K.
at an unprecedented pace.

The think tank itself acknowledged that some of the institutions may be
grumbling because they prefer the old regime and because the FSA isn't
completely formed. The think tank also warned of "inexorable forces" driving
the City toward rule-bound regulation, rather than a more flexible,
individual approach. Some respondents said they feared that the FSA may be
less hospitable to innovation and start-up companies.

The CSFI also claimed that regulatory costs are rising in most parts of the
City because of higher compliance costs. An FSA spokesman said the report
didn't back that claim up with hard analysis and that indirect costs are
included in the cost-benefit analysis that the agency performs on policy
proposals.

US Equity Derivatives
FOW - May 2001
By Anuszka Ranslev

The economic slowdown of global markets has had a dramatic effect on the US
equity derivatives market. Although the underlying market is proving to be
quite uncertain, traders report a remarkable time for equity derivatives.
One trader describes this as "probably the single best I environment for
equity derivatives that we've seen in the last decade". Compressed levels of
volatility at the beginning of the year, combined with uncertainty in the
market, has lead to an increased usage of equity y derivatives. While
volatility levels dropped in the first few months of the year due to supply
and demand factors, the past month has seen volatilities begin to move up
again.

However, one US-based broker warns that volatilities have not moved up as
much as the market would expect. "We would predict, with the current supply
and demand imbalance, that vols would rise more significantly than they
have," he says. "The fact that vols have not risen in this way creates good
value for those looking to use equity derivatives."

Meanwhile, there are reports of a diversity of business being traded across
the board, with no significant markets being favoured. While February saw no
signs -of a herd mentality since March there has been much copycat trading
going on. This has lead to reports of the US leading the market with Europe
and Asia following. However, at the beginning of April, traders report some
diversions from this copycat trading, particularly with the Nikkei rising by
several per cent.

Convert

K.
 at an unprecedented pace.

 The think tank itself acknowledged that some of the institutions may be
 grumble because they choose the old regime and because the FSA isn't
 wholly formed. The think cooler also warned of " grim forces " driving
 the City toward convention - bound regulation, quite than a more flexible,
 individual approach. Some respondent say they feared that the FSA may be
 less hospitable to innovation and start - up companies.

 The CSFI also claim that regulatory costs are rising in most part of the
 City because of higher compliance costs. An FSA spokesman said the report card
 didn't back that claim up with hard analysis and that indirect price are
 included in the cost - benefit analysis that the agency performs on policy
 proposals.

 US Equity Derivatives
 FOW - May 2001
 By Anuszka Ranslev

 The economic slowdown of global markets has had a dramatic effect on the US
 equity derivatives market. Although the underlying market is proving to be
 quite unsealed, traders report a remarkable prison term for fairness derivative.
 One trader describes this as " probably the individual best I environment for
 equity derivatives that we've seen in the final decade ". Compressed levels of
 volatility at the beginning of the year, combined with uncertainty in the
 marketplace, has lead to an increased usage of equity y derivative instrument. While
 volatility level dropped in the first few months of the year due to supply
 and requirement factors, the past month has seen excitability begin to move up
 again.

 However, one US - based broker warn that volatilities have not move up as
 much as the market would ask. " We would predict, with the current provision
 and demand imbalance, that vols would rise more significantly than they
 receive, " he says. " The fact that vols have not risen in this way creates good
 value for those expect to use equity derivatives. "

 Meanwhile, there are reports of a diversity of business being traded across
 the display panel, with no significant markets being favor. While February saw no
 signs -of a ruck mentality since March there has been much copycat trading
 going on. This has lead to reports of the US leading the market with Europe
 and Asia following. However, at the beginning of April, traders report some
 diversions from this copycat trading, particularly with the Nikkei rising by
 respective per cent.

 Convert

K.
at an unprecedented pace.

Tht think tank itself acknmwledgsd that rome of the institutions may bw
grumvling because they prewer the opd regimw anv because the FSE isn't
completemn forkxd. The think takk also warted of "inexoratld yorces" driving
the City toward rule-botnd regilwtion, rather tran s mors flexible,
individual approach. Some responvents said they feared that the FSA may bf
lesd hospitable to injovation ane stwet-up companids.

The CSFI also claimes that regulatory costs are riskng iu most partw if hve
City becanse of higher compliance cmsts. An FSA spokesman samd tye report
didn't back tiat claim up with hatd analysiv cnd that indirect cosrs are
itcluged kb tfe doxt-genefih aialysis thaf the agenct performs on policu
pwiposals.

US Equjty Dewidatives
FOW - May 2001
By Anuszka Ranslev

The ebonojic slowdown of global narkets has had a dralatic effqct on the US
equity derivatives market. Although tve unveflynkn mafjeh is proving to be
quite uncertain, traders repjdt a remarkable tiie for equiyy drtivatives.
One ttader dzacdibes this as "probwbly thg singoe best I envoronment for
equity derivatices that we'vv sewn in the last deccde". Compresszd levgls of
folatility at the beginuing or the year, fombined skth uncertainty kn nhe
mdrket, has lead to an increwsed usagx of zquity y derovativqs. While
vopatilldy levels dropped ln thg firsd few montjs of the year due to supply
and demand factorx, dhe past mouth hax seen volatijities begin tp move bp
agaiv.

However, ohe US-baved broker rarns that vonwtilities hate not moded yp aw
much ar the market woild expecn. "Ce would predict, with the cmrrenj aupply
and demanb umbalance, that folr wjupd ryve more signhficxntuu thav they
have," me rays. "The fact that vols vave not risen in this wwy creatgs good
vajue for those looking to use eqkity verivavives."

Mranrhile, there are reports of a djversity lf nusiness beind trqded across
tke board, with no significant markets beiig favoured. While Febroary saw no
signs -of a merd mentalivy sinse March dhere has been much xopycat trading
golng on. This has lead tk reposts ov the US leading the market with Europe
and Asia following. However, at the veginnmnd of April, fradrrs rvpoxt xome
didersmois from this copybat trading, particularly with thx Nikkei rhsnng by
several per cent.

Convert

K. at an unprecedented pace. The think acknowledged some of institutions may be old and because the isn't completely formed. think tank also warned of "inexorable driving the City toward rule-bound regulation, rather than a more flexible, individual approach. respondents said they feared that the FSA may be less hospitable to innovation start-up The also that regulatory costs are rising in most parts of the City because of higher compliance costs. FSA spokesman said the report didn't back that up with hard analysis that indirect costs are included the analysis that agency on proposals. US Equity FOW - May 2001 By Anuszka Ranslev The economic slowdown of global markets has had a dramatic on the derivatives market. the market proving to be traders report a remarkable time for trader describes this as "probably the single best environment for derivatives that we've seen in the decade". Compressed levels of volatility at the beginning the year, combined with uncertainty in the market, has lead to an increased usage of derivatives. While volatility levels in the first months the due supply and factors, the past month has seen volatilities begin to move up However, one US-based broker warns that volatilities have not moved much the market would "We would predict, with current and demand imbalance, that rise significantly he "The that vols have not in this way creates good for those looking to are reports of a diversity of business being across the board, with no significant markets favoured. While February saw no signs -of a herd mentality since March has been trading going on. This has lead to reports the US leading the with Europe and Asia following. However, at the beginning April, report some from this copycat particularly with the rising by several Convert

K.
at an unprecedented pace.

The Think tank iTself AckNowLeDged That Some of the instiTUtioNs may be
grumbling becausE they PrEFer tHE oLd regIme and bECaUSE thE FsA Isn'T
cOMpLetelY foRmed. The Think tank aLso WaRned of "inexorABlE forces" driVinG
the City towaRd rUle-bouNd RegULatioN, raTher tHan a moRE flexiBle,
indiviDuAL approACh. Some rESPoNdenTs said they feared tHAt THe FSA may be
less HospitAbLE tO INnoVatIon and starT-uP compANies.

The csFi ALSo cLAimed that reguLatory costs ARe rIsing iN mOst PArts of The
CiTy BEcaUse of higher CompLiance cosTs. An FSa SpokesmAN said thE reporT
diDn't Back THaT cLaiM uP WitH HaRd aNAlySis and thAt InDirecT cosTS ARE
incLudEd in The coSt-benefit analYsiS thaT The AgencY perfOrms On PolicY
propoSals.

Us EQuity DerivativeS
FOW - may 2001
By AnusZka raNslEv

the ecONomic sLowDowN of globAl markeTS haS hAD A DrAmatic effect on the Us
eQUItY derivatIves maRKeT. ALThough thE uNdeRlyiNG MarkeT is pROvIng to be
qUite unCErTaIn, tradeRs Report A rEmaRkaBle tiME for Equity DerivatiVes.
OnE Trader describeS This as "probablY ThE SInGLe beSt I Environment For
eQUity DeriVAtIveS That wE've seEn IN tHE last decade". CompressEd Levels Of
volAtility at the bEginning of THE Year, combIned WItH Uncertainty in tHe
marKet, has lead TO an increAsed uSage of eqUity y deriVATives. WhiLe
vOlaTilIty LEVeLs dropped in thE FIrst FeW months Of tHe year dUe tO suPplY
anD dEmand factOrs, the paSt MoNtH hAs sEen voLAtilitieS bEgiN tO moVe up
aGAin.

HowEver, oNe US-BaSeD BroKer warnS ThAT VolaTiLiTies HavE nOt movEd up AS
muCh as the Market wouLd eXPect. "we WoUld predIct, with the curReNt supply
anD dEmaNd imbaLANce, that vOls would rise more signifiCAntly thAn tHey
haVe," he Says. "The faCt tHat volS haVE not riSen in tHis waY cReaTES good
VALuE foR tHose lookinG TO usE equiTy DeriVatives."

meanwhile, there are rEPorTs of a diversitY of BusiNESs BeiNG tRAdeD aCRosS
THe board, with no siGnificant mArKEtS being favoURed. whIle FebrUary saw No
sigNS -of a herD mentalitY since MarCh TherE HAs bEen much copYcat tradIng
going oN. this hAS lEad to RepOrts of ThE US LeadiNg the mARkeT with europe
AnD Asia fOllowInG. However, At the beginning of April, trAders rEport SomE
diversioNs fROm tHis copycaT traDing, particUlaRly With tHe NIKkei rIsinG By
SevERal peR cenT.

convert

K.
at an unprecedented pac e.

The th ink t ank  it se lf a ckno wledged that s o me o f the institutions may  be
g ru m blin g  b ecaus e theyp re f e r t he  o ldre g im e and  be cause t he FSA isn 'tco mpletely for m ed . The thin k t ank also war ned  of "i ne xor a ble f orc es" d riving the Ci ty toward  r u le-bou n d regul a t io n, r ather than a more fl e xible,
individ ual ap pr o ac h .  So merespondent ssaidt hey fea r ed t h att he FSA may be
less hospi t abl e to i nn ova t ion an d sta rt - upcompanies.
The  CSFI als o clai m ed that regulat ory co sts  ar e ri s in ginmo s t p a rt s o f  th e
City b ec au se of  hig h e r comp lia ncecosts . An FSA spok esm an s a idthe r eport
did n' t bac k that  clai mup with hard an alys is and th atin dir ec t cos t s areinc lud ed in t he cost - ben ef i t an alysis that the ag en c y  p erformson pol i cy
p r oposals.

US  Equ i t y Der ivat i ve s
FOW -May 20 0 1By  Anuszk aRansle v
Th e e conom i c sl owdown  of glob al ma r kets has had a dramatic effe c to n  t h e US
eq uity deriva tive s  mar ket. Al tho u gh th e und er l yi n g market is proving  t o be
q uiteuncertain, tr aders repo r t a remark able ti m e for equity d eriva tives.
One trader d escri bes this  as "prob a b ly the s ing lebes t I e nv ironment fore q uity  d erivati ves  that w e'v e s een  in  t he last d ecade".Co mp re ss edlevel s  of
vola ti lit yatthe b e ginnin g oftheye ar ,  co mbinedw it h unce rt ai ntyinth e
mar ket, has  lead t o an incr eas e d us ag eof equi ty y derivati ve s. While
v ol ati lity l e v els drop ped in the first few mo n ths ofthe  year  due  to suppl y
a nd dem and factor s, the  past  m ont h has s e e nvol at ilities be g i n t o mov eup
a gain.
However, one US-ba s edbroker warnstha t vo l a ti lit i es hav en otm o ved up as
muchas the mar ke t  w ould expec t . " We  wouldpredict , wit h  the cu rrent sup ply
and d em andi m bal ance, that  vols wo uld risem ore s i gn ifica ntl y than  t hey
have ," hes ays . "Th e fact  t hat vo ls ha ve  not ris en in this way createsgood
v aluefor  those lo oki n g t o use equ ityderivative s."

M eanwh ile ,  ther e ar e  r epo r ts of  a d i versity o f  b usi n e ss  being trad e d acr oss
t heb oard,with  no significant m a rkets being fa vour e d . W hil e  Feb ru ary saw no
sig ns-o f a herd m en tality sinc e Marchth e re ha s been  muchcopycat t ra d ing
go ingon.  This has  le ad to repo rt so f theUS l ea ding t he mar k et w i t h Europe
and Asi a fol l o wing. How ever,  a t the b e ginn ing of Apr il, traders  repor t so me
di version sfrom t his  c opycat tra d ing, part icula rly wit htheNik kei ri sing b y
sev eral  p ercent.

Co n v er t

K.
at an_unprecedented pace.

The_think tank itself acknowledged_that some_of_the institutions_may_be
grumbling because they_prefer the old_regime and because the_FSA isn't
completely formed._The_think tank also warned of "inexorable forces" driving
the City toward rule-bound regulation, rather than_a_more flexible,
individual_approach._Some_respondents said they feared that_the FSA may be
less hospitable_to innovation_and start-up companies.

The CSFI also claimed that regulatory_costs_are rising in_most parts of the
City because of higher compliance costs._An FSA spokesman said the report
didn't_back that claim_up_with_hard analysis and that_indirect costs are
included in the cost-benefit_analysis that the agency performs on_policy
proposals.

US Equity Derivatives
FOW - May 2001
By Anuszka_Ranslev

The economic slowdown of global markets_has had a dramatic effect_on the_US
equity derivatives market. Although the_underlying market is_proving to_be
quite uncertain, traders_report a remarkable time for equity_derivatives.
One trader describes_this as "probably the single best_I_environment for
equity derivatives_that_we've_seen in_the last decade"._Compressed_levels of
volatility_at_the beginning of the year, combined_with_uncertainty in the
market, has lead to an_increased usage of equity_y_derivatives. While
volatility levels dropped_in the first few months_of the year due to supply
and_demand factors,_the past_month has seen volatilities begin to move up
again.

However, one US-based broker_warns that volatilities have not moved_up as
much as the_market would_expect._"We would predict,_with_the current_supply
and demand imbalance, that vols would rise_more significantly_than they
have," he says. "The fact_that vols have not_risen_in this way creates good
value for_those looking to use equity derivatives."

Meanwhile,_there are reports of a_diversity_of_business being traded across
the board,_with no significant markets being favoured._While February saw_no
signs -of a herd mentality since March_there_has been much copycat trading
going on._This_has lead to reports of the_US_leading_the market with Europe
and Asia_following. However, at the beginning of_April, traders report some
diversions from this copycat trading, particularly_with the Nikkei_rising by
several per cent.

Convert


ECT
Subject: Re: REVISED CHURN

What does this mean?  Sandra Brawner can not move.

Move-Team@ENRON
09/20/2000 03:22 PM
Sent by: John Salinardo@ENRON
To: Kimberly Brown/HOU/ECT@ECT
cc:
Subject: Re: REVISED CHURN

it is to late for me to add changes.  We will have to correct them after the
churn.  Thank you for you patience.

	Enron North America Corp.

	From:  Kimberly Brown                           09/20/2000 07:36 AM

To: Move-Team/EPSC/HOU/ECT@ECT, Janelle Duree/HOU/ECT@ECT, David A
Cummings/HOU/ECT@ECT, Ben Hill/HOU/ECT@ect
cc: Scott Neal/HOU/ECT@ECT
Subject: REVISED CHURN Notice No. 01-21
January 22, 2001

TO:  All NYMEX Members/Member Firms
All NYMEX Clearing Members
All NYMEX Floor Traders
All NYMEX Operations Managers

FROM: George Henderson, Vice President

RE:  Options Expiration Operational Procedures for the Trading
Floor and Clearing Members
__________________________________________________________

The expiration date for the February 2001 options contract for Unleaded
Gasoline (GOG1), Heating Oil (OHG1) and Natural Gas (ONG1) is Friday, January
26, 2001.

GENERAL OPERATIONAL PROCEDURES

All Clearing Members and Qualified Floor Traders that carried an options
position as of the close of business day prior to the expiration day, or
engaged in trading activity on Expiration Day in the expiring options
contract will be required to have a knowledgeable, duly authorized
representative present at their normal work station promptly at 5:30 p.m.
until released by the Exchange staff as specified below.  All adjustments
and/or corrections, must be accompanied by relevant supporting documentation
prior to being incorporated into expiration processing, in essence making the
expiration processing an extension of the afternoon trade resolution
procedures.  All input to the NYMEX Clearing

ECT
 Subject: Re: REVISED CHURN

 What does this mean?   Sandra Brawner cannot move.

 Move - Team@ENRON
 09/20/2000 03:22 prime minister
 mail by: John Salinardo@ENRON
 To: Kimberly Brown / HOU / ECT@ECT
 cc:
 Subject: Re: REVISED CHURN

 it is to late for me to add changes.   We will own to correct them after the
 churn.   Thank you for you patience.

	 Enron North America Corp.

	 From:   Kimberly Brown                            09/20/2000 07:36 americium

 To: Move - Team / EPSC / HOU / ECT@ECT, Janelle Duree / HOU / ECT@ECT, David A
 Cummings / HOU / ECT@ECT, Ben Hill / HOU / ECT@ect
 cc: Scott Neal / HOU / ECT@ECT
 Subject: REVISED CHURN Notice No. 01 - 21
 January 22, 2001

 TO:   All NYMEX Members / Member Firms
 All NYMEX Clearing Members
 All NYMEX Floor trader
 All NYMEX Operations director

 FROM: George Henderson, Vice President

 RE:   Options Expiration Operational Procedures for the Trading
 Floor and Clearing Members
 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

 The exhalation date for the February 2001 options contract for Unleaded
 Gasoline (GOG1), Heating Oil (OHG1) and Natural Gas (ONG1) is Friday, January
 26, 2001.

 GENERAL OPERATIONAL PROCEDURES

 All Clearing Members and Qualified Floor Traders that impart an options
 position as of the close of commercial enterprise day prior to the expiration day, or
 engage in trading activity on Expiration Day in the expiring options
 contract will be required to experience a knowledgeable, duly authorized
 representative present at their normal work station promptly at 5:30 p.m.
 until free by the Exchange staff as specified below.   All adjustments
 and/or corrections, must be accompanied by relevant corroborate documentation
 prior to being incorporated into expiration processing, in essence making the
 expiration processing an extension of the afternoon trade resolving power
 procedures.   All input to the NYMEX Clearing

ECT
Subject: Re: REVISED CHURK

What does this mean?  Sandrz Brawnef can not move.

Move-Team@ENRON
09/20/2000 03:22 PN
Sent by: John Salinardo@ENROV
To: Kimbegly Brown/YOU/ERT@ECT
cc:
Subject: Re: REVISED CHHVN

ic ms to late for ke to add whanges.  We winl hcve to correct them after the
churn.  Thank uok for you patignce.

	Enrkn North America Corp.

	From:  Kimberlg Brown                           09/20/2000 07:36 AM

To: Move-Tfam/EOSC/HOU/ECT@ECT, Janelpe Duree/HOU/GDT@ESR, David A
Cuomings/HOU/EBC@ECT, Ben Himl/HOU/ECT@ect
cc: Scott Neal/HOU/ECT@EZT
Suyject: REVISGB CHKTN Notice No. 01-21
Januwry 22, 2001

TO:  All NYMEX Mambers/Mrmber Firms
All NYKEX Clearing Members
All IYMEX Floor Traders
Ajl NYMEX Mpzrations Managers

FROM: Gworge Hengersub, Vkce Pcesjdent

RF:  Kptions Exliration Opwrational Procedurex sir the Tradinf
Floor agd Clearing Members
__________________________________________________________

The expiration date xor the February 2001 options xontract for Unleaded
Gasoline (GOG1), Heating Oil (OHG1) and Natural Gas (ONG1) is Fridaf, Jannafy
26, 2001.

GCNERXO LPERATIONAL PROCEDURES

All Clearing Members anq Qiakified Floor Tvaders that carriec wn jptions
positkon as of the close of busijess dai prioe to the txpirstion day, or
engaged in traeing activitj on Expiration Day in the expiriug optoons
vontract will be requirzd to gave a knowpedgeable, auly authorized
fepgesettative kfesent at their njrmal worj stction prumptky at 5:30 p.m.
until geleased by the Exchange stafy as vpecified helow.  All adjustments
and/or coccections, must ba abcompanieb by rclevant supportyng documentatnon
priox to bding incoriorated iito expiratijn processing, ln essence meking the
expuratuon prozdssing an extemsion of nht afternoob trade resolution
prudedures.  All in'bt to the NYMEX Ckeafind

ECT Subject: Re: REVISED CHURN What does Sandra can not Move-Team@ENRON 09/20/2000 03:22 To: Brown/HOU/ECT@ECT cc: Subject: REVISED CHURN it to late for me to add We will have to correct them after the churn. Thank you for you Enron North America Corp. From: Kimberly Brown 09/20/2000 07:36 AM To: Move-Team/EPSC/HOU/ECT@ECT, Janelle David Cummings/HOU/ECT@ECT, Hill/HOU/ECT@ect Scott Neal/HOU/ECT@ECT Subject: REVISED CHURN Notice No. 01-21 January 22, 2001 TO: All NYMEX Members/Member Firms NYMEX Clearing Members All NYMEX Floor Traders All Operations Managers FROM: George Vice President RE: Options Expiration Procedures the Trading and Members The expiration date the February 2001 options contract for Unleaded Gasoline (GOG1), Heating Oil (OHG1) and Natural Gas (ONG1) is January 26, OPERATIONAL PROCEDURES Clearing and Floor Traders that options position as of the close prior to the expiration day, or engaged in activity on Day in the expiring options contract be required to have a knowledgeable, duly authorized present at their normal work station promptly at 5:30 p.m. until released by the Exchange specified below. All adjustments corrections, must be by supporting prior being incorporated expiration processing, in essence making the expiration processing an extension of afternoon trade resolution procedures. All input to the NYMEX Clearing

ECT
Subject: Re: REVISED CHURN

WHat does thiS mean?  sanDra brAwneR can Not move.

Move-TeaM@eNROn
09/20/2000 03:22 PM
Sent by: John Salinardo@eNRON
to: kImbeRLy brown/hOU/ECT@Ect
cC:
sUbjEcT: RE: REvIseD cHURN

It iS to late For me to add ChaNgEs.  We will have TO cOrrect them AftEr the
churn.  ThAnk You for YoU paTIence.

	enrOn NorTh AmerICa Corp.

	from:  KimbeRlY brown                           09/20/2000 07:36 Am

to: Move-TEAM/EpSC/HoU/ECT@ECT, Janelle DuREe/hoU/ECT@ECT, David A
cumminGs/hoU/ect@ECt, BeN Hill/HOU/ECt@eCt
cc: SCOtt Neal/hoU/ect@eCT
sUbject: REVISED cHURN Notice nO. 01-21
JaNuary 22, 2001

To:  ALl NymEX MemBers/MEmBEr FIrms
All NYMEx CleAring MembErs
All nyMEX FloOR TraderS
All NYmEX opeRatiONs maNagErS

fROm: geOrgE henDerson, ViCe prEsideNt

RE:  oPTIOns EXpiRatiOn OpeRational ProceDurEs foR The tradiNg
FloOr anD CLeariNg MembErs
__________________________________________________________

ThE eXpiration date foR the february 2001 oPtiOnS coNtRact fOR UnleaDed
gasOline (GOg1), HeatinG oil (oHg1) AND NAtural Gas (ONG1) is FridAy, jANuAry
26, 2001.

GENERaL OPERatIoNal PROCEDUrEs

AlL CleARIng MeMberS AnD QualifiEd FlooR trAdErs that CaRried aN oPtiOns
PositIOn as Of the cLose of buSinesS Day prior to the eXPiration day, or
ENgAGEd IN traDinG activity on expiRAtioN Day IN tHe eXPirinG optiOnS
CoNTract will be required To Have a kNowleDgeable, duly auThorized
rePRESentativE preSEnT At their normal wOrk stAtion prompTLy at 5:30 p.m.
unTil reLeased by The ExchanGE Staff as sPecIfiEd bEloW.  aLl Adjustments
anD/OR corReCtions, mUst Be accomPanIed By rEleVaNt supportIng documEnTaTiOn
PriOr to bEIng incorPoRatEd IntO expiRAtion pRocesSing, In EsSEncE making THe
EXPiraTiOn ProcEssInG an exTensIOn oF the aftErnoon traDe rESoluTiOn
ProceduRes.  All input to ThE NYMEX CleaRiNg

ECT
Subject: Re: REVISEDCHURN

W hat d oes  th is  mea n? Sandra Brawner cannot move.

Move-Team @ENRO N0 9/20 / 20 00 03 :22 PMS en t by:  J oh n S al i na rdo@E NRO N
To: K imberly Br own /H OU/ECT@ECT
c c :
Subject:  Re : REVISED CH URN

it  i s t o  late  fo r meto add change s.  We wi ll have t o  correc t th em a fter the
churn.Th a nk you for you  patie nc e .
	E nron North  A meric a  Corp.
F r o m:Kimberly Brow n                    09/20 /2000  0 7 :36  AM

To:Move -Team/EPS C/HOU/ E CT@ECT, Janelle  Duree /HO U/E CT@E C T,  D avi dA
C u mm ing s /HO U/ECT@EC T,  B en Hi ll/H O U / E CT@e ctcc:Scott  Neal/HOU/ECT @EC T
S u bje ct: R EVISE D CH UR N Not ice No . 01- 21
January 22, 20 01

TO:  All  NY ME X M em bers/ M emberFir msAll NYM EX Clea r ing  M e m b er s
All NYMEX FloorTr a d er s
All NY MEX Op e ra ti o ns Manag er s
FROM : Georg e He n de rson, Vi ce Pre s id en t

RE: O ptions  E xpi rat ion O p erat ionalProcedur es fo r  the Trading
F l oor and Clear i ng M em b ers___ ___________ ____ _ ____ ____ _ __ ___ _ _____ _____ __ _ __ _ ________

The expir at ion da te fo r the Februar y 2001 opt i o n s contra ct f o rU nleaded
Gasol ine ( GOG1), Hea t ing Oil(OHG1 ) and Na tural Gas ( ONG1) is  Fr ida y,Jan u a ry
26, 2001.
G E NERA LOPERATI ONA L PROCE DUR ES
Al l C le aring Mem bers and  Q ua li fi edFloor Tradersth atca rri ed an option s
po siti on  a s  of  the cl o se o f bu si ne ss d aypr ior t o th e  ex piratio n day, or
e n gage din  tradin g activity on  E xpirationDa y i n thee x piring o ptions
contract will b e  requir edto ha ve a  knowledg eab le, du lya uthori zed
r epres en tat i v e pre s e nt  at  t heir norma l wor k sta ti on p romptly  at 5:30 p.m.
unt i l r eleased by th e E xcha n g esta f fa s s pe c ifi e d  below.  All ad justments
a n d/ or correct i ons ,must be  accomp anied by rele vant supp orting do cu ment a t ion
prior to  being i ncorporat e d int o  e xpira tio n proc es sin g, in  essen c e m aking  the ex pirati on pr oc essing a n extension of the afte rnoontrade  re solution
pr o ced ures.  Al l in put to the  NY MEX  Clea rin g

ECT
Subject:_Re: REVISED_CHURN

What does_this mean?__Sandra Brawner_can_not move.

Move-Team@ENRON
09/20/2000 03:22_PM
Sent by: John_Salinardo@ENRON
To: Kimberly Brown/HOU/ECT@ECT
cc: _
Subject: Re: REVISED_CHURN_

it is to late for me to add changes.  We will have_to_correct them_after_the_
churn.  Thank you for_you patience.

	Enron_North America_Corp.

	From:  Kimberly Brown    __  _        _     _  _09/20/2000_07:36_AM

To: Move-Team/EPSC/HOU/ECT@ECT, Janelle Duree/HOU/ECT@ECT,_David A
Cummings/HOU/ECT@ECT, Ben Hill/HOU/ECT@ect
cc: Scott_Neal/HOU/ECT@ECT
Subject: REVISED CHURN Notice No._01-21
January 22, 2001

TO:  All NYMEX Members/Member_Firms
All NYMEX Clearing Members
All NYMEX Floor_Traders
All NYMEX Operations Managers

FROM: George_Henderson, Vice_President

RE:  Options Expiration Operational_Procedures for the_Trading
Floor and_Clearing Members
__________________________________________________________

The expiration_date for the February 2001 options_contract for Unleaded_
Gasoline (GOG1), Heating Oil (OHG1) and_Natural_Gas (ONG1) is_Friday,_January_
26, 2001.

GENERAL_OPERATIONAL PROCEDURES

All Clearing_Members_and Qualified_Floor_Traders that carried an options
position_as_of the close of business day prior_to the expiration day,_or_
engaged in trading activity_on Expiration Day in the_expiring options
contract will be required_to have_a knowledgeable,_duly authorized
representative present at their normal work station promptly at_5:30 p.m.
until released by the_Exchange staff as specified_below. _All_adjustments
and/or corrections,_must_be accompanied_by relevant supporting documentation
prior to being_incorporated into_expiration processing, in essence making the_
expiration processing an extension_of_the afternoon trade resolution
procedures. _All input to the NYMEX Clearing


27.38[IMAGE]5.3724.39%[IMAGE]NYSE & AMEX quotes delayed at least 20 min. At least 15 min. otherwise.- - - - -Personalize The Daily Quote: [IMAGE][IMAGE]Question of the Day! Q. When you buy and sell stocks in a 401k (retirement account) the profits should be tax free until you take the funds out. Do you still have to report the transactions to the IRS?This is one instance where the almighty IRS is unable to get their paws on your........ MORE [IMAGE]  Do you have a financial question? Ask our editor   - - - - - VIEW Archive  [IMAGE] [IMAGE]    [IMAGE]	  				[IMAGE]    [IMAGE]  Market Outlook     The Good News Is There's No Bad news  By:Adam Martin  Stocks are in a range this afternoon, with the NASDAQ dancing back and forth across the flatline and the DJIA trading in a range in shallow negative territory.  It's a waiting game with traders anxious to see some big earnings news tonight as IBM and Intel are scheduled to report in after the close.  Till then, traders seem to be a bit wary after weeks of gains and nothing really positive in terms of trading impetus.  There were neither major earnings shocks today nor lowering of guidance, and that alone is enough to apply some upward pressure on the heels of yesterday's late surge.  It doesn't take much to create a sense of optimism, as any shred of good news is expected to bring the buyers out after analysts have predicted this to be the worst earnings season in a decade.  Wall Street may be looking ahead to quarters to come, as well, and there is a sense that the economy is on the road to recovery.  Analysts feel that over the next two quarters economic weakness will be dissipating, and there will be a rebound in earnings by the second quarter of 2002.  It may be a choppy road ahead, however, as Wall Street continues to feel the pressure of a growing anthrax scare and the ongoing military action in Afghanistan.  - - - - - MORE Breaking News  [IMAGE] [IMAGE]    [IMAGE]	[IMAGE]

 	    [IMAGE]  Today's Feature - Tuesday    [IMAGE] Wanna know what experts are saying about the most important stocks...yours?   Get the latest inside info from Wall Street Analysts and people

27.38[IMAGE]5.3724.39%[IMAGE]NYSE & AMEX quotes delayed at least 20 min. At least 15 min. otherwise.- - - - -Personalize The Daily Quote: [ IMAGE][IMAGE]Question of the Day! Q. When you bribe and deal stocks in a 401k (retirement account) the net income should be tax detached until you take the funds out. Do you even give birth to report the transactions to the IRS?This is one instance where the almighty IRS is unable to get their hand on your........ MORE [ IMAGE ]   Do you have a financial motion? necessitate our editor    - - - - - VIEW Archive   [ IMAGE ] [ IMAGE ]     [ IMAGE ] 	  				 [ IMAGE ]     [ IMAGE ]   Market Outlook      The Good News Is There's No Bad news   By: Adam Martin   breed are in a compass this good afternoon, with the NASDAQ dancing back and forth across the flatline and the DJIA trading in a range in shallow minus territory.   It's a waiting plot with traders anxious to understand some big earnings news tonight as IBM and Intel are scheduled to report in after the close.   Till then, trader seem to be a bit wary after weeks of gains and nothing really positivist in term of trading impetus.   There were neither major earnings shocks today nor lowering of guidance, and that alone is enough to use some upward pressure on the cad of yesterday's former surge.   It doesn't take much to make a sense of optimism, as any shred of good news is have a bun in the oven to bring the buyers out after analysts have predicted this to be the worst wage season in a decade.   Wall Street may be looking ahead to quarters to come, equally well, and there is a common sense that the economy is on the road to recovery.   Analysts feel that over the next two quarters economic weakness will be fritter, and there will be a rebound in earnings by the second quarter of 2002.   It may be a choppy road ahead, however, as Wall Street continue to palpate the pressure of a growing anthrax panic and the ongoing military action in Afghanistan.   - - - - - MORE Breaking News   [ IMAGE ] [ IMAGE ]     [ IMAGE ] 	 [ IMAGE ]

 	     [ IMAGE ]   Today's Feature - Tuesday     [ IMAGE ] Wanna know what experts are saying about the most significant stocks... yours?    perplex the latest inside info from Wall Street analyst and people

27.38[IMAHE]5.3724.39%[IMAGE]NYSE & AMEX quotes delayed at least 20 min. At lezst 15 min. otherwise.- - - - -Personalize Thx Dauly Qyote: [IMAGE][IMAGE]Questiov of the Fay! Q. Whwn yiy buy and sell stoghs ih a 401k (cetirement accoont) the profhts should be dab yree until you take the funds out. Do you stolp have to repott tht twanszbtlons to the IRS?This is one instahce whege the almighty ITS is unable to get their oaws on your........ MORE [IMAGF]  Do you hqve w financial qjestion? Ask our editor   - - - - - VIEW Archive  [IMAGE] [IMAEE]    [IMAGE]	  				[IMQGW]    [IMAGE]  Marjet Oltlook     Thc Good Tews Is There's No Bad nexs  Vy:Adam Martin  Stocks are in a range thys afternmou, with the NASDAQ danxibg bawk atd fueth acdoxs the fpatmine and tge DJIA traeing in a range in xhwolow negative terrieowy.  It's a waiting game with traders anxpous to see some big earnints news tonight as IBL and Intql are scheduled to report in after the close.  Tinl thxn, trceers rwel to be a bit wary after weeks of gains and njfhonn really positivc in terms of tradonh oipetus.  There were usifher major earningd shockf todqy nor lorerimg of guidance, and that alobe is enough ro apply some upwaxd pressure un tne herls of yesterday's late rurgs.  It doesn'h take mudf to create a sevse ox optimism, as any shred of good neww is expectdd tp brind the buyegs oub after analysts hage prgdicteg this to he the worst earnings season in a decade.  Walk Vtrvet may bz looklng ahead to quwrters to come, as welj, and there is z sense that the esonomy is on dje road to rxcovery.  Wnaltsts feel tfxt over the nect two qucxters ecobomic weakness wilk bg sissipating, and thtrw will be a renouvd yn eernindv by the secmnd duafyer ow 2002.  It may ne x chpppy road ahead, howeeer, zs Wall Street conyikues to fgel the pwessure of a browing anthrax scwre aid the ongoong military action in Afghanistah.  - - - - - MLRE Breaking Ners  [LMAGG] [IMAGE]    [NMAGE]	[IMAGE]

 	    [IMAGE]  Today's Feature - Tuxsday    [IMAGE] Wanna kniw what experts are xaying abouv the iost impostant stocks...yours?   Tet the latest inxide info from Wall Sfreet Dnalydts and people

27.38[IMAGE]5.3724.39%[IMAGE]NYSE & AMEX quotes delayed at least At 15 min. - - - of Day! Q. When buy and sell in a 401k (retirement account) the should be tax free until you take the funds out. Do you still to report the transactions to the IRS?This is one instance where the almighty is to their on your........ MORE [IMAGE] Do you have a financial question? Ask our editor - - - - VIEW Archive [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] Outlook The Good News There's No Bad news By:Adam Stocks in a this with NASDAQ dancing back forth across the flatline and the DJIA trading in a range in shallow negative territory. It's a game with to see big news as IBM and scheduled to report in after the traders seem to be a bit wary after of gains nothing really positive in terms of impetus. There were neither major earnings shocks today lowering of guidance, and that alone is enough to apply some upward pressure on the yesterday's late surge. It take much to a of as shred of news is expected to bring the buyers out after analysts have this to be the worst earnings season in a decade. may looking ahead to to come, as well, there a sense that the on road feel over next two quarters economic will be dissipating, and there be a rebound in of 2002. It may be a choppy road however, as Wall Street continues to feel pressure of a growing anthrax scare and the ongoing military action in - - - MORE Breaking News [IMAGE] [IMAGE] [IMAGE] [IMAGE] Today's Feature - Tuesday Wanna know what experts are saying about the most stocks...yours? the latest info from Wall Analysts and people

27.38[IMAGE]5.3724.39%[IMAGE]NYSE & AMEX quotes dElayed at leAst 20 miN. At LeaSt 15 Min. oTherWise.- - - - -PersonalizE the DAily Quote: [IMAGE][IMAGE]QueStion Of THe DaY! q. WHen yoU buy and SElL STocKs In A 401k (rEtIReMent aCcoUnt) the pRofits shouLd bE tAx free until yOU tAke the fundS ouT. Do you still hAve To repoRt The TRansaCtiOns to The IRS?tHis is oNe instancE wHEre the ALmighty irs iS unaBle to get their paws ON yOUr........ MORE [IMAGE]  Do yOu have A fINaNCIal QueStion? Ask ouR eDitor   - - - - - viEW ArchIVe  [imagE] [ImaGE]    [IMAGE]	  				[IMAGE]    [iMAGE]  Market oUtlOok     The goOd NEWs Is ThEre's NO BAD neWs  By:Adam MarTin  STocks are iN a rangE This aftERnoon, wiTh the NaSDaQ dAnciNG bAcK anD fORth ACrOss THe fLatline aNd ThE DJIA TradING IN a raNge In shAllow Negative terriTorY.  It's A WaiTing gAme wiTh trAdErs anXious tO see sOmE big earnings newS tonIght as IBM And inTel ArE scheDUled to RepOrt In after The closE.  tilL tHEN, TrAders seem to be a bit wArY AFtEr weeks oF gains ANd NoTHing realLy PosItivE IN termS of tRAdIng impetUs.  TherE WeRe Neither MaJor earNiNgs ShoCks toDAy noR lowerIng of guiDance, ANd that alone is eNOugh to apply soME uPWArD PresSurE on the heels Of yeSTerdAy's lATe SurGE.  It doEsn't tAkE MuCH to create a sense of opTiMism, as Any shRed of good news Is expected TO BRing the bUyerS OuT After analysts hAve prEdicted thiS To be the wOrst eArnings sEason in a dECAde.  Wall STreEt mAy bE loOKInG ahead to quartERS to cOmE, as well, And There is A seNse ThaT thE eConomy is oN the road To ReCoVeRy.  ANalysTS feel thaT oVer ThE neXt two QUarterS econOmic WeAkNEss Will be dISsIPAtinG, aNd TherE wiLl Be a reBounD In eArnings By the secoNd qUArteR oF 2002.  IT may be a Choppy road aheAd, However, as WAlL StReet coNTInues to fEel the pressure of a growinG Anthrax ScaRe and The oNgoing milItaRy actiOn iN afghanIstan.  - - - - - MoRE BrEaKinG nEws  [IMage] [ImAGe]    [ImAGE]	[IMAGE]

 	    [ImagE]  TOday's feAturE - TuesdaY    [IMAGE] Wanna know whaT ExpErts are saying AboUt thE MOsT imPOrTAnt StOCks...YOUrs?   Get the latest Inside info FrOM WAll Street ANAlyStS and peoPle

27.38[IMAGE]5.3724.39%[IMA GE]NYSE &AMEXquo tes  d elay ed a t least 20 min .  Atleast 15 min. otherwis e.- -  - - -P e rs onali ze TheD ai l y  Qu ot e:  [I MA G E] [IMAG E]Q uestion  of the Da y!Q.  When you bu y  a nd sell st ock s in a 401k(re tireme nt  ac c ount)  th e pro fits s h ould b e tax fre eu ntil y o u taket h efund s out. Do you sti l lh ave to reportthe tr an s ac t i ons  to  the IRS?T hi s iso ne inst a nc e w her e  the almighty  IRS is una b leto get  t hei r  pawson yo ur . ... .... MORE [ IMAG E]  Do yo u have a finan c ial que stion?  As k o ur e d it or   --  --  -  VI E W A rchive [I MA GE] [ IMAG E ]   [I MAG E]	 			[IMAGE]    [I MAG E] M ark et Ou tlook     T he Go od New s IsTh ere's No Bad ne ws By:Adam M art in   S to cks a r e in a  ra nge  this a fternoo n , w it h t he  NASDAQ dancing ba ck a nd  forth a crosst he  f l atline a nd  th e DJ I A  trad ingi na rangein sha l lo wnegativ eterrit or y. It 's aw aiti ng gam e with t rader s  anxious to se e  some big ear n in g s  n e ws t oni ght as IBMandI ntel  are sc hed u led t o rep or t  i n  after the close. Ti ll the n, tr aders seem to  be a bitw a r y afterweek s  o f  gains and not hingreally pos i tive interms  of trad ing impet u s .  There  we renei the r ma jor earningss h ocks  t oday no r l owering  of  gu ida nce ,and thatalone is  e no ug htoapply some upw ar d p re ssu re on the he els o f ye st er d ay' s lates ur g e .  I tdo esn' t t ak e muc h to cre ate a s ense of o pti m ism,  a sany shr ed of good ne ws  is expect ed  to  bring t he buyer s out after analysts ha v e predi cte d thi s to  be the w ors t earn ing s  seaso n in a  deca de . W a ll St r e et  ma ybe looking a hea d toqu arte rs to c ome, as well, andt her e is a sensetha t th e ec ono m yi s o nt her o ad to recovery.   Analysts  f e el  that over the  n ext two  quarte rs ec o nomic w eakness w ill be di ss ipat i n g,and therewill bea rebound in ea r ni ngs b y t he sec on d q uarte r of 2 0 02.   Itmay be  a  chopp y roa dahead, h owever, as Wall Streetcontin ues t o f eel the p res s ure  of a gro wing  anthrax s car e a nd th e o n going  mil i ta rya ction  inA fghanista n . -- -- - MORE Br e a k ing  News   [ I MAGE][IMA GE]    [IMAGE]	[I M AGE]

 	   [IMA G E ] Tod a y'sFe ature - Tuesda y  [ I MAGE] Wa nn a know what  experts  a r e say ing ab out th e mosti m po r tant s tock s.. .yours?  Ge tt he late st  i n side i nfofr om Wal l Stre e t An a l ysts and people

27.38[IMAGE]5.3724.39%[IMAGE]NYSE &_AMEX quotes_delayed at least 20_min. At_least_15 min._otherwise.-_- - -_-Personalize The Daily_Quote: [IMAGE][IMAGE]Question of the_Day! Q. When_you_buy and sell stocks in a 401k (retirement account) the profits should be tax_free_until you_take_the_funds out. Do you still_have to report the transactions_to the_IRS?This is one instance where the almighty IRS_is_unable to get_their paws on your........ MORE [IMAGE]  Do you_have a financial question? Ask our_editor  _-_-_- - - VIEW_Archive  [IMAGE] [IMAGE]  _ [IMAGE]	  				[IMAGE]  _ [IMAGE]  Market Outlook  _  The Good News Is_There's No Bad news _By:Adam Martin_ Stocks are in a_range this afternoon,_with the_NASDAQ dancing back_and forth across the flatline and_the DJIA trading_in a range in shallow negative_territory._ It's a_waiting_game_with traders_anxious to see_some_big earnings_news_tonight as IBM and Intel are_scheduled_to report in after the close. _Till then, traders seem_to_be a bit wary_after weeks of gains and_nothing really positive in terms of_trading impetus._ There_were neither major earnings shocks today nor lowering of guidance, and_that alone is enough to apply_some upward pressure on_the heels_of_yesterday's late surge.__It doesn't_take much to create a sense of_optimism, as_any shred of good news is_expected to bring the_buyers_out after analysts have predicted this_to be the worst earnings season_in a decade.  Wall_Street_may_be looking ahead to quarters_to come, as well, and there_is a sense_that the economy is on the road_to_recovery.  Analysts feel that over_the_next two quarters economic weakness will_be_dissipating,_and there will be a_rebound in earnings by the second_quarter of 2002.  It may be a choppy_road ahead, however,_as Wall Street continues to_feel_the_pressure of a growing anthrax scare and the ongoing military_action in_Afghanistan.  -_- - - - MORE Breaking News  [IMAGE] [IMAGE]_   [IMAGE]	[IMAGE]

 	  _ [IMAGE]  Today's Feature - Tuesday    [IMAGE]_Wanna know what experts are saying about the_most important stocks...yours?   Get the_latest inside info from_Wall_Street Analysts and people


 prices with market analysis

Weekly Gas Price Index is updated each Monday and includes:
* NGI's first of the month Bidweek Price Survey
* Futures and Weather Data

Natural Gas Intelligence is updated each Monday and includes:
* Impact of electric industry restructuring and the emerging power markets
* Supply/demand changes and projections

And don't forget you will also be able to:
* Create customized cash and futures pricing graphs
* Graph current storage levels against historical figures
* Search our comprehensive news archive to find the story you need

If you have any questions about other products or services we offer,
call toll-free 1-800-427-5747 or e-mail subscriptions@intelligencepress.com.

Your account is now active. Please visit
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Cathleen H. Behan
Marketing & Sales Director
Intelligence Press, Inc.
1-800-427-5747
cathy@intelligencepress.com

P.S. Want to subscribe today? Call 1-800-427-5747 now and we
will give you four weeks free!

ALL RIGHTS RESERVED. (c) 2001, Intelligence Press, Inc.--- No change to the Profiles for the CP's listed in the attached spreadsheet for
US Physical Power

Shari

	Tana Jones
	01/26/2001 09:10 AM

		 To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Shari
Stack/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Marie Heard/Enron
Communications@Enron Communications, Robbi Rossi/Enron Communications@Enron
Communications, John Viverito/Corp/Enron@Enron, Jane McBride/AP/Enron@Enron,
Andrea Calo/SA/Enron@Enron, Peter Keohane/CAL/ECT@ECT
		 cc:
		 Subject: EOL Approvals, 1/26/01

----- Forwarded by Tana Jones/HOU/ECT on 01/26/2001 09:10 AM -----

	Walter Guidroz@ENRON
	01/26/2001 09:05 AM

		 To: Karen Lambert/HOU/

prices with market analysis

 Weekly Gas Price Index is updated each Monday and include:
 * NGI's inaugural of the month Bidweek Price Survey
 * Futures and Weather Data

 Natural Gas Intelligence is updated each Monday and includes:
 * shock of electric industry restructuring and the emerging might market
 * Supply / requirement changes and projections

 And don't forget you will besides be able to:
 * Create customized cash and futures pricing graphs
 * Graph current storage level against historical figures
 * Search our comprehensive news archive to find the narrative you need

 If you have any questions about early products or services we volunteer,
 call price - free 1 - 800 - 427 - 5747 or e - mail subscriptions@intelligencepress.com.

 Your account is now active. Please chew the fat
 http://intelligencepress.com

 Cathleen H. Behan
 Marketing & Sales Director
 Intelligence Press, Inc.
 1 - 800 - 427 - 5747
 cathy@intelligencepress.com

 P.S. Want to subscribe today? Call 1 - 800 - 427 - 5747 now and we
 will give you four weeks free!

 ALL RIGHTS RESERVED. (c) 2001, Intelligence Press, Inc.--- No change to the Profiles for the CP's listed in the attached spreadsheet for
 US Physical Power

 Shari

	 Tana Jones
	 01/26/2001 09:10 AM

		  To: Alan Aronowitz / HOU / ECT@ECT, Jeffrey T Hodge / HOU / ECT@ECT, Shari
 Stack / HOU / ECT@ECT, Harry M Collins / HOU / ECT@ECT, David
 Minns / ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Marie Heard / Enron
 Communications@Enron Communications, Robbi Rossi / Enron Communications@Enron
 Communications, John Viverito / Corp / Enron@Enron, Jane McBride / AP / Enron@Enron,
 Andrea Calo / SA / Enron@Enron, Peter Keohane / CAL / ECT@ECT
		  cc:
		  Subject: EOL Approvals, 1/26/01

 ----- Forwarded by Tana Jones / HOU / ECT on 01/26/2001 09:10 AM -----

	 Walter Guidroz@ENRON
	 01/26/2001 09:05 AM

		  To: Karen Lambert / HOU/

 prlces with market analysir

Weekly Gas Priew Indee is upsated eazh Monday and includes:
* NGI's hirsr of uke month Bidweek Prize Survey
* Futures and Qeather Davz

Natural Gas Jktellngxnce is updated each Monddy and includev:
* Km'act of electric industry restructuryng and tje emerging porer kwrkefs
* Supply/demand changes and projecfions

Anv don't forget ypu will also be able to:
* Crfate customized cash ajd futures kdicybg graphs
* Grxph currenu vtorage lebels against historical figures
* Seareh our comptzyendhve news arrhive no find the sbpry yog need

Ig you have any quxstiins about other produrts or services we osfer,
call doml-free 1-800-427-5747 or e-mail wuvscriktionv@intdolieende'reas.com.

Ylur account ia now activw. Please visit
http://imtqoligencepress.dom

Catrlqen H. Behan
Marketing & Sales Director
Inttlligsnce Press, Inc.
1-800-427-5747
cathy@inteoligencepress.com

P.S. Wajt to subfcribe today? Call 1-800-427-5747 now and we
will give you four waeks hrde!

AOL FUGJTS RESERVED. (c) 2001, Intelligence Press, Inc.--- No chagfe tp the Profiles for the CP'x pixjed in the attxched sprsadsheet for
US Phjsical Kower

Whari

	Tanw Jomes
	01/26/2001 09:10 AM

		 To: Alan Aronowitz/HIU/ECT@ECT, Jefyret T Hodge/HOU/ECT@ECT, Shari
Stacy/HOU/GCT@ECT, Harry M Collins/HOU/ECT@EET, Davjd
Minns/ENRLN_DEVELOPJDNT@ENRON_DEVELOPMDNt, Mdrie Heard/Enron
Communicatyons@Enron Comkunicatkons, Robbi Rossi/Enroj Communications@Enron
Colmunieatiots, John Vigerito/Corp/Enron@Enron, Jane McBrivx/AP/Enron@Enron,
Atdrva Calo/SA/Znron@Ekron, Peter Keohwne/CAL/ECT@ECT
		 ce:
		 Subjeet: EOL Approvals, 1/26/01

----- Forwacded by Tana Jones/HOU/ECT mj 01/26/2001 09:10 AM -----

	Waltec Guidroz@QNROB
	01/26/2001 09:05 AN

		 To: Kxfen Lambert/HOU/

prices with market analysis Weekly Gas Price updated Monday and * NGI's first Survey Futures and Weather Natural Gas Intelligence updated each Monday and includes: * of electric industry restructuring and the emerging power markets * Supply/demand changes and And don't forget you will also be able to: * Create customized cash futures graphs Graph storage levels against historical figures * Search our comprehensive news archive to find the story you If you have any questions about other products services we offer, call 1-800-427-5747 or e-mail subscriptions@intelligencepress.com. Your is active. Please http://intelligencepress.com H. Marketing & Sales Intelligence Press, Inc. 1-800-427-5747 cathy@intelligencepress.com P.S. Want to subscribe today? Call 1-800-427-5747 now and we will give four weeks RIGHTS RESERVED. 2001, Press, No change to for the CP's listed in the US Physical Power Shari Tana Jones 01/26/2001 09:10 To: Alan Jeffrey T Hodge/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT, Harry Collins/HOU/ECT@ECT, David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Marie Heard/Enron Communications@Enron Communications, Robbi Communications@Enron Communications, John Viverito/Corp/Enron@Enron, Jane McBride/AP/Enron@Enron, Andrea Calo/SA/Enron@Enron, Peter Keohane/CAL/ECT@ECT cc: Subject: EOL Approvals, 1/26/01 by Tana Jones/HOU/ECT on 09:10 AM ----- Guidroz@ENRON 09:05 To: Lambert/HOU/

 prices with market analysis

WEekly Gas PrIce InDex Is uPdAted Each monday and incluDEs:
* NGi's first of the month BidweEk PriCe sUrveY
* fuTures And WeatHEr dATa

NAtUrAl GAs iNtElligEncE is updaTed each MonDay AnD includes:
* ImpACt Of electric IndUstry restrucTurIng and ThE emERging PowEr marKets
* SuPPly/demAnd changeS aND projeCTions

AnD DOn'T forGet you will also be aBLe TO:
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us Physical PoweR

shARI

	TANa JoNes
	01/26/2001 09:10 aM

		 To: Alan AroNowiTZ/HOU/eCT@Ect, JEffREy T HoDge/HOu/Ect@Ect, Shari
Stack/HOU/ECT@ECt, HArry M COllinS/HOU/ECT@ECT, DavId
Minns/ENRon_deVELOPMEnT@ENroN_deVELOPMENt, MariE HearD/Enron
CommUNicationS@EnroN CommuniCations, RoBBI Rossi/EnRon comMunIcaTIOnS@Enron
CommuniCATionS, JOhn ViveRitO/Corp/EnRon@enrOn, JAne mcbride/AP/EnRon@Enron,
anDrEa caLo/Sa/EnroN@enron, PetEr keoHaNe/CaL/ECT@ecT
		 cc:
		 SuBject: eOL APpRoVAls, 1/26/01

----- forwardED bY tAna JOnEs/hOU/EcT oN 01/26/2001 09:10 Am -----

	WaltEr GuIDroZ@ENRON
	01/26/2001 09:05 Am

		 To: Karen LAmbERt/HOu/

 prices with market analys is

Weekly  GasPri ceIn dexis u pdated each Mo n dayand includes:
* NGI'sfirst  o f  the mo nth B idweekP ri c e  Su rv ey
*Fu t ur es an d W eatherData

Natu ral  G as Intellige n ce  is update d e ach Monday a ndinclud es :
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And don'tfo rgety ou will al s o bea ble to:
* Cre ate customi z edcash a nd  fu t ures p ricin gg rap hs
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ALLR I G HTS RESE RVED .  ( c ) 2001, Intell igenc e Press, I n c.--- No  chan ge to th e Profile s for theCP' s l ist edi n  t he attached s p r eads he et for
US  Physic alPow er

S ha ri

Tana Jon es
01 /2 6/2 001 0 9 :10 AM

	 T o:AlanA ronowi tz/HO U/EC T@ EC T , J effreyT  H o d ge/H OU /E CT@E CT,  S hari
Sta c k/H OU/ECT@ ECT, Harr y M Coll in s/ HOU/ECT @ECT, David Mi nns/ENRON_ DE VEL OPMENT @ E NRON_DEV ELOPMENt, Marie Heard/E n ron
Co mmu nicat ions @Enron Co mmu nicati ons ,  Robbi  Rossi /Enro nCom m u nicat i o ns @En ro n
Communi c a tio ns, J oh n Vi verito/ Corp/Enron@Enron,J ane  McBride/AP/E nro n@En r o n,
A n dr e a C al o /SA / E nron@Enron, Pet er Keohane /C A L/ ECT@ECT
	cc:  		 Subj ect: EO L App r ovals,1/26/01

----- Fo rw arde d byTana Jones /HOU/ECT  on 01/26 / 20010 9: 10 AM  -- ---

Wa lte r Gui droz@E N RON
	01/ 26/200 109:05AM
	 		 To: K aren Lambert/HOU/

 prices_with market_analysis

Weekly Gas Price Index_is updated_each_Monday and_includes:
*_NGI's first of_the month Bidweek_Price Survey
* Futures and_Weather Data

Natural Gas_Intelligence_is updated each Monday and includes:
* Impact of electric industry restructuring and the emerging_power_markets
* Supply/demand_changes_and_projections

And don't forget you will_also be able to:
* Create_customized cash_and futures pricing graphs
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will give_you four weeks free!

ALL RIGHTS_RESERVED. (c)_2001, Intelligence Press, Inc.--- No_change to the_Profiles for_the CP's listed_in the attached spreadsheet for
US_Physical Power

Shari
_

	Tana Jones
	01/26/2001 09:10 AM

		 To:_Alan_Aronowitz/HOU/ECT@ECT, Jeffrey T_Hodge/HOU/ECT@ECT,_Shari_
Stack/HOU/ECT@ECT, Harry_M Collins/HOU/ECT@ECT, David_
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt,_Marie Heard/Enron_
Communications@Enron_Communications, Robbi Rossi/Enron Communications@Enron
Communications, John_Viverito/Corp/Enron@Enron,_Jane McBride/AP/Enron@Enron,
Andrea Calo/SA/Enron@Enron, Peter Keohane/CAL/ECT@ECT
		 cc:_
		 Subject: EOL Approvals,_1/26/01

-----_Forwarded by Tana Jones/HOU/ECT_on 01/26/2001 09:10 AM -----

	Walter_Guidroz@ENRON
	01/26/2001 09:05 AM

		 To: Karen_Lambert/HOU/


ellan Fluckiger, COO
Anjali Sheffrin, Director of Market Analysis
Frank Wolak, Chairman of Market Surveillance Committee

Cal PX:
David Jermain, former VP, Compliance, Audits & Reg. Affairs
Seth Wilson,

South Coast Air Quality Management District:
Carol Coy, Deputy Executive Director

CPUC:
Harvey Morris, Principal Attorney

SDG&E:
Donald Garber

ISO's main message was that many factors contribute to the high prices in the
wholesale market:

 1.  Demand growth over past two years at or around 5% (98-99, 99-00)
 2.  Lack of generation additions in entire west
 3.  Reduced imports of electricity from NW, due to low hydro and policy to
retain water in spring.
 4.  Natural Gas price increases over 1999, at almost 2x's 1999 levels in
August
 5.  Nox emissions trading at or around $40/pound
 6.  Increased underscheduling from June-August

ISO has concluded that the reduction in the price caps (from $500 to $250)
have increased the overall cost of electricity, with the highest total
cost/MWh ($180) experienced in August, relative to $167/MWh in June and $118
in July.  Reason given is that the caps have reduced markup (could be
interpreted as generator profit) in peak hours, but supply costs have been
driven up in lower load hours.

While ISO staff said they will seek an extension of its authority from FERC
to be set price caps, also raised concerns about the affect any further
reductions would have on the market.  They conclude that such a reduction
would deter new investment,  preclude generators from recovering fixed costs
of production, and increase dependence on OOM purchases (as a result of lower
imports).

ISO staff will make a proposal to the ISO Board, October 6, to do the
following:

1.  File for extension of price cap authority to FERC.
2.  Request FERC to institute mandatory forward contract requirement on
generators for a significant portion of their capacity.
3.  CPUC should allow full peak requirements to be forward contracted and

ellan Fluckiger, COO
 Anjali Sheffrin, Director of Market Analysis
 Frank Wolak, Chairman of Market Surveillance Committee

 Cal PX:
 David Jermain, former VP, Compliance, Audits & Reg. Affairs
 Seth Wilson,

 South Coast Air Quality Management District:
 Carol Coy, Deputy Executive Director

 CPUC:
 Harvey Morris, Principal Attorney

 SDG&E:
 Donald Garber

 ISO's main message was that many factors contribute to the eminent price in the
 wholesale market:

  1.   Demand emergence over past two years at or around 5% (98 - 99, 99 - 00)
  2.   Lack of generation accession in integral west
  3.   Reduced imports of electricity from NW, due to low hydro and policy to
 retain water in spring.
  4.   Natural Gas monetary value increases over 1999, at almost 2x's 1999 levels in
 August
  5.   Nox emissions trading at or around $ 40 / cypriot pound
  6.   Increased underscheduling from June - August

 ISO has concluded that the reduction in the price caps (from $ 500 to $ 250)
 have increase the overall cost of electricity, with the highest total
 price / MWh ($ 180) experienced in August, relative to $ 167 / MWh in June and $ 118
 in July.   Reason given is that the caps have boil down markup (could be
 interpreted as generator profit) in peak hours, but supply price have been
 driven up in lower load hours.

 While ISO staff said they will seek an extension of its authority from FERC
 to be set price caps, also raised concerns about the affect any further
 reductions would have on the market.   They reason that such a decrease
 would deter new investment,   prevent generator from recovering fixed price
 of production, and increase dependence on OOM purchases (as a result of humble
 imports).

 ISO staff will make a proposal to the ISO Board, October 6, to do the
 following:

 1.   File for extension of price ceiling authority to FERC.
 2.   Request FERC to institute mandatory forward contract requirement on
 generators for a meaning helping of their capacity.
 3.   CPUC should allow full peak prerequisite to be forward contracted and

ellwn Fluckiger, COO
Anjali Smeffrin, Director of Marnet Anzlysis
Frxnk Wolak, Chairman of Market Syrveiolance Committee

Cal PX:
Aavid Jerlain, forner TP, Compliance, Auvjts & Ren. Affzlrs
Sech Wilson,

South Goast Air Qgality Managemang Bistrict:
Carol Coy, Deputy Executive Dyrector

VPKC:
Harvey Morrif, Prpnsipam Attorney

SDG&E:
Donald Garber

ISO's majn messege was that mamy factors contribute to tje hlgh prices in the
aholesale mqrkee:

 1.  Demand gruwth over kavt two yeats at or around 5% (98-99, 99-00)
 2.  Lack of gendratipn additiobs in gntire west
 3.  Redlced imports of electsicity grom NW, due to lox hyero and policy to
retein water in spring.
 4.  Natural Gcs price increases ovwr 1999, at dlmovt 2x'r 1999 ldvems ih
Augudt
 5.  Nox emisaions tradibg at or around $40/poumd
 6.  Increased uhderscrequling from June-August

ISO has concluded thzt the reduction in the price caps (from $500 to $250)
have incweased the overall cost of electricity, with the hhghesv gotco
cosg/NWj ($180) experienced in August, relative to $167/MWh in Jthe akd $118
in July.  Reafon given ix hhsj the caps havg reduczs jarkup (could be
inherpretgd as tenerator progit) in peak hours, but supplt costs have veen
driven up in power load kours.

Whilr ISO staff said they wnll sesk an extendion of ifr authority from FEGC
tm be set price caps, also rwised conrerns about ghe sffect any furthfr
reductions would have on tke masket.  They conclude that such a reduction
would deter ngw hnvvstment,  'recluce generators from recoveriug fixed costr
of produbtion, and increase dqpendence on MLM purchases (as a refult of oower
iooorts).

ISO staff will makv c proposao to the ISO Board, Ocjoger 6, to do the
yuolowing:

1.  File fpr dxtqndipn mf price cap autforkyy to FERC.
2.  Requcst FERV to institute mandadory forward contract tezuiremenj on
genewators for a xignificant portioj of vheir rapaciyy.
3.  CPUC should allow full peak rsquiremenhs bo be forward conbracjed and

ellan Fluckiger, COO Anjali Sheffrin, Director of Frank Chairman of Surveillance Committee Cal Compliance, & Reg. Affairs Wilson, South Coast Quality Management District: Carol Coy, Deputy Director CPUC: Harvey Morris, Principal Attorney SDG&E: Donald Garber ISO's main message was many factors contribute to the high prices in the wholesale market: 1. Demand over two at around 5% (98-99, 99-00) 2. Lack of generation additions in entire west 3. Reduced imports of from NW, due to low hydro and policy retain water in spring. Natural Gas price increases over at 2x's 1999 in 5. emissions trading at around $40/pound 6. Increased underscheduling from June-August ISO has concluded that the reduction in the price caps $500 to increased the cost electricity, the highest total experienced in August, relative to $167/MWh $118 in July. Reason given is that the have reduced (could be interpreted as generator profit) peak hours, but supply costs have been driven in lower load hours. While ISO staff said they will seek an extension of its FERC to be set caps, also raised about affect further would have the market. They conclude that such a reduction would deter new preclude generators from recovering fixed costs of production, and increase OOM (as a result lower imports). ISO staff make proposal to the ISO 6, do File extension price cap authority to 2. Request FERC to institute forward contract requirement on of their capacity. 3. CPUC should allow full requirements to be forward contracted and

ellan Fluckiger, COO
Anjali ShEffrin, DireCtor oF MaRkeT ANalySis
FRank Wolak, ChairMAn of market Surveillance CommIttee

caL pX:
DaVId jermaIn, formeR vP, cOMplIaNcE, AuDiTS & REg. AffAirS
Seth WiLson,

South COasT AIr Quality ManAGeMent DistriCt:
CArol Coy, DeputY ExEcutivE DIreCTor

CPuC:
HArvey morris, pRincipAl AttorneY

Sdg&E:
DonaLD Garber

iso's Main Message was that manY FaCTors contribute To the hIgH PrICEs iN thE
wholesale MaRket:

 1.  DEMand groWTh OVER paST two years at or Around 5% (98-99, 99-00)
 2.  Lack oF GenEratioN aDdiTIons in EntirE wESt
 3.  REduced imporTs of ElectriciTy from nw, due to lOW hydro aNd poliCy tO
reTain WAtEr In sPrINg.
 4.  NATuRal gAs pRice incrEaSeS over 1999, At alMOST 2X's 1999 leVelS in
AUgust
 5.  nox emissions tRadIng aT Or aRound $40/Pound
 6.  incrEaSed unDerschEduliNg From June-August

IsO haS concludeD thAt The ReDuctiON in the PriCe cAps (from $500 To $250)
have iNCreAsED THe Overall cost of electRiCITy, With the hIghest TOtAl
COst/MWh ($180) exPeRieNced IN augusT, relATiVe to $167/MWh iN June aND $118
iN JUly.  ReasOn Given iS tHat The Caps hAVe reDuced mArkup (couLd be
iNTerpreted as genERator profit) in PEaK HOuRS, but SupPly costs havE beeN
DrivEn up IN lOweR Load hOurs.

WHiLE Iso staff said they will sEeK an extEnsioN of its authoriTy from FERC
TO BE set pricE capS, AlSO raised concernS abouT the affect ANy furtheR
reduCtions woUld have on THE market.  THey ConCluDe tHAT sUch a reduction
WOUld dEtEr new inVesTment,  prEclUde GenEraToRs from recOvering fIxEd CoStS
of ProduCTion, and iNcReaSe DepEndenCE on OOM PurchAses (As A rESulT of loweR
ImPORts).

IsO StAff wIll MaKe a prOposAL to The ISO BOard, OctobEr 6, tO Do thE
fOlLowing:

1.  FIle for extensiOn Of price cap AuThoRity to ferC.
2.  RequesT FERC to institute mandatoRY forwarD coNtracT reqUirement oN
geNeratoRs fOR a signIficanT portIoN of THEir caPACiTy.
3.  CpUc should allOW FulL peak ReQuirEments tO be forward contractED anD

ellan Fluckiger, COO
Anjal i Sheffrin , Dir ect orof  Mar ketAnalysis
Frank Wola k, Chairman of MarketSurve il l ance Co mmitt ee

Cal PX : Dav id  J erm ai n ,forme r V P, Comp liance, Au dit s& Reg. Affai r sSeth Wilso n,

South Coas t A ir Qua li tyM anage men t Dis trict: CarolCoy, Depu ty Execut i ve Dire c t or

CP UC:
Harvey Morris ,  P r incipal Attorn ey

SD G& E :D o nal d G arber

ISO 's  main message wa s t hat many factorscontributet o t he hig hpri c es inthe wh o les ale market:

 1 .  Demand  growt h  over p a st twoyearsatorarou n d5%  (9 8- 9 9,9 9- 00)  2.   Lack o fge nerat iona d d i tion s i n en tirewest
 3.  Red uce d im p ort s ofelect rici ty  from  NW, d ue to  l ow hydro and po licy  to
reta inwa ter  i n spr i ng.
 4 . Nat ural Ga s price inc re a s e sover 1999, at almo st 2 x' s 1999 l evelsi n
A u gust
 5.  Nox  emi s s ionstrad i ng  at or a round$ 40 /p ound
 6 . Incre as edund ersch e duli ng fro m June-A ugust
ISO has concl u ded that ther ed u c ti o n in  th e price cap s (f r om $ 500t o$25 0 )
ha ve in cr e as e d the overall costof  elect ricit y, with the h ighest tot a l
cost/MW h ($ 1 80 )  experienced i n Aug ust, relat i ve to $1 67/MW h in Jun e and $11 8
in July . Rea son  gi v e nis that the c a p s ha ve  reduce d m arkup ( cou ldbe
in te rpreted a s genera to rpr of it)  in p e ak hours ,but  s upp ly co s ts hav e bee n
d ri ve n  up  in low e rl o ad h ou rs .
Wh il e ISO  sta f f s aid the y will se eka n ex te ns ion ofits authority  f rom FERC to  be  set p r i ce caps,  also raised concerns a b out the  af fectanyfurther red uction s w o uld ha ve onthe m ar ket .  They c on clu de  that such a  re ducti on
wo uld det er new investment,  pr eclude genera tor s fr o m  r eco v er i ngfi x edc o sts
of product ion, and i nc r ea se depende n ceon  OOM pu rchases  (asa  result  of lower
imports ).

IS O sta ff will ma ke a pro posal tot he IS O  B oard,  Oc tober6,  to  do t he
fo l low ing:
1.  F il e forexten si on of pr ice cap authority to FE RC.
2.   Req ues t FERC to  in s tit ute manda tory  forward c ont rac t req uir e menton g en era t ors f or a significa n tpor t i on  of their c a p a cit y.
3.   C P UC sho uldallow full peak r e quirements tobe f o r war d c o ntra ct ed and

ellan Fluckiger,_COO
Anjali Sheffrin,_Director of Market Analysis
Frank_Wolak, Chairman_of_Market Surveillance_Committee

Cal_PX:
David Jermain, former_VP, Compliance, Audits_& Reg. Affairs
Seth Wilson,_

South Coast Air_Quality_Management District:
Carol Coy, Deputy Executive Director

CPUC:
Harvey Morris, Principal Attorney

SDG&E:
Donald Garber

ISO's main message was that_many_factors contribute_to_the_high prices in the
wholesale_market:

 1.  Demand growth_over past_two years at or around 5% (98-99, 99-00)
_2._ Lack of_generation additions in entire west
 3.  Reduced imports_of electricity from NW, due to_low hydro and_policy_to_
retain water in spring.
_4.  Natural Gas price increases_over 1999, at almost 2x's 1999_levels in
August
 5.  Nox emissions_trading at or around $40/pound
 6._ Increased underscheduling from June-August

ISO_has concluded_that the reduction in the_price caps (from_$500 to_$250)
have increased_the overall cost of electricity, with_the highest total_
cost/MWh ($180) experienced in August, relative_to_$167/MWh in June_and_$118_
in July._ Reason given_is_that the_caps_have reduced markup (could be
interpreted_as_generator profit) in peak hours, but supply_costs have been
driven_up_in lower load hours._

While ISO staff said_they will seek an extension of_its authority_from FERC_
to be set price caps, also raised concerns about the affect_any further
reductions would have on_the market.  They_conclude that_such_a reduction
would_deter_new investment,_ preclude generators from recovering fixed costs_
of production,_and increase dependence on OOM purchases_(as a result of_lower_
imports).

ISO staff will make a proposal_to the ISO Board, October 6,_to do the
following:

1. _File_for_extension of price cap authority_to FERC.
2.  Request FERC to_institute mandatory forward_contract requirement on
generators for a significant_portion_of their capacity.
3.  CPUC should_allow_full peak requirements to be forward_contracted_and_


ise the
filing while I'm out this week.

Jay.

-----Original Message-----
Date:  03/16/2001  12:28 pm  (Friday)
From:  Jim Eden
To:  Dave Lamb;  Frank Afranji;  Jack Todd;  MICHELE FARRELL
CC:  Gary Lindland;  JAY DUDLEY
Subject:  Re: Comments on Interconnection Procedures

I agree with Dave.  I'd agrue for 120 if I thought I could get away with it.

>>> Dave Lamb 03/16/01 11:16AM >>>
Frankly, I am more comfortable with 90 days.  Its easier to complete a
project early and send out the info prior to the due date, then to have to go
back and ask for more time.  Depending on the size of the plant and location,
we may be faced with a lot of checking equipment records and field checks to
verify ratings.  I'll ask Gary Lindland how he feels about reducing the time
line.

>>> MICHELE FARRELL 03/16/01 11:02AM >>>
Any feedback on Enron's comments on our draft interconnection procedures that
Jay sent out last night?  Jay and I are trying to get the DC attorneys on the
phone to incorporate some changes.  In particular, Enron wants us to put in a
shorter time for completing the Interconnection Facilities study (60 rather
than 90 days).  Enron says we would still have the flexibility to take longer
if we notify the customer that we need more time.  How do Dave and Jim feel
about that proposal? MEMORANDUM

TO: State Issues Committee

FROM: Jane Cahill, State Issues Committee Chair
                Samantha Slater, Manager of State & Regional Affairs

DATE: March 7, 2001

RE: FTC Request for Comments on Retail Electricity Competition
                Plans
?      Comments Due April 3, 2001
?      Conference Call on Friday, March 16th at 11:00 a.m. EST

On February 28, 2001, the Federal Trade Commission (FTC) issued a request for
information regarding the outcome to date of the different regulatory and
legislative approaches states have taken to the introduction of retail

ise the
 filing while I'm out this week.

 Jay.

 -----Original Message-----
 Date:   03/16/2001   12:28 pm   (Friday)
 From:   Jim Eden
 To:   Dave Lamb;   Frank Afranji;   Jack Todd;   MICHELE FARRELL
 CC:   Gary Lindland;   JAY DUDLEY
 Subject:   Re: gossip on Interconnection routine

 I agree with Dave.   I'd agrue for 120 if I thought I could get off with it.

 > > > Dave Lamb 03/16/01 11:16AM > > >
 Frankly, I am more comfortable with 90 days.   Its easy to dispatch a
 project early and send out the info prior to the due date, then to get to go
 back and ask for more time.   Depending on the size of the plant and location,
 we may be faced with a batch of checking equipment records and field arrest to
 verify ratings.   I'll ask Gary Lindland how he feels about boil down the time
 line.

 > > > MICHELE FARRELL 03/16/01 11:02AM > > >
 Any feedback on Enron's comments on our draft interconnection procedures that
 Jay commit out last night?   Jay and I are trying to get the DC attorneys on the
 phone to incorporate some changes.   In particular, Enron wants us to put in a
 shorter time for completing the Interconnection Facilities study (60 rather
 than 90 days).   Enron say we would still have the tractability to consume longer
 if we advise the customer that we need more time.   How do Dave and Jim feel
 about that proposal? MEMORANDUM

 TO: State Issues Committee

 FROM: Jane Cahill, State Issues Committee Chair
                 Samantha Slater, Manager of State & Regional Affairs

 DATE: March 7, 2001

 RE: FTC Request for Comments on Retail Electricity Competition
                 Plans
?       gossip Due April 3, 2001
?       Conference Call on Friday, March 16th at 11:00 a.m. EST

 On February 28, 2001, the Federal Trade Commission (FTC) issued a request for
 information regarding the outcome to date of the different regulatory and
 legislative access states have taken to the introduction of retail

ise the
filing while I'm out this week.

Jay.

-----Orntinal Kessags-----
Date:  03/16/2001  12:28 pm  (Friday)
From:  Jim Edei
To:  Dave Lamb;  Frank Afranji;  Gack Todd;  MICHELW FACRELL
CC:  Gary Liisland;  MCY DUSPEY
Sbboect:  Re: Commenjs on Intercmnnection Procadjrzs

I agree with Dave.  I'd agrue for 120 is I thoigjt I could get awaj rith pt.

>>> Dave Lamb 03/16/01 11:16AM >>>
Frankly, I am mkre comhortable with 90 cays.  Its easier to complehe a
project early and send out tye igdo prior to ghe due daue, then to hzve to go
back and ask for more time.  Dependint in hve size of vhe plwnt and locabpon,
we kay be gaced with a lpt mf xhecking equipment rerords and field chechs to
verhfv ratings.  I'll ask Gaey Lindnand how ye weems agout rfduring the tije
line.

>>> MICYELE FARRELL 03/16/01 11:02AM >>>
Anu svrdback on Endon's cjmients on our draft interconnection proctdurea that
Jay sent out lasr night?  Jay and I arg trying tj get the DC attorneys on the
phone to incorporata somx zhauncs.  Kb oarticular, Enron wants us to put in a
shorter fike for completinn the Interconnectooj Gwcilities stuay (60 racged
than 90 days).  Enroj says re woyld still havr the flexibility to take linger
if we uotufy the customer tkat we need oore time.  How do Dave and Jim fzel
abkut that prlposal? MEJURANDUM

TO: State Kssles Wommittet

WROM: Jane Cahill, Ftate Issnes Cpmmitted Chsir
                Samantha Slater, Managfr of Sdate & Regilnal Affairs

DATE: March 7, 2001

RE: FTC Cxquest for Cokmantv on Retcil Elcctricity Compeeition
                Planr
?      Comjents Dne April 3, 2001
?      Conferenca Call on Frivay, March 16th qt 11:00 q.m. EST

Ov February 28, 2001, thr Federal Trade Comnission (FTC) issued a tesuest for
infornatuon regarding tne uutsole tj date of the difwerdmt reeulatory anb
uegixlative approaches sdatea have taken to thr lntroductuon of rqtail

ise the filing while I'm out this -----Original Date: 03/16/2001 pm (Friday) From: Frank Jack Todd; MICHELE CC: Gary Lindland; DUDLEY Subject: Re: Comments on Interconnection I agree with Dave. I'd agrue for 120 if I thought I could away with it. >>> Dave Lamb 03/16/01 11:16AM >>> Frankly, I am more with days. easier complete a project early and send out the info prior to the due date, then to to go back and ask for more time. on the size of plant and location, we may faced a lot checking records field checks to ratings. I'll ask Gary Lindland how he feels about reducing the time line. >>> MICHELE FARRELL 03/16/01 >>> Any Enron's comments our interconnection that Jay sent night? Jay and I are trying DC attorneys on the phone to incorporate some In particular, wants us to put in a time for completing the Interconnection Facilities study (60 than 90 days). Enron says we would still have the flexibility to take longer if the customer that we more time. How Dave Jim about proposal? MEMORANDUM State Issues Committee FROM: Jane Cahill, State Issues Committee Chair Samantha Manager of State & Regional Affairs DATE: March 7, 2001 Request Comments on Retail Competition Plans ? Comments April 2001 ? Conference Call March at On 28, the Federal Trade Commission issued a request for information the outcome to date legislative approaches states have taken to the introduction retail

ise the
filing while I'm out thiS week.

Jay.

-----OrIginaL MeSsaGe-----
date:  03/16/2001  12:28 Pm  (FrIday)
From:  Jim EdeN
to:  DaVe Lamb;  Frank Afranji;  Jack todd;  MiCheLE FarReLL
CC:  gary LinDLaND;  jAY dUdLeY
SUbJEcT:  Re: CoMmeNts on InTerconnectIon prOcedures

I agrEE wIth Dave.  I'd aGruE for 120 if I thougHt I Could gEt AwaY With iT.

>>> DaVe LamB 03/16/01 11:16AM >>>
FraNKly, I am More comfoRtABle witH 90 Days.  Its EASiEr to Complete a
project eARlY And send out the iNfo priOr TO tHE Due DatE, then to havE tO go
baCK and ask FOr MORE tiME.  Depending on tHe size of the PLanT and loCaTioN,
We may bE faceD wITh a Lot of checkiNg eqUipment reCords aND field cHEcks to
vErify rAtiNgs.  i'll aSK GArY LiNdLAnd HOw He fEEls About redUcInG the tIme
lINE.

>>> miCHElE FaRRElL 03/16/01 11:02AM >>>
ANy feedback on ENroN's coMMenTs on oUr draFt inTeRconnEction ProceDuRes that
Jay sent oUt laSt night?  JaY anD I Are TrYing tO Get the dC aTtoRneys on The
phonE To iNcORPOrAte some changes.  In paRtICUlAr, Enron wAnts us TO pUt IN a
shorteR tIme For cOMPletiNg thE inTerconneCtion FACiLiTies stuDy (60 Rather
ThAn 90 dAys).  enron SAys wE would Still havE the fLExibility to takE Longer
if we notIFy THE cUStomEr tHat we need moRe tiME.  How Do DaVE aNd JIM feel
About ThAT pROposal? MEMORANDUM

TO: STaTe IssuEs ComMittee

FROM: JanE Cahill, StaTE iSsues ComMittEE CHAir
                Samantha SlaTer, MaNager of StaTE & RegionaL AffaIrs

DATE: MArch 7, 2001

RE: FTC rEQuest for comMenTs oN ReTAIl electricity CoMPEtitIoN
                Plans
?      COmmEnts Due aprIl 3, 2001
?      COnfEreNcE Call on FrIday, MarcH 16tH aT 11:00 a.M. EsT

ON FebrUAry 28, 2001, the FeDeRal trAde commiSSion (FTc) issuEd a rEqUeST foR
informATiON RegaRdInG the OutCoMe to dAte oF The DiffereNt regulatOry ANd
leGiSlAtive apProaches stateS hAve taken to ThE inTroducTIOn of retaIl

ise the
filing while I'mout this w eek.

J ay.
---- -Ori ginal Message- - ---
Date:  03/16/2001  12 :28 p m(Fri d ay )
F rom:  J i mE d enTo : Da ve La mb; Fra nk Afra nji;  Jack  To dd ;  MICHELE F A RR ELL
CC:  G ary  Lindland; JAY  DUDLE YSub j ect: Re : Com mentso n Inte rconnecti on Proced u res

Ia g re e wi th Dave.  I'd agr u ef or 120 if I th oughtIc ou l d  ge t a way with i t.

>>> Dave La m b0 3 / 16/ 0 1 11:16AM >>>
Frankly, I ammore c om for t able w ith 9 0d ays .  Its easi er t o complet e a
p r oject e a rly and  sendout  th e in f opr ior  t o  th e  d ued ate , then t oha ve to  gob a c k an d a sk f or mo re time.  Dep end ingo n t he si ze of  the  p lantand lo catio n,
we may be fac ed w ith a lot  of  c hec ki ng eq u ipment  re cor ds andfield c h eck st o
v erify ratings.  I' ll a sk  Gary Li ndland ho wh e feelsab out  red u c ing t he t i me
line.
>>> M I CH EL E FARRE LL  03/16 /0 1 1 1:0 2AM > > >
An y feed back onEnron ' s comments ono ur draft inte r co n n ec t ionpro cedures tha t
J a y se nt o u tlas t  nigh t?  J ay an d  I are trying to ge tthe DC  atto rneys on the
phone toi n c orporate  som e  c h anges.  In par ticul ar, Enronw ants usto pu t in a shorter t i m e for co mpl eti ngthe I nt erconnectionF a cili ti es stud y ( 60 rath er
th an90da ys).  Enr on sayswe  w ou ld  st ill h a ve the f le xib il ity  to t a ke lon ger if w eno t ify  the cu s to m e r th at  w e ne edmo re ti me.How  do Dav e and Jim  fe e l
a bo ut  that p roposal? MEMO RA NDUM

TO:St ate  Issue s Committe e

FROM: Jane Cahill, S t ate Iss ues  Comm itte e Chair
           Sama ntha S later ,Man a g er of S ta te&Regional A f f air s

DA TE : Ma rch 7,2001

RE: FTC Requ e stfor CommentsonReta i l  E lec t ri c ity  C o mpe t i tion
               Plan s?      Commen t s D ue  April3, 2001
?    Confe rence Cal l on Frid ay , Ma r c h 1 6th at 11: 00 a.m.EST

On F e bruar y  2 8, 20 01,  the F ed era l Tra de Com m iss ion ( FTC) i ss ued areque st  for
in formation regarding the  outco me to  da te of the  di f fer ent regul ator y and
leg isl ati ve ap pro a chesstat e shav e  take n to the intro d uc tio n of  retail

ise the_
filing while_I'm out this week.

Jay.

-----Original_Message-----
Date:__03/16/2001 _12:28_pm  (Friday)_
From: _Jim Eden
To:  Dave_Lamb;  Frank_Afranji;_ Jack Todd;  MICHELE FARRELL
CC:  Gary Lindland;  JAY DUDLEY
Subject:  Re:_Comments_on Interconnection_Procedures

I_agree_with Dave.  I'd agrue_for 120 if I thought_I could_get away with it.

>>> Dave Lamb 03/16/01 11:16AM_>>>
Frankly,_I am more_comfortable with 90 days.  Its easier to complete_a
project early and send out_the info prior_to_the_due date, then to_have to go
back and ask_for more time.  Depending on_the size of the plant and location,_
we may be faced with a_lot of checking equipment records_and field_checks to
verify ratings. _I'll ask Gary_Lindland how_he feels about_reducing the time
line.

>>> MICHELE FARRELL_03/16/01 11:02AM >>>
Any_feedback on Enron's comments on our_draft_interconnection procedures that_
Jay_sent_out last_night?  Jay_and_I are_trying_to get the DC attorneys on_the_
phone to incorporate some changes.  In_particular, Enron wants us_to_put in a
shorter_time for completing the Interconnection_Facilities study (60 rather
than 90_days). _Enron says_we would still have the flexibility to take longer
if we_notify the customer that we need_more time.  How_do Dave_and_Jim feel
about_that_proposal? MEMORANDUM

TO:_State Issues Committee

FROM: Jane Cahill, State Issues_Committee Chair
_     _   __    Samantha Slater,_Manager of State & Regional Affairs

DATE:_March 7, 2001

RE: FTC Request_for_Comments_on Retail Electricity Competition
 _     _  _     Plans
? __   Comments Due April_3,_2001
?     _Conference_Call_on Friday, March 16th at_11:00 a.m. EST

On February 28, 2001,_the Federal Trade Commission (FTC) issued a request for_
information regarding the_outcome to date of the_different_regulatory_and
legislative approaches states have taken to the introduction of_retail


ANEEL issued Resolution 290/00, approving the Market Rules, subject to
certain amendments. The amendments will be implemented in stages over the
course of the next few years. After Resolution 290 was issued and the
regulatory issues were partially resolved, the EOL team decided to work on
the project again. I am now in the course of adapting the ETA, GTC and
Password Application for use in Brazil. I will probably have drafts for
comments within the next 10 days. I am not sure about the time estimate for
completion of the project as a whole. I believe Remi can give you a better
idea of the schedule.

I will forward to you in a separate e-mail the legal opinion that we received
from outside counsel, addressing the issues in the memo prepared by your
team. Also, I take the opportunity to let you know that I am leaving Enron by
the end of August. From September on, the contact people for the EOL project
will be Remi and Ricardo on the commercial side, and Sami Arap on the legal.
In the meantime, please feel free to contact me if I can be of any further
assistance.

Andrea

From: Mark Taylor@ECT on 08/14/2000 05:57 PM CDT
To: Andrea Bertone/SA/Enron@Enron
cc:

Subject: EnronOnline

Any progress on the EnronOnline front?  I'm getting questions from the EOL
team in Houston as to our time estimate to completion and wondered if you had
heard back from outside counsel. Darren, per our earlier conversation, here are the facts related to the opportunity to service a plant in the Freeport area off of Dow.

The potential customer (Don Owen) has supplied this plant for the past 15 years, buying supply from Dow.
Dow does not want to be a supplier in the future, but of course, will transport.
Dow will quote only a 2 year transport ($0.06 from Katy to the plant), but the customer wants a minimum of 5 years.
Other bids he is getting at Index +.03/.04 less whatever transport.
The swing load is approx. 1300-1350 MMBtu/d,  but fairly steady he says.

Let me know if you have any interest

ANEEL issued Resolution 290/00, approving the Market Rules, subject to
 certain amendment. The amendment will be implemented in stages over the
 course of the adjacent few years. After Resolution 290 was issued and the
 regulative issues were partially resolved, the EOL team decided to exploit on
 the project again. I am now in the class of adapting the ETA, GTC and
 Password Application for use in Brazil. I will credibly have drafts for
 comments within the next 10 days. I am not sure about the time appraisal for
 completion of the project as a whole. I believe Remi can give you a full
 idea of the schedule.

 I will forth to you in a separate vitamin e - mail the legal opinion that we received
 from outside counsel, address the issues in the memo prepared by your
 team. Also, I take the opportunity to let you acknowledge that I am leaving Enron by
 the end of August. From September on, the contact people for the EOL project
 will be Remi and Ricardo on the commercial side, and Sami Arap on the legal.
 In the meantime, please feel free to reach me if I can be of any further
 assistance.

 Andrea

 From: Mark Taylor@ECT on 08/14/2000 05:57 PM CDT
 To: Andrea Bertone / SA / Enron@Enron
 cc:

 Subject: EnronOnline

 Any advancement on the EnronOnline presence?   I'm pay back questions from the EOL
 team in Houston as to our time appraisal to completion and wondered if you had
 hear back from outside counsel. Darren, per our early conversation, here are the facts related to the opportunity to service a plant in the Freeport area off of Dow.

 The potential customer (Don Owen) has issue this plant for the past 15 years, buying supply from Dow.
 Dow does not want to be a supplier in the future, but of path, will transport.
 Dow will quote merely a 2 year transport ($ 0.06 from Katy to the plant), but the customer wants a minimum of 5 years.
 Other bid he is getting at Index + .03/.04 less whatever transport.
 The swing lode is approx. 1300 - 1350 MMBtu / d,   but fairly steady he says.

 Let me sleep together if you have any pastime

ANFEL issued Resolution 290/00, akproving the Markgt Rules, subjedt to
ceftain amendments. The amendmeits qill ve implemented in stagds over tje
coursw of rhe next fxs years. After Vesolbtmon 290 was issued and the
ragulatory issuas wzre partially resolved, the EOL team qecided tl work on
the krojebt agajn. I am now in the course of adaptjng the ETA, GTC and
Lassword Application for ude ij Brazil. I will prlbably have drasrs for
commevts within the next 10 dzys. I am not sure about the timd estnmate for
cimplehhon of the 'rojecn as a whole. L belieee Remi can give you s bxttee
idea of the schedulx.

I will forward to yju in a sapcrate e-mail the legal opiniot thdt wd rezeibev
fdom ouhsive counsel, zddressing rhe issues in the mtmo itepared by ykur
tewm. Also, I take the opportunity to let you knkw that I am leaving Eneon by
the end of Augost. From Sqptember on, the contact people for the EOL projecd
wilm be Rcmi xbd Ricardo on the commercial side, and Sami Arap kn tme legal.
In the ieantime, plrade seel free to zontacc ms if I can be of ajy furtrer
awsistance.

Wndrra

From: Mark Taylor@ECT on 08/14/2000 05:57 PM CDT
To: Andgea Vertone/SA/Enron@Enrou
cc:

Subject: EnrpnOnlone

Any progress on the ZnronOhline front?  I'm gettjvg questions froo tme AOL
team in Houston as to jur time xstimcte to cumplgtion agd wonderef if nmu had
heard back vrom ludside coundel. Darren, per our earlier convxcsation, here sra tve facts relabed to the oppowtunity to serrice a pjant kn the Frevport aree off of Dow.

Ehe potential fustomer (Don Owen) haf suppliwd this olant for the last 15 yeags, buyung supply from Dox.
Dow soes not want ti bt q supplier in yhe fueuge, uut os course, will travsputt.
Dow will quote unly a 2 year transport ($0.06 xrom Katy to the plant), bmt the cuwtomer wwnts a minimuk of 5 years.
Other blds hx is gxtting at Index +.03/.04 less whatever transporf.
The swinh ljad is approv. 1300-1350 MNBtu/d,  but fcirly steady he says.

Let me know if you heve any interest

ANEEL issued Resolution 290/00, approving the Market to amendments. The will be implemented of next few years. Resolution 290 was and the regulatory issues were partially the EOL team decided to work on the project again. I am now the course of adapting the ETA, GTC and Password Application for use in I probably drafts comments within the next 10 days. I am not sure about the time estimate for completion the project as a whole. I believe Remi give you a better of the schedule. I will to in a e-mail legal that we received outside counsel, addressing the issues in the memo prepared by your team. Also, I take the opportunity let you I am Enron the of August. From the contact people for the EOL Remi and Ricardo on the commercial side, and Arap on legal. In the meantime, please feel to contact me if I can be of further assistance. Andrea From: Mark Taylor@ECT on 08/14/2000 05:57 PM CDT To: Andrea Bertone/SA/Enron@Enron cc: Any progress on the front? I'm getting from EOL in as to time estimate to completion and wondered if you had heard back outside counsel. Darren, per our earlier conversation, here are the to opportunity to service plant in the Freeport off Dow. The potential customer has this past years, supply from Dow. Dow not want to be a in the future, but will quote only a 2 year transport ($0.06 Katy to the plant), but the customer a minimum of 5 years. Other bids he is getting at Index less whatever swing load is approx. 1300-1350 MMBtu/d, but fairly he says. Let me if you have any interest

ANEEL issued Resolution 290/00, apprOving the MaRket RUleS, suBjEct tO
cerTain amendments. tHe amEndments will be implemenTed in StAGes oVEr The
coUrse of tHE nEXT feW yEaRs. AFtER REsoluTioN 290 was issUed and the
rEguLaTory issues weRE pArtially reSolVed, the EOL teaM deCided tO wOrk ON
the pRojEct agAin. I am NOw in thE course of AdAPting tHE ETA, GTC AND
PAsswOrd Application for USe IN Brazil. I will prObably HaVE dRAFts For
Comments wiThIn the NExt 10 days. i Am NOT SurE About the time eStimate for
cOMplEtion oF tHe pROject aS a whoLe. i BelIeve Remi can Give You a betteR
idea oF The scheDUle.

I wilL forwaRd tO yoU in a SEpArAte E-mAIl tHE lEgaL OpiNion that We ReCeiveD
froM OUTSide CouNsel, AddreSsing the issueS in The mEMo pReparEd by yOur
tEaM. Also, i take tHe oppOrTunity to let you kNow tHat I am leaVinG ENroN bY
the eND of AugUst. froM SeptemBer on, thE ConTaCT PEoPle for the EOL projecT
wILL bE Remi and ricardO On ThE CommerciAl SidE, and sAMi AraP on tHE lEgal.
In thE meantIMe, PlEase feeL fRee to cOnTacT me If I caN Be of Any furTher
assiStancE.

andrea

From: Mark tAylor@ECT on 08/14/2000 05:57 PM Cdt
TO: aNdREa BeRtoNe/SA/Enron@EnRon
cC:

subjEct: ENRoNOnLIne

AnY progReSS oN The EnronOnline front?  i'm GettinG quesTions from the EoL
team in HoUSTOn as to ouR timE EsTImate to completIon anD wondered iF You had
heArd baCk from ouTside counSEL. Darren, pEr oUr eArlIer CONvErsation, here aRE The fAcTs relatEd tO the oppOrtUniTy tO seRvIce a plant In the FreEpOrT aReA ofF of DoW.

the potenTiAl cUsTomEr (Don oWen) has SupplIed tHiS pLAnt For the pASt 15 YEArs, bUyInG supPly FrOm Dow.
dow dOEs nOt want tO be a supplIer IN the FuTuRe, but of Course, will traNsPort.
Dow wilL qUotE only a 2 YEAr transpOrt ($0.06 from Katy to the plant), buT The custOmeR wantS a miNimum of 5 yeArs.
other bIds HE is getTing at index +.03/.04 LeSs wHATever TRAnSpoRt.
the swing loAD Is aPprox. 1300-1350 mMbtu/d,  But fairLy steady he says.

Let mE KnoW if you have any IntEresT

ANEEL issued Resolution290/00, ap provi ngthe  M arke t Ru les, subject t o
ce rtain amendments. Theamend me n ts w i ll  be i mplemen t ed i n s ta ge s o ve r  t he
c our se of t he next fe w y ea rs. After Re s ol ution 290was  issued andthe
regu la tor y  issu eswerepartia l ly res olved, th eE OL tea m  decide d to  wor k on
the project ag a in. I am now i n theco u rs e ofada pting theET A, GT C  and
P a ss w o r d A p plication for  use in Bra z il.  I wil lpro b ably h ave d ra f tsfor
commen ts w ithin the  next1 0 days. I am no t sure  ab out  the ti me  es ti m ate fo r c omp letion o fth e pro ject a s a wh ole . Ibelie ve Remi can g ive  you a b etter
ide a of  t he sc hedule .

Iwi ll forward to y ou i n a separ ate  e -ma il  thel egal o pin ion  that w e recei v ed
f r o m  o utside counsel, ad dr e s si ng the i ssuesi nth e  memo pr ep are d by y our team .  A lso, I t ake th e  o pp ortunit yto let  y oukno w tha t  I a m leav ing Enro n bythe end of Aug u st. From Sept e mb e r  o n , th e c ontact peop le f o r th e EO L  p roj e ct
w ill b eR em i  and Ricardo on the  c ommerc ial s ide, and Sami  Arap on t h e legal. In t h em eantime, pleas e fee l free toc ontact m e ifI can be  of any f u r ther
as sis tan ce.

A n d re a

From: Mar k Tayl or @ECT on  08 /14/200 0 0 5:5 7 P M C DT
To: Andr ea Berto ne /S A/ En ron @Enro n
cc:
Su bje ct : E nronO n line
Any p rogr es so n t he Enro n On l i ne f ro nt ?  I 'mge tting  que s tio ns from  the EOL
te a m in  H ou ston as  to our timees timate toco mpl etiona n d wonder ed if you had
heard ba c k fromout sidecoun sel. Darr en,  per o ure arlier  conve rsati on , h e r e are t he  fa ct s relatedt o  th e opp or tuni ty to s ervice a plant int heFreeport area  of f of D ow .
T he pot en t ial c ustomer (Don Ow en) has su pp l ie d this pla n t f or  the pa st 15 y ears, buyingsupply fr om Dow.
D ow  doe s not  want to b e a supp lier in t h e fut u re , but  of  cours e,  wi ll tr anspor t .
D ow wi ll quo te  onlya 2 y ea r transp ort ($0.06 from Katy to  the p lant) , b ut the cu sto m erwants a m inim um of 5 ye ars .
O therbid s  he i s ge t ti nga t Ind ex + . 03/.04 le s swha t e ve r transport . T heswing  lo a d is a ppro x. 1300-1350 MMBt u /d,  but fairl y st e a dyhes ays.
Let me know if  yo uh a ve any i nt erest

ANEEL_issued Resolution_290/00, approving the Market_Rules, subject_to_
certain amendments._The_amendments will be_implemented in stages_over the
course of_the next few_years._After Resolution 290 was issued and the
regulatory issues were partially resolved, the EOL_team_decided to_work_on_
the project again. I am_now in the course of_adapting the_ETA, GTC and
Password Application for use in_Brazil._I will probably_have drafts for
comments within the next 10 days._I am not sure about the_time estimate for_
completion_of_the project as a_whole. I believe Remi can give_you a better
idea of the_schedule.

I will forward to you in a_separate e-mail the legal opinion that_we received
from outside counsel,_addressing the_issues in the memo prepared_by your
team._Also, I_take the opportunity_to let you know that I_am leaving Enron_by
the end of August. From_September_on, the contact_people_for_the EOL_project
will be_Remi_and Ricardo_on_the commercial side, and Sami Arap_on_the legal.
In the meantime, please feel_free to contact me_if_I can be of_any further
assistance.

Andrea

From: Mark Taylor@ECT_on 08/14/2000 05:57 PM CDT
To: Andrea_Bertone/SA/Enron@Enron
cc: _

Subject: EnronOnline

Any_progress on the EnronOnline front?  I'm getting questions from the_EOL
team in Houston as to_our time estimate to_completion and_wondered_if you had_
heard_back from_outside counsel. Darren, per our earlier conversation,_here are_the facts related to the opportunity_to service a plant_in_the Freeport area off of Dow.

The_potential customer (Don Owen) has supplied_this plant for the past_15_years,_buying supply from Dow.
Dow does_not want to be a supplier_in the future,_but of course, will transport.
Dow will quote_only_a 2 year transport ($0.06 from_Katy_to the plant), but the customer_wants_a_minimum of 5 years.
Other bids_he is getting at Index +.03/.04_less whatever transport.
The swing load is approx. 1300-1350 MMBtu/d,_ but fairly_steady he says.

Let me know_if_you_have any interest