Subject: "Enpower".

Body: The Enpower Database is down. I have been speaking to Houston and they are estimating 20 minutes before it is back up. As soon as it comes back I will let you know. Michael S. Tully Trade Floor Support, Portland (503)464-7790 Desk (503)807-7862 Cell michael.tully@enron.com He who runs behind car, often get exhausted.

Subject: "Upcoming Advisory Council Meeting".

Body: As you have probably observed, power markets have been severely tested this summer. There are many underlying causes (demand growth driven by a strong economy, failure of regulators to quickly grant applications for new generation, inadequate access to the grid, rate regulation which continues to insulate end users from real time price signals, etc.). But, the soundbite on these troubles has been that deregulation has led to problems on the grid. The knee jerk policy response has been price caps and other threats of re-regulation. At the upcoming advisory council meeting, Ken and I were hoping that the two of you could discuss the issue and help put it in perspective: How great of a threat is re-regulation. How might we respond. How likely is this issue to play a significant role in election politics?

Subject: "Global Risk Management Initiative".

Body: Rick, I read your memo regarding Global Risk Management Initiative. I am sending you the information regarding a related initiative on which I have been working last year and which is moving now into the implementation stage. It's Enterprise - Wide Risk Management and it's really an effort to measure business risks consistently across the company. I hope my group can be helpful in designing the general approach to this problem. Please, let me know what your thoughts are. Vince

Subject: "Kathy Pauls Visitation/Mass".

Body:
Pat Hallisey ws kind enough to pass on this information. Just a note that our good friend Cathy Pauls (acacia north) passed away yesterday morning. Visitation is at 10-11 Sat. morning with a mass at St. Mary's catholic church at 11:00am. This is all the info I have but Cathy was loved by all that new her. She will be sadly missed. Pat Our thought and prayers are with the family. Mary G. Strickland