EDGAR Online's VC SECrets Newsletter
Editor: Tim Middleton, EDGAR Online Analyst
editor@edgar-online.com

VC SECrets contributors include EDGAR Online Analyst Tim
Middleton and Venture Capital Contributor Udayan Gupta.

Udayan covered the venture capital industry for more than
a decade as a senior writer for The Wall Street Journal.
He is the author of the forthcoming book "Done Deals" (Harvard
Business School Press, 2000), an inside story of the venture
capital industry.

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*** To the Editor***
----------------------------------------
Stock Option Dangers Overstated by the New York Times

Tuesday's (June 13) New York Times featured an extensive
article on the dangers of stock options: "The Hidden Cost
of Stock Options May Soon Come Back to Haunt." As the Times
pointed out, options carry significant costs, especially in
a declining or stagnating stock market. How? Companies must
buy back millions of their own shares to offset the stock
they have dispensed to employees at much lower prices in
options programs. The rationale being that if companies did
not repurchase their stock, there would be so many shares
on the market that the company's earnings, on a per-share
basis, would plunge.

Yes, the nation's largest 140 non-financial companies are
spending about 40% of their earnings on stock buy-back
programs. Yes, Dell and Microsoft spent several billions
dollars apiece last year in stock buyback programs. But in
reality, stock options are not as out-of-control as the New
York Times would have you believe.

Companies need to get shareholder approval for their stock
option grant pools. Institutional investors have been putting
the breaks on excess share dilution and greedy plans. Stock
options will continue to be great tax deals for both companies
and their employees. Without their attractiveness in a tight
job market, salaries would jump and with that inflation, then
interest rates, then economic downturn. We all need to root
for the continued appeal of options, even with its quirky
accounting treatment.

Look at the global spread of stock options. Many countries
now view options as the core of the U.S. economic expansion
and business spirit.

Companies must learn to stop pitching options as a "get rich
quick" scheme. Instead, they should stress the long-term value
of options for employees and the link between personal
performance, company goals, and stock options.

-- Bruce Brumberg is an attorney and the Editor-in-Chief of
myStockOptions.com, a new website that will be publicly
available soon.

----------------------------------------
***VC QUESTION OF THE WEEK***
----------------------------------------

QUESTION: How do I value options in a private company?

ANSWER: If your company is private, then you should look at
recent grants of options to new employees or at a recent
financing round. Typically, options are granted at fair market
value so you will be able to figure out the difference between
the exercise price of these recent grants and your exercise
price.  Remember, you  also need to consider the future growth
of the company, which is greater on a percentage basis for
private companies. Valuation of private company stock is much
more of an art than a science.

-- Bruce Brumberg, myStockOptions.com

*** USER NOTE: For public companies, EDGAR Online makes it
easy to find out more about stock option plans, option treatment
and executive compensation.  Here's how you can get started.

Go to http://www.edgar-online.com/fts/search.asp and type
"stock option" into the Search Text box.  You can further
narrow your search by entering "stock option granted" or
"stock option exercised."    You may also choose to limit
results by specifying a company (or ticker symbol) to explore,
(i.e. ticker symbol "DELL") or a form group.  Hint:  Companies
typically disclose stock option grant information in their Proxy
Form (DEF 14A or PRE 14A).

*** Advanced User Tip:  From the Search Text box, change
"stock options" to "stock options" <near/5> granted. NOTE:
the phrase "stock options" must be in quotes. Now you have
told EDGAR that you want to search all DELL documents in
which the phrase "stock options" is within 5 words of the
word "granted." Try changing the word "granted" to "exercised."
You may also modify the number of adjacent words. Try changing
5 to 20 to widen the scope of your search.

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\-----------------------------------------/

----------------------------------------
**VENTURE CAPITAL COMPANY PROFILE
----------------------------------------
by Udayan Gupta, Venture Capital Contributor

Biotech Startup Emerging as Leader in Memory Loss Treatment

By jogging the memory, Memory Pharmaceuticals Corp.
(http://www.memorypharm.com) hopes to become a major player
in the biotechnology business. By treating the symptom of
memory loss in diseases such as Alzheimer's and Parkinson's,
the Columbia University start-up could well become the next
industry star.

The population Memory is addressing is huge. Almost half
of all Americans over 85 suffer from Alzheimer's disease,
according to the Chicago-based Alzheimer's Association. And
by the year 2050, the number of Americans afflicted by
Alzheimer's is expected to rise to eight million - double the
number at the end of the 20th century.

Alzheimer's is a slow killer. It can take anywhere from three
to 20 years for a patient to die after being diagnosed, the
Association said. As a result, the cost to the healthcare
system of keeping an Alzheimer's patient alive and functional
can be extremely high. Companies that can help lessen the
impact of Alzheimer's are considered extremely valuable to
the healthcare system and the afflicted patient.

Memory is developing a unique drug-profiling platform to
create therapies for learning and memory-related disorders.
Called Cognostics, the platform identifies cell-based and
physiological assays in an effort to treat the symptoms of
mild to moderate dementia - inability to learn and memory
loss - caused by Alzheimer's, Parkinson's, and, potentially,
Down's syndrome and epilepsy. Cognostics identifies drugs
that treat the symptoms, not the disease itself.

Memory plans to develop drugs in-house, and to create others
through partnerships with major pharmaceutical companies.
Memory's larger goal, however, is to develop a product that
will curb or prevent memory loss in the greater population,
a potentially giant market considering the buying power of
the 83 million US baby boomers. It is a market that has not
gone unnoticed by others. Today, many other small companies,
such as American Biogenetic Sciences, Inc. (ABS),
NeoTherapeutics, Inc. (NEOT) and Helicon Therapeutics, and
large pharmaceutical firms, such as Pfizer Inc. (PFE), Shire
Pharmaceuticals Group plc (SHPGY), and Johnson & Johnson (JNJ)
are also looking for similar treatments. But Memory officials
believe that the competitors might become allies - especially
if the company can develop and test its platform first -
selling memory-enhancing drugs to graying populations worldwide.

The technology behind Memory is impeccable. Eric Kandel, a
professor at Columbia University's Center for Neurobiology
and Behavior, and Walter Gilbert, Harvard University professor
and Nobel laureate, started Memory in the mid '90's. Shortly
thereafter Axel Unterbeck, former head of CNS-Dementia
research at Bayer AG (BAYZY), joined as president and chief
scientific officer.  Columbia, which has an equity stake in
the privately-held firm, granted Memory exclusive rights to
develop Kandel's patents, in return for royalties.

The company is well backed.  It has received nearly $15
million in financing from venture capitalists such as Oxford
BioScience, VenRock Associates, HealthCare Ventures, Alta
Partners, and SR One. And it is aggressively pursuing corporate
partners that can provide capital and infrastructure support.

In an investment environment in which biotechnology has
once again regained investor confidence, and companies with
strong backers and technology are sought after, Memory
Pharmaceuticals is well worth watching.

Memory Phamaceuticals Corp.- Key Players

Venture Fund Investors:

Oxford Bioscience Partners
VenRock Associates
HealthCare Ventures LLC
Alta Partners
SR One Ltd.
Life Science Ventures
GIMV Investors

Principal Officers:

Robert S. Cohen  CEO and Director
Joanne M. Leonard  Vice President, CFO and Treasurer
Axel Unterbeck, Ph.D. President and Chief Scientific
Officer, Director, and Co-Founder

----------------------------------------
**VC SECTOR PROFILE ****
----------------------------------------

Network Infrastructure and Value-Added Services

Companies profiled:
Flashcom  (www.flashcom.com)
Intira Corporation (www.intira.com)
Jato Communications (www.jato.net)
Quantum Shift (www.quantumshift.com)
ThinkLink (www.thinklink.com)

Most venture capitalists believe in hedging their bets. So,
although they might focus on one broad industry segment,
they tend not to have too many portfolio companies that are
targeting the same customers or the same solutions. But there
are exceptions. The Mayfield Fund, one of the few funds that
continues to focus on computer technology and the life
sciences, is convinced that there is a burgeoning market for
network infrastructure and the value added services around
that infrastructure.

As DSL (Digital Subscriber Line) technology becomes more in
demand because of its ability to replace modems and T1 lines,
and IP (Internet Protocol) technology becomes a standard for
both data and voice transmission, companies that are providing
infrastructure support and value added services for these
technologies can build substantial businesses. And as service
and infrastructure providers these companies may prove to be
more real than many of the Internet shadowcatchers.

***************************
Flashcom  (www.flashcom.com)

Flashcom delivers high-speed DSL access to customers in 48
states through agreements with competitive local exchange
carriers. Additionally, the company has a multi-year agreement
with AT&T to access AT&T's Global Internet system using
AT&T's Managed Internet Service. By focusing exclusively on
DSL, Flashcom has become the leader in the space.

EDGAR INSIGHT: Flashcom filed an S?1 on May 12, 2000.

http://www.edgar-online.com/secrets.asp?d=A-1112437-0000892569-00-000385

NOTE: Before going public (i.e. selling shares on an exchange),
companies must file an S-1 form with the SEC. This extensive
document includes such information as risk factors, financials,
strategy, industry, management bios and more.

Venture Fund Investors:

Mayfield Fund
Communications Ventures
Intel Corporation

Principal Officers:

Richard Rasmus  President and CEO
M. Wayne Boylston  CFO

****************************************
Intira Corporation (www.intira.com)

Intira acts as an outsourcing resource for companies seeking
application hosting, hardware and software OS provisioning,
network connectivity and infrastructure support services.
Through data centers at its headquarters in Pleasanton, CA,
and in St. Louis and New York, and through its nationwide
broadband network of proprietary management services, the
company provides seamless infrastructure performance to
e-businesses, applications service providers and independent
software vendors.

Venture Fund Investors:

Mayfield Fund
Chase
Spectrum Equity
NEA

Principal Officers:

Bernie Schneider  CEO
David S. Boone  CFO
John Steensen  Vice President, Chief Technology Officer

****************************************
Jato Communications (www.jato.net)

Jato provides business grade DSL service to small and
medium-sized companies in secondary markets directly,
and through Internet service providers and value added
resellers. Business grade DSL has been proven to be faster
and more reliable than residential grade DSL and cable modems.

EDGAR INSIGHT: Jato filed an S-1 on December 23, 1999 and
filed a request to withdraw its S-1 May 12, 2000.

http://www.edgar-online.com/secrets.asp?d=A-1073715-0000912057-99-010533

Venture Fund Investors:

Mayfield Fund
Crest Communications Partners, L.P.
CEA Capital Partners USA, L.P.
ABN AMRO Capital (USA), Inc.
Access Technologies partners
Qwest Communications
Microsoft

Principal Officers:

Gerald K. Dinsmore  President and CEO
Terri Compton Executive Vice President and COO
William D. Myers Senior Vice President, Finance and
Strategic Planning, CFO
Rex A. Humston Senior Vice President, Engineering and
Chief Technology Officer

****************************************
Quantum Shift (www.quantumshift.com)
formerly MVX.com

On May 8, 2000, MVX.COM changed its name to QuantumShift
to better reflect the wide-ranging changes it is bringing
to the telecommunications industry. The company offers
businesses one-stop-shopping for telecommunications solutions
and implementation strategies. Through alliances with U.S.
-based and international companies, it provides an array of
communications services from local and long distance, to
frame relay and ISDN.

Venture Fund Investors:

Mayfield Fund
Texas Pacific Group
Francisco Partners

Principal Officers:

Scott Schaefer  President and CEO
Edward A. Brinskele Co-Founder and Chief Technology Officer

****************************************
 ThinkLink (www.thinklink.com)

ThinkLink is a telecommunications applications service
provider offering unified messaging. Users are assigned a
local number and an 800 number. All calls, faxes and emails
made to the user's home, office, or other locations can be
accessed by the user over the phone. The service can be bundled
and branded by ISPs, Internet portals, and other companies
who want to provide customers with the latest communication
technology.

Venture Fund Investors:

Mayfield Fund
Softbank Technology Ventures

Principal Officers:

David B. Ward  President and CEO

/----------ADVERTISEMENT--------------------
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reports, Daily wrap-ups and Weekly summaries of the IPO
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\-------------------------------------------/

----------------------------------------
**COMPANIES MENTIONED IN THIS ISSUE***
----------------------------------------

ABN AMRO Capital (USA), Inc.
Access Technologies partners
Alta Partners
American Biogenetic Sciences, Inc.
AT&T,
Bayer AG
BioScience
CEA Capital Partners USA, L.P.
Chase
Communications Ventures
Crest Communications Partners, L.P.
Dell
Flashcom
Francisco Partners
GIMV Investors
HealthCare Ventures
Helicon Therapeutics
Intel Corporation
Intira Corporation
Jato Communications
Johnson & Johnson
Life Science Ventures
Mayfield Fund
Memory Pharmaceuticals Corp.
Microsoft
MVX.COM
NEA
NeoTherapeutics, Inc.
Oxford Bioscience Partners
Pfizer Inc.
Quantum Shift
QuantumShift
Qwest Communications
Shire Pharmaceuticals Group plc
Softbank Technology Ventures
Spectrum Equity
SR One
Texas Pacific Group
The Mayfield Fund
ThinkLink
VenRock Associates

----------------------------------------
***PEOPLE MENTIONED IN THIS ISSUE***

Edward A. Brinskele
David S. Boone
M. Wayne Boylston
Robert S. Cohen
Terri Compton
Gerald K. Dinsmore
Walter Gilbert
Rex A. Humston
Eric Kandel
Joanne M. Leonard
William D. Myers
Richard Rasmus
Scott Schaefer
Bernie Schneider
John Steensen
Axel Unterbeck
David B. Ward

----------------------------------------
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----------------------------------------
Copyright 2000, EDGAR Online
http://www.edgar-online.com
-----------------------------------------
DISCLAIMER: The EDGAR Online report
contains observations of its editor
Tim Middleton, a consultant of EDGAR
Online and is for informational purposes
only.  These statements and expressions
are the sole opinions of Mr. Middleton and
EDGAR Online does not endorse nor
necessarily agree on such statements
and expressions.  Factual statements in
this report are made as of the date
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Nothing contained herein shall be deemed to be
recommendations to buy, hold or sell securities
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contained in this Report.
----------------------------------------


- 12-21-2001.xls


Well it got me here.  So we shall see.  For $350.00 is should be working.  Of
course the proof will be when I go home.  I am anxious to see how or if I
have any puddles.

Did you know today  is Nony's birthday?

I can not do lunch today, but lets take her out.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/24/2000
01:16 PM ---------------------------

Amy Aldous <aaldous@watarts.uwaterloo.ca> on 04/24/2000 12:11:18 PM
To: Vince.J.Kaminski@enron.com, David.Emanuel@Williams.com,
deng@isye.gatech.edu, cj@caminus.com, caom@qed.econ.queensu.ca,
wei@mgmt.utoronto.ca
cc:
Subject: Energy Derivatives Conference - Toronto, May 29

Details of the upcoming Energy Derivatives Conference are now posted at

http://www.arts.uwaterloo.ca/finance/edconf.htm

I look forward to receiving your papers by May 5.

Thank you,

Amy (for P.P. Boyle)

**************************************
Amy Aldous, Conference Co-ordinator
Centre for Advanced Studies in Finance
University of Waterloo
Waterloo, ON   N2L 3G1
Tel: (519) 888-4567 ext. 5728
Fax: (519) 888-7562
Email: aaldous@uwaterloo.ca
**************************************


Kaztex Energy Management, Inc.
N16 W23217 Stone Ridge Drive
PO Box 2226
Waukesha, WI 53187-2226
Phone 262-506-6600
Fax 262-506-6611

Patrice.L.Mims@enron.com wrote:

> Hey Jimbo,
>
> Good morning,
>
> Will you please send me your address and fax number, we're going to try and
> get some contracts sent our sometime real soon.
>
> Thanks
>
>     -----Original Message-----
>    From:   James Germain <jgermain@kaztex.com>@ENRON
>    Sent:   Wednesday, January 30, 2002 2:17 PM
>    To:     Patrice Thurston
>    Subject:  New Online System
>
>    Since your old trading system was known as "EOL", can I assume the new
>    one will be known as "UBSOL"
>
> **********************************************************************
> 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.
> **********************************************************************


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here is another good format for cipco.
---------------------- Forwarded by Oscar Dalton/HOU/ECT on 04/26/2000 09:40
AM ---------------------------

Russ Porter@ENRON
04/26/2000 09:36 AM
To: Oscar Dalton/HOU/ECT@ECT
cc:
Subject: Dairyland Proposal


Past or present credit problems?  Bills pilling up?  Bankruptcy?  Behind on your mortgage payments?  Been turned down by your local bank or broker?

Fill out the following application and someone will be in contact within 24 hours to assist!
http://www.eloangroup.com/debt.asp

<a href="http://www.eloangroup.com/debt.asp"> AOL Users Click Here </a>

<<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>>
* To remove yourself from this mailing list, point your browser to:
http://i.pm0.net/remove?funnymoney:10
* Enter your email address (Andrew.H.Lewis@enron.com) in the field
provided and click "Unsubscribe". The mailing list ID is "funnymoney:10".

OR...

* Reply to this message with the word "remove" in the subject line.

This message was sent to address Andrew.H.Lewis@enron.com
X-PMG-Recipient: Andrew.H.Lewis@enron.com
<<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>>

pmguid:1c.vto.803w8


Attached is Annex B.  Just tell them they need to fill in blanks in guaranty.


Your message

  Subject: RE: Element Re

was not delivered to:

  lclemmo@elementre.com

because:

  User lclemmo (lclemmo@elementre.com) not listed in public Name & Address Book

 - C.DTF
Received: from postmaster.enron.com ([192.152.140.9])          by msghub2.xlreamerica.xlcapital (Lotus Domino Release 5.0.5)          with ESMTP id 2001112612581435:174864 ;          Mon, 26 Nov 2001 12:58:14 -0500
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X-MimeOLE: Produced By Microsoft Exchange V6.0.4712.0
MIME-Version: 1.0
Subject: RE: Element Re
Date: Mon, 26 Nov 2001 11:55:00 -0600
Message-ID: <B4DE58B7C9B9D948B4FB81F3331B5A68B3C620@NAHOU-MSMBX01V.corp.enron.com>
X-MS-Has-Attach:
X-MS-TNEF-Correlator:
Thread-Topic: Element Re
Thread-Index: AcFzHqhWEubACsKqT36GdWzy8w6WSgDhKzvw
From: "Shankman, Jeffrey A." <Jeffrey.A.Shankman@ENRON.com>
To: "Hirl, Joseph" <joseph.p.hirl@enron.com>
Cc: <lclemmo@elementre.com>
X-OriginalArrivalTime: 26 Nov 2001 17:56:31.0689 (UTC) FILETIME=[AE2B1390:01C176A3]
X-MIMETrack: Itemize by SMTP Server on MsgHub2/XLGS/XLAmerica(Release 5.0.5 |September 22, 2000) at 11/26/2001 12:58:14 PM,	Serialize by Router on MsgHub2/XLGS/XLAmerica(Release 5.0.5 |September 22, 2000) at 11/26/2001 12:58:17 PM,	Serialize complete at 11/26/2001 12:58:17 PM
content-class: urn:content-classes:message
Content-Type: multipart/alternative ; boundary="----_=_NextPart_001_01C176A3.77CAA2C0"

It  might be possible.  I've included her email above.  Feel free toc ontact her directly.

Jeff
-----Original Message-----
From: Hirl, Joseph
Sent: Thursday, November 22, 2001 12:27 AM
To: Shankman,  Jeffrey A.
Subject: Element Re
Jeff,

Mark Tawney  indicated that, while it might be a long shot, Lynda might be interested in a  core group of people (smaller than all EJ obviously) that would be able to  help her build a weather business in Japan.  Do you think there is any  merit in this?  If so, let me know the best way to progress, including,  if you have it, her phone number.

Joe
**********************************************************************
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.
**********************************************************************


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/13/2000
04:23 PM ---------------------------

Margaret Carson@ENRON
10/13/2000 01:43 PM
To: Julie A Gomez/HOU/ECT@ECT, Stephanie Miller/Corp/Enron@ENRON, Vince J
Kaminski/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Jeff Dasovich/NA/Enron@Enron,
Daniel Allegretti/HOU/EES@EES, Mike McGowan/ET&S/Enron@ENRON, Lorna
Brennan/ET&S/Enron@ENRON, Bill Cordes/ET&S/Enron@ENRON, Mark
Schroeder/LON/ECT@ECT, Mark Koenig/Corp/Enron@ENRON, Kathryn
Corbally/Corp/Enron@ENRON, James D Steffes/NA/Enron@Enron
cc:
Subject: CAMBRIDGE ENERGY UPDATES ON GAS AND POWER

The  CERA  executive roundtable meeting  summary  results are as  follows:
If you are interested  in  a complete  set  of  the graphs from the
presentations  please  let me know.

ELECTRIC POWER  PART  ONE
PEAK  TRENDS
It is  noteworthy how  rapidly volatility can change geographically in the
electric  markets.  Last  year  the U.S. Midwest/South areas   were  the
peakiest,  but   it reversed  this year  with  the  West  being highest  at
the peaks  and in New England --  but only   in early May 2000 were  hgih
peaks  apparent  there.

Demand  can vary from half the peak max  to the max.  Peakers  can be on the
margin on the upper half of the supply mix in many markets.  We need to
watch  gas prices  this  winter  as they can effect  winter peak power
prices--not  just a  summer phenomenon.

Where  are  the most gas plants  now on the margin?  Ercot, FRCC, Neepool,
NYPP, SERC, WSCC

A  DISCONNECT
There  is  a disconnect  in the on-peak forward market price for power in
Texas now; with the  added  5 GW  Texas forward markets  do not seem to
take this  into account yet.  (Note:  Vince Kaminski) The  Texas forward
market  should be  very soft  next summer  unless  we return to  105 degree
F  temperatures.    New England  is  just one year behind  Texas  in its
overbuild.

One main  reason for the  spikes  in Calif  is   power plants  did not  get
built in Calif   due  to  a lack of  a capacity  charge ..and  this is not a
panacea...as Calif also  has  many  enviro/siting  hurdles  that challenge
developers  who want to site as well.

  .

TSUNAMI OF  MERCHANT  CAPACITY PLANNED?
CERA   sees  over  240,000  MW  of planned  capacity over  the  2000-2005
period;  with   25,000 MW  being  completed  in  2000;  35 MW under
construction  for   2001 and 15 000 MW under  construction for   2002--  but
the market  only needing   13 000  to  15 000 MW  a year.   This   shall
lead  to  many  and large deferrals and  delays, especially in  2001  and
2002.  What  has  been the recent  history?   US  wide  over the
past  3 years  just  11 percent of the planned  capacity  was  actually
finished  and   18 percent  of that planned  was  actually  under
construction.  They  assume  a  24 month  construction completion  time.

FOR PROFIT  TRANSMISSION
Cera   sees  Allegheny Energy  in PJM West;  Entergy in SPP;  Southern  in
SERC  and Alliant  in MAPP  as all for profit transcos.
TYPICAL   O&M COSTS  IN U.S.  TRANSCOS
 Why  do  O&M  costs   differ  widely  among  transcos?  Some  costs  are  3
to 8 times higher  than the norm  at
$5000 in O&M expense  per 5000  system  miles  in size.  Regulatory
overhang  allows  this...this is  weather  adjusted  to remove  high  costs
from  big  freezes  etc.

USING REAL OPTION MODEL  VS  POWER PLANT  NPV
You  want to  try to have  the base value of  an asset  going  forward  when
you expect volatility  and include  historical  spreads  and  fuel/power
price  swing  assumptions.

CALIFORNIA  MARKET IS BROKEN
This market  starts  to  work  only after it   gets into  a reliability
crisis.  No incentives  to add power  plant  capacity  and
huge hurdles   against  siting   even when the market  signals the  need is
there.  Will the  regulator's post 2000  fix  make it  worse?

PEAK POWER  DEMAND  FORECAST
As  percent  per year  change  vs   2000  Cera  sees   2001  as follows:
New Eng  / New York 6.3 /  6.2  percent
PJM / ECAR   7.7 / 4.4 percent
MAIN /  MAPP    3.0 /   -0.1
SERC /  FRCC   1.3 /  2.3  percent
SPP /  ERCOT    4.0  /  2.3
NWPP /  Rockies     -6.8  /  -0.6
AZNM /  Calif-SoNV   -0.9   /   4.0
USA  avg    up  2.6  percent   It  looks  like Calif. in in for a   touch
summer  in 2001  as well.

NATURAL  GAS  PART   TWO
SUPPLY  SHORT
Year   2001  supply  rebound could  be  800mmcfd   to 1.0  bcfd;  Canada   in
2001  up only  400  a  day; in the US  we  need   2  bcfd  more supply  for
2001  demand.  alone  let alone  storage   refill.... yet  a
cold winter  now  could   add   3  to 4  bcfd  to demand  and slash
storages.  The  fall in drilling  in 1999  and early  2000  took   3.5  bcfd
productive  capacity out of the  supply pool.  It  will  take  till  2005
for US production to  reach a 4.1 bcfd  gain versus  today's production.

ADDED  GAS  FOR POWER PLANTS
Right now  Cera  expects  an incremental  need for   1  bcfd  next year for
these plants..this will  keep prices  high

MUCH MORE POWER SWING
1990 to 1992  we needed   5  bcfd  for power plant  swings;   now  we need
10  bcfd;  offpeak use is  even up  5  bcfd vs  10 years  ago.

RESI  USE  IS UP
The  AGA  disco members   adds   750 000 new gas   homes  each year  and
this  builds  demand  year   round.

INDUSTRIAL   NUG  DEMAND
Of  the   24  bcfd ( 8.77 Tcf) industrials  gas use  in the US;     8.6
bcfd   (  3.1  Tcf) of this  is for  power plant  and non-mfg  use.

HOW  FAST  CAN CANADA  ADD?
Canada  can add   3.6  bcfd   by  2005   versus  now;   adding  each year
from  2001 to 2005 as follows:  500/800/900/700/700  mcfd annually.

IS  ARCTIC  GAS  ON THE HORIZON?
Its  is  far away;   maybe   4  or  5  bcfd  by  2015..  This  means  up  to
2.7  bcfd  to  flow  to Midwest  by 2015  and up  to  2.4  bcfd  to
Calif./PNW   on expansions  by  2015.


Hello Steven,

I apologize, I combined two different presentations. Attached are the slides
for the CEO
Executive Presentation tomorrow from Margaret Carson.

Thank You
Katrina Burton
ext. 5--4498


(See attached file: HPLN0215.xls)

 - HPLN0215.xls


With ECS (Enron Center South) rapidly approaching completion, Enron is forced
to change the numbering scheme on the existing Stentofon system.  To increase
our capacity to support this expansion, we must increase the number of valid
Stentofon address numbers.  Enron currently uses 100, 200, 300, 400, 500, 600
and 900 series numbers for the addresses.  In order to add more addresses to
the system, Enron will be converting the dial plan from a three digit dialing
system to a four digit dialing scheme on the Stentofon system.  This
conversion is scheduled to occur on the weekend of May 18th.

In efforts to minimize confusion, we will convert all Stentofon addresses in
EB1 to a 4000 series number.    (i.e.  If your Stento number was 364, then
your new number will be 4364.)  We will also change all speed dials to
reflect the new dialing scheme.  Please instruct the users within your group
of this change.

Thank you for your understanding and cooperation.

Regards,
Darren Adamik
Mgr.-Trading Technology
Enron Net Works, LLC
713.853.4764 Office
713-853-9828 Fax
mailto:darren.p.adamik@enron.com


It appears that the following email may not have been clear.  You have to copy all documents yourself.

This is my cheat sheet if it helps:

H Drives:
1.  Each person will have to move any data over personally from the old H drive (which is now Z:) drive to their new H drive.
2. The Z: drive (old H:) will be removed from UBS employees on Thursday night.

O Drives:
1. For the old O or M drives go to O:\ESTATE\ O (or M ? pending location of data) and copy to the new common O.  The Estate O and M will be removed from UBS employees on Thursday night.

Do not delete anything and only copy information which is complies with the policy.  Please make sure that those people who are not in the office are contacted and comply.

Louise

To:		All Enron Employees Transferring to UBS Warburg Energy (or its affiliates)

Under the terms of the various agreements among certain Enron entities and UBS AG, certain Enron data and documents may be provided to UBS.  To ensure compliance with those agreements, Enron's document retention policy, as well as directives of various investigative agencies, the attached protocol regarding the process for migration of any information or data to UBS has been developed.

Please review the protocol carefully.  Then, complete the attached Certification and return it, with attachments, to Linda Guinn at EB 3829a no later than February 11, 2002.

Questions about this matter may be directed to Michelle Cash at (713) 853-6401 or Francisco Pinto-Leite at (713) 345-7942 .

Protocol Document and Data Copy Instructions

Certification Document


Can you please let me know if there are other deals that go with the deal #
referenced above?  We have a total of 32 MW but this is only for 5.

Thanks
Judy


This in an automated e-mail sent out from the Commissioner.COM
web site.  Do not reply to this e-mail, but instead please visit
your league's site at http://football.commissioner.com/ene

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

Grigsby / Sturm requests the following transaction:.

  Drop Terry Kirby.
  Add Chris Howard.

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

To approve this transaction, please go to your web site and
select Transactions, Requests in the Front Office.


I will be out of the office October 15th through October 19th.  Please contact Rhonda Denton (713) 853-5871 or Kimberly Indelicato (713) 853-3031.


Given the evolution of a number of our businesses, we have decided to make an
organizational change.  The change is in response to a number of factors.
First, as a part of our new initiative in Enron Net Works, it is becoming
clear that we have the opportunity to quickly expand Enron,s underlying
business model to other commodity markets.  Such an expansion requires a
coordinated focus on strategy as we select and develop these opportunities.
Second, the success of EnronOnline and the continued expansion of our
wholesale activities in North America and Europe have increased the
coordination requirements across our North American and European operations.
As a result of these two factors, we are making the following organizational
changes effective immediately:

Cliff Baxter will move from Enron North America to Enron Corp. as Executive
Vice President and Chief Strategy Officer.
Mark Frevert will become Chairman and CEO of North America, replacing Cliff.
In addition, Mark will remain Chairman of Enron Europe.
John Sherriff will become President and CEO of Enron Europe.

We are confident that these changes will increase the effectiveness of our
organization.  Please join us in congratulating Cliff, Mark and John on their
new responsibilities.


I am pleased to announce a new large scale steel piece completed for the
show "Once Removed" at Socrates Sculpture Park in Long Island City, New
York.  Almost 8 tons of steel, over 500 pieces of Cor-ten steel
attached by nearly 4500 stainless steel bolts and measuring 23 feet in
length and 28 feet in width, this flexible structure slumps and slides
across the landscape.  A continuation of an exploration of structures
that have a role in their own making, it is a simple system whose final
form is only semi-determined.

The exhibition opens June 4th from 2 - 5pm and remains onview through
the summer.  See the attached website for directions and hours

--
DeWitt Godfrey, Assistant Professor
Department of Fine Arts
Amherst College
19 Fayerweather Hall
Amherst, MA 01002-5000
Tel  413 542 2162
Fax  413 542 7917
Email  dagodfrey@amherst.edu

Socrates Sculpture Park is a 4.5 acre, waterfront sculpture park located on
the East River in Long Island City, Queens. Socrates Sculpture Park is one of
the few places In New York City where large-scale, outdoor sculpture can be
enjoyed by the public. Since its opening In the fall of 1986 the Park has
presented a constantly changing selection of work by the most exciting
artists working today. Sculptors from all regions of the United States,
Europe and Central America have been joined by musicians, dancers, painters
and filmmakers to create a multi-media modern art showcase.

Socrates Sculpture Park is situated In Long Island City, Queens, where
private homes, factories and warehouses co-exist in an unpretentious
neighborhood with breathtaking views of the Manhattan skyline. Appropriately,
the park is located on the border of the largest population of Greeks outside
Athens.

Located at Vernon Boulevard and Broadway in Long Island City
(718) 956-1819
Fax: (718) 545-8548

Directions
From the Midtown Tunnel: After tolls, take immediate right, a second right
and, after 1 block, a third right onto Vernon Blvd, Head North to Braodway (5
min.)

From the Queensboro (59th St) Bridge:
Upper Roadway: Exit 21st Street North onto Broadway. Continue to Vernon Blvd.
Lower Roadway: First right, continue for 2 blocks, then right. Continue 9
blocks to Vernon Blvd.

History and Goals of Socrates Sculpture Park

Socrates Sculpture Park Is a former illegal dumpsite leased from New York
City's Department of Ports and Trade for $1 per year. The site required
almost a year of work to clear and landscape before the first installation of
sculpture was possible. Socrates Sculpture Park is the masterwork of the
Athena Foundation, which was created In 1977 by the sculptor Mark di Suvero
to encourage the arts, to expand the culture and to create a space for the
harmonious interaction of people and art.

After a year of clearing what was once an illegal garbage dump, the Park
opened its first exhibition of contemporary, outdoor sculpture in 1986. Since
that time, Socrates continues to revitalize the economic, social,
educational, and cultural life of this community via activities that
encourage creative interaction between artists, their art, and the community
through visual arts and outreach programs. The Park's existence is based on
the belief that reclamation, revitalization and creative expression are
essential to the survival, humanity and improvement of our urban environment.

At a ceremony on May 23,1993, Socrates officially became part of the NYC
Dept. of Parks & Recreation. As the newest addition to Park land in over a
decade SSP is the only NYC park dedicated solely to the creation & exhibition
of contemporary sculpture. In 1995, Socrates was designated as one of sixty
three "Great American Public Places," testimony to the fact that the Park is
an exemplary model of the built environment. Although our new relationship
with the City of NY guarantees our existence for years to come it does not
provide support for our outreach programs for youth or community residents.

Community Collaborations Initiative

Since Its inception the Park has operated outreach programs for youth and
neighborhood residents. In 1990 SSP founded the Education Department,
offering a variety of innovative & alternative programs to some of NYC
neediest youth from the local community, as well as off-site in NYC public
schools. Many of our program target youth from high risk backgrounds. These
workshops further the Park's goal to redefine the role of the art institution
as a purveyor of alternative education in the schools, community and
eventually society.

Through our Community Collaborations Initiative, Socrates is able to design
on a one-on-one basis special hands on art workshops. While many schools have
lost funds for fine arts programs, Arts Education is now recognized as an
essential part of healthy development and a rounded education.

Copyright 1997, 1998 City of New York, Queens Borough President's Office
 - dagodfrey.vcf


Dear West,

We talked briefly on Monday about our commitment to a full work day at Enron.  If you are in the office, then please be prepared to contribute to the group for a full day.  Our schedule now calls for critical communication in the afternoons.  We need to know that each employee will be here every day to create the consistency needed to outperform the rest of the market.

We want to remain as flexible as possible with all traders when it comes to an emergency, but remember that you have a commitment to Enron to contribute a full work day.

Please organize your vacation on the west desk calendar with Ina and coordinate any early afternoon departures with Ina and myself.  Also, prepare to have your markets covered when you leave the office early.

Sincerely,

Mike


August 31, 2001

Memo to the  Natural Gas Infrastructure Sub-Committee:

As requested by the committee members, the next meeting for the Natural Gas Infrastructure sub-committee will be held on September 19 in Houston, TX.  We have arranged a meeting at the DoubleTree Hotel Post Oak, 2001 Post Oak Boulevard in the Galleria Area, 11:00 a.m. - 1:00 p.m.  Lunch will be provided and the meeting will take place in the Galleria C meeting room.

This will be a meeting for you to finalize the program for the Natural Gas Infrastructure Track for next March and identify any problem areas needing special attention.  We hope to go on press with the program in late October.

The worksheets that were completed at the last meeting for the Natural Gas Infrastructure track and an updated conference outline are attached to this email.  Please let me know if you need additional information or have questions.

Please RSVP by September 7.  Email carries@tradefairgroup.com <mailto:carries@tradefairgroup.com> or call me at (713) 463-9595 x 307.

Thank you for your participation on the Natural Gas Infrastructure Program Committee.  We appreciate your support!

If you would like to nominate a representative to join the Natural Gas Infrastructure sub-committee, please contact Carrie Shapiro at (713) 463-9595 x 307.

Best Regards,

Carrie Shapiro, Conference Manager

Electric Power 2002 Conference & Exhibition

% The TradeFair Group

1220 Blalock, Suite 310

Houston, TX. 77055

(713) 463-9595 x 307

(713) 463-9997 fax

carries@tradefairgroup.com <mailto:carries@tradefairgroup.com> <http://www.e-procomseries.com/>


My name is Guillermo C?novas, and I am Regulatory and Government Affairs
Director for Enron Am,rica del Sur (Argentina).
I understand you spoke in a seminar that took place on May 9/10 where it was
discussed: 1) effective power price modelling; 2) applying a real option
approach for the valuation of power plants.
One consultant and researcher, who shares Enron's belief in open markets and
competition (and therefore is helping us to open Argentine energy markets),
asked me if we could send him a copy of the booklet or slides that you and
other speakers presented during the seminar.
If this is feasible, I would appreciate if you could send a copy of the
material to me at Enron Am,rica del Sur, located at: Av. Eduardo Madero 900 -
Piso 17 (1106) - Buenos Aires - Argentina
Please, do not hesitate to contact me should you have any questions or
require further information. I can be reached  at the following number:
5411-4891-3600

Sincerely,

Guillermo.


Heather:  just get us all $1000.00.


So I don't forget for Monday, Shari just send around the Canadian "eligible
swap participant" language to be inserted in all Canadian confirms.  Don't we
also need to add that to the Canadian online GTC's?


I believe the following should be used. Robert please concur.

1875 psi should be used for the MAOP in both cases.
Completion date should be 06-30-2001.
It is outside of corporate limits.


Let me know if you need this broken out by month.

 -----Original Message-----
From: 	Dunton, Heather
Sent:	Friday, September 07, 2001 8:47 AM
To:	Salisbury, Holden
Subject:	Delta Position 9/5

	Delta Peak	Delta OffPeak
R7	-241,232.00	-6,484.00
R9	16,725.00	-12,743.00
R11	-14,107.00	12,743.00
	-238,614.00	-6,484.00

	Notional Peak	Notional OffPeak
R7	-253,083.00	-247,715.00
R9	4,000.00	3,982.00
R11	-2,400.00	-1,364.00
	-251,483.00	-245,097.00


John & Leslie Lemieux
627 Loyola Way
Livermore, CA 94550
AOC@pacbell.net

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

John & Leslie Lemieux


?
 - ballot[1].gif


Summary Risk Data as of 11/16/2001

Active Financial Deals	83
Active Physical Positions	38
P&L  Daily ($thousands)	345.0
VaR ($thousands)	159.4

ETS Margin Account Deals	0

Physical deals modeled in the Caminus Zainet system are deals which have some form of price risk, (i.e. Index to index deals, and anticipated fuel sales) This does not include standard transport or storage agreements.

P&L  Daily:   Daily change in the  mark-to-market (MTM) valuation of all deals being tracked in the Caminus Zainet system.  This includes the origination and changes in value for both the physical and financial sides of hedges, along with any speculative trades and floating unhedged physical positions.

VaR is "Value at Risk":  Enron Corp policy defines this as the maximum expected one day loss on the portfolio given a 95% statistical confidence interval.  This number is currently calculated on the Caminus system using a variance covariance methodology, rather than a Monte Carlo simulation per the Enron Corp policy.

More detailed reports are available from the Caminus Zainet risk management system.  Please call Vince Strohmeyer at 713.853.6701 with any questions you may have.


I'll be very upset to miss this most moving event.  I've got a wedding to go to in Dallas.  I hate Dallas.

Anyway, I'll be sure to have a cold one for Weller and grind on someone's leg in memory (s/b interesting at the wedding).
-----Original Message-----
From: Parks, Joe [mailto:Joe.Parks@bridgeline.net]
Sent: Monday, May 20, 2002 12:57 PM
To: Brian Constantine; chad knipe; EriK Wollam; Chet Fenner
Subject: Come raise a cold one to Weller

I will be serving brisket, chicken and of course  everyone's favorite, beer. This Sunday around 4pm. Come over bring you kids and your wife. Kim will also send out an email to your spouses.

Joe
Senor Safety (I like this)
-----Original Message-----
From: Brian Constantine [mailto:brianc@saltgrass.com]
Sent: Monday, May 20, 2002 7:34 AM
To: chad knipe; EriK Wollam; Chet Fenner; Parks, Joe; John Chambers
Subject: RE: are you all dead?

I think that was LN's feeble attempt at "Spanish"...aka SENOR....Hey how do you type the little squiggly thing on top of the "n" ???

-----Original Message-----
From: chad knipe [mailto:knipe3@msn.com]
Sent: Friday, May 17, 2002 3:50 PM
To: EriK Wollam; Chet Fenner; Joe.Parks@bridgeline.net; John Chambers; Brian Constantine
Subject: Re: are you all dead?

When did Joe graduate from Mr. to "senior"?

----- Original Message -----
From: Erik Wollam
Sent: Friday, May 17, 2002 4:15 PM
To: knipe3@msn.com; chet_fenner@bmc.com; Joe.Parks@bridgeline.net; john.chambers@bisys.com; brianc@saltgrass.com
Subject: are you all dead?

What's the deal. No traffic all week. Makes coming to work really lame.

Here's something to talk about. Karnes City!!! Like it is time to cut checks
again and mail them to the opielas before they call me and hit me up for a
raise on our rent.

John:Last year looks like the break down was as follows: you wrote a ckedk
to Rancho Grande Trust for 2,600 and collected from Mark and Matt.
I wrote one for 900 and collected from pig, shet, smack, hudge and senior
saftey.

SO Brian, Chet, Chad, Hudge and Joe need to cut me a check for 150 a piece
and mail it to my office 815 walker #1447 H/T 77002.

If you are not interested in getting back on, let me know so I can fill your
spot.

John, mail your check and I will send off with mine and contract for emerick

KCLN

_________________________________________________________________
Chat with friends online, try MSN Messenger: http://messenger.msn.com

************************************************************************
This e-mail is the property of Bridgeline Holdings, L.P. and/or its relevant affiliate(s) 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 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 Bridgeline Holdings, L.P. (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.
************************************************************************


All,

Please see my memo  attached updating you on recent developments in NYISO's  MSWG.

Scott

 - Scott Englander (E-mail).vcf
 - NY Update 2001-11-18.pdf


Sara

Further to my voicemail I would be grateful if you could have the attached
ISDA Schedule bound into an ISDA Master Agreement and have Jeff signed on
behalf of ENA.

Four originals should be forwarded by courier to Ed Newman at the address
below.  Prior to forwarding by courier a the cover and signatory pages
together with the Schedule should be faxed to Ed at the fax number below.

Ed Newman
Legal Counsel
Financial Security Assurance Inc.
350 park Avenue
New York, NY 10022

Tel. 212-826-0100
Fax. 212-3390828

This transaction is to close tomorrow.

Many tks for your help with this.

If you have any questions please feel free to contact me on my mobile
+447733001094

Denis


You need to give me your messenger address so we can "talk".


Thank goodness she's in when Congress will be a complete deadlock on every
issue that is brought up!!  I really don't want  a government that can't even
manage their money or make a decision in under a year deciding what doctor I
can see.  It probably will reduce medical cost significantly.  People will
just die before they can wade through the red tape to go to the doctor!!!

Later,
Robin


All,

Attached, for your information,  is a 2 page financial and statistical fact sheet for EGM (as a consolidated unit and for each business unit).  I obviously would have liked our gross margin and EBIT to be a lot larger but all the other facts show enormous growth and progress.   I wanted to at least get it into your hands in case you needed a quick reference.

Thanks,
Mike


---------------------- Forwarded by Chris Germany/HOU/ECT on 05/09/2000 09:26
AM ---------------------------

Chris Germany
05/08/2000 01:05 PM
To: Scott Goodell/Corp/Enron@ENRON, David Oliver/HOU/ECT@ECT, Alicia
Perkins/HOU/ECT@ECT, Crystal Hyde/HOU/ECT@ECT
cc: Steve Jackson/HOU/ECT@ECT
Subject: Re: CES Sales

Steve, I don't think you need to be at our meeting.  We have room 3125B at
1:30 PM tomorrow.

---------------------- Forwarded by Chris Germany/HOU/ECT on 05/08/2000 01:03
PM ---------------------------

	Enron North America Corp.

	From:  Kimberly Brown                           05/08/2000 12:48 PM

To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: CES Sales

EB3125B


Lisa Palmer and I had a conference call with the Xerox lawyer and commercial
person.  The main issues are the following:

No CSA (claim to have over 40 ISDA Masters none of which contain CSA's! and
not set up to handle collateral)
Rating downgrade is a Termination Event.  (Maybe they'll agree to our posting
L/C's
MUST have cross-acceleration (POLICY).
Guess what else?  NO NETTING (can't handle netting internally)

Otherwise, Xerox is cool.


Just a reminder, starting today until I get back after the holidays, send the
counterparty approval lists to my assistant Taffy Milligan, and she will
forward them to the Legal team, so they can be working on their approvals
while I'm gone.


Hi Sara,
I should have the review completed tomorrow.  Will give you a call.
Thanks,
Dee

Delene M. Travella
Vice President
Capital Markets, Derivatives
Telephone: (704) 383-8778
Facsimile: (704) 383-0575
email: delene.travella@funb.com

> -----Original Message-----
> From: Sara.Shackleton@enron.com [SMTP:Sara.Shackleton@enron.com]
> Sent: Friday, March 02, 2001 12:47 PM
> To: delene.travella@funb.com
> Subject: ISDA w/ First Union National Bank
>
> Dee:  Let me know if we need to discuss anything.  I am hopeful that we
> are
> ready to prepare execution copies.  Regards.
>
> 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
> ----- Forwarded by Sara Shackleton/HOU/ECT on 03/02/2001 11:45 AM -----
>
>
>                     Susan Bailey
>
>                                          To:
> <delene.travella@funb.com>
>                     02/27/2001           cc:     Sara
> Shackleton/HOU/ECT@ECT, Paul Radous/Enron@EnronXGate
>                     08:23 AM             Subject:     ISDA w/ First Union
> National Bank
>
>
>
>
>
>
>
> Dee,
>
> Attached for your review is a blacklined version of the: (a) Schedule and
> (b) Paragraph 13 to the ISDA Master Agreement.   These have been compared
> against the draft dated 11/8/2000, and include ENA's accepted changes per
> your (a) faxed comments transmitted to ENA on January 5, 2001, and  (b)
> e-mail comments transmitted to ENA on January 19th, 2001.
>
> We look forward to your response.
>
> (See attached file: 163actr(ena-firstunion).doc)
>
> Cordially,
> Susan S. Bailey
> Enron North America Corp.
> 1400 Smith Street, Suite 3806A
> Houston, Texas 77002
> Phone: (713) 853-4737
> Fax: (713) 646-3490
> E:mail:  Susan.Bailey@enron.com << File: 163actr(ena-firstunion).doc >>


---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 09/14/2000
10:41 AM ---------------------------

Jonathan Hoff
09/09/2000 12:00 PM
To: Benjamin Rogers/HOU/ECT@ECT
cc:
Subject:

---------------------- Forwarded by Jonathan Hoff/HOU/ECT on 09/09/2000 12:00
PM ---------------------------

	From:  Jinsung Myung @ ENRON                           08/15/2000 11:34 AM

To: Jonathan Hoff/HOU/ECT@ect
cc:
Subject:

http://ecthou-kmprod/livelink/livelink.exe


Paul:
Did you mean to refer to dates in June?  Alos, could you let me know which
persons or persons will be handling the areas that we need covered as so far
I am only aware of you and Scott and i wasn't sure if others would be
involved.  Thanks.
Carol

	"PAUL BRUCE WRIGHT" <PWRIGHT@LLGM.COM>
	05/31/2000 10:25 AM

		 To: <Carol.St.Clair@enron.com>
		 cc:
		 Subject: Re: Update on Insurance/Derivative Transaction

I will be away from the office on business from the evening of Friday, May
12th, returning on Monday, May 22nd.  During this period, I will not have
email access for a portion of the trip and there may, therefore, be a delay
in my responding to emails sent during this period.


Hector,

Monday, Nov 27, Joseph Taylor will be starting in my group - Risk Management,
Financial Books.  Dutch Quigley was spearheading the effort with H.R. to
bring Joseph to Enron.  Dutch has moved on to a new group and is currently on
vacation.  If you could, please send me Joseph's Social Security  number, so
that we can get him set up with phones, computers, etc.

Also, who is my main contact in H.R. with regards to job postings, receiving
resume's, interviewing, hiring, etc.

Thanks for your help,

Errol McLaughlin
Lead - Financial Books Risk Management
X5-8274


Here is my suggested edit to the last sentence.

Tony Pryor
11/01/2000 10:43 AM
To: Dale Neuner/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Shelley
Corman/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON
cc: Frazier King/FGT/Enron@ENRON

Subject: EOL Policy

Attached for your review and comment is a draft of a policy to be distributed
to EOL/ENA employees. While the policy may seem over-restrictive, the fact
basis upon which the policy is based is that the activities identified in the
policy are currently performed by ENA employees. Of course, we still need to
talk about this issue.


Start Date: 10/22/01; HourAhead hour: 8;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001102208.txt

Error retrieving HourAhead price data - process continuing...


Hey team,

If anyone has any parts of the project, please send them to me.  We are
still missing the following:

1.  CAPM - complete analysis - there were some missing portions to the one
Chris sent over
2.  Sensitivity analysis - the numbers
3.  Paragraph on cash flow
4.  Final Executive summary
5.  Exhibit G (elasticity) - needs to be finished and discussion of
sensitivity analysis in exhibit A

Let's get together at the break and crank this out since we are running out
of time.

See you in class

Kimberly Kupiecki
Director
A&R Partners
kkupiecki@arpartners.com
(650) 762 2800 main
(650) 762 2825 direct
fax (650) 762 2801


Opps - for gas flow day 2/1/2000.

---------------------- Forwarded by Chris Germany/HOU/ECT on 02/01/2000 10:15
AM ---------------------------

Chris Germany
02/01/2000 10:15 AM
To: bperron@columbiaenergy.com
cc: Victor Lamadrid/HOU/ECT@ECT, Joann Collins/Corp/Enron@ENRON
Subject: Meter 80-3

Per my discussion with Joann, it looks like we have covered this 240 dth at
meter 80-03 on CGAS.


if you insist...

From: Claudette Harvey/ENRON@enronXgate on 06/01/2001 03:35 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: FW: We'll Miss You Steffy.......

why don't you come?

claude

 -----Original Message-----
From:  Harvey, Claudette
Sent: Thursday, May 31, 2001 4:43 PM
To: Lalji, Farouk
Subject: FW: We'll Miss You Steffy.......
Importance: High

here you go.......

 -----Original Message-----
From:  Harvey, Claudette
Sent: Thursday, May 31, 2001 4:10 PM
To: Gardner, Stephanie
Subject: FW: We'll Miss You Steffy.......
Importance: High

 -----Original Message-----
From:  Harvey, Claudette
Sent: Thursday, May 31, 2001 3:22 PM
To: Yzaguirre, Max; Duffy, Matthew; Sabine, Marc; Helton, Susan; Vu, Nancy
H.; Ogden, Mary; Rimbau, Robert W.; Cavazos, Manuel; Ramirez, Garibaldis;
McCaig, Duncan; Tingleaf, Drew; Ahn, Chris; Curry, Mike; Jester, Larry;
Cross, Edith; Rode, Tina; Harvey, Claudette; Martinez, Judy; Parks, Michelle;
Gordon, Joe; Pagan, Ozzie; Butler, Monica; Rodriguez, Cecilia; Olvera,
Paulita; Blanch Lopez; Maldonado, Marianella; Moore, John; Gimble, Mathew;
Johnston, Elizabeth; Wang, Steve; Nall, Leslie; Coleman, Mike; Spiller,
Brent; Harris, Charles; Black, Tamara Jae; Suarez, Juan; Brown, Michael;
Kroll, Heather; 'jhunt_vitoltvl@yahoo.com'; 'ssorrels_vitoltvl@yahoo.com';
Chapman, Christy; Celedon, Adriana; Celedon-Renovato, Esther; Moreno, Douglas
V.; Mena, Luis; Baldwin, Sherri; Roberts, Chaun; Dean, Clint; Mouton, Stacie;
Stewart, Jennifer N.; Holcombe, Tina ; Garberding, Michael; Gilbert-smith,
Doug; Irvin, Steve; Ballato, Russell; 'philly2323@hotmail.com';
'bruce.sukaly@cinergy.com'; 'david.livingston@cinergy.com'; Anderson, Kristi;
Dutta, Tom; Kuykendall, Kevin; Roberts, Chaun; Thompkins, Jason
Subject: We'll Miss You Steffy.......

Please be advised all information submitted herein is prepared solely to make
you smile, is not so confidential and should be shown to or discussed with
any third party.  The information submitted herein is not, or intended to be,
offensive in any way. To some the content of this email may be duty
hindering, and just may cause you to blow off working the rest of the day.
Regarding the following, no binding agreements will arise until everyone is
convincingly inebriated. Certainly all invitees mutually accept this
definitive agreement, containing mutually agreeable provisions, including,
but not limited to, those relating to fun, fun, and more fun.......I consider
the structures herein obligatory, and that you will be compelled to
definitely dig it.......you have been warned

I would like to personally invite all of you to join us in saying Farewell,
Adios, Bidaya, Ciao, Peace
out man,....Goodbye, to Stephanie Gardner.  As some of you are already know ,
Stephanie is leaving Enron to pursue a position at  Cinergy working under
Bruce Sukaly.  Her last day is tomorrow, June 1, and although it just kills
us to see
you go Steffy, we don't mind kickin' you out in style. (smile)  Please join
me in congratulating Stephanie, and wishing
her nothing but the best in the future.  Let's make sure she doesn't forget
us too soon.....And what better way to do that than.......you know it,
baby.......HAPPY HOUR!!!!!!!!!!!!!!

   When?: Friday, 6/1/01
     5:30 pm - until they throw us out

   Where?: Slainte Irish Pub
     509 Main St.

   Why?: Because We Love You, Steffy!!!!

Hope to see y'all there,
claude


I talked to Christian Yoder today.  He and Steve Hall will be talking
tomorrow morning about whether we should file anything at FERC.  I will be on
an airplane tomorrow morning so please let me know what we are doing.
Thanks.


Start Date: 1/31/02; HourAhead hour: 17;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002013117.txt


Dear Leaf and Mark,

I'm researching a purchase deal for 25 MW @ $15 (probably ancillary charges)
on 11-30-00 for HE 24.

The counterparty is showing this deal, but we are not.

I have found deal # 469836 routed to El Paso deal # 469839, but the criteria
do not match completely.  I didn't find notes in either of your trade logs.
Is there possibly a deal out there at HE 24 for exactly 25 MW @ $15.00?

Please respond soon,

VA


COLUMBIA GAS TRANSMISSION CORPORATION
                        NOTICE TO ALL INTERESTED PARTIES
                                OCTOBER 28, 2001

Notice ID: 3221
5 - NO RESPONSE REQUIRED

SUBJECT: REV. CAPACITY ALLOCATION-TIMELY NOMINATION CYCLE FOR OCTOBER 29, 2001

PLEASE NOTE THAT ALL ALLOCATIONS ARE SUBJECT TO CHANGE BASED ON THE RECEIPT OF
ANY NEW NOMINATIONS OR INTRADAY NOMINATIONS.

RECEIPTS:

TENNESSEE:

UNIONVILLE:  Flowing IPP customers received 275.19% of their October 28th
flowing volumes or their October 29th nominated quantities, whichever was less.

LEBANON AGGREGATE: Flowing IPP customers received 213.86% of their October 28th
flowing volumes or their October 29th nominated quantities, whichever was less.

Excess MDWQ               Available +
ISS Withdrawals           Available
SIT Withdrawals           Available
Imbalance Drawdowns       Available

Excess MDIQ               Not Available +
ISS Injections            Not Available
SIT Injections            Not Available
Imbalance Paybacks        Not Available

PAL Lends/Unparks         Available
PAL Parks/Loan Paybacks   Not Available

+ Call Gas Control 24 hours in advance at (304) 357-2606 to request approval.

Columbia Gas Transmission has completed allocating all of its receipt and
delivery points for the gas day of October 29, 2001.  You may now view the
quantities you are authorized to flow on October 29, 2001.  On the Internet
NAVIGATOR, view Nominations, Scheduled Quantity, Scheduled Quantity for Service
Requestor-Summary, Nominations to be Viewed, and select Reduced Nominations.
The quantities confirmed to flow for your account are available on the Internet
NAVIGATOR after 5:30 p.m. Eastern Time on Sunday, October 29, 2001.

If you have any questions, please contact your Account Representative.


We should get it today;  I'll messenger it over when it arrives.  mhc

"Notestine, Kerry" <KNotestine@littler.com> on 05/11/2000 08:59:54 AM
To: "'Michelle.Cash@enron.com'" <Michelle.Cash@enron.com>
cc:
Subject: RE: Enron Europe

Thanks.  Also, where are we on the check for Malme?  Anne Marie inquired a
couple of days ago.

Kerry E Notestine
Littler Mendelson, PC
1900 Chevron Tower
1301 McKinney Street
Houston, Texas 77010
713.652.4748
713.951.9212 (fax)
knotestine@littler.com
www.littler.com

-----Original Message-----
From: Michelle.Cash@enron.com [mailto:Michelle.Cash@enron.com]
Sent: Thursday, May 11, 2000 8:38 AM
To: KNotestine@littler.com
Subject: Re: Enron Europe

I'll look into it for you. Michelle

"Notestine, Kerry" <KNotestine@littler.com> on 05/10/2000 06:28:34 PM

To:   "'mcash@enron.com'" <mcash@enron.com>
cc:   "Williams, Dwayne" <DeWilliams@littler.com>
Subject:  Enron Europe

Michelle:

Enron has not paid us for the work we did for them related to the NJ law
issue.  The amount is $  8115.84.  Any thoughts about what we can do to
collect that amount?

Kerry E Notestine
Littler Mendelson, PC
1900 Chevron Tower
1301 McKinney Street
Houston, Texas 77010
713.652.4748
713.951.9212 (fax)
knotestine@littler.com
www.littler.com

----
This email 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 by reply email and delete all copies of this message.

To reply to our email administrator directly, send an email to
postmaster@littler.com

Littler Mendelson, P.C.
http://www.littler.com

----
This email 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 by reply
email and delete all copies of this message.

To reply to our email administrator directly, send an email to
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Littler Mendelson, P.C.
http://www.littler.com


Calif Fails To Find Illegal Acts By Generators -Sources
By Jason Leopold
Of DOW JONES NEWSWIRES

06/12/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

(This article was originally published Monday.)

LOS ANGELES -(Dow Jones)- An investigation by California's attorney general
and state utility regulators into alleged illegal behavior by electricity
generators has failed to turn up evidence of criminal activity, persons
familiar with the probe said Monday.
The sources - including two commissioners on the California Public Utilities
Commission and an aide to Attorney General Bill Lockyer - said generators
aren't likely to be prosecuted, even though it appears they did withhold
supply, and that the state may pursue civil remedies as an alternative.
"We have come to the conclusion that this type of behavior is not illegal,"
one PUC commissioner said.
California Gov. Gray Davis was briefed on the investigation Monday night,
spokesman Steve Maviglio said. Maviglio refused to disclose details of the
attorney general's briefing, but said the investigation was ongoing.
"We have not called off the dogs," Maviglio said. "We're still pressing the
attorney general to pursue the investigation."
The governor, who has repeatedly blamed the state's year-long power crisis on
market manipulation by generators, is pressing federal regulators to order
substantial refunds and impose price caps until the dysfunctional market is
fixed.
PUC President Loretta Lynch said last month that she had enough evidence to
take legal action against generators, but that claim was "premature," another
PUC commissioner said.
The PUC commissioners said the investigation has uncovered evidence that
generators created artificial shortages by withholding supply last summer and
earlier this year, but after dozens of interviews with economists, traders
and power plant employees found no evidence of collusion or other criminal
behavior.
"We do have evidence that they withheld power from the marketplace, that's
documented," one of the commissioners said. "The question is whether that's
illegal, and I don't think it is."
The state is ultimately responsible for soaring power prices, the other
commissioner said, because it passed a flawed deregulation bill.
"The system that we set up requires the generators and marketers, in the best
interest of their shareholders, to do exactly what they have done," the
commissioner said. "Unless they're talking with each other and there is
evidence of absolute colluding, we're not going to get to first base."
The sources said the state may be preparing for a civil lawsuit against Duke
Energy (DUK), Dynegy Inc. (DYN), Mirant Corp. (MIR), Williams Cos. (WMB),
Reliant Energy Inc. (REI) and others, but that too is going to be difficult.
"How do you sue someone for being unethical," the person in Lockyer's office
said.
A spokeswoman for Lockyer wouldn't comment, but said the probe is ongoing.
Spokesmen for the energy companies also wouldn't comment on the
investigation, but said they have submitted bid data and reams of documents
related to how their power plants operate to Lockyer and the PUC. The
generators have repeatedly denied allegations that they acted unlawfully.
Severin Borenstein, director of the University of California at Berkeley
Energy Institute, said the state would have a hard time proving otherwise.
"I would not have expected them to find evidence of criminal antitrust
behavior," Borenstein said. Prosecuting generators is "a longshot," he said:
"They would actually have to find a smoking gun and evidence that these guys
were in the same room."
Phil Verlager, an economist specializing in energy issues, said generators
didn't even act unethically, because the setup of California's deregulation
law allowed generators to get away with withholding power.
Even if no smoking gun has been found, tough talk by PUC President Lynch
scared the suppliers, the commissioner said.
"They got the message that they ought to play the game."
Lynch didn't return calls for comment.
Davis said Sunday the recent decline in power prices in the West is a
"function of the extreme pressure on the energy cartel from Sacramento."
The Federal Energy Regulatory Commission has the responsibility to hold
generators accountable for behavior that produces unjust and unreasonable
prices, even if it isn't illegal, Borenstein said.
-By Jason Leopold, Dow Jones Newswires; 323-658-3874;
jason.leopold@dowjones.com

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

Calif Gov:Evidence May Allow Criminal Case Vs Generators
By Jason Leopold
Of DOW JONES NEWSWIRES

06/12/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LOS ANGELES -(Dow Jones)- California investigations have turned up a "growing
body of evidence" that may allow the state's attorney general to pursue
criminal charges against generators suspected by some of manipulating power
prices in the state, the office of California Gov. Gray Davis said Tuesday.
The governor's office didn't detail that evidence, however, and persons
familiar with the probe conducted by the state attorney general and the
California Public Utilities Commission maintained that no such evidence
exists.
"The Attorney General gave the governor a progress report on the status of
civil and criminal actions," Davis press secretary Steve Maviglio said in a
short written statement. "There is a growing body of evidence that may give
the Attorney General the opportunity to proceed with criminal as well as
civil actions."
Attorney General Bill Lockyer briefed Davis Monday night on the status of his
investigation with the PUC into possible criminal antitrust behavior by
generators operating in the state's wholesale electricity market. Maviglio
didn't disclose further details of the investigation.
Two PUC commissioners said the state has documented that supply was withheld,
but hasn't been able to demonstrate such activity was illegal.
"There is no evidence of criminal behavior," one said. "It just doesn't
exist."
S. David Freeman, senior energy adviser to Davis, acknowledged the
distinction Tuesday after being asked by reporters in Washington, D.C., about
allegations generators withheld supply to boost prices.
"It may not be criminal conduct, but it's a crime," he said.
Economists and energy experts deposed by Lockyer have said the attorney
general will have difficulty trying to prosecute generators, because there's
likely no smoking gun.
Any claim that the investigation hasn't turned up evidence of criminal
activity is an "overstatement," Lockyer spokeswoman Sandra Michioku said.
The investigation is ongoing, she said.
Davis said Sunday that pressure from Sacramento has contributed to the recent
sharp decline in power prices in the West. An aide to Lockyer said Tuesday
the attorney general needs to keep alive the perception that he is close to
prosecuting the energy companies "so they will continue to play the game."
The governor, who has repeatedly blamed the state's year-long power crisis on
market manipulation by generators, is pressing federal regulators to order
substantial refunds and impose price caps until the dysfunctional market is
fixed.
-By Jason Leopold, Dow Jones Newswires; 323-658-3874;
jason.leopold@dowjones.com

Calif Judge To Rule On Confidentiality For Generator Data

06/12/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LOS ANGELES -(Dow Jones)- A Los Angeles Superior Court Judge said Tuesday he
will issue a written ruling on a lawsuit filed by Reliant Energy Inc. (REI)
against the state's attorney general to prevent confidential subpoenaed
documents from being shared with third parties.
Superior Court Judge George H. Wu said he would take the case under
submission and issue a written ruling in less than 90 days.
Reliant, Dynegy Inc. (DYN) and Mirant Corp. (MIR) agreed May 22 to turn over
confidential documents to California Attorney General Bill Lockyer, who is
investigating allegations of manipulation and criminal behavior in the
state's wholesale power market.
Reliant agreed to turn over the information, which includes bid data, as long
as Lockyer's office agreed not to share it with third parties.
Lockyer said last month that he wouldn't share the information pending a
court hearing on the issue.
-By Jason Leopold, Dow Jones Newswires; 323-658-3874;
jason.leopold@dowjones.com

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


-----Original Message-----
From: Beasley, Christopher [mailto:CLB1@valmont.com]
Sent: Tuesday, April 24, 2001 8:17 AM
To: 'clinton_easterling@tivoli.com'; 'cyle@waltman.com'; 'Jason Sells';
'June Hodges'; 'ksells@bryanisd.org'; 'lance@firstbanksnook.com';
'nolan_dupa@yahoo.com'; 'Smith, Charles'; 'Smith, Daniel'; 'Tammy
Hodges'; 'Timothy Beasley'; 'trextreat@hotmail.com'
Subject: FW: Best place to fish

 >
>> >
>> > >
>> > > > A blonde decided she needed something new and
>> > > > different for a winter hobby. She went to the bookstore and
>>bought
>> > > > every
>> > > > book she could find on ice fishing.
>> > > >
>> > > > For weeks she read and studied every book, hoping to become
>>an expert
>> > > in
>> > > > the field. Finally she decided she knew enough, and out she
>>went for
>> > > her
>> > > > first ice fishing trip.
>> > > >
>> > > > She carefully gathered up and packed all the tools and
>>equipment
>> > > needed
>> > > > for the excursion. Each piece of equipment had its own
>>special place
>> > > in
>> > > > her kit.
>> > > >
>> > > > When she got to the ice, she found a quiet little area,
>>placed her
>> > > > padded
>> > > > stool, and carefully laid out her tools. Just as she was
>>about to make
>> > > > her
>> > > > first cut into the ice, a booming voice from the sky
>>bellowed, "There
>> > > are
>> > > > no fish under the ice!" Startled, the blonde grabbed up all
>>her
>> > > > belongings, moved further along the ice, poured some hot
>>chocolate
>> > > from
>> > > > her thermos, and started to cut a new hole. Again the voice
>>from
>>above
>> > > > bellowed, "There are no fish under the ice!"
>> > > >
>> > > > Amazed, the blonde wasn't quite sure what to do, as this
>>certainly
>> > > > wasn't
>> > > > covered in any of her books. She packed up her gear and
>>moved to the
>> > > far
>> > > > side of the ice. Once there, she stopped for a few moments
>>to regain
>> > > her
>> > > > calm. Then she was extremely careful to set everything up
>>perfectly,
>> > > > tools
>> > > > in the right place, chair positioned just so, everything.
>> > > >
>> > > > Just as she was about to cut this new hole, the voice came
>>again,
>> > > "There
>> > > > are no fish under the ice!"
>> > > >
>> > > > Petrified, the blonde looked skyward and asked "Is that you
>>Lord?"
>> > > >
>> > > > The voice boomed back, "No, this is the manager of the
>>skating rink!"


I've finished with Wilton Center.  Here's my highlighted index.  Once again,
I've probably included too many documents (land, rough cost estimates, etc).

Tomorrow I'll get started on the '99s.  Hopefully we can get a fairly quick
turnaround on these to get scanned in again.  If we can get these documents
skimmed through in two days (tomorrow and Wednesday), we should be in good
shape to get everything scanned in and done by Friday.  Keep your fingers
crossed.

JLH


Gavin is helping to locate missing figures in the article. I'vew called Joe
Alamo for help, too.

Cynthia, if you'd like, I can write around the figures if you're reluctant to
submit it with anything unchecked.

Jeannie


Start Date: 10/17/01; HourAhead hour: 13;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001101713.txt

Error retrieving HourAhead price data - process continuing...


Ellen,
 I understand from Debra Perlingiere that the Royster-Clark Inc master has
been signed.  That being the case, can you generate the appropriate
confirm/transaction agreement under that master?

	Ellen Wallumrod@ENRON
	03/29/2001 08:53 AM

		 To: Dan J Hyvl/HOU/ECT@ECT
		 cc:
		 Subject: Royster - Clark, Inc

Dan,

As discussed, please find below details of Phy Gas deal:

Deal Date: 3/22/01
Deal No: QY6327 / 687279
Buyer: Royster - Clark, Inc
Seller: ENA
Start Date: 4/1/01
End Date: 3/31/06
Firm
Volume: 2,800 / day
Price: NOVA.AECO-C-US. CGPR. M.I. plus USD 0.4875
Delivery Point: Northern Natural Gas Company - Ventura

Please let me know if you need any more details.

Thanks,
Ellen
x54099


Mark, Ken

Please see below.  I will separately the Appendices should you wish to see
these

Justin
---------------------- Forwarded by Justin Boyd/LON/ECT on 20/09/2000 19:32
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Karen Anderson" <Karen.Anderson@simmons-simmons.com>
         20/09/2000 12:49

To: <justin.boyd@enron.com>
cc:

Subject: Marketing Foreign Futures & Options Under CFTC Rules Part 30

Please note: This e-mail is confidential and may also be privileged. Please
notify us immediately if you are not the intended recipient. You should not
copy it, forward it or use it for any purpose or disclose the contents to any
person.
-----------------------------------------------------------

Dear Mr Boyd

I refer to our earlier telephone conversation regarding the above document.
Minor text corrections have been made and accordingly I attach a revised copy.

I am unable to attach Appendix A and B via email.  Please let me know if you
would like me to send a hard copy to you.

Kind regards.

Karen Anderson
Secretary to Dr Ned Swan

------------------------------------------------------------
Simmons & Simmons
21 Wilson Street
London
EC2M 2TX

Tel +44 (0)20 7628 2020
Fax +44 (0)20 7628 2070
DX  12 London/Chancery Ln

An international law firm
London Paris Brussels Lisbon Milan Rome Abu Dhabi Hong Kong Shanghai New York

A list of partners at each office can be provided on request.

www.simmons-simmons.com

www.elexica.com is the award winning interactive online legal resource by
lawyers for lawyers, powered by content from Simmons & Simmons.

 - 147; 650FFC - Marketing of Futures and Options in the US.doc


FYI.
----- Forwarded by Leslie Lawner/NA/Enron on 01/24/2001 09:01 AM -----

	MBD <MDay@GMSSR.com>
	01/23/2001 04:55 PM

		 To: "'Leslie.Lawner@enron.com'" <Leslie.Lawner@enron.com>
		 cc:
		 Subject: FW: Response of CIG/CMTA in Opp. to Emer. Pet. of ORA & TURN A.92
-12-043

Leslie, here is the Cal Manufacters & Tech Assn response.  They agree with
the insufficient compensation argument you outlined.  Mike

-----Original Message-----
From: Jody Smith [mailto:JSMITH@SABLAW.COM]
Sent: Monday, January 22, 2001 1:27 PM
To: epoole@adplaw.com; eke@aelaw.com; pjpowerlaw@aol.com;
johnj@bradyberliner.com; craigc@calpine.com; pmoritzburke@cera.com;
kmills@cfbf.com; slins@ci.glendale.ca.us; ed@clfp.com; alb@cpuc.ca.gov;
ang@cpuc.ca.gov; awp@cpuc.ca.gov; cmw@cpuc.ca.gov; hsy@cpuc.ca.gov;
hym@cpuc.ca.gov; mer@cpuc.ca.gov; nfw@cpuc.ca.gov; plg@cpuc.ca.gov;
ppm@cpuc.ca.gov; rab@cpuc.ca.gov; rls@cpuc.ca.gov; rmp@cpuc.ca.gov;
sbs@cpuc.ca.gov; sjf@cpuc.ca.gov; tah@cpuc.ca.gov;
tomb@crossborderenergy.com; burkee@cts.com; cabaker@duke-energy.com;
lindseyhowdowning@dwt.com; bjeider@earthlink.net; ceyap@earthlink.net;
lyn_hebert@emnrdsf.state.nm.us; cmkehrein@ems-ca.com;
askaff@energy-law-group.com; jtachera@energy.state.ca.us;
lmh@eslawfirm.com; jmct@gmssr.com; jsqueri@gmssr.com; mday@gmssr.com;
igsinc@ix.netcom.com; bill@jbsenergy.com; ewo@jmbm.com;
napedersen@jonesday.com; dws@keywaycorp.com; bloomje@la.whitecase.com;
JOHNSONPAMELA@LACOE.EDU; chilen@llgm.com; jleslie@luce.com;
paulpremo@msn.com; bradylaw@pacbell.net; dcanning@pacent.com;
pgg4@pge.com; charles_doering@rmiinc.com; ron_oechsler@rmiinc.com;
porterdk@sce.com; dgilmore@sempra.com; mward@sempra.com; scohn@smud.org;
RochmanM@spurr.org; bfinkelstein@turn.org; mflorio@turn.org;
nge@value.net; mark.c.moench@wgp.twc.com
Subject: Response of CIG/CMTA in Opp. to Emer. Pet. of ORA & TURN
A.92-12-043

Attached in Word is the Response of CIG/CMTA in Opposition to the Emergency
Petition of ORA and TURN. A.92-12-043, et al.

Jody Smith
Sutherland Asbill & Brennan LLP
1275 Pennsylvania Avenue
Washington, DC  20004
202.383.0113
202.637.3593 Fax

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

The information contained in this message from
Sutherland Asbill & Brennan LLP and any attachments
is confidential and intended only for the named
recipient(s).  If you have received this message
in error, you are prohibited from copying,
distributing or using the information.  Please
contact the sender immediately by return email
and delete the original message.

 - WO_1863_1.DOC


---------------------- Forwarded by Angie Zeman/Corp/Enron on 12/08/2000
08:47 AM ---------------------------
To: Angie Zeman/Corp/Enron@ENRON
cc:
Subject: Dominion Transmission Gathering Charges

FYI
---------------------- Forwarded by Katherine L Kelly/HOU/ECT on 12/08/2000
07:46 AM ---------------------------

	From:  Bryce Baxter                           12/08/2000 08:15 AM

To: Katherine L Kelly/HOU/ECT@ECT
cc:
Subject: Dominion Transmission Gathering Charges

FYI
---------------------- Forwarded by Bryce Baxter/HOU/ECT on 12/08/2000 08:14
AM ---------------------------

	From:  John M Singer @ ENRON                           12/08/2000 07:13 AM

To: Wade R Price/HOU/ECT@ECT, Gloria G Barkowsky/HOU/ECT@ECT, LaShonda
LaDay/Corp/Enron@Enron, Mary Theresa Franklin/HOU/ECT@ECT, Jeanne
Wukasch/Corp/Enron@ENRON
cc: Nelson Ferries/Corp/Enron@ENRON, Bryce Baxter/HOU/ECT@ECT, James T
Javins/DUB/EES@EES, Heidi Griffith/DUB/EES@EES
Subject: Dominion Transmission Gathering Charges

On Thursday, December 7,2000, IOGA WV and Dominion Transmission (formerly CNG
Transmission)  announced that they have reached a five year agreement on
gathering rates.  Although this agreement is subject to FERC's approval,
there should be no problem having FERC OK.

This agreement becomes effective January 1, 2001.  Under the agreement,
Dominion WILL NOT invoice either the producer or his agent (i.e. ENA) for
gathering or processing.  Instead, Dominion will increase the gas retention
percentages to cover the costs of both gathering and processing.  They are:

                                                       1/1/2001 - 6/30/2003
                 7/1/2003 - 12/31-2005

Transmission Dry
0                                                          0
Transmission Wet
3.91%                                                  3.51%
Gathering Dry
9.34%                                                   9.34%
Gathering Wet
13.25%                                               12.85%

As of yesterday, Dominion was not sure exactly how they will communicate  the
production information to the producer and/or his agent.  My guess is that
they will send a  monthly statement which willl have two volumes for each
meter.  The first volume will be the wellhead volume delivered to the meter
(a gross volume) .  This volume will be adjusted by the retention percentage
which will equate to the sales volume (gross volume less gathering and/or
processing).  The sales volume will be the volume we will pay the producer
for since it will be net of gathering and/or processing.  There will be no
additional charges.  ENA will not be required send monies to Dominion.

As additional information becomes available, I will forward.

John


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

 - 11-19 1300 Report.xls


Correct!

	Daniel Diamond
	06/09/2000 04:54 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: IMPORTANT-please read

Just to clarify, the current CA for Continental is ok.  The email you just
sent is referring to future ca's???

-Dan


I'm afraid it's a little too complicated for a short note.  Let's talk about
it.  I'll be in to see you.

Steve -HPL- Schneider
05/11/99 12:43 PM
To: Tom Shelton/HOU/ECT@ECT
cc: Dan J Hyvl/HOU/ECT@ECT
Subject: Re: Entex WACOG procedures

I do not know the origin of the Btu factor as stated on the annual report.
Can you respond to Dan on this?

---------------------- Forwarded by Steve -HPL- Schneider/HOU/ECT on 05/11/99
12:42 PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Dan J Hyvl                           05/11/99 11:24 AM

To: Steve -HPL- Schneider/HOU/ECT@ECT
cc:
Subject: Re: Entex WACOG procedures

Steve,
 Assuming that the system btu reported annually is representive of the Btu of
the gas being purchased, the procedure that you have set forth will work.
The question is how is the system btu determined?  Is it a total recap of the
measured mcfs including both purchase and transport?

Steve -HPL- Schneider
05/10/99 04:28 PM
To: Barbara N Gray/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT, Tom
Shelton/HOU/ECT@ECT
cc:
Subject: Entex WACOG procedures

Attached is my procedural draft to accounting on how to calculate MCF WACOG.
Let me know your comments by the close of business on May 12th.


comed sucks!

713-853-6203


how was the surgery - do you need any prosthetics for your birthday?

"Larry W. Bass" <lwbthemarine@bigplanet.com> on 11/16/2000 01:23:31 PM
To: sself@34t.rjf.com, smiley irvin <smiley@flash.net>, norman mayes
<normbabs@aol.com>, milly@texas.net, jwaller@brinandbrin.com,
dlillard@ns.cooke.net, david.boyden@solvay.com, chuck@trailnet.com,
bedwards@lubbocknational.com, ASanderIII@aol.com, guy seibert
<guyseibert@msn.com>, William Hackney <willhack@msn.com>
cc: tom wilson <tomwilson@stratfordgroup.com>, timothy e mckenna
<tmckennapc@aol.com>, "Timothy D. Mercer" <Marinor3@aol.com>, Rusty Williams
<CLwill@worldnet.att.net>, robert e hebert <HebertRobert@email.msn.com>, Ray
Burgess <ray@gacnet.com>, Mark Nini <mnini@aiu.net>, Larry Knigge
<lwknigge@swbell.net>, ken hebert <kenhebert1@aol.com>, jimmy thompson
<jamest@teamassociates.com>, jim hamilton <shirtco@swbell.net>, james oliver
mcrae <jomcrae@aol.com>, Jack Ashton <jack8904@aol.com>, Gregory Jones
<Jones@fcj.com>, "Bill O. Jameson" <wjinterests@earthlink.net>, george polk
<gjpjr_ltd@yahoo.com>
Subject: the election

Remember the old Joseph Stalin adage:"The people  who vote decide nothing.
The people who count the vote decide  everything."


This memo will confirm the above referenced meeting will be held in Room
EB2868 tomorrow morning, 12/14/2000 at 9:00 a.m. Houston Time and 3:00 p.m.
London Time.  Next Thursday, December 21, it will be held in Room 50M03.

Claire/Lauren

For everyone calling in from the London office, please advise them to dial
the following number:  713-345-3324.  Also, since I was unable to find James
Nu on the email address, will you make sure he is aware of the room change?

Thank you in advance.

Dorothy


NAME	TITLE	DOH	BADGE	HR REP	SUPERVISOR	CO/RC
Soto, Elizabeth	Clerk	6/1	yes	N.Villarreal	Susan Harrison	5-413
						02331-000
Jacobs, Charles	Spec	6/5	yes	H.
				McLoughlin	Bryce Baxter	5-413
						00758-000
Ellis,Laurie	Spec	6/5	yes	H.
				McLoughlin	Bryce Baxter	5-413
						00758-000
Johnson, Luchas	Sr.   Spec	6/5		N.Villarreal	Carrie Hollomon


Mike, here is a very brief overview of planned or approved expansions by major pipeline.  There is a lot of detail that supports each of these pipe expansions including, proposed start dates, delivery points, probability etc...

Let's discuss needs...

Perhaps, we can give your group a general overview on expansions in the west, current status etc.

BT


Have you heard from FUGG on Enserco?

-----Original Message-----
From: Bump, Dan J.
Sent: Wednesday, November 14, 2001 4:14 PM
To: Whitt, Mark
Subject: RE: Holiday Party Headcount

Unfortunately, he was at a meeting.

-----Original Message-----
From: Whitt, Mark
Sent: Wed 11/14/2001 5:07 PM
To: Bump, Dan J.
Cc:
Subject: RE: Holiday Party Headcount

Did you see Tim?

-----Original Message-----
From: Bump, Dan J.
Sent: Wednesday, November 14, 2001 4:06 PM
To: Whitt, Mark
Cc: Lucci, Paul T.
Subject: RE: Holiday Party Headcount

Our new studboy engineer, Dave Scobel, has been sniffing around Cat.  However, I doubt that they're ready to come out of the closet.  She moved into her own apartment to get away from her dork.

-----Original Message-----
From: Whitt, Mark
Sent: Wed 11/14/2001 4:53 PM
To: Bump, Dan J.
Cc: Lucci, Paul T.
Subject: FW: Holiday Party Headcount

Does Cat not have a date?  I'm sure Lucci would escort her.
-----Original Message-----
From: Jurgens, Kristen
Sent: Wednesday, November 14, 2001 3:32 PM
To: Herauf, Terry; Hoffman, Troy; Gentry, Darrel; Hart, Rusty ; Taggart, Vern; Vande Bossche, Dick; Askew, William; Baldridge, Don; Bawden, Brian; Bierbach, Brian; Bloom, Bert; Bump, Dan J.; Braden, Catherine; Choyce, Ken; Dickenson, Carla; Downey, Pat; Flanigan, Tricia; Forrester, Dixie; Fresquez, Rick; Gross, Michelle; Hoff, James; Jagau, Jim; Jantz, Chris; Jurgens, Kristen; Kolman, Michael; Kusner, Stephen; Lebsack, Ryan; Legler, Michael J.; Lucero, Catrina; Martinez, Chris; Mathews, Bill; McElhaney, Daniel; Mcnamee, Linda; Mentor, Patricia; Norris, Sue; Norton, Pierce; Parada, Lisa; Pimmel, Tim; Rafter, Mick; Ritzdorf, Paul; Schlecht, Dinah; Schroeder, Andy; Scobel, Dave; Serrano, Walt; Shields, Glennda; Sitter, Scott; Smith, Steve D; Srikijkarn, Rick; Tipton, Sarah; Varnell, Charles; Walsh, Alan; Weisberg, William; Wiederholt, Barry; Wiesner, Paul; Woods, Janice; DuBose, Heidi; Felling, Amy; Harrison, Tyrell; Lucci, Paul T.; Staab, Theresa; Whitt, Mark
Subject: Holiday Party Headcount
Importance: High

I have not heard from the following people:

Baldridge
Bloom
Carnevale
Fresquez
Hoff
Lebsack
Martinez
Norton
Srikijkarn
Wiesner
Herauf
Hoffman
Gentry
Hart
Taggart
Vande Bossche

Don't leave me hangin' guys!

We are currently at 81 people.   I need to finalize this count as soon as possible.  At 81 people, we will not need the additional room, but 100 & above we will.  So, it is imperative that you let me know.

Please review list below & let me know if there are any changes.

LAST	 FIRST	 #	 GUEST NAME
Bawden	 Brian	 2	 Sarah Bawden
Bierbach	 Brian	 2	 Carolyn
Braden	 Catherine	 2
Bump	 Dan	 2	 Kim Bump
Choyce	 Ken	 2	 Sandy Choyce
Dickenson	 Carla	 2
Downey	 Pat	 2	 Donna Downey
Dubose	 Heidi	 2	 Kreig Dubose
Felling	 Amy	 2
Forrester	 Dixie	 2	 John Forrester
Gross 	Michelle	 2
Jagau	 Jim	 1
Jantz	 Chris	 2
Jurgens	 Kristen	 2
Kolman	 Mike	 2
Legler	 Mike	 2	 Karen Legler
Lucero	 Catrina	 2	 Joe Lucero
Lucci	 Paul	 2
Mathews	 Bill	 2	 Susan Mathews
McElhaney	 Daniel	 2	 Nicole McElhaney
McNamee	 Linda	 2	 Mark McNamee
Mentor	 Tricia	 2
Norris	 Sue	 2	 Craig Tanner
Parada	 Lisa	 2
Pimmel	 Tim	 2	 Dawn Pimmel
Rafter	 Mick	 2	 Pam Rafter
Ritzdorf	 Paul	 2	 Monica Ritzdorf
Schlecht	 Dinah	 2	 Rod
Schroeder	 Andy	 2	 Patty Schroeder
Scobel	 Dave	 2
Serrano	 Walt	 2	 Sandy Serrano
Shields	 Glennda	 2
Sitter	 Scott	 2	 Mia Sitter
Staab	 Theresa	 2	 Jeff Staab
Tipton	 Sarah	 2	 Steve
Tycholiz	 Barry	 2	 Kim Tycholiz
Varnell	 Charles	 2	 Heather Varnell
Weisberg	 Bill	 2
Whitt	 Mark	 2	 Alicia Whitt
Wiederholt	 Barry	 2	 Jo Wiederholt
Woods	 Janice	 2

NO
**Harrison	 Tyrell	 2	 no dinner--may stop by later
Flanigan	 Tricia
Kusner	 Steve
Askew	 Bill
Smith	 Steve
Walsh	 Alan

Kristen Jurgens
Crestone Energy
Office Administrator
720-946-3611
720-946-3710 (fax)
kristen.jurgens@enron.com <mailto:kristen.jurgens@enron.com>


Krishna,

I have received two additional  requests for help from EES.

1. Jeremy Blachman called and asked us to increase very significantly the
level of
our support of EES. It probably makes sense to set up a meeting with Jeremy
ASAP
and discuss specifics (you, me, and it probably makes sense to invite Marty
Sunde
as well).

2. George Posey called and asked fro help with statistical sampling of  Dublin
customers. Please, give him a call to set up a meeting.

I shall call you tomorrow to discuss both requests.

Vince


Hi Kent,

I don't know whether Lee has mentioned the Delta Power deal that we are
working on.  We are taking 4 turbines and putting them in an LLC, and selling
some of the interest in the LLC to Delta Power.  Three of the turbines are
turbines formerally known as LV Co Gen turbines, and we are buying new LM's
to replace the ones we are using here.  In any event, Delta Power is
financing the deal, and they have asked that we get GE sign off on the
attached documents.  Therefore, I would be interested in your response to the
attached.

I understand that Lee is in New Orleans today, but I'll send him a copy
anyway.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/02/2001 10:05
AM ---------------------------

"PARKER, Isabel" <isabel.parker@freshfields.com> on 04/01/2001 05:10:38 PM
To: "Carolyn Campbell (E-mail)" <CCampbell@KSLAW.com>, "John Keffer (E-mail)"
<JKeffer@KSLAW.com>, "Kay Mann (E-mail)" <kay.mann@enron.com>, "Rick Vicens
(E-mail)" <rvicens@deltapower.com>, "Gregory F. Lang (E-mail)"
<gregorylang@paulhastings.com>
cc: "BURKE, Ted (TDB)" <ted.burke@freshfields.com>

Subject: Enron/Delta Turbine Acquisition

This e-mail is confidential and may well also be legally privileged. If you
have received it in error, you are on notice of its status.  Please notify us
immediately by reply e-mail and then delete this message from your system.
Please do not copy it or use it for any purposes, or disclose its contents to
any other person:  to do so could be a breach of confidence.  Thank you for
your co-operation.  Please contact our
IT Helpdesk on +44 (0) 20 7936 4000 Ext.2000 or email ITHelp@freshfields.com
if you need assistance.

As discussed during our call earlier this afternoon, please find attached
for onward transmission to GE a draft of (i) the GE Consent and Agreement
and (ii) the GE legal opinion.

Kind regards
Isabel

 - NY003700033.DOC
 - NY003699615.DOC