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Shijie, A note: in both cases makes a reservation explicitly at a DOWNTOWN hotel. There are hotels with the same names elsewhere in Houston. Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/30/2000 02:44 PM --------------------------- Shirley Crenshaw 06/30/2000 02:25 PM To: Shijie Deng <[email protected]> @ ENRON cc: (bcc: Vince J Kaminski/HOU/ECT) Subject: Re: Visit to Houston and Vince Kaminski's Research Group Shijie: I spoke with Vince and he said Friday the 28th of July would be fine for your visit to Enron. Please let me know your itinerary when you have it confirmed. There are two hotels downtown Houston, The Doubletree and the Hyatt Regency that are very close to the Enron Bldg. If you need help with anything, please let me know. Look forward to having you at Enron. Regards, Shirley Crenshaw Shijie Deng <[email protected]> on 06/30/2000 10:15:43 AM To: Shirley Crenshaw <[email protected]> cc: Subject: Re: Visit to Houston and Vince Kaminski's Research Group Shirley, Thank you for your message. I'm fine with 7/28 (Friday). I could fly in to Houston early evening on 7/27. Please let me know after you confirm the date with Vince. Thanks! Shijie Shi-Jie Deng Assistant Professor School of ISyE Georgia Institute of Technology Office Phone: (404) 894-6519 E-mail: [email protected] Home page: http://www.isye.gatech.edu/~deng On Fri, 30 Jun 2000, Shirley Crenshaw wrote: > > > Good morning Professor Deng: > > I am Vince Kaminski's assistant and he has asked me to coordinate your > visit to Enron. The last week in July would be best for Vince and his group. > especially the 24th, 26th, 27th, or 28th. Tuesday, the 25th is already filling > up. Please let me know which day would work for you. > > Best regards, > > Shirley Crenshaw > Administrative Coordinator > Enron Corp. Research Group > 713/853-5290 > email: Shirley.Crenshaw.com > > > > > > >

OK, it's settled. We will NOT turn in the case this Monday. Good call, Dylan. Best, Jeff Dylan Windham <[email protected]> 02/10/2001 02:53 PM To: [email protected] cc: [email protected], [email protected], [email protected], [email protected] Subject: Re: DuPont Jeff: We are not scheduled to turn this in and I don't think it will help at all with grading. I have looked at the case but frankly I have to work both days this weekend and probably will not have a lot of time to contribute. But if the group decides we want to pursue this I will help all I can. Dylan At 12:34 PM 2/9/2001 -0600, [email protected] wrote: >Hey gang: >I think that we should do the case. I'm willing to help draft, and willing >to take a first crack at putting some bullets together about the direction >I think the memo ought to take and distribute that by about 5 PM tomorrow. >Though it would be good for other folks to do same and then we could >compare notes. Makes sense? Thoughts? Suggestions? > >Best, >Jeff

FYI ---------------------- Forwarded by Karen Marshall/HOU/ECT on 01/18/2001 03:07 PM --------------------------- "Angela Dorsey" <[email protected]> on 01/18/2001 02:53:59 PM To: <[email protected]> cc: Subject: RE: URGENT DEADLINE: RSVP by JAN 22nd: Invitation to 2001 Energy FinanceConference Feb. 22-23, 2001- The University of Texas at Austin Karen, Thanks for the extra support in getting the word out. I've had a couple RSVP's from Enron. Sincerely, Angela -----Original Message----- From: [email protected] [mailto:[email protected]] Sent: Wednesday, January 17, 2001 7:59 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]; [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: [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; Angela Dorsey Subject: URGENT DEADLINE: RSVP by JAN 22nd: Invitation to 2001 Energy FinanceConference 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" <[email protected]> on 01/10/2001 03:06:18 PM To: "Angela Dorsey" <[email protected]> cc: "Ehud Ronn" <[email protected]>, "Sheridan Titman (E-mail)" <[email protected]> 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 (CEFER): Happy New Year! Hope you all had a wonderful holiday season. On behalf of the University of Texas Finance Department and CEFER, we would like to cordially invite you to attend our: 2001 Energy Finance Conference Austin, Texas February 22 - 23, 2001 Hosted by the University of Texas Finance Department Center for Energy Finance Education and Research Dr. Ehud I. Ronn and Dr. Sheridan Titman are currently in the process of finalizing the details of the conference agenda. We have listed the agenda outline below to assist you in your travel planning. Each conference session will be composed of a panel discussion between 3 - 4 guest speakers on the designated topic. As supporters of the Center for Energy Finance Education and Research, representatives of our trustee corporations (Enron, El Paso, Reliant, Conoco, and Southern) will have the $500 conference fee waived. The conference package includes Thursday evening's cocktails & dinner and hotel/UT shuttle service, as well as Friday's conference meals, session materials and shuttle service. Travel to Austin and hotel reservations are each participant's responsibility. A limited number of hotel rooms are being tentatively held at the Radisson Hotel on Town Lake under the group name "University of Texas Finance Department" for the nights of Thursday, 2/22/01 and Friday, 2/23/01 (the latter evening for those who choose to stay in Austin after the Conference's conclusion). To guarantee room reservations, you will need to contact the Radisson Hotel at (512) 478-9611 no later than Monday, January 22nd, and make your reservations with a credit card. Please let me know when you have made those arrangements so that I can make sure the Radisson gives you the special room rate of $129/night. Please RSVP your interest in attending this conference NO LATER THAN JANUARY 22nd to [email protected], or (512) 232-7386, as seating availability is limited. Please feel free to extend this invitation to your colleagues who might be interested in attending this Conference. Center for Energy Finance Education and Research PROGRAM OF THE 2001 ENERGY FINANCE CONFERENCE February 22 - 23, 2001 Thursday, Feb 22: 3:00 p.m. Reserved rooms at the Radisson Hotel available for check-in 5:30 p.m. Bus will pick up guests at the Radisson for transport to UT Club* 6:00 p.m. Cocktails, UT Club 9th Floor 7:00 p.m. Dinner, UT Club 8:00 p.m. Keynote Speaker 9:00 p.m. Bus will transport guests back to hotel Friday, Feb 23: 7:45 a.m. Bus will pick up at the Radisson for transport to UT 8:30 a.m. Session 1 - REAL OPTIONS Panelists: Jim Dyer, UT (Chair) Sheridan Titman, UT John McCormack, Stern Stewart & Co. 10:00 a.m. Coffee Break 10:15 a.m. Session 2 - DEREGULATION Panelists: David Eaton, UT (Chair) David Spence, UT Jeff Sandefer, Sandefer Capital Partners/UT Peter Nance, Teknecon Energy Risk Advisors 11:45 a.m. Catered Lunch & Keynote Speaker 1:30 p.m. Guest Tour - EDS Financial Trading & Technology Center 2:00 p.m. Session 3 - RISK MANAGEMENT Panelists: Keith Brown, UT (Chair) Vince Kaminski, Enron Alexander Eydeland, Southern Co. Ehud I. Ronn, UT 3:30 p.m. Snack Break 3:45 p.m. Session 4 - GLOBALIZATION OF THE ENERGY BUSINESS Panelists: Laura Starks, UT (Chair) Bob Goldman, Conoco Ray Hill, Southern Co. 5:15 p.m. Wrap-Up 5:30 p.m. Bus picks up for transport to airport/dinner 6:30 p.m. Working dinner for senior officers of Energy Finance Center Trustees *We have made arrangements to provide shuttle service between the Radisson hotel and UT during the conference. However, if you choose to stay at an alternative hotel, then transportation to conference events will become your responsibility. ************** Angela Dorsey Assistant Director Center for Energy Finance Education & Research The University of Texas at Austin Department of Finance, CBA 6.222 Austin, TX 78712 [email protected] **************

Linda, Sylvia, I need you to set up the Transco contracts as outlined below. As agent for CES unless specified otherwise, Firmness = Firm, Service Type = Transportation-Release K# K Type Rate Term Comment 1.1703 TRANSP FT-R 1 month then evergreen ENA's .7537 contract 2.1439 TRANSP FTL-R 1 month then evergreen ENA's 2.2390 contract, we need to create new Rate Sched 2.7425 TRANSP FTS-R 1 month then evergreen Special z4 to z4 contract. ENA does not have one like this. 2.7423 TRANSP FTCH-R 1 month then evergreen ENA's 2.7055, also used for z4 to z4 2.7479 Storage WSR 1 month then evergreen Washington Storage. 2.7502 Storage ESR 1 month then evergreen Eminence Storage 2.1432 TRANSP FT-R 1 month then evergreen As agent for CEM. ENA's .7537 contract. We will be billed commodity on the 4 contracts listed above. We will be billed demand on the contracts listed below. 3.3053 CAPACI FT-R 1/1/00 - 1/31/00 schedule on 1.1703 3.3096 CAPACI FT-R 1/1/00 - 1/31/00 schedule on 1.1703 3.3039 CAPACI FT-R 1/1/00- 1/31/00 schedule on 1.1703 3.3109 CAPACI FTS-R 1/1/00 - 1/31/00 schedule on 2.7425 3.3085 CAPACI FTCH-R 1/1/00 - 1/31/00 schedule on 2.7423 3.3114 Storage ESR 1/1/00 - 1/31/00 schedule on 2.7502 3.3115 Storage WSR 1/1/00 - 1/31/00 schedule on 2.7479 2.4899 CAPACI FTL-R 1/1/00 - 5/31/08 schedule on 2.1439 2.7160 CAPACI FTL-R 1/1/00 - 5/31/08 schedule on 2.1439 2.8607 CAPACI FTL-R 1/1/00 - 5/31/08 schedule on 2.1439 3.3014 CAPACI FT-R 1/1/00 - 1/31/00 schedule on 1.1703 3.3022 CAPACI FT-R 1/1/00 - 1/31/00 CEM capacity. schedule on 2.1432 I'm sure I made a few typo's. thanks

WHAT IS THE CROSS STREET ON RICHMOND??

This morning I had a conversation with the management of Irving Pulp & Paper, Limited. They have asked us to review the executed Master Agreement, put in place for pulp and paper hedging, for possible energy commodity trading. The original contract was assigned to ENA from ECC. Could someone please prepare an amendment per the following request: currency = USD MAC = for Irving it should be unilateral Independant Amount = for Irving it should be $500M. Also can we include LC: IMDC/TOR/S/313954, issued by the Bank of Montreal for $1,080,000, expiring Jul 31, 2001 as an additional amount. This trade was provided as a specific term of an individual trade. I have tried to pull both of the individual confirmations outstanding but I have had no luck. Trade numbers of these deals are: ns1968 and n09878. Contact and Address Information: Mark Bettle Irving Pulp & Paper Limited 300 Union Street St. Johns, New Brunswick E2L 4M3 Let me know if I can be of any futher assistance. thanks brant

This request has been pending your approval for 36 days. Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000057285&Page=Approval to review and act upon this request. Request ID : 000000000057285 Request Create Date : 8/30/01 5:59:30 PM Requested For : [email protected] Resource Name : Market Data Kobra Basic Energy Resource Type : Applications

Sara Firstly, thanks for the message. I am indeed the right person for ISDA's in Vitol. I did meet with your credit people in London ( David Hardy and Lee Munden) and we did discuss the idea of replacing the existing agreement. I am at present in our office in Rotterdam, but will be back in Geneva tomorrow. I therefore do not have the existing agreement with me, but I seem to remember that it is just signed with Vitol SA Inc, which is the US branch office of the main trading company in the Vitol Group, Vitol SA, which is a Swiss company registered in Geneva. I would suggest that you send us a proposal for an ISDA agreement with Vitol SA, set up as a multibranch company about to trade out of its Geneva and Houston office, and with Vitol Holding BV (the ultimate parent company of the group) as the credit support provider. I would hope that once we have agreed terms for the basic schedule and credit support annex, we can then easily add other Vitol or Enron companies as appropriate. Regards, David David Fransen Vitol SA Geneva Tel : 00-41-22-322-1111 ********************************************************************** 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 sender. ********************************************************************** -----Original Message----- From: Sara Shackleton [mailto:[email protected]] Sent: 31 May 2000 15:20 To: [email protected] Subject: Undeliverable: Master Agreement (financial) between Enron North A merica Corp. ( "ENA") and Vitol S.A. ("Vitol") ----- Forwarded by Sara Shackleton/HOU/ECT on 05/31/2000 08:19 AM ----- |--------+-----------------------> | | System | | | Administrator| | | <postmaster@V| | | itol.com> | | | | | | 05/30/2000 | | | 11:31 AM | | | | |--------+-----------------------> >--------------------------------------------------------------------------- -| | | | To: [email protected] | | cc: | | Subject: Undeliverable: Master Agreement (financial) between | | Enron North A merica Corp. ( "ENA") and Vitol S.A. ("Vitol") | >--------------------------------------------------------------------------- -| Your message To: [email protected] Cc: Tanya Rohauer Subject: Master Agreement (financial) between Enron North America Corp. ( "ENA") and Vitol S.A. ("Vitol") Sent: Tue, 30 May 2000 17:27:07 +0100 did not reach the following recipient(s): [email protected] on Tue, 30 May 2000 17:31:42 +0100 The recipient name is not recognized The MTS-ID of the original message is: c=US;a= ;p=Vitol;l=LDN0040005301631L7L87HSX MSEXCH:IMS:Vitol:LONDON:LDN004 0 (000C05A6) Unknown Recipient Message-ID: <[email protected]> From: Sara Shackleton <[email protected]> To: [email protected] Cc: Tanya Rohauer <[email protected]> Subject: Master Agreement (financial) between Enron North America Corp. ( "ENA") and Vitol S.A. ("Vitol") Date: Tue, 30 May 2000 17:27:07 +0100 Return-Receipt-To: Sara Shackleton <[email protected]> MIME-Version: 1.0 X-Mailer: Internet Mail Service (5.5.2650.21) X-MS-Embedded-Report: Content-Type: text/plain; charset="iso-8859-1" I am a derivatives lawyer with ENA in Houston and obtained your name through one of my traders who is transacting with Jay Carr in Houston (please see attached message below). When I spoke with Jay earlier this month, I asked him for the name of a lawyer but was advised that all Vitol lawyers were in New York and that he would pass my message along to a lawyer. I am assuming that you are the trading lawyer who can assist me with negotiating an ISDA Master Agreement between our respective companies. If not, please let me know and feel free to pass this message on to the appropriate attorney. On April 12, 1995, Enron Capital & Trade Resources Corp., predecessor in title to ENA, and Vitol S.A., Inc. entered into a Master Agreement which is one of ENA's early energy price swap agreements. Since our companies are currently trading weather derivatives, I think you would agree that it would be prudent to supersede the existing agreement with an ISDA Master Agreement. This relates to my conversation with Jay in that we confirmed our weather deals under the existing master but incorporated the 1991 and 1993 ISDA definitions into the confirms of our weather trades. Please let me hear from you. You can reach me via email, phone (713/853-5620) or fax (713/646-3490). ----- Forwarded by Sara Shackleton/HOU/ECT on 05/30/2000 11:14 AM ----- |--------+-----------------------> | | Sara | | | Shackleton | | | | | | 05/05/2000 | | | 11:47 AM | | | | |--------+-----------------------> >--------------------------------------------------------------------------- -| | | | To: [email protected] | | cc: | | Subject: Master Agreement (financial) between Enron North America| | Corp. ("Enron") and Vitol S.A. | >--------------------------------------------------------------------------- -| Jay: I am a lawyer with Enron. I called for you on Friday, you're out, and no one else could help. I would like to speak with a Vitol lawyer about (1) replacing our existing financial master with an ISDA (to accommodate a broader range of products) and (2) specifically incorporating the relevant ISDA definitions into the recent weather transaction confirmations even though the master is an early master energy price swap agreement. Please call me at 713 853-5620 with the information so that we can move quickly. Thank you for your help. Sara

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Poland-Norway Gas Deal Might Hit Mkt Liberalization Dow Jones Energy Service, 04/27/01 Peoples Energy Reports Second Quarter Results Reaffirms Fiscal 2001 Estimate PR Newswire, 04/27/01 Report: Enron official given authority to end power project in India Associated Press Newswires, 04/27/01 State employees' retirement funds benefitting from power crisis Associated Press Newswires, 04/27/01 DHABOL BOARD EMPOWERED TO END POWER CONTRACT WITH INDIAN STATE Asia Pulse, 04/27/01 NO ADVERSE FALLOUT TO COME FROM ENRON DECISION: INDIAN MINISTER Asia Pulse, 04/27/01 India: Starving oneself to stuff others? Business Line, 04/27/01 HEADING The Times of India News Service, 04/27/01 Success of state bandh isolate BJP The Times of India, 04/27/01 Additional power for Delhi promises Prabhu The Times of India, 04/27/01 Enron ready to pull out, but lenders say wait The Times of India, 04/27/01 India's single largest foreign investor threatens to pull out Agence France-Presse, 04/27/01 Indian Utility Pays $28 Million March Bill To Enron The New York Times, 04/27/01 DAILY BRIEFING The Atlanta Constitution, 04/27/01 Business Brief -- Enron Corp.: Sale of Utility Subsidiary To Sierra Pacific Is Canceled The Wall Street Journal, 04/27/01 Indian State to Pay Enron for March Supply Asian Wall Street Journal, 04/27/01 Colombia Suspends Isagen Sale Pending Court Ruling, Papers Say Bloomberg, 04/27/01 Poland-Norway Gas Deal Might Hit Mkt Liberalization By Joe Harper Of DOW JONES NEWSWIRES 04/27/2001 Dow Jones Energy Service (Copyright (c) 2001, Dow Jones & Company, Inc.) WARSAW -(Dow Jones)- Poland will limit its chances of developing a flexible and diversified gas market if the government goes ahead with a long-awaited gas import deal with Norwegian and Danish companies, said a participant at the Power in Poland conference in Warsaw this week. "Entering into long-term guaranteed take-or-pay contracts with Norwegian and Danish partners would result in the incumbent contract holders having an incentive to delay domestic gas market liberalization at any cost," said Jarek Astramowicz, president of Enron Poland, the Polish unit of the U.S.'s Enron Corp. (ENE). The incumbent contract holder - Poland's gas monopoly Polskie Gornictwo Naftowe i Gazownictwo (R.PGN), or PGNiG - said recently it will sign a long-term, guaranteed take-or-pay contract with Norway's state oil company Statoil AS (Y.DNS) and Danish state-owned oil and gas utility DONG in May. The three parties are negotiating a trade deal that could see between five and eight billion cubic meters (bcm) a year exported from Norway and Denmark to Poland by 2007. According to Polish press reports Statoil reportedly wants financial guarantees from the Polish government before signing any sales agreement with PGNiG. The Norwegians also said they need to sell at least eight bcm of gas a year to Poland to make the project financially viable, while the Polish side has said it wants to import only 5 bcm a year. PGNiG president Andrzej Lipko said this week PGNiG and Statoil were "negotiating intensively," but didn't say when a deal might be signed. Astramowicz said the deal would reduce the Polish side's room for maneuver in future gas importation and corner Poland into accepting gas at higher prices than it could find on E.U. markets when the Polish and E.U. grids are fully interconnected. Enron, like other traders, operates best in markets where there is greater liquidity, and the Norway deal would dry up considerable amounts of potential liquidity. Astramowicz added that the Polish market would be oversupplied if the deal goes ahead, pushing up end-user prices. And it's the projected increases in demand for gas in Poland over the next 10 years that presents the major problem. Barbara Litak-Zarebska, Deputy Treasury Minister, said this week gas demand projections were largely based on an expected rapid shift from coal-powered to gas-powered electricity generation in Poland. Poland's Economy Ministry estimates the country's current annual gas consumption at 10.5bcm-11 bcm, and expects this total to reach 18.4 bcm by 2010, including 6.1 bcm to be consumed by the newly constructed, gas fired power plants. Astramowicz said this projection was too high, claiming the power sector was likely to take only 2.5bcm-3.5 bcm by 2010. "Furthermore, power generated from gas cannot compete with power generated by coal-fired power plants in price terms. Therefore, this source of increase in gas demand will not materialize in the near future," he said. As an alternative to the Norway deal Astramowicz pointed to western European gas trading hubs already offering flexible gas supply contracts with terms of up to ten years. "For example, competitively priced gas supplies based on the contracts executed in Zeebrugge (Belgium) or Emden (Germany) are already reaching customers in eastern Germany today and, as Polish gas consumption grows, could easily be used to source any additional gas supplies needed for customers in Poland," said Astramowicz. He also pointed to potential import price advantages from the E.U. He said gas imported from the E.U. would cost about $135/1000cm, against a price on the current Yamal contract of $120/1000cm and a Norwegian gas price (including the estimated transmission charge to the Polish border of $20/1000cm), of $150/1000cm. PGNiG's Lipko said that imported Russian gas prices would not be $30 cheaper than Norwegian supplies once a pipeline linking the two countries had been built. By Joe Harper, Dow Jones Newswires; 48-22 622-2766; [email protected] Peoples Energy Reports Second Quarter Results Reaffirms Fiscal 2001 Estimate 04/27/2001 PR Newswire (Copyright (c) 2001, PR Newswire) CHICAGO, April 27 /PRNewswire/ -- Peoples Energy (NYSE: PGL) reported today that its second quarter earnings for the three month period ended March 31, 2001 were $62.5 million, or $1.77 per share, up from $57.4 million, or $1.62 per share for the same period a year ago. For the most recent six month period, earnings were $98.8 million or $2.80 per share, compared to $87.0 million, or $2.45 per share for the same period last year. Quarterly and fiscal year-to-date results were positively impacted by weather that was colder than the prior year periods by 19% and 23%, respectively, offset by the negative impact of gas prices that were at record levels. The combined effect of these two factors is reflected in current accounts receivable balances, which are significantly higher than a year ago. The company has implemented several flexible payment programs and is actively pursuing collection of past due amounts. "We are pleased with the results from our gas distribution business despite challenging circumstances and with the continuing growth from our diversified business segments," said Richard E. Terry, chairman and chief executive officer. "We are reaffirming our earlier fiscal 2001 earnings estimate of $3.05 to $3.15 per share, assuming normal weather and planned utility performance for the rest of the year. The South Texas oil and gas property acquisition that we announced today will add $.10 to $.15 per share to that projection." Peoples Energy reported second quarter and fiscal year-to-date results for its primary business segments: Gas Distribution. Operating income was $101.6 million for the second quarter and $180.0 million for the six month period, as compared to $98.9 million and $156.3 million, respectively, in the prior year. The increases were mainly due to colder weather, reduced depreciation expense, and the positive effects of pension benefit accounting, offset by increases in the provision for uncollectible accounts and customer conservation resulting from higher gas costs in the current periods. Power Generation. Operating income and equity investment income grew to $5.6 million and $6.0 million for the current quarter and fiscal year-to-date periods compared with $572,000 and $3.9 million, respectively, in the previous fiscal year. These increases of $5.0 million and $2.1 million, respectively, are primarily due to a gain on the liquidation of financial hedges associated with Elwood's gas supply requirements and increased capacity revenues during the second quarter, offset in part by higher gas costs in both current periods. Effective March 1, 2001, the power sales contracts on the Phase I Elwood units were restructured as tolling agreements. Midstream Services. Operating income and equity investment income was $5.0 million and $10.6 million for the current quarter and six month periods, compared to $5.8 million and $8.1 million, respectively in the year-ago comparable periods. Results in the current periods were positively impacted by equity income from our enovate partnership with Enron, offset by lower operating income from hub and peaking activities. Operating income from wholesale activities benefited in the prior periods from a nonrecurring pipeline construction project. Retail Energy Services. Operating income in the second quarter grew to $2.2 million, an increase of $2.3 million over the year-ago period. Fiscal year-to-date results reflect an increase of $1.9 million over the prior period loss of $1.6 million. The current periods benefited from increased gas and electric margins, partially offset by higher operating expenses related to growth. Both current periods also benefited from a one-time change in inventory accounting methods. Oil and Gas Production. Operating income and equity investment income was $2.8 million and $6.6 million for the current three and six month periods, up from $1.7 million and $2.7 million, respectively, in last year's comparable periods. These increases were primarily due to the impact of reserve acquisitions subsequent to the year-ago periods, positive results from drilling programs and higher sales prices on production volumes. The most recent six month period reflects increased equity income from our EnerVest partnership. In addition to the above business segment operating results, net income for the current periods reflect higher financing costs resulting from long-term debt issued to fund diversified growth and short-term debt incurred for utility working capital needs, offset by lower interest on utility long-term debt due to prior-year refinancing. The current six month period reflects the mark-to-market pricing of unrealized liabilities for stock appreciation rights granted to certain employees under the company's long-term incentive compensation plan. Peoples Energy is a diversified energy company comprised of five primary business segments: Gas Distribution, Power Generation, Midstream Services, Retail Energy Services, and Oil and Gas Production. The Gas Distribution business serves about 1 million retail customers in Chicago and northeastern Illinois. Visit the Peoples Energy web site at PeoplesEnergy.com . Forward-Looking Information. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, such as expectations of development and growth arising out of the company's diversified energy businesses. Actual results could differ materially from such expectations because of many uncertainties, including, but not limited to: the company's success in identifying diversified energy opportunities on financially acceptable terms and generating earnings within a reasonable time; adverse resolution of material litigation; developments in the company's utility subsidiaries' mercury inspection and remediation program; general U.S. and Illinois economic conditions; business and competitive conditions resulting from deregulation and consolidation of the energy industry; the timing and extent of changes in energy commodity prices and interest rates; and regulatory developments in the U.S., Illinois and other states where Peoples Energy has business activities. Some of the uncertainties that may affect future results are discussed in more detail under "Item 1 - Business" of Peoples Energy's Form 10-K for the year ended September 30, 2000. All forward-looking statements included in this press release are based upon information presently available, and Peoples Energy assumes no obligation to update any forward-looking statements. PEOPLES ENERGY CORPORATION FINANCIAL HIGHLIGHTS (Unaudited) Three Months Ended March 31, 2001 2000 Total Operating Revenues $1,073,789,000 $525,248,000 Operating Income $102,370,000 $102,254,000 Equity Investment Income $11,006,000 $1,972,000 Net Income $62,491,000 $57,428,000 Earnings Per Share $1.77 $1.62 Diluted Earnings Per Share $1.76 $1.62 Basic Average Shares Outstanding 35,388,000 35,510,000 Dilutive Average Shares Outstanding 35,450,000 35,511,000 Six Months Ended March 31, 2001 2000 Total Operating Revenues $1,790,771,000 $937,146,000 Operating Income $173,000,000 $155,928,000 Equity Investment Income $15,804,000 $6,050,000 Net Income $98,848,000 $86,999,000 Earnings Per Share $2.80 $2.45 Diluted Earnings Per Share $2.79 $2.45 Basic Average Shares Outstanding 35,363,000 35,512,000 Dilutive Average Shares Outstanding 35,414,000 35,517,000 MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X86138293 /CONTACT: Luis Diaz-Perez, 312-240-4567, or Mary Ann Wall, Investor Relations, 312-240-7534, both of Peoples Energy/ 07:00 EDT Report: Enron official given authority to end power project in India By RAMOLA TALWAR BADAM Associated Press Writer 04/27/2001 Associated Press Newswires Copyright 2001. The Associated Press. All Rights Reserved. BOMBAY, India (AP) - A top official of U.S. energy giant Enron Corp. was authorized to issue a termination notice to pull out of a controversial power project in western India, the largest foreign investment in the country, a newspaper reported Friday. The board of the Dabhol Power Company, the Indian subsidiary of Enron, met in London on Wednesday and authorized the company's managing director to issue a preliminary notice to terminate the project, billed as the world's largest natural gas fired power plant, The Times of India reported. "The board has given powers to the management to issue the pre-termination notice. But the meeting unanimously felt the need of the hour was not to terminate the project but to initiate a re-negotiation process," Vinay Bansal, chairman of the Maharashtra State Electricity Board, was quoted as saying by the newspaper. Enron officials have refused comment. The notice is the first of three steps that could end in the abandonment of the dlrs 3 billion project. A six-month reconciliation period would follow any move by the Dabhol Power Company to issue the termination notice, Bansal said. Indian lenders, present at a meeting with foreign financial institutions in London earlier this week, have said they favor renegotiation. The project has been in trouble since December when the Maharashtra state government, where the Dabhol project is located, said the tariff was exorbitant and demanded a new price agreement. The state power utility said it could not pay Dabhol's monthly electricity dues, which prompted the company to invoke a federal guarantee in February. This was the first time in India that a federal guarantee was invoked. As part of the 1995 agreement between the company and the state government, the federal government has to pay in case of a state default. But before the federal government stepped in, the state government paid dlrs17 million in outstanding bills. Since then, the state power utility has confirmed that all pending bills have been paid. But a dispute over payment of dlrs 48 million for December and January bills is pending. Several political parties had earlier demanded the project be scrapped, since the costs had increased from 1.8 rupees (four cents) per unit agreed six years ago for electricity generated by the 740-megawatt naphtha plant, to 7 rupees (15 cents). Enron has maintained that work will be completed by year-end on the 1,444 megawatt liquified natural gas plant. Houston, Texas-based Enron has a 65 percent stake in Dabhol Power, and is the project's largest shareholder. Other shareholders include the Maharashtra State Electricity Board with 15 percent and General Electric Co. and Bechtel Enterprises with 10 percent each. (rtb, nnm, kgo) State employees' retirement funds benefitting from power crisis 04/27/2001 Associated Press Newswires Copyright 2001. The Associated Press. All Rights Reserved. OAKLAND (AP) - Dozens of state legislators, more than a million state workers - and even Gov. Gray Davis may be indirectly profitting from California's power woes. Calpers, the state retirement and pension system, has more than a billion dollars invested in power generators. KTVU reports Calpers holds more than $250 million of Enron stock, almost $153 million of Duke Energy, $90 million of El Paso Energy and $62 million in Reliant Energy. The governor and other lawmakers have threatened to investigate power producers for gouging California consumers. Many energy producers have been reporting record profits during the power crisis. Jim Knox, of California Common Cause, said Calpers should look at divesting its stock if the companies are profiting at the expense of California consumers. "I assume their Enron and Reliant stock has done quite well in the last couple of years, but it has done well at the expense of California consumers," he said. But Pat Macht, a Calpers spokeswoman, says if Calpers were to divest of every stock that had a critic, it would be impossible to manage. Senator Don Perata (D-Oakland) agreed with Macht. "We have been through this before - and it is a very complicated thing," he said. "But for us to divest of all the energy stocks, I mean, we would be using candles." In the past, Calpers has divested from South African and tobacco stocks. Macht said the decision was a purely financial one and that Calpers is so large it has investments in every sector - not just energy. It is important to point out that there is no direct conflict of interest for the governor or for any legislature, KTVU reports. When they eventually retire, those officials' monthly payments from the state will be "doled out" according to a pre-set formula. (KTVU, San Francisco Bay Area) DHABOL BOARD EMPOWERED TO END POWER CONTRACT WITH INDIAN STATE 04/27/2001 Asia Pulse (c) Copyright 2001 Asia Pulse PTE Ltd. LONDON, April 27 Asia Pulse - The management of Enron's Indian affiliate, the Dhabol Power Company, has been empowered by the board to sever the power supply agreeement with the Maharastra State Electricity Board, a move that could inflict a financial liability of about Rs 2.84 billion (US$6.06 million) on the Indian government. A decision to authorise DPC President Neil McGregor to issue a termination notice to MSEB for sale of power was taken by the Board at its meeting here yesterday by a vote of six to one after Maharastra government representatives were prevented from voting on ground of 'interested party'. Dubbed as 'unfortunate' by the Maharashtra Chief Minister, Vilasrao Deshmukh, the decision was the culmination of the bitter fight between the US energy giant Enron and the state government over price of power from the US$3 billion project, the first one to get the federal government's counter guarantee. (PTI) 27-04 1940 NO ADVERSE FALLOUT TO COME FROM ENRON DECISION: INDIAN MINISTER 04/27/2001 Asia Pulse (c) Copyright 2001 Asia Pulse PTE Ltd. NEW DELHI, April 27 Asia Pulse - The Indian government wore a brave face on Thursday, following the Enron promoted Dhabhol Power Company (DPC) board's decision to empower management to terminate an agreement with the Maharashta State Electricity Board. Federal power minister Suresh Prabhu said there would not be any adverse effect on foreign investment within the country's power sector a a result of the decision. Following an Economic Affairs meeting, Prabhu said "We are expecting cooperation from many Scandivian countries as well as European nations in the power sector." On Tuesday, the board of DPC, in which Enron has a 65 per cent stake, decided to take the step after a bitter feud with the state government over a payment issue. (PTI) 27-04 1803 India: Starving oneself to stuff others? 04/27/2001 Business Line (The Hindu) Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) - Asia Intelligence Wire NEW DELHI, April 26. THE Food Corporation of India (FCI) has identified 10 locations for creation of 20 lakh tonnes (l.t.) bulk storage capacity on build-own-operate (BOO) basis by the private sector. These include establishing godowns/silos of three l.t. capacity each in Nabha, Barnala and Moga in Punjab and Sirsa and Kaithal in Haryana and one l.t. each in Hooghly, Chennai, Coimbatore, Bangalore and Mumbai. Besides, FCI has invited 'expression of interest' for the construction of conventional godowns of 1,000 to 20,000 tonnes capacity each through the BOO route. In this case, it is proposed to build nearly six l.t. of aggregate capacity in around 80 locations all over the country. Private parties investing in these facilities would store and maintain foodgrains procured by FCI, for which they will be paid storage costs. Under the National Policy on Handling, Storage and Transportation of Foodgrain, notified on July 4, 2000, FCI will 'guarantee' utilisation of these facilities up to 100 per cent for the first 10 years and 75 per cent for the next 10 years. Further, the 2001-02 Budget has granted a five-year tax holiday and 30 per cent deduction of profits for the next five years to "enterprises engaged in the integrated business of handling, transportation and storage of foodgrains." The policy also provides for deduction of 40 per cent of profits derived by institutions financing these projects - prompting the likes of ICICI and IDFC to enter the fray and offer their advisory and funding 'expertise' in the area. The move to involve the private sector in the creation as well as operation of storage facilities on FCI's behalf has been defended mainly on two counts. Firstly, it would tackle the Government's spiralling food subsidy problem through reduction in grain handling and operating costs - something that FCI cannot achieve on its own. Secondly, there is a massive dearth of storage capacity with Government agencies, which neither have the resources to make fresh investments. To address the first point, one needs to consider the real cost dimensions involved. Conservative estimates are that private investors would incur a cost of roughly Rs 15,000 per tonne for constructing bulk silos. Thus, creation of 20 l.t. storage capacity entails investments of Rs 3,000 crore. Assuming a 1:1 debt-equity ratio, the annual interest outgo on investment would come to at least Rs 1,000 per tonne. The investor also has to spend on labour, fumigation, storage, interest on grain, turnover of stocks, etc., - all of which adds to another Rs 1,500 per tonne. Besides, annual maintenance costs are reckoned at about Rs 500 per tonne. If over and above this, investors are to be given a 'decent' 15 per cent return on equity, FCI would have to fork out nothing less than Rs 4,000 per tonne for sub-contracting its storage operations to private parties. And on 20 l.t. capacity, the annual outgo works out to about Rs 800 crore. Compare this to FCI's own current annual 'carrying cost' of Rs 2,300 per tonne for its grains. In 2000-01, FCI held about 200 l.t. of buffer stocks over and above the normative requirement, on which it incurred carrying costs (interest plus storage) of nearly Rs 5,000 crore. In the proposed regime, it would end up coughing over one-sixth of these sums for a tenth of the capacity! That raises the issue of inadequate storage capacity with Government agencies. According to the Ministry of Consumer Affairs and Public Distribution's latest Annual Report, storage capacity with FCI as on December 31, 2000 stood at 30.06 million tonnes, of which covered godowns accounted for 22.70 m.t. and CAP (Cover and Plinth) 7.36 m.t.. The Central Warehousing Corporation (CWC) had eight m.t. capacity, of which covered godowns comprised seven m.t.. The aggregate storage capacity of CWC's 16 associate State Warehousing Corporations came to another 14 m.t., including 13 m.t. of covered godowns. If one adds to this the estimated 17 m.t. of capacities available with State Governments, the public sector has almost 70 m.t. of storage capacity, which is more than sufficient to cater to the existing 46 m.t. of foodgrain stocks in the Central pool. And contrary to general belief, the proportion of crude CAP structures, which are ostensibly vulnerable to rodent attack and moisture ingress, is hardly 20 per cent. That the pronouncements of public godowns bursting at their seams are somewhat exaggerated is also borne by the fact that CWC godowns today operate at around 80 per cent of their capacity. On the other hand, the Government is committed to ensuring 100 per cent capacity utilisation for bulk storage capacity built by private agencies, including leading grain handling entities from Australia and Canada. Whether this would lead to a 'mini-Enron' situation - remains to be seen. Harish Damodaran HEADING The Times of India News Service 04/27/2001 The Times of India Copyright (C) 2001 The Times of India; Source: World Reporter (TM) Crucial meeting of DF allies on Enron issue postponed Mr Deshmukh is heading the group demanding a judicial inquiry into the first and second phases of the Enron power project. He is supported by the Peasants and Workers Party, the Janata Dal (secular), the Samajwadi Party and the CPM. This group of smaller parties of the Democratic Front have already told chief minister Vilasrao Deshmukh that they would reconsider their support to the ruling front unless a judicial probe is ordered on the lines of Srikrishna Commission. Mr Deshmmukh has requested the group not to take any hasty decision. Prof Gopal Dukhande, spokesperson of the Janata Dal (secular) told this newspaper that the group had not given up its main demand to order a judicial probe into the way the Power Purchase Agreements (PPAs) were singed with Enron. He said the group would meet on May 2 to take into considerations all the developments taking place regarding the Enron power project. The official coordination committee of the DF government is also scheduled to meet at the state guest house, Sahyadri, on the same day. N.D. Patil of the PWP, who is the convener of the DF coordination committee, is also opposed to renegotiations and wants the government to appoint an inquiry commission. ``We are opposed to the way the PPAs were signed with Enron ignoring the interests of the state. The inquiry commission will bring out the truth,'' a senior minister said. ``Even if Enron now wants to withdraw from the project, we should not let it go without investigating the matter,'' he added. Meanwhile union finance minister Yashwant Sinha has agreed to depute a high-level representative of the Union government to represent finance, power, petroleum, and other union government agencies on the renegotiation team. These departments will set up their own internal coordination committee to review the situation from time to time and guide the renegotiation team to be set up by the Maharashtra government. Success of state bandh isolates BJP 04/27/2001 The Times of India Copyright (C) 2001 The Times of India; Source: World Reporter (TM) MUMBAI: The state unit of the Bharatiya Janata Party (BJP) finds itself politically isolated following the Maharashtra bandh on Wednesday. The protest was jointly organised by the Shiv Sena, an ally of the BJP, the left parties and several trade union organisations. Even a section of the Congress backed the bandh. The bandh was specifically targeted at the BJP, which heads the National Democratic Alliance (NDA) at the Centre. Even though the Sena is a part of the NDA, it seems to have cleverly sensed the mood of the people, which is clearly against the economic policies of the Centre, and joined hands with the left and democratic parties to organise the bandh. A BJP office-bearer said, ``The Sena finds the ground slipping from under its feet, and hence it is indulging in gimmicks like sponsoring bandhs.'' However, Sena leader Uddhav Thackeray said, ``We have, unambiguously, demonstrated that we are on the side of the workers, farmers and the middle class. We have prioritised our commitments and our first priority is to the people and not to cabinet berths.'' Sources in the Sena said the party does not want to be punished by the people during elections for the blunders made by the BJP. ``The deleterious effects of globalisation are there for everyone to see. Thousands of looms have fallen silent because of textile imports; apples and chocolates from New Zealand and Switzerland and toys, chemicals and dyes from China and Taiwan are edging out Indian products in local markets. Not only workers, even middle-class employees are being fired by their employers. Are we to mutely watch the crushing of thousands of families under the wheels of the globalisation juggernaut,'' asked a Sena leader. Interestingly, many in the BJP concur with this viewpoint, but are afraid to speak out lest they are accused of violating the party discipline. In private, BJP activists are extremely critical of the Vajpayee government's ``non-response'' to the torture and killing of 16 jawans of the Border Security Force by Bangladesh Rifles. ``Our foreign minister Jaswant Singh personally escorts top Pakistani terrorist Maulana Masood Azhar from a jail to Afghanistan and sets him free. Mr Vajpayee, unilaterally, declares a ceasefire in Kashmir. And, now he does nothing when our jawans are killed by a small nation like Bangladesh,'' a senior BJP leader observed. Senior leader of the Vishwa Hindu Parishad (VHP) Ashok Singhal, who was in the city recently, openly stated that the Vajpayee government has come to a standstill. However, party spokesperson Atul Bhatkhalkar said, ``We do not want to do anything that will complicate the situation for Bangladeshi prime minister Hasina Wajed, who is pro-India. People should appreciate the ground realities.'' Meanwhile, the Enron issue is likely to emerge as a test of the recent unity between the Sena and parties of the left. The controversial power project of the U.S. MNC was endorsed by the Sena when it, along with the BJP, was in power in the state. But the left parties want the project to be scrapped. Sena chief Bal Thackeray has gone on record stating that his government was under pressure from the U.S. to sign the accord with Enron. With Enron in a confrontationist mode vis-a-vis the state and Central governments, the Sena's response is being keenly watched in political circles here. Additional power for Delhi promises Prabhu A Staff Reporter 04/27/2001 The Times of India Copyright (C) 2001 The Times of India; Source: World Reporter (TM) NEW DELHI: Union power minister Suresh Prabhu on Thursday assured chief minister Sheila Dikshit that the Capital would be provided an additional 150 MW of electricity starting first week of May. Dikshit met Prabhu to apprise him of the power situation in the Capital. She told Prabhu that the city was facing a power deficit of about 300 MW and desperately needed an additional supply to meet the increasing demand. The Centre promised that the additional power would be made available from the Eastern Grid. Dikshit told Prabhu that the Delhi government was negotiating with the Chhatisgarh government to buy 100 MW. She said the Delhi government was facing severe problem in getting power from Himachal Pradesh Electricity Board due to reduction in the power generation in the state. The government is now contemplating talks with West Bengal to purchase power. Dikshit said her government was negotiating a deal with Enron, but was reluctant to buy electricity due to the high tariff quoted by the company. Dikshit said additional power was also expected from the three units at Dadri, Badarpur and Raj Ghat power stations which would be become functional by May 10. Besides Dikshit, Delhi power minister Narendra Nath and principal secretary power Ashok Pradhan and Delhi Vidyut Board chairman Jagdish Sagar were also present. Enron ready to pull out, but lenders say wait Business Times Bureau 04/27/2001 The Times of India Copyright (C) 2001 The Times of India; Source: World Reporter (TM) MUMBAI: The Dabhol Power Company board, which met on Wednesday in London, authorised the company management to issue a termination notice to the Maharashtra State Electricity Board. The company, however, may not pull out of the project yet, considering its lenders, who met on Monday, opposed such a move and favoured renegotiations. Sources present during both the meetings said that though foreign lenders supported Enron on the termination issue, domestic financial institutions, led by the Industrial Development Bank of India, prevailed over the deliberations to oppose any such drastic move. Enron needs the lenders' consent to file a pre-termination notice for pulling out from the project. The decision to empower DPC chief Wade Cline to issue a termination notice was taken with six votes in favour against a single IDBI vote against such a move. Another significant development during the entire proceedings was that the financial institutions made it clear that further funding of Phase II of the project will depend on the Government of India assuring payment mechanisms. Institutions are yet to disburse about 30 per cent of the sanctioned package, which is crucial for completing the Phase II expansion project. ``The board has given powers to Wade Cline to issue a pre-termination notice. But the meeting quite unanimously felt the need of the hour is not to terminate the project but to initiate serious re-negotiation proceedings,'' said MSEB Chairman Vinay Bansal, who attended the board meeting. ``MSEB presented their views to the board members and it was understood by Enron which also included the Rs 401 crore penalty issue which is heading for arbitration proceedings. ``We have also made it clear that the tariff structure of Enron is quite high and a downward revision of tariffs is unavoidable," Bansal added. ``They cannot issue a termination notice without our consent since our exposure in the project is quite large and the lenders should approve any plans in that direction,'' said a top banker who was present during the lenders' meet. ``There is a general consensus that the project must be completed and the proposal to terminate the PPA should be kept in abeyance,'' he added. The global arrangers for the DPC include ANZ Investment Bank, Credit Suisse First Boston, ABN-AMRO, Citibank and the State Bank of India, where all these parties conducted separate meetings with the company officials. However, some bankers said the company can file a termination notice even if one lender with a minimum 5 per cent exposure on the project favours such proceedings. Meanwhile, in a clear reversal of roles, Maharashtra Chief Minister Vilasrao Deshmukh said that the state government was not keen on terminating the PPA. ``We will ask them to refrain from taking any such harsh steps since that would be bad news for all of us, including DPC,'' Deshmukh said. Deshmukh was echoing Union Power Minister Suresh Prabhu's sentiments, who said that the government wanted an amicable settlement of the payment row. He, however, added that termination of the project would not hurt foreign investments, and dismissed warnings by analysts that winding up the $2.9 billion project would be a blow to India's efforts to woo foreign investors. The DPC has already slapped one conciliation notice on the Centre and three arbitration notices on the state government over non-payment of dues amounting to Rs 213 crore and interest towards the bills due for December 2000 and January 2001. Meanwhile, MSEB officials said in Mumbai that the March bills amounting to Rs 134 crore was paid on Thursday as protest payment, despite the dispute over the amount. When asked on the future course of action, Bansal said it was up to the DPC. The Enron issue was also raised in the Lok Sabha on Thursday, when Prabhu said that scrapping of the agreement would cost Rs 2,840 crore to the Centre, whose liability in the project agreement was limited. Centre's liability in case of termination is one year's electricity bill and a termination fee of $300 million, he said. India's single largest foreign investor threatens to pull out Madhu Nainan 04/27/2001 Agence France-Presse (Copyright 2001) BOMBAY, April 27 (AFP) - The biggest single foreign investor in India, US-based Enron Power Corp., is threatening to pack its bags in frustration -- a move that would cast doubts over the country's investment-friendly credentials Enron's Indian subsidiary Dabhol Power Co. (DPC) is putting up a 2.9-billion-dollar power station in India's industrial heartland Maharashtra state. At a meeting in London on Wednesday, the DPC board of directors authorised chief executive officer Neil McGregor and Enron India chief K. Wade Cline to serve a "preliminary" termination notice for sale of power, within the next four weeks, to the Maharashtra electricity board. The two-part power station is being erected at the port town of Dabhol, some 200 kilometres south of the state capital Bombay. Payments for electricity have been guaranteed by the state and federal governments. Part one began generating power in May 1999, but the project has been mired in controversy and acrimony, with the state government arguing it could not afford the high electricity bills. "This is a drastic and unfortunate decision the board of directors has taken, even though we made it clear that we want to find a solution to the impasse," Maharashtra energy minister Padamsinh Patil told AFP. Patil said a decision had been taken by the state and federal governments last week to set up a panel to renegotiate the power purchase agreement. "Enron knew about the decision. We have no animosity towards Enron. We have paid the February bill under duress and we told them we are ready to pay the other bills also under protest." Vijay Kalantri, president of the All India Association of Industries described the Enron move as "unbusinesslike". "They have done this to build up the pressure on the state and federal governments. Economic disputes are not resolved by threats, but by sitting down to discuss and re-negotiate contracts." Kalantri agreed that if Enron carried out its threat, the consequences would be "bad" for all parties. Ashok Khinvasara, director at the Ispat group, said India could suffer as a foreign investment destination, especially in the power sector. The Ispat group's plans to put up a 1.4 billion-dollar power project in Maharashtra have been put on hold in the wake of the Enron controversy. "Since the state electricity board is not paying its dues, Enron is within its rights to serve a termination notice," Khinvasara said. "The board will not be hit initially as it buys very little power from DPC now, but the size of Enron's claims and the speed with which it sets in motion a recovery process could turn out to be worrisome. Enron's claims could be more than 30 billion rupees (652 million dollars)." Khinvasara said the Enron episode showed that future investors should take care to see that tariffs are "affordable" and should not take comfort merely in contracts and government guarantees. The DPC board of directors' decision is the second in a series of moves to increase the pressure on the government. Early in April DPC served the state electricity board a notice of political "force majeure" which is a legal manoeuvre that enables a party to break a contract in the case of events beyond its control. The Dabhol project has had a turbulent ride ever since it was signed in 1992. Allegations of corruption and high costs led to the scrapping of the contract in 1995, but it was re-negotiated the same year. In February a state government panel recommended fresh re- negotiations to bring down the tariffs and charged Enron with inflating costs. man/gh/lh Business/Financial Desk; Section C COMPANY NEWS INDIAN UTILITY PAYS $28 MILLION MARCH BILL TO ENRON Reuters 04/27/2001 The New York Times Page 4, Column 1 c. 2001 New York Times Company The Maharashtra State Electricity Board in India paid its March power bill to the Enron Corporation yesterday, a day after Enron said it might stop selling power to the utility. The utility gave Enron's 65-percent-owned Dabhol Power Company 1.34 billion rupees ($28.6 million) for electricity it bought last month, a utility official said. But the utility still owes the company 2.26 billion rupees for power purchases in December and January. It has refused to pay, saying Dabhol should adjust that amount with the penalty of 4 billion rupees it has levied on the company for what it says was a failure to meet capacity targets. Business DAILY BRIEFING STAFF REPORTS AND NEWS SERVICES 04/27/2001 The Atlanta Constitution Home C.2 (Copyright, The Atlanta Journal and Constitution - 2001) > Denotes item of particular local interest. UTILITIES/ENERGY: Enron, Sierra Pacific cancel Portland deal Houston --- Enron Corp.'s $3.1 billion sale of Portland General Electric Co. to Sierra Pacific Resources was canceled by mutual agreement, the companies said. Enron said last month that the sale probably wouldn't be completed because of California's energy crisis. Business Brief -- Enron Corp.: Sale of Utility Subsidiary To Sierra Pacific Is Canceled 04/27/2001 The Wall Street Journal B8 (Copyright (c) 2001, Dow Jones & Company, Inc.) HOUSTON -- Enron Corp. and Sierra Pacific Resources said they ended their $2 billion agreement for Sierra, of Reno, Nev., to buy Enron's electric utility subsidiary, Portland General Electric. The collapse of the pact was expected after Jeffrey K. Skilling, Enron's president and chief executive, said last month the sale wasn't likely to go through. "As we have discussed in the past few weeks, the energy markets in California and Nevada have led to a regulatory and legislative environment that has made this transaction increasingly difficult to complete," said Mr. Skilling in a news release. International News Indian State to Pay Enron for March Supply Associated Press 04/27/2001 The Asian Wall Street Journal 7 (Copyright (c) 2001, Dow Jones & Company, Inc.) BOMBAY -- The Maharashtra state power utility will pay outstanding electricity bills for March as part of a dispute over tariffs with U.S. power company Enron Corp. "We will make the payment of 1.34 billion rupees ($28.7 million) today for the March bill. The February bill of 1.1 billion rupees was already paid up last month," Krishna Rao, a member of the Maharashtra State Electricity Board, said on Thursday. "As far as we are concerned, there are no more payments outstanding." Colombia Suspends Isagen Sale Pending Court Ruling, Papers Say 2001-04-27 09:47 (New York) Bogota, April 27 (Bloomberg) -- Colombia suspended its sale of state electric generator Isagen until a high court can rule on An injunction request filed by Empresas Publicas de Medellin, the country's largest municipal utility, newspapers said. Finance Minister Juan Manuel Santos said the sale of Isagen, the No. 3 power generator, was suspended on the order of a Medellin court, pending a ruling by the Council of State, a high court that oversees state entities, the daily El Tiempo said. Santos said the decision wouldn't affect government financing plans for this year because it has lined up most of its financing, La Republica said. The government said it wanted to raise $450 million from the sale, which has repeatedly been postponed since 1999 due to limited investor interest stemming from guerrilla attacks on the power grid and legal wrangling. The government planned to sell the company this month, La Republica said. The Council of State in September ruled in favor of an energy regulator measure that barred EPM, as the Medellin utility is known, from taking a majority stake in Isagen, clearing the way for the sale to go ahead. (4/27; Tiempo; Sec. 1; P. 10; {TMPO <GO>}) ( ; Republica; Sec. 1; P. 2 {LRPB <MGO>}) --Robert Willis in Bogota (571) 317-4000 [email protected], through the New York newsroom (212) 318-2300 /rhj Story illustration: For news on employment in Colombia, enter {COUETOTL <Index> CN <GO>}.

Mr. Black, Tom Zenner asked me to follow up with you regarding the Delmarva Heat rate, as he is out of town for the rest of the week. Pursuant to the proforma you have, the heat rate is estimated to be 9,579 Btu/KWh HHV. I hope this is what you are looking for. If not please don't hesitate to contact me at 713-546-2578. Regards, Patrick Smith TM Power Ventures

You have received this email because you are listed as an alternate data approver. Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000080435&Page=Approval to review and act upon this request. Request ID : 000000000080435 Approver : [email protected] Request Create Date : 1/7/02 9:45:46 AM Requested For : [email protected] Resource Name : \\enehou\houston\common\ERMS\1intra - [Read/Write] Resource Type : Directory

Hello John!! HOw are you ?? How was your Holiday ? Yes, there has been a tremendous ammount of talks about the Industrials asking for subsidies and help from the government to help lower the costs of gas... They were asking for a fixed price of gas @ $3.00, or even $4.00, but the final decision was a loan to finance the cost of gas between IFERC and $4.00, to be paid over a 3 to 4 year plan....I guess the final decision is not so harmful for us because we can still sell the derivatives, and it is a short term decision,,,What is really concerning me is all the noise behind it..The industrials are still pushing for a subsidy or a change in formula and the government is listening, so basically a lot of clients could eventually decide not to hedge in the meantime....Anyway, when do you have sometime to talk about chihuahua ? Let me know what is bets for you....Best regards. John Griffith 01/02/2001 10:20 AM To: Agustin Perez/NA/Enron@ENRON, Jaime Williams/NA/Enron@ENRON cc: Stephanie Miller/Corp/Enron@ENRON Subject: Energy Ministry Hey guys, Happy new year!! How are things going? I just read an article in NGI about the Mexico Energy Ministry looking to possibly financing rising gas costs for the Mexico's industrial sector. How does this affect Enron in Mexico? Is this something that they have been talking about for sometime now? This is tough on competition, right? Have a great day and talk to you soon. Thanks. John

Here is the schedule Thursday 7th Dec. 10:30 Tracee Bersani 12:30 Gautam Gupta 1:30 Nathan Will 2:30 Eric Bass 3:30 Steve Jacobellis 4:30 Virawan Yawapongsiri 5:30 Kenneth Shulklapper Friday 8th Dec. 9:00 Ying Lin 10:00 John Howton Monday 11th Dec. 8:00 Seth Hurwitz Need response from IIan Caplan and Jennifer Newbrough as to availability. I will contact Ricardo to schedule a phone interview. Remember to send me the following as soon as possible, but definately before we meet; Education Brief job history (non-ene) Rotations at Enron and to whom you reported Current job description (projects underway, etc.) Accomplishments this year (include 1st half) Name of supervisor that can comment best on your year Thanks

-----Original Message----- From: Hodge, Jeffrey T. Sent: Thursday, November 01, 2001 8:46 AM To: Rozycki, Joanne Subject: FW: Enron-TBG Release, Enfolio and Transaction Documents As we discussed. -----Original Message----- From: "Metcalfe, David" <[email protected]>@ENRON Sent: Friday, October 26, 2001 5:07 PM To: Hodge, Jeffrey T. Cc: Robert Howard; John Sasso; John Eff; Peter Gilmore; Richard A Kanoff; Petit Michael (E-mail); Matthew Berend (E-mail) Subject: Enron-TBG Release, Enfolio and Transaction Documents Jeff: Please find attached Calpine/TBG's proposed revisions to the drafts of the Enron-TBG Release and related documents. These are in clean and blacklined form to facilitate your review. Kindly forward these to any other Enron personnel you deem appropriate. Please note that Calpine's representatives are seeing these drafts for the first time now. Regards, Dave Metcalfe PS: Sorry for the delay... <<Enron-TBG Enfolio Master V3.doc>> <<BLACKLINE -Enron-TBG Enfolio Master 1-3.doc>> <<Enron-TBG Confirmation -4000 a day V3.doc>> <<BLACKLINE -Enron-TBG Confirmation -4000 a day 1-3.doc>> <<Enron-TBG Confirmation -8500 a day V3.doc>> <<BLACKLINE -Enron-TBG Confirmation -8500 a day 1-3.doc>> <<Enron-TBG Release V3.doc>> <<BLACKLINE -Enron-TBG Release 1-3.doc>> - Enron-TBG Enfolio Master V3.doc - BLACKLINE -Enron-TBG Enfolio Master 1-3.doc - Enron-TBG Confirmation -4000 a day V3.doc - BLACKLINE -Enron-TBG Confirmation -4000 a day 1-3.doc - Enron-TBG Confirmation -8500 a day V3.doc - BLACKLINE -Enron-TBG Confirmation -8500 a day 1-3.doc - Enron-TBG Release V3.doc - BLACKLINE -Enron-TBG Release 1-3.doc

ok again....

Grant, Did Li Xiao refer Alex to us? Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/15/2000 08:57 AM --------------------------- Linda Vargo 02/14/2000 02:39 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Re: Referral Can you advise as to whether or not Li Xiao referred Alex to you last summer. I need to know this in order to process an employee referral (under old plan) for her. ---------------------- Forwarded by Linda Vargo/HOU/ECT on 02/14/2000 02:39 PM --------------------------- Li Xiao@ENRON 02/14/2000 11:19 AM To: Linda Vargo/HOU/ECT@ECT cc: Subject: Re: Referral Hi, Linda, I wonder if you heard from Vince Kaminski regarding my referral for Alex Huang. Thanks, Li x39635 ---------------------- Forwarded by Li Xiao/Corp/Enron on 02/14/2000 11:12 AM --------------------------- Linda Vargo@ECT 01/17/2000 04:29 PM To: Li Xiao/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Subject: Re: Referral I am waiting for feedback from Vince Kaminsky. As soon as I know something, I will advise.

Within the next few days (I hope!) we will be able to open the Master Swap Agreement Database, now called the Financial Trading Agreement Database, to people outside of Legal and Credit. You will be able to use this database to verify master agreement information and special confirmation issues. Jeff, once we have the data inputted, you will also be able to verify branch offices and adopted ISDA Definitions in the Master Agreement (that project is still in progress). Can you please send me a list of the people in your group who would like to have view access to this database. I will have to email them the link.

Celeste, We need to make sure that the interns in Vince's group are coordinated and incorporated with the rest of the summer associates. They should be offered the same starting dates, I believe they are May 22, 2000 June 5, 2000. I am not sure about the June date. Would you check and let Vince know. They should also be offered the same starting salary package as the others. They will be included in training (a few days) and any other events we host. Thanks

Please forward this message to Anthony as I am unsure that I have the correct e-mail address. Anthony, as per my voice-mail I have attached a final structure that works for all parties, and should be relatively simple to execute. I would very much like to discuss structure & docs tomorrow morning. My tel. no. is 713 345 3284 We will transact the pre-pay with a bank as principal, and have the commodity risk hedged by us via another bank ( see diagram) Swap 1: Enron Canada enters into a financial gas swap pre-pay with Royal Bank of Canada/Toronto Dominion Royal Bank of Canada & TD pre-pay C$147.4mm each Enron Canada pays monthly interest (fixed GJ) referenced to AECO calculated off NYMEX March 02 index Swap 2: Royal Bank of Canada/TD enters into a financial gas swap with Chase Manhattan Bank (identical volumes & prices as Swap 1) Chase Manhattan Bank pays fixed volumes of gas @ fixed price Royal Bank of Canada/TD pay monthly interest (fixed GJ) referenced to AECO calculated off NYMEX March 02 index Swap 3: Chase Manhattan Bank enters into a financial gas swap with Enron North America (identical volumes & prices as Swap 1) Enron North America pays fixed volumes of gas @ fixed price Chase Manhattan Bank pays monthly interest (fixed GJ) referenced to AECO calculated off NYMEX March 02 index Internal: internal back to back of Swap 3 to Enron Canada Swap 4: Enron Canada enters into interest rate swap with Royal Bank of Canada/TD Enron Canada pays floating rate monthly Royal Bank of Canada/TD pay fixed interest rate monthly Regards, Soma

I'll be in New York. They will have to fly solo on this. Rick

FYI ---------------------- Forwarded by Mary Theresa Franklin/HOU/ECT on 03/14/2000 05:31 PM --------------------------- MARY THERESA FRANKLIN 03/14/2000 05:31 PM To: Katherine L Kelly/HOU/ECT@ECT cc: Robert Allwein/HOU/ECT@ECT, Carrie Hollomon/HOU/ECT@ect, Brenda H Fletcher/HOU/ECT@ECT Subject: Re: CNR Contracts We have had an unexpected death in my family, requiring me to be out of the office the rest of the week. I am sorry the timing is so bad, I will contact Robert first thing next week and we can workout a game plan going forward. Thanks for your patience... ---------------------- Forwarded by Mary Theresa Franklin/HOU/ECT on 03/14/2000 05:08 PM --------------------------- To: Mary Theresa Franklin/HOU/ECT@ECT cc: Robert Allwein/HOU/ECT@ECT, Joan Veselack/Corp/Enron@ENRON, Carrie Hollomon/HOU/ECT@ect, Brenda H Fletcher/HOU/ECT@ECT Subject: Re: CNR Contracts The contracts are the transportation agreements on CNR. Robert sat with Chris Germany yesterday and to our knowledge these gathering contracts have never been set up in our systems. I'll be in meetings until 3:30, so please feel free to talk to Robert Allwein down on 30. Actually, I think it would be a great idea to spend a few minutes talking about this to get on the same page before anyone gets too far into the process and we discover that rework is being done. MARY THERESA FRANKLIN 03/14/2000 01:35 PM To: Katherine L Kelly/HOU/ECT@ECT cc: Carrie Hollomon/HOU/ECT@ect, Brenda H Fletcher/HOU/ECT@ECT Subject: Re: CNR Contracts I just meet with Gloria to decipher what the status is on all her E-mails. She's identified all the remaining rate changes needed for today's payments, the transport contracts needed to be setup, Sitara numbers needed for contracts already set up, and the meters needing to be linked to transport contracts. I'm still fuzzy on this whole process and am not sure what Robert Allwein's 60 or 70 contracts relate to... are these purchase contracts? I'll be up shortly, working with Brenda... let's see if a meeting would be good.

Jason- Beth and I went to dinner and a movie, very traditional, on Friday. It was good fun...have not seen a chick flick in a long time. Are you asking me if Matt can come out and play on Friday? Yes, I think so...if he does not have to be in McAllen for work. He has been going there a lot lately to check up on the drilling for work. I will tell Matt that you are trying to get a game together. Kleenex box shoes...if you keep reminding me, I may actually make them, so mind what you say. How is work, are they still shamelessly profitting from you hard core work ethic? Later, Tamara

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Steve, I am in full support of this provision. The net result being that it would make it less marketable for excess capacity in one zone moving into another.

Dr. Lay - Just a quick note to let you know that the daily updates are informative. Enron is a great company and will make it through this! Thanks for your leadership in a very difficult time. SM -----Original Message----- From: Enron Announcements/Corp/Enron@ENRON On Behalf Of Ken Lay- Chairman of the Board@ENRON Sent: Thursday, November 01, 2001 12:15 PM To: All Enron Worldwide@ENRON Subject: Daily Update Today we announced another positive development in our efforts to regain shareholder and market confidence, strengthen our balance sheet and help maintain our credit rating. We have executed a commitment letter with two of our longstanding banking partners, JPMorgan (the investment banking arm of JPMorgan Chase & Co.) and Salomon Smith Barney (the investment banking arm of Citigroup Inc.), that will provide us with additional secured credit lines worth $1 billion. Our Northern Natural Gas Company and Transwestern Pipeline Company will support these assets. The proceeds will be used to supplement short-term liquidity and to refinance maturing obligations. The pipelines are not being sold. Enron is only using these assets for this new credit line. Secured financing like this provides an expeditious way to increase liquidity and restore confidence. We also have the capacity to increase this facility by an additional $200 million if we bring in additional banks to participate. This money is in addition to the $3 billion in our credit lines we accessed last week to pay off short-term commercial debt and keep more than $1 billion in cash. I know it is discouraging to read the negative media coverage about our company. On a positive note, there was an editorial in last Sunday's Houston Chronicle that I want you to read: <http://www.chron.com/cs/CDA/story.hts/editorial/outlook/1107504>. This is an extremely difficult time for everyone and I appreciate everything you do for Enron. Don't forget to read our voice mail and e-mail transcripts covering these developments on the Enron Updates intranet site at (<http://home.enron.com/updates/>). Thank you.

Ken & Jeff, We would like to extend an invitation to you for an event at the Guggenheim Museum in New York, honoring the Frank Gehry Exhibit which Enron is sponsoring. Frank Gehry, a celebrated architect whose building appears at the end of our Ode to Why commercial, personifies innovation in the way he has "asked why," challenging nearly every convention in his field. Enron will have a table of 10 at the Trustee Opening Gala Dinner on May 16th, with cocktails at 7pm and a seated dinner at 8:30pm. The Gala starts with a private viewing of the exhibition, followed by a seated dinner for 280 people in the Rotunda of the museum. Attendees are comprised of Trustees, government dignitaries, artists, curators and celebrities. Several business unit executives are using this forum to take potential customers and we would like to know if you are interested in attending. Please advise. Thanks, Steve

BUSINESS HIGHLIGHTS Weather Risk Management Next week, Jeff Shankman and Mark Tawney will be attending the Weather Risk Management Association (WRMA) conference in Tokyo. There has been a lot of interest in Japanese weather derivatives to-date. Even though Japan is geographically a relatively small country, due to elevation differences, there are several different climates and within each of those areas, there
,s a significant amount of volatility in day-to-day and season-to-season weather. By leveraging EnronOnline and our global portfolio approach, Enron Global Markets will be the dominant weather market player in Japan, as we are in the US, Australia and Europe. COMING SOON - New EWS Training Web Site Ernie is retiring and there is a new tool to help you manage your professional development. It
,s called InvestInMe.enron.com and it is the key to your future. In a user-friendly format, you will find the current listing of internal programs, access to a database of external programs, and registration for on-line courses. Watch for details in your email. Launch date is Tuesday, March 6, 2001. IN THE NEWS Analyst Robert C. Ollech, vice president and portfolio manager at Ziegler Investment Services Group, says Wall Street will like Enron even more as demand for natural gas increases, volume continues to grow on its online marketplace and as the company's broadband business starts making money. Enron, which has beat analysts' estimates in five of the past seven quarters, is not a cheap stock. But Ollech says its relatively young management team is focused on maximizing systems and business lines it has spent five years developing. Plus, the company is selling such assets as a power plant in Oregon, moves Ollech says could boost its return on equity to 18% or higher from the present 12%. "This is an innovative story that's finally getting out," Ollech says. 02/25/2001 The Milwaukee Journal Sentinel. WELCOME New Hires ENA
) Angelic Davis, Dipak Agarwalla, Sean Maki, Juliann Kemp, Bridget Fraser EIM
) Louis Amo Transfers EGM
) Patrick Conner EIM
) Douglas Seaworth ENA
) Eric Feitler, Santiago Garcia, Philip Polsky, Lauren Schlesinger NUGGETS & NOTES
&If you
,re not trading EOL, you
,re not trading.
8
) John L. Wilson, Vice President/EGM
&Training
(.all the cool kids are doing it!
8
) Tom Wilbeck/ENA Congratulations to Michelle and David Vitrella, manager of trading/EGM. They are the proud parents of a baby girl born February 27 weighing over 9 lbs. NEWS FROM THE GLOBAL FLASH International World Watch Compiled by David I. Oyama Enron Seeks Deals for Japanese Assets The Japanese unit of U.S. power producer and trader Enron is considering asset swaps with Japanese power companies, in a deal that would make Enron the first foreign company to buy a Japanese power plant. An Enron Japan official said it is talking to power companies and "owners of power generators in Japan about the possibility of asset exchanges," confirming a report in the Japanese business daily Nihon Keizai Shimbun. The report also said Enron Japan may enter deals with Japanese companies for joint power-generation acquisitions abroad. Japanese deregulation measures have opened the door to new foreign and domestic competitors in an industry dominated for years by 10 regional Japanese firms. Enron Japan was established last May, two months after deregulation measures were passed allowing nonutility companies to begin supplying power to large commercial users such as shopping centers and office towers. 03/01/2001 The Wall Street Journal (Copyright (c) 2001, Dow Jones & Company, Inc.) 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.

Stephanie, double check. It appears the CES master and transactions were assigned to ENA and the transactions assigned over to the ENA BOM Master Agreement that we already had we BOM. For some reason the parties then agreed not to terminate the old CES master, but leave it in place inactive. Normally we would terminate the CES master when we have one in place. Stephanie, is there anything in the file indicating why it was not so terminated? Did BOM want to keep it in place until the prior trans were expired for a belt and suspender? Please advise. Mary

GADSDEN RESEARCH SERVICES' FERCwatch Issued February 4, 2002 ELECTRIC / HYDRO Report: Otter Tail Power Company, EC02-48-000 (1/31/02) -- Section 203 application to transfer contractual rights over Otter Tail's transmission facilities to the Midwest Independent Transmission System Operator, Inc. VIEW DOCUMENT <http://rimsweb1.ferc.gov/rims.q?rp2~getImagePages~2241866~258~354~1~50> REQUEST A COPY: [email protected] <mailto:[email protected]> or call 202-210-4771. _______________________________________ Otter Tail Power Company, ER02-912-000 (1/31/02) -- Section 205 application submitting Otter Tail's Control Area Services and Operations Tariff and request to terminate its OATT, to reflect the transfer of operational control of its transmission system to the Midwest Independent Transmission System Operator, Inc. VIEW DOCUMENT <http://rimsweb1.ferc.gov/rims.q?rp2~getImagePages~2241861~258~290~1~50> REQUEST A COPY: [email protected] <mailto:[email protected]> or call 202-210-4771. _______________________________________ California Independent System Operator, ER02-922-000 (1/31/02) -- CAISO filed Amendment No. 42 to the ISO Tariff submitting (1) new provisions to facilitate participation in the ISO markets by eligible intermittent resources (e.g., wind); (2) changes in allocation of ISO Settlment Charge Type 487; (3) changes in management of Intra-zonal Congestion; and (4) changes in the calculation of the Target Price for incremental and decremental Imbalance Energy bids. DOCUMENT LINK NOT AVAILABLE REQUEST A COPY: [email protected] <mailto:[email protected]> or call 202-210-4771. _______________________________________ NATURAL GAS / OIL Report: Maritimes and Northeast Pipeline Company, CP02-78-000 (1/30/02) -- Phase IV Project for additional compression and pipeline looping to increase year-round mainline design capacity approximately 385,000 dekatherms per day to provide up to 400,000 Dth/d of additional fim transportation service to PanCanadian Energy Services under a long-term agreement. DOCUMENT LINK NOT AVAILABLE REQUEST A COPY: [email protected] <mailto:[email protected]> or call 202-210-4771. _______________________________________ [To request a copy of any of the above listed filings, please call 202-210-4771; or send an e-mail to [email protected] <mailto:[email protected]>)] GRS' FERCwatch e-mail notification is a free courtesy service of Gadsden Research Services, energy research and document retrieval specialists. Periodically (generally once or twice weekly), GRS will broadcast FERCwatch with descriptions of major FERC issuances or filings such as rulemakings, policy statements, mergers, new rate filings, major rate changes, and certificate filings. GRS can provide hardcopies of any of the above listed items at nominal charges; for document requests or estimates of charges, please reply to [email protected] <mailto:[email protected]> or call 202.210.4771. For an e-mailed copy of a brochure of GRS services and rates for FERC and other federal agency research please e-mail your request to [email protected] <mailto:[email protected]>. For a mailed copy, please include your name, firm name and street address. For a faxed copy, please include your fax number. The FERCwatch subscription list is used for the sole purpose of providing information on FERC and energy industry activity and will not be sold or otherwise distributed to any other business or organization. For additions or removal from the FERCwatch notification list, please reply to [email protected] <mailto:[email protected]>. Send suggestions on how the GRS' FERCwatch can better serve the energy community to [email protected] <mailto:[email protected]>.

-----Original Message----- From: "Bautista, Larry L." <[email protected]>@ENRON [mailto:IMCEANOTES-+22Bautista+2C+20Larry+20L+2E+22+20+3CLarry+2EBautista+40ElPaso+2Ecom+3E+40ENRON@ENRON.com] Sent: Tuesday, September 25, 2001 5:42 PM To: AMY GOLD; AMY SHERIDAN; BARBARA JOST; BARBARA WHITTAKER; BILL LANSINGER; BRUCE CONNELL; CARLA JOHNSON; CATHY BULF; CHRIS SCHINDLER; CRAIG CHANCELLOR; CRAIG LIPKE; CURT BRECHTE; CYNTHIA CORCORAN; DAVE KIRKLAND; DAVID HUARD; DEBBIE SWANSTORM; DEBORAH CARPENTIER; DIANE MCVICKER; DIANE TOM; DONALD G. AVERY; DONNA FULTON; DOUG CANTER; DOUG JOHN; DOUGLAS K. PORTER; ED ROSS; ELISABETH R. MYERS-KERBAL; ELISSA J. GRAMMER; ELIZABETH ZERBY; ELLEN SCHALL; FRANK GURLEY; FRANK LINDH; FREDERICK T. KOLB; GARY DUEDE; GARY VENZ; GEORGETTA BAKER; GORDON SMITH; GREG LANDER; HAROLD ORNDORFF; INGRID OLSON; JACK CASHIN; JAMES MCGREW; JAMES MORIARTY; JAMES TRIFON; Tholt, Jane M.; JANICE ALWARD; JANICE E. ROGERS; JAY GOLUB; JEFF E. PARKER; JEFF GOFORTH; JIM ADAMS; JIM DOERING; JOEL L. GREENE; JOHN COGAN; JOHN FLOOM; JOHN GREGG; JOHN P. ARMATO; JOHN P. BEALL; JOHN R. LILYESTROM; JOHN R. STAFFIER; Jonathan Bromson; JOSEPH S. KOURY; JUNE SUWARA; KARILEE RAMALEY; KATHIE EDWARDS; KATHLEEN L. MAZURE; KELLY A. DALY; KENT PRICE; KIM M. CLARK; KIRBY BOSLEY; KURT L. KRIEGER; L.W. SMITH; LARRY BLACK; LAURIE J. HAMILTON; LINDSEY HOW-DOWNING; LUIS MANUEL PADILLA; MARK FENTON; MELISSA MAXWELL; MIKE LANGSTON; MIKE MCELRATH; NORMAN PEDERSEN; PATRICK NEVINS; Paul B. Mohler; PAUL GENDRON; PAUL KEELER; PAULA CRUNKILTON; PEDRO SERRANO, JR.; PENNY BARRY; PERRY BROWN; PETE FROST; PETER CERVIN; RANDALL RICH; Cantrell, Rebecca W.; ROB DAVIS; ROBERT GRAY; ROBERT HEWLETT; ROBERT PETROCELLI; ROBERT PETTINATO; SALLE E. YOO; SANDRA E. RIZZO; SANDRA ROVETTI; SARAH TOMALTY; SCOTT MERTZ; SCOTT WALTON; SEAN BREEN; SHARON ROYKA; STEVE LEVINE; STEVE TARPEY; SUSAN GINSBERG; SUSAN JONES; TED MCMURTRIE; TERRI DICKERSON; THOMAS CUBBAGE; TIM MILLER; TOM CARLSON; VIRGIL SPURGEON Cc: Tomlinson, Robert T.; Derryberry, Richard L.; McCleskey, Michael L.; Healy, William Subject: Additional Capacity Studies Attached below are the additional capacity studies as a result of the August 28, 2001 Technical Conference at Docket Nos. RP00-336-001 et al <<Cap Studies 9-24-01.xls>> <<FERC ltr.doc>> ****************************************************************** This email and any files transmitted with it from the ElPaso 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. ****************************************************************** - Cap Studies 9-24-01.xls - FERC ltr.doc

Keith: As we discussed, here is Enron's legal/credit issues list on the ISDA: 1. We cannot agree to cross-acceleration. 2. There is a note that the cross default threshold needs to be discussed. Enron's $100 million threshold is based on the threshold that its banks accept in its credit agreements. 3. We prefer elective termination on bankruptcy. 4. We prefer the Loss method. 5. We would like to discuss with you your credit rating test for defining the "materially weaker" standard in Credit Event Upon Merger as well as the timing for posting collateral as it appears in this provisions as well as the Credit Support Annex. We believe that 7 Business Days is too long for posting an LC. 6. We would like to make the GP of Encore a "Specified Entity". We need to discuss with you your request to modify the definition of "Specified Transaction" to include physical transactions. 7. In the MAC Additional Termination Event, we would like to propose a cure through the posting of collateral. 8. We would like to discuss your proposed chnages to Section 13(b). 9. We need to discuss the arbitration language. 10. We would like to understand why you want to change the definitions of Default Rate and Interest rate. 11. Why do you want to exclude Sections 7.3 trough 7.6 of the Commodity Definitions Supplement? 12. In the "Recording" section we would like to add the phrase "To the extent permitted by applicable law" at the beginning of the last sentence. 13. We cannot agree to No Fault Termination. 14. We cannot accept Surety Bonds as a form of collateral to secure financial obligations. Looks like LC's would be the only form of acceptable collateral. 15. We need to discuss the credit threshold language as well as the rounding amounts. 16. We need to discuss what constitutes an acceptable LC Issuer. I look forward to hearing from you. Carol St. Clair EB 3889 713-853-3989 (Phone) 713-646-3393 (Fax) [email protected]

please print attachements also -----Original Message----- From: George, Fraisy Sent: Monday, September 17, 2001 4:21 PM To: Abler, William; Abraham, Sunil; Alatorre, Carlos; Alon, Heather; Ambler, John; Bartlett, Jeff; Baughman, Edward D.; Beck, Sally; Bess, Erica; Bowman, John E; Bradley, Peter; Breslau, Craig; Bucalo, Harry; Burgher, Cedric; Buy, Rick; Cho, David; Collonges, Remi; Cummings, John; Danielson, Michael; David, Charles; Dayao, Anthony; Deluca, Bryan; Denne, Karen; Denny, Jennifer; Diamond, Daniel; Dietrich, Dan; Engberg, Alan; Ewing, Habiba; Forster, David; Frevert, Mark; Friddle, Kimberly; Gagliardi, Larry; Garrett, Bryan; Gentle, Jackie; George, Fraisy; Gomez, Julie A.; Gosalia, Amita; Green, Julie; Gros, Thomas D.; Grossman, Samuel; Hansen, Patrick; Haux, Katrin; Hawthorn, Jay; Hellerman, Molly; Herod, Brenda F.; Hirl, Joseph; Ikeda, Norihito; Kean, Steven J.; Kinneman, Jeff; Kitchen, Louise; Koenig, Mark; Lagrasta, Fred; Leboe, David; Lees, Lisa; Linnell, Elizabeth; Lisboa, Ricardo; Maclean, Iona; Mandelker, Jeannie; Mandola, Teresa; Mcclellan, George; Mcdonald, Michael; Mcgowan, Kevin; Means, Henry; Miller, Stephanie; Moorer, Torrey; O'Day, Nicholas; Oh, Grant; Olson, Mitch; Ondarza, Edward; Oxley, David; Pacheco, Leonardo; Palmer, Mark S. (ENW); Parsons, Alex; Peters, Jez; Philipp, Meredith; Pickering, Mark; Piper, Greg; Puthigai, Savita; Ralston, Tracy; Redmond, Brian; Renaud, Lindsay; Richter, Brad; Rieker, Paula; Robert, Carrie; Rostant, Justin; Schoppe, Tammie; Seigal, Jason; Sekse, Per; Seyfried, Bryan; Shah, Kal; Shapiro, Richard; Shults, Bob; Sommer, Allan; Spiller, Tina; Staley, Stuart; Sweitzer, Tara; Tawney, Mark; Taylor, Mark E (Legal); Thode, Eric; Timothy, Justin; Valencia, Laura; Wasaff, George; Watanabe, Mika; Webb, Jay; Whalley, Greg; Whitehead, James; Whitehead, Jonathan; Wilson, Andrew; Wirya Simunovic, Suryan; Wolfe, Greg Subject: EnronOnline Weekly Public Report for September 14, 2001 Please find attached the current copy of the EnronOnline Weekly Public Report and Key Messages, including slides and statistics for public consumption. The information contained in the attachments can be communicated to audiences outside the company and should be used to ensure that we present a consistent message to the public. Please ensure that this email is distributed to anyone in your group who needs to discuss EnronOnline with individuals outside the company. This report is not intended to be used as a stand-alone presentation, nor that all the information be used in a single presentation or customer communication. Total Life to Date Transactions >1,400,000 Average Daily Transactions > 5,200 Life to Date Notional Value of Transactions > $800 billion Daily Notional Value Approximately $2.4 billion Number of Products Offered: Approximately 1,850 Number of Currencies Traded in = 15 EnronOnline Version 1.0 Launch Date: November 29, 1999 EnronOnline Version 2.0 Launch Date: September 18, 2000 This report can now be accessed directly through the EnronOnline Intranet Site at http://eolinfo.enron.com. In order to access this report, click on the link above. Once there, follow the link entitled "Reports" and then select the "Public Reports" tab. A dropdown menu will appear with a list of the various public reports available for viewing. . We look forward to your feedback and comments. If you have any questions or experience any difficulties accessing your reports through the Intranet Site, please feel free to contact either Bryan Deluca at x36161 or Fraisy George at x35424.

I met with Carlo (as did several other Enron employees) last week and we are talking to them about a number of ideas. One of which is detailed below (from them) and has technology and paper/lubmer points. I believe Carlo from Dow will be calling you guys shortly. Take a look at the attachment and you'll understand the points he's making that are relevant to your businesses. Jeff ----- Forwarded by Jeffrey A Shankman/HOU/ECT on 02/21/2001 11:21 AM ----- "Guarino, Carlo (C)" <[email protected]> 02/20/2001 03:53 PM To: "'[email protected]'" <[email protected]> cc: "Schaw, John (JH)" <[email protected]>, "Mason, James (JL)" <[email protected]> Subject: Buildscape Strategic Opportunity Jeff, thanks for agreeing to make the introduction with Philip and Ray. I have attached below a summary of Buildscape(Driving to Liquidity) as well a high level PowerPoint presentation on Buildscape. As you are aware, we have had introductory meetings with Rob Scheuer from the Industrial markets, Brandon Wax, John Pavetto and Rahil Jafry. There is interest in Buildscape from the group and Rahil has offered a sweat equity option. Rob advised that he would come back to us in the shortly on his thoughts around a strategic relationship. We see the possibility of a broader strategic opportunity combining technology functionality from the Networks Division, risk and credit management tools available through your market making initiatives, as well using the Buildscape providing an efficient channel to market for Enron products and services in the Building industry and the home. In order for this opportunity to receive senior management attention and to talk through the possibilities, we will contact Philip Bibi and Ray Bowen shortly as per your recommendation. Could you confirm back that you have passed on the information so that we don't surprise either of them on the topic and we will aim to arrange a meeting with them in Houston in the next couple of weeks. We may call on your help to sponsor the meeting if required. In the meantime, we will press on with confirming the Dow/Enron April 27th meeting in midland to pursue Chemicals and Plastics opportunities and we would be very pleased if Mark Fievert can attend as well. If we need to move the date slightly to accommodate Mark, then lets talk through the options. Thanks. <<Driving to Liquidity -- 01-24-01.doc>> <<BuildscapeEnron.ppt>> Best Regards, Carlo Carlo Guarino Global Development Director Dow Growth Center Office (517) 636-0860 / Mobile (313)655-7553 Fax (517) 636-1453 Internet address: [email protected] - Driving to Liquidity -- 01-24-01.doc - BuildscapeEnron.ppt

Mark, Here is the latest agreement that we have received from Reuters. I think we should have a meeting with George Webber to discuss this contract, and agree a path forward. Can you arrange this? My day is currently very open. Thanks Dave ---------------------- Forwarded by Dave Samuels/HOU/ECT on 03/29/2000 09:11 AM --------------------------- Lynne Carithers <[email protected]> on 03/29/2000 07:19:49 AM To: [email protected] cc: [email protected], [email protected], Steve Pickett <[email protected]>, [email protected], [email protected], [email protected], Beatriz G Roth <[email protected]>, Edith Mercer <[email protected]> Subject: Re: Enron George, apologize that I am introducing myself to you via email. I am coordinating the efforts between Reuters and Enron on the current projects that are taking place. Please review the Terms and Conditions document (attached below) from Reuters Legal regarding Reuters news via enrononline.com. I am available to coordinate a conference call with Beatriz, Reuters Legal NY, to discuss these changes. Please let me know of your availability. Thanks! Lynne Carithers REUTERS AMERICA INC. [email protected] 713-210-8507 From: Beatriz G Roth on 03/28/2000 06:03 PM EST To: Lynne Carithers/DAL/US/Reuters@REUTERS cc: Steve Pickett/CHI/US/Reuters@REUTERS, Robert Garfield/NYC/US/Reuters@Reuters Subject: Enron Lynne, Attached is a new draft of the Agreement which you can forward to Enron. If they want to discuss the changes that we did not make, please arrange for a conference call with my assistant Edith Mercer (212-603-3616). Regards, Bea (See attached file: Enron_T&C.doc) ----------------------------------------------------------------- Visit our Internet site at http://www.reuters.com Any views expressed in this message are those of the individual sender, except where the sender specifically states them to be the views of Reuters Ltd. - Enron_T&C.doc

RW, which London QC would represent us? JVD Jim Derrick -----Original Message----- From: Harris, Stephanie J <[email protected]> To: Derrick Jr., James <[email protected]> Sent: Tue Oct 02 11:49:02 2001 Subject: FW: DPC -- London Commercial Court Filing -----Original Message----- From: [email protected]@ENRON Sent: Tuesday, October 02, 2001 11:44 AM To: [email protected]; Cline, Wade; [email protected]; [email protected] Cc: Harris, Stephanie J Subject: DPC -- London Commercial Court Filing Folks - We had a lawyer conference call today to discuss the prospect of filing a suit in London Commercial Court to enjoin the GOM from trying to file a suit in India to void the GOM Guarantee and State Support Agreements. Chris Walker, local counsel, GE and Bechtel support filing the suit. Other than Jim McCartney, the Enron representatives support filing the suit. In the end, Jim McCartney defers to Chris Walker's judgment. Filing suit in London has some risks. We are uncertain of the response of the India Supreme Court, the GOM and the current GOM/DPC arbitration panel. The Supreme Court may take offense to the filing (although Chris thinks that this risk is small). In a perverse way, our filing in London could further induce GOM to file in India (although we believe that they will in any event). The current arbitration panel may use this as an opportunity to wait until the underlying DPC/MSEB dispute is decided (although Chris doubts it). My understanding is that Enron commercial supports the filing of the suit. It is scheduled to be filed on Friday. If any of you would like to revisit the issue before Friday, please let me know. Bruce

CALENDAR ENTRY: APPOINTMENT Description: Monthly Staff Meeting in Conference Room 5C2 Date: 9/8/2000 Time: 10:30 AM - 1:00 PM (Central Standard Time) Detailed Description:

The Commercial Group has asked whether they can sell daily firm for longer than a 3-month period. This phrasing is of course misleading; TW's daily firm contracts are always for a term of just one day, but renew for consecutive one-day terms unless terminated. The discount letter, on the other hand, grants a discounted rate for each of the one-day terms for a certain period of time (typically one month). Steve Harris wants to be able to "sell daily firm for a one-year period." In contractual terms all this would mean is that the contract is for renewabable one-day terms (as usual), and the discount applicable to such terms would be effective for one year. I see no problem with this, do you? (Apparently the current perception in marketing is that regulatory/legal was limiting daily firm to a 3-month period.)

Start Date: 1/8/02; HourAhead hour: 24; No ancillary schedules awarded. Variances detected. Variances detected in Load schedule. LOG MESSAGES: PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002010824.txt ---- Load Schedule ---- $$$ Variance found in table tblLoads. Details: (Hour: 24 / Preferred: 376.39 / Final: 376.36) TRANS_TYPE: FINAL LOAD_ID: PGE3 MKT_TYPE: 2 TRANS_DATE: 1/8/02 SC_ID: ENRJ

The Word of the Day for April 6 is: ambrosia
 \am-BRO-zhuh\
 (noun) 1 a : the food of the Greek and Roman gods b : the ointment or perfume of the gods *2 : something extremely pleasing to taste or smell 3 : a dessert made of oranges and shredded coconut Example sentence: "We feasted that evening as on nectar and ambrosia; and not the least delight of the entertainment was the smile of gratification with which our hostess regarded us, as we satisfied our famished appetites on the delicate fare she liberally supplied." (Charlotte Bronte, Jane Eyre) Did you know? "Ambrosia" literally means "immortality" in Greek; it is a derivative of the Greek word "ambrotos," meaning "immortal," which combines the prefix "a-" (meaning "not") with "-mbrotos" (meaning "mortal"). In Greek and Roman mythology, only immortals -- gods and goddesses -- could eat ambrosia. Those mythological gods and goddesses also drank "nectar," which, in its original sense, refers to the "drink of the gods." (Even today, you'll often find the words "ambrosia" and "nectar" in each other's company.) While the "ambrosia" of the gods prevented death, we mere mortals use "ambrosia" in reference to things that just taste or smell especially delicious.

Steve -- I enjoyed talking with you this morning, and look forward to meeting with you again soon to discuss maximizing our opportunities with regard to university partnerships. As promised, attached is a draft of an announcement re Rice's EMBA program. Please review and let me know if you have questions or changes that you would like to make. I will follow up with you tomorrow afternoon to discuss next steps. Sue

DELETE IF NOT IN E207B-2 (GERLACH) I'm very sorry, but there was a miscommunication between our office and Professor Gerlach about whether class meets during the regularly scheduled spring break. Professor Gerlach's class WILL meet this week on Thursday, March 29! He recognizes that you may not be able to complete all the assigned reading by that time. We're sorry for the confusion. Cheers, Diane

The Fundamentals Group is moving Database servers and the existing EnData Excel Add-In needs to be changed. If you use Endata, please follow the directions below at your leisure. (1) Select Tools->Add-ins from the Excel Menu Bar (1) Uncheck existing Endata box (if it's there). (2) Press the "browse" button (3) Select P:\Fundamentals\Production\Endata\Endata.xla (4) Respond NO to "Copy 'EnData.xla' to Microsoft Excel Add-In Library" (5) press OK if EnData mysteriously disappears from you menu, follow these directions to add it to you menu again. The old EnData points to the old database which will be deleted sometime soon. Thanks! Cooper

Start Date: 1/18/02; HourAhead hour: 8; HourAhead schedule download failed. Manual intervention required. LOG MESSAGES: PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002011808.txt Error: dbCaps97Data: Cannot perform this operation on a closed database !!!Unknown database. Alias: dbCaps97Data !!!Unknown database. Alias: dbCaps97Data !!!Unknown database. Alias: dbCaps97Data Error: dbCaps97Data: Cannot perform this operation on a closed database !!!Unknown database. Alias: dbCaps97Data !!!Unknown database. Alias: dbCaps97Data !!!Unknown database. Alias: dbCaps97Data Error: dbCaps97Data: Cannot perform this operation on a closed database !!!Unknown database. Alias: dbCaps97Data !!!Unknown database. Alias: dbCaps97Data Error: dbCaps97Data: Cannot perform this operation on a closed database Error: dbCaps97Data: Cannot perform this operation on a closed database Error: dbCaps97Data: Cannot perform this operation on a closed database !!!Unknown database. Alias: dbCaps97Data !!!Unknown database. Alias: dbCaps97Data !!!Unknown database. Alias: dbCaps97Data !!!Unknown database. Alias: dbCaps97Data !!!Unknown database. Alias: dbCaps97Data !!!Unknown database. Alias: dbCaps97Data !!!Unknown database. Alias: dbCaps97Data Error: dbCaps97Data: Cannot perform this operation on a closed database

Start Date: 4/6/01; HourAhead hour: 18; No ancillary schedules awarded. Variances detected. Variances detected in Energy Import/Export schedule. Variances detected in SC Trades schedule. LOG MESSAGES: PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001040618.txt ---- Energy Import/Export Schedule ---- $$$ Variance found in table tblINTCHG_IMPEXP. Details: (Hour: 18 / Preferred: 12.00 / Final: 11.98) TRANS_TYPE: FINAL SC_ID: ECTRT MKT_TYPE: 2 TRANS_DATE: 4/6/01 TIE_POINT: PVERDE_5_DEVERS INTERCHG_ID: EPMI_CISO_SCOUT ENGY_TYPE: WHEEL ---- SC Trades Schedule ---- $$$ Variance found in table tblInt_Interchange. Details: (Hour: 18 / Preferred: 871.00 / Final: 850.00) TRANS_TYPE: FINAL SC_ID: EPMI MKT_TYPE: 2 TRANS_DATE: 4/6/01 TRADING_SC: APX1 PNT_OF_INTRC: NP15 SCHED_TYPE: ENGY PURCH_SALE: 2 DEAL_NO: 1 *** Final schedule not found for preferred schedule. Details: TRANS_TYPE: FINAL SC_ID: EPMI MKT_TYPE: 2 TRANS_DATE: 4/6/01 TRADING_SC: PGAE PNT_OF_INTRC: NP15 SCHED_TYPE: ENGY PURCH_SALE: 2 DEAL_NO: 1 *** Final schedule not found for preferred schedule. Details: TRANS_TYPE: FINAL SC_ID: EPMI MKT_TYPE: 2 TRANS_DATE: 4/6/01 TRADING_SC: PGAE PNT_OF_INTRC: ZP26 SCHED_TYPE: ENGY PURCH_SALE: 2 DEAL_NO: 1

yes -----Original Message----- From: Hayden, Frank Sent: Monday, February 25, 2002 3:22 PM To: Parks, Joe Subject: RE: Have you met her -----Original Message----- From: Parks, Joe Sent: Monday, February 25, 2002 3:21 PM To: Hayden, Frank Subject: RE: dont know, sorry -----Original Message----- From: Hayden, Frank Sent: Monday, February 25, 2002 3:20 PM To: Parks, Joe Subject: RE: What is Lynnette's last name? -----Original Message----- From: Parks, Joe Sent: Monday, February 25, 2002 3:18 PM To: Hayden, Frank Subject: RE: Lynnette 310-789-2317 -----Original Message----- From: Hayden, Frank Sent: Monday, February 25, 2002 3:15 PM To: Parks, Joe Subject: Do you know anyone at Cook Inlet? My analyst is looking for work on west coast

Jim: You available to talk at 9:30 Houston time re: how to stop the next attempt at the ISO board to lower the price caps further? If not, are you available at about 3 PM houston time to discuss same? Thanks.

---------------------- Forwarded by Eric Bass/HOU/ECT on 11/13/2000 03:27 PM --------------------------- "Larry W. Bass" <[email protected]> on 11/13/2000 03:09:04 PM To: KATHY BASS <[email protected]>, kb <[email protected]>, jason <[email protected]>, eric preston bass <[email protected]> cc: Subject: Fw: The Latest Official Florida Presential Ballot ? ----- Original Message ----- From: Larry Knigge - BallotWPBF11.11.00.doc

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Please note the blurb about Bill Harris. Paragraph starts "Officials at Palo Alto..." Prentice - maybe you should give him a call of congrats and job opps.!! -----Original Message----- From: [email protected] [mailto:[email protected]] Sent: Thursday, September 13, 2001 8:42 AM To: [email protected] Subject: CFO.com's - Today's CFOs on the Move - Assessing the Human Toll http://www.cfo.com CFO.com's Today's CFOs on the Move _________________________Sponsor________________________________________ Tomorrow's Numbers Today: Secrets of Enterprise Business Planning - Most of today's business planning systems show companies where they've been, but not where they're going. Is it possible to reliably predict and drive future operating performance? We think so. In a free Webcast presented by CFO.com and Adaytum, the leader in enterprise business planning, experts will explain how organizations can forecast operating performance with confidence. Thursday, September 20, 11:00 a.m. EDT Panelists: - Vladimir Cole, CFO.com, Product Manager(Moderator) - David Barnes, Best Buy, Director Financial Planning - Mark Stimpson, Adaytum, Vice President Product Marketing - Jack Maynard, Aberdeen Group, Research Director http://ad.2clk.net/eclk;3298040;1729382256984211925;6350089;58539;;38099 ________________________________________________________________________ Thursday, September 13, 2001 TODAY'S CFOs ON THE MOVE Assessing the Human Toll By CFO Staff Though Tuesday's events touched almost every American, some in the US business community were hit especially hard by the loss of friends and colleagues. At least two CFOs were killed in the terrorist attacks. Waltham, Mass.-based E-business software maker Netegrity Inc. reported that CFO James Hayden was a passenger on the United Airlines Flight 175 that crashed into the World Trade Center Tuesday morning. Hayden, 47, was credited with helping Netegrity become one of the more highly valued companies in the tech industry. He is survived by his wife and two children. Netegrity plans to start a memorial fund in his name. MRV Communications Inc. lost CFO and vice president of finance and administration Edmund Glazer, who was aboard the Los Angeles-bound American Airlines Flight 11, which crashed into the other tower of the WTO. Glazer is survived by his wife and young son. In other CFO news, Jack Nichols III joined Atlanta-based startup Incanta Inc. as CFO. Incanta makes streamlining applications for broadband providers. Nichols joins Incanta from NetSchools, an E-learning company. Incanta is a venture-backed company started in 1999. Officials at Palo Alto, Calif.-based biopharmaceutical company XenoPort Inc. appointed William Harris CFO. Harris joins the startup from Coulter Pharmaceuticals Inc., where he was CFO until Coulter's acquisition by Corixa Corp. in December 2000. Read On! For More CFOs on the Move... http://www.cfo.com/CFO/CDA_Templates/Page_Templates/Pge_Archives_Home/1,4645 ,0|1|3|92,00.html ********************FROM OUR FEATURED ADVERTISER *********************** CFOdirect Network (http://www.cfodirect.com) is PricewaterhouseCoopers' online resource for senior financial executives. With daily news feeds, original PwC analysis, and financial and business tools, CFOdirect serves the unique information needs of senior financial executives. To access our premium community, click below and register for a free, 60-day trial to CFOdirect Network. http://ad.2clk.net/eclk;3012043;1729382256984211925;6350089;19019;;12680 ************************************************************************ Visit CFO's Finance Education Special Report. Finance education and training is the key to building any superior finance team. If you're looking for the latest trends in finance education, then the articles in this Special Report and CFO.com's directory of the leading programs and resources are a good place to start. http://www.cfo.com/financeeducation ________________________________________________________________________ Also on CFO.com: TODAY IN FINANCE: Trying to Return to Normal...Barely. http://www.cfo.com/Article?article=5054 SOFTWARE: Support Groups. http://www.cfo.com/Article?article=4818 BUYER'S GUIDE: CRM Software. http://www.cfo.com/CRM SPECIAL REPORT: Travel and Entertainment Expense. http://www.cfo.com/TEGuide ________________________________________________________________________ For information about advertising in this newsletter, contact Mimi Capalaces, VP of Sales. Call (212) 698-9738 or write to [email protected] ________________________________________________________________________ Get the Magazine - FREE Subscription - CFO Magazine is free to qualified readers. 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as per our conversation earlier in the week Alhamd Alkhayat ENRON CORP. +1(713)853-0315

Bill Rapp's laptop (Compaq) is not equipped with the device that allows a 3.5" diskette to be loaded. He can run CDs, but not diskettes. What do we need to order and how much will it cost? Thanks. Denise LaGesse Enron Transportation Services 1400 Smith Street (77002-7361) P.O. Box 1188 Houston, Texas 77251-1188 [email protected] ph 713-853-6704 cell 713-822-7736 fax 713-853-5425

At Enron, we
,re good at a lot of things: making markets, commoditizing products, managing risk, offering innovative energy solutions to customers
) the list goes on and on. However, one of the things we could do a lot better is watching our expenses. We
,re all shareholders in this company, and we need to spend our company
,s dollars as wisely as we spend our own. There are some simple, yet significant measures each of us can take to make sure we
,re careful with Enron
,s money. The Policy Committee has approved and recommended the following: ? Professional Services
) This is our largest area of discretionary spending, at more than $600 million last year.
&Professional Services
8 includes our contracts with outside law and accounting firms, contractors and other consulting groups. To make sure that we are negotiating the best rates and terms of service for the company across business units, we are requiring all future professional service contracts and those up for renewal to be negotiated through or in consultation with Global Strategic Sourcing (GSS), effective July 1. In addition, contracts for more than $5,000 must be pre-approved by the business unit senior executive or their designee and GSS. For more information, see http://ibuyit.enron.com. ? On-line expense reporting tool XMS
) XMS, our online expense reporting tool, enables us to expedite, monitor and report expenses. Effective July 1, all employees on domestic U.S. payroll will be required to use XMS for reimbursement of business-related expenses. To access XMS, go to http://xms.enron.com/. ? Enterprise wide portal
) We currently have 122 internal web sites across the company. The amount of technology work, marketing collateral, and other related costs required to develop and support so many portals is sizeable. It makes sense to have one Enron portal so you can efficiently access content and services through a single, personalized channel that will make it easier for you to find information and perform basic tasks online. This new company-wide portal, under the leadership of Tony Mends, will be launched in several phases beginning this fall. Another significant area where we can be more diligent in our spending is travel and entertainment. Enron has long had travel policies in place. As we have grown, we have not done as well as we should have in communicating those policies to new employees and reminding all employees to take advantage of the discounts we have negotiated. The availability of discounts and booking services online should make it easy to save money for the company without sacrificing the comfort of employees who travel. The following are common sense recommendations that we should all adhere to when traveling for business. Any regular deviations from these travel policy recommendations will be reviewed by each business unit leader. ? Air travel
) Employees are requested to use either Travel Agency in the Park (TAP) or the GSS-approved preferred travel agency for your location - all of which have access to the significant airfare discounts negotiated by GSS - or http://clicktrip.enron.com/enron, the new online travel booking service that allows employees to book their own travel with the same negotiated discounts. Employees who fly in the United States should book non-refundable coach tickets, which are typically 65 percent less than refundable tickets and can usually be changed by simply paying a $100 fee. For this reason, we strongly encourage all employees to purchase non-refundable domestic coach tickets when possible. ? Lodging
) GSS has also negotiated preferred rates at a number of hotel chains in many cities worldwide to accommodate each business unit
,s individual hotel policy. We recommend that you use Enron
,s list of preferred hotels to select accommodations that are in line with your business unit
,s policies. You can view the list at http://travel.enron.com. ? Car rental services
) When renting a car for business travel, employees should use our preferred car rental agencies
) National (U.S. and Canada) and Alamo (U.S.)- since the agreements we have negotiated are intended to protect you and Enron through the insurance coverage in our contract. Visit http://travel.enron.com for details and updates to services available outside the U.S. ? Off-site meetings
) All domestic-U.S. off-site meetings and events with more than 10 people should be coordinated through GSS, which will negotiate preferred rates for Enron. They can be reached at (713) 646-8311. Because there are differences between business units and offices, each business unit leader will follow up this memo with a communication further elaborating on these policies as they apply to their business unit. Each of us has a responsibility to make sure we do our part to ensure Enron retains its competitive edge. These recommendations are some basic, sensible actions we can take company-wide, but it is up to every employee to look for cost saving measures and do what makes sense in your daily activities. If you have an idea or a suggestion you would like to share with us, please e-mail us at [email protected]. A list of questions and answers about these policies is posted on http://ibuyit.enron.com/gss/ibuyit/csfaq.doc. If you have additional questions, Policy Committee member Kevin Hannon will host an eSpeak on Tuesday, June 19 at 10 a.m. Houston time to discuss these cost saving recommendations.

The attached was overlayed in the system today.

Thanks! Robin Rodrigue 06/12/2000 08:23 PM To: Ryan Watt/CAL/ECT@ECT cc: Subject: Re: I have us Long 311 contracts... Here you go. We're only about 6 contracts off. Talk to ya tomorrow. Robin

Re: HPL records. The records have all been agregated, and are waiting in a file room in 3AC -- Pat has the information and the database which summarizes the records, which is what Carolyn and the contractor were working on. Pat tells me that we are waiting on Anne Koehler's (legal) approval to release the records. Bob - do you have anything else to add. I think we are ok. I will contact Jim Coffey and make sure he and shirley know where the records are. Beth -----Original Message----- From: Weatherspoon, Patricia Sent: Wednesday, January 02, 2002 11:06 AM To: Apollo, Beth Subject: FW: Recent Inactive Files -----Original Message----- From: Weatherspoon, Patricia Sent: Wednesday, December 19, 2001 1:29 PM To: Koehler, Anne C. Subject: FW: Recent Inactive Files Anne, I'm Pat Weatherspoon managing contracts for EES, EBS and ENA. I have received several phone calls from Melissa Graves regarding the listed subject matter. Mark Thorne, advised me you are the legal point of contact regarding AEP. Can you give me some direction on how to reply to Melissa, or the status to the release of these records to AEP. Before Carolyn Gilley was released she told me we were waiting on the legal dept. to give the approval to release the HPL records. -----Original Message----- From: [email protected] [mailto:[email protected]] Sent: Tuesday, December 18, 2001 4:56 PM To: [email protected]; [email protected] Cc: [email protected]; [email protected] Subject: Recent Inactive Files Pat/Mark, Per the side letter to the Purch/Sale Agreement dated 5/31/01 between Enron and AEP, Enron was to review all Inactive Files that were sent to Archives within six years preceding the Closing Date. Enron was to clean out Excluded Records and make the remaining available to AEP for pick up by 11/30/01. Per our recent phone conversations, please advise me on the status of releasing these records to AEP. Thank you, Melissa Graves 832-668-1360 [email protected]

Shelley, thank you for your help. Lynn -----Original Message----- From: Corman, Shelley Sent: Friday, February 15, 2002 8:20 AM To: Daily, Pamela Cc: Blair, Lynn; Scott, Donna Subject: FW: Need Your Approval for Telephone Moves FYI -----Original Message----- From: Horton, Stanley Sent: Thursday, February 14, 2002 6:13 PM To: Corman, Shelley Subject: RE: Need Your Approval for Telephone Moves OK -----Original Message----- From: Corman, Shelley Sent: Thursday, February 14, 2002 4:21 PM To: Horton, Stanley; Hayslett, Rod Cc: Daily, Pamela; Blair, Lynn Subject: Need Your Approval for Telephone Moves Stan/Rod, I previously mentioned to you that I have assigned John Buchanan as Mgr, TW scheduling to ensure that we have a consistent focus on TW scheduling matters and presence at the 8 AM TW morning meeting (Lynn Blair, Steve January and Terry Kowalke are in the NNG morning meeting each day at the same time). Previously Terry Kowalke and John Buchanan split time advising the TW and NNG team on day to day scheduling matters. Terry was sitting on 39 and John on 42. In light of the immediate change in their assignments, I asked John and Terry to switch desks. I need your authorization to move their telephones. This change is important to demonstrate to the commercial groups of both NNG and TW that we will not miss a step in tending to daily business even during the transition. Thank you for the support.

I spoke with Jeff Dasovich yesterday. He has a meeting with Gray Davis' Policy Director next Wednesday. Jeff said it is a half hour who we are and what we want meeting with her. I mentioned what we are looking for and why we think it would be valuable for Davis to get behind it. Jeff was all over it especially since there are huge Davis - Chambers ties. Jeff asked for us to put together a one page, bullet point overview that he can give to her on Wed. Definitely wants us to present it as a Cisco/Enron/PowerTek plan. He thinks that the Cisco name will be crucial for us to beeline the process to obtain $$. Jeff thinks that after she reviews this, we will have a good chance to meet with her or Davis folks to begin the process of obtaining funds. However, Jeff thinks that the more we can drag Cisco into the mix, the better chances we have. If we are going to put Cisco's name on this, you probably need to talk to your contacts before we move forward. Call me to discuss.

PG&E has also filed its version of a net energy metering tariff.? Are any of these tariffs of interest to Enron? ? Dan - 11-15-00 PG&E AL Summary Chart.doc

I am pleased to announce that Jana Domke has accepted the position of Director, Compensation for Enron Transportation Services, effective August 1, 2001. Jana started with Enron in May, 2000 and most recently has been Director of Compensation & Benefits for Enron Wind. Prior to joining Enron, Jana was a Practice Leader with PricewaterhouseCoopers, and Director, International Compensation & Benefits for Smith International. Jana has 19 years of experience in both domestic and international compensation and benefits. Jana received her M.B.A. from the University of Houston. She also has a Bachelors Degree from U of H in Organizational Behavior & Management. Jana can be reached at (713) 853-6329 and her office location is EB1156. The ETS Compensation staff, including Jana's direct reports, can be viewed on the attached organization chart. Please join me in welcoming Jana to the ETS team.

Go baby go... $4.95! <http://www.paid4survey.net/hbg/upload/69/drum.jpg>Bear and Drum This crystal contains 24% to 30% lead with strict quality control. They were specifically ordered by oversea distributors to be sold to department stores. Due to the Economic downturn, the distributor went bankrupt, which also brought down the manufacturer. We were able to pick up the inventory at pennies on a dollar. We just pass the saving to you. That's why you're seeing rediculus prices here. Similar item like this sell for more than $130 in retail store, but it will be yours for $4.95 . To qualify for this invitation, please fill out the following questions. Your responses will in no way go into your personal profile. We are interested in statistical data only. Questions Response Do you own or use any kind of PDA(Personal Digital Assistant)? yes no Do you own or use a digital camera or camcorder? yes no Do you own or use a Sony game console such as PS1,PS2 or Gameboy? yes no Do you own or use a MP3 player? yes no Do you own or use a DVD player? yes no Group Profile: Area Code Gender: Male Female Age Group select below 18 and below 19-30 31-45 46-60 60+ Income select below less than 20k 20-30k 30-40k 40-60k 60-80k 80-100k 100k+ After you selected your choices, don't forget to _____ <http://www.paid4survey.net/mk/?xid=351|paid4survey|70,74,70,83,65,73,81,65,61,80,69|em|eb|12889> This email is sent to [email protected]. If you believe you did not belong to our sponsors customers list, you can remove your email address from our distribution list by clicking the link below. Click here <http://www.paid4survey.net/[email protected]> if you prefer not to receive future e-mail from us. Click here <http://www.paid4survey.net/policy.htm> to view our permission marketing policy.

calendar ---------------------- Forwarded by Steven J Kean/NA/Enron on 07/06/2001 01:04 PM --------------------------- From: Mark E Haedicke/Enron@EnronXGate@enronXgate on 07/06/2001 12:22 PM Sent by: Janette Elbertson/ENRON@enronXgate To: David W Delainey/HOU/EES@EES, Steven J Kean/NA/Enron@Enron, John J Lavorato/ENRON@enronXgate, Richard B Sanders/Enron@enronXgate, Richard Shapiro/NA/Enron@Enron, Vicki Sharp/HOU/EES@EES, Greg Whalley/ENRON@enronXgate, Robert C Williams/ENRON@enronXgate cc: Kay Chapman/HOU/EES@EES, Maureen McVicker/NA/Enron@Enron, Kimberly Hillis/ENRON@enronXgate, Twanda Sweet/ENRON@enronXgate, Ginger Dernehl/NA/Enron@Enron, Kathy Dodgen/HOU/EES@EES, Liz M Taylor/ENRON@enronXgate, Jan Cooley/ENRON@enronXgate, Jessica Ramirez/ENRON@enronXgate Subject: Meeting Notice - California Document Production Issues There will be a meeting on Monday, July 9, from 10:00 a.m. to Noon in EB3321 to discuss the referenced issues. Thank you. Janette Elbertson Enron Wholesale Services Legal Department - EB3326 Telephone: (713) 853-7906 Fax: (713) 646-2600 e-mail address: [email protected]

I went to mia bella--and I think i'm with you on the dont' like it thought. I thought i was going to hurl on my hardwoods last night. crashed about 10:30pm. I figure you all could come over for a glass of wine first (and I can show ms tobor the house) then head over. My flight is at 9:40 pm tonight, and I haven't packed yet. Unless you have another idea??????????? Alexandra Saler@EES 12/20/2000 08:43 AM To: Jeffrey A Shankman/HOU/ECT@ECT cc: Subject: Re: it was great! what did you do? what is our plan for the big party tonight? To: Alexandra Saler/HOU/EES@EES cc: Subject: Re: How was bunko, or twister, is it?

-----Original Message----- From: Moon, Eric Sent: Wednesday, October 24, 2001 10:28 AM To: Griffith, John Subject: FW: Why Palestenians throw rocks -----Original Message----- From: "Tami, Eric and Jake Moon" <[email protected]>@ENRON Sent: Wednesday, October 24, 2001 9:58 AM To: Julie Turner; Papa; Moon, Eric; Granny; Frank Jimenez Subject: Fw: Why Palestenians throw rocks Subject: FW: Why Palestenians throw rocks > -------------------------------------------------------------------------- -- > --- <<ATT279523.txt>> <<WHYPALES.MPE>> > - ATT279523.txt - WHYPALES.MPE

My sincerest thanks to all of you that were able to attend the JDF Kick-off Luncheon on September 6th. It was a great event and a wonderful opportunity for those of you not familiar with JDF to find out what the JDF Walk is all about. For those of you that were not able to join us, we missed you and we look forward to having you join us for our future sessions. The Enron/JDF Team Leaders Kick-off Luncheon will take place on Wednesday, September 13th, at the Houston Metropolitan Racquet Club (The Met) beginning at 11:30 a.m. I would like to encourage each of you to mark your calendar and make plans to attend this very important luncheon meeting. At this kick-off meeting we will be distributing supplies and gift bags, reviewing important details about our campaign, learning more about JDF, and discussing our fundraising goal for this year's campaign. Enron has been the number 1 walk team in Houston for 5 years in a row and we plan to continue in that position and we need your help to make it happen! Please take just a moment to RSVP your attendance via e-mail to Rachel Feldt on the Corporate Lotus Notes directory or to [email protected]. The Steering Committee members for this year's campaign are listed below. Please feel free to contact me or any Steering Committee member if you have any questions or if you have friends that you would like to sign up to help with our campaign. Steering Committee Members: Blanca Bollom X66091 Rachel Feldt X57629 Deb Gebhardt X39606 Cathy Phillips X36898 John Walt X35379 Debbie Yates X35305 I look forward to seeing all of you at the luncheon on Wednesday. Thanks! Mike McConnell

Per the request of Sara, I am attaching Annex A and Annex B to the Omnibus Confirmation for the referenced counterparty.

UBS bought 100% of trading

The following servers will be coming down, please click on the icon for more details and scheduled times : ------------------------------------------------------------- SYSTEM OUTAGE NOTIFICATION ------------------------------------------------------------- FOR: PR1 - Apollo Production (SPR1DB01) Outage Start: (CST) 10/22/2000 at 08:00:00 AM Outage End: (CST) 10/22/2000 at 12:00:00 PM Outage Abstract: Install SAP Gateway on SPR1DB00 Outage Description: Please See Corrected Time!!!! Outage Implication: PR1 will be unavailable for duration of outage. Contact Name:Larry Harbuck #: 888-676-8719 713-853-1844