IN: Liz, Greg told me on thurs to contact you regarding if he had anytime on tues aftn. If he even has 15 min that woud suit as I'm just want to bounce some two or three ideas off him. Greg, If you have sometime to comment in writing or if you want to have a brief meeting on tues aftn I would appreciate it. I am seeking your guidance as a mentor not as a manager. 1) The group is trying something that it would seem only Morgan Stanley has achieved. We want to be a trader and marketer of both physical oil and financial derivatives. I liked the sound of this one year ago but thinking now we need to develop a franchise in one first rather than trying to do both in tandem. 2) Jeff would like to see this group move away from 'view' trading to 'flow' trading. I'm not convinced this is the right direction given our lack of existing customer business and traders with experience trading in this manner. we seem to be taking a bunch of hockey players and asking them to go play basketball. If we are going to go this course I would like some advise on trying to convince people to change and we need to think about the cost of changing the group to go this route. 3) I feel we should stick to improving our fundamental analysis and working on developing a greater physical presence. The approach to achieving that physical presense should come through aggressive pricing of physical supply to major consumers. This is the only group that at a price will willingly outsource their oil exposure. We should still work on trying to adapt to being more of a flow shop and develop customer business but not make it our top priority.

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OUT: next tues

IN: =09 =09 Dear Geir, Some of the star witnesses in the Enron collapse wi= ll appear Thursday at a hearing on Capitol Hill. The question remains: Will= they have anything to say? The witness list includes former Enron Chief E= xecutive Officer Jeff Skilling and former Chief Financial Officer Andrew Fa= stow. Washington Bureau Chief Peter Cook says Fastow is expected to invoke= his constitutional privilege not to speak, but Skilling has indicated he'l= l talk. We'll have live reports covering the hearing from our Washington b= ureau on Thursday. Homeland Security Director Tom Ridge is expected to = speak in front of the National Press Club on Thursday. We'll bring you all= the details on Ridge's speech from the Washington bureau on Thursday. To= morrow in Houston, the Ziff Energy Group is hosting the North American Gas = Storage Conference. Plans for hundreds of new gas-fired power plants have = been cancelled recently, resulting in record levels of gas in storage. The= Houston bureau will bring us coverage of the Conference and we'll hear how= company executives are dealing with too much gas in storage. Also from H= ouston on Thursday, Petrobras President Renato Bertani talks about problems= his company is having with the development of offshore reserves in Brazil.= He says Brazil doesn't have access to developing technologies that allow = for deep-water exploration. Shell WindEnergy is acquiring the Llano Estac= ado Wind Ranch located near White Deer, Texas. During the 1:00 p.m. ET new= scast, Industrial Information Resources Production Industry Power Manager B= ritt Burt will join us in Houston to discuss the acquisition of Shell's sec= ond wind farm. ENL's Kym McNicholas will have more from California Senato= r Joe Dunn, Chair of the Senate Committee investigating price manipulation = in the state's wholesale energy market, regarding Enron's refusal to comply= with a subpoena to attend a deposition Wednesday. Dunn will discuss the c= ommittee's next steps on Thursday. Also on Thursday, Raymond James & Asso= ciates Analyst Jon Cartwright will speak with Kym from St. Petersburg, Flor= ida. At 3:00 p.m. ET, he'll discuss Calpine and the market reaction to new= s of an SEC request for information concerning selective disclosure. Clo= sing Prices for Wednesday, Feb. 6, 2002 Crude: $19.78/bbl -$0.29 Unlea= ded: $0.5710/gallon -$0.0142 Heating Oil: $0.5279/gallon -$0.0090 Gas: = $2.101/mmBtu +$0.027 Fwd uE(Mar. ): $3.55/mmBtu unchanged Keep in mind t= hings are subject to change at a moment's notice. Occasionally guests have = to reschedule or change time slots. We'll continue to do our best to keep = you updated on future interviews and events. Be sure to watch our newsc= asts every business day - 9 a.m. to 5 p.m. ET, at the top of each hour. = =09 =09=09=09=09 =09=09=09=09=09=09 =09 =09 =09Peter Cook, EnergyNewsLive.com Washington Bureau Chief View today's= Energy Wrap Video Windows Media Player: 56K | 100K | 300K Real Player= : 56K | 100K | 300K (Requires Windows Media Player or Real Player ) = Experience all that Williams Energy News Live has to offer! If you are re= ceiving this letter for the first time and wish to continue, subscribe now = To stop receiving this letter, unsubscribe now If you are having trou= ble receiving this e-mail, please let us know or call (800) WILLIAMS (800=

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OUT: Williams Energy News Live -- today's video newscast

IN: Attached are the Q&A's published by corporate. These Q&A's are targeted primarily to terminated employees. More Q&A's concerning our current employees are in process and will be distributed as soon as possible. We will try to address your questions at the floor meeting scheduled for 1:00 PM. The call-in number for the meeting is 1-800-820-4690, code: 7012645# Julie Kearney

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OUT: Q&A's

IN: Last week FERC issued an order conditionally accepting two interconnection and operating agreements: 1) Entergy Louisiana and Washington Parish and 2) Entergy Arkansas and GenPower Keo. The Commission ordered Entergy to revise the credit provision in the agreements (and in Entergy's pro forma IA in its OATT) to provide for crediting of all network upgrades. This is consistent with a May 2001 FERC order that required Consumers Energy to credit customers for all network upgrade costs, including those incurred to remedy short-circuit or stability related problems. If you want more information please let me know. Susan Scott x30596

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OUT:
Entergy -- credits for network upgrades (ER01-2021 and ER01-2106)