EPA Stormwater Phase II Regulations - Jim Peterson provided information to
EES in response to an inquiry about the effect of the stormwater phase II
regulations on military installations.

EPA Guidance on BACT for Combined Cycle Turbines -  Marc Phillips is
preparing comments supporting EPA's guidance on BACT for combined cycle
turbines. The document indicated that SCR may not always be required and that
dry-low NOx controls may all that is required in some circumstances. Jeff
Keeler is circulating the comments for internal review. Comments are due
September 18.

TNRCC Houston Non-Attainment Regulations -  Marc Phillips is preparing
comments on the proposed Houston non-attainment regulations. It is
anticipated that the comments will generally support the Business Coalition
for Clean Air (BCCA)  comments with some added technical issues raised. Ken
Lay sits on the BCCA board and Mike Terraso and Rob Bradley sit on the
coordinating committee.

Enron Proposed Ergonomic Program - Russell Tucker and Linda Adels (Corporate
Wellness) began loading the proposed pilot ergo training and analysis
programs on the employee computers that are to participate in the program
evaluations. It was found that the computers in the Enron building are locked
down so much that neither of the programs could be loaded, requiring a long
process of EDS involvement to affect the loading process on several different
LANs. No problems have been encountered in 3AC.

EES/Eli Lilly Project - Susan Worthen gave a presentation to Eli Lilly
regarding the corporate EHS organization, policy and management system, and
performance, as well as participate in discussions of our operating
experience and procedures in a Q&A session.  Other Enron participants
included Rick Wood (Enron Bldg Services Inc - a subsidiary of EES) and Dave
Nutt (Corp environmental counsel). The presentation and discussions were in
response to a 10 page EHS questionnaire Lilly submitted as part of a due
diligence they are conducting prior to signing a multi-million dollar
out-sourcing agreement with EES.

Annual EHS Report - Positive feedback is being received externally and
internally on our first report.  It will go to press this week with copies
anticipated the week of the 25th.  Requests for copies have been received (so
far) from John Hardy, Kelly Kimberly, EES, and EGE&P.

New Hire Orientation - Angela Sprock (Orientation) has relinquished 5 minutes
during the Vision and Values for the EHS/Corporate Responsibility info.  The
panel for the booth is awaiting Kelly Kimberly's final approval.

Project INGA - ENA East/West - ENA is investigating a stock purchase of
Ahlstrom Development Corporation's holdings in five coal fired facilities.
Two of the facilities (ACE Generation Company and Mt. Poso Cogeneration
Company) are located in California.  Three of the facilities (Panther Creek
Partners, Inter-Power Ahlcon LP (Colver) and Gilberton Power Company) are
located in Pennsylvania.  ENA has contracted RTP Environmental Associates to
conduct the due diligence (fatal flaw) and site visits.  The site visits were
conducted 9/5/00 - 9/8/00 for the California facilities and 9/12/00 - 9/15/00
for the Pennsylvania facilities.  Don Stevens will be conducting the
environmental review of RTP's report.  The commercial objective is to
restructure the PPA.

Project Dragon - Asia - Don Stevens was requested to supply a revised copy of
the environmental due diligence to the Enron's Bangkok, Thailand office.  The
lenders engineers will be reviewing the report within the next two weeks.
The lenders engineers will submit any questions regarding the acquisitions to
Don Stevens for further discussion.

Project Crane - ENA - ENA is looking to acquire 100% of Daishowa Paper Mfg.
Co. Ltd's forest products operations in Quebec City, Quebec, Canada, and in
Port Angeles, Washington.  The assets include seven paper and board machines,
four major pulping facilities and integrated utility systems, a sawmill, a
chip handling facility and forestlands in Quebec and Maine. Wayne Mays ENA
requested EHS review assistance . Don Stevens will review the due diligence
report and submit comments to ENA.  The environmental due diligence was
conducted by AGRA Simons Engineering Global Solutions.

EHS Intranet Site - Gavin Dillingham has been working on the EHS Intranet
site. The current status of the site is that the elaboration document is
being completed. The intention is to hand over the document to the Internet
developers/architects by the 1st of October. They say it is possible to have
a rough mock-up of the site by the middle of October.

Compliance Calendar - Gavin Dillingham and Gary Allen have been in talks with
DS&S about locating a Compliance Management Calendar, which will be a modular
software program that will allow the addition of other EHS modules to this
system such as audit software and Health and Safety tracking software.

EHS Management System document - Gavin Dillingham is also working on the EHS
Management System document. All the data for roles and responsibilities has
been gathered and placed in the document, as well as the EHS Management
Description document. Also, the latest EHS council charter, the latest
organizational chart, the standardized forms and documents and the due
diligence schematic have been added. Gavin Dillingham will be moving over to
the 3AC on Monday, the 18th of September.

Environmental Disclosure:Stacey Bolton made a presentation to the TX PUC in
their kickoff meeting for environmental disclosure.  A trader accompanied her
in order to familiarize the desk with some of the overlapping issues between
environmental  disclosure and the renewable energy program. Stacey filed two
sets of comments with the PUC, and subsequently met with Chairman Wood,
Commissioner Judy Walsh and Evan Roe (staffer to Commissioner Perlman) to
discuss environmental reporting and the trading program.  Hap Boyd was also
in the meeting.  We got nearly everything we wanted in the renewable energy
protocol, except for emission data on the credit itself.  Stacey will
continues to advocate this issue and try to find a forum to get emissions
data included (due to bypassed emissions opportunities and it puts more value
on cleaner renewable fuels like wind).

International Environmental Emergency Responders -  David Ronkainen gave Don
Hawkins (corporate crisis response manager) a  list of International
Responders, so that a decision could be made in regard to negotiating
agreements.

Dabhol Community Relations Management - Henry Van met with Dabhol Community
Relations Management and visited all the community projects (technical
school, elementary school, horticulture project and jetty for fishing
village) in relation to the offsite impacts of the oil leaks.  The
communities did not express active concern.

Spill Update - Ed Zuleta participated on the TR conference call on spills.  A
summary was prepared and mailed to key personnel in HSE group.

Wheatland Power - Enron  (Gus Eghneim) submitted a petition to EPA Region 5
to waive the stack testing requirements and rely on CEMS ( continuous
emission monitoring) certification to demonstrate compliance.  If approved,
the waiver will save Enron approximately $400,000.  The savings are realized
by not operating the plant during a low demand period only for the purpose of
conducting stack test.  In low demand period, plants operate at a huge loss.

Pipeline Safety Legislation - Jeff Keeler continues to actively participate
in the GPG efforts in the House to get passage of a bill similar to the
Senate bill passed last week.

MTBE Legislation - Jeff Keeler continues to follow the progress and advocates
including a transition costs to a new production process if a rider is placed
on an appropriations bill.

Environmental Product Strategy Meeting -  Stacey Bolton has organized a
meeting with business units involved or interested in pursuing various
opportunities arising from environmental policies, such as renewables, energy
efficiency, and green power marketing.   Representatives of EES, ENA
Origination, ENA West Desk, Enron Wind, and Enron Global Markets will be in
attendance.  Stacey and Mary Schoen will present updates on environmental
regulations and incentives for green power oppportunities.  They will also
foster discussion among businesses about upcoming bids/commercial partnering
opportunities, evolving markets for renewable credit trading, and potential
product offerings.  This meeting is aimed at adding value and creating
business opportunities for the Enron busniess units.

Pipeline safety legislation -  Jeff Keeler is working with members of
Congress and others in industry on a strategy that would get the House of
Representatives to pass the pipeline safety legislation recently passed by
the Senate.  This strategy avoids several procedural steps in Congress and
allows the House to pass a bill that is fairly acceptable to industry, rather
than waiting for the House to produce its own bill and move it
independently.   This is a very fluid situation right now, but we hope to
have a positive result by next week.

MTBE legislation -   the Senate Environment Committee passed MTBE legislation
last week, containing a number of provisions that are bad for MTBE producers,
including a ban of MTBE, granting states the ability to waive the fuel oxygen
standard, and mandating increased ethanol use over 10 years.   Two Enron
amendments were voted on -- liability protection and an MTBE producer
"transition retrofit fund" -- and defeated, but Senator Kay Bailey Hutchison
received a commitment that transition fund issue would be addressed before
the bill moves on to the Senate floor.   Jeff will be working on this issue
with Senate staff over the next few weeks.

TVA environmental litigation - we supported the Enron Global Markets
emissions/coal desk in getting information on TVA's appeal of lawsuits by EPA
on violations of New Source Review rules.  A is expected by an EPA
Administrative Appeals Board on 9/15, in which TVA will likely lose.  TVA is
appealing in Federal Court, arguments to be held in early November.
Intelligence on this is extremely important to several Enron business units,
as much of the electric utililty industry is watching to see whether EPA can
prevail in its enforcement activities against coal plants, and utilities'
future decisions about fuel choice, control technologies, etc. could be
affected by action in this case.

EPA enforcement activities- we have learned that EPA is now targeting 14
non-utility, coal-fired boilers in Pennsylvania for New Source Review
enforcement.  We will be providing more detailed information to traders that
could find opportunities from this action, as well as Enron originators
currently working on acquisition of several QF coal assets in Pennsylvania.

TX Disclosure -  Stacey Bolton made a presentation to the TX PUC in their
kickoff meeting for environmental disclosure, in which Enron power traders
also participated to gain insights on the relationship between the disclosure
and renewable energy trading programs.   Stacey also filed two sets of
comments w/ the PUC, and subsequently met w/Chairman Wood, Commissioner Judy
Walsh and Evan Roe (staffer to Commissioner Perlman) to discuss environmental
reporting and the trading program.  Enron Wind was also involved in these
meetings.  Enron got nearly everything we wanted in the renewable energy
protocol, except for putting emissions data on the credit itself -- which is
an issue Stacey will continue to pursue in TX and other states.

Pew Center symposium on Climate Change - Mary Schoen will be representing
Enron in a Pew Center symposium on climate change in New Orleans on Thursday
9/21.   Members of industry, government and environmental groups will be in
attendance, and Mary's panel will be discussing what businesses are doing
about climate change.

 America's Clean Air Celebration - Enron will be honored next week at
America's Clean Air Celebration, a dinner put on in conjunction with the
Hart/IRI World Fuels Conference in Washington, D.C.   Enron and Ken Lay will
be presented with an award recognizing excellence in energy, environment and
innovation, which Jeff Keeler will accept and present remarks following.
Other participants are BP/Amoco, Texaco, GM and a number of other industry
peers.   President George Bush and Senator George Mitchell are co-chairs of
the event -- Bush will make videotaped remarks including a mention of Ken
Lay's contribution to clean air, and Mitchell will MC the event.


We have received a faxed copy of the Amendment to the Electronic Trading
Agreement between ENA and the referenced Counterparty dated January 11,
2000.  The original will follow by Fedex.

Copies will be distributed.


I'm not sure if my first response got through.  The person to talk to about this, this long of a term, is Mike Swerzbin.  If you have question concerning the short-term, let me know.  Thanks.

 -----Original Message-----
From: 	Mumm, Chris
Sent:	Thursday, September 06, 2001 9:09 AM
To:	Crandall, Sean
Subject:	midC-montana

Hi Sean, thought you may have forgotten my name (I'm horrible w/ names, so I wouldn't blame you) in regards to the midC-Montana basis and wheeling from now to 2024.  I don't mean to pester.  Take care,

Chris Mumm

Enron North America
West Power Desk
121 SW Salmon Street 3WTC0306
Portland, Oregon 97204

503.464.8862
503.464.3740 (fax)


Hi -

I would contact the other finance guys here. Who knows, they may have
some great leads. As far as the letter is concerned, I would be happy to
do it. Generally, however, each grad school has a specific
recommendation form that they want references to fill out. So let me
know after you get the required info from the schools. Typically,
students just send it to me as I will probably have to submit it
directly to the grad school people as they generally want confidential
letters.

Jim

	-----Original Message-----
	From: Causholli, Monika [mailto:Monika.Causholli@ENRON.com]
	Sent: Friday, November 16, 2001 11:37 AM
	To: Nielsen, James - COB
	Subject: RE: Information from University of Colorado

	Jim,

	I did write to Eric Hughson about the PhD program and I am
waiting for his response.
	In the meantime can you write me a recommendation letter. I know
you don't like to do this but if you would it would be great. I am
planning to apply to about 3-4 schools for now. I will mail the
paperwork to you on Monday.
	Also, should I contact the other finance professors at OSU
trying to see what they can help me with?
	Thanks for all your help. I will keep you posted.

	Monika

		-----Original Message-----
		From: Nielsen, James - COB
[mailto:NielsenJ@bus.orst.edu]
		Sent: Friday, November 16, 2001 12:29 PM
		To: Causholli, Monika
		Subject: FW: Information from University of Colorado

		Hi Again Monika -

		Here is what I heard from my former professor. If I were
you, I would contact Eric Hughson about CU's PhD program in Finance. It
is worth a try.

		I will contact you if I hear about other opportunities
either for graduate study or employment opportunities. Keep me posted.

		Jim

		-----Original Message-----
		From: Ron Melicher [mailto:Ronald.Melicher@Colorado.edu]

		Sent: Friday, November 16, 2001 10:18 AM
		To: Nielsen, James - COB
		Subject: RE: Hello Old Friend

		Hi Jim,
		It has been a long time between communications.  We no
longer offer an MS in Finance (however, I believe the Denver Campus
does).  We admit only one or two new students in the Finance PhD Program
each year--thus it is very competitive.  Our Finance PhD Program
coordinator is Eric Hughson and he could be contacted at
Eric.Hughson@Colorado.EDU.  Unfortunately, I don't have any specific
recommendations.
		Ron
		PS--I also still like the teaching part of the academic
life and probably won't be retiring for another few years.

			-----Original Message-----
			From: Nielsen, James - COB
[mailto:NielsenJ@bus.orst.edu]
			Sent: Thursday, November 15, 2001 2:49 PM
			To: Ronald.Melicher@Colorado.EDU
			Subject: Hello Old Friend

			Hi Ron -

			It certainly has been a long time since we have
communicated. I am glad to see that you have not yet retired and either
have I. Moreover, I don't have any plans to do so in the immediate
future as this job is so much fun.

			The reason I am writing is that a former student
of mine from Albania who works for Enron has been thinking for some time
that she would like to go back to school and get a Master's Degree in
Finance or PhD. Being a foreign student she needs to get some sort of
scholarship or assistantship. She graduated from OSU a year or so ago
and has been working at Enron since that time. Given what is happening
at Enron, I am not surprised that she has decided to go back for a
graduate degree.

			Our College of Business does not have any
graduate student assistantships and we also don't offer a master degree
in finance or PhD.  Monika is without a doubt one of the sharpest
students I have had in recent years. She is incredibly bright and works
very hard.

			Does CU still offer the masters degree in
finance and still offer student assistantships. If I recall, George
Carvel was working on a MS in Finance and had an assistantship under
Maurice Unger when I was going to CU. If so, can I give Monika your name
and have her contact and perhaps forward her resume to you. Or can you
put her in touch with the right person at CU?

			If CU does not have anything available do you
know of a few schools who might so that I can pass the information on to
Monika?

			Thanks for any help you can provide.

			Best regards,

			Jim

**********************************************************************
	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.

**********************************************************************


Hickerson always claims that they have var by trader.


Congratulations!
---------------------- Forwarded by Steven J Kean/HOU/EES on 07/17/2000 08:18
AM ---------------------------
 Office of the Chairman
From: Office of the Chairman@ENRON on 07/14/2000 06:58 PM
To: All Enron Worldwide
cc:
Subject: Jim Noles Named CEO of Enron Wind

We are pleased to announce that Jim Noles, president and chief operating
officer of Enron Wind, will assume the additional role of chief executive
officer, effective immediately.  Jim will continue to be based in Houston.

Jim joined Enron Wind as its president in May of this year.  Prior to that
appointment, Jim was managing director for Enron's Operations Support Group
of Global Asset Operations and provided operations and maintenance oversight
and technical assistance to Enron's worldwide facilities.

Previously, Jim worked with Enron International's Asset Management team where
he formed the North American Asset Management Group to provide operation and
maintenance services to Enron North America's electricity generation peaker
plants that entered into service in 1999.  Jim joined Enron in 1995 as vice
president of Enron Development Corp. to head up its Middle East Regional
Development team.

Prior to joining Enron, Jim was an international marketer for TRW's Systems
Integration Group with responsibilities in the Middle East.  Jim served in
the U.S. Army for 25 years, culminating his career as a Brigadier General.
His education includes a bachelor's degree from the University of North
Alabama and a master's of public administration from the University of
Alabama.

Jim has a solid track record in development, sales, operations, and
leadership and has had a positive impact on Enron Wind's growth and
profitability in the short period since joining the company.  Please join us
in congratulating Jim on his promotion and new responsibilities.


Preliminary congratulations!.    Looks like a good plan.  Keep me posted.

Stephen D Burns@ENRON
07/19/2000 01:47 AM
To: Richard Shapiro/HOU/EES@EES, James D Steffes/HOU/EES@EES
cc: Scott Bolton/Enron Communications@Enron Communications, Joe
Hillings/Corp/Enron@ENRON, Chris Long/Corp/Enron@ENRON (bcc: Steven J
Kean/HOU/EES)
Subject: BLM/Forest Service Right-of-Way Update

The Senate voted on the Interior Appropriations Bill late yesterday.  Our
amendment passed, which prevents either BLM or the Forest Service from
enacting new fiber optic federal lands rights-of-way policies.  The BLM made
a last ditch effort to defeat this in the Senate, but we had reached key
Senators and staff and they got nowhere.

Action now moves to Conference, which for us means a focus on the House
Conference members.  Scott and I will spend the next 2 days meeting with the
key Republicans in the House.  We've already recruited the important
Democrats.  Interior Approps Subcommittee Chairman Regula remains opposed, at
least publicly, but we think we can get other Members to swing him.  We trust
he'll come up with a sensible, face saving compromise on his own, eg,
formally beginning a review process with his Subcommittee having oversight --
at this point, our language literally forbids BLM or Forest Service from even
meeting to discuss the issue.

We continue, though, on several other fronts:

1. We have the New Dems writing OMB on the issue and several Senators and
Congressmen writing BLM and USFS
2. We've increased the pressure on the White House, and are letting them know
through very senior back door channels that in our opinion, BLM/Forest
Service have not gotten the message.  Our position is that we'll be satisfied
that they've changed their evil ways when the new assessment on the Mt. Hood
EBS build is retracted.
3. We're preparing both Senate and House authorizing Committees for the
longer-term issue next session.  We have no trouble finding champtions eager
to own the issue
4. We're engaging the Western Caucus for same
5. Our adhoc coalition continues to grow in numbers and clout with over 20
companies and associations now actively engaged.  Enron chairs this
initiative, with a tangible side benefit being much increased visibility and
stature as a serious communications player.
6. Scott is successfully engaging state and local officials to weigh in from
the end-user perspective

BLM is on the retreat and has asked for a meeting, which we've refused.   We
don't think they've given up though, and it's likely an issue of pride at
this point.  So until the Approps process concludes we're continuing with the
full court press.

Steve


Please take care of
---------------------- Forwarded by John Arnold/HOU/ECT on 09/07/2000 05:13
PM ---------------------------

Enron-admin@FSDDataSvc.com on 09/07/2000 11:51:29 AM
To: John.Arnold@enron.com
cc:
Subject: TIME SENSITIVE: Executive Impact & Influence Program Survey

Executive Impact & Influence Program
* IMMEDIATE ACTION REQUIRED - Do Not Delete *

As part of the Executive Impact and Influence Program, each participant
is asked to gather input on the participant's own management styles and
practices as experienced by their immediate manager, each direct report,
and up to eight peers/colleagues.

You have been requested to provide feedback for a participant attending
the next program.  Your input (i.e., a Self assessment, Manager assessment,
Direct Report assessment, or Peer/Colleague assessment) will be combined
with the input of others and used by the program participant to develop an
action plan to improve his/her management styles and practices.

It is important that you complete this assessment
NO LATER THAN CLOSE OF BUSINESS Thursday, September 14.

Since the feedback is such an important part of the program, the participant
will be asked to cancel his/her attendance if not enough feedback is
received.  Therefore, your feedback is critical.

To complete your assessment, please click on the following link or simply
open your internet browser and go to:

http://www.fsddatasvc.com/enron

Your unique ID for each participant you have been asked to rate is:

Unique ID - Participant
EMP74A    - Phillip Allen

If you experience technical problems, please call Dennis Ward at
FSD Data Services, 713-942-8436.  If you have any questions about this
process,
you may contact Debbie Nowak at Enron, 713-853-3304, or Christi Smith at
Keilty, Goldsmith & Company, 858-450-2554.

Thank you for your participation.


Good morning.

FYI, Mark will be out of the office beginning Tuesday afternoon, June 12,
returning to the office on Thursday morning, June 15.


I have a question about how this deal is entered.  It is a 24 hour deal
against an index.  Shouldn't it be split out and priced against the
individual on peak, off peak and Sunday index?

Thanks!


The purpose of this message is to provide key areas (specifically IT Support
and Purchasing Organizations which might receive questions about the new
ENhome program) with preliminary information about the ENhome program as well
as a standard message to deliver.  The goal is to communicate a consistent
message to all of our employees.  Please keep in mind that changes are still
being made at this time so your discretion is welcomed until the internal
communication has been distributed.  At the same time, please inform the
appropriate individuals within your area that you believe might receive
questions.

What is ENhome? An OTC approved program that will provide eligible employees
(active, regular full-time and part-time employees whose business units elect
to participate) at home with high-end internet devices, broadband internet
connection (where commercially available) and an employee-centric portal for
personal use.

Attached to this message are three documents concerning this new program.
These documents are:

ENhome PowerPoint Presentation - High-level presentation provided to all of
the Business Unit,s Human Resource Departments describing the program.

ENhome Draft of Internal Communications ) This is a draft of the internal
communication that will be sent to eligible employees.  I will send you the
final copy when it has been approved.

ENhome Q&A Draft ) This is a draft of the Q&A document in case you may
encounter these questions.  Please review this document and if you feel there
are additional questions that need to be addressed, let me know and I will
work to get these answered.

This program is scheduled to be announced to all eligible Enron employees at
either the end of this week or early next week.  Remember that these
attachments are drafts and may be changed.  As soon as I receive final
copies, I will forward them to you.

Questions regarding the message from the Office of the Chairman concerning &A
Computer for You and Your Family8 should be responded to as:

"This program is being sponsored by Enron,s Office of the Chairman and will
be coordinated by Corporate Human Resources.  The Global Information
Technology unit of Enron Net Works and Global Strategic Sourcing are working
in conjunction with Corporate Human Resources to support this endeavor.
Details about this program are still being finalized and will be communicated
as they become available.  An eSpeak session will be scheduled in the near
future where you will have an opportunity to ask questions."

If you have any additional questions regarding this program or the
communications that will be released, please feel free to contact me at
713-853-7947.

Thanks,

Susan


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Boston Gas Company is the replacement bidder for 35465 dekatherms
for the capacity release offer by Enron North America Corporation
for the period - 04/01/2002 and 05/01/2002.


Financial Desk
State's Utilities Could Be in Hot Water as Bills Are Due Power: Whether they
can collect funds for escalating costs is a question that worries Wall
Street, others.
CHRIS KRAUL

09/22/2000
Los Angeles Times
Home Edition
Page A-1
Copyright 2000 / The Times Mirror Company
As the meter runs on California's electricity crisis, shock over this
summer's price spikes is giving way to a new concern: uncertainty over
whether and how the state's three investor-owned utilities can collect the
staggering amounts in power costs they haven't been allowed to pass through
to consumers.
The unanswered question is how high the bill--now $4 billion and
counting--will go, and whether consumers will foot all or part of it. And
that there are no easy answers--perhaps short of an overhaul of the state's
deregulated power market, or legislation from officials seemingly reluctant
to act--only adds to the growing anxiety.
Rate freezes in effect at Southern California Edison, Pacific Gas & Electric
and San Diego Gas & Electric, which serve about three-quarters of the state's
residents and businesses, are forcing the utilities to borrow an estimated $1
billion a month to cover their added wholesale costs. Those loans are
draining the companies' resources and threatening their financial structure,
analysts say.
The rising unpaid balance presents a longer-term burden that worries Wall
Street, the state's business interests and, of course, the utilities. If
passed along to consumers, the amount could ultimately negate the promised
benefits of cheap energy that were the reason for being for the landmark
deregulation of California's electricity industry. But making the utilities
absorb the entire "undercollections" would strike a grievous financial blow
to the companies.
The crisis also has created a potential time bomb for shareholders of parent
companies Edison International and PG&E Corp. Skyrocketing wholesale
electricity costs are canceling out deregulation's underlying assumption of
low-cost wholesale energy--and the projected generous retail margins with
which utilities were to pay off nuclear plants and other uneconomical assets.
The deregulation law gave utilities until March 2002 to complete the payoff,
when open-market conditions would take over in their service areas. But with
wholesale electricity costs where they are, the "stranded asset" balances are
growing instead of shrinking--and posing an enormous potential hit for
shareholders, who would have to absorb the remaining "bad asset" costs after
the deadline passes.
Whether the companies' shareholders or ratepayers--or both--end up footing
the undercollection bill, all Californians could pay in the long run,
analysts say, if current market problems remain unresolved and the state is
seen as a less attractive place in which to do business.
How will it all shake out? Wall Street is as much in the dark as
Californians, said Lori Woodland, an analyst with Fitch Inc. of Chicago, one
of three debt-rating agencies to recently lower their outlooks for Southern
California Edison, PG&E, SDG&E and their parent companies.
"It's not clear how regulators view this issue," Woodland said. "They may
permit the utilities to recover their costs [from ratepayers]; they may not.
That's a big uncertainty, and it may remain this way for months. Meanwhile,
power prices are very high, and significant amounts of money are flowing out
the door of the utilities."
The uncertain prospects for collecting those billions of dollars also affect
stock prices, and PG&E in particular has slumped in recent days as the
implications register with investors. From a high of $31.64 on Sept. 11, PG&E
shares have dropped to Thursday's close of $23.19 on the New York Stock
Exchange.
Amid the finger pointing and doubts, many wonder if electricity deregulation
itself could be junked and the state's power industry re-regulated. Others
suggest that rate freezes be extended indefinitely or hope that the Federal
Energy Regulatory Commission now investigating the California electricity
market will take corrective action to make it all better.
Although the parties involved all seem fearful of the dimension of the crisis
and doubtful of any near-term solution, consensus couldn't be less evident
among the major players on how to deal with it. Although all three utilities
agree the current market isn't working, they have not come forward with a
common plan to solve the crisis and aren't working on one, sources say.
Partial lifting of the rate freezes is advocated by PG&E Corp. and Sempra
Energy, parent of SDG&E, the first state utility to pay off its stranded
costs and thus be allowed to fully pass along wholesale costs to customers.
The state Legislature has since stepped in to freeze SDG&E rates after a
political firestorm fed by customer protests over bills that doubled and even
tripled during the summer.
Lifting the rate freeze would stem the tide of electricity undercollections,
a sum the utilities realize is not necessarily collectible in the current
political climate.
"We have to fix these retail rates, which mask the true cost of electricity
and which are creating the shortfall," said SDG&E President Edwin A. Guiles.
In San Diego, for example, the average price paid by SDG&E customers zoomed
from 11 cents per kilowatt-hour last year to 28 cents at its highest point
this summer, before the Legislature stepped in to cap the rates, bringing the
average price paid down to about 10 cents.
So tinkering with the rate freeze could be politically hazardous.
"The pain we saw in San Diego this summer is something we want to avoid for
our customers in Northern and Central California," said PG&E spokesman Jon
Tremayne.
PG&E is expected soon to formally petition the state Public Utilities
Commission to lift its rate freeze. The San Francisco-based utility argues
that the $2.8-billion value of its Northern California hydroelectric
properties, which under deregulation it is required to divest, would erase
its stranded costs and make it eligible to pass along wholesale costs to
consumers.
Southern California Edison's chief financial officer, Jim Scilacci, said the
utility could possibly be eligible to lift the rate freeze later this year if
planned asset sales bring high enough prices.
But with the legally mandated rate freeze in effect in San Diego, observers
doubt that the state would let PG&E and Edison revert to market prices.
In response, some consumer advocates are saying, in effect: Let the
utilities, which ignored warnings of the electricity shortages at the root of
the summer's price spikes, lie in the beds they made and pay the unforeseen
costs of deregulation themselves.
"Essentially this is the result of a deal gone wrong. It's buyer's remorse,"
said Michael Shames of the Utility Consumers' Action Network, a San Diego
watchdog group. "The utilities cut a deal, and now they don't like the terms
of the deal and they want out of it."
Somewhat more flexible is Ed Yates, senior vice president of the
Sacramento-based California League of Food Processors, whose energy-intensive
industry could be devastated by the full brunt of high wholesale energy
costs.
"What frightens us is that the utilities and the state could declare the rate
freeze over and we'd have a San Diego situation," Yates said, referring to
how the rising summer power costs made some San Diego County agricultural
products noncompetitive. "What we want is rate stability. But I don't see a
solution. There are powerful interests at work who don't agree on the goal."
State officials are divided, with some including PUC President Loretta Lynch
looking to the federal government to impose order. Gov. Gray Davis has
discussed holding an energy summit next month to try to hash out solutions,
but no date or agenda have been set.
"The governor is obviously aware of the problems that California utilities
are facing and continues to be committed to making deregulation work and is
calling on everyone involved to act in a responsible way," said spokesman
Steve Maviglio, adding that Davis has set aside much of October to work on
the problem.
Lynch made it clear she will be unreceptive to any solution that would have
consumers absorbing all of the undercollections and that resolving the
utilities' huge debts must come as part of a comprehensive overhaul of
California's dysfunctional electricity market.
"I don't think there is a simple solution. The utilities have a problem, I
agree, but the resolution is much more complex than having the ratepayer eat
the bill," Lynch said. "The answer lies in a broader solution of addressing
the wholesale energy market."
Unclear is how long Wall Street would wait for some kind of resolution before
downgrading utilities' debt, the next step after the negative outlook
revisions.
"There are obviously many challenges presented to the power industry," said
Standard & Poor's David Bodek. "The costs are very high and at the end of the
day have to be borne by someone. If it's the utilities, there are financial
implications that could impact credit quality."


Ditto Credit.

	Tana Jones@ECT
	05/23/2001 10:08 AM

		 To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Marcus
Nettelton/NA/Enron@ENRON, Harry M Collins/HOU/ECT@ECT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Robbi Rossi/Enron
Communications@Enron Communications, John Viverito/Corp/Enron@Enron, Jane
McBride/AP/Enron@Enron, Andrea Calo/SA/Enron@Enron, Peter Keohane/CAL/ECT@ECT
		 cc:
		 Subject: EOL Approvals: 05-22-01

----- Forwarded by Tana Jones/HOU/ECT on 05/23/2001 10:07 AM -----

	Tom Moran/ENRON@enronXgate
	05/22/2001 04:51 PM

		 To: Karen Lambert/ENRON@enronXgate, Tana Jones/HOU/ECT@ECT, Samuel
Schott/ENRON@enronXgate, Mark A Taylor/EFS/EES@EES, Brant
Reves/ENRON@enronXgate, Debbie R Brackett/ENRON@enronXgate, Cynthia
Clark/ENRON@enronXgate, Enron Europe Global CounterParty/LON/ECT@ECT,
Stephanie Sever/ENRON@enronXgate, Tom Moran/ENRON@enronXgate, Claudia
Clark/ENRON@enronXgate, William S Bradford/ENRON@enronXgate, Lisa
Lees/ENRON@enronXgate, Juana Fayett/ENRON@enronXgate, Jana
Morse/Corp/Enron@Enron, Trang Le/ENRON@enronXgate, Paul Maley/LON/ECT@ECT,
Sonya Clarke/LON/ECT@ECT, Tim Davies/LON/ECT@ECT, Karen
O'Day/ENRON@enronXgate, Tanya Rohauer/ENRON@enronXgate, Kelly
Lombardi/ENRON@enronXgate, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center@ECT, Bill D Hare/ENRON@enronXgate, Amy
Heffernan/Enron Communications@Enron Communications, Molly LaFuze/Enron
Communications@Enron Communications, Danny Clark/Enron Communications@Enron
Communications, Stephanie Panus/NA/Enron@Enron, Teresa
Mandola/ENRON@enronXgate, Bill Kyle/ENRON@enronXgate, Amber
Ebow/ENRON@enronXgate, Thu Pham Arnold/ENRON@enronXgate, Tandra
Coleman/ENRON@enronXgate, Lesli Campbell/ENRON@enronXgate, Wendi
Lebrocq/ENRON@enronXgate
		 cc:
		 Subject: EOL Approvals: 05-22-01

Please see attached

Regards,
Tom Moran
713-853-3017


Jim,

I shall be glad to talk to them.

Vince

James L Bouillion
04/24/2001 01:43 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: CHARM

Vince, would you be agreeable to such a phone call, or would you prefer to
designate someone in your group?
---------------------- Forwarded by James L Bouillion/HOU/ECT on 04/24/2001
01:41 PM ---------------------------

"Bertil Olsson" <olsson_bc@willis.com> on 04/24/2001 01:40:06 PM
To: James.L.Bouillion@enron.com
cc: "Carl Groth" <groth_ch@willis.com>, "Kenneth Risko" <risko_kj@willis.com>
Subject: Re: CHARM

Jim,

Thanks for the feed-back. To assist in the further development of the
product, are there any specific areas your group would like to see improved
? Based on comments made during our meeting, it sounded like your main
concern was whether or not CHARM would have the capacity to cover the very
different and complex risk areas that your company is involved in. Would
you mind if someone from our CHARM group called you or Mr. Kaminski for
some specific comments ?

Regards,

Bertil

James.L.Bouillion@enron.com on 04/24/2001 01:35:09 PM

To:   Bertil Olsson/Hou/US/WCG@WCG
cc:
bcc:

Subject:  Re: CHARM

Bertil, I again wish to thank you for the presentation on the CHARM
product.  The response from the group is that the model requires more work
before Enron could consider it as a commercial product.  Please keep me
advised as I assume that you will continue to develop the model.

James L Bouillion
04/11/2001 06:50 AM

To:   "Bertil Olsson" <olsson_bc@willis.com> @ ENRON
cc:
Subject:  Re: CHARM  (Document link: James L Bouillion)

No word yet.  I will follow up with the attendees.

Thanks for taking thje time to make the presentation.

"Bertil Olsson" <olsson_bc@willis.com> on 04/10/2001 04:07:11 PM

To:   James.L.Bouillion@enron.com
cc:
Subject:  Re: CHARM

Jim,

Any feed-back on our meeting ? We certainly appreciated the opportunity and
the fact that the meeting was very interactive.

Regards,

Bertil

______________________________________________________________________
The information in this email and in any attachments is confidential and
may be privileged.  If you are not the intended recipient, please destroy
this message, delete any copies held on your systems and notify the sender
immediately.  You should not retain, copy or use this email for any
purpose, nor disclose all or any part of its content to any other person.

______________________________________________________________________
The information in this email and in any attachments is confidential and
may be privileged.  If you are not the intended recipient, please destroy
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purpose, nor disclose all or any part of its content to any other person.


WRONG AGGIE!!!!!!...........the key word is "MAN" dammit.  Little or Big, it's raining them!!  I just stepped in a puddle of MAN!!!!!!!!!!!!!!  Hallelujah!!

----- Original Message -----
From: Brad Corrier
Sent: Thursday, October 25, 2001 10:27 AM
To: chad knipe; EriK Wollam; Chet Fenner; c.r.zander@att.net; Joe Parks; Brian Constantine; lawfeder@msn.com
Subject: Re: no man night

I think the key word is - LITTLE

----- Original Message -----
From: chad knipe <mailto:knipe3@msn.com>
To: EriK Wollam <mailto:erwollam@hotmail.com> ; Brad Corrier <mailto:bcorrier@cox-internet.com> ; Chet Fenner <mailto:chet_fenner@bmc.com> ; c.r.zander@att.net <mailto:c.r.zander@att.net> ; Joe Parks <mailto:joe.parks@enron.com> ; Brian Constantine <mailto:brianc@saltgrass.com> ; lawfeder@msn.com <mailto:lawfeder@msn.com>
Sent: Wednesday, October 24, 2001 4:37 PM
Subject: Re: no man night

Just me and my LITTLE MAN!!!......................................touch him!!

----- Original Message -----
From: Erik Wollam
Sent: Wednesday, October 24, 2001 10:39 AM
To: bcorrier@cox-internet.com <mailto:bcorrier@cox-internet.com>; knipe3@msn.com <mailto:knipe3@msn.com>; chet_fenner@bmc.com <mailto:chet_fenner@bmc.com>; c.r.zander@att.net <mailto:c.r.zander@att.net>; Joe.Parks@enron.com <mailto:Joe.Parks@enron.com>; brianc@saltgrass.com <mailto:brianc@saltgrass.com>; lawfeder@msn.com <mailto:lawfeder@msn.com>
Subject: no man night

I had suggested man night for 10/25. Not going to happen form me. Sheila in
Boston, Eva out this week. I'm on my own with my little men.
Chad in same situation with Stormy out of town.

Try again later.
e.

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


Kim

Please print all these resumes for me.
---------------------- Forwarded by John J Lavorato/Corp/Enron on 12/10/2000
01:05 PM ---------------------------

	From:  Ted C Bland @ ECT                           11/27/2000 08:35 AM

To: John J Lavorato/Corp/Enron@Enron
cc:

Subject: More Pipeline Resumes - Lavo's Mgr/Dir Level

John - More resumes for the pipeline.  Ted
---------------------- Forwarded by Ted C Bland/HOU/ECT on 11/27/2000 08:31
AM ---------------------------

	Enron North America Corp.

	From:  Amy Gambill @ ENRON                           11/22/2000 02:04 PM

To: Ted C Bland/HOU/ECT@ECT
cc:
Subject: More Pipeline Resumes - Lavo's Mgr/Dir Level

Has applied to Enron several times:

Already in Personic.  Identified for Shankman's book (Assoc Level), may be
experienced enough for Mgr Level:


Amanda K. Huble
Gas Fundamentals
Phone: (713) 853-4384
Pager: (877) 482-0772
Fax: (713) 646-8453


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The STOCK INDEXES closed higher on Monday as they extended last
Friday's short covering rallies. Light support came from biotech
stocks however trading was rather light. Session highs in the
September S&P 500 index fell short of filling last Wednesday's gap at
1278.50 as the rebound off last week's low still appears corrective
in nature. Meanwhile, the Nasdaq did fill last week's gap but closed
below the opening range leaving the door open for a possible setback
on Tuesday. Momentum indicators remain bearish hinting that
additional weakness near-term is possible. If the declines resume,
May's reaction lows are potential targets.

The Dow managed to close higher on Monday led by gains in oil stock
thereby confirming last Friday's key reversal up. If the Dow can post
a higher weekly close it could set the stage for a resumption of this
spring's rally later this month.

INTEREST RATES September bonds extended last week's breakout above
this spring's downtrend line crossing near 100-26, which confirmed
that a bottom has been posted. Much of today's strength was due to
comments made by Fed Chairman Alan Greenspan Sunday night that he
sees few signs of inflationary pressure. Downward pressure in the fed
fund futures indicates that there is nearly a 100% chance that the
Federal Reserve Board will raise interest rates by 25- basis points
at the June 26-27 meeting. Momentum indicators are bullish signaling
that sideways to higher prices into early-June are possible. If the
rally continues, May's high crossing at 102-22 is September's next
target.

The CRB INDEX posted a potential downside reversal on Monday due to
weakness in grains, meats, precious metals, fiber and crude oil
products. Additional weakness on Tuesday is needed to confirm today's
bearish reversal pattern. The rebound off last week's low that spiked
below April's low was to be expected due to light short covering.
Closes below last week's low crossing at 208.43 would confirm a
downside breakout of this spring's trading range thereby renewing its
decline off January's high.

ENERGY MARKETS were mostly lower on Monday despite the fact that Iraq
made good on its threat to cut oil exports unless it receives a
six-month extension of the oil-for-food deal. The late-session sell
off was triggered by questions over Iraq's resolve to halt crude oil
exports for any significant length of time.

July crude oil closed higher on Monday but near session lows as early
strength faded into the close. If the decline off May's high
continues, the 50% retracement level of the December/May rally
crossing at 27.51 is July's next target. Momentum indicators are
bearish signaling that additional weakness near-term is possible.

July heating oil posted a downside reversal on Monday and closed
below the 38% retracement level of the December/May rally crossing at
75.66. Closes below last week's low of 75.10 would renew the decline
off May's high and set the stage for a test of May's reaction low
crossing at 74.55, which coincides with the 50% retracement level of
this spring's rally.

July unleaded gas posted a huge key reversal down on Monday despite
news that Iraq has halted crude oil exports. However, today's action
indicates that traders do not believe that the crude oil embargo by
Iraq will have long- lasting effects on the market. In recent
weeks-unleaded gasoline supplies have risen enough to temper concerns
over summer gasoline supplies. Additional weakness on Tuesday along
with a close below 90.30 would renew July's decline off May's high
thereby opening the door for a possible test of April's gap crossing
at 87.25 later this month.

July Henry Hub natural gas closed higher on Monday due weather
forecasts, which are calling for above normal temps across Texas this
week along with revised predictions for warmer weather in July and
August. Additional support came from indications that industrial
demand is on the rise following this spring's decline. Momentum
indicators are oversold hinting that a short covering bounce is
possible during the first half of June.

CURRENCIES The September Dollar managed to close higher on Monday
after early weakness failed to fill last week's gap at 118.62.
Additional strength on Tuesday would set the stage for a possible
test of weekly resistance that crosses at 121.58 later this month.
The daily ADX (a trend-following indicator) is bullish signaling that
additional weakness is possible.

The September Swiss Franc closed slightly lower on Monday hinting
that the corrective bounce off last week's low might be ending. The
recent breakout below support crossing at .5643 has opened the door
for a test of weekly support crossing at .5508 later this month. The
daily ADX (a trend- following indicator) remains in a bearish trend
mode.

The September Canadian Dollar posted a quiet inside day with a lower
close due to light profit taking on Monday. September remains poised
to test trading range resistance crossing at .6541. Multiple closes
above this resistance level are needed to confirm a breakout and
renew the rally off April's low. Momentum indicators are bullish
signaling that sideways to higher prices during the first half of
June are possible.

The September Japanese Yen was lower on Monday due to light profit
taking. However, it remains above trading range resistance crossing
at .8425 thereby leaving the door open for additional gains
near-term. If the rally continues, gap resistance crossing at .8625
is September's next target. Momentum indicators are bullish signaling
that additional gains are possible.

PRECIOUS METALS August gold closed lower on Monday as it is poised to
renew its decline off May's high. Last week's trendline breakout has
opened the door for additional weakness near-term with the reaction
low crossing at 263.20 being the next likely target. Stochastics and
RSI are bearish signaling that additional weakness is possible.

July silver resumed its decline on Monday and is poised to test May's
low at 4.315 later this week. Multiple closes below this support
level would confirm a breakout and open the door for a likely test of
weekly support crossing at 4.15 later this month. Momentum indicators
are bearish signaling that additional weakness near-term is likely.

July copper closed steady on Monday following a spike below May's low
at 74.75 earlier in the session. A short covering bounce ahead of the
close erased early session lows leaving the door open for additional
short covering on Tuesday. Multiple closes below today's low would
confirm a breakout of this spring's trading range while opening the
door for a test of weekly support crossing at 74.10 later this month.
Momentum indicators remain bearish signaling that sideways to lower
prices near-term are possible.

GRAINS July corn posted an inside day with a lower close. Weakness
was tied to forecast that call for warmer and dryer weather
conditions across the Midwest later this week. Additional pressure
came from spillover selling from wheat and today's disappointing
export inspection report that came in at 17.595 verses 32.383 million
bushels. However, losses were limited due to expectations for a
decline in this afternoon's crop conditions report due to the
cool/wet weather, which continues to dominate Midwest weather. The
latest condition report shows that 7% is rated poor/very poor, 29% is
fair, and 64% is rated good/excellent. This is a decline from last
week's levels and should provide light support in overnight trade and
possibly on Tuesday. Last week's breakout above May's downtrend line
signals that a short-term bottom has been posted. If the rebound
continues, May's high at 2.11 1/2 is July's next upside target.

July wheat plunged lower on Monday filling last Friday's gap and
erasing over half of last week's gains due to improving weather
conditions across the Plains. Warmer and drier conditions are
expected to speed up the winter wheat harvest while rain is
forecasted for Montana and western Canada, which have been dry.
Moisture is also forecasted for dry parts of China this week. Today's
sell off took much of the wind out of the bulls sails as the market
has been unable to clear May's downtrend line, which is needed to
confirm that a short-term bottom is in place. This afternoon's crop
condition report showed that 25% is rated poor/very poor, 36% is
fair, and 39% is rated good/excellent. This is a decline from last
week's level and could lead to a short covering bounce on Tuesday.

SOYBEAN COMPLEX July soybeans closed lower on Monday however, a short
covering bounce ahead of the close tempered some of today's losses.
Session lows spiked below broken trading range resistance as the
market rechecked the recent breakout. Momentum indicators remain
bullish signaling that sideways to higher prices during the first
half of June is still possible. If the rally continues, March's high
crossing at 4.77 3/4 is July's next target. This afternoon's planting
progress report showed that 80% of the soybean crop has been planted
compared with the five-year average of 75%. The condition report
showed that 10% is rated poor/very poor, 34% is rated fair, and 56%
is rated good/excellent. I am look for July to trade steady to higher
on Tuesday.

July soybean meal posted an upside reversal on Monday as the market
continues to consolidate in a relatively narrow trading range. Closes
above 168 or below 159.60 are needed to clear up near-term direction
in the market. Strong domestic and export demand continues to offset
bearish weather forecast for the Midwest and portions of China.

LIVESTOCK August hogs posted an inside day with a lower close on
Monday due to light profit taking as it consolidated some of last
week's gains. Nevertheless, the door remains open for a test of
April's high crossing at 65.95 later this month. Much of today's
pressure was due to spillover selling from the limit-down close in
bellies. Losses were limited due to the steady to 75-cent higher cash
bids. Momentum indicators are bullish signaling that sideways to
higher prices into early-June are possible.

August cattle closed lower on Monday on ideas that cash and boxed
beef markets may be topping. The relatively low volume of cash sales
last week indicates that there might be a larger showlist this week.
Momentum indicators are bullish but have become overbought warning
traders to use caution as a top may be near. While the door is still
open for a possible test of this year's high crossing at 75.00,
additional weakness on Tuesday could trigger a round of
long-liquidation.

FOOD & FIBER July coffee closed higher on Monday as it posted a key
reversal up due to short covering. Today's rally was triggered by
talk of possible cold weather moving into Brazil's coffee growing
regions later this week. Additional support came from the latest
commitments of trader's report, which showed that funds had
significantly reduced their long positions. Additional strength on
Tuesday is needed to confirm today's bullish reversal pattern.

July cocoa closed lower on Monday as it extended last week's breakout
below trading range support crossing at 955. Momentum indicators
remain bearish signaling that additional weakness is possible. If the
decline continues, the 75% retracement level at 862 is July's next
target.

July sugar closed higher on Monday as it extended last Friday's short
covering bounce off the 38% retracement level of this spring's rally
crossing at 857. While another day or two of consolidation is
possible, momentum indicators remain bearish signaling that sideways
to lower prices are still possible. If the decline continues, fib
support crossing at 832 then 808 are targets.

July cotton posted a key reversal down on Monday but remains above
psychological support crossing at 40-cents. Early support came from
news of increasing crop losses across west Texas cotton due to
flooding. However, early strength failed to trigger follow-through
buying, which triggered a technical sell off into the close.
Additional weakness on Tuesday is needed to confirm today's bearish
reversal pattern, which could lead to a resumption of this spring's
decline later this month.

Daily Extreme Commentary is brought to you by GLOBALcharts,
INO.com's end-of-day charting software for Futures, Futures
Options and Optionable Stocks. http://www.globalcharts.com
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_____________________________________________________________________

T O P   N E W S
_____________________________________________________________________

STOCKS

Japan Stocks Review: Nikkei up 0.4% in directionless quiet trade
   http://news.ino.com/summary/?id=25632
Add1: US Equities Review: Modestly higher in thin trade
   http://news.ino.com/summary/?id=25630
UK Stocks Review: Strong oils, Marconi takeover talks boost FTSE
   http://news.ino.com/summary/?id=25638

FOREX

US FX Review: Euro resumes losses as ECB intervention is nixed
   http://news.ino.com/summary/?id=25634
Asia FX Review: EUR/JPY buying supports USD/JPY and EUR/USD
   http://news.ino.com/summary/?id=25631
Europe FX Review: Euro hand back modest gains
   http://news.ino.com/summary/?id=25633

CREDIT

US Credit Review: Bond up after Greenspan's tame inflation view
   http://news.ino.com/summary/?id=25629
Europe Credit Review: Mkt holiday limits reaction to Greenspan
   http://news.ino.com/summary/?id=25635
Japan Credit Review: June near flat in slow, choppy trades
   http://news.ino.com/summary/?id=25637

COMMODITIES

US Futures Summary: Gasoline, juice, wheat dive; natural gas up
   http://news.ino.com/summary/?id=25636

EXCHANGES

Toronto Stock Exchange Fines Yorkton Securities
   http://news.ino.com/press/?release=24516
TGE Appoints New Executive Managing Director
   http://news.ino.com/press/?release=24515
NYBOT Announces Cotton Futures Delivery Specification Changes
   http://news.ino.com/press/?release=24514
Floor Broker Charged With Violating 1999 CFTC Order
   http://news.ino.com/press/?release=24513
CBOT's May Trading Volume Rises 18.6% From April
   http://news.ino.com/press/?release=24512
LIFFE Year-To-Date Value Up 52%
   http://news.ino.com/press/?release=24511
Philadelphia Sets Options And Sectors Index Records
   http://news.ino.com/press/?release=24510
Nasdaq Europe's Trading System Starting June 8
   http://news.ino.com/press/?release=24509

____________________________________________________________________________

E X T R E M E   F U T U R E S
____________________________________________________________________________

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

WINNERS

NGN1   Henry Hub Natural Gas Jul 2001              4.069     0.150  +3.82
LBF2   Random Length Lumber Jan 2002              313.00     10.00  +3.30
KCN1   Coffee 'C' Jul 2001                         59.45      1.65  +2.85
ZM1    U.S. Treasury 6% Bond Jun 2001          103 184/256   2 15/32  +2.44
DAV1   BFP Milk Oct 2001                           14.75      0.35  +2.43
RRN1   Rough Rice Jul 2001                         5.920     0.140  +2.42
HOX2   Heating Oil Nov 2002                       0.7038    0.0161  +2.29
SBH3   Sugar #11 World Mar 2003                     7.51      0.15  +2.02
HUK2   New York Harbor Unleaded Gasoline May 20    0.8256    0.0150  +1.81
SIF2   Silver Jan 2002                             4.424     0.070  +1.55

LOSERS

PBN1   Frozen Pork Bellies Jul 2001               79.175    -3.000  -3.65
OJN1   Orange Juice Froz. Conc. #1 Jul 2001        77.90     -2.20  -2.74
WN1    Wheat Jul 2001                            263 1/2    -7 1/4  -2.68
XWN1   Wheat Jul 2001                            263 1/2    -7 1/4  -2.68
KWN1   Wheat Jul 2001                            319 3/4    -8 1/2  -2.59
HUN1   New York Harbor Unleaded Gasoline Jul 20    0.9077   -0.0240  -2.57
AGM1   Silver 1,000 oz. Jun 2001                   4.300    -0.100  -2.27
BON1   Soybean Oil Jul 2001                        15.00     -0.34  -2.22
XRN1   Soybean Oil Jul 2001                        15.00     -0.34  -2.22
ON1    Oats Jul 2001                             112 3/4    -2 1/2  -2.17
____________________________________________________________________________

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

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

WINNERS

SUND   SOUND ADVICE                                24.20      9.15  +61.00
SPLX   SIMPLEX SOLUTIONS                           38.20     10.31  +36.82
BPLS   BANK PLUS CORP                               6.92      1.60  +30.19
MDRX   ALLSCRIPTS HLTHCARE SOLUTIONS                6.98      1.60  +29.96
INGN   INTROGEN THERAPEUTICS                        7.05      1.64  +29.23
VIXL   VIXEL CORP                                   5.10      1.03  +25.69
JCC    JILIN CHEMICAL IND ADS                      14.25      2.86  +25.31
GNTA   GENTA INC                                   12.50      2.12  +20.52
HITK   HI-TECH PHARMACAL                            9.25      1.52  +19.02
NEXM   NEXMED INC                                   6.05      0.95  +18.27

LOSERS

CERT   CERTICOM CORP                                5.64     -4.21  -42.74
CMM-B  CRIIMI MAE 10.875% CV PFD                   15.70     -5.45  -25.77
USG    USG CORP                                     5.03     -1.66  -24.81
EMEX   EMEX CORP                                    9.15     -2.75  -23.56
TESTR  TESTR                                        9.87     -2.13  -17.75
NANX   NANOPHASE TECHNOLOGIES                       9.75     -1.97  -16.68
CATT   CATAPULT COMMUNICATIONS                     29.60     -5.55  -15.59
EXPO   EXPONENT INC                                10.25     -1.84  -15.35
EMKR   EMCORE CORP                                 28.38     -5.06  -15.04
MCHM   MACROCHEM CORP                               9.02     -1.35  -12.99

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Oh wow - don't tell me you're a NUGGETS fan now! That is so wrong. I can't
write for long just now because the ever-flourishing energy crisis is keeping
us all very busy here at The Big Ron, as I so affectionately call it. Right
now I'm on the cusp of either becoming a raging workaholic or cashing in my
chips to become a professional beach bum. I know I already tried that and
thought it wasn't for me, but trust me, one more month of this crap Portland
weather and I'll ship myself right over to the Caribbean. And yes, I'm
definitely coming to visit. It won't be for a couple months because this
house move is going to set me back a bit. Let's just say I'm hoping I'll be
so poor I'll be forced to lose weight in February. But I'm really excited -
we move in on Friday - and the house is so cute. You have to at least come
home to visit sometime so you can see it. I might even bring Kitty over, but
Molly vehemently opposed the idea, and you know how Kitty doesn't like to be
unsettled once she's staked her territory. (Big Kitty lives in daily fear.)
Anyway, call me soon - you can call collect, or call and yelp into the phone
and hang up - I'll know it's you and call back.

I'm stoked you're liking Denver - I really have to experience this "Rocky
Mountain High" for myself. Please don't turn into a stoner ski bum and lose
all fashion sense to the point of mistaking Patagonia and Tevas for catwalk
wear. Hey, and you need to tell me more about this "normal" guy. You've got
to watch out for those, you know - that's how the truly psycho ones disguise
themselves. No, don't listen to me - I'll be bitter and single till I'm so
old I have to get cats and live out my life like the crazy woman that I am.
And this obsession with candles? You know you could head that off by setting
up hundreds and hundreds of smoke alarms all over the house, or tell her that
you just saw a special on 20/20 about houses burning down via over-decoration
with candles.

Hey - do you have a freaking job there? That's the only thing I haven't heard
about. You must like it or you wouldn't have applied to stay, but I need
DETAILS, I need DIRT. Call me soon, we'll dish.

Love,
Kate

Anna Symes <annas@cobs.edu> on 01/24/2001 03:14:37 PM
To: "'Kate.Symes@enron.com'" <Kate.Symes@enron.com>
cc:

Subject: GO NUGGETS!!!

Hey dork!

Just wondering how it's going over there in P-town.  I am doing well.  I
applied for a job here at Outward Bound, so I may be staying here for
awhile.  I met a super-cute guy who I will have to tell you all about - I
think this may actually become a normal relationship or something of the
like.  Michelle and I are doing well, although her decorating style bothers
me a little.  First of all, she's obsessed with candles.  Our living room
looks like the parlor at a whorehouse.  Are you still coming to visit?  I
hope so!

Also, can you send me Monica's phone number if you think of it?  I feel
settled in enough now to call her.  Tell me what's up with you!  Any big guy
stories?  Moved yet?  Let's chat.  Love, Anna


Expected value of game = 1/2 * 0 + 1/4 * 1 + 1/8 *2 + 1/16 *4 +1/32 * 8+....
       = 0       +.25  +.25 +.25 +.25  +...
       = infinity

"Eva Pao" <epao@mba2002.hbs.edu> on 05/13/2001 03:11:46 PM
Please respond to <epao@mba2002.hbs.edu>
To: <John.Arnold@enron.com>
cc:
Subject: waiting

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Sunday, May 13, 2001 4:37 PM
To: epao@mba2002.hbs.edu
Subject: Re: Extra credit

rules to a game:
You flip a coin. If you get tails you win 0.  if you get heads, i give you
$1.  Keep flipping until you get a tails, at which point you walk away with
the money.  however, each heads you get after the first you double your
money.  So if you flip heads 3 times and then tails, you get $4.  What's
you bid/offer on playing this game?  (would you pay $.5 to play? $1? $2?
what you charge me play against you?)


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

I attach the form of GE Consent, opinion and receipt of funds letter, with
the dates left blank as discussed.  The letter agreement does not need to
have references changed.  I shall look at the ENA documents, change where
relevant and re-circulate.
Thanks

Thanks
Isabel

 - NY003700033.DOC
 - NY003701281.DOC
 - NY003699615.DOC


As you already know, it's that time again.  Since I am leaving on vacation
Friday morning, please use the system to input your suggested reviewers no
later than noon tomorrow (Thursday) so that I can approve them and get the
process started before I leave.  Sorry for the inconvenience.

Mark


I'll try it again.  See you in a few hours.

(See attached file: Harris County EBA Speech (1-12 Draft).doc)

Brent Bailey
713-627-5307 (p)
713-627-5550 (fax)
bbailey@duke-energy.com
 - Harris County EBA Speech (1-12 Draft).doc


Ditto Credit.

Shari

	Tana Jones
	03/14/2001 04:35 PM

		 To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Shari
Stack/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Marie Heard/Enron
Communications@Enron Communications, Robbi Rossi/Enron Communications@Enron
Communications, John Viverito/Corp/Enron@Enron, Jane McBride/AP/Enron@Enron,
Andrea Calo/SA/Enron@Enron, Peter Keohane/CAL/ECT@ECT
		 cc:
		 Subject: EOL approvals, 03-13-01

----- Forwarded by Tana Jones/HOU/ECT on 03/14/01 04:33 PM -----

	Walter Guidroz/ENRON@enronXgate
	03/13/01 05:13 PM

		 To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/ENRON@enronXgate,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/ENRON@enronXgate, Cynthia Clark/ENRON@enronXgate, Enron Europe
Global Contracts and Facilities@ENRON, Enron Europe Global
CounterParty/LON/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tom
Moran/ENRON@enronXgate, Claudia Clark/HOU/ECT@ECT, William S
Bradford/ENRON@enronXgate, Lisa Lees/HOU/ECT@ECT, Juana
Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron, Trang Le/HOU/ECT@ECT,
Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim Davies/LON/ECT@ECT,
Karen O'Day/NA/Enron@Enron, Tanya Rohauer/ENRON@enronXgate, Kelly
Lombardi/NA/Enron@Enron, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center@ENRON, Bernice Rodriguez/HOU/ECT@ECT, Bill D
Hare/HOU/ECT@ect, Amy Heffernan/Enron Communications@Enron Communications,
Molly LaFuze/Enron Communications@Enron Communications, Danny Clark/Enron
Communications@Enron Communications
		 cc:
		 Subject: EOL approvals, 03-13-01

Please see attached.


**********************************************************************
CERA Conference Call: Sent Tue, December 12, 2000
**********************************************************************

Title: Conference Call and Web Presentation: Volatility in Northeast Energy
Markets...
Author: CERA
E-Mail Category: Conference Call
Product Line: North American Gas , Refined Products ,

URLs:
Refined Products Members:
http://www.cera.com/client/rp/cc/121200_19/rp_cc_121200_19_ab.html

North American Gas Members:
http://www.cera.com/client/nag/cc/121200_19/nag_cc_121200_19_ab.html
*********************************************************

A Cambridge Energy Research Associates Conference Call and Web Presentation
with North American Natural Gas and Refined Products Groups

TOPIC
Volatility in the Northeast Energy Markets: Natural Gas and Distillate Fuels

* National perspective: The gas price shock.
* Price spikes in the Northeast energy markets so far this winter: more to
come?
* Natural gas storage levels: how low can they go?
* Distillate fuel oil: a source of relief for tight Northeast gas markets?

FORMAT
At the time listed below, our speakers will address this topic for
approximately 30 minutes, with accompanying graphics presented on the
Internet, followed by an open question and answer period.

SPEAKERS
Robert Fleck, CERA Associate Director, North American Gas
Martin Meyers, CERA Director, Refined Products
Jennifer Snyder, CERA Associate Director, North American Gas
William Veno, CERA Director, Refined Products

TIME
3:00 P.M. Eastern, Monday, December 18, 2000

ELIGIBILITY
Clients eligible to participate in this conference call are those who
subscribe to the CERA North American Natural Gas and Refined Products
Retainer Advisory Services.

AUDIO & INTERNET
For the AUDIO portion of the call, please call in on one of the following
numbers approximately 10-15 minutes before the call:

Within the United States: 1-800-946-0705
Outside the United States: (719) 457-2637
Confirmation Code: 491053
Title of the call: CERA Gas/Refined Products

For the INTERNET portion of the call (audio is by telephone), log on to the
internet approximately 15-30 minutes before the presentation to ensure
technological compatibility.

1. Point your browser to http://vcast.premconf.com. (Do not include WWW in
the URL)
2. At the VisionCast Home Page, click on "Attend a Private Conference."
3. Follow all directions given regarding additional technology required (if
any).
4. You will be prompted for an Event Name, your name, and your company name.
Event Name: vc491053
5. Fill in all fields and click "Continue."

System Requirements and Suggestions:
* Internet connection not reliant on the phone line you will use for the call.
* A Java-enabled browser, such as Microsoft Internet Explorer 3.02 or higher;
Netscape Navigator 3.02 or higher; or Sun Hot JAVA(tm)
* Close all desktop applications and disable your screen saver

A recording of this call (audio only) will be available until January 18,
2001. To access this recording, please call 1-888-203-1112 (within the U.S.)
or (719) 457-0820 (outside the U.S.). Please use confirmation number 491053
to access the call.

Technical Assistance:
U.S. callers: If you are experiencing difficulties during the call, you may
signal for technical assistance by pressing *0 (star, zero) on your telephone
keypad after you have connected to the audio portion of the conference.

International callers: Please re-dial and ask the operator for assistance
before giving the confirmation code.

For more information, please contact Donna Masulla via e-mail at
dmasulla@cera.com or via telephone at (617) 441-6896.

**end**

Follow URL for HTML version of this message only.

*********************************************************
Come Shoot the Rapids with us at CERAWeek2001, "Shooting the Rapids:
Strategies and Risks for the Energy Future" in Houston, February 12-16,
2001!  For more information and to register, please visit
http://www.cera.com/ceraweek/
*********************************************************

**********************************************************************
This electronic message and attachments, if any, contain information
from Cambridge Energy Research Associates, Inc. (CERA) which is
confidential and may be privileged. Unauthorized disclosure, copying,
distribution or use of the contents of this message or any attachments,
in whole or in part, is strictly prohibited.

Terms of Use: http://www.cera.com/tos.html
Questions/Comments: webmaster@cera.com
Copyright 2000. Cambridge Energy Research Associates


- ItsOverBurrito.pdf


The In-Focus Projector has been set up as a "Resource" in the Portland
Conference Room Calendar.  Because of the high demand for use of the In-Focus
Projector, it is important that you reserve it on the calendar in advance.

Reservation of the In-Focus machine will be for the projector only.  If you
need a laptop as well, contact IT.  To ensure it is available when needed,
please have your assistant reserve it in advance.

Thanks for your cooperation with this new procedure.

Teri Whitcomb - X7794.


Lynn and I arrived safely in Houston and the weather seems much like
Argentina last week.  That steak dinner was delicious and it will take me
awhile to return to Pappa's or The Palm.  Thanks again.  Sara


A little bedtime reading.

	Enron North America Corp.

	From:  Jonalan Page                           10/05/2000 09:39 AM

To: Gray Calvert/PDX/ECT@ECT, Jeffrey Oh/PDX/ECT@ECT, Elliot
Mainzer/PDX/ECT@ECT, Michael Etringer/HOU/ECT@ECT, Saji John/HOU/ECT@ECT,
Laura Wente/HOU/ECT@ECT, Andy Chen/PDX/ECT@ECT, Todd Perry/PDX/ECT@ECT, Jim
Buerkle/PDX/ECT@ECT, Frank W Vickers/HOU/ECT@ECT
cc:
Subject: HBS Case

I thought you might find this interesting.

---------------------- Forwarded by Jeffrey A Soo/HOU/ECT on 10/04/2000 07:02
PM ---------------------------

Farhad Ahad@ENRON COMMUNICATIONS
10/04/2000 06:41 PM
To: lb471@stern.nyu.edu, Mark Bonney/HOU/ECT@ECT, Marc
Eichmann/Corp/Enron@ENRON, Jeffrey A Soo/HOU/ECT@ECT, Cindy
Hudler/HOU/ECT@ECT, Michael Garberding/HOU/ECT@ECT, Doug Sewell/HOU/ECT@ECT,
Patrick Markey/HOU/ECT@ECT, Victor Browner/HOU/ECT@ECT, Juan
Samudio/HOU/ECT@ECT, AG8@msb.edu
cc:
Subject: HBS Case

Farhad Ahad
Transaction Development and Structuring
Enron Broadband Services
cell:    832-428-3693
work:  713-345-8744
email:  farhad_ahad@enron.net


L O V E   H O R O S C O P E
+

Sagittarius  Sagittarius

  +

Since every Saj is equal parts idealist and gambler, your relationship should
be very interesting.
You're great pals, marvelous traveling companions, a pair of high-flying,
high-rolling
activist/adventurers. Just come down to earth once in awhile -- or find
someone else to
do it for you. This union requires periodic reality checks. You share each
others ideals, interests
and adventures like no one else can. Both of you like to read, study,
observe, learn and teach.
When you're doing all those things together, life may get exhausting but
never boring.
Travel is part of the glue that holds you together. So here's a warning:
Separate vacations
are a no-no. Each of you is such a wanderer, somebody might not come back --
or remain at home.

by   S T A R   D I V A


For questions or comments regarding this report please contact G. Britt Whitman at ex:5-4014 or Kristin Walsh at ex:3-9510.

EXECUTIVE SUMMARY
?	Senate May Seal SoCal's Fate
?	SoCal Edison Eyeing Bankruptcy

California Senate & SoCal's Fate
With the California Assembly's passage of SB 78XX last week, Senator John Burton (President Pro Tem) is positioned as perhaps the most legislatively powerful man in California.  Maintaining his hard line against the Assembly's amendments to SB78XX, Burton has completely rejected SB78 XX and has instead revived a previously introduced Assembly bill (AB 67XX), which had not faced a Senate floor vote.  The majority of AB 67XX's original language has been gutted by Burton and discretely replaced with the following points:

?	Financing of the dedicated rate component has been modified to incorporate a smaller rate base consisting of consumers using only 70 kv or more (formerly users as low as 20 kv were included).  The 70 kv value is rumored closer to 120 kv.
?	The state will have a 5-year option to purchase SoCal's transmission assets at twice book value and SoCal will be allowed to transfer profits from the sale to their parent company.
?	A renewables portfolio equal to 20% of total generation must be in place by 2010.
?	There is an 11.6% return on generation in the bill.
?	The amount authorized for SoCal's bond issuance has been lowered from $2.9B to $2.5B.
?	Direct access language has been included in the bailout bill.  The exact language, which was developed by Senator Bowen's office, is not yet known, however, earlier versions suggest that all parties will be forced to pay exit fees, switch providers no earlier than 2003, and there will be no cost shifting away from the DWR. (Note: Senator Burton is reportedly listening carefully to Treasurer Angelides' arguments about the revenue bonds not selling if direct access is included.)

It is doubtful that Burton will insist on the loyalty of fellow Democrats and will preferably discourage the bill's support.  The arrival of AB67 XX on the Senate floor may be little more than Burton's civil compliance with Gov. Davis' request.  All Republicans and at least 5 Democrats are expected to vote against the bill; an additional two dissenting Democrat votes would effectively block AB67 XX.  Consumer advocates that adamantly oppose this bill (because it lacks the state's ownership of hard transmission assets and burdens residential consumers with excessive rates) are "optimistic" about the bill's defeat in the Senate.  Despite these circumstances, it is highly conceivable that the Senate could pass along a virtually ineffective & inadequate bailout package for the Assembly's approval.

Burton is reportedly avoiding discourse with Davis over AB67 XX and as the hours pass ever closer to the midnight deadline, Burton will likely introduce the bill for floor vote and then hurriedly adjourn the Senate.  If the bill passes, the Assembly will bare the difficult task of either accepting the bill as is, or reject the bill and risk SoCal's bankruptcy.  We believe that if the bill makes it into the Assembly, AB67 XX will pass despite strong opposition from both the CTMA and consumer advocates.  There is no current vote count available in the Assembly, but we expect the Assembly to debate the bill into the early hours of Saturday morning.

Inside Edison
There are still strong indications that even if a bailout plan is passed, SoCal will voluntarily file for bankruptcy or a creditor, most likely a generator, will take them into bankruptcy.  SoCal remains concerned due to the number of contingent claims on their cash (by the DWR, etc.) and appear likely to try to protect these cash flows.  From the generators' perspective, if a plan is passed, the bank creditors will get paid but they will not.  Also, the DWR and ISO have not resolved even what amount is owed to generators for power they have provided this year, let alone when they will be paid.  The total amount owed through the ISO is approximately $2B.  Nonetheless, the generators remain under a federal order to provide power to the state.  Once a deal is passed leaving too little money for SoCal to pay the generators, this will leave them with little means of satisfaction other than filing against SoCal.

SoCal has privately indicated to Senators that if the AB 67XX fails to include any consumer using 100 kv or more as the base for the dedicated rate component, SoCal will be forced to file for bankruptcy because of their inability to effectively securitize the bailout bonds.  SoCal feels that this rate base is too small and the risk of these businesses fleeing the state is too high.  The CTMA also has indicated that some of its members may leave the state to avoid having to pay the extra surcharge on power.

SoCal has not communicated a position on whether the $400 million trim (from the original $2.9B) puts them into bankruptcy. We estimate that an additional $400 million hit is indeed too much to bear and would prompt a voluntary bankruptcy petition.


---------------------- Forwarded by Darron C Giron/HOU/ECT on 04/26/2001
03:38 PM ---------------------------

"Carlos Giron" <Carlos.Giron@psiusa.com> on 04/23/2001 01:48:45 PM
To: Darron.C.Giron@enron.com, Angela.teerwilliams@gte.net, Glenn@home.com,
Ralphmayers@hotmail.com, Yhaynes@mindspring.com, Mike.Kotar@psiusa.com,
ronniegiron@yahoo.com
cc:
Subject: Fwd: snake

Content-Transfer-Encoding: binary
Date: Mon, 23 Apr 2001 13:45:14 -0500
From: "Bishop Keller" <BKeller@psiusa.com>
To: Carlos.Giron@psiusa.com
Subject:  snake
Mime-Version: 1.0
Content-Type: application/octet-stream; name="SNAKE.doc"
Content-Disposition: attachment; filename="SNAKE.doc"

 - SNAKE.doc


The Supreme Court has ruled that there cannot be a nativity scene in
Washington, D.C. this Christmas.

This isn't for any religious reason.  They simply have not been able to
find three wise men and a virgin in the Nation's capitol.

There was no problem however finding enough asses to fill the stable.

Happy Holidays,
Jim Doering

Navigant Consulting Inc.
781-564-9732


Put us down for 50.


AGA for 11/17/00 is (94) W/D


You'll like it.  Do you want to meet by the garage?

Kay

From: Carlos Sole@ENRON_DEVELOPMENT on 11/20/2000 10:58 AM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Opportunities at ENA

Fox Diner as it's peaked my curiosity.  Unless you suggest otherwise

	Kay Mann@ENRON
	11/20/2000 10:53 AM

		 To: Carlos Sole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc:
		 Subject: Re: Opportunities at ENA

Dan just dumped me, so we can go any where you want.  Do you have a
preference?

Kay

From: Carlos Sole@ENRON_DEVELOPMENT on 11/20/2000 10:38 AM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Opportunities at ENA

see you then


Mark, I understand that for certain short term Canadian physical deals
completed between ENA and Enron Canada through the facilities of EnronOnline,
ENA and Enron Canada have agreed to transact these deals as physical deals
but book them as financial deals.  I was asked to prepare an agreement to be
entered into between ENA and Enron Canada to reflect this agreement.  I
attach a copy for your review and comment.  Please call me to let me know if
you have any comments at your earliest convenience, as I understand that
there is some urgency in getting this agreement in place.

Thanks

Greg Johnston (403-974-6745)


Peter and Mark,

  I apologize for the confusion.  Peter, if you have questions concerning
Enron on Line, Mark would be a good person to contact.  I can help you with
the questions on the Master.  Note that the European version that was sent to
you does not include US law provisions.

Robbi Rossi
Sr. Counsel
Enron Broadband Services
Phone:  (713) 345-7268
Fax:  (713) 646-8537

	Peter Traung@ENRON
	01/19/01 02:13 AM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc: Mary Nell Browning/LON/ECT@ECT, Robbi Rossi/Enron Communications@Enron
Communications
		 Subject: Re: Late Delivery

Thanks Mark!  I misunderstood Robbi's mail - I thought you had been working
on the sections of the MSA discussed initially in my mail.

However, it would be very helpful if you could identify those portions of the
US MSA that are there solely for US regulatory purposes - they may not be
necessary in the European version and would inevitably cause discussions with
European CP's, where the argument that they refer to US regulatory
requirements may not be easily accepted.  Section 10.2(ii) is the one below,
which I would be happy if we could delete for Europe:

(i) it is (a) in connection with each Product, a commercial participant who,
in connection with its activities, incurs risk, in addition to price risk,
related to such Product, has a demonstrable capacity or ability, directly or
through separate bona fide contractual arrangements, to provide or accept
such Product under the terms of a Transaction and (b) is either (1) a
corporation, partnership, organization, trust or other business entity with a
net worth exceeding US$1,000,000 (or the equivalent thereof in any foreign
currency) or has total assets exceeding US$5,000,000 (or the equivalent
thereof in any foreign currency) or (2) an entity, the obligations of which
under this Agreement are guaranteed or otherwise supported by a letter of
credit or keepwell support, or other agreement by any such entity or by an
entity referred to in subsection (b)(1) above;

From: Mark Taylor@ECT on 18/01/2001 18:57 CST
To: Peter Traung/EU/Enron@ENRON
cc:

Subject: Re: Late Delivery

Peter

Welcome to Enron!  I usually get to the London office a couple of times a
year and will look forward to meeting you there.  If not, hopefully we'll see
you at the Law Conference in the Spring.

Most of your e-mail is well outside my area of expertise.  Are you consulting
me regarding the regulatory issues and section 10.2?  If so, it would help if
you told me what 10.2 says.....

Feel free to give me a call if you'd like to discuss.

Mark

	Peter Traung@ENRON
	01/18/2001 01:51 PM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Re: Late Delivery

Mark, I'm a new lawyer at Enron Europe, working with Mary Nell on the
broadband team.  Robbi and I have had the below email coorespondence, and
Robbi suggested that I check with you.  Any thoughts?

---------------------- Forwarded by Peter Traung/EU/Enron on 18/01/2001 19:46
---------------------------

Peter Traung
18/01/2001 08:18
To: Robbi Rossi/Enron Communications@ENRON COMMUNICATIONS
cc:

Subject: Re: Late Delivery

Robbi, I assumed that to be the way it would work, which seems to require
that total non-performance is viewed as an SLA failure, presumably then in
the form of Unavailability - if no seconds are delivered at all, then
Unavailable Seconds certainly exceed any normal threshold - resulting in
Credits.  But I was not able to access the actual definition of Unavailable
Seconds thru the www.ansi.org website, but someone here should have them.
There would then also be a cut-off date, beyond which Buyer would not have to
be satisfied with only receiving Credits, when the Unavailable Seconds exceed
the threshold determined for Product Termination Event thus enabling Buyer to
terminate.

But would not this construction become a bit strained if the ANSI standard
refers to seconds that are unavailable in an otherwise up and running
connection (as the reference to path performance monitoring may suggest)?

When you prepared the document, did you consider explicitly dealing with
total non-performance (for example, by explicitly stating, for the sake of
clarification, that Unavailable Seconds shall also include the case where no
seconds are delivered at all)?

I understand that 10.2 (ii) is based on US regulatory requirements.  Are
there any other sections that are solely based on such requirements?

Robbi Rossi@ENRON COMMUNICATIONS
17/01/2001 21:46
To: Peter Traung/EU/Enron@Enron
cc:

Subject: Late Delivery

Peter,

  In response to your voice message, if our supplier fails to deliver on
time, we are entitled to collect liquidated damages from such supplier.  If
we have resold the circuit and are unable to deliver to our customer because
of the failure of our supplier, we in turn will have to pay our customer
liquidated damages for late delivery.  This is why it is so important to
"back to back" the trades to the extent possible.  Please let me know if you
have any other questions.  Hang in there!

Robbi Rossi
Sr. Counsel
Enron Broadband Services
Phone:  (713) 345-7268
Fax:  (713) 646-8537


Shannon,

Thanks. The same to you.

Sorry to have missed your class. I had a very bad case
of flu with some additional complications. I shall be glad to make
a presentation on the same topic on another occasion.

Vince

"Shannon Burchett" <sburchett@worldnet.att.net> on 12/28/99 12:15:59 PM
Please respond to "Shannon Burchett" <sburchett@RiskLimited.com>
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Happy New Year!

Vince,

Wishing you a very happy and prosperous New Millennium!

Happy New Year,
Shannon
Risk Limited Corporation

Box 612666 Dallas, Texas 75261 USA Tel: 972.245.8300 Fax: 972.245.8318
www.RiskLimited.com

 - att1.htm


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I have not been able to find contract # 96001003 in Livelink?  Can you help.  I also need all amendments that go along with this agreement.

Thanks

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


See attached.  It turns out Houston does not provide c/p identifications to
Inside FERC.

Jeff, many thanks.  Peter.
---------------------- Forwarded by Peter Keohane/CAL/ECT on 06/07/2001 01:39
PM ---------------------------

Jeffrey T Hodge
06/07/2001 01:26 PM
To: Peter Keohane/CAL/ECT@ECT
cc: Mark E Haedicke/HOU/ECT@ECT
Subject: Sumas Index

Peter:

Attached you will find a sample of what ENA submits to Inside FERC.  As you
can see, it is a download from EOL and does not include counterparty names.

I trust this is of some help to you in your current situation.

Jeff
----- Forwarded by Jeffrey T Hodge/HOU/ECT on 06/07/2001 02:24 PM -----

	Kimberly Bates/ENRON@enronXgate
	06/05/2001 03:56 PM

		 To: Jeffrey T Hodge/HOU/ECT@ECT
		 cc:
		 Subject: FW: INDEX PRICING

 -----Original Message-----
From:  Bates, Kimberly
Sent: Thursday, May 31, 2001 12:17 PM
To: 'mhenergy@yahoo.com'
Subject: FW: INDEX PRICING

 -----Original Message-----
From:  Rank, Sabina
Sent: Thursday, May 31, 2001 12:12 PM
To: Bates, Kimberly
Subject: INDEX PRICING