[IMAGE] Forums Discuss these points in the Forums:  Forexnews Forum       Technicals Live Charts Analysis available from: Cornelius Luca   J.P. Chorek   Technical Research Ltd.   Charts & News featuring Standard & Poor's        Interest Rates  US: Japan: Eurozone: UK: Switzerland:   1.75%  0.15%  3.25%  4.0%  1.25-2.25%        [IMAGE]   	 [IMAGE]  FX Trade Subdued, Markets Look To Greenspan January 11, 7:00 AM: EUR/$..0.8919 $/JPY..132.09 GBP/$..1.4434 $/CHF..1.6586  FX Trade Subdued, Markets Look To Greenspan by Jes Black  At 8:30:00 AM US Dec PPI y/y (exp -1.6%, prev -1.1%) US Dec PPI m/m (exp -0.2%, prev -0.6%)  US Dec PPI ex food energy (exp 0.9%, prev 0.9%) Event: At 1:45 PM Fed Chairman Greenspan speech  FX markets were relatively quiet today as the majors kept within yesterday's ranges. European bourses were mixed and the lack of economic data kept traders away from taking decisive positions ahead of the weekend. Most subdued was EUR/USD, which continues to move within a tight range of 89.10 to 89.30. Meanwhile, markets listened to more remarks from Japanese officials that the yen's fall was nearing its limit. JPY rose to a day's high of 131.88 vs USD and 117.67 vs EUR, but failed to make a decisive break past the key levels of 131.50 and 117.50 which would herald more corrective yen buying.  Overnight, Japanese Trade Minister Hiranuma said that with the dollar approaching 135 yen, the pair was approaching is limit. On Thursday, Ex-Japanese Minister of Finance Sakakibara, aka Mr. Yen, also warned of possible Japanese intervention if the dollar rises above the psychological level of 140 yen. However, said he still sees the yen possibly falling to 150-160 per dollar towards year end.   The recent change in JPY sentiment from talking it lower to trying to stabilize its fall has two motivations. First, the Japanese dislike sharp falls in their currency and prefer gradual moves, which appear more stable. In addition to the yen's 10% decline over the past 2 months, PM Koizumi is currently on a 7-day tour around Southeast Asia, which began on Wednesday. Therefore, the political implications of a weak yen divisive, with ASEAN economic ministers worried that that the weakening in the yen could create malaise in other Asian markets. Therefore, for political reasons Japanese officials are now likely to remain quiet until the PM returns.  This temporary shift in sentiment has caused a bout of profit taking and a period of consolidation would not be unusual following the yen's steep fall. But any correction in USD/JPY would likely hold around 130-132 dealers say before the next push higher. EUR/JPY fell to a day's low of 117.76 but has importantly held above Wednesday's low of 117.50. Only a break of this mark would target last week's lows around 116.90 and the 2-week low of 116.50. Upside is seen capped at 118.75 and last week's 2-year high of 119.71.  CHF broke out of a tight 20 pip trading range against the dollar and rose to a day's high of 1.6578 following hawkish remarks from an Indian army chief over the prospect of war with Pakistan. EUR/CHF also fell to a low of 1.4785 from highs around 1.4840.  GBP/USD rose to a session high of 1.4452, but again failed to maintain gains above the key 1.4440 level. Sterling, like the euro, has continued to trade in a tight range against the dollar this week, thus reflecting the market's indecision about the rosy prospects for the US economy. Overnight, GBP fell from a high of 1.4460 to a low of 1.4370 despite strengthening against the dollar on Thursday after the Bank of England decided, as analysts expected, to leave interest rates unchanged at a 37-year low of 4.0% because of signs of robust consumer and housing spending. The BoE's decision underlines the better performance of the UK economy relative to other G7 nations. Nonetheless, the pound continues to be undermined by market speculation about the UK joining the EMU. Support holds at 1.4370, 1.4340 and 1.4320. Resistance is seen at 1.4465, 1.450 and 1.4550. Against the euro, resistance at 61.70 held today, which should keep sterling's gains in check.  Meanwhile, EUR/USD price action was subdued as it hovered in a tight 20 pip range of 89.11 to 89.31. The pair continues to move within a channel from 88.70 to 89.50 as it hovers around the key 89.10 level, which marks the 50% Fibonacci retracement of the move from 82.25 to 95.96. This level is significant in that it reflects an equilibrium in supply and demand condition between euro and dollar. Overnight, the pair briefly tested resistance at 89.35, but was rejected. Now, failure to maintain above 89.10/20 would probably call for a test lower to 88.70 followed by 87.60, which marks the 61.8% Fibonacci retracement level of the same move. Moves higher are not seen by the market as indicating strength given the euro's difficulty to remain above 90-cents. But given the mixed data from the Euro area and the US, investors are seen waiting on the sidelines ahead of the latest round of earnings reports from the US for better direction.  Meanwhile, markets will be looking for signs of economic recovery in the US and more gains on Wall Street after two days of diverging finishes. On Thursday, the Dow fell 0.2% while the Nasdaq rose 0.1% ahead of next week's corporate earnings reports which overshadowed better-than-expected retail and economic data. Dealers will watch to see if U.S. markets are getting ahead of themselves in anticipating a U.S. recovery, meaning that share prices may be overvalued.  Markets will pay careful attention to Fed Chairman Greenspan's speech today for any mention about the US outlook, as it will be his first speech on the economy since last October.   Today's US indicator is PPI, which is forecasted to rise to -0.2% in December from the previous -0.6% but remain below zero for the third straight month as energy and food prices continue to decline. Core PPI is projected to edge down to 0.1% in December from 0.2% in November, in a reflection of how overall inflationary pressures remain mild.     	[IMAGE] Audio Mkt. Analysis BoE inaction Lifts GBP, Comments Hurt CHF        Articles & Ideas  A Weak Yen Is the Solution for Now    What's Next For the Euro?       Articles & Ideas Forex Glossary   Economic Indicators   Forex Guides   Link Library      [IMAGE]
		[IMAGE][IMAGE] [IMAGE][IMAGE]
		 This e-mail is never sent unsolicited. If you wish to unsubscribe from this or any other Forexnews.com newsletters, please click here .


Maryfran,

I would like to thank you for your very nice nomination.  As flattered as I
am, I believe that our current Chief Technology Officer, Philippe Bibi, is
more appropriate as a nominee from Enron.  I am very proud of our
accomplishments when I was responsible as CEO for Enron's Global Technology
group but my tenor was only about a year.  In August I was asked to take on
another assignment as CEO of Enron Global Markets.  Although this was an even
more challenging position I will say that it was a tough decision to leave
the technology world.

Philippe Bibi has driven our technology group for many years and deserves a
great deal of the credit for Enron's recognized technology advantage and
innovation.  He has been in the tech business for about 17 years.

Sincerely,
Mike S. McConnell

Premier100@Computerworld.com on 10/20/2000 09:13:50 AM
To: mike.mcconnell@ENRON.COM
cc:
Subject: Computerworld's Premier 100 IT Leader Information Sheet

Congratulations! You've been nominated for Computerworld's Premier 100 IT
Leaders for 2001. Our annual list honors the 100 most accomplished IT leaders
for their achievements in technology, innovation and management. Winners will
be
notified by year's end and then publicly announced in a special issue on March
26, 2001.

Please fill out the Premier 100 questionnaire (click on the link below), which
covers your background, management style, IT organization and IT projects, as
well as your thoughts on leadership and innovation. We will use the
information
in these questionnaires in our final judging process as we choose the Premier
100 IT Leaders for 2001.

http://www.inquisiteonline.com/HF2NXC

**Please note that you may save a partially completed questionnaire and return
to it later using the Save function at the bottom of the page. Once you hit
Save, add the page to your bookmarks for easy reference.

If you have any questions, please send an e-mail to
premier100@computerworld.com
or call Ellen Fanning at (508) 820-8204 or Allison Wright at (508) 620-7776.

Thank you so much for your time.

Sincerely,

Maryfran Johnson
Editor in Chief
(508) 820-8179


To:	Associate/Analyst Program Worldwide

From:	Ken Lay	Department:	Office of the Chairman

Subject:	Associate/Analyst Program	Date:	August 22, 2001

As most of you know, Jeff Skilling created the Associate/Analyst Program in 1990.  This Program is one of his most successful and important contributions to Enron, and will continue as a cornerstone of the Company.  It remains our single most important source of new talent.

The purpose of this memo is to reassure you that the direction, philosophy, and importance of the Program remains unchanged.  As we have said many times, most of our new businesses were created by graduates and members of the Program.  Many of the current leaders of our company are also graduates of the Program.

Three broad principles will continue to guide the direction of the Program.
?	We will have only one Associate/Analyst Program at Enron, and it is a Company asset.
?	We will have a "One Enron" presence on campus to provide clarity of message and purpose.
?	The Program is rotational in nature, and will prepare our future leaders for success by providing exposure to Enron's network of people and systems.

The business prospects for Enron, and the opportunities for personal growth and development have never been better.  We also enjoy the deepest and broadest talent pool we have ever had.  Each and every one of you can be a key contributor to making Enron the World's Leading Company.

cc:
Billy Lemmons - Associate/Analyst Program
John Sherriff - Associate/Analyst Committee Chair
Management Committee
Associate/Analyst Committee
Associate/Analyst Department
Human Resources Leads
Program PRC Reps
Program Supervisors

<Embedded Picture (Metafile)>


Michelle, please respond to Ava if you would like to attend.  Thanks, Kim.

 -----Original Message-----
From: 	Garcia, Ava
Sent:	Monday, July 23, 2001 4:20 PM
To:	Hass, Glen; Watson, Kimberly; Donoho, Lindy; Lohman, TK; January, Steven; Schoolcraft, Darrell; Holmes, Bradley; Pavlou, Maria; Williams, Jo; Harris, Steven
Cc:	Corman, Shelley; Winters, Ricki; Blair, Lynn
Subject:	FW: SoCal Needles "Window" allocation

SoCal Needles Allocation meeting is scheduled for Wednesday, July 25 at 12noon-1:30p.m. in conference room EB4102.  Lunch will be provided for those in Houston office, please let me know if you will be attending.

Thanks,
Ava-35842

 -----Original Message-----
From: 	Blair, Lynn
Sent:	Friday, July 20, 2001 5:24 PM
To:	Hass, Glen; Williams, Jo; Watson, Kimberly; Donoho, Lindy; Lohman, TK; January, Steven; Schoolcraft, Darrell; Holmes, Bradley; Harris, Steven
Cc:	Blair, Lynn; Corman, Shelley; Garcia, Ava
Subject:	SoCal Needles "Window" allocation

	I would like to have a meeting to review pros and cons in relation to the
	procedure Transwestern is using today for the SoCal Needles "window" allocation.

	Some of the questions being asked:

	1.  Why are we allocating for SoCal, (at their request)?

	2.  Why are we allowing SoCal to set the capacity lower than TW's primary firm?

	3.  What are the options for TW to change the alloction procedure at Needles?

	I am sure there is a host of other questions we could answer as well.  We are looking
	at Tuesday, July 24, at 9:00 a.m or Wednesday, July 25, 1:30 p.m.

	Please let Ava Garcia (713-853-5842) know which day is better for you.  Then we will
	get a room and let everyone know date and time.

	Thanks. Lynn


It appears that our first game of the season will be tomorrow night at 8.45 pm.
With all of the heavy rain we have had, there is a good chance that the game will be postponed.
To verify, please call 281 398 2229 after 4.30 pm tomorrow.

Please let me know if you will be able to play and can drive/need a ride.

Time: 8.45 pm  Please show up by 8.20 pm
Place: Cullen Park, Field B
Opponent: Nito's Painting

Note: You must wear shinguards in order to play!  Don't forget water.

Directions to Cullen Park:
Go west on I-10
Pass Beltway 8 and Highway 6
Exit at Barker Cypress
Turn right (north) on Barker Cypress
Turn left (west) at Saums (there will be a stop light at Saums)
Go past the softball/baseball fields and turn left
The soccer fields will be lighted.


<meta http-equiv="Content-Type" content="text/html; charset=windows-1252">
<meta name="GENERATOR" content="Microsoft FrontPage 4.0">
<meta name="ProgId" content="FrontPage.Editor.Document">
<title>Upcoming Kase Classes</title>

Kase's
Derivatives For Energy Professionals

April 9-10, 2002

Register
        for more than one person or register for both classes

        and receive the "two for
        one discount"

Learn Technical Analysis is scheduled for June

Derivatives
                            For Energy Professionals

                            April 9-10, 2002

The
                      energy markets have experienced tremendous price
                      fluctuations over the past few years as well as upheaval
                      in the over-the-counter markets.
                      The need for energy professionals to understand
                      derivatives, and to measure and mitigate risk is even
                      greater than ever.

Valuing
                          Market Risk

Buying
                          and Selling Forward

Hedging
                          Long and Short Positions

Hedging
                          Spreads and Basis

Volatility
                          and Options

Hedging
                          with Options

Hedging
                          with "Exotics"

Dealing
                          with Credit Risk

April
                      9-10, 2002

                      Early
                      Bird Discount until March 11

                      Houston, Texas<O:P>

                </O:P>

                Click Here for More Information

                Click Here to Register

Learn
                            Technical Analysis

                            June
                            11-12, 2002

                      In today's volatile energy markets, those who are able to
                      make objective buy and sell decisions can make significant
                      profits and greatly improve cash flow for themselves or their companies.

Charting
                          Basics, Types of Charts, Support and Resistance

When to
                          Buy or Sell

When to
                          Exit Based on Signals

How to
                          Exit Based on Stops

Chart
                          Patterns and Forecasting Basics

Statistical
                          Hedging

                      June 11-12, 2002

                      Early Bird Discount until May 13

                Houston, Texas <O:P>

                Click Here for More Information

                  Click Here to Register

If you Do Not Wish to receive Kase and
Company, Inc. e-mail please reply to this message with UNSUBSCRIBE in the
subject line


fyi
This "banked" gas can't be recovered. It's Koch's gas now and they purchase
from Devon at reduced price....
 -----Original Message-----
From:  Loocke, Kelly
Sent: Tuesday, May 15, 2001 3:21 PM
To: Lamadrid, Victor
Subject: Koch Penalty Gas for Meter 2848

Victor,

I wanted to keep you in the loop of an issue on Gulf South.  I watch these
wellheads very closely and still have managed to accumulate penalty gas on
meter 2848 for May.  I spoke with Victor Haley to alert him as soon as I
discovered this issue and he was looking into it.  The wellhead is flowing
nearly twice as much as normal.  Victor H. was checking to see if another
wellhead has been added at that point.  He still does not have any further
information on that meter.  He is aware of it, does not seem to be too
concerned, and has a copy of the spreadsheet attached.  You will see his
original nom request as 2400 and I moved it up accordingly.

Let me know if you want to discuss this any further.

Thanks!

Kelly M. Loocke
Enron North America
713-853-3570
pager:  713-707-8605


Thanks Harry.  This is important and we've discussed making sure that Neil
and Jubran (and you, for that matter) be included in any distribution that
includes ENA West.  Consider it done.  Unless others have any problems, I
suggest that going forward any emails, materials, phone conversations, etc.
that include ENA also include EES.  I don't think that we have any legal
issues associated with including both ENA and EES, but if I'm missing
something, please let me know.  Thoughts?

	Harry Kingerski
	11/13/2000 08:45 AM

		 To: Jeff Dasovich/NA/Enron@Enron, Susan J Mara/SFO/EES@EES, Mona L
Petrochko/NA/Enron@Enron, Mary Hain/HOU/ECT@ECT
		 cc:
		 Subject: EES Wholesale Desk and California

Neil Bresnan and Jubran Whalan are in Dennis Benevides' group and are
assigned to California.  Neil contacted me and asked that he and Jubran be
brought into all the loops on how we are handling wholesale issues in
California.  They are somewhat disturbed that they are not getting the same
access to information and influence as ENA West Desk.  I know I have
underestimated their need for independent involvement, but can we immediately
start involving them in everything  - through e-mails, conference calls,
request for comments, etc.

Jeff - could you call me with any particular strategy you think we should
follow here - meetings or whatever.  Thanks.


done.

Michael Olsen@ENRON
03/20/2001 10:48 AM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Deal 338634 Meter 985077

The above deal was in the system for 7/1/00 to 12/31/00.  We have had
continued flow on the following dates...

1/4/01 to 1/8/01
1/29/01
2/7/01 to 2/28/01

The total flow has been 2804.

Can this deal be extended to cover the January and February flow?


Start Date: 12/13/01; DayAhead market;  DayAhead schedule download failed. Manual intervention required.

    LOG MESSAGES:

Error: Crawler lifetime exceeded.


you didn't answer my question.


How much involvement has A & K had on Midway?  I have other counsel engaged
for the sale, but this falls into a different category.

Kay

From: Greg Krause/ENRON@enronXgate on 06/05/2001 11:35 PM
To: Ben Jacoby/ENRON@enronXgate, Kay Mann/Corp/Enron@Enron
cc: Christi L Nicolay/HOU/ECT@ECT

Subject: RE: Midway Interconnect Agreement

Please see attachment below with Christi's comments.

-----Original Message-----
From: Jacoby, Ben
Sent: Tuesday, June 05, 2001 12:22 PM
To: Mann, Kay
Cc: Krause, Greg; Nicolay, Christi
Subject: Midway Interconnect Agreement

Kay:

Greg has Christi's comments on the FPL Construction & Connection Agreement,
and he will be sending us those comments today in a marked document. Have we
engaged outside counsel to review this agreement? I'd like to have a
commercial / legal review fully completed, and then get accounting / finance
to comment. I this something you were planning to have Carlos to work on
given his recent work on ComEd and Ameren?

Please let me know. Thanks.

Attached is the original generic form of FPL Connection and Construction
Agreement for your reference.

Ben


Following please find the Daily EnronOnline Executive Summary.

EnronOnline Executive Summary for 12/12/00
Transaction Summary
External Transactions Today	3,853
Average Daily External Transactions (30 day Trailing Avg)	4,363
Total Life to Date Transactions	519,543

EnronOnline Daily % of Entity's Total Transactions for 12/12/00	Trans	Percent
Enron North America	3,139	76%
Enron Europe Limited	186	36%
Global Products	103	24%
Enron Metals	425	14%

EnronOnline Percentage of Total Corporate Transactions
(30 day Trailing Avg)	55%

Gross Notional Value of EnronOnline Transactions	Total
Today	2,907,809,629
MTD	33,542,282,802
LTD	312,712,699,847
Average Daily Notional Value (30 Day Trailing Avg)	3,421,867,459

Notional Revenue from Physical Flows to Date	20,686,492,328

Counterparties, Users, and Products Offered
Counterparties having transacted to date	607
New Counterparties transacting for the first time today	4
Number of Products Offered Today	1,046
Total Number of External Users Logged on Today	3,256
Average # of External Users logged on (30 day Trailing Avg)	2,979


Poland-Norway Gas Deal Might Hit Mkt Liberalization
Dow Jones Energy Service, 04/27/01
Peoples Energy Reports Second Quarter Results Reaffirms Fiscal 2001 Estimate
PR Newswire, 04/27/01
Report: Enron official given authority to end power project in India
Associated Press Newswires, 04/27/01
State employees' retirement funds benefitting from power crisis
Associated Press Newswires, 04/27/01
DHABOL BOARD EMPOWERED TO END POWER CONTRACT WITH INDIAN STATE
Asia Pulse, 04/27/01
NO ADVERSE FALLOUT TO COME FROM ENRON DECISION: INDIAN MINISTER
Asia Pulse, 04/27/01
India: Starving oneself to stuff others?
Business Line, 04/27/01
HEADING
The Times of India News Service, 04/27/01

Success of state bandh isolate BJP
The Times of India, 04/27/01

Additional power for Delhi promises Prabhu
The Times of India, 04/27/01

Enron ready to pull out, but lenders say wait
The Times of India, 04/27/01

India's single largest foreign investor threatens to pull out
Agence France-Presse, 04/27/01

Indian Utility Pays $28 Million March Bill To Enron
The New York Times, 04/27/01

DAILY BRIEFING
The Atlanta Constitution, 04/27/01

Business Brief -- Enron Corp.: Sale of Utility Subsidiary To Sierra Pacific
Is Canceled
The Wall Street Journal, 04/27/01

Indian State to Pay Enron for March Supply
Asian Wall Street Journal, 04/27/01

Colombia Suspends Isagen Sale Pending Court Ruling, Papers Say
Bloomberg, 04/27/01

Poland-Norway Gas Deal Might Hit Mkt Liberalization
By Joe Harper
Of DOW JONES NEWSWIRES

04/27/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

WARSAW -(Dow Jones)- Poland will limit its chances of developing a flexible
and diversified gas market if the government goes ahead with a long-awaited
gas import deal with Norwegian and Danish companies, said a participant at
the Power in Poland conference in Warsaw this week.
"Entering into long-term guaranteed take-or-pay contracts with Norwegian and
Danish partners would result in the incumbent contract holders having an
incentive to delay domestic gas market liberalization at any cost," said
Jarek Astramowicz, president of Enron Poland, the Polish unit of the U.S.'s
Enron Corp. (ENE).
The incumbent contract holder - Poland's gas monopoly Polskie Gornictwo
Naftowe i Gazownictwo (R.PGN), or PGNiG - said recently it will sign a
long-term, guaranteed take-or-pay contract with Norway's state oil company
Statoil AS (Y.DNS) and Danish state-owned oil and gas utility DONG in May.
The three parties are negotiating a trade deal that could see between five
and eight billion cubic meters (bcm) a year exported from Norway and Denmark
to Poland by 2007.
According to Polish press reports Statoil reportedly wants financial
guarantees from the Polish government before signing any sales agreement with
PGNiG. The Norwegians also said they need to sell at least eight bcm of gas a
year to Poland to make the project financially viable, while the Polish side
has said it wants to import only 5 bcm a year.
PGNiG president Andrzej Lipko said this week PGNiG and Statoil were
"negotiating intensively," but didn't say when a deal might be signed.
Astramowicz said the deal would reduce the Polish side's room for maneuver in
future gas importation and corner Poland into accepting gas at higher prices
than it could find on E.U. markets when the Polish and E.U. grids are fully
interconnected.
Enron, like other traders, operates best in markets where there is greater
liquidity, and the Norway deal would dry up considerable amounts of potential
liquidity.
Astramowicz added that the Polish market would be oversupplied if the deal
goes ahead, pushing up end-user prices.
And it's the projected increases in demand for gas in Poland over the next 10
years that presents the major problem.
Barbara Litak-Zarebska, Deputy Treasury Minister, said this week gas demand
projections were largely based on an expected rapid shift from coal-powered
to gas-powered electricity generation in Poland.
Poland's Economy Ministry estimates the country's current annual gas
consumption at 10.5bcm-11 bcm, and expects this total to reach 18.4 bcm by
2010, including 6.1 bcm to be consumed by the newly constructed, gas fired
power plants.
Astramowicz said this projection was too high, claiming the power sector was
likely to take only 2.5bcm-3.5 bcm by 2010.
"Furthermore, power generated from gas cannot compete with power generated by
coal-fired power plants in price terms. Therefore, this source of increase in
gas demand will not materialize in the near future," he said.
As an alternative to the Norway deal Astramowicz pointed to western European
gas trading hubs already offering flexible gas supply contracts with terms of
up to ten years.
"For example, competitively priced gas supplies based on the contracts
executed in Zeebrugge (Belgium) or Emden (Germany) are already reaching
customers in eastern Germany today and, as Polish gas consumption grows,
could easily be used to source any additional gas supplies needed for
customers in Poland," said Astramowicz.
He also pointed to potential import price advantages from the E.U. He said
gas imported from the E.U. would cost about $135/1000cm, against a price on
the current Yamal contract of $120/1000cm and a Norwegian gas price
(including the estimated transmission charge to the Polish border of
$20/1000cm), of $150/1000cm.
PGNiG's Lipko said that imported Russian gas prices would not be $30 cheaper
than Norwegian supplies once a pipeline linking the two countries had been
built.
By Joe Harper, Dow Jones Newswires; 48-22 622-2766; joe.harper@dowjones.com

Peoples Energy Reports Second Quarter Results Reaffirms Fiscal 2001 Estimate

04/27/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

CHICAGO, April 27 /PRNewswire/ -- Peoples Energy (NYSE: PGL) reported today
that its second quarter earnings for the three month period ended March 31,
2001 were $62.5 million, or $1.77 per share, up from $57.4 million, or $1.62
per share for the same period a year ago. For the most recent six month
period, earnings were $98.8 million or $2.80 per share, compared to $87.0
million, or $2.45 per share for the same period last year.
Quarterly and fiscal year-to-date results were positively impacted by weather
that was colder than the prior year periods by 19% and 23%, respectively,
offset by the negative impact of gas prices that were at record levels. The
combined effect of these two factors is reflected in current accounts
receivable balances, which are significantly higher than a year ago. The
company has implemented several flexible payment programs and is actively
pursuing collection of past due amounts.
"We are pleased with the results from our gas distribution business despite
challenging circumstances and with the continuing growth from our diversified
business segments," said Richard E. Terry, chairman and chief executive
officer. "We are reaffirming our earlier fiscal 2001 earnings estimate of
$3.05 to $3.15 per share, assuming normal weather and planned utility
performance for the rest of the year. The South Texas oil and gas property
acquisition that we announced today will add $.10 to $.15 per share to that
projection."
Peoples Energy reported second quarter and fiscal year-to-date results for
its primary business segments:
Gas Distribution. Operating income was $101.6 million for the second quarter
and $180.0 million for the six month period, as compared to $98.9 million and
$156.3 million, respectively, in the prior year. The increases were mainly
due to colder weather, reduced depreciation expense, and the positive effects
of pension benefit accounting, offset by increases in the provision for
uncollectible accounts and customer conservation resulting from higher gas
costs in the current periods.
Power Generation. Operating income and equity investment income grew to $5.6
million and $6.0 million for the current quarter and fiscal year-to-date
periods compared with $572,000 and $3.9 million, respectively, in the
previous fiscal year. These increases of $5.0 million and $2.1 million,
respectively, are primarily due to a gain on the liquidation of financial
hedges associated with Elwood's gas supply requirements and increased
capacity revenues during the second quarter, offset in part by higher gas
costs in both current periods. Effective March 1, 2001, the power sales
contracts on the Phase I Elwood units were restructured as tolling
agreements.
Midstream Services. Operating income and equity investment income was $5.0
million and $10.6 million for the current quarter and six month periods,
compared to $5.8 million and $8.1 million, respectively in the year-ago
comparable periods. Results in the current periods were positively impacted
by equity income from our enovate partnership with Enron, offset by lower
operating income from hub and peaking activities. Operating income from
wholesale activities benefited in the prior periods from a nonrecurring
pipeline construction project. Retail Energy Services. Operating income in
the second quarter grew to $2.2 million, an increase of $2.3 million over the
year-ago period. Fiscal year-to-date results reflect an increase of $1.9
million over the prior period loss of $1.6 million. The current periods
benefited from increased gas and electric margins, partially offset by higher
operating expenses related to growth. Both current periods also benefited
from a one-time change in inventory accounting methods.
Oil and Gas Production. Operating income and equity investment income was
$2.8 million and $6.6 million for the current three and six month periods, up
from $1.7 million and $2.7 million, respectively, in last year's comparable
periods. These increases were primarily due to the impact of reserve
acquisitions subsequent to the year-ago periods, positive results from
drilling programs and higher sales prices on production volumes. The most
recent six month period reflects increased equity income from our EnerVest
partnership.
In addition to the above business segment operating results, net income for
the current periods reflect higher financing costs resulting from long-term
debt issued to fund diversified growth and short-term debt incurred for
utility working capital needs, offset by lower interest on utility long-term
debt due to prior-year refinancing. The current six month period reflects the
mark-to-market pricing of unrealized liabilities for stock appreciation
rights granted to certain employees under the company's long-term incentive
compensation plan.
Peoples Energy is a diversified energy company comprised of five primary
business segments: Gas Distribution, Power Generation, Midstream Services,
Retail Energy Services, and Oil and Gas Production. The Gas Distribution
business serves about 1 million retail customers in Chicago and northeastern
Illinois. Visit the Peoples Energy web site at PeoplesEnergy.com .
Forward-Looking Information. This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934, such as expectations
of development and growth arising out of the company's diversified energy
businesses. Actual results could differ materially from such expectations
because of many uncertainties, including, but not limited to: the company's
success in identifying diversified energy opportunities on financially
acceptable terms and generating earnings within a reasonable time; adverse
resolution of material litigation; developments in the company's utility
subsidiaries' mercury inspection and remediation program; general U.S. and
Illinois economic conditions; business and competitive conditions resulting
from deregulation and consolidation of the energy industry; the timing and
extent of changes in energy commodity prices and interest rates; and
regulatory developments in the U.S., Illinois and other states where Peoples
Energy has business activities. Some of the uncertainties that may affect
future results are discussed in more detail under "Item 1 - Business" of
Peoples Energy's Form 10-K for the year ended September 30, 2000. All
forward-looking statements included in this press release are based upon
information presently available, and Peoples Energy assumes no obligation to
update any forward-looking statements. PEOPLES ENERGY CORPORATION
FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended March 31,
2001 2000
Total Operating Revenues $1,073,789,000 $525,248,000
Operating Income $102,370,000 $102,254,000
Equity Investment Income $11,006,000 $1,972,000
Net Income $62,491,000 $57,428,000
Earnings Per Share $1.77 $1.62
Diluted Earnings Per Share $1.76 $1.62
Basic Average Shares Outstanding 35,388,000 35,510,000
Dilutive Average Shares Outstanding 35,450,000 35,511,000
Six Months Ended March 31,
2001 2000
Total Operating Revenues $1,790,771,000 $937,146,000
Operating Income $173,000,000 $155,928,000
Equity Investment Income $15,804,000 $6,050,000
Net Income $98,848,000 $86,999,000
Earnings Per Share $2.80 $2.45
Diluted Earnings Per Share $2.79 $2.45
Basic Average Shares Outstanding 35,363,000 35,512,000
Dilutive Average Shares Outstanding 35,414,000 35,517,000
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X86138293

/CONTACT: Luis Diaz-Perez, 312-240-4567, or Mary Ann Wall, Investor
Relations, 312-240-7534, both of Peoples Energy/ 07:00 EDT
Report: Enron official given authority to end power project in India
By RAMOLA TALWAR BADAM
Associated Press Writer

04/27/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

BOMBAY, India (AP) - A top official of U.S. energy giant Enron Corp. was
authorized to issue a termination notice to pull out of a controversial power
project in western India, the largest foreign investment in the country, a
newspaper reported Friday.
The board of the Dabhol Power Company, the Indian subsidiary of Enron, met in
London on Wednesday and authorized the company's managing director to issue a
preliminary notice to terminate the project, billed as the world's largest
natural gas fired power plant, The Times of India reported.
"The board has given powers to the management to issue the pre-termination
notice. But the meeting unanimously felt the need of the hour was not to
terminate the project but to initiate a re-negotiation process," Vinay
Bansal, chairman of the Maharashtra State Electricity Board, was quoted as
saying by the newspaper.
Enron officials have refused comment.
The notice is the first of three steps that could end in the abandonment of
the dlrs 3 billion project. A six-month reconciliation period would follow
any move by the Dabhol Power Company to issue the termination notice, Bansal
said.
Indian lenders, present at a meeting with foreign financial institutions in
London earlier this week, have said they favor renegotiation.
The project has been in trouble since December when the Maharashtra state
government, where the Dabhol project is located, said the tariff was
exorbitant and demanded a new price agreement.
The state power utility said it could not pay Dabhol's monthly electricity
dues, which prompted the company to invoke a federal guarantee in February.
This was the first time in India that a federal guarantee was invoked. As
part of the 1995 agreement between the company and the state government, the
federal government has to pay in case of a state default.
But before the federal government stepped in, the state government paid
dlrs17 million in outstanding bills. Since then, the state power utility has
confirmed that all pending bills have been paid.
But a dispute over payment of dlrs 48 million for December and January bills
is pending.
Several political parties had earlier demanded the project be scrapped, since
the costs had increased from 1.8 rupees (four cents) per unit agreed six
years ago for electricity generated by the 740-megawatt naphtha plant, to 7
rupees (15 cents).
Enron has maintained that work will be completed by year-end on the 1,444
megawatt liquified natural gas plant.
Houston, Texas-based Enron has a 65 percent stake in Dabhol Power, and is the
project's largest shareholder. Other shareholders include the Maharashtra
State Electricity Board with 15 percent and General Electric Co. and Bechtel
Enterprises with 10 percent each.
(rtb, nnm, kgo)

State employees' retirement funds benefitting from power crisis

04/27/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

OAKLAND (AP) - Dozens of state legislators, more than a million state workers
- and even Gov. Gray Davis may be indirectly profitting from California's
power woes. Calpers, the state retirement and pension system, has more than a
billion dollars invested in power generators.
KTVU reports Calpers holds more than $250 million of Enron stock, almost $153
million of Duke Energy, $90 million of El Paso Energy and $62 million in
Reliant Energy.
The governor and other lawmakers have threatened to investigate power
producers for gouging California consumers. Many energy producers have been
reporting record profits during the power crisis.
Jim Knox, of California Common Cause, said Calpers should look at divesting
its stock if the companies are profiting at the expense of California
consumers.
"I assume their Enron and Reliant stock has done quite well in the last
couple of years, but it has done well at the expense of California
consumers," he said.
But Pat Macht, a Calpers spokeswoman, says if Calpers were to divest of every
stock that had a critic, it would be impossible to manage.
Senator Don Perata (D-Oakland) agreed with Macht.
"We have been through this before - and it is a very complicated thing," he
said. "But for us to divest of all the energy stocks, I mean, we would be
using candles."
In the past, Calpers has divested from South African and tobacco stocks.
Macht said the decision was a purely financial one and that Calpers is so
large it has investments in every sector - not just energy.
It is important to point out that there is no direct conflict of interest for
the governor or for any legislature, KTVU reports. When they eventually
retire, those officials' monthly payments from the state will be "doled out"
according to a pre-set formula.
(KTVU, San Francisco Bay Area)

DHABOL BOARD EMPOWERED TO END POWER CONTRACT WITH INDIAN STATE

04/27/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

LONDON, April 27 Asia Pulse - The management of Enron's Indian affiliate, the
Dhabol Power Company, has been empowered by the board to sever the power
supply agreeement with the Maharastra State Electricity Board, a move that
could inflict a financial liability of about Rs 2.84 billion (US$6.06
million) on the Indian government.
A decision to authorise DPC President Neil McGregor to issue a termination
notice to MSEB for sale of power was taken by the Board at its meeting here
yesterday by a vote of six to one after Maharastra government representatives
were prevented from voting on ground of 'interested party'.
Dubbed as 'unfortunate' by the Maharashtra Chief Minister, Vilasrao Deshmukh,
the decision was the culmination of the bitter fight between the US energy
giant Enron and the state government over price of power from the US$3
billion project, the first one to get the federal government's counter
guarantee.
(PTI) 27-04 1940

NO ADVERSE FALLOUT TO COME FROM ENRON DECISION: INDIAN MINISTER

04/27/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

NEW DELHI, April 27 Asia Pulse - The Indian government wore a brave face on
Thursday, following the Enron promoted Dhabhol Power Company (DPC) board's
decision to empower management to terminate an agreement with the Maharashta
State Electricity Board.
Federal power minister Suresh Prabhu said there would not be any adverse
effect on foreign investment within the country's power sector a a result of
the decision.
Following an Economic Affairs meeting, Prabhu said "We are expecting
cooperation from many Scandivian countries as well as European nations in the
power sector."
On Tuesday, the board of DPC, in which Enron has a 65 per cent stake, decided
to take the step after a bitter feud with the state government over a payment
issue.
(PTI) 27-04 1803
India: Starving oneself to stuff others?

04/27/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

NEW DELHI, April 26. THE Food Corporation of India (FCI) has identified 10
locations for creation of 20 lakh tonnes (l.t.) bulk storage capacity on
build-own-operate (BOO) basis by the private sector. These include
establishing godowns/silos of three l.t. capacity each in Nabha, Barnala and
Moga in Punjab and Sirsa and Kaithal in Haryana and one l.t. each in Hooghly,
Chennai, Coimbatore, Bangalore and Mumbai.
Besides, FCI has invited 'expression of interest' for the construction of
conventional godowns of 1,000 to 20,000 tonnes capacity each through the BOO
route. In this case, it is proposed to build nearly six l.t. of aggregate
capacity in around 80 locations all over the country.
Private parties investing in these facilities would store and maintain
foodgrains procured by FCI, for which they will be paid storage costs.
Under the National Policy on Handling, Storage and Transportation of
Foodgrain, notified on July 4, 2000, FCI will 'guarantee' utilisation of
these facilities up to 100 per cent for the first 10 years and 75 per cent
for the next 10 years.
Further, the 2001-02 Budget has granted a five-year tax holiday and 30 per
cent deduction of profits for the next five years to "enterprises engaged in
the integrated business of handling, transportation and storage of
foodgrains."
The policy also provides for deduction of 40 per cent of profits derived by
institutions financing these projects - prompting the likes of ICICI and IDFC
to enter the fray and offer their advisory and funding 'expertise' in the
area.
The move to involve the private sector in the creation as well as operation
of storage facilities on FCI's behalf has been defended mainly on two counts.
Firstly, it would tackle the Government's spiralling food subsidy problem
through reduction in grain handling and operating costs - something that FCI
cannot achieve on its own.
Secondly, there is a massive dearth of storage capacity with Government
agencies, which neither have the resources to make fresh investments.
To address the first point, one needs to consider the real cost dimensions
involved. Conservative estimates are that private investors would incur a
cost of roughly Rs 15,000 per tonne for constructing bulk silos. Thus,
creation of 20 l.t. storage capacity entails investments of Rs 3,000 crore.
Assuming a 1:1 debt-equity ratio, the annual interest outgo on investment
would come to at least Rs 1,000 per tonne. The investor also has to spend on
labour, fumigation, storage, interest on grain, turnover of stocks, etc., -
all of which adds to another Rs 1,500 per tonne.
Besides, annual maintenance costs are reckoned at about Rs 500 per tonne.
If over and above this, investors are to be given a 'decent' 15 per cent
return on equity, FCI would have to fork out nothing less than Rs 4,000 per
tonne for sub-contracting its storage operations to private parties. And on
20 l.t. capacity, the annual outgo works out to about Rs 800 crore.
Compare this to FCI's own current annual 'carrying cost' of Rs 2,300 per
tonne for its grains. In 2000-01, FCI held about 200 l.t. of buffer stocks
over and above the normative requirement, on which it incurred carrying costs
(interest plus storage) of nearly Rs 5,000 crore. In the proposed regime, it
would end up coughing over one-sixth of these sums for a tenth of the
capacity!
That raises the issue of inadequate storage capacity with Government
agencies. According to the Ministry of Consumer Affairs and Public
Distribution's latest Annual Report, storage capacity with FCI as on December
31, 2000 stood at 30.06 million tonnes, of which covered godowns accounted
for 22.70 m.t. and CAP (Cover and Plinth) 7.36 m.t..
The Central Warehousing Corporation (CWC) had eight m.t. capacity, of which
covered godowns comprised seven m.t.. The aggregate storage capacity of CWC's
16 associate State Warehousing Corporations came to another 14 m.t.,
including 13 m.t. of covered godowns.
If one adds to this the estimated 17 m.t. of capacities available with State
Governments, the public sector has almost 70 m.t. of storage capacity, which
is more than sufficient to cater to the existing 46 m.t. of foodgrain stocks
in the Central pool. And contrary to general belief, the proportion of crude
CAP structures, which are ostensibly vulnerable to rodent attack and moisture
ingress, is hardly 20 per cent.
That the pronouncements of public godowns bursting at their seams are
somewhat exaggerated is also borne by the fact that CWC godowns today operate
at around 80 per cent of their capacity. On the other hand, the Government is
committed to ensuring 100 per cent capacity utilisation for bulk storage
capacity built by private agencies, including leading grain handling entities
from Australia and Canada.
Whether this would lead to a 'mini-Enron' situation - remains to be seen.
Harish Damodaran

HEADING
The Times of India News Service

04/27/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)

Crucial meeting of DF allies on Enron issue postponed
Mr Deshmukh is heading the group demanding a judicial inquiry into the first
and second phases of the Enron power project. He is supported by the Peasants
and Workers Party, the Janata Dal (secular), the Samajwadi Party and the CPM.
This group of smaller parties of the Democratic Front have already told chief
minister Vilasrao Deshmukh that they would reconsider their support to the
ruling front unless a judicial probe is ordered on the lines of Srikrishna
Commission. Mr Deshmmukh has requested the group not to take any hasty
decision.
Prof Gopal Dukhande, spokesperson of the Janata Dal (secular) told this
newspaper that the group had not given up its main demand to order a judicial
probe into the way the Power Purchase Agreements (PPAs) were singed with
Enron. He said the group would meet on May 2 to take into considerations all
the developments taking place regarding the Enron power project. The official
coordination committee of the DF government is also scheduled to meet at the
state guest house, Sahyadri, on the same day.
N.D. Patil of the PWP, who is the convener of the DF coordination committee,
is also opposed to renegotiations and wants the government to appoint an
inquiry commission.
``We are opposed to the way the PPAs were signed with Enron ignoring the
interests of the state. The inquiry commission will bring out the truth,'' a
senior minister said.
``Even if Enron now wants to withdraw from the project, we should not let it
go without investigating the matter,'' he added.
Meanwhile union finance minister Yashwant Sinha has agreed to depute a
high-level representative of the Union government to represent finance,
power, petroleum, and other union government agencies on the renegotiation
team. These departments will set up their own internal coordination committee
to review the situation from time to time and guide the renegotiation team to
be set up by the Maharashtra government.

Success of state bandh isolates BJP

04/27/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)

MUMBAI: The state unit of the Bharatiya Janata Party (BJP) finds itself
politically isolated following the Maharashtra bandh on Wednesday. The
protest was jointly organised by the Shiv Sena, an ally of the BJP, the left
parties and several trade union organisations. Even a section of the Congress
backed the bandh.
The bandh was specifically targeted at the BJP, which heads the National
Democratic Alliance (NDA) at the Centre. Even though the Sena is a part of
the NDA, it seems to have cleverly sensed the mood of the people, which is
clearly against the economic policies of the Centre, and joined hands with
the left and democratic parties to organise the bandh.
A BJP office-bearer said, ``The Sena finds the ground slipping from under its
feet, and hence it is indulging in gimmicks like sponsoring bandhs.''
However, Sena leader Uddhav Thackeray said, ``We have, unambiguously,
demonstrated that we are on the side of the workers, farmers and the middle
class. We have prioritised our commitments and our first priority is to the
people and not to cabinet berths.''
Sources in the Sena said the party does not want to be punished by the people
during elections for the blunders made by the BJP. ``The deleterious effects
of globalisation are there for everyone to see. Thousands of looms have
fallen silent because of textile imports; apples and chocolates from New
Zealand and Switzerland and toys, chemicals and dyes from China and Taiwan
are edging out Indian products in local markets. Not only workers, even
middle-class employees are being fired by their employers. Are we to mutely
watch the crushing of thousands of families under the wheels of the
globalisation juggernaut,'' asked a Sena leader.
Interestingly, many in the BJP concur with this viewpoint, but are afraid to
speak out lest they are accused of violating the party discipline. In
private, BJP activists are extremely critical of the Vajpayee government's
``non-response'' to the torture and killing of 16 jawans of the Border
Security Force by Bangladesh Rifles.
``Our foreign minister Jaswant Singh personally escorts top Pakistani
terrorist Maulana Masood Azhar from a jail to Afghanistan and sets him free.
Mr Vajpayee, unilaterally, declares a ceasefire in Kashmir. And, now he does
nothing when our jawans are killed by a small nation like Bangladesh,'' a
senior BJP leader observed. Senior leader of the Vishwa Hindu Parishad (VHP)
Ashok Singhal, who was in the city recently, openly stated that the Vajpayee
government has come to a standstill. However, party spokesperson Atul
Bhatkhalkar said, ``We do not want to do anything that will complicate the
situation for Bangladeshi prime minister Hasina Wajed, who is pro-India.
People should appreciate the ground realities.''
Meanwhile, the Enron issue is likely to emerge as a test of the recent unity
between the Sena and parties of the left. The controversial power project of
the U.S. MNC was endorsed by the Sena when it, along with the BJP, was in
power in the state. But the left parties want the project to be scrapped.
Sena chief Bal Thackeray has gone on record stating that his government was
under pressure from the U.S. to sign the accord with Enron. With Enron in a
confrontationist mode vis-a-vis the state and Central governments, the Sena's
response is being keenly watched in political circles here.

Additional power for Delhi promises Prabhu
A Staff Reporter

04/27/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)

NEW DELHI: Union power minister Suresh Prabhu on Thursday assured chief
minister Sheila Dikshit that the Capital would be provided an additional 150
MW of electricity starting first week of May.
Dikshit met Prabhu to apprise him of the power situation in the Capital. She
told Prabhu that the city was facing a power deficit of about 300 MW and
desperately needed an additional supply to meet the increasing demand.
The Centre promised that the additional power would be made available from
the Eastern Grid. Dikshit told Prabhu that the Delhi government was
negotiating with the Chhatisgarh government to buy 100 MW. She said the Delhi
government was facing severe problem in getting power from Himachal Pradesh
Electricity Board due to reduction in the power generation in the state.
The government is now contemplating talks with West Bengal to purchase power.
Dikshit said her government was negotiating a deal with Enron, but was
reluctant to buy electricity due to the high tariff quoted by the company.
Dikshit said additional power was also expected from the three units at
Dadri, Badarpur and Raj Ghat power stations which would be become functional
by May 10.
Besides Dikshit, Delhi power minister Narendra Nath and principal secretary
power Ashok Pradhan and Delhi Vidyut Board chairman Jagdish Sagar were also
present.

Enron ready to pull out, but lenders say wait
Business Times Bureau

04/27/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)

MUMBAI: The Dabhol Power Company board, which met on Wednesday in London,
authorised the company management to issue a termination notice to the
Maharashtra State Electricity Board. The company, however, may not pull out
of the project yet, considering its lenders, who met on Monday, opposed such
a move and favoured renegotiations.
Sources present during both the meetings said that though foreign lenders
supported Enron on the termination issue, domestic financial institutions,
led by the Industrial Development Bank of India, prevailed over the
deliberations to oppose any such drastic move. Enron needs the lenders'
consent to file a pre-termination notice for pulling out from the project.
The decision to empower DPC chief Wade Cline to issue a termination notice
was taken with six votes in favour against a single IDBI vote against such a
move.
Another significant development during the entire proceedings was that the
financial institutions made it clear that further funding of Phase II of the
project will depend on the Government of India assuring payment mechanisms.
Institutions are yet to disburse about 30 per cent of the sanctioned package,
which is crucial for completing the Phase II expansion project.
``The board has given powers to Wade Cline to issue a pre-termination notice.
But the meeting quite unanimously felt the need of the hour is not to
terminate the project but to initiate serious re-negotiation proceedings,''
said MSEB Chairman Vinay Bansal, who attended the board meeting. ``MSEB
presented their views to the board members and it was understood by Enron
which also included the Rs 401 crore penalty issue which is heading for
arbitration proceedings. ``We have also made it clear that the tariff
structure of Enron is quite high and a downward revision of tariffs is
unavoidable," Bansal added.
``They cannot issue a termination notice without our consent since our
exposure in the project is quite large and the lenders should approve any
plans in that direction,'' said a top banker who was present during the
lenders' meet. ``There is a general consensus that the project must be
completed and the proposal to terminate the PPA should be kept in abeyance,''
he added. The global arrangers for the DPC include ANZ Investment Bank,
Credit Suisse First Boston, ABN-AMRO, Citibank and the State Bank of India,
where all these parties conducted separate meetings with the company
officials. However, some bankers said the company can file a termination
notice even if one lender with a minimum 5 per cent exposure on the project
favours such proceedings.
Meanwhile, in a clear reversal of roles, Maharashtra Chief Minister Vilasrao
Deshmukh said that the state government was not keen on terminating the PPA.
``We will ask them to refrain from taking any such harsh steps since that
would be bad news for all of us, including DPC,'' Deshmukh said. Deshmukh was
echoing Union Power Minister Suresh Prabhu's sentiments, who said that the
government wanted an amicable settlement of the payment row. He, however,
added that termination of the project would not hurt foreign investments, and
dismissed warnings by analysts that winding up the $2.9 billion project would
be a blow to India's efforts to woo foreign investors.
The DPC has already slapped one conciliation notice on the Centre and three
arbitration notices on the state government over non-payment of dues
amounting to Rs 213 crore and interest towards the bills due for December
2000 and January 2001.
Meanwhile, MSEB officials said in Mumbai that the March bills amounting to Rs
134 crore was paid on Thursday as protest payment, despite the dispute over
the amount.
When asked on the future course of action, Bansal said it was up to the DPC.
The Enron issue was also raised in the Lok Sabha on Thursday, when Prabhu
said that scrapping of the agreement would cost Rs 2,840 crore to the Centre,
whose liability in the project agreement was limited. Centre's liability in
case of termination is one year's electricity bill and a termination fee of
$300 million, he said.

India's single largest foreign investor threatens to pull out
Madhu Nainan

04/27/2001
Agence France-Presse
(Copyright 2001)

BOMBAY, April 27 (AFP) - The biggest single foreign investor in India,
US-based Enron Power Corp., is threatening to pack its bags in frustration --
a move that would cast doubts over the country's investment-friendly
credentials
Enron's Indian subsidiary Dabhol Power Co. (DPC) is putting up a
2.9-billion-dollar power station in India's industrial heartland Maharashtra
state.
At a meeting in London on Wednesday, the DPC board of directors authorised
chief executive officer Neil McGregor and Enron India chief K. Wade Cline to
serve a "preliminary" termination notice for sale of power, within the next
four weeks, to the Maharashtra electricity board.
The two-part power station is being erected at the port town of Dabhol, some
200 kilometres south of the state capital Bombay. Payments for electricity
have been guaranteed by the state and federal governments.
Part one began generating power in May 1999, but the project has been mired
in controversy and acrimony, with the state government arguing it could not
afford the high electricity bills.
"This is a drastic and unfortunate decision the board of directors has taken,
even though we made it clear that we want to find a solution to the impasse,"
Maharashtra energy minister Padamsinh Patil told AFP.
Patil said a decision had been taken by the state and federal governments
last week to set up a panel to renegotiate the power purchase agreement.
"Enron knew about the decision. We have no animosity towards Enron. We have
paid the February bill under duress and we told them we are ready to pay the
other bills also under protest."
Vijay Kalantri, president of the All India Association of Industries
described the Enron move as "unbusinesslike".
"They have done this to build up the pressure on the state and federal
governments. Economic disputes are not resolved by threats, but by sitting
down to discuss and re-negotiate contracts."
Kalantri agreed that if Enron carried out its threat, the consequences would
be "bad" for all parties.
Ashok Khinvasara, director at the Ispat group, said India could suffer as a
foreign investment destination, especially in the power sector.
The Ispat group's plans to put up a 1.4 billion-dollar power project in
Maharashtra have been put on hold in the wake of the Enron controversy.
"Since the state electricity board is not paying its dues, Enron is within
its rights to serve a termination notice," Khinvasara said.
"The board will not be hit initially as it buys very little power from DPC
now, but the size of Enron's claims and the speed with which it sets in
motion a recovery process could turn out to be worrisome. Enron's claims
could be more than 30 billion rupees (652 million dollars)."
Khinvasara said the Enron episode showed that future investors should take
care to see that tariffs are "affordable" and should not take comfort merely
in contracts and government guarantees.
The DPC board of directors' decision is the second in a series of moves to
increase the pressure on the government.
Early in April DPC served the state electricity board a notice of political
"force majeure" which is a legal manoeuvre that enables a party to break a
contract in the case of events beyond its control.
The Dabhol project has had a turbulent ride ever since it was signed in 1992.
Allegations of corruption and high costs led to the scrapping of the contract
in 1995, but it was re-negotiated the same year.
In February a state government panel recommended fresh re- negotiations to
bring down the tariffs and charged Enron with inflating costs.
man/gh/lh

Business/Financial Desk; Section C
COMPANY NEWS
INDIAN UTILITY PAYS $28 MILLION MARCH BILL TO ENRON
Reuters

04/27/2001
The New York Times
Page 4, Column 1
c. 2001 New York Times Company

The Maharashtra State Electricity Board in India paid its March power bill to
the Enron Corporation yesterday, a day after Enron said it might stop selling
power to the utility. The utility gave Enron's 65-percent-owned Dabhol Power
Company 1.34 billion rupees ($28.6 million) for electricity it bought last
month, a utility official said. But the utility still owes the company 2.26
billion rupees for power purchases in December and January. It has refused to
pay, saying Dabhol should adjust that amount with the penalty of 4 billion
rupees it has levied on the company for what it says was a failure to meet
capacity targets.
Business
DAILY BRIEFING
STAFF REPORTS AND NEWS SERVICES

04/27/2001
The Atlanta Constitution
Home
C.2
(Copyright, The Atlanta Journal and Constitution - 2001)

> Denotes item of particular local interest.
UTILITIES/ENERGY: Enron, Sierra Pacific cancel Portland deal
Houston --- Enron Corp.'s $3.1 billion sale of Portland General Electric Co.
to Sierra Pacific Resources was canceled by mutual agreement, the companies
said. Enron said last month that the sale probably wouldn't be completed
because of California's energy crisis.
Business Brief -- Enron Corp.: Sale of Utility Subsidiary To Sierra Pacific
Is Canceled

04/27/2001
The Wall Street Journal
B8
(Copyright (c) 2001, Dow Jones & Company, Inc.)

HOUSTON -- Enron Corp. and Sierra Pacific Resources said they ended their $2
billion agreement for Sierra, of Reno, Nev., to buy Enron's electric utility
subsidiary, Portland General Electric. The collapse of the pact was expected
after Jeffrey K. Skilling, Enron's president and chief executive, said last
month the sale wasn't likely to go through. "As we have discussed in the past
few weeks, the energy markets in California and Nevada have led to a
regulatory and legislative environment that has made this transaction
increasingly difficult to complete," said Mr. Skilling in a news release.
International News
Indian State to Pay Enron for March Supply
Associated Press

04/27/2001
The Asian Wall Street Journal
7
(Copyright (c) 2001, Dow Jones & Company, Inc.)

BOMBAY -- The Maharashtra state power utility will pay outstanding
electricity bills for March as part of a dispute over tariffs with U.S. power
company Enron Corp.
"We will make the payment of 1.34 billion rupees ($28.7 million) today for
the March bill. The February bill of 1.1 billion rupees was already paid up
last month," Krishna Rao, a member of the Maharashtra State Electricity
Board, said on Thursday. "As far as we are concerned, there are no more
payments outstanding."

Colombia Suspends Isagen Sale Pending Court Ruling, Papers Say
2001-04-27 09:47 (New York)

     Bogota, April 27 (Bloomberg) -- Colombia suspended its sale
of state electric generator Isagen until a high court can rule on
An injunction request filed by Empresas Publicas de Medellin, the
country's largest municipal utility, newspapers said.
     Finance Minister Juan Manuel Santos said the sale of Isagen,
the No. 3 power generator, was suspended on the order of a
Medellin court, pending a ruling by the Council of State, a high
court that oversees state entities, the daily El Tiempo said.
     Santos said the decision wouldn't affect government financing
plans for this year because it has lined up most of its financing,
La Republica said. The government said it wanted to raise $450
million from the sale, which has repeatedly been postponed since
1999 due to limited investor interest stemming from guerrilla
attacks on the power grid and legal wrangling.
     The government planned to sell the company this month, La
Republica said. The Council of State in September ruled in favor
of an energy regulator measure that barred EPM, as the Medellin
utility is known, from taking a majority stake in Isagen, clearing
the way for the sale to go ahead.

(4/27; Tiempo; Sec. 1; P. 10; {TMPO <GO>})
(    ; Republica; Sec. 1; P. 2 {LRPB <MGO>})

--Robert Willis in Bogota (571) 317-4000 bwillis@bloomberg.net,
through the New York newsroom (212) 318-2300 /rhj

Story illustration: For news on employment in Colombia, enter
{COUETOTL <Index> CN <GO>}.


Platts Energy Bulletin

The daily Energy Bulletin is a showcase of the top headlines posted on
platts.com (http://www.platts.com) over the past 24 hours. To view this file in
html, open the attachment at the bottom of this email. We welcome your feedback
- send your comments to feedback@platts.com. Instructions for unsubscribing can
be found at the bottom of each issue.

February 6, 2002

What's New on platts.com?
Platts Enron Report: Read about the implications of Enron's bankruptcy on the
financial and energy communities.
(http://www.platts.com/features/enron/index.shtml)

E Source on Enron: A report from a Jan 29, 2002 telephone conference on Enron
hosted by E Source, the retail consulting division of Platts.
(http://www.platts.com/features/enron/Enronteleconference.shtml)

Quote of the Day: A selection of industry/OPEC viewpoints.
(http://www.platts.com/quote.shtml)

ENERGY INSIGHT:
(for Platts Premium Customers)
The fuel cell push: vision or diversion?
In early January, against a backdrop of futuristic cars and hand-in-hand with
executives from the Big Three automakers, Secretary of Energy Spencer Abraham
said the government would support a new initiative with the long-term goal of
commercializing fuel cell cars. (http://www.einsight.com)

Advertisement:

Platts Global Energy Jobs Board and Resume Bank: Created in partnership with the
Energy Jobs Network, the Jobs Board gives you access to a pool of job seekers
and open positions across the energy industry. It's free for all job seekers,
and there is a range of packages for employers posting jobs.
(http://www.energyjobsnetwork.com/home.asp?code=platts)

Futures Round-up

NYMEX: Crude to open lower on bearish stock builds
March crude oil is called to open 5 cts lower at $20.02/bbl. March unleaded
gasoline is called to open 8 pts higher at 58.60 cts/gal and March heating oil
is called to open 4 pts lower at 53.65 cts/gal.

IPE Brent Focus: IPE Brent crude unfazed by bullish API statistics
By 1113 GMT front-month March had nudged 6 cts higher to trade at $19.62/bbl, 2
cts shy of the day's low, while April stood at $19.91/bbl, 8 cts higher.
February IPE gasoil futures traded at $166.25/mt, up $1.50/mt on the day.

News Round-up
Click on the headlines below or paste the URLs provided in your internet browser
to see the full story.

OIL:
Low oil prices to shrink Saudi Arabia GDP in 2002: bank
Saudi Arabia's oil-based economy is expected to contract by 2% in 2002 as a
result of lower oil prices but this decline in real GDP is expected to be offset
by continued strong growth in the non-oil sector, the Saudi-American Bank said
in its latest report. (http://www.platts.com/archives.shtml#58634)

NATURAL GAS:
French socialists decide against EdF, GdF privatization
French socialists have adopted a text against privatization of state energy
companies Gaz de France and Electricite de France, the socialist party said
Wednesday. (http://www.platts.com/archives.shtml#58636)

PETROCHEMICALS:
US ethylene contract talks intensify for Jan/Feb
The US ethylene contract for January, widely expected to be settled by Feb 5,
remains unsettled. (http://www.platts.com/archives.shtml#58617)

Advertisement:

Platts Global Energy Buyers' Guide: The Buyers' Guide encompasses thousands of
products and services needed worldwide by companies involved in the generation
and delivery of electric power and its related services. It is a dynamic
information service, updated daily as companies enter the market, merge or
change their product/service offerings.

ELECTRIC POWER:
Enron's Argentine gas, power trading on block
Reversing an earlier stance, Enron is putting up for sale its Argentine natural
gas and power trading operations, along with a gas-fired power plant, the
president of Enron Argentina, Federico Verisoli, said Feb 5.
(http://www.platts.com/archives.shtml#58613)

NUCLEAR:
Nevada steps up anti-Yucca Mt repository campaign
Sound science does not suggest the proposed repository site at Yucca Mountain,
Nevada, is suitable, Nevada Governor Kenny Guinn said in a Feb 4 letter to
Energy Secretary Spencer Abraham. (http://www.platts.com/archives.shtml#58610)

COAL:
US DTE ups capacity at River Hill
DTE River Hill LLC, the DTE Energy affiliate that owns a synfuel plant in
Clearfield County, Pensylvania, has been approved by the state of Pennsylvania
for a big increase in plant production.
(http://www.platts.com/archives.shtml#58618)

To see the past five day's headlines posted on platts.com
go to Platts archives (http://www.platts.com/archives.shtml).

Upcoming Events:

?Grid Business: The Midwest,? an Electrical World Roundtable in cooperation with
R.J. Rudden Associates and the United States Energy Association. March 20-21,
2002, in St. Louis, Missouri.
(http://www.platts.com/gridbusiness/index.html)

?Navigating the Perfect Storm: Charting Power Generation Success,? the 17th
Annual Global Power Markets Conference. March 24-26, 2002, in New Orleans.
(http://www.platts.com/electricpower/GPMConf2002/index.shtml)

Want more information on Platts products? Browse the Platts Infostore at
http://www.platts.com/mhe_infostore/cgi-bin/infostore.

You can also email Platts sales team at info@platts.com or check for the details
of your nearest sales representative in our list of Platts offices at
http://www.platts.com/about/offices.shtml.

To email an editor, click on
http://www.platts.com/oil/editorialquestions.shtml?EnergyBulletin.

For information on how to advertise on the Platts Energy Bulletin or on
platts.com contact josie_parnell@platts.com.

To unsubscribe from the Energy Bulletin, please click here and complete the
'UnSubscribe" form.
(http://platts1.platts.com/cgi-bin/register/register.cgi?submit=UnSubscribeForm)
Alternatively, you may send an email to listserv@listserv.resdata.com and type
the words UNSUBSCRIBE PLATTS in the body of your message. You should receive a
response telling you that you have been unsubscribed. If you are experiencing
problems, email us at feedback@platts.com.


-----Original Message-----
From: 	Shepperd, Tammy R.
Sent:	Wednesday, October 03, 2001 6:45 PM
To:	Will, Lloyd; Arora, Harry; Kroll, Heather; Llodra, John; Forster, David; Sturm, Fletcher J.; Davis, Dana; Neal, Scott; Vickers, Frank W.; Curry, Mike; Gilbert-smith, Doug; Baughman, Edward D.; Tycholiz, Barry; Grigsby, Mike; Arnold, John; Luce, Laura; Shively, Hunter S.; Herndon, Rogers; Redmond, Brian; Lagrasta, Fred; Roberts, Mike A.; Gaskill, Chris; Presto, Kevin M.; Duran, W. David
Cc:	Winfrey, Christa; Black, Tamara Jae; Rode, Tina; Belsha, Lorie; Smith, Carli; Duree, Janelle; Schoppe, Tammie; Finnels-Neal, La Donna; Rangel, Ina; Lopez, Susan
Subject:	Oct 3 - ECS 6th floor
Importance:	High

If you are on this distribution you have been identified by John and Louise as the responsible party for signing off on the ECS 6th floor.  Your assistants and other key people  have done a great job of managing the floor plans so far and we're on the home stretch.  John made some group location changes today and a final review/update is required before churns are submitted this week.

Please take a moment to review the locations of your people and place them in the appropriate seats within your group (best printed on 11 x 17 paper)   Note that desks 858-860, 651-652, 658-660, 662-667 and 705-715 will not be available on Day 1, temporary replacement seats are assigned in the lower right hand of the spread sheet, if the lag time will be over two weeks.

Kindly return this at your earliest convenience on Thursday, confirming your approval of the names and seat assignments.  I am also including the most current version of the 5th floor for your information.

Call me if you have any questions and thank you.
Tammy
x36589

Tina, T. Jae, Ina, La Donna,
Please be sure the IT tab has been filled in to facilitate the IT audit for Susan Lopez.  If I have left someone off this distribution please forward it on.


713-853-9287
888-703-0309


Great!  This is exactly how I want everything in RAC to work. Rick


Yes - it's a Puget deal. I'm trying to contact Sean right now to see if he
and Diana overlapped on these deals. I only see them written once in his
trade log, but I'm auditing the second two to find out who entered them.

Kerri Thompson@ENRON
02/28/2001 02:54 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: apb

534497 is a pudget deal?

   Kate Symes @ ECT                02/28/2001 04:42 PM

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

Subject: Re: apb

Verified with Diana and Sean - these should be APB.

and the Williams deal should be resolved - deal # is 534497

Kerri Thompson@ENRON
02/28/2001 02:39 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: apb

i have 2 more things besides the williams deal.  apb is trying to leave thats
why i was trying to get these deals resolved.

534496
534497

apb does not recognize, these may be duplicated deals that are already in the
system.

thanks


Richard, attached is a memo summarizing Skadden's involvement in the NSM
deal.? The info. was gathered from Chris Hunt's files.

 <<3_D6301!.DOC>>

This e-mail message may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee
or agent responsible for delivery of this message to the intended
recipient(s), you are hereby notified that any dissemination,
distribution or copying of this e-mail message is strictly prohibited.
If you have received this message in error, please immediately notify
the sender and delete this e-mail message from your computer.

 - 3_D6301!.DOC


The Performance Evaluation Process (PEP) system is now open through Friday,
Nov. 17, for all employees to solicit and provide performance feedback.  This
process is powerful . . . if we provide meaningful feedback.

Management, when determining performance ratings, participating in PRC
meetings, and providing feedback to employees, depends on the comments
received via PEP.  For the users of PEP information to fully understand the
employee,s performance and the ratings identified, specific comments are
needed to explain each rating, including the overall rating.  It's most
beneficial to describe specifically what the employee did and why their
action was productive or why it needs improvement.

Comments on areas of strength as well as suggesting areas needing improvement
are both important.  Just as each of us needs feedback and coaching to
improve our skills in sports or other pursuits, we also need to know what and
how we can improve our work skills and behaviors.  We all benefit from
constructive feedback.

Please actively participate in the year-end PEP process and make your input
meaningful.

PEP Feedback Tips:
? Provide feedback when requested.
? Rate only those skills and behaviors you have observed this year.
? Provide specific comments with specific examples.
? Indicate performance needs improvement when appropriate.

Some Feedback Examples:

Skill/Behavior	Ineffective
	Feedback	Improved
		Feedback
Communication	"Jack communicates well."	"Jack was called on to provide written
updates for the Ajax project and he clearly conveyed pertinent information
that was easy to read, timely and suited for his audience.  The Accounting &
Finance management team commented on how his reports saved them time."
Teamwork	"Sue,s a poor team player."	"When we got to +crunch, time sending out year-end
reports, Sue chose to spend a day preparing her goals for next year, instead
of pitching in and helping check figures and box up reports with everyone
else.  We missed the shipping deadline and our reports were received a day
late.  This impacted our customers and caused our team to miss an important
goal."
Innovation	"Jennifer comes up with great new ideas."	"From reading an article on data
transmitting devices, Jennifer identified a tool she thought could be
utilized in our remote gas measurement applications.  Now implemented, the
remote measurement device has saved us significant monies and time."
Leadership	"Tom often displays inappropriate leadership skills."	"Although Tom closes
big deals and contributes significantly to the success of ETS, he lacks the
ability to gain the support and commitment of others when dealing with
support groups across departmental lines.  For greater success, he should
listen more and provide rationale for his ideas and directives."
Technical	"Bill,s technical skills are weak."	"On three occasions, Bill misaligned
columns or overlaid critical data when updating departmental, electronic
spreadsheets.  These errors caused more than 30 hours of rework and
approximately 8 hours of overtime to fix the mistakes."

For additional information or assistance on providing performance feedback,
please contact your HR Rep or Roger Sumlin at 713-345-7967.

Thanks, in advance, for your participation in this very important feedback
process.


At 12:30 EST, ICE will be packaging the Next Day Phys Gas strip for the following dates:

11/22/01 - 11/26/01.

Happy Thanksgiving


Yeah, tell me about it.   (Payback for what!?!?)

So that means you DON'T enjoy my loving ribbing?

P.S. My butt still feels like there's all these rubberbands wrapped around
it......(:

	Nancy Sellers <Nancy.Sellers@RobertMondavi.com>
	05/29/2001 03:25 PM

		 To: "'Jeff.Dasovich@enron.com'" <Jeff.Dasovich@enron.com>
		 cc:
		 Subject: RE:

So you packed up our entire car and left all your stuff - what a concept.

Payback is hell.

-----Original Message-----
From: Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Tuesday, May 29, 2001 1:24 PM
To: Nancy.Sellers@RobertMondavi.com
Subject:

The bad news is I left my bag with clothes and toiletries at the Dome.  The
good news is it's a great excuse to have to go up again this weekend!

Thanks again for everything.  Really nice with only the
principals---smaller, more intimate, less mess---and the ping pong table is
a HUGE hit.

I hope you enjoy my loving ribbing as much as I enjoy yours.

Best,
Jeff


I'm thinking that we may miss church altogether on Sunday.  We may spend the night at my inlaws in Conroe.  They have been bugging us to visit and I don't see another date on the calendar that will work.  Nov 3 for example, there is no children's church, but I am open/close trustee.  Don't worry about the CD player -- it's no problem.  I don't mind exchanging it until we get a CD player and duplicate copies of music (which I'm working on).

We received our INS approval to adopt Alina, but with court date delays etc., it looks like our most likely travel time is late November or early December.  When I get a little better info.  I will make Children's Church plans.  If it turns out that I'm gone several weeks in December, then perhaps we can talk Patty into letting the kids sit in regular church during Advent.  It is always such a fun time for them to be in church & they recognize so many of the songs.  If I'm only going to be gone in late Dec & first week of Dec, then we can probably continue with Children's church as planned.  I'm really just guessing now -- since this international adoption stuff changes by the minute.

-----Original Message-----
From: BLT12139@aol.com [mailto:BLT12139@aol.com]
Sent: Monday, October 22, 2001 10:39 PM
To: Corman, Shelley
Subject: Re: Children's Church

Of course, that will be OK.  I'll need to find another helper so we have 3.  Will Kim be there?  If not, maybe I can enlist my husband.
Will you be at 8:30 service?  If so I can get the CD from you then.  I really need to buy a CD player - maybe I can do that by Saturday so we don't have to pass yours back and forth.  I'll let you know if I'm successful.
Thanks for the attendance numbers - I'll call Jackie tomorrow.
Barbara


This message is brought to you by The Texas Exes.
Please do not respond to this e-mail using the 'REPLY'
function.  If you have comments or suggestions contact
us at programs@alumni.utexas.edu
To UNSUBSCRIBE see instructions at the bottom.
_________________________________________________

Dear 1977 UT Graduate:

Come celebrate the Class of 1977 25-Year Reunion on Saturday, March 2,
2002.  It is going to be a fun-filled day of reminiscing with friends
and reacquainting yourself with the UT campus.  The day will start at
the Alumni Center for a university-wide kickoff, including a welcome
from President Larry Faulkner and a continental breakfast.  The reunion
is being held in conjunction with "the Biggest Open House in Texas",
Explore UT!
http://www.utexas.edu/events/exploreut
which will be open from 11 am - 5 pm on Saturday.

In addition to Explore UT, the schools and colleges (with a few exceptions)
are holding events especially for their 1977 graduates on the afternoon
and/or evening of March 2.  After these receptions, you might want to head
back
to the Alumni Center for the March 2 Casino Party, sponsored by the Texas
Exes
Austin Chapter, who are offering a special 25 Year Reunion price!

To view a copy of the schedule and other reunion information
(including hotel reservation information), visit
http://www.texasexes.org/chapters/pdf/Reunion_info.pdf

To view and print out a registration form (send back by fax or mail),
visit http://www.texasexes.org/chapters/pdf/Reunion_Form.pdf
(You must have Adobe Acrobat Reader to view and print these documents).

Any questions about the reunion may be directed to
programs@alumni.utexas.edu.

To join the Texas Exes or renew your membership, visit
http://www.texasexes.org/join/
or if you have a membership question,
call (800) 369-0023, 8 to 5, Monday through Friday.

If you would like to update your contact information with the Texas
Exes, visit
https://dpweb1.dp.utexas.edu/nlogon/alumni-address/

_________________________________________________

The Texas Exes maintain the alumni records for
The University of Texas and from time to time may provide
you with information regarding The University or Association,
of which you may have an interest.

UNSUBSCRIBE:
You may remove your name from our distribution list at any
time by entering your e-mail address at this site:

http://www.texasexes.org/about/remove.html

____________________________________________________

The Texas Exes
2110 San Jacinto Boulevard
Austin, TX  78
512/471-8839


Hey Mom,

The trip was fun but I lost $650.  It wasn't good for the wallet.  Vegas is a
fun weekend trip but I can't imagine staying longer than that.

How was your weekend?

-e

"K. Bass" <daphneco64@bigplanet.com> on 02/20/2001 08:41:20 AM
Please respond to "K. Bass" <daphneco64@bigplanet.com>
To: Eric Bass <Eric.Bass@enron.com>
cc:
Subject: Hi

Hi Eric,
?
How was your trip?? Did you have a good time  and did you bring any money
home with you??
?
Have a good day.?  LU-M


---------------------- Forwarded by Eric Bass/HOU/ECT on 10/06/2000 08:22 AM
---------------------------

Jackson Logan
10/05/2000 04:57 PM
To: Errol McLaughlin/Corp/Enron@ENRON, Victor Guggenheim/HOU/ECT@ECT, Darron
C Giron/HOU/ECT@ECT, Eric Bass/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT,
John_biegel@dell.com, bgalligan@mail.utexas.edu,
carey.t.ford@us.arthurandersen.com, jknight@knightrealestate.com,
gkaminski@dttus.com, Brian_Thorp@AIMFUNDS.COM, JAMES.SIVCO@chase.com,
tifftalbot@hotmail.com, jmwooton@yahoo.com, njw4@worldnet.att.net,
KHunter75@aol.com, ttalbot@bmoh.com, RCOLLINS@graubassett.com,
cameron.moates@us.pwcglobal.com, atransou@wsgr.com, onion@pdq.net,
shack4@alumni.utexas.net, ECard10007@aol.com, therter@velaw.com,
ryaf@softchoice.com, Madeofmetal@Sprintmail.Com, LtColby.H@att.net,
Stefanie_Wagenfeld@AIMFUNDS.COM, cshi@dynegy.com
cc:
Subject: Fwd: FW: TX/OU

---------------------- Forwarded by Jackson Logan/HOU/ECT on 10/05/2000 04:55
PM ---------------------------

"Tara Talbot" <ttalbot@bmoh.com> on 10/05/2000 03:58:29 PM
To: <Peter_Bourland@adc.com>, <JLewis1342@aol.com>, <jrayb10104@aol.com>,
<rsteel@border.net>, <RMassey@Central.UH.edu>, <JRBridenstine@cs.com>,
<ajohnston@doubleclick.net>, <kevins@emerging.com>, <chad.starnes@enron.com>,
<Jackson.Logan@enron.com>, <christine_petru@gensler.com>,
<ed_cardenas@hotmail.com>, <tifftalbot@hotmail.com>,
<Ashley_Morrison@lotus.com>, <jameslhull@msn.com>, <johnwheeler@pzlqs.com>,
<pkettler@reliantenergy.nl>, <ryaf@softchoice.com>,
<carey.t.ford@us.arthurandersen.com>, <Ronnye.E.Kettler@USA.conoco.com>
cc:
Subject: Fwd: FW: TX/OU

>>> "knust@ruf.rice.edu" 10/05/00 03:40PM >>>

-----Original Message-----
From: Brian Gourley Salomon Smith Barney WATS 800 890-2774
[mailto:gourleyb@swbell.net]
Sent: Thursday, October 05, 2000 11:39 AM
To: William Marsh; Zac McCarroll (E-mail); Trey Wadsworth; Susan Burkley;
Stephanie Friedman; Shea Morenz; Ryan Kraudel (E-mail); Ryan Donelson; MIke
Green; matt long; Martin Morgades; Mark Bauman; Luke Belsnnyder; Keith
McPherson; kd_buchanan@yahoo.com; kawise@hotmail.com; JASON HOELSCHER;
Foster Stained Glass; Ed Fisher; dwinfrey01@yahoo.com; David Odom; dave
distephano; cmartinez@houstonnefingrp.nefn.com; Chuck Girard;
chadh@rocketball.com; Carter Perrin; Brandon Calvo; billb@myriad.net;
asebert@utmb.edu; amartinez@lawhbc.com; Alan B. Knust; adam_butler@gsdm.com
Subject: TX/OU

Horns fans, print this off and put on your burnt orange.  Someone sent me
this a year ago, and it still gives me the chills.

Hook 'em

Brian

 - WHATISLONGHORNSPIRIT.DOC


Hi Paula,

Thanks for the invitation. I have already accepted an invitation
from my neighbors. I shall stop by to deliver the card (or maybe I should
wait till it covers the next graduation).

Vince


Ben, I have a reference document called Gas Turbine World Handbook in which I
look up these type of answers as well for ballpark info. They are the
"preliminary answer" to your question and should be treated as so. Please
keep in mind that these are numbers from a magazine, not from our internal
Performance/Cycles group under Gary Bush (within EECC). They are the dept
that the Dev Engineer typically consults with to arrive at a project's
capacity and efficiency, both from a new & clean standpoint and an average
degradation standpoint. The depts within EECC/NEPCO also come up with the
total installed costs. It is their numbers that are the ones that we
typically bid in a proforma, as such, they are a part of the deal approval
process (DASH). Their buy in is important because in addition to the numbers
that OEM's provide us, they factor in experience, judgement, unique project
characteristics, design basis, intake/exhaust losses, etc. They also look at
the net power for the Plant, not just the equipment itself. Having caveat'ed
these numbers, I would respond to your questions below as follows:

1. PG7241FA Capacity: 171,700 kW each @ generator terminals (ISO conditions,
gas fired @ baseload) -- does not include auxiliaries usage, duct losses
2. 1,060 MW Net Plant @ ISO, gas fired
3. 6,040 Btu/kWh LHV @ ISO, gas fired
4. Plug figure for GTG may be $32,500,000 each. No idea on the ST, swag at
$175/kW. Power island turnkey for 2x1 may be $375/kW (does not include alot
of stuff such as add'l options, development costs, tie-ins, permitting,
spares, etc, etc, etc)

Hope this is useful to you somehow, but please go to the source (described
above) for anything that we are going to hang our hat on.

Benjamin Rogers@ECT
02/04/2000 09:39 AM
To: Scot Chambers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject:

With regards to our conversation yesterday, I am loking for basic economics
regarding GE 7FA's.  Such as, 1. output per turbine; 2. output for 4 7FA and
2 steam turbines; 3.  Heat Rates; and 4. cost per turbine and steam turbine.
Total plant output will need to be 1000 MW's and will be run as a combined
cycle facility.  If you could get me these numbers by the end of the day or
call me to discuss what you currently have that would be great.  This project
is not due till Wednesday.  Thanks
Ben


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


The $10,000 scheduling fee is included and this demand charge is just for the
New Power Market Area.  We are still working on the East demand charges, they
are not correct.  I will probably add the East demand charges to a CGLF sales
deal.

Brenda H Fletcher
12/13/2000 04:01 PM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: New Power Demand Charge

Is the $10,000/month scheduling fee part of the $1,193,725? Is the demand
charge for all of the reimbursements on all pipelines combined?

BF

Chris Germany
12/13/2000 03:51 PM
To: Kimat Singla/HOU/ECT@ECT, Brenda H Fletcher/HOU/ECT@ECT
cc:
Subject: New Power Demand Charge

I added a demand charge of $1,193,725 to deal 523459 for Dec 2000.  I don't
think this should show up in the current month P&L, at least not from this
deal ticket.

Let me know if there are any problems.

This demand charge is for the Market East and for the $10,000/month
scheduling fee.  We are still working on the East demand charges for New
Power.


doesn't matter.  it won't happen either way.


kentucky is #2

	Enron North America Corp.

	From:  Timothy Blanchard @ EES                           03/10/2000 10:58 AM

To: ebass@ect.enron.com @ ENRON
cc:
Subject: Re: ESPN.com - NCB - Ratings Percentage Index

and you sent this because....


PLease include me in the Houston MBA Program Information Session.  Thanks!

Ben Rogers
(713) 853-7998 Work
(713) 355-8737 Home
benjamin.rogers@enron.com


How is your battle wound today?


I made a few revisions.  Pls. call me if you have any questions.  thanks,
Maria

Steve Kirk
11/06/2000 08:51 AM
To: Drew Fossum/ET&S/Enron@ENRON, Maria Pavlou/ET&S/Enron@ENRON
cc:

Subject: New Product Version - Daily TFX

Tony is on vacation today.  Please review asap.  Thanks.
---------------------- Forwarded by Steve Kirk/ET&S/Enron on 11/06/2000 08:49
AM ---------------------------

Steve Kirk
11/06/2000 07:47 AM
To: Tony Pryor/ET&S/Enron@ENRON
cc: Jo Williams/ET&S/Enron@ENRON

Subject: New Product Version - Daily TFX

Tony, I need your review and approval asap for the attached E.Dubuque
delivery products that are "daily" in nature (one is for receipt at Ventura
and the other is for receipt at Demarc).  The rate aspect is the same
language as the one-part rates we have already used (designated as "R+C).
This "Dly" designation means that the term is one day which will be rolled
over day-to-day unless either party cancels the rollover.  The term language
shown here is the same as the "daily" language we have been using.  Call me
with your questions. Thanks. x7067.


Rick,
Thanks for keep me posted. This is a rumor and only a rumor, but someone very close to Jos? Vicente Rangel, the civilian Defense Minister, told us in Caracas that we should expect good news for the LNG project. The stars seem to be in position for this rumor to be true, though, given Richardson's letter, our conversation with the Governor, and his conversation with the Minister of Energy and Mines. And if true, Richardson will have definitely helped. I'll keep you posted when I have more definite news. See you on Monday,
ALF

From:	Richard Shapiro/ENRON@enronXgate on 09/19/2001 09:54 AM
To:	Alberto Levy/SA/Enron@Enron
cc:

Subject:	FW: Discussion with Rep.Ballinger's staffer re meeting with Pres. Chavez

FYI
 -----Original Message-----
From: 	Hardy Jr, John
Sent:	Wednesday, September 19, 2001 9:47 AM
To:	Gonzales, Eric; Vicens, Emilio; Gerstandt, Neal; Caranti, Guido
Cc:	Shapiro, Richard
Subject:	Discussion with Rep.Ballinger's staffer re meeting with Pres. Chavez

	Gents
	I spoke to Ted Brennan, staffer for Cong. Ballenger, about the meeting the Congressman had with Pres Chavez.  Brennan stated that Ballenger raised a number of requests from his constituents over the course of the meeting which Chavez either acknowledged without really responding or said he would look into.  The Jose project I understand was not raised directly with the President though it was raised with the AmCham and other parties in the government that the Congressman spoke to.
	Brennan commented that the President was preoccupied with the petroleum sector and views oil production as the key to helping the poor.  The President was not inclined, apparently, in this meeting,  to discuss diversification in investment so it was hard for the Congressman to engage him in a discussion about projects outside of the oil sector.  A refinery project was discussed as well as several other oil related projects.  But Brennan's view is that the President does not see as much value in investment outside of the petroleum sector as he does in additional investment in the sector.  Brennan also commented that there is real concern about possible nationalisation of projects in the oil sector.

	On a related track, I understand that the Administration's energy bilateral with Venezuela has been pushed back from the 20th into October.  DOE has indicated they have a number of concerns to raise with Chavez about the direction of their energy program, including the government's lack of action on Jose.  So we are clearly on the agenda, and I think probably the number one issue on the gas side.
	I strongly recommend we contact the U.S. Ambassador and work with her to speak to the President about Jose.  I do not believe the intervention of private parties will get the project closed, but rather only the weight of the USG will be able to do it at this point.  thanks John


FYI.
----- Forwarded by Jeff Dasovich/NA/Enron on 11/09/2000 04:16 PM -----

	Jeremy Meier <jermeier@earthlink.net>
	11/09/2000 11:14 AM

		 To: Robbi_Rossi@enron.net, jdasovic@enron.com
		 cc:
		 Subject: Final MSA 10% terms

Robbi:

Attached is the "final" 10% language for the Enron MSA, with Steve Bowen's
revisions.? We have added a citation to the CFR and changed references to
Seller.

Please use this final language rather than the draft sent earlier.
Let me know any questions.? Thank you,

Jeremy Meier
Blumenfeld & Cohen
 - InsertSPB MSA.doc


Bob,

I wanted to continue the analysis on mark-to-market that I had spoken to you
about on the phone.

I thought that it was getting very difficult explaining the whole transaction
by phone, so I am having Krishnarao who is in Vince's group explain the
transaction to you.

Krishna has been helping us structure the deal here in India, and he has just
returned to Houston from India after working with the team here.

He will seek an appointment with you to explain the transaction.  I would
like you to please spend some time with him, and then based on the discussion
please send us a note detailing how sucha a transaction would be marked to
market.

Please cosider the fact that currently there are no such transactions from
the Indian side.  This is a very important transaction for us, and we may
need to repeat this in coming months, hence setting up the system to account
for these maybe well worth it.  Also, what I am concerned about is that there
will be an Enron India (EIPL) account in India based on Indian GAAP, and upon
consolidation there will be a US GAAP accounting in the US.  It is here that
we would like to have mark-to-market accounting.  EIPL is structured through
Mauritius, and then Caymen Islands.

Another key question to consider is that when we m-t-m the transaction in the
US there will be a tax accruing in the year of m-t-m (say 2000).  However, in
India, as a result of the accrual accounting, there will not be any income
showing till the year 2002 or 2003.  We will need to know how that would get
treated, and whether there is a way to get credit for the tax payable in the
US.  I am also confused about whether US tax would be levied, since none of
the income is being brought back into the US (remains overseas - subpart-F
and other concerns).

Finally, we have been working hard in structuring a fixed price contract and
getting a fixed for floating swap in the US (this is still not allowed to
Indian Corporates).  I need you to think about this too, and see if some type
of accounting will solve this issue.  Krishna knows what I am talking about,
and will brief you on the same.

Krishna - Please walk Bob through the three structures we had worked here.

Look forward to your help and comments.  This is going to be an exciting
project for us all.

Regards,
Sandeep.


---------------------- Forwarded by John Arnold/HOU/ECT on 07/24/2000 03:16
PM ---------------------------

Kevin G Moore
07/24/2000 01:09 PM
To: Vince J Kaminski/HOU/ECT@ECT, Mike A Roberts/HOU/ECT@ECT, Jose
Marquez/Corp/Enron@ENRON, Shirley Crenshaw/HOU/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT,
Barbara Lewis/HOU/ECT@ECT, Kimberly Hillis/HOU/ECT@ect
cc:
Subject: Schedule Interview for Stephen Bennett

Friday , August 4,2000

Interview begins at  9:00 a.m.

9:00 a.m. Vince Kaminski - EB1962

10:00 a.m. John Lavarato - No Interview

11:15 a.m. Mike Roberts / Jose Marquez
                           (Luncheon Interview)
3:00 p.m.  Hunter Shively - EB32C2

3: 15 p.m. Jeff Shankman - EB32C2

3:30 p.m. John Arnold - EB32C2

3:45 p.m. Toni Graham-

Itinerary and Resume will follow ......

                       Thanks
                 Kevin Moore
Please note: DO NOT OFFER  Mr. Bennett a position without JOHN LAVARATO
APPROVAL


take the cilco 44K from 0003
PL


Sara,

Per your request, attached is the Annex B and Annex B-1, along with a form of
Letter of Credit, which was e:mailed to Dale Neuner on 7/2/99, for the
captioned Counterparty's Omnibus Confirmation.