanding, or $9.47 billion. At current trading levels, Enron shares are at a 61% discount to the offer price.
According to The Wall Street Journal, Dynegy and Enron are contemplating an exchange ratio of less than 0.15 of a Dynegy share, or about $5.29 billion.
The rejiggered deal is an attempt to restore confidence in Enron's ability to carry on its core energy marketing and trading business as the deal moves toward completion, the person said.
As the market waits for more details from the two companies, some say it will take more than a revised offer to provide takeover traders, also known as arbitrageurs, with enough confidence to play the deal in the typical fashion.
Often arbitrageurs bet on pending mergers by selling short shares of the acquiring company and buying shares of the target. In this way, the traders hope to profit as the target's share price moves toward the buyer's offer.
But according to some traders, there is too much risk, even for those accustomed to uncertainty, to play the Dynegy-Enron deal in this way.
Several traders said they were still wary that the deal could collapse and potentially push Enron into bankruptcy.
Enron's fortunes took a sharp turn for the worst after investors began to realize the company liberally used accounting loopholes to move its debts into off-balance-sheet financing vehicles, including partnerships run by its former chief financial officer, Andrew Fastow.
"There's nothing like accounting to scare people," said one trader, who said there is still a perception in the market that there is more bad news yet to come from Enron.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy confirms in talks on structure of Enron merger deal

11/27/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX0 - Dynegy Inc confirmed it is in talks with Enron Corp to renegotiate the terms of a deal with Dynegy Inc in an attempt to save their two week-old acquisition deal.
"I can confirm that we are in discussions with the parties involved in the transaction related to the structure of a deal," Dynegy spokesman Steve Stengel said.
Enron, meanwhile, declined to comment on the report.
Citing people familiar with the matter, the Wall Street Journal reported that Enron Corp is in advanced talks with Dynegy to cut the price of the all-stock transaction by more than 40 pct to about 5 bln usd.
Enron is also trying to extend the maturity dates of some of its borrowings to stem a growing liquidity crisis, the Wall Street Journal said.
lwl/gc

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
STOCKWATCH Enron slightly higher on hopes for new deal price

11/27/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Shares of Enron Corp were slightly higher in midsession trade on reports that the company is trying to renegotiate the terms of a deal with Dynegy Inc, by cutting the price of the all-stock transaction to 5 bln usd, or 40 pct, from 9 bln usd, dealers said.
At 12.19 pm, amid broad declines in the market, Enron shares were trading up 5 cents at 4.04 usd. Dynegy was up 1.26 usd, or 3.26 pct, at 40.51.
The DJIA was down 111.48 points at 9,871.28. The S&P 500 was down 10.40 points at 1,147.02. The Nasdaq composite was down 20.25 points at 1,920.98.
Earlier, the Wall Street Journal said Enron was in advanced talks with Dynegy in an attempt to salvage their two week-old acquisition deal. The companies are discussing a new price for the all-paper deal, following the sharp fall in Enron's share price of the past few weeks.
Enron had hoped to finalise the deal and make an announcement yesterday that would calm investors -- the shares are trading at a small fraction of their record high last year of 87.50 usd.
As of today, however, the revised deal still has not been formalised.
The current agreement with Dynegy contains a "material adverse change" clause, which could be invoked to call the deal off.
As part of its due diligence, Dynegy is examining details of Enron's filing with the Securities and Exchange Commission last week, which reportedly contained information it had not received previously.
"Enron is a black hole, and I don't know how deep the bottom is," said Fadel Gheit an analyst at Fahnestock & Co.
Only four weeks ago, Enron's stock was trading at the 8 usd mark, Gheit said, noting that if the Dynegy had done their homework the stock would not have continued to collapse.
"The market sees this and somebody has to figure out the potential exposure, it could be several billion dollars," said Gheit.
If the deal is to go through then the two companies must arrive at a new stock-exchange ratio, said Gheit. Under the current acquisition agreement, Dynegy would exchange 0.2685 share for each Enron share tendered.
According to the Wall Street Journal, the new ratio is expected to be less than 0.15 share of Dynegy stock for every share of Enron stock, which would value Enron at less than 6 usd a share, or about 5 bln usd.
blms/cl/gc

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
IN THE MONEY: Hedge Funds Say Yes To New Enron Terms
By Carol S. Remond

11/27/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- News that Enron Corp. (ENE) and would-be suitor and savior Dynegy Inc. (DYN) are working to renegotiate their merger agreement has done little to assuage market jitters about Enron's fate.
And so far, even professional arbitrageurs, who normally thrive on placing bets on whether a merger is going to go through, continue for the most part to stay clear of Enron's stock and bonds because of the uncertainty surrounding the once mighty energy trader.
Still, reports that the equity swap ratio offered by Dynegy could be revised down to below 0.15 from 0.2685, has some hedge funds, often willing to take more risks, looking to place trades on the deal.
"We're trying to figure out a good play," said a trader at a New York hedge fund.
So far, bets under consideration seem to be those that would include a combination of stock and debt trading, somehow hedging a short position on Enron's shares with a long position in some of its bonds.
"People that are playing the debt are definitely playing the stock against it," a hedge fund manager at another fund said. This manager added, "We're still trying to evaluate different risk/reward scenario on the debt and equity sides."
Investors that sell stock short borrow shares in the hopes of replacing them later by purchasing them at a lower price.
Arbitrageurs typically sell short shares of the acquirer, while taking long positions in the stock of the target company. But there is nothing typical about Enron's financial woes and the rescue efforts launched by Dynegy and large banks like J.P. Morgan Chase & Co. and Citigroup Inc.
Traders reported increased activity in the still mostly illiquid Enron debt market. "Some bids are coming in, especially on the lower priced bonds," said a trader at a large New York investment bank that makes a market in Enron's bonds.
Enron bonds, which had fallen in value in recent weeks, gained five to seven points early Tuesday as investors continue to await confirmation from Enron and Dynegy that their merger deal remains on track, albeit at a lower price. Enron's 6.4% bonds due 2004 were recently trading at about 55 cents on the dollar, up from 48 cents Monday.
Under the original terms of the deal, Enron holders would have gotten 0.2685 of Dynegy shares for each of their Enron shares. Quoting people close to the discussions, The Wall Street Journal reported Tuesday that the new ratio is expected to be less than 0.15 share of Dynegy stock for every share of Enron stock. That lower exchange was also mentioned in a Dow Jones Newswires story last Friday. At current prices a 0.15 exchange ratio would value Enron at less than $6 a share.
Essentially this new value, if true, means that it has now become easier for hedge funds and other risk takers to play the merger odds.
When a hedge fund shorting Enron stock at $4 a share risked losing more than $6 if the merger went through at the 0.2685 ratio, it now stands to lose only $2 a share (based on the $6 value of Enron stock under the new 0.15 ratio). At the same time it has become much easier to hedge that loss potential by going long on Enron bonds. If the merger doesn't happen, Enron is seen by many as heading for bankruptcy with an ultimate share value of 0. That means that hedge funds shorting Enron at $4 stand to benefit by that amount.
Hedge fund managers and traders said that current thinking puts the value of Enron bonds at about 20 cents on the dollar if the merger fails and about 80 cents on the dollar if it goes through. Meanwhile, the value of Enron stock is capped at about $6 a share if the merger goes through with a new conversion ratio of 0.15.
"A lot of the guys are still very skeptical," said a bond trader at a New York bank. "But this is really making the hedge trade easier and we've seen more customers short the stock and buy the bonds."
Still, this type of bets isn't for the faint of heart, and most investors are likely to wait for more news before taking a position.
"We're nibbling a little bit at the bonds right now. But the situation is so volatile that it's difficult to be aggressive," the manager of a large New York hedge fund said.
Carol S. Remond; 201-938-2074; Dow Jones Newswires
carol.remond@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy Confirms Talks On Enron Deal Structure - Source
By Christina Cheddar
Of DOW JONES NEWSWIRES

11/27/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Dynegy Inc. (DYN) confirmed the company is in talks with a number of parties regarding the structure of its transaction with Enron Corp. (ENE).
"I can confirm that we are in discussions with the parties involved in the transaction related to the structure of the deal," said John Sousa. "I can't elaborate any further at this time."
An Enron official wasn't immediately to comment.

Earlier Tuesday, a report in The Wall Street Journal quoted people familiar with the matter who said Enron and Dynegy were in advanced discussions to cut the price of the all-stock transaction by more than 40% to about $5 billion. Sousa, the Dynegy spokesman, didn't comment on the newspaper report.
Dynegy shares recently traded at $40, up 75 cents, or 1.9%, while Enron shares changed hands at $3.94, down 7 cents, or 1.7%.
Under the original terms of the transaction, Enron shareholders are to receive 0.2685 of a Dynegy share, or $10.78, for each share outstanding, or about $9.14 billion, based on Dynegy's recent stock price.
According to the Journal report, the new terms could be below 0.15 of a Dynegy share.
The deal is critical for Enron, which also simultaneously carrying out talks to receive between $500 million to $1 billion in additional funding to support its operations, while carrying on negotiations to restructure its debt, which totals about $13 billion.
While Dynegy has already provided Enron with a cash infusion, it is uncertain how long Enron's current funds will allow it to remain solvent.
Meanwhile, a third employee lawsuit has been filed against Enron over lost 401(k) retirement savings due to the recent collapse of Enron's stock, which has declined more than 90% in the trailing 12 months. The suit claims Enron "locked down" the plan, which prevented employees from being able to sell the shares, and seeks $850 million for plan losses.
Although the other recently filed employee suits didn't disclose the amount of compensation the plaintiffs are seeking, it is possible the suits seek a similar level of damages, a CreditSights report said.
If this is true, the CreditSights report said, it is possible the clause that allows Dynegy to walk away from the deal if the liabilities from "pending"' or "threatened" litigation may exceed $3.5 billion may be invoked.
In addition, to the employee lawsuits, more than a dozen shareholder suits have been filed against Enron.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

The discussions between Enron and Dynegy aren't merely focused on revising the consideration Dynegy will pay. They are also aimed at providing Enron with additional funding and at restructuring its debt, said a person familiar with the negotiations.
The moves are aimed at restoring confidence in Enron and relieving "the perceived liquidity crisis," the source said.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron shares down despite talk of new Dynegy deal.

11/27/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 27 (Reuters) - Shares of financially troubled energy trading giant Enron Corp. slipped back into the red on Tuesday after gaining in opening trade following news of a new rescue deal from Dynegy Inc. .
Enron shares were down 2 cents at $3.99 after rising 19 cents, or 4.7 percent, to $4.20 in early dealings on the New York Stock Exchange.
Analysts questioned the viability of the original proposal for Dynegy to acquire Enron in a deal worth about $9 billion.
The Wall Street Journal reported that the companies were discussing reducing the price of the all-stock deal by more than 40 percent, to about $5 billion.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

Enron Credit Rating to Remain Unchanged for Today, Moody's Says
2001-11-27 16:12 (New York)

Enron Credit Rating to Remain Unchanged for Today, Moody's Says

     New York, Nov. 27 (Bloomberg) -- Enron Corp.'s credit rating
will remain at ``Baa3,'' the lowest investment grade, by Moody's
Investors Service, which said it won't take any ratings action
today on the largest energy trading company.

     David Stimpson, Moody's managing director for ratings
communication, said although there was speculation in the market
that Moody's would make a ratings change, the company won't take
any action on Enron today. Stimpson declined further comment.

     Moody's had been expected to make a statement on Enron's
credit as bankers sought to raise as much as $2 billion for the
energy trader in private equity.

     Bankers led by J.P. Morgan Chase & Co. Vice Chairman James B.
Lee have been unable for two weeks to raise the money because of
concern Enron won't be able to meet its obligations. That concern
was heightened after Enron disclosed a $690 million payment due
this week. Enron needs the money to operate as it completes an
acquisition by Dynegy Inc.

Enron Turned Down by Investors Alwaleed, Blackstone, Carlyle
2001-11-27 15:16 (New York)

Enron Turned Down by Investors Alwaleed, Blackstone, Carlyle

     New York, Nov. 27 (Bloomberg) -- Enron Corp.'s bankers,
seeking to raise as much as $2 billion for the energy trader, have
been turned down by investors including Prince Alwaleed Bin Talal,
the Carlyle Group Inc. and Blackstone Group LP.

     ``I was approached by several people to invest in the
company, but we declined,'' said Alwaleed, a billionaire investor
from Saudi Arabia. The fall in Enron's shares, which have declined
95 percent this year, didn't necessarily make it a good
investment, he said.

     Bankers led by J.P. Morgan Chase & Co. Vice Chairman James B.
Lee have been unable for two weeks to raise the money because of
concern Enron won't be able to meet its obligations. That concern
was heightened after Enron disclosed a $690 million payment due
this week. Enron needs the money to operate as it completes an
acquisition by Dynegy Inc.

     The prospect that Enron will fail to line up financing,
jeopardizing its plan to be acquired by Dynegy, has weighed on its
stock and bonds. The company's securities gained today as talks
between Enron and Dynegy to renegotiate terms of the transaction
convinced some investors the takeover was more likely to take
place.

     Enron 6.4 percent bonds that mature in 2006, which closed
yesterday at 48 cents on the dollar, rebounded to trade at about
55 cents on the dollar. At that price, the bonds yield 22.5
percent. Enron shares rose 21 cents, or 5 percent, to $4.22. The
stock finished yesterday at $4.01, its lowest level in 14 years.

                        Declining to Invest

     J.P. Morgan and Citigroup Inc., Enron's largest lenders, plan
to provide $250 million to Enron each as part of a $2 billion
package. The bankers have been seeking additional investments,
which would be made in the form of convertible stock, for more
than two weeks.

     Questor Management Co., a $1 billion private-equity fund that
invests in troubled companies, and buyout funds such as Carlyle
Group and Blackstone have balked at investing, said people
familiar with the situation. Blackstone and Questor declined to
comment. Christopher Ullman, a spokesman for Carlyle, said: ``We
are not in discussions with Enron about financing.''

   ``More equity would leave Enron with a stronger balance sheet,
which should reassure their trading partners,'' said Kathleen
Vuchetich, who helps manage $1.4 billion in assets at the Strong
American Utilities Fund. Vuchetich has 4.2 percent of her
portfolio invested in Dynegy shares.

     Enron and Dynegy discussed revising the terms of their merger
over the weekend, said Steve Stengel, spokesman for Dynegy. Dynegy
is now talking about paying less than 0.15 share for each of
Enron's, valuing the company's equity at about $5 billion, or less
than $6 per share, the Wall Street Journal reported, citing people
close to the discussions.

                               Terms

     ``The concern is that the Dynegy deal breaks down,'' said
Paul Tice, co-head of U.S. high-grade credit research who covers
the energy market for Deutsche Bank.

     Current terms call for an exchange ratio of 0.2685 share of
Dynegy stock for each Enron share. Given recent disclosures about
Enron's debt and the drop in the stock price, a fairer ratio would
be 0.15 share of Dynegy, said Ronald Barone, a UBS Warburg analyst
who rates Dynegy a ``strong buy.''

    Under current terms, the deal makes sense for Dynegy only if
Enron earns 85 cents or more next year, said Gordon Howald, an
analyst at Credit Lyonnais who rates Dynegy a ``buy.'' UBS
Warburg's Barone has reduced his estimate of Enron's 2002 earnings
to 75 cents a share from $1.65.

     Enron needs an infusion in part because it has $9 billion of
payments due before the end of 2002 and less than $2 billion in
cash and credit lines. The decline in reserves has also raised the
prospect that Moody's Investors Service may cut Enron's credit
rating. A lower rating would trigger $3.9 billion in debt
repayments for two affiliated partnerships.

                           Cash Question

     ``The main question is: `What is the cash position right
now?''' said Tice at Deutsche Bank. ``Is the falloff in the cash
position of the company stabilizing or not?''

     Moody's hasn't issued a report on Enron since the company
filed a quarterly report with the Securities and Exchange
Commission last week announcing it had a $690 million note due
this week. On Wednesday, Enron got a three-week reprieve from
lenders on the $690 million note and closed on a $450 million
credit line. Dynegy Chief Executive Officer Chuck Watson said he
was ``encouraged'' by the developments.

Liberty Funds Analyst Paik Comments on Dynegy and Enron Talks
2001-11-27 11:56 (New York)

     Boston, Nov. 27 (Bloomberg) -- Edward Paik, an analyst at
Liberty Funds Group, comments on Dynegy Inc.'s proposed
$23 billion acquisition of Enron Corp., the largest energy trader.

     Paik has Enron shares among the $3.6 billion in assets he
helps manage at Liberty.

     Dynegy may renegotiate terms of its bid for Enron, people
familiar with talks between the Houston-based companies said
yesterday.

     ``The stock market is clearly 100 percent certain the Dynegy
deal won't go through as negotiated,'' Paik said. ``We're just
waiting.''

     ``If they announce they've renegotiated the deal, it will be
implicit that due diligence has been done, and that Dynegy won't
walk away for anything that's happened up until now. If they were
to impose more conditions, what good is that? Dynegy needs to
resuscitate Enron back to health.''

A.G. Edwards Analyst Heim Comments on Dynegy and Enron Talks
2001-11-27 11:00 (New York)

     St. Louis, Missouri, Nov. 27 (Bloomberg) -- A.G. Edwards &
Sons Inc. analyst Michael Heim comments on Dynegy Inc.'s proposed
$23 billion buyout of Enron Corp., the largest energy trader.

     Dynegy may renegotiate terms of its bid for Enron, people
familiar with talks between the Houston-based companies said
yesterday. Heim rates Enron ``sell'' and Dynegy ``hold'' and
doesn't own shares of either company.

     The market is waiting for confirmation and details of a
renegotiated bid, Heim said.

     ``We'd need to know why they'd agreed to a new price,'' Heim
said. ``It also needs to be combined with some sort of shoring up
of Enron's trading business, which needs to be stabilized for the
deal to have real value.''

Commerzbank Analyst Meade Comments on Dynegy's Talks With Enron
2001-11-27 10:42 (New York)

     New York, Nov. 27 (Bloomberg) -- Commerzbank Securities
analyst Andre Meade comments on Dynegy Inc.'s proposed
$23 billion buyout of Enron Corp., the largest energy trader.

     Dynegy may renegotiate terms of its bid for Enron, people
familiar with talks between the Houston-based companies said
yesterday. Meade rates both companies ``hold'' and owns no shares.

     ``If they are renegotiating, it confirms our fears that
Enron's crown jewel, its marketing and trading business, is
deteriorating,''

      Investors are waiting for a sign on the state of the
business, Meade said.

      Enron's trading business was worth more than $10 billion
before partners began shunning it on credit concerns, Meade said.
A lower price struck by Dynegy may reveal how much business has
fallen, and whether Dynegy believes Enron can regain it, Meade
said.

     A New York Times report that banks may extend payments on
some loans until after Dynegy purchases Enron ``raises concern
that Dynegy will be hurt by taking on the vast liabilities of
Enron,'' Meade said.

ENRON SHARES RECOVER FROM A.M. SLUMP
By Lisa Sanders
CBS.MarketWatch.com

4:10 PM ET Nov 27, 2001

HOUSTON (CBS.MW) -- Shares of Enron recovered from the morning's sub-$4
a share level Tuesday amid reports that the embattled energy merchant is
working with Dynegy to renegotiate its takeover offer.

Enron (ENE), which once hit $84.88 during the last holiday season,
added 13 cents to close at $4.14 on volume of 68.4 million shares. The
stock was the most actively traded on the New York Stock Exchange
Tuesday.

Dynegy shares added $1.64 to close at $40.89.

The New York Times reported that Houston-based Dynegy (DYN) and Enron
are renegotiating Dynegy's bid, once valued at $9 billion in stock.
According to the report, Dynegy is worried that Enron's core business --
energy trading -- is deteriorating. See full story.

Getting it done

_______________________________________________________________________

Glen Hilton, portfolio manager of the Montgomery New Power Fund, said
it's a "crapshoot" as to whether the deal gets done.

"I think that regardless of the outcome Dynegy is still in a good
position for the long-term," he said. His fund liquidated its Enron
holdings completely in mid to late-October. "Enron was the leader (in
energy trading), and it's clearly suffering so Dynegy is in a good shot
to take up the mantle."

Hilton pointed to Enron's 10-Q, filed last Monday with the Securities
and Exchange Commission, and the falling share price as potential
triggers of the deal's material adverse affect clause. Those two things
could very well make Dynegy walk away from the merger. If that happens,
Hilton said, an Enron bankruptcy is a very real possibility.

"Very few companies understand what Enron does and Dynegy is one of the
few that could make something out of it," Hilton said. "If Dynegy can
restore confidence in Enron's trading business and get Northern Natural
Gas, it looks like it might be worth the headache."

Dynegy has the rights to Enron's Northern Natural Gas, a pipeline
system, whether the merger goes through or not.

Enron wasn't immediately available for comment. Dynegy, through a
company spokesman, confirmed that it was in discussions with "the
parties involved in the transaction" related to the structure of the
deal.

Top Of The News
Enron In Free Fall
Dan Ackman <javascript:newWindow('Ackman')>, Forbes.com <http://www.forbes.com/news>, 11.27.01, 9:00 AM ET

NEW YORK - If not for Sept. 11, Enron would be a major scandal; as it stands, it's a minor scandal. The Houston-based energy company, whose Chairman Kenneth Lay is a personal friend of and top fundraiser for President George W. Bush <http://www.forbes.com/2001/10/12/gwbush.html> and Vice President Dick Cheney, is in free fall. The bailout by rival Dynegy made public three weeks ago appears to be unraveling.

Dynegy's (nyse: DYN <http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=DYN> - news <http://www.forbes.com/markets/company_news.jhtml?ticker=DYN> - people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=DYN>) buyout of Enron (nyse: ENE <http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=ENE> - news <http://www.forbes.com/markets/company_news.jhtml?ticker=ENE> - people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=ENE>) was originally valued at $9 billion. But just as the deal was announced, Enron said its prior financial reporting was inaccurate and that it had overstated earnings by $586 million over the past four years.

While the companies have not said the merger is off, investors don't believe it will happen, at least not at the stated price; they have bid Enron shares down to the point where the company has a market value of less than $3 billion. The shares closed yesterday at $4.01, down from $78 a year ago.

The situation is in flux, as it has been for months. During that time, several top Enron executives have been forced to resign. Jeffrey Skilling, Enron's former chief executive officer, left in August for "personal reasons."

Company officials said they hope to announce, perhaps as early as today, a series of changes: a lower price for the takeover; a cash infusion of $500 million; new, extended loan terms by Enron's bankers; and somehow, an agreement that prevents Dynegy from walking away in the face of litigation over Enron's devastated employee-retirement plan. Lawsuits by shareholders are sure to follow, considering Enron's restatement and the pay it lavished on executives, including Lay who received $135 million from salary, bonus and the exercise of stock options in 2000 alone.

For now, Dynegy says it still wants to do a deal for its crosstown rival with 2000 revenue of $101 billion.

Even more alarming than the deterioration in the share price is the crisis of confidence in Enron's reliability as a trading partner in worldwide energy markets. Last year, Enron was the dominant player in natural gas and electricity trading--a fast-paced, complex business quite removed from the company's history as a gas- and oil-pipeline builder and operator. The fear now is that other companies will refuse to trade with Enron out of trepidation that it will file for bankruptcy and not pay its bills.

The company had $10.5 billion in debt as of its last annual report, and that number has likely grown by 20%. Already, credit agencies have cut their ratings on Enron debt.

Dynegy and its partner, ChevronTexaco (nyse: CVX <http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=CVX> - news <http://www.forbes.com/markets/company_news.jhtml?ticker=CVX> - people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=CVX>), may pump billions of dollars into Enron's operations if the purchase goes through. But the deal will certainly undergo regulatory scrutiny and will take months to close. Investors and energy traders are increasingly doubtful that Enron can hang on by itself.

Enron bills itself as one of the world's leading energy, commodities and services companies. It says it "markets electricity and natural gas, delivers energy and other physical commodities, and provides financial and risk management services to customers around the world." While all this may be true, its popularity with investors was based largely on its fast-growing revenue--much like the Internet companies whose collapse it mirrors.

Few shareholders had any understanding of what Enron did to generate that revenue, and indeed Enron's own auditors at Arthur Andersen were confused. Most of the revenue was generated from trading, but the company's shares sold as if it was still an industrial company and not a financial firm.

Enron was famous for being famous. Before the start of the 2000 baseball season, it purchased the rights to have its name on Houston's new ballpark. By 2002, Enron Field may need a new name.

The name Enron itself sounds like it has something to do with energy, but it means nothing. At the time the company was formed from the merger of InterNorth of Omaha and Houston Natural Gas, the idea was to call the company Enteron. But the namers then looked in the dictionary and found out that Enteron means "intestines;" they decided to drop the "te" in the middle and go with Enron. Soon Enron may be part of Dynegy, a much smaller company in terms of revenue. If the deal falls apart, it may want to go back to Enteron.


Definitely want to upgrade #1 - its on my list of ISDA upgrades as follows:

Done:  TXU, JAron
In Progress:  El Paso, Occidental, Reliant
To Do:  Morgan Stanley, Dynegy, Statoil, Vitol, Valero, Sempra

Can your dept provide a breakdown of type of executed masters? There are (as
of today) 423 masters - can we break out which ones are old ECT masters?
That may give us some insight in to any others that need upgrades.  Also, the
confirm desk should be able to tell us the level of activity (as they did
before) to determine priority.  Eventually, we would like to get to all of
these; however, establishing new documents where we have none (Cargill,
Mieco, Idacorp, PanCanadian) is my first priority.

Rod should be able to address #3.

Thanks,
Tanya

From: Sara Shackleton on 05/17/2000 08:48 AM
To: Rod Nelson/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT
cc: William S Bradford/HOU/ECT@ECT
Subject: Various "Morgan Stanley" master agreements

As a result of Jeff Nogid's request, here is a recap of the Morgan Stanley
situation:

(1)  Morgan Stanley Capital Group Inc.
 This is the entity for commodity trading.
 (i)  ECT has a Master Energy Price Swap Agreement dated 6/16/92
 (ii)  ECTRIC has an ISDA dated 3/2/99, but eff. 8/27/97

(2)  Morgan Stanley Capital Services Inc.
 Jeff Nogid requesting new master for fixed income transactions

(3)  Morgan Stanley International Limited
 This is the entity for equity trading.  Will Nogid or Kinneman ever need
this one?

Each of these companies has a different lawyer to negotiate the agreement.

Each Morgan Stanley entity might require a separate guaranty.  Anne Clark in
legal (Cap Services) will let me know.

I will put (2) in place.  Do you want to pursue upgrading (1)(i) or
addressing (3)?  Please let me know.  Thanks.  Sara


Lunch will be served at 11:30, QBR starts at 12:00.


Fred / Kay:

I spoke to Duran this morning, and he and I would like to meet together with
us to discuss the Midway project and whether or not we will be able to
utilize TurboPark Phase 2. I previously told him that because of timing
considerations and because there may be certain agreements that will be
difficult to make TurboPark compliant (such as the attached interconnect
agreement from FPL), that Phase 2 may not be practical for purposes of this
project.

I think this would be a good discussion to have on Friday, because we should
have more information on the GE7FAs and should have already spoken with TECO
on their proposed MOU (and maybe even the tolling agreement). What are your
schedules on Friday?

I also would like to schedule a call for tomorrow with TECO to go over the
MOU. Fred - Please coordinate with Kay and schedule something with Becky
Alex. I would prefer the afternoon if that's OK with you guys, and would like
45 min. before the call for us to meet seperately. Also Fred, please advise
on the status of the tolling agreement.

Kay - attached is FPL's standard form interconnect agreement. I was thinking
that Carlos would be a good choice to review it as he is currently working
with accounting / finance on an Ameren interconnect, so he will already be
familiar with the likely issues. Please let me know what you think. It will
be important to give Duran a summary of likely accounting / finance issues
related to this agreement on Friday.

Hope you both had good weekends.

Regards,

Ben
-----Original Message-----
From: Greg Krause
Sent: Mon 5/21/2001 9:00 PM
To: Christi L Nicolay
Cc: Ben Jacoby
Subject: Midway Project - Generic Interconnect Agreement

Please see attached for your review and comments.

 <<FPL Construction & Connection Agreement Generic.doc>>


Jeff

Can you get Lisa and me a copy of the applicable contract/tariff.  Thanks

Elizabeth Sager
713-853-6349

 -----Original Message-----
From: 	Bradford, William S.
Sent:	Monday, November 19, 2001 8:19 AM
To:	Mellencamp, Lisa; Tribolet, Michael; Sager, Elizabeth; St. Clair, Carol; Rohauer, Tanya
Cc:	Mcginnis, Stephanie
Subject:	FW: Enron North America

We need to repsond to this.  Tanya- can you confirm the lend and park exposure.

Steph - please print and add to the list.

 -----Original Message-----
From: 	"Foley, Jack" <JRFc@pge.com>@ENRON
Sent:	Friday, November 16, 2001 4:34 PM
To:	Bradford, William S.
Cc:	Sena, David; Frederickson, Mike
Subject:	Enron North America

Bill,

As mentioned during our conference call this morning, we have significant
Lend and Park activity with ENA (and some activity with Enron Energy
Services).  Potential stressed net exposure peaks at $ 12.4 million in April
' 02.

Due to the recent downgrades of Enron Corp.'s (Guarantor of ENA's
obligations to PG&E) senior unsecured debt rating to BBB- by S&P and other
rating agencies, we respectfully request that Enron North America provide
PG&E with a Standby Irrevocable Letter of Credit in the amount of $ 6.5
million expiring no earlier than October 30, 2002.  This request is made
under the provisions of PG&E's Gas Rule 25 (Gas Services-Customer
Creditworthiness and Payment Terms).

I would appreciate your letting me know when the L/C will be issued.  Thanks

Jack Foley
Credit Risk Management
415/973-0004


What floor are you on in the new building?  I can call and reserve a room
over there.

Thanks,
Monica L. Brown
Accenture
Houston - 2929 Allen Parkway
Direct Dial: +1 713 837 1749
VPN & Octel: 83 / 71749
Fax: +1 713 257 7211
email: monica.l.brown@accenture.com

            Dutch.Quigley@enron.c
            om                           To:     Monica L. Brown/Internal/Accenture@Accenture
                                         cc:
            11/26/2001 08:24 AM          Subject:     RE: Confirmation: Risk Management Simulation Meeting
                                         11/27/01

i am in the new building so let me get a new room ....will get back with
you

    -----Original Message-----
   From:   monica.l.brown@accenture.com@ENRON
   Sent:   Monday, November 26, 2001 9:16 AM
   To:     Quigley, Dutch
   Cc:     sheri.a.righi@accenture.com
   Subject:  Confirmation: Risk Management Simulation Meeting 11/27/01

   Hi Dutch,

   This message is to confirm our meeting with you on, Tuesday, November
   27th
   from 2:30 pm - 3:30pm, the location will be EB 3241.  Attendees will be
   Monica Brown and Sheri Righi. (Let us know if it is okay for us to meet
   in
   John Arnold's office)

   Let us know if you have any question, I can be reached at 713-345-6687.

   Thanks,
   Monica L. Brown
   Accenture
   Houston - 2929 Allen Parkway
   Direct Dial: +1 713 837 1749
   VPN & Octel: 83 / 71749
   Fax: +1 713 257 7211
   email: monica.l.brown@accenture.com

   This message is for the designated recipient only and may contain
   privileged, proprietary, or otherwise private information.  If you have
   received it in error, please notify the sender immediately and delete
   the
   original.  Any other use of the email by you is prohibited.

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

This message is for the designated recipient only and may contain
privileged, proprietary, or otherwise private information.  If you have
received it in error, please notify the sender immediately and delete the
original.  Any other use of the email by you is prohibited.


I spoke with Donna Bobbish this morning about Steve's question -- does the
President have broader authority to take action during times of crisis.
Donna sent me this quick write up about what she has looked into so far.
Because these questions go beyond a FERC practitioner's expertise, we asked
Donna to work with a Constitutional Law expert at V&E to determine whether,
and under what circumstances, the President's authority may be extended
beyond the authorities discussed in the memo.

We will let you know what we learn from that further research.

Sarah

----- Forwarded by Sarah Novosel/Corp/Enron on 05/23/2001 03:48 PM -----

	"Bobbish, Donna J." <dbobbish@velaw.com>
	05/23/2001 12:16 PM

		 To: "'snovose@enron.com'" <snovose@enron.com>
		 cc:
		 Subject: Presidential Power Question

Sarah:  In response to Steve's inquiry, I did look into this question
briefly when you first gave me the assignment.  I read an interesting law
review article  on "The Imposition of Martial Law in the United States," for
a discussion of presidential powers.  There is no general emergency
authority granted the President in the U.S.  Constitution.  Also, the
article discussed the famous "Truman steel mills case," Youngstown Sheet &
Tube Co. v. Sawyer, 343 U.S. 579 (1952), in which the Supreme Court declared
unconstitutional President Truman's seizure of the steel mills during the
Korean War.  In that case, in light of a threatened national-wide strike in
the national steel industry, President Truman, concerned about the national
defense, issued an Executive Order directing the Secretary of Commerce to
take possession of most of the steel mills and keep them running.  The
Supreme Court said that if the President had authority to take such  an
action, he had to derive it either from an act of Congress or the
Constitution itself.  Since the Supreme Court could not find any seizure
authority, it invalidated the President's action.  The Supreme Court also
rejected the argument that the President had any powers that could be
implied from the aggregate of his powers under the Constitution.

Based on the Truman steel mills case, I thought it the wiser course of
action to look for specific authorities given to the President by statute
which might prove useful.

I could look into this question further, if you would like, but we would be
entering "martial law-type" legal territory, where the President would be
acting outside of specific Constitutional or congressional authority (which
has been described a "zone of twilight"), and in light of the Truman steel
mills case, I don't know how fruitful that might be.

Please let me know if you would like me to do anything more.  Thank you.
Donna
          ++++++CONFIDENTIALITY NOTICE+++++
The information in this email may be confidential and/or privileged.  This
email is intended to be reviewed by only the individual or organization
named above.  If you are not the intended recipient or an authorized
representative of the intended recipient, you are hereby notified that any
review, dissemination or copying of this email and its attachments, if any,
or the information contained herein is prohibited.  If you have received
this email in error, please immediately notify the sender by return email
and delete this email from your system.  Thank You


Mary --

I promised to let you know how it went with Adam Umanoff and Janet Ginsberg
of Business Week on her story about proposed cuts on renewable energy
research.  In the course of the interview, Janet introduced the word
"commentary" in describing the piece.  While her questions were on both sides
of the issue, she seemed to be leaning toward keeping the money for renewable
energy, particularly when you consider the things she told you over the last
couple of days.

Adam did a nice job of staying out of sandtraps, particularly when she asked
him about the argument of why the government should subsidize a deep-pocket
like Enron.  Adam responded that from the beginning it has been the
government's objective to get results from its research efforts, teaming with
corporate partners, and that companies like Enron have delivered.  She also
asked him if he thought budget cuts would have a catastrophic impact on the
industry, particularly the small players.  He said he could not speak to the
impact on smaller players and that, while the funding and the research are
important, he doubted that the result would be catastrophic.  Adam said that
he could not argue with the Energy Secretary's view that wind was one of the
mature renewables, and that we would not speculate about what Enron would do
if the funding went away.  Aside from that, he basically talked about the
importance of the research, the critical nature of continually renewing the
source, and the competitive landscape versus subsidized European firms.

Certainly if she wants to cherry pick Adam's comments to support either side
of the argument, she can.  However, Adam played it down the middle.

Thanks for all your thought on this.

Vance


So,,,, will you guys be up for a few brewskies on Friday??


Thanx

I guess the question is whether the cost of pending lawsuits is priced into
the stock?

I see an RJR Nabisco deal here. Break off Miller and Kraft and let the death
merchant division die slowly.

Chris


Posted on the DASHBOARD & attached hereto are the following updated reports:

	CAPACITY RELEASE MARKET & TFF SYNOPSIS
		2000--2001 NOVEMBER--MARCH
		2001 APRIL--OCTOBER

If you have any questions concerning the contents contained in these reports, please contact me.

John


Thanks.  See you tomorrow.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/08/2000
04:24 PM ---------------------------

Angie Collins
03/08/2000 03:49 PM
To: Nick Mooney/LON/ECT@ECT, Anastasia Karabatsos/LON/ECT@ECT, Ingrid van
Wees/LON/ECT@ECT, Stewart Peter/LON/ECT@ECT, Joseph Hrgovcic/HOU/ECT@ECT,
Steven Vu/HOU/ECT@ECT, Michael Nguyen/HOU/ECT@ECT, George Zivic/HOU/ECT@ECT,
David Kistler/HOU/ECT@ECT, Brando Hayden/HOU/ECT@ect, Paul R
Henry/HOU/ECT@ECT, Gary Taylor/HOU/ECT@ECT, Lucy Ortiz/HOU/ECT@ECT, Valter
Stoiani/Corp/Enron@ENRON, Rajib Saha/HOU/ECT@ECT, Tony Harris/HOU/ECT@ECT,
Mark Tawney/HOU/ECT@ECT
cc: Jere C Overdyke/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Donna
Baker/HOU/ECT@ECT, Mike A Roberts/HOU/ECT@ECT, Jose Marquez/Corp/Enron@ENRON
Subject: URGENT - Introduction Meeting

A video conference with the London office has been scheduled for:

Date: Thursday, March 9
Time: 8:00 a.m. - 9:00 a.m. (CST)
Room: 30C1

Thank you

Angie


_________________________________________________________________

WEEKEND SYSTEMS AVAILABILITY

FOR

1/4/2002 5:00:00 PM through 1/7/2002 12:00:00 AM
_________________________________________________________________
SCHEDULED SYSTEM OUTAGES:

ARDMORE DATA CENTER - FACILITY OPERATIONS:

Impact: Corp
Time: Sat 1/5/2002 2:00:00 PM CT thru Sat 1/5/2002 3:00:00 PM CT
Sat 1/5/2002 12:00:00 PM PT thru Sat 1/5/2002 1:00:00 PM PT
Sat 1/5/2002 8:00:00 PM London thru Sat 1/5/2002 9:00:00 PM London
Outage: SysAdmiral Fault Tolerance Split for Netco/Estate
Environments Impacted: The outage the sysAdmiral Application will be brief and should not directly affect any applications.
Purpose: We are Splitting the sysAdmiral Fault Tolerance Databases and Master Services on NAHOU-BPMS01P and NAHOU-BPMSFT01P. NAHOU-BPMS01P Database/Master will be used for Estate Scheduling needs and NAHOU-BPMSFT01P will be used for Netco Scheduling Needs. After the environments are split their will be no more replication between the two servers or Fault Tolerance.
Backout: ReEnable Fault Tolernace.
Contact(s): Brennan, Ryan 713-853-4545
Lindsay, Brian 713-853-6225
Impact: Corp
Time: Sat 1/5/2002 9:00:00 AM CT thru Sat 1/5/2002 9:30:00 AM CT
Sat 1/5/2002 7:00:00 AM PT thru Sat 1/5/2002 7:30:00 AM PT
Sat 1/5/2002 3:00:00 PM London thru Sat 1/5/2002 3:30:00 PM London
Outage: Hardware swap for DFS NAHOU
Environments Impacted: All
Purpose: Existing DFS cluster NAHOU hardware has been marked for Netco Deployment. Therefore it is necessary to de-commission NAHOU and bring up another instance of NAHOU dfs for estate.
Backout: Revert DFS cluster back to NAHOU.
Contact(s): Cheng, John 7138531672
McNair, Darren 7138537955

AZURIX: No Scheduled Outages.

EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

EDI:  No Scheduled Outages

EES: No Scheduled Outages

ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages

ENRON NORTH AMERICAN LANS:  No Scheduled Outages

FIELD SERVICES:  No Scheduled Outages.

INTERNET: No Scheduled Outages.

MESSAGING: No Scheduled Outages.

MARKET DATA: No Scheduled Outages.

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS: No Scheduled Outages.

SITARA:  No Scheduled Outages.

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY: No Scheduled Outages

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:  No Scheduled Outages.

----------------------------------------------------------------------------------------------------------------------------
								FOR ASSISTANCE

(713) 853-1411   Enron Resolution Center

Specific Help:
Information Risk Management			(713) 853-5536
SAP/ISC                                                                               (713) 345-4727
Unify On-Call 					(713) 284-3757  [Pager]
Sitara On-Call					(713) 288-0101  [Pager]
RUS/GOPS/GeoTools/APRS			(713) 639-9726  [Pager]
OSS/UA4/TARP				(713) 285-3165  [Pager]
CPR						(713) 284-4175  [Pager]
EDI Support 					(713) 327-3893  [Pager]
EES Help Desk					(713)853-9797 OR (888)853-9797
TDS -Trader Decision Support On-Call                    (713) 327-6032 [Pager]


Hi, Dawn:

Enclosed is a table with Spot Reference and firm refderence for tghose locations.  Give me a call if you have any other questions.

Thanks you very much. Have a great day!

George Huan
5-3698

	Spot Reference	Firm Reference
Option-GD/D Chi - NGI Chi	NGI/CHI. GATE	GDP-CHI. GATE
Option-GD/D HSC - IF HSC	IF-HPL/SHPCHAN	GDP-HPL/SHPCH
Option-GD/D Kern Opal - IF NWPL RkyMtn	IF-NWPL_ROCKY_M	GDP-KERN/OPAL
Option-GD/D PEPL - IF PEPL	IF-PAN/TX/OK	GDP-PAN/TX/OK
Option-GD/D Perm - IF Perm	IF-ELPO/PERMIAN	GDP-ELPO/PERM2
Option-GD/D TCO - IF TCO	IF-CGT/APPALAC	GDP-CGT/APPALAC
Option-GD/D EP SJ - IF EP SJ	IF-ELPO/SJ	GDP-ELPO/SANJUA

 -----Original Message-----
From: 	Kenne, Dawn
Sent:	Monday, April 16, 2001 5:06 PM
To:	Huan, George; McLaughlin, Errol; Gossett, Jeffrey
Cc:	Sweitzer, Tara; Meredith, Kevin
Subject:	Indices in Test

I need to get the indexes for new options as soon as possible.  Please let me know if you need more information.

Thanks,
Dawn
---------------------- Forwarded by Dawn C Kenne/HOU/ECT on 04/16/2001 05:05 PM ---------------------------

Dawn C Kenne
04/11/2001 02:30 PM
To:	George Huan/Enron@EnronXGate, Errol McLaughlin/Corp/Enron@ENRON
cc:	Tara Sweitzer/HOU/ECT@ECT, Kevin Meredith/Corp/Enron@ENRON

Subject:	Indices in Test

Larry May has requested the indexes listed below to be added to EOL for his options.  Can you please provide the indexes that need to be mapped in tagg for them to bridge correctly (i.e. the spot and firm reference)

Thanks for your help.
Dawn
---------------------- Forwarded by Dawn C Kenne/HOU/ECT on 04/11/2001 02:23 PM ---------------------------

 	Enron North America Corp.  From:  Kevin Meredith @ ENRON                           04/11/2001 01:53 PM

To:	Dawn C Kenne/HOU/ECT@ECT, Tara Sweitzer/HOU/ECT@ECT
cc:

Subject:	Indices in Test

Here are the new indices for Larry May's floating strike options that I have built in test.

Option-GD/D Chi - NGI Chi
Option-GD/D HSC - IF HSC
Option-GD/D Kern Opal - IF NWPL RkyMtn
Option-GD/D PEPL - IF PEPL
Option-GD/D Perm - IF Perm
Option-GD/D TCO - IF TCO
Option-GD/D EP SJ - IF EP SJ

Let me know what else you may need.
Thanks.
Kevin

<Embedded Picture (Device Independent Bitmap)>
<Embedded Picture (Device Independent Bitmap)>


John Williamson
Arthur Andersen LLP

From: "Duke Ebert" <Duke.Ebert@mail.wvu.edu>
To: <missinglink@adelphia.net>,<BSteinb210@aol.com>, <Mikecl78@aol.com>,
<RARSOC420@aol.com>, <MCarlberg@cellxion.com>, <barbwire@citynet.net>,
<matchen@geosrv.wvnet.edu>, <dipbryan@home.com>, <acebert@hotmail.com>,
<syntrade@hotmail.com>, <brak@labyrinth.net>,
<marcihill@mail.mdanderson.org>, <u1a01133@mail.wvnet.edu>, "Vic Baker"
<Vic.Baker@mail.wvu.edu>, <gpratt@mindspring.com>, <larryameadows@msn.com>,
<gormand@rcbhsc.wvu.edu>, <harshbargerd@rcbhsc.wvu.edu>, <MZintl@sara.com>,
<jjhillb@stratuswave.net>, <sriley2@wvu.edu>, <lysalouho@yahoo.com>
Subject: Fwd: Fw: FW: THIS IS FOR MEN (Women can read)
Date: Thu, 18 Oct 2001 10:53:13 -0400

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

--------- Inline attachment follows ---------

From:  <Duke.Ebert@mail.wvu.edu>
To: missinglink@adelphia.net, BSteinb210@aol.com, Mikecl78@aol.com, RARSOC420@aol.com, MCarlberg@cellxion.com, barbwire@citynet.net, matchen@geosrv.wvnet.edu, dipbryan@home.com, acebert@hotmail.com, syntrade@hotmail.com, brak@labyrinth.net, marcihill@mail.mdanderson.org, u1a01133@mail.wvnet.edu, Vic Baker <Vic.Baker@mail.wvu.edu>, gpratt@mindspring.com, larryameadows@msn.com, gormand@rcbhsc.wvu.edu, harshbargerd@rcbhsc.wvu.edu, MZintl@sara.com, jjhillb@stratuswave.net, sriley2@wvu.edu, lysalouho@yahoo.com
Date: Thursday, October 18, 2001 2:53:13 GMT
Subject:

--------- Inline attachment follows ---------

From:  <deanna74@earthlink.net>
To: Thomas Mertz <tlmertz1@hotmail.com>, Michael T Winebrenner <mwinebre@erols.com>, Irvin Winebrenner <irv49@juno.com>, greg Winebrenner <gregrw@earthlink.net>, Duke <Duke.Ebert@mail.wvu.edu>, Dave Goodrich <goodrich@sbccom.com>
Date: Thursday, October 18, 2001 2:38:44 GMT
Subject:

----- Original Message -----
From: "Andrew Hanna" <ahanna@wvu.edu>
To: <REHanna@hullfirm.com brak@labyrinth.net cchanna@inetone.net
deanna74@earthlink.net jhanna01@yahoo.com paul_hanna@greenbrier.com
qhanna1@yahoo.com>
Sent: Thursday, October 18, 2001 9:37 AM
Subject: FW: FW: THIS IS FOR MEN (Women can read)

>
>
> Here is a set of jokes that should go over well at your next
> dinner party.  Enjoy.
>
> Andrew
>
> >> Subject: THIS IS FOR MEN (Women can read)
> >>
> >>
> >> THIS IS FOR MEN TIRED OF RECEIVING MALE BASHING
> >> JOKES
> >>
> >> 1. How many men does it take to open a beer?
> >> None. It should be opened by the time she brings it.
> >>
> >>
> >> 2. Why is a Laundromat a really bad place to pick up
> >> a woman?    Because a woman who can't even afford a
> >> washing machine will probably never be able to
> >> support you.
> >>
> >> 3. Why do women have smaller feet than men?    It's
> >> one of those
> >> "evolutionary  things" that allows them to stand
> >> closer to the kitchen sink.
> >>
> >> 4. How do you know when a woman is about to say
> >> something smart?    When she starts her sentence
> >> with "A man once told me. "
> >>
> >> 5. How do you fix a woman's watch?    You don't.
> >> There is a clock on the oven.
> >>
> >> 6. Why do men fart more than women?    Because women
> >> can't shut up long enough  to build up the required
> >> pressure.
> >>
> >> 7. If your dog is barking at the back door and your
> >> wife is yelling at the front door, whom do you let
> >> in first?    The dog, of course.    He'll shut up
> >> once you let him in.
> >>
> >> 8. What's worse than a Male Chauvinist Pig?    A
> >> woman that won't do what she's told.
> >>
> >> 9. I married Miss Right.    I just didn't know her
> >> first name was "Always."
> >>
> >> 10. I haven't spoken to my wife for 18 months: I
> >> don't like to interrupt her.
> >>
> >> 11. What do you call a woman who has lost 95% of her
> >> intelligence? Divorced.
> >>
> >> 12. Scientists have discovered a food that
> >> diminishes a woman's sex drive by 90%.    It is
> >> called Wedding Cake.
> >>
> >> 13. Marriage is a 3-ring circus Engagement Ring,
> >> Wedding Ring, Suffering.
> >>
> >> 14. Our last fight was my fault;    My wife asked
> >> me. "What's on the TV?" I said, "Dust!"
> >>
> >> 15. Why do men die before their wives?    They want
> >> to.
> >>
> >> 16. Young Son: "Is it true, Dad, I heard that in
> >> some parts of Africa a man doesn't know his wife
> >> until he marries her?"    Dad: That happens in every
> >> country, son.
> >>
> >> 17. A man inserted an advertisement in the
> >> classifieds: "Wife Wanted."   The next day he
> >> received a hundred letters.    They all said the
> >> same thing:  "You can have mine."
> >>
> >> 18. The most effective way to remember your wife's
> >> birthday is to forget it once.
> >>
> >> 19. Women will never be equal to men until they can
> >> walk down the street with a bald head and a beer
> >> gut, and still think they are beautiful.
> >>
> >> 20. Why do married men gain weight while bachelors
> >> don't?    Bachelors go to the refrigerator, see
> >> nothing they want, then go to bed.  Married guys go
> >> to the bed, see nothing they want, then go to the
> >> refrigerator.
> >>
> >> 21. Why do brides wear white?    Men like their
> >> dishwasher to match the fridge .
> >>
> >>
> >> Before It Starts
> >>
> >> The husband came home from work, turned on the TV,
> >> collapsed exhaustedly into the couch and said "Bring
> >> me a beer before it starts."
> >>
> >> She looked at him quizzically and brought him the
> >> beer.
> >>
> >> Fifteen minutes later he said "Get me another beer
> >> before it starts."
> >>
> >> She brings it into the living room, glares at him,
> >> and slams the beer down on the table.
> >>
> >> Ten minutes later, "Bring another before it starts."
> >>
> >> She marches into the living room snarling "Is that
> >> all you're going to do tonight, you fat, lazy,
> >> good-for-nothing slob?  Why I ought to ...."
> >>
> >> "Damn," he said, "it started."
> >>
> >
> >
> >__________________________________________________
> >Do You Yahoo!?
> >Make a great connection at Yahoo! Personals.
> >http://personals.yahoo.com
> >
>
>


A fellow from Western Publishing Company called Anthony Camppos in Global
Contracts and said something to the effect that that wanted to terminate the
master with us and trade(s) thereunder.  He referenced Deal No. EK9839.1.
I'm not sure by this note if the company is being liquidated or just this
trades, but you might want to give them a call.  Jim McClymont at (308)
532-7118


<<Yahoo - GE Global eXchange Services and Perfect Commerce Form
Alliance.url>> This was the best partnership I have put together so far at
Perfect (i.e., the first press release I am proud of).

Regards,

Cameron

 http://biz.yahoo.com/bw/010625/2586.html

 - Yahoo - GE Global eXchange Services and Perfect Commerce Form Alliance.url


---------------------- Forwarded by Andrea Ring/HOU/ECT on 02/13/2001 12:25
PM ---------------------------

	From:  Karen D McIlvoy                           02/07/2001 10:13 AM

To: Barry.Belcher@PSS.boeing.com
cc:  (bcc: Andrea Ring/HOU/ECT)
Subject: Extreme Sports

Subject: Extreme Sports

 - Extreme Sports.jpg


The FBI has uncorroborated evidence of possible terrorist attacks against the United States.  Reportedly, unspecified groups are targeting suspension bridges on the West Coast beginning Friday, Nov. 2 and continuing through Wednesday, Nov. 7, 2001.

No further information about this alleged attack is known at this time.  The FBI is attempting to verify the validity of this report.  In the meantime, California officials are increasing security at the state's suspension bridges, and the National Guard has been authorized to assign troops to protect the bridges.

We shared this information with our West Coast employees earlier in the day.  In the current circumstances, we are likely to see these bulletins fairly frequently.  We don't want to alarm you, but we do want to keep you informed, so we will continue to disseminate this information.


---------------------- Forwarded by Darron C Giron/HOU/ECT on 11/13/2000
04:43 PM ---------------------------

Kim.Mayers@mail.sprint.com on 11/13/2000 03:54:20 PM
To: crichter@amfm.com, darron.c.giron@enron.com, jcmayers@earthlink.net,
smmayers@earthlink.net
cc:
Subject: FW: different Florida election Ballot

I thought this was a little humorous!

Kim Mayers
Product Manager
Sprint Broadband Wireless Group
Phone: (913) 315-9132
PCS: (913) 269-8197
Fax: (913) 315-0760
kim.mayers@mail.sprint.com

-----Original Message-----
From: Trainer, Brian
Sent: Monday, November 13, 2000 3:47 PM
To: berve; Brady, James S.; Broom, Gerald; Broom, Janis; Byrd, Brenda
W.; Byrd, Brian J.; Franz, Kevin J.; Gampper, James J. PCS.; Garris,
Kathy P.; Garris, Lee J.; Gobea, Paul A.; Jamaleddin, Joe N.; Joyce,
Sean R.; Kierl, Maurine M.; Mayers, Kim L.; McAbee, Karen N.; Miller,
David G. PCS.; Nelson, Gregory G.; pentrain; Peterson, Jim H.; Peterson,
Keri; stevenkari; Trainer, Christa L.; tres
Subject: FW: different Florida election Ballot

-

 - BallotWPBF11__.doc


To give you more clarity, Stephen transferred to EBS effective July 1, 2000.
His move to EBS was agreed to earlier in 2000, with the understanding that it
would be effective upon the completion of the SAP implementation for ENA on
July 1.  Stephen was playing a critical role in ENA to insure a smooth
transition for SAP, and Todd Lindholm at EBS was in agreement that Stephen
would remain an ENA employee through implementation, with his performance
review being based on his work for ENA.  Stephen is very talented and will no
doubt do a great job at EBS.  During the first 6 months of 2000, however, his
heart was already at EBS and he failed to communicate with my other direct
reports on SAP issues, consistently missed my staff meetings, recruited our
other key SAP expert to EBS without a back-up plan for ENA, etc.  It was his
failure to make his SAP assignment a priority that landed him in the Needs
Improvement category relative to other directors on my team.   It is the r
elativity of his performance that is key, not necessarily the label of that
category.
---------------------- Forwarded by Sally Beck/HOU/ECT on 08/03/2000 08:47 AM
---------------------------

	Enron North America Corp.

	From:  Hector McLoughlin @ ENRON                           08/02/2000 05:54 PM

To: Sheila Knudsen/Corp/Enron@ENRON, Sally Beck/HOU/ECT@ECT
cc:
Subject: Needs Improvements for Managers & Directors

Sheila,
I want to update you on Steve Schwarz' status.   He recently transfered to
EBS.  Sally Beck will be giving him his performance review and I will forward
it.
Thanks, hgm


Shel,  Everything ok except enron has credible attack threat.  Cops all in our two buildings , Mike said had bomb dogs in gas control. Many , many cops outside our buildings and in garage.  Called Linda Laferla at home for a comp day to access our system and monitor just in case. I'm sure you have already heard all about it.  Maybe we need to talk to our bunch about it.

Fireball Howard

-----Original Message-----
From: Corman, Shelley
Sent: Friday, October 26, 2001 7:16 AM
To: Howard, Jack
Subject: Re: Morn Meet 10/26/01

Is the system running ok this morning?
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


---------------------- Forwarded by Susan M Scott/HOU/ECT on 03/28/2000 12:06
PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Lisa.A.Meador@chase.com                           03/28/2000 11:22 AM

To: jkbowles@hotmail.com, emily.boon@msdw.com, ashleastu@aol.com,
merharp@hotmail.com, sscott5@enron.com, sbuck5151@aol.com,
Edrington@Uthscsa.edu, rannlewis@hotmail.com, jesbateman@aol.com,
jeannie.l.cooper@us.arthurandersen.com, bwallace@teksystems.com,
annshrader@hotmail.com, Abby_Brink@Gensler.com, coinerj@aol.com,
Nknewton@yahoo.com, colson@greenhill-co.com, meadorj@bigfoot.com,
PerkinsM@sbmail.spring-branch.isd.tenet.edu, jflesher@kprc.com,
mark.m.meador@usarthuranderson.com, christy.young@enron.com,
sande.melton@chase.com, bmoss@exchange.ml.com, Will_Nolen@enron.net
cc:
Subject: Hit the Floor - True Story

 Hit The Floor' A True Story...
          > >
          > > On a recent weekend in Atlantic City, a woman won a
          > > bucketful of quarters at a slot machine.  She took a
          > > break from the slots for dinner with her husband in
          > > the hotel dining room.  But first she wanted to stash
          > > the quarters in her room.
          > >"I'll be right back and we'll go eat," she told her
          husband
          > >and she carried the coin-laden bucket to the elevator.
          > >
          > > As she was about to walk into the elevator she
          > >noticed two men already aboard.  Both were black.
          > >One of them was big ... very big ...an intimidating
          > >figure.  The woman froze.  Her first thought was:
          > >These two are going to rob me.
          > >Her next thought was:
          > >Don't be a bigot, they look like perfectly nice
          gentlemen.
          > >
          > >But racial stereotypes are powerful, and fear immobilized
          her.
          > >She stood and stared at the two men.
          > >She felt anxious, flustered, and ashamed.
          > >
          > >She hoped they didn't read her mind, but knew they
          > >surely did; her hesitation about joining them on the
          > >elevator was all too obvious.  Her face was flushed.
          > >She couldn't just stand there, so with a mighty effort of
          will
          > >she picked up one foot and stepped forward and followed
          > >with the other foot and was on the elevator.
          > >
          > >Avoiding eye contact, she turned around stiffly and
          > >faced the elevator doors as they closed.  A second
          > >passed, and then another second, and then another.
          > >Her fear increased The elevator didn't move.  Panic
          > >consumed her.  My God, she thought, I'm trapped and
          > >about to be robbed.  Her heart plummeted.
          > >Perspiration  poured from every pore.  Then ... one
          > >of the men said, "Hit the floor."
          > >Instinct told her: Do what they tell you.
          > >
          > >The bucket of quarters flew upwards as she
          > >threw out her arms and collapsed
          > >on the elevator carpet.
          > >
          > > A shower of coins rained down on her.  Take my money
          > >and spare me, she prayed.  More seconds passed.
          > >
          > >She heard one of the men say politely, 'Ma'am, if
          > >you'll just tell us what floor you're going to,
          > >we'll push the button.'  The one who said it had a
          > >little trouble getting the words out.  He was trying
          > >mightily to hold in a belly laugh.
          > >
          > >She lifted her head and looked up at the two men.
          > >They reached down to help her up.
          > >Confused, she struggled to her feet.
          > >
          > >"When I told my man here to hit the floor," said the
          > >average sized one, "I meant that he should hit the
          > >elevator button for our floor.  I didn't mean for
          > >you to hit the floor, ma'am."  He spoke genially.
          > >He bit his lip.
          > >It was obvious he was having a hard time not laughing.
          > >
          > >She thought: my goodness, what a spectacle I've made
          > >of myself.  She was too humiliated to speak.  She
          > >wanted to blurt out an apology, but words failed her.
          > >
          > >How do you apologize to two perfectly respectable
          > >gentlemen for behaving as though they were going to
          > >rob you?  She didn't know what to say.
          > >
          > >The 3 of them gathered up the strewn quarters and
          refilled her bucket.
          > >When the elevator arrived at her floor, they
          > >insisted on walking her to her room.  She seemed a
          > >little unsteady on her feet, and they were afraid she
          > >might not make it down the corridor.  At her door
          > >they bid her a good evening.
          > >
          > >As she slipped into her room she could hear them
          > >roaring with laughter while they walked back to the
          > >elevator.  The woman brushed herself off.
          > >She pulled herself together and went downstairs for
          > >dinner with her husband.
          > >
          > >The next morning flowers were delivered to her
          > >room-a dozen roses.  Attached to EACH rose was a
          > >crisp one hundred-dollar bill.  The card said:
          > >
          > >Thanks for the best laugh we've had in years'
          > >It was signed,
          > >
          > > Eddie Murphy
          > > Michael Jordan
          > >
     >