Subject: "Industry Group Likes Our Portfolio Approach".

Body: Just met with the industry group trying to come up with a solution for California. The group liked our portfolio approach. In sum: A portfolio approach is the right long-term solution. In the short run, our illustrative portfolios show that the utilities ought to immediately fill a modest portion of their requirements via fixed-price, long term contracts, and those contracts should be found reasonable, up front, so long as the utility uses a competitive auction. To stimulate discussion we proposed that the utility fill 5% of its net short position with 5-year, fixed-price contracts and 5% from 10-year, fixed-price contracts. Everyone on the call liked the proposal. After some discussion about whether 5%-5% was the right one, Edison agreed to come to Friday's meeting with its proposal for price/term/quantity that it ought to contract for immediately. (Edison may want the number to be higher, and the baskets to be different.) Anything can happen between now and Friday, but thus far looks positive. Thanks to everyone for the help in getting the proposal together, Steve Swain in particular. (Steve: We may get asked to run a few more illustrative portfolios for the group.) I'll report back on what happens at the meeting on Friday. If there are any questions, etc., just let me know. Best,

Subject: "london prepay".

Body: Kaye: I need for you to redline the first attached doc. I have the markup in my office. I need to email it tonight. Thanks. Sara

Subject: "Any Interest?".

Body: Vince: I received this resume today. Would you take a look at it and let me know if you would be interested in talking with him? Thanks,

Subject: "Heartfelt Appreciation - Biography".

Body:
Ken, Enron Corp was a great empire that found itself vulnerable -- the same as the World Trade Center -- the same as our country's security. The cost of exposure has been high but a cheap price to pay in the long run for our future generations. I see Enron in the future.