From: [email-masked]
To: [email-masked]
Cc: [email-masked]
Date: Fri, 14 Sep 2001 15:08:04 -0700 (PDT)

Project Alta
Model complete; analysis ongoing (Gabe)
Preliminary analysis indicates that ETS values Alta at a discount to the market. Focus on transmission assets/division.
Incorporated NNG feedback on operating results
Further scrub on proforma due Tuesday
Identifying contact points to approach and begin conversations

Project Tornado
Valuation underway (David/Martin/Mike R)

CMS
Valuation to commence next week (Gabe)

Southern Trails
Cash flow analysis underway (Mike G)
Coordinating with Alta strategy

Calypso + Bahamas LNG
Equity ownership and operator role in LNG/pipleline project
Met with EGM-LNG on 20 Aug.  Will begin to attend project meetings.
Project descriptive materials expected 9/12 from EGM-LNG - did not arrive
Reviewing Calypso application to FERC

Bridgeline Holdings, LP (JV between ENA and Texaco)
Possible purchase/assumption of  ENA interest in LA intrastate pipeline system 
Met with Don Miller (ENA Asset Sales) on 22 Aug.
No current action; need to develop strategy

Trans Pecos
No action
TW to deliver letter forcing Pemex action by end September

MLPs
Reviewing benefits/economics of MLP structures

Industry Analysis
Compiling pipeline industry comparable information (David)
Will provide baseline valuation data

Stephen Dowd
Enron Transportation Services
713-345-7219 (office)
713-858-8867 (mobile)