Per my discussion with Dave Evans - MidAmerican agreed to pay ENA for this gas and will not net this deal with any other deal.  We also discussed doing this deal under a GISB agreement but if we have some other post-bankruptcy agreement that we can trade under then that's fine with me.  You and Stacy can decide if we need to put any of this information on the confirm.

Stacy also has some comments below pertaining to the GST tax that should may need to be included in the confirm.  I did not discuss the GST tax, I felt fortunate that someone would do business with me.

-----Original Message-----
From: Germany, Chris
Sent: Thursday, February 28, 2002 8:53 AM
To: Mann, Kay; McMichael Jr., Ed; Concannon, Ruth; Parks, Joe
Cc: Price, Wade R.; Dickson, Stacy E.; Olinger, Kimberly S.; Polsky, Phil; Boyt, Eric; Richardson, Stacey
Subject: RE: Enbridge Consumers' Gas Park & Loan

Just sold 10,000 MMBtu per day at Dawn to MidAmerican Energy Company at $2.47 for March.  My contact at MidAmerican is Dave Evans (515-281-2698).  Dave said he was using Apr Nymx + $.05 to calculate his price.

-----Original Message-----
From: Germany, Chris
Sent: Wednesday, February 27, 2002 4:30 PM
To: Mann, Kay; McMichael Jr., Ed; Concannon, Ruth; Parks, Joe
Cc: Price, Wade R.; Dickson, Stacy E.; Olinger, Kimberly S.; Polsky, Phil; Boyt, Eric
Subject: RE: Enbridge Consumers' Gas Park & Loan

Update

Robin and I are waiting to hear back from all of the following

company                                                contact
Reliant Energy Services Inc.                    Sue Cozad  989-687-9246  low probability
Enbridge Gas Services Inc.                      Dan White  403-508-3184  new counterparty - low probability
MidAmerican Energy Company                Dave Evans  515-281-2698  good prospect
CMS Marketing, Services and Trading Company    Scott Biscoe  713-230-7286  low probability

El Paso      - no interest.

Left messages with
Duke Energy Marketing Ltd.                Steve Butler  403-297-9840
TXU Energy???                                    David Jones

-----Original Message-----
From: Dickson, Stacy E.
Sent: Wednesday, February 27, 2002 3:34 PM
To: Mann, Kay; Germany, Chris
Cc: Price, Wade R.
Subject: RE: Enbridge Consumers' Gas Park & Loan

The Goods and Services Tax (GST) in Canada is levied on sales of gas at a delivery point in Canada and where the gas will not be exported from Canada. The buyer pays the seller the amount of the  GST which is a per cent of the purchase price.  The seller, in turn, remits the amount of the GST to the appropriate Canadian authority.  In structuring the deal, be sure that you make it clear that the Contract Price does not include the GST.   If the gas it to be exported the buyer needs to notify that the gas is "zero-rated"  so it is not subject to the GST.

Wade - Do you know who in settlements is handling GST payments?  I hope we still have someone who can do that.

Please let me know if you have any other questions.

Stacy
x3-5705

-----Original Message-----
From: Mann, Kay
Sent: Tuesday, February 26, 2002 7:02 PM
To: Dickson, Stacy E.
Subject: FW: Enbridge Consumers' Gas Park & Loan

Do you know the answer to the tax question, or at least who to ask?

Thanks,

Kay

-----Original Message-----
From: Germany, Chris
Sent: Tue 2/26/2002 5:46 PM
To: Germany, Chris; McMichael Jr., Ed; Concannon, Ruth; Boyt, Eric; Garza, Maria; Polsky, Phil; Dicarlo, Louis; Olinger, Kimberly S.; Parks, Joe; Mann, Kay
Cc: Fowler, Kulvinder; Schumack, Sherlyn
Subject: Enbridge Consumers' Gas Park & Loan

Opps.  Didn't mean to hit send it just yet.  Much better now.

 -----Original Message-----
From:   Germany, Chris
Sent:   Tuesday, February 26, 2002 5:39 PM
To:     McMichael Jr., Ed; Concannon, Ruth; Boyt, Eric; Garza, Maria; Polsky, Phil; Dicarlo, Louis; Olinger, Kimberly S.; Parks, Joe; Mann, Kay

Cc:     Fowler, Kulvinder; Schumack, Sherlyn
Subject:        Enbridge Consumers' Gas Park & Loan

Today we discovered that ENA has 310,000 MMBtu parked with The Consumers' Gas Company Ltd. (an affiliate of Enbridge Inc.) at Dawn that needs to be withdrawn by March 31, 2002.    Dan White (403-508-3184) at Enbridge faxed me their confirmation.  According to Dan, this gas was parked in May and June 2001.  Per Enbridge's confirmation, "Customer shall pay Enbridge a fee of $.22 US/MMBtu...prorated over 12 months".  The confirmation makes it clear that March withdrawals are interruptible.  Dan didn't know if ENA has paid the fee but he is letting ENA take this gas for March!!!  So far have not been able to find a deal ticket in Sitara or tagg that applies to this deal.

Tomorrow, I will get bids from some of the companies ENA has done business with in the past at Dawn.  Before I sell the gas, I will

        1.  verify the creditworthiness of the company we are selling to
        2.  make sure the company we are selling to agrees to pay us for the gas and doesn't net this with some other item.

Kay, the point we are selling the gas at is Dawn which is in Canada.  Are there any special tax issues to address?

Any comments or questions?

Listed below are some of the companies ENA has done business with at Dawn

AEP Energy Services, Inc.
Aquila Canada Corp.
BP Canada Energy Company
Cargill Energy Trading Canada, Inc.
CMS Marketing, Services and Trading Company
CoEnergy Trading Company
Consumers Energy Company
Consumers Gas Company Ltd., The
Coral Energy Canada Inc.
Duke Energy Marketing Limited Partnership
Duke Energy Trading and Marketing, L.L.C.
Dynegy Canada Inc.
Dynegy Canada Marketing and Trade, a division of Dynegy Canada Inc.
El Paso Merchant Energy, L.P.
Engage Energy Canada L.P.
Nexen Marketing
PanCanadian Petroleum Limited
PG&E Energy Trading, Canada Corporation
PG&E Energy Trading-Gas Corporation
Phibro Inc.
Reliant Energy Services, Inc.
Sempra Energy Trading Corp.
TXU Energy Trading Canada Limited
WPS Energy Services, Inc.


No, I have not received the fully executed document yet from Steve.

	Fred Philipson/ENRON@enronXgate
	05/29/2001 09:14 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: NDAs for Pan Handle Eastern Pipeline co

Tana,

Just a follow up.  Did you happen to receive the above from Steve Hotte of
ETS?  If so, has a copy been forwarded to Pan Handle Eastern Pipeline co?


I will be out of the office for 06/29/01.  I can be reached on my cell phone at 503-887-3449 if you need anything.
Thanks,
Bill


What happened to the guy with the paper to sign?
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


Looks good to me.  Thanks.


[IMAGE]
NCI Marketing Web Alert

[IMAGE]Phillip

  Norton  SystemWorks 2002 Professional Edition  Get it Today for 90% Off the  Combined Retail Value!  [IMAGE]  The complete problem-solving suite for home users and small  businesses. It protects your PC against virus threats, optimizes  performance, cleans out Internet clutter, provides quick and easy system  recovery, clones and upgrades computers, and sends and receives  faxes.  [IMAGE]   This featured-packed suite of products  includes:   ? Norton AntiVirusTM protects your PC from  virus threats ? Norton  UtilitiesTM optimizes PC performance & solves  problems ? Norton CleanSweepTM  cleans out Internet clutter ? Norton  GhostTM clones and upgrades your system easily ?  GoBack
 by RoxioTM provides quick  and easy system recovery ? WinFax  BasicTM sends and receives professional-looking  faxes  [IMAGE]   A  $300+ Combined Retail Value for  Only... [IMAGE]  FREE SHIPPING! * [IMAGE]     Click here for [IMAGE]  on this exciting offer!  [IMAGE]   This offer is  limited to stock on hand, so hurry before they're gone!  [IMAGE]  * Free shipping applies to  Standard Shipping only. Priority Shipping available for an additional  fee.           Our products are  usually shipped in an attractive, sturdy plastic storage case  instead of retail boxes or jewel cases. Product pictures shown  are for display purposes only.      [IMAGE]

You are receiving this special offer because you have provided permission to receive third party email communications regarding special online promotions or offers. If you do not wish to receive any further messages from Network Commerce, please click here  to unsubscribe. Any third-party offers contained in this email are the sole responsibility of the offer originator. Copyright ? 2001 Network Commerce Inc.


You can charge it to mine.

D


Start Date: 12/26/01; HourAhead hour: 2;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001122602.txt


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/12/2001
08:16 AM ---------------------------

"Btu" <subs@Btu.net> on 03/09/2001 04:44:17 PM
To: "Btu's Weekly Power Report" <>
cc:
Subject: Btu's Weekly Power Report

Attached is the latest issue of Btu's Weekly Power Report

e-mail: info@Btu.net
phone: 732-758-8222
fax: 732-758-8286

 - wp031201.pdf


See revisions.  Am also attaching the "solutions document" we left with the
Governor.  I think we should follow that basic format and include the
solutions set out there.

	Jeff Dasovich
	Sent by: Jeff Dasovich
	01/02/2001 01:40 PM

		 To: skean@enron.com
		 cc:
		 Subject:

It could certainly use some doctoring, but it's getting there. I'm now
shifting my focus to the "informal advisory group" on procurement.


please print
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 11/06/2000
01:38 PM ---------------------------

	From:  George McClellan                           10/27/2000 11:42 PM

To: Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Press Clipping - Coal/Freight

FYI
---------------------- Forwarded by George McClellan/HOU/ECT on 10/27/2000
11:35 PM ---------------------------

Katy Lomax
10/26/2000 12:00 PM
To: Andrew Morrison/LON/ECT@ECT, Mark Schroeder/LON/ECT@ECT, Stuart
Staley/LON/ECT@ECT, Tom Kearney/LON/ECT@ECT, George McClellan/HOU/ECT@ECT,
Riaz Rizvi/LON/ECT@ECT, Candace Parker/LON/ECT@ECT, Paul Dawson/Govt.
Affairs/LON/ECT@ECT, Stephen Jones/LON/ECT@ECT, Samuel Grossman/LON/ECT@ECT,
John Moran/LON/ECT@ECT, Stephen Pirozzi/LON/ECT@ECT, Peter
Bradley/LON/ECT@ECT, Jez Peters/LON/ECT@ECT, Elizabeth McCarthy/LON/ECT@ECT,
Tiffany Cochran/LON/ECT@ECT, Katrina Bensadon/LON/ECT@ECT, Pierre
Aury/LON/ECT@ECT, Chris Connelly/LON/ECT@ECT, Scott Moncrieff/LON/ECT@ECT,
Graham Cane/LON/ECT@ECT
cc:
Subject: Press Clipping - Coal/Freight

Please find attached the following article/s:

"Dry bulk's big bang" - Trade Winds

Kind Regards,
Katy Lomax


See message below.  I have also included Appendix A referenced in the memorandum that includes the summary of goodwill as of June 30, 2001.

 -----Original Message-----
From: 	Farmer, Stanley
Sent:	Friday, September 21, 2001 4:24 PM
To:	Causey, Richard; Colwell, Wes; Butts, Bob; Faldyn, Rodney
Cc:	Morrison, Mike
Subject:	Goodwill Allocation Memorandum

Everyone,

Attached below is the memorandum we are preparing to document Enron's position on assignment of goodwill to reporting units pursuant to the adoption of SFAS 142.  For the sake of expediency, the appendicies referenced in the memorandum have not been included for review at this time.

Please review and provide your comments back to Mike Morrison or me by next Monday afternoon if possible.

We look forward to your input.

Thanks,

Stan


It's always nice to chat with you too!  I'd love to go to lunch, I'm going to
put in on my calendar to call you when I get back so we don't forget until
the next time we see each other.


All:  Attached for the reading pleasure of the CA team is the Andersen report
- "Energy Crisis in the Western U.S." Reproduced below is a related article,
and that is followed by the text of the Andersen press release on the
report.  Ray

	NGI's Daily Gas Price Index
published : April 25, 2001
	Andersen Warns Of Increased State/Federal Tensions
	The likelihood of friction between state and federal regulators increasing
over deregulation plans if states slow or walk away from retail competition
is just one of several important implications resulting from the ongoing
shockwave that has rolled through the Western energy markets, according to a
new report issued Tuesday by Andersen.
	The report, "Energy Crisis in the Western United States: Lessons for
Navigating Regulatory and Market Minefields," was unveiled by Andersen's
North American Energy Consulting Practice at a Washington, D.C., briefing.
	David Jermain, principal with Andersen's North American Energy Consulting
Practice, noted that the report identifies eight overriding implications
emanating from the Western energy crisis. "These aspects of the California
virus will shape the longer-term operations of the Western grid, the regional
and national economy, domestic energy policy and the industry's evolution,"
he added.
	The eight implications singled out in the Andersen report are:
	Increased deregulation uncertainty and risk
	Reduced investor confidence
	Contributing factor in economic softening
	Increased pressure on the Western grid
	Unbundling failures that push companies back to portfolio strategies
	Ineffectiveness in changing siting and development restrictions
	Procurement management that alters user-utility negotiating leverage; and
	Increased emphasis on distributed generation and new technologies
	"Tensions and differences between state and federal regulators raise the
specter of repeating the regulatory and political conundrum California's
investor-owned utilities have been facing," Jermain said. If federal
initiatives open wholesale markets while retail markets remain regulated, a
crucial question emerges, namely whether state regulators will pass-through
higher wholesale costs if they should occur. "Tensions between state and
federal regulators over policies on deregulation will grow if states delay or
abandon retail competition," Jermain stated.
	As to the California situation creating increased pressure on the Western
grid, Jermain noted that "Even as capacity increases and demand reductions
work to resolve the California crisis, these solutions have long-term
implications for the Western grid." Such implications include a realistic
chance that California could become an "energy island" as a result of
near-term reduction in available regional resources for export to California,
according to the Andersen report. Also, there could be increased emphasis on
security control to protect against overall Western grid failure as
sub-regions have difficulties.
	Along with yesterday's report, Andersen also issued the results of an
Andersen survey of senior executives from 16 non-California utilities
detailing their views of the implications of the California power crisis for
their companies and the industry. The survey was conducted between February
19, 2001, and March 2, 2001, by Knowledge Systems & Research Inc. of
Syracuse.
	On the deregulation front, nearly all the executives surveyed said they
believe recent California events will slow the pace of deregulation over the
next five years for states that have not begun or finished writing
restructuring legislation. None believe that it will result in advanced
states deciding to re-regulate markets, although many states will review
their legislation to assess the risk of duplicating California's current
situation and make any changes necessary to avoid it.
	As to legislation at the federal level, the survey found that few executives
suggest that the California situation will spark national energy
policy/legislation. Other executives believe that it will be a continuing
issue but, because of state-to-state variances, Congress will be unable to
pass any comprehensive measures or force states to a restructuring timeline.
	Turning to company strategies, most of the executives surveyed do not see any
changes to their business models or strategies for generation, distribution
or supply procurement as a response to the situation in California. However,
many have, among other things, expanded their risk management programs,
reduced spot market purchases and started emphasizing long-term supply
contracts. Those executives facing price caps are rethinking their stance on
them, according to the Andersen survey.
	The full Andersen report on the Western energy crisis can be downloaded at
www.andersen.com.

ower companies and regulators must take steps to avoid spread of California
Power virus: Andersen analysis

WASHINGTON, D.C., April 24, 2001 * A &new virus spawned in California8 poses
formidable challenges requiring new strategies on the part of power
companies, regulators and policymakers to contain and reverse its damage,
according to Energy Crisis in the Western United States: Lessons for
Navigating Regulatory and Market Minefields, a new Andersen report released
today.
&The implications for the development of competitive energy markets go far
beyond the Western United States,8 Andersen,s national utility practice head
Matthew D. Smith told a Washington briefing. &Unfortunately, California has
taught the nation that regulatory and political barriers can create and
sustain an energy crisis.8

&California has demonstrated that the risks in the electricity industry, if
not properly acknowledged and managed, can simultaneously and profoundly
impact all market participants. To be effectively managed, these risks need
to be exposed, assumed or shared, measured and monitored. When they are
hidden or ignored, all parties can potentially suffer. A shared, integrated
view of these risks, and a strategy for their assumption and management, is
critical to avoiding rapid value destruction within the energy market,8 Smith
said.

An Andersen survey of senior utility executives outside California, also
released at the briefing, indicates most utility companies believe they
inoculated themselves against the California virus so that it is unlikely to
affect their operations beyond slowing the pace of deregulation and
increasing investor scrutiny. However, based on the potential implications it
sees of the California situation, Andersen believes a series of booster shots
are advisable for power companies and regulators. &To deliver reliable
service at a predictable cost in today,s environment, companies must focus on
market integration by developing new and innovative relationships between
suppliers, customers, employees and investors ) while working with government
officials and regulators to chart a smoother transition to a deregulated
power market,8 according to Smith.

Eight Implications
The Andersen report identified eight overriding implications emanating from
the Western energy crisis that are shaping the longer-term operations of the
Western grid, the regional and national economy, domestic energy policy and
the industry,s evolution:
1. Increased deregulation uncertainty and risk ) Tension and differences
between state and federal regulators raise the specter of repeating the
regulatory and political conundrum California,s investor-owned utilities have
faced. If federal initiatives open wholesale markets while retail markets
remain regulated, a crucial question is raised: Will state regulators
pass-through higher wholesale costs if they should materialize? Tensions
between state and federal regulators over policies on deregulation will grow
if states delay or abandon retail competition.
As wholesale markets are deregulated and RTOs begin operating, the prudence
principles that state regulators have used for many years may have to be
changed. For example, if FERC and RTO monitors determine that deregulated
wholesale markets operate fairly, prices derived from those markets must be
considered reasonable. If so, these costs should be allowed into
state-regulated retail rates without regard to the prudence principles state
regulators have used for years. Therefore, utilities, traditional burden of
proving costs are or are not justifiable shifts to regulators.

2. Reduced investor confidence ) Prior to deregulation, stringent prudence
review and disallowance of generation costs in the rate base made regulatory
risk largely uncontrollable, killing IOU interests in most new investment. A
major purpose of deregulation was to create an environment in which risk
could be managed, but California,s political and regulatory environment
provides only a limited ability to manage risks. The confidence and
perceptions needed to support investment decision-making will be slow to
return given the approach of the state to remedy the crisis.

3. Contributing factor in economic softening ) Uncertain energy reliability
and higher costs can drive-out marginal businesses, cause healthy companies
to constrain expansion, and lead new entrants to question whether to make new
investments. As such, an extended energy crisis contributes to inflation
pressures and may slow economic growth.

4. Increased pressure on the Western grid ) Even as capacity increases and
demand reductions work to resolve the California crisis, these solutions have
long-term implications for the Western Grid. These include a realistic
possibility of California becoming an &energy island8 as a result of
near-term reduction in available regional resources for export to California;
increased emphasis on security control to protect against overall Western
grid failure as sub-regions have problems; RTO requirements to strengthen
locally available supplies to bolster overall system reliability; longer-term
development of new plants using plentiful coal resources and clean coal
technology will alter the pattern of imports into California; and the
emergence of Mexico as a major supplier to southern California and Arizona,
contributing to a bifurcation of the Western Grid into northern and southern
markets

5. Unbundling failures that push companies back to portfolio strategies ) For
California investor-owned utilities, unbundling has achieved neither the
least-cost solution sought by regulators nor value maximization targeted by
investors. This necessitates a reevaluation of portfolio management
strategies potentially involving generation, transmission, power trading and
marketing, and retail businesses in multiple geographies serving multiple
markets.

6. Ineffectiveness in changing siting and development restrictions )
California,s retail price caps and multiple explanations for the crisis have
left accelerated siting processes and environmental standards changes open to
challenge by various interests. In addition, limiting application of new
siting orders only to small generators contributes to uncertainty and
investor hesitancy.

7. Procurement management that alters user-utility negotiating leverage )
Competitive markets compel participants ) suppliers, marketers, large
industrial buyers, etc. ) to strategically manage procurement as a critical
value-driver. Because risk is explicitly shared and always has the potential
of shifting advantage to either seller or buyer, the sophistication of
negotiations and contracts increases as competitive markets evolve.

8. Increased emphasis on distributed generation and new technologies )
California,s reliability and price challenges have triggered a re-emergence
of energy crisis measures from the 1970s. End-users are investing in
solutions they control, and the distributed generation market is being
aggressively developed among large retailers, industrial users and
residential customers. This makes possible the development of microgrids
connecting consumers in local areas and related changes in traditional grid
systems, from modifications in interconnection agreements to changing
definitions of reserve margins and system reliability.
Industry Executives, Response
Senior executives from sixteen non-California utilities with a combined
market capitalization over $120 billion and $145 billion in revenues
responded to an Andersen survey with their views of the implications of the
California power crisis for their companies and for the industry. The survey,
conducted between February 19, 2001 and March 2, 2001 by Knowledge Systems &
Research, Inc. of Syracuse, found that the companies are observing the
California situation carefully, expect a slowing ) but not a turnaround -- of
deregulation, and believe their internal plans and preparations are on-target
for the changing environment:
Deregulation - Nearly all executives believe recent California events will
slow the pace of deregulation over the next five years for states that have
not begun or finished writing restructuring legislation. None believe that it
will cause advanced states to re-regulate markets, although many states will
review their legislation to assess their risk of duplicating California,s
current situation and make any changes necessary to avoid it.
National legislation - Few executives suggest the situation will initiate
national energy policy/legislation; others believe it will be a continuing
issue but, because of state-to-state variances, Congress will be unable to
pass any comprehensive measures or force states to a restructuring timeline.
Some expect additional state-level legislation.
Company strategies - Most do not see any changes to their business models or
strategies for generation, distribution or supply procurement as a response
to the situation in California. However, many have expanded their risk
management programs, reduced spot market purchases, begun emphasizing
long-term supply contracts, planning new power generation capacity, and
started hedging with futures trades. Those facing price caps are rethinking
their stance on them
Investor scrutiny ) Many executives indicate their shareholders are aware of
the situation and investors -- particularly institutional investors -- are
more heavily scrutinizing their actions. Many say news coverage has prompted
retail, commercial and industrial customer skepticism of industry
restructuring.
Transmission deregulation - Many executives agree the California situation
will increase interest in FERC,s regional transmission organizations (RTO)
deregulation effort.
Utility Company Action Items
Both to guard against a sudden California cascade and as a potentially
powerful competitive thrust, forward-thinking utilities should bolster their
basic preparedness with a variety of tactics -- or inoculations --
specifically aimed to combat a potential California power virus, according to
Andersen partner Mark Moskovitz:
Improve procurement management and risk management capabilities - To manage
exposure to volatile supply and demand shifts, organizations must be sure
that comprehensive and clear supply procedures, controls, decision points,
risk limits and communications are in place.
Plan and design innovative rate and pricing structures ) Companies and
regulators must focus on communicating price signals that create value for
both the customer and the provider. Innovative rate and pricing structures
that more closely tie the customer,s price to the real cost of supply will
better signal the value of the service as well as providing more accurate
information upon which both end user and supplier can make decisions.
Increase emphasis on demand side management (DSM) strategies ) In addition to
new pricing strategies to help achieve and maintain supply-demand
equilibrium, companies must now focus on employing more extensive and
innovative demand side management programs. These programs may offer
significant benefits with limited risk to both the customer and energy
supplier.
Assess the supply and generation dynamics in adjacent jurisdictions )
Companies must take a broader view ) beyond typical geographic market
definitions -- of the economics of generation and related business decisions
in an increasingly volatile market in which supply will follow the best
prices.
Develop contingency plans for the continued deferral of new generation
capacity ) In the face of potential ongoing generation capacity shortages,
companies and regulators must be prepared to move with a portfolio of
strategies to meet demand, including for example DSM, flexible pricing and
distributed generation. In addition, they should explore efficiency-improving
upgrades to existing facilities and seize any opportunity to accelerate
near-term construction plans.
Proactively address potential organizational disruption ) As regulatory and
economic changes continue to churn the industry waters and companies adjust
and/or restructure, they must be highly cogniscent of, sensitive to, and
directly address employees, concerns with information about the company,s
future and theirs,.
Industry/Regulatory Lessons
There are also a number of broad primary lessons the electric power industry
-- nationally and internationally -- should take away from its first major
domestic test case in deregulation and restructuring, according to Andersen
principal David O. Jermain:
Simplify market design.
Build a continuing role for regulators.
Maintain communications with multiple constituent interests.
Prepare contingency plans for extreme stress conditions.
Couple real-time retail pricing with transparently priced wholesale
competition.
Provide special incentives for RTO investment, formation and development.
Break down regulatory and political barriers to market signals and responses.
Copies of the Energy Crisis in the Western United States: Lessons for
Navigating Regulatory and Market Minefields report can be obtained at
www.andersen.com/energyandutilities.


I would like to discus this matter with you when you get a chance.

Alan
---------------------- Forwarded by Alan Aronowitz/HOU/ECT on 09/29/99 04:10
PM ---------------------------

Matthias Lee
09/29/99 05:02 AM
To: Alan Aronowitz/HOU/ECT@ECT
cc:
Subject: Re: MT " Pacific Valour"

FYI
---------------------- Forwarded by Matthias Lee/SIN/ECT on 09/29/99 06:01 PM
---------------------------

Matthias Lee
09/29/99 03:01 PM
To: sbainbridge@wfw.com
cc: Angeline Poon/SIN/ECT@ECT, Anita Fam/SIN/ECT@ECT

Subject: Re: MT " Pacific Valour"

Suzanne

As just discussed, I attach a transcript of a taped conversation between
Russell and Joseph Tan of Hyundai Singapore Pte Ltd. The conversation took
place on 20 Sept 1999 at about 9.30am.

Please let me have your advice as to whether the conversation can amount to
an election on the part of Hyundai such that they cannot subsequently rely on
our breach of condition to rescind.

I think Yukong Line [1996] 2 Lloyd's Rep 604 is a relevant case which you may
want to have a look at.

I look forward to hearing from you before the end of the day.

Thanks and regards

Matt


Sara, Alan and Robert,
Who is the appropriate legal person to review this item?
Thanks. Sheila

---------------------- Forwarded by Sheila Glover/HOU/ECT on 05/30/2001 10:09
AM ---------------------------

	From:  Sheila Glover                           05/24/2001 10:37 AM

To: John Greene/Enron@EUEnronXGate, David J Vitrella/Enron@EnronXGate, Selena
Gonzalez/Enron@EnronXGate, Gary Hickerson/Enron@EnronXGate, John
Weakly/Enron@EnronXGate, Mark Schlueter/Enron@EnronXGate
cc: Aneela Charania/HOU/ECT@ECT, Theresa T Brogan/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT, Donna Lowry/Enron@EnronXGate, Lance
Schuler-Legal/Enron@EnronXGate
Subject: Foreign Listed Equity Options - GS update

I spoke with Kara Saxon and Margo Topman, Goldman Sachs Legal, 212-902-9982.
Per our conversation ....

Foreign Listed Equity Options are considered Unseasoned securities because
they are issued on the date purchased and not widely held (from U.S. point of
view).    GS has reviewed our ability to trade Foreign Listed Equity Options
vis-a-vis REG S.  Goldman says that we can execute from our London Office
(not from States) Foreign Listed Equity Options.  We can settle and hold with
our current account, documentation  and legal structure with Goldman Sachs.

Margo said that there is some risk but they do not think it is large.  She
suggested we do a follow-up with our Securities counsel.
Sheila

Sara,
Can we run this by someone?  Margo offered herself as a contact if we need
more infomation.
Thanks. Sheila

---------------------- Forwarded by Sheila Glover/HOU/ECT on 05/24/2001 09:25
AM ---------------------------

	From:  Sheila Glover                           05/23/2001 02:00 PM

To: John Greene/Enron@EUEnronXGate, David J Vitrella/Enron@EnronXGate, Selena
Gonzalez/Enron@EnronXGate, Gary Hickerson/Enron@EnronXGate
cc: Aneela Charania/HOU/ECT@ECT, Theresa T Brogan/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT, Donna Lowry/Enron@EnronXGate, Lance
Shuler/ENRON@enronxgate
Subject: Foreign Listed Equity Options

Goldman Sachs has given us the go-ahead to do Foreign Listed Equity Options.
Kara Saxon at Goldman called me today and will follow-up with an e-mail.
Goldman Sachs legal has said that we can trade as we currently do as ECT
Investments, Inc.  This includes the whole European market.  I asked her to
check on Canadian and Australian.

I will forward Kara's e-mail tomorrow.
Sheila
---------------------- Forwarded by Sheila Glover/HOU/ECT on 05/23/2001 01:53
PM ---------------------------

"Saxon, Kara" <kara.saxon@gs.com> on 05/23/2001 12:52:28 PM
To: "'Sheila.Glover@enron.com'" <Sheila.Glover@enron.com>
cc:
Subject: RE: FW: Enron North America

Sheila-

I promise I will send you that email tomorrow am.  I got tied up and I have
to get going.

Kara

-----Original Message-----
From: Sheila.Glover@enron.com [mailto:Sheila.Glover@enron.com]
Sent: Tuesday, May 22, 2001 9:47 AM
To: kara.saxon@gs.com
Cc: John.Greene@enron.com
Subject: RE: FW: Enron North America

Kara,
Thanks for following up on this important ability for us..
Sheila

"Saxon, Kara" <kara.saxon@gs.com> on 05/22/2001 08:32:02 AM

To:   "'Sheila.Glover@enron.com'" <Sheila.Glover@enron.com>
cc:
Subject:  RE: FW: Enron North America

Legal and compliance have made progress.  They have promised to get back to
me by Wednesday or Thursday.  I will give you a call as soon as I get the
good word.

Thanks,
Kara

-----Original Message-----
From: Sheila.Glover@enron.com [mailto:Sheila.Glover@enron.com]
Sent: Friday, May 18, 2001 10:00 AM
To: kara.saxon@gs.com
Subject: RE: FW: Enron North America

Kara,
Any progress on the European Listed Options?
Thanks. Sheila

"Saxon, Kara" <kara.saxon@gs.com> on 05/14/2001 11:34:20 AM

To:   "'Sheila.Glover@enron.com'" <Sheila.Glover@enron.com>
cc:   Theresa.T.Brogan@enron.com
Subject:  RE: FW: Enron North America

Sheila-

I just left you a voicemail.  My 2 follow up questions on the European
listed options are:

What is the title of the person in London who would be making the
investment
decisions doe Enron?

Does Enron have any foreign subsidiaries?

Thanks,
Kara

-----Original Message-----
From: Sheila.Glover@enron.com [mailto:Sheila.Glover@enron.com]
Sent: Wednesday, May 02, 2001 2:34 PM
To: kara.saxon@gs.com
Cc: Theresa.T.Brogan@enron.com
Subject: Re: FW: Enron North America

yes, European listed. sg

"Saxon, Kara" <kara.saxon@gs.com> on 05/02/2001 01:27:45 PM

To:   "'Sheila Glover'" <sheila_glover@enron.com>
cc:
Subject:  FW: Enron North America

Sheila-

You are interested in trading European listed options and not OTC Euro
options - correct?

Thanks,
Kara

> -----Original Message-----
> From:   Anthony, John P
> Sent:   Wednesday, May 02, 2001 1:10 PM
> To:     Saxon, Kara; Bradley, Oonagh; Veasey, Andrew T; Morris, Damian;
> Breckenridge, Jonathan E.
> Cc:     Dunn, Jeremy; Threlfall, Tom; Arens, Joseph; Sibeud, Eugenie B;
> Brogard, Yves-Francois; Oreilly, Cathy; Hobson, Carol
> Subject:     RE: Enron North America
>
> not sure i have all the facts straight here but here are my thoughts-
> 1)  US funds with US investment mgr would not be permitted to have a
> direct relationship with GSI for European Listed Options.
> 2)  They may be able to deal with GSI on an agency basis, but i would
> think the product would be an OTC Euro Option.
>
> Is this any help?  i am cc Legal in London and NY in case they have a
> different view.
>


The PPL contract number for September is 523489, volume= 2,400.


-----Original Message-----
From: 	Sweitzer, Tara
Sent:	Wednesday, November 21, 2001 11:52 AM
To:	Puthigai, Savita; Denny, Jennifer; Moorer, Torrey; Johnson, Adam; George, Fraisy
Subject:	TOP 50 GAS CPS - AS OF 11-20-01

Savita,

This report has been reviewed.  It is ready to be sent out.

Thanks
TARA


Can you guys please send over a copy of the questions that were submitted to
local counsel in Europe relating to the online trading project?  Alan needs
it for Australia and Louise has asked me to deal with Columbia.

Thanks,

Mark


I think we urgently (next 2 days) need to have a meeting to discuss where we allocate capital and risk. Counterparties are very nervous and many are not extending us credit so we are having to prepay extensively to do business, both in the US and UK. I have two suggestions:

-allocate to each business a fraction of our available liquidity
or
-appoint someone to make the call when a large chunk of cash is needed.

For example, EGM wants to send out $200- $300 million for sixty days to buy physical to cover an option with Koch.

We do not have infinite liquidity and we need to address it fast. I will try to set up a meeting tomorrow.

Rick