Per our discussion, see attached for impact of assumed recovery rates:

Michael Tribolet@ENRON
12/11/2000 08:09 AM
To: William S Bradford/HOU/ECT@ECT, David Gorte/HOU/ECT@ECT, Vince J
Kaminski/HOU/ECT@ECT, Mark Ruane/HOU/ECT@ECT
cc:
Subject: Default rates

Please see below for my note to Jeremy at the bottom and his reponse.   I
have placed Mark Ruane's yields against a mid November default frequency
table.   Note there may be a slight shearing in dates, but the concept is
more important:

Market implied cumulative default rates (%):

                 1 year     5 year     10 year
AAA         0.51           5.74         14.54
AA            0.67           6.39          16.61
A               0.98           8.98          21.03
BBB         1.17           9.88          22.39
BB             3.27        18.62          37.51
B                4.65         24.21         46.27

S&P Historical default rates (%):

                 1 year     5 year     10 year
AAA         0.00           0.13          0.67
AA            0.01           0.33          0.90
A               0.04           0.47          1.48
BBB         0.21           1.81           3.63
BB             0.91          8.82          14.42
B                5.16         20.95         27.13

In looking at the One-Year transition rates as a very rough proxy for how
many more defaults occur in a recession (1991) versus average (1981-1999)
historical default rates (%):

                             Investment grade                Non-Investment
grade
Avg. 1981-99            0.07                                             4.21
1991
0.12                                           10.40
Multiple                      1.7x
2.5x

Looking at where the market implied default rates divided by the historicals
default rates to obtain a "multiple" (how much more severe than historical):

                 1 year     5 year     10 year
AAA         infinite      44.2x       21.7x
AA            67.0x        19.4x       18.5x
A               24.5x         19.1x      14.2x
BBB           5.6x           5.5x        6.2x
BB             3.6x           2.1x         2.6x
B                 1.1x           1.2x        1.7x

On the 10 year historical figures,  we need to be careful as the S&P static
pool figures show a definite seasoning (lower defaults in late years probably
due to prepayment) versus our contracts.  Secondly, the S&P figures have
Withdrawn ratings, which usually mean they are stale, but loosing some
information content.

I will ask Emy to set up a meeting to discuss further.

---------------------- Forwarded by Michael Tribolet/Corp/Enron on 12/11/2000
07:06 AM ---------------------------
From: Jeremy Blachman@EES on 12/10/2000 07:21 AM
To: Michael Tribolet/Corp/Enron@Enron
cc:

Subject: Default rates

Thanks. I would STRONGLY  suggest an offsite sooner than later with a handful
of the right people so that we can step back and design the right
architecture for looking at credit in our deals. It is broken, not clear,
killing our velocity and true capabilities. We also need to look at staffing,
skills sets, the credit reserve model etc. Perhaps you should take a crack at
an agenda.
---------------------- Forwarded by Jeremy Blachman/HOU/EES on 12/10/2000
07:08 AM ---------------------------

Michael Tribolet@ENRON
12/09/2000 03:51 PM
To: Jeremy Blachman/HOU/EES@EES
cc:
Subject: Default rates

I visited with Vince Kaminski for about 20 minutes today regarding the market
implied defaults rates  and the disconnect in investment grade land.  He is
seeing the same anomaly and agreed that we as a company need to revisit the
methodology employed in calculating the implied figures.     I will follow
through and report back.


Vince
We happened upon this fellow through Strickland.  What are your thoughts on
the background?  We are still working to formulate our requirements in the
office but consider this person worth talking to.

Paul
---------------------- Forwarded by Paul Quilkey/ENRON_DEVELOPMENT on
07/26/2000 09:39 PM ---------------------------

"Simon Hurst" <sandrajackson@ozemail.com.au> on 07/25/2000 10:10:23 PM
Please respond to "Simon Hurst" <sandrajackson@cmc.aust.com>
To: <Paul.Quilkey@enron.com>
cc:

Subject: Quantitative Position

Dear Paul,
?
My friend Chris Strickland has informed me that Enron is  looking for a
Quantitative Analyst. I am?interested in talking to you about  this position.
I have attached my resume for your perusal. I am currently on  holidays and
can be?contacted from?Monday 31st July. My contact  details are contained
within my attached resume. I look forward to talking to  you.
?
Yours sincerely,
Simon Hurst.
?
?
 - SRH Resume.doc


The attached pdf file contains a paper written by Professor Wilson of
Stanford University.  He is an economist who advised the California Power
Exchange and the California Independent System Operator on market design
matters.  The paper compares the pros and cons of centralized versus
decentralized pools, comparing the California market to many other power
pools in the world.  While it is a bit academic (and California-centric), it
is the best high-level characterization of pools that I have ever read.
Forward to people as you see fit.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/22/2000
04:47 PM ---------------------------

Shirley Crenshaw
12/22/2000 12:14 PM
To: Pat Arnold/Remote/Eott@Eott, bobb.supertravel@wspan.com,
audrau@yahoo.com, Memaw1995@aol.com, Kathy.Crenshaw@inteq.com @ Enron, Kayla
Crenshaw/Enron Communications@Enron Communications, Carol_Fuentes@EOTT.com,
Renee Ingram/HOU/ECT@ECT, IMYoars@aol.com, jmcintyre13@hotmail.com, Vince J
Kaminski/HOU/ECT@ECT, emlea@usa.net, Kevin G Moore/HOU/ECT@ECT, William
Smith/Corp/Enron@ENRON, Kelly Summers/HOU/ECT@ECT, Rinetia
Turner/OTS/Enron@Enron, Laura Valencia/Corp/Enron@Enron, hmel5345@aol.com
cc:
Subject: MERRY CHRISTMAS

This is so neat!

 - Crimbo.exe


I'm still a junkie .... please email copies of the orders.


David,

Please, send me an E-mail with you phone number.

Vince

"michalon" <michalon@math.uchicago.edu> on 02/02/2001 01:18:50 AM
To: <vkamins@enron.com>
cc:
Subject: Message from David A. Michalon

Dear Mr Kaminski,

Firstly, I wanted to tell you how privileged I feel to be considered for
some of the opportunities within your prestigious firm.
I am strongly interested in what Enron Global Markets has to offer in its
research side.  Your Training Program is widely recognized within the
financial industry as being one of the best, and I would be more than
honored to be part of it.  I believe that as member of Enron I can learn a
lot more quantitative ways of trading energy products, and I can also learn
how to get a feel for the Energy markets from some of the best people in the
business.
Thus, I would sincerely appreciate to be considered as a potential member of
your rotational program.  Indeed, I believe that my employment experiences
have provided me with valuable skills that will be very useful in your
Group.  These skills include the ability to synthesize quantitative
information quickly and accurately, the facility to deal with sophisticated
financial products, and more importantly the ability to work as part of a
team by fulfilling responsibilities diligently and sometimes prior to
deadlines.  I genuinely hope to contribute to Enron,s success by bringing
these skills, along with my strong mathematical background and knowledge of
the Energy Industry.
Finally, I wanted to commend you on your high level of professionalism, and
the clarity with which you exposed the opportunities available within Enron.
You surely are a genuine proof that your Group is committed to working with
people who exhibit a superior level of professional capabilities.

Sincerely Yours,

David A. Michalon
The  University of Chicago
Program in Financial Mathematics


----- Forwarded by Mike Heffner/ICF on 01/16/2002 02:29 PM -----

                    Mike Heffner
                                         To:     mkimner@duke-energy.com, pkramamirtham@duke-energy.com
                    01/16/2002           cc:
                    02:39 PM             Subject:     John Griffith's resume

hey guys

with all the Enron crapola
there is a good guy John Griffith there who is looking for something else
has was at Energy sources some years ago, which was bought by PG & E, and
then last couple years at Enron
mostly options trading

if you are interested, here is his resume

John Harris Griffith
(See attached file: New Resume.doc)

 - New Resume.doc


Dear Colleague:

We are pleased to report that we had a very exciting and productive year
with  dozens of activities around the world. As we enter our 10th year of
operations,  the IAFE has additional membership options available to you.
Please take a  moment to look at the attached membership form with the 2001
rate schedule.  Based on member requests, a Premium Membership is now being
offered that  includes the Annual Conference at a 30% discount, the Financial
Engineer of the  Year dinner, plus a subscription to the Journal of
Derivatives (JOD). The Full  membership remains as in previous years. The new
Regular membership includes all  membership benefits except JOD. Membership
is based on the calendar year January  1 - December 31, 2001.

Membership is also available on our secured  membership registration form at
our website http://www.iafe.org/about/join.ihtml. While on  our website,
please take a moment to visit our calendar listing upcoming events  for the
new year.

If you have any questions please don't hesitate to  contact me at
main@iafe.org<mailto:main@iafe.org>.

Regards,
Donna Jacobus
IAFE Office Manager
 - 2001 Membership Application.pdf


Give me a call when you get the chance to look at this and I'll update you on
the discussion we had yesterday on automating the request for service
process.  Shelley, Tony and myself got comfortable that with a few changes to
the verbiage a customer sees before he clicks on a parcel of capacity, and
with a couple of minor limitations on the capacity we sell (i.e., no Subpart
B-restricted 311 capacity parcels) Northern will be able to treat a
customer's click on a parcel of capacity as submission of a request for
service.
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 08/16/2000
08:15 AM ---------------------------

08/15/2000 06:42 PM
Tony Pryor
Tony Pryor
Tony Pryor
08/15/2000 06:42 PM
08/15/2000 06:42 PM
To: Drew Fossum/ET&S/Enron@ENRON, Julia White/ET&S/Enron@ENRON, Steve
Hotte/Corp/Enron@ENRON, Frazier King/FGT/Enron@ENRON, Shelley
Corman/ET&S/Enron@ENRON, Maria Pavlou/ET&S/Enron@ENRON, Teb
Lokey/FGT/Enron@ENRON, Glen Hass/ET&S/Enron@ENRON
cc:

Subject: EOL Transactions

Attached is a revised draft of the text appearing with the long product
description on EOL, as discussed today. The purpose of the additional
paragraph is to eliminate the need for a separate submission of a request for
service. Please give me your feedback/comments.


That's great.  What about deal 452475?  We have $0.10 and we are being billed
$0.11 for meter 25000200 on contract 1856.  Also, I faxed the Oct 2000 TXU
invoices to Trisha Hughes so she can look into the Dec 2000 and forward
problem.

Megan


hi sara

i'll set something up with you this week if that suits you

...and yes i'll be the conference - see you then!

j

From: Sara Shackleton on 21/03/2001 11:59 CST
To: Justin Boyd/LON/ECT@ECT
cc:

Subject: equity trading in the U.K.

Justin:  I haven't heard from you in some time now.  How is everything?  Are
you going to be in San Antonio?

I wanted to set up a short call to discuss equity trading and what Houston
and London can do (are doing?) to stay abreast of activity and developments
on the trading desks.  Please let me know a convenient time for you.

Thanks.

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


Attached please find a draft non-disclosure agreement related to Enron Net
Works' and Sun's exchange of information in connection with a possible
transaction regarding EnronOnline.  Please feel free to contact me with any
comments or questions you may have regading the attached.

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3882A
Houston Texas 77002
Phone:  (713) 853-1575
Fax: (713) 646-3393/3490

	"John F. Fowler" <John.Fowler@sun.com>
	05/31/2001 05:20 PM
	Please respond to "John F. Fowler"

		 To: Tana.Jones@enron.com, john.fowler@sun.com, Rex.Shelby@enron.com
		 cc: Mark.S.Palmer@enron.com, Mark.Greenberg@enron.com,
Travis.McCullough@enron.com
		 Subject: RE: NDA - Sun Microsystems, Inc.

Rex, I don't find any mail from Tana Jones.  Please resend, and
also include the names of counsel on Sun's side that you worked with
to do this.


please keep me posted on progress.... and if there is any way that I can help... photo sessions and baby kissing are my Forte !!!!

 -----Original Message-----
From: 	Whitt, Mark
Sent:	Friday, October 19, 2001 3:51 PM
To:	Walton, Steve; Kaufman, Paul; Calger, Christopher F.
Cc:	Tycholiz, Barry; Bump, Dan J.
Subject:	Buffalo Power Company LLC - Gas Turbine Power Plant Project

ENA and Crestone (Northern Border's non-regulated affiliate) met with a group of developers and Joe Meyer, Secretary of State in Wyoming, who have proposed to build a 200 MW power plant (expandable to 500 MW) in the Powder River basin of Wyoming.  Their "angle" is that the existing utility, Powder River Electric Coop, cannot meet the demand for electricity and the necessary distribution infrastructure to maintain the pace of development in the Coal Bed Methane BOOM that is happening in the basin.

As you may or may not know, Enron has been very involved in this Coal Bed Methane play since 1998.  ENA is the largest purchaser of 3rd party gas in the basin and Crestone is the largest non-producer gathering company in the basin.  Crestone has a gathering trunkline located near their proposed site.  The developers will be filing a petition to remove this area from the COOP's certificated territory in the next couple of weeks.

There are obviously regulatory issues revolving around their ability to gain access to this "retail" market and the project would not be economically feasible as a merchant plant in the wholesale market.  However, they seem to have some political backing.

These developers recognize that they need Enron's assistance in developing this project on three main fronts:

1.  Power Marketing and Project development
2.  Gas Supplies and Pipeline access
3.  Regulatory and Transmission expertise

Given the fact that Joe Meyer is the early favorite to be the next Wyoming Governor and we are trying to work well with the State of Wyoming, and we have a natural competitive advantage in this market from a gas supply and pipeline perspective, I would like to pursue this opportunity a little further.

Therefore, I am wondering if I could get a Sr. Commercial Power Representative and a Regulatory Representative (Steve Walton would be good since he will be on the Wyoming Energy Commission), to attend a meeting in Denver with myself and the Crestone representatives sometime in the next 2 weeks.

Please give me a call and I can elaborate on the opportunity or answer your questions.  I don't want to make this email a novel!

Thanks a lot.

303-575-6473


---------------------- Forwarded by Darron C Giron/HOU/ECT on 03/19/2001
09:13 AM ---------------------------
From: Veronica Espinoza/ENRON@enronXgate on 03/16/2001 08:51 AM
To: Janie Aguayo/HOU/ECT@ECT, Diane Anderson/NA/Enron@Enron, Derek
Bailey/Corp/Enron@ENRON, David Baumbach/HOU/ECT@ECT, Jean Bell/HOU/ECT@ECT,
Patricia Boulanger/CAL/ECT@ECT, Bob Bowen/HOU/ECT@ECT, Julie
Brewer/NA/Enron@Enron, Lesli Campbell/ENRON@enronXgate, Celeste
Cisneros/NA/Enron@Enron, Sharon Crawford/CAL/ECT@ECT, Richard
Deming/NA/Enron@Enron, Russell Diamond/ENRON@enronXgate, Cindy
Feldman/CAL/ECT@ECT, Darron C Giron/HOU/ECT@ECT, Veronica
Gonzalez/ENRON@enronXgate, Jeffrey C Gossett/HOU/ECT@ECT, Walter
Guidroz/ENRON@enronXgate, Larry Joe Hunter/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON, Nidia Mendoza/ENRON@enronXgate, Tom
Moran/ENRON@enronXgate, Bianca Ornelas/NA/Enron@Enron, Leslie
Reeves/HOU/ECT@ECT, Tanya Rohauer/ENRON@enronXgate, Dianne Seib/CAL/ECT@ECT,
Linda Sietzema/CAL/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Ellen
Wallumrod/NA/Enron@ENRON, Melinda Whalen/CAL/ECT@ECT, Tiffany
Williams/NA/Enron@Enron
cc:
Subject: Credit Report--3/16/01


http://www.consultrci.com

*********************************************************************
Editor's Note:

I am extremely pleased to see today's launch of SourceBook Weekly.

Every Monday morning, SourceBook Weekly will provide analytical summaries
of the key issues facing the energy industry, ensuring that you stay informed
of the developments that are impacting your business. Within SourceBook
Weekly, we are tracking the full array of issues related to the energy
industry: deregulation, trading, T&D, generation, new technologies,
e-commerce,
and international privatization (just to name a few).

I have managed SourceBook as a monthly print publication for the past three
years. By transforming the publication into a weekly e-zine, I can continue
to guarantee that SourceBook Weekly brings you the information you need,
when you need it. You can be assured that, as major news and issues develop
in the energy industry, SourceBook Weekly will be covering them with the
in-depth analytical perspective you've come to expect.

Best regards,

Will McNamara
Director, Electric Industry Analysis
wmcnamara@scientech.com
http://www.consultrci.com

The following are the titles of the articles appearing in this SourceBook
Weekly Issue. Today's IssueAlert follows these SourceBook Weekly hotlinks.
************************************************************************
SourceBook Weekly December 4, 2000 Issue:
http://www.consultrci.com/web/rciweb.nsf/Web+Pages/SBEntrance.html
************************************************************************
MISO: WHAT IS THE FUTURE OF THE MIDWESTERN TRANSMISSION GRID?
The Midwest Independent Transmission System Operator (MISO) has been in
a state of flux as of late, as its expansion efforts have taken some dramatic
turns with major players announcing to withdraw from membership.
http://www.consultrci.com/web/rciweb.nsf/Web+Pages/SBEntrance.html
************************************************************************
FERC UNDER FIRE: CALIFORNIA IOUS RESPOND TO PROPOSED ORDER WITH SHARP
CRITICISM
The Federal Energy Regulatory Commission's (FERC's) concession that the
market rules and structure for wholesale of electricity in California are
"flawed" resulted in a 77-page proposal early in November to repair the
situation. The reaction from California's three investor-owned utilities
(IOUs) was immediate and overwhelmingly critical.
http://www.consultrci.com/web/rciweb.nsf/Web+Pages/SBEntrance.html
************************************************************************
ESSENTIAL.COM PARTNERS WITH SHELL: ALLIANCE MAY PROVIDE EDGE OVER UTILITY.COM
In a small step forward for its Internet energy services, Essential.com
has partnered up with Shell Energy to offer a lower-cost natural-gas choice
to customers of Atlanta Gas Light. It appears that both companies will
benefit immensely from the partnership, but in very different ways.
http://www.consultrci.com/web/rciweb.nsf/Web+Pages/SBEntrance.html
************************************************************************
ALLEGHENY ENERGY: FORGING AHEAD IN GENERATION DEAL WITH ENRON
Allegheny Energy's recently announced purchase of three gas-fired merchant
plants from Enron North America reaffirms its strategy of expanding its
geographic footprint and strengthening its unregulated generation capability.
From Enron's point of view, the sale confirms its stated policy of pursuing
"contractual" rather than "physical" assets.
http://www.consultrci.com/web/rciweb.nsf/Web+Pages/SBEntrance.html
************************************************************************
ENERGY PRIVATIZATION IN MEXICO: THE FUTURE RESTS IN THE HANDS OF A NEW
ADMINISTRATION
Energy privatization and the future of electric supply and demand are issues
to be dealt with by Mexico's new president, Vicente Fox, as he took over
the helm of the country on Dec. 1.
http://www.consultrci.com/web/rciweb.nsf/Web+Pages/SBEntrance.html
************************************************************************
WILLIAMS COMMUNICATIONS CONTINUES SPIN-OFF TREND
Williams is planning a spin-off of its Williams Communications (NYSE: WCG)
subsidiary, which should take effect the first part of next year.
http://www.consultrci.com/web/rciweb.nsf/Web+Pages/SBEntrance.html
************************************************************************

===============================================================
SCIENTECH IssueAlert, December 5, 2000
Trends for Commodity Trading, Supply Chain Exchanges Explored at Conference
By: Will McNamara, Director, Electric Industry Analysis
===============================================================

Approximately 200 industry executives were in attendance at the first day
of the Energy Exchanges Online conference, held Monday through Wednesday
of this week in Scottsdale, Ariz. The conference was presented by London-based
EyeforEnergy. In morning keynote presentations from Mark Crosno, executive
vice president of Altra Energy Technologies, and Keith Butler, COO,
DukeSolutions,
issues of how deregulation and the Internet have spawned a new species*the
e-utility*were discussed. A key focus of the conference was the growing
focus on online exchanges and how the entire value chain for the wholesale
energy market is being impacted by new technologies.

ANALYSIS: I attended and also spoke on a panel discussion during the first
day of this conference. What I found particularly noteworthy about the
dialogue taking place was that, despite participation from diverse sectors
of the energy industry*utilities, regulators, consultants, ESPs, IT
infrastructure
providers, and others*several key points were reiterated throughout the
discussion.

First, there is little doubt left that e-commerce and new technologies
are changing the entire complexion of the energy industry. Resulting from
that dynamic, energy companies presently find themselves in a transformation
related to how they will and should conduct their businesses. While new
technologies certainly offer new opportunities for companies to expand
information and services that already exist in an electronic form, questions
still remain about how much the market itself will bear in terms of building
new online exchanges for e-commerce.

As noted, the conference focused on online exchanges. Within my presentation,
I discussed that essentially four different kinds of exchanges have emerged
within the last 20 months: supply chain, commodity trading, transmission,
and retail exchanges. A supply chain exchange exists primarily to line
up buyers and sellers of parts related to the energy industry, with the
end goals of lower product prices and procurement processing costs, exposure
to a worldwide audience, and shorter order and fulfillment cycles. A commodity
trading exchange exists for companies engaged in bulk wholesale trading
to buy and sell energy packages. A new form of exchange is emerging with
transmission exchanges. We don't know a whole lot about them yet, but a
group of utilities in the Midwest recently proposed a transmission exchange
that would "be the electronic clearinghouse of information flow around
transmission assets and the market." How a transmission exchange would
correlate with an RTO*which also manages transmission flow*is not yet clear.
Finally, the retail online providers could also be considered a form of
exchange in that they are operating exclusively across the Internet.

With that established, several key issues will rise to the forefront in
2001 as many exchanges finally come online and the new business segment
enters its second year. First and foremost, establishing neutrality seems
to be the primary challenge. Questions were raised at the conference about
trading exchanges established by a proprietary participant that is involved
in every buy or sell on that particular exchange. The general consensus
among those present at the conference was that, although concerns about
neutrality have not prevented exchanges such as EnronOnline from becoming
very successful, regulatory pressure from the FTC may eventually make
neutrality
a requirement. In addition, when given a choice over various exchanges
on which to participate, the sense that I got from the dialogue was that
traders would arguably prefer to participate on an exchange where issues
of disclosing competitive information are not a concern.

The second trend as we move forward is liquidity. With regard to commodity
exchanges, what participants want and what makes an exchange the most
successful
is liquidity (meaning, essentially, the amount of transactions on the exchange
and, consequently, the opportunity to access beneficial deals). A point
that I made in my presentation is that the larger exchanges naturally seem
to have the most liquidity. Again, the example of EnronOnline, which
reportedly
has now logged over $200 billion in transactions, cannot be overlooked.
This raises the question of whether or not smaller exchanges will even
find opportunities to move into such a saturated market. As a result, a
related trend that I see is the consolidation of existing exchanges, along
with a blending of current business models into one exchange format. As
companies realize that it is already fairly late in the game to be building
an exchange, the smart move may be to join or merge with an already-existing
format. I think we will also see multiple exchanges merging into one to
gain a lock on various market niches.

The third trend that should emerge over the next year is the separation
of commodities. Traders will want the flexibility of having separate platforms
for different commodities, including power, natural gas, bandwidth, etc.
Dynegydirect is already moving in that direction by offering separate trading
floors that allow traders to group products in a customized way. I think
we will see more and more of this trend as traders demand this option.

The trends I mentioned here have focused mostly on commodity trading. That
is primarily due to the fact that we simply don't know enough about how
several prominent supply chain exchanges will operate. Enporion just last
week logged its first transactions (five reverse auctions in which UGI
was the buyer of natural gas). Pantellos still has another month or so
before it comes online. Of course, there are many smaller supply chain
exchanges like UtilityFrontier (municipal-oriented), RAPIDpartsmart and
Bex.com, but the general consensus at the conference was that all supply
chain exchanges will need to provide significant cost savings for
participants,
and that has yet to be universally demonstrated. Most observers of this
particular trend are reserving judgment until next year when real-time
results are disclosed.

Moreover, the evolving energy marketplace is providing many new opportunities
for energy companies to redefine themselves and develop new business models.
However, much of the water that energy companies may be venturing into
is uncharted territory. The risks and competition associated with building
an online exchange can be formidable, and may dissuade some energy companies
from developing in that direction. The question is, as we move further
down the path of an e-based energy industry, can energy companies avoid
participation in some form of an exchange? As always, the answer will probably
be found along the bottom line, which for many of these exchanges should
emerge sometime over the next year.
===============================================================
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SCIENTECH's IssueAlerts are compiled based on independent analysis by
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Copyright 2000.  SCIENTECH, Inc.

If you do not wish to receive any further IssueAlerts from SCIENTECH, please
reply to this message and type "delete" in the subject line.


I'll be here all week.  Let me know when you receive the letter.

	Chris Meyer
	03/12/2001 08:24 AM

		 To: Gerald Nemec/HOU/ECT@ECT
		 cc:
		 Subject: Bison Open Season

Gerald - Bison is okay with your modifications to the second side letter.
One I receive the executed letter, we will need to send out the shipper
executed PA and 1st side letter (both of which are in your possession).  What
is your schedule this week.

chris
x31666


G$-

Hey brother, the move is setup for Wednesday, November 15.  They are going to
be packing and moving Chris from 8am-12am, then they will head over to your
place.  I'll have Chris give you a call (@ 713-853-3512) when they are
finishing up at his place, so you can head over to your house.

Thanks again,

Bruce

----- Forwarded by Bruce Rudy/NA/Enron on 11/10/2000 04:15 PM -----

	Chris Jantz
	11/10/2000 03:59 PM

		 To: Bruce Rudy/NA/Enron@Enron
		 cc:
		 Subject: Move Info

Here ya go.

Chris


David:
Could you please contact either Mark Taylor or Alan Aronowitz about your
question for I am not sure of the answer?  Thanks.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)


Thought you might want to see this.

---------------------- Forwarded by Edward Terry/HOU/ECT on 02/21/2001 09:19
AM ---------------------------
From: Matt Pena/ENRON@enronXgate on 02/21/2001 09:11 AM
To: Edward Terry/HOU/ECT@ECT, George F Smith/HOU/ECT@ECT, Patti
Sullivan/HOU/ECT@ECT, Katherine L Kelly/HOU/ECT@ECT, Robert
Superty/HOU/ECT@ECT, Victor Lamadrid/HOU/ECT@ECT, Beverly Beaty/HOU/ECT@ECT,
Donna Greif/HOU/ECT@ECT, Richard Pinion/HOU/ECT@ECT
cc: Chris Schomer/ENRON@enronXgate, Brian Ripley/ENRON@enronXgate, Bob M
Hall/NA/Enron@Enron, Bryce Baxter/HOU/ECT@ECT
Subject: EOL Deal Ids In Path Manager

As you're aware, we're having to bridge Houston Street ids into Unify from
Sitara.

We are being asked, as a requirement, to not display the EOL id on statements
that are identified as "Broker EOL trade" deals originating from EOL.  We
have two options to accomodate this requirement:

Option 1 is to have the modify the bridge code to not bridge over the EOL
deal id if the deal is a "Broker EOL trade"  deal.  One of the drawbacks of
this option is that you won't be able to referenence the EOL id on the Path
Manager for these related deals.  All other deals will have the EOL deal id,
if applicable.  The EOL id would not show up on the statements because it
wouldn't be populated.

Option 2 is to modify several areas of code in the Settlements area which may
be more time consuming.  The obvious code change would be in the statement
generation area as well as other report type information.

Option 2 allows you the greatest flexibility while Option 1 may be quicker to
implement.

Please pass this along to others in your group and get feedback.  Please
share your thoughts....
I've attached an email explaining the Broker EOL trades.  This is not to be
confused with Broker deals done at a given point with not transportation.
These will continue to come across as you'd normally expect.

Any questions, please ask...

Thanks!


Attached is my project report.


---------------------- Forwarded by Dana Davis/HOU/ECT on 12/06/2000 11:50 AM
---------------------------

	Lola Willis @ ENRON
	12/06/2000 10:38 AM

To: debra_atkins@co.harris.tx.us, sweetp@netropolis.net, bill481@excite.com,
dana davis@enron.com, Laura Gutierrez/HOU/ECT@ECT
cc:
Subject: Are you worth it?

---------------------- Forwarded by Lola Willis/Corp/Enron on 12/06/2000
10:37 AM ---------------------------

"Mims, Valerie" <valerie.mims@bankofamerica.com> on 12/06/2000 09:59:56 AM
To: lola.willis@enron.com, prhusband@shellus.com, "Slaughter, Glenda"
<glenda.slaughter@bankofamerica.com>
cc:

Subject: Are you worth it?

 <<ROLO_1.mpeg>> Saving the last for the best or was that the best for last?
Just wanted to see you smile...Peace!

 - ROLO_1.mpeg


California:

I99-07-003 SoCalGas Unbundling.  In addtion to the Southern California Generation Coalition (SCGC), the National Energy Marketers Association has also filed a Request for Rehearing of the unbundling decision.  Filing protests of the Implementation Plan this week were Indicated Producers, TURN, Dynegy, the City & County of San Francisco and SCGC.

I00-11-002  Adequacy of SoCalGas System.  A number of parties filed comments on the impact of the unbundling decision on this proceeding.  All were in agreement that the CSA has created a system of unbundled, firm and tradable backbone transmission rights on the SoCalGas system and establishes the procedures for allocation of those rights therefore the capacity allocation proposals in the capacity OII are moot.

Arizona:

Legislature - Gov. Jane Hull has advised lawmakers to either kill a scheduled 5% pay raise for the 50,000 state employees taking effect on April 1, 2002, or risk laying off 2600 employees.  With a 13 percent drop in withholding taxes, the states current revenue deficit is expected to be in the $200 to 250 million range.  Canceling the pay increases would save $24,000 in the current fiscal year and $100,000 next year.  Democrats are trying to save the raises, while the majority Republicans are supporting the proposal and threatening to shutdown the session by Feb. 15th if legislators don't face up to the budget problems and solve them.

New Mexico:

Legislature - Identical House Bill 423 and Senate Bill 369 were introduced this week to fund ($75,000) an update of the 1996 study regarding the economic feasibility of additional natural gas pipeline systems.  The 1996 study found a lack of capacity to move gas east especially from the Northwestern portion of the state.  If the bill is passed, a committee is to provide the results of the study and recommendations to the governor and legislature by December 15, 2002 for consideration in the next legislative session.

House Bill 230 provides for an expanded definition of "Indian Country" to include lands subject to "restriction by the United States against alienation" (i.e. lands held in fee by a tribe).  As proposed, the new definition would go beyond the current federal definition of "Indian Country".  The State Highway and Transportation Dept. Office of General Council has pointed out that if the proposed state law conflicts with federal law, then the federal law will take precedent.  This has been forwarded to Lou Saldano for review.


Sorry stephanie, I have been on the road...PLease send the document to:
Carlos Diaz Saenz
Corporativo Copamex SA de CV
Montes Apalaches # 101
Col. Rsidencial San Agustin
Garza Garcia, N.L. 66260

Phone: 011-52-8-152-6150
FAx: 011-52-8- 152-6159

Thanks and have a grat weekend.

 -----Original Message-----
From: 	Panus, Stephanie
Sent:	Wednesday, October 24, 2001 11:29 AM
To:	Williams, Jaime
Subject:	Copamex
Importance:	High

Jaime,
I'm preparing the Copamex ISDA Master Agreement for execution.  Should I send the documents to you, or do you have a contact name and address I should send it to?

Thanks,

Stephanie Panus
Senior Legal Specialist
Enron Wholesale Services
1400 Smith Street, EB3803C
Houston, Texas  77002
ph:  713.345.3249
fax:  713.646.3490
email:  stephanie.panus@enron.com


Just a quick note to let you all know that my time with EWS has been one of the most rewarding jobs I have had, not merely because it was my first position in the legal profession, but also because of the quality of people that I was fortunate enough to have worked with.

Thank you for the wonderful send off on Friday!

Best wishes,
Sam

Samantha M. Ferguson
Candidate for Juris Doctor 2002
South Texas College of Law


Hotel Westin Soberano rate $1,122 .00 pesos
Hotel Casa Grande rate $1,355.00 pesos  with a Corporate rate of  (1,085.00)

I


Hello!

As you know (all too well!), your job does not offer you all of the
flexibility that you might like.  In an effort to give you a little more free
time, we will start with the following plan.

What's a late day and who gets them?
Each book calc'er will sign up for a  one late day a month.  A late day is
defined as a  one in which you do not come into the office until 3 p.m.

When can I have one?
The late days to sign up for include any day Monday-Friday (excluding bid
week thru 2nd workday).  Only one person can be out with a late day each
day.

Who's my back-up?
When you enjoy your late day, your back-up as defined below is responsible
for your activities until 3 p.m.  If the following back-up schedule needs to
change, let's make that quickly.  If you need additional security access to
back-up someone, then put that request in immediately.  Each of the back-ups
should "swap" jobs for a few days (until 3 p.m. to practice your
responsibilities).

If the back-up plan is successful, then we can potentially expand our
creative work schedule possibilities.  We must prove that it will work,
however, before can take any more steps.

When do we start?
All regions will implement in June. . .Irena will coordinate the calendar
next week.

Let me know what you think!
Carrie


I can't do lunch because the Crows are coming and their plane does not get in
til 3:30. You all go on to Port O'Conner. I more than understand.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/06/2000
04:11 PM ---------------------------

Vince J Kaminski
03/06/2000 03:32 PM
To: Karla Feldman/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT
Subject: Re: Financial Engineering Associates

Karla,

Thanks. Here are Helyette's coordinates:

Helyette Geman
Universite de Paris-Dauphine
Place du Marechal de Lattre-de-Tassigny
75775 Paris CEDEX 16

Phone: 33 1 44 054 943 (o)
 33 1 46 040 110 (h) (f)
Fax  : 33 1 44 054 937
geman@cidmail.services.dauphine.fr
Helyette.Geman@dauphine.fr

Vince

	From:  Karla Feldman                           03/06/2000 01:50 PM

To: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT
cc:
Subject: Financial Engineering Associates

Vince and Stinson,

I checked the file and the maintenance that automatically renews on 4/1/2000
is for the following products:

All 4 of your @GLOBAL licenses
SPAV
SWING

I will go ahead and contact FEA and see about getting the renewal invoice for
these.  I'll send it to Shirley for payment once I have it.

The products:  @INTEREST, SEAPC, and SEAPP have not been on maintenance for a
while.  FEA told us a couple of years ago I believe that they do not have
maintenance available for these products any longer.  So, you don't need to
worry about cancelling @INTEREST.

Also, just FYI - your @ENERGY.1 and @ENERGY.2 licenses have maintenance
through 10/20/2000.

If you have any questions, please let me know.  Otherwise, I will proceed
with contacting FEA about you renewal of the @GLOBAL, SPAV, and SWING
licenses.

Thanks,
Karla


Sorry about not sending the attachment, here it is.

 <<AES.ENRO Side Letter -- YY  Comments.doc>>

Yair Yaish
Merrill Lynch (OGC)
212-449-2456
yyaish@exchange.ml.com

> -----Original Message-----
> From: Yaish, Yair (OGC)
> Sent: Friday, March 16, 2001 10:02 AM
> To: 'TeiglandL@sullcrom.com'; Janice.R.Moore@enron.com;
Sara.Shackleton@enron.com
> Cc: lpeddic@alleghenyenergy.com; GilbergD@sullcrom.com; Ormec@sullcrom.com
> Subject: Comments to Pgph 6 of ISDA
>
> Attached are my comments to the ISDA.
>
> Feel free to call me as soon as possible.  Thanks much!!
>
> Yair Yaish
> Merrill Lynch (OGC)
> 212-449-2456
> yyaish@exchange.ml.com
>
>  -----Original Message-----
>  From: TeiglandL@sullcrom.com [SMTP:TeiglandL@sullcrom.com]
>  Sent: Friday, March 16, 2001 12:57 AM
>  To: Janice.R.Moore@enron.com; Sara.Shackleton@enron.com
>  Cc: lpeddic@alleghenyenergy.com; YYaish@exchange.ml.com;
GilbergD@sullcrom.com; Ormec@sullcrom.com
>  Subject: Re-revised Allegheny Side Letter for ISDA
>
>  Sara/Janice, thanks for your comments.  I have reflected them in the
attached draft, marked to show your changes.  The governing law provision is
a formulation that we have used at S&C to accomplish the purpose of giving
effect to NY-GOL 5-1401 and should achieve the purpose of the language you
added to the power master amendment; I was planning to conform the latter to
the language used here unless you have an objection.
>
>  Allegheny has not yet reviewed this draft so it remains subject to their
comment.  I also need Yair to confirm that he is happy with the new Part 6 -
Commodity Definitions section (Yair, this is attached as Exhibit "C" to the
attached document).
>
>  Let me know if you have any further questions or comments.  Thanks!
>
>
>
>
>
>
>  ----------------------------------
>
>  This e-mail is sent by a law firm and contains information
>  that may be privileged and confidential. If you are not the
>  intended recipient, please delete the e-mail and notify us
>  immediately.
>
>
>  ----------------------------------
>
>  This e-mail is sent by a law firm and contains information
>  that may be privileged and confidential. If you are not the
>  intended recipient, please delete the e-mail and notify us
>  immediately.
>   << File: Allegheny  ENRON ISDA SIDE LETTER(vRED).DOC >>

 - AES.ENRO Side Letter -- YY  Comments.doc


Dan,

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Good Luck!

--------------------------------

--

To unsubscribe go to
http://www.em5000.com/unsub.php?client=jdrmedia1&email=jreitme@enron.com
or to
http://www.em5000.com/unsub.php?client=jdrmedia1
and enter your email address (jreitme@enron.com)


By copy of this e-mail, I have asked Linda Guinn(713-853-6104) to get you a
copy of the McConville consulting agreement asap.

	showard@agsk.com
	05/24/2001 07:33 PM

		 To: Richard.B.Sanders@enron.com
		 cc:
		 Subject: McConville Consulting Agreement

Gary Grote is okay on producing this agreement.  Can you send me a copy?
Thanks

Steve

................................................

ALSCHULER GROSSMAN STEIN & KAHAN LLP
ATTORNEYS AT LAW
www.agsk.com

2049 Century Park East
Thirty-Ninth Floor
Los Angeles, CA 90067-3213
Tel 310-277-1226
Fax 310-552-6077

This transmission is intended only for the use
of the addressee and may contain information
that is privileged, confidential and exempt from
disclosure under applicable law. If you are not
the intended recipient, or the employee or agent
responsible for delivering the message to the
intended recipient, you are hereby notified that
any dissemination, distribution or copying of
this communication is strictly prohibited.

If you have received this communication
in error, please notify us immediately
via e-mail at postmaster@agsk.com or
by telephone at 310-277-1226. Thank you.

...............................................


11:15 today still works.


i would like more detail if we have it tx rick

 -----Original Message-----
From: 	Crews, David
Sent:	Tuesday, May 29, 2001 11:57 AM
To:	Rick Buy/HOU/ECT@ENRON; David Gorte/HOU/ECT@ENRON
Subject:	FYI - Project Raven

The proposed purchase of PSI Net by EBS was officially killed by Skilling this morning.

David


Cindy,

Please have the guaranty for NUI Utilities, Inc. signed and returned  to my
attention as soon as possible.

Thanks for your assistance.

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


Attached are some minor clean-up points to the previous e-mail.


NatGas is going to the moon on Monday!

Fletcj


Outlook Migration Team@ENRON
05/11/2001 01:49 PM
To: Cheryl Wilchynski/HR/Corp/Enron@ENRON, Cindy R Ward/NA/Enron@ENRON, Jo
Ann Hill/Corp/Enron@ENRON, Sonja Galloway/Corp/Enron@Enron, Bilal
Bajwa/NA/Enron@Enron, Binh Pham/HOU/ECT@ECT, Bradley Jones/ENRON@enronXgate,
Bruce Mills/Corp/Enron@ENRON, Chance Rabon/ENRON@enronXgate, Chuck
Ames/NA/Enron@Enron, David Baumbach/HOU/ECT@ECT, Jad Doan/ENRON@enronXgate,
O'Neal D Winfree/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Sladana-Anna
Kulic/ENRON@enronXgate, Victor Guggenheim/HOU/ECT@ECT, Alejandra
Chavez/NA/Enron@ENRON, Anne Bike/Enron@EnronXGate, Carole
Frank/NA/Enron@ENRON, Darron C Giron/HOU/ECT@ECT, Elizabeth L
Hernandez/HOU/ECT@ECT, Elizabeth Shim/Corp/Enron@ENRON, Jeff
Royed/Corp/Enron@ENRON, Kam Keiser/HOU/ECT@ECT, Kimat Singla/HOU/ECT@ECT,
Kristen Clause/ENRON@enronXgate, Kulvinder Fowler/NA/Enron@ENRON, Kyle R
Lilly/HOU/ECT@ECT, Luchas Johnson/NA/Enron@Enron, Maria Garza/HOU/ECT@ECT,
Patrick Ryder/NA/Enron@Enron, Ryan O'Rourke/ENRON@enronXgate, Yuan
Tian/NA/Enron@ENRON, Frank Ermis/HOU/ECT@ECT, Jane M Tholt/HOU/ECT@ECT, Jay
Reitmeyer/HOU/ECT@ECT, Keith Holst/HOU/ECT@ect, Matthew Lenhart/HOU/ECT@ECT,
Mike Grigsby/HOU/ECT@ECT, Monique Sanchez/HOU/ECT@ECT, Phillip K
Allen/HOU/ECT@ECT, Randall L Gay/HOU/ECT@ECT, Tori Kuykendall/HOU/ECT@ECT,
Ina Norman/HOU/ECT@ECT, Jackie Travis/HOU/ECT@ECT, Michael J
Gasper/HOU/ECT@ECT, Brenda H Fletcher/HOU/ECT@ECT, Jeanne
Wukasch/Corp/Enron@ENRON, Mary Theresa Franklin/HOU/ECT@ECT, Mike
Potter/NA/Enron@Enron, Natalie Baker/HOU/ECT@ECT, Suzanne
Calcagno/NA/Enron@Enron, Albert Stromquist/Corp/Enron@ENRON, Rajesh
Chettiar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Derek Anderson/HOU/ECT@ECT,
Brad Horn/HOU/ECT@ECT, Camille Gerard/Corp/Enron@ENRON, Cathy
Lira/NA/Enron@ENRON, Daniel Castagnola/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Eva Tow/Corp/Enron@ENRON, Lam Nguyen/NA/Enron@Enron, Andy
Pace/NA/Enron@Enron, Anna Santucci/NA/Enron@Enron, Claudia
Guerra/NA/Enron@ENRON, Clayton Vernon/Corp/Enron@ENRON, David
Ryan/Corp/Enron@ENRON, Eric Smith/Contractor/Enron Communications@Enron
Communications, Grace Kim/NA/Enron@Enron, Jason Kaniss/ENRON@enronXgate,
Kevin Cline/Corp/Enron@Enron, Rika Imai/NA/Enron@Enron, Todd
DeCook/Corp/Enron@Enron, Beth Jensen/NPNG/Enron@ENRON, Billi
Harrill/NPNG/Enron@ENRON, Martha Sumner-Kenney/NPNG/Enron@ENRON, Phyllis
Miller/NPNG/Enron@ENRON, Sandy Olofson/NPNG/Enron@ENRON, Theresa
Byrne/NPNG/Enron@ENRON, Danny McCarty/ET&S/Enron@Enron, Denis
Tu/FGT/Enron@ENRON, John A Ayres/FGT/Enron@ENRON, John
Millar/FGT/Enron@Enron, Julie Armstrong/Corp/Enron@ENRON, Maggie
Schroeder/FGT/Enron@ENRON, Max Brown/OTS/Enron@ENRON, Randy
Cantrell/GCO/Enron@ENRON, Tracy Scott/Corp/Enron@ENRON, Charles T
Muzzy/HOU/ECT@ECT, Cora Pendergrass/Corp/Enron@ENRON, Darren
Espey/Corp/Enron@ENRON, Jessica White/NA/Enron@Enron, Kevin
Brady/NA/Enron@Enron, Kirk Lenart/HOU/ECT@ECT, Lisa Kinsey/HOU/ECT@ECT,
Margie Straight/HOU/ECT@ECT, Mark L Schrab/HOU/ECT@ECT, Souad
Mahmassani/Corp/Enron@ENRON, Tammy Gilmore/NA/Enron@ENRON, Teresa
McOmber/NA/Enron@ENRON, Wes Dempsey/NA/Enron@Enron, Barry
Feldman/NYC/MGUSA@MGUSA, Catherine Huynh/NA/Enron@Enron
cc:
Subject: 2- SURVEY/INFORMATION EMAIL 5-14- 01

Current Notes User:

To ensure that you experience a successful migration from Notes to Outlook,
it is necessary to gather individual user information prior to your date of
migration.  Please take a few minutes to completely fill out the following
survey. Double Click on document to put it in "Edit" mode. When you finish,
simply click on the 'Reply With History' button then hit 'Send'  Your survey
will automatically be sent to the Outlook 2000 Migration Mailbox.

Thank you.

Outlook 2000 Migration Team

------------------------------------------------------------------------------
--------------------------------------------------------------

Full Name:        Phillip Allen

Login ID:   pallen

Extension:   37041

Office Location:  EB3210C

What type of computer do you have?  (Desktop,  Laptop,  Both)   Both

Do you have a PDA?  If yes, what type do you have:   (None, IPAQ, Palm Pilot,
Jornada)  IPAQ

Do you have permission to access anyone's Email/Calendar?
    If yes, who?

Does anyone have permission to access your Email/Calendar?   Yes, Ina Rangel
    If yes, who?

Are you responsible for updating anyone else's address book?
    If yes, who?

Is anyone else responsible for updating your address book?
    If yes, who?

Do you have access to a shared calendar?
    If yes, which shared calendar?

Do you have any Distribution Groups that Messaging maintains for you (for
mass mailings)?
    If yes, please list here:

Please list all Notes databases applications that you currently use:

In our efforts to plan the exact date/time of your migration, we also will
need to know:

What are your normal work hours?  From:   7   To:      5

Will you be out of the office in the near future for vacation, leave, etc?
       If so, when?        From (MM/DD/YY):      To (MM/DD/YY):


your resume is good enough b/c i gave it directly to the hiring people.


With Ken Lay's resignation, you undoubtedly have questions about Enron's management structure and what lies ahead for the company.  The purpose of this communication is to begin to answer those questions and lay out the direction we plan to follow as we regroup and rebuild.

First, the Creditors Committee has proposed that the Board of Directors retain an interim CEO to focus on the restructuring process.  This is a positive sign that the Committee believes Enron will provide greater value as a viable ongoing business.

The Enron Board of Directors has approved Stephen Cooper as interim CEO and chief restructuring officer.  Steve is the managing partner of Zolfo Cooper, a corporate recovery and crisis management firm with more than 30 years experience leading companies through operational and financial reorganizations.

Steve and his firm will work with members of Enron's current management to develop and implement a comprehensive plan to restructure the company and emerge from bankruptcy.

As you know, Enron has entered into an agreement with UBS Warburg for the sale of NetCo, Enron's wholesale gas and power trading organization.  In preparation for the transition of NetCo to UBS, Greg Whalley has resigned as president and COO of Enron to assume a position with UBS Warburg.  We want to thank Greg and the NetCo employees joining UBS for their contributions to Enron and wish them great success going forward.

In addition to engaging Steve, Enron has formed an Office of the Chief Executive.  I will join Steve in that office as president and chief operating officer, and Ray Bowen will join us as executive vice president and chief financial officer.

We will provide additional information regarding the roles and responsibilities of Enron's entire management team once those become more fully defined.

Thank you for continuing to support Enron by performing your job everyday.  The ongoing uncertainty about our future, coupled with the constant media scrutiny, makes this situation difficult for all of us. While no one can control the media, we can and will define our leadership and devise our strategy for moving ahead.  And in doing so, we will build a more certain future for our company and our employees.

Link to the press release: http://www.enron.com/corp/pressroom/releases/2002/ene/012902Release.html


- potbaby.jpg


Per Rod's comments, are we comfortable with the following three names as
off-line reference entities?

---------------------- Forwarded by John Metzler/LON/ECT on 03/05/2000 18:44
---------------------------

	From:  Rod Nelson                           02/05/2000 23:52

To: Tomas Valnek/LON/ECT@ECT, John Metzler/LON/ECT@ECT
cc:

Subject: approvals

      trading cp approval  reference credit approval

Ultramar Corp.     approved $5MM  approved $5MM

Petro-Canada    approved $5MM  approved $5MM

Louis Dreyfus Corp.    approved $5MM  approved $5MM

I assume that you will also seek approval from Legal.  I am still evaluating
Preem.

Rod


My title is Assistant General Counsel. Otherwise, the letter looks good. I
asssume you will send me an original.

	"sandra" <SYamane@marathon-com.com>
	11/07/2000 04:05 PM
	Please respond to "Sandra Yamane"

		 To: <richard.b.sanders@enron.com>
		 cc:
		 Subject: Marathon Communications Letter

 - Enron.doc


This is pretty funny.

brant

---------------------- Forwarded by Brant Reves/HOU/ECT on 02/20/2001 03:04
PM ---------------------------

Rob Hanlen <rhanlen@tigsecurities.com> on 02/20/2001 02:21:00 PM
To: Rob Hanlen <rhanlen@tigsecurities.com>
cc:
Subject: FW: just do it

-----Original Message-----
From: Chris Freret
Sent: Tuesday, February 20, 2001 1:24 PM
To: Jeff Sullivan; Jon Platon; Rob Hanlen
Subject: FW: just do it

-----Original Message-----
From: Stephen Shivers [mailto:stephens@cpsinet.com]
Sent: Tuesday, February 20, 2001 1:07 PM
To: Wally Poole (E-mail); Spencer Williams; Paul Omezi; Michael Muscat;
Bradley Shivers; Lucy Green; Lise' Shivers; Jimmy Shivers; Dawn Sanders
Freret; Kellie Mitchell; GEORGE MILLER; Gary Constantine; David Lane;
Chris Freret; Chris Freret (E-mail); Butch Shivers; Brett Freret; BRYAN
ADAMS - HOME; Bryan Adams; Adele Bullock
Subject: Fw: just do it

Fw this one on to all, if you want to.

----- Original Message -----
From: Karen Waggoner <karenm@cpsinet.com>
To: JERRY KISER <jerryk@cpsinet.com>; JENNIFER SWEENEY
<jsweeney@cpsinet.com>; MATT JOHNSON <mattj@cpsinet.com>; STEPHEN SHIVERS
<stephens@cpsinet.com>

>
> ----- Original Message > > > Subject: just do it
> > >
> > > In the interest of full disclosure, I am usually a Nike apologist, but
> > > this
> > > killed me...
> > >
> > > >
> > > >
> > > > >Nike now lets you personalize your shoes by submitting a word or
> phrase
> > > > >which they will stitch onto your shoes, under the swoosh.  So Jonah
> > > > >Peretti filled out the form and sent them $50 to stitch "SWEATSHOP"
> > > onto
> > > > >his shoes.
> > > > >
> > > > >Here's the responses he got... fun and games with Nike...
> > > > >
> > > > >* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
> > > > >
> > > > >   From: "Personalize, NIKE iD" <nikeid_personalize@nike.com
> > > > >   To: "'Jonah H. Peretti'" <peretti@media.mit.edu
> > > > >   Subject: RE: Your NIKE  iD order o16468000
> > > > >
> > > > >Your NIKE iD order was cancelled for one or more of the following
> > > > >reasons:
> > > > >
> > > > >1) Your Personal iD contains another party's trademark or other
> > > > >intellectual property
> > > > >2) Your Personal iD contains the name of an athlete or team we do
not
> > > > >have the legal right to use
> > > > >3) Your Personal iD was left blank.  Did you not want any
> > > > >personalization?
> > > > >4) Your Personal iD contains profanity or inappropriate slang, and
> > > > >besides, your mother would slap us.
> > > > >
> > > > >If you wish to reorder your NIKE iD product with a new
> personalization
> > > > >please visit us again at www.nike.com
> > > > >
> > > > >Thank you, NIKE iD
> > > > >
> > > > >
> > > > >   From: "Jonah H. Peretti" <peretti@media.mit.edu
> > > > >   To: "Personalize, NIKE iD" <nikeid_personalize@nike.com
> > > > >   Subject: RE: Your NIKE  iD order o16468000
> > > > >
> > > > >Greetings,
> > > > >
> > > > >My order was canceled but my personal NIKE iD does not violate any
of
> > > > >the criteria outlined in your message.  The Personal iD on my
custom
> > > > >ZOOM XC USA running shoes was the word "sweatshop."
> > > > >
> > > > >   Sweatshop is not:
> > > > >   1) another's party's trademark,
> > > > >   2) the name of an athlete,
> > > > >   3) blank, or
> > > > >   4) profanity.
> > > > >
> > > > >I choose the iD because I wanted to remember the toil and labor of
> the
> > > > >children that made my shoes.  Could you please ship them to me
> > > > >immediately.
> > > > >
> > > > >Thanks and Happy New Year, Jonah Peretti
> > > > >
> > > > >
> > > > >   From: "Personalize, NIKE iD" <nikeid_personalize@nike.com
> > > > >   To: "'Jonah H. Peretti'" <peretti@media.mit.edu
> > > > >   Subject: RE: Your NIKE  iD order o16468000
> > > > >
> > > > >Dear NIKE iD Customer,
> > > > >
> > > > >Your NIKE iD order was cancelled because the iD you have chosen
> > > > >contains, as stated in the previous e-mail correspondence,
> > > > >"inappropriate slang".  If you wish to reorder your NIKE iD product
> > > with
> > > > >a new personalization please visit us again at nike.com
> > > > >
> > > > >Thank you, NIKE iD
> > > > >
> > > > >
> > > > >   From: "Jonah H. Peretti" <peretti@media.mit.edu
> > > > >   To: "Personalize, NIKE iD" <nikeid_personalize@nike.com
> > > > >   Subject: RE: Your NIKE  iD order o16468000
> > > > >
> > > > >Dear NIKE iD,
> > > > >
> > > > >Thank you for your quick response to my inquiry about my custom
ZOOM
> XC
> > > > >USA  running shoes.  Although I commend you for your prompt
customer
> > > > >service, I disagree with the claim that my personal iD was
> > > inappropriate
> > > > >slang.  After consulting Webster's Dictionary, I discovered
> > > > >that "sweatshop" is in fact part of standard English, and not
slang.
> > > > >
> > > > >The word means: "a shop or factory in which workers are employed
for
> > > > >long hours at low wages and under unhealthy conditions"  and its
> origin
> > > > >dates from 1892.  So my personal iD does meet the criteria detailed
> in
> > > > >your first email.
> > > > >
> > > > >Your web site advertises that the NIKE iD program is "about freedom
> to
> > > > >choose and freedom to express who you are."  I share Nike's love of
> > > > >freedom and personal expression.  The site also says that "If you
> want
> > > > >it done right...build it yourself."  I was thrilled to be able to
> > > > >build my own shoes, and my personal iD was offered as a small token
> of
> > > > >appreciation for the sweatshop workers poised to help me realize my
> > > > >vision.  I hope that you will value my freedom of expression and
> > > > >reconsider your decision to reject my order.
> > > > >
> > > > >Thank you, Jonah Peretti
> > > > >
> > > > >
> > > > >   From: "Personalize, NIKE iD" <nikeid_personalize@nike.com
> > > > >   To: "'Jonah H. Peretti'" <peretti@media.mit.edu
> > > > >   Subject: RE: Your NIKE  iD order o16468000
> > > > >
> > > > >Dear NIKE iD Customer,
> > > > >
> > > > >Regarding the rules for personalization it also states on the NIKE
iD
> > > > >web site that "Nike reserves the right to cancel any personal iD up
> to
> > > > >24 hours after it has been submitted".  In addition, it further
> > > > >explains:  "While we honor most personal iDs, we cannot honor every
> > > one.
> > > > >
> > > > >Some may be (or contain) other's trademarks, or the names of
certain
> > > > >professional sports teams, athletes or celebrities that Nike does
not
> > > > >have the right to use.  Others may contain material that we
consider
> > > > >inappropriate or simply do not want to place on our products.
> > > > >Unfortunately, at times this obliges us to decline personal iDs
that
> > > may
> > > > >otherwise seem unobjectionable.  In any event, we will let you know
> if
> > > > >we decline your personal iD, and we will offer you the chance to
> submit
> > > > >another."  With these rules in mind, we cannot accept
> > > > >your order as submitted.  If you wish to reorder your NIKE iD
product
> > > > >with a new personalization please visit us again at www.nike.com
> > > > >
> > > > >Thank you, NIKE iD
> > > > >
> > > > >
> > > > >   From: "Jonah H. Peretti" <peretti@media.mit.edu
> > > > >   To: "Personalize, NIKE iD" <nikeid_personalize@nike.com
> > > > >   Subject: RE: Your NIKE  iD order o16468000
> > > > >
> > > > >Dear NIKE iD,
> > > > >
> > > > >Thank you for the time and energy you have spent on my request. I
> have
> > > > >decided to order the shoes with a different iD, but I would like to
> > > make
> > > > >one small request.  Could you please send me a color snapshot of
the
> > > > >ten-year-old Vietnamese girl who makes my shoes?
> > > > >
> > > > >Thanks,
> > > > >Jonah Peretti
> > > > >
> > > > >
> > > > ><no response>
> > > > >
> > > > >
> > > > >   As one forwarder writes:
> > > > >
> > > > >   ... this will now go round the world much farther and faster
than
> > > any
> > > > >of the adverts they paid Michael Jordan more than the entire wage
> > > packet
> > > > >of all their sweatshop workers in the world to do...
> > > > >
> > > > >   I normally avoid making a plea to pass on these things, but this
> > > time
> > > > >I say: JUST DO IT
> > > >
*********************************************************************

**********************************************************************
TIG Capital Securities is a full service broker/dealer registered with the
SEC and various states and is a member of the NASD Regulations, Inc.  TIG
Capital Securities Co. is also registered with the State of Texas Securities
Board as an Investment Advisor.  All information contained herein is for
informational purposes only and goes not constitute a solicitation, or an
offer, to sell securities or advisory services.  Such solicitation or offer
can only be made in states where TIG Capital Securities Co. is registered and
no new account will be accepted unless, and until, all local regulations have
been satisfied.  All information contained herein is for informational
purposes only.  It is not our intention to state or imply in any manner that
past results and profitability is an indication of future performance.  All
materials presented are compiled from sources believed to be reliable.
However, accuracy cannot be guaranteed.  All investments have risks so be
sure to read a!
ll material provided before investing.
**********************************************************************


On November 8, the Office of the Chairman, issued an important communication,
announcing significant organizational changes in Enron's worldwide
operations. The purpose of this memo is to share with you the decisions that
are underway to restructure  Enron,s operations in South America.  The basic
organizational framework has been set.

As you know, Diomedes Christodoulou and Jim Bannantine will be assuming new
responsibilities within Enron. Replacing them will be Orlando Gonzalez and
Joe Kishkill, who will become the Co-Presidents of South America, reporting
to Dave Delainey and John Lavorato.  They will share overall responsibility;
however, Orlando,s focus will be on direct sales origination,
commercial/government relationships and regulatory issues.  Joe,s focus will
be on wholesale origination, financial and operating performance and overall
country management.  In addition, Orlando will continue as President and CEO
of Elektro until its ultimate sale.

The existing, large integrated asset base in South America (excluding
Elektro) will be managed and operated by Rebecca McDonald and Jim Hughes in
Enron Global Assets, which is part of Enron Wholesale Services under Mark
Frevert. Ultimately, there will be very close coordination in both Brazil and
Argentina between Enron Americas and Enron Global Assets to ensure that our
reputation in South America is protected, our asset positions are being
managed prudently and that commercial opportunities surrounding these assets
are pursued.

The remaining natural gas and electrical commercial activities in South
America will be organized around the highly successful North American network
business model.  This model employs people, market making, physical
commodities, capital and assets to provide reliable, flexible and high-value
products to our customers.  It is people and intellectual capital based and
enjoys high rates of return on invested capital.

In the interest of pursuing this strategy, the following teams will report to
Joe and Orlando:

The Commercial Origination team will be lead by Brett Wiggs.  The team will
focus on covering South American markets, primarily Brazilian and Argentine
natural gas and electricity, with the following goals:

? Generating new, innovative, reliable and high value products and services
needed by the market by utilizing our commodity, asset and capital
capabilities;
? Providing those products and services across South America and across the
value chain, including wholesale and retail, based upon the highest value
opportunity;
? Finding structural value arbitrages in the South American market and move
quickly to capitalize;
? Assisting the Risk Management and Trading organization in managing the
overall risk of the organization;
? Managing all new power and asset development opportunities in South America
consistent with this strategy, and
? Providing the Risk Management and Trading organization information and deal
flow.

The Commercial Origination team will consist of a diverse group of people who
work as a single team which bring the required skills including commodity,
capital, regulatory, asset, development, market, structuring, deal execution,
finance and country knowledge necessary to reach our goals.

The Trading and Risk Management team will be headed by Remi Collonges.  The
team will continue to develop pricing information and manage the price book
for the relevant energy markets in support of the wholesale and direct sales
efforts.  Additionally, the team will work toward implementation of actively
trading South American energy commodities.  This group will be responsible
for managing Enron South America,s overall risk and will have a direct
reporting relationship with John Lavorato in his role as head of the Americas
risk activities.

The Argentine effort will be integrated into the overall South American
Commercial Origination and Trading and Risk Management groups; however, we
will continue to maintain an Argentine office headed by Michael Guerriero.

The goal of the reorganization is to create a flat team oriented organization
that is very market and commercially focused.  The following support
functions will assist the overall business objectives of the commercial team
and will report into Joe and Orlando, plus into their line functions in
Houston.  The overall goal is to ensure that the South American business
units have an adequate support organization to evaluate opportunities, as
well as manage day-to-day business and risk.  Otherwise, the Houston
infrastructure will provide resources as needed to manage peak requirements
in South America, not unlike other businesses in Enron Americas.

These groups include:

The Government Affairs team, which will be headed by Sergio Assad, will
manage the relationships with the relevant regulatory agencies as well as
governmental ministries.  The primary regulatory goal will be to facilitate,
in the near term, substantive changes to the regulatory rules to allow a
functioning wholesale traded market in Brazil and Argentina. Sergio will
assume his responsibilities upon completion of the Elektro sale.  During this
interim period, Jose Bestard will continue to be in charge of the regulatory
function.  Once Sergio makes the transition, he will also report to Rick
Shapiro in Enron Government Affairs.

The Finance team will be headed by Britaldo Soares.  The team will manage the
interface with Enron Global Finance.  Britaldo will transition from his
current duties at Elektro upon completion of the Elektro sale.  Britaldo will
also report to Joe Deffner in Enron Global Finance.  Rob Gay will be
assisting Britaldo during the transition, while continuing his work on the
Cuiaba project.

The Legal team, which will be lead by Randy Young, as general counsel, and
John Novak, as deputy general counsel, will manage South America,s legal
requirements.  Randy and John will also report to Mark Haedicke in Enron
Wholesale Services - Legal Department.

Miguel Padron will become Chief of Staff.  Human Resources, Information
Technology, Treasury, Accounting & Reporting, as well as Administration will
report to Miguel.  This will bring focus to essential, but non-commercial
functions, as well as more efficiently manage key matrix reporting
relationships with Enron.  Miguel will also report to David Oxley in Enron
Wholesale Services ) Human Resources and Wes Colwell in Enron Wholesale
Services ) Business Analysis and Reporting.

These changes are consistent with Enron's evolving business strategy and
reflect our continuing commitment to grow the company by maximizing our
financial and intellectual capital.  However, in line with the new
organizational structure and the near term potential for business in the
region, further budget reductions will be necessary.  People directly
affected will be notified shortly.

Enron is committed to continue the successful implementation of its
businesses in South America.  We believe that as the markets develop, we are
uniquely positioned to leverage Enron,s core capabilities and create
shareholder value.


Sally and Brian,
Per my conversation with Brian regarding HPL books and records to be turned
over to AEP, we will complete the identification and inventory report of
records to be turned over by close of business Thursday, April 26, 2001.  We
will continue to track and monitor the location of these records during the
transition of personnel from Enron to AEP.  In order to ensure delivery of
the HPL/AEP Records Transfer List, we have increased the resources from three
to ten individuals.

Please call me if you need further clarification or have any comments or
concerns.

Thank you,
Carolyn Gilley
Ext. 35237


I'll defer to you two on what of the following needs to be communicated on to
others in Houston:

Ilkka - Nigel Sellens (EEL - HR) phoned to confirm Ilkka had been terminated
this morning.  He faxed the letter given to Ilkka and effectively tied
termination to "gross mis-conduct".  As expected, Ilkka disputes this.  Nigel
left resignation on the table with Ilkka as an option which would involve
tearing up the letter.  I mentioned to Nigel that I don't believe resignation
should be an option given the circumstances.  I asked Nigel to get back with
me on this if Ilkka wants to discuss this further.

Moving Operations to London - This morning I checked with Nigel, Kevin
Sweeney (Acctg.) and Graham Cane (Logistics) to assure that they are
preparing for the possibility that all operations are moved to London.  I
went  ahead and made the calls to assure that all were prepared so that we
don't lose 2 ~ 3 days if it is agreed later this week that this is the best
course of action.  As one alternative, Olga K (in CRM) may need to be
involved with rail movements due to the need to have a Russian speaker for
communicating with Russian border authorities for rail deliveries if no one
in Helsinki will move to London for the near term.  You'll note from prior
e-mails that business is still being conducted from Helsinki so further
communication on this point is clearly necessary since this is in conflict
with the wishes of those in last night's conference call.

Status of Audit - I spoke with Graham Cane (London Logistics) who is in
Helsinki going over documentation with AA.  He now believes B/L's have been
"adjusted".  Typically there is one stamped - Original - B/L and numerous
stamped - Non-Negotiable - copies of the B/L.  It appears that in some
instances vessel stamps and the master signature have been cut off of
originals and glued on to altered copies which don't have these stamps.
Further confirmation comes from the fact that B/L's attached to invoices sent
back from customers (representing agreed settlement of a delivery) don't
match the originals.

Going Forward - I've not seen AA's scope but would expect it is comprehensive
given the magnitude of the circumstances and history.  I would recommend that
one of you have input just to assure that it is exhaustive and representative
of issues of concern to RAC as well.

I would assume the timeline/action items, if it exists beyond AA's work,
would look something like the following.  To my knowledge there is not yet an
aggregated list of action items beyond work by AA.  Thoughts or questions.

Action         Timing
Finalize the review of all Vnesh documents     Complete late this week
Agree no new business (and explicitly define bsns impacted)   Immediate as
this does not appear to be discussed or agreed [note 1]
Establish approach to recovery alternatives from Vnesh [note 2]  Starting
Next week ??
Review other counterparty documentation for contingent liabilities  ??

note 1 - J Nowlan and I agreed back in Nov. that prepays were finished for
now.  However, no new business at all out of Helsinki was not discussed since
the issue of altered documentation had not come to light.

note 2 - Apparently Vnesh delivered and documented product as fixed price
delivered product at some point on all fixed price contracts (even the two
they are now disputing as floating).  Therefore, by implication they have
acknowledged the fixed nature through these deliveries.  This and other
issues do suggest we may have a case for some measurable recovery once we
know the severity of the document tampering issue.


Dear Vince,

after getting our heads together here,
we would much apprecaite if you could share the Research Group's latest on
---

- Var ie "... repeat my workshop presentation on value-at-risk..."
 as well as cover additional topics viz.
- Discuss, with application, Enrons internal V@R model, and how this is used
internally.
- Discuss volatility modelling, and whether it is possible to maintain and
trade a term structure of volatility in electricity

- Modelling forward curves with reference to associated markets (eg Oil).
  Can we gain some insights through spreads to related market curves (spark).

I assume your hotel is booked already. Catching the taxi is the best way to
get to your hotel.
Since you are arriving on the weekend , if you need to contact me - my mobile
is 0417-692295, home tel/fax
is 9232-8892

Rgds Raymond

---------------------- Forwarded by Raymond Yeow/ENRON_DEVELOPMENT on
07/07/2000 04:45 PM ---------------------------

Vince J Kaminski@ECT
07/06/2000 09:20 AM
To: Paul Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Raymond Yeow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Vince J
Kaminski/HOU/ECT@ECT, Shirley Crenshaw/HOU/ECT@ECT

Subject: Re: Your visit to sydney in July

Paul, Raymond,

Thanks for your message.
Sorry I did not get in touch  with you earlier. The last few weeks were very
hectic. I am starting
right now my preparations for the presentation I am going to give at the
conference.

Here are the details of my itinerary (I shall send you a copy tomorrow). I
arrive Sunday morning
and leave Saturday morning. The conference takes place on Monday and Tuesday.
On Wednesday, I am making a presentation at the workshop on value-at-risk. I
would
like to stay at the conference for the duration: it's a great learning
opportunity for me.

On Thursday and Friday, as well as in the evenings (except for the evening
of July 18), I am at you disposal.
I would like to take advantage of this trip and learn as much as I can
about the Australian markets and discuss with you the research agenda.
I shall be glad to make several presentation.
I can repeat my workshop presentation on value-at-risk as well as cover
additional
topics.

Vince

Paul Quilkey@ENRON_DEVELOPMENT
07/04/2000 05:23 AM
To: Vince J Kaminski@ECT
cc:
Subject: Your visit to sydney in July

Vince
I support Raymond's email and would welcome the opportunity to have you give
a presentation (formal or informal) to the trading group on latest research
initiatives in Houston.  Please let us know your schedule so that we do not
overly burden you during your visit.  Look forward to seeing you and catching
up over a beer.
Thnx
Paul
---------------------- Forwarded by Paul Quilkey/ENRON_DEVELOPMENT on
07/05/2000 08:23 AM ---------------------------

Raymond Yeow
07/04/2000 08:21 PM
To: Vince J Kaminski@ECT
cc: Paul Quilkey/ENRON_DEVELOPMENT, Kirsty Hogarth/ENRON_DEVELOPMENT, Elliott
Katz/ENRON_DEVELOPMENT, David Gray/ENRON_DEVELOPMENT

Subject: Your visit to sydney in July

Dear Vince,

Hi !, it's only two weeks until the Aust Energy Risk (17-19 July ) seminar in
Sydney.
Is RISK organising your hotel ?

Otherwise, Kirsty can organise for you,
eg harbour vIew at the Regent or convenience to the seminar location at the
Sheraton ?

We would like to make sure that you have all the necessary "comforts" of home
when you are with us,
Elliott & David can set up a desk for you in the office/trading room with
phone etc
so you can use one of our PC to access email or plug in your laptop.
Please let Elliott or David kmow your requirements.

How long will you be with us ?
Is this your first trip to Sydney ?
There are several of us in the office who would like to take you  for a
meal(s)/ show you the sights etc and
discuss the latest Research findings with you whilst you are in Sydney eg VAR.

Hear from you soon.
Raymond
725pm 4 July


Currently Cargill and Enron have a 15MM collateral threshold.  If
possible, I think the cleanest way to run this biz would be to put a
box around the prime broker biz.  We would still operate under the
master isda but could set up a mutually agreeable credit support annex
for this biz.  We would still keep the 20,000,000 line referenced in
Schedule B of the POA agreement.  The line in the POA is a seperate and
distinct measure from the daily collateral.  The 20 mill reflects gross
exposure.  Let me know if you think this is reasonable and workable.
We too, are open to suggestion as the Global and Enron relationships
are very important and a high priority to us.

Thanks
Joe

-----Original Message-----
From: Caroline.Abramo@enron.com [mailto:Caroline.Abramo@enron.com]
Sent: Friday, March 02, 2001 7:26 AM
To: lardy, joe /xtwn
Cc: dlm@globaladvisors.co.uk; Wendi.LeBrocq@enron.com;
Sara.Shackleton@enron.com
Subject: POA/ Cargill line...

Joe-  a few things regading the POA/ Cargill line..

I am going to find out how much line we currently have available... you
probably already have this.  We should allocate a piece to Global which
would solve the problem of other Cargill people using the line, putting
us
over the limit, without me knowing...

We could change the language of the POA to this... we will not go over
Global's piece of the Cargill line...I think this would solve our main
concern...

Please let me know... we are eager to keep trading with Global and
yourselves...

Regards,
Caroline


Here's more for you to enjoy.  We need to make this into an XYZ form to match
up with the letter agreement.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 03/07/2001 04:35
PM ---------------------------

Stephen Thome@ECT
03/07/2001 10:26 AM
To: rvicens@deltapower.com, aharrington@deltapower.com
cc: Jake Thomas/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron, Carlos
Sole/NA/Enron@Enron

Subject: LM6000 Documents

Tony, Rick

Our counsel has provided these drafts of the project documents.  Please
review.  We also anticipate sending out the turbine contracts later today.

Please be advised of our timeline.  Since we need to fund escrow by Wednesday
21 March, it is imperative that we are able to sign these documents on Friday
16 March.  It is our assumption there will be some lag between the obligation
to fund escrow and the actual transfer of funds.

Your comments to these documents are expected by Friday 9 March.

I also want to mention that Enron initiated the additional purchase of Power
System Stabilizers, which cost $31,675 per turbine.  PSS are required in the
WSCC, but you will have to  determine whether or not your particular project
would be required to install these in New England.  If you desire this
optional equipment, please reflect that cost in your final bid.

Steve
---------------------- Forwarded by Stephen Thome/HOU/ECT on 03/07/2001 10:20
AM ---------------------------


Crystal,

Good morning. Haven't heard from you in forever and unfortunately did not get a chance to respond to your last email.  Just wanted to say hello and wish you a good Fourth of July!


- LV Cogen Due Diligence Index 101100.doc
 - LV Cogen Due Diligence Index.doc
 - LV Cogen II Due Diligence Index 101100.doc
 - LV Cogen II Due Diligence Index.doc
 - New Albany Due Diligence Index.doc


Dear Lisa Gang,

Thank you for applying with Digital Signature Trust (DST) for a TrustID business certificate.  As you know by now, your TrustID certificate stands for the highest level of authentication available, allowing you to use the Internet with confidence for your secure online transactions.

We have received your application and have begun the approval process.  (If you are paying for your certificate with a purchase order, please fax us a copy of the order at (801)326-5438 so we can begin the approval process.)

To complete the TrustID Business Agreement, take it to an authorized employee of your organization for signature or have the Authorized Signer send the completed Authorization Agreement to DST using DST's SimpleSign file signing application:

www.TrustDST.com/simplesign/bus-auth.html

Or you may mail the completed TrustID Business Agreement form to:

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Attn: Registration Desk
Digital Signature Trust Co.
P.O. Box 22930
Salt Lake City, UT 84122-0930

The approval process is normally completed within three business days after receipt of your completed forms.  At that point, we will send you a message indicating our approval of your application and the steps necessary to retrieve your TrustID certificate.  If we are unable to approve your application, we will mail you a letter with an explanation.

Please contact DST Customer Support with any questions by sending e-mail to helpdesk@trustdst.com, or call 888-882-1104 (call direct at 801-326-5971).  Customer Support representatives are available to assist you Monday through Friday, 6 a.m. to 6 p.m. Mountain Time.

Thank you again for applying for a TrustID certificate.  We look forward to creating the highest level of trust in all your digital activities.

Sincerely,

Marlene Martinez
Certificate Registration Manager
Digital Signature Trust
www.trustDST.com


California Electricity Update


-----Original Message-----
From: 	Alvarez, Ray
Sent:	Thursday, August 02, 2001 3:32 PM
To:	Sanders, Richard B.; Williams, Robert C.; gfergus@brobeck.com
Cc:	Steffes, James D.; Comnes, Alan; Robertson, Linda; Shapiro, Richard; dwatkiss@bracepatt.com
Subject:	California Refund Proceeding Privileged and Confidential Attorney Work Product Attorney-Client Communication

In our litigation meeting last Tuesday, we learned that netting of spot purchases and sales is of paramount importance in limiting our exposure to refunds, under the FERC's July 26 Order, in both the California and Pacific Northwest proceedings.  However, in the California proceeding we are also afforded the opportunity in the Order to offset our receivables against any refund that would otherwise have to be paid by us.  Also, to the extent that our receivables exceed the refund amount, the Order provides for payment of interest to us in accordance with CFR Section 35.19a.

At present, I am aware of the existence of three receivables.  As you will recall, I mentioned at Tuesday's meeting that we should be able to treat as a receivable for purposes of offset, the revenues due us from the application of the CAISO underscheduling penalty.  I communicated the possibility of offsetting this receivable against any potential refund at this mornings Western Wholesale conference call, and subsequent research conducted by Alan Comnes indicates that the CAISO owes us $30MM, as per the CAISO's own numbers.

The CAISO also owes us approximately $40MM due to nonpayment for one to two months of business.  These two figures alone, totalling approximately $70MM, exceed the estimate of our potential exposure in the California proceeding.

Finally, the negative CTC issue is another receivable due us by IOU's that, under the plain language of the Order, could potentially be used to offset any refund amount.  I am not aware of the magnitude of this receivable but do understand that there are some sensitivities regarding this issue, including concerns about revealing the amount of the credit due us.  It is likely that the amount would become public if it is presented in the California proceeding.

Please give us your thoughts as to the use of the CTC receivable to offset potential refunds in the California proceeding.


Start Date: 2/3/02; HourAhead hour: 13;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002020313.txt


Dave will be out of the office December 23, 2000 until Monday, January 8,
2001.  He will be checking his voicemail and will have his cell phone.

The following are the numbers where he can be reached:

 December 24  thru December 26 - Saskatoon, SK   (306) 374-9587 or Cell
Phone   (713) 907-6315

 December 27 thru January 7 - Fairmont, B.C.  (250) 345-4569 or Cell Phone
(713) 907-6315

Beverly (x 5-7857) will be available to assist you if you need any help
reaching Dave....

Happy Holidays,


Molly, please fill out this sheet for me!

 <<Pick Sheet - Week 8.xls>>


BUSINESS HIGHLIGHTS

Weather Group

Let,s give a big round of applause to the Weather Team!  Environmental
Finance Magazine ranked the weather group #1 in Online Services and #1 Dealer
in the United States and Europe.  Gary Taylor, manager in weather trading,
comments, "The "Best Dealer" award reflects our counterparties' appreciation
for the significant effort we have made to drive the growth of our market by
making two-sided markets where other companies are only willing to quote
either a bid or an offer.  This award also reflects the innovative nature of
everyone on our desk, and their ability to price non-standard structures for
our customers.  It is truly a team award.  The "Best Online Dealer" award is
simply another testament to the unparalleled success of EnronOnline.  By
providing tight, two-way markets online, we have provided two critical
elements to generate growth in our market: 1) an element of price discovery,
and 2) a quick and easy way to transact."

The Weather Risk Management group launched a new product this week:  Power
Demand swaps.  These contracts use power demand as an index and allow power
market participants (generators, btu distributors, marketers, etc...) to
mitigate volumetric exposures.  The first contract the desk offered is for
the PJM power pool.  On EnronOnline, weekly swaps are available and the desk
has placed option contracts on this index in the broker market.  Inquiries
regarding this product should be directed to Claudio Ribeiro (product
manager) x37313, Gary Taylor x31511, or Valter Stoiani x36906.

Competitive Analysis and Business Controls
eSource, Enron's premier corporate-wide research group, launched their new
intranet product, eSearch, on December 1, 2000.  eSource's team of
specialized researchers have created a web site to bring information and
research to every employee's desktop.  The eSearch web site offers many links
to information resources, access to research databases, specialized searches,
sites to purchase books, articles, and reports, and training.  Employees can
use the web site to conduct their own research or as a vehicle to submit
research requests.  eSource's researchers and industry specialists are
available to all Enron business units to provide timely and cost efficient
research, to work with individuals or groups to fulfill one time research
requests, or to design ongoing, customized monitoring projects or news
updates.

Enron Global Markets Fundamentals
EGM Fundamentals is quickly building a team of expert analysts and associates
to work directly with traders and marketers.  The team is already busy
analyzing various commodities and market situations.  For example, an
initiative is underway to analyze current negative fractionation spreads in
the market resulting from rising natural gas prices.  Web sites to host this
analytical information are currently in development for all EGM commodities.
These sites will provide research and analysis, weather, publications, and
any other information that will assist in decision-making or identification
of potential commercial opportunities.  For questions or requests regarding
fundamental research, contact Jennifer Fraser at x34759.  For questions or
suggestions regarding the web sites, contact Heather Purcell at x54057.

Austin Energy
Austin Energy and Enron Sandhill, L.L.C, a subsidiary of Enron North America
broke ground November 29, 2000 for the construction of the Sand Hill Energy
Center, a 180-megawatt peaking electrical generation facility.  Located in
eastern Travis County, the Sand Hill Energy Center will be a natural gas
fired facility that will operate primarily during peak demand periods.  The
$93.7 million project will feature four 45-megawatt General Electric gas
turbines and will be operational May 1, 2001.

NEWS FROM THE GLOBALFLASH

Coal
The London dry cargo seafreight team traded 1 million metric tonne of
Capesize vessel swaps via EOL in one day, (Wednesday 28th November). The deal
was created by combining OTC options and a physically related cash market
deal.  This helps to bring our YTD EOL to just under 2.5 mln tonne.

Off-shore wind energy deal
Enron Wind has signed a power purchase agreement with Swedish energy company
Graninge.  According to the agreement, Graninge will deliver electricity to
consumers using Enron's wind power plants in southern Sweden.  Enron Wind's
Utgrunden off-shore wind park, completed this year, will generate in the
region of 38,000 megawatt hours of electricity, or enough for around 6,000
average homes between the mainland and the island of Oland on the southeast
tip of Sweden.  In an announcement this week, Graninge stated that it plans
to market the power to consumers as 'green' energy.

Happy 1st Birthday EnronOnline!
This week saw EnronOnline celebrate its first birthday.  During the course of
its first year, EnronOnline has passed a number of milestones including the
addition of a range of new functionalities for customers on the site.
EnronOnline has now come of age, having surpassed the $274 billion mark in
notional value in November.  This represents a total of 478,695 transactions
since the site was launched on 29 November 1999.

The first anniversary was marked by giving the media guest access to
EnronOnline in Europe.  A team from Reuters was invited into Enron House to
receive a full demonstration of EnronOnline and as of today will be able to
quote in reports live prices from EnronOnline.  Other media outlets are being
invited to obtain guest access during the coming weeks as the word of
EnronOnline's success continues to spread...

Australia
Enron Australia continues to assist in the region in a supportive role.
Elliott Katz worked on the GEM migration in Singapore last week with an IT
team from London, Oslo and Singapore.  Approximately 40 users, including
Traders, were migrated to Windows 2000 and the CORP domain.  This is an
important step for the Asia Pacific region, as it brings the three biggest
offices (Singapore, Sydney and Tokyo) into line with corporate standards for
desktop computing.

Japan
E-Power, a JV between Enron and Japanese finance company Orix, has announced
proposals for a 2000MW gas-fired power plant at Mutsu-Ogawara, an industrial
area  in northern Japan.   A feasibility study will be undertaken to define
how the project will go forward and this may include the development of an
LNG terminal in the vicinity.  The nature of the permitting process is such
that the plant would not begin operations for six to seven years.  This
project is just one of several options that E-Power are working on in Japan.

NUGGETS & NOTES

&Go Big or Go Home8 ) Mike McConnell/President & CEO-EGM

"Call Back" - Don Schroeder, VP/Crude Trading-EGM

REMINDER

Holiday Party
Enron North America, Global Markets and Industrial Markets
Enron Field
Saturday, December 9
7:00 - Midnight

WELCOME
New Hires ENA/EIM/EGM
ENA ) Joseph Taylor, Jennifer Rosado, Rabi De, Louis Dicarlo, Scott Churbock,
Kenneth Parkhill, Nicholas Ernst, Dirk Dimitry, Stephanie Taylor, Dimitri
Tagaropulos, Georgia Blanchard, Jona Kimbrough, Jeffrey Baldwin, Patricia
English, Jaesoo Lew, Cheryl Nelson, Gina Abbott, Ryan Keith, Brian Dawson
EGM )Ellen Alexander, Mike Perun

Transfers to ENA/EIM/EGM
ENA ) Gregory Golden
EGM ) Keynan Dutton

FROM THE EDITORS

Thank you to all the contributors to this week's EnTouch.  We want to hear
from the various departments within Enron Americas, Global Markets and
Industrial Markets!  Please continue to send your business highlights,
nuggets & notes or suggestions to Michelle Vitrella or Kathie Grabstald.

LEGAL STUFF

The information contained in this newsletter is confidential and proprietary
to Enron Corp. and its subsidiaries.  It is intended for internal use only
and should not be disclosed.


Vince:

They are already asking for evaluations on the following individuals most
of whom were just interviewed yesterday!  However, I do not know who
Bruce Kamich is - I don't remember his interview at all.

Can you give me something to tell Toni.

Thanks!

---------------------- Forwarded by Shirley Crenshaw/HOU/ECT on 07/28/2000
11:17 AM ---------------------------

	Enron North America Corp.

	From:  Toni Graham @ ENRON                           07/28/2000 02:39 AM

To: Shirley Crenshaw/HOU/ECT@ECT
cc:
Subject: Candidate Decisions

Shirley,

Could you please give me a Yes, No, Maybe decision on the following
candidates interviewed:

Bruce Kamich
Philip Roan
Jerzy Jarosz
Bruce James
Oleg Bondar

Thanks
Toni


Steve:
Please review and edit as needed.  I'm on my way to airport to return to SF.
If you need me, please page.

Best,
Jeff


Group-

As we have more and more cuts, we have an excellant opportunity to refine our cut technique. (YES!)

 1.) In path confirmation workspace-please check all cut paths as "confirmed" (this will allow us to sort for cut or "confirmed" paths later)-and enter notes in the comment section regarding the cut.

2.) ZERO OUT CUT SCHEDULES IN DEAL SCHEDULING. On imports to CALI, please zero out the purchase outside of CALI, zero out the EpmiCalPool, and then make a purchase under the book that had the import (likely EPMI Short Term Cali) from the California Imbalance (remember no price and 24 POS on the group).

IF you have any questions, please call me. We are having a nightmare taking care of weekend cuts, particularly imports into California.

Thanks,

Bill


A full seven percent of the entire Irish barley crop goes to the production
of Guinness beer.


Please increase deliveries into Eastrans to 30,000 MMBtu/dy effective
4/28/01 and maintain flow for 4/28, 4/29 & 4/30.  Gas flow will go to 0
MMBtu/dy on 5/1/01.

The redeliveries will be 30,000 MMBtu/dy into PG&E @ Carthage Hub Tailgate.


Good Afternoon,
	The following two counterparties are requesting a netting agreement with ENA: Kennedy Oil, and Independent Production Company, Inc.  The netting agreement should cover physical sales and purchases, and MTM.  These are both standard netting agreements, not master netting.  Both companies sell us gas under a first purchaser agreement and / or GTC's, and will begin buying back gas.  For Independent the contract # is 96023736, and for Kennedy 96052164.  I have contact names and phone numbers if you need them.  Give me a call with any questions.

Thanks,

Max Sonnonstine


Attached is a revised draft of the acknowledgement letter which Tejas
would require from GE as a condition to closing.  The letter has been
revised to incorporate the substance of the changes which Don and I
discussed with Ben Jacoby this morning.  Additional changes to the
letter may be needed after Coral has seen and reviewed the Facility
Agreement.

 - 5wk8803_.DOC


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/17/2000
07:59 AM ---------------------------

Paulo Issler
02/16/2000 04:04 PM
To: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT
cc:
Subject: LJM Update

Vince/Stinson:

I just came back from a meeting with Accounting (Ryan Siueck) and Credit (Rod
Nelson - works with Bill Bradford) in which we presented the two-factor model
for calculating credit loss on our LJM's position. Rod seemed positive with
the model conceptual approach. He will position Bill Bradford on that.
Accounting will have a meeting with AA to discuss the treatment on credit
reserves on this deal tomorrow 9:00 AM. They feel my participation is not
necessary.

At year-end the difference on both valuations - without and with credit risk
- indicates a credit loss of about 100 MM.

Paulo Issler


thanks.
PL


Attached is an Approval Form that will have to be completed to request if we
want to trade with a new counterparty or on a new reference credit. I have
incorporated comments from Origination, Credit and Legal. But should you have
any further comments please let me know ASAP, as I plan to introduce this
form by the middle of next week. (Note that there will be two forms, one for
bankruptcy swaps and one for other credit derivatives.)

Regards

Tomas


Hi Susan,

Would you please forward the current spreadsheet with exotics?

Thanks,
Beatrice


Jana, I had a late request from the Portland team to nominate a person, I
don't think that Janet would mind letting them nominate this person.  If I am
incorrect Janet let me know.

Regards
Delainey