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Drew -- here is Lorraine's update on the Val Verde situation that I mentioned
in my previous e-mail.   Recall that we've been unable to accept quantities
of gas from Burlington because of the high temperatures at the interconnect
in recent years.  I've recommended that we seek amendment of the contract as
soon as possible to reflect what we CAN do.

The proposed amendment Lorraine is referring to, which Burlington rejected,
modified our obligation to provide firm compression sufficient to accept
250,000 MMBtu.

//
Burlington Resources - Val Verde Plant - Michelle and I had a follow-up
conversation with BR Thursday.  I faxed the proposed amendment to BR Monday
and we hadn't heard from them yet.  They claim approximately $135,000/month
in lost revenues because we are holding their production down.  Michele and
Darrell will work to pull together the data on exactly which days we have not
been able to take BR's gas.  I mentioned to BR that we were putting this info
together, but they claim since they were told to back off to 180,000 -
190,000 MMBtu from about mid-June through July, our data would not accurately
reflect BR's inability to schedule in excess of 180/190.  They will not
accept our wording in the interconnect amendment, specifically "best efforts"
and "subject to operating conditions on TW", so we will need to revise this
further.

We offered alternate receipt point flexibility at Ignacio and alternate
delivery point flexibility at El Paso Blanco on their Jackrabbit contract but
they do not think this is sufficient to agree to amend the interconnect
agreement.  They have suggested we consider giving them a deeper discount on
their San Juan - Waha contract (80,000/d, $0.14, term 11/30/06).

The ball is in our court.


The 8th at 8:30 is good. The extension is fine as long as it is short.

	melanie.gray@weil.com
	11/01/2000 12:00 PM

		 To: richard.b.sanders@enron.com, Elizabeth.Sager@enron.com
		 cc:
		 Subject: Settlement Conference Call

The Trustee has proposed a conference call with Paulker on Nov. 8th beginning
at
8:30 am our time.  Are you both still available and want to go forward at that
time.

Also, they have asked that we agree to delay the briefing on the arbitration
motion.  The request, from Jane, is that they would like to first see if we
can
resolve this without the need to incur more legal fees and that a delay of a
few
weeks to allow that process to continue will not prejudice either party.  The
schedule right now, as set by the court yesterday, is the Trust's response is
due on Nov. 13th. and our reply would be due on Nov. 17th.  The court is
scheduled to hear argument on Nov. 28th.

I like the idea of keeping pressure on them, but I don't view an extension as
unreasonable or as prejudicial to EPMI.  Let me know your thoughts.  Thanks.

**********NOTE**********
The information contained in this email message is intended only
for use of the individual or entity named above.  If the reader
of this message is not the intended recipient, or the employee or
agent responsible to deliver it 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 immediately
notify us by telephone (713-546-5000), and destroy the original
message. Thank you.


Tracy,

Please note the following addition to the EIM credit reserve:

Counterparty:   Paul Hartmann AG
Deal No:  QD5697.1
Deal Date:  December 1, 2000
Originator:  Tom Bruce-Jones
Amount:  $85,000

The reserve covers a five year pulp swap wherein ENA pays $582 and receives
FOEX.

Please call if you have any questions.

Thanks,
Tanya


Here is the latest on this issue:

On Monday, Austin Energy asked if they could take early title certain
equipment (the foxbourgh equipment - sp?) in order to "work around" an
internal budget issue.  Apparently, if AE takes early title, they will be
able to pay for the equipment (approx $440,000) from another fund and avoid
the appearance of being over budget on the 4 LM project.
Based upon my discussions with various internal groups, ENA is comfortable
with either option #2 or option #3 below.  See the tax response from Warren
below.  David Marshall is comfortable from an insurance perspective.  Kay
Mann (lawyer on GE breakout contract) confirmed in a voicemail that she did
not anticipate the title transfer creating an issue with the warranties
granted to ENA in the breakout agreement.
Keenan phoned Chris Kirksey yesterday to relay the message that based upon
preliminary discussions, we are comfortable with either approach.

Next Steps:

Jeffrey anticipates hearing from Chris today to get preliminary feedback on
if Austin needs title (option #3) or if the "acknowledgement letter" (option
#2) would suffice.
Monday, December 4, there is an internal meeting to discuss the topic.

Let me know if you have any thoughts or concerns.

Regards,

Eric

Warren Schick@ENRON
11/28/2000 09:01 AM
To: Eric Booth/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Patrick Maloy/HOU/ECT@ECT, Matthew F Gockerman/HOU/ECT@ECT, Billy
Lemmons/Corp/Enron@ENRON, Stuart Zisman/HOU/ECT@ECT, Ben Jacoby/HOU/ECT@ECT,
Jeffrey Keenan/HOU/ECT@ECT, Eric Booth/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: Update: Austin Project Property Tax Issue

Eric:

Regarding the various scenarios you discussed I think the best, from a
property tax prospective, is proposal #2.  It is not reasonable to think that
the taxing authorities will overlook the property as discussed in #1.  The
City of Austin is a taxing unit within Travis County and there is a good
possibility that they will go after the value and assess it all to ENA.  We
would be in a much stronger position if we took the proactive approach with
an agreement as discussed in #2, and if the question was ever raised we would
have the explanation in our "hip pocket".

Please call me if you have any questions at 30689.

Warren

Eric Boyt
11/27/2000 03:31 PM
Sent by: Eric Boyt
To: Warren Schick/Corp/Enron@ENRON, Patrick Maloy/HOU/ECT@ECT, Matthew F
Gockerman/HOU/ECT@ECT
cc: Billy Lemmons/Corp/Enron@ENRON, Stuart Zisman/HOU/ECT@ECT, Ben
Jacoby/HOU/ECT@ECT, Jeffrey Keenan/HOU/ECT@ECT, Eric
Booth/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Update: Austin Project Property Tax Issue

Gentleman,

I have discussed the property tax issue with Billy Lemmons, Stuart Zisman,
Ben Jacoby and Jeff Keenan.   A couple of thoughts came to mind and we need
your opinion on these matters so we can take the most appropriate steps
necessary to reduce the potential tax liability.

First, a couple of facts for clarification:

It is anticipated the turbines (and transformers) will be on the City of
Austin site on or before 12/31/00 (the City owns the land);
It is anticipated ENA will be the legal owner of the assets on 12/31/00 (the
NEPCO assignment will not be complete);
Under the current participation agreement, the City of Austin will not take
title to their 91.4% ownership until the plant is complete and successfully
tested (sometime 1Q 2001);
However, by 12/31/00 the City of Austin will have paid for 100% of their
ownership in the plant ($85,641,800);
The tax liability could be $250,000 per turbine, $1,000,000 in total.

The thoughts/ideas are as follows:

Is it reasonable to assume the Travis County taxing authorities will not tax
the equipment at all because it will be located on land owned by the City of
Austin at year end?  What is the probability they will actually review items
of the property and trace legal owner?
If #1 above is a risky position, and one you would not support, would it be
acceptable to the taxing authorities, in your opinion,  for ENA and the City
of Austin to sign a letter stating that ENA is simply holding title to the
equipment for the benefit of the City of Austin.  Therefore, because of this
and the fact that the City has paid for its 91.4% ownership, only the 8.6% is
taxable.
If neither #1 or #2 are acceptable in you view, would it be acceptable for
ENA and Austin sign a side letter agreement to officially convey 91.4% of the
project to the City of Austin, but totally indemnify the City of Austin from
all liabilities.  After year-end, ENA would "take back" the conveyance and
the plant would continue in ENA's name until the plant is officially
conducted its final performance tests.

Please provide your thoughts on these ideas as soon as possible.  If these do
not work, we need some creative thinking on your behalf to minimize the
liability.  I look forward to hearing from you soon.

Regards,

Eric
x5-7754


You should have received feedback from me shortly after you paid.  Please check your feedback and let me know if you do not have it posted and I will repost.  Thanks again, and please leave positive feedback for me as well.
PL

 -----Original Message-----
From: 	Ron Bennett <sueron@anv.net>@ENRON
Sent:	Monday, January 28, 2002 10:40 PM
To:	Love, Phillip M.
Subject:	Re: Enron golf balls-purchase

Golf balls arrived in fine shape, please leave positive feedback!

Ron

Phillip.M.Love@enron.com wrote:

> Thanks.  I will put the balls in the mail today.
> PL
>
>     -----Original Message-----
>    From:   Ron Bennett <sueron@anv.net>@ENRON
>    Sent:   Tuesday, January 22, 2002 9:00 AM
>    To:     Love, Phillip M.; sueron@anv.net
>    Subject:  Enron golf balls-purchase
>
>    $13.50 has been sent to paypal:
>
>    Send balls to:
>
>    Ron Bennett
>    Warren-Walker School
>    2150 Windmill Parkway
>    Henderson, NV 89074
>
>    Please inform me of date and type of shipping.
>
>    Ron
>
>    "Love, Phillip M." wrote:
>
>    > Congratulations on winning the auction on Ebay for the sleeve of
>    Pinnacle Golf Balls.  Please let me know if you will be paying by
>    PayPal(alove@houston.rr.com) or money order/cashier's check.  I will
>    mail the balls priority mail as soon as I receive payment.  Thanks again
>    and use this email address if you reply before this evening,
>    alove@housotn.rr.com is my home email and I can not access it from work.
>    Thanks again and look forward to hearing from you soon.
>    > PL
>    >
>    > **********************************************************************
>    > This e-mail is the property of Enron Corp. and/or its relevant
>    affiliate and may contain confidential and privileged material for the
>    sole use of the intended recipient (s). Any review, use, distribution or
>    disclosure by others is strictly prohibited. If you are not the intended
>    recipient (or authorized to receive for the recipient), please contact
>    the sender or reply to Enron Corp. at
>    enron.messaging.administration@enron.com and delete all copies of the
>    message. This e-mail (and any attachments hereto) are not intended to be
>    an offer (or an acceptance) and do not create or evidence a binding and
>    enforceable contract between Enron Corp. (or any of its affiliates) and
>    the intended recipient or any other party, and may not be relied on by
>    anyone as the basis of a contract by estoppel or otherwise. Thank you.
>    > **********************************************************************


Start Date: 4/30/01; HourAhead hour: 2;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001043002.txt
Error: Invalid variant type conversion

---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTstCA
  MKT_TYPE: 2
  TRANS_DATE: 4/30/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_5001
  ENGY_TYPE: FIRM


Not sure if you need this one but forwarding just in case.
---------------------- Forwarded by Linda J Noske/HOU/ECT on 07/05/2001 10:01
AM ---------------------------
From: Joe Connor@ENRON on 06/29/2001 05:30 AM
To: Christi L Nicolay/HOU/ECT@ECT, James D Steffes/NA/Enron@Enron
cc:

Subject: SE Trans / Southern Issues / Strategy

Attached is my list of issues for the SE Trans RTO and a discussion of
strategy.  If you need additional info., please let me know.


Dear Santa Claus:

We were good boys and girls last year, so please don't bring us a lump of
coal again.  If you feel the need to bring us something black, the Saint
Arnold Winter Stout will be available before Christmas.  If you take them out
of the six pack, they will fit into our stockings, but please let us know so
we can reinforce the hooks our stockings hang on.  Here are some other things
on our Christmas list.  Some are events that we would like all of our friends
to attend.

What I want for Christmas:

1. A case of Christmas Ale, but please buy it quickly because the distributor
only has a week of inventory left right now.  That won't last until
Christmas.  I understand that there may be a deal on it at a large warehouse
store, but I'm not allowed to tell you where.  Do you remember the name of
the protagonist of "Green Eggs and Ham"?

2. All my friends to come to our Toys for Tots Bratwurst Promotion Friday,
December 8 at the Midtown Station, 2306 Brazos, 713-522-1041.  It is from
6pm-9pm.  Bring an unwrapped toy.  The Marines will be there (they administer
the program) to collect the toys for the underprivileged.  Everyone should
make a point of doing something charitable during the holiday season.  It
will make you enjoy it even more.

3. A new St. Arnold Wants You t-shirt.  All my friends already have one.

4. All my friends to come to the 6th Annual Celtic Christmas at the Garden in
the Heights, Sunday, December 17 from 12:00 noon - 11:00 pm.  If you bring
this email with you, you get a $2 discount off the door price. Regular
prices: $12.00 at the door, $8.00 advance, children 12 and under are admitted
free. Entertainment: Seven Nations, The Flying Fish Sailors, Godfreys
Rangers, Celtic Rebellion Dancers, The Battle of the Oak King & the Holly
King.

5. A new St. Arnold fishing hat.  You know, the floppy canvas type with an
embroidered St. Arnold logo on it.  It's the height of fashion.

6. A president-elect.

7. A six-pack of Amber Ale every week of the year.

8. A (choose one) nubile young lady or strapping young buck to rub scented
massage oil into my shoulders.

9. A warm St. Arnold sweatshirt to wear on these cold, December nights in
case you don't bring me number 8.

10. A Merry Christmas, Happy Hanukkah, or Jolly Kwaanza and a Happy New Year.

Love,

Saint Arnold's Army

Saint Arnold Brewing Company
2522 Fairway Park Dr.
Houston, TX  77092
713-686-9494 phone
713-686-9474 fax

Free tour every Saturday at 1 pm.


hingoran@rice.edu
planck@rice.edu


This agreement should be split and attach individually to each of the two
swaps.  The monetization should therefore not be dependent on both of them
having occurred but only of the one relevant to that particular credit letter.

Angela Davis@ENRON
12/15/2000 04:02 PM
To: W David Duran/HOU/ECT@ECT, Kevin Liss/Corp/Enron@ENRON, Brad
Alford/ECP/HOU/ECT@ECT, Lewis Worthy/HOU/ECT@ECT, Brian Kerrigan/HOU/ECT@ECT,
David Leboe/HOU/ECT@ECT, Christopher Coffman/Corp/Enron@Enron, Todd
Busby/NA/Enron@Enron, John Griffith/Corp/Enron@Enron, dstone@velaw.com,
mattcook@velaw.com, mspradling@velaw.com, Lisa Mellencamp/HOU/ECT@ECT,
arafte@bracepatt.com
cc:

Subject: Revision of Credit Letter

Attached is a black-line of the above referenced letter.

Angela D. Davis
Enron North America Corp.
1400 Smith, Suite 3842
Houston, Texas 77002
Tele. (713) 345-8347
Fax:  (713) 646-3393
e-mail:  angela.davis@enron.com


Elizabeth,

I want to discuss the issue of the compensation of Norberto with my boss.

Vince


Veronica:
Deutsche Bank asked me to ask you to call their maintenance margin person, John Jones, at 212 469 6773.  I think they are trying to margin us.
John


Transwestern:

2001 3CE -  1.8 Bcf
2002 Plan - 1.8 Bcf

 -----Original Message-----
From: 	Geaccone, Tracy
Sent:	Sunday, November 04, 2001 2:07 PM
To:	Keiser, John; Gilbert, Steve; Moore, Jan
Cc:	Hayslett, Rod
Subject:	2001 3CE and 2002 Plan
Importance:	High

I need average throughput for the above as soon as possibe.

Jan, I need total not just west.

Please copy Rod on your reply to me.


Thanks, John

From: Tana Jones on 07/11/2000 12:42 PM CDT
To: John Malowney/HOU/ECT@ECT
cc:
Subject: Re: Georgia-Pacific ISDA Master

Yes, we have an ISDA in place with Georgia Pacific Corporation.

	John Malowney
	07/11/2000 12:27 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: Georgia-Pacific ISDA Master

Tana, do we have an ISDA in place with G-P ??


I am on the Board of BEAR and sponsoring this effort.  Please let Janette
Elbertson know by e-mail if you are interested in donating your time to help
staff the table in the lobby on Monday, December 18, from 10 a.m. to 2:00 p.m.

Thank you.

Help CPS Kids!
Enron, KRBE and Sun and Ski Sports are collecting donations for Children,s
Protective Services Be A Resource (BEAR) Program to purchase gifts this
holiday season. Make your donation and receive a $10-off coupon for Sun and
Ski Sports.

Donations will be accepted in the Enron Building Lobby - Tuesday, December
12, Thursday, December 14 and Monday, December 18 from 10 a.m. to 2 p.m. or
in EB407.

KRBE Morning Show LIVE in Antioch Park
Come out and show your support for the CPS BEAR collection Monday, December
18 when the 104 KRBE morning show,s Streets of America comes to Antioch Park.
See you there from 6 a.m. to 9 a.m.


Phillips said we shorted them gas on December 1st so they pulled it on
January 1.  Can we verify that we did not deliver 5,00 on Dec. 1?  If that is
the case and this was a firm sale, we owe him some gas at Dec Index less
(.045).  Which is bad!  Let me know what happened in Dec before I can put
this deal out in Jan.

Daren J Farmer
01/09/2001 02:25 PM
To: Gary W Lamphier/HOU/ECT@ECT
cc:
Subject: Meter 1517

Gary,

Have you negotiated a price on this?

D
---------------------- Forwarded by Daren J Farmer/HOU/ECT on 01/09/2001
02:25 PM ---------------------------
Aimee Lannou   01/02/2001 02:14 PM

To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Meter 1517

Daren - meter 1517 has a nom of 0/day for Jan.  It flowed about 5.400 on day
1. This is a valid flow.  Could you please extend the deal from Dec. (deal #
506192) or create a new one?  Thanks.

AL


reading todays comments, i guess i'm one of the not ready for prime time players !!  can't you make them say nice things about me?  i could get my feelings hurt here.  i must say that i'm glad to here that i am "very young".


Here are others who want to interview Carlos.  I tell you what -- before you
schedule any of these, let me talk with Carlos first to see where his
interests lie.  Keep these names, and I'll keep you posted on who to schedule
with him.  Thanks.  Michelle

---------------------- Forwarded by Michelle Cash/HOU/ECT on 12/05/2000 11:00
AM ---------------------------

Alan Aronowitz
12/05/2000 10:46 AM
To: Michelle Cash/HOU/ECT@ECT
cc:
Subject: Re: Opportunities at ENA

Dan Rogers and I would each like to meet with Carlos for a potential position
with EGM. Could you arrange?

Alan

Michelle Cash
12/04/2000 10:04 PM
To: Lance Schuler-Legal/HOU/ECT@ECT, Travis McCullough/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Alan Aronowitz/HOU/ECT@ECT, Julia Murray/HOU/ECT@ECT,
Elizabeth Sager/HOU/ECT@ECT, Bruce
Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sheila Tweed/HOU/ECT@ECT,
Jeffrey T Hodge/HOU/ECT@ECT, Barbara N Gray/HOU/ECT@ECT
cc: Mark E Haedicke/HOU/ECT@ECT
Subject: Opportunities at ENA

Attached is the resume of Carlos Sole, who currently is working for EECC.  He
is interested in pursuing opportunities within EWS, and we received excellent
references about his work performance from John Schwartzenburg and Kay Mann.
I am meeting with him on Friday of this week (he is out of town until then).
If you have an interest in talking with him, let me know, and I will arrange
a meeting.

Thanks.  Michelle

---------------------- Forwarded by Michelle Cash/HOU/ECT on 12/04/2000 09:47
PM ---------------------------
From: Carlos Sole@ENRON_DEVELOPMENT on 12/01/2000 09:36 AM
To: Michelle Cash/HOU/ECT@ECT
cc: John Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Opportunities at ENA

Michelle, per my voicemail as I indicated, I am trying to pursue what
opportunities may be available at EWS and both Julia Murray and Kay Mann
recommended that I contact you.  As background, I have been at EECC since
October last year where I have focused on traditional EPC contracts and joint
venture agreements with construction partners, cross-border financing
agreements principally in Mexico and merger and acquisition/strategic
investment transactions.  Before coming to Enron, I worked with the Houston
office of a New York based firm (Curtis, Mallet-Prevost, Colt & Mosle)  where
I focused mostly on transactions in Mexico since we represented Pemex on
their transactions involving long and short term oil supply agreements and
CFE (Mexico's electricity commission) on its public bids for EPC and IPP
projects.  Lastly, I started my legal career in 1994 at Patton Boggs in
Washington, DC where I focused on general domestic corporate transactions
such as establishing new business entities (ie, joint venture work,
partnerships etc.), m & a work, and securities offerings.  Thanks for your
consideration and I look forward to talking with you when you return from
vacation (my extension is 6-6127).


Hey!

I had along talk with Joel at Cargill today and discussed future business
opportunities with them. As everybody that worked this weekend knows Cargill
has been buying from EL PASO at way above market all Saturday and Sunday.
They are taking this power to MARKETPLACE where LA Trannie is taking it to
NOB S/N. They are selling this power to utilities in the NW for a low price.
They do no do to much business in the West and don't have our knowledge and
connections. I told Joel that we would be very interested in buying this from
him at a competitive price.

Whoever works Monday day needs to set up a BPA Account for LADWP - SNO
account on the DC with Enron paying everything.

I also discussed the posibility of us selling them power at MEAD. They would
not want the 7MW scraps from LV, but are very interested in the LV 50MW
pieces from 11-16. This could be a good way of selling LV at a very good
price.

I do believe they have this trannie all month and this could be a really
sweat deal for us. So lets be "fair" to these guys as I am sure once we get
to know them there are other things we can do with them.

Cargill Telephone# 952-984-3865.

Before we are certain who is leaving and who is staying it might not be the
best idea to talk to loud about this as we do not necessarily want this to be
known to everybody.

Geir


Sara,

Credit has approved LD Plastics to trade some products online until the
master agreement is finalized.  However, the EOL group also needs approval
from legal.  This is part of the approval process Tana normally handles.
They said that an email from legal would be fine since Tana is out.  I'm not
sure what Tana "approves" for online trading.  I told them I would need to
talk to an attorney up here.


fyi,

Mat

---------------------- Forwarded by Matt Smith/NA/Enron on 03/26/2001 07:15
AM ---------------------------
From: Lowell Bezanis/ENRON@enronXgate on 03/23/2001 04:51 PM
To: Jennifer Fraser/ENRON@enronXgate
cc: Courtney Campbell/ENRON@enronXgate, George Thomas/ENRON@enronXgate,
Mingcheng Lian/AP/Enron@Enron, Russell Dyk/Corp/Enron@ENRON, Denver
Plachy/NA/Enron@Enron, Matt Smith/NA/Enron@ENRON

Subject: LNG Team update


TODAY: EXODUS takes on the Baby Bells,
TRANSMETA challenges INTEL, an upgrade
for AT&T WIRELESS and more. Read on.

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Special features this week:

Hot Lunch:
Danny Kessels, Co-Founder and Chief Executive
Officer, of Dottism, Talks About Centralizing
All Your Communications Needs.
http://www.thetelecommanalyst.com/individual/001212sections/hotlunch.asp

In Executives Zero In:
Chief Financial Officer of EXODUS
COMMUNICATIONS Explains How Theyll
Withstand The Competition Of The Baby Bells.
http://www.thetelecommanalyst.com/individual/001212sections/zeroin.asp

The Analyst's Spotlight:
William Blair & Co. Analyst Discusses
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Scroll down and click links below to
go right to a specific article:

1. Strong Buys:
A Strange Merger, A Profitable Split,
and An Analyst Conference.
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2. The Sell Report:
AVANTGO: A Fair Weather Strategy
For Foul Weather Markets.
http://www.thetelecommanalyst.com/individual/001212sections/sellreport.asp

3. Insider Trading Alert:
COMMSCOPE: Two Savvy Insiders Buy
Before The Stock Drops.
http://www.thetelecommanalyst.com/individual/001212sections/tradealert.asp

4. Upgrades & Downgrades:
A Present For A Next-Generation,
Long-Haul Carrier.
http://www.thetelecommanalyst.com/individual/001212sections/updowngrade.asp

5. Hot Lunch:
Danny Kessels, Co-Founder and Chief Executive
Officer, of Dottism, Talks About Centralizing
All Your Communications Needs.
http://www.thetelecommanalyst.com/individual/001212sections/hotlunch.asp

6. In Executives Zero In:
Chief Financial Officer of EXODUS
COMMUNICATIONS Explains How Theyll
Withstand The Competition Of The Baby Bells.
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10. The Analyst's Spotlight:
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Letters:
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c) A Grateful Reader.
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FYI, the "Hanjin Muscat"  sucessfully delivered our Oman spot cargo at Lake
Charles and departed without incident on the evening of 24 September

Because of the high price differential (ENA bought the LNG from us at $4.23
Henry Hub price) we drew down on the LNG heel and thus discharged more LNG
than ENA had committed to buy.  By doing this, we picked up perhaps an
additional $50 thousand of income in excess of what was originally intended.
I expect that our total net income from this cargo will be about $175
thousand


Thanks for the update!  As for the margarita idea, I'm all over it!  Not just
for breakfast anymore!!  DF

Kathy Ringblom
06/30/2000 09:43 AM
To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject:

We won our motion yesterday to depose Conoco on the Rensvold documents
questions so it sounds like they will also depose Steve Gilbert about the
Imperial plant.  We're deposing the Enerfin rep today - hopefully we'll get
him to tie the terminated contracts to the wells that were under those
contracts (Conoco is now saying, "Well, how were they supposed to know what
wells were tied to what contracts" - duh) and possibly when Conoco took over
the accounting for the plant - we still haven't been able to locate an
invoice earlier than Jan. 1990.  Anyway, HOPE YOU FEEL BETTER SOON!!!!!  Try
a frozen margarita for a sore throat.  Works every time.


You were inadvertently mistaken  for Dan Heil ?

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


Kate, just a heads up, I called to verbal a trade with Riverside and he
mentioned there was another one for Cal 02, we verballed 579012.01 for Q1
02.
Do not see other in system.

Thanks
Stephanie


CIG Plans New Line From Rockies to Midcontinent
Colorado Interstate Gas has announced an open season running through July 20 for a new pipeline to transport Rocky Mountain gas from the Cheyenne Hub to connections in the Midcontinent area near Greensburg, KS.
CIG said it has completed the archaeological, environmental and right-of-way surveys necessary to file an application with the Federal Energy Regulatory Commission by this coming October and complete the pipeline by late 2003. The company said it "has been working with interested shippers in developing this pipeline project over the past year in response to concerns that Rocky Mountain gas supplies could exceed pipeline takeaway capacity."
The line would consist of 380 miles of 30-inch pipe and 17,000 hp of compression to carry about 540 MDth/d of gas. Planned interconnects include ANR Pipeline, CMS Panhandle Eastern, Northern Natural Gas, Natural Gas Pipeline Co. of America and Williams.
Based on the current design, the transport rate would be 28 cents/Dth, plus an estimated 0.8% fuel and unaccounted for gas, and any authorized surcharges such as an ACA charge. Prospective shippers are asked to complete an offer sheet for a 10-year contract, stating their maximum daily quantity, receipt and delivery points, acceptance of the 100% load factor rate of 28 cents/Dth, and any other conditions required of the shipper.
CIG will notify winning bidders by July 23 and execute binding precedent agreements for firm transportation by Aug. 17, 2001. At that point CIG will evaluate all precedent agreements to determine if the project is economically viable. Contacts are Craig Coombs at (719) 520-4387 or Laine Lobban at (719) 520-4344.


Tanya and Tana:

I am attaching the following (see the Security Agreement Amendment) as an
example of what we did in the Chase amendment of the CSA.  Please note the
use of longer dated government securities.  I don't know what we want to use
with BofA.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 12/12/2000 06:09 PM -----

	Teresa G Bushman
	12/12/2000 06:06 PM

		 To: Philip.Levy@chase.com
		 cc: Joseph Deffner/HOU/ECT@ECT, Soma Ghosh/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT
		 Subject: Rehypothecation amendments

Phil:

Per our conversation, attached are clean and marked copies of the drafts you
prepared.  Please advise if these are satisfactory and we will obtain
execution.

Thanks.

Teresa

Teresa G. Bushman
Enron North America Corp.
1400 Smith Street, EB 3835A
Houston, TX  77002
(713) 853-7895
fax (713) 646-3393
teresa.g.bushman@enron.com


- KFC.jpg


Good morning,

I have been summoned to appear on April 25, 2001.

Margaret,

Would you please make arrangements for a temporary to cover my desk.

Thank you,
Taffy X57373


Content-Transfer-Encoding: quoted-printable
Date: Fri, 16 Mar 2001 09:06:49 -0600
From: "Tracey Bradley" <tbradley@bracepatt.com>
To: "Paul Fox" <pfox@bracepatt.com>
Cc: "Ronald Carroll" <rcarroll@bracepatt.com>
Subject: Calif. regulators postpone key ruling on power spending
Mime-Version: 1.0
Content-Type: text/plain; charset=US-ASCII
Content-Disposition: inline

Thursday March 15, 4:48 pm Eastern Time

Calif. regulators postpone key ruling on power spending

SAN FRANCISCO, March 15 (Reuters) - California regulators postponed a
decision on Thursday on how much money the state will tap from monthly
utility bills to finance badly needed long-term power purchases -- projected
at $43 billion.

The state Public Utilities Commission (PUC) postponed the issue to its March
27 meeting.

An estimated $10 billion state bond issue to help finance the power purchases
is a key part of the rescue plan.

State Treasurer Philip Angelides hopes to close the initial bond issuance by
the end of May but needs the PUC to decide how much electricity bill revenues
will go to the state.

Long-term deals to buy cheaper power from independent energy companies are a
key part of California's emergency rescue plan to stabilize its chaotic power
market and keep its two big investor-owned utilities from bankruptcy.

To help pay for that power, the PUC, which sets gas and electric rates, must
decide an amount to take from the bills paid to PG&E Corp.'s (NYSE:PCG -
news) Pacific Gas and Electric unit and Edison International's (NYSE:EIX -
news) Southern California Edison subsidiary.

The two companies supply electricity to about 24 million Californians.

The money is to go to the state's Department of Water Resources, the agency
charged by Gov. Gray Davis with negotiating and signing contracts to buy
power at locked-in prices well below the prices paid in the volatile
wholesale spot market.

PG&E and SoCal Edison want all of their generating costs covered before any
dollars are tapped for state purchases.

So far, Davis has announced 40 separate agreements and contracts with 20
energy companies which add up to $43 billion in supplies to be delivered over
a few months to 10 years. The supplies total almost 9,000 megawatts -- enough
electricity for about 9 million homes.

Under California's flawed scheme to deregulate its power industry, PG&E and
SoCal Edison were forced to buy power in the costly spot market but were
barred from collecting that price from customers because of a rate freeze
that runs to March 31, 2002.


---------------------- Forwarded by Scott Neal/HOU/ECT on 08/30/2000 10:44 AM
---------------------------

John Griffith@ENRON
08/30/2000 09:45 AM
To: Scott Neal/HOU/ECT@ECT, Jared Kaiser/HOU/ECT@ECT
cc:
Subject: API and API Crude, Distillate & Unleaded Stocks Graphs

---------------------- Forwarded by John Griffith/Corp/Enron on 08/30/2000
10:30 AM ---------------------------

SOblander@carrfut.com on 08/29/2000 05:42:49 PM
To: soblander@carrfut.com
cc:

Subject: API and API Crude, Distillate & Unleaded Stocks Graphs

The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  , 2000 Carr Futures

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

(See attached file: UnleadedStocks.pdf)(See attached file: CrudeStocks.pdf)
(See attached file: HeatingOilStocks.pdf)(See attached file:
PADDIIstocksCL.pdf)(See attached file: PADDIstocksHO.pdf)(See attached
file: PADDIstocksHU.pdf)(See attached file: API.pdf)
 - UnleadedStocks.pdf
 - CrudeStocks.pdf
 - HeatingOilStocks.pdf
 - PADDIIstocksCL.pdf
 - PADDIstocksHO.pdf
 - PADDIstocksHU.pdf
 - API.pdf


Hello Greg.? My accounting group in Boston has informed me that the $100k
consulting invoice dated April 3 remains outstanding.? I'd appreciate your
following up to find out status.? Thanks in advance.? Neil.

?


Had a bit of an encounter with Ted last night.  Turns out it wasn't as bad as I thought it was based upon the email below.  Start from the bottom and work your way up.  FYI he's kidding about the MD (managing director) and God comments.

---------------------- Forwarded by Susan M Scott/HOU/ECT on 04/19/2001 12:48 PM ---------------------------

Susan M Scott
04/19/2001 11:23 AM
To:	Ted Noble/HOU/ECT@ECT
cc:
Subject:	Re: Nothing bad...

The email was titled "nothing bad..." so you wouldn't immediately trash it for fear I was dispensing some more of Susan's homespun wisdom.  I know you can't get enough of that stuff.  As for the revenue generation, I've heard what a boon the Ag group has been to EGM.  From what I understand you guys are carrying the rest of that company on your backs...keep up the good work!  And yes, the world you live in does revolve around you Ted, it's just that no one else lives in that world besides you so it stands to reason that would be the case.  Your welcome for the email.  I really am happy for you that things seem to be going well and that you appear to be enjoying what you're doing (I haven't heard any of the "when I grow up I want to be a ....." comments out of you in a while, a sure sign of contentment and maturity - okay burgeoning maturity).  In regards to trading, I am absolutely loving it.  I've been on EOL for a little over a month now (although my trades go into one of the other trader's books for the time being...I should get my own in a couple months) and am really enjoying the new life/perks this job allows.  Case in point, took my Mom to see Hakeem's last game with the Rockets on one of the brokers (center court seats...she was thrilled) and am off to Vegas this weekend to "meet" with some of the power traders from Portland.  So much for the 16-18 hour days I was dealing with for a year or so there...given present circumstances it was all worth it.

No need to "let me of the hook" for my candor last night, I meant everything I said and I wanted you to hear those things.  In a quest to be an oh so witty smart-ass, sometimes I forget to just tell people what I think/feel...always catches up to me in hind-sight and if the opportunity presents itself for me to rectify that then I don't believe in passing it up.  Contrary to what you may think, I'm a big girl who thinks for herself and always acts on her own volition.  And I think I either mumbled last night or your hearing is starting to go in your old age, but I said "clod" not "god"...subtle but important difference.

Shorty

- You missed an impressive dancing display at Sierra's last night...I think I may have frightened some people.

Ted Noble
04/19/2001 10:06 AM
To:	Susan M Scott/HOU/ECT@ECT
cc:
Subject:	Re: Nothing bad...

Why would you have to title an email "nothing bad...".  Personally, I was disappointed I wasn't promoted to MD because I have brought in so much revenue for Enron and as we know the entire world revolves around me.  Thanks on the email and how is trading going?  Also, I appreciate your candor last night (you didn't think I would let you off the hook completely did you) and thanks for calling me a god.  It was flattering.

Susan M Scott
04/19/2001 07:53 AM
To:	Ted Noble/HOU/ECT@ECT
cc:
Subject:	Nothing bad...

Congrats on the promotion.  I was a little suprised it was only to manager...I remember you saying something once about jumping straight to Director.  All things in due time, right?

<Embedded StdOleLink>
<Embedded StdOleLink>


Anne,

I would like to check the index positions in the physindex tab in NCD.
Please have all of the positions in the BasisTransport tab, section transport
model, added to the phys index position totals.  Please look at the PG&E CG
positions for May-Oct, I added the transport positions already.  I would like
to add a KRS row in the physindex summary to account for the 20000/d
transport that we have.  Also, please have the new transport index positions
at Socal that we are booking tomorrow included in the new KRS column in the
physindex tab.  We can review in the afternoon.

You are doing a great job.  I am sorry that I have not had a chance to thank
you recently.  The market is distracting me.

Sincerely,
Mike


Don't know about the Shell intermediary part.  I hope that will be spelled
out in his email.  Also, we have about a 5 year old Local Currency ISDA in
Place with them, so we could put the trades under that master.  I don't know
if we want to upgrade the master at this time, or just stay where we are.  He
said we didn't have a master w/Apache, but when entered my notes into lotus
notes I noticed we did.  I called him back, he didn't know ERMS was the same
as ENA.

	Tanya Rohauer
	01/25/2001 02:15 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: Fletcher Challenge/Apache Assignment

Apache is investment grade, but they are not bank quality.  In actuality, I
think they are about the same quality as Fletcher, regardless of Saul's
comments.  What is the purpose of the Shell for a day transaction?

From: Tana Jones on 01/25/2001 01:49 PM
To: Tanya Rohauer/HOU/ECT@ECT
cc:
Subject: Fletcher Challenge/Apache Assignment

Per a conversation I just had with Saul Laureles, an attorney with
Chamberlain, Hrdlicka, who has been hired to assist Apache/Shell with the
assignment of the Fletcher Challenge business.  He said:

Fletcher Challenge would like to assign their petro business to Shell
Holdings for a short time (like one day or so).  Shell would then immediately
transfer the agreement/transactions to Apache.  He proposes we get a new
master in place with Apache, since Apache is a better credit than Fletcher
Challenge.  He said he will send me some letter showing how he would like to
do this, along with a draft Apache ISDA (without collateral, of course, since
Apache is such a good credit).  I told him that I can't speak for Credit, but
we probably are going to have a big problem on that last point.  We never
enter into masters without a collateral annex attached.

I'll keep you posted when I hear from him.


On 11/1/00, FERC Staff issued reports on its Investigation of Bulk Power
Markets in the Eastern Interconnection.  These reports were the result of a
Commission order earlier this summer.  Enron's Federal regulatory staff
(Christi, Charles Yeung, and Sarah Novosel) provided a great deal of
information for this investigation and Joe Hartsoe and Donna Fulton discussed
many of the problems with the grid with the new head of Staff, Scott Miller
(who recently joined FERC from PG&E Gen).    While the Commission is under no
obligation to take any of Staff's recommendations, the Commission typically
looks to Staff for guidance on transmission and market issues.  Importantly,
Staff concludes that the Commission should consider these options for the
Southeast and Midwest -- all of which Enron has been asking FERC to implement
for several years:

Reduce the advantages of network service over point to point service by
requiring that native load be served under the same tariff as other
transmission services to eliminate the current incentives that VIUs have to
favor their native load through the calculation of ATC and handling of
interconnection requests.

While the Staff Hotline is used productively, the Commission can direct Staff
to conduct formal investigations into entities that have a pattern of
complaints.

The Commission could require TPs to submit tariff provisions containing a pro
forma interconnection process specific to interconnection, rather than simply
relying on the Tennessee Power order that utilizes the OATT timelines and
procedures.

Require TPs to retain real-time transmission data on market functions
pertaining to daily load, internal generation to meet that load, and imports
and exports.

RTOs should submit the basis and methods for calculating ATC and TTC, as well
as standardized criteria for curtailment.  In addition, since even such
standardized criteria might not "get to the root of the problem" -- that
control area still control generation -- the Commission could require that
each RTO set a date certain by which it will create one control area.
Regardless of the implementation of these two options, the Commission could
standardize ATC and TTC methodology.

Staff finds that while electricity is a commodity with market characteristics
similar to many other commodities, it is still viewed as "different," with a
reaction of price caps.  Staff encourages that basic decisions about the
regulatory model be made in order to complete the transition from a
traditional cost-of-service model to a model that uses markets to price the
commodity and services.

DETAILS  (Also, the reports contain good summaries of the generation,
transmission, state retail, federal reg. and other issues for the region):

Midwest:  The Midwest is dominated by vertically integrated Transmission
Providers ("TPs") that control transmission, generation and load.  "As such,
they have weak economic incentives to provide access to transmission service
to third-parties and strong incentives to favor their own services."  Staff
received numerous complaints; however, due to the lack of information
available from TPs, Staff cannot conclude whether these are isolated
incidents or wide-spread.  At the very least, the complaints indicate a lack
of confidence in the bulk power market and the ability of market participants
to rely on transmission access, thus harming the liquidity of the market.

TLRs are the most important transmission issue in the Midwest, with an
"enormous" increase in 2000.  The region showed a decline in peak load from
1999 to 2000 and a growth in new generation since the 1998 price spikes.
Even though there was an increase in generation and mild weather with
virtually no price spikes, TLRs climbed to record numbers.  The TLRs were
highly concentrated:  only 5 flowgates account for 41% of ECAR TLRs and
another 5 flowgates in MAIN account for 42% in that region.  Notably, even
though the NERC procedures for Level 3 TLRs mandate transaction curtailment,
78 of the 191 TLRs in the Midwest do not show any curtailment amount.  The
total amount of relief that these curtailments are intended to produce are
not posted.  Staff notes that TLR rules are established by NERC, whose
procedures are voluntary and not enforced by penalties.  While the Commission
has required certain NERC standards and procedures to be placed in Open
Access Transmission Tariffs ("OATT") where the Commission has the power to
enforce provisions under the Federal Power Act, in practice the Commission
has generally deferred to NERC on transmission reliability questions,
including the propriety of TLRs.

TLRs inhibit optimal functioning of the transmission system and market
because load is not served by the least cost supplier.  TLR procedure is an
inefficient instrument in mitigating constraints -- curtailment by fiat.  In
addition, the NERC IDC can result in inappropriate curtailments or increased
loading on the affected flowgate.  The impact could be mitigated by one
control area per RTO.

Staff notes that the Midwest state commissions did not petition FERC for
price caps following the 1998 price spikes.  Some market participants believe
that the absence of price spikes is the single reason that NUG construction
increased in the Midwest.

Market participants must keep track of, and follow, a plethora of information
in order to make energy deals, submit reservations and provide schedules for
service.  Staff received many complaints about barriers to transmission
access, including TLR curtailments and a lack of standardized information and
protocols, particularly for ATC and interconnection requests, and
discriminatory conduct.  Unbelievably, key data was unavailable to Staff,
such coincident peak load data, system-wide snap shots for days when TLRs
were called, and import/export data.  This lack of data creates a market
inefficiency, because neither market participants nor regulators can fully
analyze market conditions in real time.  As such, the market is risk adverse,
eschewing long-term deals for short-term transactions.  Staff also noted that
because the Security Coordinators often work for the IOU, there is a mixed
incentive to enforce reliability on the grid and maximize profit for the
IOU.  (Staff cites Richard Tabors' paper, "Transmission Markets, Stretching
the Rules for Fun and Profit.")

Staff cites the lack of information on OASIS or on the NERC web site,
particularly about real time TLRs and curtailments.  Examples were provided
to Staff of transmission refusals when there were no TLRs posted and improper
implementation of TLRs causing substantial financial loss.

The currently proposed Midwest RTOs may mitigate some problems; however, all
three retain existing control areas with the favortism for generation and
native load.  These incentives will continue to remain until the RTO
exercises complete autonomy over transmission control and security
coordinator functions.  Staff notes that the Midwest is a balkanized region
of 61 control areas with no uniform method for calculating ATC and CBM.  The
result is that ATCs can be different on 2 different sides of an interface.
Staff notes examples in inaccurate ATCs and states that Staff's own ATC audit
this summer was consistent with market participant complaints.  Staff is
weighing follow-up options.  The result of these problems is a lack of
liquidity.

Staff next noted the problems with unfiled "business practices," especially
on the next hour market.  Staff's audit of OASIS sites revealed several areas
of non-compliance.

Information transparency is necessary for a market to function efficiently,
with equal and timely access to data, including ATC, CBM, TRM, and load flow
input data.  TPs have incentives to resist efforts to make this information
transparent because of native load.  This incentive will still exist under
RTOs if utilities are allowed to calculate their own ATC.  ***  "As a
consequence, the Commission may wish to eliminate the native load exemption
and have all transactions under the same tariff."  ***  The Commission could
benefit by having access to existing transmission data and should require the
TPs to retain data, including current real-time network status.

Interconnection Issues:  IPPs need to be compensated for VAR support.  Also,
Staff cites a number of Hotline complaints about TPs seeking large deposits
or failing to complete System Impact Studies timely.  One solution is to have
the RTO handle this function to eliminate the disincentive the utilities have
against IPPs.  The current practice of requiring IPPs to deal with a wide
variety of procedures inhibits the free flow of transactions within the
region.

Network service has inherent advantages over point-to-point, citing the
Entergy source and sink order.  The Commission has relied on "passively"
receiving informal and formal complaints to determine if discriminatory
behavior has occurred rather than actively canvassing market participants.
While Staff cannot conclude that discriminatory practices are widespread,
there is evidence of discriminatory instances.

Southeast:  The traditional vertically integrated utility ("VIU") model has
largely persisted in the SE.  This continued control has vastly reduced the
economic incentives to facilitate IPP activities.  In many cases, the VIUs
have dampened IPP involvement without violating any Commission regulation due
to the inherent flexibility of the current rules.

Staff cites examples of delays in performing system impact studies,
transmission hoarding in the name of serving native load growth and
manipulation of ATC.  TPs have shown little inclination to improve the
transmission system and use many TLRs.

There is also a lack of market information that has stymied the development
of markets in the SE.  ATCs change constantly that leads to uncertainty and
there is no clearinghouse for electric power prices.

TVA, despite having taken steps to participate in reformed markets, has acted
as a bulwark against the development of competitive energy markets in the
SE.  This is significant because of TVA's size and location.  IPPs have
reported TVA's discouragement of siting in TVA through excessive time to
perform studies, excessive fees, and rejection of requests to perform
interconnection studies.

In addition, Staff cites the Florida Sup. Ct. decision against merchant
plants as significantly impeding the competitive market in Florida.

Staff discusses the significant flow of power from the Midwest to the SE this
summer.  Much of this resulted from the import of cheaper coal power, than
the use of gas fired peakers due to higher gas prices.  Peak prices were
radically lower this summer because utilities appear to have been better
prepared for peak events through the use of forward contracts, increased
generation capacity on line and reduced number of forced outages.

SE utilities reported that they have not used market-based rates to
extensively increase sales.  (Less used than in the midwest.)

The SE region lacks information, which has retarded the Staff's efforts to
discern the truth about the numerous complaints about transmission in the SE
(including ATC and TLRs).  Market participants seem to have less confidence
in the SE market than in any other market region.  This appears to be
justified based on Staff's investigations.  This lack of confidence
discourages investment and participation in the markets.  Staff concludes
that the Commission may need to be more prescriptive in terms of how
transmission is allocated in the SE RTOs, since there are market concerns
that the incumbents will continue to dominate operations.  The investigation
found numerous problems in bad ATCs and TTCs and poor OASIS postings.  In
addition, several OASIS audit logs actually erased historical data.  Staff
thinks that additional affiliate transaction information should be posted.
Staff could not obtain summer demand data and the Commission's lack of
jurisdiction over TVA made it difficult to obtain transmission access
information.

The Staff investigation revealed unclear interconnection procedures and lack
of adherence to schedules and arbitrary cost estimates and deposits.  In
addition, the TPs have reserved a huge amount of network transmission
capacity, much of it reserved shortly after the IPP approached the TP to
interconnect.  Staff cites the recent Skygen order in which Southern denied
Skygen's request for transmission stating that the only option was the
construction of an 80 mile 500 kv line that would take 8 years to complete.
Staff solutions include allowing network requests by IPPs and limiting
self-build capacity in the incumbent's territory.

ATC variations are a big problem in the SE.  SERC coordination of a
standardized ATC is a long process and may not be resolved soon without
direction from the Commission.  An improved method and improved communication
are needed.

The SE experienced a 354% increase in TLRs this summer.  This increase raises
the issue of whether curtailment has become an impediment to the competitive
operation of the market in the SE.  Staff cites information provided by
Charles Y. that an Ameren TLR was not implemented according to NERC
criteria.  Staff also wonders if transmission is being oversold since TPs do
not generally refund transmission revenues when TLRs are implemented.  RTOs
must have a broad geographic area to internalize much of the constraints.  In
addition, RTOs will adopt pricing mechanisms that obviate recourse to TLRs.
However, if control areas are retained, VIUs will retain mixed incentives.

*** As noted in the Midwest report, the manner in which load is calculated
weighs heavily on the value of this information.  This is an issue that the
formation of RTOs may not resolve.  Eliminating native load exceptions -- ie,
treating all load equally -- and placing all transactions under the same
tariff may be an option that provides the right incentives for the provision
of transparent and standardized information.

Finally, Staff describes specific problems with TVA and FP&L, TVA is a
"problem area" for the Eastern Interconnect grid.  TVA is a transmission
bottleneck due to the many TLRs called this summer.  The current federal law
and lack of Commission jurisdiction are impediments to the development of
deep and robust power markets in this area.  TVA simply has no strong
incentive to provide effective and efficient transmission service.  In
addition, the Commission does not have full information on TVA.  Staff lists
a number of complaints against TVA, including unjustifiably increasing the
tag deadline and allowing TVA Marketing, but not others, to sink and park
power.  Staff concludes that recent proposals by TVA to enhance the
development of markets and its system do not appear to have great potential.

A Staff audit of FP&L revealed violations of standards of conduct, including
confidential information on FP&L's transmission system (including interchange
information for other entities) posted on EMS systems that were available to
FPL's merchant function.  Staff's report found that FP&L does not have an
established procedure for review of EMS to ensure that information is not
displayed in error.  It is "up to individual Managers discretion."  ((FRCC
web site report dated 9/8/00)).  Violations such as these undermine
competition.

The reports are attached below.

 - southeast.pdf
 - midwest.pdf


Dammit Jenkins, don't even joke about stuff like that!  If the market ever
realized that I worked here, the stock would go down $10!!!  You think Lay is
taking the first step toward Sec. Treas. in the new Bush admin???  That's the
rumor I heard a month ago.  Hope all goes well for you in sunny hotlanta.
Its 5 below zero here today so your whole Georgia good ole' boy lifestyle
thing sounds pretty attractive.  AMF  DF

"Alan Jenkins" <ajenkins@lanlaw.com> on 12/13/2000 04:35:48 PM
To: dhill@bspmlaw.com, Dhooker@caes.net, dfossum@enron.com
cc:

Subject: Fossum news rocks Enron stock

I trust you guys saw this on the wires today:

Enron's stock was off $3-3/16 or 4.1 percent in afternoon trading at $74,
following an announcement that Jeff Skilling will become its new chief
executive officer on Feb. 12. An analyst, who asked not to be named, said
that it had been widely assumed that Drew Fossum would be named CEO;
therefore, the company's stock traded lower on the news.


Per your request...


Jeff,

Looks great! Minor grammatical edits only. See attached.

?

?

? Jeff.Dasovich@enron.com wrote:

OK, last call for comments. Need them by noon. I'll bring copies to class
for everyone, including Ms Tasker.

Best,
Jeff
(See attached file: case 3--Timberland Final Draft.doc) > ATTACHMENT part 2
application/msword name=case 3--Timberland Final Draft.doc

Do You Yahoo!?
Yahoo! Auctions - Buy the things you want at great prices!
 - Dasovich_case 3_Timberland Final Draft.doc


Greg,

Attached for your further handling is the revised Interconnect Agreement b/n
HPL and RNP.

Thanks,

Eric Gillaspie
713-345-7667
Enron Building 3886


I am trying to put together a reference sheet for important power trading numbers and conversions.  This will be used as part of a training course put on by Jon Koomy.  For example:
8760 hours per year.
On Peak hours are roughly 56% per year and off peak hours are roughly 44% per year.
One natural gas futures contract contains 10,000 MMBtu's

Please help me with this exercise.  Think about what number you use everyday and write them down for me by the end of Monday.

Thanks.


Please ignore this message.  Rhett is handling.  Thanks.  SS
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 09/29/99 06:54
PM ---------------------------

Sara Shackleton
09/29/99 06:19 PM
To: Stephen H Douglas/HOU/ECT@ECT, Morris Richard Clark/HOU/ECT@ECT
cc:
Subject: Fwd:Schedule to the Master Agreement/ Barclays/ ISDA

This is an ECM deal which is supposed to fund Thursday, Sept. 30.  Would
someone please review the tax rep modifications?  We just received the
attached at 5:45 pm this evening.  Thanks.  SS
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 09/29/99 06:17
PM ---------------------------

"Loan-Anh Tran Kao" <lkao@mayerbrown.com> on 09/29/99 03:56:33 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Fwd:Schedule to the Master Agreement/ Barclays/ ISDA

Loan-Anh Tran Kao
Mayer, Brown & Platt
(713) 547-9684

____________________Forward Header_____________________
Subject:    Schedule to the Master Agreement/ Barclays/ ISDA
Author: Loan-Anh Tran Kao
Date:       9/29/99 3:47 PM

Per Quan Vu's request, attached is the revised Schedule to the Master
Agreement
marked against the version distributed by Enron.  Also attached is a clean of
the same.

Please call me if you would like to discuss the changes as Quan will be at
Enron
for the rest of the afternoon.

Regards.

Loan-Anh Tran Kao
Mayer, Brown & Platt
(713) 547-9684

 - 24377038.WPD
 - 24376908.WPD


- MVC-005F.JPG
 - MVC-002F.JPG
 - MVC-003F.JPG
 - MVC-004F.JPG
 - MVC-001F.JPG


Do you do expense reports and have not taken the training?

Expense Management System (XMS) - Cost: $135
         June 4th		8:30am-11:30am	EB564
June 19th	1:00pm-4:00pm		  EB564

The Expense Management System (XMS) is a tool used to electronically submit your expense report for approval and payment through the Enron Intranet. It is user friendly, accurate and less labor intensive for you and the accounting staff.  This system will help you report your travel and entertainment expenses.

You will learn how to:
E	Create New Expense Reports
E	Enter Cash Expense Receipts
E	Adding Company Card Entries
E	Enter Personal Car Mileage
E	Foreign Currency Translation
E	Reimbursement Method
E	Designating your Approving Manager
E	Designating your Administrative Assistant
E	Submitting Your Expense Report
E	Reviewing your Expense Report
E	And Much More...

Please login and enroll through the InvestInMe website, http://www.corptraining.com/index.cfm?company=enron.  If you have any questions, please call 713 853-1816.


---------------------- Forwarded by Sandra F Brawner/HOU/ECT on 01/17/2001
03:28 PM ---------------------------

"Pamela Anderson" <pama9@flash.net> on 01/17/2001 01:59:09 PM
To: "Sandra Brawner" <Sandra.F.Brawner@enron.com>
cc:
Subject: Fw: IT'S GOOD TO BE A MAN

Sandra,
I think you will enjoy this one.  I can see you giggling right now.
Pam
----- Original Message -----
From: Sue Caldwell <sue@mbainsurance.net>
To: Pam Anderson <Pama9@flash.net>
Sent: Wednesday, January 17, 2001 12:54 PM
Subject: Fw: IT'S GOOD TO BE A MAN

>
> ----- Original Message -----
> From: "Steve Tietjen" <stasports@mindspring.com>
> To: "Abbey Lynch" <klynch@flyfrontier.com>; "Brenda & Don Ott"
> <b&dott@onemain.com>; "Cal & Lisa" <tacoma@iws.net>; "Debbie Kerinke"
> <dkerinke@ddrcco.com>; "Diane JENSEN" <dejensen@qwest.net>; "Ed & Jan
> Boykin" <edjanboykin@aol.com>; "Frank Stasko" <fstasko@4dvision.net>;
"Kelly
> Lynch" <klynch@flyfrontier.com>; "Kenney Turnbaugh"
<xbananasx@hotmail.com>;
> "Leslie Freedman" <lafreedman@uswest.com>; "Marty Scott"
> <user21275@uswest.net>; "Sandee DeVore" <sandraDV@aol.com>; "Steve Wilbur"
> <swejon@uswest.net>; "Sue" <sue@mbainsurance.net>; "Terry Lackey"
> <twlackey@aol.com>
> Sent: Wednesday, January 17, 2001 11:20 AM
> Subject: FW: IT'S GOOD TO BE A MAN
>
>
> >
> >
> > > IT'S GOOD TO BE A MAN
> >
> > > > >Your last name stays put.
> > > > >The garage is all yours.
> > > > >Wedding plans take care of themselves.
> > > > >Chocolate is just another snack.
> > > > >You can be president.
> > > > >You can wear a white T-shirt to a water park.
> > > > >Car mechanics tell you the truth.
> > > > >You don't give a rat's ass if someone notices your new haircut.
> > > > >Same work...more pay.
> > > > >Wrinkles add character.
> > > > >Wedding Dress $5,000; Tux rental $100.
> > > > >People never stare at your chest when you're talking to them.
> > > > >New shoes don't cut, blister, or mangle your feet.
> > > > >One mood, ALL the damn time.
> > > > >A five-day vacation requires only one suitcase.
> > > > >You can open all your own jars.
> > > > >You can kill your own food.
> > > > >You get extra credit for the slightest act of thoughtfulness.
> > > > >Your underwear is $8.95 for a three-pack.
> > > > >Three pairs of shoes are more than enough.
> > > > >You can drop by to see a friend without having to bring a little
> gift.
> > > > >If another guy shows up at the party in the same outfit, you just
> might
> > > > >become lifelong friends.
> > > > >You are not expected to know the names of more than five colors.
> > > > >You don't have to stop and think of which way to turn a nut on a
> bolt.
> > > > >You almost never have strap problems in public.
> > > > >You are unable to see wrinkles in your clothes.
> > > > >The same hairstyle lasts for years, maybe decades.
> > > > >You don't have to shave below your neck.
> > > > >One wallet and one pair of shoes, one color, all seasons.
> > > > >You can "do" your nails with a pocketknife.
> > > > >You have freedom of choice concerning growing a mustache.
> > > > >Christmas shopping can be accomplished for 25 relatives on December
> > > > >24th, in 45 minutes.
> > > > >
> > >
> > >
> >
> >
> >
> > -
> >
>
>


Stephanie -

We are ready to finalize the Caminus NDA.  The change reflected in the attached is acceptable.  Please finalize when you have a chance.

Thanks.

Mark

-----Original Message-----
From: Allario, John
Sent: Monday, November 12, 2001 11:18 AM
To: Greenberg, Mark
Cc: Jones, Tana; Panus, Stephanie
Subject: FW: meeting & NDA

Mark

Caminus took out reference to EOL.   Would this be too broad?   How can we accommodate their wishes below?
-john

-----Original Message-----
From: Masiello, Ralph [mailto:ralph.masiello@caminus.com]
Sent: Monday, November 12, 2001 10:44 AM
To: Allario, John
Subject: RE: meeting & NDA

Our attorney was fine with the NDA except that by restricting it to
information about the Enron On Line website, it would not cover material
which Caminus might disclose to you in that meeting.

Here it is back with a simple change to make it symmetric


The following servers will be coming down, please click on the icon for more
details and scheduled times :

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

          SYSTEM OUTAGE NOTIFICATION

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

FOR:  PR4 - Apollo B2B Production (SPR4DB00)

Outage Start: (CST) 10/9/2000 at 08:00:00 PM

Outage End: (CST) 10/9/2000 at 08:30:00 PM

Outage Abstract:  The Production B2B system will be shut down and restarted
at 8pm to resolve errors relating to dropped sessions.

Outage Description: The Production B2B system will be shut down and restarted
at 8pm to resolve errors relating to dropped sessions.

Outage Implication: Production B2B activities will not be possible during the
outage.

Contact Name:Paul Calvino   #:  800-383-3929


Ludmila,

Skontaktowalem sie z autorem ksiazki i obiecal mi wyslac  ja
na moj adres.

Wicek

Ludkam@aol.com on 01/30/2001 01:31:45 AM
To: vkamins@ect.enron.com, VKaminski@aol.com
cc:
Subject: Ksiazka do zamowienia w Polsce

Wicku, rozmawialam z Jadzia, pytala sie, czy pamietales wyslac e-mail do
Marysi na temat ksiazki, ktora chcesz zeby kupila dla ciebie. Martwi sie, ze
myslisz, ze nie chce tego zrobic, ?Marysia sparawdza e-mail codziennie i nic
od ciebie nie ma. Trzymaj sie, chodz spac wczesniej etc. L.


deep six?

 -----Original Message-----
From: 	Denne, Karen
Sent:	Thursday, October 11, 2001 4:35 PM
To:	Dasovich, Jeff
Subject:	RE: Conversation w/Jerry Hirsch of LA Times

deep sleep?

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Thursday, October 11, 2001 4:00 PM
To:	Denne, Karen
Subject:	RE: Conversation w/Jerry Hirsch of LA Times

given the mess out here, and how long it's been going on, howzabout "deep therapy?"

 -----Original Message-----
From: 	Denne, Karen
Sent:	Thursday, October 11, 2001 1:57 PM
To:	Dasovich, Jeff
Subject:	RE: Conversation w/Jerry Hirsch of LA Times

how about deep pocket??  you're too cute! :-) kd

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Thursday, October 11, 2001 12:43 PM
To:	Denne, Karen
Subject:	RE: Conversation w/Jerry Hirsch of LA Times

deepthroat is rather provocative, don't you think?

Hey, whatever you're doing, keep it up!  I don't know how you moved the stock from 24 to 37, and I don't care.  Keep it up!

Best,
Jeff

 -----Original Message-----
From: 	Denne, Karen
Sent:	Thursday, October 11, 2001 12:42 PM
To:	Dasovich, Jeff
Subject:	RE: Conversation w/Jerry Hirsch of LA Times

so YOU'RE the unnamed source.  Should we call you Deepthroat?  :-) kd

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Thursday, October 11, 2001 12:37 PM
To:	Kean, Steven J.; Shapiro, Richard; Denne, Karen; Palmer, Mark A. (PR); Kaufman, Paul; Mara, Susan; Steffes, James D.
Subject:	Conversation w/Jerry Hirsch of LA Times

FYI.  Hirsch apparently is a business reporter for the Times who got my name from people.  He's doing a story about the contracts.  Something like "they bought way too much for too high a price.  Now what?"  I told him that I would talk to him under the following conditions:

No attribution to Enron specifically
No attribution of the "unnamed sources" sort, "industry sources" or sort, etc.
If, when the story's further along, he wants to try to get a quote from us, I'd put him in touch with our PR folks.

We talked generally about DWR, the CA Power Authority, the contracts, the Edison deal with the PUC, etc.

More specifically, he asked me "are there any alternatives to deal with this mess."  I outlined the following proposal, which we've talked about internally, and which we've been quietly shopping behind the scenes.  I did not bring up the "green only" DA for small customers piece of the proposal (slipped my mind).

I also gave him names of other folks I thought he should talk to.  He said he might get back to me.  If he calls back, I'll let you know.

Please let me know if anyone has any concerns 1) about talking to him on a backgound only basis, and/or 2) the proposal outlined below. Thanks.

Best,
Jeff

**********************************************************************************************************
 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Tuesday, October 09, 2001 10:53 AM
To:	Shapiro, Richard; Steffes, James D.; Mara, Susan
Subject:

Rick:
Based on your voicemail, here's a quick-and-dirty synopsis of a proposal that I've been quietly discussing with a select few out here in California (e.g., John White, large customers).  It could include more bells and whistles, but the intent of this proposal is to get DA back as soon as possible.
**************************************************************************

Reduce DWR L-T contract volumes by at least 33-50%
To "back fill" increase in net-short created by contract reformation, permit noncore customers (20 KW and above) to elect to go DA to fill the position
DA provides a significantly more efficient hedge against price volatility than DWR contracts
Election is first-come, first-serve, capped at the aggregate net short position
Customers decision to go DA will constitute a 3-year commitment to stay DA (i.e., can't go back to IOU for 3 yrs; must stay in the market)
If a net short position remains after noncore customers have elected DA (i.e., not enough elect to fill the net short), then the IOUs will hold an auction to fill the net short
The auction would seek a portfolio of 3 month, 6 month, 1 year and 3 year deals (both peak and off-peak) to fill the net short.
Noncore customers choosing DA would not escape costs of DWR power consumed when the customer was receiving utility service (i.e., prior to electing DA)
Likewise, if the noncore customers choosing DA was a utility customer during the period when the utility accured its "undercollection," (i.e., when wholesale prices exceeded the retail cap), the customer would not escape those costs by virtue of electing DA status
Noncore customers would not bear responsibility for recovery of DWR L-T contracts.
Potential add-on to deal:  Core customers (less than 20 KW) could choose "green only" DA, but, like, noncore customers could not escape costs for which they are responsible.


No changes.
 -----Original Message-----
From: 	Peng, Gary
Sent:	Wednesday, October 24, 2001 8:50 AM
To:	Cheek, Charles; Eickenroht, Robert; Sanders, Richard B.; Sommers, Jeffrey E.; Howes, Carol
Cc:	Rogers, Rex
Subject:

Find below the Litigation and Other Contingencies footnote from the the June 30, 2001 Form 10-Q.  Please update the section of the disclosure for which you are responsible for inclusion in the third quarter 2001 Form 10Q .  Also, please let me know if there are any new items that should be considered.

Please respond no later than Monday October 29.

Thanks,

Gary
3-6841

3.  Litigation and Other Contingencies

Litigation
	Enron is a party to various claims and litigation, the significant items of which are discussed below.  Although no assurances can be given, Enron believes, based on its experience to date and after considering appropriate reserves that have been established, that the ultimate resolution of such items, individually or in the aggregate, will not have a material adverse impact on Enron's financial position or results of operations.

	In 1995, several parties (the Plaintiffs) filed suit in Harris County District Court in Houston, Texas, against Intratex Gas Company (Intratex), Houston Pipe Line Company and Panhandle Gas Company (collectively, the Enron Defendants), each of which is a wholly-owned subsidiary of Enron.  The Plaintiffs were either sellers or royalty owners under numerous gas purchase contracts with Intratex, many of which have terminated.  Early in 1996, the case was severed by the Court into two matters to be tried (or otherwise resolved) separately.  In the first matter, the Plaintiffs alleged that the Enron Defendants committed fraud and negligent misrepresentation in connection with the "Panhandle program," a special marketing program established in the early 1980s.  This case was tried in October 1996 and resulted in a verdict for the Enron Defendants.  In the second matter, the Plaintiffs allege that the Enron Defendants violated state regulatory requirements and certain gas purchase contracts by failing to take the Plaintiffs' gas ratably with other producers' gas at certain times between 1978 and 1988.  The trial court certified a class action with respect to ratability claims.  On March 9, 2000, the Texas Supreme Court ruled that the trial court's class certification was improper and remanded the case to the trial court.  The Enron Defendants deny the Plaintiffs' claims and have asserted various affirmative defenses, including the statute of limitations.  The Enron Defendants believe that they have strong legal and factual defenses, and intend to vigorously contest the claims.  Although no assurances can be given, Enron believes that the ultimate resolution of these matters will not have a material adverse effect on its financial position or results of operations.

	On November 21, 1996, an explosion occurred in the Humberto Vidal Building in San Juan, Puerto Rico.  The explosion resulted in fatalities, bodily injuries and damage to the building and surrounding property.  San Juan Gas Company, Inc. (San Juan Gas), an Enron affiliate, operated a propane/air distribution system in the vicinity, but did not provide service to the building. Enron, San Juan Gas, four affiliates and their insurance carriers were named as defendants, along with several third parties, including The Puerto Rico Aqueduct and Sewer Authority, Puerto Rico Telephone Company, Heath Consultants Incorporated, Humberto Vidal, Inc. and their insurance carriers, in numerous lawsuits filed in U.S. District Court for the District of Puerto Rico and the Superior Court of Puerto Rico.  These suits seek damages for wrongful death, personal injury, business interruption and property damage allegedly caused by the explosion.  After nearly four years without determining the cause of the explosion, all parties agreed not to litigate further that issue, but to move these suits toward settlements or trials to determine whether each plaintiff was injured as a result of the explosion and, if so, the lawful damages attributable to such injury. The defendants agreed on a fund for settlements or final awards. Numerous claims have been settled and ten cases involving 19 plaintiffs are scheduled for trial in the United States District Court beginning on December 10, 2001.  No cases have yet been scheduled for trial in the Superior Court.  Although no assurances can be given, Enron believes that the ultimate resolution of these matters will not have a material adverse effect on its financial position or results of operations.

	Trojan Investment Recovery.  In early 1993, Portland General Electric (PGE) ceased commercial operation of the Trojan nuclear power generating facility.  The Oregon Public Utility Commission (OPUC) granted PGE, through a general rate order, recovery of, and a return on, 87 percent of its remaining investment in Trojan.

	The OPUC's general rate order related to Trojan has been subject to litigation in various state courts, including rulings by the Oregon Court of Appeals and petitions to the Oregon Supreme Court filed by parties opposed to the OPUC's order, including the Utility Reform Project(URP) and the Citizens Utility Board (CUB).

	In August 2000, PGE entered into agreements with the CUB and the staff of the OPUC to settle the litigation related to PGE's recovery of its investment in the Trojan plant.  Under the agreements, the CUB agreed to withdraw from the litigation and to support the settlement as the means to resolve the Trojan litigation.  The OPUC approved the accounting and ratemaking elements of the settlement on September 29, 2000.  As a result of these approvals, PGE's investment in Trojan is no longer included in rates charged to customers, either through a return on or a return of that investment.  Collection of ongoing decommissioning costs at Trojan is not affected by the settlement agreements or the September 29, 2000 OPUC order.  With the CUB's withdrawal, the URP is the one remaining significant adverse party in the litigation.  The URP has indicated that it plans to continue to challenge the settlement and the original OPUC order allowing PGE recovery of and a return on its investment in Trojan.

	Enron cannot predict the outcome of these actions.  Although no assurances can be given, Enron believes that the ultimate resolution of these matters will not have a material adverse effect on its financial position or results of operations.

Other Contingencies
	Environmental Matters.  Enron is subject to extensive federal, state and local environmental laws and regulations.  These laws and regulations require expenditures in connection with the construction of new facilities, the operation of existing facilities and for remediation at various operating sites.  The implementation of the Clean Air Act Amendments is expected to result in increased operating expenses.  These increased operating expenses are not expected to have a material impact on Enron's financial position or results of operations.

	Enron's natural gas pipeline companies conduct soil and groundwater remediation on a number of their facilities.  Enron does not expect to incur material expenditures in connection with soil and groundwater remediation.

	Developments in the California Power Market.  During 2000, prices for wholesale electricity in California significantly increased as a result of a combination of factors, including higher natural gas prices, reduction in available hydroelectric generation resources, increased demand, over-reliance on the spot market for electricity and limitations on supply.  California's regulatory regime instituted in 1996 permitted wholesale price increases but froze retail prices below market levels.  The resulting disparity between costs of supply and customer revenues caused two of California's public utilities, Pacific Gas & Electric Company (PG&E) and Southern California Edison Company (SCE), to accrue substantial unrecovered wholesale power costs and certain obligations related to the difference between third party power purchase costs and frozen rates charged to retail customers.  PG&E and SCE have defaulted on or are challenging payments owed for certain outstanding obligations, including wholesale power purchased through the California Power Exchange (the Power Exchange), from the California Independent System Operator (the Independent System Operator), and from qualifying facilities.  In addition, PG&E and the Power Exchange each have filed a voluntary petition for bankruptcy.

	Various legislative, regulatory and legal remedies to the energy situation in California have been implemented or are being pursued, and may result in restructuring of markets in California and elsewhere.  Additional initiatives are likely at the Federal, state and local level, but it is not possible to predict their outcome at this time.

	Enron has entered into a variety of transactions with California utilities, the Power Exchange, the Independent System Operator, end users of energy in California, and other third parties, and is owed amounts by certain of these entities.  Enron has established reserves related to such activities and believes that the combination of such reserves in accounts receivables and other credit offsets with such parties are adequate to cover its exposure to developments in the California power market.  Due to the uncertainties involved, the ultimate outcome of the California power situation cannot be predicted, but Enron believes these matters will not have a material adverse impact on Enron's financial condition or results of operations.

	India.  Enron indirectly owns 50% of the net voting interest in Dabhol Power Company (Dabhol), which owns a 740 megawatt power plant and is constructing an additional 1,444 megawatt power plant together with an LNG regasification facility (collectively Phase II) in India.  Enron accounts for its investment in Dabhol under the equity method and the debt of Dabhol is non-recourse to Enron.  Dabhol has been in dispute with the Maharashtra State Electricity Board (MSEB), the purchaser of power from Dabhol, and the Government of Maharashtra (GOM) and the federal government of India (GOI), the guarantors of payments by the MSEB pursuant to the terms and conditions of the power purchase agreements (PPA) and the other project documents.  The contract disputes relate principally to (a) the failure by the MSEB to pay certain capacity and energy payments under the PPA, and the failure of the GOM and GOI to satisfy certain guarantee obligations under the project documents and (b) MSEB's statements that MSEB has "rescinded" the PPA and MSEB is therefore no longer bound by the PPA.  As a result of such disputes, the Phase II lenders have stopped funding the continued construction of Phase II and the construction contractors have terminated the construction contracts for non-payment.  There is no assurance that Dabhol will be able to resolve such disputes to its favor and to successfully collect on and to enforce any judgment or settlement.  However, Dabhol believes that the MSEB's actions are in clear violation of the terms of the PPA, and Dabhol intends to pursue all available legal remedies under the project documents.  As a result of these disputes, the 740 megawatt power plant is not being dispatched by MSEB.  Further, Dabhol has suspended construction activity on Phase II.  Enron does not believe that any contract dispute related to Dabhol will have a material adverse impact on Enron's financial condition or results of operations.


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Subject:	Mexico Executive Retreat, Presentation Summaries - CERA Report

Title: Mexico Executive Retreat, Presentation Summaries
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http://www.cera.com/eprofile?u=35&m=2959;

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As part of the Mexico Energy Advisory Service, CERA presents presentations from
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**end**

Follow above URL to access the presentation files.

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CERA Knowledge Area(s): Mexico Gas & Power

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Jason:  please hold off on hedge funds for the moment.  Paul may need to
rethink the provisions.  Sara