I had the same problem. Just follow this instructions and problem will be solved. "in your ini files find bAllow30Shaders=0 and it set to 1, this option will allow (but not force) the use of Shader Model 3.0. This can potentially improve performance when using HDR rendering and will make your ENB mod works properly. You will also need to check your RenderInfo.txt file, found under the same directory as your .ini files, and near the bottom the file check which shader package it uses (e.g. Shader Package : 13). Then go to the \\Fallout New Vegas\Data\Shaders\ folder and rename that particular package to something else (e.g. rename shaderpackage013.sdp to shaderpackage013._bak. Now copy shaderpackage017.sdp and paste it back into the same directory, and rename this new copy to the package name your card uses (e.g. rename it to shaderpackage013.sdp in this example). This will supposedly force Fallout New Vegas to use the Shader Model 3.0 shaders in the game and will allow you to use transparency fix"