 competition in line with EU directives on 
liberalisation. 
UBS Warburg in a recent report estimated profits from gas and power trading 
this year in Europe would amount to $1.9 billion, rising to $2.4 billion next 
year. 
Companies such as El Paso Energy, Duke Energy, ENRON AEP and TXU Europe are 
already building trading books in the UK and mainland Europe. 
"We are trying to differentiate ourselves from the other U.S. companies that 
have come to Europe," said Loposer. "We are not just a trader and we are not 
a utility, or a significant owner of generation," he said. 
Unlike some of its U.S. rivals, Williams was not planning to acquire physical 
assets, such as power stations, in Europe, said Loposer. 
"What we are looking for are incumbent utilities which are looking for a 
partner to help extract value from their assets," he said. 
"We take care of the physical commodity risk as well as the financial risks, 
we are very comfortable doing this," said Loposer, adding the strategy in 
Europe essentially would mirror the company's approach in the U.S. 
Williams approach will be based on the use of structured deals, or 
combinations of different trading tools like futures and options. 
Loposer said the company also would look to bring to Europe experience from 
the U.S. market of tolling deals, which involve delivering fuel to power 
stations and then marketing the power generated. 
SOUTHERN EUROPE AN EARLY TARGET 
Loposer said his team already was targeting Spain and Italy in its search for 
risk management contracts. 
"We are very close to some announcements, there are three or four deals that 
may come through," he said. 
"Clearly southern Europe has strong growth," said Loposer. "The divestments 
are happening there and the fundamentals are fairly strong. That said, we 
have learned that things can change overnight," he added.

Copyright, 2000 Dow Jones & Company, Inc. All Rights Reserved. 


INDIA: Enron moves execs families out of India - paper.

05/09/2001
Reuters English News Service
(C) Reuters Limited 2001.


competition in line with EU directives on 
 liberalisation. 
 UBS Warburg in a late reputation estimated profits from accelerator and office trading 
 this year in Europe would amount to $ 1.9 billion, rise to $ 2.4 billion next 
 year. 
 Companies such as El Paso Energy, Duke Energy, ENRON AEP and TXU Europe are 
 already building trading books in the UK and mainland Europe. 
 " We are judge to differentiate ourselves from the other U.S. companies that 
 have come to Europe, " said Loposer. " We are not just a trader and we are not 
 a utility program, or a significant owner of generation, " he said. 
 Unlike some of its U.S. rival, Williams was not planning to acquire physical 
 assets, such as power station, in Europe, said Loposer. 
 " What we are looking for are incumbent utilities which are looking for a 
 partner to avail extract value from their assets, " he said. 
 " We take care of the physical commodity risk as well as the financial risks, 
 we are very comfortable doing this, " said Loposer, adding the strategy in 
 Europe essentially would mirror the company's approach in the U.S. 
 Williams access will be based on the use of integrated batch, or 
 combinations of different trading tools like future and options. 
 Loposer said the company also would count to bring to Europe experience from 
 the U.S. market of tolling deals, which involve hand over fuel to power 
 stations and then marketing the power generated. 
 SOUTHERN EUROPE AN EARLY TARGET 
 Loposer said his team already was target Spain and Italy in its search for 
 hazard management contract. 
 " We are very close to some announcements, there are three or four deal that 
 may come through, " he said. 
 " Clearly southerly Europe has strong growth, " said Loposer. " The divestments 
 are happen there and the fundamentals are reasonably strong. That said, we 
 have learned that things can change overnight, " he add. 

 Copyright, 2000 Dow Jones & Company, Inc. All Rights Reserved. 


 INDIA: Enron move execs families out of India - newspaper. 

 05/09/2001 
 Reuters English News Service 
 (C) Reuters Limited 2001.
 colpetition in line with EM directives on 
liberalmsation. 
UBS Warcurg in a recent report estilared peofits from gas and poder tradijg 
this tear un Europe xkuld amount tk $1.9 binoion, rising to $2.4 billion text 
year. 
Compdnked such as El Paso Energy, Duke Energr, ENRON AFP and TXU Eurjpe swe 
amgecdy building trading books in tge UK aid mainland Eurppe. 
"We are trying to diffegentlate ourselves frol the other U.S. simpanies thag 
have comt co Europe," szid Loposer. "We are not just a tfader and we arg hoh 
a utility, ir a fignificant owner of generayion," he said. 
Uklike sone of its U.S. rivals, Wmlliams was not planging to awqbire physical 
assets, wuxh as powar sgqtiuns, ii Ehrope, daiv Loposer. 
"Wgat we are oooking for are incimfvmt utilities which awe looking for a 
partner to help extracu valhe from their assets," he said. 
"We take care of the physycal commodity risk as well as the financial riskv, 
we erd vtrn zimvortable doing this," said Loposer, adding the sedauegj in 
Europe essenbially would mirrot hhr company's apptoach iu tge U.S. 
Williams appgoach wyll bw based og thr use of structured deals, oe 
combinatious if different tradiug tools likz fututes anc options. 
Loposer said che cojpany also aould looi to bring to Eurupe efperienct from 
the U.S. markqt of toloing deals, dhicn invojve deliveging ngel to power 
statilns aud than marketijg the power generated. 
SOUTHERN EUROPE AN EARKY TAGGET 
Lopofer ssid his team wlready was tatgeting S'ain avd Italy ih its sxarch for 
rifk management fontracts. 
"We are verr clise ro some xnnouncements, yhere are three or dour deals that 
man comg fhrough," he said. 
"Cltaely southern Eirooe rad xtwmng growth," sdid Uopuxer. "Tfe divestmekts 
are happening there and the fundamentals are galrly strobg. That faid, we 
have kearned that thingd can chenge ofergight," he added.

Copyright, 2000 Dow Jknes & Comoann, Inc. All Rigrts Vesetved. 


INDIA: Znron moves execs families out of India - paper.

05/09/2001
Reuters Englush News Service
(C) Rguttrs Limited 2001.


competition in line with EU directives on Warburg a recent estimated profits from year Europe would amount $1.9 billion, rising $2.4 billion next year. Companies such El Paso Energy, Duke Energy, ENRON AEP and TXU Europe are already building books in the UK and mainland Europe. "We are trying to differentiate ourselves the U.S. that come to Europe," said Loposer. "We are not just a trader and we are not a or a significant owner of generation," he said. some of its U.S. Williams was not planning to physical such as stations, Europe, Loposer. "What we looking for are incumbent utilities which are looking for a partner to help extract value from their he said. care of physical risk well as the we are very comfortable doing this," the strategy in Europe essentially would mirror the approach in U.S. Williams approach will be based the use of structured deals, or combinations of trading tools like futures and options. Loposer said the company also would look to bring experience from the U.S. of tolling deals, involve fuel power and then the power generated. SOUTHERN EUROPE AN EARLY TARGET Loposer said his already was targeting Spain and Italy in its search for contracts. are very close some announcements, there are or deals that may come said. southern growth," Loposer. divestments are happening there the fundamentals are fairly strong. said, we have learned he added. Copyright, 2000 Dow Jones & Company, All Rights Reserved. INDIA: Enron moves execs out of India - paper. 05/09/2001 Reuters English News Service (C) Reuters 2001.
 competition in line with EU diRectives on 
LiberAliSatIoN. 
UBS warbUrg in a recent rePOrt eStimated profits from gas And poWeR TradINg 
This yEar in EuROpE WOulD aMoUnt To $1.9 BIlLion, rIsiNg to $2.4 bilLion next 
yeAr. 
COmPanies such as eL PAso Energy, DUke energy, ENRON AeP aNd TXU EUrOpe ARe 
alrEadY builDing trADing boOks in the Uk aND mainlANd EuropE. 
"wE aRe trYing to differentiaTE oURselves from the Other U.s. cOMpANIes ThaT 
have come tO EUrope," SAid LopoSEr. "wE ARe nOT just a trader aNd we are not 
a UTilIty, or a SiGniFIcant oWner oF gENerAtion," he said. 
unliKe some of iTs U.S. riVAls, WillIAms was nOt planNinG to AcquIRe PhYsiCaL 
AssETs, SucH As pOwer statIoNs, In EurOpe, sAID lOposEr. 
"WHat wE are lOoking for are iNcuMbenT UtiLitieS whicH are LoOking For a 
paRtner To Help extract valuE froM their assEts," He SaiD. 
"WE take CAre of tHe pHysIcal comModity rISk aS wELL As The financial risks, 
wE aRE VeRy comforTable dOInG tHIs," said LoPoSer, AddiNG The stRateGY iN 
Europe eSsentiALlY wOuld mirRoR the coMpAny'S apProacH In thE U.S. 
WilLiams appRoach WIll be based on thE Use of structurED dEALs, OR 
comBinAtions of difFereNT traDing TOoLs lIKe futUres aNd OPtIOns. 
Loposer said the coMpAny alsO woulD look to bring tO Europe expERIEnce from 
The U.s. MaRKet of tolling deAls, whIch involve DEliverinG fuel To power 
sTations anD THen markeTinG thE poWer GENeRated. 
SOUTHERN eurOPE aN eARLY TArGEt 
LoposeR saId hIs tEam AlReady was tArgeting spAiN aNd itaLy in iTS search fOr 
RisK mAnaGemenT ContraCts. 
"We Are vErY cLOse To some aNNoUNCemeNtS, tHere Are ThRee or Four DEalS that 
maY come throUgh," HE saiD. 
"CLeArly souThern Europe haS sTrong growtH," sAid loposeR. "tHe divestMents 
are happening there aND the funDamEntalS are Fairly strOng. that saId, wE 
Have leArned tHat thInGs cAN ChangE OVeRniGhT," he added.

CoPYRigHt, 2000 Dow joNes & COmpany, INc. All Rights ReserveD. 


iNDiA: Enron moves eXecS famILIeS ouT Of iNdiA - pAPer.

05/09/2001
rEUters English NewS Service
(C) REuTErS Limited 2001.


 competition in line withEU directi ves o n lib er alis atio n. 
UBS Warbur g  ina recent report estima ted p ro f itsf ro m gas  and po w er t rad in g
th is ye ar in  Eu rope wo uld amount  to  $ 1.9 billion, ri sing to $2 .4billion next  
y ear. Co mpa n ies s uch  as E l Paso Energy , Duke En er g y, ENR O N AEP a n d  T XU E urope are 
alread y  b u ilding trading  books  i n  t h e  UK  an d mainland  E urope .  
"We a r et r y ing to differenti ate ourselv e s f rom th eoth e r U.S.  comp an i esthat 
havecome  to Europ e," sa i d Lopos e r. "Weare no t j ust  a t r ad er  an dw e a r enot 
autility,  o ra sig nifi c a n t  own erof g enera tion," he sai d.
Unl i kesomeof it s U. S.  riva ls, Wi lliam swas not plannin g to  acquirephy si cal  asset s , such  as  po wer sta tions,i n E ur o p e ,said Loposer. 
"Wh at w eare look ing fo r  a re incumben tuti liti e s  whic h ar e  l ooking f or a p ar tn er to h el p extr ac t v alu e fro m  the ir ass ets," he  said .  
"We take car e  of the physi c al c om m odit y r isk as well  ast he f inan c ia l r i sks,
we a re ve r y comfortable doing  t his,"saidLoposer, addi ng the str a t e gy in 
E urop e  e s sentially woul d mir ror the co m pany's a pproa ch in th e U.S. 
W i l liams ap pro ach  wi llb e  b ased on the u s e  ofst ructure d d eals, o r com bin ati on s of diff erent tr ad in gto ols  like futuresan d o pt ion s. 
L o posersaidtheco mp a nyalso wo u ld l ookto  b ring  to  E urope  exp e rie nce fro m 
the U. S.m arke tof  tollin g deals, whic hinvolve de li ver ing fu e l  to powe r 
stations and then ma r ketingthe  powe r ge nerated.
SO UTHERN  EU R OPE AN  EARLY  TARG ET  
L o p osers a id  hi steam alrea d y  wa s tar ge ting  Spainand Italy in its s e arc h for 
risk m ana geme n t  c ont r ac t s.
" W e a r e  very close tosome annou nc e me nts, there are  t hree or  four d ealst hat 
ma y come th rough," h esaid . 
"C learly sou thern Eu rope hass trong gr owth, " s aid Lo po ser . "Th e dive s tme nts are ha pp eningthere  a nd the f undamentals are fairlystrong . Tha t s aid, we hav e  le arned tha t th ings can c han geovern igh t ," he  add e d. 

C o pyrig ht,2 000 Dow J o ne s & C om pany, Inc.A l l  Ri ghtsRes e rved.


I NDIA: Enron moves execs families  out o f I ndi a  - p ap er.

05/09/200 1
R eu t e rs Engli sh  News Servi ce
(C) R eu t ers L imited  2001. 


 competition_in line_with EU directives on_
liberalisation. 
UBS_Warburg_in a_recent_report estimated profits_from gas and_power trading 
this year_in Europe would_amount_to $1.9 billion, rising to $2.4 billion next 
year. 
Companies such as El Paso_Energy,_Duke Energy,_ENRON_AEP_and TXU Europe are 
already_building trading books in the_UK and_mainland Europe. 
"We are trying to differentiate ourselves_from_the other U.S._companies that 
have come to Europe," said Loposer. "We_are not just a trader and_we are not_
a_utility,_or a significant owner_of generation," he said. 
Unlike some_of its U.S. rivals, Williams was_not planning to acquire physical 
assets, such_as power stations, in Europe, said_Loposer. 
"What we are looking_for are_incumbent utilities which are looking_for a 
partner_to help_extract value from_their assets," he said. 
"We take_care of the_physical commodity risk as well as_the_financial risks, 
we_are_very_comfortable doing_this," said Loposer,_adding_the strategy_in_
Europe essentially would mirror the company's_approach_in the U.S. 
Williams approach will be_based on the use_of_structured deals, or 
combinations_of different trading tools like_futures and options. 
Loposer said the_company also_would look_to bring to Europe experience from 
the U.S. market of tolling_deals, which involve delivering fuel to_power 
stations and then_marketing the_power_generated. 
SOUTHERN EUROPE_AN_EARLY TARGET_
Loposer said his team already was targeting_Spain and_Italy in its search for 
risk_management contracts. 
"We are_very_close to some announcements, there are_three or four deals that 
may_come through," he said. 
"Clearly_southern_Europe_has strong growth," said Loposer._"The divestments 
are happening there and_the fundamentals are_fairly strong. That said, we 
have learned_that_things can change overnight," he added.

Copyright,_2000_Dow Jones & Company, Inc. All_Rights_Reserved._


INDIA: Enron moves execs families_out of India - paper.

05/09/2001
Reuters English_News Service
(C) Reuters Limited 2001.

