Problem: BODY: Michelle, We enjoyed the meeting with Transwestern and appreciate your support for our Plan of Reorganization. We are still looking at a purchase of pipeline capacity from PG&E Topock to your connection with the South Point Power Plant. The timing has changed from when we met in Houston. At this time, we will not be including this contract and service to South Point in our FERC filing. However, we would like you to review the following proposal. 50,000 dth/day of firm capacity on the Transwestern system from PG&E Topock to the Calpine South Point Power Plant. The price is to be $0.05 per dth consisting of $1.395 per dth-month reservation fee and $0.0042 per dth volumetric charge. The contract will start with CGT acceptance of the FERC Certificate and continue to the end date of the Calpine contract, which is the start of our Section 4 rates. We anticipate acceptance of the FERC Certificate at the end of 2002. Our Section 4 rates would start mid to late 2004. The start of the contract is contingent on the following conditions; PG&E is issued and accepts an FERC Certificate, PG&E is allowed by the FERC to amend the delivery points in the tariff to include the South Point Power Plant and PG&E has a contract with Calpine for deliveries to South Point. Please let me know what you think
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A: SUBJECT: Pipeline Capacity

Problem: BODY: How the heck are ya? I have been thinking of you alot lately. I tried to guess your e:mail address a couple of times over the last couple of months but there is just no guessing it. I finally had to call Laura Vuittonet. Well, I'm having a great time home with the kids. I really thought I would be bored by now but I feel just a busy just not as tired. In fact, for the first time since I had my kids I feel very rested and at peace. It's fun being a kid and running around Houston when there isn't much traffic and it nice having the time to slow down the pace. The boys are in Mothers Day Out 2 times a week from 9:00 - 2:00 which really isn't much time at all. I could use another day of alone time. On those days I am usually meeting with Enron or once in a while I meet a friend for lunch. Time really flies. Anyway, I hope all is well for you. Miss ya. Janet
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A: SUBJECT: Howday

Problem: BODY: <<MF June 4th 2001>> Good Monday Morning - Comments From The Local Guys! Lehman Brothers' U.S. Equity Strategist, Jeff Applegate, believes that the stock market is "climbing a wall of worry". In his weekly comments, Jeff believes that investors are jittery about the fragility of the stock market rally, concerned about corporate profits and the economic outlook as well as possible inflation. However, Jeff believes that the earnings trough is imminent and that stronger GDP growth lies ahead. His bottom line is that the equity rally over the last couple of months has a "firm footing" and should continue. The 30-year US T-Bond yield is 5.67%. The 10-year note yield is 5.32 The 5-year is trading at 4.89%. Spot crude oil is trading at $28.25 p/b. Natural Gas - Henry Hub - is trading at $4.06 p/mcf. AD Time: New Federal Insider-Trading Rule (Rule 10b5-1) have been adopted by the SEC under the Securities Exchange Act of 1934. This rule greatly enhances an insider's/employee's ability to trade his/her corporate shares during blackout periods. Previously, without the protection of this new SEC rule, employees and insiders could safely trade only outside of designated blackout windows. Under this new rule, insiders/employees may have the ability to purchase and sell their corporate shares even during blackout periods if a written plan was established and in force when the insider/employee was not in possession of material, non-public information. The new rule contains other restrictions and should be reviewed carefully. Lehman Brothers has established a turn-key plan that take into account the regulatory procedures for establishing such a plan. Please email us or call us for more information. Lehman Brothers' Research.
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A:
SUBJECT: The Morning Market Call - Monday June 4th, 2001.