You are right, let's just do a contract.  I'll put one together.  Jeff

	Sarah Mulholland
	02/22/2001 07:08 AM

		 To: Jeffrey A Shankman/HOU/ECT@ECT
		 cc:
		 Subject:

Last night Jennifer and I did my PRC review over dinner.  Of course
everything went well and Jen always does criticism in the most professional
manner.  I know you and I just talked about putting me in the trading track
program in order to get a salary increase, but I'd also like to discuss the
possibility of signing a contract.  I don't know if the trading track program
is right for me since I'm already working on a  book right now and would not
be rotating through different areas.  Please let me know when you might have
some time to talk about this.  Thanks.

Sarah


Start Date: 1/9/02; HourAhead hour: 15;  HourAhead schedule download failed. Manual intervention required.


---------------------- Forwarded by Chris Dorland/CAL/ECT on 06/22/2000 03:27
PM ---------------------------

Chris Lambie
06/22/2000 03:24 PM
To: Jonathan McKay/CAL/ECT@ECT, Jeff Pearson/CAL/ECT@ECT, Chris
Dorland/CAL/ECT@ECT, Michael Cowan/CAL/ECT@ECT, Bill Greenizan/CAL/ECT@ECT
cc:
Subject: FW: Press Release

---------------------- Forwarded by Chris Lambie/CAL/ECT on 06/22/2000 03:21
PM ---------------------------

"Hoss, Michael" <Hoss2M@kochind.com> on 06/22/2000 07:40:24 AM
To: chris.lambie@enron.com
cc:
Subject: FW: Press Release

thought you would like.

> -----Original Message-----
> From: Gillean, William
> Sent: Thursday, June 22, 2000 8:37 AM
> To: Stratton, David; Strickland, Stephen; Garrison, Scott; Searle, Jeff;
> Parker, Matt; Hill, Blake; Hoss, Michael; Fulghum, David; Bergin, Patrick
> (Houston); Franz, Stacy; O'Neill, Brenden; Little, Lori; Therrell, Matt;
> Ben Montgomery (E-mail); Matt Carrell (E-mail); Rusty Mondelli (E-mail)
> Subject: FW: Press Release
>
>
>
> -----Original Message-----
> From: Hasou, Andre J. [SMTP:hasouaj@bp.com]
> Sent: Thursday, June 22, 2000 7:59 AM
> To: 'gilleanw@kochind.com'
> Subject: FW: Press Release
>
>
>
> > ----------
> > From:  Reasor-Sanchez, Michelle
> > Sent:  Thursday, June 22, 2000 7:31 AM
> > To:  Houten, David P; Ziebart, Darrell J; Hasou, Andre J.
> > Subject:  FW: Press Release
> >
> >
> >
> > ----------
> > From:  Kelly, Angie[SMTP:Angie.Kelly@Williams.com]
> > Sent:  Thursday, June 22, 2000 7:24 AM
> > To:  'denise'; 'Michelle'; 'Nesha'
> > Subject:  FW: Press Release
> >
> > Don't know if you have seen this yet...
> >
> > -----Original Message-----
> > From: Silva, Chris
> > Sent: Thursday, June 22, 2000 7:11 AM
> > To: Brown, Daryl; Lapham, Melinda; Milburn, Scott; Poston, Dudley;
> > Carlton, Charles; Kelly, Angie; Lassman, Mike; Herndon, Blake
> > Cc: 'bray@mmbtu.com'; 'jleitner@coral-energy.com'
> > Subject: FW: Press Release
> >
> >
> >
> >
> > -----Original Message-----
> > From: Kevin O'Toole [mailto:kotoole@westernhubs.com]
> > Sent: Wednesday, June 21, 2000 3:37 PM
> > To: 'Silva, Chris - Williams'
> > Subject: Press Release
> >
> >
> > FOR IMMEDIATE RELEASE
> > -----------------------
> > Today Enron and Hades announced a definitive energy services agreement
> > said to be worth an estimated $666 Trillion.  In the deal, Enron will
> > provide both gas and electric commodities to Hades' facilities
> throughout
> > and under North America.  John D. Rockefeller, former CEO of energy
> > monopolist Standard Oil, is now head of Hades' energy management
> division.
> > Said Rockefeller, "Obviously Hell has significant heating demands.
> While
> > eternal flames are a great idea in concept, they
> > require vast and reliable fuel resources.  Enron was the only supplier
> > willing to make a deal with my boss, and, as a former monopolist, I just
> > like the way they do business."
> >
> > A spokesperson for Enron said the two cultures were able to work easily
> > together during negotiations.  According to the company, "The deal fits
> > both companies exceptionally well.  With Hades' ability to attract and
> > retain new customers, we see this as a fabulous growth opportunity for
> > millennia to come."  According to several energy industry insiders,
> Hades'
> > high heating demand with very little need for summer air conditioning
> make
> > it a
> > very attractive energy portfolio addition.
> >
> > Hades is a multinational corporation with millions of sites worldwide
> and
> > approximately 173 quintillion customers.  The entity boasts sustained
> high
> > growth rates over the last two thousand years. Enron is one of the
> world's
> > leading energy and communications companies. The company owns
> > approximately $37 billion in energy and communications assets.  Enron
> > ranks in the top quarter of Fortune's "Best 100 Companies to Work For if
> > You Can Keep A Job There and Don't Mind Working 80 Hours A Week," and is
> > among the most respected corporations in America, as ranked by customers
> > with respect-us-or-get-curtailed clauses in their energy supply
> contracts.
> >
> >
> >
> >
> >


Team meeting to discuss the fall recruiting season.  How did we do?  What
could we do better?


Thanks!


Please Delete any messages with the subject of MAWANELLA immedately.  Do not open them.  We have alerted the Virus team that we are recieving these emails.  If you have accidentally run the attachment please alert us as soon as possible.  If you have not run the attachment but opened the mail you are not infected.

http://www.datafellows.com/v-descs/vbswg_z.shtml

I have attached a URL if you are interested in learning more about this virus.

Thanks,
Diana


Ginger:

In preparation for the WTO Strategy Conference Call on Monday, February 28,
2000 Joe Hillings thought the attached would be helpful to the participants.

If there is any additional material Rick would like Joe to distribute, please
let us know.

Thanks.

Lora Sullivan
202-466-9142

To: Joe Hillings/Corp/Enron@ENRON, James D Steffes/HOU/EES@EES, Chris
Long/Corp/Enron@ENRON, Mark Schroeder/LON/ECT@ECT, John
Hardy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steven J Kean/HOU/EES@EES
cc: Lora Sullivan/Corp/Enron@ENRON, Marcia A Linton/HOU/EES@EES, Amy
Fabian/Corp/Enron@Enron, Sharon Killey/LON/ECT@ECT, Helen
Rizzo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Maureen McVicker/HOU/EES@EES

Subject: WTO Strategy Conf. Call: Confirmation

The call mentioned above has been scheduled.  Please see below.

Date:  Monday, February 28

Time:  8:00am cst/9:00am est/2:00pm London

Numbers: 1-800-283-1805 (Domestic)
  703-736-7385 (Int'l)

Duration of the call should be 1 1/2hrs.  Thanks and please call if you have
any questions.

gngr
---------------------- Forwarded by Ginger Dernehl/HOU/EES on 02/22/2000
03:00 PM ---------------------------

	Enron Energy Services

	From:  Ginger Dernehl                           02/22/2000 11:30 AM
	Phone No: 713 853-7751

To: Joe Hillings/Corp/Enron@ENRON, James D Steffes/HOU/EES@EES, Chris
Long/Corp/Enron@ENRON, Mark Schroeder/LON/ECT@ECT, John
Hardy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steven J Kean/HOU/EES@EES
cc: Lora Sullivan/Corp/Enron@ENRON, Marcia A Linton/HOU/EES@EES, Amy
Fabian/Corp/Enron@Enron, Sharon Killey/LON/ECT@ECT, Helen
Rizzo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Maureen McVicker/HOU/EES@EES
Subject: WTO Strategy Conf. Call:URGENT REPLY NEEDED

Please let me know if the time below will work on your calendars for the
above mentioned meeting.

Monday, February 28, 8-9:30am cst/9:00-10:30am est/or 2-3:30pm London

Please respond at your earliest convenience.

Helen Rizzo * - Rick would like John to attend if these times will work into
his schedule.

Thanks and please call if you have any questions.

gngr

	Enron Energy Services

	From:  Ginger Dernehl @ EES                           18/02/2000 16:04
	Phone No: 713 853-7751

To: Joe Hillings/Corp/Enron@ENRON, James D Steffes/HOU/EES@EES, Chris
Long/Corp/Enron@ENRON, Mark Schroeder/LON/ECT@ECT, John
Hardy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steven J Kean/HOU/EES@EES
cc: Lora Sullivan/Corp/Enron@ENRON, Marcia A Linton/HOU/EES@EES, Amy
Fabian/Corp/Enron@Enron, Amber Keenan/LON/ECT@ECT, Helen
Rizzo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Maureen McVicker/HOU/EES@EES

Subject: WTO Strategy:URGENT REPLY NEEDED

Rick would like to hold a conference call regarding the above subject.  In
checking with Rick's, Steve's & Mark Schroeders schedules the times below
would work best for their calendars and Thursday the 24th is the date with
the most possibilities.  Please let me know if any and all of these times
would work for you to attend.  Thanks and please call if you have any
questions.

gngr

Thursday, February 24
Anytime after 11:00am cst/12:00pm est/4:00pm London


Attached please find an updated EPMI Power Credit Watch List as of 12/13/00.
Please direct any questions and/or comments to the Credit Hotline
(713-853-1803).

Regards,
Tracy


Enron Shares Fall on Concern Over CFO's Partnerships (Update4)
Bloomberg, 10/19/01

USA: UPDATE 1-Enron stock sustains further heavy losses.
Reuters English News Service, 10/19/01
Enron Corp. Cut to `Hold' at A.G. Edwards
Bloomberg, 10/19/01

BANDWIDTH BEAT: Enron Broadband Unit Takes A Beating
Dow Jones Energy Service, 10/19/01
Dynegy Chief: Bandwidth Growth Won't Wait For Trading
Dow Jones Energy Service, 10/19/01
UK: Jobs in base metals down but definitely not out.
Reuters English News Service, 10/19/01
New Power Hldg Sees Meeting 3Q Loss Estimate
Dow Jones News Service, 10/19/01

Enron Shares Fall on Concern Over CFO's Partnerships (Update4)
2001-10-19 16:24 (New York)

Enron Shares Fall on Concern Over CFO's Partnerships (Update4)

     (Updates with Chief Financial Officer Fastow didn't
immediately return a call for comment in fifth paragraph.)

     Houston, Oct. 19 (Bloomberg) -- Enron Corp.'s shares have
fallen 26 percent in the past three days on concern the biggest
energy trader's dealings with partnerships run by its chief
financial officer contributed to investment losses.

     Enron's stock dropped 10 percent today. Enron's board cost
the company at least $35 million by allowing Chief Financial
Officer Andrew Fastow to manage LJM Cayman and LJM2 Co-Investment,
partnerships that bought Enron assets, a shareholder alleged
Wednesday in a lawsuit.

     The lawsuit came the day after Enron reported $1.01 billion
in third-quarter losses from failed investments. The Wall Street
Journal reported $35 million of the losses were connected with the
two limited partnerships. Enron also reduced shareholders' equity
by $1.2 billion when it bought back 55 million shares from the
partnerships, the paper reported yesterday.

     ``It looks sleazy,'' said Roger Hamilton, a manager at John
Hancock's Value funds, which own 600,000 shares. ``If you are
someone who invests in a company's management, it's almost time to
punt with Enron.''

     Enron spokeswoman Karen Denne didn't return calls or written
requests seeking comment. Fastow didn't immediately return a
telephone call for comment.

     Fastow and a handful of associates made more than $7 million
last year in management fees and about $4 million in capital
increases on an investment of about $3 million in one of the
partnerships, the Journal reported today.

                        Buying Enron Assets

     Fastow is involved in 17 other similar companies and
partnerships that appear to have ties to Houston-based Enron,
based on filings with the Texas secretary of state.

     The foreign business corporations and limited liability
companies have directors, officers or managers whose address is
listed as 1400 Smith Street in Houston, Enron's corporate address,
according to Texas records.

     Fastow is listed as a director, officer or managing member in
each one. At least one of the companies bought and sold Enron
assets, including foreign power plants.

     Whitewing Management, which lists Fastow as its managing
member, received $807 million from the sale of Enron debt last
year.

    Under the terms of the debt sale, Whitewing is allowed to use
the proceeds to buy power plants from Enron or make other
``permitted investments.'' Whitewing has bought 14 Enron plants or
companies since 1999 and sold four.

     Enron's Denne has not responded to written requests about
Fastow's role at Whitewing or whether he used his knowledge of the
value of Enron assets to benefit outside investors or company
executives at Enron's expense.

     Shares of Enron fell $2.95 to $26.05. They have fallen
69 percent this year.

--Russell Hubbard in the Princeton newsroom, 609-750-4651 or
rhubbard2@bloomberg.net, and Jim Kennett in Houston,
(713) 353-4871 or jkennett@bloomberg.net/pjm/alp/pjm

USA: UPDATE 1-Enron stock sustains further heavy losses.

10/19/2001
Reuters English News Service
(C) Reuters Limited 2001.

(New first paragraph, adds additional analyst comment)
By Andrew Kelly
HOUSTON, Oct 19 (Reuters) - Enron Corp. stock sustained further heavy losses on Friday as investor confidence in the former Wall Street favorite was rocked by reports about the company's relationship with a limited partnership that was run until recently by Enron's chief financial officer.
The energy giant's stock closed down $2.95 or 10.2 percent at $26.05 per share, making a cumulative loss of 27 percent for a week in which Enron reported a third-quarter loss of $638 million, its first quarterly loss in over four years.
Analysts said confidence was shaken by several articles in the Wall Street Journal this week alleging possible conflicts of interest on the part of Chief Financial Officer Andrew Fastow, who until recently ran a limited partnership that bought assets worth hundreds of millions of dollars from Enron.
"I don't think this thing passes the smell test," said one analyst who spoke on condition of anonymity. "I think the CFO should be out of there right now. In the interest of the stockholders, that CFO should be gone," he said.
Enron has rejected the suggestion that there was anything improper about the arrangements, but Fastow severed his ties with the LJM2 partnership earlier this year to allay concerns raised by investors and analysts about his dual responsibilities.
POOR JUDGMENT?
Analysts said that at the very least, the arrangement showed poor judgment by senior managers at Enron, which recently pledged to be more open with investors and analysts following a series of high-profile stumbles that culminated with the shock resignation of new chief executive officer Jeff Skilling in August.
"For a company that had a lot of question marks around it already, these questions about financial dealings are really worrisome for investors," said Commerzbank Securities analyst Andre Meade. "It points to poor decision-making on behalf of the board and top management at Enron," he said.
Enron, North America's biggest buyer and seller of natural gas and electricity, was one of Wall Street's high flyers last year, when its stock posted a gain of 87 percent.
The stock's ascent was driven by enthusiasm for the company's plans to build a broadband telecommunications business and the success of its EnronOnline Internet energy trading platform.
This year Enron's shares have fallen 69 percent as sentiment toward broadband and the Internet soured, Skilling resigned after only six months as CEO, and the company's Dabhol power plant project in India became mired in a payments dispute.
Moody's Investors Service said earlier this week that it had placed all of Enron's long-term debt obligations on review for a possible downgrade after Enron took $1.01 billion in write-downs and charges that substantially reduced valuations for several non-core businesses, including broadband and water services.
Some of Enron's financing arrangements require the company to maintain investment grade credit ratings.
Analysts said Enron's credibility has been severely damaged and the recent reports about the LJM2 partnership had raised concerns that more unpleasant surprises may lie ahead.
"What don't we know that went on at that company? Where's the credibility?" asked one frustrated analyst. "We don't know if it's limited to this," he said.

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

Enron Corp. Cut to `Hold' at A.G. Edwards
2001-10-19 16:27 (New York)

     Princeton, New Jersey, Oct. 19 (Bloomberg Data) -- Enron Corp. (ENE US)
was downgraded to ``hold'' from ``buy'' by analyst Michael C Heim at A.G.
Edwards & Sons Inc.

BANDWIDTH BEAT: Enron Broadband Unit Takes A Beating
By Michael Rieke

10/19/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

HOUSTON -(Dow Jones)- Early last year, Enron Corp.'s (ENE) hype and skyrocketing share price enticed a number of other energy companies into the telecommunications business.
Now investors are wondering whether Enron is leading the charge out of telecom.
The company announced Oct. 16 that its broadband unit lost $80 million before interest and taxes in the third quarter on revenue of $4 million. In the third quarter of last year, the unit lost $20 million on revenue of $162 million.
Enron also recorded a $180 million non-recurring charge for restructuring its broadband unit in the third quarter of this year. That amount included severance costs for cutting 400-500 jobs, loss on sale of inventory and the reduced value of Enron's content services.
At an analysts meeting Oct. 16, Enron Chairman and Chief Executive Ken Lay said the broadband business is "not that robust" right now. Industry revenue is low and there's substantial overcapacity in the bandwidth market, "more than even we anticipated," Lay said.
The company still has a problem finding creditworthy counterparties for bandwidth trading. Consolidation in the telecom sector has also eliminated potential trading partners.
"A year ago it looked like an excellent business to get into," he said. "Others thought so, too."
Looking back, Enron could have gotten into the broadband business with less capital, Lay said. It spent "too much too soon."
An Ominous Comparison

He compared Enron's move into telecom with its move into the water business with its Azurix unit. That comparison probably won't be good news to those who still have broadband jobs at Enron.
Azurix caused Enron to take a bigger writedown - $287 million - than broadband in the third quarter. The water business has been a bigger and longer-lasting headache than broadband.
Maybe Enron's surviving broadband employees will feel better knowing that Lay told analysts the company is exploring alternatives to preserve its play in telecom at a reasonable price so it will be ready when the business recovers.
It's trying to reduce general and administrative costs in broadband to $40 million a quarter and is on track to reach that goal next year, he said. It could cut those costs even more in order to sustain the business.
Meanwhile, the company is trying to determine which parts of the telecom business it wants to be in, he said.
Enron President and Chief Operating Officer Greg Whalley told analysts the company needs to determine how much network and hardware it needs.
At one time, they had thought that they wanted to use physical network assets as a springboard, Whalley said. Now they "wouldn't want to forever be in the network business."
Both executives mentioned the possibility of joint ventures in telecom. Lay said other companies are asking Enron to do them. Whalley said the company has talked about exchanging fiber and other assets.
The one part of the telecom business Enron still seems committed to is broadband intermediation. "Intermediation" is a term the company uses in most of its commodity businesses, said an Enron spokeswoman. It's a combination of trading and deal origination - wholesale and enterprise customers.
More Bad News Expected

Rebecca Followill, a research analyst for Howard, Weil, Labouisse, Friedrichs Inc., she had expected a larger writedown in broadband for the third quarter.
"If you look at how much the stocks of their peers in broadband have fallen, you've got to figure that their assets' values have fallen similarly," Followill told Bandwidth Beat. "I was expecting more like an 80% writedown in broadband."
Another analyst, who didn't want to be identified, said he also expects more broadband writedowns from Enron. "To the extent that they can take more writedowns, I think it would make eminently good sense to do it."
He predicted "a $200 million haircut" in the first quarter of next year because of a goodwill valuation issue.
And that might not be the end of it. Enron had a net of $948 million of broadband property, plant and equipment at the end of last year, he said. They had another $600 million of risk management asset receivables, inventories and working capital items.
Followill doesn't see much future in broadband for Enron.
"I think the business will shrink to the point where it won't be shown as a key sector in their reporting," she said.
Enron might keep a small broadband group in case the market rebounds, she said. Her investor clients don't expect broadband to contribute to Enron's earnings within the next three years.
She thinks Enron is looking for an exit strategy.
The other analyst said Enron is trying to preserve some value in broadband. "It doesn't look like there's any right now, to be honest," he said. "They'll carry the trading operation to some degree."
-By Michael Rieke, Dow Jones Newswires; 713-547-9207; michael.rieke@dowjones.com

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

Dynegy Chief: Bandwidth Growth Won't Wait For Trading
By Erwin Seba
Of DOW JONES NEWSWIRES

10/19/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

HOUSTON -(Dow Jones)- Dynegy Inc. (DYN) Chairman and Chief Executive Chuck Watson understands why some think he is mistaken in believing the bandwidth sector has reached its bottom and is recovering.
But those critics don't understand his bandwidth business, Watson told Dow Jones Newswires in an exclusive interview. They don't understand how the business world has changed since the Sept. 11 terrorist attacks, he said.
In announcing third-quarter results for Dynegy Monday, Watson said the bottom in bandwidth demand was reached on Sept. 11 and that the market would begin recovery in the fourth quarter of this year.
Businesses are reassessing where to store data and how to distribute operations to avoid losing everything in a sudden catastrophic event, be it of natural or human origin. That's what's driving the recovery, he said.
Also, businesses will avoid travel, he said, relying instead on video conferencing.
Enron Corp. (ENE) Chairman Kenneth Lay said Tuesday that he hasn't seen any signs of recovery in telecom. The bandwidth market is suffering, in part, because there are few creditworthy companies to trade with, he said.
"They're trying to find trading partners for broadband," Watson said. "That's going to be tough to do." Dynegy isn't concentrating on bandwidth trading because there isn't "a realistic model" for it yet, he said. "I said two years ago it was at least two years away. I still think it's probably at least two years away, before we actually call it a trading commodity."
The metro-area infrastructure that Dynegy and other companies are building will create connections between networks, which are needed in order to trade bandwidth as a commodity, Watson said.
It's unfortunate that Enron's model for bandwidth as a traded commodity is the dominant image for the entire market, Watson said. Dynegy's model includes telecom contracts, negotiated directly with customers for long-term supply of bandwidth.
Dynegy's bandwidth trading desk is staffed by four people. For the past several months, they have been buying bandwidth for Dynegy's customers. The goal has been to build a customer base. "We're looking at being an intermediary, and really looking at the same customers that we feed energy today."
Since Dynegy lit its 16,000 route-mile network two weeks ago, the trading desk has been trying to fill the company's network instead of buying bandwidth from others. "I'm trying to find enterprises that have communication requirements," Watson said.
He pointed to ChevronTexaco Corp. (CHX) as a target for those services. "They have offices that never talked to each before," he said. "Now they've got to talk to each other. I would say that the credit quality of Chevron and Texaco is pretty reasonable."
ChevronTexaco owns about 26% of Dynegy, said a Dynegy spokesman. Dynegy and ChevronTexaco already have a large energy trading relationship which includes natural gas and gas liquids.
The average burn rate of Dynegy Global Communications, the corporation's telecommunications unit, is $20 million to $25 million a quarter, Watson said. In the third quarter, it lost $15 million, down from $20 million in the second quarter.
Dynegy predicts that Global Communications will break even or record a small loss before interest and taxes in the fourth quarter.
"If we can get to (income of) $10 million per month - that's what we need really," he said. "If we can get there by the end of next year, I'll be very happy. I think by '03, this market will have righted itself."
Watson believes telecommunications has the potential to transform Dynegy.
"Dynegy is an energy company," he said. "Our energy merchant company is doing very well and business is growing like a weed...(Telecommunications) is not our core business by any stretch right now. But I'd love to be able to tell you it's going to be. I'd love to be able to tell you it is someday."
-By Erwin Seba, Dow Jones Newswires; 713-547-9214; erwin.seba@dowjones.com

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

UK: Jobs in base metals down but definitely not out.
By Amanda Cooper

10/19/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Oct 18 (Reuters) - Dismal industrial demand and the fickleness of hedge funds seduced by more volatile markets have slashed London Metal Exchange members' profits over the past year and set off a gathering wave of job cuts.
The decline and fall of base metal prices in the past year and a half has prompted a series of high-profile companies to withdraw from the market, casting a pall over next week's yearly LME Week industry gathering in London.
Jobs have gone from front office to back in trading houses and banks, raising questions about the prospects for those now seeking work.
"Good people can always be placed. As long as there is a job to fill and the company has a budget to hire," Sarah Gilley of London-based recruitment group Exchange Consulting said.
"Where the situation starts to get difficult is where everyone is cutting budgets, people are not being replaced when they leave and there have been an awful lot of redundancies."
Last week, ScotiaMocatta, a subsidiary of the Bank of Nova Scotia and a key ring dealing member, unveiled its decision to give up open outcry trading on the LME floor, prompting around 25 job losses among traders, phone jockeys and clerks.
Then blue-blooded banker N.M. Rothschild & Sons closed its London and New York base metals units. It left its core precious metals business intact, but 20 base metals staff were laid off in the process.
In the same week, the LME's largest floor trader, Enron Metals, said it planned to cut 10 to 20 percent of its metals staff as part of an exercise to cut 250 to 500 jobs in the Enron Group .
SECURITY
With three big market players and several major banks with commodities divisions slashing jobs at the same time, competition in the labour market will intensify and those in work are becoming wary about job security.
"What we're finding at the moment is that there is still demand for traders with a track record, which is possibly increasing because people are nervous about their jobs and so they're keen to stay put," Gilley said.
"So whereas someone who might be a big money-spinner with a track record would have previously stayed in their job for two to three years, they are now staying for three to five years.
"They probably feel that they're reasonably safe where they are, they're well recognised and not going to stick their necks out," she said.
BONUS FEARS
October has never traditionally been a strong month for the the jobs market in base metals as players are often distracted by LME week functions and conferences
Also, traders tend to be looking towards their annual performance-linked bonuses, which are usually announced at the end of the year.
"Those who are in work at the moment are sticking. Often at this time of year, people are hanging on for their bonuses. But I don't think any of them are anticipating good bonuses. They're probably just happy to have a job," Sian Griffiths of Exchange Consulting said.
LME volumes traded have been fallen over the past 18 months as the powerful hedge funds that once took a shine to the metals swarmed into areas such as hi-tech and telecomms stocks.
Metals traders who handled the large volume of fund activity have begun to focus again on moree traditional clients, and this may yet prove a boon for the jobs market.
Companies are seeking to fill a shortage of staff schooled in the traditional practices of trading physical metal.
"A lot of companies who had sidelined the traditional physical business are now re-aligning their focus and need poeple who understand the physical market and know how to set up a hedge and manage it, " Gilley said.
"The other area where demand has markedly increased in comparison to a few years ago is marketing," she added.
As for morale in the industry, individuals' confidence in their future is seemingly undimmed.
"Just because I've lost my job doesn't mean I'm going to sell my Porsche," one trader said.

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

New Power Hldg Sees Meeting 3Q Loss Estimate

10/19/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

PURCHASE, N.Y. -(Dow Jones)- New Power Holding Inc. (NPW) expects to meet its prior third quarter loss estimates; and said it has revised an agreement with Enron Corp. (ENE), lowering the collateral New Power must post under a master netting agreement.
In a press release Friday, New Power said the amendment to the Enron pact and cost-cutting efforts will allow the company to continue to conduct business until it secures ongoing asset-backed financing.
The company reiterated its earlier expectations of a third quarter loss of $65 million to $70 million, or $1.12 to $1.20 a share.
Analysts put the company's third quarter loss at $1.16 a share, according to Thomson Financial/First Call.
Third quarter revenue will be "slightly lower" than the $60 million to $65 million forecast in August, New Power said.

In the year-ago third quarter New Power lost $1.23 a share on revenue of $18.19 million.
The amendment to the master netting agreement with Enron North America Corp., Enron Energy Services Inc. and Enron Power Marketing Inc. affects the master cross-product netting, setoff, and security agreement, and expands through Jan. 4 the types of collateral that New Power is permitted to post to the Enron units.
Under the amended pact, the first $70 million of posted collateral must be in the form of cash, while amounts in excess of $70 million may consist of not more than $40 million of eligible receivables and inventory of New Power, valued at discounts specified in the amendment, and subject to a $25 million limit for October 2001.
Shares of New Power traded recently on the New York Stock Exchange at $1.67, up 1 cent, or 0.6%, on early composite volume of 7,900 shares. Average daily volume is 223,800 shares.
-Bill Platt; Dow Jones Newswires; 201-938-5400

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


So that we continue to drive our activities with our Public Affairs strategy,
we have asked Alhamd to coordinate our material and project timeline.  We are
also asking Jeanie Mandelker to take the lead in working through our
different material to put into one look and feel.

Please let Alhamd know of your activities so that we are able to better
coordinate any bottlenecks.  Also, please forward to Alhamd and Jeanie all
prior work that has been done so that they are in the loop.

Attached the original gameplan.

Jim


GE has been negotiating with Freshfields (just like you will be soon) so I
don't know what the current version looks like.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/11/2001 01:59
PM ---------------------------

"Shoemaker, Kent (GEAE)" <kent.shoemaker@ae.ge.com> on 04/09/2001 11:14:00 AM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc:

Subject: Salmon:  LEGAL OPINION

Kay:

Here are my comments to the Opinion of Counsel for Salmon Energy.

Kent

 <<Opinion of Counsel.doc>>

 - Opinion of Counsel.doc


Jim,

GSS is currently entering all of our executory contracts in the ECI database.
We have hired a temp. to help with this effort.  Please let me know if you need additional info.

Regards,

Peter L. Goebel
Director, Sourcing Portfolio Leader - IT
Global Strategic Sourcing
Work: 713-345-3325
Cell: 713-851-5673
peter.goebel@enron.com

 -----Original Message-----
From: 	Armogida, Jim
Sent:	Friday, March 08, 2002 9:38 AM
To:	Goebel, Peter; Moore, Tom; Borgman, Laine; Freeland, Clint; Shackleton, Sara
Subject:	executory contracts

There is a requirement to identify all executory contracts--that is all contracts that are currently active and still have performance required by one party or the other(s).  You each have probably already been asked to list those for somebody as part of the gathering effort.  If you have not, I am asking that.

Would you please let me know whether you have already engaged in this effort and provided the information or, if that is not the case, give me a list of those types of contracts that you know of [or tell me where I can go---maybe I shouldn't have started that way (joke)--to get such a list]?

Thanks.  I appreciate it.


Sempra Eyes Baja for LNG Terminal

Sempra and other firms are studying sites in northern Baja California for
construction of one or more LNG terminals.  Fast growing economies in
Southern California and Baja need additional gas supplies, but some say the
LNG terminals, if built, will be too late.  Other pipeline projects
bringing gas from the Rockies and San Juan Basin will already be in place.
 Read more at:  http://www.latimes.com/business/20010604/t000046530.html.

Bob Brooks
GPCM Natural Gas Market Forecasting System
http://gpcm.rbac.com


At this time, there is only a GTC.

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


Funny.  No.  I didn't feel guilty about the garage sale, that's why I was annoyed - being notified at 10:00 at night GRRRRRRR.  I do feel guilty about you doing all this work.  So I'm going with you, I pay for the gas and the twinkies.

 -----Original Message-----
From: 	Jerry W Germany <germanj@basf-corp.com>@ENRON
Sent:	Friday, January 25, 2002 3:02 PM
To:	Germany, Chris
Cc:	Germany, Barbra (BE)
Subject:	RE:

Barbra call you on this?????

Chris.Germany@enron.com on 01/25/2002 02:42:12 PM
To:   Jerry W Germany
cc:
Subject:  RE:

I would much rather go and annoy your happy butt as much as possible.  Plus
it make me feel like I'm doing part of the work.  I just might come up and
spend the night tonight.  Be there around 10:30 or 11.

    -----Original Message-----
   From:   Jerry W Germany <germanj@basf-corp.com>@ENRON
   Sent:   Friday, January 25, 2002 2:34 PM
   To:     Germany, Chris
   Subject:

    You win!   How you want your $20.   How about in dimes, unrolled.
   Don
   said he  would go, but kinda hee hawing around.   I'm going so I don't
   have
   to worry about Bonner having to wait on Don.   No sense in you going.
   Just a quick trip up and back.   I'll pick me up a book to listen to on
   the
   way.

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


As you all may be aware the IT organization is undergoing significant
organizational changes at a very rapid pace.  One of the groups that is being
heavily affected is Purchasing, due to the large increase in the volume of
requests and some staff turnover.  We realize that this is causing our users
some pain and we are re-engineering the process as quickly as possible.  We
will be communicating the changes to the process over the next few weeks.  We
apologize for the inconvenience and appreciate your patience in this regard.
If you have any questions while the process is being adjusted please contact
Bob Hillier at extension 3-0305.

Philippe Bibi
CTO, Enron Global Technology


Listed below are the holidays that have been scheduled for 2001.

Monday, January 1  New Year's Day

Monday, January 15  Martin Luther King Day

Monday, February 19  President's Day

Monday, May 28  Memorial Day

Wednesday, July 4  Independence Day

Monday, September 3  Labor Day

Thursday, November 22 Thanksgiving Day

Friday, November 23  Thanksgiving Observance (Floating Holiday)

Monday,  December 24  Christmas Observance (Floating Holiday)

Tuesday, December 25  Christmas Day

Discretionary Holiday (must be taken in 2001)

Based on business unit needs, employees may be asked to work one of the above
company observed holidays.  Please see your manager if you have any questions
regarding your work schedule.

If you have any questions, please do not hesitate to see me.

Amy
---------------------- Forwarded by Amy FitzPatrick/PDX/ECT on 01/10/2001
10:11 AM ---------------------------
  Cindy Olson  Executive VP
   Human Resources & Community Relations
From: Cindy Olson  Executive VP Human Resources & Community Relations@ENRON
on 01/09/2001 10:01 PM CST
Sent by: Enron Announcements@ENRON
To: All Enron Employees United States
cc:
Subject: Martin Luther King, Jr. Day

As many of you have already noticed, this year Enron will be closing its
offices on Monday, January 15 in honor of Martin Luther King, Jr. Day.  This
is the first time we have observed this national holiday, and I am certain
that many of you will be pleased to know that the executive committee has
decided that we will continue to do so in the future.

Enron continues to observe 10 holidays each year (including two floater
holidays) and provides one additional discretionary holiday for our
employees.   For a complete listing of Enron's holiday schedule, go to
http://hrweb.enron.com/holiday/body.asp.


Bill:

We had a variance in the SAR for the West BOM Book on Friday night.  It was due to a 9 mw purchase from short term cali that was used to fill the lending we have with El Paso Electric.  We in a purchase from the imbalance under the WBOM Book (deal #727440), and built an annuity (deal #72741) where short term cali sold us the 9 MW @ $43.00.  If this is not the correct to remedy the variance please advise me of what to do next time.

Regards,

Bert Meyers


Here is the Index


Hello everyone.  More fun issues from Chicago.  I would like to discuss the
different options available for giving parent guarantees to third parties.
As everyone knows, to date we have had two third party transactions requiring
parent guarantees.  In the Trunkline transaction, each parent issued separate
guarantees for 1/2 of the requested amount, negotiated by respective
counsel.  In the Alliance transaction, Enron issued a guarantee for the
entire amount and Peoples has presented us with a reimbursement agreement
which we are reviewing.  Peoples' Board meets next Wednesday, Oct. 4, to
approve the risk management policy.  Assuming the policy is approved, deal
flow should begin to increase and I would like to discuss how these
guarantees can best be handled going forward.  My thought was an hour or so
next Monday, Oct. 2, to the extent everyone is available, with a follow up
meeting with Peoples perhaps Wednesday.  Let me know how your calendar looks
and I will coordinate the meeting.

Jeff & Kay:  Although this has been initially focused on parent guarantees,
this is part of a larger issue regarding negotiations of enovate contracts in
general.  For instance, we have agreed to templates for a Master Purchase and
Sale Agreement and a GISB Agreement.  However, who is authorized to make
changes and negotiate on behalf of enovate?  We can discuss any suggestions
for handling these situations as well.

Thanks,

Gregg


Sylvana,

I have forwarded your email to Mary Cook, a lawyer in our "Swap Group", for
handling.  Her direct dial number is (713) 345-7732.

	"Digiacomo, Silvana" <Silvana.Digiacomo@tres.bnc.ca>
	05/01/2001 02:46 PM

		 To: Tana.Jones@enron.com
		 cc:
		 Subject: RE: amendment

Sorry about that.

 <<AmendmentENRON.doc>>

Silvana DiGiacomo
Documentation
National Bank of Canada
1155 Metcalfe, First Floor
Montreal, Quebec H3B 5G2
Telephone (514) 394-6181
Fax (514) 394-6271

> -----Original Message-----
> From: Tana.Jones@enron.com [SMTP:Tana.Jones@enron.com]
> Sent: Tuesday, May 01, 2001 3:44 PM
> To: Silvana.Digiacomo@tres.bnc.ca
> Subject: Re: amendment
>
>
> Your attachment doesn't seem to be attached...
>
>
>
>
>                     "Digiacomo, Silvana"
>
>                     <Silvana.Digiacomo@tr        To:
> tana.jones@enron.com
>                     es.bnc.ca>                   cc:     Kelly McIlwain
> <Kelly.McIlwain@NBFinancial.com>
>                                                  Subject:     amendment
>
>                     05/01/2001 02:11 PM
>
>
>
>
>
>
>
>
>
> As per our telephone conversation, attached is a draft copy of an
> amendment
> to the ISDA Master agreement. Kindly review and send us your comments
> Thank you
>
> Silvana DiGiacomo
> Documentation
> National Bank of Canada
> 1155 Metcalfe, First Floor
> Montreal, Quebec H3B 5G2
> Telephone (514) 394-6181
> Fax (514) 394-6271
>
>
>

 - AmendmentENRON.doc


----- Forwarded by Jeff Dasovich/NA/Enron on 02/15/2001 08:33 AM -----

	James D Steffes
	02/11/2001 02:51 PM

		 To: Alan Comnes/PDX/ECT@ECT, Chris H Foster/HOU/ECT@ECT, Christian
Yoder/HOU/ECT@ECT, Christopher F Calger/PDX/ECT@ECT, Cynthia
Sandherr/Corp/Enron@ENRON, Dan Leff/HOU/EES@EES, David W
Delainey/HOU/ECT@ECT, Don Black/HOU/EES@EES, Elizabeth Sager/HOU/ECT@ECT,
Elizabeth Tilney/HOU/EES@EES, Eric Thode/Corp/Enron@ENRON, Gia
Maisashvili/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gordon Savage/HOU/EES@EES,
Greg Wolfe/HOU/ECT@ECT, Harry Kingerski/NA/Enron@Enron, Jubran
Whalan/HOU/EES@EES, Jeff Dasovich/NA/Enron@Enron, Jeffrey T
Hodge/HOU/ECT@ECT, Joe Hartsoe/Corp/Enron@ENRON, John J
Lavorato/Corp/Enron@Enron, John Neslage/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Kathryn Corbally/Corp/Enron@ENRON, Keith Holst/HOU/ECT@ect, Kristin
Walsh/HOU/ECT@ECT, Leslie Lawner/NA/Enron@Enron, Linda
Robertson/NA/Enron@ENRON, Marcia A Linton/NA/Enron@Enron, Mary
Schoen/NA/Enron@Enron, mday@gmssr.com, Mark Palmer/Corp/Enron@ENRON, Marty
Sunde/HOU/EES@EES, Mary Hain/HOU/ECT@ECT, Michael Tribolet/Corp/Enron@Enron,
Mike D Smith/HOU/EES@EES, Mike Grigsby/HOU/ECT@ECT, Neil Bresnan/HOU/EES@EES,
Paul Kaufman/PDX/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Robert
Badeer/HOU/ECT@ECT, Rebecca W Cantrell/HOU/ECT@ECT, Richard B
Sanders/HOU/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Rob
Bradley/Corp/Enron@ENRON, Robert C
Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Robert Frank/NA/Enron@Enron,
Robert Johnson/NPNG/Enron@ENRON, Sandra McCubbin/NA/Enron@Enron, Scott
Stoness/HOU/EES@EES, Steve C Hall/PDX/ECT@ECT, Steve Walton/HOU/ECT@ECT,
Steven J Kean/NA/Enron@Enron, Susan J Mara/NA/Enron, Tim Belden/HOU/ECT@ECT,
Tom Briggs/NA/Enron@Enron, Travis McCullough/HOU/ECT@ECT, Vance
Meyer/NA/Enron@ENRON, Vicki Sharp/HOU/EES@EES, William S Bradford/HOU/ECT@ECT
		 cc:
		 Subject: Summary and Very Brief Analysis of Governor Davis's 2/9/01
Executive Orders

Attached is Mary Schoen's analysis of Gov. Davis' Executive Order on
expediting siting and maximizing output.

I have asked Mary to try and identify the # of MWs that may be impacted by
these actions.

Jim

----- Forwarded by James D Steffes/NA/Enron on 02/11/2001 02:49 PM -----

	Mary Schoen
	02/09/2001 03:58 PM

		 To: Steven J Kean/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, Leslie Lawner/NA/Enron@Enron, Robert
Frank/NA/Enron@Enron, Sandra McCubbin/NA/Enron@Enron, Jeffrey
Keeler/Corp/Enron@ENRON, Michael Terraso/OTS/Enron@ENRON, Stacey
Bolton/NA/Enron@Enron, Heather Mitchell/HOU/EES@EES, Robert
Frank/NA/Enron@Enron, Harry Kingerski/NA/Enron@Enron, Jeff
Dasovich/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON
		 cc:
		 Subject: Summary and Very Brief Analysis of Governor Davis's 2/9/01
Executive Orders

Below is a brief summary of the five Executive Orders issued by Governor
Davis on 2/9/01.

For those of you that want the Cliff Notes Version:

These Orders appear to be an attempt to accomplish three things:

1.  Expedite Siting for New Powerplants and Expansions or Modifications of
Existing Powerplants
2.  Maximize Output and Minimize Outages at Existing Facilities
3.  Centralize Authority and/or Mitigate Issues Impacting Powerplant Siting
and Construction

The tone is both one of we feel your pain in the complexity of permitting
powerplants; and that we will tolerate no excuses for not running at full
capacity.  (ie; the carrot and the stick)

They also includes some targeted incentives to encourage powerplant operators
to sell their power under contract to the State Dept. of Water.

Some of the critical issues impacting the effectiveness of these orders will
be:

- How much capacity is truly "idling" and will be able to be brought back on
line or increase its output?
- Will the state be able to better manage air quality issues and create
flexibility within the framework allowed by the Clean Air Act in order to
positively change the air quality issues impacting power plant construction
and operation?
- How quickly can the accelerated permitting procedures be implemented and
how soon will we see movements in the market to increase new generation given
the other issues in CA?

We will continue to analyze the impacts of these orders, but wanted to get
information to you in a timely manner.

D-22-01  Increased Output/Expedited Siting Mandates

CEC exemption from siting requirements for increased output by existing power
generators.
- limited to less than 50MWs using existing installed capacity b/w
06/01-10/01/01

Expedited processing of applications for certification of existing thermal
powerplants that require retooling and a current license to operate.

Accelerated review from all agencies involved in the licensing of proposed
thermal powerplants.

Action by the State Water Resources Control Board  to insure wastewater
issues do not preclude thermal powerplants from operating.

Requirements for the State Dept. of Water Resources to purchase power from
powerplants using renewables and other resources that may currently have not
other market for their power.

Expires  12/31/01 unless extended

Analysis:

This Order is intended to take away the excuses for why some powerplants are
currently not operating or not operating at full capacity.  It does not waive
air quality requirements (they are addressed in a separate order).

D-23-01  Appropriate Maintenance and Efficient Operation Requirements

ISO Requirements:
- Require generators to submit planned outage schedules to the ISO
- Prepare a coordinated outage plan to be updated quarterly
- Identify generation maintenance criteria to be met by generation facilities
- Maintain records of any unplanned generation facility outages and provide
those records to Electricity Oversight Board
- Conduct independent audits of generation facilities that have fallen below
performance benchmarks est. by the ISO
- Consider seeking the authority under state law of federal regulation to
impose fines on those generation facility owners whose generation facilities
have fallen     below performance benchmarks est. by the ISO

Requires that the Electricity Oversight Board review the ISO Tariffs and
Protocols to identify any necessary revisions to increase the ISO's ability
to ensure adequate power during peak demand.

Instructs the CPUC to ensure that generation facilities still owned by
utilities are operated as required to maintain reliability.

Requires the Electricity Oversight Board to propose legislation to expand its
authority to issue audits of generation facilities that do not meet est.
benchmarks for availability and performance, and issue fines against those
plants, after a hearing.

Analysis:

Again, the tone of this order is that the state won't tolerate outages as an
excuse for not generating.  It is also an attempt to better manage planned
outages to prevent situations that happened last fall when too many plants
where off-line for maintenance at the same time.

D-24-01  Air Pollution Flexibility and Mitigation Measures

Mandates that local air districts modify emissions limits that limit hours of
operation in air quality permits to ensure that power generation facilities
that provide power under contract to the Dept. of Water Resources are not
restricted in their ability to operate.
- Requires air districts to require a mitigation fee for all applicable
emissions in excess of the previous limits
- If air districts do not comply, the Board (CARB?) shall impose
modifications on the permits in lieu of districts

The Board shall establish an emissions reduction credit bank using emissions
reductions from all available sources:
- Credits will be made available to powerplant peaking sources that need
emissions offsets in order to add new or expand peaking capacity for the
Summer Peak Season in 2001
- In the case of powerplants that agree to sell their power under contract to
the Dept. of Water Resources, CA will make available where necessary and
available the required emissions credits at up to a 50 percent reduction,
- In order to maximize the amount of electrical generating capacity,
emissions reduction credits for new generation capacity shall be provided to
facilities where necessary and available.
- Proceeds from the sales of these emission reduction credits shall be made
available to fund emissions reduction programs in the air district where the
new or expanded facility is located.

Expires 12/31/2001 unless extended

Analysis:

This order requires the air districts to modify permit limits on run hours
for air quality reasons by allowing those powerplants that sell to the Dept.
of Water to pay a mitigation fee and creates an emission reduction credit
bank available for use by other sources.  There are a lot of details that
remain to be clarified, including how the state is going to locate emissions
reduction credits where developers were unsuccessful.  However, it is a step
in the right direction by creating flexibility and beginning to drive
authority back to the state level.

D-25-01  Acceleration the Construction and Upgrading of Approved Powerplants

Expedites review and approval of post-certification amendments to increase
output from thermal powerplants by the Energy Commission.

Authorizes the Energy Commission to suspends the requirements of the statutes
and regulations that normally control post-certifications to the extent that
they impact prompt mitigation of this emergency.

Requires the Energy Commission to establish milestones for both initiation of
construction within one year of certification, and for the construction phase
of the project.  Failure to meet milestones without prior approval by Energy
Commission based on a showing of good cause shall constitute forfeiture of
the certification.

Expires 12/31/01 unless extended

Analysis

Again, no excuses for not getting your powerplant modifications approved and
completed in a timely manner.

D-26-01  Accelerating the Availability of New Generation Sources

Requires all relevant agencies shorten the review periods to 7 days for
required environmental impact documents prepared under CEQA for all
powerplants that are not subject to the Energy Commission (under 50MWs) and
that are proposed to be on line by summer 2001.

 Energy Commission shall expedite its licensing process in the following ways:
- Expedite processing of applications for peaking or renewable powerplants
for construction and operation by July 31, 2001.
-Peaking or renewable powerplants that have a current contract with the ISO
and can be online by July 2001 may also apply to be permitted by the Energy
Commission under the emergency siting process.
-Rules which provide a license for a simple cycle thermal powerplant within
four months, shall apply to any proposed simple-cycle thermal powerplant that
can be brought on line by August 31, 2002  and that have an application for
certification complete by Dec. 31. 2001.
-Under regulations for the expedited licensing of powerplants, emission
offset credits are not required at the time of filing an application for
certification
-The Energy Commission shall conduct a study of potential peaking power sites
in the state and prepare a report by 02/21/01  identifying those areas of the
state that would benefit from the installation of peaking powerplants to
augment supplies and ensure reliability through the summer of 2003.

IOUs must complete necessary interconnection studies within 7 days of receipt
of completed application.

Expires 12/31/01 unless extended.

Analysis:

This is an attempt to accelerate the permitting of smaller sources and
peaking units.


Vince,

I have enclosed a summary of our proposed approach on calculation of notional and the greeks for dual trigger option portfolio.  Please let us know your thoughts/comments.

Amitava


missing deals for mark

sell mirant
april
25 mw
207.50
pv

sell mirant
april
25 mw
205.00
pv


Sara-

I am sending the resume of a friend of mine who I think is a good candidate
for the associate program.  Please get back to me and let me know what else I
need to do to get him in for an interview.  Thank you for your help.

Matt Lenhart


Jeff,

Hear is a new NOI file.  I have added an operating statement for 1999
(partial year).

I will try to email you some photos soon.

Phillip


Daren,

FYI.

Bob

---------------------- Forwarded by Robert Cotten/HOU/ECT on 08/23/2000 04:51
PM ---------------------------

Vance L Taylor
08/23/2000 04:46 PM
To: Robert Cotten/HOU/ECT@ECT
cc: Melissa Graves/HOU/ECT@ECT
Subject: September Production Estimate

Bob,

Please see the attached file estimating wellhead production for the month of
September.  Please be advised that this is a preliminary estimate as to this
date, we have received only a few noms for September.  I will update you with
any revisions as they occur.

Thanks,

vlt
x3-6353


Please find attached the confirmation for Astra for 02/12/02 and Richardson for 02/13/02.

I will send another confirmation for Astra for 02/13/02 after volumes are settled.


I can't tomorrow - how about next time she is in town.  Or in New York?

 -----Original Message-----
From: 	Schoppe, Tammie
Sent:	Tuesday, October 02, 2001 2:26 PM
To:	Kitchen, Louise
Subject:	Lunch w/Karen Abramo

Fred called back and wanted to know if you could have lunch with Karen tomorrow?

Tammie Schoppe
Enron Americas-Office of the Chair
Assistant to Louise Kitchen
713.853.4220 office
713.646.8562 fax
713.253.2131 mobile


Attention
     Cuiab? - Brazil
    The Phone numbers for Pantanal Energia
           and Gasocidente changed.

     From September 11, call:
   55-65-614-2200

 The old Number 55-65-668-4000 is still going
   to be operational until October 2nd.


sorry to bother you with this, but could you please fax me the governor's
response to plan B?  thx, jeff


David,

Please review and let me know what you think.  I would run this by Harry also.

Stacy


Pursuant to today's conference call, attached please find a prioritized
list of legislation we are monitoring during the second extraordinary
session.

 - legislative update 6-21-01.doc


JP:
Hope things are going well.
I'm trying to get the email address of your new partner, Tracy.
If you have, can you forward?
Thx,
John


Please do not remove the lucent phone for John Griffith at location EB3155D
until notified.  Even when the move is complete, please leave the lucent
phone there because he will be working in both places for now.

Thank You,
Ina Rangel
X 3-7257
---------------------- Forwarded by Ina Rangel/HOU/ECT on 01/12/2001 11:00 AM
---------------------------

Ina Rangel
01/12/2001 09:56 AM
To: Move-Team/EPSC/HOU/ECT@ECT, David A Cummings/HOU/ECT, Ben Hill/HOU/ECT,
Leslie Peebles/Corp/Enron
cc: Sunny Rodgers/EPSC/HOU/ECT@ECT
Subject: Urgent - Move Request

David, Ben & Leslie -

Is there anyway to go ahead and set him up on a turret today?  He is going to
be working up here on Tuesday.

Sunny -
 Please notate new mail stop

Thanks,
Ina


There will be a Fundamental Overview Presentation...please mark your calendar and plan to attend:

Fundamental Overview Presentation
Friday, September 21st
1 - 3pm
room 32c2

Please let me know if you have any questions.

T.Jae Black
East Power Trading
Assistant to Kevin Presto
off. 713-853-5800
fax 713-646-8272
cell 713-539-4760


The PRELIMINARY Violation Memos for 11/21/01 have been published and are available for viewing on the ERV:  http:\\erv.corp.enron.com - Violation/Notification Memo Section.


? A source within the generator community confirms press reporting that Coram
Energy plans to file an involuntary bankruptcy early next week.  Through an
intermediary, we were able to corroborate this information with a senior
member of the CA ISO board.  Coram  Energy is a relatively small wind
generator QF based in West Vancouver, British  Columbia, though it also owns
wind stations in California.  Coram has 238  40 kw units.
? The source believes that this filing may have been precipitated by the
fact that many people believe it would take a blackout for Governor Davis  to
be able to get his bailout plan passed by the legislature.  It is  unlikely
that blackouts would happen in April or May, meaning a  long wait for the
cash strapped QFs to wait to get paid.
? The filing will be against Socal.
? In order to file an involuntary bankruptcy, Coram  would have to file along
with at least two other creditors owed $10,000 or more.  Sources report Coram
has two other creditors who will file with them (working on finding out who
they are).
? Sources also report that other QFs are "taking  legal advice" on how to
proceed in light of these developments.


hi- not sure if you saw this with all the crap going on lately or have seen these contracts trading..one of the traders in Calgary called me Friday- one of his clients called asking about this indirectly.. said that he had heard of a $1B fund that was being set up to replicate the index.. the index is 17.7% nat gas (the highest % of any commodity).. the client wondered if that had anything to do with the nat gas rally!  i am trying to find out info on this $1 B fund.. no luck yet.. it would have a nice impact on the market if the fund had to buy 177M of nat gas contracts- 17,700 contracts in first 2 months..look at the 2 websites- www.nybot.com <http://www.nybot.com> (the futures and options) are traded there and the s+p site www.spglobal.com <http://www.spglobal.com>... the way they manage the futures is interesting..

basic weightings:

energy: 44.29% (natty-17.7, unleaded-9.7%, heat- 12.9, crude-4.12)

grains- 19.28%

meats- 10.98%

metals- 7.96%

softs- 11.98%

fibers- 5.51%

please let me know if you have any info on this.

thanks, c

S&P and NYBOT Launch New Index Futures and Options Contracts

New York, NY, October 19, 2001 - The New York Board of Trade (NYBOT)
, in partnership with Standard & Poor's, began trading futures contracts this morning on the S&P Commodity Index (SPCI) - a new standard for commodities pricing. Officials from the New York City Mayor's Office for Economic Development as well as NYBOT and Standard & Poor's presided over the launch.

Standard & Poor's, a leading provider of global financial information and investment analysis, and the New York Board of Trade, a global marketplace for alternative investment products, developed the SPCI to bring greater definition to traded commodities as an investable asset class. The SPCI was introduced at a ceremony at NYBOT on August 9, 2001. The SPCI futures and options allow managers and investors to add real diversification to their portfolios through a single, transparent access point to the investment opportunities found in commodity futures markets.

"The launch of this new product so soon after the events of September 11, and on a trading floor so imaginatively developed before the event, allowing NYBOT to start trading so soon after the loss of its facility in lower Manhattan, is a testament to the strength and the resilience of New Yorkers," said Michael G. Carey, President, New York City Economic Development Corporation. "Let no one doubt that New York is and continues to be the financial and trading capital of the world."

"To contribute successfully to long-term portfolio goals, an alternative asset should have certain key characteristics, namely a proper benchmark, transparency, liquidity, simplicity, cost efficiency and flexible trading capabilities," said NYBOT President and CEO Mark D. Fichtel. "SPCI futures and options are among the few investment instruments that meet all the criteria for a real alternative asset. We believe that these new contracts will prove particularly valuable to investors and managers who need alternative investment strategies in these difficult economic times."

The NYBOT SPCI futures contract lists six active contract months (January, February, April, June, August, November). Expiration is the second Friday of the listed futures contract month, and the contract is cash settled. The futures contract is valued at $100 x the Index (current contract value approximately $100,000). Trading hours initially will be 10:00 AM to 4:00 PM (New York Time). Options on futures are also offered (see contract specifications).

"SPCI futures and options give investors a direct means to obtain exposure to a diversified commodity basket," said Robert Shakotko, Standard & Poor's Managing Director of Index Services. "Investors around the world recognize the S&P reputation for equity indices and index products. We now bring these same business strengths to commodities."

The SPCI tracks 17 commodities in six sectors including grains, meat and livestock, metals, softs (coffee, sugar, cocoa), fibers, and energy. The index utilizes real-time prices of the relevant futures contracts traded on the commodities futures markets in New York and Chicago. Key features of the SPCI include its geometric calculation methodology and a weighting adjustment that eliminates double counting of upstream and downstream commodities.

The new SPCI futures and options contracts will support and enhance other index-linked investment products. They offer an easy and efficient way to manage commodity index funds, commodity-linked insurance products, or commodity exposure in multi-asset products. As with its equity indices, Standard & Poor's has initiated a licensing program for the SPCI directed at financial institutions that might use the new commodity index as part of an innovative investment product.

End-of-day index values and index history are available through both the S&P Index Services website at www.spglobal.com <http://www.spglobal.com/indexmaincommodity.html> and NYBOT's Website at www.nybot.com <http://www.nybot.com/>. The SPCI is calculated every 15 seconds and is available through traditional real-time quote vendors via the NYBOT; the ticker symbol will be 'I'.

Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), provides independent financial information, analytical services, and credit ratings to the world's financial markets. Among the company's many products are the S&P Global 1200, the first real-time, global equity index, the S&P 500, the premier U.S. portfolio index, and credit ratings on more than 220,000 securities and funds worldwide. With more than 5,000 employees located in 18 countries, Standard & Poor's is an integral part of the world's financial architecture. For more information, visit the Standard & Poor's Website at www.standardandpoors.com <http://www.standardandpoors.com/>.

The New York Board of Trade (NYBOT) is the parent company of the Coffee, Sugar and Cocoa Exchange, Inc. (CSCE) and the New York Cotton Exchange (NYCE). Through its two exchanges and their subsidiaries and divisions NYBOT offers an expanding range of agricultural, currency and index products. Information about the New York Board of Trade can be found at www.nybot.com <http://www.nybot.com/>.


One of Steve Kean's newly formed Working Groups is for "Rates & Tariffs".  I
have been asked to lead this group.  For those of you who don't know me, I am
in Houston in the U.S./Canada Government Affairs group, in a section called
"Rates/Regulatory Services."  Our working group will have about a dozen or so
people from various parts of Public Affairs.  You have been
selected/volunteered to participate in this effort by your group leaders.

The Working Group members are:
Ray Alvarez
Sergio Assad
Roy Boston
Mike Grimes
Kyran Hanks
Rita Hartfield
Nancy Hetrick
Tom Hoatson
Paul Kaufman
Valeria Lima
Bob Neustaedter

Having this group will give us a great opportunity to identify needs related
to rate and tariff issues across many business lines and countries, share
resources, problems and solutions, and generally improve the cohesiveness of
Steve's organization   One of our first tasks will be to think through and
concretely specify what we expect to accomplish as a group.   We do not have
a specific product mandate per se - it will be up to us to figure it out and
deliver it.   Some possibilities are - identifying rates and tariffs policy
positions, developing policies where none now exist, but are needed,
identifying rates and tariff resources available to the group, and acquiring
resources needed by the group.

As a preliminary matter, could you e-mail me your group name, position,
location, phone, e-mail address, and "area of expertise".  We will assemble
this information in a roster to be distributed to the group.

Early in January, we will be in touch to check availability and schedule an
initial meeting.  Please be as flexible as possible.  In some cases, we are
many time zones apart and it will be difficult to match everyone's desired
time.

As a second preliminary matter, please give some thought to and e-mail me
what you think a group like this should accomplish.  Remember, the roster
above has some of the world's leading authorities on rates and tariffs!   We
will compile both the complete roster and your ideas on group goals and
distribute them to everybody prior to our first actual meeting.   At that
first meeting, we will talk through expectations of us and of each other, and
the proposed goals.
Please have your inputs to me by January 7.  I look forward to working with
you.


Dear ESWG,

This is to notify you that Bob Harshbarger is going to be the new chair of the Electronic Scheduling Working Group.  Bob is taking over as I have accepted a new position with another company.  I have also had a change in plans for this week and will not be able to attend the ESWG meeting set for Thursday (1-5pm).  Bob will handle this meeting as well.

Bob's contact information is:

(425) 462-3348
bharsh@puget.com

Thanks to all of you for your help as this group has started and I'm sure I'll see you around in the future.

- Jerry


Let's schedule a time to talk.  Sara


Start Date: 4/19/01; HourAhead hour: 12;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041912.txt

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 12 / Preferred:  16.00 / Final:  15.97)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/19/01
  TIE_POINT: FCORNR_5_PSUEDO
  INTERCHG_ID: EPMI_CISO_DESERT
  ENGY_TYPE: FIRM
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/19/01
  TIE_POINT: SLVRPK_7_SPP
  INTERCHG_ID: EPMI_CISO_ZEBRA
  ENGY_TYPE: NFRM


(See attached file: HPLN0105.xls)

 - HPLN0105.xls


Cynthia Beeler
402 Rendezvous Dr.
Lafayette, CO 80026
ckbeeler@msn.com

To Mr. Ken Lay,

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

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

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

Sincerely,

Cynthia Beeler


---------------------- Forwarded by Phillip K Allen/HOU/ECT on 10/09/2000
02:16 PM ---------------------------

Richard Burchfield
10/06/2000 06:59 AM
To: Phillip K Allen/HOU/ECT@ECT
cc: Beth Perlman/HOU/ECT@ECT
Subject: Consolidated positions: Issues & To Do list

Phillip,
 Below is the issues & to do list as we go forward with documenting the
requirements for consolidated physical/financial positions and transport
trade capture. What we need to focus on is the first bullet in Allan's list;
the need for a single set of requirements. Although the meeting with Keith,
on Wednesday,  was informative the solution of creating a infinitely dynamic
consolidated position screen, will be extremely difficult and time
consuming.  Throughout the meeting on Wednesday, Keith alluded to the
inability to get consensus amongst the traders on the presentation of the
consolidated position, so the solution was to make it so that a trader can
arrange the position screen to their liking (much like Excel). What needs to
happen on Monday from 3 - 5 is a effort to design a desired layout for the
consolidated position screen, this is critical. This does not exclude
building a capability to create a more flexible position presentation for the
future, but in order to create a plan that can be measured we need firm
requirements. Also, to reiterate that the goals of this project is a project
plan on consolidate physical/financial positions and transport trade capture.
The other issues that have been raised will be capture as projects on to
themselves, and will need to be prioritised as efforts outside of this
project.

I have been involved in most of the meetings and the discussions have been
good. I believe there has been good communication between the teams, but now
we need to have focus on the objectives we set out to solve.

Richard
---------------------- Forwarded by Richard Burchfield/HOU/ECT on 10/06/2000
08:34 AM ---------------------------

Allan Severude
10/05/2000 06:03 PM
To: Richard Burchfield/HOU/ECT@ECT
cc: Peggy Alix/HOU/ECT@ECT, Russ Severson/HOU/ECT@ECT, Scott
Mills/HOU/ECT@ECT, Kenny Ha/HOU/ECT@ECT
Subject: Consolidated positions: Issues & To Do list

From our initial set of meetings with the traders regarding consolidated
positions, I think we still have the following issues:
We don't have a single point of contact from the trading group.  We've had
three meetings which brought out very different issues from different
traders.  We really need a single point of contact to help drive the trader
requirements and help come to a consensus regarding the requirements.
We're getting hit with a lot of different requests, many of which appear to
be outside the scope of position consolidation.

Things left to do:
I think it may be useful to try to formulate a high level project goal to
make it as clear as possible what we're trying to accomplish with this
project.  It'll help determine which requests fall under the project scope.
Go through the list of requests to determine which are in scope for this
project and which fall out of scope.
For those in scope, work to define relative importance (priority) of each and
work with traders to define the exact requirements of each.
Define the desired lay out of the position manager screen: main view and all
drill downs.
Use the above to formulate a project plan.

Things requested thus far (no particular order):
Inclusion of Sitara physical deals into the TDS position manager and deal
ticker.
Customized rows and columns in the position manager (ad hoc rows/columns that
add up existing position manager rows/columns).
New drill down in the position manager to break out positions by: physical,
transport, swaps, options, ...
Addition of a curve tab to the position manager to show the real-time values
of all curves on which the desk has a position.
Ability to split the current position grid to allow daily positions to be
shown directly above monthly positions.  Each grouped column in the top grid
would be tied to a grouped column in the bottom grid.
Ability to properly show curve shift for float-for-float deals; determine the
appropriate positions to show for each:
Gas Daily for monthly index,
Physical gas for Nymex,
Physical gas for Inside Ferc,
Physical gas for Mid market.
Ability for TDS to pull valuation results based on a TDS flag instead of
using official valuations.
Position and P&L aggregation across all gas desks.
Ability to include the Gas Price book into TDS:
Inclusion of spread options in our systems.  Ability to handle volatility
skew and correlations.
Ability to revalue all options incrementally throughout the trading day.
Approximate delta changes between valuations using instantaneous gamma or a
gamma grid.
Valuation of Gas Daily options.
A new position screen for options (months x strike x delta).  TBD.
Inclusion of positions for exotic options currently managed in spreadsheets.
Ability to isolate the position change due to changed deals in the position
manager.
Ability to view change deal P&L in the TDS deal ticker.  Show new deal terms,
prior deal terms, and net P&L affect of the change.
Eliminate change deals with no economic impact from the TDS deal ticker.
Position drill down in the position manager to isolate the impact of
individual deals on the position total in a grid cell.
Benchmark positions in TDS.
Deployment of TDS in Canada. Currency and volume uom conversions. Implicit
and explicit position break out issues.

-- Allan.

PS: Colleen is setting up a meeting tomorrow to discuss the direction for
transport.  Hopefully we'll know much better where that part stands at that
point.


John,

george.hopley@enron.com

Vince

"John Adamiak" <john@pgsenergy.com> on 11/21/2000 09:26:00 AM
To: <Vince.J.Kaminski@enron.com>
cc:
Subject: Re: PGS On-site Derivatives/Electric Power Training

Vince,

Thank you.  Do you happen to know his email address?

John

----- Original Message -----
From: <Vince.J.Kaminski@enron.com>
To: John Adamiak - President <john@pgsenergy.com>
Sent: Tuesday, November 21, 2000 10:00 AM
Subject: Re: PGS On-site Derivatives/Electric Power Training

>
> John,
>
> Please, contact George Hopley at Enron.    (713) 853-9463
>
> Vince
>
>
>
>
>
>
> John Adamiak - President <john@pgsenergy.com> on 11/17/2000 01:49:30 PM
>
> Please respond to John Adamiak - President <john@pgsenergy.com>
>
> To:   <Vince.J.Kaminski@enron.com>
> cc:
> Subject:  PGS On-site Derivatives/Electric Power Training
>
>
> Do you know of anyone who could benefit from on-site
> training in energy derivatives or electric power trading during
> the coming twelve months?   www.pgsenergy.com
>
> John Adamiak
> PGS Energy Training
>
>
>
>
>
>
>


Yes - I finally reached someone at Avista who had been working on the problem
as well. She filled me in on a few things, and I straightened out the story
with our broker. It turned out to be Avista's fault - they failed to report
to their broker that we paid them for a futures contract, and that triggered
a domino effect of payment inquiries. We did pay, and the record shows that.

Thanks for following up!

Kate

	From:  Sharen Cason                           04/26/2001 08:18 AM

To: Kate Symes/PDX/ECT@ECT
cc:

Subject: inquiry

I did call you back yesterday on the Avista thing, but you were in a
meeting.  Did you ever find the deal or get an answer?


Shirley,

Please,schedule a meeting, 30 minutes with him.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/17/2000
05:56 PM ---------------------------

carlos ordonez <ordonez@shasta.phys.uh.edu> on 10/17/2000 02:56:07 PM
To: Stinson.Gibner@enron.com
cc: vkamins@enron.com
Subject: Visit in November

 Dear Stinson,

 November is fast approaching and my schedule, and I am sure yours and
Vincents',
is filling up. I would love to visit with you guys again to discuss
possibilites of collaborations. Right now, I am busy Nov: 3 in the
afternoon, 6, 10 in the morning, 15, and any Tuesday or Thursday.

 Please let me know date and time for my visit as early as you can.

 Best,

           Carlos


Per my conversation with Peter earlier today, below is a list of classes that
Mark may want to coordinate his Houston secondment with so he can attend
some.

Internal Classes:

Basics of Risk Management:  4/26 - 4/27  filling up-act quickly

Derivatives 1:  4/17 - 4/18  filling up-act quickly
                             5/8 - 5/9 - lots of room still here

The internal classes book up quickly.  Everything between now and April is
already full with large waiting lists.  If he is really interested he should
try and sign up for classes immediately.  He can do that by going to the
"Development Center" Icon (aka "Ernie").  Then he can sign up on the computer.

External NYMEX Class:

I checked with the local NYMEX office, and their next classes are as follows:

June 7 - Introduction to NYMEX Products
June 14 - Intermediate Hedging (intro class a prerequisite)
June 17 - Intermediate Options (intro class a prerequisite)

Like the internal classes, the NYMEX classes also fill quickly.  Their
February classes are already full.

As I also mentioned, the first weekend in April is when the Roundtop Antiques
Festival is.  It is a great way to see the countryside outside of Houston,
all the local towns around Roundtop also have antique festivals at that
time.  The wildflowers should be in bloom, and that is alway impressive.
With the cold weather and rain, we might have a really good year for
wildflowers this year.

Anyway, the above may help Mark get the most out of his time in Houston.


Brian,  Attached is a draft of the termination letter.  The letter assumes
the letter agreement was executed.  There also appears to be an agency
agreement which appointed Merrick as agent for ROW acquisition.  This is also
terminated by the letter.  I haven't heard from Shonnie yet.  Please review
and add any comments you have.  Thanks


Before we sign ANYTHING with Southern about the Elba volumes, I'd like an
update.  Also I want to make sure we aren't trading anything away at Elba
that we could be talking about elsewhere.  Thanks.

Jeff


Hey buddy, can you just send me $20.00???  I won't be around for the happy
hour.

James R Barker@EES
08/10/2000 10:45 AM
To: Barend VanderHorst/HOU/EES@EES, Matthew B Fleming/HOU/EES@EES, Larry F
Campbell/HOU/EES@EES, Trevor Cappel/HOU/EES@EES, Jay Blaine/HOU/EES@EES, C
Kyle Griffin/HOU/EES@EES, Sam Jones/HOU/EES@EES, Jeff Coates/HOU/EES@EES,
Timothy S Murphy/HOU/EES@EES, Christina Bangle/HOU/EES@EES, Jesus
Guerra/HOU/EES@EES, Thomas J Donovan/HOU/EES@EES, Mohan
Sundaralingam/HOU/EES@EES, Kirit R Purbhoo/HOU/EES@EES, Sharon
Hausinger/HOU/EES@EES, Susan Weison/HOU/EES@EES, Marde L
Driscoll/HOU/EES@EES, Valerie Villareal/HOU/EES@EES, Deborah D
Merril/HOU/EES@EES, Morgan Babin/HOU/EES@EES, Michael H Garred/HOU/EES@EES,
Suneet Sharma/HOU/EES@EES, Vinay Sharma/HOU/EES@EES, Olenger
Pannell/HOU/EES@EES, Chris Germany/HOU/ECT@ECT, Victor Lamadrid/HOU/ECT@ECT
cc:
Subject: Drinks...

We haven't had the Thursday happy hour in a few weeks, so let's meet at the
Gingerman tonite after work.  Barry has the first round!!!!

Please forward to anyone I missed.


-----Original Message-----
From: 	"Darnell" <dmoore21@charter.net>@ENRON
Sent:	Thursday, December 13, 2001 9:29 AM
To:	Giron, Darron C.
Subject:	Christopher

What was that game Christopher mentioned  he would like...something like NFL baseball or basketball??? for  Playstation?  Anyway I need a few more gift ideas for him...something he  will use.  I have all of Carley's stuff.
See you sometimes next weeK?   MOM


The man who thinks he can do without the world is indeed mistaken; but the
man who thinks the world cannot do without him is mistaken even worse.
-Francois, duc de La Rochefoucauld


Changes in Enron's business require us to reevaluate how we approach the
engineering and construction function within Enron.  Specifically,  Enron
Energy Services' (EES) business has grown dramatically and that requires
considerable additional engineering and construction resources both to
develop solutions for customers and to deliver those solutions to customers.
Additionally, in light of Enron's continued emphasis on increasing our return
on invested capital, we have been engaged in fewer large scale construction
projects around the world.  Historically, these projects have been a primary
focus of EECC's activities.  Consequently we are making the following
organizational changes concerning EECC:

EECC's pipeline construction group, led by Jerry Martin, will become part of
Enron Transportation Services.
NEPCO will continue to operate as a stand alone entity focused on power plant
construction services to Enron entities and third parties.
The remainder of EECC will become part of EES.  Larry Izzo will report to the
EES Office of the Chairman.

 These changes will better align our intellectual capital with the growth
opportunities within Enron and provide new and exciting opportunities for our
employees.  Please join us in supporting and implementing these changes.


Mike,

What do you think? I see pro's and con's.
The argument against is that during PRCs people comment
positively or negatively about a person and this is how
the word is spread about an employee.
Tony  could benefit from being in a London PRC.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/07/2001
12:10 PM ---------------------------
From: Anne Labbe/ENRON@enronXgate on 05/07/2001 11:22 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Tony Hamilton

Vince,

Would you like to review Tony Hamilton in your PRC meeting?  Currently he is
not in our PEP system since he is on the London Payroll, but I can add him
with no trouble at all.

Thanks,
Anne


I will be out of the office for the remainder of the week returning on January 2, 2002.  If you need immediate assistance, please contact Sherlyn Schumack at 3-7461 or Lee Ann Chance at 3-5195.

Happy Holidays!


Rick. Let's pause and reflect on this bullet. Do we want to argue for that?
This is going to start another Federal/State rights war!! and I do not
believe this is going to help much and would require legislation.

Federal siting and permitting authority must be expanded to allow for the
construction of new transmission and generation facilities.

Maybe in some less populated states, or for sitting facilities in the middle
of no-where this is not a problem, but my experience in Florida is that the
sitting process is very much intertwined with property rights and ROW
acquisition, ultimately relying on condemnation.  To get there, in Florida
there is a process  to establish that there was a "public need" that required
government action.   At FPL we relied on the process to obtain an eventual
outcome where there was the force-of- law [of the greater public good to be
able to obtain the ROW].  This was crucial for the  Transmission ROW for all
lines greater than 240 KV. (Many more individual owners and 100% needed to
complete the connection within the selected route).   The sitting process for
the generation site was not as controversial, because we acquired  (or held
rights to) sites which had been pre-screened to avoid controversy; but,
obviously a permit for a generation site is useless if you can't get the
power into the grid, thus you need the Transmission ROW.

Part of the process involved providing options/ and costs, community
involvement, etc.  - which ultimately resulted in a "choice"  determined to
have been "prudently" undertaken, ( Longer much costly line, part
underground, etc,)

In every case, there were "not in my back-yard" arguments, at times disguised
as an EMF issue. Also, in every case, the authorities knew that they had to
select one option, or make one on their own. Not selecting one meant that
there would be power shortages and they would have to answer to the people
impacted, the local voters.

Under the regulatory framework, where there will be concurrent filings for
competing projects, the determination of "public need" will be more difficult
to acertain. You may end up having an approval but not being able to use the
condemnation process to get the ROW. But, still, I have a hard time believing
that the Federal process would be an improvement over the State process
(except in California where they have truly lived-up to their reputation).

Jose

Richard Shapiro@ENRON
04/04/2001 12:07 PM
To: Linda Robertson/NA/Enron@ENRON
cc: Steven J Kean/NA/Enron@Enron, Joe Hartsoe/Corp/Enron@ENRON, Tom
Briggs/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT, Janine Migden/NA/Enron@Enron, Jean Ryall/NA/Enron@ENRON,
Aleck Dadson/TOR/ECT@ECT, Ricardo Charvel/NA/Enron@Enron, Jeff
Dasovich/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON, Jose
Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steve Montovano/NA/Enron@Enron

Subject: Re: Lay/Skilling Talking Points for Bush Admin Meetings and Calls

I think these are quite good...the missing piece, I would argue, that we need
to include is a talking point on the need for FERC to focus significant
resources on the identification and elimination of market power in
electricity markets and the need to encourage the development of distributed
generation and more effective demand - side response mechanisms , partly in
response to market power concerns. This is a huge issue in  getting wholesale
electricity markets to work effectively, i.e; to create discernable  consumer
welfare benefits.... and we ( Enron ) need to talk about this this issue and
concern and talk about it frequently and w/ the same passion we talk about
the need for open markets.

Linda Robertson
04/04/2001 12:09 PM
To: Steven J Kean/NA/Enron@Enron
cc: Richard Shapiro/NA/Enron@Enron, Joe Hartsoe/Corp/Enron@ENRON, Tom
Briggs/NA/Enron@Enron

Subject: Lay/Skilling Talking Points for Bush Admin Meetings and Calls

Steve, per our conversation yesterday in Houston, what do you think of these
TPs?  To be used by both Ken and Jeff in conversations and meetings with the
Bush Administration.

 - Skilling Talking Points.doc


We need some advice on this one - we are not in any negotiation with Altra
now and anything we were talking about is under a Confidentiality.

Andy needs some advice on how to pursue - obviously it helps them to say the
haven't been left out of the loop.  Andy will fill more in.

---------------------- Forwarded by Louise Kitchen/HOU/ECT on 04/08/2000
08:36 ---------------------------
From: Rahil Jafry on 04/08/2000 08:32
To: Louise Kitchen/HOU/ECT@ECT, Andy Zipper/Corp/Enron@Enron,
David.Forster@enron.com, Dave Samuels/HOU/ECT@ECT
cc:

Subject: Enron moves make waves in electronic trading industry.(Brief ...

Once again, Altra is clueless....

Enron moves make waves in electronic trading industry.(Brief
Article)(Statistical Data Included)
Monica Perin

07/21/2000
Houston Business Journal
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  Leading online platform signs agreements with HoustonStreet Exchange
and True Quote

  EnronOnline, Enron Corp.'s giant online platform,, has made the first
Commodity in what may become a consolidation of competing electronic
trading exchanges in the energy industry.

  Enron Net Works, the division which operates EnronOnline, last week
signed cooperative agreements with HoustonStreet Exchange and True quote
LLC.

  And industry sources confirm that EnronOnline is negotiating similar
deals with several other exchanges, including Houston-based Altra Energy
Technologies and RedMeteor, as well as e-Speed, an exchange backed by
Dynegy and, Williams.

  HoustonStreet Exchange, headquartered in Portsmouth, N.H., was
recently ranked among the top 20 dependent energy exchanges by AMR
Research, a Boston consulting firm which put Altra in first place.

  True Quote, based in Louisville, Ky.,  a startup trading platform
being developed by APB Energy -- an over-the-counter brokerage firm --
along with PG&E National Energy Group, EnForm Technology and Microsoft
Corp.

  EnronOnline is the world largest commodity trading platform, but users
an only trade with Enron. Rather than being a true trading exchange,
industry insiders describe it as simply an online extension of Enron's
business.

  But in EnronOnline's first six months of operation after being
launched last November, the value of transactions conducted on the,
system surpassed $50 billion at a rate of $1.5 billion a day. The
platform offers trading in a wide variety of commodities, from most
forms of energy to bandwidth and paper

  MORE EYEBALLS

  The agreements EnronOnline has struck will enable the company to post
the prices at which it will buy or sell natural gas and electricity on
HousonStreet.com and TrueQuote.com Neither HoustonStreet nor TrueQuote
prices, however, will appear on EnronOnline. Customers on those two
sites who click on an Enron quote will be instantly linked to
EnronOnline, where the trades will take place.

  "As Louise (Kitchen, president of EnronOnline) said, extending their
pricing to more eyeballs will build more transaction volume for Enron,"
says Paul Bourke, president of Altra. "The question is whether it will
build volume for the other exchanges.

  "We are talking to Enron," Bourke adds. "We are intrigued, and we are
attempting understand what the business benefits to Altra would be."

  He says an Enron-Altra deal would be "more complicated" than those
involving other exchanges because of Altra's significant liquidity in
natural gas. Altra is the leader in online natural gas trading.

  While none of the exchanges would reveal what, if any, financial terms
are involved in the agreements--other than to say there is no sharing of
commissions --Bourke says he expects that if Altra and Enron finalize an
agreement, Enron would take a small equity position in Altra. He
speculates that this is what Enron did with HoustonStreet.

  Brian Pieri, vice president of Red Meteor, says the value of
EnronOnline to the other exchanges is that "they bring' tight-bid
offers, which is something the exchanges have to work hard on. And more
people will make the bid offers even tighter."

  This means buy and sell prices are close together, which helps market
liquidity.

  Asked if the additional liquidity and trading volume that Enron might
bring to the other exchanges wouldn't just further fragment the market,
Pieri compared the whole online trading scene to a sixth-grade dance.

  "The boys are all on one side of the room and the girls are on the
other side, and nobody is dancing. Somebody has to start and then
everybody else joins in. Enron brings more validity to this very new
situation," Pied says.

  "All of the exchanges are trying to build liquidity, of which Enron is
the king," says Bill Swanton, an analyst with AMR Research.

  Swanton predicts that the energy exchanges will consolidate within the
next six to eight months, and the ultimate surviving exchanges will not
be owned by any single player.

  "You need an independent exchange. I can't imagine Enron will end up
running it. The trading community won't be satisfied with that," he
says.

  Swanton points out, however, that Enron "will attract attention they
don't want if they force, some of these guys out of business."

  But HoustonStreet's CEO, Frank Getman, takes a different view of what
the Enron deals mean.

  "Web-based energy trading exchanges are no longer about liquidity,
thanks to these EnronOnline data deals," he says. "The game is now about
functionality and value-added services."

Folder Name: Rahil Jafry
Relevance Score on Scale of 100: 97

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Hi Charlotte,

Just confirming that you will be picking Michael up today, and I will pick
him up at your place around 615.  He has clean clothes to change into.

Thanks,

Kay


Start Date: 3/31/01; HourAhead hour: 19;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001033119.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 19 / Preferred:   0.00 / Final:   0.00)
  TRANS_TYPE: FINAL
  SC_ID: ARCO
  MKT_TYPE: 2
  TRANS_DATE: 3/31/01
  UNIT_ID: CARBGN_6_UNIT 1

---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 3/31/01
  TIE_POINT: SYLMAR_2_NOB
  INTERCHG_ID: EPMI_CISO_DFISH
  ENGY_TYPE: NFRM


The attached bulletin from Merrill has some interesting comments on the
California situation as it relates to the utilities.


"....also, some annoying requests- katy forgot all the
minutemade frozen limeade she'd promised to bring for our Eagles marg party,
and the jerky from dad - suspiciously, she remembered my pocket-sized
neosporin tube......but anyways, it would be FABULOUS if you and lisa could
each cart over 3-4 tubes of the limeade wrapped in plastic
(carry-on....obviously could be ugly in non-pressurized cabin in suitcase!)
doesn't matter if thaws, but will need approx 7-10 tubes for the
festivities, plus, dad has that great turkey jerky from NB to send
along...."

Fear not, I have the turkey jerky.

Address...118 Portland Road (the postcode is W11 and the tube stop is Holland Park)

Phone #...011 44 2072 43 1926 (this is with the country code so I'm not sure exactly what you dial in London, I 							know you have to knock off the 011 and possibly the 44)

If you end up taking the tube you'll walk out of the tube station and take an immediate left.  Walk roughly two blocks and then take another right onto Portland Road.  There will be a pizza place right on the corner.  You'll walk all the way down Portland road until it looks like the road ends in a cul-de-sac.  The roads actually continues on the other side of a little bricked area with benches (a place called Janie's Wine Bar will be on your immediate left).  Emily's flat is in the row of flats to your right and the number is on the door (which if I remember correctly is blue).

See you there,
Sue


jcox@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List:

ICAP Working Group
Conference Call
Friday, April 20, 2001
Time:  9:00 AM - 11:00 AM
Dial in Number:  517-267-1046
Participant Code 327148

Judith E. Cox
Administrative Clerk
New York Independent System Operator
518-356-6233
jcox@nyiso.com


Attached is the Sullivan & Cromwell backghround memo.

Stacy Carey
Policy Director
International Swaps and Derivatives Association
600 5th Avenue, 27th Floor
Rockefeller Center
New York, NY  10020
(212) 332-1202 ph
(212) 332-1212 fax
(917) 543-9622 cell
scarey@isda.org

 - gpm5177.pdf


I am sorry I was short with you on the phone. The gas market is a total shit
show and our economics are out by $1M . I worked until midnight last night
and I am very tired. We should buy an ice cream cake from DQ and cook some
steaks on Saturday after golf. Danny and I can leave after dinner or first
thing in the morning on Sunday. I hope your (and my) work week improves. See
you tommorow!

Chris


I figured you two might get a kick out of this - this was taken last Sunday
while I was at the New York 5 Boro Bike Ride.  I went up there to ride with
some of my NERC friends, and Mike was very impressed with our jerseys.  I
figured the humor of the situation just had to be well documented.

Andy Rodriquez


Sorry, I thought you already had that info.  Phase 1 is the day we turn on EOL (January 21st), Phase 2 is February.  This timing should be consistent with the other gas regions.  Basically financial products first and physical products second.  If there is any changes between products in phase 1 and phase 2, how much lead time do you need?

Tom

 -----Original Message-----
From: 	Forster, David
Sent:	Tuesday, January 08, 2002 8:27 AM
To:	Martin, Thomas A.
Subject:	RE: Texas Desk EOL Product Rollout Schedule

Tom,

Thanks for the info.

What dates are you associating with Phase 1 and Phase 2?

Dave

 -----Original Message-----
From: 	Martin, Thomas A.
Sent:	Tuesday, January 08, 2002 10:12 AM
To:	Forster, David
Cc:	Winfree, O'Neal D.; Redmond, Brian
Subject:	Texas Desk EOL Product Rollout Schedule

As a follow up to the Texas Business plan submitted on January 7th, please find more detail on our desired product rollout schedule during phase 1 and 2.  If you have any questions call me at ext. 33079.

Tom

 << File: TXEOLRollout.xls >>