---------------------- Forwarded by Jim Schwieger/HOU/ECT on 04/03/2001 08:21 AM ---------------------------

Sarah Palmer
04/02/2001 04:26 PM
To:	Jim Schwieger/HOU/ECT@ECT
cc:
Subject:	Re: Enron Business Article for Your Review

Jim, I believe you forgot to attach your revised document.  Thanks for your kind comments.

Jim Schwieger
04/02/2001 03:10 PM
To:	Sarah Palmer/HOU/ECT@ECT
cc:

Subject:	Enron Business Article for Your Review

Sarah:
I think you have done a great job on the article.  I know the Weather Group will appreciate the comments.  I did make a few changes and saved them as the same document with a "_Schwieger" behind it.  I have no pride of ownership and Im not a writer so do with it as you see fit!

	Thanks,   Jim Schwieger
---------------------- Forwarded by Jim Schwieger/HOU/ECT on 04/02/2001 03:07 PM ---------------------------

Sarah Palmer
04/02/2001 02:45 PM
To:	Mike A Roberts/HOU/ECT@ECT, stephen.bennett@enron.com, Jim Schwieger/HOU/ECT@ECT
cc:
Subject:	Enron Business Article for Your Review

OK, here's an initial draft of your Enron Business article.  Please review and return your comments to me as soon as possible.  The deadline for changes is noon on Wednesday.

Mike: please be sure that everyone quoted has a chance to review their quote.  Also, one more question: who is the female in the photo shoot -- you just told me there were no female meteorologists!

Thanks, guys, for taking the time to meet with me.  I enjoyed writing this one.

Warm regards,
Sarah.
x39843

<Embedded StdOleLink>


for your handling
----- Forwarded by Richard B Sanders/HOU/ECT on 02/07/2001 12:10 PM -----

	"Harry Olivar" <hao@quinnemanuel.com>
	02/06/2001 01:10 PM

		 To: <GFergus@brobeck.com>, <richard.b.sanders@enron.com>
		 cc:
		 Subject: Re: Press Enquiry

Richard and Gary - please let me know if you would like us to forward any
pleadings.  I agree that the people at Enron should handle any press
inquiries.

>>> "Fergus, Gary S." <GFergus@brobeck.com> 02/06/01 11:00AM >>>
 I just got a call from Chris O'Brien at the San Jose Mercury News
(408) 920-5352.  Email cobrien@sjmercury.com.  He wants a copy of our
pleadings in the case against PX and to talk about it.  What do you want me
to do?  I told him that Enron had people responsible for press enquiry's and
I would pass his name and request along but I was not authorized to comment.

Thanks
Gary

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The recipient of the 2000 Chairman's Award has been selected.  Read all about
it!

Also in this issue:
German gas monopolies
Emissions trading
Enron's status as market maker with NordPool
Trading satellite capacity

It's all in the latest eBiz.  Go to home.enron.com, click Publications, then
click eBiz, and "eBiz November 17, 2000."


that is great!

 -----Original Message-----
From: 	Valdes, Maria
Sent:	Wednesday, December 05, 2001 1:07 PM
To:	Dorland, Chris; Burnett, Lisa
Subject:

 << File: IMG_0165.JPG >>
 << File: IMG_0166.JPG >>


no availability...

-----Original Message-----
From: Laurel Hazzard [mailto:lhazzard@firstam.com]
Sent: Wednesday, October 17, 2001 11:19 AM
To: Smith, Matt
Subject: RE:

You still didn't answer my question.

-----Original Message-----
From: Smith, Matt [mailto:Matt.Smith@ENRON.com]
Sent: Wednesday, October 17, 2001 9:16 AM
To: Laurel Hazzard
Subject: RE:

Oouch!

-----Original Message-----
From: Laurel Hazzard [mailto:lhazzard@firstam.com]
Sent: Wednesday, October 17, 2001 11:02 AM
To: Smith, Matt
Subject:

-----Original Message-----
From: Laurel Hazzard
Sent: Wednesday, October 17, 2001 9:00 AM
To: 'Matt.'
Subject:

I continue to write to you, but you don't write back.  That's nice.
Anyways, I heard that Skamania lodge is a cool place to stay.  It is in
Washington, but just across the river from Hood River.  I don't know
what
you think about that.  If you want, I can contact them.  I'll wait to
hear
from you....

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


CALENDAR ENTRY:	INVITATION

Description:
	meet w/ John Best - my desk

Date:		6/12/2001
Time:		2:00 PM - 2:45 PM (Central Standard Time)

Chairperson:	Stacey W White

Detailed Description:


Dan, could you please take a look at this confidentiality agreement that I
received back from GWF?  The attached version below was changed only to add
their name and commodity; otherwise it's identical to the version I sent them
(and that I had gotten from you).  Please let me know if it's acceptable and
I'll get it signed.  Thanks!

Walter

 -----Original Message-----
From:  "Stanton, Robert" <rstanton@gwfpower.com>@ENRON
[mailto:IMCEANOTES-+22Stanton+2C+20Robert+22+20+3Crstanton+40gwfpower+2Ecom+3E
+40ENRON@ENRON.com]
Sent: Thursday, April 19, 2001 11:06 AM
To: Guidroz, Walter
Subject: RE: Confidentiality agreement

Here is a marked up copy.  Essentially we just added the name, address and
the trade commodity.

Robert Stanton
GWF Power Systems
4300 Railroad Avenue
Pittsburg, CA 94565
(925) 431-1425 phone
(925) 431-0515 fax
mailto: rstanton@gwfpower.com

-----Original Message-----
From: Guidroz, Walter [mailto:Walter.Guidroz@ENRON.com]
Sent: Tuesday, April 17, 2001 2:54 PM
To: rstanton@gwfpower.com
Subject: Confidentiality agreement

Robert, attached is a draft confidentiality agreement.  Please take a
look at it and let me know if it will be acceptable or if you have
changes that you'd like to make.  Thanks for your cooperation and your
interest in EnronOnline.

Walter

 <<Confidentiality Agmt..doc>>

 - Confidentiality Agmt - GWF-Enron.doc


At the website below is the new congestion management proposal.  Sections
three and four of the proposal pertain to real-time.  I believe it would be
in our best interest to understand this proposal with regards to SC bids and
loop flow coordination.  Please take a look at the proposal on the site below
and provide me with your feedback.

Thank you,
Bill

"Woertz, Byron" <BWoertz@caiso.com> on 01/29/2001 09:39:13 AM
To: ISO Market Participants
<IMCEAEX-_O=CAISO_OU=CORPORATE_CN=DISTRIBUTION+20LISTS_CN=ISO+20MARKET+20PARTI
CIPANTS@caiso.com>
cc:

Subject: CAISO Notice - Draft Congestion Reform Proposal

  ISO Market Participants:

  On Friday, January 26, the ISO's management sent to the ISO
Governing Board our draft Congestion Management Reform proposal for their
information and review.  This document is posted on the ISO web site at
http://www.caiso.com/clientserv/congestionreform.html
<http://www.caiso.com/clientserv/congestionreform.html> .

  We will let you know more about the CMR process going
forward as soon as details are available.

  Byron Woertz
  Director, Client Relations


Tim Goncharoff
1975 Wharf rd
Capitola, CA 95010
tgonchar@cats.ucsc.edu

To Mr. Ken Lay,

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

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

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

Sincerely,

Tim Goncharoff


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	'kensey' has removed RDY (Doink) at Oct 23 2001  7:47AM
	DR. Reddy'S Labs Ads (NYSE:RDY)   Symbol  Last  Time  Change  High  Low  Volume  RDY   21.50   4:09PM  0.00  21.62  20.70  0  Community Take   7 Long / 2 Short

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	 Tue Oct 23 07:44:55 2001   support forming apparently near 19.  or, re-enter short below 19 or at or near stochastic overbought.   recommended RDY Short on Sep 5 2001 when it was trading at 23 51/64. Since then it's gone down 9.66% to 21 1/2.   kensey
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Last Day Dell Onsite for Pilot 3!

Dell Computer:
Dell will be here today from 8am - ?2:30pm to answer questions and take
orders in room EB568 and EB560. ?

Time Warner's Road Runner Broadband Service:
Also here today are representatives from Time Warner's Road Runner Broadband
Service to answer any questions and to check serviceability, also in EB568.
?Ordering for Internet service is expected to begin the end of next week.

Please remember PC ordering concludes on January 25th! ?Thanks again for the
overwhelming response and interest. ?

The ClickAtHome Team!


Introduction
Yesterday afternoon I met with executives from Columbia of Ohio, the Ohio
Manufacturers Association and Honda of America Manufacturing and discussed a
property tax bill that COH, EOG, Ohio's Counties and the schools wish to
introduce tomorrow through the Senate Ways and Means Committee.  They are
expecting their sponsors to be Senators Blessing and Motley.  They may also
concurrently introduce the bill through the House Public Utilities Committee
through Chair Lynn Olman or David Goodman.  Columbia expects the first
hearing to be May 2nd.

When asked why the hurry...COH is in litigation concerning disparate
treatment as it relates to taxes (they are currently in the Ohio appellate
and believes if this bill goes forward they will be able to reach settlement
with regards to the litigation before the court of appeals).  The Judge is
expected to come out with a ruling in May.  However,  if this legislation
looks promising Columbia may very well reach settlement with the
counterparties on the litigation prior to the courts ruling.  (I believe the
counterparty is the Ohio schools)

I asked who they have discussed the bill with at this point and where they
felt each party stood.  Columbia said they have talked with Senator Finan
(President of the Senate) (no problem of course), Rob Tongren, Ohio's
Consumers Counsel (but they haven't met with the OCC staff to go over the
detailed analysis of impacts based on revenue class), they have sent a copy
over to the PUCO, Cinergy (who didn't think they had a problem) took it back
for review, the IEU (Industrial Endusers of Ohio)  said they weren't overly
pleased but didn't say they would get in the way, the counties and the
schools.  They have not discussed this with DP&L.  COH and EOG do not play
well in the sandbox with DP&L and didn't feel they needed to give them a
heads up.  COH also met with the Department of Taxation.  Although the Tax
Department did not have any particular concerns as of yet they were concerned
about what the electric utilities would want to do in light of what the gas
utilities would have as a result.

The Bill
The bill only addresses property tax which is based on rate base revenues.
It does not address gross receipts tax.  At first glance and after my
follow-up discussions with Columbia I would say that the bill does not have
any disparate treatment between transporting customers and those on system
supply. Any tax or corresponding base rate reduction would be treated the
same for sales and transport.  With that said , there is a base rate impact
on different classes of customers and each utility will be effected
differently due to the fact that they customers contribution to base rates
revenues and allocation methodologies.  Below please find the impacts as
suggested by Columbia:

Rate Class	Columbia of Ohio (total yearly $ impact)	East Ohio Gas
		new rate per mcf 	Cinergy
			Do not have Cinergy numbers as the computations were not provided
Residential	 decrease ($.67) per year	increase $.1532/mcf	increase
Commercial/GTS	increase $9.59 per year	increase $.0892/mcf for usage of up to 2000
mcf per year	COH wasn't sure but felt it would most likely be an increase
Industrial/LGTS	increase $2,937.91 per year	decrease (industrials that use over
2000 mcf over what they are currently contributing
		but a rate of $.0650	decrease
Large Industrials with whom Columbia has flexed its distribution rates to
$.25/LGTS	increase: none
	Columbia will flex their rates down to $.13 to compensate for the tax
increase so the impact is zero	$.02/mcf for flexed rate customers	decrease

Columbia of Ohio and East Ohio Gas represent roughly 80 % of the states gas
volumes.  Rough estimate:  with the reduction in the property tax rate from
88% to 25% this represents approximately $34 million dollars to Columbia
based on their 1994 case in which their base rates were set and their tax
obligation was roughly $53 million approx.)Section VIII of the bill discussed
the corresponding reductions in base rates that will be made and discussed
the allocation.
If and when the legislation goes through,  COH and EOG would file schedules
with the PUCO.  If the bill is passed as written the rate reductions would be
effective 1/1/01 and the tax would become effective 7/1/01.

For risk management and deal structuring purposes we will want to watch the
bill carefully, as any changes made to allocation methodologies could have an
impact on our business going forward.   In addition,  the bill originally has
language that address the gross receipts tax on commodity in Ohio and we will
want to make sure the utilities do not change their mind and insert gross
reciepts language back in.

I will be sending the supporting documents to Howard Petricoff, Dayem
Khandker, Dennis Benevides, and Paul Tate.  If you do not receive a copy of
the bill or the computation sheets and would like a copy, please give me a
call and I will send them.


Janice --

Thanks for the follow up.  I'll coordinate with Sara and/or Carol and Kim
from her and let you know how we resolve this one.

Leslie

	Janice R Moore
	07/06/2000 08:49 AM

		 To: Leslie Hansen/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Re: Southern Company confirms

Kim and I discussed -- she wants guidance from legal.  The process Southern
is advocating will not save her any time or paper, but she's not going to
stand in front of a moving train if this is what Enron wants to do and if
legal OKs it.  Then Sara Shackleton was working w/ the financial confirm desk
(can't recall his name) and I have not been able to speak w/ Sara -- just
voicemails so far.  I'd be happy for you to take this back if you'd like to
work on it as an infrastructure project.  Perhaps we could let Sara know w/
whom she should coordinate on the physical/legal support team and we can
resolve this for Kim.
Regards,
Janice

EB3861
Assistant General Counsel, Enron North America Corp.
713-853-1794 (Fax:  713-646-4842)

	Leslie Hansen
	03/07/2000 11:06

		 To: Janice R Moore/HOU/ECT@ECT
		 cc:
		 Subject: Southern Company confirms

Janice:

Did you ever discuss the Southern Company confirms with Kim Theriot?  Let's
touch base on Wednesday to discuss.  (I have a 9-10 am meeting and a doctor's
appt at 3 pm, but I'm available any time in between).

Hope you had a great long weekend!

Leslie


Sounds good to me.

Fred Mitro@ECT
12/19/2000 06:06 PM
To: Lisa Bills/Corp/Enron@ENRON, Herman Manis/Corp/Enron@ENRON, Kay
Mann/Corp/Enron@Enron
cc: Ben Jacoby/HOU/ECT@ECT, Janet R Dietrich/HOU/ECT@ECT

Subject: Intergen Deal - Meeting

Kay and I would like to get together tomorrow (Wednesday) morning to discuss
the Intergen transaction.  Specifically, we would like to discuss: 1) the
steps/timeline associated with assigning the equipment from TurboPark to
Intergen, and 2) the accounting condition(s) required to be satisfied in
order for the transaction value to be booked as 2000 earnings.

Intergen is holding a Board meeting this afternoon and the Enron/Intergen
transaction is on the agenda for approval.   We expect to hear the results of
that Board meeting sometime tomorrow morning.  If Intergen receives Board
approval to proceed, our current goal is to have the transaction documents in
a final form for signing on Thursday of this week.  This would allow us to
notify TurboPark on Thursday or Friday of our intent to assign the equipment
to Intergen.  It is unclear if this assignment can be accomplished by 12/29.

Kay has a meeting at 10 am.  Can we me at 8:30 or 9:00 a.m.?  Call/email me
to confirm the time and location of this meeting.

Thanks,
Fred
x35406


Bill - just wanted to let you know I was thinking of you today.  It was a long time ago when returnig from a shakedown patrol in the caribbean Dave Staton came down to the engine room lower level when my submarine pulled into New London telling me to get topside and to the hospital as my wife was having a baby.

I missed you being born by about 1/2 hour.  But I was able to get there and hold you soon after.  You looked like Winston Churchill (with a little turtle head).

Your Mom was exhausted but happy.  Mke sure you give her a call today.  I know she misses talking to you.

Love

Dad


Greetings:
n order to keep everyone in the loop, the folks on today's call wanted to
send out a brief summary of the call for the benefit of those who couldn't
make it.  Apologies for any omissions, inaccuracies, etc.  Others who were on
the call please chime in if I've gotten anything wrong, or missed anything.

Best,
Jeff

SUMMARY
Enron, Duke, El Paso and Williams were on the call, as was Michael Hoffman of
the Blackstone Group (the Governor's financial advisors).
On the subject of how the group would organize itself, it was agreed that the
calls would be open to anyone who wanted to participate.
A smaller group consisting of Duke, El Paso, Enron, and Williams would take
the lead on walking the halls of Sacramento, meeting with policy makers, and
advocating whatever plan the group develops.
Folks agreed that achieving a comprehesive solution requires a tangible
process; that is, the principals need to get in a room, face to face, for
however long it takes to work out a resolution.
It was agreed that the process should start no later than the beginning of
next week, and that it should take place in Sacramento.
It was decided that the Legislature and the Attorney General needed to be
brought into the process as soon as possible, i.e., next week.
There was some discussion regarding the release today of "Plan B."  Plan B is
a plan proposed by Democratic and Republican legislators as an alternative to
the MOU that the Governor struck with Edison.  After that call I received a
copy of "Plan B."  If you'd like a copy please send me your fax number.
Folks on the call agreed to have the next "supplier-only" call-in meeting on
Friday.
Finally, Michael Hoffman said that they are hoping to have a "ratings agency
level" presentation prepared by the end of the week.  The goal of the
presentation is to reassure capital markets that the bonds the state seeks to
issue are solidly backed by retail rates.

The Agenda for Tomorrow's Call with the Governor's Staff
Item #1:  The Credit Issue
Michael Hoffman said that the Governor's office wants to start tomorrow's
meeting discussing the creditworthiness issue.
Hoffman said that the Governor's folks are hoping to have completed by the
start of tomorrow's meeting a draft of an agreement between the California
PUC and CDWR.  The agreement is designed to ensure that DWR gets paid for
power services delivered.
If the draft is ready, they'd like to discuss on the call tomorrow.

Item #2:  Identify the Components of a Comprehensive Solution.
It was agreed that our group should put on the table at tomorrow's meeting
the universe of issues that need to be included in a comprehensive solution.
Enron was asked to take a first stab at what those components are.  The
following is a brief outline, which is not intended to be definitive, but a
starting point for discussion.
Utility creditworthiness
retail rates must reflect costs
Increase supply
streamline and otherwise reform the siting process
Decrease demand
establish real-time pricing
implement demand buy-down and other conservation programs
Create a real market
Remove the State from the power-buying business as soon as possible (e.g.,
once new rates are in place and utilities are returned to creditworthiness;
approximately 3-6 months)
Return the procurement role to the utilities
Reinstate Direct Access immediately for all customers
Within 18-24 months, create a "core/noncore" market structure for
electricity, similar to California's market structure for natural gas
Keep the industry in the hands of the private sector
Reject proposals calling on the State to take over transmission, generation,
etc.
Resolve outstanding legal claims, investigations, etc.
Resolution requires certainty and prompt payment (understanding that
discounts on receivables is on the table for discussion)


If we do this, we need to have both an internal group and an external group.

 -----Original Message-----
From: 	Hawkins, Don
Sent:	Wednesday, October 24, 2001 7:18 PM
To:	Hayslett, Rod; Thompson, Charlie
Subject:	RE: Need for Rutherford Consulting Complete

Rod, Charlie if we are looking for someone internally to do a review process, Sarabeth possibly can provide this function.  Your thoughts?

 -----Original Message-----
From: 	Hayslett, Rod
Sent:	Wednesday, October 24, 2001 7:31 AM
To:	Thompson, Charlie
Cc:	Hawkins, Don
Subject:	RE: Need for Rutherford Consulting Complete

Do you have a candidate?    I would argue that we are looking at a process review, so anyone who can do a process review could do this.

 -----Original Message-----
From: 	Thompson, Charlie
Sent:	Wednesday, October 24, 2001 7:01 AM
To:	Hayslett, Rod
Cc:	Hawkins, Don
Subject:	FW: Need for Rutherford Consulting Complete

Rod,

I agree with Kenneth Cessac's response.  We should evaluate our current process for collecting, validating and distributing measurement data and consider new ideas and alternatives to improve the process.  Assistance from a consulting firm that specializes in this area would probably be better than using Rutherford.

Charlie

 -----Original Message-----
From: 	Cessac, Kenneth
Sent:	Tuesday, October 23, 2001 3:53 PM
To:	Thompson, Charlie
Subject:	RE: Need for Rutherford Consulting Complete

This question has been raised several times over the past 10+ years, should we combine GMS, Field Operations, and some of the Gas Control functions to create a single source for measurement data.  I do not feel that changing a reporting relationship would correct any problems.

I feel the time and effort can e better spent improving our current data collect process and data flow between SCADA and PGAS.  While this process is working I feel that it requires to much manual intervention and handling.  The IT department, Measurement Technology, Gas Control Hot Seat, and the Data Analysis are all involved in keeping the data flowing between SCADA and PGAS.  We should step back and re look and the current process and see what improvements can be made to better control and maintain this process.

 A second area that should be looked at is the data validation process.  Currently Field Operations, Data Analysis, and GMS all  manually review measurement data.  With all of the computer and software technology available I feel that we could easily automate most of the current manual data validation.

I have limited experience with the Rutherford company and what they could provide towards improving these items.  I feel that a company that specializes in SCADA and such as UTSI would be a better option.

 -----Original Message-----
From: 	Hawkins, Don
Sent:	Friday, October 19, 2001 5:27 AM
To:	Thompson, Charlie; Cessac, Kenneth
Cc:	Hayslett, Rod
Subject:	RE: Need for Rutherford Consulting Complete

Charlie, Ken, I would like to meet with you this afternoon if possible (2:00 pm) so you can bring me up to speed on PGAS and Sullivan's concern so we can respond to Rod by early next week.

Thanks,

Don

 -----Original Message-----
From: 	Craig, Rick
Sent:	Thursday, October 18, 2001 10:28 PM
To:	Hawkins, Don; Thompson, Charlie; Cessac, Kenneth
Cc:	Hayslett, Rod
Subject:	FW: Need for Rutherford Consullting Complete

I'm going to defer this to the experts.  Please convey your thoughts to Rod.

 -----Original Message-----
From: 	Hayslett, Rod
Sent:	Thursday, October 18, 2001 1:15 PM
To:	Craig, Rick
Subject:	FW: Need for Rutherford Consullting Complete

Would you agree that something needs to be done?

 -----Original Message-----
From: 	Sullivan, Michael
Sent:	Thursday, October 18, 2001 12:22 PM
To:	Barnes, Caroline; Hayslett, Rod; Saunders, James; Hotte, Steve
Cc:	Stern, Ellis; Lewis, Greg
Subject:	RE: Need for Rutherford Consullting Complete

The PGAS reporting project recently completed requirements gathering meetings with data users in gas measurement technology, gas control, gms, gas accounting, and gas logistics.  We think, those discussions have pointed to a need to assess inefficiencies that appear to exist related to data integrity as data moves between systems and users that span the entire gas volume/quality collection, transformation and delivery process.  In other words there seem to be too many questions and reconcilliations that people have to address along the process as data changes hands and is used for different internal and external purposes.  There also appears to be a lack of a single point of responsibility in the organization for gas volume data from start to finish.
The PGAS reporting project proposed to assess this at a high level and make some recommendations.  But as important as the issue appears to be, you might want to consider using Rutherford to help ETS do a more thorough job of this.
This effort would extend outside FA&A.
Please advise.

 -----Original Message-----
From: 	Barnes, Caroline
Sent:	Thursday, October 18, 2001 11:29 AM
To:	Hayslett, Rod
Cc:	Stern, Ellis; Sullivan, Michael
Subject:	Need for Rutherford Consullting Complete

Mike, Ellis and I are in agreement that the need for the Rutherford Consulting group is complete.  Rutherford achieved what their goal was; to provide structure and format for the PGAS issues to be addressed in an efficient manner.  The procedures for listing new issues are in place and are being followed by the team.  The meetings are efficient in that only status updates and priorities are reviewed and discussed. There is now only one list for all issues that are being addressed or need to be addressed and they are prioritized.   The monthly meetings are now only needed twice a month.  What is the procedure for notifying Rutherford that their services are no longer needed on this project as they have completed what was asked of them?   cvb


See attached.


I came back the 5th of this month because of what is going on.  I was planning on staying out till Dec. but I figured I better get in here and get my resume updated.
The baby is doing great, thanks for asking.
I was just bugging like always.
C


This looks pretty good ) we should try it. Might be too involved for the
dome(

http://www.sfgate.com/cgi-bin/article.cgi?file=/baytv/archive/1999/10/04/SHO
W265RECIPE1.DTL
<http://www.sfgate.com/cgi-bin/article.cgi?file=/baytv/archive/1999/10/04/SH
OW265RECIPE1.DTL>

By the way ) where have you been?  You haven,t answered emails!!

How about setting up the dinner for next week?  Any night that looks ok (not
great, but just ok)??

Cameron Sellers
Vice President, Business Development
PERFECT
1860 Embarcadero Road - Suite 210
Palo Alto, CA 94303
cameron@perfect.com
650.798.3366 (direct dial)
650.269.3366 (cell)
650.858.1095 (fax)


Can you give David a call?

 -----Original Message-----
From:  Dupre, David
Sent: Monday, February 26, 2001 12:30 AM
To: Mary Solmonson/HOU/ECT@ENRON
Subject: Re: D&B service

Hi, I have not heard from James Scribner yet.

Thanks
David

Mary Solmonson
02/05/2001 08:48 AM
To: David P Dupre/HOU/ECT@ECT
cc:
Subject: Re: D&B service

I have forwarded your message to James Scribner.  He now heads the Global
teams and has responsibility for our relationship with D&B.

David P Dupre
02/04/2001 09:32 AM
To: Mary Solmonson/HOU/ECT@ECT
cc:
Subject: Re: D&B service

Hi, may I have access to D&B. Bruce Harris in our group mentioned that you
might be able to gain access for me.

Thanks
David 3-3528
---------------------- Forwarded by David P Dupre/HOU/ECT on 02/04/2001 12:35
AM ---------------------------

Bruce Harris@ENRON
12/07/2000 01:47 PM
To: David P Dupre/HOU/ECT@ECT
cc:
Subject: Re: D&B service

get access to all so i can ask you for credit info.
---------------------- Forwarded by Bruce Harris/NA/Enron on 12/07/2000 01:50
PM ---------------------------

Mike Mumford@ECT
11/03/2000 12:44 PM
To: Bruce Harris/NA/Enron@ENRON
cc: Jean-Sebastien Fontaine/Corp/Enron@Enron, George Zivic/HOU/ECT@ECT, Craig
Chaney/HOU/ECT@ECT, Bruce Harris/NA/Enron@Enron, William S
Bradford/HOU/ECT@ECT

Subject: Re: D&B service

Bruce:

1)  KMV.... access ID "mmenron"  PW "bryan1"   ...  please keep in mind this
is a test ID only... only single log on (i.e., get off if you're not using).

2)  Egan-Jones... thought you already had access... we were approached "to
fill out Houston contract"... I will ask.  Jean-Sebastien Fontaine or Tomas
Valnek have it on their computers (via Bloomberg) if you need immediate
assistance.

3)  D&B... I don't know.  Mary Solmonson (Houston) is who we go through for
all the D&B stuff.  If you want Moody's, S&P, or other one-off company
reports call Tomas Valnek (Manager of our credit analysis section).

Mike

Bruce Harris@ENRON
03/11/2000 17:26
To: Mike Mumford/LON/ECT@ECT, George Zivic/HOU/ECT@ECT, Craig
Chaney/HOU/ECT@ECT
cc: Bruce Harris/NA/Enron@Enron, William S Bradford/HOU/ECT@ECT

Subject: D&B service

Mike,

Would you have information on how we might get access to D&B company reports
here in Houston?  Also KMV and Egan-Jones?

Regards,  Bruce


EA Logo.bmp

Announcement:

A Week of GREAT Events is Scheduled for March 13-16th (Next Week!!)

Tuesday (March 13):

12:30-2:00: Job Fair (hosted by Career Center) - BofA Forum
- come learn about PEL (Partners for Entrepreneurial Leadership) and BSG
(Berkeley Solutions Group)

6:30-9:00:? UCB Graduate Collaborate Rountable Dinner
- for Berkeley grad students in business, engineering, law, and information
systems. Organized by the Graduate Collaborate, a multi-school team devoted
to improving the interactions between Berkeley's Graduate Schools.? What is
the Entrepreneurship Roundtable Dinner? At the event, you'll be matched to a
table with a balanced group of other fellow Cal graduate students from the
schools listed above to talk about business, technology, entrepreneurship and
to make contacts and new friends.

Potential Table Topics:
Next Generation Internet
Voice portals
3G
Digital Intellectual Property (The Napster Issue)
Optical Networking
Peer-to-Peer/Distributed Computing
B2B - when will it come back in vogue?
B2C - is it dead?
Wearable computing
Or whatever else you would like to suggest!

- for further information, including RSVP details: see e-mail from Steven
Schuman (schuman@haas.berkeley.edu)

Wednesday (March 14):

5:30-7:00:? Tour of Berkeley Incubator - Bancroft Hotel
- Berkeley Incubator, founded in 1997 for start-ups created by current Haas
students and recent graduates.? Designed to provide office space, advanced
telecommunications capabilities and access to the Lester Center,s networks of
venture capitalists, attorneys, accountants, and consultants.
- if interested, please email Shing Wong (swong@haas.berkeley.edu) or Steven
Schuman (schuman@haas.berkeley.edu)

Thursday (March 15):

Evening - Haas Technology Club Firm Night - Airport Marriot Hotel,
Burlingame, CA

Friday (March 16):

3:30-4:45:? John Williams, SVP for Marketing Intelligence and Alliances, VISA
International - Wells Fargo Room
- John Williams, Senior Vice President for Market Intelligence and Alliances
at VISA International, will speak on his experiences as an original member of
the Palm team, a co-founder of Razorfish and a graduate of both the Haas and
Boalt schools.

5:00-??:? EA/BBSA (Entrepreneurs Association / Black Business Students
Association) Consumption Function
- come enjoy great food, music, and beer
- entertainment:? Tony Rovello and band... LIVE in the courtyard!!!

 - EA Logo.bmp


There are four of us that are not playing tomorrow?
PL


My Address is as follows:

Barry Tycholiz
C/O  Enron Canada Corp.
Suite 3500 - 400 3rd Ave. S.W.
Calgary, Alberta
T2P 4H2
403-974-6763

BT


Nick,  Attached is the form of services agreement.  The form is a little
different than Steve Van Hooser's original form.  This a form that we used in
Wyoming which I modified to fit this context.  I will prepare the tasking
letter based on your scope of work and forward shortly.  Let me know if you
have any questions.


The  BCCA's Tolley/Smith study.  Please try this.  If it is not what you
are looking for, please advise.

> http://www.houston.org/cleanair/reporttolley1.pdf
>
>
>
> Nadine Henson
> Greater Houston Partnership
> Chamber of Commerce Division
> Program Assistant
> wk 713-844-3655
> fax 713-844-0255
> email  nhenson@houston.org
> web site   www.houston.org
>


---------------------- Forwarded by David W Delainey/HOU/ECT on 01/11/2001
11:18 AM ---------------------------
From: Brian Bierbach@ENRON on 01/11/2001 09:14 AM MST
To: David W Delainey/HOU/ECT@ECT
cc:
Subject: End of Year Bonus

--  PLEASE DISREGARD IF YOU RECEIVED AN E-MAIL FROM ME ON 1-9-01 (I was
having trouble with the network in Houston)

Dave,

The attached spreadsheet outlines my recommendations on proposed changes to
the bonus distribution.

In regard to my expectations, I am expecting a significant increase from last
years bonus for the following reason.

It was my strategic decision to:
pursue the asset development business in conjunction with other business
lines (made and received approval to hire the necessary people and execute
the strategy from Kevin Hannon).
close both Wind and Powder projects simultaneously versus only focus on the
Powder River Project (know one thought that both could get done in a 7 week
time frame. At the risk of not being able to get either closed, I went out on
the limb and sent Whitt to negotiate and close Wind River ($72 MM) while I
negotiated and closed Powder River ($75 MM).
it was my idea to create Enron Midstream Services and develop a gathering
business in the Powder. That decision enable us to hedge our firm transport
decision on Fort Union and enabled us to receive $54 million for the sale of
the business
I made the  call and initiated the joint bid between Northern Border and ENA
to acquire a combined 49% interest in Bighorn Gas Gathering.  We sold our
interest to NBP for $22 MM
I initiated the discussions, structured the transaction, negotiated the value
and closed Project 20/20 with NBP.  There was a point in the negotiations
where it was known that I was going with NBP and therefore had to take a
neutral position.  However, by that time, the value had been established and
many contentious issues regarding valuation had been agreed upon
it was my call to preserve value in the transaction and have myself and a
team of 12 others go over to NBP versus have them deduct the cost associated
with a Management Services Agreement from the purchase price.  This saved ENA
over $20 MM in value.  Needless to say, we are now having to deal with
managing a highly aggressive budget and adjust to a very different management
style and compensation plan. I feel personally that ENA was the primary
beneficiary of the higher valuation.  As you can appreciate, I have a
personal issue with this and would like this to be considered for bonus
determination.

In general, I think Project 20/20 was just part of my contribution to ENA
during my tenure in Denver.  In total, this office has generated in excess of
$150 million in earnings with no remaining risk potential.  I have been
fortunate to have hired a solid team that approached many of the projects we
worked on in a team manner.  I think that approach has been successful and I
am hopeful that major contributors on the team will be compensated
appropriately.

I appreciate your consideration Dave!  Please let me know if you have any
questions or thoughts regarding this e-mail.

Brian


Tom -

I spoke to Susan a bit earlier and she indicated you wanted an update on my
progress for CL matters.

To start the ball rolling, I have attached a form of the ESA marked to
reflect my proposed changes.  As I completed this late last week and then was
called out of town, I have not had the opportunity to fully review it;
however, it will give you the direction I am heading.

I also spoke to Susan about other legal issues.  They are the following:

1.  GTC's - I am still not sure how the EOL GTC's can become part of CL
unless they are there only for information sake and able to be printed.  If
we use the EOL GTC's, we will have to modify them to be applicable to CL, a
process that can be accomplished.  However, then we have GTC's for CL that I
am not sure are useful.  Since all customers have to have agreed to an ESA,
there is really no place for CL GTC's (e.g., there will be no phone or
non-electronic use of CL).

2.  Confirm Central - I am still not sure how we need to handle the
additional terms and conditions that are necessary for certain products.  If
the GTC's concept is viable, this is where this language should be placed;
however, if the GTC's concept does not work, we have to develop another
method of presenting them.  We could leave them in the Annex and merely
indicate that anyone dealing with products in the classes for which
additional terms are attached to the Annex would be subject to those terms by
accepting the Annex; however, this would make the Annex quite long.  We could
also have them pop up within the site once the customer clicks on the type of
product (e.g., west power) to indicate that any action in this product is
subject to these specific terms (this would require that we also have them in
our site documents so that they can be printed).

Once I have reviewed the updated FRS's for each of the sites, I will work to
modify the Annex documents.

Please let me know if you should need anything else at this time.

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com


Jennifer,

NGI-PGE/TOPOCK is an internal curve used to value transport and is equal to
NGI-SOCAL.  This curve will probably show up every month because the West
Coast is very volitile.  The change is due to a change in the market.

IF-TW/PERMIAN is a production area curve.  The change is also due to  market
changes that drove up the curve.

Call me if you have any questions.  Thanks.

DG    3-9573

	From:  Jennifer Nguyen @ ENRON                           03/21/2001 10:19 AM

To: Darron C Giron/HOU/ECT@ECT
cc: Jeffrey C Gossett/HOU/ECT@ECT
Subject: February Curve Validation

Darron --

Can you or anyone in your group follow up on the curves below?

NGI-PGE TOPOCK
IF-VALERO TX
IF-TW PERMIAN

Thanks,
Jennifer
---------------------- Forwarded by Jennifer Nguyen/Corp/Enron on 03/21/2001
10:16 AM ---------------------------

	From:  Jennifer Nguyen                           03/13/2001 05:21 PM

To: Darron C Giron/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT
cc: Jeffrey C Gossett/HOU/ECT@ECT, Cassi Wallace/Corp/Enron@Enron

Subject: February Curve Validation

Hi guys --

Hopefully these curves are covered between the three of you!  Attached are
the 10 curves reviewed for the month of February.  Of these 10, the curves in
question are:

NGI-PGE TOPOCK
IF-HEHUB
IF-VALERO TX
IF-NNG TOK
IF-TW PERMIAN
IF-TRANSCO Z1
IF-TENN Z5

If you could, please identify the factors that are driving their drastic
changes in shape and seasonality as compared to the prior month.  Please do
not hesitate to contact me with any questions.

Thanks,
Jennifer
x5-7590


I have compiled a list based on the RTU variance for current mo., and the
imbalance report.  Please verify, add or update the information based on your
desk's activities.

File location :  o:logistics\admin info\mtdbal03-01.xls.  Please let me know
if you have trouble accessing the file, or have any questions.

Thank you,

Mary


If your do not see our email in 15 seconds, please go to http://www.enerfaxdaily.com to today's gas & power prices & news.
If your email does not support this web version, please subscribe to the free text version by writing subscribe@enerfax.com <mailto:subscribe@enerfax.com> Please visit our website to view today's gas and power prices and news by clicking <http://www.enerfax.com>

Delete scorman@enron.com by forwarding to web@enerfax.com or send a blank email to leave-enerfaxdaily-800678X@relay.netatlantic.com


You scared me...I went in to make sure I sent the list to everybody!!
----- Forwarded by Tana Jones/HOU/ECT on 06/02/2000 10:13 AM -----

	Tom Moran
	05/30/2000 06:09 PM

		 To: Frank L Davis/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Samuel Schott/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Sheri
Thomas/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT,
Brant Reves/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, David
Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT, Lisa Gillette/HOU/ECT@ECT,
Linda S Bryan/HOU/ECT@ECT, Connie Sutton/HOU/ECT@ECT, Sylvia A
Campos/HOU/ECT@ECT, Molly Harris/HOU/ECT@ECT, Cynthia Clark/Corp/Enron@ENRON,
Mary G Gosnell/HOU/ECT@ECT, Enron Europe Global Contracts and Facilities,
Enron Europe Global CounterParty, Stephanie Sever/HOU/ECT@ECT
		 cc:
		 Subject: EOL / Credit / GCP Responses 5/30/00

Please find attached Credit's EOL responses for 5/30/00

Regards
tm


<title>Fantasy Football Newsletter</title>

Fantasy Football Newsletter

November 16, 2001

<spacer type=block height=1 width=1>

Fantasy Sports
  Fantasy Football
  CBS SportsLine.com

<spacer type=block height=1 width=1>

Welcome to another edition of the 2001 Fantasy Football Newsletter!

The Fantasy Football newsletter will arrive in your e-mail inbox every Friday. We'll include news about the web site; tips on using all the features available; and answers to your player-related questions from the "Gridiron Guru."

Inside

• Plan for the Playoffs

• Game-by-Game Analysis

• Gridiron Guru

• Tip of the Week

Plan for the Playoffs

The Fantasy season is nearing its end, and the playoffs are
on the horizon. For Fantasy 2001 players, the playoffs begin
with NFL week 15 (games of Dec. 22-23) and last two weeks,
with the championship game in week 16 (games of Dec. 29-30.)

If you're in a Football Commissioner league, go to Schedule,
Playoffs to see when your playoffs start and how many rounds
they last. Of course, the matchups are probably still not
determined, so you may not see teams listed in the brackets.
The commissioner of your league is responsible for adding
the teams to your playoff brackets at the end of your
regular season.

If your team is still in contention, go to
NFL Teams, Schedule and take note of the NFL teams with byes
during your playoff weeks, so you know which players will be
available if - and WHEN - your team competes in a playoff
matchup.

Game-by-Game Analysis

Go to Players, Game Log to see how a particular player did
in each game this season. The player's statistics in the
common categories will be displayed for each game. If you
are breaking down free agents, the game log is great way to
see who's been getting the most consistent production.

Gridiron Guru

Welcome to Gridiron Guru, where we'll answer your questions about players and offer Fantasy Football roster advice. We invite you to send your own scouting reports and comments on players to: gridguru@commissioner.com. You'll get the chance to be heard by thousands of Fantasy players just like yourself!

Question - Mike Blake

I'm having trouble filling my No. 2 WR spot.
Should I start Az-Zahir Hakim, Todd Pinkston or Muhsin
Muhammad in week ten?

Answer - GG

Hakim is a hit-or-miss type, so he's risky. Pinkston
has done nothing in his last four games, and he's losing
playing time to Freddie Mitchell. Muhammad bounced back from
a few bad performances to catch six passes for 75 yards last
weekend against St. Louis, and has had some past success
against this week's opponent, San Francisco. Go with
Muhammad.

Question - Russell Brown

My league starts 2 QBs. Donovan McNabb is one
of my starters. Who else should I start? I have Tom Brady,
Vinny Testaverde and Doug Flutie.

Answer - GG

Testaverde's Fantasy value has taken a real hit this
season because of the Jets' conservative offense. Flutie
struggled last week against a bad Denver secondary, and
won't have an easier time against Oakland. We'd suggest
playing Brady, who will start against St. Louis despite the
return of Drew Bledsoe. Brady has thrown 11 touchdowns in
his last five games, and is playing too well to bench.

Question - Chris Gilcrest

Who would you start at QB this weekend: Rich
Gannon or Kerry Collins? Which one of these four RBs would
you bench: Eddie George, Michael Pittman, Mike Anderson,
Curtis Martin?

Answer - GG

Collins has the better matchup of the two QBs, but
he's far too inconsistent to start over a player like
Gannon. Oakland will be looking to bounce back from a subpar
performance against Seattle, so look for Gannon to have a
solid game. As for your second question, bench Mike
Anderson. You can't bench Martin, no matter how bad the
matchup may be. George has four touchdowns in his last three
games against Cincinnati, and is worth starting despite his
struggles this season; and Pittman's matchup against Detroit
is too good to ignore.

<br

Tip of the Week

Keith Simmons, Boulder, CO: Can Terrell Davis ever stay
healthy? He comes back and teases Fantasy owners with his
solid play over the last two weeks, only to fall prey to
another knee injury this past Sunday. He was once the best
Fantasy player in the league, but now Davis is an
unreliable, injury-prone shell of his former self.

This message has been sent to mcuilla@enron.com, provided free of charge and free of obligation. If you prefer not to receive emails of this nature please send an email to remove@commissioner.com. Do not respond to this email directly.


Documentation for the Southern to BP Energy contract assignments.

---------------------- Forwarded by Michelle Lokay/ET&S/Enron on 10/11/2000
03:09 PM ---------------------------

"Wadle, Rick" <Rick.Wadle@SouthernEnergy.Com> on 10/11/2000 02:32:56 PM
To: "'Michelle.Lokay@Enron.com'" <Michelle.Lokay@Enron.com>
cc: "Hogan, John" <John.Hogan@SouthernEnergy.Com>

Subject: TW FT Assignments

As per our conversation, please assign TW contracts 24926. 27201 and 27017
to BP Energy effective November 1, 2000.  You may contact Ms. Penny Barry
(281-366-4913)at BP Energy for confirmation.  If you have any additional
questions regarding this assignment, please call me at 678-579-3463.

Thanks for your help

Rick Wadle
Sr. Gas Control Coordinator
Southern Company Energy Marketing


Please note time and location for Promotion Luncheon for Managers:

Location: EB 32C2
Time: 11:30 AM
Date:  Today, Tuesday, February 6, 2001

We look forward to seeing you there.  If you have any questions, please call
me.

Thanks,
Patti x39106


FYI...................

-----Original Message-----
From: Johanson, Tim
Sent: Tuesday, October 16, 2001 2:56 PM
To: Miller, Kent
Cc: Stevens, Bob; Bodnar, Michael
Subject: FW: Storage Charges on Allocation Error Days
Importance: High

Kent,

Steve is requesting a ~ $60,000 reimbursement for the allocation error this summer.  Please call me when you have a moment to discuss this.

We need to strategize on our counter-proposal.

Tim Johanson

-----Original Message-----
From: Sweeney, Steve [mailto:SteveSweeney@Cogentrix.com]
Sent: Tuesday, October 16, 2001 2:33 PM
To: Johanson, Tim
Subject: Storage Charges on Allocation Error Days

Tim,

In the attached file I have calculated the following charges that I have
incurred because of NNG incorrectly listing my project storage injection
rates in your allocation system. By far the biggest cost to me is the way we
have changed or nominations of natural gas from are suppliers as the
spreadsheet will show. We made this change in the nomination for July,
August & September. In calculating our nomination we look at what we could
put firm into storage, plant usage on none run days and SMS if available. If
this was fixed back in June when we asked what was going on with storage and
over runs into storage. I would have order large volumes of the Tier I
instead of purchasing the more costly Tier II. If we nominated the higher
Tier I volumes we expected to see DDVC charge of $.40 on all days trying to
over run into storage. That would have been the case the way your system was
set up. Instead I have these higher cost to my suppliers.

Please call me with any question on the spreadsheet. You can verify
Whitewater DDVC & SMS for September. I believe it was around the 18 or 19
when the problem was fixed.

 <<Cogentrix DDVC's.xls>>

Here is UtiliCorp Calculation of Charges that I inputed for Cottage Grove.

 <<LSPOWER2001ANALYSIS.xls>>

Stephen Sweeney
Manager of Fuel
Cogentrix Energy


THE FINANCIAL EXPRESS, Friday, November 23, 2001
DPC board to meet in London on Nov 30, Sanjay Jog
...expected to authorise Wade Cline to issue final termination notice to MSEB
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE HINDU BUSINESSLINE, Friday, November 23, 2001
Arbitrators meet in Singapore on Dabhol
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE TIMES OF INDIA, Friday, November 23, 2001
NGO pegs DPC cost at Rs 1,500 cr
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE ECONOMIC TIMES, Friday, November 23, 2001
'Enron may sell Dabhol at half price' , WASHINGTON

Similar story also appeared in the following publications:

THE HINDUSTAN TIMES, Friday, November 23, 2001
Enron may sell DPC stake at half price, Washington, DC, Press Trust of India

BUSINESS STANDARD, Friday, November 23, 2001
Enron may have to sell stake in Dabhol at half price

THE FREE PRESS JOURNAL, Friday, November 23, 2001
Enron may sell Dabhol at half price

THE HINDU BUSINESS LINE, Friday, November 23, 2001
Enron may have to sell Dabhol stake at half price

THE HINDU, Friday, November 23, 2001
Enron may sell Dabhol stake
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE FINANCIAL EXPRESS, Friday, November 23, 2001
SEES SOLUTION BY MID-DECEMBER; OPERATORSHIP JV OPTION THROWN UP
BG extends Panna Mukta deal with Enron, Sourav Majumdar
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE INDIAN EXPRESS, Friday, November 23, 2001
Enron shares in quicksand as merger doubts rise, C BRYSON HULL
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE HINDU BUSINESS LINE, Friday, November 23, 2001
EU urged to ease market access, NEW YORK  (carried only by the online edition)
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE FINANCIAL EXPRESS, Friday, November 23, 2001
DPC board to meet in London on Nov 30, Sanjay Jog
...expected to authorise Wade Cline to issue final termination notice to MSEB

The Dabhol Power Company (DPC), which is involved in the process of selling its stakes in the distressed Dabhol project, has reconvened its board meeting on November 30 in London, for authorising Enron India managing director K Wade Cline to issue a final termination notice to Maharashtra State Electricity Board (MSEB). The MSEB and state government, which have a representation on the DPC board, are likely to skip the ensuing board meeting. The DPC, following the acquisition of Enron by Dynegy Inc and the Bombay High Court's order of November 9 restraining it from serving a final termination notice to MSEB until further order, had cancelled the board meeting originally slated for November 19 in Houston. The MSEB, which holds 30 per cent equity in the Dabhol Phase-I (740 mw), had taken a serious objection of the November 19 meeting and had asked DPC to cancel it following the Bombay High Court order. Curiously, MSEB has decided to soon send a dissent note to the DPC saying that the stage of issuing final termination notice had come mainly because of DPC's mismanagement.

MSEB, which wants to expose DPC's default on the availability of power, in its dissent note would also ask the DPC to change the venue of the board meeting from London to India. MSEB sources told The Financial Express on Thursday that it has received an intimation from DPC on the proposed board meeting to be held in London. Sources said that it would ask DPC why it suddenly cancelled the Houston meeting and rescheduled it for November 30. MSEB is also likely to question the "wasteful expenditure" involved in the cancellation and reorganisation of the board meeting especially when DPC has been complaining about a financial crunch faced by it, following the closure of the Dabhol project after the suspension of power by MSEB on May 29. MSEB would also pointed out that though there were slippages in the payment of its power purchase bills, it has paid it with interest. Ironically, DPC, which defaulted on the availability of power, refused to accept the April bill and neither paid the rebate imposed by MSEB for material misrepresentation and default. The November 30 meeting would also take up issues related to assess preservation, 12 months preservation, financial position of DPC with regard to Dabhol Phase-I, failure in the payment of interest to lenders. The meet would also hold discussion on safeguarding the legal positions of DPC directors, opening of letter of credit of $295 million for shipping. If DPC fails to do so there is a likelihood that it may lose the ship arranged for the supply liquified natural gas.

Mumbai, Nov 22: Dynegy Inc spokesperson John Sousa has said that Enron-owned assets especially the 2,184 mw Dabhol project would continue to be managed by Enron through the closing of merger, which is expected to be complete in the second or third quarter of 2002.  "We are currently beginning the Dynegy-Enron merger integration process. Assets currently owned by Enron will continue to be managed by Enron through the closing of our merger, which is expected in 6 to 9 months," he said.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE HINDU BUSINESSLINE, Friday, November 23, 2001
Arbitrators meet in Singapore on Dabhol

OFFICIALS of the Maharashtra Government and Dabhol Power Company officials will meet on November 24 at Singapore for ``preliminary discussions'' on international arbitration proceedings initiated against the State. Officials are expected to brief the panel of arbitrators about the issues involved in the arbitration process, sources said. The preliminary meeting in Singapore will be followed by the actual arbitration process in the London Court. Enron-promoted DPC had initiated arbitration against the State Government accusing breach of contract. The company had accused the Government of not honouring its guarantees and supplemental support guarantees by refusing to pay the amount due for December and January bills issued by DPC on the MSEB after the board refused to pay the bills. Officials are expected to request the panel comprising Mr Quinton Loh (nominated by the State Government), Mr Andrew Rogers (DPC nominee) and Lord Mustell (independent arbitrator) to suspend proceedings. The officials may ask the panel to wait till the State replied the injunction order passed by the Commercial Court in London last month, on the same issue, sources said. The Commercial Court had passed an ex parte order against the State Government restraining it from taking any legal action against international arbitration initiated by DPC.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE TIMES OF INDIA, Friday, November 23, 2001
NGO pegs DPC cost at Rs 1,500 cr

The Prayas Energy Group, a research-oriented NGO, has pegged the cost of the Dabhol project at Rs 1,500 crore ($320 million). This figure contrasts sharply with the estimate of Rs 3,800 crore ($800 million) reported to be under consideration by Indian financial institutions. The NGO recently evaluated the project's worth following news reports about the Dabhol Power Company selling the stake of its three MNC promoters -Enron, General Electric and Bechtel -for about $ 800 million, after a 30 per cent discounting.

According to Prayas, if Enron is not willing to settle for a reasonable figure, the Indian financial institutions may come under pressure to absorb the difference to put a full- stop to the endless rounds of controversy the project has been attracting. ``This is evident in the proposals being discussed, envisaging that the FIs would buy the equity as a warehouse and sell it later. The loss would obviously be theirs,'' says Shantanu Dixit, one of the researchers for the group. ``Based on our analysis of the renegotiation committee's report of 1995, the affidavit by the then chief minister Manohar Joshi in August 1996 in the Bombay high court, and the present financing structure of the project, it could be concluded that the fair cost of equity of the foreign promoters is not more than $320 million (Rs 1,500 crore),'' he says. This estimate is based on the assumption that DPC completes the project in the next six months, without any additional loans. Giving a break-up of the estimate, a statement released by the Prayas mentions that in the detailed project report submitted to the Central Electricity Authority in 1993, Enron has claimed a capital cost of US $ 2,828 million. Following re-negotiations in 1996, the Shiv Sena-BJP government claimed this cost had been pared down to U.S. $2,500 million. This is mentioned on Page 3 of the re-negotiation committee's report, which says that ``Enron and DPC representatives have given their written consent'' to this reduction.

But, by 1999, DPC's cumulative loans from Indian and foreign institutions were nearly $2,050 million. This implies that the total equity component of the project is only $450 million. Of this, the equity of Maharashtra State Electricity Board (MSEB) is $130 million. This brings the total equity put in by the foreign promoters to about $320 million. The report points out that on several occasions, Enron has guaranteed completion of the project within the agreed cost. ``Hence, any equity claim higher than this amount is unjustified and need not be entertained,'' it says. ``In other words, buying the foreign promoter's stake for a price more than $320 million would amount to a paying a premium to Enron and not discount,'' observes Mr Dixit.

The report notes that just before the work on the project was suspended owing to the disputes between the MSEB and the DPC, DPC had said the project cost had escalated and it would complete the project at a cost of $3,326 million. ``This astonishing cost overrun of $826 million (or 33 per cent of the project cost) is unbelievable, and has to be the result of Enron's inefficiency,'' says Mr Dixit. It further hiked this figure to $3,690 million, citing cost overruns since the project was not completed as per schedule. This, despite the fact that a few months before the suspension of work, DPC had claimed that more than 90 per cent of the project was complete. It has now claimed additional costs of $360 million, that is 14 per cent cost overrun for completion of the project.

The cumulative difference is of $1,190 million or a cost increase of Rs 5,500 crore, says the report. Now, if this difference has to be accounted for in any new power purchase agreement that may be worked out in the future, it would come in for scrutiny by the Maharashtra Electricity Regulatory Commission. ``There is every likelihood that the MERC would disallow it since it overrides the mutually agreed figure of $2,500 million,'' says Mr Dixit. In that case, the relevant party -most probably the government or the financial institutions -would willy-nilly have to absorb the additional costs claimed and incur such a needless and huge loss, he says.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE ECONOMIC TIMES, Friday, November 23, 2001
'Enron may sell Dabhol at half price' , WASHINGTON

EMBATTLED US power major Enron may be forced to sell its stake in the Dabhol power plant at around half a billion dollars instead of the asking price of a billion dollars, a report here said. Tata Power and BSES, the Indian bidders for Enron's stake in the 2184 mw Dhabol Power Plant were reportedly willing to pay only half of the asking price which stood over a billion dollars, the New York Times reported. If the lenders and prospective buyers adopt a take it or leave it line, Enron may have little choice but to accept their offer and swallow a huge loss on a controversial project which one gleamed with promise, it said. "It is bound to be a distress sale," one banker told the paper. Though Enron's chairman and chief executive Kenneth L Lay was earlier quoted as saying that India would have to face economic sanctions if the government did not create a favourable climate for the sale of Enron's stake, the paper said "Enron now will find little lobbying traction in either Washington or New Delhi". "The coalition-building diplomacy of the war in Afghanistan makes it unlikely that the Bush administration would agree to press India on Enron's behalf," the paper said.( PTI )
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE FINANCIAL EXPRESS, Friday, November 23, 2001
SEES SOLUTION BY MID-DECEMBER; OPERATORSHIP JV OPTION THROWN UP
BG extends Panna Mukta deal with Enron, Sourav Majumdar

British Gas (BG), which has decided to acquire the 30 per cent stake held by Enron in the Panna Mukta Tapti oil and gas fields for about $388 million, has extended the deal indefinitely, pinning its hopes on getting sole operatorship rights for the fields by mid-December. The deal to buy the stake is conditional upon BG getting the operatorship rights which were with Enron, and was supposed to have been clinched by October end. BG is now hoping that the issue will be sorted out by the middle of next month. The other joint venture partners in the Panna Mukta Tapti fields are Oil and Natural Gas Corporation (ONGC) with a 40 per cent stake, and Reliance with another 30 per cent. Both ONGC and Reliance have also staked claim to the operatorship rights.But even as BG holds firm on getting sole operatorship, two other options have been thrown up.

One option is that of setting up a joint venture operatorship company with the three joint venture partners holding stakes reflecting their ownership of the mother venture.The other option is to hand over one field each to each of the three joint venture partners. However, for BG, it's still a "sole operatorship or nothing" approach. While BG India chief Nigel Shaw was not available for comment, sources close to BG in India confirmed to The Financial Express that the deal had been extended in view of the hopes that the entire issue would be amicably resolved by the middle of December. "For BG, the stance is clear: it wants sole operatorship rights," the sources said.

They said the operatorship issue was critical to the running of the fields, and, therefore, there was no question of continuing with it unless BG got the rights. On the other hand, petroleum minister Ram Naik is of the view that merely because Enron is selling its stake to BG, it does not mean the rights can be transferred automatically to the new buyer. Mr Naik had earlier said that the right of first refusal for operatorship rights was with the other two partners in the joint venture. ONGC's unions have also backed the corporation's claim to operatorship rights, saying that it has enormous experience in the field and had also discovered the fields. Reliance, on the other hand, staked its claim citing experience and also the fact that it has got 25 blocks in NELP I,II and III.

According to sources associated with the entire issue, the joint venture operatorship company had come up as a suggested solution to the operatorship tangle from some quarters, so that all the three joint venture partners could be kept in the picture. If this was not feasible, the other suggestion was to distribute the three fields to the three partners. "That way, there would be some benchmarking possible as each partner would then operate one block," sources said. BG, however, is not willing to concede anything less than sole operatorship. The fields produce around 300 cubic metres of gas and 29,000 barrels of oil per day. Enron, which has just been taken over by Dynegy Inc., had already decided to withdraw from oil and gas in India as part of its global strategy. The US energy major was keen to move quickly on the Panna Mukta Tapti front, since it was already locked in intense deliberations on another of its major Indian assets, the troubled Dabhol Power Company (DPC).
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE INDIAN EXPRESS, Friday, November 23, 2001
Enron shares in quicksand as merger doubts rise, C BRYSON HULL

Enron Corporation said on Wednesday it secured the remaining $450 million of a new $1 billion credit line, but the news did little to reassure investors it can stay afloat long enough to complete its merger with rival Dynegy Inc. Shares of the Houston-based energy giant were off 26per cent, despite the announcement in which Enron also said it had pushed back the deadline for repaying a $690 million debt to mid-December from a deadline of next Tuesday. Enron's shares fell 23 per cent on Tuesday, after it raised credit concerns in a filing with the Securities and Exchange Commission. "The Dynegy deal will take a long time and a lot of things could happen over that time period. Dynegy did their homework, but if they missed anything, they have a number of exit opportunities," said Fulcrum Global Partners analyst Michael Barbis. In Wednesday's statement, Enron said it is in feverish talks with its other lenders to restructure its debt obligations and reaffirmed its commitment to the Dynegy deal, tagged at $9 billion in stock."We continue to believe that this merger is in the best interests of our shareholders, employees, and lenders," Enron chairman and chief executive Ken Lay said. Enron's shares were down $1.83, or 26 per cent, at $5.16 on Wednesday afternoon. It was the most actively traded issue on the New York Stock Exchange for the second day in a row.

Shares had dipped as low as $4.58 earlier in the day, rebounding somewhat after the announcement of the new loan. Accounting for stock splits, that is the lowest Enron has been since February 1989. Dynegy shares were off $1.95, or 4.68 per cent, at $39.75. Dynegy chairman and chief executive officer Chuck Watson said he is encouraged by the new $450 million loan and the debt extension for the $690 million. "We are continuing our confirmatory due diligence and working to accelerate the regulatory approvals required to complete the merger in accordance with the previously announced agreement," he said in a statement. Watson said Chevron Texaco, which owns 26 per cent of Dynegy, reiterated its 'full confidence in Dynegy's disciplined management approach to complete the merger and to build a new company into an industry leader.'

Privately, analysts were calling the odds of a successful merger lower in the wake of new negative news made in a US Securities and Exchange filing. Most analysts called the chances of success even, where most had called the odds of success at 60-70 per cent earlier. Wall Street analysts said Enron is losing market share because of credit concerns from its trading partners and questions over Dynegy Inc's takeover offer. "Enron is definitely losing market share on credit concerns. Cash needs to run the business have now increased. The market perceives Enron as needing more cash," said Barbis. Goldman Sachs downgraded Enron and Dynegy to market perform on Tuesday, and took both off its recommended list. Goldman said the cash infusion from Dynegy - $1.5 billion - 'appears inadequate to restore the confidence of Enron customers.' The bad news in Monday's filing with the SEC included the acceleration of the $690 million debt because of the credit downgrade, a new reduction in third-quarter earnings, word that Enron has only about $1.5 billion cash on hand after new infusions of $5.5 billion over the past few weeks and an admission that trading volumes had dropped. (Reuters)
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THE HINDU BUSINESS LINE, Friday, November 23, 2001
EU urged to ease market access, NEW YORK, ( carried only by the online edition)

ENRON Corp, the beleaguered energy trading company, plans to use its minority interests in power plants to secure a restructured $690 million loan agreement, a source familiar with the plan said. The Houston-based Enron, which has agreed to be bought by rival Dynegy Inc in a stock-swap merger, disclosed in regulatory filings on Monday that it needed to provide collateral for the loan by November 27 or pay it off at an accelerated rate due to a recent ratings downgrade. This week, Citigroup Inc, which arranged the original $690 million loan, worked with the nearly 20 other banks to extend the payment schedule to mid-December, the source added. Discussions on repricing the loan are continuing, but the rate is likely to be similar to the terms of a new $1 billion line of credit for Enron, details of which Enron disclosed here. Enron said it secured the remaining $450 million in credit for this previously announced $1 billion line. The loan was lead by Citibank, which is advising Enron in its merger with Dynegy through its Salomon Smith Barney brokerage, and J.P. Morgan Chase & Co, which is also advising Enron on its merger with Dynegy.

Worries over a possible default on the $690-million loan and Enron's ability to fund payments on its looming debt are part of the reason Enron's stock skidded on Tuesday and Wednesday. Enron needs to repay about $9 billion in loans by the end of next year, according to regulatory filings. A lot of the banks were concerned, but all liquidity events can be dealt with a little patience," the source said. "I don't think there is too much risk of a default." Citibank arranged the original $690 million "special purpose vehicle" loan facility to finance Enron's investments in stakes in power businesses, both domestic and internationally. Reviewing operations in Japan: Enron Corp, which has seen its share price fall to a decade low, is reviewing its operations in Japan, including an option to sell the business to a third party, a spokeswoman at Enron's Japanese unit in Tokyo said. Japanese media said the Enron group, facing financial difficulties and frustrated by the slow progress of Japan's liberalisation of its power market, was considering withdrawing from the local market. Japanese energy companies have also been hurt by increased competition and slow demand due to the weak economy. "Enron Corp is reviewing its operations in Japan...considering every possibility including retaining the operations or selling a part of it," the spokeswoman said. The company will likely finalise its plans within five or six weeks, she said. Enron gained its first foothold in Japan in 1999, when it established affiliate E Power Corp, hoping to benefit from Japan's deregulation of the retail market.


Houston Ship Channel:

MS buys from Enron, Enron buys from Sempra, Sempra buys from MS the
following:

Jan03 - Mar 03, LD-.04, 10,000/day
Apr03 - Oct03, LD+.03, 25,000/day
Nov03 - Dec03, LD-.04, 5,000/day


Anita

No problem. I hope the results are OK.

Vince

 -----Original Message-----
From: 	Dupont, Anita
Sent:	Wednesday, May 16, 2001 10:48 AM
To:	Kaminski, Vince J; Crenshaw, Shirley
Subject:	Eye Drs. Appointment

I have my 6 month eye appointment on Monday, June 25, 2001, at 1:30 PM.  I have to go in every 6 months because of my diabetes.  It will take most of the afternoon because they will have to dilate my eyes and possibly do a Field of Vision test.   Let me know if this is OK.  Thanks.  Anita


-----Original Message-----
From: 	Taylor, Gina
Sent:	Monday, March 25, 2002 1:07 PM
To:	Corman, Shelley
Subject:	Announcement for your Review
Importance:	High

Shelley,

Please review this announcement and let me know of any changes.  John Ambler has reviewed and provided input.  After I hear from you, I'll forward this to Stan for his approval.

Thanks, Gina

 << File: shelley promotion to MD and CCO March 2002.doc >>


we have to apply for TISN registration at NERC.com

 -----Original Message-----
From: 	Hall, Steve C. (Legal)
Sent:	Tuesday, December 11, 2001 12:30 PM
To:	Semperger, Cara
Subject:	How does one go about getting NERC certification?

The CAISO Tariff will require "Newco" to provide "NERC tagging data."  What is the process to get NERC to assign us an identification number, or whatever it is they assign us?


Randy:
I am putting some information together for you guys and wanted to know if you
could send me FPL Energy's logo by e-mail.  Thanks
Ben Rogers
3-7998


Sara,

Here is the physical confirmation for the NUI deal.  I added an Event of
Default under the Credit Agreement as an additional Triggering Event under
the Master Firm Purchase/Sale Agreement.


Can I please have your :
* Home Mailing address
* Home phone number
* Work number
* Fax number
Thanks, Tina
-----Original Message-----
From: Jeffrey.A.Shankman@enron.com [mailto:Jeffrey.A.Shankman@enron.com]
Sent: Tuesday, October 23, 2001 11:36 AM
To: CSWART@coair.com
Subject: RE:

Call me when you get here, it's a zoo downstairs.  853 1761

    -----Original Message-----
   From:   "Swartz, Cristina" <CSWART@coair.com>@ENRON
   Sent:   Monday, October 22, 2001 4:50 PM
   To:     Shankman, Jeffrey A.
   Subject:  RE:

   ok great. Noon downstairs in Lobby to show you fabric.

   -----Original Message-----
   From: Jeffrey.A.Shankman@enron.com [mailto:Jeffrey.A.Shankman@enron.com]
   Sent: Monday, October 22, 2001 4:48 PM
   To: CSWART@coair.com
   Subject: RE:

   Great.  How about noon in the lobby (of the old Enron Bldg)?  I'd love
   to
   look at samples/pics, but maybe over the weekend.

       -----Original Message-----
      From:   "Swartz, Cristina" <CSWART@coair.com>@ENRON
      Sent:   Monday, October 22, 2001 4:39 PM
      To:     Shankman, Jeffrey A.
      Subject:  RE:

      OK. let me know what time works and we'll meet.  I also have ( I need
   to
      look for it) a whole bunch of magazine cutouts that I had gathered
      earlier
      when you first bought your house to show you.  These are just
   examples
      of
      possible styles, tables, accessories etc. that you might like and
   that I
      can
      help you find to place in your house.  We can go over these as well
   if
      you
      want. I also have books I can lend you for you to look through and
   let
      me
      know if you like something.
      Tina

      -----Original Message-----
      From: Jeffrey.A.Shankman@enron.com
   [mailto:Jeffrey.A.Shankman@enron.com]
      Sent: Monday, October 22, 2001 4:27 PM
      To: CSWART@coair.com
      Subject: RE:

      Hi there, how about tomorrow around lunch time?

          -----Original Message-----
         From:   "Swartz, Cristina" <CSWART@coair.com>@ENRON
         Sent:   Monday, October 22, 2001 3:18 PM
         To:     Shankman, Jeffrey A.
         Subject:  RE:
         Importance:  High

         I've got 2 samples of fabric.  1 plain off white and the other a
      ribbed
         off
         white.  Elizabeth and I prefer the ribbed.
         Plain = $40 retail / $20 cost
         Ribbed = $50 retail  / $25 cost x 34 yards = $850
         I'll give them to you at cost so that we can continue furnishing
   your
         house
         ( I hear it's empty).
         If you have time this afternoon and can walk down to your Lobby I
   can
         meet
         you there to show you the fabrics.  Also, bring down a check so
   that
      I
         can
         stop by Walter Lee Culp and order you couches and fabric ma?ana.
      Fabric
         can
         be overnighted if needed or sent 2 day.
         I think 2 day is plenty of time.

         50% now - (not including taxes)
         50% later + shipping and taxes when couches are ready for delivery
      (6-8
         wks.).

         Need now
         $5445 for 2 loveseats and 1 couch + $850 for fabric = $6295
         I will give you a receipt.
         Let me know when you can see the fabric........
         Tina

         -----Original Message-----
         From: Jeffrey.A.Shankman@enron.com
      [mailto:Jeffrey.A.Shankman@enron.com]
         Sent: Tuesday, October 16, 2001 2:59 PM
         To: CSWART@coair.com
         Subject: RE:

         Good.  I'm going to Cabo thursday and will be back early sunday.
   If
      you
         have a few samples, I'll pick one, and well go forward.  Can we
   order
         the 3
         sofas, and send them the fabric when it comes so we can get in the
      line
         of
         orders?  No problem on the check.

         What do you think of them?  Be brutal.

         Jeff

             -----Original Message-----
            From:   "Swartz, Cristina" <CSWART@coair.com>@ENRON
            Sent:   Tuesday, October 16, 2001 2:49 PM
            To:     Shankman, Jeffrey A.
            Subject:  RE:

            Retail for couch is $5460 (saving $1170 about  27% lower)
            Retail for loveseat $4200 (saving $900 about 27% lower.)
            I may be able to save you more on the fabric if I can find the
   one
         you
            need
            at Kravets since they give me 50% off.  The majority of the
      furniture
            stores
            only give between a 20-30% off.  The couches take about 6-8
   weeks
      if
            they
            are in stock and usually are.  I'll get some fabric this Friday
         during
            lunch
            and maybe I can show you over coffee that afternoon.  I'll need
   to
         order
            the
            fabric so add another 2 weeks at least before the store gets
   it.
         Also,
            I'll
            find out paying conditions but usually is 50% upfront (cash)
   and
      then
            the
            other 50% when ready for delivery.  They don't take credit
   card.
         Checks
            payable to me and I pay with my company check.
            I'll get moving and call you on Friday.
            Sound good?

            -----Original Message-----
            From: Jeffrey.A.Shankman@enron.com
         [mailto:Jeffrey.A.Shankman@enron.com]
            Sent: Tuesday, October 16, 2001 2:25 PM
            To: CSWART@coair.com
            Subject: RE:

            Holy cow this is expensive.  Of course I don't care about your
   5%
      or
         so,
            but what is the retail on these babies?  I'm pretty flexible on
      the
            fabric--mid range would be fine.  Let's move ahead.  (2
   loveseats
            though,
            not 1)  How long did they say?

            Jeff

                -----Original Message-----
               From:   "Swartz, Cristina" <CSWART@coair.com>@ENRON
               Sent:   Monday, October 15, 2001 5:04 PM
               To:     Shankman, Jeffrey A.
               Subject:  RE:

               OK...
               Sofa = $4290
               Loveseat = $3300
               8.25% tax = $626.18.
               Total = $8,216.18.  Both w/out fabric.

               You need a total of 23.5 yards of fabric.  I usually get
   about
      a
            30-35%
               discount on fabric so if you are OK with the couch prices, I
      can
         go
            to
               the
               Decorative Center and get some fabric samples for you to
   choose
         from.
            I
               have no clue as to how much indoor/outdoor fabric goes for
   but
         I'll
            get
               a
               range so that you can see the difference between the cheaper
      and
               expensive
               type.  Let me know how you would like to proceed.
               Thanks, Tina

               -----Original Message-----
               From: Shankman, Jeffrey A.
      [mailto:Jeffrey.A.Shankman@ENRON.com]
               Sent: Monday, October 15, 2001 10:30 AM
               To: cswart@coair.com
               Subject:

               Hi Tina,

               Thanks for you help.

               The site is www.thewickerworks.com.  Click on it to go
   directly
            there.
               The are in Houston at Walter Lee Culp.  713 623 4670.

               If you go to their web site go to the home page, then to the
      tab
         that
               says wicker, then to the tab that says more.  The design is
      Helva.

               I need 1 Helva sofa, and 2 Helva loveseats, of course in a
   very
         plain
               off white (not tan as one of the pictures shows)
   indoor/outdoor
            fabric.

               Or if you have any other ideas, let me know, of course.

               Regards,

               Jeff

               713 853 1761

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

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


correct

 -----Original Message-----
From: 	Miller, Jeffrey
Sent:	Monday, September 10, 2001 7:54 AM
To:	Forney, John M.
Subject:	Summary of ERCOT Trading Responsibility

John,

Frank Busot asked me to give him a summary of who is responsible for what in the trading function at Enron.  The reason is that he wanted to be more comfortable than he is with the separation of EPMI and Services.

Currently, I see:

Jeff King - Long - Term ERCOT
Paul Schivone - Short Term ERCOT
John Forney - Services Trading, EPMI ERCOT Hourly, Services ERCOT Hourly

Correct?


Political  Philosophies: Explained in Simple "Two-Cow" Terms
with an Update for the  state of California

Socialism: You have two cows. You keep one, but  must
give the other to your neighbor.

Communism: You have two cows.  The government takes
both and provides you with milk.

Fascism: You  have two cows. The government takes
both and sells you the  milk.

Bureaucracy: You have two cows. The government
takes them,  shoots one, milks the other, pays you
for the milk, and then pours it down  the drain.

Dictatorship: You have two cows. The government
takes both,  then shoots you.

Capitalism: You have two cows. You sell one and buy
a  bull.

Democracy: You have two cows. The government taxes
you to the  point that you must sell them both to
support a man in a foreign country who  has only one
cow, which was a gift from your own  government.

Corporation: You have two cows. You lay one off,
force the  other to produce the milk of four cows, then
act surprised when it drops  dead.

California: You have two cows. The state tells you how
to milk  your cows, when to milk your cows, how much to
milk your cows and the most  that you can charge for the
milk. You go broke and sell the cows. The state  calls you
greedy and blames you for the current milk shortage.


no

	From:  Mark Taylor                           02/24/2000 02:50 PM

To: Sara Shackleton/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT, Carol St
Clair/HOU/ECT@ECT
cc:
Subject: Re: Margaux/Whitewing

Do any of you guys know about this deal?
---------------------- Forwarded by Mark Taylor/HOU/ECT on 02/24/2000 02:49
PM ---------------------------

Scott Sefton
02/24/2000 11:32 AM
To: Mark Evans/LON/ECT@ECT
cc: Stuart Schardin/LON/ECT@ECT, Mark - ECT Legal Taylor/HOU/ECT@ECT, Nora
Dobin/Corp/Enron@ENRON
Subject: Re: Margaux/Whitewing

Mark,

I finally got to speak with Mike yesterday. The short answer is that Nora
Dobin in Global Finance legal will be your contact person on everything other
than the swap. Mark Taylor (or his designee) will handle the swap.

We will rely heavily on Ron Astin and Trena Chandler of V&E to assist us on
the Whitewing issues. In case you didn't know, Ron and Trena represented us
in the creation of Whitewing (and its holding company Condor) and have been
involved in all the subsequent Condor/Whitewing transactions. Because Jeff
Eldredge has a significant role in Margaux, I hope having V&E involved here
and in London will facilitate coordination on these issues.

Cheers
Scott

Mark Evans
02/24/2000 08:55 AM
To: Scott Sefton/HOU/ECT@ECT
cc: Stuart Schardin/LON/ECT@ECT
Subject: Margaux/Whitewing

Scott,

in Cynthia's absence, can you allocate someone else from your group to
oversee this? As you can see, we are in need of some immediate assistance on
Whitewing.

Did you get the chance to speak to Mike Jakubik about Margaux? Can you help
out with Houston coordination or shall I just get on with it with Mark Taylor
and Jeff Hodge?

Thanks.

         Mark

---------------------- Forwarded by Mark Evans/LON/ECT on 24/02/2000 14:47
---------------------------

Stuart Schardin
24/02/2000 11:52
To: rastin@velaw.com, tchandler@velaw.com, Ben F Glisan/HOU/ECT
cc: Donette Dewar/HOU/ECT@ECT, Anne Edgley/LON/ECT@ECT, Mark
Evans/LON/ECT@ECT, Maroun J Abboudy/LON/ECT@ECT

Subject: Margaux/Whitewing

Ron/Trina/Ben,

I wanted to touch base with you on some Margaux-related issues for Whitewing
and determine what the appropriate course of action is.

As a brief description of the Margaux transaction, in case you have not been
updated recently, the Margaux transaction will now occur through the
synthetic transfer of risk to the Noteholders/Margaux equity.  The method by
which this occurs is as follows.  Whitewing continues to hold the equity
interests in the assets (excluding 56% of Trakya, ETOL, approx. 31.25% of
Sutton Bridge, 50% of Nowa Sarzyna, and approx. 50% of Teesside, all of which
are held by Enron).  Whitewing enters into a fixed for floating swap with
ENA, with Whitewing making a fixed annual payment to ENA in an amount
representing the base case cash flows of the underlying assets and ENA making
a floating payment to Whitewing that is initially equal to the fixed payment
from Whitewing but is adjusted downward if certain identified negative things
happen at the various projects (thereby transferring certain of the risks of
the projects through the floating leg).  Concurrently, Margaux (the Issuer)
raises approx. $511 mm of capital and, through a whollly-owned subsidiary,
purchases the floating leg (receiveable) from Whitewing for $511 MM.  In
other words, Whitewing enters into the swap and immediately monetizes its
receiveable to Margaux.  The net result is that Whitewing receives cash
proceeds up front, and has a fixed payment obligation to ENA, and ENA has a
floating payment obligation to Margaux.  I've attached a structure diagram
below.

With this in mind, the following issues related to Whitewing have arisen.
The tax group would like to characterize the payment ENA receives from
Whitewing as a preferred partnership distribution (see attached note from
Donette Dewar below).  My question is how do we achieve this result.  First,
is Whitewing LP able to enter into this transaction itself, or does it need
to occur at a subsidiary level?  In other words, does the swap fall under the
definition of "Indebtedness" (clause (viii) perhaps?) in the Whitewing LP
Agreement, which is prohibited at the Whitewing level?  If it cannot, is SE
Acquisition the best candidate to be ENA's counterparty, or do we run into
issues with the Natwest facility (although they'd likely consent since they
will get repaid out of the proceeds of the transaction)?  Once the issue of
who is the appropriate counterparty has been determined, we need to discuss
the mechanics by which we effect the transaction.  If we are indeed going to
open up the Whitewing LP Agreement, I suspect that AnnMarie will need to
revisit the Allocation and Distribution sections, which is probably no easy
task.  If not, and the transaction will occur at a subsidiary level, we need
to determine where.  Also, I'm sure this transaction will require
Certificateholder approval as it is in excess of the $40mm threshold.  A
final logistical issue that Donette raises in her note is who will be
responsible for the legal work required at the Whitewing level.

More generally, are there any other legal or other issues that you see with
respect to this transaction from a Whitewing perspective?

If you'd like to discuss the transaction further, please let me know.  I'll
be in Houston the early part of next week, so perhaps we can spend some time
discussing these issues then.  Thanks, and I look forward to seeing you next
week.

Best regards,

Stuart

---------------------- Forwarded by Stuart Schardin/LON/ECT on 24/02/2000
11:09 ---------------------------

Anne Edgley
24/02/2000 09:48
To: Stuart Schardin/LON/ECT@ECT
cc:

Subject: Re: Margaux - Whitewing Partnership amendment

---------------------- Forwarded by Anne Edgley/LON/ECT on 24/02/2000 09:49
---------------------------
From: Cynthia Harkness on 23/02/2000 12:28 CST
To: Mark Evans/LON/ECT@ECT
cc: Donette Dewar/HOU/ECT@ECT, Anne Edgley/LON/ECT@ECT, Maroun J
Abboudy/LON/ECT@ECT, Stephen Dwyer/LON/ECT@ECT, AnnMarie
Tiller/Corp/Enron@ENRON, James Ginty/Corp/Enron@ENRON, Ben F
Glisan/HOU/ECT@ECT, Scott Sefton/HOU/ECT@ECT

Subject: Re: Margaux - Whitewing Partnership amendment

Dear All,

I will be leaving Enron Global Finance this Friday to join Enron Broadband
Services, Inc.  You should refer any inquiries in this regard to Scott
Sefton.  It was a pleasure working with you and I wish you great success in
finalyzing Margaux!  Please do not hesitate to contact me if I can help you
with anything in the future!  All the best!

Cynthia

Mark Evans
02/23/2000 11:37 AM
To: Donette Dewar/HOU/ECT@ECT
cc: Anne Edgley/LON/ECT@ECT, Maroun J Abboudy/LON/ECT@ECT, Stephen
Dwyer/LON/ECT@ECT, AnnMarie Tiller/Corp/Enron@ENRON, James
Ginty/Corp/Enron@ENRON, Cynthia Harkness/HOU/ECT@ect
Subject: Re: Margaux - Whitewing Partnership amendment

Donette,

these questions need to be directed to the Whitewing legal team. I believe
this is Cynthia Harkness. I will then work with Cynthia to ensure her efforts
are coordinated with ours.

      Mark

Donette Dewar
23/02/2000 17:19
To: Mark Evans/LON/ECT@ECT, Anne Edgley/LON/ECT@ECT, Maroun J
Abboudy/LON/ECT@ECT
cc: Stephen Dwyer/LON/ECT@ECT, AnnMarie Tiller/Corp/Enron@ENRON, James
Ginty/Corp/Enron@ENRON

Subject: Margaux - Whitewing Partnership amendment

As you may recall, the tax comments to the debt term sheet reflected a need
for an amendment to the Whitewing partnership agreement to admit ENA as a
partner. You also may recall that we briefly discussed the potential for
legal/accounting/other issues that may arise as a result of any such
amendment.  So that the Whitewing process can be moved forward, would you
please consider the following:

1. Have any legal/accounting/other issues been identified as resulting from
an amendment to the Whitewing partnership agreement?

2. If so, what are the potential solutions to any such issues?

3. Have definite conclusions been reached regarding the economics of ENA's
preferred return on the Whitewing interest, such that a draft of the
necessary partnership allocations can be undertaken?

4. Has a decision been made regarding who will be charged with drafting the
amendments?  Will it be the Margaux legal team?  The Houston Global Finance
legal group?  Other??

Thanks, in advance, for your consideration of these issues.

Kindest Regards,

DMD