Background

The Continental European electricity market is developing from an integrated
monopoly business to a competitive market. A segment of electricity users now
have the right to choose their supplier from a range of marketers. The
emergence of new marketers and generators has created the demand for price
risk management solutions and has encouraged the development of a traded
wholesale market. Following the adoption of the EU Electricity Directive in
December 1996, member states were obliged to transpose the directive into
national legislation opening electricity markets to competition by February
1999.

The directive sets out a three-tiered approach to the liberalisation of
electricity supply markets. Stage one entered into effect on 19 February
1997, and calls for the opening of 22% of national markets, based on the
average community share of electricity consumed by end customers using more
than 40 GWh per year. The degree of opening will increase over six years by
lowering the community consumption threshold to 20 GWh in 2000 (27% market
opening) and to 9 GWh in 2003 (32-33% market opening). Distributor access is
a matter for each member state. The implementation of a new directive,
expected in 2002, will improve the conditions for a liberalized market.

At present, the level of compliance with the directive varies between member
states. The EU countries farthest along the process of liberalisation are
Germany, Austria, Spain and the Netherlands. Switzerland, although it is not
an EU member state, is integral to market developments. France, although
having chosen to comply with the minimum requirements of the directive, has
proven to open up their market more than expected.

Current Market

EDF is the dominant electricity producer in France, the largest power
producer in the world with 475TWh generated in 2000,  and the largest
exporter in Europe (net exports reached 71 TWh in 2000).  Power generation in
France is mainly nuclear (70%), but also hydro (20%), while conventional
thermal generation represents 10%. EDF is a vertically integrated company
with services and products in generation (92%), supply (?%), transmission and
distribution (95%). Finally, this historical supplier is a State Entity; the
French State owns EDF,s capital.  A few Independent Power Producers (IPP) are
also active in the market, such as Snet (6.4TWh, coal-fired), and CNR (16TWh,
hydro). Other smaller IPPs are commercially active but most must sell their
production to EDF under a regulated tariff.

More than 100 distribution companies are active through a concession regime
in their local distribution area. Few, however, are of a significant size
(less than a dozen have sales of over 400 GWhs), or have eligible customers
in their concession areas.

The French System Operator (RTE) was created on 1 July 2000 and is a
sub-division of EDF, although it is unbundled in terms of management and
accounting. A postage stamp tariff has been implemented under the
transitional regime, which varies according to the voltage used and is based
on a matrix (Summer/Winter, Peak/Off-Peak). Users have to contract for their
maximum transmission capacity. Imbalances are settled under a published
tariff, which introduces high charges for imbalances beyond a 10% tolerance
level and 5MW.

A three-year framework contract (e.g., by way of a Master Agreement with a
minimum term of three years) is required for eligible customers, but
eligibles are free to deal for shorter maturity transactions within such a
three-year contractual framework.

Although the criteria for eligibility is per site, and eligible customers
have to contract transmission for each site, RTE has created balancing
responsibility contracts (contrats de Responsable d'Equilibre) which compels
the aggregation of imbalance charges for different eligible sites within an
equilibrium perimeter defined with RTE. Imbalances are settled under a
published tariff which charges a heavy penalty for any imbalance beyond a 10%
tolerance level or 5MW.

Even though we are currently under a transitional regime in France, the
ability to trade power already exists. Optimisation can be found through
real-time arbitrage offered by the flexibility of the industrial process, the
availability of market prices and optional structures. The establishment of
balancing responsibility contracts has created the basic conditions for an
effective power trading market in France, and this through the exchange of
blocks from one perimeter to another. Blocs are only exchangeable on
day-ahead bases but intra-day procedures are expected to be implemented. All
transactions are currently based on bilateral physical contracts.

The establishment of this framework has contributed to an increasing number
of players for trading, imports, exports and transit; we are confident that
the French power market will develop rapidly.     Enron Capital & Trade
Resources Limited ("ECTRL") is a balancing responsible actor in France and
closed the first physical power transaction in France early 2000, and was the
very first new entrant to trade power (buy/sell) in France late 2000.

Future Developments

France's size and geographical position will make it a natural hub for
trading on the Continent. It is Europe's second largest electricity market,
with net consumption (including industrial on-site consumption) totalling
over 400 TWh in 1999. The increase of physical trading, envisaged capacity
release by EDF, and creation of future market mechanism will contribute to
the further development of the market.

Both a balancing market and a spot exchange market are expected to be
implemented by end 2001. Players in the balancing market will propose put and
call options, exercised by RTE according to its own portfolio of contacts
(producer, consumer) and providing it with physical balancing capacity. The
balancing market will also show referenced market prices for balancing
services.

Some of the spot market volume is expected to be operated by ParisBourse.
However, due to the dominant position of EDF, the limited number of active
IPPs, existing restrictions for trading for authorised producers in France,
and the lack of transparency with regard to current rules for allocation of
cross-border capacity and attribution of congestion costs, we believe that
the conditions for the creation of an effective spot power market in France
are not yet fully met.

Recently, the European Commission has asked EDF to auction 6,000MW of virtual
capacity through VPP auctions starting in September 2001, representing about
30% of the market for French eligible industrials This will further
contribute to increase liquidity.

Regulatory Environment

The goal of Directive 96/92/EC concerning the internal market in electricity
is to obtain a cheaper but secure electricity supply by introducing and
gradually expanding competition while maintaining industry competitiveness in
the face of price decreases. France has transposed the directive, however
certain imperfection with regards to non-discriminatory access and the level
of liberalisation still exist.

The French Electricity law was passed on 10 February 2000, a year later  than
required by the EU, establishing a transitional regime for third party access
(TPA). Several application decrees still have to be passed, including
transportation tariffs on the electric grid to eligible customers. The
current threshold for eligibility is 16GWh (net of auto-consumption) per year
and per site, and represents about 600 eligible clients and 1,200 sites.
Eligibility for distribution companies is currently limited to the eligible
consumption of customers located in their concession areas. The French power
market is effectively open to some competition, and about 60 eligible
industrials have so far switched totally or partly from the historical
supplier. The eligibility threshold will be reduced to 9GWh per site by
direct application of the EU Directive by Feb. 2003, as the French government
declined a quicker opening of the power market.

The two main authorities, which oversee the industry, are the CRE (Commission
de Regulation de l'Electricit,) is the official regulatory body and the
ministry of industry. The CRE is responsible to insure that RTE provides for
non-discriminatory access on to the grid and will be issuing transportation
tariffs.  The Ministry is responsible for providing generation licenses for
IPPs and for determining eligibility issues.

RTE is implementing new capacity allocation procedures on the UK, Italy and
Spain interconnectors. On the remaining borders, capacity is currently
allocated on a first-come-first served basis rule, and congestion fees are
levied at the margin, which favours long-term contracts and historical
players. In addition, there is currently some lack of transparency with
regards to RTE real-time data on the capacity available/used for exports and
imports. However an intra-day market is now effective for transits, imports
and exports.  The first come first serve allocation rule on border capacity
is likely to be changed by end 2001. In addition, the CRE is likely to
request RTE to release additional data in the months to come.

New IPPs have to be authorised through auctions or through direct decision of
the Ministry of Industry, the main route for authorisation. Authorised IPPs
in France are limited by Decree to buying for resale to eligible customers a
maximum of buy for resale to eligible customers a volume equivalent to 20% of
the installed capacity, including long term contracts. Although the
interpretation of this law is unclear, a recent statement by M. Tuot,
Director General of the CRE, implies that these restrictions only apply to
French authorised producers and thus not to foreign-based energy companies or
other non-producing entities. Thus, these restrictions do not apply to ECTRL,
as we are not registered in France.  In addition, French IPPs are free to
sell and export their production.

Eligible customers, who are physically connected to the Grid, have to
contract for transmission vis-.-vis RTE (Contrat Made). Traders, such as
ECTRL, are not required to have such a transmission contract, as they do not
consume the power they purchase. Only a balancing responsibility contract
coupled with grid access contracts (import, export, and/or transit) are
required by RTE.

A new Decree is expected to be passed by Summer 2001, setting up new
conditions for transmission, transits and exports under a permanent regime.
Imports, which are allocated on a pro-rata basis, are free of transmission
charges.

A network code is currently under discussion between market players and
RTE.

Market Conventions

A range of wholesale electricity products are currently traded in France.
Peak and baseload day-ahead, week-ahead, monthly, quaterly, and yearly
products are traded.  Peak products follow the German convention (12 hour
peaks on weekdays, 08h00-20h00).  Contract sizes are typically 25MW or 50MW.

Gate closure for scheduling imports, exports and transits is 14h00 Paris
time.  Gate closure for scheduling "echanges de blocs" is 16h00 Paris time.

Other: The Gas Market

A transitional regime was implemented on 10 August 2000 by direct application
of the EU Directive, thus establishing regulated TPA for sites whose
consumption is over 25 million cubic meters p.a. The eligibility threshold
will be reduced to 15million cubic meters in 2003, and 5 million cubic meters
in 2008. No gas law has been passed yet (forecasted for mid 2002), and it is
expected that the transitional regime for gas in France will last until end
2002. A zonal/distance-related tariff was published on 13 July 2000 by
GdF-Transportation. A permanent entry/exit tariff structure is likely to be
developed for 2003. Charges for imbalances are expensive and access to
storage is restricted. GdF-Trading, however, has published conditions for
balancing services.
There is only one trading Hub for France located at the French/Belgian border
(Blaregnies/TaisniSres). Due to the distance-related nature of the
transportation tariff, competitive TPA is limited to eligible sites which are
located not too far (less than about 250Km) from the French/Belgian border.
The main imports into France are for high cal gas, and GdF has published the
conditions for high cal/low cal gas swaps.
As there is not yet a gas law in France (a +Projet de Loi, was approved on
17th May 2000) transposing the EU gas directive into domestic legislation,
the Regulatory Commission has not been appointed to date, and the official
regulatory body remains the Ministry of Industry.
Although current conditions do not facilitate full requirement supply to
customers from new entrants, it is already possible to optimise gas supply
through import of blocs for part or full supply. ECTRL was the first new
entrant to supply gas at the French border, and more recently into France.
ECTRL's cumulative volume of gas trades so far totals 550 million cubic
meters.

The above represents only Enron's and its affiliates views' and, accordingly,
neither Enron nor any of its affiliates is providing any advice to you in the
above information.  You are not entitled to rely on any of the above
information and you are advised to take such other independent advice, as you
may deem necessary in respect of the matters referred to above.

 -----Original Message-----
From:  Brod, Simon
Sent: 25 May 2001 17:31
To: Gaillard, Bruno
Cc: de Gaulle, Pierre; Brun, Raphael; Davies, Philip; Duvauchelle, Antoine;
Sankey, Ross
Subject: RE: Background Information France/Final Draft

My suggested paragraph on market conventions:

A range of wholesale electricity products are currently traded in France.
Peak and baseload day-ahead, week-ahead, monthly, quaterly, and yearly
products are traded.  Peak products follow the German convention (12 hour
peaks on weekdays, 08h00-20h00).  Contract sizes are typically 25MW or 50MW.

Gate closure for scheduling imports, exports and transits is 14h00 Paris
time.  Gate closure for scheduling "echanges de blocs" is 16h00 Paris time.

Simon

From: Bruno Gaillard/Enron@EUEnronXGate on 25/05/2001 15:36
To: Pierre de Gaulle/LON/ECT@ECT, Raphael Brun/LON/ECT@ECT, Simon
Brod/LON/ECT@ECT, Philip Davies/Enron@EUEnronXGate, Antoine
Duvauchelle/Enron@EUEnronXGate
cc: Ross Sankey/LON/ECT@ECT

Subject: RE: Background Information France/Final Draft

Below please find a revised version of the document. One element that is
still missing and that should be completed by the traders is the
"conventions" by possibly adding gate closure information, peak vs. off-peak,
and other relevant information.

Bruno

Updated May 2001.

Background

The Continental European electricity market is developing from an integrated
monopoly business to a competitive market. A segment of electricity users now
have the right to choose their supplier from a range of marketers. The
emergence of new marketers and generators has created the demand for price
risk management solutions and has encouraged the development of a traded
wholesale market. Following the adoption of the EU Electricity Directive in
December 1996, member states were obliged to transpose the directive into
national legislation opening electricity markets to competition by February
1999.

The directive sets out a three-tiered approach to the liberalisation of
electricity supply markets. Stage one entered into effect on 19 February
1997, and calls for the opening of 22% of national markets, based on the
average community share of electricity consumed by end customers using more
than 40 GWh per year. The degree of opening will increase over six years by
lowering the community consumption threshold to 20 GWh in 2000 (27% market
opening) and to 9 GWh in 2003 (32-33% market opening). Distributor access is
a matter for each member state. The implementation of a new directive,
expected in 2002, will improve the conditions for a liberalized market.

At present, the level of compliance with the directive varies between member
states. The EU countries farthest along the process of liberalisation are
Germany, Austria, Spain and the Netherlands. Switzerland, although it is not
an EU member state, is integral to market developments. France, although
having chosen to comply with the minimum requirements of the directive, has
proven to open up their market more than expected.

Current Market

EDF is the dominant electricity producer in France, the largest power
producer in the world with 475TWh generated in 2000,  and the largest
exporter in Europe (net exports reached 71 TWh in 2000).  Power generation in
France is mainly nuclear (70%), but also hydro (20%), while conventional
thermal generation represents 10%. EDF is a vertically integrated company
with services and products in generation (92%), supply (?%), transmission and
distribution (95%). Finally, this historical supplier is a State Entity; the
French State owns EDF,s capital.  A few Independent Power Producers (IPP) are
also active in the market, such as Snet (6.4TWh, coal-fired), and CNR (16TWh,
hydro). Other smaller IPPs are commercially active but most must sell their
production to EDF under a regulated tariff.

More than 100 distribution companies are active through a concession regime
in their local distribution area. Few, however, are of a significant size
(less than a dozen have sales of over 400 GWhs), or have eligible customers
in their concession areas.

The French System Operator (RTE) was created on 1 July 2000 and is a
sub-division of EDF, although it is unbundled in terms of management and
accounting. A postage stamp tariff has been implemented under the
transitional regime, which varies according to the voltage used and is based
on a matrix (Summer/Winter, Peak/Off-Peak). Users have to contract for their
maximum transmission capacity. Imbalances are settled under a published
tariff, which introduces high charges for imbalances beyond a 10% tolerance
level and 5MW.

A three-year framework contract (e.g., by way of a Master Agreement with a
minimum term of three years) is required for eligible customers, but
eligibles are free to deal for shorter maturity transactions within such a
three-year contractual framework.

Although the criteria for eligibility is per site, and eligible customers
have to contract transmission for each site, RTE has created balancing
responsibility contracts (contrats de Responsable d'Equilibre) which compels
the aggregation of imbalance charges for different eligible sites within an
equilibrium perimeter defined with RTE. Imbalances are settled under a
published tariff which charges a heavy penalty for any imbalance beyond a 10%
tolerance level or 5MW.

Even though we are currently under a transitional regime in France, the
ability to trade power already exists. Optimisation can be found through
real-time arbitrage offered by the flexibility of the industrial process, the
availability of market prices and optional structures. The establishment of
balancing responsibility contracts has created the basic conditions for an
effective power trading market in France, and this through the exchange of
blocks from one perimeter to another. Blocs are only exchangeable on
day-ahead bases but intra-day procedures are expected to be implemented. All
transactions are currently based on bilateral physical contracts.

The establishment of this framework has contributed to an increasing number
of players for trading, imports, exports and transit; we are confident that
the French power market will develop rapidly.     Enron Capital & Trade
Resources Limited ("ECTRL") is a balancing responsible actor in France and
closed the first physical power transaction in France early 2000, and was the
very first new entrant to trade power (buy/sell) in France late 2000.

Future Developments
 << OLE Object: Picture (Metafile) >>
France's size and geographical position will make it a natural hub for
trading on the Continent. It is Europe's second largest electricity market,
with net consumption (including industrial on-site consumption) totalling
over 400 TWh in 1999. The increase of physical trading, envisaged capacity
release by EDF, and creation of future market mechanism will contribute to
the further development of the market.

Both a balancing market and a spot exchange market are expected to be
implemented by end 2001. Players in the balancing market will propose put and
call options, exercised by RTE according to its own portfolio of contacts
(producer, consumer) and providing it with physical balancing capacity. The
balancing market will also show referenced market prices for balancing
services.

Some of the spot market volume is expected to be operated by ParisBourse.
However, due to the dominant position of EDF, the limited number of active
IPPs, existing restrictions for trading for authorised producers in France,
and the lack of transparency with regard to current rules for allocation of
cross-border capacity and attribution of congestion costs, we believe that
the conditions for the creation of an effective spot power market in France
are not yet fully met.

Recently, the European Commission has asked EDF to auction 6,000MW of virtual
capacity through VPP auctions starting in September 2001, representing about
30% of the market for French eligible industrials This will further
contribute to increase liquidity.

Regulatory Environment
 << OLE Object: Picture (Metafile) >>
The goal of Directive 96/92/EC concerning the internal market in electricity
is to obtain a cheaper but secure electricity supply by introducing and
gradually expanding competition while maintaining industry competitiveness in
the face of price decreases. France has transposed the directive, however
certain imperfection with regards to non-discriminatory access and the level
of liberalisation still exist.

The French Electricity law was passed on 10 February 2000, a year later  than
required by the EU, establishing a transitional regime for third party access
(TPA). Several application decrees still have to be passed, including
transportation tariffs on the electric grid to eligible customers. The
current threshold for eligibility is 16GWh (net of auto-consumption) per year
and per site, and represents about 600 eligible clients and 1,200 sites.
Eligibility for distribution companies is currently limited to the eligible
consumption of customers located in their concession areas. The French power
market is effectively open to some competition, and about 60 eligible
industrials have so far switched totally or partly from the historical
supplier. The eligibility threshold will be reduced to 9GWh per site by
direct application of the EU Directive by Feb. 2003, as the French government
declined a quicker opening of the power market.

The two main authorities, which oversee the industry, are the CRE (Commission
de Regulation de l'Electricit,) is the official regulatory body and the
ministry of industry. The CRE is responsible to insure that RTE provides for
non-discriminatory access on to the grid and will be issuing transportation
tariffs.  The Ministry is responsible for providing generation licenses for
IPPs and for determining eligibility issues.

RTE is implementing new capacity allocation procedures on the UK, Italy and
Spain interconnectors. On the remaining borders, capacity is currently
allocated on a first-come-first served basis rule, and congestion fees are
levied at the margin, which favours long-term contracts and historical
players. In addition, there is currently some lack of transparency with
regards to RTE real-time data on the capacity available/used for exports and
imports. However an intra-day market is now effective for transits, imports
and exports.  The first come first serve allocation rule on border capacity
is likely to be changed by end 2001. In addition, the CRE is likely to
request RTE to release additional data in the months to come.

New IPPs have to be authorised through auctions or through direct decision of
the Ministry of Industry, the main route for authorisation. Authorised IPPs
in France are limited by Decree to buying for resale to eligible customers a
maximum of buy for resale to eligible customers a volume equivalent to 20% of
the installed capacity, including long term contracts. Although the
interpretation of this law is unclear, a recent statement by M. Tuot,
Director General of the CRE, implies that these restrictions only apply to
French authorised producers and thus not to foreign-based energy companies or
other non-producing entities. Thus, these restrictions do not apply to ECTRL,
as we are not registered in France.  In addition, French IPPs are free to
sell and export their production.

Eligible customers, who are physically connected to the Grid, have to
contract for transmission vis-.-vis RTE (Contrat Made). Traders, such as
ECTRL, are not required to have such a transmission contract, as they do not
consume the power they purchase. Only a balancing responsibility contract
coupled with grid access contracts (import, export, and/or transit) are
required by RTE.

A new Decree is expected to be passed by Summer 2001, setting up new
conditions for transmission, transits and exports under a permanent regime.
Imports, which are allocated on a pro-rata basis, are free of transmission
charges.

A network code is currently under discussion between market players and
RTE.

Market Conventions

Traders: Need to Add: gate closer information and on-peak off peak hours plus
whatever relevant conventions.

Other: The Gas Market

A transitional regime was implemented on 10 August 2000 by direct application
of the EU Directive, thus establishing regulated TPA for sites whose
consumption is over 25 million cubic meters p.a. The eligibility threshold
will be reduced to 15million cubic meters in 2003, and 5 million cubic meters
in 2008. No gas law has been passed yet (forecasted for mid 2002), and it is
expected that the transitional regime for gas in France will last until end
2002. A zonal/distance-related tariff was published on 13 July 2000 by
GdF-Transportation. A permanent entry/exit tariff structure is likely to be
developed for 2003. Charges for imbalances are expensive and access to
storage is restricted. GdF-Trading, however, has published conditions for
balancing services.
There is only one trading Hub for France located at the French/Belgian border
(Blaregnies/TaisniSres). Due to the distance-related nature of the
transportation tariff, competitive TPA is limited to eligible sites which are
located not too far (less than about 250Km) from the French/Belgian border.
The main imports into France are for high cal gas, and GdF has published the
conditions for high cal/low cal gas swaps.
As there is not yet a gas law in France (a +Projet de Loi, was approved on
17th May 2000) transposing the EU gas directive into domestic legislation,
the Regulatory Commission has not been appointed to date, and the official
regulatory body remains the Ministry of Industry.
Although current conditions do not facilitate full requirement supply to
customers from new entrants, it is already possible to optimise gas supply
through import of blocs for part or full supply. ECTRL was the first new
entrant to supply gas at the French border, and more recently into France.
ECTRL's cumulative volume of gas trades so far totals 550 million cubic
meters.

The above represents only Enron's and its affiliates views' and, accordingly,
neither Enron nor any of its affiliates is providing any advice to you in the
above information.  You are not entitled to rely on any of the above
information and you are advised to take such other independent advice, as you
may deem necessary in respect of the matters referred to above.

 -----Original Message-----
From:  de Gaulle, Pierre
Sent: 25 May 2001 12:22
To: Brun, Raphael; Brod, Simon; Gaillard, Bruno; Davies, Philip
Cc: Sankey, Ross
Subject: RE: Background Information France/Final Draft

This is the final draft as approved by EOL legal and Mark Elliott.

Any ultimate comments?

Pierre
---------------------- Forwarded by Pierre De Gaulle/LON/ECT on 25/05/2001
12:24 ---------------------------
From: Justin Boyd/Enron@EUEnronXGate on 25/05/2001 12:16
To: Mark Elliott/Enron@EUEnronXGate, Pierre de Gaulle/LON/ECT@ECT, Ian
Brungs/Enron@EUEnronXGate
cc:

Subject: RE: Background Information France/Final Draft

i have no further comments from an EOL perspective

justin
 -----Original Message-----
From:  Elliott, Mark
Sent: 25 May 2001 12:05
To: de Gaulle, Pierre; Boyd, Justin; Brungs, Ian
Subject: FW: Background Information France/Final Draft

Pierre,

Re the main text - see my comments in blue below.  I have passed this on to
Justin as you will see as Justin is charge of Legal for EOL and will also
have to approve it.  With regards to the slides, could you give me a hard
copy - I can't seem to open them on my system.

Kind regards

Mark

 -----Original Message-----
From:  de Gaulle, Pierre
Sent: 22 May 2001 12:26
To: Mark Elliott/LON/ECT@ENRON; Oliver, Jennifer
Subject: RE: Background Information France/Final Draft

Mark,

Please find herewith the background info for EOL France. It seems that you
would have to approve it (Any other approval needed?). Please note that this
draft has been seen and amended by Raphael, Simon, Philip and Bruno.

Thanks

Pierre

---------------------- Forwarded by Pierre De Gaulle/LON/ECT on 22/05/2001
12:22 ---------------------------
From: Jennifer Oliver/Enron@EUEnronXGate on 22/05/2001 11:10
To: Pierre de Gaulle/LON/ECT@ECT
cc:

Subject: RE: Background Information France/Final Draft

Pierre,

Has French Power Legal approved the final draft below? If not, please could
they review before I submit this to the EnronOnline approval process. Also,
please let me know any other approvals you have receieved so far. This will
help determine who still needs to review.

Thanks,
Jennifer

 -----Original Message-----
From:  de Gaulle, Pierre
Sent: 21 May 2001 18:04
To: Oliver, Jennifer; Goddard, Paul
Subject: Re: Background Information France/Final Draft

Please find the final draft of EOL Backgoung information for France. Please
also find two slides about France, which can be included in the Continental
Gas Trading presentation.

I would like to appear in the background as the main commercial contact
point, as follows:

Pierre de Gaulle
Director France
Tel: + 44 207 783 7742
Fax: + 44 207 783 8255
Mobile: + 44 777 19 01 565
Email: Pierre.de.Gaulle@enron.com

 Thanks

Pierre

 << File: SlidesFrance.ppt >>

---------------------- Forwarded by Pierre De Gaulle/LON/ECT on 21/05/2001
18:00 ---------------------------

 << OLE Object: Picture (Device Independent Bitmap) >>
Bruno Gaillard@ENRON
21/05/2001 17:51
To: Pierre de Gaulle/LON/ECT@ECT
cc: Raphael Brun/LON/ECT@ECT, Simon Brod/LON/ECT@ECT, Philip
Davies/LON/ECT@ECT

Subject: Re: Background Information France/EOL/Draft 2   << OLE Object:
StdOleLink >>

See red and strikethrough comments below

---------------------- Forwarded by Pierre De Gaulle/LON/ECT on 20/05/2001
16:09 ---------------------------

 << OLE Object: Picture (Device Independent Bitmap) >>
Pierre de Gaulle
14/05/2001 19:56
Sent by: Pierre De Gaulle
To: Jennifer Oliver/EU/Enron@Enron, Paul Goddard/EU/Enron@Enron
cc: Philip Davies/LON/ECT@ECT, Bruno Gaillard/EU/Enron@Enron, Raphael
Brun/LON/ECT@ECT, Simon Brod/LON/ECT@ECT

Subject: Background Information France

Please find a draft of the marketing background information about the French
power (and gas) markets for EOL.

Your comments are appreciated.

Thanks

Pierre

Updated May 2001.

1)Background

France is the second largest country in Europe with 58 million inhabitants.
EdF, who was the monopolistic producer, is the largest power producer in the
world with 475TWh generated in 2000, thanks to nuclear production. The
historical supplier, who is at the same time the largest exporter of power in
Europe (net exports reached 71TWh in 2000), is a direct emanation from the
French State, who owns EdF capital. Power generation in France is mainly
nuclear (70%), but also hydro (20%), while conventional thermal generation
represents 10%. EdF owns 92% of power generation, and 95% of distribution.

A few Independent Power Producers (IPP) are also active in the market, such
as Snet (6.4TWh, coal-fired), and CNR (16TWh, hydro). Other small IPPs sell
their production to EdF under a regulated tariff. There has been significant
development of cogeneration projects since 1997. There is now 3,500MW of
installed capacity, thanks to the legal obligation for EdF to purchase power
generated from cogeneration units at a preferable (is "preferable" the
correct word??)   tariff. In the view of the transposition of  the EU
Electricity Directive into French law, this purchase obligation ceased to
apply for new large projects (over 12MW) from 1st Jan. 1999.
More than 100 distribution companies are active through a concession regime
in their local distribution area. Few, however, are of a significant size
(less than a dozen have sales of over 400 GWhs), or have eligible customers
in their concession area.

2) Regulatory Environment

The French Electricity law was passed on 10 February 2000, implementing
regulated third party access (TPA) in France under a transitional regime. The
law was approved one year late, failing to meet the required EU deadline.
Dozens  ["Dozens"  - I would replace this with "Several")  of application
decrees still have to be passed, including tariffs to eligible industrials.
The French power market is open to competition, however. About 60 eligible
industrials have so far switched totally or partly from the historical
supplier. Current threshold for eligibility is 16GWh (net of
auto-consumption) per year and per site, representing about 600 eligible
clients and 1,200 sites. The eligibility threshold will be reduced to 9GWh
per site by direct application of the EU Directive in Feb. 2003, as the
French government declined a quicker opening of the power market.

Eligibility of distribution companies is limited to the eligible consumption
of customers located in their concession area.
A three-year framework contract ( e.g., by way of a Master Agreement with a
minimum term of three years) is required for eligible customers, but
eligibles are free to deal for shorter maturity transactions within such a
three year contractual framework.

New IPPs have to be authorised through auctions or through direct decision
from the Ministry of Industry, which is the main route for authorisation.
Authorised IPPs in France are limited by Decree to trading buy for resale to
eligible customers a volume equivalent to 20% of the installed capacity,
including long term contracts. Trading is currently defined as the conditions
of power purchase for resale to eligible customers. These Trading
restrictions, however, do not apply to ECTRL, as we are not registered in
France. IPPs are free to sell and export power.

The French System Operator (RTE) was created on 1 July 2000 and is a
sub-division of EdF, although it is unbundled in terms of management and
accounting. A postage stamp tariff was implemented under the transitional
regime, which varies according to the voltage used,and which is based on a
matrix (Summer/Winter, Peak/OffPeak). Users have to contract transmission up
to the maximum capacity that they will use. RTE purchases excess capacity
available through transmission contracts at fixed prices, which represents
about half of the market price. Imbalances are settled under a published
tariff, which introduces high charges for imbalances beyond a 10% tolerance
level and 5MW. Although the criteria for eligibility is per site, and
eligible customers have to contract transmission for each site, RTE has
created programme responsible contracts (contrats de Responsable
d'Equilibre), which allow the aggregation of imbalance charges for different
eligible sites within an equilibrium perimeter defined with RTE.

Eligible customers, who are physically connected to the Grid, have to
contract for transmission vis-.-vis RTE (Contrat Made). Traders, such as
ECTRL, are not required to have such a transmission contract, as they do not
consume the power they purchase. Only a programme responsible contract
coupled with grid access contracts (import, export, and/or transit) are
required by RTE.

A new Decree is expected to be passed by Summer 2001, setting up new
conditions for transmission, transits and exports under a permanent regime.
It is likely that this new tariff will implement a 1/3 injection-2/3 delivery
calculation factor. Imports, which are allocated on a pro-rata basis, are
free of transmission charges.

Programme responsible contracts have established the basis of trading in
France through the exchange of blocs from one perimeter to another.  Enron
Capital & Trade Resources Limited ("ECTRL")  is programme responsible in
France. Cross border capacity is currently allocated on a first-come-first
served basis rule by RTE, and congestion fees are levied at the margin, which
favours long term contracts and does not give equal treatment to all players.
In addition, there is currently some lack of transparency with regards to RTE
real-time data on the capacity available/used for exports and imports. This
allocation rule is likely to change by end 2001. In addition, the CRE is
likely to request RTE to release additional data in the months to come.

The CRE (Commission de Regulation de l'Electricite) is the offical regulatory
body, which mainly covers TPA and tariff issues, while IPP licenses and
eligibility issues are covered by the Ministry of Industry.

3) Business Opportunity

Although we are currently under a transitional regime in France, the ability
to trade power already exists. Optimisation can be found through real-time
arbitrage between the flexibility of the industrial process, market prices
and optional structures. The establishment of programme responsible contracts
has created the basic conditions for an effective power trading market in
France. ECTRL closed the first physical power transaction in France early
2000, and was the very first new entrant to trade power (buy/sell) in France
late 2000.

An intraday market is now effective for transits, imports and exports, and is
expected to soon be extended to exchange of blocs in France.
Liquidity has been dramatically increasing (although the market remains
dominated by the historical player) thanks to RTE capacity auctions for
(auction has not been implemented on Spanish side yet) [QUERY: do we need
this bit in brackets??  What does it add??  Can't we just delete it??  Or is
it a note and someone has to write some better text here??  It just does not
read correctly in English owing to its place in the sentence at present] UK,
Italy and Spain interconnectors, RTE tenders for HV Grid losses, industrials
switching, and new players coming into the market. In addition, the European
Commission has determined that EdF will auction 6,000MW of virtual capacity
through VPP and PPA auctions in September 2001, representing about 30% of the
market for French eligible industrials This will further contribute to
increase liquidity.
A network code is currently under discussion between market players and
RTE.

4) Future Development

It is forecasted that both balancing market and spot exchange market will be
implemented by end 2001. Players in the balancing market will propose put and
call options, which will be exercised by RTE according to its own portfolio
of contacts (producer,consumer), thus providing RTE with physical balancing
capacity. The balancing market will also show referenced market prices for
balancing services.

The Some of the spot market volume is expected to be run by ParisBourse.
However, due to the dominant position of EdF, the limited number of active
IPPs, existing restrictions for trading for authorised producers in France,
and the lack of transparency with regard to current rules for allocation of
cross-border capacity and attribution of congestion costs, we believe that
the conditions for the creation of an effective spot power market in France
are not yet fully met. ECTRL has actively been lobbying in order to have fair
and transparent rules implemented for every player in the market and has
actively contributed for a spot market to take place.

However, thanks to an increasing number of players in France for trading,
imports, exports and transit, we are confident that the French power market
will develop rapidly.

5) The Gas Market Situation

A transitional regime was implemented on 10 August 2000 by direct application
of the EU Directive, thus establishing regulated TPA for sites whose
consumption is over 25 million cubic meters p.a. The eligibility threshold
will be reduced to 15million cubic meters in 2003, and 5 million cubic meters
in 2008. No gas law has been passed yet (forecasted mid 2002), and its is
expected that the transitional regime for gas in France will last until end
2002. A zonal/distance-related tariff was disclosed published on 13 July 2000
by GdF-Transportation. A permanent entry/exit tariff structure is likely to
be developed for 2003.  Charges  for imbalances are expensive, and access to
storage is restricted. GdF-Trading, however, has published conditions for
balancing services.
There is only one trading Hub for France located at the French/Belgian border
(Blaregnies/TaisniSres). Due to the distance-related nature of the
transportation tariff, competitive TPA is limited to eligible sites which are
located not too far (less than about 250Km) from the French/Belgian border.
The main imports into France are for high cal gas, and GdF has published the
conditions for high cal/low cal gas swaps.
As there is not yet a  [new??] gas law in France ( a Projet de Loi was
approved on 17th May 2000) transposing the EU Gas Directive into domestic
legislation, the Regulatory Commission has not been appointed to-date , and
the official regulatory body remains the Ministry of Industry.
Although current conditions do not facilitate full requirement supply to
customers from new entrants, it is already possible to optimise gas supply
through import of blocs for part or full supply. ECTRL was the first new
entrant to supply gas at the French border, and more recently into France.
ECTRL's cumulative volume of gas trades so far totals 550 million cubic
meters.

The above represents only Enron's and its affiliates views' and, accordingly,
neither Enron nor any of its affiliates is providing any advice to you in the
above information.  You are not entitled to rely on any of the above
information and you are advised to take such other independent advice as you
may deem necessary in respect of the matters referred to above.


did you call me today at work


PLEASE RESPOND BY E-MAIL.

Mark Haedicke has two tickets (Dugout level) to the Astros game tonight.
They are playing the Giants.  These tickets will be given away on a first
come, first served basis.  No phone calls please.


Enron employees may find the current circumstances stressful.  We want to remind you that Enron's Employee Assistance Program (EAP) is still available and currently offering services to assist you and your family.

Group Discussions
Beginning this week, Enron's EAP provider, Innovative Resources Group, will be facilitating group discussions for employees who are interested in attending. These sessions are designed to address the challenges employees may be facing and to suggest ways to minimize the impact of stress on employees and their families. These sessions will be held on Wednesday, January 30 and Thursday, January 31 at the following times in EB32C2:

	9:00 am -- 10:00 am
	11:00 am -- 12:00 pm
	1:30  pm --  2:30 pm
	3:30 pm --   4:30 pm

No advance registration is necessary -- simply come to EB32C2 at the scheduled day and time that is most convenient for you.

Onsite Confidential Counseling / 24 Hour Hotline
EAP Counselors are available for individual, confidential appointments onsite in the Enron Building or at a variety of neighborhood locations.  Counselors are also available via telephone 24 hours a day, seven days a week for Enron employees in all locations.  The EAP counseling service is provided at no cost to employees and their family members.  To schedule an appointment or speak with a counselor, please call the onsite office at 713-853-6057 or the 24-hour number at 1-800-345-1391.

Informational Brochures
Additional information about EAP programs will be available in the Body Shop, the Health Center on the third floor of Enron Center North and soon in the common kitchen areas on all floors of the Enron Buildings.

Websites
The following links may also provide helpful information:
www.stress.org -- This is the website of the American Institute of Stress. The site provides general information on stress management and links to other related sites.
www.wellnessjunction.com -- This website has been developed by Health Resources Publishing and provides targeted information on trends in wellness and health promotion.


Lengthy article but a good  read.

?http://www.salon.com/news/col/horo/2000/11/22/gore/index.html
 - Salon.com News  By any means necessary.url


FYI - there is flow for 10/2 as well.

AL

Daren J Farmer
10/02/2000 02:23 PM
To: Aimee Lannou/HOU/ECT@ECT
cc: Robert Cotten/HOU/ECT@ECT
Subject: Re: Meter 9707

I rolled this deal for day one in October only.

Bob - Please check with Vance on this deal.  Has it terminated or should it
roll for October.  I don't think that Vance nom'd anything.

D

Aimee Lannou   10/02/2000 10:49 AM

To: Daren J Farmer/HOU/ECT@ECT, Robert Cotten/HOU/ECT@ECT
cc:
Subject: Meter 9707

Daren - Meter 9707 has flow for Oct. 1 (1.459mmbtu).  Deal # 125786 was used
for Sept. 2000.  Could you please extend the deal or have a new one
created?    Thanks.

AL


Eric,
I was examining EGM's businesses for 2001 and I wanted to ask you a question
about your specific business.  As you examine your goals and objectives, I
would like to know what you think I could do to help you accomplish your
plan.  Please send me a return email with 3 specific items that I could do
personally to add to your business.

Thanks,
Mike


i'm just kidding.  i'm getting a haircut from 530-600.  i'll call you when i get out.

From:	Kim Ward/ENRON@enronXgate on 05/08/2001 04:49 PM
To:	John Arnold/HOU/ECT@ECT
cc:
Subject:	RE:

I guess that's fair - considering the deal you worked out with Dean.

 -----Original Message-----
From: 	Arnold, John
Sent:	Tuesday, May 08, 2001 4:48 PM
To:	Ward, Kim S.
Subject:	RE:

you i guess.

From:	Kim Ward/ENRON@enronXgate on 05/08/2001 04:23 PM
To:	John Arnold/HOU/ECT@ECT
cc:
Subject:	RE:

so who are the drinks on until I do ? . . . . .

 -----Original Message-----
From: 	Arnold, John
Sent:	Tuesday, May 08, 2001 2:25 PM
To:	Ward, Kim S.
Subject:	RE:

drinks on tickleknees if you do

From:	Kim Ward/ENRON@enronXgate on 05/08/2001 02:03 PM
To:	John Arnold/HOU/ECT@ECT
cc:
Subject:	RE:

you're killing me!!!  I WILL close two of the three!!! and I predict that I will make $500,000 - on two tiny little gas deals.

 -----Original Message-----
From: 	Arnold, John
Sent:	Tuesday, May 08, 2001 2:04 PM
To:	Ward, Kim S.
Subject:	RE:

maybe we need a closer in that seat

From:	Kim Ward/ENRON@enronXgate on 05/08/2001 01:56 PM
To:	John Arnold/HOU/ECT@ECT
cc:
Subject:	RE:

he's a cheapskate - I am just sitting here on the edge of my seat with three customers that won't pull the trigger!

 -----Original Message-----
From: 	Arnold, John
Sent:	Tuesday, May 08, 2001 1:53 PM
To:	Ward, Kim S.
Subject:	RE:

how about we celebrate the near completion of your deal and have tickleless pay for it.

From:	Kim Ward/ENRON@enronXgate on 05/08/2001 01:26 PM
To:	John Arnold/HOU/ECT@ECT
cc:
Subject:	RE:

push the summer down about $.03-.04 so I can get one of my deals done and we could celebrate!

 -----Original Message-----
From: 	Arnold, John
Sent:	Tuesday, May 08, 2001 1:07 PM
To:	Ward, Kim S.
Subject:

wanna get sauced after work?


I'm heading out of the office in the next fifteen minutes to drop of ballots.
If you'd like me to drop one off for you, please let me know now!

Thanks,
Grace
x8321

---------------------- Forwarded by Grace Rodriguez/PDX/ECT on 11/07/2000
12:25 PM ---------------------------

GRACE RODRIGUEZ
11/07/2000 09:27 AM
To: Portland West Desk
cc:
Subject: Ballot drop offs

Hello all...

I'm heading off to the Pioneer Courthouse today to drop of my ballot (and
Teri's too) and thought that if anyone else had a ballot that needed to be
submitted, I'd offer to take it in.

Let me know. I'll head out around lunch time (between 12/12:30pm).

-Grace
x8321


Sharon,

We Schedule C'd the $50M difference.  Let me know if you need further info or
backup.  Thanks.

DG   3-9573


TODAY'S HEADLINES
The New York Times on the Web
Sunday, October 21, 2001
------------------------------------------------------------
For news updated throughout the day, visit www.nytimes.com

New From NYTimes.com
Get DealBook -- your daily briefing on the latest and most
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http://www.nytimes.com/services/email/email.html#dealbook

QUOTE OF THE DAY
=========================
"Terrorists want to turn the openness of the global economy
against itself. We must not let them."
-PRESIDENT BUSH

http://www.nytimes.com/2001/10/21/international/asia/21PREX.html?todaysheadlines

NATIONAL
=========================
Anthrax Found on a 3rd Letter From Trenton

Officials said the letter, which was sent to the New York
Post, was postmarked Trenton, N.J., and addressed in
handwriting similar to earlier letters containing anthrax.
http://www.nytimes.com/2001/10/21/nyregion/21CAPI.html?todaysheadlines

-----

Focus of F.B.I. Is Seen Shifting to Terrorism

The Bush administration is discussing proposals that would
lead to a reorganization of the Federal Bureau of
Investigation, shifting its focus to counterterrorism.
http://www.nytimes.com/2001/10/21/national/21BURE.html?todaysheadlines

-----

Arrests Have Yielded Little So Far, Investigators Say

Despite pursuing more than 365,000 tips from the public,
senior investigators acknowledged that most of their
promising leads have unraveled.
http://www.nytimes.com/2001/10/21/national/21DETA.html?todaysheadlines

-----

MORE NATIONAL NEWS:
http://www.nytimes.com/pages/national/index.html?todaysheadline

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INTERNATIONAL
=========================
Troops Sought Information; Airfield Also a Target

The raid into southern Afghanistan on Friday night attacked
Taliban military targets and masked a smaller mission to
uncover Taliban and Al Qaeda leaders.
http://www.nytimes.com/2001/10/21/international/asia/21MILI.html?todaysheadlines

-----

Eavesdropping, U.S. Allies See New Terror Attack

The United States and its close allies are still
intercepting communications among Osama bin   Laden's
associates and are convinced more attacks are coming.
http://www.nytimes.com/2001/10/21/international/21INTE.html?todaysheadlines

-----

Afghan and Pakistani Tribe Lives by Its Own Set of Rules

The Pashtun, who make up about half the entire population of
Afghanistan, is a tribe that anthropologists consider one
of the oldest on earth.
http://www.nytimes.com/2001/10/21/international/asia/21PASH.html?todaysheadlines

-----

MORE INTERNATIONAL NEWS:
http://www.nytimes.com/pages/world/index.html?todaysheadline

BUSINESS
=========================
Drug Makers Wrestle With World's New Rules

With fears of bioterrorism growing by the day, the nation's
pharmaceutical companies are trying to show that they are
patriots, not profiteers.
http://www.nytimes.com/2001/10/21/business/21DRUG.html?todaysheadlines

-----

Venture Capital, Withering and Dying

Just as Richard Thompson and Larry Braitman, the founders of
Flycast Communications, symbolized the Internet boom of the
1990's, they also came to illustrate the venture-capital
bust.
http://www.nytimes.com/2001/10/21/business/yourmoney/21VENT.html?todaysheadlines

-----

A Leader-in-Waiting at Motorola

When the General Instrument Corporation was acquired, its
chief executive, Edward D. Breen Jr.,  found a lasting home
in the senior management of the new owner.
http://www.nytimes.com/2001/10/21/business/yourmoney/21PROF.html?todaysheadlines

-----

MORE BUSINESS NEWS:
http://www.nytimes.com/pages/business/index.html?todaysheadline

TECHNOLOGY
=========================
A Leader-in-Waiting at Motorola

When the General Instrument Corporation was acquired, its
chief executive, Edward D. Breen Jr.,  found a lasting home
in the senior management of the new owner.
http://www.nytimes.com/2001/10/21/business/yourmoney/21PROF.html?todaysheadlines

-----

Trend Bucked as Nokia Net Meets Hopes

Nokia, the world's largest mobile phone maker, did what only
a handful of technology companies have managed recently:
reported earnings that did not disappoint investors.
http://www.nytimes.com/2001/10/20/technology/20NOKI.html?todaysheadlines

-----

Rosie the Riveter in a New Generation

The military industry is once again seeing virtues in their
old businesses and a revived sense of being needed.
http://www.nytimes.com/2001/10/20/business/20WORK.html?todaysheadlines

-----

MORE TECHNOLOGY NEWS:
http://www.nytimes.com/pages/technology/index.html?todaysheadline

POLITICS
=========================
Anthrax Found on a 3rd Letter From Trenton

Officials said the letter, which was sent to the New York
Post, was postmarked Trenton, N.J., and addressed in
handwriting similar to earlier letters containing anthrax.
http://www.nytimes.com/2001/10/21/nyregion/21CAPI.html?todaysheadlines

-----

Bush Calls World Economy Goal of Attacks on U.S.

President Bush told leaders of 21 nations that the
terrorists who struck the World Trade Center were trying to
bring about a collapse of world markets.
http://www.nytimes.com/2001/10/21/international/asia/21PREX.html?todaysheadlines

-----

Democrats Are Pushed on Judicial Nominees

Senate Republicans are engaged in a full-scale campaign to
press Democrats to quickly confirm President Bush's
judicial nominees.
http://www.nytimes.com/2001/10/21/national/21COUR.html?todaysheadlines

-----

MORE POLITICS NEWS:
http://www.nytimes.com/pages/politics/index.html?todaysheadline

SPORTS
=========================
Mariners Silence Whispers of a Sweep

Uncertainty enveloped Orlando Hernandez in the fifth
inning, Seattle scored seven runs in the sixth, and the
Mariners crushed the Yankees, 14-3, in Game 3 of the
A.L.C.S.
http://www.nytimes.com/2001/10/21/sports/baseball/21YANK.html?todaysheadlines

-----

Diamondbacks Jump on Maddux and Atlanta Early

Greg Maddux allowed six runs on eight hits in three-plus
innings as Arizona routed the Braves, 11-4, to take a 3-1
lead in the N.L.C.S.
http://www.nytimes.com/2001/10/21/sports/baseball/21BRAV.html?todaysheadlines

-----

Curtis Martin Enjoys Being Chased Into the End Zone

Like all the best running backs, Curtis Martin loves to run
while being chased. And yard by yard, Martin is emerging as
the best player the Jets have ever had aside from Joe
Namath.
http://www.nytimes.com/2001/10/21/sports/baseball/21ANDE.html?todaysheadlines

-----

MORE SPORTS NEWS:
http://www.nytimes.com/pages/sports/index.html?todaysheadline

ARTS
=========================
Classical Recording: Spinning Into Oblivion?

The classical recording industry seems to be collapsing, and
aggrieved music lovers are looking for someone to  blame.
http://www.nytimes.com/2001/10/21/arts/music/21TOMM.html?todaysheadlines

-----

A Rousing Rock Show for a Wounded City

Madison Square Garden played host to a virtual "who's who of
the entertainment industry" during a concert benefit to
raise money for relatives of the victims of the Sept. 11
attack.
http://www.nytimes.com/2001/10/21/nyregion/21GARD.html?todaysheadlines

-----

A Play That's Off the Wall Finds a Cast That Is, Too

Amy Sedaris, Sarah Jessica Parker, Marylouise Burke and
Kristine  Nielsen are the fearless actresses in the dark
comedy, "Wonder of the World."
http://www.nytimes.com/2001/10/21/arts/theater/21POGR.html?todaysheadlines

-----

MORE ARTS NEWS:
http://www.nytimes.com/pages/arts/index.html?todaysheadline

NY REGION
=========================
Anthrax Found on a 3rd Letter From Trenton

Officials said the letter, which was sent to the New York
Post, was postmarked Trenton, N.J., and addressed in
handwriting similar to earlier letters containing anthrax.
http://www.nytimes.com/2001/10/21/nyregion/21CAPI.html?todaysheadlines

-----

Happenstance, Not Strategy, Leaves Green Indebted to Few

Mark Green has emerged, as the first Democratic mayoral
nominee in memory who appears to owe no  debt to groups
that traditionally stake a claim on New York mayors.
http://www.nytimes.com/2001/10/21/nyregion/21GREE.html?todaysheadlines

-----

A Rousing Rock Show for a Wounded City

Madison Square Garden played host to a virtual "who's who of
the entertainment industry" during a concert benefit to
raise money for relatives of the victims of the Sept. 11
attack.
http://www.nytimes.com/2001/10/21/nyregion/21GARD.html?todaysheadlines

-----

MORE NY REGION NEWS:
http://www.nytimes.com/pages/nyregion/index.html?todaysheadline

OP-ED
=========================
Is Camel Pox Coming?
By MAUREEN DOWD
Many government officials do not yet have a grip on an enemy
etched in disappearing ink.
http://www.nytimes.com/2001/10/21/opinion/21DOWD.html?todaysheadlines

-----

Keeping Panic at Bay
By JARED DIAMOND
What can we learn from the past that could help us cope with
terrorism?
http://www.nytimes.com/2001/10/21/opinion/21DIAM.html?todaysheadlines

-----

Can War Bring Peace to Kashmir?
By ANATOL LIEVEN
If the United States is serious   about removing the sources
  of anti-American terrorism,   then at some stage
Washington will have to tackle the   conflict in Kashmir.
http://www.nytimes.com/2001/10/21/opinion/21LIEV.html?todaysheadlines

-----

MORE OP-ED  NEWS:
http://www.nytimes.com/pages/opinion/index.html?todaysheadline

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Dasovich numbers:
home: 415.621.8317
pager: 888.916.7184
cell: 415.505.6633

	Scott Stoness@EES
	12/22/2000 05:56 PM

		 To: Jeff Dasovich/Na/Enron@ENRON
		 cc: MDay@GMSSR.com@ENRON, Roger Yang/SFO/EES@EES, Gordon Savage/HOU/EES@EES
		 Subject: Latest Drafts and Phone Numbers

Scott Number:
Home 281 345 6064
Pager 888 397 3992
Cell      713 806 2667

Gordon Savage Number
Home 713 465 8394
Pager 877 638 3866
Cell 323 363 2913

Roger Yang:
Pager: 888 467 6218

From: Jeff Dasovich@ENRON on 12/22/2000 05:02 PM
Sent by: Jeff Dasovich@ENRON
To: MDay@GMSSR.com, Scott Stoness/HOU/EES@EES
cc:
Subject:


Here is the file containing the positions before the exotics file was added,
positions including the exotics file and the detail supporting the
positions.  If you have any questions give me a call.

Robin


Tana,

It looks like there are changes on this against the online ETA which are not
redlined. Do you have any other information about these changes? (I'd like to
avoid having to do a line-by-line comparison.

Thanks,

Dave

From: Tana Jones@ECT on 08/04/2000 10:58 AM
To: David Forster/Corp/Enron@Enron
cc: Lisa Lees/HOU/ECT@ECT

Subject: Talisman ETA

Attached is a copy of the amended ETA that Carol sent you in early July.
Please let me know if the changes meet with your approval.


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Steve,

Thanks.

Vince

Steven Leppard
08/25/2000 07:56 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: European Market Summary - trading day 24 August

Vince - I'm having you added to the circulation list.
Steve
---------------------- Forwarded by Steven Leppard/LON/ECT on 08/25/2000
07:58 AM ---------------------------

Homan Amiry
08/25/2000 03:51 AM
To: UK RAGS
cc:

Subject: European Market Summary - trading day 24 August

Please find below the European Market Summary. Now, also available via the
RAC Intranet site.

Homan Amiry


Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 06/19/2000 06:47 PM -----

	Parking & Transportation
	06/13/2000 09:57 AM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc: Parking & Transportation/Corp/Enron@Enron
		 Subject: Parking Receipt for Benefit Purpose

This document will serve as a receipt for $89.00 paid in the month of June
for Parking.  The receipt is issued by Enron Property and Services, Parking
and Transportation Desk to ST. CLAIR,CAROL L, Social Security Number
*********.  The company subsidy paid for the month of June is $50.00.


---------------------- Forwarded by Fletcher J Sturm/HOU/ECT on 03/21/2001
07:48 AM ---------------------------

Russell Ballato@ENRON
03/21/2001 07:46 AM
To: Fletcher J Sturm/HOU/ECT@ECT
cc:
Subject: new web site

http://eastpower.dev.corp.enron.com/portal/default.aspx?_PageIndex=0


I circulated today's drafts to Finance, Tax, and Accounting, but have not yet
heard back from them.  I'll have to confirm when Enron will be ready to go
forward.

Kay


I have created deal 223865 (zero volumes) to cover this name change.

D

	From:  Sherlyn Schumack                           03/22/2000 10:33 AM

To: Stephanie Gomes/HOU/ECT@ECT
cc: Daren J Farmer/HOU/ECT@ECT, Howard B Camp/HOU/ECT@ECT
Subject: Meter # 0989814 - GMT, Inc. - 1/00 production

Stephanie,

The problem with the January payment is that the deal is set up incorrectly
in sitara.   For January production deal 153864 shows HPLC purchasing gas
from GMT Company Inc, not GMT Inc.  Someone needs to either correct the deal
for 1/00 or put in a new deal, then I can do an accounting arrangement to
make the necessary correction.    It is correct for 2/00 on deal 156292.  I
emailed Daren on this because I see his name in sitara as the contact, but I
am not sure who actually takes care of it.

---------------------- Forwarded by Sherlyn Schumack/HOU/ECT on 03/22/2000
10:27 AM ---------------------------

	From:  Thu Nguyen                           03/20/2000 03:07 PM

To: Sherlyn Schumack/HOU/ECT@ECT
cc: Stephanie Gomes/HOU/ECT@ECT
Subject: Meter # 0989814 - GMT, Inc. - 1/00 production

Sherlyn,

 I believe this is your meter........
---------------------- Forwarded by Thu Nguyen/HOU/ECT on 03/20/2000 03:05 PM
---------------------------

	From:  Stephanie Gomes                           03/18/2000 09:21 AM

To: Thu Nguyen/HOU/ECT@ECT
cc:
Subject: Meter # 0989814 - GMT, Inc. - 1/00 production

Thu,
I'm not sure if this is your meter or not.  If it is not, could you please
pass this email on to the correct person.
For meter # 9814, Jan. 2000 production, the volume was allocated to the wrong
company.  The gas was allocated to GMT Company Inc., but it should have been
allocated to GMT, Inc.  For Feb. 2000 it is done correctly.
I need to recoup the money from GMT Company, so could you please let me know
when the change has been made in the system.
Thanks for your help.

Stephanie ( 3-6004 )

---------------------- Forwarded by Stephanie Gomes/HOU/ECT on 03/18/2000
09:09 AM ---------------------------

Nick Moshou@ENRON
03/15/2000 03:25 PM
To: Stephanie Gomes/HOU/ECT@ECT
cc:
Subject: Re: GMT, Inc. Tillison #1

Here you go let me know if you need anything else.
---------------------- Forwarded by Nick Moshou/Corp/Enron on 03/15/2000
03:22 PM ---------------------------

	From:  George Weissman @ ECT                           03/06/2000 10:34 AM

To: Nick Moshou/Corp/Enron@ENRON
cc: Brian M Riley/HOU/ECT@ECT, Melissa Graves/HOU/ECT@ECT, Cynthia
Hakemack/HOU/ECT@ECT

Subject: Re: GMT, Inc. Tillison #1

Would you please send a note to Brian Riley verifying that the GMT payment
has gone out to the Houston company? Please include the amount.

George x3-6992
---------------------- Forwarded by George Weissman/HOU/ECT on 03/06/2000
10:20 AM ---------------------------

	Enron North America Corp.

	From:  George Weissman                           03/03/2000 04:18 PM

To: Nick Moshou/Corp/Enron@ENRON
cc: Brian M Riley/HOU/ECT@ECT, Melissa Graves/HOU/ECT@ECT, Cynthia
Hakemack/HOU/ECT@ECT
Subject: Re: GMT, Inc. Tillison #1

Nick, it appears that we paid GMT Company, Inc. (BA 01474) of Corpus Christi
instead of GMT, Inc. (BA 75046) of Houston.  These companies are not
related.  We should pay the Houston GMT for production at meter 098-9814.
Would you please make the necessary adjustments?  Thanks.

George x3-6992

---------------------- Forwarded by George Weissman/HOU/ECT on 03/03/2000
04:14 PM ---------------------------

Nick Moshou@ENRON
03/03/2000 03:00 PM
To: George Weissman/HOU/ECT@ECT
cc:
Subject: Re: GMT, Inc. Tillison #1

I was looking in Unify for last month and this invoice was finalled under the
GMT Company Inc for 15975 mmbtu at meter 0989814.  The check was sent to
their Corpus Christi address.  The Sitara# was 153864.  The Sitara # you gave
me is showing February as the beginning month with GMT, Inc. as the payee.
Do you know if these are different companies?
---------------------- Forwarded by Nick Moshou/Corp/Enron on 03/03/2000
02:25 PM ---------------------------

Cynthia Hakemack@ECT
03/02/2000 04:07 PM
To: Nick Moshou/Corp/Enron@ENRON
cc: George Weissman/HOU/ECT@ECT

Subject: Re: GMT, Inc. Tillison #1

Nick, Can you please handle this?
---------------------- Forwarded by Cynthia Hakemack/HOU/ECT on 03/02/2000
03:58 PM ---------------------------

	Enron North America Corp.

	From:  George Weissman                           03/02/2000 02:21 PM

To: Cynthia Hakemack/HOU/ECT@ECT
cc: Melissa Graves/HOU/ECT@ECT, Brian M Riley/HOU/ECT@ECT
Subject: Re: GMT, Inc. Tillison #1

Cindy, GMT has advised Brian that they have not yet received payment for
production at meter 098-9814 for the period from 1/14/2000 to 1/31/2000.
Would you look into this and have them paid as promptly as possible?  It
appears that the January deal was 156292 and I believe GMT produced 15,984
Mmbtu in January.

George x3-6992
---------------------- Forwarded by George Weissman/HOU/ECT on 03/02/2000
02:16 PM ---------------------------

	Enron North America Corp.

	From:  George Weissman                           01/13/2000 09:11 AM

To: Vicente Sarmiento/GCO/Enron@Enron
cc: Brian M Riley/HOU/ECT@ECT, Robert D Morgan/HOU/ECT@ECT, Melissa
Graves/HOU/ECT@ECT, Nathan L Hlavaty/HOU/ECT@ECT
Subject: Re: GMT, Inc. Tillison #1

Vic, attached is a Physical Well Connect form authorizing you to turn-on the
GMT Tillison #1 well.  We expect this production to commence either late
today or tomorrow at Meter 098-9814.

Nathan, WO C59605 on its way to you.

George x3-6992

---------------------- Forwarded by George Weissman/HOU/ECT on 01/13/2000
09:01 AM ---------------------------

	Enron North America Corp.

	From:  George Weissman                           01/13/2000 07:45 AM

To: Brian M Riley/HOU/ECT@ECT
cc: Robert D Morgan/HOU/ECT@ECT, Vicente Sarmiento/GCO/Enron@Enron
Subject: Re: GMT, Inc. Tillison #1

Brian, for your information.  Please note Robert's cautionary warning with
respect to additional wells that GMT may want to drill and add to this
meter.  Does GMT have additional drilling plans?  If so, should we alert them
to the gas quality issue early on?

George x3-6992
---------------------- Forwarded by George Weissman/HOU/ECT on 01/13/2000
07:41 AM ---------------------------

Robert D Morgan
01/12/2000 10:04 AM
To: George Weissman/HOU/ECT@ECT
cc:
Subject: Re: GMT, Inc. Tillison #1

Although the gas is non-spec, the volumes and gas total inerts are low enough
that it can be blended okay before reaching Beaumont.  GO FOR IT.

As a precaution, we are starting a trend and I want to be very cautious.
Once we connect a well, we can't go backwards.  Please be specific with GMT
and limit him to this one well.  Otherwise he could drill more wells and flow
them ALL through this new meter.


We have received the following financial Master Agreement:

Type of Contract:		ISDA Master Agreement (Multicurrency-Cross Border)

Effective Date:			November 14, 2001

Enron Entity:			Enron North America Corp.

Counterparty:			Amerada Hess Corporation

Transactions Covered:		Approved for all products with the exception of:  Foreign Exchange

Confirming Entity:		Enron North America Corp.

Governing Law:			New York

Special Handling Requirement:	Counterparty has five (5) Local Business Days after a confirmation was received by it to accept or dispute a confirmation.

Copies will be distributed.


Mike/Vince:

Your schedule to interview Nancy Beaty for Gary Hickerson's position is
below:

Wednesday, November 1

Mike Roberts  4:30 PM  EB1938
Vince Kaminski  5:00 PM  EB1938

Shirley


This is what I have for Canada's p&l for January 2001.  Can you let me know
what you reported so that we can make sure that it is the same?

Kathy


Why can't Penn Fuel take the gas under our agreement?  We have right to
deliver at (or w/in) city gate.


Mark,

I am looking into this.

Rabi

Mark Fisher
04/23/2002 08:15 AM
To: Rabi Sahoo/EWC/Enron@ENRON
cc: Patricia Hunter/EWC/Enron@ENRON

Subject: StatServer Administration

Hi Rabi,

I am developing a StatServer Analytic, but it keeps timing out (at about 300
seconds/5 minutes). In the page I am using I have tried increasing the time
but it has no effect, so could you find out if there is a setting on the
server (IIS script timeout) and see about increasing the value?

Mark Fisher


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Stacey,

Per my voicemail please find below three additional questions regarding
Schedule
C that we will discuss at our meeting on Friday.

   Was the booking of the $26 million Modesto option reversed?
   Does Schedule C still reflect the $11.4 million related to the BPA Federal
   Surplus Clause?  Is BPA delivering power under the contract?
   Have there been any subsequent changes in the values of power options since
   the first quarter?

If you have any questions, please call me at X6-6269.  Thank you.

Jennifer

*******************Internet Email Confidentiality Footer*******************

Privileged/Confidential Information may be contained in this message.  If you
are not the addressee indicated in this message (or responsible for delivery
of
the message to such person), you may not copy or deliver this message to
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information in this message that do not relate to the official business of my
firm shall be understood as neither given nor endorsed by it.


Attached please find the translated news clips from Bolivia (February 8) and
a story from ABIX (it appeared on the wires this afternoon).

Best regards.


A new version of CQG has been deployed to all current CQG users.  When you log out and log back in you may not initially see your saved layouts.
If this occurs, please follow the below instructions to retrieve your layouts.

If you need assistance please contact the resolution center at x31411 and your floor support technician will be able to assist.

Thank You.

Restoring user layouts after upgrades to 275.

once you are logged into CQG

goto SYSTEM
goto Auto Backup user setups
goto Restore from Archive tab
select most recent date prior to current day...... "its format is yyyymmddnn.zip
hit RESTORE NOW button
hit OK


---------------------- Forwarded by Pinnamaneni Krishnarao/HOU/ECT on
01/27/2000 12:56 PM ---------------------------

"Gabriel, Steven VA01" <SGabriel@icfconsulting.com> on 01/10/2000 02:25:00 PM
To: Pinnamaneni Krishnarao/HOU/ECT@ECT, "Vikas, Shree             VA01"
<SVikas@icfconsulting.com>, "Balakrishnan, S.         TX99"
<SBala@icfconsulting.com>
cc:
Subject: Draft Agenda for Meeting Between ICF Consulting and Enron Corp

 <<Enron.doc>>
Krishna:
I've attached a draft agenda for the meeting we've been discussing
(tentatively for February).  We'll try to contact you Thursday of this week
to get your comments.  Thanks.
-Steve Gabriel & Shree Vikas

===========================
Steven  A. Gabriel,  Ph.D.

Industrial Address
Project Manager
ICF Consulting
9300 Lee Highway
Fairfax, VA 22031-1207
tel. (703) 218-2624
fax (703) 934-3968
sgabriel@icfconsulting.com
www.icfconsulting.com

Academic Address
Professorial Lecturer
Dept. of Engineering Management & Systems Engineering
The George Washington University
Washington, DC 20052
sgabriel@seas.gwu.edu

 - Enron.doc


Justin:

I agree with the comments of both Alan and Mark regarding this issue.  In
particular, it would seem to be important to act on Mark's comments regarding
the impact of the FCM status of  Enron Trade Services, Inc.

Jeff

	Justin Boyd
	10/16/2000 05:22 AM

		 To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT
		 cc: Janine Juggins/LON/ECT@ECT
		 Subject: Enron Metals

Gentlemen,

I met with Craig Young (MG US) last week, who is keen to progress metals
business with large US corporates (e.g. Anheuser Busch), on the following
basis:

o Assume ENA and US Corporate are existing parties to ISDA/Credit Support
Documents (the "Master").

o ENA and US Corporate would agree to expand range of OTC products to include
OTC metal derivatives under the Master.  The principals to the metals trades
would therefore be the US Corporate and ENA.  These trades would however be
"arranged" by MG London Inc. (an FCM) as "arranger" in the US for ENA.

o Enron Metals Limited (EML) from London would agree to provide metals prices
to ENA and/or MG London Inc. in the US, and in return receive a commission
from MG London Inc.

o ENA would back-to-back OTC metals derivatives with EML via an intra-group
ISDA Master.

Look forward to your views.

Thanks.
Justin


Terry and Richard, let's discuss.  Thanks. Lynn

 -----Original Message-----
From: 	Watson, Kimberly
Sent:	Thursday, October 11, 2001 4:42 PM
To:	Blair, Lynn
Subject:	FW: Oasis Dairy Farms Judgement

Lynn,

FYI, Kim.

 -----Original Message-----
From: 	Hyatt, Kevin
Sent:	Wednesday, October 10, 2001 9:54 AM
To:	Moseley, Debbie; Watson, Kimberly; Cherry, Paul
Cc:	Gadd, Eric; Harris, Steven
Subject:	Oasis Dairy Farms Judgement

Earlier this year I requested that the Enron litigation unit file suit against Oasis Dairy for collection of unpaid transport bills on TW.  The suit was filed in the fifth judicial district court in Chaves County, NM.

On October 1, 2001, TW was granted summary judgement in the case by the court in the amount of $29,250.56 inclusive of back interest and attorney fees.  This amount will continue to accrue interest at 8.75% per annum until paid by Oasis.

If you would like a copy of the judgement, please let me know.

kh


Eric Letke would like to meet with your group to discuss support for the San
Diego team.  Please let me know if you are available to attend.

Date:  Thursday, November 16
Time:  10:00 am PT
Location:  San Francisco, Main Conference Room
Duration:  approx. 2 hrs

Thank you,
Nicole Lauzier
415-782-7813


As a follow up to my previous email,  a Master Gas Agreement was sent to
Select in December without response.

Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


Will you  be providing an execution version with questions removed/blanks
filled in?  Please send it directly to kent.shoemaker@ae.ge.com, copy to me.

Thanks,

Thanks,

Kay

"Staikos, John P." <johnstaikos@paulhastings.com> on 04/25/2001 11:42:49 AM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>, "'Campbell, Carolyn'"
<CCampbell@KSLAW.com>
cc: "Lang, Gregory F." <gregorylang@paulhastings.com>, "Staikos, John P."
<johnstaikos@paulhastings.com>, "'VAN DUSEN, Nicholas'"
<nicholas.vandusen@freshfields.com>, "'O'BRIEN, Lisa'"
<lisa.obrien@freshfields.com>, "'PARKER, Isabel'"
<isabel.parker@freshfields.com>

Subject: GE Guarantee

"paulhastings.com" made the following annotations on 04/25/01 12:42:55
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Attached please find the GE Guarantee in  Word format.? Also, we have
attached a pdf black-line of the Guarantee vs  the form of guarantee in the
Turbine Contract.
?
Do not hesitate to call us with any  questions.
?
Best regards.
?
______________________
John  Staikos
Direct Dial:?  203.961.7523
Direct Fax:?  203.674.7723
E-mail:?  johnstaikos@paulhastings.com
?
 - 47K202!.DOC
 - GE Guarantee black-line against form of guarantee - distrbuted 4-25-01.pdf


Might have perhaps been simpler if Bill "Al Haig" Richardson had announced at
the press conference yesterday that he was ordering his energy company, BPA,
to stop "withholding" and send power to California.

	Cynthia Sandherr
	12/14/2000 10:37 AM

		 To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Linda
Robertson/NA/Enron@ENRON, Joe Hartsoe/Corp/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON, Donna Fulton/Corp/Enron@ENRON, Tom
Briggs/NA/Enron@Enron, Allison Navin/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT,
Greg Wolfe/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT, James D
Steffes/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON, Jeff
Dasovich/NA/Enron@Enron, Paul Kaufman/PDX/ECT@ECT
		 cc:
		 Subject: California and DOE Order

DOE and FERC just briefed the Hill and confirmed they never issued the Order
yesterday since Bonneville released a lot more power late yesterday.  The
Administration advised that if the situation warrants, they will indeed issue
the Order.  This remains a fluid situation with Richardson yesterday
announcing his intent to "sign an Order" which his staff had not yet written
while in the interim BPA acted so as to make his announcement moot.

We will continue to apprise you of the developments including reports of
FERC's surprise site inspections.


All,

I just wanted to give you a heads up on this, since it will in the future
have an impact on your groups.  We are in the process of working with IT to
develop several enhancements to unify that will enable us to at first obtain
the reports to more accurately book various types of deals such as storage
and agency deals.   The second phase will be to automate unify so that the
recording of the deals can move directly from unify to SAP.  The end goal is
to have unify and the GL as close as possible mirror what is in sitara and
the P&L, thus minimizing UAF and OA exposure.

One of the items that is to be addressed during these enhancements is to have
the desk associated with each of the deals in unify.  This will allow us to
split pipelines across desks for end reporting uses just as we do in the
P&L.  We are also hoping to move to a process where we will be settling on
all of our desk to desk deals through the actualization process which will
reduce the UAF exposure.  How this will impact your groups is that once we
move to this phase, we will need to have all desk to desk deals be assigned a
meter and pathed as a buy/sell so that these deals will flow into unify.

I know that this will cause additional work on your end, so I wanted to give
you at least some forewarning that this topic would be coming up over the
next few  months  and as much preparation time as possible.  Please feel free
to let me know of any concerns or ideas that you might have.  As I said
before, we are only just now beginning talks with IT to develop these
enhancements, so I would foresee that this will not be an issue for a month
or two.

Thanks for all your help!

Kathy


I will hopefully have a meeting today with whom ever will be taking over.  Would you like to attend?  If not, I will make myself available for you if you want to meet. Also, I have put all relevant files on in the o:\gas structuring\tenaskaIV folder. Not sure you have access, but Ed can get them. Attached is a file that contains some cliff notes.

Good Luck,
Joe


We have decided to postpone the All-Employee Meeting, which was scheduled at
10 a.m. Wednesday, August 9, and concentrate our efforts on a successful kick
off of our 2000 Houston United Way campaign.  This year's United Way gameshow
event, "Who Wants to Help Millions?", will run, as previously announced, from
11:15 a.m. to noon in the Hyatt Regency's Imperial Ballroom, followed by
lunch in Antioch Park from noon to 1:30 p.m.  We encourage all employees in
Houston to attend this fun event and cheer your business unit representatives
on to victory and to helping others in the community.

We will communicate the new date of the All-Employee Meeting as soon as it
has been determined.


FYI-The Illinois Commerce Commssion's agenda for ite May 9 meeting
indicates that it will vote on an order to dismiss the Peoples and North
Shore Master Sales Agreement approval proceedings, without prjudice to a
later re-filing.

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Could I have a copy of  this contract

# 96015602
5-1-97 w/ Idacorp Energy Solutions L.P.

Thanks!

Debra Perlingiere
Enron North America Corp.
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


Serge,

Attached for your review, please find a blacklined copy of the FPL-Enron ISDA
marked to show changes to the draft previously provided to us.  Please
provide us with your comments to the Credit Support Annex at your earliest
convenience.  I am in the process of obtaining approval to release our long
form ISDA (it should not be a problem) and I will forward it to you shortly.
please call me at 713-853-9720 with any comments or questions.

	"Serge Martin (SGM)" <Sgm@Steelhector.com>
	05/17/2000 09:02 AM

		 To: jason.peters@enron.com
		 cc:
		 Subject: Fwd: Florida Power & Light Company - Attached Files

Jason: As you requested I am forwarding a copy of my March note to
Sara with the clean and marked copies of the FPL-Enron ISDA schedule
attached.  I have a small favor to ask too, if I may.  By coincidence
I am updating a form of long-form ISDA confirm for the same client
(i.e., the form used where an ISDA master agreement is not even in
draft yet and a large trade is made).  I have seen and prepared a good
number of these, but I've not seen Enron's.  Since your schedule was
one of the best drawn I've seen (and I've seen maybe 100), I'd
appreciate your sending me a reference copy of your long-form confirm,
if you wouldn't mind.  I'd be happy to reciprocate.  Regards, -Serge

Serge G. Martin
smartin@steelhector.com
Steel Hector & Davis LLP
200 South Biscayne Blvd.
Miami, Florida 33131-2398
(305) 577-7097 voice
(305) 577-7001 fax

Date: Mon, 27 Mar 2000 13:22:07 -0500
From: "Serge Martin" <Sgm@Steelhector.com>
To: Sara.Shackleton@enron.com
Subject: Florida Power & Light Company - Attached Files

Sara:  Enclosed are clean and marked copies of a revised schedule for
the proposed ISDA master agreement between Enron and FP&L.  I have
only reviewed and commented at this time on the master agreement's
schedule itself (I have left the credit support annex attached within
the same document, as you sent it, but have not yet reviewed or
commented on it, so ignore it for now).  I have reviewed many such
schedules and found your form to be quite good (as you may know, those
of some large market-makers are not so good, so please don't take this
as patronizing; it's a sincere compliment).  Hopefully you will find
the revisions equally acceptable.  I look forward to your comments or
approval.  Regards, -Serge

Serge G. Martin
smartin@steelhector.com
Steel Hector & Davis LLP
200 South Biscayne Blvd.
Miami, Florida 33131-2398
(305) 577-7097 voice
(305) 577-7001 fax

 - 570710_2.DOC
 - 572856_1.DOC