please follow up on this potential deal.
---------------------- Forwarded by Scott Neal/HOU/ECT on 11/06/2000 06:57 AM
---------------------------

Thomas A Martin
11/02/2000 01:19 PM
To: Scott Neal/HOU/ECT@ECT
cc:
Subject: 10 Year Natural Gas Physical Fixed Price for LSU

Doug Leach called me about this.  Could one of your guys call this guy and
see if there is anything we can do to help him.  He is a friend of Doug's and
will give us the business if we are competitive.  Supposedly he has a very
favorable fixed price offter from a competitor, so I think it is a fishing
expedition.

Thanks,

Tom

---------------------- Forwarded by Thomas A Martin/HOU/ECT on 11/02/2000
01:14 PM ---------------------------

	From:  Doug Leach                           11/01/2000 01:48 PM

To: Thomas A Martin/HOU/ECT@ECT
cc:
Subject: Re: good life

Tom,

I will be out of town until November 8 so if Enron is interested in quoting
LSU a ten year physical natural gas price, then please contact Mr. Joe Kelley
via email at jkelley@lsu.edu or via telephone at (504) 388-5603.

Thanks,
Doug
---------------------- Forwarded by Doug Leach/HOU/ECT on 11/01/2000 01:45 PM
---------------------------

	From:  Doug Leach                           10/31/2000 02:34 PM

To: Thomas A Martin/HOU/ECT@ECT
cc:
Subject: Re: good life

Joe Kelley is the Executive Director of Facility Services for LSU. Let me
know if we have any interest in supplying them and I'll introduce you to Joe.
---------------------- Forwarded by Doug Leach/HOU/ECT on 10/31/2000 02:32 PM
---------------------------

"Joe Kelley" <jkelley@lsu.edu> on 10/31/2000 02:26:42 PM
To: Doug.Leach@enron.com
cc:
Subject: Re: good life

well I heard thru the grapevine that this was an Enron deal.....What kind
of deals are you guys doing right now?  Without rocking the boat, giving
away confidential info, or tipping your hand, can you on the qt tell me
what the best deal obtainable is?  We might be interested! current load is
600,000 MCF/ year.....load with new cogen project would be 1,200,000
MCF/year...we take delivery at interstate pipeline tap, Acadian Gas, at 350
psig.....We are buying spot at Henry hub plus .24/MCF delivery.

tks

JK


MANY MANY MANY thanks.  Looks like margins are locked up at very good levels. Elio, work with Miguel to see this through, to the extent anything is left.
Thanks

 -----Original Message-----
From: 	Y'Barbo, Paul
Sent:	Thursday, November 01, 2001 9:42 AM
To:	Clapp, Suzanne B.; Mahan, Mariella; Weidler, Peter E; Maltes, Miguel
Cc:	Tortolero, Elio
Subject:	ProCaribe's October LPG Purchase

Suzanne,

The attached spreadsheet summarizes the pricing, hedging, and margin "lock-in" for the latest cargo. As shown, the pricing will be as follows:

  932,967 gallons    @ $0.46396

1,625,526 gallons    @ Average November Non-TET Mont Belvieu plus 6.700 cents per gallon

1,679,706 gallons    @ Average December Non-TET Mont Belvieu plus 6.700 cents per gallon

   178,500 gallons    @ Average January Non-TET Mont Belvieu plus 6.700 cents per gallon

4,416,699 Total gallons

Note:  Bill of Lading date was October 25, 2001     B/L Quantity was 8477.35 MT (4,416,699 gallons)    MB Avg. Oct. 24,25,26 was $0.39396/gallon

Basis:		521 Gallons/MT

Please confirm your with Elio and Miguel.

Paul

 << File: LPG Cargo 2001-10-29.xls >>


The report named:
<http://trv.dev.corp.enron.com/linkFromExcel.asp?report_cd=7&report_name
=Intramonth+Texas+P/L&category_cd=4&category_name=TEXAS&toc_hide=1&sTV1=
4&TV1Exp=Y&current_efct_date=06/04/2001> Intramonth Texas P/L, published
as of 06/04/2001 is now available for viewing on the website.


I would like to request a temporary increase of the Natural Gas var limit for
the next 10 business days.  I suggest Natural Gas Trading's limit increase to
45 Million limit from the current 40 Million limit.  The floor is very
bullish and we don't want to take off our West Basis positions which are
eating up a lot of var.

Please advise.


_________________________________________________________________

            B R E A K F A S T   W I T H   T H E   F O O L
                      Monday, November 20, 2000

benjamin.rogers@enron.com
_________________________________________________________________

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COKE MAY BE SOWING OATS
Coke makes $16 billion bid for Quaker Oats and its Gatorade
brand.

By Tom Jacobs

Reuters reports that soft drink giant Coca-Cola Co. (NYSE: KO)
has offered $16 billion for Quaker Oats Co. (NYSE: OAT), eyeing
its powerful Gatorade brand sports drink. Coke's offer tops
PepsiCo's (NYSE: PEP) $14.8 billion proposed purchase, which
Quaker rebuffed earlier this month.

Coke is believed to be offering 1.9 shares per Quaker share, or
about $116.70. France's Groupe Danone (NYSE: DA) has reportedly
made an offer as well, and the Quaker board is probably prepared
to hear from PepsiCo again -- or even another possible suitor,
such as Nestle.

Coke is currently trying to regain investor confidence after
shaky times. The deal would give Coke a lock on the sport drink
market, which Quaker's Gatorade currently dominates with an 84%
market share, compared to 11% held by Coke's PowerAde and 3.1%
for PepsiCo's All-Sport. Industry analysts note that the
non-carbonated beverage market is growing faster than the bubbly
kind, and Gatorade is the solid-gold brand. The appeal of the
Gatorade label explains why other suitors may appear once they
know Gatorade's in play. But any buyer would have to deal with
Quaker's cereal business, and there's only so much you can do
with oats after you toast them or sugar them up in breakfast
bars.

Any deal for Quaker would join a gaggle of recent food world
acquisitions: Philip Morris (NYSE: MO) purchased Nabisco
Holdings (NYSE: NGH) in June; Unilever -- Anglo-Dutch parent of
Unilever PLC (NYSE: UL) and Unilever N.V. (NYSE: UN) -- acquired
Bestfoods Oct. 5; and Keebler Foods Co. (NYSE: KBL) combined with
Kellogg Co. (NYSE: K) on Oct. 26.

Coke closed Friday at $61.83, down $0.50, while Quaker finished
off $0.19 to $90.31, just shy of its 52-week high of $92. Quaker
has jumped 13% since its suitors appeared, while Coke stock
currently sells for 1997 prices.
_________________________________________________________________

NEWS TO GO

Agilent Technologies (NYSE: A) is selling its medical products
business to Dutch electronics whiz Philips Electronics for $1.7
billion, capping Philips' two-year, $4 billion buying spree in
the industry. The deal leaves Philips the number three medical
equipment maker, behind General Electric (NYSE: GE) and Siemens.
This is an interesting move for Agilent, which apparently views
its dragging medical equipment business separately from its
booming life science manufacturing biz, growing through
partnerships with such biotechs as Caliper Technologies (Nasdaq:
CALP) and Rosetta Inpharmatics (Nasdaq: RSTA).

Programmable logic company Xilinx (Nasdaq: XLNX) won its
seven-year-old patent infringement suit Friday against
competitor Altera (Nasdaq: ALTR) and said it would seek an
immediate injunction against the loser. Back atcha, Altera
promised an immediate appeal of the jury verdict. Altera sought
to minimize the damage, asserting that the verdict covers only
Flex 8000 product sales, representing just 2%, or $30 million,
of its annual revenues. Xilinx is a favorite of telecom guru
George Gilder.

Alas, still darker days for Sunbeam (NYSE: SOC). The Securities
and Exchange Commission has recommended enforcement action
against the company and individual officers -- including former
Chairman and CEO "Chainsaw" Al Dunlap -- for alleged accounting
irregularities that created a sunny picture of actual cloudy
days for the camping goods and appliance manufacturer. Sunbeam
limped home Friday to $0.68.

Online auto dealer Autoweb.com (Nasdaq: AWEB) is laying off 25%
of its staff in an effort to save $10 million a year and become
profitable. The company's difficulty in attracting buyers to
online car showrooms joins priceline.com's (Nasdaq: PCLN)
similar woes. Autoweb's chart since its March 1999 IPO is an
emblem for the dot-com debacle. The company squeaked home to
$0.53 on Friday, a true penny stock.
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.

MsgId:
msg-7857-2000-11-20_9-18-20-3350075_2_Plain_MessageAddress.msg-09:23:12(11-20-
2000)
X-Version: mailer-sender-master,v 1.84
X-Version: mailer-sender-daemon,v 1.84
Message-Recipient: benjamin.rogers@enron.com


Alas no !

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


I just got a hold of Mike, who is aware of these deals but isn't positive on
the prices. He's going to have to check with the broker on Monday to get it
right. So as of right now these deals aren't in the system. I'm sorry about
that.

Thanks,
Kate

Evelyn Metoyer@ENRON
01/05/2001 01:45 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject:

Can you check Mike Swerzbin for the following deals through Prebon:

Enron sells Sempra 50 mw of Sept.'01  Mid-C at $360.00
Enron buys Sempra 50 mw of July '01 Mid-C at $270.00

Thanks!!


I read the attached plan.  What concerns me is that PG&E is proposing to
penalize customers for failing to curtail during Stage 3 conditions.  This
may be detrimental to EESI to the extent the customer does not curtail and
EESI is expected to cover the cost of the penalties per our contract with the
customer.  This penalty is unacceptable if we are expected by the customer to
pay the penalties.  The plan does provide for putting the customer in a
Rotating Outage queue
if the customers fails to curtail on two occassions.  In my opinion, there
should not be any financial penalties and instead the customer is switched
immediately to a Rotating Outage queue if the customer fails to curtail.  The
customer option to "buy through" may financially harm us.  Dennis, any
thoughts?

Roger

---------------------- Forwarded by Roger Yang/SFO/EES on 09/26/2000 11:37 AM
---------------------------
From: Jeff Nieland/HOU/EES@Exchange on 09/26/2000 10:12 AM
To: Jeff Dasovich/NA/Enron@ENRON@EES, John Wack/HOU/EES@EES
cc: Jess Galura/HOU/EES@EES, Roger Yang/SFO/EES@EES, Tom Riley/Western
Region/The Bentley Company@Exchange, Chris Holmes/HOU/EES@EES, Ress
Young/HOU/EES@EES
Subject: RE: FW: Transmission curtailments - PG&E Proposal

Here is the attachment.

-----Original Message-----
From: Jeff Dasovich/NA/Enron@ENRON@EES
Sent: Tuesday, September 26, 2000 9:58 AM
To: Wack,John
Cc: Nieland, Jeff; Galura,Jess; Yang,Roger
Subject: Re: FW: Transmission curtailments - PG&E Proposal

Yes, am aware of it, but there was no attachment (re: PG&E's proposal) in the
note that I received.  Could someone please forward?  Thanks.

 John Wack@EES 09/26/2000 07:57 AM     To: Jess Galura/HOU/EES@EES  cc: Jeff
Nieland/HOU/EES@Exchange, Jeff Dasovich/NA/Enron@Enron, Roger
Yang/SFO/EES@EES  Subject: FW: Transmission curtailments - PG&E Proposal

Jess,  what do know about this?  If you have any info let Jeff Nieland
know.

Jeff  N.,  I am not familiar with the Cal. EEP.  In most state it is not
unusual for transmission customer (usually all the  customers are involved)
to be part of the plans.  Jeff Dasovich or Roger Yang may have more details.

---------------------- Forwarded by John Wack/HOU/EES on 09/26/2000 07:50 AM
---------------------------
From: Jeff Nieland/HOU/EES@Exchange on 09/25/2000 07:10 PM
To: Tom Riley/Western Region/The Bentley Company@Exchange, John
Wack/HOU/EES@EES, Ress Young/HOU/EES@EES
cc: Chris Holmes/HOU/EES@EES
Subject: FW: Transmission curtailments - PG&E Proposal

Gentlemen,

Do we have any influence over this issue with our direct access customers in
California?  IBM San Jose is on an interruptible transmission tariff and is
concerned about the proposed Mandatory Curtailment Plan.  I would appreciate
any comments.

Thanks

Jeff

Tom - Who would you recommend asking to comment from our regulatory
department?

-----Original Message-----
From: Nieland, Jeff
Sent: Monday, September 25, 2000 6:29 PM
To: '"Kumar De Silva/San Jose/IBM" <kdesilva@us.ibm.com>@ENRON@EES'
Cc: "lguest" <lguest@us.ibm.com>; "Gregory G Peterson/Raleigh/IBM"
<petegreg@us.ibm.com>
Subject: RE: Transmission curtailments - PG&E Proposal

Kumar,

I have distributed the plan to our commodity and regulatory departments for
comments.  After receiving their comments, I will summarize and forward.
Please contact me with questions.

Thanks

Jeff

-----Original Message-----
From: "Kumar De Silva/San Jose/IBM" <kdesilva@us.ibm.com>@ENRON@EES
Sent: Wednesday, September 20, 2000 5:34 PM
To: Jeff_Nieland@enron.com
Cc: "lguest" <lguest@us.ibm.com>; "Gregory G Peterson/Raleigh/IBM"
<petegreg@us.ibm.com>
Subject: Re: Transmission curtailments - PG&E Proposal

Jeff,
We are concerned about the impact of the proposed Mandatory Curtailment
Plan.\ (Please see Lynn's Note below)   Please review from a commodity
provider standpoint.  In your opinion, is it fair for us to be subject to
such legislation while we are a Direct Access Customer?

I would appreciate your comments.

Regards,

Kumar

Facilities Engineering Manager
Department K3MA-124,  Office 12-4A052
IBM Real Estate and Site Operations
5600 Cottle Road, San Jose,  California 95193

Tel: (408) 256-1004, Tie Line: 8-276-1004,  Fax: (408) 256-2699,
---------------------- Forwarded by Kumar De Silva/San Jose/IBM on
09/20/2000 03:03 PM ---------------------------

Lynn Guest
09/15/2000 11:28 AM

To:   Kumar De Silva/San Jose/IBM@IBMUS, Ray Dias/Almaden/IBM@IBMUS, Aida
      Maciel/San Jose/IBM@IBMUS, John Lattyak/San Jose/IBM@IBMUS
cc:
From: Lynn Guest/Almaden/IBM@ibmus
Subject:  Re: Transmission curtailments - PG&E Proposal

Here is a soft copy of what I faxed you yesterday.

Lynn Guest
  Site Operations Manager, Almaden Research Center

IBM Corporation
650 Harry Road, M/S - G2
San Jose, CA 95120-6099
(408) 927-1529  or Tie line 8-457-1529
Fax (408) 927-1230

E-Mail:  LGUEST@US.IBM.COM
---------------------- Forwarded by Lynn Guest/Almaden/IBM on 09/15/2000
11:30 AM ---------------------------

Pam Ross <pross@camfg.com> on 09/14/2000 10:02:31 AM

To:   Alan Amrhein <amrhein@ppg.com>, Allan Warman
      <allan.p.warman@boeing.com>, Barry Hughes
      <Barry.L.Hughes@boeing.com>, Bill Guernsey <bill.guernsey@trw.com>,
      Bill Zobel <bzobel@mail.arco.com>, Bryan Campanaro
      <bcampana@kcc.com>, Cameron Raether <paccoast@mctcnet.net>, Carl
      Nordquist <carl.j.nordquist@boeing.com>, Carolyn Kehrein
      <cmkehrein@ems-ca.com>, Dan Fink <daniel.L.fink@boeing.com>, Dan
      Green <dgreen@ppg.com>, David Mills <david.m.mills@honeywell.com>,
      "Denis St. Jean" <dstjean@tosco.com>, Dorothy Rothrock
      <drothrock@camfg.com>, Ed Munoz <emunoz@west.raytheon.com>, Fred
      Mazurski <fmazurski@usg.com>, Gene Hill <ghill@kcc.com>, Glenn
      Sheeren <gsheere2@iccnet.com>, Jeff Byron <jbyron@us.oracle.com>, Jim
      Schultz <Jim_Schultz@cargill.com>, Jim Wikenczy
      <Jim_Wikenczy@mail.tmmna.com>, Joanne Horalek <jhoralek@smurfit.com>,
      John Norris <John.Norris@HSC.com>, Karen Jarrell
      <kjarrell@smurfit.com>, Karen Lindh <karen@klindh.com>, Keith McCrea
      <kmccrea@sablaw.com>, Ky Kennedy <kkennedy@usg.com>, Larry Voronyak
      <larry.voronyak@borax.com>, Lynn Guest/Almaden/IBM@IBMUS, Mark
      Mithers <mithema@mail.northgrum.com>, Mark Nelson
      <Mark_Nelson@hp.com>, Mark Skowronski
      <mark.skowronski@honeywell.com>, Miles Keefe
      <emkeefe@west.raytheon.com>, Noel Brown <noel.brown@ct.sgcna.com>,
      Pam Ross <pross@camfg.com>, Richard Hall <richard.c.hall@intel.com>,
      Roland Buchs <BUCHS@imcchemicals.com>, Russell Boston
      <reboston@ppg.com>, Scott Potterack <Scott.Potterack@owens-ill.com>,
      Stacy Roscoe <roscoesa@pg.com>, Steve Bloch
      <steven.bloch@alliedsignal.com>, Steve Watson
      <swatson@ballfoster.com>, Tim Treichelt <tntreich@gapac.com>, Tony
      Fisher <tfisher@nummi.com>
cc:
Subject:  Re: Transmission curtailments - PG&E Proposal

This is the item regarding mandatory curtailment Karen Jarrell
referenced to in her note.

Subject: Transmission curtailments - PG&E Proposal
Date: Thu, 14 Sep 2000 07:51:51 -0700
From: Dorothy Rothrock <drothrock@camfg.com>
Organization: CMTA
To: pross@cmta.net

From: Shaffer, Clyde [mailto:CWS1@pge.com]
Sent: Monday, September 11, 2000 5:34 PM
To: 'dgreen@ppg.com'; 'kohr@ppg.com'
Subject: Transmission curtailments - Proposal
Importance: High

Hi Dan and Tom,

Greetings.  I hope all is well with both of you and PPG.

I recently received information that transmission voltage customers will
likely be required to be involved in the Electric Emergency Plan (EEP)
in the future.  Currently transmission customers are not "required" to
curtail any load when distribution circuits are taken off line as a
result of a Stage 3 EEP operation.

Please take a look at the attachment below and if possible provide
comments to help shape the proposed change.  I will need comments by
this Friday noon if possible.  Thanks for the input.

Clyde Shaffer
Co.: 821-5549
Outside: (559)263-5549
Email: cws1@pge.com

(See attached file: MANDATORY CURTAILMENT PLAN.doc)

 - MANDATORY CURTAILMENT PLAN.doc << File: MANDATORY CURTAILMENT PLAN.doc >>


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/30/2000
03:40 PM ---------------------------

Vasant Shanbhogue
10/19/2000 08:42 AM
To: Zimin Lu/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Pinnamaneni
Krishnarao/HOU/ECT@ECT, Alex Huang/Corp/Enron@ENRON, Kevin
Kindall/Corp/Enron@ENRON, Tanya Tamarchenko/HOU/ECT@ECT
Subject: Re: Option Pricing Challenge

Zimin,

 to generalize your initial comment, for any process dS = Mu(S,t)*S*dt +
Sigma(S,t)*S*dz,
the delta-hedging argument leads to the Black-Scholes PDE.
This is true for any arbitrary functions Mu and Sigma, and so includes GBM,
Mean Reversion, and others.
There is no problem with this, because in the risk-neutral world, which is
what you enter if you can hedge,
the drift of the "actual" process is irrelevant.

I believe your concern is that you would like to see a different option price
for Mean Reversion process.  This can only happen if the asset is not
hedgeable, and so the actual dynamics then need to be factored into the
option pricing.   If you assume that the underlying is a non-traded factor,
then the PDE will have to reflect the market price of risk, and the drift of
the actual process is then reflected in the PDE.

Vasant

Zimin Lu
10/17/2000 05:20 PM
To: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Vasant
Shanbhogue/HOU/ECT@ECT, Pinnamaneni Krishnarao/HOU/ECT@ECT, Alex
Huang/Corp/Enron@ENRON, Kevin Kindall/Corp/Enron@ENRON, Tanya
Tamarchenko/HOU/ECT@ECT
cc:
Subject: Option Pricing Challenge

Dear All,

I have a fundamental question back in my mind since 95.    Hope you can give
me a convincing answer .

Zimin

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

In deriving BS differential equation, we assume the underlying follows GBM

ds= mu*s*dt + sigma*s*dz

where mu is the drift, sigma is the volatility, both can be a function of s.

Then we use delta hedging argument, we obtain the BS differential equation
for the option price, regardless
of mu.

With the BS PDE and boundary condition, we can derive BS formula.  Fine. No
problem.

Question comes here.   Suppose the underlying is traded security and follows,
say, mean-reverting process

ds=beta(alpha-s)dt + sigma*s*dz

Apparantly, this SDE leads to a different probability distribution. However,
using the delta hedging argument,
we still get the same BS differential equation, with the same boumdary
condition, we get the same BS formula.
Not fair !

From another angle, I can derive the distribution from the BS PDE for the
underlying, which is the lognormal distribution.
My thinking is: can I drive the distribution for any SDE from the option PDE
?  The answer should be yes, but got to be
from a different PDE rather than BS PDE.  Then what we do about the
delta-hedging argument ?

Thanks.


The following spreadsheet contains a simple way to build a JCC forward
curve.  It is based upon the spread between JCC and Brent lagged one month.

 I'm out until the 2nd.

-Kevin K.


I've forwarded this to Joe, Rob,a nd MKM as there are some regulatory issues to be considered.  I thought all FERC-regulated electric utilities had to have "OASIS" electronic bulletin boards.  Doesn't PGE have one of those, and if so, can't they post the notice themselves?  Interesting.  DF

-----Original Message-----
From: Hotte, Steve
Sent: Tuesday, November 27, 2001 11:34 AM
To: Corman, Shelley; Harris, Steven; Neubauer, Dave; Hayes, Robert; Raker, Colleen
Cc: Sawyer, Lisa; McCarty, Danny; Fossum, Drew
Subject: Open Season for expansion of the Kelso-Beaver Pipeline (the "KB Pipeline")

I received a call from Portland General Electric (PGE) asking for assistance in posting an open season for them in regards to their Kelso-Beaver Pipeline.  The reason they are asking for assistance is that they currently do not have an electronic bulletin board.  I have attached a draft version of their open season.  The plan would be to utilize the Hot Tap platform for their posting.

Please advise if you have any comments regarding this issue.

Thank you.


Yan,

Please make the PGE daily report (#26) available on your website.  Thanks.

Mat


Geir zeroed deal 581368, and added deal 592672. There is another deal
corresponding with this that completes the path from Four Corners to NP-15.
Please let me know if you see this come through.

Thanks,
Kate

Rhonda L Denton
04/25/2001 01:13 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: 581368

Can you kill this deal or zero out the volumes?  thanks.

   Kate Symes                04/24/2001 05:27 PM

To: Rhonda L Denton/HOU/ECT@ECT
cc:
Subject: Re: 581368

I just spoke with Jesse Bryson in Real Time, and he said this should actually
be 2 buy-resales - one from Four Corners to ZP-26, and one from ZP-26 to
NP-15. Let me know how that sounds to you, and I'll enter the deals.

Thanks,
Kate

Rhonda L Denton
04/24/2001 03:23 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 581368

Should this be NCPA, since we do not have transmission with them.  Or maybe
it should be a buy/resale.  let me know.  Thanks.


what's the deal w/ post work activities?


Please be advised, that all invoices are to be turned in to AP by Friday,
12/15 for invoices to be paid in 2000.  Those invoices that are not turned in
by this time will have to be accrued.

Please contact me at X57373 if you have any questions.

Regards,
Taffy


Let me know when you would like to discuss.


did you get the invite to the super bowl party?


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Thought you might be interested in this if you haven't already seen
it.........
----------------------------------------------------------------------
This article was sent to you by someone who found it on SF Gate.
The original article can be found on SFGate.com here:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/02/14/S
P146907.DTL
----------------------------------------------------------------------
February 14, 2001 (SF Chronicle)
Quokka Trying To Stay Afloat
Tommy Cummings

MUCH LIKE the global yachting races that it tracks, Quokka Sports
was sailing smoothly, successfully negotiating the choppy Internet seas.
Then, along came that squall known as the dot-com shakeout. It caused the
outlook to seem less than shipshape for the San Francisco company that has
a stake in the digital presentation of many premier sporting events.
Quokka Sports remains afloat, but it's taking on water big-time. The four-
year-old public company has started bailing -- it downsized 59 percent of
its 369-person staff on Monday -- and has altered its course to focus on
live- event coverage, its strength, and to be a service for clients in
need of multimedia content.
"What we've done is changed strategy to be able to compete effectively in
this marketplace," said Alvaro Saralegui, Quokka president and chief
executive officer.
The focus on live events is in place -- Quokka has launched official sites
for the NCAA men's and women's basketball tournaments and the 2002
Olympics and also plans to apply its unique online presentation to the PGA
and Major League Baseball.
But to offset declining ad revenue, Quokka Sports also announced this week
that it plans to spin off its technology division as a business unit that
would provide clients with multimedia needs.
Although Saralegui declined to name prospective clients, he said ventures
would be similar to Quokka's project with General Motors for last year's
24 Hours of LeMans. GM paid Quokka to use its style -- text, images,
video, metrics, etc. -- to track GM-sponsored cars in the race.
"We know what it's going to cost us to do it; we charge that plus a margin
and after that, it's off to the races, so to speak," Saralegui said.
Maybe. It probably will take a lot of those projects for Quokka to see
some financial light.
In its quarterly earnings announcement last week, Quokka warned that its
own auditors might question the company's viability. Some financial
analysts who follow Quokka have abandoned it, perhaps because its stock
value has sunk to penny status.
Those factors could make the NCAA and the International Olympic Committee
begin to question Quokka's sea legs -- though they haven't publicly.
However, NBC Sports -- which has a financial stake in Quokka -- wondered
what was happening, especially with the layoffs and restructuring report,
Saralegui said.
Quokka has had some "discussions (with NBC)," Saralegui said, "but that's
in the spirit of our relationship we've had all along."
All of this seems a far cry from Quokka's beginnings when it offered deep
coverage of global sailing and mountain climbing. Quokka applied the style
to mainstream sports, including wiring Michael Johnson to track his heart
rate and other vital statistics online during two of Johnson's pre-Olympic
meets.
"They've done some real innovative programming," said Patrick Keane, an
analyst with Jupiter Communications. "They just built a broadband business
before there was a broadband audience."
Quokka's struggles have come at an inopportune time. The NCAA basketball
tournaments are less than a month away, the 2002 Salt Lake City Olympics
are less than a year off and sports -- such as baseball, professional golf
and Euro-style motor sports -- to which Quokka has committed to giving its
best digital presentation are beginning.
Meanwhile, Keane said he's not optimistic that Quokka can weather the
storm.
"Right now, they're tacking," Keane said, using another sailing term.
"Every direction they tack in, there's more blood in the water. I'm just
not convinced that they're going to be able to get through it."
BYTES: ESPN Internet Ventures is offering the NFL $50 million in cash over
five years to remain producer of NFL.com, Bloomberg News reported
yesterday. EIV's offer is more than triple the amount of cash it paid to
secure the NFL's Internet rights under a three-year agreement that expires
in April. . . . The smartest link of the week belongs to ESPN.com, which
notified its users on its opening page of the Anna Kournikova e-mail virus
on Monday. The e-mail promised images of tennis star. Once the attachment
is opened, new messages containing the virus are spawned and sent to
e-mail addresses listed in Microsoft Outlook. The harm is the Anna virus
has the capacity to overload e- mail servers. Considering Kournikova is
the most-searched female athlete online, according to Palo Alto-based
AltaVista, ESPN.com probably saved some servers.
E-mail Tommy Cummings at cummings@sfchronicle.com.
----------------------------------------------------------------------
Copyright 2001 SF Chronicle


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/24/2000
03:29 PM ---------------------------

Rachel Vargas <rvargas@hbs.edu> on 02/23/2000 01:40:29 PM
To: gljackson2@tva.gov, "Vince J Kaminski" <Vince.J.Kaminski@enron.com>
cc: ptufano@hbs.edu
Subject: Real Options Conf. Call

Good afternoon!

This is just to confirm that the Real Options Conference call will be
Thursday, February 24 at 1:30pm Central Time, 2:30pm Eastern Standard Time.

Thank you all for your patience and co-operation with this matter.

Sincerely,

Rachel Vargas
Asst. to Prof. Tufano

I have just been informed from Mr. Kaminski's assistant, Shirley, that his
flight was cancelled and he will, therefore, be unavailable to participate in
the conference call on Thursday, February 24.? Therefore, Mr. Kaminski's
office proposes to reschedule the call to a new time of 1:30pm Central Time,
2:30pm Eastern Time on Thursday, February 24 (same day).

Please let me know as soon as possible if all parties can participate at this
time.? If not, we will need to reschedule until next  week.

Many thanks,

Rachel Vargas
Asst. to Prof. Tufano

Dear Mr. Jackson and Mr. Kaminski:

Good afternoon!

I just wanted to make sure you both understood that the Real Options
Conference, being held on Thursday, February 24 from 1:30-2pm, will be
Eastern Standard Time.

Many thanks,

Rachel Vargas
Asst. to Prof. Tufano

Dear Mr. Jackson and Mr. Kaminski:

This is to confirm that the March Real Options Conference call with Peter
Tufano will be held on Thursday, February 24 from 1:30-2pm. Mr. Jackson, I
have spoken with Suzanne and confirmed that the conference call will
originate from Peter Tufano's office.? Mr. Kaminski, I left a message in your
assistant's voicemail (Shirley), and I also spoke with Mr. Kevin Moore to
arrange this time.? Again, Professor Tufano will initiate this conference
call.

Many thanks.

Sincerely,

Rachel Vargas
Asst. to Prof. Tufano

********************
Rachel D. Vargas
Morgan Hall 370
Harvard Business School
Soldiers Field Road
Boston, MA 02163

P:? 617 495-6521
F:? 617 496-6592
email:? rvargas@hbs.edu
********************


Gary:  The swap format is fine EXCEPT that the Floating Rate should be
"6.62625%" rather than the rounded "6.63%".  Thanks.  Sara

	"Rosenblum, Gary(CICG-GEDNY)" <grosenbl@exchange.ml.com>
	09/14/2000 03:37 PM

		 To: "'sara.shackleton@enron.com'" <sara.shackleton@enron.com>
		 cc: "Barna, Peter (CICG - Equity Linked Capital Markets)"
<pbarna@exchange.ml.com>, "Payton-Jacobs, Leslie (OGC)"
<LPayton-Jacobs@exchange.ml.com>, "Grasso, Anthony (CICG - NY Equity Ops)"
<AGrasso@exchange.ml.com>
		 Subject: Swap Agreement

Sara,
Hope all is well by you.
Attached is a marked and clean draft of the confirmation for the Swap
Transaction, revised to reflect our discussion on your comments. I note that
the confirmation retains the Change in Law provision (with marked changes)
for this Transaction. We agree to discuss further the Change in Law
provision in respect of future Transactions. Please call/email me with any
comments.
Regards
 <<Enron swap 091400cmp.doc>>  <<Enron swap 091400.doc>>

 - Enron swap 091400cmp.doc
 - Enron swap 091400.doc


Paul -

Attached is a redlined version of the  agreement.  I have basically accepted all of Williams' comments, but felt  the agreement needed to be cleaned-up a bit.  The changes are all generic  in nature and should be easily accepted by Williams.  If this is the case,  please work with Tana Jones (x33399) to have the agreement properly initialed by  Legal before signed by Tom.  If no other changes are made, I am advising  Tana to initial this document on my behalf so that Tom can sign.

If you should need me tomorrow (later today) please  call me on my cell at 713-444-8234.

Mark

----- Original Message -----
From: Greenberg,  Mark
To: greeniem@houston.rr.com
Sent: Wednesday, October 24, 2001 3:00 PM
Subject: FW: Commodity Logic Agreement with William

-----Original Message-----
From: Finken, Paul
Sent:  Wednesday, October 24, 2001 11:38 AM
To: Greenberg,  Mark
Subject: FW: Commodity Logic Agreement with  William
Mark,

Attached is the redline Beta agreement from  Williams.  Tom agreed to change the non-disclosure period to six  months.  We are trying to turn this around quickly so the users can test  InvoiceLogic beginning Friday.

thanks
Paul Finken
CommodityLogic
Tel # 713 853  6919
Cell # 713 628 3619
-----Original Message-----
From: Jones, Gayla  [mailto:Gayla.Jones@Williams.com]
Sent: Wednesday, October 24, 2001  11:12 AM
To: Finken, Paul
Cc: Binney, Gary; Brooks,  Wendy
Subject: Commodity Logic Agreement with  William
 Paul,
         I  received your last version of the contract from Gary Binney. After comparing the  document to the redline that I sent you I see that several of our suggestedc  hanges were not addressed. If you do not agree to the changes please respond  with the reasons so. I have prepared a new redline version of the document,i  ncorporating some of your changes.  Just trying to make it easy for us all  to tell what has changed from the original agreement. It would be helpful if you  when you respond you send redline comments, if possible.
        Please review  and then respond to me with your comments. Thanks.
<<Commodity Logic Beta Test  Agreement 1024redline.doc>>
Gayla Jones (Gayla.Jones@Williams. com)
Contract Administrator<  BR>Williams Energy Marketing & Trading  Company
One Williams Center  MD18-5
Tulsa OK 74172
918-573-5716
918-573-1935 (fax)
918-632-4923 (pager)
**********************************************************************
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.
**********************************************************************

 - Commodity Logic Beta Test Agreement 1024redline.doc
 - Williams Beta Agreement(10-25-01-mlgcomments).doc


Credit has reviewed the financials of Merrill, Lynch, Pierce, Fenner & Smith,
Inc. and Merrill Lynch Government Securities Inc.  We approve entering into
the proposed repo agreements with these entities due to 1) the secured nature
of Enron's potential exposure, 2) their very strong balance sheets and 3) the
relatively short term nature of our positions.  Potential exposures of up to
$500 Million with each of these entities is within our credit risk tolerance
for these counterparties.  We understand that there will be no guarantees
required from either counterparty.


Hello!  Will and I decided this would be a good way to ask for assistance
from the TFA national board members residing in Houston. TFA-H is enjoying
incredible momentum right now--so much so that we are once again in dire
need of computers. We have made contact with several companies and have some
corporate proposals under consideration, but those are "down the road"
relationships assuming they work out as planned.   Please reach out to
anyone and everyone to make them aware of TFA-Houston and how much the
contribution of retired computers means to the disadvantaged neighborhoods
and schools that we serve.  We have a request in to Exxon Mobil Upstream
Research as I understand Exxon is replacing 40K desktops with laptops.  I
haven't been able to make headway with Exxon Mobil yet--if you can assist
with trying to obtain their retired computers, that would excellent.  This
could help our efforts across the country.

UPDATE:  We have now assisted 74 organizations and have a backlog of demand.
This Saturday, November 11, we will provide 75 computers to 4 organizations.
This will deplete our inventory.  We have several partnerships in the making
that will greatly increase the demand for our services. This week I also
participated in a meeting headed by the Mayor's office to bring the
technology and economic providers of the Enhanced Enterprise Community
together to see how we can effectively collaborate.  Judging by the interest
of my post-meeting conversations, this will also generate considerable
demand for our services.  We want to be able to deliver what we say we can
since we are now moving to the forefront of digital divide efforts in
Houston.

Thank you for your commitment and willingness to serve the cause of
eliminating the digital divide in Houston!   We are making a difference in
the lives of thousands of children and their families--let's keep moving
forward. I have attached an information sheet that you can use if you need
it as well as a list of the equipment we can use.   I have also included an
update of the progress of TFA-Houston.  Please email or call if you have
questions.

Lois Powers
Executive Director
Technology For All-Houston
3403 Marquart, Suite 204
Houston, TX  77027
PH:  713-961-0012

 <<about tfa word version.doc>>       <<Minimum Standards.doc>>  <<board
update 102000.doc>>

 - about tfa word version.doc
 - Minimum Standards.doc
 - board update 102000.doc


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  , 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Distillate and unleaded charts to follow.

Crude     http://www.carrfut.com/research/Energy1/crude42.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas42.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG42.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG42.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL42.pdf

Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606  USA
Tel:  312-368-6149
Fax:  312-368-2281
soblander@carrfut.com
http://www.carrfut.com


Thank y'all so much for your help on this.  We are trying to improve the language relating to the termination payment (Section 5.4) in the bandwidth trading master.  The old version had a very complicated and repetitive formula that tried to reflect replacement costs but in practice did not do so (I will not go into why here).  Based on some ISDA materials sent to me by Elizabeth Sager, as well as the benefit of the trading forms in some of our other businesses, we have come up with the  attached.  I would be so grateful if you could give me some feedback on this 5.4 as soon as you can because we are a bit strapped in producing agreements.

As I mentioned to Mark on the phone today, I am also trying to work out how critical is the provision allowing for payment by the non-defaulting party to the defaulting party.  As we know, most of the time a non-defaulting party would not elect to terminate if they thought they were going to have to make a payment, but given our strictly physical, not overly liquid market at the moment, this provision has the old time telecoms companies with their eyeballs swivelling around in their sockets (of course the agreement as a whole is a bit of a shock to them, but this seems to be the provision they cannot get their brains around).  Although I am not necessarily suggesting we take this feature out of the form, I would just like your thoghts on whether we have any flexibility to delete it where necessary.

Finally, I note that our form does not have any provision to suspend delivery if the buyer is not paying.  Again, given the physical delivery character of this market, I would recommend we add such a feature.

I will anxiously await your feedback...And again, many thanks.

 -----Original Message-----
From: 	Wilson, Pauline
Sent:	09 August 2001 10:32
To:	Vickerman, James
Cc:	Browning, Mary Nell
Subject:	Master Agreement - Form

James,

Here is the Master Agreement - Form.  The font is all the same size & style.

Cheers,
Pauline


Per your request.


Lisa:
Here's the information regarding Edison's SO2 credits before the PUC.  Fax to
follow.  If you need anything else, just let me know.

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 03/06/2001 04:03 PM -----

	BCragg <BCragg@GMSSR.com>
	03/06/2001 03:56 PM

		 To: "'jdasovic@enron.com'" <jdasovic@enron.com>
		 cc:
		 Subject: Edison's SO2 credits

Edison filed A.00-05-027, its applications to divest its remaining SO2
credits, on May 15, 2000.  ORA protested on June 30, and Edison and ORA
worked out their differences and filed a joint recommendation on October 2.
According to the joint recommendation, which I will fax over to you,
Edison's original proposal was to auction off its SO2 credits.  The joint
recommendation accepts the auction approach, except that if no bids are
received for some credits, then those credits will be retained within the
regulated utility, and any future net proceeds will be credited to
ratepayers.  It appears that Edison's original proposal would have
transferred such no-bid credits to an unregulated affiliate at zero cost.
The joint recommendation also states that any no-bid credits retained by the
regulated utility will be deemed to have been market valued, and will have a
zero market value for purposes of determining transition costs.
No Commission decision has been issued on this matter.  No decision in this
matter appears on the Commission's agenda for March 15.  I can follow up on
the status and likely date of decision if you like.
Other than the joint recommendation I am about to fax to you, the only other
documents filed in this case were Edison's application and ORA's protest.
Please let me know if you would like a copy of either of them.
Brian


ISDA PRESS REPORT - JUNE 11, 2001

RISK MANAGEMENT
BIS: Development Of Credit Risk Mkt An "Enormous" Benefit - Dow Jones
Capital cushion fight - The Economist
OTHER
Players Await Forint Swaps, Options - Derivatives Week

BIS: Development Of Credit Risk Mkt An "Enormous" Benefit
Dow Jones - June 11, 2001
By Henry J. Pulizzi

BASEL -(Dow Jones)- The Bank for International Settlements said Monday that
the development of new techniques to transfer credit risk may be the most
important new financial trend with possible implications for financial
stability.

The BIS said a more developed market for credit risk will improve risk
management and allow participants to set appropriate prices for accepting
credit risk.

"This will be of enormous, perhaps revolutionary, benefit," the BIS said in
its annual report.

Credit derivatives are said to be the fastest growing segment of the
over-the-counter derivatives markets. The complex instruments let investors
trade and hedge credit risk outside of the loans in which the risk is
embedded. They allow lenders to lay off credit risk while keeping assets on
their balance sheets and give investors exposure to credit without a
position in the actual debt.

A recent Goldman Sachs report put the notional value of the credit
derivatives market at about $1 trillion.

The BIS cautioned, however, that the development of a more active market for
credit risk could give rise to supervisory problems by making the
distribution of risk less transparent and possibly concentrating risk among
market participants.

The BIS also raised concern about insurance companies becoming increasingly
involved in credit risk markets.

"This implies the need for ever closer collaboration between banking and
insurance supervisors to prevent the possible growth of regulatory arbitrage
and to ensure that risks are monitored and priced correctly," the BIS said.

Capital cushion fight
The Economist - June 9, 2001

INTERNATIONAL banks, and their regulators, are wrangling over the level of
additional capital that banks should be made to carry, as a cushion, against
so-called "operational risk" that might damage a bank's health or even the
financial system. Operational risk includes anything from computer failure
and postal strikes to fraud and cock-ups of Baring-style proportions.
Insurance companies, which you might think would steer well clear of this
debate, have joined the fray, offering to replace bank capital with
new-fangled insurance cover. They were in Washington this week trying to
sell the idea to bank regulators from the Group of Ten countries.

Under present rules, banks carry capital against the credit and market risks
that they run. Bold proposals by the Basel Committee of bank supervisors now
seek to refine the charges for credit risk, as well as to add new charges
for operational risk. The banks' responses to " Basel 2", which had to be in
by May 31st, are almost all critical of the proposals for operational risk.
Few agree even with the committee's definition of such risk: "the risk of
direct or indirect loss resulting from inadequate or failed internal
processes, people and systems, or from external events." Many dispute the
inclusion of indirect loss, since it is so hard to quantify. Some say that
"strategic" and "reputational" risks should be added. And that is just for
starters, before even getting to the level of charges.

The committee has suggested that operational risk should account for roughly
20% of a bank's regulatory capital. Since it has also said that the overall
capital charge should stay about the same, banks have been looking for a 20%
reduction in charges for credit risk. In vain. Hong Kong complains that its
banks will face a capital charge 2.5 percentage points higher if the Basel
proposals are applied in their crudest form - with most of the increase
being for operational risk.

Privately, regulators agree that the 20% figure is too high and will come
down, but by less than the banks would like. The horse-trading can be
followed on the Basel Committee's , where many bank responses are posted.

The banks' biggest beef with the charge for operational risk is that the
levels, by the most basic method, are set according to a bank's gross
income. What kind of incentive is it that rewards banks for reducing their
income? The proposal offers three further levels of sophistication in
measuring operational risk, all of which the banks find either flawed or too
complex. A "standardised approach" would rely on industry-wide loss data
divided by business lines - such as corporate finance, trading or retail
banking - providing a standard factor by which a bank's volume or gross
income in that business would be multiplied to arrive at a capital charge.
Then there is an "internal measurement" approach, using a bank's own loss
data, multiplied by a formula for "expected loss" and by a factor for how
the supervisor rates the bank's risk controls. Finally there is a "loss
distribution" approach, which allows the bank to use its own probability
analysis, although neither supervisors nor banks think the technique can be
used yet.

The big problem is insufficient data. There are plenty on so-called
"expected" losses, such as predictable levels of credit-card abuse, failed
trades, even petty fraud. But the aim of the charge for operational risk is
to cover the unexpected, such as a bomb blast or big losses by a rogue
trader. How many events like that have there been over the past decade? How
statistically relevant is a decade-old event?

All the same, data collection and data-pooling are going ahead. There are
even some commercial databases on offer. One comes from NetRisk. It is based
on data that Bankers Trust, an American bank now owned by Deutsche Bank,
began to collect in 1993. That is being added to by the MORE consortium, a
joint effort by a dozen big banks, and by PricewaterhouseCoopers, an
accounting firm. The other offering comes from a subsidiary of Zurich
Insurance, called Zurich IC Squared, which offers a ten-year database
online. The source of its early data is, once again, Bankers Trust.
Supervisors find themselves using the same data too.

Banks worry that some operational risk will be double-counted as credit or
market events - for example, bad documentation that leads to credit failure.
There is also a debate about where to put reputation risk, since a blow to
reputation can sink a bank. The regulators exclude reputation risk, says an
insurer, because it happens slowly, and a bank can be unwound or sold - as
in the case of NatWest, a British bank sold to Royal Bank of Scotland.

The debate on this and other topics could run for years; the banks,
certainly, want more time for consultation. Yet deadlines loom. A framework
for Basel 2 and its equivalent in the European Union, a draft
capital-adequacy directive, is meant to be ready by the end of the year, in
order to be implemented in 2004. Banks and supervisors will need at least
that time to prepare themselves, once they know what to prepare for.

A debate with the insurance industry has only just got serious. Insurers do
not normally lobby together, but two lobby groups, BAIWG and PCIIWG (do not
ask what they stand for) are presenting bank regulators with ideas for
lightening the capital charge that banks must bear for operational risk. Big
chunks of banks' operational risk, such as professional liability and
computer fraud, are already insured. Regulators agree that this already
merits some offset against a capital charge. If insurers can concoct
insurance cover for a wider range of risks, then the capital offset would be
bigger.

For that to happen, regulators want to be satisfied that there would be
immediate payouts (not a hallmark of insurers), and that there would be
legal certainty, with no weasel clauses to let insurers off the hook.
Insurers must be satisfied that they will not be left as a lender of last
resort in a systemic crisis. At the discussions in Washington, the very
definition of operational risk was still a sticking-point.

On the fringes, but maybe destined some time to take centre stage, are ideas
to let the market impose discipline on the banks, at least as far as
operational risk is concerned. Catastrophe bonds linked to earthquake and
storm risk have been sold to investors, and so has contingent capital, in
the form of callable equity. Adriana Cronin of Blanch Crawley Warren, an
insurance-broking firm, would like to see an "opbond", based on a portfolio
of operational risk covering the combined risks for a number of banks.
Rating agencies would be needed to analyse and rate the portfolio backing
the bond.

Most insurers think a capital-markets solution for operational risk is a
distant goal. The nearer one is to bring their centuries of actuarial skills
to bear to help banks save capital, and so to tap a rich new market of,
potentially, 30,000 banks.

Players Await Forint Swaps, Options
Derivatives Week - June 11, 2001

The Central Bank of Hungary's recent move to widen the band in which the
forint trades to 15% from 2.25% is seen as a step towards the development of
a liquid derivatives market, according to Budapest market watchers.

"Currently, investors who want to play in the local Hungarian market can
only do so via non-deliverable forward contracts," said Amir Ben Gacem,
London-based local-market analyst at BNP Paribas. "With the prospect of
further liberalization, we will start seeing swaps, etc.," he continued.

Added a London-based derivatives professional: "We're getting ready to see a
real options market in Hungary with the liberalization of the [foreign
exchanged] bands." Such a development would be consistent with Hungary's
aspirations to join the European Union. Poland and the Czech Republic
already have developed local options markets.

The forint has appreciated roughly 7% in the last month against the euro on
the back of the move, and analysts expect further appreciation as central
bankers bid to continue with reforms.

The prospect is significant to investors, who currently must buy
longer-dated Hungarian assets without the options available that would allow
them to play on the currency. Observers said demand is likely to come from
Western Europe, especially Germany. "We expect non-residents to buy any part
of the Hungarian curve; it's another way to diversify in the region," BNP's
Ben Gacem said.

**End of ISDA Press Report for June 11, 2001**

THE ISDA PRESS REPORT IS PREPARED FOR THE LIMITED USE OF ISDA STAFF, ISDA'S
BOARD OF DIRECTORS AND SPECIFIED CONSULTANTS TO ISDA.  THIS PRESS REPORT IS
NOT FOR DISTRIBUTION (EITHER WITHIN OR WITHOUT AN ORGANIZATION), AND ISDA IS
NOT RESPONSIBLE FOR ANY USE TO WHICH THESE MATERIALS MAY BE PUT.

I am filling in for Scott today only.  Any questions, please direct them to
Scott at smarra@isda.org.  Thank you.

Ms. Barbara Hanlon
Database Administrator
International Swaps and Derivatives Association, Inc.
600 Fifth Avenue, 27th Floor
Rockefeller Center
New York, New York 10020-2302
Phone: (212) 332-1200
Fax: (212) 332-1212


FYI.  Thanks. Lynn
 -----Original Message-----
From: 	ETS Solution Center,
Sent:	Wednesday, September 12, 2001 9:07 AM
To:	ETS Solution Center,
Subject:	MidAmerican Energy Company

From: 	Cappiello, Deborah
Sent: 	Tuesday, September 11, 2001 3:57:13 PM
To: 	ETS Omaha Solution Center
Subject: 	FW: MidAmerican Energy Company
Auto forwarded by a Rule

Please note that MidAmerican Energy Company has requested that we no longer use "MidAm" to refer to the company.
The appropriate references are either "MidAmerican Energy Company" or "MEC".

If "MidAm" is used in any future contracts, etc., MidAmerican may refuse to sign.


Steve:

Information on the Financial Sector's ISAC.  Key question is will we qualify
for membership - see para 3.
If we qualify as a "designated financial services exchange and finance sector
utilities" this ISAC will work for us.
If not, I recommend we join the Oil & Natural gas ISAC.  I will forward
information on NERC's process shortly - Pete

 Frequently Asked Questions

 WHO OWNS THE FS/ISAC?
 The FS/ISAC and the data in the FS/ISAC is owned by the members through the
FS/ISAC, LLC
 (Limited Liability Corporation) created to manage the ISAC process for
Financial Services. The
 FS/ISAC is operated by Global Integrity Corporation, a wholly owned
subsidiary of SAIC.

 WHO ARE GLOBAL INTEGRITY AND SAIC? (Global Integrity is now owned by
Predictive SYstems Inc.)
 Global Integrity is an information security service provider to commercial
clients around the world. It
 provides a full complement of information protection, electronic commerce
security, consulting, and
 engineering services worldwide. Global Integrity Corporation is a wholly
owned subsidiary of SAIC
 (Science Application International Corporation), the largest employee owned
research and engineering
 company in the US. Since 1969, SAIC scientist and engineers have worked to
solve complex technical
 problems in the healthcare, telecommunications, national security, financial
services, transportation,
 energy, and the environment. With annual revenues approaching $5 billion,
SAIC and its subsidiaries
 have more than 38,000 employees in 150 cities worldwide.

 WHAT ARE THE MEMBERSHIP REQUIREMENTS?
 Membership is open to the following categories of US entities registered,
and in good standing, with
 their appropriate regulators:

      FDIC Insured Bank
      NASD Licensed investment firm
      Designated Financial Services exchanges and finance sector utilities
      Specialized US or State licensed banking companies
      US or State Licensed Insurance companies

Membership will be granted to an applicant only after third-party
verification is completed by the
 FS/ISAC, LLC.

 WHO HAVE ACCESS TO THE FS/ISAC?
 Financial Services companies who become members of the FS/ISAC, LLC.

 WHO ARE THE CURRENT MEMBERS?
 Anonymity of members is key to obtaining industry-wide cooperation. The
member list of the FS/ISAC
 has not and will not be released to anyone. Membership is strictly confined
to eligible financial service
 applicants as defined by the FS/ISAC, LLC Board of Managers.

 HOW DOES MY COMPANY BECOME A MEMBER?
 Accessing all materials to become a member is easy. The enrollment process,
procedures,
 membership agreement, and eligibility form may be obtained from the FS/ISAC,
s web site,
 www.fsisac.com, or by calling our offices at (888) 660-0134.

 HOW MUCH DOES IT COST TO JOIN THE FS/ISAC?
 Membership fees range from $13,000 to $125,000 depending on the membership
level selected.

 HOW DOES THE FS/ISAC WORK?
 For the first time, information security professionals may anonymously share
in an industry wide
 database of electronic security threats, vulnerabilities, incidents and
solutions. Members voluntarily will
 report information to the database on either an anonymous or attributed
basis. Input will be analyzed
 by security specialists for potential solutions and, depending on the
seriousness of the case, the
 FS/ISAC will distribute an alert to members.

 WHAT IS THE VALUE PROPOSITION TO MY COMPANY?
 There are a number of value added features for each member:

      Early Notification
      Relevant Information
      Industry-wide Vigilance
      Subject Matter Expertise
      Anonymous Information Sharing
      Trending, Metrics, Benchmark Data

 HOW SECURE IS THE FS/ISAC FACILITY?
 The location or locations of the FS/ISAC are secret. The FS/ISAC is
physically secured and the facility
 is operated remotely. The various components of the FS/ISAC system are
protected through
 state-of-the-art security techniques, including constant monitoring for
unauthorized attempts to access
 or alter the system.

 HOW MANY INCIDENTS, THREATS, VULNERABILITIES AND SOLUTIONS ARE CURRENTLY IN
 THE FS/ISAC DATABASE?
 Information in the database comes from FS/ISAC members, US Government
agencies, hardware and
 software vendors, and other sources. While the exact number of incidents
submitted is confidential,
 there have been over 820 entries related to general threats, vulnerabilities
and solutions impacting the
 critical information infrastructure at large.

 DOES THE US GOVERNMENT HAVE ACCESS TO FS/ISAC REPORTS?
 No. US Government agencies, such as NIPC, submit information but cannot
access data.

 HOW IS THE FS/ISAC FUNDED?
 The FS/ISAC is a private-sector partnership of FS/ISAC, LLC members.
Membership fees are the sole
 source of funding. Global Integrity provided the start-up funding.

 HOW MANY INCIDENTS WILL BE REPORTED?
 Since Banking and Finance is the first sector to establish an ISAC, there
are no historical data from
 which to derive traffic statistics. For the first time, financial services
companies can share incident
 information via the FS/ ISAC. Some members may choose to share data with
attributions. Many are
 likely to submit data with complete anonymity. Over time, it is expected the
database will be
 extensive.

 HOW WILL THE FS/ISAC DATA BE USED?
 The FS/ISAC data will be used to share incident information among members in
near-time. The data
 will also be used to develop trending and benchmarking information for the
benefit of the members.

 WOULD THE FS/ISAC PREVENT A VIRUS LIKE MELISSA OR WORM.EXPLOREZIP?
 No, it would not prevent a virus or deliberate hacker attack from happening.
It would, however, give
 members an alert or early warning notice and offer known patches or solution
recommendations. It
 would enable members to respond quickly to avoid or limit potential damage.

 WHAT IS THE DOWNSIDE RISK OF NOT JOINING THE FS/ISAC?
 You would not avoid the expense or loss of reputation of an unexpected
incident or attack about which
 the FS/ ISAC would have warned you. You would not have access to the
near-time database or expert
 analysis that is available to members.

 For more Information, visit the FS/ISAC,s web site: www.fsisac.com or call:
(888) 660-0134
 ISAC-FAQ031000


Attached is referenced list.  Again, no European power approved for U.S.
counterparties until further notice.


Mary:
Enclosed is the Counterparty form that we have come up with for Multi-Product
Guarantys.  Depending upon the products that need to be covered, each
Guaranty will need to be modified to make sure that it describes the proper
entities and products.  I will send along the Enron form of this shortly but
please pass this along to the appropriate people in the credit group.

Jeff, Stacy and Harry,
Are you going to change the Physical product form of Guaranty to look more
like this?  Power has changed their form and it may help for us to all be
consistent especially when we are asked to amend an existing Guaranty to
include more products.  If you do decide to amend your form, please send the
new form to credit.

Thanks for everyone's input.

Carol


We are pleased to announce the creation of a new group - Asset Marketing -
within Enron Americas. The Asset Marketing group will have responsibility for
the asset divestment function within Enron Americas and work with Generation
Investments on selected portfolio acquisitions as well as managing power
origination funding requirements with Treasury.

Don Miller will head the Asset Marketing group and will report directly to
the Office of the Chair, Enron Americas. Joining Don's group will be Stuart
Zisman.  Stuart was formerly in ENA Legal, having most recently worked on the
sale of ENA's peaker plants with Don.

Please join us in congratulating Don and Stuart in their new roles.


Celeste, try and get him scheduled into the Super Saturday if possible so
that the risk guys can take a look at him.  If that can't be done then give
me a call.

Regards
Delainey


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GasTrader, please vistit our website, GasTrader.net and click "subscribe" or
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Editor

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__________________________________________

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1. Replace the subject field with the word REMOVE
2.Click the REPLY button


Sara,

Our brent trader is Christian Glaas.  He's in London and his phone number is
+442077836655, e-mail is chris.glaas@enron.com.

Thanks,


Please, put it on my schedule.

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/23/2001
05:21 PM ---------------------------

Jennifer Burns

01/23/2001 04:27 PM

To: Phillip K Allen/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Michael W
Bradley/HOU/ECT@ECT, Jennifer Fraser/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT,
Adam Gross/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect, John J
Lavorato/Corp/Enron@Enron, Kevin McGowan/Corp/Enron@ENRON, Vince J
Kaminski/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT,
Fletcher J Sturm/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Bill
White/NA/Enron@Enron, Gary Hickerson/HOU/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT
cc: Ina Rangel/HOU/ECT@ECT, Judy Zoch/NA/Enron@ENRON, Gloria
Solis/HOU/ECT@ECT, Helen Marie Taylor/HOU/ECT@ECT, Tamara Jae
Black/HOU/ECT@ECT, Kimberly Hillis/HOU/ECT@ect, Shirley Crenshaw/HOU/ECT@ECT,
Angie Collins/HOU/ECT@ECT, Airam Arteaga/HOU/ECT@ECT
Subject: TRADER'S ROUNDTABLE MEETING

There will be a Trader's Roundtable meeting every Tuesday at 4:00PM in
EB3321.

First Message that was sent out:
As mentioned during the fourth quarter, Gary and I would like to begin
regular meetings of our Trader's Roundtable.  The ideas generated from this
group should be longer term trading opportunities for Enron covering the
markets we manage.  In addition, this forum will provide for cross commodity
education, insight into many areas of Enron's businesses, and promote
aggressive ideas.

Each week, we'll summarize commodity trading activity, and provide an open
forum for discussion.  Your input is valuable, and we've limited this group
to our most experienced traders, and would appreciate regular participation.
Our first meeting will be Tuesday, January 16 at 4:00pm in EB3321.


Send check to Lisa


Your Ameritrade Electronic Confirmation for account number ending with 6795,
is now available for viewing - click on the link below
or copy and paste it into your browser to access your confirmation.

http://documents.advancedclearing.com/577550.3461.0.118


Vince,

Thanks for the information.

Kathy

At 01:03 PM 1/8/01 -0600, you wrote:

>Kathy,
>
>Enron will be represented by myself (Vince Kaminski) and Kenneth Parkhill.
>
>Vince
>
>
>
>
>
>Kathy Spradling <spradlin@rice.edu> on 01/05/2001 05:04:21 PM
>
>To:   (Recipient list suppressed)
>cc:   chamberl@rice.edu, castro@rice.edu, spradlin@rice.edu
>Subject:  Action Learning Project Information
>
>
>Dear Company Representative,
>
>We are pleased to announce that your company's proposal has been selected
>as a potential project in the Jones Graduate School of Management's Action
>Learning Project (ALP) Program.  As indicated in the ALP brochure, company
>representatives are invited to attend the ALP Program Introduction and
>Student Networking Session on Wednesday, January 10.  Please RSVP to Kathy
>Spradling, MBA Program Coordinator, at 713-348-3313 or e-mail her at
>spradlin@rice.edu by Monday, January 8 to let her know if you plan to
>attend the session.  Please provide your company name and the names of
>representatives attending the session so nametags can be prepared.  Dress
>is business casual.  Below is the schedule of events:
>
>8:30  9:00 a.m.
>?       Continental Breakfast and setup of your company table
>?       Farnsworth Pavilion (located in Rice Student Center)
>
>9:00  9:45 a.m.
>?       Introduction and Program Overview with company representatives, ALP
>administration and faculty liaisons
>?       Farnsworth Pavilion (located in Rice Student Center)
>
>10:00  12:00 p.m.
>?       Student Networking Session with company representatives and
>first-year students
>?       Grand Hall (located in Rice Student Center)
>
>The ALP Program Introduction and Student Networking Session will be held in
>the Rice Student Center (numbers 10 and 11 on the campus map sent with your
>acceptance letter).  Please contact Kathy Spradling if you need an
>additional map faxed to you. There is a large amount of construction taking
>place on campus.  Once the Visitor's lot near the Rice Memorial Center is
>full, we recommend you park in the stadium lot in the designated Visitor
>area and take the shuttle bus to the Rice Memorial Center.  Make sure to
>let the bus driver know your destination.
>
>
>The MBA Program Office has reserved the Grand Hall for the Student
>Networking Session.  Each company represented will have a table set up with
>signage for your company.  You may bring additional materials you feel
>might be of interest to students such as company brochures, articles and
>packets. Due to the limited space, we are discouraging the use of display
>boards in the networking session.  Unfortunately, no internet connections
>will be available for use during the session.
>
>Again, thank you for your interest in Rice.  We look forward to working
>with you, and hope to see you on Wednesday, January 10.
>
>Carrie Miller
>Pam Castro
>Kathy Spradling
>
>
>
>Kathy M. Spradling
>MBA Program Coordinator
>Jesse H. Jones Graduate School of Management
>Rice University
>6100 Main Street, MS 531
>Houston, Texas  77005-1892
>Phone:  (713) 348-3313
>Fax:  (713) 348-5251
>Email:  spradlin@rice.edu
>http://www.rice.edu/jgs
>E-mail:  spradlin@rice.edu
>http://www.ruf.rice.edu/~jgs/

Kathy M. Spradling
MBA Program Coordinator
Jesse H. Jones Graduate School of Management
Rice University
6100 Main Street, MS 531
Houston, Texas  77005-1892
Phone:  (713) 348-3313
Fax:  (713) 348-5251
Email:  spradlin@rice.edu
http://www.rice.edu/jgs
E-mail:  spradlin@rice.edu
http://www.ruf.rice.edu/~jgs/


Okay, so I didn't know what a "DRIP" is, but now that I do, I'm sending this
to you.
---------------------- Forwarded by Steven J Kean/HOU/EES on 02/20/2000 06:22
PM ---------------------------

"msmmac" <msmmac@gateway.net> on 02/16/2000 10:09:52 PM
Please respond to "msmmac" <msmmac@gateway.net>
To: <skean@enron.com>
cc:
Subject:

Would you please forward a copy of you DRIP to
?
Professor Kent Baker
The American University
Kogod School of Business
4400 Massachusetts Avenue, NW
Washington, DC 20016-8044
?
Thanks


---------------------- Forwarded by Stephanie McMurray/HOU/EES on 03/20/2001
01:18 PM ---------------------------

Susan J Mara@ENRON
03/20/2001 12:16 PM
To: Alan Comnes/PDX/ECT@ECT, Angela Schwarz/HOU/EES@EES, Beverly
Aden/HOU/EES@EES, Bill Votaw/HOU/EES@EES, Brenda Barreda/HOU/EES@EES, Carol
Moffett/HOU/EES@EES, Cathy Corbin/HOU/EES@EES, Chris H Foster/HOU/ECT@ECT,
Christina Liscano/HOU/EES@EES, Christopher F Calger/PDX/ECT@ECT, Craig H
Sutter/HOU/EES@EES, Dan Leff/HOU/EES@EES, Debora Whitehead/HOU/EES@EES,
Dennis Benevides/HOU/EES@EES, Don Black/HOU/EES@EES, Dorothy
Youngblood/HOU/ECT@ECT, Douglas Huth/HOU/EES@EES, Edward
Sacks/Corp/Enron@ENRON, Eric Melvin/HOU/EES@EES, Erika Dupre/HOU/EES@EES,
Evan Hughes/HOU/EES@EES, Fran Deltoro/HOU/EES@EES, Gayle W
Muench/HOU/EES@EES, Ginger Dernehl/NA/Enron@ENRON, Gordon Savage/HOU/EES@EES,
Harold G Buchanan/HOU/EES@EES, Harry Kingerski/NA/Enron@ENRON, Iris
Waser/HOU/EES@EES, James D Steffes/NA/Enron@ENRON, James W Lewis/HOU/EES@EES,
James Wright/Western Region/The Bentley Company@Exchange, Jeff
Messina/HOU/EES@EES, Jeremy Blachman/HOU/EES@EES, Jess Hewitt/HOU/EES@EES,
Joe Hartsoe/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON, Kathy
Bass/HOU/EES@EES, Kathy Dodgen/HOU/EES@EES, Ken Gustafson/HOU/EES@EES, Kevin
Hughes/HOU/EES@EES, Leasa Lopez/HOU/EES@EES, Leticia Botello/HOU/EES@EES,
Mark S Muller/HOU/EES@EES, Marsha Suggs/HOU/EES@EES, Marty Sunde/HOU/EES@EES,
Meredith M Eggleston/HOU/EES@EES, Michael Etringer/HOU/ECT@ECT, Michael
Mann/HOU/EES@EES, Michelle D Cisneros/HOU/ECT@ECT, mpalmer@enron.com, Neil
Bresnan/HOU/EES@EES, Neil Hong/HOU/EES@EES, Paul Kaufman/PDX/ECT@ECT, Richard
L Zdunkewicz/HOU/EES@EES, Richard Leibert/HOU/EES@EES, Richard
Shapiro/NA/Enron@ENRON, Rita Hennessy/NA/Enron@ENRON, Robert
Badeer/HOU/ECT@ECT, Rosalinda Tijerina/HOU/EES@EES, Sandra
McCubbin/NA/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON, Scott
Gahn/HOU/EES@EES, Scott Stoness/HOU/EES@EES, Sharon Dick/HOU/EES@EES,
skean@enron.com, Susan J Mara/NA/Enron@ENRON, Tanya Leslie/HOU/EES@EES, Tasha
Lair/HOU/EES@EES, Ted Murphy/HOU/ECT@ECT, Terri Greenlee/NA/Enron@ENRON, Tim
Belden/HOU/ECT@ECT, Tony Spruiell/HOU/EES@EES, Vicki Sharp/HOU/EES@EES,
Vladimir Gorny/HOU/ECT@ECT, Wanda Curry/HOU/EES@EES, William S
Bradford/HOU/ECT@ECT, Jubran Whalan/HOU/EES@EES, triley@enron.com, Richard B
Sanders/HOU/ECT@ECT, Robert C Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
dwatkiss@bracepatt.com, rcarroll@bracepatt.com, Donna
Fulton/Corp/Enron@ENRON, gfergus@brobeck.com, Kathryn
Corbally/Corp/Enron@ENRON, Bruno Gaillard/EU/Enron@Enron, Linda
Robertson/NA/Enron@ENRON, Ren, Lazure/Western Region/The Bentley
Company@Exchange, Michael Tribolet/Corp/Enron@Enron, Phillip K
Allen/HOU/ECT@ECT, Christian Yoder/HOU/ECT@ECT, jklauber@llgm.com, Tamara
Johnson/HOU/EES@EES, Mary Hain/HOU/ECT@ECT, Greg Wolfe/HOU/ECT@ECT, Jeff
Dasovich/NA/Enron@Enron, Dirk vanUlden/Western Region/The Bentley
Company@Exchange, Steve Walker/SFO/EES@EES, James Wright/Western Region/The
Bentley Company@Exchange, Mike D Smith/HOU/EES@EES, Richard
Shapiro/NA/Enron@Enron, Leslie Lawner/NA/Enron@Enron, Robert
Neustaedter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steve Walton/HOU/ECT@ECT,
psmith3@enron.com, mjackso7@enron.com, Janel Guerrero/Corp/Enron@Enron, Mark
Fillinger/SF/ECT@ECT, Jennifer Rudolph/HOU/EES@EES, Martin
Wenzel/SFO/HOU/EES@EES, wgang@enron.com, Joseph Alamo/NA/Enron@Enron, Tracy
Ngo/PDX/ECT@ECT
cc:
Subject: Dow Jones says CPUC will "Order" utiltities to pay QFs $1 bil

Here's the link:

http://quicken.excite.com/investments/news_center/article/printer.dcg?story=/n
ews/stories/dj/20010320/ON20010320000069.htm

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854


1400 Smith.

Morning would probably be better for me.

Kay

"Wilson Montjoy" <wmontjoy@brunini.com> on 05/08/2001 09:42:44 AM
To: <Kay.Mann@enron.com>
cc:

Subject: Visit to Houston

Looks like I will be in Houston tomorrow ( Wed.) and would like to come by to
meet you and to discuss the Clarksdale contract. I'm tied up in the middle of
the day, but will probably have time early (9 or 10 am) or in the afternoon.

Please let me know your availability and we'll set something up. I assume
you're on Smith St. downtown.


Jane:
Here is the answer to the Wheatland question.  I am currently tracking down
the answer to the Gleason question, which I should have very shortly.
Ben


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 09/06/2000
03:39 PM ---------------------------

"Francis X. Diebold" <fdiebold@mail.sas.upenn.edu> on 09/02/2000 01:00:24 PM
To: Frank Diebold <fdiebold@mail.sas.upenn.edu>
cc:
Subject: Change of coordinates

Dear Friends and Colleagues,

Effective immediately, I have returned to the University of
Pennsylvania.

The usual automatically-generated contact info should appear below;
please update your files.

Best regards,

Frank

--
Francis X. Diebold

Department of Economics
University of Pennsylvania
3718 Locust Walk
Philadelphia, PA 19104-6297

fdiebold@mail.sas.upenn.edu
http://www.ssc.upenn.edu/~diebold

(215) 898-1507  telephone
(215) 573-4217  fax


Thanks
--------------------------
Rick S.

-----Original Message-----
From: Brown, Jeff <Jeff.A.Brown@ENRON.com>
To: Shapiro, Richard <Richard.Shapiro@ENRON.com>
Sent: Mon Oct 22 09:37:14 2001
Subject: Electric Power Daily

Nice Job!  You won't be receiving any Christmas cards from Southern Co.

Jeff


Greetings:

I tried to log in with the information provided:  ID--90008808;
password--WELCOME.  Haven't been able to get in, though.  Let me know if
there's someone that you'd like me to contact to get it resolved.  Thanks.

Best,
Jeff


I will let Joe know that you received his care package.  He will be very
happy.  When I get my pictures developed, I'll send you any good ones that
may have turned out.  It's O.K. to give Julie my e-mail address.  I would
love to communicate with her.   Take care.


At Enron, we're good at a lot of things:  making markets, commoditizing products, managing risk, offering innovative energy solutions to customers - the list goes on and on.  However, one of the things we could do a lot better is watching our expenses.  We're all shareholders in this company, and we need to spend our company's dollars as wisely as we spend our own.

There are some simple, yet significant measures each of us can take to make sure we're careful with Enron's money.  The Policy Committee has approved and recommended the following:

?	Professional Services - This is our largest area of discretionary spending, at more than $600 million last year. "Professional Services" includes our contracts with outside law and accounting firms, contractors and other consulting groups.  To make sure that we are negotiating the best rates and terms of service for the company across business units, we are requiring all future professional service contracts and those up for renewal to be negotiated through or in consultation with Global Strategic Sourcing (GSS), effective July 1.  In addition, contracts for more than $5,000 must be pre-approved by the business unit senior executive or their designee and GSS.  For more information, see http://ibuyit.enron.com.

?	On-line expense reporting tool XMS - XMS, our online expense reporting tool, enables us to expedite, monitor and report expenses.  Effective July 1, all employees on domestic U.S. payroll will be required to use XMS for reimbursement of business-related expenses. To access XMS, go to http://xms.enron.com/.

?	Enterprise wide portal - We currently have 122 internal web sites across the company.  The amount of technology work, marketing collateral, and other related costs required to develop and support so many portals is sizeable.  It makes sense to have one Enron portal so you can efficiently access content and services through a single, personalized channel that will make it easier for you to find information and perform basic tasks online.  This new company-wide portal, under the leadership of Tony Mends, will be launched in several phases beginning this fall.

Another significant area where we can be more diligent in our spending is travel and entertainment.  Enron has long had travel policies in place.  As we have grown, we have not done as well as we should have in communicating those policies to new employees and reminding all employees to take advantage of the discounts we have negotiated.  The availability of discounts and booking services online should make it easy to save money for the company without sacrificing the comfort of employees who travel.  The following are common sense recommendations that we should all adhere to when traveling for business.  Any regular deviations from these travel policy recommendations will be reviewed by each business unit leader.

?	Air travel - Employees are requested to use either Travel Agency in the Park (TAP) or the GSS-approved preferred travel agency for your location - all of which have access to the significant airfare discounts negotiated by GSS - or http://clicktrip.enron.com/enron, the new online travel booking service that allows employees to book their own travel with the same negotiated discounts.  Employees who fly in the United States should book non-refundable coach tickets, which are typically 65 percent less than refundable tickets and can usually be changed by simply paying a $100 fee.  For this reason, we strongly encourage all employees to purchase non-refundable domestic coach tickets when possible.

?	Lodging - GSS has also negotiated preferred rates at a number of hotel chains in many cities worldwide to accommodate each business unit's individual hotel policy.  We recommend that you use Enron's list of preferred hotels to select accommodations that are in line with your business unit's policies.  You can view the list at http://travel.enron.com.

?	Car rental services - When renting a car for business travel, employees should use our preferred car rental agencies - National (U.S. and Canada) and Alamo (U.S.)- since the agreements we have negotiated are intended to protect you and Enron through the insurance coverage in our contract.  Visit http://travel.enron.com for details and updates to services available outside the U.S.

?	Off-site meetings - All domestic-U.S. off-site meetings and events with more than 10 people should be coordinated through GSS, which will negotiate preferred rates for Enron.  They can be reached at (713) 646-8311.

Because there are differences between business units and offices, each business unit leader will follow up this memo with a communication further elaborating on these policies as they apply to their business unit.

Each of us has a responsibility to make sure we do our part to ensure Enron retains its competitive edge.  These recommendations are some basic, sensible actions we can take company-wide, but it is up to every employee to look for cost saving measures and do what makes sense in your daily activities.  If you have an idea or a suggestion you would like to share with us, please e-mail us at recommendationsforcostsavings@enron.com.   A list of questions and answers about these policies is posted on http://ibuyit.enron.com/gss/ibuyit/csfaq.doc.  If you have additional questions, Policy Committee member Kevin Hannon will host an eSpeak on Tuesday, June 19 at 10 a.m. Houston time to discuss these cost saving recommendations.


I don't know why this is coming up now and why we don't address this at year end in conjunction with the PRC process.


Richard,

Attached is the new OBA as requested.  Please call me with any discussion.

Mark

Mark McConnell
Transwestern Pipeline Company
713-345-7896   office
713-822-4862   cell
713-646-2551   fax
mark.mcconnell@enron.com


Norm Temp        Actual         North Load

Friday 18th              13                   14                3420
Saturday 19th          13                   23                3170
Sunday    20th          14                  26                3020
Monday 21st.            14                  30                2900
Tues.     22nd.          14                   34                3000

Wed. 23                                         21                 3360
Thurs. 24th.                                    21                 3390
Friday 25th                                     30


-----Original Message-----
From: 	"Kenneth G Gruhl" <kggruhl@duke-energy.com>@ENRON [mailto:IMCEANOTES-+22Kenneth+20G+20Gruhl+22+20+3Ckggruhl+40duke-energy+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Wednesday, August 22, 2001 12:07 PM
To:	Mulligan, Amy; Allen K Nielsen; blreese@duke-energy.com; Beck Mayberry; wralkema@pplmt.com; Christopher S Smart; dacluff@duke-energy.com; dlsmith@pplweb.com; dtedesco@duke-energy.com; Schoolcraft, Darrell; Darren Stephens; David Bowers; David P Pell; George X Ouzounian; jjbischoff@pplweb.com; jmtaggart@duke-energy.com; jpritchard@citlink.net; James Stebbins; kglenny@duke-energy.com; Kim White; mschneider@duke-energy.com; Michael Kerr; Michael Wells; rjnewson@duke-energy.com; rspear@pplmt.com; Sherry Davis; Steven Fliflet; Steven Fliflet; tedmayes@aol.com; Ted Romo; Todd Hendricks; Tom Carlson; Tyler J Kristensen; ajreiter@duke-energy.com; kggruhl@duke-energy.com; pattersondw@bv.com; swansondj@bv.com
Subject:	Revision #2 - Griffith Gas & Electric Estimate - Wednesday Aug. 22, HE 8:00 AM to Thursday Aug. 23, HE 7:00 AM

Startup has been delayed 2 to 3 hours.

(Embedded image moved to file: pic06582.pcx)
 - pic06582.pcx


Kay, see attached.  The monthly fee should be $13,003.  I took the $300k we
have all been discussing and backed out the $12,500 they paid under the ILA
terms.

Reagan C. Rorschach
Enron North America
1400 Smith Street
Houston, Texas 77002
713.345.3363

 -----Original Message-----
From:  Mann, Kay
Sent: Thursday, May 24, 2001 11:35 AM
To: Mann, Kay
Cc: Rorschach, Reagan; Kroll, Heather; Fairley, David; May, Tom
Subject: Re: Open items for MDEA

More:

We need internal agreement on the cancellation fee schedule, to be included
as an exhibit.

What is the status of the Yazoo City master gas agreement?  Do we still want
a master gas agreement for Clarksdale, also?  Do we want it now?

Thanks,

Kay

Kay Mann
05/23/2001 05:05 PM
To: Reagan Rorschach/Enron@EnronXGate, Heather Kroll/Enron@EnronXGate, David
Fairley/Enron@EnronXGate, Tom May/Enron@EnronXGate
cc:

Subject: Open items for MDEA

Here are issues which I'm unclear about, all of which impact the drafting of
the agreement:

How are we setting the heat rate?  Do we have the GADS (?)?  Is it a daily
average, weekly average?  Flat rate? Adjusted? If so, how often?

Are we comfortable that there are no permit restrictions?

We have determined that we won't deal with fuel oil, right?

We aren't making money on gas, right?

Do we have a defn of costs that we like yet, and if so, how does it fit in to
the picture?

Is there an up-to-date set of exhibits?

It would help if theh commercial part of the team could send me the
following, in words and/or formulae:

The defn and method of establishing the bogey (target production cost)
formula can be an exhibit, which would be great for the commercial team to
work on.   Are we determined how we should deal with imbalances (part of cost
of power)?  How are we setting the bogey?  Formula?  Subject to audit? Two
bogeys or one (gas and oil)?

What is defn of profit?  I think I have the general idea, but a sentence or
two would be helpful as a reality check.  What costs are included on the buy
and sell side?

Re stack model: a sentence or two describing what it is and how it is used.

Updated exhibit on facilities, contracted resources, operating limits.

What information does MDEA need for us to provide in order to split
costs/profits?  Are we clear that Cities buy gas, MDEA buys/sells power?

It would be great if I could get one set of answers to these
questions/issues, which has commercial buy in all around.

Thanks,

Kay


Attached are the reports to be attached for #20 of the Pan Alberta Request.
Please note that there are  3 sheets in each files which report different
volumes.  I also removed all pricing information from the reports.  One
report for each quarter of 1999.   Please let me know if you have any
questions.


Shirley,

Please, put it on my calendar.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/19/2001
05:03 PM ---------------------------

"Michael A. Crew" <mcrew@andromeda.rutgers.edu> on 03/15/2001 07:34:38 PM
To: VKaminski@aol.com, kleindorfer@wharton.upenn.edu
cc: VKaminski@aol.com, vkamins@enron.com
Subject: Re: Fwd: Invitation to the 20th Annual Rutgers Conference

Vince,

I am delighted that you accept our invitation.  We hope it works out that you
can attend the whole conference as we are confident that you will find the
program stimulating and will enjoy getting to know our participants.  The
pleasure will certainly be mutual.  You will bring a new and different
perspective from which we can all benefit.

Michael

At 05:54 PM 3/15/01 EST, VKaminski@aol.com wrote:
>>>>
Paul,

Thank you for the invitation to speak at the Eastern Conferences on
Regulation and Competition on May the 25th. I shall be glad to attend and
make an after dinner presentation. I hope to be able to attend the entire
conference.

Sorry for a delay in responding to your message. I have been traveling
extensively in the last few weeks.

Vince Return-path:
From: VKaminski@aol.com
Full-name: VKaminski
Message-ID:
Date: Thu, 15 Mar 2001 17:04:02 EST
Subject: Fwd: Invitation to the 20th Annual Rutgers Conference
To: VKaminski@aol.com
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Subject: Invitation to the 20th Annual Rutgers Conference
To: vkaminski@aol.com
Date: Fri, 9 Mar 2001 17:00:58 -0600
Message-ID:
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---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/09/2001
05:01 PM ---------------------------

"Kleindorfer, Paul"  on 03/08/2001 03:41:21
PM

To:   "'vkamins@enron.com'"
cc:   "'mcrew@andromeda.rutgers.edu'"
Subject:  Invitation to the 20th Annual Rutgers Conference

Vince:

For two decades now, I have been a member of the faculty helping to
organize the Eastern Conferences on Regulation and Competition that Michael
Crew of Rutgers has chaired.  This year will be, in fact, the 20th
anniversary conference and a number of notable personages will be joining
us to celebrate what we have learned and what we haven't about the
economics of network industries.  Fred Kahn, Al Philipps, Bill Hogan and a
number of other distinguished academics will be reviewing our progress and
the prospects for the future.  The conference will take place at a
beautiful site in the Poconos, about 90 minutes north of Philadelphia, from
Wednesday afternoon May 24th to Friday afternoon May 26th.  You can check
for yourself the nature of the program and the conference site/hotel at the
following website URL:

http://www.rci.rutgers.edu/~crri/WS.htm

Michael Crew and I would both be delighted if you would be willing to be an
after dinner speaker on Thursday evening (May 25th), just before the key
research reviews of Friday morning take place on the electricity, telephone
and gas industries, and following a day of special topics on emerging power
markets and other developments in network industries.   Naturally we would
be pleased if you would be able to stay for the entire conference, but
knowing your schedule, you may only have time for a part of it.  That would
not be a problem.  The usual after-dinner address is for 30 minutes,
followed by a short Q&A period.

Your presentation would help to underline the tremendous importance of
Enron in driving the development of new risk instruments to assist in price
discovery and efficient risk management for market participants, in energy
markets and more generally.  Both Michael and I feel that your perspectives
on the "new science of risk management" and what can be expected from it
could be a very important addition to this special anniversay event.

Please let me know (and please do copy Michael on your response) whether
your schedule will allow your participation in this very special event.
Michael and I would, of course, be very happy to follow up with you in
discussing the nature of the presentation, participants and so forth, if
this is a go.  I look forward to hearing from you.

Regards,

Paul
Paul Kleindorfer
215 898-5830

Michael A. Crew
Professor II
Director - Center for Research in Regulated Industries
Editor - Journal of Regulatory Economics
Rutgers University, Graduate School of Management
180 University Avenue
Newark, N.J. 07102-1897

phone: 973 353 5049   fax:  973 353 1348
http://www-rci.rutgers.edu/~crri


A few thoughts before the NG meeting --

1.	Maybe we should (as a team) call Transelect (Paul Buckman) before our NG meeting.  You may remember that Transelect sent an initial letter into Skilling to try and solicit our support for stopping the NG application to be managing member of the ARTO.  I think that it would be good to call Buckman and ask if he has a better idea than NG.  We are right now stuck between two very bad answers - let AEP and FE construct a managing member or have NG.  Maybe Transelect has a better solution.

2.	Chief Issues with NG --
a.	are they "really" independent?  having a short position in NY and owning generation in NE effectively makes NG into a "market participant" - I think that Enron should make as a hold firm position that to operate an RTO there can be no agreement with anything less than almost perfect independence.
b.	who do they feel the customer is?  maybe we want to get Paul Dawson's take on their business model from the UK.  it is critical that the new RTO operators across the country view traders/marketers and generators as their key customers.  what form of regulation for cost recovery of their operating expenses do they want - pass thru, PBR, etc.?
c.	who writes the tariff?  I would make a strong argument that the problem with most of the RTO work to date has been that FERC has allowed the current incumbents to first write a bad tariff and then assign the provision of service under that tariff to someone who has very little (if any) control over future changes.  the RTO operator must be free to make changes to the tariff with only two constraints - (1) must not restrict the ability to pay facility revenue reqts and (2) must not damage the assets.
d.	do they intend to build/own transmission and how does this impact the energy markets?  will their planning and construction processes impact any long term positions that EPMI may take in the energy market.  how do they manage to allow other merchant transmission into the business?
e.	how do they intend to provide balancing energy?  the flip side of our fight on congestion management involves the pricing of energy imbalances.  what is NG intending to do on this issue?  does NG believe that multiple control areas makes sense for a single RTO?  does NG support unbalanced/uncovered schedules day-ahead?

Also, just to let people know, Kerry Stroup will also be working on the Midwest RTO efforts going forward.  Please keep him included on the e-mails.

Jim

 -----Original Message-----
From: 	Allegretti, Daniel
Sent:	Thursday, August 09, 2001 12:30 PM
To:	Steffes, James D.; Shapiro, Richard; Roan, Michael
Subject:	Meeting with N. Grid

Meeting confirmed with National Grid for 10:00 am, Tuesday, August 13, 2001 at National Grid's office, 633 Pennsylvania Avenue, Washington, D.C.

Attendees from Grid will include some or all of the following people:

Nick Windsor (UK)
Phillip Johnson (UK)
Tony Hill (Business Dev)
Peter Flynn (US Transmission)
Masheed Rosenquist (US Transmission)
Paul Halas (US Transmission)


Barbara,

My apologies. I was traveling and then we had the usual end of the quarter
pandemonium.

I am sending you my presentations and would like to get back to you with
some questions regarding your products.

Vince

"Barbara E. Brandfass" <bbrandfass@panalytix.com> on 07/10/2000 04:15:33 PM
To: <vkamins@enron.com>
cc: "Amir Sadr" <asadr@panalytix.com>
Subject: B. Brandfass

Hello Vince,
?
Sorry to be a bother but do you have those materials from your  talk in May?
?
I look forward to hearing from you.
?
Thank You,
?
Barbara E. Brandfass, Chief of Business Development
Panalytix, Inc., www.panalytix.com
212 974 1022, b@panalytix.com