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                  <table width="95%" border="1"><tr><td
align="center"><font size="1" color="red" face="Arial, Helvetica,
sans-serif">Please find below a sample copy of the most recent
Eyeforenergy Briefing, which is sent every two weeks to anyone in the
energy industry who are interested in news, features and interviews about
everything from <b>e-business</b> and <b>energy deregulation</b> to
<b>risk management</b>, <b>online energy trading</b>, <b>renewable
energy</b>, <b>emissions</b> and <b>weather derivative
trading</b>.<br><br><u>IMPORTANT</u>: You are currently subscribed as
kwatson@enron.com to receive this FREE Briefing each week in HTML format,
with the next issue being published on the 7th February.  If you wish to
change your subscription to Text Only, please <a
href="http://www.eyeforenergy.com/textonly.asp?email=kwatson@enron.com"
target="_new">click here</a>.  If you wish to OPT OUT of this list, simply
<a href="http://www.eyeforenergy.com/optout.asp?email=kwatson@enron.com"
target="_new">click here</a> at any time to ensure that you do not receive
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                  <font face="Arial, Helvetica, sans-serif" size="1"
color="#000066">
				  Monday, February 4, 2002<br>
                  Issue 45 (sample copy)
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                <td height="15"><font size="3" face="Arial, Helvetica,
sans-serif" color="#000066"><b>It remains an interesting time for the
energy sector...
                 </b></font></p>
                  
                  <font size="2" face="Arial, Helvetica, sans-serif"
color="#000066"> 
                  
					In a scenario vaguely reminiscent of the California energy crisis,
most of the news focuses around one big story- the continuing Enron saga. 
There&#39;s no lack of stories about the Enron disaster, and each one
seems to be more dire than the last.  With Congressional probes, security
guards posted at Enron&#39;s headquarters and the recent sacking of an
Andersen partner, it looks like the story&#39;s still got a way to play
out.  You can keep up with all the latest including Al Massey&#39;s
ongoing articles and interviews at Eyeforenergy.
<p>
We&#39;ve got a packed briefing for you this week.  After focusing the
last few editions on the developments surrounding deregulation and energy
trading in both the US and Europe, we&#39;re taking a closer look at two
other issues of interest to the energy community-emissions and weather. 
Two of the articles below focus on the growing market in emissions
trading-the first a look at the market, how it&#39;s developing, where the
money&#39;s to be made, and the second article takes a closer look at the
regulations governing the market.  We&#39;ve also got an article on the
latest developments in weather trading which seems to be a growing part of
many energy traders portfolios and is increasingly popping up on Risk
Managers&#39; radar screens.
<p>
All these articles serve as an excellent segue into a few announcements
here at Eyeforenergy.  Just a quick reminder about the upcoming European
Energy, Weather and Emissions Trading conferences in mid-February. 
We&#39;re quickly running out of hotel space, so if you&#39;re planning on
registering make sure to do it soon before space runs out.  Also,
we&#39;re issuing a call for papers for our upcoming Emissions Trading
show in the US... if you&#39;d like to get involved drop our conference
Director, Sarah Robinson a line at <a
href="mailto:srobinson@eyeforenergy.com">srobinson@eyeforenergy.com</a>. 
                  
                  </font>
	
                  <p>
                <font size="2" color="#333399" face="Arial, Helvetica,
sans-serif">&nbsp;--Allison&nbsp;Robertshaw, Editor
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                <td><font size="1" face="Arial, Helvetica, sans-serif"
color="#000066">

	<font size="3" face="Arial, Helvetica, sans-serif"><b><font
color="#333399"> Emissions Trading: The Emerging Market 
    </font></b><br>
    <font size="2"> <i>Mention greenhouse gas (GHG) today and you conjure
up images of shrinking polar ice caps, rising oceans, depleted rain
forests, expanding deserts and even rising crime rates. Although there is
still much dissension among the ranks of scientists and environmentalists
as to the impact GHG has on the environment, there can be little doubt the
earth&#39;s climate is predicted to change because human activities are
altering the chemical composition of the atmosphere through the buildup of
greenhouse gases ? primarily carbon dioxide, methane, and nitrous
oxide.</i><br>
    <br>
    The heat-trapping property of these gases is undisputed. Although
uncertainty exists about exactly how earth&#39;s climate responds to these
gases, global temperatures are rising. In recognition of the role
greenhouse gas plays in global warming and climatic change,
representatives of more than... <a
href="http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news=
25023"> 
    <font size='2' color="red">Click here for Full Story</font></a></font>
 <p>
 

	<font size="3" face="Arial, Helvetica, sans-serif"><b><font
color="#333399"> Energy Policy in the U.S. 
    </font></b><br>
    <font size="2"> <i>They say Washington is a town of give and take. The
second session of the 107th Congress will resume later this month, and it
is scheduled to take up the nation&#39;s energy policy legislation in
February.  These actions will amend the 1992 Energy Policy Act; renewable
energy and climate change sections will probably be debated with
significant vigor... <a
href="http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news=
25021"> 
    <font size='2' color="red">Click here for Full Story</font></a></font>
 <p>
 
                
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                <td><font size="1" face="Arial, Helvetica, sans-serif"
color="#000066">
                
	<font size="3" face="Arial, Helvetica, sans-serif"><b><font
color="#333399"> Energy and Weather, an Explosive Combination 
    </font></b><br>
    <font size="2"> <i>With threats of a new El Ni?o forming in the
tropical Pacific, predictions of warmer weather, where it is supposed to
be cold and colder weather where it is supposed to warm, a new star is
born, the meteorologist. Faced with paper-thin profit margins in a highly
competitive market, risk managers have come to rely on meteorologist and
weather forecasters as their secret weapon in developing strategies to
keep their companies from being held hostage by the weather.</i><br>
    <br>
    Weather forecasting is something akin to a black art, worthy of Merlin
the Magician, for most of today&#39;s executives. Few can predict the
impact each degree higher or lower than the expected temperature, will
have on their company&#39;s financial statement. Fewer still have the
skills necessary... <a
href="http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news=
25026"> 
    <font size='2' color="red">Click here for Full Story</font></a></font>
 <p>
 

	<font size="3" face="Arial, Helvetica, sans-serif"><b><font
color="#333399"> Despite the stance of the Bush Administration, state and
industry action suggests a growing interest in greenhouse gas trading
opportunities in the U.S. 
    </font></b><br>
    <font size="2"> <i>Expect to see "Bush" and "Kyoto" back in the
headlines as the U.S. Administration prepares to unveil its alternative
plan for controlling greenhouse gas (GHG) emissions.  In March 2001, the
Bush Administration announced that it would be abandoning the Kyoto
Protocol, suggesting that the treaty was "fatally flawed" and would harm
the U.S. economy.</i><br>
    <br>
    Despite protest from Europe, Japan, and other proponents of the
treaty, the Administration has stuck to its decision.  So for those of you
that are anxiously anticipating the start of a vibrant, global market in
the trade of greenhouse gas emissions, with the largest potential buyer
participating... <a
href="http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news=
25005"> 
    <font size='2' color="red">Click here for Full Story</font></a></font>
 <p>
 

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                <td>
                  <blockquote>
                  <font size="2" face="Arial, Helvetica, sans-serif"
color="#000066"><b>Montel offers one of the most widely used information
services in the northern European power markets.</b> A pioneer in the
Nordic market, more than 600 companies throughout Europe now rely on the
Montel Internet Service as an indispensable source for power markets
data.<p>Montel provides the following services - and
more:<p><ul><li>Montel Internet Service - real time prices, news and
fundamental data<li>Powerchart.org - technical analysis for the power
markets<li>Powernews.org - the European energy news
provider<li>Conferences and seminars<li>Intra- and Extranet solutions
tailor-made for European power companies<li>Content-on-demand</ul>Visit
our website <a href="http://www.montel.no/" target="_new">here</a></font>
                  </blockquote>
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                  <blockquote>
                  <font size="2" face="Arial, Helvetica, sans-serif"
color="#000066"><b>Energy Exchanges Online Europe: Energy Trading in the
New Economy</b><p>Places are filling up fast to attend next month's Energy
Exchanges Online conference in Amsterdam (19-21 February). Recent efforts
at deregulating the energy market in the European Union, combined with the
rise of online energy exchanges, is set to make the next few months one of
the most challenging and opportunity-filled periods the energy sector has
seen.<p>This event, now in its 3rd year, is THE conference where the
European Energy industry talks about the business of energy trading. 
Speakers will include: <b>Dynegy, Altra Energy, OM, Powergen,
Bergen-energi, Amsterdam Power Exchange, RWE Trading, ENDESA, The
Utilities Exchange, El Paso, SchlumbergerSema, TXU,</b> and many
more.<p><a
href="http://www.eyeforenergy.com/eurotrading/programme.shtml">Click
here</a> to view the full conference programme.</font>
                  </blockquote>
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                <td width="87%" rowspan="2" valign="top"><font
face="Arial, Helvetica, sans-serif" size="1" color="#000066">
                
	<font size="3" face="Arial, Helvetica, sans-serif"><b><font
color="#333399"> Debate over Global Warming Heating Up 
    </font></b><br>
    <font size="2"> <i>January 2, 2002--- New Zealand?s Business
Roundtable has come out against the government ratifying the Kyoto
Protocol on climate change while the minister, Pete Hodgson, has given
more reasons why it should be done sooner rather than later.</i><br>
    <br>
    In article just released, Mr Hodgson says New Zealand produces less
than 0.2 per cent of world emissions but emissions per person are the
fourth highest in the developed world, including large methane emissions
from farming. 
<p>
Carbon dioxide emissions have increased faster than the population... <a
href="http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news=
25022"> 
    <font size='2' color="red">Click here for Full Story</font></a></font>
 <p>
 

	<font size="3" face="Arial, Helvetica, sans-serif"><b><font
color="#333399"> Environmentalists Push for GHG Regulations 
    </font></b><br>
    <font size="2"> <i>January 24, 2002----In what is shaping up t be a
last ditch duel, pitting the oil and auto industries against environmental
groups, battle lines are being drawn as California seeks to become the
first state to regulate greenhouse gas emissions from cars.</i><br>
    <br>
    The one-page measure would order the Air Resources Board to lower the
amount of carbon dioxide -- one of several greenhouse gases -- spewing
from the tailpipes of California&#39;s 29 million cars and light trucks. 
<p>
If the bill doesn&#39;t pass the Assembly before the end of the month, it
dies.... <a
href="http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news=
25019"> 
    <font size='2' color="red">Click here for Full Story</font></a></font>
 <p>
 

	<font size="3" face="Arial, Helvetica, sans-serif"><b><font
color="#333399"> Lay Out at Enron 
    </font></b><br>
    <font size="2"> <i>January 24, 2002--- In an announcement that was met
with surprise by some but inevitable by close observers Kenneth Lay
resigned his post as CEO of embattled Enron late yesterday. Defiant in the
face of mounting pressures from ex-employees and creditors, Lay said the
bankrupt energy trader needs a fresh leader to turn the company
around.</i><br>
    <br>
    Lay, faced widening criminal and political investigations, finally
agreed with creditors that the company needed new leadership, if it is to
emerge from bankruptcy. 
<p>
As more than a dozen regulators and congressional committees line up to
take their shots at him, Enron spokesman Vance Meyer... <a
href="http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news=
25010"> 
    <font size='2' color="red">Click here for Full Story</font></a></font>
 <p>
 

	<font size="3" face="Arial, Helvetica, sans-serif"><b><font
color="#333399"> Australian Companies Face Fines over GHG 
    </font></b><br>
    <font size="2"> <i>January 23, 2002---New South Wales is set to become
the first state to establish compulsory greenhouse emission standards for
its power industry. The Premier, Bob Carr, set the wheels in motion with a
position paper that aims to end a failed voluntary scheme, under which
standards have gone backwards, and replace it with a compulsory one which
would fine companies if they did not comply.</i><br>
    <br>
    The scheme, which could start as early as July, will almost certainly
mean increased electricity bills for consumers, although the Government
insists the increase will be small.
<p>
Mr Carr will also release a report by the Independent Pricing and
Regulatory Tribunal that says power firms have... <a
href="http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news=
24963"> 
    <font size='2' color="red">Click here for Full Story</font></a></font>
 <p>
 

	<font size="3" face="Arial, Helvetica, sans-serif"><b><font
color="#333399"> U.S. Close to Kyoto Alternative 
    </font></b><br>
    <font size="2"> <i>January 22, 2002---After receiving mounting
criticism for pulling out of the Kyoto Protocol, the United States is
close to formulating an alternative plan on global warming that stresses
containing greenhouse gas emissions rather than cutting them, sources
close to the government said Saturday.</i><br>
    <br>
    But the initiative to be put forward by the world&#39;s largest
emitter of greenhouse gases is likely to spark further international
criticism as it links emission cuts to economic growth rates and fails to
require companies to carry out reductions. 
<p>
The plan, expected to be announced as early... <a
href="http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news=
24911"> 
    <font size='2' color="red">Click here for Full Story</font></a></font>
 <p>
 

	<font size="3" face="Arial, Helvetica, sans-serif"><b><font
color="#333399"> Dutch Announce $40 Million CO2 Plan 
    </font></b><br>
    <font size="2"> <i>January 22, 20022---The Dutch government has inked
an three-year $40 million contract with the World Bank&#39;s International
Finance Corporation (IFC) will also provide the Netherlands with credits
toward its carbon dioxide (CO2) reduction target laid out in the Kyoto
treaty to trim greenhouse gas emissions.</i><br>
    <br>
    In signing the deal, Environment Ministry spokeswoman Babette Graber
said, "We are now the first country to use state money to buy C02
(credits)." She added, "The IFC will identify and select the projects in
developing countries."
<p>
Under the Kyoto treaty, industrialized nations must cut emissions... <a
href="http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news=
24910"> 
    <font size='2' color="red">Click here for Full Story</font></a></font>
 <p>
 

	<font size="3" face="Arial, Helvetica, sans-serif"><b><font
color="#333399"> Enron?s Blame Game Continues; Andersen Points Finger at
Company?s Business Model 
    </font></b><br>
    <font size="2"> <i>January 22, 2002---The dot-com meltdown and the
Enron debacle are combining to make Sir Walter Scott?s old adage ?Oh what
a tangled web we weave,
When first we practice to deceive,? a metaphor for the 21st Century.
</i><br>
    <br>
    Like schoolboys on the playground the Enron saga is full of charges,
counter charges, finger pointing and blame. The blame game continued in
full force Sunday as the head of Arthur Andersen blamed the energy
company?s business model as the source of its failure.
<p>
"An important point here is... <a
href="http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news=
24906"> 
    <font size='2' color="red">Click here for Full Story</font></a></font>
 <p>
 
               
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                      <td width="179"><font size="1" face="Arial,
Helvetica, sans-serif">It remains an interesting time for the energy
sector...</font></td>
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