---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/26/2001
08:12 AM ---------------------------
From: Li Sun@ENRON COMMUNICATIONS on 02/23/2001 09:30 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Enron&China: Is Enron Overpriced? It's in a bunch of complex
businesses. Its financial ...

Hi, Vince,

How are you doing? I called Wed to set up a meeting with you, unfortunately
you were out of town. Since I just got my computer and email account set up
today, it was not that convenient to contact you. Please let me know when you
are available. Please see the following for the interesting article about
Enron, and it is exactly what you have been worried about and now it is
starting to catch Wall Street's attention. So I belive what you have been
promoting to do is very constructive to the company.

In addition, please let me know if you need any help with Tiger Team. I
didn't forget yesterday's conference, but I was so tied up in a meeting and
couldn't leave. The learning curve is quite steep for a freshhand like me at
the very beginning.

You are such a remarkable person, and I feel lucky I got the chance to work
for you. I really appreciate your help and your kindness to me, and I benefit
from it tremendously. Please please let me know if there is anything I could
help.

Best Wishes!

Li

Is Enron Overpriced?
It's in a bunch of complex businesses. Its financial
statements are nearly impenetrable. So why is Enron
trading at such a huge multiple?
Bethany McLean

03/05/2001
Fortune Magazine
122+
(Copyright 2001)

   In Hollywood parlance, the "It Girl" is someone who commands the
spotlight at any given moment--you know, like Jennifer Lopez or Kate
Hudson. Wall Street is a far less glitzy place, but there's still
such a thing as an "It Stock." Right now, that title belongs to
Enron, the Houston energy giant. While tech stocks were bombing at
the box office last year, fans couldn't get enough of Enron, whose
shares returned 89%. By almost every measure, the company turned in a
virtuoso performance: Earnings increased 25%, and revenues more than
doubled, to over $100 billion. Not surprisingly, the critics are
gushing. "Enron has built unique and, in our view, extraordinary
franchises in several business units in very large markets," says
Goldman Sachs analyst David Fleischer.

   Along with "It" status come high multiples and high expectations.
Enron now trades at roughly 55 times trailing earnings. That's more
than 2 1/2 times the multiple of a competitor like Duke Energy, more
than twice that of the S&P 500, and about on a par with new-economy
sex symbol Cisco Systems. Enron has an even higher opinion of itself.
At a late-January meeting with analysts in Houston, the company
declared that it should be valued at $126 a share, more than 50%
above current levels. "Enron has no shame in telling you what it's
worth," says one portfolio manager, who describes such gatherings as
"revival meetings." Indeed, First Call says that 13 of Enron's 18
analysts rate the stock a buy.
   But for all the attention that's lavished on Enron, the company
remains largely impenetrable to outsiders, as even some of its
admirers are quick to admit. Start with a pretty straightforward
question: How exactly does Enron make its money? Details are hard to
come by because Enron keeps many of the specifics confidential for
what it terms "competitive reasons." And the numbers that Enron does
present are often extremely complicated. Even quantitatively minded
Wall Streeters who scrutinize the company for a living think so. "If
you figure it out, let me know," laughs credit analyst Todd Shipman
at S&P. "Do you have a year?" asks Ralph Pellecchia, Fitch's credit
analyst, in response to the same question.

   To skeptics, the lack of clarity raises a red flag about Enron's
pricey stock. Even owners of the stock aren't uniformly sanguine.
"I'm somewhat afraid of it," admits one portfolio manager. And the
inability to get behind the numbers combined with ever higher
expectations for the company may increase the chance of a nasty
surprise. "Enron is an earnings-at-risk story,'' says Chris Wolfe,
the equity market strategist at J.P. Morgan's private bank, who
despite his remark is an Enron fan. "If it doesn't meet earnings,
[the stock] could implode."

   What's clear is that Enron isn't the company it was a decade ago.
In 1990 around 80% of its revenues came from the regulated gas-
pipeline business. But Enron has been steadily selling off its old-
economy iron and steel assets and expanding into new areas. In 2000,
95% of its revenues and more than 80% of its operating profits came
from "wholesale energy operations and services." This business, which
Enron pioneered, is usually described in vague, grandiose terms like
the "financialization of energy"--but also, more simply, as "buying
and selling gas and electricity." In fact, Enron's view is that it
can create a market for just about anything; as if to underscore that
point, the company announced last year that it would begin trading
excess broadband capacity.

   But describing what Enron does isn't easy, because what it does is
mind-numbingly complex. CEO Jeff Skilling calls Enron a "logistics
company" that ties together supply and demand for a given commodity
and figures out the most cost-effective way to transport that
commodity to its destination. Enron also uses derivatives, like
swaps, options, and forwards, to create contracts for third parties
and to hedge its exposure to credit risks and other variables. If you
thought Enron was just an energy company, have a look at its SEC
filings. In its 1999 annual report the company wrote that "the use of
financial instruments by Enron's businesses may expose Enron to
market and credit risks resulting from adverse changes in commodity
and equity prices, interest rates, and foreign exchange rates."

   Analyzing Enron can be deeply frustrating. "It's very difficult
for us on Wall Street with as little information as we have," says
Fleischer, who is a big bull. (The same is true for Enron's
competitors, but "wholesale operations" are usually a smaller part of
their business, and they trade at far lower multiples.) "Enron is a
big black box," gripes another analyst. Without having access to each
and every one of Enron's contracts and its minute-by-minute
activities, there isn't any way to independently answer critical
questions about the company. For instance, many Wall Streeters
believe that the current volatility in gas and power markets is
boosting Enron's profits, but there is no way to know for sure. "The
ability to develop a somewhat predictable model of this business for
the future is mostly an exercise in futility," wrote Bear Stearns
analyst Robert Winters in a recent report.

   To some observers, Enron resembles a Wall Street firm. Indeed,
people commonly refer to the company as "the Goldman Sachs of energy
trading." That's meant as a compliment. But the fact that part of
Goldman's business is inherently risky and impenetrable to outsiders
is precisely the reason that Goldman, despite its powerful franchise,
trades at 17 times trailing earnings--or less than one-third of
Enron's P/E. And as Long Term Capital taught us, the best-laid
hedges, even those designed by geniuses, can go disastrously wrong.
"Trying to get a good grip on Enron's risk profile is challenging,"
says Shipman.

   Nor at the moment is Enron's profitability close to that of
brokerages (which, in fairness, do tend to be more leveraged). While
Wall Street firms routinely earn north of 20% returns on their equity-
-Goldman's ROE last year was 27%--Enron's rate for the 12 months
ended in September (the last period for which balance sheet
information is available) was 13%. Even less appealing is Enron's
return on invested capital (a measure including debt), which is
around 7%. That's about the same rate of return you get on far less
risky U.S. Treasuries.

   Enron vehemently disagrees with any characterization of its
business as black box-like. It also dismisses any comparison to a
securities firm. "We are not a trading company," CFO Andrew Fastow
emphatically declares. In Enron's view, its core business--where the
company says it makes most of its money--is delivering a physical
commodity, something a Goldman Sachs doesn't do. And unlike a trading
firm, which thrives when prices are going wild, Enron says that
volatility has no effect on its profits--other than to increase
customers, who flock to the company in turbulent times. Both
Skilling, who describes Enron's wholesale business as "very simple to
model," and Fastow note that the growth in Enron's profitability
tracks the growth in its volumes almost perfectly. "People who raise
questions are people who have not gone through [our business] in
detail and who want to throw rocks at us," says Skilling. Indeed,
Enron dismisses criticism as ignorance or as sour grapes on the part
of analysts who failed to win its investment-banking business. The
company also blames short-sellers for talking down Enron. As for the
details about how it makes money, Enron says that's proprietary
information, sort of like Coca-Cola's secret formula. Fastow, who
points out that Enron has 1,217 trading "books" for different
commodities, says, "We don't want anyone to know what's on those
books. We don't want to tell anyone where we're making money."

   In addition to its commodities business, Enron has another
division called Assets and Investments that is every bit as
mysterious. This business involves building power plants around the
world, operating them, selling off pieces of them, "invest[ing] in
debt and equity securities of energy and communications-related
business," as Enron's filings note, and other things.

   Actually, analysts don't seem to have a clue what's in Assets and
Investments or, more to the point, what sort of earnings it will
generate. Enron's results from that part of its business tend to be
quite volatile--profits fell from $325 million in the second quarter
of 1999 to $55 million in the second quarter of 2000. In written
reports, Morgan Stanley chalked up the decline to the poor
performance of Enron's "significant number of investments" in telecom
stocks; Dain Rauscher Wessels blamed it on a lack of asset sales.

   In any event, some analysts seem to like the fact that Enron has
some discretion over the results it reports in this area. In a
footnote to its 1999 financials, Enron notes that it booked "pretax
gains from sales of merchant assets and investments totaling $756
million, $628 million, and $136 million" in 1999, 1998, and 1997.
"This is an enormous earnings vehicle, which can often be called upon
when and if market conditions require," notes UBS Warburg analyst Ron
Barone. Not everyone is so chipper. "We are concerned they are
liquidating their asset base and booking it as recurring revenue,
especially in Latin America," says analyst Andre Meade at Commerzbank-
-who has a hold rating on the stock. At the least, these sorts of
hard-to-predict earnings are usually assigned a lower multiple.

   There are other concerns: Despite the fact that Enron has been
talking about reducing its debt, in the first nine months of 2000 its
debt went up substantially. During this period, Enron issued a net
$3.9 billion in debt, bringing its total debt up to a net $13 billion
at the end of September and its debt-to-capital ratio up to 50%, vs.
39% at the end of 1999. Nor does Enron make life easy for those who
measure the health of a business by its cash flow from operations. In
1999 its cash flow from operations fell from $1.6 billion the
previous year to $1.2 billion. In the first nine months of 2000, the
company generated just $100 million in cash. (In fact, cash flow
would have been negative if not for the $410 million in tax breaks it
received from employees' exercising their options.)

   But Enron says that extrapolating from its financial statements is
misleading. The fact that Enron's cash flow this year was meager, at
least when compared with earnings, was partly a result of its
wholesale business. Accounting standards mandate that its assets and
liabilities from its wholesale business be "marked to market"--
valued at their market price at a given moment in time. Changes in
the valuation are reported in earnings. But these earnings aren't
necessarily cash at the instant they are recorded. Skilling says that
Enron can convert these contracts to cash anytime it chooses by
"securitizing" them, or selling them off to a financial institution.
Enron then receives a "servicing fee," but Skilling says that all the
risks (for example, changes in the value of the assets and
liabilities) are then transferred to the buyer. That's why, he says,
Enron's cash flow will be up dramatically, while debt will be "way
down, way down" when the company publishes its full year-end results,
which are due out soon.

   That's good, because Enron will need plenty of cash to fund its
new, high-cost initiatives: namely, the high-cost buildout of its
broadband operations. In order to facilitate its plan to trade excess
bandwidth capacity, Enron is constructing its own network. This
requires big capital expenditures. So broadband had better be a good
business. Both Enron and some of the analysts who cover it think it
already is. Included in the $126 a share that Enron says it's worth
is $40 a share--or $35 billion--for broadband. Several of Enron's
analysts value broadband at $25 a share, or roughly $22 billion (and
congratulate themselves for being conservative). But $22 billion
seems like a high valuation for a business that reported $408 million
of revenues and $60 million of losses in 2000. Not all analysts are
so aggressive. "Valuing the broadband business is an "extremely
difficult, uncertain exercise at this point in time," notes Bear
Stearns' Winters, who thinks that broadband, while promising, is
worth some $5 a share today.

   Of course everything could go swimmingly. Enron has told analysts
that it plans to sell between $2 billion and $4 billion of assets
over the next 12 months. The bullish scenario for Enron is that the
proceeds from those sales will reduce debt, and as earnings from new
businesses kick in, the company's return on invested capital will
shoot upward. Along with broadband, Enron has ambitious plans to
create big businesses trading a huge number of other commodities,
from pulp and paper to data storage to advertising time and space.
Perhaps most promising is its Enron Energy Services business, which
manages all the energy needs of big commercial and industrial
companies. Skilling has told analysts that its new businesses will
generate a return on invested capital of about 25% over the long run.

   But all of these expectations are based on what Wolfe, the  J.P.
Morgan strategist, calls "a little bit of the China syndrome"--in
other words, if you get x% of y enormous market, you'll get z in
revenues. For instance, Enron says the global market for broadband
and storage services will expand from $155 billion in 2001 to
somewhere around $383 billion in 2004. "Even a modest market share
and thin margins provide excellent potential here," writes Ed
Tirello, a Deutsche Bank Alex. Brown senior power strategist. The
problem, as we know from innumerable failed dot-coms, is that the y
enormous market doesn't always materialize on schedule. And Enron
isn't leaving itself a lot of room for the normal wobbles and
glitches that happen in any developing business.

   In the end, it boils down to a question of faith. "Enron is no
black box," says Goldman's Fleischer. "That's like calling Michael
Jordan a black box just because you don't know what he's going to
score every quarter." Then again, Jordan never had to promise to hit
a certain number of shots in order to please investors.

   FEEDBACK: bmclean@fortunemail.com

COLOR PHOTO: PHOTOGRAPH BY PAUL HOWELL/LIAISON
SOME PEOPLE liken Enron, with its massive trading operation, to a
Wall Street securities firm.
COLOR PHOTO: AFP
ENRON still has plenty of old-economy iron and steel assets like
this one, but it has been selling them off at a steady clip.
COLOR CHART: FORTUNE CHART
Enron's stock is soaring
Enron
S&P 500
COLOR PHOTO: PAM FRANCIS/LIAISON
JEFF SKILLING, a former consultant, has taken over the reins from
chief executive officer Kenneth Lay.

Folder Name: Enron&China
Relevance Score on Scale of 100: 80

______________________________________________________________________

To review or revise your folder, visit http://www.djinteractive.com or
contact Dow Jones Customer Service by e-mail at custom.news@bis.dowjones.com
or by phone at 800-369-7466. (Outside the U.S. and Canada, call 609-452-1511
or contact your local sales representative.)
______________________________________________________________________

Copyright (c) 2001 Dow Jones & Company, Inc. All Rights Reserved


I just spoke with Miriam Radich (Tiger's lawyer) and advised her of ECT's
name change effective 9/1/99.  She advised that she will revise our docs
TOMORROW.  Also, we will send a new blackline guaranty to Tiger (terms
previously agreed) to reflect name change.

Per:  It may take several days to have the guaranties executed by Corp.  You
need to give Marie advance notice on that front.  SS


Vicky,

My affiliation is Enron Corp. My assistant, Shirley Crenshaw, will send you
an updated version of my bio.
Here are the bullet points:

PRACTICAL TECHNIQUES TO PRICE EXOTIC ENERGY  OPTIONS

Definition of an exotic option
 - pay-off profile
 - price process assumptions
 - different sources of risk

Different types of exotic options used in the energy industry
 - Asian options
 - spread options
 - basket options
 - swing options

Evaluating methodologies for pricing  exotics
???  - assessing the pros and cons  of different techniques
  - approximations of closed-form formulas
  - Monte Carlo techniques
  - trees
  - numerical solutions of PDEs
???  - applying multi-factor models  to price exotic energy derivatives
???  - building trees for pricing  and hedging exotics

Practical examples
?
ANALYSING APPROACHES TO WEATHER DERIVATIVES  VALUATION
?
Definition of a weather derivative

Why does energy industry need weather derivatives?
 - hedging volume/price  risk as opposed to hedging exclusively price risk
 - the energy industry's exposure to weather: numerical estimates

Different types of weather derivatives used in the energy industry
???  - heating and cooling degree day  swaps and options
???  - precipitation contracts
 - hurricane contracts
 - financial options contingent on weather
 - digital options

Valuation controversy: actuarial valuation vs. valuation based on the
Black-Scholes paradigm

Use of Monte Carlo techniques in valuation of weather derivatives

Valuing long term transactions

Practical example

Please, feel free to edit my bullet points to improve my English.

It was a  pleasure working with you and I hope our roads will cross at some
point.
The best of luck to you.

Vince

"Vicky Windsor" <vicki@risk.co.uk> on 04/13/2000 01:00:18 PM
Please respond to "Vicky Windsor" <vicki@risk.co.uk>
To: <vkamins@enron.com>
cc:
Subject: Maths course

Dear Vince,
?
I just wondered whether you have had chance to  look at your bullet points
and bio for the maths course. If so please could  could email them to me as
soon as possible. Could you also let me know whether  your company
affiliation should now be Enron North America.
?
Thanks Vince and best regards,
?
Vicky


Start Date: 1/2/02; HourAhead hour: 12;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002010212.txt


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John:
I worked on someone else's project recently and have requested the cost to
include suppliers on the coverage so I will be interested to see if it is
available and, if it is, the cost.
Paul

John Schwartzenburg@ENRON_DEVELOPMENT
03/14/2001 07:03 AM
To: Keith Dodson/NA/Enron@ENRON, johng@nepco.com @ ENRON_DEVELOPMENT, Sheila
Tweed@ECT, Brett R Wiggs/SA/Enron@Enron, Jake Thomas@ECT, Kay Mann@ENRON,
Nigel Carling/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stephen P
Stein/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steve
Reistetter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Novak/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sami Arap/SA/Enron@Enron, Mark
Evans@ECT, John G Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Scott
Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Paul E
Parrish/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, davidlu@nepco.com, Mark
Evans@ECT, Jon Chapman@ENRON_DEVELOPMENT
cc: Richard Leibert/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James L
Bouillion@ECT, Rob Walls/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject:  WARRANTIES & INSURANCE
LATEST MARKET DEVELOPMENT

JWVS

Paul, thanks for putting the word out on this, since excluding collateral
damage from warranty problems from BI will surely impact the risk profile of
any project if the vendors will not step up to the collateral damage in their
vendor contracts.

Jim and Paul, do you know if the underwriters will offer coverage to the
vendors or turnkey contractors for this issue under their respective
contracts? GE (who are likely to want to continue to self-insure) can be
expected to put up a real struggle before choking liability for collateral
damage down, as  they will likely see it as a material risk issue. I think it
ought to be added to the form contract discussions with GE as a test case.

I think this is an important enough change in the market that we need to
develop a common approach or at  least a common understanding accross Enron
and NEPCO on the issues.

I will be back in the office next week and chase it up with you guys then.

	Nigel Carling
	03/13/2001 09:19 AM

		 To: Stephen P Stein/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Dan
Shultz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joe
Reynolds/ENRON_DEVELOPMENT, Keith Dodson/NA/Enron@ENRON, John G
Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steve
Reistetter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc:
		 Subject: WARRANTIES & INSURANCE
LATEST MARKET DEVELOPMENT

FYI
----- Forwarded by Nigel Carling/ENRON_DEVELOPMENT on 03/13/2001 09:16 AM
-----

	Paul E Parrish@ENRON
	03/13/2001 08:02 AM

		 To: Nigel Carling/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Spencer
Burton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Cullen/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Michael
McGarry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bob
Meckna/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James
Naeger/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Donald
Reid/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Michael Guerriero/SA/Enron@Enron,
Kevin Ruffcorn/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rafi
Khan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Richard Quek/SIN/ECT@ECT, Manuel
Gallego/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, John R Ayres/NA/Enron@Enron,
Brett R Wiggs/SA/Enron@Enron, David Lund, Dag Adolfsson/HOU/EES@EES, Curly
Baca/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brian D
Barto/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kenneth Bean/HOU/EES@EES, Karl
Breckon/NA/Enron@Enron, John Cates/HOU/EES@EES, Ed Cattigan/EU/Enron@ENRON,
Ned E Crady/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Greg Curran/CA/Enron@Enron,
Scott Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Roberto
Figueroa/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David
Glessner/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David Howe/Corp/Enron, James A
Hughes/ENRON_DEVELOPMENT, Christopher B Hunt/ENRON_DEVELOPMENT, Michael
Oehrle/ENRON_DEVELOPMENT, Larry Reynolds/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Rob Walls/NA/Enron, David K Bargainer/ENRON_DEVELOPMENT, Cheryl
Costa/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ed
Dannhaus/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Phillip
Foster/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Gavin
Gaul/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bruce
Golden/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steve
Heck/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Edward J Hlopak
Sr/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Edward Hlopak Jr/Enron
Communications@Enron Communications, Ed
Husami/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John G
Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Robert Lundin/NPNG/Enron@ENRON,
Michael Ranz/ENRON@enronXgate, Scott
Laidlaw/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joe
Lakes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Martin Penkwitz/HOU/EES@EES, Jim
Sutherland, Brian Stanley/EU/Enron@ENRON, Roger
Tietz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Richard Vincent/ENRON_DEVELOPMENT, David Marshall/HOU/ECT@ECT, Terry
Yamada/Corp/Enron@ENRON, James L Bouillion/HOU/ECT@ECT, Paul
Clayton/HOU/ECT@ECT
		 Subject: WARRANTIES & INSURANCE
LATEST MARKET DEVELOPMENT

To Distribution:

Recently, the insurance market has become much more restrictive with its
terms and conditions and is looking for substantial rate increases,
especially on property, machinery breakdown and business interruption
coverages.  For example, because of market conditions and adverse loss
experience, Enron,s deductible for certain asset classes will be increased
from $500,000 to $5,000,000 combined per incident of property damage and
business interruption along with a  (quantify percentage) premium increase.
In the context of construction risks and the associated operation of new
facilities, one of the major areas of underwriters, concerns are the nature
and scope warranties offered by the OEM.

Underwriters are requiring their insureds [Enron] to secure warranties from
major equipment suppliers, especially where technology risks are involved.
With the increase in insurance pricing and deductibles across the board,
underwriters are particularly sensitive to  certain types of technology, and
capacity will be severely limited or unavailable at any price if no
warranties are provided.

To ensure that superior, cost-effective insurance programs can be obtained
for our projects, it is imperative that Enron projects secure manufacturers,
warranties in the contracts negotiated with equipment suppliers and vendors..
Underwriters will require genuine guarantees, not just &token gestures8. They
will require rights of subrogation against the OEM, which means that we
cannot agree to a waiver of subrogation for the benefit of  the
manufacturers. It is the underwriter,s position that the manufacturer is to
take the risk for their design failure, faulty metallurgy, workmanship, and
unsuccessful &new8 techniques and the underwriter will provide insurance for
pure fortuitous loss or damage.

If you find that someone is not listed in the distribution list, please pass
this email to them. If you have any questions please call or email one of us
listed below:

Richard Vincent
David Marshall
Terry Yamada
Paul Parrish
Jim Bouillion
Paul Clayton


SOCO filed interconnection procedures at FERC.  VEPCO and CP&L have protested
SOCO's filing stating that they perform interconnection studies differently
than SOCO in this aspect:

VEPCO and CP&L state that they perform studies by modeling the transmission
system with the loads in the base case unchanged and the output of existing
and higher queued planned generators that serve load ratched down to allow
the grid to accept the full output of the new generator "at the point of
receipt."

SOCO performs the studies using the "extension cord" method -- models the
transmission system with load ratched up in an amount equal to the output of
the new generator.

While a generator customer is still not assured that it will get
"transmission" until it makes a separate OASIS request, VEPCO and CP&L state
that their method provides some "assurance" (ie, no guarantee) that the
customer would not be denied transmission later due to no ATC at the point of
receipt (generator).  I think that their method might also possibly result in
higher "network" upgrades to be charged to generator.

EPMI has not protested SOCO's interconnection filing for other reasons.
However, this may be something of concern to us in these regions and others.
Let me know any concerns.  I think FERC will address this issue when it
issues an order on SOCO's filing (which could be this month or several
months--most likely before summer).  Thanks.


---------------------- Forwarded by Andrea Ring/HOU/ECT on 05/01/2001 02:40
PM ---------------------------

	From:  Karen D McIlvoy                           04/17/2001 10:20 AM

To: ragan.bond@bhlp.com
cc:  (bcc: Andrea Ring/HOU/ECT)
Subject: Fwd: Fw: Wisom

----- Original Message -----
From: Oldmoney@aol.com
Sent: Friday, April 13, 2001 9:39 PM
To: Oldmoney@aol.com
Subject: Wisom

Instead of getting married again, I'm going to find a woman I don't like
and just give her a house,"
  - Lewis Grizzard

"The problem with the designated driver program, it's not a
desirable job.  But if you ever get sucked into doing it,have fun with it.
At the end of the night, drop them off at the wrong house."
- Jeff Foxworthy

"See, the problem is that God gives men a brain and a penis,
and only enough blood to run one at a time."
Robin Williams

"If a woman has to choose between catching a fly ball and
saving an infant's life, she will choose to save the infant's life without
even considering if there is a man on base."
  - Dave Barry

"What do people mean when they say the computer went down on them?"
   -Marilyn Pittman

"Relationships are hard. It's like a full time job, and we  should treat it
like one. If your boyfriend or girlfriend wants to leave you,they should give
you two weeks' notice. There should be severance pay,  and before they leave
you, they should have to find you a temp."
- Bob Ettinger

"My Mom said she learned how to swim when someone took her out in the lake
and threw her off the boat.  I said, 'Mom, they weren't trying to teach you
how to swim."'
Paula Poundstone

"A study in the Washington Post says that women have better
verbal skills than men. I just want to say to the authors of that study:
Duh."
   - Conan O'Brien

"Why does Sea World have a seafood restaurant?? I'm halfway
through my fish burger and I realize, Oh my God.... I could be eating a slow
learner."
Lynda Montgomery

"The day I worry about cleaning my house is the day Sears comes out with a
riding vacuum cleaner."
Roseanne

"I think that's how Chicago got started. A bunch of people in New York
said,   'Gee, I'm enjoying the crime and the poverty, but it just isn't cold
enough.  Let's go west.'"
   - Richard Jeni

"If life was fair, Elvis would be alive and all the impersonators would be
dead."
  -Johnny Carson

"Sometimes I think war is God's way of teaching us geography."
- Paul Rodriguez

"My parents didn't want to move to Florida, but they turned sixty, and
that's the law."
  - Jerry Seinfeld

"In elementary school, in case of fire you have to line up quietly in a
single file line from smallest to tallest. What is the logic? Do tall people
burn slower?"
- Warren Hutcherson

"Bigamy is having one wife too many. Monogamy is the same."
  - Oscar Wilde

"Marriage is a great institution, but I'm not ready for an institution yet."
Mae West

"Suppose you were an idiot... And suppose you were a member of
Congress...But I repeat myself."
  - Mark Twain

"Our bombs are smarter than the average high school student. At least they
can find Kuwait."
- A. Whitney Brown

Aw, yes, divorce......., from the Latin word meaning to rip out a man's
genitals through his wallet,"
   - Robin Williams

"Women complain about premenstrual syndrome, but I think of it as the only
time of the month that I can be myself."
  - Roseanne

"Women need a reason to have sex. Men just need a place."
- Billy Crystal

"You can say any foolish thing to a dog, and the dog will give you a look
that says, 'My God, you're right! I never would've thought of that!'"
   -Dave Barry

"We have women in the military, but they don't put us in the front lines.
They don't know if we can fight or if we can kill. I think we can. All the
general has to do is walk over to the women and say, 'You see the enemy over
there?  They say you look fat in those uniforms.'"
  -Elayne Boosler

"If you can't beat them, arrange to have them beaten."
  - George Carlin

When I die, I want to die like my grandfather who died peacefully in his
sleep. Not screaming like all the passengers in his car.

Jerry Ann

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


Holden,

SRP is comming back saying that they do not see deal 805316 on 9/12.  Can you look into this

Thanks

Mike P. Purcell
Settlements Coordinator
Volume Management-Portland
503-464-8297


I'm here for you.  Just remember me favorably when you become my boss
someday.  I fetch coffe and pop, I always keep a stash of crackers,... the
list goes on.

Darla Saucier@ENRON
01/23/2001 04:41 PM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Oglethorpe

sorry Chris, I know you already sent this to me.  I got lost here for a
moment between the Nov corrections and the Dec invoice.

Thanks for your help!
Darla


> -----Original Message-----
>
> Claudette
>
>  Beliefs:
>
> * I believe that we don't have to change friends, if we understand
> that friends change.
> * I believe that no matter how good a friend is, they're going to hurt
> you every once in awhile and you must forgive them for that.
> * I believe that true friendship continues to grow, even over the
> longest distance, same goes for true love.
> * I believe that you can do something in an instant that will give you
> heartache for life.
> * I believe that it's taking me a long time to become the person I
> want to be.
> * I believe that you should always leave loved ones with loving words,
> it may be the last time you see them.
> * I believe that you can keep going long after you can't.
> * I believe that either you control your attitude or it controls you.
> * I believe that regardless of how hot and steamy a relationship is at
> first, the passion fades and there had better be something else to take
> its place.
> * I believe that heroes are the people who do what has to be done with
> it needs to be done, regardless of the consequences.
> * I believe that money is a lousy way of keeping score.
> * I believe that my best friend and I can do anything or nothing and
> have the best time.
> * I believe that sometimes the people you expect to kick you when
> you're down, will be the ones to help you get back up.
> * I believe that sometimes when I'm angry, I have the right to be
> angry, but that doesn't give me the right to be cruel.
> * I believe that just because someone doesn't love you the way you
> want them to, doesn't mean they don't love you with all that they have.
> * I believe that maturity has more to do with what types of
> experiences you've had and what you've learned from them, and less to do
> with how many birthdays you've celebrated.
> * I believe that it isn't always enough to be forgiven by others,
> sometimes you have to learn to forgive yourself.
> * I believe that no matter how bad your heart is broken, the world
> doesn't stop for your grief.
> * I believe that our background and circumstances may have influenced
> who we are, but we are responsible for who we become.
> * I believe that just because two people argue, it doesn't mean they
> don't love each other, and just because they don't argue it doesn't mean
> they do.
> * I believe that you shouldn't be so eager to find out a secret, it
> could changes your life forever.
> * I believe that two people can look at the exact something totally
> different.
> * I believe that your life can be changed in a matter of hours by
> people who don't even know you.
> * I believe that even when you think you have no more to give, when a
> friend cries out to you, you will find the strength to help.
> * I believe that credentials on the wall do not make you a decent
> human being.
> * I believe that the people you care about most in life are taken from
> you too soon.
>
> Send this to all the people YOU BELIEVE in....I just did.
> Love you,
> Claudette


Mtr 1534 - I created deal 238899 for 3/2-31/00 and #238900 for Apr.

Mtr 6725 - This meter is traded daily (spot) so, we can't extend the deal.
When Elsa gets back next week, I will check with her to see if she did a deal
with Encina on this day.

D

Jackie Young
04/05/2000 04:04 PM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: K's needed @ 98-1534 and 98-6725

98-1534 is on the 215K for 3/2000 but is only good for 3/1 - 3/1 in Sitara,
on deal #163005.  Can you see if it is o.k. to extend the deal for the rest
of the month?  It has flow every day after the 1st.

98-6725 is also on the 215K for 3/2000.  The Sitara deal # is 214948 and
covers every day except for day 16.  Can you also see if it is o.k. to extend
the deal to cover this day?

Thanks
-Jackie-
3-9497


Steve,

You requested that I put together a Knowledge Management working group.

To tell you the truth, I got the best support from Elizabeth Linnell.  She
did a splendid job of coordination and had great ideas of implementation.
She kept the group alive.

Our main obstacle, aside from other responsibilities, is that other groups,
specially the eKnow team liked the idea so much that they started calling
everything "knowledge management" or "expert " without a clear idea of all
the implications.

A positive discovery was that throughout Enron there are a number of efforts
that are trying achieve a better situation with respect to information,
communication and knowledge.  Unfortunately many of this groups are not a
priority within their business units.

We have an operational  pilot webpage with some interesting content.

We also drafted two documents.  A first draft of a business plan and a theory
support document with respect to knowledge.

Our last meeting must have been around August and it is my fault that we have
not met again but it has to do with my workload in Mexico.  I hope to
continue with this project by establishing a monthly meeting to arrive to the
full launch of ther program in our area  A.S.A.P or whenever you set the
deadline (2nd quarter 2001?)

I would recommend  implementation but, perhaps due to Elizabeth's and my
responsibilities we would need someone else that devotes more time to the
implementation of this project.

I think it would be important to develop a working group for training within
our area.  They could develop programs, ask for changes in current programs
so that they are also focused to what we do.  Promote the assistance of our
team to different courses, internal and external, etc.

Please call if I can be of assistance.

Best,

Ricardo

	Steven J Kean
	Sent by: Maureen McVicker
	11/20/2000 10:12 AM

		 To: Jose Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Scott Bolton/Enron
Communications@Enron Communications, Hap Boyd/EWC/Enron@Enron, Jeff
Brown/NA/Enron@Enron, Ricardo Charvel/NA/Enron@Enron, Paul Dawson/Govt.
Affairs/LON/ECT@ECT, Joe Hillings/Corp/Enron@ENRON, Harry
Kingerski/NA/Enron@Enron, Nicholas O'Day/AP/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, James D Steffes/NA/Enron@Enron
		 cc: Richard Shapiro/NA/Enron@Enron, Mark Schroeder/LON/ECT@ECT, Marcia A
Linton/NA/Enron@Enron, Ginger Dernehl/NA/Enron@Enron, Lora
Sullivan/Corp/Enron@ENRON, Rubena
Buerger/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Tracy Cooper/Enron
Communications@Enron Communications, Beverley Ashcroft/LON/ECT@ECT
		 Subject: WORKING GROUP PROGRESS

Please provide me an update on the progress of the working group you have led
this year.  There are several things I would like you to cover in this regard.

Did the working group function through the year or was it terminated (I
recognize there may be good reasons for the latter, but would like to
understand those reasons).

What did the group accomplish?

Would you recommend continuing it?   Any changes?

Are there other topics we should consider for working groups in the future?
Any changes to the working group process itself?

Please provide input on the individuals you worked with.  You should be able
to do this through the PEP system.  If you cannot, please provide the
feedback by confidential e-mail to me.  Because the PRC is coming up soon,
please provide the feedback by December 1.


Hi again.  Good to talk with you on the phone today - it's been awhile and
I'm glad you're taking the opportunity to ESCAPE THE EVIL EMPIRE for a few
days.

Here's a rundown of the restaurants again:
Nobu - Asian
Union Street Cafe - American
Ruby Foo - Asian
Asia de Cuba - Asian/Cuban
Del Frisco's - Steak
Provence - French/Romantic
Periyali - Greek
If you want Italian, there are supposed to be some good places on the Upper
East Side but I haven't tried any yet.
Mercer Kitchen - SoHo
La Grange - Great place for a Saturday Brunch in SoHo/Village Area
Cafe Lalo - Desert Place (Good Cheesecake  - it's where Tom Hanks went to
check out Meg in You've Got Mail)

As for business, I am attaching the messaging points put forth by the
Independent Power Producers of New York and the two-page summary of the focus
group research we did back in April.  I will either foward you ALEC's Energy
Day itinerary or FAX it to you.  I don't have it as an attachment.  Thanks
for coming out here to do this, and I'll see you Thursday!


No problem

----Original Message-----
   >From:      David Forster/Corp/Enron
   >To:          Greg Whalley/HOU/ECT@ECT
   >Cc:
   >Bcc:
   >Subj:      John Arnold Access to Crude
   >Sent:     Friday, December 29, 2000 7:46 AM
   >
   >Greg,
   >
   >At his request, John was set up this morning with the ability to do
internal transactions through EnronOnline against crude.
   >
   >Please advise if you have any objections.
   >
   >Thanks,
   >
   >Dave


Thanks Carol.  We are dealing with these.  I believe that Energy West is another that expires before the end of December.  I will try to give you a call tomorrow on the inter-company swaps under the services agreement, and the effect of counterparty terminations on the book.

Cheers
Greg

 -----Original Message-----
From: 	St. Clair, Carol
Sent:	Wednesday, December 19, 2001 3:19 PM
To:	Keohane, Peter; Johnston, Greg
Cc:	Shackleton, Sara; Sager, Elizabeth
Subject:	Expiring LC's

Peter and Greg:

We are holding LC's that expire at the end of December with respect to the  following counterparties:

EPCOR Energy Services (Alberta) Inc. ($25 million)(physical)
Engage Energy Canada LP ($!9 million)(financial)

I am assuming that you are aware of this situation and are handling it.

Carol St. Clair
EB 4539
713-853-3989 (phone)
713-646-3393 (fax)
281-382-1943 (cell phone)
8774545506 (pager)
281-890-8862 (home fax)
carol.st.clair@enron.com


let me know when you want to play liars.  next time i won't be as tardy.  i
usually pay up quick.  glad you got your money.


Sally,

The attached is the summary from our Canadian Fx work.  We have talked
through the subject matter with her last week and she is going to get back
with us, once she's had a chance to review more thoroughly.  Please let me
know if you have any questions.  Thank you.
.


Our first Working Group meting is set for Friday, January 21, 9 am - 11 am
Central Standard Time.  If you can't make it, please let me know and arrange
for an alternate, if possible.  At this meeting, we will develop group
objectives and some initial to-do's.

If you have not yet responded with your personal information and suggested
objectives, please do so prior to the meeting so we can update the agenda
with everyone's responses.  Thank you!

TIME:  Friday January 21  9AM CST
Call in Numbers - US    (will be provided with final agenda)
International                      (will be provided with final agenda)

In Houston, Room EB 4741

I.     Administrative Issues
 a.  why a working group
 b.  expectations

II.     Our group
 a.  roster
 b.  suggested objectives

III.    Consensus Group Objectives
 (develop single set for the group)

IV.   Identify initial set of subgroups
 a. purpose of subgroups


Update:  The meeting will be in 49C1, today at 4:00pm.
Sorry for the late notice!

---------------------- Forwarded by Regan M Smith/HOU/ECT on 05/11/2000 12:50
PM ---------------------------

Regan M Smith
05/10/2000 11:54 AM
To: Jeff Johnson/Corp/Enron@Enron, Kenneth M Harmon/HOU/ECT@ECT, Chris
Schomer/Corp/Enron@ENRON, Philip R Glass/HOU/ECT@ECT, Melissa
White/HOU/ECT@ECT, Glenn Kobes/Corp/Enron@Enron, Wayne
Andrews/Corp/Enron@ENRON, Pamela Lebrane/Corp/Enron@ENRON, Susan S
Marshall/HOU/ECT@ECT, Bill D Hare/HOU/ECT@ect, Bob Klein/HOU/ECT@ECT, Rebecca
Ford/HOU/ECT@ECT, Scott Williamson/HOU/ECT@ECT, Scott F Lytle/HOU/ECT@ECT
cc: Beth Perlman/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT
Subject: Update - SAP/ Unify - Major open issues & late requirements
impacting overall schedules

The attached spreadsheet is updated from Tuesday's meeting with the action
item in blue.
 Major open issues & late requirements impacting overall schedule
 Unify, SAP, or business change requirements

There will be a follow-up meeting tomorrow, Thursday, 4:00pm, EB2626, unless
the room needs to change.

Changes, updates, please email myself, Chris, or Jeff Johnson.

Regan Smith
x39291


---------------------- Forwarded by Timothy Blanchard/HOU/EES on 02/09/2000
10:52 AM ---------------------------

	Enron Energy Services

	From:  Neithard Foley                           02/09/2000 10:50 AM

To: Timothy Blanchard/HOU/EES@EES
cc:
Subject: WASSUP!!!!!!

---------------------- Forwarded by Neithard Foley/HOU/EES on 02/09/2000
10:49 AM ---------------------------

James.C.Gaskin@sb.com on 02/08/2000 11:44:22 PM
To: Kellie Daniels <kellie_daniels@mindspring.com>, Orlando Evans
<orlando_evans@yahoo.com>, Reggie Harwell <reggie.harwell@gm.com>, Sheila
Jones <sjones@us.stabilus.com>, Bemetra Liggins <bkliggins@wcom.net>, Kaddu
Luyombya <kaddu.k.luyombya@boeing.com>, Bernard Morgan
<morgan_bernard@hotmail.com>, Marniee Nottingham
<marniee.l.nottingham@us.pwcglobal.com>, James Oliver
<jamesoliverjr@yahoo.com>, Timothy Pratt <timothy.pratt@gs.com>, Tabeier
Shine <tabeier.r.shine@gm.com>, Jocelyn Wright <wrightjr2@aol.com>, Kenrick
Angall <kenrick.angall@wcom.com>, Brad Benn <bradlee.a.benn@aexp.com>, Julian
Bostic <julianbostic@hotmail.com>, Bobby Dixon <bodixon@dttus.com>, Antonio
Estrella <aestrell@yahoo.com>, James.C.Gaskin@sb.com, Michael Holt
<m_holt@africana.com>, Nandini Manjunath
<nandini.manjunath@us.pwcglobal.com>, Michael Marsh <m_marsh@usa.net>,
"Tiffany Mayo" <Tiffany_Mayo@enron.com>, Daniel Ogbonna <cdo01@hotmail.com>,
Trenton Thompson <trentont@hotmail.com>, "Timothy Blanchard"
<tblancha@enron.com>, "Neithard Foley" <nfoley@enron.com>, "David Marye"
<dmarye@enron.com>, dmcinthebay@earthlink.net, James.C.Gaskin@sb.com,
cheo.leslie@uboc.com, Keanon_Pearson@conair.com, BLF75@aol.com,
nbassey@morehouse.com, chipper10@tamu.edu, helynns@hotmail.com,
leah11dst@hotmail.com, mwaters@post.cis.smu.edu, mlgaskin@hotmail.com,
mgaskin@post.cis.smu.edu, jimgaskin@excite.com, James.C.Gaskin@sb.com,
ososassy15@hotmail.com, kj_franchise9@hotmail.com, ted411@earthlink.net,
"'deidre_greene@yahoo.com'" <deidre_greene@yahoo.com>,
"'calvin_allen@cargill.com'" <calvin_allen@cargill.com>,
"'william_j_bennett@sunoil.com'" <william_j_bennett@sunoil.com>,
"'miab27@hotmail.com'" <miab27@hotmail.com>, "'todd_brantley@yahoo.com'"
<todd_brantley@yahoo.com>, "'rbrown3@newholland.com'"
<rbrown3@newholland.com>, "'mcolon@keyfin.com'" <mcolon@keyfin.com>,
"'davis.tl.3@pg.com'" <davis.tl.3@pg.com>, "'jennifer.dent@ey.com'"
<jennifer.dent@ey.com>, "'drakefordl@aol.com'" <drakefordl@aol.com>,
"'lawanda.drakeford@smed.com'" <lawanda.drakeford@smed.com>,
"'sean.fleming@us.pwcglobal.com'" <sean.fleming@us.pwcglobal.com>,
"'indira2376@aol.com'" <indira2376@aol.com>, "'ogarner@fleetcc.com'"
<ogarner@fleetcc.com>, "'shannon_gary@vanguard.com'"
<shannon_gary@vanguard.com>, James.C.Gaskin@sb.com,
"'charley.george@us.pwcglobal.com'" <charley.george@us.pwcglobal.com>,
"'tamara_goode@merck.com'" <tamara_goode@merck.com>,
"'gordonc2@labs.wyeth.com'" <gordonc2@labs.wyeth.com>, "'dgreen@state.de.us'"
<dgreen@state.de.us>, "'nlg1@juno.com'" <nlg1@juno.com>,
"'harperd@war.wyeth.com'" <harperd@war.wyeth.com>, "'mikki.k.harris@ac.com'"
<mikki.k.harris@ac.com>, "'shawnharris@kpmg.com'" <shawnharris@kpmg.com>,
"'whart@tornado.ocis.temple.edu'" <whart@tornado.ocis.temple.edu>,
"'nelson.henry@astrapharmaceuticals.com'"
<nelson.henry@astrapharmaceuticals.com>, "'rhibbert@dttus.com'"
<rhibbert@dttus.com>, "'jhines9405@aol.com'" <jhines9405@aol.com>,
"'kristina.johnson@us.pwcglobal.com'" <kristina.johnson@us.pwcglobal.com>,
"'riheen@us.ibm.com'" <riheen@us.ibm.com>, "'zolafall93@msn.com'"
<zolafall93@msn.com>, "'ted411@earthlink.net'" <ted411@earthlink.net>,
"'douglas_long@msn.com'" <douglas_long@msn.com>, "'dlaurenm@bee.net'"
<dlaurenm@bee.net>, "'mingo.cd@pg.com'" <mingo.cd@pg.com>,
"'marniee.l.nottingham@us.pwcglobal.com'"
<marniee.l.nottingham@us.pwcglobal.com>, "'apeay@primavera.com'"
<apeay@primavera.com>, "'lsamuel@chubb.com'" <lsamuel@chubb.com>,
"'mserrano@gpu.com'" <mserrano@gpu.com>, "'mahrsp@rohmhaas.com'"
<mahrsp@rohmhaas.com>, "'lakeisha.small@unisys.com'"
<lakeisha.small@unisys.com>, "'rsmith@notes.inroadsinc.org'"
<rsmith@notes.inroadsinc.org>, "'dltodd@clam.rutgers.edu'"
<dltodd@clam.rutgers.edu>, "'lvance@ibx.com'" <lvance@ibx.com>,
"'twachira@dttus.com'" <twachira@dttus.com>, "'ivy.duke@calvertgroup.com'"
<ivy.duke@calvertgroup.com>, "'eric.white@usa.dupont.com'"
<eric.white@usa.dupont.com>, "'danielle.williams@unisys.com'"
<danielle.williams@unisys.com>, "'paul.wylie@ey.com'" <paul.wylie@ey.com>,
DiscoVan@hotmail.com, Allen.L.Miles@sb.com, Natalie.L.Guy@sb.com,
Michael.K.Thompson@sb.com, Richard.H.Carey@sb.com, David.D.Sweet@sb.com,
Donald.L.Clair@sb.com, Tom.X.Bonk@sb.com, John.J.Lyons@sb.com,
vincent.j.prieto@sb.com, Derek.A.Rowell@sb.com, Ayoola.X.Akinnuoye@sb.com,
Bryan.X.Ayer@sb.com, Nelson.X.Ayan@sb.com, Craig.K.Neverosky@sb.com,
Jeffrey.W.Costlow@sb.com, Paul.J.McElwee@sb.com, Donald.M.Hermann@sb.com,
William.K.Overholt@sb.com, Brian.M.Fish@sb.com, Simon.R.Webb@sb.com,
Kenneth.J.Harris@sb.com, Ronald.J.Cicchinelli@sb.com, adia121@hotmail.com,
sinriv@aol.com, James.C.Gaskin@sb.com, kamdawggy@hotmail.com,
kbchristian@west.raytheon.com, kfbarrow@west.raytheon.com,
ljackson@rohan.sdsu.edu, leticialleva@hotmail.com, shand@gateway.net,
tmayo3@csc.com, vking@west.raytheon.com, jason_dawson@hotmail.com
cc:
Subject: WASSUP!!!!!!

Hey guys,

     I had to send this to the world!  This is one of those rare Emails that
had
me running through the house at break-neck speed, laughing my head off the
entire way.  It takes a little while to boot up, but it's worth the wait. It
should be self-explanatory.  Enjoy!

(See attached file: Wassup.avi)

James

 - Wassup.avi


---------------------- Forwarded by Kay Mann/Corp/Enron on 03/23/2001 01:16
PM ---------------------------

Kay Mann
03/23/2001 12:59 PM
To: Jeffrey T Hodge/HOU/ECT@ECT, jkeffer@kslaw.com, Ben Jacoby/HOU/ECT@ECT,
Chris Booth/NA/Enron@Enron
cc:

Subject: NW my comments in blue

March 23, 2001

Enron North America Corp.
1400 Smith Street
Houston, TX  77002-7361
Attention:  Benjamin F. Jacoby
                 Executive Director

Re:  Acquisition of General Electric 7EA Turbines

Ladies and Gentlemen:

Pursuant to our discussions last week, the following summarizes the main
commercial terms agreed to by NorthWestern Corporation (&NorthWestern8) and
Enron North America Corp. ("ENA") regarding NorthWestern,s purchase through
the LLC referred to below or as otherwise accomplished without violation of
the Turbine Contract referred to below (the &Purchase8) of two (2) General
Electric (&GE8) 7EA combustion turbines (the &Turbines8), the first of which
is presently located at a GE storage facility, and the second of which is
scheduled to be available for delivery in February, 2002, and both of which
are subject to purchase from GE under an agreement with GE dated as of May
31, 2000 (the &Turbine Contract8) with respect to which ENA has the right to
cause a joint venture limited liability company in which, prior to commercial
operation of the Turbines, ENA holds a 20% equity interest and a wholly-owned
NorthWestern subsidiary (the &NorthWestern Subsidiary8) holds an 80% equity
interest (the &LLC8) to become the purchaser:

1.  Purchase Price:  NorthWestern will pay ENA $48.0 million for the Turbines
(subject to adjustment as described below). [Adjusted how?  Need specific
reference. Is the statement that the payment is for the turbines consistent
with the structure?  Definitely sounds like a UCC deal,  for what that,s
worth.]
2.  Closing Date of Purchase:  The Purchase will close on a date on or prior
to September 1, 2001, as selected by NorthWestern by not less than 30 days,
written notice to ENA,(provided that such notice may not be given less than
30 days after the signing of a definitive agreement relating to the
Purchase).  [What happens at closing?  Payment of the balance?  In the
interim are we going to be obligated to perform under the GE contract in a
certain manner?  Are we taking on implied obligations to NW?]
3.  Cash Down Payment:  NorthWestern will pay ENA an $8.0 million down
payment for the Turbines.  The first installment ($3.0 million) of the $8.0
million down payment will be due upon the signing of a definitive agreement
with ENA providing for the Purchase.  The second installment ($5.0 million)
of the $8.0 million down payment will be due at the earlier of (i) closing of
the Purchase, or (ii) July 15, 2001. [The remaining $40m due at closing, as
well as any other amounts due to changes, etc?]
4.  Liquidated Damages:   If, prior to the assignment of the Turbine Contract
[is proper reference to closing?], the purchaser under the Turbine Contract
receives any liquidated damages under the Turbine Contract, then ENA will
give notice thereof to NorthWestern as promptly as possible. [Then what?]
5.  Carry Period:  ENA will provide an interest-free carry on the unpaid
purchase price of the Turbines until July 15, 2001. If the closing of the
Purchase occurs after July 15, 2001, then the unpaid purchase price of the
Turbines will be increased by interest at the rate of 7.5% per annum on the
unpaid purchase price of the Turbines ($40.0 million) for each day from, and
including, July 15, 2001 to, but excluding, the closing date.
6.  Dual Fuel Conversion on Unit 2:  ENA will not proceed with this change
order to effect the conversion.  Instead, it will be the responsibility of
NorthWestern to effect the change order with GE.  [does this mean they will
be negotiating a change order while E Next is still the purchaser? Are we
committing to pay for the increase?  Does the purchase price increase?  Is
there a limit?]
7.  Unpaid Price of Second Turbine:  At the time of closing, one or more
installments of the purchase price of the second Turbine will be payable to
GE under the Turbine Contract (the &Unpaid Installments8).  ENA will be
obligated to pay the Unpaid Installments to GE as they become due under the
Turbine Contract.
8.  Guarantees:   There will be no guarantee by Enron Corporation of any of
the representations, warranties, covenants, indemnities or other obligations
of ENA in connection with the Purchase.  All obligations of the LLC under the
Turbine Contract, as well as all obligations of the NorthWestern Subsidiary
to ENA in connection with the transaction, will be guaranteed by NorthWestern
Corporation.

[governing law? Limit on remedies/damages for this letter? Dispute resolution?

NorthWestern and ENA have acknowledged that, subject to review and approval
of the structure of the Purchase and the negotiation of final documentation
relating to the Purchase (which documentation will incorporate the commercial
terms set forth above), the above commercial terms have received all
necessary NorthWestern and ENA internal approvals. [Is this true for Enron?]
In light of this acknowledgement, NorthWestern and ENA (by signing this
letter in the space provided below and returning the same to NorthWestern)
agree to negotiate, in good faith, to agree upon such structure and such
documentation, with a view to executing and delivering a mutually acceptable
definitive agreement relating to the Purchase as promptly as practicable. For
the avoidance of any doubt, it is expressly stated, acknowledged and agreed
that each of NorthWestern and ENA must be satisfied with such structure and
such documentation in its own discretion.

[I question whether there is enough wiggle to keep this from being a binding
obligation to sell]

By agreeing to the commercial terms set forth in this letter (by signing this
letter in the space provided below and returning the same to NorthWestern),
ENA grants NorthWestern, and NorthWestern grants ENA, an exclusive &no shop8
period through the close of business on Friday, April 13, 2001; and ENA
agrees that, during such &no shop8 period, ENA will not discuss or negotiate,
directly or indirectly, with any person or entity other than NorthWestern for
or in respect of the purchase or other acquisition by such person or entity
of the Turbines; and NorthWestern agrees that, during such &no shop8 period,
NorthWestern will not discuss or negotiate, directly or indirectly, with any
person or entity other than ENA for or in respect of the purchase or other
acquisition by NorthWestern of turbines from such person or entity..  As
consideration for ENA agreeing to such &no shop8 period, NorthWestern will
pay to ENA, via wire transfer on the date of receipt by NorthWestern of ENA,s
signed agreement, $1.0 million (the & No Shop Payment8).  The No Shop Payment
will not be subject to refund by ENA for any reason or upon any circumstance
(including, without limitation, failure of NorthWestern and ENA to agree upon
the structure of, and enter into a definitive agreement relating to, the
Purchase).

If ENA is in agreement with the foregoing, then please so indicate by signing
this letter in the space provided below and returning the same to
NorthWestern (by facsimile at 605/978-2840 and to the attention of the
undersigned).

       Very truly yours,

       NORTHWESTERN CORPORATION

       _____________________________
       By: Michael J. Young
       Title: Senior Corporate Counsel

AGREED AS AFORESAID AS OF THIS 23rd  DAY OF MARCH 2001:

ENRON NORTH AMERICA CORP.

________________________________
By: Benjamin F. Jacoby
Title: Executive Director

[Need a different Enron signatory]


I will not be able to attend as I am scheduled to be in Philadelphia that
evening.  I can  be accessible by telephone.

Please let me know.

Tom

	-----Original Message-----
	From:	Vaughan, Pat [mailto:Pat.Vaughan@ENRON.com]
	Sent:	Tuesday, November 20, 2001 10:52 PM
	To:	Jordan, Jennifer; Donovan, Bill; Fancler, Dan; Fisher, Joni;
Harrison, Karen L.; Havemann, Stephen; Hugo, Gary; James, Robert; Jones,
Robert W.- HR Exec; Kennedy, Phyllis R.; Langeland, Dianne; McAdoo, Jack V;
Neville, Tom; Olszewski, Stephanie; Pickering, Mark; Rittgers, Dan;
Sullivan, Michael; Watson, Kimberly; Weir, Debra
	Cc:	Jordan, Jennifer
	Subject:	RE: Please Read - Special Board Meeting

	I will not be able to attend as I will be traveling back to Houston
from
	Omaha by personal car on Dec 5.

		-----Original Message-----
		From: Jordan, Jennifer
		Sent: Tue 11/20/2001 10:36 AM
		To: Donovan, Bill; Fancler, Dan; Fisher, Joni; Harrison,
Karen
	L.; Havemann, Stephen; Hugo, Gary; James, Robert; Jones, Robert W.-
HR
	Exec; Kennedy, Phyllis R.; Langeland, Dianne; McAdoo, Jack V;
Neville,
	Tom; Olszewski, Stephanie; Pickering, Mark; Rittgers, Dan; Sullivan,
	Michael; Vaughan, Pat; Watson, Kimberly; Weir, Debra
		Cc: Jordan, Jennifer
		Subject: Please Read - Special Board Meeting

			You are hereby notified that a special meeting of
the
	Board of Directors of Enron Federal Credit Union will be held on
	Wednesday, December 5th, 2001 at 5:30 P.M.  Conference Room EB/ECN
15c1,
	1400 Smith Street, has been reserved for your use.  The topic for
this
	special meeting is to review the NCUA exam and to discuss the 2002
	budget.

			We would appreciate your support in making our
meetings
	as efficient and as productive as they can be.

			        If you will not be attending; or

			        If you will not be able to arrive at the
start
	of the meeting at 5:30 p.m.; or

			        If you would like to join the meeting by
	conference call,

			Please RSVP to Jennifer Jordan by, returning an
email or
	by phone.

			It is imperative that we are advised whether or not
you
	will be in attendance, due to the fact that the NCUA examiner will
be
	joining us for this meeting.

			Please note: If you would like to invite a guest to
the
	board meeting, please notify Jack McAdoo at x3-6249 prior to the
meeting
	for the schedule considerations.

			Thank you,

			Jennifer D. Jordan
			(713) 853-7554

**********************************************************************
	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 Iona Maclean/LON/ECT on 16/11/2000 08:44
---------------------------

djcustomclips@djinteractive.com on 15/11/2000 18:57:48
Please respond to nobody@mail1.djnr.com
To: 96939@mailman.enron.com
cc:

Subject: Enron in Europe: EU seeks comments on Enron unit's buy of Germany's
Hutzler, parts of ...

EU seeks comments on Enron unit's buy of Germany's Hutzler, parts of
Bergmann

11/15/2000
AFX News
(c) 2000 by AFP-Extel News Ltd

    BRUSSELS (AFX) - The European Commission said it invites comments
under the EU's merger regulation on Enron Corp unit MG Metallrecycling
GmbH's acquisition of control of Walter Hutzler Metallhandel GmbH and
parts of W&O Bergmann GmbH.
    The three parties all trade non-ferrous metals and scrap.
    Interested parties have 10 days to submit their comments.
    The commission has until Dec 7 to rule on whether to clear the
operation or open a 4-month in-depth investigation.

    de/lam For more information and to contact AFX: www.afxnews.com and
www.afxpress.com

Folder Name: Enron in Europe
Relevance Score on Scale of 100: 90

______________________________________________________________________

To review or revise your folder, visit http://www.djinteractive.com or
contact Dow Jones Customer Service by e-mail at custom.news@bis.dowjones.com
or by phone at 800-369-7466. (Outside the U.S. and Canada, call 609-452-1511
or contact your local sales representative.)
______________________________________________________________________

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


Enron has been increasing security at its facilities around the world.  Some of the changes took effect immediately (e.g. additional security personnel) and some are phasing in.  While not all of the changes will be visible, there are a few that will have an impact on everyday activities.  In all the steps we take and recommendations we make, we will be making our facilities and systems more secure and endeavoring to increase your sense of security, while doing our best to minimize disruption to our day-to-day business.

Primary responsibility for Enron Corp. Security resides in our business controls organization.  You can contact this organization through their website (<http://home.enron.com/security>), by phone (713-345-2804), or by email (CorporateSecurity@enron.com <mailto:CorporateSecurity@enron.com>).  John Brindle, Senior Director, Business Controls, leads this organization.  Please feel free to provide John and his team with your comments and questions, or to report security threats.

We have two areas to update you on:  changes in the access procedures for the Enron Center Campus in Houston and changes to our travel advisory.

Access to the Enron Center

Over the next few days, the following access control procedures will be instituted at the Enron Center (and other facilities where practical):

?	As employees swipe their badges at the card readers to enter the Enron Center, a guard will match the photo on the badge to the bearer.

?	Employees and contractors who forget their badges must present a valid picture ID to obtain access to the Enron Center (U.S. driver's license, U.S. or foreign passport, or some form of U.S. federal, state or local identification).

?	Visitors to the Enron Center must produce a valid photo ID when signing in at the lobby reception desk and must completely fill out the visitor card.  Adult visitors without a valid photo ID (U.S. driver's license, U.S. or foreign passport, or some form of U.S. federal, state or local identification) will not be allowed access to the Enron Center.

?	Visitors to Enron facilities must be escorted by an Enron employee or badged contractor at all times.

?	Visitors to the Enron Center will be met in the lobby by an Enron employee or badged contractor, signed into a visitor's log at the lobby reception area by the employee or badged contractor, and escorted to their appointment.  At the conclusion of the appointment, the visitor will be escorted to the lobby by an employee or badged contractor, the visitor badge collected, and the visitor signed out in the log at the plaza reception area by the escorting employee or badged contractor.

?	Employees are also being asked to participate in the security of their workplace by following these guidelines; report suspicious activity to Security (phone 3-6300), do not open secured doors for individuals unknown to you or hold doors open, allowing "tail gating" by others.

These will be the first in a series of new security procedures to be instituted at Enron.  We ask that all employees be patient during congested times in the lobby.  As we proceed and obtain increased guard personnel and equipment, we expect the inconvenience to decrease.  We hope you understand these measures are being instituted for the security of all our employees.

Travel Advisory Update

With the beginning of retaliatory strikes, we have two important recommendations:

?	While the retaliatory strikes are ongoing, corporate security recommends that travel through or to the Middle East be avoided.  We continue to strongly recommend that all travel during this time to Afghanistan, Yemen, Pakistan, Indonesia, Iran, Iraq, Sudan, Somalia, Tajikistan, Turkmenistan, Georgia, and the Kyrgyz Republic be canceled.  In addition, we recommend that planned travel to Egypt, Israel, Gaza/West Bank, Jordan, Lebanon, Saudi Arabia, Syria, and Algeria be very carefully considered.

?	For non-U.S. citizens traveling in the United States, corporate security recommends that you carry documentation.  There have been several recent reports of non-U.S. citizens who reside in the United States being questioned and asked for documentation when boarding U.S. domestic flights. As a result, we suggest that all non-U.S. citizens who currently reside in the United States - and who do not have Permanent Resident Alien status - carry their passport, Form I-94 and Form I-797 at all times.  We would also suggest that Permanent Resident Aliens carry their Permanent Resident (Green) Card as proof of their status as a precautionary measure.  It appears that Immigration Officials may be applying a section of the Immigration and Nationality Act that requires individuals over the age of 18 to carry his/her "registration" documentation with them at all times. This can include a Permanent Resident Card, Form I-94 card, Employment Authorization Card, Border Crossing Card, or a Temporary Resident Card. Immigration Officials have not historically been asking domestic travelers for "registration" documentation, but in light of the heightened security measures and current atmosphere, it would be best to be prepared with all of your documentation proving your current lawful status.

We will keep you apprised of new information and developments on the Corporate Security website and by e-mail, as appropriate.


He can't help himself.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


-----Original Message-----
From: Doyle Bales  [mailto:d_sbales@yahoo.com]
Sent: Sunday, November 11, 2001 10:02  PM
To: J BALES
Subject: Fwd: Fw: Dogs
  Steve & Mary Blevins <SBlevins@itlnet.net>  wrote:  From: "Steve & Mary Blevins"
To:  "Wayne Vermillion" ,
"Vickie Copeland"  ,
"Vanessa Thompson"  ,
"Terri" ,
"Sue Garner"  ,
"Sherry Lenamon" ,
"Roberta  Oldfield" ,
"Pat & Kathy Gipson"  ,
"Nancy Sanders" ,
"Mel Robison"  ,
"Marlin & Peggy Johnston"  ,
"Lori Thompson" ,
"Lonnie  Donaldson" ,
"Larinda Skaggs"  ,
"Ken Reich" ,
"Kelly Smith"  ,
"Kelly Proctor" ,
"Karron  Rhodes" ,
"Julie Swaner" ,
"Jim  & Tressa Horn" ,
"Jerry Vermillion"  ,
"Gwen Wiewel" ,
"Gayle Fields"  ,
"Gary Turley" ,
"Doyle  & Susan Bales" ,
"Dona D"  ,
"Don & Mary Gulledge"  ,
"Cindy Vignal" ,
"Bonnie  Taylor" ,
"Ann"
Subject: Fw:  Dogs
Date: Thu, 8 Nov 2001 20:55:05 -0600
George W. and Osama  decided to settle the war once and for all. They sat
> > down and  decided to settle the whole dispute with one big dog fight.
>  They
> > agreed that they would have five years to breed the best  fighting dogs
in
> > the world and whosever dog won would be  entitled to dominate the world.
> > Osama and his dog handler  Mohammed found the biggest, meanest Dobermans
> and
> >  Rottweilers in the world, then bred them with the biggest, meanest
>  Siberian
> > wolves they could find. From the litters, they selected  the biggest and
> > strongest puppy and trained it day and night to  fight to the death.
> >
> > After five years Osama and  Mohammed came up with the biggest, meanest
dog
> > the world had  ever seen. It's cage needed steel bars that were five
> inches
>  > thick and nobody could get near it.
> >
> > When the  day came for the dog fight, George W. and his dog handler
> >  Boudreaux, showed up with a nine foot long Dachshund. It was the
>  strangest
> > looking dog anyone had ever seen. Boudreaux said it was  a Cajun
> Dachshund.
> > Everyone felt sorry for George W. and  Boudreaux because they knew there
> was
> > no way that this  poor excuse for a dog could possibly last 10 seconds
with
> >  Osama's big, mean animal. When the cages were opened up, the Dachshund
>  > slowly came out of it's cage, wagged it's tail, then waddled  over
towards
> > Osama's dog.
> >
> > The  Doberman/Rottweiler/Wolf snarled and leaped out of it's cage, then
>  > charged the poor Dachshund. But when it got close enough to bite  the
> > Dachshund's neck, the Dachshund opened it's mouth and ate  Osama's dog in
> one
> > bite. There was nothing left at all of  the snarling beast.
> >
> > Osama came up to George W. and  Boudreaux shaking his head in disbelief.
> "We
> > don't  understand how this could have happened. We had our best people
> >  working for five years with the biggest, meanest Dobermans and
>  Rottweilers,
> > and the biggest, meanest Siberian wolves in the  world. How did you do
> > this?"
> >
> > "Da's  easy", said Boudreaux, the Cajun. "We 'ad our bess plasic surgins
> >  workin' fo' five year for to make dat alligator look like a weenie  dog."
> >
> >
> >
>

Do You Yahoo!?
Find a job, post your resume on Yahoo! Careers .


prepare for my siganture.  cc Lisa
---------------------- Forwarded by Steven J Kean/NA/Enron on 05/10/2001
09:43 AM ---------------------------

Lisa Connolly@EES
05/07/2001 01:24 PM
To: Steven J Kean/NA/Enron@Enron
cc:

Subject: Thank you to exec recruiter

Hi Steve,

I thought it might be nice to send Korn/Ferry (Bob Laughman and Trigg
Bracewell) a thank you note. I've attached a first draft of two letters (one
for each). Feel free to make any changes. I'm happy to send out once you've
reviewed, or if you prefer to have Maureen make changes and send out, I'd
just like a copy.

Thanks.
Lisa


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LIVESTOCK: December live cattle closed off $0.05 at $67.20 today.
Friday's USDA monthly cattle-on-feed report was a mixed bag. The
placements figure was bullish, but the marketings figure was bearish.

December lean hogs closed off $0.43 today at $49.62. Heavy hog runs
last week weighed on the futures today, as did ideas of steady to
weak cash hog trade on Tuesday.

GRAINS: December corn futures closed 1 1/4 cents lower at $2.04 1/4
today. Prices dropped to another fresh 3.5-month low today as the
market continues to feel pressure from harvest and uninspired demand.

January soybeans closed 2 1/2 cents lower at $4.27 today. Prices hit
a contract low in the January contract today. We had more positive
news on the export front today, in the form of weekly export
inspections being well above expectations. But still, the market
could not rally on that friendly news.

December Chicago SRW wheat closed off 5 cents at $2.82 today. Prices
were due for a corrective pullback this week after they pushed to a
fresh seven-week high on Friday. Profit taking was featured today
amid weak weekly export inspections figures.

SOFTS: March N.Y. sugar closed 9 points lower at 6.64 cents today.
Prices closed near the session low, but did hit a fresh three-week
high today. Bulls are still gaining confidence, but bears still have
the technical edge, overall.

December N.Y. coffee closed 135 points lower at 42.50 cents today.
Prices set a contract and record low for nearby futures today. There
is no doubt the bears are in full command of coffee at present. The
only encouraging news to the bulls is the increase in volatility at
these lower price levels.

December N.Y. cocoa closed $23 lower today, at $1,003. Prices again
gapped lower today and scored a new low for the month, and that's
just another bearish clue. A new downtrend line has developed on the
daily bar chart and bears are in command.

December cotton closed 74 points lower at 29.81 cents today. Reports
said a big "fund" sell order hit the market

to drive prices sharply lower. Prices gapped down to a fresh contract
low of 29.60 cents today. That's close to the key 29.50-cent level.

January orange juice on Friday afternoon closed at 89.20. That's up
35 points from the Thursday evening close. Prices

scored a bullish "outside day" up on Friday and are now very close to
the recent high. The bulls still have the edge.

METALS: December COMEX gold futures closed off $4.20 today at $276.50
an ounce. More technical damage was done today in gold. Bears are
poised to push prices on down to the $275 area in the near term, or
below.

December silver futures closed $0.038 lower at $4.235 an ounce today.
Prices hit another fresh five-week low Thursday, and have almost
filled the big upside gap on the daily bar chart that was created in
early September.

December N.Y. copper closed 15 points higher at 62.50 cents. Prices
today dropped to another fresh contract low of 62.00 cents. Bears
rule.

ENERGIES: December crude closed unchanged at $22.26 today. Prices
scored a quiet "inside day" on the daily bar chart. Prices dropped to
a four-week low just last Thursday. A big bear flag still may be
forming on the daily chart.

December heating oil closed 14 points lower, at .6325 today. Prices
scored a quiet "inside day" on the daily bar chart today. Prices last
Thursday matched the September low. A big bear flag may still be
forming on the daily bar chart.

December unleaded gasoline closed 27 points higher at .6012 today.
Prices scored a fresh yearly low just last

Thursday. A bearish pennant pattern on the daily bar chart still
could be forming.

December natural gas closed $0.085 higher at $3.075 today. Prices
today pushed to another six-week high and closed near the session
high. Again, the nat gas market had been acting well, given the
recent downturn in liquid energies.

STOCKS, FINANCIALS, CURRENCIES: The December Euro currency closed 73
points lower today at .8907. Prices scored another fresh six-week low
today. Bears are gaining more confidence by the day.

The December Japanese yen closed off 94 points at .8191 today. Prices
pushed to a fresh 2.5-month low today. Bears have control of the yen.

The December Swiss franc closed 60 points lower at .6036 today. A
steep four-week-old downtrend line remains in place on the daily bar
chart. Importantly, today a longer-term 3.5-month-old uptrend line on
the daily bar chart was penetrated on the downside and negated.

The December Canadian dollar closed 9 points lower at .6329 today.
Significant technical damage has occurred in this currency recently.
Prices are now back down close to the April and September lows.

The December British pound closed 98 points lower at 1.4202. Prices
fell to a fresh 2.5-month low today. Bears have the edge. Technical
damage has been inflicted recently. First support is now seen at the
1.4100 level. First resistance is now seen at 1.4300.

The September U.S. dollar index closed 92 points higher at 116.10
today. Prices pushed to another fresh five-week high today and the
bulls are really gaining strength. It appears a head-and-shoulders
bottom reversal pattern has formed on the daily bar chart.

December U.S. T-bonds closed 4/32 higher at 106 13/32. The market
took a "rest day" today, after the recent active price action.
Recently, bull could not push prices above very strong resistance
located just above the 107 even. That gives the bears confidence.

December S&P 500 futures closed up 20.70 at 1093.20. Prices closed
near the session high. Importantly today, prices were not negatively
impacted by the news that two postal workers in Washington, D.C. have
died from likely inhalation anthrax exposure. Many would have thought
that would have spooked the stock market. If prices can push above
last week's high of 1114.50, that would be a very positive
development for the bulls.

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WINNERS

SCX1   Brent Crude Oil Nov 2001                    21.70      1.39  +6.84
NGX1   Henry Hub Natural Gas Nov 2001              2.807     0.114  +4.25
XOZ1   Oats Dec 2001                             186 1/4     6 1/4  +3.47
ON2    Oats Jul 2002                             153 1/2         5  +3.37
NDZ1   NASDAQ 100 Index Dec 2001                 1389.50     36.50  +2.70
ZDZ1   Dow Jones Industrial Avg. Dec 2001           9397       208  +2.26
DJZ1   Dow Jones Industrial Avg. Dec 2001           9397       205  +2.23
LBN2   Random Length Lumber Jul 2002              262.00      5.50  +2.14
MDZ1   S&P Midcap 400 Dec 2001                    457.00      9.50  +2.12
SPM2   S&P 500 Jun 2002                          1099.20     22.00  +2.04

LOSERS

DBZ1   Butter Dec 2001                           130.000    -5.000  -3.70
KCZ1   Coffee 'C' Dec 2001                         42.50     -1.45  -3.31
RRX1   Rough Rice Nov 2001                         3.730    -0.120  -3.12
QLX1   Central Appalachian Coal Nov 2001           33.50     -1.00  -2.90
CTZ2   Cotton Dec 2002                             36.20     -1.08  -2.90
PBH2   Frozen Pork Bellies Mar 2002               67.850    -1.750  -2.51
CCZ2   Cocoa Dec 2002                               1030       -26  -2.47
PLF2   Platinum Jan 2002                             413       -10  -2.36
LBH2   Random Length Lumber Mar 2002              244.70     -5.10  -2.04
GCJ2   Gold Apr 2002                               277.1      -5.2  -1.85
____________________________________________________________________________

E X T R E M E   S T O C K S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

ODWA   ODWALLA INC                               10.0500    3.2800  +48.24
DVXE   DEVX ENERGY INC                            6.7600    1.5700  +30.19
ROYL   ROYALE ENERGY                              7.6600    1.6324  +26.68
CPHD   CEPHEID                                    5.8900    1.1800  +25.11
MAXM   MAXIM PHARMACEUTICALS INC                  5.1500    0.9400  +22.76
ENDO   ENDOCARE INC                              21.7600    3.9800  +22.10
SYNP   SYNPLICITY INC                             8.7500    1.5000  +21.43
SMTI   SMTEK INTL INC                             7.0000    1.1300  +21.12
ONIS   ONI SYSTEMS                                6.7500    1.1300  +19.82
ASE    AMER SCIENCE & ENGR                         12.75      2.15  +19.82

LOSERS

TXT-A  TEXTRON, $2.08 CV A PFD                    153.00    -89.00  -36.78
NBTY   NBTY INC                                   7.2000   -2.7100  -27.40
ENE    ENRON CORP                                  20.65     -5.50  -21.11
MCLDP  MCLEOD USA INC SR A CUM PFD               26.0000   -6.7500  -19.85
CTXS   CITRIX SYSTEMS                            21.0800   -4.1400  -16.42
NMRX   NUMEREX CORP                               6.0900   -0.9400  -15.16
CANI   CARREKER CORP                              5.1500   -0.8800  -14.67
AFCI   ADVANCED FIBRE COMMUNIC                   18.8400   -3.1600  -14.38
COLT   COLT TELECOM GROUP ADS                     5.6800   -0.9600  -14.22
STOR   STORAGENETWORKS INC                        5.1100   -0.7700  -13.16

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Mark --

Amanda and I have the following flight plans:

Friday May 11

Leave Washington  AA Flight 771 7:00 a.m.
Arrive San Juan 10:41 a.m.
Leave San Juan AA Flight 5682 1:04 p.m.
Arrive Tortola Beef Island 1:47 p.m.

Our departures are as follows:

Bill -- Tuesday May 15

2:32 p.m. AA Flight 5541 from Tortola to San Juan

Amanda -- Thursday May 17

2:32 p.m. AA Flight 5541 from Tortola to San Juan


Start Date: 3/9/01; HourAhead hour: 17;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001030917.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 17 / Preferred:   1.00 / Final:   1.91)
  TRANS_TYPE: FINAL
  SC_ID: Wheelabrat
  MKT_TYPE: 2
  TRANS_DATE: 3/9/01
  UNIT_ID: WSENGY_1_UNIT 4


I'll discuss with Carlos.

ckm

	From:  Ann Elizabeth White @ ECT                           05/21/2001 05:07 PM

To: Carlos Sole
cc: Kay Mann/Corp/Enron@Enron

Subject: Midway Project - Generic Interconnect Agreement

I'm leaving on vacation after tomorrow for 2 1/2 weeks and there's no way I
can get to this before I leave.  Would you please handle this for me in the
interim?  If not, please talk to Kay about who could handle this for Greg in
my absence.  It may just need to go to outside counsel.

Thanks!
---------------------- Forwarded by Ann Elizabeth White/HOU/ECT on 05/21/2001
05:06 PM ---------------------------

	From:  Christi L Nicolay                           05/21/2001 04:21 PM

To: Ann Elizabeth White/HOU/ECT@ECT, Carlos Sole/NA/Enron@Enron
cc:
Subject: Midway Project - Generic Interconnect Agreement

I will review this, but one of you needs to also.  Thanks.
---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 05/21/2001
04:20 PM ---------------------------

Greg Krause@ENRON
05/21/2001 04:00 PM
To: Christi L Nicolay/HOU/ECT@ECT
cc: Ben Jacoby/HOU/ECT@ECT

Subject: Midway Project - Generic Interconnect Agreement

Please see attached for your review and comments.


Harry --

FYI.

 -----Original Message-----
From: 	Ogenyi, Gloria
Sent:	Tuesday, November 13, 2001 3:21 PM
To:	Hughes, Evan
Cc:	Steffes, James D.
Subject:	RE: Enron Billing Agency

Evan, Thanks. The networking has begun. I, Jim and Harry met with Rebecca and Craig yesterday and explored the interface between Services and GA.
We identified several areas of collaboration and networking opportunities. It was a very positive meeting. I and Rebecca have scheduled to meet to outline the process.The effort will aim at bringing our two processes together to insure that we avoid any misinformation or suprises regarding all new market issues, and above all, to make sure that all our bases are covered.

Gloria
 -----Original Message-----
From: 	Hughes, Evan
Sent:	Tuesday, November 13, 2001 2:23 PM
To:	Ogenyi, Gloria
Cc:	Steffes, James D.
Subject:	RE: Enron Billing Agency

Gloria,

Thank you for your note.  You did not offended me in any way that I am aware.

Frankly, Jim and I were discussing the appropriate routing of information to the EES Senior Management Team.  I believe that in any situation other than health or safety issues we have an obligation to factor in all constituents (ie. Rebecca Fite in this situation) and gain the facts before issuing statements about a topic that includes the President of our company in the distribution.

I do value and appreciate your contributions on the ConEd efforts that preceded your e-mail regarding the Illinois Certification.  Unfortunately, your e-mail (that contained a key inaccuracy) caused several additional e-mails to be circulated and caused a bit of confusion.  In the future -- I agree wtih you and would like to avoid as much confusion as possible.

If you think it best -- I would welcome a meeting between Jim and you and Rebecca and me to better understand how to work together.  Please let me know.

Thanks,

Evan

 -----Original Message-----
From: 	Ogenyi, Gloria
Sent:	Tuesday, November 13, 2001 1:56 PM
To:	Hughes, Evan
Subject:	RE: Enron Billing Agency

Evan,
I was standing beside Jim Steffes last thursday, when you gave him your "editorial" of me. In the 2 weeks that I worked with you on ConEd, I did not realise that I offended you in any way, personally or professionally. I have also had similar negative feedback from Jason Woodward, and I have never met or worked with him.
Before your group assumed the new market role for EES, I worked very closely with Peter Vint, Robert Gresch, Beth Goodman and their groups on all new market issues.
We worked as a team, and no matter at what point of the new market spectrum problems came up, we all pitched in to resolve the issues. Your group appears to have a more territorial approach to new market issues, and in the past have rejected my offers and efforts at networking. I have tried to respect that.

Prior to sending out the IL analysis, I placed a call to your group indicating that I was working on that analysis, and had some questions. I did not get a call back. Taking the time to return that call, may have saved us all some uneccessary stress. Well, good things do sometimes come from bad situations. The good thing is that we have all seen the need for a closer approach to new market entry issues. I intend to work with your group to develop a mutually acceptable level of interaction and interface.

Thanks,
Gloria

 -----Original Message-----
From: 	Hughes, Evan
Sent:	Friday, November 09, 2001 2:35 PM
To:	Ogenyi, Gloria
Subject:	RE: Enron Billing Agency

Gloria,

Thank for getting this done.

Evan

 -----Original Message-----
From: 	Ogenyi, Gloria
Sent:	Friday, November 09, 2001 2:25 PM
To:	Mihalik, Teresa; Bertasi, Ron; Gahn, Scott; Hughes, Evan; Fite, Rebecca
Cc:	Kingerski, Harry; Steffes, James D.; Bradford, William S.
Subject:	FW: Enron Billing Agency
Importance:	High

FYI

 -----Original Message-----
From: 	"Lynch, Rebecca L." <LYNCHR@coned.com>@ENRON
Sent:	Friday, November 09, 2001 1:34 PM
To:	Ogenyi, Gloria
Cc:	Lynch, Rebecca L.; McKnight, Richard; Nevin, Michael J.; Krieger, Hollis J.; Murphy, Michael; DeMoya, Esther
Subject:	Enron Billing Agency
Importance:	High

Gloria,
This is to confirm Con Edison's receipt of Enron Energy Services' wire for
billing agency security in the amount of $1 million.  Enron Energy Services'
cash deposit is subject to the NYS PSC approved interest rate for "other
customer capital".  Please note that interest will be paid on an annual
basis, and that the "other customer capital" interest rate changes each
calendar year.

Based on Enron Energy Services' successful completion of Con Edison's
billing agency test using hard copy bills, and our receipt of the signed
billing agency agreement and security deposit in the amount of $1 million,
Enron Energy Services may now begin enrolling new accounts with billing
agency status.  We will immediately code Enron Energy Services' existing
customer account population with billing agency status, as well.  As
previously agreed, Con Edison will express mail the bills produced each day
for Enron Energy Services' customer account population using Enron Energy
Services' Airborne Express account number to the address shown below:
	CSC BILLING DEPT
	700 MILAM NORTH TOWER 6FL
	HOUSTON, Texas  77002

Lastly, any future changes to Enron Energy Services' security coverage
amount or type will be done in strict accordance with the standards set
forth in the Uniform Business Practices.

If you have any other questions or comments, feel free to contact me.

Rebecca L. Lynch
Retail Choice Operations
phone...........212 780 6701
fax.................646 654 3062

-----Original Message-----
From: Fax Sr. [FAX:Fax Sr.]
Sent: Wednesday, November 07, 2001 4:18 PM
To: Lynch, Rebecca L.
Subject: Inbound FAX from 7136463409 at 11/07/01 16:17:06

11/07/01 16:17:06 Exchange Fax delivery with the following information:

	Number of pages: 2
	Reference number in the fax server was: 0.11.1667
	Fax number/identification of sending fax machine: 7136463409

Fax recipient information:

	Exchange address notified of incoming fax: LYNCHR@coned.com
	Subaddress or routing information: 3062

Miscellaneous:

	You must have the proper viewer to view the fax document. You can
	install the fax viewer by going to the Exchange Public Folder
".Fax",
	open the letter "Fax Viewer Install" and double-click on the icon
	to start the install program.

The fax document:

	Double-click on the attachment icon to open the fax document.

 - fax1.tif << File: fax1.tif >>


I know that you do not need numbers until late next month, but I thought you
might want an early look at May.

One number is particularly interesting: VaR for the Total Return Swaps.  You
will notice that it decreased substantially from about $20 million in March
to about $8 million in May.  We had several deals that expired (Churchill,
Piti Guam, and Blackbird), reducing risk,  and only one new one (Motown).
Most importantly, we cut back on our exposure to Rhythms from 5.4 million
shares in April to 4.7 million in May, and the stock price continued to fall
from $36 to $21 to $16 per share (the less the investment is worth, the less
we can lose in it).

We will send you June numbers as we collect them.

Regards,

Eugenio


Here is the BR deal which is similiar to Huber.  I think we may have to put
the actual transport rate as opposed to this pass through.  It should work
because we will know th rate and volume before we do the deal.  we may want
an out in case we can't get the space.

 - BR confirm.doc


-----Original Message-----
From: Miller, Tiffany
Sent: Thursday, January 10, 2002 4:08 PM
To: Keiser, Kam
Subject: Request for more calcs

Kam,

Could you please provide us with the calculations  and post IDs of the following books using the same criteria that you used for the Bankruptcy book:

	FT US CAN
	FT Canada
	FT Ontario (Canadian)
	FT Intra Ontario

I know that you may not run all these books, but could you help me find the applicable people so that we may obtain the same information that you provided to us on the Bankruptcy book.

Tiffany Miller
5-8485


Greetings:

We will have a follow up call tomorrow  (Wednesday March 21, 2001) at 1:00
p.m. to discuss the final FERC filing.  Attached is the first draft and I
will send out the updated draft, incorporating everyone's comments by 3:30
p.m. today.  As always please let me know if you have any questions.

The call in number is:
1-800-486-2726
The pass code is:
120895

Thank you,

Katie Kaplan
Manager of State Policy Affairs
Independent Energy Producers Association
(916) 448-9499

 - DRAFT_010318_el00-95-012_IEP_Cmts_Staff_Rp1.doc


This is to advise you that you are subject to the earnings blackout period
for trading i2 Technologies stock that begins Friday, September 1, 2000.
The blackout will continue until 3 business days after the 3Q00 earnings
release, which is tentatively set for Wednesday, October 18, 2000.  If the
earnings release does occur on October 18, the blackout will be through
Monday, October 23, with the first day to trade on Tuesday, October 24.

Please be aware that, even though the blackout is tentatively scheduled to
lift on October 24, 2000, you may be subject to a trading restriction based
on the Insider Trading Policy.  If you are in possession of any material or
significant information whether positive or negative, that has not been
publicly disseminated, you should not trade i2 Technologies securities
until that information is publicly disseminated.

The i2 Technologies Employee Insider Trading Policy has been revised and
will be sent out along with an e-mail from Bill Beecher in the near future.

Thank you,

Robin Gunter
Stock Plan Manager
469-357-3444