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---------------------- Forwarded by David M Gagliardi/TTG/HouInd on 06/27/2000 11:19 AM --------------------------- "Michael Gagliardi" <[email protected]> on 06/27/2000 07:48:44 AM To: [email protected], [email protected] cc: Subject: True Orange Fax/E-Mail #58 ---------------------- Forwarded by Michael Gagliardi/Hou-ComOps/EnergyTrading/PEC on 06/27/2000 07:57 AM --------------------------- [email protected] on 06/26/2000 07:37:20 PM To: [email protected] cc: (bcc: Michael Gagliardi/Hou-ComOps/EnergyTrading/PEC) Subject: True Orange Fax/E-Mail #58 True Orange Fax/E-Mail Service Volume 8, Fax/E-Mail #58, Monday, June 26, 2000 Jerry Scarbrough's True Orange, P. O. Box 26530, Austin, Texas 78755 - Phone 512-795-8536 Galena Park OL Switches from Aggies to Longhorns Galena Park OL Mike Garcia, 6-3, 280, 5.2, who had committed to Texas A&M several weeks ago, switched his pledge to Texas Monday and his coach, Mike Coker, said the switch is final. "It's a done deal," Coker said. Coker said Garcia and his mother visited the Texas campus last week on an unofficial visit and met with some of the Texas coaches. "He's a little embarrassed about the whole situation," Coker said, "but he said he felt it was something he had to do." Coker said he discussed the situation with coaches at Texas and A&M before announcing Garcia's change of heart. Garcia was the highest rated of the Aggies' three early commitments. Coker said Garcia "felt very comfortable with Mack Brown, his staff and the atmosphere at the University of Texas." Garcia is the seventh high school player to commit to Texas this month. In addition, Alfio Randall, a star OT at Blinn JC, says he will come to Texas in January after he graduates from Blinn. The other high school players who have committed to Texas are OLs Jonathan Scott of Dallas Carter, Abe Robinson of Houston Jersey Village, Roman Reeves of Livingston and Will Allen of Houston Cypress Falls and DBs Braden Johnson of Euless Trinity and Brian Carter of The Woodlands. Scott and Robinson are on all of the early national top 100 recruiting lists. With six top offensive linemen already committed, counting Randall, the Longhorns are on the way to signing an awesome group to fill their greatest need in this recruiting class. Top offensive and defensive linemen have been in short supply in Texas since Brown arrived, but this year's offensive line class is very deep in talented players. The Longhorns are still in strong contention for two other top offensive linemen - Jami Hightower of Jacksonville and William Winston of Houston Madison. Hightower drove to Nebraska for an unofficial weekend visit and, after the 14-hour return trip, said today he had a great time and said Nebraska, Texas and A&M are his big three. Winston also likes A&M and Texas, but is considering several out-of-state schools. * * * * BARNUM UPDATE: Greg Barnum, the great center prospect who left Tennessee after his freshman year, took a tour of the Texas campus last week and he liked what he saw. Vol coach Phil Fulmer has refused to give Barnum a release so far, which would force him to pay his own way for a year if he comes to Texas as things now stand. But Barnum's attorney has written a letter to Tennessee officials demanding a release. NCAA rules require colleges and their recruits to honor the letter of intent recruits sign for one year. But the rules give the college coach a big advantage after the first year in that he can refuse to renew the scholarship or, as in Barnum's case, refuse to allow the kid to get an immediate scholarship at another school. The NCAA has some rules that probably violate the U. S. Constitution, and this would seem to be one of them. Back when colleges gave kids four-year scholarships, it might have been fair to give coaches the right to deny an outright release to unhappy recruits, but when the rules were changed to give one-year scholarships that were renewable every year, the coach's power was left unchanged. I don't think the NCAA or Tennessee will want to see this come to court, so, if I was a gambling man, I would be willing to bet a fair amount that young Mr. Barnum gets his release if he keeps pushing. If he comes to Texas, he will have to sit out a year, then will have three years of eligibility left. * * * * BASEBALL NOTES: The pros are still working to sign several current Longhorns and UT recruits, but only three juniors - second baseman Tommy Nicholson, relief ace Charlie Thames and shortstop Todd West - have signed so far. * * * * BASKETBALL RECRUITING NOTES: Guard Carlos Hurt of Alief Elsik has committed to Louisville. The Longhorns were recruiting him, but their primary target for their lone remaining scholarship is still 5-11 T. J. Ford, who led Fort Bend Willowridge win the Class 5A state title. Ford, one of the nation's top point guards, is strongly considering the Longhorns. Texas already has a commitment from 6-10 center Chris Wright of Redwater. * * * * My next fax will be whenever events warrant. * * * * The True Orange Fax Service includes at least 99 faxes a year and costs $99 ($79 by E-Mail). The True Orange Newsletter includes 26 newsletters and is published weekly during football season and twice monthly during most of the other months. It costs $45. Save by subscribing to both for $130 (or $110 if you take the faxes via E-Mail or $99 if you take the faxes and newsletter via E-Mail). Send check to address at the top of page. I also update my 900 number - 1-900-288-8839 - frequently with recruiting news. My E-Mail address is: [email protected]

"I haven't failed. I've found 10,000 ways that don't work." - Albert Einstein; NASDAQ slides again - down 91 - DOW up 28; H&Q downgrades EBAY (Ebay Inc) (down 4 5/16) from strong buy to buy; AMZN (Amazon) (down 8 1/8) falls on cautionary comments from Lehman; ACCL (Accelerated Networks) (up 32 7/8) IPO priced at $15; TWX (Time Warner) (down 4 1/16) shareholders approve AOL (America Online) (down 4 1/8) purchase; CMGI (CMGI Inc) (down 3 1/2) on earnings warning - CS First Boston cuts to hold from buy; CAG (Conagra Inc) (down 1 3/8) buying IHF (International Home Foods) (up 5 1/4); Rumor - NOK (Nokia Corp) (down 3 5/16) to buy QCOM (Qualcomm) (down 1 7/8); RMBS (Rambus) (up 17 9/16) on Hitachi settlement; KOOP (DrKoop.com) (up 29/32) receives $1.5 Million; HGSI (Human Genome) up 10 1/16; SUNW (Sun Microsystems) down 5 7/16; VSAT (Viasat) down 5 1/4; MSFT (Microsoft) down 2 1/8; BRCM (Broadcom) down 3; AMAT (Applied Materials) down 3 1/6; BMCS (BMC Software) down 2 1/16; MO buys Nabisco AOL, TWX deal - regulators taking closer look. AMZN* - hit hard (down 19% on analyst comments) - company says report was wreckless. SNE - Palm device debuts on Tues. Liberty Media - biggest shareholder in European Cable and TV giant - United GlobalCom. NY Times - delays tracking stock. USA Networks - interactive business in one division - to go public. Citrix - Chairman quits - management re-org - stock hit 18%. Recording industry - younger people buying less music as older people buy more. Freeserve and Deut T - deal off. YHOO - put your company intranet with us. Dreamworks - record label takes online submissions. INTC - new Celeron chips (AMD's made their new chip announcement last week)/ also INTC opening software development center in Russia. Mattel - nixing software that stirred privacy concerns in their interactive games. TXN - buys Alantro - wireless local area networking co. Oxygen Media - closintg two shopping sites. More Chinese Net co.s coming to Nasdaq - Netease.com and Sohu.com. Vivity - video over corporate network - gets $4.5 million - HLIT is investor. QXL - real challege to Ebay* in Europe. Overview of "Digital Livingroom" in WSJ - new devices are confusing - interactive TV and Videa coming as is home networking. (PROX mentioned in home networking article). Broadcom - positive article in NY Times. Electronics Retailer 800.com - pulls IPO. EXP.com - matches consumers and executives with experts, counselors..... gets $33 million 2nd round including backing from Ask Jeeves. EK - online photo printing. BRCD* - mentioned positively on CNBC. Latest round of dot com layoffs - Urban Box Office's Indie Planet and Pseudo. CMRC buys APNT. Tangible Asset Galleries (art and rare coins) buys Gavelnet.com (Collectables from network of Galleries). NY Times Page 1 Sunday - Online retailers stop offering endless bargains - watching bottom line (Dan Ries has been saying this for weeks). Frank Quattrone - super-star tech banker at First Boston - part of new deal is in house high tech fund - will do VC work. Barron's Cover Story - Roundtable group half-way through the year overview - positive on wide variety of companies - Abby is still bullish also likes Merck, C and Wells Fargo/ Some think CSCO, Nokia and Nortel are overvalued/ other picks - Chris Craft, Modine Manufact., MONY Group, Flextronics, Polaris Industries, Exxon, Royal Dutch, Apache, Anadarko, Burlington Resources, Novartis, Roche, AXA, UPM Kyrmmene, Nomura, McLeod USA, ABGenix, Gemstar-TV Guide, Furniture Brands (mentioned by 2 seperate people), Georgia Pacific, Eserline, ITT Industries, Metlife, Edwards Life Sciences, BTU International, Ross Stores, Comcast, Kellwood, AK Steel, D R Horton, Navistar, Parkervision, Impath... WSJ Heard - was T's Wireless deal an IPO - question not academic - was pre-deal trading okay? KOOP - $1.5 million loan from merchant bank. There is talk: CSCO for RBAK?/ C.E. Unterberg Towbin: Futurelink Roadshow in San Fran./ Paul Rodriguez marketing in Mid-Atlantic. Kimberly Breslauer - great job writing this letter last week. The information contained herein is obtained from sources we believe to be reliable but its accuracy and completeness, and that of the opinions based thereon, are not guaranteed. C.E. Unterberg Towbin, or one or more of its partners, may have a position in any of the securities discussed herein. All rights reserved by C.E. Unterberg Towbin. May not be reproduced in whole or in part without prior written authorization. This report is not an offer to sell or solicitation of an offer to buy the securities mentioned herein. *C.E. Unterberg Towbin makes a market in this security and/or has analyst coverage. +C.E. Unterberg Towbin makes a market in this security and has been involved in a recent financing. _____________________________ Bram Towbin C.E. Unterberg Towbin 10 East 50th Street New York NY 10022 Telephone: 212 572 8163 Fax: 212 759 4032 [email protected] www.unterberg.com ---------------------------------------------------------------- Pursuant to SEC and NASD requirements, all incoming and outgoing e-mail of C.E. Unterberg, Towbin is subject to review by the Compliance Department. Please note that C.E. Unterberg, Towbin does not allow the use of e-mail to request, authorize or effect the purchase or sale of any security, to send fund transfer instructions, or to effect any other transactions. Any such request, orders or instructions that you send will not be accepted and will not be processed. ================================================================

BUSINESS HIGHLIGHTS East Power Midwest Origination Beginning late 2000, East Power Marketing implemented a complete market coverage strategy. Since then, EPMI has begun to develop relationships with hundreds of small
&mom & pop
8 municipalities. Many of these munis had no prior contact with Enron. As a result, East Power has executed a valuable 30 MW energy call option term purchase from the Municipal Energy Agency of Nebraska (MEAN) at a congested location. Enron Industrial Markets EIM has renamed Pulp, Paper & Lumber to Forest Products in order to fully encompass our multiple product offerings. East Power Development The Planning and Zoning Commission for Pompano Beach, FL approved ENA's rezoning request and site plan for the Pompano Beach Energy Center, a 510 megawatt peaking power plant. On the rezoning request, the vote was 6 to 1, and on the site plan, the vote was 7 to 0. The rezoning request will be forwarded to the Pompano Beach City Commission for their review. Additionally, the Florida Department of Environmental Protection (DEP) has announced its intention to issue an air permit for the facility. Next steps include a DEP public hearing on Monday, March 26, and the first of two votes on the rezoning request before the Pompano Beach City Commission, which is scheduled for Tuesday, March 27. IN THE NEWS EWS Brown Bag Lunch Mark Your Lunch Calendars Now! The next one is scheduled for Thursday, March 15, 2001 featuring Ray Bowen. He is the COO of EIM and will be discussing Enron Industrial Markets. Open Forum Editorial in The San Francisco Chronicle by Kenneth Lay 3/1/01 What has happened in California over the past four years is not deregulation. It is misguided regulation. Deregulation does not mean eliminating customer choice and competition for most customers. Deregulation does not mean limiting new market entrants. Fewer than five percent of customers in California are served by competing suppliers. Deregulation does not mean creating a single central power pool from which all participants must buy and sell their wholesale power; the state Power Exchange effectively replaced three monopoly buyers with one monopoly buyer. Deregulation does not mean buying all of your commodity at the last minute, on the spot market, rather than planning ahead and purchasing most of the power under long-term contracts that lock in prices. The situation in California is the result of continued regulation, complicated by a series of natural and man-made factors. WELCOME New Hires EGM - Lowell Bezanis, Owen Zidar EIM - Eric Holzer, John Ovanessian ENA - Mecole Brown, Nita Garcia, Ambroshia Hunter, Nikole Jackson, Junichi Sugiura, Theresa Zucha, Cynthia Gonzalez, Scott Wilson, Kenton Schaefer, Emily Butler Transfers ENA - Joseph Hardy, Nancy Vu, Lloyd Miller, Jinsung Myung, Patrick Johnson, Jason Wolfe, Andrew Miles, Sara Shackleton EIM - Sherri Baldwin, Debbie Chance, Rob Saltiel EGM - Jody Crook, Neithard Foley, Juan Paysse, Bhavna Pandya, Courtney Campbell, Terri Denning NUGGETS & NOTES "It is on the high side of medium to high." --Tim Battaglia, Vice President/Steel Origination EIM (discussing the probability of a transaction closing).
&I wanna see the phone glued to your ear!
8 -- Ed Baughman, Vice President/East Power Mid Market ENA
&REFERRALS, REFERRALS, REFERRALS! It pays to know good people."
) Ambroshia Hunter Perry/HR ENA You requested more info
(. Proud parents Michelle Vitrella, PR coordinator, and husband David Vitrella, manager of trading, have named their baby girl Lily Ann. She was born on February 27, 2001. Learning at the Speed of Enron If you haven't had a chance to log on to www.investinme.enron.com, you're missing a fast and easy way to gain the information you need to get ahead and stay ahead. This new EWS training site combines everything you loved about Ernie with much, much more. Enron employees now have the ability to register for hundreds of classes on industry-related topics anywhere in the world. Don't have time to attend a classroom training? No problem, you can now use the web site to search for books, videos, CD ROM, and web-based training. All the learning you want, anytime, anywhere. Just go to www.investinme.enron.com and start building your future today! NEWS FROM THE GLOBAL FLASH Enron Wind Enron Wind has purchased the factory facilities of the Dutch company, Aerpac, Europe's second largest producer of wind turbine rotor blades. This move represents a significant step towards fulfilling Enron Wind's strategic objective of manufacturing high-quality and technically sophisticated rotor blades in-house. Enron Wind will be using its own moulds to produce the rotor blades. The acquisition of the Almelo-based factory facilities, which are only 60 kilometres from Enron Wind's facilities in Salzbergen, Germany, gives the company a convenient base for European wide distribution. Enron applies for Greek electricity trading license Enron, through its subsidiary Enron Power MEPE, has applied for an electricity supply license for Greece, for the 34% market opening on Feb 19th 2001. If the license application is successful, Enron will be allowed to approach customers consuming more than 100GWh up to a combined total peak capacity of 350MW. In total, 4 companies have applied for power trading licenses (Enel, ATEL and Cinergy also applied). LEGAL STUFF The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries. It is intended for internal use only and should not be disclosed.

Start Date: 4/22/01; HourAhead hour: 18; HourAhead schedule download failed. Manual intervention required. LOG MESSAGES: PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001042218.txt Error: dbCaps97Data: Cannot perform this operation on a closed database !!!Insufficient memory for this operation. Alias: dbCaps97Data !!!Insufficient memory for this operation. Alias: dbCaps97Data Error: dbCaps97Data: Cannot perform this operation on a closed database !!!Insufficient memory for this operation. Alias: dbCaps97Data !!!Insufficient memory for this operation. Alias: dbCaps97Data Error: dbCaps97Data: Cannot perform this operation on a closed database !!!Insufficient memory for this operation. Alias: dbCaps97Data !!!Insufficient memory for this operation. Alias: dbCaps97Data Error: dbCaps97Data: Cannot perform this operation on a closed database !!!Insufficient memory for this operation. Alias: dbCaps97Data !!!Insufficient memory for this operation. 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Congratulations. Even though it's the EEI agreement, getting Edison to agree to sign something is an achievement. Good luck landing deals. Jeff Mary Hain@ECT 11/17/2000 01:51 PM To: Susan J Mara/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, James D Steffes/NA/Enron@Enron cc: Subject: Southern California Edison Company FYI. This is just a master under which we can do individual agreements. ---------------------- Forwarded by Mary Hain/HOU/ECT on 11/17/2000 11:55 AM --------------------------- Rhonda L Denton 11/17/2000 08:13 AM To: Tim Belden/HOU/ECT@ECT, Dana Davis/HOU/ECT@ECT, Genia FitzGerald/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Melissa Ann Murphy/HOU/ECT@ECT, Kyle Schultz/HOU/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Christi L Nicolay/HOU/ECT@ECT, Leslie Reeves/HOU/ECT@ECT, Gretchen Lotz/HOU/ECT@ECT, Dean Laurent/HOU/ECT@ECT, John D Suarez/HOU/ECT@ECT, Cara Semperger/PDX/ECT@ECT, Christian Yoder/HOU/ECT@ECT, Jan M King/HOU/ECT@ECT, Mike Swerzbin/HOU/ECT@ECT, Mary Hain/HOU/ECT@ECT, Michael Etringer/HOU/ECT@ECT, John Malowney/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT, Laura Jones/HOU/ECT@ECT, Cyril Price/HOU/ECT@ECT, James E Terrell/HOU/ECT@ECT, Corry Bentley/HOU/ECT@ECT, Matt Lorenz/HOU/ECT@ECT, Thresa A Allen/HOU/ECT@ECT, David Portz/HOU/ECT@ECT, Sharen Cason/HOU/ECT@ECT, Veronica Gonzalez/HOU/ECT@ECT, Kimberly Allen/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Christopher Smith/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Russell Diamond/HOU/ECT@ECT, John Suttle/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT, Rod Nelson/HOU/ECT@ECT, Stephanie Piwetz/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT, Russell T Kelley/HOU/ECT@ECT, Stewart Rosman/HOU/ECT@ECT, Holli Krebs/HOU/ECT@ECT, Paul Choi/SF/ECT@ECT, Chris H Foster/HOU/ECT@ECT, Sean Crandall/PDX/ECT@ECT, Diana Scholtes/HOU/ECT@ECT, Paul Mead/PDX/ECT@ECT, Jeff Richter/HOU/ECT@ECT, Phillip Platter/HOU/ECT@ECT, Smith L Day/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, D Brett Hunsucker/HOU/ECT@ECT, Kim Ward/HOU/ECT@ECT, John M Forney/HOU/ECT@ECT, Edward D Baughman/HOU/ECT@ECT, Kayne Coulter/HOU/ECT@ECT, John Kinser/HOU/ECT@ECT, Robert Benson/Corp/Enron@Enron, Larry Valderrama/HOU/ECT@ECT, Paul J Broderick/HOU/ECT@ECT, Edward Sacks/Corp/Enron@Enron, Janet H Moore/HOU/ECT@ECT, Janice R Moore/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect, Jesse Bryson/HOU/ECT@ECT, Stanley Cocke/PDX/ECT@ECT, Michael M Driscoll/PDX/ECT@ECT, Doug Gilbert-Smith/Corp/Enron@ENRON, Kimberly Hundl/Corp/Enron@Enron, Joy Werner/Corp/Enron@ENRON, Elsie Lew/HOU/ECT@ECT, Dan Houston/Corp/Enron@Enron, Amy Horton/Corp/Enron@ENRON, Kim Durham/HOU/ECT@ECT, Rhonda Robinson/HOU/ECT@ECT, Rudy Acevedo/HOU/ECT@ECT, Diana Allen/Corp/Enron@ENRON, Ted Ballinger/NA/Enron@Enron, Don Baughman/HOU/ECT@ECT, Lisa Burnett/Corp/Enron@Enron, Carla Hoffman/PDX/ECT@ECT, Mark Guzman/PDX/ECT@ECT, Larry F Campbell/NA/Enron@Enron, Mike Carson/Corp/Enron@Enron, Alan Chen/Corp/Enron@Enron, Jason Choate/Corp/Enron@ENRON, Lawrence Clayton/Corp/Enron@Enron, Kevin Cline/Corp/Enron@Enron, Terri Clynes/HOU/ECT@ECT, Keith Comeaux/Corp/Enron@Enron, Karla Compean/HOU/ECT@ECT, Jason Crawford/Corp/Enron@Enron, Mike Curry/HOU/ECT@ECT, Oscar Dalton/HOU/ECT@ECT, Clint Dean/Corp/Enron@Enron, Todd DeCook/Corp/Enron@Enron, George Diaz/Corp/Enron@ENRON, Tom Dutta/HOU/ECT@ECT, Joe Errigo/Corp/Enron@Enron, David Fairley/HOU/ECT@ECT, Miguel L Garcia/NA/Enron@ENRON, Gerald Gilbert/HOU/ECT@ECT, Joe Gordon/Corp/Enron@Enron, Brent Hebert/HOU/ECT@ect, Juan Hernandez/Corp/Enron@ENRON, Wayne Herndon/Corp/Enron@ENRON, Jim Homco/HOU/ECT@ECT, George Hopley/HOU/ECT@ect, Richard Hrabal/HOU/ECT@ect, Rika Imai/NA/Enron@Enron, Alton Jackson/Corp/Enron@Enron, Larry Jester/Corp/Enron@ENRON, Gary Justice/NA/Enron@Enron, MICHAEL KELLY/ENRON@Gateway, Grace Kim/NA/Enron@Enron, Jeff King/Corp/Enron@Enron, Madhup Kumar/Corp/Enron@ENRON, Justin Laverell/Corp/Enron@ENRON, Chris Lenartowicz/Corp/Enron@ENRON, Peter Makkai/NA/Enron@Enron, Dave Mangskau/Corp/Enron@ENRON, Posey Martinez/HOU/ECT@ECT, Tom May/Corp/Enron@Enron, Keller Mayeaux/Corp/Enron@Enron, Doug Miller/Corp/Enron@Enron, Jeffrey Miller/NA/Enron@Enron, Narsimha Misra/NA/Enron@Enron, Steve Olinde/Corp/Enron@Enron, Andy Pace/NA/Enron@Enron, Juan Padron/NA/Enron@Enron, Ricardo Perez/NA/Enron@Enron, Joseph Piotrowski/NA/Enron@Enron, Joe Quenet/NA/Enron@Enron, Bill Rust/HOU/ECT@ECT, David Ryan/Corp/Enron@ENRON, Eric Saibi/Corp/Enron@ENRON, Zachary Sampson/NA/Enron@ENRON, Anna Santucci/NA/Enron@Enron, Janelle Scheuer/HOU/ECT@ECT, Erik Serio/Corp/Enron@Enron, Doug Sewell/HOU/ECT@ECT, Robert Stalford/NA/Enron@Enron, Chad Starnes/Corp/Enron@Enron, Joe Stepenovitch/Corp/Enron@Enron, Mark Symms/Corp/Enron@ENRON, Paul D Thomas/NA/Enron@Enron, Greg Trefz/Corp/Enron@ENRON, Maria Valdes/Corp/Enron@Enron, Joseph Wagner/NA/Enron@Enron, Christopher Watts/NA/Enron@Enron, Lloyd Will/HOU/ECT@ECT, Jay Wills/Corp/Enron@ENRON, George Wood/Corp/Enron@Enron, Alex Wong/Corp/Enron@Enron, Tracy Ngo/PDX/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Lisa Lees/HOU/ECT@ECT, Valarie Sabo/PDX/ECT@ECT, Fran Chang/PDX/ECT@ECT cc: Subject: Southern California Edison Company We have received the executed Master Power Purchase and Sale Agreement dated 11/14/2000 from the referenced CP. Copies will be given to Legal and Credit. THIS IS AN EDISON ELECTRIC INSTITUTE (EEI) AGREEMENT.

Forwarding to you at the request of Christi Nicolay. ---------------------- Forwarded by Linda J Noske/HOU/ECT on 07/05/2001 09:58 AM --------------------------- From: Joe Connor@ENRON on 07/05/2001 09:12 AM To: Tom Chapman/HOU/ECT@ECT cc: Christi L Nicolay/HOU/ECT@ECT Subject: Re: Southern RTO Latest info on Southern for your meeting with Kean and Ed Holland today. ----- Forwarded by Joe Connor/NA/Enron on 07/05/2001 09:10 AM ----- James D Steffes 07/02/2001 04:20 PM To: Steven J Kean/NA/Enron@Enron cc: Richard Shapiro/NA/Enron@Enron, Joe Connor/NA/Enron@Enron Subject: Re: Southern RTO Steve -- If still ok, I think that we should try and establish the date for the Southern - Enron meeting per Joe's message below. It would be good to hear their viewpoints (just to know where they are coming from). Jim ---------------------- Forwarded by James D Steffes/NA/Enron on 07/02/2001 04:18 PM --------------------------- From: Joe Connor on 07/02/2001 10:43 AM To: James D Steffes/NA/Enron@Enron, Christi L Nicolay/HOU/ECT@ECT, Sarah Novosel/Corp/Enron@ENRON, Donna Fulton/Corp/Enron@ENRON cc: Subject: Re: Southern RTO I met with Andy Dearman and Bill Newman of Southern on Friday. They talked about what is going on with the non-jurisdictional utilities that have signed a MOU to develop a RTO. The group has met a couple of times to discuss the process they will use. Confidentiality agreements have been signed, so no details are available, but they have agreed to a voting structure for the development. Southern has about one third of the votes (and 65%of the assets) and it takes at least two other parties agreeing with Southern to carry a vote. Southern says they spent a lot of time convincing the other parties that Southern was not going to run, or dominate, the process. After that, Southern said the group started to pull together and get organized for the development. They said everyone in the group appeared to be ready to find ways to make the RTO work and resolve the hurdles the non-jurisdictional utilities have been expressing with the development of other RTOs. They said there were some rough spots that had to be resolved and they couldn't be sure agreement would be reached, but at this point there was a lot of cooperation. Andy and Bill wanted to convince me that this was not a delaying tactic by Southern and they were doing everything possible to ensure that a complete RTO filing could be ready by 12/15/01. They also said they thought this is what Ed Holland wanted to discuss with Steve Kean. We talked about how other stakeholders could have input to the development. They said that it was too early to make any commitment, but the group had started thinking about it and they expected an input process to be available by late summer. They said Southern was in favor of some process that would provide stakeholders the opportunity to look at what was being considered and advise the development group as early as possible. They said they understood the difficulty stakeholders had with the approach Southern used in its initial filing and wanted to do it different, but they pointed out again that Southern could not dictate the process that would be allowed by the group. In the meantime, they said if we wanted to provide position papers on any part of the RTO development they would make sure the papers were circulated in the group or we could continue to hold bilateral discussions with them or other members of the development group. Jim, I still think it would be worthwhile to have a meeting between Ed and Steve Kean, and I would include you and invite Andy and Bill to come. I don't think they want to discuss anything technical at this point; they just want to convince Enron that the approach Southern is taking provides the quickest development of a RTO for the Southern area, and they want any help we can give in convincing FERC to let this process run. I also think we need to pass on filing a response to Southern's May 15th status report, either alone or with Alabama Municipal Electric Authority ( Donna, I guess that's who you meant in the memo below, since AEC has signed a MOU with Southern?). I will get in touch with Bob Reilley to find out why we haven't heard from EPSA on its filing. I still think that's the best approach. Donna Fulton 06/28/2001 12:02 PM To: Joe Connor/NA/Enron@Enron, Tom Chapman/HOU/ECT@ECT cc: James D Steffes/NA/Enron@Enron, Christi L Nicolay/HOU/ECT@ECT, Sarah Novosel/Corp/Enron@ENRON Subject: Southern supplemental status report I am attaching the supplemental status report that Southern filed in its RT01-77 on June 20. They have included MOUs with Georgia Transmission Corp, Santee Cooper and Alabama Electric Coop to work on development of an RTO. These are really general, more of the same of what we've seen from Southern. Also we had talked about possible comments on the May 15 Southern filing; Coral was working on comments through EPSA. Nothing has been filed by EPSA yet. Alabama did file comments on the May 15 status report and they have asked that the FERC establish a technical conference to "publicly air and evaluate the alleged governance concerns and the concerns regarding significant delay..." Following a technical conference, they ask for a judge to convene a settlement conference at FERC to "undertake a properly supervised and serious development of an RTO for the SE without further wasted time." At this point we could consider filing comments in support of the Coop comments.

BUSINESS HIGHLIGHTS Enron Industrial Markets The Transaction Development group (TD) is responsible for corporate development, transaction execution and portfolio management activities within EIM. TD is responsible for asset and corporate acquisitions to support EIM's efforts in the Forest Products and Steel industries. TD works with EIM's Forest Products and Steel Origination groups to structure and execute complex transactions for EIM's customers. TD also manages EIM's equity investments, such as EIM's ownership position in Papier Masson, Ltee, a paper mill in Quebec, Canada. TD is comprised of approximately 20 professionals with a wide range of backgrounds including investment banking, commercial banking, management consulting, law, project development, accounting and engineering. In addition, the majority of the analysts and associates within EIM work in TD since it provides a strong base of deal experience for junior members of our organization. Enron Freight Markets Enron Freight Markets has continued to expand the transportation services offered to its customers and completed several flatbed truck moves outbound from Georgia this week. There was a shortage of flatbed equipment supply in this market and EFM was able to obtain more than three times the normal margin on each move. IN THE NEWS "Enron's bilateral internet trading platform, EnronOnline, was launched in November 1999 and is the largest e-commerce site on the planet based on the value of its transactions. As EPRM went to press, it had average daily trading volume of $3.5 billion, accounting for nearly 50% of the company's revenues from wholesale marketing activities." -- Energy Power Risk Management, May 2001 WELCOME New Hires EIM - Cheryl Lindeman ENA - Chris Bystriansky, Paula Craft, Eugene Lee, Bhalachandra Mehendale, Sarah Wooddy Transfers (to or within) ENA - Grace Taylor, Steven Irvin, Dina Snow NUGGETS & NOTES Enron is hosting the Chicago Energy Risk Management Seminar at The Drake Hotel in Chicago on June 14, 2001. Topics include: Power Outlook, Natural Gas Outlook, Hedging Strategies, Weather Risk Management and Pulp and Paper Risk Management. The RSVP deadline is June 8th so please contact Laura Pena as soon as possible at x 3-5376. This is a great event for "new" as well as established customers. There will be a cocktail reception immediately after the presentations. Enron will also be hosting seminars in Atlanta, Houston, Denver and San Francisco. Dates to be announced soon. Travel tip of the week: Flights reserved through Travel Agency in the Park provide you with $150,000 of flight insurance at no additional charge. EnronOnline Statistics Below are the latest figures for EnronOnline as of May 29, 2001. * Total Life to Date Transactions > 1,015,000 * Life to Date Notional Value of Transactions > $610 billion NEWS FROM THE GLOBAL FLASH Enron arranges first gas pipeline import into Italy Enron has continued its pioneering activities in the Continental gas market by arranging the first gas import into Italy. The Italian team worked with the Continental Gas desk to arrange this strategically important agreement with Blugas SpA., the wholesale gas company formed by the municipalities of Cremona, Lodi, Mantova and Pavia in north-eastern Italy. Enron has sourced 100,000 cubic metres per day of natural gas from northern Europe to transport to Italy, transiting it through Germany and Switzerland, despite fierce resistance from Ruhrgas and TransitGas respectively. Aside from isolated LNG imports by incumbent monopolies this is the first time that any company has managed to import natural gas by pipeline into Italy since the Italian gas sector was officially liberalised in August 2000. The gas, which started flowing at 06.00 on Thursday 17th May 2001, will be used to meet the needs of two thirds of Blugas' residential customers within the four municipalities. The current contract lasts for five months. Congratulations to Fabio Greco, Carsten Haack, Didier Magne, Michael Schuh, Marco Lantieri and Daniela Uguccioni. Enron in the Middle East Enron has relinquished its stake in Dolphin Energy, the joint venture company formed to develop gas reserves in Qatar. Enron has agreed to transfer its 24.5 per cent stake in the project to the United Arab Emirates Offset Group (UOG), the majority shareholder. The agreement allows Enron to deploy capital elsewhere and gives UOG the opportunity to seek new partners before the project moves into its next phase. Development of the Emden/Oude gas hub moves ahead fast An important milestone in the evolution of the new gas trading hub on the Dutch-German border was reached last week. Last Friday some of the major European gas players held a meeting to officially establish the Emden/Oude gas hub. Although Enron had already initiated the development of the Emden/Oude hub by making a market through EnronOnline as early as December 2000, the goal of this meeting was to set up a working group similar to the Zeebrugge focus group who can work on setting a legal framework for the Emden/Oude hub. Enron was elected as the only new market entrant in this group, reflecting the high level of respect industry peers have for Enron as a major player in the Continental gas market -- even from incumbents! LEGAL STUFF The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries. It is intended for internal use only and should not be disclosed. <Embedded Picture (Metafile)>

"I accept the terms and conditions of this Pilot Participant Agreement." Martin Cuilla x35933 From: ClickAtHomePilot2 11/08/2000 10:06 AM Sent by: Suzanne Brown To: Chris Cockrell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Allen Cohrs/ET&S/Enron@ENRON, Brad Coleman/HOU/ECT@ECT, Wes Colwell/HOU/ECT@ECT, Elaine Concklin/ET&S/Enron@ENRON, Mark Cooper/ECF/Enron@ENRON, Gina Corteselli/Corp/Enron@Enron, Emile Courrege/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Paige Cox/Corp/Enron@Enron, Penny Crane/Enron Communications@Enron Communications, Michael Cuccia/Corp/Enron@ENRON, Martin Cuilla/HOU/ECT@ECT, Jeff Cullison/ET&S/Enron@ENRON, Pamela Culpepper/ET&S/Enron@Enron, Dan Cummings/Enron Communications@Enron Communications, Steve Dahnke/ET&S/Enron@ENRON, Larry Dallman/GPGFIN/Enron@ENRON, Glenn Darrah/Corp/Enron@ENRON, Lohit Datta-Barua/OTS/Enron@Enron, Raul Davila/GPGFIN/Enron@ENRON, Clara Davis/GPGFIN/Enron@ENRON, Kevin M Davis/ECF/Enron@Enron, Don Daze/ET&S/Enron@ENRON, Ryan Deane/SF/ECT@ECT, Juanita Delgado/HOU/EES@EES, Mike Denzel/ET&S/Enron@ENRON, Larry Derrett/HOU/EES@EES, LaDonna Dervin/OTS/Enron@ENRON, Michael Desbiens/Corp/Enron@ENRON, Peggy Determeyer/Corp/Enron@Enron, Leslie D Dever/HOU/EES@EES, Mike Deville/HOU/ECT@ECT, Shirley Jo Wilson/NA/Enron@ENRON, Stacy E Dickson/HOU/ECT@ECT, Ashley Dietz/Enron Communications@Enron Communications, Richard DiMichele/Enron Communications@Enron Communications, Huy Dinh/HOU/ECT@ECT, Trang Dinh/HOU/ECT@ECT, Danny Doan/Corp/Enron@ENRON, Karla Dobbs/HR/Corp/Enron@ENRON, Jodi Dobrinski/OTS/Enron@ENRON, Margaret Doucette/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stephen H Douglas/HOU/ECT@ECT, Kevin Dumas/GCO/Enron@ENRON, Tina Dunnaway/FGT/Enron@ENRON, Dianna Dupree/HOU/ECT@ECT, Carlos Duran/Enron Communications@Enron Communications, Deborah P Durr/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John Dushinske/ET&S/Enron@ENRON, Judy Dyess/HOU/EES@EES, Mark Dypiangco/Enron Communications@Enron Communications, Calvin Eakins/Corp/Enron@ENRON, Scott Earnest/HOU/ECT@ECT, Max Eberts/HOU/EES@EES, Monica Edwards/HOU/ECT@ECT, Karen E Ehlert/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David Eldridge/Corp/Enron@ENRON, Connie Emerson/ECF/Enron@ENRON, Kenton Erwin/Enron Communications@Enron Communications, Cynthia U Espinoza/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Javier Espinoza/HOU/EES@EES, Carrie Evans/HOU/EES@EES, Leo Fajardo/ET&S/Enron@ENRON, Charles Falgout/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Lachandra Fenceroy/ET&S/Enron@Enron, Youyi Feng/NA/Enron@Enron, Roger Fernandez/OTS/Enron@ENRON, Lee Ferrell/ET&S/Enron@Enron, Kathy Fink/Corp/Enron@ENRON, Dara M Flinn/HOU/EES@EES, Darlene C Forsyth/HOU/ECT@ECT, Mike Frank/OTS/Enron@Enron, Paul Fraser/Enron Communications@Enron Communications, Lamar Frazier/NA/Enron@Enron, Perry Frazier/ET&S/Enron@ENRON, Darryl S Free/NA/Enron@Enron, Mark Frevert/NA/Enron@Enron, Elba Funes/Enron Communications@Enron Communications, Bruno Gaillard/EU/Enron@Enron, Sonja Galloway/Corp/Enron@Enron, Amy Gambill/Corp/Enron@ENRON, Ava Garcia/ET&S/Enron@Enron, Frances Garcia/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Orlando Garcia/HOU/EES@EES, Susan Gensichen/NPNG/Enron@ENRON, Robert H George/NA/Enron@Enron, Dave Gerstenkorn/ET&S/Enron@ENRON, Tom Gilbert/ET&S/Enron@ENRON, Beverly Gilmore/GCO/Enron@ENRON, James Ginty/Enron Communications@Enron Communications, Matt Gitchell/Enron Communications@Enron Communications, Sharon Gonzales/NA/Enron@ENRON, Chuck Good/ET&S/Enron@ENRON, Elizabeth A Goodman/HOU/EES@EES, Michael Goodman/OTS/Enron@ENRON, Sherry J Graham/HOU/ECT@ECT, Alma Green/FGT/Enron@ENRON, Vance Griffith/ET&S/Enron@ENRON, Angela Grohol/Enron Communications@Enron Communications, Marlin Gubser/HOU/ECT@ECT, Chuck Hahn/SFO/EES@EES, Gigi Hall/Corp/Enron@ENRON, Mark Harada/HOU/EES@EES, Glenn Harbers/ECF/Enron@ENRON, Russell Hardie/HR/Corp/Enron@ENRON, Michelle Hargrave/HOU/ECT@ECT, Cole Harper/Enron Communications@Enron Communications cc: Subject: An Invitation to Participate to the Second Pilot of ClickAtHome We are excited to extend an invitation to you to participate in the second Pilot of Enron's new ClickAtHome program. You have been invited to participate by your Human Resources department or a ClickAtHome project member. The ClickAtHome program is Enron's new innovative program to provide eligible employees high-speed internet access where available, with a high-end computer and high-speed internet connection. If you are interested in participating in the ClickAtHome pilot program, please read all of the materials below and electronically return the PILOT Agreement with your consent by stating that you accept the terms and conditions of the agreement in a reply e-mail to this invitation. The only action required of you at this time is described below under PILOT agreement. The ordering websites will open in about two to three weeks and are NOT accessible at this time. Pilot Kickoff2 11-2.ppt - Details pilot member expectations, commitments, and a tentative pilot time table. Terms and Conditions - Program terms and conditions. You will be asked to accept or decline these terms and conditions before you order your computer and/or internet connection on the pilot web site. Employee Election Agreement - Please read. You will be asked to accept or decline this agreement before you order your computer and/or internet connection on the pilot web site. Pilot Agreement - Please return the pilot agreement electronically by replying to this mailbox ([email protected]) and stating: "I accept the terms and conditions of this Pilot Participant Agreement." if you would like to participate. To sign up for Pilot Two, please return via email by 11/10.

In regard to the market monitoring issue below, this effectively adopts NY's circuit breaker proposal for mitigation. FERC's approval leaves little hope to overturn this in NY and makes it likely that similar measures will be adopted in other markets. This is not a good development. It entrenches regulatory manipulation and will serve to dampen volatility. Tom From: Sarah Novosel on 05/08/2001 10:04 AM EDT To: Kevin M Presto/HOU/ECT@ECT, Mark Dana Davis/HOU/ECT@ECT, Jeff Ader/HOU/EES@EES, Edward D Baughman/Enron@EnronXGate, Joe Gordon/Enron@EnronXGate, Janelle Scheuer/Enron@EnronXGate, [email protected], Mark Bernstein/HOU/EES@EES, John Llodra/Corp/Enron@ENRON, George Wood/Corp/Enron@Enron, Paul J Broderick/HOU/ECT@ECT, Jason Thompkins/Enron@EnronXGate, Mason Hamlin/HOU/ECT@ECT, Robert Stalford/NA/Enron@Enron, Tom May/Corp/Enron@Enron, Gautam Gupta/HOU/ECT@ECT, Narsimha Misra/NA/Enron@Enron, Steve Montovano/NA/Enron@Enron, Garrett Tripp/TOR/ECT@ECT, Berney C Aucoin/HOU/ECT@ECT, Jason Thompkins/Enron@EnronXGate, Rob Wheeler/Enron@EnronXGate, Jim Meyn/NA/Enron@Enron, Aleck Dadson/TOR/ECT@ECT, Daniel Allegretti/NA/Enron@Enron, Pearce W Hammond/HOU/EES@EES, Joe Hartsoe/Corp/Enron@ENRON, Donna Fulton/Corp/Enron@ENRON, Howard Fromer/NA/Enron@Enron, Kathleen Sullivan/NA/Enron@ENRON, Tom Hoatson/NA/Enron@Enron, Thane Twiggs/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sarah Novosel/Corp/Enron@ENRON, Christi L Nicolay/HOU/ECT@ECT, James D Steffes/NA/Enron@Enron, Linda Robertson/NA/Enron@ENRON, Richard Shapiro/NA/Enron@Enron, Steven J Kean/NA/Enron@Enron, Charles Decker/HOU/EES@EES cc: Subject: FERC Orders The following are a few summaries of recent New England orders. Please let us know if you have any questions. Sarah FERC Approves NEPOOL's Three-Part Bids On April 25, FERC approved NEPOOL
,s proposal to implement a system where generators can submit three-part supply offers consisting of a start-up price, an hourly no-load price, and an incremental energy price. NEPOOL also proposed that when a supplier
,s total revenues over a day from the energy and operating reserves markets were less than its total bid costs, the shortfall would be paid to the supplier as net commitment period compensation (NCPC) uplift. There was disagreement within NEPOOL as to who will pay these uplift costs. In approving NEPOOL
,s three-part bid system, FERC finds that the system is consistent with the policies in place in New York and PJM. With regard to NCPC uplift cost allocation, FERC finds that NEPOOL
,s exiting method of allocating NCPC uplift costs broadly, based on electrical load, is appropriate since it is difficult to determine who causes what amount of uplift costs. The new three-part bid system will take effect July 1, 2001. FERC Rejects Proposal to Disclose Bidding Information In an April 13 FERC order of no overall interest to us, FERC includes a discussion about the rules for disclosure of bidding and other data gathered by the ISO. Braintree had argued that FERC should require public disclosure of bidding and other data in order to allow NEPOOL participants to monitor the actions of others. FERC rejected Braintree
,s arguments, finding that FERC
,s rules strike an appropriate balance between the need to disclose as much information as possible and the desire to avoid disclosure requirements that will make it more difficult for the ISO to obtain information from market participants in the first place. FERC states that because data collection is critical to the ISO
,s ability to monitor the NEPOOL markets, it does not want to take action that would impede the ISO
,s ability to collect this information. Information Policy NEPOOL submitted a March 5, 2001 request for revisions to NEPOOL
,s Information Policy, to be effective May 5, 2001, which permits FERC to obtain NEPOOL Participant confidential information directly from ISO-NE. On April 25, 2001, FERC issued an order approving the filing. FERC stated that ISO-NE should be able to turn over confidential information to FERC without first being required to notify the affected member of receipt of a request for information. However, the Commission notes that the information given to FERC will be treated confidentially by FERC until FERC rules otherwise, and those Participants' whose information is given to FERC will retain the opportunity to oppose release of that information to the general public before FERC makes the information public. Market Monitor Information Collection ISO filed revised procedures intended to give ISO the authority to monitor for generator physical and economic withholding as a way to raise prices. Under the revised procedures, a reference price is calculated for each 10MW block for each generating unit. The specific reference price is an average of in-merit bids over the last 30 days. ISO will investigate all bids that deviate significantly from the reference price. Under the ISO's proposed procedures, prospective mitigation will occur if ISO determines that the bid will have a significant effect on the relevant market clearing price or uplift payment and the generator cannot adequately justify why its bid is not anti-competitive. If a bid is mitigated, ISO will substitute the generator
,s reference price as its default bid. ISO will implement these new mitigation measures on July 1. ISO also proposed to release bid data after a 3 months delay (FERC previously ordered ISO to release bid data after a 6 month delay). Many generators opposed the procedures; Braintree argued they do not go far enough. On April 26, FERC accepted ISO
,s changes, finding that they do not give ISO too much discretion and are consistent with NYISO mitigation procedures. FERC rejected ISO
,s proposal to release data 3 months after-the-fact and directed ISO to wait 6 months before release.

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Thank you very much. Do we know if they intend to apply the guaranty to the account same day or will that take some time? Since the guaranty is on ECI, and we are doing the assignment and assumption is it fair to assume the account might have to renamed/positions transfered to some new account before they will give us relief? Sheila, Are we going to flip out the Morgan account straight to the ECI entity? Will this delay the split? Thanks, Tom 03/28/2001 02:50 PM Cheryl Nelson Cheryl Nelson Cheryl Nelson 03/28/2001 02:50 PM 03/28/2001 02:50 PM Sent by: Cheryl Nelson To: Sara Shackleton/HOU/ECT@ECT cc: Sheila Glover/HOU/ECT@ECT, Tom Doukas/NA/Enron@ENRON Subject: Re: BEAR Guarantee letter Hello Team, I have good news. Clem Abrams approved the guaranty and will have it executed first thing tomorrow. (None of the requisite officers are in today). I am still contacting Bear Stearns every couple of hours to get the final drafts of the agreements in our hands. I'll keep you posted. Cheryl Nelson Senior Counsel EB3816 (713) 345-4693 Sara Shackleton@ECT 03/28/2001 10:21 AM To: Cheryl Nelson/NA/ENRON@ENRON cc: Subject: Re: BEAR Guarantee letter Sheila and Tom need to know the status. Please advise them mid-day. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) [email protected] Cheryl Nelson@ENRON Sent by: Cheryl Nelson@ENRON 03/28/2001 10:04 AM To: Sara Shackleton/HOU/ECT@ECT cc: Sheila Glover/HOU/ECT@ECT Subject: Re: BEAR Guarantee letter Hi Sara and Sheila, By way of update, I was able to get the guaranty to Clem and am working on his getting it back to me by the end of the day. I talked to Bear Stearn's lawyer today about whether we could get the other agreements (account and assignment) executed today and she represented that (1) she is still waiting for her Managing Director's approval of her final draft in order to forward it to me (2) but that she is working with me to check in with the MD every hour or so for a status update. Cheryl Nelson Senior Counsel EB3816 (713) 345-4693 Sara Shackleton@ECT 03/27/2001 06:59 PM To: Sheila Glover/HOU/ECT@ECT cc: Cheryl Nelson/NA/Enron@Enron Subject: Re: BEAR Guarantee letter Wednesday, March 28 is the target execution date for the ECI customer agreement and assignment (from ENA) of the Securities Loan Agreement/credit book. I am not certain if Cheryl was able to expedite delivery of the new ENE guaranty. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) [email protected] Sheila Glover 03/27/2001 02:10 AM To: Tom Doukas/NA/Enron@ENRON, Sara Shackleton/HOU/ECT@ECT cc: Richard Sage/LON/ECT@ECT, Jeff Kinneman/HOU/ECT Subject: Re: BEAR Guarantee letter Tom, The day i received this I responded to Sara and cc'd richard that I was okay with transferring the Stock Loan Agreement from ENA to ECI. The ENA was executed and the ECI piece is what is in process. Sara, Any update? How far are we away from exectution? Do you need anything from anyone? Thanks. Sheila Tom Doukas@ENRON 03/26/2001 11:59 PM To: Sara Shackleton/HOU/ECT@ECT cc: David A Wall/Risk Mgmt/LON/ECT@ECT, Jeff Kinneman/Enron@EnronXGate@ECT, Richard Sage/LON/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Cheryl Nelson/NA/Enron@Enron Subject: Re: BEAR Guarantee letter Just wanted to follow up to see if we have a time frame as to when the letter will be fully executed. Thanks, Tom From: Sara Shackleton@ECT on 03/22/2001 08:41 AM To: Tom Doukas/NA/Enron@ENRON cc: David A Wall/Risk Mgmt/LON/ECT@ECT, Jeff Kinneman/Enron@EnronXGate, Richard Sage/LON/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Cheryl Nelson/NA/Enron@Enron Subject: Re: BEAR Guarantee letter Here's a recap for everyone. Our original negotiation with Bear (for the Securities Loan Agreement) was in the name of ENA, and, ENA had an existing account agreement with Bear. However, Bear insisted that the account agreement was "too old" and that we negotiate a new agreement. I agreed on the condition that this not hold up execution of the Securities Loan Agreement. We have one or two final points remaining on the new account agreement which we'll execute for both ENA and Enron Credit Inc.. ("ECI"). We have the authorized trader list for ECI and are waiting for Richard to designate the new officer/director slate but we are prepared for execution by the existing officers in London. The assignment instrument will be very short for transferring the ECI book from ENA to ECI. It will take only a few days to replace the existing ENE guaranty for the Securities Loan Agreement. Jeff and Sheila: Please verify that both ENA and ECI do not need the Securities Loan Agreement. I believe it is just ECI and we can transfer the existing agreement to ECI. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) [email protected] Tom Doukas@ENRON 03/21/2001 12:28 PM To: Sara Shackleton/HOU/ECT@ECT cc: Jeff Kinneman/Enron@EnronXGate, Sheila Glover/HOU/ECT@ECT, Richard Sage/LON/ECT@ECT, David A Wall/Risk Mgmt/LON/ECT@ECT Subject: BEAR Guarantee letter Sara, I just spoke with Russ Miron from Bear Sterans regarding our Guaranty to Reduce funding to 20% per side. I had asked him about when they will be executing the agreement. He said that his lawyers are ready to sign but are under the impression that you have one remaining point to resolve and that this point is holding up the finalization of the agreement. Is there an issue from our side? If not we should be able to get this execution taken care of immediately? Thanks, Tom 713-853-9074

Excellent work. Thanks for the update. Jeff Robert Johnston 01/11/2001 12:50 PM To: Jeffrey A Shankman/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT cc: Scott Tholan/Corp/Enron@Enron, Rommel Aganon/Corp/Enron@Enron Subject: Brazil coffee estimate: latest @35mm After weeks of media reports and official Brazilian govt forecasts of a 25-27 million bag crop, we are finally getting to the real likely crop figure of 35 million bags, which we forecast in mid-November (see report below the Dow story). I believe that this is the kind of information that can be a real winner for the EGM Agricultural traders by clarifying the confusing and misleading reports from Brazilian official sources. RJ ---------------------- Forwarded by Robert Johnston/HOU/ECT on 01/11/2001 11:28 AM --------------------------- From: Rommel Aganon @ ENRON 01/11/2001 10:19 AM To: Robert Johnston/HOU/ECT@ECT cc: Subject: Brazil coffee estimate: latest @35mm Robert, we hit another one on the head. -- DJ MARKET TALK: Brazil 01-02 Coffee Crop Seen Near 35M Bags -- Contact us in London on 44-20-7842-9358 or in New York on 201-938-4435. 1614 GMT (Dow Jones) Brazil 01-02 crop seen in 35 million bag range, says trader. However, much too early to put a firm figure on it with possibility of weather, other upsets, he adds. (CHH) Confidential Enron North America Competitive Analysis & Business Controls TO: Gary Hickerson FROM: Robert Johnston CC: Erin Willis, Elsa Piekielniak, Vince Kaminski, Scott Tholan RE: Brazilian Coffee Crop Forecast DATE: 06 November 2000 1. 2000-2001 Crop This crop flowered from September 1999 to January 2000 and was harvested from April 2000 to November 2000. The peak of the harvest occurred in June/July. The 2000-2001 crop is currently being exported, and exports from the crop will continue into the first half of 2001. The consensus from our sources is that this crop will be bigger than expected and total 32-33 million bags. Brazil
,s Ministry of Agriculture (Embrapa) is expected to release an official total in the next 10 days, which may or may not be accurate. The most recent government forecast called for 28.9 million bags. Growers have been issuing similarly lower crop yield estimates for 2000-2001 as a way of calling attention to a probable bad harvest and pressuring the government to provide more generous financing subsidies. The current dry weather impacts the 2001-2002 crop, not the 2000-2001 crop, which is largely harvested. Crop receipts issued by cooperatives in Brazil are 11 percent greater than they were in 1999-2000. Our top source in London believes that the 2000-2001 crop has been largely discounted by the market and that the focus should be on 2001-2002. 2. 2001-2002 Crop This is the crop that should be currently flowering in Brazil, but was impacted by the June frost and the October dry weather. The harvest for the 2001-2002 crop will run from April 2001 to November 2001 and will be exported in the second half of 2001 and in the first half of 2002. The Brazilian government is likely to release its 2001-2002 forecast in December or January 2001. The 1999 plantings garnered expectations of a 2001-2002 crop yield of 44-46 million bags. However, recent weather problems have caused a significant downgrade of this forecast to between 33 and 40 million bags. Other sources in contact with coffee growers in Brazil report the potential for even greater damage to the 2001-2002 crop, in the range of up to a 50 percent drop, or 22-23 million bags. Agronomists from Cooxupe, the largest coffee cooperative in Brazil, have already pegged their first estimate at 27.8 million bags. Again, however, it is critical to remember that growers tend to exaggerate weather damage, which is then further exacerbated by market rumors. As evidence, dry weather in the spring (Sept-Dec in Brazil) of 1999 caused alarm regarding the 2000-2001 crop. Even though the dry weather did not end until December 1999, there was still time for flowering, which caused many market watchers to upgrade their forecasts. While analysts and growers agree that the highly irregular status of the coffee trees makes the 2001/2002 crop one of the most difficult to evaluate, the occurrence of average to normal rainfall will greatly sharpen crop forecasting efforts. It is most critical for the rest of November and December. Recent rains since the last week of October have begun to address the hydrological deficit in the soil. Continued, steady, well-dispersed rains will help offset losses, but estimated irreversible damage to the expected yield of 44-46 million bags from frost and dry weather to date will be a minimum of 15 percent, making the new yield forecast no greater than 38-40 million bags. A shortage of significant rainfall between now and the end of December could bring yield down to a 30 percent loss from the forecast, in the range of 33-36 million bags. Rain is particularly significant because the new planting in recent years has been concentrated in the Cerrado (savannah) region of Northern Brazil. The coffee can be mechanically harvested in this region, but requires significant irrigation. The irrigation alone will only partially offset the dry weather. The frost damage from June 2000 accounts for a 75 percent crop loss in Parana and a 20 percent crop loss in Sao Paulo, but these states only account for 20 percent of total Brazilian production. In Minas Gerais (almost 60 percent of production), the crop losses are only 10 percent. Crop losses in Espiritu Santo, which accounts for 10 percent of production, have been negligible. Our sources will monitor rainfall and flowering/cherry formation on the coffee trees, which must occur by January 2001. The recent rainfall is viewed as promising and supports our basis for a 33 million bag estimate.

-----Original Message----- From: Bhatia, Randy Sent: Wednesday, November 21, 2001 8:55 AM To: Gossett, Jeffrey C.; Keiser, Kam; Jones, Brad; O'Rourke, Ryan; Pehlivanova, Biliana Subject: FW: DYN($42/sh)/ENE($7/sh) Merger At Risk. - Simmons and Company latest thoughts got this from a friend at dynegy. written by someone at Simmons & Co., Inc. To: Sales Trading 11/21/01 07:42 cc: AM Subject: DYN($42/sh)/ENE ($7/sh) Merger At Risk. SUMMARY: We are reducing our estimated probability that the DYN/ENE merger is completed to less than 50%/50% based on our belief that ENE's existing wholesale and retail businesses are having a difficult time maintaining their volumes and margins. We have discussed ENE's need to improve counter party confidence on a number of occasions over the last few weeks, and we believe counter party confidence deteriorated further based on the information included in the 10Q, and the strong negative reaction in the stock and bond markets yesterday. The tone of our discussions with competing traders and marketers (representative of ENE's counter parties--which are critical in maintaining ENE's volumes) is becoming more negative. While ENE is continuing to confirm that volumes are improving since the lows on November 9, our market intelligence is suggesting improment has stalled. In addition and probably related, ENE's liquidity position seems to be continuing to deteriorate despite significant recent capital infusions. We are reducing 4Q01 estimates to reflect lower volume and margin assumptions. What would get us more comfortable? ENE 8K disclosure confirming higher volume and decent margins (ENE has committed to provide 4Q guidance by early-mid December, and/or a change in the tone of the counter parties that would suggest they are increasing trading activities with ENE. OPINION ON THE STOCKS: ENE. No change in our opinion on ENE--the upside potential is simply not worth the downside risk. DYN. DYN is likely to benefit in almost all outcomes. If our concerns about counter party confidence prove to be wrong, the upside associated with the accretion in the transaction would likely be huge. However, we sense DYN is getting frustrated by continued restatement of earnings, unexpected debt triggers and worse than expected liquidity problems. If the transaction falls apart, DYN would have some transaction costs that would negatively impact cash flow in the near-term, but DYN would benefit from gaining market share and hiring some of ENE's talent away longer term. A potential downside case for DYN is that DYN retrades the deal on recent information, but is forced to reduced its flexibility to terminate the transaction through material adverse change considerations, this out come would concern us. We continue to believe DYN is a solid long-term holding for investors. However, we are recommending caution with new money, due to our belief that DYN still has $5/sh to $7/sh of "deal" premium factored into the current stock price which could be at risk if the deal fails. We do not believe DYN has significant accounts receivable exposure to ENE in the event the ENE has further liquidity problems (we believe DYN's trading agreement with ENE limits exposure to maybe $100 to $150 MM). COUNTER PARTY INCENTIVES: ENE identified in its 10Q that transaction volume (especially long-term transactions) have declined since the 3Q. If you are a utility or industrial customer, why enter into a long-term transaction with ENE? Why not go directly to DYN or diversify with other suppliers? If you are a natural gas or power producer, why create the account receivable risk? If you are a counter party, strategically why would you contribute to the continuation of the ENE machine--to the ultimate benefit of strengthening another competitor (DYN)? We believe that ENE is offering attractive financial incentives (premium purchases and/or discounted sales) to entice counter parties to trade with them. However, this would also suggest ENE margins may be getting squeezed. EPS ESTIMATES (new/old/consensus): 4Q01-$0.20/0.35/0.42, FY01-$1.55/1.70/1.78, FY02-$1.50/1.50/1.90 We are reducing expectations for margins in the Wholesale segment from 9cts/mmbtu to 7cts/mmbtu--negatively impacting 4Q EPS by 10cts/sh. In addition, we expect contributions from Enron Energy Services will be lower due to challenges in closing long-term transactions (much of EES's earnings are mark-to-market recognition of the value created in long-term agreeements) impacting our estimate by 5cts/sh. ***************************************************************************************************** This e-mail is based on information obtained from sources which Simmons & Company International believes to be reliable, but Simmons & Company International does not represent or warrant its accuracy. The opinions and estimates contained in this e-mail represent the views of Simmons & Company as of the date of the e-mail, and may be subject to change without prior notice. Simmons & Company International, its partners and/or employees may have positions in the securities discussed. Simmons & Company International may make a market in the securities discussed and may have served as a financial advisor and/or underwriter to companies discussed. Simmons & Company International will not be responsible for the consequence of reliance upon any opinion or statement contained in this e-mail. This e-mail is confidential, and may not be reproduced, in whole or in part, without the prior written permission of Simmons & Company International.

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AEP agrees with the idea that once we Close they would begin paying us "rent" for the space and furniture, but this would not recover all our costs. I estimate a cost of $200k, but it is worth it to close early and save $6MM per month in labor, overhead and capital costs. Brian Louise Kitchen 03/15/2001 08:03 AM To: Brian Redmond/HOU/ECT@ECT cc: Subject: Re: Possible Temporary Move of HPL to 1201 Louisiana Do we get any recompense for this expenditure from AEP? Brian Redmond 03/14/2001 08:00 PM To: Russell Long/ENRON@enronXgate @ ENRON cc: Tommy Yanowski/ENRON@enronXgate@ENRON, Louise Kitchen/HOU/ECT@ECT, Philippe A Bibi/ENRON@enronXgate@ENRON, Vincent Fox/ENRON@enronXgate@ENRON, Keith Dziadek/ENRON@enronXgate@ENRON, Jim Coffey/HOU/ECT@ECT, Deborah Bubenko/EPSC/HOU/ECT@ECT, Paul Foust/EPSC/HOU/ECT@ECT, Robert Humlicek/ENRON@enronXgate@ENRON, Jeffrey Vincent/ENRON@enronXgate@ENRON, Andrew Hawthorn/ENRON@enronXgate@ENRON, Heather A Johnson/ENRON@enronXgate@ENRON Subject: Re: Possible Temporary Move of HPL to 1201 Louisiana Russell, Thanks for the update. Can you provide a rough quote/schedule to kit out the Louisiana space for 130 people - please contact Lillian Carroll to get an exact count. We don't need recorded phones. Also please lay out a schematic of the hardware configuration between Enron, Louisiana and AEP's offices for this solution. Deborah, Can you provide Lillian with a floor plan so that she can start locating the HPL staff by function. Also, what do you recommend regarding furniture? We should be able to come up with an interim solution based on the space coming available in 3 Allen or any additional furniture we have in warehouses or in the Louisiana bldg. Your thoughts on cost for this? Once we have a plan/schedule I will follow up with AEP to let them know of our plans. They already know we are headed in this direction, given their delay in leasing space. Regards, Brian From: Russell Long/ENRON@enronXgate on 03/14/2001 06:54 PM To: Brian Redmond/HOU/ECT@ECT cc: Tommy Yanowski/ENRON@enronXgate, Louise Kitchen/HOU/ECT@ECT, Philippe A Bibi/ENRON@enronXgate, Vincent Fox/ENRON@enronXgate, Keith Dziadek/ENRON@enronXgate, Jim Coffey/HOU/ECT@ECT, Deborah Bubenko/EPSC/HOU/ECT@ECT, Paul Foust/EPSC/HOU/ECT@ECT, Robert Humlicek/ENRON@enronXgate, Jeffrey Vincent/ENRON@enronXgate, Andrew Hawthorn/ENRON@enronXgate, Heather A Johnson/ENRON@enronXgate Subject: Possible Temporary Move of HPL to 1201 Louisiana I finished the walk through of the 15th floor space located at 1201 Louisiana this afternoon. On the walk through with me were Paul Foust (facilities), Robert Humlicek, Jeffrey Vincent and Andrew Hawthorn. I previously talked with Deborah Bubenko and Vincent Fox about this space. Comments from the review are as follows: Most of the floor is composed of offices with some large group areas (conference rooms etc.) included. The floor can accommodate up to 150 people. However, with this amount of people in the area, space will be VERY tight. Almost all offices will need to hold at least two people. Large offices will need to hold three or four. The larger areas will need to have cubicles installed to make complete use of the space. With maximum doubling up in the offices, you might fit a couple of conference rooms on the floor with one kitchen area. There are nooks just off some of the hallways that would accommodate several network printers. As Tommy stated in his earlier e-mail on the Allen center space, the fire code will require us to put a strobe in each office with multiple occupants. One area of concern is the amount of furniture currently on the floor. The floor plan shows approximately 90 desks on the floor. Some offices were locked so we could not verify the total. However, this number appears correct. Also, for the most part, there were only desks in the offices unless they were occupied. Chairs, filing cabinets, credenzas, etc. would needed to be added to this space. We need to determine where the additional furniture will come from. There is one large area with 11 cubicles forming a circle. According to Paul, this was the area where telephones were answered for the previous tenant. This might work for the trading area. The room appears to have the most telephone connectivity, is open, and would accommodate up to 11. If we decide trader telephones are necessary (record conversations etc.), the cost associated with the purchase of the equipment and the necessary installation time will need to be factored into our schedule. The floor has two data closets. At least one of the closets has 24 hour air conditioning according to Vincent. This floor has the same server connectivity at the Three Allen Center space. A 100 meg single mode fiber connection serves this space. Robert has informed me that the floor currently has switches to support up to 200 ports. However, this does not mean that the drops to all offices are complete. Probably some cabling will need to be added. It appears that the space can accommodate up to 150 users even with the extra ports needed for network printers, laptops, etc. However, if we need to accommodate more than 200 ports, additional switches can be added. In summary, the floor space at 1201 Louisiana looks as good or better than the space that was being considered at Three Allen Center. Russell S. Long Enron Net Works, LLC [email protected] (713) 345-3754 <Embedded StdOleLink> <Embedded StdOleLink>

F.Y.I. Clinton Seeks Stepped-Up Power Probe --- Surging Prices for Electricity In California Spur Move; Emergency Loans Planned By Rebecca Smith and John J. Fialka Staff Reporters of The Wall Street Journal 08/24/2000 The Wall Street Journal A3 (Copyright (c) 2000, Dow Jones & Company, Inc.) WASHINGTON -- The Clinton Administration and federal energy regulators stepped up efforts to respond to a politically disastrous rise in California electricity prices, threatening to go as far as re-regulating some prices if they determine that the free-market experiment in the state has failed. The moves by federal authorities come as California regulators and lawmakers scramble to come up with an expedient solution to high power prices in the San Diego area, where monthly bills have in some cases quadrupled since last summer. In a 21-page order issued yesterday, the Federal Energy Regulatory Commission said that under the Federal Power Act it can intervene to limit the prices charged by generators to the California market -- if it determines the prices they are charging aren't "just and reasonable," and the market is not "workably competitive." The order accompanied an upgrade of the FERC's effort from a staff probe to a formal investigation, requested by President Clinton, who also yesterday extended $2.6 million in federal emergency loans to low-income residents in the San Diego area to help pay their electric bills. "There is a crisis of confidence in California wholesale electricity markets that threatens to erode the political consensus necessary to sustain a market-based approach to regulation,"William Massey, one of four FERC commissioners, said yesterday in an opinion attached to the order. "In these circumstances, the FERC must act forcefully and decisively to . . . insist that jurisdictional wholesale markets produce consumer benefits and just and reasonable rates." As prices have risen, power generators such as Duke Energy Co., the local utility, San Diego Gas & Electric Co. and public officials have all pointed the finger at one another for what appears to be a badly flawed market. California governor Gray Davis, who is pushing for local legislation that would lower bills and accelerate power-plant construction, yesterday said "out-of-state generators" were most responsible for "bringing San Diego residents to their knees." FERC's action yesterday originated in a complaint filed Aug. 2 by San Diego Gas & Electric Co, a unit of Sempra Energy, the utility whose customers have riased the most outrage over the rate rises. The utility sold off its plants and now buys all the power its customers use out of a state-sanctioned auction, passing those market costs directly through to its customers. Steve Baum, Sempra Energy chairman, said FERC's action is a warning to generators "that the prices they've been receiving are now at risk." He expects FERC to eventually issue a ruling that California's market isn't competitive, setting the stage for a possible return to cost-based rates in periods of high demand. Prior to deregulation in 1998, the rates utilities charged for electricity were based on their underlying cost. Deregulation allowed them to charge whatever the market would bear. Mr. Clinton said the the FERC investigation would allow Washington to "better understand" what is happening in the California market so the government can protect consumers there and in other deregulated states. While politicians and regulators seek solutions, wholesale power prices in California are becoming more aberrant. Even on days when consumption and prices normally drop, such as Sundays, prices have been stubbornly high this summer. For example, the auction price of electricity to be consumed at 10 p.m. last Sunday was $125.48 per megawatt, or more than four times the price such power commanded on the third Sunday of August in 1999. The markup is especially noteworthy because actual demand on that day was 12% lower than on the comparable day a year earlier. "A number of people are looking at the high prices trying to figure out what's going on," says Jesus Arredondo, spokesman for the state-sanctioned entity that runs the state's day-ahead energy auction, the California Power Exchange in Pasadena, Calif. These prices have remained high despite the best efforts of public officials. For instance, the organization that runs the state's electric grid and is responsible for keeping consumers constantly supplied with electricity has reduced the maximum price it will pay for electricity this summer to $250 per megawatt hour from $750. While this action has capped peak prices, it has also caused an increase in the overall number of hours in which prices are abnormally high. Take yesterday for instance. Prices for power in California never dropped below $108 per megawatt hour, even for power contracted for delivery in the dead of night, and the hourly price was at or above $200 in 13 of 24 hours despite only moderately high demand. California's problems are likely to step up pressure on Congress to pass omnibus legislation which would provide uniform national rules for deregulated state energy markets and make more efficient the interstate power-transmission system, Mr. Clinton said yesterday. The administration has pushed for such a measure but the House Commerce Committee, which has jurisdiction over the legislation, still appears deadlocked on the details. It plans to hold a hearing in California on electricity-market conditions there next month. --- Marc Lifsher contributed to this article --- Journal Link: See video of President Clinton announcing emergency funds to help low-income families in California pay electricity bills, in the online Journal at WSJ.com. Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Tip Pohl UBS Paine Webber 412-288-5202 > -----Original Message----- > From: Brophy, Michael =20 > Sent: Tuesday, March 12, 2002 12:47 PM > To: Gearty, Michael C.; Sunshine, Jeremy D. > Subject: You Own MSFT, Consider Other Software Opportunities >=20 >=20 > Our firms Global Investment Strategy Team currently recommends a Over > Weight position in Technology. Within this sector we are bullish on = the > software stocks. You currently own MSFT (Strong Buy, $105.00 = Target), > consider other software opportunities. =20 >=20 > Software Stocks may be well positioned for an economic recovery > * The Stimulus Package signed by President Bush, as it pertains to > software purchases, will be incrementally positive for the group as = it > provides for accelerated expensing for tax purposes. The bill may = jump > start some software purchases over the next 6 quarters to assure > implementations are completed before the window closes on 1/1/05. = With an > economic recovery appearing underway, evidenced by higher = productivity > gains, increased GDP and manufacturing data, lower unemployment and = an > increase in payrolls, companies may begin to deploy IT budgets. > * As a firm, we are overweight the technology sector and we are > overweight the software sector. Our favorite software stocks include > Siebel (SEBL, SB, $50 target), BEA Systems (BEAS, SB, $21 target) and = SAP > (SAP, SB, $43 target). >=20 > Siebel is our best large cap software idea for 2002 and we view it as = a > core holding. It's well positioned to expand its leadership position = in > the CRM software sector (customer relationship management), which is = the > fastest growing area of software. > * The CRM market can grow 20-25% over the next few years, driven by > new opportunities in retail financial services, health insurance, = travel, > manufacturing and government. > * Siebel has the strongest management team in the sector and from a > general execution standpoint, the company is the leader of the pack, > focused on product development and sales force execution. It also has = a > strong balance sheet with $1.6 billion in cash.=20 > * Price target is $50 based on 2004 estimates of $1.06, a 1.5 PE to > growth (PEG) ratio, discounted at 20%.=20 > * Technically, Siebel support is 25, 21 =BC, 16 =BD and resistance is = 37, > 50 and 56. >=20 > BEA Systems is another core holding in the software sector and is a > leading application infrastructure software company. We believe it's = a > stock to own for the next 5 years and is a name that will play out = over > the next few years, not just the next few quarters. > * BEA is the fastest software company to reach $1 billion in annual > revenue, it has been named #1 in execution year after year by Gartner > Group, it has 12,500 customers and 2100 partners. > * BEA's Weblogic Enterprise platform simplifies the flow of > information, decreases the cost of managing applications and makes an > enterprise more agile and productive. We remain impressed with BEA's > technical direction and believe they will be the one to beat in the > application server market. Our $21 target is based on 1.4x our CY03 > estimate of $.52, discounted at 30%. =20 > * Technically, support is 11 =BD, 9 and 7 with resistance levels of = 15 > =BC, 18 and 22. >=20 > A software company that drives global productivity growth is SAP = (SAP, > SBuy, $43 Target) and it's UBSW's Top European Software Pick in an > Overweight Sector. > * In a tough business environment, CEOs around the world are looking > for ways to make their business more efficient and profitable. There = are > 17,500 companies globally and 60% of the fortune 500 looking to SAP, = which > provides them with an integrated solution of ERP(enterprise resource > planning), CRM, and SCM (supply chain management) software to help = them > drive their business productivity.=20 > * A $14bn Upgrade Cycle is expected to drive earnings as 75% of SAP's > customer base is still on their old R/3 Software platform. We expect = a > strong upgrade cycle in SAP's customer base to their new mySAP.com > software platform to coincide with economic recovery. UBSW forecasts = 70% > EPS growth in 2003 driven by the upgrade cycle.=20 > * Only the Strong Survive. In 2001, SAP increased its customer base = by > 30%, to 17,500 customers globally taking advantage of weak = competitors. > * SAP has easy comps as 2002 numbers look very achievable; we expect > market to look through to 2003 where UBSW estimates 70 - 75% EPS = growth, > driven by SAP's customers upgrading to their new software platform. > * SAP trades at a discount to its closest competitor, Siebel, trading > at 70x 2002 P/E; SAP is at 43x 2002 P/E and 33x 2003. The target = price > assumes 40x 2003 EPS. > * Technically speaking, SAP looks good and has been forming a cup and > handle bottom formation for the past 3 quarters giving support at the > $31-32 level. Buy before the $37-38 break out level. On a = break-out > above this levels look for an initial move to low $40's and a = secondary > move to the mid $40's=20 > * Options Strategy: Buy call June 35 @ $4.50 >=20 >=20 >=20 >=20 ****************************************************** Notice Regarding Entry of Orders and Instructions: Please do not transmit orders and/or instructions regarding your UBSPaineWebber account(s) by e-mail. Orders and/or instructions transmitted by e-mail will not be accepted by UBSPaineWebber and UBSPaineWebber will not be responsible for carrying out such orders and/or instructions. Notice Regarding Confirmation: Please be advised that this e-mail is not an official transaction confirmation. The only official confirmation of a transaction will be sent to you via regular mail. Notice Regarding Privacy and Confidentiality: UBSPaineWebber reserves the right to monitor and review the content of all e-mail communications sent and/or received by its employees.

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Dearest Anna, my most favorite sister of them all! I'm sorry I've been so bad about staying in touch while you've been stuck in those Rocky Mountain highs and lows of life. It sounds like things are going really well though (Rocky Mountain "highs") and that you've made it through most of the tumult of moving to a new place (Rocky Mountain "lows"). Amber tells me every time she talks to Marky, her man of the hour, he mentions how they've got to get together with you when she comes to town - which will be on next Friday, whoo hoo, party! I'm so mad that she gets to go and I don't, being that I am not, like her, in my eighth year of college and therefore do not enjoy such things as "Spring Break Mania" anymore. And Monica tells Marky who tells Amber who tells me that she'd love to hang out with you more often. It sounds like you guys had a ball at dinner, eh? So you've got options, girlfriend, which is worlds more than I can say for my life at the mo'. It pretty much consists of working, eating, and sleeping. I'm definitely looking into that SAD mental disorder thing, because I think it's got me in its clutches. But the recent abundance of sunshine has brought me enough renewed energy to start thinking about life after winter. We're doing lots of gardening, cooking, and decorating at the house - it's like having three Martha Stewarts all working together, only slightly less stylish , immensely less efficient, and drunk. Other than that, I've been trying to organize and simplify my life - taking care of mounds of paperwork, paying off debts, sorting out all those nagging little post-it notes that plague me constantly and demand my attention in vain. I'm actually starting to see the light at the end of the tunnel, like maybe I could buy a car or take a trip in a few months, or even buy a SECOND pair of shoes, but let's not get wild and crazy just yet. So I heard Dad and Laura are on their way to your neck of the woods with an automobile. That is, in the immortal words of the guys in "Dude, where's my car?", SWEET... DUDE! You are stoked. I bet that's a major load off - just make sure to keep your finances in check and not get in over your head. Take it from one who knows. I'm seriously looking into buying an old beater car; but then I start fantasizing about the Audi A4 Quattro, and suddenly $30,000 doesn't seem like a bad price for becoming ultimately cool. Lately I've been doing a lot of research into self-improvement measures. I just applied for post-baccalaureate status at U of O, so I can start taking economics and poli sci classes online. (I just got my new FREE computer from work!) I'm also studying for the GRE, and pretty soon here I'm going to get serious about graduate school. I think I've decided on international studies and/or economics, depending on how well I like the classes I take. I've found my dream program at Johns Hopkins University in Washington, D.C. It's a two-year Masters of International Studies program that begins in Washington and ends in.....are you sitting down?.....Bologna, Italy! Holy shit, does it get more perfect? Apparently it's like the premiere training ground for government officials, according to my friend Andy who laughed forcefully in my face when I told him I wanted to get into it. But I figure, I'm not getting any younger, and I don't want any regrets, so I'm goin' for it, dude. As for the love life, it's nonexistant, which is why I'm putting so much energy into the self-improvement area of my life. I figure as long as I'm having no fun with boys I might as well be beefing up my net value. By the time they come around again, the eligible pool will have shrunk to 1 in 100 million. Whatever. Anyway, now that I've written you the longest paragraph of my life, I must retreat to my work duties. Then it's off for a thrilling tour of Portland via Tri-Met. Molly's making me dinner tonight in exchange for a finished resume. It's only taken her 3 years to compile the information for it, so this one should be a doozy. Hey, if you can ever make it home for a weekend, you should come at the end of May - David Gray is coming to the Schnitzer, and it's going to be fabulous! I'll buy your concert ticket if you can convince Dad to get your plane ticket. Call me soon if you can, or I'll call this weekend. Take care and I miss you! Love, Kate Anna Symes <[email protected]> on 03/13/2001 02:55:09 PM To: "Kate Symes (E-mail)" <[email protected]> cc: Subject: Hey Lady! What do you think you're doing? I haven't talked to you in way too long. You have to update me on the sitch! I am going on a date with a guy I met while out with Monica last weekend. He was our waiter and he looks like Chandler Bing, only Monica kept calling him Chanandler Bong (did you see that episode when they had to name who the TV Guide came to?). She is so fun! I was so glad to get out of my apartment/away from my roommate. And now I have a date, so I'm excited. I'm still in contact with Mr. Colorblind, but we've had the friends talk so it's been really cool. In fact, he's nicer to me now than he was before! Anyway, that's crazy news about Mom's house! I guess no more crashing at her house when I go home. How are your roommates? Your seattle boyfriend? Your job? Write me with the goods, woman. I am getting a car in two weeks and I am more excited than any car-buyer has ever been. My job is great, although i think I'm getting scoliosis from bad posture in an uncomfortable chair all day. Nothing else is happening. Are you going out for St. Patrick's Day? I have to work, but there's a big outdoor thing downtown that I might go to afterwards. Okay, must go work. Call me though! I miss you! Love, Anna

This is good information. One other thing that wasn't mentioned was the fact that all of the partnership documents are in the name of LRCI (and other wholly owned affiliates of ENA - but not ENA itself), while the storage and transport agreement is in the name of ENA [Gerald - I think this is right]. My guess is that this may further strengthen Mark's belief that the arrangements should not be linked. Based on Mark's conclusion - I would like to get together internally to figure out what should be done on the storage and transport agreement. It might be in the best interest of the creditors to give Bridgeline a sense that we might be rejecting the agreement so that they can line something else up (thereby mitigating the harm to the partnership and indirectly to ENA as a 40% interest owner). Stuart -----Original Message----- From: "Mark Ellenberg" <[email protected]>@ENRON [mailto:"Mark Ellenberg" <[email protected]>@ENRON] Sent: Fri 1/11/2002 7:51 PM To: Nemec, Gerald Cc: Redmond, Brian; Zisman, Stuart Subject: Re: Bridgeline Transport and Storage baed on what i read in your e-mail, these are distinct contracts that would be viewed in isolation for purposes of rejection. bridgeline's position is at best creative and i would give it little to no chance of success. "Nemec, Gerald" To: [email protected] <Gerald.Nemec@ cc: "Zisman, Stuart" <[email protected]>, "Redmond, Brian" ENRON.com> <[email protected]> Office: Subject: Bridgeline Transport and Storage 01/11/02 07:27 PM Mark, In discussion with Bridgeline Holding LP's bankruptcy counsel today, he stated that he thought ENA would be unable to reject that storage and transport contracts with Bridgeline without ENA also rejecting the Partnership Agreement for Bridgeline. What are your thoughts on this? Their counsel's argument was that these long term contracts were part of the consideration for TEPI to enter into the LP and as such ENA would not be able to escape the obligations of these contracts and still obtain the benefits of the LP. Some background: Bridgeline Holdings, L.P. was formed in March of 2000 with ENA holding 40% equity and Texaco Exploration & Production, Inc. holds the other 60% equity. Management of the LP is 50/50. ENA and TEPI both contributed natural gas pipeline assets located in Louisana into the Partnership. ENA entered into a long term storage and transport agreement (the ones you have seen) at the time of the closing of this deal. These agreements call for monthly demand charges. There is also a letter agreement concerning early termination of the storage and transport agreements. The letter states " You [ENA] acknowledge and agree that such termination fees are necessary to induce TEPI to enter into that certain Amended and Restated Limited Partnership Agreement". The letter goes on to set out the specific LDs payable by ENA to TEPI upon their early termination. You may need more facts than these. Let me know if you need more info. ********************************************************************** 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 [email protected] 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. ********************************************************************** ============================================================================== NOTE: The information in this email is confidential and may be legally privileged. If you are not the intended recipient, you must not read, use or disseminate the information. Although this email and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by Cadwalader, Wickersham & Taft for any loss or damage arising in any way from its use. ============================================================================== ============================================================================== NOTE: The information in this email is confidential and may be legally privileged. If you are not the intended recipient, you must not read, use or disseminate the information. Although this email and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by Cadwalader, Wickersham & Taft for any loss or damage arising in any way from its use. ==============================================================================

---------------------- Forwarded by Kay Mann/Corp/Enron on 03/07/2001 09:49 AM --------------------------- From: Geriann Warner on 03/07/2001 09:07 AM To: James D Steffes/NA/Enron@Enron, Steve Montovano/NA/Enron@Enron, Ben Jacoby/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron, Steven Krimsky/Corp/Enron@Enron cc: Marcia A Linton/NA/Enron@Enron, Chauncey Hood/NA/Enron@ENRON, Lorie Leigh/HOU/ECT@ECT, Suzanne Adams/HOU/ECT@ECT Subject: Conf. Call - 3/7 @ 10:00 cst: Tripp Scott Proposed Terms of Engagement Per Marchris' request, I've set up a conference call for today at 10:00 cst. Please let me know ASAP if you WILL NOT be able to participate. Call in - 1.800.998.2462 Pass code - 5058917 Geriann Warner GA - The Americans Tel: 713-853-5036 Fax: 713-853-7297 ----- Forwarded by Geriann Warner/NA/Enron on 03/07/2001 08:30 AM ----- Marchris Robinson 03/06/2001 05:19 PM To: Geriann Warner/NA/ENRON@ENRON cc: Subject: Re: Tripp Scott Proposed Terms of Engagement Set up conference call. Page me with info. MR ----- Forwarded by Marchris Robinson/NA/Enron on 03/06/2001 05:18 PM ----- Kay Mann 03/06/2001 04:57 PM To: Marchris Robinson/NA/Enron@Enron cc: James D Steffes/NA/Enron@Enron, Steve Montovano/NA/Enron@Enron, Ben Jacoby/HOU/ECT@ECT, Steven Krimsky/Corp/Enron@Enron Subject: Re: Tripp Scott Proposed Terms of Engagement Ben and I can make it. Kay From: Marchris Robinson on 03/06/2001 04:30 PM To: James D Steffes/NA/Enron@Enron cc: Steve Montovano/NA/Enron@Enron, Kay Mann/Corp/Enron@Enron, Ben Jacoby/HOU/ECT@ECT, Steven Krimsky/Corp/Enron@Enron Subject: Re: Tripp Scott Proposed Terms of Engagement I think we should do a phone conference to resolve the outstanding issues regarding the engagement of "local lobbying firms" by ENA. I will schedule a call for tomorrow at 10:30am (cst). Please advise if that time works with your schedule. Thanks. Marchris ----- Forwarded by Marchris Robinson/NA/Enron on 03/06/2001 04:21 PM ----- Kay Mann 03/06/2001 09:27 AM To: Marchris Robinson/NA/Enron@Enron cc: Christi L Nicolay/HOU/ECT@ECT Subject: Re: Tripp Scott Proposed Terms of Engagement Hi Marchris, I'm in ENA Legal, and I'm looking for the right person to discuss this with. Christi Nicholay suggested I get you involved. Please give me a call at 713 345 7566 to discuss. Thanks, Kay ---------------------- Forwarded by Kay Mann/Corp/Enron on 03/06/2001 09:29 AM --------------------------- Ben F Jacoby@ECT 03/05/2001 10:48 AM Sent by: Ben Jacoby@ECT To: Kay Mann/Corp/Enron@ENRON cc: Subject: Re: Tripp Scott Proposed Terms of Engagement OK. This guy's a lawyer by training, but we're hiring him as a lobbyist. Roger was previously looking into this, and proposed our standard form agreement. Steve and I were wondering if we could work off of Tripp Scott's proposed form, considering that he will not be representing us as our counsel. Please let me know. Thanks, Ben Kay Mann@ENRON 03/04/2001 02:27 PM To: Ben F Jacoby/HOU/ECT@ECT cc: Subject: Re: Tripp Scott Proposed Terms of Engagement Ben, What are these folks supposed to do for Enron? I had heard a rumor that we were looking to hire someone to lobby for us on a success fee basis. Is this the same deal? I know on the international side there were hoops to jump through before such an engagement could be signed off on. I'll have to check to see what the drill is on this side of the street. Kay From: Ben F Jacoby @ ECT 02/28/2001 12:18 PM Sent by: Ben Jacoby@ECT To: Kay Mann cc: Subject: Tripp Scott Proposed Terms of Engagement Per my earlier e-mail, attached is Tripp Scott's form. ---------------------- Forwarded by Ben Jacoby/HOU/ECT on 02/28/2001 12:17 PM --------------------------- Steven Krimsky@ENRON 02/28/2001 09:11 AM To: Ben Jacoby/HOU/ECT@ECT cc: Subject: Tripp Scott Proposed Terms of Engagement As discussed, Roger has no problem engaging Tripp Scott. He does want to use Enron's standard 9 page engagement letter in lieu of the attached 2 pager received from Tripp Scott. Is this necessary - any thoughts? Steve ---------------------- Forwarded by Steven Krimsky/Corp/Enron on 02/28/2001 09:08 AM --------------------------- Steven Krimsky 02/16/2001 03:44 PM To: Ben Jacoby/HOU/ECT@ECT, Roger Balog@ECT, Marchris Robinson/NA/Enron@Enron cc: Subject: Tripp Scott Proposed Terms of Engagement As discussed in Fort Pierce, Tripp Scott is that insurance policy I've been looking for to help secure the commission vote in Pompano. Tripp Scott will also assist us in our door knock campaign in the County & Tallahassee. Pozzuoli is a mover & shaker and is on a first name basis with Jeb Bush - he was the Chairman for the Bush/Cheny Broward County re-count. Bill Keith & Debbie Orshefsky highly recommends the engagement. Lets discuss Tuesday. Steve ---------------------- Forwarded by Steven Krimsky/Corp/Enron on 02/16/2001 03:38 PM --------------------------- "Edward J. Pozzuoli (Paulette R Segal)" <[email protected]> on 02/14/2001 01:56:42 PM To: [email protected] cc: [email protected] Subject: Proposed Terms of Engagement It was a pleasure meeting with you and Debbie on Monday afternoon. Per our discussion, enclosed is Tripp Scott's proposed terms of engagement as well as an abbreviated description of the firm and its key directors. I look forward to speaking with you soon. Ed - 239299.WPD - 239243.WPD

what do you guys think about this one? Jay, we have talked about them before I think. Can I get a response in order to put this away or pursue? thanks, Kim -----Original Message----- From: [email protected]@ENRON [mailto:[email protected]] Sent: Wednesday, August 01, 2001 1:57 PM To: Ward, Kim S (Houston) Cc: [email protected]; [email protected] Subject: Yuba City Cogen 5 yr gas deal Kim, We spoke last week about a possible 5 yr gas deal for our Yuba City plant. Below is our RFP. I'll call to discuss. Thanks, Paul Cummins 916-996-2291 cell 916-447-5171 work Request for Proposal ("RFP") Yuba City Cogeneration Partners, LP 650 Bercut Drive, Suite C Sacramento, CA 95814 Background. Yuba City Cogeneration Partners, LP ("YCC") is the owner of a 49 megawatt cogeneration facility ("Facility") in Yuba City, California. YCC sells its 49 megawatts to Pacific Gas and Electric Co. ("PG&E"), an entity that recently filed for bankruptcy protection. YCC recently entered into a five-year, fixed-price electricity agreement with PG&E, and YCC desires to enter into a long-term Natural Gas Supply Agreement ("NGSA") with an appropriate supplier ("Seller") of natural gas. The NGSA shall be subject to approval of the YCC project lenders, and YCC will only be able to enter into the NGSA after bankruptcy court approval of the five-year, fixed-price electricity agreement with PG&E. As a result, YCC will require a daily update to proposals it receives (to account for varying market conditions) until it receives all necessary approvals to enter into a final NGSA. Term. The term sheet contemplates either a three-year natural gas supply agreement or a five-year natural gas supply agreement. Under either term, the starting date will be tentatively August 1, 2001, subject to the necessary approvals. Point(s) of Delivery. PG&E City Gate. Annual Volumes. For the purposes of this RFP, it is assumed that the Facility will consume monthly and annual gas volumes under one of three different operating scenarios: Scenario Annual Volume, mmBtu 1 1,210,000 The typical, historical daily usage at the Facility has been 6,000 mmBtu/day, except periods of maintenance or reduction by the Facility due to the satisfaction of capacity requirements under its power purchase agreement ("PPA") with PG&E, and the typical, monthly historical usage has been based upon a Monday through Friday operation. Scenario 1 is indicative of plant operations for the satisfaction of the minimum requirements of the PPA, essentially 80%. YCC would prefer a NGSA that is based upon annual volumes in a rolling 12-month period. Monthly Balancing. Monthly balancing on the PG&E system shall be the Seller's responsibility, subject to the limitations of the YCC's natural gas transportation agreement with PG&E, and subject to the PG&E gas system rules and tariffs. Seller shall be responsible for any gas imbalance charges incurred on the PG&E System. Usage Estimates. For the purpose of assisting Seller in the Nomination process, YCC shall make usage estimates in advance and as usage occurs. Seller should specify requested frequency of usage estimates. Monthly True-Up. Actual usage at the Facility will almost certainly be of some variance to the forecasted monthly gas volumes. Seller shall propose a means of "true-ing up" the actual usage to the forecasted monthly volumes. The ideal system of true-ing up would allow for flexibility to both YCC and Seller ("the Parties") under the following minimum circumstances: 1. True-up of variance between forecasted usage and actual, if any. 2. If gas price volatility has created daily or other market pricing that creates financial incentive to the Parties to curtail deliveries to the Facility and remarket the natural gas to the spot or other market. 3. Allowance for the Facility to curtail deliveries for planned or unplanned maintenance. Monthly true-up may incorporate resolution of the differences between price and volume. Day of Nomination. The date of Nomination of daily gas volumes by the Seller to the PG&E City Gate shall be at the option of, and as determined by Seller, subject to the limitations of YCC's natural gas transportation agreement with PG&E, and subject to the PG&E gas system rules and tariffs. Maximum Daily Nomination Quantity: YCC's natural gas transportation agreement with PG&E allows for a maximum daily nomination quantity of 9,550 MMbtu/Day. Price. YCC seeks a NGSA that will provide a physical price hedge via three alternative strategies. The strategies are as follows: Strategy Price Hedge 1 Fixed price for the term. 2 Floating price, with a not-to-exceed cap. 3 Floating price, with a minimum and maximum price. YCC acknowledges that other hedging strategies exist and may be advisable for the NGSA. The Seller is encouraged to supply a proposal that incorporates other strategies. Credit and Payment Terms. YCC can offer the following credit and payment mechanisms for the purpose of removing credit and payment concern from the Seller: 1. Semi-Monthly Payment. Semi-Monthly payment for gas based on expected consumption over the first fifteen (15) calendar-day period of each month, and the expected consumption over the balance of each month via a wire from YCC to be made one day following the receipt of payments for electrical energy from PG&E. 2. Priority payment. YCC has an agreement with its lender that costs of fuel shall have first priority in the waterfall of cash flows, i.e. the fuel supplier shall be paid from project cash flows prior to the payment of all other costs incurred, including repayment of debt, operations and maintenance costs, management fees, etc. RFP Response may be sent via fax to Paul Cummins @ 916-447-7602. Please call 916-447-5171 for questions.

If organizational changes that are announced together are expected to be bound together by a common theme, then this announcement may fall a bit short. The continuing growth of the demands placed upon the Government Affairs organization has, however, necessitated certain modest organizational shifts and additions, many of which have already occurred or have been in transition for the last several weeks. Rather than attempting to explain the rationale for each change in this memo, instead, I will briefly describe them (attached is a revised organizational chart and map), and offer to answer any questions anyone might have. While Sue Nord will continue to report directly to me in the role of policy development and coordination, she has been and will be spending a considerable amount of her time on broadband and communications issues and will also report to Scott Bolton and Donald Lassere in that capacity. Steve Montovano will assume responsibility for an additional six southeastern states, including responsibility for SERC. Marchris Robinson and Tom Chapman, who has agreed to join the group on a more permanent basis as a Senior Regulatory Specialist, will report to Steve. Ron McNamara has also joined Steve
,s group and will focus on the tight power pools in the Northeast U.S. Janine Migden will assume responsibility for the states of Tennessee, Arkansas, and Louisiana as well as issues related to TVA. Bill Moore will now report to Janine. In order to assure more intraregional coordination in the West, Mary Hain, who supports ENA
,s trading desk in Portland, now reports to Paul Kaufman. With Kathleen Magruder
,s recent departure to ResCo, we are actively searching for an individual to direct our efforts in Texas and Oklahoma as well as our efforts at ERCOT and the Southeast Power Pool. Scott Bolton and Donald Lassere have each done an outstanding job supporting Enron Broadband Services throughout the world these past months and will share responsibility for directing those efforts in the Americas. They will also assume responsibility within the group for Enron
,s E-Commerce efforts in the Americas. In addition to Sue Nord, the group will consist of Tracy McLaughlin, who supports Scott in Portland, Xi Xi, an analyst who joined us early this year in Houston and Lara Leibman who has just joined the group. Lara will also continue her activities relative to the Department of Justice and the Federal Trade Commission. Ricardo Charvel, in addition to his responsibilities in Mexico, will assume overall responsibility for Central America, the Caribbean Basin as well as Columbia and Venezuela. Reporting to Ricardo are Alberto Levy, who is primarily responsible for Venezuela and Columbia and Vinio Floris, who recently joined us from Azurix, who will be primarily responsible for Central America and the Caribbean Basin. Tom Delaney will now report to Jeff Brown and will support him in our continuing efforts to bring additional reform and standardization to wholesale power markets in the U.S. Damon Harvey has also joined Jeff
,s group as an analyst. Gloria Ogenyi, Thane Twiggs and Robert Neustaedter have all joined Harry Kingerski
,s group to enhance that group
,s ability to provide rates and other regulatory services throughout the Americas. With Tom Reichelderfer
,s departure, Susan Covino will be the sole coordinator for the government affairs group
,s contractual relationship with ResCo. Susan will also begin to get involved in other projects over the next several weeks. The Federal Government Affairs group organization will have a flatter organizational structure with each individual in the group reporting directly to Joe Hillings. Functional assignments, which are reflected on one of the attachments, have also been made in this group to bring additional focus to their efforts, with an increased emphasis on issues related to our energy, broadband services and e-commerce-based business activities and a refocusing of the group
,s efforts in support of commercial groups globally to better align them with the near and mid-term objectives of the regional commercial groups throughout the world. On a separate note, Tom Briggs will be joining the Federal Government Affairs group in Washington early this summer. We are pleased to have Tom, who has most recently been in London in the Enron Europe Government Affairs group, join the Federal Government Affairs team. Please join me in welcoming, congratulating, and wishing well the individuals noted in this memo. One final thought. As we are quickly approaching the mid-point of the year 2000, we must stay constantly focused on our overall group objectives for the year as well as on our respective regional group objectives (see attached 'Top 10' objectives for U.S. & Canada). With that said, the hard work and dedication of so many individuals in the group does not go unnoticed. As the group has grown, it has become increasingly difficult for me to visit the regions as frequently as I once did and to spend as much time on an individual basis with many of you. My respect, gratitude and affection for the people in this group only grows, however, with time. Our collective task, while both challenging and intellectually stimulating, is also quite daunting with both ever growing burdens and opportunities as the company continues to grow and prosper. We must continue to work hard to meet our objectives, but we must also find a way to keep our work and jobs in their proper perspective and to have fun during the journey. Whatever I can do to help meet those objectives I will do, and, of course, am always open to suggestions in that regard. Thank you

Energy supply setback: Big generator can't be forced to sell emergency power to the state, a U.S. court rules. By Denny Walsh and Carrie Peyton BEE STAFF WRITERS (Published April 6, 2001) In a development that does not bode well for California's energy supply, a federal appellate court Thursday halted enforcement of a lower court order that a big electricity generator must sell emergency power to the state without guarantee of payment. State energy officials said the ruling wouldn't have any immediate effect but could precipitate a power emergency if the generator decided to take a plant off-line for maintenance. On March 21, citing "rolling blackouts (that have) darkened the California landscape," U.S. District Judge Frank C. Damrell Jr. imposed an injunction against Reliant Energy Services Inc., one of the nation's major generators. Houston-based Reliant controls approximately 3,800 megawatts, or about 20 percent, of the gas-fired generation capacity in the state, and Damrell found that loss of that production "poses an imminent threat." But Thursday, a three-judge panel of the 9th U.S. Circuit Court of Appeals granted an emergency stay of the injunction, saying Reliant has shown "a high likelihood of success on the merits" of its appeal. While not spelling it out, the panel apparently bases its finding on the question of the courts' jurisdiction over the energy market. The panel directed that a hearing on the appeal be scheduled for the second week in July. The decision leaves California's electric grid more fragile, at least temporarily, according to the state Independent System Operator, which maintains and controls power transmissions. It gives the agency no immediate recourse if Reliant chooses to shut down any of its plants for maintenance, said ISO Vice President Jim Detmers. "It's not going to change anything overnight, and it's not going to change anything over the weekend," said Detmers. "But if Reliant decided on a unilateral action to take their units off for maintenance ... we definitely could have a system emergency." Reliant officials, when told of the ruling, took a conciliatory tone but declined to specify their next move. "Reliant ... has pledged to keep the lights on in California," said company lobbyist Marty Wilson, and "is still of a mind to want to cooperate." Without further comment, the appeals court judges cited a 1980 U.S. District Court decision. In that case, 14 cities sued Florida Power and Light Co., alleging that it was violating a number of laws in its sales of power and production of electricity. The judge found, however, that the Federal Power Act reserves oversight of interstate utilities exclusively to the Federal Energy Regulatory Commission. He ruled that only the commission may bring an action involving energy sales into federal court -- unless it is a request to review a commission order, and that goes directly to an appellate court. The lawsuit before Damrell was brought by the ISO to force Reliant and two other generators to respond to ISO's emergency orders for power, even though the agency is buying on behalf of two retailers that are broke and hopelessly in debt. Because Pacific Gas and Electric Co. and Southern California Edison can't pay their bills -- about $14 billion -- some wholesalers want to cut off sales to the utilities. The other three defendants in the ISO's suit -- Dynegy Power Corp. of Houston and Tulsa-based AES Corp. and its marketer, Williams Energy Marketing & Trading Co. -- have entered into written agreements with ISO to continue supplying emergency power until the FERC decides whether they are required to sell to companies that are not creditworthy. But Charles Robinson, ISO general counsel, points out that the generators can rescind those agreements with 48 hours' notice. "My hope is this is a temporary setback," said Robinson. He added, however, that the practical effect is "at least for now, we don't have a tool to compel them to do what we believe they're obligated to do" -- respond to emergency demands for power. Reliant has insisted since the suit was filed Feb. 6 that Damrell has no jurisdiction over the rate schedules that govern dealings between generators and the ISO, and that the Federal Power Act mandates that the FERC must settle any disputes about terms of those tariffs. In issuing the injunction, Damrell acknowledged that the FERC has special expertise concerning agreements between generators and ISO. "Absent the extreme exigencies of the California power crisis, the court agrees that a stay pending further action by the FERC would be proper," he said. "But those are not the facts here. Electricity is in critically short supply. The health and safety of the people of California are potentially at risk." Immediately upon receiving the 9th Circuit's order Thursday, attorneys for the ISO asked Damrell to set an accelerated schedule for its motion to amend the suit. The agency apparently has crafted a new complaint stressing its view that the matter is an ordinary contract dispute over which the judge has jurisdiction. Damrell scheduled a hearing on the motion for Thursday. In a further development that could complicate the state's dire need for energy, an alternative supplier won a court fight Thursday to bypass the big utilities and sell its power on the open market. Timber giant Sierra Pacific Industries, which operates four biomass plants that produce power for PG&E, obtained a temporary restraining order in Sacramento Superior Court that says Sierra Pacific is not required to sell its power to PG&E. The ruling means PG&E and Southern Edison could lose power as alternative energy generators, fed up with months of nonpayment, sue to be able to sell their comparatively cheap product elsewhere, including outside the state.

(After reading this article, for a detailed discussion of writing options on the S&P, listen to Michael Pinson's interview of James Cordier on the Market Mavens Radio Show from January 2, 2002.) Click here: http://www.marketmavens.com/marketmavensradio020102.rm High Percentage Trading on the S&P By: James Cordier, Michael Gross, Liberty Trading Group From: MarketMavens.com, January 8, 2002 With the volatility and higher option premiums, the S&P can be an ideal market for the properly capitalized trader to write option premium for increased returns. As we all know, this is the king of the futures markets, and thus deserves the respect of the option writer. For this reason, we only participate in the most conservative of trades when dealing with this contract. Option sellers (as well as their brokers) like to sleep at night. That being said, the rewards can still be very attractive. While we do not pretend to know what the stock market is going to do, we cannot help but get caught up in the positive outlook for 2002. Barring another catastrophic terrorist attack, we find it hard to imagine any reason the stock market would go below the lows set back in September. For that reason, we recommend the following simple, high probability strategy which, if successful, will yield about a 50% return within 6 months. Instead of trying to pick individual stocks, or trying to guess what the S&P will do tomorrow or next week, a trader takes an "alternate" way out. At the time of this writing, the June S&P is trading at about 1169. A trader can SELL a June S&P 825 put option and collect about $1,200 for every option sold. The margin to do this is around $2,400 per option at this time. For the option to go in the money, the June S&P would have to fall over 343 points before June. (That is a full 125 points below the low established in the wake of September 11th.) If the market moves higher from here, it should be an easy ride as the option deteriorates and expires worthless, and the option seller keeps the money. If the market stays steady, the option expires worthless, the option seller keeps the money. If the market falls but stays above 825, the option expires worthless, the option seller keeps the money. Only if the market is Below 825 at expiration, does the seller have a loss. However, before you run out and liquidate the retirement account, lets take a look at the downside possibilities of the trade. First of all, this trade is only recommended for the comfortably capitalized account. A drop of 100, 200, or even 300 points in the S&P would still not put your option in the money. But it may temporarily increase the value of your option and thus also your margin requirement. A trader should have adequate back up capital in his account if he intends to "ride out" such an occurrence. The other risk, of course, would be the futures being below 825 at option expiration, which makes the trader long the June S&P at 825, not necessarily a bad thing. However, if the market continues to fall down past 825 and the trader continues to hold his position, losses could be substantial. Stock traders considering this strategy should ask themselves the following question: What type of return do I hope to make on my stock portfolio by June of this year? Is it close to 50%? What type of losses would I incur in my stock portfolio if the S&P fell to 825? In the option trade, you still make 50%. In a move below 825, the odds are good for a lot of traders that the losses they would incur in their stock portfolio would be much greater than being short the S&P at 825. In other words, we think this is a good way to trade the stock market. As we said in the beginning, we don't know what the stock market is going to do. But from a risk standpoint, we like being long from 825. If you would like to discuss trading this way for your account, please feel free to give us a call at 800-346-1949 and I will be glad to discuss this strategy with you. For a more detailed discussion of this trading strategy on the S&P, please listen to James Cordier's interview by Michael Pinson of Pinson Communications on the Market Mavens Radio show from January 2, 2002. The recorded version of this interview is available free to you on the Market Mavens website. To listen to the interview now, go to http://www.marketmavens.com/marketmavensradio020102.rm James Cordier Michael Gross Liberty Trading Group 800-346-1949 To get additional commentary on Coffee, Soybeans, Orange Juice and other commodities, request your free issue of the Option Seller newsletter or to get account opening information, feel free to visit our website at http://www.optionsellers.com * To be removed from this list, please reply with "Unsubscribe" as the subject and you will be removed. ***The information contained herein has been carefully compiled from sources believed to be reliable, but it's accuracy is not guaranteed. Use it at your own risk. There is risk of loss in all trading. Past performance is not necessarily indicative of future results. Traders should read the "The Option Disclosure Statement" before trading options and should understand the risks in option trading, including the fact that any time an option is sold, there is an unlimited risk of loss, and when an option is purchased, the entire premium is at risk. In addition, any time an option is purchased or sold, transaction costs including brokerage and exchange fees are at risk. Nor representation is made that any account is likely to achieve profits or losses similar to those shown, or in any amount. An account may experience different results depending on factors such as timing of trades and account size. Before trading, one should be aware that with the potential for profits, there is also potential for losses, which may be very large. All opinions expressed are current opinions and are subject to change without notice.

Return-path: <[email protected]> From: [email protected] Full-name: Texcorey Message-ID: <[email protected]> Date: Fri, 28 Dec 2001 23:45:19 EST Subject: Fwd: Enron Seminar To: [email protected] MIME-Version: 1.0 Content-Type: multipart/mixed; boundary="part2_7d.1fde0cc0.295ea45f_boundary" X-Mailer: AOL 7.0 for Windows US sub 118 Vince -- Have you seen this? I thought you might find the research piece interesting. We are home , minus our luggage and ready for the new year! P - Return-Path: <[email protected]> Received: from rly-za04.mx.aol.com (rly-za04.mail.aol.com [172.31.36.100]) by air-za04.mail.aol.com (v82.22) with ESMTP id MAILINZA41-1228144500; Fri, 28 Dec 2001 14:45:00 -0500 Received: from addison_fs.addison.com (cust-208-208-106-5.teleteam.net [208.208.106.5]) by rly-za04.mx.aol.com (v83.18) with ESMTP id MAILRELAYINZA45-1228144431; Fri, 28 Dec 2001 14:44:31 -0500 Received: From ADDISON_FS.ADDISON.COM (162.65.118.244[162.65.118.244 port:4140]) by addison_fs.addison.com (Mail essentials server 2.421) with SMTP id: <126@addison_fs.addison.com> for <[email protected]> 12/28/01 1:41:16 PM -0600 Received: by mail.addisonsecurities.com with Internet Mail Service (5.5.2448.0) id <ZZ393JMP>; Fri, 28 Dec 2001 13:41:10 -0600 Message-ID: <A1B6710B2711D211B0FE00805F65B690ACEDD6@mail.addisonsecurities.com> From: Lauren Keena <[email protected]> To: [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected] Subject: Enron Seminar Date: Fri, 28 Dec 2001 13:41:08 -0600 MIME-Version: 1.0 X-Mailer: Internet Mail Service (5.5.2448.0) Content-Type: text/plain; charset="iso-8859-1" Wealth Partners Presents a Special Program for Ex-Enron Employees, entitled Transitions: Your Job, Your Career, Your Family, Your Finances Keeping it all together, through the change. Four Dynamic Experts will address several of the key issues that are important to you, right now, during a period of transition. Kathie Nordt, president of I-focus, a technical recruiting firm, will discuss how to market yourself in the new tight market environment. John Elder, creator of a grass-roots investment program to develop abandoned research begun by Enron, will discuss the metaphor of "gold in abandoned mines." Kimber Seal, Ph.D. in psychology, will discuss the very human element of anxiety presented during transitions, and how to keep the family harmonious during this time. Bill Dendy, Certified Financial Planner, will discuss personal finances during transition; your choices, challenges, and opportunities. Seminar Location and Times For your convenience, this workshop will be held at three different times and locations in the Houston area. Choose the one that fits your schedule, and RSVP today to reserve your place. 1st Workshop - Saturday, January 5th at the NASA Hilton Clear Lake in the Captain Room, from 6:30 to 8:30pm. 2nd Workshop - Monday, January 7th at the Houston City Club in the Founders II room, from 6:30 to 8:30pm. 3rd Workshop - Tuesday, January 8th at the Woodlands Drury Inn room 107, from 6:30 to 8:30pm. We have limited seating so please reserve your spot now by calling 1-866-808-0123. Prospera Financial will not accept orders and/or instructions transmitted by e-mail, and will not be responsible for carrying out such orders and/or instructions. Please do not transmit such information by email. This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the system manager.

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: [email protected] [mailto:[email protected]] Sent: Tuesday, October 16, 2001 2:59 PM To: [email protected] 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" <[email protected]>@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: [email protected] [mailto:[email protected]] Sent: Tuesday, October 16, 2001 2:25 PM To: [email protected] 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" <[email protected]>@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:[email protected]] Sent: Monday, October 15, 2001 10:30 AM To: [email protected] 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 [email protected] 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. **********************************************************************

---------------------- Forwarded by Andrea Ring/HOU/ECT on 01/16/2001 12:49 PM --------------------------- Michele Winckowski @ ENRON 01/16/2001 09:47 AM To: Andrea Ring/HOU/ECT@ECT cc: Subject: Fwd: FW: Advice on Self-Defense I THINK THIS IS THE SAME GUY WE HAD IN OMAHA - HE WAS VERY ENTERTAINING WITH SOLID INFORMATION. Hi, ladies, I just finished taking the most amazing self-defense class, sponsored by Shandwick, and I wanted to share some really valuable info with you before it goes out of my head. The guy who taught the class has a female friend who was attacked last year in the parking garage at Westport Plaza in St. Louis one night after work and taken to an abandoned house and raped. He started a women's group and began teaching these classes soon after. This guy is a black belt in karate and trains twice a year with Steven Segall. He and the others in this group interviewed a bunch of rapists and date rapists in prison on what they look for and here's some interesting facts: The #1 thing men look for in a potential victim is hairstyle. They are most likely to go after a woman with a ponytail, bun, braid or other hairstyle that can easily be grabbed. They are also likely to go after a woman with long hair. Women with short hair are not common targets. The second thing men look for is clothing. They will look for women who's clothing is easy to remove quickly. The #1 outfit they look for is overalls because many of them carry scissors around to cut clothing and on overalls the straps can be easily cut. They also look for women on their cell phone, searching through their purse or doing other activities while walking because they are off guard and can be easily overpowered. The time of day men are most likely to attack and rape a woman is in the early morning, between 5 and 8:30 a.m. The number one place women are abducted from/attacked at is grocery store parking lots. Number two is office parking lots/garages. Number three is public rest rooms. The thing about these men is that they are looking to grab a woman and quickly move her to a second location where they don't have to worry about getting caught. Only 2% said they carried weapons because rape carries a 3-5 year sentence but rape with a weapon is 15-20 years. If you put up any kind of a fight at all, they get discouraged because it only takes a minute or two for them to realize that going after you isn't worth it because it will be time-consuming. These men said they will not pick on women who have umbrellas, or other similar objects that can be used from a distance, in their hands. Keys are not a deterrent because you have to get really close to the attacker to use them as a weapon. So, the idea is to convince these guys you're not worth it. Several defense mechanisms he taught us are: * If someone is following behind you on a street or in a garage or with you in an elevator or stairwell, look them in the face and ask them a question, like what time is it, or make general small talk, I can't believe it is so cold out here, we're in for a bad winter. Now you've seen their face and could identify them in a lineup, you lose appeal as a target. * If someone is coming toward you, hold out your hands in front of you and yell Stop or Stay back! Most of the rapists this man talked to said they'd leave a woman alone if she yelled or showed that she would not be afraid to fight back. Again, they are looking for an EASY target. If you carry pepper spray (this instructor was a huge advocate of it and carries it with him wherever he goes), yelling I HAVE PEPPER SPRAY and holding it out will be a deterrent. * If someone grabs you, you can't beat them with strength but you can by outsmarting them. If they grab your wrist, pull your wrist back so your hand is in waving position (palm facing forward) and twist it toward yourself and pull your arm away. It is hard to hold onto wrist bones that are moving in that way. They stumble toward you and you stumble back, so you can use that momentum to bring the same out and backhand them with your knuckles in the forehead, nose or teeth. * If you are grabbed around the waist from behind, pinch the attacker either under the arm between the elbow and armpit or in the upper inner thigh. HARD. One woman in a class this guy taught told him she used the underarm pinch on a guy who was trying to date rape her and was so upset she broke through the skin and tore out muscle strands - the guy needed stitches. Try pinching yourself in those places as hard as you can stand it. It hurts. * After the initial hit, always go for the groin. I know from a particularly unfortunate experience that if you slap a guy's balls (sorry to be graphic) it is extremely painful. You might think that you'll piss the guy off and make him want to hurt you more, but the thing these rapists told our instructor is that they want a woman who will not cause a lot of trouble. Start causing trouble and he's out of there. * When the guy puts his hands up to you, grab his first two fingers and bend them back as far as possible with as much pressure pushing down on them as possible. The instructor did it to me without using much pressure and I ended up on my knees and both knuckles cracked audibly. Of course the things we always hear still apply. Always be aware of your surroundings, take someone with you if you can and if you see any odd behavior, don't dismiss it, go with your instincts. You may feel a little silly at the time, but you'd feel much worse if the guy really was trouble. Please forward this to any woman you know, it's simple stuff that could save her life. - pic06208.pcx - pic02115.pcx

Group -- Thought you might be interested in this article I picked up on "forced access." Lisa > NET ADVANTAGE - [Pittsburgh Post Gazette Editorial] Washington should > regulate access to the Web Monday, November 08, 1999 Pittsburgh > Post-Gazette How will most of us access the Internet in 10 years? Via > wireless technology? Satellites? Cable wire? DSL phone lines? Like most > smart people humbled by the rate of technological change, Federal > Communications Commission Chairman William Kennard does not know the > answer to that question. As a result, the commission is wary of treating > the cable industry, however promising its prospects, as the sole provider > of high-speed, broadband Internet access and thus deserving of a whole new > regulatory regime. Mr. Kennard knows how stifling that can be on a nascent > technology. Better for the federal government to allow competing channels > to the Internet to develop unimpaired, and intervene only when absolutely > necessary to ensure competition. Unfortunately, local regulators across > the country have been undermining this federal regulatory restraint by > imposing Internet-related burdens on cable companies at the municipal > level, egged on by a powerful lobbying alliance of regional phone > companies and Internet service providers. Ongoing negotiations to renew > the city's cable franchise agreement have made Pittsburgh the latest > ground zero in this ferocious and important battle to determine the future > of the nation's telecommunications policy. Pittsburgh City Council should > resist the lure of notoriety, take a pass, and recognize that major shifts > in national policy should be left to the Congress and to the Federal > Communications Commission. Council members should desist from forcing > AT&T to require "open access" to other Internet service providers as a > condition to a new cable franchise agreement. Beyond the fact that such a > move would be of dubious legality, it would also set Pittsburgh at a > competitive disadvantage in terms of broadband access to the Internet, as > AT&T would likely delay expanding service during a protracted legal > struggle. Franchise agreements between municipalities and cable companies > used to be fairly cut and dried. Within the parameters established by the > Federal Communications Commission, each side would haggle over > rights-of-way fees -- in Pittsburgh's case, some $3 million a year -- and > then call it a day. But no more. Last December, as a condition for > approving the transfer of the local cable franchise, Portland, Oregon > required AT&T to open its cable lines to rival Internet service-providers > (instead of necessarily bundling its own affiliate @Home with the > service). They did so under the banner of "open access," and each > subsequent franchise negotiation has been a major battle. A federal > appeals court is now determining whether Portland had the power to do so. > AT&T is betting heavily on cable as the Internet's future, having spent > more than $100 billion on cable companies, and billions more to update > their systems. It was through its $54 billion acquisition of TCI Inc. > early this year that AT&T picked up the cable franchise in Pittsburgh, as > well as its controlling stake in, and exclusive contract with, @Home. > Relatively few Americans now access the Internet via cable, but more and > more will be making the switch as AT&T and other cable players complete > the necessary investment. Cable access is dozens of times quicker than > your traditional phone dial-up service. Though America Online now has 20 > times more members than @Home, it and other established Internet providers > fear the potential of an AT&T monopoly as people flock over to cable. > America Online does not want its members to have to choose between it and > greater speed; it wants to keep its members, whether they opt to dial in > via Bell Atlantic's phone line, satellite, or AT&T's cable line. The > "open access" proponents argue that it undercuts consumer choice and > desirable competition to have @Home as the sole cable-based portal to the > Web. They point to the long-distance telephone market as a regulatory > model, in which one company controls the wire into consumers' homes, but > consumers are still able to choose service providers, which in turn pay > the wire owner for their traffic. This is a compelling vision, and may > in time become the desirable model for federal policy. But the > Post-Gazette believes that it is premature to rush to such a judgment. > AT&T may yet conclude that it is best served by opening up its wires to > all players as a means of hastening Internet consumers' migration to > cable. There have been reports of talks between AT&T and AOL about such a > possibility, and AT&T management has made no secret of its mixed feelings > about being tied to @Home. Second, it may be too early to discount faster > DSL phone lines, satellite and wireless technologies as viable > alternatives to access the Net. But even if one ascribes to the view that > a forced "open access" is needed now, the fight should be taken up in > Congress and at the FCC. It is absurd to believe that policy crucial to > the Information Age's nervous system can be cobbled together > municipality-by-municipality. Pittsburgh should join such cities as > Seattle and Los Angeles that have declined to throw up roadblocks to the > timely rollout of what potentially will be one of many faster roads > online.

I'm worried about the commercial guys---they're in a "rock no boats" mode in anticipation of perhaps signing the 5-year deal. I'll let you know what Calger sez soon as he gets back to me. He's in a meeting. Best, Jeff Karen Denne 03/05/2001 04:34 PM To: Jeff Dasovich/NA/Enron@Enron cc: Subject: Re: Davis announces first round of long-term power contracts 30 days is hardly long-term.... i think we should call him on it. From: Jeff Dasovich on 03/05/2001 04:34 PM Sent by: Jeff Dasovich To: Karen Denne/Corp/Enron@ENRON, Susan J Mara/NA/Enron@ENRON, Sandra McCubbin/NA/Enron@Enron, [email protected], Christopher F Calger/PDX/ECT@ECT, Tim Belden/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Mary Hain/HOU/ECT@ECT, Joe Hartsoe/Corp/Enron@ENRON, Linda Robertson/NA/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON, Tom Briggs/NA/Enron@Enron, John Neslage/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James D Steffes/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, [email protected], Paul Kaufman/PDX/ECT@ECT, [email protected], Scott Govenar <[email protected]>, Harry Kingerski/NA/Enron@Enron, Richard B Sanders/HOU/ECT@ECT, Christian Yoder/HOU/ECT@ECT, Janel Guerrero/Corp/Enron@Enron cc: Subject: Davis announces first round of long-term power contracts FYI--Davis includes us as one of the companies he signed up. I'm only aware of a 30-day deal with an option to extend for 5 years (option ends toward the end of the month, as I understand it). Not aware of any other deals we've done with DWR at this time, though others are on the table----DWR's creditworthiness remains an issue. Best, Jeff Davis announces first round of long-term power contracts DON THOMPSON, Associated Press Writer Monday, March 5, 2001 ,2001 Associated Press (03-05) 12:31 PST SACRAMENTO (AP) -- The state has reached 40 long-sought long-term contracts and other agreements to keep power flowing to customers of two financially ailing utilities, Gov. Gray Davis announced Monday. The deals will supply an average of nearly 8,900 megawatts per year for Southern California Edison and Pacific Gas and Electric Co. customers over the next 10 years and let the state buy power for far less than it has been paying on the costly spot market, Davis said in a written statement. One megawatt is enough power for about 1,000 households. For the first five years, the contracts provide power at an average price of $79 per megawatt hour, about 75 percent below recent costs on the spot electricity market, Davis said. The price drops to an average of $61 per megawatt hour, about 80 percent below spot prices, he said. ``These agreements are the bedrock of a long-term energy solution,'' Davis said in remarks prepared for delivery Monday afternoon in Los Angeles. ``The provide reliability at a reasonable price.'' Some of the contract negotiations will result in accelerated power plant construction, adding an estimated 5,000 megawatts to the state grid within the next two years, some by this summer, Davis said. The contracts amount to 75 percent of the long-term deals the Davis administration has sought under a new law that lets the state spend an estimated $10 billion over a decade to buy power for Edison and PG&E customers. Davis has pitched such contracts as one way to lift California out of its energy crisis. Negotiations have taken longer than expected, however, as his administration and power providers haggled over how much the state should pay. The Davis administration wants to stop paying for power on the expensive spot market, where desperation to keep the lights on leads to inflated prices. On Friday, the state released another $500 million to continue making such purchases on behalf of the state's two big cash-strapped utilities, bringing its spending so far to some $3.2 billion since early January. The agreements announced Monday include more than 20 power suppliers, including electricity giants Duke Energy, Calpine, Dynegy, Enron and Reliant. Davis declined to release details on individual contracts. Duke Energy said it has reached a $4 billion, nine-year agreement to sell electricity to the state. The memorandum of understanding calls for Duke to provide 550 megawatts starting next Jan. 1. That's enough power for roughly 550,000 households. That amount would rise to 800 megawatts Jan. 1, 2003, enough electricity for the equivalent of 800,000 households. The contract would continue through 2010. ``We believe long-term contracts provide the critical underpinning for a stable electricity market and are happy the state is moving in that direction,'' Bill Hall, head of Duke's California operations, said in a written statement. The state is buying about one-third of the power used by the customers of Edison and PG&E. Both have been denied credit by suppliers who fear the financially troubled utilities won't pay for the power. California plans to recover those costs by issuing $10 billion in revenue bonds in May, with the rest of that money going to finance the cheaper, long-term power contracts. In addition to the long-term contracts, the Department of Water Resources has reached 11 agreements letting it buy a substantial amount of power on the day-ahead market, cutting the state's payment of premium prices on the real-time market, Davis said. A Stage 1 power alert was called Monday morning with reserves threatening to drop to 7 percent due to power plant maintenance and low electricity imports, said Patrick Dorinson, spokesman for the Independent System Operator. The ISO manages the state's power grid.

See the attached Contract Status matrix. All of the proposed agreements in the top half of the matrix also have been blessed, as have the Secondary Agreements.. ----- Forwarded by Barton Clark/HOU/ECT on 02/22/2001 12:19 PM ----- Barton Clark 02/21/2001 08:48 PM To: [email protected], [email protected] cc: Subject: Stone and Webster/Black & Veatch/Other Development Agreements FYI, attached are the forms of design and engineering contracts for the Ft.Pierce project. The Technical Design Services Agreement will be cloned - one for the Facility improvements and one for the King Plant improvements, and the Black & Veatch agreement relates to design of the transmission upgrades. The two Technical Design Services Agreements ( with Stone and Webster ) will be amended and restated to be full blown Turbo Park compliant EPC contracts ( covering procurement and construction, as well as design ) with Stone and Webster ( assuming its estimate and delivery date are acceptable), at the time the project goes into Turbo Park. The Black & Veatch agreement will not be bifurcated, as Black & Veatch will not be the EPC contractor, but we will expect the EPC contractor for the transmission improvements to warrant the work. One issue we have is how to get Black & Veatch to give a Turbo Park compliant transmission improvements design warranty, but we may be able to get the EPC contractor to warrant the design and the improvements ( Turbo Park did not raise this issue, but it may in the future, so we need to be thinking about that ). The Black & Veatch agreement also may be assigned to FPUA, along with the transmission upgrades EPC contract, as FPUA will own the transmission improvements and supervise their construction. The reason for bifurcating the agreements is to allow work on "soft cost" items to proceed now - as required to keep the project on schedule - until we can close the deal with FPUA/FMPA and get into Turbo Park, where the "hard cost" procurement and construction expenditures can be made without putting the project on balance sheet. I'll forward the form Turbo Park EPC Contract under separate cover. Sorry about the late deliveries, but maybe you will be able to pick these up in the am. ----- Forwarded by Barton Clark/HOU/ECT on 02/21/2001 08:37 PM ----- Barton Clark 02/08/2001 04:43 PM To: David Fairley/HOU/ECT@ECT, Mathew Gimble/HOU/ECT@ECT, Bruce Golden/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Darrell Stovall/NA/Enron@Enron, George McCormick/HOU/ECT@ECT cc: Lisa Bills/Enron@EnronXGate, Catherine Clark/Enron@EnronXGate, Roseann Engeldorf/Corp/Enron@ENRON, Herman Manis/Corp/Enron@ENRON Subject: Stone and Webster/Black & Veatch/Other Development Agreements Attached are Turbo Park and accounting "approved" forms of the Technical Design Services Agreement between FPRP and Stone & Webster ( TDSA) and the Agreement for Professional Engineering Services between FPRP and Black & Veatch ( B&V Agreement). Each form has to now be fashioned to reflect the business deal/payment terms/etc. Note that the Scope of Work on the TDSA underwent substantial modification to conform with 97-10 requirements, and the attached draft Scope of Work only deals with the Facility ( as defined in the TDSA ), and not the "improvements" ( which term was included in the draft Tasking Letter from which the Scope of Work was fashioned).I assume we will need to "clone" this TDSA except for a different Scope of Work description to deal with such "improvements" other than the Facility ( ie, I assume these are the King Plant improvements). The TDSA is calculated to put as much of the Turbo Park-approved EPC in front of Stone & Webster at the earliest possible date, so that the amendment and restatement of the TDSA to make it a full blown Turbo Park EPC Contract will be more straightforward. Right now, it is contemplated FPRP would assign its interests as Construction Manager under the TDSA to ENA, and the TDSA would be concurrently amended and restated as set forth above, both at the time the FPRP goes into Phase II of Turbo Park. At the time FPRP goes into Phase I of Turbo Park, I believe the TDSA can remain an FPRP obligation ( like any other development agreement signed by a project entity that is subsequently transferred into Turbo Park). Since the TDSA now only involves soft cost expenditures, FPRP can sign it as soon as it is negotiated and agreed by Stone & Webster and before it goes into Phase I of Turbo Park. The B& V Agreement, which was modeled on Black & Veatch's agreement with FPUA, also can be signed prior to going into Phase I as soon as it is negotiated with Black & Veatch. Like the TDSA, there are commercial terms that need to be added. It was modeled on the FPUA Black & Veatch Agreement because that should speed negotiation with B & V on its terms, and we may want to assign the B & V Agreement to FPUA ( and they too would be comfortable with its terms). My understanding is that FPUA is supervising the transmission work and will be driving the design and engineering of the transmission facilities, so it may make sense for FPRP to assign the B & V Agreement to FPUA and simply retain the obligation to pay B & V ( up to a cap). I also have attached a revised version of the spreadsheet Mathew prepared listing FPRP contracts already entered into by FPRP ( the so-called secondary development agreements) and those proposed to be entered into before we go into Phase I of Turbo Park. Herman and Lisa, let me know which of the secondary agreements you have not previously reviewed ( those marked NO re your review ) that you need to review, and I will endeavor to furnish them to you. Let me know if you have any questions.

Thought you might be interested in this feedback from a recent conference. Regards, Jeff -----Original Message----- From: Kabel, Jeff Sent: Thursday, June 21, 2001 1:36 PM To: Thomas Sfikas/ENRON@enronXgate@ENRON; Steel Distribution Cc: McMahon, Jeffrey; Bowen Jr., Raymond Subject: RE: Steel Stradegies Conference - NYC 06/20/01 I am in complete agreement with the below (except I think the applause for our demise was, unfortunately, rather more aggressive!!). This was my first exposure to the non-European Steel players and found myself quite amazed at the few number of "public" advocates that we had at the conference in consideration of what we are offering. The one-on-one contact with the attendees was completely the opposite. We talked with a broad and numerous set of people who, coming to the booth as sceptics (they think that were are in the market just to grab the physical business), left with cards in hand and future risk management meetings in mind. Big buyers (eg GE, Emerson) and consultants (eg Accenture, McK, etc) were particularly receptive and should be courted as public advocates for what we are doing. Jeff -----Original Message----- From: Thomas Sfikas/ENRON@enronXgate@ENRON [mailto:[email protected]] Sent: 21 June 2001 17:05 To: Steel Distribution Cc: McMahon, Jeffrey; Bowen Jr., Raymond Subject: Steel Stradegies Conference - NYC 06/20/01 Yesterday, during the Panel V discussion, "Why Have Steel Middlemen Gone From The Most Threatened To Best Positioned", we got some direct feedback on the perception of Enron in the marketplace. The participants were, Fred Lamesh CEO of Trademarked Inc., Michael Siegel, CEO of Olympic Steel, Bud Siegel, CEO of Russell Metals, and Wilfred von Bulow, CEO of Ferrostaal Inc.; the moderator was Peter Marcus, Managing Partners of World Steel Dynamics. Each participant gave a brief speech about their respective companies which was followed by a Q&A session. The first mention of Enron was during Michael Siegal's speech in which he mentioned that Olympic Steel had "sold material to Enron" and that "Enron has recognized that steel is a commodity and for many countries represents currency." Michael was clearly proud of his transactions with Enron and agreed with our view of steel as a commodity. The real feedback came during the Q&A. Peter Marcus posted the following question to the panelists. "What about Enron? With their plan of entering the market with a number of hubs across the country, stocking material, with large scale distribution on a "spot" basis. Will this business model work? Do they offer any real value or not?" Following are the respective responses as best I can reiterate from my notes ( please don't quote me on this): Fred Lamesh, TradeArbed: "The concept is too new to make a judgment yet on credibility. Enron has certainly been successful in the past and should not be discounted. I question their ability to procure material at competitive enough levels to make this a profitable venture but there may be some value in their delivery of financial instruments." Michael Siegal, Olympic Steel: "Enron certainly has the financial means to withstand a "break even" business to support their financial instruments. At this point, we view them as just another entity in the market and until we can evaluate their performance, it is difficult to determine value. I am concerned though that they will prop up under capitalized distributors and allow them to operate despite mismanagement. One interesting and unique concept that they are trying to bring to the industry though is the idea that a contract is a contract, with liquidated damages for non performance. That would certainly be change (sporadic laughter among the crowd)." Bud Siegel, Russell Metals: "I addressed the Enron question last night during dinner and was told that I was abusive to the young lady from Enron (Tammy, I later understood that you had a less than cordial conversation with Bud the previous evening). I am calling Enron the "Hunts of the steel business" with their idea of buying up the market. The whole concept is like Swiss cheese. You can not put up depots, buy from steel mills, and expect to sell the same steel to distributors cheaper than the mills themselves. The logistical expenses alone guarantee failure. You can not be everything to everyone. Considering the current state of under financing in this industry, they will inevitably end up financing bankrupt people and take credit hits. Without immediate success, Enron has been known to exist markets quickly in the past, and I believe they will be gone within the year."(some sporadic applause) Wilfried von Bulow, Ferrostaal: "Right now they are just another additional player in the market. They will certainly have an impact but it would not be pragmatic to make a judgment yet on their ability to succeed. Let's watch it and see if there is any value to what they are trying to bring to the market." It appears to me that the focus on Enron in the market right now continues to be more on the physical aspects of what we are doing and not enough emphasis or credibility is being given to the financial tools we are bringing. It is obviously very easy to poke holes in a concept of trading large volumes of physical steel on a "spot" basis through the set up of physical hubs around the country. In the end, the only way we will be successful will be by bringing liquidity to our index through financial instruments. We need to focus more on educating customers about our financial tools, developing our curve, and bringing players to the market.

Total Trades for Day 334 EOL Trades for Day 184 ICE Trades 51 EPMI ICE Trades 8 EOL Deals From: 11/01/2001 To: 11/20/2001 EnPower From: 11/01/2001 To: 11/20/2001 Desk Total Deals Total MWH Desk Total Deals Total MWH EPMI Long Term California 582 9,825,856 EPMI Long Term California 56 2,013,529 EPMI Long Term Northwest 306 4,335,200 EPMI Long Term Northwest 138 3,635,854 EPMI Long Term Southwest 378 8,612,991 EPMI Long Term Southwest 241 16,728,723 EPMI Short Term California 1,508 1,984,552 EPMI Short Term California 544 1,243,338 EPMI Short Term Northwest 872 1,022,960 EPMI Short Term Northwest 375 638,357 EPMI Short Term Southwest 1,112 1,528,144 EPMI Short Term Southwest 586 2,306,551 Real Time 1,075 27,475 Real Time 439 38,577 Grand Total 5,833 27,337,178 Grand Total 2,379 26,604,929 EOL Deals From: 11/20/2001 To: 11/20/2001 EnPower From: 11/20/2001 To: 11/20/2001 Desk Total Deals Total MWH Desk Total Deals Total MWH EPMI Long Term California 40 834,000 EPMI Long Term California 0 0 EPMI Long Term Northwest 27 376,000 EPMI Long Term Northwest 20 31,368 EPMI Long Term Southwest 12 140,800 EPMI Long Term Southwest 4 10,105 EPMI Short Term California 29 39,904 EPMI Short Term California 35 56,557 EPMI Short Term Northwest 6 7,400 EPMI Short Term Northwest 19 25,200 EPMI Short Term Southwest 24 24,600 EPMI Short Term Southwest 40 179,120 Real Time 46 1,150 Real Time 31 1,840 Grand Total 184 1,423,854 Grand Total 149 304,190 EOL Deals From: 11/20/2001 To: 11/20/2001 EOL Deals From: 11/20/2001 To: 11/20/2001 Long Term West Management Total Deals Total MWH Short Term West BOM Total Deals Total MWH Daily 0 0 Daily 0 0 Month-to-Date EOL 9 2,200 Month-to-Date EOL 0 0 Enpower daily deals 0 0 Enpower daily deals 0 0 Month-to-Date Enpower 2 2,003 Enpower daily deals 0 0 EOL Deals From: 11/20/2001 To: 11/20/2001 EPMI California Services Total Deals Total MWH Daily 0 0 Month-to-Date 0 0 Enpower daily deals 0 0 ICE Volumes From: 11/20/2001 To: 11/20/2001 Delivery Point Total MWH EPMI MWH Price Cob (OP, Next Day) 1,000 0 $ 18.00 Mid C (HE 1700) 50 0 $ 18.00 Mid C (P, Next Day) 7,200 0 $ 17.83 Mid C (OP, Next Day) 9,000 0 $ 16.40 Mid C (P, Dec-01) 100,000 0 $ 30.57 Mid C (P, Mar-02) 10,400 0 $ 30.25 Mid C (P, Jul-02) 10,400 0 $ 32.25 Mid C (P, Sep-02) 9,600 0 $ 41.25 Mid C (P, Q1 02) 30,400 0 $ 31.50 Mid C (P, Q2 02) 30,800 0 $ 27.00 NP-15 (HE 1000) 50 0 $ 22.25 NP-15 (HE 1100) 50 0 $ 21.75 NP-15 (HE 1200) 50 0 $ 21.75 NP-15 (HE 1300) 25 0 $ 21.00 NP-15 (HE 1600) 25 0 $ 19.00 NP-15 (HE 1700) 50 50 $ 23.75 NP-15 (HE 1800) 50 0 $ 22.88 NP-15 (P, Next Day) 12,800 0 $ 22.31 NP-15 (OP, Next Day) 6,000 0 $ 19.25 NP-15 (P, Bal Month) 2,000 0 $ 25.25 NP-15 (OP, Bal Month) 1,600 0 $ 20.50 NP-15 (OP, Dec-01) 8,600 0 $ 26.00 NP-15 (P, Dec-01) 40,000 0 $ 33.00 Palo (HE 0900) 25 0 $ 17.00 Palo (P, Next Day) 16,800 4,000 $ 19.99 Palo (OP, Next Day) 3,000 1,000 $ 13.75 Palo (P, Bal Month) 10,000 0 $ 22.50 Palo (OP, Dec-01) 8,600 0 $ 18.75 Palo (P, Dec-01) 80,000 0 $ 27.81 Palo (P, Jan-02) 31,200 0 $ 30.57 Palo (P, Mar-02) 8,200 0 $ 21.25 Palo (P, May-02) 20,800 0 $ 34.38 Palo (P, Jun-02) 10,000 0 $ 43.25 Palo (P, Jul-02) 10,400 0 $ 55.00 Palo (P, Aug-02) 21,600 0 $ 60.63 Palo (P, Q3 02) 92,400 0 $ 55.08 Palo (P, Q2 03) 30,800 0 $ 38.75 Palo (P, Q3 03) 61,600 0 $ 57.38 SP-15 (HE 1000) 50 0 $ 19.00 SP-15 (HE 1100) 25 0 $ 21.00 SP-15 (HE 1200) 50 0 $ 19.75 SP-15 (HE 1300) 50 0 $ 21.38 SP-15 (HE 1400) 50 0 $ 21.38 SP-15 (HE 1700) 50 0 $ 21.38 SP-15 (HE 1800) 50 50 $ 19.75 SP-15 (HE 1900) 50 50 $ 23.25 SP-15 (P, Next Day) 28,800 0 $ 22.75 SP-15 (OP, Next Day) 7,000 0 $ 18.11 SP-15 (P, Bal Month) 4,000 0 $ 24.75 SP-15 (P, Dec-01) 30,000 0 $ 30.50 SP-15 (P, Q1 02) 60,800 0 $ 32.25 Grand Total 816,550 5,150 $ 1,373.08

North America's integrated electricity market requires cooperation on environmental policies Commission for Environmental Cooperation releases working paper on North America's electricity market Montreal, 27 November 2001 -- The North American Commission for Environmental Cooperation (CEC) is releasing a working paper highlighting the trend towards increasing trade, competition and cross-border investment in electricity between Canada, Mexico and the United States. It is hoped that the working paper, Environmental Challenges and Opportunities in the Evolving North American Electricity Market, will stimulate public discussion around a CEC symposium of the same title about the need to coordinate environmental policies trinationally as a North America-wide electricity market develops. The CEC symposium will take place in San Diego on 29-30 November, and will bring together leading experts from industry, academia, NGOs and the governments of Canada, Mexico and the United States to consider the impact of the evolving continental electricity market on human health and the environment. "Our goal [with the working paper and the symposium] is to highlight key environmental issues that must be addressed as the electricity markets in North America become more and more integrated," said Janine Ferretti, executive director of the CEC. "We want to stimulate discussion around the important policy questions being raised so that countries can cooperate in their approach to energy and the environment." The CEC, an international organization created under an environmental side agreement to NAFTA known as the North American Agreement on Environmental Cooperation, was established to address regional environmental concerns, help prevent potential trade and environmental conflicts, and promote the effective enforcement of environmental law. The CEC Secretariat believes that greater North American cooperation on environmental policies regarding the continental electricity market is necessary to: * protect air quality and mitigate climate change, * minimize the possibility of environment-based trade disputes, * ensure a dependable supply of reasonably priced electricity across North America * avoid creation of pollution havens, and * ensure local and national environmental measures remain effective. The Changing Market The working paper profiles the rapid changing North American electricity market. For example, in 2001, the US is projected to export 13.1 thousand gigawatt-hours (GWh) of electricity to Canada and Mexico. By 2007, this number is projected to grow to 16.9 thousand GWh of electricity. "Over the past few decades, the North American electricity market has developed into a complex array of cross-border transactions and relationships," said Phil Sharp, former US congressman and chairman of the CEC's Electricity Advisory Board. "We need to achieve this new level of cooperation in our environmental approaches as well." The Environmental Profile of the Electricity Sector The electricity sector is the single largest source of nationally reported toxins in the United States and Canada and a large source in Mexico. In the US, the electricity sector emits approximately 25 percent of all NOx emissions, roughly 35 percent of all CO2 emissions, 25 percent of all mercury emissions and almost 70 percent of SO2 emissions. These emissions have a large impact on airsheds, watersheds and migratory species corridors that are often shared between the three North American countries. "We want to discuss the possible outcomes from greater efforts to coordinate federal, state or provincial environmental laws and policies that relate to the electricity sector," said Ferretti. "How can we develop more compatible environmental approaches to help make domestic environmental policies more effective?" The Effects of an Integrated Electricity Market One key issue raised in the paper is the effect of market integration on the competitiveness of particular fuels such as coal, natural gas or renewables. Fuel choice largely determines environmental impacts from a specific facility, along with pollution control technologies, performance standards and regulations. The paper highlights other impacts of a highly competitive market as well. For example, concerns about so called "pollution havens" arise when significant differences in environmental laws or enforcement practices induce power companies to locate their operations in jurisdictions with lower standards. "The CEC Secretariat is exploring what additional environmental policies will work in this restructured market and how these policies can be adapted to ensure that they enhance competitiveness and benefit the entire region," said Sharp. Because trade rules and policy measures directly influence the variables that drive a successfully integrated North American electricity market, the working paper also addresses fuel choice, technology, pollution control strategies and subsidies. The CEC will use the information gathered during the discussion period to develop a final report that will be submitted to the Council in early 2002. For more information or to view the live video webcast of the symposium, please go to: http://www.cec.org/electricity. You may download the working paper and other supporting documents from: http://www.cec.org/programs_projects/other_initiatives/electricity/docs.cfm?varlan=english. Commission for Environmental Cooperation 393, rue St-Jacques Ouest, Bureau 200 Montr?al (Qu?bec) Canada H2Y 1N9 Tel: (514) 350-4300; Fax: (514) 350-4314 E-mail: [email protected]

Thank you. On the SDEC: this is no longer an '02 play. To keep it as an '03 play three things need to happen: (1) we need to move our application for an Unusual Use Permit from the jurisdiction of the Community Zoning Appeals Board ("CZAB") to the Board of County Commissioners. The CZAB is a parochial board that is stacked with NIMBY's. We have been doing our assessment of the communities and after weeks of investigation we have concluded that if we go before the CZAB, we feel we will be facing sudden death. However, if we go before the County Commissioners, we will have a very good chance of success. The vehicle we propose to use to change the jurisdiction is something called an Application of Vested Rights. As I understand it, (I'm getting info on this today), this is a statement that says that a property owner is being prevented from any use of his property. This application needs to be submitted to the county before June 6th, the date of our CZAB hearing. (2) we will need to negotiate an arrangement with Dade County Department of Environmental Resources Management ("DERM") who is responsible for ensuring that the land fill be closed. They have been pushing the owner of the property to initiate the closure work. The land owner, Certrosa Holdings, is a single asset company and the sole owner lives in Venezuela. If we were not in the picture, I believe Certrosa Holdings would most likely default on the obligation to close the landfill leaving the county to clean it up (at $3 to 4 million). To keep this as an '03 play we will need to get DERM to agree to post pone the closure proceedings for at least a year and we will need provide some assurances that if we do exercise the option and get in the chain of title that we would assume the obligation to close the landfill. We may need to initiate this conversation in the next 2 to 3 weeks. (3) we will need to extend the Option Agreement which expires on September. The strike price for this property is approximately $1.3 million and we paid $200,000 for a 9 month option last October (when the rules were soft costs could not exceed 5% of the total project cost of $175 million). Based on the success of (1) and (2) above, we may need to initiate this discussion in the next 2 to 3 weeks as well. On the Medley - Dunn discussions: As you know, when Ann Elizabeth and I left the the Dunns, last month, they had two deal breakers: (a) they wanted a committment on our part that we would pay a certain amount of taxes to the town and not go for a tax abatement. (we said the taxes and any arrangement we make with the town would not involve the Dunns) (b) they wanted us to assume all past and present environmental liabilities. We said no to both conditions and halted discussions. I have heard from the real estate agent representing the Dunns that they are considering giving on both these items. If we structured an arrangement where we did a phase 2 environmental assessment during a 60 to 90 day "due diligence" period (rather than in an option period or under a 90 day lease), gave both parties the chance to opt out of the deal based on the results of the phase 2; and, we change the agreement back to the way it was in the last Andrew & Kurth draft which was silent on the issue of historical environmental liability and liability from environmental problems that arise in the future but are not the result of our operations. Would this arrangement give us adequate protection and give us the right to sue if necessary to have the Dunns or any other responsible party help pay for any clean up? If this is something we can work with, we need to have a conversation with the Dunn's attorney. What do you think? -----Original Message----- From: Mann, Kay Sent: Wednesday, May 23, 2001 11:03 AM To: Krause, Greg Subject: RE: AEW's backup Greg, You can call me on whatever you have, including Midway, SDEC and Medley Dunn. If I have a problem getting to something, I'll find help. Kay From: Greg Krause/ENRON@enronXgate on 05/23/2001 10:50 AM To: Kay Mann/Corp/Enron@Enron cc: Subject: RE: AEW's backup Kay, Ann Elizabeth did not provide a designated hitter for the South Dade Energy Center (Dade Development Company LLC is Optionee, Certosa Holdings is Optionor) nor did she provide one for tne Medley Dunn project. I have been told that the Dunns are considering backing off their ultimatums that they gave Ann Elizabeth and I regarding taxes to the town and assumption of enviromental liability. Who do I talk to about the Dunn contract while Ann Elizabeth is out? -----Original Message----- From: White, Ann Elizabeth Sent: Tuesday, May 22, 2001 10:33 PM To: [email protected]; Krimsky, Steven; Ben Jacoby/HOU/ECT@ENRON; Carnahan, Kathleen Cc: Milligan, Taffy Subject: AEW's backup Kay Mann is the designated hitter for the Pompano and Deerfied projects while I'm on vacation. I've given her a down load of the status of Greg and Steve's projects. Chris Boehler at A&K will be the designated hitter for Midway. I'm not going to check my voice mail while I'm gone but, if necessary, here are the contact numbers while I'm gone. Walter and Marlena Schilling 011-49-8218-89351 [email protected] Monika and Bernhard Steinacher 011-49-8232-8932 [email protected] If you call, Walter and Bernhard and Bernhard's daughter, Susanne, speak very good English. Monika's isn't bad. Marlena may get flustered and hang up on you. Best of luck at Deerfield and hope to see Pompano on track when I get back in the office on June 11th. Kay is planning on going to Florida on June 12 for the moratorium hearing and the rezoning hearing.

Sue Mara Enron Corp. Tel: (415) 782-7802 Fax:(415) 782-7854 ----- Forwarded by Susan J Mara/NA/Enron on 05/01/2001 05:27 PM ----- "Chris Micheli" <[email protected]> 04/30/2001 06:19 PM To: "Susan McCabe" <[email protected]>, "Sue Mara" <[email protected]>, "Steven Kelley" <[email protected]>, "Steve Ponder" <[email protected]>, "Stephanie Newell" <[email protected]>, "Scott Sadler" <[email protected]>, "Scott Govenar" <[email protected]>, "Sandi McCubbin" <[email protected]>, "Ron Tom" <[email protected]>, "Roger Pelote" <[email protected]>, "Robert Ross" <[email protected]>, "Rina Venturini" <[email protected]>, "Richard Hyde" <[email protected]>, "Rachel King" <[email protected]>, "Phil Isenberg" <[email protected]>, "Paula Soos" <[email protected]>, "Mike Monagan" <[email protected]>, "Maureen O'Haren" <[email protected]>, "Marie Moretti" <[email protected]>, "Lynn Lednicky" <[email protected]>, "Kent Palmerton" <[email protected]>, "Katie Kaplan" <[email protected]>, "Kassandra Gough" <[email protected]>, "Julee Ball" <[email protected]>, "John Stout" <[email protected]>, "John Larrea" <[email protected]>, "Joe Ronan" <[email protected]>, "Jeff Dasovich" <[email protected]>, "Jean Munoz" <[email protected]>, "Jan Smutny Jones" <[email protected]>, "Jack Pigott" <[email protected]>, "Hedy Govenar" <[email protected]>, "Greg Blue" <[email protected]>, "Fred Pownall" <[email protected]>, "Delaney Hunter" <[email protected]>, "Chuck Cole" <[email protected]>, "Bev Hansen" <[email protected]>, "Anne Kelly" <[email protected]>, "Andy Brown" <[email protected]>, "John Norwood" <[email protected]>, "Pete Conaty" <[email protected]>, "Matt Kilroy" <[email protected]>, "Cary Rudman" <[email protected]>, "Carolyn McIntyre" <[email protected]>, "Barbara LeVake" <[email protected]>, "Pat Pape" <[email protected]>, "Mohammed Alrai" <[email protected]>, "Kent Robertson" <[email protected]>, "Katherine Potter" <[email protected]>, "Juan Rodriguez" <[email protected]>, "Eileen Koch" <[email protected]>, "Bill Highlander" <[email protected]>, "Aymee Ramos" <[email protected]> cc: Subject: SB 1x hearing today As you may know, SB 1x (Soto/Scott) passed the Senate Appropriations Committee by an initial vote of 7-3 (the bare minimum). Senator Soto said that the Legislature must make a "bold proposition" with this bill. She said that this experience is "like no consumer has been gouged before." The Legislature must cap rates. This bill guarantees a generous profit to generators. Senator Scott said that these generator profits have been gained off of consumers. According to FERC, over $500 million in excess profits have been reaped. Californians have been "royally mistreated" by generators. This "money has left the state (to Texas and other places)." This bill is the only solution. The PUC can change the $80 rate. Based upon the January Field Poll, Californians support this concept. We have to "stand up to the generators and say no more." Supporters were: TURN and CTRA (Lenny Goldberg). Lenny said that the FERC will not give any relief to CA ratepayers, so the Legislature has to. This bill needs to be combined with the power authority by Senator Burton to hold prices down. Other supporters of the bill included: Congress of CA Seniors; CalPIRG; CA Consumer Federation; CA Labor Federation; SEIU; Public Power Now. SEIU (public employee union) said that this bill is "the only way to put caps on rates." Opponents were CMTA ("this is the wrong medicine for solving the problem"); WSPA (does nothing to resolve the shortage of energy; we should be doing bills to stimulate greater investment in supply); Intergen said that they are looking at California market, but will not build with this bill out there. CA Wind Energy Assn (QFs oppose this bill because the rate is too low); and IEP (most productive answer to our problem is the build power plants). Senator Battin said that the price cap is lower than some of the Governor's long-term contracts at $86 per hour. Senator Scott said that the munis are, indeed, covered by the bill. He also said that the PUC can change the rates contained in this bill. Scott also said that the PUC can exempt renewables under the bill. Senator Bowen stated that the $80 figure should be removed from the bill ("this price may be inappropriate"). She suggested using the "FERC proxy price." She suggested that they look at an exemption for contracts with the state. She saw no reason to exempt the renewables because they would make a bundle with an $80 cap. Senator Poochigian said he was concerned about the majority vote issue (because this bill is allegedly revenue neutral). Scott said all of the money raised by the bill will go to ratepayers. He said that Legislative Counsel gave him an opinion (I don't know if it is written or verbal) that this scheme was permitted. Poochigian said it was ironic that the PUC was being given the authority to set rates under this bill. Senator Scott stated that they would take as an author's amendment to exclude all long-term contracts from the provisions of this bill. Next stop for the bill is the Senate Floor. Chris Micheli, Esq. Carpenter Snodgrass & Associates 1201 K Street, Suite 710 Sacramento, CA 95814 (916) 447-2251 FAX: (916) 445-5624 EMAIL: [email protected]

This is great info and very helpful. Thanks a million. I'll likely be getting back to you. Best, Jeff James D Foster@EES 03/16/2001 08:49 AM To: Jeff Dasovich/Na/Enron@ENRON cc: Catherine Woods/DUB/EES@EES Subject: Re: More Inquiries From CA PUC re: Switching customers back to LDC Good Morning Jeff, Catherine is out of the office until Tuesday 3/20/01. Not wanting to keep you waiting for a reply, I thought it best to give you some feedback immediately. The great majority of CAD's customers in CA are core. CAD does not knowingly terminate any current customer prior to their expiration date. The reasons why CAD's customers are turned back to the utility are as follows: 1) Upon receiving renewal pricing from the CAD rep, the customer chooses to return to the utility. 2) Understanding that the current minimum margin per meter for our customers is approximately $300, those customers that have extremely low annual volumes are sent attrition letters and turned back to the LDC, at the end of their contract. We cannot competitively price this type of customer versus the utility, and extract enough margin to support them. Currently in the California markets (PG&E, SDG&E, & SOCAL) , there exists approximately 50 customers that have usages so low that given current market conditions, we will not choose to renew the contracts. The expiration dates for these are between 5/30/2001 and 2/28/2005. 3) The customer initiates a request for termination prior to the end of their contractual expiration date. As we are all aware, California customers, specifically those with either an index or NYMEX product, experienced a large swing in their pricing during the past few months. CAD has been inundated with customers requesting to be returned to their LDC. Although we seek to satisfy our customer to the best of our ability, returning these customers to the utility is the LAST thing we want to do!!!!!!! The steps we have taken to address this issue is to: a) work with customer service/credit to offer extended payment options to ease the effect of the increase. b) offer to restructure the customer's contract, and reprice the customer on a fixed price product; minimizing their risk going forward. c) explain to the customer, in more detail, the reasons why this has occurred, and how, going forward, the index/NYMEX pricing has eased. Should you have additional questions, please reply or call. -Jim From: Jeff Dasovich@ENRON on 03/15/2001 04:50 PM CST Sent by: Jeff Dasovich@ENRON To: Catherine Woods/DUB/EES@EES, Dennis Harris/DUB/EES@EES, James D Foster/DUB/EES@EES cc: Roger O Ponce/HOU/EES@EES, Catherine Woods/DUB/EES@EES, James D Steffes/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Karen Denne/Corp/Enron@ENRON, [email protected], Paul Kaufman/PDX/ECT@ECT, Harry Kingerski/NA/Enron@Enron, Peggy Mahoney/HOU/EES@EES, [email protected], [email protected], Leslie Lawner/NA/Enron@Enron, Rebecca W Cantrell/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT, Shelley Corman/Enron@EnronXGate, Mike D Smith/HOU/EES@EES Subject: More Inquiries From CA PUC re: Switching customers back to LDC Greetings: Recall that about 3 weeks we got a call from a CA PUC staffer asking whether we'd switched a particular gas customer (or two) back to the LDC. We looked into it and discovered that we'd mistakenly switched the customer back due to a mix up about the fact that the customer had two active meters behind two different utilities. We informed the PUC staffer of the mix-up and explained that the situation would be resolved. The questions from the staffer arose because the CA PUC made a bad decision a couple of months ago. When gas prices ran up at the California border a lot of large ("noncore") customers attempted to switch back to the utility tariff in the hope of lowering gas costs. In response, SoCalGas filed with the Commission asking the PUC to prohibit customers from switching back. The Commission agreed and put the prohibition in place. The Commission is now concerned that if suppliers terminate their contracts with customers (for whatever reason), or choose not to renew the contracts when they expire, customers won't have the option of returning to LDC service. Today, I received a letter from the President of the Commission asking me to respond to the following: Have you "stopped selling and delivering natural gas to any non-core customers with whom you have an existing procurement contract, or...notified any of your non-core customers that you do not intend to renew an existing natural gas commodity procurement contract. If your company has stopped or intends to stop serving non-core customers, the CPUC also needs to know how many contracts you have terminated or expect to terminate the natural gas volumes involved the location of the non-core customer(s) the reason(s) your company intends or has already acted to terminate those contracts." There's a good chance that the letter from the President of the Commission is linked to the fact that we've recently switched our electricity customers back to utility service in California. Prior to deciding whether and how to respond to the Commissioner, I'm trying to get handle on whether we're re-sourcing any gas retail customers to the utility prior to expiration, choosing not to renew contracts once they've expired, etc. Catherine, or Jim Foster, can you help out? Thanks. Best, Jeff

FYI. Finally the Chairman speaks the truth. Jim ----- Forwarded by James D Steffes/NA/Enron on 01/21/2001 12:25 PM ----- Mary Hain@ECT 01/19/2001 05:45 PM To: James D Steffes/NA/Enron@Enron, [email protected], Tracy Ngo/PDX/ECT@ECT, Christian Yoder/HOU/ECT@ECT, Joe Hartsoe@Enron cc: Subject: In formal, opinion Hoecker calls for FERC to enjoin California state action I wonder if a court would give this any credence? ---------------------- Forwarded by Mary Hain/HOU/ECT on 01/19/2001 03:51 PM --------------------------- Alan Comnes 01/19/2001 12:58 PM To: Tim Belden/HOU/ECT@ECT, [email protected], Susan J Mara/NA/Enron@ENRON, Paul Kaufman/PDX/ECT@ECT, Jeff Dasovich/NA/Enron@Enron cc: Subject: Hoecker's Last Word:Calif Must Adopt 'Realistic' Pwr Plan Nice final flame! Hoecker's Last Word:Calif Must Adopt 'Realistic' Pwr Plan 01/19/2001 Dow Jones Energy Service (Copyright (c) 2001, Dow Jones & Company, Inc.) WASHINGTON -(Dow Jones)- California officials have shown "bald disregard" for Federal Energy Regulatory Commission authority and are pursuing short-sighted policies that will push the state's two largest utilities over the brink and into bankruptcy, FERC Chairman James Hoecker said Thursday. The remarks by Hoecker, who resigned as chairman effective Thursday, came in a highly unusual formal opinion in what represents his blistering last words on the rapidly unraveling power crisis in California. Hoecker lambasted Gov. Gray Davis and state policymakers for allowing the state's power crisis to finally succumb to rolling blackouts. State officials ignored the commission's Dec. 15 market-restructuring order and instead embraced "conspiracy theories, resistance to more realistic rates, and calls for palliative price caps...to obscure the issues and delay solutions," Hoecker said. White House-brokered negotiations to develop power-supply contracts as part of a near-term solution are at an impasse due to "unrealistic" demands by Gov. Davis that power providers agree to contracts at rates below their cost of production, Hoecker said. He further called for Davis and lawmakers to relent in their unrealistic position that retail rates continue to be frozen at below-present-cost, pre-1996 levels. Unless state officials agree to pursue realistic policies, Edison International's Southern California Edison Co. (EIX) and PG&E Corp.'s Pacific Gas & Electric Co. (PCG), will be pushed into bankruptcy by following the state's flawed market-restructuring law, Hoecker said. "Perhaps bankruptcy can be averted. If it cannot, perhaps it will force debtors, creditors and state officials to address the financial problems of utilities in a new light, without recrimination and posturing," he said. "Let's be realistic," Hoecker said. "Wall Street and consumers share one critical trait: Without a reasonable, technically defensible and comprehensive set of solutions to such crises, they have no basis for confidence that problems can or will be managed or confidence to support investment on one hand and political forbearance on the other." Hoecker called for state officials to "expeditiously" implement the provisions of FERC's Dec. 15 order. In particular, he said, the California Power Exchange is making the financial situation worse by ignoring the order's provision calling for suspension of the single-price auction when prices bid exceed $150 per megawatt-hour. "Prices above the level allowed in the Dec. 15 order (have) further jeopardized the financial status of California utilities," he said. Reaching a deal on forward contracts, as called for in FERC's order, is essential, Hoecker said. "An arbitrary bottom-line solution cannot be prescribed without regard to costs," he said. But Hoecker reserved perhaps his harshest criticism for the state's first legislative response to the crisis, which Davis signed into law Thursday, to replace the California Independent System Operator's industry-participant governing board with a board of political state appointees. Such mixing of markets and politics on the ISO, a FERC-jurisdictional entity, represents "an unacceptable intrusion...into federally regulated power markets," Hoecker said. Further, he said, FERC made "mistakes" in allowing AB 1890, the state's electricity restructuring law, to usurp the commission's regulatory authority over wholesale power markets in the first place. "Because the state is now clearly a market participant, the independence of the (ISO) board is bound to be compromised. Consequently, the state's decisions are no longer entitled to the kind of deference we have accorded it since AB 1890," Hoecker said. "More than that, this action evinces a bald disregard for federal jurisdiction and a rejection of cooperative solutions (called for in FERC's Dec. 15 restructuring order)," Hoecker said. "I recommend that the commission seek to enjoin this technically flawed and unlawful usurpation of its authority." Hoecker rejected the state's continuing call for firm price caps in the region. "Price caps will only jeopardize reliability, mask problems temporarily, and deter or destroy any chance to solve the long-term supply challenge," he said. Hoecker urged an urgent response by policymakers, regardless of whether the utilities enter bankruptcy. "We cannot...keep moving from one failure to the next, with no agreed-upon objectives. The governor's stated plans are unrealistic and ours' cannot be fully implemented without his help," Hoecker concluded. "I urge state policymakers to reject the false illusion that going it alone will serve the interests of California consumers." -By Bryan Lee, Dow Jones Newswires; 202-862-6647; [email protected] Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

TODAY'S HEADLINES The New York Times on the Web Sunday, May 13, 2001 ------------------------------------------------------------ For news updated throughout the day, visit www.nytimes.com QUOTE OF THE DAY ========================= "You can say we have discovered a new ancient civilization." - FREDRIK T. HIEBERT, an archaeologist, on a civilization that thrived in Central Asia more than 4,000 years ago. Full Story: http://www.nytimes.com/2001/05/13/world/13LOST.html NATIONAL ========================= Drug Labs in Valley Hideouts Feed Nation's Habit http://www.nytimes.com/2001/05/13/national/13METH.html Energy Industry Raises Production at a Record Pace http://www.nytimes.com/2001/05/13/national/13ENER.html What Happened to the McVeigh Evidence? http://www.nytimes.com/2001/05/13/national/13EXEC.html Warnings Don't Sway Watermen's Faith in the Blue Crab http://www.nytimes.com/2001/05/13/national/13BAY.html /--------------------- ADVERTISEMENT ---------------------\ What's ahead for business in 2001? Get the Times's perspective on business and the economy in 2001, both foreign and domestic. Explore our Web exclusive interactive timeline of business in 2000 that ranges from the AOL Time Warner merger to the plunging Nasdaq with an essay by Floyd Norris, the Times's senior financial correspondent. http://www.nytimes.com/library/financial/2001outlook1-index.html?ibd \---------------------------------------------------------/ POLITICS ========================= Cheney Ever More Powerful as Crucial Link to Congress http://www.nytimes.com/2001/05/13/politics/13CHEN.html White House Is Denying Pulling In Welcome Mat http://www.nytimes.com/2001/05/13/politics/13TOUR.html Bush Plans Incentives for Energy Conservation http://www.nytimes.com/2001/05/13/politics/13RADI.html S.E.C. Nominee Did Legal Work for Sex-Related Media Firm http://www.nytimes.com/2001/05/13/politics/13SEC.html INTERNATIONAL ========================= True English Murder Mystery: Town's Trusted Doctor Did It http://www.nytimes.com/2001/05/13/world/13KILL.html Ending Violence Is a Central Issue for Basque Elections http://www.nytimes.com/2001/05/13/world/13SPAI.html Germany's Uneasy Debate on Immigration Deepens http://www.nytimes.com/2001/05/13/world/13GERM.html After Tough Election Battle, Italy Begins Voting http://www.nytimes.com/reuters/world/world/italy-election.html BUSINESS ========================= Comair Pilots Reject Proposal to End Strike http://www.nytimes.com/2001/05/13/business/13AIR.html What Have E-Consultants Wrought? http://www.nytimes.com/2001/05/13/technology/13GURU.html At Annual Meetings Around the World, the Shots Aren't Heard http://www.nytimes.com/2001/05/13/business/13MEET.html Market Watch: A Request for the Boss-to-Be at the S.E.C. http://www.nytimes.com/2001/05/13/business/13WATC.html TECHNOLOGY ========================= What Have E-Consultants Wrought? http://www.nytimes.com/2001/05/13/technology/13GURU.html Don't Bet Your Cybersavings on Video-Game Spinoffs http://www.nytimes.com/2001/05/13/arts/13SCHW.html Working the Web for Hotel Rooms http://www.nytimes.com/2001/05/13/travel/13CYBER.html The Peculiar Ruins of the New Economy http://www.nytimes.com/2001/05/13/magazine/13SERVERFARM.html NEW YORK REGION ========================= At Hale House, Broken Bonds and Pain for a Little Girl Lost http://www.nytimes.com/2001/05/13/nyregion/13HALE.html Special Education Debate Shifts From Money to New Ideas http://www.nytimes.com/2001/05/13/nyregion/13EDUC.html Mayoral Candidates Seek Support at Teachers' Convention http://www.nytimes.com/2001/05/13/nyregion/13CLIN.html Search for Suspects Narrows in Fatal Shooting Atop Deli http://www.nytimes.com/2001/05/13/nyregion/13SHOO.html SPORTS ========================= Devils Leave Penguins Down in the Dumps http://www.nytimes.com/2001/05/13/sports/13DEVI.html Steinbrenner's Unusual Approach: Hands Off the Devils http://www.nytimes.com/2001/05/13/sports/13ANDE.html Trinidad Stops Joppy in 5th Round http://www.nytimes.com/2001/05/13/sports/13FITE.html Yanks Get Some Help From Stars Out of Past http://www.nytimes.com/2001/05/13/sports/13YANK.html ARTS ========================= 'Apocalypse' Then, and Now http://www.nytimes.com/2001/05/13/arts/13THOM.html Sequels and Remakes Aiming to Be the Same, but You Know, Different http://www.nytimes.com/2001/05/13/arts/13LYMA.html Perry Como, Relaxed and Elegant Troubadour of Recordings and TV, Is Dead at 88 http://www.nytimes.com/2001/05/13/obituaries/13COMO.html Douglas Adams, Author of 'Hitchhiker's Guide to the Galaxy,' Dies at 49 http://www.nytimes.com/aponline/obituaries/AP-Obit-Adams.html OP-ED COLUMNISTS ========================= By MAUREEN DOWD: Space Cowboys Inc. I have an idea for a futuristic political thriller science fiction space Western black comedy with a stylish film noir mood. http://www.nytimes.com/2001/05/13/opinion/13DOWD.html By PAUL KRUGMAN: Nation in a Jam The nation has been making some bad choices about energy use, and about lifestyles more generally. http://www.nytimes.com/2001/05/13/opinion/13KRUG.html HOW TO CHANGE YOUR SUBSCRIPTION ------------------------------------------------------------ You received these headlines because you requested The New York Times Direct e-mail service. To cancel delivery, change delivery options, change your e-mail address or sign up for other newsletters, see http://www.nytimes.com/email HOW TO ADVERTISE ------------------------------------------------------------ For information on advertising in e-mail newsletters or other creative advertising opportunities with The New York Times on the Web, please contact Alyson Racer at [email protected] or visit our online media kit at http://www.nytimes.com/adinfo

This article from NYTimes.com has been sent to you by [email protected]. /-------------------- advertisement -----------------------\ Share the spirit with a gift from Starbucks. Our coffee brewers & espresso machines at special holiday prices. http://www.starbucks.com/shop/subcategory.asp?category_name=Sale/Clearance&ci=274&cookie_test=1 \----------------------------------------------------------/ Why It Takes Psychology to Make People Save January 13, 2002 By LOUIS UCHITELLE When it comes to saving for retirement, Americans are not rational. They know they do not put away enough, surveys show. But ask them to save more in their 401(k) plans and they balk. A buck in hand is irresistibly spent. Try a different approach. Ask them to commit now to increasing their savings in the future, make the increase coincide with the next raise, and they cheerfully sign up. Various quirks embedded in human nature come into play. Saving more in the future seems much less of a sacrifice. When the future arrives, opting out succumbs to inertia. And timing the increase to coincide with a raise, so that one cancels out the other, is much more palatable than a cut in take-home pay. In the human psyche, giving up a raise not yet in hand is easier for people to accept emotionally than a loss, even the illusion of a loss. After all, the money "lost" is still there, in one's savings account. Standard economics allows for none of these quirks. Over a lifetime, people rationally save an optimal amount, mainstream economics holds. Confronted with the reality that people do not save enough, the mainstream has no solution, except to reiterate that people are rational, so whatever they save must be enough. No wonder behavioral economics is making such a splash, becoming the "in" specialty of young economists from the best graduate schools. "You have to force savings and take the money away before people have it and can't resist spending it," said Richard H. Thaler, a University of Chicago economist. Mr. Thaler is a pioneer in the development of behavioral economics over the last 25 years, and now he is a leader in finally applying the insights to daily life. So far the application focuses on persuading people to save more in 401(k) plans. But there are other potential uses. Fiscal policy is one. Allowing for human quirks, what is the most effective way to spend public money to promote jobs and economic growth? "If we invested six months in designing a stimulus package using insights from behavioral economics, there is good reason to think it might work," Mr. Thaler said. That is still off in the future. Medicine offers an immediate application. Some dentists, for example, are beginning to ask behavioral economists how to get patients to return every six months for teeth cleaning. Reminder postcards don't often work. People put them in a drawer and procrastinate - another human quirk that messes up mainstream theory, with its faith in rationally taking good care of teeth. Most people delay, unless the dentist extracts a commitment, by persuading a patient, when he or she comes in for a cleaning, to make an appointment on the spot for the next cleaning, six months hence. "The postcard system only facilitates procrastination," said David I. Laibson, a behavioral economist at Harvard, who gets calls from dentists. THE most promising application so far is retirement savings. At a time when workers must save for their own retirement, they are in danger of inadequate income in old age unless they contribute 10 percent of their pay to 401(k) plans, pension experts say. And that does not count losses in 401(k) money invested in high-technology stocks or in the Enron Corporation (news/quote). Such hearty contributions are certainly in the interest of the Vanguard Group, which administers 401(k) plans for companies like Philips Electronics (news/quote) North America, a unit of Royal Philips Electronics. Philips also has a stake: under federal law, top executives cannot have retirement savings too out of line with those of ordinary employees. So Vanguard and Philips turned to Mr. Thaler and to Shlomo Benartzi, at the University of California at Los Angeles. Executives had read a paper they wrote, entitled "Save More Tomorrow," reporting on the results at a Midwestern company where 162 employees, more than half the staff, had agreed in advance to annual increases in their 401(k) contributions, each increase coinciding with a raise. Over three years, the contributions rose to 11.6 percent of income from 3.5 percent. Most of the 16,000 Philips employees enrolled in 401(k) plans save 6 percent or less. So Philips is experimenting. With Vanguard administering the test and Mr. Thaler and Mr. Benartzi giving advice, the company will ask 2,000 workers next month to commit to annual increases in 401(k) contributions of one, two or three percentage points. The first increase would be in April, when Philips gives annual raises, although this year, in a recession, a raise is not a sure thing, says Lisa Pyne, Philips's benefits director. Still, she is counting on inertia to keep people from opting out - even the 3 percenters who, absent a raise, might notice the slight decline in take-home pay. "Behavioral economics seems to work," Ms. Pyne said. http://www.nytimes.com/2002/01/13/business/yourmoney/13VIEW.html?ex=1011981914&ei=1&en=192ceb9ad23813d2 HOW TO ADVERTISE --------------------------------- For information on advertising in e-mail newsletters or other creative advertising opportunities with The New York Times on the Web, please contact Alyson Racer at [email protected] or visit our online media kit at http://www.nytimes.com/adinfo For general information about NYTimes.com, write to [email protected]. Copyright 2001 The New York Times Company

Drew, I think your last question is the one most critical to us at this point. The marketers can go out and start selling the project but are having a hard time defining how the capacity will be allocated. I left a message yesterday for Mary K. regarding these same issues. Thanks. Drew Fossum 02/14/2001 04:38 PM To: Susan Scott/ET&S/Enron@ENRON, [email protected], Mary Kay Miller/ET&S/Enron@ENRON, Keith Petersen/Enron@EnronXGate cc: Shelley Corman/Enron@EnronXGate, Maria Pavlou/Enron@EnronXGate, Steven Harris/ET&S/Enron@ENRON, Jeffery Fawcett/ET&S/Enron@ENRON, Kevin Hyatt/ET&S/Enron@Enron, Lorraine Lindberg/ET&S/Enron@ENRON Subject: TW Expansion There were several questions left for legal/regulatory to work on at the close of our meeting today. I'll try to restate them, and add my initial thoughts, so we can all be sure to focus on the correct problems. Q 1. Can TW use "negotiated rate" agreements for its new 150 mm/d expansion? A. Yes. Independence, Guardian, and other new pipeline projects were certificated on the basis of negotiated rate contracts. The only restriction is that we need to always offer cost-based recourse rate service as an alternative to negotiated rates. We hope to use negotiated rate agreements for the entire 150 mm of capacity, but we won't know until the contracts are executed how much of it will be negotiated rate contracts and how much of it will be under recourse rate contracts. I guess that means that in the cert. app., we just tell the commission that we will be 100% at risk and that given the huge interest in the open season, we have no doubts about our ability to sell the full 150. We should also tell the Commission we expect to sell the capacity using negotiated rate contracts or recourse rate contracts or a combination of both. Q 2. Can we give prospective customers a "cafeteria style" menu of options (to steal Jeff's term), like the following: 1. 5 yr. neg. rate deal at a locked in $.60 plus fuel and surcharges (or whatever number we decide on) 2. 10 y. neg. rate deal at a locked in $.45 plus fuel and surcharges 3. 15 yr. neg rate deal at a locked in $.35 blah blah 4 . 15 yr cost based recourse rate plus fuel and surcharges (importantly this option is not locked in and will float with TW's actual rate levels and fuel retainage percentages) A. I think the answer here is "yes." Whatever options we come up with for 1, 2, and 3, we will always have to offer 4 as well. Susan and Steve Stojic: please confirm that we have the right to define specific negotiated rate options and stick to them. Otherwise, this negotiated rate approach could get completely unstructured such that we end up with some guys taking our specific options and other guys custom tailoring weird variations (like a 7 yr, 231 day contract at $.51764, for example). I'm not sure that would be a bad thing, but we need to think about it. We need to be sure we can tell a customer "no" and make it stick if he tries to mix and match by asking for the 5 yr term and the $.35 rate, for example. I think we can lay out options of our choosing and then enforce a "no substitutions" policy (this is sticking with the "cafeteria" theme) but we need to be sure. Q.3. If we can use the "cafeteria options" approach, how much flexibility do we have in structuring the options? A: This one is hard. We need to be sure that the price and term we choose to offer for options 1-3 is solely within our discretion. We don't want to be second guessed by FERC as to whether we should have offered option 1 at $.58 instead of $.60. Susan and Steve: if you guys confirm that we have discretion in how to structure our negotiated rate options, does that mean we can slant the economics of the negotiated rate options so they are a better deal than the recourse option (for most shippers)? I.e., could we deliberately incent shippers to sign on for the short term deals--i.e., by offering options 1-3 at $.55, $.45 and $.40 instead of the $.60, $.45, and $.35 shown above. I suspect that is what Guardian and the other pipes did to obtain 100% subscription under neg. rate deals. Q.4. How do we allocate capacity to customers if demand exceeds supply??? A. Ideally, we'd be able to allocate the 150 to the guys who want to buy it the way we'd prefer to sell it. Under the above example, assuming Stan, Danny and Steve decide short term deals are better, what if we get 100 mm/d of offers on each of the 4 rate/term options described above. That's 400 mm/d of demand for a 150 mm/d project. Can we sell 100 to the guys who want option 1 ($.60/5 yrs) and the remaining 50 to the 10 yr/$.45 guys? That really hoses the recourse bidders. Do we have to cover the recourse demand first and then allocate the remaining capacity pro rata to everyone else? Pro rata to everyone? Under the rule that negotiated rate bids have to be deemed to be at max rate for purposes of allocation, pro rata to everyone may be the right answer. Or at least its the answer until we've filled the recourse rate guys' orders, then we can give the remaining capacity to the neg. rate guys whose bids we value most highly (using some objective nondiscriminatory calculation of course). Ugh. Susan and Steve--please take a crack at questions 2-4. I think 1 is answered already. I haven't done any research yet, so maybe these questions are easier than they currently seem to me. Get me and MKM on the phone at your convenience to discuss. We've gotta move quick so the marketers can get out and sell this stuff. DF

---------------------- Forwarded by Judy Hernandez/HOU/ECT on 04/19/2000 02:04 PM --------------------------- YVONNE ACOSTA @ ENRON 04/14/2000 03:02 PM To: [email protected], Noemi Camacho/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Laura Gutierrez/HOU/ECT@ECT, Judy Hernandez/HOU/ECT@ECT cc: Subject: Fwd: [Fwd: [FW: FW: I said a prayer for you just now.......]] ---------------------- Forwarded by Yvonne Acosta/Corp/Enron on 04/14/2000 02:59 PM --------------------------- Regina Blackshear 04/14/2000 02:35 PM To: [email protected], [email protected], [email protected], [email protected], [email protected], Tammy Green <[email protected]>, [email protected], [email protected], "BENEDICT PETERS"<[email protected]>, [email protected], "WhiteBL(Barbara)"<[email protected]> cc: Subject: Fwd: [Fwd: [FW: FW: I said a prayer for you just now.......]] ---------------------- Forwarded by Regina Blackshear/Corp/Enron on 04/14/2000 02:33 PM --------------------------- jacelyne hill <[email protected]> on 04/14/2000 01:50:50 PM To: [email protected], [email protected], [email protected], HENDERSON HENRY S A1C 347 MDG/SGOM <[email protected]> cc: Subject: Fwd: [Fwd: [FW: FW: I said a prayer for you just now.......]] ____________________________________________________________________ Get your own FREE, personal Netscape WebMail account today at http://webmail.netscape.com. Received: from rly-na04.mx.aol.com [205.188.158.41] by mx09 via mtad (2.6) with ESMTP id 278eDmTSz0857M09; Thu, 13 Apr 2000 19:44:51 GMT Received: from www0v.netaddress.usa.net (www0v.netaddress.usa.net [204.68.24.51]) by rly-na04.mx.aol.com (v71.10) with ESMTP; Thu, 13 Apr 2000 15:44:45 -0400 Received: (qmail 10735 invoked by uid 60001); 13 Apr 2000 19:44:44 -0000 Message-ID: <[email protected]> Received: from 204.68.24.51 by www0v for [163.188.57.137] via web-mailer(M3.3.1.96) on Thu Apr 13 19:44:44 GMT 2000 Date: 13 Apr 00 12:44:44 PDT From: Jacki Williams <[email protected]> To: [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected] Subject: Fwd: [FW: FW: I said a prayer for you just now.......] X-Mailer: USANET web-mailer (M3.3.1.96) Mime-Version: 1.0 Content-Type: multipart/mixed; boundary="----NetAddressPart-00--=_mTSS1408S0v6932d969" Jacki S. Williams [email protected] ____________________________________________________________________ Get your own FREE, personal Netscape WebMail account today at http://webmail.netscape.com. Received: from rly-na03.mx.aol.com [205.188.158.40] by mx06 via mtad (2.6) with ESMTP id 451eDmPWe1130M06; Thu, 13 Apr 2000 15:48:04 GMT Received: from commserver.BBCINTLTD.COM ([208.14.29.102]) by rly-na03.mx.aol.com (v71.10) with ESMTP; Thu, 13 Apr 2000 11:47:46 -0400 Received: by COMMSERVER with Internet Mail Service (5.5.2448.0) id <2TVTYVLZ>; Thu, 13 Apr 2000 11:53:14 -0400 Message-ID: <8A557CC93507D311A4DA00A0CC25C3D93FEE3C@COMMSERVER> From: Cleo Moran <[email protected]> To: Josie Vrooman <[email protected]>, "'Angie Rivera'" <[email protected]>, "'Jacki Williams'" <[email protected]>, April Governo <[email protected]> Subject: FW: FW: I said a prayer for you just now....... Date: Thu, 13 Apr 2000 11:53:11 -0400 Return-Receipt-To: Cleo Moran <[email protected]> MIME-Version: 1.0 X-Mailer: Internet Mail Service (5.5.2448.0) Content-Type: text/plain > -----Original Message----- > From: Wendy Cedre > Sent: Thursday, April 13, 2000 10:09 AM > To: 'Frances Salas'; 'sylvia marti'; Cleo Moran; Catherine Donnelly > Subject: FW: FW: I said a prayer for you just now....... > > > > -----Original Message----- > From: dianne rodriguez [SMTP:[email protected]] > Sent: Thursday, April 13, 2000 10:20 AM > To: WENDY CEDRE > Subject: Fw: FW: I said a prayer for you just now....... > > WENDELA THIS ONE'S FOR YOU BABE LOVE DEE* > > > > > > > > > > > I said a prayer for you just now....... > > > > When you receive this e-mail just recite the > > > > following prayer. That's all you have to do. There is > > nothing > > > > attached. > > > > This is the power of prayer at work. Just send this to (4) > > people > > > > and see what happens on the fourth day. Do not break this, > > > > please. > > > > > > > > There is no cost, but lots of rewards. Let's continue to > > pray for > > one another. > > > > > > > > Prayer > > > > May today there be peace within you. May you > > > > trust God that you are exactly where you are meant to be. > > > > May you not > > > > forget the infinite possibilities that are born of faith. > > > > May you use those gifts that you > > > > have received, and pass on the love that has > > > > been given to you. > > > > May you be content knowing that you are > > > > a child of God. > > > > Let His presence settle into your bones, and allow your > > > > soul the > > > > freedom to sing, dance, and to bask in the sun. It is > > > > there for each > > > > and every one of you. > > > > > > > > Send this to (4) or more people and witness the awesome > > power of > > > > prayer. > > > > > > > > > > > > > > > > > > > > > >

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John Bryson from SCE called Jeff Skilling to seek our support for their restructuring MOU before the California Assembly and the CPUC. Steve Kean has asked that I get together a phone call to discuss this proposal and our potential "wish list" that would be necessary for SCE to earn our support. I would like to set up a call for tomorrow at 12:30 Houston time. The call-in number is 1-800-486-2726 Code 789296 (for US parties). Here is my initial proposal for Enron's list: 1. Full payment of PX Credit to ESP (receivable and going forward) from 1st Tranche of Securitization & agree to dismiss PX Credit compliant at CPUC. 2. Transmission network operated by West-wide RTO, not California ISO (roll Cal ISO into larger RTO) OR maybe push for TransElect buying . 3. Clear language on continuation of Direct Access with clarity on Surcharge. 4. Full payment to EWC on all charges (receivable and going forward) from 1st Tranche of Securitization. 5. Back-Up transaction to Transmission Sale = SCE should offer the market (including the State) the ability to buy the Hydro facilities. I'm sure there are others. Maybe we want to be involved in a QF restructuring deal? The plan is for Enron to try and respond to SCE by Friday (no later than Monday). Please call me if there are any questions at 713-853-7673. Jim P.S. For those who don't have the MOU, here is a brief overview. The following is an outline of the basic terms of the Southern California Edison Memorandum of Understanding: ? Commitment to Provide Power
) SCE will keep its current generation plants and other generation assets and commit them to provide power on a regulated cost-of-service basis for 10 years. ? Dedication of Power
) Edison International will commit the entire output of Sunrise (one of Edison International
,s non-regulated generating facilities) to the State on a fixed price basis for 10 years. Phase I of Sunrise is to be brought online by August 15, 2001. If not brought online by August 15, 2001, Edison International shall be assessed a $2 million penalty. ? Transmission Sale
) SCE will sell to the State its transmission assets for approximately $2.76 billion (2.3 times the net book value of the assets), subject to certain adjustments. Of the $2.76 billion, the $1.5 billion gain on sale, will be used to reduce SCE
,s net undercollected amount as of January 31, 2001. In connection with the purchase, the State will also assume certain liabilities associated with the transmission assets. ? Backup Transaction
) If the transmission sale does not occur within two years for reasons beyond the parties
, control, then if the State elects, SCE shall sell to the State SCE
,s hydro generation assets. If the hydro assets are not worth $1.5 billion, then SCE will also sell the state after December 31, 2010 enough below-market-price-power to make up the shortfall. ? Conservation Property
) SCE shall grant perpetual conservation easements to the State covering approximately 260,000 acres of its Big Creek hydroelectric related lands and 825 acres of its Eastern Sierra hydroelectric related lands. Some of the land may be deeded in fee. ? Contribution by Edison International
) Edison International will refund to SCE not less than $400 million. This money will consist of a refund of approximately $293 million in estimated 2000 quarterly tax payments plus approximately $197 million in federal loss carryback tax savings. ? Investment
) Edison International and SCE will invest not less than $3 billion over the next 5 years in capital improvements for SCE. ? Litigation
) SCE shall dismiss certain claims, including its takings and filed rate doctrine cases. ? CPUC Regulation
) CPUC shall continue to regulate SCE using historical principles of ratemaking. ? Payment for Portion of QF Drop-off
) SCE shall pay an amount that represents that portion of the net short from January 18, 2001 to April 1, 2001 that is attributable to QF
,s not selling to SCE (due to SCE
,s failure to pay the QF
,s). SCE will securitize this amount. ? Securitization
) SCE shall securitize its full net undercollected amount (approx. $3.5 billion). The securitization shall occur in two tranches (i.e. two different nonbypassable dedicated rate components). ? The first tranche will occur after the passage of legislation and the signing of the definitive agreements and will cover the net undercollected amount, less the gain on sale, plus interest on certain obligations in the net undercollected amount. ? The second tranche would be triggered if the transmission sale does not occur within two years. Accordingly, the second tranche would not show up in rates for two years, if at all. ? Buying the Net Short
) The State will be required to buy the net short through December 31, 2002. After 2002 SCE will be responsible for covering the net short. ? Investment Recovery
) SCE shall have an authorized rate of return that will not drop below its current rte (11.6%) during the 10 year cost of service ratemaking period. ? Next Steps (Definitive Agreements and CPUC Action): ? Definitive Agreements
) Once the MOU is signed, the next stage is to negotiate definitive agreements which contain the specific terms of the transmission sale, as well as the specific terms of the various other related agreements (e.g., the O&M Agreement, Transmission Services Agreement and the Facilities Services Agreement). ? CPUC Action
) Prior to entering into the definitive agreements, the CPUC must undertake certain actions (which include: establishing mechanisms for preapproval of procurement costs and URG costs, deferring SCE
,s general rate case until 2003, granting SCE some relief from direct access credits and clarifying the first priority condition in the holding company act).

BUSINESS HIGHLIGHTS Enron Producer One Enron Producer One facilitates one-stop shopping for the producer
,s infrastructure needs. Through business relationships with Hanover Measurement Services and Applied Terravision Systems, Enron Producer One will offer and custom-configure a number of valuable production services and pricing plans to reduce overhead and simplify back-office tasks. Initial products offered are well connects, transportation, marketing, measurement and accounting services. Enron Producer One is managed and supervised by John Grass. IN THE NEWS CEO says Texas in good shape for electricity deregulation DALLAS (AP) - Enron Corp.'s chief executive and president said Tuesday he believes that Texas energy markets are in good shape as the state prepares for deregulation. Jeffrey Skilling told an audience of about 400 business people at a downtown hotel that California "has given the term deregulation a terrible name." Electric deregulation in Texas officially starts Jan. 1. "In Texas, I think we've got a pretty good system," he said. In San Francisco on Tuesday, the California Public Utilities Commission unanimously approved electricity rate increases of up to 46 percent to try to head off blackouts this summer by keeping the state's two biggest utilities from going under. When California officials set up deregulation they allowed the price of wholesale electricity to rise but capped the amount companies could charge customers, Skilling said. SoCal Edison and Pacific Gas & Electric say they have lost more than $13 billion since last summer because they haven't been able to pass on the high cost of wholesale electricity. Skilling said Texans are in a much better position and shouldn't worry that their state's deregulation would be like the California experience. "California, they just put together a crazy system,
8 he said in his first public comments since becoming the Houston-based company's chief executive officer in February. "The markets in California are the most regulated markets in North America today. And that's what is causing the problem." 03/27/2001 Associated Press Newswires Copyright 2001. WELCOME New Hires EGM - Charles Crow, Nancy Johnson, Gregor Lehmiller EIM - Darrell Aguilar, LaTrisha Allen, Wesley Wilder, Ronald Barnes ENA - Brian Cruver, Craig Dean, Martha Kessler EnronOnline STATISTICS Below are the latest figures for EnronOnline as of March 16, 2001. ? Total Life to Date Transactions > 813,000 ? Life to Date Notional Value of Transactions > $489 billion NUGGETS & NOTES Enron is hosting the New York Energy Risk Management Seminar at the St. Regis Hotel in New York City on April 5, 2001. Topics include Power Outlook, Natural Gas Outlook, Hedging Strategies and Weather Risk Management. The RSVP deadline is March 30th, so please contact Laura Pena as soon as possible at x3-5376. This is a great event for "new" as well as established customers. There will be a cocktail reception immediately following the presentations. NEWS FROM THE GLOBAL FLASH Enron Reopens Rassau Power Station Plans Enron Europe submitted an application to build a 1200MW combined cycle gas turbine power station on the Rassau Industrial Estate at Ebbw Vale, Wales in July 1998. In November 2000, the Government lifted its stricter power consents policy, which placed restrictions on the development of new gas-fired power stations, and Enron is now concluding the consultation process for the application As part of the process, updated environmental information has been submitted to the Department of Trade and Industry and a team from Enron will be presenting the plans to Blaenau Gwent Council on March 26. This will be followed by a three-day public exhibition in the local community. Enron expects to receive a decision later in the year. European Economic Summit: Acceleration Directives On March 23 and 24 the European Economic Council Summit will take place in Stockholm. At this summit the European Commission will present to the heads of the Member States a legislative proposal for a Directive and a Regulation that the Commission adopted on March 13 to speed up the completion of the internal electricity and gas markets. Enron issued a statement to the media on the evening of Wednesday 21st March stating that it specifically endorses the following initiatives incorporated in the text of the adopted proposal: Legal unbundling of the transmission and distribution networks as a realistic solution, ensuring the independence of transmission and distribution system operators. Mandatory appointment of independent regulators in each country with the obligation to fix or approve transmission tariffs before they come into force. The current timetable proposed by the Commission: market opening for electricity in 2003 and for gas in 2004 (industrial, commercial and wholesale customers); and for supplies to all consumers including households by 2005. The setting of rules in the Regulation for how power transmission tariffs can be charged for cross-border transactions and how congestion and capacity allocation at borders within the EU should be managed by transmission system operators. Enron concludes that it is encouraged by the efforts of the Commission to accelerate the European electricity and gas market opening and the reinforcement of third party rights of access to transmission networks. The Commission's approach of harmonizing both the timetable and the regulatory framework deserves support from all Member States. LEGAL STUFF The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries. It is intended for internal use only and should not be disclosed.

Mary Hain has resigned her position with Enron. Please remove her from all your mail lists. Thank you. Lysa Akin Gov't Affairs - Sr. Admin. Ass't. Enron Capital & Trade Resources Corp. From: "Ferranti, Bill" <[email protected]> 03/21/2001 03:57 PM To: "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "Ferranti, Bill" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "Schoenbeck, Don" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "Speer, Jack" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "Early, Michael" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "Forsyth, Pete" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "Murphy, Paul" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "Bliven, Ray" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]> cc: Subject: WP-02 Data Response <<PP-DS.AL-01.doc>> <<PP-DS.AL-02-03.doc>> <<PP-DS-008-009.doc>> Attached are responses to PP-DS/AL:001-003 and PP-DS:008-009. Bill Ferranti Murphy & Buchal LLP 503-227-1011 [email protected] - PP-DS.AL-01.doc - PP-DS.AL-02-03.doc - PP-DS-008-009.doc

Steve - when you get a chance, please take time to read David Merrill's status report below. Frankly, I think he is trying his best to get on top of the EBS tasks we have given him. HOWEVER, having said that, and before having received his report below, I was going to write you an e-mail indicating that I am afraid we cannot continue to keep David in this role. I just returned from Tokyo (office opening, meetings, etc.). There, I saw Sanjay, who confirmed his imminent new role for EBS Asia, Anthony Duenner (President, EBS Asia), and Bill White, head of EBS Asia Trading. David simply does not enjoy the confidence of his commercial clients in EBS, and, notwithstanding my comments above about the level of his effort, I do not see turning this around. His problem is not any single one thing, but a cumulation of things, which I list below, but I think it is the totality that feeds the general view: 1) He was probably only a decent fit with the old Enron APACHI, when it was asset-focussed, and he could use his diplomatic experience to open doors for projects. Even then, he was never an "Enron" person, in terms of our culture, and being isolated in Singapore has probably not helped to get him inculcated in the company culture. With EBS and Enron Asia taking a much more "merchant" business focus, he just does not get it. 2) Chris Hunt (APACHI), and Jim Row (ex-EBS) encoureaged him to develop/pursue origination leads. EBS does not want him doing that, and the asset-focussed stuff he keeps tossing the way of the enrgy groups is grating to them, given that they simply see him as not getting the message that the company has moved away from assets. 3) Bill White tells me that he (David) has not performed well in a meeting. It is a single data point, but Bill is also known to me from Enron Europe days, and he is not a particularly critical person. 4) David only exacerbates this by being insecure about his role, and trying too hard to sell himself to the clients/customers internally, and they find this teidous. 5) Frankly, though it is not the only source of David's problems, I think he was ill-served by Donald Lassere and XiXi (the associate), who I am confident conducted what is know here as a "whispering campaign", i.e., "he does not know what he is doing", "he is not an expert in the filed", and generally acting like a pair of juveniles when it has come to any effort to bring a sense of stability and order to the clients, e.g., "don't know what I am supposed to be doing". In any event, I simply do not see much prospect of persuading the EBS people to give David a chance, and I think I will be doing myself no favours with them by pushing it. SO, either we find another role, e.g., in in Washington, and I am nor sure they need someone with David's skill sets, or we let David go. Your thoughts? In terms of supporting EBS Asia, I think the new guy I hired here in London could do it quite capably, but all of the biz is either in Houston, or I am told Sanjay is contemplating a move to Singapore, so, in eitheerr case, my guy here can probably not be effective from the standpoint of being read into the business. From where I am, I would prefer to have someone in Singapore or Tokyo, rather than Houston, but the people in Houston may want someone closer to them (I frankly think it is a mistake to try to build a business in Asia from Houston). Sanjay mentioned the guy who is his General Counsel at Dabhol Power Company, and I will discretely check with Jane Wilson on her impressions (but he will not be "communications" literate/specialised). Look forward to your ideas. mcs ---------------------- Forwarded by Mark Schroeder/LON/ECT on 05/11/2000 10:40 --------------------------- David Merrill@ENRON_DEVELOPMENT 05/11/2000 07:05 To: Mark Schroeder@ECT cc: Subject: Status Report Mark: Here is a status report: I met with Anthony Duenner Friday in Korea. He approved expenses from his budget for (1) some of the consulting work in Hong Kong that needs to be done, (2) Korean work with a law firm to see if we can get a new decision on bandwidth trading, (3) continuing expenses of the present tariff consultant in Japan. I have done separate e-mails on (1) and (2), copied to you. So that concern is taken care of. Everything seems to be going very well so far in the new assignment. Thanks for giving me the lead. Here is country by country status: Korea: I went up the learning curve a lot on the Korea trip (see sep e-mail on the regulatory problem we discovered and proposed strategy to deal with it). I now feel very much on top of Korea. Will go back to advance the work on overturning the adverse regulatory ruling. To my mind this is exactly what a regulatory review should do - - identify regulatory risks before we go in. Hong Kong: We have identified somebody in EBS to do the system configuration report. I am going to go up there to advance the tariff submission that is due before year end. Japan: I need to get up there and get up to speed on what the consultant is doing on tariff and terms and conditions. Singapore: I am reminding the lawyers to get a corporate entity selected so we can proceed with a license and tax incentive application. Taiwan: I will be doing a Taiwan regulatory review similar to Korea but lower priority. Will probably be January. Also was approved by Duenner. Never did find out what his people did there, but I will. David

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/04/2000 06:12 PM --------------------------- Enron North America Corp. From: Press Release @ ENRON 02/02/2000 06:21 PM To: All Enron Worldwide cc: Subject: ROAD-SHOW.COM Q4i.COM CHOOSE ENRON TO DELIVER FINANCIAL WEB CONTENT HOUSTON
) Enron Broadband Services (EBS), a wholly owned subsidiary of Enron Corp. and a leader in the delivery of high-bandwidth application services, announced today content delivery contracts with Road-Show.Com, an online resource for individual investors, and Q4i.com, a financial services provider offering an online broker resource called BrokerIQ. The two financial services companies will use Enron
,s ePowered
v Market Cast and the Enron Intelligent Network
v (EIN) to enhance the quality and speed of content delivery to their investors. Enron
,s solution provides TV-quality streaming video with delivery speeds up to 50 times faster than the public Internet.
&These agreements reflect the financial services industry
,s need for better and faster delivery of online content,
8 said Joe Hirko, co-CEO of Enron Broadband Services.
&The Enron Intelligent Network allows visionary companies like Road-Show.Com and Q4i.com to serve their customers with video to the desktop that has unparalleled speed, clarity and quality.
8 Road-Show.Com is a fully integrated producer of online streaming media. The company
,s Xvenue
v platform offers clients a turn-key solution for personalized live or on-demand webcast communications. Road-Show.Com broadly streams the presentations that companies typically give on road shows prior to an initial public offering to audiences that include individual and professional investors.
&The Enron Intelligent Network and Market Cast technology will allow Road-Show.Com to offer our customers something they have never had access to before
) real-time company presentations and one of the fastest, richest viewing experiences possible. This will enhance their ability to make fully educated investment decisions,
8 said Trey Fecteau, president of Road-Show.Com. Q4i.com provides
&one-stop
8 advanced technology solutions for financial services companies and their clients. With its flagship product, BrokerIQ
v, professional brokers and their firms have a complete broker management system at their fingertips. Q4i.com will utilize EBS to distribute financial video clips to clients via its BrokerCity
v product. In addition, Enron will deliver Q4i.com
,s live and on-demand streaming video clips of golf resorts, golf courses, golf real estate, equipment and golf travel for Internet users around the world through GolfTV
v, Q4i.com
,s online video network.
&Our clients now have streaming video features available on their desktops via Enron
,s network,
8 said J. Frederic Storaska, chairman and co-CEO of Q4i.com.
&They not only will enjoy on-demand streaming video of financial and golf information, but they
,ll have the opportunity to take advantage of special vacation and equipment offers reserved exclusively for our broker-dealers.
8 Enron
,s ePowered Market Cast Solution ePowered Market Cast, an application of the Enron Intelligent Network, is an end-to-end streaming media solution for banks, brokerages and other financial services firms. Using ePowered Market Cast, companies can enhance investor relations, conduct virtual road shows and stream analyst presentations from their websites. In addition, ePowered Market Cast is a powerful intranet solution for providing real-time financial news, data feeds, training and presentations to an internal audience. The application streams video at an average bit-rate speed of 200 kilobits per second (kbps). The Enron Intelligent Network is based on distributed server architecture, a pure Internet Protocol (IP) platform and embedded software intelligence that sets it apart from other networks. The EIN
,s enhanced performance is due to its ability to deliver streaming media content
&one hop
8 away from the user at the closest EIN edge server. The result is a TV-quality viewing experience for the user. In contrast, the public Internet
,s ability to deliver the broadband content businesses need is often hampered by packet loss, interference and other disruptions that slow down transmission speed and compromise the end user
,s experience. About Enron Broadband Services Enron Broadband Services, formerly Enron Communications, Inc., is a leading provider of high quality, broadband Internet content and applications. The company
,s business model combines the power of the Enron Intelligent Network, Enron
,s Broadband Operating System, bandwidth trading and intermediation services, and high-bandwidth applications, to fundamentally improve the experience and functionality of the Internet. Enron introduces its Broadband Operating System to allow application developers to dynamically provision bandwidth on demand for the end-to-end quality of service necessary to deliver broadband content. Enron is also creating a market for bandwidth that will allow network providers to scale to meet the demands that increasingly complex applications require. A wholly owned subsidiary of Enron Corp. (NYSE: ENE), Enron Broadband Services can be found on the Web at www.enron.net. About Enron Enron is one of the world
,s leading electricity, natural gas and communications companies. The company, which owns approximately $34 billion in energy and communications assets, produces electricity and natural gas, develops, constructs and operates energy facilities worldwide, delivers physical commodities and financial and risk management services to customers around the world, and is developing an intelligent network platform to facilitate online business. Enron
,s Internet address is www.enron.com. The stock is traded under the ticker symbol,
&ENE.
8

FYI - from Brian Loy, Enron Canada in Ontario. -----Original Message----- From: Loy, Brian Sent: Tuesday, October 09, 2001 8:56 AM To: Tripp, Garrett; Wilson, Jan; Jacobson, Lisa Subject: Pollution trading system on hold Lisa can you please forward to Stacy and Mary, if required...thanks Pollution trading system on hold U.S. criticizes Ontario plan John Spears Proposals that would put a price tag on the right to pollute in Ontario - and create a market for trading those rights - have gone back to the drawing board. The province's plans have drawn comments from many quarters, including a detailed and critical response from the U.S. government. Pollution blows both ways across the the Canada-U.S. border. But can both countries agree on a system of trading pollution credits, which are meant to be a tool for cleaning up North America's air? The environment ministry will pore over the comments to see if the proposed system for trading harmful emissions should be changed. Ministry spokesperson John Steele couldn't say how long the review would take. The province's proposals cover emissions of sulphur dioxide and nitrogen oxide - two gases that cause smog. In theory, emissions trading systems set strict ceilings on over-all emissions of pollutants, and slowly squeeze the limits lower over time. Polluters are given an over-all target - say, a 10 per cent reduction in emissions of a specific substance. Some polluters may find it cheap and easy not only to meet that target, but to exceed it. Others, who may have older equipment or are in a different business, may struggle to meet the goal. An emissions trading system allows a company that beat its target to sell surplus pollution credits to the company that fell short. The price is set by the buyers and sellers. The economic theory is that as long as the over-all emission reduction target is achieved, it makes sense to do it at the least cost. A trading system means that the lowest-cost solutions are implemented first. While it means that some firms continue to pollute, they must pay a price for it. That drives up their costs, and prods them to clean up. Will it work in practice? Initially, Ontario's proposals would apply only to the six fossil-fuel burning plants owned by Ontario Power Generation. The proposal details a steady reduction in their emissions. Ontario system too complicated, says U.S. environmental agency The proposals have attracted keen interest from the U.S. Environmental Protection Agency. It has submitted 13 closely spaced pages criticizing the Ontario plan. The EPA doesn't believe the methods Ontario proposes for measuring emissions are effective. Measuring emissions is crucial if reductions are to be assigned a real value. That and other technical problems ``call into question the compatibility of the proposed trading system for Ontario and U.S. trading programs,'' the EPA says. Since pollution blows across international boundaries, emissions reduction credits will also be traded across the border. ``It's in our interest to work together'' with the U.S., says John Wellner of Pollution Probe. Steele says that's what Ontario is trying to do. ``It's the intention to harmonize our trading system to allow cross-border trading. We're currently in discussion with the U.S. to reach agreement that makes cross-border trading in emission reduction credits a reality.'' But Steele notes it's a two-way street: At present, he says, legislation in the U.S. doesn't permit the type of cross-border trading contemplated by Ontario, so there's work to do on both sides of the border. Pete Christich, a U.S.-Canada relations officer with the EPA, says his agency takes the Ontario proposals seriously. ``We felt the comments are very important regarding the U.S.-Canada relations and goals we have under the major air quality agreements our two countries have,'' he said in an interview. ``We really, really feel strongly we want to maintain a very close dialogue with Ontario.'' The EPA comments say that Ontario's proposals are unnecessarily complex. For example, the value of credits would vary depending on the distance between buyer and seller. A company selling credits to a polluter right next door would get full value for its credits. But if it sells to a polluter 1,200 kilometres distant, the value of the credit would be discounted 75 per cent. The EPA says this kind of feature would make the Ontario proposal ``complicated, potentially difficult to implement and may be burdensome to administer.'' Wellner at Pollution Probe gives the ministry credit for proposing tight, shrinking limits for emissions in the electricity sector: ``That's good. We're further ahead than we were.'' But he notes that industries outside the electricity sector will also be able to earn credits - and they're not subject to over-all caps. A metal smelter, for example, might earn credits for reducing the amount of sulphur dioxide it emits for each tonne of metal produces. But if it produces more tonnes of metal, the total amount of pollution it emits may actually increase under the current proposal, Wellner says. The ministry acknowledges that emissions-credit trading is a tool that ``by itself does not lead to reductions in total emissions.'' The last point is the key as the ministry examines the comments it has received from the EPA and other groups, Wellner says. ``We have to ensure that it fits into a framework that ensures over-all emissions are reduced.''

I plan to start at 10: 00 with those present. Obviously we'll revisit issues after tomorrow, so anyone who isn't there can express their views later... but I'm inclined to make as much progress as we can rather than to wait for a full quorum. Mike Florio wrote: > I am flexible, but would like to know when the meeting will actually start, > since I'm driving up from Oaktown. And I believe Bill Marcus and I are > still meeting with Edison afterward, right John Fielder?? > > At 09:51 AM 12/4/2000 -0800, Tony Braun wrote: > >Madame Chair Elsesser: > > > >It appears you may not have a quorum. I too have a conference call at 10:00 > >a.m. I hope to be able to make it over to the Commitee around 11:00-11:30 > >a.m. > > > >Thank you for your patience. > > > >Tony Braun > >Braun & Associates, P.C. > >915 L Street > >Suite 1460 > >Sacramento, California 95814 > >(916) 441-1733 > >(916) 441-4053 (facsimile) > >[email protected] > > > >Counsel to CMUA > > > >-----Original Message----- > >From: [email protected] [mailto:[email protected]] > >Sent: Monday, December 04, 2000 8:08 AM > >To: [email protected] > >Cc: Aaron Thomas (E-mail); Tony Braun (E-mail); Carolyn McIntyre > >(E-mail); Delaney Hunter; Evelyn Elsesser (E-mail); John Fielder > >(E-mail); Jeff Dasovich (E-mail); [email protected]; Mike Florio > >(E-mail); Jan Smutny-Jones (E-mail); Bill Booth (E-mail) > >Subject: Re:CESG Committee Meeting > > > > > > > >Greetings. I have a conflict in the morning, but could join by conference > >calling beginning at 2 pm. Is that possible. If not, no big deal. I, > >like Ralph, will catch up at the next meeting, and submit our ideas to Eve > >between now and then. Let me know. And I agree with Ralph re: staying > >focused on the most urgent issues. > > > >Best, > >Jeff > > > > > > > > > > RCavanagh@nrd > > > > c.org (Ralph To: "Delaney Hunter" > > > > Cavanagh) <[email protected]>, > >"Aaron Thomas > > (E-mail)" <[email protected]>, > >"Bill Booth > > 12/03/2000 (E-mail)" <[email protected]>, > >"Carolyn > > 07:30 PM McIntyre (E-mail)" > ><[email protected]>, > > "Evelyn Elsesser (E-mail)" > ><[email protected]>, "Jan > > Smutny-Jones (E-mail)" > ><[email protected]>, "Jeff > > Dasovich (E-mail)" > ><[email protected]>, "John > > Fielder (E-mail)" > ><[email protected]>, "Mike > > Florio (E-mail)" > ><[email protected]>, "Tony Braun > > (E-mail)" <[email protected]>, > >[email protected] > > cc: > > > > Subject: Re:CESG Committee > >Meeting > > > > > > > > > > > >Colleagues: it turns out that at this hour I will be presiding over > >hearings in > >Wyoming on the disposal of wastes from nuclear weapons (your condolences > >are > >gratefully accepted). I hope to join the next meeting, whenever it is. My > >advice remains what I said at our Dec. 1 meeting: let's try to help the > >legislature stay focused for now on the most urgent electricity issues that > >absolutely must be addressed now: forward contracting in the wholesale > >markets > >to reduce customers' exposure to very high and volatile wholesale prices, > >and a > >rate stabilization plan to deal with the issues surrounding this year's > >wholesale costs. If we can help narrow the immediate issues to those, and > >frame > >the differences and decisions that remain, we'll have made a useful > >contribution. > > > >____________________Reply Separator____________________ > >Subject: CESG Committee Meeting > >Author: "Delaney Hunter" <[email protected]> > >Date: 12/01/2000 1:47 PM > > > >Folks- > >Ok, so you are the chosen ones...... > >Just to reiterate the meeting will be on > >Tuesday, December 5, 2000 > >at 10:00 am > >CA Chamber of Commerce > >1215 K Street, 14th Floor > > > >Please give me a call if you have any questions or need further details. > > > >Thanks, > >Delaney > > > >Received: from mail07a.vwh1.net ([209.238.9.57]) by mail.nrdc.org with SMTP > > (IMA Internet Exchange 3.14) id 000A55F7; Fri, 1 Dec 2000 16:46:50 -0500 > >Received: from www.smithandkempton.com (208.55.14.51) > > by mail07a.vwh1.net (RS ver 1.0.58s) with SMTP id 021558702; > > Fri, 1 Dec 2000 16:48:05 -0500 (EST) > >Reply-To: <[email protected]> > >From: "Delaney Hunter" <[email protected]> > >To: "Aaron Thomas (E-mail)" <[email protected]>, > > "Bill Booth (E-mail)" <[email protected]>, > > "Carolyn McIntyre (E-mail)" <[email protected]>, > > "Evelyn Elsesser (E-mail)" <[email protected]>, > > "Jan Smutny-Jones (E-mail)" <[email protected]>, > > "Jeff Dasovich (E-mail)" <[email protected]>, > > "John Fielder (E-mail)" <[email protected]>, > > "Mike Florio (E-mail)" <[email protected]>, > > "Ralph Cavanagh (E-mail)" <[email protected]>, > > "Tony Braun (E-mail)" <[email protected]>, > > <[email protected]> > >Subject: CESG Committee Meeting > >Date: Fri, 1 Dec 2000 13:47:05 -0800 > >Message-ID: <000001c05be0$403b3d80$0300000a@5001> > >MIME-Version: 1.0 > >Content-Type: text/plain; > >Content-Transfer-Encoding: 7bit > >X-Priority: 3 (Normal) > >X-MSMail-Priority: Normal > >X-Mailer: Microsoft Outlook CWS, Build 9.0.2416 (9.0.2910.0) > >X-MimeOLE: Produced By Microsoft MimeOLE V5.00.2615.200 > >X-Loop-Detect: 1 > > > >

-----Original Message----- From: Brandon Schwertner <[email protected]>@ENRON [mailto:IMCEANOTES-Brandon+20Schwertner+20+3Cbrandons+40calpine+2Ecom+3E+40ENRON@ENRON.com] Sent: Wednesday, September 12, 2001 12:44 PM To: Aaron Parvis (E-mail); Aaron Parvis (E-mail 2); Allison Schulz (E-mail); Amanda Moore (E-mail); B. J. Tietze (E-mail); Beth Leibo (E-mail); Blaine Wiley (E-mail); Brendan Weatherman (E-mail); Brent Adams '89 (E-mail); BRIAN BICKEL (E-mail); Brian Griffin (E-mail); Bruce Raney (E-mail); Capital Land and Livestock (Business Fax); Caroline Starry (E-mail); Watts, Christopher; Christian Remmert (E-mail); Cody Schwertner (E-mail); Dan Karr (E-mail); Danny Haskin; Derrick (E-mail); Douglas Moore (E-mail); Erik Bodholt (E-mail); Gary Valdez (Business Fax); Gregg Nichols (E-mail); Gregg Nichols (Business Fax); HEATHER NOAH (E-mail); Heng \"Chin\" Too (E-mail); Heng \"Chin\" Too (Business Fax); Jackie (E-mail); Jean-Pierre Blaise (E-mail); Jean-Pierre Blaise (Business Fax); Jenifer Beard (E-mail); Jennifer Hunter (E-mail); Jenny Madison (E-mail); Jim Robison (E-mail); John Scholl (E-mail); Stepenovitch, Joe; Julia McAnelly (E-mail); Karen (E-mail); Keith Schwertner (E-mail); Kelly Stroud (E-mail); Kelly Stroud (Business Fax); Ken Cuff (E-mail); Jester, Larry; Larry Jester (Business Fax); Lauren Minns (E-mail); Lauren Minns (E-mail 2); Lee Crain (E-mail); LeeAnn Wright (E-mail); Leslie Hoff (E-mail); Leslie Hoff (Business Fax); Linda Schwertner (E-mail); Linda Windle (E-mail); Linda Windle (Business Fax); Mary Hitchcock (E-mail); Memaw and Doug Ferrill (E-mail); Egmar, Niclas; "Niclas Egmar (Business Fax)"@mailman.enron.com; Oscar Garia (E-mail); Pam Vader (E-mail); Paul C. Campbell (Business Fax); Paul Kilmer (E-mail); Peter Drysdale (E-mail); Phil Suchan (E-mail); Quick (E-mail); Ray Connolly (E-mail); Ray Connolly (Business Fax); Ray Schwertner (E-mail); Ray Schwertner (Business Fax); Robin Pitts (E-mail); Rosemary (E-mail); Russell Dennis (E-mail); Russell Schwertner (E-mail); Sam Crazy (E-mail); Spencer Rippstein (E-mail); STEFAN AMLING (E-mail); Stephen Bingham (E-mail); Stephen Karr (E-mail); Steven Eason (E-mail); Steven Gray (E-mail); Steven J. Karvellas (Business Fax); Steven Wilson (E-mail); Technical Support (E-mail); TENASKA (E-mail); Tim Ming (E-mail); Tom Hancock (E-mail); Tonya Clifton (E-mail); Travis Moore (E-mail); Troy Clifton (E-mail); Wendy Jordan (E-mail) Subject: A Tribute to the United States I never send these out so it must be pretty good... This is from a Canadian newspaper. AMERICA : THE GOOD NEIGHBOR Widespread, but only partial news coverage was given recently to a remarkable editorial broadcast from Toronto by Gordon Sinclair, a Canadian television commentator. What follows is the full text of his trenchant remarks as printed in the Congressional record: "This Canadian thinks it is time to speak up for the Americans as the most generous and possibly the least appreciated people on all the Earth. Germany, Japan, and to a lesser extent, Britain and Italy were lifted out of the debris of War by the Americans who pour- ed in billions of dollars and forgave other billions in debts. None of these countries is today paying even the interest on its remaining debts to the United States. When France was in danger of collapsing in 1956, it was the Americans who propped it up, and their reward was to be insulted and swindled on the streets of Paris. I was there. I saw it. When the earthquakes hit distant cities, it is the United States that hurries in to help. This spring, 59 American communities were flattened by tornadoes. Nobody helped. The Marshall Plan and the Truman Policy pumped billions of dollars into discouraged countries. Now newspapers in those countries are writing about the decadent, warmongering Americans. I'd like to see just one of those countries that is gloating over the erosion of the United States dollar build its own airplane. Does any other country in the world have a plane to equal the Boeing Jumbo Jet, the Lockheed Tri-Star, or the Douglas DC-10? If so, why don't they fly them? Why do all the International lines except Russia fly American Planes? Why does no other land on earth even consider putting a man or woman on the moon? You talk about the Japanese technocracy, and you get radios. You talk about the German technocracy, and you get automobiles. You talk about the American technocracy, and you find men on the moon. Not once, but several times and safely home again. You talk about scandals, and the Americans put theirs in the store window for everybody to look at. Even their draft-dodgers are not pursued and hounded. They are here on our streets, and most of them, unless they are breaking Canadian laws, are getting American dollars from Ma and Pa at home to spend here. When the railways of France, Germany and India were breaking down through age, it was Americans who rebuilt them. When the Pennsylvania and the New York Central went broke, nobody loaned them an old caboose. Both are still broke. I can name you 5,000 times when the Americans raced to the help other people in trouble. Can you name me even one time when someone else raced to the Americans in trouble? I don't think there was outside help even during the San Francisco earthquake. Our neighbors have faced it alone, and I am one Canadian who is damned tired of hearing them get kicked around. They will come out of this thing with their flag high. And when they do, they are entitled to thumb their nose at the lands that are gloating over their present troubles. I hope Canada is not one of those." Stand Proud America! For those who are active in the energy business, remember those with whom we work that have passed. http://www.capecodonline.com/cctimes/xzdonzxt12.htm

I spoke with WHP management yesterday and we are still supporting the Comprehensive Settlement - of course. We have not reserved any time on Tuesday to speak, though. There is a possibility that could change at the last minute, but as some of you might know, WHP is currently negotiating the sale of its California assets. Things are in limbo to say the least. It would be a short, terse message from WHP, if any. I think Mike's suggestion that some of the details have another look should focus towards the Interim Settlement, or more specifically the PD provisions, as opposed to anything in the CS. Even though we can all express our support of the CS, it is not being voted on, and there is no alternate decision that would even allow that for now. But as Mike suggests, maybe the Commission can be persuaded that the status quo needs to change in light of today's environment; which means the PD has to be changed. John Burkholder ----- Original Message ----- From: <[email protected]> To: <[email protected]> Cc: <[email protected]>; <[email protected]>; <[email protected]>; <[email protected]>; <[email protected]>; Tom Beach <[email protected]> Sent: Thursday, May 17, 2001 7:38 PM Subject: Re: Commission OII Hearings > > I have just asked the CPUC for time to speak on Edison's behalf. I am > still drafting our response (just got permission/instructions from my > management) We intend to support the settlement, but suggest that, in light > of the delays which have occurred in implementation, and the drastic > changes which have occurred in California's energy markets, and the > infrastructure proceeding that is on-going, in particular, how much > additional take-away capacity is required to support the proposed > interstate pipeline expansions, it may be appropriate to renegotiate some > of the details of the settlement and/or for the Commission to take > additional testimony/evidence. > > -- > Michael S. Alexander > Southern California Edison > Energy Supply and Management (ES&M) > 626-302-2029 > 626-302-3254 (fax) > > > > > Jeff.Dasovich > @enron.com To: Tom Beach <[email protected]> > cc: [email protected], [email protected], > 05/15/2001 [email protected], [email protected], > 08:51 AM [email protected], > [email protected] > Subject: Re: Commission OII Hearings > > > > > > > Enron will very vigorously support the CS and I would hope that we could > get as many people as possible to do the same. Let's face it, California's > gas industry is a mess for the same reasons the electricity industry is a > mess (despite, and perhaps contrary to, the substantially more narrow > reasoning offered by the Brattle Group). The CS is a well-thought-out, > well-designed program for moving forward; unlike the "interim," which takes > two steps back. Can we split up the names of all the people who signed on > and call them and try to get them to show up in support? > > Best, > Jeff > > > > Tom Beach > > <tomb@crossbordere To: > [email protected], > nergy.com> [email protected], > [email protected], > [email protected], > > 05/14/2001 11:37 > [email protected], > PM [email protected] > > cc: > > Subject: Re: Commission > OII Hearings > > > > > Watson has asked for time to speak. I'm planning to continue to support > the > CS. It brings some greater stability and certainty to SoCalGas' noncore > rates. The allocation of backbone capacity might improve shippers' > certainty of being able to move gas through Topock and Wheeler Ridge. In > the short term, it's hard to say how much that might help prices, but I > doubt that it would make them worse. In the longer term, if new generation > on the PG&E and Kern / Mojave systems, plus the North Baja and Questar > lines, actually reduce SoCalGas' throughput, then a SoCalGas city-gate > market might be pretty competitive. Finally, the CS removes SoCalGas' > favorite argument in favor of the peaking rate. > > So what are Edison and Enron going to do? > > Tom > > ----- Original Message ----- > From: <[email protected]> > To: <[email protected]>; <[email protected]>; <[email protected]>; > <[email protected]>; <[email protected]>; > <[email protected]> > Sent: Monday, May 14, 2001 7:26 PM > Subject: Commission OII Hearings > > > > I was just wondering what any of you guys are thinking about doing at the > > Gas OII meeting next Tuesday. Are any of you planning on making a > > presentation? If so, do you intend to support the settlement as filed, > or > > are there modifications you think are appropriate given the way SoCalGas > > has handled its system in the past few months? > > > > Michael > > > > P.S. FYI, I am out of town, so I am not available by phone until Monday. > > > > -- > > Michael S. Alexander > > Southern California Edison > > Energy Supply and Management (ES&M) > > 626-302-2029 > > 626-302-3254 (fax) > > > > > > > > > > > > > >

------------------------------------------------------------------------------ ------------------------ W E E K E N D S Y S T E M S A V A I L A B I L I T Y F O R May 11, 2001 5:00pm through May 14, 2001 12:00am ------------------------------------------------------------------------------ ------------------------ SCHEDULED SYSTEM OUTAGES: ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages. AZURIX: No Scheduled Outages. EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages. EDI SERVER: No Scheduled Outages. ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages ENRON NORTH AMERICAN LANS: Impact: EES Time: Sat 5/12/2001 at 1:00:00 PM CT thru Sat 5/12/2001 at 5:00:00 PM CT Sat 5/12/2001 at 11:00:00 AM PT thru Sat 5/12/2001 at 3:00:00 PM PT Sat 5/12/2001 at 7:00:00 PM London thru Sat 5/12/2001 at 11:00:00 PM London Outage: Move vlans for EES in Enron Building Environments Impacted: EES in Enron Building Purpose: Provide more capacity to the network Backout: paste in old configs Contact(s): Gail Kettenbrink 713-853-4524 Michael Huang 713-345-3201 FIELD SERVICES: No Scheduled Outages. INTERNET: No Scheduled Outages. MESSAGING: No Scheduled Outages. MARKET DATA: No Scheduled Outages. NT: No Scheduled Outages. OS/2: No Scheduled Outages. OTHER SYSTEMS: Impact: Corp, OTS, ETS DATE: MAY 15, 2001/2/2001 at 5:30:00 PM Outage: Migrate DSS Server to GTHOU-APPSQ03P Environments Impacted: DSS users will not be able to access the old server (ENEDS01_ADAPT)after this date Purpose: The existing server is outdated, migrating to SQL 2000 provides increased functionality and conforms to database platform requirements. Backout: Contact(s): Mary Vollmer 713-853-3381 Joe Hellsten 713-853-7346 713-545-4164 Impact: CORP Time: Fri 5/11/2001 at 8:00:00 PM CT thru Sat 5/12/2001 at 10:00:00 PM CT Fri 5/11/2001 at 6:00:00 PM PT thru Sat 5/12/2001 at 8:00:00 PM PT Sat 5/12/2001 at 2:00:00 AM London thru Sun 5/13/2001 at 4:00:00 AM London Outage: CPU replacement on server sennacca. Environments Impacted: RMS Purpose: Replace faulty CPU that is offline. Backout: Restore server to old configuration. Contact(s): Malcolm Wells 713-345-3716 Impact: CORP Time: Fri 5/11/2001 at 5:00:00 PM CT thru Fri 5/11/2001 at 5:15:00 PM CT Fri 5/11/2001 at 3:00:00 PM PT thru Fri 5/11/2001 at 3:15:00 PM PT Fri 5/11/2001 at 11:00:00 PM London thru Fri 5/11/2001 at 11:15:00 PM London Outage: Decommission of the following servers: intra, intra-dev, conman1, aserv1, ardent, dbadmin Environments Impacted: Corp Purpose: Server no longer used. The servers will be decommissioned or redeployed where necessary. Backout: Contact(s): Malcolm Wells 713-345-3716 Impact: CORP Time: Sat 5/12/2001 at 2:00:00 AM CT thru Sun 5/13/2001 at 5:00:00 PM CT Sat 5/12/2001 at 12:00:00 AM PT thru Sun 5/13/2001 at 3:00:00 PM PT Sat 5/12/2001 at 8:00:00 AM London thru Sun 5/13/2001 at 11:00:00 PM London Outage: Resource and OS upgrade to server fracture. Environments Impacted: Global company RMS ECM Purpose: An OS upgrade is needed to provide the disk upgrade solution. Additionanl memory is needed as well. Backout: Attach the old disk solution and reboot to old configuration. Contact(s): Malcolm Wells 713-345-3716 Impact: ENA Time: Sat 5/12/2001 at 10:00:00 PM CT thru Sat 5/12/2001 at 10:15:00 PM CT Sat 5/12/2001 at 8:00:00 PM PT thru Sat 5/12/2001 at 8:15:00 PM PT Sun 5/13/2001 at 4:00:00 AM London thru Sun 5/13/2001 at 4:15:00 AM London Outage: Bounce PWRPROD1 database Environments Impacted: Enpower User Purpose: Change some configuration to improve database performance Backout: Use the old parameter file. Contact(s): Tantra Invedy 713 853 4304 SITARA: No Scheduled Outages. SUN/OSS SYSTEM: No Scheduled Outages. TELEPHONY: Impact: Time: Sat 5/12/2001 at 10:00:00 PM CT thru Sun 5/13/2001 at 1:00:00 AM CT Sat 5/12/2001 at 8:00:00 PM PT thru Sat 5/12/2001 at 11:00:00 PM PT Sun 5/13/2001 at 4:00:00 AM London thru Sun 5/13/2001 at 7:00:00 AM London Outage: Quarterly Maintenance - Telephone System Environments Impacted: All Purpose: Quarterly maintenance. While voicemail nodes are being serviced (one box at a time), a slight disruption will be experienced. Messages will continue to be stored but will not be delivered until each node of voicemail is back up and operational. CMS call center management reporting will not be availalble during this time. Backout: Contact(s): Cynthia Siniard 713-853-0558 TERMINAL SERVER: No Scheduled Outages. UNIFY: Impact: CORP Time: Fri 5/11/2001 at 6:00:00 PM CT thru Fri 5/11/2001 at 7:00:00 PM CT Fri 5/11/2001 at 4:00:00 PM PT thru Fri 5/11/2001 at 5:00:00 PM PT Sat 5/12/2001 at 12:00:00 AM London thru Sat 5/12/2001 at 1:00:00 AM London Outage: Memory replacement for server electron. Environments Impacted: Unify Users Purpose: Replace faulty memory module. Backout: Get new memory if necessary Restart server with out memory as last resort Contact(s): Malcolm Wells 713-345-3716 ------------------------------------------------------------------------------ ----------------------------------------------- FOR ASSISTANCE (713) 853-1411 Enron Resolution Center Specific Help: Information Risk Management (713) 853-5536 SAP/ISC (713) 345-4727 Unify On-Call (713) 284-3757 [Pager] Sitara On-Call (713) 288-0101 [Pager] RUS/GOPS/GeoTools/APRS (713) 639-9726 [Pager] OSS/UA4/TARP (713) 285-3165 [Pager] CPR (713) 284-4175 [Pager] EDI Support (713) 327-3893 [Pager] EES Help Desk (713)853-9797 OR (888)853-9797

? CRISIS... AND OPPORTUNITY? Power Markets 2001 March 14-16 | Aladdin Hotel | Las Vegas Click here to view? CRISIS AND OPPORTUNITY: POWER MARKETS 2001 http://www.pmaconference.com/0103Agendah.pdf [IMAGE] February 21, 2001: Crisis and Opportunity Update If you're like the tens of thousand of others who read the Power Marketing Association's Daily Power Report, you know that our industry faces unprecedented crisis.? Blackouts, credit crunch, electric and gas price volatility, low hydro levels--? and we're not even near the summer.?? What are we facing?? Now is the time to think, to plan, to solve tomorrow's problems before they arise.?? Join us at the Power Marketing Association's Seventh Annual Spring Meeting: Power Markets 2001: CRISIS AND OPPORTUNITY:? MARCH 14-16, 2001, Aladdin Hotel, Las Vegas, NV. Crisis grabs the attention, but the opportunities are almost palpable.? Just click on the headline for the full story at powermarketers.com: KINDER MORGAN TO BUILD 3,300 MW OF GAS-FIRED GENERATION; WILLIAMS TO MARKET POWER Kinder Morgan, Inc. ?and a unit of Williams ?announced a 16-year ?agreement under which Williams will supply fuel to and market 3,300 megawatts (MW) of capacity for six natural gas-fired, intermediate-peaking power generation facilities to be developed by Kinder Morgan Power Company over the next four years. http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/comtex/2 001/02/20/pr/0000-3437-tx-kinder-morgan QUIET TIMES TO BE REPLACED BY A POWER PLANT BUILDING SPREE The head of the Long Island Power Authority, Richard Kessel, is proposing building two power plants on Long Public power utilities nationwide are stepping up their efforts to design and build new generating plants, in large part to ensure against future capacity problems similar to the ones many utilities now are experiencing in California. http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/thomsonf inancial/2001/02/20/eng-tf_bondbuyer/eng-tf_bondbuyer_105040_254_285891018808 SOUTHERN COMPANY TO ADD APPROXIMATELY 6,600 MEGAWATTS OF NEW GENERATING CAPACITY IN THE SOUTHEAST BY 2004 As part of its ongoing plan to meet the growing demands for electricity in the region, Southern Company will increase its generating capacity by 6,600 megawatts by 2004. Included in the capacity additions are 4,600 megawatts to serve the competitive wholesale market in the region. http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/prnewswi re/2001/02/20/XXboo/4663-0116-GA-Southern-Co-adds.. POWER WOES, UPDATED DESIGN CREATE NEW BUZZ OVER NUCLEAR POWER America's appetite for electricity -- highlighted by California's energy crunch -- is driving an interest in nuclear power to heights not seen in nearly a generation. ?For the first time since the 1970s, a utility company is talking with the Nuclear Regulatory Commission about building new units somewhere in the United States, using a design completely different from plants anywhere else in the world. http://199.97.97.163/IMDS%PMAKRT0%read%/home/content/users/imds/feeds/knightri dder/2001/02/20/krtbn/0000-0472-SA-NUCLEAR ROCHESTER GAS & ELECTRIC'S AND NEW YORK STATE ELECTRIC & GAS TO JOIN TO BECOME $5 BILLION SUPERREGIONAL UTILITY The combined company will be one of the largest, most diversified energy providers in the Northeast, serving nearly 3 million customers, including approximately 1.8 million electric customers, almost one million natural gas customers and approximately 200,000 other retail energy customers. The combined company will have annual revenues of approximately $5 billion and nearly $10 billion in assets. http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/comtex/2 001/02/20/pr/0000-3904-.industrytopstories.util POWER MARKETING ASSOCIATION EXTENDS EARLY BIRD SPECIAL FOR REGISTRANTS AT POWER MARKETS 2001: CRISIS AND OPPORTUNITY MARCH 14-16, ALADDIN LAS VEGAS In an industry-shaking move, the Power Marketing Association, in conjunction with the Aladdin Hotel Las Vegas, has announced that the early bird special for both conference registrations and room reservations will be held over another week until February 27, 2001. ??However, the airlines have refused to join in, making it imperative that those seeking flights to Vegas book their tickets before the best flights and rates are gone. ?Don't gamble on flight availability-- call your travel agent now! http://www.pmaconference.com/0103Agendah.pdf ? Click here to view? CRISIS AND OPPORTUNITY: POWER MARKETS 2001 http://www.pmaconference.com/0103Agendah.pdf ? Join the Power Marketing Association at its annual spring meeting to discuss the crises and opportunities which are, and will soon be facing us:? California: What's in store for the summer? Gas PriceVolatility-- Why? Power Market Risks-- Explained The Texas Retail Market-- Will it Work? New Powerplants-- How big is the opportunity? Credit Risk-- How to manage it Real Prices-- is the retail market ready to live without price caps? Weather risk-- is it a market yet? Transmission constraints-- are they completely intractable? Provider of Last Resort-- is this a dumping ground? The web-- what's real, what isn't-- beyond the hype. Retail billing-- Getting it right before you're bankrupt Powerline Telecom-- The next big thing? Rolling Blackouts--? Peak shaving? Distributed Generation-- Has the time come? Coal- fuel of the future-- and present.? and Where is your career going?-- What's hot today, tomorrow. And don't miss our most popular seminar-- a must for the newbies out there, or if you just feel a need to step back and see where you fit into the big picture: FUNDAMENTALS OF POWER MARKETING March 14, 2001 Click here to view? CRISIS AND OPPORTUNITY: POWER MARKETS 2001 http://www.pmaconference.com/0103Agendah.pdf

Dr. Lay: You will be pleasantly surprised to receive this e-mail from an Enron Employee. Please note that you are the first and only person in Enron that will know about the endeavors that this e-mail discusses. Background: In 1986 while I was taking a graduate course in Economics as part of my MBA program, I started to think that there exists some similarities between Economics and Thermodynamics. In 1988, I discussed my initial thoughts with Dr. Ibrahim Oweiss, professor of Economics at Georgetown University and we agreed to investigate this topic. Since that time, I worked with Professor Oweiss on and off investigating the subject. In the last couple of years, we started to make good progress, that was culminated recently by submitting three papers for publication (see table below). List of Papers # Paper Title Abstract Status 1 On the Analogies between
&Economics
8 and
&Thermodynamics
8 Part I:
&Basics
8 This part identifies certain analogies between Economics and Thermodynamics. The analogies between
&Abilities
8 and
&Energy
8,
&Utility
8 and
&Work
8,
&Capital
8 and
&Heat
8,
&Marginal Utility
8 and
&Pressure
8,
&Relative Income
8 and
&Temperature
8, as well as
&LABOR EFFORT
8 and
&Entropy
8 are discussed. This part concludes that the suggested analogies bring about new approaches that will explain some economic complexities by borrowing or building upon some concepts, theories and experiences in Thermodynamics. Part II:
&Applications
8 This second Part builds upon the basics introduced in Part I where analogies between Economics and Thermodynamics have been drawn. In this Part, the application of the analogies is utilized to analyze some of the topics economists deal with. This Part presents a fresh approach that holds promising vehicles that can explain some of the paradoxes economists have been facing for years. Submitted for publications as a working paper at the Department of Economics at Georgetown University. (November 2000) 2 A New Approach to
&Production Theory
8 This paper introduces a fresh approach to the Production Theory. Unlike the conventional approach of relating production to Capital and Labor along the line suggested by Cobb Douglas, the approach this paper takes is relating the production to utility change which in turn is related to changes in capital and labor effort. This approach affords more generality and helps in the explanation of some paradoxes that the Cobb Douglas theory could not explain. Submitted for publications in
&Economic Theory
8, (October 2000) 3 The Capital Engine Concept This Paper presents a fresh approach that explains several observations in economics. The concept is used to discuss some of the trends the economic growth theory exhibits. It is also used to explain gains in productivity associated with technology improvements. The Capital Engine concept presented in this paper could serve as a basis for new growth theory. Submitted for publications in
&Economic Theory
8, October 2000) A fourth paper entitled "Innovation: Why" is under preparation. In this paper, we are able to substantiate based on the concept of the Capital Engine that innovation is the most important driver for economic growth. You can see why I chose these two words in the title of the paper from my Enron world. I have been collaborating with Professor Oweiss on my own time and I am pleased that we managed to get to this point. Professor Oweiss and I are now convinced that we have reached some breakthroughs that could revolutionize the study of Economics. We also feel that we can build further on what we reached, and even making more valuable contributions. I am sure that you will be pleased to learn of the above, of course being an Economist you shall appreciate it even more. As I reach this critical stage on our path of this research project, I would like to seek Enron support in two areas: I. Patent(s) / Copy Righting: I feel that the contributions that are covered in the three papers are original and may warrant patenting / copy righting. Since I am the primary author of these papers I wanted to have some credit go to Enron. II. Grant / Sponsorship: I feel that my endeavors which have been purely on my own personal time so far, need to be replaced by a more concerted effort now that we have reached a critical mass. Towards this end, Dr. Oweiss and myself are taking steps to get funding from the National Science Foundation for a joint research project that would be carried out through the Georgetown University. I do not know of any particular programs within Enron that would afford me the opportunity to complete a project like the one we are envisaging. I feel that such a research program will be very valuable. I am further convinced that such program will not be only of an academic value but it will have significant impact to the business world. I trust that the publicity that Enron being the leading company in innovation would get out of the success that I am hoping for the proposed research project will be many folds the amount of money Enron would contribute to the proposed effort. I would be delighted to send you copies of the three papers and / or make a brief presentation on the subject. I wish to thank you for taking the time to read the above e-mail amid your busy schedule. Regards, Hemmat Safwat General Manager, Development Engineering Enron Middle East I

Bill, an ALJ at the CPUC ruled against certain motions to strike testimony about direct access exit fees put forth in an inappropriate proceeding by the consumer group TURN, so I have to be in SF tomorrow to cross examine.....am flying up tonight and therefore would like to have our call from on the road. Am staying at the Hyatt on Union Square....Hotel Phone Number: 415-398-1234. Please call me there. Thanks! Dan Law Offices of Daniel W. Douglass 5959 Topanga Canyon Blvd. Suite 244 Woodland Hills, CA 91367 Tel: (818) 596-2201 Fax: (818) 346-6502 [email protected] ----- Original Message ----- From: "Rapp, Bill" <[email protected]> To: <[email protected]> Sent: Friday, November 16, 2001 2:12 PM Subject: FW: SCG Advice 2837-A Dan, This is a follow up to our telephone conversation of this afternoon. The attachment, which apparently originated with you, is what we will talk about during our conference call at 8:00 a.m. (California time) on Monday. Thanks. > -----Original Message----- > From: Donoho, Lindy > Sent: Friday, November 16, 2001 4:01 PM > To: Rapp, Bill; Hass, Glen; Blair, Lynn; Harris, Steven; Kowalke, > Terry; Lokey, Teb; Kilmer III, Robert; #99 Tech Support,; Watson, > Kimberly; Lindberg, Lorraine; Lohman, TK > Subject: FW: SCG Advice 2837-A > > After discussing with Lynn and Glen, we think that we would like to > file comments in this proceeding concerning an issue we have had since > this has been implemented on Nov 1. In instances where SoCal happens > to call their OFO in the Intraday 2 cycle, it can cause Transwestern > to have Shipper imbalances because we do not have an opportunity to > pass-along these reductions to our upstream parties. We think we > would like to file a letter that may mention our general support of > the "direction" of SoCal's changes, but that we do have an issue that > has developed since actual implementation that we are currently > working on with them. Lynn & I worked on this rough general > description we thought could be incorporated into a brief letter. > > "If SoCal calls an OFO in the Intraday 2 Cycle, an > allocation is passed to Transwestern through the confirmation process > with SoCal. Due to the timing of these OFO's, Transwestern is unable > to confirm such reductions with Transwestern's upstream parties." > > Lynn thinks if we are unable to resolve this issue with SoCal, TW > could have high Shipper imbalance exposure. > > -----Original Message----- > From: Harris, Steven > Sent: Wednesday, November 14, 2001 9:50 AM > To: Donoho, Lindy > Subject: FW: SCG Advice 2837-A > > Lindy , can you please take a look at this and let me know if we > should file comments. Thanks. You might see if Glen has looked at it > yet. > > Steve > > -----Original Message----- > From: "Dan Douglass" <[email protected]>@ENRON > Sent: Friday, November 09, 2001 5:02 PM > To: Hass, Glen; Harris, Steven > Cc: Gregg Klatt > Subject: SCG Advice 2837-A > > > Glen and Steve: > > The attached supplemental advice filing by SoCalGas replaces the > changes to Rule 30, Transportation of Customer-Owned Gas, proposed by > AL2837. The purpose of this filing is to describe the new internal > receipt point operating procedures that SoCalGas is implementing, and > to request Commission authorization to include the revised operating > procedures in Rule 30. SoCalGas says this step is being taken in > anticipation that it will be replaced with a system of firm tradable > intrastate transmission rights in Gas Industry Restructuring (GIR) > proceeding, I.99-07-003. > During the GIR panel hearings, several parties requested that > SoCalGas publish its windowing criteria in tariffs to facilitate a > better understanding of the method used to allocate receipt point > capacity. SoCalGas agreed to make such a filing, and D.99-07-015 > directed SoCalGas to file an advice letter adding windowing > information to its tariffs. To comply with this directive, on August > 6, 1999, SoCalGas filed AL2837, which has not been acted on by the > Commission. > Customer complaints about SoCalGas' windowing procedures have > convinced SoCalGas that it should replace its internal windowing > operating procedures with a system that is open to the maximum > operating capacity at each SoCalGas receipt point. SoCalGas is making > these internal operating changes effective November 1, 2001. > SoCalGas held meetings with upstream pipelines on October 17, and > with interested customers and stakeholders on October 18, regarding > the upcoming changes. They were invited to ask any questions in the > days leading up to the meetings. > Comments and/or protests are due on November 21. Have a good > weekend! > Dan > > Law Offices of Daniel W. Douglass > 5959 Topanga Canyon Blvd. Suite 244 > Woodland Hills, CA 91367 > Tel: (818) 596-2201 > Fax: (818) [email protected] > <<mailto:[email protected]>> > > - AL2837-A.PDF <<AL2837-A.PDF>> ********************************************************************** 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 [email protected] 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. **********************************************************************

LighTrade Aims For Bandwidth Boom With "Points" Monday, February 14, 2000 03:29 PM ?Mail this article to a friend By Michael Rieke HOUSTON (Dow Jones)--Washington, D.C. entrepreneur Ted Pierson is betting on a boom in bandwidth trading. His company, LighTrade Inc., will spend $20 million-$25 million this year to install and operate hardware to trade bandwidth, or space on telecom lines, in Atlanta, Chicago, Denver, Dallas, Miami, San Francisco, San Jose, Seattle and Washington, D.C. Bandwidth trading is growing, driven by increased demand by businesses for the Internet. In a report released last December, CIBC World Markets estimated that 20% of total bandwidth traffic, or $12 billion in revenues, could be traded in some manner within five years. Last week, Oklahoma energy company Williams Communications Group Inc. (WCG, news, msgs) announced plans to open a bandwidth trading unit. LighTrade will be the first company not affiliated with a larger energy or telecommunications concern to develop the trading sites, known as pooling points, Pierson told Dow Jones Newswires. The points connect telecommunications carriers, allowing data to move from one network to another. They are installed in "telecom hotels," buildings that house carrier facilities, and essentially consist of a Lucent Technologies Inc. (LU, news, msgs) bandwidth manager about the size of a tall, narrow refrigerator. Enron Broadband Services, a unit of Enron Corp. (ENE, news, msgs), established the first two points last year in New York and Los Angeles. It plans to build another in London this year. Last year, Enron Corp. proposed trading bandwidth under a standardized contract. It executed the first trade under the contract in December, buying space on a monthly basis on a New York-Los Angeles line from Global Crossing Ltd. of Bermuda. Forrester Research Inc., a Cambridge, Mass.-based technology research firm, has charged that Enron's ownership of pooling points prevents neutrality in bandwidth trades. Having an independent company like LighTrade operate points will help the bandwidth trading market get off the ground, said Stephen Kamman, a telecommunications industry analyst for CIBC World Markets. It's a "very positive" development for the bandwidth trading market, said Tom Gros, vice president of international bandwidth trading for Enron. "This is the first of what I think will be at least a few others who are interested in building pooling points that meet the Enron specifications for the open trading of bandwidth," Gros said. The industry has been trading bandwidth without a standardized contract for years. Deals have typically taken weeks or months to negotiate. Companies must start from scratch with each deal, negotiating price, quantity, length of contract and quality of service. In the past, deals have been long-term, sometimes as long as 20 years. But with the cost of bandwidth along some routes declining 15%-20% a year, such terms are less attractive. Enron has also called on telecommunications companies to form a bandwidth trading organization, an independent body that will decide on standard terms and conditions for trading. Two groups in London and one in the United States are vying to form such a group. LighTrade chose pooling point sites based on telecommunications traffic, Pierson said. Long-range plans call for the company to have sites in the 50 U.S. cities that develop the most traffic. But the company's pace building a network of points will depend on how quickly the telecommunications industry can decide on standards for trading bandwidth as a commodity. LighTrade wants to install points in Boston, Houston, Las Vegas, Memphis and Phoenix in 2001, Pierson said. It is eyeing a move into international markets as early as next year, if the market will support it. Western Europe is a likely starting point, with Paris and Frankfurt possible sites. Eventually, LighTrade could connect Miami to a South American city like Rio de Janeiro or Sao Paulo, and build Asian pooling points in sites like Tokyo and Osaka. The company raised financing from private investors in two rounds last year and is now looking for investment from venture capital companies. In addition to reaching an agreement with Lucent Technologies to use its bandwidth managers, LighTrade has another connection to the high-tech company. William Plunkett, a senior vice president at Lucent, is on LighTrade's board of directors. Pierson declined to say whether Lucent would invest in his company. LighTrade isn't Pierson's first startup company. The telecommunications attorney founded Advanced Radio Telecom (ARTT, news, msgs), a NASDAQ-traded company that owns and operates broadband wireless metropolitan area networks. That company now has market capitalization of $800 million. Pierson has commitments to tie pooling points into the networks of three major telecommunications carriers, he said. He wouldn't identify the companies. He said he doesn't know of any competitors building pooling points, but he expects others to enter the market. He and his investors are taking a chance starting a company to develop pooling points because they don't know how quickly the market will develop, he said. "But I wouldn't be in it if ... I did not think this would be a very significant economic return," Pierson said. -By Michael Rieke 1-713-547-9207 [email protected]

Ruling was as follows: if a witness appears on P's witness list AND was deposed in the California cases and is within the "control" of a defendant (only Barth at most, for us), then plaintiff and that defendant meet and confer to determine whether that witness will appear live in P's case or in D's case with cross-examination NOT limited to direct examination in either instance (unless defendant agrees to produce the witness twice, in which case ordinary rules apply.) If a defendant claims that a witness is not within its control, the court will look very skeptically on any effort by that defendant to produce that witness later in its own case. Hennigan tried to make the ruling include McConville and Glanville, but I beat him back on that. Also, defendants do NOT have to identify their own witnesses until all parties do so simultaneously. Hennigan tried to make the defense go first but judge wouldn't buy it. I suggested that the Final Status Conference be moved from 7/9 to 7/23 (since summary judgment motions won't be heard til 7/17.). Judge Berle seemed to have some inclination to do this but said to raise the subject on 6/21, when the motion to continue the trial is heard. Steve >>> "[email protected]" 06/05/01 10:27AM >>> A very promising response. Steve, what happened with at the ex parte hearings? >>> <[email protected]> 06/05/01 10:21AM >>> see below ................................................ ALSCHULER GROSSMAN STEIN & KAHAN LLP ATTORNEYS AT LAW www.agsk.com 2049 Century Park East Thirty-Ninth Floor Los Angeles, CA 90067-3213 Tel 310-277-1226 Fax 310-552-6077 This transmission is intended only for the use of the addressee and may contain information that is privileged, confidential and exempt from disclosure under applicable law. If you are not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately via e-mail at [email protected] or by telephone at 310-277-1226. Thank you. ............................................... ................................................ ALSCHULER GROSSMAN STEIN & KAHAN LLP ATTORNEYS AT LAW www.agsk.com 2049 Century Park East Thirty-Ninth Floor Los Angeles, CA 90067-3213 Tel 310-277-1226 Fax 310-552-6077 This transmission is intended only for the use of the addressee and may contain information that is privileged, confidential and exempt from disclosure under applicable law. If you are not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately via e-mail at [email protected] or by telephone at 310-277-1226. Thank you. ...............................................

=========================================================================== NEW RESEARCH AT WWW.FORRESTER.COM -- 2/8/2002 =========================================================================== Forrester's Personal Research Update Launches Next Week As part of Forrester's WholeView(TM), clients and registered guests will receive a new email that's relevant, easy to read, and an immediate link to the research you need. Today's email will be the last message in the old format. The enhanced HTML email that you will begin to receive next week will: Allow you to customize the message to your research preferences. Announce when research you're interested in is available. Link clients directly to new research. Please note: You must be registered to receive Forrester emails. Receiving today's email does not mean that you are a registered guest. If you are not a client or a registered guest and would like to continue to receive emails from Forrester, please go to www.forrester.com and register as a guest. Simply check the box for "New Research From Forrester" when you register and we will send you the new email automatically. =========================================================================== NEW TechStrategy(TM) Research: 1 Report 10 Briefs NEW Technographics(R) Research: 2 Briefs NEW TechRankings(TM) Research: 3 TechInsight =========================================================================== TECHSTRATEGY RESEARCH TechStrategy provides qualitative industry and technology research that analyzes the impact of technology change and informs strategic decision-making. Bridging Wireless Finance Strategy - Report Charlotte Hamilton, February 2002 http://www.forrester.com/ER/Research/Report/0,1338,14427,FF.html Finance firms stall their WAP initiatives, hoping that technology progress will rescue them later. They should instead integrate WAP into simpler, more specific, service-oriented offerings. AT&T Unlimited Won't Slow Displacement - Brief Charles Golvin, February 7, 2002 http://www.forrester.com/ER/Research/Brief/0,1317,14541,FF.html c2it Should Create An Industrywide P2P Network - Brief Catherine Graeber, February 7, 2002 http://www.forrester.com/ER/Research/Brief/0,1317,14538,FF.html WS-I Will Make Web Services Interoperability Real - Brief Ted Schadler, February 7, 2002 http://www.forrester.com/ER/Research/Brief/0,1317,14540,FF.html FCC: Put Service Quality Above Number Portability - Brief Charles Golvin, February 5, 2002 http://www.forrester.com/ER/Research/Brief/0,1317,14526,FF.html Milia 2002: Nintendo Makes All The Right Moves - Brief Paul Jackson, February 5, 2002 http://www.forrester.com/ER/Research/Brief/0,1317,14529,FF.html 3PLs Use Apps To Become LLPs - Brief Stacie S. Kilgore, February 4, 2002 http://www.forrester.com/ER/Research/Brief/0,1317,14496,FF.html What Drives eProcurement Success? - Brief Bruce D. Temkin, February 4, 2002 http://www.forrester.com/ER/Research/Brief/0,1317,14450,FF.html Bankruptcies Will Deepen The Telecom Crisis In '02 - Brief David M. Cooperstein, February 1, 2002 http://www.forrester.com/ER/Research/Brief/0,1317,14501,FF.html Five Predictions For Wealth Management In 2002 - Brief Jaime Punishill, February 1, 2002 http://www.forrester.com/ER/Research/Brief/0,1317,14495,FF.html IBM/MatrixOne Partnership: Competitors Must Worry - Brief Navi Radjou, February 1, 2002 http://www.forrester.com/ER/Research/Brief/0,1317,14500,FF.html =========================================================================== TECHNOGRAPHICS RESEARCH Web Travel Agencies Set To Become Marketmakers - Brief Henry H. Harteveldt, February 6, 2002 http://www.forrester.com/ER/Research/Brief/0,1317,14536,FF.html Buying Online Is Now An Easier Sell For Consumers - Brief Steve Yonish, February 4, 2002 http://www.forrester.com/ER/Research/Brief/0,1317,14466,FF.html =========================================================================== TECHRANKINGS RESEARCH How To Make ERP Apps Part Of Your Portal - TechInsight Nate L. Root, February 5, 2002 http://www.forrester.com/ER/Research/TechInsight/0,4109,14516,00.html What's New In Microsoft's Commerce Server 2002? - TechInsight Nicholas Wilkoff, February 5, 2002 http://www.forrester.com/ER/Research/TechInsight/0,4109,14527,00.html Scorecard Summary: Microsoft's Content Management Server 2001 - TechInsight Nicholas Wilkoff, February 4, 2002 http://www.forrester.com/ER/Research/TechInsight/0,4109,14502,00.html =========================================================================== REPRINTS Forrester clients can order additional hard copies of our Reports and Briefs; research is also available electronically to post on your Web site. Please contact your Account Manager for more information. If you would like to reach us, please click on the "Contact Us" link on our Web site's left-hand navigation bar. You will have the option to email your Forrester Account Manager or the Customer Center. 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Note: Let me know if we need to gather more information on these storage initiatives. I would be happy to research further. Lorna CA Gets 2nd Merchant Storage Project, 3rd on the Way Setting aside vociferous local opposition from nearby property owners and a proposed denial from one of its administrative law judges (ALJ), the California Public Utilities Commission Thursday gave the go-ahead to a proposed $80 million underground natural gas storage field near Lodi in Northern California. Texas-based Western Hub Properties' $80 million Lodi storage project is designed to have 12 Bcf of working capacity, with 400 MMcf/d injection and 500 MMcf/d withdrawal capacity. It includes a 35-mile transmission pipeline that connects with Pacific Gas and Electric Co.'s backbone pipeline. It will be the state's second non-utility storage project, following Wild Goose storage which went into service last year. Approval of the Lodi project is effective in mid-June. While CPUC Commissioner Richard Bilas said he supports "letting the market decide" whether a project should be built and encourages competition in gas storage, he "cannot support allowing competitors to use regulatory loopholes to take advantage of private property owners. In my view, this case comes precariously close to allowing that to happen." Although the Lodi project won environmental approval from an ALJ, the judge recommended the project not be built because it didn't meet local-need criteria. After postponing a decision on the proposed denial of the project, the CPUC president and one of the other five commissioners developed an alternative that gives "conditional" certification to the project so it can proceed with development and construction. To do so, Western Hub will have to comply with all the designated environmental mitigation measures, obtain adequate insurance and gain other state permits, including the State Lands Commission. Western Hub officials have maintained that Lodi's unique geographical location with proximity to key electric generating plants will be the state's only underground storage project offering fast deliverability to meet the needs of an increasingly competitive generation market. In sympathizing with the local concerns regarding this project, Commissioner Bilas said the opposition efforts of Lodi residents "have not been wasted. They highlight the need for [the CPUC] to continually review how its policies mesh with changing market conditions and how these interactions affect people. This will continue to be a delicate balancing act." The CPUC unanimous decision, Bilas said, "attempts to make that balance." Five local property owners --- one immediately adjacent to the proposed project --- traveled to San Francisco to urge the regulators to reject Western Hub's applications. They called the company "very arrogant" in the way it treated local landowners and argued that the project would "significantly adversely affect the quality of life" in their community. Meanwhile, Western Hub is eyeing a second potential storage site near Wheeler Ridge, southwest of Bakersfield. It is hoping to help develop an important regional energy hub in the southern end of California's central valley. The project would be similar in size to Lodi. A merchant storage field in the Wheeler Ridge area would be in close proximity to each of the four major gas pipelines in the state and to the sites for several proposed gas-fired merchant power plants --- one of them, PG&E Corp.'s La Paloma plant, which began construction May 17, will be the state's largest merchant plant (1,048 MW). Western Hub anticipates moving through the state approval processes quicker and having the project operational in the "next two to three years," according to its California-based officials. "This is a storage project that is very similar to the Lodi Project," said Jim Fossum, Western Hub California project manager. The concept of a project in the vicinity of Wheeler Ridge is being used in Western's ongoing marketing efforts to line up customers and equity financial support, but there are no specific engineering plans or draft regulatory filings in place. Fossum said Western Hub owns some rights to depleted oil/gas properties in the area, which has a long history of fossil fuel exploration and development covering much of the 20th Century. "We're working on the engineering of it," he said, adding that he is not "free to pinpoint precisely where [the proposed site] is located." "We have already told people that we intend to be interconnected with PG&E, Southern California Gas Co., Kern River and Mojave pipelines," he said. "We intend to not only provide service to the power plants in the area, but to the Las Vegas area and to the power plants in Arizona." Fossum said the expectation is that large customers in Nevada and Arizona could store gas in California for the peak-load times when they need extra supplies; take more than their normal loads off the Kern River or Mojave interstate pipeline and "pay" for the extra supplies out storage that would go to uses in California. "On a hot summer day, a customer in Las Vegas may need more gas but there is no capacity available because everyone else wants it, too," Fossum said. "So the Nevada customer arranges to take extras from Shell or Chevron [or one of the California-based customers] and supply that gas back to them at Wheeler Ridge."

------------------------------------------------------------------------------ ------------------------ W E E K E N D S Y S T E M S A V A I L A B I L I T Y F O R July 6, 2001 5:00pm through July 9, 2001 12:00am ------------------------------------------------------------------------------ ------------------------ ECS to ECN Network Interconnection July 14, 2001 This is a notification that the Enron Corp. I/T Networks team will be connecting the new building network infrastructure located in Enron Center South (ECS) to the existing Enron Center North (ECN) backbone network. While this activity is not expected to produce a disruption to network services, this notice is designed to alert the organization to our activities. No network hardware or systems are anticipated to be shutdown. The actual physical interconnection of the networks will be performed in the EB 34th floor Data Center. Interconnection activities are scheduled to occur the evening of July 14, 2001 starting from 7:00 p.m.(CT) and completing around 11:00 p.m. (CT). Application testing activities will begin at 11:00 p.m. (CT) once all network testing has completed. If you have any further questions, please contact Pete Castrejana at 713-410-0642 for more information. SCHEDULED SYSTEM OUTAGES: ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages. AZURIX: No Scheduled Outages. EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages. EDI SERVER: No Scheduled Outages. ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages ENRON NORTH AMERICAN LANS: Impact: CORP Time: Fri 7/6/2001 at 7:00:00 PM CT thru Fri 7/6/2001 at 9:00:00 PM CT Fri 7/6/2001 at 5:00:00 PM PT thru Fri 7/6/2001 at 7:00:00 PM PT Sat 7/7/2001 at 1:00:00 AM London thru Sat 7/7/2001 at 3:00:00 AM London Outage: Put NACAL-CLUSTER1 into production Environments Impacted: Corp Calgary Purpose: Current server (ECTCAL-FS1) running out of disk space Backout: Turn on ECTCAL-FS01 Contact(s): Greg Hibbert Impact: CORP Time: Fri 7/6/2001 at 5:00:00 PM CT thru Fri 7/6/2001 at 9:00:00 PM CT Fri 7/6/2001 at 3:00:00 PM PT thru Fri 7/6/2001 at 7:00:00 PM PT Fri 7/6/2001 at 11:00:00 PM London thru Sat 7/7/2001 at 3:00:00 AM London Outage: Calgary Network Upgrade Environments Impacted: Corp Calgary Purpose: Processors in existing Cisico 3810 routers are maxed out causing sessions to freeze on Terminal Server and updates from CQG. Backout: Put old Cisco 3810 back into production. Contact(s): Brad K Martin (403) 974-6922 (403)212-9280 Todd Bowen (403) 974-6951 Greg Hibbert (403) 974-6785 FIELD SERVICES: No Scheduled Outages. INTERNET: Impact: CORP Time: Fri 7/6/2001 at 5:15:00 PM CT thru Fri 7/6/2001 at 5:45:00 PM CT Fri 7/6/2001 at 3:15:00 PM PT thru Fri 7/6/2001 at 3:45:00 PM PT Fri 7/6/2001 at 11:15:00 PM London thru Fri 7/6/2001 at 11:45:00 PM London Outage: Install Bypass Firewalls for EOL Environments Impacted: Corp Purpose: Firewalls needed to ease the load on the Local Directors Backout: Remove Bypass Firewalls Contact(s): James Hill 713-345-2551 Impact: CORP Time: Fri 7/6/2001 at 6:00:00 PM CT thru Fri 7/6/2001 at 11:00:00 PM CT Fri 7/6/2001 at 4:00:00 PM PT thru Fri 7/6/2001 at 9:00:00 PM PT Sat 7/7/2001 at 12:00:00 AM London thru Sat 7/7/2001 at 5:00:00 AM London Outage: EOL Terminal Server Relocation Phase II Environments Impacted: EOL Purpose: Servers are blowing hot air and causing thermal problems on other units. Server need to be relocated to a environment with redundant network capabilities. Space is needed for UNIX/Network equipment. Backout: Leave servers online where they are at Contact(s): Todd Thelen 713-853-9320 Andrew Hawthorn 713-853-6069 877-345-0586 Guy Schlein 713-853-6865 Kevin Hopper 713-853-7989 MESSAGING: No Scheduled Outages. MARKET DATA: No Scheduled Outages. NT: No Scheduled Outages. OS/2: No Scheduled Outages. OTHER SYSTEMS: Impact: CORP Time: Sat 7/7/2001 at 2:00:00 AM CT thru Sun 7/8/2001 at 6:00:00 PM CT Sat 7/7/2001 at 12:00:00 AM PT thru Sun 7/8/2001 at 4:00:00 PM PT Sat 7/7/2001 at 8:00:00 AM London thru Mon 7/9/2001 at 12:00:00 AM London Outage: Upgrade RMSPROD Environments Impacted: ENA Purpose: Take advantage of new features for better performance and to accommodate larger data volume and usage. Backout: The only way to back out is a complete refresh from backup. This process will take 6.5 - 7.5 Hours to complete if required Contact(s): Emmett Cleveland 713-853-3873 SITARA: No Scheduled Outages. SUN/OSS SYSTEM: No Scheduled Outages. TELEPHONY: No Scheduled Outages TERMINAL SERVER: No Scheduled Outages. UNIFY: No Scheduled Outages. ------------------------------------------------------------------------------ ------------------------------------------------------- FOR ASSISTANCE (713) 853-1411 Enron Resolution Center Specific Help: Information Risk Management (713) 853-5536 SAP/ISC (713) 345-4727 Unify On-Call (713) 284-3757 [Pager] Sitara On-Call (713) 288-0101 [Pager] RUS/GOPS/GeoTools/APRS (713) 639-9726 [Pager] OSS/UA4/TARP (713) 285-3165 [Pager] CPR (713) 284-4175 [Pager] EDI Support (713) 327-3893 [Pager] EES Help Desk (713)853-9797 OR (888)853-9797 TDS -Trader Decision Support On-Call (713) 327-6032 [Pager]

STREET BISHOPS, a U.S. based international ministry, has the authority to ORDAIN you this week. STREET BISHOPS beleives that ordiation should be given to all who ask, regaurdless of thier theological throught, as long as they are committed to serving the hearts and minds of man, following the guidence and Love of God. One of the benefits of being LEGAL a member of the clergy, you will be authorized to perform the rites and ceremonies of the church. They include: WEDDINGS - You can earn part-time income officiating marriages on weekends. Couples are searching for a wedding officiates. Most states require that you register your certificate (THAT WE SEND YOU) with the state prior to conducting the ceremony. And we have thousands of inquiries each year requesting ministers all over the country to conduct weddings - we can place you in our database of available officiates! One pastor works full time as a wedding officiate, so can you! FUNERALS - The simple fact is that people die every day, providing a never-ending need for funeral officiates. Whether its for a friend, family member, or community member, you can fulfill a spiritual as well as community service. Don't settle for a minister you don't know!! Most states require that you register your certificate (THAT WE SEND YOU) with the state prior to conducting the ceremony. BAPTISMS - What a special way to welcome a child of God. As millions return to church and desire these official ceremonies, you are there to assist them! This adds to your part or full time income as a minister! PASTORAL COULSELING - Just as clergy have for centuries been advisors, you too can enjoy limited privileges as a pastoral counselor assisting individuals in their time of need. You can be the one to guide hurting individuals towards healing through intervention by God. CORRECTIONAL FACILITIES - PRISON MINISTRIES - Since you will be a Certified Minister, you can visit others in need. Preach the Word of God to those who have strayed from the flock, who are ready to CHANGE their lives - You can play a major part in that decision! HOSPITOL MINISTRIES - A an ordained clergy, you can be listed with most hospitals and conduct a successful hospital ministry. WANT TO START YOUR OWN CHURCH? After your ordination, you may start your own congregation! We can offer much assistance as you begin your new place of worship. WHICH RELIGION? Street Bishops is an interdenominational/interfaith association. We have ordinained Protestants, Catholics, Jews, and other traditions serving God. By serving people you serve The Creator, within your own chosen tradition. COMMUNITY - You are joining a comminity of beleivers that are back to the basics. Serving others is a priority of our Clergy, come and join out community of service pastors. Our goal is to make this life changing step easy and affordable so average folks like you can benefit from the advantages of being ordained, and you can be enabled to serve others. Therefore, the admnistrative costs for processing the ordination is only $29.00. For an administrative fee of only $29.00, you will receive a professionally printed 8-inch by 10-inch color certificate and Letter of Ordination/Proof of Minister Certification in your name. We pay the shipping. For Shipping OUTSIDE the US please add $15.00. FAX: To place your order by fax, complete the following form and fax to 1-413-487-7457, or use postal mail. We will not charge your credit card or deposit your chek or maoney order until the documents are in the mail. MAIL: For Cash, Check, or Money Order, complete the form below, make your check payable to "Street Bishops" and mail to Street Bishops Ordination Committee 3206 South Hopkins Ave, PMB 89 Titusville, Florida 32780 (ALL APPLICATIONS FILLED WITHIN 3 DAYS DAYS OF RECEIVING THEM) *Please allow 8 days to receive your certificate by mail. If you do not receive your order within 10 days, please send us a fax letting us know of the late arrival. We will then contact you to figure out why you have not received your order. (Please print very clearly in dark ink) ---------------- Ordination Information ------------------------ Name of Applicant: Academic Degree (if any): Address: City, State, Zip Code: Phone Number: Email Address: Religion: Denomination (if any): Preferred Title: (example Rev., Pastor, Fr., Priest, etc): Ministry Area of Interest (Congregational, Hospital, Prison, Marriage Officiating, etc): Website (if any): Although not required, by sending us a one page writing of why you are seeking Ordination, you will guide us in supporting you in your ministry. ------------ Credit Card Order Form (if needed) ---------------------------- Name on Credit Card: Address: City/State/ZIP: Your email address: Your card will be charged $29.00 for your Ordination Certificate/Credentials. Type of Card, circle one (Visa, MasterCard, Discover) (Sorry, we do not accept American Express.) Credit Card Number: Date Credit Card Expires: Phone Number: Fax Number: ------------------------------------------------------ *Please allow 8 days to receive your certificate by mail. This includes the time for out committee to meet, approve the ordination, perpare the certificate and postal progress. If you do not receive your order within 10 days, please send us a fax letting us know of the late arrival. We will then contact you to figure out why you have not received your order. Unfortunately, since this legal form of advertising bothers some people, we cannot offer a phone number for you to ask questions. We tried that and some people hassled us endlessly. . .

---------------------- Forwarded by David M Gagliardi/TTG/HouInd on 09/05/2000 08:12 AM --------------------------- "Michael Gagliardi" <[email protected]> on 09/05/2000 07:25:38 AM To: [email protected], [email protected] cc: Subject: True Orange Fax/E-Mail #83 ---------------------- Forwarded by Michael Gagliardi/Hou-ComOps/EnergyTrading/PEC on 09/05/2000 07:35 AM --------------------------- [email protected] on 09/04/2000 10:37:06 PM To: [email protected] cc: (bcc: Michael Gagliardi/Hou-ComOps/EnergyTrading/PEC) Subject: True Orange Fax/E-Mail #83 True Orange Fax/E-Mail Service Volume 8, Fax/E-Mail #83, Monday, September 4, 2000 Jerry Scarbrough's True Orange, P. O. Box 26530, Austin, Texas 78755 - Phone 512-795-8536 UT Favored by 45; Brown Says He'll Name QB Just Before Kickoff The Longhorns are 45-point favorites over Louisiana-Lafayette for Saturday's 11:30 a.m. season opener in Austin. For those of you who don't live in Austin and who plan to come to the game, this is the hottest summer I have seen in Austin, with temperatures hitting 105, 106 and 107 with disturbing regularity, so I would advise you to wear something cool and arrange to have plenty of liquids to drink. The team returned to practice Monday after getting three days off to recuperate from 2-a-days, and freshman WR Roy Williams made a spectacular catch of a ball that looked like it was over everyone. Coach Mack Brown said he won't name a starting quarterback publicly until the game starts, and won't even break the news to Major Applewhite and Chris Simms, the two quarterbacks who are competing for the starting job, until Saturday morning. "We want to watch them in practice all week," Brown said. He also said both QBs are working hard and competing for the starting job. "We have told our team we have two starters," Brown said. "We are just happy they are both really good. In making these decisions, we will try to take care of both of them and do what is best for the team." All of the injured starters who missed some time last week were back at practice Monday, but they didn't run with the first team. Brown said, "as of today," redshirt freshman Tillman Holloway would start at left guard because Derrick Dockery missed most of last week, sophomore Cole Pittman would start ahead of Cory Redding at DE because Redding was injured last week, and Roderick Babers, who is locked in a battle with Ervis Hill, at CB, would get the nod because Hill missed some workouts with an injury. But the game isn't today, and Brown said the players who were hurt will have an opportunity this week to regain their starting jobs. Brown also said he hasn't decided whether to start any true freshmen, and said he probably won't make a final decision on that until close to game time, too, "because sometimes you tell a freshman he is going to start, and he starts hyperventilating." Whether or not they start, freshman WRs Williams and B. J. Johnson will play early and often. They are the most impressive freshmen wide receivers I have seen at Texas. Mike Adams and Lovell Pinkney were a very good pair, but Williams and Johnson look better, and Sloan Thomas and Tony Jeffery, the other two freshmen WRs, aren't too far behind. Defensive coordinator Carl Reese also says freshman CB Nathan Vasher and freshman DE Kalen Thornton will play Saturday. RECRUITING NOTES: Greg Barnum, the center from Killeen Ellison who left Tennesse and considered transferring to Texas, enrolled at Stephen F. Austin and says he plans to stay there for the remainder of his career. . . DE Eric Hall of Clarksville, Tenn., says he is still planning to take his official visit to Texas this weekend, and super DT Tommie Harris of Killeen Ellison heads the list of high school stars who plan to come to the UT game on unofficial visits. . . Shreveport Evangel's 60-game winning streak ended Saturday when Marrero Shaw took a 22-19 victory. Evangel QB Brett Rawls, 6-5, 200, completed 19 of 37 passes for 238 yards and three touchdowns in a losing effort. Rawls and Matt Nordgren, 6-5, 225, of Dallas Bishop Lynch, are UT's top QB targets this recruiting season. BASKETBALL RECRUITING NOTES: The Longhorn women got a commitment Monday from the state's top prospect, Heather Schrieber, a 6-2 forward from Windthrost, a small town near Wichita Falls. Schrieber, who had offers from top schools all over the country after a great summer season in AAU ball, had narrowed her choices to Texas and Iowa State, and she visited the Cyclones last weekend, then came home and called the Texas coaches to say she wants to play for the Longhorns. "I just really like Texas," she said. Joel Nelson of Flower Mound, who coached her in AAU play this summer, said, "Heather is a great player. She can bring the ball down court, she hit 46% of her three-pointers for us and she was the best player on an AAU team that finished fourth in the country. She could play guard, forward or center at the college level and be very good at any of those positions. I know teams like Texas Tech, Arkansas, Iowa State and several others wanted her, too. I think she's the best player in the state." He said she averaged 18 points, 13 rebounds and 6 assists in a 60-game AAU season against top players from 4A and 5A schools. My next fax will be whenever events warrant. * * * * The True Orange Fax Service includes at least 99 faxes a year and costs $99 ($79 by E-Mail). The True Orange Newsletter includes 26 newsletters and is published weekly during football season and twice monthly during most of the other months. It costs $45. Save by subscribing to both for $130 (or $110 if you take the faxes via E-Mail or $99 if you take the faxes and newsletter via E-Mail). Send check to address at the top of page. I also update my 900 number - 1-900-288-8839 - frequently with recruiting news. My E-Mail address is: [email protected]

Some good news on Enron! Dave -----Original Message----- From: Reed, Andrea V. Sent: Wednesday, October 31, 2001 10:33 AM To: Allan, David; Determeyer, Peggy; Hutchinson, Elizabeth; Singh, Vikram; Perez, Eugenio; Maxwell, David; Forster, Avril Subject: FW: JP Morgan Conference Call on Enron Some positive and accurate news?for a change!!!! avr -----Original Message----- From: Helfrich, Christopher A. Sent: Wednesday, October 31, 2001 10:29 AM To: Malcolm, Rodney; Reed, Andrea V. Subject: FW: JP Morgan Conference Call on Enron -----Original Message----- From: Seyfried, Bryan Sent: Wednesday, October 31, 2001 1:52 AM To: DL-Lon Enron Credit London; DL-Enron Credit Houston; Blesie, Brad; Zipter, Rudi Subject: FW: JP Morgan Conference Call on Enron -----Original Message----- From: Seyfried, Bryan Sent: 31 October 2001 07:28 To: Sherriff, John; Brown, Michael - COO London; Edgley, Anne; Murphy, Ted; Gold, Joe; Lewis, Richard; Scrimshaw, Matthew; Dyson, Fernley; Lien, Thor Cc: Valnek, Tomas Subject: FW: JP Morgan Conference Call on Enron below is a summary, prepared by Tomas Valnek, of the JP Morgan conference call to fixed income and equity investors. The consensus view of our team is the call was very positive and should provide a platform for stability absent new, negative surprises. -----Original Message----- From: Valnek, Tomas Sent: 30 October 2001 22:44 To: Seyfried, Bryan Subject: JP Morgan Conference Call on Enron JPM Morgan (JPM) held a conference call on 30 October on the recent events surrounding Enron. Below, the main points are summarised. The overall tone was positive for three reasons: The two analysts (one equity and fixed income) made a very good effort to clarify the current situation; They gave a positive view on Enron in general; And, they capped the value of the potential off-balance sheet liabilities. In their view, there are no issues with the core business. The fundamental issue is short-term liquidity. To alleviate this issue, they would like to see extra credit lines of about USD 1.5-2bn, and the extension of a revolver maturing in May 2002; They think that the liability from Osprey and Marlin is likely to be in the region of USD 400-500m. This assumes that there are no other contingent liabilities form other off-balance sheet commitments; To resolve the situation surrounding this issue and to potentially avoid a downgrade, Enron must primarily restore confidence and improve disclosure of information surrounding the off-balance sheet liabilities. One of the first things pointed out by the equity analyst was that he considered little permanent damage on the equity side, and importantly that there were no major with Enron's core business. But in their view, the fundamental issue was related to credit markets, short term liquidity in particular. To alleviate this issue, the analyst would like to see the following: That Enron secures an extra USD 1-2bn in credit lines, preferably USD 1.5-2bn; That the maturity of the USD 2.25bn revolver maturing in May 2002 is extended. From the commodity side, they were confident that there no immediate liquidity issues. They had been in touch with trading counterparties like Dynegy, El Paso, Williams... and had not sensed that any of them would radically reduce their trading with Enron. (However, they noted that a weakening in trading activities could mean smaller market shares, which could negatively affect earnings.) On the debt side, one overall concern was the actual amount of debt, which they estimated to about USD 17.5bn, and related potential debt servicing problems. This includes debt actually held by Enron (about USD 12bn), debt attributable to Enron through unconsolidated equity affiliates, and the Marlin, Osprey and Yosemite debt. Much focus was on the Marlin and Osprey potential equity liabilities, as the analysts had no information indicating that any liability could arise from the equity affiliates or Yosemite. From Marlin and Osprey, Enron's worst case liability would be about USD 3.4bn (implying zero asset value), but they estimated that a likely outcome would be a liability of about USD 400-500m. (This liability only concerns Marlin and Osprey, and thus assumes that there no liabilities related to the equity affiliates and Yosemite.) It was noted that this liability did not necessarily have to be settled through a share issue, but could be settled through cash raised in asset sales. The issue of getting downgraded below investment grade was discussed. The analysts did not seem to think that this was a likely outcome, but that a downgrade to BBB-/Baa3 was a possibility. They considered that if Enron wants to avoid a downgrade, the following measures should be implemented: Restore confidence in Enron. In particular, improve disclosure, give a better background to the LJM partnership and specify the nature and the value of the assets held in the trusts; Develop a cash flow plan to show how assets are to be monetised to pay down debt; Streamline operations; Provide information about the USD 600m broadband investments. Finally, mark-to-market accounting was discussed as well. The analysts had no issue with that noting that for Enron's type of business this was an appropriate way to account for revenues. They considered the average daily VaR number of USD 60m to be low, thus not showing any evidence of aggressive accounting. Also, the retention of key staff would become very important in the future. Regards Tomas

>Delivered-To: [email protected] >Date: Fri, 25 Aug 2000 08:13:50 -0800 >From: Cheryl Weisenmiller <[email protected]> >Organization: Lawrence Berkeley National Laboratory >X-Mailer: Mozilla 4.73C-CCK-MCD LBNL V4.73 Build 2 (Macintosh; U; PPC) >X-Accept-Language: en >To: "Weisenmiller, Robert" <[email protected]> >Subject: Do not read until after your coffee >X-Envelope-To: <[email protected]> >X-MDRemoteIP: 207.181.194.110 >X-MDaemon-Deliver-To: [email protected] > > >http://www.nytimes.com/yr/mo/day/oped/25pala.html > > > >August 25, 2000 > > > > > > > > > > >States Deregulate Energy at Their Peril > > > > > > >By GREGORY PALAST > > > >ECONIC, N. Y. -- While reporters ogled celebrities at Barbra Streisand's >bungalow during the Democratic Convention in Los Angeles, there was a real >display of populism 100 miles to the south in San Diego. There politicians >have enrolled two million citizens in a scary economic experiment. This >year, San Diego became the first city in California to experience the end >of state regulation of electricity prices. > >When California's lawmakers voted to bring the miracle of market >competition to electricity, they wrote into the law that homeowners' bills >would fall "by at least 20 percent." In fact, bills jumped 124 percent >this August over last. Rather than repudiate this mad market experiment, >the federal government and 24 other states, New York included, have rushed >to imitate California's lead. > >Actually, Californians were lucky. Every hour of every day, San Diego Gas >and Electric, the local utility, must now buy its electricity at a state >auction known as a power pool. On the first hot day this summer, during >the noonday heat, the companies that produce the power, newly deregulated, >cranked up their bids to $9,999 per megawatt hour. That's about 5,000 >percent more than the once-controlled price of $20, but it could have been >worse. According to those inside the secretive auction agency, sellers >assumed the pool's computers could handle only four-digit bids. In fact, >the computers could have accepted bids for seven figures and bankrupted a >chunk of the state in a day. > >One can trace California's electricity market plague largely to a single >source, Daniel Fessler. In the early 1990's, Mr. Fessler, then president >of the state's Public Utilities Commission, developed an infatuation with >one of Margaret Thatcher's free-market ventures: the troubled >England-Wales Power Pool. > >How strange. Britons pay about 70 percent more for electricity than >Americans. That's hardly a surprise, as each day around tea time, when >England's usage peaks, a small clique of power plant owners take over the >electricity auction, bidding up prices by 200 to 2,000 percent. > >In the United States, utilities vowed they would play no such tricks if >California removed the limits on profits that have been at the core of >regulation policy for the past 100 years. The promise lasted several >months, during which time five giant international electricity sellers -- >all new to California -- imported the techniques they'd learned in >Britain: "stacking," "cramming," "phantom scheduling" and other maneuvers >designed to manipulate the bidding process and in a single month produce >profits once permitted for an entire year. > >The deregulation bug is now winging eastward. New York City, for example, >has succumbed to 43 percent average increases in Con Edison bills. > >But in San Diego, something extraordinary happened. This month, thousands >joined an unprecedented consumers' boycott. The power companies can send >out their bloated bills, but the tanned masses won't pay. Refuseniks >include the Council of Churches, the school district and -- without a hint >of shame -- Steve Peace, a state senator who sponsored the deregulation law. > >The electricity fiasco should be a godsend for Al Gore's campaign. After >all, it was Mr. Fessler and his fellow Republicans who threw California's >consumers to the meager mercies of the marketplace. And Gov. George W. >Bush pushed through deregulation in Texas, which is widely expected to >produce hefty returns for a former business partner, Sam Wyly, owner of >GreenMountain.com, a power seller. > >But while Mr. Gore spoke out in Los Angeles against "powerful forces," on >this subject he's in a difficult position. Despite recent warnings from >federal regulators about the California situation, the Clinton-Gore >administration has promoted California-style deregulation as a model for >the nation. > >Someone's ready to feel California's pain, and it may not be good news for >Mr. Gore. During the Democrats' big show, Ralph Nader went to San Diego to >remind boycotters that he was founding father of the Utility Consumer >Action Network, the 46,000-member local group leading the anti-corporate >uprising. > >Electricity is the first big United States industry formerly under the >tight control of states to be opened up to international operators and >their free market rules. For the first time, Americans feel the bite of >real globalization, and don't like it one bit. > >Gregory Palast is a columnist at The Observer of London and the author of >a forthcoming book, "Democratic >Regulation."<http://ea.nytimes.com/cgi-bin/email> ><http://ads.nytimes.com/RealMedia/ads/click_lx.ads/www.nytimes.com/yr/mo/day/ oped/25pala.html/0/Bottom5/default/empty.gif/63686572796c773131> > > > > > >Home | Site Index | Site Search | Forums | Archives | Marketplace > >Quick News | Page One Plus | International | National/N.Y. | Business | >Technology | Science | Sports | Weather | Editorial | Op-Ed | Arts | >Automobiles | Books | Diversions | Job Market | Real Estate | Travel > >Help/Feedback | Classifieds | Services | <http://www.nytoday.com>New York >Today > >Copyright 2000 The New York Times Company - att1.htm

Dear Steve, This week George Wasaff, Allan Sommer, PriceWaterhouse, and I showed Rick Buy, Rick Causey, and Philippe Bibi the HP portal demonstration. Each reacted favorably. We are scheduled to show Cindy Olson next week. Sound bytes below. Philippe Bibi
) 2/28/01 Philippe said,
&I like this. Let
,s get a proposal from PW.
8
&This portal initiative must be justified not on savings, but on functionality. Savings is zero value. Soft savings are impossible to measure. Bridge the firewall. Marie, Allan, and George put together a cost analysis.
8 Rick Causey
) 2/27/01 Rick said the HP portal,
&hits the nail on the head. Let me know how it goes with Philippe, matter of fact I will try and attend tomorrow
,s meeting with Philippe.
8 Rick Causey would like to attend the HP off site visit with Steve. Further, he suggested if Philippe concurs, he would like Steve, Philippe and him to meet with Jeff Skilling to pitch the project. George Wasaff suggested he include Mark Frevert in this meeting. Rick Buy 2/27/01 Rick had a favorable response to the HP portal. He sees the HP portal as a productivity exercise. More Sound Bytes from Executive Sponsor Follow Up Meetings Philippe Bibi
) 2/28/01 After PW reviewed a number of portal applications, Philippe said they were good but not difficult. He requested to see transaction process and single sign on applications. PW showed Philippe their Travel application. PW emphasized this was the only way employees could schedule travel. Previously, employees would call the 800 number and incur a ~$100.00 charge. The online portal applications reduced the charge to $12.00. PW emphasized Chrysler was spending $200.00 million per year in training. The portal provided a skills inventory application which resulted in reducing the training expenditures down to $100 million per year. Philippe could see how this would be of value in a blue-collar environment but could not see the value in our environment. Philippe asked PW if they could demonstrate an application which was not something shrink wrapped off the shelf. PW showed him their stock option application and the training application. PW emphasized HP had 83 autonomous Business Units which needed to be united under this portal. Every day 90% of HP global employees access the portal. Why? The portal is the only way to access a number of job related applications. Philippe asked about ad hoc reports. He said Enron has a problem getting ad hoc reports. He said canned reports are not very useful. Further, he cannot get a quick ad hoc report of all the consultants currently billing and at what expense. Philippe said the ability to get in to SAP is a drawback. How did HP address applications that were not web enabled? Content management tools like iClick and interwoven were used as delivery mechanisms for making enhanced applications available via the web. Philippe said this is a vehicle to pull together travel, ibuyit, Paine Webber, Benefits, facilities, aviation, conference/video calls. What about the guy who is doing trading, logistics, settlements, transactions with the pipelines? Could this portal provide for that person? Philippe sees the only benefit for this person would be the single sign on. Philippe said,
&Let me stress three things: 1) we have a series of initiatives click@home, IM Task Force, Data Repository 2) Enron is not that disciplined. We don
,t want to get in the middle of policing publication of information over the web (Per Clay, Interwoven allows other BU/Fus to publish), 3) From an infrastructure perspective, the number of servers we run as far as web servers, we run them clustered.
8 This portal initiative must be justified not on savings, but on functionality. Savings is zero value. Soft savings are impossible to measure.
&Bridge the firewall.
8 Marie, Allan, and George put together a cost analysis. Use PW as the catalyst. Philippe said we would need processes around security. Philippe would like to understand how HP did this. Philippe would like to see how to gap the bridges. He is in favor of taking customer applications and making them available from a single sign on. Philippe recommended Allan Sommer, George Wasaff and Marie Hejka get together and come up with about 80% of the cost analysis information which otherwise might have been developed during the two day workshop. Philippe recommends stopping other projects and focusing on this project. Rick Causey 3/01/01 Rick said the HP portal,
&hits the nail on the head. Let me know how it goes with Philippe, matter of fact I will try and attend the meeting.
8 Rick Causey would like to attend the HP off site visit with Steve. Further, he suggested if Philippe concurs, he would like Steve, Philippe and him to meet with Jeff Skilling to pitch the project. George Wasaff suggested he include Mark Frevert in this meeting. Rick see a few hurdles 1) getting buy in from all the companies 2) getting buy in from Jeff Skilling 3) getting buy in from the technical side. Also, noted is that Carly stopped 30 plus projects of web development to focus on this effort. The portal should include a forced information space to introduce new portal applications. Rick Buy 3/01/01 Rick had a favorable response to the HP portal. He sees the HP portal as a productivity exercise. How productive can this portal make Enron employees? Rick sees the single sign on, single launch pad as valuable. PW reviewed to Rick the value in cost savings 1) headcount reduction 2) hardware reduction 3) duplicate site reduction.

----- Forwarded by James D Steffes/NA/Enron on 03/15/2001 03:58 PM ----- Linda Robertson 03/15/2001 02:53 PM To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Janel Guerrero/Corp/Enron@Enron cc: Subject: Senators Dianne Feinstein and Gordon Smith Announce Partnership in Response to the Western Energy Crisis Bad development. We are trying to get Steve an appointment with Smith next Tuesday. ----- Forwarded by Linda Robertson/NA/Enron on 03/15/2001 03:51 PM ----- Allison Navin 03/15/2001 03:46 PM To: Linda Robertson/NA/Enron@ENRON cc: Subject: Senators Dianne Feinstein and Gordon Smith Announce Partnership in Response to the Western Energy Crisis Senators Dianne Feinstein and Gordon Smith Announce Partnership in Response to the Western Energy Crisis March 15, 2001 Washington, DC - Senators Dianne Feinstein (D-CA) and Gordon Smith (R-OR) today announced an agreement to introduce bipartisan legislation to restore stability and reliability to the Western energy market by directing the Federal Energy Regulatory Commission (FERC) to impose a temporary
&just and reasonable
8 wholesale rate cap or cost-of-service based rates. The legislation will also require the states involved in this effort to pass on the cost of the electricity to retail customers. However, the states would be able to determine how and when this would be done. In other words, California could choose to use tiered-pricing, real-time pricing or set a baseline rate above which prices would be passed through.
&We now have a piece of legislation that can fix the broken electricity market and provide a period of reliability and stability in wholesale energy costs,
8 Senator Feinstein said.
&FERC has found the wholesale prices being charged in California to be unjust and unreasonable. This legislation essentially will mandate that once FERC makes such a finding, the agency will carry out its regulatory role. This is a $175 million a year agency. It is there to regulate the energy marketplace, and it should. What the Federal government can do is to provide a period of reliability and stability at a time of crisis. Unfortunately FERC has refused to do so.
8
&California
,s broken electricity market is a result of a flawed 1996 California law that deregulated wholesale costs, but left in place caps on retail prices. This was coupled with a requirement that the utilities divest themselves of their generating capacity and buy most of their electricity on the spot market, where prices have escalated dramatically. In hindsight all of this came together in a catastrophic scenario, so that today, California buys electricity at astronomical prices. We believe that FERC needs to act to help restore reasonable costs and stability to this marketplace.
8
&Additionally, this agreement addresses the escalation of natural gas transportation costs. Last February, FERC began a two-year experiment to lift the cap on these costs and since that time we have seen the price of natural gas climb 400 percent higher in Southern California.
8 Senator Feinstein added. Specifically, the compromise legislation would accomplish the following goals: Directs FERC to impose a just and reasonable wholesale rate cap, which can be load-differentiated based on supply and demand, or cost-of-service-based rates in the Western energy market (Western Systems Coordinating Council, including Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming.) Addresses the issue of high natural gas transmission costs by reimposing FERC tariffs for natural gas transportation into California (FERC Order 637) and requiring natural gas sellers to declare separately the transportation and commodity components of the bundled rate for gray market transactions. Stipulates that the wholesale price cap or cost-of-service based rate will not apply to wholesale sales for delivery in a state that imposes a price limit on the sale of electric energy at retail that: precludes a regulated utility from recovering costs under the price cap or on a cost-of service based rate; or precludes a regulated utility from paying its bills. Establishes that the rate-making body of a state can determine how and when the wholesale rates will be passed on to ratepayers, including the setting of tiered pricing, real time pricing, and baseline rates. (With respect to the Bonneville Power Administration, BPA will be encouraged to seek to reduce rate spikes to economically distressed communities, while ensuring costs are recovered by the end of the next contract period in 2006.) Directs that after the date of enactment, utilities cannot be ordered to sell electricity or natural gas into a state without a determination by the Federal Energy Regulatory Commission that the seller will be paid. Directs that in the event that a state in the Western energy market does not meet the criteria described in this agreement, state public utilities commissions in the Western energy market can ensure that regulated utilities within their jurisdiction meet demand for electric energy in the utility
,s service area before making sales into any such state. Establishes that the wholesale rate cap or cost-of-service based rates shall remain in effect until such time as the market for electric energy in the western energy market reflects just and reasonable rates, as determined by the Commission or until March 1, 2003, whichever is earlier.

---------------------- Forwarded by Susan M Scott/HOU/ECT on 02/24/2000 07:54 AM --------------------------- Enron Capital & Trade Resources Corp. From: "C. Scott" <[email protected]> 02/24/2000 06:15 AM Please respond to "C. Scott" <[email protected]> To: "Wilbur & Betty Williams" <[email protected]>, "Travis Kelley" <[email protected]>, "Susan Margaret Scott" <[email protected]>, "Pat and Paige Lentz" <[email protected]>, "Mike Oldham" <[email protected]>, "Kana, Kristi M." <[email protected]>, "Charlee Marshall Williamson" <[email protected]> cc: Subject: Fw: You Know You're In Austin, TX When... -----Original Message----- From: Whitley, Stacie <[email protected]> To: '[email protected]' <[email protected]> Date: Wednesday, February 23, 2000 9:37 AM Subject: FW: You Know You're In Austin, TX When... >Know you can relate to this one! > >> -----Original Message----- >> From: Kevin P. Kellar [SMTP:[email protected]] >> Sent: Tuesday, February 01, 2000 10:25 AM >> To: [email protected]; Mark & Stacie Whitley; Agnes Whitley >> Subject: FW: You Know You're In Austin, TX When... >> >> >> YOU KNOW YOU'RE IN AUSTIN WHEN... >> >> Your co-worker tells you they have 8 body piercings, but none are visible. >> >> You make over $100,000 and still can't afford a house. >> >> You never bother looking at the Captial Metro schedule because you know >> the >> drivers have never seen it. >> >> You've been to more than one baby shower that has two mothers and a sperm >> donor. >> >> You have a very strong opinion where your coffee beans are grown and can >> taste the difference between Samatran and Ethiopian. >> >> A really great parking space can bring you to tears. >> >> You know that anyone wearing pants in November is just visiting from Ohio. >> >> Your child's 3rd grade teacher has two pierced ears, a nose ring and is >> named "Breeze." And, after telling that to a friend, they still need to >> ask if the teacher is male or female. >> >> You are thinking of taking an adult education class but you can't decide >> between Yoga, Aromatherapy, Conversational Mandarin or one on building >> your >> own website. >> >> You haven't been to Hippie Hollow since the first month you moved to >> Austin. >> >> A man walks on The Drag in full leather regalia and crotchless chaps..... >> You don't notice. >> >> A woman walks on The Drag with live poultry.....You don't notice. >> >> You think any guy with a George Clooney haircut must be visiting from the >> Midwest. >> >> You know that any woman with a George Clooney haircut is not a tourist. >> >> You keep a list of compaies to boycott. >> >> Your hairdresser is straight, your plumber is gay, the man who delivers >> your mail is straight, and your Mary Kay Lady is a guy in drag. >> >> You occasionally see a guy on a unicycle whiz buy you while you're in your >> car and you say to yourself, "Oh yeah, it's that guy again...." >> >> You start to worry when you don't see the cross-dressing, bearded guy >> in-a-tutu-and-bikini-top-who-has-made-a-statement-with-his-grocery-cart- >> and-cardboard-box-art/shelter on your way to work in the morning. >> >> You'll make dinner or bar plans around who's got the best margaritas. >> >> You have a tough time deciding on one of Austin's six 24-hour eating >> options (IHOP, Denny's, Katz', Kerby, Stars, or Magnolia Cafe) >> >> You complain about their prices but still shop at Central Market for the >> scene. >> >> You don't even think about getting good seats to the Longhorn's football >> games. >> >> You know the exact locations of three towing yards. >> >> Your summer shoes are your Birks and your winter shoes are your Birks with >> socks. >> >> Your entire wardrobe consists of: a black tank-top, a GAP white T-shirt, >> second hand Levi's, second hand cut-off Levi's, overalls, Longhorn sweats, >> anything polyester from the 70s, a bikini, Tevas, Birks, and running >> shoes. >> >> Dressing up to go out for a woman means throwing a tank top on over the >> sports bra you've had on all day because it's so DAMN HOT! >> >> You often find yourself wondering why magazine editors insist that >> swimsuit season starts on Memorial Day when it's really the end of >> February or at the latest, the beginning of March. >> >> You consider chips, salsa, Kerby Queso, and Shiner Bock Beer a >> well-balanced meal. >> >> You find yourself making beaded necklaces to give as Christmas gifts. >> >> 100 degrees for three straight months isn't unreasonalble, 110 degrees is. >> (And 90 degrees anywhere between May and September seems a bit chilly) >> >> You figure skin cancer is inevitable beacuse it is so hot that even your >> sunscreen won't stay on. >> >> When you go out, you make sure you've grabbed you waterbottle before >> checking to see if you've got your wallet and keys. >> >> You don't mind parking a mile away as long as it's in the shade. >> >> You spend so much time at MoJo's Coffee House you finally start bringing >> in >> your own CD's for the staff to play. >> >> Your professor decides in the middle of the Government lecture that now's >> as good of time as ever to tell his class of 500 he's gay. Like you >> didn't >> know. Like you even care. >> >> (Gals) You ask yourself constantly if that's a cute guy or a butch girl. >> >> And you don't really care either way because it's fun to wonder. >> >> You'd rather ride your bike than get in a car without air conditioning. >> At least on your bike, you're guaranteed a breeze regardless of traffic. >> >> You see more Texas flags flying than American flags. >> >> >> >> >> >> >> > >

1. Be sure to read the country sections on Brazil, Ghana, and Ireland in this week's FT. You do not need to read each sectoral article (gold, real estate, etc.) but read the overall articles and 2-3 others. Typical questions for material we have covered: * What has Ghana done right concerning growth? What more should they do? We have not yet covered the material, but think about for weeks to come: * Why does the article claim that Ireland fears a weak British pound? * Why does ECB policy on interest rates not match Ireland's needs? Does that mismatch mean joining the Euro-zone was a bad idea? * Will Brazil or Ghana grow faster over the next generation? What contingencies might affect your answer? 2. Thida contributed this article on unemployment from the Economist, 2-Oct-99 The economy: Work ethic ON THEIR way to winning the general election in 1979, the Conservatives put up posters claiming that "Labour isn't working". Next time, Gordon Brown told the Labour Party conference this week, the message "Labour is working" should be splashed across the nation's billboards. Since Labour returned to office in May 1997, the number of people in work has risen to 27.4m, a record high, and unemployment has tumbled. No wonder that the chancellor had the confidence to proclaim that "Britain can deliver, in our generation, employment opportunity for all... full employment for our country." Were the unemployment figures your guide, you might think that Britons were already fully employed. The proportion of the workforce claiming the dole, 4.2%, is the lowest since February 1980. The proportion who are " ILO unemployed"-the definition used by the International Labour Organisation in Geneva which, in essence, means those looking for work-is 5.9%, the lowest since records began in 1984. There is, however, more to the labour market than the unemployment rate. The government's Labour Force Survey divides the population into three: the employed, the ILO unemployed, and the "economically inactive"-ie, those who are neither in work nor looking for it. Statistics for all three groups taken together paint a less pretty picture than do the unemployment data alone. Start with employment. Although the number in work is higher than ever, the proportion is lower than at its peak in 1990. Then, 75.2% of people of working age (men aged 16 to 64, women aged 16 to 59) were employed. Now, 74% are. With the employment and unemployment rates both down, it follows that inactivity is higher-by 2% of the working-age population-than in 1990. In part, this is because youngsters are spending longer in education. Their absence from the labour market is temporary, and they should join it better equipped. However, inactivity has also increased among workers (actually, men) over 25. As the shows, the unemployed comprise a smaller share of the population than in 1990. Women are more likely to be in work and less likely to be inactive than they were. But men have become less likely to work and more likely to be outside the labour market altogether. Much of this is a hangover from the recession of the early 1990s: since 1990, the male inactivity rate has risen by 4.4 percentage points: half of this rise had occurred by 1992, and more than two-thirds by 1994. Many of the men who lost jobs in the early 1990s never returned. Plenty retired early. Many were pensioned off as long-term sick or disabled rather than continuing to seek work. Although the population as a whole was no less healthy, the number of long-term sick rose from about 300,000 in 1992 to more than 750,000 last year. How much has this depleted the labour force? It is impossible to be exact, but suppose that the same proportion of men aged between 25 and 50 was economically active now as in 1990. Then labour supply would be higher, by around 330,000. Were the employment rate for these men the same as it was then, an extra 218,000 would be in work. For men aged 50-64, labour supply is short by 152,000 and employment by 64,000. This trend is not peculiarly British. Most developed countries have seen men 's employment and activity rates fall and women's rates rise. And Britain has fewer inactive men, relative to its population, than most other OECD countries. Nonetheless, Britain still wastes too many workers. The government's main answer to long-term joblessness, the New Deal, has so far mainly been aimed at those aged under 25, and at those of that group who say they are seeking work rather than the inactive. Ministers claim that this programme is achieving great things. In fact, it is too early to tell. Yes, long-term unemployment has fallen among the young since Labour took office. But then it has fallen for all age groups, and most of the decrease came during the party's first year, before the New Deal was in operation. So far, however, less has been done for older workers. A programme to help them into work, New Deal 25-plus, has been running in pilot form since June. A scheme is also being set up for over-50s. In his conference speech this week, Mr Brown promised to extend the New Deal to become a "Permament Deal": a recognition, perhaps, that "full employment" as the chancellor defines it may be a long time coming. David I. Levine Associate professor Haas School of Business ph: 510/642-1697 University of California fax: 510/643-1420 Berkeley CA 94720-1900 email: [email protected] http://web.haas.berkeley.edu/www/levine/

W. Lance Schuler Enron North America Corp. 1400 Smith Street, EB 3826 Houston, Texas 77002 Phone: 713/853-5419 Fax: 713/646-3393 Email: [email protected] ----- Forwarded by Lance Schuler-Legal/HOU/ECT on 04/19/2001 08:04 AM ----- Robert H George@ENRON 04/18/2001 04:53 PM To: Lance Schuler-Legal/HOU/ECT@ECT cc: Subject: Re: Answer to CVM / Elektro Unfortunately, I copied from a bad distribution list. ---------------------- Forwarded by Robert H George/NA/Enron on 04/18/2001 04:52 PM --------------------------- Brenda Whitehead@ECT 04/18/2001 04:36 PM To: Britaldo Soares/SA/Enron@Enron, Orlando Gonzalez/SA/Enron@Enron, Joe Kishkill/SA/Enron@Enron, Lance Shuler/ENRON@enronxgate, Mitchell Taylor/Enron@EnronXGate, [email protected], [email protected], Sami Arap/SA/Enron@Enron, John Novak/SA/Enron@Enron, John Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, "Syllas Tozzini" <[email protected]>, James A Hughes/Enron@EnronXGate, Rebecca McDonald/Enron@EnronXGate, Loretta Brelsford/Enron@EnronXGate, Robert H George/NA/Enron@Enron cc: Subject: Re: Answer to CVM / Elektro The conference call referenced below has been scheduled as follows: Date: Thursday, April 19, 2001 Time: 9:30 a.m. CPT (Houston time) Call In #: Domestic (800-713-8600) International (801-983-4017) Pass Code: All participants (5894) If you have any questions, please contact me at (713) 853-5438. Thank you. ---------------------- Forwarded by Brenda Whitehead/HOU/ECT on 04/18/2001 04:33 PM --------------------------- Robert H George@ENRON 04/18/2001 04:26 PM To: Britaldo Soares/SA/Enron@Enron cc: Orlando Gonzalez/SA/Enron@Enron, Joe Kishkill/SA/Enron@Enron, Lance Shuler/ENRON@enronxgate, Mitchell Taylor/Enron@EnronXGate, [email protected], [email protected], Sami Arap/SA/Enron@Enron, John Novak/SA/Enron@Enron, John Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, "Syllas Tozzini" <[email protected]>, James A Hughes/Enron@EnronXGate, Rebecca McDonald/Enron@EnronXGate, Loretta Brelsford/Enron@EnronXGate, Brenda Whitehead/HOU/ECT@ECT Subject: Re: Answer to CVM / Elektro The Brazilian SEC has requested today that Elektro's response to questions from the Brazilian SEC be essentially published by tomorrow afternoon Brazil time. As result, a conference call has been scheduled tomorrow at 9:30 a.m. to discuss the implications of this publication and the merits of objecting to the request. My assistant will be sending around shortly an email with a call-in number for the call. While we do not have an official translation of Elektro's response, the following is the best available at present: 1. Other than the dispositions of assets that are part of the ordinary course operations of Elektro, there is at present no specific intent or decision by Elektro, or the members of the controlling block of shareholders, to alienate, in whole or in part, the assets or capital of Elektro. However, Elektro and the members of the controlling block of shareholders share Mr. Skilling's views referenced in your letter of March 22, 2001, wherein he states that for the right price and under the appropriate circumstances all assets are for sale. As a result, preliminary and confidential discussions with various parties about the possibility of a sale of Elektro have taken place. At present, there are no seriously active discussions of this type taking place. 2. Neither Elektro nor the members of the controlling block of shareholders have entered into any contract or agreement which commits or obligates, under any circumstances, Elektro or such shareholders to alienate the assets or capital of Elektro. In the event such a contract were to be executed, Elektro's controlling block of shareholders would notify the CVM in accordance with Section 5 of CVM Instruction 299. 3. Elektro's program for infrastructure investment is regularly adjusted to meet the constantly changing demands upon, and forecasts made by, the company. Based upon our assumption that your third question is intended to solicit an answer as to whether this program is any way being adjusted for reasons other than the needs and forecasts of the company, we can answer that it is not affected by any such reasons. Accordingly, we reiterate our earlier response that Elektro's infrastructure investment program is being conducted in compliance with all of the applicable regulations and sound industry practices. Britaldo Soares 04/16/2001 03:31 PM To: Orlando Gonzalez/SA/Enron@Enron, Joe Kishkill/SA/Enron@Enron, Robert H George/NA/Enron@Enron, Lance Shuler/ENRON@enronxgate, Mitchell Taylor/Enron@EnronXGate cc: [email protected], [email protected], Sami Arap/SA/Enron@Enron, John Novak/SA/Enron@Enron Subject: Answer to CVM / Elektro Robert, This is the response - portuguese version - we sent out to CVM. We basically took out the reference to possible future talks on the sale of Elektro, after discussing with Tozzini. Reference to the existence of past talks was left unchanged (as was in the previous english version). Britaldo ---------------------- Forwarded by Britaldo Soares/SA/Enron on 16/04/2001 17:23 --------------------------- Marcia Rezende 16/04/2001 16:53 To: Britaldo Soares/SA/Enron@Enron cc: Subject: Carta Resposta Of?cio CVM Segue vers?o final, j? encaminhada via fax para CVM e original seguir? via carta registrada em 17.04.2001. M?rcia

Please remove me from your mailing list along with these bothersome emails everyone is receiving indicating that none of us wanted to be put on the list in the first place. Next time please ask us individually. Thanks. -----Original Message----- From: Todd Maddock [mailto:[email protected]] Sent: Wednesday, May 16, 2001 11:33 AM To: [email protected] Subject: Please remove my name from your list. Todd Maddock -----Original Message----- From: RTO West Regional Representatives Group [mailto:[email protected]]On Behalf Of Dalia, Keith A - TOS-DITT1 Sent: Tuesday, May 15, 2001 4:40 PM To: [email protected] Subject: You have been added to the RRGA-L mailing list (RTO West Congestion Model Content Group) by Keith Dalia <[email protected]>. Please save this message for future reference, especially if this is the first time you subscribe to an electronic mailing list. If you ever need to leave the list, you will find the necessary instructions below. Perhaps more importantly, saving a copy of this message (and of all future subscription notices from other mailing lists) in a special mail folder will give you instant access to the list of mailing lists that you are subscribed to. This may prove very useful the next time you go on vacation and need to leave the lists temporarily so as not to fill up your mailbox while you are away! You should also save the "welcome messages" from the list owners that you will occasionally receive after subscribing to a new list. To send a message to all the people currently subscribed to the list, just send mail to [email protected]. This is called "sending mail to the list", because you send mail to a single address and LISTSERV makes copies for all the people who have subscribed. This address ([email protected]) is also called the "list address". You must never try to send any command to that address, as it would be distributed to all the people who have subscribed. All commands must be sent to the "LISTSERV address", [email protected]. It is very important to understand the difference between the two, but fortunately it is not complicated. The LISTSERV address is like a FAX number that connects you to a machine, whereas the list address is like a normal voice line connecting you to a person. If you make a mistake and dial the FAX number when you wanted to talk to someone on the phone, you will quickly realize that you used the wrong number and call again. No harm will have been done. If on the other hand you accidentally make your FAX call someone's voice line, the person receiving the call will be inconvenienced, especially if your FAX then re-dials every 5 minutes. The fact that most people will eventually connect the FAX machine to the voice line to allow the FAX to go through and make the calls stop does not mean that you should continue to send FAXes to the voice number. People would just get mad at you. It works pretty much the same way with mailing lists, with the difference that you are calling hundreds or thousands of people at the same time, and consequently you can expect a lot of people to get upset if you consistently send commands to the list address. You may leave the list at any time by sending a "SIGNOFF RRGA-L" command to [email protected]. You can also tell LISTSERV how you want it to confirm the receipt of messages you send to the list. If you do not trust the system, send a "SET RRGA-L REPRO" command and LISTSERV will send you a copy of your own messages, so that you can see that the message was distributed and did not get damaged on the way. After a while you may find that this is getting annoying, especially if your mail program does not tell you that the message is from you when it informs you that new mail has arrived from RRGA-L. If you send a "SET RRGA-L ACK NOREPRO" command, LISTSERV will mail you a short acknowledgement instead, which will look different in your mailbox directory. With most mail programs you will know immediately that this is an acknowledgement you can read later. Finally, you can turn off acknowledgements completely with "SET RRGA-L NOACK NOREPRO". Following instructions from the list owner, your subscription options have been set to "NOFILES REPRO" rather than the usual LISTSERV defaults. For more information about subscription options, send a "QUERY RRGA-L" command to [email protected]. Contributions sent to this list are automatically archived. You can get a list of the available archive files by sending an "INDEX RRGA-L" command to [email protected]. You can then order these files with a "GET RRGA-L LOGxxxx" command, or using LISTSERV's database search facilities. Send an "INFO DATABASE" command for more information on the latter. This list is available in digest form. If you wish to receive the digested version of the postings, just issue a SET RRGA-L DIGEST command. Please note that it is presently possible for other people to determine that you are signed up to the list through the use of the "REVIEW" command, which returns the e-mail address and name of all the subscribers. If you do not want your name to be visible, just issue a "SET RRGA-L CONCEAL" command. More information on LISTSERV commands can be found in the LISTSERV reference card, which you can retrieve by sending an "INFO REFCARD" command to [email protected].

BUSINESS HIGHLIGHTS Enron Industrial Markets The Transaction Development group (TD) is responsible for corporate development, transaction execution and portfolio management activities within EIM. TD is responsible for asset and corporate acquisitions to support EIM's efforts in the Forest Products and Steel industries. TD works with EIM's Forest Products and Steel Origination groups to structure and execute complex transactions for EIM's customers. TD also manages EIM's equity investments, such as EIM's ownership position in Papier Masson, Ltee, a paper mill in Quebec, Canada. TD is comprised of approximately 20 professionals with a wide range of backgrounds including investment banking, commercial banking, management consulting, law, project development, accounting and engineering. In addition, the majority of the analysts and associates within EIM work in TD since it provides a strong base of deal experience for junior members of our organization. Enron Freight Markets Enron Freight Markets has continued to expand the transportation services offered to its customers and completed several flatbed truck moves outbound from Georgia this week. There was a shortage of flatbed equipment supply in this market and EFM was able to obtain more than three times the normal margin on each move. IN THE NEWS "Enron's bilateral internet trading platform, EnronOnline, was launched in November 1999 and is the largest e-commerce site on the planet based on the value of its transactions. As EPRM went to press, it had average daily trading volume of $3.5 billion, accounting for nearly 50% of the company's revenues from wholesale marketing activities." -- Energy Power Risk Management, May 2001 WELCOME New Hires EIM - Cheryl Lindeman ENA - Chris Bystriansky, Paula Craft, Eugene Lee, Bhalachandra Mehendale, Sarah Wooddy Transfers (to or within) ENA - Grace Taylor, Steven Irvin, Dina Snow NUGGETS & NOTES Enron is hosting the Chicago Energy Risk Management Seminar at The Drake Hotel in Chicago on June 14, 2001. Topics include: Power Outlook, Natural Gas Outlook, Hedging Strategies, Weather Risk Management and Pulp and Paper Risk Management. The RSVP deadline is June 8th so please contact Laura Pena as soon as possible at x 3-5376. This is a great event for "new" as well as established customers. There will be a cocktail reception immediately after the presentations. Enron will also be hosting seminars in Atlanta, Houston, Denver and San Francisco. Dates to be announced soon. Travel tip of the week: Flights reserved through Travel Agency in the Park provide you with $150,000 of flight insurance at no additional charge. EnronOnline Statistics Below are the latest figures for EnronOnline as of May 29, 2001. * Total Life to Date Transactions > 1,015,000 * Life to Date Notional Value of Transactions > $610 billion NEWS FROM THE GLOBAL FLASH Enron arranges first gas pipeline import into Italy Enron has continued its pioneering activities in the Continental gas market by arranging the first gas import into Italy. The Italian team worked with the Continental Gas desk to arrange this strategically important agreement with Blugas SpA., the wholesale gas company formed by the municipalities of Cremona, Lodi, Mantova and Pavia in north-eastern Italy. Enron has sourced 100,000 cubic metres per day of natural gas from northern Europe to transport to Italy, transiting it through Germany and Switzerland, despite fierce resistance from Ruhrgas and TransitGas respectively. Aside from isolated LNG imports by incumbent monopolies this is the first time that any company has managed to import natural gas by pipeline into Italy since the Italian gas sector was officially liberalised in August 2000. The gas, which started flowing at 06.00 on Thursday 17th May 2001, will be used to meet the needs of two thirds of Blugas' residential customers within the four municipalities. The current contract lasts for five months. Congratulations to Fabio Greco, Carsten Haack, Didier Magne, Michael Schuh, Marco Lantieri and Daniela Uguccioni. Enron in the Middle East Enron has relinquished its stake in Dolphin Energy, the joint venture company formed to develop gas reserves in Qatar. Enron has agreed to transfer its 24.5 per cent stake in the project to the United Arab Emirates Offset Group (UOG), the majority shareholder. The agreement allows Enron to deploy capital elsewhere and gives UOG the opportunity to seek new partners before the project moves into its next phase. Development of the Emden/Oude gas hub moves ahead fast An important milestone in the evolution of the new gas trading hub on the Dutch-German border was reached last week. Last Friday some of the major European gas players held a meeting to officially establish the Emden/Oude gas hub. Although Enron had already initiated the development of the Emden/Oude hub by making a market through EnronOnline as early as December 2000, the goal of this meeting was to set up a working group similar to the Zeebrugge focus group who can work on setting a legal framework for the Emden/Oude hub. Enron was elected as the only new market entrant in this group, reflecting the high level of respect industry peers have for Enron as a major player in the Continental gas market -- even from incumbents! LEGAL STUFF The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries. It is intended for internal use only and should not be disclosed. <Embedded Picture (Metafile)>

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/19/2001 04:21 PM --------------------------- NW on Linux <[email protected]> on 04/16/2001 06:20:01 PM Please respond to Linux Help <[email protected]> To: [email protected] cc: Subject: Super-secret Linux NETWORK WORLD NEWSLETTER: PHIL HOCHMUTH on LINUX 04/16/01 - Today's focus: Super-secret Linux Dear Wincenty Kaminski, In this issue: * National Security Agency is bulletproofing the operating system * Links related to Linux * Featured reader resource * CAREER CORNER: Mission-critical opportunities with marketplace winners _______________________________________________________________ If a friend has forwarded this newsletter to you, why not sign-up for your own free copy? Visit http://www.nwwsubscribe.com/FOC162 for your own free subscription. _______________________________________________________________ Today's focus: Super-secret Linux By Phil Hochmuth Network Associates is teaming up with the National Security Agency, the government's top electronic cryptography and spying institution, to help the agency fine-tune its highly secure version of Linux. The goal is to create a version of Linux that is impervious to outside attacks. Security Enhanced Linux, or SELinux, is a project under development by the NSA to create a version of the operating system that is more secure than the commercial distributions of Linux available from software vendors and the open-source community. The PGP Security division of Network Associates is working with the NSA to modify the Linux source code so that applications running on a Linux server or PC have reduced access to a Linux machine's underlying operating system. The aim is to give Linux servers the ability to shirk off "buffer overrun" and "format string" attacks, which take advantage of loose ends in Linux applications to access a server's core operating system and shut it down. A Linux worm dubbed "Lion" was recently identified as using this method to hack Linux servers. NSA has worked with other software firms to shore up other weaknesses in the operating system. Secure Computing has worked on the SELinux project to add its Type Enforcement technology to SELinux. Type Enforcement protects the operating system and applications by segmenting them into security "domains" with specifications on what types of files can be accessed by each domain. (For example, this could be used to prevent access to a configuration file through an application, such as Apache Web server). NSA is also working with VMWare to come up with a more secure user permissions system for allowing users with different security access to work on the same server. The good news for Linux users who are not high-level NSA operatives is that SELinux will be released to the open-source community once finished. This means that commercial Linux vendors could include SELinux security enhancements in future releases, resulting in more bulletproof Linux Web and database servers in enterprises. _______________________________________________________________ To contact Phil Hochmuth: Phil Hochmuth is a staff writer for Network World, and a former systems integrator. You can reach him at mailto:[email protected]. _______________________________________________________________ RELATED LINKS Get the source code for SELinux http://www.nsa.gov/selinux/src-disclaim.html Check out a site with Linux security tools and tips http://www.linuxsecurity.com PGP working with NSA on Linux security prototype - Network World, 04/16/01 http://www.nwfusion.com/news/2001/0416apps.html Breaking Linux news from Network World and around the 'Net, updated daily: http://www.nwfusion.com/topics/linux.html Archive of the Linux newsletter: http://www.nwfusion.com/newsletters/linux/index.html ______________________________________________________________ FEATURED READER RESOURCE Buyer's Guides Researching for a purchase? Check out Network World Fusion's Buyer's Guides. Whether you're researching VPN products or SAN switches or wireless LAN gear, these guides provide reviews and compare vendors head to head. See the list of guides at: http://www.nwfusion.com/research/bg.html _______________________________________________________________ CAREER CORNER presented by http://www.ITcareers.com LINUX TALENT IN DEMAND Technology business trends are shifting, but job creation is still high. Register with LeadersOnline and let our web-based recruiting service bring exceptional Linux opportunities your way. With positions ranging from $75-200K, we work with the best companies on their mission-critical jobs. LeadersOnline is just what you'd expect from Heidrick & Struggles, the world's leading executive search firm. It takes just 10 minutes to register and our service is free and confidential. http://ad.doubleclick.net/clk;2712563;5704255;f _______________________________________________________________ SUBSCRIPTION SERVICES To subscribe or unsubscribe to any Network World e-mail newsletters, go to: http://www.nwwsubscribe.com/news/scripts/notprinteditnews.asp To unsubscribe from promotional e-mail go to: http://www.nwwsubscribe.com/ep To change your e-mail address, go to: http://www.nwwsubscribe.com/news/scripts/changeemail.asp Subscription questions? Contact Customer Service by replying to this message. Have editorial comments? Write Jeff Caruso, Newsletter Editor, at: mailto:[email protected] For advertising information, write Jamie Kalbach, Fusion Sales Manager, at: mailto:[email protected] Copyright Network World, Inc., 2001 ------------------------ This message was sent to: [email protected]

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---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 10/16/2000 03:09 PM --------------------------- "Michael P Cazaubon" <[email protected]> on 10/16/2000 02:55:56 PM To: [email protected], [email protected] cc: [email protected], "Charles P Lewis" <[email protected]>, [email protected], "David L Stewart" <[email protected]>, "Michael J Ricciardi" <[email protected]>, "Fred M Valentino" <[email protected]> Subject: Update on Enron Sales Process Jinsung and Don, We are continuing to have difficulties accessing data from DealBench. The response times from PECO, PricewaterhouseCoopers and other high speed internet connections have been very slow (sometimes 5 minutes or more to retrieve a single 10-15 page text document). It would help us greatly in our due diligence efforts if this material could be made available on CD ROM as has often been done with other deals we have been involved with. Please advise if this is possible and if so, when the CD's would be available. Mike Cazaubon ----- Forwarded by Michael P Cazaubon/Pecon/Genco on 10/16/2000 03:49 PM ----- Charles P Lewis To: Michael P Cazaubon/Pecon/Genco@PecoEnergy cc: 10/16/2000 Subject: Update on Enron Sales Process 03:22 PM ----- Forwarded by Charles P Lewis/Pecon/Genco on 10/16/00 03:31 PM ----- "Modi, Rishi" <rishi.modi@c To: "'[email protected]'" <[email protected]> sfb.com> cc: Subject: Update on Enron Sales Process 10/16/00 02:10 PM The following is an update on Enron's sales process, including several additions to DealBench. 1. The Purchase and Sale Agreement ("PSA") for each asset has now been posted to DealBench under the New Document section. Please review the instructions attached to each PSA. 2. The Management Presentations (with audio) have now been posted to DealBench under the Management Presentation(strikethrough: s) section. When attempting to view the presentation, please log onto DealBench using Microsoft Internet Explorer. Once in DealBench, you will most likely need to download "Flash Player" (free download). You can do this by clicking "Macromedia Flash Player download center" in the Linked Documents section of DealBench. The download usually takes less than 30 seconds. After the download, return to the Management Presentation section of DealBench and click on the Management Presentation (with audio). A power point presentation has also been included in the Management Presentation section of DealBench. A detailed instruction guide "Instruction for Viewing Management Presentation" has been posted in New Document section of DealBench. 3. Please be sure to consistently review the New Documents section on DealBench for any new documents that have been added to DealBench. Also, a running black line Due Diligence Index is posted in the Due Diligence Index / Plant Pictures section of DealBench. 4. Any drawings or CDs that you need from the Due Diligence Indices may be requested by sending an email to [email protected] or [email protected]. 5. Any problems or issues that you may be encountering need to be directed to Jinsung Myung at 713-853-7330. 6. We are prepared to schedule Q&A sessions. Please contact Don Miller at 713-853-0492. Regards, Don Miller This message is for the named person's use only. It may contain confidential, proprietary or legally privileged information. No confidentiality or privilege is waived or lost by any mistransmission. If you receive this message in error, please immediately delete it and all copies of it from your system, destroy any hard copies of it and notify the sender. You must not, directly or indirectly, use, disclose, distribute, print, or copy any part of this message if you are not the intended recipient. CREDIT SUISSE GROUP and each of its subsidiaries each reserve the right to monitor all e-mail communications through its networks. Any views expressed in this message are those of the individual sender, except where the message states otherwise and the sender is authorised to state them to be the views of any such entity. Unless otherwise stated, any pricing information given in this message is indicative only, is subject to change and does not constitute an offer to deal at any price quoted. Any reference to the terms of executed transactions should be treated as preliminary only and subject to our formal written confirmation. ************************************************************************ This e-mail and any of its attachments may contain PECO-Energy proprietary information, which is privileged, confidential, or subject to copyright belonging to the PECO-Energy family of Companies. This e-mail is intended solely for the use of the individual or entity to which it is addressed. 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Please print the messages below. Thank you. -----Original Message----- From: Rob Walls <[email protected]>@ENRON [mailto:IMCEANOTES-Rob+20Walls+20+3Crwallsjr+40yahoo+2Ecom+3E+40ENRON@ENRON.com] Sent: Sunday, April 08, 2001 6:24 PM To: Derrick Jr., James Subject: Fwd: Re: Dabhol Power Project - MSEB and GOM Arbitrations Note: forwarded message attached. Do You Yahoo!?Yahoo! Mail Personal Address - Get email at your own domain with Yahoo! Mail. X-Apparently-To: [email protected] via web12601.mail.yahoo.com X-Track: 1: 40 Received: from outbound5.enron.com (EHLO postmaster.enron.com) (192.152.140.9) by mta225.mail.yahoo.com with SMTP; 08 Apr 2001 09:49:40 -0700 (PDT) Received: from mailman.enron.com (mailman.enron.com [192.168.189.66]) by postmaster.enron.com (8.10.1/8.10.1/external_corp-1.08) with ESMTP id f38GnY622448 for <[email protected]>; Sun, 8 Apr 2001 11:49:34 -0500 (CDT) Received: from nahou-msmsw01px.corp.enron.com ([172.28.10.37]) by mailman.enron.com (8.10.1/8.10.1/corp-1.05) with ESMTP id f38GnWL20615 for <[email protected]>; Sun, 8 Apr 2001 11:49:32 -0500 (CDT) Received: from ene-mta01.enron.com (unverified) by nahou-msmsw01px.corp.enron.com (Content Technologies SMTPRS 4.1.5) with ESMTP id <[email protected]>; Sun, 8 Apr 2001 11:49:31 -0500 Subject: Re: Dabhol Power Project - MSEB and GOM Arbitrations To: [email protected] Cc: [email protected], [email protected], [email protected] From: [email protected] Date: Sun, 8 Apr 2001 11:49:28 -0500 Message-ID: <[email protected]> X-MIMETrack: Serialize by Router on ENE-MTA01/Enron(Release 5.0.6 |December 14, 2000) at 04/08/2001 11:45:34 AM MIME-Version: 1.0 Content-type: text/plain; charset="us-ascii" Content-Length: 3905 Christopher - I agree with your observations. It seems to me that we want to consolidate our Dec/Jan/Good Interest into one arbitration against each of MSEB and GOM, rather than separate the claims further and thereby encourage MSEB/GOM to cure some claims (e.g., Dec/Good Interest) and leave the January claim hanging out there alone. I understand your issues with rag-tag but am assuming that the rag-tag label does not apply to Good Interest. Thanks, Bruce "Walker, Christopher" <[email protected]> on 04/08/2001 06:44:19 AM To: "'[email protected]'" <[email protected]>, "Walker, Christopher" <[email protected]> cc: [email protected], [email protected] Subject: Dabhol Power Project - MSEB and GOM Arbitrations Bruce, I think that part of the plan discussed in London has simply been superceded by events. In particular,the corporate decision about what the end game and desired end result are to consist in. Accordingly,I now look upon the proposed GOM and MSEB arbitrations as primarily a means of setting up the case for PPA termination in due course. In the light of this:- (1) The MSEB arbitration ought now to deal with misdeclaration and claim payment of the January 2001 billing,as well as the December 2001 billing. I expect that we shall also put in the subsequent misdeclaration episodes. I see little value in putting in the older claims (i.e., the arrears and sums withheld),mainly because Kelly Quinn's analysis of them tends to show that many of DPC's claims are dud. (2) There is no longer any useful purpose served in stripping the MSEB arbitration down to misdeclaration only. Further,not merely I am more convinced than I was that the MSEB was not entitled to withhold against the December 2000 billing,but I think that DPC has a 50:50 case that the MSEB was obliged to pay the January 2001 billing clean. (3) As I see it,there will be two arbitrations against GOM (the SSA and the Guarantee) and one against the MSEB. However,if we wish to harass the GOM and set up further PPA termination grounds,we might well wish to do something forceful and litigious when (as I confidently predict) the notice under the escrow agreement is not responded to by the MSEB and the Indian banks. The notice only really works as and when the Indian banks are threatened. -----Original Message----- From: [email protected] [mailto:[email protected]] Sent: Sunday, April 08, 2001 7:12 PM To: [email protected] Cc: [email protected]; [email protected] Subject: MSEB and GOM Arbitrations Christopher - Help me to understand the plan for the MSEB and GOM arbitrations for December, January and Interest. In how many pieces do we anticipate submitting these arbitrations? What strategy is behind the submission of separate submissions? I remember that we wanted to separate the MSEB January submission, at one point, to hasten the disposition of the misdeclaration issue. Does this make sense given the events of the last few weeks and the sponsors' sentiments about additional capital for the project? Thanks, Bruce _____________________________________________________________ This e-mail is sent by or on behalf of Linklaters, 10/F Alexandra House, Chater Road, Hong Kong. A list of the firm's principals will be provided to the recipient(s) of this email upon request. This statement is made in compliance with the Law Society of Hong Kong's Practice Direction on the Format of Electronic Communications. This message is confidential. It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake please let us know by reply and then delete it from your system; you should not copy the message or disclose its contents to anyone. _____________________________________________________________

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David, aware of these regulations and hence that is why we have the established channels of approval - in this instance there is obviously need for more caution. However this has now been on the radar screen for some time and when we think issue resolved it is seemingly not - hence we need to address asap. cheers Jez -----Original Message----- From: Minns, David Sent: Tuesday, 13 November 2001 10:52 AM To: Peters, Jez; Suttle, John; Miyai, Tark; Mason, Heidi Cc: Skinner, Fiona; Bauer, Adam; Bradford, William S.; Nimmo, Matthew; Mcclellan, George; Staley, Stuart; Shankman, Jeffrey A.; Kitchen, Louise Subject: RE: Bengalla Biz Jez our concerns are not just an internal approval issue. Under Australian Law the Directors of ECAPPL need to be satisfied when a company incurs a debt that it can be paid. Failure to discharge this duty can mean the directors would be personally for the debt. If the Coal Group is comfortable to make to enter into these commitments then that is the obvious way forward. One of the Coal Group in the Sydney office (presumably Paul McPhee) could replace Heidi Mason as resident director. -----Original Message----- From: Peters, Jez Sent: Tuesday, 13 November 2001 9:33 AM To: Suttle, John; Miyai, Tark; Minns, David; Mason, Heidi Cc: Skinner, Fiona; Bauer, Adam; Bradford, William S.; Nimmo, Matthew; Mcclellan, George; Staley, Stuart; Shankman, Jeffrey A.; Kitchen, Louise Subject: RE: Bengalla Biz We seem to be going round in circle's here and hence hopefully all the relevant people are now on copy of this e-mail so we can resolve swiftly. This cargo is due to be shipped in seven days with the coal already being railed to port. It is coal which will be shipped to service European commitments and represents the cheapest way to do so taking all costs into account (including financing). Needless to say if we pull out of this deal at this stage it will have huge ramifications with our customer and send all the wrong signals to our counterparties in this part of the world. Last but not least we will need to look elsewhere to procure coal for these European sales at what is likely to be a higher price. Appreciate the green light. Thks Jez -----Original Message----- From: Suttle, John Sent: Tuesday, 13 November 2001 9:21 AM To: Miyai, Tark; Minns, David; Mason, Heidi Cc: Peters, Jez; Skinner, Fiona; Bauer, Adam; Bradford, William S.; Nimmo, Matthew Subject: RE: Bengalla Biz It has been made clear to me that Jeff Shankman needs to clear this transaction through Bill Bradford and Louise Kitchen prior to any capital going out the door. It is my understanding that this has not been done. John -----Original Message----- From: Miyai, Tark Sent: Monday, November 12, 2001 4:13 PM To: Minns, David; Mason, Heidi; Suttle, John Cc: Peters, Jez; Skinner, Fiona; Bauer, Adam Subject: FW: Bengalla Biz David, See below Jeff Shankman's ok to proceed as usual. Tax has come back with ok. Coal is being delivered to port. Bengalla has oked to our draft as well. Pls review and comment asap. Credit, any comment on Bengalla? Tark -----Original Message----- From: Staley, Stuart Sent: Tuesday, November 13, 2001 2:57 AM To: Peters, Jez; Miyai, Tark; Pielop, Stuart; Skinner, Fiona Subject: FW: Bengalla Biz FYR... -----Original Message----- From: Shankman, Jeffrey A. Sent: 12 November 2001 15:02 To: Mcclellan, George Cc: Price, Brent A.; Staley, Stuart Subject: RE: Bengalla I would proceed as business as usual. -----Original Message----- From: Mcclellan, George Sent: Monday, November 12, 2001 8:59 AM To: Shankman, Jeffrey A. Cc: Price, Brent A. Subject: FW: Bengalla Guys - we need to address this - can we discuss during our lunch meeting today. -----Original Message----- From: Staley, Stuart Sent: Monday, November 12, 2001 5:05 AM To: Mcclellan, George Cc: Bradley, Peter; Maley, Paul Subject: FW: Bengalla George: Details on the cargo we are loading out of Newcastle. Sailing time is roughly 45 days. Cargo to be sold to ARA/German customers, most with payment terms 5 days post delivery. Also - it would help to get an idea of how diificult this exercise will be in the coming months, as we have a couple more loading before year end. Work it, Stu -----Original Message----- From: Miyai, Tark Sent: 12 November 2001 02:12 To: Staley, Stuart; Bradley, Peter Cc: Peters, Jez Subject: Bengalla Stu, I refer to your e-mail to Jez last week and advise you the expected payment value and timing etc. Vessel name: MV "Cotsworld" ETA: 21/Nov ETS: 22/Nov Loading tonnage: approx. 128kmt (9kmt from Stratford and 119kmt from Bengalla) Payment value and timing : Value Timing Bengalla: US$3.3mil(*) 19th (**) Stratford: US$0.2mil(*) 26th * Inclusive of 10% GST ** Bengall has already delivered 49kmt of coal to port and will complete the delivery on 15th. The contract is based on FIS and the invoice weight and quality be determined by the inbound analysis while they take des/dem risk. Because of their concern over our credit Bengalla has insisted on our payment by TT against the presentation of documents. Docs are likely to be presented on 16th or 19th at the latest. The draft contract which Bengalla has confirmed has a provision that the invoice weight is determined based on B/L quantity instead of inbound rail weight if we take 100% of Bengalla coal onto our vessel. If we do that, they can not present their docs until the vessel has compeleted the loading and our payment date would be say 26th instead. Regards, Tark

---------------------- Forwarded by Darron C Giron/HOU/ECT on 04/11/2001 04:09 PM --------------------------- Jeffrey C Gossett 04/11/2001 02:37 PM To: Darron C Giron/HOU/ECT@ECT cc: Subject: TW transportation index hedges entered into 1/2001 More Deals. ---------------------- Forwarded by Jeffrey C Gossett/HOU/ECT on 04/11/2001 02:36 PM --------------------------- Enron North America Corp. From: Dan Fancler @ ENRON 04/11/2001 02:33 PM To: Georgeanne Hodges/HOU/ECT, Jeffrey C Gossett/HOU/ECT@ECT cc: Vincent Strohmeyer/ET&S/Enron@Enron, James Saunders/FGT/Enron, Bob Chandler/ET&S/Enron@Enron, Roger G Leworthy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Ron Baker/Corp/Enron Subject: TW transportation index hedges entered into 1/2001 Thanks for your assistance and that of Jeff. In addition to the 8 trades sent yesterday (see below), which Jeff is assisting on the offsetting positions, we have another done on March 7, 2001 ticket # QV8401.1, please add it to the list. At year end Ron Baker worked with your group to document the offsetting third party positions on the following trades. NI8156.1 NK4742.1 NT6154.1 NV5358.1 I understand that as a result of that work about 97 third party trades were identified to offset these 4 Transwestern trades. Somehow an effectiveness test was done. We were not involved in any of that work and I hope all 97 trades (If that is the correct number) are still on ENA's books and are still effective. At this time I don't see how I can measure effectiveness without the third party positions in our books. Can ENA met the effectiveness standard and measurement requirements of SFAS 133 or is it the responsibility of the business unit that originated the hedge. At this time we are only measuring our own positions. Roger, indicated in the below memo that Ernie was going to do the effectiveness testing. We need your advice on if we should continue hedging positions with ENA. I am concerned that ETS does not have the ability to monitor and maintain effectiveness when ENA facilitates the transaction because ETS loses control of the offseting 3rd party position. I was under the impression that intercompany trades were kept in an affiliate book. Perhaps we can get together next week and work out documentation procedures and the use of the affiliate book. Anyday except Monday. Thanks, Dan ---------------------- Forwarded by Dan Fancler/ET&S/Enron on 04/11/2001 01:21 PM --------------------------- Vincent Strohmeyer 04/10/2001 01:52 PM To: Jeffrey C Gossett/HOU/ECT@ECT cc: Dan Fancler/ET&S/Enron@ENRON Subject: TW transportation index hedges entered into 1/2001 Jeff, I hope you can help me with this. I need to find a way to identify offsetting 3rd party derivative transactions relating to the internal trades done with TW for the following deals: TW RMTC QL2915.1 TW RMTC QL2918.1 TW RMTC QL5424.1 TW RMTC QL5444.1 TW RMTC QL5357.1 TW RMTC QL5358.1 TW RMTC QL9270.1 TW RMTC QL9273.1 Tiffany Miller identified you as the person that did this for our deals with ENA earlier. Please let me know as soon as possible, if you can help. If not, do you have any suggestions? Vince 713.853.6701 Roger G Leworthy@ENRON_DEVELOPMENT 04/10/2001 11:36 AM To: Dan Fancler@Enron, Bob Chandler@ENRON cc: Ron Baker/Enron@EnronXGate, Ernie de Lachica@Enron Subject: TW transportation index hedges entered into 1/2001 Dan/Bob, Following my voice mail message (to Dan), I want to circle back on the accounting impact of the recent internal transportation derivatives between TW and RMTC. The concern that has arisen is that TW has taken the "out-of-the-money" impact of these trades (approx. $27MM) to OCI while RMTC has marked the "in-the-money" impact through income. TW has taken its impact to OCI because it is, on a standalone accounts basis, designating these internal trades in cash flow hedge relationships. However, from an Enron consolidated financial position viewpoint, the internal trades cannot be designated as hedges (and, thus, would need to be reversed which would have a negative impact on earnings of $27MM). So, in order not to have this negative impact, 3rd party "offset" transactions in ENA must be identified and documented as cash flow hedge transactions. It may be that RMTC has already identified offsetting 3rd party derivative transactions relating to the internal trades done with TW. However, if not, we think that the best place for responsibility for getting these 3rd party trades IDENTIFIED AND PROPERLY DOCUMENTED IN CASH FLOW HEDGE RELATIONSHIPS is with the business unit that wanted the internal trade in the first place - i.e. TW in this case. If this has not already been done, can you have someone in your shop work with ENA to identify and obtain copies of sufficient 3rd party trades that hedge the risk hedged by TW. Once this is accomplished, Enron Corp. consolidated hedge documentation needs to be established as a matter of urgency; again, we consider this responsibility is best placed in the BU using the internal trade as a hedge. In this regard, Ernie (effectiveness testing) and I will be available to assist with this documentation. Please do not hesitate to advise comments or questions on this matter. I am preparing the FAS 133 impact 3/31 Pro-Formas based on the identification and development of the consolidated hedge documentation. Roger

---------------------- Forwarded by Judy Hernandez/HOU/ECT on 04/19/2000 02:04 PM --------------------------- YVONNE ACOSTA @ ENRON 04/14/2000 03:02 PM To: [email protected], Noemi Camacho/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Laura Gutierrez/HOU/ECT@ECT, Judy Hernandez/HOU/ECT@ECT cc: Subject: Fwd: [Fwd: [FW: FW: I said a prayer for you just now.......]] ---------------------- Forwarded by Yvonne Acosta/Corp/Enron on 04/14/2000 02:59 PM --------------------------- Regina Blackshear 04/14/2000 02:35 PM To: [email protected], [email protected], [email protected], [email protected], [email protected], Tammy Green <[email protected]>, [email protected], [email protected], "BENEDICT PETERS"<[email protected]>, [email protected], "WhiteBL(Barbara)"<[email protected]> cc: Subject: Fwd: [Fwd: [FW: FW: I said a prayer for you just now.......]] ---------------------- Forwarded by Regina Blackshear/Corp/Enron on 04/14/2000 02:33 PM --------------------------- jacelyne hill <[email protected]> on 04/14/2000 01:50:50 PM To: [email protected], [email protected], [email protected], HENDERSON HENRY S A1C 347 MDG/SGOM <[email protected]> cc: Subject: Fwd: [Fwd: [FW: FW: I said a prayer for you just now.......]] ____________________________________________________________________ Get your own FREE, personal Netscape WebMail account today at http://webmail.netscape.com. Received: from rly-na04.mx.aol.com [205.188.158.41] by mx09 via mtad (2.6) with ESMTP id 278eDmTSz0857M09; Thu, 13 Apr 2000 19:44:51 GMT Received: from www0v.netaddress.usa.net (www0v.netaddress.usa.net [204.68.24.51]) by rly-na04.mx.aol.com (v71.10) with ESMTP; Thu, 13 Apr 2000 15:44:45 -0400 Received: (qmail 10735 invoked by uid 60001); 13 Apr 2000 19:44:44 -0000 Message-ID: <[email protected]> Received: from 204.68.24.51 by www0v for [163.188.57.137] via web-mailer(M3.3.1.96) on Thu Apr 13 19:44:44 GMT 2000 Date: 13 Apr 00 12:44:44 PDT From: Jacki Williams <[email protected]> To: [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected] Subject: Fwd: [FW: FW: I said a prayer for you just now.......] X-Mailer: USANET web-mailer (M3.3.1.96) Mime-Version: 1.0 Content-Type: multipart/mixed; boundary="----NetAddressPart-00--=_mTSS1408S0v6932d969" Jacki S. Williams [email protected] ____________________________________________________________________ Get your own FREE, personal Netscape WebMail account today at http://webmail.netscape.com. Received: from rly-na03.mx.aol.com [205.188.158.40] by mx06 via mtad (2.6) with ESMTP id 451eDmPWe1130M06; Thu, 13 Apr 2000 15:48:04 GMT Received: from commserver.BBCINTLTD.COM ([208.14.29.102]) by rly-na03.mx.aol.com (v71.10) with ESMTP; Thu, 13 Apr 2000 11:47:46 -0400 Received: by COMMSERVER with Internet Mail Service (5.5.2448.0) id <2TVTYVLZ>; Thu, 13 Apr 2000 11:53:14 -0400 Message-ID: <8A557CC93507D311A4DA00A0CC25C3D93FEE3C@COMMSERVER> From: Cleo Moran <[email protected]> To: Josie Vrooman <[email protected]>, "'Angie Rivera'" <[email protected]>, "'Jacki Williams'" <[email protected]>, April Governo <[email protected]> Subject: FW: FW: I said a prayer for you just now....... Date: Thu, 13 Apr 2000 11:53:11 -0400 Return-Receipt-To: Cleo Moran <[email protected]> MIME-Version: 1.0 X-Mailer: Internet Mail Service (5.5.2448.0) Content-Type: text/plain > -----Original Message----- > From: Wendy Cedre > Sent: Thursday, April 13, 2000 10:09 AM > To: 'Frances Salas'; 'sylvia marti'; Cleo Moran; Catherine Donnelly > Subject: FW: FW: I said a prayer for you just now....... > > > > -----Original Message----- > From: dianne rodriguez [SMTP:[email protected]] > Sent: Thursday, April 13, 2000 10:20 AM > To: WENDY CEDRE > Subject: Fw: FW: I said a prayer for you just now....... > > WENDELA THIS ONE'S FOR YOU BABE LOVE DEE* > > > > > > > > > > > I said a prayer for you just now....... > > > > When you receive this e-mail just recite the > > > > following prayer. That's all you have to do. There is > > nothing > > > > attached. > > > > This is the power of prayer at work. Just send this to (4) > > people > > > > and see what happens on the fourth day. Do not break this, > > > > please. > > > > > > > > There is no cost, but lots of rewards. Let's continue to > > pray for > > one another. > > > > > > > > Prayer > > > > May today there be peace within you. May you > > > > trust God that you are exactly where you are meant to be. > > > > May you not > > > > forget the infinite possibilities that are born of faith. > > > > May you use those gifts that you > > > > have received, and pass on the love that has > > > > been given to you. > > > > May you be content knowing that you are > > > > a child of God. > > > > Let His presence settle into your bones, and allow your > > > > soul the > > > > freedom to sing, dance, and to bask in the sun. It is > > > > there for each > > > > and every one of you. > > > > > > > > Send this to (4) or more people and witness the awesome > > power of > > > > prayer. > > > > > > > > > > > > > > > > > > > > > >

---------------------- Forwarded by David M Gagliardi/TTG/HouInd on 08/15/2000 07:51 AM --------------------------- "Michael Gagliardi" <[email protected]> on 08/15/2000 07:17:25 AM To: [email protected], [email protected] cc: Subject: True Orange Fax/E-Mail #68 ---------------------- Forwarded by Michael Gagliardi/Hou-ComOps/EnergyTrading/PEC on 08/15/2000 07:26 AM --------------------------- [email protected] on 08/14/2000 10:25:12 PM To: undisclosed-recipients:; cc: (bcc: Michael Gagliardi/Hou-ComOps/EnergyTrading/PEC) Subject: True Orange Fax/E-Mail #68 True Orange Fax/E-Mail Service Volume 8, Fax/E-Mail #68, Monday, August 14, 2000 Jerry Scarbrough's True Orange, P. O. Box 26530, Austin, Texas 78755 - Phone 512-795-8536 Roy Williams Leads Outstanding Freshman Class in Workouts The heralded Longhorn freshman class had its first two workouts Monday, and several players looked very good, but big, fast WR Roy Williams was almost too impressive to believe. He's big, at about 6-3 or maybe 6-4 and a little over 200 pounds (we should get official heights and weights Tuesday) and he is fast (10.03 100 meters last track season) and no one could cover him Monday. He caught so many long passes I lost count. Pitty poor Nathan Vasher, the lone scholarship DB among the freshmen. He had to try to cover Williams, B. J. Johnson, Sloan Thomas and Tony Jeffery, the best group of freshman wide receivers in the country. As soon as he got through with one and got a little breather, it was on to the next one. Vasher actually did a good job most of the time on everybody except Williams, who was just too big and too strong for him to handle. Vasher does a good job of man coverage, getting right with the wide receiver and staying with him on most occasions. Also pity poor QB Chance Mock, who probably threw more passes Monday than he did in his whole career at The Woodlands. He showed great accuracy and touch on long and short passes, and offensive coordinator Greg Davis, complimented him for having "a quick release." But I'll bet his arm is sore Tuesday. Coach Mack Brown said he doesn't normally want to play freshmen, particularly early in the season, but he said it is easier for wide receivers to play early than for most other players. "Take our two freshmen defensive ends, Kalen Thornon and Adam Doiron," Brown said. "They are very good prospects, but they have never lined up against anybody like Leonard Davis, and that's what they'll start doing when the veterans show up. Their learning curve goes up pretty drastically, and they probably will need some time to cope with that." But he said it's a different story with wide receivers. "If a receiver can run, jump, catch and do something after he catches it, Brown said, "we can make the offense simpler for him," Darryl Drake, the wide receiver coach, phrased it another way, saying, "If a guy is 6-3 or 6-4, can run close to a 10-flat hundred meters and high jump seven feet (Williams did all that last year at Odessa Permian), we'll just tell him to run down the field and, if anybody can keep up with him, they're probably short cornerbacks and he can outjump them for the ball. We'll coach him next year, but he can get by with the speed and jumping ability this year." Drake was only partially kidding. When Williams has to try to get off the line against big-time correrbacks like Quentin Jammer and Roderick Babers, the two UT starters, it will be harder, but Brown said all the receivers are going to get a lot of work against bump-and-run coverage. He also said he expects at least two of them to play a lot early in the season; Thomas, Johnson and Jeffery also had some good plays. Thomas made one great catch of a high ball that appeared to be out of his reach. One UT assistant coach told me today he has never seen back-to-back classes as outstanding as the two the Longhorns have put together the last two years. The freshmen will have their final workouts as a group Tuesday. The varsity reports Wednesday and the first full team workouts will be Friday. * * * * RECRUITING NOTES: The news got as little better today on the state's best quarterback, Matt Nordgren, 6-5, 217, 4.62, of Dallas Bishop Lynch. He visited Colorado unofficially last weekend and came back very impressed and saying he wants to delay his decision on picking a college. But he told me today the Longhorn coaches are recruiting two quarterbacks (Bret Rawls of Louisiana powerhouse Shreveport Evangel is the other one) "and they gave us both a deadline of October 15 and told us to look around and be sure what we want to do. I think that is a real sign of class," he said. "I'll probably take some official visits before that, maybe to Colorado, Kansas, LSU and Tennessee, and then I'll take an official visit to Texas. I still say Texas will be hard to beat, but I just want to be real sure before I make a decision." * * * * My next fax will be Tuesday, August 15. * * * * The True Orange Fax Service includes at least 99 faxes a year and costs $99 ($79 by E-Mail). The True Orange Newsletter includes 26 newsletters and is published weekly during football season and twice monthly during most of the other months. It costs $45. Save by subscribing to both for $130 (or $110 if you take the faxes via E-Mail or $99 if you take the faxes and newsletter via E-Mail). Send check to address at the top of page. I also update my 900 number - 1-900-288-8839 - frequently with recruiting news. My E-Mail address is: [email protected]

Welcome back to this week's Eyeforenergy update. We've got a number of new things going on at Eyeforenergy to tell you about. First off, we've got a new article in the featured content section of our website. It's an excellent opportunity for you to read about some of the new developments on emissions trading for the energy industry, make sure to take a look. On the event side of things, there are a few new developments -- our 3 in 1 trading show this February in Amsterdam has added a new case study on developing and integrating a new risk management solution, presented by TXU and Raft International; and we've just announced the dates and a call for papers for our upcoming Energy Exchanges Online III show in New Orleans this fall. Finally, be sure to keep hitting the Eyeforenergy website to get the latest updates on the news affecting the energy industry including a close eye on the Enron fall out and the rapidly developing alternative energy market. Bruno Russell mailto:[email protected] CONTENTS: - ARTICLE: Will the U.S. regulate CO2 from power plants, giving a massive lift to the fledgling market in the trade of greenhouse gas emissions? - NEW EVENT ANNOUNCEMENT - EVENTS RUNDOWN - RECENT HEADLINES ARTICLE: Will the U.S. regulate CO2 from power plants, giving a massive lift to the fledgling market in the trade of greenhouse gas emissions? The U.S. Congress continues to discuss regulation of CO2 from power plants as part of a comprehensive package to address power plant air pollution. Hearings were convened late last year by the Senate Environment and Public Works Committee to discuss the merits of a four-pollutant power plant strategy-controlling SO2, NOx, mercury, and CO2 emissions in a coordinated fashion. Read the full article here: http://www.eyeforenergy.com/content.asp?news=24773 NEW EVENT ANNOUNCEMENT *Energy Exchanges Online III Sheraton Hotel, New Orleans, September 19-21, 2002 Now in its third year, Energy Exchanges Online is reconvening in New Orleans to bring together all the key figures in the US energy trading market. If you'd like to get involved, have a story to tell, get more information or would like to suggest a speaker let us know, simply go to: http://www.eyeforenergy.com/eeo3/ EVENTS RUNDOWN * Energy Exchanges Online Europe: Effective Trading and Risk Strategies for the Online Energy Market Amsterdam, 19-21 February 2002 Is online trading safe, efficient, necessary?? Where do you find the liquidity you need with the demise of market-leader Enron? Who can you trust and do you have the financial backup in place to weather the risky energy trading market? Energy Exchanges Online Europe is the place to find out if you're up to date with the latest energy trading developments. Meet, do business and discuss the big issues over 2 days with the leaders in energy trading in Amsterdam. To find out more information, including discounts for pre-registration, speaking, sponsoring and exhibiting opportunities, click here: http://www.eyeforenergy.com/eurotrading/ * Emissions Trading 2002 Okura Hotel, Amsterdam, 19-21 February 2002 Emissions trading options are ripe for the picking - so how can you make sure you're ready to profit from GHG? Let's face it - you can't really afford not to be, especially as the World Bank has estimated demand in the international GHG trading system to be in the order of US$20 billion per annum by 2010. Eyeforenergy is delighted to bring you this event which will focus on how you can best seize this exciting new market opportunity. As ever, the conference will be driven by the industry leaders in this arena, backed up by expert advice from those helping the indsutry make the right moves in emissions. Click here for further information: http://www.eyeforenergy.com/emissions * Weather Trading 2002 Okura Hotel, Amsterdam, 19-21 February 2002 Today's business is all about risk and how to mitigate it. Weather derivatives has become one of the key tools industries as wide ranging at utilities, airlines, and agriculture have at hand to off-set risks associated with temperature and precipitation. With over 70% of Europe's companies facing weather-related risk, knowing about the latest advances in weather trading is a necessity. Eyeforenergy's latest event will be run in conjunction with our European online trading conference, Energy Trading in the New Economy, and Eyeforenergy's Emissions Trading 2002 event, so you can learn about the latest developments in energy and emissions trading all under one roof. Click here for further information: http://www.eyeforenergy.com/weather LATEST HEADLINES In Wake of Delisting Enron Still Spinning Facts http://www.eyeforenergy.com/content.asp?news=24764 North Carolina's "Green Power Program" Gets Backing of Utilities http://www.eyeforenergy.com/content.asp?news=24762 UBS Defends Enron Trading Acquisition http://www.eyeforenergy.com/content.asp?news=24760 DynaMotive to Trade Greenhouse Gas Emissions Credits http://www.eyeforenergy.com/content.asp?news=24759 ------------------------------------------------------------ This update is provided as part of the free Eyeforenergy Briefing service. In addition to these updates, you will receive a comprehensive newsletter every other week, with fresh in-depth analysis, reports and insights into the issues currently affecting different areas of the energy industry. To subscribe, email: mailto:[email protected] or alternatively send a message to mailto:[email protected]?Subject=BriefingSubscribe To unsubscribe, email: mailto:[email protected] or alternatively send a message to mailto:[email protected]?Subject=BriefingSubscribe __________________________________________________

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One way, is the "school of hard knocks" which many people have honorary degrees but no money.(I've been there, in case you are wondering) Another way, a better way, is to find someone who knows how to trade and have that person teach you. This is certainly a better, and less costly, choice. My name is David Duty and I started trading over five years ago after I got a brochure in the mail about trading commodities. It seemed interesting and I got pretty excited about the possibilities. I ordered a course that promised everything, but delivered almost nothing. I lost $10,000 in less than 90 days, not to mention the $5,000 I threw away on these courses. I quickly found out that I did not know what I was doing. Then, I got mad, not at the man who sold me the almost worthless courses, but at myself for jumping into something without knowing what I was doing. I ask myself, "What's The Difference" between someone who trades, and consistently makes money, and what I was doing. I found the answer pretty simple. Like I said, it's knowledge. So, I took a year off and studied and read everything I could lay my hands on. During this time, I found a lot of good material and some that was so bad that the person who wrote them should have been shot! I started compiling information that I deemed to be reliable, that had substance to it. What I found was a common thread among them. I started formulating a trading plan and put that plan into action. This time, it was completely different. I was trading and making money, and was only spending about an hour a day at it, and some days, as little as 30 minutes. I then had friends and relatives who saw what I was doing and they too wanted to learn how to trade. So, I started teaching some of them how to trade. Then, people they knew wanted to learn also, so I started teaching a class at a local college and the rest is history. I've written an in-depth 450 page course, designed to teach you how to successfully trade commodities. I have students on every continent (yes, that includes Antarctica) and in over 20 countries. I'm also doing seminars around the world and having the time of my life doing it. My course has been rated the #1 course on the market by my students, who collectively, have bought probably every other course ever written. I also have a "Mini-Course" which is almost 100 pages and I would like to send it to you FREE. That's right, for free. No strings attached. This Mini-Course", is the first three lessons in my full course, which like I said, is 450 pages. This will give you a very good idea of what my full course offers. Read it at your leisure and if you like it, and I think you will, you can order the full course at my web-site. I've had many people write me and tell me that they learned more from this Mini-Course than from courses they paid several hundreds of dollars for. I will also put you on my guest list for 30 days also. You will get ongoing lessons, live chats, access to my student only forum, full access to my web-site, market alerts, and market analysis. Again this is free! In addition, if you would like to attend a seminar that I do, I'll give you a 25% discount to that as well. To get a free copy of my Mini-Course, just click on this link, http://www.davidduty.com/merchant/req_mini_course.htm and you can instantly download it. I hope you enjoy the Mini-Course and I look forward to having you as a student or meeting you in person at one of my seminars. If you have any questions, my e-mail address and phone number are below. If you e-mail me, I'll get back to you usually within a few hours. Best wishes, David G. Duty CTA Common Sense Commodities [email protected] (303) 743-3540 TO BE REMOVED FROM FUTURE MAILINGS TYPE REMOVE IN THE SUBJECT LINE AND HIT THE SEND BUTTON

Si, Se?or Paras! -----Original Message----- From: Parks, Joe [mailto:[email protected]] Sent: Tuesday, June 25, 2002 3:09 PM To: Fenner, Chet Subject: RE: YOU CAN THANK ME LATER its called liquidation -----Original Message----- From: Fenner, Chet [mailto:[email protected]] Sent: Tuesday, June 25, 2002 3:07 PM To: Parks, Joe Subject: RE: YOU CAN THANK ME LATER Wooo, what a day! Blood-red screen, except for ORCL and good ol' PRGN (climbed 8.7% to a buck even!). Dollar trading right in hand w/ the equities. -----Original Message----- From: Parks, Joe [mailto:[email protected]] Sent: Tuesday, June 25, 2002 3:01 PM To: Fenner, Chet Subject: RE: YOU CAN THANK ME LATER i figure by next week it should be good and sold off, i might get flat into the fourth of july, because if there isnt a terriost attack, the monkeys will come back and buy it -----Original Message----- From: Fenner, Chet [mailto:[email protected]] Sent: Tuesday, June 25, 2002 2:57 PM To: Parks, Joe Subject: RE: YOU CAN THANK ME LATER Just get us there by the end of the week and I won't have to worry about my theta. -----Original Message----- From: Parks, Joe [mailto:[email protected]] Sent: Tuesday, June 25, 2002 2:56 PM To: Fenner, Chet Subject: RE: YOU CAN THANK ME LATER i am thinking 87-90 on DIA, however you manage your own theta. if i see something that really scares me i will let you know -----Original Message----- From: Fenner, Chet [mailto:[email protected]] Sent: Tuesday, June 25, 2002 2:55 PM To: Parks, Joe Subject: RE: YOU CAN THANK ME LATER Now, what I'll REALLY need you for is telling me when to bail!!! -----Original Message----- From: Parks, Joe [mailto:[email protected]] Sent: Tuesday, June 25, 2002 2:39 PM To: Chet Fenner (E-mail) Subject: DIA:YOU CAN THANK ME LATER ************************************************************************ This e-mail is the property of Bridgeline Holdings, L.P. and/or its relevant affiliate(s) 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 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 Bridgeline Holdings, L.P. (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. ************************************************************************ ************************************************************************ This e-mail is the property of Bridgeline Holdings, L.P. and/or its relevant affiliate(s) 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 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 Bridgeline Holdings, L.P. (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. ************************************************************************ ************************************************************************ This e-mail is the property of Bridgeline Holdings, L.P. and/or its relevant affiliate(s) 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 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 Bridgeline Holdings, L.P. (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. ************************************************************************ ************************************************************************ This e-mail is the property of Bridgeline Holdings, L.P. and/or its relevant affiliate(s) 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 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 Bridgeline Holdings, L.P. (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. ************************************************************************

TODAY'S HEADLINES The New York Times on the Web Monday, May 7, 2001 ------------------------------------------------------------ For news updated throughout the day, visit www.nytimes.com QUOTE OF THE DAY ========================= "Que ser" - SISTER MIRIAM THISSEN, a nun who will donate her brain to a study on aging. Full Story: http://www.nytimes.com/2001/05/07/health/07NUNS.html NATIONAL ========================= Most Cities in U.S. Expanded Rapidly Over Last Decade http://www.nytimes.com/2001/05/07/national/07CITI.html Nuns Offer Clues to Alzheimer's and Aging http://www.nytimes.com/2001/05/07/health/07NUNS.html Washington Is Losing Its Only Public Hospital http://www.nytimes.com/2001/05/07/health/07HOSP.html Now You Need an Area Code Just to Call Your Neighbors http://www.nytimes.com/2001/05/07/business/07DIGI.html /--------------------- ADVERTISEMENT ---------------------\ What's ahead for business in 2001? Get the Times's perspective on business and the economy in 2001, both foreign and domestic. Explore our Web exclusive interactive timeline of business in 2000 that ranges from the AOL Time Warner merger to the plunging Nasdaq with an essay by Floyd Norris, the Times's senior financial correspondent. http://www.nytimes.com/library/financial/2001outlook1-index.html?ibd \---------------------------------------------------------/ POLITICS ========================= News Analysis: To European Eyes, It's America the Ugly http://www.nytimes.com/2001/05/07/world/07EURO.html White House Debates Fate of Pollution-Control Suits http://www.nytimes.com/2001/05/07/politics/07POLL.html Children Step Up to Plate at White House http://www.nytimes.com/2001/05/07/politics/07TBAL.html Public Lives: When She Talks Arms, Washington and Moscow Listen http://www.nytimes.com/2001/05/07/politics/07LIVE.html INTERNATIONAL ========================= Pope, in Damascus, Reaches Out for Unity With Mosque Visit http://www.nytimes.com/2001/05/07/world/07POPE.html Space Tourist, Back From 'Paradise,' Lands on Steppes http://www.nytimes.com/2001/05/07/science/07SPAC.html News Analysis: To European Eyes, It's America the Ugly http://www.nytimes.com/2001/05/07/world/07EURO.html Spanish Politician Killed; Basque Group Suspected http://www.nytimes.com/2001/05/07/world/07BASQ.html BUSINESS ========================= Energy Trader Said to Be Close to Acquiring Gas Producer http://www.nytimes.com/2001/05/07/business/07DEAL.html Privacy Policy Notices Are Called Too Common and Too Confusing http://www.nytimes.com/2001/05/07/business/07PRIV.html Now You Need an Area Code Just to Call Your Neighbors http://www.nytimes.com/2001/05/07/business/07DIGI.html Stay-at-Home Instinct Fosters Flush Times at 'Shelter' Magazines http://www.nytimes.com/2001/05/07/business/07MAGS.html TECHNOLOGY ========================= Dragon Systems Sputters After Belgian Suitor Fails http://www.nytimes.com/2001/05/07/technology/07DRAG.html New Economy: Privacy Concerns for Google Archive http://www.nytimes.com/2001/05/07/technology/07NECO.html Modern Plans for an All-but-Forgotten Mail Delivery System http://www.nytimes.com/2001/05/07/technology/07TUBE.html E-Commerce Report: An Online Vintage, Still Unproved http://www.nytimes.com/2001/05/07/technology/07ECOMMERCE.html NEW YORK REGION ========================= 4 Democrats Spar Cordially in Mayor Race http://www.nytimes.com/2001/05/07/nyregion/07MAYO.html For Police Horses, Pasture's Sale Means the Loss of a Pension http://www.nytimes.com/2001/05/07/nyregion/07HORS.html Modern Plans for an All-but-Forgotten Mail Delivery System http://www.nytimes.com/2001/05/07/technology/07TUBE.html Trial Set to Begin Over '99 Slaying of 'Soldier of Social Work' http://www.nytimes.com/2001/05/07/nyregion/07TRIA.html SPORTS ========================= Mussina and Yanks Remind Orioles That Life Is Unfair http://www.nytimes.com/2001/05/07/sports/07YANK.html Mussina Sold Out, but Not for Money http://www.nytimes.com/2001/05/07/sports/07RHOD.html Mets Save Worst for Last Against Arizona http://www.nytimes.com/2001/05/07/sports/07METS.html Carter's Tip Is Difference in Duel of Stars http://www.nytimes.com/2001/05/07/sports/07SIXE.html ARTS ========================= Behind Masterworks for Sale, a Collector's Unerring Eye http://www.nytimes.com/2001/05/07/arts/07BERG.html Charlie Sheen Delivers a New Spin to 'Spin City' http://www.nytimes.com/2001/05/07/arts/07SPIN.html Writers on Writing: A Retreat From the World Can Be a Perilous Journey http://www.nytimes.com/2001/05/07/arts/07ROSE.html 'Urinetown': Wicked Antics Taunt Showbiz http://www.nytimes.com/2001/05/07/arts/07URIN.html OP-ED COLUMNISTS ========================= By WILLIAM SAFIRE: Slavery Triumphs The United States is off the U.N. Human Rights Commission because it exposed the commission to be a pack of hypocrites. http://www.nytimes.com/2001/05/07/opinion/07SAFI.html By BOB HERBERT: Life Before Roe Elizabeth Furse, a retired Democratic congresswomen, endured the twisted, sadistic solutions that were widespread in the era before Roe v. Wade. http://www.nytimes.com/2001/05/07/opinion/07HERB.html HOW TO CHANGE YOUR SUBSCRIPTION ------------------------------------------------------------ You received these headlines because you requested The New York Times Direct e-mail service. To cancel delivery, change delivery options, change your e-mail address or sign up for other newsletters, see http://www.nytimes.com/email HOW TO ADVERTISE ------------------------------------------------------------ For information on advertising in e-mail newsletters or other creative advertising opportunities with The New York Times on the Web, please contact Alyson Racer at [email protected] or visit our online media kit at http://www.nytimes.com/adinfo

Attached, please find the latest information from the direct access coalition. Received: (qmail 77871 invoked by uid 41); 28 Feb 2001 04:07:03 -0000 Received: from nycxims1.edelman.com (63.96.56.110) by mx7.quiknet.com with SMTP; 28 Feb 2001 04:07:03 -0000 Received: by nycxims1.edelman.com with Internet Mail Service (5.5.2653.19) id <FY7A0FGF>; Tue, 27 Feb 2001 22:46:37 -0500 Message-ID: <F1011D165600D411AC5400D0B720EE10A621F8@SFOXMB1> From: "Fairchild, Tracy" <[email protected]> To: [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], "DiMare, Dominic" <[email protected]>, [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], "Fairchild, Tracy" <[email protected]>, "Allen, Stevan" <[email protected]>, "Beiser, Megan" <[email protected]>, "Manuel, Erica" <[email protected]>, "Warner, Jami" <[email protected]> Subject: Direct Access Coalition Media Plan Date: Tue, 27 Feb 2001 22:46:28 -0500 MIME-Version: 1.0 X-Mailer: Internet Mail Service (5.5.2653.19) Content-Type: multipart/mixed; boundary="----_=_NextPart_000_01C0A139.07D39B10" X-Mozilla-Status2: 00000000 Hello to the Direct Access Coalition: Below you will find a summary of the press strategy that Edelman Public Relations intends to employ over the coming weeks in collaboration with the Alliance for Retail Energy Markets and the broader Direct Access Coalition. I will also outline the information that I need from Direct Access Coalition members who are willing to be involved in media outreach and interviews. And finally, I have attached supporting documents that you can use as background material to prep for your responses to any media inquiries that you may receive. This Week 1. We are drafting a "pitch letter" to send out by the end of this week via blast e-mail and fax to the following media lists: 1)capitol press corps reporters; 2) mainstream media reporters working the energy crisis; and 3) trade media. We may also outreach to our editorial board list as well. Our pitch will be focused on what it will really mean for small business and C&I customers to lose the option of retail choice at a time when they are suffering the financial hardships of skyrocketing energy bills. We will address the effect on California's future business climate if direct access is not preserved through legislation that corrects the problems that AB1x caused for retail choice. And finally, we will address the point that no matter what direction California ultimately takes, direct access must be a part of the solution. Reporters have seen the recent polls which illustrate California businesses' concerns with the path the state is on so this is a prime opportunity to build on those recent media stories. 2. We recommend a conference call with AReM and the Direct Access Coalition on Friday to address the questions and suggestions on the press strategy outlined here. 3. Determine which people in the Direct Access Coalition are willing to take media calls on behalf of the coalition. Next Week 1. Follow up with key reporters who received the pitch letter. 2. Evaluate the language of SB 27x and determine whether there will be an opportunity to hold a news conference with Sen. Bowen in the near future. Monitor movement at the PUC and determine whether a press conference may be effective in this arena, or whether we may need to use the option of sending a media alert before the March 7 hearing, followed by a news release after the hearing. 3. Place op-eds (opinion pieces) with key newspapers. 4. Contact radio news shows and TV public affairs shows (i.e. California Capitol Week and the California Report) to secure media interviews. 5. Revise the SB 27x fact sheet (attached) to reflect the realities of the amended language in SB 27x. What We Need From You 1. If you are willing to speak with the media, or you have customers/clients with a positive direct access story to tell, please respond to this email as soon as you can with your name and contact information. 2. If you have draft op-eds written that need to be placed with newspapers on behalf of your association and the broader coalition, we are willing to do this for the you. 3. If you have colleagues and/or staff that are already working with the media it would be helpful to have this information so that we can collaborate as necessary. The Documents Below > All documents are works in progress, so if you have suggestions on > potential changes, please feel free to share them with us. > Thank you. > <<AREM Fact Sheet 2212001 ver 2272001.doc>> > <<Q&A @ ESP Reversions 22701.doc>> <<AReM FAQ FINAL3.doc>> <<AREM Fact > FINAL3.doc>> > > Tracy Fairchild > Account Supervisor > Edelman Public Relations Worldwide > (916) 442-2331 > [email protected] > - AREM Fact Sheet 2212001 ver 2272001.doc - Q&A @ ESP Reversions 22701.doc - AReM FAQ FINAL3.doc - AREM Fact FINAL3.doc

Paul, Mark T. asked me to have a look at the GTC's you prepared for Credit Derivatives in the USA. I think you did a great job on the GTC's and have just a few suggestions/comments/questions: 1. Would it not be easier for the Counterparty to understand the document if the Definitions were in Section 1? Failing that, it would be helpful to indicate upfront that there is a glossary of Defined Terms at the end of the document. 2. I agree with Mark that we would expect for a signed Confirmation to control over the GTC's (and/or ETA). Section 1 is inconsistent with this idea. 3. Section 2(d)(iii): I wonder why we are making the Trade Option rep. here. I would not have thought that a Credit Option could be considered a "commodity derivative". Put another way - does Sullivan and Cromwell really think that the CFTC has jurisdiction over credit products? I would have thought credit products are more similar to an OTC equity derivative. I wonder if they have considered any potential SEC issues. 4. Section 2 - under the BOLDED WARNINGS, (C) regarding "... Enron ceasing to provide quotations". This seems inconsistent with the opening paragraph which says that this website should not be construed as an offer by Enron to buy or sell. If that is the case, why is Enron providing quotations? Seems to me that if one is offering a quotation, one is offering the price at which one will buy or sell. Also, I would recommend to clarify the last sentence in (C) by adding at the end of "credit products", both times it appears, the words "with Enron". There is nothing to stop the Counterparty from entering into new credit products with third parties but the current wording could be taken to imply this. 5. Section 4 "Events of Default": In the 8th Line, after the word "Party", I would insert "to comply with". 6. Remedies: Was it a conscious decision to give the Defaulting Party Five Business Days to pay the amount it owes but give Non-Defaulting party Ten Business Days? 7. Termination: In clause (c), it should refer to the Scheduled Termination Date. 8. Section 11 (C): I would suggest to insert at the end thereof to add something along the lines of, "as soon as such party becomes aware of any inaccuracy or misrepresentation." 9. Section 11 (D): Please check with ENA Tax - I believe we are using new tax forms which have replaced the W-8 and 1001. 10. Section 13 "General Definitions": "Buyer Payment Date" I would recommend that the Buyer Payment Dates be specified in the actual trade confirmation. This is something I can foresee the traders changing for every transaction. "Effective Date" : Do you mean 60 Business or Calendar Days? "Interest Rate": In a USD Denominated Agreement where ENA is a CP - I would have thought we would use an interest rate quoted by a US bank - rather than Barclays. Schedule Governing Law & Jurisdiction: Just to echo what Mark Taylor pointed out - normally we are required to use Arbitration rather than Ct. jurisdiction in ENA Master Agreements. Haedicke feels very strongly about this. I can send the language if you need it. Exclusion of Third Party Rights: There is a stray quotation mark at the end of this paragraph. I hope this is helpful - please feel free to call. Shari __________________________________________________ From: Mark Taylor 02/08/2000 06:07 PM To: Shari Stack/HOU/ECT@ECT cc: Subject: EnronOnline - Credit Derivatives Documentation I haven't had a chance to look at this yet but here it is. ---------------------- Forwarded by Mark Taylor/HOU/ECT on 02/08/2000 06:06 PM --------------------------- Paul Simons 01/27/2000 12:31 PM To: Mark Taylor/HOU/ECT@ECT cc: Omer Muftuler/LON/ECT@ECT Subject: EnronOnline - Documentation Mark As per my voice-mail, here is a raft of GTCs including the US version. The US version take on board S &C's comments, but obviously you will need to sign off on the US GTCs before we go live. Grateful for any final comments asap as we are aiming to finalise them on Monday. Many thanks and sorry its not much of a birthday gift (I'll make it up to you)! Regards Paul ---------------------- Forwarded by Paul Simons/LON/ECT on 27/01/2000 18:25 --------------------------- Enron Capital & Trade Resources Corp. From: "Brown, Gavin" <[email protected]> 25/01/2000 23:23 To: Paul Simons/LON/ECT@ECT cc: "WARNA-KULA-SURIYA, Sanjev" <[email protected]>, "RANDELL, Charles" <[email protected]>, "Petch, Tolek" <[email protected]> Subject: EnronOnline - Documentation SLAUGHTER AND MAY 35 Basinghall Street, London EC2V 5DB TEL: +44 (0) 171 600 1200 FAX: +44 (0) 171 600 0289 This e-mail message is CONFIDENTIAL and may contain legally privileged information. If you are not the intended recipient you should not read, copy, distribute, disclose or otherwise use the information in this e-mail. Please also telephone or fax us immediately and delete the message from your system. E-mail may be susceptible to data corruption, interception and unauthorised amendment, and we do not accept liability for any such corruption, interception or amendment or the consequences thereof. A list of the partners and their professional qualifications is available for inspection at the above address. The partners are either solicitors or registered foreign lawyers. ____________________________________________________________________________ __________ Dear Paul, I attach the Swedish, Swiss, US and UK GTCs. Kind regards, Gavin Brown - CA003672719_7.doc - CA003672720_7.doc - CA003672721_7.doc - CA003672492_14.doc

Executive Summary ? Edison's MOU Condemned at this Friday's CPUC Meeting ? The Idle Plan Z ? Angelides Hides State Budget Concerns ? House Committee to Vote on Energy Relief Edison's MOU Doubtful The unusually calm settling over the California legislature about SoCal Edison's potential bankruptcy has finally affected the relentlessly optimistic investment bank analysts and other company shareholders. We have reported that through all plans from B-Z, there is not a solid plan to save this company and now executives are even more fearful that this predictions may come to fruition. Over the last few days, Edison executives have begun pointing hard at the CPUC meeting this Friday as a make-or-break event for the company. The is because after the meeting, Davis's MOU plan to buy SoCal's grid will have no chance of preventing a potential bankruptcy. This plan is essentially dead although Governor Daivs has yet to say this in a press releases. The final nail will happen after the CPUC adjourns its Friday meeting without voting on several necessary MOU provisions. Unless the CPUC makes a last minute, emergency - amendment to their agenda, the deal will be dead (despite SoCal's support for letting the deal stand past its deadline). Sources indicate that CPUC President Loretta Lynch holds reservations on the MOU and continues to distance herself from Davis. Attempting to influence policy making, Edison executives have spent the last few investor phone conferences warning that June 8 would see substantially increased risks for a creditor-induced bankruptcy if the Davis plan dies at CPUC. This is interesting, since no one else seems to have been focused on the date until Edison began mentioning it late last week. However, there is no more or less threat of bankruptcy than there is now or will be in two weeks. As reported several times earlier, most everyone had given up on the MOU long before this Friday's CPUC meeting. Plan Z Shows Little Progress Meanwhile, the unhurried pace toward a Plan Z that we reported last Friday, has gained little progress. Legislators continue to pin-point a plan that will secure re-election votes and at the same time, weigh the need for rate hikes for California's corporate and home electricity users. As they hash it out, the state is spending even more on electricity purchases. In spite of better than expected levels of conservation, the state's electricity expenditures over the last month rose to an average of $79M/day. The recent rate increases mean more spending by the state and that calls into question the reassuring Angelides scenario for California's budget prospects later this year. The California Budget Crunch Even more worrisome than a idle Plan Z is increasing evidence that last month's conference call with State Treasurer Angelides was a little misleading. During that conference call Angelides claimed that State Comptroller Connell and many in the financial committee had the numbers wrong. Angelides argued that $7.2B already spent to buy power since January was really the total amount of authorized spending through late August. In fact, he said only $4.3B of that had been "spent." Sources now indicate that Angelides was technically correct if you use "spent" to mean only the amount of money for which checks had been written. This is different than the amount of money California had already promised to energy suppliers who had already supplied energy to the state. In fact, when Angelides was speaking the state had in fact already promised to pay $7B for energy it had already consumed (the total committed has topped $8B.) By the time the state gets its "power bonds" auctioned in August, they will have already spent all $12B and be back to dipping into the General Fund. The idea of RANs being auctioned before the power bonds get issued is still an option if the general fund doesn't make it to August. The nearest answer to both of these cash flow deficits lies in part in the painful process that the legislature is undertaking now - another round of huge electricity rate hikes to securitize debt issuance. Then the hope is that those hikes bridge the gap between now and when new capacity brings wholesale rates down and the debts can be repaid. The only near term path to bringing generating assets on line immediately is the 3,500 MW from QF plants which are off line because of cash flow problems. Settling their needs is wrapped up in settling the PG&E and Edison trade creditor issues, which makes the legislature's leisurely approach to the rate hike/haircut situation all the more troublesome. Energy Relief The House Energy & Commerce Committee is scheduled to vote on H.R. 1647 (the Emergency Electricity Relief Act) tomorrow at 10:00 am. The bill which was twice postponed and does not include any provisions on price caps, but during the course of the mark-up, sources indicate that it is possible, even likely, that a Democrat could offer a price cap amendment. Rep. Waxman (D-CA) offered a price cap amendment at an earlier mark-up of the bill at the subcommittee level. The Waxman amendment was rejected along party lines (all Republicans and 2 Democrats voted nay). Sources inside Joe Barton's office report that staff and members have been meeting to work out a compromise on the price cap issue, but nothing has been resolved. As of this afternoon, those discussions have been terminated in favor of an open discourse in the Committee tomorrow. Since an agreement was not reached, compromise language is not expected to be offered as an amendment tomorrow. If it is, it would not be something that leaders on the Republican and Democrat sides have crafted together and therefore would not likely pass. Sources indicate that the committee does expect Waxman, and possibly others to offer price cap language, but it is not expected to pass.

[IMAGE] Forums Discuss these points in the Forums: Forexnews Forum Technicals Live Charts Analysis available from: Cornelius Luca J.P. Chorek Technical Research Ltd. Charts & News featuring Standard & Poor's Interest Rates US: Japan: Eurozone: UK: Switzerland: 2.0% 0.15% 3.25% 4.0% 1.75-2.75% [IMAGE] [IMAGE] Japanese Forex Trading Preview November 20, 7:00 PM: EUR/$..0.8832 $/JPY..122.62 GBP/$..1.4197 $/CHF..1.6483 Japanese Forex Trading Preview by Darko Pavlovic At 6:50:00 AM Japan Sept Index of Tertiary sector activity (exp -0.5, prev -0.1) The euro rose to a session high of $0.8842 vs. the dollar, as the dealers sold the greenback on profit-taking ahead of the Thanksgiving holiday on Thursday. The single currency was boosted overnight as Chinese officials confirmed it would increase its allocation of euros in its foreign currency reserves. Vice Governor of the People's Bank of China Guo Shuqing said China had purchased euros in the last two months and would continue its buying. Dealers speculated that China would shift possible 10% of its reserves into the euro, in a move that would translate to around 20 billion euros. Markets await tomorrow's release of the German Ifo Business climate index that estimates German growth, which accounts for about one-third of the total Eurozone. Economists forecast the Ifo will remain unchanged at 85 in November after plunging to that level in October from 89.5. Disappointing results will most likely spark renewed selling in the euro. Traders are also on edge ahead of Thursday's Euroarea GDP figures for Q3, which are seen to edge up to 0.2% from the previous quarter's 0.1%, as Italy posted a slight increase in GDP growth. However, France and Germany are both expected to show stagnant growth at 0.3% and 0.0% in Q3. The EU Commission forecasted Eurozone GDP at 1.6% in 2001 and at 1.3% in 2002. French Finance Minister Fabius was more optimistic in his outlook, anticipating French growth around 2% this year. Support is viewed at the 88.0-cent figure, backed by 87.80 and 87.40. Resistance is seen at 88.55, 88.75 and 89.10. The yen recovered to 122.54 vs. the dollar, as the greenback slipped from three-month highs around 123.52 yen. Japan July- September economic activity fell 1.7% from the previous quarter and Japan July- September tertiary sector index fell 1% on quarter. In September the all industries index down 0.8% from the previous month, and tertiary sector index fell 0.9%. The deterioration in Japanese spending has negatively impacted manufacturing production, corporate profit, capital spending, employment and income, and thus leads many economists to expect the July-September GDP will confirm the Japanese economy is in a recession. PM Koizumi wants to reform public corporations for highway construction. He showed determination in integrating and privatizing four highway construction entities and in eliminating the Housing Loan Corp. His proposal met a fierce opposition in some LDP lawmakers as construction of highways has always been a good investment for attracting more votes, but some lawmakers appear to seek a compromise behind the scene due to PM popularity. The Council on Economic and Fiscal Policy decided Tuesday that the government and the Bank of Japan would meet often to generate a synchronized anti-deflationary policy frame. By holding habitual talks, the panel aspires to produce an atmosphere that facilitates the government and the BOJ to direct in executing anti-deflationary policy measures. The Nihon Keizai Shimbun reported Tuesday that, a government deregulation panel would propose in a draft report due in December further deregulation of the job placement. A second supplementary budget for fiscal 2001 would focus on urban renewal. The government plans to decide the draw of the package on Nov. 30. A major obstacle for the government is how to raise the 2-3 trillion yen without exceeding the government's promise to keep new government bond issuance under 30 trillion yen. Japan's Center for Economic Research forecasted real July-September GDP to have contracted 0.3%, or 1.4% annualized, from the previous quarter, for the second consecutive quarter of decline. The OECD forecasted Japanese economy will contract until 2003 and the recession could get deeper if the government does not fully implement bad loans disposal. Senior officials of the ruling LDP asked Koizumi to take their views into consideration when deciding policies. Support is viewed at 122.50, 122.20 and 122.0. Upside capped at 123.25, 123.50 and 123.85. This week's remaining major economic indicator from the US is the University of Michigan Consumer Sentiment Survey that likely slipped to 83.0 in the final November reading from the preliminary 83.5 as layoff announcements offset any gains from improved sentiment arising from the military success in Afghanistan and hopes for an economic recovery. From the Eurozone, economic highlights include German CPI, German Ifo business climate index, German GDP, German PPI, German import prices, French GDP, and Italy's ISAE business confidence survey. Japanese data due for release are the trade balance and the index of tertiary sector activity. Economic releases from the UK comprise the CBI Industrial Trends Survey and Q3 GDP. [IMAGE] Audio Mkt. Analysis USD Hits Fresh Multi-month highs vs EUR, JPY, GBP Articles & Ideas USD/JPY: The Next Level OPEC: The beginning of a price war? Articles & Ideas Forex Glossary Economic Indicators Forex Guides Link Library [IMAGE] [IMAGE][IMAGE] [IMAGE][IMAGE] This e-mail is never sent unsolicited. If you wish to unsubscribe from this or any other Forexnews.com newsletters, please click here .

TODAY'S HEADLINES The New York Times on the Web Wednesday, May 9, 2001 ------------------------------------------------------------ For news updated throughout the day, visit www.nytimes.com QUOTE OF THE DAY ========================= "Classically, the eyewitness is the king of the trial process. It was very hard for the courts to say scientific inquiry could call into question a person who has direct evidence to give." - PROF. PAUL G. CHEVIGNY, of New York University, on a state ruling about challenges to eyewitness testimony. Full Story: http://www.nytimes.com/2001/05/09/nyregion/09WITN.html NATIONAL ========================= Gains Found for the Poor in Rigorous Preschool http://www.nytimes.com/2001/05/09/national/09SCHO.html In Study of Nation's Worst Traffic, New York Must Yield http://www.nytimes.com/2001/05/09/national/09TRAF.html Bomb's Effects Linger Along Road to Infamy http://www.nytimes.com/2001/05/09/national/09ROUT.html Bargaining Is Under Way in Spying Case of F.B.I. Man http://www.nytimes.com/2001/05/09/national/09SPY.html /--------------------- ADVERTISEMENT ---------------------\ Unique Mother's Day Gift Idea! Get her a Rio500 MP3 Player for $49* and each month she can download any two audiobooks for only $12.95. Now she can enjoy listening to her favorite books without using those silly looking bifocals. Plus, she will be the "coolest" mom or grandmom on the block. MP3 Player - they're not just for music anymore. http://www.audible.com/nyt/feboffer3 \---------------------------------------------------------/ POLITICS ========================= Blacks and Hispanics in House Balk on Campaign Finance Bill http://www.nytimes.com/2001/05/09/politics/09DONA.html Impeachment Figure in Line for Drug Enforcement Post http://www.nytimes.com/2001/05/09/politics/09DRUG.html Bush to Nominate 11 to Judgeships http://www.nytimes.com/2001/05/09/politics/09JUDG.html House Threatens to Hold Back U.N. Dues for Loss of Seat http://www.nytimes.com/2001/05/09/world/09NATI.html INTERNATIONAL ========================= House Threatens to Hold Back U.N. Dues for Loss of Seat http://www.nytimes.com/2001/05/09/world/09NATI.html Military Analysis: U.S. Weighing Future of Arms Pacts http://www.nytimes.com/2001/05/09/world/09ARMS.html Rumsfeld Plan Skirts Call for Stationing Arms in Space http://www.nytimes.com/2001/05/09/world/09SPAC.html China Says It Won't Let U.S. Spy Plane Fly Home http://www.nytimes.com/2001/05/09/world/09PLAN.html BUSINESS ========================= Utility Says Prices of Gas Were Inflated http://www.nytimes.com/2001/05/09/business/09GAS.html Management: Telecommuting's Big Experiment http://www.nytimes.com/2001/05/09/technology/09TELE.html Northrop Grumman Joins Bidding for Shipbuilder http://www.nytimes.com/2001/05/09/business/09SHIP.html After 6 Years, First-Quarter Productivity Fell in U.S. http://www.nytimes.com/2001/05/09/business/09ECON.html TECHNOLOGY ========================= Cisco Takes $3 Billion Charge and Posts Its First Loss http://www.nytimes.com/2001/05/09/technology/09CISC.html Management: Telecommuting's Big Experiment http://www.nytimes.com/2001/05/09/technology/09TELE.html Comcast Shows Profit as Customer Base Surges http://www.nytimes.com/2001/05/09/technology/09CABL.html Education: School District Buys 23,000 Laptops http://www.nytimes.com/2001/05/08/technology/09EDUCATION.html NEW YORK REGION ========================= Despite Denial, Torricelli Helped in Donor's Deal http://www.nytimes.com/2001/05/09/politics/09INQU.html Court Opens Door to Data on Eyewitness Fallibility http://www.nytimes.com/2001/05/09/nyregion/09WITN.html Tales of New York Divorce: Breakups and the Turf Wars http://www.nytimes.com/2001/05/09/nyregion/09DIVO.html Sharpton Gives Ferrer a List of Conditions http://www.nytimes.com/2001/05/09/nyregion/09MAYO.html SPORTS ========================= Twins' Milton and Guzman Tame Yankees http://www.nytimes.com/2001/05/09/sports/09YANK.html Baseball, Not Revenge, in the Bronx http://www.nytimes.com/2001/05/09/sports/09VECS.html Mets' Starters Find It's Not Pretty at Coors Field http://www.nytimes.com/2001/05/09/sports/09METS.html Johnson Is Third Pitcher to Strike Out 20 http://www.nytimes.com/aponline/sports/AP-BBN-Reds-Diamondbacks.html ARTS ========================= Latin Cinema Is Finding Its Voice http://www.nytimes.com/2001/05/09/arts/09LATI.html A New Show at the Apollo Raises Hopes in Harlem http://www.nytimes.com/2001/05/09/arts/09APOL.html 'About Adam': Adam Romances Eve and Her Sisters http://www.nytimes.com/2001/05/09/arts/09ADAM.html 'Conquistadors': PBS Examines the Spanish Invasion of the New World http://www.nytimes.com/2001/05/09/arts/09GENZ.html OP-ED COLUMNISTS ========================= By PAUL KRUGMAN: The Unrefined Truth A look at the causes of the current gasoline shortage suggests that conservation ought to be a major element in our energy strategy. http://www.nytimes.com/2001/05/09/opinion/09KRUG.html By MAUREEN DOWD: Donna, Prima Donna The mayor of New York City and his wife are locked in a titanic twilight struggle over a house they don't even own. http://www.nytimes.com/2001/05/09/opinion/09DOWD.html HOW TO CHANGE YOUR SUBSCRIPTION ------------------------------------------------------------ You received these headlines because you requested The New York Times Direct e-mail service. To cancel delivery, change delivery options, change your e-mail address or sign up for other newsletters, see http://www.nytimes.com/email HOW TO ADVERTISE ------------------------------------------------------------ For information on advertising in e-mail newsletters or other creative advertising opportunities with The New York Times on the Web, please contact Alyson Racer at [email protected] or visit our online media kit at http://www.nytimes.com/adinfo

Latest and greatest as just discussed ! Regards Janine ---------------------- Forwarded by Janine Juggins/LON/ECT on 22/09/2000 14:23 --------------------------- Mahesh Lakhani 22/09/2000 11:22 To: Paul Simons/LON/ECT@ECT cc: Sheila Glover/HOU/ECT@ECT, John Greene/LON/ECT@ECT, Janine Juggins/LON/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Jeff Kinneman/HOU/ECT@ECT, Erica Gut/LON/ECT Subject: Re: Bond & Equity Trading Paul I am in the process of drafting the agency agreement between the US principal and the UK agent. As soon as I have completed this I will circulate it for review. With regard to your points on the choice of entities, I have the following comments: the principal booking entity - For equities : ECT Investments Inc and for Bonds it will be ENA (Based on Sheila's note below) the UK agent - as this should not be EEFT, we should set up a new entity for this as I think we should have a clean company. I have started the new company workflow process for the set up of this company. I have recommended that the entity is a sub of EnronCredit.com and be called Enron Investment Services Limited (unless if anyone has any other suggestions) I confirm that the same UK agent can be used for both businesses Regards Mahesh From: Sheila Glover 19/09/2000 18:43 To: Mahesh Lakhani/LON/ECT@ECT, Janine Juggins/LON/ECT@ECT, John Greene/LON/ECT@ECT cc: Gary Hickerson/HOU/ECT@ECT, Jeff Kinneman/HOU/ECT@ECT Subject: Equities Mahesh, This confirms our discussion that the the UK entity will have two separate service agreements. One with ENA for Prop Debt Trading and one with ECT Investments Inc for Equities Trading. In London, we can book directly into the underlying entity, e.g. Energy-London Book, At the end of the month, we will record income based upon activity to the Arranger, New UK entity, and record the offsetting expense to the Serviced book (Energy London). Many thanks. Sheila From: Mahesh Lakhani on 09/19/2000 To: John Greene/LON/ECT@ECT, Sheila Glover/HOU/ECT@ECT Subject: Equities I have a quick question - Would the principal for the bonds/Equities business done from London be ENA or ECT Investments Inc. I recall from our meeting that it was ECT due to the regulatory environment - can you please confirm Thanks Mahesh Paul Simons 14/09/2000 19:27 To: Sheila Glover/HOU/ECT@ECT cc: John Greene/LON/ECT@ECT, Janine Juggins/LON/ECT@ECT, Mahesh Lakhani/LON/ECT@ECT Subject: Re: Bond & Equity Trading The agent is needed for tax reasons. I think it means that the income is earned by a "dealer" (ie the agent) which means it is not sub-part F income for US tax purposes and hence not double taxable. The tax guys can correct me if I'm wrong! Paul From: Sheila Glover 14/09/2000 19:08 To: Paul Simons/LON/ECT@ECT, John Greene/LON/ECT@ECT, Janine Juggins/LON/ECT@ECT Subject: Re: Bond & Equity Trading Paul, John and Janine, If it is unregulated, do we still need to use an agent? If the answer is yes, I would like to understand why and what the operational requirements will be for the transactional flow. Thanks. Sheila Paul Simons 09/14/2000 04:36 AM To: John Greene/LON/ECT@ECT, Janine Juggins/LON/ECT@ECT, Mahesh Lakhani/LON/ECT@ECT cc: Erica Gut/LON/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Jeff Kinneman/HOU/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Mark Evans/Legal/LON/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Laurel Adams/HOU/ECT@ECT, Alan Aronowitz/HOU/ECT@ECT, Lin Richardson/LON/ECT@ECT Subject: Re: Bond & Equity Trading Since we're clear on regulation, the choice of entities becomes a tax issue. We need to identify: which company (new or existing) will be the principal booking entity which company (new or existing) will be the agent (but we shouldn't use EEFT, our SFA entity) whether the same principal entity can be used for both the equity and bond businesses, and as you say, whether the same agent can be used for both businesses Could Janine/Mahesh please opine on these questions (we can meet if necessary to discuss) then we can set up the entity or entities as required. Thanks Paul John Greene 14/09/2000 10:03 To: Paul Simons/LON/ECT@ECT, Janine Juggins/LON/ECT@ECT, Mahesh Lakhani/LON/ECT@ECT, Erica Gut/LON/ECT@ECT cc: Gary Hickerson/HOU/ECT@ECT, Jeff Kinneman/HOU/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Mark Evans/Legal/LON/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Laurel Adams/HOU/ECT@ECT Subject: Re: Bond & Equity Trading Now that we have the "green light", can we please start the process of setting up the UK entity that will act as agent for this activity. According to Jeff, the bond trading activity will not start right away and, in any case, the volume for this activity will be fairly light. Therefore, I think it would be best if we just set up one agent now and decide on the need for another separate entity at a later date. Thanks and regards, John Paul Simons 13/09/2000 15:16 To: Gary Hickerson/HOU/ECT@ECT, Jeff Kinneman/HOU/ECT@ECT, John Greene/LON/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Janine Juggins/LON/ECT@ECT, Mahesh Lakhani/LON/ECT@ECT, Mark Evans/Legal/LON/ECT@ECT, Andrew Cornfield/LON/ECT@ECT cc: John Sherriff/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT Subject: Bond & Equity Trading I have just received the letter SFA promised us. SFA have accepted our argument that our proprietary bond and equity trading can be carried on in London through an unregulated UK entity. The letter also states that SFA will not be applying their consolidated capital supervision rules to the unregulated entity, which they have the discretion to do. From a regulatory perspective this means we can move ahead at full speed to set up an appropriate Chinese Wall and then begin trading. Best regards Pau

BUSINESS HIGHLIGHTS Enron Producer One Enron Producer One facilitates one-stop shopping for the producer
,s infrastructure needs. Through business relationships with Hanover Measurement Services and Applied Terravision Systems, Enron Producer One will offer and custom-configure a number of valuable production services and pricing plans to reduce overhead and simplify back-office tasks. Initial products offered are well connects, transportation, marketing, measurement and accounting services. Enron Producer One is managed and supervised by John Grass. IN THE NEWS CEO says Texas in good shape for electricity deregulation DALLAS (AP) - Enron Corp.'s chief executive and president said Tuesday he believes that Texas energy markets are in good shape as the state prepares for deregulation. Jeffrey Skilling told an audience of about 400 business people at a downtown hotel that California "has given the term deregulation a terrible name." Electric deregulation in Texas officially starts Jan. 1. "In Texas, I think we've got a pretty good system," he said. In San Francisco on Tuesday, the California Public Utilities Commission unanimously approved electricity rate increases of up to 46 percent to try to head off blackouts this summer by keeping the state's two biggest utilities from going under. When California officials set up deregulation they allowed the price of wholesale electricity to rise but capped the amount companies could charge customers, Skilling said. SoCal Edison and Pacific Gas & Electric say they have lost more than $13 billion since last summer because they haven't been able to pass on the high cost of wholesale electricity. Skilling said Texans are in a much better position and shouldn't worry that their state's deregulation would be like the California experience. "California, they just put together a crazy system,
8 he said in his first public comments since becoming the Houston-based company's chief executive officer in February. "The markets in California are the most regulated markets in North America today. And that's what is causing the problem." 03/27/2001 Associated Press Newswires Copyright 2001. WELCOME New Hires EGM - Charles Crow, Nancy Johnson, Gregor Lehmiller EIM - Darrell Aguilar, LaTrisha Allen, Wesley Wilder, Ronald Barnes ENA - Brian Cruver, Craig Dean, Martha Kessler EnronOnline STATISTICS Below are the latest figures for EnronOnline as of March 16, 2001. ? Total Life to Date Transactions > 813,000 ? Life to Date Notional Value of Transactions > $489 billion NUGGETS & NOTES Enron is hosting the New York Energy Risk Management Seminar at the St. Regis Hotel in New York City on April 5, 2001. Topics include Power Outlook, Natural Gas Outlook, Hedging Strategies and Weather Risk Management. The RSVP deadline is March 30th, so please contact Laura Pena as soon as possible at x3-5376. This is a great event for "new" as well as established customers. There will be a cocktail reception immediately following the presentations. NEWS FROM THE GLOBAL FLASH Enron Reopens Rassau Power Station Plans Enron Europe submitted an application to build a 1200MW combined cycle gas turbine power station on the Rassau Industrial Estate at Ebbw Vale, Wales in July 1998. In November 2000, the Government lifted its stricter power consents policy, which placed restrictions on the development of new gas-fired power stations, and Enron is now concluding the consultation process for the application As part of the process, updated environmental information has been submitted to the Department of Trade and Industry and a team from Enron will be presenting the plans to Blaenau Gwent Council on March 26. This will be followed by a three-day public exhibition in the local community. Enron expects to receive a decision later in the year. European Economic Summit: Acceleration Directives On March 23 and 24 the European Economic Council Summit will take place in Stockholm. At this summit the European Commission will present to the heads of the Member States a legislative proposal for a Directive and a Regulation that the Commission adopted on March 13 to speed up the completion of the internal electricity and gas markets. Enron issued a statement to the media on the evening of Wednesday 21st March stating that it specifically endorses the following initiatives incorporated in the text of the adopted proposal: Legal unbundling of the transmission and distribution networks as a realistic solution, ensuring the independence of transmission and distribution system operators. Mandatory appointment of independent regulators in each country with the obligation to fix or approve transmission tariffs before they come into force. The current timetable proposed by the Commission: market opening for electricity in 2003 and for gas in 2004 (industrial, commercial and wholesale customers); and for supplies to all consumers including households by 2005. The setting of rules in the Regulation for how power transmission tariffs can be charged for cross-border transactions and how congestion and capacity allocation at borders within the EU should be managed by transmission system operators. Enron concludes that it is encouraged by the efforts of the Commission to accelerate the European electricity and gas market opening and the reinforcement of third party rights of access to transmission networks. The Commission's approach of harmonizing both the timetable and the regulatory framework deserves support from all Member States. LEGAL STUFF The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries. It is intended for internal use only and should not be disclosed.

In case this becomes big news in the United States, attached is a summary from the Argentina team of the political situation in Argentina. It is not a political meltdown but it is a significant change in the executive branch and potential realignment of the political parties in Argentina. The cabinet shuffle and resignation of the vice president are in the wake of the senate bribery scandal in Argentina where the opposition was supposedly bribed to vote for the governments changes in law (actually in favor of economic reform). The cabinet shuffle was economics oriented with the economic team being strengthened, but potentially at the expense of the alliance that holds the government and a majority in Congress over Menem's party, the peronists. The vice president was the senior member of the second party in the alliance (President De La Rua is senior member of the first party in the alliance). Financial markets reacted slightly negatively to the shakeup with bond spreads widening slightly and Argentine stock prices down slightly. As a minimum we will keep a close eye on the political and financial situation and be prepared for any more significant reaction by the financial markets. ---------------------- Forwarded by James M Bannantine/ENRON_DEVELOPMENT on 10/08/2000 07:04 PM --------------------------- Don Black@ENRON 10/07/2000 08:16 AM To: James M Bannantine/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Joe Kishkill/SA/Enron@Enron, Diomedes Christodoulou/SA/Enron@Enron, Peter E Weidler/NA/Enron@Enron, Michael Guerriero/SA/Enron@Enron Subject: Argentina Political Analysis Mike, Thanks for the quick turnaround on this from you and your team. Jim, This is as far as this distribution went. Please edit as needed and forward to whomever you feel necessary. ---------------------- Forwarded by Don Black/SA/Enron on 10/07/2000 11:07 AM --------------------------- From: Michael Guerriero on 10/07/2000 10:13 AM To: Don Black/SA/Enron@Enron cc: Guillermo Canovas/SA/Enron@Enron, Cristian Folgar/SA/Enron@Enron, Maria Belen Salvador/SA/Enron@Enron Subject: Argentina Political Analysis As reported Carlos Chacho Alvarez resigned his position Friday as Vice president of Argentina. The main reason of this resignation was a political disagreement with Cabinet changes announced on Thursday 5th by President De la Rua. Alvarez publicly noted he could no longer tolerate the political differences with the President over the senate bribery scandal. Particularly Alvarez disagreed with De la Rua's decision to promote Alberto Flamarique from Minister of Labor to General Secretary and to keep Fernando de Santibaez as Chief of the Intelligence Department. Both Flamarique and Santibaez are suspected of paying bribes to Senators to vote for a new Labor Law. Alvarez has emotionally championed the fight against the senate scandal and has been strongly advocating for the resignation of Flamarique, Santibaez and all Senators involved in the affair. It was considered that the decision of De la R?a was intended to demonstrate that he, and not Alvarez, holds the power and that De la R?a wanted to demonstrate that the changes were focused on improving the economic situation and to move beyond the Senate scandal. The main changes in the cabinet, announced on Thursday 5th, are the following: Chistian Colombo (economist, in good relationship with Machinea) will replace Terragno as Chief of Cabinet. Machinea (Minister of Economy) will also be responsible of the Ministry of Infrastructure. Jorge De la R?a (former General Secretary of the President and President's brother) will be Minister of Justice. Patricia Bullrich (peronist) will be Minister of Labor. As a consequence of Alvarez' resignation, Flamarique resigned to his position of General Secretary of the President. Regarding the preliminary impact of the political changes to the economic situation it could be considered the following: Before Alvarez resignation, the cabinet changes were considered positive intending to increase the power of the Minister of Economy and reduce the internal disagreements in the Administration. Although Alvarez (the leader of the Frepaso party) said he will be still part of the "Alianza" (the Radical and Frepaso party alliance) in Office, Alvarez' resignation could lead to the division of the Alianza and reduce the ability of De la Rua to pass new laws in the Congress. A breakup of the coalition would make the Peronist the largest party in both houses of Congress only compounding the potential for government gridlock This situation will weaken De la Rua and probably foster new re-alignments in the political field. All the situation will increase economic uncertainty and will delay economic recovery. The market will wait to see if a conflict develops in the Alianza. De la Rua and his team will probably be forced to take "strong" decisions to retain the political initiative, strength and control. Machinea will probably try to gain the market confidence, announcing that De la Rua's Administration will not change the macro foundations of the economic agenda and even increase its commitment toward monetary and fiscal equilibrium, exchange rate policy, respect for vested rights, etc. Financial analysts have viewed the situation as "an institutional crisis with unknown effects on the economy". The insecurity of the Argentina's political future caused Argentine debt paper to fall. The Argentine JP Morgan Emerging Market Bond Index widened 23 basis points to 685 over US Treasuries. Argentina's 17 year global bond fell only slightly. There does not appear to be a market panic as noted by the trading of Argentine ADR's in New York. They were down cents rather than dollars and a number of them closing unchanged. We will continue to monitor the situation and update as warranted.

Here's a first-crack at a letter for the CEOs to sign. I couldn't open Microsoft Word, so I apologize it's in the body of this email. Once we circulate a draft and get a version people are comfortable with, I'd recommend the following actions (but not by Enron): * send the letter to the governor and all members of the Legislature * run the letter as a full-page ad in key newspapers * advance the story to the media for earned coverage (possible editorial boards w/ several CEOs -- not Enron) We could have an effort in both Northern and Southern California -- w/ different CEOs to emphasize the bipartisanship and diversity of support for the solution. This media effort should target broadcast, as well. Edit away! ****************************************************************************** *************************************************** An open letter to Governor Davis and members of the Legislature: California's energy crisis has persisted and worsened over the past 12 months. We have already experienced blackouts, and with summer fast approaching, unless something is done immediately, the worst is yet to come. The North American Electric Reliability Council released a report last week that said California is expected to experience more than 260 hours of blackouts this summer -- that's ten days without power. California's economy cannot afford to grind to a halt because we have no power. Two of the state's largest companies have been thrown into financial turmoil. Pacific Gas & Electric has already declared bankruptcy, and Southern California Edison is on the brink. With California spending more than $____ a day on power and depleting cash reserves, the State's credit rating has been downgraded -- only Louisiana has a lower rating. While there has been much talk of potential solutions, none have advanced. There is too much at risk to delay another day. Therefore, we, the undersigned, are proposing a comprehensive five-step solution to solve California's short- and long-term energy crisis that includes the following: 1. Decrease demand -- There is no time to build power plants or get additional generation on-line in time for this summer. Therefore, the only option to reduce the impact of an electricity shortage this summer is to reduce consumption. This can be accomplished in several ways: Real-time pricing -- prices should reflect the cost of producing electricity, which varies throughout the day. When demand is at a peak, prices are high; when demand drops, so do prices. This will give customers a financial incentive to conserve and take simple actions, like turning the thermostat up two degrees. Demand buy-down programs -- If a customer is willing to pay for kilowatts used, he/she ought to be compensated for kilowatts saved. NEED TO SAY WHO WILL PAY FOR THIS 2. Increase supply -- The Governor has taken an important first step by using his executive powers to streamline power plant siting. While the state currently has approved 13 power plants totaling 8,512 megawatts, it's not enough. California ought to be the most attractive place to build power plants, transmission lines and pipelines; instead, it's the least. There is a backlog of turbines for power plant development, yet of the 1,000 backlogged, only 24 are earmarked for California because the state has sent an "anywhere but here" message to investors. The state's political leaders must reject action that discourages investment, including: * Legislation that would impose a "windfall profits" tax on power sold in California and make it a felony to sell power at a price that the state finds unreasonable. * Continued calls for price caps in wholesale power market -- caps only create shortages and fail to reduce prices. * Investigations into allegations that suppliers manipulated power prices. 3. Make the utilities creditworthy -- Under California law, utilities are forced to charge frozen rates, but they must buy power at higher wholesale prices. The utilities' inability to recover their costs has forced PG&E into bankruptcy and threatens Southern California Edison's solvency. The solution to restoring the utilities' creditworthiness is to set rates that cover the utilities' past debts and future costs -- and then give customers the power to reduce their bills by conserving or by choosing a competitive energy supplier. 4. Get California out of the power-buying business -- Once rate increases return the utilities to creditworthiness, the role of buying power can be returned to the utility very quickly -- within three to six months. The state should not buy the transmission grid to raise additional cash for the utilities. There are other ways to raise funds: for example, a miniscule rate increase of two-tenths of one cent per kilowatt hour could accomplish the same thing -- and keep the power expertise in the hands of the utilities. 5. Get deregulation right in California -- California never deregulated. In fact, today there is more regulation than ever before. For true deregulation to exist, every consumer and business in the state must have the right to hire and fire their energy service provider. When California passed a law this year authorizing the state to buy power, that same law (AB1X) called for an end to customer choice (also called "direct access.") California must rescind AB1X and reinstate the right of customers to choose their energy service provider. ARE WE INCLUDING CORE/NON-CORE? (i can't remember...) We urge the Legislature and Governor to enact legislation that includes these five components and sets California on the path to economic stability. The longer the delay, the bigger the problem. The time to act is now. CEO CEO etc.

INSIDE NYTIMES.COM The New York Times on the Web, Wednesday, December 13, 2000 ______________________________________________________ Dear Member, With the holidays approaching, we've brought together all the information you need. In our special Holidays section, you'll find reviews of holiday films, buying guides from our technology experts at Circuits to help you find computers and electronics, our special holiday Book Review issue, information on travel in the snow or sun, and fun ways to entertain the kids while they're home on vacation. Holidays is updated every day with all the holiday-related information appearing in The New York Times, and it's available only on the Web. http://www.nytimes.com/pages/holidays/?1213c Elsewhere on the site you can send your friends and family NYTimes.com e-greeting cards featuring holiday photos from The New York Times Photo Archives, and download a new holiday screensaver that includes ten photographs from The Times celebrating the magical season in the city. http://postcards.nytimes.com/specials/postcards/?1213c At Abuzz, you can join a discussion of the best places to find holiday gifts online. http://nytimes.abuzz.com/interaction/s.124643/discussion/e/1.162 And at WineToday.com, you'll find the "Holiday & Vine Food and Wine Guide," to help you plan your holiday meals. Select one of five classic seasonal entrees and let WineToday.com recommend side dishes, desserts and the perfect wines to uncork at the table. http://winetoday.com/holidayvine/?1213c Finally, please accept our best wishes for the holiday season by visiting this special online e-greeting card: http://postcards.nytimes.com/specials/postcards/flash/?1213c ------ MORE NEW FEATURES ------ 1. Get insights into the latest Internet trends 2. How dependable is your car? 3. Enjoy salsa music made in New York 4. Remembering John Lennon 5. Explore our exclusive Chechnya photo documentary 6. Bring today's news to your family table /--------------------advertisement----------------------\ Exclusive Travel Opportunities from Away.com. Sign up for free travel newsletters from Away.com and discover the world's most extraordinary travel destinations. From kayaking in Thailand to a weekend in Maine, no other site meets our level of expertise or service for booking a trip. Click to get away with our Daily Escape newsletter! http://www.nytimes.com/ads/email/away/index3.html \-----------------------------------------------------/ ------ 1. Get insights on the latest Internet trends ------ At the end of a tumultuous year, the latest edition of The New York Times's E-Commerce section looks at the larger trends of business and marketing on the Internet. Articles examine media buying, e-mail marketing, interactive kiosks, nonprofit recruiting and celebrity endorsements. http://www.nytimes.com/library/tech/00/12/biztech/technology/?1213c ------ 2. How dependable is your car? ------ Has your old clunker survived wind, fog and even windshield wiper malfunction this winter season? See if your car ranks among the most reliable according to J.D. Power & Associates 2000 Vehicle Dependability Study. http://www.nytimes.com/yr/mo/day/auto/?1213c ------ 3. Enjoy salsa music made in New York ------ Our latest Talking Music feature explores the history and development of salsa. It includes an audio-visual timeline and audio interviews with two of the music's most popular artists -- salsa pioneer Johnny Pacheco and contemporary singer La India. http://www.nytimes.com/library/music/102400salsa-intro.html?1213c ------ 4. Remembering John Lennon ------ New York Times Music critic Allan Kozinn leads an audio round table discussing the life and work of John Lennon, 20 years after his death, with Jack Douglas, the producer of "Double Fantasy;" Jon Wiener, author of books on the Lennon FBI files; and William P. King, editor of "Beatlefan." Also included in this feature are radio interviews with Mr. Lennon and Yoko Ono and archival photographs and articles. http://www.nytimes.com/library/music/120800lennon-index.html?1213c ------ 5. Explore our exclusive Chechnya photo documentary ------ This special photo documentary of the conflict in Chechnya brings together moving photographs taken by James Hill for The New York Times and his unique audio diary of the events. http://www.nytimes.com/library/photos/?1213c ------ 6. Bring today's news to your family's table ------ Conversation Starters, the newest feature of the Learning Network, helps parents discuss the day's news with their children. Monday through Friday, Conversation Starters offers a set of newsworthy and provocative questions as well as related articles from The Times. http://www.nytimes.com/learning/parents/conversation/?1213c Thanks for reading. We hope you'll make a point of visiting us today and every day. Sincerely, Rich Meislin, Editor in Chief New York Times Digital P.S. If you have a friend or colleague who might be interested, feel free to forward this e-mail. 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-----Original Message----- From: Kim, Amy Sent: Monday, August 06, 2001 8:03 AM To: Murray, Julia Cc: Yoho, Lisa Subject: FW: Derivatives Advice on PRC Julia- Good morning! I am back in the office today. Below you will find the e-mail correspondence I have been exchanging with Mike Grimes. In particular, I was wondering if you could take a look at the five questions he asked (actually it's 6). I can answer the questions, however, I would like to discuss it with you before I respond to him. I look forward to speaking with you later today. Thank you in advance for your help. Regards, Amy -----Original Message----- From: Grimes, Michael Sent: Sunday, August 05, 2001 7:00 PM To: Kim, Amy Cc: Yoho, Lisa Subject: RE: Derivatives Advice on PRC Monday's fine. -----Original Message----- From: Kim, Amy Sent: Saturday, August 04, 2001 12:11 AM To: Grimes, Michael Cc: Yoho, Lisa Subject: RE: Derivatives Advice on PRC Mike- When do you need the answers to these questions? Does it have to be today or can it wait until Monday? I am at home today taking it easy (per doctor's orders). Please let me know as soon as possible. Regards, Amy -----Original Message----- From: Grimes, Michael Sent: Friday, August 03, 2001 3:48 AM To: Kim, Amy Cc: Yoho, Lisa Subject: RE: Derivatives Advice on PRC Thanks, Amy. This is a useful analysis. I sympathize with your comments re: quality, but I'm afraid you will see similar weaknesses in the work of other firms. Your question about financially settled transactions is on point. Can you draft a question that would close that loop? That way, we can avoid this problem going forward. Your summary did leave me with a couple of questions: 1. Does the advice indicate which PRC agency will regulate futures trading? 2. Is the advice on liquid fuels adequate for physically settled transactions (aside from the dumping issue)? If not, how can the initial memo be improved to prevent that in the future? 3. Are you comfortable that Enron could trade derivatives if the gambling question is resolved, or is it too vague to rely on at all? 4. Can you offer an opinion on the insolvency/netting advice? 5. Ditto on the stamp duty? Thanks, Mike -----Original Message----- From: Kim, Amy Sent: Friday, August 03, 2001 4:52 AM To: Grimes, Michael Cc: Yoho, Lisa Subject: Derivatives Advice on PRC Mike- Today is my first day back from surgery. I am going to leave early and stay home tomorrow to recover (Doctor's orders). I have reviewed the due diligence completed by the local counsel in China in 1997. Below you will find a summary of the due diligence as well as my opinion of its reliability and its applicability to trading other physical commodities. To reiterate a point made the the local counsel, the PRC government is taking strict control over financial futures, which includes transactions traded through a trading exchange. Therefore, derivative transactions in this due diligence does not include financial futures. China trade regime is very non-transparent. There are still substantial trade barriers in place to consider. Import barriers, and opaque and inconsistent legal system and limitations on market access combine to make it difficult for foreign firms to do business in China. Summary First of all, the due diligence composed by the local counsel is quite difficult to follow, even when guided by an index. The organization of the due diligence needs work. It also bothers me that the local counsel does not seem to commit to some of their answers (e.g., "We do not think..."). My feeling is that as Chinese nationals, these attorneys should be very familiar with their own laws and confident with their advice to foreigners. Furthermore, the position that the local counsel takes on this due diligence comes from a strict legal standpoint. They do not seem to take into consideration the side of the corporation (i.e. Enron). The questions that keeps popping into my mind are: 1) whether or not the various laws and ordinances regulating the petroleum business in China apply if the transactions are financially settled only and 2) Will the Chinese Court conclude that a derivaties contract constitutes a gambling contract? Also, the local counsel should have addressed the various laws for commodity products transactions. The local counsel should have applied the Commodities Exchange Law, Financial Futures Transaction Law, Bank and Securities Laws, Foreign Exchange Foreign Trade Law, Law on Consignment and other Issues of Foreign Transactions in Foreign Commodity Markets and Insurance Business Law as well as any articles related to physical trading, licensing, banking, activies, facilities, market prohibitions, gambling and insurance regulations. Finally, noticeable absent from the due diligence is any mention of anti-dumping measures. China first promulgated Anti-dumping and Anti-subsidy Regulations in 1997, applying anti-dumping measure to newsprint, steel and chemical products. From a regulatory standpoint, whether or not a country has CVD/AD is of great importance. All in all, I cannot recommend that we rely on the financial derivative advice as provided by local counsel. The due diligence is incomplete since it does not cover commodity products as a whole. Therefore, the advice on liquid fuels is not applicable to trading in other physical products. A full-blown due diligence needs to be done in China on commodity products as a whole. Regards, Amy Kim Sr. Specialist Regulatory x51543

-----Original Message----- From: Thome, Jennifer Sent: Friday, September 14, 2001 9:23 AM To: Nord, Sue Cc: Guerrero, Janel Subject: National Transmission Grid Workshops Planned Sue: Not sure who would be interested in these workshops from the RTO group (if they are not already aware of these). Note that these workshops will include discussion on RTOs and are taking place at the end of this month in three cities. More info. is at <http://tis.eh.doe.gov/ntgs/workshops.html> NGI's Power Market Today published : September 14, 2001 National Transmission Grid Workshops Planned When President Bush unveiled his National Energy Policy (NEP) in May, the plethora of recommendations included a proposal to establish a national electricity grid. Now, as the plan moves forward, three workshops are scheduled this month to give all stakeholders a chance to participate in the National Transmission Grid Study 2001 (NTGS). The workshops, set for Detroit on Sept. 24, Atlanta on Sept. 26 and Phoenix on Sept. 28, are expected to lay the foundation for a proposed transmission super highway. As the NTGS sees it, wholesale electricity market competition has changed the way the U.S. electric grids are used. Transmission systems that historically were used to move power within small utility service territories are now frequently "stressed to their limits" as large blocks of power are moved on a regional basis. The new patterns of power flow, higher electricity demand and a lack of investment has led to major transmission congestion across the country. "Transmission investments go far beyond acquiring rights-of-way and building new power lines," according to the NTGS. "State-of-the-art metering and telemetry, upgrading the control centers computing capabilities and installing new technology will also be necessary if consumers are to fully realize the efficiency gains from competitive wholesale electric markets." Could the entire U.S. electricity grid be operated as one integrated whole or a few large integrated markets? If it was an integrated whole or a few large markets, how could officials assure the reliability of a national grid? Those are just a couple of the questions participants will attempt to answer during the workshop sessions. "Removing major transmission bottlenecks will help unleash the economic benefits that are achieved through efficient and competitive electricity markets," according to the NTGS. But how to remove the bottlenecks still remains the biggest dilemma of all. Investment barriers, seen as keys to the puzzle, include a lack of regional integrated planning, difficulty in siting, and uncertainty regarding investment risks and returns. Basically, the NTGS has identified several issues that will be covered in the all-day workshops including: transmission planning and new capacity needs; transmission siting and permitting; business models for transmission investment and operation; operation of interconnected transmission systems; reliability management and oversight; and new transmission technologies. Within the transmission planning issue, participants will discuss appropriate measures and consideration of reliability and commerce along with siting and environmental effects. Other planning issues include integration of planning for transmission, generation and demand-side management programs and the role of new technologies to reduce the need for large facilities. Planning how new transmission facilities affect the ability of some generators to artificially raise market prices for energy also will be discussed. Siting and permitting issues will include input on options to establish regional or federal siting institutions with the authority to obtain rights-of-way for new projects as well as the options to improve existing state-based regimes. Business model issues will include the political feasibility of choices for Regional Transmission Organizations as well as their effects on market efficiency, system reliability, operational efficiency, transmission access and interconnection policies, investment and innovation and regulatory oversight. Workshop participants also will discuss who should make the decisions about reliability and the technical and economic bases for making decisions, along with who should take the risks. "The restructured industry will require a more open and inclusive process for establishing mandatory standards and monitoring and enforcing compliance," according to the NTGS. One way to solve many of the problems will be through new transmission technologies. A major part of the workshops will be to learn the capability and cost of new technologies that could improve the operation of the transmission system, along with options available to support the development and deployment of new technologies in the current restructuring period. The Detroit workshop, set for Sept. 24, will be held at the Detroit Marriott Romulus at Metro Airport, 30559 Flynn Dr., Romulus. The Atlanta workshop, set for Sept. 26, will be held at the Hyatt Regency, 265 Peachtree St. NE. The Phoenix workshop will be Sept. 28 at the Phoenix Airport Marriott. All three workshops will begin at 9 a.m. and adjourn by 4 p.m. For those unable to participate in a workshop session, the NTGS also will offer an opportunity for non-registrants to make recommendations, with a transcript of the proceedings for each workshop available. Recommendations and comments also will be accepted through Oct. 10 by the NTGS. To learn more about the workshops or to register, contact NTGS's Zead Haddad at (202) 586-2577 or by e-mail at [email protected]. For technical questions about the study, contact Paul Carrier at (202) 586-5659 or send an e-mail to [email protected]. The registration form is available online at <http://tis.eh.doe.gov/ntgs/workshops.html>.

-----Original Message----- From: Nicolay, Christi L. Sent: Monday, October 22, 2001 11:59 AM To: Kitchen, Louise; Dietrich, Janet; Delainey, David; SMITH, Douglas; Lavorato, John; Black, Don; Forster, David; Duran, W. David; Belden, Tim; Calger, Christopher F.; Foster, Chris H.; Black, Tamara Jae; Aucoin, Berney C. ; Furrow, Dale; Meyn, Jim; Harvey, Claudette; Presto, Kevin M.; Jacoby, Ben Subject: FW: RTO week--State Commissioners FYI. TJ and Claudette -- please send to your groups. Thanks -----Original Message----- From: Landwehr, Susan M. Sent: Thursday, October 18, 2001 6:19 PM Thursday Morning session----Meeting with State Commissioners This session was generally known to be the occasion for state commissioners to vent their frustrations at FERC taking action without including them in the decision making process. Although the panel notice showed that 5 state commissioners would attend, upon arriving in the hearing room we found that 27 state commissioners were there and ready to claim their 15 minutes of fame. It was a long morning! I will include comments or highlights from some of the commissioners below as well as some general thoughts. Approximately 35 to 40% of the commenters were supportive of FERC and urged them to keep moving forward with their efforts. Most of these comments came from the Midwest and were somewhat muted or rational in their support. Everyone else was fairly verbal against FERC, primarily citing that fact that they had been left out of the process, that FERC was moving too quickly, and there was no evidence that there was a benefit to their citizens. In particular, the commissioners from Maryland and North Carolina delivered highly charged rhetoric. While many would think that the session was extremely negative (our friend Sarah Novosel thought it was disgusting!) in my mind it was similiar to a legislative hearing--allowing alot of whining and then addressing the main themes of discontent such as performing a cost benefit analysis. Here's some individual comments: Catherine Riley/Maryland---she started out talking about the fact that she had taken a solemn oath to uphold the constitution when she joined the MAryland commission and immediately implied that FERC was not as diligent or honest as she was in upholding the values of protecting citizens (she was way overboard in the dramatics department). She then stated that she was not at the meeting to "help you (FERC) backfill your woefully inadequate evidentiary record". It went on like this for about 15 minutes. The good part is that she was so personally negative, that her comments will not only be discounted but may be used against her. Sam Ervin/NOrth Carolina---he was also very negative and he does not believe that there are any benefits to his citizens, that customer choice is never coming to his state, so he will never benefit from an RTO, that his current statutes do not allow any transfer of transmission to an RTO (and I bet if they do, he'll work to change the statutes!) and that the bulk of state commissions are not supportive of FERC. His comments were also pretty brutal, but sugar coated just a bit with southern humor. Arnetta McRae/Delware---she kept on saying "show me" where the benefits for consumers are. She also repeatedly talked about how short of a time frame they had to respond to the order. Rory McMinn/New Mexico---repeatedly talked about how the west was different, how he is not convinced that there is a benefit to his consumers, how the FERC commissioners needed to come out west to see how different they were. Carl Wood/California--tried to portray himself and California as representing the west as a whole, and even brought along a statement from the Washington commission echoeing his comments. He delivered the same messages that we've been hearing forever---FERC should have acted sooner on price caps, etc etc. Glen Thomas/Pennsylvania---he was the first positive commenter and talked about how his state has taken great strides to bring it's energy system into the new century...that by opening it's markets they have had an explosion in green power, they have reduced costs all across the state, etc. He was very supportive of PJM (makes sense because it's in his back yard) and stated that for any RTO to be effective it must have independent governance. Judy Jones/Ohio---was very parochial in her discussion, but echoed Don Svanda's comments from earlier in the week that one RTO for the midwest was necessary and encouraged the FERC to make a decision and get on with it so that regulatory uncertainty would be removed. Ed GArvey/Minnesota---he got the gold star for the day. After very very lengthly comments from about 15 commissioners, he took about 1 minute and said "FERC--just get it done"....in essence telling them to go ahead with what they are doing and move forward. Other Commissioners who talked were: Arthur/Connecticut, Hadley/Indiana, Huelsman/Kentucky, Nugent/ Maine all on the positive side. Other negative commentors were two guys from DC and Jim Irvin from Arizona who had a rambling conversation that never really pinpointed what he wanted to do. From the FERC commissioner standpoint, the gold star went to Massey. After hearing over and over again about how the commisioners didn't feel that they had been included and that FERC had not consulted them enough, he stated that he was going to express his frustration right back, saying the "there has been 7 years of process, and he wants a process that comes to an end....you've been talking for 7 years and never could agree..." Call me if I can provide any further insights into the individual comments or the tenor of the meeting. Sue. #612-339-4599

Plan would have biggest customers pay Edison's debt Greg Lucas, Sacramento Bureau Chief Thursday, May 31, 2001 ,2001 San Francisco Chronicle URL: http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/05/31/M N231235.DTL Sacramento -- Legislative leaders are drafting a new rescue plan for Southern California Edison that would put the utility back on its feet financially at the expense of its biggest customers. The plan would leave manufacturers, refineries and other big industrial customers with the burden of paying nearly all the utility's $3.5 billion back debt through a dedicated charge. Residential and small commercial users would be on the hook for only a fraction of the back debt. Big users say it is unfair to saddle them with all of Edison's debt, but supporters of the plan say it's these users that wanted deregulation and should shoulder the costs it created. "We're trying to put something together in a way that solves all these problems, and if people are to be pigheaded about it, we won't solve any problems," said Assemblyman Fred Keeley, D-Boulder Creek (Santa Cruz County). Although the plan is an alternative to Gov. Gray Davis' proposed deal to put Edison back on its feet financially, it could be used as a model to help restore Pacific Gas and Electric Co. to solvency. Democrats say the plan contains some elements desired by Republicans, but GOP lawmakers object to saddling large business users with Edison's debt. The plan is based on the way gas customers are divided into "core" and "noncore" users. SEPARATING 'CORE' USERS Under this proposal, electrical users would be divided the same way. Core users would be customers who use 500 kilowatts or less a month. Noncore would be those using more than 500 kilowatts. Out of Edison's 4.2 million customers, only 3,600 would be noncore customers. But those 3,600 customers use about 26 percent of Edison's demand for energy. Core customers would get their power from generators owned by Edison, long- term contracts and alternative energy producers, such as wind farms and solar panels, on contract with the utility. That would mean those customers would no longer be subject to the whims of the spot market, which has far higher prices than other sources of electricity. Large users, the noncore customers, would be given the right to negotiate to buy their power directly from generators or build on-site power plants to make themselves energy self-sufficient. The plan would be phased in through January 2003 to give large energy customers time to prepare for buying power on the open market. During that period, residential, small business and large industrial users would all share in paying off Edison's debt. But in 2003, that burden would shift exclusively to the big users. Republican lawmakers and those same large users have been clamoring to be given what is called "direct access" to generators so they can negotiate cheaper rates. Enron is also backing the idea of cutting loose the largest electricity users because that would create a built-in market for the energy the company sells. Large users who want to remain on the grid could do so. EDISON 'ENCOURAGED' Sources said Edison officials met with lawmakers over the weekend to iron out details of the plan. A spokesman for Edison said he was "encouraged" by the talks. "I haven't seen a finished product or a plan," said Bob Foster, a senior vice president with Edison. "They're approaching this in a spirit of goodwill and trying to find a solution." Big businesses complain that the plan does not work because right now, there is nowhere they can buy cheap electricity. "We're very concerned that separating the core from the noncore means we will experience extreme rate hikes over the next two years," said D.J. Smith, a lobbyist for the California Large Energy Consumers Association. "When you add blackouts, the multiple interruptions of production and another potentially huge rate hike, the result would be catastrophic to the economy," Smith said. Added Dorothy Rothrock, a lobbyist for the California Manufacturers and Technology Association: "What's the rationale for the noncore to be paying the entire Edison undercollection? It sounds to me like just pure politics. They don't want voters to pay because they vote." CONSUMER ADVOCATE SMELLS A RAT Harvey Rosenfield, head of the Foundation for Taxpayer and Consumer Rights, said he thought the plan would eventually turn into a bailout as business interests muscle lawmakers into pushing some portion of Edison's debt onto residential and smaller commercial customers. "I think it's a trick. We've seen this same tactic used at the Public Utilities Commission, where what were supposed to be rate increases for big business end up costing more for residential and small businesses," Rosenfield said. The new plan also does not include the outright purchase of Edison's part of the transmission system that loops electricity around the state. Davis backs buying the lines for $2.7 billion. Democrats have insisted that for the state's financial help, taxpayers receive something of value. Republicans have insisted that they will back no proposal that includes state purchase of transmission lines. In the new proposal, the state would have a five-year option to buy the transmission lines for $1.2 billion -- the book value of the asset. In addition, the utility would make $1.5 billion available to the state to either purchase other assets -- such as Edison's hydroelectric facilities, for example -- or use it in partnership to build new power plants. E-mail Greg Lucas at [email protected]. ,2001 San Francisco Chronicle ? Page?A - 5

TransAtlantic | The Atlantic Online | http://www.theatlantic.com March 2, 2001 + THIS WEEK ... Last week we asked, If poets are the "unacknowledged legislators of the world," what of journalists, in particular one Christopher Hitchens? This week, in the latest installment of Atlantic Unbound's Soundings series, we bring you the genuine article -- i.e., poetry -- in three side-by-side readings of Andrew Marvell's seventeenth-century seduction poem, "To His Coy Mistress," introduced in a brief essay by Linda Gregerson. Many have no doubt read this anthology warhorse in high school or college English classes ("Had we but world enough and time/ This coyness, Lady, were no crime..." and so on). But we're willing to wager that you've never heard it quite like this. The readers are three noted poets -- Gregerson, J. D. McClatchy, and Heather McHugh -- each of whom knows how to perform a poem. And Gregerson's introduction is a rare treat: a deviously smart, witty, sexy, and original close analysis that you don't need a Ph.D. in English literature to understand and enjoy. Imagine. No, don't imagine; see (and hear) for yourself. Also this week: the conclusion of Christopher Hitchens's exchange with James Fallows, new recipes on Corby's Table, a bit of economic analysis from Sage Stossel, and more. Cheers, Wen Stephenson Editorial Director The Atlantic Online ------------------------------------------------------- + In ATLANTIC UNBOUND, The Atlantic's online journal ... Fallows@large THE WORK OF WORDS [PART THREE] Mar 1 | "I am in the uncomfortable position," James Fallows writes to Christopher Hitchens, "of holding a widely caricatured view, which I will try to defend. Namely, that Clinton's actions in the past six weeks justify a harsher view of him than his previous conduct did. The contrary case is, 'What took you so long?' In this analysis, Clinton is behaving no differently now from the way he has over the past eight years. My case is: the way Clinton behaved in his final weeks in office, above all with the pardons, actually was different from his previous record." See Hitchens's reply to Fallows in the concluding round of their exchange on writing, politics, Henry Kissinger -- and Bill Clinton. http://www.theatlantic.com/unbound/fallows/jf2001-02-21/fallows3.htm Soundings MARVELL'S "COY MISTRESS" with Linda Gregerson, J. D. McClatchy, and Heather McHugh Feb 26 | "Can this poem really be after what it purports to be after?" Linda Gregerson asks in her introduction. "Can it, as a seduction poem, by even the wildest stretch of imagination be designed to work? What kind of woman would be successfully wooed like this?" Poets McClatchy and McHugh join Gregerson as each gives voice to Andrew Marvell's "To His Coy Mistress." http://www.theatlantic.com/unbound/poetry/soundings/marvell.htm Corby's Table ISRAEL ON A BUN by Corby Kummer Feb 28 | " 'Why can't a country with two and a half million Jewish mothers have better food?' Henry Kissinger supposedly moaned while conducting shuttle diplomacy in the 1970s. Even today Israel isn't known for the quality or variety of its restaurants -- although Joan Nathan, an indefatigable expert on Jewish food and the author of monumental and authoritative books on the subject, says that things have changed enormously since the days when she lived there, in the early 1970s." Corby Kummer looks at Joan Nathan's new book, *The Foods of Israel Today*, and offers his favorite selections. http://www.theatlantic.com/unbound/corby/ct2001-02.htm Sage, Ink FAITH-BASED ECONOMICS Feb 28 | A cartoon by Sage Stossel. http://www.theatlantic.com/unbound/sage/ss2001-02-28.htm ------------------------------------------------------- + In D.C. DISPATCH | from National Journal Social Studies FORGET THE MARC RICH PARDON. WORRY ABOUT THE SCANDAL by Jonathan Rauch Mar 1 | In the Rich ruckus, what is taking place is an attack not just on a pardon, but on the pardon power itself. http://www.theatlantic.com/politics/nj/rauch2001-03-01.htm Legal Affairs HOW THE MARC RICH PARDON COULD SPAWN A NEW PROSECUTION by Stuart Taylor Jr. Mar 1 | The prosecutors' most logical target is Rich, not Clinton. In politics, it's more dangerous to give than to receive. http://www.theatlantic.com/politics/nj/taylor2001-03-01.htm Political Pulse WHY ALL THE SMILES ON THE RIGHT? by William Schneider Mar 1 | Interestingly, conservatives see George W. as far more of a Reagan conservative than Daddy Bush. was.http://www.theatlantic.com/politics/nj/schneider2001-03-01.htm ------------------------------------------------------------------------------ THE ATLANTIC MONTHLY EDUCATION PROGRAM Teachers, put The Atlantic's quality to work in your classroom withour new Education Program. Affordable rates, FREE Teacher's Guide, and FREE instructor's copy with each qualifying order. Please visit http://www.theatlantic.com/teach/ for details or call toll-free,(877) 299-8577. ------------------------------------------------------- GET A RISK-FREE TRIAL ISSUE OF THE ATLANTIC MONTHLY TransAtlantic readers, you can receive a RISK-FREE trial issue of The Atlantic Monthly magazine. 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