---------------------- Forwarded by Mike Maggi/Corp/Enron on 03/06/2001 08:34
AM ---------------------------

Mattmaggi@aol.com on 03/05/2001 09:11:44 PM
To: mmaggi@enron.com
cc:

Subject: Fwd: (no subject)

Content-Transfer-Encoding: 7bit
Return-path: <RanaMike@aol.com>
From: RanaMike@aol.com
Full-name: RanaMike
Message-ID: <37.117bed02.27d1b6d7@aol.com>
Date: Fri, 2 Mar 2001 21:54:15 EST
Subject: (no subject)
To: Anastasia_Harrison@yahoo.com, agaynes@dynax.com,
barry.edney@virginnet.co.uk, grace@exchangeconsulting.com, Ianandd@aol.com,
jscott@mdp.com, kschumer@austin.rr.com, LisaWells1@hotmail.com,
Mattmaggi@aol.com, randie@dtsoft.com, nyctg@msn.com
MIME-Version: 1.0
Content-Type: text/plain; charset="US-ASCII"
X-Mailer: AOL 5.0 for Windows sub 105

> > Follow the instructions!
> >
> >                  NO PEEKING AHEAD!
> >
> >
> >                  Free will or synaptic wiring?
> >
> >                  You be the judge.
> >
> > * Do the following exercise, guaranteed to raise an eyebrow.
> >
> > * There's no trick or surprise.
> >
> > * Just follow these instructions, and answer the questions one at a
>time
> >
> > and as quickly as you can!
> >
> >
> > * Again, as quickly as you can but don't advance until you've done each
> > of them ... really.
> >
> >
> > * Now, scroll down (but not too fast, you might miss something).
> >
> >
> >
> >
> >
> > *   Think of a number from 1 to 10 > > > > > >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >   Multiply that number by 9
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >  > > > > > >        > > > >   >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> > If the number is a 2-digit number, add the digits together
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> > Now subtract 5
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> > Determine which letter in the alphabet corresponds to the number you
> > ended up with (example: 1=a, 2=b, 3=c,etc.)
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> > Think of a country that starts with that letter
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> > Remember the last letter of the name of that country
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> > Think of the name of an animal that starts with that letter
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> > Remember the last letter in the name of that animal
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> > Think of the name of a fruit that starts with that letter
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> > Are you thinking of a Kangaroo in Denmark eating an Orange?
> >
> >
> > I told you this was FREAKY!!
> >
> > If not, you're among the 2% of the > > > > population whose minds are
> > different enough to think of something else.
> >
> > 98% of people will answer with kangaroos in Denmark when given this
> > exercise. Freaky, huh?
> >
> > Keep this message going. This one is actually worth sending on to
>others.
> >
> > Forward it to people you know and see if they are usual or unusual.


---------------------- Forwarded by Trey Comiskey/HOU/EES on 12/11/2000 09:04
AM ---------------------------

	Enron Energy Services

	From:  Trey Comiskey                           12/11/2000 09:04 AM
	Phone No: 713-853-6060

To: "Cooper, Kenneth" <Kenneth.Cooper@am.sony.com> @ ENRON
cc:
Subject: RE: Confidentiality Agreement

Good.  I will FedEx two signed copies to you overnight.  Please send one back
after executing.

How is the energy spend information gathering initiative progressing ?

"Cooper, Kenneth" <Kenneth.Cooper@am.sony.com> on 12/08/2000 04:49:45 PM
To: "'tcomisk@enron.com'" <tcomisk@enron.com>
cc:
Subject: RE: Confidentiality Agreement

Trey:  Three years is acceptable.  Ken

-----Original Message-----
From: tcomisk@enron.com [mailto:tcomisk@enron.com]
Sent: Friday, December 08, 2000 10:12 AM
To: Kenneth.Cooper@am.sony.com
Cc: Sean.O'Brien@am.sony.com; Jennifer.Medcalf@enron.com
Subject: Re: Confidentiality Agreement

Ken -
If we can change the term of confidentiality to 3 years (we proposed 1, you
proposed 5) then we are ready to accept all the changes, execute and move
on to the next steps.
Trey

"Cooper, Kenneth" <Kenneth.Cooper@am.sony.com> on 12/06/2000 03:37:42 PM

To:   "'Trey Comiskey'" <trey.comiskey@enron.com>
cc:   "O'Brien, Sean" <Sean.O'Brien@am.sony.com>
Subject:  Confidentiality Agreement

Attached please find two files:  one a redlined copy of the agreement and
the other a clean copy.  Please let me know your comments.  MaryAlice
Budakian, Esq.  handled this for me.  Her telephone number is
(201)930-7520.
 <<Enron Confidentiality (redline).doc>>  <<Enron Confidentiality (clean
copy).doc>>

(See attached file: Enron Confidentiality (redline).doc)
(See attached file: Enron Confidentiality (clean copy).doc)


Start Date: 10/5/01; HourAhead hour: 10;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

ERROR: File O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001100510.txt is empty.
ERROR: File O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001100510.txt is empty.
ERROR: File O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001100510.txt is empty.
ERROR: File O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001100510.txt is empty.
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001100510.txt

Error retrieving HourAhead price data - process continuing...


I should be able to find out something by this afternoon, or tomorrow AM at the latest.  I'll get back to you as soon as I hear something.  Jeff

-----Original Message-----
From: Evelyn Kahl [mailto:ek@a-klaw.com]
Sent: Monday, October 22, 2001 4:17 PM
To: Dasovich, Jeff
Subject: RE: Angelides Oct. 19th Letter to L. Lynch Urging July 1 DA
Suspension Date

Thank you for your explanation.  Often I think too literally and narrowly
and forget about the importance of spin.  All the same, I think we should
know if Loretta appreciates the open support of evil industry or not...I'd
say it's worth a call.

E

-----Original Message-----
From: Dasovich, Jeff [mailto:Jeff.Dasovich@ENRON.com]
Sent: Monday, October 22, 2001 1:58 PM
To: Evelyn Kahl
Subject: RE: Angelides Oct. 19th Letter to L. Lynch Urging July 1 DA
Suspension Date

Great question.  If you think it would be useful, I can back channel to
Loretta and find out.  I'm of the view that this letter is more to
refute Angelides, so that his wild assertions don't go unanswered in the
court of public opinion.  Perhaps the letter should be addressed to
Angelides, instead.

On the other hand, I think it is also useful to make it known to the
press and the public that the PUC has the regulatory tools, processes,
etc. necessary to permit customers broad latitude to manage their own
energy needs on the one hand, and ensure that there's not the sort of
massive cost-shifting to which Angelides refers on the other.  In the
public's view this has been painted as an either/or issue. Either we end
direct access, or granny faces death and destruction.  And that's just
not the case. In fact, I think it can be argued that the scenario
Angelides paints just isn't in the cards, period.

But I may be missing the mark with all this and am open to other views.
Let me know if you'd like me to find out if Loretta thinks the letter
would help her. Could find that out in pretty short order.

Best,
Jeff

-----Original Message-----
From: Evelyn Kahl [mailto:ek@a-klaw.com]
Sent: Monday, October 22, 2001 3:46 PM
To: Dasovich, Jeff
Subject: RE: Angelides Oct. 19th Letter to L. Lynch Urging July 1 DA
Suspension Date

Has anyone ever stopped to ask Loretta whether the letters are helpful
or not?  Two things occur to me.  First, it is not becoming for a
commissioner to be taking actions consistent with the urgings of
industry -- particularly if you're a Democrat.  Second, it has always
struck me that what she needs is some form of record support, not
political pats on the back in one-page letters.  I am asking you these
questions not judging the proposal to send a letter .... but I've never
understood what they're supposed to do for her and I honestly would like
to understand.

E

-----Original Message-----
From: Dasovich, Jeff [mailto:Jeff.Dasovich@ENRON.com]
Sent: Monday, October 22, 2001 11:33 AM
To: Dasovich, Jeff; wbooth@booth-law.com; dominic.dimare@calchamber.com;
cra@calretailers.com; ek@a-klaw.com; mikahl@ka-pow.com;
jrredding@aol.com; drothrock@cmta.net; vjw@cleanpower.org;
djsmith@s-k-w.com; dhunter@s-k-w.com
Subject: RE: Angelides Oct. 19th Letter to L. Lynch Urging July 1 DA
Suspension Date

FYI.  Note below that even the mighty and powerful Power Authority's own
crackerjack analysis asserts that there is still a net short (despite
DWR contracts and DA "stampede"), which should leave one to believe
that, contrary to Angelides' letter, the more the DA the better. Which
further supports Loretta Lynch's response to the Angelides' letter that
DA reduces the amount of spot power DWR has to buy.
Best,
Jeff
CONSUMER POWER AND CONSERVATION FINANCING AUTHORITY
Pace of Power Authority Renewable Portfolio Agenda is Slowed
Quite possibly the most significant action taken at the October 19
Consumer Power and Conservation Financing Authority (Power Authority)
was its inaction on contracts proposed for approval. The Power Authority
has aggressively pursued a broad renewable portfolio, with the intent to
approve contracts as soon as possible.
Instead of approving a number of contracts on its October 19 agenda, the
Power Authority deferred calendared decisions on request for bids until
its November 2 meeting, acknowledging that no action can be taken until
the Department of Water Resources (DWR) rate agreement stalemate has
been resolved.
Chairman Freeman stated that the Public Utility Commission's rejection
of the rate agreement has created an obstacle for the Power Authority to
exercise renewable contracts, to contract for peaker generation and/or
to implement demand side programs. The Power Authority relies upon DWR's
credit to fund these programs, and until a rate agreement is finalized
the Power Authority cannot sign contracts.
Freeman indicated that the Power Authority has signed letters of intent
to purchase output from 14 biomass facilities in the Central Valley, as
well as 400 MW generated by wind.
With the Current Glut of Contracts, Why Do We Need Additional Reserves?
Kellan Flukinger, Senior Advisor to Chairman Freeman and Laura Doll,
provided a detailed presentation explaining why he believes the Power
Authority must contract for additional renewable and peaking generation.
Flukinger believes that despite direct access and the current glut of
electricity supplied in long-term contracts, there still appears to be a
net short of a few thousand megawatts within the State.
Flukinger concluded that the State still is at the mercy of electric
generators who are not subject to PUC regulatory authority and who have
no real obligation to build and maintain new facilities or to serve
customers within the State. He believes that the short-term contracts
and spot purchases leave the state vulnerable to price-spikes and supply
shortages. He believes that the reserve can be managed through
Time-of-Use and Real-Time-Pricing, conservation, interruptibles, demand
side management, renewables and peakers.
Power Authority Names William Barry as Chief Financial Officer
William Barry was approved as Chief Financial Officer of the Power
Authority at its October 19 Board meeting in Sacramento. Mr. Barry
currently works for the City of San Francisco, and has worked in the
past for the New York Power Authority.

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


Daren - the valve for meter 1031 was not shut off in time on 3/1.  It flowed
about 1.200.  Could you please extend the deal for one day (deal 589188) ?
Thanks.

al


Why don't we try Farrago?  Kim and I love it and it has an outside
patio for those warm Houston winters.  Farrago is at the corner of Gray
and Bagby (or is it Brazos? whichever one runs one way to the south).
Phone number is 713-523-6404.

Why don't we meet there at noon or 1 p.m.?  Tell us what fits your
schedule better and we'll be there!

John

> John- I have been tied up on a conference call since you called.
Still on
> with your friends Drs. Hart and Carter. I think Sunday works for us.
Why
> don't we determine place and time and I will confirm with Donna.
Where
> would you like to meet?  Taylor will sit somewhat still in a high
chair  -
> Brennan's would be out of the question -so someplace on the informal
side
> would work well for us.
>
> We have not been out for awhile so anyplace would seem new to us!
>
> Thanks.
>
>
> awm
>
>


---------------------- Forwarded by Willie Harrell/HOU/ECT on 02/07/2001
02:00 PM ---------------------------
   Kate Symes                02/06/2001 01:23 PM

To: Willie Harrell/HOU/ECT@ECT
cc:
Subject: New EnPower Settlement Indices

Willie -
Per our conversation - the West Power desk needs three new settlement indices
for entering swaps deals in EnPower. The indices are as follows:

Last day settle for MIDC NYMEX contract
Last 5-day average for PALO VERDE NYMEX contract
Last 5-day average for COB NYMEX contract

Please let me know if you have any questions. The first index is a little
more pressing than the other two - one of our traders did a futures deal a
week ago which we have yet to swap from his book to the one it belongs in. We
can't execute the swap until we have a MIDC settlement index.

Thank you so much for your help.

Kate
(503) 464-7486


Thanks Lynn!  I'm sure we'll see a lot more of each other!  df

Lynn Blair
03/09/2001 07:32 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: Organization Announcement

Drew, congratulations.  We are really excited to have you in Houston.
Hope I still have an opportunity to work with you off and on.  I have learned
a lot working with you on NNG and TW.  Take care and good luck in your
new job.  Lynn
---------------------- Forwarded by Lynn Blair/ET&S/Enron on 03/09/2001 07:28
PM ---------------------------

	From:  Stan Horton, Chairman & CEO                           03/07/2001 10:57
PM

Sent by: ETS General Announcement
To: Enron Transportation Services Operations
cc:

Subject: Organization Announcement

Michael Moran, currently Managing Director and General Counsel for ETS, has
decided to retire after a distinguished 27-year career with Enron.;; Mike has
been a conscience and a statesman of our organization and it is hard for me
to imagine the ETS organization without Mike.;
;
Fortunately, Drew Fossum, currently Vice President and General Counsel for
Northern Natural Gas and Transwestern, has accepted my offer to become Vice
President and General Counsel of ETS effective April 1, 2001.; Drew will
relocate to Houston and report to me in his new role.
;
To assist with transition issues and special projects, Mike has agreed to
stay on board for several months as Managing Director and Special Counsel to
the Chairman and will continue to report to me.;;
;
Please join me in congratulating Drew on his new assignment and thanking Mike
for his many contributions to ETS and Enron.;


the Buzz		Friday, November 16, 2001

In the Buzz this week:

EES Keeps the Fire Burning

EES Q4 Deals: EES is pounding the pavement, making calls and (of course) making deals. The Third Party Sales Group continues to dominate the small business market in Texas, New York and Massachusetts, currently signing over 2000 new deals each week. Texas, which is known for doing everything in a big way, accounts for about 60 percent of the new deals signed. With success in the three markets already achieved, the Third Party Sales Group has moved into new territory, the Illinois market. The Third Party Sales Group, which was established less than five months ago, has already signed up more than 24,000 customers.

The Mid Market group is also bringing new customers into the fold. In these first few weeks of Q4, the Mid Market group has added Boston Market and Holiday Inn in New York, Moody Gardens and American National Insurance Company in Galveston, the Jewish Community Center Houston, Gulf Coast Retailers Association, El Fenix Restaurants in Dallas and Maxim.

The commercial, manufacturing/industrial and regional commodity groups are continuing to offer EES' products and services to large business consumers and have successfully brought in several large deals over the past few weeks. New customers include Sonoco, Wendy's, Unilever and Sara Lee with gas contracts and Ball Corp, Oil Tanking and Sysco with power contracts in Texas.

Customer Information and Support: Prior to and following Enron's merger with Dynegy, customers have expressed many questions about EES and where we stand on our contracts. A letter along with a Q&A about EES' position was distributed to customers on November 14 outlining our continued commitment to our contracts and our ongoing efforts to provide excellent customer support. Click here  to read the letter and Q&A sheet.

Inquiries and Customer Satisfaction Support: For the past four months, the EES Business Center has successfully been serving as EES's primary contact and has been instrumental in delivering superb customer care. Please continue to route any general inquiry call that you receive to the center at 800-337-7827. Additionally, if you receive media inquiries, please refer calls to the appropriate contacts outlined below. This information is also available on the Resources Shelf that is accessible from the EES homepage.

General business inquiries:
EES Business Center	800.337.7827		EESBusinessCenter@enron.com

Media/Press inquiries:
Laura Schwartz		713.853.4535		Laura.Schwartz@enron.com
Laurie Shults		713.345.1753		Laurie.Nickel@enron.com

Lead$ Referral Program's Weekly Winner: Congratulations to Robert Foster, this week's winner of the $250 cash prize in the Lead$ Referral Program! Robert, Manager, Transaction Support, joins recent past winners Joe Bucio and Bill Walding, in the winner's circle for the weekly prize drawing. In the first three weeks of the program, a total of $750 has been awarded. Winning is easy! To be entered in the drawing, all you need to do is flip through your Rolodex and submit the names of companies and contacts that EES origination can call on! Submit your leads online at the Lead$ Referral Program. A $250 prize will be awarded each week from now until January 31, 2002. At the end of the program, all persons who submitted leads will be automatically entered in a grand prize drawing for $10,000! You could be the next big winner. Click here  to begin turning your Rolodex into cash!

Deal Structuring Brown Bag: The November 14 Brown Bag presentation with Deb Merril, Director, Deal Management, is now available on Video Central. Deb provided an overview of the "life of a deal" and explained how Deal Structuring, which acts as the "gatekeeper between Origination, Desks and Operations," participates in the successful completion of a deal. Click here to view  the presentation or download slides.

Attention Outlook Users!!: Many Outlook users are unable to access the links in the Buzz and other email notices sent from Lotus Notes. To correct this problem, follow these steps:
1.	Go to the Outlook inbox
2.	Click "Tools" on the top task bar
3.	Click "Options"
4.	Click "Security" tab
5.	Click "Attachment Security" button
6.	Change security from "high" to "none"
The email links should now work properly. If you are having difficulty, call the help desk at extension x39797 and representatives can walk you through the change.

The Dynegy/Enron Merger
Dynegy and Enron Merger: On November 9, Dynegy and Enron announced an agreement for a merger between the two companies which is expected to confirm the value of Enron's core business, rebuild customer, counter party and investor confidence and strengthen Enron's liquidity. Of the potential options considered outside of a merger, few could provide "the earnings potential and immediate synergies" that a combination with Dynegy could provide according to Greg Whalley, Enron president and chief operating officer.

The new organization will focus on core businesses including wholesale energy markets and commercial and industrial energy users. Enron will continue to act as an independent company until the merger, which is expected to close at the end of Q3 2002, is complete. Click here  to view the press release outlining the merger details and the merger Q&A.

Enron Investor Update Conference Call: Enron held an investor conference call early Thursday morning to provide investors with an up to date overview of the company's current situation. During the call, Ken Lay, chairman and chief executive officer of Enron, reviewed occurrences which led to the current loss in investor confidence and decline in liquidity such as bad investments, "perceived" conflicts of interest in related-party transactions, lack of transparency and errors in financial statements. "We fully understand and regret the combination of events that have resulted in loss of investor confidence," said Lay, and we "are fully committed to fixing the problems."

In an effort to restore operational and financial momentum, Enron will be split into Core and Non-Core businesses and Businesses Under Review.
?	The core businesses which were performing at all time highs prior to the events that lead to the merger with    	Dynegy provide "significant earnings and cash flow opportunities with unique competitive advantages," 		according to Greg Whalley, president and chief operating officer. Core businesses include the natural gas 		pipeline business, and the gas and power, retail and coal busniesses in North America and Europe.
?	Non-core businesses such as broadband and Azurix will be divested and the earnings will be used to repay 		debt and reinvest in core businesses.
?	Businesses Under Review are potential future markets outside of power and gas wholesale businesses.

The conference call is separated into five sections: Introduction, Business Overview, Business Segment Update, Financial Review and Outlook and Q&A session for easy access to needed information. Click here  to listen to the conference call.

Dynegy and Enron Investor Conference Call: In Monday morning's conference call, Dynegy and Enron executives reviewed the merger details and fielded questions from investors. Chuck Watson, Dynegy chairman and chief executive officer, reiterated the strength of Enron's core business units and the high level of integrity of the people working in the trenches. Watson and Ken Lay also spoke of the advantages that Enron's business units would bring to the new organization with Watson making specific note of EES. "EES is three to five years ahead of Dynegy's retail unit" and is an "earnings contributor and growth engine that will continue in the combined company" according to Watson. The conference call replay will be available until 5:00 p.m. EST, Monday, November 26. Click here  to listen to the conference call.

Conference Call Slide Show: If you don't have time to listen to the conference, the slideshow presentation is also available. Click here  to view the presentation.

Enron Elects New Treasurer: Raymond M. Bowen, Jr., the former chief operating officer of Enron Industrial Markets, has been elected as the new executive vice president - finance and treasurer. "Ray has extremely good credibility with the investment community," according to Ken Lay and is "well respected and trusted by banks and other financial institutions."

EES Customer Corner
Starwood Makes the Grade: EES customer, Starwood Hotels & Resorts Worldwide, Inc. earned the distinction of having over 30 of its top hotels and resorts included in Conde Nast Traveler's 2001 Readers' Choice Awards List. The November 2001 edition of Conde Nast Traveler includes the magazine's 14th Annual Readers' Choice Awards that features the Top 100 "Best in the World" list which rates the best in hotels, resorts, cities, islands, cruise lines, airlines and car rentals. Nine Starwood properties earned the distinction of making the Top 100 "Best in the World" hotel list, while 24 additional Starwood properties were included in other top regional hotel and resort lists.

University of California Irvine Receives Energy Grant: The University of California, Irvine, an EES customer, has received a $3 million grant from the California Energy Commission for research designed to promote more widespread use of alternative fuels and power generation.

The Buzz will return on November 29
Have a happy and safe Thanksgiving


Thanks for the fast reply.  I changed it online, but I wanted to make sure I
wasn't booked for two different times.  Also, are you able to tell me who I
will be meeting with?  I am meeting with a couple professors before my
Admissions Visit and just wanted to know who I was going to meet with from
your office.  Thanks!
Ben


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October 26, 2001

Conectiv Completes Nuclear Plant Sales

By Will McNamara
Director, Electric Industry Analysis

  <http://secure.scientech.com/rci/wsimages/will100border_copy.jpg>

[News item from PR Newswire] Conectiv (NYSE: CIV), an energy provider located in the Mid-Atlantic, announced that its wholly owned subsidiary, Atlantic City Electric Company, completed the sale of its ownership interests in three nuclear plants to PSEG Nuclear LLC and Exelon Generation Company. The ownership interests were sold for approximately $11.3 million, excluding reimbursement of estimated fuel inventory, subject to adjustment.

Analysis: This announcement from Conectiv came out late last week, but I did not want to miss the opportunity to provide some analytical commentary on what I think is a rather significant development. The transfer of ownership in the three nuclear plants included in this transaction is significant because of its relation to Conectiv's unique competitive strategy and the round-robin way in which nuclear assets are changing hands in the United States. Further, despite an increase in acquisition activity around the nation's nuclear facilities, we still are seeing only a small number of companies that actually own or control nuclear power in the United States.

The divestiture of the nuclear assets includes only what is Conectiv's ownership in the plants, which Conectiv shares with other companies (who also happen to be the buying partners in this sale). The breakdown of the sale of nuclear assets is as follows:

A 7.51-percent interest (164 MW) in the Peach Bottom Atomic Power Station Units 2 and 3 sold in equal shares to co-owners PSEG Nuclear and Exelon. Prior to the transaction, PSEG Nuclear, an indirect subsidiary of Public Service Enterprise Group Incorporated, and Exelon each owned about 46 percent of the Peach Bottom plant. Exelon is the operator of the Peach Bottom facility.

A 7.41-percent interest (167 MW) in the Salem Nuclear Generation Station Units 1 and 2 was sold to PSEG Nuclear, which prior to the sale owned about 50 percent of the facility. PSEG Nuclear will remain the operator of the plant.

A 5-percent interest (52 MW) in the Hope Creek Nuclear Generation Station Units 1 and 2 was sold to PSEG Nuclear, which is the operator of the plant and prior to the sale owned 95 percent of the facility.

As noted, the significance of these transactions relates to Conectiv's competitive strategy and the consolidation that is taking place in the nuclear sector. Let's look at Conectiv first.

According to Conectiv's President and COO Thomas Shaw, the divestiture of the nuclear assets is consistent with the company's focused business strategy on two core energy businesses: Conectiv Energy, the company's integrated generation and asset optimization group, and Conectiv Power Delivery, the company's regulated delivery business. To support this two-tiered focus, Conectiv has been in the process of divesting its baseload generating plants to expand a generation portfolio that includes only mid-merit plants (units that have more flexibility to follow demand patterns). Mid-merit plants are often viewed as units that fill the operating space between baseload plants and peaker units. Whereas a baseload unit may have a generating capacity factor of about 80 percent, a mid-merit unit may have a generating capacity factor of about 30 percent to 55 percent. From Conectiv's perspective, the value of the mid-merit strategy is that these plants can be reserved to operate only when demand is comparatively high. Further, the company believes that mid-merit units are ideally suited to support the company's energy trading and asset optimization strategy because they are flexible enough to provide fuel arbitrage opportunities and ancillary service support when they are not needed to meet higher demands for power.

The sale of the nuclear assets follows the previous sale of 1,081 MW of baseload generating capacity by Delmarva Power & Light, a subsidiary of Conectiv, to NRG Energy and the divestiture of Conectiv's telecommunications business (Conectiv Communications) to Cavalier Telephone of Richmond, Va., for $20 million. In addition, Conectiv sold its 50-percent stake in a 118-MW co-generation facility in New Jersey to Pedricktown Cogeneration LP, a non-utility electric generator, for $9 million.

Conectiv is divesting all of its baseload generation but has maintained ownership of some 2,000 MW of mid-merit generation in the Mid-Atlantic region. The proceeds from the coal plant sales to NRG will reportedly be used to repay debt and fund Conectiv's development of additional mid-merit assets. Conectiv's immediate goal is to build more than 4,000 MW of mid-merit power generation within the Mid-Atlantic region by 2004. Toward that end, Conectiv is taking some of the proceeds from the NRG transaction and using the money to support a $300-million, 500-MW expansion of its Hay Road Generating Station, which is currently a 516-MW plant that is primarily fueled by natural gas.

The divestiture of both the telecommunications business and the baseload generation supports Conectiv's strategy of re-focusing on its core businesses, which are power trading and wholesale marketing (through mid-merit units only) and a regulated delivery business. Conectiv Power Delivery provides energy service to more than one million customers in New Jersey, Delaware, Maryland, and Virginia. Given the fairly distinct line between Conectiv's regulated and unregulated businesses, I have previously speculated that Conectiv could be preparing to spin off its unregulated businesses into a stand-alone company (a trend represented by AEP, Reliant and UtiliCorp). Conectiv is in the midst of major restructuring, so it is unlikely that any such spin off of its generation business would take place in the near term. However, as far as I know, Conectiv is the only energy company that has focused exclusively on mid-merit plants.

Conectiv is also involved in merger proceedings with Pepco, a partnership that is scheduled to close in April 2002. In this deal, Pepco is acquiring Conectiv for a combination of cash and stock valued at $2.2 billion. Both companies will become subsidiaries of a new holding company to be named at a later date. The partnership between these two relatively small and regionally based utility companies reportedly will create the largest electricity delivery company in the Mid-Atlantic region. By combining their two electricity delivery businesses, Pepco and Conectiv reportedly will more than double their customer base and expand their service territory by nine times.

In the nuclear sector, it is not terribly surprising that Exelon and PSEG Nuclear would be the buying partners in the three nuclear plants sold by Conectiv (despite the obvious fact that these companies already maintained majority ownership in the plants). Exelon and PSEG Nuclear are two of what is a small number of companies that are actively involved in the nuclear-power space, and thus it is not surprising that they would be involved in the license exchange on these three plants. Exelon has the largest nuclear fleet in the nation and still outpaces most of the competition in the nuclear industry, owning a total of 17 reactors. Earlier this year, Exelon CEO Corbin McNeill said he thought that a new nuclear plant would definitely be built in the next five years, and did not rule out the fact that his company might be the one to drive the construction of the new nuclear facility.

As noted, PSEG Nuclear is an indirect subsidiary of the Public Service Enterprise Group Inc., which in 2000 was split into PSE&G, a regulated gas and electric delivery company in New Jersey and PSEG Power, an unregulated U.S. power generation company. As noted, PSEG Nuclear LLC operates the Salem and Hope Creek Nuclear Generating Stations in Lower Alloways Creek, N.J., and oversees PSEG Power's ownership interest in the Peach Bottom Atomic Power Station, located in Delta, Pa. When the Conectiv transaction is completed, PSEG Power will own 100 percent of Hope Creek, 52 percent of Salem, and 50 percent of Peach Bottom.

In addition to Exelon and PSEG Nuclear, Entergy Corp. is another company that deserves a mention when discussing the nuclear sector. Since 1999, Entergy has been an active bidder on most every nuclear plant that has come onto the auction block. Recently, Entergy bought Con Edison's Indian Point Units 1 and 2 nuclear power plants in Westchester County, N.Y. In addition, Entergy recently announced an agreement with the Vermont Yankee Power Corporation to purchase the 501-MW Vermont Yankee nuclear power plant in Vernon, Vt., for $180 million. With the completion of the Vermont Yankee sale, Entergy will own a nuclear fleet that includes 10 reactors. Also note that the New York State Public Service Commission (PSC) just approved the sale of Niagara Mohawk's Nine Mile nuclear generating station to Constellation Nuclear for about $780 million. The purchase prices for the 614-MW Nine Mile 1 and 82 percent of the 1,142-MW Nine Mile 2 are about $221 million and $559 million, respectively. Constellation is another company that has consistently increased its nuclear power assets.

Given the volatility of natural gas prices and the high emissions associated with coal-fired generation, many industry analysts have debated whether or not nuclear power is on the brink of resurgence. Exelon, for example, is involved in a joint venture that is attempting to commercialize a new nuclear technology called Pebble Bed Modular Reactor (PBMR). Supporters of PBMR believe its relatively small size (110 MW), anticipated short construction time (24 months) and cost ($1,000/kW) can once again make nuclear power an acceptable option. In February of 2001, Exelon filed an application with the U.S. nuclear energy regulators to license a similar reactor in the United States. Clearly, steps are being taken to revive this controversial industry.

An archive list of previous IssueAlerts is available at
www.scientech.com <http://secure.scientech.com/issuealert/>

We encourage our readers to contact us with their comments. We look forward to hearing from you. Nancy Spring  <mailto:nspring@scientech.com>

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put on calendar
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 12/27/2000
10:45 AM ---------------------------

	Tracy L Arthur

	12/20/2000 04:20:35 PM

To: Tracy L Arthur/HOU/ECT@ECT
cc:  (bcc: Jeffrey A Shankman/HOU/ECT)
Subject: Invitation...Welcome New Analyst Reception


9am is fine.


Congrats!  Thanks for your help.  Mark

 -----Original Message-----
From: 	Daniels, Eddy
Sent:	Wednesday, September 26, 2001 11:13 AM
To:	Schuler, Lance (Legal); Haedicke, Mark E.
Subject:	FW: Sale of New Albany

Happy to confirm this deal closed about an hour ago.  We rec'd $135,000,000.

EDD

 -----Original Message-----
From: 	Zisman, Stuart
Sent:	Wednesday, September 26, 2001 11:00 AM
To:	Eghneim, Gus; Meyer, Chris; Carnahan, Kathleen; Will, Lloyd; Thode, Eric; Rust, Bill; Scott, Susan M.; Gilbert, Gerald; Vos, Theresa; Sherman, Cris; Daniels, Eddy; Marshall, David; Seade, Jerry; Garcia, Paul; Newlin, Ross; Callaghan, Tom; Virgo, Robert; Garcia, Paul; Hoff, Jonathan; White, Stacey W.
Cc:	Miller, Don (Asset Mktg); Kitchen, Louise; Colwell, Wes; Presto, Kevin M.
Subject:	Sale of New Albany

The transaction for the sale of the New Albany Peaker Plant just closed.  Paul Garcia of Enron treasury confirmed that we received the wire transfer of the purchase proceeds from Duke.

I would like to personally thank everyone that was involved in the sales process.  This transaction went very smoothly and I received several compliments from our counterparty regarding our professionalism on this deal.

Please take all post-closing actions that are required to finally consummate the conveyance and also be aware that the Purchase and Sale Agreement requires us to keep any and all data or information regarding the project and the transaction confidential for a period of two years.  In order to comply with the foregoing provision, I would strongly suggest that conversations regarding this transaction be limited to only those Enron employees who have a "need to know."

Thanks

Stuart


---------------------- Forwarded by Errol McLaughlin/Corp/Enron on 01/17/2001
10:11 AM ---------------------------

	From:  ClickAtHome Project Team                           01/11/2001 09:12 PM

Sent by: Enron Announcements
To: ClickAtHomePilot3 mailing
cc:

Subject: ClickAtHome Pilot 3 Program - An Invitation

Want to Get Innovative at Home?

We are excited to extend an invitation to you to participate in Pilot 3 of
Enron's new ClickAtHome program.

The ClickAtHome program is Enron's innovative solution to provide eligible
employees with a high-end computer and high-speed internet connection.

If you are interested in participating in the ClickAtHome pilot program,
please read about  "How to get started in Pilot 3" by clicking the link below.

http://home.enron.com:84/messaging/pilot3.ppt

Details pilot member expectations, commitments, and a tentative pilot time
table.

Ordering will begin on Friday, January 12th.    To get more information about
the program or place your order, visit http://clickathomepilot.enron.com

Dell will be in Houston to assist you with any questions you may have :
 1/16/2001  8:00:00 AM-5:00:00 PM
 1/17/2001  8:00:00 AM-5:00:00 PM
 1/18/2001  8:00:00 AM-5:00:00 PM
 1/19/2001  8:00:00 AM-2:30:00 PM
 Location: EB568 and EB560

If you have questions, please send them to clickathomepilot3@enron.com.

We look forward to enabling you to Get Innovative at Home!

ClickAtHome Project Team


Gary:
Thanks.  I will take a look at this and get back to you shortly.
Carol

	Gary Taylor
	06/28/2000 11:16 AM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Bombardier memo

Carol,

I left you a message last week regarding the enclosed letter.  You asked to
see a copy...

Background: Enron and Bombardier developed a promotional campaign to help
sell snowmobiles.  Retail customers who purchased snowmobiles from various
retail vendors by October 1 were eligible for a $1,000 rebate from Bombardier
if the subsequent November-March snowfall was less than 1/2 the average of
the previous 3 years.  In October, Bombardier reported to us the number of
snowmobile sales in each city covered under our program and paid us a
predetermined premium for each unit sold.  In return, Enron was liable for
potential payouts in each of the cities covered under the program (different
payouts in each city depending on the number of Bombardier units that were
sold in each city).

The settlement date for the program was June 14 - allowing for true-ups by
the various weather services.  As of this date, we were responsible for
payouts in 6 cities.  We sent prompt payment to Bombardier.

Current Issue:  Bombardier has requested that we send a letter to to them, on
our letterhead, specifying the actual Nov-Mar snowfall amount in each city
covered under our contract with them.  They plan to forward this letter to
the stores that sold Bombardier snowmobiles under this program.  The impetus
for this letter is that some customers in cities where snowfall exceeded the
strike (no rebate payments due to customers) thought/think that they may be
entitled to a rebate.

Here is the letter:

Of course, I am waiting for your response before I send this letter out.

Regards,
Gary Taylor
x31511


Get ready.  Beginning in November, electronic pay stubs will be available to all employees who have their paychecks direct deposited into their bank account.  Electronic pay stubs are an easy, fast, and efficient way for you to get your payroll information.  They will also help Enron to realize a considerable savings in time and dollars spent over traditional printed pay stubs.

If you prefer to receive a hardcopy of your pay stub, click on the link below to complete a request form.  This form must be submitted to Payroll by October 15, 2001.  Unless you submit a form your pay stub information will default to electronic viewing.

Please click on the link below.

Name:             BRADLEY MCKAY
Personnel number: P00502887
Phone:            7138537699

If you have questions about electronic pay stubs, please contact Janice Priddy (Payroll) 713-853-7839 or Marie Newhouse (ClickAtHome) at 713-345-4185 or send an email to  Enron.Payroll@enron.com (Enron Payroll in Outlook).

Stay tuned for more details in the coming weeks.

http://etcsurvey.corp.enron.com/wi/p0810709/i.asp?r=12693&s=XUCTKZRX&l=9


Start Date: 4/14/01; HourAhead hour: 20;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.
Variances detected in SC Trades schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041420.txt

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 20 / Preferred:  12.00 / Final:  11.98)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/14/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_SPP
  ENGY_TYPE: WHEEL

---- SC Trades Schedule ----
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 20 / Preferred:  25.00 / Final:  24.97)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/14/01
  TRADING_SC: PGAE
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1


Attached please find a revised Enfolio Contract with CPS.  The changes
incorporated in the attached contract are:
1)  "City Public Service (San Antonio)" has been changed to "The City of San
Antonio, acting through City Public Service Board".
2)  The effective date has been changed to "October 1, 2000.
3)  The changes requested in items 1 and 2 of the addendum have been
incorporated.
4) The Utilization of Small Business Concerns language has been added as the
last item in Appendix "1", and
5)  An additional representation has been added at the end of the
Representations and Warranties in Appendix "1" relating to the necessary
authorizations with respect to the execution, delivery and performance by
Customer of  this Agreement.

If these changes are acceptable please advise and we will forward two
original copies for execution.


could you give me a call when you've got 5 minutes.  i have a very quick question.  thanks a lot.

Best,
Jeff


---------------------- Forwarded by Phillip M Love/HOU/ECT on 05/09/2001
10:36 AM ---------------------------
From: Veronica Espinoza/ENRON@enronXgate on 05/09/2001 09:48 AM
To: Diane Anderson/NA/Enron@Enron, Derek Bailey/Corp/Enron@ENRON, David
Baumbach/HOU/ECT@ECT, Jean Bell/HOU/ECT@ECT, Patricia Boulanger/CAL/ECT@ECT,
Bob Bowen/HOU/ECT@ECT, Julie Brewer/NA/Enron@Enron, Lesli
Campbell/ENRON@enronXgate, Celeste Cisneros/ENRON@enronXgate, Sharon
Crawford/CAL/ECT@ECT, Richard Deming/NA/Enron@Enron, Russell
Diamond/ENRON@enronXgate, Cindy Feldman/CAL/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT, Larry Joe
Hunter/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON, Nidia Mendoza/ENRON@enronXgate, Tom
Moran/ENRON@enronXgate, Bianca Ornelas/NA/Enron@Enron, Sarah
Pernul/CAL/ECT@ECT, Leslie Reeves/HOU/ECT@ECT, Tanya
Rohauer/ENRON@enronXgate, Dianne Seib/CAL/ECT@ECT, Linda
Sietzema/CAL/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Ellen
Wallumrod/NA/Enron@ENRON, Tiffany Williams/NA/Enron@Enron
cc:
Subject: Credit Report--5/9/01


UN WIRE
An Independent News Briefing about the United Nations
-------------------------------------------------------
Friday, 13 October, 2000 - http://www.unfoundation.org

Today's UN WIRE Stories

HEALTH
 1 TOBACCO: Industry Pushes For Limited Regulations
 2 HIV/AIDS: UNAIDS Teaches Prevention To Ukraine Sex Workers
 3 BLINDNESS: UK Group Seeks To Raise Awareness

WOMEN, CHILDREN AND POPULATION
 4 AMERICAS: PAHO Outlines Advances Achieved In Child Health
 5 CHILD MORTALITY: World Reaches Target, Some Countries Behind
 6 CHILD LABOR: ILO, Netherlands Join Forces To Aid Bangladesh

ENVIRONMENT
 7 CHINA: Red Tides Are Blight To Country's Coastlines
 8 CLEANER PRODUCTION: Experts To Consider Alternative
Approaches
 9 JORDAN: IUCN Deems Country Center For Water Programs Project

ECONOMICS, TRADE AND DEVELOPMENT
 10 UNCTAD: Report Says Least Developed Nations Struggling
 11 YUGOSLAVIA: Milosevic Party Members Agree To Resume Talks
 12 OIL: Prices Could Dampen World Growth, IMF Says
 13 DIAMONDS: Sierra Leone Lifts Ban On Gem Exports

HUMANITARIAN AID AND FOOD SECURITY
 14 WORLD FOOD PRIZE: Two Scientists Earn Award For Maize Hybrid

HUMAN RIGHTS, JUSTICE AND DEMOCRACY
 15 INDONESIA: Speakers Oppose Militia Leader's Extradition
 16 RWANDA: UN Report Examines Prison Crisis
 17 BOSNIA: War Crimes Suspect Dies In Arrest Attempt

CRIME, CORRUPTION AND DRUGS
 18 ASIA: Countries Commit To Anti-Drug Plan

PEACEKEEPING AND SECURITY
 19 MIDDLE EAST: Israel Attacks Palestinian Targets; More
 20 LANDMINES: Myanmar Gov't, Opposition Continue Production

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Start Date: 4/30/01; HourAhead hour: 4;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001043004.txt
Error: Invalid variant type conversion

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

  TRANS_TYPE: FINAL
  SC_ID: ECTstCA
  MKT_TYPE: 2
  TRANS_DATE: 4/30/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_5001
  ENGY_TYPE: FIRM


> -----Original Message-----
> From: Baird, Bob
> Sent: Wednesday, August 16, 2000 4:22 PM
> To: Stockbridge, Edward T
> Subject: MTEF Definition
>
> The CFTC's proposed definition of MTEF:
>
> Sec. 36.1 Definitions. As used in this part: . . .  Multilateral
> transaction execution facility means an electronic or non-electronic
> market or similar facility through which persons, for their own accounts
> or for the accounts of others, enter into, agree to enter into or execute
> binding transactions by accepting bids or offers made by one person that
> are open to multiple persons who conduct business through such market or
> similar facility, but does not include:
> (1) A facility whose participants individually negotiate (or have
> individually negotiated) with counterparties the material terms applicable
> to transactions between them, including transactions conducted on the
> facility, and which are subject to subsequent acceptance by the
> counterparties;
> (2) Any electronic communications system on which the execution of a
> transaction results from the content of bilateral communications exchanged
> between the parties and not by the interaction of multiple orders within a
> predetermined, non-discretionary automated trade matching algorithm; or
> (3) Any facility on which only a single firm may participate as market
> maker and participants other than the market maker may not accept bids or
> offers of other non-market maker participants.
>
> Robert S. Baird
> Vinson & Elkins L.L.P.
> One American Center
> 600 Congress Avenue
> Austin, Texas 78701-3200
> Office phone: 512/495-8451
> Fax: 512/236-3210
> Home phone: 512/347-8065
> Car phone: 512/627-8065
> Pager: 1-888-487-2651
> Voice mail: 512/495-8696, x8451
> Internet: rbaird@velaw.com
>


-----Original Message-----
From: 	"BRAD MCKAY, ENRON CORP." <BMCKAY2@bloomberg.net>@ENRON [mailto:IMCEANOTES-+22BRAD+20MCKAY+2C+20ENRON+20CORP+2E+22+20+3CBMCKAY2+40bloomberg+2Enet+3E+40ENRON@ENRON.com]
Sent:	Monday, June 04, 2001 9:55 AM
To:	BMCKAY@ENRON.COM
Subject:	(BN  ) Power Plants Returning to Natural Gas as Prices Fall:

         T

Power Plants Returning to Natural Gas as Prices Fall: Outlook
2001-06-02 17:26 (New York)

Power Plants Returning to Natural Gas as Prices Fall: Outlook

     Palatka, Florida, June 2 (Bloomberg) -- Natural gas is
burning again at Florida Power & Light Co.'s Putnam power plant in
Palatka.
     Last winter, Florida's largest utility reconfigured the plant
to run on fuel oil instead of natural gas, a cleaner-burning fuel
that for years had been comparatively cheap. Last month, as gas
prices plunged to a 10-month low, the plant switched back to gas.
     Florida Power & Light wasn't the only one. Many electric
utilities in the U.S. are able to burn both fuels, and several are
making the switch to gas, which is now cheaper than oil in some
regions. Companies such as Detroit Edison Co. had been burning oil
since the winter.
     ``It wasn't really until the early May timeframe, when gas
and oil prices crossed paths and gas became cheaper,'' that the
switch was made, said Gary Lapplander, the company's manager of
fuel supply. Michigan's largest electric utility had been running
its 780-megawatt Greenwood plant near Port Huron on oil since last
December.
     Fears of winter shortages drove natural gas futures on the
New York Mercantile Exchange to a record $10.10 per million
British thermal units in late December, more than quadruple the
year-earlier price. This year, prices have fallen below $4, partly
because last year's rally caused so many generators and industrial
customers to seek alternate fuels, such as oil.

                           Saving Money

     Fuel can account for more than 90 percent of a power plant's
operating costs, according to some estimates.
     Mild weather across the U.S. this spring has reduced demand
for gas to heat homes and power air conditioners, while record
drilling in the past year has led to higher gas flows from U.S.
wells. Since late March, utilities have been pumping gas into
underground storage at almost three times last year's rate,
according to American Gas Association figures.
     Fuel oil has a much different story. Prices for No. 6
residual fuel oil -- the grade most commonly burned in power
plants -- are linked to crude oil prices, which have climbed 4
percent this year.
     The Organization of Petroleum Exporting Countries has cut
crude oil production twice this year after raising it four times
in 2000. And refiners have been sopping up supplies in recent
months to make gasoline for the summer driving season.
     Natural gas prices at Chicago's distribution hub fell below
fuel oil prices during the week ended May 18, the first time it
was cheaper in almost seven months, according to Bloomberg
figures. Fuel oil prices in Chicago are little changed this year.
     ``It's really a factor of economics,'' said Carol Clawson, a
spokeswoman for Juno Beach, Florida-based FPL Group Inc., parent
of Florida Power & Light, which can switch about a quarter of its
power plants between gas and oil on a few hours' notice. ``We are
detecting gas prices coming down, and as that occurs, we are going
back to gas.''

                          Fear of a Rally

     To be sure, some power-plant operators may be wary of
switching back to gas because of the chances for a rally this
summer, said Tim Evans, senior energy analyst at IFR Pegasus in
New York. As hot weather arrives, homeowners and businesses will
turn up their air conditioners, pushing electricity use higher and
lifting gas demand. Natural gas futures last summer rose 29
percent.
     Adding to that demand, gas-fired power plants with about
25,000 megawatts of capacity are expected to start up this summer,
according to a U.S. Energy Department report published last month.
Last year, about 22,000 megawatts of new gas plants started up,
boosting total U.S. gas demand by 500 billion cubic feet, or 2.3
percent. A megawatt is enough to light 1,000 homes.
     Other variables in the gas market include the extent of any
heat waves this summer, and whether hurricanes will enter the Gulf
of Mexico, disrupting operations at offshore rigs that account for
a quarter of U.S. production.
     ``People don't fully trust gas,'' Evans said. ``They're
wondering if it's going to remain the cheaper fuel, or if it's
just going to turn around and do to them what it did last
winter.''

                           Still Cheaper

     Oil is still cheaper than gas in some regions. In the New
York City area, where utilities don't have to pay as much to get
oil delivered from tanker terminals in New York harbor, heavy fuel
oil costs $3.89 per million Btu, compared with $3.99 for natural
gas, according to Bloomberg figures.
     Even so, the drop in gas prices has prompted Brooklyn, New
York-based Keyspan Energy Corp. to increase gas's share of its
total power generation to about 40 percent, said company spokesman
David Manning. That's up from about 3.5 percent at one point last
December.
     Normally, almost all of the company's plants would be burning
gas at this time of year, Manning said. Keyspan produces power for
about 1.1 million customers on Long Island.
     ``We're right on the cusp'' of gas prices falling low enough
to switch the remainder of the company's generation away from oil,
he said. ``We would anticipate we will be running on gas even more
this summer, unless something dramatic happens with the weather.''

--Bradley Keoun in the New York newsroom (212) 318-2310 or at
bkeoun@bloomberg.net /wb

Story illustration: For a table comparing No. 6 residual fuel oil
prices in Chicago to wholesale natural gas prices at the Chicago
hub, see: {US06CHIC <Index> NAGANGPL <Index> HS3 <GO>}.
To compare natural gas futures prices on the New York Mercantile
Exchange with crude oil futures, see:
{NG1 <Cmdty> CL1 <Cmdty> HS2 <GO>}.

Company News:
FPL US <Equity> CN
KSE US <Equity> CN

NI GAS
NI OIL
NI NRG
NI RVU
NI FEA
NI WIN
NI US
NI NY
NI FL
NI ELC
NI UTI
NI TOP
_
-0- (BN ) Jun/02/2001 21:26 GMT


Look at you trying to bring me out of my shell.  I don't know if I'm really
ready though to meet so many new people.  Remember...I am a shy, retiring
wall-flower.


This pretty much summarizes the events over the weekend resulting from PG&E's
filing on Monday--more stellar leadership from the administration.
Biggest news is that the Governor is now frantically trying to cobble
together a Tx buy-out deal with Edison & Sempra; but note that Burton in this
story questions whether it makes sense to buy Tx if PG&E isn't part of the
deal.
The first hearing on the bankruptcy is today.

Governor, Utility In War Of Words
Davis furious as PG&E defends bankruptcy filing
David Lazarus, Chronicle Staff Writer
Monday, April 9, 2001
,2001 San Francisco Chronicle
URL:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/04/09/M
N223519.DTL
California's energy mess took an ugly turn yesterday as Gov. Gray Davis and
Pacific Gas and Electric Co. traded barbs over who is to blame for the
bankruptcy of the state's largest utility.
In a series of tit-for-tat statements, each side laid claim to the moral high
ground while insisting that the other had been dealing in bad faith.
The governor spent part of his time yesterday giving television interviews in
response to The Chronicle's report Saturday that PG&E awarded $50 million in
bonuses and raises to 6,000 employees just hours before Friday's bankruptcy
filing.
"PG&E's management is suffering from two afflictions: denial and greed,"
Davis said in a brief statement Saturday night.
In a testy reply, PG&E countered that "instead of focusing all his attention
on solving the state's yearlong and ever-worsening energy crisis, the
governor has launched a campaign-style attack on our company."
PG&E said Davis was criticizing "thousands of men and women who have worked
tirelessly and professionally through this crisis" and concluded that
"California would be far better served if the governor turned his attention
to the crisis at hand."
Steve Maviglio, a spokesman for the governor, fired back yesterday: "PG&E
waged a public relations war on Friday. If they're looking for somebody to
blame, they should look in the mirror."
Maviglio also said the governor was concentrating on reaching a final accord
with Southern California Edison Co. for the state to purchase the cash-
strapped company's power lines for nearly $2.8 billion.
A last round of talks was scheduled to be held last night.
"There are a few remaining details to be worked out, but it seems pretty
close," Maviglio said, adding that an announcement of the deal could come as
early as today.
"The governor is spending his time negotiating with a responsible utility,"
he said.
Along with the Edison deal, Davis spent the weekend huddling with energy
advisers and lawyers trying to come up with an appropriate response to PG&E's
bankruptcy bombshell.
Efforts to stabilize California's dysfunctional electricity market suddenly
have become much more complex.
NOT MUCH CHANGED
Nevertheless, while PG&E's bankruptcy is by far the most sensational aspect
of California's long-drawn-out energy mess, at the end of the day, it doesn't
really change a thing.
Consider:
-- PG&E's financial woes stem from a rate freeze that prevented the utility
from passing along to customers runaway wholesale power costs. That rate
freeze and sky-high electricity prices remain in place.
-- California's energy shortage is primarily the result of the state not
having built any major power plants for the past 12 years. PG&E's bankruptcy
does nothing to affect that precarious situation.
-- PG&E's foray into bankruptcy court does not alter the fact that
electricity demand is outpacing available supply. California consumers still
face a threat of daily blackouts when power usage spikes this summer.
"The crux of the problem is still the same," said Loretta Lynch, president of
the state Public Utilities Commission. "We face the same challenges we did
before PG&E filed for bankruptcy."
She added, however, that PG&E's bankruptcy "increases the uncertainty."
The utility doesn't see it that way.
PG&E spokesman Ron Low said California's energy woes are no more uncertain
now than they were when the company ostensibly was negotiating with Davis to
find an equitable solution to the state's troubles.
"California remains in an energy crisis," he said. "As we head toward summer,
resources are going to be very tight."
WHAT COULD HAPPEN
In the short run, consumers will notice no change whatsoever. Bankruptcy
protection will allow PG&E to continue operating as usual while the company's
creditors line up to receive at least partial payment of outstanding bills.
Longer term, there is a very real possibility that electricity rates will
soar if the bankruptcy judge agrees with PG&E that conditions for lifting the
rate freeze were met a year ago and that $9 billion in subsequent expenses
must be borne by consumers.
How much people's bills would rise depends on how the rate increase is
structured. It would probably come in the form of a surcharge on existing
fees,
but the monthly hit to consumers could be limited by spreading the total cost
over a number of years.
The big question mark now is how PG&E's bankruptcy will affect various
political and legislative measures intended to keep California's lights on.
The state's attempt to purchase PG&E's power lines is obviously finished,
although a new deal could be negotiated in bankruptcy court.
Meanwhile, the governor is pressing ahead with plans to purchase the
transmission systems of Edison and Sempra Energy's San Diego utility --
although what the state would do with only a partial power grid has yet to be
determined.
"Does it make any sense to have the transmission lines of Edison and Sempra
and not PG&E?" asked state Senate President Pro Tem John Burton, D-San
Francisco. "I don't know the answer to that."
A final accord with Edison this week would validate PG&E's apparent concerns
that it would have had a harder time limiting backlash to its bankruptcy
filing if the utility had acted after a breakthrough with Edison was
unveiled.
The Chronicle quoted PG&E insiders yesterday as saying that the decision to
file for bankruptcy had been made early last week, even though senior company
officials said the move followed the governor's Thursday night speech on
solving California's energy issues.
One reason PG&E opted to file on Friday morning was because a final deal with
Edison was expected at any time, observers said.
Paul Patterson, an analyst at Credit Suisse First Boston, noted that if PG&E
had filed for bankruptcy after Edison came to terms with the state, "they
would be seen as a spoiler."
ENSUING CONFUSION
In any case, PG&E's surprise filing has left all concerned scrambling for
footing in the changed political landscape.
Consumer advocates watched with dismay yesterday as the state's political and
corporate powers slugged it out for supremacy.
Nettie Hoge, executive director of The Utility Reform Network in San
Francisco, said all this finger-pointing will do nothing to ensure that
Californians have ample supplies of electricity this summer.
"These guys should grow up and come up with a situation that works for the
public," she said.
E-mail David Lazarus at dlazarus@sfchronicle.com.
,2001 San Francisco Chronicle ? Page?A - 1


I've never heard from the dude.  I may send him a voicemail.


Please do.  I"m on a long conference call.

Thanks,

Kay

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 04/12/2001 04:34:15 PM
To: "'Kay.Mann@enron.com'" <Kay.Mann@enron.com>
cc: Stephen.Thome@enron.com, "Keffer, John" <JKeffer@KSLAW.com>

Subject: RE: Salmon Energy Turbine Agreement

Kay:

E-mail delivery sounds fine.  Per the letter agreement, we need to submit
the final form of the Turbine Contract and a blacklined version of same
reflecting changes from the form attached to the letter agreement.   I have
assumed that the version to be attached to the letter agreement is the
version #3 that you sent by e-mail on April 3 @12:45 to Greg Lang et al., as
I believe this was the last draft circulated prior to execution of the
letter agreement.

Would you prefer to send these documents to Greg directly or would you like
for me to handle this?  It appears that the blackline attached to this
e-mail is the appropriate blackline (comparison of version 3 to version 4),
so please confirm and let me know if you would like me to send those
documents along to Greg.  Our transmittal will officially reference that
"pursuant to Section 4(b) of the Letter Agreement, we have enclosed...."

Please advise as to handling.  Thanks.

Carolyn M. Campbell
King;& Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>
;

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Thursday, April 12, 2001 4:06 PM
To: ccampbell@kslaw.com; jkeffer@kslaw.com
Cc: Stephen.Thome@enron.com
Subject: RE: Salmon Energy Turbine Agreement

YIPPEEE.

Carolyn,  I think we should tender by email.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/12/2001 04:04
PM ---------------------------

lee.johnson@ps.ge.com on 04/12/2001 03:50:04 PM

To:   pthompson@akllp.com, kay.mann@enron.com
cc:   kent.shoemaker@ae.ge.com

Subject:  RE: Salmon Energy Turbine Agreement

I've reviewed the agreement and we are back in "sync".  Unless Kent has
anything to add, we're good to go on this end.
-----Original Message-----
From: Thompson, Peter J. [mailto:pthompson@akllp.com]
Sent: Thursday, April 12, 2001 11:13 AM
To: Kay Mann (E-mail); Johnson, Lee L (PS, GE AEP)
Cc: Pipitone, Paul
Subject: Salmon Energy Turbine Agreement

Attached please find the latest Salmon Energy Turbine Agreement (second
document below), as well as a blackline (first document below) showing
changes made to the version circulated on April 2.  This version
contains Lee's changes to Exhibits A, A-1, B and B-1.  No changes were
made to the Maximum Liability Amount, Purchase Amount or Unit Liability
Amount. Power System Stabilizers are included in the scope.  To complete
the agreement, we will need to insert the date of execution and Exhibit
H-2.
 <<Comparison of Salmon Energy Agreement, Versions 3 to 4.DOC>>
<<Salmon Energy Agreement - Version 4.DOC>>

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.


Gerald,
Thanks for your input.  We've added a few additional items (highlighted in blue) in the attached Term Sheet (please review).  The LD language is taken primarily from NNG's published FERC gas tariff.  Is this LD language consisent with ENA's Master Firm Agreement?

Please advise.

Thanks, Lisa Druzbik
3-9620

 -----Original Message-----
From: 	Nemec, Gerald
Sent:	Sunday, July 29, 2001 4:33 PM
To:	Druzbik, Lisa
Subject:	RE: Keystone - Latest Term Sheet

See my attached comments.

 << File: NNG Keystone Term Sheet (July 27)1.doc >>

 -----Original Message-----
From: 	Druzbik, Lisa
Sent:	Friday, July 27, 2001 6:16 PM
To:	Higgins, Ned; Kiani-Aslani, John; Hilgert, Chris; Vasquez, Miguel; Gregory, Paul; Dillingham, Laquesha
Cc:	Nemec, Gerald
Subject:	Keystone - Latest Term Sheet

Team,
Attached is the latest term sheet.  I will add a few sentences on the liquidated damages pricing on Monday morning.  The text highlighted in blue are the latest material changes including an Exhibit.  The text in red is to be finalized items.

 << File: NNG Keystone Term Sheet (July 27).doc >>
John Kiani is working on the valuation sensitivities.

Thanks, Lisa


Enron and Dynegy each announced today that they are holding discussions about a possible merger of the two companies.  As you know, Dynegy is a major player in the energy marketplace, and is not only a competitor, but also a counterparty of Enron.  This is just one of several options that we are considering.

Upon receipt of this announcement, the NYSE briefly suspended trading of both Enron and Dynegy.  We have no additional information we can share at this time.  We'll keep you updated as developments occur.


Please be aware that there is an email circulating the Enron messaging environment !!!

The infected email has the following characteristics :
Subject :	Hi
Body :		Hi, I found a cool site! <web link> It's really cool!

An alternative version of the infected email also have an Excel spreadsheet attachment.

If you receive this email, DELETE it immediately. DO NOT CLICK ON THE WEB LINK. DO NOT LAUNCH THE EXCEL ATTACHMENT!

Please note that opening the email automatically via the "preview pane" does NOT launch the virus.

The Enron global messaging service has taken the necessary steps to ensure all internet email sent to your Enron internet address is virus free. But there are ways that you can ensure viruses do not make their way into our environment  :

Always ensure you do not launch attachments or web links received from people you do not know.

Always ensure that you do not access/launch/download any attachments from external (web-based) email service providers while you are using the Enron network.

Detection + Prevention = Protection!

Thank you.


The following servers will be coming down, please click on the icon for more
details and scheduled times :

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

          SYSTEM OUTAGE NOTIFICATION

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

FOR:  PR2 - HR Production

Outage Start: (CST) 11/29/2000 at 11:30:00 AM

Outage End: (CST) 11/29/2000 at 01:00:00 PM

Outage Abstract:  Pr2 will be unavailable for emergency maintenance

Outage Description: Pr2 will be unavailable for emergency maintenance

Outage Implication: Access to PR2 will be denied

Contact Name:alexandra malone   #:  3-6844


I spoke with Carol on Friday and supposdly their wedding coordinator found a
room at Embassy  Suites for $39 per night.  It's supposed to be at I-17 and
Greenway, wherever that is.   I'll belive that when I see it.   I probably
will not bring the kids, it just seems like such a hassle.  I can understand
Mom not wanting to miss work, so it seems like it will be a girls weekend.  I
have not checked on flight arrangements yet, but I'll let you know.   I still
want to leave on Thursdat night, so we have time for site seeing.  How much
was the ticket?


Jerry and Marguerite:

As promised, attached please find Citibank's form of Incumbency Certificate,
which I have customized for your client on a very preliminary basis.  I am
also attaching the W-9 tax form that NorthWestern will need to present to
Citibank for purposes of establishing an escrow account.  Should Citibank
require any additional documentation, I will notify you of what is required.

Regards,

Marisa Reuter

 <<NorSubIncumbencyCertificate.DOC>>  <<Form-W-9-2000.pdf>>

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.

 - NorSubIncumbencyCertificate.DOC
 - Form-W-9-2000.pdf


Joe,

We suffered a loss in the family last night and I will not be coming in today.  I was able to get a hold of Matt Lenhart and asked that he give you a call regarding the curves we were discussing yesterday.  You can reach me on my cell phone if you need anything (713-775-6472).

Susan

-Could you please forward this to Ed as I do not have access to his email from home.


Today, Enron hosted a conference call to give investors a current overview of the company. Here's an update of what we discussed during the call.

We told investors that we're doing everything we can to protect their interests and to regain their confidence. Our focus remains on our credit quality, balance sheet and liquidity, which are essential for our continued success and expansion of our wholesale businesses.

It took more than a few weeks to get where we are today. Here's a snapshot of significant events that led to our current situation:

-- In hindsight, we definitely made some very bad investments in our non-core businesses over the past several years. Those include investments in Azurix, India and Brazil. They have performed far worse that we could have ever imagined when we made these investments;

-- Because of these bad investments, we've become over-leveraged as a company. The negative impact of those investments was exacerbated through the extensive use of debt capital both on and off our balance sheet;

-- We also entered into related party transactions that led to a loss of investor confidence, which has been very damaging;

-- We've been criticized for our lack of transparency and our hard-to-understand financial and operating disclosures; and

-- On top of it all, we discovered errors in our financial statements, as discussed in our 8-K filing last week, that required a restatement of previously reported earnings.

We've taken a new look at our businesses and have separated them into three areas: core businesses, non-core businesses, and businesses under review.

Core Businesses

Our core businesses remain strong and consistent sources of significant earnings and cash flows for the company. They're our competitive advantage. These include:

-- Natural gas pipeline businesses;

-- Gas and power businesses in North America and Europe;

-- Retail businesses in North America and Europe; and

-- Coal businesses in North America and Europe.

The events of the past few weeks have had a temporary negative impact on our projected fourth quarter profitability. It's too early to tell at this time what impact this might have on our operating results. We are considering these actions now so that we can quickly return to normal business in 2002.

I also remain optimistic that the actions we've taken over the past couple of weeks have addressed our customer and counterparty credit and liquidity concerns. According to our business unit leaders, we have definitely seen improvement in our counterparty relationships.

Non-Core Businesses

Our non-core businesses include our global assets group and our broadband division. We have invested more than $8 billion in these businesses, and the return from them has been dismal.

We have an aggressive program in place to exit these businesses and expect that the sale of these businesses will generate billions of dollars in cash that we can use to repay debt and reinvest in our core businesses. We already have more than $800 million in assets contracted for sale this year. They include CEG Rio, a gas LDC in Brazil; EcoElectrica, a power plant and LNG receiving terminal in Puerto Rico; and asset sales of offshore oil and gas properties in India. The approximately $2.9 billion Portland General sale is also on target to close in late 2002 pending regulatory approvals.

Businesses Under Review

These businesses are comprised of those operations outside our power and gas wholesale businesses and include global and industrial markets. While several of these businesses have very strong future prospects, we need to determine if their capital requirements and near-term growth prospects are sufficient enough in terms of earnings and cash generation.

Reviewing our businesses this way will help determine where we need to make reductions to our work force. More information will follow as soon as it becomes available.

Credit Rating/10-Q Filing

We continue to meet regularly with credit rating agencies and believe that our liquidity enhancements and scheduled asset sales will strengthen our balance sheet and maintain our investment grade credit rating. Our current credit ratings by the three major rating agencies are as follows:

-- Moody's at Baa3       "Under Review for Further Downgrade"

-- Fitch at BBB-             "Evolving Status"

-- S&P at BBB-              "CreditWatch Negative"

We also discussed our existing financial vehicles, including Osprey, Marlin and Yosemite, in further detail. We told investors that we will file our 10-Q five days late due to our current activities. It will be filed on Nov. 19.

We will continue to have updates with investors over the coming weeks as well as our frequent updates with you. The full transcript of our conference call will be filed with the Securities and Exchange Commission in the next few days. It will also be posted on our web site at www.enron.com/corp/investors under "SEC Filings."

In connection with the proposed transactions, Dynegy and Enron will file a joint proxy statement/prospectus with the Securities and Exchange Commission. Investors and security holders are urged to carefully read the joint proxy statement/prospectus regarding the proposed transactions when it becomes available, because it will contain important information. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus (when it is available) and other documents containing information about Dynegy and Enron, without charge, at the SEC's web site at www.sec.gov. Copies of the joint proxy statement/prospectus and the SEC filings that will be incorporated by reference in the joint proxy statement/prospectus may also be obtained for free by directing a request to either: Investor Relations, Dynegy Inc., 1000 Louisiana, Suite 5800, Houston, TX 77002, Phone: (713) 507-6466, Fax: (713) 767-6652; or Investor Relations, Enron Corp., Enron Building, 1400 Smith Street, Houston, TX 77002, Phone: (713) 853-3956, Fax: (713) 646-3302.

In addition, the identity of the persons who, under SEC rules, may be considered "participants in the solicitation" of Dynegy and Enron shareholders in connection with the proposed transactions, and any description of their direct or indirect interests, by security holdings or otherwise, are available in an SEC filing under Schedule 14A made by each of Dynegy and Enron.


Mark,  I have a "deal" for you regarding Dave's stretch target below ($83,000
further reduction for the Tech Services group).

I have 20 new people transfering into the Tech Services Group from EE&CC who
all need computers, office refurb, etc., and I have already cut down my
equipment budget to barely cover this and my outside consulting costs to
$11K.    If you can bear my $83k reduction by reducing you $18.5MM outside
consulting budget by another $83k, I will pick up the first $83k of overage
you have during the year under my Restructuring Budget.

I would appreciate the help.  Let me know,
Brian

---------------------- Forwarded by Brian Redmond/HOU/ECT on 11/10/2000 08:39
AM ---------------------------

David W Delainey
11/09/2000 06:44 PM
To: Wes Colwell/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT, David Oxley/HOU/ECT@ECT,
Mark E Haedicke/HOU/ECT@ECT, Eric Thode/Corp/Enron@ENRON, Stephen
Douglass/HOU/EES@EES, Vince J Kaminski/HOU/ECT@ECT, Scott
Tholan/Corp/Enron@Enron, Brian Redmond/HOU/ECT@ECT, Joseph Deffner/HOU/ECT@ECT
cc:
Subject: 2001 Group Expenses

Guys, attached you will find a final cut on the ENA 2001 expense budget.
Please review and make any adjustments to your existing plan that are
appropriate to hit the net ENA target.  In order to stay flat year on year, I
split the remaining positive variance equally across the groups.  As we had
discussed earlier, these costs will not be allocated to the business units
and will be tracked on the ENA income statement below the line and the
accountability managed by each of you.  All outside variable costs,
specifically related to specific deals, will be charged to the business units
eg) outside legal and tax, outside technical expertise, facility costs,
outside research support, incremental back and mid office support for
specific asset management deals, specific entertainment, etc.  I look at this
cost structure as the minimum capacity charge we need to operate our business
and evaluate/manage our risks.

Wes, can you please  finalize the one page plan (expenses and headcount) for
each group with these changes.

Regards
Delainey


should I be scared?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Wednesday, June 06, 2001 2:22 PM
To:	Huble, Amanda
Subject:

you are in big trouble


We will help you get the mortgage loan you want!

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Latest CPUC events:

1.  Annual Transition Cost Proceeding

This is the proceeding that sets the recovery rates for on-going (PPA, QF,
Nuke) CTCs for San Diego.  This proceeding will also address the
reasonableness of SDG&E's purchases over the summer.  On reasonableness,
the coalition in which we participate, ARM, Alliance for Retail Markets,
will be monitoring, as any disallowance will affect our retail deals in
SDG&E's service territory.

Secondly, SDG&E has proposed a higher-than-anticipated rate for ongoing
CTCs, that will produce an expected overcollection at the end of the year.
SDG&E has proposed to use the overcollection from ongoing CTCs, which are
collected from all customers, to offset its undercollections of the
electricity procurement rate cap that was passed by the legislature last
September.  Such an allocation will negatively affect our retail deals who
do not benefit from the rate cap.  We would oppose the cross-subsidy.

A pre-hearing conference was held on Monday, establishing a procedural
schedule for the reasonableness aspect of SDG&E's filing.  ALJ Barnett.
The assigned Commissioner is

2.  Emergency Motions on SCE/PG&E on Revenue Undercollections.

Both SCE and PG&E filed motions to revise Commission Decisions which
prevent them from carrying costs incurred during the transition period into
the post-transition era.  PG&E and SCE are concerned about their ability to
recover an increasing undercollection resulting from the rate freeze.  TURN
had filed a motion that would allow PG&E/SCE to fold the undercollection
into their stranded costs and maintain the same recovery period through
2001.  The Commission has indicated that they are only interested in
interim accounting measures to provide relief.  The TURN measure gives the
utilities an opportunity of recovery, which they can present to Wall Street
in order to continue to issue s-t debt.  It is not a long-term solution,
however, such a solution will not be dealt with in this proceeding.  There
is another docket that will be opened in December to deal more broadly with
issues around the continuation of the rate freeze.  Also this is likely to
be the basis of a settlement going into the next legislative session.

We are generally supportive of TURN's proposal and will be filing comments
on Thursday, November 9.


Everyone -- the fiber maintenance went great.  No problems or issues.   Thanks.  Jean

-----Original Message-----
From: McFarland, Jean
Sent: Thursday, October 25, 2001 2:28 PM
To: Corman, Shelley; Dietz, Rick; Nacey, Sheila; Blair, Lynn; Kowalke, Terry; Buchanan, John; Scott, Donna; Holmes, Bradley; Cowley, Mark; Sumpter, James; Sims, Ronnie; Daze, Don; Cooper, Dori; Hottap HelpDesk; ETS Solution Center,; Abshire, Scott; Vollmer, Mary
Subject: Maintenance Window-Saturday, Oct 27

While you may have read in the Change Control email sent today from the ETS Solution Center, we have some changes on the 41st floor scheduled for this weekend during the maintenance window.  While we do not expect any problems with this maintenance window, we need to make sure we have a plan in place to not impact the customers.

This Saturday night,  October 27, starting at 10:30 pm fiber maintenance will be performed in the wiring closet on EB41.  During this maintenance window the jacket that covers and protects the fiber will be pulled back tight and secured.  This fiber connects the 41st floor wiring closet with the server room on 41, where the TMS servers are located.   While we do not expect this maintenance to have any impact, if we do have any issues with the fiber it can be replaced within an estimated 2 hour window.  Outage impact would then be lose of connectivity with the Enron LAN from that server room, therefore TMS would be unavailable.

At 10:30 pm on Saturday night, Mark Cowley from the server team will contact the HotTap Helpdesk to get approval to start the maintenance window.  The maintenance window will not begin until all processing for the pipelines is complete.  If we have any problems or issues he will contact me and I will start the escalation process.

If you have any questions, please feel free to give me a call.   Thanks.  Jean x51615

Contact Numbers:
Jean McFarland --cell 281-808-4930/home 713-874-1858
Mark Cowley -- cell 713-545-4591
HotTap Helpdesk -- 713-853-6063


Hi Rick

I met with Vince Kaminski last week in Houston.  The primary purpose for my
meeting was to introduce Algorithmics to his research team and identify any
opportunities for Algorithmics to add value to Enron's risk management
process.  Our discussion revealed a number of areas which are of interest to
Vince, namely counterparty default data and credit risk calculation
performance.  We agreed that the latter issue warranted a follow up
discussion and I'm working with Vince to co-ordinate this meeting.  As chief
risk officer for Enron, I thought you might find value in our offering, so I
have taken the liberty to send you an information package. Briefly,  Algo
specializes in providing clients with a consistent framework for risk
measurement and management across the entire organization - including
market, credit, liquidity and operational risk.  This is delivered through
our patented Mark-to-Future methodology - a combination of technology and
advanced financial engineering.

To date we have about 120 clients world-wide (see URL link for details
http://www.algorithmics.com/corporate/clients/index.shtml

Other commodity and energy clients include, PG& E Corp. , Axia Energy,
Cemex, S.A.  Once you've had the opportunity to review the documentation, I
would be happy to   give you a short presentation on our solution. This will
help solidify the concepts illustrated in the information package.

Best regards,

Peter Antoniadis
416-217-4166


Any GCP Adjustments will be highlighted in blue.

Amber N Ebow x5-8331
Global Counterparty_Enron Net Works

--Original Message-----
From:  Lebrocq, Wendi
Sent: Thursday, May 17, 2001 4:16 PM
To: Lambert, Karen; Jones, Tana; Schott, Samuel; Taylor, Mark; Reves, Brant;
Brackett, Debbie R.; Hardy, David; Campbell, Lesli; Clark, Cynthia; Enron
Europe Global CounterParty,; Sever, Stephanie; Moran, Tom; Clark, Claudia;
Bradford, William S.; Lees, Lisa; Fayett, Juana; Morse, Jana; Le, Trang;
Maley, Paul; Clarke, Sonya; Davies, Tim; O'day, Karen; Rohauer, Tanya;
Lombardi, Kelly; Lindsay, Brian; EOL Call Center; Hare, Bill D.; Heffernan,
Amy; LaFuze, Molly; Clark, Danny; Panus, Stephanie; Mandola, Teresa; Kyle
III, Bill; Ebow, Amber; Lebrocq, Wendi
Subject: EOL Approvals: 05-17-01

Please see attached

 << File: EOL 05-17-01.xls >>

Regards,
Wendi LeBrocq
3-3835


-----Original Message-----
From: 	Courtney Cleman <Courtney.Cleman@morganstanley.com>@ENRON
Sent:	Friday, September 28, 2001 7:15 AM
To:	kkonolig@ms.com
Subject:	EPS Visibility Has Blurred, but Not Much has Changed/Kit Konolige/MS  Eletric Utilities Research

Morgan Stanley Electric Utilities Research

Kit Konolige  (212) 761-6237
David Reynolds  (212) 761-6078
Carrie Stevens  (212) 761-6183
Chris Bezler  (212) 761-4487

EPS Visibility Has Blurred, but Not Much has Changed

* 3 negative pre-announcements in 2 days blurs EPS visibility
We are examining where the weakness has stemmed from - (1)
smaller, regionally-focused businesses (EXC) and (2) aggressive
power price forecasts (AES & RRI).
* Some companies have reaffirmed '01 and even '02 EPS guidance
DUK, ETR, ILA, MIR, NRG, PPL & SRE have reaffirmed 2001
EPS guidance. ETR and MIR have also reaffirmed 2002 EPS
guidance. Informally reaffirmed - CPN, D, MIR, PEG & TXU.
* Trading, CA generation and peaking plant income appear most volatile
Inside we try to identify stocks with exposure to these businesses
and quantify what percentage of our estimates they represent.
* Believe EPS downside risk should be limited to 15%
Both CEG and RRI missed estimates by roughly this amount.
RRI also reduced its growth rate to 15% - we have always
assumed long-term growth rates would come down to 15-20%.
* Reduced EPS expectations are already priced into stocks
Group multiple is roughly 9X, with some stocks at 7X P/E
multiples - implying 0.4-0.6X PEG ratios. This valuation
appears too heavily discounted for 15% EPS downside risk.
 - 112414.pdf
 - Courtney.Cleman.vcf


---------------------- Forwarded by Steven P South/HOU/ECT on 10/17/2000
12:01 PM ---------------------------

cwduke@duke-energy.com on 10/09/2000 12:31:44 PM
To: steven.p.south@enron.com
cc:
Subject: opal gas day 10

Of the 45,000 we sold 22,000 was not able to get scheduled by the timely
nom.  With problems at Kemmerer, this volume is vulnerable to cuts.  Any
more thought on how this problem can be resolved?


Here  is   the  talk.Ken Lay  gave that  same  week in which are embedded
the Gil Muhl  slides...Let me know  if you need more
info...regards....Margaret


John Lavorato-M

Mike Grigsby-D
Keith Holst-D
Frank Ermis-D
Steve South-D
Janie Tholt-D

Scott Neal-P
Hunter Shively-P
Tom Martin-P
John Arnold-P


shanna isn't going to go - the four of us is fine

Brian Hoskins@ENRON COMMUNICATIONS
01/23/2001 10:11 AM
To: Eric Bass/HOU/ECT@ECT
cc:
Subject:

Who should I invite besides Lenny, Hector, and Shanna?

_____________________
Brian T. Hoskins
Enron Broadband Services
713-853-0380 (office)
713-412-3667 (mobile)
713-646-5745 (fax)
Brian_Hoskins@enron.net


---------------------- Forwarded by Shanna Husser/HOU/EES on 11/09/2000 04:43
PM ---------------------------

Christina Barthel
11/09/2000 04:42 PM
To: Lynna Kacal/Corp/Enron@ENRON, "Meredith" <meredith@friersoncpa.com>,
"Jared McDaniel" <jaredmcdaniel@hotmail.com>, "Jaimie"
<Jaimie.Parker@coastalcorp.com>, "Ashley" <Ashley.Victorick@coastalcorp.com>,
Rafael Avila/HOU/EES@EES, Angie Ramirez/HOU/EES@EES, Shanna Husser/HOU/EES@EES
cc:
Subject: WHAT'S ALL THE FUSS ABOUT?

---------------------- Forwarded by Christina Barthel/HOU/EES on 11/09/2000
04:41 PM ---------------------------

Michelle LeBlanc@ENRON
11/09/2000 04:40 PM
To: Jason Sharp/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Chris
Ochoa/NA/Enron@Enron, Khristina Griffin/NA/Enron@Enron, Kathy
Fink/Corp/Enron@ENRON, Christina Barthel/HOU/EES@EES, Wayne
Pierce/Corp/Enron@ENRON, Lex Lacaze/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joey
Esperance/LON/ECT@ECT, James MacCallon/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Mary Joseph/Corp/Enron@ENRON, "William S. Anderson"
<wanderson@technologist.com>, shirley@laonecall.com, lattakotas@aol.com,
sunsation2@yahoo.com, floydtiger@aol.com, lulu022968@aol.com,
j_dziadek@yahoo.com, sheryl741@yahoo.com, trhodes17@home.com,
theresa@hilliardsmithcpa.com, broberts@selu.edu, gus.tello@luminant.com,
kalford@arcelectricinc.com
cc:
Subject: WHAT'S ALL THE FUSS ABOUT?

 - Floridaballot.jpg


Tana:

The following CPs are not authorized to trade US power products:

Torch Energy Marketing - Restricted by Credit
Quantum Energy Partners L.P- Restricted by Credit
Alliance Energy Services Partnership- Restricted by Credit
Fairway Midstream Services & Trading, Inc.- Restricted by Credit
Penn Virginia Corporation- Restricted by Credit
Pennaco Energy Inc.- Restricted by Credit
State Electricity Commission of Victoria - Restricted by Credit
Straits Resources Limited- Restricted by Credit

Shari


Thanks Vince and likewise congratulations on your promotion to MD!  I enjoyed
getting to work with you and your group over the past year.    Rick C.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/17/99
03:17 PM ---------------------------

"Van Belle, Magali" <mvanbelle@haglerbailly.com> on 12/13/99 02:51:55 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Paper on Garch

Vincent,

I met you at the Risk conference last week in Houston. I enjoyed your
presentations very much.
I was wondering if you could give me some references regarding the
calculation of correlation coefficients from a GARCH model.

Thank you.

Magali Van Belle
Consultant

              PHB Hagler Bailly
MANAGEMENT AND ECONOMIC CONSULTANTS

PHB Hagler Bailly, Inc.   (202) 828-3933 direct dial
1776 Eye Street, N.W.   (202) 296-3858 facsimile
Washington, D.C. 20006-3700
mvanbell@haglerbailly.com e-mail


Mary:

Do you have a form of "approved" assignment for transferring trades into the
Raptor vehicle?

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com