 floor!!!"

IN THE NEWS

"The uncertainty [of the presidential election] does not influence business.
It is a relatively short-term distraction. Our business model has not changed
and will not change as a result of the election because we've worked very
well with both the Clinton/Gore administration in Washington and the Bush
administration in Texas."
-- Mark Palmer, vice president of Enron Corporate Communications, Associated
Press

"The name of Enron may be unfamiliar in Japan, but it should not stay that
way for long.........Joseph Hirl, president of Enron Japan, says: "We don't
go in and try to destroy markets - we go in and create them."  Some of the
company's potential customers and business partners may still need to be
persuaded of that, but Enron has a large stock of experience to reassure
them".---Financial Times

WELCOME
New Hires ENA/EIM/EGM
ENA ) Lydia Atwood-Minter, Kenneth Thibodeaux, Lacye Trevino-Brymer
EGM )Humaira Badat, Daiquiri Lucas

Transfers to ENA/EIM/EGM
ENA ) Trinh Abrell, Terri Austin, Guillermo Balmaceda, Eric Booth, Robert
Chmielewski, Joyce Dorsey, Sharon Gonzales, Laura Gutierrez, Scott Healy,
Dawn Kenne, Robert Kraszewski, Sandra Morris, David Porter, Daniel Quezada,
Henry Quigley, Steven Rose, Felecia Russell, Mary Symes, Dan Williams,
Rosalinda Zermeno
EGM ) Braedi Craig, Scott Baukney, Samantha Davidson, David Loosley, John
Massey, Diana Monaghan, Adam Siegel, Ioannis Tzamouranis

LEGAL STUFF

The information contained in this newsletter is confidential and proprietary
to Enron Corp. and its subsidiaries.  It is intended for internal use only
and should not be disclosed Coal Scores With Wager on Bush; Belief That Mineral Is Part of 'Balanced'
Energy Policy Lifts Industry Outlook
The Washington Post, 03/

floor! !! "

 IN THE NEWS

 " The uncertainty [ of the presidential election ] does not influence business.
 It is a relatively light - condition distraction. Our business model has not change
 and will not change as a result of the election because we've work very
 well with both the Clinton / Gore administration in Washington and the Bush
 administration in Texas. "
 -- Mark Palmer, frailty president of the united states of Enron Corporate Communications, Associated
 Press

 " The name of Enron may be unfamiliar in Japan, but it should not stay that
 room for long......... Joseph Hirl, president of Enron Japan, says: " We don't
 fail in and try to destroy markets - we go in and create them. "   Some of the
 company's likely customers and business partners may even need to be
 persuaded of that, but Enron hold a big stock of experience to reassure
 them".---Financial Times

 WELCOME
 New Hires ENA / EIM / EGM
 ENA ) Lydia Atwood - Minter, Kenneth Thibodeaux, Lacye Trevino - Brymer
 EGM )Humaira Badat, Daiquiri Lucas

 Transfers to ENA / EIM / EGM
 ENA ) Trinh Abrell, Terri Austin, Guillermo Balmaceda, Eric Booth, Robert
 Chmielewski, Joyce Dorsey, Sharon Gonzales, Laura Gutierrez, Scott Healy,
 Dawn Kenne, Robert Kraszewski, Sandra Morris, David Porter, Daniel Quezada,
 Henry Quigley, Steven Rose, Felecia Russell, Mary Symes, Dan Williams,
 Rosalinda Zermeno
 EGM ) Braedi Craig, Scott Baukney, Samantha Davidson, David Loosley, John
 Massey, Diana Monaghan, Adam Siegel, Ioannis Tzamouranis

 LEGAL STUFF

 The data contained in this newsletter is confidential and proprietary
 to Enron Corp. and its subsidiaries.   It is intended for internal consumption only
 and should not be disclosed Coal Scores With Wager on Bush; Belief That Mineral Is Part of' Balanced'
 Energy Policy Lifts Industry Outlook
 The Washington Post, 03/

 fllor!!!"

IN THE NEWS

"The uncertxinty [of the prgsudentiel elecfion] doer not influence business.
It ms a relaupvely short-term distrxction. Oug businesw movel has not chanjsd
and will nkb chaugx as a result on the electhon because we'ee wlrked very
well with both the Clintjn/Gore sdlinistration ig Waxringfon and the Bush
administration in Texas."
-- Kark Palmer, voce president of Enron Coroorahe Communications, Wssociated
Kdesf

"Rhe name of Dnron may be unfamiliat in Japan, but it should not stah thac
way for lint.........Jodgph Hirl, prewidenn of Enron Jaisn, sayv: "We dom't
go in and tvy to dewtroy markets - we go mn and create them."  Fome of tve
company's potentiql custmmerv ana burintss pzrtnerd mey still nesd to be
peesuaded of that, but Eggpn has a larfe stosk of experience to reassure
them".---Financian Tjmes

WELCOME
New Hires ENQ/EIM/EGM
ENA ) Lydia Atwlod-Minter, Kenneth Thibodeaux, Lacye Trevino-Brymer
EGM )Humaird Badet, Danwuiri Oufas

Transfers to ENA/EIM/EGM
ENA ) Trinh Abrell, Tewdi Alstin, Guillermo Bclmaceda, Eric Boptj, Tjbert
Chmieledski, Joycs Dorsey, Sharon Gojzales, Jaura Gutierree, Scoyt Healy,
Dawn Kenne, Robert Jraszewski, Scndea Morris, David Poxter, Daniel Duezsda,
Hrnry Quigley, Steven Rosz, Feledia Russell, Mary Symsr, Dan Williams,
Rusakitda Zermtvo
EGM ) Braedi Crayg, Scott Uauknzy, Samangha Cavidsjn, David Lloslen, John
Massey, Diana Monayhan, Ddam Siegep, Ioannis Tzamouranis

LEGAL STUHH

The informatoot cmntained in tmis newsletter ys confidentiak and pxopriegary
to Engon Corp. end its subsydiaries.  It hd intended fmr intergal yse inly
ana should not be discloseb Coao Scores With Wagev on Chsh; Belief That Miberal Is Part og 'Bxlagcvd'
Xnergr Policy Liftv Inausgty Ouglook
Tht Wcsfingyon Post, 03/

floor!!!" IN THE NEWS "The uncertainty [of election] not influence It is a model not changed and not change as result of the election because we've very well with both the Clinton/Gore administration in Washington and the Bush administration Texas." -- Mark Palmer, vice president of Enron Corporate Communications, Associated Press "The of may unfamiliar Japan, but it should not stay that way for long.........Joseph Hirl, president of Enron Japan, says: don't go in and try to destroy markets we go in and them." Some of the company's customers business partners still to persuaded of that, Enron has a large stock of experience to reassure them".---Financial Times WELCOME New Hires ENA/EIM/EGM ENA ) Atwood-Minter, Kenneth Trevino-Brymer EGM Badat, Lucas to ENA/EIM/EGM ENA Abrell, Terri Austin, Guillermo Balmaceda, Eric Joyce Dorsey, Sharon Gonzales, Laura Gutierrez, Scott Healy, Kenne, Robert Sandra Morris, David Porter, Daniel Quezada, Quigley, Steven Rose, Felecia Russell, Mary Symes, Dan Rosalinda Zermeno EGM ) Braedi Craig, Scott Baukney, Samantha Davidson, David Loosley, John Massey, Diana Siegel, Ioannis Tzamouranis LEGAL The information contained this is and to Enron and its subsidiaries. It is intended for internal use only and not be disclosed Coal Scores With Wager on Bush; Belief Is of 'Balanced' Energy Lifts Industry Outlook The Post,

 floor!!!"

IN THE NEWS

"The uncertaiNty [of the prEsideNtiAl eLeCtioN] doeS not influence bUSineSs.
It is a relatively short-Term dIsTRactIOn. our buSiness mODeL HAs nOt ChAngEd
ANd Will nOt cHange as A result of tHe eLeCtion because WE'vE worked verY
weLl with both thE ClInton/GOrE adMInistRatIon in washinGTon and The Bush
adMiNIstratIOn in TexAS."
-- maRk PaLmer, vice president OF ENRon Corporate CoMmunicAtIOnS, aSsoCiaTed
Press

"ThE nAme of eNron may BE uNFAMilIAr in Japan, but iT should not sTAy tHat
way FoR loNG.........JosepH Hirl, PrESidEnt of Enron JApan, Says: "We don'T
go in aND try to dEStroy maRkets - wE go In aNd crEAtE tHem."  soME of THe
ComPAny'S potentiAl CuStomeRs anD BUSInesS paRtneRs may Still need to be
PerSuadED of That, bUt EnrOn haS a Large Stock oF expeRiEnce to reassure
tHem".---FInancial TImeS

WeLCoMe
New HIRes ENA/eIM/eGM
eNA ) LydiA Atwood-mIntEr, kENNeTh Thibodeaux, Lacye TReVINo-brymer
EGm )HumaiRA BAdAT, DaiquirI LUcaS

TraNSFers tO ENA/eiM/eGM
ENA ) TrInh AbrELl, teRri AustIn, guilleRmO BaLmaCeda, ERIc BoOth, RobErt
ChmieLewskI, joyce Dorsey, ShaROn Gonzales, LauRA GUTIeRRez, SCotT Healy,
Dawn KEnne, rOberT KraSZeWskI, sandrA MorrIs, dAvID Porter, Daniel QuezadA,
HEnry QuIgley, steven Rose, FelEcia RusselL, mARy Symes, DAn WiLLiAMs,
Rosalinda ZerMeno
EgM ) Braedi CrAIg, Scott BAukneY, SamanthA Davidson, dAVid LooslEy, JOhn
masSey, dIAnA Monaghan, Adam sIEgel, ioAnnis TzAmoUranis

LeGAl STuFF

the InFormation ContaineD iN tHiS nEwsLetteR Is confidEnTiaL aNd pRopriETary
to enron corp. AnD iTS suBsidiarIEs.  iT Is inTeNdEd foR inTeRnal uSe onLY
anD should Not be discLosED CoaL SCoRes With wager on Bush; BeLiEf That MineRaL Is part of 'bALanced'
EnErgy Policy Lifts Industry oUtlook
THe WAshinGton post, 03/

 floor!!!"

IN THE NEWS
"The uncer taint y [ ofth e pr esid ential electio n ] do es not influence busin ess.
I t  isa  r elati vely sh o rt - t erm  d is tra ct i on . Our  bu sinessmodel hasnot  c hanged
andw il l not chan geas a resultofthe el ec tio n  beca use  we'v e work e d very
well wi th both t h e Clint o n /G oreadministration in Wa s hington and th e Bush  a dm i n ist rat ion in Tex as ."
-- Mark Pa l me r , vic e  president of  Enron Corp o rat e Comm un ica t ions,Assoc ia t ed
Press

"Th e na me of Enr on may be unfa m iliar i n Japa n,but  its ho ul d n ot sta y  t hat
wa y for lo ng .. ..... ..Jo s e p h  Hir l,pres ident  of Enron Jap an,  say s : " We do n't go i nand t ry todestr oy  markets - we g o in  and crea teth em. " Some of the
c omp any's p otentia l  cu st o m e rs  and business part ne r s  m ay still  needt obe
persuad ed  of  tha t ,  butEnro n  h as a lar ge sto c kof  experi en ce tore ass ure
the m ".-- -Finan cial Tim es

W E LCOME
New Hire s  ENA/EIM/EGME NA  )L ydia  At wood-Minter , Ke n neth  Thi b od eau x , Lac ye Tr ev i no - Brymer
EGM )Humair aBadat,  Daiq uiri Lucas

T ransfers t o E NA/EIM/E GM
E N A ) Trinh Abrell , Ter ri Austin, Guillerm o Bal maceda,Eric Boot h ,  Robert
Ch mie lew ski , Jo yce Dorsey, S h a ronGo nzales,  La ura Gut ier rez , S cot tHealy,
D awn Kenn e,  R ob er t K rasze w ski, San dr a M or ris , Dav i d Port er, D anie lQu e zad a,
Hen r yQ u igle y,  S teve n R os e, Fe leci a  Ru ssell,Mary Syme s,D an W il li ams,
R osalinda Zerm en o
EGM ) B ra edi  Craig , Scott Ba ukney, Samantha Davidso n , David  Lo osley , Jo hn
Masse y,DianaMon a ghan,Adam S iegel ,Ioa n n is Tz a m ou ran is

LEGALS T UFF

The  i nfor mationcontained in thisn ews letter is con fid enti a l  a ndp ro p rie ta r y t o  Enron Corp. an d its subs id i ar ies.  It i s  in te nded fo r inter nal u s e only
and shou ld not be  d iscl o s edCoal Score s With W ager on B u sh; B e li ef Th atMinera lIsPartof 'Ba l anc ed' Energy  P olicyLifts  I ndustryOutlook
The WashingtonPost,03/

 floor!!!"

IN_THE NEWS

"The_uncertainty [of the presidential_election] does_not_influence business._
It_is a relatively_short-term distraction. Our_business model has not_changed
and will_not_change as a result of the election because we've worked very
well with both_the_Clinton/Gore administration_in_Washington_and the Bush
administration in_Texas."
-- Mark Palmer, vice president_of Enron_Corporate Communications, Associated
Press

"The name of Enron may_be_unfamiliar in Japan,_but it should not stay that
way for long.........Joseph_Hirl, president of Enron Japan, says:_"We don't
go_in_and_try to destroy markets_- we go in and create_them."  Some of the
company's_potential customers and business partners may still_need to be
persuaded of that,_but Enron has a large_stock of_experience to reassure
them".---Financial Times

WELCOME
New_Hires ENA/EIM/EGM
ENA )_Lydia Atwood-Minter,_Kenneth Thibodeaux, Lacye_Trevino-Brymer
EGM )Humaira Badat, Daiquiri Lucas

Transfers to_ENA/EIM/EGM
ENA ) Trinh_Abrell, Terri Austin, Guillermo Balmaceda, Eric_Booth,_Robert
Chmielewski, Joyce_Dorsey,_Sharon_Gonzales, Laura_Gutierrez, Scott Healy,_
Dawn_Kenne, Robert_Kraszewski,_Sandra Morris, David Porter, Daniel Quezada,_
Henry_Quigley, Steven Rose, Felecia Russell, Mary Symes,_Dan Williams,
Rosalinda Zermeno
EGM_)_Braedi Craig, Scott Baukney,_Samantha Davidson, David Loosley, John_
Massey, Diana Monaghan, Adam Siegel, Ioannis_Tzamouranis

LEGAL_STUFF

The information_contained in this newsletter is confidential and proprietary
to Enron Corp._and its subsidiaries.  It is_intended for internal use_only
and_should_not be disclosed_Coal_Scores With_Wager on Bush; Belief That Mineral Is_Part of_'Balanced'
Energy Policy Lifts Industry Outlook
The_Washington Post, 03/


 gas and power sector.
Among other proposals cleared today was that of Bayer Industries to increase
its stake in Bayer India Syntans, a venture engaged in manufacturing and
marketing of leather chemicals and auxiliaries, from 70 per cent to 100 per
cent.
Bayer will buy out its joint venture partner Indian Syntans Group Rs 4.46
crore.
British Petroleum has been allowed to increase its holding in Tata BP
Lubricants to 99 per cent from the existing level of 50 per cent. BP will
acquire the shares for Rs 6.37 crore.
Selviac Nederland BV has been allowed to increase its holding in Godrej
Pillsbury to 56.50 per cent from the existing level of 51 per cent for a
consideration of Rs 5.61 crore. Godrej Pillsbury manufactures wheat flour,
cake/dessert mixes and canned vegetables.
The government has also cleared applications of several companies for
amendment to their foreign collaboration approvals. These include
applications of LG Chemicals, IBM India, Osram GmbH and Nestle India.

Copyright, 2000 Dow Jones & Company, Inc. All Rights Reserved.

Nigeria blames US firm for delay in power project: report

03/24/2001
Agence France-Presse
(Copyright 2001)

LAGOS, March 24 (AFP) - Nigeria has blamed US power group Enron for delays in
executing an electricity project in the economic capital Lagos, a press
report said Saturday.
The 800-million-dollar investment deal to supply electricity to the city grid
was signed in December 1999 between Lagos State, the Nigerian state-run
electricity operator NEPA and US power group Enron Inc.
Under the terms of the agreement, Enron was expected to complete the first
phase of the project by December last year.
A statement from the office of Nigeria's Power Minister Segun Agagu, cited by
the newspaper This Day, accused the US company of not meeting the deadline.
"NEPA and the government have exercised great patience and restraint in the
face of these delays and breaches of contract," the statement said.
It said however, that Nigeria "will continue to honour all obligations and
commitments that

gas and power sector.
 Among other proposals clear today was that of Bayer Industries to increase
 its interest in Bayer India Syntans, a venture engaged in manufacturing and
 selling of leather chemicals and auxiliaries, from 70 per cent to 100 per
 penny.
 Bayer will bribe out its joint venture partner Indian Syntans Group Rs 4.46
 crore.
 British Petroleum has been allowed to increase its holding in Tata BP
 Lubricants to 99 per cent from the exist level of 50 per cent. BP will
 grow the shares for Rs 6.37 crore.
 Selviac Nederland BV has been allowed to increase its holding in Godrej
 Pillsbury to 56.50 per cent from the existing degree of 51 per cent for a
 consideration of Rs 5.61 crore. Godrej Pillsbury fabrication wheat flour,
 cake / dessert mixes and canned vegetable.
 The government has also cleared applications of several company for
 amendment to their foreign collaboration approvals. These include
 applications of LG Chemicals, IBM India, Osram GmbH and Nestle India.

 Copyright, 2000 Dow Jones & Company, Inc. All Rights Reserved.

 Nigeria blame US firm for delay in power project: report

 03/24/2001
 Agence France - Presse
 (Copyright 2001)

 LAGOS, March 24 (AFP) - Nigeria has blamed US power group Enron for delays in
 executing an electricity project in the economic capital Lagos, a press
 report say Saturday.
 The 800 - million - dollar investment deal to add electricity to the city grid
 was signed in December 1999 between Lagos State, the Nigerian state - run
 electricity hustler NEPA and US power group Enron Inc.
 Under the term of the agreement, Enron was expected to complete the inaugural
 phase of the project by December last year.
 A statement from the office of Nigeria's Power Minister Segun Agagu, cited by
 the newspaper This Day, charge the US company of not meeting the deadline.
 " NEPA and the government have exercised big patience and constraint in the
 face of these delays and breaches of contract, " the statement said.
 It say however, that Nigeria " will continue to honour all obligations and
 commitment that

 gad and power sector.
Among other proposals clearxd todag was thxt of Bayer Industries to inrreawe
itw stake in Bayer India Syntans, w venturw enjaged in manufacvhring akb
maricting if leather chekicals and auxiliaries, fsoo 70 per cent to 100 per
cent.
Bayer will bty out otd joint venturg parunew Inspak Syntans Group Rs 4.46
crore.
Britisg Petroneum has been allowed to increase its hlldijg in Tata BP
Lubrlcants to 99 ksr swnt from the existing level of 50 pet cent. BP will
acquire the sharer for Rs 6.37 crore.
Swlvldc Nederlanv BV hws been allowed to itcrease its holding ik Godcej
Pillsbury to 56.50 per cenv from the existing jevel of 51 pzr cent for a
consideearion mf Rv 5.61 cfire. Gosrxj Lillsbkry manufactudes wheat foour,
cake/dessert micef and canned vsgetabjef.
The government has also cleared applibatikns of several companiew for
amendment to thgir foreigg collaboration approvals. These include
applicatimns oh UG Emcmicxos, IBM India, Osram GmbH and Nestle India.

Copyrigrf, 2000 Dpw Jones & Compcny, Inc. All Righys Rrferved.

Nigerix blamza HS firm for delay ln powet projwct: reporu

03/24/2001
Agenve France-Presse
(Copyright 2001)

LATOS, March 24 (AYP) - Nigeria has blameb US power gxoup Emron gor delays in
executing an slectricity project jv the economic cxpinal Nagos, a kfess
report said Faturday.
Vhe 800-mnllion-doular invesement deal to sm[ply electricity tl the chty grid
wws signed in December 1999 between Lagos State, thg Nhgegian statz-run
ekectricity opqrator NEPA anb US powzr grojp Enron Ihc.
Under the terms jf the agreemajt, Enron was expecteq to complete tfd first
phase pf the project by Dwcember last year.
E stxfement from the ofdice of Nigeria'x Puwew Liiistew Segun Agagu, citdd cu
the newspakzr Bhir Dau, accused the US com[any of not meeting thr qeadline.
"NEPA anq the governmrnt have exercised greav patixnce amd testraint in the
face of these selays anf bveaches of cogtragt," tre statemeut said.
It said however, that Nigeria "wilo continue to honoyr all obligations cnc
commitmenvs thae

gas and power sector. Among other proposals was of Bayer to increase its a engaged in manufacturing marketing of leather and auxiliaries, from 70 per cent 100 per cent. Bayer will buy out its joint venture partner Indian Syntans Rs 4.46 crore. British Petroleum has been allowed to increase its holding in BP to per from the existing level of 50 per cent. BP will acquire the shares for Rs 6.37 Selviac Nederland BV has been allowed to increase holding in Godrej Pillsbury 56.50 per cent from the level 51 per for consideration Rs 5.61 crore. Pillsbury manufactures wheat flour, cake/dessert mixes and canned vegetables. The government has also cleared applications of several for amendment foreign collaboration These applications LG Chemicals, IBM GmbH and Nestle India. Copyright, 2000 Company, Inc. All Rights Reserved. Nigeria blames US for delay power project: report 03/24/2001 Agence France-Presse 2001) LAGOS, March 24 (AFP) - Nigeria has US power group Enron for delays in executing an electricity project in the economic capital press report said Saturday. 800-million-dollar investment deal supply to city was signed December 1999 between Lagos State, the Nigerian state-run electricity operator NEPA US power group Enron Inc. Under the terms of the was to complete the phase of the project December year. A statement from of Power cited the This Day, accused the company of not meeting the "NEPA and the government restraint in the face of these delays and of contract," the statement said. It said that Nigeria "will continue to honour all obligations and commitments that

 gas and power sector.
Among othEr proposalS cleaRed TodAy Was tHat oF Bayer IndustriES to iNcrease
its stake in Bayer india syNTans, A VeNture Engaged IN mANUfaCtUrIng AnD
MaRketiNg oF leatheR chemicals And AuXiliaries, froM 70 PeR cent to 100 per
CenT.
Bayer will buY ouT its joInT veNTure pArtNer InDian SyNTans GrOup Rs 4.46
crorE.
BRItish PETroleum HAS bEen aLlowed to increase iTS hOLding in Tata BP
LUbricaNtS To 99 PER ceNt fRom the exisTiNg levEL of 50 per cENt. bp WIll
ACquire the sharEs for Rs 6.37 crorE.
selViac NeDeRlaND BV has Been aLlOWed To increase iTs hoLding in GoDrej
PiLLsbury tO 56.50 Per cent From thE exIstIng lEVeL oF 51 peR cENt fOR a
ConSIdeRation of rs 5.61 CrOre. GoDrej pILLSburY maNufaCtureS wheat flour,
caKe/dEsseRT miXes anD cannEd veGeTableS.
The goVernmEnT has also cleared ApplIcations oF seVeRal CoMpaniES for
amEndMenT to theiR foreigN ColLaBORAtIon approvals. These iNcLUDe
ApplicatIons of lg CHeMIcals, IBM inDia, osraM gMbH anD NesTLe india.

CopYright, 2000 dOw joNes & CompAnY, Inc. AlL RIghTs REservED.

NigEria blAmes US fiRm for DElay in power proJEct: report

03/24/2001
AgenCE FRANcE-presSe
(COpyright 2001)

LAGoS, MaRCh 24 (AFp) - NigERiA haS BlameD US poWeR GrOUp Enron for delays in
eXeCuting An eleCtricity projeCt in the ecoNOMIc capitaL LagOS, a PRess
report said saturDay.
The 800-millIOn-dollar InvesTment deaL to supply ELEctricitY to The CitY grID
WaS signed in DeceMBEr 1999 beTwEen LagoS StAte, the NIgeRiaN stAte-RuN
electricIty operaToR NePa aNd Us poweR Group EnrOn inc.
unDer The teRMs of thE agreEmenT, ENrON waS expectED tO COmplEtE tHe fiRst
PhAse of The pROjeCt by DecEmber last YeaR.
a staTeMeNt from tHe office of NigErIa's Power MiNiSteR Segun aGAgu, cited By
the newspaper This Day, acCUsed the uS cOmpanY of nOt meeting The DeadliNe.
"NepA and tHe goveRnmenT hAve EXErcisED GrEat PaTience and rESTraInt in ThE
facE of thesE delays and breaches OF coNtract," the statEmeNt saID.
it SaiD HoWEveR, tHAt NIGEria "will continuE to honour aLl OBlIgations anD
ComMiTments tHat

 gas and power sector.
Am ong otherpropo sal s c le ared  tod ay was that of Baye r Industries to increa se
i ts stak e  i n Bay er Indi a  S y n tan s,  a  ve nt u re  enga ged  in man ufacturing  an d
marketing o f  l eather che mic als and auxi lia ries,fr om7 0 per  ce nt to  100 p e r
cen t.
Bayer  w i ll buy out its j oi nt v enture partner In d ia n  Syntans Group  Rs 4. 46
c r o re.
B ritish Pet ro leumh as been al l o w edt o increase it s holding i n  Ta ta BP
L ubr i cantsto 99  p e r c ent from th e ex isting le vel of 50 perc ent. BP  will
ac qui re t h esh are sf orR s6.3 7  cr ore.
Se lv ia c Ned erla n d B V ha s b eenallow ed to increas e i ts h o ldi ng in  Godr ej Pi llsbu ry to56.50  p er cent from th e ex isting le vel  o f 5 1per c e nt for  a
co nsidera tion of Rs5. 6 1 cr ore. Godrej Pillsb ur y ma nufactur es whe a tfl o ur,
cak e/ des sert m ixesandc an ned vege tables .  Th e gover nm ent ha sals o c leare d  app licati ons of s evera l  companies for
amendment to th e i rf orei gncollaborati on a p prov als. Th ese inclu de
a pp l ic a tions of LG Chemica ls , IBMIndia , Osram GmbHand Nestle I n dia.

Co pyri g ht ,  2000 Dow Jone s & C ompany, In c . All Ri ghtsReserved .

Nige r i a blames  US  fi rmfor d el ay in power p r o ject :report
03 /24/200 1
A gen ceFra nc e-Presse(Copyrig ht  2 00 1)

L AGOS, March 24  ( AFP )- N igeri a  has b lamed  USpo we r  gr oup Enr o nf o r de la ys  in
ex ec uting  ane lec tricity  projectint he e co no mic cap ital Lagos, a  p ress
repo rt  sa id Sat u r day.
Th e 800-million-dollar in v estment  de al to  sup ply elect ric ity to  th e  citygrid was s ig ned i n Dec e m be r 1 99 9 betweenL a gos  Stat e,  the  Nigeri an state-run
elec t ric ity operatorNEP A an d US  po w er gro up Enr o n  Inc.
Under the  terms ofth e  a greement,E nro nwas exp ected t o com p lete th e first phase ofth e pr o j ect  by Decemb er lastyear.
As tatem e nt  from  th e offi ce  of  Nige ria'sP owe r Min isterSe gun Ag agu,ci ted by the newspaper This Day,  accus ed th e U S company  of not  meetingthedeadline.
"N EPA  andthe gover nmen t  h ave exerc ised great pat i en cea n drestraint i n t he
face  of thesedela ys and breaches o f  contract," th e st a t eme nts aid.  It said howeve r,th a t  Nigeria  " will contin ue to ho no u r all  oblig ations  and
c o m mi t mentsthat

 gas_and power_sector.
Among other proposals_cleared today_was_that of_Bayer_Industries to increase_
its stake in_Bayer India Syntans, a_venture engaged in_manufacturing_and
marketing of leather chemicals and auxiliaries, from 70 per cent to 100 per_
cent._
Bayer will_buy_out_its joint venture partner Indian_Syntans Group Rs 4.46
crore._
British Petroleum_has been allowed to increase its holding in_Tata_BP
Lubricants to_99 per cent from the existing level of 50_per cent. BP will
acquire the_shares for Rs_6.37_crore._
Selviac Nederland BV has_been allowed to increase its holding_in Godrej
Pillsbury to 56.50 per_cent from the existing level of 51_per cent for a
consideration of_Rs 5.61 crore. Godrej Pillsbury_manufactures wheat_flour,
cake/dessert mixes and canned_vegetables.
The government_has also_cleared applications of_several companies for
amendment to their_foreign collaboration approvals._These include
applications of LG Chemicals,_IBM_India, Osram GmbH_and_Nestle_India.

Copyright, 2000_Dow Jones &_Company,_Inc. All_Rights_Reserved.

Nigeria blames US firm for_delay_in power project: report

03/24/2001
Agence France-Presse
(Copyright 2001)

LAGOS, March_24 (AFP) - Nigeria_has_blamed US power group_Enron for delays in
executing_an electricity project in the economic_capital Lagos,_a press_
report said Saturday.
The 800-million-dollar investment deal to supply electricity to_the city grid
was signed in_December 1999 between Lagos_State, the_Nigerian_state-run
electricity operator_NEPA_and US_power group Enron Inc.
Under the terms of_the agreement,_Enron was expected to complete the_first
phase of the_project_by December last year.
A statement_from the office of Nigeria's Power_Minister Segun Agagu, cited by_
the_newspaper_This Day, accused the US_company of not meeting the deadline._
"NEPA and the_government have exercised great patience and restraint_in_the
face of these delays and_breaches_of contract," the statement said.
It_said_however,_that Nigeria "will continue to_honour all obligations and
commitments that


 planned for this summer that is not yet provided
for, as authorities hurriedly seek to arrange new generation plants around
Manhattan, on Long Island and even on barges offshore.

One way or another, whether it is the weather or the politics of siting new
energy facilities, it's going to be a hot time in the city.

Long-term solutions hit brick wall
Meanwhile, attempts at longer-term solutions continue to run into trouble.
Last week, Connecticut state regulators came out against a proposal to run a
new underwater cable under Long Island Sound that Hydro-Quebec subsidiary
TransEnergie U.S. Ltd. wants to build to pump more juice into Long Island
Power Authority's load pocket. Despite strong promises from TransEnergie to
be diligent in avoiding damage to oyster beds in Long Island Sound, the
proposal failed to convince authorities, who were persuaded the pipeline
project could lead to diversion of electricity from Connecticut.

In similar fashion, private companies wanting to build 10 small independent
power plants and temporary generators offshore New York City are running into
intense opposition from environmental groups and citizen organizations*some
of whom have taken their cases to the state assembly in Albany.

The David vs. Goliath nature of such controversies has further alerted energy
companies to the difficulties of addressing complex energy supply issues that
may ultimately devolve to people not wanting things in their backyard,
regardless of what the alternative might mean to their fellow citizens or the
greater public good.

But suddenly, in New York, California's troubles*while still distant in their
intensity* may not be so far away. By some estimates, this summer's bills for
Consolidated Edison customers could be up as much as one third or more over
last year's charges.

Letting the time slip when it comes to building new infrastructure isn't
going to make the pain go away. The Blue Chips

Here's my updated list of the top Texas football recruits. I have inserted *
* * * at each position to separate the Fabulous 40 from the rest of the Elite
80.

The Elite 80 Recruits

Quarterback (6)
Matt Nordgren, 6-5, 225, 4.7, Dallas Bishop Lynch (UT, A&

planned for this summer that is not yet provided
 for, as authorities hurriedly search to dress new generation plants around
 Manhattan, on Long Island and even on barge offshore.

 One way or another, whether it is the weather or the politics of siting new
 department of energy facility, it's going to be a blistering meter in the city.

 Long - terminus solutions hit brick rampart
 Meanwhile, attempts at longer - term solutions continue to run into trouble.
 concluding week, Connecticut state regulators come out against a proposal to run a
 new underwater cable television under Long Island Sound that Hydro - Quebec subsidiary
 TransEnergie U.S. Ltd. want to build to pump more juice into Long Island
 Power Authority's load pocket. Despite potent promises from TransEnergie to
 be diligent in avoiding damage to oyster beds in Long Island Sound, the
 proposal fail to convince authorities, who were persuaded the pipeline
 project could lead to diversion of electricity from Connecticut.

 In similar fashion, private companies desire to build 10 small autonomous
 exponent plant and temporary generators offshore New York City are melt into
 intense opposition from environmental groups and citizen organizations*some
 of whom have taken their case to the state assembly in Albany.

 The David vs. Goliath nature of such controversies has further alarm energy
 companies to the difficulties of addressing complex energy supply issues that
 may ultimately fall to citizenry not wanting things in their backyard,
 regardless of what the alternative might mean to their fellow citizen or the
 greater public good.

 But suddenly, in New York, California's troubles*while still distant in their
 intensity * may not be so far away. By some estimates, this summer's bills for
 Consolidated Edison customer could be up as much as one third or more over
 last year's charges.

 Letting the clock time slip when it come to building new infrastructure isn't
 rifle to make the pain belong away. The Blue Chips

 Here's my update list of the top Texas football recruit. I have inserted *
 * * * at each position to separate the Fabulous 40 from the rest of the Elite
 80.

 The Elite 80 recruit

 Quarterback (6)
 Matt Nordgren, 6 - 5, 225, 4.7, Dallas Bishop Lynch (UT, A &

 plwnned for this summer thxt is not yet ptocided
hor, as zuthoritkes hurriedly seek to arrangx neq gentgation plants around
Oanhattan, on Long Islend and even on uzrges onyshors.

One xay or another, ehether it is the weathes ur the politics of siting new
energy sacilitoed, it's going to be s hot nine in the city.

Long-term solutjons hiu brick wall
Meanwhole, attempts at longer-term solktions continue to run into ttkubjw.
Last week, Zonnecticuu vtate regumators came out against a proporal tp run a
neq yndftwater cable undeg Long Island Sound tvat Hydto-Quebec subsiciacy
TeansEnergie U.S. Ltd. waits to build to pump more juiwe into Long Island
Piwer Duthmrith'w luad ppciet. Dedpive strong pdomises fron TransEnergie to
bt dyoigent in avojding qaiage to oyster beds in Long Island Soung, tge
proposal failed to cinvince authorities, wjo were pqrsuaded the pipeline
project could lead to divervion kw eoegtrizutj from Connecticut.

In similar fashion, private dokpsnies wanting bo build 10 small inceoemqent
power plxnts aus femporary generatogs offsrore Bew York Sity are running into
intense opposition frjn environmental grlups and cicizen prganozations*some
of whom hare taksn their cades to ths state assembly kn Sltany.

The David vs. Goliath gature of suck controxersoes haf further wlertcg energy
companies to tke dixficulties of addressing complex energy sn'ply issues tnad
mdy ultimctely cevolve to pejple not wantiug thingf in gheir backjard,
regacdless of whwt the alterndjive might meen to theyr fwlloq citizdvs or the
greayer publib yood.

But wuddenly, in New Yovk, Caujfornia's troublzr*qhile still disyang ig nhemr
ineansity* may nmt bd su far xway. By somc ertimstes, this summer's binls ror
Consolidated Ecifon custimers cotld be up as kuch as one third lr moce ovec
last yewr's charges.

Letting the time smip when lt gomes to builqing new infrastxucture isn't
going to make the pain go axay. The Blue Chips

Here's my updated list of uhe top Texas footfall recrgits. I have inserted *
* * * at each positlon to separate the Fagulous 40 frol the rest of the Elite
80.

The Elite 80 Recruits

Quarterback (6)
Matt Nordgren, 6-5, 225, 4.7, Daolas Bmsrop Lynch (UF, A&

planned for this summer that is not for, authorities hurriedly to arrange new Long and even on offshore. One way another, whether it is the weather the politics of siting new energy facilities, it's going to be a hot in the city. Long-term solutions hit brick wall Meanwhile, attempts at longer-term solutions to into Last Connecticut state regulators came out against a proposal to run a new underwater cable under Long Sound that Hydro-Quebec subsidiary TransEnergie U.S. Ltd. wants build to pump more into Long Island Power Authority's pocket. strong promises TransEnergie be in avoiding damage oyster beds in Long Island Sound, the proposal failed to convince authorities, who were persuaded the pipeline could lead of electricity Connecticut. similar private companies wanting 10 small independent power plants and New York City are running into intense opposition environmental groups citizen organizations*some of whom have taken cases to the state assembly in Albany. The vs. Goliath nature of such controversies has further alerted energy companies to the difficulties of energy supply issues that ultimately devolve to not things their regardless of the alternative might mean to their fellow citizens or the greater good. But suddenly, in New York, California's troubles*while still distant intensity* not be so away. By some estimates, summer's for Consolidated Edison customers up much or over year's charges. Letting the slip when it comes to new infrastructure isn't going away. The Blue Chips Here's my updated list the top Texas football recruits. I have * * * * at each position to separate the Fabulous 40 the rest Elite 80. The Elite 80 Recruits Quarterback (6) Nordgren, 6-5, 225, 4.7, Bishop Lynch (UT, A&

 planned for this summer that iS not yet proVided
For, As aUtHoriTies Hurriedly seek tO ArraNge new generation plants ArounD
MANhatTAn, On LonG Island ANd EVEn oN bArGes OfFShOre.

OnE waY or anotHer, whether It iS tHe weather or tHE pOlitics of sItiNg new
energy fAciLities, It'S goINg to bE a hOt timE in the CIty.

LonG-term soluTiONs hit bRIck wall
mEAnWhilE, attempts at longer-TErM Solutions contiNue to rUn INtO TRouBle.
last week, CoNnEcticUT state rEGuLATOrs CAme out against A proposal to RUn a
New undErWatER cable Under loNG IsLand Sound thAt HyDro-Quebec SubsidIAry
TranSenergie u.S. Ltd. wAntS to BuilD To PuMp mOrE JuiCE iNto lOng island
PoWeR AUthorIty's LOAD PockEt. DEspiTe strOng promises frOm TRanseNerGie to
Be dilIgenT iN avoiDing daMage tO oYster beds in Long islaNd Sound, thE
prOpOsaL fAiled TO conviNce AutHoritieS, who werE PerSuADED tHe pipeline
project cOuLD LeAd to diveRsion oF ElEcTRicity frOm conNectICUt.

In sImilAR fAshion, prIvate cOMpAnIes wantInG to buiLd 10 SmaLl iNdepeNDent
Power pLants and TempoRAry generators oFFshore New York cItY ARe RUnniNg iNto
intense oPposITion From ENvIroNMentaL grouPs ANd CItizen organizations*SoMe
of whOm havE taken their caSes to the stATE Assembly In AlBAnY.

the David vs. GoliAth naTure of such COntroverSies hAs furtheR alerted eNERgy
compaNieS to The DifFICuLties of addresSINg coMpLex enerGy sUpply isSueS thAt
mAy uLtImately deVolve to pEoPlE nOt WanTing tHIngs in thEiR baCkYarD,
regaRDless oF what The aLtErNAtiVe might MEaN TO theIr FeLlow CitIzEns or The
gREatEr publiC good.

But sUddENly, iN NEw york, CalIfornia's troubLeS*while stilL dIstAnt in tHEIr
intensIty* may not be so far away. By sOMe estimAteS, this SummEr's bills fOr
COnsoliDatED EdisoN custoMers cOuLd bE UP as muCH As One ThIrd or more oVER
laSt yeaR's CharGes.

LettIng the time slip when IT coMes to building New InfrASTrUctURe ISn't
GoINg tO MAke the pain go awaY. The Blue ChIpS

heRe's my updatED liSt Of the toP Texas fOotbaLL recruiTs. I have inSerted *
* * * at eAcH posITIon To separate The FabulOus 40 from thE Rest oF ThE ElitE
80.

ThE Elite 80 reCruIts

QuArterbACk (6)
MAtt NoRdgren, 6-5, 225, 4.7, daLlas BiShop LYnCh (UT, A&

 planned for this summer t hat is not  yetpro vid ed
fo r, a s authoritiesh urri edly seek to arrange n ew ge ne r atio n  p lants  around
M a n hat ta n,  on  L o ng  Isla ndand eve n on barge s o ff shore.

One wa y or anoth er,  whether itisthe we at her or th e p oliti cs ofs itingnew
ener gy facili t ies, it ' s  g oing  to be a hot time in the city.

Lo ng-ter ms ol u t ion s h it brick w al l
Mea n while,a tt e m p tsa t longer-term  solutionsc ont inue t orun into t roubl e.
La st week, Co nnec ticut sta te reg u latorsc ame out  again sta p ropo s al  t o r un a n ew  un d erw ater cab le  u nderLong I s l andSou nd t hat H ydro-Quebec s ubs idia r y Trans Energ ie U .S . Ltd . want s tobu ild to pump mor e ju ice intoLon gIsl an d
Po w er Aut hor ity 's load  pocket .  De sp i t e  s trong promises fro mT r an sEnergie  to
b e  d il i gent inav oid ingd a mageto o y st er bedsin Lon g  I sl and Sou nd , the
p rop osa l fai l ed t o conv ince aut horit i es, who were p e rsuaded the p i pe l i ne
pro jec t could lea d to dive rsio n  o f e l ectri cityfr o mC onnecticut.

In si mi lar fa shion , private com panies wan t i n g to bui ld 1 0  s m all independen t
po wer plants and temp orary  generat ors offsh o r e New Yo rkCit y a rer u nn ing into
int e n se o pp osition  fr om envi ron men tal  gr ou ps and ci tizen or ga ni za ti ons *som e
of who mhav etak en th e ir cas es to  the  s ta t e a ssembly in A lban y.
The  Da vi d vs.  Gol i ath  nature  of suchcon t rove rs ie s has f urther alerte denergy
co mp ani es tot h e diffic ulties of addressing co m plex en erg y sup plyissues th at
may u lti m atelydevolv e tope opl e not w a n ti ngth ings in th e i r b ackya rd ,
r egardle ss of what the alt e rna tive might me anto t h e ir  fe l lo w  ci ti z ens o r the
greaterpublic goo d.
But sudden l y,in  New Yo rk, Cal iforn i a's tro ubles*wh ile still  d ista n t  in  their
in tensity * may not be so fa r awa y.By som eest imate s, thi s  su mmer' s bill sfor
C onsol id ated Edi son customers could beup asmuchasone third  or mor e over
l astyear's cha rge s.

Let tin g  thetime sl ipw hen i t co m es to bui l di ngn e winfrastruct u r e  is n't goi n g to m akethe pain go away. The Blue Chips

He r e 'smyu pdat ed  list of the t opTe x a s footba ll  recruits.I have i ns e rted*
* ** at e ach pos i t io n  to se para tethe Fabul ous  4 0  from t he  r e st oftheEl ite
80 .

The Elit e 80 Recruits

Qua rterb a c k (6) Mat t Nor dg ren, 6- 5 , 22 5, 4.7, Da llas Bishop  Lynch  (UT , A&

 planned_for this_summer that is not_yet provided_
for,_as authorities_hurriedly_seek to arrange_new generation plants_around
Manhattan, on Long_Island and even_on_barges offshore.

One way or another, whether it is the weather or the politics_of_siting new_
energy_facilities,_it's going to be a_hot time in the city._

Long-term solutions_hit brick wall
Meanwhile, attempts at longer-term solutions continue_to_run into trouble._
Last week, Connecticut state regulators came out against a_proposal to run a
new underwater_cable under Long_Island_Sound_that Hydro-Quebec subsidiary
TransEnergie_U.S. Ltd. wants to build to_pump more juice into Long Island_
Power Authority's load pocket. Despite strong promises_from TransEnergie to
be diligent in_avoiding damage to oyster beds_in Long_Island Sound, the
proposal failed_to convince authorities,_who were_persuaded the pipeline_
project could lead to diversion of_electricity from Connecticut._

In similar fashion, private companies wanting_to_build 10 small_independent_
power_plants and_temporary generators offshore_New_York City_are_running into
intense opposition from environmental_groups_and citizen organizations*some
of whom have taken_their cases to the_state_assembly in Albany.

The_David vs. Goliath nature of_such controversies has further alerted energy_
companies to_the difficulties_of addressing complex energy supply issues that
may ultimately devolve to_people not wanting things in their_backyard,
regardless of what_the alternative_might_mean to their_fellow_citizens or_the
greater public good.

But suddenly, in_New York,_California's troubles*while still distant in their_
intensity* may not be_so_far away. By some estimates, this_summer's bills for
Consolidated Edison customers_could be up as much_as_one_third or more over
last_year's charges.

Letting the time slip_when it comes_to building new infrastructure isn't
going to_make_the pain go away. The Blue_Chips

Here's_my updated list of the top_Texas_football_recruits. I have inserted *
*_* * at each position to_separate the Fabulous 40 from the rest of the_Elite
80.

The Elite 80_Recruits

Quarterback (6)
Matt Nordgren, 6-5, 225,_4.7,_Dallas_Bishop Lynch (UT, A&


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 recipient_(s). Any_review, use, distribution or_disclosure by
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com
      http://www.carrfut.com I apologize, I have been out sick until this afternoon and have not gotten to
it.  I think, if memory serves me correctly, I think I was generally ok with
the language except for the proviso at the end because we do not know what
your internal policies are and how you would evaluate the assignee.  It
basically strips out the right because it still leaves us subject to Enron's
caprice.  Could you perhaps give me a better sense as to what the criteria
would be?

Thanks

Yair Yaish
Director and Senior Counsel
Allegheny Energy Global Markets, LLC
212-236-7955

-----Original Message-----
From: Sara.Shackleton@enron.com [mailto:Sara.Shackleton@enron.com]
Sent: Wednesday, April 18, 2001 7:16 PM
To: YYaish@exchange.ml.com
Subject: RE: ISDA Schedule/Paragraph 13

Yair:  Are we finished?  Please let me know.  Thanks.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

                    "Yaish, Yair
                    (OGC)"                To:
"'Sara.Shackleton@enron.com'" <Sara.Shackleton@enron.com>
                    <YYaish@exchan        cc:
                    ge.ml.com>            Subject:     RE: ISDA
Schedule/Paragraph 13

                    04/13/2001
                    08:42 AM

I hope to leave by 3:30 Eastern Time.  Thanks for getting back to me so
quickly.  Though, I'm surprised u guys are open for business today.

-----Original Message-----
From: Sara.Shackleton@enron.com [mailto:Sara.Shackleton@enron.com]
Sent: Friday, April 13, 2001 9:41 AM
To: YYaish@exchange.ml.com
Subject: RE: ISDA Schedule/Paragraph 13

com
       http://www.carrfut.com I apologize, I have been out sick until this afternoon and have not gotten to
 it.   I remember, if memory serve me correctly, I think I was generally ok with
 the lyric except for the proviso at the end because we do not sleep together what
 your inner policies are and how you would evaluate the assignee.   It
 basically strips out the right because it even leaves us subject to Enron's
 caprice.   Could you possibly give me a better sense as to what the criteria
 would be?

 Thanks

 Yair Yaish
 Director and Senior Counsel
 Allegheny Energy Global Markets, LLC
 212 - 236 - 7955

 -----Original Message-----
 From: Sara.Shackleton@enron.com [ mailto:Sara.Shackleton@enron.com ]
 Sent: Wednesday, April 18, 2001 7:16 PM
 To: YYaish@exchange.ml.com
 Subject: rhenium: ISDA Schedule / Paragraph 13

 Yair:   Are we finished?   Please let me know.   Thanks.

 Sara Shackleton
 Enron North America Corp.
 1400 Smith Street, EB 3801a
 Houston, Texas   77002
 713 - 853 - 5620 (earphone)
 713 - 646 - 3490 (fax)
 sara.shackleton@enron.com

                     " Yaish, Yair
                     (OGC) "                 To:
 "' Sara.Shackleton@enron.com' " < Sara.Shackleton@enron.com >
                     < YYaish@exchan         cc:
                     ge.ml.com >             Subject:      RE: ISDA
 Schedule / Paragraph 13

                     04/13/2001
                     08:42 AM

 I hope to leave by 3:30 easterly Time.   Thanks for getting back to me so
 quickly.   Though, I'm surprised u guys are clear for business today.

 -----Original Message-----
 From: Sara.Shackleton@enron.com [ mailto:Sara.Shackleton@enron.com ]
 Sent: Friday, April 13, 2001 9:41 AM
 To: YYaish@exchange.ml.com
 Subject: RE: ISDA Schedule / Paragraph 13

com
      http://www.carrfut.com L apologize, I harw been out sjck untiu this afternoon and have nov gorten uj
it.  I think, if mdmory sernes me coereculy, I think I was generally ok slth
tke language excekt for the psoviso at the ana yecause we do not know what
your intqrnal ppllcies are and row jot wohld evaluate the assignee.  It
basidally surips out the righy because it still leaves ks skbject to Enron's
cwprice.  Couod yjy perhaps gixe me a beutzr sense as to what the criteria
would be?

Tfanks

Vair Yaish
Durwctlt and Senior Counfel
Allegheny Energy Clobal Karkets, LLC
212-236-7955

-----Orininal Mewsage-----
From: Sara.Shacklevon@enron.com [mailto:Sata.Shackletmn@znron.com]
Sent: Wednesdat, Qpril 18, 2001 7:16 [M
To: TYaksh@txcianfe.ml.col
Suuject: RE: ISSA Schedule/Paragraph 13

Yair:  Are wq finished?  Plsase lqt me know.  Thanks.

Sara Shackleton
Enron Nogth Zmerica Corp.
1400 Smith Strewt, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fwx)
sara.shackleton@enron.com

                    "Yaish, Yair
                    (OGC)"                To:
"'Sara.Shackjstpn@vnron.com'" <Sara.Shachleton@enron.vol>
                    <YVziah@exchan        cc:
                    gt.ml.cok>            Subject:     RE: ISDA
Schedujw/Paragraph 13

                    04/13/2001
                    08:42 AM

I hope co leabe by 3:30 Eastfrn Time.  Ghanks for gettivg nacn to me so
quickly.  Though, Y'm surpriwed b guys afe oken for business hoday.

-----Original Message-----
Frol: Sarc.Shacnleton@enroj.com [mailto:Sara.Shackleton@enron.com]
Sent: Friday, Spsil 13, 2001 9:41 AM
To: YYaixh@exchange.ml.cjm
Subject: RE: IXDA Schzdule/Pxragraph 13

com http://www.carrfut.com I apologize, I have been until afternoon and not gotten to serves correctly, I think was generally ok the language except for the proviso the end because we do not know what your internal policies are and you would evaluate the assignee. It basically strips out the right because it leaves subject Enron's Could you perhaps give me a better sense as to what the criteria would be? Thanks Yaish Director and Senior Counsel Allegheny Energy Global LLC 212-236-7955 -----Original Message----- Sara.Shackleton@enron.com [mailto:Sara.Shackleton@enron.com] Sent: Wednesday, April 2001 PM To: Subject: ISDA 13 Yair: Are finished? Please let me know. Thanks. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Texas 77002 713-646-3490 (fax) "Yaish, (OGC)" "'Sara.Shackleton@enron.com'" <Sara.Shackleton@enron.com> <YYaish@exchan Subject: RE: ISDA Schedule/Paragraph 13 04/13/2001 hope to leave by 3:30 Eastern Time. Thanks getting back me so quickly. Though, I'm surprised guys are open for business today. -----Original Message----- Sara.Shackleton@enron.com [mailto:Sara.Shackleton@enron.com] Sent: Friday, April 13, 2001 9:41 AM To: YYaish@exchange.ml.com Subject: RE: ISDA Schedule/Paragraph

com
      http://www.carrfut.com I apolOgize, I have Been oUt sIck UnTil tHis aFternoon and havE Not gOtten to
it.  I think, if memorY servEs ME corREcTly, I tHink I waS GeNERalLy Ok WitH
tHE lAnguaGe eXcept foR the provisO at ThE end because wE Do Not know whaT
yoUr internal poLicIes are AnD hoW You woUld EvaluAte the ASsigneE.  It
basicaLlY Strips OUt the riGHT bEcauSe it still leaves us SUbJEct to Enron's
capRice.  CoUlD YoU PErhAps Give me a betTeR sensE As to whaT ThE CRIteRIa
would be?

ThanKs

Yair Yaish
dIreCtor anD SEniOR CounsEl
AllEgHEny energy GlobaL MarKets, LLC
212-236-7955

-----OrIginal mEssage-----
FROm: Sara.SHackleTon@EnrOn.coM [MaIlTo:SArA.shaCKlEtoN@EnrOn.com]
SenT: WEdNesdaY, AprIL 18, 2001 7:16 pm
to: YYAisH@excHange.Ml.com
Subject: Re: ISdA ScHEduLe/ParAgrapH 13

YaiR:  ARe we fInisheD?  PleaSe Let me know.  Thanks.

sara shackletoN
EnRoN NoRtH AmerICa Corp.
1400 smiTh STreet, EB 3801A
HoustoN, texAs  77002
713-853-5620 (PHONe)
713-646-3490 (Fax)
sara.shackleton@eNrON.CoM

                    "Yaish, YaIr
                    (OGC)"                TO:
"'saRa.sHackletoN@eNroN.com'" <sARa.ShaCkleTOn@Enron.com>
                    <yYaish@EXcHaN        cc:
                    ge.ml.CoM>            SubjeCt:     rE: IsDA
schedULe/PaRagrapH 13

                    04/13/2001
                    08:42 AM

I hope To leaVE by 3:30 Eastern Time.  tHanks for gettiNG bACK tO Me so
QuiCkly.  Though, I'M surPRiseD u guYS aRe oPEn for BusinEsS ToDAy.

-----Original Message-----
FrOm: sara.ShAckleTon@enron.com [maIlto:Sara.ShACKLeton@enrOn.coM]
seNT: Friday, April 13, 2001 9:41 AM
to: YYaIsh@exchangE.Ml.com
SubJect: Re: ISDA SchEdule/ParaGRAph 13

com
      http://www.carrf ut.com I a polog ize , I  h avebeen  out sick unti l  thi s afternoon and have n ot go tt e n to
i t.  I  think, if m emo ry  s erv es me  corr ect ly, I t hink I was  ge ne rally ok wit h  the langua geexcept for t heprovis oatt he en d b ecaus e we d o  not k now what
y o ur int e rnal po l i ci es a re and how you wo u ld evaluate the a ssigne e.  I t
ba sic ally strip sout t h e right be c a u sei t still leave s us subjec t  to  Enron 's
c a price.   Cou ld you  perhaps gi ve m e a bette r sens e  as tow hat the  crite ria
w ould be ?
Th an k s
Y ai r Y a ish
Directo ran d Sen iorC o u n selAll eghe ny En ergy Global M ark ets, LLC
212- 236-7 955

---- -Origi nal M es sage-----
From:  Sar a.Shackle ton @e nro n. com [ m ailto: Sar a.S hacklet on@enro n .co m] S e nt : Wednesday, April  1 8 ,  2 001 7:16  PM
To :  Y Ya i sh@excha ng e.m l.co m Subje ct:R E:  ISDA Sc hedule / Pa ra graph 1 3

Yai r:   A rewe fi n ishe d?  Pl ease let  me k n ow.  Thanks.
S ara Shackleto n
E n r on Nort h A merica Corp .
14 0 0 Sm ithS tr eet ,  EB 3 801aHo u st o n, Texas  77002
713 -8 53-562 0 (ph one)
713-646- 3490 (fax) s a ra.shack leto n @e n ron.com

                "Yaish,  Yair
                (OGC)"          To:
"'Sa r a .Sha ck leton@e nro n.com'"  <S ara .Sh ack le ton@enron .com>
            <YYaish @e xch an       c c:
             ge.ml.c o m>        Su bje ct :    RE: ISD A
Sche dule/Para gra p h 13
                  04 /1 3/2001
              08:4 2 AM

I hope to le a ve by 3 :30  East ernTime.  Th ank s forget t ing ba ck tome so
q uic k l y.  T h o ug h,I' m surprise d u g uys a re  ope n for b usiness today.

-- - --O riginal Messa ge- ---- F ro m:S ar a .Sh ac k let o n @enron.com [mai lto:Sara.S ha c kl eton@enron . com ]Sent: F riday,April 13, 200 1 9:41 AM
To: YYai sh @exc h a nge .ml.com
Su bject: R E: ISDA S c hedul e /P aragr aph  13

com
 _ _  http://www.carrfut.com I_apologize, I_have_been out_sick_until this afternoon_and have not_gotten to
it. _I think, if_memory_serves me correctly, I think I was generally ok with
the language except for_the_proviso at_the_end_because we do not know_what
your internal policies are_and how_you would evaluate the assignee.  It
basically_strips_out the right_because it still leaves us subject to Enron's
caprice._ Could you perhaps give me_a better sense_as_to_what the criteria
would_be?

Thanks

Yair Yaish
Director and Senior Counsel
Allegheny Energy_Global Markets, LLC
212-236-7955

-----Original Message-----
From: Sara.Shackleton@enron.com [mailto:Sara.Shackleton@enron.com]
Sent:_Wednesday, April 18, 2001 7:16 PM
To: YYaish@exchange.ml.com
Subject:_RE: ISDA Schedule/Paragraph 13

Yair:  Are_we finished?  Please let_me know._ Thanks.

Sara Shackleton
Enron North America_Corp.
1400 Smith Street,_EB 3801a
Houston,_Texas  77002
713-853-5620_(phone)
713-646-3490 (fax)
sara.shackleton@enron.com

    _  _     __  ___"Yaish, Yair
_  __ __     __     (OGC)" _   __   _    _To:
"'Sara.Shackleton@enron.com'"_<Sara.Shackleton@enron.com>
 _ _          _     <YYaish@exchan_   _ __cc:
  __ _      _ _     ge.ml.com>_   __     _Subject:     RE:_ISDA
Schedule/Paragraph 13

  ___    _     _  _ 04/13/2001
     __     __     _08:42_AM

I_hope to leave by 3:30_Eastern Time.  Thanks for getting_back to me so
quickly.  Though, I'm surprised u_guys are open_for business today.

-----Original Message-----
From: Sara.Shackleton@enron.com_[mailto:Sara.Shackleton@enron.com]
Sent:_Friday,_April 13, 2001 9:41 AM
To: YYaish@exchange.ml.com
Subject: RE: ISDA Schedule/Paragraph 13


 i outlined in my prior
memo.  It will benefit C-gas via direct access to technology and specialists,
it will benefit EGEP for marketing and a US presence and it will benefit ENA
by moving the asset from your books without a loss and releasing the valuable
intellectual capital ENA could employ elsewhere in a higher yielding business
venture.  However, with the premiums you have placed on the properties it is
going to be very difficult to make this transaction happen.  (However, we are
willing to try)  ENA has had this on the market for over a year with the
intent to sell it at book if possible.  Prices have improved, but I believe
even your team would admit this is still a project to get book in the market
today.  Your estimated value at the current strip at a Before Tax 10%
discount for Appalachian reserves seems a little aggressive for the market
let alone an inter-company transfer.

When we talked about this a couple of weeks ago we said it would be a fair
transaction and at the time you were hedging that it would be around book.  I
understood your logic for needing to talk with your team but I was relying on
a fair deal to result.  Dave, I'm only sending this memo to you because I
feel this is being pushed way past fair by your team with the intent that if
we pay this it is a home run for your new team and since we are in a bind,
let's see what happens.  I know this is a very small piece of business for
you and the time it takes to read this is more than you can afford to this
asset or transaction.  If fact,  the easy thing for you to do is get mad and
say you don't have the time and stop the transaction.  On the other hand, if
you believe the right thing for all parties is to do this at book, say so and
you'll never deal with this piece of business again.  I hope in this case you
will put the greater good of Enron in front of ENA's desire to hit a home run
at EGEP's expense and in the spirit of ONE-ENRON move these assets to EGEP at
book value.
As

i outlined in my prior
 memo.   It will benefit C - accelerator via lineal access to technology and specialist,
 it will profit EGEP for marketing and a US presence and it will benefit ENA
 by go the asset from your books without a loss and release the valuable
 intellectual capital ENA could hire elsewhere in a higher yielding occupation
 speculation.   However, with the premiums you have placed on the place it is
 going to be very difficult to lay down this transaction happen.   (However, we are
 willing to hear)   ENA has had this on the market for over a year with the
 intent to deal it at book if possible.   Prices have improved, but I believe
 even your team would accept this is still a project to get book in the market
 today.   Your estimated value at the current strip at a Before Tax 10%
 discount for Appalachian reserves seems a little aggressive for the market
 let alone an inter - company transfer.

 When we talked about this a couple of weeks ago we say it would be a fair
 transaction and at the time you were hedge that it would be around ledger.   I
 understood your logic for needing to talk with your team but I was trust on
 a fair softwood to result.   Dave, I'm only commit this memo to you because I
 feel this is being pushed way past fair by your team with the intent that if
 we pay this it is a home discharge for your new team and since we are in a bind,
 let's see what happens.   I acknowledge this is a very small while of business for
 you and the time it takes to read this is more than you can afford to this
 asset or transaction.   If fact,   the comfortable thing for you to do is get mad and
 say you don't have the time and stop the transaction.   On the other handwriting, if
 you believe the right matter for all parties is to do this at book, say thus and
 you'll never deal with this firearm of business again.   I hope in this case you
 will arrange the greater commodity of Enron in front of ENA's desire to hit a home footrace
 at EGEP's expense and in the spirit of ONE - ENRON move these assets to EGEP at
 book value.
 As

 i lutlined in my prior
memu.  It will beneyut C-gav via sirect azcess to technology and specmaliwts,
iu will benefit EGEP for markvting and a UW presence ehd it wljl bskefit XNA
by moving tme asset frmm your books fighlut a loss and releasing the valuabje
inteklfctual capital ENA souls employ elsewhere in a higher yiemding blsiness
venture.  Nowever, with the premiums jou jave placed on the properties it yw
going to bd very difficult to maie this transaction happen.  (Howdver, ce are
willunt tl try)  ENA hes had this on the market xor ovet a year with bhe
iitenr to sell it at book mf possible.  Prices rave imprmvzd, but I believe
even yiur tgam wmuld qdmkt uhix js stipl e project tk get book un the market
today.  Riur estimated value ae the current strip at a Before Tax 10%
divcohnt for Appalachian reswrves seems a little wggressivq for the market
let alone an inter-company transfar.

Wiev wt bwujef about this a couple of weeks ago we said it soilc be a fair
trcnsaction and at tje jime you were fedginy tgat it would be arlund bojk.  I
understojd ypur logic for needing to taok with your ream but I was relving on
a fanr deak to tesult.  Dave, I'm only seuding fhis memo tl you beczjse I
feel this ks neitg pushed way past fair by your tean wich the ivtenj that yf
we pay hhis ld is a home run fog yout new deam and slnce we are in a bind,
let's see xiat happens.  O nnof this if a vcry small piece of business fpr
you cnd thd time it nakes to cead this is more than yog can afford vo this
afset or rransacgkon.  If fact,  yhe easy nhnng for yiu to do is get mav ana
say you don't hcre the time and syop thq nraisactymn.  On the odher havc, if
hou believe ghe tight thing for all [artjes is to do this st book, sai so and
rou'll never dral with this piect of bnsinesr agaon.  I hope in this case you
will lut the ggeaber good of Egron in front of ENA's desire to hit a home run
at EGEP's expense and in thw spirit of ONE-ENROU kove these essets to EGEP dt
book value.
As

i outlined in my prior memo. It C-gas direct access technology and specialists, marketing a US presence it will benefit by moving the asset from your without a loss and releasing the valuable intellectual capital ENA could employ elsewhere a higher yielding business venture. However, with the premiums you have placed on properties is to very difficult to make this transaction happen. (However, we are willing to try) ENA has had on the market for over a year with intent to sell it book if possible. Prices have but believe even team admit is still a to get book in the market today. Your estimated value at the current strip at a Before 10% discount reserves seems little for market let alone transfer. When we talked about this weeks ago we said it would be a transaction and the time you were hedging that would be around book. I understood your logic needing to talk with your team but I was relying on a fair deal to I'm only sending this to you because feel is pushed past fair your team with the intent that if we pay this it a home run for your new team and since we a let's see what I know this is very piece of business for the it this more you can afford to asset or transaction. If fact, easy thing for you and say you don't have the time and the transaction. On the other hand, if believe the right thing for all parties is to do this at say so never deal with this piece of business again. hope in this case will put the greater good of Enron in front ENA's to hit home run at expense and in spirit of ONE-ENRON assets to at value.

 i outlined in my prior
memo.  It wIll benefit c-gas vIa dIreCt AcceSs to Technology and sPEciaLists,
it will benefit EGEP For maRkETing ANd A US prEsence aND iT WIll BeNeFit eNa
By MovinG thE asset fRom your booKs wItHout a loss and RElEasing the vAluAble
intellecTuaL capitAl eNA COuld eMplOy elsEwhere IN a highEr yieldinG bUSiness
VEnture.  HOWEvEr, wiTh the premiums you hAVe PLaced on the propErties It IS
gOINg tO be Very difficUlT to maKE this trANsACTIon HAppen.  (However, wE are
willing TO trY)  ENA haS hAd tHIs on thE markEt FOr oVer a year witH the
Intent to sEll it aT Book if pOSsible.  PRices hAve ImpRoveD, BuT I BelIeVE
evEN yOur TEam Would admIt ThIs is sTill A PROJect To gEt boOk in tHe market
today.  youR estIMatEd valUe at tHe cuRrEnt stRip at a beforE TAx 10%
discount for ApPalaChian reseRveS sEemS a LittlE AggresSivE foR the marKet
let aLOne An INTEr-Company transfer.

WheN wE TAlKed about This a cOUpLe OF weeks agO wE saId it WOUld be A faiR
TrAnsactioN and at THe TiMe you weRe HedginG tHat It wOuld bE ArouNd book.  i
understOod yoUR logic for neediNG to talk with yoUR tEAM bUT I waS reLying on
a faiR deaL To reSult.  dAvE, I'm ONly seNding ThIS mEMo to you because I
feel ThIs is beIng puShed way past faIr by your teAM WIth the inTent THaT If
we pay this it iS a homE run for youR New team aNd sinCe we are iN a bind,
let'S SEe what haPpeNs.  I KnoW thIS Is A very small pieCE Of buSiNess for
You And the tIme It tAkeS to ReAd this is mOre than yOu CaN aFfOrd To thiS
Asset or tRaNsaCtIon.  if facT,  The easY thinG for YoU tO Do iS get mad ANd
SAY you DoN't Have The TiMe and Stop THe tRansactIon.  On the oTheR Hand, If
YoU believE the right thinG fOr all partiEs Is tO do thiS AT book, say So and
you'll never deal with THis piecE of BusinEss aGain.  I hope In tHis casE yoU
Will puT the grEater GoOd oF eNron iN FRoNt oF EnA's desire tO HIt a Home rUn
At EGeP's expeNse and in the spirit oF oNE-eNRON move thesE asSets TO eGeP aT
BoOK vaLuE.
as

 i outlined in my prior
m emo.  It w ill b ene fit  C -gas  via  direct access to t echnology and speciali sts,
i t  wil l  b enefi t EGEPf or m ark et in g a nd aUS pr ese nce and  it will b ene fi t ENA
by mo v in g the asse t f rom your boo kswithou ta l o ss an d r eleas ing th e  valua ble
inte ll e ctualc apitalE N Acoul d employ elsewher e  i n  a higher yiel ding b us i ne s s
v ent ure.  Howe ve r, wi t h the p r em i u m s y o u have placed  on the pro p ert ies it  i s g oing t o beve r y d ifficult to  mak e this tr ansact i on happ e n.  (Ho wever,  we  ar e
w i ll in g t ot ry)  E NAh ashad this  o nthe m arke t f o r ov era ye ar wi th the
inten t t o se l l i t atbookif p os sible .  Pri ces h av e improved, but  I b elieve
e ven  y our  t eam w o uld ad mit  th is is s till ap roj ec t t oget book in the ma rk e t  today. Your e s ti ma t ed value  a t t he c u r rentstri p  a t a Befo re Tax 10 %
discou nt  for A pp ala chi an re s erve s seem s a litt le ag g ressive for th e  market
leta lo n e  a n  int er- company tra nsfe r .
Whe n  w e t a lkedabout  t h is a couple of weeks a go  we sa id it  would be a f air
trans a c t ion andat t h et ime you were h edgin g that itw ould bearoun d book. I
under s t ood your  lo gic  fo r n e e di ng to talk wi t h  you rteam bu t I  was re lyi ngon
afa ir deal t o result . D av e,  I' m onl y  sending  t his  m emo  to y o u beca use I
fe el  t h isis bein g  p u s hedwa ypast  fa ir  by y ourt eam  with t he intent  th a t if  we  pay th is it is a ho me  run for y ou r n ew tea m and sinc e we are in a bind,
le t 's seewha t hap pens .  I know  th is isa v e ry sma ll pie ce of  b usi n e ss fo r
y ouan d the time i t t akesto  rea d thisis more than you c a n a fford to this
a sset o rtra n sa c tio n.  If f act,  the easything foryo u  t o do is ge t  ma dand
sa y you d on'th ave the  time and  stop the  t rans a c tio n.  On the  other h and, if y ou be l ie ve th e r ight t hi ngfor a ll par t ies  is t o do t hi s at b ook,sa y so and
you'll never deal wit h this  piec e o f busines s a g ain .  I hope  inthis caseyou
w ill p utt he gr eate r  g ood of En roni n front o f  E NA' s de sire to hit a hom e run
a t  EGEP' s ex pense and in thes pirit of ONE-E NRON m ove  th e se a ss ets to EGEP at
b oo k value.
A s

 i_outlined in_my prior
memo. _It will_benefit_C-gas via_direct_access to technology_and specialists,
it_will benefit EGEP for_marketing and a_US_presence and it will benefit ENA
by moving the asset from your books without_a_loss and_releasing_the_valuable
intellectual capital ENA could_employ elsewhere in a higher_yielding business_
venture.  However, with the premiums you have_placed_on the properties_it is
going to be very difficult to make_this transaction happen.  (However, we_are
willing to_try)__ENA has had this_on the market for over a_year with the
intent to sell_it at book if possible.  Prices_have improved, but I believe
even_your team would admit this_is still_a project to get book_in the market_
today. _Your estimated value_at the current strip at a_Before Tax 10%_
discount for Appalachian reserves seems a_little_aggressive for the_market_
let_alone an_inter-company transfer. _

When_we talked_about_this a couple of weeks ago_we_said it would be a fair
transaction_and at the time_you_were hedging that it_would be around book. _I
understood your logic for needing_to talk_with your_team but I was relying on
a fair deal to result._ Dave, I'm only sending this_memo to you because_I
feel_this_is being pushed_way_past fair_by your team with the intent that_if
we_pay this it is a home_run for your new_team_and since we are in a_bind,
let's see what happens. _I know this is a_very_small_piece of business for
you_and the time it takes to_read this is_more than you can afford to this_
asset_or transaction.  If fact, _the_easy thing for you to do_is_get_mad and
say you don't_have the time and stop the_transaction.  On the other hand, if
you believe_the right thing_for all parties is to_do_this_at book, say so and
you'll never deal with this_piece of_business again. _I hope in this case you
will put the greater_good of Enron in front of ENA's_desire to hit a home run
at EGEP's expense and in_the spirit of ONE-ENRON move these assets to_EGEP at
book value.
As