Message-ID: <30810868.1075848262730.JavaMail.evans@thyme>
Date: Wed, 3 Jan 2001 00:14:00 -0800 (PST)
From: steven.kean@enron.com
To: dcasse@whwg.com, dg27@pacbell.net
Subject: California Hearings Continue, CPUC Decision Expected This Week
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Steven J Kean
X-To: dcasse@whwg.com, dg27@pacbell.net
X-cc:
X-bcc:
X-Folder: \Steven_Kean_June2001_5\Notes Folders\Sent
X-Origin: KEAN-S
X-FileName: skean.nsf

I don't know if I have sent one of these to you before.
This is an e-mail update service that we may want to consider as a
distribution vehicle -- either because they pick up the content or because we
procure their distribution list.  Dan- could you have someone check these
guys out?
----- Forwarded by Steven J Kean/NA/Enron on 01/03/2001 08:16 AM -----

	"IssueAlert" <IssueAlert@scientech.com>
	01/02/2001 06:41 AM

		 To:
		 cc:
		 Subject: California Hearings Continue, CPUC Decision Expected This Week

 Miss last week? Catch up on the latest in the energy industry at:
www.consultRCI.com

Reach thousands of utility analysts and decision makers every day. Your
company can schedule a sponsorship of IssueAlert by contacting Nancy Spring
via e-mail or calling (505)244-7613. Advertising opportunities are also
available on our website.

Access a complete Website of electric and converging industry issues and
analysis at
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[IMAGE]

IssueAlert for January 2, 2001

California Hearings Continue,
CPUC Decision Expected This Week

by Will McNamara
Director, Electric Industry Analysis

Hearings aimed at giving consumer advocates and utility officials in
California the chance to air their views on a looming electricity rate
increase are expected to continue through today, setting the stage for a
decision by regulators that very well may not please everyone. Officials from
Southern California Edison (SCE) and Pacific Gas & Electric (PG&E) have asked
the California Public Utilities Commission (CPUC) to grant immediate rate
hikes of as much as 30 percent to help offset rising wholesale power prices.
The CPUC board is expected to announce on Jan. 4 how much of a rate hike it
will allow, and under what terms.

Analysis: Despite the lull of the holiday week just now completed, the
spotlight continues to grow more intense over California's energy market,
both throughout the energy industry and across the mainstream media. As we
wait with anticipation to hear what the CPUC will decide, let's recap some of
the issues that will no doubt continue to cause great dissension among the
primary players in California.

As has been well documented, PGOand SCE are in a massive amount of debt due
to uncollected costs they have accrued related to the purchase of power on
the wholesale market. Due to rate freezes still in place, both utilities have
been unable to charge customers for the dramatic increase in the price of
wholesale power, which has placed them both on the brink of bankruptcy.

From several conversations with my contacts in California, here's my
understanding of where the negotiations currently stand. The CPUC already has
agreed in theory to a rate increase, but the sticking point is the specific
amount of that increase. Reportedly, the CPUC and Gov. Gray Davis proposed a
15-percent rate hike to the two utilities. In sharp contrast, PGOmaintains
that it needs to increase rates by as much as 40 percent, and SCE says that
it wants an increase of 30 percent (or 76 percent over two years). In fact,
PGOalready began notifying customers last week that it wants to boost their
electric bills by that specific amount. Both utilities continue to argue that
even if their proposed rate increases are accepted, they still may not be
enough to cover wholesale costs, which are projected to rise through 2003
(see my IssueAlert from Dec. 29). In addition, PGOand SCE also claim that

Steven J Kean
dcasse@whwg.com, dg27@pacbell.net


Message-ID: <8185520.1075841788802.JavaMail.evans@thyme>
Date: Thu, 11 Jan 2001 15:18:00 -0800 (PST)
From: pmadpr@worldnet.att.net
Subject: PowerMarketers.com Daily Power Report for 12 January 2001
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
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X-From: "The Power Marketing Association" <pmadpr@worldnet.att.net>
X-To:
X-cc:
X-bcc:
X-Folder: \kate symes 6-27-02\Notes Folders\Discussion threads
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X-FileName: kate symes 6-27-02.nsf

Attention POWER REPORT Readers: Go to
http://www.powermarketers.com/prdaily.htm to view today's edition with direct
headline links to each story.]

======================================================================
The Industry's Preferred Source For Breaking Energy News And Information
http://www.powermarketers.com
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************************************************************************

--------------------T O P S T O R I E S--------------------

Top Stories (January 11)

WASHINGTON CALIFORNIA POWER TALKS HUNG UP ON FORWARD-CONTRACT TERMS
White House-brokered talks to resolve California's electricity crisis were
hung up Wednesday on the terms of long-term power deals being negotiated
between the state's two largest utilities and generators, persons close to
the talks said.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
01/11/eng-djn/eng-djn_010028_105_512227392755

OFFICIALS LOOK TO WHOLESALE POWER SUPPLIERS FOR HELP IN ENERGY CRISIS
Representatives of the Clinton administration, California Gov. Gray Davis'
office and California's biggest power companies continued to work yesterday
to solve the state's electricity crisis.
http://199.97.97.163/IMDS%PMAKRT0%read%/home/content/users/imds/feeds/knightri
dder/2001/01/11/krtbn/0000-0481-WT-ENERGY-CRISIS

TEXAS ELECTRIC UTILITIES SAY STATE ON TRACK WITH DEREGULATION
An association of Texas' largest electric utilities remains committed to the
state's plan to inject competition into Texas' $19 billion a year retail
power market.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
01/11/eng-djn/eng-djn_140034_79_039338498842

PACIFICORP TO BUY, SELL WIND FARM ELECTRICITY
PacifiCorp announced Wednesday that it has agreed to purchase all the output
of a 450-turbine wind farm to be built southwest of Walla Walla straddling
the Oregon-Washington border.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/tricityh
erald/2001/01/11/eng-tricity_news/eng-tricity_news_061310_70_6640397640876

BRITISH ENERGY REGULATOR SEEKS TO IMPOSE CONDITIONS ON ELECTRICITY GENERATORS
Energy regulator Ofgem is considering introducing a market abuse condition
into electricity generators' licences just we


Message-ID: <8991858.1075855168242.JavaMail.evans@thyme>
Date: Mon, 10 Dec 2001 19:33:18 -0800 (PST)
From: prosnews@prosrm.com
To: fermis@ect.enron.com
Subject: PROS Energy Web Seminar Series - a Resounding Success
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: prosnews@prosrm.com
X-To: fermis@ect.enron.com
X-cc:
X-bcc:
X-Folder: \Frank_Ermis_Jan2002_1\Ermis, Frank\Inbox
X-Origin: Ermis-F
X-FileName: fermis (Non-Privileged).pst

FOR IMMEDIATE RELEASE

PROS Revenue Management's Energy Web Seminar Series
a "Resounding Success"

December 10, 2001-Houston- PROS Revenue Management, the world's leader in revenue management science and software, and the pioneer and dominant provider of revenue management to the airline and energy industries, today announced the success of its Energy Profit Optimization Web Seminar Series held December 5-7, 2001.  Each seminar in the series discussed the benefits of PROS commercial optimization systems in the natural gas industry.  Each seminar included case studies which provided participants an insight to the practical applications of PROS science-based optimization systems.  Focused on pipelines, storage, and trading, these seminars enabled participants from various areas of the energy industry to take advantage of pricing and revenue optimization best practices.

"These seminars were a resounding success," says Matt Johnson, PROS' Senior VP of Energy.  "PROS is continuing to take the leadership role for transfer of our mature revenue management science and technology into the energy industry.  Based on the positive feedback of key energy first-movers, we anticipate several more of these innovative, interactive seminars in 2002.  These sessions allowed attendees to have access to free, informative business case studies reflecting state-of-the-art energy revenue management."

The PROS Trading Optimization System can increase gas trading profitability by 10-15% by generating the optimal routing of supply to market given all pipeline contract constraints, gas purchase and sale obligations, and trading opportunities. The system recommends optimal spot gas buy/sell strategies and provides real-time physical position and opportunity cost data between any two points on the pipeline network. The result is the reduction of the gas scheduling process to less than 60 seconds.

The PROS Storage Revenue Management System has been shown to increase revenues from the sale of storage capacity by 7-25% after initial implementations.  This system provides pipelines, storage marketers and traders with the ability to maximize revenue from the sale of storage services and contracts.  It provides the comprehensive ability to analyze the value of storage using PROS' state-of-the-art revenue management science and to execute and track those deals in real-time.

The PROS Transportation Revenue Management System has demonstrated a revenue lift of 7-15% for firm transportation services in both open-season and negotiated sales environments. It allows natural gas pipelines to maximize revenue from the sale of transportation capacity. The system uses PROS' mature forecasting technology to predict demand for transportation contracts and forecast the customer utilization of existing contracts. PROS' price modeling and network optimization technology is used to provide pipeline capacity marketers with an optimal marketing plan that maximizes revenue from the sale of available capacity.

These products are based on the PROS Enterprise RM Platform, which uses world leading science, forecasting and optimization to generate revenue and profits for PROS' clients worldwide. The Platform is high performance, distributed computing, using parallelized, highly scalable technology.  This architecture will support the high performance, high availability, real time, and mission critical applications of our clients.  PROS' advanced architecture supports data intensive and calculation


Message-ID: <15565189.1075858917833.JavaMail.evans@thyme>
Date: Thu, 5 Apr 2001 13:44:00 -0700 (PDT)
From: susan.scott@enron.com
To: celeahy@hotmail.com
Subject: This Week's Top 20
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Susan M Scott
X-To: celeahy <celeahy@hotmail.com>
X-cc:
X-bcc:
X-Folder: \SSCOTT5 (Non-Privileged)\Scott, Susan M.\Sent Items
X-Origin: Scott-S
X-FileName: SSCOTT5 (Non-Privileged).pst

You should check out the 2nd deal...there are also trips to Cayman etc. on the same link at great prices.

See ya Saturday,
Susan

---------------------- Forwarded by Susan M Scott/HOU/ECT on 04/05/2001 10:41 AM ---------------------------

	Enron Capital & Trade Resources Corp.  From:  "Travelzoo" <top20deals@mail7.travelzoo.com>                           04/04/2001 03:37 PM

To:	<sscott5@enron.com>
cc:
Subject:	This Week's Top 20

Travelzoo Weekly Top 20
Visit http://www.travelzoo.com/top20 for a free subscription.

Every week we search 200+ companies for their very best
sales and compile this Top 20 list.

Thank you for subscribing. Please forward this to a friend!

************************************************************
TOP 20 DEALS -- APRIL 5, 2001
************************************************************

$99 or Less -- Between Texas & Almost Anywhere
http://www.travelzoo.com/Top20.asp?id=38437
Source: Southwest Airlines

$262 -- Jamaica, 3 Nights Hotel, R/T Air
http://www.travelzoo.com/Top20.asp?id=38477
Source: American Airlines Vacations

$39 -- California, Rent a Convertible or SUV on Weekends
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Source: Hertz

$373 -- Honolulu, Hawaii, 7 Nights Hotel, R/T Air
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Source: Costa Travel

$72-$95 -- Fly Throughout Midwest, Leather Seats & Champagne
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Source: Travelocity.com

$19 -- Reno, Per Night at the Atlantis
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Source: travelscape.com

$899 -- Business Class to Italy, R/T from Midwest
http://www.travelzoo.com/Top20.asp?id=38435
Source: Northwest Airlines

$239 -- Rome, Italy, Spa Retreat at Orsini Castle
http://www.travelzoo.com/Top20.asp?id=38444
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$99 -- Between Minneapolis and 18 Cities
http://www.travelzoo.com/Top20.asp?id=38440
Source: Sun Country Airlines

$279 -- Cruise to the Bahamas in September
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Source: mytravelco.com

$79 -- Luxor Las Vegas, Select Spring & Summer Nights
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Source: Luxor Hotel and Casino

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http://www.travelzoo.com/Top20.asp?id=38360
Source: Hotel Giraffe

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Do you have a deal we should consider for our next Top 20
list?  Fax it to Carol at 650-943-2433.

---
Please read the following terms and conditions of use
carefully.  By using this newsletter, you agree to the
following terms and conditions:

Sales and promotions listed in this e-mail may contain
restric


Message-ID: <13747743.1075843415147.JavaMail.evans@thyme>
Date: Thu, 5 Apr 2001 05:36:00 -0700 (PDT)
From: jeff.dasovich@enron.com
To: sgovenar@govadv.com, hgovenar@govadv.com, bhansen@lhom.com,
	sandra.mccubbin@enron.com, paul.kaufman@enron.com,
	james.steffes@enron.com, richard.shapiro@enron.com,
	alan.comnes@enron.com, mday@gmssr.com, janel.guerrero@enron.com,
	karen.denne@enron.com, susan.mara@enron.com
Subject: Re: ABX 128 - Windfall Profits Tax
Mime-Version: 1.0
Content-Type: text/plain; charset=ANSI_X3.4-1968
Content-Transfer-Encoding: quoted-printable
X-From: Jeff Dasovich
X-To: Scott Govenar <sgovenar@govadv.com>, hgovenar@govadv.com, bhansen@lhom.com, Sandra McCubbin, Paul Kaufman, James D Steffes, Richard Shapiro, Alan Comnes, MDay@GMSSR.com, Janel Guerrero, Karen Denne, Susan J Mara
X-cc:
X-bcc:
X-Folder: \Jeff_Dasovich_June2001\Notes Folders\All documents
X-Origin: DASOVICH-J
X-FileName: jdasovic.nsf

One obvious question that comes to mind is:  will the tax apply to the=20
"windfall" reaped by the utilities from their "retained" generation and wil=
l=20
it also include state and federal "public" power authorities (e.g., LADWP,=
=20
WAPA, etc.).  I don't think that the IOUs can absorb any more costs right=
=20
about now.

Do we have any information on whether the Ds intend to grandstand this bill=
=20
on the same dates that the "special" committee (Dunn?) will be holding its=
=20
investigative hearings into wholesale power prices?

Best,
Jeff

=09Scott Govenar <sgovenar@govadv.com>
=0904/05/2001 12:22 PM
=09=09=20
=09=09 To: Hedy Govenar <hgovenar@govadv.com>, Mike Day <MDay@GMSSR.com>, B=
ev=20
Hansen <bhansen@lhom.com>, Jeff Dasovich <jdasovic@enron.com>, Susan J Mara=
=20
<smara@enron.com>, Joseph Alamo <JAlamo@enron.com>, Paul Kaufman=20
<paul.kaufman@enron.com>, Michael McDonald <Michael.McDonald@enron.com>,=20
David Parquet <David.Parquet@enron.com>, Rick Johnson=20
<rick.johnson@enron.com>, Sandra McCubbin <Sandra.McCubbin@enron.com>, Tim=
=20
Belden <Tim.Belden@enron.com>, Rick Shapiro <rshapiro@enron.com>, Jim Steff=
es=20
<james.d.steffes@enron.com>, Alan Comnes <acomnes@enron.com>, Chris Calger=
=20
<ccalger@enron.com>, Joe Hartsoe <Joe.Hartsoe@enron.com>, Donna Fulton=20
<Donna.Fulton@enron.com>, Steven Kean <Steven.J.Kean@enron.com>, Karen Denn=
e=20
<kdenne@enron.com>, Beverly Aden <beverly.aden@enron.com>, Bill Votaw=20
<bill.votaw@enron.com>, Carol Moffett <carol.moffett@enron.com>, Debora=20
Whitehead <debora.whitehead@enron.com>, Dennis Benevides=20
<dennis.benevides@enron.com>, Don Black <don.black@enron.com>,=20
"dblack@enron.com" <dblack@enron.com>, "emelvin@enron.com"=20
<emelvin@enron.com>, "ehughes2@enron.com" <ehughes2@enron.com>,=20
"gweiss@enron.com" <gweiss@enron.com>, "gsavage@enron.com"=20
<gsavage@enron.com>, "Harry.Kingerski@enron.com" <Harry.Kingerski@enron.com=
>,=20
"kgustafs@enron.com" <kgustafs@enron.com>, Mike D Smith <msmith1@enron.com>=
,=20
"sgahn@enron.com" <sgahn@enron.com>, "vsharp@enron.com" <vsharp@enron.com>,=
=20
"wcurry@enron.com" <wcurry@enron.com>, "William.S.Bradford@enron.com"=20
<William.S.Bradford@enron.com>, Leslie Lawner <Leslie.Lawner@enron.com>, Jo=
hn=20
Neslage <john.neslage@enron.com>, Ken Smith <ken@kdscommunications.com>, Bo=
b=20
Frank <bfrank@enron.com>, Jennifer Thome <Jennifer.Thome@enron.com>
=09=09 cc:=20
=09=09 Subject: ABX 128 - Windfall Profits Tax

The following is a press release from Assembly Member Ellen Corbett
regarding her new windfall profits tax bill ABX 128 which will probably
be heard in committee following the Easter break.

For Immediate
Release
Contact:    Rebecca Nieto
April 4,
2001
(916) 319-2018

Corbett Introduces Windfall Profits Tax Measure

SACRAMENTO =01) Responding to increasing electricity rates and the
continuing threat of rolling blackouts, Assembly Revenue and Taxation
Committee Chair Ellen Corbett (D-San Leandro) today introduced a
windfall profits tax measure intended to help restore sanity to the
p


Message-ID: <32675026.1075856525612.JavaMail.evans@thyme>
Date: Thu, 18 Jan 2001 00:37:00 -0800 (PST)
From: vince.kaminski@enron.com
To: karen.marshall@enron.com
Subject: Re: URGENT DEADLINE: RSVP by JAN 22nd: Invitation to 2001 Energy
 Finance Conference Feb. 22-23, 2001- The University of Texas at Austin
Cc: vince.kaminski@enron.com, shirley.crenshaw@enron.com
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
Bcc: vince.kaminski@enron.com, shirley.crenshaw@enron.com
X-From: Vince J Kaminski
X-To: Karen Marshall
X-cc: Vince J Kaminski, Shirley Crenshaw
X-bcc:
X-Folder: \Vincent_Kaminski_Jun2001_4\Notes Folders\'sent mail
X-Origin: Kaminski-V
X-FileName: vkamins.nsf

Karen,

I shall attend the conference,
both days.

Vince Kaminski

	From:  Karen Marshall                           01/17/2001 07:59 PM

To: David Haug/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gary
Hickerson/HOU/ECT@ECT, Craig Childers/HOU/EES@EES, Thomas
Suffield/NA/Enron@ENRON, Ben F Glisan/HOU/ECT@ECT, Ermes
Melinchon/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Hal Elrod/Corp/Enron@Enron,
Clay Spears/HOU/ECT@ECT, Kelly Mahmoud/HOU/ECT@ECT, Ellen Fowler/Enron
Communications@Enron Communications, Kevin Kuykendall/HOU/ECT@ECT, Fred
Mitro/HOU/ECT@ECT, Kyle Kettler/HOU/ECT@ECT, Jeff Bartlett/HOU/ECT@ECT, Paul
J Broderick/HOU/ECT@ECT, John House/HOU/ECT@ECT, George
McCormick/HOU/ECT@ECT, Guido Caranti/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ken
Sissingh/Corp/Enron@Enron, Gwynn Gorsuch/NA/Enron@ENRON, Mark Gandy/Enron
Communications@Enron Communications, Shawn
Cumberland/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jennifer
Martinez/HOU/ECT@ECT, Sean Keenan/HOU/ECT@ECT, Webb Jennings/HOU/ECT@ECT,
Brian Hendon/Enron Communications@Enron Communications, Billy Braddock/Enron
Communications@Enron Communications, Paul Burkhart/Enron Communications@Enron
Communications, Garrett Tripp/TOR/ECT@ECT, John Massey/HOU/ECT@ECT, V Charles
Weldon/HOU/ECT@ECT, Peter Hayes/HOU/EES@EES, Ross Mesquita/NA/Enron@ENRON,
David Mitchell/HOU/ECT@ECT, Brian Kerrigan/HOU/ECT@ECT, Mark Gandy/Enron
Communications@Enron Communications, Jennifer Martinez/HOU/ECT@ECT, Sean
Keenan/HOU/ECT@ECT, Webb Jennings/HOU/ECT@ECT, Brian Hendon/Enron
Communications@Enron Communications, Billy Braddock/Enron
Communications@Enron Communications, Garrett Tripp/TOR/ECT@ECT, John
Massey/HOU/ECT@ECT, V Charles Weldon/HOU/ECT@ECT, Peter Hayes/HOU/EES@EES,
Ross Mesquita/NA/Enron@ENRON, David Mitchell/HOU/ECT@ECT, Christie
Patrick/HOU/ECT@ECT, Michael B Rosen/HOU/ECT@ECT, Cindy
Derecskey/Corp/Enron@Enron
cc: Elyse Kalmans/Corp/Enron@ENRON, Richard Causey/Corp/Enron@ENRON, Sally
Beck/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT, angela.dorsey@bus.utexas.edu
Subject: URGENT DEADLINE: RSVP by JAN 22nd: Invitation to 2001 Energy Finance
Conference Feb. 22-23, 2001- The University of Texas at Austin

The $500 registration fee is waived for any Enron employee who wishes to
attend this conference because of our relationship with the school.  Please
forward this information to your managers and staff members who would benefit
from participating in this important conference.  (Note:  Vince Kaminski is a
panellist for the Risk Management Session 3.)

Please note:  The deadline for RSVP & Hotel reservations is MONDAY, JANUARY
22nd Don't miss this opportunity!

Should you have any questions, please feel free to contact me at EXT. 37632.

Karen
---------------------- Forwarded by Karen Marshall/HOU/ECT on 01/11/2001
07:38 PM ---------------------------

"Angela Dorsey" <Angela.Dorsey@bus.utexas.edu> on 01/10/2001 03:06:18 PM
To: "Angela Dorsey" <Angela.Dorsey@bus.utexas.edu>
cc: "Ehud Ronn" <eronn@mail.utexas.edu>, "Sheridan Titman (E-mail)"
<titman@mail.utexas.edu>
Subject: Invitation to 2001 Energy Finance Conference - The University of
Texas at Austin

Colleagues and Friends of the Center for Energy Finance Education and
Research

2001
Hosted by the University of Texas Finance Department
Center for Energy Finance Education and Research

Dr.


Message-ID: <31259633.1075859583827.JavaMail.evans@thyme>
Date: Wed, 4 Apr 2001 07:29:00 -0700 (PDT)
From: jklauber@llgm.com
To: cyoder@ect.enron.com, elizabeth.sager@enron.com
Subject: Windfall Profits Tax
Cc: mdidriksen@llgm.com
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
Bcc: mdidriksen@llgm.com
X-From: "JOHN G KLAUBERG" <JKLAUBER@LLGM.COM>
X-To: cyoder@ect.enron.com, Elizabeth.Sager@enron.com
X-cc: "MICHAEL W E DIDRIKSEN" <MDIDRIKSEN@LLGM.COM>
X-bcc:
X-Folder: \Elizabeth_Sager_Jun2001\Notes Folders\All documents
X-Origin: Sager-E
X-FileName: esager.nsf

Elizabeth & Christian:  I had trouble forwarding an e-mail relating to the
same but have copied it below.  It describes a movement by certain CA
legislators to attempt to enact a "windfall profits tax" on electricity
sellers that essentially would be designed to claw back profits on
electricity sales.  You will recall this was one of the items addressed in
our "pass through" clause in the proposed CDWR contract.  I know that we, as
Firm, looked into the various constitutional and other legal issues relating
to such a tax a few months ago, so let me know if, in your spare time, you
would like me to pull anything on it.  John

Proposed Windfall Profit Tax

The key state democratic legislators are working
 behind the scenes to develop a Windfall Profits Tax bill in
>retaliation for high wholesale prices.  It is not yet in print.  Here
> is an analysis of the expected bill by an attorney for the Independent
> Energy Producers.

>Preliminary analysis of State Windfall
> Profit Tax.  This will be discussed during the cc scheduled for 9:00 a.m.
> today, Wed.
>
>     Wednesday, April 04, 2001 8:33
> AM
>    To:   Steven Kelly
>    Cc:   Douglas K. Kerner
>    Subject:   Proposed Windfall
> Profit Tax
>
>    Gentlemen:
>
>           I understand that the some of the
> Democratic leadership of the
>    California Legislature is contemplating a charge
> against the
>    electric-generating industry in retaliation for
> recent price increases. The
>    charge is to be styled as a "windfall profit
> tax" modeled on President
>    Carter's tax on oil company profits following
> deregulation of oil prices in
>    1980 (The Crude Oil Windfall Profit Tax Act of
> 1980, 26 USC 4986 et seq.).
>    The Carter Windfall Profit Tax was levied on the
> difference between the
>    current wellhead price of the oil and the sum of
> the adjusted base price set
>    by Congress, multiplied by the applicable rate.
> I understand the California
>    charge will similarly be calculated by reference
> to a 1999 base price and
>    current prices, to which difference some sort of
> tax rate will be applied.
>    You asked whether this approach to punishing
> electric wholesalers was infirm
>    from either a policy or legal perspective. The
> basic policy problem is that
>    the tax will discourage sales of electricity in
> California.  California will
>    become the market of last resort.  Another
> problem is that the Tax might be
>    seen as promoting a "California First" policy at
> the expense of other
>    states. This is so because the Tax could well be
> included in the FERC rate
>    base as  "taxes other than income taxes," and
> thereby be shifted to other
>    customers.
>
>           The Tax may suffer from legal flaws as
> well. The principal problem is
>    preemption by The Federal Power Act. The states
> are prohibited from
>    regulating wholesale power rates as a direct
> burden on interstate commerce.
>    The proposed charge, whether called a "windfall
> profit tax" or an excise tax
>    or a sales or use tax or something else, is
> underground rate making. There
>    is little or no practical difference between a
> rate cap and a tax on all
>    revenues measured with reference to a certain
> price point from the
>    perspective of the interstate electric
> wholesaler. Thus, the burden on
>    interstate commerce posed by


Message-ID: <32558769.1075860473820.JavaMail.evans@thyme>
Date: Thu, 1 Mar 2001 09:11:00 -0800 (PST)
From: mary.hain@enron.com
To: alan.comnes@enron.com, cara.semperger@enron.com, bill.williams.iii@enron.com,
	susan.mara@enron.com
Subject: RE: CAISO Notice: ISO FERC Tariff Amendment 33 - Guidelines for S
 ubmitting Costand Supporting Data Docum
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Mary Hain
X-To: Alan Comnes, Cara Semperger, Bill.Williams.III@enron.com, Susan J Mara
X-cc:
X-bcc:
X-Folder: \Mary_Hain_Aug2000_Jul2001\Notes Folders\'sent mail
X-Origin: Hain-M
X-FileName: mary-hain.nsf

Anyone have any brilliant ideas on how we can produce this information?  In
the meantime, Sue and I can prolong having to produce the information until
we negotiate a confidentiality agreement.
---------------------- Forwarded by Mary Hain/HOU/ECT on 03/01/2001 05:20 PM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Fergus, Gary S." <GFergus@brobeck.com>
03/01/2001 05:11 PM

To: "'Mary.Hain@enron.com'" <Mary.Hain@enron.com>, Christian.Yoder@enron.com
cc: "\"Jeffrey Watkiss\" <dwatkiss@bracepatt.com> @ ENRON"
<dwatkiss@bracepatt.comdwatkiss>, Bill.Williams.III@enron.com,
Chris.Mallory@enron.com, Christian.Yoder@enron.com,
Harry.Kingerski@enron.com, James.D.Steffes@enron.com, Jeff.Richter@enron.com,
Joe.Hartsoe@enron.com, Mark.Palmer@enron.com, Richard.Sanders@enron.com,
Sarah.Novosel@enron.com, steve.c.hall@enron.com, Susan.J.Mara@enron.com, "cc:
\"Ronald Carroll\"" <rcarroll@bracepatt.com>, Tim.Belden@enron.com, "Fergus,
Gary S." <GFergus@brobeck.com>, mday@gmssr.com, sbishop@gibbs-bruns.com
Subject: RE: CAISO Notice: ISO FERC Tariff Amendment 33 - Guidelines for S
ubmitting Costand Supporting Data Docum

Mary,
 One of the issues in January that helped us along the path of not
reporting to FERC December over cap sales in addition to not being required
yet under the tariff was the question of how to match cost to sales in
California.  If the data is due tomorrow, we will need to decide how to
resolve that issue first thing tomorrow.

Thanks
Gary

-----Original Message-----
From: Mary.Hain@enron.com [mailto:Mary.Hain@enron.com]
Sent: Thursday, March 01, 2001 4:00 PM
To: Christian.Yoder@enron.com
Cc: "Jeffrey Watkiss" <dwatkiss@bracepatt.com> @ ENRON;
Bill.Williams.III@enron.com; Chris.Mallory@enron.com;
Christian.Yoder@enron.com; Harry.Kingerski@enron.com;
James.D.Steffes@enron.com; Jeff.Richter@enron.com;
Joe.Hartsoe@enron.com; Mark.Palmer@enron.com; Mary.Hain@enron.com;
Richard.Sanders@enron.com; Sarah.Novosel@enron.com;
steve.c.hall@enron.com; Susan.J.Mara@enron.com; cc: "Ronald Carroll";
Tim.Belden@enron.com; gfergus@brobeck.com; mday@gmssr.com;
sbishop@gibbs-bruns.com
Subject: Re: CAISO Notice: ISO FERC Tariff Amendment 33 - Guidelines for
Submitting Costand Supporting Data Docum

The ISO is now saying that it has the authority to require EPMI to report
our prices over the price cap pursuant to Section 4.5.1of its Market
Monitoring Protocol.  This provision gives the Market Surveillance Unit
very broad authority to request information, specifically: "the submission
of any infomration or data determined by the Market Surveillance Unit to be
potentially relevant by ISO Participants, the PX or other entities whose
activies may affect the operation of the ISO market."

Apparently EPMI had some December sales over the cap.  The FERC did not
order us to report these December sales to FERC but the ISO is now
requesting it.  I think our only available approach is to provide the
information to the ISO pursuant to a confidentiality agreement.  I have
asked Sue Mara if she would contact WPTF about negotiating a
confidentiality agreement.  Richard, please advise if this is the proper
course of action.  Please note, the information is due tomorrow.

(Embedded image moved to file: pic09515.pcx)
Christian Yoder
(Em


Message-ID: <22337911.1075842114313.JavaMail.evans@thyme>
Date: Thu, 27 Apr 2000 01:50:00 -0700 (PDT)
From: carol.clair@enron.com
To: brant.reves@enron.com
Subject: FW: Response to Comments
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Carol St Clair
X-To: Brant Reves
X-cc:
X-bcc:
X-Folder: \Carol_StClair_Dec2000_1\Notes Folders\Sent
X-Origin: STCLAIR-C
X-FileName: cstclai.nsf

Brant:
FYI
Carol
---------------------- Forwarded by Carol St Clair/HOU/ECT on 04/27/2000
08:49 AM ---------------------------

"Lum, Susan" <LumS@EPEnergy.com> on 04/27/2000 08:01:12 AM
To: "'Carol.St.Clair@enron.com'" <Carol.St.Clair@enron.com>, "Shuttee, John"
<ShutteeJ@EPEnergy.com>
cc:
Subject: FW: Response to Comments

Thank you for your comments Carol.  By copy of this email, I am forwarding
them on to John Shuttee who is now responsible for ISDA negotiations.  He is
out of the office the remainder of this week but as of Monday he can be
reached at my old phone number of 713-420-3548.

Thank you.

-----Original Message-----
From: Carol St Clair [mailto: ]
Sent: Wednesday, April 26, 2000 6:14 PM
To: Lum, Susan
Cc: Brant Reves
Subject: Response to Comments

Susan:
We have finally had a chance to internally discuss the comments that you
sent to
Marie Heard on March 21 by e-mail and here is our response:

ISDA Comments

1.   Item #1 is fine

2.   We will agree to $100,000,00 for both parties

3.   It is Enron's Policy to use Loss instead of Market Quotation, which I-
believe is the standard that is currently used in the existing Master.  As a
compromise, we can agree to Market Quotation for Transactions with a term of
2
years or less as of the applicable termination date and Loss for all others.

4.   Item #4 is fine.

5.   Our credit people want to keep MAC where it is as a trigger that
reduces
the collateral threshold to zero.

6.   I would like to discuss with you what we are doing with the existing
Guarantys.

7.   Item #7 is okay but we would prefer a separate termination agreement.

8.   I need to discuss with you items #8 and 10

CSA COMMENTS

1.   Item #1 is fine

2.   We cannot agree to item #2 and would like for it to remain at 20

3.   I would like to discuss item #3 with you

Also, some of the changes that were made were not marked (i.e., no fault
termination was not in our draft, but in yours).  Could you please e-mail me
your latest versions so that I can make sure that I have seen all of the
changes?  With respect to no-fault termination, we cannot as a policy matter
agree to that.  I look forward to hearing from you.

Carol (713-853-3989)

******************************************************************
This email and any files transmitted with it from El Paso
Energy Corporation 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 sender.
******************************************************************


Message-ID: <24741624.1075860077764.JavaMail.evans@thyme>
Date: Wed, 16 Aug 2000 13:47:00 -0700 (PDT)
From: mark.taylor@enron.com
To: sara.shackleton@enron.com
Subject: Delta III Documents - Amendments to Delta Notes and Forms of Cons
 ent Thereto
Mime-Version: 1.0
Content-Type: text/plain; charset=ANSI_X3.4-1968
Content-Transfer-Encoding: 7bit
X-From: Mark Taylor
X-To: Sara Shackleton
X-cc:
X-bcc:
X-Folder: \Mark_Taylor _Dec_2000\Notes Folders\Sent
X-Origin: Taylor-M
X-FileName: mtaylor.nsf

----- Forwarded by Mark Taylor/HOU/ECT on 08/16/2000 08:47 PM -----

	MDunn1@milbank.com
	08/15/2000 08:51 PM

		 To: amanda.angelini@ssmb.com, rick.caplan@ssmb.com, steve.incontro@ssmb.com,
doug.mcdowell@enron.com, craig.clark@enron.com, ryan.siurek@enron.com,
gareth.bahlmann@enron.com, clint.walden@enron.com, kevin.d.jordan@enron.com,
mark.taylor@enron.com, carol.stclair@enron.com, brent.vasconcellos@enron.com,
annmarie.tiller@enron.com, Kimberly.r.Scardino@us.arthurandersen.com,
Fcochran@velaw.com, acurry@velaw.com
		 cc: FPuleo@milbank.com, EMoser@milbank.com, MMottesi@milbank.com,
JFalzon@milbank.com, MDunn1@milbank.com
		 Subject: Delta III Documents - Amendments to Delta Notes and Forms of Cons
ent Thereto

??????? Please find attached, for your review, Amendments to each of the
currently outstanding Delta Notes, together with forms of Consent to such
Amendments. These Amendments are needed in order to ensure that the Delta III
transaction does not violate the negative covenants of the oustanding Delta
Notes. Note that I have also attached a blacklined document with respect to
each Amendment (the current version blacklined against a composite document)
in order to highlight the alterations made to the definitions in each of the
Delta Notes.

??????? Please note that these documents remain subject to further internal
review.? The Remainder of the Delta III documents will follow.

??????? Please direct questions or comments regarding the attached documents
to Mike Dunn at (212) 530-5435.? Best Regards.

 <<Yosemite III - Delta - Citibank Consent to Amendment No. 1 to Delta Note
2.DOC>>   <<Yosemite III - Delta - Citibank Consent to Amendment of Delta
Note 1.DOC>>   <<Yosemite III - Amendment No. 1 to Delta Note dated
2232000.DOC>>

? <<Yosemite III - Amendment No. 2 to Delta Note dated November 18,
1999.DOC>> ?????  << Yosemite III - (Blackline)Amendment No. 2 to Delta Note
dated 11.18.1999.rtf>> ????????  <<Yosemite III - (Blackline) Amendment No. 1
to Delta Note dated 2.23.2000.rtf>>

This e-mail message may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee
or agent responsible for delivery of this message to the intended
recipient(s), you are hereby notified that any dissemination,
distribution or copying of this e-mail message is strictly prohibited.
If you have received this message in error, please immediately notify
the sender and delete this e-mail message from your computer.

 - Yosemite III - Delta - Citibank Consent to Amendment No. 1 to Delta Note
2.DOC
 - Yosemite III - Delta - Citibank Consent to Amendment of Delta Note 1.DOC
 - Yosemite III - Amendment No. 1 to Delta Note dated 2232000.DOC
 - Yosemite III - Amendment No. 2 to Delta Note dated November 18, 1999.DOC
 -  Yosemite III - (Blackline)Amendment No. 2 to Delta Note dated
11.18.1999.rtf
 - Yosemite III - (Blackline) Amendment No. 1 to Delta Note dated
2.23.2000.rtf


Message-ID: <16434272.1075853446792.JavaMail.evans@thyme>
Date: Tue, 24 Apr 2001 01:26:00 -0700 (PDT)
From: elizabeth.sager@enron.com
To: brenda.whitehead@enron.com
Subject: Re: PG&E Settlement Agreement
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Elizabeth Sager
X-To: Brenda Whitehead
X-cc:
X-bcc:
X-Folder: \Elizabeth_Sager_Nov2001\Notes Folders\Sent
X-Origin: Sager-E
X-FileName: esager.nsf

----- Forwarded by Elizabeth Sager/HOU/ECT on 04/24/2001 08:26 AM -----

	"JOHN KLAUBERG" <JKLAUBER@LLGM.COM>
	04/23/2001 09:49 PM

		 To: Elizabeth.Sager@enron.com
		 cc: "BENNETT YOUNG" <BYOUNG.SF1.SAN#032#FRANCISCO#032#OFFICE@LLGM.COM>,
"JAMES HUEMOELLER" <JLHUEMOE@LLGM.COM>
		 Subject: Re: PG&E Settlement Agreement

Elizabeth: a few comments.  I'll call in the a.m.  I want to follow up on the
receivables issue with respect to the post-bankruptcy/pre-termination period
in the calculation.  Also, please note that there are still some brackets in
the draft.  Again, I'm not sure how the blacklining will come out since it is
always a struggle doing it remotely.  John

John Klauberg
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
212 424-8125
jklauber@llgm.com

==============================================================================
This e-mail, including attachments, contains information that is confidential
and may be protected by the attorney/client or other privileges.  This
e-mail, including attachments, constitutes non-public information intended to
be conveyed only to the designated recipient(s).  If you are not an intended
recipient, please delete this e-mail, including attachments, and notify me.
The unauthorized use, dissemination, distribution or reproduction of this
e-mail, including attachments, is prohibited and may be unlawful.

==============================================================================
 - Settlement 3.DOC
 - compare.rtf


Message-ID: <2012406.1075860900084.JavaMail.evans@thyme>
Date: Thu, 14 Feb 2002 22:34:52 -0800 (PST)
From: enerfax@msn.com
To: enerfaxgold@yahoogroups.com
Subject: Enerfax Gas, Oil, Liquids,Derivatives' prices & info (text) Crude
 Oil Futures Up Slightly
Mime-Version: 1.0
Content-Type: text/plain; charset=ANSI_X3.4-1968
Content-Transfer-Encoding: 7bit
X-From: enerfax1 <enerfax@msn.com>
X-To: EnerfaxGOLD@yahoogroups.com
X-cc:
X-bcc:
X-Folder: \Kim_Watson_Mar2002\Watson, Kimberly\E-mail Bin
X-Origin: Watson-K
X-FileName: kwatson (Non-Privileged).pst

Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES
INFORMATION SOURCE
   Friday, February 15 2002? No. 484
Visit our website at: http://www.enerfaxgold.com

PETROLEUM PRICES ???
| Bonny Light      |  $20.79
| Brent            |  $20.69
| Butane           |  $ 0.39
| Fuel Oil #2      |  $ 0.55
| Louisiana        |  $21.75
| Medit.           |  $19.69
| Propane Non-tet  |  $ 0.32
| Propane Wet-tet  |  $ 0.32
| W. Tx Int Cush   |  $21.23
| W. Tx Sour       |  $20.00

| Euro in US equiv |  0.8743
-------------------------------------------------------------
Todays Petro Bulletins
 * Newfield Exploration and Nuevo Energy Post 4th Quarter Losses on
Writedowns
 * Brigham Exploration Announces 306% Reserve Replacement and $1.23
F&D Cost for 2001; $24 Million Capital Budget for 2002
 * Southwestern Energy Announces Record 2001 Financial and Operating
Results and  Revised 2002 Guidance
 * Georg von Canal Challenges Purported Removal from The American
Energy Group as President and Chairman
 * TEPPCO Partners Priced Offering for $500 Million of 7-5/8% Senior
Notes Due
February 2012
 * Conoco Canada Resources Announces Redemption of Preferred Shares
and Medium Term Notes
 * Chart Industries to Build LNG Fueling Station for Santa Monica
 * Imperial Petroleum Announces Purchase of Block of Shares of
Warrior Resources and Proposed Acquisition of Warrior Resources
-------------------------------------------------------------
OPEN SEASON

SG Resources Mississippi, L.L.C., a wholly owned subsidiary of SGR
Holdings, L.L.C., is conducting an open season for firm storage
services at its new high-deliverability, salt cavern, natural gas
storage facility, known as the Southern Pines Energy Center. The open
season will begin at 9:00 a.m. CDT on February 4, 2002, and will
continue until 5:00 p.m. CDT on March 4, 2002. The project is located
at the border of Mississippi and Alabama with access to the major
pipelines serving the Mid-Atlantic and the Southeastern United
States. The facility is ideally located to serve as a transportation
and storage hub for shippers on any one of nine major pipelines that
will be interconnected directly or indirectly to the project.
Information on the facility and the Open Season is available on our
web site at
http://www.sgr-holdings.com
or contact us at 713-914-8188
--------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ?
Month ??High ??Low? ? Last ? Change
Mar 02 0.5615 0.5510 0.5562 +0.0022
Apr 02 0.5645 0.5555 0.5584 +0.0002
May 02 0.5640 0.5580 0.5594 +0.0002
Jun 02 0.5670 0.5600 0.5624 +0.0002
Jul 02 0.5690 0.5660 0.5669 +0.0002
Aug 02 0.5740 0.5720 0.5739 +0.0002
Sep 02 0.5840 0.5810 0.5824 +0.0002
Oct 02 0.5909 0.5900 0.5909 +0.0002
Nov 02 0.6075 0.5925 0.5984 +0.0002
Dec 02 0.6150 0.5970 0.6054 +0.0002
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel)
Month ?Open ?High ??Low ?Last  Change
Mar 02 21.40 21.52 21.05 21.23 +0.05
Apr 02 21.75 21.80 21.40 21.52 +0.00
May 02 21.80 21.90 21.55 21.63 +0.01
Jun 02 21.82 21.85 21.55 21.62 +0.00
Jul 02 21.72 21.75 21.52 21.56 -0.02
Aug 02 21.60 21.69 21.46 21.51 -0.03
Sep 02 21.50 21.65 21.37 21.46 -0.04
Oct 02 21.50 21.50 21.43 21.43 -0.04
Nov 02 21.40 21.50 21.20 21.40 -0.04
Dec 02 21.55 21.55 21.35 21.37 -0.04
---------------------------------------------

63 per Mcf on the last
33 to the overall finding cost


Message-ID: <22078836.1075845840153.JavaMail.evans@thyme>
Date: Wed, 25 Apr 2001 01:13:00 -0700 (PDT)
From: kay.mann@enron.com
To: paul.garcia@enron.com
Subject: Escrow Agreement
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Kay Mann
X-To: Paul Garcia
X-cc:
X-bcc:
X-Folder: \Kay_Mann_June2001_2\Notes Folders\Discussion threads
X-Origin: MANN-K
X-FileName: kmann.nsf

---------------------- Forwarded by Kay Mann/Corp/Enron on 04/25/2001 08:13
AM ---------------------------

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 04/24/2001 06:20:22 PM
To: "'gregorylang@paulhastings.com'" <gregorylang@paulhastings.com>,
"'estelle.a.lawrence@citi.com'" <estelle.a.lawrence@citi.com>,
"'iparker@freshfields.com'" <iparker@freshfields.com>,
"'rvicens@deltapower.com'" <rvicens@deltapower.com>
cc: "'kay.mann@enron.com'" <kay.mann@enron.com>, "'stephen.thome@enron.com'"
<stephen.thome@enron.com>, "'paul.garcia@enron.com'" <paul.garcia@enron.com>

Subject: Escrow Agreement

 <<Escrow Agreement Enron Salmon LLC.DOC>>
 <<RED.Escrow Agreement Enron Salmon LLC.DOC>>
Ladies and Gentlemen:

We have enclosed what we believe is the final draft of the Escrow Agreement
for the ENA/PPL transaction.  Also enclosed is a blacklined copy reflecting
changes from the draft circulated earlier today.  If you have any questions
or comments, please advise.  Thank you.

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

Enclosure: 137032v6
  137032vR6/5

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

 - Escrow Agreement Enron Salmon LLC.DOC
 - RED.Escrow Agreement Enron Salmon LLC.DOC


Message-ID: <32297442.1075845186658.JavaMail.evans@thyme>
Date: Fri, 1 Jun 2001 16:03:51 -0700 (PDT)
From: moneyadm2@timeinc.net
To: sivy@listserv.pathfinder.com
Subject: Sivy on Stocks: In need of a new image
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Sivy on Stocks <moneyadm2@TIMEINC.NET> <IMCEANOTES-Sivy+20on+20Stocks+20+3Cmoneyadm2+40TIMEINC+2ENET+3E@ENRON.com>
X-To: SIVY@LISTSERV.PATHFINDER.COM
X-cc:
X-bcc:
X-Folder: \Keavey, Peter F.\Keavey, Peter F.\Inbox
X-Origin: KEAVEY-P
X-FileName: Keavey, Peter F..pst

SIVY ON STOCKS from money.com
June 1, 2001

*****************[ A D V E R T I S E M E N T ]****************
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Sweepstakes! It's easy - just click the link below for your
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**************************************************************

In need of a new image

Bristol-Myers is evolving from a consumer-products company to a drug giant.
But investors still haven't caught on.

By Michael Sivy

When you've been plodding along your whole life, it's hard to change your
image -- that's the challenge Bristol-Myers Squibb [BMY] now faces. Most
investors still regard the company as a slow-growth consumer-products
business defined by brand names such as Clairol and Excedrin. But they're
missing something important. Over the past few years, Bristol-Myers has
been repositioning itself as one of the nation's largest pharmaceutical
firms. And when investors catch on, the stock could receive a valuation at
least 30 percent above current levels.

I last recommended Bristol-Myers in September at $53.50 a share. The stock
has always received lower valuations than Pfizer and Merck because it gets
less than three-quarters of its sales from pharmaceuticals. But
Bristol-Myers had been transforming itself, and for a while, it looked as
if it was getting more respect. By January, the share price had risen
nearly 40 percent to top $74. But since then, the shares have given back
almost all their gains. One reason is that the company is posting flat
earnings growth this year. Moreover, several of the company's top-selling
drugs, such as Glucophage for diabetes, are facing competition from
generics, which will force lower prices and eat into market share. Even so,
the long-term outlook for the stock has actually improved.

On May 21, the company announced that it would sell Clairol to Procter &
Gamble for $4.95 billion. That sale will reduce the percentage of
Bristol-Myers' business that comes from consumer products. Even more
important, when the deal closes, Bristol-Myers will have $6 billion in cash
-- four times its total debt outstanding. That cash hoard can be used to
make acquisitions. Pharmaceutical giants are like movie studios -- they're
basically immense distribution systems looking for product. All
Bristol-Myers has to do is revamp its product pipeline with the acquisition
of boutique drug companies or biotech firms, and the stock will suddenly
look a whole lot flashier.

Since it won't be hard for Bristol-Myers to complete its transformation
into a drug powerhouse, without even hurting its balance sheet, you'd think
that investors would be giving the stock more of a premium. At $56.25,
Bristol-Myers trades at 24 times this year's estimated earnings. That's
certainly a fair valuation for a stock with a 12 percent core growth rate
and a 2 percent dividend yield. But if you look not at what Bristol-Myers
has been, but what it so easily could become, you'd think a substantially
higher P/E should be in order.

###

Post your comments on Michael's column at:
http://www.money.com/depts/investing/sivy/index.html

To subscribe or unsubscribe to Sivy on Stocks, go to:
http://www.money.com/email/

-----------------------------------------------------------
CO


Message-ID: <12835614.1075851974663.JavaMail.evans@thyme>
Date: Thu, 12 Jul 2001 01:50:00 -0700 (PDT)
From: margo.reyna@enron.com
To: rita.hartfield@enron.com, lynnette.barnes@enron.com,
	elizabeth.linnell@enron.com, steven.kean@enron.com,
	richard.shapiro@enron.com, eric.benson@enron.com,
	scott.bolton@enron.com, stephen.burns@enron.com,
	vinio.floris@enron.com, michael.grimescorpenron@enron.com,
	jan.haizmann@enron.com, karen.huang@enron.com,
	barbara.hueter@enron.com, kikumi.kishigami@enron.com,
	lara.leibman@enron.com, allison.navin@enron.com,
	john.neslage@enron.com, sue.nord@enron.com, maurice.nunas@enron.com,
	mona.petrochko@enron.com, marchris.robinson@enron.com
Subject: Article: Ex-Gore Aide Simon Will Lobby for Enron.(Greg Simon, hired
 by Enron Corp ...
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X-From: Margo Reyna
X-To: Rita Hartfield, Lynnette Barnes, Elizabeth Linnell, Steven J Kean, Richard Shapiro, Eric Benson, Scott Bolton, Stephen D Burns, Vinio Floris, Michael GrimesCORPENRON, Jan Haizmann, Karen Huang, Barbara A Hueter, Kikumi Kishigami, Lara Leibman, Allison Navin, John Neslage, Sue Nord, Maurice Nunas, Mona L Petrochko, Marchris Robinson
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 -----Original Message-----
From:  djcustomclips@djinteractive.com@ENRON
[mailto:IMCEANOTES-djcustomclips+40djinteractive+2Ecom+40ENRON@ENRON.com]
Sent: Thursday, July 12, 2001 4:31 AM
To: 290742@mailman.enron.com
Subject: Cable Open Access: Ex-Gore Aide Simon Will Lobby for Enron.(Greg
Simon, hired by Enron    Corp ...

Ex-Gore Aide Simon Will Lobby for Enron.(Greg Simon, hired by Enron Corp. to
be lobbyist)(Brief Article)
TED HEARN

07/02/2001
Multichannel News
10
Copyright 2001 Gale Group Inc. All rights reserved. COPYRIGHT 2001 Cahners
Publishing Company
WASHINGTON -- Greg Simon, who spearheaded the cable open-access effort for
America Online Inc. after leaving the Clinton White House, has signed up to
lobby for Enron Corp., the Houston-based energy trading company with close
political ties to the Bush Administration.
Simon -- a top media and telecommunications adviser to former Vice President
Al Gore and founder of his own lobbying firm, called Simon Strategies --
filed a lobbying-registration form with the clerk of the House of
Representatives on June 18. He also registered Simon Strategies assistants
Kristan Van Hook and Ann Morton as Enron lobbyists.
On the form, Simon said he planned to lobby the White House, Congress, the
Commerce Department and the Federal Communications Commission "in furtherance
of national policies that support competitive access by content providers to
broadband communications networks."
Simon declined to discuss his Enron duties, except to say  he was lobbing for
the company directly, indicating that Enron was not joining Simon's OpenNet
coalition -- the group once funded by AOL to pressure the FCC and Congress to
impose open Internet access mandates on the cable industry.
"I am not registered to do [Enron's] press for them," Simon said in a phone
interview. "You have to talk to them about what they want to say to the
press. That's not what they want me to do unless they give me the go-ahead to
do that."
Enron is a $100 billion energy company with a broadband-services division.
The company signed a video-on-demand deal with Blockbuster Inc., which
collapsed in March with each side blaming the other for the venture's
failure.
Enron chairman Kenneth Lay is a longtime informal adviser to President Bush
on energy issues. He was one of 212 individuals who each raised $100,000 for
the Bush campaign, while Enron provided corporate jets for Bush campaign
officials, according to U.S. News and World Report.
Wendy L. Gramm, wife of Sen. Phil Gramm (R-Texas), is an Enron board
director, according to Enron's company Web site.
U


Message-ID: <4931756.1075844675340.JavaMail.evans@thyme>
Date: Wed, 27 Dec 2000 07:13:00 -0800 (PST)
From: sara.shackleton@enron.com
To: kimberly.r.scardino@us.arthuranderson.com
Subject: New Draft of Contract and Equity Forward Restructuring
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Sara Shackleton
X-To: kimberly.r.scardino@us.arthuranderson.com
X-cc:
X-bcc:
X-Folder: \Sara_Shackleton_Dec2000_June2001_2\Notes Folders\All documents
X-Origin: SHACKLETON-S
X-FileName: sshackle.nsf

This was received Friday evening.  Clint has not seen but we have been
discussing this morning.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 12/27/2000 03:16 PM -----

	Christine.Lee@ubsw.com
	12/22/2000 07:49 PM

		 To: sara.shackleton@enron.com, Clint.Freeland@enron.com, jeff.nogid@enron.com
		 cc: David.Kelly@ubsw.com, Michael.Collins@ubsw.com
		 Subject: New Draft of Contract and Equity Forward Restructuring

     Dear Sara, Clint and Jeff:

     David Kelly reviewed the contract I sent you last night and asked me
     to make the following additional changes:

     1)  In Registration Provisions, change in two places "this equity
     derivatives transaction" to read "this Transaction."

     2)  Move dividend adjustment language to the "Amendment of the Equity
     Definitions" section.

     3)  On page 14, I inserted the necessary ratcheting trigger language
     that I inadvertently deleted yesterday.

     The revised document is attached.

     As Jeff and I agreed today, we are going to restructure the floating
     rate forward so that it will be a fixed rate forward.  We will
     therefore use the same confirmation for both transactions.

     We will restructure the forward as of 12/26/00 using $73.6797 as the
     base price.  This price represents the forward price as of 12/12
     ($73.5941) plus interest up to 12/26 ($0.2107) less the dividend paid
     on 12/20 ($0.1251).

     The rate we will use to calculate the interest on the forward will be
     interpolated between 3 and 4 month LIBOR set on 12/26 plus 65 basis
     points.  The forward price will be reduced by the expected dividend of
     $0.125 per share paid around 3/20/01.

     The maturity of the forward will remain April 12, 2001.

     I will be on vacation next week but Mike Collins will be able to help
     you.  He can be reached at 203-719-8385.

     Happy Holidays to you all!

     Regards,
     Christine

 - MARKUP.DOC

Visit our website at http://www.ubswarburg.com

This message contains confidential information and is intended only
for the individual named.  If you are not the named addressee you
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Message-ID: <29640515.1075842129669.JavaMail.evans@thyme>
Date: Wed, 28 Jun 2000 05:33:00 -0700 (PDT)
From: carol.clair@enron.com
To: shutteej@epenergy.com
Subject: Re: EP-Enron ISDA Guaranty -f/u 6-28
Cc: susan.bailey@enron.com
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
Bcc: susan.bailey@enron.com
X-From: Carol St Clair
X-To: "Shuttee, John" <ShutteeJ@EPEnergy.com>@ENRON
X-cc: Susan Bailey
X-bcc:
X-Folder: \Carol_StClair_Dec2000_1\Notes Folders\Sent
X-Origin: STCLAIR-C
X-FileName: cstclai.nsf

John:
I received the form of Guaranty by fax and it looks fine.  After you have
filled in the blanks, please fax it either to me or Susan and in the mean
time Susan will be sending you execution sets of the docs.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com

	"Shuttee, John" <ShutteeJ@EPEnergy.com>
	06/28/2000 09:07 AM

		 To: "'Carol.St.Clair@enron.com'" <Carol.St.Clair@enron.com>
		 cc: "Shuttee, John" <ShutteeJ@EPEnergy.com>
		 Subject: EP-Enron ISDA Guaranty -f/u 6-28

Carol -

Two things:

* First, I will try to email this guaranty to you again, followed with
a fax.  Apparently both failed to go through yesterday.
* Second, I did some research and it turns out that our general
partner is El Paso Merchant Energy-Gas Company, and Cecelia Heilmann is an
officer authorized to sign for both this entity and the L.P..  So if you
want to alter the signature block reflecting this general partner, feel free
to do so.

Please let me know later this morning if you still did not get our Guaranty.

John

> -----Original Message-----
> From: Shuttee, John
> Sent: Tuesday, June 27, 2000 8:37 AM
> To: 'Carol.St.Clair@enron.com'
> Cc: Shuttee, John
> Subject: EP-Enron ISDA Guaranty
>
> Sorry, I thought I had.  Here it is.
>
> John
>
>  << File: EL  Guaranty 5-23 (Enron Form).doc >>
>
>  -----Original Message-----
>  From: Carol.St.Clair@enron.com [SMTP:Carol.St.Clair@enron.com]
>  Sent: Tuesday, June 27, 2000 8:18 AM
>  To: Shuttee, John
>  Subject: RE: Enron ISDA Final Draft 6-23
>
>
>  John:
>  Please send the Guaranty attachment.
>
>  Carol St. Clair
>  EB 3892
>  713-853-3989 (Phone)
>  713-646-3393 (Fax)
>  carol.st.clair@enron.com
>
>
>
>
>                      "Shuttee,
>
>                      John"                To:
> "'Carol.St.Clair@enron.com'" <Carol.St.Clair@enron.com>
>                      <ShutteeJ@EPE        cc:
>
>                      nergy.com>           Subject:     RE: Enron ISDA
> Final Draft 6-23
>
>
>                      06/26/2000
>
>                      03:32 PM
>
>
>
>
>
>
>
>
>
>  Carol,
>
>  Enclosed is our adjusted guaranty that we had previously altered to
> meet
>  your requirements (sorry I didn't send this initially). Please see
> if this
>  is good for you.
>
>  John
>
>  PS:  Where is "receipt" you discussed below?  Page 1 of which
> document?
>   <<Enron Guarantee Format - 5-23.doc>>
>
>  > -----Original Message-----
>  > From:   Carol.St.Clair@enron.com [SMTP:Carol.St.Clair@enron.com]
>  > Sent:   Monday, June 26, 2000 1:03 PM
>  > To:     Shuttee, John
>  > Subject:     Re: Enron ISDA Final Draft 6-23
>  >
>  >
>  > John:
>  > The Schedules look fine.  Just one minor chnage which I can maker.
> In
>  the
>  > form of LC, I'm deleting the words "Rider 1" at the bottm and in
> the last
>  > paragrpah of page 1, chnagung the word "receipts" to "receipt".
> We will
>  > generate and send to you execution sets.  With respect to the
> Guaranty,
>  we
>  > would prefer that you sue the fopm which I sent to you a few weeks
> ago.
>  > Here it is.  This form is our updated form and matches up with the
> Enron
>  > Guaarnty that we are giving you.
>  > (See attached file: EL  Guaranty 5-23 (Enron Form).doc)
>  >
>  > Carol St. Clair
>  > EB 3892
>  > 713-853-3989 (Phone)
>  > 713-646-3393 (Fax)
>  > carol.st.clair@enron.com
>  >
>  >
>  >
>  >
>  >                     "Shuttee,
>  >
>  >                     John"


Message-ID: <20296261.1075860348853.JavaMail.evans@thyme>
Date: Tue, 27 Mar 2001 04:25:00 -0800 (PST)
From: issuealert@scientech.com
Subject: Two Coal Plants Announced In the Past Two Weeks
Mime-Version: 1.0
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Content-Transfer-Encoding: quoted-printable
X-From: "SCIENTECH IssueAlert" <IssueAlert@scientech.com>
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Today's IssueAlert Sponsors:=20

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y,=20
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ng=20
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=20

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natural-gas-fired generation to meet our growing energy needs is coming to =
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prices, but even these prices would have been considered high just twelve=
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constituting 95 percent of our nation's fossil energy reserves.  Coal price=
s=20
have actually dropped for utility deliveries over the past several years=20
according to EIA statistics.  In 1994, coal prices averaged $28.03/short-to=
n=20
($1.37/MMbtu) compared to $24.68/short-ton ($1.21/MMbtu) for second quarter=
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.=20
generation production, few plants have recently been built because of the=
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ow=20
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actually declined by 2.1 percent which was primarily attributable to a larg=
e=20
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on=20
for power generation.=20

But brighter days may lie ahead for the coal industry.  New, so-called=20
"clean-coal" technologies are bein

20

The improvement of power generation efficiency will be one of the most


Message-ID: <19746016.1075855069349.JavaMail.evans@thyme>
Date: Fri, 26 Oct 2001 16:56:18 -0700 (PDT)
From: moneyadm2@timeinc.net
To: sivy@listserv.pathfinder.com
Subject: Sivy on Stocks: Parts for planes
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
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X-From: Sivy on Stocks <moneyadm2@TIMEINC.NET>
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X-cc:
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X-Folder: \PKEAVEY (Non-Privileged)\Deleted Items
X-Origin: Keavey-P
X-FileName: PKEAVEY (Non-Privileged).pst

SIVY ON STOCKS from CNNmoney.com
October 26, 2001

******************[ A D V E R T I S E M E N T ]****************
QUICK! If you won $25,000 CASH what would be on your "Best Of"
list? Keep thinking because here's a chance to try to win the
$25,000 Grand Prize. BONUS: See what else has been selected
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Parts for planes

Honeywell and United Technologies are key subcontractors for the biggest
defense project ever.

By Michael Sivy

NEW YORK (CNNmoney) - After the market closed on Friday, the Defense
Department announced the winner of the largest military project in history
-- the $200 billion Joint Strike Fighter. This plane will be a mainstay for
three branches of the U.S. armed forces as well as the U.K.'s navy and air
force.

Lockheed-Martin was the big winner -- but it wasn't the only one. Boeing,
which also had bid on the project, will likely make parts of the plane. And
a host of other defense companies stand to benefit from subcontracting
deals. United Technologies is virtually a sure thing, since that company's
Pratt & Whitney division was set to provide engines for both the Lockheed
and the Boeing proposals. Honeywell is also expected to be a major
subcontractor.

Both Honeywell and United Technologies look like irresistible buying
opportunities for contrarian investors with a time horizon beyond three
years or so. The stocks got clobbered after Sept. 11 because both companies
make important components used on commercial aircraft. With airlines
reeling from the drop-off in travel, the near-term outlook for that market
is dim.

 From a longer-term perspective, however, demand for aircraft engines and
subassemblies should be just dandy. Even before the war on terrorism, U.S.
military spending was slated to rise over the next few years. And after the
twin towers fell, another $20 billion was added to the budget for the
current fiscal year.

It's also important to realize that the commercial market won't stay
depressed for more than a couple of years. Reporting its biggest loss ever
on Wednesday, American Airlines' parent AMR said that it had cut back
flights by 20 percent and that it was postponing 29 of the 45 new plane
deliveries scheduled for 2002. Air travel will eventually recover, however,
and planes do wear out. That means that delayed deliveries do have to be
made up within two or three years.

United Technologies (UTX: up $2.54 to $57.01, Research, Estimates) gets 36
percent of its earnings from Pratt & Whitney engines and 18 percent from
Sikorsky helicopters and aircraft control systems. The rest comes from
air-conditioning and elevators. Although the stock price has rebounded from
its lows, it's still down 14 percent from its Sept. 10 close. At a current
$57 a share, the stock is trading at less than 16 times next year's
earnings, which are projected to be down slightly from this year's results.
Over the next five years, however, earnings growth could average as much as
15 percent annually.

Honeywell's (HON: up $1.00 to $30.00, Research, Estimates) outlook is much
the same, although the stock is also reeling from the aftershocks of its
failed merger with General Electric. After the deal was stopped by European
regulators, the stock dropped from $50 to $35. It fell again to $24 after
Sept. 11 before rebounding somewhat.

CEO Michael Bonsignore left Hon


Message-ID: <26422210.1075852894465.JavaMail.evans@thyme>
Date: Thu, 23 Aug 2001 10:46:19 -0700 (PDT)
From: kimberly.watson@enron.com
To: jan.moore@enron.com
Subject: RE: Negotiated Rate Deal for August
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Watson, Kimberly </O=ENRON/OU=NA/CN=RECIPIENTS/CN=KWATSON>
X-To: Moore, Jan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Jmoore3>
X-cc:
X-bcc:
X-Folder: \KWATSON (Non-Privileged)\Watson, Kimberly\Sent Items
X-Origin: Watson-K
X-FileName: KWATSON (Non-Privileged).pst

Jan,

Thank you for keeping this up to date!  Kim.

-----Original Message-----
From: Moore, Jan
Sent: Tuesday, August 21, 2001 4:27 PM
To: Watson, Kimberly
Subject: FW: Negotiated Rate Deal for August

FYI.  Received the following message from Cheri.  Looks like we are in agreement through the 20th.

Jan

-----Original Message-----
From: Cheri Weyman [mailto:cweyman@astraoil.com]
Sent: Tuesday, August 21, 2001 3:56 PM
To: Moore, Jan
Subject: RE: Negotiated Rate Deal for August

Jan, sorry it took me so long to get back to you but we match exactly
through the 20th.  There are no discrepancies at all!  Yeah!

-----Original Message-----
From: Moore, Jan [mailto:Jan.Moore@ENRON.com]
Sent: Tuesday, August 21, 2001 12:48 PM
To: cweyman@astraoil.com
Cc: Watson, Kimberly
Subject: Negotiated Rate Deal for August

Hi Cheri.

Attached is the spreadsheet for the negotiated rate deal between Astra
and TW through August 20th.  Please review and let me know if you find
any discrepancies.

 <<Astra_August.xls>>

Jan Moore
Enron Transportation Services
713-345-3858
jan.moore@enron.com

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at enron.messaging.administration@enron.com and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************


Message-ID: <29721440.1075852180619.JavaMail.evans@thyme>
Date: Thu, 25 Oct 2001 21:13:24 -0700 (PDT)
From: no.address@enron.com
Subject: Upcoming Wellness Activities
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
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X-From: Wellness@ENRON
X-To: All Enron Downtown@ENRON <??SAll Enron Downtown@ENRON>
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X-Folder: \DSCHOOL (Non-Privileged)\Schoolcraft, Darrell\Deleted Items
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CPR and First Aid Certification
CPR and First Aid certification is being offered on Thursday, November 15, 2001, from 1:30 p.m. - 5:30 p.m. in the Body Shop, Studio B.  Cost is $10 for employees and EDS; $40 for contractors.  To register or for more information contact mailto:wellness@enron.com.  Registration deadline is Monday, November 12.

Mammogram Screening
The M. D. Anderson Mobile Mammography van will be at Enron November 12-16, 2001, from 8 a.m. - 4 p.m.  Cost is $25 for Enron employees, spouses, retirees and EDS; $85 for Contractors.  Payment must be made by check or money order ONLY, payable to Enron Corp., and is due at time of service.   NO CASH WILL BE ACCEPTED.  Appointments can be made by calling 713-745-4000. For more information about M. D. Anderson's mobile mammography program:   http://www.mdanderson.org/Departments/MobileMamm/dIndex.cfm?pn=29C87A2E-B66A-11D4-80FB00508B603A14.

Please consider adding an extra $1 to the mammogram cost for The Rose.  The Rose is a non-profit organization that provides mammograms to women without access to medical insurance.  http://www.the-rose.org/.  Other inquiries can be directed to:  mailto:wellness@enron.com.


Message-ID: <8360226.1075843117342.JavaMail.evans@thyme>
Date: Tue, 3 Oct 2000 23:30:00 -0700 (PDT)
From: venturewire@venturewire.com
To: jdasovic@enron.com
Subject: VentureWire, Wednesday, October 4, 2000
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Technologic Partners <venturewire@venturewire.com>
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X-cc:
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======================================================
VENTUREWIRE --- Wednesday, October 4, 2000
======================================================
Private Company Business News
------ Published Daily by Technologic Partners -------
http://technologicpartners.com
======================================================

Top Stories:

o Optical System Developer Maple Has Over $50 Million Series B
o Beauty ASP Makeover Networks Names Former Revlon Exec CEO
o Silicon Valley Bank Launches First Direct Investment Fund
o Latin Portal SportsYA! Cuts 25% of Staff, Raises $10 Million
o Ex-Arthur Andersen Partner Joins ECOutlook as President/COO
o Gameplay.com Buys Pixel Broadband Studios for $50 Million

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Also in This Issue:

New Money:
o CRM Firm Allmystuff Raises $10 Million in Series A
o Entertainment Site SRSwowcast Raises $6 Million Series A
o B2B Service Firm for Music Industry Adds $5 Million Seed
o Dais and SmallHill Merge to Form Quivox; Raise First Round
o Edge Technologies Receives $3.8 Million Private Placement
o Entertainment App Firm Starlight Gets $750,000 in Series A
o Newtek Capital Takes 50% of Starphire in Round One Funding
o $25 Million for Excess Consumer Goods B2B RetailExchange.com
o E-Commerce Firm Aimed at Latin America Fiera Sells 13% Stake
o Silicon Access Raises $56 Million in Third Round
o Wireless Access Firm BridgeWave Gets $26.5 Million Series C
o WaveSplitter Technologies Completes $51 Million F Round
o CRM Vendor Respond UK Gets $5.9 Million from Interregnum, 3i
o Educational Tools Firm Co-nect Gets $7 Million, New CEO
o Shopping Site MyOnlyCatalog.com Gets $8 Million Round Three
o E-Business Security Firm Solsoft Raises $9 Million
o Job Fair Company MyJobs.com Gets $1.54 Million Interim Funds
o Amadeus Invests $2.6 Million in LeatherXchange
o Lycos Invests in Media Software Company Wonderhorse.com
o Protege Adds $5 Million From Sal. Oppenheim jr. & CIE
o Tellme Networks Confirms $125 Million Funding

New Products:
o GNAC Changes Name To Certainty Solutions, Names New CEO
o Interpersonal Communication Tech Provider Commtag Founded
o Travel Writer's Web Site Travel Intelligence Launches

M&A:
o Sensory To Acquire Speech Technology Firm Fluent
o ShareMax Acquires Freight Forwarding Firm CargoStream
o U.K.-Based Easi to Buy Canadian Travel Firm Coventus
o Xilinx Acquires Fabless Semiconductor Firm RocketChips

New Directors:
o Voice Over Broadband Provider Woodwind Adds Three To Board
o Cyota Taps Former Citigroup Exec as Chairman of the Board
o Former Schwab Exec Joins Board of Finance Site Pure Markets
o InstallShield Exec Joins Board of ASP Firm Thinter.net

New People:
o Event Planning Software Maker Certain Names CEO, President
o Ex-PRWT ComServ Exec Joins Braxtel as Chairman and CEO
o Interstar Tech Names Ex-Omtool Exec as President and CEO
o NetScaler Names Exodus Co-Fou


Message-ID: <556562.1075853122591.JavaMail.evans@thyme>
Date: Sun, 28 Oct 2001 15:50:39 -0800 (PST)
From: specs@wineisit.com
To: michelle.cash@enron.com
Subject: GREAT SAVINGS FROM Spec's Wines, Spirits & Finer Foods!
Mime-Version: 1.0
Content-Type: text/plain; charset=ANSI_X3.4-1968
Content-Transfer-Encoding: 7bit
X-From: "WINEISIT" <specs@wineisit.com>@ENRON
X-To: Cash, Michelle </O=ENRON/OU=NA/CN=RECIPIENTS/CN=MCASH>
X-cc:
X-bcc:
X-Folder: \MCASH (Non-Privileged)\Cash, Michelle\Deleted Items
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<title>WineISIT.com - Member E-mail</title>

Store
Member:
Spec's Wines, Spirits & Finer Foods


Message-ID: <3731723.1075848120649.JavaMail.evans@thyme>
Date: Fri, 15 Dec 2000 07:33:00 -0800 (PST)
From: richard.sanders@enron.com
To: steven.kean@enron.com, mark.palmer@enron.com
Subject: Request to DOJ Investigation to Undertake CA Investigation
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Richard B Sanders
X-To: Steven J Kean, Mark S Palmer
X-cc:
X-bcc:
X-Folder: \Steven_Kean_June2001_4\Notes Folders\Discussion threads
X-Origin: KEAN-S
X-FileName: skean.nsf

----- Forwarded by Richard B Sanders/HOU/ECT on 12/15/2000 03:36 PM -----

	"JOHN G KLAUBERG" <JKLAUBER@LLGM.COM>
	12/15/2000 03:07 PM

		 To: Mark.E.Haedicke@enron.com, Mike_D_Smith@enron.com,
Richard.B.Sanders@enron.com, vsharp@enron.com
		 cc:
		 Subject: Request to DOJ Investigation to Undertake CA Investigation

FYI re: DOJ/CA Situation.  I'm not sure what to make of this in light of the
upcoming change in the Administration, but I thought you would want to be
aware of it.  Also, although the focus appears to be generators, I would
assume that if DOJ elected to go forward andy investigation would be likely
to expand to include major marketers.  John

Friday December 15, 1:03 pm Eastern Time
Justice Dept Asked to Probe Power Crisis
WASHINGTON (Reuters) - U.S. Attorney General Janet Reno has been asked to
investigate whether possible collusion and other illegal activities among
power generators are behind the huge jump in California's electricity and
natural gas prices.

``We are concerned that market power is being abused by generators in the
electricity market to inflate prices and gouge consumers,'' California
Democratic U.S. Sen. Barbara Boxer and California State Senate President Pro
Tempore John Burton said in a letter to Reno late on Thursday.

``We request that the Department of Justice investigate potential collusion
and any other unlawful acts by generators in the electricity market,'' they
added.

They noted in the letter that one-fourth of the state's generating plants --
representing 11,000 megawatts of power -- were shut down last weekend,
allegedly for repairs or routine maintenance, when California citizens faced
rolling blackouts.

``Some have suggested that one reason for plant shutdowns is that in some
cases companies are selling natural gas they would otherwise use to operate
their plants at exorbitant prices on the natural gas market,'' they said.

If true, Boxer and Burton said it would explain some of the electricity
shortage problems and raise concern about irregular activity in the natural
gas market.

In a related action, they sent letters to power company executives asking
them to explain why their firms shut down generators while California faced
power shortages.

Wholesale electricity prices in the state have soared as high as $1,400 per
megawatt hour.

Boxer and Burton admitted time is running out for Reno to take action since a
new attorney general will take the helm of the Justice Department when
Republican George W. Bush assumes the presidency in late January.

``However, this crisis in upon us now,'' they said. ``I hope you will take
immediate steps to address this matter, thereby setting a strong example of
leadership for the new attorney general to follow.''

"This e-mail, including attachments, contains information that is
confidential and it may be protected by the attorney/client or other
privileges.  This e-mail, including attachments, constitutes non-public
information intended to be conveyed only to the designated recipient(s).  If
you are not an intended recipient, please delete this e-mail, including
attachments and notify me by return mail, e-mail or by phone at 212
424-8125.  The unauthorized use, dissemination, distribution or reproduction
of the e-mail, including attachments, is prohibited and may be unlawful.

John Klauberg
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
212 424-8125
jklauber@llgm.com

Steven J Kean, Mark S Palmer
Richard B Sanders


Message-ID: <2886813.1075845187374.JavaMail.evans@thyme>
Date: Tue, 5 Jun 2001 17:19:58 -0700 (PDT)
From: continental_airlines_inc_060501@airmail.continental.com
To: pkeavey@ect.enron.com
Subject: ONEPASS MEMBER CO.O.L. TRAVEL SPECIALS FOR peter keavey
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Continental Airlines Inc <Continental_Airlines_Inc_060501@airmail.continental.com>@ENRON <IMCEANOTES-Continental+20Airlines+20Inc+20+3CContinental+5FAirlines+5FInc+5F060501+40airmail+2Econtinental+2Ecom+3E+40ENRON@ENRON.com>
X-To: pkeavey@ect.enron.com
X-cc:
X-bcc:
X-Folder: \Keavey, Peter F.\Keavey, Peter F.\Inbox
X-Origin: KEAVEY-P
X-FileName: Keavey, Peter F..pst

ONEPASS MEMBER CO.O.L. TRAVEL SPECIALS
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5037126 in the Contract
89 per day in California and GST


Message-ID: <5932947.1075853277200.JavaMail.evans@thyme>
Date: Wed, 25 Apr 2001 00:20:00 -0700 (PDT)
From: richard.sanders@enron.com
To: hao@quinnemanuel.com, kb@quinnemanuel.com
Subject: Revised inverse condemnation complaint
Mime-Version: 1.0
Content-Type: text/plain; charset=ANSI_X3.4-1968
Content-Transfer-Encoding: 7bit
X-From: Richard B Sanders
X-To: hao@quinnemanuel.com, kb@quinnemanuel.com
X-cc:
X-bcc:
X-Folder: \Richard_Sanders_Oct2001\Notes Folders\Sent
X-Origin: Sanders-R
X-FileName: rsanders.nsf

----- Forwarded by Richard B Sanders/HOU/ECT on 04/25/2001 07:20 AM -----

	"Cregan, Nora" <ncregan@mdbe.com>
	04/01/2001 05:43 PM

		 To: "Sanders, Richard" <richard.b.sanders@enron.com>, "'mcohen@ggfcmk.com'"
<mcohen@ggfcmk.com>, "'ghenken@ggfcmk.com'" <ghenken@ggfcmk.com>,
"'rcarroll@bracepatt.com'" <rcarroll@bracepatt.com>, "Lubic, Michael"
<MLubic@mdbe.com>, "Burns, David A. Esq." <David.Burns@bakerbotts.com>
		 cc: "Jines, Michael" <mike-jines@reliantenergy.com>, "Sheryl Gussett
(E-mail)" <Sheryl.gussett@reliantenergy.com>, "Pickett, Donn"
<dpickett@mdbe.com>, "Houlihan, Terry" <thoulihan@mdbe.com>, "Morrissey,
John" <JMorrissey@mdbe.com>, "McManus, Randy" <rmcmanus@bakerbotts.com>
		 Subject: Revised inverse condemnation complaint

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http://www.mccutchen.com

Attached for your comments is a revised complaint in inverse condemnation,
with the PX and Reliant as plaintiffs.? I am sending it separately to Susan
Rossi, in-house counsel for the PX.? Since our last conference call we've
discussed the various forums and pending actions with FERC counsel for
Reliant and Enron. My understanding is that the PX wants us to act and will
cooperate with us.?

Marc, I haven't circulated this to the whole group because I wanted to go
through you.? What is the appropriate next step?? A call with the
decisionmakers on this issue so that we can make a plan to move forward?? Can
we do that Monday or Tuesday?

I've set out Reliant's conclusions here.?

1. There is no forum other than California state court in which we can get
compensation for the commandeered contracts because of the Eleventh Amendment
issue.

2. Filing the inverse condemnation action is not inconsistent with the FERC
proceeding in Tucson Electric.

3. Filing the inverse condemnation action is not inconsistent with Duke v.
Davis or with any other proceeding anyone may want to bring alleging that the
commandeering itself was illegal (e.g. on preemption grounds).

4.? As we discussed, nobody (including PG&E and SCE) wants the Board of
Control to be deciding anything if we can avoid it.? We would suggest going
along with the PX's suggestion that the bankruptcy court should be staying
the Board of Control action because of the interventions of SCE and PG&E, who
are taking the position that the compensation should go to them.? Then, we
can go forward with the inverse condemnation action in state court (we picked
LA as the forum because LA residents are less affected by the energy crisis
than most others in the state, and because it's convenient). If PG&E and SCE
are permitted to intervene in the state court action, we can stipulate to
relief from stay so that it can go forward.? This way, the Board of Control
is effectively stayed while the state court action goes forward.

5.? Richard Sanders expressed the very real concern that we don't want SCE
and PG&E's defenses to liquidat


Message-ID: <9826067.1075848152800.JavaMail.evans@thyme>
Date: Wed, 21 Mar 2001 02:26:00 -0800 (PST)
From: susan.mara@enron.com
To: alan.comnes@enron.com, angela.schwarz@enron.com, beverly.aden@enron.com,
	bill.votaw@enron.com, brenda.barreda@enron.com,
	carol.moffett@enron.com, cathy.corbin@enron.com,
	chris.foster@enron.com, christina.liscano@enron.com,
	christopher.calger@enron.com, craig.sutter@enron.com,
	dan.leff@enron.com, debora.whitehead@enron.com,
	dennis.benevides@enron.com, don.black@enron.com,
	douglas.huth@enron.com, edward.sacks@enron.com,
	eric.melvin@enron.com, erika.dupre@enron.com, evan.hughes@enron.com,
	fran.deltoro@enron.com, gayle.muench@enron.com,
	ginger.dernehl@enron.com, gordon.savage@enron.com,
	harold.buchanan@enron.com, harry.kingerski@enron.com,
	iris.waser@enron.com, james.steffes@enron.com, james.lewis@enron.com,
	james.wright@enron.com, jeff.messina@enron.com,
	jeremy.blachman@enron.com, jess.hewitt@enron.com,
	joe.hartsoe@enron.com, karen.denne@enron.com, kathy.bass@enron.com,
	kathy.dodgen@enron.com, ken.gustafson@enron.com,
	kevin.hughes@enron.com, leasa.lopez@enron.com,
	leticia.botello@enron.com, mark.muller@enron.com,
	marsha.suggs@enron.com, marty.sunde@enron.com,
	meredith.eggleston@enron.com, michael.etringer@enron.com,
	michael.mann@enron.com, michelle.cisneros@enron.com,
	mpalmer@enron.com, neil.bresnan@enron.com, neil.hong@enron.com,
	paul.kaufman@enron.com, richard.zdunkewicz@enron.com,
	richard.leibert@enron.com, richard.shapiro@enron.com,
	rita.hennessy@enron.com, robert.badeer@enron.com,
	rosalinda.tijerina@enron.com, sandra.mccubbin@enron.com,
	sarah.novosel@enron.com, scott.gahn@enron.com,
	scott.stoness@enron.com, sharon.dick@enron.com, skean@enron.com,
	susan.mara@enron.com, tanya.leslie@enron.com, tasha.lair@enron.com,
	ted.murphy@enron.com, terri.greenlee@enron.com, tim.belden@enron.com,
	tony.spruiell@enron.com, vicki.sharp@enron.com,
	vladimir.gorny@enron.com, wanda.curry@enron.com,
	william.bradford@enron.com, jubran.whalan@enron.com,
	triley@enron.com, richard.sanders@enron.com,
	robert.williams@enron.com, dwatkiss@bracepatt.com,
	rcarroll@bracepatt.com, donna.fulton@enron.com, gfergus@brobeck.com,
	kathryn.corbally@enron.com, bruno.gaillard@enron.com,
	linda.robertson@enron.com, ren@enron.com, lazure@enron.com,
	michael.tribolet@enron.com, phillip.allen@enron.com,
	christian.yoder@enron.com, jklauber@llgm.com,
	tamara.johnson@enron.com, mary.hain@enron.com, greg.wolfe@enron.com,
	jeff.dasovich@enron.com, dirk.vanulden@enron.com,
	steve.walker@enron.com, james.wright@enron.com, mike.smith@enron.com,
	richard.shapiro@enron.com, leslie.lawner@enron.com,
	robert.neustaedter@enron.com, steve.walton@enron.com,
	psmith3@enron.com, mjackso7@enron.com, janel.guerrero@enron.com,
	mark.fillinger@enron.com, jennifer.rudolph@enron.com,
	martin.wenzel@enron.com, wgang@enron.com, joseph.alamo@enron.com,
	tracy.ngo@enron.com
Subject: Great Sacramento Bee Editorial Today -- CA Gray-Outs
Mime-Version: 1.0
Content-Type: text/plain; charset=ANSI_X3.4-1968
Content-Transfer-Encoding: quoted-printable
X-From: Susan J Mara
X-To: Alan Comnes, Angela Schwarz, Beverly Aden, Bill Votaw, Brenda Barreda, Carol Moffett, Cathy Corbin, Chris H Foster, Christina Liscano, Christopher F Calger, Craig H Sutter, Dan Leff, Debora Whitehead, Dennis Benevides, Don Black, Douglas Huth, Edward Sacks, Eric Melvin, Erika Dupre, Evan Hughes, Fran Deltoro, Gayle W Muench, Ginger Dernehl, Gordon Savage, Harold G Buchanan, Harry Kingerski, Iris Waser, James D Steffes, James W Lewis, James Wright, Jeff Messina, Jeremy Blachman, Jess Hewitt, Joe Hartsoe, Karen Denne, Kathy Bass, Kathy Dodgen, Ken Gustafson, Kevin Hughes, Leasa Lopez, Leticia Botello, Mark S Muller, Marsha Suggs, Marty Sunde, Meredith M Eggleston, Michael Etringer, Michael Mann, Michelle D Cisneros, mpalmer@enron.com, Neil Bresnan, Neil Hong, Paul Kaufman, Richard L Zdunkewicz, Richard Leibert, Richard

Alan Comnes, Angela Schwarz, Beverly Aden, Bill Votaw, Brenda Barreda, Carol Moffett, Cathy Corbin, Chris H Foster, Christina Liscano, Christopher F Calger, Craig H Sutter, Dan Leff, Debora Whitehead, Dennis Benevides, Don Black, Douglas Huth, Edward Sacks, Eric Melvin, Erika Dupre, Evan Hughes, Fran Deltoro, Gayle W Muench, Ginger Dernehl, Gordon Savage, Harold G Buchanan, Harry Kingerski, Iris Waser, James D Steffes, James W Lewis, James Wright, Jeff Messina, Jeremy Blachman, Jess Hewitt, Joe Hartsoe, Karen Denne, Kathy Bass, Kathy Dodgen, Ken Gustafson, Kevin Hughes, Leasa Lopez, Leticia Botello, Mark S Muller, Marsha Suggs, Marty Sunde, Meredith M Eggleston, Michael Etringer, Michael Mann, Michelle D Cisneros, mpalmer@enron.com, Neil Bresnan, Neil Hong, Paul Kaufman, Richard L Zdunkewicz, Richard Leibert, Richard Shapiro, Rita Hennessy, Robert Badeer, Rosalinda Tijerina, Sandra McCubbin, Sarah Novosel, Scott Gahn, Scott Stoness, Sharon Dick, skean@enron.com, Susan J Mara, Tanya Leslie, Tasha Lair, Ted Murphy, Terri Greenlee, Tim Belden, Tony Spruiell, Vicki Sharp, Vladimir Gorny, Wanda Curry, William S Bradford, Jubran Whalan, triley@enron.com, Richard B Sanders, Robert C Williams, dwatkiss@bracepatt.com, rcarroll@bracepatt.com, Donna Fulton, gfergus@brobeck.com, Kathryn Corbally, Bruno Gaillard, Linda Robertson, Ren, Lazure, Michael Tribolet, Phillip K Allen, Christian Yoder, jklauber@llgm.com, Tamara Johnson, Mary Hain, Greg Wolfe, Jeff Dasovich, Dirk vanUlden, Steve Walker, James Wright, Mike D Smith, Richard Shapiro, Leslie Lawner, Robert Neustaedter, Steve Walton, psmith3@enron.com, mjackso7@enron.com, Janel Guerrero, Mark Fillinger, Jennifer Rudolph, Martin Wenzel, wgang@enron.com, Joseph Alamo, Tracy Ngo

20
mistake that the governor and Legislature should correct